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Q3/11 – Results Presentation.
Deutsche Telekom.
November 10, 2011
Disclaimer.

This presentation contains forward-looking statements that reflect the current views of Deutsche Telekom management with respect to future events. These
forward-looking statements include statements with regard to the expected development of revenue, earnings, profits from operations, depreciation and
amortization, cash flows and personnel-related measures. You should consider them with caution. Such statements are subject to risks and uncertainties,
most of which are difficult to predict and are generally beyond Deutsche Telekom’s control. Among the factors that might influence our ability to achieve
our objectives are the progress of our workforce reduction initiative and other cost-saving measures, and the impact of other significant strategic, labor or
business initiatives, including acquisitions, dispositions and business combinations, and our network upgrade and expansion initiatives. In addition,
stronger than expected competition, technological change, legal proceedings and regulatory developments, among other factors, may have a material
adverse effect on our costs and revenue development. Further, the economic downturn in our markets, and changes in interest and currency exchange
rates, may also have an impact on our business development and the availability of financing on favorable conditions. Changes to our expectations
concerning future cash flows may lead to impairment write downs of assets carried at historical cost, which may materially affect our results at the group
and operating segment levels. If these or other risks and uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect,
our actual performance may materially differ from the performance expressed or implied by forward-looking statements. We can offer no assurance that our
estimates or expectations will be achieved. Without prejudice to existing obligations under capital market law, we do not assume any obligation to update
forward-looking statements to take new information or future events into account or otherwise.
In addition to figures prepared in accordance with IFRS, Deutsche Telekom also presents non-GAAP financial performance measures, including, among
others, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBIT, adjusted net income, free cash flow, gross debt and net debt.
These non-GAAP measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with IFRS. Non-GAAP
financial performance measures are not subject to IFRS or any other generally accepted accounting principles. Other companies may define these terms in
different ways.




                                                                                                                                                             2
Agenda.
Deutsche Telekom Results Presentation.




                               René Obermann
                               CEO




                               Timotheus Höttges
                               CFO




                                                   3
Q3 2011: Solid quarter – 75% of full year guidance achieved.

   Group revenue of €11.0 billion (-4.1%) and adj. EBITDA of €3.9 billion (-2.7%)
   FCF at €1.7 billion in Q3/11 well on track to achieve full year target
   Adj. net income increases 49% to €1.3 billion from €0.9 billion in Q3/10
   Save for service contribution of €1.5 billion in 9M.
   Germany: highest adj. EBITDA margin of 41.5% due to opex reductions of €0.3 billion in Q3 alone
      Newly launched “Entertain” via satellite with 50k subscriptions in first month
      466k contract customer net adds in mobile
      Mobile service revenue trend stabilization in Q3
      No signs of meaningful SMS cannibalization via apps
      Line losses in fixed improved by almost 40% year over year

   Europe: adj. EBITDA margin further improved to 35.8%
       Greece with ongoing improvement in revenue and EBITDA trends
       Strong increase in adj. EBITDA in the Netherlands (+24%)
       Adj. EBITDA in the Czech Republic (-19%) impacted by regulation and one-off effect

   US: Q3 adj. EBITDA growth of 9.2%,
      Adj. EBITDA margin at 27.8%
      Net adds improved quarter over quarter in a challenging environment


                   Full year 2011 Guidance re-iterated



                                                                                                      4
Q3/11 Overview.
Continuing and discontinued operations.
    Revenue (€ million) Continuing operations                      Adj. EBITDA (€ million) Continuing operations

                            -4.1%                                                       -2.7%
     11,461                                     10,990                3,992                                      3,884
                    -17              -454                                          -3             -105




     Q3/10          F/X             Organic     Q3/11                 Q3/10       F/X           Organic          Q3/11


          Revenue Q3/10 vs. Q3/11 (€ million)                         Adj. EBITDA Q3/10 vs. Q3/11 (€ million)
                                                      6,317      Germany                                                 2,523
Germany                                                                                                                  2,490
                                                   6,004
                                        4,123                     Europe                                 1,465
 Europe                                                                                                 1,388
                                      3,873
                                                                    SYS           222
   SYS                    2,205                                                   204
                          2,256
                                                                    GHS -192
                                                                         -150
   USA                                  4,143            Q3/10                                                           Q3/10
                                     3,683                                                      1,028
                                                         Q3/11      USA                         1,025
                                                                                                                         Q3/11




                                                                                                                                 5
Q3/11 Key financials.


 (€ million)                                                                         Q3/10    Q3/11    change in %
 Revenue from Continuing operations                                                  11,461   10,990        -4.1%
  Revenue incl. the US                                                              15,601   14,670        -6.0%
 Adj. EBITDA from Continuing operations                                               3,992    3,884        -2.7%
  Adj. EBITDA incl. the US                                                           5,021    4,907        -2.3%
 Adj. net profit                                                                       867     1,291        48.9%
 Net profit                                                                            933     1,069        14.6%
 Adj. EPS (in €)                                                                       0.20     0.30        50.0%
 EPS (in €)                                                                            0.22     0.25        13.6%


 Free cash flow1                                                                      1,882    1,706        -9.4%
 Cash capex1                                                                          2,036    2,114         3.8%




1) Before dividend payments and spectrum costs in Europe of €63 million in Q3 2011                               6
2011 guidance reiterated.

