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2016-02-10

Telenor: Telenor reports fourth-quarter results 2015

"Five per cent organic revenue growth and five per cent organic EBITDA growth
in 2015 shows the strength of our portfolio of operations. We are, however,
entering 2016 with increased competition in some of our key markets, and it
will be my key priority to secure focus on profitable growth and cost
efficiency," says Sigve Brekke, Chief Executive Officer of Telenor Group.

KEY FIGURES TELENOR GROUP

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| (NOK in millions) Q4 2015 Q4 2014* 2015 2014* |
| Revenues 33 487 30 440 128 175 111 443 |
| Organic revenue growth (%) 2.3 4.7 |
| EBITDA before other income/ expenses 10 860 9 318 44 197 38 496 |
| EBITDA margin before other income/expenses (%) 32.4 30.6 34.5 34.5 |
| Profit after taxes and non-controlling interests (2 125) 496 3 414 9 077 |
| Capex excl. licences and spectrum/Revenues (%) 19.5 19.0 18.4 15.6 |
| Mobile subscriptions - Change in quarter/Total (million) 6.6 6.9 203 186 |
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*Re-presented

HIGHLIGHTS FOR Q4 2015

Telenor reported fourth-quarter revenues of NOK 33.5 billion and organic
revenue growth of 2%. EBITDA before other items grew 10% on an organic basis
to NOK 10.9 billion. The EBITDA margin was 32%. Telenor added 6.6 million
mobile subscribers during the fourth quarter, taking the total number of
customers to 203 million.

In Norway and Sweden, there are solid trends in the mobile consumer segment
from increasing data usage and relevant offers. On the fixed side, both
operations continued to grow their high-speed internet subscriber base,
adding 107,000 connections during the year.

In Thailand, dtac added 400,000 customers during the quarter, with growth both
in prepaid and contract segments. While competition remains intense, dtac
continued its 3G and 4G network roll-out and has made significant quality and
coverage improvements during 2015. Performance in Malaysia was hampered by
intense competition on data and international calls, as well as a weakening
currency.

Telenor's operations in Bangladesh and Pakistan show strong performance, both
in terms of subscriber growth and profitability. Telenor Myanmar has made
impressive progress in its first year of operation, and ended the year with
14 million subscribers.

IMPAIRMENT LOSS OF NOK 2.1 BILLION

The outlook for the Danish telecom market remains challenging. As a
consequence of updated earnings projections, an impairment loss of NOK 2.1
billion was recognised in the fourth quarter of 2015 in Telenor Denmark.

DIVIDEND PROPOSAL OF NOK 7.50 PER SHARE

Based on the financial results for 2015, the Board of Directors will propose a
dividend of 7.50 per share for 2015, to be paid out in two tranches. The
proposal is in line with Telenor's ambition to deliver a year over year
growth in dividends.

OUTLOOK FOR 2016

Telenor expects continued healthy organic revenue growth for the Group in
2016, but fierce competition and headwinds in key markets like Thailand and
Malaysia put pressure on EBITDA margin expectations. Investments will
continue to be centred on the rollout of high-speed mobile and fixed
networks.

Based on this, the financial guidance for 2016 is organic revenue growth in
the range of 2% to 4% and an EBITDA margin of 33% to 34%. The capex to sales
ratio is expected to be 17% to 19%.

Media Contact:

Meera Bhatia, mob: (+47) 4684 4959, E-mail:meera.bhatia@telenor.com

Press and analyst conference

In connection with the publication of the financial results, a press and
analyst conference will be held on Wednesday 10 February at 09:00 hrs
Norwegian time/CET. The presentation, which will also be broadcast live
viawebcast, will be held in Auditorium Voice, Telenor Expo Visitor Centre at
Fornebu near Oslo. CEO Sigve Brekke and acting CFO Morten Karlsen Sørby will
present the results. The presentation will be held in English.

Conference call and Q&A

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 2100 6911 and state the confirmation
code: 7597534

Material

The quarterly report and the English version of the presentation will be made
availablehere

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX 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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