Edgar Filing: TELENOR ASA

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

Date: 4 May 2007, for 1^st Quarter 2007

TELENOR ASA

(Registrant’s Name)

Snarøyveien 30,
1331 Fornebu,
Norway
(Registrant’s Address)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F: þ Form 40-F o

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes o No: þ

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

TELENOR ASA FIRST QUARTER 2007 RESULTS

In the first quarter of 2007, Telenor`s revenues increased by 5 per cent compared to the first quarter of 2006, reaching NOK 22.4 billion. The underlying revenue growth was 12 per cent. EBITDA before other income and expenses was NOK 7.1 billion while profit before taxes was NOK 4.2 billion.

HIGHLIGHTS FIRST QUARTER 2007

Revenue growth of 5% — underlying growth of 12% EBITDA margin before other income and expenses of 32%

Telenor Pakistan reaching break-even on EBITDA Cost savings in Fixed Norway on track

OUTLOOK FOR 2007

Based upon the current group structure and assuming that the majority owned operation Kyivstar is not consolidated in 2007:

We expect a growth in reported revenues of between 3% and 5%.

The EBITDA margin before other income and expenses is expected to be around 32%.

We expect capital expenditure as a proportion of revenues to be around 20%, mainly driven by high subscription growth within our mobile operations in emerging markets.

A growing share of Telenor`s revenues and profits is derived from operations outside Norway.

Currency fluctuations may to an increasing extent influence the reported figures in Norwegian Krone.

Political risk, including regulatory conditions, may also influence the profits. We expect seasonal variations between the quarters.

The situation in Kyivstar, as described in Telenor`s annual report, has continued during the first quarter of 2007. Since Telenor has not received financial information from Kyivstar during the first quarter of 2007, Kyivstar is presented in one line in the balance sheet under Investment in Kyivstar, with the same value as of 31 December 2006, adjusted for currency effects. There has not been included any profit and loss figures for Kyivstar in the first quarter and net excess values have not been amortized. Figures for 2006 for the Group include unaudited figures for Kyivstar.

PRESENTATION MATERIAL

Attached is the Q1 2007 presentation. In the presentation Telenor has estimated the following financials for Kyivstar, our majority owned company in Ukraine:

Revenues: NOK 2,800 mill
EBITDA margin: 58%
CAPEX: NOK 1,000 mill

TABLE OF CONTENTS


SIGNATURES

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		Telenor ASA

	By:	/s/ Trond Westlie
	Name:	Trond Westlie
		(sign.)
	Title:	CFO

Date: 4 May, 2007

CONTINUED HIGH UNDERLYING REVENUE GROWTH

HIGHLIGHTS FIRST QUARTER 2007

•		Revenue growth of 5% – underlying growth of 12%

•		EBITDA margin before other income and expenses of 32%

•		Telenor Pakistan reaching break-even on EBITDA

•		Cost savings in Fixed Norway on track

“I am very pleased to present a good underlying performance for the Group, with continued high growth in revenues and subscriptions. Our consolidated mobile operations added more than 6 million subscriptions. However, Telenor’s results are affected by the fact that we are not able to include Kyivstar, since the existing injunctions in Ukraine are prohibiting us from receiving financial information.

Internationally, DiGi in Malaysia continues its excellent performance. Telenor Pakistan is growing even faster than we expected. They are increasing revenue per subscription thereby delivering break-even on EBITDA. In Bangladesh, increased competition and price reductions have led to lower growth.

In Scandinavia, I am satisfied that Fixed Norway is on track realising cost savings, improving the margin from last quarter. Our fixed line business in Sweden is experiencing a challenging market. while Sonofon in Denmark is delivering another solid quarter.”

Jon Fredrik Baksaas
President and CEO

KEY FIGURES*⁾


			First quarter				Year
	First quarter		2006				2006
	2007				Group excl.				Group excl.
(NOK in millions except earnings per share)	Group		Group		Kyivstar		Group		Kyivstar

Revenues		22 446		21 284		18 955		91 077		80 121
EBITDA before other income and expenses		7 101		7 810		6 378		32 992		26 462
EBITDA before other income and expenses/Revenues (%)		31.6		36.7		33.6		36.2		33.0
Adjusted operating profit		3 659		4 328		3 275		18 271		13 326
Adjusted operating profit/Revenues (%)		16.3		20.3		17.3		20.1		16.6
Profit after taxes (Net income)		2 676		3 650		3 215		15 920		13 998

Earnings per share from total operations, basic, in NOK		1.59		2.15		1.90		9.44		8.30
Capex		3 930		3 703		2 873		19 036		15 405
Investments in businesses		184		8 943		8 943		22 124		22 124
Net interest-bearing liabilities		42 320		34 956		33 400		43 255		43 255

EXTRACT FROM OUTLOOK FOR 2007

Assuming that the majority owned operation Kyivstar in Ukraine is not consolidated in 2007. Telenor expects a revenue growth of 3% to 5% with an EBITDA margin before other income and expenses of around 32%. Capital expenditure, as a proportion of revenues, is expected to be around 20%.

Please refer to page 7 for the full outlook for 2007, and page 12 for definitions.


*⁾		Kyivstar is temporarily deconsolidated from 29 December 2006.

TELENOR’S OPERATIONS

Unless otherwise stated, the statements below are related to Telenor’s development in the first quarter of 2007 compared to the first quarter of 2006. Additional information is available at: www.telenor.com/ir/

The situation in Kyivstar, as described in Telenor’s annual report, has continued during the first quarter of 2007. Since Telenor has not received financial information from Kyivstar during the first quarter of 2007, Kyivstar is presented in one line in the balance sheet under Investment in Kyivstar, with the same value as of 31 December 2006, adjusted for currency effects. There has not been included any profit and loss figures for Kyivstar in the first quarter and net excess values have not been amortized. Figures for 2006 for the Group include unaudited figures for Kyivstar.

NORWAY
Telenor Mobile – Norway


	First quarter				Year
(NOK in millions)	2007		2006		2006

Revenues
Subscription and traffic		2 062		2 023		8 582
Interconnection		449		446		1 815
Other mobile		548		532		2 191
Non-mobile		113		104		474
Total revenues		3 172		3 105		13 062

EBITDA		1 233		1 323		5 494
Operating profit		1 053		1 107		4 604


EBITDA/Total revenues (%)		38.9		42.6		42.1
Capex		252		129		764
ARPU – monthly (NOK)		305		305		319
No. of subscriptions (in thousands)		2 747		2 722		2 723


•		The number of subscriptions increased by 24,000 in the first quarter of 2007, which includes a growth of 75,000 contract subscriptions. The estimated market share was 54%.

•		Total revenues increased by 2%. Price reductions and initiatives to encourage loyalty have led to lower revenue growth compared to the first quarter of 2006. ARPU remained stable as the effects from lower average prices were offset by increased average usage (AMPU).

•		The decrease in EBITDA margin was driven by higher interconnect costs as a result of increased traffic to other mobile operators and increased costs related to sales and marketing activities.

•		Capital expenditure increased due to higher investments in network capacity, and UMTS investments to meet license requirements.

Fixed – Norway


	First quarter				Year
(NOK in millions)	2007		2006		2006

Revenues
Telephony		1 413		1 703		6 308
xDSL/Internet		622		568		2 339
Data services		206		215		827
Other		326		357		1 280
Total retail		2 567		2 843		10 754
Wholesale		1 289		1 335		5 070
Total revenues¹⁾		3 856		4 178		15 824


EBITDA		1 370		1 390		5 417
Operating profit		855		788		3 142


EBITDA/Total revenues (%)		35.5		33.3		34.2
Capex		394		479		1 732
Investments in businesses		—		1		88
No. of subscriptions (in thousands):
Telephony		1 459		1 577		1 480
– of which PSTN		947		1 054		965
– of which ISDN		401		479		413
– of which VoIP		111		44		102
xDSL		594		511		572


•		Measured in traffic minutes, Telenor’s estimated market share was 65%, while the estimated market share for xDSL in the retail market was 57%, both in line with the previous quarter.

•		Total revenues decreased by 7.7%. Adjusted for the outsourcing of contractor activities from 1 April 2006, total revenues decreased by 5.7%.

•		Revenues from telephony decreased due to a reduction in the number of subscriptions, lower traffic volumes and price reductions implemented from 1 September 2006. The number of PSTN/ISDN subscriptions decreased primarily due to migration to VoIP telephony with other fixed network operators, as well as a decrease in the total market. Lower traffic volumes were due to the decrease in number of telephony subscriptions and number of minutes per subscription. The latter was mainly due to migration of traffic from fixed to mobile telephony.

•		Revenues from xDSL/Internet increased due to growth in the number of xDSL subscriptions. This was partially offset by reduction in revenues from dial-up Internet traffic and Internet subscriptions.

•		Wholesale revenues, adjusted for the outsourcing of contractor activities from 1 April 2006, increased mainly as a result of growth in the number of subscriptions and international interconnect and transit traffic, partially offset by price reductions.

•		The EBITDA margin increased primarily due to lower operating expenses as a result of reduction in the number of man-years and declining operation and maintenance costs.

•		Operating profit increased as a result of lower depreciation and amortization due to lower capital expenditure.

•		Capital expenditure decreased primarily due to lower investments in network equipment partially offset by increased investments in IT-systems.

SWEDEN
Telenor Mobile — Sweden


	First quarter						Year
(NOK in millions)	2007			2006			2006

Revenues
Subscription and traffic		1 089			902			4 007
Interconnection		201			206			915
Other mobile		115			89			436
Non-mobile		135			104			540
Total revenues		1 540			1 301			5 898


EBITDA		334			170			1 108
Operating loss		(67	)		(188	)		(491	)


EBITDA/Total revenues (%)		21.7			13.1			18.8
Capex		139			135			608
Investments in businesses		—			7 739			7 506
ARPU — monthly (NOK)		249			229			251
No. of subscriptions (in thousands)		1 737			1 660			1 733
Exchange rate		0.8888			0.8548			0.8679

The table above includes figures from the time of consolidation, 5 January 2006, while the comments below are compared to the full first quarter of 2006.

•		The estimated market share remained stable at 17% compared to the previous quarter.

•		ARPU in local currency increased by 4% primarily driven by increased average usage, partially offset by lower average prices.

•		Total revenues in local currency increased by 9% as a result of growth in the number of subscriptions and higher ARPU. In March 2007, the administration court at first level (Länsrätten) ruled against Telenor by reaffirming a previous decision by the Swedish Post & Telestyrelsen (PTS) concerning Telenor’s market based charges to Telia. The ruling relates to the period from 1 October 2003 to 5 July 2004 and led to a negative one-time impact on revenues of NOK 44 million in the first quarter of 2007. Adjusted for this, revenues in local currency increased by 12% and ARPU by 8%.

•		The EBITDA margin adjusted for the impact from the court ruling on market based charges was 23.8%. In the first quarter of 2006, the EBITDA margin was negatively affected by a provision for restructuring of NOK 47 million.

Fixed — Sweden


	First quarter						Year
(NOK in millions)	2007			2006			2006

Revenues		946			727			3 376
EBITDA		149			109			400
Operating loss		(23	)		(4	)		(219	)


EBITDA/Revenues (%)		15.8			15.0			11.8
Capex		163			83			582
Investments in businesses		153			460			540
No. of subscriptions (in thousands):
Telephony		455			404			418
— of which PSTN		282			285			257
— of which VoIP		173			119			161
xDSL		470			342			403
LAN		177			156			172

Glocalnet is consolidated with effect from 1 March 2006. On 1 January 2007 Spray Telecom AB was acquired for NOK 153 million.

•		The increase in revenues was mainly related to the effect of the consolidation of Glocalnet and Spray. Average revenues per subscription have decreased as a result of reduced prices and a shift toward low price products.

•		In the first quarter of 2007, the number of xDSL subscriptions increased by 67,000, of which 56,000 were related to Spray. The number of LAN subscriptions increased by 5,000.

•		The positive EBITDA development was mainly related to the effect of the consolidation of Glocalnet.

•		The increase in operating loss was mainly related to increased amortization of Telenor’s net excess values due to the consolidation of Glocalnet and Spray.

DENMARK
Sonofon — Denmark


	First quarter				Year
(NOK in millions)	2007		2006		2006

Revenues
Subscription and traffic		712		622		2 638
Interconnection		359		348		1 368
Other mobile		153		145		628
Non-mobile		227		238		967
Total revenues		1 451		1 353		5 601


EBITDA		380		305		1 380
Operating profit		145		19		252


EBITDA/Total revenues (%)		26.2		22.5		24.6
Capex		148		109		698
ARPU — monthly (NOK)		252		250		252
No. of subscriptions (in thousands)		1 438		1 299		1 398
Exchange rate		1.0942		1.0744		1.0774

•		The number of subscriptions increased by 40,000, while Sonofon’s estimated market share remained stable at 24% compared to the previous quarter.

•		ARPU in local currency decreased slightly, mainly due to the reduction in interconnect charges from May 2006.

•		Total revenues in local currency increased by 5% primarily as a result of a higher customer base.

•		EBITDA margin increased by 3.7 percentage points driven by higher revenues and improved gross margin because Sonofon now is using its own fibre network. EBITDA measured in local currency increased by 22%.

•		Operating profit increased further as a result of lower depreciation and amortization due to certain assets becoming fully depreciated, partially offset by increased depreciations of the UMTS license and the fibre network.

