2q09 results announcement presentation …2009/07/31 · 2q09 results announcement presentation 31...
TRANSCRIPT
2Q09 RESULTS ANNOUNCEMENT PRESENTATION
31 JULY 2009
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, earnings, industry conditions, demand
and pricing for our products and other aspects of our business, possible or future payment of dividends and share buy back
program; and
(b) statements that are preceded by, followed by or include the words “believes”, “expects”, “anticipates”, “intends”, “is confident”,
“plans”, “estimates”, “may”, “might”, “could”, “would”, and the negatives of such terms or similar expressions.
These statements are not guarantees 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 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. Additionally, some of
these statements refer to board proposals to be submitted to ZON - Multimédia – Serviços de Telecomunicações e Multimédia,
SGPS, S.A. (“Multimedia” or “ZON”) AGM and subject to (i) its approval by Multimedia’s shareholders, (ii) the market conditions
and (iii) the ZON’s financial and accounting position as revealed in the financial statements approved by Multimedia’s AGM.
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.
ZON Multimedia 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. The SEC file number for PT Multimedia’s
exemption is No. 82-5059. Under this exemption, ZON Multimedia is required to post on its website English language
translations, versions or summaries 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 distribute to its security
holders.
This presentation is not an offer to sell or a solicitation of an offer to buy any securities.
2
1. Introduction
TÍTULO E DATA DA APRESENTAÇÃO ARIAL 10pt. | 30 09 05
Continuing strong growth momentum
Another Quarter of Very Strong Growth
33% Triple Play Penetration: 30%, 2010 target
Reversal of trends in Pay TV
>
4
4
Continued growth in Broadband and Voice, in line with
previous quarters
RGU GROWTH 24.5%, RGU per Sub 2,0>
Getting Closer to Our Customers (I)
Through continuous innovation
Leading broadband speeds with the broadest geographical coverage, up to 100 Mbps, 1.3
million households covered end June
The most attractive fixed voice proposition in the market, unlimited fixed traffic to 20
countries
Launch of ZON Fibra bundles, the richest nationwide 3Play offer in the market;
5
5
Reinforcing leadership position in HD (+ Brava TV, MyZen TV in 2Q09);
The most exciting VoD offer with a selection of over 2000 films, series and documentaries;
Launch of ZON Mobile Broadband card
Getting Closer to Our Customers (II)
ZON already has the largest next generation
network with 1.3 million households passed
6
6
With our network upgrade, we already reach 1.3 million households with speeds of up to 100
Mbps and by the end of this year, we will cover 2.8 million households;
Next Generation Internet is delivered to the house/area over hybrid fibre and Eurodocsis
3.0, both of which can deliver maximum theoretical download speeds of 400Mbps and
upload speeds of 100 Mbps.
In Portugal ZON uses over 14 thousand Kms of optic fibre and 25 thousands Kms of coaxial
fibre, to ensure the best next generation Internet, TV and Voice services at home;
Getting Closer to Our Customers (III)
Number of Complaints by 1000 ServicesNumber of Complaints by 1000 ServicesNumber of Complaints by 1000 ServicesNumber of Complaints by 1000 Services[units]
Through service quality
7
7
Source: ANACOM
Dramatic improvement in customer service over the past 18 months;
Significantly higher levels of customer satisfaction;
Independent recognition from ANACOM: complaints from cable TV customers were 63% lower
than other TV services, and VoIP services generated 87% less complaints.
Getting Closer to Our Customers (IV)
Through continuous innovation in other areas
Cinema Exhibition Audiovisuals
8
8
Launch of myZONcard promotion
for customers’ children;
Launch of first fully digital cinema
complex in Iberia, with a centralized
theatre and library management system;
Digitalization of all screens in Portugal
until the end of 2010.
Agreement to distribute another
US major, Warner, further
strengthening the quality and depth
of our content offer.