  FY Guidance adj. EBITDA and achievement after 9M                              As a result of the sale of T-Mobile US guidance of “around
                                                                                 19.1 billion” split into:
                                                                                  Discontinued operations: US with stable EBITDA over
                                                                                   FY 2010 of around US$5.5 billion or around €4.2 billion
                                                                                   based on F/X-rate of 1.33 (average rate of FY 2010).
                                                                                   In 9M €163 million lost in currency translation.
                                               ~19.1
                                                                                  Continuing operations: around €14.9 billion
                                                                                Free cash flow guidance unchanged at stable to slightly
                 ~14.9                                 14.2 = 75%                growing over FY 2010 of €6.5 billion
                              11.3 = 76%                                        Guidance assumes constant currency (average exchange
                                                                                 rates of 2010). Free cash flow guidance not including
                                                                                 €0.4 billion for PTC settlement




                   Group ex. US                Group incl. US1


                                                            Guidance
                                                            achieved in 9M




1) US-EBITDA translated at 1.33 guidance f/x                                                                                                  7
US: cost discipline supports margin.

                        Service revenues (US$ million)                                                                                        Net adds (‘000)1
                                                                                                                       Contract
                                                  -1.8%                                                                Prepaid
                                                                                                                                                      283                       312
            4,607               4,615              4,556              4,543              4,525                                 190           228                   231


                                                                                                                         -54
                                                                                                                                                                         -186
                                                                                                                                      -251                  -281
                                                                                                                                                   -382
            Q3/10              Q4/10              Q1/11              Q2/11              Q3/11                             Q3/10        Q4/10        Q1/11    Q2/11        Q3/11


    Adj. EBITDA (US$ million) and adj. EBITDA margin                                                                                  ARPU development (US$)
                                                                                          27.8                         Blended ARPU
             24.8                25.4                                  25.4
                                                    23.1                                                               Data-ARPU (US GAAP)
                                                                                                                                                    13.1      13.6         14.0
                                                +9.2%                                                                      12.4         12.8

            1,328               1,360                                 1,283              1,450                              46           46          45          45        45
                                                   1,193



            Q3/10              Q4/10              Q1/11              Q2/11              Q3/11                             Q3/10        Q4/10       Q1/11     Q2/11        Q3/11




1) Walmart Family Mobile customers reclassified as contract customers, Q3/10, Q4/10, and Q1/11 restated accordingly.                                                                  8
Germany: strong cost discipline results in further improved
EBITDA margin.
                                 Revenue (€ million)1                                                                       Adj. EBITDA (€ million)
                                                                                                                                     -1.3%
                                                  -5.0%



            6,317             6,442              5,991              5,989             6,004                       2,523     2,358    2,384    2,439     2,490



           Q3/10              Q4/10              Q1/11             Q2/11              Q3/11                       Q3/10     Q4/10    Q1/11    Q2/11    Q3/11


                                 Adj. opex (€ million)                                                                     Adj. EBITDA margin (in %)
                                                  -7.8%                                                      42                                         41.5
                                                                                                                                              40.7
                                                                                                             41
                                                                                                                    39.9             39.7
                                                                                                             40                                        +1.6pp

            3,927             4,262                                                                          39
                                                 3,734              3,664             3,621
                                                                                                             38             36.6
                                                                                                             37
                                                                                                             36
           Q3/10              Q4/10              Q1/11             Q2/11              Q3/11                       Q3/10     Q4/10    Q1/11    Q2/11    Q3/11




1) Q3 includes MTR-cut of approximately €58 million, adjusted for MTRs revenue decrease would have been 4%                                                      9
Germany revenue: continued focus on data & TV opportunity.

                  Fixed network revenues (€ million)1                                                                                    Mobile service revenue2 (€ million)

                                                   -5.1%                                                                                                                +0.1%



            4,242              4,376               4,063              4,045              4,027                                   1,813                                                  1,815
                                                                                                                                                     1,784              1,747   1,767



            Q3/10              Q4/10              Q1/11              Q2/11              Q3/11                                    Q3/10              Q4/10               Q1/11   Q2/11   Q3/11


                     2play + 3play customers (million)                                                                   Mobile data revenue (€ million) and as % of ARPU
      double play
      triple play                                                                                                                                                       +26%
                                                  +3.0%

                                                                       12.2               12.2                                                                           384     409    410
             11.8               12.0                12.1                                                                           325                334
                                                                                                                                                                        23%     24%     23%
             10.8               10.8                10.8               10.9               10.8                                    18%                19%

             1.0                1.2                1.3                1.3                1.4
            Q3/10              Q4/10              Q1/11              Q2/11              Q3/11                                    Q3/10              Q4/10               Q1/11   Q2/11   Q3/11




1) “Fixed network” revenues includes revenues from Fixed network, Wholesale services, Online consumer services, Value-added services and Fixed network related others
2) Adjusted for the reduction in MTR–rates (Q3 = €58 million revenue)                                                                                                                           10
Germany: #1 in broadband and mobile service revenue.

           Broadband access lines market share1 (%)                                                                       52% of the domestic fixed customer base of 23.7million are
                                                                                                                           broadband customers
                                  46.3            46.0            45.8            45.7            45.5
                                                                                                                          Line losses almost 40% below last year: 323k (525k in Q3/10)
                                  25.6            26.0            26.4            26.6            26.8
                                  2.7             2.8              3.1             3.2             3.3                    Solid IPTV growth continues with +32% (333k) Entertain
                                                                                                                           customers now at 1,375k supported by new SAT offer.
       Market Share               11.1            11.2            11.3            11.3            11.3
                                                                                                                          Retail fiber-customers (VDSL) growth to 520k (+242k yoy)
       Cable
       DSL competitors            11.8            12.0            12.1            12.2            12.2
       DT

