Telenor ASA - Telenor Update

Company: Telenor ASA

Conference Title: Telenor Update
Moderator: Hanne Knudsen
Date: Tuesday, 9 April 2019
Conference Time: 10:00 (UTC+01:00)

Jørgen Rostrup: Good morning, everybody. This is Jørgen Rostrup, CFO of Telenor speaking. Let

me do a couple of practicalities, first. We aim at having a Q&A after my presentation or

introduction. If you have a question you want to ask, then you are supposed to press star one.

The sign star and the number one, star one. And I will try to remind you to turn pages in the

presentation that we have put out. And I have people around me who will remind me of that as

well. So, hopefully, that will go fine.

Let us shoot straight at slide three. While I'm saying that, I'm, of course, very excited today to

announce that we have acquired a majority stake go of 54% in the Finnish telecom operator DNA.

I have a few people with me in the room at Fornebu, Oslo, today. Håkon Hatlevik is here from

Investor Relations. Otto Risbakk, Head of our M&A department, is here. Hanna Knudsen from

Corporate Communication, and also Alex Evans from Barclays Bank, our advisor, is in the room.

As you all know, we set out on this strategic direction back at Capital Markets Day in February

2017, and, since then, our main priority has been simply to deliver on what we promised at that

point in time. I believe strong effort across the organisation has resulted in significant OPEX

reductions as well as improved Capex efficiency through the procurement company that we

established back then. In addition, we have simplified the portfolio as we said we would do, by

exiting India, Veon, Central Eastern Europe, our online classified assets in Latin America and a

few other smaller things.

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For us, the result of all this is that we have created a leaner, simpler and more efficient Telenor

with the ability to maintain attractive shareholder remuneration policy. On top of this increasing

dividend per share every year policy, we have been able to have one extraordinary dividend

payout, as well as three consecutive years of share buy-back. The third year is 2019. We will

continue with the announced 3% share buy-back programme this year, regardless of the

announced transaction today.

Therefore, of course, we see today’s transaction as another step towards executing on the

strategy. We have, also, by the restructuring we’ve done, created room for selective and

disciplined M&A. And we believe that this, all in all, is modernising and creating value within core

telecom in Nordics and Asia for Telenor.

If you turn to page four. I would like to say that today's transaction will give Telenor 54% stake in

DNA at EUR 20.9 per share resulting in the total consideration of approximately EUR 1.5 billion or

slightly above NOK 14 billion. It is at a moderate premium of 21% compared to the last 90 days

volume weighted average trading price or 7% compared to the closing price of yesterday. Based

on consensus, estimates for 2019 and the transaction price, the implied enterprise value to

EBITDA multiple is around 11 and enterprise value to operational cash flow multiple at 20.9. If

you take a post estimated yearly OPEX and CAPEX synergies of approximately EUR 20 million a

year. Same case for EV to EBITDA multiple for the transaction price is 10.7. And EV to

operational cash flow is 18.5. The impact on net debt to EBITDA will be 0.4x and will give Telenor

a new pro forma leverage of, approximately, – at the end of 2018, approximately 1.3x. And from

the transaction date onward, this acquisition will be cash accretive and support our dividend

policy

As for the conditions of the transaction. The acquisition is subject to approval by the General

Meetings in both, Finda and PHP. Their Board of Directors have already unanimously

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recommended the agreements and they will call for shareholder meetings to approve this

transaction. Certain important shareholders has also agreed to irrevocable undertakings in

support of the transaction.

Following approval from Finda and PHP. There will be a review and approval process, which is

normal in these kind of circumstances with customer regulatory authorities. And the acquisition

will trigger a mandatory tender offer for the remaining shares following the approval processes.

Just a second guys. We might have a technical problem, and let's check.

Speaker: Operator are – we get some questions from people that are not able to dial in. Do we

have – how many do you – do we have a lot of people on the call?

