Interim Report second Quarter 2015

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1 Interim Report second Quarter

2 Continued strong momentum in mobile services Strong mobile end-user service revenue for the Group In the quarter net sales amounted to SEK 6,611 (6,343) million driven by strong performance in mobile end-user service revenue, which grew by 7 percent and amounted to SEK 3,324 (3,094) million. EBITDA growth in mobile Tele2 Sweden Mobile end-user service revenue in Tele2 Sweden amounted to SEK 1,829 (1,815) million in and mobile EBITDA increased by 8 percent to SEK 843 (777) million, positively impacted by the dual brand strategy development. Customer net intake amounted to 52,000 ( 8,000). Tele2 Netherlands expanded its customer base for the 15 th consecutive quarter Tele2 Netherlands continued the expansion of its mobile customer base for the 15th consecutive quarter by adding 7,000 (27,000) customers reaching a total mobile customer base of 841,000 (768,000). Mobile end-user service revenue amounted to SEK 332 (308) million, growing by 8 percent in. Mobile EBITDA amounted to SEK 71 ( 23) million, still affected HIGHLIGHTS by higher national roaming costs due to rapidly growing data consumption and further investments to build the new MNO organization. Strong customer intake for Tele2 Kazakhstan Customer net intake in Tele2 Kazakhstan continued its positive momentum amounting to 471,000 (213,000) in. Improved quality of the customer intake and increasing data consumption supported the improved top-line development. As a result, mobile end-user service revenue grew by 65 percent (partially due to FX effects) in, amounting to SEK 371 (225) million despite increased competitive pressure. The EBITDA contribution amounted to SEK 9 (3) million. Improved operational scale and lower interconnect levels were off-set by higher acquisition costs and increased network costs as a result of higher net intake and the subsequent voice and data traffic growth. Financial Guidance The guidance provided by Tele2 in connection with the report remains unchanged. Net sales 6,611 EBITDA 1,393 Key Financial Data H1 % % Net sales 6,611 6, ,122 12, Net sales, FX adjusted 6,611 6, ,122 12, Mobile end-user service revenue 3,324 3, ,508 5, EBITDA 1,393 1, ,821 2,832 EBITDA, FX adjusted 1,393 1, ,821 2,885 2 EBIT ,295 1, EBIT excluding one-off items (Note 2) ,380 1,508 8 Net profit , Earnings per share, after dilution (SEK) The figures presented in this report refer to and continuing operations unless otherwise stated. The figures shown in parentheses refer to the comparable periods in. Tele2 Interim Report January June 1 (28)

3 CEO word, The second quarter once again proved that the strategy to become a value champion is the right way forward. Our customer net intake was strong and we experienced a break-through by having the lowest churn in many quarters. Consideration for the Tele2 brand showed that the company is scoring amongst the highest compared to industry peers. Mobile end-user service revenue grew 7 percent in the quarter, and with data consumption surging, the platform from which to grow and continue to monetize on data, is definitely in place. In Sweden, we saw a further increase in demand for mobile data and a strong positive net intake in the quarter. The quarter was characterized of a prepaid to postpaid conversion in the Comviq brand and as expected we saw revenue declines in prepaid and mobile broadband segments due to a lower customer stock compared to the same period last year. Mobile EBITDA contribution grew with 8 percent, mainly driven by the Tele2 brand and lower expansion costs. Tele2.0 has continued to perform well resulting in a positive development of customer satisfaction, leading to both lower churn and higher ASPU. In Netherlands we expanded the coverage area of the new LTE- Advanced 4G-network, reaching 80 percent outdoor population coverage. The pace of transferring existing Tele2 mobile customers onto our new network increased and our residential mobile customer base continued to expand for the 15th consecutive quarter. The surge in data growth coupled with our dependency on an MVNO relationship will however continue to be a drag on EBITDA until full launch. In an effort to improve our fixed broadband business, Tele2 reached an agreement in July with the incumbent enabling us to offer higher fixed broadband speeds and improved services to our customers. Despite the intense competition, Kazakhstan continued the positive momentum in customer net intake of customers, reaching an all-time high customer base, and resulting in a strong mobile end-user service revenue growth compared to last year. Our tariff With loyal customers, high consideration, and the increasing data consumption, Tele2 is in a strong position to continue monetizing on data going forward. plans with bundled voice and data offerings are attracting customers and consideration for Tele2 is constantly growing. We also saw a positive increase in EBITDA compared to last year. The Baltic region and Croatia showed a strong mobile end-user service revenue growth and solid EBITDA contribution in. The network upgrades to LTE/4G in all the Baltic countries are going according to plan and population coverage in Lithuania has now reached more than 80 percent. Croatia s network swap, announced last quarter, is progressing ahead of plan and the first phase is now complete, resulting in improved quality for our customers. The Challenger program, which is expected to reap SEK 1 billion in net savings per year starting from 2018, is on track and we have now kicked off more than 30 initiatives. One of the initiatives initiated is the off-shoring of certain back office administrative tasks in both Finance and Customer operations to Riga and India respectively, allowing us to reduce labor costs, achieve scale synergies and make sustainable process improvements. Being a Challenger defines our actions; we run to succeed, we continuously overcome obstacles in challenging environments, and we learn quickly. Our commercial strategy, Value champion, is yielding results. With loyal customers, high consideration, and the increasing data consumption, Tele2 is in an ever strong position to continue monetizing on data going forward. Mats Granryd President and CEO Tele2 Interim Report January June 2 (28)

