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1、Deutsche TelekomQ2 2023 resultsInvestor and Analyst Conference CallAugust 10,202314:00 CEST,13:00 BST,8:00 EDT,5:00 PDT,21:00 JSTDisclaimerThis presentation contains forward-looking statements that reflect the current views of Deutsche Telekom management with respectto future events.These forward-lo
2、oking statements include statements with regard to the expected development of revenue,earnings,profits from operations,depreciation and amortization,cash flows and personnel-related measures.You should consider them with caution.Such statements are subject to risks and uncertainties,most of which a
3、re difficult to predict and are generally beyond Deutsche Telekoms control.Among the factors that might influence our ability to achieve our objectives are the progress of our workforce reduction initiative and other cost-saving measures,and the impact of other significant strategic,labor or busines
4、s initiatives,including acquisitions,dispositions and business combinations,and our network upgrade and expansion initiatives.In addition,stronger than expected competition,technological change,legal proceedings and regulatory developments,among other factors,may have a material adverse effect on ou
5、r costs and revenue development.Further,the economic downturn in our markets,and changes in interest and currency exchange rates,may also have an impact on our business development and the availability of financing on favorable conditions.Changes to our expectations concerning futurecash flows may l
6、ead to impairment write downs of assets carried at historical cost,which may materially affect our results at the group and operating segment levels.If these or other risks and uncertainties materialize,or if the assumptions underlying any of these statements prove incorrect,our actual performance m
7、ay materially differ from the performance expressed or implied by forward-looking statements.We can offer no assurance that our estimates or expectations will be achieved.Without prejudice to existing obligations under capital market law,we do not assume any obligation to update forward-looking stat
8、ements to take new information or future events into account or otherwise.In addition to figures prepared in accordance with IFRS,Deutsche Telekom also presents alternative performance measures,including,among others,EBITDA,EBITDA margin,adjusted EBITDA,adjusted EBITDA after leases,adjusted EBITDA m
9、argin,Core EBITDA,adjusted EBIT,adjusted net income,free cash flow,free cash flow after leases,gross debt,net debt after leases and net debt.These alternative performance measures should be considered in addition to,but not as a substitute for,the information prepared in accordance with IFRS.Alterna
10、tive performance measures are not subject to IFRS orany other generally accepted accounting principles.Other companies may define these terms in different ways.2H1 2023 resultsGroupH1/2023 resultscontinued growthH1/2023 Highlights Organic growth:Group service revenues growing 2.9%,Group adj.core EBI
11、TDA+5.8%.FCF AL+10.9%Guidance for 2023 EBITDA AL growth raised on both sides of the Atlantic TM US increases outlook for 2023 customer growth Around 15mn European households passed with FTTH DT and GdW agree on FTTH roll-out blueprint for housing associations in Germany DT stake in TM US increased t