Operator: Yes, we have a few questions, actually, from people queuing up. Do you want me to take

the questions?

Jørgen Rostrup: No, we are getting message that there are people who wants to be on the call, who

are not able to get on the call. So the question is, do we have a good number of people joining

the call, so the call works as anticipated?

Operator: Yes, there is because there is about 200-odd people inside.

Jørgen Rostrup: Okay, very good. Good. Then, everybody, we continue. And I’m glad there are so

many callers on the conference. Let’s move over to page five.

Evaluations, we have done prior to this transaction, which also have been important for our

decision, of course are, first of all, we believe this is a very good fit for Telenor. We also believe it

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is a good fit for DNA, but for us, first and foremost, it’s a good fit Telenor, which will further

consolidate our Nordic portfolio. This is in an attractive and growing market. And thirdly, DNA is

a quality asset that we have followed some time with a strong track record. Lastly, the transaction

will be a value accretive transaction for Telenor from day one, both synergy and growth

opportunities in the transaction. Let me comment a little bit further on this one by one.

If you turn to page six. When we know our acquiring and controlling stake in DNA, Telenor will

consolidate its Nordic position across mobile and fixed, and balance the portfolio in total between

Nordics and Asia. We see this as another step towards executing on Telenor’s strategic agenda,

focusing on modernisation and value creation within core telecom in those two large regions.

From the transaction date, DNA will be fully consolidated in the Telenor Group. Figures, resulting

in approximately 9 billion or 8% higher pro forma 2018 revenues, and close to 3 billion or 6%

higher EBITDA.

Turning to slide seven. We see Finland as an attractive adjacent Nordic market, which will

complement our existing Nordic footprint very nicely. In recent years, Finland has been the

fastest growing mobile market in Europe, driven by migration of customers from 3G to 4G

services, also as price points in this market has been speed based rather than data buckets. This

is a different pricing model compared to what we are used to in the other Nordic markets. And it

has been enabled by ample spectrum made available to the operators over many years.

The mobile market in Finland has three players where DNA have a very robust number three

position with 28% market share. DNA’s market share has been steadily increasing over the last

years, and it’s now getting closer to the number two operator.

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The more for more strategy that has been adopted in this market has led to solid ARPU

development in recent years with further potential, we believe, to migrate customers over to price

plans with higher speed.

Turning to slide eight. I would like to stress that DNA is a strong integrated challenger in Finland

with a solid market position across mobile, fixed and cable TV. We believe DNA is a very good

strategic fit to our admissions in Telenor focusing on modernisation, evaluation, within core

telecom in the Nordics and Asia. The way we see it, DNA aims for industry-leading financial

development. Aiming for faster than average market growth and they have focused on speed and

cost efficiency – effectiveness, very much like our own agenda around growth, revenue renewal,

and efficiency. In addition, they also share our values regarding people and organisation. We

have the winning team of Telenor and DNA clearly states they have the ambition of being a great

place to work and they are among the most desired employers in Finland, and also with focus on

having top expert teams in core functional areas. Very much the same as Telenor is striving for.

Within mobile, DNA has the number three position, but has steadily been growing their subscriber

base and has now reached 2.9 million subscribers. The subscriber base consists of around 80%

B2C, and 20% B2B customers. In such a way, you could say that the B2B position is significantly

lower than the market share would suggest. And this is an area we see opportunities by

leveraging on Telenor’s capabilities. Within broadband, DNA had the number two position. The

subscriber base has steadily been increasing the last year and is now, almost, 500,000

subscribers. Their high-speed Coex coverage is currently reaching slightly more than 30% of the

Finnish households. And then, though, it is a smaller part of the total business revenues around

18 million, 2018 numbers, of the total of EUR 912 million revenues, DNA have the number one

position on cable TV with around 85% household coverage.

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Moving to slide nine. In recent years, DNA has delivered strong mobile service revenue growth,

9% in 2017 and similar numbers, 8% in 2018. This has been achieved by a combination of the

best-in-class network infrastructure, competitive price offerings, and high customer satisfaction.

