2010-q3-telenor-financials_tcm28-56699

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					Telenor Norway
                                                                                                                          2008                                          2009                                          2010
(NOK in millions)                                                                                        Q1         Q2           Q3         Q4         Q1         Q2           Q3         Q4         Q1         Q2           Q3         Q4

Subscription and traffic                                                                                 2,166      2,297        2,345      2,258      2,223      2,333        2,478      2,410      2,395      2,449        2,477
Interconnect revenues                                                                                      318        342          324        329        340        361          319        332        337        352          340
Mobile revenues company's subscriptions                                                                  2,485      2,639        2,669      2,588      2,563      2,694        2,797      2,742      2,732      2,801        2,817
Other mobile revenues                                                                                      376        274          319        394        371        381          391        387        367        375          353
Total mobile revenues                                                                                    2,861      2,912        2,988      2,982      2,934      3,075        3,188      3,129      3,100      3,176        3,170
Non-mobile revenues                                                                                        111        122          107        140        138        130          222        269        253        188          256
Total revenues mobile operation                                                                          2,972      3,034        3,095      3,122      3,072      3,205        3,410      3,398      3,352      3,364        3,426

Telephony                                                                                                1,224      1,185        1,120      1,133      1,121      1,072        1,040      1,040      1,030      1,011          932
Broadband                                                                                                  665        672          661        672        675        690          685        680        666        671          658
Data services                                                                                              177        172          175        170        171        154          156        151        148        139          144
Other revenues                                                                                             201        288          325        418        343        366          346        404        400        350          310
Total retail revenues                                                                                    2,266      2,317        2,281      2,393      2,309      2,281        2,227      2,275      2,243      2,171        2,044
Wholesale revenues                                                                                       1,040      1,015        1,029      1,076      1,046      1,041        1,000        984        950      1,013        1,063
Total revenues fixed operation                                                                           3,307      3,333        3,310      3,469      3,356      3,322        3,227      3,259      3,193      3,183        3,106
Total revenues                                                                                           6,278      6,367        6,405      6,591      6,428      6,527        6,637      6,657      6,545      6,547        6,532
1) Of which internal revenues
                                                                                                           246        243          267        263        261        274          259        254        249        246          242

Total EBITDA before other income and expenses                                                            2,411      2,487        2,557      2,436      2,585      2,644        2,749      2,498      2,699      2,572        2,627
Other income and expenses                                                                                 (138)       (32)        (101)       (16)       (10)       (17)         (29)       (54)       (19)       (11)         (54)
EBITDA                                                                                                   2,273      2,455        2,456      2,420      2,575      2,627        2,720      2,444      2,680      2,561        2,573
Depreciation and amortisation 1)                                                                          (686)      (699)        (679)      (754)      (698)      (710)        (714)      (819)      (906)      (877)        (892)
Impairment losses 2)                                                                                       -            (1)        -            (0)      -          -            -          -            (0)        (0)        -
Operating profit                                                                                         1,587      1,756        1,777      1,666      1,877      1,916        2,007      1,625      1,774      1,684        1,680
1)
   Of which amortisation of Telenor's net excess values                                                      (4)        (6)          (4)        (6)        (3)        (2)          (3)        (1)        (3)        (3)          (3)
2)
   Of which impairment losses of Telenor's net excess values                                               -          -            -          -          -          -            -          -          -          -            -

EBITDA before other income and expenses/ Total revenues (%)                                                38.4       39.1         39.9       37.0       40.2       40.5         41.4       37.5       41.2       39.3         40.2
EBITDA/Total revenues (%)                                                                                  36.2       38.6         38.3       36.7       40.1       40.3         41.0       36.7       40.9       39.1         39.4
Operating profit/Total revenues (%)                                                                        25.3       27.6         27.7       25.3       29.2       29.3         30.2       24.4       27.1       25.7         25.7

Capex                                                                                                         756        788          638        883        731        632          560        674        540        713          675
Investments in businesses                                                                                       0          0          212         29          5          0            0          3          0          0            3

Mobile
No. of mobile subscriptions (in thousands)                                                               2,732      2,783        2,843      2,881      2,888      2,917        2,967      2,991      3,001      3,032        3,071
- of which prepaid                                                                                         832        819          821        813        795        785          782        761        748        751          742
Average traffic minutes per subscription per month (AMPU) in the quarter                                   209        224          211        216        219        225          221        228        224        232          220
Average revenue per subscription per month (ARPU) in the quarter                                           304        319          316        302        296        310          317        307        305        309          308
- of which contract                                                                                        394        408          401        381        371        386          392        379        374        378          373
- of which prepaid                                                                                         107        112          110        104        101        108          109        103         98        102          106

Fixed
No. of subscriptions (in thousands):
Retail market:
- Telephony                                                                                              1,358      1,338        1,320      1,299      1,271      1,242        1,215      1,190      1,158      1,135        1,111
   - of which VoIP                                                                                         132        135          139        142        144        143          140        140        138        138          136
- Broadband                                                                                                644        645          649        647        643        636          631        628        621        620          612

Wholesale market:
- Telephony                                                                                                247        238          230        220        216        213          207        200        196        191          185
- xDSL                                                                                                     132        123          116        106         98         90           87         85         84         82           80
- LLUB                                                                                                     348        356          356        356        356        355          348        338        329        322          314
Please note - As a result of rounding differences, numbers or percentages may not add up to the total.
Denmark
                                                                                          2008                                        2009                                        2010
(NOK in millions)                                                          Q1         Q2       Q3           Q4         Q1         Q2       Q3           Q4         Q1         Q2       Q3            Q4
Subscription and traffic                                                     799        814      873          963        961        980      992          930        930        940      953
Interconnect revenues                                                        342        351      335          392        382        391      359          366        330        302      270
Mobile revenues company's subscriptions                                    1,141      1,165    1,208        1,355      1,343      1,371    1,351        1,296      1,260      1,243    1,224
Other mobile revenues                                                         79        123      111          118        103         99       93           88         81        111      108
Total mobile revenues                                                      1,220      1,288    1,319        1,473      1,446      1,470    1,444        1,384      1,341      1,353    1,332
Non-mobile revenues                                                          130        128      130          126        128        116      144          127        131        142      147
Total revenues mobile operation                                            1,350      1,416    1,449        1,599      1,574      1,586    1,588        1,511      1,472      1,495    1,479

Revenues fixed operation                                                    482        473        460        489        458        414        387        359        343        315        300
Eliminations                                                                (14)       (27)       (37)       (13)       (16)       (19)       (14)       (15)       -          -           (0)
               1)
Total revenues                                                             1,818      1,862      1,872      2,075      2,016      1,981      1,961      1,855      1,815      1,810      1,779
1)
     Of which internal revenues                                                  41         41         52         60         54         50         57         45         53         54         42

EBITDA before other income and expenses                                     386        416        475        516        466        453        492         488       445        396        413
Other income and expenses                                                   -           12         (6)        (2)        (3)       (21)       (47)       (155)      (11)       (16)       (56)
EBITDA                                                                      386        428        469        514        463        432        445         333       434        381        356
Depreciation and amortisation 1)                                            (267)      (324)      (353)      (412)      (428)      (419)      (272)      (270)      (264)      (273)      (221)
                     2)
Impairment losses                                                           -          -          -          -           -          -         -           -         -          -          -
Operating profit                                                            119        104        116        102             35         13    173             63    170        108        135
1)
   Of which amortisation of Telenor's net excess values                      (81)      (132)      (144)      (161)      (163)      (164)       (20)       (21)       (23)       (22)           (8)
2)
     Of which impairment losses of Telenor's net excess values               -          -          -          -          -          -          -          -          -          -          -

EBITDA before other income and expenses/ Total revenues (%)                 21.2       22.3       25.4       24.9       23.1       22.9       25.1       26.3       24.5       21.9       23.2
EBITDA/Total revenues (%)                                                   21.2       23.0       25.1       24.8       23.0       21.8       22.7       18.0       23.9       21.0       20.0

Operating profit/Total revenues (%)                                              7          6          6          5          2          1          9          3          9          6          8

Capex                                                                       258        337        266        429        272        275        234        147        194        546        208
Investments in businesses                                                   -          -          -          -          -          111        -          -          -          -          -

Mobile
No. of subscriptions (in thousands)                                        1,683      1,728      1,783      1,813      1,833      1,965      2,018      2,038      2,075      2,114      2,075
- of which prepaid                                                           600        620        664        685        690        801        831        809        818        847        789
Average traffic minutes per subscription per month (AMPU) in the quarter     193        204        190        195        192        191        180        189        188        188        179
Average revenue per subscription per month (ARPU) in the quarter             226        230        230        251        246        240        225        213        205        198        194
- of which contract                                                          280        278        286        321        315        308        297        277        266        256        251
- of which prepaid                                                           133        143        132        135        132        135        122        118        112        109        107

Fixed
No. of xDSL subscriptions (in thousands)                                    278        280        282        272        268        263        262        259        256        251        245
No. of VoIP subscriptions (in thousands)                                    107        116        125        134        133        131        132        128        128        127        124
No. of PSTN subscriptions (in thousands)                                    235        224        208        192        176        161        152        143        138        134        145
Sweden
                                                                                           2008                                        2009                                         2010
(NOK in millions)                                                          Q1          Q2       Q3           Q4         Q1         Q2       Q3           Q4         Q1          Q2       Q3             Q4
Subscription and traffic                                                   1,093       1,116    1,123        1,120      1,026      1,088    1,112        1,082      1,087       1,138    1,194
Interconnect revenues                                                        214         241      197          211        196        221      187          188        182         194      176
Mobile revenues company's subscriptions                                    1,307       1,357    1,320        1,331      1,222      1,309    1,299        1,270      1,270       1,333    1,370
Other mobile revenues                                                         91         105      121           81         60         81       95           52         85          96      104
Total mobile revenues                                                      1,398       1,462    1,441        1,412      1,282      1,390    1,394        1,322      1,355       1,429    1,474
Non-mobile revenues                                                          143         135      155          214        181        198      241          282        232         290      282
Total revenues mobile operation                                            1,541       1,597    1,596        1,626      1,463      1,588    1,635        1,604      1,587       1,719    1,756

Revenues fixed operation                                                    831         810        799        818        715        716        723        672        641         638         625
Eliminations                                                                (12)        (15)       (25)       (34)       (18)       (26)       (22)       (19)       -           -           -
               1)
Total revenues                                                             2,360       2,392      2,370      2,410      2,160      2,278      2,336      2,257      2,228       2,357       2,381
1)
     Of which internal revenues                                                  26          29         29         26         43         41         50         34         44          51          44

EBITDA before other income and expenses                                     514         442         573       511        385        408        637        529        549         546         609
Other income and expenses                                                   -             3        (103)        3        -          (32)       (14)       (90)        (9)         (1)        (28)
EBITDA                                                                      514         445         470       514        385        376        623        439        540         546         581
Depreciation and amortisation 1)                                            (488)       (495)      (559)      (549)      (511)      (504)      (509)      (484)      (514)       (498)       (533)
                     2)
Impairment losses                                                                (1)     -          -          -          -          -         -           -              (0)         (0)         (0)
Operating profit                                                                 25      (50)       (89)       (35)      (126)      (128)      114         (45)           26          48          48
1)
   Of which amortisation of Telenor's net excess values                      (59)        (59)       (92)       (97)       (92)       (91)       (94)       (91)       (87)        (76)       (144)
2)
     Of which impairment losses of Telenor's net excess values               -           -          -          -          -          -          -          -          -           -           -

