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Annual Report / 2011

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Annual Report / 2011 Annual Report / 2011 Contents Dear Shareholder /01/ Report from the Board of Directors 2011 /02/ Financial Statements Telenor Group Consolidated Income Statement /18/ Consolidated Statement of Comprehensive Income /19/ Consolidated Statement of Financial Position /20/ Consolidateed rStatement – Swe e of Cash Flows /21/ Consolidatmobileed Statementerator in Swede of Changes in Equity /22/ Notes to the Consolidated Financial Statements /23/ Telenor ASA Income Statement /86/ Statement of Comprehensive Income /87/ Statement of Financial Position /88/ StatementT of nor Cash De Flows ark /89/ StatementT e of r i Changes sec d lar esin Shareholders’ Equity /90/ pe r Notes to the Financial Statements /91/ Responsibility Statement /105/ Auditor’s Report for 2011 /106/ Statement from the Corporate Assembly of Telenor ASA /108/ Financial Calendar 2012 /108/ Key Figures /109/ Telenor Group’selenor s the mobile second la gestoperations /110/ /PAGE 01/ TELENOR ANNUAL REPORT 2011 Dear shareholder, 2011 was a strong year for Telenor Group, with a solid operating cash flow of more than NOK 19 billion, a strong balance sheet and the addition of 29 million mobile subscriptions. The combined dividends paid out in 2011 and share buyback programme resulted in an all-time high shareholder remuneration of NOK 10.7 billion. Telenor Group delivered good results In 2011, Telenor adjusted its strategy Telenor is a company that is built and strong growth in 2011, with a 7% and organisational set-up to ensure around people. For more than a organic revenue growth. This was its leading position in the constantly decade we have developed Telenor mainly driven by strong customer growing and changing telecom from a domestic, Norwegian incum- uptake in Asia and by increasing industry. The ongoing convergence bent to a leading global mobile opera- demand for data services. We expect with adjacent industries creates tor. There is no reason why the next these two factors to be the main ecosystems with new opportunities decade should not be as impressive growth drivers in 2012 as well. and brings along new players to the and inspiring. We have a solid position, competitive landscape. For Telenor a distinctive culture and a highly In India, the operational development it is essential to be preferred by cus- capable work force. I am confident in Uninor has been positive throughout tomers and at the same time be a thatorganisationalTelenor Group 2011. This trend continued in the first cost effective operator. A new organ- willorganisationalcontinue to create quarter of 2012, despite the recent isational structure was established in value for our s hareholders and ruling from the Indian Supreme Court 2011 to achieve these objectives, with customers in the years to come. to cancel all telecom licences issued a focus on digital services and indus- in 2008. There is still high uncertainty trial development. regarding the the licence process and the outcome for Uninor. We invest significantly to bring new and improved services to our custom- VimpelCom has been a profitable ers and cater to the tremendous Jon Fredrik Baksaas investment for Telenor Group. The growth in data traffic. The network President & CEO of Telenor Group recent acquisition of preferred shares outages we experienced in Norway in VimpelCom has brought Telenor and Thailand last year serve as exam- back to a satisfactory voting position. ples on how dependent people and It also enables a better balanced societies have become on mobile corporate governance in VimpelCom. communication. We are working We will continue to contribute to the relentlessly to meet the high quality industrial development of VimpelCom expectations set up by our customers together with other shareholders. and ourselves. /PAGE 02/ TELENOR ANNUAL REPORT 2011 report from the board of directors 2011 Report from the Board of Directors 2011 From left: Brit Østby Fredriksen / Board member, employee representative Burckhard Bergmann / Board member Sally Davis / Board member Dag J. Opedal / Board member Bjørn Andre Anderssen / Board member, employee representative Harald Norvik / Chairman Harald Stavn / Board member, employee representative Barbara Milian Thoralfsson / Board member Hallvard Bakke / Board member Frank Dangeard / Board member Liselott Kilaas / Deputy Chairman /PAGE 03/ TELENOR ANNUAL REPORT 2011 report from the board of directors 2011 2011 was marked by strong performance and high organic growth. Despite a turbulent global economic environment the performance through 2011 once again confirms Telenor as one of the fastest growing European telecommunication operators, most notably with organic revenue growth of 7%. In 2011, Telenor added 29 million mobile subscriptions