España
Yo entiendo que en principio no les afectaría, pero igual aprovechan que el Pisuerga pasa por Valladolid y se descuelgan con una quita. De todas maneras creo que voy a intentar llegar a la meta.
Las que sí que tengo ganas de abandonar el barco son las Praktiker, que andan de capa caida. Si se recuperan y se acercan al 60% las despacho con viento fresco.
pues si no hay que ser avaricioso y que el ultimo duro lo gane otro, de todas formas ahora desde mi opinion es donde entrar no veo cosas en las que se merezca arriesgar
y las thomas Cook XS0504303164? Rondan el 48%.
Yo también llevo dias sin saber a que disparar...será que estabamos muy bein acostumbrados a precios de derribo?
S2
yo soy de la idea de esperar de no precipitarnos sigo los movimientos de ono, mapfre, pastor, ineos,groupama, europcar, wind... y la verdad es que de las que estaria mas seguro de invertir ya tengo bastante mas de lo que deberia busco mas diversificar para no tener un susto gordo y estas de OTE son el ejemplo la veo que cumple trimestre tras trimestre y quedando tan poco para amortizar en cualquier momento se nos pone cerca de 100% pero...no hay que poner muchos huevos en una misma cesta haber si se rompe...
OTE a 85 hoy no acaba de animarse maldita grecia...
ya superamos el 87% y falta menos de 1 año
http://www.boerse-frankfurt.de/de/anleihen/thomas+cook+grp+10+15+XS0173549659
II - ESTADO DE RESULTADOS CONSOLIDADO (€ mn) (Millones €) Q2 '12 Q2 '12 Q2 '11 Q2 '11 % Change Cambio% 6M '12 6M '12 6M '11 % Change 6M '11 Variación% Total Revenues Los ingresos totales 1,189.1 1,189.1 1,254.9 1,254.9 -5.2% -5,2% 2,369.3 2,369.3 2,479.7 2,479.7 -4.5% -4,5% Other income/ (expenses), net Otros ingresos / (gastos), neto 8.9 8,9 3.6 3,6 +147.2% 147,2% 9.9 9,9 5.8 5,8 +70.7% 70.7% Operating Expenses: Gastos de explotación: Payroll and employee benefits Remuneraciones y beneficios para empleados (239.1) (239.1) (271.8) (271.8) -12.0% -12,0% (480.5) (480.5) (540.5) (540.5) -11.1% -11,1% Provision for staff retirement Provisión para jubilación personal indemnities indemnizaciones (5.6) (5.6) (5.9) (5.9) -5.1% -5,1% (11.1) (11.1) (11.7) (11.7) -5.1% -5,1% Provision for Youth Account Provisión para cuentas Juventud (1.1) (1.1) (4.7) (4.7) -76.6% -76,6% (2.1) (2.1) (9.5) (9.5) -77.9% -77,9% Cost of early retirement and El coste de la jubilación anticipada y restructuring programs programas de reestructuración 0.0 0,0 (10.0) (10.0) - - 0.0 0,0 (49.7) (49.7) - - Charges from international Los cargos de organizaciones internacionales operators operadores (62.1) (62.1) (58.5) (58.5) +6.2% +6,2% (107.2) (107.2) (102.1) (102.1) +5.0% +5,0% Charges from domestic telephony Los cargos de telefonía nacional operators operadores (79.5) (79.5) (88.1) (88.1) -9.8% -9,8% (161.1) (161.1) (173.5) (173.5) -7.1% -7,1% Depreciation, amortization and Depreciación, amortización y impairment discapacidad (229.3) (229.3) (265.6) (265.6) -13.7% -13,7% (451.9) (451.9) (528.6) (528.6) -14.5% -14,5% Cost of telecommunications El costo de las telecomunicaciones equipment /write downs equipos / write downs (63.4) (63.4) (81.5) (81.5) -22.2% -22,2% (125.7) (125.7) (154.5) (154.5) -18.6% -18,6% Other operating expenses