CAPITAL MARKETS DAY 2019 DISCLAIMER & FORWARD-LOOKING STATEMENTS
This document contains the use of alternative performance measures (APM’s) to provide readers with additional financial information that is regularly reviewed by management, such as adjusted EBITDA, CAPEX and operational free cash flow. These APM’s should not be viewed as a substitute for Telia Company’s IFRS based figures, but as a complement. APM definitions can be found in Telia Company’s interims reports and Annual and Sustainability Report 2018 and may be defined differently by other companies and are therefore not always comparable to similar measures used by other companies. Telia Company’s management considers these APM’s combined with IFRS performance measures and in conjunction with each other, the most appropriate way to measure the performance of Telia Company.
Statements made in this document relating to future status or circumstances, including future performance and other trend projections are forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of Telia Company.
2 AGENDA
Welcome & overall Common products strategy Sustainability update and services (CPS) FINANCIALS 08.00 08.40 09.00 09.20 • Johan Dennelind, President & • Cecilia Lundin, Head of • Magnus Zetterberg, COO & • Christian Luiga, CFO CEO People & Brand Head of CPS • 09.20-09.50 • 08.00-08.40 • 08.40-09.00 • 09.00-09.20 • 09.50-10.10 Q&A
Closing remarks Sweden NORWAY FINLAND and Q&A 10.30 11.10 11.40 12.00 • Anders Olsson, CEO Sweden • Abraham Foss, CEO Norway • Stein-Erik Vellan, CEO • Johan Dennelind, President & • 10.30-11.10 • 11.10-11.40 Finland CEO • 11.40-12.00 • 12.00-12.30 Q&A
3 CAPITAL MARKETS DAY 2019 Johan Dennelind, President and CEO ENTERING A NEW ERA OF OPPORTUNITIES
Digitalized Societies
Digital experiences
Automation & innovation
5 NEW FOCUS - REALLOCATED CAPITAL
DIVESTMENTS 2016-2018 ACQUISITIONS 2016-2018 Around SEK 50 BILLION Around SEK 40 BILLION
Norway
Bonnier Broadcasting expected closing H2 2019
6 THE #1 GO-TO PARTNER IN AN ATTRACTIVE REGION
TOTAL POPULATION STRONG MACRO ECONOMY 33 2-3% GDP growth 2019-2020 #2 Million #1 Source: Eurostat Source: SEB #2 High grade of TOP 5 COUNTRY ESG #1 DIGITALIZATION 10 SCORES 10 IOT connections/capita 5 5
#1 0 #3 0 2017 2018 2019 2020 2021 2022 SWE DEN SUI FIN NOR
Nordics/Baltics Rest of EUR 2018 Oct #1 Source: Telia Company Source: RobecoSAM
7 WINNING 2022 – BUILDING THE TRUSTED AND LOVED BRAND OF TELIA PURPOSE Bringing the world closer AMBITION
The most loyal and satisfied TSR among the top relevant Industry leader in digital impact through United The most engaged employees customers in our markets European peers Nation’s Sustainable Development Goals
Building on connectivity leadership… … closer to what matters to our customers… Mass-market Enterprise Ecosystems Hub to digital Digitalization partner of Enabling partners with experiences in homes choice new business models and offices Best network experience across platforms …based on speed, innovation and great people
Analytics and insights Rebuilding the factory Cost leadership driven go-to-market and through softwarization through scale and customer interaction synergies
FOUNDATION
VALUES Values-driven culture, with self leadership, customer A strong governance framework with best-in-class 8 passion and cost ownership as cornerstones ethics and compliance GOOD BRAND MOMENTUM ACROSS MARKETS
THE TELIA Brand promise POSITIVE LONG-TERM B2C NPS TREND
YOUR NEW WORLD OF DIGITAL EXPERIENCES
+6 +3 +5 +5
+4
+11 9 Numbers refer to change in B2C NPS 2018 vs. 2015 CONVERGENCE B2C – OUR PHILOSOPHY
Strong customer DRIVE LOYALTY Grow Arpa and position in core FURTHER additional services services
Pro- Demanding premium service motors and willing to pay for it
Incentive Require incentives (e.g. more for more) seekers to add additional services
Discount Require discounts to seekers add additional services 10 B2C CONVERGENCE PROOF POINTS - BALTICS
B2C CONVERGENCE IN ESTONIA B2C CONVERGENCE IN LITHUANIA NPS, ARPA in EUR and churn ARPA in EUR and fixed BB customers having a mobile postpaid subscription
NPS ARPA CHURN ARPA MOBILE POSTPAID SUBS per BB CUSTOMER 60 35 EUR 33 29% EUR 50 30 EUR 28 50 26% 25 40 EUR 35 30 20 30 15 19 20 12% 10 7% 10 4% 5
0 0 B2C avg B2C Telia1* Feb 2018 Current
11 *Telia1=Telia’s convergence proposition DEEPENING OUR CONVERGENCE - ENTERING THE CONTENT ARENA