4 Financial Overview Tele2 s financial performance is driven by a consistent focus on developing mobile services on own infrastructure, complemented in certain countries by fixed broadband services and business-tobusiness offerings. Mobile net sales, which grew compared to the same period last year, combined with greater efforts to develop mobile services on own infrastructure have had a positive impact on Tele2 s mobile EBITDA. In addition, the Group will concentrate on maximizing the return from fixed-line services. Net customer intake amounted to 540,000 (250,000) in. The customer net intake in mobile services amounted to 563,000 (286,000). This development was mainly driven by positive customer intake in Kazakhstan and Sweden. The fixed broadband customer base decreased by 13,000 ( 9,000) customers in, primarily attributable to Tele2 s operations in the Netherlands, Sweden, and Germany. As expected, the number of fixed telephony customers fell in by 10,000 ( 27,000). On June 30, the total customer base amounted to 14,341,000 (13,439,000). Net sales in amounted to SEK 6,611 (6,343) million. The net sales development was mainly a result of strong usage of mobile data services, leading to a mobile end-user service revenue growth of 7 percent. It was also positively impacted by strong equipment sales in anticipation of our MNO launch in the Netherlands. This positive development was to some extent hampered by negative net sales development within consumer fixed telephony and fixed broadband. EBITDA in amounted to SEK 1,393 (1,470) million, equivalent to an EBITDA margin of 21 (23) percent. EBITDA was negatively impacted by declines in our Fixed operations and the further investments to build the new MNO organization ahead of full scale launch in the Netherlands. Profit before tax in amounted to SEK 463 (1,030) million. The decrease is partly explained by the revaluation of the Kazakhstan put option last year which resulted in a positive one-off in last year of SEK 363 million. Net profit in amounted to SEK 309 (821) million. Reported tax for amounted to SEK 154 ( 209) million. Tax payment affecting cash flow amounted to SEK 104 ( 46) million during the quarter. Deferred tax assets amounted to SEK 2.0 billion at the end of the quarter. Free cash flow in amounted to SEK 268 (274) million affected by a decrease in working capital SEK 404 ( 11) million due to Tele2.0 launch and further investments in the Netherlands. CAPEX in amounted to SEK 1,134 (850) million, driven principally by increased investments in mobile networks in Netherlands, Sweden and Kazakhstan. Net debt amounted to SEK 11,178 (9,268) million on June 30,, or 1.89 times 12-month rolling EBITDA impacted by dividend payment. Tele2 s available liquidity amounted to SEK 8,139 (8,661) million. See Note 3 for further information on financial debt. EBIT in amounted to SEK 664 (790) million excluding oneoff items and SEK 593 (791) million including one-off items. EBIT was affected by a one-off item of SEK 71 million related to the Challenger program (Note 2). Net sales EBITDA / EBITDA margin / Percent 8,000 2, ,000 4,000 2,000 1,500 1, Tele2 Interim Report January June 3 (28)

