Notes to the consolidated statement of cash flows
Net cash from operating activities
At EUR 11.2 billion, net cash from operating activities was EUR 1.6 billion higher than in the prior-year period. This is the result of the strong development of the operating business. Lower cash outflows in connection with the integration of Sprint in the United States also had a positive effect, as did lower tax payments of EUR 0.2 billion. By contrast, the increase in net interest payments of EUR 0.1 billion had a reducing effect.
Net cash used in/from investing activities
millions of € |
|
|
||||
|
Q1 2025 |
Q1 2024 |
||||
|---|---|---|---|---|---|---|
Cash outflows for investments in intangible assets |
(1,289) |
(1,378) |
||||
Cash outflows for investments in property, plant and equipment |
(3,191) |
(3,340) |
||||
Proceeds from the disposal of property, plant and equipment, |
29 |
33 |
||||
Payments for publicly funded investments in the broadband build-out |
(90) |
(89) |
||||
Proceeds from public funds for investments in the broadband build-out |
52 |
26 |
||||
Net cash flows for collateral deposited and hedging transactions |
103 |
187 |
||||
Changes in cash and cash equivalents in connection with the acquisition |
(563) |
0 |
||||
Changes in cash and cash equivalents in connection with the acquisition of Blisb |
(143) |
0 |
||||
Other changes in cash and cash equivalents in connection with the acquisition of control of subsidiaries and associates |
5 |
0 |
||||
Other changes in cash and cash equivalents in connection with the loss of control of subsidiaries and associates |
0 |
(5) |
||||
Other |
(253) |
(65) |
||||
Net cash (used in) from investing activities |
(5,341) |
(4,630) |
||||
|
||||||
At EUR 4.5 billion, cash outflows for investments in intangible assets and property, plant and equipment were EUR 0.2 billion lower than in the prior-year period. In the reporting period, cash outflows for mobile spectrum licenses totaling EUR 0.1 billion were recorded in the United States and Europe operating segments. In the prior year, this item had included cash outflows for mobile spectrum licenses of EUR 0.1 billion in the United States operating segment. Excluding investments in mobile spectrum licenses, cash outflows for investments in intangible assets and property, plant and equipment were down EUR 0.3 billion year-on-year. Cash outflows in the Germany operating segment decreased by EUR 0.2 billion, mainly on account of the timing of the allocation of investments in the fiber build-out. Cash outflows in the United States operating segment decreased by EUR 0.1 billion, in particular due to higher cash outflows for investments in prior years for the accelerated build-out of the 5G network.
Net cash used in/from financing activities
millions of € |
|
|
|
Q1 2025 |
Q1 2024 |
|---|---|---|
Issuance of bonds |
7,495 |
3,507 |
Repayment of bonds |
0 |
(830) |
Issuance of asset-backed securities |
479 |
458 |
Repayment of asset-backed securities |
(203) |
0 |
ECA facilities taken out |
897 |
0 |
Repayment of ECA facilities |
(40) |
0 |
Repayment of liabilities with the right of creditors to priority repayment in the event of default |
(211) |
(205) |
Repayment of liabilities from 5G spectrum acquired in Germany |
(85) |
(85) |
Repayment of financial liabilities for media broadcasting rights |
(137) |
(95) |
Principal portion of repayment of lease liabilities |
(1,511) |
(1,579) |
Cash flows from continuing involvement factoring, net |
(2) |
(5) |
Deutsche Telekom AG share buy-back |
(418) |
(452) |
Dividend payments (including to other shareholders of subsidiaries) |
(449) |
(350) |
Cash inflows from transactions with non-controlling entities |
|
|
Sale of T‑Mobile US shares by Deutsche Telekom |
0 |
1,716 |
T‑Mobile US stock options |
3 |
5 |
Other cash inflows |
6 |
1 |
|
9 |
1,722 |
Cash outflows from transactions with non-controlling entities |
|
|
T‑Mobile US share buy-back/share-based payment |
(2,634) |
(3,488) |
OTE share buy-back |
(16) |
(16) |
Other payments |
(22) |
(2) |
|
(2,671) |
(3,505) |
Other |
(56) |
(132) |
Net cash (used in) from financing activities |
3,095 |
(1,552) |
Non-cash transactions
In the reporting period, Deutsche Telekom leased assets with a carrying amount of EUR 0.8 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. The corresponding additions of right-of-use assets were down EUR 0.1 billion against the prior-year period.
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 were recognized at a low level in the reporting period for future payments for acquired broadcasting rights (Q1 2024: EUR 0.1 billion). The payment of the consideration will be recognized in net cash used in/from financing activities.