28 Feb 13 7:40

2012 Full Year Results



Portugal Telecom announced today its 2012 full year results

Consolidated financial highlights (1) Euro million
2012 2011 y.o.y
Operating revenues  6,599 6,147 7.4%
Operating costs (2) 4,330 3,959 9.4%
EBITDA (3) 2,269 2,188 3.7%
Income from operations (4) 820 804 2.0%
Net income 230 339 (32.1%)
Capex 1,317 1,224 7.6%
Capex as % of revenues (%) 20.0 19.9 0.0pp
EBITDA minus Capex 952 964 (1.3%)
Operating cash flow 875 1,185 (26.1%)
Free cash flow (5) (255) 533 n.m.
Adjusted net debt (6) 7,517 6,387 17.7%
Adj. net debt exc OI & Contax(6) 4,565 4,068 12.2%
After-tax unfunded PRB obligations 625 684 (8.6%)
EBITDA margin (%) (7) 34.4 35.6 (1.2pp)
Adj. net debt/EBITDA (x) (6) 3.3 2.6 0.7x
Basic earnings per share 0.27 039 (31.5%)
Diluted earnings per share (8) 0.25 0.39 (37.5%)

(1) Following PT's strategic investment in Oi and Contax on 28 March 2011, PT proportionally consolidated the net income and cash-flows of these investments 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) This caption excludes (i) the cash out-flow related to the investments in Oi and Contax (Euro 3,728 million in 1Q11), and (ii) the third and last instalment received from Telefónica in connection with the Vivo transaction (Euro 2,000 million in 4Q11).
(6) Net debt was adjusted for the tax credits on the amounts paid to the Portuguese State in December 2011 and 2012 under the transfer of unfunded pension obligations, which were adjusted in 4Q12 to reflect certain tax credits used in the period.
(7) EBITDA margin = EBITDA / operating revenues.
(8) 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: 28 February 2013
Time:
16:00 (Portugal/UK),
17:00 (CET),
11:00 (USA/NY) 
Telephone numbers
Outside US: +1.201.689.7817
USA and Canada: 877.269.7756

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: 409009
USA and Canadá: 877.660.6853
(Code: 3082, Conference call ID: 409009)


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