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NOS SGPS
Earnings Release • Apr 26, 2023
1904_iss_2023-04-26_cd26c593-9492-4e11-92b0-67d7b2f24f93.pdf
Earnings Release
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EARNINGS ANNOUNCEMENT
Lisbon, 26 April 2023
1Q23 HIGHLIGHTS
| Table 1. | |||
|---|---|---|---|
| 1Q23 Highlights | 1Q22 | 1Q23 | 1Q23 / 1Q22 |
| Operating Highlights ('000) | |||
| Total RGUs | 10,393.3 | 10,871.7 | 4.6% |
| Mobile RGUs | 5,423.5 | 5,811.7 | 7.2% |
| Fixed Pay TV RGUs | 1,401.8 | 1,441.8 | 2.9% |
| Convergent + Integrated Customers | 1,036.2 | 1,104.3 | 6.6% |
| Fixed Convergent + Integrated Customers as % of Fixed Access Customers | 65.2% | 67.9% | 2.8pp |
| Residential ARPU / Unique Subscriber With Fixed Access (Euros) 11) | 47.1 | 49.3 | 4.6% |
| Homes Passed | 5,134.4 | 5,336.8 | 3.9% |
| % FttH | 54.0% | 66.6% | 12.5pp |
| Financial Highlights (Millions of Euros) | |||
| Consolidated Revenues | 373.4 | 381.4 | 2.2% |
| Consolidated EBITDA | 159.4 | 173.5 | 8.8% |
| Consolidated EBITDA Margin | 42.7% | 45.5% | 2.8pp |
| Consolidated EBITDA AL | 137.6 | 146.2 | 6.2% |
| Consolidated EBITDA AL Margin | 36.8% | 38.3% | 1.5pp |
| Consolidated EBITDA AL - Consolidated CAPEX Excluding Leasings & Other Contractual Rights |
6.2 | 49.1 | 698.3% |
| Telco Revenues | 365.8 | 369.2 | 0.9% |
| Telco EBITDA | 149.6 | 163.7 | 9.4% |
| Telco EBITDA Margin | 40.9% | 44.3% | 3.4pp |
| Telco EBITDA AL | 130.7 | 138.9 | 6.3% |
| Telco EBITDA Margin AL | 35.7% | 37.6% | 1.9pp |
| Telco EBITDA AL - Telco CAPEX Excluding Leasings & Other Contractual Rights | 5.2 | 46.3 | 796.5% |
We had a strong start to 2023, with accelerated growth and very positive momentum in our core Telco business. Our focus on customer experience and technological leadership continues to lead to robust operational performance, with strong KPI growth. These positive results demonstrate our commitment to delivering superior network, service, and product quality to our customers.
- · We delivered another quarter of healthy RGU growth across all businesses and with particular strength in mobile. Total RGUs increased by 89.4 thousand net additions of which 77.9 came from mobile (85.6% in mobile post-paid contracts).
- · Fixed Broadband services increased by 6.3 thousand and Fixed PayTV by 7.5 thousand net additions respectively, reflecting the regard with which Portuguese consumers view our next generation fixed connectivity solutions and the high value proposition of our NOS TV solutions.
- · Convergence remains a key preference of consumers with an additional 15.2 thousand customers taking their residential services in integrated bundles representing 68% of the fixed customer base by the end of the quarter.
- · Cinema operations kept up their positive trajectory over the previous year, with ticket sales up by 52% in 1Q23 to 1,502 thousand, again recovering well only down by 19% versus 1Q19.
Operating momentum driving solid financial results
- Consolidated revenues grew 2.2% yoy to 381.4 million euros, with EBITDA growth of 8.8% to 173.5 million and EBITDA AL of 6.2% to 146.2 million euros.
- · Telco Revenues grew by 0.9% to 369.2 million euros impacted for the high volume of resale revenues booked in 1Q22. Adjusting for low margin resale revenues, Telco Revenues would have grown by 5.4%. Audiovisual and Cinema Revenues grew by 22.6% to 20.4 million euros.
- · Telco EBITDA increased 9.4% yoy to 163.7 million euros. Telco EBITDA AL increased 6.3% yoy to 138.9 million euros, Audiovisual and Cinema EBITDA AL increased 5.8% to 7.2 million euros. General inflationary pressures continued to affect the cost base albeit ongoing operating efficiencies helped to offset the impact.
- · Net Income attributable to NOS shareholders amounted to 34.9 million euros in 1Q23 representing a decline of 15.1% yoy.
- · Total CAPEX excluding leasing contracts and other contractual rights was 97.0 million euros in 1Q23, a decline of 26.2% yoy as was expected due to the fact that 5G deployment is decelerating with more than 88% population coverage at the end of 1Q23.
- · Total Free Cash-Flow Before Dividends, Financial Investments and Own Shares Acquisition in 1Q23 amounted to 28.4million euros reflecting the yoy improvement in EBITDA AL and the anticipated decline in CAPEX.
OPERATING AND FINANCIAL REVIEW
The Consolidated Financial Statements for 1Q23 have been subject to a limited review.
