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: Christer Roth - DNB Markets, Research Division - Analyst
: Thank you for the presentations. It was very useful. A couple of questions, please, for each. Sigve, you seem to have adopted a new approach to
the infrastructure businesses. You talk about monetization. What has driven this change of thought at management and the Board? Is it the reflection
of the pressure -- near-term pressures on cash flow and leverage that is driving this? Or how should we view it?
Secondly, Tone, you outlined cash flow ambitions. You pointedly didn't mention CapEx as far as I could see or hear. Anything on sort of an indicative
CapEx guidance going forward. And then I have a couple of questions for Jorgen, but I'll take that later.
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SEPTEMBER 20, 2022 / 7:00AM, TEL.OL - Telenor ASA Capital Markets Day 2022
Question: Christer Roth - DNB Markets, Research Division - Analyst
: So the 15%...
Question: Titus Krahn - BofA Securities, Research Division - Analyst
: First of all, thanks very much for a very detailed presentation and showing you the medium-term targets. And I just have 2 topics. The first one and
then a follow-up. The first topic on your group leverage profile. So you mentioned already that we saw quite an impact from FX of the last year
with revenue, to some extent, denominated in other currencies than your debt actually. How comfortable do you feel with the current mix of debt
from a currency perspective? Are there opportunities to achieve a closer match to your own currency footprint and maybe then in relation to
potential infrastructure transactions and the mentioned scope per share buyback following a deal?
I know that you have a target range, but could you elaborate a bit on whether they have the specific leverage ratio you would feel most comfortable
with before looking at returning cash to shareholders under such circumstances?
Maybe then if I can quickly follow up with a small question, just on Pakistan because you mentioned the strategic review earlier this year last quarter.
Do you have any specific time line on when you can give us an update on the division on the strategic outlook or it's becoming a lean organization,
the main target for now and for the Pakistan division.
Question: Usman Ghazi - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Usman again from Berenberg. Two questions, please. The free cash flow chart on Page 99, where you're showing the profile 2022 to 2025. Am I
right in understanding that obviously doesn't include a potential where you sell 30% of an equity stake in the fiber in (inaudible). If that was to
happen, and it seems like you're -- there's enough appetite and you're in the process. But if that was to happen, would that free cash flow profile
be weaker in 2023, say, because you get the profile -- you get the proceeds and then you decide to reinvest that within the business? So is there a
deeper dip then in that illustrative free cash flow profile if the fiber transaction happens? So that was the first question.
And then the second question was for Jorgen. You'd mentioned that after the deal with Axiata failed in 2019, you took a lot of lessons. And I would
just be interested, very -- and to hear what were the insights that you took from that transaction and how that influences your view on this potential
for a strategic partnership in Asia going forward?
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