•		Capital expenditure increased driven by continued roll-out of 3G network and increased GSM capacity.

•		On 11 April 2007, TeliaSonera acquired debitel Danmark, which is a service provider on Sonofon’s network.

Fixed — Denmark


	First quarter				Year
(NOK in millions)	2007		2006		2006

Revenues		221		174		773
EBITDA		68		55		237
Operating profit (loss)		4		12		(30	)


EBITDA/Revenues (%)		30.8		31.6		30.7
Capex		68		55		209
No. of subscriptions (in thousands):
xDSL		186		138		174
VoIP		75		37		63

•		Revenues increased due to growth in the number of xDSL and VoIP subscriptions, partially offset by lower prices on xDSL subscriptions.

•		EBITDA increased mainly due to higher revenues.

CENTRAL EASTERN EUROPEAN OPERATIONS
Pannon — Hungary


	First quarter				Year
(NOK in millions)	2007		2006		2006

Revenues
Subscription and traffic		1 012		926		3 809
Interconnection		386		400		1 668
Other mobile		30		23		133
Non-mobile		75		64		341
Total revenues		1 503		1 413		5 951


EBITDA		613		540		2 205
Operating profit		401		261		1 068


EBITDA/Revenues (%)		40.8		38.2		37.1
Capex		51		71		619
ARPU — monthly (NOK)		148		150		154
No. of subscriptions (in thousands)		3 150		2 939		3 153
Exchange rate		0.0323		0.0313		0.0306

•		The market share remained stable at 34% compared to the previous quarter.

•		ARPU in local currency decreased by 5% mainly due to the reduction in interconnect charges of approximately 17% from 2 February 2007.

•		Total revenues in local currency increased by 3%. Increased revenues from a larger customer base were partially offset by lower interconnect revenues.

•		EBITDA in local currency increased by 10% primarily as a result of higher revenues, while maintaining stable operating expenses. The EBITDA margin improved as a result of a higher share of contract subscriptions and reduction in the interconnect charges.

•		Operating profit improved further as depreciation and amortization decreased due to certain assets becoming fully depreciated combined with a declining investment level in recent quarters.

Telenor — Serbia


	First quarter				Year
(NOK in millions)	2007		2006		2006

Revenues		669		—		726
EBITDA		252		—		309
Operating profit		106		—		132


EBITDA/Revenues (%)		37.7		—		42.6
Capex		108		—		163
Investments in businesses		—		—		11 981
No. of subscriptions (in thousands)		2 636		—		2 464
Exchange rate		0.1022		—		0.0956

Telenor Serbia is consolidated from 1 September 2006 and is part of ‘Other mobile operations’ in the table on page 12.

The following comments are made against the fourth quarter of 2006:

•

The number of subscriptions increased by 172.000, while the estimated market share remained stable at 41%.

•

A new interconnection agreement between Telekom Serbia and Telenor Serbia was established with effect from 1 January 2007, increasing revenues in the quarter.

•

The third operator, Mobilkom Austria, has announced that it will launch its operation in Serbia in June 2007.

Promonte — Montenegro


	First quarter				Year
(NOK in millions)	2007		2006		2006

Revenues		151		114		612
EBITDA		70		55		307
Operating profit		33		16		151


EBITDA/Revenues (%)		46.4		48.2		50.2
Capex		9		4		76
No. of subscriptions (in thousands)		372		324		365
Exchange rate		8.1563		8.0171		8.0367

Promonte is part of ‘Other mobile operations’ in the table on page 12.

•		Total revenues in local currency increased by 31% mainly due to subscription growth and higher interconnect charges. The EBITDA margin decreased because higher revenues were partially offset by relatively higher interconnect costs and higher costs related to sales and marketing.

•		On 14 April 2007, Promonte was granted a 3G license for approximately NOK 32 million. The license period is 15 years. Another 3G license has been granted to T-Mobile and a combined 2G/3G license was granted to a new third operator (a consortium of Telekom Serbia and Ogalar Netherland).

•		From February 2007, the mobile and fixed operators in Montenegro increased their interconnect charges.

ASIAN OPERATIONS
DTAC — Thailand


	First quarter				Year
(NOK in millions)	2007		2006		2006

Revenues
Subscription and traffic		2 162		1 852		7 490
Interconnection		629		33		146
Other mobile		141		131		418
Non-mobile		28		16		70
Total revenues		2 960		2 032		8 124


EBITDA		872		719		2 944
Operating profit		369		382		1 531


EBITDA/Total revenues (%)		29.5		35.4		36.2
Capex		534		605		2 450
Investments in businesses		—		85		116
ARPU — monthly (NOK)		74		70		61
No. of subscriptions (in thousands)		13 329		9 823		11 869
Exchange rate		0.1819		0.1695		0.1689

At the end of the first quarter of 2007, Telenor’s economic stake in DTAC was 73.2%.

•

DTAC increased the number of subscriptions by almost 1.5 million in the first quarter and is estimated to have increased its market share to around 32% compared to the previous quarter.

•

Interconnection charging between DTAC and AIS and True Move started on 1 February. As a result, total revenues increased by 36% in local currency. The revenue growth excluding interconnect was 9%.

•

EBITDA in local currency increased by 13%, but EBITDA margin dropped to 29.5% mainly due to the introduction of an interconnect regime from 1 February.

•

Operating profit decreased due to higher amortization of Telenor’s net excess values as a result of a reassessment of the useful life of certain assets.

•

Capital expenditure was slightly lower although investments in network capacity and network expansion continued to accommodate the increasing subscription base and usage.

•

On 23 January 2007, the cabinet in Thailand requested the Council of State to consider whether the concession agreements between private entities and state agencies (such as CAT (The Communications Authorities of Thailand) and TOT (The Telephone Organization of Thailand)) are in compliance with the 1992 Act on Private Sector Undertaking of State Businesses. DTAC has been

providing telecommunication services in Thailand under the Cellular Agreement for more than 15 years and are confident that CAT and the relevant Ministry have followed all the regulations and legislation in relation to our Concession Amendments as the company has no information to the contrary.

•

On 17 November 2006, DTAC informed TOT that the terms in respect to the Access Charge Agreement are no longer enforceable as they are contrary to the law. From 18 November 2006, the access charge agreement has been amended to reflect the new NTC approved Reference Interconnect Offer rates. The Central Administrative Court rejected DTAC’s request for ruling and forwarded TOT and DTAC to NTC (The National Communications Commission) for dispute resolution.

DiGi — Malaysia


	First quarter				Year
(NOK in millions)	2007		2006		2006

Revenues
Subscription and traffic		1 581		1 279		5 453
Interconnection		169		166		575
Other mobile		20		21		82
Non-mobile		28		80		263
Total revenues		1 798		1 546		6 373


EBITDA		876		700		2 945
Operating profit		588		448		1 835


EBITDA/Total revenues (%)		48.7		45.3		46.2
Capex		179		226		1 309
ARPU — monthly (NOK)		105		97		94
No. of subscriptions (in thousands)		5 783		5 086		5 312
Exchange rate		1.7717		1.7944		1.7447

At the end of the first quarter of 2007, Telenor’s ownership interest in DiGi was 61.0%.

•

Low churn following the prepaid registration in December led to a high subscription growth of 471,000 in the first quarter of 2007.

•

ARPU measured in local currency increased by 9% primarily due to higher outgoing traffic.

•

Total revenues measured in local currency increased by 18% mainly driven by 14% increase in the subscriptions base and higher ARPU.

•

EBITDA margin improved by 3.4 percentage points primarily contributed by higher revenues, lower interconnect charges resulting from the increasing traffic within DiGi’s own network and relatively lower operating expenses. Measured in local currency, EBITDA increased by 27%.

•

Capital expenditure decreased mainly due to lower investments in network equipment resulting from a change in focus from coverage towards quality and capacity expansion and investments related to building a new head office last year.

Grameenphone — Bangladesh


	First quarter				Year
(NOK in millions)	2007		2006		2006

Revenues
Subscription and traffic		1 054		871		3 920
Interconnection		90		73		359
Other mobile		4		6		18
Non-mobile		4		5		17
Total revenues		1 152		955		4 314


EBITDA		613		659		2 516
Operating profit		423		500		1 836


EBITDA/Total revenues (%)		53.2		69.0		58.3
Capex		724		389		2 023
ARPU — monthly (NOK)		34		51		44
No. of subscriptions (in thousands)		12 113		6 427		10 759
Exchange rate		0.0898		0.0990		0.0940

At the end of the first quarter of 2007, Telenor’s ownership interest in Grameenphone was 62.0%.

•		The number of subscriptions increased by almost 1.4 million in the first quarter of 2007 and by 5.7 million from the first quarter of 2006.

•		Grameenphone’s estimated market share declined by 2 percentage points to 61% from the previous quarter.

•		ARPU in local currency decreased by 28% primarily due to decreasing average prices, somewhat offset by increased average usage.

•		Measured in local currency, total revenues increased by 33% mainly due to the subscription growth, partially offset by reduction in ARPU.

•		The EBITDA margin decreased by approximately 2 percentage points, when adjusting for reversal of an accrual in the first quarter of 2006. The decrease was mainly as a result of relatively higher sales and acquisition costs.

•		Depreciation and amortization increased as a result of increased capital expenditure.

•		Capital expenditure increased mainly to accommodate subscriber growth and increased usage and to maintain the quality network nationwide.

Telenor — Pakistan


	First quarter						Year
(NOK in millions)	2007			2006			2006

Revenues
Subscription and traffic		557			149			1 002
Interconnection		119			62			275
Other mobile		5			—			7
Non-mobile		5			4			15
Total revenues		686			215			1 299


EBITDA		(3	)		(77	)		(328	)
Operating loss		(158	)		(175	)		(777	)


Capex		742			351			2 653
ARPU — monthly (NOK)		28			32			29
No. of subscriptions (in thousands)		9 071			2 527			6 661
Exchange rate		0.1020			0.1116			0.1061

Telenor Pakistan is part of ‘Other mobile operations’ in the table on page 12.

•		The strong growth in the number of subscriptions continued from the previous quarter, with net additions of 2.4 million during the quarter. Compared to the first quarter of 2006, the number of subscriptions more than tripled.

•		Telenor Pakistan’s estimated market share increased further by 2 percentage points to 16% from the previous quarter.

•		ARPU in local currency increased by 2% compared to the previous quarter despite the high subscription growth and price reductions.

•		Compared to the previous quarter, total revenues in local currency increased by 45% mainly due to subscription growth. EBITDA continues to improve, Telenor Pakistan achieved a positive EBITDA for the month of March.

•		Capital expenditure was related to roll-out of the mobile network to accommodate the subscription growth.

BROADCAST


	First quarter						Year
(NOK in millions)	2007			2006			2006

Revenues
Canal Digital Group		1 396			1 251			5 197
Transmission & Encryption		427			312			1 280
Other/Eliminations		(123	)		(46	)		(168	)
Total revenues		1 700			1 517			6 309


EBITDA
Canal Digital Group		170			234			810
Transmission & Encryption		220			175			748
Other/Eliminations		(15	)		(1	)		32
Total EBITDA		375			408			1 590


Operating profit (loss)
Canal Digital Group		115			172			563
Transmission & Encryption		127			89			413
Other/Eliminations		(19	)		(10	)		(10	)
Total operating profit		223			251			966


EBITDA/Total revenues (%)		22.1			26.9			25.2
Capex		258			92			615
Investments in businesses		—			—			219
No. of subscribers (in thousands):
DTH pay TV		944			918			943
Cable TV		700			684			696
Households in satellite master antenna TV networks		1 163			1 120			1 155
Cable TV Internet access		100			78			91

Conditional access systems, previously included in Other/Eliminations in the table above, are now included in Transmission & Encryption.

•		In the first quarter of 2007 the number of DTH pay-TV subscribers increased by 1,000, the number of Cable TV subscribers increased by 4,000, while the number of Cable TV internet access subscribers increased by 9,000.

•		Revenues in Canal Digital Group increased primarily due to higher number of subscribers and higher number of additional services related to multiroom solution for DTH, and Internet access and pay TV for Cable. Revenues in Transmission & Encryption increased primarily due to higher sale of cards related to pay TV access control.

•		The decrease in EBITDA in Canal Digital Group was mainly related to higher content costs and higher costs related to CRM and sales and marketing. The increase in EBITDA in Transmission & Encryption was primarily due to higher revenues.

•		Increased capital expenditure was related to the construction of the Norwegian digital terrestrial TV network (DTT).

•		On 24 April 2007, Telenor signed a contract with Thales Alenia Space to build and deliver the 36 transponder communication satellite THOR 6, which is to replace THOR III. The expected investment for THOR 6 is NOK 1.3 billion. THOR 6 is expected to launch services in summer 2009.

