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Annual Report 2007

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Annual Report 2007 Annual report 2007 2007 has been a year characterised by strong subscription growth, particularly in our Asian operations. With 30 million net additions during the year, Telenor reached 143 million mobile subscribers worldwide, and is ranked as the world’s seventh largest mobile operator. Contents President and CEO Jon Fredrik Baksaas 1 Report of the Board of Directors 2 FINANCIAL STATEMENTS Telenor Group Consolidated Income Statement 8 Consolidated Balance Sheet 9 Consolidated Cash Flow Statement 10 Consolidated Statements of Changes in Equity 11 The Telenor Group 12 Notes to the Financial Statements 21 Telenor ASA Income Statement 82 Balance Sheet 83 Cash Flow Statement 84 Statements of Changes in Equity 85 Notes to the Financial Statements 86 Auditor’s Report 95 Statement from The Corporate Assembly of Telenor 96 Financial Calendar 2008 96 Telenor wants to contribute to meet climate challenges, and aims to reduce the consumption of resources and overall impact on the environment. In an effort to minimize paper consumption, we limit the scope of the printed annual report. Telenor’s website provides extensive information about the company and current activities: www.telenor.com ANNUAL REPORT 2007 PRESIDENT & CEO Dear shareholder, 2007 has been a year characterised by strong subscription growth, particularly at our Asian operations. With 30 million net additions during the year, Telenor now counts 143 million mobile subscribers worldwide, and the company is currently the world’s seventh largest mobile provider. Throughout the year we have delivered high underlying revenue growth and seen our operations uphold their strong market positions. Jon Fredrik Baksaas President & CEO The strong organic growth is indisputable evidence that the potential of communication solutions as key enabler for world is going mobile. In 2007 we have seen a spectacular GDP growth is brought home to a wider audience. demand for mobile communication in several less developed economies. Our presence in some of the world’s fastest Sustainable operations are the basis for our success. In 2007 growing markets means that we are in an excellent position we were named sector leader in mobile telecommunications to understand and act on this development. As handsets and by the Dow Jones Sustainability Indexes. This is a recognition subscriptions become affordable to new consumer groups, we are very proud of and is an important encouragement to we will make efforts to ensure that our services are adapted our employees across all our markets. It also means that we to meet new demands. continue to be deeply committed to responsible business conduct. Throughout 2007, and across all our markets, Telenor has continued to develop new and innovative services. Going Climate change is perhaps the greatest challenge of our forward, an essential challenge will be to take advantage time. During 2008 we will plan for signifi cant reductions in our of the rapidly increasing growth in businesses based on own emissions of greenhouse gases. As a communications broadband access, distribution and content. As this trend provider, the growing awareness of global warming brings accelerates new business opportunities will emerge. Our signifi cant opportunities as well as responsibilities. The need ability to act on those opportunities and seek sustainable to develop low-carbon alternatives is of essence, and our positions is key to continued growth and market leadership. solutions can reduce the need for physical meetings and travel. Good management of our business environment has been a priority for Telenor in 2007. As we grow our business we 2008 will be an exciting year for Telenor. We fi rmly believe recognise the signifi cant value of building and maintaining that the rapid development of our industry will continue. good dialogue and partnerships with our stakeholders. We are confi dent that we are well positioned to continue During the year we have taken steps to ensure that the to grow our global customer base. ANNUAL REPORT 20007 PAGE 1 REPORT OF THE BOARD OF DIRECTORS Report of the Board of Directors 2007 was a good year for Telenor, and the company achieved a fi nancial result for the year of NOK 18 billion (majority interest’s share). The result is driven by continued high growth in the international mobile operations. During the year, mobile subscriptions passed 143 million and the company is now one of the industry’s largest players. 