                                Q3/10           Q4/10            Q1/11           Q2/11           Q3/11



            Mobile service revenue market share1 (%)                                                                      Strong ramp up in mobile data revenues: €410 million
                                                                                                                           (+26% yoy), due to successful launch of new product portfolio
                                  35.7            35.3            35.7            35.2            35.0
                                                                                                                          Mobile contract net adds of 466k - as announced with strong
                                 5,080           4,971           4,740           4,847                                     emphasis on service provider and value segment
       Market Share              1,813                                                           1,757                    stable contract churn of 1.1%, ongoing best in class
                                                 1,756           1,690           1,706
       Telekom
       Vodafone
                                                                                                                          64% smartphone share of handsets sold in Q3/11 (+11pp yoy)
                                 1,701           1,685           1,627           1,646           1,703
       E-Plus                                                                                                             iPhone sales: 221k – impacted by launch of 4S in October
                                  810             781             736             768              805
       O2
                                  755             749             686             727
                                Q3/10           Q4/10            Q1/11           Q2/11           Q3/11




1) Company estimates; Rounded figures; Incl. reseller (competitor resale and resale); Q1/11 adjusted mainly due to changes in KDG reporting structure                                 11
Germany: initiatives in mobile and fixed with strong achievements.

   Successful promotion of „Special Call&Surf Mobil“                                                    New segments successfully targeted via Service Provider
  Share of contract Gross Adds consumer                             Promotion price until Sep. 14th   Net Adds contract in k.                                             466
                                                                                                                   DT                Service Provider                       74
                                               +13PP                                                                                                                      21
                                                                                                                   Congstar
                                                         31,0%                24, 95                                                                            171
                                                                             p. mo €                                                                                      371
                                                                                  nth                        25                                                11   33
                                     18,0%                                                                                                      25              127
                                                                                                              67    17     51                       20
                                                                                                                                14             12
                                                                                                             -59          -93                            -7
                                                                                                                            -28
                                      Q2/11              Q3/11                                             Q3/2010       Q4/2011            Q1/2011           Q2/2011    Q3/2011


                    50k Entertain Sat sold since Sep 1st                                               
                                                                                                          „Special Call&Surf Mobil“ promotion successfully targeted
                                                                                                           „Special Call&Surf Mobil“ promotion successfully targeted
  in k                                                                                                     Value segment. More than 70% of intake
                                                                                                           Value segment. More than 70% of intake
                                             app. x2
                                                                                        39, 95             are new customers.
                                                                                                           are new customers.
               er ain
           Entertaigen                                                                 p. m o €
           Entvet age
                  ra                                                                         nth           As promised new customer segments addressed via Service
           Cover 81%
           Co to 81%
                                                                                                       
                                                                                                          As promised new customer segments addressed via Service
            u p to
            up                                                                                             Provider
                                                                                                           Provider
                                       50k
                                                                                                       
                                                                                                          Entertain SAT combined with VDSL push as new
                                                                                                           Entertain SAT combined with VDSL push as new
                    marketed            35                                                                 running horse for TV success story
                                                                                                           running horse for TV success story
                  connected             14
                                 September eoy 2011




Entertain is available with a DSL connection of at least 3 Mbit/s                                                                                                                  12
Europe – growth in key market KPIs.

                                 TV customer (million)                                                                                              Smartphone share (%)1
                                                   +19%                                                                                                       +67%
                                                                       2.59               2.62                                                                                50%
             2.21               2.35                2.41                                                                                                              46%
                                                                                                                                                              43%
                                                                                                                                                     34%
                                                                                                                                  30%
                                0.65                0.71               0.73               0.77
             0.57
                                                                                            IPTV +35%
                                                                                            IPTV +35%

            Q3/10              Q4/10              Q1/11              Q2/11               Q3/11                                   Q3/10              Q4/10     Q1/11   Q2/11   Q3/11


                       Broadband accesses (million)2                                                                                   Mobile contract subscriber (million)2
                                                    +7%                                                                                                       +3%

                                                    4.71               4.75               4.75                                    26.1               26.3     26.5    26.6    26.8
             4.42               4.58




            Q3/10              Q4/10              Q1/11              Q2/11               Q3/11                                   Q3/10              Q4/10     Q1/11   Q2/11   Q3/11




1) Percentage of smartphones in dispatched devices (excl. OTE, Macedonia and Montenegro); 2) incl. customers shifted to T-Systems in Hungary as of 1.1.2011                           13
Europe – integrated markets: focus on robust margins in difficult
environment.
                                   Revenue (€ million)
                                                                                                                       Greece:
         -5%
                                                         -1%                                                              Financials show signs of progress: both revenue and adj.
                                 -6%                                            -7%
     979 930                                                                                                               EBITDA trends improved compared to Q1 and Q2
                             314 296                 491 486                                                              Recent agreement with unions on working hours and wage
                                                                            239 223
                                                                                                                           reduction will result in €160 million cost reductions in next
       Greece                  Croatia                   MT1                 Slovakia                                      three years
                                                                                                                          Leadership in mobile safeguarded with 42k contract and
                                Adj. EBITDA (€ million)                                                                    98k prepay net adds in Q3
          -7%                                                                                                          Croatia:
                                 -4%                     -8%
                                                                                -6%                                       Underlying revenue decline 1.6%. Underlying adj. EBITDA
      376 349
                                                     231 214                                                               decline 0.6%
                             157 151                                        109 102
                                                                                                                          Growth in IPTV (+19.9%) and broadband (+7.7%) partially
       Greece                  Croatia                   MT1                 Slovakia                                      compensate line losses. Smartphone share doubled to 35%
                                                                                                                       MT (Hungary and others):
                               Adj. EBITDA margin (%)                                                                     Underlying revenue -2.2%. Underlying adj. EBITDA -9.1%
                                                                                                                          Growth in IPTV +68% (Hungary +85.4%)
                             50.0 51.0              47.0 44.0               45.6 45.7
     38.4 37.5                                                                                                         Slovakia:
                                                                                                                          Underlying revenue decline of 5.9%. Underlying adj.
                                                                                                      Q3/10                EBITDA -6.4%
                                                                                                      Q3/11
       Greece                  Croatia                   MT1                 Slovakia                                     IPTV +16,9%. Smartphone share at 46% in Q3