5 FINANCIAL SUMMARY H1 H1 FY Mobile 1) Net customer intake (thousands) Net sales 5,010 4,629 9,835 9,043 19,075 EBITDA 1,031 1,009 2,053 1,940 4,174 EBIT ,059 1,093 2,405 CAPEX ,438 1,001 2,365 Fixed broadband 1) Net customer intake (thousands) Net sales 980 1,038 2,017 2,080 4,171 EBITDA EBIT CAPEX Fixed telephony 1) Net customer intake (thousands) Net sales ,565 EBITDA EBIT CAPEX Total Net customer intake (thousands) Net sales 6,611 6,343 13,122 12,495 25,955 EBITDA 1,393 1,470 2,821 2,832 5,926 EBIT excluding one-off items (Note 2) ,380 1,508 3,216 EBIT ,295 1,751 3,490 CAPEX 1, ,072 1,559 3,450 EBT 463 1,030 1,138 1,847 3,500 Net profit ,406 2,626 Cash flow from operating activities, continuing operations 744 1,155 1,583 1,862 4,661 Cash flow from operating activities 744 1,306 1,633 1,813 4,578 Free cash flow, continuing operations ,162 Free cash flow ) Excluding one-off items (Note 2) Net sales per service area, Net sales per country, Mobile 76% Fixed broadband 15% Fixed telephony 5% Other 4% Sweden 47% Netherlands 21% Kazhakstan 7% Lithuania 6% Croatia 5% Austria 4% Latvia 3% Germany 3% Estonia 3% Tele2 Interim Report January June 4 (28)

6 Financial guidance The guidance provided by Tele2 AB in connection with remains unchanged, and are for for continuing operations the following: Mobile end-user service revenue growth of mid-single digits. Net revenue of between SEK 25.5 and 26.5 billion. EBITDA of between SEK 5.8 and 6.0 billion. CAPEX level of between SEK 3.8 and 4.0 billion. Tele2 expects the restructuring costs to be around SEK 200 million in The Challenger Program in. These will be treated as one-off items, and therefore excluded from the EBITDA guidance indicated above. The Challenger program A group-wide program focused on increasing productivity was launched in previous quarter. The program will build over 3 years and is expected to reap full benefits of SEK 1 billion per annum starting in The investment required will be SEK 1 billion, phased over 3 years. All program investments are, and will be, reported as one-off items, affecting EBIT. Shareholder remuneration Tele2 has adopted a progressive ordinary dividend policy which aims to deliver 10 percent growth per annum in the coming 3 years. Authorization to pay extraordinary dividends will be sought when the company has excess capital. Pursuant to the approval received at the AGM, Tele2 has the authorization to repurchase up to 10 percent of its share capital. Balance sheet Tele2 believes the financial leverage should be in line with both the industry and the markets in which it operates and reflect the status of its operations, future strategic opportunities and obligations. This would imply a target net debt to EBITDA ratio of x over the medium term. Tele2 Interim Report January June 5 (28)

7 Overview by country FX-adjusted figures Net sales less exchange rate fluctuations * Growth YTD YTD* Growth Sweden 3,101 3,111 6,231 6,132 2% Netherlands 1,390 1,355 3% 2,792 2,753 1% Kazakhstan % % Croatia % % Lithuania % % Latvia % Estonia % % Austria % % Germany % % Other % % Continued operations 6,611 6,504 2% 13,122 12,875 2% FX effects 161 2% 380 3% Total 6,611 6,343 4% 13,122 12,495 5% * Adjusted for fluctuations in exchange rates EBITDA less exchange rate fluctuations * Growth YTD YTD* Growth Sweden % 1,884 1,707 10% Netherlands % % Kazakhstan % % Croatia % Lithuania % % Latvia % % Estonia % % Austria % % Germany % % Other % % Continued operations 1,393 1,490 7% 2,821 2,885 2% FX effects 20 2% 53 2% Total 1,393 1,470 5% 2,821 2,832 * Adjusted for fluctuations in exchange rates Sweden Total net sales in was SEK 3,101 (3,111) million, and EBITDA amounted to SEK 908 (882) million. The quarter was characterized by a maintained strong demand for mobile data and prepaid to postpaid conversion in the Comviq brand. As expected the company saw revenue declines in the prepaid and mobile broadband segments due to a lower customer stock compared to the same period last year. The business segment continued to grow in the quarter and data usage continued to increase compared to the same period last year. Customer intake was strong, primarily driven by the Large Enterprise segment where Tele2 Sweden was awarded several large contracts, among others Göteborgs Stad. Mobile In, net sales amounted to SEK 2,744 (2,724) million and mobile end-user service revenue amounted to SEK 1,829 (1,815) million. The underlying revenue growth was strong in the postpaid segment mainly driven by Comviq, and declined as expected in the prepaid segment. Customer net intake was positive 52,000 ( 8,000) driven by both brands and all segments, including mobile broadband. The EBITDA contribution grew by 8 percent, primarily attributable to Tele2, and amounted to SEK 843 (777) million due to lower expansion costs which was partly off set by higher network costs due to geographic expansion. Our dual brand strategy in the consumer postpaid segment has developed according to plan and the segment showed a continued growth driven by high demand for mobile data. The recently launched larger data buckets are appreciated by the customers and are encouraging increased data usage which further enables Tele2 to monetize on data going forward. Tele2.0 has continued to perform well resulting in both lower churn and higher ASPU. Additional proof points of the value of Tele2.0 is that brand consideration as well as Net Promoter Score have shown a positive development since launch. Tele2 Sweden s overall sales in digital channels continued to increase and the customer satisfaction in customer service is on a high level with CSAT (Customer Satisfaction) at 83 percent (world class benchmark is 85 percent). Fixed broadband The EBITDA contribution decreased in compared to same period previous year and amounted to SEK 18 (25) million. Fixed telephony The EBITDA contribution in the quarter amounted to SEK 35 (57) million. Tele2 Sweden saw a continued decrease in demand for fixed telephony as a consequence of the increased demand for mobile bucket price plans. Netherlands In the second quarter Tele2 Netherlands rapidly expanded the coverage area of its new LTE-Advanced 4G-network, reaching 80 percent outdoor population coverage. The transferring of the existing mobile customers onto our new network continued during the quarter. Meanwhile, the consumer mobile customer base continued to grow, expanding for the fifteenth consecutive quarter. In the B2B market, Tele2 continued to be successful in the extensive tender process of the Dutch Government. Mobile Tele2 Netherlands added 7,000 (27,000) customers, bringing the total mobile customer base to 841,000 (768,000). End-user service revenue grew by 8 percent to SEK 332 (308) million driven by a larger customer base and continuing growth in mobile data usage. EBITDA contribution amounted to SEK 71 ( 23) million, impacted negatively by the increasing traffic and costs associated with the MVNO agreement as well as building the MNO organization. MNO launch Tele2 continued to deliver more key mobile sites in the Randstad area, in combination with building geographic reach across the rest of the country. This resulted in a significant improvement in population coverage and reinforced Tele2 Netherland s expectation to reach nationwide coverage before the end of Fixed broadband At the end of the second quarter, the company had a fixed broadband base of 355,000 (367,000) customers. EBITDA contribution declined compared to same quarter last year, due to higher churn and more off-net traffic, and amounted to SEK 140 (169) million. In the B2B market, Tele2 launched a significant campaign offering existing fixed customers the opportunity to consolidate their communications with the converged fixed and mobile services of Tele2. Tele2 Interim Report January June 6 (28)

