Today I have our CEO, Johan Dennelind, and CFO, Christian Luiga. After the presentation, there will be time for questions. We will hope to conclude this session within one hour. By that, I would like to hand over to you, Johan, please.
Thank you, Jesper. Good morning to all of you here and also on the webcast. Let me take you through the highlights, starting with the numbers. One-time charges in Sweden. Also a slowdown as expected on the EBITDA for the quarter. Partly a dividend from MegaFon in the quarter, mitigated by a higher cash CapEx for the quarter. For the year to date then, as we have said, we will have a slowdown towards the end of the year. We will get back to the guidance for the year later. Really what I want to start talking about is what we have as the key points in the report for the quarter.
Of course, I have to start with the provision of SEK 12.5 billion relating to the proposed settlement from the authorities related to the entry and operations of the Uzbek business. I will come back to that in more detail. The core business is on track according to our expectations, broadly speaking, which also we will dive into and give you comfort on that. I would like to lift up a good underlying performance on TV across our markets, where we are actually loading more content and offerings into our packages, which is paying off. Another key highlight for the quarter is an update on the progress of our ambition to reduce our presence in Eurasia, but also to build the Nordic Baltics. We are broadly speaking on track also there, even if we are deviating on the timeline somewhat on the Eurasian divestment, which I will cover as well.
Important, reiterating the guidance for the year, which is then, as you know, in line or slightly above on EBITDA. We will hopefully give you enough comfort on that. Let's start a bit more detail on the DOJ side and the Dutch authorities. This has been going on since 2014 as far as we know. We received a proposal from the authorities in September, which we then immediately disclosed to the market. We have also then in the quarter recorded a provision of the same amount, as this is the only amount that we know about. We are of course now in further, deeper, more intense discussions with the authorities, both in Holland and in the U.S. and Sweden to make sure that we close this chapter of the Telia history in as good way as possible for our shareholders.
Rest assured that we will keep you updated when and if we have any further information. As seen, it is a provision of SEK 12.5 billion related to this in the quarter. On a slightly same note, let me also then say that we are since three and a half years ago very active on the various aspects of our sustainability agenda. This quarter is especially hectic and in that way a good quarter where we have announced and released a lot of things in this space. We have launched our code, .2.0 you can call it, or a new code, enhancing what we have from before, now making it even better, even clearer, and also even easier for our employees and partners to understand and use. I'm sure you can pick it up in here when you walk out.
We're also releasing today, as you may have seen, a sustainability update where we go through the various activities that we are undertaking in order to strengthen the responsible business in our company. It's a good read. It will tell you that we're far from finished and done. It will actually be an ongoing continuous journey in the future, where we will track our progress on the various commitments. In this sustainability update, we also have a law enforcement disclosure report, where we talk openly about the freedom of expression challenges that we have across our footprint. There is also a human rights impact assessment disclosed for many of our markets, which is an initiative that we have as part of our responsible exit program to make sure that the buyer of the assets know the circumstances in the countries where they are about to get into operations.
I also like to highlight that we have commissioned a study with Deloitte outlining the opportunities around the digital agenda in the Nordic Baltics. It's a very inspiring read. Amongst other things, we'll point to a lot of business opportunities which will be integrated into our sustainability agenda, which we call All In. I hope you have a lot of time over the weekend to read these different reports. Going on, divestments ongoing, That is a very high priority in the company. We have during the year, as you are well aware, divested Ncell closed, Yoigo closed, Sergel announced, not yet closed but expected in Q4. Tcell announced, not yet closed but expected in Q4. That means that we have two groupings remaining in Eurasia.
One is Ucell in Uzbekistan, where we have said repeatedly that it's probably one of the later or last companies that we will divest, That remains. We have now more light on the situation, of course, after the proposed settlement from the authorities, That has taken off some of the worry from interested parties. I'm sure we will pick up on the momentum that we had before and see how we can move in closing Ucell, which is probably going to happen in 2017. With regards to Fintur, we're also today stressing the fact that we're still committed to reducing the presence in Eurasia over time. We think it will take somewhat longer than we'd earlier expected. Fintur, as you know, is a co-owned holding company where we're majority and Turkcell is minority. They have expressed an interest in acquiring our majority stake.
We have concluded that we're not agreeing on that. Instead, we have agreed to explore the opportunities to divest together the Fintur company. That's actually good news for the interested parties that are interested in the full asset. We will now proceed with that, and we have a number of candidates or interested parties that we're talking to and will increase for. Moving on to talk a bit more about the business. I say core business is on track, even if we have a dip into negative territory line and EBITDA. Europe, as a group of countries, are doing fairly well, almost 1% on the growth. Sweden is dipping, of course, coupled with the pressure that we still have on B2B. We'll cover that briefly shortly.