2. Continued Strong Operating Performance
TÍTULO E DATA DA APRESENTAÇÃO ARIAL 10pt. | 30 09 05
2.608 2.6902.982 3.116 3.247
Continued Strong Operational Momentum
RGURGURGURGU[thousands]
+24.5%+24.5%+24.5%+24.5%
2Q08 3Q08 4Q08 1Q09 2Q09
10
10
+93.7 +81.4 +144.4 +133.9 +131.0+93.7 +81.4 +144.4 +133.9 +131.0+93.7 +81.4 +144.4 +133.9 +131.0+93.7 +81.4 +144.4 +133.9 +131.0
RGU GROWTH REMAINS STRONG
[Net Adds - thousands]
14%18%
23%
29%33%
2Q08 3Q08 4Q08 1Q09 2Q09
3Play Penetration Reaches One Third of Cable
Subscriber BaseTriple Play Subscribers Penetration of Triple Play Subscribers Penetration of Triple Play Subscribers Penetration of Triple Play Subscribers Penetration of
Cable BaseCable BaseCable BaseCable Base
+19.2pp+19.2pp+19.2pp+19.2pp
153193
275
340
391
2Q08 3Q08 4Q08 1Q09 2Q09
Triple Play SubscribersTriple Play SubscribersTriple Play SubscribersTriple Play Subscribers[thousands]
+155.1%+155.1%+155.1%+155.1%
2Q08 3Q08 4Q08 1Q09 2Q09
1,68 1,75 1,85 1,95 2,01
2Q08 3Q08 4Q08 1Q09 2Q0911
11
RGUs per SubscriberRGUs per SubscriberRGUs per SubscriberRGUs per Subscriber[units]
+20.2%+20.2%+20.2%+20.2%
2Q08 3Q08 4Q08 1Q09 2Q09
+46.0 +40.1 +64.2 +64.5 +51.1+46.0 +40.1 +64.2 +64.5 +51.1+46.0 +40.1 +64.2 +64.5 +51.1+46.0 +40.1 +64.2 +64.5 +51.1 [Net Adds
thousands]
2010 objective of 30% Triple Play
Penetration achieved 1.5 years ahead
of schedule;
Each customer now subscribes to
more than 2 services, on average.
458442 438
419 4121.099 1.0971.176 1.176 1.179
1.557 1.539
1.614 1.595 1.591
Pay TV – Improving Trends in 2Q09
Basic SubscribersBasic SubscribersBasic SubscribersBasic Subscribers[thousands]
+2.2%+2.2%+2.2%+2.2%
Cable SubscribersCable SubscribersCable SubscribersCable Subscribers[thousands]
+7.2%+7.2%+7.2%+7.2%
DTH SubscribersDTH SubscribersDTH SubscribersDTH Subscribers[thousands]
(9.9)%(9.9)%(9.9)%(9.9)%
2Q08 3Q08 4Q08 1Q09 2Q092Q08 3Q08 4Q08 1Q09 2Q092Q08 3Q08 4Q08 1Q09 2Q09
12
12
(3.6) (17.9) (14.0) (18.2) (3.9)(3.6) (17.9) (14.0) (18.2) (3.9)(3.6) (17.9) (14.0) (18.2) (3.9)(3.6) (17.9) (14.0) (18.2) (3.9) +1.8 (2.6) +4.6 +0.2 +3.1+1.8 (2.6) +4.6 +0.2 +3.1+1.8 (2.6) +4.6 +0.2 +3.1+1.8 (2.6) +4.6 +0.2 +3.1 (5.3) (15.3) (18.5) (18.4) (7.0)(5.3) (15.3) (18.5) (18.4) (7.0)(5.3) (15.3) (18.5) (18.4) (7.0)(5.3) (15.3) (18.5) (18.4) (7.0)
Basic Customers pratically flat q.o.q. showing reversal of trend of recent quarters;
Cable base stable, and posting some growth;
Strong reduction in DTH disconnections in 2Q09.
[Net Adds thousands]
Note: 4Q08 Net Adds are adjusted for the impact of the acquisition of TVTel and Parfitel operations.
