• Annual review 2005
• Annual report 2005

• President and CEO
• Report of the Board of Directors
• Financial statements:
  Telenor Group
• Financial statements:
  Telenor ASA
  • Profit and loss
  • Balance Sheet
  • Cash Flow
  • Equity
  • Notes
• Auditor's report
• Financial calendar 2006

Statement of Shareholders’ Equity
Telenor ASA

NOK in millions (except for number of shares)	Number of shares	Share capital	Other paid capital	Own shares	Other equity	Retained earnings	Total equity
Equity as of 01.01.2004 – adjusted to IFRS	1 804 021 281	10 824	18 656	(169)	6 148	7 205	42 664
Profit for the year 2004	-	-	-	-	-	4 669	4 669
Dividends	-	-	-	-	-	(1 764)	(1 764)
Share based payment	-	-	-	-	6	-	6
Sale of shares, share issue,
and share options to employees	1 027 994	6	35	18	-	-	59
Cancellation of shares	(55 444 964)	(332)	(1 152)	1 484	-	-	-
Share buy back	-	-	-	(2 020)	-	-	(2 020)
Bonus shares	92 736	-	-	-	-	-	-
Equity as of 31.12.2004	1 749 697 047	10 498	17 539	(687)	6 154	10 110	43 614
Total change in accounting policies (IAS 32 & 39)	-	-	-	-	-	(197)	(197)
Adjusted equity as of 01.01.2005	1 749 697 047	10 498	17 539	(687)	6 154	9 913	43 417
Profit for the year 2005	-	-	-	-	-	2 188	2 188
Dividends	-	-	-	-	-	(2 595)	(2 595)
Share based payment	-	-	-	-	1	-	1
Sale of shares, share issue,
and share options to employees	737 671	4	16	54	-	-	74
Cancellation of shares	(43 864 425)	(263)	(1 937)	2 200	-	-	-
Share buy back	-	-	-	(2 267)	-	-	(2 267)
Equity as of 31.12.2005	1 706 570 293	10 239	15 618	(700)	6 155	9 506	40 818

Nominal value per share is NOK 6.
As of 31 December 2005 Telenor ASA had 12,846,514 own shares.

Dividends	2005	2004
Dividend per share in NOK – paid	1.50	1.00
Dividend per share in NOK – proposed by the Board of Directors	2.00	1.50

Total dividends of NOK 2,595 million and NOK 1,764 million was paid in June 2005 and May 2004, respectively.

In respect of 2005, the directors propose that a dividend of NOK 2.00 per share will be paid to shareholders. This dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. The proposed dividend is payable to all shareholders of the company by 23 May 2006, which is the date of the Annual General Meeting. The total estimated dividend to be paid is NOK 3.4 billion. Dividends will not be paid on own shares.

Equity available for distribution as dividends from Telenor ASA was NOK 13,259 million as of 31 December 2005.

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