Growth Profitability and Financial Ratios for Telenor ASA

Financials
2004-12 2005-12 2006-12 2007-12 2008-12 2009-12
Revenue NOK Mil
61,771 68,838 91,077 92,473 97,194 97,650
Gross Margin %
58.3
75.3
75.2
71.9
72.9
74.2
Operating Income NOK Mil
6,653 11,693 17,708 14,985 15,182 13,321
Operating Margin %
10.8
17
19.4
16.2
15.6
13.6
Net Income NOK Mil
5,400
9,117 15,920 18,016 13,065
8,653
Earnings Per Share NOK
3.07
4.45
9.44
10.71
7.82
5.22
Dividends NOK
Payout Ratio %
Shares Mil
1,749
1,712
1,687
1,682
1,670
1,658
Book Value Per Share USD
7.91
Operating Cash Flow NOK Mil
19,137 22,314 30,641 23,696 25,629 30,622
Cap Spending NOK Mil
-18,030 -14,195 -19,224 -19,063 -17,465 -13,014
Free Cash Flow NOK Mil
1,107
8,119 11,417
4,633
8,164 17,608
Free Cash Flow Per Share USD
1.83
Working Capital NOK Mil
-5,436 -11,343 -11,925 -8,830 -15,823 -8,330
Key Ratios -> Profitability
Margins % of Sales
Revenue
COGS
Gross Margin
SG&A
R&D
Other
Operating Margin
Net Int Inc & Other
EBT Margin
Profitability
Tax Rate %
Net Margin %
Asset Turnover (Average)
Return on Assets %
Financial Leverage (Average)
Return on Equity %
Return on Invested Capital %
Interest Coverage

2004-12 2005-12 2006-12 2007-12 2008-12 2009-12

100
100
100
100
100
100
41.65
24.68
24.82
28.08
27.12
25.83
58.35
75.32
75.18
71.92
72.88
74.17
24.26
40.39
12.89
13.49
13.79
13.78
23.32
10.77
3.66
14.43

17.95
16.99
1.28
18.27

42.85
19.44
4.19
23.64

42.23
16.2
5.39
21.6

43.48
15.62
3.93
19.55

46.74
13.64
1.52
15.16

2004-12 2005-12 2006-12 2007-12 2008-12 2009-12

25.38
27.4
14.62
10.86
22.06
28.98
8.74
13.24
17.48
19.48
13.44
8.86
0.71
0.65
0.67
0.6
0.56
0.55
6.17
8.56
11.68
11.65
7.51
4.9
2.34
2.68
2.56
2.34
2.31
2.19
14.36
21.65
30.52
28.42
17.45
11.03
10.41
13.93
18.35
17.96
12.02
8.24
10.34
8.42
7.21
6.49

Key Ratios -> Growth

2004-12 2005-12 2006-12 2007-12 2008-12 2009-12
Revenue %
Year over Year
3-Year Average
5-Year Average

15.96
10.36
16.42

11.44
12.2
13.48

32.31
19.58
14.66

1.53
14.4
13.67

5.11
12.19
12.78

0.47
2.35
9.59

10-Year Average
Operating Income %
Year over Year
3-Year Average
5-Year Average
10-Year Average
Net Income %
Year over Year
3-Year Average
5-Year Average
10-Year Average
EPS %
Year over Year
3-Year Average
5-Year Average
10-Year Average

12.95
-12.25
-1.91
16.42

75.77

18.05
-8.58
24.63

68.84

19.27
-8.3
19.09

44.9

34.58

53.44

42.5

51.44
32.68
20.23

-15.38
31.09

1.31
9.09
14.9

-12.26
-9.05
14.9
15.66

74.61
51.54
17.63

13.17
49.43

-27.48
12.74
23.36

-33.77
-18.39
9.89
17.03

112.05
54.18
18.83

13.45
51.63

-26.98
20.66
24.87

-33.25
-17.92
11.18
15.07

Key Ratios -> Cash Flow

Cash Flow Ratios
Operating Cash Flow Growth % YOY
Free Cash Flow Growth % YOY
Cap Ex as a % of Sales
Free Cash Flow/Sales %
Free Cash Flow/Net Income

