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ABOUT TELENOR NEWS NEWS AND PRESS RELEASES SECOND QUARTER 2007: CONTINUED GOOD PERFORMANCE
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Second quarter 2007: Continued good performance

Fornebu, July 24, 2007-In the second quarter of 2007, Telenor's pro forma revenues increased by 19 per cent compared to the second quarter of 2006, reaching NOK 26.2 billion. The underlying pro forma revenue growth was 13 per cent. Pro forma EBITDA was NOK 9.1 billion. The pro forma figures include estimates for Kyivstar.

On reported basis (excluding Kyivstar estimates), Telenor's revenues increased by 5 per cent compared to the second quarter of 2006, reaching NOK 23.2 billion. The reported underlying revenue growth was 12 per cent. Reported EBITDA was NOK 7.3 billion while reported profit before taxes was NOK 3.8 billion.  
 
"We are delivering another good quarter. The trends from the first quarter have continued, with high underlying revenue growth and stable EBITDA margin," said President and CEO of Telenor, Jon Fredrik Baksaas.
 

Mobile operations

Telenor's consolidated mobile operations added more than five million subscriptions during the second quarter. The legal situation concerning Kyivstar has not changed from the first quarter, thus still prohibiting Telenor from receiving financial information. Kyivstar has strengthened its market position and is estimated to have further improved its financial performance.
 
"In Asia, the impressive development in DiGi and Telenor Pakistan continues. In Thailand, however, a new regulatory framework is changing the market dynamics. This has affected calling patterns and reduced average prices. In Scandinavia, our mobile operations have secured their market positions by adding more than 100,000 customers," said Jon Fredrik Baksaas.
 

Fixed

In Fixed Norway, EBITDA increased by 1.5 per cent to NOK 1,438 million, while revenues decreased by 4.6 per cent to NOK 3,801 million, compared to the second quarter of 2006. "Fixed Norway delivers an impressive underlying margin of 37 per cent, driven by good operational efficiency during the quarter," said Jon Fredrik Baksaas.

Broadcast

In the second quarter of 2007, revenues in Broadcast increased by 13.6 per cent compared to the second quarter of 2006, reaching NOK 1,776 million. EBITDA was NOK 462 million, a 5.7 per cent increase from the second quarter of 2006. 

Key figures

The table below contains key figures from the second quarter of 2007, compared to the previous year:

Q2 2007
Q2 2006
(NOK in millions except earnings per share)
Group
Pro forma Group
incl. Kyivstar
Group
Revenues
23 155 26 155 22 003
EBITDA before other income and expenses
7 344 9 114 7 842
EBITDA margin before other income and expenses (%)
Adjusted operating profit
31,7
3 942
34,8
5 229
35,6
4 364
Adjusted operating profit/Revenues (%)
17,0
20,0 19,8
Profit after taxes and minority interests (Net income)
Earnings per share, in NOK
3 253
1,94
3 767
2,24
2 248
1,35
Capex
Investments in businesses
Net interest-bearing liabilities
4 707
4 782
46 406
5 607
4 782
 -
4 442
828
38 210
For more information please refer to the quarterly report on  www.telenor.com/ir/reports/07q2 .