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Presentation 4Q05, 530 KB Telenor – Fourth Quarter 2005 Group Overview Jon Fredrik Baksaas President and CEO 13% Underlying growth in Group revenues Growth from Q4 2004 to Q4 2005 adjusted for change in currencies, acquisitions and disposals Q4 2005 Strong revenue and EBITDA growth Revenues (NOKm)/EBITDA % • Revenue growth of 26% 19 474 • EBITDA margin before other items 15 512 increased from 33.0% to 35.1% 33,1 % 34,5 % • Record high subscription growth in mobile operations Q4 2004 Q4 2005 • Increased economic exposure in DTAC to 69.3% EBITDA CAPEX • Strengthened Nordic position 6 722 6 436 5 134 • Proposed dividend of NOK 2.0 per 4 122 share Q4 2004 Q4 2005 A strong position in Scandinavia Norway Denmark Sweden Mobile No. 1 No. 2 No. 3 Broadband No. 1 No. 3 No. 2 Scandinavia – No. 1 in Broadband Norway Denmark Sweden Market position No. 1 No. 3 No. 2 Subscriptions 531k 134k 478k Retail market share 53% 11% 26% Telenor estimates Broadband market: Cable, LAN and DSL. Including Glocalnet in Sweden and OE Kabel in Denmark Fixed Norway – Reduced margins Revenues (NOKm)/ EBITDA% 4 353 4 367 4 282 4 163 4 151 4 186 • Revenues down 3.8% • Underlying EBITDA margin* 36 % 36 % 35 % 35 % 33 % down from 33% in Q404 to 31% 33 % in Q405 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 EBITDA CAPEX - Increased corporate cost 1 523 1 570 1 532 1 438 distribution: 1 pp. 1 354 1 377 -Operational challenges: 1 pp. 917 503 463 457 412 • Maintaining cost reduction 346 337 ambitions Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Change in accounting treatment * adjusted for changes in accounting treatment and one-time effects Fixed Norway - Continued broadband growth Total Market - Telephony Subscriptions xDSL subscriptions 819 2 185 2 173 2 159 2 149 2 143 750 694 110 146 634 235 302 308 316 316 209 313 562 192 172 109 145 97 87 77 91 1 798 1 757 1 706 1 664 1 623 444 475 385 415 326 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 TEL retail TEL wholesale External VoIP Other op Retail Wholesale LLUB Total Market: Telenor estimates xDSL: Tiscali from wholesale to retail from Q1 2005 57% Growth in Mobile subscriptions Growth from Q4 2004 to Q4 2005 based on 100% of all mobile companies Mobile Operations Continued high subscription growth Total Consolidated Total Pro Rata 100% figures (all companies) Subscription figures in millions 82,7 74,5 67,1 60,1 52,7 45,2 42,2 41,4 34,5 31,2 27,8 27,9 24,8 24,8 21,3 21,4 19,0 16,5 Q3 2004 Q4 2004 Q1 2005 Q2 2005 Q3 2005 Q4 2005 Mobile operations Norway - Strong revenue growth Revenues (NOKm)/ EBITDA% 3 235 3 121 3 009 2 963 3 049 2 838 • Mobile revenues increased by 10% 38 % 39 % • EBITDA increased by 6% 37 % 35 % 35 % 37 % • Net adds of 58k postpaid subscriptions in Q4 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 • Market share at 56% EBITDA CAPEX 1 218 1 186 1 119 • ARPU stable at NOK 317 1 103 1 066 1 001 461 332 343 220 186 172 194 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Renewal of GSM licence Mobile operations Sweden Proforma Figures* Revenues (NOKm)/ EBITDA% excluding MVNO provision 1 672 1 653 1 411 1 452 1 449 1 436 • Net adds of 26k subscriptions in Q4 • Stable 15% market share 25 % 17 % 14 % 15 % 3 % • EBITDA margin reduced mainly due 9 % to increased acquisition costs Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 • Cost reductions to improve margins Reported EBITDA CAPEX 469 410 401 • Ambition of 15% EBITDA margin in 361 2006 249 247 173 122 137 92 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 -229 -333 *Telenor Mobile Sweden + Vodafone Sweden Not audited and subject to change Mobile operations International – High growth potential Expected subscription growth by • Solid positions in strong 2008 (mill) * growth markets • Present in countries with a total population of 650 million • Total market is expected to grow by 80 million new subscriptions by 2008 Hungary Malaysia Thailand Bangladesh Ukraine Pakistan Russia Market Position: No. 2 No. 3 No. 2 No. 1 No. 1 No. 4 No. 1 *Source: Average of Ovum oand Strategy Analytic Mobile operations Kyivstar – Record high subscription growth Revenues (NOKm)/ EBITDA% 2 390 2 076 • 3 million net adds in Q4 to almost 14 1 643 million subscriptions 1 229 1 184 1 163 63 % 60 % 57 % • Revenue growth of 85% in local 54 % 55 % 55 % currency • Strong underlying EBITDA margin of Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 54% EBITDA CAPEX 1 359 • ARPU slightly reduced compared to 1 1481 106 1 024 Q3 2005 911 919 890 772 735 687 712 632 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Mobile operations GrameenPhone – More than 6 million subscriptions Revenues (NOKm)/ EBITDA% 850 • Record high subscription growth 775 705 of 1.3 million in Q4 640 598 570 • Stable market share at 62% 64 % 59 % 57 % 51 % 54 % • Strong subscription growth and 47 % subsidies reduce EBITDA margin Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 • Underlying EBITDA margin 40% 1 153 in Q4 EBITDA CAPEX 511 • Strong subscription growth 590 496 482 455 418 441 dilutes ARPU 383 338 329 334 357 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Change in accounting treatment MMoobilebile operaoperattionsions PakistanPakistan –– IIncreasingncreasing ARPUARPU andand marketmarket shareshare Revenues (NOKm)/ EBITDA% 140 • Increased market share by 2 pp. to 9% 76 48 • 668k subscription net adds to 1.9 million in Q4 • Improving network coverage and Q2 05 Q3 05 Q4 05 quality – present in 200 cities EBITDA CAPEX • ARPU increased by 20% from Q3 496 in local currency 299 Q2 05 Q3 05 Q4 05 -91 -134 -133 -172 Mobile operations DTAC – ARPU increased in Q4 Revenues (NOKm)/ EBITDA% 1 872 1 709 1 718 1 657 1 634 1 581 • 14% revenue growth in local currency • ARPU growth of 5% in local currency 38 % 37 % 38 % 38 % 38 % 38 % • Stable EBITDA margin Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 • Stable market share at 28% EBITDA CAPEX 713 625 646 655 630 589 561 418 284 215 219 128 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Revenue figures according to Thai GAAP for trend purposes Financials CFO Trond Westlie Growth in EPS EPS growth from 2004 to 2005 Reported P&L (NOK million) NOKm Q4 2005 Q4 2004 2005 2004 Revenues 19 474 15 512 68 927 60 591 EBITDA 6 722 5 134 23 836 21 535 EBIT 2 949 (1 055) 11 705 7 367 Profit before Taxes 2 666 (1 130) 12 591 9 874 Net Income 1 001 (430) 6 952 6 093 EPS (NOK) 0.59 (0.25) 4.06 3.49 Revenue development (NOK million) Strong subscriber Q4 2004 15 512 growth 272 Mobile Norway Strong Sonofon subscriber growth Kyivstar 1 206 Consolidated from Nov 1st Digi 448 Grameen 280 Acquisition of B2 DTAC 1 191 Remaining Mobile FIXED 244 Broadcast Q4 2005 19 474 EBITDA development (NOK