1) Figures adjusted for special tax in Q3/11 - impact: €20 million on revenue and adj. EBITDA, 0,1%p on margin Q3/10 figures adjusted for shift of business customers to T-Systems segment.   14
Europe – mobile centric: focus on profitability.

                                   Revenue (€ million)
                                                                            Poland:
         -7%                    +1%
                                            -8%            -8%                 Underlying revenue -1.1%. Adj. EBITDA underlying +5%
     472 438                 450 455                                           Rebranding with positive impact on contract net adds
                                           296 272       254 234            Netherlands:
                                                                               Underlying revenue +1.1% and adj. EBITDA +32.7%.
       Poland             Netherlands1)     Czech        Austria
                                                                                EBITDA improvement predominantly due to iPhone driven
                                                                                expenses in Q3/10.
                                Adj. EBITDA (€ million)
                                                                               Smartphone sales increased again: now 62% of devices in
          -2%                  +33%                                             Q3. Contract net adds 53k. SMS revenues increased by
                                            -19%
                                                           0%                   12% with majority of traffic within bundles
      159 156                              143 116
                              98 130                     69    69           CZ:
                                                                               Decline in revenue due to regulation and competition driven
       Poland             Netherlands1)     Czech         Austria               price decreases
                                                                               Adj. EBITDA declining due to revenue shortfall and
                               Adj. EBITDA margin (%)                           bankruptcy of a service provider
                                                                            Austria:
                                          48.3 42.6                            Revenue impacted by regulation and competition
     33.7 35.6                                        27.2 29.5
                             21.8 28.6                                         Revenue decline fully compensated by opex savings
                                                                    Q3/10
                                                                               Solid contract (16k) and prepay (40k) net adds
                                                                    Q3/11
        Poland            Netherlands1)     Czech         Austria




1) Q3/11 adjusted for regulatory impact                                                                                                  15
Systems Solutions: revenue growth of 2.3% in Q3/11.

               Revenue (€ million)                   Revenue increase yoy of +2.3% up to €2,256 million
                                                     External revenues up +2.1% to €1,587 million
                      +2.3%
                                                     Strong order entry vs. Q3/10 of €1,926 million due to
             2,479              2,276
                                                      renewals and additional business in customer base (e.g.
   2,205              2,260               2,256
                                                      Daimler)




   Q3/10     Q4/10    Q1/11    Q2/11      Q3/11


           External Revenue (€ million)                               Order Entry (€ million)
                      +2.1%                                                    +18.5%

   1,555     1,714     1,616    1,638     1,587                      3,206
                                                                                2,593
                                                                                           2,039      1,926
                                                          1,625



   Q3/10     Q4/10    Q1/11    Q2/11      Q3/11           Q3/10      Q4/10      Q1/11      Q2/11      Q3/11




                                                                                                                16
Systems Solutions : Save for Service cost savings.

 Adj. EBITDA/margin                         Adj. EBIT/margin                    Adj. EBITDA at €204 million with a margin of 9.0%
                                                                                Adj. EBIT margin in Q3/11 down to 2.4% from 3.3% in Q3/10
                                                                                Ongoing impact of higher opex related to big deal execution
                                                                                 and quality assurance
 10.1%                     9.0%            3.3%
              8.7%                                                              Both EBITDA and EBIT margin improved quarter on quarter
                                                                  2.4%
                                                       2.0%                     Capex reduced by €65 million in order to protect cash flow
   222        197           204             73
                                                        45         54

 Q3/10        Q2/11        Q3/11           Q3/10       Q2/11     Q3/11


         S4S cost savings Q1-Q3 2011 (€ million)                             Besides quality assurance focus remains on S4S program to
                                                                                improve overall efficiency:
                                                  43             476          standardized tools & processes within Sales
                      67            32
    334                                                                       Improvements on global production setup: sourcing,
                                                                                platforms, standardization
                                                                              Further sourcing optimization at Systems Integration
                                                                              G&A: general cost reduction
                                                                             In total €0.5 billion S4S contribution in Q1-Q3/11
 Production      Systems           Sales         G&A         Total savings
                Integration                                  Q1-Q3 2011




                                                                                                                                           17
Free cash flow: full year guidance confirmed.

       Development of free cash flow Q3/11 vs. Q3/10 (€ million)                   Guidance for cash flow confirmed
                                                                                     Q3 cash flow impacted by higher capex, esp. in
                                                                                      Germany, and interest payments
                                                                                     We expect reversal of capex trends in Q4 which will
                                                                                      support free cash flow generation
        1,882
                              -41            -58                        1,706
                                                    -78         1




       Q3/10             Cash     Net interest     Cash      Proceeds   Q3/11
                       generated payments          capex1)
                         from
                       operations




1) Adj. for €63 million of spectrum invest                                                                                                  18
Q3 2011 Save for Service: 3.9 billion out of 4.2 achieved.

