Letter from the Chair
Dear Reader
In 2022, as the world emerged from the devastating challenges of the COVID-19 pandemic, war broke out in Europe causing global political and economic insecurity with inflation, increased interest rates, volatile energy markets and escalated tensions on the global geopolitical stage. Several Asian countries, including Telenor’s markets, faced catastrophic flooding and the 2021 military coup in Myanmar continued to have devastating effects on the country’s people. Against this challenging backdrop, Telenor responded with a balanced approach grounded in the Nordic values that it has carried from its inception.
The actions outlined in this year’s report, were taken with the needs of our customers, employees, shareholders, and the planet in mind. As a vital player in the digital world, Telenor works tirelessly to connect hundreds of millions of people across Asia and the Nordics. We do this with a deep sense of responsibility to create a just and sustainable foundation for the future.
During a volatile 2022, Telenor responded on all fronts, addressing immediate challenges while restructuring the company with an eye towards increased responsiveness, profitability, and innovation. Over the course of the year, Telenor successfully transitioned to four distinct business areas, each empowered with their own strategic priorities. As separate business units, Telenor Nordics and Telenor Asia are now better positioned than ever to serve the unique customer needs across the different markets. Telenor Infrastructure will focus on the vital infrastructure that serve all regions while Telenor Amp is our growing edge, investing in and developing growth companies in segments where Telenor can make a difference. We also initiated two successful mergers in Malaysia and Thailand creating clear market leaders in both markets which show great promise in 2023. These mergers underscore the growing importance that size, and scalability play in increasing customer and shareholder value.
We made the difficult decision to leave our operation in Myanmar after the country suffered a military coup. International law and the safety of our people came above the financial considerations of leaving a profitable operation behind. In some ways this situation parallels the war in Ukraine, where a vast exodus of private enterprises happened almost overnight with private companies forgoing assets and future profits to take a stand against the undermining of international law.
We enter 2023 differently than the company that I wrote about in last year’s letter. We feel confident that we have laid the groundwork for a transformative shift that enables Telenor to create greater value for our customers and shareholders while advancing diversity, safety, and opportunity in the workplace. We have taken crucial steps toward resolving the challenges facing us as an industry and as a company, at the same time positioning ourselves to benefit from the opportunities that disruption creates.
Our achievements in digitalisation enable us to leverage the latest technologies to create products and services that meet evolving market requirements. Simultaneously we are dedicated to providing a secure and inclusive experience that our customers can rely on into the future. Telenor continues its commitment to reducing global warming by reducing greenhouse gas emissions across its operations. Embracing both the challenges and opportunities before us, we are confident that Telenor will remain a leader in the telecommunications industry for years to come.
Finally, I would like to take this opportunity to express my appreciation to our management and employees for their hard work and dedication during this extraordinary year. On behalf of the Board, I am proud of what has been accomplished so far and believe Telenor has a strong foundation to deliver also in the future.
Gunn Wærsted
Chair of the Board of Directors