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Deutsche Telekom AG - Interim Group report - January 1 to March 31, 2011

5To our Shareholders Net debt. (billions of €) Dec. 31, 2010 Mar. 31, 2011 42.3 41.8 n Net debt decreased by 1.1 percent compared with the end of 2010 to EUR 41.8 billion. n Reduced by free cash flow (EUR 1.1 billion) and exchange rate effects (EUR 0.7 billion). n Increased by the acquisition of remaining shares in PTC (PTC transaction) for EUR 1.4 billion. Net profit. (billions of €) Q1 2010 Q1 2011 0.8 0.5 n Net profit decreased by EUR 0.3 billion to EUR 0.5 billion. n The negative EBITDA trend could not be offset. n The development of results at the discontinued operation in the United States made a particularly strong contribution to the decline in net profit. Shareholders’ equity. (billions of €) Dec. 31, 2010 Mar. 31, 2011 43.0 42.7 n Shareholders’ equity decreased by EUR 0.4 billion compared with the end of 2010. n Positive effects from net profit (EUR 0.5 billion) and actuarial gains and losses recognized in equity (EUR 0.2 billion). n Negative effects from currency translation (EUR 1.1 billion) and the acquisition of remaining shares in PTC, recognized directly in equity (EUR 0.2 billion). Equity ratio. (%) Dec. 31, 2010 Mar. 31, 2011 33.7 34.6 n Total assets decreased by EUR 4.6 billion or 3.6 percent compared with the end of 2010 to EUR 123.2 billion. This was mainly due to currency translation effects and payments made in connection with the PTC transaction. n In contrast to total assets, shareholders’ equity decreased by only 0.9 percent. n The aforementioned effects resulted in a slight improvement in the equity ratio. For a more detailed explanation, please refer to the section “Development of business in the Group.”