TeliaSonera January-September 2003 - Pro Forma 1)

TeliaSonera January-September 2003 - Pro Forma 1)

Record free cash flow through strong earnings and lower CAPEX

· Net sales for the nine-month period increased 1 percent to SEK 60,718 million (60,034).
· Net income for the nine-month period improved to SEK 4,836 million (-35,898) and earnings per share to SEK 1.03 (-7.68).
· Profit improvements across the Group during the nine-month period generated improved operating income of SEK 9,531 million
(-46,004). Excluding non-recurring items2), operating income improved to SEK 11,274 million (3,842).
· Free cash flow for the nine-month period increased to SEK 14,190 million (5,862).
· Third quarter EBITDA margin excluding non-recurring items increased to 39 percent (34).
· Synergies ahead of schedule. Decisions taken in 2003 are expected to yield annual cost savings of SEK 1,302 million and annual investment savings of SEK 321 million at the end of 2005.
Comments from Anders Igel, President and CEO
"Compared with last year, we have posted a very strong earnings improvement. At the same time, we have merged Telia and Sonera. Based on our strong position, we have now together with a large number of managers and employees developed and agreed upon a new and common direction for TeliaSonera. This direction, which is built on the view that increased simplicity and service for customers are the drivers behind long-term growth, shows the way for transforming TeliaSonera into a genuine service company."
1) Pro forma presentation as if the merger of Telia and Sonera had taken place on January 1, 2002 and excluding Telia's Finnish mobile operations and Swedish cable TV operations.
2) Non-recurring items, see table on page 27.


TeliaSonera's Press Office 46 8 713 58 30
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