Compañía Anónima Nacional

Teléfonos de Venezuela (Cantv)

NYSE: VNT

Cantv Investor Relations

+011 58 212 500-1831 (Master)

+011 58 212 500-1828 (Fax)

Email: invest@cantv.com.ve

The Global Consulting Group

Lauren Puffer

646 284-9426 (US)

Email: lpuffer@hfgcg.com

•       Initial notes

•       Key financial and operating indicators

•       Year in review

•       Revenue analysis:

Fixed

Mobile

Internet and other

•       Margin and expense analysis

Total operating expenses

EBITDA and EBITDA margin

Other inc./exp., net and taxes

•       Cash flow analysis

CAPEX

Debt payments

Dividends

•       Other developments

Exchange controls

Issuance of commercial paper

Sale of investment in New Skies Satellites N.V. and Intelsat

Acquisition of Digitel

Supreme Court Decision

•       Financial statements data

Income statement data

Income statement data (YTD)

Balance sheet data

Cash flow data

•       Reconciliation of non-GAAP financial measures

•       2005 Guidance

•       Company profile

•       Glossary of key terms

CANTV 4Q04 Earnings Commentary – February 17, 2005            NYSE: VNT

•

•

•

Billions of Bs. and %

Revenue

EBITDA

EBITDA Margin

Net Income

EPADS (Bs.) *

Revenue

EBITDA

EBITDA Margin

Net Income

EPADS (Bs.) *

CAPEX

Free Cash Flow

Debt payments

Fixed

Residential

Non-residential

Public Telephones

ABA (ADSL) lines

Mobile

Internet

Fixed Local

(QTR)

(YTD)

Fixed DLD and ILD

(QTR)

(YTD)

Mobile

(QTR)

(YTD)

CANTV 4Q04 Earnings Commentary – February 17, 2005            NYSE: VNT

•

The decrease in Free Cash Flow was due to increased capital expenditures targeted at growth opportunities within our wireless and broadband businesses as well as integration and transformation of information systems.

•

Strong

mobile

revenue

continued to

drive top line growth

Mobile revenue growth drove consolidated fourth quarter and total year operating revenue growth of Bs. 130.3 billion (13.0%) and Bs. 358.3 billion (9.6%), respectively. Operating revenue totaled Bs. 1,130.6 billion during the fourth quarter of 2004 and Bs. 4,106.6 billion for the full year.

The 13.0% year-over-year fourth quarter revenue growth was the result of 35.9%, 27.9% and 3.4% respective increases in mobile, Internet and fixed telephony revenue. As a percentage of total revenue, fourth quarter mobile revenue increased from 27.0% to 32.5% as compared to fourth quarter 2003. Mobile revenue increased 42.9% and Internet revenue grew 18.3% in 2004. Fixed revenue declined 0.6% for the year (see Figure 2).

Sixth quarter of consecutive growth in access lines

Access Lines:

Total lines in service increased by 11.9% on a year-over-year basis totaling approximately 3.1 million as of December 31, 2004. Nearly 117 thousand net additions were posted during the fourth quarter, representing the sixth consecutive quarter of subscriber growth (see Figure 3).

Fourth quarter net additions were comprised of 64.9% residential, 27.3% ADSL, and 6.0% non-residential lines.

CANTV 4Q04 Earnings Commentary – February 17, 2005            NYSE: VNT

Local Service Revenue:

Fourth quarter 2004 Local service revenue of Bs. 233.3 billion were Bs. 36.7 billion lower (13.6%) than those reported during the same period of 2003. The Bs. 957.7 billion 2004 local service revenue were 9.2% lower than those of 2003.

Local service revenue continues to reflect the decrease in residential tariffs in real terms. The failure by CONATEL to approve residential tariff increases since 2003 has resulted in 19.3% and 15.1% year-over-year real term reductions in the weighted average usage tariffs and monthly recurring charge, respectively. Residential revenue accounted for 51.9% of total 2004 local services revenue compared to the 55.5% posted in 2003. Public telephony reflected a 17.2% increase in the revenue per minute rate, due to improved controls on traffic billed.

