In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 1
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Nuuday Annual Report
2024
CVR-n
o: 40075291
Approved at the annual general meeting: 2 April 2025
Chair at the meeting: Julie Mühldorff Sigurd
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 2
In brief 3
Nuuday at a glance 4
Letter from CEO 5
Key highlights of 2024 8
Financial overview 9
Business and strategy 10
Our business model 11
Delivering on our strategy 13
Performance 17
Nuuday’s performance 18
Corporate governance 20
Corporate governance
statement 21
Risk management 22
Gender diversity in top
management 28
Board of Directors 29
Executive Management 31
Sustainability 33
Sustainability at Nuuday 34
Combating climate change 36
Sustainable procurement &
products 37
Children’s digital life 38
Responsible operations 39
Diversity, equity, inclusion
& belonging 41
ESG data 42
Financial statements 45
Parent company financial
statement 93
Management statement and
independent auditor’s report 111
Nuuday accounting principles
for ESG reporting 2022 116
Contents
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Business and
strategy
page 10
Letter from
the CEO
page 5
Nuuday Annual Report 2024 4
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
* Includes IoT
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 4
Nuuday at a glance
Nuuday is Denmark’s leading telecoms service provider consisting of six consumer
and business brands spanning connectivity, communication and entertainment – all
with the shared goal of helping customers make sense with technology.
5.9m
Customer relations (RGUs) at Nuuday*
Our customer
relations
2.0m
Business
3.9m
Consumer
2,910
Employees excl. transformation FTEs
Revenue
(DKKbn)
14.6
EBITDA
(DKKbn)
1.44
CAPEX
(DKKbn)
1.3
Our brands
Nuuday Annual Report 2024 5
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Last autumn, it was announced that
after 15 years abroad, I would be return-
ing to Denmark to take over managing
service provider. On 1 January, I took
over as CEO of Nuuday from Jon James,
who after 3.5 years chose to move back
to the UK.
It is with great pleasure and enormous
expectations that I now have the honour
of leading Nuuday through the next
phase of our ambitious business trans-
formation initiated in 2021, which aims
to create a lean, digital service provider
that can compare with the best telcos
in Europe.
Nuuday is a company with deep histori-
cal roots, where entrepreneurial people
such as C.F. Tietgen in the 1800s with
a desire to connect Denmark, and
Denmark with the world, created one of
laid the foundation for what is today
Nuuday.
I have entered this job with an aware-
ness of this historical heritage that
Nuuday carries and a strong sense of
how that heritage obliges Nuuday to
deliver ever better solutions to our
customers and support businesses and
advanced technology safely.
In an increasingly connected world with
more connected people and connected
devices, there is a need for even better
connectivity. We are committed to deliv-
ering that and to providing the highest
levels of cyber security at a time of
geopolitical upheaval where risk levels
are record high. We will do so, whether
it is by giving our customers access to
broadband technology with integrated
security, or even private stand-alone
networks.
At the same time, we continue to expand
our range of services beyond connectiv-
ity with synergy to our core business by
adding security, convenience and enter-
tainment solutions for the benefit of our
customers.
Letter from the CEO
Embarking on the
next phase of the
transformation journey
Nuuday Annual Report 2024 6
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
It is my job and my duty to ensure that -
as we fully deploy our new IT platform
we can fulfil our historical legacy and
bring Nuuday and our customers safely
into the future.
Strong product launches and satisfied
customers
In many ways, 2024 was a good year for
Nuuday. For the third year in a row, we
managed to boost our top line as service
revenue increased by 0.8%. This was not
least due to growth in our mobile busi-
ness, where we have experienced net
additions for 18 consecutive quarters.
We also continued to make incremental
operational improvements, enhance cus-
tomer experiences and create better
products to the benefit of our custom-
ers.
Operational improvements, such as im-
plementing AI chatbots and digitising
customer journeys, led to 13% fewer calls
compared to the previous year. Our
challenger brand, eesy, managed to shut
down its call centre and complete its full
digital transformation, with customers -
to the extent they need assistance -
now served through email and chat.
Overall, the targeted work on improved
customer experiences meant that
Nuuday once again saw an increase in
customer satisfaction, with our Net
Promoter Score (NPS) rising another
3 points on top of the 3-point gain in
2023. Overall, Nuuday has therefore
raised its weighted NPS across brands by
21 points since 2020.
We continued our streak of strong prod-
uct launches at YouSee, where the
launches of YouSee Play and YouSee
Streamer were followed in 2024 with
the launch of YouSee Audio, bringing
together streaming, TV and music from
YouSee with sound design from Bang &
Olufsen. At the same time, we expanded
our collaboration with Warner Bros. Dis-
covery to include the brand-new service
Max and eight of Warner Bros. Discov-
ery's linear channels.
On the B2B front, we continued our
transformation from telco to techco
with a number of strong product
launches and initiatives. The first cus-
tomers were signed on CloudKey®, which
provides an encrypted and GDPR compli-
ant solution to help companies and public
organisations leverage cloud and AI
technology in a secure way.
With the launch of Security Suite, we
now offer our customers the industrys
most complete security portfolio. The
Cyber Security Day, which TDC Erhverv
launched in 2023, was again held with
great success, and we subsequently initi-
ated the emergency response exercise
Hele Danmark Øver, which will help cre-
ate a more robust society with digital
safety and security in focus.
Further, TDC Erhverv was the first in
Denmark to launch 5G+, enabling the full
potential of 5G. This will allow us to pro-
vide Danish businesses with increased
stability and enable advanced IoT-appli-
cations.
Live on Dawn our new IT platform -
across all services
A key milestone in 2024 was the full
launch of our new IT platform, Dawn, and
we are now live on Dawn in all channels
for YouSee, both online and in assisted
channels, and across all services. We will
therefore soon reduce our dependency
on Columbus - an IT platform developed
for KTAS in the 1980s, which is now out-
dated, limits our innovation capacity and
is expensive to maintain.
Dawn will be an enabler for better cus-
tomer experience and future growth,
but I lead with caution knowing that this
will not materialise overnight. We are
looking into a period where migration
and adaptation to Dawn will cause oper-
ational hiccups and challenge the up-
ward trend in customer experience. We
must continue our strong performance
Letter from the CEO
Nuuday Annual Report 2024 7
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
from 2024 to balance out the challenges
I project for 2025.
I am impressed that we have been able
to maintain high motivation amongst our
employees, as many organisations strug-
gle to keep spirits high during times of
change. But gladly, when the going gets
tough, the tough get going at Nuuday,
and we have thus maintained a very high
level of employee satisfaction and even
increased our employee Net Promoter
Score. Now, as many as 54% of our
employees are true ambassadors for
Nuuday - far above the benchmark for
comparable companies in Denmark.
I would like to express my admiration for
the Executive Leadership Team and the
entire Nuuday team for the immense
work and great results they have deliv-
ered throughout the year.
Transformation 2.0
2025 is well underway, and we are main-
taining our high pace of transformation
from 2024. This means that already in
Q2, we expect to complete the B2C mi-
gration to Dawn - the new cloud native
IT stack - and reach a gigantic milestone
However, we have no intention of resting
on our laurels. We will continuously strive
to improve the customer experiences at
every single contact point, while working
diligently on delivering our IT-enabled
business transformation. Our goal re-
mains intact: to create a lean, digital,
best-in-class service provider that is the
preferred choice by Danish households
and businesses.
Nuuday is a strong house of brands with
six customer-facing brands, all leaders in
their respective segments, and we have
a workforce that expresses a high com-
mitment to our business transformation.
This is a strong foundation to stand on
as we enter the next phase of our busi-
ness transformation.
We are now at a crossroads heading into
the next phase of our transformation.
The next phase is likely to be both
harder and more rewarding. Harder be-
cause the low-hanging fruits have been
picked. But it will also be more rewarding
because we now have a platform in the
B2C space that enables us to serve cus-
tomers better and go to market faster
with novel solutions.
At the same time, we are strengthening
our work with data and AI, opening new
opportunities that can be leveraged on
our new IT platform. I am looking for-
ward to unfolding this with the strong
Nuuday team in the time to come.
Christian Thrane
CEO of Nuuday
Letter from the CEO
intention of
resting on
Nuuday Annual Report 2024 8
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Key highlights of 2024
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 8
TDC Erhverv launches
Security Suite
TDC Erhverv expands its
cybersecurity business with
the launch of Security Suite,
providing Danish businesses with
the most complete cyber protection
in the market
Mobile migration to
new IT stack complete
The migration of YouSee mobile
customers to our new IT stack, Dawn,
marks a key milestone in our IT
transformation
Key milestones for our digital
challenger brands
Relatel reaches the key milestone of
25,000 subscribers, while eesy moves
past the 100,000 subscribers
landmark, showcasing their growth
as top digital service providers in the
SMB and B2C segments
Launch of 5G+ for our
business customers
first 5G+ network, delivering
enhanced security, lower latency and
improved stability to benefit Danish
companies
Denmark's broadest
entertainment portfolio
With the addition of Warner Bros.
Discovery channels and streaming,
YouSee expands its entertainment
portfolio, providing an unmatched
selection of entertainment for
Danish consumers
2024
2025
greater cyber resilience
TDC Erhverv continues to lead the
journey to greater cyber resilience
an initiative to increase digital
security for Danish businesses
and society
Best network for 9
th
consecutive year
For the ninth consecutive year,
Nuuday's mobile customers benefit
network, as measured by the Danish
Technological Institute
Launch of YouSee Audio with
B&O sound design
By launching YouSee Audio, we
solidify our position as innovative
market leader in entertainment
by seamlessly combining
design with our TV platform
Dawn goes live for fixed
customers
Our new IT stack, Dawn, goes live
for fixed customers paving the
way for the overall B2C
transformation to be
completed in 2025
Significant bNPS progress for 4
th
consecutive year
Nuuday continues progressing as
the preferred choice for Danish
customers, achieving another
all-time high bNPS, up 3 points
compared to last year and
+20 points since 2020
Nuuday Annual Report 2024 9
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
2024
2023
2022
2021
2020
Income statement (DKKm)
Revenue
Hereof service revenue
Gross profit
Underlying EBITDA
1
Transformation costs
EBITDA
Operating profit/(loss) (EBIT)
Profit/(loss) before income taxes
Profit/(loss) for the year
Income statement, excluding special items
Operating profit (EBIT)
Profit/(loss) before income taxes
Profit/(loss) for the year
Balance sheet (DKKm)
Total assets
Net interest-bearing debt (NIBD)
Total equity
Underlying capital expenditure
1
Transformation capital expenditure
Capital expenditure
Statement of cash flow (DKKm)
Operating activities
Investing activities
Financing activities
Total cash flow
2024
2023
2022
2021
2020
Key financial ratios
Underlying simple cash flow
2
, DKKm
Service revenue growth, %
Productivity ratio
3
, DKKm
Gross margin, %
Underlying EBITDA margin %
EBITDA margin, %
EBIT margin, %
Equity ratio, %
Retail RGUs ('000)
Mobility services
4
Hereof IoT
TV
Broadband
5
Landline voice
6
Employees
FTEs (end-of-year)
FTEs excl. transformation (end-of-year)
FTEs Consumer
FTEs Business
FTEs Other
1 Excluding transformation costs. Transformation costs exclusively comprise costs that will cease on completion of the transformation,
and that are
costs for resources working on the transformation as well as extra costs as a consequence of running parallel systems during the
transr-
rent cash balance.
2 Underlying simple cash flow = Underlying EBITDA underlying capital expenditure.
3. Productivity ratio = Service revenue / average number of employees excl. transformation FTEs.
4 Consist of mobile voice, mobile broadband and IoT. The numbers reflect recategorisation in 2023 and 2024 of certain business mobile
voice and mobile broadband subscriptions to IoT.
5 Comparative figures have been adjusted to include leased lines.
6 Following internal migration of customers and alignment of accounting methods in Q2 2020, the level of landline voice RGUs has in-
creased. The migration had no impact on revenue or the result.
Financial overview
Nuuday Annual Report 2024 11
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Our business
model
Nuuday is the leading telecoms provider in Denmark,
boasting a robust and varied portfolio of brands,
products and services. With nearly six million cus-
tomer relationships across consumer and business
segments, our brands deliver high-speed broadband,
best-in-class mobile connectivity, flexible TV and
streaming options, as well as a comprehensive range
of advanced business solutions, including cyber
security, unified communications, and digital collabo-
ration. Danish consumers and businesses depend
on Nuuday to provide them with the most innova-
tive, reliable and cutting-edge telecommunications
services available.
Consumer brands
TV, mobile, broadband
-play telecommunications
and entertainment provider, and the preferred
brand for households across geographies
and sizes.
Mobile and mobile broadband
-largest consumer mobile brand,
offering a superior customer experience, mobile
broadband, and streaming with Telmore Play.
Mobile
Digital and fast-growing mobile challenger brand
providing easy, value-for-money mobile con-
Broadband
Pure-play internet challenger delivering high-speed
broadband with excellent value-for-money.
Business brands
Mobile, broadband & security, collaboration
and network services
telecommunica-
tions with a broad portfolio of end-to-end ser-
vices from basic connectivity to advanced digital
solutions and cyber security.
Mobile, mobile broadband and innovative
switch software
A mobile B2B brand focused on providing SMBs
with great products and services at attractive
prices
#1
Market position in DK across internet products
(fixed & mobile broadband), TV & streaming,
mobile voice, and B2B services
5.9m
Customer relations (RGUs), including IoT
Nuuday Annual Report 2024 12
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
-in-class entertainment and leading-edge business offers
best mobile
network
Leading high-
speed broadband
coverage
Superior
entertainment
portfolio
Best-in-class
business
solutions
Our unique partnership with
TDC NET gives us access to the
best-in-class 5G mobile network,
measured as the best coverage
and quality network for the ninth
consecutive year.
Through our partnerships with
the leading Danish fibre and cable
networks, we provide access to
high-speed broadband for the
vast majority of Danish households
and businesses.
