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NOS SGPS
Earnings Release • Nov 2, 2023
1904_iss_2023-11-02_095037e6-66c4-4418-a808-ae28391d2983.pdf
Earnings Release
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EARNINGS annoucement
Lisbon, 2 November 2023
3Q23 HIGHLIGHTs
| Table 1. | ||||||
|---|---|---|---|---|---|---|
| 3Q23 Highlights | 3Q22 | 3Q23 | 3Q23 / 3Q22 | 9M22 | 9M23 | 9M23 / 9M22 |
| Operating Highlights ('000) | ||||||
| Convergent + Integrated Customers | 1,071.2 | 1,126.2 | 5.1% | 1,071.2 | 1,126.2 | 5.1% |
| Fixed Convergent + Integrated Customers as % of Fixed Access Customers |
66.5% | 69.0% | 2.4pp | 66.5% | 69.0% | 2.4pp |
| Broadband RGUs | 1,501.5 | 1,534.5 | 2.2% | 1,501.5 | 1,534.5 | 2.2% |
| Fixed Pay TV RGUs | 1,424.1 | 1,455.3 | 2.2% | 1,424.1 | 1,455.3 | 2.2% |
| Post-Paid mobile RGUs | 3,432.5 | 3,740.0 | 9.0% | 3,432.5 | 3,740.0 | 9.0% |
| Residential ARPU / Unique Subscriber With Fixed Access (Euros) | 48.5 | 50.8 | 4.7% | 47.8 | 50.1 | 4.7% |
| Homes Passed | 5,216.6 | 5,369.4 | 2.9% | 5,216.6 | 5,369.4 | 2.9% |
| % FttH | 59.0% | 70.4% | 11.4pp | 59.0% | 70.4% | 11.4pp |
| Financial Highlights (Millions of Euros) | ||||||
| Consolidated Revenues | 381.5 | 407.9 | 6.9% | 1,123.5 | 1,183.1 | 5.3% |
| Consolidated EBITDA | 177.8 | 200.4 | 12.7% | 500.1 | 553.0 | 10.6% |
| Consolidated EBITDA Margin | 46.6% | 49.1% | 2.5pp | 44.5% | 46.7% | 2.2pp |
| Consolidated EBITDA AL | 152.9 | 171.7 | 12.3% | 428.0 | 468.7 | 9.5% |
| Consolidated EBITDA AL Marqin | 40.1% | 42.1% | 2.0pp | 38.1% | 39.6% | 1.5pp |
| Consolidated EBITDA AL - Consolidated CAPEX Excluding Leasings & Other Contractual Rights |
32.7 | 74.0 | 126.7% | 63.7 | 175.9 | 175.9% |
| Telco Revenues | 367.6 | 384.9 | 4.7% | 1,089.0 | 1,131.6 | 3.9% |
| Telco EBITDA | 167.3 | 185.0 | 10.6% | 468.2 | 516.3 | 10.3% |
| Telco EBITDA Margin | 45.5% | 48.1% | 2.5pp | 43.0% | 45.6% | 2.6pp |
| Telco EBITDA AL | 144.5 | 158.9 | 10.0% | 404.1 | 439.5 | 8.8% |
| Telco EBITDA Margin AL | 39.3% | 41.3% | 2.0pp | 37.1% | 38.8% | 1.7pp |
| Telco EBITDA AL - Telco CAPEX Excluding Leasings & Other Contractual Rights |
30.4 | 66.4 | 118.2% | 56.7 | 160.8 | 183.3% |
Strategic intent to lead unequivocally in 5G, aligned with our focus in best-in-class customer solutions keep driving sustained commercial momentum and customer satisfaction across our Telco business. Cinema ticket sales reached a new all-time quarterly record in 3Q23, beating 3Q19 up to now the best quarter ever, showing that cinema is back to customer habits, as long as there are popular movies on show in theatres.
- NOS has the best mobile network in Portugal according to OPEN Signal. We were the winners or joint winners of 13 out of 14 categories, including Download and Upload Speed Experience as well as coverage and consistency, reconfirming once again recognition of NOS´ 5G leadership, by independent entities.
- Significant progress in upgrading customer equipment and access network aligned with leading 5G investments, driving customer satisfaction and improved NPS.
- We achieved another quarter of healthy RGU growth across all businesses, with more than 100 thousand RGU net additions, bringing total RGUs to 10,984.8 thousand at the end of 3Q23.
- · The value proposition of convergent offers remains the first choice among customers, with an incremental 12.2 thousand customers choosing convergent and integrated bundles in 3Q23, accounting for 69.0% of NOS´ residential customer base at the quarter, +0.6pp versus 2Q23.
- · Post paid mobile subscriptions continued to leverage strong operational performance, with 81.5 thousand net adds in 3Q23, representing 65% of total mobile RGUs.
- · Cinema operations reached an all time high for ticket sales ramping up to 2.810 million, surpassing 3Q19 as the new quarterly record. The demand to watch blockbusters in theatres is high with the "Barbenheimer" phenomenon being a strong point in case.
Robust operational performance remains the catalyst for positive financial results, reaching for the second time in a row, double digit growth in both EBITDA AL and FCF.
- Consolidated revenues grew by 6.9% yoy, reaching 407.9 million euros in 3Q23. Consolidated EBITDA and EBITDA AL increased by 12.7% and 12.3% respectively to 200.4 and 171.7 million euros, driven by positive operational performance and reflecting continued cost efficiency and improvements achieved with our ongoing transformation program, compensating inflationary pressures across different areas.
- · Telco Revenues increased by 4.7% to 384.9 million euros. Telco EBITDA experienced yoy growth of 10.6% to 185.0 million euros. Telco EBITDA AL increased by 10.0% yoy, reaching 158.9 million euros.
- · Audiovisual and Cinema Revenues recorded the best quarter ever, surpassing pre-pandemic levels, growing 37.2% yoy to 32.2 million euros. Audiovisual and Cinema EBITDA AL increased by 52.5% to 12.8 million euros.
- Net Income attributable to NOS shareholders for 3Q23 amounted to 45.9 million euros, improving 6.4% excluding the net impact of the tower transaction recorded last year.