12、o 51.3%end of June S&P has raised DTs rating to“BBB+”with stable outlook4H1/23 Adj.EBITDA ALgrowth yoy,organicH1/23 Key Financials%growth yoy,organicH1/23 Adj.EBITDA AL2 mnFinancials H1/2023 organicstrong organic growth6013,0905,0162,0071593.1%+396 mn3.0%+148 mn1.9%+37 mn3.2%+5 mnGERTMUSEUSYSSYSGDTM
13、USGEREUAdj.Core EBITDA AL growth of 8.5%1ex US Service revenuesGroup revenuesGroup adj.Core EBITDAGroup service revenuesGroup adj.EBITDA AL-0.4%ex US adj.EBITDA AL2.9%2.4%5.8%2.4%1.1%1according to IFRS.US GAAP growth is 10.0%.Adj.Core EBITDA excludes decreasing handset leasing revenues(US$-0.6 bn yo
14、y)2Excl.GHS.Group EBITDA AL 20,002 mnIn this presentation the Group is presented in accordance with the management view:certain key performance indicators like revenue and adj.EBITDA AL are presented as if Group Development still would be fully consolidated.This view is different to the consolidated
15、 financial statements of DT where Group Development is treated as a discontinued operation.For more details,please refer to the back-up to this presentation,respectively the interim report of DT both available at by lower equipment revenues5FTTH(1 Gbps)Fiber homesmn5G TM USUltra capacity 5G1mn POPs5
16、G ex USGermany%of POPsNetworksleading with 5G,FTTH on track7.43.9H1/228.56.2H1/2311.314.7+3.4EUGER9395H1/22H1/23+2235285H1/22H1/23+50GER Mobile network wins“connect”best network award for the 25thconsecutive yearEU Leap in 5G coverage:59%POP coverage end of Q2/23.Up 8pp sequentiallyNetwork Leader TM
17、 US wins in every category for overall network performance from Ookla5G 5G network coverage 98%of AmericansGER On track for 2.5mn new HHs in 2023 German fixed network:DT No.1 in“connect”fixed network test EU On track for 10mn HHs with 1Gbps by 2024.Coverage now at 33%of HHs1Ultra capacity on 2.5 GHz
18、6Mobile net adds000Fixed line net adds2000Customersgrowing stronglyH1/22H1/232,9742,854781870H1/22H1/23H1/22H1/2324024186149H1/22H1/23US(postpaid)Ex US(contract)1BroadbandTV1GER+EU.GER:own brand only 2GER+EU 7DT climate targetssharpened ambitionsClimate ambitions(in line with SBTi requirements)Drive
19、rs of CO2 emissions(FY 2022)Energy consumptionmn MWh4.22.4H1/223.82.3H1/23USex US6.56.0-8%2021Renewable electricity as of 20212025Reduce direct and indirect emissions from within our company to net-zero(Scope 1 2)2030Reduce Scope 1 3 Emissions by 55%against 2020 by 2030.2040Climate-neutral companyRe
20、duce Scope 1 3 Emissions to Net Zero(with at least 90%reduction)NEW1NEW1Scope 1:own activities212 ktons(-10%since 2020)Scope 2:purchased activities21 ktons(-99%since 2020)Scope 3:value chain12,287 ktons21%downstream:customers79%upstream:supply chain1announced in April 20238FCF AL1 bn7.63.6FY 2022 pr
21、o forma12.73.54Guidance 202312.83.54Guidance update Q211.21616Adj.EBITDA AL1 bn25.613.7FY 2022 pro forma27.013.9Guidance 202327.114.0Guidance Update Q239.340.841.0Adj.EPS/shareCore EBITDA AL Adj.1 bnUpdated Guidance 2023continued growth 2ndupgrade24.313.7FY 2022 pro forma26.713.9Guidance 202326.814.
22、0Guidance Update Q238.040.540.71.51FY/22 reported3Guidance 20231.831.60TM USDT Ex USTM USDT Ex US+7%+40%+4%+6%2Non-recurringRecurringTM USDT Ex US1 TM US guidance is based on midpoint of US GAAP guidance of US$29.2-29.5 bn adj.EBITDA;of US$28.9 29.2 bn core adj.EBITDA and of US$13.2 13.6 bn FCF.Guid
23、ance assumes a negative bridge of US$0.8 0.85 bn on adj.EBITDA and core adj.EBITDA upon translation into IFRS.Based on 1=US$1.05.2On recurring basis 3Non-recurring elements in adj.EPS include gains from financial instruments,the contribution from T-Mobile NL in Q1/22,the held-for-sale effect Towers