8 Kazakhstan Mobile In, Tele2 Kazakhstan continued its positive momentum with customer net intake of 471,000 (213,000) resulting in a record high customer base of 4,200,000 customers. Despite an intense price competition Tele2 s tariff plans with bundled voice and data offerings, are attracting high quality customers. The consideration among customers to purchase Tele2 improved further in the quarter. Mobile end-user service revenue grew by 65 percent (partially supported by FX), compared to the same quarter previous year, and amounted to SEK 371 (225) million. Mobile data traffic increased by more than 200 percent compared to the same period last year. The EBITDA increased to SEK 9 (3) million, attributable to improved operational scale and lower interconnect levels. However, the positive development was to some extent off-set by higher customer acquisition costs and increased network costs as a result of higher net intake compared to last year and subsequent voice and data traffic growth. Furthermore, competition in the market continues to be intense. Tele2 continued to expand geographical coverage, increasing capacity for accommodating higher traffic volumes and improving the quality of customer intake. Croatia Mobile In, Tele2 Croatia s customer net intake was positive and amounted to 19,000 (45,000). The decline compared to last year is, as expected, due to the structural decline in the prepaid market, but also due to a focus towards attracting customers that churn less. Mobile end-user service revenue increased 7 percent compared to last year and amounted to SEK 210 (196) million. EBITDA contribution amounted to SEK 34 (33) million, corresponding to an EBITDA margin of 10 percent in the quarter. The result is negatively affected by the recently implemented frequency charges in which in the quarter amounted to SEK 19 million. The first phase of the network swap, announced last quarter, is now complete and resulted in improved quality. Lithuania Mobile Tele2 Lithuania s mobile end-user service revenue grew with 4 percent compared to last year and amounted to SEK 222 (213) million. The customer net intake in the quarter was 0 ( 4,000) and a positive MNP (mobile number portability) in the quarter, enabled the company to maintain its market share position. During the quarter, EBITDA development was positive and amounted to SEK 132 (127) million, mainly driven by higher mobile data usage. Tele2 Lithuania s EBITDA margin was 35 (38) percent. In Lithuania, Tele2 continued the LTE network rollout and is now covering around 60 major cities and main roads with population coverage above 80 percent. The company has also launched the LTE Advanced network and LTE roaming services. Furthermore, the company continued its focus on selling LTE enabled smart phones, which in the quarter accounted for more than half of total sales of smart phones. In cooperation with various partners, Tele2 Lithuania continued to offer new products for business and private customers. Latvia Mobile Tele2 Latvia s mobile end-user service revenue grew with 8 percent to SEK 145 (134) million, positively impacted by the continued positive trend with growing mobile data usage, value added services and an increasing amount of postpaid subscribers with higher ASPU. Customer net intake was positive 10,000 (1,000) as a result of Tele2 Latvia s increased commercial efforts to attract new customers. The customer satisfaction in the quarter hit an all-time high. EBITDA contribution was SEK 70 (67) million, leading to an EBITDA margin of 30 (30) percent. During the quarter Tele2 Latvia focused on strengthening its market position through a clear mobile data position, customer satisfaction and strong emphasis on LTE infrastructure rollout. Using previously acquired 800 MHz frequency, Tele2 Latvia deployed LTE infrastructure which now serves 90 percent of the population. Estonia Mobile Due to a high quality network and strong demand for data services, Tele2 Estonia s mobile end user service revenue grew 6 percent and amounted to SEK 103 (97) million. In the quarter, net customer intake was 0 ( 6,000). EBITDA declined to SEK 30 (32) million mainly due to higher network costs (additional LTE technology) and higher acquisition costs resulting from the strong competitive environment. Tele2 continued its fast 4G rollout during the quarter. Tele2 Estonia customer satisfaction continued to improve in. Austria In the quarter, Tele2 Austria had a negative customer net intake of 5,000 ( 6,000) due to market decline within the residential fixed telephony and broadband segments. Net sales amounted to SEK 297 (299) million and EBITDA amounted to SEK 43 (58) million, mainly due to the decline within the residential customer base. Tele2 Austria will continue to focus on retention and selective growth in the residential segment as well as prepare for the launch of the B2B MVNO offering that will take place later this year. Germany Net sales in the quarter amounted to SEK 209 (226) million and EBITDA to SEK 26 (31) million. Planned changes in the provisioning of new mobile customers, and a focused shift to an improved customer value, explains the moderate net intake of mobile customers which was 4,000 (18,000). Mobile end-user service revenue grew 6 percent compared to same period last year and amounted to SEK 112 (106) million. Residential and Business broadband customer base declined. Fixed line business continues to deliver good profitability and the company is focusing on retaining the current customer base. Consistent with our corporate strategy, restructuring initiatives under the Challenger program is initiated in Tele2 Germany. Tele2 Interim Report January June 7 (28)

