The decrease in net value added from 40.2 billion euros to 35.5 billion euros is mainly due to significantly higher repayments of financial liabilities in 2020. This resulted from the goal of reducing net debt, which increased as a result of the merger of T-Mobile US and Sprint. Thus, the payments to providers of capital werde reduced. Investments for the network build-out in the United States and the fibre roll-out in Germany remained at the same high level year-on-year. Payments to capital investors increased, in particular due to the merger of T-Mobile US and Sprint in April 2020. 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