Record-high revenues and EBITDA
May 06 2015 - 1:00AM
(Fornebu, 6 May 2015) -- In the
first quarter of 2015, Telenor Group reported revenues of NOK 30.2
billion, representing an organic revenue growth of 7.6%. EBITDA
before other items was also at an all-time high of NOK 10.6
billion. The EBITDA margin was 35% and operating cash flow was NOK
6 billion during the quarter. Net income was NOK 4.1 billion,
implying earnings per share of NOK 2.70.
"Our performance during the first quarter reflects
a promising start to the year. We reported all-time high revenues
and strong organic sales growth of 8 per cent. EBITDA grew by 5 per
cent organically despite start-up costs in Myanmar and continued
high handset sales. We added 5.9 million mobile customers during
the period and more than one third of our total 190 million
subscribers are now active internet users,'' said Jon Fredrik
Baksaas, President and CEO of Telenor Group.
"In Norway, we continue to invest in fixed and
mobile network infrastructure to meet our customers' high demands
and expectations for data capacity as well as premium network
coverage. Combined with user-friendly services and good execution,
this has enabled us to capture data growth and increase revenues.
Telenor Norway delivered once again solid results, with revenue
growth of 6 per cent in the period. This was supported by mobile
data consumption that more than doubled over the last year and
stronger demand for high-speed fixed internet,'' said Baksaas.
"The turnaround plan in Thailand continues with
some early signs of improvement. dtac continues to implement its
cluster-based business model and strengthen its network position.
dtac plans to accelerate its investment in 3G and 4G network
coverage aiming to take a strong market position. Still, the
company is facing intense competition with heavy handset subsidies
in the prepaid customer segment,'' said Baksaas.
"In Myanmar, we continue to face strong demand and
reported positive EBITDA only a few months after service launch. We
expanded into new areas during the first quarter, added 3 million
customers and brought the total number of network sites to more
than 1,700. In the coming quarters, we plan to ramp up network
investments to cater for the strong demand for digital services in
this connectivity hungry nation. While we are encouraged by the
promising start in Myanmar, it is has to be noted that it is still
early days,'' said Baksaas.
"Telenor is committed to operate responsibly in
all aspects of our business. We focus on sustainable initiatives
that create long-term shared value for Telenor, our customers and
society at large. Sound corporate governance, including the
implementation and realisation of a solid compliance system in all
our operations, is critical to Telenor's business integrity and to
maintaining confidence in our brand and company,'' said
Baksaas.
"An encouraging start to the year makes us
confident that Telenor will see another good year in which more
customers will benefit from mobile internet access and quality
services. We are raising our organic revenue growth expectations to
5-7%, combined with a stronger EBITDA margin of 34-36%. The
expected capex to sales ratio is now seen at 17-19% reflecting
higher investments in Thailand and Myanmar in addition to the
recently launched satellite," said Baksaas.
Key
figures
The table below contains key figures for the first quarter,
compared to the previous year.
|
1Q |
1Q |
Year |
(NOK in millions except earnings per
share) |
2015 |
2014 |
2014 |
Revenues |
30 210 |
25 319 |
106 540 |
EBITDA before other income and other expenses |
10 587 |
9 074 |
37 681 |
EBITDA margin before other income and other expenses (%) |
35.0 |
35.8 |
35.4 |
Adjusted operating profit[1] |
6 608 |
5 570 |
22 926 |
Adjusted operating profit/Revenues (%) |
21.9 |
22.0 |
21.5 |
Profit after taxes and non-controlling interests |
4 053 |
3 676 |
9 077 |
Earnings per share from total operations, basic, in NOK |
2.70 |
2.43 |
6.03 |
Capex |
4 588 |
6 451 |
22 527 |
Capex excl. licences and spectrum |
4 523 |
3 550 |
16 870 |
Capex excl. licences and spectrum/Revenues (%) |
15.0 |
14.0 |
15.8 |
Operating cash flow [2] |
6 063 |
5 524 |
20 811 |
Equity ratio including non-controlling interests (%) |
37.0 |
43.5 |
35.4 |
Net interest-bearing liabilities [3] |
44 348 |
37 237 |
47 126 |
1)
Adjusted operating profit is defined as Operating profit less other
income and other expenses and impairment losses.
2)
Operating cash flow is defined as EBITDA before other income
and other expenses - Capex, excluding licences and spectrum.
3) Net
interest-bearing liabilities are defined as net interest-bearing
debt excluding net present value of licence liabilities.
Media Contact: Meera Bhatia, Tel: (+47) 4684
4959, E-mail: meera.bhatia@telenor.com
Press and analyst conference
In connection with the publication of the
financial results, a press and analyst conference will be held on
Wednesday 6 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 23162729 and state the
confirmation code: 7609201
Material
The quarterly report and English versions of the
presentations will be made available
here http://www.telenor.com/investors/reports/2015/telenors-results-for-the-1st-quarter-2015/
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Telenor via Globenewswire
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