24、and the interest effect on the valuation of the civil service health insurance fund.4Includes 0.2 bn of cash returns and 0.15 bn cash taxes related to tower transaction9Q2 2023 resultsReview segments and financialsService revenue(US GAAP)%yoyRevenues(IFRS)US$bnCore adj.EBITDA(US GAAP)%yoyAdj.EBITDA
25、AL(IFRS)2US$bnT-Mobile USstrong financial growthQ2/22Q3/22Q4/22Q1/23Q2/23+10.4%+11.4%+15.9%+9.1%+10.8%Q2/22Q2/236.77.1+5.8%yoy decline in handset leasing revenuesUS$0.3 bn11 TM US has refocused its distribution policy towards Equipment Installment Plans,which results in a decrease of handset leasing
26、 revenues and a corresponding decline in revenue and EBITDA AL.Service revenues are not impacted.2For IFRS bridge please refer to appendix.Q2/22Q3/22Q4/22Q1/23Q2/23+5.7%+4.3%+3.7%+2.8%+2.8%4.415.3Q2/223.415.7Q2/23Other revenuesService revenues19.619.1-2.6%Higher postpaid upgrades incl.from Sprint cu
27、stomers in prior year and lower lease revenuesPostpaid growth of 5.5%,offset by US$0.2 bn lower other revenues11Total postpaid net additions1mnHigh Speed Internet net additions2000723854927538760Q2/22Q3/22Q4/22Q1/23Q2/23T-Mobile USconsistent growth in all customer categoriesQ2/22Q3/22Q4/22Q1/23Q2/23
28、0.800.880.920.890.775G EXTENDED RANGE5G ULTRA CAPACITYPostpaid phone net additions1000Postpaid phone churn%Q2/22Q3/22Q4/22Q1/23Q2/231.71.61.81.31.6560578524523509Q2/22Q3/22Q4/22Q1/23Q2/23More than AT&T and Verizon combined,FY guidance raisedTotal customer base at 3.7mn,on track for 2025 target of 7
29、8mnIndustry leading and best Q2 in 8 yearsBest in industry for the first time ever and a record low121 Net adds are excluding the following base adjustments:customers impacted by the decommissioning of the legacy Sprint CDMA and LTE and T-Mobile UMTS networks have been excluded from our customer bas
30、e resulting in the removal of 284,000 postpaid phone customers,946,000 postpaid other customers and 28,000 prepaid customers in the second quarter of 2022.Certain customers now serviced through reseller contracts were removed from our reported postpaid customer base resulting in the removal of 42,00
31、0 postpaid phone customers and 20,000 postpaid other customers in the second quarter of 2022.2Postpaid+PrepaidRevenues(as reported)mnRevenue growth(organic)%yoyGermany27thconsecutive quarter of EBITDA growthAdj.EBITDA AL(as reported)mnAdj.EBITDA AL(organic)%yoyQ2/22Q2/232,4292,528+4.1%Q2/22Q3/22Q4/2
32、2Q1/23Q2/232.7%2.7%1.1%2.3%1.1%Q2/22Q3/22Q4/22Q1/23Q2/233.0%3.0%3.0%3.1%3.0%Q2/22Q2/236,0386,150+1.9%As of Q1/23 the Multimedia Solutions unit(MMS)was transferred from the Systems Solutions segment to the Germany segment impacting revenue and EBITDA AL.In addition,the sale of the tower business impa
33、cted EBITDA AL.The organic trend is adjusted for these changes.Organic growth rates for 2022 were not re-stated and remain as previously disclosed.Impacted by lower equipment revenues.Service revenues+1.6%13Total service revenue growth(organic)1%yoyMobile service revenue growth(organic)%yoyFixed ser
34、vice revenue growth(organic)1%yoyGermanyservice revenues:growing across the boardQ1/23Q4/221.8%1.6%Q2/22Q3/22Q2/231.2%1.7%1.6%2.0%Q2/23Q1/23Q2/22Q3/223.5%Q4/222.7%1.7%2.1%0.8%Q2/22Q3/22Q1/231.0%Q4/22Q2/231.4%1.6%1.4%Revenue growth(reported)%yoy Reported Total Service revenue growth+2.4%Reported Fixe
