Obligation Telekom Deutschland AG 3.125% ( XS1948630634 ) en GBP

Telekom Deutschland AG

100 % ▼

Allemagne

XS1948630634 ( en GBP )

3.125% par an ( paiement annuel )

06/02/2034 - Obligation échue

Prospectus brochure de l'obligation Deutsche Telekom AG XS1948630634 en GBP 3.125%, échue

1 000 GBP

400 000 000 GBP

Deutsche Telekom AG est une société de télécommunications allemande multinationale fournissant des services fixes et mobiles, ainsi que des solutions informatiques et d'Internet, dans de nombreux pays à travers le monde.

L'obligation Deutsche Telekom AG (XS1948630634), émise en Allemagne pour un montant total de 400 000 000 GBP, avec un coupon de 3,125% payable annuellement et une échéance le 06/02/2034, a été intégralement remboursée à son prix nominal de 100%, la taille minimale d'achat étant de 1 000 GBP.

Debt Issuance Programme Prospectus
Dated 18 May 2018
This document constitutes two prospectuses for the purposes of Article 5.4 of Directive 2003/71/EC of the European Parliament
and the Council of 4 November 2003, as amended (the "Prospectus Directive"): (i) the prospectus of Deutsche Telekom AG in
respect of non-equity securities within the meaning of Art. 22 No. 6 (4) of the Commission Regulation (EC) No. 809/2004 of
29 April 2004, as amended ("Non-Equity Securities") and (ii) the prospectus of Deutsche Telekom International Finance B.V. in
respect of Non-Equity Securities (together, the "Prospectus").

Deutsche Telekom AG
Bonn, Federal Republic of Germany
as Issuer and as Guarantor for Notes issued by

Deutsche Telekom International Finance B.V.
a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) incorporated under
the laws of The Netherlands and having its corporate seat (statutaire zetel) in Maastricht, The Netherlands as Issuer

EUR 30,000,000,000
Debt Issuance Programme
(the "Programme")
Application has been made to the Luxembourg Commission de Surveillance du Secteur Financier (the "CSSF"),
which is the Luxembourg competent authority for the purpose of the Prospectus Directive, for its approval of this
Prospectus.
Application has been made to list Notes to be issued under the Programme on the official list of the Luxembourg
Stock Exchange and to trade Notes on the regulated market "Bourse de Luxembourg". The Luxembourg Stock
Exchange's regulated market is a regulated market for the purposes of the Markets in Financial Instruments
Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014, and amending Directive
2002/92/EC and Directive 2011/61/EU (recast), (the "Regulated Market"). Notes issued under the Programme may
also not be listed at all.
Each Issuer has requested the CSSF to provide the competent authorities in the Federal Republic of Germany
("Germany"), The Netherlands, the United Kingdom of Great Britain and Northern Ireland, the Republic of Ireland
and the Republic of Austria, with a certificate of approval attesting that the Prospectus has been drawn up in
accordance with the Loi relative aux prospectus pour valeurs mobilières (the "Luxembourg Law") which
implements the Prospectus Directive into Luxembourg law ("Notification"). Each Issuer may request the CSSF to
provide competent authorities in additional host Member States within the European Economic Area with a
Notification. By approving a prospectus, the CSSF shall give no undertaking as to the economic and financial
soundness of the operation or the quality or solvency of the issuer pursuant to Article 7(7) of the Luxembourg Law.
See "Risk Factors" for a discussion of certain factors which should be considered by prospective investors in
connection with an investment in any of the Notes
Arranger
Deutsche Bank
Dealers
Barclays
BNP PARIBAS
Citigroup
Deutsche Bank
DZ BANK AG
Goldman Sachs International
J.P. Morgan
Morgan Stanley
NatWest Markets
Société Générale
UniCredit Bank
Corporate & Investment Banking

This Prospectus has been filed with the CSSF and will be published in electronic form on the website of the
Luxembourg Stock Exchange (www.bourse.lu) and the website of Deutsche Telekom AG
(http://www.telekom.com/bonds). This Prospectus succeeds the Prospectus dated 26 April 2017 pertaining to the
Programme.

