DEFINED TERMS

The term "Report" refers to this Report on Form 6-K for the six-month period ended June 30, 2004.

Deutsche Telekom AG is a private stock corporation organized under the laws of the Federal Republic of Germany. As used in this Report, unless the context otherwise requires, the term "Deutsche Telekom" refers to Deutsche Telekom AG and the terms "we," "us", "our", "the Company" and "Group" refer to Deutsche Telekom and, as applicable, Deutsche Telekom and its direct and indirect subsidiaries as a group. Our registered office is at Friedrich-Ebert-Allee 140, 53113 Bonn, Germany, telephone number +49-228-181-0. Our agent for service of process in the United States is Deutsche Telekom, Inc., 101 East 52nd Street, New York, N.Y. 10022.

FORWARD-LOOKING STATEMENTS

This Report contains forward-looking statements that reflect the current views of our management with respect to future events. Forward-looking statements generally are identified by the words "expects," "anticipates," "believes," "intends," "estimates," "aims," "plans," "will," "will continue," "seeks" and similar expressions. Forward-looking statements are based on current plans, estimates and projections, and therefore you should not place too much reliance on them. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update any forward-looking statement in light of new information or future events, although we intend to continue to meet our ongoing disclosure obligations under the U.S. securities laws (such as our obligations to file annual reports on Form 20-F and periodic and other reports on Form 6-K) and under other applicable laws. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and are generally beyond our control. We caution you that a number of important factors could cause actual results or outcomes to differ materially from those expressed in, or implied by, the forward-looking statements. These factors include, among other factors: the development of demand for our telecommunications services, particularly for new, higher value service offerings; competitive forces, including pricing pressures, technological changes and alternative routing developments; regulatory actions and the outcome of disputes in which the company is involved or may become involved; the pace and cost of the rollout of new services, such as UMTS, which may be affected by the ability of suppliers to deliver equipment and other circumstances beyond our control; public concerns over health risks putatively associated with wireless frequency transmissions; risks associated with integrating our acquisitions; the development of asset values in Germany and elsewhere, the progress of our debt reduction program, including its degree of success in achieving desired levels of liquidity improvement and proceeds from disposals; the development of our cost control initiatives, including in the area of personnel reduction; risks and uncertainties relating to benefits anticipated from our international expansion, particularly in the United States; the progress of our domestic and international investments, joint ventures and alliances; our ability to gain or retain market share in the face of competition; our ability to secure and retain the licenses needed to offer our services; the effects of price reduction measures and our customer acquisition and retention initiatives; the availability, term and deployment of capital, particularly in view of our debt refinancing needs, actions of the rating agencies and the impact of regulatory and competitive developments on our capital outlays; and changes in currency exchange rates and interest rates. If these or other risks and uncertainties (including those described in "Forward-Looking Statements," "Item 3. Key Information — Risk Factors" and "Item 5. Operating and Financial Review and Prospects — Factors Affecting Our Business" contained in our most recent Annual Report on Form 20-F for the year ended December 31, 2003 filed with the U.S. Securities and Exchange Commission) materialize, or if the assumptions underlying any of these statements prove incorrect, our actual results may be materially different from those expressed or implied by such statements.

ii

DEUTSCHE TELEKOM AG

INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

				Page
Report of Registered Public Accounting Firms as of December 31, 2003 and 2002 and for the three years ended December 31, 2003					F-2
Consolidated Statements of Operations for the three years ended December 31, 2003					F-3
Consolidated Balance Sheets as of December 31, 2003 and 2002					F-4
Consolidated Statements of Cash Flows for the three years ended December 31, 2003					F-5
Consolidated Statements of Shareholders' Equity for the three years ended December 31, 2003					F-6
Statement of Segment Reporting (Restated) as of December 31, 2003 and 2002 and for the three years ended December 31, 2003					F-7
Notes to the Consolidated Financial Statements					F-8
Schedule of Consolidated Noncurrent Assets as of December 31, 2003					F-8

F-1

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRMS

To the Board of Management and Shareholders of Deutsche Telekom AG

We have audited the accompanying consolidated balance sheets of Deutsche Telekom AG as of December 31, 2003 and 2002, and the related consolidated statements of operations, shareholders' equity, cash flows, and segment reporting for each of the three years in the period ended December 31, 2003. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Deutsche Telekom AG at December 31, 2003 and 2002, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2003 in conformity with accounting principles generally accepted in Germany.

