SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934

For Q4Q1-~~2002~~2003 Results

Nera ASA

Kokstadveien 23, P.O. Box 7090
N-5020 BERGEN
Norway


	Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-~~F____~~ F x Form 40-~~F____~~F o

Indicate by ~~ckeck~~check mark whether the registrant by furnishing the information continued in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

~~Yes____ No___X___~~Yes o No x


	If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3- 2(b):

TABLE OF CONTENTS

SIGNATURES ~~Income Statements Balance Sheets Statements of Cash Flow~~

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorised.

Nera ASA By: ~~Name: Title:~~ Bjørn Ove Skjeie (sign.) Name: Bjørn Ove Skjeie Title: President and Chief Operating Officer

Dated: ~~February~~April 1729, 2003

LOGO


		Nera ASA
		Postal Address P.O. Box 7090, N-5020 BERGEN, Norway,
PRESS RELEASE, 29 April 2003		Office Address Kokstadvn. 23, BERGEN, Norway, Tel.No. +47 55 22 51 00 Fax.No. +47 55 22 52 99
		Head Office Nera ASA, 5020 BERGEN Register of Business Enterprises NO 944 536 949 MVA

Nera ASA: Results per 1st quarter 2003

Bergen/Norway, 29 April 2003

Nera ASA (OSE: NER) had operating revenues of MNOK 540 for Q1, compared to MNOK 681 for Q1 2002. Although the company’s turnover is reduced, the operating income and income before tax have improved. The Nera Group reports positive pre-tax profit of MNOK 2, compared to a loss of MNOK 36 in 2002. Good earnings for Satellite Communications, lower operating costs and higher financial income are the main reasons for the improvement. In spite of the increase in orders received, the weak transmission market still presents the company with considerable challenges. Nera retains its goal of regaining profitability during 2003.

	•		Operating income per Q1: MNOK (24.6) compared to MNOK (42.5) for Q1 2002

	•		Income before tax per Q1: MNOK 2.0 compared to a loss of 35.7 MNOK for Q1 2002

	•		Transmission Networks booked new orders for MNOK 318 in Q1, and had an operating loss of MNOK 40.7

	•		Satellite Communications strengthens its market position and achieved an operating income of MNOK 27.5 in Q1, compared to MNOK 14.4 in Q1 last year

	•		Operating expenses have been reduced by 26 percent and new cost cut initiatives are under implementation

	•		Nera’s balance sheet is still strong, and at the close of Q1 the company had cash reserves of MNOK 757 and an equity ratio of 64 percent


Figures in MNOK	Q1 2003			Q1 2002			2002
Orders received		591.3			631.8			2 518.6
Operating revenues		539.7			680.7			2 444.8
Operating income		(24.6	)		(42.5	)		(144.4	)
Income before tax		2.0			(35.7	)		(162.2	)
Earnings per share		(0.05	)		(0.29	)		(1.19	)

“We note that the effects of the reductions of expenses and good earnings for Satellite Communications has given a marked improvement of results”, says Bjørn Ove Skjeie, CEO of Nera ASA. Skjeie continues: “Orders received per first quarter for Transmission Networks is back at 300+ level, and we still think a volume at 2002 level is realistically attainable for this business area”.

LOGO

Transmission Networks

In Nera’s Transmission Networks business, the market is still characterised by a low will to invest in new mobile network infrastructure. Nera still sees a positive trend in that the order intake is back on the levels seen in the five quarters before Q4 2002. Transmission Networks booked orders for MNOK 318 in Q1 2003, compared to MNOK 235 in Q4 2002 and MNOK 309 in Q1 2002. Among the orders received, South-East Asian and Eastern European markets still dominate, but the company is pleased to note that Latin America is once again showing a positive development.

Operating revenues in Transmission Networks were MNOK 258 per Q1, compared to MNOK 378 in Q1 of last year. The operating loss was MNOK 40.7, compared to a loss of MNOK 53.5 in Q1 2002. In addition to other cost cut initiatives, the ongoing streamlining of Nera Networks’ supply chain is expected to reduce the workforce by up to 90 man-years for this business area.

Satellite Communication

Nera continues its positive trend in satellite communication. An unstable geo-political situation has led to a marked increase in the demand for satellite phones, and has also increased demand in the land-earth station market. The demand for the Nera WorldPhone and the Nera WorldCommunicator was particularly good in the past quarter. Satellite Communication booked orders for MNOK 170 in Q1. This is at the level of Q4 2002, but is 40 percent above the Q1 2002 level.

Satellite Communication had operating revenues of MNOK 172 in Q1, compared to MNOK 161 in the beginning of 2002. Operating income was MNOK 27.5, nearly twice that of the same period last year. The strong result gave Satellite Communication an operating margin of 16 percent.

Wireless Broadband Access

The wireless broadband market is still in a phase of development, which means that the number of projects is limited and the volume of orders received is unstable. The priority area for the company’s terrestrial systems is expanding geographically. Because of the exceptionally large order intake in Q4 2002, the focus in broadband via satellite is currently on delivery efforts. Nera’s Wireless Broadband Access business booked new orders for MNOK 9 in Q1 2003, compared to MNOK 36 in Q1 2002.

Wireless Broadband Access had operating revenues of MNOK 31 in Q1 2003, compared to MNOK 20 in Q1 2002. This resulted in an operating loss of MNOK 11.5, compared to a loss of MNOK 16.7 in Q1 2002.

Prospects

“Our goal still stands – to regain profitability in the course of 2003”, underlines Bjørn Ove Skjeie, CEO of Nera ASA. “Attaining it will require a determined implementation of cost cut initiatives in the Transmission Networks business area and a constant focus on improving profitability throughout the company. Meanwhile, we need to keep up our marketing efforts, to secure a business volume of more than MNOK 300 per quarter in Transmission Networks. We also need to further strengthen the market position of our Satellite Communications business”, concludes Skjeie.

For further information, please contact:

Helge Skaar, EVP Information and Public Affairs, +47 55 22 58 20 (work), 90 14 20 40 (mobile), or hsk@nera.no

www.nera.no

2 (2)

Income Statements

(Amounts in NOK mill.)	~~Year~~1st quarter		~~Year~~1st quarter		Q4Year		Q4
			Pro forma*				Pro forma*
	2003		2002		2002
	2002		2001		2002		2001
Orders received		591,3		631,8		2 518,6
Orders received		2 518,6		3 127,2		575,4		563,7
Operating revenues		539,7		680,7		2 444,8
Operating revenue		2 444,8		3 635,5		614,4		807,3
Operating expenses		-494,1		-623,6		-2 255,1
Operating expenses		-2 255,1		-3 293,3		-551,6		-819,9
Depreciation		-20,2		-20,8		-83,5
Depreciation		-83,5		-92,3		-21,8		-10,8
Operating income before R&D		25,4		36,3		106,2
Operating income (loss) before R&D		106,2		249,9		41,0		-23,4
Research and Development		-50		-78,8		-239,5
Research and Development		-239,6		-346,9		-58,7		-77,7
Operating income before restructuring and writedowns		-24,6		-42,5		-133,3
Operating income (loss) before restructuring and writedowns		-133,3		-97,0		-17,7		-101,1
Restructuring and writedowns		0		0		-11,1
Restructuring and writedowns		-11,1		-264,0		-11,1		-75,5
Operating income		-24,6		-42,5		-144,4
Operating income (loss)		-144,5		-361,0		-28,8		-176,6
Income from investments in associated comp.		1,7		-0,4		-23,8
Income from investments in associated comp		-23,8		-0,8		3,0		-1,4
Net financial items		24,9		7,2		6,0
Writedown of project financing
Income before taxes and minority interest		2,0		-35,7		-162,2
Net financial items		6,0		-42,7		-4,9		-85,7
Taxes		0,3		10,8		33,7
Income before taxes and minority interest		-162,3		-404,5		-30,6		-263,7
Net income (loss)		2,2		-24,9		-128,5
Taxes		33,7		81,3		0,8		100,3
Minority interest		-8,3		-10,6		-16,5
Net income (loss)		-128,6		-323,2		-29,8		-163,4
Net income (loss) after minority interest		-6,1		-35,5		-145,0
Minority interest		-16,5		-3,8		-10,1		-3,8
Net income (loss) after minority interest		-145,1		-326,9		-39,9		-167,1