Otros gastos de explotación (330.5) (330.5) (341.1) (341.1) -3.1% -3,1% (657.3) (657.3) (653.8) (653.8) +0.5% +0,5% Total Operating Expenses Total gastos operativos (1,010.6) (1,127.2) (1,010.6) (1,127.2) -10.3% (1,996.9) -10,3% (1,996.9) (2,223.9) (2,223.9) -10.2% -10,2% Operating income before financial El resultado operativo antes financiera results resultados 187.4 187,4 131.3 131,3 +42.7% 42.7% 382.3 382,3 261.6 261,6 +46.1% 46.1% Financial results: Resultados financieros: Interest expense Gastos por intereses (51.2) (51.2) (68.5) (68.5) -25.3% -25,3% (122.8) (122.8) (134.9) (134.9) -9.0% -9,0% Interest income Ingresos por intereses 3.9 3,9 5.0 5.0 -22.0% -22,0% 8.2 8,2 10.8 10,8 -24.1% -24,1% FX gain/(loss), net FX Ganancia / (pérdida) neta (4.4) (4.4) 5.0 5.0 -188.0% -188,0% (1.2) (1.2) 8.7 8,7 -113.8% -113,8% Dividend income Ingresos por dividendos 3.9 3,9 10.4 10,4 -62.5% -62,5% 3.9 3,9 10.4 10,4 -62.5% -62,5% Gains/(Losses) from investments Ganancias / (pérdidas) por inversiones and financial assets y los activos financieros (0.1) (0.1) (0.2) (0.2) -50.0% -50,0% 224.9 224,9 (0.2) (0.2) - - (47.9) (47.9) (48.3) (48.3) -0.8% -0,8% 113.0 113,0 (105.2) (105.2) -207.4% -207,4% Profit before income taxes Resultado antes de impuesto a la renta 139.5 139,5 83.0 83,0 +68.1% 68.1% 495.3 495,3 156.4 156,4 +216.7% 216,7% Income taxes Impuesto a la renta (29.1) (29.1) (26.9) (26.9) +8.2% +8,2% (71.3) (71.3) (75.2) (75.2) -5.2% -5,2% Profit for the period Resultado del ejercicio 110.4 110,4 56.1 56,1 +96.8% 96.8% 424.0 424,0 81.2 +422.2% 81,2 422,2% Attributable to: Atribuible a: Owners of the parent Los propietarios de la controladora 104.5 104,5 62.2 62,2 +68.0% 68.0% 411.1 411,1 92.4 +344.9% 92,4 344,9% Non-controlling interests Intereses minoritarios 5.9 5,9 (6.1) (6.1) -196.7% -196,7% 12.9 12,9 (11.2) (11.2) -215.2% -215,2%
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Page 15 of 21 Página 15 de 21 EXHIBIT III – CONSOLIDATED STATEMENT OF CASH FLOWS ANEXO III - ESTADO DE FLUJOS DE EFECTIVO (€ mn) (Millones €) Q2 '11 Q2 '11 Q3 '11 Q3 '11 Q4 '11 Q4 '11 Q1 '12 Q1 '12 Q2 '12 Q2 '12 Cash Flows from Operating Activities: Flujos de efectivo de actividades de explotación: Profit/(loss) before taxes Ganancia / (pérdida) antes de impuestos 83.0 83,0 135.7 135,7 (177.0) (177.0) 355.8 355,8 139.5 139,5 Adjustments to reconcile to net cash provided by Ajustes para conciliar con el efectivo neto provisto por operating activities: actividades de explotación: Depreciation, amortization and impairment Depreciación, amortización y deterioro 265.6 265,6 257.3 257,3 524.3 524,3 222.6 222,6 229.3 229,3 Share-based payment Pagos basados en acciones 0.7 0,7 1.7 1,7 (5.5) (5.5) 0.7 0,7 1.0 1,0 Cost of early retirement program Costo del programa de jubilación anticipada 10.0 10,0 4.1 4,1 15.2 15,2 0.0 0,0 0.0 0,0 Provision for staff retirement indemnities Provisión para indemnizaciones por jubilación del personal 5.9 5,9 6.0 6.0 4.5 4,5 5.5 5,5 5.6 5,6 Provision for youth account Provisión para cuenta juventud 4.7 4,7 4.8 4,8 (4.4) (4.4) 1.0 1,0 1.1 1,1 Write down of inventories Anote los inventarios 2.3 2,3 1.5 1,5 15.7 15,7 0.9 0,9 2.6 2,6 Provision for doubtful accounts