Telenor reports first quarter 07 results

As previously communicated, simplification and efficiency improvements are on top of our agenda. Our announcement to exit India, the continued sell-down in VEON and the launch of our cluster organisation are all examples of these efforts. Together with the company-wide initiatives to improve profitability, we believe that we are laying a solid foundation for Telenor's future, says Brekke.

Key figures Telenor Group (NOK in millions) Q1 2017 Q1 2016 FY 2016

Revenues 30,458 31,494 125,395

Organic revenue growth (%) 0.2 1.3 0.8

EBITDA before other income and other expenses 11,462 11,629 45,966

EBITDA before other income and other expenses/Revenues (%) 37.6 36.9 36.7

Profit after taxes and non-controlling interests 4,168 4,256 2,832

Capex excl. licences and spectrum/Revenues (%) 14.9 16.3 17.4

Capex/Revenues (%) 14.9 16.4 20.2

Mobile subscriptions Change in quarter/Total (mill.) 2.1 3.8 170

First quarter 2017 summary

Total revenues decreased by 3% to NOK 30.5 billion, while organic revenues remained at par with last year. Mobile subscription & traffic revenues increased by 1% on an organic basis.

EBITDA before other items decreased by 1% to NOK 11.5 billion, corresponding to an EBITDA margin of 38%, an increase of 1 percentage point from last year.

Organic EBITDA increased by 3%. Adjusted for a one-time positive effect from Telenor Broadcast during the first quarter of 2016, the organic EBITDA growth was 5% year-on-year.

Capital expenditure excluding licences and spectrum was NOK 4.5 billion, resulting in a capex to sales ratio of 15%.

Free cash flow for the quarter was NOK 2.2 billion.

Financial outlook for 2017 The financial outlook for 2017 has been adjusted to reflect the new Group structure with India presented as discontinued operations. Telenor expects an organic revenue growth in the range of 1% to 2% and an EBITDA margin of around 37%. The capex to sales ratio excluding licences is expected to be 15 % to 16%.

Media Contact: Meera Bhatia,

mobile: ( 47) 46 84 49 59,

meera.bhatia@telenor.com

Investor Relations Contacts: Marianne Moe,

mobile: ( 47) 91 61 76 31,

marianne.moe@telenor.com

Helge ien,

mobile: ( 47) 91 31 92 42,

helge.oien@telenor.com

Press and analyst presentation In connection with the publication of the financial results, a press and analyst conference will be held on Thursday 4 May 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 J rgen 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 21002610 and state the confirmation code: 9702819

Material The quarterly report and the presentation are available here.

LINK:	http://www.telenor.com/media/press-releases/2017/telenor-reports-first...
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