Enhance customer Secure key content, now Be part of the reshaping experience with data and for the future media value chain on our analytics into unique terms offerings Monetize on video across the entire market, not just our customers
12 CONVERGENCE B2B – MORE FOR MORE
Drive loyalty and Monetize Strong position in protect core digitalization core services revenues growth
Loyalty
Ecosystem partner
ICT Solution provider CLOUD, IoT, SECURITY
Connectivity provider
13 Share of ICT spend 5G CONTRACTS AND PILOTS IN OUR MARKETS
TAKING THE LEAD EXAMPLES THROUGHOUT OUR FOOTPRINT
TELIA COMPANY LEADING THE WAY IN 5G
14 TELIA GLOBAL AS AN INNOVATION AND GROWTH DRIVER
Leverage Division X MultiNational Other growth Telia Carrier - IoT Customers drivers potential +20% Service revenues 1.0 • Telia Ventures 0.8 38 SELECTED CUSTOMERS • Digital health • Data insights
SEK in billion SEK 1.4 BILLION • Partner networks in revenues 2015 2015 2018 2018 2018 2019
Service revenues
TELIA GLOBAL >sek 200 million in additional ebitda contribution potential by 2022
15 NEXT PHASE OF OUR SUSTAINABILITY AGENDA – DARING GOALS FOR IMPACT
Throughout the value chain
Circular economy business model
People of Telia
16 CLEAR EFFICIENCY AGENDA
COST DRIVERS STRUCTURAL COST/CAPEX INITIATIVES GENERAL COST REDUCTIONS
• Growth initiatives • M&A synergies • Country programs G&A • Inflation • New operating model • Operational excellence • Digital/IT transformation • Commercial excellence • Sourcing excellence
Around 2 percent annual net OPEX reduction 2019-2021
CAPEX EFFICIENCES 2019-2022
17 REVISING CASH FLOW SYNERGIES UPWARDS
NOK 800 MILLION end of 2021
18 BONNIER BROADCASTING – SOLID FUNDAMENTALS
MARKET SHARE IN KEY AGE GROUP LOCAL AVOD MARKET SHARE TV4 GROUP Total TV reach Sweden 15-64 years old, incl. non-commercial Sweden % (based on MMS) Sweden %, both linear and AVOD
65 66 2017 2018 33.8 34.2 54
23.6 21.5 (%) (%) (%) 17 16 13
TV4 (channel) TV4 group (all channels) TV4 Play NENT Group Discovery Aftonbladet 2014 2018 Networks TV
• TV4 increased absolute viewing • TV4 Play equals the combined • TV4 Play more than compensate from 23 minutes to 26 minutes in market share of closest local peers for lower linear reach key group 15-64 years
19 Source: MMS, Kantar-Sifo Orvetso SOLID FUNDAMENTALS DELIVERING STRONG FINANCIALS
FINANCIAL OVERVIEW FINANCIAL BREAKDOWN Cash flow development SEK billion SEK billion SEK billion, EBITA assumed to equal EBITDA-CAPEX
Net sales 8.3 2016 2017 2018 EBITA 1.0 NET SALES 7.4 7.4 8.3 - TV4 4.2 4.4 4.7 7.4 7.4 - C MORE 1.5 1.6 1.9 - MTV 1.8 1.7 1.9
1.0 EBITa 0.4 0.4 1.0 0.4 0.4 - TV4 0.7 1.0 1.4 0.4 0.4 - C MORE -0.4 -0.4 -0.1 - MTV -0.1 -0.3 -0.3 2016 2017 2018 2016 2017 2018 Note: Excludes other
15.3x 9.2x EV/EBITA AT ANNOUNCEMENT EV/EBITA 2018 (EXCLUDING SYNERGIES) (EXCLUDING SYNERGIES)
20 Source: Bonnier Broadcasting Annual Report 2018 A STRONGER TELIA COMPANY EMERGING
FULL RUN-RATE GET/ BONNIER SYNERGIES COMBINED 2018 (SEK BILLION) TDC NORWAY BROADCASTING (PER YEAR) PRO FORMA
EBITDA 1.8 1.1** 4.2 (prev. 3.5) 1.3 (margin) 43.4% 13.8% >32.5%
0.8 1.0*** 3.3 (prev. 2.7) EBITDA-CAPEX* 1.4 (cash conversion) 48.1% 91.3% 77.7%
SYNERGY BREAKDOWN
GET/TDC – NOK 800 MILLION BONNIER BROADCASTING – CASH CASH FLOW SYNERGIES END FLOW SYNERGIES OF Sek 600 of 2021 million end of 2022
Norway
21 * Excluding licenses ** Assuming same depreciation in 2018 as in 2017 *** Assuming EBITA equals EBITDA-CAPEX CASH FLOW TO SUSTAIN AND GROW BEYOND 2019
HOW SHOULD YOU HOLD US ACCOUNTABLE?
WISE BEST IN CLASS FIGHT FOR PUSH FOR EXECUTION OF INVESTMENtS CASH GROWTH EFFICIENCY M&A USING OUR MANAGEMENT SCALE
• Convergence • Structural • Get/TDC NOK • CAPEX coming • SEK 2.4 billion reductions 800 million down further remaining in • Smart pricing working capital • Cost smartness • Bonnier • Telia global efficiencies Broadcasting SEK • Net OPEX 600 million reduction of 2 percent 2019- 2021
22 CAPITAL MARKETS DAY 2019 Cecilia Lundin, Head of People & Brand
23 MAKING AN IMPACT - DIGITAL IMPACT
B2C customers Employees
Suppliers B2B and partners customers
Shareholders and investors Society
24 SUSTAINABILITY: LET’S GET DOWN TO BUSINESS
Telia Crowd Insights screening millions of trips 1 to/from/within Helsinki and Espoo
Helsinki Regional Traffic invested in a new 2 subway line to improve the problematic traffic situation
Result: 8 percent less car traffic (5,700 cars) 3 (Nov 2017-Jan 2018)
Replicable and scalable, other cities are already looking to work with Telia Company to deploy Crowd Insights in traffic planning