417 446496
540575
Strong Take-Up of Higher Value Digital Services
“Funtastic” Digital Subscribers“Funtastic” Digital Subscribers“Funtastic” Digital Subscribers“Funtastic” Digital Subscribers[thousands]
ZON Boxes InstalledZON Boxes InstalledZON Boxes InstalledZON Boxes Installed[thousands]
+37.9%+37.9%+37.9%+37.9%
91
184
285
+5.4x+5.4x+5.4x+5.4x
≈ ≈ ≈ ≈ 40% 40% 40% 40%
withoutwithoutwithoutwithout PVRPVRPVRPVR
2Q08 3Q08 4Q08 1Q09 2Q09
13
13
+17.1 +29.0 +50.0 +43.7 +35.3+17.1 +29.0 +50.0 +43.7 +35.3+17.1 +29.0 +50.0 +43.7 +35.3+17.1 +29.0 +50.0 +43.7 +35.3
53
91
3Q08 4Q08 1Q09 2Q09
Take-up of higher value digital services driving ARPU growth;
Only a year after launch, the TV experience-enhancing ZON Box is proving very successful;
[Net Adds
thousands]
7
16
30
431 451519 546 573
204254
347
419479
Broadband, Fixed Voice and Mobile – Very Strong
Momentum
Broadband SubscribersBroadband SubscribersBroadband SubscribersBroadband Subscribers[thousands]
+32.9%+32.9%+32.9%+32.9%
Fixed Voice SubscribersFixed Voice SubscribersFixed Voice SubscribersFixed Voice Subscribers[thousands]
+134.8%+134.8%+134.8%+134.8%
Mobile SubscribersMobile SubscribersMobile SubscribersMobile Subscribers[thousands]
+4,1x+4,1x+4,1x+4,1x
[Net Adds thousands]
4Q08 1Q09 2Q092Q08 3Q08 4Q08 1Q09 2Q09 2Q08 3Q08 4Q08 1Q09 2Q09
14
14
+14.9 +20.2 +28.0 +27.0 +26.5+14.9 +20.2 +28.0 +27.0 +26.5+14.9 +20.2 +28.0 +27.0 +26.5+14.9 +20.2 +28.0 +27.0 +26.5 +65.2 +50.1 +73.2 +72.8 +59.2+65.2 +50.1 +73.2 +72.8 +59.2+65.2 +50.1 +73.2 +72.8 +59.2+65.2 +50.1 +73.2 +72.8 +59.2 +7.2 +8.5+7.2 +8.5+7.2 +8.5+7.2 +8.5 +13.7+13.7+13.7+13.7
In Broadband, the pace of growth was maintained above 25k subs per quarter;
Around 60k net adds of Fixed Voice during 2Q09;
New Mobile business increasing pace, with 13.7k net adds in the quarter;
31,832,0
32,432,7
33,6
Driving ARPU Growth
Blended ARPUBlended ARPUBlended ARPUBlended ARPU[euros]
+5.5%+5.5%+5.5%+5.5%
Cable & DTH ARPU y.o.y. Growth in 2Q09 Cable & DTH ARPU y.o.y. Growth in 2Q09 Cable & DTH ARPU y.o.y. Growth in 2Q09 Cable & DTH ARPU y.o.y. Growth in 2Q09 [%]
8,2%
(6,1%)
2Q08 3Q08 4Q08 1Q09 2Q09
15
15
Premium between Cable and DTH ARPUPremium between Cable and DTH ARPUPremium between Cable and DTH ARPUPremium between Cable and DTH ARPU[%]
1,0
2,2
1P 3P
Multiple Service ARPU DifferentiationMultiple Service ARPU DifferentiationMultiple Service ARPU DifferentiationMultiple Service ARPU Differentiation[Rebased]
Cable DTH
18,8%
36,9%
2Q08 2Q09
3. Supported by Solid Financial Indicators
TÍTULO E DATA DA APRESENTAÇÃO ARIAL 10pt. | 30 09 05
334
363
Pay TV, Broadband and VoicePay TV, Broadband and VoicePay TV, Broadband and VoicePay TV, Broadband and Voice[millions of euros]
Revenues Driven by RGUs and ARPU Growth
Operating RevenuesOperating RevenuesOperating RevenuesOperating Revenues[millions of euros]
373,6
400,6
+7.2%+7.2%+7.2%+7.2% +8.6%+8.6%+8.6%+8.6%
+10.1%+10.1%+10.1%+10.1%
Excluding Excluding Excluding Excluding
Advertising Advertising Advertising Advertising
1H08 1H09
28,927,4
1H08 1H09
22,024,4
1H08 1H09
17
17
AudiovisualsAudiovisualsAudiovisualsAudiovisuals[millions of euros]
