In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group TDC Holding A/S 1
TDC Holding A/S
Annual report 2022
Teglholmsgade 1
24502450 København SV
CVR-nr.: 14773908
Generalforsamling: 31. marts 2023
Dirigent ved generalforsamlingen: Signe Johanne Helbo
In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 2

In brief 3
TDCH group in brief 3
About TDCH group 3
Legal structure of TDCH group 4
Key events in 2022 5
Financial review 6
Five-year overview 6
TDCH group performance 7
Risk management 9
Risk management - Nuuday 11
Risk management TDC NET 18
ESG 23
ESG - Nuuday 26
ESG TDC NET 28
Investor information 30
Financial statements
Consolidated financial statements 33
Parent company financial statements 91
Statements 108
 109
Forward-looking statements 113
Content
In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 3
About TDCH group
TDCH (TDC Holding) group’s mission is to build
and support an innovative, open model to ensure
all of Denmark connects to the new digital oppor-
tunities.
To achieve our mission, we have two stand-alone
companies, Nuuday and TDC NET.
Nuuday’s business model produces reliable
high-quality solutions for almost six million cus-
tomers across consumer and business segments
through a strong brand portfolio comprising of
Demarks leading telecommunications brands.
Our brands provide Danish consumers and busi-
nesses with high- speed broadband and best-in-
class mobile connectivity, flexible TV & streaming
propositions, and a broad suite of advanced busi-
ness solutions, including cyber-security, unified
communications and digital collaboration.
TDC NET’s business model takes responsibility
for ensuring the continued development and
building of fast mobile and fixed connections that

societies with strong infrastructure do better
both socially and economically.
As an end-to-end infrastructure provider,
TDC NET owns and operates all critical assets
necessary for operating the mobile and land-
line networks in order to service retail service pro-
viders.

In brief Financial review Risk management ESG Consolidated Financial statements

In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 5
TDCH group
On 10 February 2023 the refinancing of the
group was completed. During 2022 and 2023 the
loans in the TDCH group, i.e. the Term Loan B, the
revolving credit facilities and the EMTN bonds
have been repaid. The loans were replaced by
loans issued in TDC NET and Nuuday, respec-
tively.
TDC NET established a new secured infrastruc-
ture financing platform in 2022 and is now fi-
nanced through the European bond market
(EMTN), bilateral term loans and the market for
syndicated senior secured bank loans (Senior
Term Facilities - STF). TDC NET also has a revolv-
ing credit facility to support its daily liquidity man-
agement. The former intercompany loan from
TDC Holding has been repaid.
Nuuday is now financed through a term loan and
a revolving credit facility. The former intercom-
pany loan from TDC Holding has been partially
repaid and the remaining outstanding loan
including accrued interests has been converted
into equity in December 2022.
TDC NET
In 2022 Michel Jumeau was appointed as new
CEO and Henrik Brandt joined as new CFO. They
succeeded Andreas Pfisterer and Ulrik Laudrup
Bølling, respectively.
TDC NET announced that they was the first com-
pany worldwide to obtain validation of its ambi-
tious target for being net-zero across its value
chain by 2030.
Danish mobile customers are generally most sat-
isfied with TDC NET's network. According to a sur-
vey by Telepristjek, Danish customers are gener-
ally most satisfied with the service providers that
are using network.
In continuation of the power purchase agreement
(PPA) entered into with Better Energy in 2021 we
activated all four solar parks during 2022, and ex-
pect to be able to supply 140 GWh of green elec-
tricity in 2023, covering at least 60% of TDC
 total energy consumption.
TDC NET 5G network brought TV viewers closer to
the Tour de France riders. Together with TV 2,
TDC NET dedicated 10% of the 5G network so
that TV 2 could broadcast live. That was a major
milestone, highlighting  position as a
supplier of critical infrastructure in Denmark.
Nuuday
On 1 August 2022, Henrik Christiansen was ap-
pointed as new CFO of Nuuday. He succeeded Pe-
ter Charles.
Nuuday is now live on all major utility networks.
YouSee, TDC Erhverv and Hiper continued to
launch broadband and TV offerings on new utility
fibre networks, notably Energi Fyn, Fibia and Thy-
Mors fibre networks. This way Nuuday now has a
genuine nationwide fibre footprint
Nuuday signed a contract with Netcracker to re-
place the complex legacy systems with a new
modern IT stack and to become a best-in-class
digital service provider.

 the 8
th
consecutive
year now with 5G access for customers of eesy
and TDC Erhverv one+.
Nuuday strengthened the entertainment universe
by adding SkyShowtime, Disney+ and more
streaming services to Telmore Play and YouSee,
making Nuuday the only provider of all streaming
channels under one roof.

In brief Financial review Risk management ESG Consolidated Financial statements
2022
2021
2020
2019
2018
Income statements (DKKm)
Revenue
16,042
16,002
16,089
17,044
17,356
Gross profit
11,067
11,088
11,463
12,099
12,457
EBITDA
6,294
6,427
6,420
6,524
6,691
Operating profit/(loss) (EBIT)
2,005
1,816
1,292
1,166
1,745
Profit before income taxes
2,116
675
236
171
385
Profit for the year from continuing operations
1,716
396
151
180
8
Profit for the year from discontinued operations¹
-
-
-
-
5,714
Profit for the year
1,716
396
151
180
5,722
Income statements, excluding special items
Operating profit (EBIT)
2,210
2,240
1,484
1,360
2,603
Profit before income taxes
2,321
1,050
428
363
1,243
Profit for the year from continuing operations
1,911
712
306
336
773
Profit for the year
1,911
712
306
336
1,207
Balance sheets (DKKbn)
Total assets
64.3
58.9
55.8
56.9
50.9
Net interest-bearing debt (NIBD)
27.8
27.4
26.6
27.2
19.6
Total equity
19.3
17.2
15.3
15.3
15.5
Average number of shares outstanding (million)
806.0
806.0
806.0
806.0
805.7
Capital expenditure (DKKm)
(4,589)
(4,399)
(5,547)
(4.801)
(3,501)
Statements of cash flow (DKKm)
Operating activities
5,115
5,392
5,441
5,221
4,569
Investing activities
(4,637)
(4.474)
(4,714)
(5,130)
(3,983)
Financing activities
2,784
(538)
(1,856)
(765)
(17,757)
Total cash flow from continuing operations
3,262
380
(1,129)
(674)
(17,171)
Total cash flow in discontinued operations¹
-
-
-
(3)
17,645
Total cash flow
3,262
380
(1,129)
(677)
474
Key financial ratios
2022
2021
2020
2019
2018
Financial ratios
Gross margin (%)
69.0
69.3
71.2
71.0
71.8
EBITDA margin (%)
39.2
40.2
39.9
38.3
38.6
Adjusted NIBD/EBITDA² (x)
3.7
3.6
3.5
3.4
2.9
Gross profit (DKKm)
Landline voice
775
841
960
1,087
1,266
Mobile services
4,313
4,236
4,228
4,300
4,216
Internet & network
4,006
4,061
4,181
4,317
4,282
TV
1,492
1,457
1,518
1,730
1,969
Employees
FTEs (end-of-year)
6,433
6,659
7,032
7,498
7,126

In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 7
2022 guidance follow-up
Our 2022 guidance assumed a slightly lower to
flat EBITDA development.
TDCH group delivered on the guided parameter
as EBITDA developed slightly lower in 2022 with a
decrease of 2.1% YoY.
Revenue
In 2022, TDCH group’s increased by
0.2% or DKK 40m to DKK 16,042m compared
with 2021. The increase was driven mainly by
growth in mobility services.
Gross profit
TDCH group’s 0.2% or
DKK 21m to DKK 11,067m in 2022. The decline
was driven primarily by ongoing migration from
DSL to fibre and increase in third party network
and content costs.
Operating expenses
In 2022, operating expenses increased by 2.4%
or DKK 112m to DKK 4,773m. The higher operat-
ing expenses are mainly related to higher power
costs.
EBITDA
In 2022, EBITDA decreased by 2.1% or DKK
133m to DKK 6,294m. The development is pri-
marily affected by higher power costs and the on-
going migration from DSL to fibre.
Capital expenditure
Capital expenditure totalled DKK 4,589m in 2022,
up by 4.3% or DKK 190m compared with last
year. group’s 
the ambition to roll-out fibre to connect Denmark
and support Nuudays digitalisation.

Key figures (DKKm)
2022
2021
Change
in %
Income statements
Revenue
16,042
16,002
0.2
Gross profit
11,067
11,088
(0.2)
Operational expenses
(4,773)
(4,661)
2.4
EBITDA
6,294
6,427
(2.1)
Profit for the year excluding special items
1,911
712
168.4
Profit for the year
1,716
396
-
Total comprehensive income
2,988
2,708
10.3
Capital expenditure, excluding mobile licences
(4,589)
(4,399)
4.3
Mobile licences
-
(671)
-
Key financial ratios
Gross margin, %
69.0
69.3
-
EBITDA margin, %
39.2
40.2
-
In brief Financial review Risk management ESG Consolidated Financial statements
Cash flow and net interest-bearing debt (DKKm)
2022
2021
Change
in %
Cash flow from operating activities
5,115
5,392
(5.1)
Investment in property, plant and equipment
(3,031)
(3,390)
(10.6)
Investment in intangible assets
(1,618)
(1,341)
20.7
Lease repayments
(339)
(317)
6.9
Equity free cash flow
127
344
(63.1)
Total cash flow from operating activities
5,115
5,392
(5.1)
Total cash flow from investing activities
(4,637)
(4,474)
3.6
Total cash flow from financing activities
2,784
(538)
-
Total cash flow
3,262
380
-
Adjusted net interest-bearing debt (NIBD)¹
(21,971)
(21,351)
2.9
Net interest-bearing debt (NIBD)
(27,818)
(27,392)
1.6
Adjusted NIBD/EBITDA²
x
3.7
3.6
-
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 adoption of IFRS 16 and the resulting EBITDA effect.
The EBITDA effect of IFRS 16 amounted to DKK 433m for the last twelve months. Including spectrum licence liabilities and IFRS 16, the NIBD/EBITDA
ratio amounted to 4.4 at 31 December 2022.
In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 9
TDCH group faces both internal and external
risks in the short, medium and long term. Risk
manage-ment is an integrated, structured, and
dynamic aspect of Nuuday and TDC NET’s
business opera-tions and planning. The most
essential risks and uncertainties that impact
TDCH group’s opera-tions are described in the
following pages.
TDCH has assessed that potential ESG risks for
the full group, including the topics of human
rights, anti-corruption, climate and environment
and employee matters, are related primarily to
the business activities of TDC Net and Nuuday.
Therefore, separate detailed sections on ESG
risks for these companies are included in the fol-
lowing pages.
Internal control and risk management
system for financial reporting
1
Introduction
TDCH group’s internal control and risk manage-
ment systems for financial reporting are planned
to provide assurance that internal and external fi-
nancial statements are prepared in accordance
with the international Financial Reporting Stand-
ards (IFRS) as adopted by the European Union
and further requirements in the Danish Financial
Statements Act, and assurance that true and fair
financial statements without material misstate-
ments and irregularities are presented.
1
Statutory reporting on corporate governance in accordance with
Section 107 b of the Danish Financial Statements Act.
Internal control and risk management systems
are updated regularly and are designed to detect
and eliminate errors and inconsistencies in the fi-
nancial statements. Due to an inherent risk of
misappropriation of assets, unexpected losses,
etc., the established internal control and risk
management systems provide only reasonable
and not absolute assurance that material mis-
statements and irregularities in the financial re-
porting will be detected and corrected.
Control environment
The Board of Directors has set up an Audit Com-
mittee mainly to assist the Board of Directors in
monitoring financial reporting and the efficiency
of TDCH group’s internal control and risk man-
agement systems.
The Audit Committee has a supervising responsi-
bility and reports to the entire Board of Directors.
The Executive Committee is responsible for keep-
ing efficient internal control and risk
management systems in connection with
financial reporting. Powers and responsibilities
are defined in policies and procedures.
The Board of Directors and the Executive
Commit-tee define policies and procedures in
significant areas concerning the financial
reporting process. Relevant responsible
functions define other guidelines and control,
and supervise that
policies and procedures are applied, including re-
quired separation of incompatible functions.
Based on recommendation from the Audit Com-
mittee, the Board of Directors has assessed and
concluded that the existing control environment
within TDCH group is adequate and that there is
no basis for establishing an internal audit.
Risk assessment
The Board of Directors and the Executive
Commit-tee continuously assess the risks
incumbent on TDCH group, including risks that
affect financial reporting. The risk of errors for
items in the finan-cial statements based on
estimates and complex processes is relatively
higher than for other items.
he section ‘Critical accounting estimates and
judgements' in the Consolidated Financial State-
ments includes a description of the most signifi-
cant identified risks concerning financial report-
ing. Such matters are subject to specific review
and evaluation by the Audit Committee and the
Board of Directors.
Control activities
Control activities are based on risk assessments.
The purpose of the activities is to ensure that
pol-icies, procedures, guidelines, manuals, etc.
are complied with, and that any errors and in-
consist-encies are prevented, detected and
corrected on
a timely basis. The control activities are an inte-
gral part of TDCH group’s accounting and finan-
cial reporting procedure and cover, e.g.
authorisa-tion, approval, reconciliation,
performance anal-yses, performance
assessment and fulfilment of agreed targets (Key
Performance Indicators, etc.), control of IT
applications and general IT control.
Information and communication
TDCH group keeps and maintains information
and communication systems to ensure correct fi-
nancial reporting. The accounting manual and
other reporting instructions, including budgeting
and monthly closing procedures, are updated
regularly and when required. These and other
pol-icies, procedures and descriptions of
business procedures concerning financial
reporting are available for relevant employees.
Changes in pro-cedures, etc. are reported and
explained to the business lines in the relevant
forums.
Information systems are designed to regularly
identify, collect and communicate relevant in-for-
mation at relevant levels in compliance with the
prescribed confidentiality for listed companies.
Surveillance
TDCH group uses an extensive financial control
system to monitor performance, which facilitates
detection and correction of any errors and irregu-
larities in the financial reporting at an early stage,
including weaknesses found in the internal

In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 10
control system and non-compliance with policies
and procedures.
The Group reporting process covers budget re-
porting and monthly reporting of actual results,
including variance reports with regular estimates
for the year. In addition to the Income State-
ments, Balance Sheets and Statements of Cash
Flow, notes and supplementary financial and op-
erational data and analyses are also part of the
fi-nancial reporting.
The detailed reports from all Group companies
are analysed and monitored at Group and busi-
ness line levels as well as at relevant manage-
ment levels in the organisation. The auditors
elected by the Annual General Meeting report any
significant weaknesses in the internal control
sys-tems in long-form audit reports to the Board
of Directors in connection with the financial
report-ing process. Less material matters are
reported in management letters to the Executive
Committee. The Audit Committee follows up on
weaknesses in internal controls detected and
reported by the auditors elected by the Annual
General Meeting to assure that such are
corrected.
In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 11
Risk management governance
Nuuday involves all layers of the organisation in
its risk management approach. From enterprise
risks affecting Nuuday’s overarching strategic
goals to operational or technical risks affecting
our IT landscape, we use risk management to
weigh options and support informed decision
making. Based on internationally recognised
standards such as ISO 31000, COSO ERM, and
FAIR, our policy framework is underpinned by
pro-cedures and guidance, thus creating a strong
foundation for our risk management governance.
While Nuuday’s Board of Directors is ultimately
accountable for risk management and compli-
ance, we work with a three-lines of defence
model. The first line comprises our business
units, each of which are responsible for effective
risk management (identification, assessment,
mitigation, etc.). The second line consists of our
nine domains, each with risk and compliance spe-
cialists:
Security & Fraud
Human Resources
Legal & Compliance
Image, PR & Public Affairs
Operations
Finance
Health & Safety
Commercial
Transformation Execution
Establishing these domains ensures that
Nuuday follows the standardised risk
management
lifecycle and receives centrally aligned risk and
compliance support across all business units
from subject matter experts. The second line as-
sists the first line with assessments and offers
guidance regarding mitigation plans. Our third
line is an audit function responsible for inde-
pendently reviewing the risk and compliance de-
sign and its effectiveness.
Risk appetite
Pursuing our business objectives involves taking
risks, with a potential for risks affecting the out-
come of these objectives. We have defined a risk
appetite for each of the nine domain areas, ap-
proved by the executive management team and
s risk appetite re-
flects a desire to balance risk exposure and risk
reluctance, thus avoiding both excessive risk
taking and excessive caution.
Risk management lifecycle
Identification
Risks are identified in various ways, including via
targeted surveys, audit findings, management
meetings, or ad-hoc. Identified risks are reported
through defined channels, dependent on the
type of risk.
Assessment
Risk assessments take various forms but have
the same goal: to measure the likelihood and im-
pact of an identified risk being realised.

In brief Financial review Risk management ESG Consolidated Financial statements
Input
“Disclosure of information due to
an external attack”
Questionnaire
System/application/service
Risk details
1-6 x 1-6 Scale
Treat, tolerate, terminate
or transfer?
The process
Output
“Disclosure of information in
Salesforce due to leaked
administrator credentials”
How does the risk compare
with other risks?
“Validate that X, Y, Z have been
implemented to…”
Are we within risk appetite, or do
we need another response task?
Ensure the risk stays at the
expected level
Risk statements
Risk assessments
Entity
Risk criteria
Heatmap
Risk response task
Risk identification
– something worries us
Evaluation
– How severe?
Respond to risk
– Action to take?
Strategy implemented
– how do the actions affect
the risk?
Monitor risk
– regular checks and
surveillance for change
in status
Risk
Heatmap
Risk response task
Result
Reports and
dashboards
In brief Financial review Risk management ESG Consolidated Financial statements
In brief Financial review Risk management ESG Consolidated Financial statements
Risk & trend
Risk domain
Details & impact
Mitigation initiatives
New or current competitors taking market
share
Stable
Commercial
Denmark has a competitive telecommunications landscape. Increased

tablish sustainable pricing in B2C and B2B markets.
Improve customer experience through fully digital customer jour-
neys
Retain best network status
Continue to provide high-quality services and improve NPS
New attractive product releases
Forced price increases
from suppliers
Stable
Commercial
Nuuday relies on a number of suppliers for support in delivering prod-
ucts and services. Increases in prices from key suppliers can erode

Improving contractual terms
Reduce costs on major expenses (i.e. move to own
IP core)
Consumer savings – “downspin”
Increasing
Commercial
We are seeing inflation, pressure on salaries, with a trend of people
generally spending less money. Consequently, people are choosing to
save on, for example, mobile phone subscriptions by choosing cheaper
packages, thus lowering the Average Revenue Per Unit. This could po-
tentially spread into TV and/broadband segments.
Monitoring market tendencies
Continue to strengthen areas of differentiation (network quality
and 5G)
Offer highly competitive and attractive propositions across all
consumer brands
Address the entirety of the consumer and business
mobile market
Entertainment content: price increases and
taxation
Increasing
Commercial
Content producers continue to raise their prices for entertainment,
which particularly affects the YouSee
& Telmore brands.
On TV, increasing price pressure from streaming providers coupled
with increasing content costs (especially related to premium sports)
could further accelerate existing downward trends, with customers

Additionally, the Government has suggested to submit a proposal to
the Danish parliament to add a value-added tax on copyrighted mate-
rial. This would have a heavy impact on the viability of existing business
models.
Optimise products and pricing to ensure that TV packages
remain relevant for as many customers as possible
Invest in developing attractive next-generation entertainment
products to cater for the rapidly growing combi-viewer segment
that values both streaming and TV channel content
Pursue a full household strategy and incentivise purchasing
multiple services and products
In brief Financial review Risk management ESG Consolidated Financial statements
Risk & trend
Risk domain
Details & impact
Mitigation initiatives
Cyber attacks
Stable
Security & Fraud

Danish telecommunication sector indicates that the threat of cyber

Depending on the nature of the cyber attack, the processing, confiden-
tiality, integrity, availability, stability, capacity, performance, continuity
and/or the resilience of the information technologies Nuuday uses can
be impacted.
Investing in security and operations of network infrastructure
Focused efforts on network resilience through risk and incident
management
Continued dialogue with Danish authorities and customers to
ensure data protection and confidentiality
Ransomware on core systems
Increasing
Security & Fraud /
Operations
With increased threats of cyber crime, the risk of ransomware also in-
creases. Depending on the attack vector and affected systems, ran-

business.
Establishing new ways to improve resilience
Crisis management exercises
Network infrastructure downtime
Stable
Operations
 business relies on functioning telecommunication infrastruc-
ture (mobile network, coaxial, fibre, etc.). When network providers face

calls, use the internet, or consume entertainment. Events that do not
fulfil customer expectations for security and quality can negatively im-
pact retention.
Working with infrastructure providers to ensure speedy recovery
Review and testing of business continuity plans
Regulatory privacy
Stable
Legal & Compliance
European and national laws stipulate how Nuuday can process per-
sonal information. The current legislative landscape regarding transfer-
ring personal data to non-EU countries has been in focus.
A general compliance risk relates to customer data being
processed in breach of relevant privacy laws and regulations, poten-
tially resulting in large fines or negative references in public arenas
Data protection network with Data Privacy Managers anchored in

Integration of Data Processing Agreements & Transfer Impact
Assessments into the procurement process
Dedicated resources to support with data subject requests
Privacy by Design principles integrated into software
development & project lifecycles
In brief Financial review Risk management ESG Consolidated Financial statements
Risk & trend
Risk domain
Details & impact
Mitigation initiatives
IT & business transformation
Stable
Transformation Execution /
Human Resources
Nuuday is progressing with its transformation, which is key in engaging
customers, increasing productivity, and guaranteeing high-quality ser-
vices in the future.
A number of risks are associated with this transformation, such as em-
ployee engagement, human resource management, technical integra-
tions and de-coupling of legacy IT.

stack and business is in focus, and the identified risks are being broken
down at programme and project level to prioritise appropriate mitiga-
tion efforts before the risks are realised.

