Supplemental Disclosure Material - Ono

equivalents on our balance sheet, borrowings under our credit facilities and borrowings under other financing agreements. As
of March 31, 2012, on a pro forma basis (after taking into account the May 2012 Refinancing, we would have had
approximately €86 million of cash and cash equivalents and €107 million available lines under undrawn credit facilities
(including the €100 million Revolving Facility under the New Senior Facility), for a total pro forma liquidity as of March 31,
2012 of €193 million.
As a result of the May 2012 Refinancing, the maturity profile of our debt has been significantly improved. As of
March 31, 2012, on a pro forma basis and after taking into account the May 2012 Refinancing, €1,076 million of our debt
(comprising debt under Facility A, Facility B and the Revolving Facility (if drawn) of the New Senior Facility) will mature in
June 2017 and March 2018, with amortization payments on Facility A commencing in June 2013. We expect the maturities of
the Bank Tranches to be met through available cash and cash equivalents and operating cash flow. However, we expect that
we will be required to refinance a substantial portion of the indebtedness under the Notes Tranches of the New Senior Facility
on or before their maturity in 2018. For a discussion of the risks related to our borrowings, see “Risk Factors—Risks Relating
to Our Financial Profile”.
Cash Flow
Year ended
December 31,
Three months
ended March 31,
2009 2010 2011 2011 2012
(euro in millions) (euro in millions)
(unaudited)
Summary Cash Flow Statement Data:
Cash flow used in/(provided by) operating activities ......................... 312 392 457 116 131
Cash flow used in/(provided by) investing activities ......................... (223) (238) (289) (62) (68)
Cash flow used in/(provided by) financing activities ......................... (192) (333) (42) (32) —
Net increase/(decrease) in cash and cash equivalents ......................... (104) (178) 126 22 63
Cash from operating activities: In the three months ended March 31, 2012, cash flows from operating activities
increased by €15 million, or 12.9%, to €131 million from €116 million in the three months ended March 31, 2011 reflecting
both improved operating performance and working capital improvements driven by improved collection processes and the
change in law referred to below which reduced the average collection period and a reduction in our operating expenses and
investments, which in turn led to a reduction in cash payments to suppliers.
In year ended December 31, 2011 cash flows from operating activities increased by €65 million, or 16.6%, to
€457 million from €392 million in the year ended December 31, 2010 primarily due to working capital improvements driven
by improved collection processes which reduced the average collection period, the receipt of €51.2 million from Prisa TV as
part of a court ruling during 2011, and a reduction in our operating expenses and investments, which in turn led to a reduction
in cash payments to suppliers.
In year ended December 31, 2010 cash flows from operating activities increased by €80 million, or 25.6%, to
€392 million from €312 million in the year ended December 31, 2009 primarily due to working capital improvements driven by
improved collection processes which reduced the average collection period, the receipt of €46.6 million from Prisa TV as part
of a court ruling during 2010, and a reduction in our operating expenses and investments, which in turn led to a reduction in
cash payments to suppliers, and due to the fact that the first nine months of 2009 included costs related to our redundancy plan.
Changes to Spanish law with respect to invoicing mean that our typical payment period of 85 days will be first
reduced to 75 days as of January 2012 and then 60 days as of January 2013. Each of these reductions have negative impacts
on our working capital.
Cash flows used in/(provided by) investing activities: In the three months ended March 31, 2012, cash flows used
in investing activities increased by €6 million, or 9.7%, to €68 million from €62 million in the three months ended March 31,
2011. The disposal of a technical building resulted in positive cash flow in the three months ended March 31 2011 that
partially offset the increased investments carried out during that period in relation with the nationwide deployment of Docsis
3.0 technology in our entire network. Cash flows used in investment activities decreased in the three months ended March 31,
2012 once the deployment of Docsis 3.0 technology was completed.
In the year ended December 31, 2011 cash flows used in investing activities increased by €51 million, or 21.4%, to
€289 million from €238 million in the year ended December 31, 2010 due to: (i) additional investments in installations and
customer premise equipments carried out in 2011; (ii) investments carried out in relation with the deployment of Docsis 3.0
technology in our entire network; (iii) investments carried out in relation with the development of the Next Generation TV;
(iv) the upgrade of our telephony voice platform; and (v) an expenditure of €13.3 million in connection with the acquisition of
2.6 GHz mobile frequencies licenses in July 2011. This increase was offset in part by approximately €15.7 million in one-off
real estate disposals carried out in the first quarter of 2011.
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