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Telenor : Fourth quarter 2012: Strong close to an eventful year



       Telenor : Fourth quarter 2012: Strong close to an eventful year

(Fornebu, 13 February 2013) In the fourth quarter of 2012, Telenor Group
reported revenues of NOK 26.0 billion, representing an organic revenue growth
of 5%. EBITDA before other items was NOK 8.2 billion, EBITDA margin was 31.5
%, and operating cash flow was NOK 4.6 billion. For the full year of 2012,
Telenor's revenues were NOK 101.7 billion, EBITDA before other items was NOK
32.8 billion, EBITDA margin was 32.2% and operating cash flow was 20.5
billion.

"I am pleased to close an eventful year with strong financial results and
having reached important milestones. We have seen a strong increase in demand
for data services during the year. The launch of 4G services in Norway and
acquisition of a 3G licence in Thailand will enable us to introduce even
better mobile services to our customers. With the acquisition of new licences
in India, we have secured a platform for our future in this growth market.
Telenor's position in VimpelCom has been restored, and we will support and
contribute to the company's value agenda going forward," said Jon Fredrik
Baksaas, President and CEO of Telenor Group.

"For the full year 2012, organic revenue growth was 5%, EBITDA margin improved
notably from last year and operating cash flow exceeded NOK 20 billion. During
the year, we have invested heavily to improve user experience and prepare for
increased efficiency and continued growth," Baksaas said.

 "The continued solid performance by our Norwegian operation reflects high
demand for both mobile and fixed line Internet services. Introduction of new
offerings and investment in superior network quality   provide our customers
with the best services, coverage, capacity and the latest mobile technology.
The Asian operations have demonstrated another year of high margins. We see
smartphone and data demand picking up in Thailand and Malaysia as well as
steady operational improvements in Pakistan," Baksaas said.

Dividend and Outlook
"As a result of the strong operating results and a solid financial position,
the Board of Directors proposes a dividend per share of NOK 6.00 for 2012, an
increase of 20% compared to 2011," Baksaas said.

 "For 2013, we expect revenue growth in the range of 3-5% and EBITDA margin
around 34%. We now see the opportunity to accelerate investments to capture
market positions and expect capex/sales in the range of 12-14%. Our solid
position and strong momentum makes me confident that Telenor Group will
continue to create value for our shareholders and customers," Baksaas said.

Key figures
The table below contains key figures for the fourth quarter and full year of
2012, compared to the previous year.

                                                 Fourth quarter      Year
(NOK in millions except earnings per share)       2012   2011    2012    2011
Revenues                                         25 990  25 433 101 718 98 516
EBITDA before other income and expenses           8 179   7 417  32 755 30 526
EBITDA margin before other income and expenses
(%)                                                31.5    29.2    32.2   31.0
Adjusted operating profit^[1]                     4 498   3 533  18 353 15 217
Adjusted operating profit/Revenues (%)            17. 3    13.9    18.0   15.4
Profit after taxes and non-controlling interests  3 193 (2 709)   9 490  7 165
Earnings per share from total operations, basic,
in NOK                                             2.06  (1.70)    6.06  4. 45
Capex                                            10 371   3 823  21 511 11 907
Capex excl. licences and spectrum                 3 571   3 638  12 299 11 441
Capex excl. licences and spectrum/Revenues (%)     13.7    14.3    12.1   11.6
Operating cash flow  ^[2]                         4 608   3 780  20 457 19 085
Net interest-bearing liabilities ^[3]                            33 082 17 231

For more information please refer to the quarterly report
athttp://telenor.com/investor-relations/reports/2012/q4/.

Contact:
Scott Engebrigtsen, Communication manager, Tel: +4790043484, E-mail:
scott@telenor.com
Meera Bhatia, Communications Manager, Tel: +4746844959, E-mail:
meera.bhatia@telenor.com

To the editorial offices:
Press and analyst conference
In connection with the publication of the financial results, a press and
analyst conference will be held on Wednesday 13 February 2013 at 09:00 hrs
Norwegian time/CET. The presentation will be held in Auditorium A, Telenor
Expo Visitors' Centre, at the Telenor Headquarters at Fornebu outside Oslo.
President and CEO Jon Fredrik Baksaas and CFO Richard Olav Aa will present the
results. All presentations will be given in English.

Internet and mobile broadcast
The press and analyst conference will be broadcast live over the Internet, and
a recorded version will be made available on
http://telenor.com/investor-relations/reports/2012/q4/. During the live
transmission, written questions may be submitted via the Internet. The
conference will also be available live, and in a recorded version, on mobile
phones - for access, SMS expo to 2440 or +472440 from abroad. 

Conference call and Q&A
The press and analyst conference will also be available as a conference call.
This service also allows participants to ask questions at a concluding Q&A
session, which will be held immediately after the presentation and a brief Q&A
session in the auditorium. Please register well in advance on (+47)23184545,
and state your name and company to an automatic voicemail followed by # (pound
sign). For the Q&A session: to queue up for questions please press *1.

Materials

English language versions of the full quarterly report and all presentations
used during the press and analyst conference will be made available at
http://telenor.com/investor-relations/reports/2012/q4/.

-------------------------

[1]Adjusted operating profit is defined as Operating profit less other income
and expenses and impairment losses.

[2]Operating cash flow is defined as EBITDA before other income and expenses -
Capex, excluding licences and spectrum

[3]Net interest-bearing liabilities is defined as interest-bearing debt
excluding net present value of licence liabilities.

------------------------------------------------------------------------------

This announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
the
information contained therein.

Source: Telenor via Thomson Reuters ONE
HUG#1677527
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