2010 was another year of very solid financial performance by TDC. In a challenging market, TDC delivered revenue growth of 0.3% and EBITDA growth of 2.2%, thereby living up to the guidance provided for the year. Equity Free Cash Flow generation was very strong and reached DKK 4.5bn.
Adjusted for the impact of timing of tax payments in 2009, this corresponds to 34.4% Equity Free Cash Flow growth, which bears witness to a strong underlying development in our operational efficiency.

As in previous years, TDC maintained a high level of investment in our infrastructure, with capex totalling DK 3,534m (13.5% capex-to-revenue). During the year we further strengthened our fibre (FttX), cable, and mobile turbo 3G networks, which remain our investment priorities alongside the ongoing upgrade of our IT platforms. In addition, in 2010, TDC instigated the roll-out of LTE/4G initially covering the six largest cities in Denmark. This follows the successful acquisition of an LTE licence and 2x20 MHz spectrum in the 2.5 GHz range in the spring. We will launch our first 4G products and services later this year.

For TDC, 2011 will be another year with a relentless, disciplined focus on operational improvements, continued investments in the innovation, infrastructure, brands, and the people that comprise TDC’s strong foundation and, not least, achieving the results in compliance with our commitment to our shareholders.

Read the whole letter from the CEO Henrik Poulsen