With the best and most relevant
entertainment catalogue, and
through strong partnerships with
both domestic and international
content providers, we offer our
customers a superior catalogue of
entertainment from both streaming
services as well as broadcasters.
Through well-established business
partnerships with industry leaders
such as Cisco and Microsoft, we
offer our business customers
flexible best-in-class solutions in
areas such as cyber security,
digital collaboration and unified
Communications.
Our network partner:
Selection of our partners:
Selection of partners:
Selection of partners:
Nuuday Annual Report 2024 13
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
a Euro-
pean best-in-class telco and preferred
service provider for Danish households
and businesses. Building on the compre-
hensive transformation that began in
2021, Nuuday made significant strides in
2024, with continued progress in tech-
nology revamps, product innovation and
operational excellence. Leveraging on
our leading position in the Danish market,
we launched key initiatives across all
three strategic pillars delivering top-
tier products, enhancing customer expe-
riences, and accelerating our digital
transformation. As we execute one of
the most comprehensive and rapid
transformations in the European
telecommunications industry, we are
shaping Nuuday as a lean digital service
provider.
Delivering on our strategy
The best choice for Danish consumers and businesses
Strategic focus areas
Across a strong brand portfolio with diverse value propositions, we offer our
customers the best choice through all-encompassing, flexible, and innovative
products based on leading-edge technologies.
Deliver the best customer experience
Strategic focus areas
We are determined to provide Danish consumers and businesses with
seamless journeys and meet them on their preferred channels.
Digital transformation through radical simplification
Strategic focus areas
By radically simplifying our business model and transforming our IT, we seek to
innovate and continuously deliver the best products and services as well as
the best digital experiences to our customers.
Deliver best-in-market
connectivity everywhere
Innovate entertainment
and business solutions
Provide excellent value
for converged house-
holds and businesses
Systematically
eliminate pain points
Create smooth and seam-
less customer journeys
Provide a great experi-
ence in all touchpoints
Simplify business
model
Transform IT
foundation
Digitalise our
customer interactions
Nuuday Annual Report 2024 14
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
2024: Bolstering our best-in-class portfolio
In 2024, we delivered on our commitment to be the best choice for
Danish consumers and businesses. TDC Erhverv introduced 5G+ to
enhance connectivity across Denmark and launched its Cyber Secu-
rity Suite, offering advanced security solutions to businesses. A part-
nership with Alm. Brand also enabled comprehensive cyber insurance
premium sound design to our TV platform, while the addition of
Warner Bros. Discovery channels and streaming services enriched
5G coverage and speed, while further expanding fibre access for
Danish households.
Best choice
Highlight initiatives
with advanced cyber security tools and insurance, helping
businesses to protect themselves against the growing
threat of cyber-attacks.
With the launch of YouSee Audio, we strengthened
our position as a leading entertainment brand by
sound design into our TV platform, delivering an
unmatched home entertainment experience
For the ninth year in a row, the Danish Technological
Institute measured that Nuuday customers have access to
ences for our customers across 5G-coverage and speed
dimensions.
With the addition of Warner Bros. Discov-
ery channels and streaming, YouSee
expanded its entertainment portfolio to
provide an unmatched selection of enter-
tainment for Danish consumers
For the fifth consecutive year, Hiper, our high-speed
broadband challenger, earned the title of "best value for
At TDC Erhverv, 2024 marked a year of significant innovation in ad-
vanced services, from launching 5G+ to enhancing connectivity
across Denmark, and providing businesses with cutting-edge cyber
security solutions. We continue to lead the way in delivering tailored
digital solutions that empower the public sector and businesses of all
sizes to thrive in a secure, connected world, positioning us as a key
enabler of Denmark’s digital economy
- John Henriksen, Head of TDC Erhverv
Nuuday Annual Report 2024 15
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
2024: Seamless customer experiences and all-time high bNPS
In 2024, we continued making strong progress on our key customer
experience parameters, once again raising our bNPS by 3 points.
These advancements were made possible by our ongoing digital
strides and customer-centric approaches. We elevated our cus-
tomer experience across all brands with best-in-class AI chatbots,
improved digital touchpoints and smoother customer journeys.
YouSee and Telmore streamlined their user interfaces, while Hiper
successfully launched a new self-service platform used by 98% of
new customers. Relatel digitised many customer journeys through an
increased eSIM focus, eesy won awards for 'Best Mobile Experience,'
and TDC Erhverv was recognised as the first end-to-end Cisco Gold
provider.
Best experience
Highlight initiatives
customer service efficiency and customer satisfaction,
delivering faster, personalised and seamless interactions
for an exceptional conversational experience.
In 2024, Nuuday achieved a new all-time-high bNPS score,
driven by strong performances across all our brands and the
impactful use of AI tools to enhance customer experiences
and service quality.
Our challenger brand, eesy, won two awards at the
-
as a leading digital mobile brand.
As the first end-to-end service provider in Denmark,
TDC Erhverv received the Cisco Gold Provider certi-
fication for its outstanding customer experience in
cloud-managed network solutions.
Implementing AI chatbots across all our brands is already bringing
tangible advancements to our customer experience indicators. By
offering customers extended service, shorter response times, and
personalised answers 24/7, we have elevated our bNPS to new
heights. Through our data-driven approach, we can quickly imple-
ment AI solutions in our challenger brands, gaining valuable insights
for broader application in our larger brands, and ensuring a seam-
less implementation process
- Michael Stinner, Head of CX & Business Transformation
Nuuday Annual Report 2024 16
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
2024: Successful integration of new IT stack & AI tools
2024 marked a crucial year in our digital transformation as we suc-
cessfully migrated our YouSee mobile customers to our new IT stack,
Dawn. Simultaneously, we went live across our different channels,
enabling enhanced digital customer journeys and simplified processes
for our agents and retail stores. We continued to integrate the best
AI tools into our daily operations, with chatbots and speech analytics
driving significant efficiency gains and contributing to a 13% reduc-
tion in the number of incoming calls. Our new automated hybrid
cloud services from TCS will further enable us to accelerate our digi-
tal offerings and ensure excellent customer satisfaction. With the
first key milestones of our transformation complete, we are excited
to leverage our digital capabilities for even better customer experi-
ences.
Most digital
Highlight initiatives
The successful migration of YouSee mobile customers to
Dawn, our new IT stack, and the subsequent go-live for
fixed B2C were important steps towards realising the
Nuuday strategy of becoming a lean and digital service
provider, delivering great digital experiences to even
more customers
Nuuday partnered with Capturi to leverage
speech analytics capabilities, enabling us to analyse
customer interactions in real time. This allows for
immediate feedback and coaching for customer
service representatives, resulting in more efficient
service and higher customer satisfaction.
Nuuday partnered with TCS to transform our IT infra-
structure with a next-gen hybrid cloud architecture,
reducing time-to-market for new products while improv-
ing agility and scalability across our brands.
In 2024, we achieved a 13% reduction in the total number of
incoming calls, driven by the implementation of AI chatbots
and enhanced digital customer journeys. This success was
best highlighted by our digital frontrunner brand, eesy,
which successfully transitioned to a fully digital model by
closing its call centre.
Successfully completing our first critical migration in YouSee has set
a strong foundation for the next phase of our digital transfor-
mation. This achievement not only simplifies our operations and re-
duces costs, but also positions us to deliver faster, more personal-
ised services. With this milestone, we are now able to enhance digi-
tal channels, improve in-store experiences and streamline internal
processes. We have already achieved increased digital capabilities,
quicker time-to-market for new offers, and greater operational ef-
ficiency, marking a major step forward in our digital transformation
journey
- Monika Gullin, Chief Technology Officer
Nuuday Annual Report 2024 18
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Revenue
(DKKm)
14,560
Service revenue
(DKKm)
13,451
Gross profit
(DKKm)
4,779
Opex
2)
(DKKm)
3,335
EBITDA
(DKKm)
1,444
1 Mobile voice and mobile broadband. Numbers exclude recategorisa-
tion of certain business mobile voice subscriptions to IoT.
2 From 2022, Nuuday began reporting transformation costs separately
from its underlying business performance. Transformation costs
exclusively comprise costs that will cease on completion of the trans-
formation. These costs
sive business transformation, e.g. direct IT costs, external expenses
and personnel costs for resources working on the transformation, as
well as extra costs from running parallel systems during the transfor-
mation. The transformation costs are fully funded, i.e. the costs
current cash balance.
Our 2024 financial performance reflects the peak of
transformation investments and our clear focus on in-
vesting in our customer experience and comprehensive
business transformation. Our goal remains to shape a
sustainable, efficient and profitable business that deliv-
ers innovative products and excellent customer experi-
ences in a truly digital manner.
Service revenue
its must-win
battles in 2024 while carrying out inflationary ARPU
increases was reflected by slightly growing service rev-
enue, up 0.8% to DKK 13,451m, driven by our continued
strong performance in the mobile and high-speed
broadband segments.
Service revenue in our consumer mobile segment grew
by 3.7%, driven by an ARPU increase partially offsetting
the structural decline in DSL broadband. Total revenue
increased slightly by 0.6% from DKK 14,478m to
DKK 14,560m.
Gross profit
Gross profit decreased slightly by 0.5%, or DKK 26m, to
DKK 4,779m. This decline was driven by costs related
to customers migrating from legacy products (such as
DSL and Coax) to future-proof, high-speed products
and the continued increase in content costs. This devel-
opment was partly offset by mobility services and
higher than expected RGUs on TV products.
Nuuday performance
• In 2024, we kept the momentum rolling, driving robust growth in mobility services and RGU expansion
in high-speed broadband.
• Mobile services expanded in 2024, as we succeeded in adding 69,000
1
RGUs, while the expansion of the
high-speed broadband portfolio carried on in 2024, adding 63,000 RGUs.
• Service revenue increased by 0.8% mainly driven by inflationary ARPU increases combined with an
increasing customer base in mobile broadband and our high-speed broadband product.
• Gross profit decreased slightly by 0.5% mirroring continued increases in content costs and customer
migration from legacy to future-proof products.
• EBITDA decreased by 8.1% driven by increasing transformation costs reflecting the peak year of
investments in the Nuuday transformation.
• Capital expenditure costs increased by 3.7% in 2024 driven by significant investments in our IT
transformation.
Nuuday Annual Report 2024 18
Nuuday Annual Report 2024 18
Nuuday Annual Report 2024 19
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Capex
(DKKm)
1,284
Loss excluding
special items
(DKKm)
395
Cash flow from
operating activities
(DKKm)
598
Employees excluding
transformation FTEs
(EoY)
2,910
Operating expenses
Total operating expenses increased by 3.1% to DKK
3.335m in 2024. The increase was mainly prompted by IT
costs associated with our transformation programme.
transformation costs) decreased by 1.6%, to DKK 3,034m
in 2024. This decrease was driven by improved effi-
ciency mainly from lower costs on legacy IT systems.
EBITDA
EBITDA declined by 8.1%, or DKK 127m, to DKK 1,444m,
reflecting the peak year of our transformation. Under-
lying EBITDA was positively impacted by improvements
in underlying operating expenses, partially offset by a
gross profit margin decline, and increased by 1.3%, or
DKK 23m, to DKK 1,745m.
Capital expenditure
In 2024, Nuuday recorded a capital expenditure in-
crease of 3.7%, or 46m, to DKK 1,284m. This was driven
by significant IT investments related to our transfor-
mation programme. Underlying capital expenditure was,
however, reduced by 3.1%, or DKK 27m, to DKK 853m.
This decline was driven mainly by lower investments in
our legacy IT systems, but also by a decrease in vol-
ume-driven capex related to customer installations due
to decreased broadband gross adds.
Loss for the year
The loss for the year (excluding special items)
amounted to DKK 395 compared with DKK 381m in 2023
representing a decline of DKK 14m, mainly driven by
higher transformation costs. Including special items, the
loss amounted to DKK 438m vs. DKK 421m in 2023
Cash flow
Total cash flow
for 2024 includes sale of short-term
bonds amounting to DKK 256m whereas total cash
flow in 2023 included a net investment of bonds
amounting to DKK 247m. Adjusted for this, total cash
flow decreased by DKK 1,248m from DKK 544m in 2023
to DKK -704m.
Cash flow from operating activities
decreased by
DKK 663m to DKK 598m, driven primarily by net working
capital (DKK -488m). This reflected the temporary posi-
tive impact in 2023 from VAT on intra-group trade as
well as enhanced payment terms for VAT and employee
taxes having expired in 2024. Other contributions to the
decline came from lower EBITDA (-127m).
Cash flow from investing activities
increased by
DKK 473m to DKK -976m driven by the net impact from
the purchase and sale of short-term bonds (DKK 503m)
and higher capex including transformation costs
(DKK -34m).
Cash flow from financing activities
declined by
DKK 555m to DKK -70m. The development was driven by
the refinancing taking place at the beginning of 2023.
2024 guidance follow-up
EBITDA and service revenue was aligned with our 2024
guidance, namely EBITDA 8.1% lower than in 2023, as we
reached the peak investment level of Nuuday trans-
formation, and service revenue 0.8% higher than in
2023.
2025 guidance
In 2025, we expect service revenue to increase in line
with inflation, and we expect a flat EBITDA development
mainly due to increases in content and network costs.
Nuuday Annual Report 2024 19
Nuuday Annual Report 2024 21
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 22
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 23
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
tain the efficacy of the response and
Nuuday Annual Report 2024 23
Input
Questionnaire
System/application/service
Risk details
1-6 x 1-6 Scale
Treat, tolerate, terminate
or transfer?
