The accounting effect of the Norwegian tax reform has been reduced from NOK 490 million to NOK 262 million. This change arises because part of the book value of deferred tax assets in connection with future company liquidations that is recognised in subsidiary company accounts is eliminated on consolidation, and therefore should not be affected by the changes caused by the tax reform. The reduction causes an equivalent improvement in the group's equity, but has no effect on tax losses carried forward or other tax related positions.

 

A further review of the effects of the transition to IFRS has established that restated equity at 1 January 2005 will reduce by NOK 201 million instead of by NOK 10 million. This adjustment results from the final calculation of the group's pension liabilities and adjustments to the opening balance sheet as result of changes to income recognition principles in the Solutions business area. These changes are not expected to have any significant effect on the group's earnings other than as already announced.

 

 

Any enquiries may be addressed to:
Tore Valderhaug, Executive Vice President and CFO. Tel: +47 995 60 925