#1TELEKOM AUSTRIA GROUP Telekom Austria Group Bond Investor Presentation March, 2012#2Disclaimer IMPORTANT NOTICE This information is neither an offer nor a solicitation for an offer to purchase notes (the "Notes") of Telekom Austria AG and/or Telekom Finanzmanagement GmbH (each an "Issuer"). Offers of Notes (each an "Offer") is solely made on the basis of a base prospectus dated 23 March 2012 as amended by any Supplements thereto (if any) and including the Documents Incorporated by Reference and the relevant Final Terms as defined in the prospectus (the "Prospectus") which has been approved by the der Commission de Surveillance du Secteur Financier (CSSF) of the Grand Dutchy of Luxembourg and is published on the website of the Luxembourg Stock Exchange (www.bourse.lu) and a copy of which may be obtained by Investors at the registered office of the Issuer at A-1020 Vienna, Lassallestraße 9 free of charge. Only the information contained in the Prospectus is binding in connection with any Offer. This document may not be disseminated in the United States, Australia, Canada, Japan or any other jurisdiction where the dissemination or publication of this document would be unlawful. The Notes will neither be registered under the US Securities Act of 1933 nor with any authority of any U.S. State nor in accordance with any applicable securities laws in Australia, Canada or Japan and may not be offered or sold in the United States or for the account of U.S. persons or any other persons domiciled in Australia, Canada, Japan or the United States. No public offer of Notes will be made in the United States, Australia, Canada and Japan. This document serves as additional information for our investors and is based on the knowledge available to the persons preparing it as of the time of print. Our statements are of general nature and do not take into account the individual needs of investors in respect of yield, tax situation or risk tolerance and ability to bear risk. Past performance is not a reliable indicator of the future performance. RISK WARNING Please note that an investment in Notes also entails risks alongside the opportunities. The capital repayment by the Issuer is only at maturity. As price fluctuations are possible during the term of the Notes a sale of Notes may lead to losses. In case of insolvency or liquidation of the Issuer payments of interest and/or capital may be considerably lower; in these cases also a total loss of the funds invested is possible. Past performance of company indicators is not a reliable indicator of the future performance company indicators. Investors should seek professional personal investment advice and consider the risks described in the Prospectus before making any investment decision. Costs, expenses and fees in connection with the acquisition, maintaining or disposal of the Notes will reduce the yield of the Notes. 2#3Agenda Group Overview Financial Overview > Focus Points > Financial Policy > Appendix 3#4Group Overview 4#5Telekom Austria Group Is a Leading Telco Provider in Fixed and Mobile Market as of Full Year 2011 A1 > Mobile market share: 41.0% > Access lines: 2.3 mn Belarus FL Austria > Mobile market share: 16.5% Liechtenstein Slovenia simobil Povej nekaj lepega > Mobile market share: 29.7% Croatia Serbia Kosovo Macedonia Bulgaria vip > Mobile market share: 39.2% > Access lines: 143,700 velcom > Mobile market share: 41.1% vip > Mobile market share: 15.7% tel Мо > Mobile market share: 48.6% > Access lines: 128,800 vip > Mobile market share: 24.9% LO 5#6Operational Excellence and Three Strategic Pillars Meet Future Challenges 1. Market consolidation Strong potential for value creation through market repair > Strengthening of market positions Strategy Telekom Austria Group 2. Convergence > Continuation of integration in Austria will realize