This is a more nuanced picture due to significant growth in mobile broadband, and also, as in

other Nordic countries, declining fixed voice. In combination with their cost-efficient effectiveness

ambition, they have improved their EBITDA margin by three percentage points over the last two

years.

They have maintained Capex at reasonable levels while improving 4G capacity, whereby seeing

significant improvements in operating cash flow. A strong spectrum portfolio, fully invested 4G

network, makes DNA’s networks the fastest network in Finland supporting, what we believe is a

solid value proposition and customer experience.

If we all go to slide ten. As I’ve already been alluding to, DNA has had a strong market

performance for several years, steadily increasing their market shares year by year, and

improving a net promoter score, their NPS. With their capabilities, we believe there is still growth

to capture and opportunities to further improve their position. For the B2C customers, there's still

a significant part of the base in Finland which has not yet transitioned to 4G services. This

transition usually gives them ARPU uplift of a couple of euro’s, and we'll continue to support their

growth going forward.

All right then, if you see the graphs on the right-hand side, this is where we believe there is a

significant opportunity to leverage on the strong B2B capabilities that we have in Telenor, and not

at least in Telenor, Norway. In Norway, we are constantly becoming more and more advanced in

our service offerings in this segment as customised services and solutions are increasingly

something large contracts expect when we are in negotiations. We believed that advanced

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capabilities we have in Norway on these type of contracts will be a strong lever for DNA, which

can enable further growth.

On page 11, we talk about this being a valued treated transaction for Telenor. From the first day

of the transaction, we believe this will be value accretive for the Group. The EPS will increase by

around 4% on a pro forma basis, with that 54% stake, or even higher with additional shares after

the mandatory tender offer. It will also support our dividend policy. We estimate that Telenor’s

scale and capabilities will give cost synergies, OPEX and Capex of around NOK 200 million in the

yearly run-rate, primarily through procurement and roaming efficiencies. In addition, as

mentioned on the previous slide, we believe there is a potential to leverage Telenor’s advanced

B2B capabilities to enable further growth opportunities.

The acquisition price, as I said, represents what we believe is a moderate premium of 21%

compared to the VAT[?] the last 90 days or 7% to the closing price yesterday. We believe, on one

side, that this gives the seller a full and fair price and on the other side, allowing Telenor to benefit

from longer-term synergies and growth opportunities.

So, then, on page 12. What will happen next? The Board of Directors in both selling companies

have unanimously recommended their agreements and have summoned for shareholder

meetings to be held on 6 May. After approval by the EGM’s in these two companies, we will then

go through review and approval processes as normal. We expect the agreement to be completed

during third quarter 2019. Once completed, it will trigger a mandatory offer for the remaining

shares in the company. Telenor intends, should the minority shareholders prefer so, to keep DNA

as a listed company on the Helsinki Stock Exchange.

To summarise, the transaction with ASA Telenor taking a controlling stake of 54% in the listed

Finnish operated DNA. Today’s transaction consolidates our position in the Nordics. We see it as

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another step in executing on our strategic agenda, focusing on modernisation as well as value

creation within core telecon in the Nordics and Asia while making sure we continue to deliver on

the company's priorities and the shareholder remuneration policy.

DNA, we see it as a quality asset in an attractive and growing market where we believe we can

both create synergies from leveraging Telenor’s scale in procurement and roaming, but also

support the company to develop their B2B capabilities to enable further growth. For Telenor, as I

said, this will be accretive to both net income and free cash flow from transaction date. Before

the mandatory offer, this transaction will increase net debt to EBITDA by 0.3 giving pro forma

2018 numbers of 1.3x. And that was my comments and I will open up for Q&A’s. Moderator?

Okay, are there any questions?

Operator: Hi there. There’s a few questions on the line. Would you like to take the questions?

