Important milestones achieved during the quarter

10/24/2018, 7:00 AM (Source: GlobeNewswire)

(Fornebu, 24 October 2018) "The Telenor team delivered another quarter of solid and consistent performance, with stable revenues and a 6% organic EBITDA growth. The steps we have taken over the past two years have laid the foundation for continued value creation.

The third quarter was an important milestone for us in Thailand, as the concession model came to an end. We are very pleased how the transition to the licence model has been executed, removing uncertainty and securing significant access to spectrum and infrastructure. We now have a solid platform to deliver superior data services to our customers and create value in the growing Thai market.

In Norway, network quality is key to our customers and we are proud to have the world's fastest mobile network. Our mobile customer base grew for the first time in three years and in addition, we continued to expand our fibre network and connected close to 9,000 households during the quarter.

In both Pakistan and Bangladesh revenue trends improved, while competition in Myanmar intensified following the entrance of a fourth mobile operator.

We also successfully completed the sale of our operations in Central and Eastern Europe and will continue to drive our transformation forward with a clear focus on growth, efficiency and simplification. Our achievements so far this year confirm the organisation's strength and our ability to execute across the company," said Sigve Brekke, Chief Executive Officer of Telenor Group.


NOK (in millions)  Q3

First 3 quarters

First 3 quarters
First 3 quarters
(IFRS 15)
Revenues 27 628 27 463 82 225 83 390 112 069 82 219
Organic revenue growth (%) 0.6 0.8 (0.6) 0.9 0.5  
Subscription and traffic revenues 21 497 21 460 64 099 64 603 86 314 63 709
Organic subscription and traffic revenue growth (%) 0.2 2.9 0.5 2.3 2.4  
EBITDA before other income and other expenses 12 373 11 771 34 981 33 881 44 694 35 087
Organic EBITDA growth (%) 5.6 10.1 5.2 8.4 9.0  
EBITDA before other income and other expenses/Revenues (%) 44.8 42.9 42.5 40.6 39.9 42.7
Net income attributable to equity holders of Telenor ASA 5 807 5 756 13 448 9 758 11 983 13 518
Capex excl. licences and spectrum/Revenues (%) 15.3 13.0 13.0 14.5 15.4 13.0
Capex/Revenues (%) 15.5 17.2 15.4 17.4 18.1 15.4
Free cash flow 26 543 9 426 32 130 21 539 24 867 32 130
Mobile subscriptions - Change in quarter/Total (mill.) 0.7 1.9 173 166 168 173

Third quarter 2018 summary

  • On an organic basis, subscription and traffic revenues were stable, while total revenues increased by 1%. Total reported revenues were NOK 27.6 billion, which is an increase of 1%.
  • Reported opex continued to decrease by NOK 0.3 billion or 3%.
  • EBITDA before other items was NOK 12.4 billion with an EBITDA margin of 45%, or 2 percentage points above last year. Organic EBITDA growth was 6%, positively impacted by reversal of provisions.
  • Net income attributable to equity holders of Telenor ASA was NOK 5.8 billion, or NOK 3.96 per share.
  • Capex excluding licences and spectrum was NOK 4.2 billion, resulting in a capex to sales ratio of 15%.
  • Free cash flow for the quarter was NOK 26.5 billion following the divestment of our assets in Central and Eastern Europe.

Shareholder remuneration

  • In September, Telenor resolved to pay out a special dividend of NOK 4.40 per share following the divestment of our assets in Central and Eastern Europe. The dividend was paid out in October, returning a total of NOK 6.4 billion to shareholders.
  • In addition, Telenor bought back 7.7 million shares during the quarter and is well on track to finalise the market purchases of the 2% buyback programme before year end. In combination with the ordinary and special dividend, the buyback programme approved by the General Assembly on 2 May 2018 will return a total of close to NOK 23 billion to shareholders in 2018.


  • For 2018, we adjust our expectations to an organic subscription and traffic revenue growth of 0-1%, an organic EBITDA growth of 3-4% and capex excluding licences and spectrum of NOK 16-17 billion.

Media Contact
Meera Bhatia, mobile: (+47) 468 44 959,

Investor Relations Contacts
Marianne Moe, mobile: (+47) 916 17 631,
Håkon Hatlevik, mobile (+47) 901 46 070,

Press and analyst presentation
In connection with the publication of the financial results, a press and analyst conference will be held on Wednesday 24 October at 09:00 hrs Norwegian time/CET. The presentation, which will also be broadcast live via webcast, will be held in Auditorium Voice, Telenor Expo Visitor Centre at Fornebu near Oslo. CEO Sigve Brekke and CFO Jørgen C. Arentz Rostrup will present the results. The presentation will be held in English.

You may also call in and listen to the presentation over the phone. This service allows you to ask questions during the Q&A session at the end of the presentation. To participate in the conference call, please register before the conference starts by calling:

+47 2350 0296 (local Norway)
+46 (0) 8 5065 3942 (local Sweden)
+44 (0) 330 336 9411 (local UK)
+1 646 828 8193 (local US)

Please state confirmation code 2518389.


The quarterly report and the presentation are available here.

This announcement is distributed by West Corporation on behalf of West Corporation clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Telenor via Globenewswire

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