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The President and
CEO’s Message
Shareholder Information
The VPS Group
Market Developments
The Board of Directors’ Report
Profit and Loss Account
Balance Sheet
Funds Flow Statement
Notes to the Accounts
Auditor’s Report
Supervisory Committee’s Report
Registrations at 31 December
Corporate Governance
Governing Bodies

To mark VPS’s 20th anniversary in 2004, we have selected some important dates and milestones in the company’s relatively short history. You will find them at the bottom of certain pages in this Report. Photographs of new Norwegian architecture from this period will help to put these dates in the right perspective.