Financial highlights
· Q2 growth in revenue (+6.4%) and gross profit (+4.4%) due to the acquisition of Get in Q4 2014. The organic revenue decline
(-2.3%) is in line with our full-year guidance
· Opex development of -6.9% in Q2 affected by the inclusion of Get, increased staffing in call centres and higher spending on
SAC/SRC; continued focus on cost reductions across the organisation with organic opex savings of 0.9%
· EBITDA up by 2.5% in Q2, but organic EBITDA decreased by 7.7% due to a challenging development in Denmark
(reported -11.3%)
· Get continued to deliver on plan (EBITDA up 9.0% YoY) and plan for synergy realisation on track; share based incentive
program launched to provide continued value creation incentive in line with the acquisition plan
· Continued growth in cable activities: 38% of Q2 EBITDA stemmed from cable, up by 5 pp vs. Q2 2014
· EFCF of DKK 812m in Q2, down by 25.5% due mainly to different timing of working capital
· 2015 guidance reaffirmed; interim dividend of DKK 1.00 per share to be paid out on 12 August 2015
Operational highlights
· The number of customers with a non-acceptable experience decreased by 7 index points vs. Q1 to 67 (2009 = index 100)
· Positive net adds in Consumer’s mobile voice (+13k vs. Q1) for the first time in several years, driven by a churn reduction of
6 pp vs. Q1; YoY ARPU down by DKK 6 or 5%, driven by migration to lower price points and cross sales to existing broadband
and TV customers
· Continued YoY ARPU erosion in the Danish B2B market (-18% on mobile voice and -8% on broadband) following price
pressure across segments
· Loss of 12k YouSee TV customers in Q2 due to leakage of both individual customers and antenna associations
· New LRAIC prices led to aggressive broadband pricing initiatives from competitors and negatively affected Consumer’s
broadband customer base (-7k vs. Q1)
· Another strong quarter in the Norwegian B2C market with 4k and 8k new TV and broadband subscribers vs. Q1, respectively,
as well as a TV ARPU increase of 3% YoY
TDC A/S
Teglholmsgade 1
0900 Copenhagen C
DK-Denmark
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