Company: Telenor ASA Conference Title: Q4 2013 ... · PDF fileTelenor ASA Q4 2013 Presentation Page | 1 Ref 8285200 12 February 2014 Company: Telenor ASA Conference Title: Q4 2013

Telenor ASA Q4 2013 Presentation

Page | 1 Ref 8285200 12 February 2014

Company: TelenorASA

ConferenceTitle: Q42013Presentation

Presenter: MeeraBhatia

Date: Wednesday12thFebruary2014

MeeraBhatia: My name is Meera Bhatia and I have the pleasure of guiding you through today’s

presentation. I hope you all have a copy of the presentation which is also available on our

website. Therewill be as usual aQ&A session directly after the presentation firstly from the

audienceandthenfromourphoneparticipants.Asusualplease limityourselftoonequestion

andone follow-upquestion ifneeded.Weaimtoendtoday’ssessionatabout10o'clockand

aftertheQ&Aourexecutiveswillalsobeavailableforfurthercomments.

TopresenttheupdatetodaywehaveourCEOJonFredrikBaksaas;andCFORichardOlav.FirstI

willleavethefloortoFredrikplease.

JonFredrikBaksaas: ThankyouMeeraandalsogoodmorningfrommetoyou.Weareheretotakea

lookatthefourthquarterandtheyearendclosingfor2013.Thisisayearwherewecontinued

to grow both in terms of subscribers and revenues. We added five million new subscribers

during the last quarter ending the year with a total customer base of 166 million, in total

17millionnewsubsduring2013.Iamthinkingaboutthisactually,thenumberof17millionnew

subscribersinoneyear,thatmeansactually46,000newsubscriberseverydayin365daysina

row.Sothistellssomethingaboutthebigcapacitiesthatthisgrouphasinallourmarketsforthe

timebeing.ThesubscribergrowthwasconcentratedinAsiaofcoursedrivenprimarilybyIndia,

Pakistan and Bangladesh where there still is a significant potential for further growth. The

organic revenue growth for the group was 1% which is somewhat lower than expected but

explainedby lowhandsetsales inmanymarketsandpoliticalunrest impactingtheeconomies

bothinBangladeshandinThailand.Themobileservicerevenuegrowthexcludinginterconnect

remainedstableat4%andifwethentakealookatthebroadcastbusinessunitthisquarter,the

revenuesincreasedby8%whichisthebestyeareverbothintermsofrevenuesandmargins.All

in all this takes the EBITDA level toNOK36 billion for the full yearwhich is an all timehigh.



Despitehigh investment throughout theyear theoperating cash flowwasNOK21billionand

basedonthissolidfinancialperformancein2013theboardproposesadividendofNOK7per

share which is an increase of 17% compared to 2012 and this will be covered later in the

presentationbyRichard.

Ourgroupstrategyisbuiltaroundthreemainambitions:internetforall,lovedbycustomersand

efficientoperations.WithafocusedexecutiononthisstrategyalsoatourCapitalMarketsDayin

2013andduring2013wehavedeliveredresultsandledthefoundationforfuturegrowthand

futurevaluecreation. Iwant to takethisopportunity tomentionsomeof themost important

achievements in 2013.Wework consistently at group level and acrossmarkets to become a

more customer-oriented company putting the customers in focus in everything we do we

believeiskeytofuturesuccessashappycustomersarealsovaluablecustomers.Webelievethis

tobeparticularlyimportantinthetransitiontoallIPinthisindustry.

Duringtheyearwehavemaintainedorincreasedourrevenuemarketsharesinallkeymarkets.

Webelievethisistheresultofoureffortstodeliverrelevantservicestoourcustomersinthese

markets.OurinternetforallstrategyisshowingpromisingresultsinAsia.Mobiledatausageis

alreadywidespreadinThailandandMalaysia inparticularandwealsoseepromisingtrends in

marketslikeIndiaandBangladesh.

When itcomestooperationalefficiencyourambitionas itwassetout in2010wastoreduce

opextosalesto35%in2013.Wedidn’tquiteachievethattargetinfullduetothelowerthan

expected top linegrowth in theperiod.Weendedat36%which is a significant improvement

fromthe39%backthen.Thegrossnominalcostsavingsthoughwerelargelyaccordingtoplan

and enabled us to keep opex flat despite inflation and increased regulatory costs in the

operationsthroughouttheperiod.

We also expanded into two newmarkets, Bulgaria andMyanmar.We believewe can create

valueby leveragingour regional experienceand re-useourproven conceptsand capacities in

thesemarkets.Aswespeaktheworldgoesdigital. Ithappens inall industriesandwearethe

enablertomakethishappen.DatagrowthinNorwayforexampleisgrowingathigh60spercent



both in2012and2013.Anotherexample inDiGi,while seeing the3Gcoveragegrowing from

67%to80%throughouttheyear,themobiledatagrowthisatarecordhighandstandsat125%

growth throughout the same year. The number of active internet users through the mobile

phones has grown from 15% to 27% throughout the year and this is of course driven by

smartphonepenetrationwhichinNorwaynowstandsatforexample68%andagaininDiGi38%

atyearend.Seeinghandsetpricestofallfurtherwillgrowthesefiguresstronglyin2014.

Moving then to some of our key markets and I will start with Norway. In Norway we saw

anotherquarterwithsubscribergrowthbothonmobileandfiber.Thesalesmix inthemobile

consumersegmentimprovedsignificantlythisquarterasaresultofsalesactivitiesfocusingon

customerswithhighdatausage.Twothirdsofthenewsubscriptionsthisyearwasonpackages

withmonthlyfeesequaltooraboveNOK249permonth.Wearehappytoseethatthistrend

continues into the first quarter of this year. Mobile service revenue excluding interconnect

declinedby2%whichissomewhatbetterthaninthethirdquarterwhenitwasstandingat3%.

Fixed internet and TV revenues increased by 6% driven by price increases on cable and a

growingnumberoffibercustomerswhichnowhasreached81,000.Throughseveralseverefires

incidents in Norway recently Telenor has again demonstrated its robust network and strong

commitment to local communities in Norway where communication stands out as a very

importantinfrastructure.Inthissensethe800MHzspectrumthatweacquiredintheauctionin

December will enable us to further rollout a high quality nationwide 4G network over the

comingyears.

During 2013 TelenorNorway reduced its gross cost base by aroundNOK 500million keeping

more or less the total cost base flat at 2012 levels. With continued high investments in

infrastructure, initiatives to increase revenuesandcosts furtherwillhave tocontinueandwill

standofcoursehighontheagendaalsoin2014.

