• 20% growth in revenues excluding gains, to NOK 13,002 million.
• EBITDA margin excluding gains and losses increased from 21.0% to 27.5%. EBITDA excluding gains and losses was NOK 3,571 million in the fourth quarter 2002.
• Profit before taxes and minority interest was charged with NOK 6.2 billion in costs related to manpower reductions, net losses on disposals and write-downs, and resulted in a loss before taxes and minority interests of NOK 5.3 billion in the fourth quarter 2002.The largest write-downs were made in Mobile, where DiGi.Com was written down by NOK 2.1 billion, Sonofon by NOK 1.0 billion and DTAC/UCOM by NOK 0.9 billion
• EBITDA in Mobile doubled to NOK 2,084 million, 33% growth excluding Pannon GSM and Kyivstar.
• EBITDA margin in mNorway was 37.8%, an increase of 3.5 percentage points.
• ARPU in mNorway increased to NOK 340 from NOK 331 in 2001.
• EBITDA margin in Networks decreased to 33.2%. The reduction from 2001 was due to costs of workforce reductions of NOK 107 million.
• Business Solutions had improved results from operations as a result of reduced costs.
• In Plus, the consolidation of Canal Digital made a positive contribution, although the growth in ADSL customers resulted in increased costs.
• Net interest-bearing liabilities were NOK 26.9 billion at the end of 2002.
• The Board will propose a dividend of NOK 0.45 per share, an increase from NOK 0.35 per share in 2001.

In order to simplify and strengthen Telenor’s position in the domestic market, a separate Norwegian market area was established from 1 January 2003, to carry out all sales and marketing activities for the mobile and fixed-network areas. From 1 January 2003 Telenor has reorganized into three business areas, encompassing mobile activities, fixed-network activities and TV- activities as well as “other business units” which will also constitute the financial reporting structure from the first quarter 2003.

For the year as a whole, revenues excluding gains increased by around 20%, due to underlying growth, especially in Mobile, and the consolidation of new subsidiaries in Mobile and Canal Digital. Profit before taxes and minority interest was charged with NOK 7.6 billion in costs related to manpower reductions, net losses on disposals and writedowns (see the table of special items) and resulted in a loss before taxes and minority interests of NOK 5.0 billion for 2002. In 2001, considerable gains from disposals were realised. Adjusted for the net effect of gains, losses, write-downs and expenses for restructuring etc. (see the table of special items), profit before taxes and minority interests increased by NOK 2.9 billion to NOK 2.6 billion for 2002. This was mainly related underlying growth and to new companies. Cost reductions of around NOK 1.1 billion have been accomplished during 2002, related to Telenor’s program of improving the efficiency of operations, Delta 4. Of the announced provisions of NOK 600 million to workforce reductions (exclusive EDB Business Partner), approximately NOK 440 million was expensed in the fourth quarter.

© Telenor ASA