TEL – Consolidated Financial Statements 2002
The board of directors of Telenor today approved the financial statements for 2002. As announced in the preliminary financial statements for 2002, excess values have been re-allocated for subsidiaries acquired in 2002. Telenor has also decided to write down the remaining book value of the shares in Sponsor Service ASA and reversed the provisions from the settlement with NetCom. The following changes were made compared to the preliminary financial statements decided by the Board of directors on 12. February 2003:
Telenor sells Nextra Italy
Telenor has entered into an agreement to sell Nextra Italy to the Italian quoted company Tiscali. The value of the transaction is â¬2.4m (19 mill NOK), to be paid in new Tiscali shares. The sale is a result of Telenor’s strategy to improve profitability through focus on core activites and markets.
Out-of-court settlement between Telenor and NetCom
The parties have agreed on an out-of-court settlement that involves Telenor paying NOK 35 million, including interest on arrears from January 19, 1997, as a complete settlement of the claim NetCom put forward regarding partial repayment of the rate for leased circuits in the years 1993-1996.
Mr. Thorleif Enger elected new Telenor Chairman
The Corporate Assembly of Telenor ASA has elected Mr. Thorleif Enger (59) as new Chairman of the Board. Mr. Enger has been a member of the Board since October 2001.
Preliminary result for 2002
Telenor’s revenues for 2002 amounted to NOK 48,826 million, which is an increase of NOK 2,786 million from 2001. The result before taxes in 2002 was a loss of NOK 5 billion, mainly due to costs related to write-downs and staff reductions, totalling NOK 7.6 billion.
Visa available through mobile commerce solution
Visa Norge and Telenor Mobil have entered into an agreement concerning mobile commerce. The agreement implies that all Visa cardholders with Telenor Mobil subscription can sign up for the Telenor Mobil m-commerce solution, MobilHandel, using their Visa-card as a means of payment. The co-operation opens up for new possibilities in a new market.
Telenor: Fourth quarter and year end results
Telenor will present their financial results for the fourth quarter and year end 2002, on Thursday, February 13, at 0900 hrs Norwegian time. The presentation will be a joint press and analysts presentation, held in the Auditorium, Telenor Expo Visitor centre at Fornebu.
2002 Sees Virus Slowdown
Less then 1,2 per cent of all e-mails sent in Norway in 2002 was infected by virus, which is down almost two per cent from the previous year. 2003 will see the focus shift from virus to unwanted mail (“spam”), according to Telenor.
Price cuts on mobile data services
Telenor Mobil has reduced prices on mobile Internet and other packet switched data services with up to fifty per cent. Simultaneously, WLAN prices have been cut with up to seventy percent.
Telenor sells stake in Russian regional operator to VimpelCom
Telenor has sold its 49 per cent share in Russian regional mobile operator, StavTeleSot, to the Telenor Mobiles associated company, VimpelCom for USD 20.9 million. VimpelCom has acquired 90 per cent of StavTeleSot.