EBITDA before other income and expenses/ Total revenues (%)                 21.8        18.5       24.2       21.2       17.8       17.9       27.3       23.4       24.7        23.2        25.6
EBITDA/Total revenues (%)                                                   21.8        18.6       19.8       21.3       17.8       16.5       26.7       19.5       24.2        23.1        24.4

Operating profit/Total revenues (%)                                          1.1        (2.1)      (3.8)      (1.5)      (5.8)      (5.6)       4.9       (2.0)       1.2         2.0         2.0

Capex                                                                       250         709        213        356        243        218        127        237        205         244         172
Investments in businesses                                                    11         -            1        -          -          -            1        -          -           -           -

Mobile
No. of subscriptions (in thousands)                                        1,853       1,884      1,837      1,900      1,912      1,946      1,958      1,970      1,978       2,008       2,053
- of which prepaid                                                           470         463        361        364        341        337        327        316        309         311         319
Average traffic minutes per subscription per month (AMPU) in the quarter     199         221        208        218        211        227        221        218        224         240         231
Average revenue per subscription per month (ARPU) in the quarter             235         243        233        237        214        227        224        218        214         223         225
- of which contract                                                          302         306        286        279        252        261        257        249        245         254         255
- of which prepaid                                                            47          51         63         65         52         72         65         61         54          56          60

Fixed
No. of xDSL subscriptions (in thousands)                                    468         456        446        438        427        413        403        388        379         368         356
No. of LAN subscriptions (in thousands)                                     183         181        182        182        183        183        185        186        187         188         189
No. of VoIP subscriptions (in thousands)                                    209         212        219        224        233        242        247        248        251         252         251
No. of PSTN subscriptions (in thousands)                                    241         230        225        214        205        197        185        171        161         155         145
Telenor - Hungary
                                                                                           2008                                       2009                                        2010
(NOK in millions)                                                          Q1          Q2         Q3          Q4        Q1        Q2          Q3        Q4          Q1        Q2       Q3         Q4
Subscription and traffic                                                     985       1,057      1,201       1,161       987     1,029       1,083     1,018         895       888      891
Interconnect revenues                                                        318         350        364         389       277       277         297       290         230       238      234
Mobile revenues company's subscriptions                                    1,303       1,407      1,565       1,550     1,264     1,306       1,380     1,308       1,125     1,126    1,125
Other mobile revenues                                                         23          24         33           4        15        23          24        14          21        25       34
Total mobile revenues                                                      1,326       1,431      1,598       1,554     1,279     1,329       1,404     1,322       1,146     1,151    1,159
Non-mobile revenues                                                           54          51         58          87        43        45          40        62          39        43       44
Total revenues 1)                                                          1,380       1,482      1,656       1,641     1,322     1,374       1,444     1,384       1,185     1,193     1,204
1)
     Of which internal revenues                                                  5           6          12          8         3     -               2         10          6         5         7

EBITDA before other income and expenses                                     584         612        719         601       558       572         669       490         499       502       599
Other income and expenses                                                    (3)          1        -           (11)      -         (10)         (9)      (28)        (31)       (5)      (69)
EBITDA                                                                      581         613        719         590       558       562         660       462         468       496       530
Depreciation and amortisation 1)                                            (165)       (172)      (184)       (182)     (165)     (167)       (183)     (161)       (176)     (170)    (136)
Impairment losses 2)                                                        -           -          -           -         -         -           -         -           -         -         -
Operating profit                                                            416         441        535         408       393       395         477       301         292       327       395
1)
   Of which amortisation of Telenor's net excess values                          (1)     -              (1)     -         -             (1)     -             (1)     (22)      (21)          8
2)
     Of which impairment losses of Telenor's net excess values               -           -          -           -         -         -           -         -           -         -         -

EBITDA before other income and expenses/ Total revenues (%)                 42.3        41.3       43.4        36.6      42.2      41.6        46.3      35.4        42.1      42.0      49.8
EBITDA/Total revenues (%)                                                   42.1        41.4       43.4        36.0      42.2      40.9        45.7      33.4        39.5      41.6      44.1
Operating profit/Total revenues (%)                                         30.1        29.8       32.3        24.9      29.7      28.7        33.0      21.7        24.6      27.4      32.8
Capex                                                                       107          160        130         203         91     116            96      117           54        88        47
Investments in businesses                                                    -           -          -           -         -         -           -         -           -         -         -

No. of mobile subscriptions (in thousands)                                 3,329       3,337      3,394       3,644     3,504     3,482       3,441     3,501       3,465     3,428     3,413
- of which prepaid                                                         2,023       2,003      2,006       2,191     2,030     1,994       1,948     1,955       1,885     1,832     1,792
Average traffic minutes per subscription per month (AMPU) in the quarter     163         178        179         170       160       170         170       174         173       184       185
Average revenue per subscription per month (ARPU) in the quarter             130         141        157         146       118       125         133       126         107       109       109
- of which contract                                                          227         240        265         247       202       205         215       201         179       175       171
- of which prepaid                                                            66          72         80          74        56        61          66        62          49        53        55
Telenor Serbia
                                                                                        2008                                2009                                 2010
(NOK in millions)                                                          Q1       Q2       Q3       Q4       Q1       Q2       Q3        Q4       Q1       Q2       Q3       Q4
Subscription and traffic                                                    501      557      634      585      517      545      591       488      434      445      487
Interconnect revenues                                                       150      162      173      178      146      155      159       145      123      128      145
Mobile revenues company's subscriptions                                     651      719      807      763      663      700      750       633      556      573      632
Other mobile revenues                                                         32       32       38       43       37       22       (7)       32       22       27       34
Total mobile revenues                                                       683      751      845      806      700      722      743       665      579      600      667
Non-mobile revenues                                                           15       22       16       28       20       23       16        60       27       25       37
Total revenues 1)                                                           698      773      861      834      720       745      759      725      606      625      704
1)
     Of which internal revenues                                              14       18       23       20       19        24       31       19       19       22       35

EBITDA before other income and expenses                                     284      337      401      411      310       297      321      274      230      252      285
Other income and expenses                                                   -         (1)     -        -         (1)      -        -         (1)      (0)     (10)      (0)
EBITDA                                                                      284      336      401      411      309       297      321      273      230      242      285
                              1)
Depreciation and amortisation                                               (158)    (165)    (178)    (192)    (171)    (171)     (176)    (167)    (186)    (158)    (120)
                     2)
Impairment losses                                                            (1)     -        -         (1)     -       (1,970)      8       30       (0)       0       (0)
Operating profit                                                            125      171      223      218      138     (1,844)    153      136       44       84      165
1)
   Of which amortisation of Telenor's net excess values                      (45)     (46)     (49)     (49)     (46)      (45)     (45)     (43)     (40)     (20)     (11)
2)
     Of which impairment losses of Telenor's net excess values               -        -        -        -        -      (1,970)       9      29       -        -        -

EBITDA before other income and expenses/ Total revenues (%)                 40.7     43.6     46.6     49.3     43.1      39.9     42.3     37.8     38.0     40.4     40.5
EBITDA/Total revenues (%)                                                   40.7     43.5     46.6     49.3     42.9      39.9     42.3     37.7     38.0     38.7     40.5
Operating profit/Total revenues (%)                                         17.9     22.1     25.9     26.1     19.2    (247.5)    20.2     18.8      7.3     13.4     23.5
Capex                                                                        139       92       75      211       66        74       58       92       34       38       36
Investments in businesses                                                    -        -        -        -         31       -        -        -        -        -        -

No. of mobile subscriptions (in thousands)                                 2,730    2,722    2,777    2,844    2,863    2,831     2,862    2,843    2,889    2,882    2,984
- of which prepaid                                                         2,037    1,988    2,011    2,040    2,027    1,973     1,978    1,926    1,936    1,914    1,971
Average traffic minutes per subscription per month (AMPU) in the quarter      88       93       94      103       95      123       124      137      120      138      144
Average revenue per subscription per month (ARPU) in the quarter              79       88       98       91       77       82        88       74       65       66       72
- of which contract                                                          159      176      196      177      150      159       167      135      118      121      129
- of which prepaid                                                            53       57       61       57       48       50        53       46       40       39       42
Telenor - Montenegro
                                                                                        2008                                  2009                                   2010
(NOK in millions)                                                          Q1       Q2       Q3      Q4       Q1          Q2       Q3          Q4       Q1       Q2       Q3         Q4
Total revenues                                                              164      187      236     188      166         186      225         154      136      151      200
EBITDA before other income and expenses                                       57       78     119       72       68          79     110           54       51       59     106
Other income and expenses                                                    -        -        -        (1)     -           -         (3)        -          0       (0)      0
EBITDA                                                                        57       78     119       71       68          79     107           54       52       59     106
Operating profit 1)2)                                                         6       30       78      43       44          57        86         14        (6)     22       93
1)
     Of which amortisation of Telenor's net excess values                    (28)    (28)     (22)      (5)         (3)      (3)         (4)      (3)      (3)    (25)         (2)
2)
  Of which impairment losses of Telenor's net excess values                  -       -        -        -        -           -        -           -        -       -        -
Capex                                                                         10      24       20       13          6        10          9        21       12         8        5
Investments in businesses                                                    -       -        -        -        -           -        -           -        -       -        -

No. of mobile subscriptions (in thousands)                                  460      521      533     431      413         436       503        465      432      447      519
- of which prepaid                                                          377      430      434     322      305         326       396        355      321      331      403
Average traffic minutes per subscription per month (AMPU) in the quarter    130      125      120     128      131         147       130        130      122      143      145
Average revenue per subscription per month (ARPU) in the quarter            116      114      118     124      123         135       135        102       91      103      113
- of which contract                                                         239      239      235     224      200         216       218        194      166      173      184
- of which prepaid                                                           88       86       93      96       97         106       106         74       66       78       91
DTAC - Thailand
                                                                                           2008                                          2009                                            2010
(NOK in millions)                                                          Q1          Q2          Q3          Q4          Q1        Q2          Q3          Q4          Q1          Q2          Q3          Q4
Subscription and traffic                                                   2,152       1,897       1,944       2,338       2,376     2,270       2,190       2,162       2,288       2,457       2,483
Interconnect revenues                                                        723         667         621         727         687       640         614         599         632         666         892
Mobile revenues company's subscriptions                                    2,875       2,564       2,565       3,065       3,063     2,910       2,804       2,761       2,920       3,123       3,375
Other mobile revenues                                                        143         485          71         150         132        75          88          96         113          67          73
Total mobile revenues                                                      3,018       3,049       2,636       3,215       3,195     2,985       2,892       2,857       3,033       3,191       3,448
Non-mobile revenues                                                           18          19          19          26          24        24          24          43         112         170         140
Total revenues 1)                                                           3,036       3,068       2,655       3,241       3,219     3,009       2,916       2,900       3,144       3,360       3,588
1)
     Of which internal revenues                                                   25          7           6           18        9           1           5           9           16          5           5

