Second quarter 2011: Steady growth and stable margins
(Thomson Reuters ONE) -
(Fornebu, 21 July 2011) In the second quarter of 2011, Telenor Group reported
revenues of NOK 24,4 billion, representing an organic revenue growth of 7%.
EBITDA before other items was NOK 7.5 billion, EBITDA margin was 31 per cent,
and operating cash flow was NOK 5 billion.
"Half way into 2011, we have captured growth opportunities and delivered another
quarter with 7 percent organic revenue growth combined with steady customer
growth and healthy margins. The Telenor Group achieved an operating cash flow
margin of 20 percent in a period with heavy investments in networks to meet the
strong growth in data," said Jon Fredrik Baksaas, President and CEO of Telenor
Group
Added 8 million subscribers
"Our mobile operations added close to 8 million subscribers during the quarter,
driven by our Asian operations, similar to the first three months of this year.
In the Nordics, the new service offerings launched previously this year have had
positive effects. All three operations are now attracting new customers who will
benefit from attractive bundles and higher data speeds. I am especially pleased
to see the mobile subscriber base growing again in Norway and that the growth in
data revenues continues to compensate for price pressure on voice. In June, we
experienced a major network outage in Norway. The cause has been identified and
corrective measures are taken to prevent similar incidents. Our Asian operations
once again confirmed the strong growth momentum in the region with 21 percent
organic revenue growth," Baksaas said.
India
"In India, the 2G licence investigations continue. Telenor is a long term
telecom operator in India with already more than 20 million subscribers. The
licences were awarded prior to Telenor's entry to India and we have invested
according to Indian authorities' guidelines and formal approvals. Hence, we
anticipate that the outcome of the legal processes should not affect our
business negatively," Baksaas said.
Capturing growth opportunities
"Going forward, we will continue to capture organic growth opportunities through
providing easy-to-use and high quality services and implement ambitious
efficiency measures while at the same time continue our substantial network
modernisation. This quarter alone we invested more than one billion NOK in
future technologies in Norway," Baksaas said.
New share buy-back programme
"I am pleased to announce that we will initiate a new share buy-back programme
for 2011 for approximately 3 percent of the outstanding shares based on our
strong financial position. With the dividends paid in June and this new
programme, we confirm our ambition to deliver a competitive shareholder
remuneration," Baksaas said.
Maintained outlook for 2011, stronger cash flow
"Based on the trends so far this year, we maintain our revenue guidance for the
year and expect a somewhat stronger cash flow than indicated earlier," Baksaas
ended.
Key figures
The table below contains key figures for the second quarter and first half year
of 2011, compared to the previous year:
+-------------------------------------------+-------------+-------------+------+
|(NOK in millions except earnings per share)| Second | First half | Year |
| | quarter | year | |
+-------------------------------------------+------+------+------+------+------+
| | 2011 | 2010 | 2011 | 2010 | 2010 |
+-------------------------------------------+------+------+------+------+------+
|Revenues |24 359|23 550|48 452|45 890|94 843|
+-------------------------------------------+------+------+------+------+------+
|EBITDA before other income and expenses | 7 457| 7 006|14 816|14 157|29 220|
+-------------------------------------------+------+------+------+------+------+
|EBITDA margin before other income and | 30.6| 29.7| 30.6| 30.8| 30.8|
|expenses (%) | | | | | |
+-------------------------------------------+------+------+------+------+------+
|Adjusted operating profit | 3 537| 2 969| 7 191| 6 162|13 086|
+-------------------------------------------+------+------+------+------+------+
|Adjusted operating profit/Revenues (%) | 14.5| 12.6| 14.8| 13.4| 13.8|
+-------------------------------------------+------+------+------+------+------+
|Profit after taxes and non-controlling | 4 492| 9 494| 7 285|10 531|14 333|
|interests [1] | | | | | |
+-------------------------------------------+------+------+------+------+------+
|Earnings per share from total operations, | 2.77| 5.73| 4.48| 6.36| 8.69|
|basic, in NOK | | | | | |
+-------------------------------------------+------+------+------+------+------+
|Capex[2] | 2 714| 3 220| 5 324| 5 603|11 688|
+-------------------------------------------+------+------+------+------+------+
|Capex excl. licences and spectrum | 2 678| 2 887| 5 082| 5 270|11 355|
+-------------------------------------------+------+------+------+------+------+
|Capex excl. licences and spectrum/Revenues | 11.0| 12.3| 10.5| 11.5| 12.0|
|(%) | | | | | |
+-------------------------------------------+------+------+------+------+------+
|Operating cash flow [3] | 4 779| 4 119| 9 735| 8 887|17 865|
+-------------------------------------------+------+------+------+------+------+
|Net interest-bearing liabilities | | |22 165|25 546|19 276|
+-------------------------------------------+------+------+------+------+------+
For more information please refer to the quarterly report on
http://www.telenor.com/en/investor-relations/reports/q2-2011.
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 Thursday 21 July 2011 at 09:00 hrs Norwegian
time/CET. The presentation will be held in Moseidsalen, building E, at Telenor's
headquarters at Fornebu near Oslo. Please note the change of venue from previous
quarterly presentations. 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 onhttp://www.telenor.com/en/investor-
relations/reports/q2-2011. 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
+47 2440 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) 800 80 119
(from Norway) or (+47) 23 18 45 01 (from Norway or abroad).
Materials
English language versions of the full quarterly report and all presentations
used during the press and analyst conference will be made
availablehttp://www.telenor.com/en/investor-relations/reports/q2-2011at 07:00
and 08:45 hrs Norwegian time/CET, respectively.
--------------------------------------------------------------------------------
[1] As of the first quarter 2010, figures for OJSC VimpelCom and Kyivstar were
included with a one quarter lag.
[2] Capex is defined as capital expenditures from continuing operations
[3] 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#1532431]
Unternehmensinformation / Kurzprofil:
Datum: 21.07.2011 - 07:00 Uhr
Sprache: Deutsch
News-ID 56585
Anzahl Zeichen: 9466
contact information:
Town:
OSLO
Kategorie:
Business News
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"Second quarter 2011: Steady growth and stable margins"
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