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Telenor: Telenor reports fourth-quarter results

"In 2016, Telenor continued to grow revenues and delivered a record high
EBITDA. We made significant progress on network deployment during the year,
supporting our customers' increasing data usage. Based on the 2016 results,
we are proposing a dividend of NOK 7.80 per share, which represents an
increase of four per cent compared to last year.

During the fourth quarter, organic revenue growth was one per cent and EBITDA
increased by two per cent on an organic basis. The revenue growth was
primarily driven by the rapidly increasing data consumption in Pakistan,
Bangladesh and Myanmar. We also saw positive effects from the ongoing fibre
roll-out in Norway and Sweden. The intense competition in our Thai, Malaysian
and Danish markets continued during the quarter. Cost efficiency is a key
driver for value creation, and I'm pleased to see that effects from our
efficiency initiatives are starting to come through.

Entering 2017, our priorities are clear: We will continue to digitize our core
business in order to build strong and engaging customer relationships and to
capture the efficiency opportunities that digitization brings," says Sigve
Brekke, Chief Executive Officer of Telenor Group.


| (NOK in millions) Q4 2016 Q4 2015 FY 2016 FY 2015 |
| Revenues 33,144 33,487 131,427 128,175 |
| Organic revenue growth (%) 0.6 2.3 1.1 4.7 |
| EBITDA before other income and other expenses 10,793 10,860 46,483 44,197 |
| EBITDA before other income and other expenses/Revenues (%) 32.6 32.4 35.4 34.5 |
| Profit after taxes and non-controlling interests 2,286 (2,125) 2,832 3,414 |
| Capex excl. licences and spectrum/Revenues (%) 20.8 19.5 17.3 18.4 |
| Capex/Revenues (%) 20.8 22.2 20.0 19.7 |
| Mobile subscriptions - Change in quarter/Total (mill.) 3.4 6.6 214 203 |

* Total revenues decreased by 1% to NOK 33.1 billion, while the organic
revenue growth was 1%. Mobile subscription&traffic revenues increased by 1%
on an organic basis.
* EBITDA before other items was stable at NOK 10.8 billion, corresponding to
an EBITDA margin of 33%, which is a slight increase from last year.
* EBITDA before other items was negatively impacted by a provision of NOK 0.3
billion related to a decision by the Swedish Tax Agency regarding VAT
treatment for 2013 and 2014. Excluding this effect, the organic EBITDA
growth was 5%.
* Capital expenditure excluding licences and spectrum was NOK 6.9 billion,
resulting in a capex to sales ratio of 21%.
* As a result of lowered growth expectations within the US media advertising
segment, an impairment of NOK 1.0 billion has been recognised in Tapad,
which is included in Other Units.
* Reported earnings per share (EPS) for 2016 were NOK 1.89. Adjusted for
effects related to VimpelCom, impairment losses, other items and currency
loss on repayment of internal loans, the EPS was NOK 9.53.
* Based on the financial results for 2016, the Board of Directors proposes a
dividend of NOK 7.80 per share for 2016, to be paid out in two instalments.
The proposal is in line with Telenor's ambition to deliver a year over year
growth in dividends.
* In 2017, Telenor expects an organic revenue growth in the range of 1% to 2%
and an EBITDA margin of around 36%. The capex to sales ratio excluding
licences is expected to be 15% to 16%.

Media Contact:

Meera Bhatia, mobile: (+47) 46 84 49 59,

Investor Relations Contacts:
Marianne Moe, mobile: (+47) 91 61 76 31,

Helge Øien, mobile: (+47) 91 31 92 42,

Press and analyst presentation
In connection with the publication of the financial results, a presentation
will he held on Thursday 2 February at 10:00 am CET. The presentation, which
will also be available via webcast, will be held in Auditorium Voice, Telenor
Expo Visitor Centre at Fornebu near Oslo. CFO Jørgen C. Arentz Rostrup will
present the quarterly results. The presentation will be held in English.
There will not be a QA session following the quarterly results as a result of
Telenor's Capital Markets Day 2017 being held the same day from the same
location. The Capital Markets Day programme begins at 11:00 am CET and will
also be available via webcast. For further details,

The quarterly report and the presentation are available

This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions 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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