F i n a n c i a l R e p o r t J a n u a r y – M a r c h 2021
6 M a y 2 0 2 1
22
Risk factors
TDC Group’s Annual Report 2020 describes certain risks that could materially and adversely affect TDC
Group’s business, financial condition, results of operations and/or cash flows.
In addition, the outbreak of COVID-19 impacts TDC Group’s operations. People’s safety is our first prior-
ity and we have implemented the necessary measures, including strengthened workplace safety proce-
dures.
As COVID-19 has had a significant impact on many global financial markets, general uncertainty has in-
creased. Travel restrictions results in negative impact on the roaming business and the overall decline in
the economy may lead to a negative impact on revenues as well as increased credit losses, or even bank-
ruptcies, leading to financial loss.
Forward-looking statements
This report may include statements about TDC Group’s expectations, beliefs, plans, objectives, assump-
tions, future events or performance that are not historical facts and may be forward looking. These
statements are often, but not always, formulated using words or phrases such as “are likely to result”,
“are expected to”, “will continue”, “believe”, “is anticipated”, “estimated”, “intends”, “expects”, “plans”,
“seeks”, “projection” and “outlook” or similar expressions or negatives thereof. These statements in-
volve known and unknown risks, estimates, assumptions and uncertainties that could cause actual re-
sults, performance or achievements or industry results to differ materially from those expressed or im-
plied by such forward-looking statements.
Any forward-looking statements are qualified in their entirety by reference to the factors discussed
throughout this financial report. Key factors that may have a direct bearing on TDC Group’s results in-
clude: the competitive environment and the industry in which TDC operates; contractual obligations in
TDC Group’s financing arrangements; developments in competition within the domestic and interna-
tional communications industry; information technology and operational risks including TDC Group’s
responses to change and new technologies; introduction of and demand for new services and products;
developments in demand, product mix and prices in the mobile and multimedia services market; re-
search regarding the impact of mobile phones on health; changes in applicable legislation, including but
not limited to tax and telecommunications legislation and anti-terror measures; decisions made by the
Danish Business Authority; the possibility of being awarded licences; increased interest rates; the status
of important intellectual property rights; exchange-rate fluctuations; global and local economic condi-
tions; investments in and divestment of domestic and foreign companies; and supplier relationships.
As any risk factors referred to in this report could cause actual results or outcomes to differ materially
from those expressed in any forward-looking statements made in this report, undue reliance is not to be
placed on any of these forward-looking statements. New factors will emerge in the future that TDC
Group cannot predict. In addition, TDC Group cannot assess the impact of each factor on its business or
the extent to which any factor, or combination of factors, may cause actual results to differ materially
from those described in any forward-looking statements.