Figure 4 - Local Service Revenue

The monthly recurring charge component of local service revenue reflected a 15.0% drop when compared to the fourth quarter of 2003 (see Figure 4). This decline was driven by the respective 10.8% and 8.6% weighted average rate reductions in residential and non-residential postpaid tariffs as well as a 4.9% decrease in residential postpaid lines. These declines were partially offset by a 3.6% increase in non-residential postpaid lines. The 37.3% decrease in installation revenue from the fourth quarter of 2003 was primarily attributable to a decrease in the number of installations and an average installation real price decline of 5.8%. Local usage revenue decreased 8.6% due to a 15.6% decrease in the weighted average tariff, partially offset by a 10.6% increase in unbundled (billed) minutes traffic.

Unbundled (billed) minutes, which accounted for 71.9% of total local traffic, increased 10.6% and 6.1%, respectively during fourth quarter 2004 and full year as compared to the same periods in 2003. As shown in Figure 5, the 20.5% and 2.6% increases in residential and non-residential traffic,

CANTV 4Q04 Earnings Commentary – February 17, 2005            NYSE: VNT

Figure 5 - Local Unbundled Minutes

Domestic Long Distance Revenue:

Higher unbundled traffic drove DLD revenue increase

An 18.9% increase in total unbundled Domestic Long Distance (DLD) traffic (see Figure 6), partially offset by a decrease in the average tariff, drove the Bs. 3.9 billion (5.3%) increase in the fourth quarter 2004 DLD revenue as compared to the fourth quarter of 2003.

Compared to the same period in 2003, fourth quarter 2004 residential DLD revenue grew 18.7% to Bs. 33.1 billion. The Bs. 13.1 billion (21.6%) increase in the billed (unbundled) portion of residential revenue was attributable to a 37.1% increase in unbundled minutes partially offset by a 16.3% reduction in the weighted average tariff. An important component of the unbundled traffic increase is our new DLD plan, “Plan Nacional 3000”, which was launched in July 2004. This plan includes 3,000 seconds for a monthly fixed payment of Bs. 5,900 and a special rate of Bs. 26 for each additional second. The plan had 23.6 thousand subscribers as of December 2004. Bundled DLD residential revenue generated by the Company’s “Noches y Fines de Semana Libres” plan increased 16.8% on a year-over-year basis to Bs. 19.9 billion. A 29% increase in the weighted average real tariff was partially offset by a 37,826 (21.1%) decrease in subscribers from December 2003. For 2004, DLD residential revenue increased 9.8% when compared to 2003. A 24.2% increase in total traffic for the year was the key growth driver.

The Bs. 28.3 billion (11.0%) decrease in unbundled non-residential revenue was driven by a 16.2% reduction in the weighted average tariff partially offset by an 18.4% increase in unbundled non-residential total minutes. The same dynamic was responsible for the 7.1% decline in full year 2004 non-residential revenue.

CANTV 4Q04 Earnings Commentary – February 17, 2005            NYSE: VNT

International Long Distance Revenue:

ILD revenue increased 4.5% driven by an increase in outgoing traffic

Fourth quarter 2004 total International Long Distance (ILD) revenue of Bs. 30.5 billion (2.7% of total revenue) was 4.5% higher on a year-over-year basis. Full year 2004 results reflected a 14.7% drop in ILD revenue, driven by a Bs. 16.2 billion decrease in net settlements.

Figure 7 - ILD Minutes

The ILD outgoing revenue’s fourth quarter increase of Bs. 0.6 billion (2.2%) reflected an 18.5% increase in traffic partially offset by a 9.8% reduction in the weighted average tariff. Full year 2004 ILD outgoing revenue decreased 2.6% despite a 19.5% growth in traffic. Discounted prepaid cards offered by third parties continued to pose a competitive challenge to Cantv. Our reduced ILD weighted average prices reflect our discounted offers that are designed to respond to these competitive pressures.

Fourth quarter net settlement revenue increased Bs. 0.7 billion on a year-over-year basis. The growth in incoming traffic versus outgoing traffic produced the change in the net balance. This resulted in a positive 5 million minutes for fourth quarter 2004 as compared to a negative 4 million minutes posted in fourth quarter 2003.

Full year net settlement revenue decreased Bs. 16.2 billion as a result of an 11.8% increase in outbound traffic at an average rate that has remained at similar levels throughout the year, combined with a 12.0% increase in incoming traffic at rates that have decreased significantly as a response to increased competition between ILD operators terminating traffic in Venezuela.