OTHER UNITS


	First quarter						Year
(NOK in millions)	2007			2006			2006

Revenues
EDB Business Partner		1 565			1 335			5 733
Venture		142			133			568
Corporate functions and Group activities		526			522			2 030
Other/eliminations		(18	)		(26	)		(57	)
Total revenues		2 215			1 964			8 274


EBITDA
EDB Business Partner		196			191			620
Venture		1			(17	)		142
Corporate functions and Group activities		(132	)		(104	)		(549	)
Other/eliminations		(134	)		(41	)		(262	)
Total EBITDA		(69	)		29			(49	)


Operating profit (loss)
EDB Business Partner		103			99			222
Venture		(6	)		(25	)		109
Corporate functions and Group activities		(224	)		(182	)		(943	)
Other/eliminations		(143	)		(41	)		(278	)
Total operating loss		(270	)		(149	)		(890	)


Capex from continuing operations		166			135			738
Capex from discontinued operations		—			21			186
Investments in businesses		31			658			1 674

EDB Business Partner

•		Revenues increased due to both organic growth of 6% and acquisition of operations in the second quarter of 2006.

•		EDB Business Partner has entered into agreements to purchase 100% of the shares in the Swedish card processing companies CEK AB, and Tre60, which specializes in Business Intelligence.

Venture

•

The increase in revenues and EBITDA were mainly due to higher traffic revenues in Opplysningen.

Other

•

On 25 October 2006, Telenor entered into an agreement for the sale of Telenor Satellite Services (TSS) The agreement is expected to be closed during the second quarter of 2007. TSS is presented as discontinued operations. Please refer to page X for further details about discontinued operations.

•

In the first quarter of 2007, operating profit included an estimated loss on a contract of NOK 77 million in New Business.

OTHER PROFIT AND LOSS ITEMS FOR THE GROUP

Reconciliation of EBITDA


	First quarter						Year
(NOK in millions)	2007			2006			2006

EBITDA		7 035			7 749			32 687
Gains on disposal of fixed assets and operations		(20	)		(31	)		(194	)
Losses on disposal of fixed assets and operations		9			3			90
Workforce reductions and loss contracts		77			89			409
EBITDA before other income and expenses		7 101			7 810			32 992

•		Workforce reductions and loss contracts in the first quarter of 2007 were related to an estimated loss contract in Other units.

•		Workforce reductions and loss contracts in the first quarter of 2006 were mainly related to workforce reductions in Telenor Mobile Sweden and Fixed Norway.

Associated companies


	First quarter						Year
(NOK in millions)	2007			2006			2006

Telenors share of¹⁾
Profit after taxes		390			315			1 839
Amortization of Telenor’s net excess values		(4	)		(4	)		(16	)
Write-downs of Telenor’s net excess values		—			—			158
Gains (losses) on disposal of ownership interests		—			—			372
Net result from associated companies		386			311			2 353


¹⁾		For certain associated companies, financial statements as of the Group’s balance sheet date are not available. In such instances, the most recent financial statements (as of a date not more than three months prior to the Group’s balance sheet date) are used, and estimates for the last period are made based on publicly available information. Actual figures may deviate from the preliminary figures. The consolidated Income statement contains only the line ‘Net result from associated companies’. Glocalnet is included until 28 February 2006. Thereafter Glocalnet is consolidated as a subsidiary.

•

At the end of the first quarter of 2007, Telenor’s ownership interest in VimpelCom in Russia was 29.9%. The value of Telenor’s share of the company, based on the quoted share price as of 31 March 2007, was NOK 35.5 billion. According to telecom analysts, VimpelCom had approximately 57 million mobile subscriptions at the end of the first quarter of 2007.

Financial items


	First quarter						Year
(NOK in millions)	2007			2006			2006

Financial income		103			115			903
Financial expenses		(609	)		(586	)		(2 306	)
Net foreign currency gains (losses)		(89	)		(116	)		(301	)
Change in fair value of financial instruments		819			(26	)		1 293
Net gains (losses) and write-downs		(1	)		1 815			1 878
Net financial items		223			1 202			1 467

Gross interest expenses		(593	)		(576	)		(2 555	)
Net interest expenses		(528	)		(500	)		(1 811	)

•

The change in fair value of financial instruments was primarily related to the total return swap agreement in the underlying VimpelCom share and to derivatives used for economic hedge of interest-bearing liabilities that do not fulfil the requirements for hedge accounting.

Taxes

•

The nominal Norwegian corporate income tax rate is 28%. The estimated effective tax rate for the Telenor Group for the first quarter of 2007 is approximately 30% of profit before taxes. There were no significant items that affected the tax rate this quarter. Since the results from Kyivstar are not included in this quarterly report, deferred tax on retained earnings on Kyivstar is not included. The actual effective tax rate for 2007 may deviate from the estimated rate.

OTHER COMMENTS FOR THE GROUP

Balance sheet

•		Total assets as of 31 March 2007 increased by NOK 1.3 billion compared to 31 December 2006.

•		Net interest-bearing liabilities decreased by NOK 0.9 billion in the quarter to NOK 42.3 billion as of 31 March 2007.

•		Kyivstar is presented in one line in the balance sheet under Investment in Kyivstar, with the same value as of 31 December 2006, adjusted for currency effects.

•		Assets and liabilities directly affected by the sale of Telenor Satellite Services (TSS) are presented separately as Held for sale in the balance sheet. As a consequence of this, non-current assets of NOK 1,142 million and current assets of NOK 1,030 million were reclassified to Assets held for sale in the first quarter. Correspondingly, NOK 715 million in current and non-current liabilities related to TSS were reclassified to Liabilities held for sale. For more information regarding Discontinued Operations, see further explanation under Discontinued Operations below.

•		Translation differences reduced equity in the first quarter of 2007 by NOK 1.1 billion, due to the appreciation of the Norwegian Krone compared to most of the functional currencies of Telenor’s foreign subsidiaries and associated companies as of 31 March 2007, compared to 31 December 2006.

Discontinued Operations

•

Discontinued operations remain consolidated in the Group’s financial statements, which means that any internal transactions between continuing and discontinued operations are eliminated as usual in the consolidation. As a consequence, the amounts ascribed to continuing and discontinued operations are revenues and expenses only from external transactions. Prior period’s profit and loss statements have been reclassified to be comparable. This means that the results presented for continuing and discontinued operations do not indicate the profit of these operations, as if they were stand-alone entities. External assets and liabilities are presented separately as held for sale in the balance sheet with effect from the time Telenor entered into the agreement. However, internal assets and liabilities have not been reclassified. The balance sheet has not been reclassified for prior periods.

OUTLOOK FOR 2007

Based upon the current group structure and assuming that the majority owned operation Kyivstar is not consolidated in 2007:

•

We expect a growth in reported revenues of between 3% and 5%.

•

The EBITDA margin before other income and expenses is expected to be around 32%.

•

We expect capital expenditure as a proportion of revenues to be around 20%, mainly driven by high subscription growth within our mobile operations in emerging markets.

•

A growing share of Telenor’s revenues and profits is derived from operations outside Norway. Currency fluctuations may to an increasing extent influence the reported figures in Norwegian Krone. Political risk, including regulatory conditions, may also influence the profits. We expect seasonal variations between the quarters.

Telenor (the Group) consists of Telenor ASA (the Company) and its subsidiaries. Telenor ASA is a limited company, incorporated in Norway. The condensed consolidated interim financial statements consist of the Group and the Group’s interest in associated companies and joint ventures.

These condensed consolidated interim financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) IAS34 Interim Financial Reporting. They do not include all of the information required for full annual consolidated financial statements, and should be read in conjunction with consolidated financial statements of the Group as of and for the year ended 31 December 2006. These condensed consolidated interim financial statements are unaudited.

This report contains statements regarding the future in connection with Telenor’s growth initiatives, profit figures, outlook, strategies and objectives. In particular, the section ‘Outlook for 2007’ contains forward-looking statements regarding the group’s expectations. All statements regarding the future are subject to inherent risks and uncertainties, and many factors can lead to actual profits and developments deviating substantially from what has been expressed or implied in such statements. These factors include the risk factors relating to Telenor’s activities described in Telenor’s 2005 Annual Report on Form 20-F filed with the Securities and Exchange Commission in the USA under the headings ‘Cautionary Statement Regarding Forward-Looking Statements’ and ‘Risk Factors’ (available at www.telenor.com/ir/).

Fornebu, 3 May 2007
The Board of Directors of Telenor ASA

DEFINITIONS

-		Underlying growth is defined as revenue growth adjusted for the effects of acquisition and disposal of operations and currency effects.

-		Capital expenditure (Capex) is investments in tangible and intangible assets.

-		Investments in businesses comprise acquisitions of shares and -participations, including acquisitions of subsidiaries and businesses not organised as separate companies.

-		Operating cash flow is defined as EBITDA -Capex.

MOBILE OPERATIONS

Revenues

Subscription and traffic

- consist of subscription and connection fees -revenues from voice -outgoing airtime, non-voice traffic, outbound roaming and other mobile service revenues. Subscription and traffic includes only revenues from the -company’s own subscriptions..

Interconnection

- consist of revenues from incoming traffic. Revenues from incoming traffic related to service provider subscriptions are not included.

Other mobile

- consist of inbound roaming, national roaming and revenues related to service providers and MVNOs (Mobile Virtual Network Operators).

Non-mobile

- consist of revenues from customer equipment and businesses that are not directly related to mobile operations.

Key Figures

Subscriptions

Contract subscriptions are counted until the -subscription is terminated.

Prepaid subscriptions are counted as active if there has been outgoing or incoming traffic or if the SIM-card has been reloaded during the last three months. Service provider and MVNO subscriptions are not included. Data only SIM-cards are included, but SIM-cards used for telemetric applications are excluded. Telemetric is defined as machine-to-machine SIM-cards (M2M), for example, vending machines and meter readings.

Average traffic minutes per -subscription per month (AMPU)

Traffic minutes per subscription per month are calculated based on total outgoing and incoming rated minutes from the company’s own subscriptions. This includes zero rated minutes and outgoing minutes from own subscriptions while roaming. Outgoing and incoming minutes related to inbound roaming, national roaming, service providers and MVNOs are not included.

Average revenue per subscription per month (ARPU)

ARPU is calculated based on mobile revenues from the company’s own subscriptions, divided by the average number of subscriptions for the relevant period.

Mobile revenues from company’s own subscriptions

- consist of ‘Subscription and traffic’ and ‘Interconnection revenues’ and do not include revenues from inbound roaming, national roaming, service providers, MVNOs, sale of customer equipment and incoming traffic related to service provider -subscriptions.

FIXED NORWAY

Revenues

Telephony

- consist of subscription and connection fee, traffic (fixed to fixed, fixed to mobile, to other countries, value added services, other traffic) for PSTN/ISDN and Voice over Internet Protocol (VoIP).

xDSL/Internet

- consist of subscription fee for xDSL and Internet and traffic charges for Internet traffic (810/815).

Data services

- consist of Nordicom, Frame relay and IP-VPN.

Other

- consist of leased lines, managed services and other retail products.

Wholesale

- consist of sale to service providers of telephony (PSTN/ISDN) and xDSL, national and international interconnect, transit traffic, leased lines, other wholesale products and contractor services.

BROADCAST

Revenues

Canal Digital Group

- consist of revenues from Pay TV subscribers and basic tier households on DTH (direct to home), cable TV subscribers, households in SMATV networks and DTT (Digital terrestrial TV) Pay TV subscribers.

Transmission & Encryption

- consist of revenues from satellite services from satellite position 1-degree west, and revenues from terrestrial radio and TV transmission in Norway and revenues from conditional access systems.

Other

- consist of revenues not directly related to Canal Digital Group and Transmission & Encryption.

Telenor Mobile – Norway


	2005									2006									2007

(NOK in millions)	Q1			Q2		Q3		Q4		Q1		Q2		Q3		Q4			Q1		Q2	Q3	Q4

Subscription and traffic		1,927			2,003		2,098		2,120		2,023		2,170		2,264		2,125			2 062
Interconnection revenues		407			452		441		454		446		474		443		452			449
Mobile revenues company’s subscriptions		2 334			2 455		2 539		2 574		2 469		2 644		2 707		2 577			2 511

Other mobile revenues		362			453		484		526		532		505		624		530			548
Total mobile revenues		2 696			2 908		3 023		3 100		3 001		3 149		3 331		3 107			3 059

Non-mobile revenues		142			141		98		135		104		124		127		119			113

Total revenues ¹⁾		2 838			3 049		3 121		3 235		3 105		3 273		3 458		3 226			3 172

¹⁾ Of which internal revenues		278			313		299		281		266		257		221		215			226

EBITDA		1 001			1 066		1 218		1 186		1 323		1 365		1 513		1 293			1 233
Depreciation and amortization ¹⁾		213			230		224		222		216		215		206		216			180
Write-downs ²⁾		(2	)		12		4		2		—		33		—		4			—

Operating profit		790			824		990		962		1 107		1 117		1 307		1 073			1 053

¹⁾ Of which amortization of Telenor’s net excess values		1			1		1		1		1		1		1		(3	)		—
²⁾ Of which write-downs of Telenor’s net excess values		—			—		—		—		—		—		—		—			—

EBITDA/Total revenues (%)		35.3			35.0		39.0		36.7		42.6		41.7		43.8		40.1			38.9
Operating profit/Total revenues (%)		27.8			27.0		31.7		29.7		35.7		34.1		37.8		33.3			33.2
Capex		194			343		220		461		129		143		220		272			252
Investments in businesses		—			—		—		—		—		—		—		—			—


