Swedish telecommunications firm TeliaSonera (OMX: TLSN) reported underwhelming numbers from Q1 2013. Net Sales were down 4.5% compared to last year at 24.5 billion SEK. EBITDA margin stayed firm just below 35%. Net income was nearly flat at 4.5 billion translating to earnings per share of 0.95 SEK (0.11 EUR). Currency effects were rather large. Severe winter and calendar effects existed as well. The company isn't sure what the effect of an earlier Easter had on comparisons
Due to topline pressure, particularly from voice and broadband struggles lead to continued efficiency measures. Not unexpectedly, much of the focus continues to be on ethical issues. The company is starting numerous internal and external projects to look into its practises in the Far East. The company thinks that there were growing pains in fibre installation process but that signs are increasingly pointing to the right call having being made here with fibre offering demand growing strongly.
TeliaSonera is taking a leading role to try to bring North American-esque pricing model of data usage charges to Europe. It will be difficult to manage that in Europe. The first step will be taken in Sweden and the company foresees duplicating that model elsewhere later. The plan is to have flat voice and texting where as mobile data charges come from the amount of data use. One invoice can contain several devices and persons in family accounts. Price competition seems to be toughest in Finland. TeliaSonera also thinks it cannot compete with Tele2 (OMX: TEL2 B) with prices in Norway and needs to have different value proposition.
Acting CEO Per-Arne Blomquist stressed many times that the industry can return to a growth industry once the increased mobile data use can be monetized. Regarding consolidation in Denmark the company thinks that the joint venture with Telenor (OSE: TEL) was a good decision but that he does not see any market consolidation in Denmark due to regulatory concerns. The company would certainly love to see countries such as Sweden and Denmark to have only two companies, but does not foresee Brussels signing off on that.
Given that Yoigo divestment is now seemingly no longer in the agenda since the company said it was not happy with the offers and regulatory difficulties, and dividends from Turkcell (ISE: TCELL, NYSE: TKC) seemingly no closer than before, any extra dividend hope seem lower. The stock is down just over 2% heading into final hour of trading.
Showing posts with label Telenor. Show all posts
Showing posts with label Telenor. Show all posts
Friday, 19 April 2013
Thursday, 11 October 2012
Telenor and Unitech settle
Telenor (OSE: TEL) said its and Unitech Ltd (BOM:507878) have agreed to settle all disputes between them subsequent to a succesfull business transfer and spectrum auction. Further details of the settlement are confidential. Telenor said that Unitech Wireless (Uninor) business is transferred into a new entity controlled by Telenor. Unitech Ltd’s just under 33% stake in Uninor goes to Telenor for “a nominal fee”
The much publicized Indian Supreme Court decision to cancel 2G licenses including those held by Uninor following a corruption scandal led Telenor to seek massive compensation from Unitech Ltd and then a writedown on India assets. Telenor said it is currently planning to partake in upcoming spectrum auctions but will make a definite decision at a later date. Given that a settlement was reached so fast, Telenor is hardly getting anywhere close to what it was demanding, but the market did not seem to think it was going to get that much anyhow. Unitech Ltd, which is mainly involved in contruction industry, popped almost 20% in India on the news.
The much publicized Indian Supreme Court decision to cancel 2G licenses including those held by Uninor following a corruption scandal led Telenor to seek massive compensation from Unitech Ltd and then a writedown on India assets. Telenor said it is currently planning to partake in upcoming spectrum auctions but will make a definite decision at a later date. Given that a settlement was reached so fast, Telenor is hardly getting anywhere close to what it was demanding, but the market did not seem to think it was going to get that much anyhow. Unitech Ltd, which is mainly involved in contruction industry, popped almost 20% in India on the news.
