PT PT 2007年第3季度财报电话会议文字稿中英文

Operator

女士们、先生们，早上好或下午好，欢迎参加葡萄牙电信2007年第三季度业绩电话会议。本次会议由葡萄牙电信副首席执行官Zeinal Bava先生和集团首席财务官Luis Pacheco de Melo先生主持。目前，所有参会者均处于只听模式，演示结束后将开放问答环节。[接线员说明]。现在，请主持人Zeinal Bava先生发言。谢谢。请开始。

Zeinal Abedin Mahomed Bava

是的。下午好，女士们、先生们。我代表葡萄牙电信董事会，非常感谢大家参加本次电话会议。我与葡萄牙电信财务团队一同出席，包括我们的首席财务官Luis Pacheco de Melo；首席会计官Francisco Nunes；投资者关系总监Nuno Prego；以及我们会计团队的一位成员Plumas Albino先生[ph]。Luis Pacheco和我将简要介绍九个月业绩公告，之后我们很乐意回答大家可能提出的任何问题。今年前九个月，我们的合并营业收入达到45.31亿欧元，同比增长5.7%。EBITDA增长11.8%至17.26亿欧元，相当于38.1%的利润率。营业净利润增长29.2%至超过9亿欧元，确切地说是9.1亿欧元。期间净利润达到6.7亿欧元，较去年同期增长27.2%。我们的运营现金流（以EBITDA减去资本支出衡量）增长15.5%至12.27亿欧元。截至9月底，我们的净债务为43亿欧元，税后未融资退休后福利义务总额低于10亿欧元，确切地说是9.17亿欧元。现在转向各业务的运营亮点，我将重点介绍运营情况，Luis Pacheco de Melo将带大家了解财务细节。关于葡萄牙电信的固网业务，我们看到第三季度线路流失有所增加，这很大程度上是因为市场上出现了更多基于GSM的固网套餐，当然无线宽带在过去三到六个月内呈指数级增长，这在某种程度上开始蚕食ADSL的潜在可寻址市场。此外，在过去两三个月里，我们看到本地运营商积极推出了三重播放套餐。尽管如此，我们认为线路流失情况比我们预期的要好，我们希望通过未来几个季度计划推出的一系列更集成的固网语音、固网数据以及固移融合套餐，相信这将有助于减少未来的线路流失。今年第三季度我们看到的线路流失与过去四个季度保持一致。因此，在某种程度上，我们尚未看到市场动态出现重大恶化，我们相信葡萄牙电信最近宣布的关于如何更有效地管理固网和移动业务的变革，必将改善我们在这一市场的竞争地位。 ADSL净增用户数在夏季促销活动的推动下增长了13%，不过我想指出，我们最成功的产品之一是预付费产品，当然我们在一段时间后需要评估这些用户是否活跃，但在某种程度上我必须说夏季促销活动是成功的，总体而言净增用户数有所上升，达到13%的增长，这比我们预期的要好。我们推出的三重播放IPTV套餐目前约有10,000名用户，初期市场反应非常积极，我们仍将继续把我们现有的IPTV套餐和发布视为软发布。现阶段我们可能会更专注于我们希望推出该产品的地理区域。但与此同时，葡萄牙电信在固网方面正准备推出更广泛的电视套餐，可能包括IPTV以外的其他平台，正如你们所知，这在葡萄牙媒体上已有报道，我们也在考虑将DTH作为在全国范围内提供电视服务的选项，当然，我们也在考虑未来数字地面电视作为替代平台的潜在进程。因此，我认为这里要传达的关键信息是，明年我们将推出非常强大的三重播放套餐，将包括语音、数据和视频。至于我们将使用哪个平台，我认为这在很大程度上取决于我们在葡萄牙市场的具体服务运营区域，因为正如你们所知，我国的人均国内生产总值分布将引导我们选择最佳平台，以确保我们不仅在内容方面提供最佳套餐，而且具有竞争力的定价。关于运营效率，正如你们所知，我们有一个持续的裁员计划。我们曾表示今年将减少约500名员工。在前九个月结束时，我们已经减少了约482名员工，裁员成本略低于每人3,000欧元，需要提醒的是，这并不意味着我们开出30万欧元的支票，很多人的合同被暂停或提前退休，因此，我们基本上在损益表中记录的是从现在到他们退休期间我们对这些人员的负债，并且我们必须履行与养老基金的所有义务。我们可能会维持这一计划，或者最好地说，我们现阶段对至少以每员工线路数衡量的效率比率相当满意。话虽如此，我们确实看到了在收入和成本方面的显著协同效应，试图协调我们在葡萄牙国内的两项业务——固网和移动，以及协调我们在国内市场所谓的工具性公司。就我们而言，葡萄牙电信的效率提升可能会持续，因此我们相当有信心，未来我们可以在葡萄牙的所有业务中继续保持稳健的利润率。关于退休后福利，正如你们所知，我们在重组医疗保健和养老金、整体养老基金负债方面做了大量工作，因此，我们现在看到的未融资养老金负债低于10亿欧元。所有这些工作导致我们所谓的退休后福利（你们在我们的损益表中看到的）显著减少，税后未融资负债现在，正如我之前提到的，大约在9.1亿至9.15亿欧元之间。因此，总结固网业务，我想说的是，市场动态与我们过去看到的一样具有竞争力，显然，在葡萄牙电信有了新的分拆目标并已分拆PT Multimedia之后，我们需要与监管机构合作。我们相信，协调移动和固网融合套餐将增强我们的竞争地位，我们将努力继续降低成本，以维持我们迄今为止的现金流和利润率表现。关于葡萄牙的移动业务，我认为你们在第三季度看到的是对今年第一和第二季度情况的确认，即TMN正在获得市场份额，TMN正在增加商业活动，这不仅体现在净增用户数上，还体现在从预付费到后付费的转化，以及我们在无线宽带大规模部署和通过移动及移动电视提供互联网接入方面所做的广泛工作。正如你们在我们的新闻稿中看到的，数据业务对总收入的贡献现在约为16%，并且正在增长，其增长速度我们相信将使我们比之前预期的三年更早达到25%，因此我认为按照这个速度，我们可能在两年内达到这些水平。非短信收入增长了一倍多，因此，我认为，就TMN的移动业务而言，趋势在我看来非常积极。我们正在获得市场份额，仍有工作要做，无论是在地理上...葡萄牙某些地区的市场份额我们认为应该比目前更高，我们在中小企业市场也取得了显著进展，显然，在青年细分市场，我们相信最近与学校和教师推出的PC计划将有助于我们在未来三到五年内提高该细分市场的渗透率和市场份额。如果看净增用户数，我们在第三季度约有19万净增用户，我们没有提供语音和数据的细分数据。我能说的是数据业务表现非常好，我们继续在手机和独家手机组合方面保持差异化。仅在夏季促销活动中，我们就推出了25款新手机，其中19款是独家产品，这也使我们能够控制用户获取和保留成本，毫无疑问你们在我们的新闻稿中看到，这比去年同期下降了约17%，降至约42欧元的创纪录低水平。无线宽带在我看来是我们的关键优先事项之一，我们在葡萄牙推出了首个不限量互联网接入服务，商业化价格约为7.5欧元，当然，我们在与学校和教师的PC计划方面目前也是领导者，我们认为他们占据了非常大的市场份额。数据服务进展顺利，尽管总收入增长，我们仍保持着非常非常强的成本控制；因此，EBITDA利润率已超过45%。你们看到我们的EBITDA利润率提高了2个百分点，这不仅是因为总收入增长，也是因为我们很好地控制了成本。我还想说的是，你们在第一季度数字中看到的固网和移动之间的协同效应非常少，因为政府变革仅在五周前宣布。我们相信未来会有大量的工作和显著的节省，因此，再次谈到TMN，我认为关键信息是，我们将继续成为葡萄牙市场所有细分领域的积极参与者。我们认为葡萄牙的经济趋势将支撑未来的通话分钟数表现。我认为，我们首次让你们了解了去电分钟数的表现。我认为目前的趋势非常积极。我们还在通过投资品牌来建立定价能力，因此就TMN而言，我们相信趋势保持积极，我们认为明年可能会得到我们在数据卡方面所做工作的支持。现在转向Vivo。Vivo已经公布了业绩。因此，我将简短说明。我认为Vivo在CDMA向GSM的过渡方面做得比大多数人预期的要好。在此过程中，我们还通过收购Telemig以及购买1.9 GHz频率实现了全国覆盖。GSM部署以创纪录的时间完成，毫无疑问，由于从CDMA转向GSM，Vivo的竞争力增强，我们已经看到商业活动显著增加。最近值得强调的是，Vivo还获得了...因消费者服务等方面被评为最佳公司而获奖，因此，我认为，事后看来，我们转向GSM的决定是一个非常正确的决定，并且开始对我们在Vivo执行的运营转型产生直接影响。 ARPU，基础ARPU因我们在通话分钟数和定价方面看到的弹性而增长了2.4%。最重要的是，Vivo的数据收入也增长了39%。同样值得强调的是，自由现金流生成正在改善，因为我们现在已经完成了GSM部署所需的大部分资本支出。因此，关于Vivo，我认为与我们过去所说的非常一致。我们相信巴西经济表现好于预期。感知风险、国家风险有所改善。Vivo的转型正在按计划进行，因此Vivo继续是葡萄牙电信的战略资产，我们认为未来将带来卓越的增长。在交给Luis之前，我想谈的最后一点是我们在非洲的国际资产。我们通过与Helios的合作将这些非洲资产货币化。这是我们去年在回应敌意收购时首次表示会做的事情。除了已将部分股权货币化外，我们仍然对在该地区增加合作伙伴关系以扩大业务范围持开放态度，我们仍然拥有Africatel 78%的股份，我们认为我们需要做的是确保保持控股权，话虽如此，我们对市场上的其他增长机会持开放态度，前提是这些机会能为我们创造价值。还有一个非常积极的表现值得强调，几乎在我们所有业务中，特别是在安哥拉，如果看EBITDA表现，非常非常强劲，增长约22%，如果看我们拥有的较小业务也是如此。即使是圣多美或佛得角，你们也看到EBITDA以高个位数增长。在澳门，CTM增长约17%，这同样很大程度上得益于澳门作为地区的经济表现，因此，不包括Vivo的国际资产EBITDA比例在前九个月达到2.47亿欧元，同比增长12%，因此我们相信葡萄牙电信的国际业务将继续带来卓越增长，而对于国内市场，我们的国内业务将继续提供非常强劲的现金流，我们相信这将帮助我们兑现...我们承诺的回报。将我们的国内业务提升到电视等不同水平所需的投资，当然，也将帮助我们继续投资于我们具有战略优势且对我们有商业意义的国际业务。现在让我把话筒交给我们的首席财务官Luis Pacheco de Melo。

