Note 21 Fair Value of Open Financial Instruments Note 20 Commitments and Contingent Liabilities Note 19 Other Current Liabilities Note 18 Short-term Borrowings Note 17 Long-term Liabilities Note 16 Shareholders' Equity Note 15 Interest-bearing Receivables Note 14 Short-term Receivables Note 13 Inventories Note 12 Long-term Investments and Loan Receivables Note 11 Receivables from Management Note 10 Depreciation Reserve Note 9 Fixed Assets Note 8 Extraordinary Items Note 7 Depreciation According to Plan Note 6 Net Financial Items Note 5 Other Operating Expenses Note 4 Personnel Expenses Note 3 Materials and Services Note 2 Other Operating Income Note 1 Accounting Principles Note 31 Post-Balance Sheet Events Note 30 Earnings per Share and Equity per Share Note 29 Related Party Transactions Note 28 Employee Bonus and Equity Incentive Schemes Note 27 Principal Subsidiaries as at 31 December 2004 Note 26 Commitments and Contingencies Note 25 Cumulative Translation Adjustment Note 24 Financial Instruments Note 23 Operative Liabilities Note 22 Other Provisions Note 21 Borrowings Note 20 Post-Employment Benefits Note 19 Minority Interests Note 18 Shareholders' Equity Note 17 Receivables Note 16 Inventories Note 15 Other Non-Current Assets Note 14 Available-for-Sale Investments Note 13 Associated Companies Note 12 Biological Assets Note 11 Fixed Assets Note 10 Depreciation, Amortisation and Fixed Asset Impa Note 9 Valuation Provisions Note 8 Income Taxes Note 7 Net Financial Items Note 6 Staff Costs Note 5 Other Operating Income & Expense Note 4 Acquisitions and Disposals Note 3 Segment Information Note 2 Financial Risk Management Note 1 Accounting Principles Restatement of Prior Year Results: Finnish TEL System

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Notes to the Consolidated Financial Statements

Note 31 Post-Balance Sheet Events
Note 30 Earnings per Share and Equity per Share
Note 29 Related Party Transactions
Note 28 Employee Bonus and Equity Incentive Schemes
Note 27 Principal Subsidiaries as at 31 December 2004
Note 26 Commitments and Contingencies
Note 25 Cumulative Translation Adjustment
Note 24 Financial Instruments
Note 23 Operative Liabilities
Note 22 Other Provisions
Note 21 Borrowings
Note 20 Post-Employment Benefits
Note 19 Minority Interests
Note 18 Shareholders' Equity
Note 17 Receivables
Note 16 Inventories
Note 15 Other Non-Current Assets
Note 14 Available-for-Sale Investments
Note 13 Associated Companies
Note 12 Biological Assets
Note 11 Fixed Assets
Note 10 Depreciation, Amortisation and Fixed Asset Impa
Note 9 Valuation Provisions
Note 8 Income Taxes
Note 7 Net Financial Items
Note 6 Staff Costs
Note 5 Other Operating Income & Expense
Note 4 Acquisitions and Disposals
Note 3 Segment Information
Note 2 Financial Risk Management
Note 1 Accounting Principles
Restatement of Prior Year Results: Finnish TEL System

Notes to the Parent Company Financial Statements

Note 21 Fair Value of Open Financial Instruments
Note 20 Commitments and Contingent Liabilities
Note 19 Other Current Liabilities
Note 18 Short-term Borrowings
Note 17 Long-term Liabilities
Note 16 Shareholders' Equity
Note 15 Interest-bearing Receivables
Note 14 Short-term Receivables
Note 13 Inventories
Note 12 Long-term Investments and Loan Receivables
Note 11 Receivables from Management
Note 10 Depreciation Reserve
Note 9 Fixed Assets
Note 8 Extraordinary Items
Note 7 Depreciation According to Plan
Note 6 Net Financial Items
Note 5 Other Operating Expenses
Note 4 Personnel Expenses
Note 3 Materials and Services
Note 2 Other Operating Income
Note 1 Accounting Principles