| Table 2. | |||
|---|---|---|---|
| Profit and Loss Statement (Millions of Euros) |
1Q22 | 1Q23 | 1Q23 / 1Q22 |
| Operating Revenues | 373.4 | 381.4 | 2.2% |
| Telco | 365.8 | 369.2 | 0.9% |
| Consumer Revenues | 247.8 | 265.1 | 7.0% |
| Business Revenues | 97.1 | 79.6 | (18.0%) |
| Wholesale and Others | 21.0 | 24.5 | 16.6% |
| Audiovisuals & Cinema (1) | 16.6 | 20.4 | 22.6% |
| Others and Eliminations | (9.1) | (8.2) | (10.0%) |
| Operating Costs Excluding D&A | (213.9) | (207.9) | (2.8%) |
| Telco | (216.1) | (205.5) | (4.9%) |
| Audiovisuals & Cinema (1) | (6.8) | (10.5) | 53.8% |
| Others and Eliminations | 9.1 | 8.2 | (10.0%) |
| FBITDA (2) | 159.4 | 173.5 | 8.8% |
| EBITDA Margin | 42.7% | 45.5% | 2.8pp |
| Telco | 149.6 | 163.7 | 9.4% |
| EBITDA Margin | 40.9% | 44.3% | 3.4pp |
| Cinema Exhibition and Audiovisuals | 9.8 | 9.9 | 0.7% |
| EBITDA Margin | 58.9% | 48.4% | (10.5pp) |
| Depreciation and Amortization | (110.4) | (120.4) | 9.1% |
| (Other Expenses) / Income | 2.7 | (0.5) | 118.2% |
| Operating Profit (EBIT) (3) | 51.8 | 52.6 | 1.7% |
| Share of profits (losses) of associates and joint ventures | 5.3 | 2.5 | (52.3%) |
| (Financial Expenses) / Income | (9.1) | (13.0) | 43.4% |
| Leases Financial Expenses | (6.2) | (7.4) | 19.7% |
| Funding & Other Financial Expenses | (2.8) | (5.5) | 95.1% |
| Income Before Income Taxes | 48.0 | 42.2 | (12.1%) |
| Income Taxes | (6.9) | (7.1) | (2.9%) |
| Net Income Before Associates & Non-Controlling Interests | 35.8 | 32.5 | (9.1%) |
| Net income | 41.1 | 35.0 | (14.7%) |
| Net income attributable to Non-controlling interests | 0.0 | (0.1) | (533.4%) |
| Net Income attributable to NOS shareholders | 41.1 | 34.9 | (15.1%) |
| Net Income attributable to NOS shareholders excluding gain from tower sale | 41.1 | 34.9 | (15.1%) |
| (1) Includes cinema operations in Mozambique. (2) EBITDA = Operating Profit + Depeciation + Integration + Integration Costs + Other Non-Recurrent Lossel Gains |
| (2) EBITDA = Operating Profit + Depeciation + Integration Cost + Net Losses/Gains on Disposal of Assets + Other Non-Recurent Losses/Gi | |||
|---|---|---|---|
| (3) EBIT = Income Before Financials and Income Taxes. |
| Leasings | (21.9) | (27.4) | 25.3% |
|---|---|---|---|
| Telco | (18.9) | (24.7) | 30.9% |
| Cinema Exhibition and Audiovisuals | (3.0) | (2.6) | (11.0%) |
| Operating costs Excluding D&A AL | (235.8) | (235.2) | (0.2%) |
| Telco | (235.0) | (230.2) | (2.0%) |
| Audiovisuals & Cinema (1) | (9.8) | (13.2) | 34.3% |
| Others and Eliminations | 9.1 | 8.2 | (10.0%) |
| EBITDA AL | 137.6 | 146.2 | 6.2% |
| EBITDA AL margin | 36.8% | 38.3% | 1.5pp |
| Telco | 130.7 | 138.9 | 6.3% |
| EBITDA AL margin | 35.7% | 37.6% | 1.9pp |
| Audiovisuals & Cinema | 6.8 | 7.2 | 5.8% |
| EBITDA AL margin | 41.1% | 35.5% | (5.6pp) |
Revenues
Consolidated revenues in 1Q23 grew by 2.2% YoY to 381.4 million euros, driven by the strength of operational performance across all business segments. Telco revenues were 0.9% higher yoy, reaching 369.2 million euros, impacted for the high volume of resale revenues booked in 1Q22. Adjusting for low margin resale revenues, Telco Revenues would have grown by 5.4% and consolidated revenues by 6.6%. This very positive growth was driven primarily by strong growth of 7.0% in the B2C segment driven by increased RGUs and improved customer value mix. B2B revenues, adjusted for the impact of the low margin B2B resale revenues decreased by 2.7%. Wholesale and other revenues also continued to grow strongly, driven by the ongoing recovery in roaming revenues and a rise in low margin mass calling services.
Audiovisual distribution and cinema exhibition revenues in 1Q23 grew by 22.6% yoy to 20.4 million euros, reflecting the ongoing recovery in cinema sales, in particular impacted by the very strong attendance driven by "Avatar: The Way of Water" which became the highest GBO movie ever in Portugal. This growth was also supported by the successful screening of other blockbuster movies such as, "Puss in Boots: Last Wish" and "Creed II" showing that cinema going is very much alive as long as there are popular movies on show in theatres.
| Table 3. | |||
|---|---|---|---|
| Operating Indicators ('000) | 1Q22 | 1Q23 | 1Q23 / 1Q22 |
| Cinema (1) | |||
| Revenue per Ticket (Euros) | 5.5 | 6.1 | 10.0% |
| Tickets Sold - NOS | 987 6 | 1.501.7 | 52.1% |
| Tickets Sold - Total Portuguese Market (2) | 1.564.0 | 2.316.3 | 48.1% |
| Screens (units) (1) Portuguese Operations 13 Carrena K. Dankingsan Bankibith CanCinner and Singlassia |
208 | 214 | 29% |
EBITDA, EBITDA AL and Net Results
As from 1Q23 we will focus our review of operational profitability on EBITDA AL, equivalent to pre IFRS16 EBITDA. EBITDA will continue to be included, for reference and continuity in the coming quarters, in our reported financial tables.
Consolidated EBITDA maintained a very positive trend in 1Q23 increasing 8.8% to 173.5 million euros. Consolidated EBITDA AL increased by 6.2% to 146.2 million euros. Telco EBITDA AL posted a strong yoy increase of 6.3% to 138.9 million euros, while Audiovisual and Cinema EBITDA AL increased by 5.8% to 7.2 million euros.
Consolidated OPEX after leases remained flat yoy at 235.2 million euros. We continue our efforts to contain costs to offset global inflationary pressures and we remain focused on maintaining a positive margin trajectory, as we explore ways to optimize our cost base. This quarter the cost items more negatively affected by inflation were wages and salaries and external services, particularly the services with a high labour cost component. Commercial and service costs were also impacted by inflation. Also leasing costs increased due essentially to the additional tower sale executed in 2022 and to the inflationary environment, in the case of the tower leasing inflation adjustments are capped at 2%. On the positive side, we recorded a very significant decline in COGS due to the lower sales of low marqin software and IT resale revenues in comparison with 1Q22. Also we maintained an efficient management of energy costs which started to revert and contribute positively to EBITDA AL evolution.
