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.
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.
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts