Notes to the consolidated statement of cash flows
Net cash from operating activities
At EUR 9.6 billion, net cash from operating activities was EUR 0.1 billion higher than in the prior-year period. The ongoing strong development of the operating business was offset in part by an increase in tax payments of EUR 0.2 billion, exchange rate effects, and cash outflows from the program implemented by T‑Mobile US to reduce the workforce.
Net cash used in/from investing activities
millions of € |
|
|
||
|---|---|---|---|---|
|
Q1 2024 |
Q1 2023 |
||
Cash outflows for investments in intangible assets |
(1,378) |
(1,187) |
||
Cash outflows for investments in property, plant and equipment |
(3,340) |
(3,639) |
||
Proceeds from the disposal of property, plant and equipment, and intangible assets |
33 |
23 |
||
Payments for publicly funded investments in the broadband build-out |
(89) |
(66) |
||
Proceeds from public funds for investments in the broadband build-out |
26 |
51 |
||
Net cash outflows for short-term investments in government bonds |
0 |
(822) |
||
Net cash flows for collateral deposited and hedging transactions |
187 |
139 |
||
Changes in cash and cash equivalents in connection with the sale of the 51 % stake in the GD tower companies a |
0 |
7,598 |
||
Other changes in cash and cash equivalents in connection with the loss of control of subsidiaries and associates |
(5) |
10 |
||
Other |
(65) |
(102) |
||
Net cash (used in) from investing activities |
(4,630) |
2,005 |
||
Of which: from discontinued operation |
0 |
(17) |
||
|
||||
At EUR 4.7 billion, cash outflows for investments in intangible assets and property, plant and equipment were EUR 0.1 billion lower than in the prior year. As in the prior-year period, in the United States operating segment, mobile spectrum licenses were acquired for a total of EUR 0.1 billion. Excluding investments in mobile spectrum licenses, cash outflows for investments in intangible assets and property, plant and equipment were down EUR 0.1 billion year-on-year. Cash outflows in the United States operating segment decreased by EUR 0.4 billion, in particular due to higher cash outflows for investments in prior years for the accelerated build-out of the 5G network. By contrast, cash outflows increased by EUR 0.3 billion in the Germany operating segment, primarily in connection with the fiber-optic build-out.
Net cash used in/from financing activities
millions of € |
|
|
|---|---|---|
|
Q1 2024 |
Q1 2023 |
Issuance of bonds |
3,966 |
2,819 |
Repayment of bonds |
(830) |
(3,411) |
Commercial paper, net |
0 |
(2,280) |
Repayment of EIB loans |
0 |
(12) |
Overnight borrowings from banks, net |
0 |
(200) |
Repayment of liabilities with the right of creditors to priority repayment in the event of default |
(205) |
(123) |
Repayment of liabilities from 5G spectrum acquired in Germany |
(85) |
(85) |
Repayment of financial liabilities for media broadcasting rights |
(95) |
(82) |
Principal portion of repayment of lease liabilities |
(1,579) |
(1,529) |
Changes in cash and cash equivalents in connection with the sale and leaseback of the passive network infrastructure of the GD tower companies |
0 |
3,069 |
Net cash flows for hedging transactions |
0 |
38 |
Cash flows from continuing involvement factoring, net |
(5) |
0 |
Deutsche Telekom AG share buy-back |
(452) |
0 |
Dividend payments (including to other shareholders of subsidiaries) |
(350) |
(5) |
Cash inflows from transactions with non-controlling entities |
|
|
Sale of T‑Mobile US shares by Deutsche Telekom |
1,716 |
0 |
T‑Mobile US stock options |
5 |
4 |
Other cash inflows |
1 |
1 |
|
1,722 |
5 |
Cash outflows from transactions with non-controlling entities |
|
|
T‑Mobile US share buy-back/share-based payment |
(3,488) |
(4,480) |
OTE share buy-back |
(16) |
(20) |
Other payments |
(2) |
(2) |
|
(3,505) |
(4,502) |
Other |
(132) |
(43) |
Net cash (used in) from financing activities |
(1,552) |
(6,340) |
Of which: from discontinued operation |
0 |
(74) |
Non-cash transactions
In the reporting period, Deutsche Telekom leased assets totaling EUR 0.9 billion, mainly network equipment, cell sites, and land and buildings. These assets are recognized in the statement of financial position under right-of-use assets and the related liabilities under lease liabilities. Future repayments of the liabilities will be recognized in net cash used in/from financing activities. Asset leases were down EUR 1.9 billion against the prior-year period, mainly due to the leaseback of passive network infrastructure in Germany and Austria under the sale-and-leaseback agreement in connection with the sale of the GD tower companies in the first quarter of 2023.
Consideration for the acquisition of broadcasting rights is paid by Deutsche Telekom in accordance with the terms of the contract on the date of its conclusion or spread over the term of the contract. Financial liabilities of EUR 0.1 billion were recognized in the reporting period for future consideration for acquired broadcasting rights (prior-year period: EUR 0.1 billion). The payment of the consideration will be recognized in net cash used in/from financing activities.