TDC Group Annual Report 2011(6,4MB) - TDC Annual Report 2011

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Notes to Consolidated Financial Statements Overview Notes to Consolidated Financial Statements 1 Significant Accounting Policies 2 Critical accounting estimates and judgements 3 New accounting standards 4 Segment reporting 5 Revenue 6 Wages, salaries and pension costs 7 Other income, other expenses and government grants 8 Depreciation, amortisation and impairment losses 9 Special items 10 Net financials 11 Income taxes 12 Discontinued operations 13 Earnings per share 14 Intangible assets 15 Property, plant and equipment 16 Investments in joint ventures and associates 17 Receivables 18 Prepaid expenses 19 Inventories 20 Cash 21 Equity 22 Loans 23 Deferred income 24 Provisions 25 Trade and other payables 26 Financial instruments, etc. 27 Pension assets and pension obligations 28 Adjustment for non-cash items 29 Change in working capital 30 Investment in enterprises 31 Divestment of enterprises 32 Cash flow from investing activities in discontinued operations 33 Cash and cash equivalents at 1 January 34 Net interest-bearing debt 35 Overview of Group companies at 31 December 2011 36 Related parties 37 Other financial commitments 38 Contingencies 39 Research and development costs 40 Auditors’ remuneration 41 Events after the balance sheet date TDC Group Annual Report 2011 104
Note 1 Significant Accounting Policies TDC’s Consolidated Financial Statements for 2011 have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union and the additional disclosure requirements issued by the IFRS Executive Order issued by the Danish Commerce and Companies Agency in pursuance of the Danish Financial Statements Act. For TDC there are no differences between IFRS as adopted by the European Union and IFRS as issued by IASB. The Consolidated Financial Statements are based on the historical cost convention, except that the following assets and liabilities are measured at fair value: derivatives, financial instruments held for trading, and financial instruments classified as available for sale and except that assets held for sale are measured at the lower of carrying amount at the time of the classification as held for sale and the fair value less costs to sell. When preparing the Consolidated Financial Statements, Management makes assumptions that affect the reported amount of assets and liabilities at the balance sheet date, and the reported revenue and expenses for the accounting period. The accounting estimates and judgements considered material to the preparation of the Consolidated Financial Statements appear from note 2 below. The accounting policies are unchanged from last year. Consolidation policies The Consolidated Financial Statements include the Financial Statements of the Parent Company and subsidiaries in which TDC A/S has direct or indirect control. Joint ventures in which the Group has joint control are recognised using the equity method. Associates in which the Group has significant influence are recognised using the equity method. The Consolidated Financial Statements have been prepared on the basis of the Financial Statements of TDC A/S and its consolidated enterprises, which have been restated to Group accounting policies combining items of a uniform nature. On consolidation, intra-group income and expenses, shareholdings, dividends, internal balances and realised and unrealised profits and losses on transactions between the consolidated enterprises have been eliminated. TDC Group Annual Report 2011 Acquisition of enterprises On acquisition of subsidiaries, joint ventures and associates, the purchase method is applied, and acquired assets, liabilities and contingent liabilities are measured on initial recognition at fair values on the date of acquisition. Identifiable intangible assets are recognised if they can be separated and the fair value can be reliably measured. Deferred tax of the revaluation made is recognised. Any positive differences between cost and fair value of the assets, liabilities and contingent liabilities acquired on acquisition of subsidiaries are recognised as goodwill in the Balance Sheets under Intangible assets. The cost is stated at the fair value of submitted shares, debt instruments as well as cash and cash equivalents. Goodwill is not amortised, but is tested annually for impairment. Negative balances (negative goodwill) are recognised in the Income Statements on the date of acquisition. Positive differences on acquisition of joint ventures and associates are recognised in the Balance Sheets under Investments in joint ventures and associates. For acquisitions prior to 1 January 2010, the cost of the acquisition includes transaction costs. For acquisitions on or after 1 January 2010, such costs are expensed as incurred. If the initial accounting for a business combination can be determined only provisionally by the end of the period in which the combination is effected, adjustments made within twelve months of the acquisition date to the provisional fair value of acquired assets, liabilities and contingent liabilities or cost of the acquisition are adjusted to the initial goodwill. The adjustment is calculated as if it were recognised at the acquisition date and comparative figures are restated. Changes in estimates of the cost of the acquisition being contingent on future events are recognised in the Income Statement except changes in estimates regarding acquisitions prior to 1 January 2010, which are adjusted in goodwill. For business combinations achieved in stages, the previously held equity interest in the acquiree is remeasured at its fair value when control is achieved and the resulting gain or loss is recognised in profit or loss. The difference between the cost of acquired minority interests and the carrying amount of the acquired minority 105