On EBITDA, pretty much as expected, as I said, Europe improving, 1.3% up year-on-year, and as a continuing operations down in the negative territory, which has been in the cards, which we tried to guide you through in Q1 and Q2. Now you see that's coming through. We understand we were pretty much on the expectations here on group level, so that's good. Sweden, taking a deeper look at that. Starting on the top of the picture, B2C, our consumer segment is, broadly speaking, quite strong. There are a couple of points I'll make on the next slide where we show you some really good momentum. Here the key point is really to highlight the impact the fiber one-time charges have on the top line. It's a miss in the quarter in terms of deliveries.
The comfort I can give you, it's a facing issue. Those revenues will come later, Q4 and Q1, and Christian will take you through that in more detail. The main message is that we have sold what we said we were going to sell. We are keeping our share of the market. We are sticking to the 1.9 million households into 2018, which is the same story we had in Capital Markets Day. No big need for worry. We are doing everything to make sure that we install and get back on track. The main reason for the delay is related to permits, to get permits to dig the clusters where we are, and also some supply chain matters with the suppliers, which we're also dealing with. On a broader scale, no big need for worry. Let me move on to some good news.
TV in Sweden notably, almost 20% growth, 18 to be precise, on the back of course price changes, but also an uptake on the customer base, and it's a lot thanks to the value loading and the customer experience enhancements that we're doing on our TV platform, both on the IPTV platform as well as our OTT TV Play Plus. Just recently we announced further enhancement where we integrate, for instance, Netflix into the IPTV menu, which has been a key request from our customers, and now we're there. Happy watching. On the ARPU side, we have a strong growth on ARPU for our broadband portfolio. It's the price changes as well as a different mix, upgrading to higher speeds. TV, the same thing I covered that.
For mobile, I'd like to break it apart into B2C and B2B and tell you that the consumer part ARPU growth is around 5% for postpaid. That's a strong underlying growth on our mobile consumer in Sweden, which of course is important for us. Let's move east to Finland. Finland has continued to work and keep the momentum, or actually pick up on the momentum on billed revenues, as you see. We're up to 6% on billed revenues, which is a very good sign. It's two main reasons. We have adjusted some pricing, but customers are upgrading to cater for their increasing data need. I think Finland probably is one of the top consumers in the world when it comes to eating data, using data per month. We are somewhere in the range of 10 gigabytes per month.
We have an improved momentum in Finland as a whole, even if it doesn't really show on the reported numbers as of yet. Norway, improving profitability, which is the good news here. In spite of a pressure on service revenue, partly related to a divested base on the fixed side, as well as some lower service revenue in the B2B space. Generally speaking, a good improvement on the earnings. Now moving forward in Norway, we're excited to leverage the new brand and the new very solid and fast new network, which we're getting a lot of attention around in Norway. Well done there. It's a mixed bag in the Baltics.
I'd just like to pick up on one area where I think, thanks to a lot of efforts in the last two years, we have been able to combine the Lithuanian businesses into one, we're now starting to see that both on the synergy side, cost side, as well as better offerings to the consumers in Lithuania as part of our convergence strategy. Good job in Lithuania. There are some tough comparables in Estonia, if you remember, from Q3 last year. Otherwise, Estonia is also fairly well on track on the merged two companies into one, leveraging our various competencies and platforms. With that, let me, before I hand over to Christian, just summarize again.
We have to start with the 12.5 provision that we're making, and I'm sure we'll come back to that, but give you comfort that the core business is on track and in line with our expectations, and we're doing everything we can to focus now the Nordic/Baltic footprints, divesting, reducing our presence in Eurasia over time. With that, I'd like to invite Christian to say a few things before I'm back for Q&A.
Thank you, Johan. I will take you through the numbers as I usually do. Starting with just reminding ourselves, we had a service revenue down of 0.7% in this quarter, and I will go through that in the next slide. We also had an EBITDA that we reported of SEK 6.9 billion, which is down 1.5% since last year. I will talk a little bit about that. The actual track is down 1.1%. We have talked about international carrier in earlier quarters, and carrier is a carrier business and has a lot of voice traffic that doesn't give any margin, and that revenue is down and have an impact of 0.7% in this quarter on service revenue.
