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

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Maturity profiles 1 Financial assets and liabilities measured at fair value through profit or loss and net investment hedges 2010 TDC Group Annual Report 2011 < 1 year 1-3 years 3-5 years > 5 years Total Fair value DKKm Carrying amount Derivatives, assets Interest-rate derivatives 39 30 4 7 80 89 89 Currency swaps (2) (2) 0 0 (4) 2 2 Total derivatives, assets 37 28 4 7 76 91 91 Derivatives, liabilities Interest-rate derivatives (347) (260) 12 6 (589) (659) (659) Total derivatives, liabilities (347) (260) 12 6 (589) (659) (659) Loans and receivables Cash 831 0 0 0 831 831 831 Trade receivables and other receivables 3,744 31 18 473 4,266 3,919 3,919 Total loans and receivables 4,575 31 18 473 5,097 4,750 4,750 Financial liabilities measured at amortised cost Bank loans 2 (570) (1,429) (18,452) 0 (20,451) (17,907) (17,792) Euro Medium Term Notes (EMTNs) (341) (3,869) (2,278) 0 (6,488) (5,798) (5,342) Debt relating to finance leases (70) (68) (35) (127) (300) (209) (209) Trade and other payables Total financial liabilities measured (3,311) (67) (67) (100) (3,545) (3,507) (3,507) at amortised cost (4,292) (5,433) (20,832) (227) (30,784) (27,421) (26,850) Total (27) (5,634) (20,798) 259 (26,200) (23,239) (22,668) 1 All cash flows are undiscounted. 2 TDC refinanced the Senior Facilities Agreement in February 2011 Reconciliation of assets, equity and liabilities on categories DKKm Financial assets and liabilities measured at fair value through profit or loss and net investment hedges Loans and receivables Available-for-sale financial assets Financial liabilities measured at amortised cost Non-financial assets and liabilities, and equity Total balance Assets Equity and 91 4,750 0 0 59,945 64,786 liabilities (659) 0 0 (26,850) (37,277) (64,786) 144
C: Undrawn credit lines The undrawn credit lines at 31 December 2011 are specified as follows: TDC Group Annual Report 2011 Maturities DKKm Committed credit lines Committed syndicated credit lines Total < 1 year 0 0 0 > 1 year 1,253 3,717 4,970 Total 1,253 3,717 4,970 D: Financial management and market risk disclosures TDC is exposed to financial market and credit risks when buying and selling goods and services denominated in foreign currencies as well as due to its investing and financing activities. As a consequence of TDC’s capital structure and financing, TDC faces interest and exchangerate risks. TDC’s Group Treasury identifies, monitors and manages these risks through policies and procedures approved by the Board of Directors. Maximum risk levels have been set for interest, exchange-rate and credit exposures. Together with market values of financial assets and liabilities, these exposures are calculated and monitored weekly. All risk measures are reported to the Group Chief Financial Officer on a weekly basis. Group Treasury is responsible for the treasury management system and methodologies used to calculate and estimate risk positions. Further, TDC’s independent accountants review Group Treasury’s procedures and methodologies on a regular basis to ensure compliance with regulations and internal guidelines and procedures. Group Treasury uses derivatives for hedging interest and exchange-rate exposure. The derivatives are used for hedging purposes only and not for taking speculative positions. The general policies and procedures for TDC’s financial risk management are set out in the financial strategy, which is revised on an annual basis, if necessary. The financial strategy is approved by TDC’s Board of Directors. TDC’s financial strategy was approved in December 2010 and defines maxima/minima for interest-rate, exchangerate and counterparty risks as well as maxima/minima for a range of other variables. Liquidity risk To reduce refinancing risk, the maturity profile of the debt portfolio is spread over several years. The committed Revolving Credit Facility of up to EUR 700m (or DKK 5,200m) and cash generated by the business activities are deemed sufficient to handle upcoming redemption of debt. In TDC’s opinion, the available cash, interest-bearing receivables and undrawn credit lines are sufficient to maintain current operations to complete projects underway, to finance stated objectives and plans, and to meet shortand long-term cash requirements. TDC continuously monitors the international capital markets and expects to refinance the EMTN bond of EUR 457m maturing in April 2012 in the bond market provided that terms and conditions are deemed favourable. Interest rate risks TDC is exposed mainly to interest-rate risks in the euro area, as 71% the nominal gross debt is denominated or swapped into EUR whereas 29% is swapped to DKK. The interest-rate risk emerges from fluctuations in market interest rates, which affect the market value of financial instruments and financial income and expenses. Throughout 2011, TDC monitored and managed its interest-rate risks using several variables in accordance with TDC’s financial strategy to protect primarily TDC’s financial policy targets. The following variables are monitored: • Floating interest-rate debt shall not exceed 60% of the total gross debt (including related derivatives) • The maximum share of TDC’s fixed-rate debt (including related derivatives) to be reset within one year shall not 145
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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
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Risk factors TDC is faced with both
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Risk Description and impact Mitigat
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Corporate Social Responsibility 201
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Corporate Social Responsibility The
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of life of the individual patients
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At TDC, we continued to increase th
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Red Cross for vulnerable population
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YouSee and TDC in combination deliv
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Corporate Governance Recommendation
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Management Corporate Management Tea
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Board of Directors Vagn Sørensen C
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Jan Bardino Age 59. Elected by the
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Coax refers to a technology based o
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data, which may vary in accuracy. A
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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 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 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
Page 164 and 165: Five year overview TDC Group Annual
Page 166: Cover photo: NW Copenhagen Translat
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TDC Group Annual Report 2011(6,4MB) - TDC Annual Report 2011

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