TDC announces 10% reduction in work-force

12 May 2003

As a result of stalling domestic business performance, TDC [Copenhagen:TDC.CO] has announced plans to cut 10% of its domestic staff. At the end of March 2003 the company recorded an EBITDA of DKK 3,442 million, an increase of 7.3% growth Q1 2002, but it has experienced losses due to a decline in sales and production volume, and estimates that the cut backs will lead to savings of DKK 300 million before tax in 2004.