- · Total CAPEX, excluding leasing contracts and other contractual rights continues its declining trajectory, down by 18.8% yoy to 97.7 million euros in 3Q23, as 5G deployment is already close to conclusion with more than 91% population coverage by the end of 3Q23.
- · Total Free Cash Flow Before Dividends, Financial Investments, and Own Shares Acquisition amounted to 29.2 million euros in 3Q23, improving 36.4 million euros when excluding the net impact of the tower transaction recorded last year, benefiting from EBITDA AL performance and decreased investment requirements.
OPERATING AND FINANCIAL REVIEW
The Consolidated Financial Statements for 3Q23 have been subject to a limited review.
| Table 2. | ||||||
|---|---|---|---|---|---|---|
| Profit and Loss Statement | 3Q22 | 3Q23 | 3Q23 / 3Q22 | 9M22 | 9M23 | 9M23 / 9M22 |
| (Millions of Euros) | ||||||
| Operating Revenues | 381.5 | 407.9 | 6.9% | 1,123.5 | 1,183.1 | 5.3% |
| Telco | 367.6 | 384.9 | 4.7% | 1,089.0 | 1,131.6 | 3.9% |
| Consumer Revenues | 263.4 | 278.1 | 5.6% | 764.3 | 814.5 | 6.6% |
| Business Revenues | 77.4 | 82.3 | 6.3% | 253.8 | 243.3 | (4.1%) |
| Wholesale and Others | 26.8 | 24.6 | (8.1%) | 70.9 | 73.8 | 4.0% |
| Audiovisuals & Cinema | 23.4 | 32.2 | 37.2% | 62.5 | 77.2 | 23.5% |
| Others and Eliminations | (9.5) | (9.2) | (3.6%) | (28.0) | (25.7) | (8.5%) |
| Operating Costs Excluding D&A | (203.7) | (207.5) | 1.9% | (623.4) | (630.1) | 1.1% |
| Telco | (200.3) | (199.9) | (0.2%) | (620.8) | (615.3) | (0.9%) |
| Audiovisuals & Cinema | (12.9) | (16.7) | 29.6% | (30.6) | (40.4) | 32.2% |
| Others and Eliminations | 9.5 | 9.2 | (3.6%) | 28.0 | 25.7 | (8.5%) |
| EBITDA (1) | 177.8 | 200.4 | 12.7% | 500.1 | 553.0 | 10.6% |
| EBITDA Margin | 46.6% | 49.1% | 2.5pp | 44.5% | 46.7% | 2.2pp |
| Telco | 167.3 | 185.0 | 10.6% | 468.2 | 516.3 | 10.3% |
| EBITDA Margin | 45.5% | 48.1% | 2.5pp | 43.0% | 45.6% | 2.6pp |
| Cinema Exhibition and Audiovisuals | 10.5 | 15.4 | 46.5% | 31.9 | 36.7 | 15.1% |
| EBITDA Margin | 44.9% | 47.9% | 3.0pp | 51.1% | 47.6% | (3.5pp) |
| Depreciation and Amortization | (124.2) | (122.8) | (1.1%) | 345.6 | 359.9 | 4.1% |
| (Other Expenses) / Income | 74.2 | 0.1 | (99.8%) | 76.4 | (1.1) | (101.4%) |
| Operating Profit (EBIT) (2) | 127.8 | 77.7 | (39.2%) | 230.9 | 192.1 | (16.8%) |
| Share of profits (losses) of associates and joint ventures | 6.6 | 1.4 | (78.5%) | (17.0) | (4.6) | (72.6%) |
| (Financial Expenses) / Income | (7.9) | (19.0) | 141.1% | (25.8) | (48.5) | 88.0% |
| Leases Financial Expenses | (6.2) | (8.0) | 29.4% | (18.7) | (23.0) | 23.4% |
| Funding & Other Financial Expenses | (1.7) | (11.0) | 553.5% | (7.1) | (25.5) | 257.6% |
| Income Before Income Taxes | 126.5 | 60.2 | (52.4%) | 222.2 | 148.3 | (33.3%) |
| Income Taxes | (20.6) | (14.4) | 30.4% | (31.0) | (21.8) | (29.5%) |
| Net Income Before Associates & Non-Controlling Interests | 99.3 | 44.4 | (55.3%) | 174.2 | 121.8 | (30.1%) |
| Net income | 105.9 | 45.8 | (56.7%) | 191.2 | 126.4 | (33.9%) |
| Net income attributable to Non-controlling interests | (0.1) | (0.0) | (61.6%) | (0.1) | 0.1 | 185.6% |
| Net Income attributable to NOS shareholders | 106.0 | 45.9 | (56.7%) | 191.3 | 126.3 | (34.0%) |
| Net Income attributable to NOS shareholders excluding gain from tower sale |
43.1 | 45.9 | 6.4% | 128.4 | 126.3 | (1.6%) |
| (1) EBITDA = Operating Profit + Depreciation + Integration Costs + Net Losses/Gains on Disposal of Assets + Other Nor-Recurrent Losses/Gains (2) EBIT = Income Before Financials and Income Taxes. |
| Table 3. | ||||||
|---|---|---|---|---|---|---|
| EBITDA AL (Millions of Euros) |
3Q22 | 3Q23 | 3Q23 / 3Q22 | 9M22 | 9M23 | 9M23 / 9M22 |
| Leasings | (25.0) | (28.7) | 15.1% | (72.1) | (84.3) | 16.9% |
| Telco | (22.8) | (26.1) | 14.4% | (64.1) | (76.8) | 19.9% |
| Cinema Exhibition and Audiovisuals | (2.1) | (2.6) | 22.7% | (8.1) | (7.5) | (6.8%) |
| Operating costs Excluding D&A AL | (228.7) | (236.2) | 3.3% | (695.5) | (714.4) | 2.7% |
| Telco | (223.1) | (226.1) | 1.3% | (684.9) | (692.1) | 1.1% |
| Audiovisuals & Cinema | (15.0) | (19.3) | 28.6% | (38.7) | (48.0) | 24.1% |
| Others and Eliminations | 9.5 | 9.2 | (3.6%) | 28.0 | 25.7 | (8.5%) |
| EBITDA AL | 152.9 | 171.7 | 12.3% | 428.0 | 468.7 | 9.5% |
| EBITDA AL margin | 40.1% | 42.1% | 2.0pp | 38.1% | 39.6% | 1.5pp |
| Telco | 144.5 | 158.9 | 10.0% | 404.1 | 439.5 | 8.8% |
| EBITDA AL margin | 39.3% | 41.3% | 2.0pp | 37.1% | 38.8% | 1.7pp |
| Audiovisuals & Cinema | 8.4 | 12.8 | 52.5% | 23.9 | 29.2 | 22.5% |
| EBITDA AL margin | 35.8% | 39.8% | 4.0pp | 38.2% | 37.9% | (0.3pp) |
REVENUES
Consolidated revenues increased 6.9% yoy to 407.9 million euros in 3Q23, with operational performance in Telco driving positive financials across all business segments. Telco revenues were 4.7% higher yoy, reaching 384.9 million euros. Consumer revenues increased by 5.6% driven by very positive RGU performance, led primarily by core value fixed bundled offers, supporting healthy ARPU growth. Low margin equipment sales posted a slowdown in 3Q23, driven by market downturn, helping to explain the deceleration in Consumer yoy revenue growth vs previous quarters. Business revenues grew 6.3% yoy with significant positive trends recorded in the SME segment. Wholesale and other revenues decreased by 8.1% yoy, due to a decrease in revenues from low margin mass calling services in the quarter.