9 Other items Risks and uncertainty factors Tele2 s operations are affected by a number of external factors. The risk factors considered to be most significant to Tele2 s future development are operating risks, such as the availability of frequencies and telecom licenses, integration of new business models, changes in regulatory legislation, data privacy, dependency on suppliers and business partners, operation in Kazakhstan, geopolitical risks, and financial risks such as currency risk, interest risk, liquidity risk and credit risk. In addition, to the risks described in Tele2 s annual report for (see Directors report and Note 2 of the report for a detailed description of Tele2 s risk exposure and risk management), no additional significant risks are estimated to have developed. Company disclosure Other Tele2 will release its financial and operating results for the period ending September 30, on October 21,. The Board of Directors and CEO declare that the six-month interim report provides a fair overview of the parent company s and Group s operations, their financial position and performance, and describes material risks and uncertainties facing the parent company and other companies in the Group. Stockholm, July 21, Tele2 AB Mike Parton, Chairman Lorenzo Grabau Irina Hemmers Erik Mitteregger Carla Smits-Nusteling Eamonn Ohare Mario Zanotti Mats Granryd President and CEO Auditors review report Introduction We have reviewed the interim report for Tele2 AB (publ.) for the period January 1 June 30,. The Board of Directors and the President are responsible for the preparation and presentation of this interim report in accordance with IAS 34 and the Annual Accounts Act. Our responsibility is to express a conclusion on this interim report based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review has a different focus and is substantially less in scope than an audit conducted in accordance with ISA and other generally accepted auditing practices. The procedures performed in a review do not enable us to obtain a level of assurance that would make us aware of all significant matters that might be identified in an audit. Therefore, the conclusion expressed based on a review does not give the same level of assurance as a conclusion expressed based on an audit. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the interim report is not, in all material respects, prepared for the Group in accordance with IAS 34 and the Annual Accounts Act, and for the Parent Company in accordance with the Annual Accounts Act. Stockholm, July 21, Deloitte AB Thomas Strömberg Authorized Public Accountant Tele2 Interim Report January June 8 (28)

