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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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SECURITIES
AND EXCHANGE COMMISSION FORM 6-K October
31, 2002
Washington D.C. 20459
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
Compañ ía de Telecomunicaciones
de Chile S.A.
(Exact name of registrant as specified in its charter)
Telecommunications
Company of Chile
(Translation of registrants name into English)
Avenida
Providencia No. 111, Piso 22
Providencia, Santiago, Chile
(562) 691-2020
(Address
of principal executive offices)
(Indicate
by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F:)
Form 20-F X |
Form 40-F |
|
(Indicate
by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:)
|
Yes |
No X |
(If Yes
is marked, indicate below
the file number assigned to the registrant in
connection with Rule 12g3-2(b):) N/A
COMPAÑÍA DE TELECOMMUNICACIONES DE CHILE S.A.
TABLE OF CONTENTS
Item |
|
1. |
Press release, dated October 30, 2002, entitled Compañía de Telecomunicaciones de Chile S.A. announces third quarter 2002 results (3Q02) |
News
Release FOR IMMEDIATE RELEASE |
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COMPAÑIA
DE TELECOMUNICACIONES DE CHILE S.A.
ANNOUNCES THIRD QUARTER 2002 RESULTS (3Q02)
Highlights:
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Net loss of Ch$16,830 million (US$22.5 million) in 3Q02 and an accumulated net loss of Ch$15,494 million (US$20.7 million) for the nine-month period ended September 30, 2002 |
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Extraordinary charge of Ch$14,941 million (US$20.0 million) in 3Q02 as a consequence of the headcount reduction of 1,070 employees of Telefónica CTC Chile and its subsidiaries |
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EBITDA amounted to Ch$98,852 million (US$132.0 million) in 3Q02 and Ch$292,669 million (US$390.9 million) for the nine-month period ended September 30, 2002 |
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EBITDA margin reached 45.7% in 3Q02 and 45.8% for the nine-month period ended September 30, 2002 |
(Santiago, Chile October 30, 2002) Compañía de Telecomunicaciones de Chile S.A. (NYSE: CTC) (Telefónica CTC Chile or the Company) announced today its quarterly unaudited financial results, stated in Chilean GAAP (in constant Chilean pesos as of September 30, 2002) for the third quarter ended September 30, 2002. U.S. dollar equivalent information is based on the Observed Exchange Rate (as defined by the Chilean Central Bank) for September 30, 2002, which was Ch$748.73 = US$1.00.
The following information is presented in accordance with Chilean GAAP. This information will be made publicly available through the Chilean Superintendencia de Valores y Seguros (SVS). Results in US GAAPwill be furnished at a later time by the Company in Form 6-K to the Securities and Exchange Commission of the United States of America. This press release and the Companys reports on Form 6-K will be publicly available at the Securities and Exchange Commission (www.sec.gov), as well as at the Companys website, www.telefonicadechile.cl.
1
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Telefonica CTC Chile | 3Q02 Earnings Release |
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NOTE:
In order to show more clearly its revenues by business unit, Telefónica CTC
Chile has reclassified certain revenue items among Fixed Telephony
revenues
and Other businesses revenues. All historic information has been
adjusted
accordingly. For more details, see the Appendix that has been included for
explanatory purposes
CONSOLIDATED RESULTS FOR 3Q02 |
(Comparisons refer to 3Q01) |
REVENUES | Telefónica CTC Chiles revenues decreased by 2.4% in 3Q02 as compared to 3Q01, amounting to Ch$216,299 million (US$288.9 million). This decrease is mainly attributable to a 25.2% decrease in the subsidiary Sonda's revenues, as well as the drop in revenues resulting from the new agreement with Publiguías, effective since 3Q01. Excluding these effects, revenues in 3Q02 grew 1.4% year-over-year. Regarding the Company's core businesses, other impacts on revenues are: (i) a 6.1% decrease in fixed telephony revenues (decrease of 4.5% excluding Publiguís), and (ii) a 15.7% decrease in long distance revenues.These decreases were offset by: (i) a 16.0% increase in revenues from mobile services, and (ii) a 22.8% increase in revenues from corporate customer communications services. For the nine-month period ended September 2002, revenuesfell by 3.9% (increased 0.6% without the effect of Sonda and Publiguís), to Ch$639,554 million (US$854.2 million) compared to the same period in the previous year. |
OPERATING
COSTS AND EXPENSES |
Operating costs and expenses increased by 1.5% in 3Q02 to Ch$181,711 million (US$242.7 million), as compared to Ch$179,098 million (US$239.2 million) in 3Q01. Salaries decreased by 7.8% in 3Q02 to Ch$21,249 million (US$28.4 million) as compared to 3Q01, principally due to the non-payment of salaries in July to personnel on strike. Other operating costs and expenses increased by 0.2% in 3Q02 to Ch$66,272 million (US$88.5 million) as compared to 3Q01, mainly as a result of higher interconnection costs of the mobile business to other mobile networks, as well as higher costs of sales of equipment and projects associated with corporate customers. The above was partially offset by savings derived from the cost control policy which is being implemented. Administrative and selling expenses increased by 15.0% to Ch$29,926 million (US$40.0 million), mainly due to the recognition of expenses associated with the information system services outsourcing agreement with IBM implemented as of 4Q01. These expenses were previously absorbed by the subsidiary Sonda. The above increase was partially offset by lower salaries paid to sales and administrative personnel that were on strike during July 2002. |
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2 |
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Telefonica CTC Chile | 3Q02 Earnings Release |
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EBITDA | As
a result of the above, EBITDA[1]
in 3Q02 decreased by 7.1% to Ch$98,852 million (US$132.0 million), compared
to Ch$106,427 million (US$142.1 million) recorded in 3Q01. For the nine-month
period ended September 2002, EBITDA increased by 1.4% to Ch$292,669 million
(US$390.9 million) with regards to the same period in 2001.
