Annual reports for non-financial limited companies, account statistics, 2004

Total operating profit for non-financial joint-stock companies increased by approximately NOK 100 billion during the year, from NOK 231 billion in 2003 to NOK 330 billion in 2004. The improvement is mainly due to a stronger increase in operating income compared to operating expenses. While operating income increased by NOK 240 billion operating expenses increased by NOK 140 billion.

The results in financial items increased from NOK 13 billion in 2003 to more than NOK 107 billion in 2004.

A large part of the improvement is attributable to increased income from interests in associated companies, a reduction in depreciation of fixed and current asset as well as a reduction in interest payable.

Proposed dividends increased by 65 per cent compared to the previous year, amounting to approximately NOK 200 billion in 2004. Simultaneously about NOK 26 billion were assigned to capital.

The improvements are reflected in the key ratios. Return on equity increased from 8.6 per cent in 2003 to 15.6 per cent in 2004 and the operating profit margin increased from 9.5 per cent to 12.4 per cent during the same period. Return on total assets increased from 7.7 per cent in 2003 to 11.1 per cent in 2004.

Tables:

• Table 1 Selected accounting figures for joint-stock companies. Income statement. 2003-2004. NOK million
• Table 2 Selected accounting figures for joint-stock companies. Balance sheet at 31 December. 2003-2004. NOK million
• Table 3 Key figures for joint-stock companies. 2003-2004