Contributing to SDG11: Sustainable cities and communities and SDG13: Climate action
25 OUR EVOLVING SUSTAINABILITY AGENDA
LEADING Daring goals THE WAY Impact engagement Statement of materiality Strategy integration Exit Eurasia & DoJ
26 UPPING THE GAME: OUR DARING GOALS
Throughout the Circular economy value chain business model People of Telia
27 SHAPING THE PLANET’S GREENEST TELCO
CO as selection 100% renewable Increased own Zero CO 93% renewable 2 Supplier zero CO2 2 energy criteria for suppliers energy plans in place renewable power supplier base
Full capacity Environment Digital waste Full circularity by design strategy in place utilization
50% employee Achievements 100% employee engagement linked to employee engagement rewards
Today 2030
28 MAKING A CHANGE ACROSS THE ECOSYSTEM
Telia Customers and Indirect operations Suppliers stakeholders
Increased value, complexity and impact
29 ALL OF OUR SUPPLIERS TO REACH ZERO CO2 BY 2030
CO2 as decision criteria Plan for reaching zero CO2 Telia is adding CO2 into the supplier selection decision All suppliers should have a plan in place for reaching the criteria by end of 2019 zero CO2 goal (including their suppliers) before end of 2022
IMPLEMENTATION PLAN
2019 2022 2030
Target Policy review and creation and scoring model base-line adjustment review
All suppliers to have zero CO2 goal in place
Cooperation and education together with suppliers
30 DARING GOALS DRIVING SHAREHOLDER VALUE
2020 2019 and beyond
Included Will • Positive impact on in OP.FCF customer loyalty support SEK • Sustainability is a cash flow business driver 12.0-12.5 • Lowering risk & TSR BILLION
31 SHAPING THE PLANET’S GREENEST TELCO
Telia green Digital impact Value commitments Part of our purpose and Daring goals strategy commitment is Zero CO2 Zero Waste supporting cash flow and 100% Action TSR
32 CAPITAL MARKETS DAY 2019 Magnus Zetterberg, COO & Head of CPS common products and services – key messages
5G
NEW OPERATING BUSINESS DRIVEN MODEL 5g APPROACH
34 WHY A NEW OPERATING MODEL – PROBLEM STATEMENT
POINT OF DEPARTURE
• Overlapping work in product development • Inconsistency in processes across our markets • Old way of working with development – release-based model • Country unique architecture in value chains
35 COMMON PRODUCTS AND SERVICES (CPS) OVERVIEW
OLD OPERATING MODEL NEW OPERATING MODEL
SWEDEN PRODUCTS, GLOBAL SERVICES COMMON PRODUCTS & CUSTOMER SERVICES AND SALES & OPERATIONS SERVICES (CPS) FACING (GSO) UNITS FINLAND PRODUCTS, PRODUCT AREAS SERVICES AND SALES • COMMUNICATION NORWAY PRODUCTS, • CONNECTIVITY SERVICES AND SALES END- • MEDIA/ENTERTAINMENT COUNTRY END- CUSTOMERS • IT SERVICES P&L CUSTOMERS DENMARK PRODUCTS, COMMON SERVICES AND SALES PLATFORM IT ESTONIA PRODUCTS, SERVICES AND SALES COMMON COMMON COMMON SERVICE SERVICE PLATFORM ASSURANCE LITHUANIA PRODUCTS, ASSURANCE SERVICES AND SALES
SCALE EFFECTS IN DEVELOPMENT AND CONSOLIDATION (DEVELOP ONCE, DELIVER X6)
36 NEW OPERATING MODEL TO GENERATE EFFICIENCIES
IMPLEMENTING A NEW OPERATING MODEL...... WITH A STRONG BUSINESS RATIONALE
COUNTRY CUSTOMER FACING UNITS • RELEVANCE AND CUSTOMER AGILITY AS KEY DRIVERS COUNTRY P&L • ACCOUNTABLE FOR DRIVING COUNTRY COMMERCIAL AGENDA
COMMON • FOCUS ON ACHIEVING PLATFORM/PRODUCT EFFICIENCY COMMON PRODUCTS & SERVICES AND QUALITY LEVERAGE SCALE ACROSS COMPANY • ACCOUNTABLE FOR MANAGING A COMPETITIVE, MODULAR PRODUCT PORTFOLIO FOR ALL MARKETS
37 MULTIPLE LAYERS OF SYNERGIES
STEPWISE IMPLEMENTATION DAY 1 BENEFITS FULLY IMPLEMENTED OF CORE CHANGES
PROCESSES MODULAR PRODUCTS
CPS CPS
ENTERPRISE WAY OF WORK ARCHITECTURE
POOLING OF RESOURCES COMMON DEVELOPMENT OF PRODUCTS ON A COMMON PLATFORM
ORGANIZATIONAL CONSOLIDATION AND SCALE FULL BENEFIT OF SYNERGIES SYNERGIES OPERATING MODEL
38 Note: Sweden implemented in model, rest of the countries to follow over time MULTIPLE GAINS FROM COMMON OPERATING MODEL
EFFICIENCY AND INCREASED CUSTOMER SPEED AND FLEXIBILITY SCALABILITY EXPERIENCE
• NEW WAY OF WORKING – • DEVELOP ONCE – DELIVER 6X • EARLIER LAUNCHES OF NEW AGILE AND COMMON TECHNOLOGY
• COMMON PRODUCT • ONE JOINED FORCE VS. • MORE COMPETITIVE PRODUCTS DEVELOPMENT & PLATFORM FRAGMENTED EFFORTS IN ALL MARKETS
39 SYNERGIES FROM THE NEW OPERATING MODEL
COST SYNERGY OVERVIEW SEK billion
SEK BILLION 0.6-0.9
15% ORGANIZATION 25% IN ADDITION CAPEX WAY OF WORKING SAVINGS OF SEK 0.5 0.6-0.9 BILLION WITH RUN- 20% rTATE BN PRODUCTS/PROCESS RATE END OF 2022