EBITDA margin[2] in 3Q02 was 45.7%, compared to 48.0% recorded in 3Q01. For the nine-month period ended September 2002,EBITDA margin was 45.8% as compared to 43.4% in the period January-September 2001. |
DEPRECIATION | Depreciation expense increased 0.5% to Ch$64,264 million (US$85.8 million) in 3Q02 as compared to the 3Q01, mainly as a result of an increase in the Company's assets in operation. |
OPERATING
INCOME |
OPERATING INCOME decreased by 18.6% to Ch$34,588 million (US$46.2 million) in 3Q02 as compared to Ch$42,512 million (US$56.8 million) recorded in 3Q01. The operating margin amounted to 16.0% in 3Q02 as compared to 19.2% in 3Q01. For the nine-month period ended September 2002, the Company registered an operating income of Ch$99,227 million (US$132.5 million), which represents a 0.7% decrease compared to the nine-month period ended September 2001. |
NON- OPERATING INCOME |
NON-OPERATING INCOME (LOSS): Telefónica CTC Chile recorded a 151.0% increase in its non-operating losses, amounting to Ch$44,208 million (US$59.0 million) in 3Q02, as compared to a non-operating lossof Ch$17,613 million (US$23.5 million) in 3Q01. The higher non-operating loss in 3Q02 is primarily the result of:
|
[1] EBITDA = operating income + depreciation
[2] EBITDA margin = (operating income + depreciation) / total operating revenues.
3 |
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Telefonica CTC Chile | 3Q02 Earnings Release |
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The above was partially offset by an 11.2% reduction in interest expenses in 3Q02 compared to 3Q01, as a result of a 20.1% reduction in average interest-bearing debt over the same period. The reduction in interest expenses was partly offset by lower capitalized interests as well as the accelerated amortization of expenses related to debt that was prepaid in the period. |
|
INCOME
TAXES |
INCOME TAXES: In 3Q02, Telefónica CTC Chile recorded a total income tax charge in the amount of Ch$7,086 million (US$9.5 million) composed of a Ch$1,510 million (US$2.0 million) current income tax and a Ch$5,576 million (US$7.4 million) charge for deferred taxes of the period as well as amortization of deferred taxes of previous periods. |
NET
RESULT |
The Company registered a net loss of Ch$16,830 million (US$22.5 million) in 3Q02 as compared to a net income of Ch$15,598 million (US$20.8 million) registered in 3Q01. For the nine-month period ended September 2002, the Company registered a net loss of Ch$15,494 million (US$20.7 million) compared to a net loss of Ch$9,597 million (US$12.8 million) recorded in the same period of the previous year. Net loss per ADR in 3Q02 amounted to US$0.09, compared to a net income per ADR of US$0.09 recorded in 3Q01. For the nine-month period ended September 2002, losses per ADR amounted to US$0.09. |
CAPEX | Capital expenditures for Telefónica CTC Chile and its consolidated subsidiaries amounted to US$50 million in 3Q02 compared to US$66 million in 3Q01, reaching a total of US$110 million for the nine-month period ended September 2002, compared to US$144 million in the same period of the previous year. |
CASH FLOW | The consolidated free cash flow from operations[3]for Telefónica CTC Chile in 3Q02 increased by 18.5% to Ch$40,937 million (US$54.7 million) as compared to Ch$34,560 million (US$46.2 million) in 3Q01. Free cash flow for the nine-month period ended September 2002 increased by 34.3% to Ch$153,292 (US$204.7 million), as compared to Ch$114,117 million (US$152.4 million) in the same period of the previous year. |
4 |
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|
Telefonica CTC Chile | 3Q02 Earnings Release |
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REVENUES BY BUSINESS UNIT |
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* Sonda: only includes two months of consolidated revenues
FIXED
TELEPHONY |
Revenues from fixed telephony services include Primary Service, Access Charges and Interconnections and Directory Advertising. Fixed telephony revenues, which represented 43.7% of total operating revenues in 3Q02, decreased by 6.1% to Ch$94,567 million (US$126.3 million) as compared to 3Q01. |
Revenues
from Fixed Tel ephony represent 44% of total operating revenues |
Lines
per employee (excluding employees of Telefónica CTC Chile's subsidiaries)
increased by 0.7% from 839 at September 30, 2001 to 845 at September
30, 2002, despite the decrease in lines in service in the period.
Primary service revenues, which include the fixed monthly charge, variable charge, connections and other installations, value added services and equipment marketing, among others, decreased by 4.1% in 3Q02 as compared to 3Q01 to Ch$86,115 million (US$115.0 million). This decrease is mainly attributable to: (i) a 1% additional tariff decrease applied in May 2002 in variable and fixed charges pursuant to the Tariff Decree, (ii) a 4.2% decrease in total local traffic, (iii) an increase in traffic charged as local tranche (fixed-mobile and fixed-Internet calls) which rates are lower than those of traffic rated as Measured Local Service (fixed-fixed calls), and (iv) a 0.2% decrease in average lines in service in 3Q02 vs. 3Q01, which resulted from disconnections in 3Q02 of 47,454 fixed lines which had been suspended for over 120 days. Access charges and interconnections revenues include revenues from access charges generated by DLD and ILD carriers, as well as those paid by other telecommunications operators that use Telefónica CTC Chile's network; they also |
5 |
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Telefonica CTC Chile | 3Q02 Earnings Release |
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include other interconnection services apart from access charges, such as interconnection of networks and information services to carriers, among others. These revenues decreased by 10.3% in 3Q02 to Ch$5,747 million (US$7.7 million) as compared to 3Q01, mainly as a result of lower market traffic, particularly ILD traffic. Revenues from directory advertisingdecreased by 40.6% in 3Q02 to Ch$2,705 million (US$3.6 million) as compared to 3Q01, mainly because revenues in 3Q01 included a one-time payment from the sale to Publiguís of Telefónica CTC Chiles customer database.This sale occurred pursuant to the new agreement signed between the two companies in 3Q01. |
|
LONG
DISTANCE 188 Telefónica Mundo LD Plans compensate lower traffic |
Long distance revenues include revenues from domestic and international long distance multicarrier traffic generated on fixed lines as well as revenues from the rental of the long distance network to other telecom operators. Total long distance revenues, which accounted for 8.3% of total operating revenues in 3Q02, decreased by 15.7% as compared to 3Q01, to Ch$17,898 million (US$23.9 million). This decrease was mainly due to: (i) lower revenues from domestic long distance services ("DLD") due to the 11.7% decrease in DLD traffic carried by 188 Telefónica Mundo and Globus in 3Q02 as compared to 3Q01, mainly as a result of the slow economic recovery and the substitution effect of mobile service, (ii) lower revenues from international long distance services (ILD) due to the fact that the 7.9% increase in outgoing ILD traffic was offset by lower average price per outgoing minute in 3Q02 vs. 3Q01 caused by higher competition, and (iii) lower revenues from the rental of the long distance network to other telecom operators in 3Q02 in comparison with 3Q01 due to lower prices and lower market traffic in general. |