As discussed in the Summary of Accounting Policies note to the financial statements, the Company changed its basis of presentation of the statement of operations in 2003.

Accounting principles generally accepted in Germany vary in certain significant respects from accounting principles generally accepted in the United States of America. Information relating to the nature of such differences is presented in Notes 41 through 44 to the consolidated financial statements.

March 11, 2004,
except for Note 36 as to which the date is August 9, 2004.

Ernst & Young
Deutsche Allgemeine Treuhand AG
Wirtschaftspruefungsgesellschaft
Stuttgart

(Prof. Dr. Pfitzer)				(Hollweg)
Wirtschaftspruefer				Wirtschaftspruefer
PwC Deutsche Revision Aktiengesellschaft Wirtschaftspruefungsgesellschaft Frankfurt am Main
(Frings)				(Laue)
Wirtschaftspruefer				Wirtschaftspruefer

F-2

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CONSOLIDATED STATEMENTS OF OPERATIONS

								For the year ended December 31,
				Notes				2003				2002				2001
								(millions of €)
Net revenue					(1	)			55,838				53,689				48,309
Cost of sales					(2	)			(31,402	)			(44,477	)			(29,766	)
Gross profit									24,436				9,212				18,543
Selling costs					(3	)			(13,505	)			(13,264	)			(11,675	)
General and administrative costs					(4	)			(4,976	)			(6,062	)			(5,622	)
Other operating income					(5	)			4,558				3,901				6,619
Other operating expenses					(6	)			(5,084	)			(14,915	)			(5,078	)
Operating results									5,429				(21,128	)			2,787
Financial income (expense), net					(7	)			(4,031	)			(6,022	)			(5,348	)
Results from ordinary business activities(1)									1,398				(27,150	)			(2,561	)
Income tax benefit (expense)					(8	)			225				2,847				(751	)
Income (loss) after tax benefit (expense)									1,623				(24,303	)			(3,312	)
(Income) loss applicable to minority shareholders					(9	)			(370	)			(284	)			(142	)
Net income (loss)									1,253				(24,587	)			(3,454	)
Earnings (loss) per share in €									0.30				(5.86	)			(0.93	)

(1)	Including other taxes in accordance with the classification of the statement of operations by the cost-of-sales method.

The accompanying notes are an integral part of the consolidated financial statements.

F-3

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CONSOLIDATED BALANCE SHEETS

								As of December 31,
				Notes				2003				2002
								(millions of €)
Assets
Noncurrent assets
Intangible assets					(13	)			45,193				53,402
Property, plant and equipment					(14	)			47,268				53,955
Financial assets					(15	)			3,190				4,169
									95,651				111,526
Current assets
Inventories, materials and supplies					(16	)			1,432				1,556
Receivables					(17	)			5,762				6,258
Other assets					(18	)			3,162				3,392
Marketable securities					(19	)			173				413
Liquid assets					(20	)			9,127				1,905
									19,656				13,524
Prepaid expenses and deferred charges					(21	)			772				771
									116,079				125,821
Shareholders' equity and liabilities Shareholders' equity					(22	)
Capital stock					(23	)			10,746				10,746
Additional paid-in capital					(24	)			50,092				50,077
Retained earnings					(25	)			248				248
Unappropriated net income (loss) carried forward from previous year									(24,564	)			23
Net income (loss)									1,253				(24,587	)
Cumulative translation adjustment account									(8,017	)			(5,079	)
Minority interest					(26	)			4,053				3,988
									33,811				35,416
Accruals
Pensions and similar obligations					(28	)			4,456				3,942
Other accruals					(29	)			11,247				12,155
									15,703				16,097
Liabilities					(30	)
Debt									55,411				63,044
Other									10,451				10,541
									65,862				73,585
Deferred income									703				723
									116,079				125,821

The accompanying notes are an integral part of the consolidated financial statements.