Jørgen Rostrup: Yes, please, go ahead.

Operator: All right. We’ll take the first question from Terrence Tsui from Morgan Stanley. The line is

open. Please go ahead.

Terrence Tsui: Hi everyone. Good morning. It’s Terrence here from Morgan Stanley. I had a couple

of questions. So, first of all, why now? Just give us an idea of why are you taking the decision

today, or fairly recently to make this acquisition? And related to that, are you worried that maybe

Finland in the mobile market is showing signs of potentially slowing down a little bit? DNA’s

revenue growth last year was very strong. It's probably unlikely to be as strong in 2019. And

then secondly, I had a question around your thoughts around convergence in Scandinavia.

Obviously, fixed-to-mobile convergence is quite important for you in Norway and Sweden. How

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do you feel about it in Finland? And I'm just wondering whether having a coaxial network that

only covers 30% of households is sufficient for the future? Thank you.

Jørgen Rostrup: Yes, thanks a lot. Let me just – before I answer those questions, say that on the

summary slide it says net debt to EBITDA increasing by 0.4 to 1.3x. It's supposed to be 1.4x.

From 4 to 1.3, sorry. Sorry. The slide is correct, what I said was wrong. 0.4 to 1.3. The slide is

correct. Sorry for that.

Well, Terrence, why do we do it now? We have followed the case for some time, and this has

been a good time for us to do it. And probably – you have to ask them, a good time for the

sellers to do it. We have carried out a lot of other things in our strategy announced in 2017 and

we felt this was a good time to see if we could consolidate Nordics. And then it takes two to

tango. So, I guess that's why not,

We are not particularly nervous about the market in 2019. We see, as I said in the presentation,

that there is still a significant opportunity to migrate people from 3G to 4G. And, as we all know,

further on, also, to 5G. This allows us to see, also, the 5G development, holistically, in the Nordic

countries and we believe Finland, with its capabilities, it’s high data use; record high data use will

also be a good market and a good place to gradually develop the 5G position.

Convergence, yes. There might be a convergence play taking place in some markets, including

some markets in Scandinavia, Nordics. We are well-positioned, in general, to play a convergent

play. We are refining that further by several actions in Norway. Now, also some setting in old

technology and thereby indirectly moving us to a convergent play. We don't see Finland,

necessarily, developing the same way. It has a very strong mobile position. Strong networks,

handling significant data volumes today, and we predominantly see it as a mobile market. Next

question.

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Operator: Thank you, Terrence. I’ll just take the next question from Peter Nielsen from Abg. The

line is open. Please go ahead.

Peter Nielsen: Thank you very much. Just a couple of questions please, Jørgen. Can you give us any

further insight on what's been the driving factor behind this process? It sounds a bit like, perhaps,

it's been the selling shareholders that have approached you. I don’t know if there’s anything you

can add to that. Also, by the sound of things, you haven’t had any direct contact with the DNA

Board. Is that correctly understood? And also just, lastly, you talk about, perhaps, an increased

commitment to the Nordic region boost, the exit from your European operations and a focus on

Asia and the Nordics. Is that also to be read, Jørgen, implicitly, as a commitment to the Danish

market given that you now, obviously, target to deepen Nordic. Thank you very much.

Jørgen Rostrup: Thanks a lot. So, let me first comment on the process with the selling parties and

with DNA. We have not had any contact with DNA, prior to the deal announcement, simply

because this has not been a deal with DNA, it's been a deal with two selling parties. And we

have tried to be a structured and handle that in a good way. I would still say that we regard this

as a friendly acquisition and a friendly – I hesitate to use the word takeover but acquiring 54%.

We are replacing two financial investors. And we will have one ambition only and that is to

continue to develop DNA to the best for DNA, and for Telenor, and for minority shareholders. We

are obviously coming with an MTO. We will pick up all the shares that the minority shareholders

want to offer us. And we will respect all those shareholders that will remain in the company.

