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Storm on Germany‘s
Telecoms-Market
„M&A to the Power of 2“

DSP-Partners I Darmstadt I November 2013

© DSP-Partners 2013
Remarks

This analysis is focused on the three large players Deutsche Telekom, Vodafone/Kabel
Deutschland and Telefonica D...
Largest Players on the German Telecoms Market
Deutsche
Telekom

Vodafone +
Kabel Deutschland

Approval from EU Commission ...
Additionally, further consolidation on the Cable-Market
Tele Columbus +
primacom

Tele Columbus confirms plan
to acquire P...
Total Turnover Telecoms Germany 2012 in EUR bn
40%
23

20%
11,5

% Market Share
of German
Telecoms Market

15%
8,6

Source...
Number of Employees Germany 2012

67,000 Employees

15,000 Employees

10,000 Employees

Source: Annual Reports

6
Turnover per Employee Germany 2012 in EUR 1,000

860 K EUR/Employee

767 K EUR/Employee

343 K EUR/Employee

Source: Annua...
EBITDA-Margin Germany 2012 in % of Revenues

47%

40%

38%
 30%
35%

 37%

25%

Source: Annual Reports; Vodafone, Kabel ...
Product Categories Germany per Provider

Fixed line
& Internet







TV





()
No Live-TV
only VoD

Mobile
Source:...
Over-the-TopServices

Product Structure Telecommunication Germany
SmartphoneApps

Internet Services
OnlineeMail
Mobile
Sto...
Maximum Broadband Speed Fixed Line Internet

100 Mbit

Technology: DSL & Cable
100 Mbit via Kabel Deutschland
VDSL on own ...
Number of Broadband-Internet Customers Germany
Q2/2013
12,4 mil

5,0 mil

3,4 mil

2,4 mil

2,3 mil

1,0 mil1
1 Estimated:...
Number of new DSL & Cable Customers Germany
Q4/2011 to Q2/2013 in 1,000
165

104

460

-356

-293

Source: Bundesnetzagent...
Fixed Line Products Germany





IP





ISDN





HD



PSTN-Telephony

Voice over iP

ISDN

HD-Voice
Source: DSP-...
Number of TV Customers Germany Q2/2013
8,7 Mio.

6,6 Mio.

3,1 Mio.1

2,0 Mio.

0,08 Mio.
Vermarktung wurde
eingestellt, k...
TV Products Germany

Linear TV

Digital VCR
Digital TV-Magazine
Pay TV
Video on Demand

Mobile TV
TV App for Tablets
Sourc...
Number of Mobile Customers Germany Q2/2013
43.8 mil

37.5 mil

32.2 mil

Source: Bundesnetzagentur, DSP-Partners Market Mo...
Number of new Mobile Customers Germany
Q4/2011 to Q2/2013 in 1,000
2.740

1.709

1.031

2.089

-5.383
Vodafone repeatedly ...
ARPU per Customer & Month Germany Q2/2013 in EUR

16,5

15

13,6

11

ARPU: Average Revenue per User
Source: Annual Report...
Mobile Products Germany

LTE

LTE





()

8 regions under development



WiFi Hotspots



()
Via Cooperation

HD Vo...
LTE Network Coverage Germany
Deutsche Telekom

Vodafone/
Kabel Deutschland

Telefonica/ePlus

LTE available in 8 so-called...
Selected Internet-Services Germany

Smartphone-Apps

Online Storage

Mobile Payment

Music Download

DL

Music Streaming

...
Cooperations Germany
Deutsche Telekom

Vodafone/
Kabel Deutschland

Source: DSP-Partners Analysis; main cooperations, excl...
Number of Apps per Company Germany 8/2013
128

65

32

Source: DSP-Partners App Database

24
Share of Android Apps in Product Portfolio Germany
60%

57%

50%

47%

44%

Source: DSP-Partners App-Database, 8/2013

25
Alexa Website-Ranking Germany 10/2013
T-Online.de
Telekom.de

13
93

Vodafone.de
Arcor.de

134
137

O2-Online.de

138

Kab...
Market Leadership per Segment in Germany
Total
Turnover

23 EUR bn

Internet
Customers

12.4 mil

TV
Customers

8.7 mil

M...
Ranking by number of Customers Germany per Q2/2013
Rank

Fixed Line
& Internet

TV

Mobile

1

2

3
Source: Bundesnetzagen...
Contact
Stefan Behrendt
Founder I Managing Partner
DSP-Partners
stefan.behrendt@dsp-partners.com
www.dsp-partners.com
www....
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M&A on the German Telco Market - Status autumn 2013

English version
The German telecommunication market is experiencing strong consolidation in 2013. The acquisition of Kabel Deutschland by Vodafone was just finalized. Still pending is the planned merger between O2 I Telefonica Germany and ePlus, the KPN subsidiary.