Audiovisual & Cinema revenues posted a 37.2% yoy increase to 32.2 million euros driven primarily by the "Barbenheimer" phenomenon, with the cinema exhibition divsion reaching an all time record for quarterly ticket sales in 3Q23. Cinema revenues increased 64.5% yoy driven by strong ticket sales, up 57.4% yoy to 2.810 millon, surpassing 3Q19 values, which was the best perfoming quarter in ticket sales, with blockbusters such as Barbie, Oppenheimer, Mission Impossible and Elemental being a strong point in case, representing 53% of accummulated ticket sales in 3Q23. Audiovisuals was responsible for the distribution of 4 films out of the top10 during 3Q23, with revenues improving 9% yoy.
| Table 4. | ||||||
|---|---|---|---|---|---|---|
| Operating Indicators ('000) | 3Q22 | 3Q23 | 3Q23 / 3Q22 | 9M22 | 9M23 | 9M23 / 9M22 |
| Cinema | ||||||
| Revenue per Ticket (Euros) | 5.5 | 5.9 | 7.3% | 5.6 | 5.9 | 5.1% |
| Tickets Sold - NOS | 1,786.0 | 2,810.4 | 57.4% | 4,370.2 | 6,345.9 | 45.2% |
| Tickets Sold - Total Portuguese Market (1) | 2,737.4 | 4,224.0 | 54.3% | 6,757.2 | 9,588.8 | 41.9% |
| Screens (units) (1) Source: ICA - Portuguese Institute For Cinema and Audiovisuals |
214 | 214 | 0.0% | 214 | 214 | 0.0% |
EBITDA, EBITDA AL AND NET RESULTS
Consolidated EBITDA maintained a positive trend in 3Q23, increasing by 12.7% to 200.4 million euros and Consolidated EBITDA AL increased by 12.3% to 171.7 million euros. Telco EBITDA AL posted a yoy increase of 10.0% to 158.9 million euros, while Audiovisual and Cinema EBITDA AL increased by 52.5% to 12.8 million euros.
Consolidated OPEX after leases increased 3.3% yoy to 236.2 million euros. Telco OPEX increased by 1.3% as cost efficiencies helped to mitigate inflationary pressure across different areas. Audiovisuals & Cinema OPEX recorded a substantial increase of 28.6% due to strong commercial activity, leading to higher royalty costs.
In the current macroeconomic and inflationary environment, our focus is to optimize our cost structure and processes through transformation programs in order to compensate the pressures felt across crucial areas. External services such as maintenance and repairs or support services continued to be negatively impacted by inflation. Leasing costs increased by 15.1% as a reflection of the additional tower sale executed in 2022, with inflationary adjustments with Cellnex capped at 2%.
Consolidated Net Results amounted to 45.9 million euros in 3Q23, representing an increase yoy of 6.4% excluding the gain from tower sale. Consolidated Net results were positively impacted by the strong EBITDA AL performance. Including the capital gain recorded last year from the sale of a portfolio of towers to Cellnex, net income decreased 56.7%. Net financial costs increased by 11.1 million euros to 19.0 million euros in 3Q23, reflecting the challenging interest rate environment and the impact of new refinancing lines. Income taxes were lower in 3Q23 reflecting the lower EBT.
CAPEX
Total CAPEX, excluding leasing contracts and other contractual rights decreased by 18.8% yoy to 97.7 million euros. Our strategic decision to lead unequivocally in 5G and provide best in class nationwide coverage has resulted in an accelerated 5G deployment in 2021 and 2023, this year reflecting the strong deceleration in 5G deployment which already allows a population coverage of 91% by the end of 3Q23, the best among Portuguese operators. Overall Telco Technical CAPEX amounted to 58.9 million euros, of which 21.7 related to network expansion, substitution, and integration projects, down more than 40% yoy. During the period, customer-related CAPEX amounted to 34.3 million euros, a decline of 11.9% yoy, reflecting the positive commercial momentum and low levels of churn.
