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

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Note 3 New accounting standards At 31 December 2011, IASB and the EU have approved the following new accounting standards (IFRSs and IASs) and interpretations (IFRICs) that become effective for 2012 or later, and are judged relevant for TDC: • IFRS 7 (Amended 2010) Financial instruments Disclosures will be effective for financial years starting on or after 1 July 2011. The Amendment changes the disclosure requirements on derecognition of financial instruments. The Group will apply IFRS 7 (Amendment) from 1 January 2012. IASB has published the following new accounting standards (IFRSs) and interpretations (IFRICs) that become effective for 2012 or later, and are judged relevant for TDC, but have not yet been approved by the EU: • IAS 12 (Amended 2010) Income Taxes will be effective for financial years starting on or after 1 January 2012. The change means that investment properties, measured at fair value according to IAS 40, are only considered to be recovered through sale. The Group will apply IAS 12 (Amended 2010) from 1 January 2012. The change has no impact on the Group's Financial Statements as the Group does not hold investment properties. • IAS 1 (Amended 2011) Financial statement presentation will be effective from financial years starting on or after 1 July 2012. The main change is a requirement to group items presented in Other Comprehensive Income on the basis of whether they are potentially recycled to profit or loss subsequently. The Group will apply IAS 1 (Amendment) from 1 January 2013. • IAS 19 (Amended 2011) Employee benefits will be effective from financial years starting on or after 1 January 2013. These amendments eliminate the corridor approach and calculate finance costs on a net funding basis. The Group will apply IAS 19 (Amendment) from 1 January 2013. The Group does not use the corridor approach but calculating finance costs/income on a net funding basis will have an impact on future earnings. • IFRS 10 Consolidated financial statements will be effective for financial years starting on or after 1 January 2013. IFRS 10 defines the principle of control and set out how to apply the principle of control to identify whether an investor controls an investee and therefore must consolidate the investee. The Group will apply IFRS 10 TDC Group Annual Report 2011 from 1 January 2013 but the amendment is not expected to have any material impact. • IFRS 11 Joint arrangements will be effective for financial years starting on or after 1 January 2013. IFRS 11 defines joint arrangements by focusing on the rights and obligations of the arrangement rather than its legal form. There are two types of joint arrangement: joint operations and joint ventures. Joint operations arise where a joint operator has rights to the assets and obligations relating to the arrangement and hence accounts for its interest in assets, liabilities, revenue and expenses. Joint ventures arise where the joint operator has rights to the net assets of the arrangement and hence equity accounts for its interest. Proportional consolidation of joint ventures is no longer allowed. The Group will apply IFRS 11 from 1 January 2013 but the amendment is not expected to have any material impact. • IFRS 12 Disclosures of interests in other entities will be effective for financial years starting on or after 1 January 2013. IFRS 12 includes the disclosure requirements for all forms of interests in other entities, including joint arrangements, associates, special purpose vehicles and other off balance sheet vehicles. The Group will apply IFRS 12 from 1 January 2013. • IFRS 13 Fair value measurement will be effective for financial years starting on or after 1 January 2013. IFRS 13 aims to improve consistency and reduce complexity by providing a precise definition of fair value and a single source of fair value measurement and disclosure requirements for use across IFRSs. The requirements do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards within IFRSs or US GAAP. The Group will apply IFRS 13 from 1 January 2013. • IAS 32 (Amended 2011) Financial instruments Presentation and IFRS 7 (Amended 2011) Financial instruments Disclosures will be effective for financial years starting on or after 1 January 2014 and 1 January 2013 respectively. IAS 32 clarifies some of the requirements for offsetting financial assets and financial liabilities on the balance sheet and IFRS 7 enhance current offsetting disclosures. The Group will apply IAS 32 (Amendment) and IFRS 7 (Amended) from 1 January 2014 and 1 January 2013 respectively. 114
• IFRS 9 Financial Instruments will be effective for financial years starting on or after 1 January 2015. IFRS 9 improves and simplifies the approach for classification and measurement of financial assets compared with the requirements of IAS 39. It applies a consistent approach to classifying financial assets and replaces the numerous categories of financial assets in IAS 39, each of which had its own classification criteria. IFRS 9 also results in one impairment method, replacing the numerous impairment methods in IAS 39 that arise from the different TDC Group Annual Report 2011 classification categories. The Group will apply IFRS 9 from 1 January 2015 at the latest, but the amendment is not expected to have any material impact. • As part of the annual improvement project, IASB has approved changes to several of the existing standards. The adjustments are effective from 1 January 2012 at the earliest, but are expected to have no material impact on the Group’s financial statements. 115
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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
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In 2011, TDC showed its ability to
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Shareholder information Policy TDC
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Share price In a challenging market
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TDC has 2,550 3G sites in Denmark,
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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 104 and 105: Notes to Consolidated Financial Sta
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 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
Page 154 and 155: C: Pensions for former Danish civil
Page 156 and 157: TDC Group Annual Report 2011 Assets
Page 158 and 159: Note 35 Overview of Group companies
Page 162 and 163: 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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