MOBILE COMMUNICATIONS 19% subscriber
|
Mobile communications revenues include revenues from outgoing cellular traffic and interconnection revenues from Calling Party Pays, as well as revenues from mobile equipment sales. Total revenues from mobile communications, which accounted for 23.3% of total operating revenues in 3Q02, increased by 16.0% as compared to 3Q01, to Ch$50,472 million (US$67.4 million). This increase is mainly as result of a 19.3%increase in average cellular subscribers, partially offset by a decrease in the average monthly revenue per user (ARPU), due to an increase in the proportion of prepaid customers in Telefónica Móvils subscriber base. Prepaid customers represented 76% of total average cellular subscribers in 3Q02, as compared to 74% in 3Q01. As of September 30, 2002, Telefónica Móvil had 1,761,432 customers. |
CORPORATE
CUSTOMER COMMUNICATIONS |
Corporate customer communicationsinclude revenues from (i) telecommunications equipment, which refers to voice equipment (fax, PABX, etc.); (ii) complementary telephone services, such as 600, 700 and 800 numbers and digital communications; (iii) data services, including ATM, Frame Relay, data equipment and services related to the IP network, and (iv) dedicated links and others, including videoconference, Datared, E1 Links and VSAT, "ISP Empresas" revenues, services such as housing and hosting and consulting services to corporate customers. |
6 |
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Telefonica CTC Chile | 3Q02 Earnings Release |
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Higher
revenues from IP solutions |
Revenues from corporate customer communications increased by 22.8% to Ch$21,220 million (US$28.3 million) in 3Q02 as compared to 3Q01. The contribution of corporate customer communications revenues to total operating revenues increased from 7.8% in 3Q01 to 9.8% in 3Q02.This increase was mainly due to increased revenues related to the IP network (Intranet, Extranet services), higher revenues associated with "ISP Empresas" (Internet services for corporate customers) and increased connectivity services through data links, such as ATM. However, prices of data services have progressively decreased due to strong competition. Data links, with the exception of Frame Relay which decreased by 6%, grew at rates of 22%, 267% and 23% for ATM, dedicated IP network customers and switched IP network customers, respectively in 3Q02 as compared to 3Q01. (Certain revenues of services provided by Telefónica Data were reclassified for 2001 from Data Services to Dedicated Links and Others, in accordance with their accounting since 2002). |
OTHER BUSINESSES |
These revenues includepublic telephone and information systems services (Sonda) revenues, as well as revenues from interior installation and equipment marketing of the subsidiary CTC Equipos, among others. They represented 14.9% of total operating revenues in 3Q02, a decrease of 17.2% in 3Q02 vs. 3Q01. |
Revenues from Other Businesses affected by lower Sonda revenues |
Public telephone revenues decreased by 15.9% in 3Q02 to Ch$2,573 million (US$3.4 million) as compared to 3Q01, mainly as a result of lower average revenue per public telephone due to mobile traffic substitution. Interior installation and equipment marketing revenues decreased by 3.2% in 3Q02 to Ch$6,604 million (US$8.8 million) compared to 3Q01. Information systems services (Sonda) revenues amounted to Ch$18,502 million (US$24.7 million) in 3Q02, a 25.2% decrease as compared to 3Q01, mainly as a result of lower revenues from Sonda's foreign subsidiaries, as well as the accounting of Sonda's revenues only for July and August 2002. As of and including September 2002, Sonda no longer consolidates with Telefónica CTC Chile and 35% of Sonda's net result is recognized as a non-operating income/expense. Other businesses revenues increased by 6.1% to Ch$4,463 million (US$6.0 million) in 3Q02, as compared to 3Q01. These revenues include revenues from other subsidiaries such as Istel (employee health insurance) and Telemergencia, among others. |
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Telefonica CTC Chile | 3Q02 Earnings Release |
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BUSINESS UNIT PERFORMANCE FOR 3Q02 |
Business Unit | EBITDA (Ch$ mn) |
EBITDA Margin | Net
Result (Ch$mn) |
Fixed telephony | 55,365 | 53% | (19,795) |
Long distance | 10,946 | 46% | 3,595 |
Mobile | 18,073 | 34% | 604 |
Corp. Communications (incl. Data) | n.a. | n.a. | 4,279 |
Others | n.a. | n.a. | (5,513) |
Consolidated |
98,852 | 45.7% | (16,830) |
COMPANY NEWS |
CORPORATE REORGANIZATION
On October 28, 2002, Telefónica CTC Chile announced a reorganization of its businesses which also includes personnel reductions of 1,070 employees of the Company and its subsidiaries. The non-operating financial impact of Ch$14,941 million (US$20.0 million) related to this restructuring process has been accounted for in Telefónica CTC Chiles 3Q02 financial results.
The new business structure establishes three main business units:
- | General Consumers and Small Businesses: responsible for all products offered to the general customer segment (fixed telephony, LD, prepaid, broadband, value-added services, among others); | |
- | Corporate Customers (including the businesses of the subsidiary Telefónica Data): responsible for corporate customers, and | |
- | Mobile: responsible for mobile services |
In addition, two areas are reorganized to serve as support areas for the above business units: Management of Customers, in charge of sales and distribution of all products throughout the country, and Management of Network Services, in charge of infrastructure and technical network maintenance.
SALE OF 25% OF SONDA
On September 26, 2002, Telefónica CTC Chile, through its subsidiary Telefónica Empresas, sold 25% of its information systems subsidiary Sonda S.A. to Sondas founder Mr. Andrés Navarro for Ch$27,921 million (US$37.3 million). In addition, Telefónica CTC Chile signed a put option for its 35% stake in Sonda, to be exercised in July 2005, at book value plus a premium, with a guaranteed minimum value of UF2,048,885 (approximately US$45.0 million). Furthermore, Mr.
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Telefonica CTC Chile | 3Q02 Earnings Release |
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Navarro signed a call option for Telefónica CTC Chiles 35% stake in Sonda, to be exercised in July 2003, July 2004 or August 2005, at book value plus a premium, also with guaranteed minimum prices.
DEBT RESTRUCTURING
During 3Q02, Telefónica CTC Chile prepaid US$102.7 million in debt pursuant to certain loan and bond agreements that, together with quarterly amortizations, reduce interest-bearing debt by 7.2% in the period, to a total of US$1,674 million as of September 30, 2002.
