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Annual Report 2005

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Annual Report 2005 Annual report 2005 2005 was Telenor’s best year ever. During the year Telenor reinforced its position as an international mobile communications provider and strengthened its position within Nordic mobile, fi xed-line and TV distribution. Contents President and CEO Jon Fredrik Baksaas 2 Report of the Board of Directors 4 FINANCIAL STATEMENTS Telenor Group Statement of profi t and loss 10 Balance Sheet 11 Cash Flow Statement 12 Equity 13 Notes to the fi nancial statements 25 Telenor ASA Statement of profi t and loss 88 Balance Sheet 89 Cash Flow Statement 90 Equity 91 Notes to the fi nancial statements 92 Auditor’s Report 101 Telenor aims to reduce its consumption of resources and overall impact on the environment. In an effort to keep paper consumption at a minimum, we have decided to limit the scope of our printed annual report. We do not limit the amount of information we issue about our company, however, and Telenor’s Investor Relations website provides extensive and current information about the year 2005 and our activities: www.telenor.com/ir Combining local strengths – achieving global excellence JON FREDRIK BAKSAAS President and CEO Page 2 Annual Report 2005 2005 was Telenor’s best year ever. We have in Sweden. We also increased our economic seen significant growth both in revenues and exposure in DTAC in Thailand, and this net additions in mobile. We have continued to allowed us to consolidate the company. While develop our company, ensuring that Telenor we continue to look for new opportunities in remains one of the fastest-growing providers emerging markets, we will pursue the same of mobile communications worldwide, and we relentless customer focus across all our have put industrial ownership at the top of our operations. agenda. As we move forward, we continue to build strong ties between all our international Working with colleagues from regions as far operations, developing a common mindset apart as Scandinavia, Central and Eastern and a global corporate culture. Europe and Asia is both inspiring and highly rewarding. As we expand Telenor’s interna- Our Global Coordination programme enables tional footprint, we must all ensure that we us to develop and promote best practice in all are respectful of prevailing mindsets, cultures our operations, and as a result we are able to and religious beliefs in all the countries where extract synergies. The programme is progress- we operate. Mobile communication is a key ing well, and we are starting to see the results driver of economic growth, especially in of our renewed efforts in this field. As we grow financially constrained societies, but it can our company, we will continue to work as one also contribute to bridge cultural gaps. At collaborative international telecommunica- Telenor, we are working to become one com- tions group, drawing on local expertise and pany with one vision, but with local flavours exploiting to the full our group processes and local competitiveness. and knowledge. We want to leverage what is common between all our markets and com- Going forward, we aim to build a unique bine this with the local edge our companies group of companies in mature and emerging already excel at. markets with more than 100 million customers making use of our services by 2008. Together To help us provide real customer satisfaction we will continue to work towards our common we have developed a new Telenor brand, with goal: To help customers get the full benefit of a new vision, new values and a renewed visual communications services in their daily lives. identity. The brand focuses and guides us for the future by making us stand out from the competition in a positive, distinct and relevant way and helps us deliver a tangible difference to our customers. During 2005, we made several new acqui- Jon Fredrik Baksaas sitions, strengthening our position both President and CEO within mobile and broadband. In March, we launched our greenfield mobile operation in Pakistan, which at year-end 2005 had 1.9 million subscriptions. In the Nordic region, we greatly enhanced our overall position through the acquisitions of the mobile operator Voda- fone Sweden, and the broadband suppliers Cybercity in Denmark, and Bredbandsbolaget Page 3 Annual Report 2005 Report of the Board of Directors 2005 was Telenor’s best year ever. Operating revenues amounted to NOK 68.9 billion, representing a growth of NOK 8.3 billion, or around 14%, compared with 2004. With significant growth in the number of net additions, Telenor reinforced its position as an international mobile communications provider. Telenor also strengthened its position in the Nordic market, within mobile and fixed-line services, as well as within TV distribution. The increase in subscriptions during 2005, combined with strong cash flow from the home market, provide a sound basis for future profit performance and value creation. The Board bases its work on a strategy aimed During the initial stages of its international ess of establishing a common Nordic platform at further development