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

5To our shareholders Deutsche Telekom. Interim Group Report 9M 2015. Equity ratio % 26.3 27.0 Dec. 31, 2014 Sept. 30, 2015 0 40 30 20 10 EQUITY RATIO ƒƒ Total assets increased by EUR 5.9 billion compared with the end of 2014, mainly due to exchange rate effects. ƒƒ Shareholdersʼ equity increased by EUR 2.4 billion compared with December 31, 2014 to EUR 36.5 billion. ƒƒ This increase was attributable in particular to a profit (EUR 2.4 billion) and to currency translation effects, which were recognized directly in equity (EUR 1.5 billion). ƒƒ Dividend payments to our shareholders for the 2014 financial year (EUR 2.3 billion) had a decreasing effect. The capital increase carried out to grant our shareholders the option of converting their dividend entitlements into shares, increased our equity by EUR 1.1 billion. The cash dividend paid out to our shareholders amounted to around EUR 1.2 billion. ƒƒ The acquisition of the remaining shares in Slovak Telekom for EUR 0.9 billion also had a decreasing effect. Cash capex billions of € 8.7 11.6 Q1–Q3 2014 Q1–Q3 2015 0 12 9 6 3 CASH CAPEX ƒƒ Cash capex (including spectrum investment) increased to EUR 11.6 billion. ƒƒ This was mainly due to spectrum acquired for EUR 3.8 billion, primarily in the United States and in Germany. In the prior-year period, a total of EUR 2.0 billion had been invested in mobile spectrum (primarily in the United States, the Czech Republic, and Slovakia). ƒƒ Adjusted for the effects of spectrum acquisition, cash capex was up on the prior-year level by EUR 1.0 billion. In the United States and Germany operating segments, cash capex increased as a result of the investments made in connection with the network build-out and the network modernization. Free cash flow (before dividend payments and spectrum investment) billions of € 3.2 3.5 Q1–Q3 2014 Q1–Q3 2015 0 4 3 2 1 FREE CASH FLOW (BEFORE DIVIDEND PAYMENTS AND SPECTRUM INVESTMENT) ƒƒ Free cash flow increased from EUR 3.2 billion to EUR 3.5 billion. ƒƒ This was attributable to a year-on-year increase of EUR 1.4 billion in net cash from operating activities, driven mainly by the positive business development of the United States operating segment. ƒƒ The year-on-year increase of EUR 1.0 billion in cash capex (before spectrum investment) had an offsetting effect. Net debt billions of € 42.5 47.9 Dec. 31, 2014 Sept. 30, 2015 0 50 40 30 20 10 NET DEBT ƒƒ Net debt increased by EUR 5.4 billion compared with the end of 2014. ƒƒ The acquisition of mobile spectrum (EUR 3.8 billion), dividend payments – including to non- controlling interests – (EUR 1.3 billion), the acquisition of the remaining shares in Slovak Telekom (EUR 0.9 billion), exchange rate effects (EUR 1.3 billion), and a large number of other effects increased net debt. ƒƒ Free cash flow of EUR 3.5 billion reduced net debt. For a more detailed explanation, please refer to the section “Development of business in the Group,” page 10 et seq. 26.327.0

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