When both Mergers go through, the German telecommunications landscape will look different
- by revenue, Telekom Deutschland will still lead the market
- Vodafone will gain the number two position in fixed line broadband, behind Deutsche Telekom
- in the TV-business, Vodafone will become the number one player
- in Mobile, O2 I ePlus will lead the market with Telekom Deutschland occupying the second place

-> Learn more about the German Telecoms-Market at: http://bit.ly/DSP-Telecoms

Deutsche Version
Der deutsche Telekom-Markt erlebt im Jahr 2013 eine deutliche Konsolidierung. Die Übernahme von Kabel Deutschland durch Vodafone wurde gerade abgeschlossen, der Merger von Telefonica Deutschland und ePlus wartet noch auf die Freigabe durch die EU-Kommission.

Wenn beide Zusammenschlüsse durchgeführt sind, wird die Wettbewerbslandschaft deutlich verändert sein
- Nach Umsatz wird die Deutsche Telekom weiterhin Marktführer sein
- Im Festnetzbereich wird sich Vodafone auf Platz 2 vorschieben
- Im TV-Geschäft wird Vodafone die Marktführerschaft übernehmen
- Im Mobilfunk wird Telefonica/ePlus den bisherigen Marktführer Deutsche Telekom ablösen

-> Mehr zum deutschen Mobilfunkmarkt unter: http://bit.ly/DSP-Telecoms

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M&A on the German Telco Market - Status autumn 2013