2004-12 2005-12 2006-12 2007-12 2008-12 2009-12

39.52
16.6
37.32 -22.67
8.16
19.48
-84.55 633.61
40.62 -59.42
76.21 115.68
29.19
20.62
21.11
20.61
17.97
13.33
1.79
11.79
12.54
5.01
8.4
18.03
0.2
0.89
0.72
0.26
0.62
2.03

Key Ratios -> Financial Health

Balance Sheet Items (in %)
Cash & Short-Term Investments
Accounts Receivable
Inventory
Other Current Assets
Total Current Assets
Net PP&E
Intangibles
Other Long-Term Assets
Total Assets
Accounts Payable
Short-Term Debt
Taxes Payable
Accrued Liabilities
Other Short-Term Liabilities
Total Current Liabilities
Long-Term Debt
Other Long-Term Liabilities
Total Liabilities
Total Stockholders' Equity
Total Liabilities & Equity

2004-12 2005-12 2006-12 2007-12 2008-12 2009-12

6.78
5.87
3.88
4.81
5.34
7.48
11.54
7.13
11.42
12.36
11.17
10.52
0.68
0.56
0.71
1.14
0.73
0.53
7.14
1.43
0.02
0.06
0.24
19
20.7
17.43
18.33
17.3
18.78
42.77
35.34
31.06
30.45
31.93
33.49
26.07
33.72
39.03
34.91
34.93
34.33
12.17
10.25
12.47
16.31
15.84
13.41
100
100
100
100
100
100
4.32
4.99
15.32
16.68
15.32
16.48
4.53
9.57
7.72
5.05
9.06
4.47
1.36
1.66
0.91
2.16
4.93
4.97
11.34
10.29
1.07
0.43
0.46
0.68
25.12
29.83
25.47
23.82
25.75
23.79
23.39
21.82
27.1
25.37
22.12
20.28
8.82
11.06
8.34
8.04
8.89
10.16
57.33
62.7
60.91
57.22
56.75
54.24
42.67
37.3
39.09
42.78
43.25
45.76
100
100
100
100
100
100

Liquidity/Financial Health
Current Ratio
Quick Ratio
Financial Leverage
Debt/Equity

2004-12 2005-12 2006-12 2007-12 2008-12 2009-12

0.76
0.69
0.68
0.77
0.67
0.79
0.73
0.44
0.6
0.72
0.64
0.76
2.34
2.68
2.56
2.34
2.31
2.19
0.55
0.58
0.69
0.59
0.51
0.44

Key Ratios -> Efficiency Ratios

Efficiency
Days Sales Outstanding
Days Inventory
Payables Period
Cash Conversion Cycle
Receivables Turnover
Inventory Turnover
Fixed Assets Turnover
Asset Turnover

2004-12 2005-12 2006-12 2007-12 2008-12 2009-12

47.08
47.74
49.48
72.62
76.57
71.73
7.86
13.93
14.11
20.25
22.05
16.21
53.89 107.88 233.56 348.31 384.34 405.45
1.05
-46.2 -169.98 -255.44 -285.71 -317.51
7.75
7.64
7.38
5.03
4.77
5.09
46.41
26.2
25.87
18.03
16.55
22.51
1.67
1.68
2.02
1.95
1.79
1.69
0.71
0.65
0.67
0.6
0.56
0.55