Responsibility Statement
Deutsche Telekom AG ("Deutsche Telekom AG", the "Guarantor" or the "Company" and together with its
consolidated subsidiaries, "Deutsche Telekom", the "Group" or "Deutsche Telekom Group") with its
registered office in Bonn and Deutsche Telekom International Finance B.V. ("Finance") with its registered
office in Maastricht (each an "Issuer" and together the "Issuers") are solely responsible for the information
given in this Prospectus and for the information which will be contained in the Final Terms (as defined herein),
provided that:
Finance is not responsible for the description of Deutsche Telekom.
Each Issuer hereby declares that, having taken all reasonable care to ensure that such is the case, the
information contained in this Prospectus for which it is responsible is, to the best of its knowledge, in
accordance with the facts and contains no omission likely to affect its import.
Notice
This Prospectus should be read and construed in conjunction with any supplement thereto and with any
document incorporated herein by reference (the "Reference Documents"). Full information on each Issuer
and any tranche of Notes (as hereinafter defined) is only available on the basis of the Prospectus as
supplemented, together with the Reference Documents and the relevant final terms (the "Final Terms").
Each Issuer has confirmed to the dealers set forth on the cover page and any additional dealer appointed from
time to time under the Programme (each a "Dealer" and together the "Dealers") that this Prospectus
contains, as of the date hereof, all information with regard to the Issuers and the Notes which is material in the
context of the Programme and the issue and offering of Notes thereunder; that the information contained
herein with respect to the Issuers and the Notes is accurate in all material respects and is not misleading; that
any opinions and intentions expressed herein are honestly held and based on reasonable assumptions; that
there are no other facts, the omission of which would make any statement, whether fact or opinion, in this
Prospectus misleading in any material respect; and that all reasonable enquiries have been made to ascertain
all facts and to verify the accuracy of all statements contained herein.
No person has been authorised to give any information which is not contained in or not consistent with this
Prospectus or any other document entered into in relation to the Programme or any information supplied by
any Issuer or such other information as in the public domain and, if given or made, such information must not
be relied upon as having been authorised by the Issuers, the Guarantor, the Dealers or any of them.
Neither the Arranger nor any Dealer nor any other person mentioned in this Prospectus, excluding the
Issuers, is responsible for the information contained in this Prospectus or any supplement thereof, or any
Final Terms or any other Reference Document, and accordingly, and to the extent permitted by the laws of
any relevant jurisdiction, none of these persons accepts any responsibility as to the accuracy and
completeness of the information contained in any of these documents.
This Prospectus is valid for 12 months after its approval and this Prospectus and any supplement hereto as
well as any Final Terms reflect the status as of their respective dates of issue. The delivery of this Prospectus
as supplemented or any Final Terms and the offering, sale or delivery of any Notes may not be taken as an
implication that the information contained in such documents is accurate and complete subsequent to their
respective dates of issue or that there has been no adverse change in the financial condition of each of the
Issuers since such date or that any other information supplied in connection with the Programme is accurate
at any time subsequent to the date on which it is supplied or, if different, the date indicated in the document
containing the same.
Each of the Issuers has undertaken with the Dealers to supplement this Prospectus or publish a new
Prospectus at any time after submission of the Prospectus for approval to the Commission if and when the
information herein should become materially inaccurate or incomplete or in the event of any significant new
factor, that is capable of affecting the assessment of the Notes by potential Investors.
The Notes will not be registered under the United States Securities Act of 1933, as amended, and will include
Notes in bearer form that are subject to U.S. tax law requirements. Subject to certain exceptions, Notes may
not be offered, sold or delivered within the United States or to U.S. persons, see "Selling Restrictions".
The distribution of this Prospectus and any Final Terms and the offering, sale and delivery of the Notes in
certain jurisdictions may be restricted by law. Persons into whose possession this Prospectus or any Final
Terms comes are required by the Issuers and the Dealers to inform themselves about and to observe any
2

