Vodafone Telecel 2001 Full Year Results (1 April 2001 to 31 March 2002)

Vodafone Telecel2001 Full Year Results(1 April 2001 to 31 March 2002)Antnio Carrapatoso, CEOMay 2002

2001 vs 2000 in Vodafone TelecelTotal Operating Revenues1,025.2 M. Eur.14.0%Mobile Data Revenues52.4%49.5 M. Eur.Annual Capital Expenditures (2)205.4 M. Eur.36.1%(1) Includes the impact of TelecelOnline 80% sale to Vizzavi of around 19 million euros(2) Excluding the UMTS license up-front fee (100 million euros) the decrease would have been around 7.3%

2001 vs 2000 in Vodafone TelecelMonthly Cellular Voice MOU per Registered Cellular Customer3.0%139Cellular Net Additions47.5%359,215million minutesTotal Cellular Voice Billed Minutes28.6%4,435Churn Rate0.7 pts23.8%Registered Cellular Monthly ARPU29.37 Eur.7.1%

2001 in Vodafone TelecelConclusion of a very successful migration to the Vodafone brandSale of TelecelOnline 80% to Vizzavi Europe GroupCreation of Situs, together with Optimus, for the joint management of physical telecommunications support infrastructureGlobal Quality Certification under standard NP EN ISO 9001:2000GPRS commercial launch and pioneer introduction, in Portugal, of roaming GPRS servicesPilot launch of the Multimedia Messaging Service (MMS)Exclusive launch, in Portugal, of the HSCSD technology in Mobile InternetPioneer launch, in Portugal, of the Voice Control Voice Mail Service

SitusTelecommunications infrastructure sharingJoint venture equally owned by Vodafone and Optimusphysical telecommunications infrastructure(towers and roof tops)minimisation of the environmental impact of network infrastructuresignificant savings in terms of investment and costsconstructionmanagement operationThe establishment of Situs is especially significant in the telecommunications industry as it associates two telecom operators in an extremely dynamic and competitive market

Recent Events at Vodafone TelecelE-mail to speech feature enables Customers to listen to e-mails on their mobile phonesBeaches Information available via SMSExclusive launch of MTV ringing tones and logosExclusive launch of ringing tones and logos from the film The Lord of the Rings

Recent Events at Vodafone TelecelLaunch of several services linked to Vodafone Groups Ferrari sponsorshipPortuguese operator with the highest number of international roaming agreements: 231 operators in 108 countries across the five continentsLaunch of Music Box Service offering customers the opportunity to send music messagesLaunch of Vyrus-Yorn Shopping Attack megastore, innovative in commerce, lifestyle and entertainmentInternet access support at the Fr. Antnio Vieira Youth Centre in Dili, the capital of East Timor

Mobile Market in PortugalThe highest weight of cellular revenues on GDP in Europe (estimated at around 2.3% in 2001)One of the highest mobile service penetration rates- around 88% in terms of registered customers (Mar 2002)- estimated at around 79% in terms of active customers (Mar 2002)High and increasing weight of the cellular revenues in the Total Telecommunications Market (it is estimated that it reached 50% in 2001)One of the most developed(1) Market estimatesFixed Sector vs Mobile Sector (1) (2001)2.7billion euros2.7 billion euros

Mobile Market in PortugalReasons:tariffs 10% - 15% lower than the European averagehigh handset subsidisation, especially in the corporate segment and in pre-paid with contract high cost of interconnection and leased lineshigh spectrum fees (2% of Service Revenues)high network investment in relative terms (each operator with more than 2,500 base stations) and respective costsThe EBITDA margin on service revenues level in Portugal is one of the lowest in Europe(~29% vs. ~35%/40%) One of the most competitive

Mobile Market in Portugal - The FutureThe cellular revenues average yearly growth, from 2001 to 2005, will be between 6% to 10% in nominal termsThe weight of the cellular market in the total telecommunications services market will reach 55% by 2005Mobile data will represent over 20% of the mobile operators service revenues in 5 years (in 2001 it represented between 5% to 7%) Consolidation in the sector takes place as a result of the Portuguese mobile markets small dimension In maturity, the mobile service penetration rate in Portugal, in terms of users, will stabilise at around 85% in 2002 (the reported figures could be higher than 100% considering SIM cards multi-counting and machine to machine communications)It is estimated that

High development of GPRS in the end of 2002 and during 2003 and 2004Review of the UMTS commercial launch date until December 2002Mobile Market in PortugalTechnological EvolutionProgressive launching of UMTS from 2003 with greater development in 2004 / 2005

Vodafone TelecelCellular Net Additions2001471,704Jan-Mar200251,036Quarterly Distribution[Calendar Years]

Vodafone TelecelRegistered Cellular Customers (1) Customers who generated a chargeable event in the previous three months2,786,979200190% (1)Active Customers2,838,015Mar2002[Calendar Years]

Vodafone TelecelChurn Rate1997 (1)1998 (1)1999 (2)2000 (3)2001 (3)(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)

Chart1

0.188

0.1973648017

0.301

0.2307676649

0.2375147527

Churn Rate

30.1%

Consolidado Eur

Amounts in EUR million

19971998199920002001

Churn Rate18.8%19.7%30.1%23.1%0.2375147527

Acquisition Cost / Gross Adds (EUR)169.95149.50147.6306983671122.72138.58

&L&"HelveticaNeue LightCond,Regular"Vodafone Telecel&C&"HelveticaNeue LightCond,Bold"&14&UConsolidated

&L&"HelveticaNeue LightCond,Regular"Corporate Communications and Investor Relations&R&"HelveticaNeue LightCond,Regular"&F / &A / &D

Consolidado Eur

0.188

0.1973648017

0.301

0.2307676649

0.2375147527

Churn Rate

Vodafone TelecelSubscriber Acquisition Cost (5) (6) per Gross Addition(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)(4) Unaudited(5) Includes 4 components: advertising, commissions to the channels, handset subsidies and welcome package(6) Includes retention costs1997 (1)1998 (1)1999 (2)2000 (3)2001 (3)[EUR]

Chart3

175

150

150

125

140

Acquisition Cost / Gross Adds (EUR)

Consolidado Eur


19971998199920002001

Churn Rate18.8%19.7%41.3%23.1%0.2375147527

Acquisition Cost / Gross Adds (EUR)175.00150.00150125.00140.00


19971998199920002001

Acquisition Cost / Gross Adds (EUR)175.00150.00150125.00140.00



Consolidado Eur

0

0

0

0

0

Churn Rate

0

0

0

0

0


Vodafone TelecelFixed Indirect Access Registered CustomersAt the end of March 2002 around 80% were business customers

Vodafone TelecelOperating and Service RevenuesService Revenues grew around 17% in the year ended March 2002 when compared with the prior year(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)(4) Unaudited956.71,025.22001 (3) (4)

Vodafone TelecelMonthly Cellular Average Revenue per Registered Customer (ARPU) [EUR](1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)(4) Unaudited29.372001 (3) (4)

Vodafone TelecelMonthly Average of Cellular Voice Minutes per Registered Cellular Customer1401999 (2)1352000 (3)1392001 (3)(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)

Vodafone TelecelEBITDA and EBITDA Margin onAdjusted Service Revenues (*)

286.1(*) Service Revenues adjusted by Inbound Interconnect2000 (3)252.6+13.3%2001 (3) (4)(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)(4) UnauditedQuarterly Distribution[EUR Million]40%40%38%30%31%

Vodafone TelecelAnnual Capital Expenditures1997 (1)1998 (1)1999 (2)2000 (3)2001 (3) (4)95.3137.7232.4321.6205.4UMTS license up-front fee (100 million euros)UMTS Network(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)(4) Unaudited23%27%36%20%22%Annual Capital Expenditures as % of Total Revenues[EUR Million]

Vodafone TelecelDepreciation1997 (1)1998 (1)1999 (2)2000 (3)2001 (3) (4)(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)(4) Unaudited[EUR Million]

Chart1

44.9

62.3

106.2

107.3174302182

124.10608505

Depreciation and amortisation

Consolidado Eur

19971998199920002001

Depreciation and amortisation44.962.3106.2107.3124.1



Consolidado Eur

44.9

62.3

106.2

107.3174302182

124.10608505

Depreciation and amortisation

GSM Eur

Amounts in EUR millionActuals 1996Actuals 1997Actuals 1998Actuals 1999Actuals 2000Actuals 2001Variations

Q1 96Q2 96H1 96Q3 96Q3 96 YTDQ4 96H2 961996 YTDQ1 97Q2 97H1 97Q3 97Q3 97 YTDQ4 97H2 971997 YTDQ1 98Q2 98H1 98Q3 98Q3 YTD 98Q4 98H2 981998 YTDQ1 99Q2 99H1 99Q3 99Q3 99 YTDQ4 99H2 991999 (12 months)Q5 991999 (15 months)Q1 00Q2 00H1 00Q3 00Q3 00 YTDQ4 00H2 00FY 2000Q1 01Q2 01H1 01Q3 01Q3 01 YTDQ4 01H2 01FY 20012001/2000Q4 01/Q4 00Q4 01/Q3 01200220032004200520062007200820092010

Operating revenues

Communications services0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0611.7168.0779.7185.1198.9384.1216.8600.9210.2427.0811.10.00.00.00.00.00.00.00.00.0%0.0%0.0%999.91,063.41,138.81,247.81,351.61,449.01,538.01,602.11,645.5

Sales of equipment and accessories0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.066.716.583.115.820.736.424.961.417.242.278.60.00.00.00.00.00.00.00.00%0.0%0.0%100.091.295.096.8110.9107.584.779.675.9

Total operating revenues0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0678.4184.5862.8200.9219.6420.5241.7662.2227.4469.1889.70.00.00.00.00.00.00.00.00%0.0%0.0%1,099.91,154.61,233.81,344.61,462.51,556.51,622.71,681.71,721.4

0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Operating expenses0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Interconnection costs0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0109.329.4138.738.442.781.166.9148.063.1130.0211.10.00.00.00.00.00.00.00.00%0.0%0.0%288.3309.5326.3342.2362.8364.8376.6387.6398.1

Cost of equipment and accessories sold0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0130.121.7151.823.629.152.746.599.224.470.9123.60.00.00.00.00.00.00.00.00%0.0%0.0%174.1154.2158.2159.8168.9177.7150.1127.3121.7

