1. Economic Situation

The analysis of the economic results of 2001, shows that they were positive, similar to what happened in previous years. The bottom line figure, that is, net income, rose 19%, when compared to the previous year. The following table shows the breakdown:

Unit: Euros

Operating results have maintained a significant growth pattern, mainly as a consequence of the stable growth in the number of Public Land Mobile Service stations.

Financial results reflect profits made from available financial products, applied in a low-risk and secure fashion (savings accounts or government bonds) in the credit institutions of the Directorate General of the Treasury. 

Extraordinary results refer to one-time gains and other extraordinary transactions in the period. The main gain was the sale of the Benavente fixed asset, which was used by Raret, to CTT- Correios de Portugal, SA, as well as the reimbursement, by the same company, of a series of costs relating to a property in Glória do Ribatejo, which has since been handed over to CTT, as a result of a joint order of the Ministers of Infrastructure and Finance, no. 264/2001 23 March, mentioned in section 51.4 of the appendix.

As in previous years, net income was transferred to investment reserves, in order to strengthen that amount.

The following shows details of the operating income and earnings by category:

Unit: Euros

The positive performance of operating income and earnings, some 15%, is primarily to do with the huge usage of radio spectrum in 2001 by the various market participants, a figure which rose 18%. The main contributor to this growth came from the Public Land Mobile Service, which saw a 19.7% increase in the number of stations from 6,665,000 at 31 December 2000, to 7,977,000 at the end of 2001.

It is also worth noting that in the second half of 2001, ICP reduced values in that rate schedule by an average of 8.8%.

The main points of operating income and earnings have already been mentioned, though it is worth mentioning that under extraordinary income and earnings, apart from the sale of the Benavente fixed asset and the reimbursement of costs relating to a property that used to belong to Raret, now in the hands of CTT - Correios de Portugal, SA, there is a one-time gain referring to a portion of an investment subsidy given by PEDIP, which does not have to be paid back. 

Unit: Euros

There was a 12% rise in costs and losses. However, after a closer look at the various categories, the factor that contributed most to this rise was ICP's contribution to a series of special information society projects.

Other categories that can be highlighted for showing a significant increase are: logistical support to external entities as a consequence of ministerial rulings (namely CPCE - Commission for Emergency Communication Planning, IOT - Operational Intervention in Telecommunications), and the signing of new maintenance contracts for updating information systems.

Gross added value, as defined by the Official Accounting Plan, rose to EUR. 58,008,970 in 2001, a 19% rise, when compared to the figure from the previous year.

• Economic Situation
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