planned synergies > Implementation of convergence in CEE subject to maturity of market 3. Value enhancing growth opportunities Realization of growth opportunities within current geographic footprint Based on clear and predefined valuation. criteria Operational Excellence 6#7Financial Overview 7#8Full Year 2011 Results in Line with Guidance* Guidance Reported Hyperinflation and FX in Belarus Excluding Hyperinflation and FX in Belarus Revenues approx. EUR 4.50 bn EUR 4.45 bn EUR 213.6 mn EUR 4.67 bn EBITDA comparable up to EUR 1.55 bn EUR 1.53 bn EUR 90.0 mn EUR 1.62 bn CAPEX EUR 0.75 bn - EUR 0.80 bn EUR 0.74 bn EUR -9.6 mn** EUR 0.73 bn Operating Free Cash Flow*** up to EUR 0.79 bn EUR 0.80 bn EUR 99.6 mn EUR 0.89 bn * On a constant currency basis for all markets as well as before any effects of inflation accounting for the Belarusian segment ** Effect from hyperinflation adjustment only *** Operating Free Cash Flow = EBITDA comparable - CAPEX 8#9Convergence and Contributions from Additional Markets Mitigate Revenue Pressure In EUR mn 4.651 4.2% + 0.5% clean* Austria FY 2011: EUR 2,942.1 mn; -4.0% yoy -122 Bulgaria FY 2011: EUR 527.6 mn; -6.5% yoy Croatia FY 2011: EUR 420.7 mn; -6.9% yoy -37 -31 Additional Markets FY 2011: EUR 396.mn; +23.5% yoy Belarus FY 2011: EUR 260.9 mn; -24.1% yoy.... 18 -83 38 19 4.455 FY 2010 Austria Bulgaria Croatia Belarus Slovenia Republic of Republic of Liechtenstein Eliminations Corporates, Serbia Macedonia Eliminatios, Others FY 2011 * Without effects of hyperinflation Belarus 9#10Favorable EBITDA Comparable Trends Despite Macro-Economic and Foreign Exchange Setbacks In EUR mn - 7.2% - 1.6% clean* 1.646 Austria FY 2011: EUR 972.6 mn; -5.8% yoy... -60 Additional Markets FY 2011: EUR 90.4 mn; +120.0% yoy Bulgaria FY 2011. EUR 261.9 mn; -12.3% yoy Croatia FY 2011: EUR 134.5 mn; -10.6% yoy -37 FY 2010 Austria -16 Belarus FY 2011: EUR 106.6 mn; -31.5% yoy -49 32 -6 12 1.527 Bulgaria Croatia Belarus Slovenia Republic of Serbia Republic of Liechtenstein Eliminations Corporates, Macedonia Eliminatios, Others FY 2011 * Without effects of hyperinflation Belarus 10#11Stable Group EBITDA Margin Despite Competition, FX-Adjustments in Belarus and Regulation (in EUR mn) Revenues FY 2011 FY 2010 % change 4.454,6 4.650,8 -4,2% EBITDA comparable* EBITDA comparable margin* 1.527,3 1.645,9 -7,2% 34,3% 35,4% Restructuring Impairment and reversam of impairment -233,7 -124,1 -248,9 -18,3 88,4% n.a. EBITDA (incl. Effects from Restructuring and Impairment tests) EBITDA (incl. Effects from Restructuring and Impairment tests) margin 1.044,7 1.503,5 -30,5% 23,5% 32,3% Depreciation & Amortization -1.052,4 -1.065,6 -1,2% Operating income Financial result -7,6 437,9 -101,7% -246,8 -196,3 25,8% Income before income taxes -254,5 241,6 -205,3% Income tax expense 1,7 -46,5 n.a Net income / Net loss -252,8 195,2 -229,5% > On a clean basis revenues increased by 0,5% and EBITDA comparable decreased by 1,6% Margins profit from cost savings in all operations > Restructuring for civil servants amounts to EUR 233.7 mn in 1-12 M 2011 > Impairment consists of goodwill impairment in Belarus, brand name impairment in Bulgaria and reversal of impairment of Serbian license > Financial result increased due to devaluation of the Belarusian ruble Income taxes turned to an income tax benefit mainly as a result if write- downs of investments * Excluding effects from restructuring and impairment tests 11#12Free Cash Flow Driven by FX-Adjustments and Lower CAPEX in EUR mn Gross cash flow FY 2011 FY 2010 % change 1,339.6 1,478.6 -9.4% Change in working capital -126.4 -81.0 56.0% Ordinary capital expenditures -739.0 -763.6 -3.2% Proceeds from sale of equipment 4.9 11.0 -55.5% Free cash flow FY 2011 479.2 645.0 -25.7% > Gross cash flow follows lower operating results > Rise in working capital due to > Decline