 225KB |
|
|
|
|
|
|
| Free Cash Flow |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Euro million |
1Q11 |
2Q11 |
3Q11 |
4Q11 |
2011 |
1Q12 |
| EBITDA minus Capex |
235 |
347 |
368 |
14 |
964 |
313 |
| Non-cash items |
5 |
49 |
39 |
48 |
142 |
43 |
| Change in working capital |
75 |
(186) |
(39) |
229 |
79 |
(242) |
| Operating cash flow |
315 |
209 |
369 |
291 |
1,185 |
113 |
| Interest |
4 |
(156) |
(9) |
(100) |
(261) |
(117) |
| Net reimbursements (contributions) to pension funds |
5 |
(14) |
(11) |
(3) |
(23) |
(26) |
| Payments to pre-retir., susp. employees & ot. |
(41) |
(40) |
(47) |
(47) |
(175) |
(36) |
| Income taxes |
(42) |
(37) |
(41) |
(44) |
(164) |
(29) |
| Dividends received |
118 |
29 |
0 |
0 |
147 |
25 |
| Net disposal (acquisition) of financial investments |
156 |
(44) |
12 |
(0) |
123 |
0 |
| Other cash movements |
(62) |
(84) |
(93) |
(62) |
(300) |
(88) |
| Free cash flow |
453 |
(137) |
181 |
35 |
533 |
(158) |
| |
|
|
|
|
|
|
| Net Debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Euro million |
1Q11 |
2Q11 |
3Q11 |
4Q11 |
2011 |
1Q12 |
| Net debt (initial balance) |
2,100 |
7,429 |
8,875 |
8,541 |
2,100 |
6,613 |
| Free cash flow (-) |
453 |
(137) |
181 |
35 |
533 |
(158) |
| Instalments received related to Vivo transaction |
0 |
0 |
0 |
2,000 |
2,000 |
0 |
| Acquisition of strategic investment in Oi and Contax |
3,728 |
0 |
0 |
0 |
3,728 |
0 |
| Translation effect on foreign currency debt |
0 |
58 |
(191) |
89 |
(43) |
9 |
| Dividends paid by PT |
0 |
1,118 |
0 |
0 |
1,118 |
185 |
| Acquisition of own shares |
0 |
87 |
0 |
0 |
87 |
0 |
| Changes in consolidation perimeter (Oi and Contax) |
2,053 |
0 |
0 |
0 |
2,053 |
0 |
| Other movements (+) |
2 |
47 |
37 |
18 |
104 |
109 |
| Net debt (final balance) |
7,428 |
8,875 |
8,541 |
6,613 |
6,613 |
7,074 |
| Less: Tax effect on unfunded post retirement benefits obligations |
226 |
226 |
226 |
226 |
226 |
226 |
| Adjusted net debt (final balance) |
7,202 |
8,649 |
8,315 |
6,387 |
6,387 |
6,847 |
| Less: Net debt from Oi and Contax, inc. holding companies |
2,053 |
2,380 |
2,164 |
2,319 |
2,319 |
2,402 |
| Adjusted net debt exc. Oi and Contax (final balance) |
5,149 |
6,269 |
6,151 |
4,068 |
4,068 |
4,446 |
| Change in net debt |
5,329 |
1,446 |
(334) |
(1,928) |
4,513 |
461 |
| Change in net debt (%) |
253.8% |
19.5% |
(3.8%) |
(22.6%) |
214.9% |
7.0% |
|
|
|
|
|
|
|
| Capex |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Euro million |
1Q11 |
2Q11 |
3Q11 |
4Q11 |
2011 |
1Q12 |
| Portugal |
101 |
150 |
150 |
247 |
647 |
115 |
| Brazil • Oi |
0 |
117 |
107 |
221 |
444 |
121 |
| Other |
21 |
30 |
30 |
52 |
133 |
23 |
| Total Capex |
122 |
296 |
286 |
520 |
1,224 |
259 |
| Capex to revenues |
14.0% |
16.5% |
16.4% |
30.0% |
19.9% |
15.1% |
|
|