* Pro forma includes Nera Telecommunications, Singapore

Balance Sheets

(Amounts in NOK mill.)	31.1203.0203		31.12.0102		31.03.02
Deferred tax assets		174,0		~~113~~174,50		140,3
Goodwill		1817,96		2318,79		22,5
Property, plant, equipment		222,8		268,0
Property, plant, equipment, IT		215,1		222,8		257,7
Financial non-current assets		~~164~~150,0		~~219~~161,95		213,4
Non-current assets		~~579~~556,7		~~625~~577,2		633,9
Inventories		~~382~~354,92		~~534~~382,79		493,9
Trade receivables		~~518~~576,61		~~781~~518,6		604,4
Other receivables		285,3		375,3
Omløpsaksjer Cash and cash equivalents		756,6		795,8		730,8
Cash and cash equivalents		795,8		899,5
Current assets		1961,4		1 982,6		2 191,7
Current assets		1 982,6		2 591,0
TOTAL ASSETS		2518,2		2 559,8		2 825,6
TOTAL ASSETS		2 562,3		3 216,2
Shareholder’s equity		1618,8		1 612,6		1 688,8
Shareholder’s equity		1 611,8		1 728,1
Long-term liabilities		75,4		92,0		80,7
Long-term liabilities		95,3		101,8
Current liabilities		823,9		855,2		1 056,2
Current liabilities		855,2		1 386,3
TOTAL EQUITY AND LIABILITIES		2518,1		2 559,8		2 825,6
TOTAL EQUITY AND LIABILITIES		2 562,3		3 216,2
Interest bearing current liabilities		3,1		4,8		7,8
Interest bearing current liabilities		4,8		192,3
Interest bearing long-term liabilities		3,9		4,3		7,6
Interest bearing long-term liabilities		4,3		8,4
Minority interest of equity		255,8		240,2		167,6
Minority interest of equity		240,2		157,1

Statements of Cash Flow

(Amounts in NOK Mill.)	~~Year~~1st quarter		~~Year~~1st quarter		Year
	2002		2001
	2003		2002		2002
Net income (loss)		~~-128~~2,62		-~~367~~24,09		-128,5
Depreciation		8320,52		8720,98		83,5
Writedowns on goodwill and other non-current assets		–		236,4
Change in inventories, accounts receivable/payables and other working capital items		5,6		124,6		210,8
Change in inventories, account receivables/payables and other working capital items		186,4		-77,9
Other adjustments to operation activities		-72,6		-88,5		-131,2
Other adjustments to operation activities		-111,6		-205,9
Net cash provided by (used in) operating activities		-44,5		31,9		34,6
Net cash provided by (used in) operating activities		29,7		-326,5
Proceeds from sale of property, plant and equipment		0,7		0,9		7,9
Proceeds from sale of property, plant and equipment		7,9		1,0
Capital expenditures		-9,5		-13,7		-61,4
Capital expenditures		-61,4		-129,1
Other investments and sales		21,4		7,9		110,7
Other investments and sales		70,1		135,1
Net cash provided by (used in) investing activities		12,6		-4,8		57,2
Net cash provided by (used in) investing activities		16,6		7,0
Proceeds from issuance of shares		—		—		37,7
Proceeds from issuance of shares		37,7		5,2
Changes, treasury stock		—		—		-2,8
Changes, treasury stock		-2,8		-26,8
Dividends paid		—		—		-26,8
Dividends paid		-26,8		-27,1
Net changes in liabilities		-2,2		-185,3		-191,7
Net changes in liabilities		-191,6		-59,6
Net cash provided by (used in) financing activities		-2,2		-185,3		-183,6
Net cash provided by (used in) financing activities		-183,6		-108,3
Effect of changes in currency exchange rates		-5,1		-10,4		-11,9
Effect of changes in currency exchange rates		33,6		6,9
Net change in cash and cash equivalents		-39,2		-168,6		-103,7
Net change in cash and cash equivalents		-103,7		-420,8
Cash and cash equivalents at beginning of period		795,8		899,5		899,5
Cash and cash equivalents at beginning of period		899,5		1 320,3
Cash and cash equivalents at end of period		756,6		730,9		795,8
Cash and cash equivalents at end of period		795,8		899,5

~~Nera~~First ~~ASA~~quarter ~~PRESS~~report ~~RELEASE, February 17,~~ 2003 Postal Address P.O. Box 7090, N-5020 BERGEN, Norway, Office Address Kokstadvn. 23, BERGEN, Norway, Tel.No. +47 55 22 51 00 Fax.No. +47 55 22 52 99 Head Office Nera ASA, 5020 BERGEN Register of Business Enterprises NO 944 536 949 MVA

~~Nera ASA: Results per 4th quarter 2002~~Unaudited

LOGO2

Nera ASA (OSE: NER) had operating revenues of MNOK 2,445 for 2002, compared with pro forma (including NeraTel, Singapore) MNOK 3,636 for 2001. The company had a slightly positive development in Q4, in spite of a difficult market situation, in the transmission networks segment especially. Nera’s turnover increased from the previous quarter. At the close of 2002, the company’s financial situation is robust, with satisfactory solidity and a positive cash flow. Competition in Nera’s major markets is still fierce, and the corporate management expects the business volume for 2003 to remain at 2002 level.

• Operating income per Q4: MNOK (144) as against pro forma MNOK (361) in the same period last year • Income before tax per Q4: MNOK (162) as against pro forma MNOK (404) in the same period last year • Transmission Networks booked new orders for MNOK 1,243 in 2002, and had an operating income of MNOK (165) • Satellite Communications maintains its market position and achieved an operating income for 2002 of MNOK 68.8 in 2002, as against MNOK 66 in 2001 • Wireless Broadband Access saw a considerable surge, and booked new orders for MNOK 216 in 2002 including the ShinSat contract of MNOK 120 • Operating expenses were reduced by MNOK 220 equivalent to 25 percent • Nera’s balance sheet remains healthy with a cash reserve of MNOK 796 and an equity ratio of 63 percent. Both inventories and accounts receivable were reduced • Board of directors recommend no dividend for 2002

Figures in MNOK	Per Q4-02			Per Q4-01			Q4-02			Q4-01
				(pro forma)						(pro forma)
Orders received		2,519			3,127			575			564
Operating revenues		2,445			3,636			614			807
Operating income		(144	)		(361	)		(29	)		(177	)
Income before tax		(162	)		(404	)		(31	)		(264	)
Earnings per share		(1.19	)		(3.02	)		(0.33	)		(1.38	)

Bjørn Ove Skjeie, CEO of Nera ASA, commented: “Nera’s development in Q4 met our expectations and the effects of the program we have implemented to improve results continue to materialise according to plan. Although we cannot be satisfied with the results we present today, we have gained control of the negative development and are content to present a result in line with the expectations we communicated to the market in June of last year.

~~The~~Q1-03 ~~Nera organisation has been severely put to the test in 2002, but in spite~~REPORT ~~of the changes, we are content to enter 2003 with the knowledge that we have~~ ~~maintained our position as technology leader, and that Nera’s cash position and~~ ~~solidity have been protected”.~~

~~Transmission~~The ~~Networks~~Nera Group had operating revenues of MNOK 540 for the first quarter of 2003, compared to MNOK 681 for the same period in 2002. Despite a lower turnover, the operating income and income before tax has been improved. The company reports a positive income before tax of MNOK 2 compared to a loss of MNOK 36 in the first quarter 2002. Lower operating costs, good earnings from satellite communications and high financial revenues are the main reasons for the improvement. The weak transmission market will still present the company with challenges throughout 2003. The ambition to regain profitability during the course of 2003 is maintained.