strategic objectives at town hall meetings to inspire confidence
in direction and journey
Handle programme risks in collaboration with risk domains and
steering groups to find suitable solutions
Seconding of workforce supporting legacy IT systems to calm
employee concerns
Use feedback from employee surveys to strengthen satisfaction,
motivation, loyalty and culture
Ensure targets and expectations are clear to all employees
Reinforce a culture of ongoing feedback, and focus on
continuous development
Political & legal changes
Stable
Image, PR & Public Affairs
EU and national governmental changes often lead to new political ob-
jectives. With these new objectives, we often see political decisions or
new legislation. Depending on the magnitude, these changes can pro-
usiness and/or fulfil op-
erational targets.
Nuuday participation in industry groups and discussions on
proposed legislation
Continued dialogue with authorities, politicians and
municipalities
Financial risks
Finance
See Financial Statements ial 
for details
N/A
Human rights
Stable
Image, PR & Public Affairs /
Legal & Compliance
Nuuday has responsibility for our direct employees, the employees of
partners and companies in our supply chain, including the risk of forced
labour, discrimination or harassment and misuse or loss of personal
data, or data breaches.
If Nuuday or Nuuday partners violate fundamental human rights, this
may lead to legal action as well as bad publicity and customer reactions
negatively impacting Nuuday.
Procedures and policies & partner code of conduct
Based on a thorough risk assessment, we conduct audits at our
suppliers each year, particularly screening for adherence to the
UN Global Compact Assessment
Industry collaboration through JAC the Joint Alliance for CSR
In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 17
Risk & trend
Risk domain
Details & impact
Mitigation initiatives
Anti-corruption and bribery
Stable
Image, PR & Public Affairs /
Legal & Compliance
Nuuday is a large employer in Denmark with suppliers across the globe.
With multiple contract relationships there is always a risk that bribery
or corrupt practices could occur, influencing business decisions.
If corruption or bribery occurs, it may lead to legal action
as well as bad publicity and customer reactions negatively
impacting Nuuday.
Anti-corruption policy commits Nuuday to complying with the UN
Convention against corruption
Raising awareness and putting in place resources and training
for employees
Whistleblower policy that allows for the anonymous reporting of
suspected wrongdoings at the company
Partner Code of Conduct for suppliers, partner organisations and
employees
Environment and climate
Stable
Image, PR & Public Affairs /
Legal & Compliance
Several potential environmental and climate risks may be linked to our
operations and supply chain. Nuuday has a responsibility to try to re-
duce our own resource consumption, emissions and waste in produc-
tion and to influence partners and suppliers to act equally responsibly.
If Nuuday does not show credible action on environment and climate
matters, it may generate bad publicity and customer reactions nega-
tively impacting Nuuday.
Nuuday has set ambitious carbon emissions reduction targets
for Scopes 1, 2 & 3
ISO 14001 certification covering our whole operation
Detailed ESG reporting on climate and environment metrics
Nuuday has embarked on a revised sustainability strategy with
sustainable procurement and products as a key pillar
Nuuday aims to retain an Ecovadis platinum rating as a token of
recognition that Nuuday is a leader in sustainability
Social and employees
Stable
Human Resources / Health &
Safety
Nuuday focuses on retaining the services of its key personnel and in-
vests in attracting suitable and qualified talents to ensure a good work-
ing environment e.g., with no accidents or stress incidents. Nuuday's
success depends largely on our ability to attract and retain key person-
nel. The competition for qualified personnel is intense and with limited
availability of candidates with the required knowledge of the telecoms
industry and relevant experience in Denmark.
88% of employees are covered by collective agreements
Occupational health and safety policy and certification to ISO 45001
standard
Flexible working conditions
Quarterly employee engagement surveys
Diversity, equity, inclusion & belonging (DEIB) Policy
In brief Financial review Risk management ESG Consolidated Financial statements

In brief Financial review Risk management ESG Consolidated Financial statements
Business risk #1
Inflation & European energy crisis
Business risk #2
Commercial trends
Business risk #3
Cyber & information security
Business risk #4
Financial liquidity
See also note 4.3 Financial risks in the consolidated financial statements
Description
Together with the telecommunications
industry, we are affected by the new macroe-
conomics era with high inflation and energy
prices. Operations and expansion of our
mobile and fixed networks are impacted by
increasing supplier prices, the European
energy crisis, and wage increases further
driven by an overheated labour market and
competition for talent.
Potential impact
Further increases in inflation on external
spending (e.g. electricity, fossil fuels, materials
and services) and pressure from the labour
market would result in additional operating
costs and/or the requirement for additional
capital expenditure to maintain our current
rollout plan for our fixed and mobile networks.
Mitigation action
We have a strong focus on driving efficiency
throughout our business, and we work with our
suppliers to mitigate rising prices on both local
and global scales. For example, our PPAs for
buying green energy from four solar parks
across Denmark limit our exposure to the ris-
ing electricity prices and reduce our CO2 foot-


vans and cars to limit our fossil fuel spending.
Description
We have a strong commercial position, having
created connections in Denmark for more than
140 years. As such, we own and operate a
diverse portfolio of legacy technologies and
products, some that we foresee will decrease
in relevance over time as high-speed fibre
and mobile networks are rolled out across
Denmark.
Potential impact
If we are unsuccessful in anticipating and
adapting to market demands, this exposes us
to either extra operating costs for continuing
the operation of legacy technologies, or to
the loss of customers and existing business
opportunities if we decommission faster than
the market demands. In addition, if we fail to
deliver on our customers' expectations, we
risk losing our customers and damaging the
reputation of our brand.
Mitigation action
We monitor the level of churn from legacy to
newer technologies and commercial trends in
the market to effectively anticipate and react
to new technological developments and to
match these trends in our services and prod-
uct portfolio. We make a persistent effort to at-
tract customers and to preserve a strong
relationship with current customers by ensur-
ing fast fixed connections and maintaining

Description
We depend heavily on our information sys-
tems and technologies to support our daily op-
erations. Breakdowns, interruptions, or other
types of failures compromising circumstances
resulting from unintentional, intentional, or
coincidental events pose a significant risk.
Potential impact
The occurrence of one or more of these harm-
ful events could impair our ability to ade-
quately provide our services and may lead to
financial losses, diversion of human resources,
or reputational damage. Furthermore, as we
provide critical, national telecommunications
infrastructure, any occurrence of such harmful
events could have broad implications on a na-
tional scale.
Mitigation action
We focus on network resilience through risk
and incident management and continue en-
hancing our disaster recovery and business
continuity plans. We work in a structured way
to continuously improve our cyber resilience
through the use of internationally recognised
frameworks such as NIST and ISO. We also ed-
ucate our employees through awareness to
withstand potential threats and avoid harmful
behaviour
Description
We are a capital-intensive business where
several investments and capital outlays are
required to continue our fibre rollout plans,
develop our mobile network, and update our IT
and telecommunications systems to sustain
our operations and future ambitions. The
liquidity position for supporting our invest-
ments depends on our cash flow generation
and capital expenditure as well as access to
financing and credit facilities. Our liquidity
position can be impacted through credit risks,
liquidity risks, exchange rate risks, etc. arising
from macroeconomic uncertainties and debt
instruments.
Potential impact
Fluctuations in interest rates and exchange
rates may adversely impact the financial stabil-
ity of our business operations and our liquidity
positions through our cash flow generation.
Mitigation action
We apply prudent treasury management to
ensure stable financial risks. We regularly
monitor our financial exposures and follow an
active hedging strategy. Moreover, we plan our
liquidity, leverage and cash flows with caution
to ensure a sustainable financial position. On
an ongoing basis, we optimise debt issuances
depending on the funding needs of the busi-
ness.
In brief Financial review Risk management ESG Consolidated Financial statements
Business risk #5
IT landscape and roadmap execution
Business risk #6
Legal Compliance
Description
Our current IT landscape, consisting of over 500 applications, is heavily interconnected with
Nuuday and forms a legacy system that poses a substantial risk of disrupting our network
operations. Our IT transformation is underway to assure a fit-for-purpose IT landscape that
will support TDC NET as a standalone business. However, we foresee several risks related to
such a large IT transformation.
Potential impact
Our success depends largely on our ability to execute on our IT transformation ambitions
and decommissioning journey. Besides being expensive to maintain and difficult to update,
legacy applications require skilled resources to support and manage them. Until decommis-
sioned, the legacy IT applications pose financial, operational and security risks. Moreover,

age and update the applications, leaving us with limited control of these shared applications.
Mitigation action
We are currently implementing and delivering on an IT transformation project to ensure tran-
sitioning to newer systems and technologies. This is a complex process but will ultimately
bring benefits such as increased efficiency and a simplified IT landscape. We also invest in
our network infrastructure by optimising processes, systems and security to ensure continu-
ous service improvements and upgrades.
Description
We must provide access for service providers on our broadband networks in areas of Denmark where we are consid-
ered to have a strong market position. As a provider of critical digital infrastructure, we are also subject to certain
sector-specific regulations e.g. an obligation to handle emergency communications, broadcast emergency calls via
our mobile network, and enforce] security regulations, and we must comply with foreign direct investment regula-
tions and the adopted sanctions against Russia and Belarus in accordance with EU and Danish legislation. Moreover,
we must be compliant with the competition law restriction and applicable data privacy rules in accordance with the
EU General Data Protection Regulation (GDPR) and the ePrivacy legislation.
Potential impact
The telecom authorities and the Consumer and Competition Authority can impose decisions against and fine TDC
NET if we do not comply with relevant regulations. The Danish Business Authority can demand prior approval for cer-
tain transactions if these are deemed foreign direct investments, and this can affect our legal requirements for inves-
tors, suppliers and customers. Similarly, the Danish Centre for Cybersecurity can impose certain restrictions on
agreements and arrangements in relation to our infrastructure, including prohibiting us from contracting with certain
foreign suppliers.
Other legal disputes and possible reputational damage could arise if consumers find our data retention procedures
incompatible with applicable data privacy rules, or if we are unable to comply with the sanctions against Russia
and Belarus.
Mitigation action
In accordance with the Danish competition law restrictions and Telecom Act, we have implemented a compliance pro-
gramme by e.g. training selected employees and conducting regulatory checks of prices, products and agreements.
In addition, we monitor the political and legal developments in the markets and maintain proactive and continuous
close dialogues with politicians, regulators and market stakeholders.
To comply with EU and Danish legislative sanctions against Russia and Belarus, we regularly conduct desktop studies
of contractual relations that may be subject to sanctions, and we investigate owner relations in connection with sanc-
tion rules.
To avoid complaints regarding handling of personal data and to avoid security breaches, we have implemented secu-
rity and data protection measures cf. the GDPR and Danish security regulation (e.g. all employees receive training in
security and privacy awareness policies).
In brief Financial review Risk management ESG Consolidated Financial statements
ESG Risk #1
European energy crisis
ESG Risk #2
Electricity supply disruption
ESG Risk #3
Flooding of mobile equipment
ESG Risk #4
Inflation impacting salaries
Description
Operation and expansion of our mobile and
fixed networks depend on a large amount
of electricity, which is compromised by the
European energy crisis.
Potential impact
The operational costs related to running our
mobile network will be affected by increasing
electricity prices.
Mitigation action
We have entered a Power Purchase Agreement
(PPA) with Better Energy on renewable electric-
ity from four solar parks, covering 60% of our
total energy consumption. The four solar parks
across Denmark help limit our exposure to the
rising electricity prices and reduce our CO2
footprint.
Description
As a result of the European energy crisis the
Danish authorities have announced potential
brownouts for up to two hours a day in times
of energy scarcity. The controlled power dis-
ruption is a method to reduce overall usage
and avoid uncontrolled blackouts. Hence, we
must comply while operating the mobile net-
work in case of brownouts.
Potential impact
As brownouts can impact our critical infra-
structure and thereby our service providers
and end users, we risk reputational damage to
our brand.
Mitigation action
Following the announcement of possible
brownouts, we have reviewed our entre mobile
network to detect mobile sites that failed to
meet our requirements. The sites have been
upgraded and are now supported by at least
two hours of battery back-up. We have also in-
creased our diesel stocks to strengthen our
back up resilience nationally enabling us to
run on emergency reserves.
Description
The global climate change increases the risk
of potential weather-related disasters. The
effects of extreme weather include heavy
downpours causing flooding and landslides.
Potential impact
The extreme weather events can result in
business disruption due to broken pipes on
our facilities or flooding of our equipment
and mobile sites resulting in potential short
circuiting.
Mitigation action
To mitigate eventual short circuits we have
ensured that our mobile network operation is
based on three physical locations with full
redundancy policies. We can therefore
continue operating if one location is flooded
as the failover datacentres will compensate.
Description
TDC NET is depending on its ability to retain
and attract a skilled workforce. Increased infla-
tion causes massive pressure on our salary
budgets. If increased salary expenses cannot
be related to increased earnings, it can lead to
a cap on our salary budget.
Potential impact
If TDC NET is not able to meet the salary
expectations of existing and potential employ-
ees, it may impact our ability to retain and
attract skilled workforce. It can impact general
employee satisfaction and lead to higher
employee turnover.
Mitigation action
We have prepared for salary-negotiations in
March/April 2023 and are awaiting the cost
level of the central collective agreement nego-
tiations for the entire Danish labour market
during spring 2023.
In brief Financial review Risk management ESG Consolidated Financial statements
ESG Risk #5
Security compliance
ESG Risk #6
Legal Compliance
ESG Risk #7
Supply chain
Description
In an increasingly digital world, we rely heavily on our information
systems, which increases the impact of potential cyber attacks.
Breakdowns, interruptions, and other types of failures can come
from unintentional, intentional, or coincidental events and can
pose a significant risk. As a result, it is crucial that employees are
aware of security policies and company standards to minimise
the risk of security breaches.
Potential impact
Such harmful events could impair our ability to adequately
provide our services and may lead to financial losses and
reputational damage.
Mitigation action
We work systematiccaly on continuously improving our cyber
resilience through the use of internationally recognised frame-
works such as NIST and ISO. We also educate our employees
through awareness to withstand potential threats and avoid
harmful behaviour.
Description
As we provide access to critical digital infrastructure, we are
subject to certain sector-specific regulations e.g. obligations to
handle emergency communications, broadcast emergency calls
via our mobile network. Moreover, we must comply with the com-
petition law restriction and applicable data privacy rules in accord-
ance with the EU General Data Protection Regulation (GDPR) and
the ePrivacy legislation.
Potential impact
We are obligated to provide a reliable and secure network, hence
reputational damage could arise, if end users cannot call in case
of an emergency or if we are non-compliant with restrictions and
regulations.
Mitigation action
We have decicated and specialised team that ensures compliance
to serve the sector specific and competition law regulations. We
have implemented data protection measures to avoid complaints
regarding handling of personal data cf. the GDPR, as all employ-
ees receive training in privacy awareness policies.
Description
TDC NET relies on a vast international network of suppliers/sub-
suppliers, who operate across legislative jurisdictions and have
varying levels of maturity regarding sustainability practices,
including environment, health & safety, labour & human rights,
and anti-corruption.
Potential impact
A supplier/sub-supplier of TDC NET could be found to be non-
compliant with environmental and social legislation or best prac-

integrity and reputation, which may result in legal disputes and
supply chain disruptions.
Mitigation action
Our supplier due diligence process applies a risk-based category
management approach that determines which suppliers are in
focus for environment, health & safety, labour & human rights and
business ethics related risks. Medium and high-risk suppliers are
eligible for sustainability assessments through EcoVadis. High-
risk suppliers are eligible for on-site audits through JAC. In addi-
tion, our whistleblower system makes it possible for our employ-
ees and partners to report misconduct and violations.
In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022
23
There are separate targets for the relevant sub-
sidiaries that are reported in the respective ESG
reports.
Due to the separation of the group, and that TDC
Holding A/S has less than 50 employees, there is
no longer a policy on gender balance in the man-
agement at group level. However, separate poli-
cies on gender balance in management exist in
the relevant subsidiaries that are reported in the
respective ESG reports.
Statement on data ethics policy
Due to the separation of the group, there is no
longer a data ethics policy at group level in force.
However, Nuuday and TDC NET have taken the
previous TDC Group data ethics policy and
imple-mented it into the respective
organisations to fit the specific business
activities and use of data in the two companies.
This is described in the re-spective sustainability
reports, cf. below.
EU taxonomy reporting
The EU Taxonomy (Regulation (EU) 2020/852)
is a classification and reporting system that
iden-tifies sustainable economic activities.
An economic activity is considered Taxonomy-
eli-gible, if it is described in the Taxonomy’s dele-
gated acts. To be considered Taxonomy-aligned
(environmentally sustainable), the activity must
also:
Meet the substantial contribution criteria

Be conducted in compliance with the minimum
safeguards.
Assessing our Taxonomy-eligible activities
TDCH group has analyzed the economic activities
listed by the EU Commission. The analysis con-
cludes that the following activities are relevant to
report on:
8.2 (mitigation) Data-driven solutions for GHG
emissions reductions
8.2 (adaption) Computer programming, consul-
tancy and related activities
8.3 Programming and broadcasting
Calculation of the taxonomy KPIs
TDCH group’s Taxonomy-eligible, but not Taxon-
omy-aligned activities are measured on three
KPIs: 1) Revenue, 2) Capital expenditure, and 3)
Operational expenses.
The total Group figures used as the basis for cal-
culation in accordance with the EU taxonomy in
the reporting year amounted to DKK 16,042m
(revenue), DKK 4,589m (capital expenditure), and
DKK 1,225m (operational expenses). The defini-
tion of turnover according to the EU taxonomy is
equivalent to revenue in our consolidated income
statement contained in the consolidated financial
statements. The relevant capital expenditure was
determined on the basis of the consolidated bal-
ance sheet contained in the consolidated finan-
cial statements and is determined as the sum of
additions and changes within the consolidated
group under property, plant and equipment, in-
tangible assets, and lease assets cf. note 3.1-3.3
to the consolidated financial statements. Opera-
tional expenses are defined as direct non-capital-
ised costs that relate to research and develop-
ment, building renovation measures, short-term
leases, maintenance and repair, and any other
di-rect expenses relating to day-to-day servicing
of property, plant and equipment assets.
Assessing our Taxonomy-aligned activities
We have assessed whether our eligible activities
meet the substantial contribution and 'do no sig-
nificant harm' criteria as well as comply with
mini-mum safeguards.
For an eligible activity to be considered aligned,
all criteria must be met. As our climate risk as-
sessment is currently not as extensive as re-
quired to meet the alignment-criteria, we are not
able to claim any alignment.
Potential to enable other sectors
Through its networks and services, the telecom-
munications sector has a significant potential to
enable other sectors reduce their own carbon
emissions via green digital solutions. Currently,
the EU Taxonomy does not reflect the crucial role
of the telecommunications sector in building the
necessary infrastructure for digitalisation of
soci-ety. Digital solutions are required to achieve
the 
is connecting Denmark and rolling out
both fibre and the 5G mobile network, which are
considered more energy efficient than previous
alternatives

The TDCH group’s mission is to build and
support an innovative, open model to ensure all
of Denmark connects to the new digital
opportuni-ties (see also ‘TDCH group in brief’).
Following the separation of the group into the
two stand-alone companies, Nuuday and TDC
NET, there are no longer ESG (human rights, em-
ployee matters, environment/climate, anti-cor-
ruption) policies at group level. However, the
management of TDC Holding A/S oversees the
two companies’ sustainability ambitions and
ethi-cal values in relation to the matters
mentioned above.
s the group’s activities take place in the two
subsidiaries, Nuuday and TDC NET, this is where
ESG policies, practices and performance have an
impact. In addition, the most significant ESG
risks are identified and managed in Nuuday and
TDC NET. See also the ‘Risk management’
section
The following pages comprise a summary of ESG
and risk management in Nuuday and TDC NET,
respectively.
Statement on the underrepresented
gender in management
TDCH has set a target to have one representative
of the underrepresented gender on the Board of
Directors by 2023. The target has been achieved
as two of six members of the Board of Directors
are women.
In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 24
The Taxonomy regulation does not include crite-

tion of a network infrastructure for telecommuni-

key enabler for the green transition.
Through our engagement in the European Tele-
communications Network Operators Association
(ETNO), we work together with peers to ensure in-
clusion of such criteria and improved guidance in
future versions of EU Taxonomy.
Substantial contribution (%)
Does not significantly harm (Y/N)
EU Taxonomy KPIs
1 - Revenue
Absolute (DKKm)
Proportion
Climate change
mitigation
Climate change
adaption
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adoption
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Minimum social
safeguard
Taxonomy-aligned
proportion
Category (enabling/
transitional)
Taxonomy-aligned activities
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
None
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Taxonomy-eligible but not aligned activities
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8.2 (mitigation) Data-driven solutions for GHG emis-
sions reductions
37
0.2%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8.2 (adaption) Computer programming, consultancy
and related activities
96
0.6%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8.3 Programming and broadcasting activities
3,452
21.5%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total taxonomy-eligible but not aligned activities
3,585
22.3%
Taxonomy non-eligible activities
12,457
77.7%
Total
16,042
100.0%
In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 25
Substantial contribution (%)
Does not significantly harm (Y/N)
EU Taxonomy KPIs
2- Capital expenditure
Absolute (DKKm)
Proportion
Climate change
mitigation
Climate change
adaption
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Climate change
mitigation
Climate change
adoption
Water and marine
resources
Circular economy
Pollution
Biodiversity and
ecosystems
Minimum social
safeguard
Taxonomy-aligned
proportion
Category (enabling/
transitional)
Taxonomy-aligned activities
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
None
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Taxonomy-eligible but not aligned activities
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8.2 (mitigation) Data-driven solutions for GHG
emissions reductions
0
0.0%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8.2 (adaption) Computer programming, consultancy
and related activities
0
0.0%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8.3 Programming and broadcasting activities
225
4.9%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total taxonomy-eligible but not aligned activities
225
4.9%
Taxonomy non-eligible activities
4,364
95.1%
Total
4,589
100.0%
3 - Operational expenses
Taxonomy-aligned activities
-
-
-
-
-
-
-
-
-
-
-
-
-
-
None
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Taxonomy-eligible but not aligned activities
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8.2 (mitigation) Data-driven solutions for GHG emis-
sions reductions
2
0.2%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8.2 (adaption) Computer programming, consultancy
and related activities
77
6.3%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
8.3 Programming and broadcasting activities
471
38.4%
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Total taxonomy-eligible but not aligned activities
588
44.9%
Taxonomy non-eligible activities
674
55.1%
Total
1,225
100.0%
In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 26
At Nuuday, we believe in running our business in
a sustainable manner because we want to take
responsibility for the impact we have on society.
We do this by taking a strategic approach and fo-
cusing our sustainability efforts on three key ar-
eas: climate and environment, children’s digital
life and responsible operations.
or a full account of Nuuday’s activities and
achievements throughout 2022 within the areas
of sustainability, see Nuuday’s 2022 Sustainabil-
ity Report at Nuuday.com/sustainability.
The following two pages describes some sustain-
ability highlights for 2022.
In recognition of our sustainability efforts, the
leading rating agency EcoVadis awarded us a
platinum rating for the second consecutive year,
placing us as a global top 1% performer on sus-
tainability.
Revised sustainability strategy
In 2022, we decided to revise our sustainability
strategy to reflect the status of Nuuday as an in-
dependent service provider separate from the
former TDC Group.
Based on a comprehensive materiality assess-
ment and in close collaboration with the Nuuday
Board of Directors, we now have a robust
sustain-ability framework – aligned with the UN
Sustaina-bility Goals – to guide our efforts in this
domain going forward.
Key activities
Directly translating the revised strategy into
actions, Nuuday joined JAC (the Joint Alliance for
CSR), which is the leading association of telecom
operators aiming to verify, assess and develop
sustainability implementation by industry
suppliers.
We also set out to pursue avenues for more sus-
tainable products and reduce the use of single-
use materials in our value chain. Concrete exam-
ples in this area in 2022 were the launch of a
new take-back programme to ensure circulation
of used devises, and our new DOCSIS 4.0 mo-
dems that are made of recycled plastic.
In 2022, we continued our journey towards be-
coming one of the most sustainable telcos in the
world, delivering on our ambitious climate
agenda to become carbon neutral throughout
our entire value chain within this decade.
This will continue as a major theme in 2023,
when we plan to hit our first hard milestone on
our climate change agenda to reduce Scope 1 & 2
CO2 emissions by 50% on our way to become
scope 1 & 2 net-zero by 2028.
On our social agenda, we continued to support
in-itiatives that strengthen children’s digital skills
and digital life in general, extending our partner-
ship with Børns Vilkår on digital conduct and
tech-nical assistance to operate Børnetelefonen
(Chil-dren’s Helpline) that was able to effectuate

