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Annual Report 2012 (Pdf, 4.1 deutsche telekom. the 2012 financial year. the 2012 financialthe year. we develop and shape the digital world. we live in this world and protect it. Slide the panel horizontally over the illustration. Even small changes can have a big impact. New ideas can challenge conventional views. As you read this report, let us take you on a journey through the world of Deutsche Telekom and discover how this panel makes pictures move and opens up endless possibilities. Wherever you see the “Deutsche Telekom innovation” symbol in the management report, you will find examples of Deutsche Telekom‘s innovative capabilities. We have the best netWork. III contents. i We believe in a future DEUTSCHE TELEKOM full of possibilities INNOVATION. 27 to our shareholders 28 Letter to our shareholders 32 The Board of Management 36 Supervisory Board’s report 47 Corporate governance report 52 The T-Share 57 combined management report 58 Overview of the 2012 financial year 64 Highlights in the 2012 financial year 70 Group organization 75 Group strategy 80 Management of the Group 84 The economic environment 90 Development of business in the Group 104 Development of business in the operating segments 127 Development of business at Deutsche Telekom AG 131 Corporate responsibility 137 Innovation and product development 143 Employees 149 Risk and opportunity management 170 Accounting-related internal control system 172 Significant events after the reporting period 174 Other disclosures 178 Development of revenue and profits 193 consolidated financial statements 194 Consolidated statement of financial position 196 Consolidated income statement 197 Consolidated statement of comprehensive income 198 Consolidated statement of changes in equity 200 Consolidated statement of cash flows 201 Notes to the consolidated financial statements 290 Responsibility statement 291 Independent auditor’s report 293 boards, seats, and further information 294 Members of the Supervisory Board including seats on the supervisory boards of other companies 297 Members of the Board of Management including seats on the supervisory boards of other companies 298 List of graphics 299 List of tables 301 Glossary 305 Index 306 Disclaimer V Contacts/Financial calendar 2012 facts and figures short profile. Deutsche Telekom is an integrated telecommunications company that offers products and services from a single source. We provide fixed-network and mobile services, Internet, and TV for consumers, as well as ICT solutions for business customers and multinational corporations. Our high-speed networks form the backbone of modern communication. Thanks to our Internet- and cloud-based services, our customers enjoy unrestricted and convenient access to information, communication, and entertainment. We are one of the world’s leading integrated telecommunications companies. Quality, security, and sustainability are our top priorities. We live up to our social responsibility by engaging in programs to protect the climate and the environment and in initiatives to promote education and integration. contents. 1 deutsche telekom at a glance 2 selected financial data of the group 4 key data of the group 5 principal subsidiaries 6 the operating segments 8 ecological performance indicators 9 financial calendar /contacts 1 deutsche telekom at a glance. In 2012 we succeeded in meeting our key financial targets with In 2012 we reduced net debt by EUR 3.3 billion to EUR 36.9 adjusted EBITDA of EUR 18.0 billion, and with free cash flow billion. Positive effects included, in particular, free cash flow, of EUR 6.2 billion we even exceeded them. Net revenue was the cash inflows in connection with the cell tower deal between slightly down by 0.8 percent year-on-year. While we recorded T-Mobile USA and Crown Castle, and the sale of the shares a slight decline in Germany, our home market, positive in Telekom Srbija. exchange rate effects resulted in moderate growth in the United States. Developments at our subsidiaries in Eastern We presented our growth plans at our Capital Markets Day Europe continued to be dominated by the challenging eco- in early December 2012 in Bonn. We plan to invest in the nomic environment, intense competition, and massive regula- Company’s future, notably in modern broadband networks tory intervention. As expected, adjusted EBITDA declined in Germany, the United States, and Europe. This will give us by 3.8 percent, with cost-cutting