We had Norway and Finland driving interconnect down. Norway had a change since 1st of July, and therefore the interconnect is less an impact in this quarter and only 0.1% on service revenue. Those two together is around 0.8% on the service revenue development. The main difference in service revenue compared to previous quarters is what Johan said, the OTC from fiber. The OTC was down for the first quarter in many, many quarters. We installed 15,000 households, which is 2,000 less than last year. We have about 17,000 in OTC per SDU if you exclude the VAT, and that is what we can record. We have a target for selling and delivering 90,000 OTCs this year. We have sold all 90,000, but as Johan said, we are somewhat delayed in quarter three, and we will reach at least 90% of these as a delivery before year-end.
That means that we will at least deliver 35,000 OTCs in quarter four, which is up 40% compared to last year. The remaining is a delay that will fall into the first half of 2017. EBITDA is in line with our outlook. We delivered SEK 6.9 billion in the quarter, down 1.5% or SEK 150 million less result in this quarter compared to last year, and that is the main deviation also made some good results in Norway, for example. Europe is delivering a service revenue growth, but as you see on this picture to the left, it is mainly Spain. Spain is contributing in this review. Excluding Spain, the service revenue is down 0.4% in Europe. There are three main factors driving that. One is in Norway. As Johan said, we sold the fixed business last year.
Secondly, it is the interconnect in Finland, still have a negative impact. Finally, we have travel SIM business in Estonia, which is also making the Estonian number on this picture negative, still at this point. Denmark, which we haven't talked about, is having a slight growth. 1.4%. It's the second quarter with the service revenue growth, even though it's helped somewhat by both wholesale and interconnect. The Danish cost has been driven in a good way, and they have improved the cost base in the quarter on OpEx, but the service revenue mix is worse and only compensating partly on the gross margin decline that we have in Denmark. They are doing a tremendous work in a very difficult market to do the best.
EBITDA in total is up 1% in Europe, and that is excluding Spain, and also including that in Estonia last year, we had a SEK 30 million one-time impact from selling of fixed assets. Eurasia, on the left side of the picture, we see the financial development by country in quarter three. This picture now, the numbers here are excluding Nepal. In our reported numbers still we have Nepal for the first part of the year, and for the comparison numbers for last year. This picture, we have cleaned it out to understand it better. We can see that we have a service revenue growth in Eurasia for the first time in a long time, 1%.
Uzbekistan is a big part of this, but also there is an improvement quarter by quarter in the other countries, particularly in Kazakhstan having an impact, but also in Georgia and Moldova. Kazakhstan is still big negative numbers, but they have improved, and they have taken 157,000 customers in the quarter, which is good. They will improve also in the fourth quarter, is what Kcell says, and this is something we also believe in right now. The trend from -27%, -24%, to -9% in this quarter, EBITDA development, we believe will further improve in quarter four. We should remember Eurasia is in countries where macro and currencies are still at risk, and currency has a big impact on the cost base immediately, so we are very cautious and follow that very closely. Cost development is under control.
Even if OpEx spend, which is 40% of our total cost base, the operational expenses are flattish this quarter. They are up 0.6%. Excluding Spain, they are flat. That is, of course, not as good as they've been in the first two quarters. The main difference here is Sweden, that have had a better cost development in the first two quarters, but now are flat. Sweden, adjusting for salary and other inflationary drivers, is actually down in the cost base. We are still running and working with the cost base in this group. There's a different comp at this point. Part of the difference between the first half and this quarter on the cost base in Sweden is a higher implementation cost around transformation projects.
Other part is a extra drive on the customer side, like the SOHO SME personal assistant and technician that we launched is ramping up right now, and that is also part of the cost base increase. CapEx, excluding license, was up SEK half a billion in the quarter and up SEK 1.1 billion year-to-date. The main driver is fiber. Transformation is also a part that has picked up in this quarter. We are right now at the rolling 12-month number of SEK 15 billion, which is in line with our guidance. We have said SEK 14 billion to SEK 15 billion, but we are also guided that we will be in the upper range. On the CapEx that are not these fixed assets, but are frequencies and spectrum, we have participated in an auction in quarter three in Denmark.
Our part of that in the joint venture with Telenor, where we bought this, is SEK 212 million, and it is in the 1800 band. That is to be paid 20% in 2016 and then 10% per year after that. We should also note that there is two 700 band auctions coming up, one in Finland and Sweden. We never comment on any auctions in advance of them. Total EPS is impact by the provision that Johan explained about before. EPS is flat in the quarter for continued operation. It is up EUR 0.29 year to date for continued operation, but has been impacted severely then this quarter of the SEK 12.5 billion provision. This is a provision that without certainty of time and final amount have been booking at SEK 12.5 billion.