In the other operations in Scandinaviawe see Telenor Sweden delivers another solid quarter

adding51,000newsubscribers,11%underlyingmobileservicerevenuegrowthandcontinued

marginimprovement.TheunderlyingEBITDAinSwedishkronerincreasedby15%inthefourth

quarter and thiswas a four percentagepointmargin uplift year-on-year. The improvement is



coming from improved mobile revenues and lower opex. In a competitive market Telenor

Swedenhashadsuccesswiththeirdata-centricofferingsincludingshareabledataplansforthe

familysegment.BetterthanNorway,Swedenhasbeenabletogrowrevenuesalongwithhigher

consumption.

TelenorDenmarkcontinuestobeachallengingmarket.Revenuesaredown21%inthequarter

andoursubscriberbasestands9%lowerthanlastyear.Mostofthisdeclineisdrivenbylower

interconnectrevenuesandhandsetsales.HoweverwehaveseenastabilisationonmobileARPU

during2013andwehavealsoseenthesamefeatureinthepostpaidsubscriberbase.2014will

be a year of transition for Telenor Denmark. We have to execute on the new strategy, be

focusedonsimplificationandcontinuetoadapttothemarketconditionsinDenmark.

Moving then to the growth area in Asia. Both DiGi and DTAC are progressing towards our

ambition of delivering internet to all and monetise on the data growth. DTAC showed solid

progressontherolloutofthe3Gnetworkandhasmigratednow12millioncustomersontothe

new tri-network. Competition remains intense in Thailand with all operators pushing data

centric offers and the economic and political backdrop has been more challenging than

expected and this stays on into 2014. DTAC reported a 5% growth in subscription and traffic

revenuesanddatatrendsarepositivewithincreasingworkingdatausersanddatausage.

DiGi ends 2013 with another solid set of results, growing the top line, EBITDA margin is

improvingandaddingnewmobiledatausers.It’snotlongbeforealsoDiGiwillbeseentopass

TelenorNorway in overallmobile revenues. DiGi has a 6% organic revenue growth driven by

solidmobiledatatrends.Thiscomesonthebackoftherecentcompletionofthenetworkswap

whichnowcovers80%ofthepopulation.

InPakistanandBangladeshwehaveseenindustrygrowthbeingimpactedbyregulatorychanges

andpoliticalunrestrespectivelythisquarter. InBangladeshtheelectiontookplace5thJanuary

2014butwe sawa significantnumberofblockadesorhartals leadingup to theelection. Still

Grameenphonedelivered7%organic growth in thequarterdrivenbyan increased subscriber

base, 7million in the last year andwe believe our revenuemarket share has been relatively



stable throughout this year.WhileGrameenphonenowhas 47million subscriptionswe see a

solid opportunity in increasing both voice penetrationwhich stands at around 45% and data

penetration of around 15%. There is much work to do, there is potential in the market.

Grameenphonegotits3GlicenceinSeptemberandhasalreadystartedtorolloutinkeycities.

TelenorPakistansawarevenuedeclineof1%.Thiswasaresultofbothregulatorychangesand

competition.Governmentenforcednetworkclosurescontinuedtonegatively impactrevenues

both forus and the industry as awhole. In themarketwehave seen intense competitionon

on-netoffersdrivingpricesdownandinadditionwesawacontinuednegativeeffectfromlast

year’s regulatorychangesof international trafficandhowthatwill setupwhichhas impacted

the revenue growth quite significantly this year. With the revenues declining and increased

market related costs falling, a solid impact of 1millionnew subscriptions, the EBITDAmargin

declined somewhat through the year. Upcoming in 2014 we anticipate Telenor Pakistan to

regainmomentumandalsothattheexpected3Gauctionwilltakeplace.

In India the performance in the last two quarters clearly demonstrates the validity of our

operatingmodel.Inthefourthquarterweseesolidcustomerintake,2millionnewsubscribers

versus 1.5 in the third quarter and therewas also a strong top linemomentumwith just 6%

organic revenuegrowthcompared to23% thequarterbefore.ARPU is increasing for the fifth

quarterinarowandreachedINR106whichisup17%comparedtofourthquarter2012.Atthe

sametimechurncontinuedtodeclineandit’scurrentlyataround4.5%whichismoreorlesson

industrystandardsinIndia.Webelievewearesuccessfullypositioningourselvesasaproviderof

affordablebasicdataservicesaswellas20%ofourcustomersinIndianowareactivedatausers.

Thestrongtop line incombinationwithextremecostefficiencyresulted inunderlyingpositive

EBITDA in December whereas Q4 stands negative by NOK 137 million. The competitive

environment seems to be improving with signs of price increases and some natural

consolidation leading to fewer operators in its circle. In December we finally got the long

awaitedapprovalforthebusinesstransferfromUnitechWirelesstoTelewingswhichwillbethe

platformforourbusinessinIndiagoingforward.Thiscompletionofthebusinesstransferthen

alsoenablesustore-useequipmentfromthecirclesthatweexitedin2012.Wethereforeplan

to redeploy 5,000 sites this year primarily for geographic expansionwithin our existing fixed



circleswherewehaveacurrentpopulationcoverageof42%andwiththe5,000additionalsites

thiswill increasetoslightlyabove50%.Weseethereforeagoodbusinesscaseforthecoming

yearshoweveritwillmeanthatwewilltakein2014somechargestotheEBITDAandalsosome

capexintherangeofNOK300millionontheopexsideandNOK300milliononthecapexside

respectively.

PreviouslythisweekwehadapresentationhereonournewentityMyanmarbecausefinallyin

February this year, early February, earlier this month we received our telecommunications

licenceinMyanmarafteralongandhecticbothnegotiationprocessbutalsoaselectionprocess.

WehadthispresentationasIsaidbutletmequicklyrecapsomeofthekeytake-awaysfromthis

veryexcitingprojectforTelenor.Myanmarisanuntappedgrowthopportunity,oneofthevery

fewlastgreenfieldswhichisbackintheworldandthisstandsinthecoreoftheTelenorregion

inAsia.Thepopulationis60millionplus.Therearebelow10%mobilepenetrationandincities

onlyandwearetolaunchserviceswithineightmonthsafterreceivingthelicense.Wewillhere

fullyleverageonourlongtermexperiencebuiltupinAsiaandreusebothoperationalconcepts

andcapacities.This isamassmarketapproach,affordableservicesanda lowcostmodel.The

operatingmodelwillhaveawidespreaduseofsourcingfrompartnersandalsopassivenetwork

sharingaswemovealong.Whilerealisingthatweareenteringamarketwithseveralrisksand

uncertainties we believe we have a solid business case here which is well within our

organisationaland financial capacities.Wealsoknow that thedevelopmentof the industry in

MyanmarstandsasafrontrunnerfornewFDIstohappeninthecountry.

