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ABOUT TELENOR NEWS NEWS AND PRESS RELEASES THIRD QUARTER 2007: CONTINUED HIGH UNDERLYING GROWTH
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Third Quarter 2007: Continued High Underlying Growth

 
Fornebu, October 25, 2007 - In the third quarter of 2007, Telenor's underlying pro forma revenues increased by 12 per cent compared to the third quarter of 2006, reaching NOK 26.5 billion. Pro forma EBITDA before other income and expenses was NOK 9.4 billion. The pro forma figures include estimates for Kyivstar. Telenor's consolidated mobile operations added four million subscriptions during the third quarter.
 
On reported basis (excluding Kyivstar estimates), Telenor's revenues were NOK 23.1 billion. Reported EBITDA before other items was NOK 7.5 billion while reported profit before taxes was NOK 4.7 billion. 

"We now see higher pressure on reported revenue growth due to the appreciation of the Norwegian Krone in 2007 and the overall competitive situation in some of our markets. Despite this, we continue to deliver high underlying revenue growth and stable EBITDA margin," said President and CEO of Telenor, Jon Fredrik Baksaas. 

Central and Eastern Europe

"Kyivstar in Ukraine has maintained its market position and is estimated to have delivered a strong financial performance. The legal situation concerning Kyivstar is still prohibiting us from receiving financial information. In August, the arbitration court in New York ruled in favour of Telenor and we are now in process of having this ruling enforced," said Baksaas.

Asia

"Telenor Pakistan and DiGi in Malaysia continue to convince by maintaining their good performance. In Bangladesh, increased competition and price reductions have led to lower revenue growth in Grameenphone during the last quarters. Lately, governmental regulations and public unrest have negatively impacted Grameenphone's business conditions," said Baksaas. 

Nordic

"Fixed Norway maintains the impressive performance from the previous quarter with an EBITDA margin of 38 per cent. The competition has intensified in the Norwegian mobile market, and our efforts to maintain market share have contributed to a margin reduction," said Jon Fredrik Baksaas.

Broadcast

In the third quarter of 2007, revenues in Broadcast increased by 12 per cent compared to the third quarter of 2006, reaching NOK 1,763 million. EBITDA was NOK 443 million, compared to NOK 485 million in the third quarter of 2006. 

Key figures

The table below contains key figures for the third quarter of 2007, compared to the previous year:
 
III kvartal 
2007.
Q3 
2006
(NOK in millions except earnings per share)
Group
Pro forma Group incl. Kyivstar
Group
Revenues
23 135 26 535 23 255
EBITDA before other income and expenses
7 477
9 449
9 154
EBITDA margin before other income and expenses (%)
32.3
35.6
39.4
Adjusted operating profit
4 034 5 523 5 469
Adjusted operating profit/Revenues (%)
17.4
20.8
23.5
Profit after taxes and minority interests (Net income)
4 453 5 070 3 781
Earnings per share, in NOK
2.65
3.02
2.25
Capex 4 826 5 326 4 816
Investments in businesses
628
628
12 333
Net interest-bearing liabilities
40246
-
47 278
 
For more information please refer to the quarterly report on www.telenor.com/ir/reports/07q3.