Tuesday, 24 July 2012
Telenor report released
Telenor (OSE: TEL) reported second quarter earnings this morning. Revenue grew by 5% to 25 357 million NOK, EBITDA before other income & expenses topped 8 billion and adjusted operating profit came in close to 4.5 billion. Performance in Europe was uneven, with 22K of subscribers added in Norway, even faster growth in Sweden and Serbia but tough competition and price pressure in Denmark and new tax scheme in Hungary and Montenegro
The operations in India suffering from political backlash following a high-profile corruption case before Telenor was involved continue to sour the mood. There is still no clarity on what will happen in regards to the conditions and timing of the new 2G licenses auction following the sudden cancellation of licenses earlier this year. Telenor is restructuring operations targeting self-financing operations by the end of 2013. Uninor will focus on 9 most profitable circles during this ”challenging” period, suggesting it might only bid for a few licenses.
VimpelCom saga in Russia is still unresolved as well but Telenor is taking a long-term perspective to grow revenues and margins. Excluding Uninor, Telenor expects organic revenue growth above 4%, EBITDA margin of 35-36% and CAPEX. A new multi-billion share buyback programme of up to 3% of shares is being started. Newspaper dn.no writes that analysts had been expecting slightly better profits.
The operations in India suffering from political backlash following a high-profile corruption case before Telenor was involved continue to sour the mood. There is still no clarity on what will happen in regards to the conditions and timing of the new 2G licenses auction following the sudden cancellation of licenses earlier this year. Telenor is restructuring operations targeting self-financing operations by the end of 2013. Uninor will focus on 9 most profitable circles during this ”challenging” period, suggesting it might only bid for a few licenses.
VimpelCom saga in Russia is still unresolved as well but Telenor is taking a long-term perspective to grow revenues and margins. Excluding Uninor, Telenor expects organic revenue growth above 4%, EBITDA margin of 35-36% and CAPEX. A new multi-billion share buyback programme of up to 3% of shares is being started. Newspaper dn.no writes that analysts had been expecting slightly better profits.
Wednesday, 13 June 2012
Indian 2G auction looks to be expensive
Newspaper Dagens Næringsliv writes that comments coming out of India now suggest that the local authorities will aim to maximise revenue and keep high minimum bids in the upcoming 2G license auctions following the cancellation of 122 licenses by the Supreme Court due to the uncovering of foul play in the awarding of the said licenses several years ago in the beginning of the year.
The suggested minimum bids amounting to billions of kroner would likely be too steep for Telenor (OSE: TEL , NASDAQ: TELNF) to pay, particularly in the event that it is unable to carry over existing millions of customers without a gap in between services, although the company has continuously said it views Indian presence as very important. Such an event, the legal implications in what looks like a company being shafted billions by the partner and the authorities will play out over the next several years. Investors seem to treat the original investment, and even the large customer base, as a sunk cost and hardly flinch on the news.
The suggested minimum bids amounting to billions of kroner would likely be too steep for Telenor (OSE: TEL , NASDAQ: TELNF) to pay, particularly in the event that it is unable to carry over existing millions of customers without a gap in between services, although the company has continuously said it views Indian presence as very important. Such an event, the legal implications in what looks like a company being shafted billions by the partner and the authorities will play out over the next several years. Investors seem to treat the original investment, and even the large customer base, as a sunk cost and hardly flinch on the news.
Tuesday, 8 May 2012
Telenor steady after Q1 report
Telenor ASA (OSE: TEL) reported organic revenue growth of 8% and reported growth of about 4% year-on-year to 25.1 billion NOK on Q1 2012. Adjusted EBITDA of 7.7 billion, for over 30% EBITDA margin and adjusted operating profit of 4 billion are also strong than in comparison period. Due to a 3.9 billion impairment from India operations, profit after taxes slides to 583 million (0.37 NOK per share) from 2.8 billion a year ago. Telenor Pakistan was highlighted as an area showing particularly large improvement.
The telecom operator said it is confident that the company has fully complied to applicable laws and regulations pertaining to the recent VimpelCom stake increase that has been challenged by Russian authorities. Telenor is currently excluding India operations (Uninor) from its guidance for reasons known to most. These are given as organic revenue growth above 4% and EBITDA margin before other income and expenses in between 35 and 36% with CAPEX/revenues excluding licenses and spectrum between 10-12%. Investors have reacted mildly positively as the stock continues to show resiliency in the face of individual challenges.