Interconnection Revenue (Outgoing Fixed to Mobile and Incoming):

IXC revenue decreased slightly as the drop in incoming revenue was not compensated by the increase on the outgoing traffic

The full year 2004 2.5% decline in interconnection revenue was primarily attributable to a 3.0% decline in outgoing fixed to mobile interconnection revenue. The 2004 fourth quarter 2.1% decline was driven by a 24.7% decline in incoming revenue (see Figure 8).

CANTV 4Q04 Earnings Commentary – February 17, 2005            NYSE: VNT

Figure 9 - Interconnection Minutes

The higher outgoing traffic is a consequence of a larger mobile market. Growth in incoming traffic was generated by an increase in other operators’ fixed subscriber base, international long distance calls received by other local operators terminating in our network, and growth in mobile to fixed traffic.

In September 2004, a new promotional F-M tariff was introduced for public telephony, with the objective of increasing traffic and revenue in this segment. Public telephony F-M traffic increased 68.6% for the fourth quarter of 2004 when compared to the same period of 2003.

Continuing acceleration of ADSL subscriber additions drove a 28.4% increase in data revenue

Data Revenue:

Data transmission revenue totaled Bs. 118.5 billion (10.5% of total revenue) for the quarter, an increase of Bs. 26.2 billion (28.4%) on a year-over-year basis, due to a Bs. 11.6 billion (85.5%) increase in ABA (ADSL) revenue and a 9% increase in the weighted average price for private circuits. For the year, Data revenue grew 20.4% (Bs. 69.8 billion) compared to 2003.

ABA (ADSL) subscribers totaled 159 thousand at the end of 2004, a 106.9% increase on a year-over-year basis. Fourth quarter 2004 net subscriber additions were the highest posted since the service was launched in 2000.

Cantv launched in December 2004 an offer for new dial-up customers that provided interest free financing of personal computers called “Internet Equipado”.

Mobile

Net adds of 360 thousand mobile subscribers due to successful Christmas promotions

Subscribers:

As of December 2004, Movilnet’s subscriber base passed 3.1 million, representing a 15.9% increase on a year-over-year basis. The subscriber base is composed of 222 thousand (7.1%) postpaid and 2.9 million (92.9%) prepaid customers.

These positive results are net of a loss of more than 106 thousand subscribers between May and September 2004, caused by the active TDMA to CDMA migration campaign initiated in May 2004. As a result of this successful effort, Movilnet’s subscribers on the CDMA-1X platform surpassed 1 million subscribers in December, nearly 34.4% of our customer base.

CANTV 4Q04 Earnings Commentary – February 17, 2005            NYSE: VNT

A vibrant Christmas season, positive results from our strategy to promote CDMA network use, as well as the move to attract higher value customers generated 360 thousand additional net subscribers during the fourth quarter of 2004, the highest net adds posted in a single quarter since 2001.

A new prepaid plan, “Pégate con más 600”, was launched during October. The plan offers 600 free minutes for Movilnet-to-Movilnet and Movilnet-to-Cantv calls for a flat rate of Bs. 89,000.

Movilnet launched a new brand image with a new motto “Más Movilnet, Más Vida” and a new co-branding logo emphasizing the relationship between Cantv and Movilnet. This repositioning effort aims to increase the Company’s appeal to the youngster and high value segments while highlighting the quality of our cellular network.

Usage and ARPUs:

Total fourth quarter 2004 minutes of use (outgoing and incoming) reached 790 million, a 19.7% increase compared to the fourth quarter of 2003 (see Figure 10).

Within the outgoing minutes, total fourth quarter 2004 postpaid minutes increased 24.6% to 284 million minutes when compared to previous year’s fourth quarter and increased 33.9% to 1,054 million minutes for the entire year. Bundled postpaid traffic is the main growth variable as it increased 43.3% in fourth quarter 2004 on a year-over-year basis. For the full year, bundled postpaid traffic increased 69.6%. Prepaid traffic also increased for the quarter (13.7%) when compared to the same period in 2003. 1,475 million prepaid minutes were used for the full year which represented a 51.7% year-over-year growth rate. Much of the growth is attributable to the new prepaid bundled plans that were introduced during second quarter 2004.

Figure 11 - Mobile Minutes

Nominal weighted average mobile list prices increased 35.9% during 2004, a 13.6% increase in real terms.