35、d Service revenue growth+2.5%Reported Mobile Service revenue growth+2.1%1)As of Q1/23 the Multimedia Solutions unit(MMS)was transferred from the Systems Solutions segment to the Germany segment impacting revenue(Total and Fixed Service revenue).The organic trend is adjusted for these changes.Organic
36、 growth rates for 2022 were not re-stated and remain as previously disclosed.14Retail fixed revenues(as reported)mnRetail fixed revenue growth(organic)%yoy Germanyfixed revenues:strong broadband growthBroadband revenue growth(organic)%yoyWholesale access revenues(organic)%growth yoy1,7211,381Q2/221,
37、7901,401Q2/233,1023,191+2.9%Q1/23Q2/224.7%Q3/22Q4/22Q2/235.0%4.7%4.7%4.0%Q2/220.1%Q3/22Q4/22Q1/231.5%Q2/23-0.7%-3.0%1.0%Q2/221.2%Q1/23Q3/221.7%1.2%Q4/22Q2/232.2%1.5%+4.0%+1.4%Broadband revenuesSingle play andother revenuesAs of Q1/23 the Multimedia Solutions unit(MMS)was transferred from the Systems
38、 Solutions segment to the Germany segment impacting revenue(Retail Fixed revenue).The organic trend is adjusted for these changes.Organic growth rates for 2022 were not re-stated and remain as previously disclosed.Content contract re-negotiation in Q2/22(impact on growth rate approx.50bps)On track f
39、or stable FY revenues15Retail customers with 100Mbit/s tariffmn/%of customer baseBroadband net adds000Germanyfixed KPIs:net adds improved,strong upselling continuesTV net adds000FTTH Customers0004563747467Q2/22Q3/22Q4/22Q1/23Q2/232132515036Q2/22Q3/22Q4/22Q1/23Q2/23impact of TKGimpact of TKG37%39%40%
40、42%43%Q2/22Q3/22Q4/22Q1/23Q2/235.45.75.96.26.4602704769833Q2/22Q3/22Q4/22Q1/23Q2/23647In addition:650k pre-marketed16Germanymobile KPIs:strong customer intakeData usage2GB per monthMagenta EINS share(mobile)3%Branded contract net adds1000Churn2%Q2/22Q2/238.012.063%64%Q2/22Q2/23Q2/22Q2/231.0%0.8%1943
41、68225274319Q2/22Q3/22Q4/22Q1/23Q2/23+51%yoy1Own branded retail customers excl.multibrand,consumer IoT and“Schnellstarter”2Of B2C T-branded contract customers 3Of B2C T-branded contract customersNormalization post TKG change in 202217Adj.EBITDA AL(as reported)mnRevenues(as reported)mnAdj.EBITDA AL(or
42、ganic)%growth yoyRevenues(organic)%growth yoyEurope22ndconsecutive quarter of organic EBITDA growthQ2/22Q2/232,7292,899+6.2%986Q2/22Q2/231,024+3.9%Q2/22Q3/22Q4/22Q1/23Q2/234.0%5.5%2.2%4.9%5.1%Q2/22Q3/22Q4/22Q1/23Q2/234.5%0.5%0.9%1.2%2.6%As of Q3/22 the revenue recognition for certain customer transa
43、ctions(principal agent)was changed.Growth rates for 2022 are presented on a re-stated basis.18Broadband net adds000Mobile contract net adds000TV net adds000FMC net adds000Europestrong commercial performance1732322934Q2/22Q3/22Q4/22Q1/23Q2/237076928372Q2/22Q3/22Q4/22Q1/23Q2/239152Q2/22Q3/2
44、2Q4/22Q1/23Q2/23243251179104173Q2/22Q3/22Q4/22Q1/231Q2/23191Q1/23 Mobile contract net adds negatively impacted by 33k re-classifications from contract to prepay in HungaryAdj.EBITDA AL(as reported)mnRevenues(organic)%growth yoyAdj.EBITDA AL(organic)%growth yoyRevenues(as reported)mnSystems Solutions
45、on track for stated targetsQ2/22Q2/233.93.5-9.4%942959Q2/22Q2/23+1.8%7984Q2/22Q2/23+6.3%Q2/22Q3/22Q4/22Q1/23Q2/23-0.8%0.5%5.3%4.5%4.8%Q2/22Q3/22Q4/22Q1/23Q2/2316.4%2.3%-25.8%4.6%2.0%Order entry(LTM)bn Order entry driven by phasing Revenue driven by strong momentum in digital solutions compensating c
46、lassic IT business run downAs of Q3/22 the Security services were transferred from the Systems Solutions segment to the Germany segment and the revenue recognition for certain customer transactions(principal agent)was changed.Growth rates for 2022 are presented on a re-stated basis.20Financials H1/2
