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ABOUT TELENOR NEWS NEWS AND PRESS RELEASES FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2010
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Financial results for the first quarter of 2010


Belgrade, Oslo, February 10, 2010 –Telenor in Serbia recorded an operating profit of NOK44 million (around EUR5.5 million) in the first quarter of this year, or 68% less y-o-y.

In the same period, revenues of Telenor in Serbia decreased by 15.9% compared to the same period last year, to NOK606 million (cca EUR75 million).


The number of subscriptions of Telenor in Serbia, operating within the Norwegian group, rose by 46,000 in the first quarter of 2010, to 2,889,000, and the company’s share at the market of Serbia remained at 34%.

Telenor’s investments in Serbia in the same period were mainly focused on the network development and reached NOK34 million (EUR4.2 million), including EUR1 million invested into the fixed telephony license.

Telenor’s EBITDA amounted to NOK230 million (EUR28.4 million), or 25.6% less than in the Q1 of 2009, as announced in the quarterly financial report.

At the global level, Telenor recorded a decrease of profit of 36% in the first quarter of 2010, primarily owing to poor business results at the markets of Asia and Central Europe. Its net profit fell by NOK1.04 billion (around EUR128 million), from NOK1.62 billion. Revenues in the same period decreased to NOK24 billion, from NOK24.6 billion recorded in the same period last year. Telenor employs more than 40,000 people in 14 countries and its subscription base is estimated at 179 million.