Telenor Group with a Solid Start to the Year

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.”

-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. 

bd3dde6ee656fcbb769284c5ed0cc136“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.”

“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.


(NOK in millions except earnings per share)20142013 2013
Revenues26 51524 716104 027
EBITDA before other income and expenses9 2988 42335 892
EBITDA margin before other income and expenses (%)
Adjusted operating profit[1]5 5804 98522 161
Adjusted operating profit/Revenues (%)
Profit after taxes and non-controlling interests3 6763 6028 748
Earnings per share from total operations, basic, in NOK2.432.345.74
Capex6 5952 86817 044
Capex excl. licences and spectrum3 6942 86814 659
Capex excl. licences and spectrum/Revenues (%)13.911.614.1
Operating cash flow  [2]5 6045 55521 233
Net interest-bearing liabilities [3]37 23728 85339 395

For more information please refer to the quarterly report at

Media Contact: Meera Bhatia, Communications Manager, Tel: (+47) 46 84 49 59, E-mail:

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.


The quarterly report and English versions of the presentations will be made available here


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