Consolidated Net Results for 1Q23 amounted to 34.9 million euros representing a decline of 15.1% in comparison with 1Q22 explained mostly by an increase in D&A to 120.4 million euros, reflecting the high capex levels of 2021 and 2022. Also net financial costs increased to 13.0 million euros, impacted primarily by the increased interest rate environment.
CAPEX
Total CAPEX, excluding leasing contracts and other contractual rights, was significantly lower at 97.0 million euros, a reduction of 26.2% yoy, confirming the strong deceleration of 5G deployment which had already reached population coverage of 88% by the end of 1Q23. As a result, investment in Telco Technical CAPEX amounted to 53.4 million euros, of which 21.8 related to network expansion, substitution and integration projects, down 56.6% yoy. We remain committed to maintaining our network leadership position and providing customers with the best possible connectivity solutions however this strategic ambition will be achievable with a more normalized level of investment going forward. Customer related CAPEX was 39.2 million euros in the period, 8.2% yoy, reflecting the inflation in unit costs of CPEs, and also increase in the labour component of sales commissions and installation. Audiovisuals and Cinema CAPEX in 1Q23 reached 4.4 million euros.
| Table 4. | |||
|---|---|---|---|
| CAPEX (Millions of Euros) (1) | 1Q22 | 1Q23 | 1Q23 / 1Q22 |
| Total CAPEX Excluding Leasing Contracts & Other Contractual Rights | 131.4 | 97.0 | (26.2%) |
| Telco | 125.6 | 92.6 | (26.2%) |
| % of Telco Revenues | 34.3% | 25.1% | (9.2pp) |
| Q.w. Technical CAPFX | 89.4 | 53.4 | (40.2%) |
| % of Telco Revenues | 24.4% | 14.5% | (10.0pp) |
| Baseline Telco | 39.0 | 31.6 | (19.0%) |
| Network Expansion / Substitution and Integration Projects and Others |
50.4 | 21.8 | (56.6%) |
| o.w. Customer Related CAPEX | 36.7 | 39.2 | 8.7% |
| % of Telco Revenues | 9 9% | 10.6% | 0.7pp |
| Audiovisuals and Cinema Exhibition | 5.8 | 4.4 | (24.9%) |
| Leasing Contracts & Other Contractual Rights | 11.8 | 29.1 | 145.9% |
| Total Group CAPEX | 143.3 | 126.1 | (12.0%) |
| (1) CAPEX = Increase in Tangible and Intanqible Fixed Assets, Contract Costs and Rights of Use |
Cash Flow
| Table 5. | |||
|---|---|---|---|
| Cash Flow (Millions of Euros) | 1Q22 | 1Q23 | 1Q23 / 1Q22 |
| EBITDA AL | 137.6 | 146.2 | 6.2% |
| Total CAPEX Excluding Leasings & Other Contractual Rights | (131.4) | (97.0) | (26.2%) |
| EBITDA AL - Total CAPEX Excluding Leasings & Other Contractual Rights | 6.2 | 49.1 | 698.3% |
| % of Revenues | 1.6% | 12.9% | 11.2pp |
| Non-Cash Items Included in EBITDA AL - CAPEX and Change in Working Capital |
1.9 | (5.2) | (372.5%) |
| Operating Cash Flow | 8.1 | 44.0 | 445.6% |
| Interest Paid | (3.2) | (4.7) | 47.1% |
| Income Taxes Paid | (0.2) | 0.0 | (120.5%) |
| Disposals | 0.5 | 0.3 | (51.6%) |
| Other Cash Movements (2) | (1.0) | (11.2) | (972.2%) |
| Total Free Cash-Flow Before Dividends, Financial Investments and Own Shares Acquisition |
4.1 | 28.4 | 590.6% |
| Financial Investments | 0.2 | 0.1 | (63.1%) |
| Acquisition of Own Shares | (2.9) | (4.4) | 50.9% |
| Dividends | 0.0 | 0.0 | n.a. |
| Free Cash Flow | 1.4 | 24.0 | 1659.9% |
| Debt Variation Through Financial Leasing, Accruals & Deferrals & Others | (0.2) | (1.0) | 391.8% |
| Change in Net Financial Debt | (1.2) | (23.0) | 1883.8% |
udes Cash Restructuring Payme
In 1Q23, EBITDA AL minus total CAPEX excluding leases and other contractual rights amounted to 49.1 million euros, a significant increase compared to 6.2 million euros in 1Q22, reflecting the positive trend in EBITDA AL and reduction in investment following peak CAPEX levels recorded in 2022.
Total FCF for the quarter was 28.4 million euros, reflecting very solid operating performance. This quarter was impacted negatively by "Other Cash Movements" of 11.2 million euros, representing mostly the tower sale VAT payment of 10.3 million euros that was received from the final tower transaction in 4Q22. Excluding this non-recurrent VAT payment from the tower transaction, FCF would have amounted to 38.7 million euros.
Consolidated Balance Sheet
Table 6.
| Balance Sheet (Millions of Euros) | 1Q22 | 1Q23 | 1Q23 / 1Q22 |
|---|---|---|---|
| Non-current Assets | 2,795.8 | 2,930.1 | 4.8% |
| Current Assets | 536.8 | 558.5 | 4.0% |
| Total Assets | 3,332.7 | 3,488.6 | 4.7% |
| Total Shareholders' Equity | 1,007.3 | 1,083.3 | 7.5% |
| Non-current Liabilities | 1,537.7 | 1,382.7 | (10.1%) |
| Current Liabilities | 787.7 | 1,022.6 | 29.8% |
| Total Liabilities | 2,325.4 | 2,405.3 | 3.4% |
| Total Liabilities and Shareholders' Equity | 3,332.7 | 3,488.6 | 4.7% |
Capital Structure and Funding
| Table 7. | |||
|---|---|---|---|
| Net Financial Debt (Millions of Euros) | 1Q22 | 1Q23 | 1Q23 / 1Q22 |
| Short Term | 99.1 | 342.9 | 246.2% |
| Medium and Long Term | 947.0 | 649.4 | (31.4%) |
| Total Debt | 1,046.0 | 992 3 | (5.1%) |
| Cash and Short Term Investments | 15.5 | 23.1 | 49.2% |
| Net Financial Debt (1) | 1,030.5 | 969.2 | (6.0%) |
| Net Financial Debt / EBITDA after lease payments (last 4 quarters) (4) | 1.96x | 1.74x | (0.11pp) |
| Leasings and Long Term Contracts | 528.8 | 638.9 | 20.8% |
| Net Debt | 1,559.3 | 1,608.1 | 3.1% |
| Net Debt / EBITDA | 2.49x | 2.42x | (0.03pp) |
| Net Financial Gearing (3) | 60.8% | 59.8% | -1.7% |
| (1) Net Financial Debt = Borrowings - Leasings - Cash A PAITS A Li G L B B B C C C C COLTO L C C C C L B C C L B C C L C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C C |
(2) EBTIDA After Lease Payments = EBITDA - Lease Cash Payments (Capital & li
(3) Net Financial Gearing = Net Debt / (Net Debt + Total Shareholders' Equity).