No. of mobile subscriptions (in thousands)		2 635			2 687		2 736		2 731		2 722		2 709		2 711		2 723			2 747
- of which prepaid		1 218			1 267		1 285		1 222		1 185		1 133		1 097		1 053			1 002
Average traffic minutes per subscription per month (AMPU) in the quarter		175			191		186		184		186		196		199		205			211
Average revenue per subscription per month (ARPU) in the quarter		297			308		314		317		305		324		331		316			305
- of which contract		453			465		475		472		446		461		469		441			421
- of which prepaid		117			129		133		136		126		141		134		127			113

Sonofon – Denmark


	2005											2006								2007

(NOK in millions)	Q1			Q2			Q3			Q4		Q1		Q2		Q3		Q4		Q1		Q2	Q3	Q4

Subscription and traffic		571			595			600			595		622		630		693		693		712
Interconnection revenues		300			328			325			347		348		338		327		355		359
Mobile revenues company’s subscriptions		871			923			925			942		970		968		1 020		1 048		1 071

Other mobile revenues		143			158			181			156		145		152		169		162		153
Total mobile revenues		1 014			1 081			1 106			1 098		1 115		1 120		1 189		1 210		1 224

Non-mobile revenues		179			227			250			236		238		227		239		263		227

Total revenues ¹⁾		1 193			1 308			1 356			1 334		1 353		1 347		1 428		1 473		1 451

¹⁾ Of which internal revenues		20			35			43			34		30		48		55		63		46

EBITDA		253			308			307			308		305		307		390		378		380
Depreciation and amortization ¹⁾		353			328			308			296		286		271		280		291		235
Write-downs ²⁾		—			—			—			—		—		—		—		—		—

Operating profit / (loss)		-100			-20			-1			12		19		36		110		87		145

¹⁾ Of which amortization of Telenor’s net excess values		157			134			131			133		137		132		138		139		108
²⁾ Of which write-downs of Telenor’s net excess values		—			—			—			—		—		—		—		—		—

EBITDA/Total revenues (%)		21.2			23.5			22.6			23.1		22.5		22.8		27.3		25.7		26.2
Operating profit/Total revenues (%)		(8.4	)		(1.5	)		(0.1	)		0.9		1.4		2.7		7.7		5.9		10.0
Capex		28			140			137			757		109		170		168		251		148
Investments in businesses		—			—			—			4		—		—		—		—		—


No. of mobile subscriptions (in thousands)		1 232			1 250			1 261			1 284		1 299		1 310		1 342		1 398		1 438
- of which prepaid		413			420			420			425		429		436		464		491		520
Average traffic minutes per subscription per month (AMPU) in the quarter		153			182			183			195		200		209		203		205		201
Average revenue per subscription per month (ARPU) in the quarter		229			253			243			246		250		248		257		255		252
- of which contract		284			306			292			285		292		290		306		307		310
- of which prepaid		126			146			146			166		164		163		161		159		147

Telenor Mobile – Sweden


	2005												2006												2007

(NOK in millions)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			Q1			Q2	Q3	Q4

Subscription and traffic		37			33			34			26			902			972			1,050			1,083			1 089
Interconnection revenues		15			18			15			12			206			235			219			255			201
Mobile revenues company’s subscriptions		52			51			49			38			1 108			1 207			1 269			1 338			1 290

Other mobile revenues		11			14			19			10			89			96			133			118			115
Total mobile revenues		63			65			68			48			1 197			1 303			1 402			1 456			1 405

Non-mobile revenues		—			—			—			—			104			127			148			161			135

Total revenues ¹⁾		63			65			68			48			1 301			1 430			1 550			1 617			1 540

¹⁾ Of which internal revenues		28			33			39			24			48			27			42			42			39

EBITDA		(10	)		(18	)		(139	)		(309	)		170			241			371			326			334
Depreciation and amortization ¹⁾		—			—			—			—			358			395			435			405			401
Write-downs ²⁾		—			—			—			—			—			—			6			—			—

Operating profit / (loss)		(10	)		(18	)		(139	)		(309	)		(188	)		(154	)		(70	)		(79	)		(67	)

¹⁾ Of which amortization of Telenor’s net excess values		—			—			—			—			52			64			260			84			149
²⁾ Of which write-downs of Telenor’s net excess values		—			—			—			—			—			—			—			—			—

EBITDA/Total revenues (%)		(15.9	)		(27.7	)		(204.4	)		(643.8	)		13.1			16.9			23.9			20.2			21.7
Operating profit/Total revenues (%)		(15.9	)		(27.7	)		(204.4	)		(643.8	)		(14.5	)		(10.8	)		(4.5	)		(4.9	)		(4.4	)
Capex		—			—			—			—			135			137			112			224			139
Investments in businesses		—			—			—			—			7 739			8			—			(241	)		—


No. of mobile subscriptions (in thousands)		107			99			97			95			1 660			1 676			1 708			1 733			1 737
- of which prepaid		56			51			50			48			575			571			571			553			527
Average traffic minutes per subscription per month (AMPU) in the quarter		113			141			144			129			160			185			184			195			197
Average revenue per subscription per month (ARPU) in the quarter		164			167			164			136			229			242			249			260			249
- of which contract		215			216			215			183			330			340			346			362			340
- of which prepaid		121			121			115			90			49			54			58			50			46

Kyivstar – Ukraine


	2005								2006								2007

(NOK in millions)	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1	Q2	Q3	Q4

Subscription and traffic		807		1,158		1,437		1,720		1,749		1,952		2,321		2,347
Interconnection revenues		313		428		541		606		528		562		606		616
Mobile revenues company’s subscriptions		1 120		1 586		1 978		2 326		2 277		2 514		2 927		2 963

Other mobile revenues		23		30		72		33		36		50		82		43
Total mobile revenues		1 143		1 616		2 050		2 359		2 313		2 564		3 009		3 006

Non-mobile revenues		20		27		26		31		16		16		16		16

Total revenues ¹⁾		1 163		1 643		2 076		2 390		2 329		2 580		3 025		3 022

¹⁾ Of which internal revenues		1		2		2		1		—		1		5		3

EBITDA		632		911		1 148		1 359		1 432		1 596		1 827		1 661
Depreciation and amortization ¹⁾		231		331		322		325		379		381		395		430
Write-downs ²⁾		—		—		—		15		—		—		13		18

Operating profit		401		580		826		1 019		1 053		1 215		1 419		1 213

¹⁾ Of which amortization of Telenor’s net excess values		22		23		24		24		24		23		23		24
²⁾ Of which write-downs of Telenor’s net excess values		—		—		—		—		—		—		—		—

EBITDA/Total revenues (%)		54.3		55.4		55.3		56.9		61.5		61.9		60.4		55.0
Operating profit/Total revenues (%)		34.5		35.3		39.8		42.6		45.2		47.1		46.9		40.1
Capex		735		919		1 106		890		830		770		992		1 039
Investments in businesses		—		—		—		—		—		—		—		—
No. of mobile subscriptions (100% in thousands)		7 662		9 335		10 943		13 925		14 965		16 005		17 709		21 510


- of which prepaid		6 892		8 500		10 021		12 901		13 895		14 886		16 535		20 281
Average traffic minutes per subscription per month (AMPU) in the quarter		91		90		103		108		110		118		123		127
Average revenue per subscription per month (ARPU) in the quarter		53		62		66		64		53		54		57		52
- of which contract		165		187		200		197		175		180		197		198
- of which prepaid		40		49		53		53		43		45		47		41

Pannon — Hungary


	2005								2006								2007
(NOK in millions)	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2	Q3	Q4

Subscription and traffic		880		903		1,025		960		926		913		940		1,030		1 012
Interconnection revenues		430		458		416		431		400		400		415		453		386
Mobile revenues company’s subscriptions		1 310		1 361		1 441		1 391		1 326		1 313		1 355		1 483		1 398

Other mobile revenues		28		44		52		20		23		35		45		30		30
Total mobile revenues		1 338		1 405		1 493		1 411		1 349		1 348		1 400		1 513		1 428

Non-mobile revenues		77		93		90		154		64		79		64		134		75

Total revenues ¹⁾		1 415		1 498		1 583		1 565		1 413		1 427		1 464		1 647		1 503

¹⁾ Of which internal revenues		2		2		2		4		3		2		3		6		4

EBITDA		517		484		650		534		540		567		581		517		613
Depreciation and amortization ¹⁾		316		276		294		285		279		254		251		294		212
Write-downs ²⁾		—		2		1		4		—		33		—		26		—

Operating profit		201		206		355		245		261		280		330		197		401

¹⁾ Of which amortization of Telenor’s net excess values		90		85		86		84		84		79		79		86		34
²⁾ Of which write-downs of Telenor’s net excess values		—		—		—		—		—		—		—		—		—

EBITDA/Total revenues (%)		36.5		32.3		41.1		34.1		38.2		39.7		39.7		31.4		40.8
Operating profit/Total revenues (%)		14.2		13.8		22.4		15.7		18.5		19.6		22.5		12.0		26.7
Capex		109		243		150		261		71		235		168		145		51
Investments in businesses		—		—		—		—		—		—		—		—		—


No. of mobile subscriptions (in thousands)		2 792		2 824		2 856		2 929		2 939		2 947		2 981		3 153		3 150
- of which prepaid		1 955		1 915		1 894		1 904		1 878		1 854		1 848		1 962		1 934
Average traffic minutes per subscription per month (AMPU) in the quarter		125		143		145		149		143		159		157		160		153
Average revenue per subscription per month (ARPU) in the quarter		157		162		166		162		150		148		150		161		148
- of which contract		327		316		314		299		272		254		248		269		252
- of which prepaid		84		89		89		86		80		86		87		90		79

Telenor Serbia


	2005				2006						2007
(NOK in millions)	Q1	Q2	Q3	Q4	Q1	Q2	Q3		Q4		Q1		Q2	Q3	Q4

Total revenues								175		551		669
EBITDA								103		206		252
Operating profit ¹⁾²⁾								86		46		106
¹⁾ Of which amortization of Telenor’s net excess values								5		32		29
²⁾ Of which write-downs of Telenor’s net excess values								—		—		—
Capex								49		114		108
Investments in businesses								11,980		1		—


No. of mobile subscriptions (in thousands)								2,284		2,464		2,636
- of which prepaid								1,862		2,003		2,139
Average traffic minutes per subscription per month (AMPU) in the quarter										87		76
Average revenue per subscription per month (ARPU) in the quarter										75		78
- of which contract										166		181
- of which prepaid										53		54

Promonte — Montenegro


	2005								2006								2007
(NOK in millions)	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2	Q3	Q4

Total revenues		104		123		180		112		114		139		211		148		151
EBITDA		55		60		98		47		55		65		122		65		70
Operating profit ¹⁾²⁾		12		18		58		7		16		27		84		24		33
¹⁾ Of which amortization of Telenor’s net excess values		20		20		20		20		20		20		20		20		21
²⁾ Of which write-downs of Telenor’s net excess values		—		—		—		—		—		—		—		—		—
Capex		5		4		8		21		4		7		24		41		9
Investments in businesses		—		—		—		—		—		—		—		—		—


No. of mobile subscriptions (in thousands)		279		303		394		310		324		363		479		365		372
- of which prepaid		235		263		352		265		276		309		424		305		310
Average traffic minutes per subscription per month (AMPU) in the quarter		91		105		109		92		104		121		120		105		115
Average revenue per subscription per month (ARPU) in the quarter		115		129		126		95		111		120		125		108		128
- of which contract		288		338		339		269		284		297		303		286		293
- of which prepaid		82		97		103		71		81		90		100		81		91

DTAC — Thailand


	2005					2006								2007
(NOK in millions)	Q1	Q2	Q3	Q4		Q1		Q2		Q3		Q4		Q1		Q2	Q3	Q4

Subscription and traffic					1,074		1,852		1,760		1,887		1,991		2 162
Interconnection revenues					25		33		33		41		39		629
Mobile revenues company’s subscriptions					1 099		1 885		1 793		1 928		2 030		2 791

Other mobile revenues					74		131		85		93		109		141
Total mobile revenues					1 173		2 016		1 878		2 021		2 139		2 932

Non-mobile revenues					18		16		15		20		19		28

Total revenues ¹⁾					1 191		2 032		1 893		2 041		2 158		2 960

¹⁾ Of which internal revenues					6		11		8		6		11		20

EBITDA					445		719		698		732		795		872
Depreciation and amortization ¹⁾					220		337		335		356		385		503
Write-downs ²⁾					—		—		—		—		—		—

Operating profit					225		382		363		376		410		369

¹⁾ Of which amortization of Telenor’s net excess values					35		51		50		51		53		154
²⁾ Of which write-downs of Telenor’s net excess values					—		—		—		—		—		—

EBITDA/Total revenues (%)					37.4		35.4		36.9		35.9		36.8		29.5
Operating profit/Total revenues (%)					18.9		18.8		19.2		18.4		19.0		12.5
Capex					146		605		543		565		737		534
Investments in businesses					2 664		85		31		—		—		—


No. of mobile subscriptions (100% in thousands)					8 677		9 823		10 622		11 241		11 869		13 329
- of which prepaid					7 212		8 185		8 806		9 274		9 833		10 994
Average traffic minutes per subscription per month (AMPU) in the quarter					231		295		327		314		329		403
Average revenue per subscription per month (ARPU) in the quarter					66		69		59		58		59		74
- of which contract					141		150		126		123		121		150
- of which prepaid					51		53		45		44		45		58

DiGi — Malaysia


	2005								2006									2007
(NOK in millions)	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4			Q1		Q2	Q3	Q4