| Table 5. | ||||||
|---|---|---|---|---|---|---|
| CAPEX (Millions of Euros) (1) | 3Q22 | 3Q23 | 3Q23 / 3Q22 | 9M22 | 9M2B | 9M23 / 9M22 |
| Total CAPEX Excluding Leasing Contracts & Other Contractual Rights | 120.2 | 97.7 | (18.8%) | 364.2 | 292.8 | (19.6%) |
| Telco | 114.0 | 92.5 | (18.9%) | 347.4 | 278.7 | (19.8%) |
| % of Telco Revenues | 31.0% | 24.0% | (7.0pp) | 31.9% | 24.6% | (7.3pp) |
| o.w. Technical CAPEX | 75.9 | 58.9 | (22.5%) | 238.1 | 171.6 | (27.9%) |
| % of Telco Revenues | 20.7% | 15.3% | (5.4pp) | 21.9% | 15.2% | (6.7pp) |
| Baseline Telco | 39.5 | 37.2 | (5.8%) | 118.7 | 106.5 | (10.3%) |
| Network Expansion / Substitution and Integration Projects and Others |
36.4 | 21.7 | (40.5%) | 119.4 | 65.1 | (45.4%) |
| o.w. Customer Related CAPEX | 38.1 | 33.6 | (11.9%) | 109.3 | 107.1 | (2.0%) |
| % of Telco Revenues | 10.4% | 8.7% | (1.6pp) | 10.0% | 9.5% | (0.6pp) |
| Audiovisuals and Cinema Exhibition | 6.2 | 5.2 | (15.8%) | 16.9 | 14.1 | (16.3%) |
| Leasing Contracts & Other Contractual Rights | 16.6 | 10.4 | (37.4%) | 49.4 | 66.1 | 33.8% |
| Total Group CAPEX | 136.8 | 108.0 | (21.0%) | 413.6 | 358.9 | (13.2%) |
(1) CAPEX = Increase in tangible and intangible fixed assets, contract costs and rights of use
Cash Flow
| Table 6. | ||||||
|---|---|---|---|---|---|---|
| Cash Flow (Millions of Euros) | 3Q22 | 3Q23 | 3Q23 / 3Q22 | 9M22 | 9M23 | 9M23 / 9M22 |
| EBITDA AL | 152.9 | 171.7 | 12.3% | 428.0 | 468.7 | 9.5% |
| Total CAPEX Excluding Leasings & Other Contractual Rights | (120.2) | (97.7) | (18.8%) | (364.2) | (292.8) | (19.6%) |
| EBITDA AL - Total CAPEX Excluding Leasings & Other Contractual Rights |
32.7 | 74.0 | 126.7% | 63.7 | 175.9 | 175.9% |
| % of Revenues | 8.6% | 18.1% | 9.6pp | 5.7% | 14.9% | 9.2pp |
| Non-Cash Items Included in EBITDA AL - CAPEX and Change in Working Capital |
(11.4) | (3.8) | (66.8%) | 2.4 | (6.7) | (379.2%) |
| Operating Cash Flow | 21.2 | 70.2 | 230.7% | 66.2 | 169.1 | 155.6% |
| Interest Paid | (1.5) | (8.6) | 463.8% | (8.7) | (20.7) | 137.2% |
| Income Taxes Paid | (18.4) | (31.9) | 73.0% | (19.3) | (42.3) | 119.1% |
| Disposals | 121.1 | 0.2 | (99.8%) | 121.8 | 0.7 | (99.4%) |
| Other Cash Movements (1) | 26.4 | (0.8) | 102.9% | 23.6 | (13.0) | 155.1% |
| Total Free Cash-Flow Before Dividends, Financial Investments and Own Shares Acquisition |
148.8 | 29.2 | (80.4%) | 183.5 | 93.8 | (48.9%) |
| Financial Investments | (1.6) | (0.6) | (62.7%) | (1.9) | (0.6) | (66.3%) |
| Acquisition of Own Shares | (0.8) | 0.0 | (100.0%) | (7.1) | (5.2) | (27.0%) |
| Dividends | 0.0 | 0.0 | n.a. | (142.3) | (220.0) | 54.5% |
| Free Cash Flow | 146.3 | 28.6 | (80.5%) | 32.2 | (132.0) | (509.6%) |
| Debt Variation Through Financial Leasing, Accruals & Deferrals & Others |
(0.7) | (2.7) | 306.9% | (0.1) | (5.2) | 10109.3% |
| Change in Net Financial Debt | 145.7 | 25.9 | (82.2%) | 32.2 | (137.2) | (526.6%) |
(1) Includes Cash Restructuring Payments and Other Cash Movements
Consistency around EBITDA AL performance and lower capital requirement keeps driving robust cashflow generation with EBITDA AL minus CAPEX, more than doubling yoy for the second quarter in a row, reaching 74.0 million euros. During 3Q23, Operating cash flow was positively impact by working capital requirements recorded last year, as efforts to mitigate potential inventory shortages were put in place last year to face the uncertainty around supply chains affected by economic and geopolitical environment. Total Free Cash Flow excluding disposals increased by 36.4 million euros impacted positively by Operating Cash Flow, despite the negative impact of income taxes paid of 31.6 million euros in the quarter impacted by the capital gain of the tower sales executed last year. During 3Q22 we recorded a total cash in post tax of 146 million euros, related to the tower transaction with Cellnex. Including this impact, FCF decreased by 80.5%.
Consolidated Balance Sheet
| Table 7. | |||
|---|---|---|---|
| Balance Sheet (Millions of Euros) | 3Q22 | 3Q23 | 3Q23 / 3Q22 |
| Non-current Assets | 2,845.5 | 2,919.2 | 2.6% |
| Current Assets | 687.3 | 570.2 | (17.0%) |
| Total Assets | 3,532.8 | 3,489.3 | (1.2%) |
| Total Shareholders' Equity | 1,028.8 | 945.9 | (8.1%) |
| Non-current Liabilities | 1,322.9 | 1,761.1 | 33.1% |
| Current Liabilities | 1,181.0 | 782.3 | (33.8%) |
| Total Liabilities | 2,503.9 | 2,543.4 | 1.6% |
| Total Liabilities and Shareholders' Equity | 3,532.8 | 3,489.3 | (1.2%) |
Capital Structure and Funding
| Table 8. | |||
|---|---|---|---|
| Net Financial Debt (Millions of Euros) | 3Q22 | 3023 | 3Q23 / 3Q22 |
| Short Term | 500.8 | 110.0 | (78.0%) |
| Medium and Long Term | 649.4 | 1,031.4 | 58.8% |
| Total Debt | 1,150.2 | 1,141.4 | (0.8%) |
| Cash and Short Term Investments | 150.6 | 11.9 | (92.1%) |
| Net Financial Debt (1) | 999 5 | 1,129.4 | 13.0% |
| Net Financial Debt / EBITDA after lease payments (last 4 quarters) (4) | 1.85x | 1.92x | 0.04pp |
| Leasings and Long Term Contracts | 562.3 | 633.8 | 12.7% |
| Net Debt | 1,561.8 | 1,763.3 | 12.9% |
| Net Debt / EBITDA | 2.44x | 2.50x | 0.03pp |
| Net Financial Gearing (3) | 60.3% | 65.1% | 8.0% |
(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).
