Table of Contents - NOS Financeiros... · António da R. S. Henriques da Silva Vitor Fernando da Conceição Gonçalves Nuno João Francisco Soares de Oliveira Sílvério Marques

ZON Multimédia – Serviços de Telecomunicações e Multimédia, SGPS, S.A. 2/55

Table of Contents 1. ZON in Numbers .......................................................................................................................................... 3

2. Highlights – First Quarter 2011 .................................................................................................................... 6

3. Governing Bodies ........................................................................................................................................ 7

4. Management Report .................................................................................................................................... 8

4.1. Business Review .................................................................................................................................. 8

4.2. Consolidated Financial Review .......................................................................................................... 12

5. Consolidated Financial Statements ........................................................................................................... 20


1. ZON in Numbers

Business Indicators (in thousands):

Triple Play Subscribers: Triple Play Penetration in Cable Customer Base (%):

537 572603 642

666

1Q10 2Q10 3Q10 4Q10 1Q11

+24.1%

46%49%

52%55%

58%

1Q10 2Q10 3Q10 4Q10 1Q11

+12.0pp

RGUs: RGUs per Subscriber (units):

2,9503,011

3,0773,147 3,181

1Q10 2Q10 3Q10 4Q10 1Q11

+7.8%

2.082.14

2.192.25

2.29

1Q10 2Q10 3Q10 4Q10 1Q11

+10.0%


Blended ARPU (Euros): Basic Subscribers:

35.235.6 35.8

33.8

35.8

1Q10 2Q10 3Q10 4Q10 1Q11

+1.7%

1,588 1,577 1,573 1,572 1,554

1Q10 2Q10 3Q10 4Q10 1Q11

(2.1%)

BroadBand Subscribers: Voice Subscribers:

635 650666 690

705

1Q10 2Q10 3Q10 4Q10 1Q11

+10.9%

646692 732

778 807

1Q10 2Q10 3Q10 4Q10 1Q11

+25.0%

Mobile:

8192

105 108115

1Q10 2Q10 3Q10 4Q10 1Q11

+42.5%


Financial Indicators (in millions of Euros): Operating Revenues: EBITDA (EBITDA margin as % of Revenues):

213 214

1Q10 1Q11

+0.3%

7380

34.3%37.1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100 %

0

10

20

30

40

50

60

70

80

90

1Q10 1Q11

+8.5%

Net Income: CAPEX:

9

10

1Q10 1Q11

+9.3%

5036

4

3

54

39

1Q10 1Q11

Baseline CAPEX Non Recurrent CAPEX

(28.0)%

Net Financial Debt: Net Financial Debt / EBITDA [x]:

577

642

1Q10 1Q11

+11.2%

2.1x 2.1x

1Q10 1Q11


2. Highlights – First Quarter 2011

Operational ('000)

Triple Play Customers 536.7 666.0 24.1%

Triple Play Penetration (%) 45.6% 57.6% 12.0pp

RGUs (1)

2,950.5 3,181.3 7.8%

Blended ARPU (Euros) 35.2 35.8 1.7%

Financial (Millions of Euros)

Operating Revenues 213.5 214.1 0.3%

Pay TV, Broadband and Voice 192.7 195.6 1.5%

EBITDA 73.3 79.5 8.5%

EBITDA Margin 34.3% 37.1% 2.8pp

Net Income 9.3 10.2 9.3%(1) Total RGUs reported reflect the sum of Pay TV, Broadband, Fixed Voice and Mobile subscribers.

Highlights of 1Q11 Results 1Q11 1Q11 / 1Q101Q10

CONTINUED LEADERSHIP IN TRIPLE PLAY

o RGU growth of 7.8% yoy to 3.181 million services with RGUs per cable subscriber growing by 10% to

2.29;

o 666 thousand cable subscribers subscribe to Triple Play bundles, 57.6% of the cable base;

o Continued strong growth in Broadband to 704.7 thousand customers, representing growth of 10.9% yoy;

o 807.5 thousand customers now take Fixed Voice services, 68.2% of the cable base, an increase of 25%

yoy;

o Continued strength of NGN bandwidth services representing over 23% of broadband customers;

o Strong sequential ARPU growth reaching 35.8 euros in 1Q11 led by continued Triple Play uptake.

STRONG OPERATING FCF IMPROVEMENT ON THE BACK OF STRONG COST CONTROL AND LOWER

CAPEX

o Growth in core Triple Play Revenues of 1,5% yoy to 195.6 million euros and a marginal increase in

consolidated revenues of 0.3% yoy;

o EBITDA up by 8,5% to 79.5 million euros;

o Total CAPEX down by 28% to 38.8 million euros, compared with 53.9 million euros in 1Q10.


3. Governing Bodies

As at the date of this report, 11 May 2011, the Governing Bodies of ZON had the following composition:

Board of Directors

Chairman of the Board of Directors Daniel Proença de Carvalho

Chairman of the Executive

Committee

Members of the Executive Committee

Rodrigo Jorge de Araújo Costa

José Pedro Faria Pereira da Costa

Luis Miguel Gonçalves Lopes

Duarte Maria de Almeida e Vasconcelos Calheiros

Members

Chairman of the Audit Committee

Members of the Audit Committee

Fernando Fortuny Martorell

António Domingues

Luis João Bordallo da Silva

László Istvan Hubay Cebrian

Norberto Emílio Sequeira da Rosa

Jorge Telmo Maria Freire Cardoso

Joaquim Francisco Alves Ferreira de Oliveira

João Manuel Matos Borges de Oliveira

Mário Filipe Moreira Leite da Silva António da R. S. Henriques da Silva

Vitor Fernando da Conceição Gonçalves

Nuno João Francisco Soares de Oliveira Sílvério Marques

Paulo Cardoso Correia da Mota Pinto

Officials of the General Meeting of Shareholders

President Júlio de Castro Caldas

Secretary Maria Fernanda Carqueija Alves de Ribeirinho Beato

Statutory Auditor

In Office Oliveira, Reis & Associados, SROC, Lda., represented by José Vieira

dos Reis

Alternate Fernando Marques Oliveira


4. Management Report

4.1. Business Review

Pay TV, Broadband and Voice

Homes Passed 3,138.9 3,206.9 2.2%

RGUs (1)

2,950.5 3,181.3 7.8%

Cable RGUs per Subscriber (units) (2)

2.08 2.29 10.0%

Basic Subscribers (3) 1,588.4 1,554.4 (2.1%)

o.w. Cable Subscribers 1,176.4 1,155.5 (1.8%)

Triple Play Customers 536.7 666.0 24.1%

% Triple Play Cable Customers 45.6% 57.6% 12.0pp

o.w. DTH Subscribers 412.1 398.9 (3.2%)

Broadband Subscribers 635.4 704.7 10.9%

Fixed Voice Subscribers 646.1 807.5 25.0%

Mobile Subscribers 80.5 114.7 42.5%

Blended ARPU ( Euros ) 35.2 35.8 1.7%

Cinema

Revenue per Ticket (Euros) 4.6 4.7 2.8%

Tickets Sold 2,471.6 2,016.5 (18.4%)

Screens (units) 213 217 1.9%

(2) Cable RGUs per Subscriber correspond to the sum of Cable Pay TV, Broadband and Voice Subscribers, divided by the number of Cable Pay TV

Customers.

(3) These figures are related to the total number of Pay TV basic customers, including the cable and satellite platforms. ZON Multimedia offers several basic

services, based on different technologies, directed to different market segments (residential, real estate and corporate), with a distinct geographical scope

(mainland Portugal and the Azores and Madeira islands) and with a variable number of channels.

1Q10

(1) Total RGUs reported reflect the sum of Pay TV, Broadband, Fixed Voice and Mobile subscribers.

1Q11 1Q10 / 1Q11Business Indicators ('000)

ZON was able to deliver still positive growth in its core Triple Play business, both in RGUs and in Revenues,

despite the very challenging economic environment and its inevitable negative impact on consumer sentiment.

Triple Play penetration now at over 57.6%

The number of customers taking Triple Play bundles continues to grow reaching penetration of 57.6% of the

cable base by the end of 1Q11, up 12 p.p. in comparison with 1Q10 – ZON is the leading Triple Play operator in

Portugal and still one of the leading Triple Play operators in its peer group in Europe in terms of Triple Play

penetration. Each customer subscribes to 2.29 services on average compared with 2.08 services in 1Q10 and

the total number of services subscribed, RGUs, increased by 7.8% to 3.181 million services in 1Q11.


In January, ZON started to sell its new high-end Triple Play bundles, “IRIS” – a service based on a new pay TV

user interface developed by NDS and only sold to customers that subscribe to “ZON Fibra” broadband offers ie

customers that subscribe to broadband speeds of 30 Mbps or over.

“IRIS” is positioned as a completely new, premium Triple Play offer, providing a revolutionary TV viewing

experience. The new user interface was developed by NDS based on their award winning design “Snowflake”

software and was premiered worldwide on the ZON platform. The new interface has several functions that set it

apart from other systems, amongst which advanced management of recordings, cross searching and intelligent

searching, access to the best of the Internet through the TV, recommendations based on preferences and

customization of additional services, amongst others.

The launch of the new “IRIS” TV user interface together with the upgrades made to the existing user interface is

helping stimulate take-up of new video functionalities such as VoD. In 1Q11, the number of videos rented

through the ZON video-club including subscription VoD increased by 160% and VoD revenues increased to

almost 0.8% of total Triple Play revenues in the quarter.