ToconcludemypresentationtodayIjustwanttohighlightprioritiesfor2014.Thisindustry,we

are in the fortunate position thatwe are empowering individuals.We are empowering small

businessesandweareempoweringinstitutions.Inshortweempowersocietiestogrowandto

prospertowardsabetterfutureforall.Inthemidstofthis,improvedefficienciesandtotakethe

opportunityonmonetisingofdataandwhiledelivering internet toall standsoutasourmain

prioritiesfor2014.

NowRichardwillcontinuewiththefinancials.



RichardOlavAa: Thank you Fredrik, also goodmorning fromme to everybody. I will walk you

throughmoredetailsontheP&LandthebalancesheetandthenIwillgiveyoumorecolouron

thedividendandtheguidance.Let’sstartwith the2013performance.Firstofall the fullyear

performancecamein linewithouroutlook.Startingwiththetop linewehadorganicrevenue

growthof around1%, slightly lower than theoutlook, top rangeof theoutlookdue to lower

handset sales. That also translates then intoabettermargin.Weguidedaround34%andwe

cameinat34.5%,sofromamarginpointofviewitwasbetterthantheguiding.

Onthecapextosalesweendedtheyearat14.1%.Themainreasonforendingup inthehigh

range was the significant efforts of rolling out the 2.1 GHz network in DTAC which Fredrik

mentioned which has now more than 12 million customers. So all in all the full year

performanceinlinewithoutlook.

Thenadeepdiveontherevenuesandwehaveareportedrevenuegrowthofaround6%-that

isalsoduetotheweakeningNorwegiancurrencywhichwehelpwithand1%organicwhenyou

correct for currency movements in the quarter. But the slide at the right hand side here is

maybe the most important one at least in my opinion where we see the underlying mobile

subscriptionandtrafficrevenuegrowthforthegroupintotalandalsobrokendownonthekey

regions.Thetrendsinthefourthquarterisstable,whatwehaveseeninthelastcoupleofyears

around 4% organic mobile subscription traffic revenue growth, but you see significant

differencesbetween the regions.Asia in the fourthquartermaintainedahigh levelofaround

8%,strongmomentum inmostof theAsianmarkets.TheEuropeanmarket isverymixed.We

haveSwedenwhichFredrikshowedhad11%underlyingsubscriptionandtrafficrevenuegrowth

whileDenmarkontheotherhandwith-9%andalsoHungaryandSerbiaareontheweakerside

thisquarter,buttremendouslyhelpedfromthestrongmomentuminSweden.

Then finally onNorwaywe see still in thenegative territorywith -2%mobile service revenue

growth,althoughasmallimprovementfromthethirdquarterbutit’svitalgoingforwardtoget

Norwayback topositivegrowthmomentumsowealsocanhaveahighergrowthmomentum

forthegroupintotal.



Thenhowdoes this translate into theEBITDAbecause1%growth isnot thatmuch,butwhen

youseethatmobileservicerevenuegrowthis4%thattranslatesintostrongEBITDAgrowth.So

in total we were able to grow EBITDA this quarter to NOK 9 billion which is an increase of

NOK800millionyear-on-year.Thereare twomain reasonsoutside thenormalgrowth: that is

currency, we were helped by approximately NOK 200 million by the weakening Norwegian

kroner;andaboutNOK200millionfromGlobulwhichweacquiredwithaccountingeffectsfrom

August.Butyoualsoseeastrongorganicgrowth in the restof thegroupand the threemain

contributors this quarter were DTAC with close to NOK 300 million; India, a little above

NOK200million; and a strong performance in Swedenwith a growth ofNOK 184million.On

otherunitsweseeadeclineofNOK102million.ThemainfactorthereisTelenorNorwaywhich

hadanunderlyingdeclinecorrectedforone-offitemswithapproximatelyNOK120million.The

main reason for that is a continued drop in gross profit in the fixed operation and increased

operationandmaintenancecostsinthefourthquarter.

Capex,strongperformanceonEBITDAbutwearealsoinvestingatrecordlevelsinTelenornow.

CapexinthefourthquarterwasNOK4.6billion.Morethan50%ofthecapexisrelatedtoDTAC

and Norway as you see on the pie chart on the right-hand side, Norway continued the high

capexlevelinvestinginto4Gandfiberandwehavenowmorethan50%populationcoverageon

4GinNorway.DTAC,it’sthemainchangereallyfromthefourthquarterlastyearandmorethan

NOK800millionofthechangeyear-on-yearcomesfromDTACwiththe2.1GHzroll-out.Wealso

seetheblackpartofthepiechartisGrameenphonewhichhasnowstartedtoinvestin3G.We

seeverypromisingearlysignsfromthoseinvestmentsandifthepoliticalenvironmenthadbeen

more stablewewouldhave shownevenbetter figuresonGPandweare Iwould say looking

forwardtoseewhatwecantogetherwithGPtakeoutofthat3Geffortwearedoingnow.

Wearerunningatahighcapexlevelin2013andaswesaidontheCapitalMarketsDaythatwill

alsocontinue into2014. Inadditiontothehigh investment levels inNorwayandDTAConthe

2.1GHzwewillhaveanewsatellitenextyearinbroadcast.Thor7willbelaunchedandthatis

estimatedcapexofNOK1.5billion.So thatwill addapproximately1.5% to thecapex to sales

level next year.Wewill also change the network in Bulgaria. As you knowwe have changed

networks in all the Telenor operations tomodern IP networks, Globul which we acquired in



August,theyhaveanoldnetworkandthat'sbeenapartofthebusinessplanall thetimeand

that’swhatwillbedonenextyearadding tocapexalso in2014.Thenafternowthebusiness

transfer,wecanredeploythe5,000sitesfromtheexitedcirclesinIndia.Thatwillhaveacapex

effectofaroundNOK300millionandalsoanopexeffectofaroundNOK300millionbecausewe

renttowersandwehavetoenergisethesitesandbeforewecanfillthemwithcustomersthey

willhaveaquickpaybacktime,wewillhaveanegativeeffectonbothEBITDAandcapexinIndia.

