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Telenor Annual Report 2018 Letter from the Ceo

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Telenor Annual Report 2018 Letter from the Ceo 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. 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 ANNUAL REPORT 2018 2191006 • Bolt Communication AS • boltcommunication.no PAGE 2 BROWSE CHANGE VIEW SEARCH 2 TELENOR ANNUAL REPORT 2018 LETTER FROM THE CEO CONTENT LETTER FROM THE CEO LETTER FROM THE CEO 2 GROUP EXECUTIVE MANAGEMENT 4 LETTER FROM THE CHAIR 5 BOARD OF DIRECTORS’ REPORT 6 THE BOARD 17 CORPORATE GOVERNANCE 18 FIND THE ROUGH PATH. diverse and inclusive teams at all levels of Simplifying our portfolio and FINANCIAL STATEMENTS the organisation. In 2018, more than 1,500 processes TELENOR GROUP STAY ON IT. people had started working in agile ways During the past couple of years, we have CONSOLIDATED and the average number of hours spent on taken important steps to simplify our INCOME STATEMENT 34 online training was well above the target. company portfolio: we have exited India, we CONSOLIDATED STATEMENT These efforts are also essential in are close to fully divested from VEON, and OF COMPREHENSIVE INCOME 35 I welcomed 2019 at a reindeer camp in Malangen in Troms, well north of the modernising Telenor. we have divested our operations in Central CONSOLIDATED STATEMENT OF FINANCIAL POSITION 36 Arctic circle. Norway’s extreme and Eastern Europe. We have sharpened CONSOLIDATED STATEMENT geography makes efficient and reliable Connecting you to what matters our online marketplaces portfolio and we will OF CASH FLOWS 37 communication paramount to most. Empowering societies. continue to develop mobile financial CONSOLIDATED STATEMENT OF maintaining a well-functioning modern Trust is more important and shorter in services in Pakistan through our recently CHANGES IN EQUITY 38 society. This is true also for the other supply than ever. Telenor takes great pride established joint venture with Ant Financials. NOTES TO THE FINANCIAL markets and millions of customers and places significant resources in We have largely completed the main steps STATEMENTS 39 Telenor serves from Svalbard to Borneo. upholding and helping raise standards towards portfolio simplification and will now wherever we operate. While we’re pleased to continue to focus on how we simplify our FINANCIAL STATEMENTS see customers are confident in our brands’ business processes. TELENOR ASA Our continued exploration and adaptation ability to handle their personal data, we INCOME STATEMENT 106 to changing conditions means we entered know trust is easily lost. We continue Solid performance and growth, STATEMENT OF our 164th year of operations rigged and strengthening our efforts within increasing competition COMPREHENSIVE INCOME 107 prepared for what’s ahead. sustainability, security, privacy and Throughout the year we’ve seen solid STATEMENT OF FINANCIAL governance to ensure we’re able to live up results in Scandinavia both on the market POSITION 108 A perfect storm which requires to the promise. and cost side. The new flexible mobile STATEMENT OF CASH FLOWS 109 collaboration and upskilling offering has been well received in Norway, STATEMENT OF CHANGES We’re heading into a “perfect storm” of On track halfway into the strategy and we maintained our revenue market IN EQUITY 110 technologies that are likely to accelerate period share. Simplification of the subscription NOTES TO THE FINANCIAL STAT EMEN TS 111 the digitalisation of our societies. Enabling 2018 was an eventful year with many portfolio in Sweden and the radical RESPONSIBILITY STATEMENT 124 technologies like 5G and Internet of Things important milestones for Telenor Group. transformation conducted in Denmark will lead to an explosion in data that can be Step by step, we’ve continued to deliver on impacts positively. In Bangladesh and STATEMENT FROM THE CORPORATE ASSEMBLY turned into actionable insights using the 2020 strategy communicated at the Pakistan we returned to strong revenue OF TELENOR ASA 125 artificial intelligence. This means that Capital Markets Day in February 2017. growth in the second half of the year, driven AUDITOR’S REPORT 126 companies and societies need to adapt; Growth, efficiency and simplification by customer growth. In Myanmar we’ve DEFINITIONS 131 building new competencies and working in continue to be the key elements of our experienced increased competition new ways. Telecoms companies are well strategic direction. During 2018, we have following the entry of a fourth operator in positioned to drive and