Annual report (20-F) - Ono

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As of and for the year ended December 31, 2000 2001 2002 2003 2004 (euro in millions) (Loss)/profit before tax and minority interests (198.2) (315.7) (370.2) 150.0 (104.8) Net (loss)/profit (124.9) (216.9) (194.6) 97.0 (81.2) Summary Balance Sheet Data: Cash 3.5 0.6 1.3 1.3 4.1 Restricted cash(1) 110.9 27.6 39.1 — — Tangible assets, net 739.1 1,065.2 1,202.4 1,295.1 1,414.4 Total assets 1,772.1 2,087.4 2,259.3 2,123.3 2,205.1 Total debt(2) 741.0 1,204.8 1,303.3 1,065.7 1,164.1 Participative loans(3) — — 300.0 300.0 — Common stock 489.0 484.7 484.7 484.7 891.2 Shareholders’ equity 632.1 410.8 216.2 313.2 638.5 Summary Other Data: EBITDA(4) (55.8) (57.2) 15.8 102.1 172.4 EBITDA margin(5) — — 6.2% 28.5% 38.9% Capital expenditures(6) (428.4) (359.7) (251.7) (198.6) (223.5) Net cash provided/(used) by operating activities (151.7) (252.5) (176.8) 49.7 105.3 Net cash used in investing activities (385.2) (372.1) (256.6) (195.0) (232.2) Net cash provided by financing activities 404.8 620.8 424.5 145.1 129.6 Number of Shares (thousands)(7) 488,951 484,663 484,663 484,663 891,168 U.S. GAAP Data: Net (loss)/profit (172.0) (257.9) (125.4) 114.5 (80.1) Shareholders’ equity 693.1 443.8 315.7 428.5 749.3 (1) Restricted cash is U.S. government securities and European government securities that were purchased and pledged to secure interest payments on the Notes through March 2003. (2) Total debt is financial short-term debt and long-term debt. Total debt does not include participative loans. In 2003, total debt included the €98.5 million Grupo Corporativo ONO (“GCO”) Loan. Total debt does not include accrued interest expenses. (3) Participative loans represent subordinated loans from GCO to Cableuropa. For the purpose of capitalization calculations under the Spanish corporations law, participative loans are treated as shareholder’s equity. (4) EBITDA represents earnings before interests, taxes, depreciation and amortization, extraordinary and other non-cash items and minority interests. EBITDA is not a GAAP measure in either Spain or in the United States and should not be considered in isolation or as a substitute for, or as an alternative to, net income, operating income, cash flow from operations, other cash flow data or any other performance measures prepared in accordance with Spanish GAAP or U.S. GAAP. 8
Reconciliation between EBITDA and net profit/(loss) is set forth below: (euro in millions) 2002 2003 2004 Consolidated net profit/(loss) (194.6) 97.0 (81.2) Less Loss attributed to minority interests (0.8) 0.0 (2.2) Income tax credits (174.7) 53.0 (21.4) Net extraordinary (income)/expense 171.8 (298.2) 61.2 Net financial expense 96.8 130.2 104.0 Amortization of goodwill 13.4 13.4 10.2 Depreciation and amortization 98.3 102.5 100.8 Broadcast rights amortization 5.7 4.2 1.0 Total adjustments to reconcile net profit/(loss) and EBITDA 210.4 5.1 253.5 Total EBITDA 15.8 102.1 172.4 (5) EBITDA margin is calculated by dividing EBITDA for a particular period by the total revenues for that period. EBITDA margin is omitted when negative. (6) Capital expenditures refer to purchase of property and equipment. (7) €1.00 par value shares. 9
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: PART I Item 1. Identity of Director
Page 11 and 12: The table below shows the high and
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
Page 105 and 106:
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
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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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