   Cost base development 9M/10 vs. 9M/11 (€ billion)               Contribution                               Q1-Q3/2011
                                -7.4%                              by Business Unit (€ million)                  Realized
   33.05                                                           Germany                                            424
             0.60                                                  USA                                                287
                         0.25
                                                                   Europe                                             247
                                        1.47
                                                                   Systems Solutions                                  476
                                                                   GHS                                                 34
                                                 0.64              DT Group                                        1.468
                                                           30.59

                                                                      Total run rate of S4S program now at €3.9 billion of
                                                                       €4.2 to be achieved 2010 to 2012
                                                                      Net reduction of DT cost base by -7.4% (€2.46 billion)
                                                                       on corporate level driven by S4S, deconsolidation of UK
                                                                       and reduction of Mobile Termination Rates.
   Q1-Q3 Changes in      FX          S4S         Net       Q1-Q3
                                                                      Contribution to net cost reduction
   2010    scope of                 Q1-Q3      Re-Invest   2011         Germany €0.8 billion
         consolidation              2011       Q3 2011
                                                                        USA € 0.8 billion
                                                                        Europe €1.1 billion (incl. €0.6 billion UK
                                                                         deconsolidation)



                                                                                                                            19
Ongoing solid balance sheet ratios and improved rating outlook.


in € billion                                                                  30/09/2011                    30/06/2011   31/03/2011       31/12/2010     30/09/2010
Balance sheet total                                                                        124.6                 123.1        123.2             127.8            127.8
Shareholders’ equity                                                                          40.7                39.3         42.7              43.0             43.4
Net debt                                                                                      43.4                43.3         41.8              42.3             43.7
Net debt/adj. EBITDA1                                                                           2.3                2.3             2.2             2.2             2.2
Gearing                                                                                       1.1x                1.1x          1.0x              1.0x            1.0x
Equity ratio                                                                             32.7%                  31.9%        34.6%             33.7%             34.0%



Comfort zone ratios                                                                                                         Current Rating
2 - 2.5x Net debt/adj. EBITDA                                                                                              Fitch:       BBB+ positive outlook      

25 - 35% Equity ratio                                                                                                      Moody’s: Baa1 watch positive            

Gearing: 0.8 to 1.2                                                                                                        S&P:         BBB+ positive outlook      

Liquidity reserve covers redemption of the next 24 months                                                                  R&I:         A     stable outlook       



1) Calculation based on adj. EBITDA of continuing and discontinued operations over the last four quarters                                                                20
Q&A - Please press “*1” to ask a question.




                                             René Obermann
                                             CEO



                                             Timotheus Höttges
                                             CFO




                                             Niek Jan van Damme
                                             CEO Germany

For remaining questions please contact the IR department after the call.


                                                                           21
For further questions please contact the IR department:


Investor Relations, Bonn office              Investor Relations, New York office
                                             Investor Relations, New York office
Phone        +49 228 181 - 8 88 80           Phone
                                             Phone        +1 212 424 2959
                                                          +1 212 424 2959
Fax          +49 228 181 - 8 88 99           Phone
                                             Phone        +1 877 DT SHARE (toll-free)
                                                          +1 877 DT SHARE (toll-free)
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11Q3 Results for Deutsche Telekom

