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NOS SGPS
Quarterly Report • Jul 20, 2022
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Quarterly Report
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EARNINGS ANNOUNCEMENT 2 0 2 2
Lisbon, 20 July 2022
2Q22 HIGHLIGHTS
Robust operational performance reflected in core telco KPI growth, led by focus on customer experience and technological leadership
Continued recovery in cinema activity driving strong revenues in exhibition and movie distribution
| lable I. | ||||||
|---|---|---|---|---|---|---|
| 2Q22 Highlights ('000) | 2Q21 | 2Q22 | 2Q22 / 2Q21 | 1H21 | 1H22 | 1H22 / 1H21 |
| Operating Highlights | ||||||
| Homes Passed | 4,987.5 | 5,187.5 | 4.0% | 4,987.5 | 5,187.5 | 4.0% |
| % FttH | 46.0% | 55.9% | 9.8pp | 46.0% | 55.9% | 9.8pp |
| Total RGUs | 9,999.3 | 10,523.6 | 5.2% | 9,999.3 | 10,523.6 | 5.2% |
| Fixed Pay TV RGUs | 1,369.4 | 1,411.3 | 3.1% | 1,369.4 | 1,411.3 | 3.1% |
| Convergent + Integrated Customers | 993.8 | 1,052.1 | 5.9% | 993.8 | 1,052.1 | 5.9% |
| Fixed Convergent + Integrated Customers as % of Fixed Access Customers |
63.4% | 65.8% | 2.4pp | 63.4% | 65.8% | 2.4pp |
| Mobile RGUs | 5,084.9 | 5,529.0 | 8.7% | 5,084.9 | 5,529.0 | 8.7% |
| Residential ARPU / Unique Subscriber With Fixed Access (Euros)(1) | 47.1 | 47.8 | 1.5% | 46.8 | 47.4 | 1.4% |
| Financial Highlights (Millions of Euros) | ||||||
| Consolidated Revenues | 341.0 | 368.6 | 8.1% | 678.5 | 742.0 | 9.4% |
| Consolidated EBITDA | 154.4 | 162.8 | 5.4% | 306.6 | 322.3 | 5.1% |
| Consolidated EBITDA Marqin | 45.3% | 44.2% | (1.1pp) | 45.2% | 43.4% | (1.8pp) |
| Consolidated EBITDA - Consolidated CAPEX Excluding Leasings, Spectrum License & Other Contractual Rights |
50.3 | 50.3 | (0.1%) | 106.5 | 78.3 | (26.5%) |
| Telco Revenues | 336.7 | 355.6 | 5.6% | 672.4 | 721.4 | 7.3% |
| Telco EBITDA | 144.9 | 151.2 | 4.3% | 288.4 | 300.9 | 4.3% |
| Telco EBITDA Margin | 43.0% | 42.5% | (0.5pp) | 42.9% | 41.7% | (1.2pp) |
| Telco EBITDA - Telco CAPEX Excluding Leasings, Spectrum License & Other Contractual Rights (1) Fixed residential ARPU reestated from 1019 to include Revenues of SIM cards integrated in residential bills |
43.7 | 43.5 | (0.6%) | 94.0 | 67.5 | (28.2%) |
- Total RGUs recorded net adds of 130.2 thousand, +33% yoy, taking total RGUs to 10.523 million.
- Mobile was the main driver of service growth, with net adds of 85.2 thousand post-paid mobile services and 20.3 thousand pre-paid services. Fixed Broadband services grew by an additional 9.2 thousand services and Fixed Pay TV by 9.5 thousand taking total fixed BB and Pay TV services up to 1.502 million and 1.411 million, respectively.
- · Customers continue to prefer convergent and integrated packages, with net adds of 98.4 thousand services and of 15.9 thousand customers in 2Q22, taking the total number of customers with convergent and integrated services to 1.052 million, which now represent 65.8% of the fixed access customer base.
- · Reflection of NOS´successful focus on technological leadership and innovation, NOS was awarded first place as the fastest 5G network in Ookla's 2022 Speedtest Awards, and voted the best 2G/3G/4G mobile internet operator by Deco Proteste;
- Recovery in Cinema going led to an increase in Cinema tickets sold of 189% to 1.597 million in 2Q22, more than the growth in the overall market of 182%, demonstrating the value of NOS Cinema's theatre experience.
Sustained delivery of very positive financial results led by performance of core telco operations and yoy continued recovery in cinema and audiovisuals
- · Consolidated Revenues grew 8.1% yoy to 368.6 million euros in 2Q22 with, telco revenues growing by 5.6% to 35.6 million euros and Audiovisuals and Cinema revenues growing by 68.1% yoy to 22.4 million euros.
- · Consolidated EBITDA increased 5.4% yoy to 162.8 million euros, representing a 44.2% margin as a proportion of revenues. Telco EBITDA grew by 4.3% yoy to 151.2 million euros and Audiovisuals and Cinema EBITDA by 22.1% to 11.6 million euros.
- · Consolidated Net Income increased 2% yoy to 44.2 million euros.
- · Total CAPEX Excluding Leasing Contracts, Spectrum license & Other Contractual Rights increased 8.1% to 112.6 million euros led by our accelerated 5G deployment programme, however already lower than the peak recorded in 1Q22.
- · Dividend payment in 2Q22 of 142.3 million euros leading to seasonal increase in Net Financial Debt to 1,145.2 million euros, representing 2.15x Net Financial Debt / EBITDA AL (last 4 quarters). FCF generation and proceeds from towers sale transaction, to be received in 2H22, will return Net Financial Debt / EBITDA AL to levels within stated target of around 2x.