The proportion of customers receiving digital services continues to grow and now stands at 85% compared with

76% at the end of 1Q10 and the number of next generation ZON HD Boxes installed at the end of 1Q11 stood

at 910 thousand. The pace of net growth in ZON boxes installed declined in the quarter to 25.6 thousand from

72.8 thousand in 3Q10 and 69.1 thousand in 4Q10, reflecting the already very high penetration of the digital

subscriber base.

However weakness was felt in the penetration of premium channel services, which fell to 44.1% at the end of

1Q11, a decline which is likely related with the challenging economic environment in Portugal and more

cautious consumer behavior from certain segments of the customer base.

Basic subscribers registered a reduction of 17.1 thousand in 1Q11, to 1,554.4 thousand compared with 1,588.4

thousand at the end of 1Q10, a decline which affected mainly Single Play cable and DTH customers with lower

than average ARPU. The decline was felt primarily in January and less in February, with a gradual improvement

in trend being felt as the quarter progressed. The headline price increase implemented in January on top of the

VAT increase from 21% to 23% explains much of the negative impact in January and February.

Sequential recovery in ARPU

ARPU posted an increase of 1.7% compared with 1Q10 and a sequential recovery of 2% in 1Q11 to 35.8 euros,

compared with 35.1 euros in 4Q10, which had been affected by aggressive promotional activity. These

promotional campaigns were withdrawn towards the end of 4Q10 albeit some spill over effect was still felt in the

start of 1Q11. The ARPU recovery was also influenced by the aforementioned price adjustment made at the

beginning of the year.

Over 700 thousand Broadband customers with strong take-up of NGN services

The number of Broadband subscribers continued to grow in 1Q11, posting net adds of 14.4 thousand to 704.7

thousand, an increase of 10.9% compared with 1Q10, bringing the penetration in ZON’s cable base to 61%

compared with 54% at the end of 1Q10.


The proportion of customers subscribing to top tier “ZON Fibra” offers continued to grow by a further 3.5 p.p to

over 23%, reflecting sustained enthusiasm with the superior quality and features of ZON’s NGN broadband

offers. ZON’s share of customers connected with NGN speeds, according to data published by ANACOM,

stands at 74%, and repeated consumer surveys reflect that ZON is the operator to deliver the closest to

maximum rated speeds.

This leading position in NGN services is possible due to ZON’s focus on upgrading its entire cable footprint to

Eurodocsis 3.0 and continued cell-splitting in order to ensure both very high bandwidth to all customers on its

footprint and assure continuous quality and consistency of service. The major investments to upgrade the

network have already been completed and from now on, cell-splitting will continue to be done on a more

selective basis and driven by the success of customer take-up and usage patterns in particular geographies.

Over 800 thousand Fixed Voice customers

In 1Q11, ZON surpassed another milestone in terms of Fixed Voice customers reaching 807.5 thousand

subscribers, 68.2% of the cable base, having registered net adds of 29.9 thousand subscribers in the quarter.

ZON’S Fixed Voice offers are by far some of the most attractive in the market, given the cost of calls placed to

fixed networks in Portugal and to 50 other international destinations in 4 continents, and the unlimited traffic

incorporated in higher-end Triple Play bundles.

ZON Mobile continues to grow

The mobile subscriber base posted net growth of 6.8 thousand subscribers to 114.7 thousand customers at the

end of 1Q11, representing an increase of 42.5% compared with 1Q10. ZON’s mobile offer is one of the most

attractive mobile voice and data propositions in the Portuguese market and is recognized as an attractive

complement for ZON Triple Play customers.

End of accelerated investment cycle - forecast decline in quarterly CAPEX

In 2010, ZON concluded a period of accelerated CAPEX dedicated to rolling out it its next generation HFC

network with deployment of Eurodocsis 3.0 to almost all the cable footprint, ongoing cell-splitting and

deployment of its own primary network, therefore replacing previously rented infrastructure from the incumbent

with own equipment. ZON has therefore almost completed the necessary investment in an upgraded, GPON-

ready, and independent infrastructure covering around 80% of first homes in Portugal and with more than

enough capacity and scalability to accommodate the continuing broadband growth requirements of the

foreseeable future.

The level of quarterly investment in terminal equipment was almost halved to 15.1 million euros in 1Q11 due to

the fact that ZON has already reached a relatively high level of penetration of Next Generation HD set top boxes

in its customer base, the fact that the pace of RGU growth is also beginning to slowdown, and to the successful

refurbishment of terminal equipment and its reinjection into the distribution chain, subsequently translating, as

expected, into a need for lower customer related CAPEX.


Audiovisuals and Cinemas

The number of tickets sold in ZON’s cinemas posted a significant decline of 18.4% in 1Q11 to 2.016 million

tickets and a sequential decline of 10% compared with 4Q10. This reduction is explained primarily by the fact

that 2010 was an exceptionally strong year for the movies business due to the large number of blockbuster

movies exhibited, particularly in 1Q10, a number of which in 3D format such as “Avatar” and “Alice in

Wonderland”. In 1Q11, the quantity of box-office hits shown in movie theatres was significantly less. Stepping

back to reflect on more longer-term trends, namely comparing with 2009, ticket sales in 1Q11 were actually

3.4% higher than in 1Q09 and total revenues were 8.1% higher, thus reinforcing the fact that 2010 was an

extraordinary year in terms of movie content.

Partially offsetting the decline in ticket sales in 1Q11, the average level of revenue generated per ticket sale

increased 2.8% to 4.7 euros compared with 4.6 euros in 1Q10. Total cinema revenues fell by 13.1% yoy in

1Q11 to 13.6 million euros.

The material slowdown in ticket sales in 1Q11 was felt in the market as a whole, with ZON actually posting a

better relative performance than the rest of the market, explained by its strong focus on innovation and the

improvement of the quality of its cinema network which is now fully digitalized and already has 3D projection

technology in 83 screens, more than 2 screens per multiplexer. In fact, the total number of spectators in the

market went down by 21.3% in 1Q11, according to ICA (Portuguese Institute For Cinema and Audiovisuals) and

total market gross revenues went down by 20.2%. This trend is in line with other international movie markets

namely the USA, which according to public data presented a decline in gross box office revenues of around

20% year-to-date. The most successful films of 1Q11 were “The Tourist”, “The King’s Speech” and “Black

Swan”.

The Audiovisuals business posted an improvement in revenues of 9.8% to 17.1 million euros in 1Q11, which

was explained primarily by the consolidation in 2Q10 of 50% of Dreamia. ZON’s audiovisuals unit is the leading

distributor of movies for cinema exhibition, VoD viewing and sale of DVD content in Portugal. Of the top 10 films

shown in cinemas in 1Q11, ZON Lusomundo distributed 6 of them, the most successful films being “The King’s

Speech”, “No Strings Attached”, “Rango”, “Tangled”, “Little Fockers” and “True Grit”.


4.2. Consolidated Financial Review

Operating Revenues 213.5 214.1 0.3%

Pay TV, Broadband and Voice 192.7 195.6 1.5%

Audiovisuals 15.5 17.1 9.8%

Cinema 15.7 13.6 (13.1%)

Others and Eliminations (10.4) (12.1) 16.6%

Operating Costs Excluding D&A 140.2 134.6 (4.0%)

W&S 14.3 14.7 2.7%

Direct Costs 61.6 61.1 (0.8%)

Commercial Costs (1) 16.7 15.2 (8.9%)

Other Operating Costs 47.5 43.6 (8.3%)

EBITDA (2) 73.3 79.5 8.5%

EBITDA Margin 34.3% 37.1% 2.8pp

Depreciation and Amortization 53.1 55.6 4.7%

Income From Operations (3) 20.3 24.0 18.3%

Other Expenses / (Income) 0.0 (0.3) n.a.

Operating Profit (EBIT) (4) 20.2 24.3 19.8%

Financial Expenses (Income) 8.1 10.3 26.6%

Income Before Income Taxes 12.1 14.0 15.3%

Income Taxes (2.4) (3.6) 48.8%

Income From Continued Operations 9.7 10.4 7.0%

o.w. Attributable to Minority Shareholders (0.4) (0.2) (46.7%)

Net Income 9.3 10.2 9.3%(1) Commercial costs include commissions, marketing and publicity expenses and costs of equipment sold;

(2) EBITDA = Income From Operations + Depreciation and Amortization;

(4) EBIT = Income Before Financials and Income Taxes

1Q11 / 1Q10Profit and Loss Statement

(Millions of Euros)1Q10 1Q11

(3) Income From Operations = Income Before Financials and Income Taxes + work force reduction programme costs + impairment of goodwill + Losses/Gains on

disposal of fixed assets + Other costs/income.

Operating Revenues

Operating Revenues grew by 0.3% in 1Q11 to 214.1 million euros compared with 1Q10 representing a clear

slowdown in comparison with previous quarters, due to the negative performance of the smaller, less core

business units which together had a decline of 11% yoy. Still, the core Pay TV, Broadband and Voice unit grew

by 1.5% to 195.6 million euros, helped by the ARPU recovery which more than compensated the lower

subscriber base.


Core Triple Play revenues posted a slowdown due to the lower basic subscriber base in the quarter, albeit this

decline was more than offset by the increase in ARPU driven by continued growth in Triple Play penetration, the

price increase implemented at the start of 2011 and the less aggressive promotional environment.

