Financial Review

Financial Review

Key financial dataDKKm
TDC Group 2010 2009 2008 Change in % 2010 vs. 2009 Change in % 2009 vs. 2008
DKKm
Revenue 26,167 26,079 26,917 0.3 (3.1)
Transmission costs and cost of goods sold (6,747) (6,444) (7,239) (4.7) 11.0
Gross profit 19,420 19,635 19,678 (1.1) (0.2)
Other external expenses (4,517) (4,731) (4,909) 4.5 3.6
Wages, salaries and pension costs (4,327) (4,598) (5,185) 5.9 11.3
Other income and expenses 196 230 470 (14.8) (51.1)
EBITDA 10,772 10,536 10,054 2.2 4.8
Depreciation (2,660) (2,385) (2,433) (11.5) 2.0
Amortisation (2,603) (2,170) (1,937) (20.0) (12.0)
Impairment losses (93) (104) (177) 10.6 41.2
Depreciation, amortisation and
impairment losses
(5,356) (4,659) (4,547) (15.0) (2.5)
Operating profit (EBIT), excluding
special items
5,416 5,877 5,507 (7.8) 6.7
Special items (1,347) (1,119) (3,212) (20.4) 65.2
Profit from joint ventures and associates 13 76 200 (82.9) (62.0)
   -of which special items     10 77 (22) (87.0) -
Net financials (1,496) (2,064) (2,048) 27.5 (0.8)
Profit before income taxes 2,586 2,770 447 (6.6) -
Income taxes related to profit, excluding special items (1,035) (1,085) (722) 4.6 (50.3)
Income taxes related to special items 253 276 284 (8.3) (2.8)
Total income taxes (782) (809) (438) 3.3 (84.7)
Profit for the year from continuing
operations
1,804 1,961 9 (8.0) -
Profit for the year from discontinued
operations
1,203 422 548 185.1 (23.0)
   - of which special items     790 (153) 196 - (178.1)
Profit for the year 3,007 2,383 557 26.2 -
Profit for the year from continuing
operations, excluding special items
2,888 2,727 2,959 5.9 (7.8)
Adjusted revenue1 26,167 26,316 26,400 (0.6) (0.3)
Adjusted EBITDA2 10,767 10,458 9,778 3.0 7.0
  1. Revenue for 2009-2010 has been adjusted for the acquisitions of Fullrate, A+, AinaCom's fibre network, DONG Energy's fibre network, M1 and Nordit the divestment of the satellite business, currency effects, and regulation of landline interconnection, international roaming and mobile termination charges. Revenue for 2008-2009 was adjusted for the acquisitions of Fullrate, A+ and DONG Energy's fibre network; the divestments of Business Phone, Digital Signatur, Connect Partner, International Carrier Services, LG, Rejsekort, the satellite business and business customer centres as well as the divestment and outsourcing of CPE sales to business customers; currency effects; and regulation of international roaming and mobile termination charges.
  2. EBITDA for 2009-2010 has been adjusted for the acquisitions of Fullrate, A+, AinaCom's fibre network, DONG Energy's fibre network, M1 and Nordit as well as the divestment of the satellite business and the gain related to the divestment of the field force operation in TDC Sweden, sale of assets (sale of property, plant and equipment and intangible assets); currency effects and regulation of landline interconnection and international roaming charges. EBITDA for 2008-2009 was adjusted for the acquisitions of Fullrate, A+ and DONG Energy's fibre network; the divestments of Uppsala Stadsn├Ąt, Business Phone, Digital Signatur, International Carrier Services, Connect Partner, LG, the satellite business business customer centres and TDC Produktion as well as the gain related to the divestment of the field force operations in TDC Sweden, the sale of property, plants and equipment, currency effects and regulation of international roaming charges.

TDC Group 2010 2009 2008 Change in % 2010 vs. 2009 Change in % 2009 vs. 2008
DKKm
Net interest-bearing debt (22,607) (33,461) (34,873) 32.4 4.0
Statements of Cash Flow
Continuing operations:
Operating activities 7,238 7,440 5,743 (2.7) 29.5
Investing activities (3,889) (4,811) 2,096 19.2 -
Financing activities (20,091) (10,261) (9,506) (95.8) (7.9)
Total cash flow from continuing
operations
(16,742) (7,632) (1,667) (119.4) -
Total cash flow in discontinued operations 16,810 1,677 88 - -
Total cash flow 68 (5,955) (1,579) 101.1 -
Free cash flow
Operating free cash flow 7,437 6,469 6,324 15.0 2.3
Equity free cash flow 4,515 4,426 2,424 2.0 82.6
Capital expenditure
Capital expenditure (3,534) (3,891) (3,975) 9.2 2.1
Key financial ratios
Earnings Per Share (EPS) DKK 3.06 2.45 0.71 - -
EPS from continuing operations, excl. special items DKK 2.94 2.75 2.99 - -
Dividend payments per share DKK - 7.85 0.72 - -
Gross profit margin % 74.2 75.3 73.1 - -
EBITDA margin % 41.2 40.4 37.4 - -
Capex-to-revenue ratio % 13.5 14.9 14.8 - -
EBITDA - Capex DKKm 7,238 6,645 6,079 8.9 9.3
Cash conversion % 69.0 61.4 62.9 - -
Net interest-bearing debt/EBITDA x 2.1 3.2 3.0 - -
EBITDA/interest x 6.8 6.8 4.7 - -

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