OPERATING AND FINANCIAL REVIEW
SULLING
The Consolidated Financial Statements for 2Q22 have been subject to limited review.
| Profit and Loss Statement (Millions of Euros) |
2Q21 | 2Q22 | 2Q22 / 2Q21 | 1H21 | 11-22 | 1H22 / 1H21 |
|---|---|---|---|---|---|---|
| Operating Revenues | 341.0 | 368.6 | 8.1% | 678.5 | 742.0 | 9.4% |
| Telco | 336.7 | 355.6 | 5.6% | 672.4 | 721.4 | 7.3% |
| Consumer Revenues | 246.9 | 252.8 | 2.4% | 491.0 | 500.4 | 1.9% |
| Business Revenues | 73.3 | 79.3 | 8.2% | 146.4 | 176.5 | 20.5% |
| Wholesale and Others | 16.5 | 23.5 | 42.2% | 35.0 | 44.5 | 27.2% |
| Audiovisuals & Cinema (1) | 13.4 | 22.4 | 68.1% | 23.1 | 39.1 | 69.4% |
| Others and Eliminations | (9.1) | (9.5) | 4.3% | (17.0) | (18.5) | 8.7% |
| Operating Costs Excluding D&A | (186.6) | (205.8) | 10.3% | (371.9) | (419.7) | 12.9% |
| Telco | (191.8) | (204.4) | 6.6% | (384.0) | (420.5) | 9.5% |
| Audiovisuals & Cinema (1) | (3.8) | (10.8) | 181.7% | (4.9) | (17.7) | 260.5% |
| Others and Eliminations | 9.1 | 9.5 | (4.3%) | 17.0 | 18.5 | 8.7% |
| FBITDA (2) | 154.4 | 162.8 | 5.4% | 306.6 | 322.3 | 5.1% |
| EBITDA Margin | 45.3% | 44.2% | (1.1pp) | 45.2% | 43.4% | (1.8pp) |
| Telco | 144.9 | 151.2 | 4.3% | 788.4 | 300.9 | 4.3% |
| EBITDA Margin | 43.0% | 42.5% | (0.5pp) | 42.9% | 41.7% | (1.2pp) |
| Cinema Exhibition and Audiovisuals | 9.5 | 11.6 | 22.1% | 18.2 | 21.4 | 17.8% |
| EBITDA Margin | 85.1% | 51.7% | (33.3pp) | 75.7% | 50.7% | (25.0pp) |
| Depreciation and Amortization | (103.4) | (110.9) | 7.3% | (204.8) | (221.3) | 8.1% |
| (Other Expenses) / Income | (1.7) | (0.5) | (70.0%) | (6.0) | 2.2 | (137.1%) |
| Operating Profit (EBIT) (3) | 49.3 | 51.4 | 4.2% | 95.8 | 103.2 | 7.7% |
| Share of profits (losses) of associates and joint ventures | (0.5) | 5.1 | 1094.4% | 2.3 | 10.4 | 346.7% |
| (Financial Expenses) / Income | (8.7) | (8.9) | 2.2% | (17.9) | (17.9) | 0.3% |
| Leases Financial Expenses | (6.4) | (6.3) | (2.7%) | (13.0) | (12.5) | (3.8%) |
| Funding & Other Financial Expenses | (2.2) | (2.6) | 16.3% | (4.9) | (5.4) | 11.0% |
| Income Before Income Taxes | 40.2 | 47.6 | 18.6% | 80.2 | 95.7 | 19.2% |
| Income Taxes | 3.0 | (3.4) | 213.4% | (6.5) | (10.4) | 58.7% |
| Net Income Before Associates & Non-Controlling Interests | 43.7 | 39.1 | (10.4%) | 71.4 | 74.9 | 4.9% |
| Income From Continued Operations | 43.2 | 44.2 | 2.4% | 73.7 | 85.3 | 15.7% |
| o.w. Attributable to Non-Controlling Interests | (0.1) | 0.0 | (110.7%) | (0.2) | (0.0) | (90.8%) |
| Net Income | 43.3 | 44.2 | 2.0% | 73.9 | 85.3 | 15.5% |
(1) Included Calina Spellenin in Notaliano Fridae of Net Loses/Gains on Disposal of Assets + Other Non-Recurent Loses/Gains
(3) EBIT = locome Before Enancial = Depection + I
Revenues
Consolidated Revenues grew by 8.1% yoy to 368.6 million euros, with growth in Telco Revenues of 5.6% to 355.6 million euros and in Audiovisuals and Cinema Revenues of 68.1% to 22.4 million euros.
B2C Telco Revenues maintained previous positive trends with growth of 2.4% to 252.8 million euros driven by good RGU and ARPU performance, both in fixed residential services and mobile standalone segments, more than compensating declining legacy satellite services. In B2B, Revenues grew by 8.2% yoy to 79.3 million euros, driven almost entirely by growth in underlying customer revenues, with particular note for very qood performance in the large Corporate segment due to sale of managed service solutions and clear positioning as the key partner to support Portuguese companies on their path toward digital transformation. In 2Q22, we booked fewer revenues from non-recurrent and lower margin software resale sales than in previous quarters, thus driving lower overall B2B revenue growth but sustaining higher levels of profitability. Revenues from Wholesale and other business lines increased by 42.2% yoy to 23.5 million euros explained by wholesale business growth, namely recovery in roaming revenue and also due to a one-off negative revenue impact in 2Q21.
