Telenor Posts Strong Q3 Results

Third Quarter 2009

• Organic revenue decline of 1%
• EBITDA margin of 38%
• Cash fl ow margin of 20%
• Earnings per share of NOK 2.11

First three quarters 2009

• Organic revenue decline of 1%
• EBITDA margin of 36%
• Cash fl ow margin of 22%
• Earnings per share of NOK 3.92

Telenor today announced its third quarter 2009 financial stats, while reporting revenues increased by 4 per cent compared to the third quarter of 2008, reaching NOK 24.3 billion. The operating profit increased by 14 per cent to NOK 4.5 billion. Telenor’s mobile operations added 4 million subscriptions during the quarter, reaching a total of 172 million.

“In the third quarter of 2009 we delivered a solid EBITDA margin, and revenue trends in line with the previous quarters this year. The strong EBITDA, combined with continued capex control resulted in a high operating cash flow,” said Jon Fredrik Baksaas, President and CEO of Telenor.

Report said that Telenor Pakistan is showing good progress towards reaching cash flow break even in 2010, while Grameenphone continued to deliver very strong results.

Highlights of Telenor Pakistan’s Financial Results

• The number of subscriptions increased by 766,000 during the quarter, resulting in a stable subscription market share of 22%.
• ARPU in local currency remained stable as increase in average usage was offset by reduced prices.
• In local currency, total revenues increased by 16% as a result of a subscription growth of more than 3 million compared to last year, partially offset by lower ARPU.
• EBITDA increased mainly due to higher revenues. The EBITDA margin of 24% was the highest quarterly EBITDA margin reported so far by Telenor Pakistan.
• Capital expenditure continued to be aligned with current development in subscription base and traffi c volumes.

Q3 2009 report, 337kB, PDF
Analytical and financial figures, Q107-Q309, 440kB, XLS