Improved mobile growth in the Nordics contributed to an organic increase in both service revenues and EBITDA for the full year, despite increased energy costs and negative revenues impact from the copper decommissioning. Completion of the CelcomDigi merger led to a gain of NOK 33 billion, and a record net income of NOK 45 billion for the full year. Free cash flow amounted to NOK 11 billion for the year.
In addition to the completion of the CelcomDigi merger in Malaysia, good progress is being made towards completion of the merger between dtac and True in Thailand. These transactions are the two largest telecommunications mergers ever in South-East Asia, and will establish market leader positions, along with opening growth opportunities and reducing risk. As earlier communicated, the synergies from these transactions will strengthen cash flow and value creation over time.
For 2023, Telenor expects low to mid-single digit growth for both service revenues and EBITDA in the Nordics. The capex to sales ratio for the Nordics is expected to be around 17%.
Overall, Telenor maintains the mid-term ambitions outlined at its Capital Markets Day in 2022, including the dividend policy aiming at year-on-year growth in ordinary dividends per share. For 2022, the company proposes a dividend of NOK 9.40 per share, up from NOK 9.30 per share in the previous year.