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Portugal Telecom Consolidated Annual Report 2010

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Portugal Telecom Consolidated Annual Report 2010 First Quarter Earnings Release P Portugal Telecom Consolidated Annual Report 2010 Portugal Telecom Chairman’s message 4 CEO’s message 6 01 Macroeconomic environment 10 02 Regulatory background 18 03 Strategic profile 25 04 Research and development 32 05 Financial review 43 06 Business performance 55 Portugal operations 55 International market 67 07 Employees 69 08 Capital markets 70 09 Main events 76 10 Main risks and uncertainties 81 11 Outlook 86 12 Statement by the persons responsible 87 13 Activities of the Non-Executive Directors 90 Consolidated financial statements 92 Report and opinion of the Audit Committee 193 Statutory auditor's report 197 Independent auditors’ report 200 Corporate governance report 203 Glossary 312 Board of Directors 315 Key figures 316 Additional information to shareholders 319 The terms “PT”, “Portugal Telecom Group”, “PT Group”, “Group” and “Company” refer to Portugal Telecom and its subsidiaries or any of them as the context. Portugal Telecom Portugal Wireline > Retail, large corporates’ voice and data, ISP and broadband services [PTComunicações100%] Euro 1,929 million (revenues) > SMEs’ voice and data [PT Prime 100%] Mobile > TMN 100% Euro 1,387 million (revenues) Main international assets Revenues (Euro million) Unitel 25% (*) > Angola > Mobile 1,133 CTM 28% > Macao > Wireline, mobile 260 MTC 34% (*) > Namibia > Mobile 149 CVT 40% (*) > Cape Verde > Wireline, mobile 84 Timor Telecom 41.12% > East Timor > Wireline, mobile 43 CST 51% (*) > São Tomé e Príncipe > Wireline, mobile 13 (*) These stakes are held by Africatel, which is controlled 75% by PT. Support companies Systems and IT [PT Sistemas de Informação 100%]; Innovation, research and development [PT Inovação 100%]; Backoffice and shared services [PT PRO 100%]; Procurement [PT Compras 100%]; Call centres and telemarketing services [PT Contact 100%]; Pension funds management [Previsão 82.05%] Chairman’s message Dear Shareholders, Following the disposal of Vivo and the establishment of a strategic partnership with Oi, 2010 was a transformational year to Portugal Telecom. These structural transactions generated significant capital gains and financial flexibility, which will allow for the payment to shareholders of a special dividend of Euro 1.65 and the upwards revision of the ordinary dividend, the funding of liabilities related to pension and its transfer to the Portuguese State, the reduction of the overall debt level and the payment of a special additional remuneration to PT’s employees, thus sharing the success of the Vivo transaction. These transactions have structurally changed PT’s project without, however, changing its foundations and ambitions. Also throughout 2010, PT continued to consolidate its presence in the markets where it operates, through the launch of new products and services, which enabled the Company to maintain its competitive leadership position in each market. The Board of Directors maintains PT’s guidelines and strategic goals, focused on a relentless pursue of opportunities to consolidate further and expand its presence in the various markets where the Company operates. The strong commitment that PT had in Vivo, namely in the design of its strategy and operational restructuring of the company, which today is clearly the largest and most advanced mobile operator in Latin America, was largely compensated by the consideration received on its disposal. The transaction had an implied EV/EBITDA multiple of 10.6x, which represents a significant premium when compared to Vivo’s market value prior to the transaction or to comparable transactions in the global telecommunications sector. In fact, not just this transaction was the largest in Europe in 2010 and the largest ever in Portugal, but the amount of Vivo disposal was even higher than the market capitalisation of PT on the day of the transaction announcement. Following the announcement of the strategic partnership with Oi, based on the acquisition of a 25.6% stake in Oi and PT’s participation in its management and the ongoing acquisition of 10% of PT by Oi, were settled basis of cooperation and partnership between both operators. PT thus enlarges its scale as an international company operating in several high growth markets, both from a demographic and economic standpoint, including Brazil, Africa and Southeast Asia. In this transformation context, PT also materialised an old aspiration of its workforce, pre-funding the pension liabilities and the subsequent transfer of the pension fund to the Portuguese State. This transaction also had the merit of removing PT's balance sheet risk associated with this type of liabilities, thus strengthening its balance sheet. In 2010 a new cycle