EBITDA before other income and expenses                                     1,014       1,251        802         913         937       890         909         953        1,075       1,143       1,296
Other income and expenses                                                     (34)          2        -            (2)         (1)        2          (5)        -             (0)          2          49
EBITDA                                                                        980       1,253        802         911         936       892         904         953        1,074       1,145       1,345
Depreciation and amortisation 1)                                             (307)       (285)       (313)       (406)       (399)     (416)       (384)       (373)       (392)       (423)       (435)
Impairment losses 2)                                                         -           -           -           -            (5)       (2)          2         -           -           -           -
Operating profit                                                             673         968         489         505         532       474         522         580         682         721         910
1)
   Of which amortisation of Telenor's net excess values                           61          55          57          69      68            67          63          64          64          69          70
2)
     Of which impairment losses of Telenor's net excess values                -           -           -           -            (5)      -           -           -           -           -           -

EBITDA before other income and expenses/ Total revenues (%)                  33.4        40.8        30.2        28.2        29.1      29.6        31.2        32.9        34.2        34.0        36.1
EBITDA/Total revenues (%)                                                    32.3        40.8        30.2        28.1        29.1      29.6        31.0        32.9        34.2        34.1        37.5
Operating profit/Total revenues (%)                                          22.2        31.6        18.4        15.6        16.5      15.8        17.9        20.0        21.7        21.5        25.4
Capex                                                                         378         414         617        512          262       283         201         343        116          198        168
Investments in businesses                                                       9          14           2           1         -         -           -           -           -           -           -

No. of mobile subscriptions (100% in thousands)                            16,656      17,433      18,213      18,682      18,945    19,200      19,271      19,657      20,288      20,640      20,936
- of which prepaid                                                         14,565      15,246      15,863      16,212      16,602    16,822      16,939      17,366      17,996      18,334      18,623
Average traffic minutes per subscription per month (AMPU) in the quarter      363         333         317         308         303       291         291         321         324         306         328
Average revenue per subscription per month (ARPU) in the quarter               59          50          48          55          54        50          49          47          48          51          51
- of which contract                                                           129         108         102         112         115       113         109         106         112         121         127
- of which prepaid                                                             49          42          40          46          45        42          40          39          40          42          42
DiGi - Malaysia
                                                                                           2008                                            2009                                            2010
(NOK in millions)                                                          Q1          Q2          Q3          Q4          Q1          Q2          Q3          Q4          Q1          Q2          Q3          Q4
Subscription and traffic                                                   1,693       1,660       1,715       2,041       2,006       1,907       1,861       1,803       1,967       2,189       2,327
Interconnect revenues                                                        183         185         197         239         242         243         240         221         218         253         194
Mobile revenues company's subscriptions                                    1,876       1,845       1,912       2,280       2,248       2,150       2,101       2,024       2,185       2,442       2,521
Other mobile revenues                                                         25          22          26          30          31          28          20          22          30          36          33
Total mobile revenues                                                      1,901       1,867       1,938       2,310       2,279       2,178       2,121       2,046       2,215       2,478       2,554
Non-mobile revenues                                                           20          22          25          29          28          30          25          36          31          78          93
Total revenues 1)                                                          1,921       1,889       1,963       2,339       2,307       2,208       2,146       2,082       2,245       2,556       2,647
1)
     Of which internal revenues                                                  2           1           2           2           2           3           2           3           3           3           2

EBITDA before other income and expenses                                     918         886         839        1,023       1,032        965         912         882         999        1,105       1,167
Other income and expenses                                                    (9)        -             9            2           8         (4)         (4)        -            (0)          (0)         (0)
EBITDA                                                                      909         886         848        1,025       1,040        961         908         882         998        1,104       1,167
Depreciation and amortisation 1)                                            (274)       (254)       (261)       (304)       (319)       (356)       (332)       (318)       (337)       (375)       (392)
Impairment losses 2)                                                        -           -           -           -           -           -           -           -           -           -           -
Operating profit                                                            635         632         587         721         721         605         576         564         661         729         775
1)
   Of which amortisation of Telenor's net excess values                          (5)         (5)         (5)         (6)         (6)         (6)         (5)         (6)         (5)         (6)         (6)
2)
     Of which impairment losses of Telenor's net excess values               -           -           -           -           -           -           -           -           -           -           -

EBITDA before other income and expenses/ Total revenues (%)                 47.8        46.9        42.7        43.7        44.7        43.7        42.5        42.4        44.5        43.2        44.1
EBITDA/Total revenues (%)                                                   47.3        46.9        43.2        43.8        45.1        43.5        42.3        42.4        44.5        43.2        44.1
Operating profit/Total revenues (%)                                         33.1        33.5        29.9        30.8        31.3        27.4        26.8        27.1        29.4        28.5        29.3
Capex                                                                       208        1,394         311         762         277        250         365          387         147         251        373
Investments in businesses                                                    -           -           -           -           -           -           -           -           -           -           -

No. of mobile subscriptions (100% in thousands)                            6,553       6,637       6,803       7,062       7,155       7,230       7,393       7,720       7,947       8,105       8,247
- of which prepaid                                                         5,778       5,787       5,827       5,962       5,989       6,054       6,193       6,485       6,677       6,779       6,865
Average traffic minutes per subscription per month (AMPU) in the quarter     203         211         221         220         212         210         228         227         225         242         241
Average revenue per subscription per month (ARPU) in the quarter              96          93          95         110         105          99          96          88          93         101         103
- of which contract                                                          144         143         143         167         158         151         150         139         143         161         160
- of which prepaid                                                            90          86          87         100          95          89          86          80          83          90          91
Grameenphone - Bangladesh
                                                                                         2008                                        2009                                        2010
(NOK in millions)                                                          Q1        Q2          Q3         Q4         Q1        Q2          Q3         Q4        Q1         Q2          Q3        Q4
Subscription and traffic                                                   1,055       996       1,061      1,374      1,350     1,391       1,298      1,237     1,293      1,461       1,496
Interconnect revenues                                                         90        93         106        247        215       133         124        121       137        164         174
Mobile revenues company's subscriptions                                    1,145     1,089       1,167      1,621      1,565     1,524       1,422      1,358     1,430      1,625       1,671
Other mobile revenues                                                          4         3           3          4          5         4           3          4         4          4           5
Total mobile revenues                                                      1,149     1,092       1,170      1,625      1,570     1,528       1,425      1,362     1,434      1,629       1,676
Non-mobile revenues                                                            4         2           5          2          4         9          33         16         9         53          45
Total revenues 1)                                                           1,153     1,094       1,175      1,627     1,574     1,537       1,458      1,378     1,443      1,682       1,721
1)
     Of which internal revenues                                               -         -               1      -         -         -               1      -             0          0           0

EBITDA before other income and expenses                                      545       301         572        924       934       909         830        717       798        720         892
Other income and expenses                                                    -           3          (1)         1       -         -           -           (1)        1         (0)         (0)
EBITDA                                                                       545       304         571        925       934       909         830        716       799        719         892
Depreciation and amortisation 1)                                             (256)     (264)       (314)      (400)     (404)     (388)       (368)      (350)     (345)      (372)       (373)
Impairment losses 2)                                                         -          -          -          -         -         -           -          -         -          -           -
Operating profit                                                             289            40     257        525       530       521         462        366       454        347         519
1)
   Of which amortisation of Telenor's net excess values                       -         -           -          -         -         -           -          -         -          -           -
2)
     Of which impairment losses of Telenor's net excess values                -         -           -          -         -         -           -          -         -          -           -

EBITDA before other income and expenses/ Total revenues (%)                  47.3      27.5        48.7       56.8      59.3      59.1        56.9       52.0      55.3       42.8        51.8
EBITDA/Total revenues (%)                                                    47.3      27.8        48.6       56.9      59.3      59.1        56.9       52.0      55.4       42.8        51.8
Operating profit/Total revenues (%)                                          25.1        3.7       21.9       32.3      33.7      33.9        31.7       26.6      31.5       20.7        30.2
Capex                                                                         433       418         263      1,144       281       184        130        349          98       174        120
Investments in businesses                                                     -         -           -          -         -         -           -          -         -          -           -

No. of mobile subscriptions (100% in thousands)                            17,805    20,308      20,829     20,993    21,057    21,163      21,985     23,259    23,904     26,456      28,655
- of which prepaid                                                         17,386    19,880      20,413     20,607    20,668    20,767      21,590     22,862    23,499     26,037      28,237
Average traffic minutes per subscription per month (AMPU) in the quarter      259       319         319        332       327       301         303        292       288        291         275
Average revenue per subscription per month (ARPU) in the quarter               22        19          19         26        25        24          22         20        20         22          20
- of which contract                                                            80        66          59         79        76        73          69         66        67         71          69
- of which prepaid                                                             21        18          18         25        24        23          21         19        19         21          19
Telenor Pakistan
                                                                                          2008                                            2009                                           2010
(NOK in millions)                                                          Q1         Q2       Q3              Q4         Q1          Q2       Q3             Q4        Q1           Q2       Q3             Q4
Subscription and traffic                                                     847       797      701              898        914         915      824            833       869          983      923
Interconnect revenues                                                        183       173      144              191        185         195      178            175       167          187      179
Mobile revenues company's subscriptions                                    1,030       970      845            1,089      1,099       1,110    1,002          1,008     1,035        1,171    1,102
Other mobile revenues                                                          3          2        7               6          4           4        5              1         4            4        9
Total mobile revenues                                                      1,033       972      852            1,095      1,103       1,114    1,007          1,009     1,039        1,175    1,112
Non-mobile revenues                                                            9         19       17              14         18          18       32             49        35           61       57
Total revenues 1)                                                           1,042       991          869        1,109      1,121       1,132      1,039       1,058      1,074        1,236       1,169
1)
     Of which internal revenues                                                   2          9            13          9          10          8          10          3          3            9           14

EBITDA before other income and expenses                                       179        206              99      225        232         260        254         309        298          409         347
Other income and expenses                                                     -          -            -           -          -            (2)        (1)         (1)        (5)           5         (49)
EBITDA                                                                        179        206           99         225        232         258        253         308        293          414         298
Depreciation and amortisation 1)                                             (235)      (211)        (221)       (352)      (322)       (312)      (305)       (379)      (302)        (323)       (327)
Impairment losses 2)                                                          -          -            -           -          -           -          -           -          -            -           -
Operating profit                                                              (56)           (5)     (122)       (127)       (90)        (54)       (52)        (71)           (9)          91      (29)
1)
   Of which amortisation of Telenor's net excess values                       -          -            -           -          -           -          -           -          -            -           -
2)
     Of which impairment losses of Telenor's net excess values                -          -            -           -          -           -          -           -          -            -           -

EBITDA before other income and expenses/ Total revenues (%)                  17.2       20.8         11.4        20.3       20.7        23.0       24.4        29.2       27.7         33.1        29.7
EBITDA/Total revenues (%)                                                    17.2       20.8         11.4        20.3       20.7        22.8       24.4        29.1       27.3         33.5        25.5
Operating profit/Total revenues (%)                                          (5.4)      (0.5)       (14.0)      (11.5)      (8.0)       (4.8)      (5.0)       (6.7)      (0.9)         7.3        (2.5)
Capex                                                                         638        966          208       1,249        341        182         199         603       120           215         124
Investments in businesses                                                     -          -            -            95        -           -          -           -          -            -           -

