A solid start to the year Press Releases: 07 May 2014
In the first quarter of 2014, Telenor Group reported revenues of NOK 26.5 billion, representing an organic revenue growth of 1.5%. EBITDA before other items was NOK 9.3 billion, the EBITDA margin was 35% and operating cash flow was NOK 5.6 billion.
I am pleased to present a solid start to the year. We added 6 million new mobile subscribers in the first quarter of 2014, the company's best customer surge in two years. This growth was mainly driven by India, Pakistan and Bangladesh. The underlying mobile service revenue growth improved to 5 percent in the quarter,'' said Jon Fredrik Baksaas, President and CEO of Telenor Group.
In Norway, our growth and efficiency initiatives continue to be a top priority. We see rising demand for larger data packages, which resulted in improved mobile revenue growth of more than 3 percent in the quarter. Competitive pressure and declining revenues from traditional fixed telephony require us to focus on streamlining our operations and investments. At the same time, Telenor is implementing a major technology shift with an annual investment of more than NOK 4 billion, said Baksaas.
The migration of customers to our new 3G network in Thailand is on track, with some 60 percent transferred. The move from a concession to a licence regime is already contributing to significant regulatory cost savings. The slow-down in revenue growth is explained by reduced interconnect rates, lower voice prices and the recent weakness in the Thai economy, said Baksaas.
Mobile data represents the next growth curve for Telenor. We are persistently working to increase the number of active internet subscribers across all our markets. Out of our total customer base of 172 million subscribers, some 20 percent are currently active internet users, representing a large growth potential. While Telenor recently secured new spectrum in India and Pakistan, our business in Bangladesh, significantly improved its 3G coverage during the first three months of the year. Our Indian operation reported an organic revenue growth of 44 percent in the quarter, gaining significant market share. We also launched a new internet strategy in India, focusing on affordable and service-based internet offers, said Baksaas.
In conclusion, we had an encouraging start to the year. Our efficiency agenda is progressing, while we continue to work on bringing affordable internet to all and connecting the unconnected. However, we need to see continued improvement in all our markets, in particular a pick-up in revenues in Thailand and improved returns on the significant investments in Norway, said Baksaas.
We maintain our financial outlook for the year, excluding Myanmar, of low single-digit organic revenue growth, a stable EBITDA margin and a capex to sales ratio of around 16%, said Baksaas.
Key figures The table below contains key figures for the first quarter of 2014, compared to the previous year.
1Q 1Q Year
(NOK in millions except earnings per share) 2014 2013 2013
Revenues 26 515 24 716 104 027
EBITDA before other income and expenses 9 298 8 423 35 892
EBITDA margin before other income and expenses (%) 35.1 34.1 34.5
Adjusted operating profit[1] 5 580 4 985 22 161
Adjusted operating profit/Revenues (%) 21.0 20.2 21.3
Profit after taxes and non-controlling interests 3 676 3 602 8 748
Earnings per share from total operations, basic, in NOK 2.43 2.34 5.74
Capex 6 595 2 868 17 044
Capex excl. licences and spectrum 3 694 2 868 14 659
Capex excl. licences and spectrum/Revenues (%) 13.9 11.6 14.1
Operating cash flow [2] 5 604 5 555 21 233
Net interest-bearing liabilities [3] 37 237 28 853 39 395
[1]Adjusted operating profit is defined as operating profit less other income and expenses and impairment losses.
[2]Operating cash flow is defined as EBITDA before other income and expenses - capex, excluding licences and spectrum
[3]Net interest-bearing liabilities are defined as net interest-bearing debt excluding net present value of licence liabilities.
For more information please refer to the quarterly report at http://www.telenor.com/investors/reports/2014/telenors-results-for-the-1st-quarter-2014/
Media Contact: Meera Bhatia, Communications Manager, Tel: ( 47) 46 84 49 59, 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 7 May at 09:00 hrs Norwegian time/CET. The presentation, which will also be broadcast live over the Internet, will be held in Auditorium Voice, Telenor Expo Visitor Centre at Fornebu near Oslo. CEO Jon Fredrik Baksaas and CFO Richard Olav Aa will present the results. The presentation will be held in English.
Internet and mobile broadcast The press and analysts conference will be broadcast live over the internet, and will also be available as a recording after the conference. The live service also allows for written questions to be submitted. In addition, the conference will be available live and as a recording on mobile phones - for access, SMS expo to 2440 or ( 47) 2440 from abroad.
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 at 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 23162771 and state the confirmation code 7880881.
Material The quarterly report and English versions of the presentations will be made available here
http://www.telenor.com/investors/reports/2014/telenors-results-for-the-1st-quarter-2014/
lang: en_US --
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A solid start to the year Press Releases: 07 May 2014 
