DT Posts $27.2 Billion 2002 Loss

Communications Today, March 11, 2003

Deutsche Telekom AG [NYSE: DT] on Monday reported a 2002 loss of 24.6 billion euros (US$27.2 billion), the largest German corporate loss in history. The gigantic loss was mostly attributed to write-downs and charges of 19.3 billion euros ($21.3 billion) on assets bought at inflated prices during the tech boom. DT reported a loss of 3.5 billion euros ($3.9 billion) for 2001. Revenue for the full year increased to 53.7 billion euros ($59 billion) from 48 billion euros ($53 billion) in 2001.

For the 2002 fourth quarter, DT reported a loss of 100 million euros ($110 million) compared to a loss of 2.5 billion euros ($2.8 billion) a year earlier. Revenue for the quarter rose to 14.5 billion euros ($15.95 billion) from 13.3 billion euros ($14.6 billion) in 2001. In November, DT reported a loss of 24.5 billion euros ($24.6 billion) for the first nine months of 2002, compared to a loss of 1 billion euros ($1.01 billion) for the same period a year ago.

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