Zeinal Abedin Mahomed Bava

Yes. Good afternoon, ladies and gentlemen. On behalf of the Portugal Telecom Board, thank you very much for attending this call. I am here with the Portugal Telecom finance team, our Chief Financial Officer, Luis Pacheco de Melo; our Chief Accounting Officer, Francisco Nunes; our IR Director, Nuno Prego; and a member of our accounting team as well Mr. Plumas Albino [ph]. Luis Pacheco and I will do a very brief presentation of the results, nine months results announcement and at the end of which we will of course be delighted to answer any questions that you may have. In the nine months of this year, our consolidated operating revenues amounted to €4.531 million. That's an increase of 5.7% year-on-year. EBITDA increased 11.8% to €1.726 million, equivalent to margin of 38.1%. The net income from operations increased 29.2% to over €900 million, more exactly €910 million. Net income for the period amounted to €670 million, an increase of 27.2% over the same period last year. Our operational cash flow, measured as EBITDA minus CapEx, increased 15.5% to €1.227 million. Our net debt at the end of September amounted to €4.3 billion and after-tax unfunded post-retirement benefit obligations totaled less than €1 billion, more exactly €917 million. Turning now to the operational highlights of each business, I will focus on the operating highlights and Luis Pacheco de Melo will take you through the financials. When it comes to fixed line division of Portugal Telecom, we saw a pickup in line loss in the third quarter and that is very much due to the fact that they are a lot more GSM-based fixed offers and of course wireless broadband has seen exponential growth in the last three to six months which is beginning to some extent cannibalize the potential addressable market of ADSL. Also we have seen in the last two, three months, triple play offers being launched aggressively by the local operators. Nonetheless, we think that the line loss has done better than we had expected and we hope that with a number of offers that we are planning for the next few quarters more integrated fixed voice fixed data but also fixed mobile will help us, we believe, reduce this line loss in terms of the future. The line loss that we saw in the third quarter of this year is in line with the past four quarters. So, to some extent we have not yet seen major deterioration in terms of market dynamics, and we believe that the recent changes that Portugal Telecom has announced in terms of how we wish to manage more fixed and mobile will certainly improve our competitive position in this market. ADSL net adds increased 13% on the back of the summer campaign, albeit that I will just point that one of the most successful products we have had is the pay as you go product which we will of course over a period of time we will need to assess whether those subs are active or not but to some extent I have to say that the summer campaign were successful and overall the numbers in terms of adds have gone up and reaching 13% growth which is better than we had expected. The triple play IPTV offer that we launched now has about 10,000 subscribers, the initial market reaction has been very positive, we still continue to see the IPTV offer that we have and the launch as a soft launch. At this stage we are likely to be far more focused in terms of geographical areas where we want to roll out this product. But at the same time Portugal Telecom on the fixed line is getting ready to have a broader TV offer which is likely to include other platforms other than IPTV, so we are, as you know, and this has come out in the Portuguese press, we are looking at DTH also as an option to offer television on a nationwide basis, and of course, we are also looking at the potential process of digital terrestrial television as well as an alternative platform in terms of the future. So, I think the key message here for you, is that we will have a very strong triple play offer next year. It would include voice, data, video. With regard to which platform we will use, I think it will very much depend on where exactly where we are operating that service in terms of the geography of the Portuguese market, because as you know the gross domestic product or the GDP per capita distribution in our country will lead us to choose the best possible platform to ensure that we have not just the best offer in terms of content but also competitive pricing. With regard to operational deficiency, as you know we have an ongoing curtailment program. We have indicated that we would reduce our staffing levels around 500 this year. At the end of the first of this nine months we had already reduced about 482 employees, or we have curtailed 482 employees at a cost a bit less than €3,000 euros per headcount, just to remind you that doesn't mean that we are writing checks of €300,000, a lot of the people are seeing the contract suspended or pre-retiring, and therefore, what we are basically booking on our P&L is the liability that we have with these people between now and the time upon which they retire and we have to fulfill all the obligations that we have with the pension fund. We are likely to maintain this program or be best, we are fairly happy at this stage with the efficiency ratio that we have at least measured in terms of lines per employee. Having said that we do see significant synergies both in terms of revenues but also cost, in trying to align our two Portuguese domestic businesses both fixed and mobile and also align what we have... what we call instrumental companies in the domestic markets. As far as we are concerned the efficiency increase in the Portugal Telecom is likely to continue and therefore we are fairly confident that we can continue to post solid margins across all our businesses in Portugal going forward. With regard to post retirement benefits, as you know significant work has been done in terms of the restructuring of our healthcare and also pension, overall pension fund liabilities, and as a result of this we are today looking at a unfunded pension liability of less than a €1 billion. And therefore, all this work has led us, had led to a significant reduction in the so called post-retirement benefits that you see in our P&L and the after tax unfunded liabilities now, as I mentioned earlier, roughly €910, 915 million. So when it comes to the fixed line, in summary, what I can say is that the market dynamics are as competitive as we have seen in the past, clearly there is work to be done with the regulator now that Portugal Telecom has new target to spin off and has spun off PT Multimedia. We believe that aligning mobile and fixed converges offers will enhance our competitive position and we will strive to continue to reduce costs going forward to maintain cash flow and the margin performance that we've had so far. In terms of the mobile business in Portugal, what I think you saw in the third quarter is a confirmation of what we saw in the first and the second quarter of this year which is that TMN is gaining market, TMN is increasing commercial activity, measured not just in terms of net adds, but also convergence from prepaid to postpaid, and also the work that we have or extensive work that we have done in terms of massive rollout of the wireless broadband but also Internet access using mobile and mobile TV. As you will have seen in our press release, the contribution from data in terms of overall revenues is now about 16% and its growing, and its growing at a rate that we believe will allow us to achieve 25% perhaps sooner than the three years that we have indicated previously, so I think at this rate we are likely to achieve those levels, perhaps, within two years. The non-SMS revenues have more than doubled, and therefore, I think, the trends when it comes to mobile for TMN are extremely, in my view, positive. We are gaining market share, there's still work to be done, both, geographically... they are certain areas in Portugal where we believe our market share should be higher than what it is at the moment, we are making significant progress also in the SME market, and clearly, when it comes to the youth segment, we believe that the recent launch of this PC program that we have done with the schools and teachers will certain help us work that penetration and our market share in that segment over the three to five years period. If you look at the net adds, we had about 190,000 net adds in the third quarter, we are not giving a breakdown of voice and data. What I can say is that data is doing extremely well, we continue to have and differentiate ourselves in terms of handset and the portfolio of exclusive handsets that we have. In the summer campaign alone, we launched 25 new handsets, 19 of which were exclusive that also allows us to keep subscriber acquisition and retention costs under control, which no doubt you have seen in our press release was down about 17% over the same period last year, down to, sort of, a record level in terms of a low number of €42. Wireless broadband is in my view one of our key priorities, we launched the first flat rate Internet access service in Portugal which we are commercializing at a rate of about €7.5, and of course, we are also leaders when it comes to PC program with schools and teachers at the moment where we think they are commanding a very, very large market share. Data service is going well, and notwithstanding top-line growth, we are maintaining a very, very, I would say, strong grip on costs; and as a result of which EBITDA margin is already above 45%. And you're seeing 2 percentage point improvement in our EBITDA margin and that is not just because top-line is growing, it's also because we are keeping costs pretty much under control. I'd like also to say that what you are seeing in this first quarter numbers has very little by way of synergies between peaks in mobile, because the government changes were announced only five weeks ago. And we believe that a substantial work and substantial savings for us in the future, and therefore, again, when it comes to TMN, I think the key message is that we will continue to be an active player across all segments in the Portuguese market. We think that the economic trends in Portugal will underpin minutes of usage performance going forward. And I think, and for the very first time, we gave you sense for how outgoing minutes were doing. And I think the trends at the moment are extremely positive. We're also building on our pricing power by investing in our brand and therefore when it comes to TMN, we believe that the trend remain positive and we think that next year they are likely to be supported also by all the work that we are doing in terms of data cards, as well. Turning now to Vivo. Vivo has already announced results. So therefore I will be short on this one. I think Vivo has done the transition between CDMA and GSM better than most had expected. In the process, we have also achieved full nationwide coverage through the Telemig acquisition, but also the purchase of the 1.9 gigahertz frequencies. The GSM rollout has been implemented in record time, and I'm sure no doubt we have seen significant increase in commercial activity as a result of this increased competitiveness of Vivo because of the change from CDMA to GSM. Recently worth highlighting is that Vivo has also been awarded... has been awarded the prices for being the best company with regard to consumer service, etcetera, and therefore, I think, with hindsight, I think the decision that we took to move to GSM was a very good decision and it's beginning to have a direct impact on the turnaround, that operational turnaround that we are executing at Vivo. ARPU, underlying ARPU is up 2.4% because of the elasticities that we are seeing in terms of minutes of usage and pricing. And most importantly data revenues also in Vivo are up 39%. Also worth highlighting is that the free cash flow generation is improving, now that most of the CapEx that we have to incur with the rollout of the GSM is behind us. So, with regard to Vivo and I think very much inline with what we have said in the past. We believe that the Brazilian economy is doing better than expected. That perceived risk, country risk has improved. And the Vivo turnaround is progressing in line with our plans and as a result Vivo continues to be a strategic asset for Portugal Telecom and one that we can think, we think will deliver superior growth in the future. The last point I would like to cover before I hand you over to Luis is our international assets in Africa. We monetized our African assets through this partnership with Helios. This was something that we had indicated that we would do first... in our first response to the hostile takeover of last year. In addition to having monetized part of that stake, we still remain open to increased partnerships in the region to increase our footprint, we still own 78% of Africatel, and we believe that what we need to do is make sure we keep majority, having said that we are open to other growth opportunities in the market assuming that those generate value for us. There is also a very positive performance that's worth highlighting pretty much across all our businesses, particularly in Angola, if you look at EBITDA performance, very, very robust about 22% growth, also if you look at the smaller businesses that we have. Even Santo Tomé or Cabo Verde, you are seeing EBITDA growing high single-digit. In Macao, CTM is growing about 17%, and again that is very much on the back of the economic performance of the Macao as a region, so the proportion of EBITDA or our international asset, excluding Vivo, amounted €247 million in the nine months and that's an increase of 12% year-on-year, so we believe that the international footprint that Portugal Telecom has will continue to deliver superior growth, while for domestic market, the domestic businesses that we have will continue to deliver a very robust cash flow which we believe will help us deliver the... shell the remuneration that we have promised. Investments that are required for us to move our domestic business into a different level when in comes to TV etcetera, and of course, will also help us continue to invest in our international footprint where we have strategic advantages and where it makes business sense for us. Let me now hand you over to our CFO, Luis Pacheco de Melo.