47、023 reporteddriven by phasing and tower sale1 Decline due to de-consolidation of Group development.Organic growth rate of+1.6%in Q2.2 Free cash flow AL before dividend and before spectrum investments.Cash capex before spectrum investment.Spectrum:Q2/22:102 mn;Q2/23:189 mn.H1/22:2,616 mn;H1/23 255 mn
48、In this presentation the Group is presented in accordance with the management view:certain key performance indicators like revenue and adj.EBITDA AL are presented as if Group Development still would be fully consolidated.This view is different to the consolidated financial statements of DT where Gro
49、up Development is treated as a discontinued operation.For more details,please refer to the back-up to this presentation,respectively the interim report of DT both available at mnQ2H120222023Change20222023ChangeRevenue27,88827,221-2.4%55,63455,060-1.0%Adj.EBITDA AL9,89110,038+1.5%19,76320,002+1.2%Adj
50、.EBITDA AL(excl.US)13,5543,484-2.0%7,2556,911-4.7%Adj.Net profit2,4451,887-22.8%4,6833,846-17.9%Net profit1,4601,539+5.4%5,40916,899+212.4%Adj.EPS(in)0.490.38-22.4%0.940.77-18.1%Free cash flow AL22,7593,522+27.7%6.5407,101+8.6%Cash capex24,9844,422-11.3%9,6429,181-4.8%Net debt excl.leases(AL)106,289
51、97,174-8.6%106,28997,174-8.6%Net debt incl.leases(IFRS 16)146,104136,893-6.3%146,104136,893-6.3%21A profit mnFree Cash Flow AL1 mnFCF AL and net profitfree cash flow driven by lower US capex and EBITDA growth685562Q2/22Net CF from ops.-484Leasing paymentsCapex(excl.spectrum)2Q2/232,7593,522+27.7%602
52、Q2/22146Adj.EBITDAD&A-975Financial result-7Taxes-323MinoritiesQ2/232,4451,887-22.8%Recurring adjusted EPS growth in H1 9%(from 0.70 to 0.77)Expected decrease in the US1Free cash flow and FCF AL before dividend payments and spectrum investment.2Spectrum:Q2/22:102 mn;Q2/23:189 mn.In this presentation
53、the Group is presented in accordance with the management view:certain key performance indicators like revenue and adj.EBITDA AL are presented as if Group Development still would be fully consolidated.This view is different to the consolidated financial statements of DT where Group Development is tre
54、ated as a discontinued operation.For more details,please refer to the back-up to this presentation,respectively the interim report of DT both available at by TM US phasing and GD Tower salePrimarily driven by the strong positive financial result of+678mn in Q2/22.22Net debt excl.leases(AL)bnNet debt
55、leverage ex leases at 2.40 xQ1/23-3.5FCF AL3.6Dividends3.3SBB TM US0.7F/X and othersQ2/2393.097.2+4.1Leverage ratios20212022H1/233.062.703.072.582.942.40Incl.LeasesExcl.LeasesFollowing upgrade by S&P all 3 rating agencies back to BBB+and stable outlook23H1 2023 resultsMain takeaways2022 results/CMD
56、targets 20241Adj.EPS in/shareH1 2023 Key messagesdelivering reliable and consistent growth Commercial performance continues unabated in all markets Germany on 27,EU on 22 successive quarters of organic EBITDA AL growth despite significant headwinds in H1 FY 2023 Guidance raised on both sides of the
57、Atlantic Fiber roll-out on track for medium term targets Further executing on TM US buyback;DT stake 50%Ex lease leverage down to 2.40 by end of June.All 3 rating agencies now back to BBB+and stable outlook Well on track for targets from 2021 CMD1.511.600.321.831.201.75202020222023202420206.311.516.