~~There~~Order are still few signs of optimism in the market for the company’s Transmission Networks operations. The prevailing sentiment is still a reluctance to invest in new infrastructure for mobile networks. This business area thus still faces major challenges. The order intake in Q4 was MNOK 235, which is down compared to previous quarters. In spite of a generally low level of investment in transmission networks, selected markets show a positive development. The company has won important contracts in South-East Asia, Eastern Europe and the ~~Caribbean,~~market ~~while the traditionally strong South American~~situation ~~and Western European markets are still weak.~~

~~Operating~~The ~~revenues~~Nera Group booked new orders for ~~Transmission~~MNOK ~~Networks~~591 ~~per~~in Q4the ~~2002~~first ~~were~~quarter ~~MNOK~~of 12003,~~343, as~~ ~~against~~compared ~~pro~~to ~~forma~~632 ~~MNOK~~in ~~2,277~~last year’s ~~for~~first ~~the~~quarter. ~~same~~The ~~period~~order ofintake ~~the~~improved ~~previous~~somewhat ~~year. Operating~~from ~~income~~fourth ~~for~~quarter ~~the~~of last year, ~~was~~when ~~MNOK~~the company’s ~~(165),~~order asintake ~~against~~was MNOK ~~170 in 2001~~575.

~~Satellite~~Transmission ~~Communication~~Networks booked new orders for MNOK 318, compared to MNOK 309 for the corresponding period of last year and up from MNOK 235 in fourth quarter of 2002. The order intake for this business area is thus again at the average level for the period since the fourth quarter of 2001. After a weak start , the order intake recovered towards the end of the quarter.

~~Nera~~The ~~upheld~~transmission ~~its~~market ~~position~~remains asdifficult and the ~~leading~~prevailing ~~supplier~~sentiment ofis ~~satellite~~still reluctance ~~telephones~~towards investing in ~~the Inmarsat~~new ~~system~~infrastructure ~~throughout~~for ~~2002.~~mobile ~~Political~~networks ~~turbulence~~ in aWestern ~~number~~Europe ~~of regions around the world has given relief organizations, media~~ and ~~others~~ the ~~impetus to upgrade their communication equipment~~USA. ~~Nera’s launches of new products for~~This ~~the~~contributes ~~maritime satellite communication market have also contributed~~ to ~~increasing~~increased ~~orders~~competition in ~~this business segment. Meanwhile,~~ the ~~company~~remaining ~~has~~regions ~~maintained~~and ~~its leading~~market ~~position~~segments. inSouth ~~the~~East ~~land~~Asia ~~earth~~and Eastern ~~station~~Europe ~~market.~~continue ~~This resulted in~~ at a ~~total order~~high ~~intake~~level of ~~MNOK 676 per Q4~~activity, aswhile ~~against~~Latin ~~MNOK~~America ~~628~~yields ~~for~~increasing ~~2001~~activity.

~~Satellite~~The ~~Communication~~Mobile ~~had~~Satellite ~~operating~~Solutions ~~revenues~~business ofarea ~~MNOK~~booked ~~617~~orders ~~per~~for ~~Q4, as against~~ MNOK ~~609~~170 in ~~2001.~~the first ~~The~~quarter ~~2002~~in ~~operating~~2003, ~~income~~at the ~~was~~same ~~MNOK~~level ~~68.8,~~ as ~~against~~for ~~MNOK~~the ~~66.0 in~~corresponding ~~2001.~~quarter ~~With~~last ayear, ~~2002~~but ~~operating margin of 11.2~~40 percent, ~~Satellite Communication~~above ~~performed~~last ~~well~~year’s ~~above~~fourth ~~target~~quarter.

~~Wireless~~Mobile ~~Broadband~~Satellite ~~Access~~Solutions has experienced a quarter of substantial sales of the land mobile satellite terminals Nera WorldPhone and Nera WorldCommunicator. This increase comes as a consequence of an unstable geo-political climate. The situation boosts the traffic volume and will again provide new business volume for the land-earth station segment.

The Wireless Broadband Access ~~segment~~business ~~experienced~~area asaw ~~considerable~~an ~~surge~~order intake in ~~Q4.~~the first ~~Nera~~quarter ~~signed~~of a2003 ~~major~~of ~~contract~~MNOK ~~with~~9, which ~~ShinSat~~is ina ~~December~~decline ~~and~~from the ~~business~~very ~~segment also~~strong ~~won~~previous aquarter, ~~number~~which ofincluded ~~minor~~the Shin ~~contracts.~~Sat ~~Order~~contract ~~intake~~ for ~~Nera~~MNOK 125. ~~Wireless~~Orders ~~Broadband Access~~received ~~totaled~~in ~~MNOK~~the ~~216,~~first asquarter ~~against~~of ~~MNOK~~2002 4were inMNOK ~~2001~~36.

~~Wireless~~The ~~Broadband~~orders ~~Access~~received ~~had~~are ~~operating~~principally ~~revenues~~in ofconnection ~~MNOK~~with 69terrestrial inbroadband solutions. ~~2002,~~Nera ascontinue ~~against~~to ~~MNOK~~direct 22its inmarket ~~2001~~efforts on concentrated geographical areas. ~~Operating~~Meanwhile, ~~income~~the sales ~~was~~of ~~MNOK~~these ~~(52.4)~~solutions is increasingly generated through Nera’s own international sales network Outside of Scandinavia and Italy, contracts ashave ~~against~~been ~~MNOK~~signed ~~(258)~~ in Eastern Europe, Latin America and South-East ~~2001~~Asia. Contracts in this field are typically small, usually between one and two MNOK.

~~Looking~~The ~~ahead~~broadband-via-satellite business has mainly focused the work in connection with delivering the major contracts that were signed in the previous quarter.

~~“After~~Other ~~two~~activities ~~years~~(mainly ~~with~~Electronics ~~only~~Contract ~~minor~~Manufacturing ~~new~~and ~~infrastructure investments, the~~Information ~~transmission~~Technology ~~networks~~in ~~market has stabilized somewhat~~NeraTel, Singapore) ~~but~~booked weorders ~~can~~of ~~still~~MNOK ~~not predict~~93 ~~with~~in ~~certainty~~first ~~when~~quarter, ~~new~~which ~~growth~~is ~~can~~MNOK be20 ~~expected~~less than in ~~our~~first ~~markets~~quarter ~~and how~~of ~~strong it will be~~2002. WeAs ~~thus~~previously ~~base~~communicated, ~~our~~these ~~predictions~~activities onare ~~the~~currently ~~supposition that the~~suffering ~~size~~under ofa ~~the~~weak ~~total transmission~~ market ~~in 2003 will be comparable to the 2002~~. ~~market”, said Nera CEO Bjørn Ove Skjeie, who added:~~

~~“Due to the low order intake in Q4 we are prepared for a somewhat weaker~~Operations ~~development of the total business volume in the first part of 2003”.~~

InThe ~~the~~Nera ~~mobile~~Group ~~satellite~~had ~~communication~~operating ~~market,~~revenues ~~2002~~of ~~trends~~MNOK ~~are~~540 ~~expected~~in tothe first quarter, ~~prolong.~~compared ~~This~~to ~~would~~MNOK ~~imply~~681 ~~that~~for the first ~~transfer~~quarter of ~~data~~2002, ~~becomes more~~ and ~~more important~~down infrom ~~Inmarsat,~~MNOK ~~while~~614 ~~the~~in ~~competition~~fourth ~~from~~quarter ~~other~~2002. ~~systems~~As pointed out in the ~~voice~~presentation ~~market~~of ~~increases.~~the ~~The~~results ~~total~~for ~~volume~~fourth ofquarter ~~the~~2002, ~~Inmarsat~~this ~~market~~ is ~~not~~in ~~expected~~line ~~to change~~with ~~much,~~the ~~and Nera~~company’s expectations, ~~goal~~due is to ~~uphold~~the ~~its~~low ~~position~~order intake asfor the ~~leading~~transmission ~~supplier~~ networks business area in the ~~Inmarsat~~fourth ~~system~~quarter 2002.

