The net added value increased from 34.1 billion euros to 42.8 billion euros is primarily the result of increased payments for investments, in particular in the course of the spectrum auction of FCC licenses in the USA, which was finalized in April 2017, and of continuously high investments for the network expansion in the USA and the fiber-optic network expansion in Germany. The payments to investors also increased as a result of premature and scheduled repayment of bond liabilities for 2017 and the repayment of loans. The payments to employees slightly declined corresponding to the decreasing average headcount of the business year.
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 KPIGRI 201-1 (Direct economic value generated and distributed) GRI indicator., we fully cover the