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Edited Transcript of TDC.CO earnings conference call or presentation 13-Aug-19 12:30pm GMT

Q2 2019 TDC A/S Earnings Call

Copenhagen Aug 20, 2019 (Thomson StreetEvents) -- Edited Transcript of Tdc A/S earnings conference call or presentation Tuesday, August 13, 2019 at 12:30:00pm GMT

TEXT version of Transcript

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Corporate Participants

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* Allison Kirkby

TDC A/S - Group CEO & President

* Flemming Jacobsen

TDC A/S - Head of Treasury and IR

* Lasse Pilgaard

TDC A/S - Senior Executive VP & CFO

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Conference Call Participants

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* Nick MacDonald

BofA Merrill Lynch, Research Division - VP and Senior Analyst

* Peter-Kurt Nielsen

ABG Sundal Collier Holding ASA, Research Division - Lead Analyst

* Ulrich Rathe

Jefferies LLC, Research Division - Senior European Telecommunications Analyst

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Presentation

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Allison Kirkby, TDC A/S - Group CEO & President [1]

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Good afternoon, and welcome to DKT Holdings Q2 2019 Conference Call. For those of you that have not heard from me before, I am Allison Kirkby, the CEO of TDC Group. And I have with me today our Group CFO, Lasse Pilgaard; and our Head of Treasury and IR, Flemming Jacobsen.

As normal, the conference call is scheduled to last for about an hour. The way we're running it today is that Lasse will begin by presenting the key highlights from the quarter including the financials and a trading update for our group, and then he'll present the financial highlights from DKT Holdings Group. Then I will take you through the highlights of our strategy. And after the presentation, we'll open up for Q&A. As always, we will try to limit you to a maximum of 2 questions each so that as many of you as possible get a chance to ask questions. So on that note, I will hand over to Lasse.

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Lasse Pilgaard, TDC A/S - Senior Executive VP & CFO [2]

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Thank you, Allison. Let's turn to Page 2, while I present the highlights from the TDC Group here in second quarter of 2019. So in the second quarter, 2019 was very much in line with our expectations, and we continued to focus on building the TDC of the future as we'll get back to later. This was further highlighted with the partial demerger on June 11 resulting in a legal separation of our 2 business units, TDC NetCo and Nuuday. I will get back to the details of the separation later in the presentation.

In Q2, we saw commercial performance in line with previous quarters with strong development in mobile and broadband offset by a continued decline in landline voice and TV. Further, we continued to also see that our OpEx efficiency programs resulted in an organic OpEx improvement of 1.8%. In total, the resulting organic EBITDA development for the quarter was a decline of 2.6%, which was in line with our expectations for the full year but also, as we talked about in Q1, for how was saw Q2. Our customer satisfaction had a positive development in Q2 resulting in a score of plus 1 in the net promoter score for the entire TDC Group. This is the first time in a long time we're seeing a positive year, so it's a big milestone to achieve. The development was driven by a strong performance in our YouSee brand especially. The brand perception went up as a result of some strong TV product launches, but also our service and support functions have positively contributed to the increase.

In Q2, we continued to deliver on our promise to make TDC and enable us to do business with Denmark. So far, we have announced 22,000 addresses across Denmark for our fiber rollout in TDC NetCo. And we are also progressing strong to deliver on our 5G promise to Denmark, which is to recap that we'll have a national 5G network end of 2020.

To further support our fiber program, in Q2, we also announced a joint venture between TDC NetCo and Nordkysten, named Fiberkysten. Fiberkysten will start rolling out the fiber in Q3 this year and will secure crucial [picking] capacity for TDC in our fiber deployment for the coming years.

In Nuuday, we strengthened a key partnership to support the open model of selling a third-party fiber infrastructure. So now Nuuday and Eniig have activated their cooperation. And Nuuday can sell on the 300,000 households that is in North and Central part of Jutland, which means that these customers can now get access to Nuuday's digital entertainment services, which was not possible before.

Lastly, NetDesign, which is a Nuuday subsidiary, was awarded a large public tender agreement covering most of local authorities in Denmark and the Central government. The tender includes IT security, network and unified communication including telephony services. This agreement enables further growth potential for integrator services and the TDC business brand. Lastly, I'll also get back to our 2019 guidance in this presentation today.