During fourth quarter 2004, higher ARPU was achieved in both subscriber segments. Postpaid and prepaid ARPU reached Bs. 140,919 and Bs. 36,363, respectively, compared to Bs. 147,685 and Bs. 31,921 in the fourth quarter 2003. Blended ARPU grew 8.7%, reaching Bs. 44,515 compared to the Bs. 40,937 fourth quarter 2003 average.

CANTV 4Q04 Earnings Commentary – February 17, 2005            NYSE: VNT

Internet and Other

Fourth quarter Internet revenue totaled Bs. 30.8 billion (2.7% of total revenue), 27.9% higher than the previous year’s fourth quarter results. This increase was driven by the 56.3% growth in our subscriber base. Internet service posted 37,503 net additions in the fourth quarter of 2004. This represents the highest quarterly net additions experienced over the last two years and brings our customer base to approximately 363 thousand. The fourth quarter momentum was attributable to the Company’s continuing market expansion programs, most notably our alliances with educational centers that promote Internet usage.

In December, Cantv completed the second phase of the “Super@ulas” program which installed Internet facilities in 49 elementary schools during 2004. During the program’s third phase in 2005, the Company intends to install 25 Internet facilities at 25 additional elementary schools.

The Bs. 2.7 billion fourth quarter increase in other services’ compared to fourth quarter 2003 is attributable to an increase in the average price for advertising space in our directory business. For 2004, other telecommunications related services increased by Bs. 19.8 billion driven by higher directories revenue and a change in the classification of certain other services that are now recorded as data revenue.

EXPENSE AND MARGIN ANALYSIS

Total Operating Expenses

Fourth quarter 2004 total operating expenses increased by Bs. 183.3 billion or 20.3%, to Bs. 1,088.0 billion compared to the fourth quarter 2003, reflecting a Bs. 256.3 billion or 42.2% increase in cash operating expenses, partially offset by a Bs. 73.0 billion or 24.5% reduction in depreciation and amortization expenses.

The increase in operating expenses resulted mainly from a Bs. 83.5 billion increase in cost of sales, driven by higher cellular handset sales and fixed wireless equipment. Also, contributing to the increase were concession and other taxes increase of Bs. 10.9 billion and interconnection costs increase of Bs. 33.1 billion driven by the higher revenue and volume, an increase of Bs. 47.2 billion in contractor expenses for the regional elections contract, consulting fees related to sales initiatives, and contractors supporting our customer service activities, as well as an increase miscellaneous expenses mainly driven by additional legal and tax contingencies.

The decrease in depreciation and amortization expenses resulted from certain wireline network assets reaching the end of their useful lives, as well as reduced 2003 capital expenditures.

Total operating expenses for the full year 2004 increased by Bs. 143.7 billion or 4.0% to Bs. 3,748.5 billion compared to 2003. Cash operating expenses increased 17.4% to Bs. 2,785.2 billion due to an increase of Bs. 121.2 billion in cost of cellular handsets and fixed wireless equipment and higher contractor and miscellaneous expenses, partially offset by lower labor and benefit expenses and interconnection costs. Excluding cost of sales, cash operating expenses increased 6.1%.

Miscellaneous expenses include legal and tax contingencies of Bs. 109.3 billion, an increase of Bs. 77.9 billion over 2003. This increase includes a provision related to a potential adjustment on pension benefits, as a result of a ruling issued by the Constitutional Chamber of the Supreme Court in January 2005. For additional comments please refer to the Other Developments section.

CANTV 4Q04 Earnings Commentary – February 17, 2005            NYSE: VNT

Fourth quarter EBITDA decreased 32.1% to Bs. 267.0 billion from Bs. 392.9 billion in the prior year. As a percentage of revenue, this reflected a 1,500 basis points margin decrease. The decline resulted from cash operating expenses increasing 42.2% while revenue increased at a lower rate of 13.0% (for EBITDA details, please refer to the section on Reconciliation of Non-GAAP financial measures).

Despite healthy growth in lines, subscribers and general traffic, total revenue growth was curbed by the absence of residential tariff adjustment that drove a Bs. 36.7 billion reduction in local service revenue.

The main drivers of the 42.2% increase in cash operating expenses were stronger commercial efforts in a more intense competitive environment that translated into increased equipment sales at a subsidized level, and higher contractor expenses related to the regional elections, sales initiatives and customer service; and an increase in legal and tax contingencies.

