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  • 1. FOURTH QUARTER 2011Tele2 AB7 February 2012
  • 2. Agenda • About Q4 2011 • Financial Review • Concluding remarks2
  • 3. Tele2 Group Q4 Highlights Q4 Financials Q4 Operational • Net sales (curr. adj.) for the • Tele2’s customer base Group grew by 8 % and amounted to 34.1 million amounted to SEK 10,839 customers • EBITDA amounted to SEK • Tele2 Kazakhstan continued its 2,791 (2,488) million, successful launch of new equivalent to an EBITDA regions, resulting in a customer margin of 26 (25) % intake of 249,000 (114,000). • Tele2 Norway and Network Norway were fully integrated and Tele2 Austria acquired Silver Server3
  • 4. Market Area Russia: Overview Population Appr. 140 million Tele2 Russia  43 regions of Russian Federation  20.6 million subscribers  Mobile operator #4 in Russia in terms of subscribers and revenue Represents 28% of total net sales Q4 2011 Focus  Continue grow customer base and maximize the 2G opportunity  Ensure that newcomer and challenger regions reach the same operational trends as defender regions  Evaluate possibilities to expand carefully through new licenses as well as by complementary acquisitions4
  • 5. Q4 Highlights Russia Region’s position Market share EBITDA Defender (10 regions) Leader in the region  35% Moscow (avg. 46%) (avg. 52%) Challenger (17 regions)  20% < 35% (avg. 31%) (avg. 31%) Newcomer (16 regions) < 20% ≥0 (avg. 17%)EBITDA and NET SALES and CUSTOMER BASE andEBITDA MARGIN YoY NET SALES GROWTH CUSTOMER INTAKESEK Million SEK Million Thousands Thousands 1 600 60% 3 200 30% 21 000 8001 200 45% 2 800 23% 20 000 600 800 30% 2 400 15% 19 000 400 400 15% 2 000 8% 18 000 200 0 0% 1 600 0% 17 000 0 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 EBITDA (left) Net sales (left) Customer base (left) 5 EBITDA margin (right) YoY net sales Customer net growth (right) intake (right)
  • 6. The Russian mobile marketTELE2 SUBSCRIBERS AS PART OF TOTAL Tele2 MOBILE SUBSCRIBERS AND PENETRATIONRUSSIAN MOBILE MARKETMillion subscribers Million subscribers Subs Penetration (%) 250 9.3% 250 180% 200 5.8% 200 160% 150 150 140% 100 100 120% 50 50 100% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Oct Nov 06 07 08 09 10 11F 12F 13F 14F 15F 09 09 09 09 10 10 10 10 11 11 11 11 11NET ADDITIONS Tele2 MegaFonThousands of subscribers Vimpelcom MTS 8 000 6 000 4 000 During 2011, Tele2 has gained market share 2 000 0-2 000 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Oct Nov 09 09 09 10 10 10 10 11 11 11 11 116
  • 7. Revenue source development TELE2 RUSSIA: REVENUE SPLIT Q4 ARPU DEVELOPMENT RUB 400 8,1 300 224 200 100 91,9 0 2006 2007 2008 2009 2010 Q1-11 Q2 11 Q3 11 Q4 11 Data revenue (%) Voice revenue (%) Tele2 MegaFon Vimpelcom MTS (excl. SMS) Tele2 sees a steady increase in ARPU on the Russian market7
  • 8. Regulatory update: Tele2 Russia Technology neutrality LTE license tender update update • Tele2 applied to the Telecom • In Q4 2011, Tele2 participated in the Regulator for the permission to set work group established by the up LTE1800 trial zones Telecom Regulator and provided recommendations for the LTE • According to the Regulator’s “beauty contest” terms and decision the LTE1800, trial should conditions be conducted jointly with NIIR (Science and Research Institute) in • LTE license tenders are reported to Q1 2012 and results reported in Q2 take place in Q1-Q2 2012 20128
