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2012 First Half Results
2 August




Thursday, 2 August 2012

Portugal Telecom released its 2012 First Half Results today.

Press release PDF 260KB
30 pages
Slides
PDF 2.3MB
38 pág.

Conf. call
Webcast
16:00 Port/UK

Key Figures
XLS 237KB
Previous results

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

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