The
process
Output
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 description
Heatmap
Risk response task
Result
Reports & dashboards
Nuuday Annual Report 2024 24
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 25
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Risk & trend
Risk domain
Impact
Mitigation initiatives
Nuuday Annual Report 2024 26
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Risk & trend
Risk domain
Impact
Mitigation initiatives
Nuuday Annual Report 2024 27
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Risk & trend
Risk domain
Impact
Mitigation initiatives
Nuuday Annual Report 2024 28
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 29
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 30
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Board of Directors
Nuuday Annual Report 2024 31
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Executive Management
Nuuday Annual Report 2024 32
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Executive Management
Nuuday Annual Report 2024 33
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Sustainability at Nuuday 34
Combating climate change 36
Sustainable procurement and products 37
38
Responsible operations 39
Diversity, equity, inclusion & belonging (DEIB) 41
ESG data 42
Sustainability
Nuuday Annual Report 2024 34
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 34
Nuuday Annual Report 2024 35
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 35
Nuuday Annual Report 2024 36
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 37
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 38
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 38
Nuuday Annual Report 2024 39
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 40
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 41
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 42
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Nuuday Annual Report 2024 43
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
ESG data (continued)
Nuuday Annual Report 2024 44
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
ESG data (continued)
Nuuday Annual Report 2024 46
In brief
Business and strategy
Performance
Corporate governance
Sustainability
Financial statements
Consolidated income statement 47
Consolidated statement of comprehensive income 47
Consolidated balance sheet 48
Consolidated statement of cash flows 49
Consolidated statement of changes in equity 50
Notes to consolidated financial statements 51
Parent company financial statement 93
Management statement 111
Independent auditor’s report 112
Section 1 - Basis of
preparation
Section 2 - Profit for the year
Section 3 - Operating assets
and liabilities
Section 4 - Capital structure
and financing costs
Section 5 - Cash flow
Section 6 - Other disclosures
Nuuday Annual Report 2024 46
Financial statements
Content
Notes to consolidated financial statements
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Nuuday Annual Report 2024 47
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Consolidated income statement
Consolidated statement of comprehensive income
(DKKm)
Note
2024
2023
Revenue
2.1
Cost of sales
2.2
(9,781 )
(9,673 )
Gross profit
External expenses
2.3
(1,543 )
(1,485 )
Personnel expenses
2.4
(1,839 )
(1,820 )
Other income
Operating profit before depreciation, amortisation and special items
(EBITDA)
Depreciation, amortisation and impairment losses
2.5
(1,437 )
(1,521 )
Special items
2.6
(57 )
(52 )
Operating loss (EBIT)
(50 )
(2 )
Financial income and expenses
4.4
(438 )
(449 )
Loss before income taxes
(488 )
(451 )
Income taxes
2.7
Loss for the year
(438 )
(421 )
Attributable to:
Shareholders of Nuuday A/S
(438 )
(421 )
Loss for the year
(438 )
(421 )
(DKKm)
2024
2023
Loss for the year
(438 )
(421 )
Total comprehensive loss
(438 )
(421 )
Nuuday Annual Report 2024 48
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Consolidated balance sheet
Assets (DKKm)
Note
2024
2023
Non-current assets
Intangible assets
3.1,3.2
Property, plant and equipment
3.3
Lease assets
3.4
Joint ventures, associates and other investments
Other receivables
Prepaid expenses
3.7
Total non-current assets
Current assets
Inventories
Trade receivables
3.5
Other receivables
Contract assets
3.6
Amounts owed by group companies
Income tax receivable
2.7
Derivative financial instruments
Prepaid expenses
3.7
Short-term bonds
Cash
Total current assets
Total assets
Equity and liabilities (DKKm)
Note
2024
2023
Equity
Share capital
Retained earnings
Total equity
4.1
Non-current liabilities
Deferred tax liabilities
2.7
Provisions
3.8
Lease liabilities
3.4
Loans
4.2,4.5
Other payables
Total non-current liabilities
Current liabilities
Lease liabilities
3.4
Trade payables
Other payables
Contract liabilities
3.6
Amounts owed to group companies
Income tax payable
2.7
Derivative financial instruments
Provisions
3.8
Total current liabilities
Total liabilities
Total equity and liabilities
Nuuday Annual Report 2024 49
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Consolidated statement of cash flows
(DKKm)
Note
2024
2023
Operating activities
Operating profit before depreciation, amortisation and special items
(EBITDA)
Adjustment for non-cash items
Payments related to provisions
(15 )
(10 )
Special items
2.6
(59 )
(75 )
Change in working capital
5.1
(431 )
Interest received
Interest paid
(445 )
(361 )
Income tax (paid)/received
2.7
(12 )
Total cash flow from operating activities
Investing activities
Investment in property, plant and equipment
3.3
(286 )
(305 )
Investment in intangible assets
3.2
(950 )
(897 )
Investment in other non-current assets
(1 )
(1 )
Investment in short-term bonds
(736 )
Sale of property, plant and equipment
Sale of other non-current assets
Sale of short-term bonds
Total cash flow from investing activities
(976 )
(1,449 )
(DKKm)
Note
2024
2023
Financing activities
Proceeds from long-term loans
5.2
Repayments of long-term debt
5.2
(2,873 )
Settlement of derivatives related to long-term loans
Lease payments
5.2
(79 )
(74 )
Costs relating to long-term loans
Total cash flow from financing activities
(70 )
Total cash flow
(448 )
Cash and cash equivalents at 1 January
Effect of exchange-rate changes on cash and cash equivalents
(1 )
Cash and cash equivalents at end of year
Nuuday Annual Report 2024 50
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Consolidated statement of changes in equity
(DKKm)
Share capital
Retained
earnings¹
Total
Equity at 1 January 2023
Loss for the year
(421 )
(421 )
Total comprehensive income
(421 )
(421 )
Contributions of equity
Total transactions with shareholders
Equity at 31 December 2023
Loss for the year
(438 )
(438 )
Total comprehensive income
(438 )
(438 )
Equity at 31 December 2024
1 See also note 4.1 for an explanation of distributable reserves and dividend.
Nuuday Annual Report 2024 51
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Section 1
Basis of preparation
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.
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Nuuday Annual Report 2024 51
1. In this section
Nuuday Annual Report 2024 52
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
proved these consolidated financial
statements on 11 March 2025.
ments for 2024 have been prepared
in accordance with IFRS Accounting
Standards as issued by the International
Accounting Standards Board (IASB) 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 conven-
tion, except for financial assets and lia-
bilities that are initially measured at fair
value adjusted for transaction costs if
they are not subsequently measured at
fair value through the income state-
ment. Trade receivables are measured
at their transaction price.
When preparing the consolidated finan-
cial statements, Management makes
assumptions that affect the reported
amount of assets and liabilities at the
balance sheet date, and the reported
income and expenses for the accounting
period. The accounting estimates and
judgements considered critical to the
preparation of the consolidated financial
statements are shown in note 1.3.
The accounting policies are unchanged
compared with the policies applied in
the Annual Report 2023.
Consolidation policies
The consolidated financial statements
include the financial statements of the
parent company and subsidiaries of
which Nuuday 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 recognised using the equity method.
The consolidated financial statements
have been prepared on the basis of the
financial statements of Nuuday A/S and
its consolidated companies, which have
been restated to Group accounting
policies, combining items of a uniform
nature.
On consolidation, intra-group income
and expenses; shareholdings, dividends,
internal balances; and realised and unre-
alised profits and losses on transactions
between the consolidated companies
have been eliminated.
The Group considers potential significant
climate-related matters in estimates and
assumptions, where appropriate. These
assessments are reflected in the long-
term business plan even though the
Group believes its business model and
products will still be viable after the
transition to a low-carbon economy.
Climate-related matters increase the
uncertainty of estimates and assump-
tions underpinning several items in the
financial statements. Even though cli-
mate-related risks might not currently
have a significant impact on measure-
ment, the Group closely monitors rele-
vant changes and developments, such as
new climate-related legislation.
Zero emission efforts are continuously
being made to explore and transition to
renewable energy, so that the company
can stay ahead and address any new cli-
mate regulations in advance.
energy impacts and costs, include:
energy-saving initiatives, accelerating
the phase-out of natural gas at our
locations and renewal of carpark with
electric cars over the coming years.
mainly using renewable electricity
powering our operations secured
through long-term contracts for deliv-
ery of electricity based on renewable
energy.
enabling the reuse of electronic
devices supporting a reduced use of
resources
1.1 | Accounting policies
1.2 | Climate related matters
Nuuday Annual Report 2024 53
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Annual Report requires Management to
exercise judgement in applying the
requires the use of estimates and
assumptions 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. Revi-
sions are recognised during the period
in which the estimates are revised and
during any future periods affected.
The following areas involve a higher
degree of estimates or complexity and
are outlined in more detail in the related
notes:
The amendments to IAS 1 Presentation of
Financial Statements regarding Non-
current liabilities with covenants are
effective from 2024 and has an impact
loan facilities as described in note 4.2 but
not on the measurement recognition, or
presentation in the annual report.
The following new amendments are
effective from 2024 but have no impact
on the financial statements:
Lease liability in a sale and leaseback
amended IFRS 16 Leases
Supplier finance agreements
amended IAS 7 Statement of cash
flows and IFRS 7 financial instruments:
disclosures.
IASB has approved a new accounting
standard not yet effective.
IFRS 18 introduce requirements for
presentation of defined subtotals in the
income statement and allocation of
items in the income statement to speci-
fied categories with the operating cate-
gory being the default category. Fur-
ther, the standard introduces disclosure
requirements on management-defined
performance measures (MPMs) in the
notes to the financial statements.
An entity is required to apply IFRS 18 for
annual reporting periods beginning on or
after 1 January 2027. IFRS 18 requires
retrospective application with specific
transition provisions.
Management anticipates that the appli-
cation of these amendments will have
an impact on the Group's consolidated
financial statements in future periods.
1.3 | Critical accounting estimates and judgements
Notes
Critical accounting estimates
and judgements
Estimates
/judgements
2.1
Judgement
Estimate/Judgement
2.6
Judgement
3.1
Estimate/judgement
3.2
Estimate
3.5
Estimate
1.4 | New accounting standards
Nuuday Annual Report 2024 54
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Section 2
Profit for the year
This section focuses on disclosures of details of the
reporting, special items and taxation. A detailed review
of revenue, EBITDA and profit for the year is provided in the
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
2. In this section
Nuuday Annual Report 2024 54
Nuuday Annual Report 2024 55
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Service revenue is defined as revenue
not originating from sale of devices/ter-
Revenue recognition for a telecom oper-
ator is a complex area of accounting
that requires management estimates
and judgements.
Recognition of revenue depends on
whether the Group acts as a principal in
a transaction or an agent representing
another company. Whether the Group is
considered to be the principal or agent in
a transaction depends on an analysis of
both the form and substance of the cus-
tomer agreement. When the Group acts
as the principal, revenue is recognised at
the agreed value, whereas when the
Group acts as an agent, revenue is rec-
ognised as the commission the Group
receives for providing the service.
Judgements of whether the Group acts
as a principal or as an agent impact the
amounts of recognised revenue and op-
erating expenses, but do not impact net
profit for the year or cash flows. Judge-
ments of whether the Group acts as a
principal are used primarily in transac-
tions covering content.
When the Group concludes contracts
involving complex sale of goods and
services, management judgements are
required to determine whether goods
and services shall be recognised
together or as separate goods and
services.
Management estimates are also used
for allocating the transaction price to
the individual elements based on their
respective fair values, if judged to be
recognised separately. For example,
business customer contracts can com-
prise several elements related to mobile
phones, subscriptions, leases, etc.
2.1 | Revenue
(DKKm)
2024
2023
Revenue recognised at a point in time
Revenue recognised over time
Total
Revenue specified by services (DKKm)
2024
2023
Landline voice
Mobile services
Internet & network
TV
Other services
Total
Hereof service revenue
Critical accounting estimates and judgements
Nuuday Annual Report 2024 56
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Revenue is measured at the fair value
of the consideration to which Nuuday is
entitled to after deducting sales tax and
discounts relating directly to sales. Reve-
nue comprises goods and services pro-
vided during the year. Goods and ser-
vices may be sold separately or in bun-
dled packages. Services include traffic
and subscription fees,
interconnection
and
roaming
fees, fees for leased lines,
network services, TV distribution as well
as connection and installation fees.
Goods include customer premises equip-
ment, telephony handsets, PCs, set-top
boxes, etc.
Nuuday sells to households and the
contracts are primarily perpetual, with
the same service provided until the cus-
tomer terminates the contract. Some of
the contracts include a non-cancellation
period of 6 months. The company also
has contracts with antenna associations
for longer periods.
Nuuday sells digital solutions to enter-
prises and public segments. Business
offers modular solutions for small and
medium-sized enterprises, as well as
customised solutions for public and large
enterprises. Modular self-service con-
tracts are perpetual, and contracts with
customised solutions are for longer peri-
ods, i.e., 3-5 years.
The significant sources of revenue are
recognised in the income statements as
follows:
revenues from subscription fees and
flat-rate services are recognised over
the subscription period
revenues from telephony are recog-
nised at the time the calls are made
sales related to prepaid services are
deferred, and revenues are recognised
at the time of use
revenues from leased lines are recog-
nised over the rental period
revenues from the sale of equipment
are recognised on delivery. Revenues
from equipment maintenance are rec-
ognised over the contract period
Revenue arrangements with multiple
deliverables are recognised as separate
units of accounting, independent of any
contingent element related to the deliv-
ery of additional items or other perfor-
mance conditions. Such revenues include
the sale of equipment located at cus-
tomer premises, e.g. switchboards and
handsets.
The transaction price in revenue ar-
rangements with multiple deliverables,
such as handsets and subscriptions, are
allocated to each performance obliga-
tion based on the stand-alone selling
price. Where the selling price is not di-
rectly observable, it is estimated based
on expected cost plus a margin. Dis-
counts on bundled sales are allocated
to each element in the contract.
Contracts with similar characteristics
have been evaluated using a portfolio
approach due to the large number of
similar contracts.
In case of contracts for longer periods,
and if the payment exceeds the services
rendered, contract liabilities are recog-
nised, see note 3.5.
Revenues are recognised gross when
Nuuday acts as the principal in a trans-
action. For content-based services and
the resale of services from content
providers where the Group acts as the
agent, revenues are recognised net of
direct costs.
The percentage-of-completion method
is used to recognise revenue from con-
tract work in progress based on an
assessment of the stage of completion.
