Balance Sheets

I.M. Skaugen ASA

NOK million	Notes	31.12.2004	31.12.200303	31.12.200202

ASSETS
Fixed assets
Intangible fixed assets
Deferred tax assets	7	17	-	11
Total intangible fixed assets		17	-	11

Tangible fixed assets
Other fixed assets	8	3	4	4
Total tangible fixed assets		3	4	4

Financial fixed assets
Investments in subsidiaries	14	472	261	364
Loans to group companies	9	232	675	730
Investment in associates and joint ventures	15	106	106	51
Pension assets	5	1	1	1
Long-term receivables		18	15	18
Toal financial fixed assets		829	1 058	1 164
Total fixed assets		849	1 062	1 179

Current assets
Receivables
Receivables to Group Companies		-	-	34
Other debtors		22	12	7
Total other receivables		22	12	41

Shares	10	44	19	18
Bank deposits	10	34	182	150
Total current assets		100	213	209
TOTAL ASSETS		949	1 275	1 388

EQUITY AND LIABILITIES
Equity
Paid-in equity
Share capital (5,977,310 shares of par value NOK60,-)		359	330	333
Share premium reserve		4	4	4
Other paid-in-equity		4	-	(4)
Total paid-in equity	2	367	334	333

Earned equity
Other equity		187	366	401
Total earned equity	2	187	366	401
TOTAL EQUITY		554	700	734

Liabilities
Other long-term liabilities
Convertible bonds	12	61	123	124
Bonds	11	243	-	-
Liabilities to financial institutions	11	18	350	440
Other long-term liabilities		2	33	31
Total long-term liabilities		324	506	595

Short-term liabilities
Dividends	2	57	45	38
Other short-term liabilities		14	24	21
Total short-term liabilities		71	69	59
TOTAL LIABILITIES		395	575	654
TOTAL EQUITY AND LIABILITIES		949	1 275	1 388

Pledges of security	11
Guarantees	13

Oslo, 7th February 2005
Board of Directors, I.M. Skaugen ASA

Erik Eik,
Chairman

Nils
Gregusson

Bertel O.
Steen jr.

Jon-Aksel
Torgersen

Christian
Wessel

Morits Skaugen
jr., CEO