No. of mobile subscriptions (in thousands)                                 16,702     18,125       18,472      19,388     19,985      20,893     21,659      22,501     23,279       23,798      23,836
- of which prepaid                                                         16,561     17,970       18,307      19,320     19,894      20,776     21,542      22,357     23,110       23,605      23,632
Average traffic minutes per subscription per month (AMPU) in the quarter      163        165          146         155        155         163        156         173        178          186         175
Average revenue per subscription per month (ARPU) in the quarter               22         19           15          19         19          18         16          15         15           17          15
- of which contract                                                            51         41           35          61         82          78         75          64         57           60          57
- of which prepaid                                                             22         18           15          19         18          18         15          15         15           16          15
Uninor
                                                                                     2008                       2009                                            2010
(NOK in millions)                                                          Q1   Q2          Q3   Q4   Q1   Q2          Q3       Q4          Q1           Q2            Q3         Q4
Total revenues 1)                                                                                           -            -            3            56      103           214
1)
     Of which internal revenues                                                                             -            -        -                0            (0)           0

EBITDA before other income and expenses                                                                     (80)       (149)    (677)        (974)       (1,132)       (1,115)
Other income and expenses                                                                                   -           -        -             (0)           (0)           (0)
EBITDA                                                                                                      (80)       (149)    (677)        (974)       (1,132)       (1,115)
Depreciation and amortisation 1)                                                                            -             (1)    (78)        (139)         (191)         (222)
Impairment losses 2)                                                                                        -           -        -             -            -             -
Operating profit                                                                                            (80)       (150)    (755)       (1,113)      (1,323)       (1,337)
1)
   Of which amortisation of Telenor's net excess values                                                     -            -            (6)          (1)          (9)       (12)
2)
     Of which impairment losses of Telenor's net excess values                                              -            -        -            -            -             -

EBITDA before other income and expenses/ Total revenues (%)                                                 nm           nm       nm          nm           nm            nm
EBITDA/Total revenues (%)                                                                                   -            -        nm          nm           nm            nm
Operating profit/Total revenues (%)                                                                         -            -        nm          nm           nm            nm
Capex                                                                                                       424        2,076    1,196         712          364           198
Investments in businesses                                                                                     17         -        -           -            -             -

No. of mobile subscriptions (in thousands)                                                                  -            -      1,008       2,155        3,873         7,918
- of which prepaid                                                                                          -            -      1,008       2,155        3,873         7,918
Average traffic minutes per subscription per month (AMPU) in the quarter                                    -            -        nm          148          209           254
Average revenue per subscription per month (ARPU) in the quarter                                            -            -        nm           10           12            13
BROADCAST
                                                                                    2008                                              2009                                              2010
(NOK in millions)                                                Q1          Q2            Q3          Q4          Q1          Q2            Q3          Q4          Q1          Q2            Q3          Q4
Revenues
Canal Digital Group                                              1,477       1,633         1,592       1,690       1,632       1,637         1,679       1,719       1,682       1,699         1,732
Transmission & Encryption                                          554         563           546         602         593         577           567         589         586         592           616
Other/Eliminations                                                (109)       (130)         (116)       (132)       (123)       (130)          (79)        (96)       (121)       (109)         (111)
Total revenues 1)                                                1,922       2,066         2,022       2,160       2,102       2,084         2,167       2,212       2,147       2,182         2,237
1)
     Of which internal revenues                                        23          24            25          27          24          24            23          24          22          23            25

EBITDA before other items and expenses
Canal Digital Group                                               124          40           189         121         137         190           193         190         221         243           270
Transmission & Encryption                                         311         309           306         319         312         314           328         323         316         317           357
Other/Eliminations                                                (12)        (20)           (6)        (51)        (14)         (7)           (6)        (16)        (10)        (26)           (8)
Total EBITDA before other income and expenses                     423         329           489         389         435         497           515         497         527         534           619
Other income and expenses:                                        (37)         (2)          (33)        (53)        (10)          8           (28)        (27)         (5)         (9)           (6)
Total EBITDA                                                      386         327           456         336         425         505           487         470         522         525           613
Depreciation and amortisation 1)                                  (176)       (196)         (182)       (200)       (205)       (214)         (224)       (239)       (238)       (236)         (230)
Impairment losses 2)                                              -           -              (3)         (3)        -           -             -           -            (0)          0             0
Operating profit                                                  210         131           271         133         220         291           263         231         284         289           383
Of which:
Canal Digital Group                                                61         (27)           97           43         57         113           105          89         124         143           193
Transmission & Encryption                                         206         186           196          203        199         198           178         179         180         185           229
Other/Eliminations                                                (57)        (28)          (22)        (113)       (36)        (20)          (20)        (37)        (20)        (39)          (38)
1)
   Of which amortisation of Telenor's net excess values                (4)         (4)           (4)         (4)         (4)         (5)           (4)         (4)         (4)         (4)           (4)
2)
     Of which impairment losses of Telenor's net excess values     -           -             -           -           -           -             -           -           -           -             -

EBITDA before other income and expenses/ Total revenues (%)       22.0        15.9          24.2        18.0        20.7        23.8          23.8        22.5        24.5        24.5          27.7
EBITDA/Total revenues (%)                                         20.1        15.8          22.6        15.6        20.2        24.2          22.5        21.2        24.3        24.1          27.4
Operating profit/Total revenues (%)                               10.9         6.3          13.4         6.2        10.5        14.0          12.1        10.4        13.2        13.2          17.1
Capex                                                            1,398         323           322        322          245         228           317       1,151        116          223          211
Investments in businesses                                          -            25           -            19          88         -              73          69           0       1,099           -

No. of DTH TV subscribers (in thousands)                         1,124       1,121         1,125       1,113       1,096       1,079         1,071       1,060       1,054       1,039         1,025
No. of Cable TV subscribers (in thousands)                         710         734           741         746         739         732           732         729         721         713           717
- of which in Norway                                               442         466           474         476         473         471           474         477         479         480           483
- of which in Sweden                                               235         235           233         235         231         226           223         217         212         202           203
- of which in Denmark                                               33          33            34          35          35          35            35          35          30          31            31
No. of Cable TV Internet access (in thousands)                     140         149           170         188         204         216           231         246         257         262           270
- of which in Norway                                               121         130           147         164         180         193           207         223         234         239           248
- of which in Sweden                                                 3           3             3           3           3           3             3           3           3           2             2
- of which in Denmark                                               16          16            20          21          21          20            21          20          20          21            21
OTHER UNITS
                                                                                                       2008                                          2009                                        2010
(NOK in millions)                                                                     Q1          Q2          Q3         Q4         Q1         Q2           Q3         Q4         Q1        Q2          Q3         Q4
Revenues
New Business                                                                            23          26          32         38         38         44           54         47         41        55          60
Corporate functions and Group activities                                               535         529         534        595        563        639          588        632        599       646         598
Other/eliminations                                                                     127         137         132        117        136        142          143        144        169       136         154
Total revenues 1)                                                                      685         692         698        750        737        825          785        823        809       838         812
1) Of which internal revenues
                                                                                       590         603         603        640        616        716          648        662        673       665         670

EBITDA before other income and expenses                                                  64             7          56         20    (159)      (124)         (72)       (53)       (41)      (96)            33
Other income and expenses                                                               (15)           (4)     -               9       4                      (6)       (51)        (5)       (5)            (5)
EBITDA
New Business                                                                           (23)        (35)        (48)       (62)       (48)       (40)         (41)       (86)       (26)      (29)        (11)
Corporate functions and Group activities                                              (158)       (153)       (137)      (146)      (182)      (166)        (105)       (88)      (115)     (134)        (53)
Other/eliminations                                                                       99          98         81          78         75         81           68        70         95        63          91
Total EBITDA                                                                           (82)        (90)       (104)      (130)      (155)      (125)         (78)      (104)       (46)     (101)         27
Depreciation and amortisation 1)                                                      (102)       (112)       (109)      (121)      (116)      (109)        (107)      (119)      (109)     (110)       (107)
Impairment losses 2)                                                                   -           -            (3)       -          -          -            -           (1)        (0)        0          (0)
Operating profit / (loss)                                                             (184)       (202)       (216)      (251)      (271)      (234)        (185)      (224)      (155)     (211)        (80)
Of which:
New Business                                                                           (31)        (48)        (60)       (75)       (62)       (54)         (55)      (100)       (34)      (38)        (20)
Corporate functions and Group activities                                              (251)       (252)       (236)      (253)      (284)      (261)        (197)      (191)      (212)     (231)       (145)
Other/eliminations                                                                      98          98          80         77         75         81           67         67         91        58          86
1) Of which amortisation of Telenor's net excess values
                                                                                            (2)        (1)         (2)        (2)        (1)        (3)          (2)        (1)    -         -           -
2) Of which impairment losses of Telenor's net excess values
                                                                                        -          -           -          -          -          -            -          -          -         -           -

Capex                                                                                    69        187         167        168        108            42        63        138            37    161         (32)
Capex from discontinued operations                                                      110        175         286        127         75            92       106        112            85     91          82
Investments in businesses                                                             1,378         37           8         25         44            32        21          9            13      4          27

The tables include investments from discontinued operations prior to their disposal
Venture is included in other/eliminations
CONSOLIDATED INCOME STATEMENT
Telenor Group                                                                         2008                                                            2009                                                            2010
(NOK in millions except earnings per share)                     Q1              Q2              Q3              Q4              Q1              Q2              Q3              Q4              Q1              Q2              Q3           Q4
Revenues                                                         21,481          21,872          21,734          23,886          22,828          22,735          22,767          22,418          22,339          23,550          24,096
Costs of materials and traffic charges                           (5,988)         (6,149)         (6,038)         (6,655)         (6,166)         (6,084)         (6,161)         (6,099)         (6,037)         (6,442)         (6,455)
Salaries and personnel costs                                     (2,418)         (2,509)         (2,194)         (2,669)         (2,702)         (2,744)         (2,452)         (2,761)         (2,727)         (2,780)         (2,426)
Other operating expenses                                         (5,828)         (5,958)         (5,979)         (6,699)         (6,187)         (6,130)         (5,966)         (6,626)         (6,424)         (7,321)         (7,330)
Other income and (expenses)                                        (236)            (18)           (235)            (70)            (13)            (77)           (146)           (359)            (85)           (131)           (139)
EBITDA                                                            7,011           7,238           7,289           7,793           7,760           7,700           8,042           6,574           7,065           6,875           7,746
Depreciation and amortisation                                    (3,156)         (3,208)         (3,379)         (3,894)         (3,754)         (3,778)         (3,586)         (3,787)         (3,958)         (4,037)         (3,994)
Impairment losses                                                    (2)             (1)             (6)             (4)             (5)         (1,972)             10              29              (0)              0              (0)
Operating profit                                                  3,853           4,030           3,904           3,895           4,001           1,950           4,465           2,816           3,107           2,838           3,751
Profit (loss) from associated companies                           2,998           1,850           1,789             199            (199)          1,569           1,864             432             (93)          7,608           1,049
Net financial income (expenses)                                    (561)           (450)         (1,122)           (815)           (620)           (366)           (643)           (392)           (859)           (188)           (451)
Profit before taxes                                               6,290           5,430           4,571           3,279           3,182           3,153           5,686           2,856           2,155          10,258           4,349
Income taxes                                                     (1,202)         (1,224)         (1,049)           (798)         (1,031)         (1,288)         (1,438)           (366)           (885)           (560)         (2,300)
Profit from continuing operations                                 5,088           4,206           3,522           2,481           2,151           1,865           4,248           2,490           1,270           9,698           2,050
Profit (loss) from discontinued operations                          (62)           (230)           (156)            (40)            (33)           (114)           (462)            (43)           (121)           (116)           (279)
Net income                                                        5,026           3,975           3,366           2,442           2,118           1,751           3,786           2,448           1,149           9,582           1,771

