25.07.2018
DGAP-News:Telefónica Deutschland Holding AG: Preliminary results for January to June 2018
DGAP-News: Telefónica Deutschland Holding AG / Key word(s): Half Year
Results/Preliminary Results
Telefónica Deutschland Holding AG: Preliminary results for January to June
2018
25.07.2018 / 07:30
The issuer is solely responsible for the content of this announcement.
MUNICH, 25 July 2018
Preliminary results for January to June 2018
Telefónica Deutschland confirms full year 2018 outlook [1] with strong
operating momentum
- Launch of new O2 Free with double-data Boost option and O2 Connect for up
to 10 devices support ARPU-up strategy, reflected in trading and churn
metrics
- Underlying [2] revenue +0.3% higher year-on-year in the first half, driven
by continued improvement of underlying1 MSR performance
- Strong OIBDA [3] growth of +6.1% year-on-year in the period January to
June on the back of commercial momentum and ~EUR 65 million of
OIBDA-relevant synergies
- Reiterating full year 2018 outlook; cash flow dynamics support dividend
commitment
Second quarter 2018 operational & financial highlights
- Mobile postpaid had +333 thousand net additions in Q2 2018, with strong
demand for the O2 Free and Blau portfolios, while contributions from
partners remained solid (58% share of gross additions) in a rational market.
Churn in the O2 brand improved both year-on-year and quarter-on-quarter to
1.2% on the back of successful retention activities. Total postpaid churn
was 1.5%
- The LTE customer base climbed +15.1% year-on-year to 16.6 million at the
end of June 2018. Data usage for LTE customers in O2 consumer postpaid
further benefitted from the adoption of larger data packages in our O2 Free
portfolio and increased +22% quarter-on-quarter to 3.4 GB per month, an
increase of +69% year-on-year
- Underlying2 revenue was stable year-on-year (+0.1%) at EUR 1,773 million
(-0.3% year-on-year as per IAS 18 reporting). Including negative regulatory
impacts of EUR 15 million (mainly roaming) revenue was EUR 1,758 million,
-0.7% year-on-year
- Underlying2 mobile service revenue maintained an upward trend, +0.6%
year-on year (+0.2% year-on-year as per IAS 18 reporting), supported by the
new O2 Free portfolio. On a reported basis, mobile service revenue reached
EUR 1,311 million (-0.5% year-on-year)
- Handset revenue was at EUR 249 million, an increase of +8.5% year-on-year,
supported by the continued demand for smartphones
- Fixed-line revenue still showed a negative trend of -11.8% year-on-year at
EUR 192 million as a result of the effect of the ongoing decommissioning of
the legacy infrastructure on fixed wholesale revenue while fixed retail
revenue trends further improved to -0.4% year-on-year.
- OIBDA adjusted for exceptional and regulatory effects [4] was positively
impacted by an additional ~EUR 30 million of OIBDA-relevant synergies and
reached EUR 504 million, up +6.8% year-on-year. As per IAS 18 reporting,
OIBDA [5] growth was +3.7% year-on-year. Negative regulatory effects of EUR
17 million were more than offset by the contribution from synergies. The
OIBDA margin adjusted for exceptional and regulatory effects increased by
+1.8 percentage points year-on-year to 28.4%
- CapEx [6] totalled EUR 228 million (+0.7% year-on-year) while the network
integration and the subsequent roll-out of the LTE-network progressed well
with approx. EUR 10 million of Capex-related synergies
- Consolidated net financial debt [7] was EUR 1,797 million as of the end of
June 2018 with a leverage ratio of 1.0x and remained in line with our target
after the dividend payment for the financial year 2017 of EUR 773 million in
May
At the end of June we placed a 7-year unsecured bond with a total volume of
EUR 600 million via O2 Telefónica Deutschland Finanzierungs GmbH, which was
very well received in the market and started trading at the Luxemburg stock
exchange on 5 July 2018. The proceeds will be used for general company
purposes and the refinancing the bond which matures in November 2018.
Progress of integration activities and network update
On our journey to become Germany's Mobile Customer and Digital Champion we
are currently focussing on finalising the consolidation of our mobile
network. We are progressing well with a region by region approach with the
clear target to largely finalise network integration by year-end 2018. The
consolidated O2 network is becoming available in more and more cities and
regions. As an example, customers in Munich, Stuttgart, Hamburg, Halle
(Saale), Braunschweig, Potsdam as well as most of Southern Germany are
already benefitting from the improved quality in our new O2 network as per
the end of June. At the same time, we are making solid progress with our LTE
network rollout. Currently we are activating more than 100 stations per week
to provide customers in rural as well as urban regions with improved LTE
access.