So turning to Page 3. We can see the asset split between TDC Group, Nuuday and NetCo. So as you all know, on June 11, the TDC employees accomplished a critical strategic milestone for TDC with a partial demerger. This resulted in a legal separation of the 2 business units, TDC NetCo and Nuuday, a milestone that we have all been working on throughout the last year. TDC NetCo is built in a way so that it provides end-to-end network services to the market. As such, it owns the -- and operates the access, the transport and core network for both fixed and mobile, also including the mobile spectrum portfolios.

To enable Nuuday to differentiate their core products, they own all relevant TV platforms and the Broadwork platform that is used to deliver advanced business communication solutions such as unified communications. Lastly, group owns the 2 subsidiaries, TDC NetCo and Nuuday and has the responsibility to govern, advise and deliver shared services to the 2 entities. Allison will get more back to this later in the presentation. But -- and some will measure will measure the success of TDC group based on the success of the 2 new entities. The next phase of the separation will, of course, focus on finalizing the IT split over the coming 2 years.

Let's turn to Page 4, where I will go through the TDC Group financial highlights for the second quarter. In Q2 2019, reported revenue decreased by 2.1%. If we adjust for the -- from the impact from acquisitions, organic revenue decreased by 2.6%. This is mainly driven by the decline in landline voice and other services including terminal and B2B hardware sales. The decline was only partially offset by growth in mobility services. If we were to adjust for the cyclical nature of terminal and hardware sales and the legacy drag that we have from line and voice, TDC Group's revenue actually increased by 0.6% in Q2 year-over-year across our core products. And this is a good proof point that the products that we are investing in and focusing on is actually also growing.

In Q2, we saw a decrease in our operating expenses of 1.7% or equivalent to DKK 25 million. The development was affected positively by the new lease accounting principles from IFRS 16 of DKK 92 million and negatively by costs related to the transition of TDC of DKK 83 million that is expected to total DKK 300 million to DKK 400 million for the full year.

If you adjust for all these things, our organic operating expenses decreased by 1.8%. We'll also return a little bit more to OpEx later in this presentation.

Looking at organic EBITDA. The organic EBITDA decreased by 2.6% for the quarter triggered by the continued decline in landline voice and TV. Compared with the previous years, the development was mainly impacted by lower cost savings and lower growth in mobility services. The organic EBITDA development is in line with the Q1 level and our full year expectations. Profit for the period was negative in Q2. The loss was impacted by accelerated depreciations of mobile equipment following the swap to Ericsson equipment as well as higher depreciation of lease assets after implementing IFRS 16. Lastly, CapEx for the period increased 35.6% to DKK 1.1 billion primarily driven by fiber and 5G. I'll get back to this later also.

Turning to Page 5. We present the performance per business line in Q2. Consumers-reported gross profit decreased by 2.4% year-over-year this quarter driven by landline voice, handset sales and TV, which, to some extent, was offset by growth in mobility services and internet and network.

It is important to note that the reported growth in gross profit of both mobility services and internet and network remains positive as it's been throughout all of 2018 driven by price increases and a migration towards higher speeds on broadband.

On EBITDA, our Consumer division saw a 2.1% organic decline in the second quarter of 2019 where OpEx improvement from especially a reduced number of FTEs have contributed positively to the results.

Business saw a gross profit decrease of 2.7% year-over-year. This is, however, a good improvement of the trend compared to Q2 last year where business saw a 4.8% decrease. The decrease in gross profit development is driven by landline voice and internet and network, while the positive growth is coming from cloud solutions, handset sales and mobility services, which includes the win of the major public contract, SKI, that was won last year.

On EBITDA, business saw organic decline of 3.1% in Q2, which is also an improvement when comparing to the organic EBITDA decline in Q2 2018, which was 5.8%. Wholesale organic EBITDA decreased 2.5% due to higher marketing costs and positive one-offs in Q2 2018 partly offset by the new national roaming agreement with Hutch. Other operations reported EBITDA improved 8.1% in Q2, positively affected by IFRS 16. Organic EBITDA improved 1.9% driven by efficiency improvement and fewer FTEs in the field force.