Net income attributable to:
Non-controlling interests (minority interests)                       455             439             372             479             496             377             297             281             112              89              72
Equity holders of Telenor ASA                                      4,571           3,536           2,994           1,963           1,622           1,374           3,489           2,167           1,038           9,494           1,698

Earnings per share in NOK
From continuing operations:
Basic                                                               2.76            2.25            1.89            1.21            1.00            0.90            2.39            1.33            0.70            5.80            1.20
Diluted                                                             2.76            2.25            1.89            1.21            1.00            0.90            2.38            1.33            0.70            5.80            1.20
From total operations:
Basic                                                               2.72            2.11            1.80            1.18            0.98            0.83            2.11            1.31            0.63            5.73            1.03
Diluted                                                             2.72            2.11            1.80            1.18            0.98            0.83            2.11            1.31            0.63            5.73            1.03


Average outstanding shares in millions*)
For Basic calculation
Outstanding shares*) during the quarter.                     1,678,370,878   1,672,900,570   1,662,789,715   1,660,820,068   1,657,818,846   1,655,740,531   1,655,805,222   1,655,947,749   1,656,084,549   1,656,160,623   1,648,147,920
Outstanding shares*) year to date.                           1,678,370,878   1,675,635,724   1,671,322,465   1,668,682,519   1,657,850,513   1,656,789,693   1,656,457,930   1,656,329,346   1,656,084,549   1,656,122,796   1,653,445,530
For Diluted calculation
Outstanding shares*) during the quarter.                     1,679,802,331   1,674,223,194   1,664,390,181   1,661,257,357   1,659,037,203   1,657,141,111   1,657,421,756   1,657,678,470   1,657,443,853   1,657,545,648   1,649,553,565
Outstanding shares*) year to date.                           1,679,802,331   1,676,958,348   1,673,169,627   1,670,309,389   1,659,068,870   1,658,112,927   1,657,903,476   1,657,831,467   1,657,443,853   1,657,494,228   1,654,822,594
*) Weighted average number of ordinary outstanding shares.

Number of ordinary shares at end of period                   1,680,274,570   1,680,274,570   1,657,888,846   1,657,888,846   1,657,888,846   1,657,888,846   1,657,888,846   1,657,888,846   1,657,888,846   1,657,888,846   1,657,888,846
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
Telenor Group                                                            2008                                         2009                                         2010
(NOK in millions)                                      31 Mar     30 Jun      30 Sep     31 Dec     31 Mar     30 Jun      30 Sep     31 Dec     31 Mar     30 Jun      30 Sep     31 Dec
Deferred tax assets                                       2,676      2,510       2,845      2,815      1,362        877         966      1,811      1,809      1,665       1,661
Goodwill                                                 30,339     30,911      32,001     34,227    31,368     31,023       29,448     28,873    28,785     28,547       24,716
Intangible assets                                        24,936     26,059      27,579     31,153    31,483     31,214       28,577     28,120    28,524     29,587       27,175
Property, plant and equipment                            48,739     50,360      52,201     59,772    56,258     55,430       54,005     55,598    55,655     56,652       53,082
Associated companies                                     18,478     20,513      24,405     20,811    18,345     17,708       17,365     17,241    17,671     30,872       31,013
Other non-current assets                                  3,503      2,413       2,953      6,020      4,955      4,916       4,745      3,215      2,927      3,217       3,321
Total non-current assets                                128,671    132,766     141,984    154,798   143,771    141,168      135,106    134,858   135,370    150,541      140,969

Trade receivables                                        8,706      8,879       8,769     10,204      8,851      8,972       8,642      9,178      8,125      8,744       8,026
Other current assets                                    10,639     11,344      10,070     12,166     10,425      9,717       9,677      9,317     10,259     10,648       9,547
Assets classified as held for sale                         -          -           -          -          -          678         278        258        144        -             0
Other financial current assets                             831        737         741      1,079        868      1,107       1,137        941        914        660         762
Cash and cash equivalents                               11,476      6,994       8,373      8,925     11,235     16,191      15,420     11,479     16,439     14,628      13,361
Total current assets                                    31,652     27,954      27,953     32,374     31,379     36,665      35,154     31,173     35,880     34,680      31,697
Total assets                                           160,323    160,720     169,937    187,172    175,150    177,833     170,260    166,031    171,250    185,220     172,666


Equity attributable to equity holders of Telenor ASA    70,536     69,128      76,121     80,947     72,334     75,359      74,314     75,976     78,174     88,577      86,839
Non-controlling interests (minority interests)           5,809      6,142       6,709      7,621      8,979      9,117       8,680      9,089     10,429     10,422       8,726
Total equity                                            76,345     75,270      82,830     88,568     81,313     84,476      82,994     85,065     88,603     98,999      95,566

Non-current interest-bearing liabilities                39,276     38,517      35,633     40,452     39,865     40,663      34,754     32,959     35,461     33,465      26,867
Non-current non-interest-bearing liabilities               993        820         835        944      1,129        939         720        718      1,083      1,337       1,008
Deferred tax liabilities                                 3,686      3,688       4,258      4,696      4,588      4,371       4,159      3,834      4,076      3,103       2,917
Pension obligations                                      2,352      2,523       2,687      2,634      2,537      2,611       2,158      2,089      2,203      2,118       1,978
Other provisions                                         1,089      1,117       1,152      1,681      1,662      1,778       2,127      1,863      1,881      2,038       1,850
Total non-current liabilities                           47,396     46,665      44,565     50,407     49,781     50,362      43,918     41,463     44,704     42,060      34,620

Current interest-bearing liabilities                     8,642     10,575      12,507     15,581     12,803     12,358      11,106      6,383      3,670      8,144       7,936
Trade payables                                           7,296      7,332       7,632      7,354      6,857      7,886       8,971      7,605      7,284      8,001       7,113
Current non-interest-bearing liabilities                20,644     20,878      22,403     25,262     24,396     22,333      22,993     25,231     26,796     28,016      27,432
Liabilities classified as held for sale                    -          -           -          -          -          418         278        284        193        -           -
Total current liabilities                               36,582     38,785      42,542     48,197     44,056     42,995      43,348     39,503     37,943     44,161      42,480
Total equity and liabilities                           160,323    160,720     169,937    187,172    175,150    177,833     170,260    166,031    171,250    185,220     172,666

Equity ratio including non-controlling interests (%)       47.6      46.8         48.7       47.3      46.4       47.5        48.7       51.2       51.7       53.4        55.3

Net interest-bearing liabilities                        35,665     41,647      39,274     45,547     39,874     35,254      28,628     26,332     21,252     25,546      19,787
CONSOLIDATED STATEMENT OF CASH FLOWS
Telenor Group                                                                                                                                         2008                                            2009                                             2010
(NOK in millions)                                                                                      31 Mar                                 30 Jun       30 Sep      31 Dec      31 Mar      30 Jun      30 Sep       31 Dec      31 Mar      30 Jun      30 Sep      31 Dec
Profit before taxes from total operations                                                                  6,253                               11,459       15,894      19,003        3,176       6,235     11,610       14,184        2,039     12,170      16,165
Income taxes paid                                                                                           (961)                               (2,651)      (3,363)     (3,870)       (655)     (1,402)     (2,028)      (2,491)       (611)     (3,210)     (3,971)
Net (gains) losses from disposals, impairments and change in fair value of financial assets and liabilities 180                                    (14)         461         394          41         (91)       (181)         (57)        (14)         30         (61)
Depreciation, amortisation and impairment losses                                                           3,261                                 6,590      10,097      14,210        3,857       9,719     13,788       17,653        4,058       8,195     12,463
Loss (profit) from associated companies                                                                   (2,998)                               (4,848)      (6,637)     (6,836)        199      (1,370)     (3,234)      (3,667)         93      (7,515)     (8,564)
Dividends received from associated companies                                                                 -                                     -          1,038       1,258       1,427       3,553       3,592        4,757         241         395         396
Currency (gains) losses not related to operating activities                                                    64                                    37         347         441         (84)       (179)         68           82         540         511         769
Changes in other operating working capital assets and liabilities                                            574                                 1,677        2,264       1,029       1,138       1,499       2,219          161       2,535       3,233       3,844
Net cash flow from operating activities                                                                    6,373                               12,250       20,101      25,629        9,099     17,964      25,834       30,622        8,881     13,809      21,041

Purchases of property, plant and equipment (PPE) and intangible assets                                                              (4,421)     (9,113)    (12,346)    (17,465)      (3,804)    (7,035)     (9,922)     (13,014)      (3,757)    (7,058)    (10,000)
Purchases of subsidiaries and associated companies, net of cash acquired                                                            (1,193)     (1,131)     (1,292)     (1,321)         (25)      (529)       (611)        (655)         (29)    (1,127)     (1,154)
Proceeds of PPE, intangible assets and businesses, net of cash disposed                                                              4,177       4,197       4,253       4,291           17         40         109           75           54        (10)       (173)
Proceeds and purchases of other investments                                                                                              1          42          12        (308)         (76)      (248)       (218)         (72)        (359)      (414)       (445)
Net cash flow from investing activities                                                                                             (1,436)     (6,005)     (9,373)    (14,803)      (3,888)    (7,772)    (10,642)     (13,666)      (4,091)    (8,609)    (11,772)

Proceeds from and repayments of borrowings                                                                                             686         996        (673)        (534)     (2,256)    (1,771)      (6,233)    (12,218)        184       1,916         (988)
Proceeds from issuance of shares, incl. from non-controlling interests in subsidiaries                                                 (21)        (23)        (23)         338         -          -            -           518         -           -            -
Share buyback by Telenor ASA                                                                                                          (761)       (761)     (2,108)      (2,108)        -          -              (5)         (5)         (8)         (8)     (1,386)
Repayment of equity and dividends paid to non-controlling interests in subsidiaries                                                    -          (565)       (928)      (1,514)        -         (627)      (1,022)     (1,530)       (380)     (1,169)      (1,450)
Dividends paid to equity holders of Telenor ASA                                                                                        -        (5,416)     (5,678)      (5,678)        -          -            -           -           -        (4,007)      (4,141)
Net cash flow from financing activities                                                                                                (96)     (5,769)     (9,410)      (9,496)     (2,256)    (2,398)      (7,260)    (13,235)       (204)     (3,268)      (7,965)

Effects of exchange rate changes on cash and cash equivalents                                                                         (206)      (323)         214         754        (645)       (515)     (1,408)      (1,094)        412       1,144         505
Reclassified cash and cash equivalents to Investment in Kyivstar                                                                     4,635        153        1,532       2,084       2,310       7,279       6,524        2,627       4,998       3,076       1,809
Net change in cash and cash equivalents                                                                                              6,841      6,841        6,841       6,841       8,925       8,925       8,925        8,925      11,552      11,552      11,552
Cash and cash equivalents at the beginning of the period                                                                            11,476      6,994        8,373       8,925      11,235      16,204      15,449       11,552      16,550      14,628      13,361
Cash and cash equivalents at the end of the period 1)                                                                                  -          -            -           -           -            13          29           73         111          54         -
Of which cash and cash equivalents in discontinued operations at the end of the period                                              11,476      6,994        8,373       8,925      11,235      16,191      15,420       11,479      16,439      14,574      13,361

The statement includes discontinued operations prior to their disposal.