10 PRESENTATION Tele2 will host a presentation with the possibility to join through a conference call, for the global financial community at 10:45 am CEST (09:45 am BST/04:45 am EDT) on Tuesday, July 21,. The presentation will be held in English and also made available as a webcast on Tele2 s website: Dial-in information To ensure that you are connected to the conference call, please dial in a few minutes before the start of the conference call to register your attendance. Dial-in numbers Sweden: UK: US: CONTACTS Louise Tjeder Head of IR Telephone: + 46 (0) Lars Torstensson EVP, Group Communication & Strategy Telephone: +46 (0) Tele2 AB Company registration nr: Skeppsbron 18 P.O. Box 2094 SE Stockholm Sweden Tel + 46 (0) APPENDICES Income statement Comprehensive income Balance sheet Cash flow statement Change in equity Numbers of customers Net sales Mobile external net sales split EBITDA EBIT CAPEX Five-year summary Parent company Notes VISIT OUR WEBSITE: TELE2 IS ONE OF EUROPE S FASTEST GROWING TELECOM OPERATORS, ALWAYS PROVIDING CUSTOMERS WITH WHAT THEY NEED FOR LESS. We have 14 million customers in 9 countries. Tele2 offers mobile services, fixed broadband and fixed telephony, data network services, and content services. Ever since Jan Stenbeck founded the company in 1993, it has been a tough challenger to the former government monopolies and other established providers. Tele2 has been listed on the NASDAQ OMX Stockholm since In, we had net sales of SEK 26 billion and reported an operating profit (EBITDA) of SEK 5.9 billion. Tele2 Interim Report January June 9 (28)

11 Income statement Note CONTINUING OPERATIONS Net sales 1 13,122 12,495 25,955 6,611 6,343 Cost of services provided 2 8,007 7,187 15,054 4,067 3,636 Gross profit 5,115 5,308 10,901 2,544 2,707 Selling expenses 2 2,560 2,667 5,298 1,300 1,343 Administrative expenses 2 1,342 1,196 2, Result from shares in joint ventures and associated companies Other operating income Other operating expenses Operating profit, EBIT 1,295 1,751 3, Interest income/costs Other financial items Profit after financial items, EBT 1,138 1,847 3, ,030 Income tax NET PROFIT FROM CONTINUING OPERATIONS 826 1,406 2, DISCONTINUED OPERATIONS Net profit/loss from discontinued operations 10 1, NET PROFIT 2,544 1,179 2, ATTRIBUTABLE TO Equity holders of the parent company 2,544 1,179 2, Earnings per share (SEK) Earnings per share, after dilution (SEK) FROM CONTINUING OPERATIONS ATTRIBUTABLE TO Equity holders of the parent company 826 1,406 2, Earnings per share (SEK) Earnings per share, after dilution (SEK) Tele2 Interim Report January June 10 (28)

12 Comprehensive income Note NET PROFIT 2,544 1,179 2, OTHER COMPREHENSIVE INCOME COMPONENTS NOT TO BE RECLASSIFIED TO NET PROFIT Pensions, actuarial gains/losses Pensions, actuarial gains/losses, tax effect Components not to be reclassified to net profit COMPONENTS THAT MAY BE RECLASSIFIED TO NET PROFIT Exchange rate differences Translation differences in foreign operations 2, , Tax effect on above Reversed cumulative translation differences from divested companies Translation differences Hedge of net investments in foreign operations Tax effect on above Reversed cumulative hedge from divested companies Hedge of net investments Exchange rate differences Cash flow hedges Gain/loss arising on changes in fair value of hedging instruments Reclassified cumulative loss to income statement Tax effect on cash flow hedges Cash flow hedges Components that may be reclassified to net profit OTHER COMPREHENSIVE INCOME FOR THE PERIOD, NET OF TAX TOTAL COMPREHENSIVE INCOME FOR THE PERIOD 1,950 1,421 3, ,049 ATTRIBUTABLE TO Equity holders of the parent company 1,950 1,421 3, ,049 Tele2 Interim Report January June 11 (28)