It is not possible for us to make another estimate at this point. Therefore, we have booked the number we know, SEK 12.5 billion. Free cash flow in the quarter, year-over-year, flat. We can see that there is a positive development in working capital. This, we also think gives comfort into Q4. We had a quite tough agenda for ourself in working capital, so the upgrade here in Q3 is not going to come back as a negative in Q4. Secondly, I would like to say that the free cash flow from the discontinued operations was down SEK 1.1 billion, and two-thirds of that is the result and the FX in Eurasia, and one third of that is that Nepal is not part of the free cash flow any longer.
The rolling 12 months that we have on the right side of the picture is at SEK 9 billion right now. The big step between Q1 and Q2 was the dividend from Turkcell. Between Q2 and Q3, it has been very stable. Net debt to EBITDA, our leverage is at 167. In this number, the provision is not included. We all know the number, so we can calculate that quite easily. We also have a dividend, our second tranche of the dividend, SEK 1.5, that is going to be paid out on the 28th of October. That is SEK 6.5 billion. We have sold and closed and got paid for Spain. That will impact around SEK 6 billion on the net debt, so they wash out quite evenly, those two items. Sergel is still up for grabs.
Closing before year-end is our estimate. It gives SEK 1.9 billion extra on net debt. We have also announced on the 30th of September that we closed a revolving credit facility with 13 banks. These 13 banks are now our new core bank group. It is a five-year credit facility that gives us good flexibility going forward, and we are very happy to announce this. Finally, outlook for 2016 remains the same, in line or slightly above the level of last year on EBITDA and CapEx SEK 14 billion-SEK 15 billion, where we see us in the upper range. Dividend, at least SEK 2 per share is our target for 2016. Thanks a lot.
Good. Thank you, Christian. I think we should open up for some questions. Should probably start here in the room, and we have one here. If we have some mics, I think I see it coming in a second. Sandra. Good. Stefan, please go ahead.
Yes, Stefan Gauffin, Nordea. A couple of questions. First of all, there seems to be increased competitive landscape in terms of rolling out fiber in the SDU market in Sweden. Is this impacting the supply chain or the time it takes for build permits? Is that an issue in the quarter? Secondly, in Finland, good progress there on build revenue and you're catching up on the Elisa numbers. Could you give some more flavor on that? What is driving the ARPU performance split on corporate and consumers? And if it is the 3G to 4G migration that's ongoing, and some numbers on that, please. Thank you.
Thank you, Stefan. On the fiber side in Sweden, as I said, it's not an impact from competition as we see it. This is getting permits, which is a process you got to go through, and sometimes you get hiccup in permit processes across the country. It's more related to the fact there are a lot of other constructions going on rather than there is increased competition. The competition we are aware of, we have seen, and is not the main point here. I'd also like to say that, well, repeat what I said, that the only thing that we see in the fiber story and the commitment here is a delay and phasing effect of the deliveries. We're keeping our commitment on 1.9, we're keeping our market share ambition and pace on the sales side, this is merely a delivery issue and a phasing issue.
Just repeat that as it has a big one-off effect on the numbers, of course. On the Finnish side, glad to see that the build improvement comes both from B2B and B2C. On the B2C side, it is driven by, as I think I also mentioned, price increases and upgrades to bigger, larger bundles. Underlying, of course, it is the increased usage and a better monetizing strategy and execution to be at par or above market pace.
Good. If there are any further questions in the room. Otherwise, I think we move over to the conference call. Please, operator, can you open up the line?
Ladies and gentlemen, we will now begin the question and answer session. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press the hash key. Once again, please press star one if you wish to ask a question. Your first question comes from the line of Andrew Lee. Please ask your question.
Yeah. Good morning, everyone. Just one question really from me, which is, what does the later divestment timeline on Eurasia mean for your ability to pursue your M&A strategy that you laid out at the Capital Markets Day? Specifically if you used to acquire fixed-li ne assets in the Nordics. Would you be able to move for any asset before the completion of a Eurasian divestment? Thank you.
Thanks, Andrew. Yeah, the short answer is that we don't see an impact of the slight delay that we see on the divestment. We're sticking to our commitment, our ambition of creating the leading integrated new generation telco in this space. Let's get to that one when and if we need to, if that is an obstacle or not, but we don't see that at this point.