As regards the Cinema business, as mentioned before in this report, the number of box office hits premiered in

1Q11 was significantly less than in 1Q10, however 2010 was an exceptionally good year for movie content in

general. The level of ticket sales and revenues from the cinema business is actually 3.4% and 8.1% higher

respectively than in 1Q09, further highlighting the fact that 2010 was an extraordinarily good year in what is a

relatively mature sector. Revenues from the Audiovisuals business grew by 9.8% yoy to 17.1 million euros, an

increase explained primarily by the proportionate consolidation of the Dreamia joint venture (stake of 50%)

which only happened as from 2Q10.

EBITDA

EBITDA grew more than proportionately to the increase in revenues, posting an increase of 8.5% in 1Q11 to

79.5 million euros with EBITDA margin increasing by 2.8 pp to 37.1% in 1Q11 and a strong sequential quarterly

improvement of 4.0 pp compared with 4Q10.

The growth in EBITDA was led by very good performance in terms of cost discipline, led by both a clear focus

on cost control and a reduction in commercial and customer driven costs mostly due to the slower pace of RGU

growth and the less aggressive promotional environment.

EBITDA Margins (%)

34,3%35,3% 35,9%

33,2%

37,1%

1Q10 2Q10 3Q10 4Q10 1Q11

Consolidated Operating Costs

Wages and Salaries increased by 2.7% in 1Q11 compared with 1Q10 reflecting the marginal annual increase

in lower and mid scale salaries that was implemented in 2010 and some headcount increase in new areas.

Wages and Salaries were 5.4% lower than in 4Q10 due to the provision, in 4Q10, of bonuses to be paid in

2011.

Direct Costs in 1Q11 amounted to 61.1 million euros, marginally lower (0.8%) than in 1Q10, however posting a

4.3% sequential decline from 4Q10 as a result mostly of the lower level of costs relating to seasonally lower

advertising revenues shared, less royalty charges related with the lower level of activity of the cinema business

and comparatively lower costs related to DVD sales.


Commercial Costs posted a significant sequential decline of 32% in 1Q11 in comparison with 4Q10 to 15.2

million euros, and a decline of 8.9% in comparison with 1Q10. The yoy reduction is a result of the lower level of

commercial activity driving lower sales commissions related costs, also supported by a more efficient use of

available sales channels, reducing the relative weight of more expensive door-to-door sales channels.

Other Operating Costs posted a yoy decline of 8.3% in 1Q11 to 43.6 million euros and of 5.1% compared with

the previous quarter. The yoy reduction was achieved through cost control of several General and

Administrative areas.

Net Income

Net Income increased by 9.3% to 10.2 million euros in 1Q11, explained primarily by the 8.5% increase in

EBITDA explained before.

Depreciation and Amortization recorded an increase of 4.7% in 1Q11 to 55.6 million euros, explained by the

accelerated roll-out of terminal equipment and by the peak in network related CAPEX which occurred in 2010.

This investment will flow through the P&L in coming years with relatively high levels of depreciation, thus

affecting operating results even though CAPEX going forward will be recording significantly lower levels than the

ones incurred in 2010.

Net Financial Expenses in 1Q11 amounted to 10.3 million euros, compared with 8.1 million euros in 1Q10, an

increase explained by the equity consolidation of the Angolan operation, “ZAP” as from March 2010 which in

1Q11 represented a negative contribution of 2.8 million euros and had a negligible impact in 1Q10. Net interest

and other financial expenses recorded an increase of 2.3% to 7.5 million euros in comparison with 1Q10 led

primarily by the higher interest rate environment and marginally higher level of net financial debt.

Income Taxes amounted to 3.6 million euros in 1Q11 which represents an increase of 48.8% compared with

1Q10, albeit translating into a reduction in P&L tax rate to around 26%. ZON continues to receive tax benefits

for development and investments in Next Generation Networks which had a smaller impact in 1Q11 than in

1Q10, and thus generating some discrepancies when comparing quarterly tax rates.

CAPEX

Pay TV, Broadband and Voice Infrastructure 20.3 19.1 (6.0%)

Terminal Equipment 27.9 15.1 (45.9%)

Other 1.8 1.7 (8.4%)

"Baseline" CAPEX 50.1 35.9 (28.3%)

Long Term Contracts 1.0 0.0 (100.0%)

Other Non-Recurrent Items 2.8 2.9 5.9%

Total CAPEX 53.9 38.8 (28.0%)

CAPEX (Millions of Euros) 1Q10 1Q11 1Q11 / 1Q10


CAPEX, as expected, is posting significant quarter on quarter reductions, reaching 38.8 million euros in 1Q11,

compared with 53.9 million euros in 1Q10 and 78.5 million euros in 4Q10.

Baseline CAPEX, a measure of the more recurrent levels of CAPEX declined by 28.3% yoy to 35.9 million

euros led by the significant decline in customer related investment. As anticipated, once the pace of market

growth started to subside, with penetration of HD boxes already at very significant levels and with the success

of terminal equipment refurbishment processes, the additional need for investment in new terminal equipment

would also begin to decline. In 1Q11, customer related investment fell to 15.1 million euros, almost half that of

1Q10 and 15% less than the previous quarter and this kind of CAPEX is set to remain at lower levels going

forward.

Total CAPEX (Millions of Euros)

50,141,5 41,6 45,2 35,9

3,8 14,9 17,8

33,3

2,9

53,9 56,359,4

78,5

38,8

1Q10 2Q10 3Q10 4Q10 1Q11

Baseline CAPEX Non-Recurrent CAPEX

With the conclusion in 2010 of important non-recurrent projects, which made a structural change to how ZON

manages its network infrastructure, the most relevant of which being “ZON-IN” (ZON invested to ensure network

independence by deploying own fibre along the primary network and relocating hubs onto own infrastructure)

and the deployment of a new data centre, additional, non-recurrent investments are no longer significant

representing just 2.9 million euros in 1Q11 and potentially decreasing further in the coming quarters.

EBITDA 73.3 79.5 8.5%

CAPEX (53.9) (38.8) (28.0%)

Baseline CAPEX (50.1) (35.9) (28.3%)

Non-Recurrent CAPEX (3.8) (2.9) (22.7%)

Non-Cash Items Included in EBITDA - CAPEX and Change in Working Capital (1) (18.1) (35.0) n.a.

Operating Cash Flow After Investment 1.3 5.7 n.a.

Long Term Contracts (39.8) (14.2) (64.4%)

Net Interest Paid and Other Financial Charges (2.3) 1.9 (181.7%)

Income Taxes Paid (0.3) (0.7) 108.5%

Disposals 6.7 6.7 (0.0%)

Other Cash Movements 0.4 (0.8) n.a.

Free Cash-Flow (34.0) (1.4) (96.0%)(1) This caption includes non-cash provisions included in EBITDA and non-cash CAPEX related to the upfront capitalization of long term contracts.

Cash Flow (Millions of Euros) 1Q10 1Q11 1Q11 / 1Q10


Operating Cash Flow

Operating Cash Flow in 1Q11 posted an improvement to 5.7 million euros supported by the 8.5% growth in

EBITDA and the significant reduction in CAPEX, both of which discussed earlier in this report, thus generating

significant growth in EBITDA - CAPEX to 40.7 million euros compared with 19.5 million euros in 1Q10 and (5.2)

euros in 4Q10 due to the high level of non-recurrent CAPEX of the last quarter.

EBITDA - Total CAPEX (Millions of Euros)

16.920.9

15.9

(4.7)

19.5 19.9 20.1

(5.2)

40.7

1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11

Operating Cash Flow was negatively impacted by the seasonally higher level of working capital mostly on the

back of supplier payments that had been carried through from the end of 4Q10, which were particularly

significant due to the high level of CAPEX incurred in 4Q10.

Free Cash Flow

Total FCF in 1Q11 was just marginally negative by 1.4 million euros and represented a significant improvement

on the negative 34 million euros recorded in 1Q10. Main additional items affected total FCF were cash

payments for long term contracts of 14.2 million euros and the receipt of the final payment due from the sale in

2009 of the stake in Lisboa TV representing a cash inflow of 6.7 million euros. Again, if it were not for the strong

negative impact of the seasonal working capital, Free Cash Flow would already have been largely positive in

1Q11.


Consolidated Balance Sheet

Current Assets 531.4 700.1

Cash and Equivalents 264.6 428.3

Accounts Receivable, Net 188.8 196.2

Inventories, Net 58.6 55.5

Taxes Receivable 2.8 3.4

Prepaid Expenses and Other Current Assets 16.6 16.6

Non-current Assets 1,119.3 1,096.4

Investments in Group Companies 1.1 1.0

Intangible Assets, Net 336.7 319.4

Fixed Assets, Net 645.8 645.6

Deferred Taxes 51.0 50.4

Other Non-current Assets 84.5 80.0

Total Assets 1,650.7 1,796.4

Current Liabilities 398.7 570.9

Short Term Debt 92.6 285.8

Accounts Payable 210.5 174.4

Accrued Expenses 70.4 80.3

Deferred Income 4.1 5.7

Taxes Payable 10.8 18.6

Current Provisions and Other Liabilities 10.4 6.0

Non-current Liabilities 1,001.8 964.8

Medium and Long Term Debt 973.0 937.9

Non-current Provisions and Other Liabilities 28.8 26.9

Total Liabilities 1,400.5 1,535.7

Equity Before Minority Interests 240.3 251.2

Share Capital 3.1 3.1

Own Shares (0.0) (0.0)

Reserves, Retained Earnings and Other 201.8 238.0

Net Income 35.4 10.2

Minority Interests 9.9 9.6

Total Shareholders' Equity 250.2 260.7

Total Liabilities and Shareholders' Equity 1,650.7 1,796.4

Balance Sheet (Millions of Euros) 2010 1Q11


Capital Structure

At the end of March 2011, Net Financial Debt stood at 641.7 million euros, an increase of 0.3% in comparison

with the end of FY10.