Audiovisual distribution and Cinema exhibition revenues grew by 68.1% to 22.4 million euros, as a result of the strong recovery in box office sales after COVID restrictions were lifted and benefiting from the launch of blockbuster movies attracting people back to theatres, one of the most successful launches being "Top Gun". NOS and the market overall are gradually recovering, evidence that when offered popular films without the restrictions of social distancing, spectators return to the cinema
| Table 3. | ||||||
|---|---|---|---|---|---|---|
| Operating Indicators ('000) | 2Q21 | 2022 | 2Q22 / 2Q21 | 1H21 | 1H22 | 1H22 / 1H21 |
| Cinema (1) | ||||||
| Revenue per Ticket (Euros) | 5.4 | 5.7 | 6.6% | 5.4 | 5.7 | 6.6% |
| Tickets Sold - NOS | 551.8 | 1,596.6 | 189.3% | 567.7 | 2,584.2 | 355.2% |
| Tickets Sold - Total Portuguese Market (2) | 865.9 | 2,440.9 | 181.9% | 893.0 | 4,000.6 | 348.0% |
| Screens (units) | 208 | 208 | 0.0% | 208 | 208 | 0.0% |
| (1) Portuguese Operations |
(2) Source: ICA - Portuguese Institute For Cinema and Audio
OPEX, EBITDA and Net Results
Consolidated EBITDA grew by 5.4% to 162.8 million euros representing a 44.2% margin as a proportion of Consolidated Revenues. Telco EBITDA increased 4.3% to 151.2 million euros and Audiovisuals and Cinema EBITDA by 22.1% to 11.6 million euros. In the Telco division, robust revenue growth and focus on operating efficiency and cost control, allowed EBITDA margin to remain relatively flatish however there was 6.6% yoy increase in Operating Costs, driven mostly by increased activity related costs, particularly in B2B, roaming charges, leased line costs and some inflationary trends in particular in energy costs, as is to be expected in the current macro and geopolitical environment. In the Audiovisuals and Cinema division EBITDA margins decreased to normal pre pandemic levels due to the recovery in operational activity and resurgence of contractual obligations that had been negotiated down during the most challenging phases of the pandemic.
Consolidated Net Income increased by 2% to 44.2 million euros led primarily by 4.2% growth in Operating Profit (EBIT) to 51.4 million euros, a positive contribution from Associates of 5.1 million euros, albeit mitigated by variation of 6.4 yoy million euros in income tax provision, explained mainly by a decrease in tax incentives when compared with 2Q21.
CAPEX
Total CAPEX Excluding Leasing Contracts, Spectrum license & Other Contractual Rights increased 8.1% to 112.6 million euros led by our accelerated 5G deployment programme, however already lower than the peak recorded in 1Q22.
| Table 4. | ||||||
|---|---|---|---|---|---|---|
| CAPEX (Millions of Euros) (1) | 2Q21 | 2Q22 | 2Q22 / 2Q21 | 1H21 | 1H22 | 1H22 / 1H21 |
| Total CAPEX Excluding Leasing Contracts, Spectrum license & Other Contractual Rights |
104.1 | 112.6 | 8.1% | 200.1 | 744 0 | 21.9% |
| Telco | 101.2 | 107.7 | 6.5% | 194.4 | 233.3 | 20.0% |
| % of Telco Revenues | 30.0% | 30.3% | 0.3pp | 28.9% | 32.3% | 3.4pp |
| o.w. Technical CAPEX | 65.4 | 72.8 | 11.2% | 114.4 | 162.1 | 41.7% |
| % of Telco Revenues | 19.4% | 20.5% | 1.0pp | 17.0% | 22.5% | 5.5pp |
| Baseline Telco | 34.0 | 40.1 | 18.0% | 72.6 | 79.1 | 9.0% |
| Network Expansion / Substitution and Integration Projects and Others |
31.4 | 32.6 | 3.9% | 41.8 | 83.0 | 98.6% |
| o.w. Customer Related CAPEX | 35.8 | 35.0 | (2.2%) | 80.0 | 71.2 | (11.0%) |
| % of Telco Revenues | 10.6% | 9.8% | (0.8pp) | 11.9% | 9.9% | (2.0pp) |
| Audiovisuals and Cinema Exhibition | 3.0 | 4.8 | 67.9% | 5.7 | 10.7 | 87.4% |
| Leasing Contracts & Other Contractual Rights | 9.8 | 21.0 | 113.6% | 11.7 | 28.0 | 140.4% |
| Total Group CAPEX | 114.0 | 133.6 | 17.2% | 212.8 | 276.8 | 30.1% |
NOS´accelerated 5G rollout programme and continued FttH expansion are visible in yoy technical CAPEX growth of 11.2% to 72.8 million euros and of which 32.6 million euros related to network expansion and modernization projects. NOS' fixed Gigabit network coverage already reaches 5.220 million households, of which 56% with FttH, having grown by 55 thousand in 2Q22. NOS' network deployment strategy is to be as fast and economically and environmentally rational as possible, having implemented several strategic fixed and mobile network sharing agreements, and agreements to use third party networks when competitive. In addition, NOS has also monetized a significant proportion of its mobile tower portfolio through a global agreement originally announced in 2020. Initially approximately 2 thousand towers (sites and rooftops) were transferred to Cellnex through the equity sale of NOS Towering, generating initial proceeds of 375 million euros and in 2Q22, NOS announced a transaction within the scope of this agreement, to sell an additional 350 towers for which cash proceeds of 155 million euros will still be received this year. On the commercial front, telco investment in customer acquisition and retention was lower by 2.2% yoy at 35 million euros, demonstrating increased operational efficiency and commercial effectiveness. Due to the recovery in operational performance, CAPEX in the Audiovisuals and Cinema division picked up yoy to 4.8 million euros, however lower than the 5.8 million euros recorded in 1Q22.