As of the end of 1Q23, NOS had a total net debt, including leasings and long-term contracts (according to IFRS16) of 1,608.1 million euros. Net financial debt stood at 969.2 million euros with a cash and short-term investment position on the balance sheet of 23.1 million euros. NOS has a strong funding position with unissued commercial paper programmes of 387.5 million euros. Net financial debt / EBITDA AL stood at 1.74x in 1Q23, which is comfortably below NOS' target leverage ratio of around 2x net financial debt / EBITDA AL.
The all-in average cost of debt for 1Q23 was 2.3%, an increase versus last quarter reflecting the increasing interest rate context. As at 31 March 2023, the proportion of NOS' issued debt paying interest at a fixed rate was approximately 63%.
At the end of 1Q23, the average maturity of NOS debt was 2.7 years.
General Meeting and Shareholder Remuneration
On 5 April 2023, NOS' held its Annual General Meeting. All points on the agenda were approved and as a result, NOS' shareholders approved an ordinary dividend payment of 27.8c per share, in line with last year and an extraordinary dividend of 15.2c per share, linked to the capital gain and FCF generated by the tower sale transaction closed in 2022. Payment of the total dividend was made on 21 April 2023.
Upon payment of this dividend, NOS maintains a solid capital structure, remaining below its target net debt ratio of 2x NFD / EBITDA AL. NOS remains robustly positioned to meet future investments and committed to continuing to distribute an attractive level of dividends whilst maintaining a strategic focus on preserving a strong capital structure to support continued delivery of sustainable value creation for shareholders.
APPENDIX
Table 8.
| Telco - operating indicators11 ('000) |
1Q21 | 2021 | 3021 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Homes Passed | 4,908.3 | 4,987.5 | 5,068.9 | 5,096.8 | 5,134.4 | 5,176.4 | 5,216.6 | 5,284.0 | 5,336.8 | 5,096.8 | 5,284.0 |
| Total RGUs | 9,901.2 | 9,999.3 | 10,146.1 | 10,305.5 | 10,393.3 | 10,523.6 | 10,665.2 | 10,782.3 | 10,871.7 | 10,305.5 | 10,782.3 |
| o.w. Consumer RGUs | 8,370.4 | 8,459.8 | 8,591.2 | 8,725.7 | 8,797.8 | 8,907.6 | 9,024.7 | 9,122.0 | 9,200.0 | 8,725.7 | 9,122.0 |
| o.w. Business RGUs | 1,530.7 | 1,539.4 | 1,554.9 | 1,579.8 | 1,595.5 | 1,616.0 | 1,640.4 | 1,660.2 | 1,671.7 | 1,579.8 | 1,660.2 |
| Mobile RGUs | 4,992.1 | 5,084.9 | 5,209.9 | 5,349.9 | 5,423.5 | 5,529.0 | 5,642.3 | 5,733.8 | 5,811.7 | 5,349.9 | 5,733.8 |
| Pre-Paid | 1,937.0 | 1,957.5 | 2,004.4 | 2,058.8 | 2,076.3 | 2,096.5 | 2,102.6 | 2,112.2 | 2,123.4 | 2,058.8 | 2,112.2 |
| Post-Paid | 3,055.1 | 3,127.3 | 3,205.5 | 3,291.1 | 3,347.2 | 3,432.5 | 3,539.7 | 3,621.6 | 3,688.3 | 3,291.1 | 3,621.6 |
| Pay TV Fixed Access (2) | 1,362.4 | 1,369.4 | 1,381.6 | 1,392.8 | 1,401.8 | 1,411.3 | 1,424.1 | 1,434.3 | 1,441.8 | 1,392.8 | 1,434.3 |
| Pay TV DTH | 275.7 | 268.7 | 260.6 | 252.8 | 246.0 | 241.0 | 235.3 | 229.9 | 223.7 | 252.8 | 229.9 |
| Fixed Voice | 1,770.9 | 1,770.4 | 1,775.7 | 1,782.5 | 1,784.8 | 1,792.0 | 1,799.3 | 1,808.7 | 1,812.5 | 1,782.5 | 1,808.7 |
| Broadband | 1,461.8 | 1,466.5 | 1,478.2 | 1,485.8 | 1,492.3 | 1,501.5 | 1,513.5 | 1,523.5 | 1,529.9 | 1,485.8 | 1,523.5 |
| Others and Data | 38.3 | 39.4 | 40.2 | 41.6 | 44.8 | 48.6 | 50.8 | 51.9 | 52.1 | 41.6 | 51.9 |
| 3,4&SP Subscribers (Fixed Access) | 1,234.8 | 1,246.5 | 1,269.3 | 1,287.2 | 1,300.6 | 1,314.1 | 1,330.2 | 1,344.8 | 1,361.3 | 1,287.2 | 1,344.8 |
| % 3,4&5P (Fixed Access) | 90.6% | 91.0% | 91.9% | 92.4% | 92.8% | 93.1% | 93.4% | 93.8% | 94.4% | 92.4% | 93.8% |
| Convergent + Integrated RGUs | 5,002.0 | 5,060.5 | 5,146.3 | 5,231.6 | 5,319.6 | 5,417.9 | 5,538.7 | 5,645.1 | 5,739.0 | 5,231.6 | 5,645.1 |
| Convergent + Integrated Customers | 985.8 | 993.8 | 1,005.8 | 1,020.8 | 1,036.2 | 1,052.1 | 1,071.2 | 1,089.0 | 1,104.3 | 1,020.8 | 1,089.0 |
| Fixed Convergent + Integrated Customers as % of Fixed Access Customers | 62.9% | 63.4% | 63.9% | 64.4% | 65.2% | 65.8% | 66.5% | 67.2% | 67.9% | 64.4% | 67.2% |
