“The gearing must be calculated using the benchmark of comparable companies. Data correspond to gearings of comparable companies in reports and accounts, as provided for by Bloomberg - historic series for the five years that precede the decision year.”
Maintaining the methodology described above, defined in the 2013 determination, in the light of the benchmark update proposed in point 3.4 and taking into consideration the calculation carried out by Mazars, applicable to the 2016 financial year, a gearing by 42.58% was obtained (vide table 6), the detailed calculation of which may be consulted at Mazars’ report in annex to this DD.
|
Comparable companies |
Average 5-year gearing |
|
BT Group |
40.25% |
|
Deutsche Telekom |
42.10% |
|
Elisa OYJ |
44.88% |
|
Hellenic Telecommunications |
40.62% |
|
KPN NV |
56.88% |
|
Magyar Telekom |
36.28% |
|
NOS SGPS |
50.38% |
|
Orange |
40.87% |
|
Proximus (*) |
26.78% |
|
Swisscom |
42.91% |
|
TDC |
41.39% |
|
Telecom Italia |
51.64% |
|
Telefónica |
50.29% |
|
Telekom Austria |
48.83% |
|
Telenor ASA |
31.03% |
|
TeliaSonera AB |
36.14% |
|
Average |
42.58% |
Source: Mazars Report
(*) former Belgacom
