Thursday, 2 August 2012
Portugal Telecom released its 2012 First Half Results today.
| Consolidated financial highlights (1) |
|
Euro million |
|
1H12 |
1H11 |
y.o.y |
| Operating revenues |
3,345 |
2,669 |
25.3% |
| Operating costs (2) |
2,204 |
1,669 |
32.0% |
| EBITDA (3) |
1,141 |
1,000 |
14.1% |
| Income from operations (4) |
429 |
394 |
8.8% |
| Net income |
125 |
212 |
(40.9%) |
| Capex |
522 |
418 |
24.9% |
| Capex as % of revenues (%) |
16 |
16 |
(0.1pp) |
| EBITDA minus Capex |
619 |
582 |
6.4% |
| Operating cash flow |
287 |
525 |
(45.4%) |
| Free cash flow (5) |
(359) |
317 |
n.m. |
| Adjusted net debt (6) |
7,646 |
6,649 |
15.0% |
| Adj. net debt exc OI & Contax(6) |
4,700 |
4,269 |
10.1% |
| After-tax unfunded PRB obligations |
657 |
667 |
(1.5%) |
| EBITDA margin (%) (7) |
34.1 |
37.5 |
(3.3pp) |
| Adj. net debt/EBITDA (x) (6) |
3.3 |
2.9 |
0.7x |
| Basic earnings per share |
0.15 |
0.24 |
(40.2%) |
| Diluted earnings per share (8) |
0.15 |
0.24 |
(39.6%) |
((1) Following PT’s strategic investment in Oi and Contax on 28 March 2011, PT proportionally consolidated the net income and cash-flows of these investments as from 1 April 2011.
(2) Operating costs = wages and salaries + direct costs + commercial costs + other operating costs.
(3) EBITDA = income from operations + post retirement benefits + depreciation and amortisation.
(4) Income from operations = income before financials and income taxes + curtailment costs + losses (gains) on disposal of fixed assets + net other costs (gains).
(5) This caption excludes the cash out-flow related to the investments in Oi and Contax (Euro 3,728 million in 1Q11).
(6) Net debt was adjusted for the tax effect on pension debt due to the Portuguese State, including Euro 113 million related to the 2011 contribution which was accounted for as tax losses carried forward. In 2Q11 and 1H11, net debt was adjusted for the receivable by Telefónica, amounting to Euro 2 billion, paid in October 2011.
(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: 02 Aug 2012
Time:
16:00 (Portugal/UK),
17:00 (CET),
11:00 (USA/NY)
Telephone numbers
Outside US: +1.201.689.8261
USA and Canada: 877.869.3847 |
If you are unable to attend the conference calla replay will be available for one week through the following numbers:
Outside US: +1.201.612.7415
(Code: 3082, Conferencal ID: 397417)
USA and Canadá: 877.660.6853
(Code: 3082, Conference call ID: 397417) |
Contacts:
Nuno Vieira, Investor Relations Director
nuno.t.vieira@telecom.pt
Tel.: +351 21 500 1701
Fax: +351 21 500 0800
|