As of the end of 3Q23, NOS had a total net debt, including leasings and long-term contracts (according to IFRS16) of 1,763.3 million euros. Net financial debt stood at 1,129.4 million euros.
NOS maintains a solid liquidity position, with available commercial paper programmes unissued totaling 267.5 million euros, and cash & equivalents totaling 11.9 million euros. Net financial debt / EBITDA AL stood at 1.92x in 3Q23, which is below NOS' target leverage ratio of around 2x Net Financial Debt / EBITDA AL.
The all-in average cost of debt for 3Q23 was 3.9%, an increase versus last quarter reflecting the increasing interest rates context, and the full quarter impact of the DCM Bond refinancing (300 million euros with a 1.125% coupon, redeemed in May).
As at 30 September 2023, the proportion of NOS' issued debt paying interest at a fixed rate was approximately 25%. Additionally, 34% of the issued debt had interest rate hedging collars in place.
At the end of 3Q23, the average maturity of NOS debt stood at 2.8 years.
APPENDIX
| Table 9. | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Telco - operating indicators | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 2021 | 2022 |
| ("000) | |||||||||
| Homes Passed | 5,134.4 | 5,176.4 | 5,216.6 | 5,284.0 | 5,324.2 | 5,364.5 | 5,369.4 | 5,096.8 | 5,284.0 |
| Total RGUs | 10,393.3 | 10,523.6 | 10,665.2 | 10,782.3 | 10,871.7 | 10,879.9 | 10,984.8 | 10,305.5 | 10,782.3 |
| o.w. Consumer RGUs | 8,797.8 | 8,907.6 | 9,024.7 | 9,122.0 | 9,200.0 | 9,203.6 | 9,297.3 | 8,725.7 | 9,122.0 |
| o.w. Business RGUs | 1,595.5 | 1,616.0 | 1,640.4 | 1,660.2 | 1,671.7 | 1,676.4 | 1,687.5 | 1,579.8 | 1,660.2 |
| Mobile RGUs | 5,423.5 | 5,529.0 | 5,642.3 | 5,733.8 | 5,811.7 | 5,814.1 | 5,895.6 | 5,349.9 | 5,733.8 |
| Pre-Paid | 2,076.3 | 2,096.5 | 2,102.6 | 2,112.2 | 2,123.4 | 2,074.0 | 2,086.2 | 2,058.8 | 2,112.2 |
| Post-Paid | 3,347.2 | 3,432.5 | 3,539.7 | 3,621.6 | 3,688.3 | 3,740.0 | 3,809.4 | 3,291.1 | 3,621.6 |
| Pay TV Fixed Access (1) | 1,401.8 | 1,411.3 | 1,424.1 | 1,434.3 | 1,441.8 | 1,447.3 | 1,455.3 | 1,392.8 | 1,434.3 |
| Pay TV DTH | 246.0 | 241.0 | 235.3 | 229.9 | 223.7 | 218.4 | 214.3 | 252.8 | 229.9 |
| Fixed Voice | 1,784.8 | 1,792.0 | 1,799.3 | 1,808.7 | 1,812.5 | 1,813.0 | 1,819.9 | 1,782.5 | 1,808.7 |
| Broadband | 1,492.3 | 1,501.5 | 1,513.5 | 1,523.5 | 1,529.9 | 1,534.5 | 1,546.6 | 1,485.8 | 1,523.5 |
| Others and Data | 44.8 | 48.6 | 50.8 | 51.9 | 52.1 | 52.7 | 53.0 | 41.6 | 51.9 |
| 3,4&5P Subscribers (Fixed Access) | 1,300.6 | 1,314.1 | 1,330.2 | 1,344.8 | 1,356.8 | 1,364.6 | 1,374.1 | 1,287.2 | 1,344.8 |
| % 3,4&5P (Fixed Access) | 92.8% | 93.1% | 93.4% | 93.8% | 94.1% | 94.3% | 94.4% | 92.4% | 93.8% |
| Convergent + Integrated RGUs | 5,319.6 | 5,417.9 | 5,538.7 | 5,645.1 | 5,739.0 | 5,810.3 | 5,891.7 | 5,231.6 | 5,645.1 |
| Convergent + Integrated Customers | 1,036.2 | 1,052.1 | 1,071.2 | 1,089.0 | 1,104.3 | 1,114.0 | 1,126.2 | 1,020.8 | 1,089.0 |
| Fixed Convergent + Integrated Customers as % of Fixed Access Customers |
65.2% | 65.8% | 66.5% | 67.2% | 67.9% | 68.4% | 69.0% | 64.4% | 67.2% |
| % Convergent + Integrated Customers | 62.9% | 63.7% | 64.6% | 65.4% | 66.3% | 66.9% | 67.5% | 62.0% | 65.4% |
| Residential ARPU / Unique Subscriber With Fixed Access (Euros) </(3) | 47.1 | 47.9 | 48.5 | 48.4 | 49.2 | 50.2 | 50.8 | 42.0 | 43.3 |
| Net Adds | |||||||||
| Homes Passed | 37.6 | 42.0 | 40.1 | 67.5 | 40.2 | 40.3 | 4.9 | 290.1 | 187.2 |
| Total RGUs | 87.8 | 130.2 | 141.6 | 117.1 | 89.4 | 8.2 | 104.8 | 387.7 | 476.8 |
| o.w. Consumer RGUs | 72.1 | 109.7 | 117.2 | 97.3 | 78.0 | 3.6 | 93.7 | 334.9 | 396.3 |
| o.w. Business RGUs | 15.7 | 20.5 | 24.4 | 19.8 | 11.5 | 4.7 | 11.1 | 52.8 | 80.4 |
| Mobile | 73.6 | 105.5 | 113.3 | 91.5 | 77.9 | 2.3 | 81.5 | 342.1 | 384.0 |
| Pre-Paid | 17.5 | 20.3 | 6.0 | 9.6 | 11.2 | (49.4) | 12.1 | 67.1 | 53.4 |
