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

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Performance in 2011 TDC Group Annual Report 2011 Key financial data TDC Group 2011 2010 Change in % Income Statements DKKm Revenue 26,304 26,167 0.5 Gross profit 19,172 19,420 (1.3) EBITDA before pension income 10,501 10,337 1.6 EBITDA 10,940 10,772 1.6 Profit for the year from continuing operations, excluding special items 3,498 2,888 21.1 Profit for the year 2,808 3,007 (6.6) Total comprehensive income 3,127 2,636 18.6 Capital expenditure Capital expenditure (3,421) (3,534) 3.2 Net interest-bearing debt Net interest-bearing debt (21,013) (22,607) 7.1 Statements of Cash Flow EBITDA before pension income 10,501 10,337 1.6 Adjustment for non-cash items 143 217 (34.1) Pension contributions (157) (169) 7.1 Payments related to provisions (90) (11) - Change in net working capital excl. special items (67) 571 (111.7) Interest paid, net (645) (1,422) 54.6 Income tax paid (1,715) (1,500) (14.3) Investment in PPE and intangible assets excl. mobile licenses (3,376) (3,508) 3.8 Equity free cash flow 4,594 4,515 1.7 Cash flow from operating activities 7,177 7,238 (0.8) Cash flow from investing activities (3,637) (3,889) 6.5 Cash flow from financing activities (2,815) (20,091) 86.0 Total cash flow from continuing operations 725 (16,742) 104.3 Special items: Redundancy programmes and surplus office capacity (615) (606) (1.5) Other (171) (186) 8.1 Cash flow from operating activities (786) (792) 0.8 Cash flow from investing activities 95 1 - Total cash flow from special items (691) (791) 12.6 Key financial ratios Gross profit margin % 72.9 74.2 - EBITDA margin before pension income % 39.9 39.5 - EBITDA margin % 41.6 41.2 - Capex-to-revenue ratio % 13.0 13.5 - Net interest-bearing debt/EBITDA x 1.9 2.1 - RGUs (end-of-year) ('000) Landline 1,775 1,915 (7.3) Mobile 3,894 3,607 8.0 Internet 1,777 1,807 (1.7) Other networks and data connections 62 64 (3.1) TV 1,496 1,464 2.2 Total RGUs 9,004 8,857 1.7 FTEs Number of FTEs (EoY) 9,816 10,423 (5.8) Number of FTEs (EoY), domestic 8,552 9,200 (7.0) Average number of FTEs 10,106 10,860 (6.9) Average number of FTEs, domestic 8,875 9,601 (7.6) 6
Revenue The TDC Group’s revenue increased by 0.5% in 2011 despite a very challenging market characterised by strong competition in almost all areas and renewed macroeconomic uncertainty. Revenue was positively affected by: • Increasing organic 2 domestic TV revenue, reflecting the continued strong performance in YouSee and TDC TV driven by more subscribers and higher ARPU. • The acquisition of Onfone in Q2 2011 and the hosting business DIR in Q1 2011. • Increasing organic domestic revenue from terminal equipment driven primarily by the increased sale of smartphones without SAC subsidies. • Strong organic revenue in Nordic driven mainly by TDC Sweden supported by strong growth in both the integrator and operator business areas. Organic growth was also achieved in TDC Hosting and TDC Finland while TDC Norway had negative organic growth. • A favourable development in the NOK and SEK exchange rates. ______________________________________________________________________ 2 The term organic means adjusted for forex, acquisitions/divestments, sale of assets and regulatory price adjustments. Revenue growth was partly offset by: TDC Group Annual Report 2011 • Decreasing organic revenue in the domestic landline voice business stemming from fewer PSTN/ISDN RGUs due to the continued migration from landline to mobile and VoIP. • Decreasing organic domestic internet and network revenue as a result of a very competitive situation in the residential and business broadband markets resulting in fewer RGUs and lower ARPU. • A continued negative impact from regulation of mobile termination rates (MTR) for voice and SMS, international roaming charges and PSTN resale. • Decreasing organic revenue from domestic mobility services reflecting a year of fierce price competition in the residential mobile voice market resulting in lower ARPU. The decline was, however, somewhat offset by an increase in RGUs in both mobile voice (driven by strong performance in the business market) and mobile broadband. 7
Page 1 and 2: 2011 Group Annual Report
Page 3 and 4: TDC Group Annual Report 2011 Accomp
Page 5: While our business is less impacted
Page 9 and 10: Profit for the year Profit for the
Page 11: Guidance 2011 TDC published financi
Page 14 and 15: TDC during 130 years TDC turns 130
Page 16 and 17: Internet The four regional telephon
Page 18 and 19: TDC Group Annual Report 2011 “The
Page 20 and 21: TDC today Profile TDC is the leadin
Page 22 and 23: Product lines In a rapidly changing
Page 24 and 25: Innovations in TDC in 2011 TDC is a
Page 26 and 27: TDC’s mission, vision and values
Page 28 and 29: Strategy 2012 Customer satisfaction
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Page 32 and 33: TDC’s homedisk stores 320,000 GB
Page 34 and 35: Consumer 2011 at a glance • Consu
Page 36 and 37: To an increasing extent, customers
Page 38 and 39: Performance in 2011 Revenue The bus
Page 40 and 41: Business partners & colleagues Cope
Page 42 and 43: Nordic 2011 at a glance • Solid r
Page 44 and 45: Gross profit The gross profit growt
Page 46 and 47: Performance in 2011 Revenue Wholesa
Page 48 and 49: YouSee 2011 at a glance • Strong
Page 50 and 51: Gross profit YouSee’s gross profi
Page 52 and 53: Performance in 2011 In 2011, Operat
Page 54 and 55: 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
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Financial Statements Financial Stat
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Management Statement TDC Group Annu
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TDC Group Annual Report 2011 Consol
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TDC Group Annual Report 2011 Assets
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TDC Group Annual Report 2011 Consol
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Notes to Consolidated Financial Sta
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interests is recognised in equity.
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Special items Special items include
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account exceeding the amount capita
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Assets or disposal groups classifie
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Note 3 New accounting standards At
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Note 4 Segment reporting For a desc
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TDC Group Annual Report 2011 Geogra
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TDC Group Annual Report 2011 Remune
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TDC Group Annual Report 2011 Deferr
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TDC Group Annual Report 2011 Note 8
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TDC Group Annual Report 2011 Net fi
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Reconciliation of effective tax rat
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TDC Group Annual Report 2011 is bas
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Land and buildings Telecommun icati
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TDC Group Annual Report 2011 Treasu
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TDC Group Annual Report 2011 Net in
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Maturity profiles 1 Financial asset
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exceed 25% in year two, 30% in year
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Financial transactions are only ent
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Other risks of capital contribution
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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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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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