Furthermore, we have been focussing on enabling our network for a world of
5G. We are cooperating with our partners on multiple projects, such as e.g.
the Munich-based TechCity project with Huawei, the 5G Connected Mobility
project with Ericsson and the Early 5G innovation cluster with Nokia in
Berlin. Also, we are cooperating with Vodafone and NGN Networks to improve
fibre penetration in our backhaul.
A positive signal for the expansion of the mobile networks in Germany came
from politics at the mobile summit on 12 July 2018: The federal government,
the federal states, central municipal associations and industry have jointly
signed an ambitious declaration to close white spots in Germany. In return,
the German government plans above all to improve payment terms for spectrum
allocation as well as launching a support programme for mobile
communications. Details will be agreed at a later stage.
Transformation: Simpler, Faster, Better
With our transformation programme Digital4Growth (D4G) we are paving our way
to become Germany's Mobile Customer and Digital Champion by making our
operations "Simpler, Faster, Better" with a clear focus on customer
experience. We are aiming to make customer interaction simpler and more
intuitive, to fulfil customer requests in real time and offer an excellent
customer experience across each touchpoint.
D4G will also support our ambition to deliver superior shareholder
remuneration. We are expecting D4G to deliver financial results already from
2019, as we are pushing ahead with selected projects in the areas of IT
architecture and omni-channel capabilities already this year. These projects
will contribute to improving KPIs such as an increasing O2 app penetration,
higher sales in self-assisted channels and our share of eCare events.
We remain confident in the targeted ~EUR 600 million of OIBDA [8] benefits
by 2022 and thus our superior Free Cash Flow generation ability in the
mid-term.
Commercial update
The competitive environment in Germany in the second quarter of 2018
remained rational across the premium and non-premium segments, with a
sustained focus on profitable growth by stimulating and monetising data
usage via big data bundles. In line with this, we saw the following
commercial initiatives and events in the second quarter:
- New O2 Free portfolio: On 5 June 2018, we launched our streamlined new O2
portfolio with three tariffs. As before, it comprises the O2 Free S with 1GB
high-speed data volume for EUR 19.99 and the O2 Free M with 10 GB high-speed
data volume for EUR 29.99. The data volume of the O2 Free L tariff was
upgraded from 20GB to 30GB at EUR 39.99. Simultaneously, we introduced the O2
Free Boost and the O2 Connect options. For an additional EUR 5.00 our
customers can double their high speed data volume and they can connect up to
ten mobile devices to the same tariff via two additional multi cards and
seven data only cards. COMPUTER BILD has nominated the Connect function of
the O2 tariffs for the "Golden Computer", one of the key industry innovation
awards
- New Blau portfolio: After a long period of inactivity, we relaunched our
secondary brand Blau in June with new postpaid and prepaid portfolios
focussing on higher data volumes within existing market price ranges to
maintain our fair market share
- New DSL portfolio: At the beginning of June we also launched the new O2
DSL Free portfolio with higher download speeds and the suspension of
throttling after the consumption of the included high-speed volume. This
also applies for existing customers
- Annual fixed network test by connect magazine: In the annual Connect fixed
network test O2 DSL received a "good" rating. With 420 points vs 406 last
year we improved despite stricter criteria
- O2 Banking: In co-operation with the finance technology service provider
Bezahlen.de we are further enhancing the capabilities of our full-fledged
bank account O2 Banking. From August onwards O2 Banking customers can
withdraw money free of charge and without a minimum purchase amount at more
than 11,000 retail partner branches in Germany. O2 Banking customers have
been enabled to deposit money to their bank account at supermarkets or
drugstores already since May 2018
Financial outlook 2018 [9]
Telefónica Deutschland second quarter and half year 2018 results were in
line with expectations. Thus, we re-iterate our full year 2018 outlook,
which remains unchanged as published in the 2017 Annual Financial Report.
