Annual-report-2011 - Annual Report 2011 Contents Dear...

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Annual Report / 2011
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Contents Dear Shareholder /01/ Report from the Board of Directors 2011 /02/ Financial Statements Telenor Group Consolidated Income Statement /18/ Consolidated Statement of Comprehensive Income /19/ Consolidated Statement of Financial Position /20/ Consolidated Statement of Cash Flows /21/ Consolidated Statement of Changes in Equity /22/ Notes to the Consolidated Financial Statements /23/ Telenor ASA Income Statement /86/ Statement of Comprehensive Income /87/ Statement of Financial Position /88/ Statement of Cash Flows /89/ Statement of Changes in Shareholders’ Equity /90/ Notes to the Financial Statements /91/ Responsibility Statement /105/ Auditor’s Report for 2011 /106/ Statement from the Corporate Assembly of Telenor ASA /108/ Financial Calendar 2012 /108/ Key Figures /109/ Telenor Group’s mobile operations /110/
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2011 was a strong year for Telenor Group, with a solid operating cash flow of more than NOK 19 billion, a strong balance sheet and the addition of 29 million mobile subscriptions. The combined dividends paid out in 2011 and share buyback programme resulted in an all-time high shareholder remuneration of NOK 10.7 billion. Telenor Group delivered good results and strong growth in 2011, with a 7% organic revenue growth. This was mainly driven by strong customer uptake in Asia and by increasing demand for data services. We expect these two factors to be the main growth drivers in 2012 as well. In India, the operational development in Uninor has been positive throughout 2011. This trend continued in the first quarter of 2012, despite the recent ruling from the Indian Supreme Court to cancel all telecom licences issued in 2008. There is still high uncertainty regarding the the licence process and the outcome for Uninor. VimpelCom has been a profitable investment for Telenor Group. The recent acquisition of preferred shares in VimpelCom has brought Telenor back to a satisfactory voting position. It also enables a better balanced corporate governance in VimpelCom. We will continue to contribute to the industrial development of VimpelCom together with other shareholders. In 2011, Telenor adjusted its strategy and organisational set-up to ensure its leading position in the constantly growing and changing telecom industry. The ongoing convergence with adjacent industries creates ecosystems with new opportunities and brings along new players to the competitive landscape. For Telenor it is essential to be preferred by cus- tomers and at the same time be a cost effective operator. A new organ- isational structure was established in 2011 to achieve these objectives, with a focus on digital services and indus- trial development. We invest significantly to bring new and improved services to our custom- ers and cater to the tremendous growth in data traffic. The network outages we experienced in Norway and Thailand last year serve as exam- ples on how dependent people and societies have become on mobile communication. We are working relentlessly to meet the high quality expectations set up by our customers and ourselves.
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