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53Consolidated profit and loss accountNotes 31.12.2003 (€) 31.12.2002 (€)Non-technical account (continued)Investment expensesInvestment management expenses,including interest expenses -7 006 440.27 -7 055 901.41Adjustments to the value of investments -2 581 535.05 -21 751 724.72Losses on the sale of investments -4 759 549.52 -7 139 760.07Total investment expenses -14 347 524.84 -35 947 386.20Allocated investment income transferredto the Non-life insurance technical account 11(o) -9 446 044.15 2 870 168.20Income from the elimination of special itemswith a share in reserves 9,21 3 367 768.20 836 174.52Transfers to special items with a share in reserves –xxxxx -5 659 891.11Other income 5 463 609.71 3 582 068.45Other expenses, including value adjustments -5 915 264.38 -99 890.94Tax on ordinary profit -7 453 012.21 -5 095 408.09Net profit on ordinary operations 20 892 803.34 10 411 670.26Other taxes not included in the above item -285 122.64 -55 782.27PROFIT FOR THE YEAR 20 607 680.70 10 355 887.99o/w group share 20 587 712.95 10 311 629.45o/w minority interests 19 967.75 44 258.54The notes included in the annex are an integral part of the consolidated accounts.