
Reading Time: 3 minutes
In the quarter, Telenor reported a 2 percent decline in subscription and traffic revenues due to a continued roaming shortfall and lower sales in Asia. However, this development was more than compensated by an opex reduction of 8 percent, resulting in an EBITDA growth of 4 percent and free cash flow of NOK 4 billion.
The results from the Nordic operations were strong this quarter. Telenor Norway delivers a unique combination of innovation and modernisation to their customers and see strong intake on their new speed based price plans. I am pleased to see increasing subscriber bases in Finland, Denmark and Sweden.
In Asia, Pakistan and Bangladesh show strong subscriber growth this quarter. Also this quarter we saw some impact from the COVID-19 pandemic on our business, primarily in Thailand and Malaysia. In Thailand, we experience continued effects from shortfall in tourism revenues while competition has increased in Malaysia. In Myanmar, SIM re-registrations affect the subscriber base.
Our strategy of growth, modernisation and responsible business has provided us with the ability to manoeuvre during these demanding times. We now experience a stronger EBITDA development and adjust our full year 2020 outlook to low single digit organic EBITDA growth whereas we maintain the low single digit percent decline in subscription and traffic revenue and capex to sales around 13 percent.
Sigve Brekke, President and CEO, Telenor Group
KEY FIGURES TELENOR GROUP Third quarter First three quarters Year
NOK in million 2020 2019 2020 2019 2019
Revenues 30,005 28,424 91,862 81,929 113,666
Organic revenue growth (%) -2.3 0.4 -1.7 0.6 1.2
Subscription and traffic revenues 22,903 21,724 70,523 62,591 85,954
Organic subscription and traffic revenue growth (%) -2.3 -0.1 -1.4 -0.1 0.4
EBITDA before other income and other expenses 14,571 13,132 43,008 37,338 50,735
Organic EBITDA growth (%) 3.6 -7.2 2.4 -4.8 -2.7
EBITDA before other income and other expenses/Revenues (%) 48.6 46.2 46.8 45.6 44.6
Net income attributable to equity holders of Telenor ASA 4,527 -679 9,652 5,999 7,773
Capex excl. licences and spectrum 3,669 3,726 10,564 11,841 17,415
Total Capex 4,067 3,759 11,052 11,881 18,075
Free cash flow before M&A 3,895 2,789 10,554 3,283 3,831
Total Free cash flow 4,372 -11,660 11,725 -10,258 -18,998
Mobile subscriptions Change in quarter/Total (mill.) -2.1 5.2 180.3 183.4 186.0
Third quarter 2020 summary[1]
The subscriber growth in most markets, amounting to more than 4 million, was offset by the loss of 6.3 million subscribers due to the SIM re-registration in Myanmar. Grameenphone ended the third quarter with an all time high subscriber base of 77.6 million. The Group's mobile subscription base was 180 million at the end of third quarter.
Subscription and traffic revenues decreased by 2% on an organic basis, mainly driven by the continued decline of prepaid in dtac, as well as the shortfall of roaming revenues in the Nordics. Total reported revenues were NOK 30 billion. This is an increase of NOK 1.6 billion or 6%, driven by currency effects of NOK 0.8 billion as well as the consolidation of DNA.
Currency adjusted opex excluding DNA decreased by NOK 0.7 billion or 8%, as a result of opex reductions across most business units as well as Corporate Functions. Reported opex was stable, as underlying cost reductions offset the increases related to the consolidation of DNA and currency development.
EBITDA before other items grew by 4% or NOK 0.5 billion on an organic basis, as the substantial opex reductions were able to mitigate the revenue loss. Reported EBITDA before other items was NOK 14.6 billion and the EBITDA margin was 49%.
Free cash flow before M&A was NOK 3.9 billion. Total free cash flow was NOK 4.4 billion. Capex excluding licences and spectrum was NOK 3.7 billion, yielding a capex to sales ratio of 12%.
