Annual report (20-F) - Ono

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Summary Operating Data (unaudited) As of December 31, 2002 2003 2004 Infrastructure: Local access network (route kilometers) 6,279 7,148 8,214 Backbone network (route kilometers) 6,263 6,711 7,575 Homes passed 1,760,744 2,003,233 2,285,438 Homes released to marketing 1,469,061 1,743,266 2,038,172 % of homes passed 83.4% 87.0% 89.2% Customers: Residential 480,296 581,345 676,858 Business 8,648 13,133 17,369 Residential RGUs: Telephony 448,926 544,271 622,275 Internet 141,622 199,066 271,489 Cable television 296,956 339,378 369,496 Total RGUs 887,504 1,082,715 1,263,260 Total RGUs/Customer 1.85 1.86 1.87 ARPU (in euro): Residential customers 50.7 54.1 54.6 Telephony 30.8 31.4 30.1 Internet 30.2 32.7 32.2 Cable television 21.2 23.1 25.8 Business customers 205.0 229.0 210.0 Total Residential Penetration: Customer 32.7% 33.3% 33.2% Internet 9.7% 11.4% 13.4% Telephony 30.6% 31.2% 30.5% Cable television 20.2% 19.4% 18.1% Churn 12.1% 13.7% 16.1% Exchange Rates The table below sets forth the euro versus the U.S. dollar as certified by the European Central Bank. We do not represent that the U.S. dollar amounts referred to below could have been converted into euro at any particular rate indicated or at any other rate. The rates below may differ from the rates used in our audited consolidated financial statements and other financial information appearing in this Annual Report. The average amounts set forth below under “Average” are calculated as the average of the foreign exchange reference rates on the last business day of each month. Low High Average End of Period (U.S. dollars per euro) 2000 0.8252 1.0388 0.9198 0.9305 2001 0.8384 0.9545 0.8917 0.8813 2002 0.8578 1.0487 0.9511 1.0487 2003 1.0377 1.2630 1.1418 1.2630 2004 1.1802 1.3633 1.2462 1.3621 10
The table below shows the high and low foreign exchange reference rates for each month during the six full months prior to the date of this Annual Report. (U.S. dollars per euro) October 2004 1.2267 1.2792 November 2004 1.2705 1.3295 December 2004 1.3191 1.3633 January 2005 1.2936 1.3507 February 2005 1.2762 1.3260 March 2005 1.2926 1.3416 April 2005 (through April 25) 1.2810 1.3077 On April 25, 2005, the euro foreign exchange reference rate was €1.00=$1.2966. B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors In addition to other information contained in this Annual Report on Form 20-F, prospective investors should carefully consider the risks described below before making any investment decisions with respect to our company. Our business, our ability to pay the principal and interest on our present and future debt and any decision by security holders are subject to a number of significant risks, including those described below. If any of the following risks actually occur, our business, financial condition or results of operations could suffer and investors could lose all or part of their investment. There may also be other risks of which we are currently unaware or that we do not currently believe are material that could harm our business, financial condition or results of operations. The risks described herein do not include all of the risks associated with our business. Additional risks not known to us at present or that we currently deem immaterial could also impair our business operations and our ability to meet our debt obligations. Risks Relating To our Financial Profile We may not generate sufficient cash flow to fulfill our debt obligations, including payments related to the multi-borrower credit facilities, the Notes Proceeds Loans or the Note guarantees. Our ability to make payments on our debt, including payments under the senior bank facility, our multi-borrower credit facilities, the Notes Proceeds Loans and the Note guarantees, or to refinance any such debt, will depend on our ability to generate cash. Our ability to generate cash is dependent on many factors, including, among others: • our future operating performance; • the level of our capital expenditures; • the demand and price levels for our products and services; • general economic conditions and conditions affecting customer spending; • competition; • our ability to use our carry-forward tax losses; and • other legal, tax, litigation and regulatory factors affecting our business. Low High 11