CinemaCinemaCinemaCinema[millions of euros]
1H08 1H09
+11.3%+11.3%+11.3%+11.3%(5.1)%(5.1)%(5.1)%(5.1)%
121,3130,8
1H08 1H09
32.5%32.5%32.5%32.5% 32.7%32.7%32.7%32.7%
252,3269,8
1H08 1H09
Operational Profitability – Solid EBITDA GrowthEBITDA and EBITDA MarginEBITDA and EBITDA MarginEBITDA and EBITDA MarginEBITDA and EBITDA Margin[millions of euros; %]
+7.8%+7.8%+7.8%+7.8%+6.9%+6.9%+6.9%+6.9%
Total Operating CostsTotal Operating CostsTotal Operating CostsTotal Operating Costs[millions of euros]
18
Operating Operating Operating Operating
CostsCostsCostsCosts(millions of euros)
1H091H091H091H09 ∆ % % % % DriversDriversDriversDrivers
Impact of acquisitions and internalization of several functions;
Impact of Share Plan;
Lower Programming Costs - impact of SIC and other content contracts renegotiation;
Decline in advertising share revenue with content providers, due to decreasing advertising
revenues;
Higher sales commission charges, due to high level of commercial activity;
Increase in COGS due to growth of Mobile subscriber base and subsequent increase of
handsets sold;
Other Other Other Other
Operating Operating Operating Operating
CostsCostsCostsCosts
93.4 9.5%Higher customer care, maintenance and repair costs, due to increasing number of services
subscribed by customers.
Commercial Commercial Commercial Commercial
CostsCostsCostsCosts39.1 41.1%
W&SW&SW&SW&S 27.5 19.4%
Direct CostsDirect CostsDirect CostsDirect Costs 109.9 (5.6%)
41,1
29,156,3
85,8
Net Income
Net IncomeNet IncomeNet IncomeNet Income[millions of euros]
D&AD&AD&AD&A[millions of euros]
+52.3%+52.3%+52.3%+52.3% (29.2)%(29.2)%(29.2)%(29.2)%
1H08 1H091H08 1H09
19
19
TOTAL NET RESULTS OF 29.1 MILLION EUROS IN 1H09
Depreciation increased by 52.3% to
85.8 million euros, driven by higher
investment in terminal equipment
and long term contracts
Net financial results were marginally
negative by 0.03 million euros, with
net interest charges amounting to
14.7 million euros.
65,1
90,6
Customer-Driven CAPEX y.o.y. Increase
Total CAPEXTotal CAPEXTotal CAPEXTotal CAPEX[millions of euros]
+39.2%+39.2%+39.2%+39.2%
Increase mostly due to upgrade
to Eurodocsis 3.0 and cell
10,30,9
19,6 44,2
6,4
4,828,8
40,765,1
Non-Recurrent CAPEX Terminal Equipment
Other Recurrent CAPEX Pay TV, Broadband and Voice Infrastructure
20
20
to Eurodocsis 3.0 and cell
splitting
Increase mostly due to the
installation of a greater amount
of terminal equipment
Sound Capital Structure and Adequate Debt
Maturity
Net Financial DebtNet Financial DebtNet Financial DebtNet Financial Debt[millions of euros]
Net Financial Debt / EBITDANet Financial Debt / EBITDANet Financial Debt / EBITDANet Financial Debt / EBITDA[x]
2,51H09
24,8
638,8
Long Term Contracts
Other items
1H09
(10.8)
21
21
2,32008
552,5
52,2
(40,2)
14,8
45,5
24,8
2008
Working Capital
EBITDA - CAPEX
Interest Paid
Dividends
Long Term Contracts
4. Wrap Up
TÍTULO E DATA DA APRESENTAÇÃO ARIAL 10pt. | 30 09 05
Wrap Up
One of the highest growth companies of the peer group: +7.2% y.o.y.
growth in Revenues, +8.6% in core Pay TV, Broadband and Voice business
Focus on profitable growth with EBITDA increasing above Revenues:
+7.8% y.o.y.