in accounts payable due to a reduction of CAPEX at the end of Q4 2011 Higher levels of inventories driven by a trend towards smartphones > CAPEX reductions help mitigate decline of free cash flow (thereof EUR 9.6 mn from appreciation of assets due to hyperinflation) 12#13Telekom Austria Group - Net Debt Net debt (in EUR million) Long-term debt Dec. 31, 2011 Dec. 31, 2010 % change 2,960.4 3,146.4 -5.9% Short-term borrowings 1,052.4 522.6 101.4% Cash and cash equivalents, short-term and long term investments, finance lease receivables -657.7 -355.0 85.3% Derivate financial instruments for hedging purposes 25.2 -8.9 n.a. Net Debt of Telekom Austria Group 3,380.3 3,305.2 2.3% EBITDA comparable (last 12 months) 1,527.3 1,645.9 -7.2% Net Debt/ EBITDA comparable (last 12 months) 2.2x 2.0x n.a. 13#14Focus Points 14#15Announced Acquisition of Orange Austria Assets in Line With Group Strategy Frequencies Base stations YESSS! A total of 2 x 13.2 MHz of paired frequencies Up to 634 base stations 100% of the mobile phone operator YESSS! Purchase price maximum EUR 390 mn ONE Intellectual property rights on the brand "ONE" Approval process > Acquisition of Orange Austria by Hutchison 3G Austria conditional to approval of European Union Competition Authority and Austria Regulatory Authority > Acquisition of YESSS!, frequencies and base stations are conditional to the approval of the Austrian Competition Authority and the Austrian Regulatory Authority respectively > Decisions are expected by mid 2012 15#16New Ambition Program - Operating Free Cash Flow* Target Achieved Through Operational Excellence New Ambition Program (NAP) > Expanding on existing strategy, targeting operating free cash flow stabilization Addresses revenues, OPEX and CAPEX > Measures are to be implemented in 2012 and 2013 > Part of the business plan and the management targets * The program has a recurring impact on future cash flows and will be fully effective as of 2013 Operating Free Cash Flow = EBITDA comparable - CAPEX 16#17NAP Closes OpFCF* Gap of Approx. EUR 130 mn Between Guidance and Consensus New guidance 2012: approx. EUR 750 mn EUR 760 mn EUR 788.4 mn EUR 710 mn 2011 reported 2012 2013 Consensus** New Ambition Program effect Capital Market Day 2010: approx. EUR 800 mn per annum * New Ambition Program ensures operating Free Cash Flows of at least EUR 800 mn per annum until 2013 Operating Free Cash Flow = EBITDA comparable - CAPEX (excluding investments for licenses and spectrum acquisitions) ** Consensus as of 23.02.2012 17#18Telekom Austria Group Outlook for Full Year 2012* On a constant currency basis for all markets as well as before any effects of potential inflation accounting for the Belarusian segment Revenues EBITDA comparable CAPEX approx. EUR 4.4 bn approx. EUR 1.5 bn approx. EUR 0.75 bn Operating Free Cash Flow** approx. EUR 0.75 bn * Effects of a potential acquisition of YESSS!, base stations and spectrum are not included ** Operating Free Cash Flow = EBITDA comparable CAPEX (excluding investments for licenses and spectrum acquisitions) 18#19Financing Policy 19#20Telekom Austria Has a Conservative Financial Policy Financial Targets > Commitment to a solid investment grade rating > Diversification of debt > Access to international capital markets > Access to various financing instruments (debt) (bonds, credits, asset backed securities, commercial papers, promissory notes) > Leverage: > Net debt/EBITDA comparable ~ 2.0x ~ 2.5x - Liquidity Targets > Extension of maturity profile > Operating free cash flow is the primary focus of management > Prudent liquidity reserve in relation to gross debt > Broadening investor base > Established issuer in the corporate bond market with the potential to tap the market for larger projects EMTN Program of EUR 2.5 bn enhances financial flexibility 20 20#21Conservative