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2009 financial performance

Improved revenue trend and strong earnings and cash-flow performance despite a difficult macroeconomic environment

During 2009 the quarter-over-quarter revenue decline in Nordic Business improved in each quarter, and revenue development in 4Q 2009 was stable compared with 4Q 2008. The stabilization of revenue in Nordic Business marks an important milestone for TDC. Revenue for the full year 2009 in Nordic Business declined by DKK 839m or 3.1%, as a result of disposals, outsourcing, a negative foreign exchange impact, price regulation and adverse macroeconomic environment. 

Despite the challenging macroeconomic environment, income before depreciation, amortization and special items (EBITDA) rose by 6.9% to DKK 13,046m, compared with 2008, leading to an improvement in the EBITDA margin in the TDC Group of 2 percentage points to 36.3% in 2009. Adjusted for acquisitions and disposals, currency effects and the non-recurring compensation from Swisscom in 2008, EBITDA in the TDC Group increased by 6%.

In Nordic Business, EBITDA grew by 5.0% to DKK 10,535m in 2009, leading to a strong EBITDA margin of 40.4%. The growth in Nordic Business EBITDA resulted from cost reductions across all business lines.