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Annual Report 2016 CONTENT Annual Report 2016 CONTENT Letter from the CEO 4 Group Executive Management 6 Summary of the Year 8 Financial Achievements 10 Our Strategy 12 Our Global Impact 13 Where We Operate 14 Stakeholder Engagement 16 Message from the Chair 18 The Board 20 Board of Directors’ Report 22 Sustainability Report 41 FINANCIAL STATEMENTS TELENOR GROUP Consolidated Income Statement 70 Consolidated Statement of Comprehensive Income 71 Consolidated Statement of Financial Position 72 Consolidated Statement of Cash Flows 73 Consolidated Statement of Changes in Equity 74 Notes to the Financial Statements 75 FINANCIAL STATEMENTS TELENOR ASA Income Statement 140 Statement of Comprehensive Income 141 Statement of Financial Position 142 Statement of Cash Flows 143 Statement of Changes in Equity 144 Notes to the Financial Statements 145 Responsibility Statement 158 Statement from the Corporate Assembly of Telenor ASA 159 Auditor’s Report 160 Definitions 165 4 TELENOR ANNUAL REPORT 2016 LETTER FROM THE CEO LETTER FROM THE CEO VALUE CREATION IN Telenor has a proud history and comes from a strong position. We have a CHANGING TIMES diversified portfolio with solid market positions in Europe and Asia and we have strong operations based on quality We have a solid foundation Looking back at 2016, I am pleased to see networks and mass­market distribution with a good mix of assets, what we have accomplished at a time capabilities. In addition, Telenor’s solid market positions and scale we can leverage going when our industry is undergoing a funda­ majority ownerships enable strong forward, in a globalized and mental shift to adapt to a digital world. governance and global scale benefits. digital future. This world We continued to grow revenues and represents new opportunities delivered a record high EBITDA in 2016. Digital services have become a core part as mentioned above and We also made significant progress on of the lives of people everywhere in the also includes growth network deployment throughout the year, world. In all of our markets, our customers opportunities in digital areas supporting our customers’ increasing spend multiple hours per day on their adjacent to the core telecom data usage spanning from Bangladesh mobile handsets. They expect the mobile business. We have set out our and Pakistan to Sweden and Malaysia. network to keep them constantly direction towards 2020 and connected. We also observe how our we will focus on executing During the year our customers in customers, from Myanmar to Norway, are on it. Scandinavia were introduced to new more similar than different in how they mobile subscriptions, allowing them to consume and leverage digital content – Sigve Brekke, CEO use their included data volumes while and tools. Increased digitisation also travelling in the EU. In addition, we also entails an opportunity to review our cost stepped up our fibre deployment in base, through among others increased Norway and Sweden, targeting to use of automation and analytics. strengthen our market position within high­speed broadband. In Central and We have a solid foundation with a good Eastern Europe, we build on our 4G mix of assets, solid market positions and network positions and reported healthy scale we can leverage going forward, in a cash flow margins. We reported double­ globalized and digital future. This world our core business. The key to our future digit revenue growth in the post­paid represents new opportunities as success lies within the opportunities segment in our mature Asian markets, mentioned above and also includes related to digitising customer and focused on pre­to­post migration of growth opportunities in digital areas interactions, leveraging scale within our customers amid intense competition. adjacent to the core telecom business. networks and IT. I firmly believe that our In emerging Asia, solid revenue growth We have set out our direction towards strategy, which we presented in February was fuelled by increasing data 2020 and we will focus on executing on it. to the financial market, will strengthen consumption; while we continued to focus our cash flow generation, and support our on network roll­outs and saw Myanmar We aim to continue growing revenues commitment to deliver a growing turning cash flow positive, only two years and significantly improving our efficiency, dividend. after service launch. supported by a digital transformation of LETTER FROM THE CEO TELENOR ANNUAL REPORT 2016 5 I would also like to highlight steps taken Telenor has an ambition to responsibly further train its employees in responsible in 2016 that brought Telenor in the contribute to economic, environmental business conduct and we will continue to direction of our ambitions. We and social development in the countries