Portugal Telecom (PT) Adds Supplemental Info to FY13 Statements
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Pursuant to a request of the Portuguese Securities Commission (Comissão do Mercado de Valores Mobiliários) pursuant to Article 245, number 5, of the Portuguese Securities Code (Código dos Valores Mobiliários), Portugal Telecom (NYSE: PT) is providing to the market supplemental information with respect to its Report and Consolidated Financial Statements for the fiscal year ended December 31, 2013, as approved by its Board of Directors on February 18, 2014 (the “Report and Consolidated Financial Statements”), which information, in light of subsequent events, has become more relevant.
With respect to Note 24 — Short-term investments of the Notes to the Consolidated Financial Statements as of December 31, 2013, and particularly the caption “Debt securities,” Portugal Telecom provides the following clarifications, which should be viewed as supplemental information in addition to the information required to be disclosed under IFRS 7 and IAS 24:
- As of December 31, 2013, the caption “Debt securities,” in the total amount of Euro 750 million, includes debt securities issued by Espírito Santo International (“ESI,” a non-financial holding company, governed by the laws of Luxembourg, that is part of the Espírito Santo Group) in the following amounts: (a) Euro 500 million subscribed by PT Finance on November 8, 2013, which were settled on their maturity date of February 10, 2014 for their principal amount plus accrued interest; (b) Euro 200 million subscribed by Portugal Telecom on October 29, 2013, which were settled on their maturity date of January 29, 2014 for their principal amount plus accrued interest; and (c) Euro 50 million subscribed by PT Finance on November 20, 2013, which were settled for their principal amount plus accrued interest on their maturity date of February 20, 2014, which date was after the approval of the Report and Consolidated Financial Statements by the Board of Directors (on February 18, 2014) and the issuance of the Legal Certification of the Consolidated Financial Statements and the Auditors’ Report (on February 19, 2014).
- As of December 31, 2012, this caption includes debt securities issued by ESI in the following amounts: (a) Euro 250 million subscribed by PT Finance on August 2, 2012, which were settled on their maturity date of February 1, 2013 for their principal amount plus accrued interest; (b) Euro 200 million subscribed by PT Finance on October 15, 2012, which were settled on their maturity date of January 14, 2013 for their principal amount plus accrued interest; and (c) Euro 60 million subscribed by PT Finance on October 17, 2012, which were settled on their maturity date of January 17, 2013 for their principal amount plus accrued interest.
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