Cash Flow
| Table 5. | ||||||
|---|---|---|---|---|---|---|
| Cash Flow (Millions of Euros) | 2Q21 | 2Q22 | 2Q22 / 2Q21 | 1H21 | 1H22 | 1H22 / 1H21 |
| EBITDA | 154.4 | 162.8 | 5.4% | 306.6 | 322.3 | 5.1% |
| Total CAPEX Excluding Leasings, Spectrum License & Other Contractual Rights |
(104.1) | (112.6) | 8.1% | (200.1) | (244.0) | 21.9% |
| EBITDA - Total CAPEX Excluding Leasings, Spectrum License & Other Contractual Rights |
50.3 | 50.3 | (0.0%) | 106.5 | 78.3 | (26.5%) |
| % of Revenues | 14.7% | 13.6% | (1.1pp) | 15.7% | 10.5% | (5.1pp) |
| Non-Cash Items Included in EBITDA - CAPEX and Change in Working Capital |
9.3 | 11.9 | 28.6% | 6.1 | 13.8 | 127.6% |
| Leasings (Capital & Interest) (1) | (24.3) | (25.3) | 4.1% | (45.4) | (47.2) | 3.9% |
| Operating Cash Flow | 35.2 | 36.9 | 4.7% | 67.2 | 44.9 | (33.1%) |
| Interest Paid | (4.4) | (4.0) | (10.2%) | (7.9) | (7.2) | (9.1%) |
| Income Taxes Paid | 0.1 | (0.7) | (861.5%) | (1.4) | (0.9) | (35.2%) |
| Disposals | 1.0 | 0.2 | (77.1%) | 1.2 | 0.8 | (35.4%) |
| Other Cash Movements (2) | (1.9) | (1.8) | (7.7%) | (7.9) | (2.8) | (64.0%) |
| Total Free Cash-Flow Before Dividends, Financial Investments and Own Shares Acquisition |
29.9 | 30.6 | 2.3% | 51.1 | 34.7 | (32.1%) |
| Financial Investments | 0.2 | (0.4) | (311.1%) | 0.4 | (0.2) | (155.5%) |
| Acquisition of Own Shares | 0.0 | (3.4) | n.a. | (2.1) | (6.3) | 203.6% |
| Dividends | (142.4) | (142.3) | (0.0%) | (142.4) | (142.3) | (0.0%) |
| Free Cash Flow | (112.2) | (115.5) | 2.9% | (92.9) | (114.1) | 22.8% |
| Debt Variation Through Financial Leasing, Accruals & Deferrals & Others |
0.6 | 0.8 | 36.4% | (0.1) | 0.6 | (957.8%) |
| Change in Net Financial Debt | 111.6 | 114.7 | 2.7% | 93.0 | 113.5 | 22.1% |
| 13) Includes and Tame Cantral |
(1) Includes Long Term Contracts.
(2) Includes Cash Restructuring Payments and Other Cash Mo
In 2Q22, EBITDA - total CAPEX excluding leases, Spectrum License & Other Contractual Rights amounted to 50.3 million euros, in line with 2Q21, with higher EBITDA being offset by higher CAPEX yoy. All other cash movements were relatively stable with note to dividends paid of 142.3 million euros, the same level as 2Q21 and confirmation of NOS' commitment to reward shareholders with an attractive and sustainable level of shareholder remuneration whilst preserving a solid capital structure.
Consolidated Balance Sheet
| Table 6. | ||||
|---|---|---|---|---|
| Balance Sheet (Millions of Euros) | 2Q21 | 2021 | 2Q22 | 2Q22 / 2Q21 |
| Non-current Assets | 2,565.0 | 2,752.9 | 2,809.2 | 9.5% |
| Current Assets | 486.1 | 506.5 | 527.3 | 8.5% |
| Total Assets | 3,051.1 | 3,259.4 | 3,336.5 | 9.4% |
| Total Shareholders' Equity | 889.2 | 963.0 | 911.7 | 2.5% |
| Non-current Liabilities | 1,347.5 | 1,406.4 | 1,288.6 | (4.4%) |
| Current Liabilities | 814.5 | 890.0 | 1,136.2 | 39.5% |
| Total Liabilities | 2,162.0 | 2,296.4 | 2,424.7 | 12.2% |
| Total Liabilities and Shareholders' Equity | 3,051.1 | 3,259.4 | 3,336.5 | 9.4% |
Capital Structure and Funding
| able /. | ||||
|---|---|---|---|---|
| Net Financial Debt (Millions of Euros) | 2021 | 2021 | 2Q22 | 2022 / 2021 |
| Short Term | 187.3 | 235.7 | 458.4 | 144.7% |
| Medium and Long Term | 737.1 | 806.9 | 699.6 | (5.1%) |
| Total Debt | 974.4 | 1,042.6 | 1,158.0 | 25.3% |
| Cash and Short Term Investments | 79.4 | 10.9 | 12.8 | (56.5%) |
| Net Financial Debt (1) | 895.0 | 1,031.7 | 1,145.2 | 28.0% |
| Net Financial Debt / EBITDA after lease payments (last 4 quarters) 14/ | 1.75x | 1.99x | 2.15x | 0.23pp |
| Leasings and Long Term Contracts | 551.5 | 534.0 | 525.4 | (4.7%) |
| Net Debt | 1,446.5 | 1,565.7 | 1,670.6 | 15.5% |
| Net Debt / EBITDA | 2.41x | 2.53x | 2.64x | 0.09pp |
| Net Financial Gearing (3) | 61.9% | 61.9% | 64.7% | 4.5% |
| 11 Not Einancial Dant = Barrowings = Lazeinge = Case |
(1) Net Financial Debt – Dolfovings – Leash Payments (Capital & Interest)
(2) EBITDA After Lease Payments = EBITDA - Lease Cash Payments (Capital & Interest)
(3) Net Financia
At the end of 2Q22, Total Net Debt, including Leasings and Long-Term Contracts (according to IFRS16) amounted to 1,670.6 million euros. Net Financial Debt stood at 1,145.2 million euros with a cash and short-term investment position on the balance sheet of 12.8 million euros. At the end of 2Q22, NOS also had 237.5 million euros in unissued commercial paper programmes.
At the end of March 2022, NOS secured 300 million euros in sustainable financing lines, supported by NOS Sustainability-Linked Financing Framework, and linked to the Sustainability Performance Target of the Group's Greenhouse gas (GHG) emission (Scope 1 and 2). In 2Q22, NOS has also
entered into three Interest Rate Swap agreements for a total notional amount of 180m€, forward starting in September 2022.
Net Financial Debt / EBITDA After Lease Payments (last 4 quarters) stood at 2.15x, slightly above NOS' target leverage ratio in the range of 2x Net Financial Debt / EBITDA after lease payments. FCF generation and proceeds from tower sale transaction, to be received in 2H22, will return Net Financial Debt / EBITDA AL to levels within stated target of around 2x.
The all-in average cost of debt, adjusted for interest rate hedging recently contracted, stood at 1.2%1 for 2Q22, which compares with 1.4% in 2Q21.
Taking into account loans issued at a fixed rate and interest rate hedging operations in place, as at 30 June 2022, the proportion of NOS' issued debt paying interest at a fixed rate was approximately 54%.
