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Download Annual Report 2019 PAGE 1 BROWSE CHANGE VIEW SEARCH USER GUIDE This document is an interactive PDF file (iPDF). The document is designed for Adobe Reader/Acrobat Pro DC. Some functions may not work in web browsers that support PDF plug-ins. If you experience problems viewing in your web browser, please download and open the PDF in Adobe Reader/ Acrobat. The top navigation panel should function with all PDF readers for tablets supporting hyperlinks. ANNUAL REPORT 2019 Right-hand arrow: flip one page forward (or use arrow keys/scroll wheel) Left-hand arrow: flip one page backward (or use arrow keys/ scroll wheel) Previous view: back to previously viewed pages Next view: forward to previously viewed pages Fit height Full screen view on/off Fit width Advanced search 2201011 • BOLT.as PAGE 2 BROWSE CHANGE VIEW SEARCH CONTENT LETTER FROM THE CEO LETTER FROM THE CEO 2 GROUP EXECUTIVE MANAGEMENT 4 LETTER FROM THE CHAIR 5 BOARD OF DIRECTORS’ REPORT 7 THE BOARD 41 SUSTAINABILITY REPORT 2019 42 FINANCIAL STATEMENTS MODERNISING TELENOR GROUP TELENOR TO DRIVE CONSOLIDATED INCOME STATEMENT 57 SOCIETIES FORWARD CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 58 The first Telenor CEO was Carsten Tank CONSOLIDATED STATEMENT OF FINANCIAL POSITION 59 Nielsen. He believed strongly in the CONSOLIDATED STATEMENT telegraph as a means to enable and OF CASH FLOWS 60 strengthen businesses and connect the CONSOLIDATED STATEMENT OF young Norwegian nation with the rest of CHANGES IN EQUITY 61 the world. It was his way of empowering NOTES TO THE the Norwegian society. FINANCIAL STATEMENTS 62 It is now 165 years later, and we are still in FINANCIAL STATEMENTS the business of empowering societies TELENOR ASA through connectivity. Today we are in the INCOME STATEMENT 126 midst of what is probably our largest STATEMENT OF modernisation effort to date. We are COMPREHENSIVE INCOME 127 mapping, planning and preparing STATEMENT OF FINANCIAL ourselves and the societies we serve for POSITION 128 yet another technology shift to continue STATEMENT OF CASH FLOWS 129 moving us forward. In Norway, for example, STATEMENT OF CHANGES we are decommissioning the legacy copper IN EQUITY 130 lines and upgrading our entire fixed NOTES TO THE FINANCIAL STATEMENTS 131 network with fibre and wireless solutions. RESPONSIBILITY STATEMENT 144 At the same time, we are constantly seeking to improve and enhance our Our strategic direction guides us towards environment risk, in how we treat our STATEMENT FROM THE CORPORATE ASSEMBLY operations and renew our way of work, in reaching our ambitions. It consists of three customers’ data, and in our role as a OF TELENOR ASA 145 order to better serve our customers main components: global citizen working towards our AUDITOR’S REPORT 146 throughout all of our markets. Seamless, climate ambitions. DEFINITIONS 151 personal and more engaging customer • Deliver growth through focused journeys is one part of that, while we are customer offerings that fuel the This direction will guide us through 2020- exploring how to deploy robots, persistent need for connectivity and 21. Crucial to our strategy is our decision to automation and Artificial Intelligence (AI) related services. uniting our Asian markets into a single, to deliver the best possible network • Continue to innovate on our core strong unit and thus build a stronger experience to our customers. business and be a leader in presence in the region. This will make us modernisation, from how we run our well equipped to fully realise the potential networks to the way we engage with across the region and seize opportunities customers across touchpoints. for growth. On the technology side, we • Reinforce our strong foundation of have already seen commercial launches of responsible business through the way 5G in our footprint, and in the coming year we operate and manage business we will continue to explore how 5G can PAGE 3 BROWSE CHANGE VIEW SEARCH CONTENT make an even bigger impact in society. In 2020 and beyond, we will continue to Empowering societies. That is what it is all There are so many new opportunities with focus on making a positive impact for for. We are a company built on the idea of 5G, AI, automation and more. Acting on customers and societies. In order to play always exploring, seeking new LETTER FROM THE CEO 2 them requires us to work in new ways, this important societal role, we are opportunities and developing smarter GROUP EXECUTIVE MANAGEMENT 4 move faster and engage more deeply with dependent on our ability to monetise our ways to bring people, businesses and partners and peers than ever before. This is services in a fair, predictable and societies together. And we believe that LETTER FROM THE CHAIR 5 why Telenor is investing time and resources sustainable way. We are reshaping the secure, reliable and efficient connectivity BOARD OF DIRECTORS’ REPORT 7 in upskilling our entire workforce. model that took us this far by seeking new is a fundamental need and the lifeblood of THE BOARD 41 and smarter