Provisión para cuentas de cobro dudoso 38.6 38,6 36.7 36,7 29.0 29,0 32.2 32,2 31.5 31,5 Other provisions Otras disposiciones 0.0 0,0 0.0 0,0 (4.5) (4.5) 0.0 0,0 0.0 0,0 Foreign exchange differences, net Las diferencias de cambio, netas (5.0) (5.0) 2.6 2,6 2.5 2,5 (3.2) (3.2) 4.4 4,4 Interest income Ingresos por intereses (5.0) (5.0) (6.3) (6.3) (5.1) (5.1) (4.3) (4.3) (3.9) (3.9) Dividend income Ingresos por dividendos (10.4) (10.4) 0.0 0,0 (17.0) (17.0) 0.0 0,0 (3.9) (3.9) (Gains) / Losses from investments and financial (Ganancias) / Pérdidas de inversiones y financieros assets - impairments activos - deficiencias 0.2 0,2 0.1 0,1 0.3 0,3 (225.0) (225.0) 0.1 0,1 Release of EDEKT fund prepayment La liberación de prepago fondo EDEKT 8.8 8,8 8.8 8,8 8.8 8,8 0.0 0,0 0.0 0,0 Interest expense Gastos por intereses 68.5 68,5 74.9 74,9 80.3 80,3 71.6 71,6 51.2 51,2 Working capital adjustments Ajustes de capital de trabajo 12.5 12,5 (2.6) (2.6) 41.5 41,5 (90.2) (90.2) (108.2) (108.2) Decrease/(increase) in inventories Disminución / (aumento) en los inventarios 6.0 6.0 11.3 11,3 9.8 9,8 (3.7) (3.7) 7.4 7,4 Decrease/(increase) in accounts receivable Disminución / (aumento) en cuentas por cobrar (44.5) (44.5) 16.3 16,3 (48.2) (48.2) (47.2) (47.2) (76.0) (76.0) (Decrease)/increase in liabilities (except borrowings) (Disminución) / aumento de los pasivos (excepto los préstamos) 51.0 51,0 (30.2) (30.2) 79.9 79,9 (39.3) (39.3) (39.6) (39.6) Plus/(Minus): Más / (Menos): Payment of early retirement and restructuring El pago de la jubilación anticipada y reestructuración programs and voluntary leave scheme los programas y el plan de excedencia voluntaria (37.8) (37.8) (26.7) (26.7) (14.0) (14.0) (9.1) (9.1) (5.8) (5.8) Payment of staff retirement indemnities and youth Pago de las indemnizaciones por jubilación del personal y los jóvenes account, net of employees' contributions cuenta, sin incluir las contribuciones de los empleados (13.7) (13.7) (32.3) (32.3) (18.0) (18.0) (16.9) (16.9) (7.9) (7.9) Interest and related expenses paid Los gastos por intereses pagados y relacionados (57.9) (57.9) (87.5) (87.5) (22.6) (22.6) (81.7) (81.7) (67.9) (67.9) Income taxes paid Impuesto a la renta pagado (49.0) (49.0) (60.2) (60.2) (54.8) (54.8) (25.7) (25.7) (26.9) (26.9) Net Cash provided by Operating Activities Efectivo neto provisto por las actividades operativas 322.0 322,0 318.6 318,6 399.2 399,2 234.2 234,2 241.8 241,8 Cash Flows from Investing Activities: Flujos de efectivo de actividades de inversión: Acquisition of subsidiary and business units net of Adquisición de unidades auxiliares y de negocios neto de cash acquired efectivo adquirido (7.2) (7.2) (4.0) (4.0) 0.7 0,7 0.0 0,0 0.0 0,0 Purchase of financial assets Compra de activos financieros (0.2) (0.2) (68.3) (68.3) (366.9) (366.9) (720.0) (720.0) 0.0 0,0 Sale/maturity of financial assets Venta / vencimiento de los activos financieros 0.0 0,0 0.0 0,0 93.7 93,7 366.1 366,1 358.6 358,6 Repayments of loans receivables Los reembolsos de los préstamos por cobrar 2.5 2,5 2.4 2,4 2.5 2,5 2.6 2,6 2.6 2,6 Purchase of property, plant and equipment and Adquisición de propiedad, planta y equipo y intangible assets activos intangibles (136.4) (136.4) (171.0) (171.0) (242.6) (242.6) (118.5) (118.5) (100.9) (100.9) Proceeds from disposal of assets held for sale Cobros por enajenación de activos mantenidos para la venta 0.0 0,0 0.0 0,0 0.0 0,0 380.0 380,0 0.0 0,0 Interest received Los intereses recibidos 4.5 4,5 2.7 2,7 5.9 5,9 2.9 2,9 5.1 5,1 Dividends received Los dividendos recibidos 0.0 0,0 5.2 5,2 5.2 5,2 17.0 17,0 3.9 3,9 Net Cash used in Investing Activities Efectivo neto utilizado en actividades de inversión (136.8) (136.8) (233.0) (233.0) (501.5) (501.5) (69.9) (69.9) 269.3 269,3 Cash Flows from Financing Activities: Flujos de efectivo de actividades de financiación: Proceeds from loans granted and issued Las ganancias de los préstamos otorgados y emitidos 500.0 500,0 310.0 310,0 1.6 1,6 4.2 4,2 303.7 303,7 Repayment of loans El reembolso de los préstamos (284.4) (284.4) (132.3) (132.3) (289.6) (289.6) 0.0 0,0 (350.9) (350.9) Dividends paid to Company's owners Los dividendos pagados a los propietarios de la Compañía 0.0 0,0 (52.9) (52.9) 0.0 0,0 0.0 0,0 0.0 0,0 Net Cash provided by/(used in) Financing Activities Efectivo neto generado por / (utilizado en) las actividades de financiación 215.6 215,6 124.8 124,8 (288.0) (288.0) 4.2 4,2 (47.2) (47.2) Net Increase/(decrease) in Cash and Cash Equivalents Aumento / (disminución) de efectivo y equivalentes 400.8 400,8 210.4 210,4 (390.3) (390.3) 168.5 168,5 463.9 463,9 Cash and Cash equivalents at beginning of period Efectivo y equivalentes de efectivo al inicio del periodo 469.1 469,1 867.4 867,4 1,072.0 1,072.0 683.4 683,4 849.0 849,0 Net foreign exchange differences Diferencias de cambio netas (2.5) (2.5) (5.8) (5.8) 1.7 1,7 (2.9) (2.9) (2.7) (2.7) Cash and Cash Equivalents at end of period Efectivo y equivalentes de efectivo al final del periodo 867.4 867,4 1,072.0 1,072.0 683.4 683,4 849.0 849,0 1,310.2 1,310.2 Below we depict OTE Group's total liquidity adding the holdings under “Other financial assets” A continuación se describen la liquidez total del Grupo OTE añadir las participaciones en "Otros activos financieros" Other financial assets Otros activos financieros 19.3 19,3 99.2 99,2 353.5 353,5 706.8 706,8 347.9 347,9 OTE Group's total liquidity Liquidez total del Grupo OTE 886.7 886,7 1,171.2 1,171.2 1,036.9 1,036.9 1,555.8 1,555.8 1,658.1 1,658.1
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Page 16 of 21 Página 16 de 21 EXHIBIT IV – GROUP REVENUES ANEXO IV - LOS INGRESOS DEL GRUPO (€ mn) (Millones €) Q2 '12 Q2 '12 Q2 '11 % Change 6M '12 6M '11 % Change Domestic Telephony: Basic monthly rentals 145.0 163.3 163,3 -11.2% 294.3 332.9 -11.6% Local and long distance calls -Fixed to fixed 67.0 67,0 84.9 -21.1% 139.3 171.4 -18.7% -Fixed to mobile 30.4 30,4 31.7 31,7 -4.1% 59.9 63.0 -4.9% -4,9% 97.4 116.6 -16.5% 199.2 234.4 -15.0% Other Otro 12.1 12,1 16.1 16,1 -24.8% 26.9 32.3 32,3 -16.7% Total Domestic Telephony 254.5 296.0 -14.0% 520.4 599.6 -13.2% International Telephony: International traffic 12.7 12,7 15.4 15,4 -17.5% 25.5 25,5 30.8 -17.2% Payments from mobile operators 8.5 8,5 7.4 +14.9% 14.8 14,8 14.3 +3.5% 21.2 22.8 22,8 -7.0% 40.3 45.1 45,1 -10.6% Payments from International operators 16.9 17.0 17,0 -0.6% 36.4 