Contract work in progress includes in-
stallation of telephone and IT systems,
systems integration and other business
solutions.
Non-refundable up-front connection
fees are included in the total transaction
price for the contract with the customer
and are thereby allocated to the identi-
fied performance obligations (services).
The period between the transfer of the
service to the customer and the pay-
ment by the customer is not of an
extent that gives reason to adjust the
transaction prices for the time value
of money.
Other income
Other income comprises mainly account-
ing items of a secondary nature com-
activities.
2.1 | Revenue (continued)
Accounting policies
Nuuday Annual Report 2024 57
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
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 net-
works and leased transmission capacity
as well as interconnection and roaming
costs rela
mary income.
Cost of goods sold includes terminal
equipment and transmission material as
well as TV-programme rights and other
content costs.
Accounting policies
External expenses include expenses
related to marketing and advertising,
subscriber acquisition costs (over the
expected term of the related customer
relationship), IT, property, expenses
related to staff, capacity maintenance,
service contracts, etc.
2.2 | Cost of sales
(DKKm)
2024
2023
Mobile services
Landline voice
Internet & network
TV
Other services
Total
2.3 | External expenses
(DKKm)
2024
2023
Marketing and advertising
Subscriber acquisition and retention, cf. note 3.6
Consultants
Properties
IT
Temps and personnel-related expenses
Other
Total
Comments
Nuuday derives the vast majority
of its cost of sales from contracts
with TDC NET A/S. In 2020 Nuuday
entered into a contract with
TDC NET A/S under which end-to-
end mobile services are provided.
The contract has an initial term of
eight years, including an additional
seven years phaseout period if the
contract is not extended. See also
note 6.2.
Nuuday Annual Report 2024 58
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
2.4 | Personnel expenses
(DKKm)
2024
2023
Wages and salaries (including short-term and long-term bonuses)
Pensions (defined contribution plans)
Social security
Total
Of which capitalised as non-current assets
Total personnel expenses recognised in the income statement
Remuneration for the Executive Committee¹ and the Board of Directors
(DKKm)
2024
2023
Base salary (incl. benefits)
Cash bonus
Pensions
Long-term incentive programme
Redundancy compensation
Key management in total
Fee to the Board of Directors
Total
¹ During 2024, the remuneration to the Executive Committee (excluding redundancy compensation) comprised 2.0 members on average
(2023: 2.0 members).
Comments
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.
The average number of full-time
employee equivalents was 3,068
(2023: 3,265 ).
Cost regarding redundancies rec-
ognised as special items in note 2.6
amounted to DKK (47)m (2023:
(47))
Incentive programmes
The Management incentive pro-
gramme (MIP) covering the period
2019-2023 was settled in 2024.
See note 6.1.for a description of
the incentive programmes.
Nuuday Annual Report 2024 59
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Critical accounting judgements
In the income statement, special items
are presented as a separate item.
Special items include income or costs
disclosed separately by virtue of their
size, nature or incidence. In determining
whether an event or transaction is spe-
cial, Management considers quantitative
as well as qualitative factors such as the
frequency or predictability of occur-
rence of the transaction or event,
including whether the event or transac-
tion is recurring. This is consistent with
the way that financial performance is
measured by Management and reported
to the Board of Directors, and assists in
providing a meaningful analysis of the
operating results of Nuuday.
Accounting policies
Special items are significant amounts
that Management considers are not
attributable to normal operations such
as restructuring costs and special write-
downs for impairment of intangible
assets and property, plant and equip-
ment.
Special items are disclosed on the face
of the income statement.
2.5 | Depreciation, amortisation
and impairment losses
(DKKm)
2024
2023
Amortisation of intangible assets, cf. note 3.2
Depreciation of property, plant and equipment, cf. note 3.3
Depreciation of lease assets, cf. note 3.4
Impairment losses, cf. notes 3.2 and 3.3
Of which capitalised as tangible and intangible assets
Total
2.6 | Special items
(DKKm)
2024
2023
Costs related to redundancy programmes
Other restructuring costs, etc.
Loss from rulings
Special items before income taxes
Income taxes related to special items
Total special items
Cash flow from special items (DKKm)
2024
2023
Redundancy programmes
Rulings
Other
Total
Nuuday Annual Report 2024 60
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
2.7 | Income taxes
2024
2023
(DKKm)
Income tax
income/
(expense)
Income tax
payable/
(receivable)
Deferred tax
liabilities/
(assets)
Income tax
income/
(expense)
Income tax
payable/
(receivable)
Deferred tax
liabilities/
(assets)
At 1 January
Income taxes for the year
Adjustment of tax for previous years
Income tax paid
Total
Shown in the balance sheet as:
Tax payable/deferred tax liabilities
Tax receivable/deferred tax assets
Total
Income taxes are specified as follows:
Income excluding special items
Special items
Total
Nuuday Annual Report 2024 61
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
2.7 | Income taxes (continued)
2024
2023
Deferred tax (DKKm)
Deferred
tax assets
Deferred
tax liabilities
Total¹
Intangible assets
Other
Current
Intangible assets
Property, plant and equipment
Lease assets and liabilities
Tax value of tax-loss carryforwards
Other
Non-current
Deferred tax at 31 December
¹ The total net deferred tax is recognised as a liability in the balance sheets.
2024
2023
Effective tax rate
DKKm
%
DKKm
%
Tax on profit for the year before special items
Limitation on the tax deductibility of interest expenses
Value adjustment of tax assets
Other non-taxable income and non-deductible expenses
Adjustment of tax for previous years
Effective tax excluding special items
Special items
Effective tax including special items
Comments
Nuuday A/S and all its Danish
subsidiaries participate in joint
taxation with DKT Holdings ApS,
which is the ultimate owner of the
Nuuday Group and management
company in the joint taxation. The
jointly taxed companies are jointly
and severally liable for the total
income taxes, taxes paid on ac-
count and outstanding residual
tax (with additional payments and
interest) relating to the joint
taxation.
Comments
The effective tax rate (excluding special
items) was lower than 22% due primarily to
the effect of limitation of interest ex-
penses.as well as adjustment of tax for previ-
ous years.
Nuuday Annual Report 2024 62
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Tax for the year comprises current in-
come tax, changes in deferred tax and
adjustments from prior years and is rec-
ognised in the income statement, 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 bal-
ance-sheet liability method on the basis
of all temporary 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 recogni-
tion of an asset or liability in a transac-
tion other than a business combination
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
Nuuday 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 forward 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 Danish tax rules and tax rates at
the balance sheet date when the de-
ferred tax is expected to be realised as
current income tax. Changes in deferred
tax as a result of changes in tax rates
are recognised in the income statement
except for the effect of items recog-
nised directly in other comprehensive
income.
Deferred tax assets and liabilities are
offset in the consolidated balance sheet.
2.7 | Income taxes (continued)
Accounting policies
Nuuday Annual Report 2024 63
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Section 3
Operating assets
and liabilities
performance and the resulting liabilities incurred. Assets
and
addressed in section 4. Deferred tax assets and liabilities
are shown in note 2.7.
3. In this section
Nuuday Annual Report 2024 63
Nuuday Annual Report 2024 64
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Impairment test of assets
The annual impairment test is an assess-
ment of whether the cash generating
units will be able to generate sufficient
positive net cash flow in the future to
support the carrying amount of the
assets related to the unit. The carrying
amount of assets with indefinite useful
lives are tested for impairment annually
and if events or changes in circum-
stances indicate impairment. The annual
tests were carried out at 1 October 2024
and at 1 October 2023, respectively.
Management has concluded that any
reasonably possible changes in the key
assumptions are not expected to cause
the carrying amount of assets to
exceed the recoverable value.
Cash-generating units
Four cash-generating units are identified
in Nuuday YouSee, Nuubrands, Busi-
management structure reflects this as
they are responsible for operating per-
formance, investment and future activi-
ties in the respective units.
Assets other than brand are allocated to
the cash-generating units at which the
assets primarily generate cash inflows.
Brand is related to the TDC brand and
tested as a corporate asset, since all
cash-generating units uses the brand or
offspring of the TDC brand.
Key assumptions
Impairment testing is an integral part of
which is based on long-term business
plans with projection until 2030. The dis-
count rates applied reflect specific risks
relating to the individual cash-generat-
ing unit.
The recoverable amount is based on the
value in use determined on expected
cash flows based on long-term business
plans approved by Management.
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.
Our long-term business plans are based
on current trends. The budget period in-
cludes cash flow effects from completed
restructurings combined with effects of
strategic initiatives aimed at improving
or maintaining trend lines.
If weighted average cost of capital
(WACC) applied as the discounting
factor in the calculations increases/
decreases by 1.0% and all other things
being equal, the value in use would
decrease/ increase by DKK 2.1bn and
3.3bn, respectively and would cause the
carrying amount of assets to exceed the
recoverable value.
Under the same assumptions, a 1.0%
decrease/increase in the market-based
growth rate during the forecast period
as well as the terminal period the value
in use would decrease/increase by
DKK 1.7bn and 2.6bn, respectively. All the
above-mentioned changes in key as-
sumptions would not cause the carrying
amount to exceed the recoverable value.
If the key assumptions change more
than indicated in the above analyses the
recoverable value may decrease at a
level, where an impairment loss occurs.
With the present relation between
WACC and growth rate the WACC can
increase to approximately 7.7% pre-tax
with a growth rate at 2.25% before the
carrying amount will exceed the recov-
erable value.
Nuubrands is most sensitive and a
change more than 0,5% in WACC or 4%
lower EBITDA will cause an impairment.
The assumptions for calculating the
value in use for the most significant as-
sets goodwill and brand are given below.
3.1 | Impaiment
YouSee
Nuubrands
Business
Total¹
Key assumptions for calculating the value in use for the significant
goodwill¹ and brand amounts
2024
2023
2024
2023
2024
2023
2024
2023
Carrying amount of goodwill at 31 December (DKKm)
Carrying amount of brand at 31 December (DKKm) (unallocated)
Market-based growth rate applied at 1 October to extrapolated pro-
jected future cash flows for the period following 2030
Applied pre-tax discount rate at 1 October
¹ Representing 99% of the total carrying amount in 2024
Nuuday Annual Report 2024 65
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Assumptions regarding recoverable
amounts and projected earnings
YouSee
Projections are based on the assumption
of a declining
EBITDA
in the beginning of
the projected period. However, the trend
towards the terminal period in the long-
term business plan will stabilise based on
the following assumptions:
Landline voice RGU will decline in line
with market trends however partly
offset by slightly increasing ARPU
development due to the price develop-
ment in the market. Expectation that
landline will be decommissioned in to-
wards the end of the forecast period
A stable increase in mobility services
gross profit from price increases,
partly offset by a slight decline in cus-
tomer base on MV. MBB is expected to
grow throughout the projected period
An early decline in broadband gross
profit followed by a stabilisation due to
decommissioning of the cobber net-
work, partly offset by an increasing
fibre RGU base. Price increases
throughout the projected period are
expected to contribute positively to
the gross profit development
TV gross profit expected to decline
slightly towards 2030, however the
large RGU decline is partly offset by
increasing ARPUs
Savings throughout the planning pe-
riod driven by savings in both external
and personnel expenses, driven by the
extensive IT transformations and gen-
eral cost focus, respectively
Nuubrands
Projections are based on the assumption
of steadily increasing EBITDA throughout
the projected period in the long-term
business plan based on the following as-
sumptions:
Steady growth in mobility services
gross profit driven by increased foot-
print in the no-frills market from Eesy.
Furthermore, significant ARPU in-
creases in Telmore are expected to
ensure steady mobility services gross
profit development
Increasing broadband gross profit
the high-speed technology market
Steady development in cost expected
throughout the period, continuous cost
focus remains, money will expectedly
still be invested in marketing and
acquisition cost to increase customer
bases
Business
Projections are based on the assump-
tions of a steadily increasing EBITDA
throughout the planning period in the
long-term business plan based on the
following assumptions:
Landline voice RGU decline in line with
market trend, almost offset by the
ability to increase ARPU
Steadily increasing gross profit devel-
opment in mobility services throughout
the planning period, driven by an
expected increase in RGU base, and
paired with ARPU increases across
both mobile broadband and especially
mobile voice
Steady development in broadband GP
in the planning period. The expectation
is that the customer base composition
will continuously switch from DSL/coax
to fibre. ARPU development on fibre is
declining slightly due to the ratio be-
tween FTTX and BTO is increasing
OPEX is expected to increase slightly
throughout the period due primarily to
inflationary wage pressure, while con-
tinuous cost saving focus remains
3.1 | Impairment (continued)
Nuuday Annual Report 2024 66
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Critical accounting estimates
and judgements
Intangible assets comprise a significant
The measurement of the recoverable
amount of intangible assets is a complex
process that requires significant Man-
agement judgements in determining vari-
ous 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 estimates
or assumptions when determining the
recoverable amount of the assets may
result in other values and could result in
required impairment of assets.
Accounting policies
The carrying amount of goodwill and
assets with indefinite useful lives are
tested for impairment annually and
other assets are tested for impairment if
events or changes in circumstances indi-
cate impairment.
For the purpose of impairment testing in
the consolidated financial statement,
goodwill and other non-current assets
-gen-
erating units. The determination of cash-
generating units is based on the internal
management reporting.
3.1 | Impairment (continued)
Nuuday Annual Report 2024 67
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
3.2 | Intangible assets
2024
2023
(DKKm)
Goodwill
Customer rela-
tionships
Brands
Other rights,
software, etc.
Total
Goodwill
Customer rela-
tionships
Brands
Other rights,
software, etc.
Total
Cost at 1 January
Additions
Assets disposed of or fully amortised
Cost at 31 December
Amortisation and impairment losses
at 1 January
Amortisation
Impairment losses for the year
Assets disposed of or fully amortised
Amortisation and impairment losses
at 31 December
Carrying amount at 31 December
Comments
In 2024, impairment losses of intangi-
ble assets, etc. totalled DKK 7m,
(2023: DKK 14m) of all related to
termination of various software
projects.