WE INVITE
YOU TO VISIT TELEFONICA CTC CHILE'S INVESTOR RELATIONS WEBSITE
AT: WWW.TELEFONICADECHILE.CL / INVESTOR RELATIONS
For more Information Contact:
|
|||
Gisela Escobar - Veronica Gaete | |||
Maria Jose Rodriguez - Florencia Acosta | Richard Huber /Mariana Crespo | ||
Telefonica CTC Chile | Thomson Financial Corporate Group | ||
Tel.: 562-691-3867 | 212-807-5026 / 212-807-5014 | ||
Fax: 562-691-2392 | |||
E-mail: |
E-mail: |
||
gescoba@ctc.cl, vgaete@ctc.cl | richard.huber@tfn.com | ||
mjrodri@ctc.cl, macosta@ctc.cl | mariana.crespo@tfn.com |
Compañía de Telecomunicaciones de Chile S.A., the first South American company to list shares on the New York Stock Exchange, is the largest telecommunications enterprise in Chile, providing local service, as well as domestic and international long distance services throughout the country. Additionally, the Company provides equipment marketing, data transmission, value-added services and information systems services and operates a nationwide cellular network.
This news release contains certain forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1996, including but not limited to Compañía de Telecomunicaciones de Chile S.A.s expectations for its performance for the quarter. Forward looking statements may also be identified by words such as believes, expects, anticipates, projects, intends, should, seeks, estimates, future, or similar expressions. The forward-looking statements included in this news release are based on current expectations, but actual results may differ materially from anticipated future results due to various factors many of which are beyond the control of Compañía de Telecomunicaciones de Chile S.A. and its subsidiaries. Certain factors which could cause the actual results of Compañía de Telecomunicaciones de Chile S.A. and its subsidiaries to differ materially from the expected results include, among others, changes in Chiles regulatory framework, impact of increased competition and other factors beyond Compañía de Telecomunicaciones de Chile S.A.s control.
==================
APPENDIX: REVENUE RECLASSIFICATION
In order to show more accurately its revenues by business segment, in 3Q02 Telefónica CTC Chile has modified the breakdown of its operating revenues. This change affects the revenues of Fixed Telephony and Other Businesses. For comparative purposes, historical information has been restated accordingly.
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Telefonica CTC Chile | 3Q02 Earnings Release |
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MAIN CHANGES
Revenues under the new classification |
Change / Description |
Corresponding item under the former classification |
Primary Service,Fixed monthly charge |
No change |
No change |
Variable charge |
No change |
No change |
Connections and other installations |
Include revenues from connections of lines to the public network and other installations, such as cut-off and replacement of fixed line service, technical visits and moving of lines, among others |
Connections
to public network |
Value added services |
Includes revenues from value added services such as voice mail, call transfer and 600 and 700 numbers, and revenues from dedicated lines |
Value added services + dedicated lines |
10 |
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Telefonica CTC Chile | 3Q02 Earnings Release |
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Equipment marketing
|
Includes revenues from the sale and rental of equipment of Telefónica CTC Chile S.A. |
Previously equipment marketing included all revenues from equipment marketing and maintenance generated by Telefónica CTC Chile S.A. and the subsidiary CTC Equipos. Revenues generated by CTC Equipos are now registered as interior installation and equipment marketing under Other Businesses |
Other fixed telephony revenues |
Include revenues from operator services, rural telephony and flat fee services, among others |
Part of other installations + part of other operating revenues |
Access
charges and interconnections International long distance Other interconnection services |
No change Revenues from network interconnection services and services such as information services to carriers, administrative services and network rental, among others |
No change Interconnection to LD carriers + other services to carriers + part of other operating revenues |
Directory advertising |
No change |
No change |
Revenues under the new classification |
Change / Description |
Corresponding item under the former classification |
Public telephones |
No change |
No change |
Interior installations and equipment marketing |
Includes revenues from interior installations, maintenance services, and equipment marketing generated by CTC Equipos |
Interior installations + part of other installations + part of equipment marketing |
Information System Services |
Includes revenues from the subsidiary Sonda, excluding revenues from the former subsidiary of Sonda, SondaCom, which was 100% acquired by CTC in 2001; revenues from this subsidiary are now classified as other |
