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ABOUT TELENOR NEWS NEWS AND PRESS RELEASES TELENOR SERBIA FINANCIAL RESULTS FOR Q4 2014
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Telenor Serbia financial results for Q4 2014

Telenor Serbia revenues in the fourth quarter of 2014 amounted to RSD 11.0 billion, which is an increase of 3% compared to the fourth quarter in 2013. The subscriptions base is 3.2 million users, which is a 1% increase compared to the same period last year.
 
“The first integrated offerings of Telenor banka and Telenor marked the start of the new value propositions for our customers, which we will continue nurturing in the coming period.  In addition, Telenor was the first to announce iPhone in its offer during the last quarter of 2014.  We will remain dedicated to delivering the latest, innovative and easy to use products and services to our customers”, says Erlan Netten, Chief Financial Officer of Telenor Serbia.
 
“The broader economy, together with the telecommunication industry, continues to face significant challenges, with a contraction of GDP in 2014 and projections showing a bigger decrease in 2015. In spite of these external factors, we remain focused on strengthening our revenue market leadership position and maintaining healthy profitability levels by delivering high quality services and superior customer experience. In this way, Telenor further demonstrates its long term interest in the Serbian market, which was also seen with the significant expansion of our 3G network in the quarter, resulting in the coverage increase by more than 10%”.
 
In the fourth quarter of 2014, Telenor Group reported revenues of NOK 29.1 billion, representing an organic revenue growth of 5.3 %. EBITDA, before other items was NOK 9.1 billion, EBITDA margin was 31.2 %, and operating cash flow was NOK 3.46 billion.