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12335 ENG. Materie Telenor is developing profitable mobile operations in international growth areas, while maintaining its position as market leader in Norway. Annual Report 2004 KEY FIGURES (NOK in millions except net income per share) PROFIT AND LOSS 2004 2003 2002 2001 2000 Revenues 60,752 52,889 48,668 40,604 36,530 Gains on disposal of fixed assets and operations 550 232 158 5,436 1,042 Total revenues 61,302 53,121 48,826 46,040 37,572 Operating expenses 54,700 45,561 49,146 42,863 33,943 Operating profit (loss) 6,602 7,560 (320) 3,177 3,629 Associated companies 718 1,231 (2,450) 8 237 (692) Net income (loss) 5,358 4,560 (4,298) 7,079 1,076 Net income (loss) per share in NOK – basic 3,07 2,57 (2,42) 3,99 0,75 US GAAP Revenues 67,801 52,826 47,879 40,581 36,481 Net income (loss) 5,639 5,036 (3,658) 7,004 1, 082 Net income (loss) per share in NOK – basic 3.22 2.84 (2.06) 3.95 0.76 BALANCE AT 31 DECEMBER 2004 2003 2002 2001 2000 Total fixed assets 71,359 68,346 74,162 66,095 80,881 Total current assets 16,735 17,764 15,296 16,528 12,804 Total assets 88,094 86,110 89,458 82,623 93,685 Shareholders equity 37,594 37,237 33,685 42,144 35,474 Minority interests 4,074 3,646 3,603 3,539 2,706 Total equity and minority interests 41,668 40,883 37,288 45,683 38,180 Total long-term liabilities and provisions 24,294 25,102 26,772 15,866 15,285 Total short-term liabilities 22,132 20,125 25,398 21,074 40,220 Total liabilities 46,426 45,227 52,170 36,940 55,505 Total equity and liabilities 88,094 86 110 89,458 82,623 93,685 US GAAP Total assets 101,171 101,088 97,511 90,129 99,776 Total long-term liabilities 34,882 39,255 33,957 24,758 46,972 Total equity and minority interests 42,430 42,535 35,799 42,944 36,304 CASH FLOW AND OTHER KEY FIGURES 2004 2003 2002 2001 2000 Net cash flow from operating activities 18,991 13,676 12,858 6,993 5,915 Net cash flow from investment activities (13,031) (3,454) (21,727) 20,891 (47,308) Net cash flow from financing activities (8,255) (7,887) 8,641 (24,366) 41,558 Investments: - Capex 1) 12,745 6,454 8,889 11,634 10,421 - Investments in activities 2) 5,809 563 12,411 7,212 40,251 EBITDA 3) 20,821 18,302 13,469 14,250 9,563 RECONCILIATIONS 2004 2003 2002 2001 2000 Net income (loss) 5,358 4,560 (4,298) 7,079 1,076 Minority interests 1,244 490 (358) (721) 66 Taxes 2,244 2,376 (480) 3,897 861 Net financial items (1,526) 1,365 2,366 1,159 934 Associated companies (718) (1,231) 2,450 (8,237) 692 Depreciation and amortization 11,623 10,597 10,236 7,251 5,821 Write-downs 2,596 145 3,553 3,822 113 EBITDA 20,821 18,302 13,469 14,250 9,563 1) Capex is investments in tangible and intangible assets 2) Consists of aquisitions of shares and paticipations including aquisition of subsidiaries and businesses not organized as separate companies 3) Operating profit before depreciation, amortization and write-downs DISTRIBUTION EXTERNAL REVENUES 2004 DISTRIBUTION EXTERNAL REVENUES 2004 12% Other units 19% Europe (ex. Nordic region) 9% Broadcast 51% Mobile 11% Asia/ 55% Norway operations other countries 28% Fixed 15% Nordic region (ex. Norway) The world is getting smaller Norway Telenor Mobil, Fixed, Broadcast, EDB Business Partner, Satellite Services Finland Broadcast (Canal Digital) Sweden Telenor Mobile Sweden, Broadcast (Canal Digital) Russia VimpelCom 29.9%, Golden Telecom 20.3% Denmark Sonofon 100%, Broadcast (Canal Digital) Ukraine Kyivstar GSM 56.5% Hungary Pannon GSM 100% Austria ONE 17.5% Montenegro Promonte GSM 100% Pakistan Telenor Pakistan 100% Bangladesh GrameenPhone 62%* Thailand DTAC 40.3%* Malaysia Digi.Com 61% * Includes Telenor’s direct ownership of DTAC and Telenor’s indirect ownership through Telenor’s ownership of UCOM. Telenor is Norway’s largest telecommunica- tions provider. Telenor has substantial international operations. Telenor’s market value as In 2004, Telenor at 31 March 2005 was NOK 100 billion. Telenor is registered record- the third largest company high customer listed on the Oslo Stock Exchange. growth in several markets. At year-end 2004, the Telenor is listed Telenor Group had 21,750 This is Telenor employees, 9,750 of them on the Oslo Stock AGE 1 were employed outside Exchange and P Norway. Nasdaq. enor ASA Annual Report 2004 enor ASA Annual l Te Contents: This is Telenor 1 Group Management 34 Auditor’s Report 146 CEO Jon Fredrik Baksaas 4 Corporate Governance 35 Implementation of International Telenor in 2004 and 2005 6 Information to shareholders 42 Financial Reporting Standards (IFRS) 147 Telenor’s operations 8 Report of the Board of Directors 45 Telenor – 150 years 152 The Nordic region 12 Financial Review 54 Memorandum and articles Europe 20 Accounts Telenor