Combined Management Report 2015 (Pdf, 2.7

50 DieserThis report Bericht combines fasst den the Konzernlagebericht Group management des report Deutschen of the Deutsche Telekom Konzerns,Telekom Group, bestehend comprising aus der Deutsche Deutschen Telekom Telekom AG AG and und its ihrenconsolidated konsolidierten subsidiaries, Tochtergesellschaften, and the management sowie report den ofLagebericht Deutsche Telekomder Deutschen AG. Telekom AG zusammen. COMBINED MANAGEMENT REPORT 51 52 Deutsche Telekom at a glance 100 Corporate responsibility 58 Group organization 106 Innovation and product development 60 Group strategy 111 Employees 63 Management of the Group 115 Significant ventse after the reporting period 67 The economic environment 116 Forecast 73 Development of business in the Group 125 Risk and opportunity management 83 Development of business in the operating segments 140 Accountingrelated internal control system 96 Development of business at Deutsche Telekom AG 141 Other disclosures 51 COMBINED MANAGEMENT REPORT 5752 DEUTSCHEZUSAMMENGEFASSTER TELEKOM AT A GLANCE LAGEBERICHT 100 CORPORATE RESPONSIBILITY 54 Highlights in the 2015 financial year 100 Dialog and cooperation for greater sustainability 58 DAS GESCHÄFTSJAHR 2014 IM ÜBERBLICK 116 100 CORPORA MeasurableTE RESPONSIBILITYprogress 6058 GROUPDie Deutsc ORGhe ANIZATIONTelekom auf einen Blick 116 104 Topt Smarthemen tec fürhnologies das Nachhaltigkeits for sustainableManag developmentement 5861 BusinessWichtige Ereignisseactivities and im organizationGeschäftsjahr 2014 116 104 Messbar Sustainablee Fortschritte supply chainin der anachhaltigens an opportunity Entwicklung 60 Management and supervision 120 105 Nachhalt Makingigkeit connections, für unsere enabling Kunden inclusion 67 KONZERNSTRUKTUR 120 Nachhaltige Wertschöpfungskette als Wettbewerbsvorteil 6760 GROUPGeschäftstätigkeit STRATEGY und Organisation 122 106 Dat INNOVenschutzATION und AND Datensicherheit PRODUCT DEVELOPMENT 69 Leitung und Kontrolle 122 106 Medienkompe Innovation providestenz als Beitraganswers zur for Chancengleichheit the digital future 63 MANAGEMENT OF THE GROUP 106 Group Innovation+ 6369 FinanceKONZERNSTRATEGIE strategy 123 108 INNOV ThreeATIONpron gedUND innovation PRODUKTENTWICKLUNG strategy 64 Value management and performance management system 123 110 Archit Expenditureekt des digitalen and investment Zeitalters in research and development 72 KONZERNSTEUERUNG 123 Innovationskultur und Innovationsprozess 7267 THEFinanzs ECONtrategieOMIC ENVIRONMENT 124 111 Innova EMPLOtion YEESals Dreiklang 6774 MacroeconomicWertManagement de undvelopment Steuerungssystem 127 111 Aufw Reorgandanization und Investitionen of work in in the Forschung digitized und ecosystem Entwicklung 68 Telecommunications market 111 HR priorities 7176 MajorWIRTS regulaCHAFTLICHEStory decisions UMFELD 128 111 MITAR Our BEITERHR work based on the HR priorities 76 Gesamtwirtschaftliche Entwicklung 128 114 Personals Headcounttrategie development 7773 DEVELTelekommunikationsmarktOPMENT OF BUSINESS IN THE GROUP 128 115 Umset Workzungforce der statistics Personalstrategie 7380 StatWesentlicementhe of Regulierungsentscheidungenthe Board of Management on 131 Personalstrategie 2015 business development in 2015 132 115 Entwic SIGNIFICANTklung des PersonalbestandsEVENTS AFTER THE REPORTING PERIOD 7382 ComparGESCHÄFTSENTWICKLUNGison of the Group’s expectations DES KONZERNS with actual figures 133 Mitarbeiterstatistik 7582 ResultGesamtaussages of operations des of Vorstands the Group zur Geschäftsentwicklung 116 FORECAST 78 Financialim Jahr 2014 position of the Group 134 116 BESONDER StatementE by EREIGNISSE the Board of NACH Management SCHLUSS on the 82 SollIstVergleich der Konzernerwartungen DESexpected GESCHÄFTSJAHRES development of the Group 8384 DEVELSollIstOPMENTVergleich derOF ErwartungenBUSINESS IN unserer THE Interessengruppen 116 Economic outlook 84 OPERATINGErtragslage des SEGMENTS Konzerns 134 117 PROGN MarkeOSEt expectations 8388 GermanVermögensy und Finanzlage des Konzerns 134 118 Konjunk Expectatturerwartungenions of the Group 87 United States 135 121 Markt Expectaterwartungenions for the operating segments 8896 EuropeGESCHÄFTSENTWICKLUNG DER 136 Gesamtaussage der Unternehmensleitung zur 93 SysOPERATIVENtems Solutions SEGMENTE 125voraussichtlichen RISK AND OPPORTUNITY Entwicklung MANAGEMENTdes Konzerns 9596 GroupDeutsc Headqhland uarters & Group Services 141 125 Erwar Boardtungen of Manag der operativenement’s assessment Segmente of the 100 USA aggregate risk and opportunity position 10296 DEVELEuropaOPMENT OF BUSINESS AT 146 125 RISIKO Risk -and UND opport CHANCEN-MANAGEMENTunity management system 109 DEUTSCHESystemgeschäft TELEKOM AG 146 127 Risiko Risk undassessment Chancen andManag risk ementcontainmentSystem 11196 ResultGroups