Strategic focus areas
Foundation
Sustainability framework
Sustainable
procurement &
products
Maximise supply chain
sustainability by engag-
ing with top suppliers,
while offering a range of
sustainable solutions and
integrating efforts into
our brand propositions

digital lives:
Offer support to children
so they can have a safe
digital life, and provide IT
development learning op-
portunities for pupils ac-
quiring skills for a digital
future
Combating
climate change
Eliminate Scope 1 & 2
emissions by 2028, and
achieve cnet zero across
the entire value chain
(Scope 3) by 2030
Responsible operations
Ensure the highest standards for
issues such as safety, security, employee
well-being, GDPR, privacy and tax trans-
parency to take care of our employees
and meet stakeholder expectations
Diversity, equity, inclusion
& belonging (DEIB)
Ensure equal opportunities, build an in-
clusive workplace where our colleagues
feel they belong, develop leaders and
employees, and strive to obtain gender
equality in senior management
In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 27
60,450 counselling conversations with children
and youngsters in 2022.
Again in 2022, Nuuday hosted Girls' Day in Sci-
ence, where a group of young women came to
visit us for a talk about careers, education and
jobs within IT. We also proudly took part in the
Coding Class initiative, introducing pupils to com-
puter programming and problem solving
together with YouSee.
Together with the Center for Digital Pædagogik
and Story House Egmont, we produced a special
issue of Donald Duck “Anders And & Co – Online
med Anders” educating children about digital life
and using the internet safely. The magazine was
handed out in YouSee's 40 stores free of charge
and made available online.
Internally at Nuuday, our key focus for the year
was to further develop our programme on inclu-
sive leadership and cognitive diversity, which is
at the very core of our programme on diversity,
eq-uity, inclusion and belonging (DEIB). Fostering
this more inclusive culture where colleagues
thrive and feel they belong is a key to obtaining
an improved and sustainable business perfor-
mance.
In fact, 400 Nuuday leaders have received com-
prehensive training in this area during 2022. We
also saw very high scores in our annual MyVoice
survey on inclusion benchmarks, with the
employ-ees’ score for feeling “able to be
themselves” at work – reaching 90/100, and
“feeling valued” scoring 84/100.
Responding to external factors
Although not part of our strategic agenda – but
rather reacting to the outbreak of the tragic war
of aggression in Ukraine – we spent considerable
resources on responding diligently to the situa-
tion.
Initially, our key focus was on providing physical
security for our own contract agents in Ukraine
and their families as well as providing free teleph-
ony traffic to and from Ukraine in support of
Ukrainians living in Denmark and Danes
stationed in Ukraine.
During the first months of the invasion, several
initiatives were undertaken by Nuuday brands.
YouSee offered devices to refugees in Denmark
and clothing to refugees at the Polish border,
while Relatel equipped buses from Ukraine with
Wi-Fi, and TDC Erhverv set up equipment at
schools converted into refugee centres. In light of
the Ukraine refugee situation, Nuuday relaunched
TidsBanken – a concept supporting voluntary
charity work. TidsBanken allows employees who
are regularly active in voluntary charity work to
spend one day on charity work
compensated by Nuuday.
As the war entered its next phases and Ukrainian
refugees began arriving in Denmark, Nuuday
formed a joint industry initiative with the other
Danish mobile service providers to offer 20,000
SIM cards free of charge, allowing Ukrainian refu-
gees arriving in Denmark to contact friends and
family and establish themselves in their new sur-
roundings.
In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 28
DC NETs position as Denmark’s largest open-
ac-cess connectivity provider and owner of
critical, digital infrastructure, comes with an
obligation to lead the way in enabling a
sustainable future. We go first by providing a
strong, futureproof and na-tionwide network with
no negative climate and environmental impact.
or a full account of TDC NET’s activities and
achievements throughout 2022 within the areas
of sustainability, see TDC NET’s 2022 Sustaina-
bility Report at https://tdcnet.com/about-us/sus-
tainability/ .
The following two pages describes some sustain-
ability highlights for 2022.
First in the world with validated targets
to become net-zero by 2030
In 2022, we were the first company in the world
to have validated science-based targets for be-
coming net-zero in our own operations by 2028
and across our full value chain by 2030.
We will achieve these targets through realising
three overall initiatives. We will accelerate our
network energy efficiency by decommissioning
legacy technology and optimising driving
patterns for our service cars. Furthermore, we
change our 1,500 cars – one of Denmark’s larg-
est fleets – to electrical vehicles and replacing
the natural gas used in our facilities with district
heating and heat pumps. In addition, we have es-
tablished four new solar parks in Denmark, to
cover approximately 60% of our annual energy
consumption.
Our procurement activities constitute 80% of our
Scope 3 emissions. We have thoroughly mapped
and closely collaborated with our suppliers to
fuel their own climate journey – in support of
ours – either by committing to the Science-Based
Target initiative or by data verification from
EcoVadis.
Sharing our learnings
As frontrunners, we want to inspire others. We
are a founding member of the European Green
Digital Coalition, a consortium of ICT companies
seeking to support green and digital transfor-
mation. Together, we are committed to investing
in developing digital solutions with net positive
impacts.
A safe and inclusive workplace
Our ambitions are for TDC NET to be one of the
safest places to work and to build a culture that
fosters diversity and inclusion. In 2022, we de-
fined diversity and inclusion as areas of
particular importance to us, and we will start
implementing initiatives during 2023.

In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 29

Futureproof digital
infrastructure
Deliver Denmark’s most
reliable and resilient digital
infrastructure
Targets
Towards one million homes to be
passed by fibre by 2025 and na-
tionwide 5G coverage.
Be recognised for Denmark's best
mobile network.
2022 performance
At end-year TDC NET
passed 607k addresses in
Denmark with fibre broad-
band. In total, 61% of the
2025 target has been
achieved.
99% of Denmark is covered
geographically by our 5G
mobile network.
Denmark's best mobile
network.
SDG 9
Build resilient and sustainable
infrastructure.
9.1 & 9.4
Climate
action
Lead the race to achieve zero
climate impact from our
business
Targets
100% renewable energy in opera-
tions by 2028.
Net-zero CO2 on Scopes 1 and 2
by 2028 and Scopes 1, 2 and 3
by 2030.
2022 performance
4 out of 4 solar parks in use,
covering 60% of our energy
consumption in 2023.
13% reduction in Scopes 1
and 2 emissions driven by
investment in renewable
energy.
11% reduction in Scope 3
emissions driven by
decreased spend and
increased inflation.
SDGs 7 & 13
Ensure affordable and clean
energy & climate action.
7.2 & 7.3
Health and
safety
Become one of
the safest places to
work by 2025
Targets
Reduce injuries by 50% in 2025
compared with 2019.
Aim for vision zero and the mindset
that near-misses provide valuable
learnings and that every injury can
be prevented.
2022 performance
Fewer registered lost time
injuries from 39 in 2021 to
28 in 2022.
Increase in registered near-
miss reports, up by 451%
compared with 2021.
0 fatalities.
SDG 8
Promote a safe and secure working
environment for all workers.
8.8
Diversity and
inclusion
Ensure inclusive culture, equal
opportunities and diverse
workforce
Targets
Move towards a more balanced
gender distribution, targeting a
minimum of 30% women in leader-
ship by 2025.
2022 performance
19% women in leadership
positions, compared with
23% in 2021.
Developed D&I strategy for
roll-out in 2023.
Entered partnerships to
increase focus on women in
technology.
SDG 5
Ensure equal opportunities for
leadership at all levels.
5.5
Digital
trust
Protect network integrity,
personal data and the right
to privacy
Targets
All employees complete GDPR a
e-learning course.
Evaluate data requests in govern-
ance forum.
2022 performance
70% of employees com-
pleted aGDPR e-learning
course.
74% of employees com-
pleted security training.
SDG 12 & 16
Promote responsible consumption
and justice in societies.
In brief Financial review Risk management ESG Consolidated Financial statements
TDCH group Annual report 2022 30

Investor communication
, inves-
tor.tdc.com, provides access to information on
TDCH g
cial reports, announcements
and contact details for Investor Relations. The
site also provides investors with webcasts,
presentations and analyst conference calls.
Investor contacts
Investor enquiries 
debt instruments should be made to Investor
Relations:
Henrik Hjortshøj-Nielsen
Head of Treasury and Investor Relations
investorrelations@tdc.dk
TDC Holding Investor Relations Teglholmsgade 1
DK-0900 Copenhagen C Denmark
Tel: +45 2129 8991
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements
Annual report 2022 31
Financial statements
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Statements

Content
Notes to consolidated financial statements
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 33
Income statement
(DKKm)
Note
2022
2021
Revenue
2.1,2.2
16,042
16,002
Cost of sales
2.3
(4,975)
(4,914)
Gross profit
11,067
11,088
External expenses
2.4
(2,157)
(1,886)
Personnel expenses
2.5
(2,833)
(2,959)
Other income
2.2
217
184
Operating profit before depreciation, amortisation and special items
(EBITDA)
6,294
6,427
Depreciation, amortisation and impairment losses
2.6
(4,084)
(4,187)
Special items
2.7
(205)
(424)
Operating profit (EBIT)
2,005
1,816
Financial income and expenses
4.5
111
(1,141)
Profit before income taxes
2,116
675
Income taxes
2.8
(400)
(279)
Profit for the year
1,716
396
Statement of comprehensive income
(DKKm)
Note
2022
2021
Profit for the year
1,716
396
Items that may subsequently be reclassified to the income statement:
Change in fair value adjustments of cash flow hedges transferred to finan-
cial expenses
45
45
Items that cannot subsequently be reclassified to the income statement:
Remeasurement of defined benefit pension plans
3.7
1,573
2,907
Income tax relating to remeasurement of defined benefit pension plans
2.8
(346)
(640)
Other comprehensive income
1,272
2,312
Total comprehensive income
2,988
2,708
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 34
Balance sheet
Assets (DKKm)
Note
2022
2021
Non-current assets
Intangible assets
3.1
24,458
24,652
Property, plant and equipment
3.2
17,617
16,870
Lease assets
3.3
3,094
3,195
Joint ventures, associates and other investments
8
8
Pension assets
3.7
10,893
10,562
Other receivables
42
43
Prepaid expenses
36
18
Total non-current assets
56,148
55,348
Current assets
Inventories
277
252
Trade receivables
3.4
1,497
1,444
Other receivables
19
20
Contract assets
3.5
491
395
Amounts owed by joint ventures and associates
1
-
Derivative financial instruments
4.6
1,270
88
Prepaid expenses
515
539
Cash
4,076
811
Total current assets
8,146
3,549
Total assets
64,294
58,897
Equity and liabilities (DKKm)
Note
2022
2021
Equity
Share capital
4.1
812
812
Other reserves
(6)
(51)
Retained earnings
18,533
16,466
Total equity
19,339
17,227
Non-current liabilities
Deferred tax liabilities
2.8
4,130
3,996
Provisions
3.6
362
415
Loans
4.2,4.6
22,275
17,850
Spectrum licence fee liabilities
4.6
1,636
1,774
Lease liabilities
3.3
3,585
3,657
Other payables
387
383
Total non-current liabilities
32,375
28,075
Current liabilities
Loans
4.2,4.6
3,566
3,721
Spectrum licence fee liabilities
4.6
190
190
Lease liabilities
3.3
489
475
Short-term bank loans
4.2,4.6
-
570
Trade payables
3,827
4,036
Other payables
1,616
1,871
Contract liabilities
3.5
2,419
2,382
Income tax payable
2.8
137
104
Derivative financial instruments
4.6
187
50
Provisions
3.6
149
196
Total current liabilities
12,580
13,595
Total liabilities
44,955
41,670
Total equity and liabilities
64,294
58,897
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
(DKKm)
Note
2022
2021
Operating activities
Operating profit before depreciation, amortisation and special items
(EBITDA)
6,294
6,427
Adjustment for non-cash items
5.1
93
144
Pension contributions
3.7
1,154
270
Payments related to provisions
3.6
(21)
(22)
Special items
2.7
(181)
(216)
Change in working capital
5.2
(296)
(60)
Interest received
4.5
237
328
Interest paid
4.5
(1,586)
(1,448)
Income tax paid
2.8
(579)
(31)
Total cash flow from operating activities
5,115
5,392
Investing activities
Investment in property, plant and equipment
3.2
(3,031)
(3,390)
Investment in intangible assets
3.1
(1,618)
(1,341)
Investment in other non-current assets
(1)
(5)
Divestment of joint ventures and associates
-
97
Sale of property, plant and equipment
11
-
Sale of other non-current assets
2
8
Payment received regarding settlement of loan to TDC Pensionskasse
-
149
Change of loans to joint ventures and associates
-
8
Total cash flow from investing activities
(4,637)
(4,474)
(DKKm)
Note
2022
2021
Financing activities
Proceeds from long-term loans
4.4
25,982
-
Repayments of long-term debt
4.4
(21,578)
-
Settlement of derivatives related to long-term loans
4.4
196
-
Lease repayments
4.4
(339)
(317)
Cost related to long-term loans
(31)
(51)
Change in short-term bank loans
4.4
(570)
565
Dividends paid
(876)
(735)
Total cash flow from financing activities
2,784
(538)
Total cash flow
3,262
380
Cash and cash equivalents (beginning of period)
811
434
Effect of exchange-rate changes on cash and cash equivalents
3
(3)
Cash and cash equivalents at 31 December
4,076
811
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Statement of changes in equity
(DKKm)
Share capital
Reserve for
cash flow hedges
Retained
earnings
Total
Equity at 1 January 2021
812
(96)
14,538
15,254
Profit for the year
-
-
396
396
Change in fair value adjustments of cash flow hedges transferred to financial expenses
-
45
-
45
Remeasurement effects of defined benefit pension plans
-
-
2,907
2,907
Income tax relating to remeasurement effects of defined benefit pension plans
-
-
(640)
(640)
Total comprehensive income
-
45
2,663
2,708
Distributed dividends
-
-
(735)
(735)
Total transactions with shareholders
-
-
(735)
(735)
Equity at 31 December 2021
812
(51)
16,466
17,227
Profit for the year
-
-
1,716
1,716
Change in fair value adjustments of cash flow hedges transferred to financial expenses
-
45
-
45
Remeasurement effects related to defined benefit pension plans
-
-
1,573
1,573
Income tax relating to remeasurement effects from defined benefit pension plans
-
-
(346)
(346)
Total comprehensive income
-
45
2,943
2,988
Distributed dividends
-
-
(876)
(876)
Total transactions with shareholders
-
-
(876)
(876)
Equity at 31 December 2022
812
(6)
18,533
19,339
1
See also note 4.1 for an explanation of distributable reserves and dividend.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 37
Section 1

This section sets out the basis of preparation, which
relates to the financial statements as a whole. Where an
accounting policy is specific to one note, the policy is
described in the note to which it relates. Similarly, critical
sources of estimation uncertainty are described in the
notes to which they relate.
1. In this section
1.1. Accounting policies ..................................................... 38
1.2. Critical accounting estimates
and judgements ........................................................... 38
1.3. New accounting standards ......................................... 39
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 38
Consolidation policies
The consolidated financial statements include the
financial statements of the parent company and
subsidiaries of which TDC Holding A/S has direct
or indirect control. Joint ventures of which the
Group has joint control and associates of which
the Group has significant influence are recog-
nised using the equity method.
The consolidated financial statements have been
prepared on the basis of the financial statements
of TDC Holding A/S and its consolidated compa-
nies, which have been restated to Group account-
ing policies, combining items of a uniform nature.
On consolidation, intra-group income and
expenses; shareholdings, dividends, internal bal-
ances; and realised and unrealised profits and
losses on transactions between the consolidated
companies have been eliminated.
The preparation of TDC Holding group’s annual
report requires Management to exercise judge-
Group's 
It also requires the use of estimates and assump
tions that affect the reported amount of assets,
liabilities, income and expenses. Actual results
may differ from those estimates.
Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions are
recognised during the period in which the esti-
mates are revised and during any future periods
affected.
The following areas involve a higher degree of
estimates and judgements or complexity and are
outlined in more detail in the related notes:
1.1 | Accounting
TDCH group’s consolidated financial statements
for 2022 have been prepared in accordance with
the Financial Reporting Standards (IFRS) as
adopted by the European Union (EU) and further
disclosure requirements in the Danish Financial
Statements Act.
The consolidated financial statements are based
on the historical cost convention, except for
financial assets and liabilities that are initially
measured at fair value adjusted for transaction
costs if they are not subsequently measured at
fair value through the income statement. Trade
receivables are measured at their transaction
price.
When preparing the consolidated financial state-
ments, Management makes assumptions that
affect the reported amount of assets and liabili-
ties at the balance sheet date, and the reported
income and expenses for the accounting period.
The accounting estimates and judgements con-
sidered critical to the preparation of the consoli-
dated financial statements are shown in note 1.2.
The accounting policies are unchanged compared
with the policies applied in the Annual Report
2021.
1.2 | Critical accounting estimates and judgements
Notes
Critical accounting estimates
and judgements
Estimates
/judgements
2.2
Revenue
Assessment of principal or agent
Judgement
Assessment of contracts involving complex sale of
goods and services
Estimate/
Judgement
2.7
Special items
Assessment of special events or transactions
Judgement
3.1
Intangible assets
Assumptions for useful lives
Estimate
Assumptions used for impairment testing
Estimate/
Judgement
3.2
Property, plant and equipment
Assumptions for useful lives
Estimate
3.3
Lease assets
Assumptions related to write-down of lease
assets re. vacant tenancies
Estimate
Assumptions related to extension options
Judgement
3.4
Trade receivables
Assessment of expected losses
Estimate
3.7
Defined benefit plans
Assumptions for discount rates, wage inflation
and mortality
Estimate
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
1.3 | New accounting standards
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 40
Section 2