measures not fully compen- a clear edge over many of our competitors. At the event we sating for higher expenditure to improve our market position also presented our financial strategy for 2013 through 2015. in Germany and the United States and a decline in revenue In light of the considerable investments we are planning, we in the Europe operating segment. have decided to adjust our dividend to a sustainable level. We also announced a new sales partnership between On October 3, 2012, we concluded an agreement with T-Mobile USA and Apple that will help us, over the coming MetroPCS on the combination of our business activities in year, to eliminate the competitive disadvantages currently the United States. The combined company’s improved posi- faced by T-Mobile USA. tion in terms of mobile spectrum and an expanded customer base mean that we will be able to compete more aggressively We are scaling up investments in our networks and continuing with the other national mobile carriers in the United States. to expand our broadband infrastructure. These investments Although the agreed business combination triggered the in the Company’s future will pay off. We plan to grow again recognition of an impairment loss on goodwill and other non- as early as in 2014, with revenue stabilizing in Germany and current assets totaling EUR 7.4 billion (after taxes) that reduced renewed growth in Europe and the United States. In 2014 our net profit significantly, we believe that this transaction we also expect to see an increase in total revenue as well as generates value and makes entrepreneurial sense. higher earnings compared to the prior year. Our Systems Solutions operating segment has been restructured, prepar- ing the ground for reducing our expenditure on intragroup IT services. Finally, we plan to generate profitable growth in our business with corporate customers. Net revenue. (billions of €) Adjusted EBITDA. (billions of €) Free cash flow (before dividend payments, spectrum investment). a (billions of €) 70 30 10 65 62.4 27 9 60 0.8 58.7 58.2 24 8 19.5 55 21 18.7 18.0 7 6.5 6.4 6.2 50 18 0.2 6 45 15 5 40 12 4 35 9 3 30 6 2 25 3 1 20 0 0 2010 2011 2012 2010 2011 2012 2010 2011 2012 T-Mobile UK T-Mobile UK a And before PTC and AT&T transactions. 2 selected financial data of the group. T 001 Change 2012 2011 2010 2009 2008 2007 2006 2005 compared to prior year % a billions of € billions of € billions of € billions of € billions of € billions of € billions of € billions of € REVENUE AND EARNINGS Net revenue (0.8) 58.2 58.7 62.4 64.6 61.7 62.5 61.3 59.6 Of which: domestic a % (0.6) 44.3 44.9 43.7 43.4 46.8 49.1 52.9 57.4 Of which: international a % 0.6 55.7 55.1 56.3 56.6 53.2 50.9 47.1 42.6 Profit from operations (EBIT) n.a. (3.8) 5.6 5.5 6.0 7.0 5.3 5.3 7.6 Net profit (loss) n.a. (5.3) 0.6 1.7 0.4 1.5 0.6 3.2 5.6 Net profit (loss) (adjusted for special factors) (11.3) 2.5 2.9 3.4 3.4 3.4 3.0 3.9 4.7 EBITDA a, b, c (9.4) 18.1 20.0 17.3 19.9 18.0 16.9 16.3 20.1 EBITDA (adjusted for special factors) a, b, c (3.8) 18.0 18.7 19.5 20.7 19.5 19.3 19.4 20.7 EBITDA margin (adjusted for special factors) a % (0.9) 30.9 31.8 31.2 32.0 31.6 30.9 31.7 34.8 PROFITABILITY ROCE % (6.1) (2.3) 3.8 3.5 3.9 – – – – STATEMENT OF FINANCIAL POSITION Total assets (11.9) 107.9 122.5 127.8 127.8 123.1 120.7 130.2 128.5 Shareholders’ equity (23.5) 30.5 39.9 43.0 41.9 43.1 45.2 49.7 48.6 Equity ratio a % (4.3) 28.3 32.6 33.7 32.8 35.0 37.5 38.2 37.8 Net debt a, c (8.1) 36.9 40.1 42.3 40.9 38.2 37.2 39.6 38.6 Relative debt (Net debt/EBITDA (adjusted for special factors)) a n.a. 2.1 2.1 2.2 2.0 2.0 1.9 2.0 1.9 Gearing (Net debt/Shareholders’ equity) a n.a. 1.2 1.0 1.0 1.0 0.9 0.8 0.8 0.8 Cash capex 0.3 (8.4) (8.4) (9.9) (9.2) (8.7) (8.0) (11.8) (9.3) CASH FLOWS Net cash from operating activities (16.3) 13.6 16.2 14.7 15.8 15.4 13.7 14.2 15.1 Free cash flow (before dividend payments, spectrum investment, and before PTC and AT&T transactions) a, c, d, e (2.8) 6.2 6.4 6.5 7.0 7.0 6.6 3.0 6.2 Net cash used in investing activities 28.1 (6.7) (9.3) (10.7) (8.6) (11.4) (8.1) (14.3) (10.1) Net cash used in financing activities (10.8) (6.6) (6.0) (6.4) (5.1) (3.1) (6.1) (2.1) (8.0) EMPLOYEES Average number of employees thousands (3.3) 232 240 252 258 235 244 248 244 Revenue per employee a thousands of € 2.6 250.4 244.0 247.2 250.8 262.5 256.5 246.9 244.3 T-SHARe – kEY FIGURES Earnings per share (basic and diluted) in accordance with IFRS € n.a.
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