F-4

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CONSOLIDATED STATEMENTS OF CASH FLOWS

				For the year ended December 31,
				2003				2002				2001
				(millions of €)
Net income (loss)					1,253				(24,587	)			(3,454	)
Income applicable to minority shareholders					370				284				142
Income (loss) after taxes					1,623				(24,303	)			(3,312	)
Depreciation and amortization					12,884				36,880				15,221
Income tax (benefit) expense					(225	)			(2,847	)			751
Net interest expense					3,776				4,048				4,138
Net gains from the disposition of noncurrent assets					(792	)			(428	)			(1,106	)
Results from associated companies					247				430				547
Other noncash transactions					(699	)			1,144				(1,146	)
(Increase) decrease in capitalized working capital(1)					(542	)			184				428
(Increase) decrease in accruals					1,584				1,410				(136	)
Decrease in other working capital carried as a liability(2)					149				101				761
Income taxes (paid) received					88				(15	)			10
Dividends received					39				63				115
Cash generated from operations					18,132				16,667				16,271
Interest paid					(4,481	)			(6,112	)			(4,779	)
Interest received					665				1,908				442
Net cash provided by operating activities					14,316				12,463				11,934
Cash outflows for investments in — intangible assets					(844	)			(841	)			(1,021	)
— property, plant and equipment					(5,187	)			(6,784	)			(9,847	)
— financial assets					(373	)			(568	)			(498	)
— consolidated companies					(275	)			(6,405	)			(5,695	)
Cash inflows from disposition of — intangible assets					24				14				208
— property, plant and equipment					1,055				1,304				1,146
— financial assets					1,569				1,130				3,514
— shareholdings in consolidated companies and business units					1,510				697				1,004
Net change in short-term investments and marketable securities					(18	)			226				4,440
Other					466				1,187				1,384
Net cash used for investing activities					(2,073	)			(10,040	)			(5,365	)
Changes in short-term debt					(9,214	)			(10,012	)			(10,266	)
Issuance of medium and long-term debt					6,951				11,677				13,949
Repayments of medium and long-term debt					(2,879	)			(3,472	)			(6,589	)
Dividends paid					(92	)			(1,582	)			(1,905	)
Proceeds from exercise of stock options and warrants					15				1				—
Change in minority interests					(7	)			(47	)			—
Net cash used for financing activities					(5,226	)			(3,435	)			(4,811	)
Effect of foreign currency exchange rate changes on cash and cash equivalents					(43	)			(14	)			(26	)
Net increase (decrease) in cash and cash equivalents					6,974				(1,026	)			1,732
Cash and cash equivalents, at beginning of year					1,712				2,738				1,006
Cash and cash equivalents, at end of year					8,686				1,712				2,738

(1)	Change in receivables, liabilities, other assets, inventories, materials and supplies and prepaid expenses and deferred charges.

(2)	Change in other liabilities (which do not relate to financing activities) and deferred income.

The accompanying notes are an integral part of the consolidated financial statements.