So looking a little bit more on OpEx and CapEx on Slide 6. In Q2, reported operating expenses decreased by 1.7% when adjusting for acquisitions, costs related to the separation of TDC, investments in fiber rollout, IFRS 16 and changed accounting classification of certain costs related to the customer installations. Organic operating expenses decreased by 1.8%. The improved operating expenses were driven by cost savings stemming from fewer FTEs, reduced stock and marketing spend in the Consumer division. In Q2, as I mentioned earlier, capital expenditures totaled DKK 1.13 billion, an increase of 35.6% compared with the same period last year. Not surprisingly, the increases arise primarily from investments in upgrading our network to 5G and also the fiber deployment and lastly, investments in digital activities such as upgrades to our TV platform to support the updated media strategy and lastly, investments associated with the IT separation.

Looking at Slide 7, we'll look at the financial guidance for the year. In our financial guidance for 2019, we foresee the costs related to the separation to account for DKK 300 million to DKK 400 million and our organic EBITDA growth to remain at a low single-digit decline. We expect CapEx to increase slightly to between DKK 4.4 billion and DKK 4.8 billion, which is primarily related to the 5G mobile network swap from Huawei to Ericsson and the build-out of fiber. The guidance for leverage is unchanged and we still expect it to be approximately 3.5x EBITDA for the year. Note that the guidance is still excluding effects from IFRS 16.

Let us turn to Page 8 and the operational key figures in Q2. Here we'll go through internet and network and mobility services first. So for internet and network, organic gross profit had a flat development this quarter, which was the result of a decline in customer base offset by increasing ARPU in both the Consumer division and in the Business division. In Business, we saw an ARPU increase of DKK 8 year-over-year, which was due to price increases and a migration towards higher speeds. This all also resulted in a net loss of 2,000 customers compared to Q1. Similar trends were seen in the Consumer division where the ARPU increased with DKK 10, while the customer base decreased with 14,000 RGUs. The net loss of 14,000 customers came primarily from loss of copper customers, and the decrease was worse than we have seen in recent trends. Of course, we're not just satisfied with this development, and we have started several initiatives in order to improve the broadband development. This includes, of course, activating a large share of our accelerated fiber rollout of 22,000 addresses announced so far, but of course, increasing. And speed migrations of our DSL and Coax customers as well as offering DSL customers hybrid mobile broadband solutions to get higher speeds out of their DSL.

In parallel, we are working to get access to more utility fiber networks as we can start to offer our products to a broader range of end-users, but of course, the now activated Eniig partnership will open a large part of Denmark for our Nuuday brands. That will be very crucial to succeed with the growth.

Turning to mobility services. In mobility services, organic profit increased by 2.2% in Q2. The increase stemmed from positive development in ARPU in both Consumer and Business as we also saw for broadband as well as the national roaming agreement with Hutch. In the Business division, the ARPU increased by DKK 1 year-over-year, which marks a very important milestone since this is the first quarter in ADS where business ARPU in the mobility services increased. The RGU base also increased with 35,000 year-over-year, mainly due to the continued intake of the large government contract scheme that was won 2 years ago. But remember these customers are, of course, coming at a low ARPU, which further is a strong evidence given that the total ARPU has increased in the quarter.

In Consumer, the ARPU increased with DKK 1 year-over-year primarily driven by price increases. Year-over-year, the customer base increased by 35,000 driven by the acquisition of Firmafon, which accounted for 10,500, and inclusion of [CoreMobile], which was another 20,000 customers. In Q2, Consumer faced negative RGU development of 8,000 due to the announced price increases from July.

If we turn to Page 9, we'll focus on TV and landline voice. So in our TV business, we saw an organic gross profit decline of 5.4% year-over-year in Q2. The decline is driven by negative development in our customer base, which decreased 11 -- with 11,000 RGUs versus the quarter before. Year-over-year, we are now -- we have lost 53,000 TV RGUs. The decrease was also impacted by higher content costs due to the inclusion of streaming services in our TV packages and higher prices from content suppliers in general. In the same period, we managed to increase ARPU by DKK 7 year-over-year through price increases effective from beginning of 2019, which of course, was partly -- which has partly offset the gross profit decrease.

Lastly landline voice. Organic landline voice gross profit declined with 12.9% year-over-year driven by a fewer RGUs in both consumer and business, who lost 14,000 and 6,000 RGUs respectively compared with Q1.

The Q2 development is in line with the market trend and trend from previous quarters. The ARPU decline in both Consumer and Business with DKK 4 and DKK 11, respectively, mainly driven by reduced traffic.