Subscription and traffic		792		924		1,035		1,198		1,279		1,331		1,355		1,488			1 581
Interconnection revenues		137		143		155		159		166		127		138		144			169
Mobile revenues company’s subscriptions		929		1 067		1 190		1 357		1 445		1 458		1 493		1 632			1 750

Other mobile revenues		14		15		18		18		21		20		33		8			20
Total mobile revenues		943		1 082		1 208		1 375		1 466		1 478		1 526		1 640			1 770

Non-mobile revenues		91		79		77		77		80		66		58		59			28

Total revenues ¹⁾		1 034		1 161		1 285		1 452		1 546		1 544		1 584		1 699			1 798

¹⁾ Of which internal revenues		1		—		1		2		2		1		2		1			1

EBITDA		451		499		560		632		700		700		721		824			876
Depreciation and amortization ¹⁾		257		253		255		273		252		227		296		328			288
Write-downs ²⁾		1		—		1		3		—		7		1		(1	)		—

Operating profit		193		246		304		356		448		466		424		497			588

¹⁾ Of which amortization of Telenor’s net excess values		17		17		13		4		4		4		3		4			4
²⁾ Of which write-downs of Telenor’s net excess values		—		—		—		—		—		—		—		—			—

EBITDA/Total revenues (%)		43.6		43.0		43.6		43.5		45.3		45.3		45.5		48.5			48.7
Operating profit/Total revenues (%)		18.7		21.2		23.7		24.5		29.0		30.2		26.8		29.3			32.7
Capex		108		178		310		574		226		199		371		513			179
Investments in businesses		—		—		—		—		—		—		—		—			—


No. of mobile subscriptions (100% in thousands)		3 461		3 765		4 187		4 795		5 086		5 440		5 590		5 312			5 783
- of which prepaid		3 259		3 525		3 880		4 441		4 704		5 018		5 126		4 807			5 234
Average traffic minutes per subscription per month (AMPU) in the quarter		163		170		175		169		162		163		162		173			193
Average revenue per subscription per month (ARPU) in the quarter		92		99		100		102		97		93		90		96			105
- of which contract		233		216		192		174		172		180		163		157			167
- of which prepaid		84		93		93		97		92		86		84		91			98

Grameenphone — Bangladesh


	2005								2006								2007
(NOK in millions)	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2	Q3	Q4

Subscription and traffic		598		659		715		769		871		911		1,032		1,106		1 054
Interconnection revenues		34		39		52		63		73		78		94		114		90
Mobile revenues company’s subscriptions		632		698		767		832		944		989		1 126		1 220		1 144

Other mobile revenues		5		5		6		6		6		5		3		4		4
Total mobile revenues		637		703		773		838		950		994		1 129		1 224		1 148

Non-mobile revenues		3		2		2		12		5		3		4		5		4

Total revenues ¹⁾		640		705		775		850		955		997		1 133		1 229		1 152

¹⁾ Of which internal revenues		—		—		—		1		—		1		—		—		—

EBITDA		329		334		441		455		659		488		645		724		613
Depreciation and amortization ¹⁾		77		89		107		166		159		148		169		204		190
Write-downs ²⁾		—		—		—		—		—		—		—		—		—

Operating profit		252		245		334		289		500		340		476		520		423

¹⁾ Of which amortization of Telenor’s net excess values		—		—		—		—		—		—		—		—		—
²⁾ Of which write-downs of Telenor’s net excess values		—		—		—		—		—		—		—		—		—

EBITDA/Total revenues (%)		51.4		47.4		56.9		53.5		69.0		48.9		56.9		58.9		53.2
Operating profit/Total revenues (%)		39.4		34.8		43.1		34.0		52.4		34.1		42.0		42.3		36.7
Capex		496		357		590		1 153		389		516		435		683		724
Investments in businesses		—		—		—		—		—		—		—		—		—


No. of mobile subscriptions (100% in thousands)		2 928		3 704		4 215		5 542		6 427		8 459		9 404		10 759		12 113
- of which prepaid		2 625		3 375		3 860		5 159		6 030		8 015		8 904		10 227		11 560
Average traffic minutes per subscription per month (AMPU) in the quarter		237		223		223		250		196		213		214		241		252
Average revenue per subscription per month (ARPU) in the quarter		81		69		65		56		51		45		41		41		34
- of which contract		288		284		282		258		258		234		220		169		118
- of which prepaid		54		47		45		39		37		33		31		34		29

Telenor Pakistan


	2005												2006												2007
(NOK in millions)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			Q1			Q2	Q3	Q4

Subscription and traffic		1			25			50			91			149			193			266			394			557
Interconnection revenues		—			23			25			45			62			70			60			83			119
Mobile revenues company’s subscriptions		1			48			75			136			211			263			326			477			676

Other mobile revenues		—			—			—			—			—			1			3			3			5
Total mobile revenues		1			48			75			136			211			264			329			480			681

Non-mobile revenues		—			—			1			4			4			1			4			6			5

Total revenues ¹⁾		1			48			76			140			215			265			333			486			686

¹⁾ Of which internal revenues		—			6			2			3			2			1			4			4			4

EBITDA		(133	)		(172	)		(134	)		(133	)		(77	)		(117	)		(87	)		(47	)		(3	)
Depreciation and amortization ¹⁾		14			60			67			85			98			103			112			136			155
Write-downs ²⁾		—			—			—			—			—			—			—			—			—

Operating profit		(147	)		(232	)		(201	)		(218	)		(175	)		(220	)		(199	)		(183	)		(158	)

¹⁾ Of which amortization of Telenor’s net excess values		—			—			—			—			—			—			—			—			—
²⁾ Of which write-downs of Telenor’s net excess values		—			—			—			—			—			—			—			—			—

EBITDA/Total revenues (%)		—			(358.3	)		(176.3	)		(95.0	)		(35.8	)		(44.2	)		(26.1	)		(9.7	)		(0.4	)
Operating profit/Total revenues (%)		—			(483.3	)		(264.5	)		(155.7	)		(81.4	)		(83.0	)		(59.8	)		(37.7	)		(23.0	)
Capex		1 139			(91	)		299			496			351			754			701			847			742
Investments in businesses		—			—			—			—			—			—			—			—			—


No. of mobile subscriptions (in thousands)		344			836			1 200			1 868			2 527			3 205			4 597			6 661			9 071
- of which prepaid		342			829			1 183			1 836			2 495			3 165			4 555			6 621			9 019
Average traffic minutes per subscription per month (AMPU) in the quarter		—			74			93			131			136			146			123			132			142
Average revenue per subscription per month (ARPU) in the quarter		—			22			25			30			32			30			27			28			28
- of which contract		—			154			99			72			59			59			51			60			74
- of which prepaid		—			21			24			29			31			30			27			28			28

Fixed — Norway


	2005											2006								2007
(NOK in millions)	Q1			Q2		Q3			Q4			Q1		Q2		Q3		Q4		Q1		Q2	Q3	Q4

Revenues
Telephony		1,871			1,867		1,743			1,751			1,703		1,627		1,501		1,477		1,413
xDSL/Internet		461			508		534			536			568		581		579		611		622
Data services		232			243		250			238			215		199		204		209		206
Other revenues		342			400		357			366			357		315		285		323		326

Total retail revenues		2,906			3,018		2,884			2,891			2,843		2,722		2,569		2,620		2,567

Wholesale revenues		1,257			1,349		1,267			1,295			1,335		1,261		1,227		1,247		1,289

Total revenues ¹⁾		4,163			4,367		4,151			4,186			4,178		3,983		3,796		3,867		3,856

¹⁾ Of which internal revenues		463			522		582			623			545		510		517		508		502

EBITDA		1,438			1,532		1,354			1,377			1,390		1,417		1,460		1,150		1,370
Depreciation and amortization ¹⁾		705			658		652			692			602		561		540		559		515
Write-downs ²⁾		(22	)		—		(2	)		(1	)		—		13		—		—		—

Operating profit		755			874		704			686			788		843		920		591		855

¹⁾ Of which amortization of Telenor’s net excess values		—			—		—			—			—		—		—		4		1
²⁾ Of which write-downs of Telenor’s net excess values		(31	)		—		(3	)		(2	)		—		—		—		—		—

EBITDA/Total revenues (%)		34.5			35.1		32.6			32.9			33.3		35.6		38.5		29.7		35.5
Operating profit/Total revenues (%)		18.1			20.0		17.0			16.4			18.9		21.2		24.2		15.3		22.2
Capex		337			503		412			917			479		371		354		528		394
Investments in businesses		43			1		—			—			1		—		—		87		—


Retail market
No. of Telephony subscriptions (in thousands)		1,757			1,705		1,664			1,622			1,577		1,545		1,513		1,480		1,459
- of which PSTN subscriptions (in thousands)		1,165			1,139		1,118			1,089			1,054		1,017		991		965		947
- of which ISDN subscriptions (in thousands)		592			562		538			509			479		454		434		413		401
- of which VoIP subscriptions (in thousands)		—			4		8			24			44		74		88		102		111
No. of xDSL subscriptions (in thousands)		385			415		444			475			511		527		542		572		594
Telephony generated traffic (million minutes)		2,848			2,644		2,289			2,502			2,277		1,997		1,721		1,841		1,762
Wholesale market
No. of Telephony subscriptions (in thousands)		309			316		316			314			316		308		296		289		277
- of which PSTN subscriptions (in thousands)		192			200		202			202			203		201		194		192		185
- of which ISDN subscriptions (in thousands)		117			116		114			112			113		107		102		97		92
No. of xDSL subscriptions (in thousands)		77			87		97			109			117		123		130		139		148
No. of LLUB (in thousands)		172			192		209			235			254		265		276		285		294

Fixed — Sweden


	2005												2006												2007

(NOK in millions)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			Q1			Q2	Q3	Q4

External revenues		367			342			622			650			724			876			893			932			950
Internal revenues		25			32			32			26			3			(10	)		(36	)		(6	)		(4	)

Total revenues		392			374			654			676			727			866			857			926			946


EBITDA		(29	)		(27	)		31			183			109			100			128			63			149
Depreciation and amortization ¹⁾		64			63			165			124			113			115			172			207			166
Write-downs ²⁾		—			—			—			608			—			2			9			1			6

Operating profit / (loss)		(93	)		(90	)		(134	)		(549	)		(4	)		(17	)		(53	)		(145	)		(23	)

¹⁾ Of which amortization of Telenor’s net excess values		1			2			69			(25	)		23			32			35			59			60
²⁾ Of which write-downs of Telenor’s net excess values		—			—			—			12			—			—			—			—			—

EBITDA/Total revenues (%)		(7.4	)		(7.2	)		4.7			27.1			15.0			11.5			14.9			6.8			15.8
Operating profit/Total revenues (%)		(23.7	)		(24.1	)		(20.5	)		(81.2	)		(0.6	)		(2.0	)		(6.2	)		(15.7	)		(2.4	)
Capex		40			48			142			255			83			230			155			114			163
Investments in businesses		—			—			4,479			(27	)		460			75			2			3			153

No. of xDSL subscriptions (in thousands)		—			—			200			214			342			359			383			403			470
No. of LAN subscriptions (in thousands)		—			—			156			155			156			158			165			172			177
No. of VoIP subscriptions (in thousands)		—			—			91			104			119			134			147			161			173
No. of PSTN subscriptions (in thousands)		—			—			—			—			285			284			273			257			282

Fixed — Denmark


	2005						2006									2007

(NOK in millions)	Q1	Q2	Q3		Q4		Q1		Q2		Q3		Q4			Q1		Q2	Q3	Q4

External revenues				142		164		174		180		197		217			219
Internal revenues				—		—		—		1		2		2			2

Tota revenues				142		164		174		181		199		219			221


EBITDA				48		49		55		59		61		62			68
Depreciation and amortization ¹⁾				46		22		43		57		56		55			64
Write-downs ²⁾				—		—		—		—		—		56			—

Operating profit				2		27		12		2		5		(49	)		4

¹⁾ Of which amortization of Telenor’s net excess values				—		19		10		9		9		10			10
²⁾ Of which write-downs of Telenor’s net excess values				—		—		—		—		—		56			—

EBITDA/Total revenues (%)				33.8		29.9		31.6		32.6		30.7		28.3			30.8
Operating profit/Total revenues (%)				1.4		16.5		6.9		1.1		2.5		(22.4	)		1.8
Capex				40		57		55		42		52		60			68
Investments in businesses				1,313		7		—		—		—		—			—

No. of xDSL subscriptions (in thousands)				109		122		138		152		164		174			186
No. of VoIP subscriptions (in thousands)				18		26		37		41		52		63			75

BROADCAST


	2005												2006												2007

(NOK in millions)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			Q1			Q2	Q3	Q4

Revenues
Canal Digital Group		1,139			1,147			1,139			1,190			1,251			1,299			1,291			1,356			1,396
Transmission & Encryption		297			298			299			313			312			317			319			332			427
Other/Eliminations		(46	)		(44	)		(46	)		(37	)		(46	)		(52	)		(37	)		(33	)		(123	)

Total revenues ¹⁾		1,390			1,401			1,392			1,466			1,517			1,564			1,573			1,655			1,700