ZON’s gross bank debt is represented primarily by commercial paper lines, by the loan from the European

Investment Bank described in previous announcements and by bond issues secured in 2009 and 2010.

Facilities are all negotiated at floating interest rates. To protect against future interest rate fluctuations, ZON has

negotiated interest rate hedging operations of 511.3 million euros (approximately 80% of total Net Financial

Debt). The hedging operations are booked at fair value on the Balance Sheet.

With these funds in place, ZON today has a very solid debt position, under very good financial terms.

Due to the refinancing of a 150 million euros commercial paper line until 2016, which took place at the end of

1Q11, the average maturity of ZON’s financial debt had increased to 2.89 years. The all-in average cost of

ZON’s Net Financial Debt was 3.7%.

Net Financial Gearing reduced to 71.1% compared with 71.9% at the end of 2010, and Net Financial Debt /

EBITDA (last 4 quarters) stands at 2.1x, well below the average of ZON’s peer group of cable companies. Total

Net Debt of 780.4 million euros also includes commitments with Long Term contracts recorded as liabilities on

the Balance Sheet, of which the most relevant are long-term telecom, transponder and content contracts.

Short Term 45.5 249.3 n.a.

Bank and Other Loans 41.4 243.4 n.a.

Financial Leases 4.1 5.9 43.5%

Medium and Long Term 867.4 836.3 (3.6%)

Bank Loans 853.3 823.6 (3.5%)

Financial Leases 14.0 12.7 (9.8%)

Total Debt 912.9 1,085.7 18.9%

Cash, Short Term Investments and Intercompany Loans 273.2 444.0 62.5%

Net Financial Debt 639.7 641.7 0.3%

Net Financial Gearing (1) 71.9% 71.1% (0.8pp)

Net Financial Debt / EBITDA 2.1x 2.1x n.a.(1) Net Financial Gearing = Net Financial Debt / (Net Financial Debt + Total Shareholders' Equity).

Net Financial Debt (Millions of Euros) 2010 1Q11 / 20101Q11


International Growth - Angola

“ZAP”, ZON’s Pay TV joint venture in Angola continues to develop well, with strong customer take-up to over 60

thousand active customers by the end of 1Q11. Enthusiasm with ZAP’s offer remains high, with the majority of

customers subscribing to the higher-tier pay TV offers sold at 60 USD per month including premium sports and

movies. ZAP’s offer in Angola benefits from the exclusive distribution of the Portuguese Football League (Liga

ZON Sagres), and other key Portuguese sports competitions, and is also proving very attractive in other areas

of content with a clear predominance of Portuguese language channels.

During the quarter, ZAP further increased its reach being distributed by the cable providers in Angola and

Mozambique. ZAP will be distributed potentially to an additional 20 thousand subscribers.


5. Consolidated Financial Statements


ZON Multimédia – Serviços de Telecomunicações e Multimédia, SGPS, S.A.

Consolidated Statement of Comprehensive Income for the quarters ended on 31 March 2010 and 2011

(Amounts stated in euros)

Notes 3M 10 3M 11

( U naud it ) ( a) ( U naud it ) ( a)

REVENUES:

Services rendered 203 789 477 206 507 947

Sales 8 673 275 6 512 848

Other operating revenues 1 029 366 1 091 338

5 213 492 118 214 112 133

COSTS, LOSSES AND GAINS:

Wages and salaries 14 327 977 14 711 606

Direct costs 61 577 770 61 068 637

Costs of products sold 2 248 740 2 224 195

Marketing and advertis ing 5 292 837 4 926 222

Support services 17 663 953 18 941 703

Supplies and external services 33 590 883 33 636 640

Other operational costs 211 397 244 753

Taxes 649 187 1 419 228

Provisions and adjustments 6 4 608 931 ( 2 578 509)

Depreciation and amortization 7 50 382 442 55 444 115

Impairment of assets 2 683 829 121 669

Reestructuring costs - 150 551

Losses/(gains) on sale of assets, net ( 117 193) ( 557 651)

Other losses/(gains), net 121 588 96 649

193 242 341 189 849 809

Income before financial results and taxes 20 249 777 24 262 324

Financial costs 8 5 696 718 6 056 934

Net foreign exchange losses/(gains), net ( 141 860) ( 22 106)

Net losses/(gains) on financial assets, net 3 471 0

Equity in earnings of affiliated companies, net 9 948 416 2 829 887

Net other financial expenses/(income) 8 1 635 396 1 441 359

8 142 141 10 306 074

Income before taxes 12 107 636 13 956 250

Income taxes 10 2 403 163 3 576 868

Net consolidated income 9 704 473 10 379 382

Attributable to:

Non-controlled interests 412 100 219 540

Zon Multimédia Group shareholders 9 292 373 10 159 842

Earnings per share

Basic 11 0,03 0,03

Diluted 11 0,03 0,03

(a) As standard practice, only the annual accounts are audited; the quarterly results are not audited separately.

The Notes to the Financial Statements form an integral part of the consolidated statement of comprehensive income for the

quarter ended on 31 March 2011.

Accountant The Board of Directors



Consolidated Statement of Comprehensive Income for the quarters ended on 31 March 2010 and 2011


3M 10 3M 11

( Unaud it ) ( a) ( Unaud it ) ( a)

Net income 9 704 473 10 379 382

Share Incentive scheme (Note 19) 1 576 469 238 773

Fair value of interest rate swap (Note 16) ( 4 197 248) 1 355 803

Fair value of exchange rate forward (Note 16) - 17 392

Currency translation differences 48 644 ( 9 102)

Other movements 34 258 10 929

Other comprehensive income ( 2 537 877) 1 613 795

Total comprehensive income for the period 7 166 596 11 993 177

Attributable to:

Share owners of the company 6 754 496 11 773 638

Non-controlled interests 412 100 219 539

7 166 596 11 993 177

(a) As standard practice, only the annual accounts are audited; the quarterly results are not audited separately.

The Notes to the Financial Statements form an integral part of the consolidated statement of comprehensive income for the

quarter ended on 31 March 2011.




Consolidated Statement of Financial Position at 31 December 2010 and 31 March 2011


Notes 31-12-2010 31-03-2011

Assets

Current assets:

Cash and cash equivalents 12 264 645 614 428 334 820

Accounts receivable - trade 126 661 588 128 912 694

Accounts receivable - other 62 122 278 67 309 576

Inventories 58 628 028 55 465 827

Taxes receivable 2 765 914 3 392 178

Non-current assets held-for-sale 678 217 678 218

Prepaid expenses 15 924 543 15 970 728

Total current assets 531 426 182 700 064 041

Non-current assets:

Accounts receivable - other 60 945 529 56 250 268

Investments in participated companies 1 137 616 1 029 140

Available-for-sale financial assets 21 798 211 21 798 211

Intangible assets 336 732 524 319 376 451

Tangible assets 645 848 283 645 649 375

Deferred income tax assets 10 51 037 647 50 360 075

Other non-current assets 1 786 302 1 860 287

Derivative financial instruments 16 - 35 644

Total non-current assets 1 119 286 112 1 096 359 451

Total assets 1 650 712 294 1 796 423 492

Liabilities

Current liabilities:

Borrowings 13 92 577 453 285 778 294

Accounts payable-trade 135 399 988 116 013 804

Accounts payable-other 75 083 100 58 364 673

Accrued expenses 70 452 210 80 339 451

Deferred income 4 070 343 5 700 289

Taxes payable 10 797 273 18 638 710

Provisions for other liabilities and charges 14 10 365 327 4 732 974

Derivative financial instruments 16 - 1 310 428

Total current liabilities 398 745 695 570 878 623

Non-current liabilities:

Borrowings 13 973 044 728 937 861 076

Accounts payable-other 5 331 314 4 146 987

Accrued expenses - 17 231

Defered income 2 945 265 2 280 912

Provisions for other liabilities and charges 14 12 631 436 15 466 428

Deferred income tax liabilities 10 5 258 790 4 933 809

Derivative financial instruments 16 2 571 610 65 561

Total non-current liabilities 1 001 783 144 964 772 004

Total liabilities 1 400 528 838 1 535 650 627

Shareholder's equity

Share capital 15.1 3 090 968 3 090 968

Treasury shares 15.2 ( 17 305) ( 48 583)

Legal reserve 15.3 3 556 300 3 556 300

Other reserves 15.3 155 146 027 156 587 456

Retained earnings 78 516 745 88 028 971

Equity before non-controlled interests 240 292 735 251 215 112

Non-controlled interests 9 890 721 9 557 753

Total equity 250 183 456 260 772 865

Total liabilities and shareholder's equity 1 650 712 294 1 796 423 492

The Notes to the Financial Statements form an integral part of the consolidated statement of financial position as at 31 March

2011.