13 Balance sheet Note Jun 30, Jun 30, Dec 31, ASSETS NON-CURRENT ASSETS Goodwill 9,293 9,133 9,503 Other intangible assets 4,742 4,811 4,913 Intangible assets 14,035 13,944 14,416 Tangible assets 11,714 10,006 11,138 Financial assets Deferred tax assets 5 2,039 2,246 2,062 NON-CURRENT ASSETS 28,331 26,503 28,147 CURRENT ASSETS Inventories Current receivables 7,180 6,800 7,179 Current investments Cash and cash equivalents CURRENT ASSETS 8,077 7,969 7,868 ASSETS CLASSIFIED AS HELD FOR SALE 10 4,092 3,833 ASSETS 36,408 38,564 39,848 EQUITY AND LIABILITIES EQUITY Attributable to equity holders of the parent company 18,029 21,062 22,680 Non-controlling interests 2 2 EQUITY 9 18,029 21,064 22,682 NON-CURRENT LIABILITIES Interest-bearing liabilities 3 5,381 5,177 5,353 Non-interest-bearing liabilities NON-CURRENT LIABILITIES 6,069 5,572 5,711 CURRENT LIABILITIES Interest-bearing liabilities 3 6,152 4,573 3,837 Non-interest-bearing liabilities 6,158 6,463 6,869 CURRENT LIABILITIES 12,310 11,036 10,706 LIABILITIES DIRECTLY ASSOCIATED WITH ASSETS CLASSIFIED AS HELD FOR SALE EQUITY AND LIABILITIES 36,408 38,564 39,848 Tele2 Interim Report January June 12 (28)

14 Cash flow statement (Total operations) Note OPERATING ACTIVITIES Operating profit from continuing operations 1,295 1,751 3, , Operating profit from discontinued operations 1, , Operating profit 2,997 1,533 3, , Adjustments for non-cash items in operating profit 243 1,324 2, Financial items paid/received Taxes paid Cash flow from operations before changes in working capital 2,256 2,523 5,438 1,148 1,108 1,380 1,535 1,317 1,206 Changes in working capital CASH FLOW FROM OPERATING ACTIVITIES 1,633 1,813 4, ,322 1,443 1, INVESTING ACTIVITIES CAPEX paid 7 1,997 2,094 4,146 1, , ,032 1,062 Free cash flow Acquisition and sale of shares and participations 2, 10 4, , Other financial assets Cash flow from investing activities 2,890 1,367 3,707 1,016 3,906 1, , CASH FLOW AFTER INVESTING ACTIVITIES 4, , FINANCING ACTIVITIES Change of loans, net 3 2, ,303 1, , Dividends 9 6,626 1,960 1,960 6,626 1,960 Other financing activities Cash flow from financing activities 4,323 1,306 2,160 2,325 1, NET CHANGE IN CASH AND CASH EQUIVALENTS ,289 2,597 2, Cash and cash equivalents at beginning of period 151 1,348 1,348 2, ,348 Exchange rate differences in cash and cash equivalents CASH AND CASH EQUIVALENTS AT END OF THE PERIOD , Change in equity Jun 30, Jun 30, Dec 31, Attributable to Attributable to Attributable to Note equity holders of the parent company noncontrolling interests Total equity equity holders of the parent company noncontrolling interests Total equity equity holders of the parent company noncontrolling interests Total equity Equity, January 1 22, ,682 21, ,591 21, ,591 Net profit for the period 2,544 2,544 1,179 1,179 2,211 2,211 Other comprehensive income for the period, net of tax Total comprehensive income for the period 1,950 1,950 1,421 1,421 3,019 3,019 OTHER CHANGES IN EQUITY Share-based payments Share-based payments, tax effect Dividends 9 6,626 6,626 1,960 1,960 1,960 1,960 Sale of non-controlling interests 2 2 EQUITY, END OF THE PERIOD 18,029 18,029 21, ,064 22, ,682 Tele2 Interim Report January June 13 (28)

15 Number of customers by thousands Note Number of customers Jun 30 Jun 30 Net intake Sweden Mobile 3,630 3, Fixed broadband Fixed telephony ,926 4, Netherlands Mobile Fixed broadband Fixed telephony ,260 1, Kazakhstan Mobile 4,196 2, ,196 2, Croatia Mobile Lithuania Mobile 1,763 1, ,763 1, Latvia Mobile Estonia Mobile Fixed telephony Austria Fixed broadband Fixed telephony Germany Mobile Fixed broadband Fixed telephony TOTAL Mobile 12,950 11, Fixed broadband Fixed telephony TOTAL NUMBER OF CUSTOMERS AND NET INTAKE 14,341 13, Divested companies Changed method of calculation TOTAL NUMBER OF CUSTOMERS AND NET CHANGE 14,341 13, Tele2 Interim Report January June 14 (28)

