Much has happened since Tele2’s Capital Markets Days in 2007 and 2009. We have delivered on our promises.
As previously reported, net sales for the first six months of 2011 were at SEK 19.6 billion and an EBITDA margin at 26%, which are our strongest results ever. We have also rewarded our shareholders.
ROCE has increased by 12 percentage points since Q3 2007, and we have a strong balance sheet.
Where do we stand now?
- All market areas are performing well.
- We are always looking into new opportunities – that meet our tough financial requirements.
- Highly competitive landscape, as always.
- We have not seen a severe slowdown due to the macroeconomic status.
The conclusion is that we are content with our current financial and operational performance. Forecast net debt / EBITDA for the year end (including the Norway acquisition) is close to 1.25.
Now, we are setting the bar higher with updated targets:
- We will be targeting a long-term mobile EBITDA margin on own infrastructure of at least 35 percent.
- All operations should have the ambition to reach ROCE of at least 24 (earlier 20) percent.
All entities, with own infrastructure, will meet the financial hurdle of 35 percent EBITDA margin over time.
Going forward, we will continue to strive for the best-in-class cost control and increase our quality focus.