Iwould also like tomention at this point in time that the Indian total peak funding frameof

INR155billion,weconsider that tobemetnowbecausewearemoreor lessexcluding these

5,000sitesinIndiaatacashflowbreakevensituation.Ifwelookatthetotalmoneyweinvested

intoopexandcapexinIndia,alltheeffectsthatcameoutofthelicencecancellationincludinga

refundtaxdeferredpaymentandeverything,wearewithintheINR155billionframe.SoIthink

wewill state thatwearewithin that frameandhavepassed thatphasenow in India.Weare

participatinginthecurrentspectrumauctioninIndiaandthatisstillongoing,acomplexauction

andwedon’tknowhowlongthatwilllastbutwewillletyouknowwhenit’sfinal

So that was on the capex. So that translates into the cash flow for ’13 and wemanaged to

improvethecashflowfrom‘12to‘13despitethesignificanthighercapexlevel.Asyouseefrom

therighthandcharthereweinvestedmore,increasedcapexbymorethanNOK2.4billionfrom

‘12to ’13,butduetothestrongunderlyinggrowth inmobileserviceandtrafficrevenuesand

that’swhyIamstressingthisbecausethatissoimportanttotrackandit’ssoimportanttoturn

positiveinallourmarkets.ThegrossprofitincreasedbyNOK3billion.Sowehaveamuchmore

healthy underlying cash flow in 2013,, revenues added an EBITDA effect from gross profit of

aroundNOK3billion.Of coursewewouldhavehoped formorebecauseasyouall knowour

targetforrevenuegrowthwasevenhigher.Wehadhopedforevenhighermobileserviceand

traffic revenue growth but still the growth has contributed NOK 3 billion on gross profit last

year.

OntheopexsideasyourecallfromthepreviousCapitalMarketsDayourgrosssavingsambition

wasaroundNOK5billion.Partofthatgoalwasmetlastyearandwewereabletokeepopexflat

despite a significant increase in regulatory costs, salaries, inflation, number of sites, more



commissionsandthatyouseeonthechartherethatopexwasflat.Butthetoplineshouldhave

beenbettertomeettheopextosalestargetfully.

ThenontheP&L,we’vebeenthroughtherevenuesandtheEBITDAalreadyonotheritems.We

have redundancycosts inNorwayandGrameenphoneas thebig ticket itemsasapartofour

efficiencyprogrammes.Wealsohavetocontinuouslybemoreeffectiveonmanpower.Nothing

abnormal indepreciation. In theassociated companies, that’sVimpelComandEvrywhichare

thetwobigitems.WehaveupdatednowwiththeEvryfiguresforthefourthquarter,thatwas

reportedonMonday,therewasanimpairmentlosstherewhichgoesintoassociatedcompanies

witharoundNOK160million.

Onthetaxsidewehavesomeone-offitemsthatcontributepositivelyonthetaxesofmorethan

NOK200million,sotaxcoststhisquarter isonthe lowside.Thenwehaveaspecialeffecton

theminorities that Iwant to explain in some detail.Whenwe transferred the business from

Uninor to Telewings, Telewings paid a consideration toUninor. All the assets in Uninorwere

writtenoffsothisresultedinagaininUninor.Onethirdofthatgaingoesbook-keepingwiseto

theminorities.Obviouslyallthecashthatgoesindoesnotgototheminoritiesbutitgoestothe

creditors of Uninor, but that creates a special negative effect you can say for the majority

shareholdersinTelenorontheearningspersharesofaroundNOK660millioninthisquarter.All

inallweendedthequarterwithNOK2.4billioninnetincomeexcludingtheUninoreffect, it’s

aroundNOK3billionandthatrelatestoanormalisedearningspershareofaroundNOK2per

share.

Thenonthebalancesheet,leveragemeasuredinnetdebttoEBITDAisstable,NOK1.1,wewere

abletogrowEBITDAalthoughthedebtisgrowingsomewhatslowerbuttheratioisstable.On

the reconciliation here you can see how the debt changed from 37.8 to 39.4 startingwith a

strongEBITDA,paidtaxesandinterest.Onthecapexsideyouseethatcapexpaidishigherthan

capexbooked.ThemainreasonisthespectrumextensionwedidinHungaryinthethirdquarter

thatwas paid in the fourth quarterwith approximatelyNOK 600million. Then dividend from

associated,that’sthelastdividendforawhilefromVimpelCom,NOK1.6billionreceivedinthe

fourthquarter.Thenwehavedonesomeacquisitions,thejointventurewithSchibsted,abank



inSerbiaandsoon,totalNOK1.6billion.ThenwehavepaiddividendtominoritiesinDTACand

DiGi;andthenaspecialeffectthisquarteristhatwepayuptherevenueshareinDTACinthe

fourthquarter.Weaccruethatinthefirstthreequartersandit’spaidoutinthefourthquarter

andasignificantamountwithNOK2.6billion.CurrencyeffectsonthedebtwhentheNorwegian

kronerdepreciates,debtinforeigncurrencygetshigherandthensomeworkingcapitalchanges.

Sonobigmovementsonthedebtandtheleverageratioisstable.

Thenalittlebitmorecolouronthedividend.Onthebackofthestrongresultsin2013andthe

healthy balance sheet you just saw the board of directors proposed a dividend per share of

NOK7.Theproposeddividendisinlinewithourdividendpolicy.Ittranslatesintoa73%payout

ratio and as you recall the payout range in the policy is 50-80%. It represents a 17% growth

versuslastyear.ThetotalpayouttoTelenorshareholdersbasedonthisdividendifapprovedis

NOK10.6billionandthepayoutwillbeon29thMayfollowinghopefullytheapprovalfromthe

AGMon14thMay.

Then to the outlook. First of all like we had the press conference onMonday this week on

Myanmarandgaveamore longtermupdateonMyanmar, this isastart-upyear,wefound it

mostappropriatetoguideexcludingMyanmar.Whenitcomestothetoplinewecertainlyaim

for an improvement compared to 2013. We have chosen to guide low single-digits because

thereareuncertainties.Wewillbehelpedbyalowerinterconnectrate.Theinterconnecteffect

in2013willbesomewherebetween1.5-2%ontherevenuegrowth.Inorderforustoimprove

from2013,yes,wewillhaveaneffectfromtheinterconnect.Weneedtoseestrongertrendsin

themobileoperationinNorwayontheunderlyingmobileservicerevenuegrowth.Weneedto

see the continued growthmomentum in India; and finally amore stable political situation in

BangladeshandThailand.Butforthetimebeingwehavestillanegativemobileservicerevenue

growthinNorway.ThereisstillsignificantpoliticalunrestinBangladeshandThailand.Wefindit

most prudent to guide on a quite wide range on the organic revenue growth with low

single-digit.