23
23
Rational investment strategy – customer driven growth CAPEX to secure
market share with attractive returns on investment, leveraging scalability
of HFC network in place
Commitment to shareholder remuneration – dividend payment of 100%,
one of the most attractive in peer group with a clear path to increasing
future cash flow generation
Appendix
TÍTULO E DATA DA APRESENTAÇÃO ARIAL 10pt. | 30 09 05
• Financial Highlights
• Operational Highlights
Financial Highlights
(Millions of Euros) 2Q08 2Q09 ∆ y.o.y. 1H08 1H09 ∆ y.o.y.
Operating RevenuesOperating RevenuesOperating RevenuesOperating Revenues 186.4186.4186.4186.4 199.1199.1199.1199.1 6.8%6.8%6.8%6.8% 373.6373.6373.6373.6 400.6400.6400.6400.6 7.2%7.2%7.2%7.2%
Pay TV, Broadband and Voice 168.4 180.9 7.4% 334.0 362.7 8.6%
Audiovisuals 14.0 13.1 (6.5%) 28.9 27.4 (5.1%)
Cinema Exhibition 9.2 11.8 28.7% 22.0 24.4 11.3%
Other (5.2) (6.8) 29.7% (11.2) (14.0) 24.4%
EBITDA EBITDA EBITDA EBITDA (1 )(1 )(1 )(1 ) 62.562.562.562.5 66.566.566.566.5 6.5%6.5%6.5%6.5% 121.3121.3121.3121.3 130.8130.8130.8130.8 7.8%7.8%7.8%7.8%
Income from Operations (2) 33.1 26.7 (19.3%) 65.0 45.0 (30.7%)
NET INCOMENET INCOMENET INCOMENET INCOME 20.320.320.320.3 9.69.69.69.6 (52.5%)(52.5%)(52.5%)(52.5%) 41.141.141.141.1 29.129.129.129.1 (29.2%)(29.2%)(29.2%)(29.2%)
25
25
NET INCOMENET INCOMENET INCOMENET INCOME 20.320.320.320.3 9.69.69.69.6 (52.5%)(52.5%)(52.5%)(52.5%) 41.141.141.141.1 29.129.129.129.1 (29.2%)(29.2%)(29.2%)(29.2%)
CAPEXCAPEXCAPEXCAPEX 40.440.440.440.4 44.944.944.944.9 11.2%11.2%11.2%11.2% 65.165.165.165.1 90.690.690.690.6 39.2%39.2%39.2%39.2%
EBITDA minus CAPEXEBITDA minus CAPEXEBITDA minus CAPEXEBITDA minus CAPEX 22.122.122.122.1 21.621.621.621.6 (2.1%)(2.1%)(2.1%)(2.1%) 56.256.256.256.2 40.240.240.240.2 (28.4%)(28.4%)(28.4%)(28.4%)
Net Financial DebtNet Financial DebtNet Financial DebtNet Financial Debt 339.5339.5339.5339.5 638.8638.8638.8638.8 88.1%88.1%88.1%88.1% 339.5339.5339.5339.5 638.8638.8638.8638.8 88.1%88.1%88.1%88.1%
EBITDA margin (%)EBITDA margin (%)EBITDA margin (%)EBITDA margin (%) 33.5%33.5%33.5%33.5% 33.4%33.4%33.4%33.4% (0.1pp)(0.1pp)(0.1pp)(0.1pp) 32.5%32.5%32.5%32.5% 32.7%32.7%32.7%32.7% 0.2pp0.2pp0.2pp0.2pp
CAPEX as % of RevenuesCAPEX as % of RevenuesCAPEX as % of RevenuesCAPEX as % of Revenues 21.7%21.7%21.7%21.7% 22.6%22.6%22.6%22.6% 0.9pp0.9pp0.9pp0.9pp 17.4%17.4%17.4%17.4% 22.6%22.6%22.6%22.6% 5.2pp5.2pp5.2pp5.2pp
Net Financial Debt / EBITDA [x] Net Financial Debt / EBITDA [x] Net Financial Debt / EBITDA [x] Net Financial Debt / EBITDA [x] 1.5x1.5x1.5x1.5x 2.5x2.5x2.5x2.5x n.a.n.a.n.a.n.a. 1.5x1.5x1.5x1.5x 2.5x2.5x2.5x2.5x n.a.n.a.n.a.n.a.
