Canadian Corporate News Corrects Earlier Press Release.BASINGSTOKE Basingstoke (bā`zĭngstōk), city (1991 pop. 73,027), Hampshire, S central England, on the North Downs. Formerly a market town trading in silk and woolens, it has developed several industries, including the manufacture of agricultural , United Kingdom/MONTREAL--(BUSINESS WIRE)--May 11, 1999-- Correcting...In the news release sent earlier today for "TELESYSTEM INTERNATIONAL WIRELESS INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. ." an error occurred in the Company Name, it should have read "DOLPHIN TELECOM Dolphin Telecom was a mobile network operator using the TETRA radio access technology. Their initial network was in the UK but also built networks in France, Germany and Belgium. PLC" . The complete and corrected version follows:CORRECTION CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. : Dolphin Telecom Announces First Quarter 1999 Results, Equity Financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. and Further Developments of its European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. ESMR ESMR Enhanced Specialized Mobile Radio ESMR Extended Specialized Mobile Radio (Nextel) ESMR Expert Systems Message Router ESMR Electrically/Electronically Scanned/ing Microwave Radiometer ESMR Engine Starter Motor Relay Network DOLPHIN TELECOM(NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :TIWI TIWI Telesystem International Wireless Incorporated (Montreal, Quebec, Canada) ) (ME:TIW Tiw (tē`  ), Norse Tyr (tür), ancient Germanic god. .) (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :TIW.) HIGHLIGHTS For the first quarter ended March 31, 1999 All amounts are in US$, unless otherwise stated - Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues increased to $22.6 million for the quarter ended March 31, 1999, from $11.9 million in the corresponding period for 1998. Operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. before depreciation and amortization was $3.5 million for the first quarter of 1999 compared to a loss of $0.2 million for the corresponding period in 1998. Net loss for the quarter was $22.4 million compared to a loss of $6.4 million for the first quarter of 1998. The increased losses are mainly a result of the increased amortization expense related to the acquisitions made in the last year, interest on the Senior Discount Notes, the build-out Build-out is an urban planner’s estimate of the amount and location of potential development for an area. Build-out is one step of the land use planning process. Evaluation of potential development impacts begins with a build-out analysis. of the United Kingdom and initial development of the French ESMR networks. - Total subscribers increased to 296,900 from 202,400 at the end of 1998, reflecting the acquisitions of Chekker and Quickfunk in Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). . - As at March 31, 1999, the Company had agreed terms or signed leases on all of the ESMR cell sites required for 90 percent population coverage in the United Kingdom. Of these sites, approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 34 percent are in various stages of construction and approximately 48 percent are in service. Commercial ESMR service is scheduled for June June: see month. 1999. - In January January: see month. 1999, the Company signed an infrastructure supply agreement with Nokia Nokia (nō`kēä), town (1996 pop. 26,326), Western Finland prov., SW Finland, on Lake Näsijärvi. It is an industrial community where wood and rubber products are manufactured. for Dolphin's ESMR network in France. Dolphin dolphin, fish dolphin, large, swift game fish, Coryphaena hipparus, also called dorado. It is of nearly worldwide distribution in warm waters. will invest $200 million over the next two years to provide national coverage in France. The Company's French subsidiary also obtained a vendor facilitated euro 95 million (approximately $105 million) debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay commitment to fund its French network rollout. As at March 31, 1999, the Company had agreed terms or signed leases on over 120 ESMR cell sites in France. - In March 1999, the acquisitions of the German SMR (Specialized Mobile Radio) The communications services used by police, ambulances, taxicabs, trucks and other delivery vehicles. Throughout the U.S., approximately 3,000 independent operators are licensed by the FCC to offer this service, which provides always-on operations of Deutsche Telekom Deutsche Telekom AG (ISIN: DE0005557508, FWB: DTE, NYSE: DT, LSE: DEU, TYO: 9496 ) (abbreviated DTAG) is a telecommunications company headquartered in Bonn, Germany. It is the largest telecommunications company in Germany and in the EU. , Mannesmann Mannesmann AG was a German corporation with headquarters in Düsseldorf. The company was founded in 1890 originally to produce steel tubes. It was traded on the Frankfurt Stock Exchange. (Ticker symbol is MMN. and Motorola (Motorola, Inc., Schaumburg, IL, www.motorola.com) A leading manufacturer of semiconductor devices, electronics, telecommunications and satellite systems. Founded in Chicago in 1928 by Paul V. positioned Dolphin as the only national SMR operator in Germany with approximately 160,000 subscribers and will facilitate spectrum consolidation, allowing for an easier and more efficient ESMR network roll-out. With these transactions, Dolphin strengthened its position as the leading SMR operator in Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). .