(Fornebu,
The Nordic operations delivered a robust quarter with EBITDA growth in
The recently announced merger discussions in
In
Due to the worsening of economic and business environment outlook and a deteriorating security and human rights situation, we see limited prospects of improvement going forward. Based on this, we have fully impaired Telenor Myanmar with an amount of
With limited visibility on the development in the country, we have excluded
KEY FIGURES TELENOR GROUP | First quarter | Year | |
NOK in million | 2021 | 2020 | 2020 |
Revenues | 28,873 | 30,953 | 122,811 |
Organic revenue growth (%) | -1.6 | 1.5 | -2.3 |
Subscription and traffic revenues | 21,715 | 23,867 | 93,439 |
Organic subscription and traffic revenue growth (%) | -4.0 | 1.8 | -1.9 |
EBITDA before other income and other expenses | 13,015 | 14,106 | 56,520 |
Organic EBITDA growth (%) | -2.2 | 2.6 | 1.7 |
EBITDA before other income and other expenses/Revenues (%) | 45.1 | 45.6 | 46.0 |
Net income attributable to equity holders of | -3,889 | 698 | 17,341 |
Capex excl. licences and spectrum | 3,745 | 3,079 | 16,351 |
Total Capex | 4,284 | 3,385 | 21,692 |
Free cash flow before M&A | 2,992 | 2,664 | 12,542 |
Total Free cash flow | 3,834 | 3,775 | 20,855 |
Mobile subscriptions - Change in quarter/Total (mill.) | 5.0 | -0.4 | 181.8 |
Fourth quarter 2020 summary1
- The Group’s mobile subscriber base grew by 5 million, including 2 million added in
Myanmar . The subscriber base was 187 million at the end of the quarter. - Subscription and traffic revenues decreased by 4% on an organic basis. Total reported revenues were
NOK 28.9 billion , a decrease ofNOK 2.1 billion . - Currency adjusted opex decreased by
NOK 0.7 billion , or 7%. Reported opex decreased byNOK 1.1 billion . - Organic EBITDA decreased by 2%, as the decline in subscription and traffic revenues was only partly offset by the reduction in operating expenses. Reported EBITDA before other items was
NOK 13.0 billion and the EBITDA margin was 45%. - Capex excluding licences and spectrum was
NOK 3.7 billion , yielding a capex to sales ratio of 13%. - Reported net income was negative
NOK 3.9 billion . Decrease in operating profit due to the impairment of Telenor Myanmar ofNOK 6.5 billion and higher taxes were only partly offset by positive development in net financial items. - Total free cash flow was
NOK 3.8 billion . - Leverage decreased to 1.8x at the end of the first quarter from 2.0x at the end of the previous quarter.
- On
1 February 2021 , the military ofMyanmar declared a state of emergency and the overall situation is unstable. Due to the worsening of economic and business environment outlook and a deteriorating security and human rights situation, we see limited prospects of improvement going forward. As a consequence, an impairment loss ofNOK 6.5 billion was recognised related to Telenor Myanmar.
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1 Please refer to Definitions on page 25 for descriptions of alternative performance measures.
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