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Telenor forecasts lower revenue, earnings growth this year as it publishes results for FY 2017

31 Jan 2018

Norwegian telecoms giant Telenor Group has published what CEO Sigve Brekke terms a ‘solid set of results’ for the year ended 31 December 2017, which the executive attributed to ‘strong execution from across the company and continued follow-through on efficiency measures and our strategy.’ In the twelve-month period under review Telenor generated a total turnover of NOK124.8 billion (USD16.2 billion), down from NOK125.4 billion in FY 2016. Although the company highlighted organic revenue growth of 0.7% for the year, this was marginally behind its previous forecasts; Telenor’s outlook for FY 2017 had been for organic revenue growth of between 1% and 2%. Meanwhile, EBITDA before other income and other expenses totalled NOK48.9 billion, representing a 6.6% year-on-year increase against 2016, with the group’s EBITDA margin standing at 39.3%, marginally ahead of its guidance of 38%-39%. Net income for 2017 was NOK12.0 billion, up significantly from the NOK2.8 billion recorded a year earlier, with the improvement said to primarily be due to lower losses from discontinued operations of NOK7.4 billion and improved operating profit of NOK 2.4 billion. Telenor’s full year CAPEX for 2017 was NOK21.3 billion, down from NOK25.3 billion.

In operational terms at the end of 2017 Telenor’s total mobile subscriber numbered 177.77 million, representing a 4.7% annualised increase.

Looking ahead, Telenor has said that for FY 2018 it expects an organic subscription and traffic revenue growth of between 1% and 2%, an organic EBITDA growth of between 1% and 3% and CAPEX excluding licences and spectrum of between NOK18 billion and NOK19 billion.

Norway, Telenor Group

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