Telenor - Third Quarter 2002

Transcription

1 Telenor - Third Quarter

2 Group Overview Jon Fredrik Baksaas CEO

3 3 Reported P&L Revenue EBITDA EBIT 488 (1 912) Profit before Tax (105) (2 547) Net Profit (1 046) 757

4 4 Group Adjusted for special items Continued growth in revenues and margins Revenue / EBITDA-Margin Revenue growth of 22% to NOK 12.2 Bn EBITDA of NOK 3.9 Bn up NOK 1.4 Bn EBIT improvement by 32 % NOK 530 Mn to NOK 1.2 Bn 22 % 25 % 22 % 26 % 29 %

5 Balance sheet Strong key parameters Net Debt (NOK Bn) Equity Ratio (%) Net Debt / Equity (%) Net Debt / EBITDA* (x) % 64% % 59% *EBITDA excl. gains and losses last 4 quarters 5

6 6 Mobile Revenue & EBITDA Growth Revenues up 69% to NOK 5,320 Mn EBITDA-margin of 40% - up from 37% in 01 EBITDA of NOK 2,107 Mn Capex of NOK 853 Mn Revenue / EBITDA-Margin % Reported EBIT NOK 1,134 Mn 29 % 37 % 28 % 35 % 35 %

7 7 Networks Stable revenues Improved cash flow Revenue / EBITDA-Margin Excl. gains and losses Revenues stabilized despite reduced traffic minutes Telenor market share 72.7% EBITDA of NOK 1,504 Mn Capex of NOK 383 Mn 33 % 35 % 36 % 34 % 34 % 37 % Reported EBIT NOK 711 Mn

8 8 Plus Continued progress Revenue / EBITDA-Margin Excl. gains and losses Broadcast EBITDA improved Lower EBITDA for Internet/ADSL Canal Digital EBITDA positive Restructuring of Plus initiated EBITDA of NOK 104 Mn Capex of NOK 89 Mn Reported EBIT NOK -229 Mn % 8 % 4 % -3 % 5 % %

9 9 Canal Digital Quarterly Figures Subscribers Revenues/EBITDA-margin Annual ARPU (NOK) % % -10 % -12 % -19 % -26 %

10 10 Business Solutions Adjusting to difficult markets Revenue / EBITDA-Margin Excl. gains and losses Restructuring of Managed Services initiated Write-downs of NOK 646 Mn Demand from business customers in general still low 2 % -2 % % -3 % -1 % -30 %

11 11 Delta 4 Progressing according to plan Delta 4 Focus areas Network structure and operations Information systems Support services Customer front Accounting & Finance Purchasing NOK 700 Mn cost savings YTD Target of NOK 1 Bn in cost savings for Ambition of NOK 4 Bn in cost savings maintained by 2004 Work force reductions in : Approx.1500 man years Provisions and restructuring cost: Per NOK 0.2 Bn in NOK 0.6 Bn

12 12

13 Mobile Arve Johansen Senior Executive Vice President Head of Telenor Mobile

14 Telenor Mobile s Portfolio Norway Russia Telenor Mobil: 100% VimpelCom: 29.0% Extel: 49.0% Sweden Djuice.se: 100% StavTeleSot: 49.0% Denmark Sonofon: 53.5% Ukraine Kyivstar: 54.2% Connect: Austria 17.5% ProMonte: Montenegro 44.1% Portugal Greece Oni Way: 20.0% Cosmote: 18.0% Hungary Pannon: Canada 100% Thailand DTAC*: 40.3% UCOM: 24.9% Bangladesh Grameen: 46.4% irelessmatrix: 30.8% DiGi: Malaysia 61.0% Telenor s indirect ownership in DTAC. Direct ownership share in DTAC: - Telenor: 30%, - UCOM: 40,3 %) 14

15 15 Mobile Subscribers (in millions) Total Consolidated Total Pro Rata 100% figures (in all companies) 23,4 20,9 18,5 16,6 5,7 13,2 6,6 14,7 7,2 6,1 9,3 6,5 10,4 8,6 11,6 2,6 3,7 3,8

16 16 mnorway Quarterly Figures Subscribers ARPU MoU (AMPU)

17 17 mnorway Quarterly Figures (NOK Mn) Revenues / EBITDA % EBITDA SMS & Content % 41 % 34 % 40 % 40 % 44 % SMS & Content Revenue figures have been adjusted and now include revenue from terminated SMS

