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Telenor ASA (TELNF) CEO Sigve Brekke on Q1 2022 Results - Earnings Call Transcript

May 03, 2022 7:26 AM ETTelenor ASA (TELNF) Stock, TELNY Stock
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Telenor ASA (OTCPK:TELNF) Q1 2022 Earnings Conference Call May 3, 2022 3:00 AM ET

Company Participants

Sigve Brekke – President and Chief Executive Officer

Petter-Børre Furberg – Chief Executive Officer of Telenor Norway

Tone Bachke – Executive Vice President and Chief Financial Officer

Conference Call Participants

Peter Nielsen – ABG Sundal Collier

Frank Maao – DNB Markets

Andrew Lee – Goldman Sachs

Terence Tsui – Morgan Stanley

Maurice Patrick – Barclays

Ulrich Rathe – Jefferies

Usman Ghazi – Berenberg

Nick Lyall – Societe Generale

Francesca Schild – Exane

Ondrej Cabejsek – Union Bank of Switzerland

Adam Fox-Rumley – HSBC

Sigve Brekke

Good morning to everyone and welcome to the First Quarter presentation, and a sunny day here in Norway. In the quarter, we continue to execute on our is strategic agenda focusing on value creation across the Nordics and in Asia. The mobile business performed well, and we see mobile service revenue growth in all the Nordic operations. However, the financial performance this quarter was impacted by compared decommissioning in Norway, higher energy prices, and project costs mainly related to the structural transactions we have ongoing in Asia.

When it comes to revenues, this was held back by lower volumes in the Norwegian fixed-line business and intensified competition in Thailand. But if we exclude for the copper legacy effects and also their businesses in scope for their two merchants in Asia, the underlying portfolio revenue growth was around 2%. There are several ongoing strategic alternates -- initiatives now in Telenor. We continue to build a stronger portfolio with our two large merger processes in Thailand and in Malaysia. We also continued our modernization and transformation programs.

We are focused on building a digital Telco, and I will come back to that. And we are introducing new services to our customers on top

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