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Telenor Norway revenues lower after roaming price cuts

“The third quarter showed good performance, with continued revenue growth and an all-time high EBITDA, supported by a strengthened cost focus across the Group. A key highlight this quarter is the encouraging sign of data monetisation in Bangladesh and Pakistan. While Norway was impacted by lower roaming revenues, we experienced solid uptake on our new mobile tariffs. High-speed broadband in Norway and Sweden performed well during the quarter.

Published: 26 October 2016

During the quarter, we started executing on our strategic decision to divest our minority stake in VimpelCom Ltd. We will continue to focus on creating value from data growth in our core operations. As our customers increasingly demand more exciting and user-friendly services, we will focus on capturing growth opportunities while addressing costs through the digitisation and transformation of our core business,” said Telenor Group Chief Executive Officer Sigve Brekke.

Key figures Telenor Group

(NOK in millions)Q3 2016Q3 2015YTD 2016YTD 2015
Revenues32 79431 83698 28494 688
Organic revenue growth (%)1.84.51.35.7
EBITDA before other income/ expenses12 45911 84835 68933 338
EBITDA margin before other income/expenses (%)38.037.236.335.2
Profit after taxes and non-controlling interests(4 821)(1 770)5465 539
Capex excl. licences and spectrum/Revenues (%)15.317.916.118.0
Capex/Revenues (%)15.819.919.718.8
Mobile subscriptions – Change in quarter/Total (million)(0.9)5.2211196

Third quarter 2016 summary

  • Total revenues increased by 3% to NOK 32.8 billion; organic revenue growth was 2%. Organic mobile subscription & traffic revenues rose by 2%.
  • EBITDA before other items increased 5% to an all-time high NOK 12.5 billion. The EBITDA margin improved one percentage point to 38%.
  • Capital expenditure excluding licences and spectrum was NOK 5.0 billion, resulting in a capex to sales ratio of 15%.
  • Based on recent observations in the Indian market, the fair value of the licences in India has been assessed, resulting in an impairment loss of NOK 4.0 billion.
  • Net income attributable to Telenor ASA equity shareholders was NOK -4.8 billion, or NOK 4.7 billion when adjusting for the effects related to VimpelCom Ltd., India and other items.
  • The outlook for 2016 is unchanged.
  • The Board resolved a second semi-annual dividend for the financial year 2015 of NOK 3.50 per share, in line with the proposal from February 2016.

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Source: Telenor

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