  • 1. Q3/11 – Results Presentation. Deutsche Telekom. November 10, 2011
  • 2. Disclaimer. This presentation contains forward-looking statements that reflect the current views of Deutsche Telekom management with respect to future events. These forward-looking statements include statements with regard to the expected development of revenue, earnings, profits from operations, depreciation and amortization, cash flows and personnel-related measures. You should consider them with caution. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond Deutsche Telekom’s control. Among the factors that might influence our ability to achieve our objectives are the progress of our workforce reduction initiative and other cost-saving measures, and the impact of other significant strategic, labor or business initiatives, including acquisitions, dispositions and business combinations, and our network upgrade and expansion initiatives. In addition, stronger than expected competition, technological change, legal proceedings and regulatory developments, among other factors, may have a material adverse effect on our costs and revenue development. Further, the economic downturn in our markets, and changes in interest and currency exchange rates, may also have an impact on our business development and the availability of financing on favorable conditions. Changes to our expectations concerning future cash flows may lead to impairment write downs of assets carried at historical cost, which may materially affect our results at the group and operating segment levels. If these or other risks and uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, our actual performance may materially differ from the performance expressed or implied by forward-looking statements. We can offer no assurance that our estimates or expectations will be achieved. Without prejudice to existing obligations under capital market law, we do not assume any obligation to update forward-looking statements to take new information or future events into account or otherwise. In addition to figures prepared in accordance with IFRS, Deutsche Telekom also presents non-GAAP financial performance measures, including, among others, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBIT, adjusted net income, free cash flow, gross debt and net debt. These non-GAAP measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with IFRS. Non-GAAP financial performance measures are not subject to IFRS or any other generally accepted accounting principles. Other companies may define these terms in different ways. 2
  • 3. Agenda. Deutsche Telekom Results Presentation. René Obermann CEO Timotheus Höttges CFO 3
  • 4. Q3 2011: Solid quarter – 75% of full year guidance achieved.  Group revenue of €11.0 billion (-4.1%) and adj. EBITDA of €3.9 billion (-2.7%)  FCF at €1.7 billion in Q3/11 well on track to achieve full year target  Adj. net income increases 49% to €1.3 billion from €0.9 billion in Q3/10  Save for service contribution of €1.5 billion in 9M.  Germany: highest adj. EBITDA margin of 41.5% due to opex reductions of €0.3 billion in Q3 alone  Newly launched “Entertain” via satellite with 50k subscriptions in first month  466k contract customer net adds in mobile  Mobile service revenue trend stabilization in Q3  No signs of meaningful SMS cannibalization via apps  Line losses in fixed improved by almost 40% year over year  Europe: adj. EBITDA margin further improved to 35.8%  Greece with ongoing improvement in revenue and EBITDA trends  Strong increase in adj. EBITDA in the Netherlands (+24%)  Adj. EBITDA in the Czech Republic (-19%) impacted by regulation and one-off effect  US: Q3 adj. EBITDA growth of 9.2%,  Adj. EBITDA margin at 27.8%  Net adds improved quarter over quarter in a challenging environment Full year 2011 Guidance re-iterated 4
  • 5. Q3/11 Overview. Continuing and discontinued operations. Revenue (€ million) Continuing operations Adj. EBITDA (€ million) Continuing operations -4.1% -2.7% 11,461 10,990 3,992 3,884 -17 -454 -3 -105 Q3/10 F/X Organic Q3/11 Q3/10 F/X Organic Q3/11 Revenue Q3/10 vs. Q3/11 (€ million) Adj. EBITDA Q3/10 vs. Q3/11 (€ million) 6,317 Germany 2,523 Germany 2,490 6,004 4,123 Europe 1,465 Europe 1,388 3,873 SYS 222 SYS 2,205 204 2,256 GHS -192 -150 USA 4,143 Q3/10 Q3/10 3,683 1,028 Q3/11 USA 1,025 Q3/11 5
  • 6. Q3/11 Key financials. (€ million) Q3/10 Q3/11 change in % Revenue from Continuing operations 11,461 10,990 -4.1%  Revenue incl. the US 15,601 14,670 -6.0% Adj. EBITDA from Continuing operations 3,992 3,884 -2.7%  Adj. EBITDA incl. the US 5,021 4,907 -2.3% Adj. net profit 867 1,291 48.9% Net profit 933 1,069 14.6% Adj. EPS (in €) 0.20 0.30 50.0% EPS (in €) 0.22 0.25 13.6% Free cash flow1 1,882 1,706 -9.4% Cash capex1 2,036 2,114 3.8% 1) Before dividend payments and spectrum costs in Europe of €63 million in Q3 2011 6
  • 7. 2011 guidance reiterated. FY Guidance adj. EBITDA and achievement after 9M  As a result of the sale of T-Mobile US guidance of “around 19.1 billion” split into:  Discontinued operations: US with stable EBITDA over FY 2010 of around US$5.5 billion or around €4.2 billion based on F/X-rate of 1.33 (average rate of FY 2010). In 9M €163 million lost in currency translation. ~19.1  Continuing operations: around €14.9 billion  Free cash flow guidance unchanged at stable to slightly ~14.9 14.2 = 75% growing over FY 2010 of €6.5 billion 11.3 = 76%  Guidance assumes constant currency (average exchange rates of 2010). Free cash flow guidance not including €0.4 billion for PTC settlement Group ex. US Group incl. US1 Guidance achieved in 9M 1) US-EBITDA translated at 1.33 guidance f/x 7