Remember that we have a fairly successfully, I believe, already today in the portfolio, three

companies which are listed and which we are daily balancing with being involved in operations on

one hand and, obviously, respecting the minority shareholders the way we should as a listed

company. I don't want to go more in detail about the dialogues and who started and who came in

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second and third, etc., with the sellers. It's been, obviously, dialogue that has taken some time

and it’s been a fruitful and good dialogue.

Then, you asked about Denmark, I guess. This is maintaining and confirming the strategy we

have had since 2017, and included in that strategy is to run every country, including Denmark, in

a good, efficient and developing way. And I'm very pleased and impressed to see that the

improvements made by management, in Denmark, now reaching cash flow generation around

half a billion NOK which is kind of an ambition we had. I wouldn’t call it target, but ambition we

had. And from that point of view we like Denmark, and Telenor Denmark, very much in our

portfolio. So this is not changing anything in that respect.

Let me, also, finally, say that having this somewhat pragmatic and what we regard as a friendly,

but also value-creating approach to the company, includes also giving DNA management a

continued strong hand over their business. Telenor is very impressed by the DNA management.

They have created fantastic values and they seem to be very capable. And we will just make

sure we are supporting them going forward in the best way possible. Thank you.

Peter Nielsen: Thank you.

Operator: Thank you, Peter. We’ll take the next question from Nick Lyall from Societe Generale.

Nick Lyall: Yes, morning, everybody. It’s Nick from So Gen. Can I just ask two, please, Jørgen?

Firstly, just on the structure. It’s a little bit strange in a sense. Could you just describe whether

not having 100% would restrict you from doing anything? What would you gain by reaching

100% in terms of process, if anything, please? And secondly, on the B2B side. That sounds like

it's not included in the NOK 200 million of synergies. So could you, maybe, just discuss a little bit

what you might be able to do with some of your Norwegian or Swedish products, for example.

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And what might be the potential for synergies for revenue synergies there as well? Thanks very

much.

Jørgen Rostrup: Thanks, Nick, for those questions. So, first of all, there is nothing mysterious about

our approach to what position we will hold. It was important for us to get more than 50% of the

company. After that, we will take what we get in the further process in a very calm and relaxed

way. We think this is a full and fair price of the company. We also think that we, in this way, are

creating from the shareholders – the 50[?] shareholders of DNA’s point of view as unique exit

opportunity, while we are at the same time, are securing the company, hopefully, a strong and

highly-committed new owner to further develop the company. So, on one side it's a full and fair

price, it’s a good exit opportunity. At the same, it should allow Telenor, as I said in my

presentation, to benefit from long-term synergies and growth opportunities. If we are getting

towards a 100, we will, of course, eventually, consolidate it fully and run it from there. If we get

the smaller position, we will run this as we are running all listed companies, but, basically, which

is in our DNA, in general, namely to run it with a strong local management team with a lot of

power and influence on how they run business, based on a set of agreed principles and good

execution.

Then to the B2B. So I believe that – I will not give you any numbers, okay. You are right. We

have not included this in the synergy numbers that we indicated. This is, of course, a topic which

we really enjoy talking much closer to DNA management about. And first of all, hear their views

on it and how they want to run it. And if you just see some of the slides that I showed you, you

will see there is an imbalance between the position in B2B and B2C, and their results are a much

smaller, DNA position, compared to their competitors in the B2B market. We think we have a

very interesting product suites in the B2B space. We think this is one of our – at least

Scandinavia core competencies. And we believe DNA should over time be able to gain a fair

share of this market. But remember, also, that DNA has probably –and I’m eager to hear their

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comments on that when, and if we get there – they have started as a consumer champion.

Really fighting and delivering excellent services to the B2C market. So, maybe, we can offer

them a supporting hand to transition into, also, a stronger B2B position. Thank you.

Nick Lyall: Thank you.