began, although maintaining the strategic goals adopted for the triennium, benefiting now from a more consistent basis, a stronger balance sheet and a higher ability to invest. The year 2010 was historic for PT, to the extent that the disposal of Vivo allowed the generation of a record net profit, contributing significantly to the further strengthening and flexibility of its shareholder equity. | Consolidated Annual Report 2010 4 Chairman’s message In November was held another satisfaction survey to PT’s employees, which had a participation of 81%, representing a new record. This survey reflected a high satisfaction level (73%), with these indicators increasing steadily year over year, and also a high level of identification of PT’s employee with its strategy, positioning and objectives. With the economies of the European Union subject to difficulties which, to be successfully and clearly overcome, need a higher degree of integration and solidarity, PT maintains very ambitious investment targets, particularly in Portugal, where it achieved a recognised and significant success on the reinvention of the fixed business. It is worth highlighting the coverage of one million homes with fibre (FTTH - fibre to the home) in 2009 and 2010 and the recent announcement of the purpose to cover in 2011 600 thousand additional houses with this technology, which will be a source of differentiation of PT services and products in the future. Additionally, this structuring project was considered by the FTTH Council experts as the best project for implementation of FTTH in Europe and a sector reference. PT will remain focused on continuing to lead innovation and development of new services, both in fixed an in mobile, and on promoting the convergence of fixed and mobile telecom services, telecoms and information and communications technologies, and telecoms and media. PT will also remain committed to the development of its sustainability agenda, an area where not only it is a reference in Portugal but also is amongst the best internationally wise, being part of the most demanding sustainability indexes, namely the DJ Sustainability Index and the FTSE4Good. It is also worth highlighting that PT is a reference in Global and Finance Management and in Communication and Relationship with Shareholders and Investors, having been awarded their recognition and confidence by collecting seven out of eight awards attributed by the Institutional Investor, not only at the corporate level but also by the individuals responsible for these areas. PT will remain focused on ensuring attractive shareholder remuneration while, at the same time, opportunities and adequate compensation to all employees and stakeholders. I appreciate the support and confidence we received from our shareholders and guarantee that the Company will remain committed to fulfilling the strategy set by the Board of Directors, in the best interest of all shareholders. | Consolidated Annual Report 2010 5 CEO’s message Dear Shareholders, The year 2010 was another remarkable year for Portugal Telecom, having been marked by the acquisition of our stake in Vivo by Telefonica at a very significant premium to the market and similar transactions. This led to our investment in and strategic partnership with Oi, which has been concluded already in 2011 by taking a direct and indirect position of 25.3% in Oi. This has allowed PT to join Oi’s controlling block as the strategic telecoms partner with significant corporate governance rights, which allow its proportional consolidation. With the investment in Oi we are taking a new path but the direction remains unchanged. Brazil continues to be a core market for PT, along with Portugal and Africa. These three core geographies ensure that we have a diversified and balanced portfolio that provides us with the necessary scale and growth potential, which will allow access to technology, innovation and R&D, while simultaneously reducing execution risk. Our performance in 2010 During 2010 we continued focused on delivering a performance of operational excellence, notwithstanding the challenging competitive and economic environments. The continued success of our Meo triple-play offer in Portugal continues to sustain strong growth in pay-TV, having reached a market share of 30% over the past 33 months, almost 1pp gained every month. This solid trend continued to underpin market share gains in fixed broadband and the reversal of the secular declining trend in the number of fixed lines, particularly in the residential segment. As a result of this solid performance, PT registered in 2010 an increase of almost 250 thousand TV customers, having reached 830 thousand customers and thus reaching what we believe to be critical mass in pay-TV. We also increased our fixed broadband customer base by 139 thousand customers, having surpassed
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