Principal subsidiaries

The Group’s principal subsidiaries are presented in the following table:

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Name and registered office

Deutsche Telekom share
%

Net revenue^{a, b}
millions of €

Profit (loss) from operations^a
millions of €

Shareholders’ equity^a
millions of €

Average number of employees

Assigned to segment

Telekom Deutschland GmbH, Bonn, Germany

Dec. 31, 2022/2022

100.00

22,208

5,181

9,614

3,750

Germany

Dec. 31, 2021/2021

100.00

21,772

4,852

7,762

3,816

T‑Systems International GmbH, Frankfurt/Main, Germany

Dec. 31, 2022/2022

100.00

2,134

(335)

884

6,180

Systems Solutions

Dec. 31, 2021/2021

100.00

2,214

(365)

716

6,661

T‑Mobile US, Inc., Bellevue, Washington, United States^{c, d}

Dec. 31, 2022/2022

48.14

75,436

7,470

71,681

69,056

United States

Dec. 31, 2021/2021

46.75

67,791

7,217

67,259

70,793

Hellenic Telecommunications Organization S.A. (OTE), Athens, Greece^c

Dec. 31, 2022/2022

50.86

3,455

579

2,525

11,048

Europe

Dec. 31, 2021/2021

48.29

3,743

865

2,652

13,736

Hrvatski Telekom d.d., Zagreb, Croatia^{c, d}

Dec. 31, 2022/2022

53.02

984

140

2,147

4,320

Europe

Dec.31, 2021/2021

52.17

982

106

2,179

4,668

Magyar Telekom Telecommunications Public Limited Company, Budapest, Hungary^{c, d}

Dec. 31, 2022/2022

61.39

1,907

277

2,173

6,741

Europe

Dec.31, 2021/2021

59.21

1,933

259

2,243

6,933

Slovak Telekom a.s., Bratislava, Slovakia^{c, d}

Dec. 31, 2022/2022

100.00

806

200

1,564

3,046

Europe

Dec. 31, 2021/2021

100.00

787

161

1,548

3,211

T‑Mobile Austria Holding GmbH, Vienna, Austria^{c, d}

Dec. 31, 2022/2022

100.00

1,391

139

2,786

1,789

Europe

Dec. 31, 2021/2021

100.00

1,346

3,168

1,876

T‑Mobile Czech Republic a.s., Prague, Czech Republic^{c, d}

Dec. 31, 2022/2022

100.00

1,226

377

2,155

3,141

Europe

Dec. 31, 2021/2021

100.00

1,121

317

2,040

3,229

T‑Mobile Polska S.A., Warsaw, Poland^{c, d}

Dec. 31, 2022/2022

100.00

1,413

1,872

3,682

Europe

Dec. 31, 2021/2021

100.00

1,421

1,940

3,895

^a	IFRS figures of the respective subgroup.
^b	The prior-year comparatives were adjusted retrospectively to take account of changes to the principal/agent policy regarding the recognition of gross and net revenues as of the third quarter of 2022.
^c	Consolidated subgroup.
^d	Indirect shareholding of Deutsche Telekom AG.

In accordance with § 313 HGB, the full statement of investment holdings, which forms part of the notes to the consolidated financial statements, is published in the company register together with the consolidated financial statements. It is available upon request from Deutsche Telekom AG, Bonn, Investor Relations, and on Deutsche Telekom’s website (www.telekom.com) under Investor Relations. Furthermore, the statement of investment holdings includes a full list of all subsidiaries that exercise simplification options in accordance with § 264 (3) HGB or disclosure simplification options in accordance with § 264b HGB.