~~“In~~Both ~~spite~~Transmission ofNetworks aand ~~significant~~Other ~~decrease~~Activities inhad Ra &substantially Dlower business ~~costs~~volume, ~~the~~while Satellite ~~Nera~~Communication ~~Group~~and ~~has~~the ~~kept its~~broadband ~~innovative~~operations ~~strength~~increased ~~during~~their ~~2002~~turnover. The ToTransmission Networks ~~maintain~~business ~~this~~area ~~position~~had ~~will be~~ a ~~goal also~~turnover ~~during~~of ~~2003”~~MNOK 258, ~~says~~compared ~~Bjørn~~to ~~Ove~~MNOK ~~Skjeie. At~~378 ~~the~~in the same ~~time~~period helast year. ~~underlines~~The ~~that~~corresponding ~~the~~figure ~~company~~for isSatellite ~~continuously~~Communication ~~taking~~was ~~action~~MNOK 172, incompared ~~all~~to ~~parts~~MNOK of161 ~~the~~last year. ~~business’~~The ~~value~~broadband ~~chain~~operations inhad ~~order~~a turnover of MNOK 31, compared to ~~improve~~MNOK ~~Nera’s~~20 ~~profitability~~last ~~and~~year, ~~competitive~~while Other ~~strength.~~Activities ~~These~~in ~~actions~~NeraTel ~~will~~had to a ~~great~~turnover ~~extent continue~~of ~~independent~~MNOK ~~from~~78, ~~market~~compared ~~development~~to 122 MNOK last year.

~~“The~~In ~~return~~spite toof ~~profitable~~lower ~~operations~~volumes, is the company’s ~~main~~operating ~~goal~~loss ~~for~~has ~~2003~~been reduced. This ~~Nera’s~~is ~~corporate~~a ~~management~~consequence ~~expects~~of toa lowering ~~reach~~of ~~this~~expenses. ~~goal~~Ordinary ~~during~~operating ~~the~~costs ~~second~~were ~~half of~~MNOK ~~the year~~494, ~~providing~~compared ~~the~~to ~~market~~MNOK 624 ~~develops~~ in ~~line~~the ~~with our anticipations”,~~previous ~~said Bjørn Ove Skjeie~~year. He ~~emphasize~~R&D ~~that~~expenses itwere ~~will~~MNOK be50, acompared ~~challenge~~ to beMNOK ~~able~~79 toin ~~maintain Nera’s strong cash position during 2003, especially given~~ the ~~large~~previous ~~R & D projects that has been initiated~~year.

~~About~~The ~~Nera:~~reduction of costs is a result of efforts to cut expenses in the Transmission Networks business are. These efforts have been ongoing throughout the first quarter. New measures have been announced, including streamlining of the company’s internal supply chain, which will reduce the workforce by up to 90 employees.

~~Nera~~The isoperating aloss ~~world-leading~~for ~~global~~the ~~supplier,~~first ~~developing,~~quarter ~~manufacturing~~was ~~and~~MNOK ~~selling fixed, wireless and satellite communication equipment and systems~~24. ~~The company designs~~6, ~~develops,~~compared ~~manufactures and market point-~~to~~-point~~ ~~and point-to-multipoint~~a ~~radio~~loss ~~link equipment. Satellite terminals and land earth~~of ~~stations~~MNOK ~~for mobile and fixed satellite communications~~42.5 ~~Nera~~last ~~is a major supplier to INMARSAT~~year. The operating ~~Company~~loss issituation ~~listed~~improved onsomewhat ~~the~~since ~~Oslo~~fourth ~~Stock~~quarter ~~Exchange.~~2002, ~~Nera~~which ~~ASA~~ended ~~has~~at ana ~~associated~~MNOK ~~company, Nera Telecommunications Ltd~~28.,8 ~~listed in the Singapore Exchange Ltd~~loss. ~~(ticker: Nera Tel).~~

The Satellite Communication business area showed very good earnings for the first quarter, while both the Transmission Networks business are and the broadband operations delivered operating losses. For Transmission ~~further~~Networks, ~~information~~the operating loss was MNOK 40.7, ~~please~~compared ~~see~~to ~~www~~MNOK 53.~~nera~~5 for the corresponding period in 2002.no orSatellite ~~contact~~Communication had an operating profit of MNOK 27.5, nearly doubling its profit of MNOK 14.4 in the corresponding period of last year. The operating loss for the broadband operations was reduced from MNOK 16.7 in Q1 2002, to MNOK 11.5 in Q1 2003.

~~Helge~~Financial ~~Skaar, Head of Corporate Communications Nera ASA~~figures

	•		Telephone: +47 55 22 58 20 (office), +47 90 14 20 40 (mobile)
	•		E-mail: hsk@nera.no

The Nera Group’s financial income was extraordinarily high in the first quarter, at MNOK 26.8, compared to MNOK 7.2 last year. The high financial income is mainly a consequence of the sale of shares in TV Mobile (MNOK 6) and a currency gain of MNOK 9.

Pre-tax profit for the first quarter was MNOK 2, including an income of MNOK 1.7 from associated company. The result is a marked improvement over last year’s pre-tax loss of MNOK 35.7, as well as over fourth quarter 2002, which showed an MNOK 30.6 loss.

Including a calculated net tax income of MNOK 0.3 and minority interests of MNOK -8.3, the net loss for first quarter 2003 is MNOK 6.1, compared to a net loss of MNOK 35.5 in the first quarter 2002.

Balance sheets and liquidity

The company’s financial situation is robust, with, a satisfactory equity ratio and net cash position.

The Nera Group’s balance sheet as at 31 March 2003 was at the same level as at the start of the quarter, and approx. MNOK 300 lower than at the corresponding date in 2002. There are no significant changes in the balance sheet items for this quarter. The company had an equity of MNOK 1619, giving an equity ratio of 64.3 percent.

At the close of the quarter, the Nera Group had cash reserves of MNOK 757, compared to MNOK 796 at the start of the quarter.

~~Full Year Presentation 2002~~Prospects

~~Oslo,~~Political 17unrest ~~February~~and ~~2003~~financial uncertainty still characterises the geo-political situation. Another factor of uncertainty is the economic effects of spread of the SARS virus.

The Transmission Networks business area expects the market to decline further, due to continued reluctance towards new construction of mobile networks globally. The Eastern European markets including Russia and the South-East Asian markets are expected to still provide a good volume of activity, while certain Latin American markets seem to improve somewhat. Along with a number of single projects in other regions where Nera is well positioned, this leads the company’s management to still consider it to be realistic maintaining the same business volume in this business area as in 2002 a viable possibility.

Nevertheless, the company focuses on further cost reduction efforts aimed at bringing this part of the operation in balance.

With regards to Satellite Communication, the geo-political unrest may contribute to a lasting high demand, but with the possibility that the market gradually levels out. At the same time, the company makes a consistent effort to expand the markets for the company’s maritime communication solutions and for other areas of use. All in all, the company expects a relatively stable business volume for Satellite Communication, but changes in the product mix may yield somewhat lower margins in the second half of the year.

No substantial changes are expected in the development of other business areas.

The company’s ambition to regain profitability during the course of 2003 is upheld .