What was kind of semi-prompting the question is that we've had press speculation of PE interest in TDC, which certainly fits some of your strategic interests, and you may have to move faster. Does that mean you have the capacity to move faster if you need to, i.e., before the end of the year?
You know we're not speculating on any specifics. Say that we are comfortable that we can execute our agenda in the Nordic-Baltics, which we're committed to. Whatever that is, we'll of course talk about when that happens. Good progress on the small and medium things that we are preparing for in this space.
Thank you very much.
All right. Next question, please.
Thank you. The next question comes from Roman Arbuzov. Please ask your question.
Thank you very much for taking the question. My first one is on Fintur. Could you please provide a little bit more color? It's interesting to see how Turkcell have changed their plans so radically, perhaps. Should we think about the situation as though you're now perhaps at the end of the process and you potentially have an attractive offer on your hands, and this is what has caused Turkcell to change its behavior? Or should we think about it that this is now a new framework and you're sort of back to square one and starting the process from scratch? Just some additional comments there would be very helpful. Secondly, just a question on operations in Sweden. Your broadband and TV businesses are doing very well, as you're highlighting.
I was wondering if you can just provide us with additional color on that, whether you feel confident that you still have a lot of pricing power in those segments, and then the good performance can continue perhaps into the medium term as well. Thank you very much.
Thanks, Roman. On the Fintur side, as you know and we know, Turkcell publicly disclosed their interest in Fintur. We have talked to them and other parties along the way. The fact that we now are saying that we're also exploring a full divestment together with Turkcell, I think, should be seen as a positive. The fact that we are attracting then a different type and possibly other interested buyers as well when the full stake is on the table. Main message here, Roman, is that we're not back to square one. We have a good process lined up. We have good discussions and interest. With regards to the specific interest from Turkcell in acquiring our stake, we say that that is not our main alternative right now. We're exploring divestments together.
On the Swedish side, be it broadband and TV, we are pleased to see the ARPU effects on both TV and broadband. I have to say, I think we can do more. There is room for rebalancing and optimal pricing, both between DSL and fiber, as well as further enhancements of our converged propositions in the market. Good progress, but more to hope for at least, and then we'll see what that means for next year.
Thank you very much. Can I just follow up very quickly on Fintur? Is the focus solely on selling Fintur in one package, or will you also now consider scenarios to sell it asset by asset, perhaps in the best interest of valuation, or it's one package?
We have seen Fintur as a package, as you express yourself, and if we change that view or not, that remains to be seen. We will come back to that and give you more color on it. It is a package per se, and then we'll see if we need to, for whatever reason, to do any carve-outs or not. We'll do whatever we think will give us the best outcome as we now continue to divest responsibly. Of course, value is a key part of that formula, but also risk and timing is another component.
Thank you so much. That's very helpful.
Thanks, Roman.
Thank you. The next question comes from the line of Peter Nielsen. Please ask your question.
Thank you very much. Johan, you talked about the discussions on the proposed settlement, I won't ask you for more details. Just like to know, in which format or environment are these talks ongoing? Is this sort of on an individual bilateral basis between you and the various authorities, or is this in a more formal setting, so to speak? That would be interesting. Thank you. Secondly, just on B2B in Sweden, which continues to be a problematic area for you. You talk about continued pricing pressures. Yesterday, one of your main competitors, of course, reported of good progress in this large enterprise area. Can you talk a bit about what it is that you're struggling with still?
Is it only price, or is it also on the product side, as has been the case before, how you feel you're progressing here, given that it seems to be a drag on every set of numbers these days. Just thirdly, if I can squeeze one intro question. Christian, you talked about the cost associated with the acceleration of the transformation process. I mean, strictly speaking, I guess we should be approaching the end of this process now or next year. Could you perhaps tell us a bit about the phasing of these costs? Will this continue accelerating Q4 or easing off next year? Anything you can give us a bit more color on would be appreciated. Thank you.
Thank you, Peter. On the discussions relating to Uzbekistan, we are conducting those on, of course, all necessary levels, various levels, with ourselves and our close advisors. I won't go into more detail than that. It is a very well-structured process, where we are choosing not to talk about that publicly in the best interest, of course, of the outcome, which we aim to get to the best possible resolution for our shareholders, of course. Rest assured that we're doing everything we can on the appropriate necessary level. On the B2B side in Sweden and elsewhere, I have to say, it's not just Sweden, but it's more noticeable, of course. We are the leading B2B provider in Sweden. We have the best reputation and brand position and a premium pricing position, and we come from a very strong position.
