CONSOLIDATED STATEMENT OF INCOME        
  For the year ended 31 December
(in NOK million) Note 2010 2009 2008
 
REVENUES AND OTHER INCOME
Revenues 526,718 462,292 651,977
Net income from equity accounted investments  16 1,133 1,778 1,283
Other income   1,797 1,363 2,760
         
Total revenues and other income  3 529,648 465,433 656,020
 
OPERATING EXPENSES
Purchases [net of inventory variation]  (257,427)  (205,870)  (329,182)
Operating expenses  (57,531)  (56,860)  (59,349)
Selling, general and administrative expenses  (11,081)  (10,321)  (10,964)
Depreciation, amortisation and net impairment losses 14,15  (50,608)  (54,056)  (42,996)
Exploration expenses    (15,773)  (16,686)  (14,697)
         
Total operating expenses    (392,420)  (343,793)  (457,188)
         
Net operating income  3 137,228 121,640 198,832
 
FINANCIAL ITEMS
Net foreign exchange gains (losses)  (1,836) 1,993  (32,563)
Interest income and other financial items 3,175 3,708 12,207
Interest and other finance expenses    (1,751)  (12,451) 1,991
         
Net financial items  11 (412)  (6,750)  (18,365)
 
Income before tax 136,816 114,890 180,467
 
Income tax 12  (99,169)  (97,175)  (137,197)
         
Net income   37,647 17,715 43,270
 
Attributable to:
Equity holders of the company 38,082 18,313 43,265
Non-controlling interest (Minority interest)   (435) (598)                           5
 
    37,647 17,715 43,270
 
Earnings per share for income attributable to equity holders of the company - basic and diluted 13 11.94 5.75 13.58
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 December
(in NOK million) Note 2010 2009 2008
 
Net income    37,647 17,715 43,270
 
Foreign currency translation differences 2,039  (13,637) 30,880
Actuarial gains (losses) on employee retirement benefit plans 24 (33) 3,191  (7,945)
Change in fair value of available for sale financial assets 17 209 (66)  (1,362)
Income tax on income and expense recognised directly in OCI 16 (742) (802)
         
Other comprehensive income   2,231  (11,254) 20,771
         
Total comprehensive income   39,878 6,461 64,041
 
Attributable to:
Equity holders of the parent company 40,313 7,059 64,036
Non-controlling interest (Minority interest)   (435) (598) 5
    39,878 6,461 64,041
CONSOLIDATED BALANCE SHEET      
    At 31 December At 31 December
(in NOK million) Note 2010 2009
 
ASSETS
Non-current assets
Property, plant and equipment 14 348,204 340,835
Intangible assets 15 39,695 54,253
Equity accounted investments  16 13,884 10,056
Deferred tax assets  12 1,878 1,960
Pension assets 24 5,265 2,694
Financial investments 17 15,357 13,267
Derivative financial instruments 31 20,563 17,644
Financial receivables 17 4,510 5,747
       
Total non-current assets   449,356 446,456
 
Current assets
Inventories 18 23,627 20,196
Trade and other receivables 19 76,139 58,895
Current tax receivable 1,076 179
Derivative financial instruments 31 6,074 5,369
Financial investments 20 11,509 7,022
Cash and cash equivalents 21 30,337 24,723
       
Total current assets   148,762 116,384
 
Assets classified as held for sale 4 44,890 0
       
TOTAL ASSETS   643,008 562,840
CONSOLIDATED BALANCE SHEET      
    At 31 December At 31 December
(in NOK million) Note 2010 2009
 
EQUITY AND LIABILITIES 
Equity
Share capital 7,972 7,972
Treasury shares (18) (15)
Additional paid-in capital 41,789 41,732
Additional paid-in capital related to treasury shares (952) (847)
Retained earnings 164,935 145,909
Other reserves   5,816 3,568
       
Statoil shareholders' equity   219,542 198,319
       
Non-controlling interest (Minority interest)   6,853 1,799
       
Total equity 22 226,395 200,118
 
Non-current liabilities
Financial liabilities 23 99,797 95,962
Derivative financial instruments 31 3,386 1,657
Deferred tax liabilities 12 78,052 76,322
Pension liabilities 24 22,110 21,142
Asset retirement obligations, other provisions and other liabilities 25 67,910 55,834
       
Total non-current liabilities   271,255 250,917
 
Current liabilities
Trade and other payables 26 73,551 59,801
Current tax payable 46,693 40,994
Financial liabilities 27 11,730 8,150
Derivative financial instruments 31 4,161 2,860
       
Total current liabilities   136,135 111,805
 
Liabilities directly associated with the assets classified as held for sale 4 9,223 0
       
Total liabilities   416,613 362,722
       
TOTAL EQUITY AND LIABILITIES   643,008 562,840
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Other reserves    
(in NOK million, except share data)  Number of shares issued Share capital Treasury shares Additional paid-in capital Additional paid-in capital related to treasury shares Retained earnings Available for sale financial assets Currency translation adjustments Statoil shareholders' equity Non-controlling interest (Minority interest) Total
   
At 31 December 2009 3,188,647,103 7,972 (15) 41,732 (847) 145,909 0 3,568 198,319 1,799 200,118
   
