3Q11 - Zon

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Strong improvement in EBITDA – CAPEX withthe end of strong investment cycleEBITDA–Total CAPEX and OCF AfterInvestment [Millions of Euros]Free Cash Flow[Millions of Euros]80706050403020100-103Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q1166.544.537.916.96.03.5(1.4)(8.7) (7.0)(15.1)(34.0)3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11EBITDA- Total CAPEXOFC After InvestmentStrongest ever quarterly FCF20
Solid capital structure, 2.1x Net Financial Debt/ EBITDAChange in Net Financial Debt[Millions of Euros]2Q11706.8Improvement led by solid EBITDA and decline inCAPEXEBITDA-CAPEXNon-Cash Itemsand WorkingCapital22.044.5Reversal of the Change in WK after a peak in 2010due to accelerated CAPEX programmeLong TermContracts13.3LTC of 13.3 million euros, a decrease due to thescheduling of the cash paymentsNet Interest Paid7.5Income TaxesPaid8.1Cash tax payments abnormally high, due to 2 incometax pre-payments during 3Q11Other Items0.93Q11668.32.1x Net Financial Debt / EBITDA at the end of 3Q1121
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 18 and 19: Net IncomeNet Income 3Q11 / 3Q10[Mi
Page 22 and 23: Wrap-up22
Page 24 and 25: AppendixFinancial HighlightsOperati
Page 26 and 27: Operational Highlights26

3Q11 - Zon

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