Cash flow from discontinued operations
Net cash flow from operating activities                                                                                               (364)       (465)       (566)         -         (118)        (14)          42         369        (232)       (295)       (413)
Net cash flow from investing activities                                                                                             (1,240)     (1,309)     (1,441)      (1,539)      (113)       (219)        (270)       (379)        (85)       (172)       (246)
Net cash flow from financing activities                                                                                              1,341       1,357       1,443        1,394       (138)       (172)        (332)       (417)        (25)       (310)       (333)


The cash flows ascribed to discontinued operations are only cash flows from external transactions.
Hence, the cash flows presented for discontinued operations do not reflect these operations as if they were stand alone entities.
SPECIAL ITEMS
Telenor Group                                                                    2008                                           2009                                    2010
(NOK in millions)                                                 Q1       Q2           Q3       Q4         Q1         Q2          Q3       Q4            Q1       Q2          Q3       Q4
Gains (losses) on disposal of fixed assets and operations
Telenor - Norway                                                   (71)          0       (96)     (11)           (3)       2        (21)          (19)     (12)         (0)       (0)
Telenor - Sweden                                                   -            (1)      (21)        4       -          (30)        (11)            (1)      (7)        (1)       (2)
Telenor - Denmark                                                  -            12         (6)      (2)          (3)       1        -             (93)        1         (8)       (0)
Telenor - Hungary                                                    (3)         1       -          (1)      -            (1)         (1)           (6)       1         (5)       (3)
Telenor - Serbia                                                   -            (1)      -        -              (1)    -           -               (1)      (0)        (0)       (0)
Telenor - Montenegro                                               -        -            -          (1)      -          -           -             -           0         (0)        0
DTAC - Thailand                                                    -             1         (1)    -              (1)       2          (5)         -          (0)         2        49
DiGi - Malaysia                                                      (9)    -               9        2            8       (4)         (4)         -          (0)        (0)       (0)
Grameenphone - Bangladesh                                          -             3         (1)       1       -          -           -               (1)       1         (0)       (0)
Telenor - Pakistan                                                 -        -            -        -          -            (2)         (1)           (1)      (5)         5      (49)
Uninor - India                                                     -        -            -        -          -          -           -             -          (0)        (0)       (0)
Broadcast                                                          -        -            -        -          -             9        -               (9)      (0)        (8)     (11)
EDB Business Partner                                               -        -            -        -          -          -           -             -        -        -           -
Other business units                                               -        -            -          (2)      -          -           -             (51)        2         2          7
Corporate functions and Group activities                           -            (2)      -        -              5      -             (6)            1       14         0          2
Eliminations                                                       -        -            -        -          -          -           -                0     -        -           -
Total gains (losses) on disposal of fixed assets and operations    (83)         13      (116)     (10)           5      (23)        (49)         (180)       (6)    (13)          (8)

Workforce reductions and loss contracts
Telenor - Norway                                                   (67)     (32)           (6)        (5)      (7)      (19)          (8)         (35)       (8)    (11)        (19)
Telenor - Sweden                                                   -           4         (82)         (1)    -            (2)         (3)         (89)       (2)      (0)       (26)
Telenor - Denmark                                                  -        -            -        -          -          (22)        (47)          (62)     (12)       (8)       (56)
Telenor - Hungary                                                  -        -            -        (10)       -            (9)         (8)         (22)     (32)       (0)       (66)
Telenor - Serbia                                                   -        -            -        -          -          -           -             -        -        (10)           0
Telenor - Montenegro                                               -        -            -        -          -          -             (3)         -          (0)      (0)          0
DTAC - Thailand                                                    (34)        1            1       (2)      -          -           -             -        -        -           -
DiGi - Malaysia                                                    -        -            -        -          -          -           -             -        -        -           -
Grameenphone - Bangladesh                                          -        -            -        -          -          -           -             -        -        -           -
Telenor - Pakistan                                                 -        -            -        -          -          -           -             -        -        -           -
Uninor - India                                                     -        -            -        -          -          -           -             -        -        -           -
Broadcast                                                          (37)       (2)        (33)     (53)       (10)         (1)       (28)          (18)       (5)      (1)          9
EDB Business Partner                                               -        -            -        -          -          -           -             -        -        -           -
Other business units                                               -        -            -        -          -          -           -             -        -        -           -
Corporate functions and Group activities                           (15)       (2)        -          11         (1)        (1)       -               (1)    (20)       (7)         (8)
Eliminations                                                       -        -            -        -          -          -           -               49     -        (81)          81
Total workforce reductions and loss contracts                     (153)     (31)        (120)     (60)       (18)       (54)        (97)         (179)     (79)    (118)        (86)

One-time effects to pension costs                                  -        -            -        -          -          -           -             -        -        -           (46)
Total other (income) and expenses                                 (236)     (18)        (235)     (70)       (13)       (77)       (146)         (359)     (85)    (131)       (139)
SPECIAL ITEMS
                                                                                         2008                                               2009                                                   2010

Telenor Group                                                                            2008                                               2009                                                   2010
(NOK in millions)                                                      Q1          Q2           Q3         Q4         Q1          Q2           Q3              Q4             Q1         Q2               Q3         Q4
Impairment losses
Telenor - Norway                                                         -              (1)      -              (0)    -            -              -                -              (0)         (0)         -
Telenor - Sweden                                                             (1)    -            -          -          -            -              -                -              (0)         (0)             (0)
Telenor - Denmark                                                        -          -            -          -          -            -              -                -          -           -               -
Telenor - Hungary                                                        -          -            -          -          -            -              -                -          -           -               -
Telenor - Serbia                                                             (1)    -            -              (1)    -         (1,970)                   8            30         (0)             0           (0)
Telenor - Montenegro                                                     -          -            -          -          -            -              -                -          -           -               -
DTAC - Thailand                                                          -          -            -          -              (5)        (2)                  2        -          -           -               -
DiGi - Malaysia                                                          -          -            -          -          -            -              -                -          -           -               -
Grameenphone - Bangladesh                                                -          -            -          -          -            -              -                -          -           -               -
Telenor - Pakistan                                                       -          -            -          -          -            -              -                -          -           -               -
Uninor - India                                                           -          -            -          -          -            -              -                -          -           -               -
Broadcast                                                                -          -                (3)        (3)    -            -              -                -              (0)             0           0
EDB Business Partner                                                     -          -            -          -          -            -              -                -          -           -               -
Other business units                                                     -          -                (3)         3     -            -              -                -              (0)             0           (0)
Corporate functions and Group activities                                 -          -            -              (3)    -            -              -                    (1)        (0)             0           (0)
Eliminations                                                             -          -            -          -          -            -              -                -          -           -               -
Total impairment losses                                                      (2)        (1)          (6)        (4)        (5)   (1,972)               10               29         (0)             0           (0)

Special items associated companies
Gains (losses) on disposal of ownership interests                      1,615             4        -              1         -            -              -                -          -     6,514             29
Impairment losses associated companies                                     -            -        (17)           -          -            -              -                -          -         -              -
Gains (losses) on disposal and impaiment losses associated companies   1,615             4       (17)            1     -            -              -                -          -         6,514             29

Net gains (losses) and impaiment losses financial items                      (7)        7        18         (13)           (1)          1              1            (84)       30              -           39
Reconciliation
Telenor Group                                                                         2008                                      2009                                      2010
(NOK in millions)                                                       Q1        Q2          Q3        Q4        Q1        Q2          Q3        Q4        Q1        Q2          Q3       Q4
Net income                                                              5,026     3,975       3,366     2,442     2,118     1,751       3,786     2,448     1,149     9,582       1,771
Profit (loss) from discontinued operations                                (62)     (230)       (156)      (40)      (33)     (114)       (462)      (43)     (121)     (116)       (279)
Profit from continuing operations                                       5,088     4,206       3,522     2,481     2,151     1,865       4,248     2,490     1,270     9,698       2,050
Income taxes                                                           (1,202)   (1,224)     (1,049)     (798)   (1,031)   (1,288)     (1,438)     (366)     (885)     (560)     (2,300)
Profit before taxes                                                     6,290     5,430       4,571     3,279     3,182     3,153       5,686     2,856     2,155    10,258       4,349
Net financial income (expenses)                                          (561)     (450)     (1,122)     (815)     (620)     (366)       (643)     (392)     (859)     (188)       (451)
Profit (loss) from associated companies                                 2,998     1,850       1,789       199      (199)    1,569       1,864       432       (93)    7,608       1,049
Depreciation and amortisation                                          (3,156)   (3,208)     (3,379)   (3,894)   (3,754)   (3,778)     (3,586)   (3,787)   (3,958)   (4,037)     (3,994)
Impairment losses                                                          (2)       (1)         (6)       (4)       (5)   (1,972)         10        29        (0)        0          (0)
EBITDA                                                                  7,011     7,238       7,289     7,793     7,760     7,700       8,042     6,574     7,065     6,875       7,746
Gains (losses) on disposal of fixed assets and operations                 (83)       13        (116)      (10)        5       (23)        (49)     (180)       (6)      (13)         (8)
Workforce reductions and loss contracts                                  (153)      (31)       (120)      (60)      (18)      (54)        (97)     (179)      (79)     (118)        (86)
One-time effects to pension costs                                            0         0           0         0         0         0           0         0         0         0        (46)
EBITDA before other income and expenses                                 7,247     7,256       7,524     7,863     7,773     7,777       8,188     6,933     7,151     7,006       7,885

Operating profit                                                       3,853     4,030       3,904     3,895     4,001      1,950      4,465     2,816     3,107      2,838      3,751
Impairment losses                                                         (2)       (1)         (6)       (4)       (5)    (1,972)        10        29        (0)         0         (0)
Other income and (expenses)                                             (236)      (18)       (235)      (70)      (13)       (77)      (146)     (359)      (85)      (131)      (139)
Adjusted operating profit                                              4,091     4,049       4,145     3,969     4,019      3,999      4,601     3,146     3,193      2,969      3,891

Profit before taxes                                                    6,290     5,430       4,571     3,279     3,182      3,153      5,686     2,856     2,155     10,258      4,349
Net gains (losses) and impaiment losses financial items                   (7)        7          18       (13)        (1)        1           1      (84)        30       -           39
Gains (losses) on disposal and impaiment losses associated companies   1,615         4         (17)        1       -          -          -         -         -        6,514         29
Impairment losses                                                         (2)       (1)         (6)       (4)        (5)   (1,972)         10        29        (0)        0         (0)
Other income and (expenses)                                             (236)      (18)       (235)      (70)      (13)       (77)      (146)     (359)      (85)      (131)      (139)
Adjusted profit before taxes                                           4,920     5,438       4,811     3,365     3,201      5,201      5,821     3,270     2,211      3,875      4,421
Depreciation, amortisation and impairment losses
Telenor Group                                                                               2008                                               2009                                           2010
(NOK in millions)                                                       Q1           Q2            Q3           Q4           Q1           Q2          Q3         Q4         Q1           Q2          Q3         Q4
Depreciation 1)                                                         (2,083)      (2,077)       (2,230)      (2,522)      (2,435)      (2,449)     (2,424)    (2,606)    (2,743)      (2,805)     (2,795)
Amortisation 2)                                                         (1,073)      (1,131)       (1,149)      (1,372)      (1,319)      (1,329)     (1,162)    (1,182)    (1,215)      (1,232)     (1,199)
Total depreciation and amortisation                                     (3,156)      (3,208)       (3,379)      (3,894)      (3,754)      (3,778)     (3,586)    (3,788)    (3,958)      (4,037)     (3,994)
Impairment losses 1)                                                           (2)          (1)           (3)          (1)      -            -           -            (1)          (0)        0           (0)
Impairment losses of goodwill                                              -            -             -            -                (5)   (1,970)         13          25           (0)        0            0
Impairment losses 2)                                                       -            -              (3)          (3)         -             (2)         (3)         5        -              0          (0)
Total impairment losses                                                     (2)          (1)           (6)          (4)          (5)      (1,972)         10         29         (0)           0          (0)
Total depreciation, amortisation and impairment losses                  (3,158)      (3,209)       (3,385)      (3,898)      (3,759)      (5,750)     (3,576)    (3,759)    (3,958)      (4,037)     (3,994)
1)
   Tangible assets (property, plant and equipment)
2)
     Other intangible assets and prepaid lease payments.