Luis Pacheco de Melo

谢谢，Zeinal。女士们、先生们，下午好。让我首先关注一些财务亮点，然后讨论净债务和一些养老金问题。正如Zeinal提到的，总收入增长5.7%至45亿欧元，这得益于Vivo的强劲增长以及TMN的良好表现。在固网业务方面，由于线路流失未能完全被数据、企业和批发业务的增长所抵消，总收入下降了5.7%。TMN在九个月内实现1.3%的增长，这主要得益于持续的客户增长，特别是在整体市场和无线宽带领域。Vivo的表现受到强劲客户增长和ARPU的积极影响。Vivo对PT的收入贡献增长了13.8%，但这包含了建设和保留的影响，如果排除这一影响，收入将增长5.1%。MTC的合并（如您所知，我们于2006年9月收购了MTC）也对直接收入增长做出了积极贡献。在EBITDA表现方面，总EBITDA增长了11.8%，如果排除与BRB和Vivo拨备相关的一次性项目，EBITDA将增长8.3%。固网业务的业绩得益于成本效率，在截至9月的九个月内基本持平。TMN的EBITDA增长得益于服务增长和严格的成本控制，九个月内增长3.3%，季度增长4.5%，使第三季度利润率达到45.2%。Vivo的增长主要由强劲的用户获取和IR商业活动驱动，EBITDA增长27.1%，如果排除去年的一次性项目，则增长16.8%。在净利润方面，净利润增长27.2%至6.7亿欧元，主要得益于运营收入的改善，较去年增加了约2.05亿欧元。如果排除去年和今年的所有一次性项目，净利润将增长34%。今年的负面影响包括1.42亿欧元的裁员成本，涉及482名员工，平均每名员工成本约为30万欧元。积极方面，我们获得了Africatel处置的资本收益、Banco Espírito Santo股份出售的资本收益以及PT Multimedia股权解绑的收益。在现金流方面，九个月的经营现金流略高于10亿欧元，增长77%，主要原因是移动业务商业活动增加导致营运资本投资增加，以及MTC的合并（去年我们未拥有该公司），此外还有来自不同业务的管理费收款延迟。积极方面，净处置收益达4.68亿欧元，主要源于我之前提到的PTM股票处置和Africatel 22%股份的出售。所得税增加了1.48亿欧元，主要是因为2007年我们需要支付2006年的全部税款，并以三期预付2007年的税款。如您所知，直到2005年底我们都没有缴纳税款。因此，去年我们也没有支付任何税款，但今年我们面临双重税务支付影响：2006年税款在2007年支付，加上2007年税款的预付。在净债务状况方面，我们的净债务增加了5.75亿欧元至43亿欧元，这主要源于10亿欧元的股票回购和5.3亿欧元的股息支付。积极方面，我们有我之前提到的处置收益。仅在第三季度，我们执行了约5亿欧元的回购。包括税后未融资养老金负债在内的净债务与EBITDA比率现已降至2.3倍，低于去年同期的2.7倍。我们的平均债务成本为4.9%，但如果排除零利率债务，则为3.5%。债务期限现为6.9年，第三季度我们还成功发行了7.5亿欧元的可转换债券。银行债务、备用信贷额度、商业票据和手头现金总额现为23亿欧元。在养老金方面，我们继续取得进展。目前我们的总PBO为43亿欧元，资产约为31亿欧元，因此，我们的未融资养老金负债总额为12.5亿欧元，税后为9亿欧元。在这12.5亿欧元的未融资养老金负债总额中，10亿欧元与我们需要支付给提前退休和停职员工的薪资相关。因此，只有2.5亿欧元与我们为员工维持的养老金和医疗保健义务的未融资部分相关。此外，政府对养老金规则进行了进一步修改，我们仍在分析其对PT的影响，但初步估计这将使我们的PDO减少8000万至9000万欧元。现在让我将话筒交给Zeinal进行最后评论。

