Consolidated Statement of Profit and Loss According
to Norwegian GAAP
Telenor Group January 1December 31
| NOK in millions, except per share amounts | 2004 | 2003 | |||
| Revenues | 60 752 | 52 889 | |||
| Gains on disposal of fixed assets and operations | 550 | 232 | |||
| Total revenues | 61 302 | 53 121 | |||
| Operating expenses | |||||
| Costs of materials and traffic charges | 16 070 | 13 094 | |||
| Own work capitalized | (557) | (571) | |||
| Salaries and personnel costs | 10 021 | 9 561 | |||
| Other operating expenses | 14 873 | 12 506 | |||
| Losses on disposal of fixed assets and operations | 74 | 229 | |||
| Depreciation and amortization | 11 623 | 10 597 | |||
| Write-downs | 2 596 | 145 | |||
| Total operating expenses | 54 700 | 45 561 | |||
| Operating profit (loss) | 6 602 | 7 560 | |||
| Associated companies | 718 | 1 231 | |||
| Financial income and expenses | |||||
| Financial income | 496 | 586 | |||
| Financial expenses | (1 534) | (2 023) | |||
| Net currency loss | (87) | (1) | |||
| Net gain (loss and write-downs) of financial items | 2 651 | 73 | |||
| Net financial items | 1 526 | (1 365) | |||
| Profit (loss) before taxes and minority interests | 8 846 | 7 426 | |||
| Taxes | (2 244) | (2 376) | |||
| Profit (loss) before minority interests | 6 602 | 5 050 | |||
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| Minority interests | (1 244) | (490) | |||
| Net income (loss) | 5 358 | 4 560 | |||
| Net income (loss) per share in NOK (basic), excluding treasury shares | 3.07 | 2.57 | |||
| Net income (loss) per share in NOK (diluted), excluding treasury shares | 3.06 | 2.57 | |||