| % Convergent + Integrated Customers | 60.1% | 60.7% | 61.2% | 62.0% | 62.9% | 63.7% | 64.6% | 65.4% | 66.3% | 62.0% | 65.4% |
| Residential ARPU / Unique Subscriber With Fixed Access (Euros)(3(4) | 46.4 | 47.1 | 47.6 | 48.0 | 47.1 | 47.9 | 48.5 | 48.4 | 49.3 | 42.0 | 43.3 |
| Net Adds | |||||||||||
| Homes Passed | 101.6 | 79.2 | 81.4 | 27.9 | 37.6 | 42.0 | 40.1 | 67.5 | 52.8 | 290.1 | 187.2 |
| Total RGUs | (16.6) | 98.1 | 146.9 | 159.3 | 87.8 | 130.2 | 141.6 | 117.1 | 89.4 | 387.7 | 476.8 |
| o.w. Consumer RGUs | (20.3) | 89.4 | 131.4 | 134.5 | 72.1 | 109.7 | 117.2 | 97.3 | 78.0 | 334.9 | 396.3 |
| o.w. Business RGUs | 3.7 | 8.7 | 15.5 | 24.9 | 15.7 | 20.5 | 24.4 | 19.8 | 11.5 | 52.8 | 80.4 |
| Mobile | (15.7) | 92.8 | 125.0 | 140.0 | 73.6 | 105.5 | 113.3 | 91.5 | 77.9 | 342.1 | 384.0 |
| Pre-Paid | (54.7) | 20.5 | 46.9 | 54.4 | 17.5 | 20.3 | 6.0 | 9.6 | 11.2 | 67.1 | 53.4 |
| Post-Paid | 39.0 | 72.3 | 78.1 | 85.6 | 56.1 | 85.2 | 107.2 | 81.9 | 66.7 | 275.0 | 330.5 |
| Pay TV Fixed Access (2) | 1.0 | 7.0 | 12.1 | 11.3 | 9.0 | 9.5 | 12.7 | 10.3 | 7.5 | 31.4 | 41.5 |
| Pay TV DTH | (4.0) | (7.0) | (8.1) | (7.8) | (6.9) | (5.0) | (5.7) | (5.3) | (6.2) | (26.8) | (22.9) |
| Fixed Voice | (3.3) | (0.5) | 5.3 | 6.8 | 2.3 | 7.2 | 7.3 | 9.4 | 3.8 | 8.3 | 26.1 |
| Broadband | 4.2 | 4.7 | 11.7 | 7.6 | 6.5 | 9.2 | 11.9 | 10.1 | 6.3 | 28.2 | 37.7 |
| Others and Data | 1.1 | 1.0 | 0.8 | 1.4 | 3.3 | 3.8 | 2.1 | 1.2 | 0.2 | 4.4 | 10.4 |
| 3,4&5P Subscribers (Fixed Access) | 5.5 | 11.7 | 22.8 | 17.9 | 13.3 | 13.5 | 16.2 | 14.5 | 16.5 | 58.0 | 57.5 |
| Convergent + Integrated RGUs | 45.9 | 58.6 | 85.8 | 85.2 | 88.0 | 98.4 | 120.8 | 106.4 | 94.0 | 275.5 | 413.5 |
| Convergent + Integrated Customers | 9.0 | 8.1 | 12.0 | 14.9 | 15.4 | 15.9 | 19.1 | 17.9 | 15.2 | 44.0 | 68.3 |
| (1) Operações Portuguesas nider nolor reder Jo UCC CTD L- UII - Black |
(2) Os Subscritores de Aceso Fico incluen os clientes servidos pelas redes de HFC, FTTH e UL e clib
(3) O ARPU Residential for escriptos pelas de cartas de carta Ski integr
| Table 9. | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cinemas - operating indicators - ('000) |
1021 | 2021 | 3Q21 | 4Q21 | 1022 | 2022 | 3Q22 | 4022 | 1023 | 2021 | 2022 |
| Revenue per Ticket (Euros) | 5.5 | 5.4 | 5.3 | 5.6 | 5.5 | 5.7 | 5.5 | 5.9 | 6.1 | 5.5 | 5.9 |
| Tickets Sold - NOS | 15.9 | 551.8 | 1,251.9 | 1,631.1 | 987.6 | 1,596.6 | 1,786.0 | 1,890.8 | 1,501.7 | 3,450.7 | 6,261.0 |
| Tickets Sold - Total Portuguese Market | 26.9 | 865.9 | 1,564.0 | 2,586.8 | 1,552.3 | 2,440.9 | 2,720.1 | 2,841.5 | 2,316.3 | 5,043.7 | 9.554.9 |
| Screens (units) | 208.0 | 208.0 | 208.0 | 208.0 | 208.0 | 208.0 | 214.0 | 214.0 | 214.0 | 208.0 | 214.0 |
| Table 10 | |
|---|---|
| Profit and Loss Statement (Millions of Euros) |
1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Revenues | 337.4 | 341.0 | 366.5 | 385.4 | 373.4 | 368.6 | 381.5 | 397.5 | 381.4 | 1,430.3 | 1521.0 |
| Telco | 335.7 | 336.7 | 356.8 | 372.3 | 365.8 | 355.6 | 367.6 | 380.2 | 369.2 | 1,401.5 | 1469.2 |
| Consumer Revenues (1) | 244.1 | 246.9 | 252.6 | 258.5 | 247.8 | 253.1 | 263.4 | 269.1 | 265.1 | 1,002.0 | 1033.4 |
| Business Revenues (1) | 73.1 | 73.3 | 79.5 | 90.6 | 97.1 | 79.3 | 77.4 | 82.7 | 79.6 | 316.5 | 336.5 |
| Wholesale and Others(1) | 18.5 | 16.5 | 24.8 | 23.2 | 21.0 | 23.2 | 26.8 | 28.4 | 24.5 | 82.9 | 99.3 |
| Audiovisuals & Cinema (2) | 9.7 | 13.4 | 19.1 | 24.9 | 16.6 | 22.4 | 23.4 | 27.1 | 20.4 | 67.0 | 89.6 |
| Others and Eliminations | (8.0) | (9.1) | (9.4) | (11.8) | (9.1) | (9.5) | (9.5) | (9.8) | (8.2) | (38.2) | (37.8) |
| Operating Costs Excluding D&A | (185.3) | (186.6) | (195.3) | (245.1) | (213.9) | (205.8) | (203.7) | (246.6) | (207.9) | (812.3) | (869.9) |
| Telco | (192.2) | (191.8) | (197.6) | (245.5) | (216.1) | (204.4) | (200.3) | (242.4) | (205.5) | (827.1) | (863.2) |
| Audiovisuals & Cinema (2) | (1.1) | (3.8) | (7.1) | (11.4) | (6.8) | (10.8) | (12.9) | (14.0) | (10.5) | (23.4) | (44.6) |
| Others and Eliminations | 8.0 | 9.1 | 9.4 | 11.8 | 9.1 | 9.5 | 9.5 | 9.8 | 8.2 | 38.2 | 37.8 |
