Deutsche Telekom Group Update, May 2018

摘要

1.Deutsche Telekom (DT) operates in strong economic markets where individuals andrnenterprises have moderate to strong purchasing power. From 2015 through to 2017,rnunemployment has been declining across the majority of its footprint.rn1.1 As a result, in a highly saturated industry where mobile penetration rates reach 154%rnin Eastern Europe and 136% in Western Europe at 4Q17, and broadband penetrationrngrowth dictates continuous investment, the group has retained a fairly stable totalrnrevenue year-on-year growth rate, though a declining one of -2%, and retainingrnEBITDA margin close to zero at -0.3ppt year on year to 4Q17.rn2. At the same time, fierce competition in its home market, as well as across some of itsrnstrongest European markets, is proliferating.rn2.1 Vodafone lead M&As with Liberty Global, if approved, will place pressure on DT inrnfour of its core markets. This will be felt strongest in the TV segment where the cablernoperator is among the top three in each market. In Hungary, for instance, combinedrnassets of Vodafone & UPC will be DT's first real multiplay challenger.rn3. As part of its strategic initiatives, DT has launched live NB-IoT network in nine markets (USrnand eight European markets).rn3.1 The sensor networks are rolled out to approximately 600 towns and cities acrossrnGermany where it was launched in June 2017. More than 200 companies are trialingrnthis technology as part of commercially available test packs.