3Q11 - Zon

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Net IncomeNet Income 3Q11 / 3Q10[Millions of Euros]Net Income 9M11 / 9M10[Millions of Euros]+5.7%(9.6)%8.69.131.628.53Q103Q119M109M11(millions of euros) 9M11 Δ % DriversD&A (164.3) 2.3%Level of Depreciation and Amortization is still explained by the significant CAPEX of the previous years but which will now tend tostabilize over timeNet Financial Expenses(31.2) 17.7%Net Interest charges and other financial expenses of 18.7 million eurosNegative contribution in 9M11 of the Equity Consolidation of Angolan operation in the amount of , decreasing from 2.8 million euros in1Q11 to 2.3 million euros in 2Q11 and 2.0 million euros in 3Q11Income Taxes (12.1)52.2%Normalized level of tax rate at 29.5%18
Continued reduction of Baseline CAPEX tomore normalized levels as forecastTotal CAPEX[Millions of Euros]Baseline CAPEX[Millions of Euros](40.9)%(23.9)%78.559.4 33.317.841.6 45.238.8 35.5 35.12.91.7 3.435.9 33.8 31.741.614.931.73.510.01.523.3 20.23Q10 4Q10 1Q11 2Q11 3Q11Baseline CAPEXNon-Recurrent CAPEX3Q103Q11Pay TV, BB & Voice Infr Other Baseline CAPEX Term Equip19
Page 1 and 2: 3Q11RESULTS PRESENTATION128 OCTOBER
Page 3: 75065055045035025015050-50150%130%1
Page 6 and 7: Digital services still growing well
Page 8 and 9: 50403020100350302502015010500Contin
Page 10 and 11: 30025002001500100500060505050505040
Page 12 and 13: Financial Review12
Page 14 and 15: Good performance of core Triple Pla
Page 16 and 17: Cost savings materializing, with re
Page 20 and 21: Strong improvement in EBITDA - CAPE
Page 22 and 23: Wrap-up22
Page 24 and 25: AppendixFinancial HighlightsOperati
Page 26 and 27: Operational Highlights26

3Q11 - Zon

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