Prospectus-Final (clean) - Malta Financial Services Authority

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shareholder of Deutsche Telekom AG through the German Finance Ministry. In their capacities asshareholders, the Federal Republic of Germany and KfW may exercise only those rights that theyhave under the Stock Corporation Act and Deutsche Telekom AG's Articles of Incorporation, which arethe same for all of Deutsche Telekom AG's shareholders.At present, the Finance Ministry and KfW each have one representative on Deutsche Telekom AG'sSupervisory Board. Additionally, the Finance Ministry has one representative on the supervisoryboards of Deutsche Telekom AG's subsidiaries, T-Systems International GmbH and T-MobileDeutschland GmbH.Below the number of Deutsche Telekom AG's ordinary shares held by holders of more than 5% ofDeutsche Telekom's ordinary shares and their percentage of ownership, based on informationsupplied to Deutsche Telekom AG by such holders.31 December 2011 Federal Republic of Germany 646,575,126 shares = 14.96%KfW 735,661,686 shares = 17.02%The Blackstone Group holds 191,700,000 shares, which represents 4.4% of Deutsche Telekom AG'soutstanding shares. In addition, BlackRock holds 145,762,000 shares, which represents 3.3% ofDeutsche Telekom AG's outstanding shares.Major Shareholders do not have different voting rights from any of Deutsche Telekom AG's othershareholders.As noted above, KfW is 80% owned by the Federal Republic of Germany. The Federal Republic ofGermany has publicly stated its intention to reduce its holdings of Deutsche Telekom AG shares.Deutsche Telekom AG does not expect that a reduction in the holdings of Deutsche Telekom AG'sshares by the Federal Republic of Germany or KfW will have a material negative effect on DeutscheTelekom AG's governance or business.Based on Deutsche Telekom AG's share register, as of 31 December 2011, the Company hadapproximately 1,653,004 registered holders of Deutsche Telekom AG's ordinary shares, including1,624 registered holders of Deutsche Telekom AG's shares with addresses in the United States. As of31 December 2011, there were 4,321,319,206 total outstanding shares.FINANCIAL INFORMATION CONCERNING DEUTSCHE TELEKOM'S ASSETS AND LIABILITIES,FINANCIAL POSITION AND PROFITS AND LOSSESAuditing of historical annual financial informationDeutsche Telekom AG's consolidated financial statements as of and for the year ended 31 December2011 were prepared in accordance with International Financial Reporting Standards ("IFRS") asadopted by the European Union (EU), as well as with the regulations under commercial law as setforth in § 315a(1) HGB (Handelsgesetzbuch - German Commercial Code). PwC audited thementioned consolidated financial statements. An unqualified auditors' report has been issued.Deutsche Telekom's consolidated financial statements as of and for the year ended31 December 2010 were prepared in accordance with IFRS as issued by the IASB and in accordancewith International Financial Reporting Standards as adopted by the European Union (EU), as well aswith the regulations under commercial law as set forth in § 315a(1) HGB (Handelsgesetzbuch -German Commercial Code). PwC and E&Y audited the mentioned consolidated financial statements.An unqualified auditors' report has been issued.110
Selected Financial InformationDeutsche Telekom at a GlanceSelected financial data of theDeutsche Telekom GroupRevenue and earningsChangecomparedto prior 2011year billions of% a €2010billions of€Net revenue (6.0) 58.7 62.4Of which: domestic a % 1.2 44.9 43.7Of which: international a % (1.2) 55.1 56.3Profit from operations (EBIT) 1.5 5.6 5.5Net profit (loss) (67.1) 0.6 1.7Net profit (loss) (adjusted for special factors) (15.2) 2.9 3.4EBITDA a,b,c 15.6 20.0 17.3EBITDA (adjusted for special factors) a,b,c (4.0) 18.7 19.5EBITDA margin (adjusted for special factors) a % 0.6 31.8 31.2ProfitabilityROCE % 0.3 3.8 3.5Statement of financial positionTotal assets (4.1) 122.5 127.8Shareholders' equity (7.2) 39.9 43.0Equity ratio a % (1.1) 32.6 33.7Net debt a,c (5.1) 40.1 42.3Relative debt(Net debt/EBITDA (adjusted for special factors)) n.a. 2.1 2.2Gearing (Net debt/Shareholders' equity) 0.0 1.0 1.0Cash capex (14.7) (8.4) (9.9)Cash flowsNet cash from operating activities 10.1 16.2 14.7Free cash flow (before dividend payments,spectrum investment, PTC transaction and AT&Tbreak-up fee) a,c,d,e (1.9) 6.4 6.5Net cash used in investing activities 13.4 (9.3) (10.7)Net cash from (used in) financing activities 6.5 (6.0) (6.4)111
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Debt Issuance Programme ProspectusD
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Responsibility StatementDeutsche Te
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to form and content, and all rights
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Maturities:Form of Notes:Fixed Rate
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Summary in respect of Risk FactorsR
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Notes may not be a suitable investm
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Internationalisation and Sustainabi
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German Translation of the SummaryDi
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Besteuerung:Vorzeitige Rückzahlung
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Zusammenfassung der RisikofaktorenZ
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Zusammenfassung der Risikofaktoren
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Unternehmen aus diesem Grund zusamm
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Risk FactorsProspective investors s
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markets. These developments could,
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consumer regulation at the federal