| Post-Paid | 56.1 | 85.2 | 107.2 | 81.9 | 66.7 | 51.7 | 69.4 | 275.0 | 330.5 |
| Pay TV Fixed Access | 9.0 | તે તે ર | 12.7 | 10.3 | 7.5 | 5.4 | 8.1 | 31.4 | 41.5 |
| Pay TV DTH | (6.9) | (5.0) | (5.7) | (5.3) | (6.2) | (5.3) | (4.0) | (26.8) | (22.9) |
| Fixed Voice | 2.3 | 7.2 | 7.3 | 9.4 | 3.8 | 0.6 | 6.9 | 8.3 | 26.1 |
| Broadband | 6.5 | 9.2 | 11.9 | 10.1 | 6.3 | 4.6 | 12.1 | 28.2 | 37.7 |
| Others and Data | 3.3 | 3.8 | 2.1 | 1.2 | 0.2 | 0.6 | 0.3 | 4.4 | 10.4 |
| 3,4&5P Subscribers (Fixed Access) | 13.3 | 13.5 | 16.2 | 14.5 | 12.0 | 7.8 | 9.5 | 58.0 | 57.5 |
| Convergent + Integrated RGUs | 88.0 | 98.4 | 120.8 | 106.4 | 94.0 | 71.2 | 81.4 | 275.5 | 413.5 |
| Convergent + Integrated Customers | 15.4 | 15.9 | 19.1 | 17.9 | 15.2 | 9.7 | 12.2 | 44.0 | 68.3 |
() Fixed Acess Subctives include custom (set met and material in eatman anderet ander ander ander ander ander ander and columination in the mover reported.
(3) Curent quate f
| Table 10. | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Cinemas - operating indicators ('000) |
1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 2021 | 2022 |
| Revenue per Ticket (Euros) | 5.5 | 5.7 | 5.5 | 5.9 | 6.1 | 5.7 | 5.9 | 5.5 | 5.7 |
| Tickets Sold - NOS | 987.6 | 1,596.6 | 1,786.0 | 1,890.8 | 1,501.7 | 2,033.7 | 2,810.4 | 3,450.7 | 6,261.0 |
| Tickets Sold - Total Portuguese Market | 1,552.3 | 2,440.9 | 2,720.1 | 2,841.5 | 2,316.3 | 3,069.0 | 4,224.0 | 6,217.1 | 9,554.9 |
| Screens (units) | 208.0 | 208.0 | 214.0 | 214.0 | 214.0 | 214.0 | 214.0 | 208.0 | 214.0 |
Table 11.
| Profit and Loss Statement | 1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|
| (Millions of Euros) | |||||||||
| Operating Revenues | 373.4 | 368.6 | 381.5 | 397.5 | 381.4 | 393.8 | 407.9 | 1,430.3 | 1,521.0 |
| Telco | 365.8 | 355.6 | 367.6 | 380.2 | 369.2 | 377.5 | 384.9 | 1,401.5 | 1,469.2 |
| Consumer Revenues (1) | 247.8 | 253.1 | 263.4 | 269.1 | 265.3 | 271.2 | 278.1 | 1,002.0 | 1,033.4 |
| Business Revenues (1) | 97.1 | 79.3 | 77.4 | 82.7 | 79.4 | 81.7 | 82.3 | 316.5 | 336.5 |
| Wholesale and Others (1) | 21.0 | 23.2 | 26.8 | 28.4 | 24.5 | 24.7 | 24.6 | 82.9 | 99.3 |
| Audiovisuals & Cinema | 16.6 | 22.4 | 23.4 | 27.1 | 20.4 | 24.6 | 32.2 | 67.0 | 89.6 |
| Others and Eliminations | (9.1) | (9.5) | (8.5) | (9.8) | (8.2) | (8.3) | (9.2) | (38.2) | (37.8) |
| Operating Costs Excluding D&A | (213.9) | (205.8) | (203.7) | (246.6) | (207.9) | (214.7) | (207.5) | (812.3) | (869.9) |
| Telco | (216.1) | (204.4) | (200.3) | (242.4) | (205.5) | (209.9) | (199.9) | (827.1) | (863.2) |
| Audiovisuals & Cinema | (6.8) | (10.8) | (12.9) | (14.0) | (10.5) | (13.2) | (16.7) | (23.4) | (44.6) |
| Others and Eliminations | 9.1 | 9.5 | 9.5 | 9.8 | 8.2 | 8.3 | 9.2 | 38.2 | 37.8 |
| EBITDA (2) | 159.4 | 162.8 | 177.8 | 150.9 | 173.5 | 179.1 | 200.4 | 618.0 | 651.1 |
| EBITDA Margin | 42.7% | 44.2% | 46.6% | 38.0% | 45.5% | 45.5% | 49.1% | 43.2% | 42.8% |
| Telco | 149.6 | 151.2 | 167.3 | 137.8 | 163.7 | 167.6 | 185.0 | 574.4 | 606.0 |
| EBITDA Margin | 40.9% | 42.5% | 45.5% | 36.2% | 44.3% | 44.4% | 48.1% | 41.0% | 41.2% |
| Cinema Exhibition and Audiovisuals | 9.8 | 11.6 | 10.5 | 13.1 | 9.9 | 11.5 | 15.4 | 43.6 | 45.1 |
| EBITDA Margin | 58.9% | 51.7% | 44.9% | 48.5% | 48.4% | 46.5% | 47.9% | 65.0% | 50.3% |
| Depreciation and Amortization | (110.4) | (110.9) | (124.2) | (135.3) | (120.4) | (116.6) | (122.8) | (419.5) | (480.9) |
| (Other Expenses) / Income | 2.7 | (0.5) | 74.2 | 23.7 | (0.5) | (0.7) | 0.1 | (9.8) | 100.0 |
| Operating Profit (EBIT) (3) | 51.8 | 51.4 | 127.8 | 39.3 | 52.6 | 61.7 | 77.7 | 188.7 | 270.2 |
| Share of profits (losses) of associates and joint ventures | 5.3 | 5.1 | 6.6 | 5.1 | 2.5 | 0.7 | 1.4 | 3.6 | 22.1 |
| (Financial Expenses) / Income | (9.1) | (8.9) | (7.9) | (9.5) | (13.0) | (16.5) | (19.0) | (36.6) | (35.2) |