The following table shows the non-controlling interests for principal subsidiaries:

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Name and registered office

Percentage of shareholding for non-controlling interests
%

Percentage of voting rights for non-controlling interests
%

Cumulative non-controlling interests^a
millions of €

Dividends paid out to non-controlling interests
millions of €

T‑Mobile US, Inc., Bellevue, Washington, United States^{b, c}

Dec. 31, 2022/2022

51.86

47.33

36,332

Dec. 31, 2021/2021

53.25

47.98

35,640

Hellenic Telecommunications Organization S.A. (OTE), Athens, Greece^b

Dec. 31, 2022/2022

49.14

42.86

1,022

124

Dec. 31, 2021/2021

51.71

45.12

1,129

219

Hrvatski Telekom d.d., Zagreb, Croatia^{b, c}

Dec. 31, 2022/2022

46.98

806

Dec. 31, 2021/2021

47.83

831

Magyar Telekom Telecommunications Public Limited Company, Budapest, Hungary^{b, c}

Dec. 31, 2022/2022

38.61

564

Dec. 31, 2021/2021

40.79

605

^a	IFRS figures at the level of the consolidated financial statements of Deutsche Telekom.
^b	Consolidated subgroup.
^c	Indirect shareholding of Deutsche Telekom AG.

Deutsche Telekom held 48.14 % of the shares in T‑Mobile US as of the reporting date. Taking the treasury shares held by T‑Mobile US into account, Deutsche Telekom had a 49.0 % stake in T‑Mobile US as of December 31, 2022. Due to a proxy agreement concluded with SoftBank and the fact that persons nominated by Deutsche Telekom hold a majority on the Board of Directors of the company, T‑Mobile US is being included in the consolidated financial statements of Deutsche Telekom as a fully consolidated subsidiary. The proportion of T‑Mobile US shares for which Deutsche Telekom can exercise voting rights totaled around 52.7 % as of December 31, 2022.

Deutsche Telekom held 50.86 % of the shares in the OTE group at the reporting date. In accordance with shareholder agreements between Deutsche Telekom and the Hellenic Republic, Deutsche Telekom controls around 57.1 % of the voting rights.

Summarized financial information for subsidiaries with significant non-controlling interests:

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millions of €

Name and registered office

Current
assets^a

Non-current
assets^a

Current
liabilities^a

Non-current
liabilities^a

Profit (loss)^a

Total comprehensive income^a

T‑Mobile US, Inc., Bellevue, Washington, United States^{b, c}

Dec. 31, 2022/2022

20,901

194,680

24,040

119,860

2,206

6,711

Dec. 31, 2021/2021

21,532

175,248

21,671

107,851

2,508

7,714

Hellenic Telecommunications Organization S.A. (OTE), Athens, Greece^b

Dec. 31, 2022/2022

1,359

4,504

1,878

1,461

385

416

Dec. 31, 2021/2021

1,434

4,619

1,984

1,417

603

615

Hrvatski Telekom d.d., Zagreb, Croatia^{b, c}

Dec. 31, 2022/2022

732

1,744

240

Dec. 31, 2021/2021

709

1,779

208

101

Magyar Telekom Telecommunications Public Limited Company, Budapest, Hungary^{b, c}

Dec. 31, 2022/2022

671

3,315

766

1,047

170

Dec. 31, 2021/2021

691

3,482

800

1,129

174

149

^a	IFRS figures of the respective subgroup.
^b	Consolidated subgroup.
^c	Indirect shareholding of Deutsche Telekom AG.

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millions of €

Name and registered office

Net cash from operating activities^a

Net cash (used in) from investing activities^a

Net cash (used in) from financing activities^a

T‑Mobile US, Inc., Bellevue, Washington, United States^{b, c}

2022

23,569

(16,165)

(8,978)

2021

19,663

(19,816)

(3,042)

Hellenic Telecommunications Organization S.A. (OTE), Athens, Greece^b

2022

1,318

(508)

(853)

2021

1,204

(320)

(842)

Hrvatski Telekom d.d., Zagreb, Croatia^{b, c}

2022

346

(146)

(194)

2021

381

(207)

(191)

Magyar Telekom Telecommunications Public Limited Company, Budapest, Hungary^{b, c}

2022

514

(281)

(244)

2021

548

(288)

(345)

^a	IFRS figures of the respective subgroup.
^b	Consolidated subgroup.
^c	Indirect shareholding of Deutsche Telekom AG.

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