Telenor Group                                                                               2008                                               2009                                           2010
(NOK in millions)                                                       Q1           Q2            Q3           Q4           Q1           Q2          Q3         Q4         Q1           Q2          Q3         Q4
1)
   Depreciation of property, plant and equipment
Telenor - Norway                                                          (538)        (549)         (525)        (554)        (522)        (523)       (528)      (623)      (732)        (700)       (720)
Telenor - Sweden                                                          (273)        (270)         (344)        (312)        (308)        (298)       (298)      (284)      (312)        (307)       (336)
Telenor - Denmark                                                         (115)        (117)         (136)        (161)        (174)        (169)       (171)      (158)      (156)        (168)       (128)
Telenor - Hungary                                                         (121)        (127)         (134)        (127)        (111)        (115)       (129)      (109)      (104)        (101)        (97)
Telenor - Serbia                                                           (73)         (76)          (84)         (98)         (83)         (83)        (91)       (87)      (112)        (106)        (77)
Telenor - Montenegro                                                       (18)         (16)          (13)         (17)         (15)         (13)        (12)       (27)       (42)          (9)         (7)
DTAC - Thailand                                                            (36)         (35)          (45)         (48)         (57)         (72)        (57)       (57)       (60)         (64)        (62)
DiGi - Malaysia                                                           (244)        (219)         (232)        (270)        (263)        (281)       (261)      (251)      (267)        (296)       (309)
Grameenphone - Bangladesh                                                 (241)        (254)         (303)        (372)        (374)        (364)       (343)      (325)      (319)        (345)       (346)
Telenor - Pakistan                                                        (202)        (180)         (189)        (318)        (284)        (279)       (272)      (358)      (271)        (289)       (294)
Uninor - India                                                             -            -             -            -            -            -           -          (50)       (90)        (146)       (148)
Broadcast                                                                 (158)        (177)         (162)        (176)        (176)        (184)       (192)      (207)      (208)        (206)       (201)
Other operations                                                           (73)         (74)          (78)         (76)         (76)         (79)        (80)       (80)       (77)         (76)        (76)
Eliminations                                                                 9           17            15            7            8           11          10         10          7            6           6
Total depreciation of property, plant and equipment                     (2,083)      (2,077)       (2,230)      (2,522)      (2,435)      (2,449)     (2,424)    (2,606)    (2,743)      (2,805)     (2,795)
2)
   Amortisation of other intangible assets and prepaid lease payments
Telenor - Norway                                                          (148)        (149)         (155)        (200)        (176)        (187)       (186)      (196)      (174)        (177)       (172)
Telenor - Sweden                                                          (215)        (225)         (215)        (237)        (203)        (206)       (211)      (200)      (202)        (191)       (197)
Telenor - Denmark                                                         (152)        (207)         (217)        (251)        (254)        (250)       (101)      (112)      (108)        (104)        (93)
Telenor - Hungary                                                          (44)         (45)          (50)         (55)         (54)         (52)        (54)       (52)       (72)         (69)        (38)
Telenor - Serbia                                                           (85)         (89)          (94)         (94)         (88)         (88)        (86)       (79)       (74)         (53)        (43)
Telenor - Montenegro                                                       (33)         (33)          (27)         (11)           (9)          (9)         (9)      (13)       (15)         (28)         (5)
DTAC - Thailand                                                           (271)        (250)         (268)        (358)        (342)        (344)       (327)      (316)      (332)        (360)       (373)
DiGi - Malaysia                                                            (30)         (35)          (29)         (34)         (56)         (75)        (71)       (67)       (71)         (79)        (83)
Grameenphone - Bangladesh                                                  (15)         (10)          (11)         (28)         (30)         (24)        (25)       (25)       (26)         (27)        (27)
Telenor - Pakistan                                                         (33)         (31)          (32)         (34)         (38)         (33)        (33)       (21)       (31)         (34)        (34)
Uninor - India                                                             -            -             -            -            -            -           -          (29)       (48)         (45)        (75)
Broadcast                                                                  (18)         (19)          (20)         (24)         (29)         (30)        (32)       (32)       (30)         (30)        (29)
Other operations                                                           (29)         (38)          (31)         (45)         (40)         (30)        (27)       (39)       (32)         (34)        (31)
Eliminations                                                               -            -             -              (1)        -              (1)       -           (1)        (0)          (0)          0
Total amortisation of other intangible assets 3)                        (1,073)      (1,131)       (1,149)      (1,372)      (1,319)      (1,329)     (1,162)    (1,182)    (1,215)      (1,232)     (1,199)
Total depreciation and amortisation                                     (3,156)      (3,208)       (3,379)      (3,894)      (3,754)      (3,778)     (3,586)    (3,788)    (3,958)      (4,037)     (3,994)

3)
  Of which:
Customer base                                                            (227)        (195)         (189)         (182)        (178)        (145)       (173)     (167)      (157)        (126)        (58)
Licences and rights                                                      (300)        (288)         (306)         (393)        (396)        (410)       (401)     (399)      (410)        (456)       (474)
Trademarks and brands                                                     (58)        (142)         (152)         (179)        (182)        (179)        (38)      (35)       (61)         (82)        (34)
Total                                                                    (584)        (625)         (647)         (754)        (756)        (734)       (611)     (601)      (627)        (664)       (566)
Capex
Telenor Group                                                                                        2008                                   2009                                  2010
(NOK in millions)                                                                     Q1        Q2        Q3        Q4        Q1        Q2         Q3       Q4       Q1       Q2       Q3       Q4
Telenor - Norway                                                                        756       788       638       883       731       632        560      674      540      713      675
Telenor - Sweden                                                                        250       709       213       356       243       218        127      237      205      244      172
Telenor - Denmark                                                                       258       337       266       429       272       275        234      147      194      546      208
Telenor - Hungary                                                                       107       160       130       203        91       116         96      117       54       88       47
Telenor - Serbia                                                                        139        92        75       211        66        74         58       92       34       38       36
Telenor - Montenegro                                                                     10        24        20        13          6       10          9       21       12        8        5
DTAC - Thailand                                                                         378       414       617       512       262       283        201      343      116      198      168
DiGi - Malaysia                                                                         208     1,394       311       762       277       250        365      387      147      251      373
Grameenphone - Bangladesh                                                               433       418       263     1,144       281       184        130      349       98      174      120
Telenor - Pakistan                                                                      638       966       208     1,249       341       182        199      603      120      215      124
Uninor - India                                                                          -         -         -         -         -         424      2,076    1,196      712      364      198
Broadcast                                                                             1,398       323       322       322       245       228        317    1,151      116      223      211
Other operations                                                                        179       362       453       295       183       134        169      250      122      252       50
Eliminations                                                                              (4)       (5)       (2)       (6)       (2)      (2)        (5)     -         (2)      (2)      (2)
Total capex                                                                           4,750     5,982     3,514     6,373     2,996     3,008      4,536    5,567    2,468    3,311    2,384
Capex from continuing operations                                                      4,640     5,807     3,228     6,246     2,921     2,916      4,430    5,455    2,383    3,220    2,302

Investments in businesses
Telenor Group                                                                                       2008                                    2009                                  2010
(NOK in millions)                                                                     Q1        Q2       Q3         Q4        Q1        Q2       Q3         Q4       Q1       Q2       Q3       Q4
Telenor - Norway                                                                        -         -       212          29          5      -          0           3     -        -          3
Telenor - Sweden                                                                         11       -          1        -         -         -          1        -        -        -        -
Telenor - Denmark                                                                       -         -        -          -         -        111       -          -        -        -        -
Telenor - Hungary                                                                       -         -        -          -         -         -        -          -        -        -        -
Telenor - Serbia                                                                        -         -        -          -          31       -        -          -        -        -        -
Telenor - Montenegro                                                                    -         -        -          -         -         -        -          -        -        -        -
DTAC - Thailand                                                                           9        14        2          1       -         -        -          -        -        -        -
DiGi - Malaysia                                                                         -         -        -          -         -         -        -          -        -        -        -
Grameenphone - Bangladesh                                                               -         -        -          -         -         -        -          -        -        -        -
Telenor - Pakistan                                                                      -         -        -           95       -         -        -          -        -        -        -
Uninor - India                                                                          -         -        -          -         -          17      -          -        -        -        -
Broadcast                                                                               -          25      -           19        88       -         73         69        0    1,099      -
Other operations                                                                      1,378        37        8         25        44        32       21          9       13        4       27
Eliminations                                                                            -         -        -          -         -         -        -          -        -        -        -
Total investments in businesses                                                       1,398        76     223         169       168      160        95         81       13    1,103       30