Luis Pacheco de Melo

Thank you, Zeinal. Good afternoon ladies and gentlemen. Let me start by focusing on some financial highlights and then moving to net debt and some pension issues. Total revenues, as Zeinal mentioned, 5.7% up to €4.5 billion underpinned by strong growth at Vivo and also by TMN's good performance. On the wireline it was impacted negatively by the line loss that was not fully compensated by the growth that we saw from the data, corporate and the wholesale business. So total revenues on the wirelines were down 5.7%. On TMN, the good performance of 1.3% increase over nine months was underpinned by the continued customer growth, particularly, on the total space and wireless broadband. On Vivo performance, Vivo performance was impact positively by the strong customer growth and ARPU. Vivo revenues contribution to PT went up by 13.8%, but that includes the impact of the build and keep, if you exclude the build and keep impact then revenues would have grown by 5.1%. The consolidation of MTC, as you recall we acquired MTC in September 2006, also at positive contribution to direct revenue growth. Moving up on to EBITDA performance, total EBITDA was up by 11.8% we exclude the one-offs related to BRBs and Vivo provisions, EBITDA would have increased by 8.3%. On the wireline the performance was supported by the cost efficiency and was almost flat for the year, for the nine months since September. On TMN EBITDA increase underpinning by service growth and strict cost control and therefore EBITDA by 3.3% for the nine months and 4.5% for the quarter, bringing margins to 45.2% on the third quarter. On Vivo the growth was driven by the strong subscriber and acquisition, and IR commercial activity EBITDA was up 27.1% and 16.8% if we exclude the one-offs from last year. On the net income front, net income was up by 27.2% to €670 million, mainly due to better income from operations which had an improvement of around €205 million from last year. Excluding the one-off that we also add both, last year and this year, net income would have increased by 34%. On the negative impact that we have in these year were the curtailment cost of €142 million that relates to a 482 employees that we reduced at approximately €300,000 cost per employee. On the positive side, we have all the positive impact of the capital gain on the Africatel disposal and also on the capital gain that we had on the sale of the Banco Espírito Santo shares and the one unwinding of the equity stock on PT Multimedia. On the cash flow; operating cash flow amounted to slightly above €1 billion for the nine months; an increase of 77%, mainly due to higher working capital investments as a result of higher commercial activity on our mobile businesses, also to the consolidation of MTC, which we didn't own last year and also on some delay on the receivable of the management fees from different operations. On the positive side, the net disposals amounted to a €468 million, mainly as result, as I mentioned before of the PTM stock based disposal and the sale of 22% stack in Africatel. Income taxes increased by €148 million, mainly due because in 2007, we have to pay all the 2006 taxes and also prepay the 2007 taxes in three installments. So, as you recall, we were not paying taxes until the end of 2005. Therefore, last year we didn't pay cash also any taxes but this year we had the double impact on the tax payments which is the taxation of 2006 payable in 2007, plus the prepayment of the 2007 tax build. On the net debt profile, our net debt has increased by €575 million to €4.3 billion, and it is mainly due to the €1 billion share buyback and the €530 million in dividends. On the positive side, we add the disposals that I referred a while ago. Just in the third quarter we executed more or less €500 million in buyback. Our net debt to EBITDA including the unfunded pension liability after tax is now down to 2.3 times. Down from 2.7 times for the same period of last year. Our average cost of debt stands at 4.9% but that includes zero, if we exclude zero it stands at 3.5%. Maturity of our debt is now... stands now at 6.9 years, and in the third quarter we also successfully drive the €750 million convertible issue. Increasing bank debt spend by facilities and joined commercial paper and cash in hand now amount to €2.3 billion. On the pension front, we continue to do this progress on the pension front. Our total PBO right now, stands at €4.3 billion and we have assets of around €3.1 billion, therefore, our unfunded gross pension liability stands at €1.25 billion or €900 million net of tax, as I now referred to. The... out of the €1.25 billion gross unfunded pension liability, €1 billion relates to the salaries that we have to pay to the pre-retired and suspended employees. Therefore only €250 million relate to the unfunded of the pension obligation... pension and healthcare obligations that we maintain with our employees. Also the government has made further changes to the pension rules and therefore we're still analyzing the impact on PT, but our first estimate is that it will have a positive impact of between €80 million to €90 million reduction in our PDO. Let me now hand to Zeinal for his last comments.

Zeinal Abedin Mahomed Bava

好的。谢谢，Luis。在我总结这个简短演示之前，关于股东回报还有最后一点评论，我们正在执行股票回购计划，目前已经收购并将1.03亿股（相当于我们股本的9.13%）记入我们的资产负债表。此外，如您所知，我们还有约2100万股的远期互换合约，这与我们之前完成的回购计划相关。但如果您看总金额，我们已经投资了12亿欧元回购自家股票，这相当于11%的股本。按股份数量累计，目前为1.237亿股。我们将继续执行回购计划，遵守当地SEC对我们制定的规则。因此，我们在市场上每日可购买的股票数量受到限制，但我们将继续遵守这些规则，同时在市场上继续执行回购计划，当然也不排除（正如我们过去所做的那样）未来可能考虑使用其他机制来加速回购。关于分拆，我们已于11月7日成功完成分拆。如您所知，您也可以在我们网站上为您准备的幻灯片中看到，我们继续以大约50%的PT当前市值作为基础，预计在未来三年内返还给股东。因此，我们将继续兑现过去所做的所有承诺，并及时履行。关于我认为对我们来说非常出色的季度总结，我们看到目前积极的运营和财务势头，这主要得益于我们国内移动业务的业绩，也包括我们所有的国际资产，不仅仅是Vivo，而是我们所有的国际资产。因此，我认为我们业务版图的平衡开始为我们带来积极的增长。我们继续看到有吸引力的现金流状况，因此尽管我们的国内业务当然受到您们都熟悉的趋势影响，如用户流失、流量流失，但我们继续产生稳健且增长的运营现金流。毫无疑问，您在我们的新闻稿中看到，我们累计九个月的运营现金流增长了约16.5%。因此，由于这一点，我们继续拥有充足的财务灵活性。Pacheco向您介绍了我们净增用户的所有情况，不仅是成熟度，还包括备用信贷额度和商业票据额度方面的灵活性。最后但同样重要的是，我们在董事会层面有决心继续兑现我们做出的所有承诺，因此在葡萄牙电信继续保持有吸引力的股东回报政策。我们相信，尽管我们计划在业务上投入更多资金，但我们能够维持这一政策，因为我们在国内市场看到了增长机会，特别是在移动业务方面，也在电视业务方面（如您所知，葡萄牙电信目前在该领域没有市场份额）。因此，我们认为，不仅在这些业务方面保持增长公司的地位是可能的，而且为股东提供稳健的回报政策也是可能的。非常感谢，我和我的团队现在可以回答您可能有的任何问题。问答环节

Zeinal Abedin Mahomed Bava

Okay. Thank you, Luis. Before I summarize this brief presentation, just one last comment on the shareholder remuneration, we are executing the buyback and we have already acquired and we have brought onto our books, balance sheet, 103 million shares equivalent to 9.13% of our share capital. And we have also, as you know, an FD swap of about 21 million shares which relates to a previous buyback program that we have done but if you look at the aggregate amount we have already invested €1.2 billion in our own stock that is equivalent to 11% for share capital. And cumulative in terms of number of shares 123.7 million shares at this stage. We are continuing to execute the buyback, abiding by the rules that the local SEC here has put upon us. Therefore, we are limited as to how many shares we can buy in the market on a daily basis, but we will continue to abide by those rules and continue to execute the buyback in the market whilst, of course, not ruling out, as we have not done in the past, any other mechanism that we may use in the future to consider ways in which we can accelerate the buyback. With regard to spin-off, we have successfully completed the spin-off on the 7th of November. And as you know, and you can certainly on the slides that we have put for you on our site, we continue to work on the basis at approximately 50% of PT's current market cap was expected to be returned to shareholders over the next three years. So, we will continue to deliver on all the promises that we have done in the past and we will continue to do that in a timely fashion. With regard to the conclusions of what I think has been a very good quarter for us, we see positive operational and financial momentum at the moment underpinned very much by the performance of our domestic mobile business, but also all of our international assets, not just Vivo, all of our international assets, so I think the balance in terms of our footprint is beginning to provide us positive growth. We continue to see an attractive cash flow profile, so whilst our domestic business, of course, is being impacted by the trends that you all are familiar with line loss, traffic loss. We continue to generate operational cash flow which is robust and is growing and no doubt you saw in our press release, our operational cash flow cumulative nine months, increased about 16.5%. We continue, therefore, as a result of this, to have ample financial flexibility. Pacheco took you through everything about our net adds, not just maturity, but also flexibility in terms of standby facilities and commercial paper line. And last but not least, we have, the resolve at the Board level to continue to deliver on all the promises that we have made, and therefore, continue to have, at Portugal Telecom, an attractive shareholder remuneration policy. We believe, we can maintain this policy notwithstanding the fact that we plan to invest more in our business, because we see opportunities to grow in our domestic market, particularly, in mobile, but also in television where Portugal Telecom has, as you know, no market share at this stage, and we believe, therefore, it is possible to remain not just a growth company when it comes to these businesses but also a solid remuneration policy for our shareholders. Thank you very much, my team and I, of course, are now available for any questions that you may have. Question And Answer