Information System Services (previously included revenues from Sondacom)
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11 |
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Telefonica CTC Chile | 3Q02 Earnings Release |
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operating revenues | ||
Other operating revenues |
Includes revenues from other subsidiaries such as Istel, Telemergencia, Sondacom, among others |
Part of other operating revenues"
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12 |
PHYSICAL STATISTICS | |||||||
I | II | III | IV | I | II | III | |
2001 | 2001 | 2001 | 2001 | 2002 | 2002 | 2002 | |
Total lines in service at the end of period | 2,725,587 | 2,743,126 | 2,751,956 | 2,723,310 | 2,746,178 | 2,760,252 | 2,721,412 |
Average number of lines in service (quarterly) | 2,713,195 | 2,734,712 | 2,745,657 | 2,752,968 | 2,734,366 | 2,752,418 | 2,740,296 |
Number of lines installed (1) | 3,006,558 | 3,020,345 | 3,014,573 | 3,019,416 | 3,024,693 | 3,027,354 | 3,030,444 |
Lines per 100 Inhabitants | 17.6 | 17.7 | 17.7 | 17.4 | 17.5 | 17.6 | 17.3 |
Public telephones in service at end of period | 22,227 | 26,860 | 30,702 | 33,830 | 37,740 | 36,759 | 36,251 |
Effective minutes of local traffic measured by second (million) | 3,887 | 4,183 | 4,160 | 4,180 | 3,650 | 4,088 | 3,984 |
Local calls MLS (millions) | 1,337 | 1,376 | 1,404 | 1,439 | 1,245 | 1,328 | 1,265 |
DLD voice traffic (thousands of minutes) - CTC network | 480,810 | 468,836 | 449,392 | 443,235 | 424,259 | 417,626 | 411,147 |
Outgoing ILD voice traffic (thousands of minutes) - CTC network | 36,752 | 37,427 | 36,058 | 37,254 | 35,980 | 36,368 | 35,341 |
Incoming ILD traffic (thosands of minutes) - CTC network | 63,623 | 63,449 | 68,860 | 72,765 | 71,234 | 78,061 | 76,988 |
DLD traffic of 188 Telefónica Mundo + Globus 120 (thousands of minutes) | 198,787 | 199,601 | 199,510 | 201,434 | 183,372 | 184,456 | 176,075 |
Outgoing ILD traffic of 188 Telefónica Mundo +Globus 120 (thousands of minutes) | 14,154 | 16,290 | 16,137 | 16,270 | 15,218 | 16,071 | 17,404 |
Access charge traffic (thousands of minutes) | 1,780,130 | 1,846,722 | 1,814,701 | 1,809,440 | 1,672,282 | 1,762,580 | 1,707,252 |
Number of pending applications | 91,132 | 56,364 | 40,205 | 32,329 | 36,951 | n.a. | 36,352 |
Number of lines connected | 91,622 | 99,033 | 68,593 | 71,371 | 71,898 | 93,617 | 76,950 |
Number of CTC's employees (end of period) | 4,594 | 3,260 | 3,025 | 3,223 | 3,219 | 3,231 | 3,225 |
Number of subsidiaries' employees (end of period) | 4,673 | 4,452 | 4,773 | 4,497 | 4,565 | 4,654 | 4,703 |
Number of cellular subscribers (end of period) | 1,295,483 | 1,416,103 | 1,480,795 | 1,570,087 | 1,651,282 | 1,710,326 | 1,761,432 |
(1) Includes circuits and ISDN lines in order to indicate the real capacity of the network. | |||||||
ANNUAL VARIATION | |||||||
I | II | III | IV | I | II | III | |
2001 | 2001 | 2001 | 2001 | 2002 | 2002 | 2002 | |
Total lines in service at the end of period | 4.6% | 4.4% | 3.4% | 0.8% | 0.8% | 0.6% | -1.1% |
Average number of lines in service (quarterly) | 4.5% | 4.5% | 4.0% | 2.7% | 0.8% | 0.6% | -0.2% |
Numbers of lines installed | 0.9% | 1.2% | 1.2% | 1.0% | 0.6% | 0.2% | 0.5% |
Lines per 100 Inhabitants | 3.5% | 3.5% | 2.3% | -0.6% | -0.6% | -0.6% | -2.3% |
Public telephones in service at the end of period | 62.7% | 100.4% | 115.6% | 77.1% | 69.8% | 36.9% | 18.1% |
Effective minutes of traffic measured by second (million) | -1.6% | -1.2% | -3.0% | -5.2% | -6.1% | -2.3% | -4.2% |
Local calls MLS (millions) | -9.0% | -11.7% | -7.1% | -5.5% | -6.9% | -3.5% | -9.9% |
DLD voice traffic (thousands of minutes) - CTC network | -1.5% | 2.1% | 0.0% | -5.5% | -11.8% | -10.9% | -8.5% |
Outgoing ILD voice traffic (thousands of minutes) - CTC network | -2.5% | 2.8% | -2.2% | 0.0% | -2.1% | -2.8% | -2.0% |
Incoming ILD traffic (thosands of minutes) - CTC network | 39.6% | 17.2% | 24.6% | 6.5% | 12.0% | 23.0% | 11.8% |
DLD traffic of 188 Telefónica Mundo + Globus 120 (thousands of minutes) | 3.2% | 18.4% | 20.8% | 8.4% | -7.8% | -7.6% | -11.7% |
Outgoing ILD traffic of 188 Telefónica Mundo +Globus 120 (thousands of minutes) | -4.8% | 17.4% | 17.5% | 17.9% | 7.5% | -1.3% | 7.9% |
Access charge traffic (thousands of minutes) | 20.4% | 7.1% | -13.7% | -8.8% | -6.1% | -4.6% | -5.9% |
Number of pending applications | 170.0% | 179.7% | 89.8% | 215.3% | -59.5% | n.a. | -9.6% |
Number of lines connected | 50.7% | 42.3% | -2.4% | -18.7% | -21.5% | -5.5% | 12.2% |
Number of CTC's employees (end of period) | -0.6% | -29.5% | -34.8% | -30.5% | -29.9% | -0.9% | 6.6% |
Number of subsidiaries' employees (end of period) | -3.2% | -8.1% | 3.0% | -2.5% | -2.3% | 4.5% | -1.5% |
Number of cellular subscribers (end of period) | 7.5% | 15.6% | 28.3% | 28.2% | 27.5% | 20.8% | 19.0% |
QUARTERLY
CONSOLIDATED STATEMENTS OF INCOME (CHGAAP) ( Ch$ millions as of September 30, 2002) |
|||||||||||
JAN-SEP | IQ | IIQ | IIIQ | IVQ | JAN-SEP | IQ | IIQ | IIIQ | VARIATION | ||
2001 | 2001 | 2001 | 2001 | 2001 | 2002 | 2002 | 2002 | 2002 | IIIQ02/IIIQ01 | | 2002/2001 | |
OPERATING REVENUES | |||||||||||
