In the 1st quarter of 1999, associated companies had accounting losses of NOK 377 million, compared to losses of NOK 291 million in the 1st quarter of 1998. This reflects the fact that Telenor now is engaged in several major internationaloperations, the majority of which are linked to mobile operations that are in a start-up or early operating phase. The Group's investments in fixed assets, long term shares and satellite organisations amounted to NOK 3.3 billion, which is NOK 1.3 billion higher than in the same period last year. Other domestic investments aggregated NOK 0.5 billion. Investments outside of Norway totalled NOK 2 billion.
Increased competition implies greater uncertainty with regard to the financial result.
Nevertheless, development in the domestic market, together with a higher level of activity in Telenor's international associated companies shows that Telenor is keeping up a good pace and is well posited to meet new challenges as competition becomes increasing global and independent of traditional boundaries.