Consolidated Statement of Changes in Shareholders' Equity for the quarters ended on 31 March 2010 and 2011


Notes Share capital

Capital

issued

premium

Treasury

shares

Legal

reserve

Other

reserves

Accumulated

earnings

Non-

controlled

interests Total

Balance as at 1 January 2010 3 090 968 ( 87 096 566) ( 140 064) 3 556 300 197 195 421 63 779 018 9 249 849 189 634 926

Dividends attributed to non-controlled interests - - - - - - ( 714 864) ( 714 864)

Undistributed profit - - - - ( 20 648) 20 648 - -

Aquisition of treasury shares 15.3 - ( 1 475 627) ( 3 722) - - - - ( 1 479 349)

Distribuition of treasury shares 15.3 - 1 875 014 3 659 - - ( 1 878 673) - -

Sale of treasury shares 15.3 - 2 771 245 3 994 - ( 659 700) - - 2 115 539

Sale of treasury shares - Equity swap 15.3 - 83 986 630 136 071 - ( 11 970 731) - - 72 151 970

Comprehensive income for the period - - - - ( 2 537 877) 9 292 373 412 100 7 166 596

Consolidation differences - - - - 254 462 - 2 717 257 179

Balance as at 31 March 2010 3 090 968 60 696 ( 63) 3 556 300 182 260 927 71 213 366 8 949 802 269 131 996

Balance as at 1 January 2011 3 090 968 ( 17 250) ( 55) 3 556 300 155 146 027 78 516 745 9 890 720 250 183 456

Dividends attributed to minority interests - - - - - - ( 542 381) ( 542 381)

Aquisition of treasury shares 15.3 - ( 676 986) ( 1 907) - - - - ( 678 893)

Distribuition of treasury shares 15.3 - 645 788 1 827 - - ( 647 615) - -

Comprehensive income for the period - - - - 1 613 797 10 159 841 219 539 11 993 177

Consolidation differences - - - - ( 172 368) ( 2) ( 10 125) ( 182 495)

Balance as at 31 March 2011 3 090 968 ( 48 448) ( 135) 3 556 300 156 587 456 88 028 971 9 557 753 260 772 865

The Notes to the Financial Statements form an integral part of the consolidated statement of changes in shareholders' equity

for the quarter ended on 31 March 2011.




Consolidated Statement of Cash Flows for the quarters ended on 31 March 2010 and 2011


Notes 3M 10 3M 11

OPERATING ACTIVITIES

Collections from clients 251 513 118 252 965 818

Payments to suppliers ( 200 140 316) ( 160 349 197)

Payments to employees ( 12 835 799) ( 12 272 242)

Payments relating to income taxes ( 359 321) ( 403 953)

Other cash receipts / payments related with operating activities ( 16 420 073) ( 14 395 990)

Cash flow from operating activities (1) 21 757 609 65 544 436

INVESTING ACTIVITIES

Cash receipts resulting from

Financial investments 6 666 666 6 666 666

Tangible fixed assets 1 512 240 9 932

Loans granted 33 300 000 2 650 000

Interest and related income 2 648 697 3 334 812

44 127 603 12 661 409

Payments resulting from

Tangible fixed assets ( 53 049 514) ( 53 250 299)

Intangible assets ( 1 040 009) ( 1 926 710)

Loans granted - ( 9 223 233)

( 54 089 523) ( 64 400 243)

Cash flow from investing activities (2) ( 9 961 920) ( 51 738 833)

FINANCING ACTIVITIES

Cash receipts resulting from

Loans obtained 297 916 667 230 000 000

Sales of treasury shares 74 196 999 -

372 113 666 230 000 000

Payments resulting from

Loans obtained ( 322 751 868) ( 58 000 000)

Lease rentals (principal) ( 7 410 065) ( 16 415 922)

Interest and related expenses ( 7 396 296) ( 4 491 581)

Dividends ( 113 322) -

Acquisition of treasury shares ( 1 479 349) ( 678 893)

( 339 150 900) ( 79 586 396)

Cash flow from financing activities (3) 32 962 766 150 413 604

Change in cash and cash equivalents (4)=(1)+(2)+(3) 44 758 455 164 219 207

Effect of exchange differences 137 281 ( 530 001)

Cash and cash equivalents at the beginning of the period 176 988 410 264 645 614

Cash and cash equivalents at the end of the period 12 221 884 146 428 334 820

The Notes to the Financial Statements form an integral part of the consolidated statement of cash flows for the quarter ended

on 31 March 2011.


Consolidated Management Report 1Q11



Notes to the Consolidated Financial Statements at 31 March 2011

Index of notes to the consolidated financial statements

1. Introductory Note........................................................................................................................................ 27 2.Accounting Policies ..................................................................................................................................... 28 3.Judgements and estimates ......................................................................................................................... 28 4.Changes in the consolidation perimeter ..................................................................................................... 28 5.Segment Reporting ..................................................................................................................................... 29 6.Provisions and adjustments ........................................................................................................................ 32 7.Depreciation and amortisation .................................................................................................................... 32 8.Finance costs and other net financial charges ........................................................................................... 33 9.Losses/(gains) in associated companies .................................................................................................... 33 10.Income tax expense .................................................................................................................................. 33 11.Earnings per share .................................................................................................................................... 37 12.Cash and cash equivalents ....................................................................................................................... 38 13.Borrowings and loans ............................................................................................................................... 38 14.Provisions for other risks and contingencies ............................................................................................ 41 15.Shareholder's equity ................................................................................................................................. 42 16.Derivative financial instruments ................................................................................................................ 44 17.Guarantees and financial undertakings .................................................................................................... 46 18.Legal actions ............................................................................................................................................. 47 19.Share incentive scheme ............................................................................................................................ 52 20.Subsequent events ................................................................................................................................... 52




Notes to the Consolidated Financial Statements at 31 March 2011


1. Introductory Note

ZON Multimédia – Serviços de Telecomunicações e Multimédia, SGPS, S.A. (“ZON Multimédia” or “the Company”)

was set up by Portugal Telecom, SGPS, S.A. (“Portugal Telecom”) on 15 July 1999 with the purpose of developing

its strategy for the multimedia business.

During the 2007 financial year, Portugal Telecom proceeded with the spin-off of ZON Multimédia by means the

attribution of its shares in the latter company to its shareholders, which then became fully independent from Portugal

Telecom.

The multimedia business operated by ZON Multimédia and the associated companies comprising its portfolio of

companies (“ZON Group” or “Group”) includes cable and satellite television services, voice and internet access

services, video production and sale, Pay TV channel advertising, cinema exhibition and distribution, and the

production of channels for Pay TV.

ZON Multimédia shares are listed on the Euronext Lisbon market.

The cable and satellite television service is supplied by ZON TV Cabo Portugal, S.A. (“ZON TV Cabo”) and its

associated companies. The activities of these companies include: a) television signal cable and satellite distribution;

b) the operation of electronic communications services, including data and multimedia communication services in

general; c) IP voice services (“VOIP” – Voice over IP); d) mobile virtual network operator (MVNO); and e) the

provision of consultancy and similar services directly or indirectly related to the above mentioned activities and

services. The business of ZON TV Cabo and its associated companies is regulated by Law 5/2004 (Electronic

Communications Law), which establishes the legal regime governing electronic communications networks and

services.

ZON Conteúdos – Actividade de Televisão e de Produção de Conteúdos, S.A. (“ZON Conteúdos”), ZON

Lusomundo TV, Lda (“ZON Lusomundo TV”), Sport TV Portugal, S.A. (“Sport TV”) and Dreamia – Serviços de

Televisão, S.A. (“Dreamia SA”) operate the television and content production business and currently produce movie,

television series, sports and children’s channels which are distributed to other operators by ZON TV Cabo and its

associated companies. ZON Conteúdos also manages the advertising space on Pay TV channels and in the

cinemas of ZON Lusomundo Cinemas, S.A. (“ZON LM Cinemas”).

ZON Lusomundo Audiovisuais, S.A. (“ZON LM Audiovisuais”) and ZON LM Cinemas and their subsidiaries operate

in the audiovisual sector, which includes video production and sale, cinema distribution and exhibition, and the

acquisition/negotiation of Pay TV and VOD (video-on-demand) rights.



The notes in these Notes to the Interim Consolidated Financial Statements follow the order in which the items are

shown in the consolidated financial statements.

The consolidated financial statements for the financial year ended on 31 March 2011 were approved by the Board of

Directors and their issue authorised on 11 May 2011.

2. Accounting Policies

The consolidated financial statements were prepared on a going concern basis from the books and accounting

records of the companies included in the consolidation (Annex I), using the historical cost convention, adjusted

where applicable by the valuation of financial assets and liabilities (including derivatives) at fair value.

The accounting policies adopted, including the financial risk management policies, are consistent with those used in

the preparation of the financial statements for the financial year ended on 31 December 2010.

2.1. Principles of presentation

The consolidated financial statements of ZON Multimédia were prepared using accounting policies consistent with

International Financial Reporting Standards (“IAS/IFRS”), as adopted in the European Union on 01 January 2011,

and in accordance with IAS 34 - Interim Financial Reporting.

3. Judgements and estimates

During the quarter ended on 31 March 2011, no significant changes occurred in the accounting estimates, other

than those mentioned in Note 7, compared with those used in the preparation of the financial information for the

year ended on 31 December 2010, nor were any material errors relating to previous financial years recognised.

4. Changes in the consolidation perimeter

In 2010, three new companies were included in the consolidation perimeter. Two of these were included in the

second quarter of 2010: Dreamia Holding BV (“Dreamia BV”), 50% owned by ZON Audiovisuais SGPS; and

Dreamia SA, 100% owned by Dreamia BV (see Annex I c)). MSTAR, SA, 100% owned by the Group, was included

in the fourth quarter of 2010.