Operator

谢谢。[操作员说明]。我们的第一个问题来自Cazenove的Mitchell Collett。请提问。

Mitchell Collett

你好。我是Cazenove的Mitch Collett。如果可以的话，我有两个问题。首先，既然你们已经成功完成了PTM的分拆，你们是否感觉到监管部门的压力有所减轻？你们是否计划利用新的市场地位进行任何新的交易或促销活动？其次，在有线业务方面，能否告诉我们你们的零售线路流失中，有多大比例流向了有线电视运营商，多大比例流向了非捆绑运营商，以及多大比例可能是固定电话被移动电话替代造成的？谢谢。

Zeinal Abedin Mahomed Bava

好的。谢谢。关于监管方面，我们认为随着PT多媒体业务的剥离，我们现在处于一个非常不同的市场。正如您所知，葡萄牙电信的有线电视公司拥有覆盖约280万户家庭的广泛全国网络。这些家庭恰好是葡萄牙人均GDP最高的优质家庭，因此他们拥有相当独特的优势，即同时提供有线和卫星电视服务。卫星电视主要覆盖那些铺设有线网络在经济上不合理的地区。因此，我们相信葡萄牙在欧洲市场自由化方面处于独特地位，目前存在两家替代服务提供商，特别是PT多媒体作为竞争对手，其规模和财务灵活性足以在该市场实施长期战略。我们相信葡萄牙监管机构在做出决策时会考虑到这一点，特别是在宽带服务规定方面。我们认为对所有批发和零售价格实施零售减价上限已不再合理。我们相信，特别是在那些存在本地环路解绑的地区，葡萄牙电信应该有更多自由提供捆绑服务，同时在宽带ADSL定价方面采取更积极的策略。目前，如果看我们在ADSL市场的整体份额，我们大约占40%。如果看存在本地环路解绑地区的市场份额，我们的份额显著低于40%。因此，我们认为葡萄牙监管机构有理由考虑实施差异化监管，因为葡萄牙沿海地区和内陆地区的经济动态存在很大差异。通过业务剥离，葡萄牙电信实现的自由化程度已经超过了监管机构过去七、八年所取得的成果。我们这样做不仅是为了股东的最佳利益，也是为了我们业务的最佳利益，因为我们相信葡萄牙电信的这一立场将为我们带来长期回报。我们希望与监管机构正在进行的建设性对话能够使我们未来有更多自由，为消费者提供更好的服务和价格。关于有线业务和线路流失问题，显然主要的有线电视竞争对手是TVCable。我记得他们在第三季度业绩中宣布新增了30,000个电话客户。第三季度本地环路解绑约为22,000条。这还不包括市场上存在的一些GSM固定电话服务，我们认为在三个月内这部分可能达到15,000到20,000之间。因此，基于市场信息，我们认为这大致上是可以识别的分布情况。任何与此数据和我们线路流失之间的差异都与固定移动替代有关，纯粹是人们从固定电话转向纯移动服务。谢谢。

Zeinal Abedin Mahomed Bava

Okay. Thank you. With regard to regulation, we believe that with the spin-off of PT multimedia, we are now in a very different market. The cable company of Portugal Telecom, as you know, has an extensive network, national network, that covers about 2.8 million homes. And those happen to be from a GDP per capita, the best homes in Portugal, and that's why they have something which is pretty unique, which is both cable and DTH. DTH where, basically, is offered in places it doesn't make financial sense to rollout cable, and therefore we believe that today Portugal has a unique position when it comes to Europe in terms of liberalization of the market, they are two alternative providers of services and therefore... and in particular, when it comes to PT Multimedia a competitor which has the scale and has the financial flexibility to, obviously, engage in a long term strategy in this market. We believe that the Portuguese regulator will take this into account in his decisions with regard to, particularly, the broadband provisions that we have in this market. We believe that it no longer makes sense to have a retail minus cap on all our prices both wholesale and retail. We believe that particularly in those areas where there is unbundler local loop there should be a lot more freedom for Portugal Telecom to offer bundled services, but also far more aggressive pricing in terms of broadband ADSL. We think that at the moment if you look at our overall market share in terms of ADSL we are at about 40%. If you were to look at our market share in areas where there is unbundler local loop, our market share is significantly lower than 40% and therefore we believe that there are grounds for the Portuguese regulator to consider a segmented regulation because Portugal has very, very different economic dynamics when you are looking at the coastal areas and when you are looking at the interior of our country. Portugal Telecom has done more of a liberalization with the spin-off than has been achieved in the last seven, eight years by the regulator himself. And we have done that in the best interest not just of our shareholders but also in the best interest of our business, because we believe that this position by Portugal Telecom should pay dividends for us long term. We are hopeful that the ongoing dialogue that we have with the regulator, which is very constructive, will result in us having more freedom going forward to offer better services and better prices to our consumers. In terms of the wireline and the line loss, obviously, the main cable operator in terms of competition is TVCable, and if I recall in the third quarter results they announced that they had added 30,000 phone customers. Unbundled local loop in the third quarter was about 22,000. That doesn't include some of these GSM fixed offers that exist out there, which we think that in a three month period could be somewhere between 15,000 to 20,000. So, based on what is market information, we think that this has to be... this is more or less a split that we can to some extent identify. Any difference between this and our line loss has to do with fixed mobile cannibalization, purely where people basically switch from fixed to purely mobile. Thank you.

Mitchell Collett

好的，谢谢。

Operator

我们的下一个问题来自美林银行的Jesus Romero。请提出您的问题。

Jesus Romero

是的。[听不清] 美林银行，伦敦。我有两个问题，第一个是关于明年电视战略的资本支出，您能否提供更多细节？您提到有不同选择，如DTH，或者可能考虑其他平台，但能否大致说明资本支出金额是多少？第二个问题是关于葡萄牙的终端费率，在新闻稿中您提到了将葡萄牙终端费率降至€0.065的提案，我认为您有30天时间发表意见。能否对此进行评论并量化对明年的潜在影响？谢谢。

