30 Mar 12 7:50
2011 Full Year Results
Portugal Telecom announced today its 2011 full year results
| Consolidated financial highlights (1) |
|
Euro million |
|
2011 |
2010 |
y.o.y |
| Operating revenues |
6,147 |
3,742 |
64.3% |
| Operating costs (2) |
3,959 |
2,251 |
75.9% |
| EBITDA (3) |
2,188 |
1,492 |
46.7% |
| Income from operations (4) |
804 |
695 |
15.7% |
| Net income |
339 |
5,672 |
(94.0%) |
| Capex (5) |
1,224 |
798 |
53.3% |
| Capex as % of revenues (%) |
20 |
21 |
(1.4pp) |
| EBITDA minus Capex |
964 |
693 |
39.1% |
| Operating cash flow |
1,185 |
406 |
192.1% |
| Free cash flow (6) |
533 |
(15) |
n.m. |
| Adjusted net debt (7) |
6,387 |
2,100 |
204.2 |
| Adj. net debt exc OI & Contax(7) |
4,068 |
2,100 |
93.7 |
| After-tax unfunded PRB obligations |
684 |
711 |
(3.9%) |
| EBITDA margin (%) (8) |
35.6 |
39.9 |
(4.3pp) |
| Adj. net debt/EBITDA (x) (7)(9) |
2.6 |
1.4 |
1.2x |
| Adj. net debt exc Oi & Contax/EBITDA (x) (6) |
2.9 |
1.4 |
1.5x |
| Basic earnings per share |
0.39 |
6.48 |
(93.9%) |
| Diluted earnings per share (10) |
0.39 |
6.06 |
(93.5%) |
(1) Following PT’s strategic investment in Oi and Contax on 28 March 2011, PT proportionally consolidated the assets and liabilities of these investments on its statement of financial position, net income and cash-flows 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) Capex does not include Euro 142 million in 2011 and Euro 139 million in 4Q11, primarily related to the recognition of the LTE and DTT licenses at the Portuguese telecommunication businesses and 3G license at CVT, while in 4Q10 excludes the acquisition of real estate from the pension funds (Euro 236 million).
(6) This caption excludes the cash out-flow related to the investments in Oi and Contax (Euro 3,728 million in 2011) and the cash in-flows related to Vivo transaction (Euro 2,000 million in 2011 and Euro 5,500 million in 2010).
(7) Net debt as at 31 December 2011 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.
(8) EBITDA margin = EBITDA / operating revenues.
(9) For the purpose of this ratio, EBITDA in 2011 was adjusted in order to include the proportional contribution of Oi and Contax in 1Q11.
(10) 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: 30 March 2012
Time:
14:00 (Portugal/UK),
15:00 (CET),
09:00 (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: 382005)
USA and Canadá: 877.660.6853
(Code: 3082, Conference call ID: 382005) |
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