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TDC 2008 earnings ‘satisfactory’

5 Feb 2009

In a press release published today, TDC announced its earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 5.4% during 2008. At end-December 2008 the company reported EBITDA of DKK13.2 billion (USD2.3 billion), up from DKK12.5 billion a year earlier, and said the increase was a result of cost reductions, as well as strong growth in the cable television market. CEO of TDC, Henrik Poulsen, said ‘we can be satisfied with the result. The strong focus on cost reductions has meant that we have been able to secure a healthy increase in earnings.’

However, revenue decreased by 1.3% from DKK39.3 billion at end-2007 to DKK38.8 billion a year later, partly due to a decline in the Danish fixed line business and lower roaming prices. Poulsen added, ‘We experience a constant pressure on our top line, which is further worsened by the global economic halt. This is the reason why we will focus our energy on market oriented actions in 2009 combined with a tight control of our cost levels.’ The sale of Polish wireless operator Polkomtel at the end of 2008 considerably reduced TDC’s net interest-bearing debt from DDK41.4 billion at end-2007 to DKK35.1 billion a year later. Greatest cause for concern lies with TDC-owned Swiss telco Sunrise; where earnings fell from DKK2.4 billion in 2007 to DKK2.2 billion at end-2008.

TDC expects 2009 revenue and net income from continuing operations to be on-par with 2008.

Denmark, Sunrise Communications

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