36,4 31.4 31,4 +15.9% Total International Telephony 38.1 38,1 39.8 -4.3% 76.7 76,7 76.5 +0.3% Mobile Telephony 501.6 520.7 -3.7% 990.6 1,006.0 -1.5% Other Revenues: Prepaid cards 4.9 5.5 5,5 -10.9% 8.8 8,8 9.9 -11.1% Leased lines and data communications comunicaciones 79.0 79.4 79,4 -0.5% 145.4 145,4 156.8 -7.3% ISDN, connection & monthly charges 27.0 27,0 29.7 29,7 -9.1% -9,1% 54.9 60.8 -9.7% Sales of telecommunication equipment equipo 74.0 83.5 -11.4% 141.8 162.5 -12.7% Internet services-ADSL 74.4 74.0 +0.5% +0,5% 149.4 149.5 -0.1% -0,1% Collocation & LLU's 49.3 49,3 48.5 48,5 +1.6% 104.9 104,9 99.4 +5.5% Metroethernet & IP CORE 12.4 10.4 10,4 +19.2% 24.9 24,9 22.1 22,1 +12.7% Services rendered 34.7 34,7 26.1 26,1 +33.0% 66.5 50.9 +30.6% Interconnection charges 13.1 13,1 16.6 16,6 -21.1% 30.9 30,9 34.8 -11.2% Miscellaneous Misceláneo 26.1 26,1 24.7 24,7 +5.7% 54.1 50.9 +6.3% +6,3% Total Other Revenues 394.9 398.4 -0.9% -0,9% 781.6 797.6 -2.0% Total Revenues 1,189.1 1,254.9 -5.2% 2,369.3 2,479.7 -4.5% -4,5%
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Page 17 of 21 Página 17 de 21 EXHIBIT V – SEGMENT REPORTING (6M 2012) (€ mn) OTE Cosmote RomTelecom All Todos Other Otro Total Total Adjustments Ajustes & Y Eliminations Consolidated Revenues: Domestic Telephony 393.4 0.0 0,0 125.2 7.3 7,3 525.9 International Telephony 48.8 0.0 0,0 40.1 40,1 0.8 89.7 89,7 Mobile Telephony 0.0 0,0 1,065.5 0.0 0,0 0.0 0,0 1,065.5 Other Otro 421.1 421,1 165.0 165,0 151.2 151,2 223.5 960.8 Total Revenues 863.3 1,230.5 316.5 231.6 2,641.9 (272.6) 2,369.3 Intersegment Revenues (59.5) (80.3) (11.2) (11.2) (121.6) (272.6) Revenues from External Customers Clientes 803.8 1,150.2 305.3 110.0 2,369.3 2,369.3 Other income/ (expense), net 0.9 0,9 (2.8) (2.8) 9.9 3.7 3,7 11.7 11,7 (1.8) 9.9 Operating Expenses: Personnel expenses (287.7) (114.5) (58.3) (58.3) (32.9) (493.4) (0.3) (0.3) (493.7) VRS & restructuring plans cost - - - - - - - - 0.0 0,0 - - 0.0 0,0 Payments to international operators (40.8) (8.6) (20.3) (93.2) (162.9) 55.7 55,7 (107.2) Payments to domestic telephony operators (63.9) (118.1) (29.6) - - (211.6) 50.5 50,5 (161.1) Depreciation, amortization and impairment discapacidad (150.8) (227.3) (55.5) (19.8) (453.4) 1.5 1,5 (451.9) Cost of telecommunication equipment / write downs (21.6) (111.2) (9.2) (9.2) (1.4) (1.4) (143.4) 17.7 17,7 (125.7) Other operating expenses (192.4) (420.9) (128.2) (65.3) (806.8) 149.5 (657.3) Total Operating Expenses (757.2) (1,000.6) (301.1) (212.6) (2,271.5) 274.6 (1,996.9) Operating Income (EBIT) 107.0 227.1 25.3 25,3 22.7 22,7 382.1 0.2 0,2 382.3 Pro forma* EBITDA 257.8 454.4 80.8 80,8 42.5 835.5 (1.3) (1.3) 834.2 as % of Revenues 29.9% 36.9% 25.5% 18.4% 18,4% 31.6% 35.2% *Excluding impact of Voluntary Retirement Programs and Restructuring Plans
