Prospectus-Final (clean) - Malta Financial Services Authority

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2011 2010Staff-related measures (132) (209) 3Non-staff-related restructuring 0 (5)Effects of deconsolidations, disposals andacquisitions 0 (355)Other (114) 4 (37)Special factors – United States (134) 0Staff-related measures (116) 0Non-staff-related restructuring 0 0Other (18) 0Special factors – Systems Solutions (275) (281)Staff-related measures (81) (113)Non-staff-related restructuring (163) (170)Effects of deconsolidations, disposals andacquisitions 0 0Other (31) 2Special factors – Group Headquarters &Shared Services 2,698 (769)Staff-related measures (224) (281)Non-staff-related restructuring (22) (100)Effects of deconsolidations, disposals andacquisitions (56) (385)Compensation from AT&T 3,000 5 -Other 0 (3)Special factors – Group reconciliation 1 5Staff-related measures 0 0Non-staff-related restructuring 0 1Effects of deconsolidations, disposals andacquisitions 0 4Other 1 0Total special factors 1,337 (2,160)Adjusted EBITDA 18,685 19,47312Primarily consisting of provisions taken in connection with legal proceedings.Primarily consisting of the write-off of receivables from the German Main Customs Office relating to the 2005 to 2009 taxyears.70
345Includes expense relating to a contribution required by the Greek Ministry of Labor and Social Affairs (the "Ministry"). In thefirst quarter of 2010, the Ministry issued a Ministerial Decision and informed OTE that it may, subject to an audit, be requiredto make additional payments to cover a deficit in the public pension fund. Upon receipt of a notification from the Ministry forpayment of EUR 130 million, a liability was recognised in Deutsche Telekom's financial statements as of 31 December 2010.Primarily consisting of expenses related to the conclusion of the Magyar Telekom investigation and consulting expensesrelated to personnel restructuring programs in Romania.Includes break-up fee received from AT&T (EUR 2.3 billion), spectrum received from AT&T (EUR 0.9 billion) and loss relatedto cash flow hedge entered into in connection with the transaction (EUR 0.2 billion).Adjusted EBITDAContribution of the Operating Segments to Adjusted Group EBITDA2011Proportionof adjustedGroupEBITDA 2010Proportionof adjustedGroupEBITDA Change Change(millionsof €) (%)(millionsof €) (%)(millionsof €) (%)EBITDA (adjusted forspecial factors) in theGroup 18,685 100.0 19,473 100.0 (788) (4.0)Germany 9,599 51.4 9,618 49.4 (19) (0.2)Europe 5,241 28.0 5,748 29.5 (507) (8.8)United States 3,831 20.5 4,156 21.3 (325) (7.8)Systems Solutions 872 4.7 948 4.9 (76) (8.0)Group Headquarters &Shared Services (742) (4.0) (870) (4.5) 128 14.7Reconciliation (116) (0.6) (127) (0.6) 11 8.7In 2011, the decline in adjusted EBITDA resulted primarily from the decline in adjusted EBITDAgenerated by Deutsche Telekom's operations and, to a lesser extent, negative exchange rate effectsand the deconsolidation of T-Mobile UK. Deutsche Telekom's Germany operating segment generatedadjusted EBITDA in 2011 only slightly lower than in 2010, despite the decline in revenue. In addition,various technology and sales initiatives and the improvement of support processes further reducedoperating costs, while Deutsche Telekom lowered its cost base by discontinuing the sale of prepaidmobile cards of its competitors. The decline in adjusted EBITDA at Deutsche Telekom's Europeoperating segment resulted primarily from the decline in revenue and, to a lesser extent, thedeconsolidation of T-Mobile UK and the real estate tax introduced by the Greek government in 2011.Exchange rate effects, primarily attributable to the Polish zloty and the Croatian kuna, had a slightlynegative effect. By reducing overhead costs, mainly in Greece and Hungary, Deutsche Telekompartially offsets the decline. Adjusted EBITDA at Deutsche Telekom's United States operatingsegment declined primarily due to negative exchange rate effects. In local currency, the United Statesoperating segment reported a 3.1% decrease in adjusted EBITDA, primarily due to the decline inrevenues as well as an increase in operating expenses related to the build-out of the 4G-HSPA plusnetwork and higher marketing expenses. Lower volume-driven handset and commission costs partiallyoffset the decline in adjusted EBITDA. In 2011, adjusted EBITDA in Deutsche Telekom's SystemsSolutions operating segment declined despite an increase in revenue. This decline is primarily due toincreased contract-related expenses, such as for the successful migration of customer infrastructuresto T-Systems' operational business, start-up expenses for new contracts, and the development ofDeutsche Telekom's focus areas, such as intelligent networks, energy, healthcare and connectedvehicles. In addition, adjusted EBITDA was negatively affected by measures to improvecompetitiveness. Adjusted EBITDA at Group Headquarters & Shared Services improved in 2011,mainly due to earnings in connection with the procurement joint venture BUYIN and lower personnelcosts at Vivento.71
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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
Page 19 and 20: Besteuerung:Vorzeitige Rückzahlung
Page 21 and 22: Zusammenfassung der RisikofaktorenZ
Page 23 and 24: Zusammenfassung der Risikofaktoren
Page 25 and 26: Unternehmen aus diesem Grund zusamm
Page 27 and 28: Risk FactorsProspective investors s
Page 29 and 30: markets. These developments could,
Page 31 and 32: consumer regulation at the federal
Page 33 and 34: Existing mobile substitution effect
Page 35 and 36: exacerbated by the global economic
Page 37 and 38: are subject to several individual l
Page 39 and 40: While Deutsche Telekom believes tha
Page 41 and 42: exposed to the risk of an unfavoura
Page 43 and 44: principal under such Notes may even
Page 45 and 46: Statement of cash flows (page 9 in
Page 47 and 48: otherwise agreed between the Issuer
Page 49 and 50: DESCRIPTION OF BUSINESSGroup Organi
Page 51 and 52: In February 2011, T-Mobile Czech Re
Page 53 and 54: 2010. The demand for ever-faster da
Page 55 and 56: Special Requirements Applicable to
Page 57 and 58: Local Loop AccessDeutsche Telekom h
Page 59 and 60: Incumbent network operators are obl
Page 61 and 62: (e.g., avoid disclosure or blocking
Page 63 and 64: PTC as Deutsche Telekom clarified t
Page 65 and 66: combinations of businesses where De
Page 67 and 68: For more information on the effects
Page 69: • Other operating expenses increa
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 and 110: Civil servants employed by Deutsche
Page 111 and 112: Selected Financial InformationDeuts
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
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majority holdings by 2 May 2015, on
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Group Accounting manages the proces
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Deutsche Telekom International Fina
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Statement of comprehensive incometh
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Terms and ConditionsThis Series of
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"Global Note" means [the/any] [Temp
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interest shall continue to accrue o
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7 February 1992), the Amsterdam Tre
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Period is a day other than the 30th
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[in the case of Definitive Notes in
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([4]) of this § 6.](b)Notice of re
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of Stock Exchange], a Paying Agent
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(f)(g)the Issuer [in the case of No
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§ 14[(5)] to the Agent. Such notic
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Garantin] noch der Fiscal Agent ode
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Bei Rückzahlung oder Zahlung einer
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(b)Fällt ein Zinszahlungstag auf e
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[Sofern eine andere Methode der Bes
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[im Falle von Actual/360: die tats
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Für diese Zwecke bezeichnet "Zahlt
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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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