Bergen, 28 April 2003

Bjørn Ove Skjeie Chief Executive Officer


							Amounts in
Income Statements							NOK million

	1.1.-31.3.2003			1.1.-31.3.2002			Year 2002

Orders received		591,3			631,8			2 518,6
Operating revenue		539,7			680,7			2 444,8
Operating expenses		(494,1	)		(623,6	)		(2 255,1	)
Depreciation		(20,2	)		(20,8	)		(83,5	)

Operating income before R&D costs		25,4			36,3			106,2

Research and development		(50,0	)		(78,8	)		(239,5	)

Operating income (loss) before restructuring and write -downs		(24,6	)		(42,5	)		(133,3	)

Restructuring and write-downs					—			(11,1	)

Operating income (loss)		(24,6	)		(42,5	)		(144,4	)

Earnings from investments in associated companies		1,7			(0,4	)		(23,8	)
Net financial items		24,9			7,2			6,0

Income (loss) before tax		1,9			(35,7	)		(162,2	)

Taxes		0,3			10,8			33,7

Net income (loss)		2,2			(24,9	)		(128,5	)

Minority interest		(8,3	)		(10,6	)		(16,5	)

Net income (loss) after minority interests		(6,1	)		(35,5	)		(145,0	)

Earnings per share, primary (NOK)		(0,05	)		(0,29	)		(1,19	)

The Overview


						Amounts in
Balance Sheets						NOK million

	31.3.2003		31.12.2002			31.3.2002

Deferred tax asset		174,0		174,0			140,3
IT — Software		24,6		23,7			—
Goodwill		17,6		18,9			22,5
Property, plant and equipment		190,5		199,1			257,7
Financial non-current assets		150,0		161,5			213,4

Non-current assets		556,7		577,2			633,9

Inventories		354,3		382,9			493,9
Trade receivables		576,1		518,6			604,4
Other receivables		274,4		285,3			362,5
Cash and cash equivalents		756,6		795,8			730,8

Current assets		1 961,4		1 982,6			2 191,7

TOTAL ASSETS		2 518,1		2 559,8			2 825,6

Shareholders’ equity		1 618,8		1 612,6			1 688,8
Long-term liabilities		75,4		92,0			80,7
Current liabilities		823,9		855,2			1 056,2

TOTAL EQUITY AND LIABILITIES		2 518,1		2 559,8			2 825,6

Interest bearing current liabilities		3,1		4,8			7,8
Interest bearing long-term liabilities		3,9		4,3			7,6
Minority shareholders’ interest		255,8		240,2			167,6

Change in equity :
Equity as of 01.01		1 612,6		1 728,1
							1 728,1
Net income (loss)		2,2		(128,5	)
							(24,9	)
Additional treasury stock				(2,8	)
Additional minority interest				126,4
Dividend				(26,8	)
Other equity changes				(6,6	)
Translation differences		4,0		(77,2	)		(14,4	)

Equity as of end of period		1 618,8		1 612,6			1 688,8

V Some few ray of lights in a still difficult market

V Robust financials — results as previously guided

V Positive operating cash flow — cash position defended

V Solid balance sheet and operation under control

V Planning for similar business level in 2003 — expects break even to be reached during second half of the year

Key Figures


							Amounts
							in NOK
Statements of cash flows							million

	1.1.-31.3.2003			1.1.-31.3.2002			Year 2002

Net income (loss)		2,2			(24,9	)		(128,5	)
Depreciation		20,2			20,8			83,5
Change in inventories, trade receivables/payables and other working capital		5,6			124,6			210,8
Other operational related adjustments		(72,6	)		(88,5	)		(131,2	)

Net cash provided by (used in) operating activities		(44,5	)		31,9			34,6

Proceeds from sales of property, plant and equipment		0,7			0,9			7,9
Capital expenditures		(9,5	)		(13,7	)		(61,4	)
Other investments and sales		21,4			7,9			110,7

Net cash provided by (used in) investing activities		12,6			(4,8	)		57,2

Proceeds from issuance of shares								37,7
Changes, Treasury stock								(2,8	)
Dividends paid								(26,8	)
Net changes in liabilities		(2,2	)		(185,3	)		(191,7	)

Net cash provided by (used in) financing activities		(2,2	)		(185,3	)		(183,6	)

Effect of changes in currency exchange rates		(5,1	)		(10,4	)		(11,9	)

Net change in cash and cash equivalents		(39,2	)		(168,6	)		(103,7	)

Cash and cash equivalents at beginning of period		795,8			899,5			899,5

Cash and cash equivalents at end of period		756,6			730,9			795,8

(Amounts in NOK mill.) Year Year Q4 Q4 Pro forma* Pro forma* 2002 2001 2002 2001

Orders received 2519 3127 575 564 Sales revenue 2445 3636 614 807 Operating income before R&D 106 250 41 -23 Operating income before special charges -133 -97 -18 -101 Operating income -144 -361 -29 -177 Income before tax and minority interest -162 -404 -31 -264

* Pro forma includes Nera Telecommunications, Singapore

Quarterly Orders received by Business Area Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q2 2002 Q3 2002 Q4 2002


											Amounts in NOK
Orders received by Business Area											million

Business Areas	1.1.-31.3.2003				1.1.-31.3.2002				Year 2002

Transmissions Networks		318	53,9	%		309	48,9	%		1 243		49,4	%
Mobile Satellite Communications		170	28,8	%		174	27,6	%		677		26,9	%
Wireless Broadband Access		9	1,6	%		36	5,6	%		215		8,5	%
Others/eliminations		93	15,8	%		113	17,9	%		384		15,3	%

Total		591	100,0	%		632	100,0	%		2 519		100,0	%

proforma proforma proforma proforma Q1 2002


Operating revenues by Business Area											Amounts in NOK
											million

Business Areas	1.1.-31.3.2003				1.1.-31.3.2002				Year 2002

Transmissions Networks		258	47,8	%		378	55,6	%		1 343		54,9	%
Mobile Satellite Communications		172	31,9	%		161	23,7	%		617		25,2	%
Wireless Broadband Access		31	5,7	%		20	2,9	%		69		2,8	%
Others/eliminations		78	14,5	%		122	17,9	%		417		17,1	%

Total		540	100,0	%		681	100,0	%		2 445		100,0	%

WBA 2 7 0 -4 36 12 16 152 Other 206 197 121 79 113 102 83 85 Satellite Com. 239 129 119 142 174 289 109 103 Transm. Networks 511 583 450 347 309 361 338 235 TOTAL 958 916 690 564 632 764 546 575


Operating Income (loss) before restr.and write-down by Business
Area							Amounts in NOK
							million

Business Areas	1.1.-31.3.2003			1.1.-31.3.2002			Year 2002

Transmissions Networks		(40,7	)		(53,5	)		(165,2	)
Mobile Satellite Communications		27,5			14,4			68,8
Wireless Broadband Access		(11,5	)		(16,7	)		(52,4	)
Others/eliminations		0,2			13,3			15,5

Total		(24,6	)		(42,5	)		(133,3	)

Market View (1)


Orders received by Geographical Destinations											Amounts in NOK
											million

Geographical Destinations	1.1.-31.3.2003				1.1.-31.3.2002				Year 2002

Norway		90	17,6	%		62	9,8	%		281		11,2	%
Great Britain		22	3,8	%		15	2,4	%		197		7,8	%
Rest of Europe		105	17,7	%		99	15,7	%		442		17,5	%
America		134	22,6	%		178	28,2	%		545		21,6	%
Africa		7	1,1	%		51	8,1	%		114		4,5	%
Asia		212	33,6	%		205	32,5	%		899		35,7	%
Oceania		21	3,6	%		21	3,3	%		41		1,7	%

Total		591	100,0	%		632	100,0	%		2 519		100,0	%

V Transmission market: Still a certain weakening of the market conditions in the mobile network markets Some large projects in long-haul infrastructure market Fixed wireless access — growing but still small


Operating revenues by Geographical Destinations											Amounts in NOK
											million

Geographical Destinations	1.1.-31.3.2003				1.1.-31.3.2002				Year 2002

Norway		85	15,8	%		45	6,7	%		276		11,3	%
Great Britain		34	6,4	%		21	3,1	%		110		4,5	%
Rest of Europe		114	21,2	%		110	16,1	%		498		20,4	%
America		100	18,4	%		186	27,4	%		538		22,0	%
Africa		20	3,7	%		33	4,9	%		105		4,3	%
Asia		179	33,1	%		274	40,2	%		863		35,3	%
Oceania		8	1,4	%		11	1,7	%		55		2,2	%