Page 1 and 2: SECURITIES AND EXCHANGE COMMISSION
Page 3 and 4: “RGUs” are revenue generating u
Page 5 and 6: CONTENTS Clause Item 1. Identity of
Page 7 and 8: PART I Item 1. Identity of Director
Page 9: Reconciliation between EBITDA and n
Page 13 and 14: significant qualifications and exce
Page 15 and 16: • consolidate our brand in the ma
Page 17 and 18: operating and financial performance
Page 19 and 20: the products and services we offer
Page 21 and 22: • our ability to access the finan
Page 23 and 24: In March 2005, Cableuropa performed
Page 25 and 26: Our Strategy experience with cable
Page 27 and 28: We offer the following bundled serv
Page 29 and 30: Digital Television The introduction
Page 31 and 32: annual revenue of around €1 milli
Page 33 and 34: them are trained in our specific in
Page 35 and 36: • Andalucía Cluster. The Andaluc
Page 37 and 38: • Television line-up. Sogecable h
Page 39 and 40: In accordance with the General Law
Page 41 and 42: Telecommunications further requires
Page 43 and 44: Obligations According to the releva
Page 45 and 46: second telephony lines. The network
Page 47 and 48: Address Current Use Size (square me
Page 49 and 50: Address Current Use Size (square me
Page 51 and 52: The following are the key factors a
Page 53 and 54: The following table sets forth reve
Page 55 and 56: The following table sets forth cert
Page 57 and 58: total revenues to 28.6% for the yea
Page 59 and 60: Net Extraordinary Income/(Expense)
Page 61 and 62:
needed before commercial launch of
Page 63 and 64:
Net cash provided by financing acti
Page 65 and 66:
A number of these contracts are sub
Page 67 and 68:
All decisions regarding our busines
Page 69 and 70:
Leopoldo Calvo-Sotelo became an ind
Page 71 and 72:
Audit and Compliance Committee GCO
Page 73 and 74:
E. Share Ownership Currently none o
Page 75 and 76:
The shareholders’ agreement provi
Page 77 and 78:
Dividend and Liquidation Rights Pay
Page 79 and 80:
• the aggregate increases approve
Page 81 and 82:
As security for the senior bank fac
Page 83 and 84:
The Indentures also provide for eve
Page 85 and 86:
par value shares and subject to adj
Page 87 and 88:
Where interest has been paid under
Page 89 and 90:
the avoidance of double taxation. H
Page 91 and 92:
possible application of the passive
Page 93 and 94:
a sale, exchange, retirement or dis
Page 95 and 96:
The table below shows the variable
Page 97 and 98:
Item 16C. Principal Accountant Fees
Page 99 and 100:
No. 333-10976)). (Now superseded.)
Page 101 and 102:
Form F-4 (File No. 333-109976)). 4.
Page 103 and 104:
INDEX TO THE CONSOLIDATED FINANCIAL
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CABLEUROPA, S.A.U. AND SUBSIDIARIES
Page 107 and 108:
CABLEUROPA, S.A.U. AND SUBSIDIARIES
Page 109 and 110:
Other subsidiaries: Company Name He
Page 111 and 112:
d) Foreign exchange rate options Fo
Page 113 and 114:
Had the life of this debt not been
Page 115 and 116:
6. Start-up costs Euro thousand Bal
Page 117 and 118:
) Finance leases Computer hardware
Page 119 and 120:
9. Financial assets Euro thousand B
Page 121 and 122:
The detail of short and long term d
Page 123 and 124:
Cancellation in 2003 of MBCF relate
Page 125 and 126:
(e) State Subsidies Starting in 200
Page 127 and 128:
Options granted under the Phantom P
Page 129 and 130:
(c) Reserves (accumulated losses) i
Page 131 and 132:
(c) The movement in deferred tax as
Page 133 and 134:
In 2004, 2003 and 2002, the Group
Page 135 and 136:
Transactions Services received Serv
Page 137 and 138:
Euro thousand 2004 2003 Audit servi
Page 139 and 140:
Euro thousand 2004 2003 2002 Change
Page 141 and 142:
Reconciliation of net profit / (los
Page 143 and 144:
Management of the Group considered
Page 145 and 146:
(n) Start-up costs. Under Spanish G
Page 147 and 148:
Amortization expense related to int
Page 149:
(h) Leases The group leases certain
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Annual report (20-F) - Ono

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