At the end of 2Q22, the average maturity of NOS debt was 2.7 years.
1 Adjusted to include the impact of Interest Rate Swaps already contracted (forward starting in September).
APPENDIX I
| Table 8. | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Indicators ('000) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 |
| Telco (1) | ||||||||||
| Homes Passed | 4,639.5 | 4,689.9 | 4,796.0 | 4,806.7 | 4,908.3 | 4,987.5 | 5,078.5 | 5,123.3 | 5,164.5 | 5,219.6 |
| Total RGUs | 9,695.3 | 9,747.4 | 9,871.8 | 9,917.8 | 9,901.2 | 9,999.3 | 10,146.1 | 10,305.5 | 10,393.3 | 10,523.6 |
| o.w. Consumer RGUs | 8,212.6 | 8,243.8 | 8,351.9 | 8,390.8 | 8,370.4 | 8,459.8 | 8,591.2 | 8,725.7 | 8,797.8 | 8,907.6 |
| o.w. Business RGUs | 1,482.7 | 1,503.7 | 1,520.0 | 1,527.0 | 1,530.7 | 1,539.4 | 1,554.9 | 1,579.8 | 1,595.5 | 1,616.0 |
| Mobile | 4,847.1 | 4,870.0 | 4,972.0 | 5,007.8 | 4,992.1 | 5,084.9 | 5,209.9 | 5,349.9 | 5,423.5 | 5,529.0 |
| Pre-Paid | 1,983.2 | 1,957.7 | 1,998.1 | 1,991.7 | 1,937.0 | 1,957.5 | 2,004.4 | 2,058.8 | 2,076.3 | 2,096.5 |
| Post-Paid | 2,863.9 | 2,912.3 | 2,973.9 | 3,016.1 | 3,055.1 | 3,127.3 | 3,205.5 | 3,291.1 | 3,347.2 | 3,432.5 |
| Pay TV Fixed Access (2) | 1,347.8 | 1,351.2 | 1,360.2 | 1,361.4 | 1,362.4 | 1,369.4 | 1,381.6 | 1,392.8 | 1,401.8 | 1,411.3 |
| Pay TV DTH | 283.7 | 283.4 | 282.2 | 279.7 | 275.7 | 268.7 | 260.6 | 252.8 | 246.0 | 241.0 |
| Fixed Voice | 1,756.7 | 1,766.7 | 1,769.3 | 1,774.2 | 1,770.9 | 1,770.4 | 1,775.7 | 1,782.5 | 1,784.8 | 1,792.0 |
| Broadband | 1,424.5 | 1,439.7 | 1,451.5 | 1,457.6 | 1,461.8 | 1,466.5 | 1,478.2 | 1,485.8 | 1,492.3 | 1,501.5 |
| Others and Data | 35.5 | 36.4 | 36.5 | 37.2 | 38.3 | 39.4 | 40.2 | 41.6 | 44.8 | 48.6 |
| 3,4&5P Subscribers (Fixed Access) | 1,206.2 | 1,213.5 | 1,224.9 | 1,229.2 | 1,234.8 | 1,246.5 | 1,269.3 | 1,287.2 | 1,300.6 | 1,314.1 |
| % 3,4&5P (Fixed Access) | 89.5% | 89.8% | 90.1% | 90.3% | 90.6% | 91.0% | 91.9% | 92.4% | 92.8% | 93.1% |
| Convergent + Integrated RGUs | 4,754.6 | 4,823.9 | 4,890.7 | 4,956.0 | 5,002.0 | 5,060.5 | 5,146.3 | 5,231.6 | 5,319.6 | 5,417.9 |
| Convergent + Integrated Customers | 942.3 | 957.5 | 967.6 | 976.7 | 985.8 | 993.8 | 1,005.8 | 1,020.8 | 1,036.2 | 1,052.1 |
| Fixed Convergent + Integrated Customers as % of Fixed Access Customers | 60.8% | 61.6% | 62.0% | 62.5% | 62.9% | 63.4% | 63.9% | 64.4% | 65.2% | 65.8% |
| % Convergent + Integrated Customers | 57.8% | 58.6% | 58.9% | 59.5% | 60.1% | 60.7% | 61.2% | 62.0% | 62.9% | 63.7% |
| Residential ARPU / Unique Subscriber With Fixed Access (Euros)* | 46.9 | 45.0 | 46.2 | 47.1 | 46.4 | 47.1 | 47.6 | 48.0 | 47.1 | 47.8 |
| Net Adds | ||||||||||
| Homes Passed | 27.0 | 50.4 | 106.1 | 10.7 | 101.6 | 79.2 | 91.0 | 44.7 | 41.2 | 55.1 |
| Total RGUs | 19.2 | 52.1 | 124.4 | 46.0 | (16.6) | 98.1 | 146.9 | 159.3 | 87.8 | 130.2 |
| o.w. Consumer RGUs | 19.2 | 31.2 | 108.1 | 38.9 | (20.3) | 89.4 | 131.4 | 134.5 | 72.1 | 109.7 |
| o.w. Business RGUs | (0.0) | 21.0 | 16.3 | 7.0 | 3.7 | 8.7 | 15.5 | 24.9 | 15.7 | 20.5 |
| Mobile | (4.0) | 22.8 | 102.1 | 35.7 | (15.7) | 92.8 | 125.0 | 140.0 | 73.6 | 105.5 |
| Pre-Paid | (25.0) | (25.5) | 40.4 | (6.5) | (54.7) | 20.5 | 46.9 | 54.4 | 17.5 | 20.3 |
| Post-Paid | 21.0 | 48.3 | 61.7 | 42.2 | 39.0 | 72.3 | 78.1 | 85.6 | 56.1 | 85.2 |
| Pay TV Fixed Access (2) | 3.1 | 3.4 | 9.0 | 1.2 | 1.0 | 7.0 | 12.1 | 11.3 | 9.0 | 9.5 |
| Pay TV DTH | 1.1 | (0.2) | (1.2) | (2.6) | (4.0) | (7.0) | (8.1) | (7.8) | (6.9) | (5.0) |
| Fixed Voice | 8.0 | 10.0 | 2.6 | 4.8 | (3.3) | (0.5) | 5.3 | 6.8 | 2.3 | 7.2 |
| Broadband | 10.2 | 15.3 | 11.8 | 6.1 | 4.2 | 4.7 | 11.7 | 7.6 | 6:5 | 9.2 |
| Others and Data | 0.7 | 0.8 | 0.1 | 0.7 | 1.1 | 1.0 | 0.8 | 1.4 | 3.3 | 3.8 |
| 3,4&5P Subscribers (Fixed Access) | 5.7 | 7.3 | 11.4 | 4.4 | ર્ટ | 11.7 | 22.8 | 17.9 | 13.3 | 13.5 |
| Convergent + Integrated RGUs | 50.1 | 69.3 | 66.8 | 65.3 | 45.9 | 58.6 | 85.8 | 85.2 | 88.0 | 98.4 |
| Convergent + Integrated Customers | 11.6 | 15.2 | 10.1 | 9.1 | 9.0 | 8.1 | 12.0 | 14.9 | 15.4 | 15.9 |
| 1) Portuguese Operations |
(1) Prates Suscenters inclube catemes enved by the HFC, FTH and ULL networks aresoustomers.
