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

TDC Group Annual Report 2011
Assets and liabilities at the time of acquisition 1 DKKm
Fair value at the
time of acquisition
Intangible assets 114
Property, plant and equipment 7
Other non-current assets 1
Receivables 11
Cash 12
Deferred tax assets/(liabilities), net (12)
Income tax receivable/(payable), net (2)
Short-term debt (119)
Acquired net assets 12
Goodwill 247
Acquisition cost 259
Cash in acquired subsidiaries (12)
Change in unpaid share of acquisition cost 20
Net cash flow on acquisitions 267
1 Including immaterial adjustments regarding previous years’ acquisitions.
The acquired enterprises contributed DKK 245m to revenue and DKK (92)m to Profit for the year (incl. Special items) in 2011.
Calculated as though the acquisitions took place at 1 January 2011, the acquired enterprises would have contributed DKK
352m to revenue and DKK (131)m to Profit for the year (incl. Special items).
In acquired enterprises, trade receivables from customers are recognised at fair value. At the time of acquisition the contract
amount were DKK 17m and allowances for doubtful debts amounted to DKK 4m.
In 2011, transactions costs related to acquisition of enterprises amounted to less than DKK 1m. Such costs are recognised as
special items.
Goodwill related to acquisitions was calculated at DKK 247m on recognition of identifiable assets, liabilities and contingent
liabilities at fair value. Goodwill represents the value of current employees and know-how as well as expected synergies arising
from the combination with TDC.
2010
In 2010, TDC made the following acquisitions:
In January 2010, TDC A/S acquired the remaining 80% of
the shares in Unotel A/S. Unotel A/S is a mobile service
provider. The acquisition is expected to improve TDC's
market position in the mobile service provider segment. The
previously held ownership share was remeasured at its
acquisition date fair value and the resulting gain of DKK 9m
was recognised as Profit from joint ventures and associates
in the Income Statement.
In January 2010, Telmore A/S acquired 100% of the shares
in the mobile service provider M1 A/S. The acquisition is
expected to improve TDC's market position in the mobile
discount segment.
In February 2010, TDC Oy Finland acquired AinaCom's fibre
network. The acquisition is expected to improve TDC's
market conditions in the Helsinki area.
In March 2010, YouSee A/S acquired 100% of the shares in
the broadband applications provider Nordit A/S. The
acquisition increased YouSee's customer base.
In April 2010, YouSee A/S acquired the municipal cable-TV
operator Nakskov Fællesantenne. The acquisition increased
YouSee's customer base.
155