Group Development
The sale of the GD Towers business entity was consummated on February 1, 2023, and GD Towers has not been part of the Group since that date. The development of operations contains the contributions for the first month of 2023.
The GD Towers business entity had been recognized in the interim consolidated financial statements as a discontinued operation from the third quarter of 2022 until its sale. According to the management approach, we include the contributions by GD Towers, for the period mentioned, in the management-relevant financial performance indicators explained here.
For further information on the sale and the presentation of GD Towers according to the management approach, please refer to the section “Group organization, strategy, and management.”
The sale of T-Mobile Netherlands was consummated on March 31, 2022. T-Mobile Netherlands has not been part of the Group since April 1, 2022. The development of operations contains the contributions for the first quarter of 2022.
Development of operations
millions of € |
|
|
|
|
|
|
|
|
|
|---|---|---|---|---|---|---|---|---|---|
|
|
H1 2023 |
H1 2022 |
Change |
Q1 2023 |
Q2 2023 |
Q2 2022 |
Change |
FY 2022 |
Revenue |
|
106 |
1,115 |
(90.5) |
102 |
4 |
291 |
(98.6) |
1,708 |
Of which: T-Mobile Netherlands |
|
0 |
536 |
(100.0) |
0 |
0 |
0 |
n.a. |
536 |
Of which: GD Towers |
|
99 |
570 |
(82.6) |
99 |
0 |
285 |
(100.0) |
1,154 |
Service revenue |
|
0 |
411 |
(100.0) |
0 |
0 |
0 |
n.a. |
411 |
EBITDA |
|
13,012 |
1,550 |
n.a. |
13,011 |
1 |
259 |
(99.6) |
2,106 |
Special factors affecting EBITDA |
|
12,947 |
906 |
n.a. |
12,941 |
6 |
38 |
(84.2) |
992 |
EBITDA (adjusted for special factors) |
|
65 |
644 |
(89.9) |
70 |
(5) |
222 |
n.a. |
1,113 |
Of which: T-Mobile Netherlands |
|
0 |
201 |
(100.0) |
0 |
0 |
0 |
n.a. |
201 |
Of which: GD Towers |
|
78 |
461 |
(83.1) |
78 |
0 |
232 |
(100.0) |
943 |
EBITDA AL |
|
13,007 |
1,425 |
n.a. |
13,006 |
1 |
201 |
(99.5) |
1,956 |
Special factors affecting EBITDA AL |
|
12,947 |
906 |
n.a. |
12,941 |
6 |
38 |
(84.2) |
992 |
EBITDA AL |
|
60 |
519 |
(88.4) |
65 |
(5) |
164 |
n.a. |
964 |
Of which: T-Mobile Netherlands |
|
0 |
190 |
(100.0) |
0 |
0 |
0 |
n.a. |
190 |
Of which: GD Towers |
|
73 |
347 |
(79.0) |
73 |
0 |
174 |
(100.0) |
804 |
EBITDA AL margin |
% |
56.6 |
46.5 |
|
63.7 |
(125.0) |
56.4 |
|
56.4 |
Depreciation, amortization and impairment losses |
|
(1) |
(193) |
99.5 |
(1) |
0 |
(97) |
100.0 |
(195) |
Profit (loss) from operations (EBIT) |
|
13,011 |
1,357 |
n.a. |
13,010 |
1 |
162 |
(99.4) |
1,911 |
Cash capex |
|
(19) |
(158) |
88.0 |
(18) |
(1) |
(59) |
98.3 |
(343) |
Cash capex |
|
(19) |
(158) |
88.0 |
(18) |
(1) |
(59) |
98.3 |
(343) |
Revenue, service revenue
Revenue in our Group Development operating segment decreased in the first half of 2023 by 90.5 % year-on-year to EUR 106 million. This decline was mainly attributable to the sale of T-Mobile Netherlands and GD Towers. In organic terms, revenue grew by 3.1 % year-on-year, mainly due to operationally and structurally driven growth in our GD Towers business entity in January 2023. The GD Towers business did not generate any service revenues.
Adjusted EBITDA AL, EBITDA AL
Adjusted EBITDA AL decreased by 88.4 % to EUR 60 million. Here too, the decline was attributable to the sale of T-Mobile Netherlands and GD Towers. In organic terms, adjusted EBITDA AL grew by 47.1 %. The suspension of the depreciation on right-of-use assets due to the fact that the GD Towers business entity had been held for sale starting the third quarter of 2022 had a positive effect. EBITDA AL was positively influenced by net special factors of EUR 12.9 billion, mainly due to the deconsolidation of GD Towers. EBITDA AL increased by EUR 11.6 billion compared with the prior-year period to EUR 13.0 billion.
Profit/loss from operations (EBIT)
EBIT increased by EUR 11.7 billion year-on-year to EUR 13.0 billion, mainly as a result of the development described under EBITDA AL. Depreciation, amortization and impairment losses were down year-on-year, primarily in connection with the fact that the GD Towers business entity had been held for sale starting the third quarter of 2022, and, accordingly, the related depreciation and amortization had been suspended, and its subsequent sale.
Cash capex (before spectrum investment), cash capex
Cash capex stood at EUR 19 million, well below the prior-year level. The decline is mainly attributable to the sale of T‑Mobile Netherlands and GD Towers.