of Telenor as an expansion, Telenor developed its mobile com- for products and services. international provider of telecommunications mitments through active ownership, exercised services with a strong Nordic base, a firm through the boards of individual mobile oper- The Board will continue to make active ef- commitment to mobile communications and ations. Today, Telenor’s mobile operations are forts to direct and facilitate the extraction of prospects of further growth in emerging mar- developed in accordance with a group-wide synergies from the Nordic operations, which is kets. In the Nordic market, Telenor has con- industrial model, which has been introduced essential to maintain satisfactory progress in solidated its position through new acquisitions across all operations. To ensure the success the Nordic region in the period ahead. within broadband and mobile. In international of this model, a governing structure has been mobile, the Board is confident that Telenor established to facilitate joint procedures for In the Norwegian mobile market, focus has will seek to attain its strategic goals by as- procurement, management and coordination, been on enhancing customer satisfaction suming control of operations wherein it holds and increase Telenor’s industrial capabilities. and stabilising Telenor’s market share. At minority interests, or else seek to dispose of year-end, Telenor had a 56% market share, such assets, and by developing new opera- The commercial situation in the markets in measured in the number of subscriptions, a tions in emerging markets. which Telenor has activities has become far figure that corresponds to the level at the more challenging in recent years. Telenor outset of 2004. The mobile network NMT-450 On this basis, the international mobile port- is seeing intensified competition, more was formally wound up in January 2005. folio was further developed in 2005. Telenor demanding customers and the emergence of Pakistan opened its mobile network for new technology. These factors add pressure Revenues from fixed-line operations in Nor- commercial operations in March 2005, and on revenues and margins, primarily in fixed- way were further reduced in 2005, reflecting at year-end the company had acquired 1.9 line, but gradually also in mobile. an ongoing rapid migration from fixed-line million subscriptions. In the fourth quarter of telephony and Internet dial-up to mobile 2005, Telenor increased its ownership in the During 2005, Telenor continued to focus on telephony, ADSL and broadband telephony. mobile operator DTAC in Thailand, reaching maintaining its strong position in the Nordic Measures have been introduced to reduce the current economic exposure of 69.3%. market. In order to simplify operations in costs and maintain margins. As part of this Norway, develop a more distinct profile and effort, the core network will be changed into a In October 2005, Pannon in Hungary opened extract synergies from the Nordic operations, pure IP network in 2010. its UMTS network for commercial operations, Telenor’s mobile and fixed-line operations in and in December 2005, Sonofon in Denmark the Nordic region were organised under one Broadcast recorded strong profits in 2005, was awarded a UMTS licence. joint management, effective from February maintaining its position in the Nordic market. 2005. In July 2005, Telenor acquired the Through a partnership with TV2 in Norway, the The international mobile operations have broadband operations Cybercity in Denmark rights to broadcast Norwegian elite football seen considerable customer growth. During and Bredbandsbolaget in Sweden. In mobile, were acquired in June 2005. In September 2005, the total number of subscriptions in Telenor’s position was further strengthened 2005, Broadcast signed an agreement for companies in which Telenor has ownership through the acquisition of Vodafone Sweden the acquisition of a new satellite for transmis- interests increased by 30 million, reaching a in October 2005. The company was consoli- sion of TV and data signals. The new satellite, total of 82.7 million. Telenor is currently the dated in January 2006. These acquisitions which will replace the Thor II satellite, is due in world’s twelfth largest mobile company. have enhanced Telenor’s competitive edge in the fourth quarter of 2007. the Nordic region and will facilitate the proc- Page 4 Annual Report 2005 In 2005, Telenor’s shares performed better increase of 20%, and gives Telenor a market Cash flow from operational activities increased than the sector average, but below the OSE capitalisation of NOK 113.1 billion, against NOK by NOK 3.3 billion in 2004, to NOK 22.3 billion Benchmark Index. Telenor ASA endeavours to 96.2 billion at the start of the year. in 2005, largely due to an increase in rev- provide its owners with added value. Based enues. The consolidation of DTAC in Thailand on the company’s financial position and During the same period the OSE Benchmark and the acquisitions of Bredbandsbolaget and expected capital requirements, Telenor has Index rose by 40%, while the Dow Jones Euro- Cybercity also contributed positively.
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