SYSTEMS/PROCESS RUN - 10% 30% SUPPLIERS TIME END OF 2022
40 OUR APPROACH TO...
...5G
41 5G COMMERCIAL CONTRACTS AND PILOTS
TAKING THE LEAD COMMERCIAL CONTRACTS FOR 5G • Several commercial B2B contracts in Finland and Sweden • 5G pilot networks in all markets (excluding Denmark)
COOPERATION WITH CUSTOMERS TO DIGITALIZE THEIR BUSINESSES • Manufacturing • Process industry • Mining • Logistics • And several more
PARTNER PROGRAM • +100 partners in Finland, Norway and Sweden • Aim to drive development of new services based on 5G technology
42 5G ROADMAP FOR TELIA COMPANY
INDUSTRY FOCUS INDUSTRY FOCUS INDUSTRY FOCUS • TESTING • END-USER EQUIPMENT • COMMERCIAL REAL • PILOTING AVAILABLE IN LOW 5G IN VOLUMES VOLUMES
2018 2019 2020 AND BEYOND
- 5G PILOTS IN ALL MARKETS (EXCL. DK) - COMMERCIAL OFFERINGS IN 1-2 -5G MATURITY AND COMMERCIAL COUNTRIES RAMP-UP ACROSS OUR MARKETS - PARTNERSHIP PROGRAM LAUNCHED - SECURE SPECTRUM - SECURE SPECTRUM - USE CASES IN SPECIFIC VERTICALS
PILOT 5G PRE 5G NON-STANDALONE 5G MATURITY AND RAMP-UP
43 BUSINESS CASE DRIVEN APPROACH TO 5G
5G ROLL-OUT APPROACH SHORT-TERM RADIO ACCESS NETWORK CAPEX 3G/4G/5G coverage/capacity
B2B B2C B2C
2018 2019E 2020E
• Roll-out based on solid business cases • Balanced investments in 5G based on a business • First focus case driven agenda following our roadmap • Enterprise mobile networks • 5G CAPEX investments included as part of overall CAPEX bucket • Fixed wireless access • Second focus • Mass-market • Leverage capacity enhancements 44 COMMON PRODUCTS AND SERVICES – KEY PRIORITIES
5G
NEW OPERATING BUSINESS DRIVEN MODEL APPROACH Cost reduction ambition Leading position in 5G of SEK 0.6-0.9 billion through business case driven approach
45 CAPITAL MARKETS DAY 2019 Christian Luiga, CFO FINANCE - KEY PRIORITIES
cash flow Cost agenda Working capitaL Shareholder leverage Sustainable remuneration CREDIT
47 A SUCCESSFUL JOURNEY
Rightsizing the Reported EBITDA development Leverage development Balance sheet Reported currency, adjusted EBITDA, R12 Organic growth Adjusted EBITDA/net debt, 2018 a full year of Get/TDC Norway via M&A and coupled with M&A buybacks 28 and FX tailwind 2.5 2.0 26 1.5
Ratio 1.0 24 2.0
SEKBILLION 1.7 0.5 1.1
22 0.0 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 2016 2017 2018
Operational free cash flow Total Shareholder remuneration SEK billion, R12 Dividend and share buybacks 2.8% of 14 shares 10.8 repurchased 12 Growth mainly 4.0 Share buybacks Dividend 2018* 10 5.5 driven by M&A, 8 organic ebitda 3.0 1.15 6 and working capital 2.0 4 +3% SEKbillion +15% SEK/share 2.30 2.36 2 1.0 2.00 0 0.0 Q4 16 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 2016 2017 2018
48 * Ambition to repurchase shares for SEK 5 billion per year over three years starting April 2018 SERVICE REVENUE AND EBITDA DEVELOPMENT
Service revenue & ebitda development Organic growth, external service revenues and adjusted EBITDA • Organic service revenue growth excluding legacy 5% • Fiber installation revenues in decline
3% • Deliberate reduction of low margin revenues in Telia Carrier 2017 and 2018 – impacted negatively by 0.7 percent in 2018 • Important going forward to drive organic service revenue 1% growth excluding legacy
-1%
-3% 2016 2017 2018
Organic service revenues Organic service revenues excl. Legacy & fiber OTC* Organic EBITDA
49 * Fiber OTC= Fiber One Time Charges OPEX HAS BEEN TAKEN DOWN BUT MORE TO DO
Opex cost base development Growth in % continuous fine-tuning and defined projects have DELIVERED efficiencies... -1%
-2% -2%
Business -3% Cost 2018 M&A synergies transformation 2016 2017 2018
...And CREATED A FOUNDATION for • OPEX efficiencies generated over several years Further efficiency realization mainly from process optimization across the group, leading to lower resource costs
50 WE ARE DRIVING A BROAD EFFICIENCY AGENDA
Clear run-rate savings and cash flow during 2019-2022 from current programs
COGS & OPEX CAPEX CASH FLOW SEK in Billion, Run-rate
GET/TDC synergies 0.4 in 2021 0.2 in 2022 0.8 in 2022
NEW OPERATING MODEL 0.6-0.9 in 2022 0.5 in 2022 1.2-1.4 in 2022
E2E mass market (Sweden) 0.2 in 2020 0.2 in 2020 0.4 in 2020
Country cost programs Robotics, Sourcing, SARC, Channel efficiency, G&A ETC.
Inflation
Growth initiatives
51 NEW OPERATING MODEL FINANCIAL DYNAMICS
New operating model synergies SEK billion, OPEX and COGS
~6BN • Efficiencies in OPEX and COGS to come gradually as the new operating model is rolled out across the group 0.6- 0.9BN • Sweden was first in - remaining countries to follow over time • Target to reach OPEX and COGS synergies of 10-15 percent of the estimated total CPS* cost base in 2022 – equal to between 2.5BN SEK 0.6-0.9 billion • Additional CAPEX synergies of SEK 0.5 billion by 2022 • Opportunity for additional efficiency potential in countries’ OPEX after full implementation post 2022 COGS/OPEX PRE COGS/OPEX COGS/OPEX AFTER Synergies 2022 CHANGE THAT IS MOVED FROM NEW MODEL IS COMMON COUNTRIES IMPLEMENTED THAT IS COMMON
52 * CPS= Common Products and Services TARGET OF CONTINUED OPEX REDUCTION 2019
opex reduction target 2019 SEK billion, % of OPEX base, net
