Wednesday, March 3, 2010

Portugal Telecom Posts Flat Revenues for 2009

In 2009, Portugal Telecom's consolidated operating revenues amounted to Euro 6,785 million, up by 0.9% y.o.y, while EBITDA reached Euro 2,502 million, up also by 0.9% y.o.y. EBITDA margin stood at 36.9% in 2009. Adjusting for the effects of the consolidation of Telemig, lower mobile termination rates (MTRs) and using constant exchange
rate, consolidated operating revenues and EBITDA would have grown by 2.3% and 2.0% y.o.y respectively.

The company reported a net gain of Euro 267 million on the sale of its interests in Meditel, the Moroccan operator.

Some highlights from the annual report:

  • Growth in "Meo" triple-play services offset continued fixed line deactivations. Portugal Telecom's wireline operating revenues increased by 0.8% y.o.y, from Euro 1,931 million to Euro 1,948 million. Retail revenues posted a 1.8% y.o.y increase, from Euro 953 million to Euro 971 million.

  • Retail net additions reached 325 thousand in 2009, driven by the success of PT's Meo triple-play offer,
    decelerating fixed line disconnections and gain in broadband market share.

  • ADSL retail customers increased by 21.5% y.o.y in 2009, reaching 862 thousand customers. Broadband retail net additions reached 152 thousand in 2009 compared to 73 thousand in 2008

  • Pay-TV net additions reached 269 thousand in 2009 and total pay-TV customers stood at 581 thousand, equivalent to 67.4% penetration of the ADSL retail customer base.

  • Retail RGU per access increased by 12.2% y.o.y in 2009 from 1.36 to 1.53.

  • In 2009, TMN's operating revenues decreased by 4.8% y.o.y to Euro 1,518 million, mainly due to the negative
    impact of lower MTRs (Euro 62 million) and lower equipment sales (Euro 15 million), which more than offset
    growth in customer revenues (+0.5% y.o.y in 2009) underpinned by growth in post paid customers and data

  • In Brazil, Vivo's mobile customer base in Q4 2009 increased by 15.1% y.o.y to 51,744 thousand, surpassing the 50 million customer mark during December. GSM and 3G accounted for 43,504 thousand customers at the end of
    December 2009, equivalent to 84.1% of total customers (+14.9pp y.o.y).


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