2008-q4-telenor-report_tcm28-37362

2008-q4-telenor-report_tcm28-37362 - Q4 2008 Interim report...

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Unformatted text preview: Q4 2008 Interim report JanuaryDecember 2008 Contents Highlights 1 Management interim report 2 Telenors Operations 2 Group overview 8 Outlook for 2009 9 Condensed interim fi nancial information 10 Notes to the consolidated interim fi nancial statements 14 Defi nitions 16 FOURTH QUARTER 2008 PAGE 1 Delivering a solid quarter KEY FIGURES 1 ) 4th quarter Year 2008 2007 2008 2007 (NOK in millions except earnings per share) Proforma Group Proforma Group Proforma Group Proforma Group Revenues 29 925 26 914 111 015 105 021 EBITDA before other income and expenses 9 925 8 831 38 505 36 358 EBITDA before other income and expenses/Revenues (%) 33.2 32.8 34.7 34.6 Adjusted operating profi t 5 429 4 768 22 638 20 642 Adjusted operating profi t/Revenues (%) 18.1 17.7 20.4 19.7 Profi t after taxes and non-controlling interests 2 205 5 869 13 307 18 016 Earnings per share from total operations, basic, in NOK 1.33 3.49 7.97 10.72 Capex 7 223 7 084 22 699 22 079 Capex excl. new licences and spectrum 6 738 6 672 20 664 21 635 Investments in businesses 169 447 1 866 6 041 Net interest-bearing liabilities 39 289 36 464 For the full year 2008, the Telenor Group delivered good organic revenue growth and upheld the market positions, in spite of challenging macro economic conditions. The overall trends seen in the third quarter continued into the fourth quarter with stable organic revenue growth combined with strong margins in several operations, particularly in Serbia and Bangladesh as well as a rebound in Pakistan. During the quarter, our operations added 5.5 million mobile subscriptions, reaching a total of 164 million. The capex level in the quarter was high, mainly due to completion of major projects and network roll-out in Asia, as well as investments in the Nordic region related to successful market uptake of mobile broadband. The telecom sector has so far been less affected by the global economic slowdown than other industries, however we expect a more challenging business environment going forward. As a result, the focus in 2009 will be on cost effi ciency and capex control. I am pleased to see that the recent ruling in a federal court in New York has brought us several steps closer to obtaining predictable and healthy corporate governance on a permanent basis in Kyivstar. We have received dividend payments for 2004 and 2005 and we are working towards further dividend payments for the following years. We have decided that the investment in Unitech Wireless in India will be fi nanced through a combination of cash generated from operations and additional debt. Telenor has decided to propose no payment of dividend to shareholders for 2008. It is further the intention of the Board that no dividend will be proposed for 2009. This underlines the need for strong focus on cash ow in operations. Fourth quarter 2008 Organic revenue growth of 4% EBITDA margin of 33% Earnings per share of NOK 1.33 FULL YEAR 2008 Organic revenue growth of 6% EBITDA margin of 35%...
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This note was uploaded on 02/07/2010 for the course ECON 101 taught by Professor Garton during the Spring '10 term at Edison College.

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2008-q4-telenor-report_tcm28-37362 - Q4 2008 Interim report...

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