The telecom operator said it is confident that the company has fully complied to applicable laws and regulations pertaining to the recent VimpelCom stake increase that has been challenged by Russian authorities. Telenor is currently excluding India operations (Uninor) from its guidance for reasons known to most. These are given as organic revenue growth above 4% and EBITDA margin before other income and expenses in between 35 and 36% with CAPEX/revenues excluding licenses and spectrum between 10-12%. Investors have reacted mildly positively as the stock continues to show resiliency in the face of individual challenges.
Monday, 30 April 2012
Telenor writes down India operations
Telenor (OSE: TEL) writes in a stock exchange notification, that the company is taking the step to write down all remaining assets in India totalling 3.9 billion NOK in its Q1 2012 accounts due on 8th of May. Following the high profile Supreme Court ruling to cancel 2G licenses and the recent decision of the Telecom Regulatory Authority to re-auction them, Telenor says uncertainty has increased substantially.
What is currently transpiring does not seem acceptable to Telenor. It says it is actively working towards Indian authorities to find a solution that would allow it to continue operations. One thing that it has previously shunned is possible downtime between the cancellation of licenses and the awarding of new ones. The wording of the most recent announcements seems to indicate an increased likelihood that Telenor will exit India altogether.
What is currently transpiring does not seem acceptable to Telenor. It says it is actively working towards Indian authorities to find a solution that would allow it to continue operations. One thing that it has previously shunned is possible downtime between the cancellation of licenses and the awarding of new ones. The wording of the most recent announcements seems to indicate an increased likelihood that Telenor will exit India altogether.
Friday, 20 April 2012
A new twist in Russia
Telenor (OSE: TEL) said it has learned that Russian Federal Antimonopoly Service (FAS) has filed a claim against Telenor and Weather Investments II S.à.r. (Weather) over the arrangement that led to Telenor increasing its stake in mobile operator VimpelCom and subsequently withdrawing the arbitration claim against other owners.
FAS apparently blames Telenor for violations of Russian Strategic Investment Law and wants the Court to invalidate the transaction and thus force Telenor to return the shares to Weather. It seems that all of Telenor’s plans, such as to alter the members of the Board position are at least on halt.
The company says on its release, that it believes it has followed the law and intends to use all available measures to defend itself. Following the transaction Telenor has also increased its stake in VimpelCom further via an arrangement with J.P. Morgan. While it is true that arrangement in this field are often very complex, Telenor seems to be running into problems with its overseas investments all too often. The stock was down 1% on Thursday action.
FAS apparently blames Telenor for violations of Russian Strategic Investment Law and wants the Court to invalidate the transaction and thus force Telenor to return the shares to Weather. It seems that all of Telenor’s plans, such as to alter the members of the Board position are at least on halt.
The company says on its release, that it believes it has followed the law and intends to use all available measures to defend itself. Following the transaction Telenor has also increased its stake in VimpelCom further via an arrangement with J.P. Morgan. While it is true that arrangement in this field are often very complex, Telenor seems to be running into problems with its overseas investments all too often. The stock was down 1% on Thursday action.
Wednesday, 15 February 2012
Telenor seeks massive compensation from Unitech
In the aftermath of the high profile fallout from the Indian telecom corruption scandal that resulted in cancellation of Telenor’s (OSE: TEL) and Unitech Group’s licenses in the country, Telenor is saying that Unitech Ltd. has breached of contract warranties. It says that the legality and validity of the licenses was a term in the subscription agreement and it holds Unitech Ltd. liable for the breach. Unitech agreed in boilerplate form to unconditionally indemnify and hold harmless the Telenor Group.
Telenor therefore seeks compensation for all investment, guarantees and damages caused by the Supreme Court Order. Among other things it has invested around 8.9 billion NOK for the ownership portion in Uninor and is guaranteeing an 8.1 billion short-term debt. As was mentioned before, one Unitech executive is facing trial for the issue. Unitech Ltd's current market cap is near 10 billion NOK.