This section focuses on disclosures of details of the
TDCH g, including segment report-
ing, special items and taxation. A detailed review of revenue,
EBITDA and profit for the year is provided in the section
Financial review
2. In this section
2.1. Segment reporting ...................................................... 41
2.2. Revenue ......................................................................... 43
2.3. Cost of sales ................................................................. 46
2.4. External expenses ........................................................ 46
2.5. Personnel expenses .................................................... 47
2.6. Depreciation, amortisation and
impairment losses ....................................................... 49
2.7. Special items ................................................................. 49
2.8. Income taxes ................................................................. 51
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 41
Operating segments are reported in a manner
consistent with the internal management and
reporting structure.
Profit before depreciation, amortisation and spe-
cial items (EBITDA) represents the profit earned
by each segment. The operating segments are
managed primarily on the basis of EBITDA.
Segment results are accounted for in the same
way as in the consolidated financial statements.
Segment income and segment expenses are
those items that, in our internal management
reporting, are directly attributable to individual
segments. Intersegment transactions are made
on market terms.
2.1 | Segment reporting
Worth noting
TDC Holding group consists of the three
operating segments: Nuuday, TDC NET and
Group Functions.
Nuuday develops and markets the best
communications and entertainment ser-
vices, including the development of new
innovative products and digital solutions.
TDC NET designs, builds, and runs
Denmark's 
networks and delivers highly qualified
technical support to customers and the
networks.
For further information, see TDCH group
in brief.
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Nuuday
TDC NET
Group functions
Activities (DKKm)
2022
2021
2022
2021
2022
2021
External revenue
14,635
14,597
1,407
1,401
-
4
Revenue across segments
39
60
5,232
5,273
-
-
Total revenue
14,674
14,657
6,639
6,674
-
4
Cost of sales
(9,827)
(9,664)
(262)
(318)
-
-
Gross profit
4,847
4,993
6,377
6,356
-
4
Operating expenses
(3,201)
(3,226)
(2,129)
(2,118)
(488)
(745)
Other income and expenses
63
56
272
260
882
1,201
EBITDA
1,709
1,823
4,520
4,498
394
460
Eliminations
TDCH group
2022
2021
2022
2021
External revenue
-
-
16,042
16,002
Revenue across segments
(5,271)
(5,333)
-
-
Total revenue
(5,271)
(5,333)
16,042
16,002
Cost of sales
5,114
5,068
(4,975)
(4,914)
Gross profit
(157)
(265)
11,067
11,088
Operating expenses
828
1,244
(4,990)
(4,845)
Other income and expenses
(1,000)
(1,333)
217
184
EBITDA
(329)
(354)
6,294
6,427
2.1 | Segment reporting (continued)
Reconciliation of EBITDA to profit before income taxes
(DKKm)
2022
2021
Total EBITDA from reportable segments
6,294
6,427
Unallocated:
Depreciation, amortisation and impairment losses
(4,084)
(4,187)
Special items
(205)
(424)
Financial income and expenses
111
(1,141)
Consolidated profit before income taxes
2,116
675
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Nuuday
Consumer
Business
Other
Nuuday total
External revenue specified by services (DKKm)
2022
2021
2022
2021
2022
2021
2022
2021
Landline voice
311
363
430
432
3
4
744
799
Mobile services
3,217
3,107
1,151
1,169
704
619
5,072
4,895
Internet & network
2,397
2,399
1,055
1,066
-
2
3,452
3,467
TV
3,400
3,368
18
20
28
43
3,446
3,431
Other services
757
852
1,159
1,150
5
3
1,921
2,005
External revenue, total
10,082
10,089
3,813
3,837
740
671
14,635
14,597
TDC NET
Group functions
Total
2022
2021
2022
2021
2022
2021
Landline voice
106
116
-
-
850
915
Mobile services
56
80
-
-
5,128
4,975
Internet & network
883
875
-
-
4,335
4,342
TV
-
-
-
-
3,446
3,431
Other services
362
330
-
4
2,283
2,339
External revenue, total
1,407
1,401
-
4
16,042
16,002
2.2 | Revenue
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
2.2 | Revenue (continued)
(DKKm)
2022
2021
Sales of goods recognised at a point in time
1,392
1,356
Sales of services recognised over time
14,650
14,646
Total
16,042
16,002
Critical accounting estimates and judgements
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
2.2 | Revenue (continued)
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 46
Accounting policies
Cost of sales includes transmission costs and
cost of goods sold. Transmission costs include
external expenses related to operation of mobile
and landline networks and leased transmission
capacity as well as interconnection and roaming
group’s 
income.
Cost of goods sold includes terminal equipment
and transmission material as well as TV-pro-
gramme rights and other content costs.
Accounting policies
External expenses include expenses related to
marketing and advertising, IT, property, expenses
related to staff, capacity maintenance, service
contracts, etc.
2.3 | Cost of sales
(DKKm)
2022
2021
Mobile services
(815)
(740)
Landline voice
(75)
(74)
Internet & network
(329)
(280)
TV
(1,954)
(1,974)
Other services
(1,802)
(1,846)
Total
(4,975)
(4,914)
2.4 | External expenses
(DKKm)
2022
2021
Marketing and advertising
(219)
(226)
Subscriber acquisition and retention, cf. note 3.5
(168)
(163)
Properties
(597)
(422)
IT
(402)
(332)
Temps and personnel-related expenses
(143)
(119)
Other
(628)
(624)
Total
(2,157)
(1,886)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 47
1
Primarily software and network infrastructure.
Key management consists of the Executive
Committee of TDCH as well as the CEOs and
CFOs of Nuuday and TDC NET. The member of
the Executive Committee in TDCH does not re-
ceive remuneration.
In 2021, the remuneration for the Executive
Committee amounted to DKK 54.4m, of which
DKK 2.5m constitutes pensions and DKK 3.6m
comprises other long-term benefits.
2.5 | Personnel expenses
(DKKm)
2022
2021
Wages and salaries (including short-term and long-term bonuses)
(3,696)
(3,773)
Pensions:
defined benefit plans
(83)
(82)
defined contribution plans
(287)
(293)
Social security
(77)
(80)
Total
(4,143)
(4,228)
Of which capitalised as tangible and intangible assets
1
1,310
1,269
Total personnel expenses recognised in the income statement
(2,833)
(2,959)
Remuneration for the key management
and the Board of Directors
2
(DKKm)
2022
2021
Base salary (incl. benefits)
13.9
20.2
Cash bonus
6.4
15.4
Pensions
2.2
3.7
Long-term incentive programme
2.7
3.3
Management incentive programme (cf. note 6.1)
4.9
2.1
30.1
44,7
Redundancy compensation
1
6.4
33.9
Key management in total
36.5
78.6
Fee to the Board of Directors
14.3
5.8
Total
50.8
84.4
1
Redundancy compensation in 2022 comprised the CFO of Nuuday A/S, who retired in Q1 2022 and the CFO of TDC Net A/S, who will retire in Q1
2023. The Redundancy compensations are in accordance with the employment contracts.
2
During 2022, the remuneration to the key management (excluding redundancy compensation) comprised 3.6 members on average
(2021: 4.7 members).
Comments
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 48
Wages, salaries, social security contributions,
paid leave and sick leave, bonuses and other
employee benefits are recognised in the year in
which the employee renders the related services.
Pension costs
See note 3.7.
Full-time employee equivalents
The number of full-time employee equivalents
includes permanent employees and trainees.
Employees who are entitled to pensions on condi-
tions similar to those provided for Danish civil
servants and who are seconded to external par-
ties in connection with outsourcing of tasks or
divestment of operations are not included in the
reported numbers.
Employees in acquired enterprises are included
as the average number of full-time employee
equivalents from the time of acquisition until
31 December. Employees in divested enterprises
are included as the average number of full-time
employee equivalents from 1 January until the
time of divestment.
2.5 | Personnel expenses (continued)
Number of full-time employee equivalents
1
2022
2021
1 January
6,659
7,032
Redundancy programmes
(166)
(324)
Insourcing
9
92
Hirings and resignations
(69)
(141)
31 December
6,433
6,659
Former Danish civil servants
51
56
Employees entitled to pension from TDCH g
598
677
Other employees
5,784
5,926
31 December
6,433
6,659
Average number of full-time employee equivalents, TDCH group
2
6,477
6,759
1
The reported number of full-time employees does not include s
or job rotation (173 in 2022 and 200 in 2021).
2
The average number of full-time employee equivalents seconded to external parties in connection with
outsourcing of tasks or divestment of operations and entitled to pensions on conditions similar to those
provided for Danish civil servants is not included in the reported figures (16 in 2022 and 44 in 2021).
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 49
Comments
The decrease in amortisation from 2021 to 2022
is due primarily to lower customer and software
amortisation in 2022.
Comments
The loss on sale of enterprises of DKK 103m in
2021 comprises an adjustment of the gain from
the divestment of TDCH's 
2018 following a dispute with the Norwegian tax
authorities. Special items in 2021 related to joint
ventures and associates comprises a gain from the
divestment of Cloudeon.
2.6 | Depreciation, amortisation
and impairment losses
(DKKm)
2022
2021
Amortisation of intangible assets, cf. note 3.1
(1,597)
(1,708)
Depreciation of property, plant and equipment, cf. note 3.2
(2,105)
(2,080)
Depreciation of lease assets, cf. note 3.3
(381)
(380)
Impairment losses, cf. notes 3.1 and 3.2
(30)
(47)
Of which capitalised as tangible and intangible assets
29
28
Total
(4,084)
(4,187)
2.7 | Special items
(DKKm)
2022
2021
Costs related to redundancy programmes
(88)
(179)
Other restructuring costs, etc.
(21)
(76)
Distribution of excess capital from TDC Pension Fund to its members
(94)
(44)
Profit/(loss) on sale of enterprises
-
(103)
Loss from rulings
(2)
(16)
Costs related to acquisition of enterprises
-
(6)
Special items before income taxes
(205)
(424)
Income taxes related to special items
10
59
Special items related to joint ventures and associates
-
49
Total special items
(195)
(316)
Cash flow from special items (DKKm)
2022
2021
Redundancy programmes
(122)
(146)
Rulings
(1)
(15)
Other
(58)
(55)
Total
(181)
(216)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 50
Worth noting
Special items are significant amounts that
Management considers are not attributa-
ble to normal operations such as restruc-
turing costs and special write-downs for
impairment of intangible assets and prop-
erty, plant and equipment. Special items
also include gains and losses related to
divestment of enterprises, as well as trans-
action costs and adjustments of purchase
prices relating to the acquisition of enter-
prises. Special items consist of both recur-
ring and non-recurring items.
Group’s 
are presented as a separate item. Special items

judgement shall be disclosed separately by virtue
of their size, nature or incidence. In determining
whether an event or transaction is special, Man-
agement considers quantitative as well as quali-
tative factors such as the frequency or predicta-
bility of occurrence of the transaction or event,
including whether the event or transaction is
recurring. This is consistent with the way that
financial performance is measured by Manage-
ment and reported to the Board of Directors,
and 
Group’s operating results.
Accounting policies
Special items, as described above, are disclosed
on the face of the income statement. Items of a
similar nature in joint ventures and associates
are recognised in profit from joint ventures and
associates.
2.7 | Special items (continued)
2022
2021
Special items bridge (DKKm)
Reported
income
statement
Special
items
Adjusted
income
statement
Reported
income
statement
Special
items
Adjusted
income
statement
Revenue
16,042
-
16,042
16,002
-
16,002
Cost of sales
(4,975)
-
(4,975)
(4,914)
-
(4,914)
Gross profit
11,067
-
11,067
11,088
-
11,088
External expenses
(2,157)
(18)
(2,175)
(1,886)
(93)
(1,979)
Personnel expenses
(2,833)
(187)
(3,020)
(2,959)
(228)
(3,187)
Other income
217
-
217
184
(103)
81
Operating profit before depreciation
and amortisation
6,294
(205)
6,089
6,427
(424)
6,003
Depreciation, amortisation and impairment losses
(4,084)
-
(4,084)
(4,187)
-
(4,187)
Special items
(205)
205
-
(424)
424
-
Operating profit
2,005
-
2,005
1,816
-
1,816
Financial income and expenses
111
-
111
(1,141)
-
(1,141)
Profit before income taxes
2,116
-
2,116
675
-
675
Critical accounting judgements
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 51
Worth noting
A large part of TDCH group’s deferred tax
liabilities relates to assets that are not
expected to be taxed in the foreseeable
future (pension assets, customer relations
and brands). The deferred tax liabilities
relating to customer relationships and
brands stem primarily from the merger of
TDC A/S and the former parent company
NTC ApS in 2009 and the resulting adop-
 NTC’s purchase price allocation
2.8 | Income taxes
2022
2021
Income taxes (DKKm)
Income taxes
expensed
Income tax
payable/
(receivable)
Deferred tax
liabilities/
(assets)
Income taxes
expensed
Income tax
payable/
(receivable)
Deferred tax
liabilities/
(assets)
At 1 January
-
104
3,996
-
(174)
3,386
Income taxes for the year
(434)
633
(199)
(256)
306
(50)
Adjustment of tax for previous years
34
(21)
(13)
(23)
3
20
Tax relating to remeasurement effects from defined
benefit plans
-
346
-
-
640
Income tax paid
-
(579)
-
-
(31)
-
Total
(400)
137
4,130
(279)
104
3,996
Shown in the balance sheet as:
Tax payable/deferred tax liabilities
137
4,130
104
3,996
Tax receivable/deferred tax assets
-
-
-
-
Total
137
4,130
104
3,996
Income taxes are specified as follows:
Income excluding special items
(410)
(338)
Special items
10
59
Total
(400)
(279)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 52
TDC Holding A/S participates in joint taxation with
all its Danish subsidiaries and with DK Telekom-
munikation ApS, DKT Finance ApS and DKT Hold-
ings ApS, of which the latter is the administration
company in the joint taxation. The jointly taxed
companies are jointly and severally liable for the
total income taxes, taxes paid on account and
outstanding residual tax (with additional pay-
ments and interest) relating to the joint taxation.
2.8 | Income taxes (continued)
2022
2021
Deferred tax (DKKm)
Deferred
tax assets
Deferred
tax liabilities
Total
1
Intangible assets
-
42
42
64
Other
-
8
8
(3)
Current
-
50
50
61
Intangible assets
-
2,173
2,173
2,171
Property, plant and equipment
(309)
-
(309)
(338)
Lease assets and liabilities
(216)
-
(216)
(206)
Pension assets and pension liabilities
-
2,396
2,396
2,324
Tax value of tax-loss carryforwards
(12)
-
(12)
(12)
Other
-
48
48
(4)
Non-current
(537)
4,617
4,080
3,935
Deferred tax at 31 December
(537)
4,667
4,130
3,996
1
The total net deferred tax is recognised as a liability in the balance sheet.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 53
The effective tax rate in 2022 is lower than the
statutory tax rate, which is due mainly to a posi-
tive effect from the limitation on the tax deducti-
bility of interest expenses. Due to capital gains on
financial instruments in 2022 combined with the
possibility to carry forward certain capital losses
from previous years, there is a positive effect
from the interest limitation rules for the
TDCH group. Furthermore, there is a smaller posi-
tive impact of adjustment of tax for previous
years.
Tax for the year comprises current income tax,
changes in deferred tax and adjustments from
prior years and is recognised in the income state-
ment, except to the extent that it relates to items
recognised in other comprehensive income.
Current income tax liabilities and current income
tax receivables are recognised in the balance
sheet as income tax payable or income tax
receivable.
Deferred tax is measured under the balance-
sheet liability method on the basis of all tempo-
rary differences between the carrying amounts
and the tax bases of assets and liabilities at the
balance sheet date. However, deferred tax is not
recognised if the temporary difference arises
from the initial recognition of goodwill or if it
arises from initial recognition of an asset or liabil-
ity in a transaction other than a business combi-
nation that affects neither accounting nor taxable
profit/loss. Deferred income tax is provided on
temporary differences arising on investments in
subsidiaries, joint ventures and associates,
except where the timing of the reversal of the
temporary difference is controlled by TDCH group
and it is probable that the temporary difference
will not reverse in the foreseeable future.
Deferred tax assets including the tax value of tax-
losses carried forwards are recognised when it is
likely that these will be utilised in the foreseeable
future.
Deferred tax is adjusted concerning elimination of
unrealised intra-group profit and losses.
Deferred tax is measured on the basis of the tax
rules and tax rates effective under the legislation
in the respective countries at the balance sheet
date when the deferred tax is expected to be real-
ised as current income tax. Changes in deferred
tax as a result of changes in tax rates are recog-
nised in the income statement except for the
effect of items recognised directly in other com-
prehensive income.
Deferred tax assets and liabilities are offset in
the consolidated balance sheet.
2.8 | Income taxes (continued)
2022
2021
Effective tax rate (DKKm)
DKKm
%
DKKm
%
Danish corporate income tax rate
(511)
22.0
(231)
22.0
Limitation on the tax deductibility of interest expenses
51
(2.2)
(84)
8.0
Adjustment of tax for previous years
34
(1.5)
(22)
2.1
Other
16
(0.6)
(1)
0.1
Effective tax excluding special items
(410)
17.7
(338)
32.2
Special items
10
1.2
59
9.1
Effective tax including special items
(400)
18.9
(279)
41.3
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 54
Section 3