(3)Fixed freast Stocciters include Revenues of SM carbintens in neidential bills
N
APPENDIX II
| Table 9. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit and Loss Statement (Millions of Euros) |
1Q20 | 2Q20 | 3Q20 | 4Q20 | 2020 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 2021 | 1Q22 | 2Q22 |
| Operating Revenues | 345.4 | 321.3 | 346.9 | 354.3 | 1,367.9 | 337.4 | 341.0 | 366.5 | 385.4 | 1,430.3 | 373.4 | 368.6 |
| Telco | 332.9 | 319.9 | 342.7 | 350.2 | 1,345.7 | 335.7 | 336.7 | 356.8 | 372.3 | 1,401.5 | 365.8 | 355.6 |
| Consumer Revenues | 244.1 | 236.1 | 248.4 | 253.3 | 981.9 | 244.1 | 246.9 | 252.6 | 258.5 | 1,002.0 | 247.6 | 252.8 |
| Business Revenues | 71.9 | 66.9 | 70.7 | 79.5 | 289.0 | 73.1 | 73.3 | 79.5 | 90.6 | 316.5 | 97.2 | 79.3 |
| Wholesale and Others | 16.9 | 16.8 | 23.7 | 17.4 | 74.8 | 18.5 | 16.5 | 24.8 | 23.2 | 82.9 | 21.0 | 23.5 |
| Audiovisuals & Cinema (1) | 21.8 | 8.9 | 11.1 | 11.9 | 53.8 | 9.7 | 13.4 | 19.1 | 24.9 | 67.0 | 16.6 | 22.4 |
| Others and Eliminations | (9.3) | (7.6) | (6.9) | (7.9) | (31.6) | (8.0) | (9.1) | (9.4) | (11.8) | (38.2) | (9.1) | (9.5) |
| Operating Costs Excluding D&A | (192.7) | (163.4) | (186.4) | (222.3) | (764.7) | (185.3) | (186.6) | (195.3) | (245.1) | (812.3) | (213.9) | (205.8) |
| Telco | (191.1) | (167.2) | (187.2) | (226.6) | (772.2) | (192.2) | (191.8) | (197.6) | (245.5) | (827.1) | (216.1) | (204.4) |
| Audiovisuals & Cinema (1) | (10.9) | (3.7) | (6.0) | (3.6) | (24.2) | (1.1) | (3.8) | (7.1) | (11.4) | (23.4) | (6.8) | (10.8) |
| Others and Eliminations | 9.3 | 7.6 | 6.9 | 7.9 | 31.6 | 8.0 | 9.1 | 9.4 | 11.8 | 38.2 | 9.1 | 9.5 |
| EBITDA (3) | 152.7 | 157.9 | 160.6 | 132.0 | 603.2 | 152.2 | 154.4 | 171.1 | 140.2 | 618.0 | 159.4 | 162.8 |
| EBITDA Margin | 44.2% | 49.1% | 46.3% | 37.3% | 44.1% | 45.1% | 45.3% | 46.7% | 36.4% | 43.2% | 42.7% | 44.2% |
| Telco | 141.8 | 152.6 | 155.5 | 123.7 | 573.6 | 143.5 | 144.9 | 159.2 | 126.8 | 574.4 | 149.6 | 151.2 |
| EBITDA Margin | 42.6% | 47.7% | 45.4% | 35.3% | 42.6% | 42.8% | 43.0% | 44.6% | 34.1% | 41.0% | 40.9% | 42.5% |
| Cinema Exhibition and Audiovisuals | 10.9 | 5.3 | 5.1 | 8.3 | 29.6 | 8.7 | તે તે | 12.0 | 13.4 | 43.6 | 9.8 | 11.6 |
| EBITDA Marqin | 50.1% | 58.8% | 46.0% | 69.9% | 55.1% | 89.1% | 85.1% | 62.6% | 54.1% | 65.0% | 58.9% | 51.7% |
| Depreciation and Amortization | (100.5) | (101.2) | (103.6) | (104.6) | (409.8) | (101.4) | (103.4) | (108.0) | (106.7) | (419.5) | (110.4) | (110.9) |
| (Other Expenses) / Income | (45.7) | (3.8) | (4.3) | (2.2) | (56.0) | (4.3) | (1.7) | (1.4) | (2.4) | (9.8) | 2.7 | (0.5) |
| Operating Profit (EBIT) (4) | ર્ રે | 52.9 | 52.7 | 25.2 | 137.3 | 46.4 | 49.3 | 61.8 | 31.1 | 188.7 | 51.8 | 51.4 |
| Share of profits (losses) of associates and joint ventures | (8.8) | (0.9) | 0.6 | 0.0 | (9.1) | 2.8 | (0.5) | 2.4 | (1.1) | 3.6 | 5.3 | 5.1 |
| (Financial Expenses) / Income | (5.7) | (5.6) | (5.3) | (10.1) | (26.6) | (9.2) | (8.7) | (8.9) | (9.9) | 36.6) | (9.1) | (8.9) |
| Leases Financial Expenses | (1.6) | (1.6) | (1.6) | (6.7) | (11.5) | (6.5) | (6.4) | (6.3) | (6.3) | (25.6) | (6.2) | (6.2) |
| Funding & Other Financial Expenses | (4.1) | (4.0) | (3.7) | (3.4) | (15.2) | (2.7) | (2.2) | (2.5) | (3.6) | (11.0) | (2.8) | (2.6) |
| Income Before Income Taxes | (8.0) | 46.4 | 48.1 | 15.2 | 101.6 | 40.1 | 40.2 | 55.3 | 20.1 | 155.6 | 48.0 | 47.6 |
| Income Taxes | (2.9) | (7.5) | (4.0) | (2.1) | (16.3) | (9.5) | 3.0 | (9.2) | 3.9 | (11.8) | (6.9) | (3.4) |
