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)
PHarol, SGPS S.A. is a holding company that specializes in owning shares in companies operating in the telecommunication field.
At the end of 2023, the company owns 0.18% of Oi S.A. (Brazil).