Net income of Bs. 36.6 billion was 54.9% lower than in 4Q03

In addition to the decline in EBITDA, EBITDA margin was also adversely affected by the primary role Cantv had to assume in the distribution of mobile handsets and other terminal equipment, due to the difficulties experienced by distributors in accessing foreign exchange. While this does not have an impact on EBITDA, the EBITDA margin is reduced when registering the full equipment sales revenue and cost instead of registering the net subsidy.

The net terminal equipment subsidy increased Bs. 25.8 billion (39.5%), from Bs. 18.5 billion in the fourth quarter of 2003 to Bs. 44.3 billion for the fourth quarter of 2004. The additional dilution of the EBITDA margin resulting from Cantv’s distribution role was 286 basis points for the quarter.

For the year 2004, EBITDA was Bs. 1,321.4 billion and EBITDA margin 32%, compared to a 2003 EBITDA of Bs. 1,375.3 billion and an EBITDA margin of 37%. This represented a decrease of 3.9% and 500 basis points, respectively. Responding to similar trends as the ones described for the three month period, a revenue reduction of Bs. 97 billion driven by lack of adjustment of residential tariffs, and a Bs. 64.8 billion increased net equipment subsidy were the main reasons for the reduction in EBITDA and EBITDA margin drop.

Fourth quarter net income decreased 54.9% to Bs. 36.6 billion when compared to the fourth quarter of 2003. Full year 2004 net income increased Bs. 271.2 billion to Bs. 306.7 billion. This significant increase was the result of a Bs. 268.5 (21.8%) decrease in depreciation expense as well as a positive swing from other expense of Bs. 65 billion in 2003 to other income of Bs. 41.6 billion in 2004.

Other Income (Expense), net and Taxes

CANTV 4Q04 Earnings Commentary – February 17, 2005            NYSE: VNT

the sale of the investment in New Skies Satellite N.V, previously recorded as a separate account in equity. The loss from net monetary position decreased 62.3% resulting from lower inflation. Other income increased from Bs. 6.4 billion to Bs. 25.2 billion mainly as a result of the gain from the sale of New Skies Satellite N.V. of Bs. 12.6 billion.

For the full year, other income, net of Bs. 41.6 billion resulted from lower interest expense and an exchange gain resulting from the sale of the investment in New Skies Satellites N.V., including an exchange gain and other income totaling Bs. 21.0 billion. In 2003, other expense, net of Bs. 65.0 billion resulted from the loss from the sale of US dollar denominated bonds, an exchange loss and higher interest expense.

The income tax provision recorded in the fourth quarter 2004 increased by Bs. 36.8 billion to Bs. 47.2 billion compared to the same period a year ago. For the full year 2004, the income tax provision totaled Bs. 91.2 billion compared to Bs. 42.4 billion in 2003 due to higher taxable income and lower investment tax credits. Effective tax rate for 2004 was 22.8% compared to 54.0% in 2003, in which taxable income included the non-deductibility of the loss from sale of US dollar denominated bonds offset by the benefit from the contribution of Bs. 95.3 billion for the pension plan.

CASH FLOW ANALYSIS

Free cash flow for the year ended December 31, 2004 totaled Bs. 984.3 billion, 13.5% lower than 2003. While cash earnings (net income or loss adjusted for non cash items) increased by Bs. 58.6 billion, a Bs. 389.0 billion increase in Capital expenditures combined with a Bs. 176.8 billion decrease in the net balance of current and non-current assets and liabilities resulted in the Bs. 153.6 billion year-over-year reduction in FCF. (See Reconciliation of Non-GAAP financial measures).

Financing cash uses totaled Bs. 806.4 billion and reflect the payment of Yankee Bonds and other debt as well as the payment of Bs. 620.5 billion of dividends.

The Company’s net cash position totaled Bs. 730.6 billion as of December 31, 2004, compared to Bs. 472.8 billion as of December 31, 2003. (See Reconciliation of Non-GAAP financial measures).

Capital Expenditures

Debt Payments

CANTV 4Q04 Earnings Commentary – February 17, 2005            NYSE: VNT

During 2004, the Company declared dividends for Bs. 571.6 billion compared to Bs. 400.1 billion in 2003. The 2004 dividend included a Bs. 550 ordinary dividend per share declared in March 2004 and a Bs. 120 dividend declared on December 7, 2004.

Conversion of dividends paid to foreign investors and ADS holders into US$ must be approved by CADIVI, the Venezuelan foreign exchange board. Conversion of the December 2004 dividend into US$ is pending approval.

OTHER DEVELOPMENTS

Exchange Controls

The exchange control regime that was established by the Government on January 21, 2003, remains in effect. At its outset, the exchange rate was fixed at Bs. 1,600 per US$1 and then adjusted to its current rate of Bs. 1,920 per US$1 on February 6, 2004.

The Company has received approvals from the Government’s Foreign Currency Administration Commission (CADIVI) to acquire US$433.5 million since the implementation of the exchange controls, for payments of foreign goods and services (US$285.9 million) and interest and debt payments (US$147.6 million). During the fourth quarter 2004, the Company received approvals from CADIVI to acquire US$89.3 million for payments of foreign goods and services and US$1.7 million for interest and debt payments.

As of December 31, 2004, CADIVI had approved US$318.8 million since the implementation of the exchange controls for the conversion of Bolivars to US dollars for repatriation of dividends.

Issuance of Commercial Paper

On September 30, 2004, the Venezuelan Securities Commission (CNV) approved the issuance of commercial paper by Cantv for up to Bs. 80 billion that had been approved in a Shareholders meeting held on March 31, 2004. As of December 31, 2004, Bs. 44.5 billion of this commercial paper had been issued. In January 2005, the remaining Bs. 35.5 billion was issued completing the first issuance of commercial paper approved by the CNV.

On December 22, 2004, the CNV approved a second issuance of commercial paper by Cantv for up to Bs. 112 billion that had been approved in a Shareholders meeting held on March 31, 2004. According to the Venezuelan Capital Markets Law, the Company is required to issue at least 10% of the approved maximum amount within 90 days following the Commission’s approval.

Sale of Investment in New Skies Satellites N.V. and Intelsat

The sale of the investment in New Skies Satellites N.V (NSK), approved by Cantv’s Board of Directors in July, became effective in November 2004 and the sale of International Satellite Telecommunications Organization (INTELSAT) to Zeus Holding Ltd was closed on January 28, 2005.

Upon the effective sale of INTELSAT, the Company will recognize a gain of Bs. 74.0 billion, including the realization as income of the translation adjustments previously recorded.

Acquisition of Corporación Digitel, C.A.

On November 21^st, Cantv signed a stock purchase agreement to acquire 100% of the common stock of Corporación Digitel, C.A. (Digitel), a wholly-owned subsidiary of Telecom Italia Mobile S.p.A., for approximately US$450 million corresponding to enterprise value. The closing of the transaction is subject to regulatory approvals by CONATEL, Pro-Competencia (the anti-trust agency) and CADIVI.

CANTV 4Q04 Earnings Commentary – February 17, 2005            NYSE: VNT

Digitel, located in Caracas, is the leading GSM operator in Venezuela and operates in the Central Region since 1999. As of September 2004, Digitel was servicing over 1.29 million subscribers.

Supreme Court Decision

In September of 2004 the Social Chamber of the Supreme Court ruled in favor of Cantv on a matter related to pension benefits brought by the National Association of Retirees of Cantv. In January of 2005 the Constitutional Chamber of the Supreme Court requested the Social Chamber to issue a new pronouncement, taking into consideration that pensions cannot be lower than the minimum urban wage.

Cantv’s management, based on the opinion of its legal advisors, estimated a potential additional pension liability and recorded a contingency expense in December of 2004. The determination of the final outcome will have to wait until the new ruling by the Social Chamber of the Supreme Court.

CANTV 4Q04 Earnings Commentary – February 17, 2005            NYSE: VNT

FINANCIAL STATEMENTS DATA

Bs.

2004

Bs.

2003

Operating Revenues

Local services

Domestic long distance usage

Total local and domestic long distance

International long distance

Net settlements

Total international long distance

Fixed to mobile - Outgoing

Interconnection incoming

Data revenues

Other wireline-related services

Total wireline services

Mobile services

Internet revenues

Other telecommunications-related services

Total operating revenues

Operating Expenses

Provision for uncollectibles

Operations, maintenance, repairs and administrative

Interconnection cost

Concession and other taxes

EBITDA

EBITDA Margin

Depreciation and amortization

Total operating expenses

Operating Income

Other Income (Expense), net

Interest income

Interest expense

Exchange gain (loss), net