Total		540	100,0	%		681	100,0	%		2 445		100,0	%

Significant geographical variances observed

~~Market~~Presentation ~~View~~1st ~~(2)~~Quarter 2003 Oslo, 29 April 2003

V Satellite market: Inmarsat landmobile and marine market expected to be on level New broadband opportunities continue to emerge

V Others: Contract manufacturing weak IT-network in SEA challenging

~~Cost~~Bjorn ~~Level~~Ove ~~substantially~~Skjeie ~~down~~Chief Executive Officer

V OPEX reduced by 220 MNOK year on year

V Administrative costs down by 28 %

V Sales cost reduced by 15 %

V R & D reduced by 31 % through: External funding Focused programmes Increased efficiency

~~FWA~~Overview ~~conquests~~Nera inGroup ~~Norway~~at ~~Municipalities~~break-even ~~with~~for ~~FWA~~Q1 ~~solutions~~Lower ~~from~~operational costs Higher financial revenues Transmission's quarterly order intake back above MNOK 300 Satellite Communication showed good volume and a 16 percent operating margin Nera ~~(Jan-03)~~restates the ambition of regaining profitability during 2003

Rennebu Ålesund Lom Bjarkøy Meldal Ørsta Lesja Laerdal Orkdal Volda Sjåk Baerum

Skaun Austevoll Sel

MelhusFitjar Dovre

Trondheim Kvam Vågå KvaefjordJondal Rendalen HarstadModalen Ringebu Ballangen Bø Nord Fron

Hemne Sauherad Fusa

Halsa Nome Samnanger Rindal Evenes Hadsel Surnadal Øyer Stokmarknes

~~Innovative~~Key ~~Strength~~figures ~~creates~~(Amounts ~~new~~in ~~business:~~NOK ~~Digital~~mill.) 1ST QUARTER 1ST QUARTER TOTAL 2003 2002 2002 ORDERS RECEIVED 591 632 2 519 OPERATING REVENUES 540 681 2 445 EBIT -TV25 —-43 ~~opportunities~~-144 toPRE-TAX ~~Cairns~~PROFIT 2 -36 -162

Phase I Phase II Phase III

Explore Set top-box opportunities Transmission Network On the back of Reference project 18 MUSD, Mobil-TV-project/Singapore NTL i Australia

~~Innovative~~Quarterly ~~Strength~~orders ~~creates~~received ~~new~~by business ~~: Broadband via satellite~~area

Svolvaer

Nittedal Earthstation

2nd Gen ipStar project with ShinSat can Fra HB@ piloten give new major opportunities DVB-RCS now in Commercial sale

~~Innovative~~Market ~~Strength~~outlook ~~creates~~(1) ~~new~~Transmission ~~business~~Networks :market ~~Satellite~~Still ~~Communications~~weak -development ~~Isaiah~~in 65mobile ~~Project~~networks —Positive ~~US$5.3~~potential ~~Million~~for ~~Turnkey~~Nera ~~solution~~in toother ~~Isaiah~~segments 65Still ~~Philippines~~positive ~~Supply~~development offor 1Fixed ~~000~~Wireless ~~(+2~~Access ~~000)~~- Nera ~~WorldCommunicator~~expands ~~and~~geographical ~~VPN~~scope

Inmarsat MPDS LES

Nera WorldCommunicator

Internet VPN Appliance ISAI AH Main E-BOS/VPN Offic e

ATM Machine POS PC Remote Sites

~~Ambitions~~Quarterly ~~going~~orders ~~forward~~received by market Transmission Networks

V Reach break-even with 2002 turnover-level during the year V Defend cash position and solidity V Win some big contracts and secure market positions V Keep innovative strength — important for long term competitiveness as well as flexibility short term in regaining profitability V Implement and strengthen profitability improvement programmes, increasing the flexibility in operating

~~Bjørn~~Market ~~Olafsson~~outlook ~~Chief~~(2) ~~Financial~~Satellite ~~Officer~~market Land-mobile market expected to level out gradually Introduction of new products expected to bring growth to maritime market Still stable, high activity in the gateway market New areas of use increase sales of satellite phones Satellite broadband market seems digital by nature - no major contracts expected in Q2

~~Income~~Market ~~Statements~~outlook (3) Other business IT Networks stable Still weak outlook for Contract Manufacturing

(Amounts in NOK mill.) Year Year Q4 Q4 Pro forma* Pro forma* 2002 2001 2002 2001

Orders received 2 518,6 3 127,2 575,4 563,7 Operating revenue 2 444,8 3 635,5 614,4 807,3 Operating expenses -2 255,1 -3 293,3 -551,6 -819,9 Depreciation -83,5 -92,3 -21,8 -10,8 Operating income (loss) before R&D 106,2 249,9 41,0 -23,4 Research and Development -239,6 -346,9 -58,7 -77,7 Operating income (loss) before restructuring and writedowns -133,3 -97,0 -17,7 -101,1 Restructuring and writedowns -11,1 -264,0 -11,1 -75,5 Operating income (loss) -144,5 -361,0 -28,8 -176,6 Income from investments in associated comp. -23,8 -0,8 3,0 -1,4 Net financial items 6,0 -42,7 -4,9 -85,7 Income before taxes and minority interest -162,3 -404,5 -30,6 -263,7 Taxes 33,7 81,3 0,8 100,3 Net income (loss) -128,6 -323,2 -29,8 -163,4 Minority interest -16,5 -3,8 -10,1 -3,8 Net income (loss) after minority interest -145,1 -326,9 -39,9 -167,1

* Pro forma includes Nera Telecommunications, Singapore

~~Operating~~OPEX ~~income~~Development ~~before~~^ ~~special~~R&D ~~charges~~- bysales ~~Business~~& ~~Areas~~admin. expenses ^ Nera Group ^ Transmission Networks (Distributed cost Nera Singapore not included)

(Amounts in NOK mill.) Year Year Q4 Q4 Pro forma* Pro forma*

Business Areas 2002 2001 2002 2001 Transmission Networks -165,2 170,0 -21,0 31,8 Satellite Communications 68,8 66,0 15,0 22,1 Wireless Broadband Access -52,4 -258,0 -16,8 -47,7 Other / elimination 15,5 2,0 5,1 -30,3 TOTAL -133,3 -20,0 -17,7 -24,1

* Pro forma includes Nera Telecommunications, Singapore

~~Margin~~Efficiency ~~Development~~improvement programs 2003 Supply chain improvement under implementation: Effect - up to 90 man-years Other efficiency EMEA improvement initiatives: Effect - 10 to 20 man-years Further initiatives following conclusions from sourcing studies under implementation

Transmission/Satellite Transmission Satellite

35 45 Acc. Acc.

1997 1998 1999 2000 2001 Acc. 1997 1998 1999 2000 2001 Acc.

Q3 2002 Q3 2002 Gross margin % 33 25 30 30 282121 Gross margin % 35 30 3340363535 Oper. margin % 2,8 4,0 8,5 8,9 7,3 -14,6 -12,3 Oper. margin % 9,1 2,0 4,9 13,8 10,8 11,4 11,2

~~Balance~~Ambitions ~~Sheets~~ahead ~~(Amounts~~Regain inprofitability ~~NOK~~during ~~mill.)~~2003 ~~31.12.02~~Continued ~~31.12.01~~focus on making Transmission business more efficient Secure Transmission business volume above MNOK 300 per quarter throughout 2003 Further strengthen Satellite Communication's market position

Deferred tax assets 174,0 113,5 Goodwill 18,9 23,7 Property, plant, equipment 222,8 268,0 Financial non-current assets 164,0 219,9 Non-current assets 579,7 625,2 Inventories 382,9 534,7 Trade receivables 518,6 781,6 Other receivables 285,3 375,3 Cash and cash equivalents 795,8 899,5 Current assets 1 982,6 2591,0 TOTAL ASSETS 2 562,3 3216,2 Shareholder’s equity 1 611,8 1728,1 Long-term liabilities 95,3 101,8 Current liabilities 855,2 1386,3 TOTAL EQUITY AND LIABILITIES 2 562,3 3216,2 Interest bearing current liabilities 4,8 192,3 Interest bearing long-term liabilities 4,3 8,4 Minority interest of equity 240,2 157,1