Financial Portfolio Combined with Significant Finacial Flexibility Balanced Debt Maturity Profile (in EUR million) 1,052* 969** Solid Credit Ratings > S&P: BBB (stable outlook) > Moody's: Baa1 (stable outlook) 806 550 253 129 205 47 2012 2013 2014 2015 2016 2017 2018 2019 Significant Financial Flexibility > Highly diversified funding base Undrawn committed lines of credit amounting to EUR 1.0 bn Cash positions of EUR 460.0 mn as of 31 December 2011 > Average cost of debt of approximately 4.5% Balanced Funding Base 7.7% 1.4% 12.0% 27.7% 51.2% Bonds Loans National Banks Loans International Banks Promissory Notes Other * Includes approx. EUR 32.5 mn related to velcom and EUR 5.7 mn to fixed line acquisitions in Bulgaria, which is reported in Other liabilities ** Includes approx. EUR 25.4 mn related to velcom 21 24#22Appendix 22 22#23FY 2011 EBITDA - Restructuring and Impairment Charges EUR -279.0 mn hyperinflation accounting EBITDA comparable FY Effect Restructuring Austria EUR -233.7 mn personnel restructuring Impairment Belarus Impairment Bulgaria for its brand name Reversal Serbia EUR +49.4 mn reversal of impairment for licenses EBITDA (incl. effects from restructuring and EUR -19.3 mn Comment > Net effect from restructuring provision of EUR 274.4 mn and a reduction of restructuring charge via servicekom EUR -40.7 mn > No cash flow impact > EUR 155.8 mn positive net impact on Group V equity* Increased competition > Macro-economic slowdown > Reflects positive outlook for Serbian operations > Fully reverses impairment from 2009 impairment tests) * Net effect of asset appreciation of EUR 434.8 mn and impairment of EUR 279.0 mn 23#2475 Defined Activities Ensure Success of New Ambition Program Revenue Contribution OPEX Contribution 10% Mobile data monetization 10% Outsourcing 10% > Procurement efficiency 30% > Focus on small and 10% > Customer service efficiency medium enterprises 15% > Administration efficiency Customer base optimization > Tariff and product 60% portfolio optimization > Cross- and up-selling > Customer life cycle management Reduction of complexity and process optimization CAPEX Contribution 20% 25% > Product portfolio reduction 80% 30% Optimization of marketing activities > SAC and SRC > Main brand in Austria D -30% of total NAP effects ~55% of total NAP effects > Life cycle management Selective CAPEX reductions > Demand and value driven infrastructure roll-out > Improved vendor terms > Cancelation of inefficient customer projects -15% of total NAP effects#25Telekom Austria Group - Mobile Communication Subscriber Base Mobile Subscribers (in 000) Q4 2011 Q4 2010 % change A1 Austria 5,271 5,105 3.3% Market share 40.0% 41.4% Mtel Bulgaria 5,501 5,249 4.8% Market share 48.6% 49.6% Croatia* 2,018 2,028 -0.5% vip Market share* 39.2% 39.0% Belarus 4,620 4,354 6.1% velcom Market share 41.1% 41.9% Simobil Slovenia 640 619 3.4% Povej nekaj lepega Market share 29.7% 29.2% vip Republic of Serbia 1,643 1,360 20.8% Market share 15.7% 13.7% vip Republic of Macedonia 567 442 28.1% Market share 24.9% 19.9% Liechtenstein 6 6 -3.5% FL Market share 16.5% 20.2% *Adjusted mobile subscriber number starting from Q1 2010 due to new calculation method 25#26Segment Austria - Fixed Line Key Performance Indicators ARPL & ARPL Relevant Revenues Total Fixed Access Lines & Net Adds (in EUR) (in 000) 2,322 2,323 2,327 2,336 34.0 32.5 32.2 31.8 32.5 235.2 226.2 224.5 2,315 11.9 226.8 221.6 9.6 3.2 7.3 1.2 T Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 ARPL ARPL relevant revenues Fixed Broadband Access Lines Q4 11 Net Adds Total fixed access lines Fixed Broadband Net Adds incl. Wholesale (in 000) (in 000) 1,116 1,155 1,172 1,204 1,231 41.6 38.7 31.1 26.5 16.0 278 277 276 272 272 46 45 44 43 43 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Fixed retail broadband lines Fixed wholesale broadband