million) Q4 2004 5 134 Restructuring Mobile Norway Sonofon 292 Kyivstar 647 Digi Pannon Provision in Mobile GrameenPhone Sweden in Q4 04 DTAC 445 Revenue loss Remaining Mobile 223 and Margin decline Fixed Norway 193 Other/Elim Q4 2005 6 722 CAPEX (NOKm) - adjusted for lease • Reclassifications to lease 8000 6 436 increased CAPEX by NOK 1.1 7000 billion in Q4 6000 1 054 5000 4 122 • Increased CAPEX driven by high 4000 subscriber growth 3000 2000 • Stable 2005 Capex/sales 1000 adjusted for lease 0 Q4 '04 Q4 '05 Proforma Net Debt to EBITDA of 1.1 (NOK million) 15 20 25 30 35 Net Debt 30 Sept 2005 21,8 DTAC/UCOM 10,0 Net investments 4,9 Finance lease Grameen 0,5 Taxes paid 0,6 Unpaid licence fees 0,4 Net interest 0,4 EBITDA 6,7 Accruals 0,8 Net Debt 31 Dec 2005 31,1 Proposed dividend of NOK 2 per share 2.00 • 33% growth in dividend 1.50 • 3.0% dividend yield 1.00 • 49% of net income 0.45 0.35 0.30 • Pay out ratio of approx 82% of net income including share buy back in 2005 2000 2001 2002 2003 2004 2005 Proforma figures 2005 37000 32000 EBITDA (NOKm) Revenues (NOKm) / EBITDA % 27.2 27000 90000 60,00 % 23.8 82.0 22000 80000 50,00 % 17000 BB/CC/Glocalnet 70000 68.9 Vodafone S 40,00 % 12000 DTAC 2005 Reported 2005 Proforma 34,8 % 33,5 % 60000 Group excl. Acq. 30000 30,00 % EBITDA margin 50000 25000 CAPEX (NOKm) 20,00 % 40000 20000 19.1 16.4 15000 30000 10,00 % 2005 Reported 2005 Proforma 10000 5000 2005 Reported 2005 Proforma • Proforma: Includes estimated figures for DTAC, Vodafone Sweden, Bredbandsbolaget Cybercity and Glocalnet for the period 1 January – 31 December 2005. Outlook 2006 • Revenues: Growth of 25 – 30% • EBITDA margin: Around 33% • CAPEX/Sales: Above 20% Telenor – Fourth Quarter 2005 Telenor – Fourth Quarter 2005 Broadcast - Continued revenue growth Revenues (NOKm)/ EBITDA% 1 466 1 375 1 390 1 401 1 392 • Revenue growth of 7% 1 330 • DTH subscriber growth of 30k to 906k in Q4 32 % 27 % 29 % 28 % 24 % 23 % • EBITDA margin down due to Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 higher sales and marketing and content cost EBITDA CAPEX • Increased EBIT 716 425 380 411 394 332 331 133 96 116 71 47 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Mobile operations Malaysia - A fantastic quarter Revenues (NOKm)/ EBITDA% 1 452 1 285 1 161 1 048 1 004 1 034 • Strong growth in market share • 36% revenue growth in local 43 % 44 % 44 % 43 % 44 % 44 % currency Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 • Stable EBITDA margin EBITDA CAPEX • 3G application submitted in 632 560 574 November 499 453 451 443 427 310 228 178 108 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Mobile operations Sonofon - Increased margin Revenues (NOKm)/ EBITDA% 1 356 1 334 1 266 1 308 1243 1 193 • Net adds of 23k subscriptions in Q4 • Mobile revenues increased by 22% 24 % in local currency 21 % 21 % 23 % 23 % • Stable market share at 27% Q3 04 Q42 % 04 Q1 05 Q2 05 Q3 05 Q4 05 • EBITDA margin 23% EBITDA CAPEX • Capex increase due to UMTS 757 license (NOK 520m) 520 308 307 308 260 253 140 137 102 76 16 28 Q3 04 Q4 04 Q1 05 Q2 05 Q3 05 Q4 05 Mobile operations Pannon - Strong margin development Revenues (NOKm)/ EBITDA% 1 583 1 565 1 552 1 510 1 498 • Revenue growth of 9% in local 1 415 currency 41 % 36 % 37 % 32 % 34 % • 73k net adds in Q4 28 % • EBITDA margin growth of 6 p.p.
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