Financial Information

Solid performance despite a highly challenging market.

• Revenue up 0.5% and EBITDA up 1.6%, thus meeting 2011 guidance
• Profit from continuing operations excl. special items up 21.1%, impacted by lower interest expenses and positive development in fair value adjustments
• Equity free cash flow up 1.7% driven by reduced interest payments, partly offset by change in net working capital
• Net interest-bearing debt to EBITDA ratio of 1.9x
• 2011 dividend: DKK 4.35, of which DKK 2.18 was distributed on 10 August 2011
• Proceeds from settlement of the dispute between DPTG and TPSA will be distributed through a one-off share buy-back of DKK 750m. NTC will participate on a pro rata basis
• Continued productivity gains across the company driving EBITDA growth
• Solid traction in landline network. Highest quarterly retail broadband net adds in more than three years driven by YouSee, and lowest quarterly PSTN/ISDN churn in Consumer for more than five years
• Maintained domestic mobile subscriber base compared with Q3 2011 despite TDC not responding to heavy promotion activities from our competitors. Q4 voice traffic below expectations
• Growth in pay-TV subscriber base (+21k compared with Q3 2011) driven by HomeTrio Mini, a competitive entry product in the premium pay-TV segment
• TPSA settlement will impact special items related to associates with DKK 1bn before taxes in Q1 2012
• 2012 guidance:
  • Revenue: DKK 26.0-26.5bn
  • EBITDA before pension income: DKK 10.3-10.5bn
  • Capex: DKK 3.4-3.5bn
  • Dividends per share: DKK 4.50 (pre share buy-back)