Telenor wants to continue operations in India and will seek a new partner. It says that Unitech partnership has no future in its view. Earlier today the Times of India wrote that Uninor has added new customers and awaits what comes of the new spectrum auctions but plans to stick around in any case.
Telenor therefore seeks compensation for all investment, guarantees and damages caused by the Supreme Court Order. Among other things it has invested around 8.9 billion NOK for the ownership portion in Uninor and is guaranteeing an 8.1 billion short-term debt. As was mentioned before, one Unitech executive is facing trial for the issue. Unitech Ltd's current market cap is near 10 billion NOK.
Telenor wants to continue operations in India and will seek a new partner. It says that Unitech partnership has no future in its view. Earlier today the Times of India wrote that Uninor has added new customers and awaits what comes of the new spectrum auctions but plans to stick around in any case.
Telenor withdraws VimpelCom arbitration claim
Telenor (OSE: TEL)) has agreed to purchase 234 million preferred VimpelCom shares from Weather Investments II S.a.r.l.(Weather) for 374.4 million USD. This will push Telenor’s voting share up to 36.36% taking into account certain options arrangements pertaining to the remaining 71 million preferred shares that Weather maintains.
Telenor will thus achieve a voting position it was seeking for in an arbitration process launched against Altimo Holdings & Investments Ltd., Altimo Cooperatief U.A. and VimpelCom Ltd to protect against a dilution resulting from cash and shares deal by the Russian mobile operator for telecom assets from an Egyptian businessman.
Telenor had been asking Vimpelcom to issue new shares to maintain the ownership in what it considers a strategic investment. Without the transaction or other solution, Telenor’s ownership voting power would have been just 25% where as Altimo and Weather would have held a majority together. As an example, after the transaction Telenor + minorities have just over 50% of votes. The Norwegian company will seek to extends VimpelCom’s board to 11 members.
Telenor will thus achieve a voting position it was seeking for in an arbitration process launched against Altimo Holdings & Investments Ltd., Altimo Cooperatief U.A. and VimpelCom Ltd to protect against a dilution resulting from cash and shares deal by the Russian mobile operator for telecom assets from an Egyptian businessman.
Telenor had been asking Vimpelcom to issue new shares to maintain the ownership in what it considers a strategic investment. Without the transaction or other solution, Telenor’s ownership voting power would have been just 25% where as Altimo and Weather would have held a majority together. As an example, after the transaction Telenor + minorities have just over 50% of votes. The Norwegian company will seek to extends VimpelCom’s board to 11 members.
Monday, 6 February 2012
TDC tries to stay away from the competition
Danish telecommunications market has been hotly contested and the competition seems to work well with customers being able to switch to lower fixed price plans. Companies are of course not equally pleased and whispers of industry consolidation have been running wild.
The 2nd and third largest teleoperators in Denmark are TeliaSonera (OMX: TLSN) and Telenor (OSE: TEL). They have recently entered network sharing agreements and many experts see inevitable further actions one way or another on that front. TeliaSonera reported an EBITDA margin of under 10% from Danish operations in its Q4 report.
The largest telecommunications company in Denmark is the local incumbent TDC A/S (OMX: TDC). TDC is also active in broadband and pay-tv. The company reported quarterly earnings on Friday. They described fourth quarter and full year 2011 results as solid despite a challenging market sentiment.
Full-year revenue grew by half a percent and fourth quarter was 1.1% above last years’ level (26.3 and 6.66 billion DKK respectively). The company managed to maintain an EBITDA margin of over 40%. TDC said it has not responded to heavy promotion activities from its competitors but still maintained subscriber base on par with Q3 2011. Dividend for 2011 shall be 4.35 DKK, with 2.18 paid on August 10th.
