Dear shareholder
2007 has been a year characterised by strong subscription growth, particularly at our Asian operations. With 30 million net additions during the year, Telenor now counts 143 million mobile subscribers worldwide, and the company is currently the world’s seventh largest mobile provider. Throughout the year we have delivered high underlying revenue growth and seen our operations uphold their strong market positions.
The strong organic growth is indisputable evidence that the world is going mobile. In 2007 we have seen a spectacular demand for mobile communication in several less developed economies. Our presence in some of the world’s fastest growing markets means that we are in an excellent position to understand and act on this development. As handsets and subscriptions become affordable to new consumer groups, we will make efforts to ensure that our services are adapted to meet new demands.
Throughout 2007, and across all our markets, Telenor has continued to develop new and innovative services. Going forward, an essential challenge will be to take advantage of the rapidly increasing growth in businesses based on broadband access, distribution and content. As this trend accelerates new business opportunities will emerge. Our ability to act on those opportunities and seek sustainable positions is key to continued growth and market leadership.
Good management of our business environment has been a priority for Telenor in 2007. As we grow our business we recognise the significant value of building and maintaining good dialogue and partnerships with our stakeholders. During the year we have taken steps to ensure that the potential of communication solutions as key enabler for GDP growth is brought home to a wider audience.
Sustainable operations are the basis for our success. In 2007 we were named sector leader in mobile telecommunications by the Dow Jones Sustainability Indexes. This is a recognition we are very proud of and is an important encouragement to our employees across all our markets. It also means that we continue to be deeply committed to responsible business conduct.
Climate change is perhaps the greatest challenge of our time. During 2008 we will plan for significant reductions in our own emissions of greenhouse gases. As a communications provider, the growing awareness of global warming brings significant opportunities as well as responsibilities. The need to develop low-carbon alternatives is of essence, and our solutions can reduce the need for physical meetings and travel.
2008 will be an exciting year for Telenor. We firmly believe that the rapid development of our industry will continue. We are confident that we are well positioned to continue to grow our global customer base.
Jon Fredrik Baksaas
President and CEO