COPENHAGEN, Denmark, Feb. 27, 2002 (PRIMEZONE) -- TDC (NYSE:TLD):
Highlights:
- TDC meets EBITDA and exceeds net income outlook for 2001 - Net revenues of DKK 51.6bn, up 16% - EBITDA of DKK 12.8bn - Net income excluding one-time items of DKK 1.3bn - 13.5m customers at year-end 2001, up 19%
Group Highlights 2001
The TDC Group today reported 2001 net revenues of DKK 51,564m, up 16%. Earnings before interest, taxes, depreciation and amortization (EBITDA) totaled DKK 12,810m, compared with DKK 12,971 in 2000. Net income excluding one-time items totaled DKK 1,317m.
"2001 was a successful year for TDC. The Group's performance was influenced by our Swiss operation, which was fully consolidated for the first time and performed better than planned. 2001 was also the first full year with the TDC Group's new structure based on business lines. The smooth integration of TDC Switzerland, combined with our accelerated ADSL roll-out in the Danish market and the emergence of third-generation mobile services created a solid platform for sustainable growth and value creation for the TDC Group. We expect further improvement in 2002, with all business lines expected to be EBITDA positive. We will continue to target excellent performance and clear strategies while maintaining a sound financial structure. We appreciate our employees' great efforts to fulfill these targets, and value the support we receive from our customers and the trust shown by our shareholders," said Knud Heinesen, Chairman of the Board.
In 2001, total revenues amounted to DKK 54,082m, up 16% compared with 2000. This increase was impacted by the full consolidation of TDC Switzerland.
EBITDA decreased 1% to DKK 12,810m in 2001. The second half of 2001 saw 17% growth compared with 2000, a significant improvement compared with the first half of 2001.
The first "Outlook for 2001" was provided in the Earnings Release for 2000 in February 2001. During 2001, the outlook for 2001 was confirmed and updated, based on a comprehensive quarterly forecasting process and was communicated as outlook updates in the quarterly earnings releases.
Actual revenues were DKK 54.1bn, which is lower than the outlook from February 2001, but consistent with outlooks from May and onwards.
Actual net income was DKK 1.3bn compared with DKK 0.6bn in the February outlook and DKK 0.75bn in the November outlook. The improved net income excluding one-time items was driven primarily by the lower cost of funding the Swiss investment and lower depreciation in a number of operations. The capitalization of the tax value related to incurred losses for 2001 in TDC Switzerland also improved net income.
As foreseen, TDC's financial performance was heavily impacted by the TDC Switzerland transaction completed on January 23, 2001, resulting in a significant earnings dilution through depreciation and amortization as well as the cost of funding. Importantly, however, the Swiss operation performed better on earnings than expected in 2001.
To view this release in its entirety, including tables, please click the link: http://reports.huginonline.com/850153/100178.pdf