2007 has been characterised by active development of Telenor’s relation to Kyivstar’s shareholder agreement and company manage- total portfolio. Effective operations in the individual companies have ment situation. On 23 January 2008, Telenor, Storm and its subsidi- been enhanced through best practice sharing across companies, aries were summoned to appear at the United States District Court countries and regions, with effective utilisation of the group’s skills in New York (SDNY). Reference is also made to note 25 of the group base. By doing so, Telenor has become one of the most recognised accounts for more details on the disputes with Alfa Group. brand names originating in Norway. With DTAC’s rebranding in October 2007, Telenor’s logo and visual profi le are now used in nine The Nordic markets are still driven by the migration of voice traffi c markets with a total of around 400 million people. from traditional fi xed-line telephony to mobile and broadband telephony. A growing interest has also been registered in new mobile Telenor experienced high customer growth within the mobile broadband services. From an operational perspective, an increasingly business area also in 2007 and is now the seventh largest mobile closer integration of mobile and fi xed-line operations has taken operator in the world in terms of subscription numbers, according place in the Nordic markets throughout the year. to GSMA statistics. In 2007, the number of mobile subscriptions increased by 30 million to 143 million in companies where Telenor In the Norwegian market, Telenor has focussed on maintaining has ownership interests. Customer growth was particularly strong market share in mobile and broadband. At the end of the year, in Telenor Pakistan, with an increase of 8 million subscriptions from the company had market shares of 53% and 50% for mobile and 2006 to 2007. broadband respectively. The 15th anniversary of Telenor’s presence in Russia was celebrated The Board of Directors of Telenor is working on simplifying the in December 2007. During this time, Telenor has signifi cantly con- organisation of the company in order to strengthen the core activity tributed to create value for Russian society, and the company is and adapt the activity to the changing conditions. In 2007, Telenor now one of the fi ve largest foreign investors the country. At the end sold Telenor Satellite Services and its minority share in the Austrian of 2007, Telenor’s ownership share in Russia consisted of Vimpel- mobile operator One. Through – Opplysningen AS’s (Directory Com (33.6%) and Golden Telecom (18.3%) and was valued at more Enquiries) acquisition of Carrot Communications, the group’s owner- than NOK 60 billion. Telenor’s stake in Golden Telecom was sold to ship share in Opplysningen fell from 42,8% to 27.1%. In Malaysia, VimpelCom in February 2008 for NOK 4.1 billion. Telenor has reduced its ownership share in DiGi through a transaction with the Malaysian company TimedotCom. DiGi will simultaneously Telenor has an ownership share of 56.5% in the Ukrainian mobile acquire a 3G licence through this transaction. Telenor’s ownership operator Kyivstar. Through the subsidiaries Storm and Alpren, share, which was originally 61%, will be reduced to 49% during 2008 Alfa Group initiated legal proceedings in Ukraine in 2006 to have in accordance with local requirements. Kyivstar’s choice of auditor disallowed. As a result of an interim court order, Kyivstar was prevented from submitting fi nancial information The Telenor share is listed on the Oslo Stock Exchange and was one to its owners and international auditors, which led to Telenor’s Board of the most traded shares on the Oslo Stock Exchange in 2007. The of Directors deciding to deconsolidate Kyivstar with effect from share price rose by 11% in 2007, and thereby had the same rate of 29 December 2006. Since the most recent interim court order was growth as the Dow Jones European Telecom Index. By comparison, revoked in November 2007, Telenor has regained access to fi nancial the Oslo Stock Exchange’s main index climbed 10% during the year. information from Kyivstar. However, Alfa Group has still not appeared Telenor’s share price was listed at NOK 129.75 as at 31 December at any general meetings and these meetings have not therefore 2007, which corresponds to a market value of NOK 218 billion. formed the required quorum. Alfa Group’s failure to appear at general The Telenor share was de-listed from Nasdaq with effect from meetings is also preventing a board from being appointed and September 2007. payment of dividends from Kyivstar. For the time being, Telenor’s fi nancial reporting will refer to Kyivstar as an associated company. At year-end 2007, Telenor’s share capital was NOK 10 billion, Legal proceedings and arbitration negotiations are being held in divided into 1,680,274,570 shares. The company had 44,477 share- New York between Telenor and four subsidiaries of Alfa Group in holders at year-end. The 20 largest shareholders held 79.1% of the PAGE 2 ANNUAL REPORT 20007 REPORT OF THE BOARD OF DIRECTORS outstanding shares. At the end of 2007, Telenor held 2,931,222 own At the end of 2007, Telenor’s total balance was NOK 160.8 billion shares. Based on Telenor’s fi nancial position and anticipated capital and the equity ratio (including minority interests) was 46.4% needs, it is Telenor’s policy to enable an annual dividend to be paid compared to NOK 148.6 billion and 42.2% respectively in 2006.
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