  • 9. Tele2 Russia forward looking statement The following assumptions should be taken into account when estimating the operational performance of the total operations in Russia in 2012: • Tele2 expects the subscriber base to reach 21.5 - 22 mln • Tele2 expects ARPU to remain stable in local currency • Tele2 expects an EBITDA margin of between 39 - 40 percent • Tele2 expects capex of between SEK 1,300 - 1,500 mln9
  • 10. Market Area Nordic: Overview Population 14.4 million Tele2 Sweden and Tele2 Norway Home market and test bed for new services Represents 42% of total net sales Q4 2011 Sweden 30%; Norway 12% Focus  Sweden: Build on mobile growth and 4G roll-out coupled with household/ corporate fiber strategy  Norway: Integration of Network Norway and migration of customers to Tele2’s own network10
  • 11. Q4 Highlights Tele2 Sweden • Net sales (external) amounted to SEK 3 143 mln and EBITDA grew by 6% amounting to SEK 829 mln • Net intake in Q4 affected by increased churn in prepaid as a result of large intake during Q3EBITDA and NET SALES and CUSTOMER BASE andEBITDA MARGIN YoY NET SALES GROWTH CUSTOMER INTAKESEK Million SEK Million Thousands of customers1 000 40% 4 000 12% 4 800 80 750 30% 3 000 9% 4 750 40 500 20% 2 000 6% 4 700 0 250 10% 1 000 3% 4 650 -40 0 0% 0 0% 4 600 -80 Q4 10 Q1 11Q2 11Q3 11Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Mobile Fixed broadband Fixed telephony Other Customer base (left)11 EBITDA margin (right) YoY net sales Customer net growth (right) intake (right)
  • 12. Sweden: Mobile operational performance MOBILE REVENUE SPLIT MOBILE REVENUE and MOBILE EBITDA MARGIN SEK Million 2 500 33% 17% 2 400 32% 2 300 31% 2 200 30% 2 100 29% 83% 2 000 28% Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Data revenue (%) Voice revenue (%) Revenue (left) Mobile EBITDA margin (right) (excl. SMS) Mobile revenue will continue to grow driven by a strong customer demand for data12
  • 13. Smartphone market development SMARTPHONE INSTALLED BASE* 100% 80% 60% Sales of top ten mobile phones Tele2 Sweden (FY 2011) 40% 20% 1. iPhone 4 16GB 0% 1106 1107 1108 1109 1110 1111 1112 2. iPhone 4S 16GB Regular handset Smartphone 3. Samsung Galaxy S2 SMARTPHONE PRICE CATEGORIES 4. iPhone 4 32GB 100% 5. ZTE Blade 90% 6. Sony Ericsson Cedar 80% 7. iPhone 4 8GB 70% 8. Samsung Galaxy Gio 60% 9. Sony Ericsson Xperia Arc 50% 10. Samsung Galaxy ACE Q4 2010 Q4 2011 High end Mid Low end * Postpaid residential, quantity of handsets13
  • 14. Growth in sales of data packages DATA PACKAGE CUSTOMER STOCK 2011 MOBILE SURF PACKAGES Subscribers 600 000 500 000 400 000 Base Small 300 000 200 000 100 000 0 Jan Feb Mar Apr May Jun Maj Jul Aug Sep Oct Nov Dec Okt Nov Dec Medium Large Data package customer stock increased by 120% during 201114
  • 15. Tele2 Sweden forward looking statement The following assumptions should be taken into account when estimating the operational performance of the Swedish mobile operations in 2012: • Tele2 expects mobile service revenue to grow by approximately 2-4 percent. • Tele2 expects an EBITDA margin of between 33-35 percent including proportionate consolidation of joint ventures.15