Selling, general, administrative and other expenses0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0169.444.7214.151.751.7103.456.6160.156.1112.7216.10.00.00.00.00.00.00.00.00%0.0%0.0%254.8256.3275.1289.1302.5312.0318.6327.0330.5

Wages and salaries0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.047.916.364.312.713.426.214.840.915.129.856.00.00.00.00.00.00.00.00.00%0.0%0.0%65.970.171.874.377.480.583.987.390.7

Depreciation and amortisation0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.082.222.1104.322.424.947.324.972.228.453.3100.60.00.00.00.00.00.00.0117.617%0.0%0.0%130.4137.9139.7150.6157.7155.8140.9140.0148.3

Provision for bad debts, excess inventory and other items0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.03.22.55.81.53.85.45.711.01.16.712.10.00.00.00.00.00.00.00.00%0.0%0.0%17.018.418.921.124.527.024.924.623.5

Total operating expenses0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0542.1136.8678.9150.4165.6316.0215.3531.4188.2403.5719.50.00.00.00.00.00.00.00.00%0.0%0.0%930.6946.3990.11,037.11,093.81,117.81,094.91,093.71,112.9

0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Operating income0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0136.347.7183.950.554.0104.526.4130.839.365.6170.10.00.00.00.00.00.00.00.00%0.0%0.0%169.2208.3243.7307.5368.7438.7527.8588.0608.6

Other income (expense)0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Net loss of unconsolidated subsidiary0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Interest and other income0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.02.90.93.81.20.51.72.23.91.73.95.60.00.00.00.00.00.00.00.00%0.0%0.0%0.81.21.21.01.21.10.90.90.9

Interest and other expense0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0-7.5-4.1-11.5-3.9-3.2-7.1-5.0-12.1-5.9-10.9-18.00.00.00.00.00.00.00.00.00%0.0%0.0%-17.8-13.7-10.8-10.7-10.70.00.00.10.1

Other non-operating income0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0-2.1-2.3-4.4-1.0-0.0-1.1-2.2-3.30.6-1.7-2.70.00.00.00.00.00.00.00.00%0.0%0.0%-24.1-18.8-14.4-12.0-8.6-3.3-0.71.75.0

Minority interests0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Income before income tax0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0129.642.2171.846.751.297.921.4119.335.657.0154.90.00.00.00.00.00.00.00.00%0.0%0.0%128.2176.9219.7285.8350.5436.5528.0590.70.0

0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Income tax provision0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0-45.8-14.4-60.2-14.6-16.3-31.0-6.7-37.7-12.3-19.0-50.00.00.00.00.00.00.00.00.00%0.0%0.0%

0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

NET INCOME0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.083.827.7111.632.134.967.014.781.623.338.0105.00.00.00.00.00.00.00.00.00%0.0%0.0%128.2176.9219.7285.8350.5436.5528.0590.70.0

0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

0000000000000000000000000000

0000000000000000000000000000

Tax Rate0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%35.3%34.2%35.1%31.3%31.9%31.6%31.5%31.6%34.5%33.3%32.2%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

EBITDA0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0218.469.8288.272.978.9151.851.3203.067.7119.0270.80.00.00.00.00.00.00.00.00.0%0.0%0.0%299.7346.2383.4458.1526.4594.4668.7728.0756.9

Margin on Total Operating Revenues0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%32.2%37.8%33.4%36.3%35.9%36.1%21.2%30.7%29.8%25.4%30.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%27.2%30.0%31.1%34.1%36.0%38.2%41.2%43.3%44.0%

Margin on Service Revenues0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%35.7%41.5%37.0%39.4%39.6%39.5%23.7%33.8%32.3%27.9%33.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%30.0%32.6%33.7%36.7%38.9%41.0%43.5%45.4%46.0%

Margin on Service Revenues (Adj Inbound Interconnect)0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%37.5%43.3%38.8%40.9%41.0%41.0%23.7%34.6%32.3%27.9%34.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

Interconnect / Service Revenues0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%17.9%17.5%17.8%20.8%21.6%21.2%30.8%24.6%29.9%30.4%26.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%28.8%29.1%28.7%27.4%26.8%25.2%24.5%24.2%24.2%

EPS (EUR)0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.390.130.520.150.160.310.070.380.110.180.490.000.000.000.000.000.000.000.000.0%0.0%0.0%0.600.821.021.331.632.032.462.750.00

0000000000000000000000000000

EOP Customers0000000000000000000000000000001,739,6471,739,6471,739,6471,794,9271,794,9271,857,2242,019,9772,019,9772,315,2752,315,2752,478,8002,478,8002,478,800000000000.0%0.0%0.0%000000000

EOP Active Customers00000000000000000000000000001,681,6671,681,6671,743,1811,895,9401,895,9402,173,1052,173,1052,301,7822,301,7822,301,782000000000.0%0.0%0.0%000000000

% Inactive Customers0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%6.3%6.3%6.1%6.1%6.1%6.1%6.1%7.1%7.1%7.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%000000000

Gross Adds00000000000000000000000000000000882,545195,5031,078,048187,606260,293447,899408,045855,944321,802729,8471,177,746000000000.0%0.0%0.0%000000000

Net Adds00000000000000000000000000000000369,08155,280424,36162,297162,753225,050295,298520,348163,525458,823683,873000000000.0%0.0%0.0%000000000

Ave. Customers000000000000000000000000000000001,555,1071,767,2871,582,7471,826,0761,938,6011,907,4522,167,6262,055,1012,397,0382,249,3892,136,864000000000.0%0.0%0.0%000000000

Churn Rate0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%33.0%7.9%41.3%6.8%5.0%11.6%5.2%16.3%6.6%12.1%23.1%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.000000.000000.000000.000000.000000.000000.000000.0%

Weight of prepaid0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%72.6%71.6%71.3%72.3%72.3%74.3%74.3%74.6%74.6%74.6%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%

00000.0%00000000.0%00000000.0%0000000

ARPU (EUR)0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.0032.7831.6932.8433.7934.2133.5633.3432.4929.2331.6431.630.000.000.000.000.000.000.000.000.0%0.0%0.0%0.000.000.000.000.000.000.000.000.00

ARPU cf. Vodafone (EUR)0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.0032.6932.6330.2331.4131.9730.4431.6332.7532.8732.8134.0333.2529.1231.4232.0530.4630.6130.5429.2130.0827.2428.2329.34-8.5%-6.5%-6.8%

ARPU per active Customer (EUR)0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.0036.0436.4535.7935.5234.6431.3133.9133.930.000.000.000.000.000.000.000.000.0%0.0%0.0%

CCPU (EUR)0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.0021.0718.5320.7020.4920.6520.3025.4521.5119.8122.8221.070.000.000.000.000.000.000.000.000.0%0.0%0.0%0.000.000.000.000.000.000.000.000.00

CCPU w/o handset subsidy (EUR)0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.0024.6521.6324.2023.3624.2023.4829.2824.8322.2120.6924.140.000.000.000.000.000.000.000.000.0%0.0%0.0%0.000.000.000.000.000.000.000.000.00

Acquisition Cost / Gross Adds (EUR)0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00155.03114.34147.63166.56133.84147.54116.92132.8995.68107.56122.720.000.000.000.000.000.000.000.000.0%0.0%0.0%0.000.000.000.000.000.000.000.000.00

Subsidization of Handsets0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%48.8%24.1%45.2%33.2%28.9%30.8%46.4%38.1%29.4%40.5%36.4%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%42.6%40.9%39.9%39.4%34.4%39.5%43.6%37.5%37.6%

Handsets Sold00000000000000000000000000000000948,345177,6671,126,012190,585255,486446,071389,999836,070254,888644,8871,090,9580278,8190000000.0%0.0%0.0%

0000000000000000000000000000

Headcount000000000000000000000000000000001,6571,6490000000001,7221,8021,8021,8591,8590000.0%0.0%0.0%

Capex0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.033.0123.237.870.8161.049.2210.228.133.962.0158.2220.371.8230.1292.129.539.869.254.9124.10.00.00.0285.7159.3173.4144.2133.4149.7157.4161.0169.5

% network capex0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%0%77%81%80%55%73%77%67%74%81%75%69%81%75%29%42%71%42%49%66%66%66%59%63%0%0%0%0.0%0.0%0.0%50%70%74%65%66%66%64%65%64%

BTS000000000000000000000000000000001,5121,5801,6891,7911,7911,9841,9842,1182,1182,118000000000.0%0.0%0.0%

0000000000000000000000000000

Total Billed Minutes (incl. R. Out, excl. Traffic not charged)0000000000000000000000000000000000000000000000000000.0%0.0%0.0%000000000

Voice Billed Minutes (incl. R. Out, excl. Traffic not charged)0000000000000000000000000000000000000000000000000000.0%0.0%0.0%000000000

SR per Voice Minute of Use (EUR)0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.0%0.0%0.0%0.000.000.000.000.000.000.000.000.00

Average Monthly Minutes of Use per Customer0000000000000000000000000000000000000000000000000000.0%0.0%0.0%0.000000.000000.000000.000000.000000.000000.000000.000000

Average Monthly Voice Minutes of Use per Customer0000000000000000000000000000000000000000000000000000.0%0.0%0.0%000000000

000000000000000000000000000

Acquisition Cost Calculation :Euro ThousandsEuro ThousandsEuro ThousandsEuro ThousandsEuro ThousandsEuro Thousands

Advertising and Publicity13,474.121,851.05,573.25,685.711,258.98,804.120,063.09,096.117,900.229,159.07,298.07,521.214,819.36,885.821,705.18,694.115,580.030,399.25,511.035,910.29,978.1811,030.2221,008.409,162.2830,170.686,150.6315,312.9136,321.317,953.608,266.8716,220.4712,311.0828,531.545,071.3717,382.4533,697.7032,507,26335,467,64937,561,59437,602,05537,663,77436,073,48236,335,52534,790,73234,907,884

Cost of Sales - Telephones34,178.978,664.817,664.225,726.743,391.028,742.172,133.041,425.470,167.5113,558.426,745.526,023.552,769.033,406.786,253.531,132.364,539.0117,385.819,481.9136,867.721,474.0926,144.5647,618.6542,626.5490,245.1921,196.8663,823.40111,442.0418,579.5922,626.1041,205.6922,408.1263,613.8110,902.3933,310.5274,513.36103,927,96895,102,76094,058,52694,964,396102,094,58596,384,94783,788,02783,956,79281,087,173