| EBITDA (3) | 152.2 | 154.4 | 171.1 | 140.2 | 159.4 | 162.8 | 177.8 | 150.9 | 173.5 | 618.0 | 651.1 |
| EBITDA Margin | 45.1% | 45.3% | 46.7% | 36.4% | 42.7% | 44.2% | 46.6% | 38.0% | 45.5% | 43.2% | 42.8% |
| Telco | 143.5 | 144.9 | 159.2 | 126.8 | 149.6 | 151.2 | 167.3 | 137.8 | 163.7 | 574.4 | 606.0 |
| EBITDA Margin | 42.8% | 43.0% | 44.6% | 34.1% | 40.9% | 42.5% | 45.5% | 36.2% | 44.3% | 41.0% | 41.2% |
| Cinema Exhibition and Audiovisuals | 8.7 | તે તે રે | 12.0 | 13.4 | 9.8 | 11.6 | 10.5 | 13.1 | 9.9 | 43.6 | 45.1 |
| EBITDA Margin | 89.1% | 85.1% | 62.6% | 54.1% | 58.9% | 51.7% | 44.9% | 48.5% | 48.4% | 65.0% | 50.3% |
| Depreciation and Amortization | (101.4) | (103.4) | (108.0) | (106.7) | (110.4) | (110.9) | (124.2) | (135.3) | (120.4) | (419.5) | (480.9) |
| (Other Expenses) / Income | (4.3) | (1.7) | (1.4) | (2.4) | 2.7 | (0.5) | 74.2 | 23.7 | (0.5) | (9.8) | 100.0 |
| Operating Profit (EBIT) (4) | 46.4 | 49.3 | 61.8 | 31.1 | 51.8 | 51.4 | 127.8 | 39.3 | 52.6 | 188.7 | 270.2 |
| Share of profits (losses) of associates and joint ventures | 2.8 | (0.5) | 2.4 | (1.1) | 5.3 | 5.1 | 6.6 | 5.1 | 2.5 | 3.6 | 22.1 |
| (Financial Expenses) / Income | (9.2) | (8.7) | (8.9) | (9.9) | (9.1) | (8.9) | (7.9) | (୨.୮) | (13.0) | (36.6) | (35.2) |
| Leases Financial Expenses | (6.5) | (6.4) | (6.3) | (6.3) | (6.2) | (6.2) | (6.2) | (6.2) | (6.2) | (25.6) | (24.8) |
| Funding & Other Financial Expenses | (2.7) | (2.2) | (2.5) | (3.6) | (2.8) | (2.6) | (1.7) | (3.2) | (6.8) | (11.0) | (10.4) |
| Income Before Income Taxes | 40.1 | 40.2 | 55.3 | 20.1 | 48.0 | 47.6 | 126.5 | 35.0 | 42.2 | 155.6 | 257.1 |
| Income Taxes | (9.5) | 3.0 | (9.2) | 3.9 | (6.9) | (3.4) | (20.6) | (1.7) | (7.1) | (11.8) | (32.7) |
| Net Income Before Associates & Non-Controlling Interests | 27.7 | 43.7 | 43.7 | 25.2 | 35.8 | 39.1 | 99.3 | 28.1 | 32.5 | 140.3 | 202.3 |
| Net Income | 30.5 | 43.2 | 46.1 | 24.0 | 41.1 | 44.2 | 105.9 | 33.3 | 35.0 | 143.9 | 224.4 |
| Net income attributable to Non-controlling interests | 0.0 | 0.1 | 0.0 | 0.1 | 0.0 | (0.0) | 0.1 | 0.0 | (0.1) | 0.3 | 0.1 |
| Discontinued Operations | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net Income attributable to NOS shareholders | 30.5 | 43.3 | 46.1 | 24.1 | 41.1 | 44.2 | 106.0 | 33.3 | 34.9 | 144.2 | 224.6 |
| 1) Current quarter figures are estimates subject to possible review after final allocations determined (2) Includes cinema operations in Mozambique. (3) EBITDA = Operating Profit + Depreciation + Integration Costs + Net Losses/Gains on Disposal of Assess + Other Non-Recurent Losses/Gains 4) EBIT = Income Before Financials and Income Taxes. |
|||||||||||
| Leasings | (21.1) | (24.3) | (25.2) | (28.4) | (21.9) | (25.3) | (25.0) | (31.2) | (27.4) | (99.0) | (103.3) |
| Telco | (18.3) | (21.6) | (22.1) | (25.3) | (18.9) | (22.3) | (22.8) | (29.2) | (24.7) | (87.3) | (93.3) |
| Cinema Exhibition and Audiovisuals | (2.7) | (2.7) | (3.1) | (3.1) | (3.0) | (3.0) | (2.1) | (2.0) | (2.6) | (11.7) | (10.1) |
| Operating costs Excluding D&A AL | (206.4) | (210.9) | (220.5) | (273.6) | (235.8) | (231.1) | (228.7) | (277.8) | (235.2) | (911.4) | (973.3) |
| Telco | (210.5) | (213.4) | (219.7) | (270.8) | (235.0) | (226.7) | (223.1) | (271.6) | (230.2) | (914.4) | (956.5) |
| Audiovisuals & Cinema (1) | (3.8) | (6.6) | (10.2) | (14.6) | (9.8) | (13.8) | (15.0) | (16.0) | (13.2) | (35.1) | (54.6) |
| Others and Eliminations | 8.0 | 9.1 | 9.4 | 11.8 | 9.1 | ది. న | તે તે | 9.8 | 8.2 | 38.2 | 37.8 |
| EBITDA AL | 131.1 | 130.1 | 146.0 | 111.8 | 137.6 | 137.5 | 152.9 | 119.7 | 146.2 | 518.9 | 547.7 |
| EBITDA AL margin | 38.8% | 38.2% | 39.8% | 29.0% | 36.8% | 37.3% | 40.1% | 30.1% | 38.3% | 36.3% | 36.0% |
| Telco | 125.2 | 123.3 | 137.1 | 101.5 | 130.7 | 128.9 | 144.5 | 108.6 | 138.9 | 487.1 | 512.7 |
| EBITDA AL margin | 37.3% | 36.6% | 38.4% | 27.3% | 35.7% | 36.2% | 39.3% | 28.6% | 37.6% | 34.8% | 34.9% |
| Cinema Exhibition and Audiovisuals | 5.9 | 6.8 | 8.9 | 10.3 | 6.8 | 8.6 | 8.4 | 11.1 | 7.2 | 31.9 | 35.0 |
60.9%
Table 11.
