Telenor Reports Record-high Revenues and EBITDA in 1Q 2015

Oslo, Norway, May 5, 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.

Telenor Satellite saw revenues increase by 3% mainly driven by a strong dollar, while EBITDA margin decreased by 1 percentage point, related in part to the Thor 7 launch.

Launched on April 26, 2015, Thor 7 is currently undergoing orbit testing and is expected to move to its final orbital location next month. It will enter commercial service in the second half of the year.

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