F i n a n c i a l R e p o r t J a n u a r y – J u n e 2 0 2 1
1 3 A u g u s t 2 0 2 1
2
Capital expenditure
Capital expenditure, excluding mobile licences, to-
talled DKK 2,145m in the first half of 2021, down
by 20.9% or DKK 566m compared with the same
period last year. This was driven mainly by large
mobile investment in 2020 following the mobile
network 5G-swap.
Capex related to mobile licences was DKK 670m
in the first half of 2021, reflecting the acquired li-
cences in the combined auction (1,500 MHz,
2,100 MHz, 2,300 MHz, 3.5 GHz and 26 GHz)
that was concluded in April.
Cash flow
Total cash flow increased by DKK 1,239m to DKK
196m.
The DKK 135m decrease in cash flow from oper-
ating activities in H1 2021, down to DKK 2,741m,
was driven primarily by the net working capital
(DKK 317m) from the COVID-19 support package
build-up in H1 2020 and partial repayment in H1
2021 (app. DKK 700m). This was partly offset by
the different timing of other net working capital
items. The decrease in cash flow was partly offset
by the different timing of income tax paid (DKK
170m) and a larger distribution of excess capital
from the TDC Pension Fund compared with 2020
(DKK 74m before tax).
The slight decrease in cash outflow from invest-
ing activities of DKK 12m to DKK 2,581m was
driven by lower capex excl. mobile licences (DKK
566m), however this was almost offset by the dif-
ferent timing of payments compared with 2020.
Cash flow from financing activities in H1 2021 in-
creased by DKK 1,362m to DKK 36m, driven
mainly by an increase in short-term bank loans in
H1 2021 combined with a decrease in H1 2020.
Profit for the period
Excluding special items, profit for the period in-
creased by DKK 274m to DKK 378m. Profit for the
period (including special items) increased by DKK
225m to DKK 198m. The increases were both
driven largely by reduced depreciation
3
.
Comprehensive income
Total comprehensive income increased by DKK
753m to DKK 882m. The DKK 225m increase in
profit for the period was accompanied by a posi-
tive development in defined benefit plans (DKK
526m after tax).
Net interest-bearing debt
During H1 2021, adjusted net interest-bearing
debt
1
increased by DKK 362m to DKK 21,364m.
The increase was due primarily to the dividend
payment of DKK 365m to DK Telekommunikation
ApS mainly for the purposes of interest payments
on senior notes in DKT Finance ApS.
3. See also note 4 to the consolidated financial statements.
Cash flow and net interest-bearing
debt (DKKm)
Q2
2021
Q2
2020
Change
in %
H1
2021
H1
2020
Change
in %
Cash flow from operating activities 1,707
1,998
(14.6) 2,741
2,876
(4.7)
Investment in property, plant and equipment (928) (993) (6.5) (1,880) (1,913) (1.7)
Investment in intangible assets (406) (315)
28.9 (705) (671) 5.1
Lease repayments (99) (95) 4.2 (164) (153) 7.2
Equity free cash flow 274 595 (53.9) (8) 139 (105.8)
Total cash flow from operating activities 1,707
1,998
(14.6) 2,741
2,876
(4.7)
Total cash flow from investing activities (1,331) (1,309) 1.7 (2,581) (2,593) (0.5)
Total cash flow from financing activities (464) (1,584) (70.7) 36 (1,326) (102.7)
Total cash flow (88) (895) (90.2) 196 (1,043) (118.8)
Adjusted net interest-bearing debt (NIBD)¹ (21,364) (20,924) 2.1 (21,364) (20,924) 2.1
Net interest-bearing debt (NIBD) (27,486) (27,520) (0.1) (27,486) (27,520) (0.1)
Adjusted NIBD/EBITDA² 3.6
3.5
- 3.6
3.5
-
1. Excluding the impact from IFRS 16 and spectrum licence liabilities.
2. Calculated without spectrum licence liabilities as well as the additional lease liabilities due to the adopt
ion of IFRS 16 and the resulting EBITDA effect.
The EBITDA effect of IFRS 16 amounted to DKK 434m for the last twelve months. Including spectrum licence liabilities and IFRS 16 the NIBD/EBITDA
ratio amounted to 4.3 at 30 June 2021.