24 • Around 2 percent in OPEX reduction (SEK 0.5 billion) to be driven by -2% • (-) New operating model synergies • (-) Get/TDC OPEX synergies General OPEX inflation 2018 • (-) Robotics and near-shoring of ~2 percent • (-) G&A and other efficiencies • (+) Inflation • (+) Service revenue growth initiatives OPEX base OPEX reduction 2019E
53 AN EFFICIENCY AGENDA STRETCHING BEYOND 2019
OPEX reduction target 2019-2021
100% 2019 2020 2021 20% 75% 10%
20% 2% 2% 2% 50% 25% 25%
25% 0% 2019-2021 G&A Other Network OPEX IT Sales & marketing Customer operations NEW OPERATING MODEL, end2end mass market, and M&A synergies IMPORTANT DRIVERS
54 DIFFERENT GROWTH PATTERN EXPECTED 2019 VS. 2018
Ebitda development 2016-2018 Estimated 2019 ebitda pattern (excluding ifrs 16) Adjusted EBITDA, organic growth Adjusted EBITDA, organic and reported growth, excluding IFRS 16, illustrative
Organic growth pattern Reported growth pattern 14%
10%
6%
2%
-2% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 -6%
-10% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 16 16 16 16 17 17 17 17 18 18 18 18
• Organic EBITDA growth Q1 2019 expected to be weaker than Q4 2018 • Reported development to be significantly positively impacted by Get/TDC Norway • Changes in reporting from IFRS 16 not included in the illustrative graph above
55 TARGETING ANOTHER YEAR OF CASH FLOW GROWTH
Operational free cash flow 2016-2018 Operational free cash flow 2019E SEK billion, reported currency SEK billion, reported currency
2018 10.8 2.0 10.8 EBITDA 2.3 9.7 Negative -0.8 CAPEX Sweden offset 1.9 by Get/TDC in NWC NORWAY 5.5 Interest
Tax
Other
2016 EBITDA, Other 2017 EBITDA, Other 2018 2019E 12-12.5 NWC, NWC, CAPEX CAPEX
• Get/TDC main driver behind growth in EBITDA
56 AROUND SEK 2.5 BILLION UNTAPPED NWC POTENTIAL
Improvements Accumulated net Working capital impact on cash flow realized without SEK billion, reported currency, accumulated impact 5% 5% any offsetting costs
~6 6 3.6BN 5 Suppliers 2017-18 4 Customers
3 Inventory and other 90% 2
1
0 Q1 17 Q2 17 Q3 17 Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 2019 2020 2021
• Previous estimate of a SEK 5 billion potential raised to around • Customer financing and inventory will play a bigger SEK 6 billion role 2019-2021
57 CAPEX TO LEVEL OUT – FUTURE SAVINGS REINVESTED
cash Capex excluding licenses* by item Cash Capex excluding licenses* ambition SEK billlion, stable FX, excl. IFRS 16 impact SEK billlion, excl. IFRS 16 impact
15 16 Drop 2020 Other from lower 15 fiber capex 10 Customer cases 14 Strategic initiatives 13 Fiber SDU 5 12
Mobile and Fixed 11 Network 0 10 2016 2017 2018 2019E 2016 2017 2018 2019E 2020E 2021E
• CAPEX has gradually come down from 2016 peak • CAPEX efficiency improvements and savings to be reinvested in continuous IT improvement and network • Slight reduction expected 2019 despite full year consolidation of Get/TDC – mainly driven by lower fiber • Fiber in Sweden also the main driver for 2020 decline CAPEX in Sweden • Balanced 5G investments based on business cases
58 * 2016 adjusted for capitalized wages and excluding ice hockey rights 2017 and Helsinki Data Center 2018 OP. FCF DRIVEN BY EBITDA – SR GROWTH, COST & M&A
Operational free cash flow Cash flow impact (y-o-y) SEK billion, reported currency 2019E 2020E 2021E EBITDA to be 20 supported by EBITDA 12-12.5 growth in core 10.8 revenues, M&A and 15 Of which service revenues 9.7 COST measures excl. legacy and fiber OTC
10 NWC 17 15.1 13.1 CAPEX* 5 Other 0 Total -3.4 -4.3 -5 -5 EBITDA, NWC, CAPEX* Other Bonnier broadcasting** -10 2017 2018 2019e
Bonnier Broadcasting estimated to contribute by at least SEK 0.5 billion by 2020
59 * Excluding licenses ** Transaction estimated to be closed during H2 2019 SUSTAINED DIVIDEND PER SHARE REQUIRES SEK 12 BILLION IN DIVIDEND BASE
Requires 2019 2018 SEK 12 billion OP. FCF outlook DIVIDENDs from 14 SEK 2.36/share (inCL. dividends from SEK 12-12.5 billion Dividend policy associates) associated 12 companies a minimum of 80 percent come on top OF of free cash flow from 10 SEK 12-12.5 continuing operations, billion excluding licenses and 8 84% Min 80% Pay-out Pay-out spectrum fees billion 6 Sek 4
2 Share buybacks 0 Dividends from associated companies Operational free cash flow Intention of SEK 15 billion OP FCF required for 2.36/share over the years 2018-2020
60 SUSTAINABILITY IN FINANCIAL MANAGEMENT
PART OF DEMANDS ON INCLUDED IN DIGITAL SUPPLIERS & FINANCIAL IMPACT CREDITORS MANAGEMENT
ambition why WHAT HOW
IMPROVED RISK financial PROFILE, capital governance PRO-ACTIVE TO BECOME A market access, INFLUENCER truly credit rating SUSTAINABLE and funding funding CREDIT/ costs INVESTMENT INCLUDING “The preferred financial APPROACH choice” investments
61 FINANCE - KEY PRIORITIES
Cash flow Cost agenda Working capital Shareholder leverage Sustainable SEK 12-12.5 billion in Reduce OPEX by 2% SEK 2.5 billion in remuneration Maintaining a solid CREDIT 2019 net annually 2019-2021 untapped potential Clear dividend policy investment grade Pro-active influencer and ambition of share buybacks to 2020
62 CAPITAL MARKETS DAY 2019 Anders Olsson, CEO Telia Sweden TELIA SWEDEN – KEY MESSAGES
c
MARKET legacy EFFICIENCY B2C convergence B2B convergence
64 TELIA SWEDEN
high fiber GEARED UP FOR penetration CONVERGENCE
SWE EU
Fiber penetration (%)
35% 33% Source: FTTH Council, 2018
18%