F-5

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY

												Consolidated shareholders' equity generated																												Minority interest
millions of €				Capital stock nominal value				Additional paid-in capital				Retained earnings				Unappr. net income (loss) carried forward				Net income (loss)				Cumulative translation adjustment account				Shareholders' equity in. acc. with consol. bal. sheet				Treasury shares(1)				Total				Minority interest capital				Cumulative Translation adjustment account				Total in acc. with cons. bal. sheet				Consol. shareholders' equity(1)
Balance at Jan. 1, 2001					7,756				24,290				1,159				44				5,926				(761	)			38,414				(7	)			38,407				4,667				(365	)			4,302				42,709
Changes in the composition of the Group																																									808								808				808
Dividends for 2000																	(1,877	)											(1,877	)							(1,877	)			(33	)							(33	)			(1,910	)
Unappropriated net income carried forward													3,992				1,934				(5,926	)							—								—																—
Increase in nominal value of capital stock					2,990				25,704																				28,694								28,694																28,694
Loss after taxes																					(3,454	)							(3,454	)							(3,454	)			142								142				(3,312	)
Difference from currency translation													28												(811	)			(783	)							(783	)							88				88				(695	)
Balance at Dec. 31, 2001					10,746				49,994				5,179				101				(3,454	)			(1,572	)			60,994				(7	)			60,987				5,584				(277	)			5,307				66,294
Changes in the composition of the Group																																									(1,586	)							(1,586	)			(1,586	)
Dividends for 2001																	(1,539	)											(1,539	)							(1,539	)			(43	)							(43	)			(1,582	)
Unappropriated net income (loss) carried forward													(4,915	)			1,461				3,454								—								—																—
Stock issued for the acquisition of VoiceStream/Powertel									83																				83								83																83
Loss after taxes																					(24,587	)							(24,587	)							(24,587	)			284								284				(24,303	)
Difference from currency translation													(16	)											(3,507	)			(3,523	)							(3,523	)							26				26				(3,497	)
Balance at Dec. 31, 2002					10,746				50,077				248				23				(24,587	)			(5,079	)			31,428				(7	)			31,421				4,239				(251	)			3,988				35,409
Changes in the composition of the Group																																									(123	)							(123	)			(123	)
Dividends for 2002																																									(102	)							(102	)			(102	)
Unapproriated net income (loss) carried forward																	(24,587	)			24,587								—								—																—
Stock issued on exercise of stock options, warrants and exchange rights									15																				15								15																15
Income after taxes																					1,253								1,253								1,253				370								370				1,623
Difference from currency translation																									(2,938	)			(2,938	)							(2,938	)							(80	)			(80	)			(3,018	)
Balance at Dec. 31, 2003					10,746				50,092				248				(24,564	)			1,253				(8,017	)			29,758				(7	)			29,751				4,384				(331	)			4,053				33,804

(1)	Treasury shares are included within marketable securities in the consolidated balance sheets.

The accompanying notes are an integral part of the consolidated financial statements.

F-6

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STATEMENT OF SEGMENT REPORTING (RESTATED)

								Net revenue				Revenue between segments				Depreciation and amortization				Net interest income/ (expense)				Income/ (loss) related to associated and related companies				Income/ (loss) before income taxes				Segment assets				Segment investments				Segment liabilities				Employees(2)
				(millions of €, except employee figures)
T-Com(1)					2003				25,116				4,090				(5,169	)			(315	)			31				4,690				29,030				2,324				4,214				139,548
					2002				26,491				4,068				(5,539	)			(562	)			(304	)			3,604				33,782				3,273				13,120				153,065
					2001				26,427				3,401				(5,444	)			(346	)			(509	)			4,673
T-Mobile(1)					2003				21,572				1,206				(5,196	)			(992	)			97				831				50,025				3,813				17,617				41,767
					2002				18,339				1,396				(27,285	)			(1,005	)			(427	)			(23,754	)			57,655				5,766				20,224				38,943
					2001				13,101				1,536				(6,324	)			(3,008	)			(204	)			(6,441	)
T-Systems(1)					2003				7,184				3,430				(1,499	)			(39	)			(447	)			(581	)			5,665				708				4,649				42,108
					2002				6,895				3,594				(2,616	)			(98	)			(20	)			(1,990	)			6,646				3,551				5,268				43,482
					2001				7,121				3,700				(1,372	)			102				13				(389	)
T-Online(1)(3)					2003				1,662				189				(430	)			110				90				104				1,532				116				212				2,637
					2002				1,391				193				(435	)			128				(265	)			(471	)			1,797				170				119				2,536
					2001				1,027				113				(416	)			164				(381	)			(820	)
Group Headquarters & Shared Services					2003				304				3,964				(881	)			(2,874	)			(3	)			(4,071	)			10,631				455				41,334				25,203
					2002				573				3,838				(1,298	)			(2,510	)			(1,093	)			(4,690	)			12,978				551				34,539				17,870
					2001				633				4,481				(1,447	)			(1,102	)			(375	)			402
Reconciliation(1)					2003				0				(12,879	)			291				334				(23	)			425				(1,232	)			(349	)			(3,255	)			—
					2002				0				(13,089	)			293				(1	)			135				151				(1,332	)			(149	)			(844	)			—
					2001				0				(13,231	)			(218	)			52				246				14
Group					2003				55,838				0				(12,884	)			(3,776	)			(255	)			1,398				95,651				7,067				64,771				251,263
					2002				53,689				0				(36,880	)			(4,048	)			(1,974	)			(27,150	)			111,526				13,162				72,426				255,896
					2001				48,309				0				(15,221	)			(4,138	)			(1,210	)			(2,561	)

