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Deutsche Telekom AG - Interim Group report - January 1 to September 30, 2015

15Interim Group management report Deutsche Telekom. Interim Group Report 9M 2015. Other effects of EUR 1.4 billion include, among other factors, financing options under which the payments for trade payables become due at a later point in time by involving banks in the process. These payables are now shown under financial liabilities in the statement of financial position. For more information on net debt, please refer to the disclosures on the reconciliation of the pro forma figures in the section “Additional information,” page 56 et seq. Free cash flow (before dividend payments and spectrum investment) millions of € Q1 2015 Q2 2015 Q3 2015 Q3 2014 Change % Q1–Q3 2015 Q1–Q3 2014 Change % FY 2014 CASH GENERATED FROM OPERATIONS 4,288 4,521 4,479 4,240 5.6 % 13,288 11,931 11.4 % 15,911 Interest received (paid) (980) (650) (533) (670) 20.4 % (2,163) (2,212) 2.2 % (2,518) NET CASH FROM OPERATING ACTIVITIES 3,308 3,871 3,946 3,570 10.5 % 11,125 9,719 14.5 % 13,393 Cash outflows for investments in intangible assets (excluding goodwill and before spectrum investment) and property, plant and equipment (CASH CAPEX) (2,530) (2,575) (2,698) (2,493) (8.2) % (7,803) (6,755) (15.5) % (9,534) Proceeds from disposal of intangible assets (excluding goodwill) and property, plant and equipment 87 79 60 48 25.0 % 226 193 17.1 % 281 FREE CASH FLOW (BEFORE DIVIDEND PAYMENTS AND SPECTRUM INVESTMENT) 865 1,375 1,308 1,125 16.3 % 3,548 3,157 12.4 % 4,140 Free cash flow. Free cash flow in the Group before dividend payments and spectrum investment increased by EUR 0.4 billion year-on-year. On the one hand, net cash from operating activities increased by EUR 1.4 billion. On the other hand, cash outflows for investments in intangible assets (excluding goodwill and before spectrum investment) and property, plant and equipment also increased by EUR 1.0 billion. The increase in net cash from operating activities was mainly attributable to the positive business development of the United States operating segment. The agreement to settle an ongoing complaints procedure under anti-trust law also resulted in a cash inflow of EUR 175 million. Also during the reporting period, factoring agreements were concluded concerning monthly revolving sales of current trade receivables. Factoring agreements resulted in positive effects of EUR 0.6 billion on net cash from operating activities in the first nine months of 2015. This primarily related to a factoring agreement that was terminated in 2014 and renewed in 2015. The effect from factoring agree- ments in the prior-year period totaled EUR 0.5 billion. The dividend payment received for the first time from the Scout24 group of EUR 0.1 billion and a year-on-year increase of EUR 0.1 billion in the dividend payments from the EE joint venture also increased net cash from operating activities. The increase in cash capex (excluding goodwill and before spectrum investment) compared with the prior-year period was mainly attributable to the United States and Germany operating segments, where cash capex increased as a result of the investments made in connection with the network build-out and the network modernization. For further information on the statement of cash flows, please refer to the interim consolidated financial statements, pages 45 and 46. CASH GENERATED FROM OPERATIONS 4,2884,5214,4794,2405.6 % 13,28811,93111.4 % 15,911 NET CASH FROM OPERATING ACTIVITIES 3,3083,8713,9463,57010.5 % 11,1259,71914.5 % 13,393 equipment 8779604825.0 % 22619317.1 % 281 PAYMENTS AND SPECTRUM INVESTMENT) 8651,3751,3081,12516.3 % 3,5483,15712.4 % 4,140

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