  • 16. Q4 Highlights Tele2 Norway • The Tele2 Norway / Network Norway integration continues at full speed and co-location is completed • Tele2 Norway reported total external revenue of SEK 1,216 mln, of which SEK 1,128 mln was mobile revenue • Mobile EBITDA contribution was SEK -67 (28) mln, impacted by a restructuring cost of SEK 53 mln related to the acquisition of Network NorwayEBITDA and NET SALES andEBITDA MARGIN YoY NET SALES GROWTHSEK Million SEK Million 80 8% 1 600 75% 40 4% 1 200 50% 0 0% 800 25% -40 -4% 50% 50% 400 0% -80 -8% 0 -25% Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Mobile Fixed broadband Fixed telephony Other 16 EBITDA margin (right) YoY net sales growth (right)
  • 17. Tele2 Norway forward looking statement The following assumptions should be taken into account when estimating the operational performance of the total operations in Norway in 2012: • Tele2 expects a total revenue of between SEK 5,000 - 5,200 mln. • Tele2 expects an EBITDA margin of between 2-3 percent. • Tele2 expects capex of between SEK 850-950 mln.17
  • 18. Market Area Western Europe: Overview Population 106 million Leading the group in business to business services and consumer fixed broadband Represents 19% of total net sales Q4 2011 Netherlands 13.4%; Germany 2.5%; Austria 3.1% Focus  Netherlands Grow in mobile and SME  Austria B2B & Integration of Silver Server  Germany Grow Fixed Via Mobile product18
  • 19. Q4 Highlights Tele2 Netherlands • Focus on increased distribution capacity leads to growth on mobile customer base • Tele2 Netherlands reached EBITDA of SEK 501 mln • On-going evaluation of possibilities for Tele2 Netherlands to become MNO: Auction date set to October 2012EBITDA and NET SALES and CUSTOMER BASE andEBITDA MARGIN YoY NET SALES GROWTH CUSTOMER INTAKESEK Million SEK Million Thousands of customers600 40% 2000 20% 1200 0450 30% 1500 10% 900 -10300 20% 1000 0% 600 -20150 10% 500 -10% 300 -30 0 0% 0 -20% 0 -40 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Mobile Fixed broadband Fixed telephony Other Customer base (left) 19 EBITDA margin (right) YoY net sales growth (right) Customer net intake (right)
  • 20. Q4 Highlights Tele2 Germany and Tele2 Austria • Strong cash flow contributors to the Group • Tele2 Germany: Fixed via Mobile product has taken off successfully; customer base YE 2011 was 47,000. The new product reached EBITDA breakeven less than 6 months after launch • Tele2 Austria: Acquisition of Silver Server completed to further strengthen Tele2’s position in the B2B market TELE2 GERMANY TELE2 AUSTRIA EBITDA MARGIN EBITDA MARGIN 40% 40% 30% 30% 20% 20% 10% 10% 0% 0% Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 1120
  • 21. Market Area Central Europe and Eurasia: Overview Population 28 million Represents 12% of total net sales Q4 2011 Estonia 2%; Latvia 3%; Lithuania 3%; Croatia 3%; Kazakhstan 1% Focus  Stability and improvements in Baltics  Growth in revenue, profits and market share in Croatia  Establish Tele2 in all regions and continue to grow rapidly in Kazakhstan21
  • 22. Q4 Highlights Tele2 Estonia • Tele2 Estonia achieved a positive net intake of customers despite fierce competition • Acquisition of telecommunication service provider Televõrgu AS completed in January 2012EBITDA and NET SALES and EBITDA-CAPEXEBITDA MARGIN YoY NET SALES GROWTHSEK Million SEK Million SEK Million80 35% 300 5% 9060 30% 225 0% 6040 25% 150 -5% 3020 20% 75 -10% 0 0 15% 0 -15% -30 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 EBITDA (left) Net sales(left) EBITDA CAPEX 22 EBITDA margin Net sales YoY EBITDA-CAPEX (right) growth (right)
