Tuesday, July 5, 2022
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Telenor nonetheless regular after COVID, coup and alter in 2021


The previous 12 months have been considerably combined for Norway-based Telenor Group, which confronted a number of challenges starting from pandemic-related measures in varied markets and the necessity to exit Myanmar following the military coup in February 2021.

Group president and CEO Sigve Brekke stated Telenor had invested its energies in sustaining stability for employees and prospects all year long, whereas persevering with to modernize its community.

“Structural initiatives have resulted in NOK1.2 billion (US$137 million) in financial savings through the yr,” he noticed.

Trying forward: Telenor CEO Sigve Brekke says the group is specializing in a return to revenue in 2022.
(Supply: Orjan Ellingvag/Alamy Inventory Picture)

The main target for now, Brekke stated, is on returning to progress in 2022. For the complete yr, Telenor expects to see low, single-digit progress in service revenues. Earnings earlier than curiosity, tax, depreciation and amortization (EBITDA) are anticipated to be flat or barely increased. The operator additionally plans to extend the 2021 dividend by 3% to NOK9.3 per share.

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In 2021, general group income fell 4.8% to NOK110 billion ($12.5 billion), though income elevated 1.2% when adjusted for the pending sale of Telenor Myanmar. Adjusted EBITDA for the yr fell to simply over NOK49 billion ($5.6 billion) from NOK52.35 billion.

Within the October-December interval, adjusted EBITDA fell 6.5% year-on-year to NOK11.7 billion ($1.33 billion). Analysts in a ballot offered by Telenor had anticipated NOK12.2 billion on common, nevertheless.

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Brekke highlighted the truth that the group’s markets within the Nordics carried out properly within the fourth quarter of the yr, however he acknowledged that operations in Asia remained beneath strain “attributable to intense competitors and impression from the pandemic, particularly in Thailand.”

The operator stays preoccupied with its plan to exit Myanmar, though this does now appear to be again on observe. Lebanon’s M1 Group will reportedly companion with an area Myanmar agency to accumulate Telenor Myanmar, fulfilling a situation set by the army junta.

An extra main problem this yr shall be to finish the deliberate merger of Thailand-based unit Dtac with True, owned by Thailand’s Charoen Pokphand Group. Telenor stated the method is progressing in accordance with plan.

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— Anne Morris, contributing editor, particular to Mild Studying



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