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Consolidated Report Consolidated Report 2014 PT Portugal 01 Financial review 4 02 Business performance 14 03 Employees 19 04 Main events 20 05 Qualified holdings 28 06 Outlook 30 07 Corporate governance 31 08 Board of Directors statement 50 Consolidated financial statements 51 Independent Auditor's report 141 Supervisory Board's report 147 Remunerations policy 152 Glossary 156 Additional information 159 The term “PT Portugal”, refer to PT Portugal SGPS, SA and its subsidiaries or any of them as the context. PT Portugal Telecommunications businesses in Portugal Customer segment Revenues (Euro million) Residential 708 Personal 622 Enterprise 750 Wholesale and Other 375 Total 2,455 Other telecommunications businesses Unitel 25% (a) > Angola > Mobile MTC 34% (a) > Namibia > Mobile CVT 40% (a) > Cape Verde > Wireline, mobile Timor Telecom 41% > East Timor > Wireline, mobile CST 51% (a) > São Tomé e Príncipe > Wireline, mobile (a) These stakes are held by Africatel, which is controlled 75% by PT Portugal. Other businesses Innovation, research and development and Service Systems and IT [PT Inovação e Sistemas 100%]; Cloud and Data Centers [PT Cloud and Data Centers, SA 100%] Backoffice and shared services [PT PRO 100%]; Call centers and telemarketing services [PT Contact 100%] 01 Financial review The financial statements of PT Portugal were presented for the first time on a consolidated basis in 2014, as up to December 2013 only standalone financial statements were available. Consequently, these consolidated financial statements are not comparable to the annual financial statements reported in previous years. As a part of the internal restructuring of Portugal Telecom Group for the purpose of Oi’s share capital increase, PT Portugal acquired a group of companies in 2014, namely PT Finance, the company financing vehicle, PT Centro Corporativo, an entity that provides corporate services to companies of PT Portugal, and PT Participações, the company that controls international businesses in Africa and Timor. Additionally, on 2 May 2014, PT Portugal disposed the investment in Bratel BV, an entity that owned indirectly the investment in Oi. For these reasons, the consolidated financial statements for the year 2014 are not entirely comparable with the consolidated financial statements for the year 2013. On 5 May 2014, Portugal Telecom subscribed a share capital increase of Oi through the contribution in kind of its 100% interest in PT Portugal, as a result of which PT Portugal is since that date a wholly-owned subsidiary of Oi. In September 2014, the Board of Directors of Oi decided to sale the investments and businesses held in Africa and Timor, as a result of which those businesses were presented as held for sale assets as at 31 December 2014. On 8 December 2014, the Board of Directors of Oi accepted the proposal from Altice, S.A. for the disposal of total shares of PT Portugal to Altice Portugal, S.A., a wholly-owned subsidiary of Altice, S.A. On 22 January 2015, this disposal was approved at the General Meeting of shareholders of Portugal Telecom, although is still pending the approval of competition authorities. Under the terms of the agreement between Oi and Altice, the total shares of PT Portugal should be transferred for an amount of Euro 7.4 billion (enterprise value), which includes a deferred payment of Euro 500 million related to PT Portugal future revenues, and that should be deducted from unfunded pension obligations and other net financial liabilities recorded at the entities to be transferred to Altice upon the conclusion of the transaction. This transaction only includes the operations in Portugal and Hungary, and does not include PT Portugal’s investments in Africa and Timor, held by its subsidiary PT Participações, and the investments in Rio Forte Investments SA, which will continue to be held by Oi, S.A.. In 2014, Portuguese telecommunication businesses customer base continued to grow on the back of the success of its convergent offers, namely M4O and M5O, having surpassed 3.6 million RGUs, allowing PT Portugal strengthen its leadership in the converging market reaching a market share of 44% (more 6pp compared to the second operator). In the fixed segment, PT Portugal leads in broadband and voice (total accesses), with market shares of 49% and 54%, respectively. On television, PT Portugal strengthened its position reaching 42% of market share, approaching the leading operator (2pp difference). In the mobile segment, customers in Portugal reached 8 million and MEO maintained its leadership in this segment with 47% market share, despite high penetration of mobile services. Postpaid customers already represent 49% of total customer base, increasing 12pp y.o.y. PT Portugal | Consolidated Report | 2014 4 01 Financial review Revenues from Portuguese telecommunications businesses amounted to Euro 2,455 million, EBITDA amounted to Euro 1,030 