largely due to continued strong growth in our Asian operations. Telenor also delivered an operating cash flow of more than NOK 19 billion, while maintaining a healthy balance sheet. A main focus for Telenor Group this year has been to prepare the networks across all business units for next generation data services, largely driven by the tremendous growth in data traffic from smartphones. MAIN EVENTS IN 2011 Network odernisation across Outages A changing industry all markets In June 2011, Telenor Norway experi- The telecom industry is undergoing Telenor is preparing all business enced two serious mobile network significant changes to its ecosystem of units for next generation services outages. During the first and most customers, operators, device vendors through the launch of mobile broad- severe one, that occurred on June and service providers. Telenor Group’s band, d elivered at sustainable cost 10th, customers were without connec- strategy is based on two main pillars: levels by strategic sourcing across tivity for 11 hours. The outages were being preferred by customers and markets. To prepare for the massive caused by increased signalling traffic becoming a more cost efficient opera- growth in data communication and from smartphones and a faulty soft- tor through a combination of cross- traffic driven by smartphones and ware component. Following these border and market specific efficiency other mobile broadband devices, incidents, Telenor has taken a number measures. To achieve these goals Telenor Group has initiated network of measures to dimension the net- Telenor established the two new units, modernisation programs across the works to the increase in data volumes. Digital Services and Group Industrial Telenor Group. This is in response Increased smartphone signalling is a Development, in 2011. Digital Services to the need for modern technology universal challenge for the telecom was established to strengthen Telenor’s and new sustain able, cost efficient industry as a whole. In December, ability to differentiate through innova- business models for sourcing, build- DTAC in Thailand also experienced tion and partnerships, and to create ing and operating mobile networks several network outages. Its most future revenues by launching new for the future. During 2011, Telenor’s serious outage was caused by a soft- services . Industrial Development will operations in M ontenegro, S weden, ware component failure in connection leverage the combined strength of Denmark, Norway, H ungary, Serbia with the network upgrade. Telenor’s global footprint and techno- and Bangladesh completed their logical leadership to drive industriali- network modernisations. Furthermore, sation and the company’s relentless the operations in Thailand, Malaysia focus on operational excellence. and Pakistan have entered into agree- ments and are currently in the p rocess of modernising their n etworks to prepare for the next g eneration mobile broadband services. The infrastructure modernisations will significantly improve efficiency and benefit both customers and the e nvironment. /PAGE 04/ TELENOR ANNUAL REPORT 2011 report from the board of directors 2011 India VimpelCom Ltd. Operating profit was NOK 10.4 bi llion In 2011, Uninor demonstrated its ability In April 2011, VimpelCom Ltd. com- compared to NOK 12.5 billion in 2010. to build momentum and position itself pleted the acquisition of Wind Te lecom. Operating profit was negatively as a credible player in the Indian mobile As a result, Telenor’s economic stake affected by an impairment of good- market. The introduction of the ultra was diluted from 39.6% to 31.7% and will and licences in Uninor of NOK 4.1 low cost model and relentless focus the voting stake from 36.03% to billion. Profit before taxes was NOK on operational excellence have proven 25.01%. Telenor commenced arbitra- 12.6 billion compared to NOK 20.2 successful and Uninor have been able tion against Altimo and VimpelCom Ltd billion in 2010. Share of net income to substantially grow its sub scription in order to protect its pre-emptive and gains on disposal of associated base to a reported 28 million subscrip- rights in connection with the issuance companies in 2011 includes a gain tions by the end of 2011. In parallel, of new VimpelCom shares, and the of NOK 1.6 billion. This is the result Telenor Group worked to secure the arbitration ruling was expected to of the accounting treatment of the long-term funding of Uninor. be finalised during spring 2012. On combination of VimpelCom and Wind 15th February 2012, Telenor acquired Telecom, in which Telenor’s economic The regulatory unclarity remained 234 million VimpelCom preferred interests in VimpelCom were diluted challenging. Both Uninor and our shares from Weather Investments, by 20% to 31.67% with effect as of partner
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