Operator: All right. Thank you, Nick. I’ll now go to Ulrich Rathe from Jefferies. Your line is open –

Ulrich Rathe: Yes, thank you. It’s Ulrich, Jefferies. I have two questions in particular. The first one

would be, just from the outside and beyond this statements you're making on B2B. Where would

you see a rule to change the operating strategy of DNA at this point? And, the second question I

have is, the synergy potential you're highlighting at a cost level are relatively limited, and you're

buying an asset for 19x cash flow and highlighting the strategic agenda. So I suppose, one fair

question would be to what extent you could realise these relatively limited synergies through

partnerships instead? Through a partnership with DNA, for example, rather than, sort of putting

the cash up and taking control at what looks like a relatively full evaluation? I’m interested in your

view on that. Thank you.

Jørgen Rostrup: Yes, so I do not plan to further into our views and plans on how we want to – what

kind of a starting point we have on operational agenda and the way they are running the

company. As I said, we believe they are running a very interesting company in a good market,

and we will start that dialogue with DNA based on our total set of analysis when time is ready for

that. And I also think it's fair that the DNA management and DNA Board are the first to participate

in that conversation and not here over a conference call today. But we are looking forward to that

discussion. And we also think that they can actually add to Telenor, a way of operating. So,

hopefully, it will be a good mutual exchange.

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Then on the synergies. Yes, it’s a moderate set of synergies that we have pointed to. We haven't

brought in B2B synergies in the numbers. I have explained why. You could probably achieve a

little bit of roaming synergies to a certain extent in a general agreement kind of environment. It

often shows that it is hard to do so. And the OPEX Capex procurement synergies, which we have

also been conservative on, we could not achieve them in a different setup. But, as I said, we

believe that this is a fully priced deal, but a fairly priced deal, allowing us to benefit from longer-

term synergies from the further technological and commercial development in Finland as well as

in the Nordics, in general. And also including some growth opportunities. Thank you.

Next question.

Operator: Thank you for that. Now, we’ll take the next question from Johanna Ahlqvist from SEB.

The lines open. Please go ahead

Johanna Ahlqvist: Hi, Johanna Ahlqvist from SEB. Two quick questions if I may. I was wondering, now

that you have sort of a Pan-Nordic footprint, does this create a new opportunity on the content

side for you? If you could share, sort of, the content strategy going forward? And the second

question relates to the dividend. I know you have a dividend policy, that it should grow year over

year, but given that this is cash flow accretive, should we, sort of, see a new base going forward?

Is that an opportunity or how do you view your dividend going forward? Thank you.

Jørgen Rostrup: Thanks for those questions. On the content side, this is not changing our position on

content. We don't see us as a big acquirer of content, of owning content or developing our own

content. And DNA is not there either. We have found it hard to create value from those kind of

exercises. It appears others are struggling as well. So, we are not changing the strategy on that

side. When it comes to dividend, the base will be the same. That is the previous year dividend

per share, which is the base, and it will remain the same. And we have announced that there will

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be an optic, also, for ‘19, according to our policy. And we believe that policy will you continue

going forward. So, it will be the same. And we’re also, as I said, maintaining the 3% and buy-

back program hopefully, supported by the AGM. So that we can get that started and continuing it

the way we had done the two previous programmes, the two last years.

I believe we have a –

Johanna Ahlqvist: Thank you.

Jørgen Rostrup: Thank you. I believe we have a couple more minutes. So let's see if we can fit in two

or three questions.

Operator: All right. No worries. We'll take the next question from Andrew Lee from Goldman

Sachs. Your line is open. Please go ahead.

