Consolidated Statement of Profit and Loss According to Norwegian GAAP
Telenor Group January 1–December 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
     
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

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