Tele2 has released financial results of its continuing operations for the fourth quarter and full year 2008. The Swedish mobile, fixed line and broadband group’s net revenues rose by 7% year-on-year to SEK10.31 billion (USD1.28 billion) in the three months ended 31 December 2008, but fell by 1% in the full-year to SEK39.51 billion. EBITDA climbed by 47% and 30% in the quarter and year to SEK2.17 billion and SEK8.189 billion, respectively. The operations under review recorded a net profit of SEK696 million in 4Q 2008, compared to a loss of SEK139 million a year earlier, and profits of SEK1.72 billion in the twelve-month period, compared to losses of SEK382 million in 2007. Tele2 has slimmed down its operations significantly by making divestments across Europe in recent years. In the last quarter of 2008 it completed the sale of Tele2 Switzerland to TDC Sunrise. Other significant events in the quarter included Tele2 Russia reaching 10.4 million mobile customers at the end of December, up from 8.6 million at the beginning of the year. In Sweden, mobile services saw annual revenue growth of 6.5% whilst its mobile broadband internet subscriber base increased by 83% to 170,000 (93,000). Group CAPEX in 2008 amounted to SEK4.62 billion, down from SEK5.20 billion the year before. In the fourth quarter Tele2 entered into a three-year revolving credit facility agreement of SEK12 billion with a syndicate of nine banks.
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