million, equivalent to a margin of 42.0%, and capex amounted to Euro 328.6 million, equivalent to 13.4% of revenues. In 2014, consolidated revenues amounted to Euro 2,718 million. PT Portugal consolidated EBITDA stood at Euro 1,053 million, equivalent to a margin of 38.7%, and capex amounted to Euro 384 million, equivalent to 14.1% of revenues. Consolidated operating income amounted to Euro 233 million compared to Euro 191 million in 2013. Excluding the effect of the acquisition of businesses in Africa and Timor in May 2014, consolidated operating income would have increased circa 5% y.o.y. Notwithstanding operational performance, net income of PT Portugal in 2014 includes certain non-recurring accounting effects related to the business combination between Oi and PT SGPS and the sale by Oi of operations in Portugal to Altice, including (1) a loss of Euro 950 million related to the sale of the indirect investment in Oi to PT SGPS occurred in 1H14; (2) a loss of Euro 69 million related to the transfer of PT Participações to PT Portugal; (3) a loss of Euro 517 million recorded to adjust carrying value of the investment in debt securities of Rio Forte to the corresponding recoverable amount based on the exchange agreement for Oi’s shares, and (4) an estimated loss of Euro 867 million to adjust the carrying value of Portuguese assets to an amount based on Altice offer. These effects, plus financial expenses of Euro 324 million, related mainly to debt service, contributed to a net loss amounting to Euro 2,580 million. PT Portugal | Consolidated Report | 2014 5 01 Financial review Consolidated income statement Euro million 2014 2013 ∆14/13 Unaudited Operating revenues 2,717.8 2,628.3 3.4% Portugal 2,455.1 2,559.6 (4.1)% Residential 707.9 708.8 (0.1)% Personal 622.3 662.3 (6.0)% Enterprise 750.0 796.1 (5.8)% Wholesale, other and eliminations 374.9 392.5 (4.5)% Other and eliminations 262.7 68.7 282.2% Operating costs 1,664.4 1,603.1 3.8% Wages and salaries 372.8 334.4 11.5% Direct costs 472.2 443.6 6.4% Commercial costs 241.4 299.0 (19.3)% Other operating expenses 578.0 526.1 9.9% EBITDA 1,053.4 1,025.2 2.7% Post retirement benefits costs 42.2 40.5 4.3% Depreciation and amortisation 778.3 794.6 (2.0)% Income from operations 232.8 190.2 22.4% Curtailment costs (29) 118 (124.6)% Gains on disposal of fixed assets, net (2) (37) (94.2)% Other cost (gains), net 1,495.4 (81.3) n.m. Income (loss) before financial results and taxes (1,231.3) 190.5 (746.3)% Net interest expenses 286.5 261.4 9.6% Net losses (gains) on financial assets and other investments 976.2 (31.9) n.m. Net other financial losses 41.0 13.8 197.9% Loss before taxes (2,535.1) (52.7) n.m. Income taxes 51.2 78.5 (34.8)% Income before non-controlling interests (2,586.3) (131.2) n.m. Losses (income) attributable to non-controlling interests (6.7) 1.7 (493.9)% Consolidated net income (2,579.6) (132.9) n.m. Consolidated operating revenues In 2014, consolidated operating revenues increased by Euro 89 million (3.4% y.o.y) to Euro 2,718 million, as compared to Euro 2,628 million in 2013, reflecting higher contribution from international operations (Euro 203 million), namely African businesses, consolidated as from May 2014, following the acquisition of PT Participações by PT Móveis. This effect was partially offset by revenue decline in Portuguese telecommunication businesses (Euro 104 million), penalised primarily by Personal (Euro 40 million) and Enterprise (Euro 46 million) customer segments. In 2014, revenues from Portuguese telecommunication businesses decreased by 4.1% (Euro 104 million) to Euro 2,455 million, penalised by (1) the Enterprise customer segment (-5.8% y.o.y), impacted by strong cost cutting initiatives, significant reduction in investments in new projects by the private sector and competitiveness of the PT Portugal | Consolidated Report | 2014 6 01 Financial review market, (2) revenue decline in the Personal customer segment (-6.0% y.o.y), as a result of lower customer revenues, reflecting lower and volatile recharges as a result of difficult economic conditions, price competition and migration to lower tariff plans, and (3) a reduction in revenues from wholesale and other businesses (-4.5% y.o.y), as a result of lower accesses and traffic revenues and lower revenues from the directories business against a backdrop of increased popularity of alternative online tools. Revenues from Residential customer segment continue to be impacted by pricing and competitive dynamics, nevertheless remained broadly stable, benefitting from continued market share gains of MEO’S quadruple and quintuple-play offers. In 2014, other revenues, including intra-group eliminations, increased by 282.2% y.o.y (Euro 194 million) to Euro 263 million, reflecting mainly a higher contribution from international operations (Euro 203 million), namely African businesses, which were consolidated as from May 2014.
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