Actual Outlook 2018 H1 2018
2017
Revenue EUR Broadly stable EUR 3,540 million; 0.0% y-o-y
7,296 y-o-y (excl. Based on IAS 18
million negative
regulatory
EUR 3,551
effects of EUR million; +0.3% y-o-y Based on
30-50m) implementation of IFRS 15 as
1 January 2018
OIBDA Adj. for EUR Flat to EUR 909 million; +4.1% y-o-y
exceptional 1,840 slightly Based on IAS 18
effects[1][10] million positive y-o-y
1. (excl. negative
EUR
#footnote_10 regulatory 927 million; +6.1% y-o-y
effects of EUR Based on implementation of
40-60m) IFRS 15 as 1 January 2018
Capex to Sales 13% Approx. 12-13% 12.0%
Ratio
Dividend EUR Annual dividend N/A
0.26/sha- growth for 3
re consecutive
Resolved years (2016 -
by AGM, 2018)
17 May
2018
Telefónica Deutschland operating performance in the first half of 2018
As of 30 June 2018 Telefónica Deutschland's customer accesses reached 47.2
million (-5.5% year-on-year); thereof 43.0 million mobile accesses (-4.9%
y-o-y). The reduction was mainly due to a -12.7% year-on-year decrease in
the mobile prepaid base to 21.2 million customers due to changes in the
regulatory environment in 2017 as well as a base correction in the last
quarter of 2017. Mobile postpaid reached 21.8 million customers, up +4.1%
year-on-year. At the end of June, our mobile postpaid base represented 50.7%
of our total mobile base, an increase of +4.4 percentage points
year-on-year. Based on market standards for inactivity accounting, we had
45.2 million mobile customer accesses and 49.4 million accesses in total. In
fixed, the retail DSL customer base was -1.6% lower year-on-year at 2.0
million accesses. The migration of wholesale DSL accesses continues and is
expected to be completed by the end of 2018 in line with the subsequent
dismantling of the legacy platform.
Mobile postpaid saw +490 thousand net additions in the first half of 2018
compared to +368 thousand in the same period of the previous year, including
+333 thousand in the second quarter of the year (+197 thousand in Q2 2017)
as a result of a number of portfolio initiatives in this period. The share
of partner brands remained solid in a rational market and contributed 59% of
gross additions in the period until June and 58% in the second quarter.
Telefónica Deutschland continues with a value-driven market approach with a
primary focus on customer retention and customer base development.
Mobile prepaid registered -683 thousand net disconnections in the first six
month of 2018, thereof -148 thousand in the second quarter (compared to +505
thousand net additions in the first half of 2017) as a result of lower
customer demand for prepaid offers. This is mainly driven by regulatory
changes (legitimation check and roaming legislation) introduced in the
summer of the last year.
Postpaid churn was stable at 1.6% in the six months period and 1.5% in the
second quarter of 2018 (1.6% and 1.5% year-on-year respectively in the prior
year). O2 consumer postpaid churn saw a further year-on-year improvement to
1.4% in the first half year and 1.2% in the second quarter period.
Smartphone penetration [11] at the end of June was 63.5% across brands and
segments, +6.0 percentage points higher year-on-year.
The LTE customer base grew +15.1% year-on-year to 16.6 million accesses as
of June 2018, driven by the increasing demand for high-speed mobile data
services.
ARPU accretive effects from O2 Free in the first half of 2018 were partly
offset by the continued impact of regulatory changes and mix-shift effects
in the base. The blended mobile ARPU came to EUR 9.9 in the first six month
and EUR 10.0 in the April to June period, up +2.5% and +3.0% year-on-year
respectively. Postpaid ARPU fell -4.5% year-on-year to EUR 14.8 in reported
terms in the first half year and the second quarter respectively. Prepaid
ARPU reached EUR 5.7 in the January to June period and EUR 5.8 in the second
quarter, +11.3% and +11.2% higher year-on-year respectively mainly as a
result of the base correction in the last quarter of 2017, which was however
neutral for mobile service revenue.
The fixed retail ARPU reached EUR 24.7 for the first half of 2018 ,
remaining broadly stable year-on-year (-0.2% year-on -year), and EUR 24.6 in
the second quarter (+0.4% year-on-year).
The retail fixed broadband customer base fell -1.6% year-on-year to approx.
2.0 million accesses. In the first half of the year we saw -24 thousand net
disconnection (-11 thousand in the second quarter). The demand for VDSL
remained strong with +178 thousand net additions in the first six months and
+86 thousand in the second quarter 2018.
Fixed wholesale accesses registered -180 thousand net disconnections in the
period January to June (-55 thousand in the second quarter) due to the
planned decommissioning of the ULL broadband access infrastructure. We
expect to finalise the migration of the remaining 8 thousand wholesale
accesses before year end 2018.
