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 202 1
13 A u g u s t 2 0 2 1
6
Revenue
In H1 2021, Nuuday’s revenue decreased by
1.5% or DKK 107m to DKK 7,257m compared
with the same period last year. This decrease was
driven by the structural decline in our mature ser-
vices segment, where especially the loss of low-
speed DSL broadband connections and landline
voice RGUs negatively impacted on H1 growth
YoY. Within our growth services segment we con-
tinued to see an enhanced development with pos-
itive customer net adds in especially high-speed
broadband and mobility services. The Bland Selv
and YouTv customer bases also saw another
quarter of positive net adds. Also, the small reve-
nue decline YoY was further partly offset by a
strong H1 2021 terminal sales compared with
same period last year.
Gross profit
Nuuday’s gross profit decreased by 7.9% or DKK
215m YoY to DKK 2,518m in the first half of
2021. Declining customer bases within our ma-
ture services were the main driver for the de-
creased gross profit, however within our TV ser-
vices, we realised a flat TV gross profit YoY. This
was achieved despite a loss of traditional TV
package RGUs due both to price increases and in-
creasing customer bases with Bland Selv and
YouTv products. In mobility services, our cus-
tomer base increased in the first half of 2021
YoY, however gross profit declined YoY triggered
by changes in customer mix and less traffic in
Business.
Operating expenses
Nuuday’s operating expenses in H1 2021 totalled
DKK 1,599m, down by DKK 166m or 9.4% from
H1 2020. This was driven by reductions in spend-
ing across opex categories, with the biggest sav-
ings being realised in personnel expenses and
personnel-related costs.
EBITDA
Nuuday recorded an EBITDA decline of 5.2% or
DKK 50m to DKK 918m in H1 2021 compared
with the same period last year. The savings in op-
erating expenses positively impacted on the
EBITDA growth YoY, although the loss in gross
profit more than offset these savings.
Capital expenditure
In H1 2021, Nuuday’s capital expenditure de-
clined by 19.1% or DKK 137m to DKK 581m com-
pared with the same period in 2020. The lower
spending stemmed largely from lower volume-
driven capex, driven by a higher degree of refur-
bishment of modems and fewer TV set-top box
replacements, and smaller investments in IT.
EBITDA less capital expenditure
In H1 2021, Nuuday’s simple cash flow (EBITDA –
capital expenditure) amounted to DKK 337m, up
DKK 87m compared with H1 2020. This increase
was due to the cost savings in both operating and
capital expenditure and was partly offset by
Nuuday’s gross profit from growth services in-
creasing less rapidly than the decline in mature
services gross profit.
.