lines Unbundled lines 26#27Segment Austria Indicators - Mobile Key Performance ARPU & ARPU Relevant Revenues (in EUR) MoU per Subscriber (in min) 21.6 159.7 20.1 20.5 20.0 19.2 152.0 152.7 149.5 146.4 326.3 317.4 300.9 309.9 311.9 T Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 ARPU ARPU relevant revenues Mobile Broadband Customers (in 000) 744.9 721.4 702.3 687.5 653.7 Mobile Penetration (in %) 156.6% 153.5% 150.9% 149.0% 146.7% T T Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 27#28Segment Austria - Broadband Market Split Market Share Broadband Lines (in %) Market Share Voice Minutes (in %) 28.2% Mobile Broadband other operators 29.5% 7.0% Unbundled lines 6.1% 80.4% 15.4% Mobile Cable 14.5% 83.0% A1 17.8% Mobile broadband 18.4% 1.2% A1 fixed wholesale 1.1% A1 Other fixed 30.4% fixed retail 30.4% 7.3% 12.3% line 6.4% A1 fixed line 10.6% Q4 10 Q4 11 Q4 10 Q4 11 28#29Segment Bulgaria Mobile Key Performance Indicators ARPU (in EUR) - MoU per Subscriber (in min) 8.7 T Q4 10 7.6 7.3 7.0 7.0 Q1 11 111.8 T Q2 11 Q3 11 Q4 11 Q4 10 Mobile Broadband Customers (in 000) 177.6 192.0 161.6 141.8 126.2 T 104.2 104.1 98.6 97.5 Q1 11 T Q2 11 Q3 11 Q4 11 Mobile Penetration (in %) 151.4% 145.9% 142.6% 143.2% 140.8% Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 29#30Segment Croatia - Mobile Key Performance Indicators ARPU* (in EUR) MoU per Subscriber* (in min) 14.0 13.4 13.4 12.5 97.1 96.5 92.6 89.8 88.8 12.4 T T Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Mobile Broadband Customers* (in 000) Mobile Penetration* (in %) 192.9 165.1 170.6 144.8 147.8 119.1% 118.0% 116.8% T I Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 T Q4 11 127.0% 119.9% T Q1 11 Q2 11 Q3 11 Q4 11 * Due to a new definition on prepaid subscribers, the counting method of active prepaid SIM cards was changed from a 15-month rolling average to a 90 day active methodology. Following this implementation historic KPI's have been restated as of Q1 2010. As of Q4 2011 calculation method of fixed access lines has been harmonized to Group standards and have been restated as of Q3 2011. 30#31Segment Belarus - Mobile Key Performance Indicators ARPU (in EUR) MoU per Subscriber (in min) 6.2 6.1 4.9 176.3 3.5 3.5 168.6 186.0 183.4 179.8 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Mobile Broadband Customers Mobile Penetration (in 000) (in %) 453.1 349.6 275.4 197.5 143.5 118.8% 115.4% 116.0% 113.5% 109.6% Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 31#32Segment Additional Markets - Mobile Key Performance Indicators Slovenia - ARPU (in EUR) Slovenia MoU per Subscriber (in min) - 22.7 21.4 20.4 20.4 168.7 163.9 165.1 19.1 155.4 178.3 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Serbia ARPU (in EUR) - 6.5 6.5 7.4 7.3 7.3 Macedonia - ARPU (in EUR) 8.3 7.6 7.4 6.9 6.6 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 Q4 10 Q1 11 Q2 11 Q3 11 Q4 11 32 2#33Appendix Personnel Restructuring in Austria 33 33#342011 Restructuring Program Targets Achieved - New Initiatives for 2012 Target as of 23 February 2011 > approx. 700 FTE 75%-85% to Social Plans Reported as of 31 December 2011 15% -25% Transfer to Government > Up to EUR 250.0 mn Restructuring Charge > 791 FTE ✓ > Social plans: 685 FTE (87%) Transfer to the government: 106 FTE (13%) EUR 233.7 mn EUR 237.2 mn for social plans EUR 37.2 mn for transfer to government > EUR -40.7 mn via servicekom New initiatives for 2012 > Approx. 