Telefónica Deutschland financial performance in the first half of 2018
Revenue totalled EUR 3,525 million in the first half of 2018, -0.5%
year-on-year in reported terms (-0.7% year-on-year in the second quarter to
EUR 1,758 million). Excluding a regulatory drag of EUR 26 million in the
first two quarters (EUR 15 million in Q2), revenue was up +0.3% year-on-year
to EUR 3.551 million in the six months period (flat as per IAS 18 reporting)
and up +0.1% in the second quarter to 1,773 million (-0.3% year-on-year as
per IAS 18 reporting).
Mobile service revenue reached EUR 2,598 million, -0.5% year-on-year on a
reported basis, in the first half and EUR 1,311 million (-0.5% year-on-year)
in the second quarter of 2018. Excluding regulatory effects of EUR 26
million (EUR 15 million in Q2), underlying mobile service revenue trends
remained positive with +0.5% year-on-year growth in the first half of the
year (+0.3% as per IAS 18 reporting) and +0.6% year-on-year in Q2 (+0.2%
year-on-year as per IAS 18 reporting). Tailwinds from the O2 Free portfolio
were partly offset by remaining headwinds from OTT trends and mix-shift
effects in the legacy base.
Mobile data revenue declined -4.2% year-on-year to EUR 1,426 million in the
period January to June compared to EUR 725 million (-6.1% year-on-year) in
the second quarter, reflecting sustained OTT-trends on SMS-revenues and the
demand from customers for higher data bundles. As a percentage of data
revenues, non-SMS data revenues increased +4.0 percentage points
year-on-year to 84.6% in the first half year.
Handset revenues were +9.7% higher year-on-year at EUR 529 million in the
first half and +8.5% higher at EUR 249 million in the second quarter of the
year, with continued strong demand for smartphones.
Fixed revenue saw a further decline to EUR 391 million (-11.2% year-on-year)
in the period January to June and to EUR 192 million (-11.8% year-on-year)
in the second quarter. This was mainly the result of the decline in fixed
wholesale revenues while fixed retail revenue trends showed a further
improvement (-1.0% year-on-year until June 2018 and -0.4% year-on-year in
the second quarter) driven by demand for VDSL.
Other income was EUR 68 million compared to EUR 59 million in the first half
of 2017 (EUR 34 million in Q2 vs 32million in Q2 2017).
Operating expenses were slightly lower with a -1.1% year-on-year reduction
in the half year and -2.1% in the second quarter, reaching EUR 2,730 million
and EUR 1,322 million respectively as a result of integration savings and a
stringent value focus. Operating expenses include restructuring costs of EUR
32 million in the first half year of 2018 (EUR 18 million in the second
quarter), which were mainly related to the network consolidation project.
- Supplies totalled EUR 1,125 million, -0.6% lower year-on-year and EUR 538
million, -1.7% year-on-year, in the first half and second quarter
respectively. Hardware cost of sales (47% of supplies in the second quarter)
were higher year-on-year in line with the demand for handsets, while
connectivity-related cost of sales (43% of supplies in the second quarter)
were lower year-on-year, as higher wholesale costs for outbound roaming were
more than offset by lower costs for voice termination
- Personnel expenses adjusted for EUR 1 million restructuring costs in both
periods of 2018 came to EUR 302 million in the first six months of the year,
up +0.7% year-on-year and EUR 150 million in Q2, down -0.9% year-on-year.
The inflation-related salary adjustments in 2018 were overcompensated by
savings related to the successful completion of the employee restructuring
programme
- Other operating expenses reached EUR 1,302 million and were down -1.0%
year-on-year, including restructuring costs of EUR 31 million. In the second
quarter other operating expenses came to EUR 632 million (-2.2%
year-on-year) and including restructuring costs of EUR 17 million.
Commercial costs and non-commercial costs made up 58% and 38% respectively
in the period January to June 2018
Operating Income before Depreciation and Amortisation (OIBDA) amounted to
EUR 863 million in the first half of 2018 compared to EUR 841million in the
previous year. In the second quarter of 2018, OIBDA reached EUR 469 million
compared to EUR 452 million in the same period 2017.
