To the Annual Shareholders' Meeting of Telenor ASA
Auditor’s report for 2009
We have audited the annual financial statements of Telenor ASA as of 31 December 2009, showing a net income of NOK 3 316 million for the Parent Company and a net income of NOK 10 104 million for the Group. We have also audited the information in the Directors' report concerning the financial statements, the going concern assumption, and the proposal for the allocation of the net income. The financial statements comprise the financial statements for the Parent Company and the Group. The financial statements of the Parent Company comprise the statements of income, comprehensive income, financial position, cash flows and changes in shareholders' equity as well as the accompanying notes. Simplified IFRSs pursuant to the Norwegian Accounting Act § 3-9 have been applied in the preparation of the financial statements of the Group. These financial statements and the Directors' report are the responsibility of the Company's Board of Directors and Chief Executive Officer. Our responsibility is to express an opinion on these financial statements and on other information according to the requirements of the Norwegian Act on Auditing and Auditors.
We conducted our audit in accordance with laws, regulations and auditing standards and practices generally accepted in Norway. Including the auditing standards adopted by the Norwegian Institute of Public Accountants. These auditing standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. To the extent required by law and auditing standards, an audit also comprises a review of the management of the Company's financial affairs and its accounting and internal control systems. We believe that our audit provides a reasonable basis for our opinion.
In our opinion,
- the financial statements of the Parent Company are prepared in accordance with laws and regulations and present fairly, in all material respects the financial position of the Company as of 31 December 2009, and the results of its operations, cash flows and changes in equity for the year then ended, in accordance with simplified IFRSs pursuant to the Norwegian Accounting Act § 3-9.
- the financial statements of the Group are prepared in accordance with laws and regulations and present fairly, in all material respects, the financial position of the Group as of 31 December 2009, and the results of its operations, cash flows and changes in equity for the year then ended, in accordance with IFRSs as adopted by the EU
- the Company's management has fulfilled its duty to properly record and document the Company's accounting information as required by law and bookkeeping practice generally accepted in Norway
- the information in the Director's report concerning the financial statements, the going concern assumption, and the proposal for the allocation of the net income is consistent with the financial statements and complies with law and regulations.
Oslo, March 23, 2010
ERNST & YOUNG AS
Erik Mamelund
State Authorised Public Accountant (Norway)
(sign.)
Note: The translation to English has been prepared for information purposes only.
Statement from the Corporate Assembly of Telenor ASA
On 24 March 2010, the Corporate Assembly of Telenor ASA passed the following resolution.
The Corporate Assembly recommends that the Annual General Meeting approves the Board’s proposal for Financial Statements for Telenor Group and Telenor ASA for 2009 as presented to the Corporate Assembly by transfer of NOK 3,316 million to retained earnings and payment of NOK 2.50 per share as dividend.