18 18 Pannon GSM Quarterly Figures Subscribers ARPU MoU (AMPU) NOK HUF Subscriber figures based on 3 months churn for pre-paid

19 19 Pannon GSM Quarterly Figures (NOK Mn) Revenues / EBITDA % EBITDA SMS & Content % 41 % 31 % 37 % 38 % 34 %

20 20 DiGi.com Quarterly Figures Subscribers ARPU MoU (AMPU) NOK MYR Subscriber figures based on 3 months churn for pre-paid

21 21 DiGi.com Quarterly Figures (NOK Mn) Revenues / EBITDA % EBITDA SMS & Content % 34 % 34 % 37 % 35 % 34 % and figures are not audited, and calculated by DiGi due to change in Financial Year

22 22 GrameenPhone Quarterly Figures Subscribers ARPU MoU (AMPU)* NOK BDT * Minutes of Use include both incoming and outgoing, including non-revenue generated incoming minutes. Figures can not be compared to other companies in portfolio

23 23 GrameenPhone Quarterly Figures (NOK Mn) Revenues / EBITDA % EBITDA SMS & Content % % 47 % 46 % 45 % % ,2 0,3 0,4 1,2 2,0 2,8

24 24 Kyivstar Quarterly Figures Subscribers MoU (AMPU) ARPU NOK USD

25 25 Kyivstar Quarterly Figures (NOK Mn) Revenues / EBITDA % EBITDA SMS & Content % % 62 % % 32 % 31 % figures are based on management estimates Figures for not available

26 26 Sonofon Quarterly Figures (NOK Mn) Subscribers Revenues / EBITDA % EBITDA % 26 % 29 % 28 % 30 % 29 % Subscriber figures published by the Danish National Telecom Agency (excludes service providers and based on 12 month pre-paid churn). & - subscriber figures have not been published and have been submitted by Sonofon Figures are based on actual company figures

27 Group Financial Overview Torstein Moland CFO

28 28 Key messages Group EBITDA NOK 9.9 Bn YTD Group CAPEX NOK 6.2 Bn YTD Mobile EBITDA margin 40% in with strong underlying revenue growth Networks Solid as a Rock Delta 4 Progressing according to plan

29 29 Group - Adjusted P&L (NOK Mn) Growth Revenue % EBITDA % EBIT % Profit Before Tax nm

30 Reported P&L (NOK Mn) Revenue EBITDA EBIT 488 (1 912) Associated Co. (126) (349) Net Finance (467) (286) (1 159) Profit before Tax (105) (2 547) Net Income (1 046) Net Income (USGAAP)* (742) * Proforma

31 31 Investments (NOK Mn) Acquisitions Capex

32 32 Balance Sheet (NOK Mn) 30 Sept 30 June 31 Dec Fixed Assets Current Assets Total Assets Equity & Minorities Interest-bearing debt Non interest-bearing debt Total Equity and debt

33 33 Outlook Guidance Adjusted for special items EBITDA Between NOK 3.5 Bn and NOK 4 Bn higher than CAPEX EBIT Significantly higher than in Mobile EBITDA lower than due to seasonalities Networks EBITDA in line with Business Solutions EBITDA in line with Plus EBITDA marginally positive Capex Approximately NOK 10 Bn

34 Telenor - Third Quarter

35 Appendix 35

36 36 International associated mobile operations Total per Company (100% figures in NOK millions according to local GAAP) Subscriptions Revenues YTD EBITDA YTD 1) Net debt 2) June 30 %-change June 30 %-change June 30 %-change June / 2000/ 2000/ Nordic Region Sonofon 4) % % % Europe Connect Austria % % % Cosmote % % % Pro Monte % % % -64 Russia/Ukraine VimpelCom % % % Extel % % % 77 StavTeleSot % % % 66 Southeast Asia DTAC % % % UCOM 3) % % ) EBITDA consists of earnings before interest, tax, depreciation and amortization excluding gains/(losses) from sales of fixed assets and operations 2) Net debt consists of long term and short term interest-bearing debt minus cash. Closing exchange rates used 3) UCOM classified according to NGAAP. Figures for TAC are not included 4) Subscriber figures published by the Danish National Telecom Agency (excluding service providers)

37 37 Associated international mobile operations Proportionate figures Revenues (NOK Mn) EBITDA (NOK Mn) Net income (NOK Mn) Current mobile portfolio