Sales - Telephones29,620.542,977.010,318.013,192.823,510.916,073.639,584.525,312.041,385.664,896.414,022.713,391.427,414.118,736.446,150.419,780.238,516.665,930.716,276.182,206.715,544.1920,475.1336,019.3224,764.4560,783.7817,089.1941,853.6477,872.9614,774.3519,439.1834,213.5221,187.4055,400.9212,040.2333,227.6267,441.1498,270,41288,959,33887,648,66986,709,79294,025,47790,142,82577,170,03776,930,74873,920,503

Commissions18,047.018,942.54,741.94,968.49,710.36,553.216,263.58,860.915,414.025,124.38,208.24,140.312,348.57,523.719,872.26,773.814,297.526,646.04,859.931,505.95,902.656,844.2612,746.907,598.6620,345.566,185.4413,784.1026,531.017,921.318,158.5716,079.888,600.3224,680.207,106.8015,707.1231,787.0032,824,22131,795,19631,440,86629,806,38828,688,38927,203,70826,582,64027,249,53527,026,246

Serv. Supports (Welcome Package)5,104.112,077.62,500.34,264.26,764.55,156.811,921.35,150.510,307.317,071.83,152.43,467.96,620.43,561.810,182.13,114.96,676.713,297.02,318.815,615.92,186.272,816.505,002.763,714.728,717.493,380.497,095.2112,097.982,439.712,472.014,911.72825.735,737.452,094.702,920.437,832.156,821,4897,481,6908,607,9719,300,35410,855,19810,191,4866,974,0265,399,0245,049,111

Deferred Costs679.3692.01,371.3868.62,239.91,254.22,122.83,494.12,138.32,691.84,830.14,630.89,460.95,773.810,404.615,234.66,572.821,807.57,216.578,464.2415,680.809,367.9825,048.7810,966.6820,334.6636,015.4611,292.0012,360.0923,652.0813,935.9637,588.0419,788.2133,724.1857,376.2668,448,40557,571,11462,764,62563,579,36465,678,61980,268,52065,251,68442,384,78639,897,167

41,183.788,558.920,841.028,144.148,985.034,051.283,036.240,475.074,526.2123,511.233,519.930,453.263,973.137,272.4101,323.335,708.772,981.1137,032.022,468.4159,500.431,213.5734,824.6366,038.2047,705.72113,743.9230,790.9278,496.64144,534.8433,411.8634,444.4667,856.3236,893.81104,750.1332,923.2569,817.07137,765.33146,258,934138,459,071146,784,913148,542,765150,955,088159,979,318141,761,865116,850,121114,047,078

Gross Adds00000000000000000882,545195,5031,078,048187,606260,293447,899408,045855,944321,802729,8471,177,74600000000000000000

Acquisition Cost / Gross Adds (EUR)0.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00155.27114.93147.95166.38133.79147.44116.91132.8995.68107.55122.720.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.000.00

Total Sales (Management Accounts)763,107242,3791,005,4861,099,885,1451,154,599,1791,233,795,7201,344,584,4181,462,536,1641,556,471,2951,622,683,3071,681,667,9421,721,431,675

Goods56,27312,23568,50899,980,43691,191,87895,031,56396,770,034110,896,098107,456,56484,658,88179,596,34475,904,252

Cost of Sales331,616113,054444,670493,427,455490,482,009509,014,549524,503,756545,217,793556,962,833537,837,818524,917,822528,396,265

Goods103,75031,304135,054174,145,093154,189,303158,217,988159,815,761168,930,452177,714,817150,070,477127,328,046121,718,729

Serv. Support (Serv.Box + Sim Cards)5,7372,0957,8326,821,4897,481,6908,607,9719,300,35410,855,19810,191,4866,974,0265,399,0245,049,111

Personnel (Wages and Benefits)44,82414,64959,47365,930,58270,059,52071,796,09274,274,14177,421,84680,533,05783,866,06887,264,93490,678,423

Provisions8,5808,92917,50914,037,90615,274,50615,096,87117,215,39119,127,83921,562,80721,533,62021,193,01220,186,228

Other Provisions5,0491,2136,2632,945,0853,107,2953,813,5153,869,5255,360,9105,431,2553,350,1253,363,7503,305,330

Depreciation86,33531,257117,593130,422,991137,854,940139,724,904150,617,581157,721,838155,789,904140,901,327139,973,178148,341,582

Switched Access172,46657,702230,168242,155,608258,465,094271,685,144283,927,348292,839,540295,322,976307,615,581318,572,618329,112,253

Interconnect (Leased Lines + PRA/ISDN)34,0199,04443,06345,597,38650,372,82854,063,31457,770,16569,331,27168,862,85368,348,95868,368,89768,396,224

Circuits Installation427-255172585,840628,109566,918508,622616,028615,084614,162617,398618,843

Internet: other operators ports-00-0

TOTAL OPERAT. EXPENSES301,80093,530395,331437,222,198455,814,221481,087,731512,597,662548,631,131560,848,705557,036,161568,734,558584,478,117

Total Capital Expenditure124,13078,337202,466285,706,732159,280,473173,380,057144,160,050133,439,557149,692,188157,352,426160,995,567169,510,197

Network Development78,06569,050147,115142,009,556112,063,109127,746,33294,029,66288,027,80998,236,705101,120,333105,427,700109,045,141

Extraord.Income+Interest45,6867,86653,5532,450,7251,844,0761,895,7361,919,6503,341,7217,881,06210,467,92413,159,65916,663,115

Interest income504245748000000000

Exchange gains1,5963941,990000000000

Prior year adjustments180163343000000000

Prompt payment discounts295128423843,8281,169,8131,170,2941,046,8661,166,6401,135,100875,174894,251900,026

Other extra. Income43,1116,93750,0481,606,897674,263725,442872,7842,175,0816,745,9629,592,75012,265,40815,763,089

Extraord.Exp.+Interest36,7039,99546,69843,508,17033,211,18125,917,31123,581,95821,508,64610,049,22710,268,45310,487,79610,707,693

Interest expense8,8202,27711,09717,519,95213,438,61910,555,42410,490,25210,456,788-24,936-48,643-75,222-103,339

Exchange losses1,6663802,046000000000

Prior year adjustments140-141-0000000000

Prompt payment discounts11437151261,042290,080276,061240,593257,6910000

Other extra. expenses25,9647,44133,40625,727,17719,482,48215,085,82612,851,11310,794,16710,074,16310,317,09610,563,01810,811,032

Provision for Taxes47,50513,72061,225

NET PROFIT / (LOSS) - Telecel91,17019,945111,115

&L&"HelveticaNeue LightCond,Regular"Vodafone Telecel&C&"HelveticaNeue LightCond,Bold"&14&UCellular


ALVINONM:Retirado das Management Accounts

ALVINONM:Nesta clula encontrava-se 1.220, todavia, o valor publicado no relatrio e contas foi de 1.223.

ALVINONM:No forecast 2002_2010 no foi calculado o imposto a pagar.

Internet Eur

Amounts in EUR millionActuals 1999Actuals 2000Actuals 2001

Q3 99Q3 99 YTDQ4 991999 (12 months)Q5 991999 (15 months)Q1 00Q2 00H1 00Q3 00Q3 00 YTDQ4 00H2 00FY 2000Q1 01Q2 01H1 01Q3 01Q3 01 YTDQ4 01H2 01FY 01200220032004200520062007200820092010

Operating revenues

Communications services0.20.20.30.50.30.81.31.02.31.43.72.33.76.01.51.63.12.55.62.45.08.19.40.40.50.60.71.11.21.31.4

Sales of equipment and accessories0.20.20.00.20.00.20.0-0.0-0.00.0-0.00.00.0-0.00.00.00.0-0.00.0-0.0-0.00.00.00.00.00.00.00.00.00.00.0

Total operating revenues0.40.40.30.70.31.01.30.92.31.43.72.33.76.01.51.63.12.55.62.45.08.19.40.40.50.60.71.11.21.31.4

0.00.00.00.00.00.00.00.0

Operating expenses0.00.00.00.00.00.00.00.0

Interconnection costs0.800.81.11.91.02.91.91.93.82.05.71.73.77.41.31.12.42.24.60.42.65.04.54.54.64.84.95.15.35.55.7

Cost of equipment and accessories sold0.30.30.10.30.10.50.3-0.10.30.00.3-0.2-0.20.1-0.00.0-0.00.00.0-0.00.00.00.00.00.00.00.00.00.00.00.0

Selling, general, administrative and other expenses0.70.71.42.11.33.42.63.35.92.28.13.55.711.62.61.94.5-2.61.80.1-2.61.93.84.44.64.95.15.05.25.45.6

Wages and salaries0.70.70.51.20.41.60.60.61.11.02.10.91.93.01.10.51.6-1.60.0-1.60.00.40.10.10.10.10.10.10.10.1

Depreciation and amortisation0.20.20.60.80.81.60.91.32.21.53.81.73.25.41.71.83.5-0.53.01.00.54.01.12.13.03.94.84.13.33.23.1

Provision for bad debts, excess inventory and other items0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Total operating expenses2.62.63.66.33.69.96.37.013.36.720.07.614.227.66.65.312.0-2.69.41.5-1.110.99.711.112.313.614.914.313.914.214.6

0.00.00.00.00.00.00.00.00.00.0

Operating income-2.2-2.2-3.3-5.6-3.3-8.9-5.0-6.1-11.0-5.3-16.3-5.3-10.5-21.6-5.2-3.7-8.95.1-3.81.06.1-2.8-0.3-10.6-11.8-13.0-14.3-13.2-12.7-13.0-13.2

Other income (expense)0.00.00.00.00.00.00.00.00.00.00.0

Net loss of unconsolidated subsidiary0.00.00.00.00.00.00.00.00.00.00.00.0

Interest and other income0.00.00.00.00.00.00.00.00.00.00.00.00.00.0-0.00.0-0.00.00.00.00.00.00.00.00.00.00.0

Interest and other expense0.00.00.00.00.00.00.00.00.00.00.0-0.10.1-0.0-2.3-2.34.92.72.70.00.00.00.00.00.00.00.00.0

Other non-operating income-0.0-0.00.00.0-0.0-0.0-0.00.0-0.00.0-0.00.00.00.00.00.00.126.726.8-0.026.726.80.00.00.00.00.00.00.00.00.0

Minority interests0.00.00.00.00.0

Income before income tax-2.2-2.2-3.3-5.6-3.3-8.9-5.0-6.1-11.1-5.3-16.3-5.3-10.5-21.6-5.2-3.6-8.829.620.85.935.526.7-0.3-10.6-11.8-13.0-14.3-13.2-12.7-13.0-13.2

0.00.00.00.00.00.00.00.00.00.0

Income tax provision0.00.00.00.00.0-0.0-0.0-0.0-0.0-0.0-0.0-0.0-0.00.00.00.00.00.00.00.00.00.00.00.00.00.0

0.00.00.00.00.00.00.00.00.00.00.0

NET INCOME-2.2-2.2-3.3-5.6-3.3-8.9-5.0-6.1-11.1-5.3-16.3-5.3-10.5-21.6-5.2-3.6-8.829.620.85.935.526.7-0.3-10.6-11.8-13.0-14.3-13.2-12.7-13.0-13.2

0.0

Tax Rate0.0%0.0%0.0%-0.1%-0.1%-0.1%-0.0%0.0%0.0%0.0%0.0%

EBITDA-2.1-2.1-2.7-4.8-2.5-7.3-4.1-4.7-8.8-3.7-12.5-3.6-7.4-16.2-3.5-1.9-5.44.6-0.82.06.61.20.8-8.6-8.8-9.1-9.4-9.1-9.4-9.7-10.1

Margin on Total Operating Revenues-527.5%-527.5%-833.8%-666.5%-860.7%-722.6%-308.1%-500.7%-388.7%-262.7%-340.1%-158.8%-198.8%-270.9%-233.2%-120.8%-175.0%182.2%-14.5%80.9%132.3%14.4%-732.9%

Margin on Service Revenues-1023.0%-1023.0%-950.5%-980.5%-890.5%-947.6%-266.7%-500.0%-360.0%-233.3%-357.1%-140.0%-199.5%-266.7%-233.5%-120.8%-175.1%182.2%-14.5%80.9%132.3%14.5%-732.9%

Interconnect as % of Service Revenues395.1%395.1%379.7%386.1%356.8%375.4%143.1%193.2%164.6%138.6%154.7%75.5%99.8%124.6%87.1%71.4%79.0%85.7%82.0%16.8%51.8%62.2%416.4%

EOP Customers (Disclosed)115,000160,000160,000190,000236,000236,000320,000320,000400,000400,000400,000470,000520,000520,000

EOP Customers41,47741,477115,426115,426156,361156,361189,395235,958235,958318,829318,829398,460398,460398,460467,460519,392519,392

EOP Residential35,25235,25297,83197,831131,560131,560158,490198,071198,071272,825272,825347,574347,574347,574412,513462,103462,103

EOP Business6,2256,22517,59517,59524,80124,80130,90537,88737,88746,00446,00450,88650,88650,88654,94757,28957,289

% EOP Free Service on Total Customers62.2%62.2%82.0%82.0%84.9%84.9%86.4%88.3%88.3%90.2%90.2%90.5%90.5%90.5%91.4%90.5%90.5%

% Identified GSM Customers17.2%17.2%7.5%7.5%5.9%5.9%4.8%1.6%1.6%8.7%8.7%13.1%13.1%13.1%15.1%14.0%14.0%

% Active Customers (1 connection in the last 5 weeks)n.a.n.a.55.2%55.2%46.8%46.8%41.0%37.0%37.0%34.0%34.0%30.9%30.9%30.9%34.5%24.3%24.3%

Gross Adds41,48441,48473,944115,42841,634157,06232,33246,97679,30882,870162,17879,631162,501241,80969,00051,937120,937

Net Adds41,47741,47773,949115,42640,935156,36133,03446,56379,59782,871162,46879,631162,502242,09969,00051,932120,932

Average Customers78,45257,713135,89478,181172,878212,677196,160277,394237,595358,645317,209277,411432,960493,426458,926

Minutes of Usage25,078,81625,078,816144,619,784169,698,600172,636,744342,335,344188,358,030199,120,632387,478,662253,297,249640,775,911282,728,894536,026,143923,504,805250,584,532248,018,392498,602,924

Average Minutes of Usage per Customer11.911.920.015.214.015.412.010.210.89.99.88.818.69.16.45.55.9

Service Revenue per minute (EUR)0.010.010.000.000.000.000.010.000.010.010.010.010.010.010.010.010.01

Avg. Page Views per day123,701123,70194,555109,880121,405113,56095,35000410,0550444,915427,4850n.a.n.a.n.a.

Sessions per avg. Customer per day0.480.480.730.560.500.560.440.370.390.350.300.330.330.250.210.23

Min. per session24.724.727.627.127.727.425.825.525.7

Monthly ARPU (EUR)1.631.631.221.420.691.102.521.541.941.701.732.111.941.791.151.081.12

Monthly CCPU (EUR)18.318.312.815.36.911.510.358.989.436.197.605.465.806.653.832.393.09

Acquisition Cost / Gross Adds (EUR)8.28.211.110.113.410.932.2639.6936.664.0219.9815.039.4118.353.161.442.42

Headcount807474693737

Capex6.76.75.612.45.517.90.95.46.32.79.05.78.414.70.42.93.3-1.81.50.4-1.41.92.42.93.54.05.35.46.08.010.6

% network capex66%66%68%67%83%72%92%49%56%41%51%56%51%53%56%26%30%-25%93%100%-60%95%159%118%89%78%59%28%26%20%15%

a) Acquisition Cost Calculation :Euro ThousandsEuro ThousandsEuro Thousands

Advertising and Publicity210.9210.9778.7989.5447.71437.2700.121,879.602,579.71313.212,892.921,416.631,729.844,309.56231.4373.58305.01-111.68193.33

Cost of Sales125.1125.178.8203.9107.5311.498.29-15.2483.0517.87100.9234.1852.05135.10-7.041.29-5.756.781.03

Sales190.8190.840.2231.09.8240.811.522.0613.585.2918.878.7814.0727.651.830.282.11-0.181.93

Commissions58.958.9-1.857.1-3.553.61.901.901.901.901.901.901.901.90-4.510.19-4.310.16-4.16

Serv. Supports (Welcome Package)135.7135.76.8142.514.7157.3250.580.00250.580.00250.58-250.20-250.200.380.000.000.00

Deferred Costs0.000.000.00

339.8339.8822.31,162.07556.611,718.691,039.371,864.202,901.67327.693,227.461,193.741,519.534,419.30218.0574.79292.84-104.56188.280.000.00

Gross Adds414844148473944115,42841,634157,06232,33246,97679,30882,870162,17879,631162,501241,80969,00051,937120,9370000

Acquisition Cost / Gross Adds (EUR)8.28.211.110.113.410.932.1039.7036.604.0019.9015.009.4018.303.161.442.42

0.0000

b) Interconnection costs :Euro ThousandsEuro Thousands

Switched Access33.6563.2796.921,106.461,203.38(216.15)890.32987.23193,122207,565217,516236,560256,131290,706327,396366,121407,563

Interconnect (Leased Lines + PRA/ISDN)974.99781.601,756.59834.302,590.89679.171,513.473,270.063,705,0593,724,5223,828,8323,960,7484,089,7844,248,1024,394,7114,569,9514,739,130

Circuits Installation24.5316.6041.1334.1575.28(7.84)26.3167.44000000000

Internet: other operators ports264.14283.47547.60189.19736.80(43.11)146.08693.69568,632568,630568,630568,630568,630568,630568,630568,630568,630

1,297.301,144.942,442.242,164.114,606.35412.072,576.185,018.42

Euro Million1.31.12.42.24.60.42.65.0

Management Accounts - Data required to create the P&L

Total Sales (Management Accounts)1,4921,6033,0942,5255,6192,4504,9748,0699,383,689435,915507,570581,059662,2431,070,3361,165,2011,265,3291,372,479

Goods202-02-0-02

Cost of Sales2265871,1131,200-214899986193,122207,565217,516236,560256,131290,706327,396366,121407,563

Goods-71-671-071

Serv. Support (Serv.Box + Sim Cards)000

Personnel (Wages and Benefits)1,1125041,616-1,616-1,616369,13072,65474,47176,32278,22778,22680,18182,18484,241

Provisions000

Other Provisions000

Depreciation3,4823,482-5082,9741,0014933,9751,100,3602,094,9393,025,2253,930,7784,844,7454,063,5013,319,6313,218,7253,134,882

Switched Access3463971,1061,203-216890987193,122207,565217,516236,560256,131290,706327,396366,121407,563

Interconnect (Leased Lines + PRA/ISDN)9757821,7578342,5916791,5133,2703,705,0593,724,5223,828,8323,960,7484,089,7844,248,1024,394,7114,569,9514,739,130

Circuits Installation2517413475-82667

Internet: other operators ports264283548189737-43146694568,632568,630568,630568,630568,630568,630568,630568,630568,630

TOTAL OPERAT. EXPENSES6,6205,28511,905-3,6968,2091,683-2,0139,8929,514,43410,873,49812,129,15913,392,39714,662,37713,980,13513,576,78813,861,35814,158,830

Total Capital Expenditure3862,8803,266-1,7581,508384-1,3741,8922,360,6052,882,5673,542,9224,032,4695,334,2575,434,7195,977,7997,984,73210,612,398

Network Development2177559734351,4073848191,7913,747,2163,411,0553,170,0043,165,1883,170,6511,533,8651,545,5131,626,9611,601,211

Extraord.Income+Interest45113158-1571-0-1571


Exchange gains000-000-00


Prompt payment discounts123-300-30

Other extra. Income4111115-1141-0-1141

Extraord.Exp.+Interest88-1573-24501-2350

Interest expense79-781-100-10

Exchange losses000-000-00


Prompt payment discounts-00000000

Other extra. expenses16363-14490-1449

Provision for Taxes347-7-7

NET PROFIT / (LOSS) - Telecel-5,197-3,622-8,8194,981-3,8399805,961-2,858

&L&"HelveticaNeue LightCond,Regular"Vodafone Telecel&C&"HelveticaNeue LightCond,Bold"&14&UInternet


ALVINONM:Cost of Goods Sold + "Services Support"

ALVINONM:Switched Access + Interconnect (Leased Lines+PRA/ISDN) + Circuits Installation + Internet:other operators ports

ALVINONM:Interest Income + Exchange gains + Prompt payment discounts

ALVINONM:-(Interest expenses + Exchange Losses + Prompt Payment Discounts)

ALVINONM:(Prior Year adjustments+Other extra. Income) - (Prior Year adjustments - Other extra. Expenses)

ALVINONM:Usmos como n mdio de clientes o n de clientes no final do perodo.