Assets with indefinite useful lives
other than goodwill related to the
TDC brand were unchanged at
DKK 4,052m compared with 2023.
The carrying amount of software
amounted to DKK 1,940m (2023:
DKK 1,800m). Software in process
amounted to DKK 73m, of which
DKK 11m related to prepayments. The
addition of internally developed
software totalled DKK 358m (2023:
DKK 342m).
Nuuday Annual Report 2024 68
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Critical accounting estimates
and judgements
Management estimates useful lives for
intangible assets based on periodic stud-
ies 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 circumstances
occur that indicate that the carrying
amount of the asset may not be recov-
erable 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.
Accounting policies
Goodwill and brands with indefinite use-
ful lives are recognised at cost less accu-
mulated impairment losses. Goodwill and
brands are only acquired in business
combinations and is measured in the
purchase price allocation.
Goodwill and brands with indefinite use-
ful lives are not amortised but is subject
to annual impairment test, cf. note 3.1
Brands with finite useful lives, proprie-
tary rights, etc. are measured at cost
less accumulated 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 (11% to
32%) corresponding to the expected pat-
tern of consumption of the expected
future economic benefits.
Development projects, including costs of
computer software purchased or devel-
oped for internal use, are recognised as
intangible assets if the cost can be cal-
culated 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 at-
tributable to the development activities
as well as interest expenses in the pro-
duction period.
Development projects that do not meet
the criteria for recognition in the bal-
ance sheet are expensed as incurred in
the income statement.
The main amortisation periods are
as follows:
Software
3-7 years
Goodwill, development projects in pro-
cess and intangible assets of indefinite
useful lives are tested for impairment at
least annually and written down to re-
coverable amounts in the income state-
ment if exceeded by the carrying
amount.
Intangible assets are recorded at the
lower of recoverable amount and carry-
ing amount.
3.2 | Intangible assets (continued)
Nuuday Annual Report 2024 69
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
3.3 | Property, plant and equipment
2024
2023
(DKKm)
Network
infrastructure
Equipment
Assets under
construction
Total
Network
infrastructure
Equipment
Assets under
construction
Total
Cost at 1 January
Transfers (to)/from other items
Additions
Assets disposed of
Cost at 31 December
Depreciation and impairment losses at 1 January
Depreciation
Impairment losses for the year
Assets disposed of
Depreciation and impairment losses at 31 December
Carrying amount at 31 December
Cash flow (DKKm)
2024
2023
Additions, cf. table above
Capitalised depreciations cf. note 2.5
Cash flow from investment in property, plant and equipment
Nuuday Annual Report 2024 70
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Property, plant and equipment are
measured at cost less accumulated
depreciation and impairment 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-con-
structed assets includes directly
attributable payroll costs, materials,
depreciation, parts purchased and
services rendered by sub-suppliers 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-constructed assets.
The depreciation base is measured at
cost less residual value and any impair-
ment losses. Depreciation is provided on
a straight-line basis over the estimated
useful lives of the assets. The main
depreciation periods are as shown in
the next table.
The useful lives and residual values of
the assets are reviewed regularly. If the
residual value exceeds the carrying
amount of an asset, depreciation is dis-
continued.
Property, plant and equipment that have
been disposed of or scrapped are elimi-
nated from accumulated cost and accu-
mulated 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 state-
ment under other income or other
expenses.
Software that is an integral part of tele-
phone exchange installations, for exam-
ple, is presented together with the
related assets. Useful lives are estimated
individually.
Customer-placed equipment (e.g. set-
top boxes) is capitalised and depreciated
over the estimated useful life of the indi-
vidual asset, not exceeding five years.
3.3 | Property, plant and equipment (continued)
Accounting policies
Network infrastructure:
other network equipment
Equipment on customers' premises
Equipment (computers, tools and
office equipment)
Nuuday Annual Report 2024 71
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
3.4 | Lease assets and liabilities
2024
2023
Lease assets (DKKm)
Land and
buildings
Vehicles and
equipment
Total
Land and
buildings
Vehicles and
equipment
Total
Carrying amount at 1 January
Additions
Disposals
Depreciation
Carrying amount at 31 December
Lease liabilities (DKKm)
2024
2023
Recognised in the balance sheet at present value:
External lease liabilities
Lease liabilities due to group companies
Total
Of which presented as current
Total non-current
Maturing between 1 and 3 years
Maturing between 3 and 5 years
Maturing between 5 and 10 years
Total non-current
Amounts recognised in the income statement (DKKm)
2024
2023
Expense relating to short-term leases
Depreciation charge of lease assets, cf. above
Interest expense (included in financing costs)
Comments
Nuuday leases various offices, retail
stores, vehicles and equipment.
Rental contracts are typically made
for fixed periods of 3 to 15 years but
may have extension options.
Lease terms are negotiated on an
individual basis and contain a wide
range of different terms and condi-
tions. The lease agreements do not
impose any covenants other than
the security interests in the leased
assets that are held by the lessor.
Leased assets may not be used as
security for borrowing purposes.
Nuuday Annual Report 2024 72
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Assets and liabilities arising from leases
are initially measured on a present-value
basis. Lease liabilities include the net pre-
sent value of the following lease pay-
ments:
fixed payments (including in-substance
fixed payments), less any lease incen-
tives 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 guar-
antees
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 exercising that option.
Lease payments to be made under rea-
sonably certain extension options are
also included when measuring the liabil-
ity.
The lease payments are discounted using
the interest rate implicit in the lease. If
that rate cannot be readily determined,
which is generally the case for leases in
borrowing rate is used, i.e. 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 environment with similar terms,
security and conditions.
The incremental borrowing rates are
based on our existing credit facilities and
observable market data.
The Group is exposed to potential future
increases 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 adjusted against the lease asset.
Lease payments are allocated between
principal and financing costs. The financ-
ing costs are charged to the income
statement over the lease period so as
to produce a constant periodic rate of
interest for the remaining balance of the
liability for each period.
Lease assets are measured at cost less
accumulated depreciation and write-
downs for impairment. 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
and the lease term on a straight-line
basis. If the Group is reasonably certain
to exercise a purchase option, the lease
asset is depreciated over the underlying
eful life cf. note 3.3.
Impairment tests on lease assets are
performed when circumstances indicate
their carrying amounts may not be
recoverable. Write-downs of lease
assets related to vacant tenancies are
based on expectations concerning timing
and scope, future cost levels etc. The
calculation of the write-downs comprises
rent and operating costs for the con-
tract period reduced by 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 less than 12 months.
Low-value assets comprise IT equipment
and small items of office furniture.
3.4 | Lease assets and liabilities (continued)
Accounting policies
Comments
The total cash outflow for leases
in 2024 totalled DKK 89m (2023:
DKK 84m). The amount is excl.
short-term leases and leases of
low-value assets.
Nuuday Annual Report 2024 73
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Critical accounting estimates
Expected credit losses are assessed for
portfolios of trade receivables based on
customer segments, historical credit loss
experience combined with forward-look-
ing information on macroeconomic
factors affecting the credit risk. The
expected loss rates are updated at each
reporting date.
3.5 | Trade receivables
(DKKm)
2024
2023
Trade receivables
Expected credit losses
Trade receivables, net
Expected credit losses at 1 January
Expected credit loss recognised
Realised credit losses
Reversed expected credit losses
Expected credit losses at 31 December
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
2024
Expected loss rate
Gross carrying amount
Expected credit losses
2023
Expected loss rate
Gross carrying amount
Expected credit losses
Comments
The carrying amount of the bal-
approximated fair value is
due to the short maturity of
amounts receivable. In 2024, trade
receivables not past due
amounted to 56% (2023: 70%) of
total gross receivables.
Nuuday Annual Report 2024 74
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Trade receivables are amounts due from
customers for goods sold or services
performed in the ordinary course of
business. Nuuday operates with stand-
ard customer payment terms where
customer subscriptions are billed and
paid in advance of the subscription
period, while usage and one-off services
are billed and paid after the subscription
period. The receivables are generally
due for settlement within 20-30 days
and are therefore all classified as cur-
rent. Trade receivables are recognised
initially at the amount of consideration
that is unconditional. The Group holds
the trade receivables with the objective
of collecting the contractual cash flows
and therefore measures them subse-
quently at amortised cost using the
effective interest method.
Nuuday applies the simplified approach
to measure expected credit losses, which
uses a lifetime expected loss allowance
for all trade receivables, 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.
3.5 | Trade receivables (continued)
Accounting policies
Nuuday Annual Report 2024 75
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Accounting policies
Subscriber acquisition costs
and fulfilment costs
The most common subscriber acquisition
costs are dealer commissions. Subscriber
acquisition costs and fulfilment costs are
capitalised and recognised as expenses
in external expenses and personnel
expenses over the expected term of the
related customer relationship. The term
is estimated using historical customer
churn rates. Change of management
estimates may have a significant impact
on the amount and timing of the
expenses for any period.
Deferred subscription income recognised
as a liability comprises payments re-
ceived from customers covering income
in subsequent years.
3.6 | Contract assets and liabilities
(DKKm)
2024
2023
Assets recognised from costs to obtain a contract (SAC)
Assets recognised from costs to fulfil a contract
Assets recognised from costs to fulfil contracts with Group companies
Total contract assets
Deferred subscription income
Work in progress for the account of third parties, liabilities
Total contract liabilities
3.7 | Prepaid expenses
Comments
Total prepaid expenses amounted
to DKK 590m (2023: DKK 701m) of
which DKK290m (2023: DKK 325m)
related to group companies.
Comments
Of the deferred subscription income,
DKK 50m (2023: DKK 26m) will be rec-
ognised as income after more than
one year.
Revenue recognised in 2024 that was
included in deferred subscription
income at the beginning of the
period amounted to DKK 2,100m
(2023: DKK 2,154m).
Costs recognised in 2024 that were
included in assets recognised from
costs to obtain a contract (SAC) at
the beginning of the period
amounted to DKK 175m (2023:
DKK 140m). Assets to fulfil a contract
at the beginning of the period
DKK 132m (2023 DKK 112m) were rec-
ognised as costs in 2024.
Of the assets recognised from costs
to obtain a contract (SAC), DKK 213m
(2023 DKK 160m) and DKK 294m (2023:
DKK 308m) of costs to fulfil a contract
will be recognised as costs after more
than one year.
Nuuday Annual Report 2024 76
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Accounting policies
Provisions are recognised when the
Group has a legal or constructive obliga-
tion arising from past events, it is proba-
ble 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 before or on the balance
sheet date and has been announced to
the parties involved, provided that the
amount can be measured reliably. Provi-
sions for restructuring are based on a
defined plan, which means that the
restructuring commences immediately
after the decision has been made.
Provisions are measured at Manage-
which the liability is expected to be set-
tled. Provisions are discounted if the
effect is material to the measurement
of the liability.
3.8 | Provisions
2024
2023
(DKKm)
Restructuring
obligations
Other
provisions
Total
Provisions at 1 January
Provisions made
Provisions used (payments)
Reversal of unused provision
Provisions at 31 December
Of which recognised through special
items in the income statement
Recognised as follows in the balance
sheet:
Non-current liabilities
Current liabilities
Total
Specification of how payments regarding provisions are recognised in
the statements of cash flow (DKKm)
2024
2023
Payments related to provisions
Cash flow related to special items
Total
Comments
Provisions for restructuring obli-
gations related primarily to redun-
dancy programmes. The majority
of the provisions for redundancy
programmes are expected to
result in cash outflows in the next
five years. The uncertainties
related primarily to the estimated
amounts and the timing of the
related cash outflows.
Other provisions related mainly to
jubilee benefits for employees as
well as decommissioning obliga-
tions. The majority of these provi-
sions are not expected to result in
cash outflows in the next five
years. The uncertainties regard-
ing jubilee benefits related to both
salary and the number of employ-
ees included.
included wages during the notice
period, severance pay, stand-off
pay, payments pursuant to the
Danish Salaried Employees Act,
social security contributions and
outplacement costs.
Nuuday Annual Report 2024 77
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Section 4
Capital structure
and financing costs
structure and related financing costs as well as finance-
related risks and how these are managed.
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
4. In this section
Nuuday Annual Report 2024 77
Nuuday Annual Report 2024 78
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
The total authorised number of shares is
400,200 with a par value of DKK 1 per
share (unchanged compared to 2023) All
issued shares are fully paid up.
During 2024, total equity decreased by
DKK 438m to DKK 5,684m due to loss for
the year
During 2023, total equity decreased by
DKK 421m to DKK 6,122m due to loss for
the year.
The parent company statement of
changes in equity specifies which
reserves are available for distribution.
The distributable reserves amounted to
DKK 4,190m at 31 December 2024 (2023:
DKK (4,733m). At the Annual General
Meeting, the Board of Directors will not
propose any dividend for the financial
year 2024.
4.1 | Equity
Nuuday Annual Report 2024 79
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Capital management
agement is to ensure the funding of
investments in growth, while maximising
the return through optimisation of the
debt and equity balance. Nuuday is fi-
nanced through a EUR 500m term loan
and a EUR 135m Revolving Credit Facility
RCF), with a number of banks and other
investors. The financing is governed by a
common term agreement defining finan-
cial and legal covenants.
The carrying amount of the liabilities
related to the financial covenants
amounted to DKK 3,518m as per
31 December 2024.
Financial covenants
The financial covenant is defined as lev-
erage ratio, which is net debt divided by
EBITDA as specified in the facility agree-
ment.
If leverage ratio exceeds 4.50x it will be
an event of default. Breaches in meeting
the financial covenants would permit the
lenders to immediately call loans and
borrowings.
The financial covenant is tested quar-
terly, at 31 March, 30 June, 30 Septem-
ber and 31 December. There have been
no breaches of the financial covenants
of any interest-bearing loans and bor-
rowing in the current period.
Nuuday is subject to the financial cove-
nant described above also for the com-
ing 3 quarters, whereas at 31 December
2025 the leverage ratio is changed to
4.25.