  • 23. Q4 Highlights Tele2 Latvia • Tele2 Latvia reached an EBITDA margin of 34% • Tele2 Latvia was granted new spectrum in the 2.6 GHz frequency band in January 2012 EBITDA and NET SALES and EBITDA-CAPEX EBITDA MARGIN YoY NET SALES GROWTH SEK Million SEK Million SEK Million120 40% 320 -5% 12090 30% 240 -10% 8060 20% 160 -15% 4030 10% 80 -20% 0 0 0% 0 -25% -40 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 EBITDA (left) Net sales(left) EBITDA CAPEX 23 EBITDA margin Net sales YoY EBITDA-CAPEX (right) growth (right)
  • 24. Q4 Highlights Tele2 Lithuania • The EBITDA margin amounted to 37% • Thanks to successful sales and marketing activities, Tele2 Lithuania maintained a positive postpaid intakeEBITDA and NET SALES and EBITDA-CAPEXEBITDA MARGIN YoY NET SALES GROWTHSEK Million SEK Million SEK Million160 60% 400 10% 150120 45% 300 0% 10080 30% 200 -10% 5040 15% 100 -20% 0 0 0% 0 -30% -50 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 EBITDA (left) Net sales(left) EBITDA CAPEX 24 EBITDA margin Net sales YoY EBITDA-CAPEX (right) growth (right)
  • 25. Q4 Highlights Tele2 Croatia • Positive free cash flow of SEK 48 mln • Solid development despite reintroduction of revenue taxEBITDA and NET SALES and EBITDA-CAPEXEBITDA MARGIN YoY NET SALES GROWTHSEK Million SEK Million SEK Million60 12% 600 0% 8045 9% 450 -2% 4030 6% 300 -4% 015 3% 150 -6% -40 0 0% 0 -8% -80 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q3 10 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 EBITDA (left) Net sales(left) EBITDA CAPEX 25 EBITDA margin Net sales YoY EBITDA-CAPEX (right) growth (right)
  • 26. Tele2 Croatia forward looking statement The following assumption should be taken into account when estimating the operational performance of the Croatian mobile operations in 2012: • Tele2 expects Croatia to reach an EBITDA margin of 20 percent by Q3 2013.26
  • 27. Q4 Highlights Tele2 Kazakhstan • Commercial launch of Tele2 brand completed in 12 regions • More than 1 800 BTS on air • Solid net intake of 249 000 customers • Total number of customers amounted 1.371 millionNET SALES CUSTOMER BASE and ARPU and CUSTOMER INTAKE MINUTES OF USE in 2011SEK Million Thousands of customers SEK Min200 1 600 600 100 100150 1 200 400 75 75100 800 200 50 50 50 400 0 25 25 0 0 -200 0 0 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 01 02 03 04 05 06 07 08 09 10 11 12 11 11 11 11 11 11 11 11 11 11 11 11 Net sales Customer base (left) ARPU (left) 27 Customer intake Minutes of use (right) (right)
  • 28. Tele2 Kazakhstan launch status The commercial launch of the remaining four regions has been postponed until the beginning of 201228
  • 29. Guidance Tele2 Kazakhstan The following assumptions should be taken into account when estimating the operational performance of the total operations in Kazakhstan in 2012: • Tele2 expects the subscriber base to reach 2.3 - 2.5 mln. • Tele2 expects an EBITDA contribution of between SEK -325 to -375 mln. • Tele2 expects capex of between SEK 550 - 600 mln. • Tele2 expects to reach EBITDA break-even by 2H 2013. • Tele2 expects to reach a long-term mobile customer market share of 30 percent.29
  • 30. • About Q4 2011 • Financial Review • Concluding remarks30
