Strong third quarter for Telenor
October 25 2023 - 12:25AM
Strong third quarter for Telenor
"Third quarter was a strong quarter for Telenor. We delivered
solid growth and earnings momentum in the Nordics and saw firm
traction for synergy realisation in Asia," says Sigve Brekke,
CEO of Telenor Group.
Service revenues were
NOK 15.8 billion, which is an increase of NOK 0.5 billion or 4%
compared to the same period last year. EBITDA grew by a 7% year on
year, adjusted for a positive one-time effect in Pakistan last
year. Organic EBITDA increased by 1%.
"Our success depends on our ability to create value for our
customers and that is our key driver. We continue to see strong
customer validation and receive top customer experience ratings for
our consumer mobile services in Denmark, Finland and Sweden," says
Sigve Brekke, CEO of Telenor Group.
Telenor Nordics delivered 4% service revenue growth and 8%
EBITDA growth in the third quarter, supported by strong operational
performance and lower energy prices. Growth in mobile remained
steady at around 5%.
In Asia, Telenor Group has number one
positions in three out of four markets, with a total customer base
of 200 million people. Telenor’s businesses in Asia delivered
underlying growth despite of challenging macro conditions.
Telenor Asia’s service revenues adjusted for the Pakistan one-time
effect last year, improved by 6% and EBITDA increased by 4%. This
was driven by mobile revenue growth in both Bangladesh and
Pakistan, more than offsetting the negative impact of inflationary
pressure, including higher energy prices.
"Customer excellence, free cash flow
generation and long-term value creation will remain top priorities
for us going forward," says Sigve Brekke, CEO of Telenor
Group.
Updated Financial Outlook for
2023:
- Above 3% organic growth in Nordic service revenues (updated
from “low-to-mid-single digit growth”).
- 3-4% organic growth in Nordic EBITDA (updated from
“low-to-mid-single digit growth”).
- Nordic capex to sales ratio of around 17%
(unchanged).
Key figures Telenor
Group*
|
Third quarter |
First three
quarters |
Year |
NOK in million |
2023 |
2022 |
2023 |
2022 |
2022 |
Service revenues |
15 775 |
15 227 |
46 467 |
44 775 |
59 760 |
Organic service revenue growth
(%) |
4% |
6% |
4% |
5% |
3% |
Total Revenues |
20 108 |
19 531 |
59 518 |
57 210 |
76 877 |
Organic revenue growth
(%) |
2% |
6% |
3% |
4% |
4% |
Operating expenses |
(6 331) |
(5 946) |
(19 550) |
(18 474) |
(25 229) |
EBITDA before other income and other
expenses |
9 251 |
9 287 |
26 097 |
25 790 |
33 830 |
Organic EBITDA growth (%) |
1% |
6% |
2% |
1% |
1% |
Operating profit |
4 987 |
4 980 |
13 195 |
11 816 |
15 143 |
Net income from associated companies
and joint ventures |
23 |
(93) |
(269) |
(264) |
(301) |
Net income attributable to equity
holders of Telenor ASA |
2 451 |
1 549 |
21 417 |
7 006 |
44 913 |
Capex excl. lease |
2 666 |
3 172 |
9 637 |
9 540 |
13 560 |
Free cash flow before
M&A |
4 330 |
3 955 |
4 572 |
7 319 |
9 866 |
Total Free cash flow |
4 331 |
5 211 |
9 479 |
9 657 |
10 604 |
Leverage |
2.2 |
2.1 |
2.2 |
2.1 |
2.2 |
Media
contact: Ingibjörg Meyer-Myklestad +47 90
60 55 05
Investor
Relations: Frank Maaø +47 91 67 40
45
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