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Focus on Europe

  • 01 Feb 16

Q4 sales in local currencies and excluding the acquisition of Tele2 Norway have increased by nearly 3% yoy while the EBITDA increased by 9% yoy. This is better than in the previous quarters but quite in line with our expectations. The Eurasia region is now reported as discontinued operations, the group having announced in September 2015 an orderly retreat from all its operations in this region in order to refocus on Europe. The global decrease of Teliasonera’s EBITDA in the previous quarters was due to the slowdown in Eurasia (with intensified competition especially in Kazakhstan) where the EBITDA declined by 2/3% despite stable revenues (but this was not the end of the world as, in the key market, Kazakhstan, the EBITDA margin declined from 56.7% to 51%!). As for 2016, the ambition is to maintain EBITDA (from continuing operations), in local currencies, at the same level as in 2015. Note in parallel that 2016 will be the peak year of the increased investments in fiber, mobile coverage and transformation (but that’s for the good cause!). CAPEX for continuing operations, excluding license and spectrum fees, is expected to be SEK14-15bn. Further, it was also stated that results in Q4 2015 would be impacted by a non-cash impairment charge of SEK5.3bn related to operations in Uzbekistan and a non-cash impairment charge of SEK1.9bn related to operations in Denmark. As a reminder, in September 2015 Teliasonera and Telenor announced the withdrawal of the proposed merger of their respective business units in Denmark (they have respectively 24% and 21% market shares on mobile vs. 40% for the leader TDC). The companies were not able to agree acceptable conditions with the European Commission to proceed with their plan to create a robust mobile operator or rather a de facto duopoly.