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Existing mobile substitution effect
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exacerbated by the global economic
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are subject to several individual l
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While Deutsche Telekom believes tha
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exposed to the risk of an unfavoura
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principal under such Notes may even
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Statement of cash flows (page 9 in
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otherwise agreed between the Issuer
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DESCRIPTION OF BUSINESSGroup Organi
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In February 2011, T-Mobile Czech Re
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2010. The demand for ever-faster da
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Special Requirements Applicable to
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Local Loop AccessDeutsche Telekom h
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Page 61 and 62: (e.g., avoid disclosure or blocking
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Page 65 and 66: combinations of businesses where De
Page 67 and 68: For more information on the effects
Page 69 and 70: • Other operating expenses increa
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Page 73 and 74: investment levels to remain approxi
Page 75 and 76: products and technologies, these in
Page 77 and 78: Reconciliation of Net Debt31 Dec. 2
Page 79 and 80: Deutsche Telekom's cash outflows fo
Page 81 and 82: 1In addition to the fixed-network l
Page 83 and 84: Development of Operations2011 2010
Page 85 and 86: to upgrade its mobile network, prov
Page 87 and 88: Czech Republic. Deutsche Telekom ha
Page 89 and 90: decrease mobile termination rates,
Page 91 and 92: The decrease in adjusted EBITDA in
Page 93 and 94: In 2011, the United States operatin
Page 95 and 96: The increase in total revenue in 20
Page 97 and 98: solutions. It also manages and deve
Page 99 and 100: In 2010, T-Systems substantially ex
Page 101 and 102: 2011 2010 Change ChangeOf which: Vi
Page 103 and 104: conditions for additional capital m
Page 105 and 106: For additional information on the c
Page 107 and 108: Employees in the Group 31 Dec. 2011
Page 109: Civil servants employed by Deutsche
Page 113 and 114: (Vorlagebeschluesse) with respect t
Page 115 and 116: Court of Justice annulled these jud
Page 117 and 118: having to pay license fees and comp
Page 119 and 120: Civil ServantsIn November 2004, Ger
Page 121 and 122: majority holdings by 2 May 2015, on
Page 123 and 124: Group Accounting manages the proces
Page 125 and 126: Deutsche Telekom International Fina
Page 127 and 128: Statement of comprehensive incometh
Page 129 and 130: Terms and ConditionsThis Series of
Page 131 and 132: "Global Note" means [the/any] [Temp
Page 133 and 134: interest shall continue to accrue o
Page 135 and 136: 7 February 1992), the Amsterdam Tre
Page 137 and 138: Period is a day other than the 30th
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Page 149 and 150: Garantin] noch der Fiscal Agent ode
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Page 153 and 154: (b)Fällt ein Zinszahlungstag auf e
Page 155 and 156: [Sofern eine andere Methode der Bes
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Eine solche Kündigung darf allerdi
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(i)[Referenz-Preis einfügen] (der
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[(e)(f)von einer Zahlstelle abgezog
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(b)(c)(d)die Nachfolgeschuldnerin a
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eine vertretungsberechtigte Person
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(d)(e)(f)(iii)(iv)(v)(vi)by reason
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Non-binding translation of the Guar
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ganz oder teilweise in irgendeiner
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Tag der Begebung: [ ]These are the
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CURRENCY, DENOMINATION, FORM AND TI
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INTEREST (§ 4) 8ZINSEN (§ 4)o Fix
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oooooo ISDA Determination 9ISDA-Fes
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Instalment Amount(s)Rate(n) [ ]Earl
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GOVERNING LAW (§ 14)ANWENDBARES RE
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German Securities Code [ ]Deutsche
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Umfassende Erläuterung darüber, w
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Various categories of potential inv
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Commissions 29ProvisionenManagement
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Die Emittentin hat die Informatione
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Payment of the flat income tax will
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Kingdom of the Netherlands.Where th
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ResidentsAccording to the law of 23
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(c)account or benefit of, U.S. pers
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4. United KingdomEach Dealer has re
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Names and AdressesIssuersDeutsche T
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2010 2010PricewaterhouseCoopers Akt
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Prospectus-Final (clean) - Malta Financial Services Authority

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