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Portugal Telecom SGPS SA's CEO Discusses Q4 2011 Results - Earnings Call Transcript

Portugal Telecom SGPS SA (PT)

Q4 2011 Earnings Call

March 30, 2012 09:00 am ET


Zeinal Bava - CEO

Luís Pacheco de Melo - CFO


Georgios Ierodiaconou - Citi

Luigi Minerva - HSBC

Ivon Leal - BBVA

Tim Boddy - Goldman Sachs

John Daniel - Barclays Capital



Greetings and welcome to the Portugal Telecom 2011 Full Year Results. At this time all participant are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions) As a reminder this conference is being recorded.

It is now my pleasure to introduce your host Mr. Zeinal Bava, CEO of Portugal Telecom. Thank you. You may begin.

Zeinal Bava

Thank you very much. Good afternoon ladies and gentlemen. On behalf of my team, thank you very much for being on this call. I am here with my CFO, Luís Pacheco de Melo, our IR Director, Nuno Vieira and our finance team as well.

Today, of course we will be discussing our 2011 numbers. In 2011 Portugal Telecom reported consolidated operating revenues of Euro 6.147 million while EBITDA reached Euro 2.188 million. Consolidated EBITDA margin was 35.6% and it was underpinned by solid margin of the Portuguese telecommunication businesses that reached 45.1%, which is an increase of about 1.1% point year-on-year and I will go through that in a lot more detail later on in my presentation.

Net income reached Euro 339 million and our basic earnings per share stood at about Euro 0.39. In 2011 our CapEx amounted to Euro 1.24 million that is about 20% of revenues. It is only a decrease compared to the previous year, very much in line with previous statements we made at the modernization program of Portugal Telecoms network and technology investments are coming to an end.

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