In the first nine months of 2010, consolidated operating revenues amounted to Euro 2,793 million, a 0.7% increase y.o.y. as a result of income growth in wireline and international operations. EBITDA reached Euro 1,129 million, down by 4.1% y.o.y. while consolidated EBITDA margin stood at 40.4%. During this period, net income increased to Euro 5,618 million and basic earnings per share reached Euro 6.41.

According to the results announced by PT, CAPEX decreased to Euro 494 million, equivalent to 17.7% of revenues, and was principally directed to the investment in the rollout of new technologies and services. In the first nine months of 2009, EBITDA minus CAPEX reached Euro 636 million, a 3.2% decrease y.o.y. and operating cash-flow stood at Euro 410 million. As at 30 September 2010, free cash-flow reached Euro 4,652 million reflecting the first instalment received from Telefónica in connection with the disposal of Vivo.

Net debt amounted to Euro 782 million as at 30 September while after-tax unfunded post retirement benefit obligations totalled Euro 1,118 million.

In the third quarter of 2010, operating revenues amounted to Euro 952 million, up by 0.3% y.o.y. EBITDA reached Euro 382 million, down by 3.8% y.o.y. and net income reached Euro 5,353 million, including the gain obtained with the disposal of Brasilcel.

EBITDA minus CAPEX, in 3Q10, reached Euro 200, up by 4.9% y.o.y. and operating cash-flow increased to Euro 227 million, up by 5.4%.

It is worth recollecting that following the disposal of Brasilcel on 27 September 2010, PT adjusted its income and cash-flow statements for previous periods in order to recognize Vivo business line as a discontinued operation.

Read the communiqué and learn about the results with further detail.