TDC is guiding 2012 revenues in between 26 and 26.5 billion DKK with EBITDA before pension income of 10.3 to 10.5 billion. It currently estimates dividend per share from 2012 (pre buy-back) as per TDC’s dividend policy to grow to 4.5 DKK a share. Majority DPTG and TPSA dispute settlement proceeds will be distributed to shareholders via one-off share buy-back programme. Markets had been expecting slightly higher 2012 guidance and the stock was down by over 1.5% on Friday.
The 2nd and third largest teleoperators in Denmark are TeliaSonera (OMX: TLSN) and Telenor (OSE: TEL). They have recently entered network sharing agreements and many experts see inevitable further actions one way or another on that front. TeliaSonera reported an EBITDA margin of under 10% from Danish operations in its Q4 report.
The largest telecommunications company in Denmark is the local incumbent TDC A/S (OMX: TDC). TDC is also active in broadband and pay-tv. The company reported quarterly earnings on Friday. They described fourth quarter and full year 2011 results as solid despite a challenging market sentiment.
Full-year revenue grew by half a percent and fourth quarter was 1.1% above last years’ level (26.3 and 6.66 billion DKK respectively). The company managed to maintain an EBITDA margin of over 40%. TDC said it has not responded to heavy promotion activities from its competitors but still maintained subscriber base on par with Q3 2011. Dividend for 2011 shall be 4.35 DKK, with 2.18 paid on August 10th.
TDC is guiding 2012 revenues in between 26 and 26.5 billion DKK with EBITDA before pension income of 10.3 to 10.5 billion. It currently estimates dividend per share from 2012 (pre buy-back) as per TDC’s dividend policy to grow to 4.5 DKK a share. Majority DPTG and TPSA dispute settlement proceeds will be distributed to shareholders via one-off share buy-back programme. Markets had been expecting slightly higher 2012 guidance and the stock was down by over 1.5% on Friday.
Friday, 3 February 2012
Supreme Court rules on India’s telecom scandal, Telenor JV set to lose licenses
Indian Supreme Court ruled for cancellation of 122 mobile licenses awarded by the authorities in 2008. This relates to a major corruption scandal where telecommunications ministry allegedly handed out underpriced mobile licenses in exchange for bribes. Time magazine last year billed this scandal number 2 in its ”top 10 abuses of power” -article. Andimithu Raja, who was the minister in charge at the time, is in jail along with several other associates.
One affected party by the Supreme Court’s ruling is Uninor Limited, which is a a joint venture of Norway’s Telenor Group (OSE: TEL, NASDAQ: TELNF) (67.25% majority) and local firm Unitech Group. Uninor was formed when Telenor invested money into Unitech’s (primarily a real estate developer) subsidiary Unitech Wireless, which already held the licenses at the time.
Unitech sold the stake to Telenor for a hefty fee apparently far above what it paid for the licenses (Initial investment for a 60% stake around 7 billion NOK in today’s exchange. In total Telenor has invested more than double that in India). This means that Telenor is not being blamed for the events but should undoubtedly have done its due diligence better.
One Unitech executive is also being charged in the scandal. Unitech Wireless is also one of three companies receiving a fine in the Supreme Court ruling. At the time when Telenor made the acquisition, the parent company Unitech was under some considerable liquidity problems.
Uninor now has its licenses revoked in all of India’s 22 telecom circles. The cancellation shall enter into force in four months and the Government may seek recommendations from Telecom Regulatory Authority of India on reallocation of the licenses, apparently auctioning the licenses anew.
Telenor says it has not had the opportunity to review the ruling and will comment further later on. The company intends to do everything it can to be able to continue operations in India. The ruling is nonetheless very dramatic for Telenor. Further legal battles for related issues might arise and certainly the operations in India are now under considerable risk. Telenor has previously communicated of this potential risk in its filings. Uninor currently has nearly 25 million subscribers and offers services in 13 telecom circles. Telenor’s stock retreated 4.44% in Thursday's trading session.
One affected party by the Supreme Court’s ruling is Uninor Limited, which is a a joint venture of Norway’s Telenor Group (OSE: TEL, NASDAQ: TELNF) (67.25% majority) and local firm Unitech Group. Uninor was formed when Telenor invested money into Unitech’s (primarily a real estate developer) subsidiary Unitech Wireless, which already held the licenses at the time.
