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May 17, 2012 9:00 AM ET
Zeinal Bava – CEO
Luís Pacheco de Melo – CFO
Georgios Ierodiaconou – Citi
Tim Boddy – Goldman Sachs
Paul Marsch – Berenberg
Daniel Morris – JP Morgan
Nuno Matias – Espirito Santo Investment Bank
Frederic Boulan – Nomura
Greetings and welcome to the Portugal Telecom 2012 First Quarter Results. At this time, all participants are in a listen-only mode. A 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 for Portugal Telecom. Thank you. Mr. Bava, you may begin.
Okay, thank you. Good afternoon, ladies and gentlemen. Thank you very much for being on this call. I’m here with my CFO, Luís Pacheco de Melo, our IR Director, Nuno Vieira, and the rest of our finance team as well.
In the first quarter of 2012, consolidated operating revenues of Portugal Telecom amounted to €1,716 million while EBITDA reached €572 million. Our consolidated EBITDA margin stood at 33.3% underpinned by the solid margin of the Portuguese telecoms businesses, which stood at 45.2%. Our net income reached €56 million and basic earnings per share stood at €0.07.
In the first quarter of 2012, our CapEx amounted to €259 million. That’s equivalent to 15.1% of our revenues. In the first quarter, our EBITDA minus CapEx amounted to about €313 million while EBITDA minus CapEx of the Portuguese businesses amounted to €193 million.