Zeinal Abedin Mahomed Bava

谢谢，Jesus。关于资本支出；为了绝对明确，我们认为除了TMN的具体项目外——例如与学校和师生相关的PC项目、我们在固网方面的电视战略或潜在的光纤部署，葡萄牙的资本支出很可能保持相当稳定。因此，如果我们确实启动这三个重大项目中的任何一个，我们将提前向市场提供具体的指引，说明我们认为的资本支出规模，以便您准确了解这对我们财务数据的影响。除了这三个项目外，我们相信明年的资本支出很可能与过去您看到的水平非常相似，即我们固网和移动业务各自大约2亿至2.2亿欧元。因此，两个业务合计大约4亿至4.5亿欧元。好的。这只是为了绝对明确。所以当我们确实启动任何这些具体项目时，我们希望向市场进行专门演示，届时不仅会介绍我们认为的收入影响，还会说明任何此类决策的现金流影响。关于电视业务，显然，我们认为我们选择的IPTV方案从长期来看是我们公司的正确选择。然而，我们相信要扩大我们现有的MSTV方案规模，我们需要更多时间，既包括需要在网络方面进行的投资，也包括需要对技术人员进行的培训，以便他们能够显著加快每日安装速度。因此，我们决定考虑替代方案，而DTH（卫星直播电视）似乎是一个我们认为合理的选择，原因与过去葡萄牙电信在某些家庭使用有线电视、在其他家庭使用DTH的战略相同。我们认为在固网方面以完全相同的方式考虑葡萄牙市场也是有意义的，因为我们认为上市时间首先非常重要。我们可以相当快速地推出DTH服务，并且我们相信能够以极具竞争力的资本支出和用户获取成本实现这一点。不用说，随着我们在固网方面看到的变化，最近我们显著增强了电视专业知识，因此我们相当有信心能够尽早推出DTH服务，并且能够以我们认为极具竞争力的用户获取成本实现，这是我们在考虑未来电视服务的方式之一。关于数字地面电视，葡萄牙电信监管机构进行了一些公众咨询，我们已经回应，我们保留在该过程宣布时积极关注的权利。现阶段，监管机构只发布了总体条款和条件，并要求运营商提供建设性意见，我们已经提供，因此我们渴望看到最终决定。即使是关于数字地面电视，那里也有两个潜在业务。一个是电信业务，涉及四个频率的传输，其余是一些允许您开展付费电视业务的频率。所以，从长期考虑电视业务，给您的核心信息是，我们将始终努力寻找最佳方式，将用户获取成本保持在能够为股东带来合理回报的水平，因此我们将保持所有选项开放，并考虑所有考虑到我国人均GDP分布的合理潜在平台。关于固网到移动网的终端费率，一方面您有数字和这种咨询或监管机构提出的任何内容可能对我们财务数据产生的影响……我宁愿不评论，因为我们倾向于认为监管机构现阶段提出的只是咨询，过去监管机构在考虑运营商意见后已经改变了自己的观点，我们相信我们将提出能够引导并帮助监管机构在这一领域做出最佳决策的意见。我们认为当前提出的立场脱离了背景。我们认为这不会促进该行业的投资或未来投资。而且我认为这也为第三家运营商带来了不对称性，在我们看来，这与您在欧洲其他市场看到的情况完全背道而驰，而这种不对称性在葡萄牙市场已经被消除。所以，现阶段我宁愿不向您提供关于影响的具体数字，更愿意与监管机构建设性地合作，继续与监管机构探讨移动终端费率的最终决策是否考虑了葡萄牙市场的背景，在我看来，这不能仅仅归结为试图将移动终端费率与欧洲平均水平或欧洲市场最低的五国对齐。谢谢。

Zeinal Abedin Mahomed Bava

Thank you, Jesus. With regard to CapEx; just to be absolutely clear, we think that bar for specific projects that we have at TMN which, for example, relate to this PC program for the schools and the pupils and teachers. The television strategy that we have at the fixed line or potentially rollout of fiber, the CapEx in Portugal is likely to remain pretty stable, so if we do engage in any of these three major projects we will come forward with what we think will be the CapEx, so that you know exactly the impact this will have in our numbers. So bar for these three projects we will, before, come into the market with specific guidance. We believe that CapEx next year is likely to stay very similar to what you have seen in the past which is roughly €200 million to €220 million both in our fixed and our mobile businesses. So, between the two businesses is roughly €400 million, €450 million. Okay. So that's just to be absolutely clear. So when we do engage in any of these specific projects, we hope to come and do a specific presentation to the market, and then we will take you through not just what we think is the top line impact but also a cash flow impact of any such decisions. With regard to the TV, clearly, we believe that the option that we have taken in terms of IPTV is one that long-term is the right option for our company. We, however, believe that in order for us to be able to scale the current MSTV option that we have we will require more time both in terms of investments that we need to do in the network but also in terms of the training that we need to do of our technical staff, so that they can accelerate significantly the installations on a daily basis. So, therefore, we've decided to look at alternatives, and DTH appears to be one which we believe makes sense for the very same reason that in the past Portugal Telecom had a strategy of using cable in some homes and DTH on the other. We believe it also make sense for us on the fixed line side to think about Portugal in exactly the same way because we think that the time to market first and foremost is very important. We can put a DTH offer out there fairly quickly, and we can, we believe we can do that at a CapEx and a subscriber acquisition costs which is extremely competitive. Needless to say that we believe that with the changes that we've seen in terms of covenants of the fixed line, recently we have beefed up, I would say, significantly our television know-how, and therefore, we are fairly confident that we can launch DTH sooner rather than later, and we can do that with a subscriber acquisition costs which we think will be very competitive and therefore that is one of the ways in which we are thinking television offer in terms of the future. In terms of the digital terrestrial television there was some public consultation undertaken by the Portuguese Telecom Regulators, we have responded to that, we reserve the right to look at that process actively as and when it is announced. At this stage, the only thing that the regulator has put out is the general terms and conditions and requested constructive comments on the operators, which we have given, and therefore, we are eager to see what is the final decision. And even with regards to the digital terrestrial television, you two potential businesses there. One which is a Telecom's business which relates to transportation of the four frequency and the rest is some frequencies that will allow you to do Pay TV as well. So, long-term when you think about television, the main message for you is that we will always try and find the best way to keep subscriber acquisition cost at a level where we can generate a decent return for our shareholders, and therefore we will keep all our options open and consider all potential platforms that makes sense considering the GDP per capital distribution in our country. With regard to the fixed to mobile termination rate, one side you have the numbers and the impacts that this consultation or supposedly whatever the regulator has put out, may have, may due to our numbers... I prefer not to comment because we like to think that what the regulator has put out at this stage is a consultation, and in the past the regulator has changed his own views about this taking into account the comments from operators and we believe that we will make comments that we will lead and we will help the regulator take the best decision in this area. We think that the current position that is out there is out of context. We think that it doesn't promote investments or future investments in the sector. And I think it also brings to ban a symmetry for the third operator, which in our view is completely countercyclical with regard to what you are seeing in other European markets, and one symmetry which had already been removed in the Portuguese market. So, at this stage I prefer not to give you my numbers in terms of what the impact is, and prefer to work with the regulator constructively and continue to see with the regulator whether the final decision on mobile termination rates takes into account the context of the Portuguese market which in my view cannot just come down to trying to align the mobile termination rate with the European average or the lowest five in the European market. Thank you.

Jesus Romero

Zeinal，如果我可以就巴西市场提一个后续问题，关于巴西的网间结算费率，它们相当高。您预计未来几年会有任何变化吗？或者您对Vivo的网间结算费率有什么评论吗？

Zeinal Abedin Mahomed Bava

实际上...既然您已经问了一个后续问题，让我也问一下葡萄牙市场的情况。同时，我认为我们看到葡萄牙监管机构的一些评论非常积极，这涉及到葡萄牙市场的频谱费用。如您所知，过去我一直说葡萄牙电信在频谱费用方面的支付非常高，不仅是绝对数字，还包括频谱收费的方式。我们大约每用户支付5欧元。这是存在的另一种不对称，有利于该市场中最小的运营商，而对最大的运营商不利。最近我们看到葡萄牙监管机构的评论称，用于收取频谱费用的模式需要改变，市场已经成熟，新模式需要激励频谱的有效使用，正如您所知，频谱是公共资产。因此，我们相信最终TMN将按照欧洲最佳实践和最终激励我们所有人充分利用公共资产（即频率）的模式支付频谱费用。关于巴西的互联互通，很难评论。我认为当考虑巴西时，还需要考虑到移动业务...事实上竞争非常激烈，是巴西创新的主要驱动力，也是巴西市场的投资驱动力，考虑到已经达到的渗透率，利润率远低于应有的水平，因此最终，我认为监管决策也需要考虑背景。当您考虑巴西时，显然需要考虑尽管渗透率现在在60%左右，利润率仍然在24%、25%或更低，这是监管机构需要考虑的因素。谢谢。

Zeinal Abedin Mahomed Bava

In fact just... now that you've asked a follow-up question, let me just ask something else to the Portuguese market. Instantly you also, there is something very positive that I think we saw at the comment from the Portuguese regulator which related to the spectrum fees in the Portuguese market. As you know in the past, I've always said that what Portugal Telecom is paying in terms of spectrum fees was very high, not just in absolute numbers but in the way that that spectrum was being charged. We were paying roughly €5 on a per sub basis. And that is another kind of a asymmetry that exist which favors the smallest operator in this market and is detrimental to the largest operator in this market. Recently we saw comments coming out of the Portuguese regulator which says that the model that's being used to charge the spectrum needs to be changed, market it mature and the new model needs to incentivize efficient use of the spectrum which as you know is a public asset. And therefore, we believe that at last, we believe there is a possibility that TMN will end up paying spectrum fees inline with the best practice in Europe and inline with the model that's ultimately incentivize all of us to make the best use of what we is a public asset which is the frequencies. In Brazil, with regard to interconnection, difficult to comment. I think when one thinks about Brazil, one also needs to take into account that the mobile business is... the fact is very competitive, is a major driver of innovation in the Brazil, and investments in the Brazilian market, and the margins are well below where they should be considering the penetration that you've had, so ultimately, I think decisions on regulation also need to take into account the context. And when you think about Brazil, clearly one needs to take into account that notwithstanding the fact that penetration is now in the sort of 60% area, margins are still in the 24%, 25% or less, and that is something that needs to taken into account by the regulator. Thank you.