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Page 18 of 21 EXHIBIT V – SEGMENT REPORTING (6M 2011) (€ mn) OTE OTE Cosmote RomTelecom All Todos Other Otro Total Total Adjustments Ajustes & Y Eliminations Consolidated Revenues: Domestic Telephony 450.6 0.0 0,0 146.8 6.7 604.1 International Telephony 51.5 0.0 0,0 39.7 1.1 92.3 92,3 Mobile Telephony 0.0 0,0 1,078.3 0.0 0,0 0.0 0,0 1,078.3 Other Otro 449.3 169.9 145.9 228.2 993.3 Total Revenues 951.4 1,248.2 332.4 236.0 2,768.0 (288.3) 2,479.7 Intersegment Revenues (76.2) (75.1) (14.4) (122.6) (288.3) Revenues from External Customers Clientes 875.2 1,173.1 318.0 318,0 113.4 113,4 2,479.7 2,479.7 Other income/expense net (0.7) (0.7) (1.3) (1.3) 8.2 8,2 1.2 7.4 (1.6) (1.6) 5.8 Operating Expenses: Personnel expense (348.0) (120.4) (66.3) (31.9) (566.6) 4.9 (561.7) VRS & restructuring plans cost (10.5) (11.3) (11.3) (27.9) - - (49.7) - - (49.7) Payments to international operators (43.0) (11.3) (11.3) (19.1) (88.9) (162.3) 60.2 60,2 (102.1) Payments to domestic telephony operators (68.3) (128.1) (32.0) (0.1) (0.1) (228.5) 55.0 55,0 (173.5) Depreciation, amortization and impairment discapacidad (169.5) (249.5) (80.1) (31.6) (530.7) 2.1 2,1 (528.6) Cost of telecommunication equipment / write downs (24.7) (132.5) (17.4) (0.7) (0.7) (175.3) 20.8 20,8 (154.5) Other operating expenses (195.3) (421.6) (126.5) (58.1) (801.5) 147.7 (653.8) Total Operating Expenses (859.3) (1,074.7) (369.3) (211.3) (2,514.6) 290.7 (2,223.9) Operating Income (EBIT) 91.4 172.2 (28.7) 25.9 260.8 0.8 261.6 261,6 Pro forma* EBITDA 271.4 433.0 79.3 57.5 841.2 (1.3) (1.3) 839.9 as % of Revenues 28.5% 34.7% 23.9% 24.4% 30.4% 33.9% * Excluding impact of Voluntary Retirement Programs and Restructuring Plans
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Page 19 of 21 Página 19 de 21 EXHIBIT VI– MOBILE OPERATIONS (€ mn) Q2 '12 Q2 '11 % Change 6M '12 6M '11 % Change Revenues: Monthly service fees 183.4 200.6 -8.6% -8,6% 370.1 401.1 401,1 -7.7% -7,7% Airtime revenues 206.2 193.3 +6.7% 399.8 364.9 +9.6% Interconnection revenues 92.2 92,2 95.7 95,7 -3.7% 181.7 184.2 -1.4% -1,4% Roaming revenues 9.0 9.0 10.1 -10.9% 12.3 13.9 -11.5% SMS revenues and other services 48.2 59.5 59,5 -19.0% 101.7 114.2 -10.9% Sales of handsets and accessories 68.6 68,6 80.3 80,3 -14.6% 138.1 153.8 153,8 -10.2% Commission revenues 2.2 2,2 0.4 +450.0% 4.5 1.1 +309.1% Οther operating revenues 9.7 9,7 6.6 +47.0% 22.4 22,4 15.0 15,0 +49.3% Total Revenues 619.5 646.5 -4.2% -4,2% 1,230.5 1,248.2 -1.4% -1,4% Revenues from telecommunication services 539.0 559.2 559,2 -3.6% -3,6% 1,065.5 1,078.3 -1.2% Other Operating income/(expenses) (0.2) (1.3) (1.3) -84.6% (2.8) (2.8) (1.3) (1.3) +115.4% Operating Expenses: Interconnection (63.7) (71.6) -11.0% (126.6) (139.4) -9.2% Cost of goods (50.6) (69.4) -27.1% (109.2) (130.1) -16.1% Payroll Nómina de sueldos (56.4) (62.3) -9.5% (114.5) (131.7) -13.1% Network operating costs (51.7) (54.8) -5.7% (106.8) (109.7) -2.6% -2,6% Distribution & sales (71.5) (77.2) -7.4% -7,4% (147.0) (145.0) +1.4% Marketing & Customer care (31.7) (41.1) -22.9% (64.5) (75.8) -14.9% -14,9% General & administrative (35.4) (35.4) (25.2) +40.5% (63.3) (50.0) +26.6% +26,6% Provision for doubtful accounts (21.0) (21.0) (25.0) -16.0% (41.4) (43.4) -4.6% -4,6% Depreciation (115.4) (125.1) -7.8% (227.3) (249.5) -8.9% Total Operating Expenses (497.4) (551.7) -9.8% (1,000.6) (1,074.7) -6.9% -6,9% Operating Income (EBIT) 121.9 121,9 93.5 +30.3% 227.1 172.2 172,2 +31.8% EBITDA 237.3 237,3 218.6 +8.6% 454.4 421.7 +7.8% as % of Revenues 38.3% 33.8% +4.5pp 36.9% 33.8% +3.1pp Pro forma* EBITDA 237.3 237,3 218.9 +8.4% 454.4 433.0 +4.9% as % of Revenues 38.3% 33.9% +4.4pp 36.9% 34.7% +2.2pp *Excluding impact of Voluntary Retirement Programs and Restructuring Plans
