Notes to the consolidated statement of cash flows
Net cash from operating activities
At EUR 20.9 billion, net cash from operating activities was EUR 1.0 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. By contrast, the increase in net interest payments of EUR 0.2 billion had a reducing effect.
Net cash used in/from investing activities
millions of € |
|
|
||||||
|
H1 2025 |
H1 2024 |
||||||
|---|---|---|---|---|---|---|---|---|
Cash outflows for investments in intangible assets |
(3,355) |
(2,681) |
||||||
Cash outflows for investments in property, plant and equipment |
(5,850) |
(5,897) |
||||||
Proceeds from the sale of spectrum to N77 |
1,777 |
0 |
||||||
Other proceeds from the disposal of property, plant and equipment, and intangible assets |
130 |
61 |
||||||
Payments for publicly funded investments in the broadband build-out |
(177) |
(177) |
||||||
Proceeds from public funds for investments in the broadband build-out |
150 |
108 |
||||||
Net cash flows for collateral deposited and hedging transactions |
134 |
429 |
||||||
Changes in cash and cash equivalents in connection with the acquisition of Vistar Mediaa |
(563) |
0 |
||||||
Changes in cash and cash equivalents in connection with the acquisition of Blisb |
(141) |
0 |
||||||
Changes in cash and cash equivalents in connection with the acquisition of Lumos |
(835) |
0 |
||||||
Changes in cash and cash equivalents in connection with the upfront payment made for the Ka’ena Acquisitionc |
0 |
(361) |
||||||
Other changes in cash and cash equivalents in connection with the acquisition of control of subsidiaries and associates |
(10) |
0 |
||||||
Other changes in cash and cash equivalents in connection with the loss of control of subsidiaries and associates |
47 |
(3) |
||||||
Other |
(132) |
(6) |
||||||
Net cash (used in) from investing activities |
(8,824) |
(8,525) |
||||||
|
||||||||
At EUR 9.2 billion, cash outflows for investments in intangible assets and property, plant and equipment were EUR 0.6 billion higher than in the prior-year period. In the reporting period, cash outflows for mobile spectrum licenses of EUR 0.8 billion were made in the United States operating segment, and of EUR 0.2 billion in the Europe operating segment. In the prior-year period, this item had included cash outflows for mobile spectrum licenses of EUR 0.2 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 0.1 billion year-on-year. Cash outflows in the Germany operating segment decreased by EUR 0.3 billion, mainly on account of the intra-year allocation of investments in the fiber build-out. Cash outflows in the United States operating segment increased by EUR 0.1 billion, in particular due to higher cash outflows for investments due to the continued build-out of the nationwide 5G network. In the Europe operating segment, too, cash outflows for investments in intangible assets and property, plant and equipment were slightly up against the level of the prior-year period.
Net cash used in/from financing activities
millions of € |
|
|
|
H1 2025 |
H1 2024 |
|---|---|---|
Issuance of bonds |
7,495 |
5,481 |
Repayment of bonds |
(3,106) |
(3,154) |
Issuance of asset-backed securities |
479 |
458 |
Repayment of asset-backed securities |
(348) |
0 |
Commercial paper, net |
626 |
0 |
Repayment of EIB loans |
0 |
(400) |
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 |
(291) |
(413) |
Repayment of liabilities from 5G spectrum acquired in Germany |
(85) |
(85) |
Repayment of financial liabilities for media broadcasting rights |
(230) |
(168) |
Principal portion of repayment of lease liabilities |
(2,927) |
(3,301) |
Cash flows from continuing involvement factoring, net |
(1) |
(4) |
Deutsche Telekom AG share buy-back |
(890) |
(933) |
Dividend payments (including to other shareholders of subsidiaries) |
(5,398) |
(4,623) |
Cash inflows from transactions with non-controlling entities |
|
|
Sale of T‑Mobile US shares by Deutsche Telekom |
151 |
3,545 |
T‑Mobile US stock options |
3 |
7 |
Other cash inflows |
22 |
13 |
|
175 |
3,565 |
Cash outflows from transactions with non-controlling entities |
|
|
Increase of the stake in T‑Mobile US |
0 |
(614) |
T‑Mobile US share buy-back/share-based payment |
(4,915) |
(5,719) |
OTE share buy-back |
(63) |
(62) |
Other payments |
(135) |
(62) |
|
(5,113) |
(6,458) |
Other |
(147) |
(220) |
Net cash (used in) from financing activities |
(8,904) |
(10,254) |
Non-cash transactions
In the reporting period, Deutsche Telekom leased assets with a carrying amount of EUR 1.9 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. The corresponding additions of right-of-use assets were up 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 of EUR 0.1 billion were recognized in the reporting period for future payments for acquired broadcasting rights (H1 2024: EUR 0.2 billion). The payment of the consideration will be recognized in net cash used in/from financing activities.