Net income for the period 38,082 38,082 (435) 37,647
Income and expense recognised directly in OCI (17) 209 2,039 2,231   2,231
Total comprehensive income for the period*     39,878
Dividend paid  (19,095)  (19,095)    (19,095)
Cash distributions (to) from non-controlling interest   5,489 5,489
Equity settled share based payments 57 56 113   113
(net of allocated shares)        
Treasury shares purchased (net of allocated shares)     (3)   (105)       (108)   (108)
     
At 31 December 2010 3,188,647,103 7,972 (18) 41,789 (952) 164,935 209 5,607 219,542 6,853 226,395
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Other reserves    
(in NOK million, except share data)  Number of shares issued Share capital Treasury shares Additional paid-in capital Additional paid-in capital related to treasury shares Retained earnings Available for sale financial assets Currency translation adjustments Statoil shareholders' equity Non-controlling interest (Minority interest) Total
   
At 31 December 2008 3,188,647,103 7,972 (9) 41,450 (586) 147,998 49 17,205 214,079 1,976 216,055
   
Net income for the period 18,313   18,313 (598) 17,715
Income and expense recognised directly in OCI 2,432 (49)  (13,637)  (11,254)    (11,254)
Total comprehensive income for the period*       6,461
Dividend paid  (23,085)    (23,085)    (23,085)
Cash distributions (to) from non-controlling interest     421 421
Merger related adjustments 251 251   251
Equity settled share based payments        
(net of allocated shares) 282   282   282
Treasury shares purchased (net of allocated shares)     (6)   (261)       (267)   (267)
     
At 31 December 2009 3,188,647,103 7,972 (15) 41,732 (847) 145,909 0 3,568 198,319 1,799 200,118

*For detailed information, see Consolidated statement of comprehensive income.

Refer to note 22 for Transactions impacting shareholders equity.

CONSOLIDATED STATEMENT OF CASH FLOWS
    For the year ended 31 December
(in NOK million) Note 2010   2009   2008
 
OPERATING ACTIVITIES
Income before tax 136,816 114,890 180,467
 
Adjustments to reconcile net income to net cash flows 
provided by operating activities:
Depreciation, amortisation and impairment losses 14, 15 50,608 54,056 42,996
Exploration expenditures written off 2,916 6,998 3,872
(Gains) losses on foreign currency transactions and balances 1,481 6,512 15,243
(Gains) losses on sales of assets and other items (1,104) (526) (2,704)
 
Changes in working capital (other than cash and cash equivalents):
• (Increase) decrease in inventories (3,431) (5,045) 2,470
• (Increase) decrease in trade and other receivables (16,584) 11,036 (1,129)
• Increase (decrease) in trade and other payables 9,667 (1,365) (5,466)
 
(Increase) decrease in current financial investments (4,487) 2,725 (6,388)
(Increase) decrease in net financial derivative instruments 31 (594) (9,360) * 4,934
Taxes paid (92,266) (100,473) (139,604)
(Increase) decrease in non-current items related to operating activities   (2,207) (6,447) * 7,842
       
Cash flows provided by operating activities   80,815   73,001   102,533
INVESTING ACTIVITIES
Additions through business combinations 0 0 (13,120)
Additions to property, plant and equipment (66,710) (67,152) (58,529)
Exploration expenditures capitalised (3,941) (7,203) (6,821)
Additions to other intangibles (7,628) (795) (10,828)
Change in non-current loans granted and other non-current items (3,972) (1,636) (1,910)
Proceeds from sale of assets 1,909 1,430 5,371
Prepayment received related to the held for sale transactions   4,124 0 0
       
Cash flows used in investing activities   (76,218)   (75,356)   (85,837)
CONSOLIDATED STATEMENT OF CASH FLOWS
    For the year ended 31 December
(in NOK million) Note 2010   2009   2008
 
FINANCING ACTIVITIES
New non-current loans 15,562 46,318 2,596
Repayment of non-current loans (3,249) (4,905) (2,864)
Payment (to)/from non-controlling interests 5,489 ** 421 179
Dividend paid 22 (19,095) (23,085) (27,082)
Treasury shares purchased 22 (294) (343) (308)
Net current loans, bank overdrafts and other   2,154   (7,115)   10,450
       
Cash flows provided by (used in) financing activities   567   11,291   (17,029)
       
Net increase (decrease) in cash and cash equivalents   5,164   8,936   (333)
Effect of exchange rate changes on cash and cash equivalents 450 (2,851) 707
Cash and cash equivalents at the beginning of the period   24,723   18,638   18,264
       
Cash and cash equivalents at the end of the period 21 30,337   24,723   18,638
 
Interest paid 2,591 2,912 2,771
Interest received   2,080   3,962   4,544

*Reclassifications between the indicated line items of NOK 3,678 million and NOK (6,924) for the year ended 31 December 2009 and for the year ended 31 December 2008, respectively have been made in order to be consistent with the classification for the year ended 31 December 2010. The reclassifications did not impact the Cash flow provided by operations and was deemed immaterial to the previously issued financial statements.

**Including net cash of NOK 5,195 million received from non-controlling interests related to the listing of Statoil's subsidiary Statoil Fuel and Retail ASA as a separate company on the Oslo Stock Exchange on 22 October 2010. For more information see note 22 Transactions impacting shareholders equity.