The impact on the statement of comprehensive income at 31 March 2011 is shown below:

Dreamia BV Dreamia SA Mstar Total

Revenue - 1 817 319 110 338 1 927 657

Costs 203 373 838 155 72 503 1 114 032

Operating income/(loss) ( 203 373) 979 164 37 835 813 625

Financial results ( 17 231) 20 619 ( 66) 3 324

Other - - ( 3 249) ( 3 249)

Income before taxes ( 220 604) 999 783 34 520 813 699

Income taxes - - - -

Net income ( 220 604) 999 783 34 520 813 699

There is no impact in terms of the financial position since the three companies were already included in the

consolidation perimeter at 31 December 2010.

5. Segment Reporting

5.1. Main report format – business segments

The business segments are as follows:

• Pay TV, broadband and voice relates mainly to the supply of TV, Internet (fixed and mobile) and voice

(fixed and mobile) services and includes the following companies: ZON Multimédia, ZON Televisão por

Cabo, SGPS, S.A. (“ZON Televisão por Cabo”), ZON TV Cabo Portugal, ZON TV Cabo Açoreana, S.A.

(“ZON TV Cabo Açoreana”), ZON TV Cabo Madeirense, S.A. (“ZON TV Cabo Madeirense”), ZON

Conteúdos, ZON Lusomundo TV, Teliz Holding B.V., MSTAR and the Sport TV joint venture.

• Audiovisuals relates to the supply of video production services and video sales, cinema distribution and

cinema exhibition services and the acquisition/negotiation of Pay TV and VOD (video-on-demand) rights

and includes the following companies: ZON Audiovisuais, SGPS, S.A., ZON Cinemas, SGPS, S.A., ZON

LM Audiovisuais, ZON LM Cinemas, Lusomundo Moçambique, Lda. (“Lusomundo Moçambique”),

Lusomundo España, SL (“Lusomundo España”), Grafilme – Sociedade Impressora de Legendas, Lda.

(“Grafilme”), Lusomundo Imobiliária 2, S.A. (“Lusomundo Imobiliária 2“), Lusomundo Sociedade de

Investimentos Imobiliários, SGPS, S.A. (“Lusomundo SII”), Empracine – Empresa Promotora de

Actividades Cinematográficas, Lda. (“Empracine”) and the joint venture in Dreamia BV and Dreamia SA.



The results by segment for the quarters ended on 31 March 2010 and 2011 are shown below:

3M 10 3M 10 3M 10

Total segment revenue 193 649 943 28 585 971 222 235 913

Inter-segment revenue ( 3 133 678) ( 5 610 117) ( 8 743 795)

Sales and services rendered 190 516 265 22 975 854 213 492 118

Operational income by segment 17 544 599 2 705 178 20 249 777

Net interest expense and other 6 789 104 401 150 7 190 254

Gains in financial assets - 3 471 3 471

Share of profit/(loss) from associates 982 430 ( 34 014) 948 416

Income before taxes 9 773 065 2 334 571 12 107 636

Income tax expense 1 708 810 694 353 2 403 163

Net income 8 064 255 1 640 218 9 704 473

Other costs:

Depreciation, amortisation and impairment 51 447 607 1 618 664 53 066 271

Provisions and adjustments 4 282 971 325 960 4 608 931

Costs / (revenues) non-recurrent 12 790 ( 8 395) 4 395

Group

Pay TV, broadband

and voice Audiovisuals

3M 11 3M 11 3M 11

Total segment revenue 196 481 130 28 506 490 224 987 620

Inter-segment revenue ( 4 550 076) ( 6 325 411) ( 10 875 487)

Sales and services rendered 191 931 054 22 181 079 214 112 133

Operational income by segment 20 075 757 4 186 567 24 262 324

Net interest expense and other 7 073 988 402 200 7 476 187

Gains in financial assets - - -

Share of profit/(loss) from associates 2 806 826 23 062 2 829 887

Income before taxes 10 194 944 3 761 306 13 956 250

Income tax expense 2 653 620 923 247 3 576 868

Net income 7 541 323 2 838 058 10 379 382

Other costs:

Depreciation, amortisation and impairment 54 081 153 1 484 631 55 565 784

Provisions and adjustments ( 2 681 832) 103 323 ( 2 578 509)

Costs / (revenues) non-recurrent ( 312 828) 2 376 ( 310 452)

Pay TV, broadband

and voice Audiovisuals Group

Inter-segment transactions are effected on market terms and conditions in a comparable way to transactions

effected with third parties.



Assets and liabilities by segment, and investments in tangible fixed assets at 31 December 2010, are shown below:

Pay TV, broadband

and voice Audiovisuals Eliminations Not allocated Group

Assets 1 565 078 162 143 700 996 ( 132 770 447) 73 565 968 1 649 574 678

Investment in associated companies and joint ventures 99 132 1 038 484 - - 1 137 616

Total assets 1 565 177 294 144 739 480 ( 132 770 447) 73 565 968 1 650 712 294

Liabilities 335 511 213 124 309 961 ( 132 770 447) 1 073 478 112 1 400 528 838

Investment in tangible assets 227 476 270 4 640 512 - - 232 116 782

Investment in intangible assets 65 467 020 - - - 65 467 020

The assets and liabilities not allocated to segments are reconciled with total assets and liabilities as follows:

Assets Liabilities

Not allocated:

Deferred tax (Note 10) 51 037 647 5 258 790

Income tax expense 51 893 2 597 141

Borrowings - current (Note 13) - 92 577 453

Borrowings - non current (Note 13) - 973 044 728

Available-for-sale financial assets 21 798 211 -

Non-current assets held-for-sale 678 217 -

73 565 968 1 073 478 112

Assets and liabilities by segment, and investments in tangible fixed assets at 31 March 2011, are shown below:

Pay TV, broadband

and voice Audiovisuals Eliminations Not allocated Group

Assets 1 714 142 020 134 048 259 ( 125 748 788) 72 952 860 1.795.394.352

Investment in associated companies and joint ventures 111 416 917 724 - - 1.029.140

Total assets 1 714 253 436 134 965 983 ( 125 748 788) 72 952 860 1.796.423.492

Liabilities 316 615 531 110 532 904 ( 125 748 788) 1 234 250 980 1.535.650.627

Investment in tangible assets 35 022 812 699 024 - - 35.721.836

Investment in intangible assets 3 500 837 - - - 3.500.837

The assets and liabilities not allocated to segments are reconciled with total assets and liabilities as follows:

Assets Liabilities

Not allocated:

Deferred tax (Note 10) 50 360 075 4 933 809

Income tax expense 116 356 5 677 800

Borrowings - current (Note 13) - 285 778 294

Borrowings - non current (Note 13) - 937 861 076

Available-for-sale financial assets 21 798 211 -

Non-current assets held-for-sale 678 218 -

72 952 860 1 234 250 980



6. Provisions and adjustments

In the quarters ended on 31 March 2010 and 2011, provisions and adjustments were composed as follows:

3M 10 3M 11

Provisions for other liabilities and charges (Note 14) 1 382 813 ( 5 519 381)

Provision for impairment of trade receivable 3 227 893 2 941 623

Provision for impairment of other receivable - -

Debts recovery ( 1 774) ( 752)

4 608 931 ( 2 578 509)

7. Depreciation and amortisation

In the quarters ended on 31 March 2010 and 2011, depreciation and amortisation were composed as follows:

3M 10 3M 11

Intangible assets:

Industrial property and other rights 19 146 619 18 681 883

Other intangible assets 450 630 600 901

19 597 249 19 282 784

Tangible assets:

Buildings and other constructions 970 433 956 687

Basic equipment 24 629 425 29 879 079

Transportation equipment 467 335 471 006

Tools and dies 4 487 2 568

Administrative equipment 3 976 909 4 280 514

Other tangible assets 736 604 571 478

30 785 193 36 161 331

50 382 442 55.444.115

The increase in depreciation occurred mainly in basic equipment, reflecting the major investment made in terminal

equipment in 2010, and was partially offset by the impact (approximately 2.6 million euros) of the review of the

useful lives of tangible assets conducted in 2011.



8. Finance costs and other net financial charges

In the quarters ended on 31 March 2010 and 2011, finance costs were composed as follows:

3M 10 3M 11

Interest expense:

Borrowings 5 414 827 7 674 645

Finance leases 1 431 561 1 533 791

Other 154 036 99 469

7 000 424 9 307 904

Interest earned ( 1 303 706) ( 3 250 970)

5 696 718 6 056 934

Other financial costs:

Comissions and guarantees 1 875 180 2 068 787

Prompt payment discount 1 561 1 957

Other 236 220 158 402

2 112 961 2 229 146

Other financial income:

Prompt payment discount ( 477 565) ( 787 787)

1 635 396 1 441 359

9. Losses/(gains) in associated companies

In the quarters ended on 31 March 2010 and 2011, this item was composed as follows:

3M 10 3M 11

Equity accounting:

Distodo ( 34 014) 23 062

Canal 20 TV - 601

Upstar ( 11 349) ( 12 885)

Finstar 993 779 2 819 110

948 416 2 829 887

The change in this item is mainly explained by the increase in the provision for the losses of Finstar - Sociedade de

Investimentos e Participações, S.A., totalling 2.8 million euros (Note 14).

10. Income tax expense

ZON Multimédia and its associated companies are subject to IRC - Corporate Income Tax - at the rate of 25% (20%

in the case of ZON TV Cabo Madeirense and 17.5% in the case of ZON TV Cabo Açoreana), plus IRC surcharge at



the maximum rate of 1.5% on taxable profit, giving an aggregate rate of approximately 26.5%. With the introduction

of the austerity measures approved by Law 12-A/2010 of 30 September, the latter rate was increased by 2.5% on

that part of a company’s taxable profit in excess of 2 million euros. In the calculation of taxable income, to which the

above tax rate applies, amounts which are not fiscally allowable are added to and subtracted from the book results.