I try to be humble when I say that. We are, of course, trying to maintain our position, staying very close to the customers and listening on what they need into the new space in a new digital era. That is a big transformation that our customers are going through, and that, of course, we also are going through. It comes with a price, and the price is that we are going through a repricing into a new set of portfolio mix and product mix. The good news here is, I keep repeating that, is that there are two good news pieces of news. The one is that we're keeping share. That's very important. Second thing is that we have turned the trend in the SME and SOHO.
That comes from hard work and resetting the portfolio and investing in products and investing in the service concept. We recently launched what we call the PT in this space, and it's not the normal PT, but it's a personal technician, which helps SME and SOHOs to further use our services in the right way. That, of course, increases the appetite for usage. We're happy with this progress in SOHO. We're not happy with the progress on the financials in the large corporate, we also say that it takes time. So far, we are sticking to the transformation plan and the transition renegotiation repricing plan as we also keep share. It's painful, and we probably will keep talking about this for some more quarters before it turns. You will be very pleased, as me, Peter, when we are there.
I will give some comments on the cost, Peter. The transformation has a big impact both on our legacy and also on our delivery model, and not least on the B2B side. A big part of that is CapEx, but also in between, we have OpEx that needs to be taken in these projects. Not everything can be capitalized, or maybe that is good. When running through these big projects, we will come through implementation phases where we have bigger OpEx. We have that now, and we have a focus, as we said before, for 2016 and 2017 doing the major work of the transformation, and we have to expect that this is going to be a big job for us over these two years.
Thank you. Could we take the next one? Could you please stick to one or two questions each because there are many on the line. Next question, please.
Thank you. The next question comes to the line of Sunil Patel. Please ask your question.
Yes. Hi, thank you. I would just like to come back to the Fintur sale. I just want to understand a little bit backward-looking around what didn't work between February and now in terms of signing an agreement with Turkcell, and how do you think a potential new buyer could get comfort with the governance if one of the existing parties and a board member themselves, it seems, couldn't get comfort with the governance? Thank you.
Sorry, I'm not sure I understood your question on the governance and board. Are you talking about Turkcell?
I mean, they submitted a binding offer in February. It seems like negotiations between you and them have carried on for some time, and now you cease that. How would an outside buyer who's not on the Fintur board and knows the assets as well as Turkcell does as well as you do, how could they get comfort with the assets and any potential issues around them? How do you get comfort that actually these assets are sellable to an outside party?
That's of course hard to give you comfort what other buyers and how they get comfort, we have a good structured process in how to run the divestment, including normal routines for that, of course, with data rooms and due diligence and advisors, et cetera. On top of that, we're of course also disclosing thoroughly the situations in the country, amongst other things, the human rights impact assessment, with a no surprise policy in our disclosure for the interested parties. I think we're very diligent about that process. Then it's really up, of course, to us also to give comfort to interested parties so they would be able to move in. That's really depending on party by party, what type of comfort they're looking for. I don't see that as any outside normal issue. It's an issue in every transaction to give comfort.
Now we have a different set of companies to give comfort on, which of course, coming in a different difficult environment. The interested parties of these assets, of course, are used to and well aware of what they're getting into in terms of region and countries and operations. Not too worried about that.
Thank you.
Thank you. The next question comes from the line of Nick Lyall. Please ask your question.
Yeah, morning. It's Nick at SocGen. It was actually on Fintur as well, if you don't mind. Could you just describe, does Turkcell's offer still stand in the background or has it been completely withdrawn? In terms of the actual process, does it need both of you to agree? If it does still stand, could that be a potential block to some of the offers that you're seeing come through as well, please? Thank you.
Well, I won't go into any details. We can just conclude that to make a transaction, you need a willing buyer, willing seller on the terms on the table, and we haven't been able to meet there, without going into any detail which component of the offer. Of course, it's the normal customary things that you discuss in a deal. As I said before, for us, it's really important to be a responsible seller and do what's right for our shareholders and not rush into any divestment. Even if we, of course, want to do it as soon as possible, we're not going to accept anything to divest. We are going to do it on the terms that we believe we can reach, and that was not matching with Turkcell in this case. You have to ask Turkcell about how they view that.
That's our view and opinion for the moment. The good news is that we are then going to explore this together, which as I said, opens up a different type of discussions and dynamics with the interested parties when the full stake is on the table.
That's great. Thank you.
Thank you. The next question comes from the line of Ulrich Rathe. Please ask your question.