| Net Income Before Associates & Non-Controlling Interests | (2.0) | 39.9 | 43.5 | 13.1 | 94.3 | 27.7 | 43.7 | 43.7 | 25.2 | 140.3 | 35.8 | 39.1 |
| Income From Continued Operations | (10.9) | 38.9 | 44.1 | 13.1 | 85.2 | 30.5 | 43.2 | 46.1 | 24.0 | 143.9 | 41.1 | 44.2 |
| o.w. Attributable to Non-Controlling Interests | 0.4 | 0.2 | 0.0 | (0.2) | 0.4 | 0.0 | 0.1 | 0.0 | 0.1 | 0.3 | 0.0 | (0.0) |
| Discontinued Operations | 0.1 | 6.3 | 0.0 | 0.0 | 6.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net Income | (10.4) | 45.3 | 44.1 | 12.9 | 92.0 | 30.5 | 43.3 | 46.1 | 24.1 | 144.2 | 41.1 | 44.2 |
(1) Includes cinema operations in Mozambique.
(2) Non-Direct Costs Include Commercial & Customer R
(3) EBITDA = Operating Profit + Depeciation and Income Taxes.
| l able IU. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CAPEX (Millions of Euros) (1) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 2020 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 2021 | 1Q22 | 2Q22 |
| Total CAPEX Excluding Leasing Contracts & Other Contractual Rights | 88.2 | 83.5 | 97.8 | 115.4 | 384.9 | 96.0 | 104. | 110.0 | 112.3 | 422.3 | 131.4 | 112.6 |
| Telco | 81.8 | 79.4 | 92.0 | 110.8 | 364.1 | 93.2 | 101.2 | 105.7 | 105.6 | 405.6 | 125.6 | 107.7 |
| % of Telco Revenues | 24.6% | 24.8% | 26.9% | 31.6% | 27.1% | 27.8% | 30.0% | 29.6% | 28.4% | 28.9% | 34.3% | 29.5% |
| o.w. Technical CAPEX | 48.5 | 48.0 | 51.6 | 66.2 | 214.2 | 49.0 | 65.4 | 70.2 | 70.9 | 255.5 | 89.4 | 72.8 |
| % of Telco Revenues | 14.6% | 15.0% | 15.0% | 18.9% | 15.9% | 14.6% | 19.4% | 19.7% | 19.1% | 18.2% | 24.4% | 19.9% |
| Baseline Telco | 29.8 | 39.8 | 32.4 | 37.7 | 139.7 | 38.6 | 34.0 | 30.6 | 39.4 | 142.6 | 39.0 | 40. |
| Network Expansion / Substitution and Integration Projects and Others | 18.7 | 8.2 | 19.2 | 28.5 | 74.5 | 10.4 | 31.4 | 39.6 | 31.5 | 112.9 | 50.4 | 32.6 |
| o.w. Customer Related CAPEX | 33.4 | 31.4 | 40.5 | 44.6 | 149.9 | 44.2 | 35.8 | 35.5 | 34.1 | 150. | 36.2 | 35.0 |
| % of Telco Revenues | 10.0% | 9.8% | 11.8% | 12.7% | 11.1% | 13.2% | 10.6% | 9.9% | 9.3% | 10.7% | 9.9% | 9.8% |
| Audiovisuals and Cinema Exhibition | 6.4 | 4.1 | 5.8 | 4.6 | 20.8 | 2.7 | 3.0 | 4.3 | 6.7 | 16.7 | 5.8 | 4.8 |
| Leasing Contracts & Other Contractual Rights | 11.3 | 12.9 | 11.3 | 59.1 | 94.5 | 2.9 | 9.8 | 12.5 | 11.0 | 36.2 | 11.8 | 21.0 |
| Spectrum licenses | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 151.3 | 151.3 | 0.0 | 0.0 |
| Total Group CAPEX | 99.5 | 96.4 | 109.1 | 174.5 | 479.4 | 98.8 | 114.0 | 122.5 | 274.5 | 609.8 | 143.3 | 133.6 |
| l able IT. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow (Millions of Euros) | 1Q20 | 2Q20 | 3Q20 | 4Q20 | 2020 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 2021 | 1Q22 | 2Q22 |
| EBITDA | 152.7 | 157.9 | 160.6 | 132.0 | 603.2 | 152.2 | 154.4 | 171.1 | 140.2 | 618.0 | 159.4 | 162.8 |
| Total CAPEX Excluding Leasings & Other Contractual Rights | (88.2) | (83.5) | (97.8) | (115.4) | (384.9) | (96.0) | (104.1) | (110.0) | (112.3) | (422.3) | (131.4) | (112.6) |
| EBITDA - Total CAPEX Excluding Leasings & Other Contractual Rights | 64.5 | 74.3 | 62.8 | 16.6 | 218.3 | 56.2 | 50.3 | 61.2 | 28.0 | 195.6 | 28.0 | 50.3 |
| % of Revenues | 18.7% | 23.1% | 18.1% | 4.7% | 16.0% | 16.7% | 14.7% | 16.7% | 7.3% | 13.7% | 7.5% | 13.5% |
| Non-Cash Items Included in EBITDA - CAPEXand Change in Working Capital | (4.5) | 5.0 | (15.1) | (0.4) | (15.1) | (3.2) | 9.3 | (10.4) | (1.5) | (5.9) | 1.9 | 11.9 |
| Leasings (Capital & Interest) (1) | (15.6) | (16.9) | (16.8) | (26.4) | (75.7) | (21.1) | (24.3) | (25.2) | (28.4) | (99.0) | (21.9) | (25.3) |