  1. 1. Storm on Germany‘s Telecoms-Market „M&A to the Power of 2“ DSP-Partners I Darmstadt I November 2013 © DSP-Partners 2013
  2. 2. Remarks This analysis is focused on the three large players Deutsche Telekom, Vodafone/Kabel Deutschland and Telefonica D O2/ePlus. The ranking of fixed-line internet customers and TV-customers additionally contains Unity Media/Kabel BadenWuerttemberg and Tele Columbus/Primacom. The league table for broadband-internet additionally contains 1&1. The overall league-table by number of TV-customers also contains (among the three largest players) Unity Media/Kabel BW and Tele Columbus/Primacom. Figures for Deutsche Telekom refer to Telekom Deutschland GmbH, for Vodafone to Vodafone GmbH (Germany) and Telefonica to Telefonica Deutschland Holding AG (Germany) which operates its German consumer business unter the O2-brand. 2
  3. 3. Largest Players on the German Telecoms Market Deutsche Telekom Vodafone + Kabel Deutschland Approval from EU Commission  Acquisition KDG shares  Acquisition Source: Handelsblatt, Reuters - as of 21.10.2013  Telefonica + ePlus Approval from KPN shareholders  Acquisition pending 3
  4. 4. Additionally, further consolidation on the Cable-Market Tele Columbus + primacom Tele Columbus confirms plan to acquire Primacom Acquisition confirmed 17.11.2013 Quelle: www.focus.de/finanzen/news/unsere-kriegskasse-ist-gut-gefuellt-kabelanbieter-tele-columbus-will-primacom-uebernehmen_aid_1160033.html 4
  5. 5. Total Turnover Telecoms Germany 2012 in EUR bn 40% 23 20% 11,5 % Market Share of German Telecoms Market 15% 8,6 Source: Bundesnetzagentur, Annual Reports; Vodafone, Kabel Deutschland FY 2012/2013 5
  6. 6. Number of Employees Germany 2012 67,000 Employees 15,000 Employees 10,000 Employees Source: Annual Reports 6
  7. 7. Turnover per Employee Germany 2012 in EUR 1,000 860 K EUR/Employee 767 K EUR/Employee 343 K EUR/Employee Source: Annual Reports; Vodafone, Kabel Deutschland FY 2012/2013 7
  8. 8. EBITDA-Margin Germany 2012 in % of Revenues 47% 40% 38%  30% 35%  37% 25% Source: Annual Reports; Vodafone, Kabel Deutschland FY 2012/2013; Telefonica: OIBDA 8
  9. 9. Product Categories Germany per Provider Fixed line & Internet    TV   () No Live-TV only VoD Mobile Source: DSP-Partners Analysis    9
  10. 10. Over-the-TopServices Product Structure Telecommunication Germany SmartphoneApps Internet Services OnlineeMail Mobile Storage Payment Music Download/ Streaming Services tied to access-line TV IPTV Cable TV Telephony PSTN Telephony Network / Connection Mobile TV ISDN HD Voice Voice-over IP Multi-SIM Mobile Network Fixed Line Internet Cable DSL Telephony over GSM Fiber Source: DSP-Partners Product Portfolio-Model Telecommunications WiFi LTE UMTS 10
  11. 11. Maximum Broadband Speed Fixed Line Internet 100 Mbit Technology: DSL & Cable 100 Mbit via Kabel Deutschland VDSL on own network up to 50 MBit Technology: prim. DSL 50 Mbit from 2014 onwards: up to 100 Mbit with vectoring-technology based on VDSL Technology: DSL 16Mbit 50 Mbit DSL on own network up to 16Mbit up to 50Mbit VDSL as reseller of Telekom (from 2014 onwards up to 100 Mbit) Source: DSP-Partners Analysis; besides DSL, Deutsche Telekom also offers FTTH, but low customer uptake so far 11
  12. 12. Number of Broadband-Internet Customers Germany Q2/2013 12,4 mil 5,0 mil 3,4 mil 2,4 mil 2,3 mil 1,0 mil1 1 Estimated: Assumption 30% of 3,1 mil. connected Tele Columbus-/Primacom-households also subscribe to broadband-internet Source: Bundesnetzagentur, Company Websites, DSP-Partners Market Model 12
  13. 13. Number of new DSL & Cable Customers Germany Q4/2011 to Q2/2013 in 1,000 165 104 460 -356 -293 Source: Bundesnetzagentur, DSP-Partners Market Model 13
  14. 14. Fixed Line Products Germany   IP   ISDN   HD  PSTN-Telephony Voice over iP ISDN HD-Voice Source: DSP-Partners Analysis  14
  15. 15. Number of TV Customers Germany Q2/2013 8,7 Mio. 6,6 Mio. 3,1 Mio.1 2,0 Mio. 0,08 Mio. Vermarktung wurde eingestellt, kein TV-Produkt für Neukunden 1 Telecolumbus/Primacom: Number of connected households Source: Bundesnetzagentur, Annual Reports, DSP-Partners Market Model 15
  16. 16. TV Products Germany Linear TV Digital VCR Digital TV-Magazine Pay TV Video on Demand Mobile TV TV App for Tablets Source: DSP-Partners Analysis               16
  17. 17. Number of Mobile Customers Germany Q2/2013 43.8 mil 37.5 mil 32.2 mil Source: Bundesnetzagentur, DSP-Partners Market Model; Number of SIM Cards 17
  18. 18. Number of new Mobile Customers Germany Q4/2011 to Q2/2013 in 1,000 2.740 1.709 1.031 2.089 -5.383 Vodafone repeatedly adjusted for inactive prepaid-customers, numbers for these adjustments were not stated publicly Source: Bundesnetzagentur, DSP-Partners Market Model 18
  19. 19. ARPU per Customer & Month Germany Q2/2013 in EUR 16,5 15 13,6 11 ARPU: Average Revenue per User Source: Annual Reports; Value for Germany 19
  20. 20. Mobile Products Germany LTE LTE   () 8 regions under development  WiFi Hotspots  () Via Cooperation HD Voice Second Brand Source: DSP-Partners Analysis HD      20
  21. 21. LTE Network Coverage Germany Deutsche Telekom Vodafone/ Kabel Deutschland Telefonica/ePlus LTE available in 8 so-called „O2 LTE 4G Highspeed Areas“  Berlin  Duesseldorf  Frankfurt  Hamburg  Cologne  Munich  Ruhr Area  Leipzig Source: Company Websites, as of 10/2013 21
  22. 22. Selected Internet-Services Germany Smartphone-Apps Online Storage Mobile Payment Music Download DL Music Streaming ST Source: DSP-Partners Analysis               22
  23. 23. Cooperations Germany Deutsche Telekom Vodafone/ Kabel Deutschland Source: DSP-Partners Analysis; main cooperations, excluding content supply contracts and advertising deals Telefonica/ePlus 23
  24. 24. Number of Apps per Company Germany 8/2013 128 65 32 Source: DSP-Partners App Database 24
  25. 25. Share of Android Apps in Product Portfolio Germany 60% 57% 50% 47% 44% Source: DSP-Partners App-Database, 8/2013 25
  26. 26. Alexa Website-Ranking Germany 10/2013 T-Online.de Telekom.de 13 93 Vodafone.de Arcor.de 134 137 O2-Online.de 138 KabelDeutschland.de 437 Base.de 525 Source: www.alexa.com; T-Online.de and Arcor.de are General Interest Portals 26
  27. 27. Market Leadership per Segment in Germany Total Turnover 23 EUR bn Internet Customers 12.4 mil TV Customers 8.7 mil Mobile Customers 43.8 mil Source: Bundesnetzagentur, Annual Reports 12/2012, DSP-Partners Analysis Customer numbers Q2/2013 27
  28. 28. Ranking by number of Customers Germany per Q2/2013 Rank Fixed Line & Internet TV Mobile 1 2 3 Source: Bundesnetzagentur, Annual Reports, DSP-Partners Analysis 28
  29. 29. Contact Stefan Behrendt Founder I Managing Partner DSP-Partners stefan.behrendt@dsp-partners.com www.dsp-partners.com www.twitter.com/stbe 29

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