[1] Please refer to Definitions on page 26 for descriptions of alternative performance measures. Some of the comments on the Group's financial results for the third quarter 2020 are made excluding DNA. Please refer to page 9 for the Group's consolidated figures in NOK for DNA.
Media contact: Tormod Sandst | tormod.sandsto@telenor.com | tel: +47 90 94 32 15
More from Telenor Digital Services and Broadcast
05/07/2024
4 minute read
Share
alt=Alternative descriptive text class=lazyload main main-lazyloaded responsive-image data-v-1a5ebb10>
In June, Telenor established...
24/06/2024
1 minute read
Share
alt=Bl tt logo p m rkebl bakgrunn class=lazyload main main-lazyloaded responsive-image data-v-1a5ebb10>
It is with great sadness ...
18/06/2024
2 minute read
Share
alt=Alternative descriptive text class=lazyload main ...
14/06/2024
6 minute read
Share
alt=Alternative descriptive text class=lazyload main main-lazyloaded responsive-image data-v-1a5ebb10>
Norwegian businesses and pub...
23/05/2024
7 minute read
Share
alt=Telenor Group's Board of Directors has appointed Benedicte Schilbred Fasmer as new President & CEO class=lazyload main main-l...
30/04/2024
6 minute read
Share
alt=Alternative descriptive text class=lazyload main main-lazyloaded responsive-image data-v-1a5ebb10>
Telenor showed good momentum...
15/04/2024
1 minute read
Share
alt=Alternative descriptive text class=lazyload main main-lazyloaded responsive-image data-v-1a5ebb10>
Tone Hegland Bachke, Executi...
22/03/2024
1 minute read
Share
alt=Alternative descriptive text class=lazyload main main-lazyloaded responsive-image data-v-1a5ebb10>
Our digital lives are becomi...
19/03/2024
5 minute read
Share
alt=Telenor, Hafslund and HitecVision announces 2.4 b...
14/03/2024
8 minute read
Share
alt=Alternative descriptive text class=lazyload main ...
26/02/2024
6 minute read
Share
alt=Alternative descriptive text class=lazyload main ...
26/02/2024
4 minute read
Share
alt=Alternative descriptive text class=lazyload main ...
07/02/2024
8 minute read
Share
Presentation & report
Webcast
alt=Alternative descriptive text class=lazyload main main-lazyloaded responsive-image data-v-1a5ebb...
06/02/2024
5 minute read
Share
alt=Alternative descriptive text class=lazyload main ...
06/02/2024
5 minute read
Share
alt=Alternative descriptive text class=lazyload main main-lazyloaded responsive-image data-v-1a5ebb10>
(Antarktis, 6. februar 2024)...
14/12/2023
3 minute read
Share
alt=Alternative descriptive text class=lazyload main ...
11/12/2023
7 minute read
Share
Safeguard
Safeguard
Safeguarding planet, people and data in the digital world and beyond
Safeguard means that Telenor constantly ...
30/11/2023
7 minute read
Share
In a step towards advancing the realm of artificial in...
20/11/2023
5 minute read
Share
alt=Alternative descriptive text class=lazyload main main-lazyloaded responsive-image data-v-1a5ebb10>
In 2020, Telenor launched Mi...
16/11/2023
4 minute read
Share
alt=Dag St lan (CEO Space Norway), Jan Christian Vestre (Norwegian Minister of Trade and Industry) and Dan Ouchterlony (EVP and Head ...
25/10/2023
4 minute read
Share
Presentation & report
Webcast
alt=Alternative descriptive text class=lazyload main main-lazyloaded responsive-image data-v-1a5ebb...
22/09/2023
7 minute read
Share
alt=Foto: TSFotoDesign/Tanja Skoglund class=lazyload main main-lazyloaded responsive-image data-v-1a5ebb10>
Foto: TSFotoDesign/Tanj...
22/08/2023
6 minute read
Share
Telenor is implementing changes to the Group Leadership Team, as the company continues to execute on the strategic ambitions towards 2...