| CAPEX (1) (Millions of Euros) |
1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total CAPEX Excluding Leasing Contracts & Other Contractual Rights | 96.0 | 104.1 | 110.0 | 112.3 | 131.4 | 112.6 | 120.2 | 131.7 | 97.0 | 422.3 | 495.9 |
| Telco | 93.2 | 101.2 | 105.7 | 105.6 | 125.6 | 107.7 | 114.0 | 125.7 | 92.6 | 405.6 | 473.0 |
| % of Telco Revenues | 27.8% | 30.0% | 29.6% | 28.4% | 34.3% | 30.3% | 31.0% | 34.2% | 25.2% | 28.9% | 32.2% |
| O.W. Technical CAPEX | 49.0 | 65.4 | 70.2 | 70.9 | 89.4 | 72.8 | 75.9 | 87.1 | 53.4 | 255.5 | 325.1 |
| % of Telco Revenues | 14.6% | 19.4% | 19.7% | 19.1% | 24.4% | 20.5% | 20.7% | 23.7% | 14.5% | 18.2% | 22.1% |
| Baseline Telco | 38.6 | 34.0 | 30.6 | 39.4 | 39.0 | 40.1 | 39.5 | 42.6 | 31.6 | 142.6 | 161.3 |
| Network Expansion / Substitution and Integration Projects and Others | 10.4 | 31.4 | 39.6 | 31.5 | 50.4 | 32.6 | 36.4 | 44.5 | 21.8 | 112.9 | 163.9 |
| o.w. Customer Related CAPEX | 44.2 | 35.8 | 35.5 | 34.7 | 36.2 | 35.0 | 38.1 | 38.6 | 39.2 | 150.1 | 147.9 |
| % of Telco Revenues | 13.2% | 10.6% | 9.9% | 9.3% | 9.9% | 9.8% | 10.4% | 10.2% | 10.6% | 10.7% | 10.1% |
| Audiovisuals and Cinema Exhibition | 2.7 | 3.0 | 4.3 | 6.7 | 5.8 | 4.8 | 6.2 | 6.0 | 4.4 | 16.7 | 22.9 |
| Leasing Contracts & Other Contractual Rights | 2.9 | 9.8 | 12.5 | 11.0 | 11.8 | 21.0 | 16.6 | 80.5 | 29.1 | 36.2 | 129.9 |
| Spectrum licenses | 0.0 | 0.0 | 0.0 | 151.3 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 151.3 | 0.0 |
| Total Group CAPEX | 98.8 | 114.0 | 122.5 | 274.5 | 143.3 | 133.6 | 136.8 | 212.2 | 126.1 | 609.8 | 625.8 |
| (1) CAPEX = Increase in Tangible and Intangible Fixed Assets, Contract Costs and Rights of Use |
Table 12.
| Cash Flow (Millions of Euros) |
1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA AL | 131.1 | 130.1 | 146.0 | 111.8 | 137.6 | 137.5 | 152.9 | 119.7 | 146.2 | 518.9 | 547.7 |
| Total CAPEX Excluding Leasings & Other Contractual Rights | (96.0) | (104.1) | (110.0) | (112.3) | (131.4) | (112.6) | (120.2) | (131.7) | (97.0) | (422.3) | (495.9) |
| EBITDA AL - Total CAPEX Excluding Leasings & Other Contractual Rights | 35.1 | 26.0 | 36.0 | (0.5) | 6.2 | 24.9 | 32.7 | (12.0) | 49.1 | 96.6 | 51.8 |
| % of Revenues | 10.4% | 7.6% | 9.8% | -0.1% | 1.6% | 6.8% | 8.6% | -3.0% | 12.9% | 6.8% | 3.4% |
| Non-Cash Items Included in EBITDA AL - CAPEX and Change in Working Capital | (3.2) | 9.3 | (10.4) | (1.5) | 1.9 | 11.9 | (11.4) | 0.5 | (5.2) | (5.9) | 2.9 |
| Operating Cash Flow | 31.9 | 35.2 | 25.6 | (2.0) | 8.1 | 36.9 | 21.2 | (11.5) | 43.9 | 90.7 | 54.7 |
| Interest Paid | (3.5) | (4.4) | (2.3) | (0.7) | (3.2) | (4.0) | (1.5) | (1.8) | (4.7) | (10.9) | (10.5) |
| Income Taxes Paid | (1.5) | 0.1 | (13.8) | 14.5 | (0.2) | (0.7) | (18.4) | (10.1) | 0.0 | (0.7) | (29.4) |
| Disposals | 0.2 | 1.0 | 0.4 | 0.2 | 0.5 | 0.2 | 121.1 | 43.9 | 0.3 | 1.8 | 165.7 |
| Other Cash Movements (2) | (5.9) | (1.9) | (0.4) | (1.0) | (1.0) | (1.8) | 26.4 | (11.1) | (11.2) | (9.4) | 12.5 |
| Spectrum licenses | 0.0 | 0.0 | 0.0 | (151.3) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (151.3) | 0.0 |
| Total Free Cash-Flow Before Dividends, Financial Investments and Own Shares Acquisition | 21.2 | 29.9 | 9.4 | (140.3) | 4.1 | 30.6 | 148.8 | 9.5 | 28.4 | (79.8) | 193.0 |
| Financial Investments | 0.2 | 0.2 | (0.2) | (0.6) | 0.2 | (0.4) | (1.6) | 0.3 | 0.1 | (0.4) | (1.6) |
| Acquisition of Own Shares | (2.1) | 0.0 | 0.0 | 0.0 | (2.9) | (3.4) | (0.8) | 0.0 | (4.4) | (2.1) | (7.1) |
| Dividends | 0.0 | (142.4) | 0.0 | 0.0 | 0.0 | (142.3) | 0.0 | 0.0 | 0.0 | (142.4) | (142.3) |
| Free Cash Flow | 19.3 | (112.2) | 9.2 | (141.0) | 1.4 | (115.5) | 146.3 | 9.8 | 24.0 | (224.6) | 42.0 |
| Debt Variation Through Financial Leasing, Accruals & Deferrals & Others | (0.7) | 0.6 | (2.0) | (2.9) | (0.2) | 0.8 | (0.7) | (2.5) | (1.0) | (5.0) | (2.5) |
| Change in Net Financial Debt | (18.7) | 111.6 | (7.2) | 143.9 | (1.2) | 114.7 | (145.7) | (7.3) | (23.0) | 229.7 | (39.5) |
(1) Includes Long Term Contracts.
(2) Includes Cash Restructuring Payments and Other Cash Move
Table 13.
| Net Financial Debt (Millions of Euros) |