  • 8. US: cost discipline supports margin. Service revenues (US$ million) Net adds (‘000)1 Contract -1.8% Prepaid 283 312 4,607 4,615 4,556 4,543 4,525 190 228 231 -54 -186 -251 -281 -382 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Adj. EBITDA (US$ million) and adj. EBITDA margin ARPU development (US$) 27.8 Blended ARPU 24.8 25.4 25.4 23.1 Data-ARPU (US GAAP) 13.1 13.6 14.0 +9.2% 12.4 12.8 1,328 1,360 1,283 1,450 46 46 45 45 45 1,193 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 1) Walmart Family Mobile customers reclassified as contract customers, Q3/10, Q4/10, and Q1/11 restated accordingly. 8
  • 9. Germany: strong cost discipline results in further improved EBITDA margin. Revenue (€ million)1 Adj. EBITDA (€ million) -1.3% -5.0% 6,317 6,442 5,991 5,989 6,004 2,523 2,358 2,384 2,439 2,490 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Adj. opex (€ million) Adj. EBITDA margin (in %) -7.8% 42 41.5 40.7 41 39.9 39.7 40 +1.6pp 3,927 4,262 39 3,734 3,664 3,621 38 36.6 37 36 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 1) Q3 includes MTR-cut of approximately €58 million, adjusted for MTRs revenue decrease would have been 4% 9
  • 10. Germany revenue: continued focus on data & TV opportunity. Fixed network revenues (€ million)1 Mobile service revenue2 (€ million) -5.1% +0.1% 4,242 4,376 4,063 4,045 4,027 1,813 1,815 1,784 1,747 1,767 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 2play + 3play customers (million) Mobile data revenue (€ million) and as % of ARPU double play triple play +26% +3.0% 12.2 12.2 384 409 410 11.8 12.0 12.1 325 334 23% 24% 23% 10.8 10.8 10.8 10.9 10.8 18% 19% 1.0 1.2 1.3 1.3 1.4 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 1) “Fixed network” revenues includes revenues from Fixed network, Wholesale services, Online consumer services, Value-added services and Fixed network related others 2) Adjusted for the reduction in MTR–rates (Q3 = €58 million revenue) 10
  • 11. Germany: #1 in broadband and mobile service revenue. Broadband access lines market share1 (%)  52% of the domestic fixed customer base of 23.7million are broadband customers 46.3 46.0 45.8 45.7 45.5  Line losses almost 40% below last year: 323k (525k in Q3/10) 25.6 26.0 26.4 26.6 26.8 2.7 2.8 3.1 3.2 3.3  Solid IPTV growth continues with +32% (333k) Entertain customers now at 1,375k supported by new SAT offer. Market Share 11.1 11.2 11.3 11.3 11.3  Retail fiber-customers (VDSL) growth to 520k (+242k yoy) Cable DSL competitors 11.8 12.0 12.1 12.2 12.2 DT Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Mobile service revenue market share1 (%)  Strong ramp up in mobile data revenues: €410 million (+26% yoy), due to successful launch of new product portfolio 35.7 35.3 35.7 35.2 35.0  Mobile contract net adds of 466k - as announced with strong 5,080 4,971 4,740 4,847 emphasis on service provider and value segment Market Share 1,813 1,757  stable contract churn of 1.1%, ongoing best in class 1,756 1,690 1,706 Telekom Vodafone  64% smartphone share of handsets sold in Q3/11 (+11pp yoy) 1,701 1,685 1,627 1,646 1,703 E-Plus  iPhone sales: 221k – impacted by launch of 4S in October 810 781 736 768 805 O2 755 749 686 727 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 1) Company estimates; Rounded figures; Incl. reseller (competitor resale and resale); Q1/11 adjusted mainly due to changes in KDG reporting structure 11
  • 12. Germany: initiatives in mobile and fixed with strong achievements. Successful promotion of „Special Call&Surf Mobil“ New segments successfully targeted via Service Provider Share of contract Gross Adds consumer Promotion price until Sep. 14th Net Adds contract in k. 466 DT Service Provider 74 +13PP 21 Congstar 31,0% 24, 95 171 p. mo € 371 nth 25 11 33 18,0% 25 127 67 17 51 20 14 12 -59 -93 -7 -28 Q2/11 Q3/11 Q3/2010 Q4/2011 Q1/2011 Q2/2011 Q3/2011 50k Entertain Sat sold since Sep 1st   „Special Call&Surf Mobil“ promotion successfully targeted „Special Call&Surf Mobil“ promotion successfully targeted in k Value segment. More than 70% of intake Value segment. More than 70% of intake app. x2 39, 95 are new customers. are new customers. er ain Entertaigen p. m o € Entvet age ra nth As promised new customer segments addressed via Service Cover 81% Co to 81%   As promised new customer segments addressed via Service u p to up Provider Provider 50k   Entertain SAT combined with VDSL push as new Entertain SAT combined with VDSL push as new marketed 35 running horse for TV success story running horse for TV success story connected 14 September eoy 2011 Entertain is available with a DSL connection of at least 3 Mbit/s 12
  • 13. Europe – growth in key market KPIs. TV customer (million) Smartphone share (%)1 +19% +67% 2.59 2.62 50% 2.21 2.35 2.41 46% 43% 34% 30% 0.65 0.71 0.73 0.77 0.57 IPTV +35% IPTV +35% Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Broadband accesses (million)2 Mobile contract subscriber (million)2 +7% +3% 4.71 4.75 4.75 26.1 26.3 26.5 26.6 26.8 4.42 4.58 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 1) Percentage of smartphones in dispatched devices (excl. OTE, Macedonia and Montenegro); 2) incl. customers shifted to T-Systems in Hungary as of 1.1.2011 13
  • 14. Europe – integrated markets: focus on robust margins in difficult environment. Revenue (€ million) Greece: -5% -1%  Financials show signs of progress: both revenue and adj. -6% -7% 979 930 EBITDA trends improved compared to Q1 and Q2 314 296 491 486  Recent agreement with unions on working hours and wage 239 223 reduction will result in €160 million cost reductions in next Greece Croatia MT1 Slovakia three years  Leadership in mobile safeguarded with 42k contract and Adj. EBITDA (€ million) 98k prepay net adds in Q3 -7% Croatia: -4% -8% -6%  Underlying revenue decline 1.6%. Underlying adj. EBITDA 376 349 231 214 decline 0.6% 157 151 109 102  Growth in IPTV (+19.9%) and broadband (+7.7%) partially Greece Croatia MT1 Slovakia compensate line losses. Smartphone share doubled to 35% MT (Hungary and others): Adj. EBITDA margin (%)  Underlying revenue -2.2%. Underlying adj. EBITDA -9.1%  Growth in IPTV +68% (Hungary +85.4%) 50.0 51.0 47.0 44.0 45.6 45.7 38.4 37.5 Slovakia:  Underlying revenue decline of 5.9%. Underlying adj. Q3/10 EBITDA -6.4% Q3/11 Greece Croatia MT1 Slovakia  IPTV +16,9%. Smartphone share at 46% in Q3 1) Figures adjusted for special tax in Q3/11 - impact: €20 million on revenue and adj. EBITDA, 0,1%p on margin Q3/10 figures adjusted for shift of business customers to T-Systems segment. 14