strengthen accountability across the announced a change to our in which we operate. A responsible company, including compliance and organisational structure and my business conduct is key to long term internal control. We continuously work to executive management team in order to value creation, both for our shareholders, further enhance, strengthen and transition into a more integrated global and the people in the markets where we integrate the Telenor Way, which defines company and to deliver on our strategy. operate. In 2016, Telenor’s trust was our aspirations and sets the standard for The group is now firmly unified around challenged by several high­profile cases. how we do business, in all parts of our our joint ambitions and objectives. Telenor made significant steps to operations and stay true to our vision of strengthen its compliance processes and empowering societies. 6 TELENOR ANNUAL REPORT 2016 GROUP EXECUTIVE MANAGEMENT GROUP EXECUTIVE MANAGEMENT Sigve Brekke Wenche Agerup President and Chief Executive Officer EVP, General Counsel and Chief Corporate Affairs Officer Jon Gravråk Petter-Børre Furberg EVP and Head of Digital Businesses EVP and Head of Emerging Asia Cluster, CEO Grameenphone Alexandra Reich Ruza Sabanovic EVP and Head of Central & Eastern EVP and Head of Technologies & Europe Cluster, CEO Hungary Services GROUP EXECUTIVE MANAGEMENT TELENOR ANNUAL REPORT 2016 7 Morten Karlsen Sørby Jørgen C. Arentz Rostrup Lars-Åke Norling EVP and Head of Transformation EVP and Chief Financial Officer EVP and Head of Mature Asia Cluster, CEO dtac Berit Svendsen Jon Erik Haug EVP and Head of Scandinavian EVP and Head of People Cluster, CEO Norway Svein Henning Kirkeng will take over as EVP and Head of Products and Marketing in 2017. Gunnar Sellæg (interim) EVP and Head of Products and Marketing 8 TELENOR ANNUAL REPORT 2016 SUMMARY OF THE YEAR SUMMARY OF THE YEAR HIGHLIGHTS 2016 Revenues & EBITDA Roaming Record high revenues and Introduction of included EBITDA for the year roam-like-at home offerings in Norway and Sweden January Financial Services Telenor acquires New York- Wave Money launched in based marketing technology Myanmar and Valyou in firm Tapad Inc. Malaysia April Deloitte Advokatfirma submits final report on Telenor’s handling of VimpelCom Ltd. ownership SUMMARY OF THE YEAR TELENOR ANNUAL REPORT 2016 9 3G and 4G December Completion of major 3G Telenor sets new network expansion in Sustainability direction, Bangladesh; Telenor Pakistan focusing on UN SDGs and begins rolling out 4G Reduced Inequalities September Myanmar Youth Forum Telenor starts divestment Myanmar turns cash flow Telenor kicks off year-long of minority stake in positive, only two years after programme that challenges VimpelCom Ltd. service launch young leaders to tackle big, social issues 10 TELENOR ANNUAL REPORT 2016 FINANCIAL ACHIEVEMENTS FINANCIAL ACHIEVEMENTS (NOK in billions) 2014 2015 2016 Revenues Revenues 111.4 128.2 131.4 Organic revenue growth (%) 3% 5% 1% EBITDA before other income and other expenses 38.5 44.2 46.5 EBITDA before other income and other expenses/Revenues (%) 34.5% 34.5% 35.4% Profit after tax and non­controlling interest 9.1 3.4 2.8 Capex excl. licences and spectrum/Revenues (%) 15.6% 18.4% 17.3% Capex/Revenues (%) 20.7% 19.7% 20.0% Mobile subscriptions ­ total (mill.) 186 203 214 FINANCIAL CALENDAR 2017 4 May 2017 Telenor’s result for the 1st quarter 2017 10 May 2017 Annual General Meeting 17 July 2017 Telenor’s result for the 2nd quarter 2017 25 October 2017 Telenor’s result for the 3rd quarter 2017 FINANCIAL ACHIEVEMENTS TELENOR ANNUAL REPORT 2016 11 Revenues Mobile subscriptions EBITDA 131 214 46 NOK billion million NOK billion Capex/Revenues EBITDA margin 20 35 per cent per cent 12 TELENOR ANNUAL REPORT 2016 OUR STRATEGY OUR STRATEGY Our vision is to empower societies. We provide the power of digital communication, enabling everyone to improve their lives, build societies and secure a better future for all. Our strategy towards 2020 is driven by the ambition to become our customers’ favourite partner in digital life. Customers’ favourite partner in Across Telenor we have an increasing Responsible business conduct digital life focus on cash­flow, and simultaneously It is our responsibility and our ambition to By satisfying each customer’s digital seeking to leverage scale, both through contribute to economic, environmental needs in a personal and relevant way, we global operations and synergies. We and social development of the countries are building strong and lasting innovate efficiently, by relying on low cost where we are present, acting with relationships with our customers. experimentation. accountability and transparency. By showing our long­term commitment we A range of relevant digital products, Advanced
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