¹⁾ Of which internal revenues		28			35			33			35			35			38			39			52			38

EBITDA
Canal Digital Group		213			242			216			147			234			251			268			57			170
Transmission & Encryption		174			175			181			183			175			191			199			183			220
Other/Eliminations		(7	)		(6	)		(3	)		1			(1	)		(5	)		18			20			(15	)

Total EBITDA		380			411			394			331			408			437			485			260			375

Depreciation and amortization ¹⁾		144			133			133			144			154			153			147			152			152
Write-downs ²⁾		—			4			—			(57	)		3			—			—			15			—

Operating profit		236			274			261			244			251			284			338			93			223

Of which:
Canal Digital Group		143			179			159			13			172			189			214			(12	)		115
Transmission & Encryption		106			107			111			240			89			110			117			97			127
Other/Eliminations		(13	)		(12	)		(9	)		(9	)		(10	)		(15	)		7			8			(19	)

¹⁾ Of which amortization of Telenor’s net excess values		14			14			14			14			11			10			4			2			3
²⁾ Of which write-downs of Telenor’s net excess values		—			—			—			75			—			—			—			11			—

EBITDA/Total revenues (%)		27.3			29.3			28.3			22.6			26.9			27.9			30.8			15.7			22.1
Operating profit/Total revenues (%)		17.0			19.6			18.8			16.6			16.5			18.2			21.5			5.6			13.1
Capex		47			96			116			133			92			106			157			260			258
Investments in businesses		—			—			17			25			—			98			50			71			—

No. of DTH pay TV subscribers (in thousands)		851			853			876			906			918			921			929			943			944
No. of Cable TV subscribers (in thousands)		616			619			636			681			684			687			691			696			700
No. of households in satellite master antenna TV networks (in thousands)		1,197			1,205			1,184			1,177			1,120			1,119			1,154			1,155			1,163
No. of Cable TV Internet access (in thousands)		48			50			53			73			78			81			84			91			100

OTHER UNITS


	2005												2006												2007

(NOK in millions)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			Q1			Q2	Q3	Q4

Revenues
EDB Business Partner		1,231			1,285			1,217			1,258			1,335			1,449			1,350			1,599			1,565
Venture		116			125			123			126			133			146			140			149			142
Corporate functions and Group activities		582			603			517			564			522			568			507			433			526
Other/eliminations		(39	)		(46	)		(32	)		(24	)		(26	)		(24	)		(6	)		(1	)		(18	)

Total revenues ¹⁾		1,890			1,967			1,825			1,924			1,964			2,139			1,991			2,180			2,215

¹⁾ Of which internal revenues		788			803			647			669			638			657			613			555			584

EBITDA
EDB Business Partner		177			187			224			197			191			141			39			249			196
Venture		6			(1	)		7			(14	)		(17	)		(4	)		10			153			1
Corporate functions and Group activities		(6	)		(34	)		67			(104	)		(104	)		(131	)		(63	)		(251	)		(132	)
Other/eliminations		(43	)		(47	)		(27	)		(32	)		(41	)		(37	)		(47	)		(137	)		(134	)

Total EBITDA		134			105			271			47			29			(31	)		(61	)		14			(69	)

Depreciation and amortization ¹⁾		186			198			191			195			178			213			215			216			201
Write-downs ²⁾		—			—			—			6			—			—			—			19			—

Operating profit / (loss)		(52	)		(93	)		80			(154	)		(149	)		(244	)		(276	)		(221	)		(270	)

Of which
EDB Business Partner		81			80			120			96			99			37			(67	)		153			103
Venture		2			(6	)		3			(22	)		(25	)		(13	)		3			144			(6	)
Corporate functions and Group activities		(92	)		(120	)		(16	)		(192	)		(182	)		(229	)		(161	)		(371	)		(224	)
Other/eliminations		(43	)		(47	)		(27	)		(36	)		(41	)		(39	)		(51	)		(147	)		(143	)

¹⁾ Of which amortization of Telenor’s net excess values		—			—			—			—			—			1			2			2			2
²⁾ Of which write-downs of Telenor’s net excess values		—			—			—			—			—			—			—			—			—
Capex		96			146			156			252			135			152			251			200			166
Investments in businesses		7			263			15			47			658			616			301			99			31

The tables include investments from discontinued operations prior to their disposal

INCOME STATEMENT


Telenor Group	2005												2006												2007
(NOK in millions except earnings per share)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			Q1			Q2	Q3	Q4

Revenues		14,694			15,966			17,046			18,860			21,284			22,003			23,255			24,535			22,446
Costs of materials and traffic charges		3,680			4,036			4,249			4,467			5,275			5,500			5,665			6,165			6,263
Own work capitalized		(122	)		(186	)		(141	)		(255	)		(175	)		(123	)		(121	)		(192	)		(135	)
Salaries and personnel costs		2,453			2,479			2,337			2,648			2,990			2,958			2,563			3,227			3,129
Other operating expenses		3,706			4,199			4,164			5,322			5,384			5,826			5,994			7,149			6,088
Other (income) and expenses		(21	)		(66	)		213			102			61			28			224			(8	)		66
EBITDA		4,998			5,504			6,224			6,576			7,749			7,814			8,930			8,194			7,035

Depreciation and amortization		2,640			2,687			2,835			3,119			3,482			3,478			3,685			4,076			3,442
Write-downs		(23	)		20			4			582			3			88			29			138			8
Operating profit		2,381			2,797			3,385			2,875			4,264			4,248			5,216			3,980			3,585

Associated companies		238			492			434			63			311			360			558			1,124			386
Net financial items		149			(69	)		(124	)		(302	)		1,202			(727	)		194			798			223
Profit before taxes		2,768			3,220			3,695			2,636			5,777			3,881			5,968			5,902			4,194

Taxes		(830	)		(966	)		(1,109	)		(465	)		(1,560	)		(1,049	)		(1,613	)		1,074			(1,258	)
Profit from continuing operations		1,938			2,254			2,586			2,171			4,217			2,832			4,355			6,976			2,936

Profit (loss) from discontinued operations		32			74			63			16			13			42			62			38			38
Profit from total operations		1,970			2,328			2,649			2,187			4,230			2,874			4,417			7,014			2,974


Attributable to:
Non-controlling interests (Minority interests)		260			287			449			492			580			590			636			809			298
Equity holders of Telenor ASA (Net income)		1,710			2,041			2,200			1,695			3,650			2,284			3,781			6,205			2,676


Earnings per share in NOK
From continuing operations:
Basic		0.97			1.15			1.26			0.99			2.15			1.33			2.21			3.67			1.57
Diluted		0.97			1.14			1.26			0.99			2.15			1.33			2.21			3.67			1.57
From total operations:																										—
Basic		0.99			1.19			1.30			1.00			2.15			1.35			2.25			3.69			1.59
Diluted		0.99			1.19			1.29			1.00			2.15			1.35			2.25			3.69			1.59


US GAAP
Net income		1,625			1,904			2,225			1,673			3,621			2,352			3,744
Net income per share in NOK (basic), excluding treasury shares		0.94			1.11			1.31			0.99			2.14			1.39			2.23
Net income per share in NOK (diluted), excluding treasury shares		0.94			1.11			1.31			0.99			2.14			1.39			2.23

The first quarter of 2007 does not include financial information from Kyivstar

BALANCE SHEET


Telenor group	2006								2007
(NOK in millions)	31 Mar		30 Jun		30 Sep		31 Dec		31 Mar		30 Jun	30 Sep	31 Dec

Deferred tax assets		2,501		1,908		1,481		1,848		1,613
Goodwill		22,648		22,969		31,415		30,583		30,189
Intangible assets		23,178		22,735		27,613		27,331		27,541
Tangible assets		49,132		48,767		52,994		46,093		46,405
Associated companies		7,501		7,616		8,303		8,826		9,009
Investment in Kyivstar (unaudited)		—		—		—		4,759		4,655
Other financial assets		2,407		2,337		3,119		3,068		2,869

Total non-current assets		107,367		106,332		124,925		122,508		122,281


Accounts receivable		7,404		8,191		9,160		8,787		8,481
Other current assets		10,126		10,273		10,708		9,824		11,002
Assets held for sale		—		—		—		2,119		2,172
Other liquid assets		130		567		585		510		513
Cash and cash equivalents		9,683		7,534		16,799		4,628		5,180

Total current assets		27,343		26,565		37,252		25,868		27,348

Total assets		134,710		132,897		162,177		148,376		149,629


Shareholders equity		47,583		44,359		50,940		57,993		59,487
Minority interests		7,621		7,457		8,082		4,735		5,131

Total equity and minority interests		55,204		51,816		59,022		62,728		64,618


Pension obligations		2,645		2,543		2,461		2,350		2,416
Deferred tax liabilities		3,611		3,336		4,036		4,305		4,084
Other provisions		811		873		1,074		989		967

Provisions		7,067		6,752		7,571		7,644		7,467


Non-current interest-bearing liabilities		25,397		26,654		52,201		39,509		38,487
Non-current non-interest-bearing liabilities		590		583		568		702		1,243

Total non-current liabilities		25,987		27,237		52,769		40,211		39,730


Current interest-bearing liabilities		20,024		20,069		13,418		9,952		9,714
Accounts payable		6,448		6,572		7,404		7,114		6,645
Current non-interest-bearing liabilities		19,980		20,451		21,993		20,005		20,740
Current non-interest-bearing liabilities (held for sale)		—		—		—		722		715

Total current liabilities		46,452		47,092		42,815		37,793		37,814

Total equity and liabilities		134,710		132,897		162,177		148,376		149,629


Equity ratio including minority interests (%)		41.0		39.0		36.4		42.3		43.2

USGAAP
Shareholders equity		48,536		45,669		52,093

The first quarter of 2007 does not include financial information from Kyivstar

CASH FLOW STATEMENT


Telenor group	2005												2006												2007
(NOK in millions)	31 Mar			30 Jun			30 Sep			31 Dec			31 Mar			30 Jun			30 Sep			31 Dec			31 Mar			30 Jun	30 Sep	31 Dec

Profit before taxes and minority interests		2,815			6,140			9,925			12,591			5,825			9,762			15,812			21,764			4,247
Income taxes paid		(231	)		(434	)		(728	)		(1,369	)		(638	)		(1,162	)		(1,708	)		(357	)		(297	)
Net (gains) losses, including write-downs and change in fair value of financial items		(474	)		(584	)		(738	)		(929	)		(1,817	)		(1,605	)		(2,486	)		(3,277	)		(830	)
Depreciation, amortization and write-downs		2,681			5,452			8,358			12,131			3,549			7,180			10,958			15,241			3,511
Associated companies		(239	)		(733	)		(1,168	)		(1,233	)		(312	)		(674	)		(1,236	)		(2,362	)		(387	)
Difference between expensed and paid pensions		169			42			203			211			156			52			(65	)		(166	)		86
Currency (gains) losses not related to operating activities		25			(162	)		(203	)		(18	)		109			95			278			219			91
Change in other accruals		453			4			532			956			(100	)		(561	)		11			(421	)		7

Net cash flows from operating activities		5,199			9,725			16,181			22,340			6,772			13,087			21,564			30,641			6,428


Purchases of property, plant and equipment (PPE) and intangible assets		(2,271	)		(5,538	)		(9,078	)		(14,213	)		(4,097	)		(8,562	)		(13,473	)		(19,224	)		(4,588	)
Purchases of subsidiaries and associated companies, net of cash acquired		(3	)		(109	)		(5,653	)		(8,128	)		(8,578	)		(9,425	)		(21,761	)		(21,964	)		(11	)
Sales of PPE, intangible assets and businesses, net of cash transferred		59			741			1,161			1,279			438			472			589			1,171			22
Sales and purchases of other investments		768			1,078			1,000			1,064			2,196			1,707			2,131			3,522			(94	)

Net cash flows from investing activities		(1,447	)		(3,828	)		(12,570	)		(19,998	)		(10,041	)		(15,808	)		(32,514	)		(36,495	)		(4,671	)


Proceeds from and repayments of interest-bearing liabilities		(686	)		2,735			2,210			4,175			6,185			7,399			25,759			12,578			(1,132	)
Proceeds from issuance of shares, including from minorities in subsidiaries		22			24			47			74			61			86			91			110			14
Share buy-back		(329	)		(657	)		(2,267	)		(2,267	)		—			(87	)		(864	)		(953	)		(20	)
Dividends paid and repayment of equity to minority interests in subsidiaries		(25	)		(209	)		(209	)		(219	)		—			(426	)		(665	)		(976	)		—
Dividends paid to Telenor’s shareholders		—			(2,460	)		(2,595	)		(2,595	)		—			(3,202	)		(3,389	)		(3,389	)		—

Net cash flows from financing activities		(1,018	)		(567	)		(2,814	)		(832	)		6,246			3,770			20,932			7,370			(1,138	)


Effects of exchange rate changes on cash and cash equivalents		47			130			155			215			(100	)		(321	)		11			(179	)		(21	)

Net change in cash and cash equivalents		2,789			5,460			952			1,725			2,877			728			9,993			(1,884	)		598

Cash and cash equivalents at the beginning of the period		5,081			5,081			5,081			5,081			6,806			6,806			6,806			6,806			4,922
Cash and cash equivalents at the end of the period		7,870			10,541			6,033			6,806			9,683			7,534			16,799			4,922			5,520
- Of which cash and cash equivalents in discontinued operations at the end of the period		—			—			—			—			—			—			—			294			340
Cash and cash equivalents at the end of the period in continuing operations		7,870			10,541			6,033			6,806			9,683			7,534			16,799			4,628			5,180


The table includes cash flows from discontinued operations prior to their disposal.