These differences between book income and taxable income may be temporary or permanent.

ZON Multimédia is taxed in accordance with the special taxation regime for groups of companies (RETGS), which

covers the companies in which it directly or indirectly holds at least 90% of their share capital and which fulfil the

requirements of Article 69 of the IRC Code.

The companies which are covered by the RETGS are:

• ZON Multimédia

• ZON Lusomundo TV

• Empracine

• Lusomundo SII

• ZON Cinemas SGPS

• ZON Audiovisuais SGPS

• ZON TV Cabo

• ZON Televisão por cabo SGPS

• Lusomundo Imobiliária 2

• ZON LM Audiovisuais

• ZON LM Cinemas

• ZON Conteúdos

In accordance with current legislation, tax declarations are subject to review and correction by the tax authorities for

a period of four years (five years in the case of Social Security; ten years in the case of contributions relating to

financial years prior to 2001), except where tax losses have occurred (where the period is six years) or tax benefits

have been obtained or inspections, appeals or disputes are in progress, in which case, depending on the

circumstances, the periods are extended or suspended.

The Board of Directors of ZON Multimédia, based on information from its tax advisers, believes that these and any

other revisions and corrections to these tax declarations, as well as other contingencies of a fiscal nature, will not



have a significant effect on the consolidated financial statements as at 31 March 2011, except for the situations

which were the subject of provisions (Note 14).

a) Deferred tax

ZON Multimédia and its associated companies have reported deferred tax relating to temporary differences between

the taxable basis and the book amounts of assets and liabilities, and tax losses carried forward at the date of the

statement of financial position.

The movements in deferred tax assets and liabilities for the quarters ended on 31 March 2010 and 2011 were as

follows:

Equity

31-12-2009

Deferred taxes

of the period

Deferred taxes

of the period

Other

movements 31-03-2010

Deferred income tax assets:

Provisions and adjustments:

Doubtful accounts receivable 6 638 511 ( 36 319) - 876 985 7 479 177

Inventories 1 454 932 ( 213 592) - - 1 241 340

Other 15 761 044 876 584 593 922 ( 489 643) 16 741 908

Intergroup gains 23 240 500 ( 581 013) - ( 387 342) 22 272 145

Tax losses carried forward 818 349 - - - 818 349

47 913 336 45 660 593 922 - 48 552 919

Deferred income tax liabilities:

Reavaluation of fixed assets 6 075 949 ( 330 171) - - 5 745 778

Net deferred tax 41 837 387 375 831 593 922 - 42 807 141

Income (note 10

b))

Equity

31-12-2010

Deferred taxes

of the period

Deferred taxes

of the period

Other

movements 31-03-2011

Deferred income tax assets:

Provisions and adjustments:

Doubtful accounts receivable 7 696 483 ( 48 961) - ( 391 553) 7.255.969

Inventories 1 443 085 ( 70 617) - - 1.372.468

Other provisions and adjustments 20 550 621 809 648 ( 491 264) 96 188 20.965.193

Intergroup gains 20 529 108 ( 581 013) - - 19.948.095

Tax losses carried forward 818 349 - - - 818.349

51 037 647 109 057 ( 491 264) ( 295 365) 50.360.075

Deferred income tax liabilities:

Reavaluation of fixed assets 5 258 790 ( 335 318) - - 4.923.472

Derivatives - - 10 337 - 10.337

5 258 790 ( 335 318) 10 337 - 4.933.809

Net deferred tax 45 778 857 444 375 ( 501 601) ( 295 365) 45.436.604

Income (note 10

b))

At 31 March 2011, the deferred tax liability relating to the revaluation of fixed assets includes approximately 4.914

million euros (2010: 5.732 million euros) resulting from the difference in the acquisition at fair value of the assets



(client portfolio and network) of TVTel and of the companies of the Parfitel Group (Bragatel, Pluricanal Leiria and

Pluricanal Santarém).

Deferred tax assets were recognised where it is probable that taxable profits will occur in future that may be used to

absorb tax losses or deductible tax differences. This assessment was based on the business plans of the Group’s

companies, which are regularly revised and updated.

Under the terms of current legislation in Portugal, tax losses generated up to 2009 and from 2010 onwards may be

carried forward for a period of six years and four years, respectively, after their occurrence and may be deducted

from taxable profits generated during that period.

At 31 March 2011 and 31 March 2010, ZON Multimédia’s tax losses carried forward, totalling 3.273 million euros,

expire in 2014. This amount derives from the companies acquired in 2008 or the subject of mergers in 2009.

The Company reported deferred income tax assets and requested permission from the Tax Authorities to use them

in the tax consolidation.

b) Tax rate reconciliation

In the quarters ended on 31 March 2010 and 2011, the reconciliation between the nominal and effective tax rates

was as follows:

3M 10 3M 11

Income before taxes 12 107 636 13 956 250

Statutory tax rate 26,5% 26,50%

Estimated tax 3 208 524 3 698 406

Permanent differences i) ( 426 428) ( 612 116)

Differences in tax rate of the Açores and Madeira ( 173 598) ( 77 499)

Underestimated or Overestimated corporate tax - 865 460

Estimated corparate tax corrections 677 311 -

Fiscal benefits ii) ( 1 107 903) ( 460 808)

Changes in the income tax rate - 22 970

Autonomous taxation 133 613 173 737

Others 91 644 ( 33 283)

Income tax 2 403 163 3 576 868

Effective Income tax rate for the period 19,85% 25,63%

Income tax 2 778 994 4 021 243

Deferred tax ( 375 831) ( 444 375)

2 403 163 3 576 868



i) At 31 March 2010 and 2011 the permanent differences were composed as follows:

3M 10 3M 11

Financial costs not accepted for fiscal purposes 827 089 -

Provisions 1 476 174 ( 5 482 321)

Depreciations and amortizations 724 404 506 736

Equity method (Note 9) 948 417 2 829 887

Other ( 5 585 247) ( 164 173)

( 1 609 163) ( 2 309 871)

26,50% 26,50%

( 426 428) ( 612 116)

ii) The reduction in tax results from the application by ZON TV Cabo of the SIFIDE (Business Research and

Development Incentives System) tax benefit introduced by Law 40/2005 of 3 August and of the RFAI

(Investment Tax Incentive Regime) introduced by Law 10/2009 of 10 March. This amount corresponds to the

amount to be deducted from taxable income for 2010 and 2011.

11. Earnings per share

Earnings per share for the quarters ended on 31 March 2010 and 2011 were calculated as follows:

3M 10 3M 11

Net income attributable to equity holders of the parent 9 292 373 10 159 842

Weighted average number of ordinary shares in issue 304 599 491 309 084 515

Basic earnings per share 0,03 0,03

Diluted earnings per share 0,03 0,03

At 31 March 2010 and 2011, as there were no diluting effects on the net earnings per share, the diluted earnings per

share is equal to the basic earnings per share.



12. Cash and cash equivalents

At 31 December 2010 and 31 March 2011, this item was composed as follows:

31-12-2010 31-03-2011

Cash 812 708 90 957

Deposits 5 558 103 9 933 863

Term deposits i) 258 274 803 418 310 000

264 645 614 428 334 820

i) At 31 March 2011, term deposits had short-term maturities with approximately 218 million euros maturing in

the second quarter of 2011, 100 million euros in September 2011 and 100 million euros in March 2012.

The term deposits bear interest at normal market rates.

13. Borrowings and loans

At 31 December 2010 and 31 March 2011, the composition of borrowings and loans was as follows:

Current Non Current Current Non Current

Loans:

Internal loans 11 376 217 52 999 714 13 404 753 48 135 660

Foreign loans - 97 137 698 - 97 288 346

Commercial paper 30 000 000 475 000 000 230 000 000 450 000 000

Debenture loan - 227 500 000 - 227 500 000

- - - -Financial Leases:

Long Term Contracts 45 304 812 108 115 735 36 434 761 102 259 552

Other 5 896 424 12 291 581 5 938 780 12 677 518

92 577 453 973 044 728 285 778 294 937 861 076

31-03-201131-12-2010

13.1. Internal loans

At 31 March 2011, the current and non-current parcels relate to the Group's share of the loans contracted by Sport

TV totalling 61.541 million euros (13.405 million euros current and 48.136 million euros non-current), with quarterly

repayments and maturing in 2013.

13.2. Foreign loans

In September 2009 ZON Multimédia and ZON TV Cabo signed a Next Generation Network Project Finance Contract

with the European Investment Bank totalling 100 000 000 euros. This contract matures in September 2015 and is

intended for investments relating to the implementation of the next generation network.



Then amount of 2.711 million euros was deducted from this finance, corresponding to the benefit associated with

the fact that the loan is at a subsidised rate, constituting an investment subsidy, and is therefore stated as deferred

income.

13.3. Commercial paper

The Company has borrowings of 680 million euros in the form of commercial paper contracted with seven banks,

corresponding to seven programmes bearing interest at market rates. Five grouped programmes of commercial

paper with maturities over 1 year totalling 450 million euros are classed as non-current. In view of the fact that the

Company has the capacity to unilaterally renew the current issues on or before the programmes’ maturity dates and

that they are underwritten by the organiser, the amount concerned, although having current maturity, is classified as

non-current for the purposes of presentation in the statement of financial position. The remaining programmes are

classified as current.