2010-12 2011-12 2012-12 2013-12 TTM

94,843 98,516 101,718 104,027
106,882
72.3
72
71.3
72.6
73.1
12,500 10,393
9,662 21,327
25,084
13.2
10.5
9.5
20.5
23.5
14,334
7,165 10,067
8,748
7,893
8.67
4.44
6.42
5.74
5.25
4.5
7
78.5
133.5
1,652
1,615
1,567
1,525
9.16
9.14
8.77
8.39
7.37
26,465 27,093 24,002 36,990
34,172
-13,422 -13,261 -16,892 -15,612
-20,055
13,043 13,832
7,110 21,378
14,117
1.34
1.43
0.81
2.3
-10,754 -13,272 -13,992 -9,532

2010-12 2011-12 2012-12 2013-12 TTM

100
100
100
100
100
27.67
27.96
28.69
27.37
26.93
72.33
72.04
71.31
72.63
73.07
11.44
10.98
47.71
13.18
8.12
21.3

50.52
10.55
2.21
12.76

61.81
9.5
2.32
11.82

53.31
20.5
-3.37
17.13

53.16
23.47
-6.57
16.9

2010-12 2011-12 2012-12 2013-12 TTM

24.66
42.61
14.43
31.98
34.19
15.11
7.27
9.9
8.41
7.38
0.56
0.58
0.61
0.59
0.6
8.46
4.23
6
4.99
4.41
1.97
1.98
2.19
2.35
2.58
17.5
8.34
12.49
11.34
10.9
13.01
7.14
8.86
7.08
6.4
12.07
6.7

2010-12 2011-12 2012-12 2013-12 Latest Qtr

-2.87
0.85
6.62

3.87
0.45
1.58

3.25
1.37
1.92

2.27
3.13
1.37

4.1

9.99

7.92

7.64

6.92

-6.16
-5.87
1.34
16.78

-16.86
-11.87
-10.11
3.96

-7.03
-10.15
-8.4

120.73
19.49
7.03
10.9

65.65
-7.34
9.47
29.6

-50.01
-18.15
-14.76
0.14

40.5
5.17
-10.99

-13.1
-15.18
-7.71
6.7

66.09
-6.8
14.26
27.6

-48.79
-17.19
-14
1.09

44.59
7.14
-9.73

-10.59
-12.84
-6
8.34

5.83

-27.36

2010-12 2011-12 2012-12 2013-12 TTM

-13.58
2.37 -11.41
54.11
-25.93
6.05
-48.6 200.68
14.15
13.46
16.61
15.01
18.76
13.75
14.04
6.99
20.55
13.21
0.91
1.93
0.71
2.44
1.79

2010-12 2011-12 2012-12 2013-12 Latest Qtr

8.42
9.34
6.12
7.19
7.11
9.52
10.55
10.75
0.64
0.6
0.71
0.88
0.74
0.05
0.14
0.1
11.18
10.6
18.65
20.63
17.68
19.25
18.45
30.66
29.83
25.74
27.38
28.65
29.8
26.4
27.46
29.68
31.35
20.89
23.14
29.12
23.69
21.55
100
100
100
100
100
16.12
18.46
16.55
5.58
7.23
6.45
4.83
7.39
2.62
2.33
2.18
1.42
1.34
0.55
24.87
15.53
8.73
49.13
50.87
100

0.59
28.61
14.92
5.98
49.51
50.49
100

0.75
25.94
24.27
4.19
54.4
45.6
100

18.26
24.51
28.18
4.74
57.43
42.57
100

18.2
26.93
29.87
4.45
61.26
38.74
100

2010-12 2011-12 2012-12 2013-12 Latest Qtr

0.75
0.72
0.68
0.79
0.69
0.72
0.7
0.61
0.71
0.64
1.97
1.98
2.19
2.35
2.58
0.31
0.3
0.53
0.67
0.77

2010-12 2011-12 2012-12 2013-12 TTM

65.27
62.99
64.17
66.51
65.04
13.89
13.95
13.69
17.85
15.92
383.99 388.02
367.3 382.96
393.43
-304.83 -311.08 -289.44 -298.6
-312.47
5.59
5.79
5.69
5.49
5.61
26.28
26.17
26.65
20.44
22.93
1.75
1.92
2.18
2.23
2.2
0.56
0.58
0.61
0.59
0.6