120 FTE predominantly via transfer to government up to EUR 50 mn of restructuring charge 34 44#35Overview - Restructuring Charges and Provision vs. FTE Overview Restructuring Charges (in EUR million) FTEs Addressed 2011 2011 2009 2010 Q1 Q2 Q3 Q4 FY 2009 2010 Q1 Q2 Q3 Q4 FY Transfer to government 0 158 24 46 10 26 106 FTE Effect -10.0 76.9 184.1 34.6 6.1 8.9 233.7 Social plans 451 28 514 63 10 98 685 Interest rate adjustments Total 27.5 47.2 0.0 17.5 124.1 184.1 34.6 0.0 0.0 0.0 0.0 Staff released 6.1 8.9* 233.7 from work -194 27 0 0 0 0 0 Total 257 213 538 109 20 124 791 Overview Restructuring Provision (in EUR million) Provisioned FTEs 890.3 907.4 897.6 888.8 2009 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Transfer to 721.9 617.4 623.0 government 0 158 182 228 238 264 Social plans 273 299 781 820 826 922 Staff released from work Total 789 763 724 694 671 649 1,062 1,220 1,687 1,742 1,735 1,835 2008 2009 2010** Q1 11** Q2 11** Q3 11** Q4 11** ** * Net effect of EUR 49.6 mn restructuring provision and EUR 40.7 mn reduction of restructuring charge via servicekom Including liabilities for transfer of civil servants to government bodies 35#36Overview - Cash Flow Impact of Restructuring Overview Cash Flow Impact (in EUR million) Total cash flow impact 2008 14.7 2009 62.0 2010 57.9 Q1 2011 21.5 Q2 2011 22.9 Q3 2011 21.8 Q4 2011 22.8 > Total cash flow impact comprises old as well as new programs > Total cash flow impact for 2011 of EUR 89.0 mn 36#37Restructuring - Explanatory Information > The following factors have to be taken in account when comparing "FTEs Addressed" to "Provisioned FTES": > FTEs of social plans may include receivers of one-time payments such as golden handshakes and can fluctuate due to retirement Number of staff released from work may fluctuate due to permanent reactivation, acceptance of social plans, transfer to government or retirement > In 2009, the following effects were noticeable: > "FTE Effect" of EUR -10.0 mn as income from a reduction of staff released from work outweighed expense for number of new social plans > This was overcompensated by interest rate adjustments and resulted in a total restructuring charge of EUR 17.5 mn > Social plans included a significant number of FTEs accepting one-time payments > Previously communicated FTE numbers for 2008 and 2009 were adapted to a unified accounting view 37#38Appendix - Hyperinflation Accounting 38#39Impact on Telekom Austria Group Cash Flow and P&L Group Cash Flow > Cash flow will reflect inflated items of Belarus > Monetary Gain/Loss resulting from hyperinflation accounting will be eliminated as non-cash item in gross cash flow and will be allocated to monetary items, such as accounts receivables/ payables, in working capital > CAPEX will include inflationary adjustments, as shown in segment assets. > Inflation effect of cash will be shown as a separate line > Cash flow from financing activities will not be affected as all financing is managed via a special financing company on a Group level and not by the Belarusian entity Group P&L > Reflects inflation adjustment as stated in segment P&L > For conversion to EUR the period-end FX-rate will be applied > Financial results includes the net monetary gain/loss of the period > Deferred taxes are recalculated with adjusted IFRS book values and will lead to an adjustment of taxes 39#40Belarus: Impact of Hyperinflation Accounting and Foreign Exchange Translations in Full Year 2011 Belarus Profit and Loss Statement for Full Year 2011 (in EUR million) Revenues Other operating income Operating expenses Impairment Depreciation and amortization Financial result Income taxes Net income Excluding Hyperinflation and FX in Belarus Hyperinflation and FX Effects in Belarus Impairment Reported 474.5 -213.6 0.0 260.9 9.6 -4.3 0.0 5.3 -287.4 127.9 0.0 -159.5 0.0 0.0 -279.0 -279.0 -81.7 -1.1 0.0 -82.8 -68.1 61.3 0.0 -6.8 19.7 -17.1 0.0 2.6 66.7 -47.0 -279.0 -259.3 Belarus Balance Sheet as of 31.12.2011 (in EUR million) Excluding Hyperinflation Hyperinflation Impairment Goodwill 97.5 181.5 Current and other non-current assets 256.3 308.8 Current and non-current liabilities Stockholders' Equity -100.4 -55.6 -279.0 0.0 0.0 253.4 434.8 -279.0 Reported 0 565.2 -156.0 409.2 40 40