Cash Flows from discontinued operations
Net cash flows from operating activities		52			228			380			583			59			153			265			485			35
Net cash flows from investing activities		(25	)		262			240			176			(25	)		(86	)		(125	)		(197	)		(22	)
Net cash flows from financing activities		—			—			(1	)		10			—			—			—			(3	)		—

The cash flows ascribed to discontinued operations are only cash flows from external transactions.

Hence, the cash flows presented for discontinued operations do not reflect these operations as if they were stand alone entities.

The first quarter of 2007 does not include financial information from Kyivstar

Depreciation, amortization and write-downs


Telenor group	2005										2006								2007
(NOK in millions)	Q1			Q2		Q3			Q4		Q1		Q2		Q3		Q4		Q1		Q2	Q3	Q4

Depreciation ¹⁾		1,894			1,950		2,062			1,948		2,211		2,133		2,162		2,432		1,986
Amortization ²⁾		746			737		773			1,171		1,271		1,345		1,523		1,644		1,456

Total depreciation and amortization		2,640			2,687		2,835			3,119		3,482		3,478		3,685		4,076		3,442
Write-downs ¹⁾		8			20		7			451		3		74		27		46		8
Write-downs of goodwill		(31	)		—		(3	)		78		—		—		—		67		—
Write-downs²⁾		—			—		—			53		—		14		2		25		—

Total write-downs		(23	)		20		4			582		3		88		29		138		8

Total depreciation, amortization and write-downs		2,617			2,707		2,839			3,701		3,485		3,566		3,714		4,214		3,450


¹⁾		Tangible assets (property, plant and equipment)

²⁾		Other intangible assets and prepaid lease payments.


Telenor group	2005										2006												2007
(NOK in millions)	Q1		Q2			Q3		Q4			Q1			Q2			Q3			Q4			Q1			Q2	Q3	Q4

¹⁾ Depreciation of tangible assets
Telenor Mobile — Norway		157		174			171		159			159			138			149			166			142
Sonofon — Denmark		111		111			102		92			91			96			97			99			85
Telenor Mobile — Sweden		—		—			—		—			242			248			128			219			208
Kyivstar — Ukraine		163		247			231		227			265			262			277			305			—
Pannon — Hungary		156		152			147		139			137			123			122			153			128
Telenor — Serbia		—		—			—		—			—			—			9			82			76
ProMonte — Montenegro		19		18			17		16			17			16			17			18			17
DTAC — Thailand		—		—			—		26			33			32			33			35			31
DiGi — Malaysia		224		214			224		250			232			210			272			253			258
GrameenPhone — Bangladesh		71		83			98		158			149			138			161			195			182
Telenor — Pakistan		4		32			29		52			64			70			82			101			121
Fixed Norway		637		591			596		633			547			476			442			438			415
Fixed Danmark		—		—			32		(23	)		2			18			21			13			24
Fixed Sweden		57		56			136		(27	)		21			10			73			72			27
Broadcast		127		117			116		126			137			136			131			140			138
Other operations		166		157			163		123			145			162			164			162			150
Eliminations		2		(2	)		—		(3	)		(30	)		(2	)		(16	)		(19	)		(16	)

Total depreciation of tangible assets		1,894		1,950			2,062		1,948			2,211			2,133			2,162			2,432			1,986

²⁾ Amortization of other intangible assets and prepaid lease payments
Telenor Mobile — Norway		56		56			53		63			57			77			57			50			38
Sonofon — Denmark		242		217			206		204			195			175			183			192			150
Telenor Mobile — Sweden		—		—			—		—			116			147			307			186			193
Kyivstar — Ukraine		67		85			91		98			114			119			118			125			—
Pannon — Hungary		160		124			147		146			142			131			129			141			84
Telenor — Serbia		—		—			—		—			—			—			8			78			69
ProMonte — Montenegro		24		24			23		24			22			22			21			23			20
DTAC — Thailand		—		—			—		194			304			303			323			350			472
DiGi — Malaysia		33		39			31		23			20			17			24			75			30
GrameenPhone — Bangladesh		6		7			8		8			10			10			8			9			8
Telenor — Pakistan		10		28			38		33			34			33			30			35			33
Fixed Norway		68		67			56		60			55			85			99			121			100
Fixed Danmark		—		—			14		79			40			39			36			41			40
Fixed Sweden		7		8			28		151			92			105			98			136			139
Broadcast		16		17			17		18			17			17			16			12			14
Other operations		36		45			41		49			38			50			51			54			51
Eliminations		21		20			20		21			15			15			15			16			15

Total amortization of other intangible assets ³⁾		746		737			773		1,171			1,271			1,345			1,523			1,644			1,456

Total depreciation and amortization		2,640		2,687			2,835		3,119			3,482			3,478			3,685			4,076			3,442



³⁾ Of which
Customer base		238		239			256		328			326			401			541			469			498
Licenses and rights		46		47			64		174			209			188			218			288			290
Trademarks and brands		28		28			31		45			52			51			52			55			53

Total		312		314			351		547			587			640			811			812			841

The first quarter of 2007 does not include financial information from Kyivstar

SPECIAL ITEMS


Telenor group	2005												2006												2007
(NOK in millions)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			Q1		Q2	Q3	Q4

Gains on disposal of fixed assets and operations
Telenor Mobile — Norway		—			—			—			—			—			—			—			—			1
Sonofon — Denmark		—			—			1			—			—			—			—			4			—
Telenor Mobile — Sweden		—			—			—			—			—			—			—			—			—
Kyivstar — Ukraine		—			—			—			—			—			—			—			—			—
Pannon — Hungary		5			1			4			—			4			1			1			1			3
DTAC — Thailand		—			—			—			—			—			—			1			1			—
DiGi — Malaysia		—			—			—			—			—			—			—			—			—
Grameenphone — Bangladesh		—			—			—			—			—			1			—			—			—
Other mobile operations		—			—			—			—			—			—			—			—			—
Fixed — Norway		—			—			1			12			5			—			—			(1	)		1
Fixed — Denmark		—			—			—			—			—			—			—			—			—
Fixed — Sweden		3			50			(3	)		25			—			—			—			2			4
Broadcast		1			—			—			—			—			4			—			1			—
EDB Business Partner		—			—			25			6			—			—			—			—			—
Other business units		—			12			8			—			17			21			(1	)		79			9
Corporate functions and Group activities		22			57			58			26			5			12			3			33			2
Eliminations		—			—			—			4			—			—			—			—			—

Total gains on disposal of fixed assets and operations		31			120			94			73			31			39			4			120			20


Losses on disposal of fixed assets and operations
Telenor Mobile — Norway		4			3			6			3			—			—			—			1			—
Sonofon — Denmark		—			—			—			—			—			—			—			2			—
Telenor Mobile — Sweden		—			—			—			—			2			2			(4	)		—			—
Kyivstar — Ukraine		—			—			—			—			—			1			—			13			—
Pannon — Hungary		4			1			17			(3	)		2			2			2			1			3
DTAC — Thailand		—			—			—			—			—			—			—			1			—
DiGi — Malaysia		—			—			5			—			—			—			—			1			1
Grameenphone — Bangladesh		—			—			10			—			—			1			19			5			1
Other mobile operations		—			—			—			1			—			—			—			—			—
Fixed — Norway		—			—			—			2			1			1			4			4			—
Fixed — Denmark		—			—			—			—			—			—			—			—			—
Fixed — Sweden		—			—			—			—			—			—			—			1			1
Broadcast		—			—			1			—			2			—			—			3			—
EDB Business Partner		—			—			—			—			—			—			—			—			3
Other business units		—			—			—			63			(13	)		—			—			(3	)		—
Corporate functions and Group activities		—			28			1			4			9			30			1			(1	)		—
Eliminations		—			—			(1	)		2			—			—			—			—			—

Total losses on disposal of fixed assets and operations		8			32			39			72			3			37			22			28			9


Expenses for workforce reductions and loss contracts
Telenor Mobile — Norway		(1	)		—			—			(1	)		9			3			1			2			—
Sonofon — Denmark		—			3			—			9			3			2			37			—			—
Telenor Mobile — Sweden		—			—			123			291			48			(8	)		—			(22	)		—
Kyivstar — Ukraine		—			—			—			—			—			—			—			—			—
Pannon — Hungary		—			—			—			10			—			—			—			2			—
DTAC — Thailand		—			—			—			—			—			—			—			—			—
DiGi — Malaysia		—			—			—			—			—			—			—			—			—
Grameenphone — Bangladesh		—			—			—			—			—			—			—			—			—
Other mobile operations		—			—			—			—			—			—			—			—			—
Fixed — Norway		4			9			115			(6	)		21			8			17			19			—
Fixed — Denmark		—			—			—			—			—			—			—			—			—
Fixed — Sweden		3			—			19			15			4			14			—			69			—
Broadcast		—			—			—			—			—			—			—			—			—
EDB Business Partner		—			5			—			13			—			—			144			—			—
Other business units		(1	)		1			1			(1	)		3			2			—			1			77
Corporate functions and Group activities		(3	)		5			11			16			1			9			6			14			—
Eliminations		—			(1	)		(1	)		(243	)		—			—			1			(1	)		—

Total workforce reductions and loss contracts		2			22			268			103			89			30			206			84			77

Total other (income) and expenses		(21	)		(66	)		213			102			61			28			224			(8	)		66


Telenor group	2005												2006												2007
(NOK in millions)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			Q1		Q2	Q3	Q4

Write-downs
Telenor Mobile — Norway		(2	)		12			4			2			—			33			—			4			—
Sonofon — Denmark		—			—			—			—			—			—			—			—			—
Telenor Mobile — Sweden		—			—			—			—			—			—			6			—			—
Kyivstar — Ukraine		—			—			—			15			—			—			13			18			—
Pannon — Hungary		—			2			1			4			—			33			—			26			—
DTAC — Thailand		—			—			—			—			—			—			—			—			—
DiGi — Malaysia		1			—			1			3			—			7			1			(1	)		—
Grameenphone — Bangladesh		—			—			—			—			—			—			—			—			—
Other mobile operations		—			—			—			—			—			—			—			—			2
Fixed — Norway		(22	)		—			(2	)		(1	)		—			13			—			—			—
Fixed — Denmark		—			—			—			—			—			—			—			56			—
Fixed — Sweden		—			—			—			608			—			2			9			1			6
Broadcast		—			4			—			(57	)		3			—			—			15			—
EDB Business Partner		—			—			—			—			—			—			—			1			—
Other business units		—			3			—			10			—			—			—			1			—
Corporate functions and Group activities		—			—			—			2			—			—			—			17			—
Eliminations		—			(1	)		—			(4	)		—			—			—			—			—

Total write-downs		(23	)		20			4			582			3			88			29			138			8


Special items associated companies
(Gains) losses on disposal of ownership interests		—			(3	)		7			(3	)		—			(6	)		—			(366	)		—
Write-downs associated companies		—			—			—			172			—			11			—			(169	)		—
(Gains) losses on disposal and write-downs of associated companies		—			(3	)		7			169			—			5			—			(535	)		—


Net (gains) losses and write-downs financial items		(417	)		(49	)		(1	)		(51	)		(1,815	)		15			(4	)		(74	)		1

The first quarter of 2007 does not include financial information from Kyivstar

RECONCILIATIONS


Telenor group	2005												2006												2007
(NOK in millions)	Q1			Q2			Q3			Q4			Q1			Q2			Q3			Q4			Q1			Q2	Q3	Q4

Profit from total operations		1,970			2,328			2,649			2,187			4,230			2,874			4,417			7,014			2,974
Profit (loss) from discontinued operations		32			74			63			16			13			42			62			38			38
Profit from continuing operations		1,938			2,254			2,586			2,171			4,217			2,832			4,355			6,976			2,936
Taxes		(830	)		(966	)		(1,109	)		(465	)		(1,560	)		(1,049	)		(1,613	)		1,074			(1,258	)
Profit before taxes		2,768			3,220			3,695			2,636			5,777			3,881			5,968			5,902			4,194
Net financial items		149			(69	)		(124	)		(302	)		1,202			(727	)		194			798			223
Associated companies		238			492			434			63			311			360			558			1,124			386
Depreciation and amortization		2,640			2,687			2,835			3,119			3,482			3,478			3,685			4,076			3,442
Write-downs		(23	)		20			4			582			3			88			29			138			8
EBITDA		4,998			5,504			6,224			6,576			7,749			7,814			8,930			8,194			7,035

		—			—			—			—			—			—			—			—			—
EBITDA		4,998			5,504			6,224			6,576			7,749			7,814			8,930			8,194			7,035
Gains on disposal of fixed assets and operations		31			120			94			73			31			39			4			120			20
Losses on disposal of fixed assets and operations		8			32			39			72			3			37			22			28			9
Workforce reductions and loss contracts		2			22			268			103			89			30			206			84			77
EBITDA before other income and expenses		4,977			5,438			6,437			6,678			7,810			7,842			9,154			8,186			7,101

