Telenor Group Outlook for 2017

Last updated 4 May 2017

Outlook for 2017 adjusted to reflect current group structure excl. India

2017 YTD 2016 ex. India
Organic revenue growth 1-2% 0.2% 0.8%
EBITDA margin Around 37% 37.6% 36.7%
Capex / sales 15-16% 14.9% 17.4%

Organic revenue growth in fixed currency, adj. for acquisitions and disposals. EBITDA before other items.
Capex excl. licence fees.

Excluding India from the Group structure has approx. 1 pp positive effect on the Group’s EBITDA margin.
The impact on revenue growth and capex/sales is marginal.

Mid-term financial ambitions (2018-2020)

  • Year-on-year low single-digit organic revenue growth
  • Net opex reductions of 1-3% per year
  • Capex/sales ratio around 15%, excl. licences
  • Year-on-year growth in dividend