Yeah, thank you. My first question is on CapEx specifically. Christian, you had commented earlier on the sort of ongoing transformation efforts. When the CapEx program for this incremental SEK 6 billion-SEK 7 billion was announced in 2014, that was a sort of 2015, 2016 programs specifically, so that comes to an end. Would you still support the view that in 2017 there would be a significant step back in the CapEx now that this incremental CapEx has been spent? That was my first question. Second question is on the TV product. You're highlighting quite correctly that this is one of those sort of big upside factors here. I'm wondering whether you feel that you need strategic moves in TV specifically to strengthen the product and make it a sustainable competitive product. If I can sneak in a very short one on the fiber sort of momentum outlook.
I know you're not guiding in 2017 yet, in terms of the momentum of the fiber connections in the SDU space in 2017, should we assume this sort of remains give and take at 2016 levels or would you expect a significant change? Thank you.
While Christian is thinking about the CapEx answer, let me address the last two. For TV, we have what we have, we work with what we have. We are pretty much a distributor, if you want to put it that way, but a distributor that goes the extra mile to really give the customers what they ask for and what we think is great for the customer experience. That's paying off for the moment with a good momentum over the near-term period. I still think, which I've said before, that in order to be a profitable long-term player in this space, you got to address the trends that are happening out there where things are going OTT and content is an important part. You got to go local versus global and all of those components, of course, is a very big strategic challenge and opportunity.
That's still on the table when we think into the future, even if our focus now, of course, is to ensure that we deliver on our current TV products and propositions, which we do. On the fiber momentum, I think the only guidance I want to give there is that we're sticking to our 1.9 million over the period that we have said. We are investing to reach that, and we haven't changed anything from the CMD discussions during the summer. In that sense, this quarterly delivery hiccup has not changed our ambition and prospects for getting to where we want to be in 2018. Okay. On CapEx, I will reiterate what we have said before, nothing more, unfortunately, and that is that over time we see that CapEx should go down.
We also, at the CMD in June, explain how the CapEx for fiber will go down, and that is the biggest single item to have an eye on. Finally, I will tell you that I will come back with the quarter four results and tell you more about next year.
Thank you.
Thank you. The next question comes from the line of Terence Tsui. Please ask your question.
Yeah, good morning, everyone. Just a quick follow-up on the question just asked about Sweden. You obviously mentioned that some delays of fiber rollout during the quarter due to problems getting the permits. I just wondered whether you're seeing the problem with the permits, any sign that that's easing into Q4? That's the first one. The second one, just very quickly. A lot of questions being asked about Fintur disposal process, but I'm wondering about Uzbekistan. Now that you've got a little bit more clarity on the settlement process, are you seeing any interest from any potential buyers on the Uzbekistan asset? Thank you.
Let me take the Uzbekistan. You take the first one. We have a situation where, as I said before, I think we need to clarify all the issues regarding Uzbekistan before we potentially divest that or can divest that. That's why I said it's probably last on the list of the companies that we divest. As you may have been able to see from the report, we have a fair market value assessment of Uzbekistan, which we stick to. It's still around 3 billion SEK that we think we would get paid for if we sold it today. That's something we constantly reevaluate, of course, based on the interest that we have and see. Let's see now what the momentum, if we can pick up on any of the momentum now as we bring the matters to close with regards to the investigations.
Of course, it should be easier once that is done.
On the fiber rollout, we have a target of at least 35,000 SDUs in quarter four, that target I feel comfortable with the permits. There's one thing I can't actually impact or do something about, that is the weather. That can always impact us over year-end. We have more deliveries in the southern part of Sweden than we had in the northern part of Sweden in quarter four.
Great. Thank you.
The next question comes from the line of Keval Khiroya. Please ask your question.
Thank you. Two questions, please. First, on roaming, I understand there's a lot of unknowns, can you give us your initial view of the impact of roaming for 2017, and how exposed is your EBITDA to the final outcome on the wholesale roaming cost? Second, on Norway, you highlighted the margin this quarter benefits from lower acquisition costs. Do you expect those acquisition costs to be higher beyond Q3? Thank you.
Thank you. Roaming. I'm not going to get into the guesswork on roaming because, as you're very well aware, this is something that we are pushing very hard on a regulatory and public affairs agenda to get clarity from EU. At this moment, it looks very confusing, to be honest. To have a regulation on retail pricing without addressing the wholesale pricing and without addressing the fair usage policy is not going to work. You really risk the customer experience across the Northern European footprints at least, but I think also the southern part. Before we give you any estimates, we are focusing and pushing for getting the right parameters in place. Then, of course, we're preparing and mitigating for worst case.