~~Net~~Bjorn ~~Cash~~Olafsson ~~Position~~Chief ~~(Cash~~Financial ~~— interest bearing debt) MNOK~~Officer

~~Working~~Financial ~~Capital~~highlights Q1 financials are favourably affected by Continued excellent performance in Satellite Communications Cost reductions yielding visible results Exceptional net financial result

MNOK

~~Trade~~Income ~~Receivables/ Inventories/Trade Payables Days~~statements

Days 1st H. Acc. Q3- 1995 1996 1997 1998 1999 2000 2001 2002 2002 2002

Receivables 76 91 102 88 77 111 97 80 74 76 Inventories 82 77 67 51 40 38 67 62 63 56 Payables 41 43 48 48 29 45 53 46 41 46

~~Statements~~Operating ofprofit ~~Cash~~before ~~Flows~~special charges by business area

(Amounts in NOK Mill.) Year Year 2002 2001

Net income (loss) -128,6 -367,0 Depreciation 83,5 87,9 Writedowns on goodwill and other non-current assets — 236,4

Change in inventories, account receivables/payables and other working capital items 186,4 -77,9 Other adjustments to operation activities -111,6 -205,9 Net cash provided by (used in) operating activities 29,7 -326,5 Proceeds from sale of property, plant and equipment 7,9 1,0 Capital expenditures -61,4 -129,1 Other investments and sales 70,1 135,1 Net cash provided by (used in) investing activities 16,6 7,0 Proceeds from issuance of shares 37,7 5,2 Changes, treasury stock -2,8 -26,8 Dividends paid -26,8 -27,1 Net changes in liabilities -191,6 -59,6 Net cash provided by (used in) financing activities -183,6 -108,3 Effect of changes in currency exchange rates 33,6 6,9 Net change in cash and cash equivalents -103,7 -420,8 Cash and cash equivalents at beginning of period 899,5 1320,3 Cash and cash equivalents at end of period 795,8 899,5

~~Financial~~1997 ~~Key~~1998 ~~Figures~~1999 2000 2001 2002 Q1-03 Gross margin % 33 25 30 30 28 21 21 Oper. margin % 2.8 4 8.5 8.9 7.3 -12.3 -15.8 North 45.9 46.9 45 43.9 1997 1998 1999 2000 2001 2002 Q1-03 Gross margin % 35 30 33 40 36 35 37 Oper. margin % 9.1 2 4.9 13.8 10.8 11.2 16 45.9 46.9 45 Margin development Transmission/Satellite Transmission Satellite

(Amounts in NOK mill.)

2002 2001 2000 1999

2 445 Sales revenue 2893 2550 2766 -145,1 Net income (loss) after minority interest -371 136 208 -1,19 Earnings per share (NOK) -3,02 1,22 2,16 7,50 Share price as at end of period (NOK) 19,40 38,50 37,50 n.a. P/E n.a. 32,0 17,6 1 612 Equity (incl. minority interest) 1728 1977 970 62,9 Equity ratio (%) 53,7 56,9 42,7 240,2 Minority interest 157,0 — - 11,25 Equity per share excl. minority interest (NOK) 12,85 16,09 10,09 0,0 Dividends (NOK) 0,00 0,22 0,20 1 669 Number of employees (end of period) 1820 1340 1406

QBalance ~~& A Oslo, 17 February 2003~~Sheets

~~Appendix~~Net cash position (Cash - interest bearing debt) Q4 - 1995 Q4 - 1996 Q2 - 1997 Q4 - 1997 Q2 - 1998 Q3 - 1998 Q4 - 1998 Q1 - 1999 Q2 - 1999 Q3 - 1999 Q4 - 1999 Q1 - 2000 Q2 - 2000 Q3 - 2000 Q4 - 2000 Q1 - 2001 Q2 - 2001 Q3 - 2001 Q4 - 2001 Q1 - 2002 Q2 - 2002 MNOK Q3 - 2002 Q4 - 2002 Nera Singapore Nera Norway Q1 - 2003

~~Orders~~Working ~~received~~capital byQ4-1995 ~~Business~~Q4-1996 ~~Area~~Q2-1997 Q4-1997 Q2-1998 Q3-1998 Q4-1998 Q1-1999 Q2-1999 Q3-1999 Q4-1999 Q1-2000 Q2-2000 Q3-2000 Q4-2000 Q1-2001 Q2-2001 Q3-2001 Q4-2001 Q1-2002 Q2-2002 Q3-2002 Q4-2002 Q1-2003 East 510 739 1028 881 773 573 713 666 556 367 431 190 309 322 331 280 595 664 498 412 379 330 336.4 373.9 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9 MNOK

(Amounts in NOK mill.) Year Year Q4 Q4 Pro forma* Pro forma*

Business Areas 2002 2001 2002 2001 Transmission Networks 1 243 49,4% 1890 60,4% 235 40,8% 347 61,5% Satellite Communications 676 26,8% 628 20,1% 103 17,9% 142 25,2% Wireless Broadband Access 2168,6% 4 0,1% 152 26,5% -4 -0,8% Other Elimination *) 384 15,2% 605 19,4% 85 14,8% 79 14,1% Total 2 519 100 % 3127 100 % 575 100 % 564 100 %

* Pro forma includes Nera Telecommunications, Singapore

~~Quarterly~~Trade ~~Orders~~receivables/ ~~received~~Inventories/trade bypayables ~~Market~~(days) ~~Transmission~~1995 ~~Networks~~1996 1997 1998 1999 2000 2001 2002 Q1-03 Receivables 76 91 102 88 77 111 97 76 96 Inventories 82 77 67 51 40 38 67 56 59 Payables 41 43 48 48 29 45 53 46 50 Days

Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002 proforma proforma proforma proforma

EMEA 202 227 115 212 145 198 142 89 Asia 193 142 173 37 64 100 80 74 Americas 116 214 162 97 100 63 116 72 TOTAL 511 583 450 346 309 361 338 235

~~Invoicing~~Statements of ~~Order~~cash Backlog*flows

NOK mill.

1st Quarter 2st Quarter 3nd Quarter Rest of 2003 Total 2003 2003 2003 and later

* Incl. Nera Telecommunications, Singapore

~~Operating~~Financial ~~Revenue~~key ~~by Business Areas~~figures

(Amounts in NOK mill.) Year Year Q4 Q4 Pro forma* Pro forma*

Business Areas 2002 2001 2002 2001 Transmission Networks 1 343 54,9% 2 277 62,6% 354 57,7% 549 68,0% Satellite Communications 617 25,2% 609 16,7% 146 23,8% 169 20,9% Wireless Broadband Access 692,8% 471,3% 152,5% 161,9% Other Elimination *) 417 17,1% 703 19,4% 98 16,0% 749,2% Total 2 445 100 % 3 636 100 % 614 100 % 807 100 %

* Pro forma includes Nera Telecommunications, Singapore

~~Quarterly~~Q ~~Operating~~& ~~Revenue~~A byOslo, ~~Business~~17 ~~Area~~February ~~Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q2 2002 Q3 2002 Q4 2002~~2003

proforma proforma proforma proforma Q1 2002

Other 264 235 128 74 122 100 96 98 WBA 12 9 11 16 20 21 13 15 Satellite Com. 160 150 131 169 161 155 153 146 Transm. Networks 564 627 537 548 378 373 238 354 TOTAL 1 000 1 021 807 807 681 649 500 614

~~Book to Bill Transmission Networks Orders received Sales~~Appendix

Orders~~/Revenue/EBIT~~ received by business area

Development Transmission/Satellite

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4 2001 2001 2001 2001

2001 2001 2001 2001 2002 2002 2002 2002 2002 2002 2002 2002 pro pro pro pro pro pro pro pro