On Page 10, we show the financial highlights from the DKTH Group. So all operating activities related to TDC's activities, accordingly EBITDA and CapEx largely reflect the TDC's corresponding figures. The loss for the period was negatively impacted by interest expenses on DKT's debt and so-called purchase price allocation adjustment for accounting purposes.

On Page 11, you'll find the capitalization table for DKT Holdings Group. Total TDC debt increased by DKK 6.9 billion in first half year of 2019, of which, DKK 5.3 billion relates to the recognition of lease liabilities according to IFRS 16 and DKK 1.4 billion from the acquisition of mobile licenses.

TDC's reported leverage increased from 2.9x EBITDA end of 2018 to 4x EBITDA end of the first [year] of 2019. The reported leverage ratio increased due to the declining EBITDA but mainly the impacts of IFRS 16. This was also implemented without restating comparative figures for previous periods, which means that last 12 months EBITDA only includes impact from IFRS 16 in first year of 2 -- first half of 2019 of DKK 195 million and lease obligations of DKK 5.3 billion end of first half of 2019.

Calculated based on the annualized impact from IFRS 16 for 2019 of DKK 390 million, the leverage ratio would have been 3.9x for TDC A/S and 5.5x for DKT Finance. Calculated excluding impact from IFRS 16, the leverage ratio would have been 3.3x for TDC and 5x for DKT Finance. Our guidance for the full year is a TDC leverage of approximately 3.5x of EBITDA excluding any effects from IFRS 16.

And so to take you through our strategy and so I don't have to say...

(technical difficulty)

Good, this finalized -- I'm sorry for the technical issues that we have. This finalized my part of the presentation. And so to take you through our strategy, I'll hand it over to our Group CEO, Allison Kirkby.

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Allison Kirkby, TDC A/S - Group CEO & President [3]

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And hopefully I won't need to mention the word IFRS 16. Thank you, Lasse. So if we now go to Page 13, I'll take you through the ambition and highlights of our new strategy.

As you know, TDC has embarked on a very bold journey to reshape the Danish telecoms industry in a way that we believe will benefit Denmark as a country and also our owners. Our ambition is to build and support an innovative open business model to ensure that all of Denmark can connect to the new digital opportunities that will be unleashed as a result of 5G and fiber. And because of our heritage, our nationwide asset base, our capabilities and our willingness to invest for the long-term future of a digital Denmark, we believe that TDC is uniquely qualified to build and extend the best communication network and digital services to all of Denmark's and -- to all of Denmark and all operators that exist here. So why are we doing this now? Well, as the telecoms industry enters into an era where significant investment is required to support the insatiable demand for connectivity and digital services, we believe that our strategy of structural separation will be one that becomes a role model for the industry in terms of successfully delivering an attractive TSR, alongside taking a proactive role to enable and support society in this digital era. We do believe that, in time, we will be seen as the frontrunners who were bold enough to pursue this successful strategy. So that is our compelling ambition for the months and years ahead.

If you now turn to Page 14, you'll find the 4 overarching strategic priorities or choices that will enable us to realize our ambition. First, it's about transformation. Our ambition is bold and will require significant transformation, and we're off to a fast start. The legal separation of our 2 business units is complete, but we now have to deliver the full structural separation to create the 2 new totally independent companies. This will probably take another 2 to 3 years as the scale of the IT separation cannot be underestimated, as is the cultural challenge of creating 2 new agile modern-day companies fit for purpose for the digital era. Second is very much about technology. We are investing in and building the fastest most future-proof technologies that will benefit our 2 new companies and Denmark as a country. 5G, fiber, digital, OTT entertainment, cloud-based services, these are a few areas where we're investing heavily and at pace to ensure we are the first to offer all of these services to all of Denmark.

Third is about trust. Clearly, as an ex monopoly and incumbent, we need to prove that our new open business model will benefit all our customers and Danish society as a whole. As a result, we are very much focused on ensuring customer experience and our social responsibility are improved upon as a result of our new strategy.