* All
numbers
are in
millions
except for
per share
data and
ratio. All
numbers
are in their
own
currency.
Telenor
ASA
Annual
Data
4-Dec

5-Dec

6-Dec

7-Dec

8-Dec

9-Dec

X1

-0.0612

-0.0913

-0.0804

-0.0549

-0.0845

-0.0502

X2

0.1468

0.2075

0.3034

0.3002

X3

0.083

0.088

0.1295

0.1074

0.0852

0.0729

X4

X5

0.6959

0.5541

0.6138

0.575

0.5193

0.5881

Z-score

0.9

0.94

1.24

1.29

1.12

0.77

Zones

DistressZones

DistressZones

DistressZones

DistressZones

DistressZones

DistressZones

12-Mar

12-Jun

12-Sep

12-Dec

13-Mar

13-Jun

X1

-0.0511

-0.0826

-0.0974

-0.0826

-0.0705

-0.0506

X2

X3

0.0319

0.0108

0.0186

0.0494

0.0908

0.1053

X4

2.1121

1.6488

1.9597

1.8805

2.2135

1.8051

X5

0.618

0.6181

0.6058

0.5785

0.5925

0.5996

Z-score

1.93

1.54

1.73

1.77

2.14

1.97

Zones

Grey Zones

DistressZones

DistressZones

DistressZones

Grey Zones

Grey Zones

Telenor
ASA
Quarterly
Data

10-Dec

11-Dec

12-Dec

13-Dec

-0.0623

-0.0798

-0.0826

-0.0527

0.4569

0.1064

0.0623

0.071

0.0985

1.8523

1.8679

1.8805

2.1284

0.5491

0.5923

0.6006

0.5748

1.94

2.46

1.86

2.11

Grey Zones Grey Zones Grey Zones Grey Zones

13-Sep

13-Dec

14-Mar

14-Jun

-0.0737

-0.0527

-0.0306

-0.0848

0.1034

0.1024

0.1005

0.1028

1.945

2.1284

1.9089

1.9388

0.5712

0.5919

0.571

0.6043

1.99

2.14

2.01

2.01

Grey Zones Grey Zones Grey Zones Grey Zones

2004-12
Payout Ratio %
Book Value Per Share USD
Free Cash Flow NOK Mil
Working Capital NOK Mil
Operating Margin
Asset Turnover (Average)
Return on Assets %
Return on Equity %
Financial Leverage
Days Sales Outstanding
Asset Turnover

1,107
-5,436
10.77
0.71
6.17
14.36
2.34
47.08
0.71

2005-12

8,119
-11,343
16.99
0.65
8.56
21.65
2.68
47.74
0.65

2006-12

11,417
-11,925
19.44
0.67
11.68
30.52
2.56
49.48
0.67

2007-12

4,633
-8,830
16.2
0.6
11.65
28.42
2.34
72.62
0.6

2008-12

8,164
-15,823
15.62
0.56
7.51
17.45
2.31
76.57
0.56

2009-12
7.91
17,608
-8,330
13.64
0.55
4.9
11.03
2.19
71.73
0.55

2010-12
9.16
13,043
-10,754
13.18
0.56
8.46
17.5
1.97
65.27
0.56

2011-12
9.14
13,832
-13,272
10.55
0.58
4.23
8.34
1.98
62.99
0.58

2012-12
8.77
7,110
-13,992
9.5
0.61
6
12.49
2.19
64.17
0.61

2013-12 Latest Qtr

78.5
133.5
8.39
7.37
21,378
14,117
-9,532
20.5
23.47
0.59
0.6
4.99
4.41
11.34
10.9
2.35
2.58
66.51
65.04
0.59
0.6