Necessary market consolidation accelerates Dusseldorf, February 28, 2009 – the capital market financing conditions have worsened significantly in recent months also for the telecommunications industry. \”This judgment was Uwe Burkert of the Landesbank Baden-Wurttemberg, the specializes in the Euroforum annual Conference telecom trends\” on the impact of the financial crisis for the credit rating of the company expressed in Dusseldorf. The short-term commercial paper market was limited as an alternative source of funding and new issues of corporate bonds have been stalled. \”The financing options of the company are our opinion currently exclusively by the motto of cash is King’ driven ‘, as Barbour. The uncertainty in the markets should determine with the financing prospects for the company according to the Bank Manager also in the next few months, what will increase the funding for the company due to the significantly higher spreads for corporate bonds. At this point, companies with a medium-sized entrepreneurial culture, who heavily rely on equity capital, are clearly at an advantage. You can now play out their strengths.

A still very competitive rates are available for companies, on the other hand, the financing issues block not the management\”industry insider explains Andreas Lady, Germany Chief of the TK group Aastra. His company continuously have a positive Cash Flow for more than ten years. Despite large acquisitions, we can concentrate fully on the operative business and at the same time take advantage of the opportunities, resulting in the current situation\”, says Lady. According to market analysis of the consulting firm Booz & co. will the recession be a catalyst for the necessary consolidation and structural adjustment of the industry. Only by acquisitions, mergers and collaborations, economies of scale still can be achieved for the network operators. At the same time allow new network operating models such as outsourcing, Booz & co. performs network sharing or the integration of fixed and mobile network operation significant cost reductions\”.