TDC: Interim Financial Report Q3 2019
Highlights
- Reported revenue declined by 2.8% in Q3 and organic revenue declined by 2.4% YTD. This decline was mainly driven by terminal sales, legacy drag from landline voice and continued pressure on TV
- Reported EBITDA declined by 0.1%, and when adjusted for new lease accounting principles (IFRS 16) EBITDA decreased by 6.4%. This decline was driven primarily by costs related to the separation of TDC as well as investments in the new strategy. Organic1 EBITDA declined by 3.6% in Q3 and 3.0% YTD in line with our expectations
- Mobility services showed a continued solid performance in Q3 with YoY organic gross profit growth of 2.8% driven by higher ARPU in Consumer as well as Business’ increased customer base YoY
- TV gross profit decline of 12.8% in Q3 YoY driven by lower GP margin due to inclusion of SVoD services in TV packages, higher content supplier costs and build-up of own content. Loss of 19k Consumer TV customers vs Q2 2019. In Q3, Nuuday entered three new strategic TV partnerships (with TV2, Nordisk film & C More), constituting a significant investment in our flexible TV and streaming products of the future, which will secure flexibility and high-quality content. The Discovery contract will terminate as of 1 January 2020, as an agreement was not reached to include the Discovery channels in our TV offering
- Internet & Network delivered YoY organic gross profit growth of 0.6% in Q3 driven by a value lift in Consumer ARPU partly offset by fewer customers
- Responsibility for managed service of our mobile network has now been successfully transferred to Ericsson, and the network is being prepared for 5G. Capex increased by 35% in Q3 YoY, driven by investments in TDC’s mobile and fibre networks
- TDC NetCo’s fibre rollout is continuing to accelerate, with ~15k homes passed in Q3
- The separation of TDC is progressing as planned, with full operational intercompany charging being implemented between all subsidiaries and ~90% of all employees moved to either Nuuday or NetCo
- Allison Kirkby has stepped down as President and Group CEO of TDC with immediate effect after accepting the position as President and CEO of Sweden’s Telia Company AB
- The Board of Directors of TDC Group has appointed Michael Moyell Juul as CEO of Nuuday. He will take over the position from Jaap Postma, who has decided to relocate to the Netherlands
Conference call details
A conference call will be held on 14 November 2019 at 14:30 CET.
Presentation material will be available prior to the conference call on www.tdcgroup.com
Dial-in details can be found at:
http://event.onlineseminarsolutions.com/r.htm?e=2110937&s=1&k=77920B8BAF414E371DFF5E12095F92DD
Webcast: https://edge.media-server.com/mmc/p/4qfn2t49
For investor enquiries: +45 66 63 76 80
For media enquiries: +45 70 20 35 10
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