performance and the resulting liabilities incurred. Assets

addressed in section 4. Deferred tax assets and liabilities
are shown in note 2.8.
3. In this section
3.1. Intangible assets .......................................................... 55
3.2. Property, plant and equipment.................................. 59
3.3. Lease assets and liabilities ........................................ 61
3.4. Trade receivables ......................................................... 63
3.5. Contract assets and liabilities ................................... 64
3.6. Provisions ...................................................................... 65
3.7. Pension assets and pension obligations ................. 67
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 55
3.1 | Intangible assets
2022
2021
(DKKm)
Goodwill
Customer
relationships
Brands
Rights and
software, etc.
Total
Goodwill
Customer
relationships
Brands
Rights and
software, etc.
Total
Cost at 1 January
16,234
14,422
5,461
17,312
53,429
16,234
14,428
5,461
16,390
52,513
Additions
-
-
-
1,426
1,426
-
-
-
1,895
1,895
Assets disposed of or fully amortised
-
(53)
-
(1,037)
(1,090)
-
(6)
-
(973)
(979)
Cost at 31 December
16,234
14,369
5,461
17,701
53,765
16,234
14,422
5,461
17,312
53,429
Amortisation and impairment losses at 1 January
(3,692)
(12,873)
(122)
(12,090)
(28,777)
(3,692)
(12,538)
(118)
(11,667)
(28,015)
Amortisation
-
(248)
-
(1,349)
(1,597)
-
(341)
(4)
(1,363)
(1,708)
Impairment losses for the year
-
-
-
(18)
(18)
-
-
-
(32)
(32)
Assets disposed of or fully amortised
-
53
-
1,032
1,085
-
6
-
972
978
Amortisation and impairment losses
at 31 December
(3,692)
(13,068)
(122)
(12,425)
(29,307)
(3,692)
(12,873)
(122)
(12,090)
(28,777)
Carrying amount at 31 December
12,542
1,301
5,339
5,276
24,458
12,542
1,549
5,339
5,222
24,652
Worth noting
TDCH group’s intangible assets
largely to goodwill, customer relations
and brands stemming from the merger of
TDC A/S and the former parent company
NTC ApS in 2009, and the resulting adop-
tion of NTC’s purchase price allocation
Cash flow (DKKm)
2022
2021
Additions, cf. table above
(1,426)
(1,895)
Instalments regarding mobile licences cf. note 4.4
(192)
(109)
Non-cash part of acquisition of mobile licences
-
663
Cash flow from investment in intangible assets
(1,618)
(1,341)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 56
Impairment of intangible assets, etc. totalled
DKK 18m (2021: DKK 32m), of which DKK 14m
related to termination of various software pro-
jects in Nuuday. The remaining DKK 1m and
DKK 3m related to termination of various soft-
ware projects in TDC Net and in Group functions,
respectively.
Assets with indefinite useful lives other than
goodwill related to the TDC brand and were
unchanged at DKK 5,339m compared with 2021.
The carrying amount of software amounted to
DKK 2,719m (2021: DKK 2,489m). Of this,
DKK 435m relates to software in process. The
addition of internally developed software totalled
DKK 595m (2021: DKK 586m).
The carrying amount of Danish spectrum mobile
licences included in rights, software, etc.
amounted to DKK 2,436m (2021: DKK 2,583m)
and is shown in the next table. Of this, DKK 228m
relates to licences not yet in use.
Useful lives
Management estimates useful lives for intangible
assets based on periodic studies of customer
churn or actual useful lives and the intended use
for those assets. Such studies are completed or
updated when new events occur that may have
the potential to impact the determination of the
useful life of the asset, i.e. when events or circum-
stances occur that indicate that the carrying
amount of the asset may not be recoverable and
should therefore be tested for impairment. Any
change in customer churn or the expected useful
lives of these assets is recognised in the financial
statements, as soon as any such change has
been ascertained, as a change in a critical
accounting estimate.
Impairment testing of intangible assets
Intangible assets comprise a significant portion
of TDCH group’s total assets. The measurement
of the recoverable amount of intangible assets
is a complex process that requires significant
Management judgements in determining various
assumptions to be used to calculate cash-flow
projections, discount rates and terminal growth
rates.
The sensitivity of changes in the assumptions
used to determine the recoverable amount may
be significant. Furthermore, the use of other esti-
mates or assumptions when determining the
recoverable amount of the assets may result in
other values and could result in required impair-
ment of intangible assets.
The assumptions used for the impairment
testing of goodwill are shown in the section
Impairment testing of goodwill and intangible
assets with indefinite useful lives.
3.1 | Intangible assets (continued)
Comments
Spectrum licences (MHz)
Bandwidth (MHz)
Licence expiry
700
2 x 15 + 1 x 20
2040
800
2 x 20
2034
900
2 x 10
2034
1500
45
2042
1800
2 x 20
2032
2100
2 x 20
2042
2300
100
2041
2600
2 x 20
2030
3500
130
2042
26000
1250
2042
Critical accounting estimates and judgements
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 57
Impairment testing of goodwill and
intangible assets with indefinite
useful lives
The carrying amount of goodwill is tested for
impairment annually and if events or changes in
circumstances indicate impairment. The annual
tests were carried out at 1 October 2022 and at
1 October 2021, respectively.
Impairment testing is an integral part of TDCH
group's budget and planning process, which is
based on long-term business plans with projec-
tion until 2030 to reflect the long-term invest-
ments in fibre infrastructure. The discount rates
applied reflect specific risks relating to the indi-
vidual cash-generating unit. The recoverable
amount is based on the value in use determined
on expected cash flows based on long-term
busi-ness plans approved by Management. The
busi-ness plans approved by Management
follow the operating segments as described in
note 2.1.
Projections for the terminal period are based on
general expectations and risks, taking into
account the general growth expectations for the
telecoms industry in Denmark.
The long-term business plans are based on cur-
rent trends. The budget period includes cash flow
effects from completed restructurings combined
with effects of strategic initiatives aimed at im-
proving or maintaining trend lines.
For the impairment testing of goodwill, TDCH
group uses a pre-tax discount rate for each cash-
generating unit.
Goodwill relates to Nuuday and TDC NET. The
assumptions for calculating the value in use for
these significant goodwill amounts are given
below.
Assumptions regarding recoverable
amounts and projected earnings
The impairment test is sensitive to possible
changes in the key assumptions, which may
result in future impairments. If the weighed aver-
age cost of capital (WACC) applied as the dis-
counting factor in the calculations
increases/decreases by 1.0% and all other things
being equal, the value in use would decrease/in-
crease by DKK 11.4bn and 17.8bn, respectively.
Under the same assumptions, a 1.0% de-
crease/increase in the market-based growth rate
would decrease/increase the value in use with
DKK 8.4bn and 13.2bn, respectively. A 10% in-
crease/decrease in EBITDA would change the
value in use by DKK 12.5bn. All the above-men-
tioned changes in key assumptions would not
cause the carrying amount of goodwill to exceed
the recoverable value. With the present relation
between WACC and growth rate the WACC can in-
crease approximately 3.8 percentage points (pre-
tax) before the carrying amount of goodwill in one
of the segments will exceed the recoverable
value. The impairment test has been prepared on
the basis that the company continues to operate
with the current set-up.
Nuuday
Any reasonably possible changes in the key
assumptions are not expected to cause the carrying
amount of goodwill to exceed the recoverable value.
Projections are based on the assumption of posi-
tive EBITDA growth in the long-term business
plan based on the following assumptions:
• Landline voice decline from continuation of
higher churn and partly offset by improved
product mix and higher ARPU
• Growth in mobility services from higher RGUs
and ARPU partly offset by the ambition to con-
tinue to have superior networks
• Declining broadband gross profit trend due
to decreasing RGUs, however offset in the
long term by increased ARPUs as customers
migrate to high-speed technologies (e.g. Fibre
and Coax)
• TV gross profit decline due to pressure on the
number of RGUs and increased content cost.
Focus on future-proof TV technology such as
Bland Selv TV, supporting higher ARPUs due to
enhanced product mix
• Savings driven by initiatives generated in an ex-
tensive savings programme with reductions of
external and personnel expenses.
TDC NET
Any reasonably possible changes in the key
assumptions are not expected to cause the carry-
ing amount of goodwill to exceed the recoverable
value. Projections show steady EBITDA growth
and an increasing EBITDA margin in the long-
term business plan based on the following
assumptions:
Steady growth in mobility services gross
profit
Increased gross profit from highspeed
broadband, stemming from TDC NETs grow-
ing fibre footprint, continued large coax cus-
tomer base, and increased ARPU from higher
average speed on products
Customer base for legacy products such as
landline, TV and DSL assumed to decrease at
higher rates than historically
Savings driven by initiatives generated in an
extensive savings programme with reduc-
tions of both external and personnel ex-
penses
Decrease in capital expenditure from 2021
level, due to cost optimisation of the fibre
roll-out, as well as optimisation of ongoing
investments to maintain capacity, quality,
etc. in the networks.
3.1 | Intangible assets (continued)
Key assumptions for calculating the value in use for the
significant
1
goodwill amounts (DKKm)
Nuuday
TDC NET
Carrying amount of goodwill at 31 December 2022 (DKKm)
5,562
6,980
Carrying amount of goodwill at 31 December 2021 (DKKm)
5,562
6,980
Market-based growth rate applied at 1 October 2022 to
extrapolated projected future cash flows for the period following 2030
2.3%
2.3%
Market-based growth rate applied at 1 October 2021 to
extrapolated projected future cash flows for the period following 2030
1.0%
1.0%
Applied pre-tax discount rate at 1 October 2022
11.7%
8.5%
Applied pre-tax discount rate at 1 October 2021
7.6%
5.3%
1
Representing 100% of the total carrying
amount in 2022.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 58
Goodwill and brands with indefinite useful lives
are recognised at cost less accumulated impair-
ment losses. The carrying amounts of goodwill
and brands with indefinite useful lives are tested
for impairment annually and whenever events or
changes in circumstances indicate that the carry-
ing amounts may not be recoverable, and are
subsequently written down to the recoverable
amounts in the income statement if exceeded by
the carrying amounts. Impairment of goodwill are
not reversed. For the purpose of impairment
test-ing in the consolidated financial statement,
good-will is allocated to the Group’s cash-
generating units. The determination of cash-
generating units is based on the operating
segments in the Group’s internal management
reporting
Brands with finite useful lives, licences, proprie-
tary rights, etc. are measured at cost less accu-
mulated amortisation and impairment losses,
and are amortised on a straight-line basis over
their estimated useful lives.
Customer-related assets are measured at cost
less accumulated amortisation and impairment
losses, and are amortised using the diminishing-
balance method based on the percentage of
churn (5% to 20%) corresponding to the
expected pattern of consumption of the expected
future economic benefits.
Development projects, including costs of com-
puter software purchased or developed for inter-
nal use, are recognised as intangible assets if the
cost can be calculated reliably and if they are
expected to generate future financial benefits.
Costs of development projects include wages,
external charges, depreciation and amortisation
that are directly attributable to the development
activities as well as interest expenses in the pro-
duction period.
Development projects that do not meet the crite-
ria for recognition in the balance sheet are
expensed as incurred in the income statement.
The main amortisation periods are as follows:
Mobile licences
16-22 years
Software
3-5 years
Development projects in process and intangible
assets of indefinite useful lives are tested for
impairment at least annually and written down to
recoverable amounts in the income statement if
exceeded by the carrying amount.
Intangible assets are recorded at the lower of
recoverable amount and carrying amount.
Impairment tests on goodwill and other intangi-
ble assets with indefinite lives are performed at
least annually and, if necessary, when events or
changes in circumstances indicate that their car-
rying amounts may not be recoverable.
3.1 | Intangible assets (continued)
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
3.2 |Property, plant and equipment
2022
2021
(DKKm)
Land and
buildings
Network
infra-
structure
Equipment
Assets under
construction
Total
Land and
buildings
Network
infra-
structure
Equipment
Assets under
construction
Total
Cost at 1 January
517
43,942
2,646
824
47,929
519
41,521
2,430
954
45,424
Transfers (to)/from other items
2
494
53
(549)
-
-
544
65
(609)
-
Transfers from leased assets
-
-
-
-
-
-
13
3
-
16
Additions
5
2,148
178
542
2,873
-
2,306
215
479
3,000
Assets disposed of
(6)
(588)
(27)
(3)
(624)
(2)
(442)
(67)
-
(511)
Cost at 31 December
518
45,996
2,850
814
50,178
517
43,942
2,646
824
47,929
Depreciation and impairment losses at 1 January
(163)
(28,598)
(1,955)
(343)
(31,059)
(157)
(27,235)
(1,729)
(339)
(29,460)
Transfers (to)/from other items
-
-
-
-
-
-
31
(31)
-
-
Transfers from leased assets
-
-
-
-
-
-
(11)
(1)
-
(12)
Depreciation
(6)
(1,835)
(264)
-
(2,105)
(6)
(1,815)
(259)
-
(2,080)
Impairment losses for the year
-
(9)
-
(2)
(11)
-
(10)
(1)
(4)
(15)
Assets disposed of
-
588
26
-
614
-
442
66
-
508
Depreciation and impairment at 31 December
(169)
(29,854)
(2,193)
(345)
(32,561)
(163)
(28,598)
(1,955)
(343)
(31,059)
Carrying amount at 31 December
349
16,142
657
469
17,617
354
15,344
691
481
16,870
Comments
Cash flow (DKKm)
2022
2021
Additions, cf. table above
(2,873)
(3,000)
Non-cash additions regarding decommissioning obligations
(35)
11
Change in additions not yet paid
(152)
(429)
Capitalised depreciations cf. note 2.6
29
28
Cash flow from investment in property, plant and equipment
(3,031)
(3,390)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 60
Critical accounting estimates
Depreciation is 
mates of residual value, depreciation method and
the useful lives of property, plant and equipment.
Estimates may change due to technological
developments, changes in market conditions
and other factors and may result in changes in
the estimated useful lives and in the depreciation
charges. Technological developments are difficult

and pace of development may change over time.
The impact of expected developments in technol-
ogy and markets are critical estimates in the
evaluation of useful lives. The useful lives are
reviewed at least annually, taking into considera-
tion the factors mentioned above and all other
important relevant factors. A change in estimated
useful life is a change in accounting estimate, and
depreciation plans are adjusted prospectively.
Property, plant and equipment are measured at
cost less accumulated depreciation and impair-
ment losses.
Cost comprises purchase price and costs directly
attributable to the acquisition until the date on
which the asset is ready for use. The cost of self-
constructed assets includes directly attributable
payroll costs, materials, depreciation, parts
purchased and services rendered by sub-suppli-
ers or contractors as well as interest expenses
in the construction period. Cost also includes
estimated decommissioning costs if the related
obligation meets the conditions for recognition
as a provision.
Directly attributable costs comprise personnel
expenses together with other external expenses
calculated in terms of time spent on self-con-
structed assets.
The depreciation base is measured at cost less
residual value and any impairment. Depreciation
is provided on a straight-line basis over the esti-
mated useful lives of the assets. The main depre-
ciation periods are as shown in the next table.
Buildings
20 years
Network infrastructure:
mobile networks
20 years
copper
20 years
coax
20 years
fibre
30 years
exchange equipment
3-15 years
other network equipment
3-20 years
Equipment (computers, tools and
office equipment)
3-15 years
The useful lives and residual values of the assets
are reviewed regularly. If the residual value
exceeds the carrying amount of an asset, depreci-
ation is discontinued.
Property, plant and equipment that have been
disposed of or scrapped are eliminated from
accumulated cost and accumulated depreciation.
Gains and losses arising from sale of property,
plant and equipment are measured as the differ-
ence between the sales price less selling
expenses and the carrying amount at the time
of sale. The resulting gain or loss is recognised
in the income statement under other income
or other expenses.
Software that is an integral part of telephone
exchange installations, for example, is presented
together with the related assets. Useful lives are
estimated individually.
Installation materials to be used in construction
of assets are measured at the lower of weighted
average cost and recoverable amount.
Customer-placed equipment (e.g. set-top boxes)
is capitalised and depreciated over the estimated
useful life of the individual asset, not exceeding
five years.
3.2 |Property, plant and equipment (continued)
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
3.3 | Lease assets and liabilities
2022
2021
Lease assets (DKKm)
Land and
buildings
Network
infrastructure
Vehicles and
equipment
Total
Land and
buildings
Network
infrastructure
Vehicles and
equipment
Total
Carrying amount at 1 January
3,013
10
172
3,195
3,268
15
150
3,433
Additions
148
-
141
289
60
-
114
174
Transfer to property, plant and equipment
-
-
-
-
-
(2)
(2)
(4)
Disposals
(1)
-
(8)
(9)
(23)
-
(5)
(28)
Depreciation
(290)
(3)
(88)
(381)
(292)
(3)
(85)
(380)
Carrying amount at 31 December
2,870
7
217
3,094
3,013
10
172
3,195
Lease liabilities (DKKm)
2022
2021
Recognised in the balance sheet at present value:
4,074
4,132
Of which presented as current
(489)
(475)
Total non-current
3,585
3,657
Maturing between 1 and 3 years
858
816
Maturing between 3 and 5 years
719
703
Maturing between 5 and 10 years
1,184
1,203
Maturing between 10 and 20 years
824
935
Total non-current
3,585
3,657
Amounts recognised in the income statement
(DKKm)
2022
2021
Expense relating to short-term leases
(94)
(83)
Expense relating to leases of low-value assets
(1)
(1)
Income from sublease
143
109
Depreciation charge of lease assets, cf. above
(381)
(380)
Interest expense (included in financing costs)
(187)
(191)
Comments
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 62
Critical accounting estimates
and judgements
Impairment tests of lease assets require
manage-ment to make significant estimates
related to vacant tenancies. Management has
estimated the expected sublease income net of
operating cost. For each category of lease assets
(offices, exchanges, etc.) and in consideration of
the geo-graphical location, the probability of
obtaining income from sublease and expected
sublet rent rates is estimated. The most critical
assumptions used in determining the write-down
relate to the probability of sublease and expected
sublet rent rates that will be impacted by e.g.
changed mar-ket conditions for subletting.
The Group has 172,737 square metres of leased
tenancies no longer used by the Group (2021:
173,023). Of this, 124,305 square metres were
sublet (2021: 116,918). The leases terminate in
2041 at the latest.
The Group is expected to vacate and sublet addi-
tional tenancies in the future, following further
reductions in the number of employees and up-
grading to technical equipment that requires
fewer square metres.
Significant judgements are involved when as-
sessing the future capacity needs for leases and,
as such, the use of extension options.
Assets and liabilities arising from a lease are ini-
tially measured on a present value basis. Lease
liabilities include the net present value of the
fol-lowing lease payments:
fixed payments (including in-substance fixed
payments), less any lease incentives
receivable
variable lease payments that are based on an
index or a rate, initially measured using the
index or rate as at the commencement date
amounts expected to be payable by the Group
under residual value guarantees
the exercise price of a purchase option if the
Group is reasonably certain to exercise that
option
payments of penalties for terminating the
lease, if the lease term reflects the Group exer-
cising that option.
The lease payments to be made under reasona-
bly certain extension options are also included in
the measurement of liability.
Lease payments are discounted using the inter-
est rate implicit in the lease. If that rate cannot
be readily determined, which is generally the
case for leases in the Group, the lessee’s
incremental borrowing rate is used, which is the
rate that the lessee would have to pay to borrow
the funds necessary to obtain an asset of similar
value to the lease asset in a similar economic
environ-ment with similar terms, security and
conditions.
The incremental borrowing rates are based on
our existing credit facilities and observable mar-
ket data.
The Group is exposed to potential future in-
creases in variable lease payments based on an
index or rate, which are not included in the lease
liability until they take effect. When adjustments
to lease payments based on an index or rate
take effect, the lease liability is reassessed and
ad-justed against the lease asset.
Lease payments are allocated between instal-
ments and financing costs. The financing costs
are charged to the income statement over the
lease period to produce a constant periodic rate
of interest on the remaining balance of the liabil-
ity for each period.
Lease assets are measured at cost less accumu-
lated depreciation and write-downs for impair-
ment. Cost comprises the following:
the amount of the initial measurement of
lease liability
any lease payments made at or before
the commencement date less any lease
incentives received
any initial direct costs
decommissioning costs.
Lease assets are generally depreciated over the
shorter of the asset’s useful life and the lease
term on a straight-line basis. If the Group is rea-
sonably certain to exercise a purchase option,
the lease asset is depreciated over the
underlying asset’s useful life cf. note 3.2.
Impairment tests on lease assets are performed
annually and, if necessary, when circumstances
indicate their carrying amounts may not be
recov-erable. Write-downs of lease assets
related to vacant tenancies are based on
expecta-tions concerning timing and scope,
future cost level, etc. The calculation of the write-
downs com-prises rent and operating costs for
the contract period minus the expected rental
income from subleases.
Payments associated with short-term leases of
equipment and vehicles and all leases of low-
value assets are expensed as incurred. Short-
term leases are leases with a lease term of
12 months or less. Low-value assets comprise IT
equipment and small items of office furniture.
3.3 | Lease assets and liabilities (continued)
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 63
Comments
he carrying amount of the balance’s approxi-
mated fair value is due to the short maturity
of amounts receivable.
As at 1 January 2021, trade receivables
from contracts with customers amounted to
DKK 1,656m (net of loss allowance of
DKK 204m).
Critical accounting estimates
Expected credit losses are assessed for
portfolios of trade receivables based on
customer seg-ments, historical credit loss
experience combined with forward-looking
information on macroeco-nomic factors affecting
the credit risk. The expected loss rates are
updated at each reporting date.
Accounting policies
Trade receivables are amounts due from custom-
ers for goods sold or services performed in the
ordinary course of business. TDCH operates with
standard customer payment terms where cus-
tomer subscriptions are billed and paid in ad-
vance of the subscription period, while usage and
one-off services are billed and paid after the sub-
scription period. The receivables are generally
due for settlement within 20-30 days and are
therefore all classified as current. Trade receiva-
bles are recognised initially at the amount of con-
sideration that is unconditional. The Group holds
the trade receivables with the objective of collect-
ing the contractual cash flows and therefore
measures them subsequently at amortised cost
using the effective interest method.
TDCH group applies the simplified approach to
measure expected credit losses, which uses a life-
time expected loss allowance for all trade receiva-
bles, contract assets and lease receivables. To
measure the expected credit losses, receivables
have been grouped based on shared credit risk
characteristics and the days past due. The
expected loss rates are based on the payment
profiles of sales and the corresponding historical
credit losses experienced. The historical loss
rates are adjusted to reflect current and forward-
looking information on macroeconomic factors
affecting the ability of the customers to settle
the receivables.
3.4 | Trade receivables
(DKKm)
2022
2021
Trade receivables
1,608
1,630
Expected credit losses
(111)
(186)
Trade receivables, net
1,497
1,444
Expected credit losses at 1 January
(186)
(204)
Expected credit losses recognised
(60)
(46)
Realised credit losses
101
38
Reversed expected credit losses
34
26
Expected credit losses at 31 December
(111)
(186)
Trade receivables (DKKm)
Not yet due
Less than
1 month
past due
More than
1 month
past due
More than
3 months
past due
More than
6 months
past due
Total
2022
Expected loss rate
1%
1%
5%
24%
73%
7%
Gross carrying amount
1,231
170
64
25
118
1,608
Expected credit losses
(15)
(1)
(3)
(6)
(86)
(111)
2021
Expected loss rate
1%
2%
3%
11%
75%
11%
Gross carrying amount
1,135
166
61
44
224
1,630
Expected credit losses
(8)
(4)
(2)
(5)
(167)
(186)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Comments
Accounting policies
3.5 | Contract assets and liabilities
(DKKm)
2022
2021
1 January
2021
Assets recognised from costs to obtain a contract (SAC)
248
204
212
Assets recognised from costs to fulfil a contract
186
139
109
Work in progress for the account of third parties
57
52
57
Total contract assets
491
395
378
Deferred subscription income
2,377
2,326
2,310
Other deferred income
37
39
43
Work in progress for the account of third parties,
liabilities
5
17
45
Total contract liabilities
2,419
2,382
2,398
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
3.6 | Provisions
2022
2021
(DKKm)
Decom-
missioning
obligations
Restructuring
obligations
Other
provisions
Total
Provisions at 1 January
316
102
193
611
461
Provisions made
7
90
-
97
324
Change in present value
(32)
-
-
(32)
(2)
Provisions used (payments)
(5)
(130)
(7)
(142)
(165)
Reversal of unused provisions
(1)
-
(17)
(18)
(8)
Currency translation adjustments
-
-
(5)
(5)
1
Provisions at 31 December
285
62
164
511
611
Of which recognised through special items in the income
statement
-
56
101
157
207
Recognised as follows in the balance sheet:
Non-current liabilities
285
13
64
362
415
Current liabilities
-
49
100
149
196
Total
285
62
164
511
611
Specification of how payments regarding provisions
are recognised in the statements of cash flow (DKKm)
2022
2021
Payments related to provisions
(21)
(22)
Cash flow related to special items
(121)
(143)
Total
(142)
(165)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 66
Provisions for decommissioning obligations re-
late to the future dismantling of mobile stations
and restoration of property owned by third par-
ties. The uncertainties relate primarily to the tim-
ing of the related cash outflows. The majority of
these obligations are not expected to result in
cash outflow within the next five years.
Provisions for restructuring obligations relate pri-
marily to redundancy programmes. The majority
of the provisions for redundancy programmes are
expected to result in cash outflows in the next five
years. The uncertainties relate primarily to the es-
timated amounts and the timing of the related
cash outflows.
Other provisions relate mainly to onerous con-
tracts and jubilee benefits for employees as well
as legal claims. The majority of these provisions
are expected to result in cash outflows in the next
five years. The uncertainties regarding legal
claims and onerous contracts relate to both tim-
ing and estimated amounts. The uncertainties
regarding jubilee benefits relate to both salary
and the number of employees included.
In pursuance of Section 32 of the Danish Civil
Servants Act, the Group has a termination benefit
obligation to former Danish civil servants and to
employees with civil-servant status hired before
1 April 1970 who are members of the related
Danish pension fund. In the event of termination,
such employees have a right to special termina-
tion benefits in the amount of three years’ salary
(tied-over allowance) or three months’ full salary
and two-thirds of their full monthly salary for four
years and nine months (stand-off pay).
he Group’s total termination benefits include
wages during the notice period, severance pay,
stand-off pay, payments pursuant to the Danish
Salaried Employees Act, special termination ben-
efits (in accordance with IAS 19 Employee Bene-
fits), social security contributions and outplace-
ment costs. The average redundancy cost per
full-time employee equivalent, calculated as the
total cost divided by the number of full-time
employee equivalents included in the redundancy
pro-grammes during this period, is shown in the
table below.
Provisions are recognised when the Group has a
legal or constructive obligation arising from past
events, it is probable that economic benefits
must be sacrificed to settle it, and the amount
can be estimated reliably.
Provisions for restructuring, etc. are recognised
when a final decision thereon has been made be-
fore or on the balance sheet date and has been
announced to the parties involved, provided that
the amount can be measured reliably. Provisions
for restructuring are based on a defined plan,
which means that the restructuring commences
immediately after the decision has been made.
When the Group is under an obligation to demol-
ish an asset or re-establish the site where the
asset was used, a liability corresponding to the
present value of estimated future costs is recog-
nised and an equal amount is capitalised as part
of the initial carrying amount of the asset. Subse-
quent changes in such a decommissioning liabil-
ity that results from a change in the current best
estimate of cash flows required to settle the obli-
gation or from a change in the discount rate are
added to (or deducted from) the amount recog-
nised for the related asset. However, to the
extent that such a treatment would result in a
negative asset, the effect of the change is recog-
nised as profit or loss for the year.
rovisions are measured at Management’s best
estimate of the amount at which the liability is
expected to be settled. Provisions are
discounted if the effect is material to the
measurement of the liability.
3.6 | Provisions (continued)
Comments
Average redundancy cost per
full-time employee equivalent
1
(DKK thousands)
2022
2021
Non-civil servants
411
388
Former Danish civil servants
129
1,118
Employees with civil-servant status
623
865
Weighted average per full-time employee equivalent
456
446
Number of redundancies
179
318
1
Excluding corporate management.
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
3.7 | Pension assets and pension obligations
Worth noting
In a defined contribution plan, TDCH group
pays fixed contributions to a third party on
behalf of the employees and has no further
obligations towards the employees. The ben-
efits for the employees ultimately depend on