Unitech sold the stake to Telenor for a hefty fee apparently far above what it paid for the licenses (Initial investment for a 60% stake around 7 billion NOK in today’s exchange. In total Telenor has invested more than double that in India). This means that Telenor is not being blamed for the events but should undoubtedly have done its due diligence better.
One Unitech executive is also being charged in the scandal. Unitech Wireless is also one of three companies receiving a fine in the Supreme Court ruling. At the time when Telenor made the acquisition, the parent company Unitech was under some considerable liquidity problems.
Uninor now has its licenses revoked in all of India’s 22 telecom circles. The cancellation shall enter into force in four months and the Government may seek recommendations from Telecom Regulatory Authority of India on reallocation of the licenses, apparently auctioning the licenses anew.
Telenor says it has not had the opportunity to review the ruling and will comment further later on. The company intends to do everything it can to be able to continue operations in India. The ruling is nonetheless very dramatic for Telenor. Further legal battles for related issues might arise and certainly the operations in India are now under considerable risk. Telenor has previously communicated of this potential risk in its filings. Uninor currently has nearly 25 million subscribers and offers services in 13 telecom circles. Telenor’s stock retreated 4.44% in Thursday's trading session.
Sunday, 22 January 2012
Norway-Pakistan spy scandal
Monumental gaffe by the now former head of The Norwegian Police Security Service PST Janne Kristiansen might not only be endangering Norway- Pakistan relations and harming local companies with business relationships in Pakistan but could also be making lives of ordinary individuals from Nordic countries harder in there.
Kristiansen, who had already been facing harsh criticism for the agency’s failed intelligence work before the Oslo bombing and Utøya mass murder, slipped during a parliamentary hearing that Norwegian armed forces intelligence service has agents in Pakistan. She was promptly forced to resign and may face further repercussions. Norway of course has NATO-troops in neighbouring Afghanistan, but no agreement to have any intelligence agents in Pakistan.
Today comments from Pakistan’s interior minister suggest that “spies from several Scandinavian countries” have been arrested in the country. Foreign Affairs Ministries in Nordic countries haven’t so far received any information on any detentions. The nearly 40 000 strong well-established Pakistani Norwegians community is also wondering what effect, if any, this matter will have.
Pakistan has been encouraging Norwegian companies to invest more in the country; particularly in oil & gas, communications, agriculture & fisheries and in infrastructure projects and the relations between the two countries have been quite good for a long time already. Telenor Group’s (OSE: TEL) wholly owned subsidiary Telenor Pakistan is the second largest mobile operator in Pakistan.
Kristiansen, who had already been facing harsh criticism for the agency’s failed intelligence work before the Oslo bombing and Utøya mass murder, slipped during a parliamentary hearing that Norwegian armed forces intelligence service has agents in Pakistan. She was promptly forced to resign and may face further repercussions. Norway of course has NATO-troops in neighbouring Afghanistan, but no agreement to have any intelligence agents in Pakistan.
Today comments from Pakistan’s interior minister suggest that “spies from several Scandinavian countries” have been arrested in the country. Foreign Affairs Ministries in Nordic countries haven’t so far received any information on any detentions. The nearly 40 000 strong well-established Pakistani Norwegians community is also wondering what effect, if any, this matter will have.
Pakistan has been encouraging Norwegian companies to invest more in the country; particularly in oil & gas, communications, agriculture & fisheries and in infrastructure projects and the relations between the two countries have been quite good for a long time already. Telenor Group’s (OSE: TEL) wholly owned subsidiary Telenor Pakistan is the second largest mobile operator in Pakistan.
Friday, 22 July 2011
Tele2 to buy Network Norway, set to net half a million customers
Tele2 AB (OMX: TEL2 B) announced it has agreed to buy the majority of shares in Network Norway from Orkla ASA (OSE: ORK) , Hafslund Venture II AS, an investment arm of Hafslund AS (OSE: HNA), and Katalysator Telekom AS. Tele2 will pay around 890 million Swedish kronor for Network Norway shares and warrants held by the three companies, valuing 100 percent of network Norway in the vicinity of 1 700 million on a cash and debt free basis.