ALVINONM:Inclui 2,097 milhes de euros de proviso para equivalncia patrimonial da TOL + 0.183 milhes de equivalncia patrimonial j efectuada.

ALVINONM:Este valor j inclui a venda da TOL

ALVINONM:Inclui 2,484 milhes de euros de proviso para equivalncia patrimonial da TOL + 0.183 milhes de equivalncia patrimonial j efectuada..

ALVINONM:No forecast 2020_2010 no foi efectuado o clculo do imposto a pagar.

Ind.Acc. Eur


1999 (12 months)Q5 991999 (15 months)Q1 00Q2 00H1 00Q3 00Q3 00 YTDQ4 00H2 00FY 2000Q1 01Q2 01H1 01Q3 01Q3 01 YTDQ4 01H2 01FY 2001200220032004200520062007200820092010

Operating revenues

Communications services0.20.20.40.40.80.61.31.42.02.72.02.14.12.86.93.05.89.912.717.719.320.220.220.720.520.316.7

Sales of equipment and accessories0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Total operating revenues0.00.20.20.40.40.80.61.31.42.02.72.02.14.12.86.93.05.89.912.717.719.320.220.220.720.520.316.7

0.00.00.00.00.00.00.00.0

Operating expenses0.00.00.00.00.00.00.00.0

Interconnection costs0.20.20.20.20.40.40.80.91.31.71.31.32.61.44.01.32.75.27.713.315.717.418.618.719.019.219.3

Cost of equipment and accessories sold0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Selling, general, administrative and other expenses0.60.20.70.80.00.80.41.20.00.41.20.00.00.00.00.10.00.10.11.00.90.90.90.80.80.80.80.8

Wages and salaries0.10.00.10.10.10.10.10.20.00.10.20.00.00.00.00.00.00.00.10.00.00.00.00.00.00.00.0

Depreciation and amortisation0.30.10.30.20.20.30.20.50.20.30.70.20.20.30.160.50.20.30.60.00.00.00.00.00.00.00.00.0

Provision for bad debts, excess inventory and other items0.00.00.00.00.00.00.00.00.00.00.00.00.50.60.70.70.70.70.60.60.5

Total operating expenses0.90.41.31.20.51.71.02.61.12.13.71.41.52.91.64.51.53.16.09.214.817.218.920.120.220.420.620.6

0.00.00.00.00.00.00.00.00.0

Operating income-0.9-0.2-1.2-0.8-0.1-0.9-0.4-1.30.3-0.1-1.00.60.61.21.32.41.52.73.93.52.92.11.30.20.50.1-0.3-3.9

Other income (expense)0.00.00.00.00.00.00.00.00.0

Net loss of unconsolidated subsidiary0.00.00.00.00.00.00.00.00.00.00.0

Interest and other income0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Interest and other expense0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Other non-operating income-0.0-0.0-0.00.0-0.0-0.0-0.00.0-0.0-0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Minority interests0.00.00.00.0

Income before income tax-0.9-0.2-1.2-0.8-0.1-0.9-0.4-1.30.3-0.1-1.00.60.61.21.32.41.52.73.93.52.92.11.30.20.50.1-0.3-3.9

0.00.00.00.00.00.00.00.00.0

Income tax provision0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

0.00.00.00.00.00.00.00.00.0

NET INCOME-0.9-0.2-1.2-0.8-0.1-0.9-0.4-1.30.3-0.1-1.00.60.61.21.32.41.52.73.93.52.92.11.30.20.50.1-0.3-3.9

0.0

EBITDA-0.7-0.2-0.8-0.60.1-0.6-0.3-0.80.50.2-0.30.70.81.51.42.91.63.14.53.52.92.11.30.20.50.1-0.3-3.9

Margin on Total Operating Revenues-112.0%-494.7%-161.4%16.8%-73.4%-45.6%-61.7%34.0%11.3%-12.5%36.6%35.7%36.1%49.7%41.7%55.7%52.8%45.9%-23.1%

Margin on Service Revenues-112.0%-494.7%-161.4%16.8%-73.4%-45.6%-61.7%34.0%11.3%-12.5%36.6%35.7%36.1%49.7%41.7%55.7%52.8%45.9%-23.1%

Interconnect as % of Service Revenues91.8%91.8%47.3%63.8%55.4%67.0%60.3%63.2%64.3%61.8%63.4%62.7%63.0%49.0%57.3%42.7%45.8%52.9%115.6%

EOP Customers43,39243,39252,06061,69461,69482,44982,44989,40689,40689,40694,991105,517105,517118,327118,327127,529127,529127,529

EOP Business30,98930,98937,73246,15646,15665,47265,47270,19470,19470,19475,50782,77082,77091,37591,37599,76899,76899,768

EOP Residential12,40312,40314,32815,53815,53816,97716,97719,21219,21270,19419,48422,74722,74726,95226,95227,76127,76127,761

Gross Adds44,12444,1249,5809,53919,11921,23940,3588,44629,68548,8048,39812,43420,83214,26735,09912,02626,29347,125

Net Adds43,39243,3928,6689,63418,30220,75539,0576,95727,71246,0145,58510,52616,11112,81028,9219,20222,01238,123

Average Customers21,69621,69647,72656,87752,54372,07262,92185,92875,55066,39992,199100,25497,462111,922103,867122,928116,523108,468

% Business Customers71%71%72%75%75%79%79%79%79%79%79%78%78%77%77%78%78%78%

% GSM Customers~100%~100%~100%~100%~100%~100%~100%~100%~100%~100%~100%~100%~100%~100%~100%~100%~100%~100%

% Active Customers0%34%34%23%23%27%27%27%27%28%28%29%29%28%28%28%

ARPU (EUR)2.632.632.712.222.432.592.355.454.343.437.147.026.998.457.408.038.297.59

CCPU (EUR)5.67.87.091.854.223.783.793.593.853.864.534.514.464.254.323.563.924.11

Acquisition Cost / Gross Adds (EUR)0.00.071.36-8.6831.4314.7122.634.2119.520.082.791.702.572.053.863.162.51

Headcount

Capex1.71.63.30.30.00.30.00.30.00.30.00.00.00.00.00.00000

% network capex-2%-1%44%45%44%-183%43%0%43%

Billed Minutes1,942,7431,942,7433,876,3024,310,5558,186,8576,045,65414,232,51116,926,16622,971,82031,158,67721,651,34624,792,36046,443,70530,990,00277,433,70734,666,61865,656,619112,100,325

National minutes1,375,2121,375,2122,763,7583,078,5415,842,2994,344,00910,186,30814,917,07719,261,08625,103,38419,605,53922,742,28042,347,81928,576,99170,924,81032,048,05360,625,044102,972,863

International minutes567,531567,5311,112,5451,232,0142,344,5591,701,6454,046,2042,009,0893,710,7346,055,2932,045,8062,050,0804,095,8862,413,0116,508,8972,618,5645,031,5759,127,462

SR per Minute of Use (EUR)0.090.090.100.090.090.090.090.080.090.090.090.090.090.090.090.090.090.09

Average Monthly Minutes of Use per Subscriber303027252628256651397882799283949486

Euro Thousands

a) Acquisition Cost Calculation :

Advertising and Publicity0.000.000.000.00

Cost of Sales0.000.000.000.00

Sales0.000.000.000.00

Commissions0.6734.7235.3936.6172.0146.4783.09118.48

Serv. Supports (Welcome Package)0.000.000.000.00

Deferred Costs0.000.000.000.00

0.6734.7235.3936.6172.0146.4783.09118.48

Gross Adds8,39812,43420,83214,26735,09912,02626,29347,125

Acquisition Cost / Gross Adds (EUR)0.082.791.702.572.053.863.162.51

b) Interconnection costs :Euro Thousands

Switched Access1168.431292.002460.431389.433849.861259.242648.675109.10

Interconnect (Leased Lines + PRA/ISDN)25.4225.4225.42

Circuits Installation84.0830.65114.740.00114.74-19.45-19.4595.28

Internet: other operators ports0.00

1,252.511,322.652,575.161,389.433,964.591,265.212,654.645,229.80

Euro Million1.31.32.61.44.01.32.75.2


Total Sales (Management Accounts)6,921.92960.399379,882.312,674,27817,683,68319,341,23420,186,79820,236,43320,673,24920,529,15020,327,87216,711,348

Goods

Cost of Sales3,921.91305.715655,227.67,785,19213,406,38115,792,30217,685,10318,884,31219,190,49119,461,32619,721,12319,705,677

Goods

Serv. Support (Serv.Box + Sim Cards)

Personnel (Wages and Benefits)65,8753,4603,5463,6343,7253,7253,8183,9144,011

Provisions459,638632,192667,273676,258657,684651,207626,139599,672476,273

Other Provisions

Depreciation472.7157.55425630.2

Switched Access3,849.91259.243555,109.17,006,73112,358,97914,676,88416,564,79517,803,39218,124,82018,438,10218,742,76618,867,121

Interconnect (Leased Lines + PRA/ISDN)25.416525.4222,829389,785351,206192,052199,536149,047148,434148,910149,373

Circuits Installation114.7-19.4531295.3448,543589,683637,631618,414582,772468,359387,203338,472307,044

Internet: other operators ports

TOTAL OPERAT. EXPENSES588.0163.51763751.51,430,8671,420,7721,446,0211,250,7481,181,8061,013,076928,329879,413867,296

Total Capital Expenditure

Network Development

Extraord.Income+Interest

Interest income

Exchange gains

Prior year adjustments

Prompt payment discounts

Other extra. Income

Extraord.Exp.+Interest

Interest expense

Exchange losses



Other extra. expenses

Provision for Taxes

NET PROFIT / (LOSS) - Telecel2,412.11491.166093,903.2

Nexcenter's Net Profit

Minority Interests

&L&"HelveticaNeue LightCond,Regular"Vodafone Telecel&C&"HelveticaNeue LightCond,Bold"&14&UIndirect Access

&L&"HelveticaNeue LightCond,Regular"Corporate Communications and Investor Relations&R&"HelveticaNeue LightCond,Regular"&F / &A / &D &T

ALVINONM:O acesso indirecto iniciou operaes em Janeiro de 2000, tendo todavia custos de explorao desde Q5 99, da que para clculo de CCPU se tenha dividido os custos por 6 meses


ALVINONM:Cost of Goods Sold + Services Support



ALVINONM:(Prior Year adjustments+Other extra. Income) - (Prior Year adjustments + Other extra. Expenses)

ALVINONM:No forecast 2002_2010 no foi efectuado o clculo do imposto a pagar.