65 GROWING TELECOM MARKET EXCLUDING LEGACY BUT WITH A SOFTENING B2C MOBILE TREND
MARKET DEVELOPMENT BY PRODUCT B2c MARKET MOBILE Service revenues** market share development SEK billion, core telco revenue excl. equipment Percent y-o-y, B2C mobile service revenues Core telco revenues excl. equipment
80 CAGR 100% 2014-2018 2.5% 80% 60 2.0% 60% 1.5% 40 +3.5% 40% 1.0% 20 0.5% 20% -14% 0 0.0% 0% 2014 2015 2016 2017 2018 2013 2014 2015 2016 2017 2018 -0.5% Fixed voice Other* TV Mobile BB Q4 17 Q1 18 Q2 18 Q3 18 Q4 18 Telia Tele2 Telenor 3 Other
• Growth in all core services historically • Clearly softening trend in B2C mobile • Telia in stable market leader position • Continuous legacy decline market throughout 2018 despite legacy exposure • Telia as market leader is aiming to get market back to growth
* Datacom, UCC & Contact Centre, Managed Security Services **Telia Market analysis based on Top 4 companies’ quarterly reports 66 Source: Gartner, IDC, Telia Market analysis OUR PERFORMANCE HISTORICALLY
Service revenue and EbITDA development Service revenue development by type SEK billion, external service revenues, adjusted EBITDA SEK billion, external service revenues
Service revenues Legacy* Adjusted EBITDA Fiber OTC Core
32.1 31.3 30.8 25.8 26.3 26.6
14.5 13.6 13.2 5.1 4.3 3.6 1.2 0.7 0.6
2016 2017 2018 2016 2017 2018
• EBITDA decline fully driven by service revenues • Growth in core not enough to mitigate for legacy • Net OPEX reductions to mitigate product mix effects and revenue erosion and lower fiber installation revenues inflation • Core revenue growth of around 1 percent CAGR, albeit fading somewhat in 2018
67 * Includes fixed voice (end-user and wholesale & datacom) KEY P&L DRIVERS FOR TELIA SWEDEN
1 Legacy decline
2 OPEX improvement
Core/new service 3 contribution
68 COPPER REVENUES PARTLY RECAPTURED
Revenues Mitigated by Mitigating Initiatives
Fixed Voip • Increase penetration in existing ~2.9 voice mobile fiber network
Fiber or OCN ~0.4 TV xdsl ott • Proactive migration to future proof solutions for B2B
BB OVER OCN BB xDSL ~2.0 BB OVER FIBER OR FWA • Expand OCN footprint & penetration
FIBER and ~0.4 Datacom wireless • Selective fiber & FWA build
Whole- ~0.8 FIBER and FWA • Replace copper with mobile sale
2018 SEK ~6.5 billion
69 LEGACY NETWORK SIZE DRIVES COST- NOT # OF CUSTOMERS
Copper access running costs Share of total Competitive offers for natural migration
Buildings inclUDING 20% It systems 20% energy
Copper nw (access nw, Billing, Delivery, SA & 40% 20% Proactive migration of future proof ducts, poles) other platforms services
Rural: INFRASTRUCTURE FORCED AND framtidens nät 2 DIGITALIZATION PROACTIVE INFRA- Cost driven by size of network ♥ SUNNE AND PLATFORM MUNICIPALITY PROJECTS
• ~50% of costs reduced by reduction in network-size
• ~50% of costs remain until network is completely closed
70 EFFICIENCY TO DRIVE 3% OPEX REDUCTION 2019-2021
OPEX reduction target 2019 OPEX reduction target 2020-2021 Target breakdown
• Continued ongoing efficiency efforts 2019 main levers • E2E mass market 20% 20% • Robotics & automization • Scale advantages via new operating model • Sourcing 3% 10% • SARC optimization 20% • Channel efficiency • Pooling 30% ~3% annually Customer operations Sales & marketing IT Network OPEX G&A other
71 MARKET LEADERSHIP DRIVING CONVERGENCE
strong brand - folknätet Strong offerings Strong pricing power*
• Responsible market leader driving premium (SEK) offerings and value-based price development Telia Fiber From 399 (bb 100/100) to 429 • Uniqueness in network quality and technical excellence
• Understand people’s needs and take greater social responsibility
Telia Tv From 279 b2c b2b b2o (lagom) to 299
Serving all customers with full product portfolio Fixed SKI 5 YEARS From 205 telephony to 329 running (Telia bas)
72 * Current price adjustments, effective as of April 1, 2019 B2C CONVERGENCE TO DRIVE LOYALTY AND GROWTH
Strong customer DRIVE LOYALTY Grow Arpa and position in core FURTHER additional services services
ACTUAL PRODUCT RELATIONS ADDING ADJACENT SERVICES
loyalty
DIVISION X/PARTNERS
SMART HOME POSTPAID entertainment
Convergence experience
FIBER TELIA LIFE Cross & up-sell
TV Share of wallet
73 ALL HOUSEHOLDS WILL BE REACHED
Telia BROADBAND infrastructure reach and potential Households in million, Telia open fiber reach and OCN* reach
5 1 million potential 1.6 4.6 customers in 4 current fiber reach (TELIA + OCN*) 0.3 3 0.9
4G/5G 1.8 • 2 •Fiber m&a •fiber roll-out
1 PENETRATION POTENTIAL
0 Telia open fiber reach Telia OCN reach Remaining OCN reach Further potential Total households
74 * OCN=Open City Network UPDATED TELIA LIFE TO DRIVE LOYALTY
PROOF POINTS TELIA LIFE NPS 1 Next tier on mobile data 30
2 Next speed on fixed broadband 0 Choose between 1-3
3 20GB mobile broadband 1 product 2 products 3 products
CHURN
20%
• UPDATED TELIA LIFE LAUNCHED 2019
0% • convergence offer-based on more for more 1 product 2 products 3 products
75 GROWING REACH AND INCREASING ARPA THROUGH CONVERGENCE
New services 3 Adding innovative media and Div x home-related digital services
Converged customer base 2 Cross-selling mobile to our fiber customer base
Broadband penetration 1 Expanding reach, upselling on own infrastructure and increased penetration on OCN