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2011 Group Annual Report
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TDC Group Annual Report 2011 Accomp
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While our business is less impacted
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Revenue The TDC Group’s revenue i
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Profit for the year Profit for the
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Guidance 2011 TDC published financi
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TDC during 130 years TDC turns 130
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Internet The four regional telephon
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TDC Group Annual Report 2011 “The
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TDC today Profile TDC is the leadin
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Product lines In a rapidly changing
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Innovations in TDC in 2011 TDC is a
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TDC’s mission, vision and values
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Strategy 2012 Customer satisfaction
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TDC Group Annual Report 2011 30
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TDC’s homedisk stores 320,000 GB
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Consumer 2011 at a glance • Consu
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To an increasing extent, customers
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Performance in 2011 Revenue The bus
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Business partners & colleagues Cope
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Nordic 2011 at a glance • Solid r
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Gross profit The gross profit growt
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Performance in 2011 Revenue Wholesa
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YouSee 2011 at a glance • Strong
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Gross profit YouSee’s gross profi
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Performance in 2011 In 2011, Operat
Page 54 and 55: In 2011, TDC showed its ability to
Page 56 and 57: Shareholder information Policy TDC
Page 58 and 59: Share price In a challenging market
Page 60 and 61: TDC has 2,550 3G sites in Denmark,
Page 62 and 63: Regulation Overview The summary bel
Page 64 and 65: Risk factors TDC is faced with both
Page 66 and 67: Risk Description and impact Mitigat
Page 68 and 69: Corporate Social Responsibility 201
Page 70 and 71: Corporate Social Responsibility The
Page 72 and 73: of life of the individual patients
Page 74 and 75: At TDC, we continued to increase th
Page 76 and 77: Red Cross for vulnerable population
Page 78 and 79: YouSee and TDC in combination deliv
Page 80 and 81: Corporate Governance Recommendation
Page 82 and 83: Management Corporate Management Tea
Page 84 and 85: Board of Directors Vagn Sørensen C
Page 86 and 87: Jan Bardino Age 59. Elected by the
Page 88 and 89: Coax refers to a technology based o
Page 90 and 91: data, which may vary in accuracy. A
Page 92 and 93: Financial Statements 2011
Page 94 and 95: Financial Statements Financial Stat
Page 96 and 97: Management Statement TDC Group Annu
Page 98 and 99: TDC Group Annual Report 2011 Consol
Page 100 and 101: TDC Group Annual Report 2011 Assets
Page 102 and 103: TDC Group Annual Report 2011 Consol
Page 106 and 107: interests is recognised in equity.
Page 108 and 109: Special items Special items include
Page 110 and 111: account exceeding the amount capita
Page 112 and 113: Assets or disposal groups classifie
Page 114 and 115: Note 3 New accounting standards At
Page 116 and 117: Note 4 Segment reporting For a desc
Page 118 and 119: TDC Group Annual Report 2011 Geogra
Page 120 and 121: TDC Group Annual Report 2011 Remune
Page 122 and 123: TDC Group Annual Report 2011 Deferr
Page 124 and 125: TDC Group Annual Report 2011 Note 8
Page 126 and 127: TDC Group Annual Report 2011 Net fi
Page 128 and 129: Reconciliation of effective tax rat
Page 132 and 133: TDC Group Annual Report 2011 is bas
Page 134 and 135: Land and buildings Telecommun icati
Page 138 and 139: TDC Group Annual Report 2011 Treasu
Page 142 and 143: TDC Group Annual Report 2011 Net in
Page 144 and 145: Maturity profiles 1 Financial asset
Page 146 and 147: exceed 25% in year two, 30% in year
Page 148 and 149: Financial transactions are only ent
Page 150 and 151: Other risks of capital contribution
Page 152 and 153: TDC Group Annual Report 2011 Sensit
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C: Pensions for former Danish civil
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TDC Group Annual Report 2011 Assets
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Note 35 Overview of Group companies
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TDC Group Annual Report 2011 Note 3
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Note 39 Research and development co
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Five year overview TDC Group Annual
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Cover photo: NW Copenhagen Translat
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TDC Group Annual Report 2011(6,4MB) - TDC Annual Report 2011

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