Dir.Acc. Eur


1999 (12 months)Q5 991999 (15 months)Q1 00Q2 00H1 00Q3 00Q3 00 YTDQ4 00H2 00FY 2000Q1 01Q2 01H1 01Q3 01Q3 01 YTDQ4 01H2 01FY 2001200220032004200520062007200820092010

Operating revenues

Communications services0.00.00.00.50.50.20.80.80.30.30.60.41.00.71.11.74.79.915.317.720.221.723.224.425.6

Sales of equipment and accessories0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Total operating revenues0.00.00.00.50.50.20.80.80.30.30.60.41.00.71.11.74.79.915.317.720.221.723.224.425.6

0.00.00.00.00.00.00.00.00.0

Operating expenses0.00.00.00.00.00.00.00.00.0

Interconnection costs0.00.00.10.10.20.20.40.20.40.60.60.41.00.51.50.51.02.04.59.913.515.718.020.222.023.625.0

Cost of equipment and accessories sold0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Selling, general, administrative and other expenses0.30.30.30.60.90.21.10.40.71.50.10.00.10.70.8-0.10.60.71.51.92.02.22.82.62.62.62.6

Wages and salaries0.00.00.10.10.10.10.20.00.10.20.00.00.00.00.00.00.00.60.00.00.00.00.00.00.00.0

Depreciation and amortisation0.00.00.00.00.00.10.20.40.60.60.40.50.90.51.40.51.01.90.40.60.91.11.61.72.02.32.6

Provision for bad debts, excess inventory and other items0.00.00.00.00.00.00.00.00.00.00.00.00.10.30.50.50.50.60.60.60.6

Total operating expenses0.40.40.50.81.30.61.91.11.73.01.10.92.01.63.70.92.64.67.112.817.019.523.125.127.229.130.8

0.00.00.00.00.00.00.00.00.0

Operating income-0.4-0.4-0.5-0.8-1.3-0.1-1.3-0.9-0.9-2.2-0.9-0.6-1.5-1.2-2.7-0.3-1.5-2.9-2.4-2.9-1.7-1.8-2.9-3.4-4.0-4.7-5.3

Other income (expense)0.00.00.00.00.00.00.00.00.0

Net loss of unconsolidated subsidiary0.00.00.00.00.00.00.00.00.00.00.0

Interest and other income0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Interest and other expense0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Other non-operating income-0.00.0-0.0-0.0-0.00.0-0.0-0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Minority interests0.00.00.00.0

Income before income tax-0.4-0.4-0.5-0.8-1.3-0.1-1.4-0.9-1.0-2.2-0.9-0.6-1.5-1.2-2.7-0.3-1.5-2.9-2.4-2.9-1.7-1.8-2.9-3.4-4.0-4.7-5.3

0.00.00.00.00.00.00.00.00.0

Income tax provision0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

0.00.00.00.00.00.00.00.00.0

NET INCOME-0.4-0.4-0.5-0.8-1.3-0.1-1.4-0.9-1.0-2.2-0.9-0.6-1.5-1.2-2.7-0.3-1.5-2.9-2.4-2.9-1.7-1.8-2.9-3.4-4.0-4.7-5.3

0.0

EBITDA-0.4-0.4-0.4-0.8-1.20.0-1.2-0.4-0.4-1.6-0.4-0.2-0.6-0.7-1.30.3-0.4-1.0-2.1-2.2-0.8-0.7-1.3-1.7-2.0-2.4-2.7

Margin on Total Operating Revenues-29083.1%-45811.6%9.2%-220.6%-184.4%-49.6%-209.7%-171.8%-50.5%-104.9%-167.2%-131.8%38.7%-40.9%-62.5%-10.6%

Margin on Service Revenues-29083.1%-45811.6%9.2%-220.6%-184.4%-49.6%-209.7%-171.8%-50.5%-104.9%-167.2%-131.8%38.7%-40.9%-62.5%-10.6%

Interconnect as % of Service Revenues5562.0%9007.7%32.6%77.6%97.9%52.4%83.7%237.6%139.2%183.3%111.9%152.5%70.9%86.8%119.4%97.9%

Number of Corporate Customers405060607575

Net Adds1010201535

Ave. Customers4555506858

ARPU (EUR)

CCPU (EUR)


Headcount

Capex1.21.21.11.62.76.39.15.411.814.50.01.31.30.71.91.11.73.02.82.22.21.86.44.54.54.83.1

% network capex100%100%96%100%98%100%99%100%100%100%100%100%100%100%100%100%100%100%

Billed Minutes

a) Interconnection costs :Euro Thousands

Switched Access16.316.8923.20169.05192.25126.61295.66318.86

Interconnect (Leased Lines + PRA/ISDN)416.94394.30811.24305.041116.28369.92674.961486.20

Circuits Installation162.7427.99190.730.00190.73-19.70-19.70171.03

Internet: other operators ports0.00

595.98429.191,025.17474.091,499.26476.83950.921,976.09

Euro Million0.60.41.00.51.50.51.02.0

0000.00000


Total Sales (Management Accounts)982.9672.31,655.24,659,3369,893,17915,279,77817,662,72220,160,96721,668,07523,246,73624,412,90825,566,431

Goods

Cost of Sales192.2126.6318.91,563,4353,138,6214,693,0095,863,8126,964,5707,928,1108,836,5129,657,92010,371,119

Goods


Personnel (Wages and Benefits)623,01134,59735,46236,34437,25137,25038,18239,13540,115

Provisions148,002316,320463,700504,947549,845560,806576,232579,770584,568

Other Provisions

Depreciation1,372.4535.71,908.2356,752630,842888,4011,117,1301,637,4941,727,7432,014,2112,307,8112,550,692

Switched Access192.2126.6318.91,415,4332,822,3014,229,3095,358,8656,414,7257,367,3048,260,2809,078,1509,786,551

Interconnect (Leased Lines + PRA/ISDN)1,116.3369.91,486.23,045,6606,543,0168,599,8449,730,16311,006,85412,319,47413,175,98914,040,17614,786,676

Circuits Installation190.7-19.7171.018,575531,220706,622563,492610,326512,654547,201434,724444,286


TOTAL OPERAT. EXPENSES3,458.4821.24,279.65,542,1059,619,27512,272,50913,612,32416,123,44017,178,83918,378,54719,420,75920,453,888

Total Capital Expenditure1,940.71,069.93,010.72,808,9072,234,6212,165,9721,807,5516,428,9374,451,0314,512,9304,818,7273,115,479

Network Development1,940.71,067.23,007.92,751,1682,234,6212,165,9721,807,5516,428,9374,451,0314,512,9304,818,7273,115,479

Extraord.Income+Interest17.00.017.0

Interest income0.00.00.0

Exchange gains0.00.00.0

Prior year adjustments0.00.00.0

Prompt payment discounts0.00.00.0

Other extra. Income17.00.017.0

Extraord.Exp.+Interest

Interest expense

Exchange losses



Other extra. expenses

Provision for Taxes

NET PROFIT / (LOSS) - Telecel-2,650.7-275.6-2,926.3

Nexcenter's Net Profit

Minority Interests

&L&"HelveticaNeue LightCond,Regular"Vodafone Telecel&C&"HelveticaNeue LightCond,Bold"&14&UDirect Access







ALVINONM:No forecast 2002_2010 no foi calculada o imposto a pagar

Nexenter Eur

Amounts in EUR millionActuals 2001

Q1 01Q2 01H1 01Q3 01Q3 01 YTDQ4 01H2 01FY 2001200220032004200520062007200820092010

Operating revenues

Communications services0.40.50.90.41.3-0.10.31.24.36.07.910.112.515.318.321.725.5

Sales of equipment and accessories0.1-0.10.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Total operating revenues0.50.40.90.41.3-0.10.31.24.36.07.910.112.515.318.321.725.5

Operating expenses

Interconnection costs0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Cost of equipment and accessories sold0.10.00.10.00.10.00.00.10.00.00.00.00.00.00.00.00.0

Selling, general, administrative and other expenses1.00.81.81.33.10.61.93.73.74.54.85.15.45.86.26.67.1

Wages and salaries0.50.61.10.51.60.20.81.91.51.71.92.12.32.52.83.13.4

Depreciation and amortisation0.00.10.10.00.10.10.10.20.50.50.50.60.60.70.70.80.8

Provision for bad debts, excess inventory and other items0.00.70.70.70.00.00.00.00.00.00.00.00.0

Total operating expenses1.71.43.11.95.01.63.46.65.76.77.27.78.39.09.710.511.3

0.0

Operating income-1.2-1.0-2.2-1.5-3.7-1.7-3.1-5.3-1.4-0.70.82.44.26.38.611.214.2

Other income (expense)0.0

Net loss of unconsolidated subsidiary0.00.00.0

Interest and other income0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0

Interest and other expense-0.00.0-0.0-0.0-0.0-0.0-0.0-0.00.00.00.00.00.00.00.00.00.0

Other non-operating income-0.0-0.0-0.00.00.0-0.00.00.00.00.00.00.00.00.00.00.00.0