76 CREATING DIFFERENTIATION AND LOYALTY THROUGH B2B CONVERGENCE ...
Strong customer DRIVE LOYALTY Capture ICT GROWth position in core FURTHER markets services
loyalty SME – ict partner • Best mobile network • Personal • Largest fiber footprint technician • Communication ecosystem partner • Telia Carrier as a service
Large & public – digitalization partner ICT Solution provider • Health • Efficient CLOUD, IOT, SECURITY care work place • Managed network services Connectivity provider
Share of ICT SPEND
77 ... AND ACCELERATED LEADERSHIP IN DIGITALIZATION
Customer-driven Division x 5g partner program innovation
CROWD INSIGHTS SMART MORE DIGITAL TRANSPORTATION
HEALTHCARE DIGITALIZATION OF Digital security MINING
78 EBITDA TREND-SHIFT DURING 2020
2019 2020
1 Legacy decline Legacy pressure will FADE over time
2 OPEX improvement Net cost savings OF AROUND 3% ANNUALLY
Core/new service 3 revenue growth through Convergence contribution
79 TELIA SWEDEN – KEY PRIORITIES
c
REMAIN A RESPONSIBLE Continued LEGACY 3 percent 2019-2021 B2C CONVERGENCE - B2B convergence - MARKET LEADER pressure mitigated net annual OPEX Growth engine for Unique position in by a clear reductions the future market transition plan
80 CAPITAL MARKETS DAY 2019 Abraham Foss, CEO Telia Norway TELIA NORWAY – KEY MESSAGES
c
Market GET/TDC B2C B2B EFFICIENCY convergence convergence
82 CONVERGENCE TO DRIVE REVENUES
Untapped demand high purchasing for bundles power 36% 17% 23% 80% & 10% focus on Have bundles Would consider quality to have
83 THE NORWEGIAN MARKET TO REMAIN SOLID
Market development by segment Market share by segment Revenue growth, mobile, fixed, TV Revenue market share, Telia including Get/TDC, H1 2018 B2C B2C B2B B2B 6% 11 6
4% 43 47 51 Others 2% 67 Telenor 0% Telia 43 42
-2% 39 27 14 11 -4% 2014 2015 2016 2017 H1 2018 Mobile Fixed Mobile Fixed
• Market growth despite reduction in legacy services • Telia and Telenor key players in the mobile market • Stable regulatory and political environment • Fixed market more fragmented
84 Source: NKOM, fixed includes fixed broadband, TV and fixed telephony EVOLVED AND IMPROVED
Telia brand Ipsos Reputation survey Network test winner % good/very good impression
50%
40%
30%
20%
10%
0% 2014 2015 2016 2017 2018
• Building Telia as a strong brand • From unknown to a significant player • Operating one of the best mobile • Supported by fighter brands in B2C • Clear increase in positive impression networks in the world and B2B
85 STRONG FINANCIAL DEVELOPMENT
Service revenue development Ebitda development Cash flow development NOK billion, external service revenues NOK billion, adj. EBITDA NOK billion, adj. EBITDA-CAPEX excl. licenses
10 5 3 8 4
6 3 2
4 2 1 2 1
0 0 2014 2015 2016 2017 2018* 0 2014 2015 2016 2017 2018* 2014 2015 2016 2017 2018* B2C B2B Operator Ebitda EBITDA-CAPEX
• B2C and B2B footprint significantly • Strong synergy realization track record • Operational leverage and good CAPEX stronger • Good organic development discipline
86 * Including reported Get/TDC STABLE DEVELOPMENT FOR GET/TDC 2018
Revenue and ebitda development GET/TDC NOK million • Stable revenues and a slight EBITDA pressure for the year 5,000 Revenues EBITDA 4,000 • Get broadband more than offset by pressure in Get TV and TDC
3,000 • Ending the year with good momentum on the customer side
2,000 Norway
1,000
0 2017 2018
CUSTOMERS ARPU B2C +5,000 -1%
CUSTOMERS ARPU B2C +12,000 +1% BROADBAND
87 INTEGRATING INTO A CONVERGED COMPANY
Three entities becoming one Integration has come far
organization and leadership in place
Legal merger and new erp Norway TDC rebranded to Telia Building AN Integrated organization with... Launched convergent B2B product A new A New A Common operating Customer overlay analysis completed leadership culture model ... And more to come And focus on...
Deal Conver- efficiencies synergies gence
88 CASH FLOW SYNERGIES INCREASED TO NOK 800 MILLION
GET/TDC NORWAY CASH FLOW SYNERGIES Synergy distribution by 2022 NOK million, excl. working capital NOK million
Solid plan to 800 SEK 200 million one-off working deliver NOK 800 million in capital synergies 150 600 on top 2019-2020 synergies 300
400 800 Revenues 650 Cost 475 350 200 Capex 200 0 2019 2020 2021 2022
• Total cash flow synergies increased from NOK 700 • Revenue synergies from convergence million to NOK 800 million • Further upsides identified beyond 2022
• Leverage group scale
89 COST SYNERGIES INCREASED TO NOK 350 MILLION
COST SYNERGY DISTRIBUTION by 2022 NOK million, accumulated in %
• Significant G&A synergies in 2019
20% • Combined sales and customer organizations 30% Network IT NOK sales and cs • Combined Network and IT organization and operations 350m marketing 20% g&a • Significant marketing synergies over time 10%
20% • New operating model supports synergy take-out
90 INCREASED CAPEX AND WORKING CAPITAL SYNERGIES
CAPEX SYNERGy distribution by 2022 WORKING CAPITAL SYNERGY distribution 2019-2020 NOK million, accumulated in % NOK million, accumulated in %, one time effects
15% Network Suppliers 40% IT NOK NOK Customers 25% 150m 60% 200m 60% Inventory and other
• Common product and IT platforms • One time effects from • Utilize fixed network footprint on mobile network and B2B • Leverage supplier invoice and customer finance • Leverage new operating model and sourcing solutions • Combined inventory management
91 BALANCE B2C CUSTOMER AND ARPU DEVELOPMENT
Personalization driver for ARPU growth and churn reduction
Digitalization of customer interactions
Maintain and develop strong position on handsets
92 CONVERGENCE B2C
Strong customer DRIVE LOYALTY Grow Arpa and position in core FURTHER additional services services
Large addressable LOW PENETRATION BUT HIGH customer base in get DEMAND FOR BUNDLES
Telia customers 80% 30% Not telia customers +1m 10% 70% Innovative bundling of Have bundles Would consider content services to have
• 50% lower churn on converged Use smart home customer base products to protect and further develop
93 Source: Based on Telia customer survey broadband position CONVERGENCE B2B
Strong customer DRIVE LOYALTY Capture ICT GROWth position in core FURTHER markets services
rebranding 42k b2b customers TELIA ACE
500k mobile Multinational integrated b2b subscriptions customers operation Almost 1m daily users BROADBAND iot ROUTER WITH Significant INTEGRATED 4G infrastructure Cloud and ict
94 POSITIONED TO GAIN REVENUE MARKET SHARE
Telia revenue market share development Fixed and mobile, 2019-2021 ambitions