There are no indications that Nuuday
would have difficulties complying with
the covenants in the next twelve month.
4.2 | Loans
Loan
Maturity
Fixed/floating rate
Coupon
Currency
Type
Nominal value (DKKm)
Nominal value (Currency)
Of which nominal value swapped to or with fixed interest rate (currency)
1
Bank facilities have a 0% Euribor floor.
General notes:
a) EUR exposures are not considered a significant risk due to the fixed EUR/DKK exchange rate policy.
b) As of 31 December 2024 there were no drawings on RCFs. That is, undrawn RCFs amount to EUR
135m, maturing July 2026.
Net interest-bearing debt (DKKm)
2024
2023
Senior Term Facility
Lease liabilities incl. short-term part
Short-term bonds and interest-bearing receivables
Cash
Total
Nuuday Annual Report 2024 80
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Loans
Loans are recognised initially at the
proceeds received net of transaction
expenses incurred. In subsequent peri-
ods, loans are measured at amortised
cost so that the difference between the
proceeds and the nominal value is recog-
nised in the income statement over the
term of the loan.
Other financial liabilities are measured
at amortised cost.
Financial instruments
On initial recognition, financial deriva-
tives are recognised in the balance sheet
at fair value and subsequently remeas-
ured at fair value in the balance sheet
and in the income statement. Depending
on the type of instrument, different rec-
ognised measurement methods are ap-
plied for derivative financial instruments.
Nuuday does not apply hedge account-
ing.
4.2 | Loans (continued)
Accounting policies
Nuuday Annual Report 2024 81
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Interest-rate risks
Nuuday is exposed to interest-rate risks
mainly in the euro area. Both the term
loan and the Revolving Credit Facility
(RCF) are linked to the development in
the European reference rate, Euribor.
The term loan facility is 80% hedged at a
fixed rate of 2,22% calculated as a
weighted average. The hedges expire
gradually in the last year of the term
loan. Therefore, Nuuday has mitigated
the main interest rate risk in the funding
structure.
A 1 percentage point increase in interest
rates would result in an extra cost of
DKK 9m and an unrealised market value
gain of DKK 58m.
Exchange-rate risks
Nuuday has limited exchange-rate risks,
primarily from USD related to payables
from equipment and handset suppliers as
well as content providers. This exposure
is hedged by Nuuday Treasury.
Nuuday has no material exchange-rate
risk from its loan facilities as they are
issued in EUR.
Counterparty risks
Nuuday is exposed to credit risks as a
provider of digital customer experiences
and entertainment in Denmark and as
counterparty to financial contracts. The
individual brands handles the credit risk
emanating from providing services for
customers, while the credit risks in rela-
tion to financial contracts are handled
centrally by Nuuday Treasury.
Liquidity risks
The objective of the cash management is
to ensure that adequate and flexible
cash resources are being maintained. As
of 31st December 2024 Nuuday has a
cash balance of DKK 254m and an un-
drawn RCF of EUR 135m to service daily
operations. The RCF expires in July 2026
and the term loan in Feb 2028 leaving
Nuuday with no short-term refinancing
risk..
Credit rating
Nuuday is rated by the three global rat-
ratings are unchanged from 2023 and
listed in the below table.
4.3 | Financial risks
Nuuday ratings at 31 December 2024
Moody’s
Fitch
S&P
Company
Instrument
Company
Instrument
Company
Instrument
Nuuday
B2 (Stable)
B2
B (Stable)
BB-
B- (Stable)
B-
Comments
Nuuday is exposed to financial
market and credit risks when buy-
ing 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. These risks
are identified, monitored and
managed by Nuuday Treasury.
Nuuday does not undertake any
active speculation in financial
risks.
Nuuday Annual Report 2024 82
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
In Nuuday´s internal reporting, currency
translation adjustments and interest
from derivatives are reported as such,
as specified in the adjacent table.
Interest, currency translation adjust-
ments and fair value adjustments repre-
sented an expense of DKK 438m in 2023,
a decrease of DKK 11m.
The net interest paid in 2024 is slightly
higher than in 2023. The payments re-
flect a shift from the internal loan from
TDC Holding to the new term loan with
only one semi-annual payment in 2023,
Interest: following the refinancing in
Q1 2023 of the internal loan from
TDC Holding, the Group entered a STF
of EUR 0.5bn. This resulted in a higher
interest expense due to a higher level of
debt with a higher interest rate.
Currency translation adjustment:
Nuuday hedge its USD future payables
related to equipment and handset sup-
pliers as well as content providers, these
hedges resulted in a gain of DKK 26m
in 2024.
4.4 | Financial income and expenses
(DKKm)
2024
2023
Interest income
Interest expenses
Net interest
Currency translation adjustments
Fair Value adjustments
Total
2024
(DKKm)
Interest
Currency
translation
adjustment
Fair value
adjustment
Total
Senior term facility loan (STF)
Hedge of senior term facility loan
Loans from TDC Holding A/S
Lease liabilities
Other
Total
2023
(DKKm)
Interest
Currency
translation
adjustment
Fair value
adjustment
Total
Senior term facility loan (STF)
Hedge of senior term facility loan
Loans from TDC Holding A/S
Lease liabilities
Other
Cash flow from net interest (DKKm)
2024
2023
Interest received
Interest paid
Net interest paid
Specified as follows:
Senior Term Facility (STF)
Loans from TDC Holding A/S
Lease liabilities
Other
Net interest paid
Nuuday Annual Report 2024 83
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Maturity profiles
The maturity analyses of financial assets
and liabilities are disclosed by category
and class and are allocated according to
maturity period. All interest payments
and repayments of financial liabilities are
based on contractual agreements. Inter-
est payments on floating-rate instru-
ments are determined using forward
rates.
Financial assets and liabilities measured
at fair value relate to derivatives. The
fair value of these derivatives is calcu-
lated based on observable inputs such as
interest rates, etc. (Level 2 in the IFRS
fair value hierarchy).
4.5 | Maturity profiles of financial instruments
2024
Maturity profiles of expected cash
flows¹(DKKm)
< 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
Assets²:
Derivatives
Inflow
Outflow
Total derivatives assets
Liabilities:
Derivatives
Inflow
Outflow
Total derivatives liabilities
Total derivatives
Financial liabilities measured at amortised
cost
Senior Term Facilities (STF)
Senior Term Facilities (STF), interest³
Lease liability
Amounts owed to group companies
Trade and other payables⁴
Total
Total
Nuuday Annual Report 2024 84
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
4.5 | Maturity profiles of financial instruments (continued)
2023
Maturity profiles of expected cash
flows¹(DKKm)
< 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
Assets²:
Derivatives
Inflow
Outflow
Total derivatives assets
Liabilities:
Derivatives
Inflow
Outflow
Total derivatives liabilities
Total derivatives
Financial liabilities measured at amortised
cost
Senior Term Facilities (STF)
Senior Term Facilities (STF), interest³
Lease liability
Amounts owed to group companies
Trade and other payables⁴
Total
Total
1.
All cash flows are undiscounted. The table reflects only the cash flow from financial liabilities.
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 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.
Nuuday Annual Report 2024 85
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Section 5
Cash flow
More information on development in the cash flow items is
included in note 2.6 Special items, note 3.2 Intangible assets,
note 3.3 Property, plant and equipment, note 3.4 Lease
assets and liabilities, note 3.8 Provisions as well as
note 4.4 Financial income and expenses. A review of
cash flow is provided in the section Nuuday performance
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
5. In this section
Nuuday Annual Report 2024 85
Nuuday Annual Report 2024 86
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
The table belove shows changes in the
activities, including both cash and non-
cash changes. Liabilities arising from
financing activities are those for which
cash flows were, or future cash flows will
cash flow statement as cash flows from
financing activities.
5.1 | Change in working capital
(DKKm)
2024
2023
Change in inventories
Change in receivables
Change in contract assets
Change in trade payables
Change in contract liabilities
Change in prepaid expenses
Change in other items, net
Total
5.2 | Changes in liabilities arising from financial activities
2024
2023
Reconciliation of loans
and lease liabilities (DKKm)
Loans
Lease liabilities
Loans
Lease liabilities
Carrying amount
at 1 January
Cash flow from
financing activities
Non-cash changes:
New leases
Currency translation
adjustments
Other¹
Carrying amount
at 31 December
¹ Includes amortisation of borrowing costs and fair value adjustments
Comments
The negative development in net
working capital DKK (488m) is pri-
marily due to the temporary
positive impact in 2023 from VAT
on intra-group trade as well as
enhanced payment terms for
VAT and employee taxes having
expired in 2024
Nuuday Annual Report 2024 87
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Cash flow from investing activities
comprises acquisitions and divestments
of enterprises, purchases and sales of
intangible assets, property, plant and
equipment as well as other non-current
assets. Cash flow from acquired enter-
prises are recognised from the time of
acquisition, while cash flows from enter-
prises divested are recognised up to the
time of divestment.
Cash flow from financing activities com-
prises changes in interest-bearing debt,
lease instalments and dividends to share-
holders.
Cash and cash equivalents cover cash
and marketable securities with a remain-
ing life not exceeding three months at
the time of acquisition, and with an insig-
nificant risk of changes in value.
The cash flow statement cannot be
derived solely from information pre-
sented in the financial statements.
5.2 | Changes in liabilities arising from financial activities (continued)
Accounting policies
Nuuday Annual Report 2024 88
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Section 6
Other disclosures
This section contains statutory notes or notes that are
presumed to be less important for understanding the
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Nuuday Annual Report 2024 88
6. In this section
Nuuday Annual Report 2024 89
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
In order to support the delivery of short-
and long-term financial results, the
Group has both short- and long-term
incentive programmes for executives
and senior managers.
Short-term incentive programmes
(STI)
The short-term incentive programmes
are closely linked to our strategy. The
performance measures in 2024 were
SCF, EBITDA and Net Promoter Score.
Bonus payments are calculated as the
plied by the bonus percentage, the de-
gree of target fulfilment and a Personal
Performance Modifier.
The STI bonus percentage for members
of the Executive Leadership Team in-
cluding the Executive Committee is be-
tween 35-40%. For other senior manag-
ers, the bonus percentage is between
20%-25%. The target fulfilment can be
maximum 200%.
Long-term incentive programme (LTI)
The LTI programme is cash based and its
objectives are linked to the long-term
strategy. The programme is revolving
with grants given each year but with
a 1, 2 or 3-year vesting period, as the
goals are principally set for a 1, 2 or
3-year vesting period. The objectives
are cashflow, SCF, service revenue as
well as a health and safety multiplier.
The expenses are recognised over the
vesting period.
Bonus payments are calculated as the
plied by a LTI percentage multiplied by
the degree of target fulfilment.
The LTI percentage usually varies within
a range of 12%-40%. The target fulfil-
ment can be maximum 200%.
6.1 | Incentive programmes
Nuuday Annual Report 2024 90
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
joint ventures and associates shown in
note 6.7.
Remuneration for the Board of Directors
and the Executive Committee is specified
in note 2.4.
Purchase commitments concerning
group companies are shown in note 6.4.
All transactions with related parties are
made on market terms. The most signifi-
cant related party is the TDC NET
group, see also note 2.2.
Nuuday has the following transactions
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
Indirect ownership
Copenhagen, Denmark
TDC Holding A/S
Ownership - parent
Copenhagen, Denmark
TDC NET A/S
Subsidiary of TDC Holding A/S
Copenhagen, Denmark
TDC Pensionskasse
Pension fund
Copenhagen, Denmark
Related parties (DKKm)
2024
2023
TDC Holding A/S
Income
Expenses, lease payments and capital expenditures
Payables
Joint ventures and associates
Income
4
Other related parties
Income
Expenses and capital expenditures
Receivables
Payables
Nuuday Annual Report 2024 91
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Fees to auditors elected by the Annual General Meeting (DKKm)
2024
2023
Statutory audit
Other assurance engagements
Other services
Total non-statutory audit services
Total
6.3 | Fees to auditors
6.4 | Other financial commitments
(DKKm)
2024
2023
Lease commitments for short-term and low-value leases
Short-term leases
Total
Capital and purchase commitments
Commitments related to infrastructure, IT and administrative services from
group companies
Commitments related to outsourcing agreements
Investments in intangible assets
Other purchase commitments
Total
Which is:
Maturing within 1 year
Maturing between 1 and 5 years
Maturing after 5 years
Total
Comments
The commitments related to
infrastructure are preliminary
contracts with TDC NET A/S.
Except for short-term leases and
leases of low-value assets, leases
are recognised as a lease asset
with a corresponding liability at
the date at which the leased
asset is available for use by the
Group, cf. note 3.4.
Nuuday Annual Report 2024 92
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Pledges
Cash with a carrying amount of
DKK 120m (2023: DKK 538m) are pledged
as security for long-term loans.
Contingent liabilities
Nuuday is party to certain pending
lawsuits. 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 signif-
cial position.
Nuuday A/S is liable for obligations
attributable to the activities, assets and
liabilities of TDC Holding A/S that existed
at the demerger on 11 June 2019. The
joint and several liabilities of Nuuday A/S
and TDC Holding A/S respectively may
not exceed an amount corresponding to
the net value of the assets and liabilities.
There have been no events that materi-
ally affect the assessment of this Annual
Report 2024 after the balance sheet
date and up to the approval of these
financial statements.
6.5 | Pledges and
contingencies
6.6 | Events after the balance
sheet date
6.7 | Overview of group companies
at 31 December 2024
Company name
Domicile
Currency
Ownership share (%)
Hiper A/S
Copenhagen, Denmark
TDC Telco ApS
Taastrup, Denmark
4T af 1. oktober 2012 ApS
1
Copenhagen, Denmark
1.
The enterprise is included under the equity method.