| Leases Financial Expenses | (6.2) | (6.2) | (6.2) | (6.2) | (6.2) | (6.2) | (6.2) | (25.6) | (24.8) |
| Funding & Other Financial Expenses | (2.8) | (2.6) | (1.7) | (3.2) | (6.8) | (10.3) | (12.8) | (11.0) | (10.4) |
| Income Before Income Taxes | 48.0 | 47.6 | 126.5 | 35.0 | 42.2 | 45.9 | 60.2 | 155.6 | 257.1 |
| Income Taxes | (6.9) | (3.4) | (20.6) | (1.7) | (7.1) | (0.4) | (14.4) | (11.8) | (32.7) |
| Net Income Before Associates & Non-Controlling Interests | 35.8 | 39.1 | 99.3 | 28.1 | 32.5 | 44.8 | 44.4 | 140.3 | 202.3 |
| Net Income | 41.1 | 44.2 | 105.9 | 33.3 | 35.0 | 45.5 | 45.8 | 143.9 | 224.4 |
| Net income attributable to Non-controlling interests | 0.0 | (0.0) | 0.1 | 0.0 | (0.1) | 0.0 | 0.0 | 0.3 | 0.1 |
| Net Income attributable to NOS shareholders | 41.1 | 44.2 | 106.0 | 33.3 | 34.9 | 45.5 | 45.9 | 144.2 | 224.6 |
(1) Curent quare foures are etimates subject to posible review after himed
(2) EBTDA = Operating Profit + Depreciation + Integration + Integration Costs + Net Loses/Gains on
| . PRILES | |||
|---|---|---|---|
| 3) EBIT = Income Before Financials and Income Taxes, |
| Leasings | (21.9) | (25.3) | (25.0) | (31.2) | (27.4) | (28.2) | (28.7) | (99.0) | (103.3) |
|---|---|---|---|---|---|---|---|---|---|
| Telco | (18.9) | (22.3) | (22.8) | (29.2) | (24.7) | (25.9) | (26.1) | (87.3) | (93.3) |
| Cinema Exhibition and Audiovisuals | (3.0) | (3.0) | (2.1) | (2.0) | (2.6) | (2.3) | (2.6) | (11.7) | (10.1) |
| Operating costs Excluding D&A AL | (235.8) | (231.1) | (228.7) | (277.8) | (235.2) | (242.9) | (236.2) | (911.4) | (973.3) |
| Telco | (235.0) | (226.7) | (223.1) | (271.6) | (230.2) | (235.8) | (226.1) | (914.4) | (956.5) |
| Audiovisuals & Cinema (1) | (9.8) | (13.8) | (15.0) | (16.0) | (13.2) | (15.4) | (19.3) | (35.1) | (54.6) |
| Others and Eliminations | 9.1 | તે તે ર | ઠે રે | 9.8 | 8.2 | 8.3 | 9.2 | 38.2 | 37.8 |
| EBITDA AL | 137.6 | 137.5 | 152.9 | 119.7 | 146.2 | 150.9 | 171.7 | 518.9 | 547.7 |
| EBITDA AL margin | 36.8% | 37.3% | 40.1% | 30.1% | 38.3% | 38.3% | 42.1% | 36.3% | 36.0% |
| Telco | 130.7 | 128.9 | 144.5 | 108.6 | 138.9 | 141.7 | 158.9 | 487.1 | 512.7 |
| EBITDA AL margin | 35.7% | 36.2% | 39.3% | 28.6% | 37.6% | 37.5% | 41.3% | 34.8% | 34.9% |
| Cinema Exhibition and Audiovisuals | 6.8 | 8.6 | 8.4 | 11.1 | 7.2 | 9.2 | 12.8 | 31.9 | 35.0 |
| EBITDA AL margin | 41.1% | 38.5% | 35.8% | 41.0% | 35.5% | 37.3% | 39.8% | 47.6% | 39.0% |
Table 12.
| CAPEX (1) (Millions of Euros) |
1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Total CAPEX Excluding Leasing Contracts & Other Contractual Rights | 131.4 | 112.6 | 120.2 | 131.7 | 97.0 | 98.1 | 97.7 | 422.3 | 495.9 |
| Telco | 125.6 | 107.7 | 114.0 | 125.7 | 92.6 | 93.6 | 92.5 | 405.6 | 473.0 |
| % of Telco Revenues | 34.3% | 30.3% | 31.0% | 34.2% | 25.2% | 25.5% | 25.2% | 28.9% | 32.2% |
| o.w. Technical CAPEX | 89.4 | 72.8 | 75.9 | 87.1 | 53.4 | 59.3 | 58.9 | 255.5 | 325.1 |
| % of Telco Revenues | 24.4% | 20.5% | 20.7% | 23.7% | 14.5% | 16.1% | 16.0% | 18.2% | 22.1% |
| Baseline Telco | 39.0 | 40.1 | 39.5 | 42.6 | 31.6 | 37.7 | 37.2 | 142.6 | 161.3 |
| Network Expansion / Substitution and Integration Projects and Others |
50.4 | 32.6 | 36.4 | 44.5 | 21.8 | 21.6 | 21.7 | 112.9 | 163.9 |
| o.w. Customer Related CAPEX | 36.2 | 35.0 | 38.1 | 38.6 | 39.2 | 34.3 | 33.6 | 150.1 | 147.9 |
| % of Telco Revenues | 9.9% | 9.8% | 10.4% | 10.2% | 10.6% | 9.1% | 8.7% | 10.7% | 10.1% |
| Audiovisuals and Cinema Exhibition | 5.8 | 4.8 | 6.2 | 6.0 | 4.4 | 4.5 | 5.2 | 16.7 | 22.9 |
| Leasing Contracts & Other Contractual Rights | 11.8 | 21.0 | 16.6 | 80.5 | 29.1 | 26.6 | 10.4 | 36.2 | 129.9 |
| Spectrum licenses | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 151.3 | 0.0 |
| Total Group CAPEX | 143.3 | 133.6 | 136.8 | 212.2 | 126.1 | 124.7 | 108.0 | 609.8 | 625.8 |
(1) CAPEX = Increase in Tangible and Intangible Fixed Assets, Contract Costs and Rights of Use
Table 13.