Group 82 of association of Telenor ASA 153 Asia 26 Accounts Telenor ASA 134 Elected Officers and Management 154 Telenor is becoming increasingly international. The company’s strong position in Norway will remain an important platform in Telenor’s future development. AGE 2 P enor ASA Annual Report 2004 enor ASA Annual l Te Telenor ASA Annual Report 2004 PAGE 3 Telenor – online for 150 years In 2005, we are celebrating Telenor’s 150th anniversary. Looking back allows us to appreciate how growth and lasting value was created. Our history also provides insight into how we may secure the future development of our company. A pioneering nation ence and skills gained in the Norwegian improvement. By focusing on cost-control Telenor’s history in Norway is a story of telecommunications market to our partners we will counter rising costs relating to fierce receiving technological impulses from the in Europe and later in Asia. competition in mature markets – where we outside world, and developing them within are firmly established – as well as costs the framework of distinctly Norwegian con- From monopoly to competition relating to the development of activities ditions. Building telecommunications net- In Norway, as in other countries, the in emerging markets. works in Norway involved overcoming sig- telecommunications industry came to be nificant challenges. Equally significant were dominated by national monopolies. The Telenor’s strategy is to maintain the com- the gains made with respect to industrial stable and comprehensive frameworks of pany’s leading position in Norway as well development and improved welfare. the monopoly era secured nationwide as developing profitable mobile operations networks and reliable services. in international markets. As a consequence, A look back on Telenor’s 150 years in tele- we have organised our Group Management communications provides ample examples Over the last 20 years, profound changes in order to focus on both existing and of Norwegians pioneering and being quick have taken place in the telecommunica- emerging areas of growth. to adopt new services. In 1880, Telenor tions industry. The monopolies have been introduced commercial telephony, making dissolved, and together with technological The Telenor of today is the result of count- Norway one of the first countries to provide development, new opportunities for inno- less individual efforts to develop the com- such services. Due to the challenging geo- vation, growth, and improved welfare have pany through 150 years. Our organisation graphical characteristics of our country the emerged. It is striking to see how such currently consists of thousands of skilled telephone quickly became an important opportunities are being created through people from various backgrounds, and as tool with respect to strengthening social a combination of global impulses and we continue to develop our core compe- The CEO ties and commercial development. In 1906, national initiatives. tence we will come to rely increasingly on Telenor became the first company in people from different nationalities. AGE 4 Europe to connect remote island commu- Today, the telecommunications industry P nities with the mainland via radiotelephony. is exposed to fierce competition. National Customer satisfaction This provided fishermen in the villages of and geographical borders no longer coin- In recent years we have developed a man- Northern Norway with a means of direct cide with those of telecommunications. The agement culture that involves active pursuit communication with the exporters on the same products and services are developed of improvements. We also remain fully com- mainland – an event that contributed and offered in a number of different coun- mitted to enhance customer satisfaction significantly to the rapid development of tries. Another example is how telecommu- and customer perception, an absolute re- Norwegian fish exports, which today are nications solutions are managed and pro- quirement in all the markets where we pro- among the largest in the world. In recent vided across borders. In our international vide services. For Telenor it is essential to enor ASA Annual Report 2004 enor ASA Annual l Te years we have seen that Norwegian fish commitments we have been able to draw earn the trust of customers, owners, em- exporters have been equally quick to take on our experience and expertise, and this ployees and society in general. up the Internet in their operations. has given us a solid basis for extracting synergies relating to innovation and new By pioneering new technology, Telenor has In 1976, we opened the first satellite con- development.
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