Nuuday Annual Report 2024 93
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Parent company
financial statements
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Nuuday Annual Report 2024 93
Nuuday Annual Report 2024 94
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Parent company income statement
Parent company statement
of comprehensive income
(DKKm)
Note
2024
2023
Revenue
Cost of goods sold
External expenses
Personnel expenses
Other income
Operating profit before depreciation, amortisation and special
items (EBITDA)
Depreciation, amortisation and impairment losses
Special items
Operating profit/(loss) (EBIT)
Loss from subsidiaries
Financial income and expenses
Loss before income taxes
Income taxes
Loss for the year
(DKKm)
Note
2024
2023
Loss for the year
Total comprehensive Loss
Nuuday Annual Report 2024 95
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Parent company balance sheet
Assets (DKKm)
Note
2024
2023
Non-current assets
Intangible assets
Property, plant and equipment
Lease assets
Investments in subsidiaries
Investments in associates and joint ventures
Other receivables
Prepaid expenses
Total non-current assets
Current assets
Inventories
Trade receivables
Contract assets
Receivables from group companies
Other receivables
Tax receivables
Derivatives financial instruments
Prepaid expenses
Short-term bonds
Cash
Total current assets
Total assets
Equity and liabilities (DKKm)
Note
2024
2023
Equity
Share capital
Other reserves
Retained earnings
Total equity
Non-current liabilities
Deferred tax liabilities
Provisions
Loans
Lease liabilities
Other payables
Total non-current liabilities
Current liabilities
Loans group companies
Lease liabilities
Trade payables
Contract liabilities
Payables to group companies
Income tax payable
Other payables
Derivatives financial instruments
Provisions
Total current liabilities
Total liabilities
Total equity and liabilities
Nuuday Annual Report 2024 96
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Parent company statement of cash flows
(DKKm)
Note
2024
2023
Operating activities
Operating profit before depreciation, amortisation and special
items (EBITDA)
Adjustment for non-cash items
Payments related to provisions
Special items
Change in working capital
Interest received
Interest paid
Income tax paid
Total cash flow from operating activities
Investing activities
Investment in subsidiaries
Investment in property, plant and equipment
Investment in intangible assets
Investment in other non-current assets
Investment in short-term bonds
Sale of other non-current assets
Sale of short-term bonds
Dividend received from subsidiaries
Total cash flow from investing activities
(DKKm)
Note
2024
2023
Financing activities
Proceeds from long-term loans
Repayments of long-term debt
Lease payments
Settlement of derivatives related to long-term loans
Change in interest-bearing receivables and payables
Total cash flow from financing activities
Total cash flow
Cash and cash equivalents at 1 January
Effect of exchange-rate changes on cash and cash equivalents
Cash and cash equivalents at 31 December
Nuuday Annual Report 2024 97
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Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Parent company statement of changes in equity
(DKKm)
Share
capital
Reserve for
capitalised
development
projects
Retained
earnings
Total
Equity at 1 January 2023
Loss for the year
Total comprehensive income/(loss)
Equity at 31 December 2023
Loss for the year
Total comprehensive income/(loss)
Equity at 31 December 2024
Nuuday Annual Report 2024 98
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Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Notes to parent company
financial statements
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Nuuday Annual Report 2024 98
Nuuday Annual Report 2024 99
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Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
The Financial statements 2024 of the
parent company have been prepared
in accordance with IFRS Accounting
Standards as issued by the International
Accounting Standards Board (IASB) as
adopted by the European Union (EU) and
further disclosure requirements in the
Danish Financial Statements Act (report-
The parent company accounting policies
are the same as those applied for the
Group, with the additions mentioned
below. See note 1.1 to the consolidated
accounting policies.
The accounting policies are unchanged
compared with the policies applied in the
Annual Report 2023.
Supplementary accounting policies
for the parent company
Investments in subsidiaries, joint ventures
and associates
The equity method is used for measuring
investments in subsidiaries, joint ventures
and associates. Under the equity
method, investments in a subsidiary, a
joint venture or an associate are recog-
nised on initial recognition at cost, and
the carrying amount is increased or
decreased to recognise the parent com-
investment after the date of acquisition.
loss is recognised in the parent com-
from investments in subsidiaries, joint
ventures and associates reduce the
carrying amount of the investment. The
prehensive income arising from the
investment is recognised in other
comprehensive income of the parent
company.
Reserve for capitalised development
projects
In accordance with the Danish Financial
Statements Act, the parent company
has established a non-distributable
reserve in equity regarding capitalised
development projects. This reserve will
be reversed as the development projects
are amortised or impaired.
For information on critical accounting
estimates and judgements, see note 1.2
to the consolidated financial statements.
For information on new accounting
standards for the Group, see note 1.3 to
the consolidated financial statements.
1.1 | Accounting policies
1.2 | Critical accounting estimates and judgements
1.3 | New accounting standards
Nuuday Annual Report 2024 100
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Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Remuneration for the Board of
Directors and the Executive Committee
is described in note 2.4 to the consoli-
dated financial statements.
2.1 | Revenue
(DKKm)
2024
2023
Sales of goods recognised at a point in time
Sales of services recognised over time
Total
Revenue specified by services (DKKm)
2024
2023
Landline voice
Mobility services
Internet & network
TV
Other services
Total
2.2 | Personnel expenses
(DKKm)
2024
2023
Wages and salaries (including short-term and long-term bonus)
Pensions
Social security
Total
Of which capitalised as non-current assets
Total
Average number of full-time employee equivalents¹
¹ Denotes the average number of full-time employee equivalents including permanent employees and trainees.
2.3 | Special items
(DKKm)
2024
2023
Costs related to redundancy programmes
Other restructuring costs, etc.
Loss from rulings
Special items before income taxes
Income taxes related to special items
Total special items
Nuuday Annual Report 2024 101
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Statements
2.4 | Income taxes
2024
2023
(DKKm)
Income tax
income/
(expense)
Income tax
payable/
(receivable)
Deferred tax
liabilities/
(assets)
Income tax
income/
(expense)
Income tax
payable/
(receivable)
Deferred tax
liabilities/
(assets)
At 1 January
Income taxes
Adjustment of tax for previous years
Tax paid
Total
Income taxes are specified as follows:
Income excluding special items
Special items
Total
Effective tax rate (%)
2024
2023
Danish corporate income tax rate
Profit from subsidiaries, joint ventures and associates
Adjustment of tax for previous years
Limitation on the tax deductibility of interest expenses
Other
Effective tax rate excluding special items
Special items
Effective tax rate including special items
Deferred tax (DKKm)
2024
2023
Intangible assets
Other
Current
Intangible assets
Property, plant and equipment
Lease assets and liabilities
Other
Non-current
Deferred tax at 31 December
Nuuday Annual Report 2024 102
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Statements
3.1 | Intangible assets
2024
2023
(DKKm)
Goodwill
Customer
relationships
Brands
Other rights,
software, etc.
Total
Goodwill
Customer
relationships
Brands
Other rights,
software, etc.
Total
Cost at 1 January
Additions
Assets disposed of or fully amortised
Cost at 31 December
Amortisation and impairment losses at 1 Janu-
ary
Amortisation
Impairment losses for the year
Assets disposed of or fully amortised
Amortisation and impairment losses
at 31 December
Carrying amount at 31 December
Nuuday Annual Report 2024 103
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Statements
3.2 | Property, plant and equipment
2024
2023
(DKKm)
Network
infra-
structure
Equipment
Assets under
construction
Total
Network
infra-
structure
Equipment
Assets under
construction
Total
Cost at 1 January
Transfers (to)/from other items
Additions
Assets disposed of
Cost at 31 December
Depreciation and impairment losses at 1 January
Depreciation
Impairment losses for the year
Assets disposed of
Depreciation and impairment losses at 31 December
Carrying amount at 31 December
Nuuday Annual Report 2024 104
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Section 5
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Parent company
Statements
The total cash outflow for leases in 2024
was DKK 87m (2023: DKK 83m), of which,
DKK 10m (2023: DKK 10m) related to
interest payments on lease liabilities.
3.3 | Lease assets and liabilities
2024
2023
Lease assets (DKKm)
Land and
buildings
Vehicles and
equipment
Total
Land and
buildings
Vehicles and
equipment
Total
Carrying amount at 1 January
Additions
Disposals
Depreciation
Carrying amount at 31 December
Lease liabilities (DKKm)
2024
2023
Recognised in the balance sheet at present value:
Current
Non-current
Total
Maturing within 1 year
Maturing between 1 and 3 years
Maturing between 3 and 5 years
Maturing after 5 years
Total
Amounts recognised in the statement of profit and loss (DKKm)
2024
2023
Expense relating to short term leases
Depreciation charge of lease assets, cf. above
Interest expense (included in financing cost)
Nuuday Annual Report 2024 105
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Statements
3.4 | Investments in subsidiaries
(DKKm)
2024
2023
Cost at 1 January
Capital injection
Cost at 31 December
Value adjustments at 1 January
Share of profit/(loss)
Dividend
Value adjustments at 31 December
Carrying amount at 31 December
Overview of subsidiaries at 31 December 2024
Company name
Domicile
Currency
Ownership
share (%)
Subsidiaries:
Hiper A/S
Copenhagen, Denmark
TDC Telco ApS
Taastrup, Denmark
Nuuday Annual Report 2024 106
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Statements
3.5 | Trade receivables
(DKKm)
2023
2023
Trade receivables
Expected credit losses
Trade receivables, net
Expected credit losses at 1 January
Expected credit losses recognised
Realised credit losses
Reversed expected credit losses
Expected credit losses at 31 December
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
2024
Expected loss rate
Gross carrying amount
Expected credit losses
2023
Expected loss rate
Gross carrying amount
Expected credit losses
3.6 | Contract assets and liabilities
(DKKm)
2024
2023
Assets recognised from costs to obtain a contract (SAC)
Assets recognised from costs to fulfil a contract
Assets recognised from costs to fulfil an internal contract
Total contract assets
Deferred subscription income
Work in progress for the account of third parties, liabilities
Total contract liabilities
Nuuday Annual Report 2024 107
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Section 5
Section 6
Parent company
Statements
For information on share capital, see note 4.1 to the consolidated
financial statements.
For a specification of loans and a reconciliation between loans and cash flows
from financing activities, see note 4.2 to the consolidated financial statements.
4.1 | Equity
4.2 | Loans
4.3 | Financial income and expenses
(DKKm)
2024
2023
Other interest income
Interest expenses to group companies
Other Interest expenses
Net interest
Currency translation adjustments
Fair value adjustments
Total
5.1 | Change in working capital
(DKKm)
2024
2023
Change in inventories
Change in receivables
Change in contract assets
Change in trade payables
Change in contract liabilities
Change in prepaid expenses
Change in other items, net
Total
Nuuday Annual Report 2024 108
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Section 5
Section 6
Parent Company
Statements
For information about the related parties
of the Group, see note 6.2 to the consoli-
dated financial statements. The parent
company has the following transactions
and balances with its subsidiaries (cf. the
overview of subsidiaries in note 3.4):
Remuneration for the Board of Directors
and the Executive Committee is
described in note 2.4 and incentive
programmes are described in note 6.1 to
the consolidated financial statements.
All transactions with related parties are
made on market terms.
Nuuday A/S is included in the consoli-
dated financial statements of DKT
Holdings ApS.
For information on other financial
commitments, see note 6.4 to the
consolidated financial statements.
6.1 | Related parties
Subsidiaries (DKKm)
2024
2023
Income
Expenses
Receivables
Debt
6.2 | Fees to auditors
Fees to auditors elected by the Annual General Meeting (DKKm)
2024
2023
Statutory audit
Other assurance engagements
Other services
Total non-statutory audit services
Total
6.3 | Other financial commitments
Nuuday Annual Report 2024 109
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Parent Company
Statements
Cash with a carrying amount of
DKK 120m (2023: DKK 538m) are pledged
as security for long-term loans.
For information on pending lawsuits, see
note 6.5 to the consolidated financial
statements.
For information on events after the
balance sheet date, see note 6.6 to the
consolidated financial statements.
6.4 | Pledges and contingencies
6.5 | Events after the balance sheet date
Nuuday Annual Report 2024 110
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Statements
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Section 2
Section 3
Section 4
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Section 6
Parent company
Statements
Nuuday Annual Report 2024 111
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Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Executive Committee
Board of Directors
Nuuday Annual Report 2024 112
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Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Nuuday Annual Report 2024 113
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Section 3
Section 4
Section 5
Section 6
Parent company
Statements
CVR No 3396 3556
Identification No (MNE) mne 32208
Identification No (MNE) mne 34490
Nuuday Annual Report 2024 114
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Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
on the ESG statement
Nuuday Annual Report 2024 115
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Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
CVR No 3396 3556
Mads Stærdahl Rosenfeldt
Identification No (MNE) mne 3 4490
ESG Partner
Nuuday Annual Report 2024 116
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Statements
Overview
The Nuuday non-financial accounting princi-
ples set out the criteria, assumptions and prin-
ciples upon which we calculate our non-finan-
cial environmental, social & governance data,
including our energy consumption, greenhouse
gas emissions, waste, and employee data.
The ESG data is published in our Sustainability
Report. Where possible, the ESG performance
data includes all brands within the Nuuday
family.
The data reported covers the time period
from 1
st
of January 2024 to 31
st
of December
2024.
Accuracy, Completeness & Estimations
We do our best to ensure that the activity
data we collect is complete and based on
actual data, e.g., invoices, meters, fuel cards.
If this is not possible, we rely on estimations.
Following the split of TDC Group into Nuuday
and the dissolvement of TDC Group all the re-
maining emissions associated from TDC Group
are assigned to Nuuday for completeness pur-
poses.
For input data for the energy consumption
that is not split between TDC Group, TDC NET
and Nuuday, we use a distribution key to allo-
cate the part of the consumption from each
of the different companies. The distribution
keys are also corrected historically for compa-
rability and completeness purposes as the up-
dated numbers are considered more accurate
for the actual split of the company.
Environmental Data Reporting Boundaries
Energy
Electricity (GWh) measured directly by
meters across our sites
Heat (GWh) covering oil, natural gas, and
district heating with data directly from
supplier invoices
Transport (GWh) covering fuel data from
petrol and diesel based on data from com-
pany fuel cards. Electrical vehicles are re-
Share of renewable electricity consumed is
determined by dividing renewable electric-
ity consumed by total electricity consumed
CO
2
e emissions calculation methodology
We report our emissions in line with the World
Business Council for Sustainable Development
GHG Protocol methodology which classes
emissions into 3 groups: Scope 1, 2 and 3.