Andrew Lee: Yes. Good morning. Thanks for taking the question. Hi again. I just had a question on

trying to gauge the balance of what's going to drive your growth plans between market growth

and price takers as you highlighted on the call, as well as it will contain that share take. So, as

you laid out Finland’s consistently been a rational growth market despite great competition in the

last few quarters, and partly, part of that competition has come from DNA promotions and we’ve

noted Telenor’s typically pretty rational in it's existing Nordic markets. So, I wonder if you could

just, maybe, give us a bit more colour on how you see your route to growth in Finland comparing

the upselling and pricing rationality versus the share take opportunity? And are we right to

assume that you're more focused on share take and B2B than you are on B2C? Thank you.

Jørgen Rostrup: The answer to the latter first, Andrew. We are, obviously, focusing on developing the

market shares in a good way regardless of whether it's B2B or B2C. We just believe – before

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we had talked to the DNA management, that there should be a more obvious opportunity to take

some steps over the next couple of years in the B2B area.

And then I'm hesitating to comment very much on your first question. I think we will – no, I really

hesitate to answer that because it becomes complex, and I think that is a question for DNA in the

future and for Telenor, hopefully, as a shareholder, large shareholder of DNA to comment on that

in the future. But, we typically tried to develop good proposals, good products, good offerings,

and get the fair price in the market for those. And I think I’ll refrain from commenting anything

more.

Andrew Lee: Okay. Thank you.

Speaker: Thanks, Andrew.

Operator: Thank you for that. We’ll take the next question from Roman Arbuzov of JP Morgan.

Please go ahead.

Roman Arbuzov: Good morning. Thank you very much for the opportunity to ask questions. My first

one is just on the efficiency agenda which you're running across the Group. Have you had time

to apply that agenda in the sense of quantifying upsides to DNA? And have you had a chance to

do, maybe, a mini-benchmark in exercise just to understand how you can use the know-how and

the knowledge on the efficiency front that you've developed within the Group over the last couple

of years, how that can be applied to DNA, and what sort of value can you create out of that

beyond the procurement and the roaming synergies that you've mentioned? And just a small

one. I was wondering if you could actually quantify the roaming synergies? And then, the third

one, quickly, would be on just probing deeper into the operational strategy. I appreciate it’s early

days, but maybe you could give us a sense of whether you would want to refocus the company

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more in efficiency and away from growth? It's not that you'll be foregoing growth – Telenor is

clearly a growth-focused company, but efficiency has been dominating the agenda of the Group

for the last couple of years. So will this, do you think, apply to DNA also in a strongest sense

compared to the way they've been running the company previously, do you think? Thank you.

Jørgen Rostrup: Thanks, Roman. I apologise for being a little bit on the mountain tops here again, but

first of all, I do not like to quantify to roaming synergies as such. We have indicated a level for the

combined set of synergies. I think that is as far as we should go now. We are very comfortable

with those numbers and that is where I would like to keep it. Then, on the efficiency for the Group

and taking that to Finland. We have obviously done some calculations and looked into this and

tried to see it from different angles, but again, first of all, we see DNA as a good performer and a

well-runned company. So that is our starting point. Then, we believe, that our take can add

some synergies. We believe that our competence, hopefully, can be too some support. We

believe that they can learn us, teach us a few things and then we will see where we take the

efficiency work going forward.

We are quite pleased with how we have advanced our own efficiency work from the early months

and the first year of 2017. The outcome of that with reduction of 3.5 and 3% for ‘17 and ‘18 of the

total cost base of Telenor. We still believe that we haven't prevented or blocked local revenue

renewal or growth opportunities by this, but we have focused the Group a lot more, which was

needed and which is also beneficial. To the extent that we can do the same because there is an

opportunity to do the same. We will, of course, use our experience together with DNA’s

experience to handle that going forward. But this will have to happen in dialogue with and with

deeper understanding of the DNA situation and what management see are opportunities. We will

definitely continue to develop a growth to support the growth agenda for DNA. As I’ve said, we

believe it is a very interesting Finnish market, and we think it will remain very interesting going

forward.

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Roman Arbuzov: Thank you very much. Thank you.

Jørgen Rostrup: I think we can do one more question and then we have to close down.

