Portugal Telecom announced today its first nine month results ended 30 September 2010.
|
Consolidated financial highlights (1) |
|
Euro million |
|
9M10 |
9M09 |
y.o.y |
| Operating revenues |
2,792.6 |
2,772.2 |
0,7% |
| Operating costs, excluding PRBs and D&A |
1,663.3 |
1,595.2 |
4.3% |
| EBITDA (2) |
1,129.2 |
1,177.0 |
(4,1%) |
| Income from operations (3) |
526.5 |
618.1 |
(14.8%) |
| Net income (4) |
5,617.7 |
372.7 |
n.m. |
| Capex (5) |
493.6 |
520.6 |
(5.2%) |
| Capex as % of revenues (%) |
17.7 |
18.8 |
(1,1pp) |
| EBITDA minus Capex |
635.6 |
656.3 |
(3.2%) |
| Free cash flow |
4,651.8 |
121.7 |
n.m. |
| Net debt (6) |
781.6 |
5,383.2 |
(85.5%) |
| After-tax unfunded PRB obligations |
1,118.0 |
1,167.0 |
(4,2%) |
| EBITDA margin (%)(7) |
40.4 |
42.5 |
(2.0pp) |
| Net debt / EBITDA (x) (6) |
0.5 |
3.4 |
(2.9x) |
| EBITDA / net interest (x) (6) |
6.4 |
7.2 |
(0,7x) |
| Basic earnings per share |
6.41 |
0,43 |
n.m. |
| Diluted earnings per share (8) |
6.00 |
0,42 |
n.m. |
(1) 2009 figures are adjusted in order to recognise Vivo Business as a discontinued operation (2) EBITDA = income from operations + post retirement benefits + depreciation and amortisation. (3) Income from operations = income before financials and income taxes + curtailment costs + losses (gains) on disposal of fixed assets + net other costs (gains). (4) In 3Q10 and 9M10, net income includes one-off items related to the capital gain obtained with the disposal of Brasilcel; the accumulated currency translation adjustments that were recognised in net income on the date of disposal, and adjustments to the book value of certain assets, provisions for contingencies and other non-recorring costs. (5) Excludes additional commitments under the terms of the UMTS licence (Euro 11.5 million in 1Q09). (6) The 2009 information is proforma in order to reflect the deconsolidation of Vivo. (7) EBITDA margin = EBITDA / operating revenues. (8) Earnings per share computed using net income excluding the costs associated with the convertible bonds divided by the diluted number of shares.
| Conference Call details |
Date: 3 November 2010
Time: 15:00 (Portugal/UK), 16:00 (CET), 11:00 (US/NY)
Telephones numbers Outside US: +1 201 689 7817 US and Canada: 877 269 7756 |
If you are unable to attend the conference calla replay will be available for one week through the following numbers:
Outside US callers: +1 201 612 7415 (Account Number: 3082, Conference ID: 359534) US and Canada callers: 877 660 6853 (Account Number: 3082, Conference ID: 359534) |