YouSee

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Glossary

In 2009, YouSee’s revenue and EBITDA totaled DKK 3,597m and DKK 1,141m, respectively, compared with DKK 3,188m and DKK 954m in 2008. The EBITDA margin was 31.7% in 2009 compared with 29.9% in 2008.

At year-end 2009, YouSee had 1,265 full-time employee equivalents compared with 1,174 in 2008. YouSee’s cable-TV customers totaled 1.2m, up 3.6% compared with 2008. Broadband and telephony customers totaled 393,000 and 71,000, up 21.7% and 51.1%, respectively.

From 2008 to 2009, YouSee achieved subscriber and revenue growth in all product lines, while containing operating expenses. The most significant growth was obtained in the digital-TV segment, including significant growth in the number of YouSee Plus subscribers.

Revenue

YouSee’s revenue rose by DKK 409m or 12.8% to DKK 3,597m in 2009. The acquisition of A+ on June 1, 2009 contributed DKK 78m to the revenue growth, while the partial divestment of Connect Partner contributed negatively by DKK 42m. Adjusted for these impacts, YouSee's revenue increased by approximately 10%, as YouSee managed to increase its customer base in all business areas from 2008 to 2009. The growth was attributed mainly to YouSee Clear, which increased by DKK 222m or 10.0% to DKK 2,433m, and related to an increasing customer base and higher ARPU. YouSee Plus increased by DKK 50m or 50% to DKK 150m due to a significant increase in the customer base and ARPU. Revenue from internet services and landline telephony also increased, related to more customers. This was partly offset by decreased revenue from installation related to lower activity.

In 2008, revenue increased by DKK 359m or 12.7% to DKK 3,188m. The increase was driven largely by higher TV revenue of 15.4% due to a larger customer base and higher ARPU as a result of a wider range of TV channels. YouSee’s broadband and telephony businesses exhibited revenue growth of 10.0% and 14.9% due mainly to larger customer bases.

Gross profit

In 2009, YouSee’s gross profit increased by DKK 228m or 12.4% to DKK 2,072m, which related to the increased revenue. Transmission costs and cost of goods sold increased by DKK 181m to DKK 1,525m. The increase was related primarily to higher program costs of DKK 134m, stemming from an increased customer base, new programs and higher prices.

In 2008, gross profit increased by DKK 168m or 10.0% to DKK 1.844m, which was related to the increased revenue. This was partly offset by transmission costs and cost of goods sold, which increased by DKK 191m to DKK 1,344m in 2008, stemming mainly from increased program expenses due to more customers and a wider range of channels in the packages.

Income before depreciation, amortization and special items (EBITDA)

YouSee’s EBITDA increased by DKK 187m or 19.6% to DKK 1,141m in 2009. The increase related mainly to increased revenues from a larger customer base and higher ARPU, especially on TV, but also on broadband. This was partly offset by an increase in wages, salaries and pension costs of DKK 36m or 7.7% to DKK 503m, due primarily to an increase in full-time employee equivalents that related primarily to the acquisition of A+. Other external expenses remained almost unchanged at DKK 429m in 2009.

In 2008, YouSee’s EBITDA increased by DKK 140m or 17.2% to DKK 954m. This is related mainly to increased revenue from a larger customer base and higher ARPU on TV and broadband. Other external expenses increased by DKK 4m or 0.9% to DKK 430m in 2008, and related primarily to more installation work linked to changing customers’ TV packages, increased rent of network and more cable faults. Wages, salaries and pension costs rose by DKK 30m or 6.9% to DKK 467m, due largely to an increase in full-time employee equivalents.

Selected financial and operational data Excluding special items
YouSee    2009  2008  2007   Growth in %  Growth in %
                2009 vs. 2008  2008 vs. 2007
                    
    DKKm               
Revenue    3,597  3,188  2,829  12.8  12.7 
   YouSee Clear    2,433  2,211  1,912  10.0  15.6 
   YouSee Plus    150  100  90  50.0  11.1 
   Internet services    725  640  582  13.3  10.0 
   Landline telephony    72  54  47  33.3  14.9 
   Other    217  183  198  18.6  (7.6)
Transmission costs and cost of goods sold    (1,525) (1,344) (1,153) (13.5) (16.6)
Gross profit    2,072  1,844  1,676  12.4  10.0 
Other external expenses    (429) (430) (426) 0.2  (0.9)
Wages, salaries and pension costs    (503) (467) (437) (7.7) (6.9)
Operating expenses before depreciation, etc.    (2,457) (2,241) (2,016) (9.6) (11.2)
Other income and expenses    (85.7)  
EBITDA    1,141  954  814  19.6  17.2 
                    
Key financial ratios                  
EBITDA margin  % 31.7  29.9  28.8     
                    
Customer base (end-of-year) '000               
TV customers    1,153  1,113  1,092  3.6  1.9 
   of which YouSee Plus    146  105  82  39.0  28.0 
Internet customers    393  323  309  21.7  4.5 
Landline customers    71  47  35  51.1  34.3 
Mobile broadband customers           
Customer base, total    1,619  1,483  1,436  9.2  3.3 
    DKK /               
ARPU (yearaverage) month               
Landline internet    167  168  n.a. (0.6)  
TV, total    188  173  n.a. 8.7   
YouSee Clear    177  166  n.a. 6.6   
Additional ARPU YouSee Plus    100  89  n.a. 12.4   
                    
Other KPIs                  
Homes passed '000 1,401  1,333  n.a. 5.1   
Penetration  % 81  84  n.a.    
                    
Number of employees    1,265  1,174  1,110  7.8  5.8