ways of delivering value to our modern societies. This requires continuous SUSTAINABILITY REPORT 2019 42 The 2020s will also usher in new risks for customers, while applying technology and improvement on our core services; it us to tackle. We will continue to face managing our resources as efficiently as requires simpler systems and processes; FINANCIAL STATEMENTS manipulation and contamination of data possible. In 2020, we will continue to and it requires us to be even more efficient TELENOR GROUP intended to disrupt and mislead, which modernise our infrastructure, enhance the in how we operate. This is not new to us in CONSOLIDATED places higher expectations on everyone. way we work, and institutionalise our Telenor. We have been creating together INCOME STATEMENT 57 For connectivity providers in general and utilisation of data to deliver new, relevant every day since 1855. And we will continue CONSOLIDATED STATEMENT Telenor in particular, it means that building OF COMPREHENSIVE INCOME 58 services and better customer journeys. We what Carsten Tank Nielsen started all and maintaining trust, from consumers, fully support the UNs 2030 Agenda for those years ago, working to empower CONSOLIDATED STATEMENT OF FINANCIAL POSITION 59 businesses and societies, is more Sustainable Development. Together with societies for the next 165 years and CONSOLIDATED STATEMENT important than ever. As we have seen our partners, customers and stakeholders beyond. OF CASH FLOWS 60 lately, cross-border diseases such as we are raising standards in our operations CONSOLIDATED STATEMENT OF COVID-19 disrupts daily lives, business and and supply chain. We are providing access CHANGES IN EQUITY 61 society as a whole. Keeping our people to services and opportunities that help NOTES TO THE safe remains a top priority. So does striving deliver on the UNs Sustainable FINANCIAL STATEMENTS 62 for business continuity, as Telenor plays a Development Goals across our markets. key role in securing critical infrastructure Sigve Brekke, President & CEO FINANCIAL STATEMENTS when a crisis like this occurs. In the light of While the strategy is the map for our Telenor Group TELENOR ASA the COVID-19 situation, keeping people business, I like to think of our purpose as INCOME STATEMENT 126 connected to what matters most is more our ultimate destination. Connecting STATEMENT OF relevant than ever. customers to what matters most. COMPREHENSIVE INCOME 127 STATEMENT OF FINANCIAL POSITION 128 STATEMENT OF CASH FLOWS 129 STATEMENT OF CHANGES IN EQUITY 130 NOTES TO THE FINANCIAL STATEMENTS 131 RESPONSIBILITY STATEMENT 144 STATEMENT FROM THE CORPORATE ASSEMBLY OF TELENOR ASA 145 AUDITOR’S REPORT 146 DEFINITIONS 151 PAGE 4 BROWSE CHANGE VIEW SEARCH CONTENT GROUP EXECUTIVE MANAGEMENT1) LETTER FROM THE CEO 2 GROUP EXECUTIVE MANAGEMENT 4 LETTER FROM THE CHAIR 5 BOARD OF DIRECTORS’ REPORT 7 THE BOARD 41 SUSTAINABILITY REPORT 2019 42 FINANCIAL STATEMENTS TELENOR GROUP CONSOLIDATED INCOME STATEMENT 57 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 58 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 59 CONSOLIDATED STATEMENT Sigve Brekke Jørgen C. Arentz Rostrup Cecilie Blydt Heuch Anne Kvam OF CASH FLOWS 60 President and Chief Executive EVP and Chief Financial EVP and Chief People EVP and Chief Corporate Affairs Officer (CEO) Officer (CFO) Officer Officer CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 61 NOTES TO THE FINANCIAL STATEMENTS 62 FINANCIAL STATEMENTS TELENOR ASA INCOME STATEMENT 126 STATEMENT OF COMPREHENSIVE INCOME 127 STATEMENT OF FINANCIAL POSITION 128 STATEMENT OF CASH FLOWS 129 STATEMENT OF CHANGES IN EQUITY 130 Ruza Sabanovic Lars Thomsen Petter-Børre Furberg Albern Murty EVP and Head of Technologies Acting EVP and EVP and EVP Developed Asia Cluster NOTES TO THE FINANCIAL and Services Chief Marketing Officer CEO of Telenor Norway and CEO of Digi STATEMENTS 131 RESPONSIBILITY STATEMENT 144 STATEMENT FROM THE CORPORATE ASSEMBLY OF TELENOR ASA 145 AUDITOR’S REPORT 146 DEFINITIONS 151 Jukka Leinonen Irfan Wahab Khan EVP Nordic Cluster and CEO of EVP Emerging Asia Cluster DNA, Finland and CEO of Telenor Pakistan 1) As announced on 19 March 2020, a number of key management changes will take place with effect from 1 May 2020; The Asian clusters will be united into one region with Jørgen C. Arentz Rostrup as EVP and Head of Asia. Rostrup will be succeeded by Tone Hegland Bachke as EVP and Chief Financial Officer. Digi CEO Albern Murty and Telenor Pakistan CEO Irfan Wahab Khan will step out of their current roles as heads of the clusters Developed Asia and Emerging Asia and the Group Executive Management, and will continue as CEOs of their respective companies. PAGE 5 BROWSE CHANGE VIEW SEARCH CONTENT LETTER FROM THE CHAIR LETTER FROM THE CEO 2 GROUP EXECUTIVE MANAGEMENT 4 LETTER FROM THE CHAIR 5 BOARD OF DIRECTORS’ REPORT 7 THE BOARD 41 SUSTAINABILITY REPORT 2019 42 Telenor has a proud history, for more than FINANCIAL STATEMENTS 165 years, of connecting people and TELENOR GROUP societies.
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