FIXED TELEPHONY | 306,955 | 97,719 | 108,480 | 100,756 | 98,707 | 277,526 | 90,273 | 92,686 | 94,567 | -6.1% | -9.6% |
Primary Service | 272,777 | 90,614 | 92,369 | 89,794 | 91,186 | 256,440 | 83,836 | 86,489 | 86,115 | -4.1% | -6.0% |
Telephone Line Serv.Fee (Fixed Monthly Charge) | 122,037 | 41,564 | 40,232 | 40,241 | 39,349 | 116,666 | 38,908 | 38,756 | 39,002 | -3.1% | -4.4% |
Variable Charge | 123,569 | 40,105 | 42,285 | 41,179 | 41,131 | 113,464 | 35,632 | 38,436 | 39,396 | -4.3% | -8.2% |
Connections and other installations | 5,682 | 1,673 | 2,022 | 1,987 | 2,206 | 5,246 | 1,937 | 1,704 | 1,605 | -19.2% | -7.7% |
Value added services | 12,534 | 4,224 | 4,003 | 4,307 | 4,651 | 12,103 | 3,956 | 4,120 | 4,027 | -6.5% | -3.4% |
Equipment Marketing | 5,455 | 1,747 | 1,909 | 1,799 | 1,811 | 3,433 | 1,570 | 1,163 | 700 | -61.1% | -37.1% |
Other fixed telephony revenues | 3,500 | 1,301 | 1,918 | 281 | 2,038 | 5,528 | 1,833 | 2,310 | 1,385 | 392.9% | 57.9% |
Access Charges and Interconnections | 17,414 | 5,403 | 5,602 | 6,409 | 6,454 | 17,262 | 5,596 | 5,919 | 5,747 | -10.3% | -0.9% |
Domestic long distance | 6,739 | 2,242 | 2,290 | 2,207 | 2,324 | 6,858 | 2,196 | 2,295 | 2,367 | 7.2% | 1.8% |
International long distance | 3,270 | 1,097 | 1,124 | 1,049 | 1,060 | 2,609 | 815 | 925 | 869 | -17.2% | -20.2% |
Other interconnection services | 7,405 | 2,064 | 2,188 | 3,153 | 3,070 | 7,795 | 2,585 | 2,699 | 2,511 | -20.4% | 5.3% |
Directory Advertising | 16,764 | 1,702 | 10,509 | 4,553 | 1,067 | 3,824 | 841 | 278 | 2,705 | -40.6% | -77.2% |
LONG DISTANCE | 59,244 | 18,834 | 19,183 | 21,227 | 21,305 | 54,314 | 18,529 | 17,887 | 17,898 | -15.7% | -8.3% |
Domestic Long Distance | 26,533 | 8,130 | 8,944 | 9,459 | 8,890 | 24,344 | 8,322 | 7,928 | 8,094 | -14.4% | -8.3% |
International Service | 22,562 | 7,312 | 7,478 | 7,772 | 8,013 | 20,735 | 7,097 | 6,894 | 6,744 | -13.2% | -8.1% |
Rental of LD Network | 10,149 | 3,392 | 2,761 | 3,996 | 4,402 | 9,235 | 3,110 | 3,065 | 3,060 | -23.4% | -9.0% |
MOBILE COMMUNICATIONS | 132,487 | 45,158 | 43,823 | 43,506 | 48,645 | 147,637 | 48,259 | 48,906 | 50,472 | 16.0% | 11.4% |
Outgoing Traffic | 73,816 | 24,661 | 26,008 | 23,147 | 27,439 | 86,477 | 27,015 | 29,370 | 30,092 | 30.0% | 17.2% |
Interconnection under Calling Party Pays | 58,671 | 20,497 | 17,815 | 20,359 | 21,206 | 61,160 | 21,244 | 19,536 | 20,380 | 0.1% | 4.2% |
CORPORATE CUSTOMER COMMUNICATIONS | 49,937 | 15,511 | 17,139 | 17,287 | 21,204 | 60,267 | 18,642 | 20,405 | 21,220 | 22.8% | 20.7% |
Equipment | 14,232 | 4,395 | 5,058 | 4,779 | 5,024 | 16,210 | 4,939 | 5,562 | 5,709 | 19.5% | 13.9% |
Complementary Services | 5,144 | 1,509 | 1,610 | 2,025 | 2,793 | 8,541 | 2,603 | 2,738 | 3,200 | 58.0% | 66.0% |
Data services | 9,678 | 2,526 | 3,916 | 3,236 | 6,285 | 13,054 | 3,792 | 4,397 | 4,865 | 50.3% | 34.9% |
Dedicated links and others | 20,883 | 7,081 | 6,555 | 7,247 | 7,102 | 22,462 | 7,308 | 7,708 | 7,446 | 2.7% | 7.6% |
OTHER BUSINESSES | 116,661 | 37,834 | 39,993 | 38,834 | 49,705 | 99,810 | 36,124 | 31,544 | 32,142 | -17.2% | -14.4% |
Public Telephones | 12,131 | 4,667 | 4,405 | 3,059 | 3,660 | 8,930 | 3,326 | 3,031 | 2,573 | -15.9% | -26.4% |
Interior installation and equipment marketing | 19,511 | 6,254 | 6,433 | 6,824 | 6,425 | 20,462 | 7,025 | 6,833 | 6,604 | -3.2% | 4.9% |
Information System Services (Sonda) | 77,416 | 24,575 | 28,097 | 24,744 | 33,550 | 61,321 | 23,281 | 19,538 | 18,502 | -25.2% | -20.8% |
Other Operating Revenues | 7,603 | 2,338 | 1,058 | 4,207 | 6,070 | 9,097 | 2,492 | 2,142 | 4,463 | 6.1% | 19.7% |
TOTAL OPERATING REVENUES | 665,284 | 215,056 | 228,618 | 221,610 | 239,566 | 639,554 | 211,827 | 211,428 | 216,299 | -2.4% | -3.9% |
|
|||||||||||
QUARTERLY
CONSOLIDATED STATEMENTS OF INCOME (CHGAAP), continued ( Ch$ millions as of September 30, 2002) |
|||||||||||
JAN-SEP | IQ | IIQ | IIIQ | IVQ | JAN-SEP | IQ | IIQ | IIIQ | VARIATION | ||
2001 | 2001 | 2001 | 2001 | 2001 | 2002 | 2002 | 2002 | 2002 | IIIQ02/IIIQ01 | | 2002/2001 | |
OPERATING COSTS AND EXPENSES | |||||||||||
Salaries | 76,486 | 26,707 | 26,728 | 23,051 | 22,994 | 64,544 | 21,033 | 22,262 | 21,249 | -7.8% | -15.6% |
Depreciation | 188,833 | 62,906 | 62,012 | 63,915 | 62,454 | 193,442 | 64,289 | 64,889 | 64,264 | 0.5% | 2.4% |
Other Operating Costs | 207,120 | 70,566 | 70,436 | 66,118 | 78,626 | 185,682 | 59,752 | 59,658 | 66,272 | 0.2% | -10.4% |
Adm. & Selling Expenses | 92,962 | 35,476 | 31,472 | 26,014 | 36,234 | 96,659 | 33,454 | 33,279 | 29,926 | 15.0% | 4.0% |
TOTAL OPERATING COSTS AND EXPENSES | 565,401 | 195,655 | 190,648 | 179,098 | 200,308 | 540,327 | 178,528 | 180,088 | 181,711 | 1.5% | -4.4% |
OPERATING INCOME | 99,883 | 19,401 | 37,970 | 42,512 | 39,258 | 99,227 | 33,299 | 31,340 | 34,588 | -18.6% | -0.7% |
EBITDA | 288,716 | 82,307 | 99,982 | 106,427 | 101,712 | 292,669 | 97,588 | 96,229 | 98,852 | -7.1% | 1.4% |
Operating Margin | 15.0% | 9.0% | 16.6% | 19.2% | 16.4% | 15.5% | 15.7% | 14.8% | 16.0% | -3,2pp | 0,5pp |
EBITDA Margin | 43.4% | 38.3% | 43.7% | 48.0% | 42.5% | 45.8% | 46.1% | 45.5% | 45.7% | -2,3pp | 2,4pp |