		—			—			—			—			—			—			—			—			—
Operating profit		2,381			2,797			3,385			2,875			4,264			4,248			5,216			3,980			3,585
Write-downs		(23	)		20			4			582			3			88			29			138			8
Other (income) and expenses		(21	)		(66	)		213			102			61			28			224			(8	)		66
Adjusted operating profit		2,337			2,751			3,602			3,559			4,328			4,364			5,469			4,110			3,659

		—			—			—			—			—			—			—			—			—
Profit before taxes		2,768			3,220			3,695			2,636			5,777			3,881			5,968			5,902			4,194
Net (gains) losses and write-downs financial items		(417	)		(49	)		(1	)		(51	)		(1,815	)		15			(4	)		(74	)		1
(Gains) losses on disposal and write downs of associated companies		—			(3	)		7			169			—			5			—			(535	)		—
Write-downs		(23	)		20			4			582			3			88			29			138			8
Other (income) and expenses		(21	)		(66	)		213			102			61			28			224			(8	)		66
Adjusted profit before taxes		2,307			3,122			3,918			3,438			4,026			4,017			6,217			5,423			4,269

The first quarter of 2007 does not include financial information from Kyivstar

Capex


Telenor group	2005												2006											2007
(NOK in millions)	Q1			Q2			Q3			Q4			Q1			Q2			Q3		Q4			Q1			Q2	Q3	Q4

Telenor Mobile — Norway		194			343			220			461			129			143			220		272			252
Sonofon — Denmark		28			140			137			757			109			170			168		251			148
Telenor Mobile — Sweden		—			—			—			—			135			137			112		224			139
Kyivstar — Ukraine		735			919			1,106			890			830			770			992		1,039			—
Pannon — Hungary		109			243			150			261			71			235			168		145			51
Telenor — Serbia		—			—			—			—			—			—			49		114			108
Promonte — Montenegro		5			4			8			21			4			7			24		41			9
DTAC — Thailand		—			—			—			146			605			543			565		737			534
DiGi — Malaysia		108			178			310			574			226			199			371		513			179
Grameenphone — Bangladesh		496			357			590			1,153			389			516			435		683			724
Telenor — Pakistan		1,139			(91	)		299			496			351			754			701		847			742
Fixed — Norway		337			503			412			917			479			371			354		528			394
Fixed Sweden		40			48			142			255			83			230			155		114			163
Fixed Denmark		—			—			40			57			55			42			52		60			68
Fixed — Other/Fixed Eliminations		4			5			8			8			—			—			—		—			—
Broadcast		47			96			116			133			92			106			157		260			258
Other units		125			193			193			321			156			203			291		274			166
Eliminations		(7	)		(15	)		(11	)		(14	)		(11	)		(4	)		2		(7	)		(5	)

Total capex		3,360			2,923			3,720			6,436			3,703			4,422			4,816		6,095			3,930

Investments in businesses

Telenor group	2005												2006											2007
(NOK in millions)	Q1			Q2			Q3			Q4			Q1			Q2			Q3		Q4			Q1			Q2	Q3	Q4

Telenor Mobile — Norway		—			—			—			—			—			—			—		—			—
Sonofon — Danmark		—			—			—			4			—			—			—		—			—
Telenor Mobile — Sweden		—			—			—			—			7,739			8			—		(241	)		—
Kyivstar — Ukraine		—			—			—			—			—			—			—		—			—
Pannon — Hungary		—			—			—			—			—			—			—		—			—
Telenor — Serbia		—			—			—			—			—			—			11,980		1			—
Promonte — Montenegro		—			—			—			—			—			—			—		—			—
DTAC — Thailand		—			—			—			2,664			85			31			—		—			—
DiGi — Malaysia		—			—			—			—			—			—			—		—			—
Grameenphone — Bangladesh		—			—			—			—			—			—			—		—			—
Telenor — Pakistan		—			—			—			—			—			—			—		—			—
Fixed — Norway		43			1			—			—			1			—			—		87			—
Fixed Sweden		—			—			4,479			(27	)		460			75			2		3			153
Fixed Denmark		—			—			1,313			7			—			—			—		—			—
Fixed — Other/Fixed Eliminations		—			—			—			—			—			—			—		—			—
Broadcast		—			—			17			25			—			98			50		71			—
Other units		7			263			15			47			658			616			301		99			31
Eliminations		—			—			—			—			—			—			—		—			—

Total investments in businesses		50			264			5,824			2,720			8,943			828			12,333		20			184

The tables include investments from discontinued operations prior to their disposal

The first quarter of 2007 does not include financial information from Kyivstar

Analytical information


	2005								2006								2007
	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2	Q3	Q4

MOBILE OPERATIONS
Telenor Mobile — Norway
No. of mobile subscriptions (in thousands)		2,635		2,687		2,736		2,731		2,722		2,709		2,711		2,723		2,747
- of which prepaid		1,218		1,267		1,285		1,222		1,185		1,133		1,097		1,053		1,002
Average traffic minutes per subscription per month (AMPU) in the quarter		175		191		186		184		186		196		199		205		211
Average revenue per subscription per month (ARPU) in the quarter		297		308		314		317		305		324		331		316		305
- of which contract		453		465		475		472		446		461		469		441		421
- of which prepaid		117		129		133		136		126		141		134		127		113
Sonofon — Denmark
No. of mobile subscriptions (in thousands)		1,232		1,250		1,261		1,284		1,299		1,310		1,342		1,398		1,438
- of which prepaid		413		420		420		425		429		436		464		491		520
Average traffic minutes per subscription per month (AMPU) in the quarter		153		182		183		195		200		209		203		205		201
Average revenue per subscription per month (ARPU) in the quarter		229		253		243		246		250		248		257		255		252
- of which contract		284		306		292		285		292		290		306		307		310
- of which prepaid		126		146		146		166		164		163		161		159		147
Telenor Mobile — Sweden
No. of mobile subscriptions (in thousands)		107		99		97		95		1,660		1,676		1,708		1,733		1,737
- of which prepaid		56		51		50		48		575		571		571		553		527
Average traffic minutes per subscription per month (AMPU) in the quarter		113		141		144		129		160		185		184		195		197
Average revenue per subscription per month (ARPU) in the quarter		164		167		164		136		229		242		249		260		249
- of which contract		215		216		215		183		330		340		346		362		340
- of which prepaid		121		121		115		90		49		54		58		50		46
Kyivstar — Ukraine
No. of mobile subscriptions (in thousands)		7,662		9,335		10,943		13,925		14,965		16,005		17,709		21,510		—
- of which prepaid		6,892		8,500		10,021		12,901		13,895		14,886		16,535		20,281		—
Average traffic minutes per subscription per month (AMPU) in the quarter		91		90		103		108		110		118		123		127		—
Average revenue per subscription per month (ARPU) in the quarter		53		62		66		64		53		54		57		52		—
- of which contract		165		187		200		197		175		180		197		198		—
- of which prepaid		40		49		53		53		43		45		47		41		—
Pannon — Hungary
No. of mobile subscriptions (in thousands)		2,792		2,824		2,856		2,929		2,939		2,947		2,981		3,153		3,150
- of which prepaid		1,955		1,915		1,894		1,904		1,878		1,854		1,848		1,962		1,934
Average traffic minutes per subscription per month (AMPU) in the quarter		125		143		145		149		143		159		157		160		153
Average revenue per subscription per month (ARPU) in the quarter		157		162		166		162		150		148		150		161		148
- of which contract		327		316		314		299		272		254		248		269		252
- of which prepaid		84		89		89		86		80		86		87		90		79
Telenor — Serbia
No. of mobile subscriptions (in thousands)		—		—		—		—		—		—		2,284		2,464		2,636
- of which prepaid		—		—		—		—		—		—		1,862		2,003		2,139
Average traffic minutes per subscription per month (AMPU) in the quarter		—		—		—		—		—		—		—		87		76
Average revenue per subscription per month (ARPU) in the quarter		—		—		—		—		—		—		—		75		78
- of which contract		—		—		—		—		—		—		—		166		181
- of which prepaid		—		—		—		—		—		—		—		53		54
Promonte — Montenegro
No. of mobile subscriptions (in thousands)		279		303		394		310		324		363		479		365		372
- of which prepaid		235		263		352		265		276		309		424		305		310
Average traffic minutes per subscription per month (AMPU) in the quarter		91		105		109		92		104		121		120		105		115
Average revenue per subscription per month (ARPU) in the quarter		115		129		126		95		111		120		125		108		128
- of which contract		288		338		339		269		284		297		303		286		293
- of which prepaid		82		97		103		71		81		90		100		81		91
DTAC — Thailand
No. of mobile subscriptions (in thousands)		—		—		—		8,677		9,823		10,622		11,241		11,869		13,329
- of which prepaid		—		—		—		7,212		8,185		8,806		9,274		9,833		10,994
Average traffic minutes per subscription per month (AMPU) in the quarter		—		—		—		231		295		327		314		329		403
Average revenue per subscription per month (ARPU) in the quarter		—		—		—		66		69		59		58		59		74
- of which contract		—		—		—		141		150		126		123		121		150

Analytical information


	2005								2006								2007
	Q1		Q2		Q3		Q4		Q1		Q2		Q3		Q4		Q1		Q2	Q3	Q4

- of which prepaid		—		—		—		51		53		45		44		45		58
DiGi — Malaysia
No. of mobile subscriptions (in thousands)		3,461		3,765		4,187		4,795		5,086		5,440		5,590		5,312		5,783
- of which prepaid		3,259		3,525		3,880		4,441		4,704		5,018		5,126		4,807		5,234
Average traffic minutes per subscription per month (AMPU) in the quarter		163		170		175		169		162		163		162		173		193
Average revenue per subscription per month (ARPU) in the quarter		92		99		100		102		97		93		90		96		105
- of which contract		233		216		192		174		172		180		163		157		167
- of which prepaid		84		93		93		97		92		86		84		91		98
Grameenphone — Bangladesh
No. of mobile subscriptions (in thousands)		2,928		3,704		4,215		5,542		6,427		8,459		9,404		10,759		12,113
- of which prepaid		2,625		3,375		3,860		5,159		6,030		8,015		8,904		10,227		11,560
Average traffic minutes per subscription per month (AMPU) in the quarter		237		223		223		250		196		213		214		241		252
Average revenue per subscription per month (ARPU) in the quarter		81		69		65		56		51		45		41		41		34
- of which contract		288		284		282		258		258		234		220		169		118
- of which prepaid		54		47		45		39		37		33		31		34		29
Telenor — Pakistan
No. of mobile subscriptions (in thousands)		344		836		1,200		1,868		2,527		3,205		4,597		6,661		9,071
- of which prepaid		342		829		1,183		1,836		2,495		3,165		4,555		6,621		9,019
Average traffic minutes per subscription per month (AMPU) in the quarter		—		74		93		131		136		146		123		132		142
Average revenue per subscription per month (ARPU) in the quarter		—		22		25		30		32		30		27		28		28
- of which contract		—		154		99		72		59		59		51		60		74
- of which prepaid		—		21		24		29		31		30		27		28		28
Associated companies
No. of mobile subscriptions (100% in thousands)		38,645		42,328		46,615		40,593		41,869		43,042		45,173		46,818		48,217


FIXED — Norway
Retail market
No. of Telephony subscriptions (in thousands)		1,757		1,705		1,664		1,622		1,577		1,545		1,513		1,480		1,459
- of which PSTN subscriptions		1,165		1,139		1,118		1,089		1,054		1,017		991		965		947
- of which ISDN subscriptions		592		562		538		509		479		454		434		413		401
- of which VoIP subscriptions		—		4		8		24		44		74		88		102		111
No. of xDSL subscriptions (in thousands)		385		415		444		475		511		527		542		572		594
Telephony generated traffic (million minutes)		2,848		2,644		2,289		2,502		2,277		1,997		1,721		1,841		1,762
Wholesale market
No. of Telephony subscriptions (in thousands)		309		316		316		314		316		308		296		289		277
- of which PSTN subscriptions		192		200		202		202		203		201		194		192		185
- of which ISDN subscriptions		117		116		114		112		113		107		102		97		92
No. of xDSL subscriptions (in thousands)		77		87		97		109		117		123		130		139		148
No. of LLUB (in thousands)		172		192		209		235		254		265		276		285		294
FIXED — Sweden
No. of xDSL subscriptions (in thousands)		—		—		200		214		342		359		383		403		470
No. of LAN subscriptions (in thousands)		—		—		156		155		156		158		165		172		177
No. of VoIP subscriptions (in thousands)		—		—		91		104		119		134		147		161		173
No. of PSTN subscriptions (in thousands)		—		—		—		—		285		284		273		257		282
FIXED — Denmark
No. of xDSL subscriptions (in thousands)		—		—		109		122		138		152		164		174		186
No. of VoIP subscriptions (in thousands)		—		—		18		26		37		41		52		63		75

BROADCAST
No. of television subscribers in the Nordic region (in thousands)
- DTH pay TV subscribers		851		853		876		906		918		921		929		943		944
- Cable TV subscribers		616		619		636		681		684		687		691		696		700
- Households in satellite master antenna TV networks		1,197		1,205		1,184		1,177		1,120		1,119		1,154		1,155		1,163
- Cable TV Internet access		48		50		53		73		78		81		84		91		100

GROUP
No. of man-years		21,900		22,400		23,400		27,600		30,450		31,750		33,250		34,350		32,150
- of which outside Norway		10,600		11,100		12,400		16,700		19,400		21,000		22,500		23,650		21,550