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August 2, 2012 11:00 AM ET
Zeinal Bava – CEO
Luís Pacheco de Melo – CFO
Paul Marsch – Berenberg Bank
Ivón Leal – BBVA Research
Georgios Ierodiaconou – Citi
Frederic Boulan – Nomura
James McKenzie – Fidentiis
Mathieu Robilliard – Exane BNP Paribas
Greetings and welcome to the Portugal Telecom 2012 First Half Results Conference call. At this time, all participants 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 for Portugal Telecom. Thank you. You may begin.
Okay, thank you very much. Good afternoon, ladies and gentlemen. Thank you very much for being on this call. I’m here with our CFO, Luís Pacheco de Melo, and our financial team as well our IR Director, Nuno Vieira.
We are here today because of the announcement of Portugal Telecom’s First Half Results. Our first half 2012 results, consolidated operating revenues amounted to EUR3,345 million while EBITDA reached EUR1,141 million. Consolidated EBITDA margin stood at about 34.1% and that was underpinned very much by the solid margin of the Portuguese telecoms businesses, which reported margins in excess of 45%.
Net income reached EUR125 million and basic earnings per share stood at EUR0.15. In the first half of 2012, our consolidated CapEx amounted to EUR522 million, that’s equivalent to 15.6% of revenues. In the first half as well, EBITDA minus CapEx amounted to EUR619 million, while EBITDA minus CapEx of the Portuguese businesses amounted to EUR377 million. In the first half of 2012, operating cash flow amounted to EUR287 million.