1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Short Term | 249.6 | 187.3 | 169.3 | 235.7 | 99.1 | 458.4 | 500.8 | 353.0 | 342.9 | 235.7 | 353.0 |
| Medium and Long Term | 705.0 | 737.1 | 762.0 | 806.9 | 947.0 | 699.6 | 649.4 | 654.5 | 649.4 | 806.9 | 654.5 |
| Total Debt | 954.6 | 924.4 | 931.2 | 1.042.6 | 1,046.0 | 1,158.0 | 1,150.2 | 1,007.4 | 992.3 | 1,042.6 | 1,007.4 |
| Cash and Short Term Investments | 171.2 | 29.4 | 43.4 | 10.9 | 15.5 | 12.8 | 150.6 | 15.2 | 23.1 | 10.9 | 15.2 |
| Net Financial Debt (1) | 783.4 | 895.0 | 887.8 | 1,031.7 | 1,030.5 | 1,145.2 | 999.5 | 992.2 | 969.2 | 1,031.7 | 992.2 |
| Net Financial Debt / EBITDA after lease payments (last 4 quarters)(4) | 1.50x | 1.75x | 1.73x | 1.99x | 1.96x | 2.15x | 1.85x | 1.81x | 1.74x | 1.99× | 1.81x |
| Leasings and Long Term Contracts | 560.4 | 551.5 | 543.5 | 534.0 | 528.8 | 525.4 | 562.3 | 630.2 | 638.9 | 534.0 | 630.2 |
| Net Debt | 1,343.8 | 1,446.5 | 1,431.3 | 1,565.7 | 1,559.3 | 1,670.6 | 1,561.8 | 1,622.4 | 1,608.1 | 1,565.7 | 1,622.4 |
| Net Debt / EBITDA | 2.23x | 2.41x | 2.35x | 2.53x | 2.49x | 2.64x | 2.44x | 2.49x | 2.42x | 2.53x | 2.49x |
| Net Financial Gearing (3) | 57.6% | 61.9% | 60.4% | 61.9% | 60.8% | 64.7% | 60.3% | 60.7% | 59.8% | 61.9% | 60.7% |
| (1) Net Financial Debt = Borrowings - Leasings - Cash (2) EBITDA After Lease Payments = EBITDA - Lease Cash Payments (Capital & Interest) BALLE ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! |
DISCLAIMER
This presentation contains forward looking information, including statements which constitute forward looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on the current beliefs and assumptions of our management and on information available to management only as of the date such statements were made. Forward-looking statements include: (a) information concerning strategy, possible or assumed future results of our operations, earnings, industry conditions, demand and pricing for our products and other aspects of our business, possible or future payment of dividends and share buyback program; and (b) statements that are preceded by, followed by or include the words "believes", "expects", "anticipates", "intends", "is confident", "plans", "estimates", "may", "might", "could", "would", and the negatives of such terms or similar expressions. These statements are not quarantees of future performance and are subject to factors, risks and uncertainties that could cause the assumptions and beliefs upon which the forwarding looking statements were based to substantially differ from the expectation predicted herein. These factors, risks and uncertainties include, but are not limited to, changes in demand for the company's services, technological changes, the effects of competition, telecommunications sector conditions, changes in regulation and economic conditions. Further, certain forward looking statements are based upon assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from the plans, strategy, objectives, expectations, estimates and intentions expressed or implied in such forward-looking statements. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments or to provide reasons why actual results may differ. You are cautioned not to place undue reliance on any forward-looking statements. NOS is exempt from filing periodic reports with the United States Securities and Exchange Commission ("SEC") pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934, as amended. Under this exemption, NOS is required to post on its website English language translations of certain information that it has made or is required to make public in Portugal, has filed or is required to file with the regulated market Eurolist by Euronext Lisbon or has distributed or is required to distribute to its security holders. This document is not an offer to sell or a solicitation of an offer to buy any securities.
ENQUIRIES
Chief Financial Officer: José Pedro Pereira da Costa Phone: (+351) 21 799 88 19
Analysts/Investors: Maria João Carrapato Phone: (+351) 21 782 47 25 / E-mail: [email protected]
Press: Margarida Nápoles
Phone: (+351) 21 782 48 07 / E-mail: [email protected]
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