(1) EBITDA = income from operations + depreciation and amortisation. (2) Income from operations = income before financials and income taxes + work force reduction programme costs + impairment of goodwill + losses (gains) on disposal o f fixed assets + other costs/income.
Operational Highlights
2Q08 2Q09 ∆ y.o.y. 1H08 1H09 ∆ y.o.y.
Homes Passed ('000)Homes Passed ('000)Homes Passed ('000)Homes Passed ('000) 2.7952.7952.7952.795 3.0753.0753.0753.075 10,0%10,0%10,0%10,0% 2.7952.7952.7952.795 3.0753.0753.0753.075 10,0%10,0%10,0%10,0%
RGUs ('000)RGUs ('000)RGUs ('000)RGUs ('000) 2.6082.6082.6082.608 3.2473.2473.2473.247 24,5%24,5%24,5%24,5% 2.6082.6082.6082.608 3.2473.2473.2473.247 24,5%24,5%24,5%24,5%
Basic Subscribers 1.557 1.591 2,2% 1.557 1.591 2,2%
"Funtastic" Digital Subscribers 417 575 37,9% 417 575 37,9%
Broadband Internet 431 573 32,9% 431 573 32,9%
Fixed Voice 204 479 134,8% 204 479 134,8%
Mobile - 30 n.a. - 30 n.a.
Net Adds RGUs ('000)Net Adds RGUs ('000)Net Adds RGUs ('000)Net Adds RGUs ('000) 93,793,793,793,7 130,7130,7130,7130,7 39,5%39,5%39,5%39,5% 195,6195,6195,6195,6 264,9264,9264,9264,9 35,4%35,4%35,4%35,4%
Pay TV, Broadband and Voice
Pay TV, Broadband and Voice
Pay TV, Broadband and Voice
Pay TV, Broadband and Voice
26
26
Net Adds RGUs ('000)Net Adds RGUs ('000)Net Adds RGUs ('000)Net Adds RGUs ('000) 93,793,793,793,7 130,7130,7130,7130,7 39,5%39,5%39,5%39,5% 195,6195,6195,6195,6 264,9264,9264,9264,9 35,4%35,4%35,4%35,4%
Basic Subscribers (4) (4) 10,1% 10 (22) n.a.
"Funtastic" Digital Subscribers 17 35 106,3% 35 79 126,7%
Broadband Internet 15 26 77,7% 31 54 75,1%
Fixed Voice 65 59 (9,3%) 120 132 9,7%
Mobile - 14 n.a. - 22 n.a.
Blended ARPU (€)Blended ARPU (€)Blended ARPU (€)Blended ARPU (€) 31,831,831,831,8 33,633,633,633,6 5,5%5,5%5,5%5,5% 31,731,731,731,7 33,133,133,133,1 4,5%4,5%4,5%4,5%
Revenues per ticket (€)Revenues per ticket (€)Revenues per ticket (€)Revenues per ticket (€) 4,04,04,04,0 4,44,44,44,4 9,3%9,3%9,3%9,3% 4,04,04,04,0 4,34,34,34,3 6,8%6,8%6,8%6,8%
Tickets sold ( '000)Tickets sold ( '000)Tickets sold ( '000)Tickets sold ( '000) 1.5091.5091.5091.509 1.7301.7301.7301.730 14,6%14,6%14,6%14,6% 3.7083.7083.7083.708 3.6803.6803.6803.680 (0,8%)(0,8%)(0,8%)(0,8%)
Pay TV, Broadband and Voice
Pay TV, Broadband and Voice
Pay TV, Broadband and Voice
Pay TV, Broadband and Voice
Cinema
Cinema
Cinema
Cinema
Exhibition
Exhibition
Exhibition
Exhibition
Contacts
José Pedro Pereira da Costa
CFO
Maria João Carrapato
Head of Investor Relations
27
ZON Multimedia
Avenida 5 de Outubro, 208
1069-203 Lisboa, Portugal
Tel.: +351 21 782 47 25
Fax: +351 21 782 47 35