Telenor reports fourth-quarter results 2015

Press release
6 minute read
“Five per cent organic revenue growth and five per cent organic EBITDA growth in 2015 shows the strength of our portfolio of operations. We are, however, entering 2016 with increased competition in some of our key markets, and it will be my key priority to secure focus on profitable growth and cost efficiency,” says Sigve Brekke, Chief Executive Officer of Telenor Group.

(NOK in millions)Q4 2015Q4 2014*20152014*
Revenues33 48730 440128 175111 443
Organic revenue growth (%)2.34.7
EBITDA before other income/ expenses10 8609 31844 19738 496
EBITDA margin before other income/expenses (%)32.430.634.534.5
Profit after taxes and non-controlling interests(2 125)4963 4149 077
Capex excl. licences and spectrum/Revenues (%)19.51918.415.6
Mobile subscriptions – Change in quarter/Total (million)6.66.9203186

* Re-presented

Highlights for Q4 2015

Telenor reported fourth-quarter revenues of NOK 33.5 billion and organic revenue growth of 2%. EBITDA before other items grew 10% on an organic basis to NOK 10.9 billion. The EBITDA margin was 32%. Telenor added 6.6 million mobile subscribers during the fourth quarter, taking the total number of customers to 203 million.

In Norway and Sweden, there are solid trends in the mobile consumer segment from increasing data usage and relevant offers. On the fixed side, both operations continued to grow their high-speed internet subscriber base, adding 107,000 connections during the year.

In Thailand, dtac added 400,000 customers during the quarter, with growth both in prepaid and contract segments. While competition remains intense, dtac continued its 3G and 4G network roll-out and has made significant quality and coverage improvements during 2015. Performance in Malaysia was hampered by intense competition on data and international calls, as well as a weakening currency.

Telenor’s operations in Bangladesh and Pakistan show strong performance, both in terms of subscriber growth and profitability. Telenor Myanmar has made impressive progress in its first year of operation, and ended the year with 14 million subscribers.

Impairment loss of NOK 2.1 billion

The outlook for the Danish telecom market remains challenging. As a consequence of updated earnings projections, an impairment loss of NOK 2.1 billion was recognised in the fourth quarter of 2015 in Telenor Denmark.

Dividend proposal of NOK 7.50 per share

Based on the financial results for 2015, the Board of Directors will propose a dividend of 7.50 per share for 2015, to be paid out in two tranches. The proposal is in line with Telenor’s ambition to deliver a year over year growth in dividends.

Outlook for 2016

Telenor expects continued healthy organic revenue growth for the Group in 2016, but fierce competition and headwinds in key markets like Thailand and Malaysia put pressure on EBITDA margin expectations. Investments will continue to be centred on the rollout of high-speed mobile and fixed networks.

Based on this, the financial guidance for 2016 is organic revenue growth in the range of 2% to 4% and an EBITDA margin of 33% to 34%. The capex to sales ratio is expected to be 17% to 19%.

Media Contact:

Meera Bhatia,
mob: (+47) 4684 4959,

Press and analyst conference

In connection with the publication of the financial results, a press and analyst conference will be held on Wednesday 10 February at 09:00 hrs Norwegian time/CET. The presentation, which will also be broadcast live via webcast, will be held in Auditorium Voice, Telenor Expo Visitor Centre at Fornebu near Oslo. CEO Sigve Brekke and acting CFO Morten Karlsen Sørby will present the results. The presentation will be held in English. 

Conference call and Q&A

You may also call in and listen to the presentation over the phone. This service allows you to ask questions during the Q&A session at the end of the presentation. To participate in the conference call, please register before the conference starts by calling +47 2100 6911 and state the confirmation code: 7597534


The quarterly report and the English version of the presentation will be made available here