Telenor ASA — Earnings Release 2018

Jan 28, 2019

dtac - results for the fourth quarter 2018

dtac - results for the fourth quarter 2018

Telenor Group’s subsidiary in Thailand, dtac, has today reported its fourth quarter 2018 results. Telenor’s consolidated figures in NOK million are as follows:

Q4 18 Q4 17

Revenues 4,937 5,033

EBITDA before other items 1,320 1,938

EBITDA margin (before o.i) 26.7% 38.5%

EBITDA -823 1,881

Operating profit -1,612 229

Capex (excl. spectrum) 2,001 1,088

Subscription and traffic revenues in local currency decreased by 5%. The EBITDA margin was 27%, or around 29% adjusted for temporary remedy cost related to the transition from a concession to a licence model. During the quarter, the total number of subscriptions decreased by 97,000 to 21.2 million.

According to the new accounting standard IFRS 15, the figures in NOK million for the fourth quarter 2018 are as follows:

Q418 2018

Revenues 4,929 18,908

EBITDA before other items 1,307 7,045

Operating profit -1,625 -1,225

Outlook 2019

• Capex: THB 13-15 billion

• When it comes to revenues and EBITDA, dtac’s ambition is to return to growth in subscription and traffic revenues during 2019, with continued focus on operational efficiency. A more detailed outlook will be provided in the second quarter.

As a consequence of this, Telenor Group will at the Q4 presentation provide its 2019 outlook for revenues and EBITDA excluding Thailand.