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Company Presentation May 2005 Picture courtesy of NOKIA Norway’s leading low-cost mobile operator The Vollvik Group.

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Presentation on theme: "Company Presentation May 2005 Picture courtesy of NOKIA Norway’s leading low-cost mobile operator The Vollvik Group."— Presentation transcript:

1 Company Presentation May 2005 Picture courtesy of NOKIA Norway’s leading low-cost mobile operator The Vollvik Group

2 Agenda Short q-05 Financials Future

3 Status The acquisition of Sense has been the key focus of the management now –Negotiation of the deal and presenting to investors, especially through November –Due diligence and Post Merger Integration (PMI) planning, especially in November and December –PMI intense from Jan 1st to end February, choosing common system platforms, designing brand and marketing strategies, and dis-engaging of Sense employees –Negotiations with Telenor and NetCom from December to mid-February On the positive side, the PMI is developing according to plan, and the business combination is yielding good results on the cost synergy side On the negative side, the absorption of management that the deal and the PMI demanded resulted in a slow-down in customer growth due to little focus on sales, especially in the period Dec-Jan-Feb

4 Chess has delivered substantial revenue growth… Revenue development NOK million Chess: Revenue 2003 ca. 330 mill. Revenue 2004 ca. 485 mill. Sense: Revenue 2003 ca. 618 mill. Revenue 2004 ca. 613 mill. * Includes NOKm 30 from GSM Sentrene AS, where the activities have been shut down. Adjusted (organic) growth rate H1/03 to H1/04 of 79%

5 …and increased profitability EBIT development NOK million ***

6 Key figures 2004 whole year Vollvik GruppenSenseTotal Revenue483,7 mnok613,9 mnok1097,6 mnok COGS311,2 mnok350,8 mnok 662,0 mnok EBITDA 55,7 mnok 63,0 mnok 118,7 mnok EBIT 40,9 mnok 55,5 mnok 96,4 mnok EBIT Margin8,5%9,0%8,8%

7 One time charges in 2004 Non Recuring Items2004Q4 GSM Sentrene AS3.6 mnok0.9 mnok Deprecation of Invision ( CRM )2.6 mnok2.6 mnok Deprecation, changes of accounting principle0.9 mnok- Finance cost loan 340 mnok3.5 mnok3.5 mnok The opening balance for “the new Vollvik Group”, will include restructuring cost related to the integration of Sense in 2005, with some 10 mnok.

8 Section II 1q05 Financials

9 Key figures 1q 2005 Proforma Statement Sense and Chess - whole group NOK mill1q 2005 Operating revenue243,1 COGS140,6 Contribution102,5 Salaries18,2 Other operating costs47,2 EBITDA37,1 Depreciation4,4 EBITA32,7 Amortization of goodwill16,8 EBIT15,9 Net interest expense-3,2 EBT12,7

10 Key data 1q /4q ChessSense Number of subscribers In total Q1: Q4: Q1: Q4: Number of post paid subscribersQ1: Q4: Q1: Q4: Net adds during 4q04Q1: Q4: Q1: Q4: SAC per gross addQ1: 191 Q4: 210 Q1: 443 Q4: 503 ARPU 1q-05310/ / 88 Gross margin 1q/4q-04Q1: 39,9% Q4: 31,0% Q1: 44,4% Q4: 41,0% Churn (annualised) based on 1q0519,8%41,5%

11 Balance sheet 31 March 05 Total fixed assetsNOK 472,3 mill GoodwillNOK 253,7 mill Cash on hand NOK 148,7 mill Debtors Accounts receivable NOK 172,4 mill Short term debt NOK 204,3 mill Long term debt NOK 344,9 mill ( Bank ) Equity NOK 257,6 mill

12 Key shareholders in Vollvik Gruppen Shareholders as of 01/5-05SharesOwnership (%) Idar Vollvik Chess Holding AS Reitan Gruppen AS Marshall Wace LLP HBK – London Oppenheim ACA Concept Orkla ASA Grieg Holding Lehmann Brothers King Holding AS Svein Johnsen MP Pensjon Jarle Nordnes Bras AS Sum, top 14 shareholders Other 99 shareholders Total

13 Section III Status/ Future

14 Our customers are very happy

15 Opportunities One net-operator strategi Build own City-nets and Become an operator, with 1/3 of roaming income IP-telephony International discussions Bee a part of a trippel play company (quatro play )


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