16 Net sales Note Sweden Mobile 1 5,511 5,352 11,113 2,744 2,767 3,006 2,755 2,726 2,626 Fixed broadband Fixed telephony Other operations ,232 6,135 12,641 3,101 3,131 3,381 3,125 3,113 3,022 Netherlands Mobile 1, , Fixed broadband 1,193 1,243 2, Fixed telephony Other operations ,793 2,639 5,441 1,391 1,402 1,433 1,369 1,319 1,320 Kazakhstan Mobile , , Croatia Mobile , , Lithuania Mobile , , Latvia Mobile Estonia Mobile Fixed telephony Other operations Austria Fixed broadband Fixed telephony Other operations , Germany Mobile Fixed broadband Fixed telephony Other Other operations TOTAL Mobile 9,853 9,055 19,107 5,021 4,832 5,181 4,871 4,636 4,419 Fixed broadband 2,017 2,080 4, ,037 1,051 1,040 1,038 1,042 Fixed telephony , Other operations , ,144 12,510 25,991 6,624 6,520 6,891 6,590 6,352 6,158 Internal sales, elimination Sweden, mobile Lithuania, mobile Latvia, mobile Estonia, mobile Netherlands, other operations Other, other operations TOTAL 13,122 12,495 25,955 6,611 6,511 6,876 6,584 6,343 6,152 Tele2 Interim Report January June 15 (28)

17 Mobile external net sales split Note Sweden, mobile End-user service revenue 3,638 3,531 7,252 1,829 1,809 1,856 1,865 1,815 1,716 Operator revenue Service revenue 4,103 4,039 8,207 2,083 2,020 2,081 2,087 2,039 2,000 Equipment revenue 1 1, , Other revenue ,510 5,349 11,101 2,744 2,766 2,998 2,754 2,724 2,625 Netherlands, mobile End-user service revenue , Operator revenue Service revenue , Equipment revenue , , Kazakhstan, mobile End-user service revenue Operator revenue Service revenue , Equipment revenue , Croatia, mobile End-user service revenue Operator revenue Service revenue , Equipment revenue , Lithuania, mobile End-user service revenue Operator revenue Service revenue , Equipment revenue , Latvia, mobile End-user service revenue Operator revenue Service revenue Equipment revenue Estonia, mobile End-user service revenue Operator revenue Service revenue Equipment revenue Germany, mobile End-user service revenue Equipment revenue TOTAL, MOBILE End-user service revenue 6,508 5,998 12,455 3,324 3,184 3,205 3,252 3,094 2,904 Operator revenue 1,049 1,080 2, Service revenue 7,557 7,078 14,621 3,890 3,667 3,741 3,802 3,619 3,459 Equipment revenue 1,955 1,649 3, , Other revenue TOTAL, MOBILE 9,835 9,043 19,075 5,010 4,825 5,168 4,864 4,629 4,414 Tele2 Interim Report January June 16 (28)

18 EBITDA Note Sweden Mobile 1 2 1,736 1,522 3, Fixed broadband Fixed telephony Other operations ,884 1,707 3, , Netherlands Mobile Fixed broadband Fixed telephony Other operations Kazakhstan Mobile Croatia Mobile Lithuania Mobile Latvia Mobile Estonia Mobile Fixed telephony Other operations Austria Mobile Fixed broadband Fixed telephony Other operations Germany Mobile Fixed broadband Fixed telephony Other Other operations TOTAL Mobile 2,053 1,940 4,174 1,031 1,022 1,017 1,217 1, Fixed broadband Fixed telephony Other operations TOTAL 2,821 2,832 5,926 1,393 1,428 1,412 1,682 1,470 1,362 Tele2 Interim Report January June 17 (28)

19 EBIT Note Sweden Mobile 1 2 1, , Fixed broadband Fixed telephony Other operations ,322 1,100 2, Netherlands Mobile Fixed broadband Fixed telephony Other operations Kazakhstan Mobile Croatia Mobile Lithuania Mobile Latvia Mobile Estonia Mobile Fixed telephony Other operations Austria Mobile Fixed broadband Fixed telephony Other operations Germany Mobile Fixed broadband Fixed telephony Other Other operations TOTAL Mobile 1,059 1,093 2, Fixed broadband Fixed telephony Other operations ,380 1,508 3, , One-off items TOTAL 1,295 1,751 3, , Tele2 Interim Report January June 18 (28)

20 CAPEX Note Sweden Mobile Fixed broadband Fixed telephony Other operations Netherlands Mobile , Fixed broadband Fixed telephony Other operations , Kazakhstan Mobile Croatia Mobile Lithuania Mobile Latvia Mobile Estonia Mobile Other operations Austria Mobile Fixed broadband Fixed telephony Other operations Germany Mobile Fixed broadband Other Other operations TOTAL Mobile 1,438 1,001 2, Fixed broadband Fixed telephony Other operations TOTAL 7 2,072 1,559 3,450 1, , Tele2 Interim Report January June 19 (28)

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