58、0024FCF AL in bnRecurring EPS12024e guidance based on 1=1.14 US$,2023e based on 1=1.05 US$25Q2 2023 resultsAppendixOrganic growth rates1adj.EBITDA AL excl.TM US handset leasesIn this presentation the Group is presented in accordance with the management view:certain key performance indicat
59、ors like revenue and adj.EBITDA AL are presented as if Group Development still would be fully consolidated.This view is different to the consolidated financial statements of DT where Group Development is treated as a discontinued operation.For more details,please refer to the back-up to this present
60、ation,respectively the interim report of DT both available at over Q2/22H1/23 over H1/22Group revenues-0.4-0.4Group service revenue+3.2+2.9Service revenue excl.US+2.6+2.4Group Adj.EBITDA AL+3.8+2.4Adj.EBITDA AL excl.US+1.6+1.1Group adj.Core EBITDA AL1+7.1+5.827H1/23US$mnH1/22US$mnTM US:EBITDA reconc
61、iliationAdj.Core EBITDA216Leasing RevenuesAdj.EBITDA(US GAAP)-448BridgeAdj.EBITDA AL(IFRS)14,38814,60414,156Adj.Core EBITDA873Leasing RevenuesAdj.EBITDA(US GAAP)-280BridgeAdj.EBITDA AL(IFRS)13,08113,95413,674+10.0%yoy+4.7%yoy+3.5%yoyQ2/23US$mnQ2/22US$mnAdj.Core EBITDA69Leasing RevenuesAdj.EBITDA(US
62、GAAP)-263BridgeAdj.EBITDA AL(IFRS)7,3367,4057,142Adj.Core EBITDA386Leasing RevenuesAdj.EBITDA(US GAAP)-256BridgeAdj.EBITDA AL(IFRS)6,6187,0046,748+10.8%yoy+5.7%yoy+5.8%yoy28FCF AL excl.US bnH1 2022H1 2023Adj.EBITDA AL7.36.9Cash Capex-3.2-3.8Proceeds from sale of fixed assets+0.1+0.0Special Factors C
63、ash-0.6-0.5Interest ex leasing-0.4-0.5Cash Taxes-0.2-0.4Other(working capital etc.)+0.3+0.5FCF AL3.32.2adj.EBITDA AL due to de-consolidation of the Dutch business and GD Towers.Organic growth rate of+1.1%Capex front-loaded in 2023 vs.202229Ex US liquidity position bnEx US bonds maturing bnFinancials
64、well balanced maturity profile with strong liquidity reserve2023202420252026 1.901.02.61.42.6Maturities 2023Maturities 2024Maturities H1/25Total maturitiesnext 24 months1.02.60.44.112.02.7Liquidity reserveQ2/2314.7 Additional$1.5 bn of outstanding TM US shareholder loans(to be repaid by 2028 at the
65、latest)Credit linesLiquid assets30Balance sheet deleveraging as promised bn30/06/202230/09/202231/12/202231/03/202330/06/2023Balance sheet total301.7321.4298.6303.8299.7Shareholders equity88.594.587.398.794.4Net debt excl.leases(AL)106.3109.5103.793.097.2Net debt excl.leases(AL)/adj.EBITDA AL12.772.