OntheEBITDAmarginweended lastyearwith34.5%.Weareguiding tobe in linewith that.

Youmay think that’s on the conservative side and yes, we definitely have a higher ambition



internally to beat that, but to beat that, that depends on some of the same elements I

mentioned on the organic revenue growth. Bothmore political stability in someof theAsian

markets including not only Thailand and Bangladesh but also Pakistan. We need to see the

trendsinNorwayonthetoplinebeingturnedandalsodeliveronthecostefficiencyprogramme

for2014.Wehaveevenhigherambitionsonthecostsidein2014thanwehadin2013,soit’s

earlyintheyear.Wethinkgivenalltheuncertaintieswethinkit’sprudenttoguideinlinewith

2013butagaintheinternalambitionisdefinitelyhigher.

Onthecapexside,wehavealreadybeenthroughthat,thereasonwhyweincreasedfrom14%

to16%mainlyexplainedbythesatelliteinthebroadcastbutalsoahighinvestmentlevelinthe

otherareasandwedefinitelyaimtotakethatdownin2015tosupportthetargetwehave in

2015.Butagainwewillnotcutcapexarbitrarilyifwefindthelongtermprofitabilitytobegood

frominvestments.

SothatendsthenumberpartofthepresentationandIwill justthensumupbeforetheQ&A.

StrongunderlyingservicerevenuegrowthandrecordhighEBITDAin2013andonthebackdrop

ofthatandstillastrongbalancesheet,recordhighdividendofNOK7pershare.Thenagainthe

priorities for 2014, deliver on the internet for all strategy especially in Asia; continue to

monetise the big data investments we are doing; and deliver on the efficiency programme.

Thankyou.

MeeraBhatia: ThankyouRichard.CouldIaskFredrikbackonstagepleaseandwearenowopeningup

to the Q&A session.We will start with questions in the audience and a microphone will be

passedtoyou.Inthemiddlethereplease.

ChristerRoth: Thankyou.ChristerRoth fromDnB. JustaquickquestiononNorway.With respect to

theverystrongsubscriptionpricelevelsthatnewsubscriberscameinatinQ4,whatwouldthe

implications be for service revenue growth organically if we stay at these levels throughout

2014?AlsohowmuchroomisthereforfurthercostcutsinNorway?Thankyou.



JonFredrikBaksaas: Ithinkyouhaveaspreadsheetthatcangiveananswertoatleastthefirstpart

ofyourquestion,becausethereisabetterbalanceinthecustomerstockrightnowthanwhatit

was in particular in the secondquarter last year.What that translates into in direct figures, I

don’tthinkIhavethosekindofdetailswithme.SoagainyourspreadsheetisasgoodasoursI

guess.

RichardOlavAa: Butjusttopointout,thesepackages,that’sintheconsumermarket.Youhave

toalsofactorinthecorporatesales.

JonFredrikBaksaas: Thenonthecostside,thetransitiontoallIPisabigchangefortelecomsandwe

areinthemidstofthat.Howeverwearealsoa24hourkindofoperationthatneedstomake

surethatallcommunicationservicesareworkingaslongastheyarethereservingcustomers.So

it’sonlywhenatechnologygenerationisphasedoutthenifyoureallyhaveabigpotentialfor

thecostsavingsandthisisparticularlyrelevantforthefixedlineoperationwhichstandswitha

good revenue and an important revenue stream, but still also stands on technologies that

requirebigcoststructurestoentertain it.So,seeingthenumberof linesandthetransitionto

mobilehappening,weareinthatbigtransition.Sograduallywewillbeabletotakeoutcostsin

thesamewayaswehavebeendoingforthelast10-15yearsalmostandwe’vestartedtoreally

begin the realignment of prices and deploying new technologies in the mid-90s. So this will

continue also this year. Remember also here that the underlying usage by consumers are

changingphenomenallyinthesedaysandifourpricingstructuresdonotfollowthatchangeand

usagepattern,andthecoststructures,thecoststructuresneedtobealignedaccordingly.That’s

whatwehavebeengoodatdoinginNorwayforyearsandthat’swhatwearegoingtocontinue

todoinNorway.

MeeraBhatia: Anyfurtherquestionsfromtheaudience?

EspenTorgersen: Hi,it’sEspenTorgersenfromCarnegie.JustaquickquestiononIndia.Nowthat

youhaveredeploymentcostsandcapex,howshouldweseeprofitabilitytrendsfromhereonin

2014?



RichardOlavAa: IthinkwewillhavethisextraNOK600millionconnectedtotheredeployment

ofthosesites in2014which I thinkmakesa lotofsensebecause it’s idleequipmentfromthe

exitedcircles. Sowehavekindof reacheda targeton thebusinessbeforewe redeploy those

sites,buttheywillhaveanegativeimpactin2014thatwilltakeUninorintonegativecashflow

in2014.

MeeraBhatia: Anyfurtherquestionsfromtheaudience?IfnotthenIwouldliketoasktheoperatorto

openthephonelinesplease.

Operator: Certainly.Wewill now takeour first telephonequestion fromPeterNielsenofKepler

Cheuvreux.Pleasegoahead.

MeeraBhatia: The line is open, you can ask your question please. Could we move on to the next

questionplease?

Operator: Certainly.WewillnowtakeournextquestionfromUlrichRatheofJefferies.Pleasego

ahead.

UlrichRathe: Yes, thanks very much. I was wondering about the assumptions behind your 2014

guidance,inparticularIwaswonderinghowdoyou...what’syourbasecaseassumptiononthe

macrofrontandhowitmightaffecttheAsianmarkets?Alsowhatyourassumptionsarevis-à-vis

theNorwegianmobileresultsgiventhatonesharepressurearisinginnewentrantsisobviously

atleasttemporarilynotinthemarket,sowhatdoyousortofbakeintothat?Thatwouldbemy

firstquestion.Thesecondoneisjustaconfirmation,thecapexguidance,canIjustconfirm,the

capexguidanceexplicitlyexcludesMyanmaraswell?Thenthelastonewouldbewithregardsto

thedividend,youannouncedaNOK7dividendbutyoualsomentionedthatfortheforeseeable

futureyouwon’t getanassociatedividend fromVimpelCom.Couldyou just commenton the

dividend outlook given that you don’t gather cash flow from the associates which is quite

material to the whole and I guess what you anticipated before VimpelCom announcedwhat

theydid?Thankyou.