Headq of operationsuarters &of Group Deutsche Services Telekom AG 149 128 Risikobew Risks andertung oppor undtunities Risikobegrenzung 97 Financial position of Deutsche Telekom AG 150 Risiken und Chancen 11399 RiskGESC managHÄFTSENTWICKLUNGement in hedge accounting DER 163 140 Einschä ACCOUNTtzung ING-RELATEDdes Managements INTERNAL zur Gesamtrisiko CONTROL SYSTEM DEUTSCHEN TELEKOM AG und Chancensituation 113 Ertragslage der Deutschen Telekom AG 141 OTHER DISCLOSURES 114 Vermögens und Finanzlage der Deutschen Telekom AG 164 141 REC CorporHNUNGSLEGUNGSBEZOGENESate Governance Statement in INTERNESaccordance 116 RisikoManagement bei der Bilanzierung von KONTROLLSYSTEMwith § 289a HGB Sicherungsgeschäften 141 Closing statement by the Board of Management on 165 SONSTthe dependentIGE ANGABEN company report 165 141 Erklär Legalung s tructurezur Unternehmensführung of the Deutsche Telekom gemäß Group 289a HGB 165 143 Schlusserklärung Compensation des report Vorstands zum Bericht über Beziehungen zu verbundenen Unternehmen 165 Rechtliche Konzernstruktur 167 Vorstands und Aufsichtsratsvergütung Deutsche Telekom. The 2015 financial year. 52 DEUTSCHE TELEKOM AT A GLANCE To get right to the point: We achieved all of our main targets in 2015. Net revenue increased substantially as planned. And with adjusted EBITDA Net revenue Net debt of EUR 19.9 billion and free cash flow of EUR 4.5 billion, we even exceed billions of € billions of € ed the respective targets of around EUR 18.3 billion and EUR 4.3 billion. 70 69.2 62.7 60 60.1 Net revenue in our Group grew by a substantial 10.5 percent in the re 50 47.6 39.1 42.5 porting year. This growth is and continues to be driven by the U. S. busi 40 30 ness, which saw revenue increase by 29.1 percent: In addition to con 20 tinuing strong customer additions, TMobile US also profited from the 10 development of the U. S. dollar. Revenue in the Germany operating seg 0 ment, which was still in slight decline in 2014, edged up in 2015, mainly 2013 2014 2015 Dec. 31, 2013 Dec. 31, 2014 Dec. 31, 2015 due to higher mobile revenues. Business in our Europe operating seg ment continued to come under pressure owing to regulation and compe tition, but here too revenue performed better than in the prior year. The same applies for our Systems Solutions operating segment, where, after Adjusted EBITDA Cash capex its successful realignment, revenue was almost at the prioryear level. billions of € billions of € 21 19.9 Adjusted EBITDA increased substantially by 13.3 percent compared with 18 17.4 17.6 2014. As with revenue, the growth driver was our U. S. business, which 15 14.6 11.8 recorded an increase of 54.9 percent. The U. S. dollar/euro exchange 12 11.1 9 rate had a significant impact here as well. But even without taking the 6 exchange rate effect into account, growth still stood at an impres 3 sive 30 percent. In our Germany operating segment, adjusted EBITDA 0 remained more or less stable against the prior year, while in our Europe 2013 2014 2015 2013 2014 2015 operating segment it decreased due to a decline in revenue. In our Systems Solutions operating segment, adjusted EBITDA declined; but this was due entirely to the reduced contributions from Telekom IT; in the Market Unit, we maintained the increase in adjusted EBITDA. EBIT Free cash flow (before dividend payments, spectrum investment) a billions of € billions of € 7.2 The adjusted EBITDA margin of 28.8 percent was up on the prioryear 7 7.0 level. The operating segments with the strongest margins are still 6 5 4.9 Germany with 39.2 percent and Europe with 33.7 percent. 4.6 4.5 4 4.1 Our EBIT declined slightly yearonyear, primarily due to income received 3 2 in 2014 from the disposal of the Scout24 group (EUR 1.7 billion) and from 1 the spectrum transaction with Verizon Communications (EUR 0.4 bil 0 lion). In 2015, EBIT was increased by income from the disposal of part 2013 2014 2015 2013 2014 2015 of our share package in Scout24 AG (EUR 0.3 billion) and from the sale of our online platform tonline.de and our digital marketing company InteractiveMedia (EUR 0.3 billion). Net profit/loss ROCE Despite the decline in EBIT, our net profit increased substantially by billions of € % 11.3 percent, mainly driven by other financial income/expense. This pri 7 marily included dividend payments of EUR 0.4 billion which we received 6 5.5 from the EE joint venture. 5 4.8 4 3.8 3.3 3 2.9 2 1 0.9 0 2013 2014 2015 2013 2014 2015 Deutsche Telekom. The 2015 financial year. COMBINED MANAGEMENT REPORT 53 52 Deutsche Telekom at a glance 100 Corporate responsibility 58 Group organization 106 Innovation and product development 60 Group strategy 111 Employees 63 Management of the Group 115 Significant ventse after the reporting period

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