2014 First Quarter Results



Portugal Telecom announced today its 2014 First Quarter results

Consolidated financial highlights (1) Euro million
1Q14 1Q13 y.o.y
Operating revenues  690.0 717.6 (3.9%)
Operating costs (2) 410.7 427.7 (4.0%)
EBITDA (3) 279.3 289.9 (3.7%)
EBITDA margin (4) 40.5 40.4 0.1pp
Income from operations (5) 95.4 97.3 (2.0%)
Net income (14.7) 26.7 n.m.
Capex 102.6 119.7 (14.3%)
Capex as % of revenues (%) 14.9 16.9 (1.9pp)
EBITDA minus Capex 176.8 170.2 3.9%
Operating cash flow 127.5 74.8 70.5%
Free cash flow (72.7) (14.5) n.m.
Net debt 4,879.0 4,790.2 1.9%
After-tax unfunded PRB obligations 686.0 603.7 13.6%
Basic earnings per share (0.02) 0.03 (155.0%)
Diluted earnings per share(6) (0.02) 0.03 (155.0%)

(1) 1Q13 figures were restated in order to reflect the impact of the adoption of the IFRS 11 Joint Arrangements, 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) EBITDA margin = EBITDA / operating revenues.
(6) Earnings per share computed using net income excluding the costs associated with the convertible bonds divided by the diluted number of shares.

Portuguese conference call details:

Date: 15 May 2014
Time:
13:00 (Portugal/UK),
14:00 (CET),
08:00 (USA/NY) 
Telephone numbers: +55.11.3127.4971 /
+55.11.3728.5971
(Code: Oi)

 If you are unable to attend the conference call a replay will be available for one week through the following numbers:

+55.11.3127.4999
(Code: 71948665)
English conference call details:

Date: 15 May 2014
Time:
15:00 (Portugal/UK),
16:00 (CET),
10:00 (USA/NY) 

Telephone numbers Outside US:
+1.412.317.6776
USA:
+1.877.317.6776
(Code: Oi)

If you are unable to attend the conference calla replay will be available for one week through the following numbers:

Outside US callers: +1.412.317.0088
(Code: 10046122)
US and Canada callers:
+1.877.344.7529
(Code: 10046122)
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