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Group Headquarters & Group Services

Development of operations

millions of €

 

 

 

 

 

 

 

 

 

H1 2022

H1 2021

Change
%

Q1 2022

Q2 2022

Q2 2021

Change
%

FY 2021

Total revenue

1,220

1,296

(5.9)

604

616

671

(8.2)

2,515

Service revenue

486

500

(2.8)

245

242

256

(5.5)

984

Profit (loss) from operations (EBIT)

(766)

(735)

(4.2)

(369)

(397)

(378)

(5.0)

(1,764)

Depreciation, amortization and impairment losses

(738)

(712)

(3.7)

(379)

(359)

(382)

6.0

(1,463)

EBITDA

(28)

(23)

(21.7)

10

(37)

4

n.a.

(300)

Special factors affecting EBITDA

2

(81)

n.a.

16

(14)

(55)

74.5

(182)

EBITDA (adjusted for special factors)

(30)

57

n.a.

(6)

(23)

59

n.a.

(118)

EBITDA AL

(184)

(186)

1.1

(72)

(112)

(75)

(49.3)

(622)

Special factors affecting EBITDA AL

1

(81)

n.a.

13

(12)

(55)

78.2

(182)

EBITDA AL (adjusted for special factors)

(185)

(105)

(76.2)

(85)

(100)

(21)

n.a.

(440)

Cash capex

(473)

(472)

(0.2)

(235)

(238)

(222)

(7.2)

(1,007)

Total revenue, service revenue

Total revenue in our Group Headquarters & Group Services segment in the first half of 2022 decreased by 5.9 % year-on-year, mainly as a result of lower intragroup revenues from land and buildings due to the ongoing optimized use of space as well as to lower intragroup service revenues at Deutsche Telekom IT from the licensing of the One.ERP system. The relocation of units previously assigned to the Germany operating segment in connection with the bundling of financial functions had an offsetting effect. Against this background, organic revenue decreased by 7.5 % compared with the prior-year period.

Adjusted EBITDA AL, EBITDA AL

Adjusted EBITDA AL in the Group Headquarters & Group Services segment declined by EUR 80 million year-on-year in the reporting period to EUR ‑185 million, largely as a result of lower revenue from land and buildings and at Deutsche Telekom IT.

Overall, positive net special factors of EUR 1 million affected EBITDA AL in the reporting period, with the positive effect from the reduction of other provisions, including in connection with the termination of legal proceedings, offsetting expenses for staff-related measures. In the prior-year period, EBITDA AL was negatively impacted by special factors amounting to EUR 81 million, especially for staff-related measures.

Profit/loss from operations (EBIT)

The year-on-year decline in EBIT of EUR 31 million to EUR ‑766 million resulted from an increase in depreciation, amortization and impairment losses, mainly due to shorter project runtimes at Deutsche Telekom IT. EBITDA AL was on a par with the comparable prior-year period.

Cash capex

Cash capex was at the level of the prior-year period. Lower cash capex for vehicles was offset by higher investments in technology and innovation.

AL – After Leases
Since the start of the 2019 financial year, we have taken the effects of the first-time application of IFRS 16 “Leases” into account when determining our financial performance indicators. “EBITDA after leases” (EBITDA AL) is calculated by adjusting EBITDA for depreciation of the right-of-use assets and for interest expenses on recognized lease liabilities. When determining “free cash flow after leases” (free cash flow AL), free cash flow is adjusted for the repayment of lease liabilities.
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