JonFredrikBaksaas: Maybe I can start on that one and Richard will take some comments to the

latterpartsofyourquestion.Themacroassumptionhereisreallyquiteeasy.Wedon’tbelieve

thatEuropewillsortofkick-startintoeconomicgrowth.Webelievetheeurowillstillstruggle.It

mightbethatyouareseeingEuropeonthepositiveside,buttoseeEuropesortofkickstartinto

significant growth figures in 2014, we don’t see that. So let’s keep Europe at that level. The

ScandinaviancountriesaspartofEuropehashadabetterridethantherestofEuropeandwe

still consider thatNorwayandSwedenwill have that kindofbetter ridaswe’ve seenbefore.

We’reprobablyseeingDenmarkmoreassociatedtotheEuropeanstatusthanforNorwayand

Sweden.InAsiawebelievegrowthwillstillbemaintained.Theremightbevariationcountryby

countrybuttheunderlyingdevelopmentoftheconsumereconomiesandthemiddleclassbuild-

upinmostofthesecountrieswillstillgiveuseconomicgrowthinAsia.Thepercentages,ok,it

might vary from country to country and also a country like Thailandwe see a newprognosis

becauseofthedifficultandchallengingpoliticalsituationinthecountryrightnow.Howeverwe

do believe that elements like that are fairly short term. A new entrant to Norway, yes, who

knowswhether thenewentrant inNorway is a real newentrantorwhat’s thepurposehere

remainstobeseen.SoIhaven’treallyanymorecommentstothatandwehavetoseewhatwill

beunfoldingbehindandaftertheauctionthatjustcamethrough.Maybeyoucancommenton

capexandthedividendoutlookRichard?

RichardOlavAa: Yes. We can confirm that total guiding is excluding Myanmar from all the

numbers. On the dividend sidewe have been livingwith VimpelCom formany years andwe

have had dividends, very good dividends from VimpelCom over the years. We actually have

moredividendsfromVimpelComcominginthanwehaveinvestedinVimpelCom,sowehavea

net positive gain on that. But we have seen from periods both from VimpelCom and our

previousinvestmentinKiwiStarthatdividendshavebeencurbedovertimeforvariousreasons.

Wehaveneverkindoflaidupourowndividendpolicybasedoncontinueddividendflowfrom

VimpelCom. So when we now put out the dividend of NOK 7 that is based on the Telenor

consolidated figures.Wewill definitely have liked the dividend from VimpelCom to continue

longerbutthat’showitis,buttoconfirmthatitwillnotimpactourdividendpolicy.Justtoputa

littlebitofcolouronthemacrosideaswellonAsia,Ithinkwherewestrugglethemostisreally

BangladeshandThailandfromthepoliticalside,moresevere inBangladeshthanThailandand



it’s very hard to say how that is going to develop but I think we have been prudent in our

guidance putting it that way that we have put in some room for continued unrest in these

countries.

UlrichRathe: Thanksverymuch.Thankyou.

Operator: Thankyou.Wewillnowtakeournextquestion fromTerenceTsuiofMorganStanley.

Pleasegoahead.

TerenceTsui: Good morning everyone, thanks very much. I’ve got a question on the longer term

guidance, just firstly related to that, do you still reiterate the ambition of reaching the NOK

28-30billionIthinkby2015?Thensecondlyyoudidmadethepointthatthe2014guidanceis

somewhatprudent,maybeyoucanremindusofthekeybuildingblocksfromthe2014guidance

ontothemorebullishguidancefor2015?Thankyou.

JonFredrikBaksaas: I can start somewhat on the longer term prospects of the NOK 28-30 billion

target.Thattargetwasputupunderasetofassumptionsbackthenandwedoseethatinorder

toget there theseassumptionsaremore tightlyput together thesedays thanpreviously.The

growthpartofitisweakerthisyearthanfor2013thanweanticipated,sothegrowthelementis

ofcourseplayingonepartofthattarget.Anotheroneisasuccessfultransitionofthetransfer

fromtheconcessionregimetothe licenceregimeinThailand.Weareunderwaywiththatbut

alsothegrowthaspectsoftheeconomyassuchandthecompetitiveintensityarounditplaysa

role. Number three is to get back into a growth momentum in Norway when it comes to

monetisingthedatapartofthehighconsumerintensityasweseeitinNorway.Igaveyouthe

figures. There is a67%growth in volumesboth in2012and2013andweneed tobeable to

transferalsoandchangeourpricingmechanismsinthatdirection.Fourthlywhatwearemore

internallyresponsible for, that is thecostefficiencyprogramme.Wehaveprovedandshowed

thatwehavebeenable todeliveron thatconsistentlyperiod toperiod, so that’smoreunder

ourcontrol.ThenRichardmaybeyoucangivesomecolourtothe2014?

RichardOlavAa: Yes,Ithinkthequestionwasmainlyrelatedto2015asIunderstandit.



MeeraBhatia: The2014guidance...

JonFredrikBaksaas: Thequestionwasthebuildingblocksandhowwewerereasoningonthe2014

guidance?

RichardOlavAa: Yes,absolutelyandittouchesonmanyofthesameaspectsthatyoumentioned

Fredrik.Whatwehavetoachieve in2014toreallybeatourEBITDAguiding in2014tobuilda

solidmomentuminto2015,andthatgoesofcoursethento improvegrossprofitevenfurther

and that like Fredrik said, Thailand and Norway are the two biggest mobile entities, with

Thailandsomemorecompetitivepressureandthemacrosituationandtheabilitytomonetise

on the big investments we are doing in the mobile network in Norway. So seeing stronger

momentumon those fronts and themore stablemacroeconomic environment. Ifwe achieve

that should enable us to beat our own guiding in 2014 and deliver a strong gross profit

development also in ‘14 and into ‘15 and then also deliver on the NOK 5 billion opex

programme.LikeIsaidwehavehighertargetsontheopexprogrammefor2014thanwehadfor

2013.Thenfinallyonthecapexside,aswesawwehavenow14%capextosalesexcludingthe

satelliteapproximately.Ofcoursethatneedstocomedownin2014toreachtheambition.It’s

notrealistictoreachtheambitionwiththecapexlevelwehavetoday.Howeverweneedtotake

acloselookatcapexfiguresinto2015atthatpointintimebecauseweneedtoalsothinklong

termonwhatmakessenseforourlongtermprofitability.Butthosearecallsthatwillbemade

later.