  • 31. Group results SEK million Q4 11 Q4 10 % YTD 11 YTD 10 % Net sales 10,839 10,109 7.2% 40,750 40,164 1.5% EBITDA 2,791 2,488 12.2% 10,852 10,284 5.5% - EBITDA margin (%) 25.7% 24.6% 26.6% 26.0% Depr. and joint ventures -1,125 -975 -3,880 -3,580 - Depr. of Net sales (%) 10.4% 9.7% 9.6% 9.0% One-off items -26 -157 -4 384 EBIT 1,640 1 ,56 20.9% 6,968 7,088 -1.7% Normalized EBIT 1,666 1,513 6,972 6,704 - Normalized EBIT margin (%) 15.4% 15.0% 17.1% 16.9% Financial items -60 -155 -599 -353 Taxes -269 -102 -1 465 -254 Net profit/loss 1,311 1,099 4,904 6,481 Discont. operations 0 404 -7 447 NET RESULT 1,311 1,503 4,897 6,92831
  • 32. Currency movements (vs. SEK) YoY difference in YTD average End of Q4 spot rate FX rates, 2011 vs. 2010 vs. 31/12-2010 EUR -5.6 % EUR -0.6 % RUB -7.3 % RUB -3.6 % EUR/EUR pegged and RUB currencies represent 56% of external sales and 74% of EBITDA32
  • 33. Currency-adjusted sales and EBITDA CURRENCY-ADJUSTED SALES CURRENCY-ADJUSTED SALES (FY) SEK Million SEK Million 45 000 15 000 36 000 + 7% 12 000 + 8% 27 000 9 000 6 000 18 000 3 000 9 000 0 0 Q4 10 Q4 11 YTD 10 YTD 11 CURRENCY-ADJUSTED EBITDA CURRENCY-ADJUSTED EBITDA (FY) SEK Million SEK Million 3 000 12 000 2 500 10 000 +13% +10% 2 000 8 000 1 500 6 000 1 000 4 000 500 2 000 0 0 Q4 10 Q4 11 YTD 10 YTD 1133
  • 34. Taxes Taxes in income statement (MSEK) Q4 11 Q4 10 YTD 11 YTD 10 Normal -377 -277 -1 573 -1 405 One-Off 108 175 108 1 151 Total -269 -102 -1 465 -254 Taxes in cash flow statement (MSEK) Q4 11 Q4 10 YTD 11 YTD 10 Normal -163 -160 -948 -740 One-Off - - - - Total -163 -160 -948 -740 Deferred tax assets at year end amounted to SEK 2.9 (3.2) billion34
  • 35. Cash flow Cash flow (SEK million) Q4 11 Q4 10 YTD 11 YTD 10 OPERATING ACTIVITIES Before paid tax 2,584 2,311 10,610 10,450 Paid taxes -163 -160 -948 -740 Changes in working capital -106 -374 -414 -100 CF from operating activities 2,315 1,777 9,248 9,610 INVESTING ACTIVITIES CapEX -1,400 -1,163 -4,667 -3,603 CF after CapEX 915 614 4,581 6,007 Shares and participations -1,541 - 469 -1,217 -1,51035
  • 36. Debt position and ratio PRO FORMA NET DEBT / EBITDA 12’M ROLLING SEK Billion 20,0 2,00 17,5 1,75 Upper limit 15,0 1,50 12,5 1,25 Lower limit 10,0 1,00 7,5 0,75 5,0 0,50 2,5 0,25 0,0 0,00 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Pro Forma Net Debt Ordinary dividend Upper limit Pro Forma Net Debt / EBITDA 12’M Rolling Extraordinary dividend Lower limit36
  • 37. Debt profile SOURCES OF FUNDING SEK Billion 20,0 17,5 15,0 12,9 12,6 12,5 11,3 10,0 7,5 5,0 2,8 2,5 1,7 0,0 -2,5 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 -5,0 Revolving credit facility Russia bond Other bank loans Off BS items Cash Pro forma net debt37
  • 38. Bal. sheet consideration / Fin. leverage When available, invest in value accretive M&A or C M&A / New growth new business opportunities meeting Tele2’s A opportunities strict financial hurdles S H G E Shareholder Enhance shareholder value by distributing N recurring cash to shareholders E remuneration R A T I O Retain financial buffer N Cash / Buffer Prudent assessment based on (a) status of operations, (b) future strategic opportunities, (c) competitive landscape and (d) general macroeconomic status38