Jesus Romero

谢谢。

Operator

我们的下一个问题来自JP Morgan的David Ray。请提出您的问题。

David Ray

大家好，我是摩根大通的David。我有几个问题。首先，关于固网业务，您提到IPTV是相当温和的推出。DTT，地面...数字地面电视，可能需要一些时间来解决。听起来虽然您正在考虑DTH等选项，但可能没有迫切的计划。那么，这是否为PT Multimedia提供了一个窗口期，一个12个月的窗口期来对你们施加相当大的压力？我们是否应该预期固网业务会略有下滑，也许在恢复当前趋势之前？这是第一个问题。然后，我的第二个问题是，您在电话会议中提到国内资产稳定增长，国际资产也在增长。我想持续存在的问题是，您并没有获得这些增长的大部分，或者说这些增长中有很大一部分流失给了少数股东，无论是在巴西还是在非洲业务中。那么，拥有更多这种增长并将其转化为您净利润的可能性有多大？是通过收购Vivo剩余股份，还是可能出售Vivo，并将一些非洲联营资产纳入合并损益表？这方面的潜力如何？谢谢。

Zeinal Abedin Mahomed Bava

谢谢，David。关于电视业务，我可以告诉你的是，我们决定推进DTH（卫星直播电视）推出的原因之一，是因为我们认为上市时间绝对至关重要，这一点您说得非常正确。如果您看看DTT（地面数字电视）或IPTV（网络电视），我们可能需要12个月，甚至18个月才能达到，我认为，一个临界规模。因此，对于DTH，我们认为我们能够在明年上半年推出。我想承诺一个具体日期，我们已经获得了转发器容量。我们已经在与内容提供商进行广泛的谈判，不用说，葡萄牙电信的固网业务现在对葡萄牙电视市场有了深入的了解，因为很明显，正如您所知，管理团队过去曾运营有线电视业务。因此，我们认为，通过运用这种专业知识，我们应该能够基于DTH推出全国性的服务，越早越好，因此我相信，通过尽早推出这项服务，我们将能够非常、非常快地将这种捆绑...捆绑方案引入葡萄牙市场。我仍然相信，我们在这个市场中扮演着非常重要的角色，因为我们拥有分销网络，不仅在葡萄牙的主要城市，而且遍布全国，我认为我们拥有的这个分销网络是我们公司一个重要的竞争优势。关于我们拥有的国际资产，我们认为，在许多这些市场中，拥有本地合作伙伴对我们来说是有意义的。我们也从拥有本地合作伙伴中受益。所以，如果您看，在我们存在的一些非洲市场，法律上对我们能拥有多少股份有一些限制。因此，在时间允许的情况下，当我们能够加强我们在其中一些资产中的地位时，只要估值合理，并且只要法律上允许，我们将渴望这样做。所以，现阶段我们不会撤出任何东西，但关于非洲，正如我在介绍中提到的，一旦我们在Africatel拥有78%的股份，我们始终对讨论潜在的合作伙伴关系持开放态度；始终旨在保持超过50%的控制权。但我们将始终寻找途径，通过进入其他合作伙伴关系来快速扩大我们的足迹；因此，再次强调，我认为这不是一个小问题。我认为这是一个主要问题。拥有本地合作伙伴与我们并肩作战，对我们来说一直是有益的。我认为这是我们未来发展的方式。谢谢。

Zeinal Abedin Mahomed Bava

Thank you, David. With regard to the TV offer, what I can say to you is that one of the reasons why we have decided to pursue a DTH launch is because we think that time to market is absolutely crucial, and you very rightly pointed out. If you look at DTT or if you look at IPTV it is likely that we will require maybe 12, maybe 18 months to reach, I would say, a critical mass. And therefore, when it comes to DTH, we think we will be able to launch that in the first half of next year. I would like to commit a specific date, we have already acquired transformer capacity. We are already in extensive negotiations with the content providers, needless to say that the Portugal Telecom fixed line business now has extensive understanding of the Portuguese television market, because clearly as you know the management team used to be the one that used to run the cable business. And therefore we think that by bring to bear this expertise we should be able to have a national offer based on DTH, sooner rather than later, and therefore I believe that in having that or by having that offer sooner rather than later we will be able to bring to bear this bundled... the bundled approach very, very quickly to the Portuguese market. And I continue to believe that we have a very important role to play in this market, because we have the distribution network, not just in the main cities of Portugal but nationwide, and I think this distribution network what we have is a significant competitive advantage of our company. With regard to the international assets that we have, we believe that in a lot of these markets, it does make sense for us to have local partners. And we have benefited from having local partners. So if you, and in some of those African markets where we are present there are some legal restrictions as to how much we can own. So time permitting, as an when we can beef up our positions in some of those assets, we will be eager to do that as long as, of course, the valuations makes sense, and as long as legally it is possible. So, we're not pulling out anything at this stage, but when it comes to Africa, like I indicated during my introduction, once we have 78% in Africatel, we are open always to discuss potential partnerships; always aiming to keep above 50% control. But we will always look at avenues in which we can quickly increase our footprint by entering other partnerships; and therefore, again, and I don't think this is a minor point. I think it's a major point. Having local partners alongside us has always been beneficial for us. And I think it's the way for us to grow in the future. Thank you.

David Ray

那么，关于巴西呢，也许？

Zeinal Abedin Mahomed Bava

关于巴西业务，我们与Telefónica保持着非常良好的合作关系。我认为Vivo的业绩表现及其取得的成功，不仅归功于Vivo管理团队，也要归功于Telefónica和葡萄牙团队，他们投入大量时间来协助Vivo管理层推进众多项目。我们当前非常关注的是确保Vivo实现EBITDA增长、用户基础扩大，并最终在未来实现更好的盈利能力。坦率地说，我们认为当市场趋于稳定时，我们还有提升盈利能力的空间。随着市场渗透率达到当前水平，未来我们很可能有机会改善盈利能力。谢谢。

Operator

谢谢。下一个问题来自花旗银行的James Rivett。请提问。

James Rivett

下午好。我想了解关于2007年及以后的业绩指引。你们实际上调升了第二季度的数字，我记得你们说过，在预测中保持了一定程度的谨慎。现在距离年底仅剩两个月，您认为这种看法有何变化？其次，关于零售DSL业务，该业务收入实际上出现了同比下降；这是否预示着未来的趋势？宽带业务是否已进入平台期，还是我们应该预期未来会有所回升？最后，在当前市场整合的背景下，您是否看到了任何积极影响？具体来说，Sun-ICON完成的两笔交易，是否会在任何方面、形式或程度上带来帮助？非常感谢。

