(Telecompaper) Telenor met its outlook for around 1 percent growth in organic sales last year and said it expects to grow in the low single digits in 2014. The operator also posted 1 percent organic sales growth in Q4. Reported revenues rose to NOK 27.61 billion from NOK 25.99 billion a year ago, and adjusted EBITDA increased to NOK 8.99 billion from NOK 8.20 billion. With an EBITDA margin of 32.6 percent in Q4 and 34.5 percent over the full year, Telenor met its annual target. The company expects a stable margin in 2014, excluding the costs of launching its new operation in Myanmar. Telenor's net profit was down slightly in the quarter, to NOK 2.43 billion from NOK 2.51 billion a year ago, but profit increased strongly over the full year, leading to a 17 percent increase in the dividend to NOK 7.0 per share. The operator increased capital expenditure last year to NOK 14.66 billion excluding spectrum licences, from NOK 12.30 billion in 2012. In 2014, capex is expected to increase to around 16 percent of revenue, from 14.1 percent in 2013. Despite the higher equipment spending last year, Telenor spent less on acquiring new spectrum, leading to an increase in operating cash flow to NOK 21.23 billion from NOK 20.55 billion in 2013.