| Operating Cash Flow | 44.4 | 62.4 | 30.8 | (10.1) | 127.5 | 31.9 | 35.2 | 25.6 | (2.0) | 90.7 | 8.1 | 36.9 |
| Interest Paid | (2.6) | ( 2 3) | (2.9) | (1.0) | (11.8) | (3.5) | (4.4) | (2.3) | (0.7) | (10.9) | (3.2) | (4.0) |
| Income Taxes Paid | (3.6) | (0.3) | (16.7) | 0.1 | (20.5) | (1.5) | 0.1 | (13.8) | 14.5 | (0.7) | (0.2) | (0.7) |
| Disposals | 0.0 | 0.1 | 374.2 | 0.1 | 374.4 | 0.2 | 1.0 | 0.4 | 0.2 | 1.8 | 0.5 | 0.2 |
| Other Cash Movements (2) | (3.6) | (3.3) | (3.3) | (0.8) | (11.0) | (5.9) | (1.9) | (0.4) | (1.0) | (9.4) | (1.0) | (1.8) |
| Spectrum licenses | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | (151.3) | (151.3) | 0.0 | 0.0 |
| Total Free Cash-Flow Before Dividends, Financial Investments and Own Shares Acquisition |
34.6 | 53.5 | 382.1 | (11.6) | 458.6 | 21.2 | 29.9 | 9.4 | (140.3) | (79.8) | 4.1 | 30.6 |
| Financial Investments | 0.0 | 1.8 | 0.3 | 0.2 | 2.3 | 0.2 | 0.2 | (0.2) | (0.6) | (0.4) | 0.2 | (0.4) |
| Acquisition of Own Shares | 0.0 | (2.9) | (0.5) | (2.4) | (5.7) | (2.1) | 0.0 | 0.0 | 0.0 | (2.1) | (2.9) | (3.4) |
| Dividends | 0.0 | 0.0 | (142.5) | 0.0 | (142.5) | 0.0 | (142.4) | 0.0 | 0.0 | (142.4) | 0.0 | (142.3) |
| Free Cash Flow | 34.6 | 52.5 | 239.4 | (13.9) | 312.6 | 19.3 | (112.2) | 9.2 | (141.0) | (224.6) | 1.4 | (115.5) |
| Debt Variation Through Financial Leasing, Accruals & Deferrals & Others | (3.1) | 0.2 | (1.5) | (3.4) | (7.7) | (0.7) | 0.6 | (2.0) | (2.9) | (5.0) | (0.2) | 0.8 |
| Change in Net Financial Debt | (31.5) | (52.7) | (237.9) | 17.3 | (304.9) | (18.7) | 111.6 | (7.2) | 143.9 | 229.7 | (1.2) | 114.7 |
| 1) Includes Long Term Contracts. |
es Long Tellin Contracts.
Tes Cash Restructuring Payments and Other
Table 12.
| Net Financial Debt (Millions of Euros) | 1020 | 2Q20 | 3Q20 | 4Q20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 |
|---|---|---|---|---|---|---|---|---|---|---|
| Short Term | 23.1 | 134.8 | 97.2 | 100.8 | 249.6 | 187.3 | 169.3 | 235.7 | 99.1 | 458.4 |
| Medium and Long Term | 1,104.4 | 891.6 | 854.6 | 854 5 | 705.0 | 737.1 | 762.0 | 806.9 | 947.0 | 699.6 |
| Total Debt | 1,127.5 | 1,026.4 | 951.8 | 955.3 | 954.6 | 924.4 | 931.2 | 1,042.6 | 1,046.0 | 1,158.0 |
| Cash and Short Term Investments | 65.4 | 17.1 | 180.3 | 153.3 | 171.2 | 29.4 | 43.4 | 10.9 | 15.5 | 12.8 |
| Net Financial Debt (1) | 1,062.1 | 1.009.4 | 771.5 | 802.0 | 783.4 | 895.0 | 887.8 | 1,031.7 | 1,030.5 | 1,145.2 |
| Net Financial Debt / EBITDA after lease payments (last 4 quarters) (1/ | 1.87x | 1.82x | 1.43x | 1.52x | 1.50x | 1.75x | 1.73x | 1.99x | 1.96x | 2.15x |
| Leasings and Long Term Contracts | 249.0 | 210.8 | 576.4 | 575.3 | 560.4 | 551 5 | 543 5 | 534.0 | 528.8 | 525.4 |
| Net Debt | 1,311.1 | 1,220.2 | 1,347.9 | 1,377.4 | 1,343.8 | ,446.5 | 1,431.3 | 1,565.7 | 1,559.3 | 1.670.6 |
| Net Debt / EBITDA | 2.07x | 1.97x | 2.22x | 2.28x | 2.23x | 2.41x | 2.35x | 2.53x | 2.49x | 2.64x |
| Net Financial Gearing (3) | 56.7% | 57.5% | 58.8% | 59.0% | 57.6% | 61.9% | 60.4% | 61.9% | 60.8% | 64.7% |
| (1) Net Financial Debt = Borrowings - Leasings - Cash |
(2) EBITDA After Lease Payments = EBITDA - Lease Cash Payments (Capital & Interest)
(3) Net Financial Gearing = Net Debt / (Net Debt + Total Shareholders' Equity).
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", "may", "might", "could", "would", and the negatives of such terms or similar expressions. These statements are not guarantees 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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