Highlights
• Revenue decreased by DKK 0.5bn or 1.3% to DKK 38.8bn in 2008, negatively
affected mainly by a reduction in the domestic landline voice business as a
result of migration toward mobile telephony and VoIP. The divestment of
International Voice Business, lower CPE sales, divestment and outsourcing of
terminal sales and CPE sale to business customers and lower international
mobile roaming prices also had a negative effect on revenue. This was partly
offset by more TV customers, higher revenue from the on average larger
broadband customer base and higher ARPU, as well as more domestic mobile retail
customers and more mobile customers in Sunrise. HTCC's acquisitions of Invitel
and Memorex also affected revenue positively, but were partly offset by the
divestment of Bité and SBC. Adjusted for acquired and divested enterprises,
TDC's revenue decreased by 2.4%.
• Income before depreciation, amortization and special items (EBITDA) rose by
DKK 0.7bn or 5.4% to DKK 13.2bn, caused by lower wages due to fewer full-time
employee equivalents. In addition, gains from the divestments of small business
areas, and growth in the broadband and cable-TV business impacted positively.
This was partly offset by a decrease in Sunrise's EBITDA, related to reduced
mobile termination charges, lower prices for postpaid customers and higher
customer acquisition and retention costs. Adjusted for acquired and divested
enterprises, EBITDA increased by 3.5%.
• Operating income (EBIT), excluding special items, increased by 17.3% to DKK
7.4bn.
• Net income decreased by DKK 5.4bn to DKK 2.8bn in 2008. The decrease
reflected mainly the development in Special items.
• Net income from continuing operations, excluding special items and fair value
adjustments, increased by DKK 2.0bn to DKK 4.7bn in 2008. The increase
reflected higher EBITDA and lower Net financial expenses.
• Total cash flow declined to DKK (1,855)m compared with DKK 4,796m in 2007,
primarily due to the sale of properties and divestment of Talkline and Bité in
2007.
• Net interest-bearing debt was down by DKK 6.3bn to DKK 35.1bn driven
principally by the divestment of Polkomtel.
• Proposed dividend payment of DKK 9.00 per share compared with DKK 3.60 for
2007.
Outlook for 2009
• Revenue is expected to be level with 2008.
• Net income from continuing operations, excluding special items, is expected
to be level with 2008.
Please read the full report attached to the link below.
For inquiries regarding the report please contact TDC Investor Relations at +45
6663 7680.
TDC A/S,
Teglholmsgade 1,
0900 Copenhagen C,
DK-Denmark,
tdc.com