And last but not least, talent. People are our most important asset and being one of Denmark's largest employers, we want to ensure that whether you choose a career in TDC Group, TDC NetCo or Nuuday that we are able to attract, retain and develop the diversity of talent that we need to create and sustain the TDC of the future, which takes us now to Page 15. And very much had been touched upon by Lasse earlier. But to realize our strategy, we have created these 2 new companies of TDC NetCo and Nuuday. The purpose of NetCo is to shape the digital future of Denmark offering state-of-the-art infrastructure that enables digitalization. And the purpose of Nuuday is to make sense with the technologies that they offer and retail to their customers. And they will be retailing innovative digital services, including entertainment, to the whole of Denmark. By separating TDC into these 2 new companies, we believe that we will be better enabled to meet the challenges and seize the opportunities of the new digital era ahead.

So summing up, 2019 is a very pivotal year in bringing to life our strategy to create this new open business model that will enable all of Denmark to benefit from the new era. And we have made great strides in the second quarter.

Our Q2 results were very much as expected, a solid commercial performance with ARPU and revenue increases across all products excluding the legacy landline voice. And EBITDA, of course, impacted by costs related to the separation of our company as well as accelerated investment into fiber rollout and the mobile network swap as we accelerate the transformation of TDC.

We, as a team, continue to new remain fully focused on building the new TDC of the future. It's a transformation that is very exciting, but it will take time and investment in the short term but will ensure a long-term relevant and sustainable business that all of Denmark and our shareholders will clearly benefit from.

With that, I conclude the presentation, and Lasse and Flemming and I will now open up for any questions you may have.

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Questions and Answers

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Operator [1]

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(Operator Instructions) First question is from the line of Peter Nielsen from ABG.

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Peter-Kurt Nielsen, ABG Sundal Collier Holding ASA, Research Division - Lead Analyst [2]

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I will take 2 questions please, and I'd like to focus on the infrastructure side. I think initially, under your new ownership, there were talks about -- you obviously made some great strides on fiber rollout, et cetera, as you've highlighted in this report. Initially, there was some talk about creating a sort of nationwide fiber network in -- potentially, in combination with other infrastructure providers. I'd be interested in has there been any progress on this side? Any discussions with potential partners or regulators on this issue? And in general, has there been any sort of new regulatory issues coming up in relation to the separation as you've highlighted, Lasse and Allison? And then just secondly, just quickly, could you perhaps give us an update on the 5G side? How are you or Ericsson progressing on the 5G side? How far have you come, et cetera? And a bit of color would be of great interest.

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Allison Kirkby, TDC A/S - Group CEO & President [3]

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Peter, thanks for the questions. On 5G, very much on track with what we announced back in March when we said that we'd be swapping our radio access network over to Ericsson. We transition over to Ericsson basically during the course of Q3, and that's when we will then start to upgrade the network, basically, cluster by cluster between the end of Q3 this year and the end of 2020. So it all basically starts towards the end of the next quarter -- or this actual quarter now. And the transition between the 2 parties is going to plan. And do you want to take the infrastructure stuff, Lasse?

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Lasse Pilgaard, TDC A/S - Senior Executive VP & CFO [4]

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I'll do on the fiber part. So Peter, I know what you're referring to in terms of some of the first thinking that came from our owners. And I will say, in terms of long-term [instate], our overall hypothesis has not necessarily changed from that. However, we are definitely starting with our own fiber program and focusing on that. And then of course, as we build that out and our utility competitor is also building out their network, we'll have to see how that will end up looking in terms of potential for mergers or consolidations, et cetera. Of course you know that [Maldives] was approved quite recently, but that was also a non-overlapping infrastructure. So I think it will be very much up to how the regulator will also view this in the longer term, which is also asking -- or answering your question in terms of whether anything has changed on the regulatory side. It has not, but it's also not been a focus for us here in this period of our deployment to have that dialogue with the regulator.

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Allison Kirkby, TDC A/S - Group CEO & President [5]

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Thank you very much, Peter. We're focused on filling out the gaps we have in our own network today and upgrading where we're predominantly exposed to copper, which, as you can see from the losses we continue to have in broadband, we need to upgrade our network to fiber as soon as possible and that's our priority.

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Peter-Kurt Nielsen, ABG Sundal Collier Holding ASA, Research Division - Lead Analyst [6]

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Is that what is behind the slightly higher CapEx outlook? Or is it mainly on the 5G side?

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Lasse Pilgaard, TDC A/S - Senior Executive VP & CFO [7]

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It's a mix of the 2.

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Operator [8]

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[Operators Instructions) And next question is from Nicholas MacDonald from Merrill Lynch.