TerenceTsui: Thankyou.

MeeraBhatia: Nextquestionplease.

Operator: Thankyou.OurnextquestioncomesfromNickLyallofUBS.Pleasegoahead.

NickLyall: Yes,morning, it’s Nick Lyall at UBS. Could I ask a couple of question please? On the

Norwegian costs would you just mind clarifying, you've said you're looking for more costs



specificallyonNorway.We'vebeen told thismorning therewas lowervisibilityonNorwegian

costsbutistheabsolutegrosstargetthisyearfortheNorwegiancostcuts,isthatthesameor

largerthanlastyear?SecondonDenmark,nowthatyouareseeingsomereasonablepostpaid

adds, are you happywith the strategy now in Denmark and do you think it's timemaybe to

reducetheaggressionalittlebitintheDanishmarket?FinallyjustonBangladesh,couldyoujust

clarifyagain,yousaidtheelectionsfinishedby5thJanuary.Haveyouseenthecountrystabilisea

littlebitintermsofdisruption?Alsoareyouhappywiththeoutlookfor3Glicenceinvestment

thisyear?ShoulditbeabetteroutlookforBangladeshthisyear?Thankyou.

JonFredrikBaksaas: Let’s start in the latterendelections inBangladesh. I thinkyes, that there isa

more stable situation in Bangladesh into 2014 thanwhatwe had in the second half of 2013

leading up to the elections, but that doesn’t mean that the overall situation is over. This

questionmightberevisitedafterawhile.Butit lookslikethecountrybasically isnowtakinga

fresh lookatthefutureand localdemandsandthatwecangetbitmorenormalconditions in

2014,butthisalsorelatesastowhetherthecountrymanagestoattractalsootherforeigndirect

investmentstohappeninthecountrybecausetheirneedsarequitesignificant.Arewehappyin

Denmark?OfcoursewearenothappyinDenmark.Denmarkisthemostchallengingmarketfor

us over a quite number of periods Iwould say. However the presentmanagement has led a

stonebystonestrategyinordertoradicallysimplifytheoveralloperationsonitswaytoall IP.

It’sthefirstoperationintheTelenorGroupthattakesthatjourney.Thisisanewwayofthinking

onhow to run andoperate in the IP space going forward. Those results need tobe followed

throughout2014andMarkandhisteamarewellunderwayinthatdirection.Richard?

RichardOlavAa: ThenjusttobridgealittlebitonDenmark,it’saquestiononaggression.Idon’t

thinkweareparticularlymoreaggressivethanothersintheDanishmarketandit’sanextremely

toughmarketplace and as you sawwe have lost lot of customers in the first ninemonths of

2013 – that could obviously not continue so we had to take back customers in the fourth

quarter.So fortunatelybygoodefforts inDenmarkwewereable tostabiliseat least thepost

paidcustomerbaseinthefourthquarter.WhenitcomestothecostefficiencyinNorway,ifyou

look at our achievements in 2013, Norway was actually the biggest contributor to the opex

savingsinthegroupandNorwayasawholeyearmettheiropextargetnominally.Howeverwith



thetopline,theopextosalesdevelopmentinNorwaywasnotasgoodasitshouldbe.SoIthink

going forward Norway has a big part of the total Telenor cost agenda and we need to

continuouslyworktoexecutethat.Thatwehavedoneformany,manyyearsandIamsurewe

willlikeFredriksaid,that’sunderourcontrol,wewilldeliveronthat.ThemainissueinTelenor

Norwayrightnowistoturnthetoplinepositivetogetenoughproductivityandastrongerprofit

development.Therehavebeendecliningprofitdevelopmentsnowforacoupleofquartersand

thatneedstobeturnedaroundbythecontinuouscostprogramme,butevenmoreimportantly

changingthetrendonthetoplinerightnow.

NickLyall: Great.Thankyou.

Operator: Thankyou.Wewill takeournextquestionfromDominikKlarmannofHSBC.Pleasego

ahead.

DominikKlarmann: Hi,thankyou.Onthemid-termoperatingcashflowguidance,areyouprepared

togiveanewoneandthenincludingoratleastexcludingMyanmar?Thensecondlyoncapital

allocation I'mjustwondering ifyouarebusywithMyanmarnowandmoreexpansion isa low

priorityatthisstageoristheremoreappetiteformoreexpansionoracquisitionsandifsofrom

yourmacrocommentsearlier is it fairtosaythatAsiaforyoustill looksmuchmoreattractive

thanEurope?SobasicallyGlobulremainsabsolutelyanexceptionandyou’remorelookinginto

Asiaforopportunities?

JonFredrikBaksaas: Well,wehavein2013addedtwomorecountriesandthisofcourseneedstobe

handled by the capacities we have in particular on the human resource side. So two new

operationsbasicallydigsintothehumanresourcebasetoacertainextent.Soforustosortof

lookextensivelytonewcountriesisnotontheplateforthetimebeing.Thatdoesn’tmeanthat

wedon’t followand listen intowhatkindofdynamicsthatthesemarketsmightofferandour

eyes thenwill bemore strongly focused on Asia than on Europe. Deeper than that into that

questionIdon’tthinkIhavethepossibilitytomoveactually.Mid-termguiding?



RichardOlavAa: Yes,yourquestionalsorelatestoAsia...ifyoulookatunderlyingtrendsnowin

Asia,yousaw8%servicerevenuegrowthinAsiaandalsoifyoudecomposeforguiding,wewill

notgiveyouthedetailsbutobviouslyDTACandDiGihavebeenoutwith theirguiding, so it’s

easy to kind of reconcile that the EBITDAmargin is growing in the Asian units and with the

guidingwearegivingyouthenweareassumingthatit’sdecliningintheEuropeanunits.Soit’s

nomatter...theattractivenessofAsiaisofcourseveryimportantandwearealsonowworking

quite intensively I would saywith the new joint venturewe havewith Schibsted to see how

thoseservicescanhelpusbuildingasolidposition inAsiaandhowwecancombinethatwith

mobile services. That’s actually quite interesting in the transitionwe are right in now and to

reallyworkontheinternetforallstrategy,onthekindofcustomerbasewehaveinAsiawith

nowmore than120millioncustomers, it’sabigvaluecreationopportunity, so really to focus

ourresourcesonthat.Financialservices,classifiedmobileservicesIthinkcanbeveryexcitingin

themidtolongertermperspectiveforTelenor.