Orders received 511583450347309361338 235 Orders received239129119142 174289 109 103 Operating revenue 564627537549378 373,0 238 354 Operating revenue 160150131169 161 156,0 154 146 Oper. inc. (EBIT) 50,4 49,8 37,9 31,8 -53,5 -47,5 -43,3 -21 Oper. inc. (EBIT) 16,7 13,8 13,3 21,3 14,4 17 22,5 15

~~Quarterly~~Invoicing ~~Operating~~of ~~Revenue~~order bybacklog* ~~Market~~2nd ~~Transmission~~quarter ~~Networks~~2003 3rd quarter 2003 Total NOK mill. 2004 and later 4th quarter 2003 * Incl. Nera Telecommunications, Singapore

Q1 2001 Q2 2001 Q3 2001 Q4 2001 Q1 2002 Q2 2002 Q3 2002 Q4 2002 proforma proforma proforma proforma

EMEA 235 302 180 254 154 129 137 218 Asia 110 170 175 152 88 142 49 65 Americas 219 155 182 143 136 102 52 71 TOTAL 564 627 537 549 378 373 238 354

~~WBA~~Operating —revenue ~~Quarterly~~by ~~“fixed”~~business ~~cost level (R&D + Sales and Admin.) MNOK~~area

~~Orders~~Quarterly ~~Received~~operating revenue by ~~Market~~business area

(Amounts in NOK mill.) YearYear Q4 Q4 Pro forma* Pro forma*

Market 2002 2001 2002 2001 Norway 281 11,2% 396 12,7% 76 13,3% 103 18,3% UK 62 2,4% 125 4,0% -122 -21,2% 29 5,1% Rest of Europe 577 22,9%601 19,2% 201 35,0% 108 19,2% America 545 21,6%740 23,7% 121 21,1% 111 19,8% Africa 114 4,5%56 1,8% 14 2,4% 23 4,1% Asia 899 35,7% 1 186 37,9% 286 49,8% 191 33,9% Oceania 41 1,7%24 0,7% -2 -0,3% -2 -0,4% Total *) 2 519 100 % 3 127 100 % 575 100 % 564 100 %

* Pro forma includes Nera Telecommunications, Singapore

Book to bill Transmission Networks Q1 - 2000 Q2 - 2000 Q3 - 2000 Q4 - 2000 Q1 - 2001 Q2 - 2001 Q3 - 2001 Q4 - 2001 Q1 - 2002 Q2 - 2002 Q3 - 2002 Q4-2002 Q1-2003 Orders received/Sales by0.9787 ~~Market~~1.7837 1.2585 1.0626 0.9014 0.8364 0.6687 0.6239 0.8175 0.9678 1.42 0.6645431 1.2325581 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9 Orders received Sales

Percentage per region by Norway 11.2% (12.7%)* 31 December 2002 UK

Rest of Europe 2.4% (4.0%)* 22.9% (19.2%)*

Asia 35.7% (37.9%)*

Africa Americas 4.5% (1.8%)* 21.6% (23.7%)* Oceania 1.7% (0.7%)*

* Figures in brackets are Orders received per 31.12.01

Q1 2001 pro forma Q2 2001 pro forma Q3 2001 pro forma Q4 2001 pro forma Q1 2002 Q2 2002 Q3 2002 Q4 2002 Q1 2003 Orders received 511 583 450 347 309 361 338 235 318 Operating ~~Revenue~~revenue by564 ~~Market~~627 537 549 378 373 238 354 258 Oper. inc. (EBIT) 50.4 49.8 37.9 31.8 -53.5 -47.5 -43.3 -21 -40.7 Q1 2001 pro forma Q2 2001 pro forma Q3 2001 pro forma Q4 2001 pro forma Q1 2002 Q2 2002 Q3 2002 Q4 2002 Q1 2003 Orders received 239 129 119 142 174 289 109 103 170 Operating revenue 160 150 131 169 161 156 154 146 172 Oper. inc. (EBIT) 16.7 13.8 13.3 21.3 14.4 17 22.5 15 27.5 Orders/revenue/EBIT development Transmission/Satellite Transmission Satellite

(Amounts in NOK mill.) YearYear Q4 Q4 Pro forma* Pro forma*

Market 20022001 2002 2001 Norway 276 11,3% 288 9,9% 101 16,5% 124 15,3% UK 110 4,5% 202 7,0% 36 5,9% 28 3,4% Rest of Europe 498 20,4%559 19,3% 144 23,4% 179 22,1% America 538 22,0%815 28,2% 114 18,5% 183 22,6% Africa 105 4,3%190 6,6% 27 4,5% 15 1,8% Asia 863 35,3%672 23,2% 182 29,6% 266 33,0% Oceania 55 2,2%169 5,8% 9 1,6% 14 1,8% Total *) 2 445 100 % 2 893 100 % 614 100 % 807 100%

* Pro forma includes Nera Telecommunications, Singapore

~~Special~~Quarterly ~~Charges~~operating inrevenue ~~2002~~by ~~Restructuring~~market ~~charges/Write~~Transmission ~~backs in 2002~~Networks

Transmission Networks (NOK mill) Close down of production facilities in UK, write down of inventory for old PDH-product: -23,0 Redundancy provision in Nera Networks, Bergen: -7,7 -30,7 Satellite Communications Write back of redundancy provision charged in 2001: 4,1 Wireless Broadband Access Write back of excessive provision for close down of Dallas operation 2001: 15,5 -11,1

Financial items Hyperinflation accounting P&L adjustment for hyperinflation in Venezuela. Charged as finance cost and credited equity (translation differences) -14,0

~~Operating~~WBA margins*- ~~before~~quarterly "fixed" cost level (R&D ~~Research~~+ &sales ~~Development~~and *admin.) ~~Operating~~Q2-2000 ~~income~~Q3-2000 ~~before~~Q4-2000 ~~R&D~~Q1-2001 asQ2-2001 %Q3-2001 ofQ4-2001 ~~sales~~Q1-2002 ~~revenue~~Q2-2002 *Q3-2002 ~~R&D~~Q4-2002 asQ1-2003 %East of20 ~~sales~~33 ~~revenue~~43 ~~(1)~~58 ~~Adjusted~~71 ~~for~~51 ~~special~~45 ~~charges~~19 16 17 16 14 West 30.6 38.6 34.6 31.6 North 45.9 46.9 45 43.9 MNOK

~~Working~~Orders ~~Capital~~received inby ~~% of annualised sales~~market

Orders received by market Asia 35.9% (32.4%)* Percentage per region by 31 March 2003 Africa 1.1% (8.1%)* Americas 22.6% (28.2%)* Oceania 3.6% (3.3%)* UK 3.8% (2.4%)* Norway 15.2% (9.9%)* Rest of Europe 17.7% (15.7%)* * Figures in brackets are Orders received per 31.03.02

Operating revenue by market

Operating margins* before R&D 1996 1997 1998 1999 2000 2001 2002 Per 31.03.2003 East 0.139 0.114 0.09 0.142 0.153 0.062 0.069 0.047 MNOK 1996 1997 1998 1999 2000 2001 2002 per quarter 2003 per quarter 3-D Column 193 204 200 216 287 347 79 50 51 51 59 (6,6%)* (7,8%)* Research & Development 347 (9.5%)* * Operating income before R& D as % of sales revenue (1) Adjusted for special charges * R&D as % of sales revenue (11,3%)* 240 (9.8%)* (9.3%)*

Working capital in % of annualised sales Q4-1995 Q4-1996 Q2-1997 Q4-1997 Q2-1998 Q3-1998 Q4-1998 Q1-1999 Q2-1999 Q3-1999 Q4-1999 Q1-2000 Q2-2000 Q3-2000 Q4-2000 Q1-2001 Q2-2001 Q3-2001 Q4-2001 Q1-2002 Q2-2002 Q3-2002 Q4-2002 Q1-2003 East 19 31 34 24 29 20 20 23 20 14 15 8 14 15 10 10 20 26 16 15 15 13.5 13.8 17.3 West North 45.9 46.9 45 43.9 %

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