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2016-10-26

Telenor: Telenor reports third quarter results

"The third quarter showed good performance, with continued revenue growth and
an all-time high EBITDA, supported by a strengthened cost focus across the
Group. A key highlight this quarter is the encouraging sign of data
monetisation in Bangladesh and Pakistan. While Norway was impacted by lower
roaming revenues, we experienced solid uptake on our new mobile tariffs.
High-speed broadband in Norway and Sweden performed well during the quarter.

During the quarter, we started executing on our strategic decision to divest
our minority stake in VimpelCom Ltd. We will continue to focus on creating
value from data growth in our core operations. As our customers increasingly
demand more exciting and user-friendly services, we will focus on capturing
growth opportunities while addressing costs through the digitisation and
transformation of our core business,
" said Telenor Group Chief Executive Officer Sigve Brekke.

Key figures Telenor Group

--------------------------------------------------------------------------------------------------
| (NOK in millions) Q3 2016 Q3 2015 YTD 2016 YTD 2015 |
| Revenues 32 794 31 836 98 284 94 688 |
| Organic revenue growth (%) 1.8 4.5 1.3 5.7 |
| EBITDA before other income/ expenses 12 459 11 848 35 689 33 338 |
| EBITDA margin before other income/expenses (%) 38.0 37.2 36.3 35.2 |
| Profit after taxes and non-controlling interests (4 821) (1 770) 546 5 539 |
| Capex excl. licences and spectrum/Revenues (%) 15.3 17.9 16.1 18.0 |
| Capex/Revenues (%) 15.8 19.9 19.7 18.8 |
| Mobile subscriptions - Change in quarter/Total (million) (0.9) 5.2 211 196 |
--------------------------------------------------------------------------------------------------
Third quarter 2016 summary

* Total revenues increased by 3% to NOK 32.8 billion; organic revenue growth
was 2%. Organic mobile subscription&traffic revenues rose by 2%.
* EBITDA before other items increased 5% to an all-time high NOK 12.5
billion. The EBITDA margin improved one percentage point to 38%.
* Capital expenditure excluding licences and spectrum was NOK 5.0 billion,
resulting in a capex to sales ratio of 15%.
* Based on recent observations in the Indian market, the fair value of the
licences in India has been assessed, resulting in an impairment loss of NOK
4.0 billion.
* Net income attributable to Telenor ASA equity shareholders was NOK -4.8
billion, or NOK 4.7 billion when adjusting for the effects related to
VimpelCom Ltd., India and other items.
* The outlook for 2016 is unchanged.
* The Board resolved a second semi-annual dividend for the financial year
2015 of NOK 3.50 per share, in line with the proposal from February 2016.

Media Contact:

Meera Bhatia, mobile: (+47) 46 84 49 59, meera.bhatia@telenor.com

Investor Contact:

Marianne Moe, mobile: (+47) 91 61 76 31, marianne.moe@telenor.com
Helge Øien, mobile: (+47) 91 31 92 42, helge.oien@telenor.com

Press and analyst conference

In connection with the publication of the financial results, a press and
analyst conference will be held on Tuesday 26 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 acting CFO Morten Karlsen Sørby 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 and state the confirmation
code: 7336763

Material

The quarterly report and the English version of the presentation will be made
available
herehttp://www.telenor.com/investors/reports/2016/telenor-groups-results-for...

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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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