such restrictions. For a description of certain restrictions on offers, sales and deliveries of Notes and on the
distribution of this Prospectus or any Final Terms and other offering material relating to the Notes, see "Selling
Restrictions".
This Prospectus is drawn up in the English language. The German versions of the English language Terms
and Conditions and Guarantee are shown in the prospectus for additional information. As to form and content,
and all rights and obligations of the Holders and the Issuer under the Notes to be issued, German is the
controlling legally binding language if so specified in the relevant Final Terms. In respect of the Guarantee, the
German language version is always controlling and legally binding as to form and content, and all rights and
obligations of the Holders and the Guarantor thereunder. The Issuers accept responsibility for the information
contained in this Prospectus and confirm that the non-binding translation of the Terms and Conditions, either
in the German or English language, correctly and adequately reflects the respective binding language
version.
The Final Terms in respect of any Notes may include a legend entitled "MiFID II Product Governance" which
will outline the target market assessment in respect of the Notes and which channels for distribution of the
Notes are appropriate. Any person subsequently offering, selling or recommending the Notes (a
"distributor") should take into consideration the target market assessment; however, a distributor subject to
Directive 2014/65/EU (as amended, "MiFID II") is responsible for undertaking its own target market
assessment in respect of the Notes (by either adopting or refining the target market assessment) and
determining appropriate distribution channels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
Governance rules under EU Delegated Directive 2017/593 (the "MiFID Product Governance Rules"), any
Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the
Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the
MiFID Product Governance Rules.
If the Final Terms in respect of any Notes include a legend entitled "Prohibition of Sales to EEA Retail
Investors", the Notes are not intended to be offered, sold or otherwise made available to and should not be
offered, sold or otherwise made available to any retail investor in the European Economic Area ("EEA"). For
these purposes, a retail investor means a person who is one (or more) of: (i) a retail client as defined in point
(11) of Article 4(1) of MiFID II; or (ii) a customer within the meaning of Directive 2002/92/EC (as amended, the
"Insurance Mediation Directive"), where that customer would not qualify as a professional client as defined
in point (10) of Article 4(1) of MiFID II; or (iii) not a qualified investor as defined in the Prospectus Directive.
Consequently no key information document required by Regulation (EU) No 1286/2014 (as amended, the
"PRIIPs Regulation") for offering or selling the Notes or otherwise making them available to retail investors in
the EEA has been prepared and therefore offering or selling the Notes or otherwise making them available to
any retail investor in the EEA may be unlawful under the PRIIPs Regulation.
This Prospectus may only be used for the purpose for which it has been published.
Each Dealer and/or each further financial intermediary subsequently reselling or finally placing Notes
issued under the Programme is entitled to use the Prospectus as set out in "Consent to the Use of
the Prospectus" below.
This Prospectus and any Final Terms must not be used for the purpose of an offer or solicitation by
anyone in any jurisdiction in which such offer or solicitation is not authorised or to any person to
whom it is unlawful to make such an offer or solicitation.
In connection with the issue of any Tranche of Notes under the Programme, the Dealer(s) who is(are)
specified in the relevant Final Terms as the stabilising manager(s) (or persons acting on its(their)
behalf) may overallot Notes or effect transactions with a view to supporting the price of the Notes at a
level higher than that which might otherwise prevail. However, stabilisation may not necessarily
occur. Any stabilisation action may begin at any time after the adequate public disclosure of the final
terms of the offer of the Notes is made and, if begun, may cease at any time, but it must end no later
than the earlier of 30 days after the Issue Date and 60 days after the date of the allotment of the
relevant Tranche of Notes. Any stabilising action or over-allotment must be conducted by the
relevant stabilising manager(s) (or persons acting on behalf of any stabilising manager(s)) in
accordance with all applicable laws and rules.
All terms not otherwise defined in this Prospectus shall have the meaning as set out in the "Terms and
Conditions" of the Notes.
3

Any websites included in the Prospectus, except for the website www.bourse.lu in the context of the
documents incorporated by reference, are for information purposes only and do not form part of the
Prospectus
Amounts payable under Floating Rate Notes are calculated by reference to (i) EURIBOR (Euro Interbank
Offered Rate) which is provided by the European Money Markets Institute (EMMI) or (ii) LIBOR (London
Interbank Offered Rate) which is provided by the ICE Benchmark Administration Limited (IBA). As at the date
of this Prospectus, IBA does appear whereas EMMI does not appear on the register of administrators and
benchmarks established and maintained by the European Securities and Markets Authority (ESMA) pursuant
to Article 36 of the Benchmarks Regulation (Regulation (EU) 2016/1011) ("BMR"). As far as the Issuers are
aware, the transitional provisions in Article 51 of the BMR apply, such that EMMI is not currently required to
obtain authorisation or registration (or, if located outside the European Union, recognition, endorsement or
equivalence).
Forward-Looking Statements
This Prospectus contains certain forward-looking statements. A forward-looking statement is a statement that
does not relate to historical facts and events. They are based on analyses or forecasts of future results and
estimates of amounts not yet determinable or foreseeable. These forward-looking statements are identified by
the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may",
"plan", "predict", "project", "will" and similar terms and phrases, including references and assumptions. This
applies, in particular, to statements in this Prospectus containing information on future earning capacity, plans
and expectations regarding Deutsche Telekom Group's business and management, its growth and
profitability, and general economic and regulatory conditions and other factors that affect it.
Forward-looking statements in this Prospectus are based on current estimates and assumptions that the
Issuers make to the best of their present knowledge. These forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results, including Deutsche Telekom Group's
financial condition and results of operations, to differ materially from and be worse than results that have
expressly or implicitly been assumed or described in these forward-looking statements. Deutsche Telekom
Group's business is also subject to a number of risks and uncertainties that could cause a forward-looking
statement, estimate or prediction in this Prospectus to become inaccurate. Accordingly, investors are strongly
advised to read the following sections of this Prospectus: "Risk Factors", "Deutsche Telekom AG" and
"Deutsche Telekom Finance International B.V.". These sections include more detailed descriptions of factors
that might have an impact on Deutsche Telekom's business and the markets in which it operates.
In light of these risks, uncertainties and assumptions, future events described in this Prospectus may not
occur. In addition, neither the Issuers nor the Dealers assume any obligation, except as required by law, to
update any forward-looking statement or to conform these forward-looking statements to actual events or
developments.