13.4. Debenture loans

The Company has bonds issued via five banks totalling 227.500 million euros (70.000 million euros with a maturity

of 3 years and 157.500 million euros with a maturity of 4 years), with half-yearly payment of interest and repayment

at par in the end of the contract.

13.5. Finance Leases

At 31 December 2010 and 31 March 2011, the item “Long Term Contracts” relates to contracts entered into by ZON

TV Cabo for the exclusive acquisition of satellite capacity and the acquisition of distribution network capacity

utilisation rights, and to the acquisition of broadcasting rights for the professional football matches of the Liga

Sagres and Liga Orangina by Sport TV, and the purchase of digital equipment for the cinemas of ZON Cinemas.



Finance Leases

31-12-2010 31-03-2011

Financial leases - payments:

Until 1 year 56 123 907 47 772 913

Between 1 and 5 years 102 655 297 103 635 886

Over 5 years 32 421 998 24 716 016

191 201 202 176 124 815

Future financial costs ( 19 592 650) ( 18 814 205)

Present value of finance lease liabilities 171 608 552 157 310 610

31-12-2010 31-03-2011

The present value of the finance lease liabilities:

Until 1 year 51 201 236 42 373 541

Between 1 and 5 years 90 282 916 91 770 596

Over 5 years 30 124 400 23 166 474

171 608 552 157 310 610

All bank loans obtained and finance leases contracted are negotiated at variable short term interest rates and their

book value is therefore broadly similar to their fair value.

Maturity of loans

The maturities of the loans obtained are as follows:

Until 1 year

Between 1 and

5 years Over 5 years Until 1 year

Between 1 and

5 years Over 5 years

Internal loans 11 376 217 52 999 714 - 13 404 753 48 135 660 -

Foreign loans - 97 137 698 - - 97 288 346 -

Commercial paper 30 000 000 475 000 000 - 230 000 000 450 000 000 -

Debenture loan - 227 500 000 - - 227 500 000 -

Financial Leases 51 201 236 90 282 916 30 124 400 42 373 541 91 770 596 23 166 474

92 577 453 942 920 328 30 124 400 285 778 294 914 694 602 23 166 474

31-03-201131-12-2010



14. Provisions for other risks and contingencies

At 31 December 2010 and 31 March 2011, the breakdown of provisions between current and non-current was as

follows:

31-03-2011 31-12-2010

Current provision

Taxes 563 074 563 074

Litigation 2 257 894 2 257 894

Other 7 544 359 1 912 006

10 365 327 4 732 974

Non-current provision

Other 12 631 436 15 466 428

22 996 763 20 199 402

Net movements for the quarter ended on 31 March 2011, reflected in the statement of comprehensive income under

“Provisions for risks and contingencies” are broken down as follows:

3M 11

Taxes -

Other liabilities and charges ( 5 519 381)

Provisions (Note 6) ( 5 519 381)

Interest paid 38 560

Investments in participated companies 2 819 110

Other 1 784

2 859 453

Provision for other liabilities and charges ( 2 659 928)

The balance in the item “Other risks and contingencies” at 31 December 2010 and 31 March 2011 is composed as

follows:

31-12-2010 31-03-2011

Investments in participated companies i) 8 032 658 10 829 091

Asset retirement obligation 4 598 778 4 637 337

Contigencies - other ii) 6 452 204 807 481

Other risks 1 092 155 1 104 525

20 175 795 17 378 434

i) Amount resulting from the application of the equity method to FINSTAR (see Note 9).



ii) The amount shown under “Miscellaneous contingencies” relates to provisions for risks and contingencies relating to

miscellaneous events/disputes, mainly of a fiscal nature with the exception of income taxes, the settlement of which could

result in outflows of cash.

15. Shareholder's equity

15.1. Share capital

At 31 March 2011, the share capital of ZON Multimédia was 3 090 968 euros, represented by 309 096 828

registered book-entry shares with a nominal value of 1 Euro cent per share.

The principal shareholders at 31 March 2011 and 31 December 2010 are:

NO.Of Shares % Voting Rights NO.Of Shares % Voting Rights

Caixa Geral de Depósitos, SA 33 795 931 10,93% 33 795 931 10,93%

Kento Holding Limited i) 30 909 683 10,00% 30 909 683 10,00%

Banco BPI, SA 23 979 874 7,76% 23 979 874 7,76%

Telefónica, SA 16 879 406 5,46% 16 879 406 5,46%

Espírito Santo Irmãos, SGPS, SA ii) 15 455 000 5,00% 15 455 000 5,00%

Cofina, SGPS, SA 15 190 000 4,91% 15 190 000 4,91%

Joaquim Alves Ferreira de Oliveira iii) 14 955 684 4,84% 14 955 684 4,84%

Fundação José Berardo iv) 13 408 982 4,34% 13 408 982 4,34%

Ongoing Strategy Investments, SGPS, SA v) 10 649 750 3,45% 10 649 750 3,45%

Estêvão Neves - SGPS, SA vi) 9 075 782 2,94% 9 075 782 2,94%

Cinveste, SGPS, SA 8 707 136 2,82% 8 707 136 2,82%

Banco Espírito Santo, SA 6 966 448 2,25% 6 966 448 2,25%

Grupo Visabeira, SGPS, SA vii) 6 641 930 2,15% 6 641 930 2,15%

SGC, SGPS, SA viii) 6 182 000 2,00% 6 182 000 2,00%

ESAF - Espírito Santo Fundos de Investimento Mobiliário, SA 6 088 616 1,97% 6 088 616 1,97%

BES Vida - Companhia de Seguros, S. A. 5 721 695 1,85% 5 721 695 1,85%

Credit Suisse Group AG 5 649 670 1,83% 5 649 670 1,83%

Metalgest - Sociedade de Gestão, SGPS, SA iv) 3 985 488 1,29% 3 985 488 1,29%

ZON Multimédia (Own Shares) 5 486 0,00% 13 454 0,00%

Total 234 256 529 75,79% 234 248 561 75,78%

2010 2011

Shareholder

i) Under the terms of Article 20, paragraph 1 b) and Article 21 of the Securities Code, the above qualifying shareholding is

attributable to Isabel José dos Santos, in her capacity as a shareholder of Kento.

ii) The voting rights corresponding to Espírito Santo Irmãos, SGPS, SA are attributable to Espírito Santo Industrial, SA,

Espírito Santo Resources Limited, and Espírito Santo Internacional, SA, companies that control Espírito Santo Irmãos in

that order.

iii) The voting rights corresponding to 4.84% of the share capital are attributed to Joaquim Francisco Alves Ferreira de

Oliveira, as he controls GRIPCOM, SGPS, SA, and Controlinveste International SARL, which own, respectively, 2.26%

and 2.58% of the share capital of ZON Multimédia.

iv) The position of the Fundação José Berardo is reciprocally attributed to Metalgest - Sociedade de Gestão, SGPS, S.A.



v) The voting rights of Ongoing Strategy Investments, SGPS, SA are attributable to RS Holding, SGPS, SA, which owns

50.01% of Ongoing Strategy Investments. In turn, 99.9% of RS Holding, SGPS, SA is owned by Isabel Maria Alves Rocha

dos Santos, to whom its voting rights are accordingly attributable.

vi) The qualifying shareholding of Estêvão Neves – SGPS, SA is attributable to its majority shareholder, José Estêvão

Fernandes Neves.

vii) Visabeira Investimentos Financeiros, SGPS, SA holds 0.99% of the share capital and voting rights in ZON Multimédia, with

1.16% being directly held by Grupo Visabeira, SGPS, SA. Visabeira Investimentos Financeiros, SGPS, SA is 100% owned

by Visabeira Estudos e Investimentos, SA, which is 100% owned by Visabeira Serviços, SGPS, SA, which in turn is owned

by Grupo Visabeira, SGPS, SA. 74.0104% of the latter is held by Fernando Campos Nunes.

viii) The shareholding of SGC, SGPS, SA is attributed to its majority shareholder, Dr. João Pereira Coutinho.

15.2. Own shares

Company law regarding own shares requires the establishment of a non-distributable reserve in an amount equal to

the purchase price of such shares, which becomes frozen until the shares are disposed of. In addition, the

applicable accounting rules determine that gains or losses on the disposal of own shares are stated in reserves.

At 31 March 2011 there were 13 454 own shares, representing 0.00435% of the share capital (31 March 2010: 6373

own shares), representing 0.00204% of the share capital).

Movements in the quarters ended on 31 March 2011 and 2010 were as follows:

Quantity Value

Balance as at 31 December 2009 14 006 437 87 236 630

Acquisition of treasury shares 372 238 1 479 350

Sale of treasury shares ( 14 006 437) ( 86 897 940)

Distribution of treasury shares ( 365 865) ( 1 878 673)

Balance as at 31 March 2010 6 373 ( 60 633)

Balance as at 31 December 2010 5 486 17 305

Acquisition of treasury shares 190 684 678 893

Distribution of treasury shares ( 182 716) ( 647 615)

Balance as at 31 March 2011 13 454 48 583

15.3. Reserves

Legal reserve

Company law and ZON Multimédia’s Articles of Association establish that at least 5% of the Company’s annual net

profit must be used to build up the legal reserve until it corresponds to 20% of the share capital. This reserve cannot


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Table of Contents - NOS Financeiros... · António da R. S. Henriques da Silva Vitor Fernando da Conceição Gonçalves Nuno João Francisco Soares de Oliveira Sílvério Marques