Zeinal Abedin Mahomed Bava

谢谢。我想我们之前给出的2007年EBITDA指引是21亿至22亿欧元。显然，从我们第三季度的数据来看，我们非常有信心将超过22亿欧元，我们肯定会超过22亿欧元。我们继续看到移动业务和国内市场呈现良好趋势，我认为现阶段我们需要做的是实现超过22亿欧元的目标，但我们需要保持灵活性，并继续推进产品驱动，因为我们即将进入一个非常重要的商业季节——圣诞促销活动。我们相信需要继续增加我们在净增用户和收入方面的市场份额，并将部分收入增长在未来转化为更强的EBITDA表现杠杆。因此，我们相当有信心将超过22亿欧元，并且我们认为这也为我们提供了灵活性，可以在第四季度在所有业务领域开展一些商业活动，不仅在葡萄牙国内，也包括葡萄牙境外。关于宽带业务，如果看看葡萄牙市场上正在进行的一些举措：政府在UMTS牌照基础上推动的PC计划，向学生、教师和特定学校培训人员提供电脑；我们相信未来12到24个月内，这个市场的PC普及率将呈指数级增长。例如，TMN在固网业务方面最近刚刚推出了针对中小企业市场的套餐，不仅包括固网和移动、语音和数据服务，还包括终端设备，如固定电话、移动电话以及PC。因此，我认为未来12到18个月内，这个市场的PC普及率将呈现指数级增长。所以你会看到两件事：更多PC，更多拥有PC的家庭，以及更多拥有现代设备的家庭，这意味着他们可以充分利用8兆带宽和葡萄牙语丰富内容，例如葡萄牙电信在其领先门户网站sapo上提供的内容。因此，我认为在此基础上，我们很可能将继续看到良好的ADSL增长。这假设移动或无线宽带价格继续保持溢价。所以，如果无线宽带不保持价格溢价，那么部分市场可能会被无线宽带套餐占据...正如您所知，这会增加额外成本，因为ADSL在带宽方面的价格远比GSM更有效、更高效。因此，我认为宽带将继续增长，无论是ADSL还是无线还有待观察，但我认为PC普及率的增长将如此显著，以至于宽带将增长，在2008年，在其他条件不变的情况下，这个市场很可能会有非常坚实的宽带增长。关于市场整合和Sun-ICON最近的收购，我认为现阶段固网市场竞争激烈；市场上的三重播放套餐很激进，如您所知，有线电视公司在这个国家拥有重要的平台。特别是TV Cabo，正如我之前提到的，他们已经覆盖了280万户家庭，他们在主要城市的宽带市场份额相当可观，实际上远高于ADSL。因此，我认为现阶段判断这种整合是否会导致更理性的市场还为时过早。我认为对葡萄牙电信来说的好消息是，通过协调我们固网和移动业务的利益，我们可以向市场推出更具吸引力的套餐，比如我们最近为中小企业推出的这种股权互换套餐，我们将固网、移动和终端设备整合在一起，向公司提供PC，基本上我们是在为包含所有服务的工作站定价。因此，我认为最终我们相信，我们处于非常有利的地位，可以利用我们的分销网络，以及我们在技术团队和分销网络方面的渗透力。也许未来三到六个月，我们就会知道这种整合是否会导致更理性的市场。谢谢。

Zeinal Abedin Mahomed Bava

Thank you. I think we had a guidance of €2.1 billion to €2.2 billion EBITDA for '07. Clearly, when you look at our third quarter numbers, we feel quite confident that we will do better than €2.2 billion, we will certainly do better than €2.2 billion, we continue to see good trends in mobile, in the domestic market, and I think what we need to do at this stage is we will deliver on more than €2.2 billion, but we need to keep our options open and we need to keep the product drive, because we are going to enter a very important commercial season for us, which is the Christmas campaign, and we believe that we have to continue to grow our share of net adds, but also our share of revenues in this market, and translate some of that top-line growth in the future, we think, in much more leverage in terms of EBITDA performance. So, we are fairly confident that €2.2 billion, we will be better than that, and we believe that that gives us flexibility also to have some commercial activity in the fourth quarter across all our businesses, not just in Portugal but also outside Portugal. When it comes to the broadband, if you look at some of these initiatives that are ongoing in the Portuguese market: the PC initiatives that the government led on the back of the UMTS licenses that we had, where PCs are being given to students and teachers and people that are being trained in specific schools; we believe that the PC penetration in this market will increase exponentially over the next 12 to 24 months. We... TMN, for example, in the fixed line business have just recently launched an offer for the SME market which not only includes fixed and mobile, voice and data services but also terminal equipments which is fixed phones, mobile phones but also PCs. And therefore I think what you are likely to see in the next 12 to 18 months is exponential growth of PC penetration in this market. So you will see two things, more PCs, more households with PCs, and also more households with modern equipments, which means that they can take full advantage of the 8 megas and the rich content in Portuguese language that, for example, Portugal Telecom has in its leading portal in Portugal called sapo. So, I think on the back of that it is highly likely that we will continue to see good ADSL growth. This is assuming that the mobile or wireless broadband prices continue to command a premium. So, if wireless broadband doesn't command a price premium than you are likely to see some of that market being occupied with the wireless broadband offers... adds additional costs, as you know, because the ADSL or ADSL prices, in terms of bandwidth, are far more effective and far more efficient than GSM. So, I think that broadband will continue to grow whether it's ADSL or wireless remains to be seen, but I think that the PC penetration growth will be so significant that broadband will grow and you are likely to have, in 2008, all things being equal a very solid broadband growth in this market. The consolidation of the market and these recent acquisitions that Sun-ICON has done, I think at this stage the market is competitive when it comes to the fixed line; the triple play offers out there are aggressive, the cable companies, as you know, enjoy a significant platform in this country. If you look at in particular TV Cabo, as I mentioned earlier, they already cover 2.8 million homes and their market share, broadband market share, in main cities is pretty significant, in fact, much higher than ADSL. So, I think at this stage it is early to say whether this consolidation will result in a more rational market. I think the good news for Portugal Telecom is that by aligning the interest of our fixed and our mobile business we can bring to bear to the market far more attractive offers, like this equity swaps offer [ph] that we just recently put out for SMEs, where we bring to bear fixed mobile and also terminal equipment where we are giving PCs to companies and basically we are pricing a workstation with all services included. So, I think, ultimately, we believe, we are in a very good position to bring to bear our distribution network, and our capillarity in terms of not just technical teams but also distribution network. And maybe the next three to six months we will know whether this consolidation will result in a more rational market. Thank you.

James Rivett

谢谢

Operator

女士们、先生们，我们还有时间回答最后一个问题。最后一个问题来自富达的James McKenzie[ph]。请提问。

Unidentified Analyst

你好，就几个简短的问题。首先，关于股票回购，您提到了之前回购计划中已有的2300万股。当我们看这21亿欧元（抱歉，是21亿欧元）的回购金额时；您已经花费了大约10.5亿欧元，剩余的10.5亿欧元是否针对扣除库存股1.237亿欧元后的股份？我...我想说的是，这21亿欧元的股票回购是否不包括那些已经作为库存股的2300万股？其次关于Vivo，我想知道您是否有关于收购Telemig的最新消息，以及这对明年的业绩可能产生什么影响？

Zeinal Abedin Mahomed Bava

好的。谢谢，James。关于回购，为了绝对清楚：这2300万、2100万股与之前的回购计划相关。所以，它是在Sun-ICON敌意收购时我们宣布的21亿欧元之外的。我刚才想确保大家明白的是，我们账上有1.03亿股...这些股份我们将在下次股东大会上注销。如果你看目前的总量，包括这2100万股，就是我提到的约11%。所以，目前我们大约有10亿流通股。如果你要调整库存股和已售出的权益[ph]？

Unidentified Analyst

权益。

Zeinal Abedin Mahomed Bava

所以，我们将继续按照当地SEC对我们的要求执行回购，我们希望在下一次股东大会时能够兑现我们的承诺。现阶段，我认为回购的执行速度也取决于我们在市场上看到的交易量。交易量越大，我们能收购的股份就越多。否则，我们将不得不考虑其他选择，现阶段我们不排除任何其他选项。

Unidentified Analyst

好的。您认为股票回购会在明年年度股东大会前完成吗？这显然是...这仍然是您的意图吗？

Zeinal Abedin Mahomed Bava

这是我们的意图和决心，是的。

Unidentified Analyst

好的。太好了。

Zeinal Abedin Mahomed Bava

Luis可能想回答Vivo的问题。请Luis？

Luis Pacheco de Melo

关于Telemig收购案，目前仍有一些相关问题悬而未决。此时此刻，我们仍不清楚这一进程可能的时间表安排。

Zeinal Abedin Mahomed Bava

好的。非常感谢各位女士们、先生们代表葡萄牙电信董事会参加本次电话会议。我们的投资者关系总监Nuno Prego将一如既往地通过电话或电子邮件回答您可能提出的任何问题。如您所知，我们明天将开始路演。我们将参加摩根士丹利的会议，随后将在欧洲（包括英国）以及美国进行路演。当然，如果您希望在我们即将到访的任何地点与我们见面，Nuno Prego随时待命。非常感谢各位的参与，期待在未来几周内与您会面。谢谢。

Operator

谢谢。女士们、先生们，今天的电话会议到此结束。您现在可以挂断电话。感谢各位的参与。