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Page 20 of 21 EXHIBIT VII –OPERATIONAL HIGHLIGHTS Jun 30, 2012 30 de junio 2012 Jun 30, 2011 30 de junio 2011 % Change Fixed Line Operations, Greece PSTN connections 2,839,050 3,194,100 -11.1% ISDN connections (BRA & PRA) 409,022 456,418 -10.4% Total PSTN & ISDN connections 3,248,072 3,650,518 -11.0% Wholesale line rental connections 68,017 95,312 -28.6% PSTN & ISDN connections ex-WRL 3,180,055 3,555,206 -10.6% Total OTE ADSL active subscribers 1,137,670 1,146,376 -0.8% -0,8% Of which OTE Wholesale ADSL 25,291 33,474 -24.4% OTE ADSL active retail subscribers 1,112,379 1,112,902 -0.0% OTE TV Subscribers (IPTV & Satellite) 76,345 54,400 54.400 +40.3% Unbundled local loops (active) 1,749,141 1,524,354 +14.7% Employees Empleados 10,504 10,826 10.826 -3.0% Fixed Line Operations, Romania Voice Telephony lines (Incl. CDMA) 2,404,284 2,558,683 -6.0% Broadband subscribers(Incl. CDMA BB) 1,169,788 1,084,555 +7.9% TV subscribers (DTH, IPTV & Cable) 1,207,461 1,222,336 -1.2% -1,2% Employees Empleados 7,438 7,976 -6.7% -6,7% Mobile Operations Mobile subscribers, Greece 7,856,338 7,732,550 +1.6% Mobile subscribers, Albania 1,726,660 1,912,242 -9.7% Mobile subscribers, Bulgaria 4,356,673 4,034,692 +8.0% Mobile subscribers, Romania 6,422,544 6,595,489 -2.6% -2,6% Employees Empleados 8,398 8.398 8,699 -3.5% -3,5%
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Page 21 of 21 Página 21 de 21 EXHIBIT VIII –EBITDA AND PRO-FORMA EBITDA CALCULATION EBITDA and pro forma EBITDA, as defined by OTE, are financial measures that help OTE to evaluate its core business operating results, before investing and financing activities, and before the effect of depreciation, amortization and impairment and to compare the performance of OTE and its subsidiaries with that of its peer group, which mainly consists of other European incumbent telecommunications operators. The following table provides a reconciliation of profit/loss for the period attributable to shareholders of the parent to EBITDA and pro forma EBITDA. (€ mn) Q2 '12 Q2 '11 % Change 6M '12 6M '11 % Change Profit for the year attributable to shareholders of the parent 104.5 104,5 62.2 +68.0% 411.1 92.4 92,4 +344.9% Plus: Plus: Depreciation amortization and impairment 229.3 229,3 265.6 -13.7% 451.9 528.6 -14.5% Total (profit)/loss from financial activities * 47.9 48.3 48,3 -0.8% -0,8% (113.0) 105.2 -207.4% Income taxes Impuesto a la renta 29.1 29,1 26.9 +8.2% 71.3 75.2 -5.2% Minority interest 5.9 5,9 (6.1) (6.1) -196.7% 12.9 (11.2) (11.2) -215.2% EBITDA 416.7 416,7 396.9 +5.0% 834.2 790.2 +5.6% Adjustments: Ajustes: Cost of early retirement programs 0.0 0,0 10.0 10,0 - - 0.0 0,0 49.7 49,7 - - Pro Forma EBITDA 416.7 416,7 406.9 +2.4% 834.2 839.9 -0.7% * Total profit/(loss) from financial activities includes interest expense, interest income, foreign exchange differences, gains/(losses) from financial assets and dividend income.
resultado segundo semestre 2012 OTE va a mejor