facilitate this reduced our operational costs by 3 per cent, the market – exacerbated by asymmetric change. Telenor aims to be a trusted partner or NOK 1.2 billion. We continue our efforts to regulations, which we had not predicted. as our customers and societies continue to modernise Telenor, by upgrading our digitalise. infrastructure, simplifying the corporate From concession to license in structure, improving efficiency through Thailand This is why we’ve challenged all our structural initiatives, digitalising customer In Thailand, 2018 has been a very special employees to spend at least 40 hours per journeys and adding new competencies year for us as we transitioned from the year on upskilling themselves in critical within areas like artificial intelligence, concession model to a license model. competencies, and why we focus on building robotics and security. Though we have been planning for this for 2191006 • Bolt Communication AS • boltcommunication.no PAGE 3 BROWSE CHANGE VIEW SEARCH 3 TELENOR ANNUAL REPORT 2018 LETTER FROM THE CEO CONTENT LETTER FROM THE CEO 2 GROUP EXECUTIVE MANAGEMENT 4 LETTER FROM THE CHAIR 5 BOARD OF DIRECTORS’ REPORT 6 THE BOARD 17 CORPORATE GOVERNANCE 18 FINANCIAL STATEMENTS TELENOR GROUP CONSOLIDATED INCOME STATEMENT 34 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 35 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 36 CONSOLIDATED STATEMENT OF CASH FLOWS 37 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 38 NOTES TO THE FINANCIAL STATEMENTS 39 several years, it has required a number of the reindeer at Malangen, I was reminded FINANCIAL STATEMENTS demanding processes and decisions in 2018. that though Telenor geographically is Se oftere mot nord. TELENOR ASA We believe we have emerged from this in a heading almost as much southwards and Gå mot vinden, du får rødere INCOME STATEMENT 106 good way, securing a solid platform for both eastwards, our continuous efforts to kinn. STATEMENT OF spectrum and infrastructure. We continue simplify, improve and innovate embody a COMPREHENSIVE INCOME 107 Finn den ulendte stien. Hold den. to maintain full focus on rolling out the 2.3 philosophy that is about taking not the STATEMENT OF FINANCIAL GHz network and we see promising results easiest route – but the one we believe is Den er kortere. POSITION 108 from speed measurements in areas where right. Nord er best. STATEMENT OF CASH FLOWS 109 the new network is operating. When the Vinterens flammevirvel, STATEMENT OF CHANGES network is fully operational, we will continue IN EQUITY 110 sommernattens mirakel working towards targeted improvement of NOTES TO THE FINANCIAL customer experience and market position. Sigve Brekke, President & CEO STAT EMEN TS 111 Gå mot vinden, klyv berg. RESPONSIBILITY STATEMENT 124 Telenor Group Modernisation and renewal Se mot nord. STATEMENT FROM THE CORPORATE ASSEMBLY Telenor’s strategic direction stands. During Oftere OF TELENOR ASA 125 2018, we upgraded the highest number of Det er langt dette landet. AUDITOR’S REPORT 126 base stations in Telenor’s history. Our efforts DEFINITIONS 131 towards digital transformation, simplification Det meste er nord. and efficiency continue, with an increasing focus on structural improvements. These Rolf Jacobsen efforts are essential to prepare ourselves for the future. We will work more targeted with our revenue renewal in 2019. Towards north Rolf Jakobsen’s poem “North” idolises the rugged and demanding conditions of Norway edging towards the Arctic. Among 2191006 • Bolt Communication AS • boltcommunication.no PAGE 4 BROWSE CHANGE VIEW SEARCH 4 TELENOR ANNUAL REPORT 2018 GROUP EXECUTIVE MANAGEMENT CONTENT GROUP EXECUTIVE MANAGEMENT LETTER FROM THE CEO 2 GROUP EXECUTIVE MANAGEMENT 4 LETTER FROM THE CHAIR 5 BOARD OF DIRECTORS’ REPORT 6 THE BOARD 17 CORPORATE GOVERNANCE 18 FINANCIAL STATEMENTS TELENOR GROUP CONSOLIDATED INCOME STATEMENT 34 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 35 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 36 CONSOLIDATED STATEMENT Sigve Brekke Jørgen C. Arentz Rostrup Cecilie Blydt Heuch OF CASH FLOWS 37 President and Chief Executive EVP and Chief Financial EVP and Chief People Officer (CEO) Officer (CFO) Officer CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 38 NOTES TO THE FINANCIAL STATEMENTS 39 FINANCIAL STATEMENTS TELENOR ASA INCOME STATEMENT 106 STATEMENT OF COMPREHENSIVE INCOME 107 STATEMENT OF FINANCIAL POSITION 108 STATEMENT OF CASH FLOWS 109 STATEMENT OF CHANGES IN EQUITY 110 Morten Karlsen Sørby Anne Kvam Ruza Sabanovic EVP and acting Cluster Head
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