Annual Report 2013

The T-Share.

T-Share information.
T 009
    2013 2012
Xetra closing prices      
Share price on the last trading day 12.43 8.60
Year high 12.60 10.04
Year low 8.01 7.71
Trading volume      
German exchanges billions of shares 3.7 3.9
Market capitalization on the last trading day billions of € 55.3 37.2
Weighting of the T-Share in major stock indexes
on the last trading day
DAX 30 % 4.6 3.8
Dow Jones Euro STOXX 50® % 1.2 0.9
T-Share – key figures      
Earnings per share (basic and diluted) 0.21 (1.24)
Proposed dividend 0.50 0.70
Number of shares issued millions, at year-end 4,451.18 4,321.32

Capital markets environment.

The development of the global economy continued to deteriorate overall in 2013. However, trends varied widely. The United States and western and central Europe saw a slight recovery in economic development, whereas the trend in the emerging economies in particular had a dampening effect on the overall picture.

Nevertheless, the stock markets recorded strong growth in 2013. Expansive monetary policies around the world and persistently low interest rates, that continue to make investments in fixed-interest securities seem less attractive, drove strong demand for securities on the stock exchanges.

Development of international indexes.

As in 2012, the DAX climbed substantially over the course of the year. Ultimately it rose by 22 percent, closing the year at 9,522 points. It reached an annual high of 9,589 points on December 27, 2013. The low of 7,460 points was reached on September 14, 2013.

The Dow Jones Euro STOXX 50® also performed well. The index increased by 22 percent year-on-year on a total return basis (share price performance plus reinvested dividend, i.e., similar to the DAX), closing the year at 3,109 points. The year high of 3,111 points was reached on December 27, 2013, the year low of 2,512 points on June 24, 2013.

Japan’s Nikkei recorded a much stronger upwards trend, ending the year at plus 53 percent. Its closing price of 16,291 points as of year-end 2013 also marked the annual high. The low of 10,487 points was recorded on January 23, 2013.

In the United States, the Dow Jones also improved sharply compared with 2012, growing by 24 percent in 2013, compared with just 6 percent in 2012. It ended the year at a closing price of 16,577 points. The index reached its low for the year on August 1, at 13,329 points.

After a rather restrained start in the first half of 2013, the European stock exchanges ended the year with a very positive overall result: across the board, all observed indexes further increased the gains made in 2012.

T-Share performance.

For shareholders in the European telecommunications sector, 2013 was ultimately a good year. The sector index Dow Jones STOXX Telecommunications® increased by 39 percent on a total return basis in 2013, much faster than the DAX or the Dow Jones Euro STOXX 50®. The expectation that the regulatory framework will be focused more strongly on increasing investment and the emerging consolidation in the European telecommunications sector boosted the share price performance.