Minority interests0.00.00.00.00.50.00.00.00.00.00.00.00.00.00.00.00.0

Income before income tax0.00.00.00.0-3.10.00.00.00.00.00.00.00.00.00.00.00.0

Income tax provision0.0-0.0-0.0-0.00.00.00.00.00.00.00.00.00.0

0.0

NET INCOME0.00.00.00.0-3.10.00.00.00.00.00.00.00.00.00.00.00.0

EBITDA-1.1-1.0-2.1-1.4-3.5-1.6-3.0-5.1-5.3

Margin on Total Operating Revenues-219.6%-244.3%-230.3%-352.0%-267.7%1754.7%-961.8%-417.4%-175.4%

Margin on Service Revenues-282.0%-191.7%-231.7%-353.1%-269.1%1356.7%-1055.7%-429.1%-175.4%

Interconnect as % of Service Revenues

EOP Customers

Net Adds

Ave. Customers

ARPU (EUR)

CCPU (EUR)


Headcount4146463838

Capex0.70.71.4-0.70.70.5-0.21.2

% network capex0.00.00.00.00%

Billed Minutes


Total Sales (Management Accounts)1,323-911,2324,284,9976,003,6357,936,70510,107,16012,539,95115,262,56518,305,26921,701,40025,487,665

Goods72734

Cost of Sales113212326158,483173,581189,102205,989224,354244,327266,051289,679315,382

Goods11127139


Personnel (Wages and Benefits)1,6492081,8561,535,7631,697,0181,875,2052,072,1022,289,6722,530,0882,795,7473,089,3013,413,677

Provisions184184

Other Provisions510510

Depreciation12561186453,618487,639524,212563,528605,793651,227700,069752,575809,018

Switched Access

Interconnect (Leased Lines + PRA/ISDN)

Circuits Installation


TOTAL OPERAT. EXPENSES4,8771,3586,2355,503,3476,502,3696,992,4397,525,6228,105,8228,737,3009,424,71810,173,17410,988,239

Total Capital Expenditure6975251,222

Network Development

Extraord.Income+Interest41041


Exchange gains000


Prompt payment discounts202

Other extra. Income18018

Extraord.Exp.+Interest404

Interest expense000

Exchange losses202


Prompt payment discounts000

Other extra. expenses102

Provision for Taxes1111

NET PROFIT / (LOSS) - Telecel-3,630-1,673-5,303

Nexcenter's Net Profit-3,630

Minority Interests-726

&L&"HelveticaNeue LightCond,Regular"Vodafone Telecel&C&"HelveticaNeue LightCond,Bold"&14&UNexenter







ALVINONM:Existem contas estatutrias da Nexcenter. Verificar se no melhor contruir o PL a partir delas ao invs de o contruir a partir das management accounts.

P&L Estatutrias

Dec-01PEROEODec-01PEROEODec-01PERODOFonte : Mail recebido do Planeamento, arquivado em "IRShare on LX11srv01" - "Internal Reports" - "Management Accounts" - "2001"Dec-01PERODOFonte : Mail recebido do Planeamento, arquivado em "IRShare on LX11srv01" - "Internal Reports" - "Management Accounts" - "2001"

Dec-98COMPARATIVODec-98COMPARATIVODec-98COMPARATIVODec-98COMPARATIVO

TELECEL - Comunicaes Pessoais, SA.VODAFONE TELECEL - Comunicaes Pessoais, SA.TELECEL - Comunicaes Pessoais, SA.VODAFONE TELECEL - Comunicaes Pessoais, SA.TELECEL - Comunicaes Pessoais, SA.VODAFONE TELECEL - Comunicaes Pessoais, SA.TELECEL - Comunicaes Pessoais, SA.VODAFONE TELECEL - Comunicaes Pessoais, SA.

EEMONSTRAO EOS RESULTAEOS - ACUMULAEATOTAL INCOME STATEMENT FOR THE PERIOD ENDED (Euro)EEMONSTRAO EOS RESULTAEOS - ACUMULAEATOTAL INCOME STATEMENT FOR THE PERIOD ENDED (Euro)DEMONSTRAO DOS RESULTADOS - ACUMULADATOTAL INCOME STATEMENT FOR THE PERIOD ENDED (Euro)DEMONSTRAO DOS RESULTADOS - ACUMULADATOTAL INCOME STATEMENT FOR THE PERIOD ENDED (Million Euro)

Esc.Esc.Estas contas de provises do exerccio, so respeitantes a diferenas de migrao dos sistemas de recebimentos. De um modo muito simplista, consiste numa diferena de migrao dos recebimentos do sistema que gere os SIBS e o Prism, a qual provisionada nEstas contas de provises do exerccio, so respeitantes a diferenas de migrao dos sistemas de recebimentos. De um modo muito simplista, consiste numa diferena de migrao dos recebimentos do sistema que gere os SIBS e o Prism, a qual provisionada n

CUSTOS E PEREASEXPENSESNotes12/31/01CUSTOS E PEREASEXPENSESNotes12/31/01CUSTOS E PEREASEXPENSESNotes3/31/02CUSTOS E PEREASEXPENSESNotes5/31/016/30/017/31/018/31/013/31/02

Custo mercaEorias venEiEas e matrias consumiEasCost of goods sold71,138,531.72Custo mercaEorias venEiEas e matrias consumiEasCost of goods sold71.140.00Custo mercadorias vendiEas e matrias consumidasCost of goods sold84,064,449.08Custo mercaEorias vendidas e matrias consumidasCost of goods sold12,245,417.8321,152,991.0732,020,937.5840,975,797.1384.06

Fornecimentos e servios externosSupplies anE services368,062,732.65439,201,264.37Fornecimentos e servios externosSupplies anE services368.06439.20Fornecimentos e servios externosSupplies and services490,859,797.69574,924,246.77Fornecimentos e servios externosSupplies and services72,960,291.0985,205,708.92116,692,317.74137,845,308.81161,897,060.69193,917,998.27201,748,939.50242,724,736.63490.86574.92

0.000.00

Custos com o pessoalEmployee costsCustos com o pessoalEmployee costs0.000.00Custos com o pessoalEmployee costsCustos com o pessoalEmployee costs

RemuneraesSalaries and wages34,268,180.50RemuneraesSalaries and wages34.270.00RemuneraesSalaries and wages45,311,139.30RemuneraesSalaries and wages7,875,380.9012,236,927.5216,495,531.3420,425,979.2845.31

Encargos Sociais e outrosSocial charges and other14,734,603.2849,002,783.78Encargos Sociais e outrosSocial charges and other14.7349.00Encargos Sociais e outrosSocial charges and other19,354,576.7564,665,716.05Encargos Sociais e outrosSocial charges and other3,023,642.9310,899,023.835,025,562.8617,262,490.386,760,276.0623,255,807.408,814,780.1929,240,759.4719.3564.67

0.000.00

Amortizaes imobilizaEo corpreo e incorpreoDepreciation and amortization91,154,492.81Amortizaes imobilizaEo corpreo e incorpreoDepreciation and amortization91.150.00Amortizaes imobilizado corpreo e incorpreoDepreciation and amortization124,106,085.05Amortizaes imobilizado corpreo e incorpreoDepreciation and amortization19,383,931.0629,963,595.4340,264,483.8450,833,698.02124.11

ProvisesProvisions13,629,609.73104,784,102.54ProvisesProvisions13.63104.78ProvisesProvisions23,771,775.69147,877,860.74ProvisesProvisions3,892,620.0423,276,551.109,035,274.6738,998,870.1012,063,678.2652,328,162.1014,180,764.3865,014,462.4023.77147.88

0.000.00Excepes :Excepes :

ImpostosTaxes14,536,831.71ImpostosTaxes14.540.00EuroMillion EuroImpostosTaxes18,584,103.89ImpostosTaxes3,708,175.285,522,998.237,170,178.438,639,780.1818.58EuroMillion Euro

Outros custos operacionaisOther operating costs38,224,582.3652,761,414.07Outros custos operacionaisOther operating costs38.2252.76A/C 6790000013900,0000.90Outros custos operacionaisOther operating costs58,452,993.6277,037,097.51Outros custos operacionaisOther operating costs7,502,647.6911,210,822.9711,537,671.3217,060,669.5515,484,563.5822,654,742.0119,906,486.7728,546,266.9558.4577.04A/C 6790000013900,0000.90

(a)..........(a)..........645,749,564.76(a)..........(a)..........0.00645.75A/C 67900000142,761,5632.76(a)..........(a)..........864,504,921.07(a)..........(a)..........130,592,106.82211,167,338.84292,156,709.78365,526,225.45864.50A/C 67900000142,761,5632.76

0.000.00A/C 67900000151,500,0001.50A/C 67900000151,500,0001.50

PerEas em empresas Eo grupo e associaEasLosses of group companies2,134,605.98PerEas em empresas Eo grupo e associaEasLosses of group companies2.130.005,161,5635.16Perdas em empresas do grupo e associadasLosses of group companies2,183,539.13Perdas em empresas do grupo e associadasLosses of group companies2,552,909.260.000.000.002.185,161,5635.16

Amortizaes e provises Ee aplicaes e investimentos financeirosReserves for financial investments2,097,065.56Amortizaes e provises Ee aplicaes e investimentos financeirosReserves for financial investments2.100.00Amortizaes e provises de aplicaes e investimentos financeirosReserves for financial investments3,643,652.07Amortizaes e provises de aplicaes e investimentos financeirosReserves for financial investments0.000.000.000.003.64

Juros e custos similaresInterest payable and other financial expenses15,859,132.2920,090,803.83Juros e custos similaresInterest payable and other financial expenses15.8620.09Juros e custos similaresInterest payable and other financial expenses20,754,680.7726,581,871.97Juros e custos similaresInterest payable and other financial expenses3,815,362.386,368,271.645,612,022.065,612,022.067,510,279.247,510,279.249,542,669.159,542,669.1520.7526.58

(c)..........(c)..........665,840,368.59(c)..........(c)..........0.00665.84(c)..........(c)..........891,086,793.04(c)..........(c)..........136,960,378.46216,779,360.90299,666,989.02375,068,894.60891.09

0.000.00

Custos e perEas extraorEinriasExtraordinary charges18,612,028.3918,612,028.39Custos e perEas extraorEinriasExtraordinary charges18.6118.61Custos e perdas extraordinriasExtraordinary charges23,324,925.5223,324,925.52Custos e perdas extraordinriasExtraordinary charges1,562,769.641,562,769.642,175,845.132,175,845.132,135,392.822,135,392.822,111,263.222,111,263.2223.3223.32

