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ABOUT TELENOR NEWS NEWS AND PRESS RELEASES FINANCIAL RESULTS FOR Q4 2011
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Financial results for Q4 2011

February 8, 2012 - Telenor Serbia’s fourth quarter revenues totaled RSD 9.712 billion, which represents 4.4% increase compared to the same period in 2010. The SIM market share is above 35% and at the end of the quarter the subscription base was 4% higher than at the end of last year reaching 3.137 million subscribers.
 
“We are pleased to have strengthened our market position in 2011 with a revenue increase above 12% year-on-year.  In addition, the investment in the network renovation, which in the fourth quarter is approaching completion, has significantly improved our geographical footprint and network capacity and quality,” says Erlan Netten, Chief Financial Officer of Telenor Serbia.
 
“The economic outlook is challenging. Still, Telenor Serbia plans for further growth in 2012, however at a lower rate than the growth achieved in 2011. Further investments are planned to improve our network and operations in 2012,” concludes Netten. 
 
At the global level, Telenor reported revenues of NOK 25.4 billion in the fourth quarter of 2011, representing an organic revenue growth of 7%. EBITDA before other items was NOK 7.4 billion, EBITDA margin was 29.2 per cent, and operating cash flow was NOK 3.8 billion. In the second quarter, the number of subscriptions of Telenor rose by 7 million.