Telefónica Deutschland Holding AG: Confident FY21 outlook on back of strong operational and financial FY20 performance

momentum +0.2% y-o-y in FY20 driven by top-line growth and enhanced cost efficiencies despite C-19 drags. – C/S ratio of 14.5% in FY20 (Q4: 18.2%) – achieved network equalisation and delivered LTE coverage obligations while accelerating 5G roll-out. – Confident FY21 outlook – building on growth….