Deutsche Telekom has steadfastly refused to declare a timetable for the delayed flotation of T-Mobile, its mobile phone arm, despite needing to add ever larger amounts of debt to its balance sheet in order to pay for licences to operate third generation mobile phone systems.

Deutsche Telekom, which revealed its first-half results on Tuesday, is likely to see its debt burden soar to as much as €70bn by the end of the year as it finances the purchase of third-generation mobile phone licences.