In a defined benefit plan, members receive
cash payments on retirement, the values of
which depend on factors such as salary and
length of service. The Group underwrites
investment, mortality and inflation risks neces-
sary to meet these obligations. In the event of
returns not being sufficient to honour obliga-
tions towards the employees, TDCH group
needs to address this through increased
levels of contribution. The Group has a defined
benefit plan in TDC Pension Fund. In total, 623
of
TDCH g
defined benefit plan, while all other employees
are covered by defined contribution plans.
TDCH group makes contributions to TDC Pen-
sion Fund, which is not consolidated in these
financial statements, but is reflected in the bal-
ance sheet under pension assets. TDC Pension
Fund can, under certain circumstances distrib-
ute excess capital to TDCH group, triggering a
payment to members of the pension fund as
well. TDCH g
sion obligations are outlined in more detail in
the following.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
3.7 | Pension assets and pension obligations (continued)
Assets and obligations (DKKm)
2022
2021
Specification of pension assets
Fair value of plan assets
27,561
34,379
Defined benefit obligation
(16,668)
(23,817)
Pension assets recognised in the balance sheet
10,893
10,562
Change in defined benefit obligation
Defined benefit obligation at 1 January
(23,817)
(23,954)
Service cost
(73)
(72)
Administrative expenses
(10)
(10)
Interest cost on the defined benefit obligation
(224)
(82)
Termination benefits
(11)
(14)
Past service cost distribution of excess capital
(19)
(9)
Remeasurement effect:
Demographic experience
382
383
Financial assumptions
6,047
(1,135)
Benefit paid
1,057
1,076
Projected benefit obligations at 31 December
(16,668)
(23,817)
Change in fair value of plan assets
Fair value of plan assets at 1 January
34,379
31,982
Interest income on plan assets
319
110
Actual return on plan assets greater/(less) than discount rate
(remeasurement effect)
(4,856)
3,659
Distribution of excess capital
(1,231)
(309)

7
13
Benefit paid
(1,057)
(1,076)
Fair value of plan assets at 31 December
27,561
34,379
Change in pension assets
Pension assets at 1 January
10,562
8,028
Pension (costs)/income
1
(68)
Remeasurement effects
1,573
2,907
Distribution of excess capital
(1,250)
(318)

7
13
Pension assets recognised in the balance sheet at 31 December
10,893
10,562
Asset allocation by asset categories at 31 December (DKKm)
2022
2021
Assets with quoted prices:
Government and mortgage bonds (incl. hedges and repos)
8,359
14,254
High-yield bonds
5,142
6,126
Investment grade bonds
2,884
2,857
Emerging markets debt
1,808
2,284
Property
2,437
2,381
Equities
1,166
1,304
Cash
745
154
Other
629
(176)
Assets without quoted prices:
High-yield bonds
785
639
Investment grade bonds
1,422
2,504
Property
2,184
2,052
Equities
-
-
Fair value of plan assets
27,561
34,379
Assumptions used to determine defined benefit obligations
(balance sheet) (%)
2022
2021
Discount rate
3.99
0.96
General price/wage inflation
2.58
2.13
Assumptions used to determine
pension (costs)/income (%)
2023
2022
2021
Discount rate
3.99
0.96
0.35
General price/wage inflation
2.58
2.13
1.19
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Sensitivity analysis (DKKm)
2022
2021
Reported defined benefit obligation
16,668
23,817
Discount rate sensitivity
3.99%
0.96%
Assumption -0.5%
17,618
25,536
Assumption +0.5%
15,800
22,272
General price/wage inflation sensitivity
2.58%
2.13%
Assumption +0.25%
17,161
24,675
Assumption -0.25%
16,195
22,299
Mortality sensitivity
Assumption +1 year longevity
17,318
24,941
Assumption -1 year longevity
16,019
22,712
3.7 | Pension assets and pension obligations (continued)
1 In accordance with International Financial Reporting Standards,
the expected return should be assumed to equal the discount
rate as of the end of the previous year.
Pension (costs)/income (DKKm)
Expected 2023
2022
2021
Service costs
(38)
(73)
(72)
Administrative expenses
(12)
(10)
(10)
Personnel expenses (included in EBITDA)
(50)
(83)
(82)
Interest on pension assets
436
95
28
Pension (costs)/income
386
12
(54)
Domestic redundancy programmes recognised
in special items
(11)
(14)

(94)
(44)
Total pension (costs)/income recognised
in the income statement
(93)
(112)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
3.7 | Pension assets and pension obligations (continued)
Projected benefit payments
1
DKKm
1
The duration of the pension plan is approximately 12 years.
Critical accounting estimates
Accounting policies






Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Section 4


This section includes disclosures related to 
structure and related financing costs, net interest-bearing debt
as well as finance-related risks and how these are managed.
4. In this section
4.1. Equity ............................................................................. 72
4.2. Loans and derivatives ................................................. 73
4.3. Financial risks ............................................................... 76
4.4. Credit ratings and net interest-bearing debt .......... 78
4.5. Financial income and expenses ................................. 80
4.6. Maturity profiles of financial instruments .............. 82
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
4.1 |Equity
Comments
Treasury shares
Shares
(number)
Nominal value
(DKKm)
% of share
capital
Holding at 1 January 2021
5,986,796
6
0.74
Used during the year
-
-
-
Holding at 1 January 2022
5,986,796
6
0.74
Used during the year
-
-
-
Holding at 31 December 2022
5,986,796
6
0.74
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 73
Events after the balance sheet date:
On 19 January 2023, TDC NET signed a new
Senior Term Facility of EUR 75m with an availa-
bility period until refinancing of the EMTN,
23 February 2023. Proceeds were used for
the EMTN refinancing only.
On 6 February 2023, TDC NET issued a new
EMTN EUR 500m bond. Proceeds were used for
a partial repayment of the Senior Term Facility
on 6 February and the GBP EMTN refinancing
on 23 February.
On 3 February 2023, Nuuday raised a
EUR 500m term loan, which was partially
used to repay the intercompany loan from
TDC Holding A/S.
4.2 | Loans and derivatives
Worth noting
TDCH group is financed through the
European bond market (EMTN), bilateral term
loans and the market for syndicated senior
secured bank loans (Senior Term Facilities).
TDCH group also has Revolving Credit
Facilities to support its daily liquidity
management.
The GBP 425m EMTN bond matured in
February 2023.
The Group’s outstanding EMTN bonds have
been issued in GBP with fixed interest rates.
The GBP bond was swapped to fixed EUR
nominal value and interest rate.
The Group’s term loan facilities have all been
issued in EUR mainly with floating interest
rates, which were swapped to fixed interest
rates due to the hedge requirements set by
the Common Terms Agreement defined along
with establishing the new financing platform.
Derivatives are used for hedging interest and
exchange-rate exposure only.
Loans (DKKm)
2022
2021
Senior Term Facility (STF) loan
1
18,638
-
Senior Facility Agreement (SFA) loan
1
-
14,105
EMTN
1
7,203
7,466
Short-term bank loans
-
570
Total
25,841
22,141
Recognised as follows in the balance sheet:
Non-current liabilities
22,275
17,850
Current liabilities
3,566
3,721
Total
25,841
22,141
1
For maturity profiles of expected cash outflows and fair value of debt, see note 4.6.
Comments
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 74
4.2 | Loans and derivatives (continued)
2022
Euro Medium Term Notes (EMTNs)
and Senior Term Facility (STF) loan
2023
2024
2026
2027
2028
2029
2030
Total
Maturity
Feb 2023
Feb 2024
Jun 2026
Feb 2027
May 2028
Jun 209
Oct 2030
Fixed/floating rate
1
Fixed
Floating
Floating
Floating
Fixed
Floating
Fixed
Coupon
6.875%
Margin + floored
Euribor
2
Margin + floored
Euribor
2
Margin + floored
Euribor
2
5.056%
Margin + floored
Euribor
2
5.870%
Margin (bps)
-
150
190
150
-
190
-
Currency
GBP
EUR
EUR
EUR
EUR
EUR
EUR
Type
EMTN Bond
STF loan
STF loan
STF loan
EMTN Bond
STF loan
STF loan
Issuing company
TDCH
TDC NET
TDC NET
TDC NET
TDC NET
TDC NET
TDC NET
Nominal value (currency)
425
1,400
50
900
500
50
110
Nominal value (DKKm)
3,567
10,410
372
6,692
3,718
372
818
25,949
1
EMTNs and STF loans are in or swapped to nominal EUR and fixed EUR interest rates.
2
STF loans have a 0% Euribor floor.
EUR exposures are not considered a significant risk due to the fixed EUR/DKK exchange rate policy.
Additionally, TDC NET has entered into EUR 250m notional interest rate swaps to fix the interest rate regarding the upcoming EMTN 2023 refinancing while Nuuday has entered into EUR 450m notional interest rate swaps to fix the interest rate on the term loan drawn in 2023).
As at 31 December 2022 there were no drawings on Revolving Credit Facilities (RCF). That is, undrawn RCFs amounted to: TDC NET: EUR 350m, maturing February 2027 and Nuuday: EUR 135m, maturing July 2026.
2021
Euro Medium Term Notes (EMTNs) and Senior Facility Agreement (SFA) loan
2022
2023
2024
2025
Total
Maturity
Mar 2022
Feb 2023
Jan 2024
Jun 2025
Fixed/floating rate
Fixed
Fixed
Floating
Floating
Coupon
5%
6.875%
Margin + floored
Euribor
1
Margin + floored
Euribor
1
Currency
EUR
GBP
DKK
EUR
Type
EMTN Bond
EMTN Bond
RCF
SFA loan
Issuing company
TDCH
TDCH
TDCH
TDCH
Nominal value (DKKm)
3,718
3,754
565
14,130
22,167
Nominal value (currency)
500
425
565
1,900
– Of which nominal value swapped to EUR or DKK (currency)
2
200
425
-
-
Nominal value of debt incl. currency hedging in DKKm
3,723
3,718
565
14,130
22,136
– Of which nominal value swapped to or with floating interest rate (EURm)
3
100
-
76
1,775
1,951
– Of which nominal value swapped to or with fixed interest rate (EURm)
3
400
500
-
125
1,025
1
The SFA Loan has a Euribor floor at zero and a margin of 3.00% per 31 December 2021. DKK 565m of RCF has a margin of 2.30%.
2
EUR exposures are not considered a significant risk due to the fixed EUR/DKK exchange rate policy.
3
The maturity of interest rate swaps used for hedging long-term EMTN bonds matches the maturity of the underlying EMTN bonds. The fixed GBP interest is swapped to fixed EUR. EUR 125m used for hedging long-term SFA loan matures in March 2022.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 75
Loans
Loans are recognised initially at the proceeds
received net of transaction expenses incurred. In
subsequent periods, loans are measured at
amortised cost so that the difference between
the proceeds and the nominal value is recognised
in the income statement over the term of the
loan.
Other financial liabilities are measured at
amortised cost.
Financial instruments
On initial recognition, financial derivatives are
recognised in the balance sheet at fair value and
subsequently remeasured at fair value in the bal-
ance sheet and in the income statement. Depend-
ing on the type of instrument, different recog-
nised measurement methods are applied for
derivative financial instruments.
From 2018 and onwards, TDCH Group no longer
applies hedge accounting. At this point values
were fixed and will be reversed to the income
statement over the lifetime of the underlying
hedged item.
4.2 | Loans and derivatives (continued)
Accounting policies
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 76
Worth noting
TDCH group is exposed to financial market
and credit risks when buying and selling
goods and services denominated in foreign
currencies as well as due to the cash flow
from investing in the business and financing
activities. As a consequence of TDCH group
capital structure and financing, the Group
faces interest-rate and exchange-rate risks.
Group Treasury identifies, monitors and man-
ages these risks through policies and proce-
dures that are revised and approved by the
Board of Directors on an annual basis.

maxima/minima for interest-rate, exchange-
rate and counterparty risks as well as max-
ima/minima for a range of other variables.
Together with market values of financial
assets and liabilities, these exposures are
calculated and monitored daily and reported
monthly to top management
Interest-rate risks
TDCH group is exposed to interest-rate risks in
the euro area, as 100% of the nominal gross debt
is denominated in or swapped to EUR.
The interest-rate risk emerges from fluctuations
in market interest rates, which affect the market
value of financial instruments and financial
income and expenses.
Throughout 2022, the Group monitored and
managed its interest-rate risks using several

policy targets.
In the beginning of 2022, TDC NET hedged all
floating rate loans by use of EUR interest rate
swaps. As interest rates have increased during
2022 the interest derivatives have a significant
mark-to-market value by the end of 2022.
The following variables are monitored:
• BPV (basis point value or DKK change in the
value of the financial portfolio for a one basis-
point change in interest rates) within limits
• The duration (interest-rate sensitivity) of

0.25 years
• 
based on historical data)
4.3 | Financial risks
Monitored interest-rate risk variables
(average)
Maxima/
minima
Average 2022
Average 2021
Share of floating interest-rate debt
43%
58%
Actual financial portfolio BPV (DKKm)
8.54
3.39
Max. BPV of the financial portfolio (DKKm)
1
14.7
4.7
Duration of financial assets (years)
Max. 0.25
-
-
Cash flow at risk
319
27.9
1
At 31 December 2022, a +/- 1 percentage point parallel shift in the interest-rate curve would have an insignificant impact on the TDCH group profit as
all floating rate loans have been hedged using interest-rate swaps and the upcoming EMTN23 refinancing has been partly pre-funded by use of fixed-
rate (or hedged) loan commitments while the remaining notional has been hedged by use of interest rate swaps. See Section 4.2 for the debt and
hedging details as of 31 December 2022.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 77
Total open gross position, including payables
and receivables, cash accounts, financing
(including derivatives) and marketable securi-
ties in currencies other than DKK and EUR must
not exceed DKK 500m
Forecasted cash flows in currencies other than
EUR and DKK are broadly hedged on an ongo-
ing basis. The financial policy allows for up to
DKK 35m in VaR from foreign currency and is
measured and tested monthly. VaR measures
the maximum potential loss (caused by
changes in market exchange rates) with 90%
certainty within a certain time frame.
In addition to the above variables, the financial
strategy includes a range of exchange-rate
hedg-ing policies that e.g. stipulate the guiding
rule that EUR positions of TDCH group
companies with local currencies in DKK or EUR
are not to be hedged.
Credit risks
TDCH group is exposed to credit risks principally
as a provider of telecommunications services in
Denmark and as a counterparty in financial con-
tracts. The credit risk arising from supplying
tele-communications services is handled by
subsidiaries, whereas the credit risks in relation
to financial contracts are handled centrally by
Group Treasury. Credit risks arising in relation to
financial contracts are governed by the financial
strategy that defines a maximum exposure for
each counterparty. The maxima are based
primar-ily on the lowest credit ratings of the
counterpar-ties from either Standard & Poor’s
(S&P) or Moody’s Investor Services (Moody’s).
Financial transactions with a potential financial
exposure for TDCH group are entered into only
with counterparties holding the long-term credit
rating of at least BBB+ from Standard & Poor’s or
Baa1 from Moody’s. Each counterparty credit line
is determined by the counterparty’s credit rating
and is of a size that spreads the credit risks of to-
tal credit lines over several counterparties. How-
ever, should one of the Group’s counterparties
default, the Group might incur a loss. At 31 De-
cember 2022, TDCH had only positive counter-
party exposures towards either global or domes-
tic systemically important financial institutions.
TDCH group’s maximum credit risks, including
both commercial and financial contracts,
amounted to DKK 5,634m at 31 December 2022
(2021: DKK 2,254m).
Liquidity risks
TDCH group has short-term refinancing risk as
TDC Holding A/S' 2023 EMTN matures in Febru-
ary 2023. The refinancing risk has been partly
mitigated during 2022 by committed long-term
bank facilities totalling EUR 210m, while the re-
maining refinancing risk was mitigated in the be-
ginning of 2023 by an additional EUR 75m
committed long term bank facility and a EUR
500m EMTN issuance in TDC NET.
In total TDC Holding A/S has EUR 485m commit-
ted Revolving Credit Facilities (RCF) available,
which is provided by a group of banks under the
Senior Facility Agreements (SFAs). EUR 350m of
the total RCF commitment belongs to TDC NET,
while the remaining EUR 135m is with Nuuday.
In addition to the EUR 350m RCF commitment,
TDC NET also has a Debt Service Reserve (DSR)
Liquidity Facility Agreement of EUR 155m and
Operational and Capex Reserve (O&C) Liquidity
Facility Agreement of EUR 75m in place as of
31st December 2022.
Undrawn credit lines
At year-end 2022, TDCH group had undrawn
committed credit lines totaling EUR 715m
under the SFAs including the DSR and O&C
facilities.
4.3 | Financial risks (continued)
Exchange-rate risks
TDCH group is exposed primarily to exchange-
rate risks from USD, GBP and EUR. The GBP
bonds have been swapped to EUR.
The USD exchange-rate exposure relates to
paya-bles and receivables from mainly roaming
and in-terconnection agreements with foreign
operators as well as equipment and handset
suppliers.
Due to TDCH group’s capital structure, the expo-
sure from financial activities in EUR is significant,
as all gross debt (including derivatives) is
denom-inated in EUR. However, due to the fixed
EUR/DKK exchange-rate policy of the Danish
government (in place since 1982), the EUR-
position does not constitute a significant risk.
The Group’s EUR exposure was DKK 26.1 bn at
year-end 2022 (2021: DKK 20.1bn).
Throughout 2022, TDCH group monitored and
managed its exchange-rate risks using several
variables in accordance with the Group’s
financial strategy to protect mainly the Group’s
financial policy targets. The following variables
are moni-tored:
Monitored exchange-rate risk variables
(end-of-period) (DKKm)
Maxima
Average 2022
Average 2021
Value at Risk (VaR)
35
27.0
12.7
Total open gross position in other currencies than
DKK and EUR
1
500
55.0
44.2
1
Including payables and receivables, cash accounts and financing (including derivatives).
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 78
Worth noting
Credit rating
TDCH group is rated by three international

Separate external financings have been estab-
lished for Nuuday and TDC NET, respectively. The
senior secured credit facilities borrowed by
Nuuday contain customary change-of-control
provisions as well as cross-default provisions in
relation to other debt of the Nuuday group. The fi-
nancing platform at TDC NET contain customary
cross-default provisions in relation to other debt
of the TDC NET group. In addition, certain credit
facilities borrowed by TDC NET under the financ-
ing platform contains customary change-of-con-
trol provisions.
The EMTN notes issued by TDCH contain change-
of-control provisions customary for this type of
financing. Further, the EMTN notes contain cus-
tomary cross-default provisions in relation to
certain other indebtedness of TDCH and its prin-
cipal subsidiaries.
Comments
In 2022, net interest-bearing debt increased by
DKK 426m. The increase was due primarily to
dividend payment of DKK 876m to DK Telekommu-
nikation ApS partly offset by a positive net cash
flow of DKK 478m from operating and investing
activities.
In 2021, net interest-bearing debt increased by
DKK 780m. The increase was due to dividend pay-
ment of DKK 735m to DK Telekommunikation ApS
and the non-cash part of the acquisition of new
spectrum licences of DKK 663m, which was partly
offset by a positive net cash flow of DKK 918m
from operating and investing activities.
4.4 | Credit ratings and net interest-bearing debt
TDC
31 December 2022