To calculate emissions, we apply specific con-
version factors to our activity data. We use
emission factors from our suppliers, from
Energinet and from DEFRA (
Department for
Environment, Food & Rural Affairs UK Gov-
ernment GHG Emission Conversion Factors for
Company Reporting
) to translate this activity
data into CO
2
and greenhouse gas (GHG) or
CO
2
e emissions.
Scopes 1 and 2
In order to calculate our CO
2
e emissions, we
collect activity data, e.g., litres of gasoline and
diesel consumed by our technicians in their
vans and GWh of electricity purchased across
our operations on an annual basis.
This data is sourced from:
Fuel data: Only data from company fuel
cards, as these cards should be used for
100% of fuel purchased.
Electricity: Consumption is measured
directly from ~15,000 meters across our
sites. From 2023 onwards, electric vehicle
electricity consumption is sourced from ex-
ternal electric vehicle partner
Oil, natural gas, district heating: Taken
directly from supplier invoices as volume
or cost.
We use fuel conversion factors to convert our
fuels into kWh. For petrol, diesel, oil and natu-
ral gas, we use the official UK government /
DEFRA fuel conversion factors. These factors
are updated on an annual basis, according to
the newest published factors from DEFRA.
For location-based emission factors there is
significant time lag between our publication
and the issuance of the correct factor for the
given year. In our reporting we use the latest
available emission factors.
Scope 3 Emissions Reporting
Nine of the fifteen Scope 3 categories have
been found to be relevant for our business. In
2020, we performed our first Scope 3 inven-
tory and in 2022, we included emissions from
net distributors in our scope 3, category 1.
Since we cannot recalculate previous years
(TDC Group was one company with own net
distribution), we have now chosen 2022 as new
base line year.
In 2024, data quality was improved, and 2023
figures were updated retrospectively.
Category 1: Purchased Goods and Services &
Category 2: CAPEX
These two categories are reported together.
There are two different methodologies to cal-
culate emissions depending on availability of
data. They range from most to least accurate:
a) Financial Allocation Method: If the trans-
parency of supplier data for scopes 1, 2
share of their emission by using the fol-
lowing formula: Nuuday / Supplier Reve-
nue * Supplier Footprint
There is a threshold for what is considered
Publish scope 1 emissions
Publish preferably, market-based Scope 2
emissions but location based used other-
wise
Have a full Scope 3 inventory for upstream
emissions, with a minimum of purchased
goods and services reported publicly
The suppliers meeting the above criteria were
slightly higher in 2024 compared to previous
years reflecting more accurate emissions. The
dated every 3 years and the suppliers adjusted
accordingly. Average annual exchange rates
are used and most recent available 12- month
data from each supplier.
b) Environmentally Extended Input Output
is insufficient, then we estimate the foot-
print using EEIO modelling, based on the
US-EEIO factors of EPA from 2022. The
EEIO factors have been adjusted for infla-
tion using the consumer price index and
for currency.
Nuuday accounting principles
for ESG reporting 2024
Nuuday Annual Report 2024 117
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Statements
For content providers there is not yet an in-
dustry standard approach or suitable EEIO
factor. Therefore, we are using the same ap-
proach as implemented last year. For content
suppliers with good enough Co2 data, the
footprint allocation method has been used.
The average of gCO2e/DKK per supplier has
then been calculated for these suppliers. This
average has been applied to the remaining
content suppliers instead of using EEIO.
Category 3: Fuel and Energy Related
Activities
To calculate these emissions, we use activity
data from scope 1 and location-based scope 2.
Emission factors are taken from DEFRA
(Department for Environment, Food & Rural
Affairs UK Government GHG Emission Con-
version Factors for Company Reporting). Emis-
sion factors for transmission and distribution
(T&D), well-to-tank (WTT) and T&D WTT for
electricity have been calculated using the pub-
lished methodology from DEFRA and electricity
net loss reported by Energinet.
Category 4: Upstream transportation
All transportation is accounted for in this cate-
gory as we source the transportation. We use
actual activity data provided by our transpor-
tation suppliers.
Category 5: Waste
We use supplier specific tonnage for all waste
for TDC Group for which Nuuday accounts for
a certain percentage of waste based on num-
ber of employees. We use emission factors
from DEFRA (Department for Environment,
Food & Rural Affairs UK Government GHG
Emission Conversion Factors for Company Re-
porting) to translate this activity data into
CO2 equivalent emissions.
Category 6: Business travel
Air: Use supplier specific data on km travelled
on short, medium, long-haul, business and
economy, with DEFRA emission factors
Hotel: Use nights spent in each country and
the DEFRA emission factor. Where DEFRA
emission factors have not been available
emission factors from Green View (hotel foot-
prints) have been used.
Rental cars: Use of spent data and assumption
on percentage of spend related to fuel. Fuel
has been assumed to be 50/50 split of petrol
and diesel.
Taxi: Use invoice data and DEFRA emission fac-
tor for taxis.
Public transport: Use invoice data and supplier
specific emission factor for InterCity trains
from DSB (spend/revenue*CO2 footprint of
Danske Statsbaner (DSB).
Sea travel: Use of supplier specific emission
factor from Molslinjen and assumption of
weight related to one ferry crossing of a
Nuuday employee.
spend, kilometres driven has been calculated
followed by emissions using DEFRA emission
factors.
Category 7: Employee commuting
In 2020, we conducted a survey of employees
where we got detailed responses on the pre-
corona commuting habits from 262 Nuuday
employees. Based on this information, we have
modelled the relative distribution in choice of
transportation type for commuting of our
employees in three regions (Sjælland, Fyn and
Jylland) and calculated average transportation
distances of the different transportation
types of our employees per region. We use av-
erage office occupancy rates of the reporting
year from facility management to address
commuting days per week and remote working
days per week. For commuting days, we use
most recent transportation-specific emission
factors from DSB, Movia, Metroselskabet and
DEFRA. For remote working days we use an
emission factor from a Carbon Trust study for
average daily remote-working emissions.
Category 11: Use of Sold Products
This category includes direct emissions from
use of leased customer premise equipment
and equipment sold to customers. Indirect use
emissions from sold and leased products are
not included. We have calculated the lifetime
power consumption for use of most of our
product categories, including modems, WIFI
extenders, Set-Top Boxes, mobile phones, tab-
lets, laptops, business telephones and network-
ing equipment. We have estimated the lifetime
power consumption of the individual product
categories based on the wattage usage of
specific products and taking into account
sleep function where relevant. To calculate
the lifetime of the device, we make type spe-
cific assumptions. Around 2% of our sold and
leased products are excluded due to lack of
data. Around 16% of our sold and leased prod-
ucts are excluded.
From 2023, we have differentiated between
new products and refurbished products in
the lifetime of the products and thus energy
usage. 2022 numbers have been updated ret-
rospectively.
Category 12: End of Life of Sold Products
We calculate the end-of-life emissions of all
sold products, including products excluded in
category 11 due to lack of direct use emissions.
We use average product-specific weights and
assumed end of life treatment. We add 5%
weight to all products to account for packag-
ing and assume 90% paper and cardboard for
closed-loop recycling and 10% plastic for incin-
eration (in weight). For the product we assume
90 % electronic waste for open-loop recycling
and 10% electronic waste for incineration (in
weight). Around 3% of total sold and leased
products are excluded due to lack of data.
Waste
Our suppliers provide our consumption data.
The data is then split, based on the location of
the waste into three categories: TDC Group,
TDC NET and Nuuday. The waste flows that
belong to TDC Group are then assigned to
TDC NET and Nuuday based on the employee
-
flows are assigned
to GRI categories, based on the type of waste
and the final waste route. The detailed guid-
ance for the split of the waste flows is pro-
ally updated.
Customer product refurbishment
and take back
Three numbers are reported for the two cat-
egories:
The number of MBB and customer premises
equipment (CPE) units that were refur-
bished in the reporting year is a tally of all
the CPE/MBB units that were called back
and refurbished for reuse during the re-
porting year. CPE units include routers and
TV set-top boxes that Nuuday deploys to
its customers
The percentage of refurbished of total
CPE/MBB units is the number of all the
CPE/MBB units Nuuday purchased that
were refurbished in 2024 divided by the
total number of CPE/MBB units Nuuday
purchased in 2024, expressed as a percent-
age.
The avoided e-waste is the weight of the
refurbished units in metric tonnes that
were purchased by Nuuday in the reporting
year
Used phones bought back from customers
are phones that Nuuday bought from cus-
tomers and then ships to an external part-
ner. The device is then either recycled or
reused. The basis for the calculation is
reported data from third party (our exter-
nal partner) that mediates the recycle
and reuse.
Non-Environmental Data Reporting
Boundaries
HR data
Our HR data is calculated based on year end,
headcount data, and is taken from internal HR
systems. Other definitions include:
The number/percentage of employees by
gender is the tally/percentage of
Nuuday Annual Report 2024 118
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Section 6
Parent company
Statements
employees who are men and women, em-
ployed of the company at year end.
Male/female registration in internal HR sys-
tem based on CPR number.
The number/percentage of employees by
contract type is the tally/percentage of
employees who are employed at the com-
pany at year end, who had either a perma-
nent or a temporary contract, divided
across gender (male/female).
The number of employees by employment
type is the tally of employees who are
employed at the company at year end, who
were either employed in a full-time or a
part-time capacity, divided across gender
(male / female).
The number/percentage of employees by
age group is a tally/percentage of employ-
ees who are employed at the company at
year end, divided across three age brack-
ets.
The number/percentage of employees by
employment category is a tally/percentage
of employees who are employed at the
company at year end, who have managerial
or non-managerial responsibilities, divided
across gender (male / female). Managerial
responsibility is defined as having personnel
responsibilities (minimum 1. employee in
direct reference). The number/percentage
of top management by gender is the per-
centage of top management who are men
and women. Top management are defined
as the upper management layer, i.e. the
executive leadership team and the level
below with direct reference to the execu-
tive leadership team and with personnel
responsibilities (minimum 1. employee in
direct reference). Top management is also
included in the KPI for managers.
Number of nationalities is delivered from
Statistics Denmark and refers to the
number of different nationalities in employ-
ees that are hired in the company per
31 December. The data is provided by HR
representatives to Statistics Denmark and
meets the requirements of anonymity.
Nuuday then receives a status.
The age of the oldest employee is the age
in years of the employee who is employed
at the company at year end, that are
oldest compared to all other employees
employed at the company at the same
time.
The age of the youngest employee is
the age in years of the employee who is
employed at the company at year end,
that are youngest compared to all other
employees employed at the company at
the same time
Occupational Health & Safety (OH&S) data
Our OH&S is calculated based on a headcount
as per HR data. Other definitions include:
The number of fatalities is the tally of inci-
dents reported during the year.
The number of accidents with lost time is
the tally of incidents reported during the
year where the employees did not come to
work the following day due to the accident.
The number of accidents without lost time
is the tally of incidents reported during the
year where the employees came to work
the day after the accident.
The number of days of absence is the total
combined number of days where employees
were absent from work due to work-re-
lated incidents.
The rates (fatalities, high consequence
work-related injuries, work-related injuries,
and near-miss accidents) are calculated in
line with GRI reporting standard 403-9,
where the rate of X is equal to the number
of incidents of X in the reporting year per
1 million of hours worked. Hours worked is
calculated based on the total headcount, as
per HR data, over 46 weeks (average work
year minus 6 weeks of annual leave).
Other Metrics
Gender representation Board of Direc-
tors: The number/percentage of gender
representation on the Board of Directors is
a tally/percentage of the number of Direc-
tors on our Board of Directors who are men
and who are women, at year end of the
reporting year.
Whistleblower: The number of Whistle-
blower reports to the Nuuday A/S Board of
Directors is the tally of reports that came
to the Board through the whistleblower
program channels in the reporting year,
that were deemed to be valid and appropri-
ate. The whistleblower reports are treated
by third-party.
GDPR learning: The percentage of employ-
ees who completed a GDPR e-learning is
the number of employees who were
employed at the company at year end
who completed a GDPR e-learning during
the reporting year divided by the total
number of employees who were employed
at the company at year end minus those
on leave.
Security learning: The percentage of
employees who completed a voluntary se-
curity e-learning, is the number of employ-
ees who were employed at the company
at year end, who completed a security
e-learning during the reporting year,
divided by the total number of employees
who were employed at the company at
year end and were eligible to complete the
training. Year end is defined as 31 Decem-
ber, only e-learnings completed before this
date are to be included in the calculation
for the reported figure.
Nuuday Annual Report 2024 119
Management review
Financial statements
Section 1
Section 2
Section 3
Section 4
Section 5
Section 6
Parent company
Statements
Forward-looking statements
This report may include statements about
Nuuday’s expectations, beliefs, plans, objectives,
assumptions or future events or performance
that are not historical facts and may be for-
ward-looking. These statements are often, but
not always, formulated using words or phrases
such as “are likely to result”, “are expected to”,
“will continue”, “believe”, “is anticipated”, “esti-
mated”, “intends”, “expects”, “plans”, “seeks”,
“projection” and “outlook” or similar expressions
or negatives thereof. These statements involve
known and unknown risks, estimates, assump-
tions 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
Nuuday’s results include: the competitive envi-
ronment and the industry in which Nuuday
operates; contractual obligations in Nuuday’s
financing arrangements; developments in com-
petition within the domestic and international
communications industry; information technol-
ogy and operational risks, including Nuuday’s
responses to change and new technologies;
introduction of and demand for new services
and products; developments in demand, prod-
uct 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 be-
ing 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 dif-
fer materially from those expressed in any for-
ward-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 Nuuday cannot
predict. In addition, Nuuday 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 ma-
terially from those described in any forward-
looking statements.
Forward-looking statements