(1)	According to new structure (see note (36) Segment Reporting)

(2)	Average number of employees for the year

(3)	Figures are calculated in accordance with German GAAP, as applied throughout the Deutsche Telekom Group, and differ from those published in the reports of T-Online International AG under International Financial Reporting Standards ("IFRS")

The accompanying notes are an integral part of the consolidated financial statements.

F-7

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

SCHEDULE OF CONSOLIDATED NONCURRENT ASSETS

				Acquisition or production costs																												Depreciation, amortization, and write-downs																																Net carrying amount
millions of €				Jan. 1, 2003				Translation adjustment				Changes in the composition of the Deutsche Telekom Group				Additions				Disposals				Reclassi- fications				Dec. 31, 2003				Jan. 1, 2003				Translation adjustment				Changes in the composition of the Deutsche Telekom Group				Additions				Disposals				Reclassi- fications				Write-ups				Dec. 31, 2003				Dec. 31, 2003				Dec. 31, 2002
Intangible assets
Concessions, industrial and similar rights and assets, and licenses in such rights and assets					40,774				(4,055	)			(79	)			681				752				297				36,866				16,937				(2,022	)			(62	)			2,157				728				(22	)			0				16,260				20,606				23,837
of which: UMTS licenses					15,371				(483	)			0				0				0				0				14,888				4,254				(223	)			0				597				0				0				0				4,628				10,260				11,117
of which: FCC licenses					20,273				(3,398	)			14				20				17				(16	)			16,876				9,909				(1,712	)			0				516				16				0				0				8,697				8,179				10,364
of which: GSM licenses					741				(4	)			0				0				0				0				737				206				(1	)			0				48				0				0				0				253				484				535
of which: other assets					4,389				(170	)			(93	)			661				735				313				4,365				2,568				(86	)			(62	)			996				712				(22	)			0				2,682				1,683				1,821
Goodwill					46,875				(4,331	)			(41	)			150				969				0				41,684				17,439				(1,934	)			(41	)			2,521				814				0				0				17,171				24,513				29,436
Advance payments					134				1				0				2				14				(48	)			75				5				0				0				0				4				0				0				1				74				129
					87,783				(8,385	)			(120	)			833				1,735				249				78,625				34,381				(3,956	)			(103	)			4,678				1,546				(22	)			0				33,432				45,193				53,402
Property, plant, and equipment
Land and equivalent rights, and buildings including buildings on land owned by third parties					18,779				(99	)			(2	)			199				1,288				423				18,012				7,417				(25	)			(1	)			743				600				87				8				7,613				10,399				11,362
Technical equipment and machinery					86,460				(1,490	)			(3,954	)			2,267				1,786				1,658				83,155				48,426				(506	)			(2,588	)			6,700				1,630				(38	)			1				50,363				32,792				38,034
Other equipment, plant, and office equipment					6,573				(189	)			(256	)			456				466				253				6,371				4,287				(100	)			(226	)			763				365				(26	)			0				4,333				2,038				2,286
Advance payments and construction in progress					2,274				(184	)			(19	)			2,629				78				(2,583	)			2,039				1				0				0				0				0				(1	)			0				0				2,039				2,273
					114,086				(1,962	)			(4,231	)			5,551				3,618				(249	)			109,577				60,131				(631	)			(2,815	)			8,206				2,595				22				9				62,309				47,268				53,955
Financial assets
Investments in unconsolidated subsidiaries					310				(2	)			39				9				33				(1	)			322				161				0				32				22				11				0				0				204				118				149
Loans to unconsolidated subsidiaries					58				0				(57	)			0				0				0				1				0				0				0				0				0				0				0				0				1				58
Investments in associated companies					3,151				(409	)			(28	)			607				503				(44	)			2,774				558				(41	)			(8	)			94				88				(43	)			84				388				2,386				2,593
Other investments in related companies					1,488				(14	)			0				4				852				45