Fitch
S&P
Company
Instrument
Company
Instrument
Company
Instrument
Company
Nuuday
B2
B2
B (neg outlook)
BB-
B-
B
TDC NET
BB
BBB-
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 79
4.4 | Credit ratings and net interest-bearing debt (continued)
Net interest-bearing debt (DKKm)
Included in
cash flows from
Non-cash changes
2022
At
1 January
2022
Financing
activities
Acquisition/
disposal
Debt from
new licences
and leases
Currency
translation
adjustment
Other
At
31 December
2022
Loans incl. short-term part
21,571
4,404
-
-
(191)
57
25,841
Short-term bank loans
570
(570)
-
-
-
-
0
Lease liabilities incl. short-term part
4,132
(339)
(8)
289
-
-
4,074
Corrections for derivatives and reversals of fixed fair
values on loans due to hedge accounting
1
(33)
196
-
-
186
(197)
152
Spectrum licence fee liabilities incl. short-term part
1,964
1,826
Interest-bearing payables
2
2
Interest-bearing receivables and investments
(3)
(1)
Cash
(811)
(4,076)
Net interest-bearing debt
27,392
27,818
Included in
cash flows from
Non-cash changes
2021
At
1 January
2021
Financing
activities
Acquisition/
disposal
Debt from
new licences
and leases
Currency
translation
adjustment
Other
At
31 December
2021
Loans incl. short-term part
21,359
-
-
-
213
(1)
21,571
Short-term bank loans
5
565
-
-
-
-
570
Lease liabilities incl. short-term part
4,307
(317)
-
174
-
(32)
4,132
Corrections for derivatives and reversals of fixed fair
values on loans due to hedge accounting
1
173
-
-
-
(227)
21
(33)
Spectrum licence fee liabilities incl. short-term part
1,361
1,964
Interest-bearing payables
2
2
Interest-bearing receivables and investments
(161)
(3)
Cash
(434)
(811)
Net interest-bearing debt
26,612
27,392
1 Currency and fair value adjustment effect from derivatives that hedge long-term loans and fixed hedge accounting effects that will be reversed to the income statement over the lifetime of the underlying hedged long-term
loans. From 2018 and onwards, TDCH Group no longer applies hedge accounting. At this point values were fixed and will be reversed to the income statement over the lifetime of the underlying hedged item.
2 Includes amortisation of borrowing costs, lease reassessment and fair value adjustments.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 80
In TDCH´s internal reporting, currency translation
adjustments and interest from derivatives are
reported as such, as specified in the adjacent
table.
Comments
Interest, currency translation adjustments and
fair value adjustments represented an income
of DKK 16m in 2022. The improvement of
DKK 1,233m compared with 2021 was driven
primarily by a favourable development in fair
value adjustments that were offset by higher
interest expense:
Interest: Following the refinancing in the group
in Q1 2022, the EUR 1.9bn Senior Facility
Agreement was repaid and the EMTN of
EUR 0.5bn matured in Q1 2022, whereas
TDC NET entered committed Senior Term Facil-
ities of EUR 3.01bn, of which EUR 0.5bn has
been refinanced with an EMTN bond. This re-
sulted in higher interest due to the higher level
of long-term loans as well as higher interest on
the new facility including interest-rate swaps
that swap from floating to fixed interest.
Fair value adjustments: TDC NET has hedged
its Senior Term Facilities (and future debt
issuances) from floating interest rates to fixed
interest rates (nominal EUR 2.4bns) and
additionally hedged the up-coming EMTN '23
refinancing to fixed EUR interest rates (EUR
0.25bn). As interest rates have increased, this
resulted in a gain in 2022. Furthermore,
Nuuday has partly hedged its future debt
issuances to fixed interest rates (nominal
EUR 450m), and as market interest rates have
increased, this resulted in a gain in 2022. This
was partly offset by a loss from repayment of
the EUR 1.9bn Senior Facility Agreement as
well as closing of existing revolving credit facili-
ties in Q1 2022.
4.5 |Financial income and expenses
(DKKm)
2022
2021
Interest income
24
30
Interest expenses
(1,330)
(1,275)
Net interest
(1,306)
(1,245)
Currency translation adjustments
174
(219)
Fair value adjustments
1,148
247
Interest, currency translation adjustments and fair value adjustments
16
(1,217)
Profit/(loss) from joint ventures and associates
-
49
Interest on pension assets
95
27
Total
111
(1,141)
(DKKm)
Net
interest
Currency
translation
adjustments
Fair value
adjustments
Total
2022
Senior Term Facilities (STF) loans
(510)
12
(7)
(505)
Hedge of Senior Term Facilities/future
debt issuance
(172)
-
1,594
1,422
Euro Medium Term Notes (EMTNs)
(387)
1
(33)
(419)
Senior Facility Agreement (SFA) loans
(42)
(8)
(24)
(74)
Lease liabilities
(187)
-
-
(187)
Other
(163)
(30)
(28)
(221)
Total
(1,461)
(25)
1,502
16
2021
Senior Facility Agreement (SFA) loans
(444)
11
1
(432)
Euro Medium Term Notes (EMTNs)
(395)
5
(43)
(433)
Lease liabilities
(191)
-
-
(191)
Other
(171)
(6)
16
(161)
Total
(1,201)
10
(26)
(1,217)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 81
Comments
Net interest of DKK 1,349m paid in 2022 repre-
sented a DKK 229m increase compared with
2021 (DKK 1,120m), driven primarily by a higher
level of long-term loans as well as higher interest
on the new facility, including interest-rate swaps
that swap from floating to fixed
interest.
4.5 | Financial income and expenses (continued)
Cash flow from net interest (DKKm)
2022
2021
Interest received
237
328
Interest paid
(1,586)
(1,448)
Net interest paid
(1,349)
(1,120)
Specified as follows:
Senior Term Facilities (STF) loans incl. hedges of Senior Term Facility/future
debt issuance
(439)
-
Euro Medium Term Notes (EMTNs) incl. hedges
(407)
(401)
Senior Facility Agreement (SFA) loans incl. hedges
(236)
(433)
Lease liabilities
(187)
(191)
Other
(80)
(95)
Net interest paid
(1,349)
(1,120)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
4.6 | Maturity profiles of financial instruments
(DKKm)
2022
Maturity profiles of expected cash flows
1
< 1 year
1-3 years
3-5 years
> 5 years
Total
Fair value
Carrying
amount
Financial assets and liabilities measured at fair value
through profit or loss
Assets
2
:
Derivatives
Inflow
1,278
903
584
106
2,871
Outflow
(1,015)
(227)
(180)
(62)
(1,484)
Total derivatives assets
263
676
404
44
1,387
1,270
1,270
Liabilities:
Derivatives
Inflow
3,262
-
-
-
3,262
Outflow
(3,440)
-
-
-
(3,440)
Total derivatives liabilities
(178)
-
-
-
(178)
(187)
(187)
Total derivatives
85
676
404
44
1,209
1,083
1,083
Financial liabilities measured at amortised cost
Senior Term Facilities (STF) loan
-
(10,410)
(7,064)
(1,190)
(18,664)
(18,664)
(18,638)
Euro Medium Term Notes (EMTNs)
(3,567)
-
-
(3,718)
(7,285)
(7,231)
(7,203)
Total loans
(3,567)
(10,410)
(7,064)
(4,908)
(25,949)
(25,895)
(25,841)
Spectrum licence fee liabilities
(192)
(513)
(483)
(883)
(2,071)
(1,826)
(1,826)
Lease liability
(494)
(937)
(860)
(3,168)
(5,459)
(4,074)
(4,074)
STF and EMTN, interest
3
(1,262)
(1,314)
(902)
(362)
(3,840)
(418)
(418)
Trade and other payables
4
(2,001)
-
-
-
(2,001)
(2,001)
(2,001)
Total financial liabilities measured at amortised cost
(7,516)
(13,174)
(9,309)
(9,321)
(39,320)
(34,214)
(34,160)
Total
(7,431)
(12,498)
(8,905)
(9,277)
(38,111)
(33,131)
(33,077)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 83
4.6 | Maturity profiles of financial instruments (continued)
(DKKm)
2021
Maturity profiles of expected cash flows
1
< 1 year
1-3 years
3-5 years
> 5 years
Total
Fair value
Carrying
amount
Financial assets and liabilities measured at fair value
through profit or loss
Assets
2
:
Derivatives
Inflow
178
934
-
-
1,112
Outflow
(143)
(869)
-
-
(1,012)
Total derivatives assets
35
65
-
-
100
88
88
Liabilities:
Derivatives
Inflow
1.723
3,031
-
-
4,754
Outflow
(1,720)
(3,043)
-
-
(4,763)
Total derivatives liabilities
3
(12)
-
-
(9)
(50)
(50)
Total derivatives
38
53
-
-
91
38
38
Financial liabilities measured at amortised cost
Senior Facility Agreement (SFA) loan
-
-
(14,130)
-
(14,130)
(14,130)
(14,105)
Euro Medium Term Notes (EMTNs)
(3,718)
(3,754)
-
-
(7,472)
(7,743)
(7,466)
Bank loans
(570)
-
-
-
(570)
(570)
(570)
Total loans
(4,288)
(3,754)
(14,130)
-
(22,172)
(22,443)
(22,141)
Spectrum licence fee liabilities
(192)
(463)
(483)
(1,125)
(2,263)
(1,964)
(1,964)
Lease liability
(479)
(891)
(842)
(3,447)
(5,659)
(4,132)
(4,132)
SFA and EMTN, interest
3
(904)
(1,180)
(458)
-
(2,542)
(568)
(568)
Trade and other payables
4
(2,095)
-
-
-
(2,095)
(2,095)
(2,095)
Total financial liabilities measured at amortised cost
(7,958)
(6,288)
(15,913)
(4,572)
(34,731)
(31,202)
(30,900)
Total
(7,920)
(6,235)
(15,913)
(4,572)
(34,640)
(31,164)
(30,862)
1
All cash flows are undiscounted. The table reflects only the cash flow from financial liabilities and derivatives recognised as financial assets. Other cash flow from financial assets is not disclosed.
2
Both assets and liabilities measured at fair value through profit or loss are disclosed in the above table because some of the derivatives are used for hedging financial liabilities measured at amortised cost, see table.
3
Fair value and carrying amount value consist of accrued interest on STF loans and EMTNs at 31 December.
4
As not all trade and other payables recognised in the balance sheet are financial instruments (e.g., unbilled payables do not constitute a financial liability), the amount differs from the amount disclosed in the balance sheet.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 84
Section 5


More information on development in the cash flow items is
included in note 2.7 Special items, note 3.1 Intangible assets,
note 3.2 Property, plant and equipment, 3.3 Lease assets and
liabilities, 3.6 Provisions, note 3.7 Pension assets and pension
obligations as well as note 4.5 Financial income and expenses.
A review of cash flow is provided in the section TDCH group
performance 2022 
5. In this section
5.1. Adjustment for non-cash items................................. 85
5.2. Change in working capital .......................................... 85
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Accounting policies
5.1 | Adjustment for non-cash items
(DKKm)
2022
2021
Pension costs regarding defined benefit plans
83
82
(Gain)/loss on disposal of property, plant and equipment, net
6
(5)
Other adjustments
4
67
Total
93
144
5.2 | Change in working capital
(DKKm)
2022
2021
Change in inventories
(25)
(53)
Change in receivables
(53)
254
Change in contract assets
(95)
(17)
Change in trade payables
(29)
(285)
Change in contract liabilities
37
(16)
Change in prepaid expenses
(2)
182
Change in other items, net
(129)
(125)
Total
(296)
(60)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Section 6

This section contains statutory notes or notes that
are presumed to be less important for understanding

6. In this section
6.1. Incentive programmes ................................................ 87
6.2. Related parties ............................................................. 88
6.3. Fees to auditors ........................................................... 89
6.4. Other financial commitments .................................... 89
6.5. Pledges and contingencies ......................................... 90
6.6. Events after the balance sheet date ......................... 90
6.7. Overview of group companies
at 31 December 2022 ................................................. 90
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
6.1 | Incentive programmes
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 88
Related parties also include the Group's joint
ventures and associates shown in note 6.7.
The Group has annual contributions paid to the
pension fund, TDC Pensionskasse, see note
3.7.
The Group has property lease contracts with
Arbejdsmarkedets Tillægspension (ATP) and
PFA, who are shareholders of TDC's ultimate
parent company, DKT Holdings ApS. The lease
payments amounted to DKK 235m (2021: DKK
231m). The property lease contracts are a
significant part of the lease liabilities.
Remuneration for the Board of Directors and
the Executive Committee is specified in note
2.5.
The Group has the following additional transac-
tions and outstanding balances with related
parties:
6.2 | Related parties
Name of related party
Nature of relationship
Domicile
DKT Holdings ApS
Indirect ownership ultimate parent
Copenhagen, Denmark
DKT Finance ApS
Indirect ownership
Copenhagen, Denmark
DK Telekommunikation ApS
Ownership - parent
Copenhagen, Denmark
TDC Pensionskasse
Pension fund
Copenhagen, Denmark
Related parties (DKKm)
2022
2021
TDC Pensionskasse
Other income
3
3
Interest income of subordinated loan
-
1
Joint ventures and associates
Income
1
6
Expenses
(4)
(3)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 89
Fee for services other than statutory audit ser-
vices rendered by Deloitte to the Group
amounted to DKK 11m and consisted mainly of
special purpose financial statements related to
the refinancing as well as advisory services.
Worth noting
Commitments represent amounts that
TDCH group has contractually committed
to pay to third parties in the future. This
gives an indication of future cash flows.
6.3 | Fees to auditors
Fees to auditors elected by the Annual General Meeting (DKKm)
2022
2021
Statutory audit
5
5
Other assurance engagements
3
1
Tax advisory services
-
-
Other services
8
1
Total non-statutory audit services
11
2
Total
16
7
6.4 | Other financial commitments
(DKKm)
2022
2021
Lease commitments for short-term and low-value leases
Short-term leases
54
41
Low-value leases
2
2
Total
56
43
Capital and purchase commitments
Investments in intangible assets
501
215
Investments in property, plant and equipment
99
415
Commitments related to outsourcing agreements
307
154
Other purchase commitments
1,370
1,356
Total
2,277
2,140
Specified as follows:
Due not later than one year
1,091
834
Due between two and five years
996
1,306
Due later than five years
190
-
Total
2,277
2,140
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 90
Pledges
Cash with a carrying amount of DKK 2,353m,
rights under spectrum licences (DKK 2,436m) and
trade receivables (DKK 321m) are pledged
as security for the Nuuday and TDC NET Holdings
finance agreements.
See also note 6.4 to the Parent company financial
statements.
Contingent liabilities
TDCH group is party to certain pending lawsuits
and cases pending with public authorities and
complaints boards. Based on a legal assessment
of the possible outcome of each of these lawsuits
and cases, Management is of the opinion that
these will have no significant adverse effect on
TDCH group's financial position
On 19 January 2023, TDC NET signed a new Sen-
ior Term Facility of EUR 75m with an availability
period until refinancing of the EMTN,
23 February 2023. Proceeds were used for
the EMTN refinancing only.
On 3 February 2023, Nuuday issued a
EUR 500m term loan, which was partially used to
repay the intercompany loan from TDC Holding
A/S
On 6 February 2023, TDC NET issued a new
EMTN EUR 500m bond. Proceeds were used for a
partial repayment of the Senior Term Facility on 6
February and the GBP EMTN refinancing on 23
February.
In February 2023 interim dividends of DKK
3,700m were distributed to DK Telekommu-
nikation ApS to redeem senior notes in DKT Fi-
nance.
There have been no other events that materially
affect the assessment of this Annual Report
2022 after the balance sheet date and up to to-
day.
6.5 | Pledges and
contingencies
6.6 | Events after the
balance sheet date
6.7 | Overview of group companies
at 31 December 2022
Company name
1
Domicile
Currency
Ownership share (%)
Nuuday
Nuuday A/S
Copenhagen, Denmark
DKK
100
Hiper A/S
Copenhagen, Denmark
DKK
100
TDC Telco ApS
Taastrup, Denmark
DKK
100
4T af 1. oktober 2012 ApS
3
Copenhagen, Denmark
DKK
25
TDC NET
TDC NET Holding A/S
Copenhagen, Denmark
DKK
100
TDC NET A/S
Copenhagen, Denmark
DKK
100
TDC NET Finance B.V.
2
Amsterdam, the Netherlands
EUR
100
Dansk Kabel TV A/S
Copenhagen, Denmark
DKK
100
DKTV Anlæg ApS
Vemmelev, Denmark
DKK
100
Fiberkysten A/S
Gilleleje, Denmark
DKK
60
OCH A/S
3
Copenhagen, Denmark
DKK
25
1
In order to give readers a clear presentation, minor companies without activities are not listed separately in the overview. In pursuance
of Section 6 of the Danish Financial Statements Act, the following subsidiaries have chosen not to prepare annual reports:
Kaisai A/S, 4WEB A/S and TDCH III ApS.
2
TDC Net Finance B.V. was established in connection with the refinancing of the TDC Net group with the purpose of potentially
issuing EUR denominated debt instruments that are eligible for financing at ECB. The company is however currently without
activities and there are no immediate plans for the use of the company. The company will be taxable in Denmark under the rules of
Place of Effective Management and as such part of the Danish joint taxation.
3
The enterprise is included under the equity method.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Parent company
financial statements
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
(DKKm)
Note
2022
2021
Revenue
2.1
874
1,203
External expenses
(480)
(482)
Personnel expenses
2.2
(8)
(264)
Other income
9
1
Operating profit before depreciation, amortisation
and special items (EBITDA)
395
458
Depreciation, amortisation and impairment losses
(359)
(410)
Special items
2.3
(51)
(205)
Operating profit (EBIT)
(15)
(157)
Financial income and expenses
4.3
5,252
1,012
Profit/loss before income taxes
5,237
855
Income taxes
2.4
31
38
Profit for the year
5,268
893
(DKKm)
Note
2022
2021
Profit for the year
5,268
893
Items that may subsequently be reclassified to the
income statement:
Change in fair value adjustments of cash flow hedges transferred to
financial expenses
45
45
Items that cannot subsequently be
reclassified to the income statement:
Remeasurement of the defined benefit plan
1,573
2,907
Income tax relating to remeasurement of defined
benefit plan
2.4
(346)
(640)
Other comprehensive income
1,272
2,312
Total comprehensive income
6,540
3,205
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Assets (DKKm)
Note
2022
2021
Non-current assets
Property, plant and equipment
261
244
Lease assets
3.1
2,632
2,793
Investments in subsidiaries
3.2
30,081
27,218
Other investments
2
2
Pension assets
3.3
10,893
10,562
Receivables from group companies
3.4
-
17,979
Other receivables
4
4
Prepaid expenses
-
18
Total non-current assets
43,873
58,820
Current assets
Trade and other receivables
20
4
Receivables from group companies
3.4
6,792
4,684
Income tax receivables
2.4
8
46
Derivative financial instruments
4.5
-
88
Prepaid expenses
18
80
Cash
1,433
798
Assets held for sale
-
148
Total current assets
8,271
5,848
Total assets
52,144
64,668
Equity and liabilities (DKKm)
Note
2022
2021
Equity
Share capital
4.1
812
812
Other reserves
(6)
63
Retained earnings
39,267
33,534
Total equity
40,073
34,409
Non-current liabilities
Deferred tax liabilities
2.4
2,172
2,099
Provisions
5
10
Loans
4.2,4.5
-
17,850
Lease liabilities
3,170
3,305
Amounts owed to group companies
2,114
-
Other payables
18
24
Total non-current liabilities
7,479
23,288
Current liabilities
Current maturity of long-term debt
4.5
3,565
3,721
Lease liabilities
402
387
Short-term bank loans
-
565
Trade payables
195
343
Contract liabilities
18
18
Payables to group companies
5
1,057
Other payables
304
694
Derivative financial instruments
4.5
-
50
Provisions
103
136
Total current liabilities
4,592
6,971
Total liabilities
12,071
30,259
Total equity and liabilities
52,144
64,668
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
(DKKm)
Note
2022
2021
Operating activities
Operating profit before depreciation, amortisation and special items
(EBITDA)
395
458
Adjustment for non-cash items
5.1
70
44
Pension contributions
1,154
270
Payments related to provisions
(8)
(16)
Special items
(15)
(23)
Change in working capital
5.2
35
(152)
Interest received
741
1,284
Interest paid
(943)
(1,425)
Income tax received/(paid)
(204)
109
Total cash flow from operating activities
1,225
549
Investing activities
Investment in property, plant and equipment
(80)
(69)
Investment in intangible assets
-
(123)
Divestment of activities
5.3
177
-
Sale of other non-current assets
10
6
Payment received regarding settlement of loan to TDC Pensionskasse
-
149
Change in loans to subsidiaries
8,913
-
Dividends received from subsidiaries, joint ventures and associates
8,750
-
Total cash flow from investing activities
17,770
(37)
(DKKm)
Note
2022
2021
Financing activities
Proceeds from long-term loans from group companies
2,045
-
Repayment of long-term loans
(17,858)
-
Lease payments
(253)
(241)
Cost related to long-term loans
50
(51)
Settlement of derivatives related to long-term loans
15
-
Change in short-term loans
(565)
565
Change in interest bearing receivables and payables
(925)
322
Dividends paid
(876)
(735)
Total cash flow from financing activities
(18,367)
(140)
Total cash flow
628
372
Cash and cash equivalents at 1 January
798
429
Effect of exchange-rate changes on cash and cash equivalents
7
(3)
Cash and cash equivalents at 31 December
1,433
798
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Statement of changes in equity
(DKKm)
Share capital
Reserve for
cash flow hedges
Reserve for
capitalised
development projects
Retained earnings
Total
Equity at 1 January 2021
812
(96)
64
31,159
31,939
Profit for the year
-
-
50
843
893
Change in fair value adjustments of cash flow hedges transferred to financial expenses
-
45
-
45
Remeasurement of the defined benefit plan
-
-
-
2,907
2,907
Income tax relating to remeasurement of the defined benefit plan
-
-
-
(640)
(640)
Total comprehensive income
-
45
50
3,110
3,205
Distributed dividends
-
-
-
(735)
(735)
Total transactions with owners
-
-
-
(735)
(735)
Equity at 31 December 2021
812
(51)
114
33,534
34,409
Profit for the year
-
-
(114)
5,382
5,268
Change in fair value adjustments of cash flow hedges transferred to financial expenses
-
45
-
-
45
Remeasurement of the defined benefit plan
-
-
-
1,573
1,573
Income tax relating to remeasurement of the defined benefit plan
-
-
-
(346)
(346)
Total comprehensive income
-
(6)
(114)
6,609
6,495
Distributed dividends
-
-
-
(876)
(876)
Total transactions with owners
-
-
-
(876)
(876)
Equity at 31 December 2022
812
(6)
-
39,267
40,073
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
1.1 | Accounting policies
1.2 | Critical accounting estimates and judgements
1.3 | New accounting standards
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
2.1 | Revenue
2.2 | Personnel expenses
(DKKm)
2022
2021
Wages and salaries (including short-term and long-term bonuses)
(4)
(244)
Pensions:
defined benefit plans
(83)
(82)
defined contribution plans
-
(20)
pensions allocated to subsidiaries
79
86
Social security
-
(13)
Total
(8)
(273)
Of which capitalised as non-current assets
-
9
Total
(8)
(264)
Average number of full-time employee equivalents
1
-
316
¹ Denotes the average number of full-time employee equivalents, including permanent employees and trainees.
2.3 | Special items
(DKKm)
2022
2021
Profit on sale of enterprises
38
(103)
Costs related to redundancy programmes
6
(44)
Other restructuring costs, etc.
-
(7)
Distribution of excess capital from TDC Pension Fund to its members
(94)
(44)
Cost related to acquisition of enterprises
-
(6)
Loss from rulings
(1)
(1)
Special items before income taxes
(51)
(205)
Income taxes related to special items
(24)
12
Total special items
(75)
(193)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
2.4 | Income taxes
2022
2021
Income taxes (DKKm)
Income taxes
cf. the
income
statement
Income tax
payable/
(receivable)
Deferred tax
liabilities/
(assets)
Income taxes
cf. the
income
statement
Income tax
payable/
(receivable)
Deferred tax
liabilities/
(assets)
At 1 January
(46)
2,099
(224)
1,566
Income taxes
29
242
(271)
48
62
(110)
Adjustment of tax for previous years
2
-
(2)
(10)
7
3
Tax relating to remeasurement effects from the defined benefit plan
-
-
346
-
-
640
Income tax paid
(204)
109
Total
31
(8)
2,172
38
(46)
2,099
Income taxes are specified as follows:
Income excluding special items
55
26
Special items
(24)
12
Total
31
38
Effective tax rate (%)
2022
2021
Danish corporate income tax rate
22.0
22.0
Tax-free dividends from subsidiaries
(58.4)
-
Write-downs and reversal of write-downs of investments in subsidiaries
36.5
(23.6)
Other non-taxable income and non-tax-deductible expenses
(0.1)
-
Adjustment of tax for previous years
0.1
0.9
Limitation on the tax deductibility of interest expenses
(1.8)
(1.8)
Effective tax rate excluding special items
(1.7)
(2.5)
Special items
0.7
(1.9)
Effective tax rate including special items
(1.0)
(4.4)
Deferred tax (DKKm)
2022
2021
Assets held for sale
-
29
Other
(28)
(29)
Current
(28)
0
Property, plant and equipment
(82)
(76)
Lease assets and liabilities
(207)
(198)
Pension assets
2,396
2,324
Other
93
49
Non-current
2,200
2,099
Deferred tax at 31 December
2,172
2,099
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
3.1 | Lease assets and liabilities
2022
2021
Lease assets (DKKm)
Land and
buildings
Vehicles and
equipment
Total
Land and
buildings
Vehicles and
equipment
Total
Carrying amount at 1 January
2,621
172
2,793
2,846
150
2,996
Additions
-
140
140
11
114
125
Transfer to property, plant and equipment
-
-
-
-
(2)
(2)
Disposals
-
(8)
(8)
(28)
(5)
(33)
Depreciation
(205)
(88)
(293)
(208)
(85)
(293)
Carrying amount at 31 December
2,416
216
2,632
2,621
172
2,793
Lease liabilities (DKKm)
2022
2021
Recognised in the balance sheet at present value:
Current
402
387
Non-current
3,170
3,305
Total
3,572
3,692
Maturing within 1 year
402
387
Maturing between 1 and 3 years
711
679
Maturing between 3 and 5 years
623
606
Maturing after 5 years
1,836
2,020
Total
3,572
3,692
Amounts recognised in the statement of profit and loss (DKKm)
2022
2021
Expense relating to short term leases
(9)
(9)
Income from subleases
459
444
Depreciation charge of lease assets, cf. above
(293)
(293)
Interest expense (included in finance cost)
(175)
(179)
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
3.2 | Investments in subsidiaries
(DKKm)
2022
2021
Cost at 1 January
30,821
30,821
Additions
6,347
-
Disposals
-
-
Cost at 31 December
37,168
30,821
Value adjustments at 1 January
(3,603)
(4,739)
Write-downs for impairment
(3,484)
-
Reversal of write-downs for impairment
-
1,136
Disposals
-
-
Value adjustments at 31 December
(7,087)
(3,603)
Carrying amount at 31 December
30,081
27,218
Overview of subsidiaries at 31 December 2022
Company name
1
Domicile
Currency
Ownership
share (%)
Subsidiaries:
Nuuday A/S
Copenhagen, Denmark
DKK
100
TDC NET Holding A/S
Copenhagen, Denmark
DKK
100
¹ Some minor subsidiaries without activities are not listed separately in the overview.
3.3 | Pension assets
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Euro Medium Term Note (EMTN) and
Intercompany loan
2023
2024
Total
Maturity
Feb 2023
Feb 2027
Fixed/floating rate
Fixed
Fixed
Coupon
6.875%
4.000%
Currency
1
GBP
EUR
Type
EMTN Bond
TDC NET Holding A/S
Nominal value (Currency)
425
284
Nominal value (DKKm)
3,567
2,114
5,681
1
As the GBP EMTN loan was mirrored as an internal loan with TDC NET A/S, no significant currency exposure arose from the GBP EMTN loan.
EUR exposures are not considered a significant risk due to the fixed EUR/DKK exchange rate policy.
3.4 | Receivables from group companies
(DKKm)
2022
2021
Loans to subsidiaries
6,456
21,712
Receivables
336
951
Total
6,792
22,663
Recognised as follows:
Non-current assets
-
17,979
Current assets
6,792
4,684
Total
6,792
22,663
Loans to subsidiaries
2023
1
2030
Total
Maturity
Feb 2023
Dec 2030
Fixed/floating rate
Fixed
Fixed
Coupon
6.47%
4.00%
Currency
GBP
DKK
Counterpart
TDC NET
Nuuday
Nominal value (GBPm)
427
NA
NA
Nominal value (DKKm)
3,583
2,873
6,456
1
Corresponding intra-group balances have been established between the parent company and TDC NET on conditions similar
, which matured in February 2023.
4.1 | Equity
4.2 | Loans
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
4.3 | Financial income and expenses
(DKKm)
2022
2021
Interest income
5
46
Interest expenses
(538)
(1,175)
Interest income from group companies
624
942
Interest expense from group companies
(70)
-
Net interest
21
(187)
Currency translation adjustments
(49)
(212)
Fair value adjustments
(81)
247
Interest, currency translation adjustments and fair value adjustments
(109)
(152)
Interest on pension assets
95
28
Dividends from subsidiaries
8,750
-
Write-downs for impairment of subsidiaries
(3,484)
-
Reversal of write-downs for impairment of subsidiaries
-
1,136
Total
5,252
1,012
4.4 | Financial risks
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
4.5 | Maturity profiles of financial instruments
(DKKm)
2022
Maturity profiles of expected cash flows
1
< 1 year
1-3 years
3-5 years
> 5 years
Total
Fair value
Carrying
amount
Financial liabilities measured at amortised cost
Euro Medium Term Notes (EMTNs)
(3,567)
-
-
-
(3,567)
(3,563)
(3,565)
Loans from group companies
1
-
-
(2,501)
-
(2,501)
(2,114)
(2,114)
Total loans
(3,567)
-
(2,501)
-
(6,068)
(5,677)
(5,679)
Lease liability
(405)
(781)
(753)
(2,944)
(4,883)
(3,572)
(3,572)
EMTN, interest
2
(245)
-
-
-
(245)
(209)
(209)
Amounts owed to group companies
(5)
-
-
-
(5)
(5)
(5)
Trade and other payables
3
(166)
-
-
-
(166)
(166)
(166)
Total financial liabilities measured at amortised cost
(4,388)
(781)
(3,254)
(2,944)
(11,367)
(9,629)
(9,631)
1
Interest is capitalised on an annual basis and added to the outstanding principal amount.
2
Fair value and carrying amount value consist of accrued interest on EMTN and the loan from TDC NET Holding A/S at 31 December 2022.
3
As not all trade and other payables recognised in the balance sheet are financial instruments (e.g. unbilled payables do not constitute a financial liability), the amount differs from the amount disclosed in the balance sheet.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
4.5 | Maturity profiles of financial instruments (continued)
(DKKm)
2021
Maturity profiles of expected cash flows
1
< 1 year
1-3 years
3-5 years
> 5 years
Total
Fair value
Carrying
amount
Financial assets and liabilities measured at fair value
through profit or loss
Assets
2
:
Derivatives
Inflow
178
934
-
-
1,112
Outflow
(143)
(869)
-
-
(1,012)
Total derivatives assets
35
65
-
-
100
88
88
Liabilities:
Derivatives
Inflow
1.723
3,031
-
-
4,754
Outflow
(1,720)
(3,043)
-
-
(4,763)
Total derivatives liabilities
3
(12)
-
-
(9)
(50)
(50)
Total derivatives
38
53
-
-
91
38
38
Financial liabilities measured at amortised cost
Senior Facility Agreement (SFA) loan
-
-
(14,130)
-
(14,130)
(14,130)
(14,105)
Euro Medium Term Notes (EMTNs)
(3,718)
(3,754)
-
-
(7,472)
(7,743)
(7,466)
Bank loans
(565)
-
-
-
(565)
(565)
(565)
Total loans
(4,283)
(3,754)
(14,130)
-
(22,167)
(22,438)
(22,136)
Lease liability
(391)
(746)
(734)
(3,293)
(5,164)
(3,692)
(3,692)
SFA and EMTN, interest
3
(904)
(1,180)
(458)
-
(2,542)
(568)
(568)
Amounts owed to group companies
(1,057)
-
-
-
(1,057)
(1,057)
(1,057)
Trade and other payables
4
(236)
-
-
-
(236)
(236)
(236)
Total financial liabilities measured at amortised cost
(6,871)
(5,680)
(15,322)
(3,293)
(31,166)
(27,991)
(27,689)
Total
(6,833)
(5,627)
(15,322)
(3,293)
(31,075)
(27,953)
(27,651)
1
All cash flows are undiscounted. The table reflects only the cash flows from financial liabilities and derivatives recognised as financial assets. Other cash flows from financial assets are not disclosed.
2
Both assets and liabilities measured at fair value through profit or loss are disclosed in the above table because some of the derivatives are used for hedging financial liabilities measured at amortised cost in the above table.
3
Fair value and carrying amount value consist of accrued interest on SFA loan and EMTNs at 31 December.
4
As not all trade and other payables recognised in the balance sheet are financial instruments (e.g. unbilled payables do not constitute a financial liability), the amount differs from the amount disclosed in the balance sheet.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
5.1 | Adjustment for non-cash items
(DKKm)
2022
2021
Pension costs related to the defined benefit plan
83
82
(Gain)/loss on disposal of enterprises and property, plant and equipment, net
(3)
-
Other adjustments
(10)
(38)
Total
70
44
5.2 | Change in working capital
(DKKm)
2022
2021
Change in receivables
230
(54)
Change in trade payables
(157)
(75)
Change in contract liabilities
-
(4)
Change in prepaid expenses
-
2
Change in other items, net
(38)
(21)
Total
35
(152)
5.3 | Divestment of activities
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
6.1 | Related parties
Subsidiaries (DKKm)
2022
2021
Income
1,495
2,000
Expenses
(285)
(104)
Receivables
6,792
22,663
Debt
(2,119)
(1,057)
Guarantees
(42)
(142)
6.2 | Fees to auditors elected by
the Annual General Meeting
(DKKm)
2022
2021
Statutory audit
1
1
Other assurance engagements
-
1
Total non-statutory audit services
-
1
Total
1
2
6.3 | Other financial commitments
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Statements
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other

