"I'm pleased to see that we have been able to demonstrate solid execution across all four business areas", saysSigve Brekke , President and CEO ofTelenor Group . "Telenor supports the rapid digitalisation of the Nordic societies through investing in 5G networks and services. The underlying mobile service revenue growth was 5 percent, and the fixed business is turning positive after completion of the copper decommissioning. This is a strong testimony to the growth potential in the region, and I am proud to say that we are, perhaps, the world's first legacy-free incumbent. Going forward, we will continue with our Nordic modernisation agenda to drive profitable growth.", Brekke adds. Service revenues wereNOK 14.9 billion , which is an increase ofNOK 0.4 billion or 2 percent compared to the same period last year. On an organic basis, service revenues increased by 3 percent. Reported opex increased byNOK 0.3 billion . Organic opex increased byNOK 0.3 billion or 4 percent. Reported EBITDA before other items wasNOK 8.1 billion and was stable on reported basis but increased by 2 percent on an organic basis. Excluding the impact of a contractual dispute inDenmark , organic EBITDA before other items increased by 3 percent. Net income attributable to equity holders ofTelenor ASA wasNOK 18.1 billion for the quarter. A gain ofNOK 18.5 billion was recognised upon closure of the merger between dtac andTrue Corporation inThailand . With the completion of merger between dtac and True inThailand on1 March 2023 and the merger between Digi and Celcom inMalaysia on30 November 2022 , dtac and Digi as subsidiaries are de-consolidated and the historical income statement figures are reclassified to discontinued operations, see note 4 in the quarterly report.Telenor's share of net income of the merged entities is recognised with a one quarter lag. Accordingly, results of CelcomDigi are recognised this quarter forDecember 2022 , andTrue Corp's results for the month ofMarch 2023 will be recongnised in the second quarter. Total free cash flow wasNOK 5.7 billion for the quarter, including positive contribution from M&A activities ofNOK 5.3 billion mainly related to the partial sale of the fibre infrastructure company inNorway , partly offset by the merger transaction inThailand andIndia guarantee payment. Free cash flow before M&A activities wasNOK 0.4 billion . The leverage ratio at the end of the quarter was 2.1x, which is a decrease of 0.1x compared to the end of the previous quarter.Telenor maintains the financial outlook for 2023: Low to mid-single digit growth in Nordic service revenues Low to mid-single digit growth in Nordic EBITDA Nordic capex/sales of around 17 percent Investor Relations: Øystein Myrvold +47 99 23 04 60Håkon Hatlevik +47 90 14 60 70 Media contact:David Fidjeland +47 93 46 72 24
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