The increase in net value added from 33.5 billion euros to 40.2 billion euros is mainly due to the higher disbursement for investments in 5G licenses in Germany and spectrum acquisitions in the United States. Investments for the network build-out in the United States and the fiber-optic expansion in Germany remained at the same high level year-on-year. Payments to capital investors increased, in particular due to repayments for lease liabilities. The increase is due to the change in accounting for leases as part of the initial application of the new accounting standard IFRS 16 - Leases. These payments were previously part of the operating cash flow. Payments to employees increased due, among other things, to salary development in the United States, and the inclusion of T-Mobile Netherlands and UPC Austria. This was offset by lower headcounts in Germany.
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 KPI 201-1 (Direct economic value generated and distributed) GRI indicator., we fully cover the GRI