We recommend that the annual report be adopted at the Annual General Meeting.
Copenhagen, 31 March 2023
Executive Committee
Susana Leith-Smith
Board of Directors
Nathan Andrew Luckey
Chair
Nikolaj Wilhjelm Galskjøt
Vice Chair
Jørgen Høholt
Vice Chair
Peter Tind Larsen
Vice Chair
Natalia Axt
Susana Leith-Smith
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 110
To the shareholders of
TDC Holding A/S


statements
Opinion
We have audited the consolidated financial
state-ments and the parent financial statements
of TDC Holding A/S for the financial year
01.01.2022 - 31.12.2022, which comprise the
income state-ment, statement of comprehensive
income, bal-ance sheet, statement of changes in
equity, cash flow statement and notes, including
a summary of significant accounting policies, for
the Group as well as for the Parent. The
consolidated finan-cial statements and the
parent financial state-ments are prepared in
accordance with Interna-tional Financial
Reporting Standards as adopted by the EU and
additional requirements of the Danish Financial
Statements Act.
In our opinion, the consolidated financial state-
ments and the parent financial statements give a
true and fair view of the Group’s and the Parent’s
financial position at 31.12.2022, and of the re-
sults of their operations and cash flows for the
financial year 01.01.2022 - 31.12.2022 in ac-
cordance with International Financial Reporting
Standards as adopted by the EU and additional
requirements of the Danish Financial Statements
Act.
Our opinion is consistent with our audit book
comments issued to the Audit Committee and
the Board of Directors.
Basis for opinion
We conducted our audit in accordance with Inter-
national Standards on Auditing (ISAs) and the ad-
ditional requirements applicable in Denmark. Our
responsibilities under those standards and re-
quirements are further described in the "Audi-
tor's responsibilities for the audit of the consoli-
dated financial statements and the parent finan-
cial statements" section of this auditor’s report.
We are independent of the Group in accordance
with the International Ethics Standards Board for
Accountants’ International Code of Ethics for Pro-
fessional Accountants (IESBA Code) and the addi-
tional ethical requirements applicable in Den-
mark, and we have fulfilled our other ethical re-
sponsibilities in accordance with these require-
ments and the IESBA Code. We believe that the
audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, we have
not provided any prohibited non-audit services
as referred to in Article 5(1) of Regulation (EU)
No 537/2014.
financial statements and the parent financial
statements as a whole, and in forming our
opin-ion thereon, and we do not provide a
separate opinion on these matters.

Key audit matters
Key audit matters are those matters that, in our
professional judgement, were of most
significance in our audit of the consolidated
finan-cial statements and the parent financial
state-ments for the financial year 01.01.2022 -
31.12.2022. These matters were addressed in
the context of our audit of the consolidated
Accounting for revenue contracts
containing multiple elements
Refer to note 2.2 and 3.5 in the consolidated
nancial statements.
Revenue recognition of contracts containing mul-
tiple elements require judgements made by Man-
agement to evaluate recognition of contract
items as a bundle or separately.
We focus on this area since TDC has numerous
application systems handling revenue contracts
with multiple elements and performing the same
function such as mediation, rating and billing, de-
pending on their product oerings and revenue
streams, which adds complexity to the revenue
recognition process.
We have tested internal controls, including sys-
tem application controls that address the ac-
counting for revenue contracts containing multi-
ple elements and tested the appropriateness of
accounting treatment of such contracts in accord-
ance with IFRS 15, including:
tested samples of revenue contracts contain-
ing multiple elements
assessed reasonableness of the performed
judgements by having discussions with Man-
agement in order to understand how they allo-
cate revenue to the multiple elements in the
contracts
corroborated the information obtained for the
selected contracts in order to assess the ap-
propriateness of accounting treatment in ac-
cordance with IFRS 15
tested interfaces between relevant systems
performed testing on manual postings related
to revenue contracts containing multiple ele-
ments
carried out audit procedures related to the
model calculating contract assets and the sys-
tem calculating the contract liabilities and fur-
ther performed substantive analytical proce-
dures to assess the values
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 111
Statement on the management
commentary
Management is responsible for the management
commentary.
Our opinion on the consolidated financial state-
ments and the parent financial statements does
not cover the management commentary, and we
do not express any form of assurance conclusion
thereon.
In connection with our audit of the consolidated
financial statements and the parent financial
statements, our responsibility is to read the
man-agement commentary and, in doing so,
consider whether the management commentary
is materi-ally inconsistent with the consolidated
financial statements and the parent financial
statements or our knowledge obtained in the
audit or other-wise appears to be materially
misstated.
Moreover, it is our responsibility to consider
whether the management commentary provides
the information required under the Danish Finan-
cial Statements Act.
Based on the work we have performed, we con-
clude that the management commentary is in ac-
cordance with the consolidated financial state-
ments and the parent financial statements and
has been prepared in accordance with the re-
quirements of the Danish Financial Statements
Act. We did not identify any material misstate-
ment of the management commentary.

for the consolidated financial
statements and the parent financial
statements
Management is responsible for the preparation
of consolidated financial statements and parent
financial statements that give a true and fair view
in accordance with International Financial Report-
ing Standards as adopted by the EU and addi-
tional requirements of the Danish Financial State-
ments Act, and for such internal control as Man-
agement determines is necessary to enable the
preparation of consolidated financial statements
and parent financial statements that are free
from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial state-
ments and the parent financial statements, Man-
agement is responsible for assessing the Group’s
and the Parent’s ability to continue as a going
concern, for disclosing, as applicable, matters re-
lated to going concern, and for using the going
concern basis of accounting in preparing the con-
solidated financial statements and the parent
financial statements unless Management either
intends to liquidate the Group or the Entity or to
cease operations, or has no realistic alternative
but to do so.

of the consolidated financial
statements and the parent financial
statements
Our objectives are to obtain reasonable assur-
ance about whether the consolidated financial
statements and the parent financial statements
as a whole are free from material misstatement,
whether due to fraud or error, and to issue an au-
ditor’s report that includes our opinion.
Reasonable assurance is a high level of assur-
ance, but is not a guarantee that an audit con-
ducted in accordance with ISAs and the
additional requirements applicable in Denmark
will always detect a material misstatement when
it exists. Misstatements can arise from fraud or
error and are considered material if, individually
or in the aggregate, they could reasonably be
expected to influence the economic decisions of
users taken on the basis of these consolidated
financial state-ments and these parent financial
statements
As part of an audit conducted in accordance with
ISAs and the additional requirements applicable
in Denmark, we exercise professional judgement
and maintain professional scepticism throughout
the audit. We also:
Identify and assess the risks of material mis-
statement of the consolidated financial state-
ments and the parent financial statements,
whether due to fraud or error, design and per-
form audit procedures responsive to those
risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis
for our opinion. The risk of not detecting a ma-
terial misstatement resulting from fraud is
higher than for one resulting from error, as
fraud may involve collusion, forgery, inten-
tional omissions, misrepresentations, or the
override of internal control.
Obtain an understanding of internal control
rel-evant to the audit in order to design audit
pro-cedures that are appropriate in the circum-
stances, but not for the purpose of expressing
an opinion on the effectiveness of the Group’s
and the Parent’s internal control
Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related
disclosures made by Management.
Conclude on the appropriateness of Manage-
ment’s use of the going concern basis of ac-
counting in preparing the consolidated finan-
cial statements and the parent financial state-
ments, and, based on the audit evidence ob-
tained, whether a material uncertainty exists
related to events or conditions that may cast
significant doubt on the Group's and the Par-
ent’s ability to continue as a going concern. If
we conclude that a material uncertainty exists,
we are required to draw attention in our audi-
tor’s report to the related disclosures in the
consolidated financial statements and the par-
ent financial statements or, if such disclosures
are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence
obtained up to the date of our auditor’s report.
However, future events or conditions may
cause the Group and the Entity to cease to
con-tinue as a going concern.
Evaluate the overall presentation, structure
and content of the consolidated financial
state-ments and the parent financial
statements, in-cluding the disclosures in the
notes, and whether the consolidated financial
statements and the parent financial
statements represent the underlying
transactions and events in a manner that gives
a true and fair view.
tain sufficient appropriate audit evidence
re-garding the financial information of the
entities or business activities within the Group
to ex-press an opinion on the consolidated
financial statements. We are responsible for
the direc-tion, supervision and performance of
the group audit. We remain solely responsible
for our au-dit opinion.
Management review Consolidated financial statements Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Parent company Other
Annual report 2022 112
We communicate with those charged with
govern-ance regarding, among other matters, the
planned scope and timing of the audit and
significant audit findings, including any
significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance
with a statement that we have complied with rele-
vant ethical requirements regarding independ-
ence, and to communicate with them all relation-
ships and other matters that may reasonably be
thought to bear on our independence, and, where
applicable, safeguards put in place and measures
taken to eliminate threats.
From the matters communicated with those
charged with governance, we determine those
matters that were of most significance in the au-
dit of the consolidated financial statements and
the parent financial statements of the current pe-
riod and are therefore the key audit matters. We
describe these matters in our auditor’s report un-
less law or regulation precludes public disclosure
about the matter or when, in extremely rare cir-
cumstances, we determine that a matter should
not be communicated in our report because the
adverse consequences of doing so would reason-
ably be expected to outweigh the public interest
benefits of such communication
Report on compliance with the ESEF
Regulation
As part of our audit of the consolidated financial
statements and the parent financial statements
of TDC Holding A/S we performed procedures to
express an opinion on whether the annual report
for the financial year 01.01.2022- 31.12.2022,
with the file name
529900N96EOVRB114D28-2022-12-31-en.zip,
is prepared, in all material
respects, in compliance with the Commission
Del-egated Regulation (EU) 2019/815 on the
Euro-pean Single Electronic Format (ESEF
Regulation), which includes requirements related
to the prepa-ration of the annual report in XHTML
format and iXBRL tagging of the consolidated
financial state-ments.
Management is responsible for preparing an an-
nual report that complies with the ESEF Regula-
tion. This responsibility includes:
The preparing of the annual report in XHTML
format;
The selection and application of appropriate
iXBRL tags, including extensions to the ESEF
taxonomy and the anchoring thereof to ele-
ments in the taxonomy, for financial infor-
mation required to be tagged using judgement
where necessary;
Ensuring consistency between iXBRL tagged
data and the consolidated financial statements
presented in human readable format; and
For such internal control as Management de-
termines necessary to enable the preparation
of an annual report that is compliant with the
ESEF Regulation.
Our responsibility is to obtain reasonable assur-
ance on whether the annual report is prepared,
in all material respects, in compliance with the
ESEF Regulation based on the evidence we have
ob-tained, and to issue a report that includes our
opinion. The nature, timing and extent of proce-
dures selected depend on the auditor’s judge-
ment, including the assessment of the risks of
material departures from the requirements set
out in the ESEF Regulation, whether due to fraud
or error. The procedures include:
Testing whether the annual report is prepared
in XHTML format;
Obtaining an understanding of the company’s
iXBRL tagging process and of internal control
over the tagging process;
Evaluating the completeness of the iXBRL tag-
ging of the consolidated financial statements;
Evaluating the appropriateness of the com-
pany’s use of iXBRL elements selected from the
ESEF taxonomy and the creation of extension
elements where no suitable element in the
ESEF taxonomy has been identified;
Evaluating the use of anchoring of extension el-
ements to elements in the ESEF taxonomy; and
Reconciling the iXBRL tagged data with the au-
dited consolidated financial statements.
In our opinion, the annual report of TDC Holding
A/S for the financial year 01.01.2022 -
31.12.2022, with the file name
529900N96EOVRB114D28-2022-12-31-
en.zip, is prepared, in all material respects, in
compli-ance with the ESEF Regulation.
Copenhagen, 31 March 2023
Deloitte
Statsautoriseret Revisionspartnerselskab
Business Registration No 33 96 35 56
Lars Siggaard Hansen
Christian Sanderhage
State Authorised Public Accountant

State Authorised Public Accountant

In brief Financial review ESG Consolidated Financial statements Disclaimer

Forward-looking statements
This report may include statements about TDCH gd may be forward-looking. These state-
ments are often, but not always, formulated using words or phrases such 
nown risks, estimates, assumptions and uncertainties that could cause actual results, performance or
achievements or industry results to differ materially from those expressed or implied 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 TDCH g
competitive environment and the industry in which TDCH group operates; contractual obligations in TDCH g
communications industry; information technology and operational risks, including TDCH glogies; introduction of and demand for new services and products; develop-
ments in demand, product mix and prices in the mobile and multimedia services market; research 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 conditions; investments in and divestment of domestic and foreign companies; and supplier relationships.
As the 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 TDCH group cannot predict. In addition, TDCH 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.
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