During the late 1990s, while Portugal Telecom's bigger European rivals, Deutsche Telekom and France Télécom, ran up tens of billions in debt in a mad dash for growth, PT's executive chairman, Miguel Horta e Costa, and his predecessor, Francisco Murteira Nabo, kept a tight grip on spending. Thus PT, unlike its German and French counterparts, was able to report profits in 2001 and 2002, even as it was cutting its E5.4 billion ($6.4 billion) debt by 42 percent. As for Horta e Costa's CEO peers, Ron Sommer of Deutsche Telekom and Michel Bon of France Télécom, today both are out of jobs.
“我们的赛道记录证明，我们永远不会因为愿景而不是实际上花费，”Horta E Costa，55号。
Patrician首席执行官明确地运行了一家纯粹的纪律，可以承受最严酷的市场风暴吹来。他还可以在更有利的天气中闪耀一下吗？“PT被投资者作为该行业的最佳防御性股票之一，”马德里摩根斯坦利＆Co.的电信分析师Luis Prota指出。“但管理层的挑战将是寻找成长的方法，因为大电信公司将其行为放在一起。”
与过去三年的Dow Jones Stioxx欧洲电信指数的56％百分比相比，PT占地面积不到15％。自1月以来，股票上涨了17％。
Horta e Costa's frugality is evident in Brazil, where he launched a 50-50 joint venture, Vivo, with Spain's Telefónica in April 2003. The two companies, with 20 million local customers between them, should realize economies of scale without needing to make big additional investments.
This year the onetime Portuguese telephone monopoly is expected to report a 2 percent rise in profits, to E399 million, on a 1.6 percent gain in revenue, to E5.67 billion. Almost half of Portugal Telecom's re-venues come from mobile phone services; less than 40 percent are from fixed- line business; and the remainder -- nearly E700 million worth -- is from cable and satellite TV operators and programmers, an Internet provider and newspapers and magazines.
PT must contend with obstacles to its growth. Fixed-line cus- tomers, for example, are switching to mobile services, including those of Optimus and Vodafone Group's Telecel. PT will have to spend more to retain such customers, putting pressure on its margins. And its home market for all telecom services is a Portuguese population of just 10 million.
Horta E Costa于1972年在1972年赢得了大学的经济学，于1972年在2002年5月被命名为CEO，经过4年的国际业务。除了葡萄牙国外外贸国务卿1987'90和4年之后，担任BES Investimento的副主席，BancoEspíritoSanto的投资银行臂，Horta E Costa几乎在Pt队伍中花了几乎他的整个职业生涯。他最近谈到了在PT的里斯本总部的机构投资者亚博赞助欧冠工作人员作家David Lanchner。
亚博赞助欧冠机构投资者：葡萄牙电信如何继续突出，因为法国Télécom和Deutsche Telekom重组和债务等更大的竞争对手？
奥尔塔e科斯塔:第三代手机域名的出现le use and growing numbers of high-speed broadband connections mean content will play a meaningful role in telecom profits sooner rather than later. PT will remain an attractive stock regardless of the restructuring efforts of other telecom operators precisely because we are set up to exploit the convergence between traditional telecom services and content more efficiently than most of our rivals. The reason for that is the unique range of our businesses in Europe, which stretch from fixed and wireless telephony to the Internet, cable TV, satellite TV and magazines.
Aren't you concerned about investor skepticism regarding synergies between content and ways of delivering it?
不，因为我们的赛道记录证明我们永远不会因为我们的愿景而努力。PT的优先级一直在提高组织的效率，并保持成本。在保持股东忠诚度的电信中游戏的名称是信任运营商的财务实力。因此，我们永远不会危及我们的信用评级。
What can you do to stop the decline in revenue from fixed-line services migrating to mobile?
如果我们超越短期，我不确定这是真的相关的。我们以前比以往任何时候都在不断发展，其中行业通过交付方式除以电缆，无线和电缆，到边界将逐步淘汰。很快，我们的客户将拥有一个将连接到的移动单元，例如，在宽带，电缆和互联网上的主页中的固定基地。收敛的一个键是宽带。我们现在正在增加有线的交通。这是比语音低的较低保证金，但我们觉得对宽带的需求才刚刚开始。它将爆炸，并将通过快速增长的体积来组建任何余量的损失。
但是，由于PT客户可以选择竞争对手的移动运营商，而不是修复到移动的迁移并非迁移到葡萄牙内部
It could be. Clearly, we have to develop our services and increase their richness so that we can ensure the loyalty of our customers. With that in mind, we are selling new pricing plans that offer special discounts for clients who take packages that include, for example, some combination of mobile, fixed and cable services. PT is the only telecom in Portugal that can offer a package that covers all three areas, and that is a major advantage. Again, to keep customers using all our services, we want to move beyond the traditional telecom offer to one that includes entertainment. Here we have a broad range of possibilities for the future, from video on demand to interactive TV.
您需要花多少钱来开发最重要的移动网络，这是您愿景的关键？
Not that much. Initially, we only had to pay E100 million for our third-generation license, and now infrastructure suppliers are coming through with the technology to make 3-G a reality at a much cheaper price than we once thought possible. We are building the 3-G network today and expect to deploy it by the middle of next year. The capital expenditure for the rollout will be similar to what we paid for the license.
Do you expect mobile services in Portugal to consolidate?
是的，因为我们不相信市场可以长期盈利地支持三个移动运营商。我们有52％的市场，我们的竞争对手，沃达丰和擎天柱，更多或更少地均匀分裂剩下的48％。许多分析师表示，持续盈利能力是30％的市场份额。然而，潜在的整合的时间框架远非确定。它不仅取决于我们的愿望和竞争对手的愿望，还取决于政府和监管官员想要的。
巴西是您的重要市场。你有多自信，经济已经稳定？
坦率地说，很难拥有预后。我喜欢总统[LuizInácio]卢拉达席尔瓦的经济团队。他们做得很好地稳定真实。但巴西一直是一个令人惊讶的是积极和消极的。巴西将继续成为未来有巨大潜力的国家，我们在那里留下来。这是一个只有22％的人口今天使用移动的市场，而葡萄牙的86％，所以有很多发展范围。
鉴于巴西真实的波动，你的收入是否有羽毛？
我们已经对冲债务而不是我们的收入。如果汇率使遣返适当，我们可以做到这一点，但如果没有，我们可以使用我们的真实来增加我们网络的投资，而不会增加巴西债务。
Your Brazilian operation is a joint venture with Telefónica. Would it make sense to consider a full merger with a telecom operator like Telefónica?
We are not in consolidation mode in Europe, and most other telecom operators clearly still have some way to go before getting their balance sheets in order. We are very happy as we are. We have an interesting, very solid, broadly based domestic business with a very large, potentially high-growth operation in Brazil. Long term, however, everything is possible.