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3 Nov 10 7:40
2010 First nine month results

Portugal Telecom announced today its first nine month results ended 30 September 2010.

Press release
PDF 336KB
25 pages
Slides
PDF 2.0MB
53 pages

Conf. call
Link
15:00 Port/UK

Key figures
XLS 208KB
 
Previous results
Link
 

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)

share
IR TOOLS
23 May 12 11:40 AM
Actual 3.412 €
Variation  -3.81%
Volume 1,820,486
Shares Issued 896.512.500
Market Cap. 3,058.9 M€
Source Comstock  15-20m delay