Portugal Telecom announced today its 2013 first nine month results

Consolidated financial highlights (1) Euro million
9M13 9M12 y.o.y
Operating revenues 4,547 4,984 (8.8%)
Operating costs (2) 3,032 3,255 (6.8%)
EBITDA (3) 1,514 1,729 (12.4%)
Income from operations (4) 476 644 (26.1%)
Net income 305 186 64.3%
Capex 864 890 (3.0%)
Capex as % of revenues (%) 19.0 17.9 1.1pp
EBITDA minus Capex 651 839 (22.4%)
Operating cash flow 489 617 (20.6%)
Free cash flow 65 (264) n.m.
Adjusted net debt (5) 7,574 7,538 0.5%
Adj. net debt exc OI & Contax(5) 4,620 4,591

(0.7%)

After-tax unfunded PRB obligations 653 616 6.0%
EBITDA margin (%) (6) 33.3 34.7 (1.4pp)
Adj. net debt/EBITDA (x) (5) 3.7 3.3 0.4x
Basic earnings per share 0.36 0.22 64.7
Diluted earnings per share (7) 0.35 0.22 61.1

(1) 2012 figures were restated in order to reflect the impacts of the adoption of the revised version of IAS 19 Employee Benefits, as explained in more detail under the section "Other disclosures, changes in accounting policies and estimates".
(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) Net debt was adjusted for the unused tax credits related to the transfer of the regulated pension plans to the Portuguese State.
(6) EBITDA margin = EBITDA / operating revenues.
(7) 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: 13 nov 2013
Time:
15:00 (Portugal/UK),
16:00 (CET),
10:00 (USA/NY)
Telephone numbers
Outside US: +1.201.689.8349
US and Canada: 877.407.8293

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
(Conferencal ID: 423122)
USA and Canadá: 877.660.6853
(Conferencal ID: 423122)
distributed by