4

Table of Contents
Responsibility Statement .......................................................................................................................... 2
Notice
........................................................................................................................................ 2
Summary
........................................................................................................................................ 7
Section A
Introduction and Warnings .............................................................................................. 7
Section B
Issuer and Guarantor ...................................................................................................... 8
Section B
Issuer ............................................................................................................................13
Section C
Securities ......................................................................................................................15
Section D
Risks .............................................................................................................................17

Risks specific to Deutsche Telekom AG as Issuer and Guarantor ...............................17

Risks specific to Deutsche Telekom International Finance B.V. as Issuer...................20

Risks specific to the Securities .....................................................................................20
Section E
Offer of the Securities ...................................................................................................21
German Translation of the Summary .....................................................................................................23
Abschnitt A
Einleitung und Warnhinweise .......................................................................................23
Abschnitt B
Emittentin und Garantin ................................................................................................24
Abschnitt B
Emittentin ......................................................................................................................29
Abschnitt C
Wertpapiere ..................................................................................................................31
Abschnitt D
Risiken ..........................................................................................................................34

Risiken, die der Deutsche Telekom AG als Emittentin und Garantin eigen sind .........34

Risiken, die der Deutsche Telekom International Finance B.V. als Emittentin eigen
sind
...............................................................................................................................37

Risiken, die den Wertpapieren eigen sind ....................................................................38
Abschnitt E
Angebot von Wertpapieren ...........................................................................................39
Risk Factors
......................................................................................................................................41
Risk Factors regarding Deutsche Telekom AG ......................................................................................41
Risk Factors regarding Deutsche Telekom International Finance B.V. .................................................50
Risk Factors regarding the Notes ...........................................................................................................52
Deutsche Telekom AG as Issuer and Guarantor ...................................................................................55
Deutsche Telekom International Finance B.V. as Issuer .......................................................................88
Consent to the Use of the Prospectus ....................................................................................................92
General Description of the Programme ..................................................................................................93
Issue Procedures ....................................................................................................................................94
English Language Terms and Conditions ..............................................................................................96

Option I Terms and Conditions that apply to Notes with fixed interest rates .................................96

Option II - Terms and Conditions that apply to Notes with floating interest rates ...........................112
German Language Version of the Terms and Conditions ....................................................................128

Option I - Anleihebedingungen für Schuldverschreibungen mit fester Verzinsung .........................128

Option II - Anleihebedingungen für Schuldverschreibungen mit variabler Verzinsung ...................147
English Language Guarantee ...............................................................................................................166
Non-binding translation of the Guarantee into German .......................................................................169
Form of Final Terms/Muster der Endgültigen Bedingungen ................................................................173
Taxation
....................................................................................................................................189
General Information ..............................................................................................................................199
Selling Restrictions ...............................................................................................................................199
Use of Proceeds ...................................................................................................................................201
5

Listing and Admission to Trading Information ......................................................................................202
Authorisation
....................................................................................................................................202
Incorporation by Reference / Documents on Display ...........................................................................203
Names and Addresses .........................................................................................................................206
6

