Annual report 2008, 1.19 MB - Telenor

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Contents President and CEO Jon Fredrik Baksaas 1 Report of the Board of Directors 2 FINANCIAL STATEMENTS Telenor Group Consolidated Income Statement 12 Consolidated Balance Sheet 13 Consolidated Cash Flow Statement 14 Consolidated Statements of Changes in Equity 15 Notes to the Financial Statements 16 Telenor ASA Income Statement 88 Balance Sheet 89 Cash Flow Statement 90 Statements of Changes in Equity 91 Notes to the Financial Statements 92 Responsibility Statement 102 Auditor’s Report 103 Statement from The Corporate Assembly of Telenor 104 Financial Calendar 2008 104 Telenor wants to contribute to meet climate challenges, and aims to reduce the consumption of resources and overall impact on the environment. In an effort to minimize paper consumption, we limit the scope of the printed annual report. Telenor’s website provides extensive information about the company and current activities: www.telenor.com ANNUAL REPORT 2008
Dear shareholder, 2008 was a busy year for the Telenor Group. We delivered solid results and upheld market positions, in spite of challenging macro economic conditions. With 22 million net subscriber additions during the year the Telenor Group reached 164 million mobile subscribers worldwide. The decision to enter the Indian market, and a strengthened focus on sustainable operations, were other signifi cant milestones for the Telenor Group in 2008. In the fi rst half of 2008 some of our markets experienced reduced purchasing power as a result of increasing prices on fuel and basic goods. Further, the fi nancial crisis and economic slowdown hit globally in the second half of 2008. In spite of this our operations performed well throughout the year, with full year revenues and EBITDA, including Kyivstar, at all time high. The Telenor Group continued its strategy of capturing growth in emerging markets combined with cash fl ow generation from more mature markets. Following the disclosure of unacceptable working conditions at local suppliers of towers to Grameenphone in Bangladesh, Telenor launched an extensive project to assess and improve the health, safety, security and environmental conditions in our companies and towards our suppliers. This work is a process of continuous improvement, and the project is now established as a permanent group-wide structure. In spite of the challenge in Bangladesh, Telenor was ranked number one on the Dow Jones Sustainability Indexes in the telecom sector for the second consecutive year. We see this as a recognition of our long-term efforts in responsible and sustainable business throughout our operations. The climate challenge has been high on the agenda also in 2008. Our communication services can be a part of the solution to the climate crisis, and we acknowledge that we need to start with ourselves. The Telenor Group has established ambitious goals of reducing the carbon intensity of the group’s operations in the coming 10 year period. Telenor’s decision to enter India has received reactions from shareholders. While understanding the different opinions around this, given the current global fi nancial crisis, I want to underline Telenor’s long-term industrial history and focus. Entering the Indian mobile market represents a unique opportunity to take part in one of the fastest growing telecom markets in the world and leverage on Telenor’s proven greenfi eld expertise and experience. The entry into India fi ts strongly with our industrial strategy, and I fi rmly believe that it will create long-term shareholder value. The telecom sector has so far been less affected by the global economic slowdown than other industries. However, we expect a more challenging business environment in 2009, and our strategies and operations will be adjusted according to this. The operational focus in 2009 will be cost effi ciency and control of capital expenditure, in order to secure cash fl ows. Successful launch of operations in India will be given high attention. Also, we will continue to vigorously defend our investments in Russia and Ukraine. With successful execution on these areas I believe the Telenor Group is well prepared and positioned for the challenges and opportunities going forward. PRESIDENT & CEO Jon Fredrik Baksaas President & CEO ANNUAL REPORT 2008 PAGE 1
Page 1: Annual report 2008 2008 was a busy
Page 5 and 6: outlook for 2008 as outlined in the
Page 7 and 8: from the fourth quarter of 2007. Du
Page 9 and 10: Telenor Group through development o
Page 11 and 12: Telenor derives an increasingly hig
Page 13 and 14: OUTLOOK FOR 2009 Based on the profo
Page 15 and 16: CONSOLIDATED BALANCE SHEET Telenor
Page 17 and 18: CONSOLIDATED STATEMENTS OF CHANGES
Page 19 and 20: 02 IFRS 3R Business Combination - (
Page 21 and 22: control. That is when the strategic
Page 23 and 24: Rentals payable under operating lea
Page 25 and 26: Telenor includes deductions for unc
Page 27 and 28: DiGi is listed at Bursa Malaysia Se
Page 29 and 30: 04 BUSINESS COMBINATIONS AND DISPOS
Page 31 and 32: The initial purchase price allocati
Page 33 and 34: The carrying values at the acquisit
Page 35 and 36: NOTES TO THE FINANCIAL STATEMENTS T
Page 37 and 38: 05 KEY FIGURES SEGMENTS NOTES TO TH
Page 39 and 40: Segment Information 2006 EBITDA Dep
Page 41 and 42: 08 09 SALARIES AND PERSONNEL COSTS
Page 43 and 44: 13 Details of impairment losses: NO
Page 45 and 46: NOTES TO THE FINANCIAL STATEMENTS T
Page 47 and 48: 15 Changes in net deferred taxes NO
Page 49 and 50: 17 NOTES TO THE FINANCIAL STATEMENT
Page 51 and 52: Average EBITDA margin - The EBITDA
Page 53 and 54:
NOTES TO THE FINANCIAL STATEMENTS T
Page 55 and 56:
21 As of 31 December 2008, future m
Page 57 and 58:
22 The Group’s share of assets, l
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24 ADDITIONAL CASH FLOW INFORMATION
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Employee equity benefi ts reserve T
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27 PROVISIONS AND OBLIGATIONS Non-c
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29 NOTES TO THE FINANCIAL STATEMENT
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Fair values of fi nancial instrumen
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33 RELATED PARTIES As of 26 March 2
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36 NOTES TO THE FINANCIAL STATEMENT
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Options and shares 2008 NOTES TO TH
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38 39 NUMBER OF SHARES, OWNERSHIP E
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BALANCE SHEET Telenor ASA as of 31
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STATEMENT OF CHANGES IN EQUITY Tele
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03 PENSION OBLIGATIONS Telenor ASA
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07 contribution to be received and
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10 11 2007 Depreciation Acc. depre-
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15 16 CONTRACTUAL OBLIGATIONS NOTES
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AUDITOR’S REPORT FOR 2008 AUDITOR
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Annual report 2008 Published by Tel
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Annual report 2008, 1.19 MB - Telenor

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