10/08/2023
2 minute read
Share
--
Fornebu, 10 August 2023 - Telenor announces that all shares in software company Working Group Two will be acquired by the global...
20/07/2023
3 minute read
Share
Presentation & report
Webcast
In the second quarter we continue to execute on the strategy we laid out last year, seeing firm ope...
10/07/2023
5 minute read
Share
alt=Photo people class=lazyload main main-lazyloaded ...
03/07/2023
4 minute read
Share
alt=Alternative descriptive text class=lazyload main ...
26/06/2023
15 minute read
Share
As part of our commitment to reduce our carbon emissions, we have a responsibility to also examine our value chains. At Telenor, we a...
19/06/2023
6 minute read
Share
(Oslo, 19 June 2023) The criteria for security and sus...
05/06/2023
3 minute read
Share
alt=Alternative descriptive text class=lazyload main main-lazyloaded responsive-image data-v-1a5ebb10>
Thomas Midteide is appointed...
31/05/2023
7 minute read
Share
In Kolding and Vejle Municipality, near the villages of Viuf and H strup, Better Energys brand-new solar park is on the way as the two...
23/05/2023
3 minute read
Share
Telenor has completed its internal learning process after the exit from Myanmar, yielding valuable lessons on responsible disengagemen...
10/05/2023
5 minute read
Share
The Corporate Assembly for Telenor ASA has in its meeting on 10 May 2023 elected Jens Petter Olsen as Chair of the Board of Directors,...
04/05/2023
5 minute read
Share
Presentation & report
Webcast
Today, Telenor reports its results for the first quarter of 2023.
I'm pleased to see that we ...
28/04/2023
5 minute read
Share
Everyone should be able to perform their jobs safely. Telenor Asia's Head of Health, Safety and People Security shares how he tack...
11/04/2023
1 minute read
Share
Frank Maa has been appointed Senior Vice President Ca...
28/03/2023
2 minute read
Share
Annual Report 2022
Telenor's Annual Report for 2022 covers financial statements, sustainability reporting, an overview of 20...
16/03/2023
7 minute read
Share
Cisco and Telenor Group executives celebrate the fifth...
08/03/2023
7 minute read
Share
Three women who are working on some of the most important priorities for Telenor Asia tell us how they have stepped into leadership ro...
08/03/2023
7 minute read
Share
Three women who are working on some of the most important priorities for Telenor Asia tell us how they have stepped into leadership ro...
08/03/2023
7 minute read
Share
Empowering Societies Digital skills Include Inclusion Grameenphone
Grameenphone and Plan International Bangladesh join hands...
07/03/2023
9 minute read
Share
Writer: Mindy Tan
View original article on The Busine...
01/03/2023
11 minute read
Share
dtac Telenor Asia
When Telenor made its foray into Thailand in 2003 through its investment in dtac, the company's vision was ...
01/03/2023
5 minute read
Share
Today, Telenor Asia announces the completion of the amalgamation of the telco operations of True and dtac in Thailand. The transaction...
14/02/2023
7 minute read
Share
Download the full Year in Review - 2022
Message from Head of Telenor Asia, J rgen C. Arentz Rostrup:
2022 marked a significant turn...
02/02/2023
7 minute read
Share
The quarter represents significant progress on our new strategic roadmap towards 2025. Mobile service revenues in Telenor Nordics inc...
01/02/2023
2 minute read
Share
(Fornebu, 1 February 2023) Telenor today closes the transaction to divest 30 percent of newly established Telenor Fiber AS, in Norway ...
31/01/2023
11 minute read
Share
View report highlights
Downloads
Report pdf
Info...
30/01/2023
9 minute read
Share
Download full report PDF
Survey Findings (Infographics) PDF
Read the press release
From virtual worlds to real-life communitie...
12/01/2023
3 minute read
Share
Dtac and True have today held separate board meetings regarding the ongoing merger process between the companies. The boards of direct...