OIBDA adjusted for exceptional and regulatory effects [12] increased +6.1%
year-on-year to EUR 927 million in the first half year and +6.8%
year-on-year to EUR 504 million in Q2. Exceptional effects amounted to EUR
32 million and EUR 18 million respectively and were mainly related to the
network consolidation. Negative regulatory effects of EUR 31 million (EUR 17
million in the second quarter period) were mainly related to higher
wholesale cost due to the European roaming legislation. In-year savings from
OIBDA-relevant integration activities reached approx. EUR 65 million (EUR 30
million in the second quarter). Thus, the OIBDA margin increased by +1.4
percentage points year-on-year to 26.1% in the half year period of the year.
Group fees amounted to EUR 19 million in first half of 2018 and to EUR 9
million in the second quarter.
Depreciation & Amortisation amounted to EUR 937 million in the January to
June period 2018, a decrease of -2.8% year-on-year compared to the same
period of 2017, mainly due to the extended useful life of network equipment
as a result of network integration measures.
The operating loss the first six month of 2018 was EUR -74 million compared
to an operating loss of EUR -123 million in the same period of 2017.
The net financial expenses for the half year came to EUR 19 million versus
EUR 16 million in prior year.
The Company reported no material income tax expenses in the first half year
of 2018.
The net loss for the six months period of 2018 was EUR -93 million, compared
to a net loss of EUR -139 million in the same period of the prior year.
CapEx [13] fell -2.3% year-on-year to EUR 424 million but was up +0.7%
year-on-year to EUR 228 million in the second quarter, as we pushed ahead
with network consolidation and the further roll-out of LTE while generating
approx. EUR 25 million of Capex-related synergies in the first half of the
year, mainly in relation to network integration.
Operating cash flow (OIBDA minus CapEx [14]) in the January to June period
2018 reached EUR 439 million, an increase of +7.8% year-on-year.
Free cash flow (FCF) [15] amounted to EUR 84 million until June 2018 versus
EUR 68 million in the prior year, mainly resulting from working capital
seasonality.
Working capital movements and adjustments were negative in the amount of EUR
-343 million. This development was mainly driven by the seasonal prepayments
(mainly rents for leased lines and mobile sites) of EUR -112 million, a
change in Capex payables of EUR -87 million and the change in restructuring
provisions of EUR -24 million. The remaining working capital movements of
EUR -120 million include silent factoring transactions for handset
receivables in the gross amount of EUR 336 million as well as other working
capital movements, including a reduction in trade & other payables.
Consolidated net financial debt [16] was up EUR 1,797 million at the end of
June 2018 (EUR 1,085 million as of 31 March 2018) mainly as a result of the
dividend payment of EUR 773 million in May. The leverage ratio came to 1.0x
after the dividend payment, in line with our leverage target of at or below
1.0x.
APPENDIX - DATA TABLES
Please refer to the following link to access the download of the data
tables. Thank you.
https://www.telefonica.de/investor-relations-en/publications/financial-publications.html
Further information
Telefónica Deutschland Holding AG
Investor Relations
Georg-Brauchle-Ring 50
80992 München
Dr. Veronika Bunk-Sanderson, Director Communications & Investor Relations
Marion Polzer, Head of Investor Relations
Eugen Albrecht, Senior Investor Relations Officer
Abigail Gooren, Investor Relations Officer
Pia Hildebrand, Investor Relations Officer
Saskia Puth, Office Manager Investor Relations
(t) +49 89 2442 1010
ir-deutschland@telefonica.com
www.telefonica.de/investor-relations
Disclaimer:
This document contains statements that constitute forward-looking statements
and expectations about Telefónica Deutschland Holding AG (in the following
"the Company" or "Telefónica Deutschland") that reflect the current views
and assumptions of Telefónica Deutschland's management with respect to
future events, including financial projections and estimates and their
underlying assumptions, statements regarding plans, objectives and
expectations which may refer, among others, to the intent, belief or current
prospects of the customer base, estimates regarding, among others, future
growth in the different business lines and the global business, market
share, financial results and other aspects of the activity and situation
relating to the Company. Forward-looking statements are based on current
plans, estimates and projections. The forward-looking statements in this
document can be identified, in some instances, by the use of words such as
"expects", "anticipates", "intends", "believes", and similar language or the
negative thereof or by forward-looking nature of discussions of strategy,
plans or intentions. Such forward-looking statements, by their nature, are
not guarantees of future performance and are subject to risks and
uncertainties, most of which are difficult to predict and generally beyond
Telefónica Deutschland's control and other important factors that could
cause actual developments or results to materially differ from those
expressed in or implied by the Company's forward-looking statements. These
risks and uncertainties include those discussed or identified in fuller
disclosure documents filed by Telefónica Deutschland with the relevant
Securities Markets Regulators, and in particular, with the German Federal
Financial Supervisory Authority (Bundesanstalt für
Finanzdienstleistungsaufsicht - BaFin). The Company offers no assurance that
its expectations or targets will be achieved.