Operator: All right. No worries. We'll take the last question from Rickard Hellman from Nordea

Credit Research. The line’s open. Please go ahead.

Rickard Hellman: Hi, Rickard Hellman here, Nordea Credit Research. One question around your

funding in reference to the press release. You mentioned that the transaction will be funded by

existing credit facilities and cash. Is that also true for 100% outcome from Telenor firm[?]?

Jørgen Rostrup: Yes, I would say at the base, it's uncommitted credit facilities and cash, and we are

also very confident that a well rated issuer as Telenor will benefit from strong financial debt

market and handle this situation wherever the number should end. So – but predominantly from

our own resources already established, including uncommitted credit facilities.

Rickard Hellman: Okay. Thank you.

Jørgen Rostrup: Okay, I’d like to thank you all for joining in. It's highly appreciated that you take the

time. Håkon, in investor relations, will obviously be available one at a time for the next 48 hours

on a consecutive basis. So, feel free to get in touch with him. And I’m also looking forward to

follow up this at first quarter discussions, and the road show that we are having at that time. So,

thank you and have a very nice day.

Operator: That concludes today’s conference. Thank you, everyone, for your participation.

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 Telenor ASA - Telenor Update
Công việc thực hiện:
-Thư ký Hội đồng Quản lý Dự án phát triển hoạt động Tín dụng tiêu dùng (HĐQLDA),
- Thành viên Tổ Fintech,
- Trợ lý phó Tổng Giám đốc phụ trách Tín dụng,
- Trực tiếp tham gia xây dựng hoạt động Tín dụng tiêu dùng từ 02/2017; Easycredit ra mắt ngày
01/10/2018,
- Tối ưu hóa hệ thống quy trình quy chế và vận hành Easycredit
- Phối hợp phòng ban lập đề án, xây dựng chiến lược, kế hoạch phát triển, và triển khai sản phẩm cash
loan, thẻ vay, payday loan,
- Phối hợp phòng ban nghiên cứu thị trường, nghiên cứu đối thủ, cải tiến quy trình quy chế về sản phẩm
mới và sản phẩm hiện hữu ,
- Giám sát, lập báo cáo về kết quả hoạt động kinh doanh của Easycredit lên Hội đồng Quản trị, Hội đồng
Quản lý Dự án theo chiến lược kinh doanh đã được phê duyệt,
- Phối hợp các phòng ban để trình HĐQLDA về Hợp tác giữa Easycredit với các đối tác viễn thông, Zalo,
Viber, Fintech,... để phát triển sản phẩm mới và khách hàng,
- Phụ trách hợp tác với đối tác Fintech trong phòng chống rủi ro, gian lận, eKYC,
- Thực hiện các công việc khác khi lãnh đạo yêu cầu.
Thành tưu:
- Easycredit ra mắt ngày 01/10/2018, doanh thu tăng nhanh, quy mô mở rộng nhanh,
- Easycrdit vận hành ổn định, hệ thống được tinh chỉnh hiệu quả cao,
- Hệ thống CNTT được tối ưu hóa, giải pháp Fintech được áp dụng mạnh,
- Chi phí Quản lý rủi ro, chống gian lận giảm mạnh do sử dụng giải pháp Fintech,
- Đã hợp tác chiến lược với nhà mạng, zalo để phát triển sản phẩm cho vay mới,
- Đã triển khai dự án Điện mặt trời áp mái.

Dear rostec team,

Currently, more and more proposal to buy Equipments from NATO in Vietnam because of Hidden
reasons. Exp: SIGMA 9814 (Damen), Scorpene class submarine,...
Although there is the difference between Rusia system and NATO system but they are still integrated by
any ways.
In the long term, it may not be good for Rostec. By our relationship, our understanding and local
advantages of TT-Group, we can cooperate base on the Win-Win cooperation.
So I would like to formally propose the first meeting.
Please let me know your expectation and your demand

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