Summary
Summaries are made up of disclosure requirements known as "Elements". These elements are numbered in
Sections A E (A.1 E.7).
This summary (the "Summary") contains all the Elements required to be included in a summary for this type
of Notes and Issuer. Because some Elements are not required to be addressed, there may be gaps in the
numbering sequence of the Elements.
Even though an Element may be required to be inserted in the Summary because of the type of Notes and
Issuer, it is possible that no relevant information can be given regarding the Element. In this case, a short
description of the Element is included in the Summary with the mention of "not applicable".
[The Summary contains options, characterised by square brackets or typesetting in italics (other than the
respective translations of specific legal terms), and placeholders regarding the Notes to be issued under the
Programme. The summary of the individual issue of Notes will include the options relevant to this issue of
Notes as determined by the applicable Final Terms and will contain the information, which had been left blank,
as completed by the applicable Final Terms.]1
Element
Section A Introduction and warnings
A.1 Warnings
Warning
that:
this Summary should be read as an introduction to the Prospectus;
any decision to invest in the Notes should be based on consideration of
the Prospectus as a whole by the investor;
where a claim relating to the information contained in the Prospectus is
brought before a court, the plaintiff investor might, under the national
legislation of the Member State, have to bear the costs of translating the
Prospectus, before the legal proceedings are initiated; and
civil liability attaches only to the Issuer which has tabled the Summary
including any translation thereof, but only if the Summary is misleading,
inaccurate or inconsistent when read together with the other parts of the
Prospectus or it does not provide, when read together with the other
parts of the Prospectus, key information in order to aid investors when
considering whether to invest in the Notes.
A.2 Consent
to
the
[Each Dealer and/or each further financial intermediary subsequently
use of the
reselling or finally placing the Notes is entitled to use the Prospectus for the
Prospectus
subsequent resale or final placement of the Notes during the offer period for
the subsequent resale or final placement of the Notes from [] to [],
provided however, that the Prospectus is still valid in accordance with Article
11(2) of the Luxembourg Law relating to prospectuses for securities (Loi
relative aux prospectus pour valeurs mobilières), as amended, which
implements Directive 2003/71/EC of the European Parliament and of the
Council of 4 November 2003 (as amended).
The Prospectus may only be delivered to potential investors together with all
supplements published before such delivery. Any supplement to the
Prospectus is available for viewing in electronic form on the website of the
Luxembourg Stock Exchange (www.bourse.lu) and on the website of
Deutsche Telekom AG
(http://www.telekom.com/investor-relations/debt-market/dip-mtn-program/6
4276).
When using the Prospectus, each Dealer and/or relevant further financial
intermediary must make certain that it complies with all applicable laws and
regulations in force in the respective jurisdictions.

1 To be deleted for the summary of an individual issue of Notes.
7

In the event of an offer being made by a Dealer and/or a further
financial intermediary the Dealer and/or the further financial
intermediary shall provide information to investors on the terms and
conditions of the Notes at the time of that offer.] [Not applicable. No
consent has been given.]

Element
Section B [Issuer] [Guarantor]
B.1
Legal and commercial
Deutsche Telekom AG ("Deutsche Telekom AG").
name
B.2
Domicile / Legal form /
Deutsche Telekom AG is a private stock corporation organised
Legislation / Country of
under German law registered with the local court (Amtsgericht) of
incorporation / Legal
Bonn in the country of incorporation, Federal Republic of
Entity Identifier ("LEI")
Germany. The registered office is located at Friedrich-Ebert-Allee
140, 53113 Bonn, Federal Republic of Germany. Deutsche
Telekom AG's Legal Entity Identifier (LEI) is
549300V9QSIG4WX4GJ96.
B.4b
Known trends affecting
Intense competition in all areas of Deutsche Telekom's business,
the Issuer and the
which could lead to reduced prices for its products and services.
industries in which it
Deutsche Telekom Group remains subject to sector-specific
operates
market regulation. The national regulatory authorities have
extensive powers to intervene in product design and pricing, with
significant effects on operations.
B.5 Description
of
the Deutsche Telekom AG is the parent company of the Deutsche
Group and the Issuer's
Telekom Group ("Deutsche Telekom Group").
position within the
Group
B.9
Profit forecast or
Not applicable. No profit forecast or estimate are included.
estimate
B.10 Nature
of
any
Not applicable. The auditors' reports on the audited consolidated
qualifications in the
financial statements of Deutsche Telekom AG for the financial
audit report on
years ended 31 December 2017 and 31 December 2016 do not
historical financial
include any qualifications.
information
B.12
Selected historical key financial information of Deutsche Telekom Group

2017
2016
Change
billions of EUR
billions of EUR
-compared to
prior year

per cent.a
REVENUE AND EARNINGS
Net revenue
2.5
74.9
73.1
Of which: domestica

per
cent.
(0.9)
32.8
33.7
Of which: internationala
per
cent.
0.9
67.2
66.3
8

Profit (loss) from operations (EBIT)
2.4
9.4
9.2
Net profit (loss)
29.4
3.5
2.7
EBITDA
6.3
24.0 22.5
EBITDA (adjusted for special factors)
3.8
22.2 21.4
EBITDA margin (adjusted for special factors)a
per
cent.

