First quarter 2012: Maintaining growth momentum
(Thomson Reuters ONE) -
(Fornebu, 8 May 2012) In the first quarter of 2012, Telenor Group reported
revenues of NOK 25.1 billion, representing an organic revenue growth of 8%.
EBITDA before other items was NOK 7.7 billion, EBITDA margin was 30.8%, and
operating cash flow was NOK 5.3 billion. Telenor's consolidated mobile
operations added more than five million subscriptions during the quarter.
"I am pleased to present another quarter with strong operational performance by
the Telenor Group. We are maintaining the growth momentum from 2011 with organic
revenue growth of 8%, margins in line with last year and improved operating cash
flow," said Jon Fredrik Baksaas, President and CEO of Telenor Group.
Outstanding in Pakistan
"The revenue growth is fuelled by strong growth in our Asian operations where
customer growth continues and the demand for data services is increasing
rapidly. I am delighted to see that Telenor Pakistan delivered an outstanding
quarter on all financial parameters, clearly demonstrating this organisation's
strive for continuous improvement," Baksaas said.
Positive effects in Norway
"In Norway, we are starting to see positive effects from the market activities
in the previous quarter with migration to new bundled mobile tariffs. The
introduction of pricing that reflects the change towards data usage, and
investments in better network capabilities, will enable us to further pursue
mobile data opportunities. Reduced demand for fixed line services requires
continued efficiency measures. We are in the midst of launching new operating
models in the Nordic region and have recently entered into agreements for
network sharing and a partnership for customer service in Denmark," Baksaas
said.
India
"Uninor in India continues to demonstrate operating performance on track towards
communicated targets. The strong customer uptake continues, and by the end of
March, more than 30 million customers were connected to Uninor's network. We are
impressed by the Uninor employees' ability to deliver at this level under the
present circumstances. The recent recommendation from the regulator on spectrum
auction, following the Supreme Court's ruling to revoke all licences issued in
2008, has severe negative impact on both the telecom industry in India and
Uninor. If this should be approved by the Department of Telecommunications, it
will be almost impossible for us to participate in the auction. We are working
actively to safeguard our investment and urge the Government of India to clarify
a sound framework for the industry," Baksaas said.
VimpelCom
"In February, Telenor acquired 234 million preferred shares in VimpelCom Ltd.
from Weather Investments. In April, another 65 million common shares were
acquired. The transactions brought Telenor's ownership position back to the
level prior to the Wind Telecom transaction. The first transaction has been
challenged by Russian authorities. We are confident that we have fully complied
with applicable laws and regulations," Baksaas said.
Guiding for 2012
Based on the high uncertainty in India, we are currently providing financial
guidance for 2012 for the Group not including Uninor. On a comparable basis, the
positive outlook is maintained," Baksaas said.
Key figures
The table below contains key figures for the first quarter of 2012, compared to
the previous year:
+-------------------------------------------------------+-------------+------+
|(NOK in millions except earnings per share) |First quarter| Year |
+-------------------------------------------------------+------+------+------+
| | 2012 | 2011 | 2011 |
+-------------------------------------------------------+------+------+------+
|Revenues |25 119|24 092|98 516|
+-------------------------------------------------------+------+------+------+
|EBITDA before other income and expenses | 7 739| 7 359|30 526|
+-------------------------------------------------------+------+------+------+
|EBITDA margin before other income and expenses (%) | 30.8| 30.5| 31.0|
+-------------------------------------------------------+------+------+------+
|Adjusted operating profit[1] | 4 003| 3 654|15 217|
+-------------------------------------------------------+------+------+------+
|Adjusted operating profit/Revenues (%) | 15.9| 15.2| 15.4|
+-------------------------------------------------------+------+------+------+
|Profit after taxes and non-controlling interests | 583| 2 793| 7 165|
+-------------------------------------------------------+------+------+------+
|Earnings per share from total operations, basic, in NOK| 0.37| 1.71| 4.45|
+-------------------------------------------------------+------+------+------+
|Capex | 2 682| 2 610|11 907|
+-------------------------------------------------------+------+------+------+
|Capex excl. licences and spectrum | 2 487| 2 403|11 441|
+-------------------------------------------------------+------+------+------+
|Capex excl. licences and spectrum/Revenues (%) | 9.9| 10.0| 11.6|
+-------------------------------------------------------+------+------+------+
|Operating cash flow [2] | 5 252| 4 956|19 085|
+-------------------------------------------------------+------+------+------+
|Net interest-bearing liabilities |19 336|15 088|18 222|
+-------------------------------------------------------+------+------+------+
For more information please refer to the quarterly report on
http://telenor.com/investor-relations/reports/2012/q1/.
Contact:
Scott Engebrigtsen, Communication Manager, Telenor Group, Tel: +47 90043484, E-
mail: scott.engebrigtsen(at)telenor.com
To the editorial offices:
Press and analyst conference
In connection with the publication of the financial results, a press and analyst
conference will be held on Tuesday 8 May 2012 at 09:00 hrs Norwegian time/CET.
The presentation will be held in Auditorium Voice, Telenor Expo Visitors'
Centre, at the Telenor Headquarters at Fornebu outside Oslo. President and CEO
Jon Fredrik Baksaas and CFO Richard Olav Aa will present the results. All
presentations will be given in English.
Internet and mobile broadcast
The press and analyst conference will be broadcast live over the Internet, and a
recorded version will be made available on http://telenor.com/investor-
relations/reports/2012/q1/. During the live transmission, written questions may
be submitted via the Internet. The conference will also be available live, and
in a recorded version, on mobile phones - for access, SMS expo to 2440 or
+472440 from abroad.
Conference call and Q&A
The press and analyst conference will also be available as a conference call.
This service also allows participants to ask questions at a concluding Q&A
session, which will be held immediately after the presentation and a brief Q&A
session in the auditorium. Please register well in advance on (+47)23184545, and
state your name and company to an automatic voicemail followed by # (pound
sign). For the Q&A session: to queue up for questions please press *1.
Materials
English language versions of the full quarterly report and all presentations
used during the press and analyst conference will be made available at
http://telenor.com/investor-relations/reports/2012/q1/
at 07:00 hrs Norwegian time/CET.
--------------------------------------------------------------------------------
[1]Adjusted operating profit is defined as Operating profit less other income
and expenses and impairment losses
[2]Operating cash flow is defined as EBITDA before other income and expenses -
Capex, excluding licenses and spectrum.
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Telenor via Thomson Reuters ONE
[HUG#1609601]
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