Net added value increased slightly year over year from 31.6 billion euros to 32 billion euros. This year-on-year increase in net added value is primarily the result of increased payments to lenders, which can primarily be attributed to a reduction in new medium and long-term debt. Please refer to the section on "Financial position of Deutsche Telekom AG" in our current annual report for more information on cash flow from financing activities and details on financial liabilities.
In contrast to the statement of income, the net value added only takes account of real payment flows. That means that deferred tax expenses and the accrual of provisions do not impact the net value added of the reporting period. Although these costs are deducted from net profit in the statement of income, they are not linked to any current payments to stakeholder groups, as is the case with net value added. Outpayments in this respect are scheduled for the future and will only be accounted for in net value added in future years.Reporting against standards
With this KPIG4-EC1 (Direct economic value generated and distributed) GRI indicator., we fully cover the