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ABOUT TELENOR NEWS NEWS AND PRESS RELEASES FINANCIAL RESULTS FOR THIRD QUARTER 2009
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Financial results for third quarter 2009

October 29, 2009 – Telenor d.o.o. achieved revenues of RSD8.11 billion (EUR84.34 million) in the third quarter of 2009, or 1.9 percent less than in the same period last year.

“Lower revenues are primarily the result of the fact that we have been operating under the conditions of the economic crisis, which has directly affected our subscribers in Serbia and their purchasing power. Furthermore, the Government’s mobile phone tax, introduced this May, has additionally burdened subscribers and the telecommunications industry. A projection of the future growth of the company is uncertain as long as this tax is in force,” says Gabor Kocsis, Chief Financial Officer in Telenor.

The EBITDA decreased by 11% in the local currency, due to the reasons listed above, as well as to an increase of direct operating expenses. To compensate for the reduced profit, capital expenditure was reduced by 12 percent.

The number of Telenor subscriptions in Serbia rose by 1.1 percent compared to the previous quarter, to 2,862,000, upon a stricter calculating method, which includes only subscribers who constantly generated revenues in the three-month period.
 
At the global level, Telenor remained the seventh largest mobile operator in the world, with four million new subscriptions, or 172 million in total. Telenor’s revenues in the third quarter of 2009 rose by four percent, to NOK24.3 billion, compared to the same quarter last year. The operating profit increased by 14 percent, to NOK4.5 billion.