MeeraBhatia: Nextquestionplease.

Operator: Thankyou.WewillnowtakeournextquestionfromJakobBluestoneofCreditSuisse.

Pleasegoahead.

JakobBluestone: Hithere,I’vegottwoquestionsplease.Firstlyyoutalkedabitaboutwantingto

improvegrossprofit inNorwegian fixed line.Lookingatyoursortofdatasheet, it seemsthat

thebiggestpressureonyourgrossprofitiscomingfromthefactthatyourtelephonyrevenues

are falling 16% and that in turn seems to be driven by an acceleration in loss of telephony

customers,socouldyoumaybetalkalittlebitaboutwhatyoucandotomaybeslowthelossof

what I assume are highermargin customers on the telephony side inNorwegian fixed? Then

secondly just on the dividend continuing from an earlier question, given that your dividend

payoutisnowclosetotheupperendofyourpayoutrange,isitfairtosaythatweshouldn'tbe

expectingthesortofmid-yearbuybacksthatyou'vebeendoinginrecentyears?Ithinkinpast

callsyou'vetalkedaboutalackofliquidityintheshares,soshouldwebelookingfornofurther

buybacksfornow?



JonFredrikBaksaas: MaybeIcanjuststartonthatone.Thelossoftelephonycustomersonfixedline

in Norway has been very stable actually, sowe don’t see sort of kind of an increased trend.

There isnodoubt that thecustomerbasegradually reducesmonthbymonth;and thenthere

areboththepricingissuethatyoucanhaveonthatanditisalsoacoststructureapproachtoit.

WearealllaunchingnowaninitiativetogetherwiththeITvendorsinordertoseehowwecan

run this stack more efficiently. This project will be decided upon this spring. So we are

addressing both the revenue side and the cost side. The pricing mechanism is of course an

importantpartofthis.Canweleveragethepricingmixinadifferentsetinordertoshelterand

keeptherevenuegenerationfromtheoperationassuch?Asfordividend,Richard?

RichardOlavAa: Yes.Nowwehavecompletedcloseto10%ofbuybackoftheTelenorsharesand

thatwasdone inaperiodwhere the India losses tookaheavy toll onourearningsper share

whichwasthekindoffundamentalforthedividendpayout.NowwhenIndiacomestoamore

stable situation the EPS growth in itself will cater for the bulk part of the shareholder

remuneration. So I think you should expect that themain part going forwardwill come from

dividends.Wewillnotruleoutbuybacksbutthedecisionmadebytheboardyesterdaywasto

recommenddividendonly.

JakobBluestone: That’sgreat.Thankyou.

MeeraBhatia: Timeallowsforonemorequestionplease.

Operator: We will now take our final question from Andrew Lee of Goldman Sachs. Please go

ahead.

AndrewLee: Thanksverymuchandgoodmorningeveryone.Ijustwantedtofollowuponthe2015

guidancequestions.MaybeImisseditbutareyoustandingbythatguidanceornot?Justalittle

moredetailonthat.Givenit lookslikeyou'llbegeneratingaroundNOK20billionofoperating

cash flow in2014canyoutalk throughthepillars toget theNOK28billion in2015?Yousaid

growthismoreuncertain,butwhat'sthemixbetweencapexreduction,opexreductionandthat



top linegrowth that is required?Doyouno longer think that10%capex to sales isa realistic

target?Thankyou.

JonFredrikBaksaas: IthinkRichard,youarethroughthedifferentpillars inthat.Maybeyoushould

repeatthatasaclosingremark.

RichardOlavAa: Yes, certainly. We are fully dependent upon a continued strong growth in

subscriptionand traffic revenueson themobile sideandobviouslyweneed toseesomewhat

strongertrendsthantheunderlying4%wehaveseeninthelast12monthsandweneedthento

turn positive trends in Norway on subscription and traffic revenues.We cannot tolerate too

many instabilities in the Asian markets and DTAC has to deliver a strong underlying service

revenuegrowthandtakeoutsavingsfromconcessiontolicence.SolikeFredriksaidsomeofthe

assumptionsherenowaretighternotat leastduetothepolitical instabilityandlowergrowth

factors in 2013 thanwehadexpected. Thenwewill see ifwe continue the trends in India, a

much stronger India in 2015 than in 2014 because of the reasonwementioned thatwe are

investinganotherNOK600millionintoopexandcapex;andthenthemain...sothosearebuilt

on assumptions thatwe think are achievable, but they are not easy to reach. Then themain

yokehowmuchcapexthatissensibletoinvestin2015.Obviouslywewillhavecompletedmost

of the 2.1 GHz rollout in Thailand,most of the 3G in Bangladesh, the swap in Globulwill be

done, thesatelliteswillbedone in2015andso thatwill itself reducecapexconsiderably.But

thenwehavetotakealookattherestofthecapexaswelltomakesurethatwedon’tdoany

short termactions just tomeetthetargets.Sothat inmyopinion ifweareabletodeliveron

these revenue growth assumptions which are not unrealistic but require a stable market

situationandgoodperformance, thenthemainquestionwillbehowmuchdowecurbcapex

andwhatiswisetodoonthecapexside?

AndrewLee: Thank you very much. Can I just ask one follow-up question? You’ve highlighted

Denmarkisyourmosttroublingmarket.WouldjusthavingawholesaledealinDenmarkrather

than keeping your consumer brand allow you to fulfil your pan-Nordic ambitions which

presumably is mainly to support your corporate business, i.e. do you need to actually be a

consumercompetitorinthatmarkettodeliverwhatDenmarkprovidestoyouroverallgroup?



JonFredrikBaksaas: I think to that questionwe should thank you for the idea. Let’s think it over.

Thankyou.

MeeraBhatia: Thank you. Thank you Fredrik, thank you Richard. This concludes our session today,

slightlyovertime.ThankyouverymuchforyourparticipationandbothFredrikandRichardwill

beavailableforcommentstomediaandmycolleaguesandIwillmakeaninterviewlist.Thank

youverymuch.

JonFredrikBaksaas: Thankyoufrommeaswell.Thankyou.

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