0.4
29.7 29.3
STATEMENT OF FINANCIAL POSITION AS
OF 31 DECEMBER
Total assets
(4.8)
141.3
148.5
Shareholders' equity
9.3
42.5
38.8
Equity ratio (Shareholders' equity/Total assets)a
per
cent.
3.8
30.0
26.2
Net debt
1.7
50.8
50.0
Relative debt (Net debt/EBITDA (adjusted for
special factors))a n.a.
2.3
2.3
CASH FLOWS
Net cash from operating activities
10.7
17.2
15.5
Net cash used in investing activities
(23.6)
(16.8)
(13.6)
Net cash (used in) from financing activities
n.m.
(4.6) (1.3)
Free cash flow (before dividend payments and
spectrum investment) 11.3
5.5
4.9
a Calculated on the basis of millions for the purpose of greater precision. Changes to percentages expressed as percentage
points.
In the unaudited condensed consolidated interim financial statements as of and for the period
from 1 January 2018 to 31 March 2018, Deutsche Telekom has applied IFRS 15 "Revenue
from contracts with customers" and IFRS 9 "Financial Instruments" since 1 January 2018. The
comparability of certain financial statements line items between the periods presented below
might therefore be limited. For a detailed description of the first-time adoption effects please
refer to the condensed notes to the condensed consolidated interim financial statements as of
and for the period from 1 January 2018 to 31 March 2018.

Q1
2018
Q1
2017
Change
billions of EUR
billions of EUR
-compared to
prior year

per cent.a
REVENUE AND EARNINGS
Net revenue
(3.9)
17.9
18.6
Of which: domestica

per
cent.
0.7
33.4
32.7
(0.7)
66.6 67.3
Of which: internationala
9

per
cent.
Profit (loss) from operations (EBIT)
(21.7)
2.2
2.8
Net profit (loss)
32.8
1.0
0.7
EBITDA
(11.6)
5.3 6.0
EBITDA (adjusted for special factors)
0.0
5.5 5.6
EBITDA margin (adjusted for special factors)a
per
cent.

0.2
31.0 29.8
STATEMENT OF FINANCIAL POSITION AS
OF 31 MARCH
Total assets
(7.1)
138.0
148.6
Shareholders' equity
9.7
43.7
39.8
Equity ratio (Shareholders' equity/Total assets)a
per
cent.
4.9
31.7
26.8
Net debt
1.0
50.5
50.0
Relative debt (Net debt/EBITDA (adjusted for
special factors))a n.a.
2.3
2.3
CASH FLOWS
Net cash from operating activities
(1.3)
4.3
4.4
Net cash used in investing activities
(4.4)
(3.6)
(3.5)
Net cash (used in) from financing activities
n.m.
(0.3) 1.0
Free cash flow (before dividend payments and
spectrum investment) 12.5
1.4
1.2
a Calculated on the basis of millions for the purpose of greater precision. Changes to percentages expressed as percentage
points.
EBITDA, EBITDA (adjusted for special factors), EBITDA margin, Net debt and Free Cash Flow
are so-called alternative performance measures. They should not be viewed in isolation as an
alternative to key performance indicators presented in accordance with IFRS.
EBITDA corresponds to EBIT (profit/loss from operations) before depreciation, amortisation
and impairment losses.
EBITDA (adjusted for special factors) corresponds to EBITDA adjusted for staff-related
measures, non-staff related restructuring, effects of de-consolidations, disposals and
acquisitions, impairment losses and other effects that generally do not arise in conjunction
within the ordinary course of business.
EBITDA margin (adjusted for special factors) is the ratio of EBITDA (adjusted for special
factors) to net revenue.
Net debt is calculated as the Group's gross debt (sum of current and non-current financial
liabilities minus, accrued interest and other financial liabilities) minus certain financial assets
(cash and cash equivalents, available for sale financial assets / financial assets held for
trading, derivative financial assets and other financial assets).
Free Cash Flow (before dividend payments and spectrum investment) is calculated as Net
cash from operating activities minus cash outflows for investments in intangible assets
(excluding goodwill and before spectrum investment) and property, plant and equipment plus
proceeds from disposal of intangible assets (excluding goodwill) and property, plant and
equipment.
10