If this very strange regulation comes into play with no clarity on this, then we will have to mitigate that one way or another, not just going to outright accept a cost increase as it may look now then, the way it looks. That's roaming. We will have to come back to during first half of 2017 when we know more.
I will leave the Norway question to you, Jesper.
Norway, without going into second details, we can say that the marketing levels in Norway were on a lower level this quarter than previous quarters, so that helped a bit in the quarter.
Okay.
Yeah. Next question, please.
The next question comes to the line of Panu Laitinmäki. Please ask your question.
Thank you. It's Panu Laitinmäki from Danske Bank. I have one question on Finland, where you had improving trends in mobile but not in the fixed broadband, where the revenue decline continued at double digits and the ARPU fell. The question is: what is driving this and what do you see going forward? Do you see any flexing point coming? Thanks.
Right. In fixed broadband, both the ARPU and the customers are actually down, and this is one of the dilemmas in Finland, where you actually go for mobile broadband rather than fixed, and we are suffering from that. That is pretty much the only thing that is going downwards in Finland based on movements into mobile.
Okay. Thank you.
Thank you. The next question comes from the line of Thomas Heath. Please ask your question.
Thank you. Thomas Heath with Danske Bank. Just one question, if I may. I'm trying to figure out your reiterated full-year guidance, given that you have year-to-date EBITDA growth organic of a full 4.2%, yet you say flat or slightly better for the full year. Flat would imply minus 12% in Q4, and at the same time you say that the big swing factor, fiber rollout, is going to increase year-on-year in Q4. Even if your guidance gives you room, of course, to have a few % growth on totality for the year, I'm just trying to figure out what the black hole is you're seeing in Q4. Thank you.
I think I'll reiterate what we said in quarter two. We have said flat to slightly above. We feel comfortable with that guidance. Good. I think we have time for one more question.
Thank you. The next question comes on the line with Viktor Högberg. Please ask your question.
Yes, thank you very much. Just most have been taken. I was just wondering on the fiber strategies Sweden. Do you prefer having the customer as your customer, or could you just as well be an open network? Just a small clarification on that, please.
We prefer to have the full customer interface as a service provider, also as a [ComOp], as well as open fiber. Then you have the opportunity, of course, to offer the full range of services, the converged services to the end customer. That's the priority. Even if we sometimes don't achieve that, of course, then we have open fiber to fall back to.
Maybe if I may ask, do you see that your new TV box offering that was launched the other day might help you in this?
Clearly, to improve customer experience, that's a key feature.
Okay. Thank you very much.
I think we have one final question here in the room, so please take that one, and then we conclude.
Thank you. Stefan Billing at Kepler Cheuvreux. Actually, two short questions. One is on Denmark. We have seen some developments with a new aggressive MVNO entering in the last couple of months. I was just wondering about how you view the Danish market at this point, and if you've seen any changes in churn and so on recently. The other one is on leverage and your leverage target. I was wondering whether you see that the net debt-to-EBITDA ratio that you have today, I guess that's a function of a preferred credit rating, and whether you believe that this leverage target could be changed or actually increased once you have divested Eurasia. Thanks.
On the Denmark side quickly, yeah, the new MVNOs moving in as usual in this market. I think this one is no impact as of yet. Of course, it's a new dynamic which we'll be watching closely, but there are very generous offers from the main brands already, so it's a tough one to enter into, I would say.
Yeah, just on Denmark again, I know they have struggled a little bit, but it's not good that we have new MVNOs coming in, clearly. On the leverage target, yes, we have 2.0 ±0.5, we seem to be in that range still. If we can move after we have divested, well, we have said before there is some positive and some negatives, it's a little bit up to the rating industries how they see this. One is that we may get more stable operation, but diversity is also going down. How that will balance out, I have a view personally, but maybe not the rating industries agree with that completely. We'll come back on that when we have done that.
Before you all hang up and leave, this is the last time you will meet and see Jesper, who's leaving us. We'd just like to take the opportunity to thank Mr. Wilgodt for bearing with us on press conferences and all the trips that we do. I know you out there and here have a special relationship to Jesper and the team. We have new one coming in soon, but Jesper, you're leaving us. Thank you for your hard work.
Thanks a lot, guys. Thanks a lot for all the intelligent and interesting questions during the years.
Thank you, Jesper.
Thank you.