Supplemental Disclosure Material - Ono

PRESENTATION OF FINANCIAL AND OTHER DATA
In this offering memorandum, references to the “ONO Group”, “ONO”, “we”, “us” and “our” are, as the context
requires, to ONOMidco (as defined below), Cableuropa, its predecessors and subsidiaries. References to “Nara Cable
Funding” are to Nara Cable Funding Limited, the Issuer of the New Notes. References to “GCO” are to Grupo Corporativo
ONO, S.A., our ultimate parent company.
Financial Information
Use of ONOMidco Financial Statements
Cableuropa is a wholly owned subsidiary of ONOMidco, S.A.U. (“ONOMidco”). We present in this offering
memorandum ONOMidco’s audited consolidated financial statements as of and for the years ended December 31, 2010 and
2009 (the “2010 and 2009 Audited Financial Statements”) and ONOMidco’s audited consolidated annual accounts as of and
for the year ended December 31, 2011 (the “2011 Audited Annual Accounts” and, together with the 2010 and 2009 Audited
Financial Statements, the “Audited Financial Statements”) and its unaudited interim condensed consolidated financial
statements as of and for the three months ended March 31, 2012, including comparative information for the three months
ended March 31, 2011 (the “Unaudited Interim Financial Statements”).
The Audited Financial Statements and the Unaudited Interim Financial Statements have been prepared in
accordance with IFRS as adopted for use in the European Union (“EU IFRS”). The audit report for the audited consolidated
financial statements as of and for the year ended December 31, 2010 also cover the comparative information as of and for the
year ended December 31, 2009.
The 2010 and 2009 Audited Financial Statements are the first consolidated financial statements of ONOMidco
prepared in accordance with EU IFRS. Until the year ended December 31, 2010, ONOMidco prepared its consolidated annual
accounts in accordance with Spanish GAAP. For further information about ONOMidco’s transition to EU IFRS, see Note 5 to
the 2010 and 2009 Audited Financial Statements.
ONOMidco wholly owns Cableuropa and ONOMidco does not engage, and under the terms of current indebtedness
is not allowed to engage, in any business activities. ONOMidco’s consolidated financial statements are substantially the same
as those of Cableuropa’s consolidated financial statements, with the exception of certain immaterial administrative expenses.
Sources of Financial Information
Unless otherwise stated herein:
• All financial information has been prepared in accordance with EU IFRS;
• All financial information as of and for the three months ended March 31, 2012 and 2011 has been derived from
the Unaudited Interim Financial Statements;
• All financial information as of and for the year ended December 31, 2011 has been derived from the 2011
Audited Annual Accounts; and
• All financial information as of and for each of the years ended December 31, 2010 and 2009 has been derived
from the 2010 and 2009 Audited Financial Statements.
Currency References
Unless otherwise indicated or otherwise required by the context, all references in this offering memorandum to
“euro”, “€” or “EUR” are to the lawful currency of the participating member states, including Spain, in the third stage of
European Economic and Monetary Union of the Treaty establishing the European Community, as amended from time to time
and all references to “U.S. dollars”, “dollars”, “U.S.$” or “$” are to the lawful currency of the United States of America.
Non-GAAP Financial Measures
EBITDA, operating free cash flow and free cash flow as well as other data and certain ratios (including for the
twelve months ended March 31, 2012) presented in this offering memorandum are supplemental measures of our performance
and liquidity that are not required by, or presented in accordance with EU IFRS. EBITDA, operating free cash flow and free
cash flow are not measures of our financial performance or liquidity under EU IFRS and should not be considered as an
alternative to net income, operating profit or any other performance measures derived in accordance with EU IFRS or as an
alternative to cash flow from operating, investing and financing activities as a measure of our liquidity.
We believe that EBITDA, operating free cash flow and free cash flow facilitate comparisons of operating
performance from period to period and company to company by eliminating potential differences caused by variations in
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