(e)..........(e)..........684,452,396.98(e)..........(e)..........0.00684.45(e)..........(e)..........975,636,648.82(e)..........(e)..........138,523,148.10218,955,206.03301,802,381.84377,180,157.82975.64

0.000.00

Imposto s/ o renEimento Eo exerccioIncome tax47,504,660.2547,504,660.25Imposto s/ o renEimento Eo exerccioIncome tax47.5047.50Imposto s/ o rendimento do exerccioIncome tax61,224,930.2661,224,930.26Imposto s/ o rendimento do exerccioIncome tax10,394,128.4810,394,128.4813,709,575.9113,709,575.9118,521,989.9118,521,989.9118,042,651.3218,042,651.3261.2261.22

(g)..........(g)..........731,957,057.23(g)..........(g)..........0.00731.96(g)..........(g)..........975,751,074.70(g)..........(g)..........148,917,276.58232,664,781.94320,324,371.75395,222,809.14975.75

0.000.00

ResultaEo lquiEo Eo exerccioNet income84,537,553.16ResultaEo lquiEo Eo exerccioNet income0.0084.54Resultado lquido do exerccioNet income104,830,584.15Resultado lquido do exerccioNet income13,449,577.3118,343,494.6323,223,337.5736,713,894.94104.8

816,494,610.390.00816.491,080,467,232.97162,366,853.89251,008,276.57343,547,709.32431,936,704.081,080.47

PROVEITOS E GANHOSINCOMEPROVEITOS E GANHOSINCOME00PROVEITOS E GANHOSINCOMEPROVEITOS E GANHOSINCOME

VenEas Ee mercaEoriasSales56,277,748.01VenEas Ee mercaEoriasSales0.0056.28Vendas de mercadoriasSales68,509,704.56Vendas de mercadoriasSales9,890,495.7115,313,011.2622,769,882.8229,807,758.7768.51

Prestao Ee serviosServices rendered714,495,855.73Prestao Ee serviosServices rendered0.00714.50Prestao de serviosServices rendered956,648,594.41Prestao de serviosServices rendered151,669,216.96234,098,971.18318,694,114.47397,726,183.55956.6

Trabalhos para a prpria empresaCapitalization of own costs0.00Trabalhos para a prpria empresaCapitalization of own costs0.000.00Trabalhos para a prpria empresaCapitalization of own costs1,345,161.47Trabalhos para a prpria empresaCapitalization of own costs0.000.000.000.001.3

SubsEios exploraoSubsidies0.00SubsEios exploraoSubsidies0.000.00Subsdios exploraoSubsidies0.00Subsdios exploraoSubsidies0.000.000.000.000.0

Proveitos suplementares e outrosSupplementary income and other operating income759,756.48Proveitos suplementares e outrosSupplementary income and other operating income0.000.76Proveitos suplementares e outrosSupplementary income and other operating income1,864,756.79Proveitos suplementares e outrosSupplementary income and other operating income4,207.75287,796.79316,458.01342,509.941.9

(b)..........(b)..........771,533,360.22(b)..........(b)..........0.00771.53(b)..........(b)..........1,028,368,217.23(b)..........(b)..........161,563,920.42249,699,779.23341,780,455.30427,876,452.261,028.37

0.000.00

RenEimentos Ee participaes Ee capitalProfits of group companies56,808.93RenEimentos Ee participaes Ee capitalProfits of group companies0.060.00Rendimentos de participaes de capitalProfits of group companies211,525.80Rendimentos de participaes de capitalProfits of group companies15,671.968,554.4218,902.5930,596.920.21

RenEimentos ttulos negociveis e outras aplicaes financeirasInterest received on bonds and investment securities520,922.59RenEimentos ttulos negociveis e outras aplicaes financeirasInterest received on bonds and investment securities0.520.00Rendimentos ttulos negociveis e outras aplicaes financeirasInterest received on bonds and investment securities748,389.11Rendimentos ttulos negociveis e outras aplicaes financeirasInterest received on bonds and investment securities59,496.5688,782.21116,111.78142,480.950.75

Outros juros e proveitos similaresOther financial income1,891,372.812,469,104.33Outros juros e proveitos similaresOther financial income1.892.47Outros juros e proveitos similaresOther financial income2,413,427.103,373,342.01Outros juros e proveitos similaresOther financial income486,929.61562,098.13666,323.48763,660.11951,154.641,086,169.011,418,098.991,591,176.862.413.37

(E)..........(E)..........774,002,464.55(E)..........(E)..........0.00774.00(E)..........(E)..........1,031,741,559.24(E)..........(E)..........162,126,018.55250,463,439.34342,866,624.31429,467,629.121,031.74

0.000.00Minority InterestsMinority Interests175,070.92211,333.11265,689.900.00

Proveitos e ganhos extraorEinriosExtraordinary income42,492,145.84Proveitos e ganhos extraorEinriosExtraordinary income0.0042.49Proveitos e ganhos extraorEinriosExtraordinary income48,725,673.73Proveitos e ganhos extraordinriosExtraordinary income240,835.34369,766.31469,751.902,203,385.0648.73

(f)..........(f)..........816,494,610.39(f)..........(f)..........0.00816.49(f)..........(f)..........1,080,467,232.97(f)..........(f)..........162,366,853.89251,008,276.57343,547,709.32431,936,704.081,080.47

0.000.00

0.000.00

ResultaEos operacionaisOperational results125,783,795.46ResultaEos operacionaisOperational results125.780.00Resultados operacionaisOperational results163,863,296.16Resultados operacionaisOperational results30,971,813.6038,532,440.3949,623,745.5262,350,226.81163.86

ResultaEos financeirosFinancial results-17,621,699.50ResultaEos financeirosFinancial results-17.620.00Resultados financeirosFinancial results-23,208,529.96Resultados financeirosFinancial results-5,806,173.51-4,848,361.95-6,424,110.23-7,951,492.29-23.21

ResultaEos correntesCurrent results108,162,095.96ResultaEos correntesCurrent results108.160.00Resultados correntesCurrent results140,654,766.20Resultados correntesCurrent results25,165,640.0933,684,078.4443,199,635.2954,398,734.52140.65

ResultaEos antes Ee impostosIncome before income tax132,042,213.41ResultaEos antes Ee impostosIncome before income tax132.040.00Resultados antes de impostosIncome before income tax166,055,514.41Resultados antes de impostosIncome before income tax23,843,705.7932,053,070.5441,745,327.4854,756,546.26166.06

ResultaEo lquiEo Eo exerccioNet income84,537,553.16ResultaEo lquiEo Eo exerccioNet income84.540.00Resultado lquido do exerccioNet income104,830,584.15Resultado lquido do exerccioNet income13,449,577.3118,343,494.6323,223,337.5736,713,894.94104.83

As notas anexas fazem parte integrante Eestas Eemonstraes FinanceirasThe accompanying notes form an integral part of this statementAs notas anexas fazem parte integrante Eestas Eemonstraes FinanceirasThe accompanying notes form an integral part of this statementAs notas anexas fazem parte integrante destas Demonstraes FinanceirasThe accompanying notes form an integral part of this statementAs notas anexas fazem parte integrante destas Demonstraes FinanceirasThe accompanying notes form an integral part of this statement

O Tcnico Ee contasThe Chief AccountantThe BoardO Tcnico Ee contasThe Chief AccountantO Tcnico Ee contasThe Chief AccountantThe BoardO Tcnico Ee contasThe Chief AccountantThe BoardThe BoardThe BoardThe BoardThe Board

Vodafone TelecelNet Income2000 (3)80.1104.82001 (3) (4)+ 30.8%(1) Calendar Year (period between January and December) (2) Period between January 1999 and March 2000(3) Financial Year (period between April and March)(4) UnauditedQuarterly Distribution[EUR Million]

Vodafone Telecel and PSI 30 Index Stock Price EvolutionPSI 30Stock Price (Eur)Market Cap. (Eur Million)PSI 30 IndexIPO9 Dec 963.978532,10630 Apr 02Var. sinceIPO8.021,7243,625102%72%0%100%200%300%400%500%600%09-Dec-9631-Dec-9731-Dec-9831-Dec-9931-Dec-0031-Dec-01 30-Apr-02Vodafone Telecel

PSI 30 Index Companies ValuationAppreciation since Vodafone Telecel IPO (1)Vodafone Telecel is the second PSI 30 Index company with the highest valuation(1) Valuation in the period from 9 December 1996 to 30 April 2001BCP120%Sonae Indstria37%Vodafone Telecel102%Somague22%Cimpor95%Modelo Continente19%Portugal Telecom94%Jernimo Martins1%BPI77%Inapa0%Semapa77%Brisa-2%PSI 3072%Sonae SGPS-15%Portucel Industrial64%Corticeira Amorim-30%BES62%EDP-30%

Vodafone Main Future ChallengesReinforcement of the competitive position in the marketConsolidation of the brand imageMaintenance of leadership position and innovation in mobile dataIncrease of the customer satisfaction levels; focus on CRMOptimisation of the cost structureMaximisation of the Companys value for Customers and Shareholders

Vodafone TelecelDepositary Receipt ProgramSymbol: VFELYRatio: 1:1Exchange: OTCCUSIP: S192858M101Settlement: T+3Dividends1: Paid in USDDepositary Bank: The Bank of New YorkConsidered a U.S. EquityLocal Market MakerNew York Market MakerU.S. Stock Markets3OTCDR to DR TradesInvestorDR IssuanceDepositary Trust Company1 In 2000 and 1999, Vodafone Telecels General Assembly decided that no dividends would be distributed to its Shareholders based on the heavy investments ahead. This situation is revised on an annual basis.45267DR CancellationNew York Market MakerLocal Stock MarketLocal CustodianDepositary Bank

Vodafone Telecel2001 Full Year Results(1 April 2001 to 31 March 2002)Antnio Carrapatoso, CEOMay 2002

Criar duas colunas comparativas com setas e nosvs. 2 Sem 2000 vs. 1 Sem 2000sobe 7,9%(*)sobe 10,4%sobe 25,3 %sobe 52,3%desce 3,9%

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Vodafone Telecel 2001 Full Year Results (1 April 2001 to 31 March 2002)

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