66、792.582.312.40Net debt incl.leases(IFRS 16)146.1151.7142.4133.5136.9Net debt incl.leases IFRS 16/adj.EBITDA13.283.343.072.872.94Equity ratio29.3%29.4%29.2%32.5%31.5%Comfort zone ratios Rating:A/BBB2.25 2.75 Net debt IFRS 16/Adj.EBITDA25 35%equity ratioLiquidity reserve covers redemptions of the next
67、 24 monthsCurrent rating Fitch:BBB+stable outlookMoodys:Baa1stable outlookS&P:BBB+stable outlook1Ratios for the interim quarters calculated on the basis of previous 4 quarters.31Guidance 2023compared to consensusex US includes one month of GD Towers in 2023.Guidance is without GD.Consensus uses 0.7b
68、n bridge on TM US.Guidance assumes US$0.8 to 0.85 bn US GAAP to IFRS bridge.bnGuidance 2023 in 1.05Guidance 2023 in 1.09Consensus in 1.09Adj.EBITDA AL Group41.040.040.4thereof ex US 14.014.014.1thereof TM US27.126.126.3Adj.Core EBITDA Group40.739.739.8thereof ex US 14.014.014.0thereof TM US26.825.82
69、5.93FCF AL161616.0thereof ex US 3.513.513.5thereof TM US12.812.512.52Adj.EPS1.60n.a.1.601Includes 0.2 bn of cash returns and 0.15 bn cash taxes related to tower transaction.2Calculated by using the DT pre-results Group consensus of 16.3bn and subtracting ex US contribution.3Calculated by using the D
70、T pre-results consensus of US$28,988 bn core adj.EBITDA and subtracting implied consensus bridge of 0.7bn32Outlook 2022/23 as per annual report 2022(1/2)1 bn2022 pro forma2023e2024eRevenue Group113.7Slight increaseSlight IncreaseGermany24.7Slight increaseIncreaseUS(in US$)79.3Slight increaseSlight i
71、ncreaseEurope11.2IncreaseSlight increaseSystems Solutions3.7StableSlight increaseService Revs Group91.6IncreaseIncreaseGermany21.7Slight increaseSlight increaseUS(in US$)61.2IncreaseIncreaseEurope9.3IncreaseSlight increaseSystems Solutions3.6StableSlight increaseAdj.EBITDA AL Group39.3Around 40.8Str
72、ong IncreaseGermany9.910.2IncreaseUS(in US$)27.028.4Strong IncreaseEurope4.04.0IncreaseSystems Solutions0.30.3Increase1See annual report 2022 for additional details33Outlook 2022/23 as per annual report 2022(2/2)1 bn2022 pro forma2023e2024eCash Capex Group20.716.8StableGermany4.4Slight increaseSligh
73、t increaseUS(in US$)14.0Strong decreaseStableEurope1.8StableStableSystems Solutions0.2StableStableFCF AL Group11.216Strong increaseAdj.EPS1.831.60Strong increaseNet debt/adj.EBITDA3.07x2.75x2.75x1See annual report 2022 for additional details.Adj.EPS and Net debt/adj.EBITDA as reported34Investor+Anal
74、yst Webcast with Q&A sessionThe conference call will be held on August 10 at 14:00 CEST,13:00 BST,08:00 EDT,05:00 PDT,21:00 JSTDT Participants:Tim Httges(CEO),Christian Illek(CFO),Hannes Wittig(Head of IR)https:/ To ask a question,click the“lift hand”function.If you would like to cancel your questio
75、n,click it again.DE+49 69 791 2290,UK+44 203 630 1290,US+1 331 214 7999Meeting-ID:2732 621 9461To ask a question,press“star 3”.If you would like to cancel your question,press“star 3”again.Dial-in Live webcast Instant replay Available on all devices Detailed time stamps in video description for slides+Q&A:35Investor Relations Contact detailsFurther questions please contact the IR departmentPhone+49 228 181 8 88 details for all IR representatives:Follow us on DT_IR YouTube ChannelIR WebpageIR Twitter A