  • 15. Europe – mobile centric: focus on profitability. Revenue (€ million) Poland: -7% +1% -8% -8%  Underlying revenue -1.1%. Adj. EBITDA underlying +5% 472 438 450 455  Rebranding with positive impact on contract net adds 296 272 254 234 Netherlands:  Underlying revenue +1.1% and adj. EBITDA +32.7%. Poland Netherlands1) Czech Austria EBITDA improvement predominantly due to iPhone driven expenses in Q3/10. Adj. EBITDA (€ million)  Smartphone sales increased again: now 62% of devices in -2% +33% Q3. Contract net adds 53k. SMS revenues increased by -19% 0% 12% with majority of traffic within bundles 159 156 143 116 98 130 69 69 CZ:  Decline in revenue due to regulation and competition driven Poland Netherlands1) Czech Austria price decreases  Adj. EBITDA declining due to revenue shortfall and Adj. EBITDA margin (%) bankruptcy of a service provider Austria: 48.3 42.6  Revenue impacted by regulation and competition 33.7 35.6 27.2 29.5 21.8 28.6  Revenue decline fully compensated by opex savings Q3/10  Solid contract (16k) and prepay (40k) net adds Q3/11 Poland Netherlands1) Czech Austria 1) Q3/11 adjusted for regulatory impact 15
  • 16. Systems Solutions: revenue growth of 2.3% in Q3/11. Revenue (€ million)  Revenue increase yoy of +2.3% up to €2,256 million  External revenues up +2.1% to €1,587 million +2.3%  Strong order entry vs. Q3/10 of €1,926 million due to 2,479 2,276 renewals and additional business in customer base (e.g. 2,205 2,260 2,256 Daimler) Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 External Revenue (€ million) Order Entry (€ million) +2.1% +18.5% 1,555 1,714 1,616 1,638 1,587 3,206 2,593 2,039 1,926 1,625 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 Q3/10 Q4/10 Q1/11 Q2/11 Q3/11 16
  • 17. Systems Solutions : Save for Service cost savings. Adj. EBITDA/margin Adj. EBIT/margin  Adj. EBITDA at €204 million with a margin of 9.0%  Adj. EBIT margin in Q3/11 down to 2.4% from 3.3% in Q3/10  Ongoing impact of higher opex related to big deal execution and quality assurance 10.1% 9.0% 3.3% 8.7%  Both EBITDA and EBIT margin improved quarter on quarter 2.4% 2.0%  Capex reduced by €65 million in order to protect cash flow 222 197 204 73 45 54 Q3/10 Q2/11 Q3/11 Q3/10 Q2/11 Q3/11 S4S cost savings Q1-Q3 2011 (€ million) Besides quality assurance focus remains on S4S program to improve overall efficiency: 43 476  standardized tools & processes within Sales 67 32 334  Improvements on global production setup: sourcing, platforms, standardization  Further sourcing optimization at Systems Integration  G&A: general cost reduction In total €0.5 billion S4S contribution in Q1-Q3/11 Production Systems Sales G&A Total savings Integration Q1-Q3 2011 17
  • 18. Free cash flow: full year guidance confirmed. Development of free cash flow Q3/11 vs. Q3/10 (€ million)  Guidance for cash flow confirmed  Q3 cash flow impacted by higher capex, esp. in Germany, and interest payments  We expect reversal of capex trends in Q4 which will support free cash flow generation 1,882 -41 -58 1,706 -78 1 Q3/10 Cash Net interest Cash Proceeds Q3/11 generated payments capex1) from operations 1) Adj. for €63 million of spectrum invest 18
  • 19. Q3 2011 Save for Service: 3.9 billion out of 4.2 achieved. Cost base development 9M/10 vs. 9M/11 (€ billion) Contribution Q1-Q3/2011 -7.4% by Business Unit (€ million) Realized 33.05 Germany 424 0.60 USA 287 0.25 Europe 247 1.47 Systems Solutions 476 GHS 34 0.64 DT Group 1.468 30.59  Total run rate of S4S program now at €3.9 billion of €4.2 to be achieved 2010 to 2012  Net reduction of DT cost base by -7.4% (€2.46 billion) on corporate level driven by S4S, deconsolidation of UK and reduction of Mobile Termination Rates. Q1-Q3 Changes in FX S4S Net Q1-Q3  Contribution to net cost reduction 2010 scope of Q1-Q3 Re-Invest 2011  Germany €0.8 billion consolidation 2011 Q3 2011  USA € 0.8 billion  Europe €1.1 billion (incl. €0.6 billion UK deconsolidation) 19
  • 20. Ongoing solid balance sheet ratios and improved rating outlook. in € billion 30/09/2011 30/06/2011 31/03/2011 31/12/2010 30/09/2010 Balance sheet total 124.6 123.1 123.2 127.8 127.8 Shareholders’ equity 40.7 39.3 42.7 43.0 43.4 Net debt 43.4 43.3 41.8 42.3 43.7 Net debt/adj. EBITDA1 2.3 2.3 2.2 2.2 2.2 Gearing 1.1x 1.1x 1.0x 1.0x 1.0x Equity ratio 32.7% 31.9% 34.6% 33.7% 34.0% Comfort zone ratios Current Rating 2 - 2.5x Net debt/adj. EBITDA  Fitch: BBB+ positive outlook  25 - 35% Equity ratio  Moody’s: Baa1 watch positive  Gearing: 0.8 to 1.2  S&P: BBB+ positive outlook  Liquidity reserve covers redemption of the next 24 months  R&I: A stable outlook  1) Calculation based on adj. EBITDA of continuing and discontinued operations over the last four quarters 20
  • 21. Q&A - Please press “*1” to ask a question. René Obermann CEO Timotheus Höttges CFO Niek Jan van Damme CEO Germany For remaining questions please contact the IR department after the call. 21
  • 22. For further questions please contact the IR department: Investor Relations, Bonn office Investor Relations, New York office Investor Relations, New York office Phone +49 228 181 - 8 88 80 Phone Phone +1 212 424 2959 +1 212 424 2959 Fax +49 228 181 - 8 88 99 Phone Phone +1 877 DT SHARE (toll-free) +1 877 DT SHARE (toll-free) E-Mail investor.relations@telekom.de Fax Fax +1 212 424 2977 +1 212 424 2977 E-Mail E-Mail investor.relations@telekom.com investor.relations@telekom.com Thank you for your attention! 22