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ABOUT TELENOR NEWS NEWS AND PRESS RELEASES FINANCIAL RESULTS FOR Q2 2011
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Financial results for Q2 2011

July 21, 2011 - Telenor in Serbia recorded revenues of RSD 9.410 billion in the second quarter of this year, or 17.6% more than in the same period in 2010.

The number of subscriptions of Telenor in Serbia, which operates within the Norwegian Telenor Group, is now 3,060.736 million. Telenor’s subscriber market share in Serbia is now over 35%.

“We are very pleased to see that subscribers responded to our market offerings in a positive way which helped us to further strengthen our market position and eventually resulted in a revenue increase of close to 18% year-on-year. This strong top line development combined with our constantly improving cost efficiency led to a nominal EBITDA growing well above 30%. At the end of the second quarter, 50% of Telenor network was renovated, affecting higher capital costs,” says Gabor Kocsis, Chief Financial Officer in Telenor d.o.o.

At the global level, Telenor reported revenues of NOK 24.4 billion in the second quarter of 2011, representing an organic revenue growth of 7%. EBITDA before other items was NOK 7.5 billion, EBITDA margin was 31 per cent, and operating cash flow was NOK 5 billion. In the second quarter, the number of subscriptions of Telenor rose by 8 million, to 220 million.

Telenor is the sixth largest mobile operator in the world with 220 million subscribers, including 3.061 million in Serbia. Telenor helps customers to be connected to people and information they care for, in a hassle-free and predictable manner. Telenor introduced in the Serbian market the innovative Roll Over tariff plans and My Menu service, to provide highly personalized services.