NON-OPERATING INCOME | |||||||||||
Interest Income | 12,774 | 3,296 | 4,284 | 5,194 | 5,660 | 10,362 | 3,413 | 3,322 | 3,627 | -30.2% | -18.9% |
Other Non-Operating Income | 14,099 | 548 | 1,553 | 11,998 | 6,250 | 14,245 | 3,497 | 2,241 | 8,507 | -29.1% | 1.0% |
Revenues from Related Companies | 527 | (466) | (88) | 1,081 | 75 | 454 | 13 | (295) | 736 | -31.9% | -13.9% |
Interest Expense | (71,631) | (23,857) | (22,635) | (25,139) | (21,262) | (60,443) | (19,046) | (19,070) | (22,327) | -11.2% | -15.6% |
Amortization of Goodwill | (11,456) | (3,893) | (3,715) | (3,848) | (4,488) | (20,472) | (3,772) | (3,951) | (12,749) | 231.3% | 78.7% |
Other Non-Operating Expenses | (42,259) | (7,752) | (24,886) | (9,621) | (3,901) | (31,013) | (3,822) | (6,545) | (20,646) | 114.6% | -26.6% |
Monetary Correction | 5,395 | (1,138) | 3,811 | 2,722 | (3,301) | (6,927) | (4,026) | (1,545) | (1,356) | -149.8% | -228.4% |
NON-OPERATING INCOME | (92,551) | (33,262) | (41,676) | (17,613) | (20,967) | (93,794) | (23,743) | (25,843) | (44,208) | 151.0% | 1.3% |
INCOME BEFORE INCOME TAX | 7,332 | (13,861) | (3,706) | 24,899 | 18,291 | 5,433 | 9,556 | 5,497 | (9,620) | -138.6% | -25.9% |
Income Tax | (13,330) | (806) | (4,403) | (8,121) | (3,279) | (20,201) | (7,081) | (6,034) | (7,086) | -12.7% | 51.5% |
Minority Interest | (3,602) | (413) | (2,008) | (1,181) | (1,254) | (726) | (326) | (276) | (124) | -89.5% | -79.8% |
Amortization of Negative Goodwill | 3 | 0 | 2 | 1 | 3 | 0 | 87 | (87) | 0 | - | - |
NET INCOME | (9,597) | (15,080) | (10,115) | 15,598 | 13,761 | (15,494) | 2,236 | (900) | (16,830) | C.S. | 61.4% |
Observed exchange rate (end of the period) | 594.97 | 629.00 | 695.02 | 654.79 | 655.90 | 688.05 | 748.73 | ||||
1Q | 2Q | 3Q | 4Q | IQ | IIQ | IIIQ | |||||
2001 | 2001 | 2001 | 2001 | 2002 | 2002 | 2002 | |||||
Earnings per Common Share (Ch$) | -15.8 | -10.6 | 16.3 | 14.4 | 2.3 | -0.9 | -17.6 | ||||
Earnings per ADR (US$) | -0.09 | -0.06 | 0.09 | 0.08 | 0.01 | -0.01 | -0.09 | ||||
Weighted Average Number of Shares Fully Paid (millions) | 957.2 | 957.2 | 957.2 | 957.2 | 957.2 | 957.2 | 957.2 | ||||
Fully Diluted Weighted Average Number of Shares (millions) | 957.2 | 957.2 | 957.2 | 957.2 | 957.2 | 957.2 | 957.2 |
CONSOLIDATED
BALANCE SHEET (CHGAAP) (Figures in thousands of Ch$ as of September 30, 2002) |
||||||||||
ASSETS | 2002 Ch$ |
2001 Ch$ |
LIABILITIES | 2002 Ch$ |
2001 Ch$ |
|||||
CURRENT ASSETS | CURRENT LIABILITIES | |||||||||
Cash and banks | 15,062,503 | 17,039,897 | Banks and financial institutions - short-term | 17,844,283 | 22,771,063 | |||||
Time deposits | 50,968,988 | 182,435,719 | Banks and financial institutions - current maturities | 41,887,639 | 197,228,152 | |||||
Marketable securities | 86,668,023 | 73,099,663 | Debentures | 25,660,980 | 30,941,433 | |||||
Trade receivables | 198,530,284 | 220,562,238 | Current maturities of other long-term liabilities | 472,233 | 1,574,182 | |||||
Notes receivable | 5,452,284 | 11,779,854 | Dividends payable | 194,680 | 277,859 | |||||
Sundry debtors | 25,104,898 | 33,026,215 | Accounts payable | 127,601,659 | 151,501,754 | |||||
Due from related companies | 19,075,192 | 31,764,675 | Notes payable | 84,633 | 622,145 | |||||
Inventories | 16,297,300 | 39,698,684 | Sundry creditors | 5,424,312 | 7,538,582 | |||||
Refundable taxes | 16,198,762 | 40,102,329 | Due to related companies | 11,308,659 | 30,463,451 | |||||
Prepaid expenses | 9,493,486 | 8,497,439 | Provisions | 25,255,159 | 15,996,321 | |||||
Deferred taxes | 25,817,043 | 20,132,337 | Withholdings | 12,828,345 | 13,621,073 | |||||
Other current assets | 77,298,681 | 128,794,642 | Unearned income | 2,323,704 | 3,408,941 | |||||
Total current assets | 545,967,444 | 806,933,692 | Other current liabilities | 1,934,992 | 4,238,518 | |||||
FIXED ASSETS | Total current liabilities | 272,821,278 | 480,183,474 | |||||||
Land | 26,763,634 | 28,660,122 | ||||||||
Construction and infrastructure works | 180,355,257 | 196,428,468 | LONG-TERM LIABILITIES | |||||||
Machinery and equipment | 3,190,035,417 | 3,190,634,331 | Banks and financial institutions | 598,969,232 | 718,138,228 | |||||
Other fixed assets | 392,025,907 | 428,057,751 | Debentures | 549,871,742 | 597,389,894 | |||||
Technical revaluation | 8,982,020 | 8,979,598 | Due to related companies | 25,038,143 | 34,666,901 | |||||
Less: accumulated depreciation | 1,879,799,905 | 1,779,063,087 | Sundry creditors | 5,526,180 | 14,207,309 | |||||
Fixed assets-net | 1,918,362,330 | 2,073,697,183 | Provisions | 22,168,277 | 19,599,795 | |||||
Deferred Taxes | 28,019,248 | 8,936,204 | ||||||||
OTHER ASSETS | Other long-term liabilities | 9,981,670 | 20,262,869 | |||||||
Investments in related companies | 38,772,278 | 14,203,796 | Total long term liabilities | 1,239,574,492 | 1,413,201,200 | |||||
Investments in other companies | 752,483 | 714,009 | ||||||||
Goodwill | 180,232,462 | 207,548,620 | MINORITY INTEREST | 1,182,182 | 38,991,306 | |||||
Less: Negative goodwill | 0 | 32,930 | ||||||||
Long-term debtors | 50,569,508 | 51,955,409 | EQUITY | |||||||