  • 39. Net debt and dividend targets Shareholder remuneration “Tele2 will seek to pay a progressive ordinary dividend of no less than 50 percent of net income excluding one-off items. Extraordinary dividends and the authority to purchase Tele2’s own shares will be recommended or sought when the anticipated total return to shareholders is deemed to be greater than the achievable returns from the deployment of the capital within the groups operating segments or the acquisition of assets within Tele2’s economic requirements.” Balance sheet “Tele2 has a target net debt to EBITDA ratio of between 1.25 and 1.75 times over the medium term. The company’s longer term financial leverage should be in line with the industry and the markets in which it operates and reflect the status of its operations, future strategic opportunities and contingent liabilities.”39
  • 40. Mobile Fixed broadband Fixed telephony Other Group financials GROUP EBITDA and GROUP NET SALES GROUP EBITDA MARGIN SEK Million SEK Million 3 500 30% 12 000 3 000 10 000 28% 2 500 8 000 2 000 26% 6 000 1 500 24% 1 000 4 000 22% 500 2 000 0 20% 0 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Group EBITDA margin GROUP CAPEX (BS) ROCE SEK Million Percent 25% 1 600 23% 1 400 20% 22% 19% 1 200 20% 19% 1 000 15% 800 10% 600 400 5% 200 0 0% Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 1140
  • 41. Group mobile EBITDA GROUP MOBILE EBITDA SEK Million 2 500 35% 2 000 28% 1 500 21% 1 000 14% 500 7% 0 0% Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 -500 -7% Mobile EBITDA on own infrastructure Mobile EBITDA (MVNO)* Mobile EBITDA margin on own infrastructure Total mobile EBITDA margin * Norway, Netherlands and Germany are treated as MVNO41
  • 42. Income statement/Adjustment 2011 using new accounting principles SEK million 2011, Full year CONTINUING OPERATIONS Net sales 251 Operating expenses -215 Results from shares in associated companies and JVs -16 Other operating income 62 Operating profit, EBIT 82 Interest income/costs -75 Profit after financial items, EBT 7 Tax on profit -7 NET PROFIT - EBITDA Mobile Sweden 318 +2.7% Total Assets 355 Return On Capital Employed -0.4%42
  • 43. Sweden mobile revenue and EBITDA (Q) SALES EBITDA SEK million SEK million 2 241 10 149 9 2 409 36% 1% 670 22 -32 51 5 716 Ext. revenue Recurring Mobile Ass. comp & Ext. revenue EBITDA GM2 N4M Expansion Other EBITDA Q4 2010 sales equipment adjustments Q4 2011 Q4 2010 (excl. cost OpEx Q4 2011 N4M)43
  • 44. Sweden mobile revenue and EBITDA (FY) SALES EBITDA SEK million SEK million 8 474 311 609 -72 9 322 87% 4% 2 803 253 -68 -46 -100 2 842 Ext. revenue Recurring Mobile Ass. comp & Ext. revenue EBITDA GM2 N4M Expansion Other EBITDA YTD 2010 sales equipment adjustments YTD 2011 YTD 2010 (excl. cost OpEx YTD 2011 N4M)44
  • 45. Swe mobile: Restated JV accounting SALES (Quarterly comparison) SALES (FY comparison) SEK million SEK million 8 474 303 8 776 -119 34 609 227 9 528 2 241 57 2 298 -33 16 149 12 2 441 EBITDA and EBITDA margin EBITDA and EBITDA margin SEK million SEK million 2 803 333 3 137 -57 -45 0 126 3 161 670 73 743 -16 -26 0 97 799 30% 2% 0% -1% -2% 4% 32% 33% 3% 0% % -1% -2,3% 0,5% -0,9 -2% 33% 36% 1% 33% N4M Underlying Restated EBITDA Q4 Equipment Restated EBITDA Q4 Q4 2010 Restatement MTR N4M YTD 2010 Equipment Underlying Restatement MTR EBITDA YTD 10 EBITDA YTD 11 Restated Restated 10 1145
  • 46. • About Q4 2011 • Financial Review • Concluding remarks46
  • 47. Concluding remarks • Create a strong network based operator in Norway • Start exploiting 4G services in Sweden • Evaluate MNO opportunities in the Netherlands • Complete the launch of mobile services in all regions in Kazakhstan • Launch 6 new regions in Far East of Russia47 2010-10-20
  • 48. Q&A48 2010-10-20
  • 49. 49 2010-10-20