18 Feb 09 7:34
Full year 2008 results
Portugal Telecom announced today its full year results for the year ended 31 December 2008.
| Consolidated financial highlights |
|
|
|
|
Euro million |
|
4Q08 |
4Q07 |
y.o.y |
2008 |
2007 |
y.o.y |
| Operating revenues |
1,700.5 |
1,617.7 |
5.1% |
6,734.3 |
6,148.4 |
9.5% |
| Operating costs, excl. D&A |
1,097.0 |
986.8 |
11.2% |
4,291.4 |
3,791.7 |
13.2% |
| EBITDA (1) |
603.5 |
631.0 |
(4.3%) |
2,442.9 |
2,356.7 |
3.7% |
| EBITDA pre PRBs (2) |
615.6 |
574.3 |
7.2% |
2,487.6 |
2,291.6 |
8.6% |
| Income from operations (3) |
279.0 |
324.0 |
(13.9%) |
1,174.5 |
1,233.6 |
(4.8%) |
| Net income |
143.8 |
71.8 |
100.3% |
581.5 |
741.9 |
(21.6%) |
| Net income excl. except. items (4) |
149.0 |
105.1 |
41.7% |
636.5 |
608.1 |
4.7% |
| Capex (5) |
551.5 |
411.2 |
34.1% |
1,242.3 |
899.3 |
38.1% |
| Capex as % of revs(%) |
32.4 |
25.4 |
7.0pp |
18.4 |
14.6 |
3.8pp |
| EBITDA pre PRBs minus Capex |
64.1 |
163.1 |
(60.7%) |
1,245.3 |
1,392.3 |
(10.6%) |
| Operating cash flow |
342.6 |
397.0 |
(13.7%) |
1,373.7 |
1,432.8 |
(4.1%) |
| Net debt |
5,571.3 |
4,381.8 |
27.1% |
5,571.3 |
4,381.8 |
27.1% |
| After-tax unfunded PRB obligations |
1,330.2 |
958.4 |
38.8% |
1,330.2 |
958.4 |
38.8% |
| EBITDA margin (%) (6) |
35.5 |
39.0 |
(3.5pp) |
36.3 |
38.3 |
(2.1pp) |
| EBITDA margin pre PRBs (%) (7) |
36.2 |
35.5 |
0.7pp |
36.9 |
37.3 |
(0.3pp) |
| Net debt / EBITDA (x) |
2.3 |
1.7 |
0.6x |
2.3 |
1.9 |
0.4x |
| EBITDA / net interest (x) |
7.5 |
12.2 |
(4.8x) |
9.0 |
11.9 |
(3.0x) |
| Earnings per share (8) |
0.17 |
0.08 |
111.4% |
0.63 |
0.67 |
(6.6%) |
| Earnings per share excl. except. items (4) (8) |
0.17 |
0.11 |
62.8% |
0.69 |
0.55 |
23.9% |
| (1) EBITDA = income from operations + depreciation and amortisation. (2) EBITDA pre-PRBs = EBITDA + post retirement benefits. (3) Income from operations = income before financials and income taxes + curtailment costs + losses (gains) on disposal of fixed assets + net othercosts (gains). (4) Net income adjusted for several exceptional items. (5) Capex in 2008 excludes the acquisition of 3G licenses in Brazil (Euro 227 million). In 2007, capex excludes Euro 242 million related to the additional commitments under the terms of the UMTS license. (6) EBITDA margin = EBITDA / operating revenues. (7) EBITDA margin pre-PRBs = EBITDA pre-PRBs / operating revenues. (8) Earnings per share computed using net income, with and without the adjustments of the exceptional items, less the costs associated with the convertible bonds divided by the diluted number of shares. |
| Conference Call details |
Date: 18 February 2009
Time:
14:00 (Port./UK), 15:00 (CET),
9:00 (US/NY)
Telephones numbers
Outside US: +1 201 689 8261
US 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 callers: +1 201 612 7415
(Account Number: 3082, Conference ID: 309890)
US and Canada callers: 877 660 6853
(Account Number: 3082, Conference ID: 309890) |
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