Notes to Consolidated Financial Statements The table below is a summary of financial information by segment. We have not presented comparative figures for 2002 because information is not available.  The accounting policies used by the segments are the  same as those we describe in  Note 1,  Significant Accounting Policies . Segments negotiate sales with each other as if they were unrelated parties. We measure the profitabil- ity of each segment based  on its operating income. Our operations, including most of our revenues,  capital assets and goodwill, are located in Canada.  INTER- SEGMENT INTER- ELIMINA- SEGMENT OTHER TIONS ELIMINA- BELL  – BELL BELL OTHER TIONS CONSOLI- CONSUMER BUSINESS ALIANT CANADA CANADA CANADA BCE – OTHER DATED For the year ended  December 31, 2004 Operating revenues External customers 7,440 5,622 1,894 1,736 – 16,692 2,501 – 19,193 Inter-segment 62 229 139 203 (538) 95 360 (455) – Total operating revenues 7,502 5,851 2,033 1,939 (538) 16,787 2,861 (455) 19,193 Operating income (loss) 2,119 896 268 (588) – 2,695 281 – 2,976 Other income 411 Interest expense (1,005) Income taxes (710) Non-controlling interest (174) Earnings from continuing  operations 1,498  Segment assets 13,014 13,491 3,707 2,757 – 32,969 6,174 – 39,143 Investments at equity – – – 4 – 4 106 – 110 Capital expenditures (1,481) (898) (295) (352) – (3,026) (338) – (3,364) For the year ended  December 31, 2003 Operating revenues External customers 7,142 5,544 1,909 1,868 – 16,463 2,274 – 18,737 Inter-segment 61 283 150 147 (490) 151 323 (474) – Total operating revenues 7,203 5,827 2,059 2,015 (490) 16,614 2,597 (474) 18,737 Operating income 2,019 781 415 621 – 3,836 285 – 4,121 Other income 175  Interest expense (1,105) Income taxes (1,119) Non-controlling interest (201) Earnings from continuing  operations 1,871  Segment assets 13,321 11,648 3,862 4,698 – 33,529 5,891 – 39,420 Investments at equity – – – 398 – 398 98 – 496 Capital expenditures ( 1,287) (936) (333) (336) – (2,892) (275) – (3,167) 94 Bell Canada Enterprises  2004 Annual Report