| Cash Flow (Millions of Euros) |
1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|
| EBITDA AL | 137.6 | 137.5 | 152.9 | 119.7 | 146.2 | 150.9 | 171.7 | 518.9 | 547.7 |
| Total CAPEX Excluding Leasings & Other Contractual Rights | (131.4) | (112.6) | (120.2) | (131.7) | (97.0) | (98.1) | (97.7) | (422.3) | (495.9) |
| EBITDA AL - Total CAPEX Excluding Leasings & Other Contractual Rights |
6.2 | 24.9 | 32.7 | (12.0) | 49.1 | 52.7 | 74.0 | 96.6 | 51.8 |
| % of Revenues | 1.6% | 6.8% | 8.6% | -3.0% | 12.9% | 13.4% | 18.8% | 6.8% | 3.4% |
| Non-Cash Items Included in EBITDA AL - CAPEX and Change in Working Capital |
1.9 | 11.9 | (11.4) | 0.5 | (5.2) | 2.2 | (3.8) | (5.9) | 2.9 |
| Operating Cash Flow | 8.1 | 36.9 | 21.2 | (11.5) | 43.9 | 55.0 | 70.2 | 90.7 | 54.7 |
| Interest Paid | (3.2) | (4.0) | (1.5) | (1.8) | (4.7) | (7.4) | (8.6) | (10.9) | (10.5) |
| Income Taxes Paid | (0.2) | (0.7) | (18.4) | (10.1) | 0.0 | (10.5) | (31.9) | (0.7) | (29.4) |
| Disposals | 0.5 | 0.2 | 121.1 | 43.9 | 0.3 | 0.2 | 0.2 | 1.8 | 165.7 |
| Other Cash Movements (1) | (1.0) | (1.8) | 26.4 | (11.1) | (11.2) | (1.1) | (0.8) | (9.4) | 12.5 |
| Spectrum licenses | 0.0 | 0.0 | 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 |
4.1 | 30.6 | 148.8 | ਰੇ 5 | 28.4 | 36.2 | 29.2 | (79.8) | 193.0 |
| Financial Investments | 0.2 | (0.4) | (1.6) | 0.3 | 0.1 | (0.1) | (0.6) | (0.4) | (1.6) |
| Acquisition of Own Shares | (2.9) | (3.4) | (0.8) | 0.0 | (4.4) | (0.7) | 0.0 | (2.1) | (7.1) |
| Dividends | 0.0 | (142.3) | 0.0 | 0.0 | 0.0 | (220.0) | 0.0 | (142.4) | (142.3) |
| Free Cash Flow | 1.4 | (115.5) | 146.3 | 9.8 | 24.0 | (184.6) | 28.6 | (224.6) | 42.0 |
| Debt Variation Through Financial Leasing, Accruals & Deferrals & Others |
(0.2) | 0.8 | (0.7) | (2.5) | (1.0) | (1.5) | (2.7) | (5.0) | (2.5) |
| Change in Net Financial Debt | 1.2 | (114.7) | 145.7 | 7.3 | 23.0 | (186.1) | 25.9 | (229.7) | 39.5 |
(1) Includes Cash Restructuring Payments and Other Cash Movements.
Table 14.
| Net Financial Debt (Millions of Euros) |
1Q22 | 2Q22 | 3Q22 | 4Q22 | 1Q23 | 2Q23 | 3Q23 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|
| Short Term | 99.1 | 458.4 | 500.8 | 353.0 | 342.9 | 166.9 | 110.0 | 235.7 | 353.0 |
| Medium and Long Term | 947.0 | 699.6 | 649.4 | 654.5 | 649.4 | 999.3 | 1,031.4 | 806.9 | 654.5 |
| Total Debt | 1,046.0 | 1,158.0 | 1,150.2 | 1,007.4 | 992.3 | 1,166.2 | 1,141.4 | 1,042.6 | 1,007.4 |
| Cash and Short Term Investments | 15.5 | 12.8 | 150.6 | 15.2 | 23.1 | 10.9 | 11.9 | 10.9 | 15.2 |
| Net Financial Debt (1) | 1,030.5 | 1,145.2 | 999.5 | 992.2 | 969.2 | 1,155.3 | 1,129.4 | 1,031.7 | 992.2 |
| Net Financial Debt / EBITDA after lease payments (last 4 quarters) (4) | 1.96x | 2.15x | 1.85x | 1.81x | 1.74x | 2.03x | 1.92x | 1.99x | 1.81x |
| Leasings and Long Term Contracts | 528.8 | 525.4 | 562.3 | 630.2 | 638.9 | 644.2 | 633.8 | 534.0 | 630.2 |
| Net Debt | 1,559.3 | 1,670.6 | 1,561.8 | 1,622.4 | 1,608.1 | 1,799.5 | 1,763.3 | 1,565.7 | 1,622.4 |
| Net Debt / EBITDA | 2.49x | 2.64x | 2.44x | 2.49x | 2.42x | 2.64x | 2.50x | 2.53x | 2.49x |
| Net Financial Gearing (3) | 60.8% | 64.7% | 60.3% | 60.7% | 59.8% | 66.7% | 65.1% | 61.9% | 60.7% |
| (1) Net Financial Debt = Borrowings - Leasings - Cash |
(1) Net Philancial Debt – Borovings – Leashigs - Cash
(2) EBITDA After Lease Payments = EBITDA - Lease Cash Payments (Capital & Interest)
(3) Net Financial Gearing = Net Debt
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, 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", "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 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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