COPENHAGEN, Denmark, April 24, 2002 (PRIMEZONE) -- Today, TDC's (NYSE:TLD) Annual General Meeting for shareowners will be conducted in Tivoli's Concert Hall in Copenhagen.
During the Annual General Meeting, the Company will explain TDC's performance in 2001 and the outlook for TDC in 2002 as described in the Annual Report of 2001. To further substantiate the 2002 performance, the following information regarding 1Q 2002 is released (see footnote 1):
TDC Group had net revenues of DKK 12.6bn in 1Q 2002, up 2.0% compared with 1Q 2001 primarily due to growth in TDC Switzerland and TDC Internet.
Earnings before interest, taxes, depreciation and amortization (EBITDA) was DKK 3.2bn, up 16% primarily due to margin improvement in TDC Mobile International and continued performance improvements in TDC Switzerland.
Net income excluding one-time items was DKK 0.4bn.
One-time items were DKK -0.1bn after tax.
TDC's divestment of its 6.6% ownership interest in Pannon GSM, Hungary, was closed in 1Q 2002. Proceeds were DKK 0.7bn. In accordance with the new Danish Financial Statements Act, the carrying value of the Pannon shares have been written up in 1998 and 2000 to the market value at that time. Accordingly, a gain of DKK 79m is included in 1Q 2002 net financials.
Net income including one-time items was DKK 0.3bn.
TDC Tele Danmark had net revenues of DKK 4.7bn and EBITDA of DKK 1.5bn, 12% lower than 1Q 2001.
TDC Tele Danmark's performance reflects a reduction in traffic revenues and disappointing customer premises equipment sales.
TDC Mobile International had net revenues of DKK 4.1bn. EBITDA was DKK 734m, up 129% compared with 1Q 2001, reflecting significant improvement in Talkline and other European mobile operations.
TDC Switzerland had net revenues of DKK 2.2bn, and EBITDA of DKK 121m compared with a loss of DKK 139m in 1Q 2001.
TDC Switzerland continued its performance improvements by strengthening its position in the Swiss market and reducing the fixed cost base.
Outlook 2002 for the TDC group is affirmed for net revenues, EBITDA and net income. However, this assumes a minor upgrade of TDC Switzerland's EBITDA, offset by a minor EBITDA downgrade in TDC Tele Danmark.
TDC will release final and detailed 1Q 2002 results on May 3, 2002 in the morning and financial analyst and investors are invited for a conference call the same date at 14.00 CET. Conference call number is + 353 1 240 54 34.
Footnote 1: Prior year figures have been adjusted to comply with
the new Danish Financial Statements Act effective from
January 1, 2002. The important changes include,
capitalization of overhead costs related to software
and interest expenses related to construction of fixed
assets. Further included is market-to-market valuation
of financial instruments as well as other marketable
securities and investments.
TDC - formerly Tele Danmark - is a growth and value-creation oriented Danish-based provider of communications solutions with significant presence in selected markets in Northern and Central Europe. TDC is organized as seven main business units; TDC Tele Danmark, TDC Mobile International, TDC Internet, TDC Cable TV, TDC Directories, TDC Services and TDC Switzerland. TDC was privatized in 1994. Today, SBC Communications owns 41.6% of the shares, with the remainder held by individual and institutional shareowners all over the world.
TDC listings
Shares: Copenhagen Stock Exchange Reuters TDC.CO Bloomberg TDC DC Nominal value DKK 5 ISIN DK0010 253335 Sedol 5698790 Shares: New York Stock Exchange Reuters TLD.N Bloomberg TLD US One ADS represent one half common share ISIN US8723 6N1028 Sedol 2883094