HISTORICAL GROWTH FROM SUCCESSFUL M&A COMBINED WITH STABLE ORGANIC BUSINESS
CAPITALIZE ON STRONG BRAND, NETWORK POSITION AND INCREASED SCALE 24%
14% 15% 16% B2C AND B2B CONVERGENCE TO DRIVE FUTURE GROWTH 9%
2014 2015 2016 2017 2018 2019 2020 2021
95 Source: NKOM NOK 0.6 BILLION IN NET COST REDUCTION TARGETED
Net cost reduction Net cost savings by type NOK million, compared to 2018 In %, total net cost savings
600
Customer operations
400 Sales and marketing cost
600 IT operations 450 200 Network operations 350 G&A 150 0 2019 2020 2021 2022
• Accumulated cost savings of NOK 0.6 billion by 2022 • Significant synergies and efficiencies within sales and marketing and customer acquisition • Around 50 percent of cost reduction from Get/TDC synergies • Continued digitalization and automation improve efficiency • Additional saving potential on network COGS and properties • Leverage group scale
96 TELIA NORWAY - KEY PRIORITIES
Market CREATE A FULLY BUILD BRAND AND Convergence IN EFFICIENCIES fundamentals in INTEGARTED NETWORK B2C AND B2B FROM place COMPANY POSITION DIGITALIZATION AND SCALE
97 TELIA FINLAND
CAPITAL MARKETS DAY 2019 Stein-Erik Vellan, CEO Telia Finland TELIA FINLAND – KEY MESSAGES
c
Market B2C B2B Efficiency Convergence Convergence
99 FINLAND CHARACTERIZED BY UNLIMITED DATA
Share of unlimited subscriptions Traficom reports, B2C subscriptions with unlimited data tariffs share OF unlimited
100% 80% ≈63% 60% of Telia B2C customers on 40% 77% 80% unlimited tariffs – still 62% 70% 20% untapped potential
32% 26% 20% 0% H2 2015 H2 2016 H2 2017 H2 2018 Unlimited Limited Other No data High data usage 16GB
monthly average data consumption
100 EVEN PLAYING FIELD FACILITATES A STABLE MARKET
REVENUE MARKET SHARE development Market churn rates Core telco revenues excl. devices and IT services* Postpaid churn rates Churn coming 20% down after a 100% peak in 2017 18% 16% 80% Telia 14% Elisa 12% DNA 60% 10% 2015 2016 2017 2018
40% B2C Postpaid subscription development 20% Million subscriptions
0% 2015 2015 2016 2017 2018 Slightly 2016 contracting Telia Elisa DNA Other market due 2017 to dual-SIM
• Stable market with relatively equal sized players 2018
5.5 5.7 5.9 6.1 6.3 6.5
101 * Traficom 2015-2017, Telia Company estimate 2018 NEW AND IMPROVED
Rebranded repositioned
with A POSITIVE IMPACT ON SOCIETY
Awarded Gold LEED environmental certificate
State-of-the-art energy-efficient data center service
Exceptional water solution and energy efficiency 102 CONVERGENCE B2C
Strong customer DRIVE LOYALTY Grow Arpa and position in core FURTHER additional services services
Q4 2017 Q4 2018 Significant Liiga 100% brand Postpaid churn 2+ Products #1 Sport in improvement* Finland 75% across all 30% measures 50% 20% Liigavahti App: 25% 10% The #1 entertainment 0% service in Finland 0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 17 17 17 17 18 18 18 18 Premier e-sports events organization in • Network quality improvements • Significant opportunity to reduce Finland churn
103 * Brand Tracking Survey, Telia TAKING LIIGA TO THE NEXT LEVEL
Focused liiga ramp-up Upcoming Liiga Initiatives
Playoffs push
• Provide convergence benefits to Telia customers providing attractive bundles • Drive access rate • Sales channel boost in digital and traditional channels
Product enhancements
• Attract wider audiences with free to air (FTA) model Built first-class TV production and offering • Improved broadcast with ultra-HD quality Established solid awareness that Telia is the new home for Liiga Built award-winning mobile app Gained solid customer base Strong first steps taken on a 6 year journey 104 STILL POTENTIAL TO DRIVE MOBILE ARPU
BLENDED MOBILE ARPU* increasing Continued innovation like Telia Dot EUR per month Digital only service launched Q4 2018
20 Telia Elisa DNA Pay only for what you use 18
16 Reach customer 14 service in the app First step 12 towards multi- device e-sim 10 See your usage in strategy real time
• Continued market ARPU growth possible with new service • Telia DOT digital offering driving market average ARPU with a innovations, focus on speed, our unlimited usage upside very good customer experience (NPS 40+) and at a low SAC and additional price optimization
105 *Company Interim Reports, DNA calculated as mobile service and interconnect & roaming revenues in relation to the average number of mobile subscriptions CONVERGENCE B2B
Strong customer DRIVE LOYALTY Capture ICT GROWth position in core FURTHER markets services
The leading ICT service company in Finland*
ICT LEADERship survey results
Telia Elisa DNA Microsoft Visma Customers Finnet recognize Telia as ICT leader Telia ONE CGI
• Currently winning significant cases • The largest selection of ICT • Continuing to drive offering innovation with • Sales funnel is strong solutions in Finland, all under Telia Division X and new subsidiaries one roof
106 *As measured by Telia Proprietary Tracking Research of all ICT service companies operating in Finland, Q4 2018 5G IN FINLAND
COnsumer Business
Access Services Analytics Apps
Devices
Launched Fixed Wireless E-Sports 5G industrial uses in Oulu ”Tellu” 5G-enabled Access Nokia Fastmile tournaments played with Business Finland, greeting Robot at solution over 5G in Helsinki Stora Enso Helsinki Airport
107 COST EFFICIENCIES
OPEX development EUR in million, % of net sales IT EFFICIENCY • IT core systems renewal and simplification 600 38% 37% 550 SOURCING 36% • Supplier optimization and cross-border synergies 500 35% • Robotics automation 450 34% General • Contractors streamlined and selective insourcing 33% 400 Efficiencies • Ongoing organizational and process optimization 32% 350 • Shared network with DNA in northern Finland 31% 300 30% New Operating 2015 2016 2017 2018 Model • Finland to be enrolled 2019 Telia M&A OPEX/net sales
108 TELIA FINLAND - KEY PRIORITIES
CONTINUE TO LIFT FURTHER DEVELOP CAPITALIZE ON B2B CONTINUE TO ARPU B2C CONVERGENCE POLE POSITION TRANSFORM WITH AND DRIVE CONTENT PUSHING INTO ICT REMAINED COST INCLUDING LIIGA SPACE CONTROL
109 CLOSING REMARKS
Overall: OP FCF TO SUSTAIN AND GROW BEYOND 2019, SEK 12-12.5 BillioN A FLOOR
SUSTAINABILITY: UPpING THE GAME WITH OUR DARING GOALS
CPS: sek 0.6-0.9 Billion COST SAVINGS FROM NEW OPERATING MODEL Q&A
FINANCIALS: AMBITION TO REDUCE OPEX ~2% NET ANNUALlY 2019-2021
SWEDEN: EBITDA TREND-SHIFT DURING 2020
NORWAY: GET/TDC CASH FLOW SYNERGIES INCREASED TO NOK 800 MILLION
FINLAND: FURTHER DEVELOP b2B and B2C CONVERGENCE
110 CAPITAL MARKETS DAY 2019