Analysts and investors, and any other person or entity that may need to take
decisions, or prepare or release opinions about the shares / securities
issued by the Company, are cautioned not to place undue reliance on those
forward-looking statements, which speak only as of the date of this
document. Past performance cannot be relied upon as a guide to future
performance.
Except as required by applicable law, Telefónica Deutschland undertakes no
obligation to revise these forward-looking statements to reflect events and
circumstances after the date of this presentation, including, without
limitation, changes in Telefónica Deutschland's business or strategy or to
reflect the occurrence of unanticipated events.
The financial information and opinions contained in this document are
unaudited and are subject to change without notice.
This document contains summarised information or information that has not
been audited. In this sense, this information is subject to, and must be
read in conjunction with, all other publicly available information,
including if it is necessary, any fuller disclosure document published by
Telefónica Deutschland.
None of the Company, its subsidiaries or affiliates or by any of its
officers, directors, employees, advisors, representatives or agents shall be
liable whatsoever for any loss however arising, directly or indirectly, from
any use of this document its content or otherwise arising in connection with
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This document or any of the information contained herein do not constitute,
form part of or shall be construed as an offer or invitation to purchase,
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subscription, sale or exchange of shares / securities of the Company, or any
advice or recommendation with respect to such shares / securities. This
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These written materials are especially not an offer of securities for sale
or a solicitation of an offer to purchase securities in the United States,
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materials, will not be accepted.
[1] Unless indicated otherwise, all financial KPIs and year-on-year
comparisons published in this document are prepared in accordance with IFRS
accounting standards as adopted by the European Union. Financial KPIs for
2018 therefore include the effects of the implementation of IFRS 15 as of 1
January 2018
[2] Excluding the negative impact from regulatory changes (mainly the
European roaming regulation)
[3] Adjusted for exceptional effects and excluding the negative impact from
regulatory changes (mainly the European roaming regulation)
[4] Exceptional effects were EUR 18 million of restructuring expenses in the
period April to June 2018 and regulatory effects amounted to EUR 17 million
in the period April to June 2018
[5] Adjusted for exceptional effects and excluding the negative impact from
regulatory changes (mainly the European roaming regulation)
[6] Including additions from capitalised finance leases and excluding
capitalised costs on borrowed capital for investments in spectrum
[7] Net financial debt includes current and non-current interest-bearing
financial assets and interest-bearing liabilities as well as cash and cash
equivalents and excludes the payables for the spectrum auction
[8] Adjusted for exceptional effects and before the implementation of IFRS9,
IFRS15 and IFRS16
[9] The effects from the implementation of IFRS15 as of 1 January 2018 and
IFRS16 as of 1 January 2019 are not reflected in the financial outlook. For
more information, please refer to the materials of the quarterly reporting
during the period
[10] Exceptional effects such as restructuring costs or the sale of assets
are excluded
[11] Defined as the number of active mobile data tariffs over total mobile
customer base, excluding M2M and data-only accesses
[12] Exceptional effects were EUR 32 million of restructuring expenses in
the period January to June 2018 and regulatory effects amounted to EUR 31
million in the period January to June 2018
[13] Including additions from capitalised finance leases and excluding
capitalised costs on borrowed capital for investments in spectrum
[14] Including additions from capitalised finance leases and excluding
capitalised costs on borrowed capital for investments in spectrum
[15] Free cash flow pre dividends and payments for spectrum (FCF) is defined
as the sum of cash flow from operating activities and cash flow from
investing activities and does not contain payments for investments in
spectrum as well as related interest payments
[16] Net financial debt includes current and non-current interest-bearing
financial assets and interest-bearing liabilities as well as cash and cash
equivalents and excludes the payables for the spectrum auction
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Language: English
Company: Telefónica Deutschland Holding AG
Georg-Brauchle-Ring 23-25
80992 München
Germany
Phone: +49 (0)89 24 42 0
Internet: www.telefonica.de
ISIN: DE000A1J5RX9
WKN: A1J5RX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated
Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich,
Stuttgart, Tradegate Exchange
TecDAX
End of News DGAP News Service
707545 25.07.2018