The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Titus Krahn - BofA Securities, Research Division - Analyst
: Thanks a lot for hosting the call and for the information. My main first question would just be a bit of a follow-up on your comments around a bit
more cautious CapEx spending going forward just because it sounds a bit different to what your Swedish peer competitor/partner had announced
on Tuesday. Can you comment in any way around any CapEx inflation that you see and on your thoughts around being a bit more prudent and
maybe pushing out some of the 5G upgrade over the next years?
Question: Titus Krahn - BofA Securities, Research Division - Analyst
: Okay. That's very helpful and very interesting for you and, I guess, for the sector as well. And maybe then a very, very brief follow-up question just
because you haven't mentioned it at all in the presentation on your mobile infrastructure across the Nordics, just given that you do kind of have
reached your leverage target, at least for the quarter, but you're confident to go back into the 1.8 to 2.3x range. Do you look at your Nordic towers
and potential monetization differently and given that leverage situation? Or would you rather say, in the current macro environment, it would be
more prudent to maybe keep onto the infrastructure for some time?
Question: Andreas Joelsson - Danske Bank A/S, Research Division - Analyst
: Yes. Just on back of what you said, Sigve, on the value-added services and the upsell in Norway. I'm just curious of where you see -- if we look longer
term, the main growth drivers for further service revenue growth, if it's additional price increases, additional upsell within the existing subscriber
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JULY 20, 2023 / 7:00AM, TEL.OL - Q2 2023 Telenor ASA Earnings Call
base or actually also taking market share on back of your strong networks, and so to say. So just curious on how you see the -- which of these are
the main driver for additional service revenue growth?
Question: Usman Ghazi - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I was just wondering if you could remind us of the Huawei situation in the rest of your Nordic portfolio, obviously, you've finished it in Sweden
right now, you have ripen replacement at the fine time line. But could this become an issue in some of your other markets? Just any clarification
on that would be helpful. And if I could, just on -- I had a kind of a housekeeping question on the Infrastructure side of the business. In the report,
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JULY 20, 2023 / 7:00AM, TEL.OL - Q2 2023 Telenor ASA Earnings Call
you say that external leasing revenues were up 10%, but if I look at the mobile site build and the site tenancy growth, that's flat basically. So where
is this 10% kind of growth coming from? Is it just energy pass-through? Or is it something else?
Question: Usman Ghazi - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I see. Can I ask a follow-up, perhaps. I guess there is some speculation that when the new EU parliament is elected next year, that they might legislate
for a rip and replace in a more defined time line than currently is the case where the number of states kind of have defined their own policy. In the
event that there is a more defined rip and replace across the EU that forces you to replace Chinese equipment sooner than you expect, would you
-- how much flexibility do you have then to kind of continue to delay the 5G rollout in order to take onboard that headwind without listing your
CapEx guidance, please?
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