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Nick MacDonald, BofA Merrill Lynch, Research Division - VP and Senior Analyst [9]

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I just had a couple of quick ones. So just on the guidance, I think the guidance terminology has been changed a little bit. I think the previous guidance was around EBITDA and now we're talking about organic EBITDA. So could you just comment on how the original guidance on the sort of reported EBITDA now looks for 2019? And then secondly as well, I'm just trying get my head around the maintenance of the leverage target I guess for the end of the year. When I look at EBITDA, I guess, it might be declining a little bit more on a reported basis than I had expected before and the CapEx has also gone up, which would sort of naturally imply, I guess, that the leverage would be a little bit higher. So just what's the offsetting factor the means that the leverage guidance can be affirmed in the face of those 2 other issues.

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Lasse Pilgaard, TDC A/S - Senior Executive VP & CFO [10]

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Thank you, Nicholas. Let me take the guidance question first. So you are right. We started out guiding on a total reported EBITDA, excluding, of course, any effects from IFRS 16. This guidance was also done at a time where there was still uncertainty on the speed of the separation and how fast we would do that. 2019 has actually given us the opportunity to accelerate that, and that is why now also in -- if you compare to that previous number, we expect at a reported level to be lower. Our organic EBITDA is in line with what we expected and that is the, as we wrote, low single digits. I've also been now -- first half year is 2.8%, which is a low single digit. But on top of that, of course, we see the separation costs that is higher than we expected initially but also because we were actually able to accelerate our strategy. If you add on the DKK 300 million to DKK 400 million, which was the guidance we've given now on the separation cost on the organic EBITDA, you get to our, you could say, guidance in the original number, which is in the interval between 5% and 7%, of course, depending a little bit on where you put the organic guidance and also whether you pick DKK 300 million or DKK 400 million.

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Nick MacDonald, BofA Merrill Lynch, Research Division - VP and Senior Analyst [11]

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Okay, thanks. And just on the leverage?

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Lasse Pilgaard, TDC A/S - Senior Executive VP & CFO [12]

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So for the leverage, we guided approximately 3.5x. Of course, CapEx has a smaller impact on that given that this is times the [year] and the EBITDA. And the EBITDA change even though at a reported level, we will be lower, it doesn't alter our expectations at a number around the 3.5x. Of course it will be higher, but we still expect that the number will be around 3.5x.

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Operator [13]

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Next question is from Ulrich Rathe from Jefferies.

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Ulrich Rathe, Jefferies LLC, Research Division - Senior European Telecommunications Analyst [14]

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I have only one question. The EC recently sent a statement of objection to Infrastructure Corporation in the Czech Republic, and arguably the Czech Republic is the first country where something similar to what TDC is doing is happening in terms of structure separation, voluntary structure separation also with a similar ownership structure. Now as I understand it, the levers for value creation in TDC are that you're creating a commercially neutral NetCo. So with regards to this regulatory statement here, I understand no 2 countries are the same, but what's different in Denmark? And how does this affect your vision on value creation on that data or that regulatory development?

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Lasse Pilgaard, TDC A/S - Senior Executive VP & CFO [15]

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Thanks, Ulrich. Of course, we're also looking into the case to understand the details. And as it came out quite recently, we're not at the bottom of this yet, but I'll still give you our first perspective on what are some of the differences and why I don't necessarily think it a direct copy/paste of what might be seen in Denmark. So first of all, the separation in Czech is done differently. The spectrum was put to O2, and that basically created a market environment where you had safety in offering all the towers including active equipment to 2 players, O2, and the other player in Czech, who then have decided to basically split the country in terms of where they are using each other's active equipment. And it's a very -- based on that, you have this funny kind of split in Czech of the 2 networks. Of course, whether the complaint from the competitive authorities is pointing at that or any other aspect, we don't know yet. But we don't really see it related to the separation we are doing or the value creation that we expect to see from our mobile business. But of course, everything is still depending on us also having the time to do the detailed analysis, but I think there are many differences to our situation.

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Operator [16]

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And there are currently no further questions registered. So I'll hand the call back to the speakers. Please go ahead.

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Flemming Jacobsen, TDC A/S - Head of Treasury and IR [17]

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Thank you for joining here today. With that, I'll bring conference call to an end. But of course, as you know, if you have any follow-up questions over the coming days or weeks, our Investor Relations are more than prepared to help you in any way so please just reach out. Thank you for attending.