International Financial Reporting Standards

Consolidated balance sheet as at 31 December 2004

	Dutch GAAP	Effect of adopting IFRS	IFRS	Note	Opening balance IFRS 1 Jan 2004
Fixed assets
Intangible fixed assets	548	244	792		812
Tangible fixed assets	98	-	98		116
Financial fixed assets	44	3	47		51
	690	247	937		979
Current assets
Receivables	1,427	9	1,436		1,339
Cash	119	-	119		137
	1, 546	9	1,555		1,476
Current liabilities	- 1, 057	2	-1,055		-1,006
	489	11	500		470
	1,179	258	1,437		1,449
Financed by:
Long-term liabilities	475	1	476		558
Provisions	41	15	56		72
Group equity
Shareholders' equity	608	242	850		759
Minority interests	55	-	55		60
	663	242	905	-	819
	1,1 79	258	1,437		1,449

Numbers refer to paragraphs in the ‘International Financial Reporting Standards' section.