The tables include investments from discontinued operations prior to their disposal
Analytical information
                                                                                               2008                                           2009                                       2010
                                                                            Q1        Q2               Q3        Q4        Q1        Q2               Q3        Q4        Q1        Q2           Q3       Q4
Mobile - Norway
No. of mobile subscriptions (in thousands)                                   2,732     2,783            2,843     2,881     2,888     2,917            2,967     2,991     3,001     3,032        3,071
 - of which prepaid                                                            832       819              821       813       795       785              782       761       748       751          742
Average traffic minutes per subscription per month (AMPU) in the quarter       209       224              211       216       219       225              221       228       224       232          220
Average revenue per subscription per month (ARPU) in the quarter               304       319              316       302       296       310              317       307       305       309          308
 - of which contract                                                           394       408              401       381       371       386              392       379       374       378          373
 - of which prepaid                                                            107       112              110       104       101       108              109       103        98       102          106
Mobile - Sweden
No. of mobile subscriptions (in thousands)                                   1,853     1,884            1,837     1,900     1,912     1,946            1,958     1,970     1,978     2,008        2,053
 - of which prepaid                                                            470       463              361       364       341       337              327       316       309       311          319
Average traffic minutes per subscription per month (AMPU) in the quarter       199       221              208       218       211       227              221       218       224       240          231
Average revenue per subscription per month (ARPU) in the quarter               235       243              233       237       214       227              224       218       214       223          225
 - of which contract                                                           302       306              286       279       252       261              257       249       245       254          255
 - of which prepaid                                                             47        51               63        65        52        72               65        61        54        56           60
Mobile - Denmark
No. of mobile subscriptions (in thousands)                                   1,683     1,728            1,783     1,813     1,833     1,965            2,018     2,038     2,075     2,114        2,075
 - of which prepaid                                                            600       620              664       685       690       801              831       809       818       847          789
Average traffic minutes per subscription per month (AMPU) in the quarter       193       204              190       195       192       191              180       189       188       188          179
Average traffic minutes per subscription per month (AMPU) in the quarter       226       230              230       251       246       240              225       213       205       198          194
 - of which contract                                                           280       278              286       321       315       308              297       277       266       256          251
 - of which prepaid                                                            133       143              132       135       132       135              122       118       112       109          107
Hungary
No. of mobile subscriptions (in thousands)                                   3,329     3,337            3,394     3,644     3,504     3,482            3,441     3,501     3,465     3,428        3,413
 - of which prepaid                                                          2,023     2,003            2,006     2,191     2,030     1,994            1,948     1,955     1,885     1,832        1,792
Average traffic minutes per subscription per month (AMPU) in the quarter       163       178              179       170       160       170              170       174       173       184          185
Average revenue per subscription per month (ARPU) in the quarter               130       141              157       146       118       125              133       126       107       109          109
 - of which contract                                                           227       240              265       247       202       205              215       201       179       175          171
 - of which prepaid                                                             66        72               80        74        56        61               66        62        49        53           55
Telenor - Serbia
No. of mobile subscriptions (in thousands)                                   2,730     2,722            2,777     2,844     2,863     2,831            2,862     2,843     2,889     2,882        2,984
 - of which prepaid                                                          2,037     1,988            2,011     2,040     2,027     1,973            1,978     1,926     1,936     1,914        1,971
Average traffic minutes per subscription per month (AMPU) in the quarter        88        93               94       103        95       123              124       137       120       138          144
Average revenue per subscription per month (ARPU) in the quarter                79        88               98        91        77        82               88        74        65        66           72
 - of which contract                                                           159       176              196       177       150       159              167       135       118       121          129
 - of which prepaid                                                             53        57               61        57        48        50               53        46        40        39           42
Montenegro
No. of mobile subscriptions (in thousands)                                    460       521              533       431       413       436              503       465       432       447          519
 - of which prepaid                                                           377       430              434       322       305       326              396       355       321       331          403
Average traffic minutes per subscription per month (AMPU) in the quarter      130       125              120       128       131       147              130       130       122       143          145
Average revenue per subscription per month (ARPU) in the quarter              116       114              118       124       123       135              135       102        91       103          113
 - of which contract                                                          239       239              235       224       200       216              218       194       166       173          184
 - of which prepaid                                                            88        86               93        96        97       106              106        74        66        78           91
DTAC - Thailand
No. of mobile subscriptions (in thousands)                                  16,656    17,433           18,213    18,682    18,945    19,200           19,271    19,657    20,288    20,640       20,936
 - of which prepaid                                                         14,565    15,246           15,863    16,212    16,602    16,822           16,939    17,366    17,996    18,334       18,623
Average traffic minutes per subscription per month (AMPU) in the quarter       363       333              317       308       303       291              291       321       324       306          328
Average revenue per subscription per month (ARPU) in the quarter                59        50               48        55        54        50               49        47        48        51           51
 - of which contract                                                           129       108              102       112       115       113              109       106       112       121          127
 - of which prepaid                                                             49        42               40        46        45        42               40        39        40        42           42
DiGi - Malaysia
No. of mobile subscriptions (in thousands)                                   6,553     6,637            6,803     7,062     7,155     7,230            7,393     7,720     7,947     8,105        8,247
 - of which prepaid                                                          5,778     5,787            5,827     5,962     5,989     6,054            6,193     6,485     6,677     6,779        6,865
Average traffic minutes per subscription per month (AMPU) in the quarter       203       211              221       220       212       210              228       227       225       242          241
Average revenue per subscription per month (ARPU) in the quarter                96        93               95       110       105        99               96        88        93       101          103
 - of which contract                                                           144       143              143       167       158       151              150       139       143       161          160
 - of which prepaid                                                             90        86               87       100        95        89               86        80        83        90           91
Grameenphone - Bangladesh
No. of mobile subscriptions (in thousands)                                  17,805    20,308           20,829    20,993    21,057    21,163           21,985    23,259    23,904    26,456       28,655
 - of which prepaid                                                         17,386    19,880           20,413    20,607    20,668    20,767           21,590    22,862    23,499    26,037       28,237
Average traffic minutes per subscription per month (AMPU) in the quarter       259       319              319       332       327       301              303       292       288       291          275
Average revenue per subscription per month (ARPU) in the quarter                22        19               19        26        25        24               22        20        20        22           20
 - of which contract                                                            80        66               59        79        76        73               69        66        67        71           69
 - of which prepaid                                                             21        18               18        25        24        23               21        19        19        21           19
Telenor - Pakistan
No. of mobile subscriptions (in thousands)                                  16,702    18,125           18,472    19,388    19,985    20,893           21,659    22,501    23,279    23,798       23,836
 - of which prepaid                                                         16,561    17,970           18,307    19,320    19,894    20,776           21,542    22,357    23,110    23,605       23,632
Average traffic minutes per subscription per month (AMPU) in the quarter       163       165              146       155       155       163              156       173       178       186          175
Average revenue per subscription per month (ARPU) in the quarter                22        19               15        19        19        18               16        15        15        17           15
 - of which contract                                                            51        41               35        61        82        78               75        64        57        60           57
 - of which prepaid                                                             22        18               15        19        18        18               15        15        15        16           15
Uninor - India
No. of mobile subscriptions (in thousands)                                       -         -                -         -         -         -                -     1,008     2,155     3,873        7,918
 - of which prepaid                                                              -         -                -         -         -         -                -     1,008     2,155     3,873        7,918
Associated companies
No. of mobile subscriptions (100% in thousands)                             75,948    76,984           81,146    84,522    85,437    85,820           87,548    86,062    87,511    88,818       91,443
Telenor Group
No. of mobile subscriptions (Consolidated)                                  70,504    75,479           77,484    79,638    80,555    82,062           84,057    87,953    91,413    96,783      103,707
No. of mobile subscriptions (incl Associated Companies)                    146,452   152,463          158,630   164,160   165,992   167,882          171,605   174,015   178,924   185,601      195,149

FIXED - Norway
Retail market
No. of Telephony subscriptions (in thousands)                                1,358     1,338            1,320     1,299     1,271     1,242            1,215     1,190     1,158     1,135        1,111
  - of which PSTN subscriptions                                                879       866              854       840       823       806              792       778       762       748          734
  - of which ISDN subscriptions                                                347       337              327       317       304       293              283       271       258       249          240
  - of which VoIP subscriptions                                                132       135              139       142       144       143              140       140       138       138          136
No. of xDSL subscriptions (in thousands)                                       641       642              646       644       639       632              626       619       612       611          602
Wholesale market
No. of Telephony subscriptions (in thousands)                                 247       238              230       220       216       213              207       200       196       191          185
  - of which PSTN subscriptions                                               168       162              157       151       149       147              143       139       136       133          130
  - of which ISDN subscriptions                                                79        76               73        70        68        67               64        62        60        58           56
No. of xDSL subscriptions (in thousands)                                      132       123              116       106        98        90               87        85        84        82           80
No. of LLUB (in thousands)                                                    348       356              356       356       356       355              348       338       329       322          314
FIXED - Sweden
No. of xDSL subscriptions (in thousands)                                      468       456              446       438       427       413              403       388       379       368          356
No. of LAN subscriptions (in thousands)                                       183       181              182       182       183       183              185       186       187       188          189
No. of VoIP subscriptions (in thousands)                                      209       212              219       224       233       242              247       248       251       252          251
No. of PSTN subscriptions (in thousands)                                      241       230              225       214       205       197              185       171       161       155          145
FIXED - Denmark
No. of xDSL subscriptions (in thousands)                                      278       280              282       272       268       263              262       259       256       251          245
No. of VoIP subscriptions (in thousands)                                      107       116              125       134       133       131              132       128       128       127          124
No. of PSTN subscriptions (in thousands)                                      235       224              208       192       176       161              152       143       138       134          145

BROADCAST
No. of television subscribers in the Nordic region (in thousands)
 - DTH pay TV subscribers                                                    1,124     1,121            1,125     1,113     1,096     1,079            1,071     1,060     1,054     1,039        1,025
 - Cable TV subscribers                                                        710       734              741       746       739       732              732       729       721       713          717
     - of which in Norway                                                      442       466              474       476       473       471              474       477       479       480          483
     - of which in Sweden                                                      235       235              233       235       231       226              223       217       212       202          203
     - of which in Denmark                                                      33        33               34        35        35        35               35        35        30        31           31
 - Cable TV Internet access                                                    140       149              170       188       204       216              231       246       257       262          270
     - of which in Norway                                                      121       130              147       164       180       193              207       223       234       239          248
     - of which in Sweden                                                        3         3                3         3         3         3                3         3         3         2            2
     - of which in Denmark                                                      16        16               20        21        21        20               21        20        20        21           21

 GROUP
No. of man-years                                                            29,957    30,693           30,833    31,702    32,118    32,069           32,657    33,181    33,154    32,858       32,513
 - of which outside Norway                                                  22,740    23,678           23,786    24,622    25,033    25,043           25,543    26,143    26,122    25,908       25,578
No. of employees                                                            31,139    31,831           31,883    32,904    33,239    33,260           33,920    34,301    34,242    33,883       33,600
 - of which outside Norway                                                  23,701    24,572           24,611    25,496    25,912    25,940           26,462    26,908    26,838    26,608       26,286
Avg. exchange rates YTD
Telenor group                                2008                               2009                                   2010
                               Q1       Q2          Q3    Q4      Q1       Q2          Q3       Q4       Q1       Q2          Q3       Q4

Norway              USD/NOK   5.3183   5.1988   5.2568   5.6361   6.8701   6.6889      6.4869   6.2816   5.8616   6.0424      6.0857
Europe              EUR/NOK   7.9555   7.9485   7.9873   8.2194   8.9472   8.8977      8.8422   8.7285   8.1019   8.0093      7.9906
Denmark             DKK/NOK   1.0674   1.0660   1.0710   1.1024   1.2008   1.1944      1.1873   1.1722   1.0886   1.0762      1.0733
Sweden              SEK/NOK   0.8464   0.8478   0.8488   0.8548   0.8185   0.8192      0.8261   0.8223   0.8148   0.8180      0.8286
Bangladesh          BDT/NOK   0.0775   0.0758   0.0767   0.0822   0.0997   0.0970      0.0940   0.0910   0.0846   0.0872      0.0878
Hungary             HUF/NOK   0.0307   0.0314   0.0323   0.0327   0.0305   0.0307      0.0312   0.0312   0.0302   0.0295      0.0291
Pakistan            PKR/NOK   0.0859   0.0808   0.0779   0.0796   0.0863   0.0835      0.0802   0.0771   0.0693   0.0714      0.0716
Ukraine             UAH/NOK   1.0533   1.0572   1.0856   1.0794   0.8465   0.8390      0.8083   0.7807   0.7318   0.7585      0.7660
Malaysia            MYR/NOK   1.6472   1.6143   1.6114   1.6850   1.8939   1.8633      1.8189   1.7809   1.7402   1.8288      1.8730
Thailand            THB/NOK   0.1716   0.1644   0.1623   0.1703   0.1944   0.1909      0.1871   0.1829   0.1783   0.1852      0.1886
Serbia              RDS/NOK   0.0963   0.0973   0.0997   0.1010   0.0953   0.0947      0.0943   0.0929   0.0820   0.0800      0.0785
India               INR/NOK   0.1345   0.1282   0.1262   0.1294   0.1382   0.1358      0.1325   0.1298   0.1277   0.1319      0.1322

				
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