consolidated balance sheet
Telenor Group at 31 December

In NOK millions	Note	2003	2002
Assets
Deferred tax assets	13	3,850	4,866
Goodwill	15	9,224	10,100
Other intangible assets	15	5,536	6,682
Tangible assets	3, 15	35,722	39,265
Financial assets	16	14,014	13,249
Total fixed assets		68,346	74,162
Inventories		504	632
Current receivables, etc.	17	9,232	8,868
Short-term investments	18	384	532
Cash and cash equivalents	27	7,644	5,264
Total current assets		17,764	15,296
Total assets		86,110	89,458
Equity and liabilities
Shareholder’s equity		37,237	33,685
Minority interests		3,646	3,603
Total equity and minority interests		40,883	37,288
Liabilities
Provisions	19	1,645	1,176
Long-term interest-bearing liabilities	20, 21	25,376	28,805
Long-term non-interest-bearing liabilities	22	754	473
Total long-term liabilities		26,130	29,278
Short-term interest-bearing liabilities	20	386	3,591
Short-term non-interest-bearing liabilities	22	17,066	18,125
Total short-term liabilities		17,452	21,716
Total equity and liabilities		86,110	89,458
Assets pledged	23	8,148	9,892
Guarantee liabilities	23	2,557	2,515
Contingent liabilities	24

Oslo, 25 March 2004