Second quarter 2009: Commitment to priorities remains firm
(Thomson Reuters ONE) - (Fornebu, 23 July 2009) "The trends from the first quarter of 2009continued into this quarter, with a challenging business environmentalso affecting the telecom sector. In spite of pressure on the topline development our operations are improving their performance,resulting in a record high operating cash flow. At the end of thequarter, we reached a total of 168 million mobile subscriptions,"said Jon Fredrik Baksaas, President and CEO of Telenor.Strong growth and high margins"Grameenphone in Bangladesh and Mobile Norway are delivering aparticularly strong quarter, both in terms of revenue growth andmargins. We are also happy to see that Telenor Pakistan this quarterreached its highest margins so far. During this quarter the marginsand market positions in CEE remained strong and Kyivstar distributeddividends for 2006 and 2007. The Telenor portion amounted to NOK 2.1billion," Baksaas said.The Telenor brand launched in Denmark"In June the Telenor brand was successfully launched in the Danishmarket. The rebranding will strengthen Telenor Denmark's ability toprovide unified products and services, as well as creating a strongercompany identity. In Sweden we continue to focus on improvingefficiency. In addition to initiatives in sales and distributionchannels, downsizing of staff has been announced and will becompleted during the second half of 2009," Baksaas said.Preparing for launch in India"In India we are building our operation and preparing for launch. Keyagreements are now in place, including GSM equipment and IToutsourcing, in addition to infrastructure sharing. We plan to launchservices in five circles in the fourth quarter. The current roll-outplan is embedded in our updated outlook for 2009," Baksaas said.New hearing in Siberia"Our shares in VimpelCom are under arrest since 11 March 2009 relatedto the unfounded Farimex case. Telenor's appeal of previous rulingsis scheduled to be heard in the Federal Court of Tyumen 30 September2009," Baksaas said.Revenues remain under pressure"For the rest of the year we expect revenues to remain underpressure. We will continue to scale our business activitiesaccordingly, while delivering a strong operating cash flow andsustaining our market positions," Baksaas said.Key FiguresThe table below contains pro forma key figures (including Kyivstar)for the second quarter of 2009, compared to the previous year:+-------------------------------------------------------------------+| (NOK in millions except earnings | Q2 2009 | Q2 2008 | Year 2008 || per share) | | | ||-----------------------------------+---------+---------+-----------|| Revenues | 26 923 | 27 058 | 109 970 ||-----------------------------------+---------+---------+-----------|| EBITDA before other income and | 9 332 | 9 362 | 38 491 || expenses | | | ||-----------------------------------+---------+---------+-----------|| EBITDA margin before other income | 34.7 | 34.6 | 35.0 || and expenses (%) | | | ||-----------------------------------+---------+---------+-----------|| Adjusted operating profit | 5 071 | 5 621 | 22 640 ||-----------------------------------+---------+---------+-----------|| Adjusted operating | 18.8 | 20.8 | 20.6 || profit/Revenues (%) | | | ||-----------------------------------+---------+---------+-----------|| Profit after taxes and | 1 375 | 3 536 | 13 065 || non-controlling interests | | | ||-----------------------------------+---------+---------+-----------|| Earnings per share from total | 0.83 | 2.11 | 7.83 || operations, basic, in NOK | | | ||-----------------------------------+---------+---------+-----------|| Capex | 3 249 | 6 386 | 22 715 ||-----------------------------------+---------+---------+-----------|| Capex excl. licences and spectrum | 3 249 | 4 836 | 20 680 ||-----------------------------------+---------+---------+-----------|| Capex excl. licences and | 12.1 | 17.9 | 18.8 || spectrum/Revenues (%) | | | ||-----------------------------------+---------+---------+-----------|| Operating cash flow ( EBITDA | 6 083 | 4 526 | 17 811 || before other income and expenses | | | || - Capex) | | | ||-----------------------------------+---------+---------+-----------|| Net interest-bearing liabilities | 34 728 | 35 702 | 39 309 |+-------------------------------------------------------------------+For more information please refer to the quarterly report onhttp://www.telenor.com/en/investor-relations/reports/q2-2009.Contact:Pål Kvalheim, Vice President, Group Communications, Telenor GroupTel: +47 970 44 970E-mail: pal.kvalheim(at)telenor.comTo the editorial offices:Analyst and press conferenceIn connection with the publication of the financial results, ananalyst and press conference will be held on Thursday 23 July at09:00 hrs Norwegian time/CET. The presentation will be held inAuditorium A, Telenor Expo Visitors' Centre, at the TelenorHeadquarters at Fornebu outside Oslo. President and CEO Jon FredrikBaksaas and CFO Trond Westlie will present the results. Allpresentations will be given in English.Internet and mobile broadcastThe analyst and press conference will be broadcast live over theInternet, and a recorded version will be made available onhttp://www.telenor.com/en/investor-relations/reports/q2-2009. Duringthe live transmission, written questions may be submitted via theInternet. The conference will also be available live, and in arecorded version, on mobile phones with 3G, GPRS or EDGE. For moredetails please refer tohttp://www.telenor.com/en/investor-relations/financial-calendar/telenor-s-results-for-the-2nd-quarter-2009Conference call and Q&AThe analyst and press conference will also be available as aconference call. This service also allows participants to askquestions at a concluding Q&A session, which will be held immediatelyafter the presentation and a Q&A session in the auditorium.Please register at least 10 minutes before the conference starts, bycalling: (+47) 800 80 119 (from Norway) or(+47) 23 00 04 00 (from Norway or abroad).MaterialsEnglish language versions of the full quarterly report and allpresentations used during the press and analyst conference will bemade available onhttp://www.telenor.com/en/investor-relations/reports/q2-2009. at07:00 and 09:00 hrs Norwegian time/CET, respectively.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 23.07.2009 - 07:01 Uhr
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