Intangibles | 30,008,964 | 16,576,735 | Paid-in capital | 715,017,592 | 708,720,958 | |||||
Amortization (less) | 2,214,367 | 1,411,133 | Reserve | 9,295,229 | 15,591,863 | |||||
Other long-term assets | 17,304,451 | 32,296,209 | Share premium | 112,622,346 | 112,622,346 | |||||
Other reserves | 723,314 | 1,642,027 | ||||||||
Total other assets | 315,425,779 | 321,850,715 | Retained earnings: | 428,519,120 | 431,528,416 | |||||
Prior years | 444,012,656 | 441,472,342 | ||||||||
(Losses) Income for the period | (15,493,536) | (9,597,927) | ||||||||
Less: deficit from development stage enterprise | 0 | 345,999 | ||||||||
Total equity | 1,266,177,601 | 1,270,105,610 | ||||||||
TOTAL ASSETS | 2,779,755,553 | 3,202,481,590 | TOTAL LIABILITIES AND EQUITY | 2,779,755,553 | 3,202,481,590 |
COMPAÑÍA
DE TELECOMUNICACIONES DE CHILE S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTH PERIODS ENDED AS OF SEPTEMBER 30, 2001 AND 2002 Figures in Thousands of Constant Ch$ as of September 30, 2002 |
||||
2002 | 2001 | |||
NET CASH PROVIDED BY USING IN OPERATING ACTIVITIES | 229,237,817 | 220,581,884 | ||
Net income (Gain/Losses) | (15,493,536 | ) | (9,597,927 | ) |
Result in sales of assets | (7,442,934 | ) | (302,879 | ) |
(Gain) Loss in sale of fixed assets | 305,017 | 120,857 | ||
Gain in sales of investments | 7,747,951 | 423,736 | ||
Charges (credits) to income not affecting cash flows: | 282,282,793 | 241,070,163 | ||
Depreciation | 194,592,616 | 190,560,004 | ||
Intangibles amortization | 648,518 | 357,459 | ||
Write-off and provisions | 17,733,483 | 19,883,082 | ||
Equity earnings from related companies | 916,524 | 1,027,910 | ||
Equity losses from related companies | 460,607 | 500,600 | ||
Amotization of goodwill | 20,477,085 | 11,456,157 | ||
Amortization of negative goodwill | 0 | 2,549 | ||
Price-level restatement (net) | 3,303,543 | (519,573) | ||
Gain (loss) on foreign currency transactions | 3,620,291 | (4,853,032) | ||
Other credits not affecting cash flows | 17,939,897 | 15,455,695 | ||
Other charges not affecting cash flows | 60,303,071 | 40,171,620 | ||
Decrease (increase) in current assets: | 9,809,854 | 26,280,391 | ||
(Increase) Decrease in trade receivables | (12,681,574 | ) | (17,595,231 | ) |
(Increase) Decrease in inventories | 8,972,475 | (12,641,898) | ||
(Increase) Decrease in other current assets | 13,518,953 | 56,517,520 | ||
Increase (decrease) in current liabilities: | (40,644,659 | ) | (40,470,781 | ) |
Increase (decrease) in due to related companies, | ||||
related with operating activities | (59,924,515 | ) | (19,762,973 | ) |
Increase (decrease) in accrued interest payable | (5,807,126 | ) | (5,236,178 | ) |
Increase (decrease) in income tax payable, net | 18,994,189 | (9,364,114 | ) | |
Increase (decrease) in other accounts payable | ||||
related with non operating result | 5,842,918 | 7,315,382 | ||
Increase (decrease) in value-added tax, net, and other | 249,875 | (13,422,898 | ) | |
Income ( loss) of minority interest | 726,299 | 3,602,917 | ||
COMPAÑÍA
DE TELECOMUNICACIONES DE CHILE S.A. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTH PERIODS ENDED AS OF SEPTEMBER 30, 2001 AND 2002 Figures in Thousands of Constant Ch$ as of September 30, 2002 |
||||
2002 | 2001 | |||
NET CASH PROVIDED BY FINANCING ACTIVITIES | (144,869,199 | ) | (21,609,018 | ) |
Increase in bank borrowings | 13,593,843 | 28,206,967 | ||
Other sources of financing | 981,333 | 597,644 | ||
Dividend payments (less) | 1,243,254 | 1,579,758 | ||
Capital distribution | 0 | 0 | ||
Repayment of loans (less) | 74,589,275 | 34,419,028 | ||
Repayment of debentures (less) | 73,704,476 | 13,225,648 | ||
Repayment other loans from related companies | 9,907,370 | 0 | ||
Other disbursements (less) | 0 | 1,189,195 | ||
NET CASH USED IN INVESTING ACTIVITIES | (82,806,600 | ) | (111,754,645 | ) |
Sale of fixed assets | 527,704 | 249,221 | ||
Sale of investments in related companies | 27,920,701 | 0 | ||
Sale of other investments | 0 | 2,957,881 | ||
Other revenues from investments | 0 | 146,312 | ||
Additions to fixed assets (less) | 48,713,086 | 66,441,393 | ||
Payment of capitalized interests (less) | 3,626,115 | 14,478,138 | ||
Investments in related companies (less) | 117,967 | 2,109,983 | ||
Investments in financial instruments (less) | 29,780,205 | 26,308,502 | ||
Other loans to related companies (less) | 0 | 4,633,208 | ||
Other investment disbursements (less) | 29,017,632 | 1,136,835 | ||
NET CASH FLOW FOR THE PERIOD | 1,562,018 | 87,218,221 | ||
PRICE-LEVEL RESTATEMENT EFFECT ON CASH AND CASH EQUIVALENTS | (1,192,079 | ) | (3,515,370 | ) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 369,939 | 83,702,851 | ||
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD | 85,450,863 | 133,925,918 | ||
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 85,820,802 | 217,628,769 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Compañía
de Telecomunicaciones de Chile S.A. |
|||||
Date: |
October 31, 2002 |
By: |
/s/ Julio Covarrubias F. |
||
Name: |
Julio Covarrubias F. |
||||
Title: |
Chief Financial Officer |
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