| 31 December | |||
| NOK million | Notes | 2012 | 2011 |
| Assets | |||
| Property, plant and equipment | 6 | 18 365 | 18 632 |
| Intangible assets | 7 | 2 432 | 2 379 |
| Investments in associates | 9 | 560 | 426 |
| Long-term receivables | 12, 19 | 712 | 462 |
| Non-current assets | 22 069 | 21 899 | |
| Inventories | 82 | 61 | |
| Trade and other receivables | 10, 13 | 2 333 | 1 708 |
| Derivatives | 3, 10 | 87 | 26 |
| Financial assets | 10, 11 | 1 | 102 |
| Cash and cash equivalents | 10, 14 | 223 | 870 |
| Current assets | 2 725 | 2 767 | |
| Total assets | 24 794 | 24 666 | |
| Equity and liabilities | |||
| Paid-in equity | 15 | 4 275 | 4 275 |
| Retained earnings | 3 280 | 3 833 | |
| Non-controlling interests | 20 | 23 | |
| Equity | 7 575 | 8 131 | |
| Borrowings | 10, 17 | 8 422 | 9 047 |
| Deferred income tax liability | 18 | 3 104 | 3 186 |
| Pensions and similar obligations | 19 | 169 | |
| Long-term liabilities | 11 695 | 12 233 | |
| Trade and other current payables | 10, 16 | 1 993 | 2 133 |
| Derivatives | 3, 10 | 74 | 86 |
| Income tax payable | 25 | 338 | 280 |
| Borrowings | 10, 17 | 3 119 | 1 802 |
| Current liabilities | 5 524 | 4 302 | |
| Total liabilities | 17 219 | 16 535 | |
| Total liabilities and equity | 24 794 | 24 666 | |
The Board of Directors of Hafslund ASA
Oslo, 19 March 2013
Birger Magnus
Board Chairman
Maria Moræus Hanssen
Deputy Chairman
Ellen Christine Christiansen
Hans Kristian Rød
Odd Håkon Hoelsæter
Jane Koppang
Per Orfjell
Per Luneborg
Finn Bjørn Ruyter
President and CEO"
Notes 1 to 29 are an integrated part of the consolidated financial statements.