Tele2 will make an offer to remaining shareholders on similar terms. In 2007 Network Norway released its own mobile network and established a joint venture mobile network company with Tele2. Network Norway has total mobile customer base approaching 500 000, which will raise Tele2’s customer base in Norway to over 1 million. Tele2 plans to aggressively challenge the local mobile network incumbents Telenor (OSE: TEL) and NetCom.
Network Norway reported revenues of approximately 2 billion and an EBIDA of 22 million for 2010. The acquisition is conditional on regulatory approval and acceptance of the offer from over 90 percent of total outstanding shares in Network Norway.
Tele2 will make an offer to remaining shareholders on similar terms. In 2007 Network Norway released its own mobile network and established a joint venture mobile network company with Tele2. Network Norway has total mobile customer base approaching 500 000, which will raise Tele2’s customer base in Norway to over 1 million. Tele2 plans to aggressively challenge the local mobile network incumbents Telenor (OSE: TEL) and NetCom.
Network Norway reported revenues of approximately 2 billion and an EBIDA of 22 million for 2010. The acquisition is conditional on regulatory approval and acceptance of the offer from over 90 percent of total outstanding shares in Network Norway.
Thursday, 21 July 2011
Solid quarter from Telenor
Telenor Group(OSE: TEL , NASDAQ: TELNF) added almost 8 million mobile subscribers in Q2, most of whom are from Asia. Second quarter EBITDA was 7.5 billion NOK with EBITDA margin at 31 percent. This comes in the middle of the slew or Nordic telecommunications companies numbers from yesterday.
Telenor maintains outlook for 2011 and announces a share buy-back programme for 3% of the outstanding shares. After the 5 billion NOK operating cash flow from Q2, Telenor expects somewhat stronger cash flow than what was guided before and pegs down 2011 CAPEX guidance.
Telenor says that Operational focus is required in VimpelCom. The company aims to become an ultra low-cost operator in India. The reason behind a major network outage in Norway this June has been rectified. The stock is up 1.5% 25 minutes in. Full interim report is here.
Telenor maintains outlook for 2011 and announces a share buy-back programme for 3% of the outstanding shares. After the 5 billion NOK operating cash flow from Q2, Telenor expects somewhat stronger cash flow than what was guided before and pegs down 2011 CAPEX guidance.
Telenor says that Operational focus is required in VimpelCom. The company aims to become an ultra low-cost operator in India. The reason behind a major network outage in Norway this June has been rectified. The stock is up 1.5% 25 minutes in. Full interim report is here.
Tuesday, 12 July 2011
News bulletins
San Franscisco based mutual funds company Dodge & Cox flagged in Nokia (OMX: NOK1V) this morning. Elcoteq (OMX: ELQAV) pushes back the publication of its quarterly report by around a month , presumably to give the last gasp try to solve the company's liquidity crisis a chance. The company also said that François Pauly resigns from board of directors effective immediately.
Purchase to Pay (P2P) software solutions top-dog Basware’s (OMX: BAS1V) latest quarterly report filed last Friday was a disappointment. After a run of positive surprises, investors were expecting faster growth pace. Telecommunications firm Telenor(OSE:TEL , NASDAQ:TELNF) said on the same day that it is buying fibre companies LOS Bynett AS and Bynett Privat AS from Agder Energi for 300 million NOK.
Purchase to Pay (P2P) software solutions top-dog Basware’s (OMX: BAS1V) latest quarterly report filed last Friday was a disappointment. After a run of positive surprises, investors were expecting faster growth pace. Telecommunications firm Telenor(OSE:TEL , NASDAQ:TELNF) said on the same day that it is buying fibre companies LOS Bynett AS and Bynett Privat AS from Agder Energi for 300 million NOK.
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