- Also in March 1999, Dolphin and Motorola announced a strategic relationship for the deployment Installing, setting up, testing and running. This military term, which means the placement of troops and equipment in the field, is widely used with computers as an alternate to the word "implementation. of TETRA tetra: see characin. tetra Any of numerous attractively coloured freshwater South American and African fishes (family Characidae), often kept in home aquariums. Tetras are small, lively, hardy, and unaggressive. in Europe. The Company awarded Motorola contracts to provide infrastructure and handsets valued in excess of $400 million. In conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the infrastructure contract, Dolphin's German subsidiary obtained a vendor-facilitated DM 800 million (approximately $442 million) debt financing commitment to finance the build-out of the German ESMR network, as well as an additional financing commitment from Motorola of up to $125 million to fund Dolphin's investment in Germany. - In March 1999, the Company's SMR license in Portugal Portugal (pôr`chəgəl), officially Portuguese Republic, republic (2005 est. pop. 10,566,000), 35,553 sq mi (92,082 sq km), SW Europe, on the western side of the Iberian Peninsula and including the Madeira Islands and the Azores in the was amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. to permit the Company to build and operate a national ESMR network. Together with the Company's ESMR license in Belgium Belgium (bĕl`jəm), Du. België, Fr. La Belgique, officially Kingdom of Belgium, constitutional kingdom (2005 est. pop. 10,364,000), 11,781 sq mi (30,513 sq km), NW Europe. obtained in December December: see month. 1998, the Company's business plans now encompass the build-out of ESMR networks in Belgium and Portugal over the next two years. - At March 31, 1999, Dolphin held cash and cash equivalents of $58.1 million compared to $170.8 million at the end of the previous quarter, principally reflecting the Company's capital expenditure attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the build-out of its ESMR network in the United Kingdom and the acquisition of Chekker and Quickfunk in Germany. - Subsequent to the quarter end, on April 28, 1999, the Company completed a private placement of 252,429 of its class A Ordinary Shares for gross proceeds of $210 million. The shares were placed with several institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. and a subsidiary of TIW, which invested $10 million as part of this offering. For the first quarter ended March 31, 1999 All amounts are in US$, unless otherwise stated DOLPHIN TELECOM ANNOUNCES FIRST QUARTER 1999 RESULTS, EQUITY FINANCING AND FURTHER DEVELOPMENTS OF ITS EUROPEAN ESMR NETWORK Telesystem International Wireless Inc. (TSE, ME, "TIW"; Nasdaq, "TIWI") announces that its subsidiary, Dolphin Telecom plc ("Dolphin" or the "Company"), reported today its results for the first quarter ended March 31, 1999, which highlights significant milestones achieved by Dolphin in implementing its pan-European ESMR network. As at March 31, 1999, the Company had agreed terms or signed leases on all of the ESMR cell sites required for 90 percent population coverage in the United Kingdom. Of these sites, approximately 34 percent are in various stages of construction and approximately 48 percent are in service. "The build-out of the United Kingdom ESMR network is on schedule for commercial service next month", said Ted Beddoes Beddoes is a surname, and may refer to:
, Chief Executive Officer of Dolphin. "We expect to offer 90 percent population coverage in the United Kingdom by June 1999", added Mr. Beddoes. In January 1999, the Company signed an infrastructure supply agreement with Nokia to provide equipment for its ESMR network in France. The contract will be part of Dolphin's initial $200 million infrastructure investment programme in France over the next two years to provide national coverage. As at March 31, 1999, the Company had agreed terms or signed leases on over 120 ESMR cell sites in France. In March 1999, the Company completed the acquisition of Quickfunk, a regional SMR operator previously owned by Mannesmann and Motorola, and the acquisition of Chekker, the national SMR subsidiary of Deutsche Telekom. These transactions position Dolphin as the only national SMR operator in Germany with approximately 160,000 subscribers and will facilitate spectrum consolidation, allowing for an easier and more efficient ESMR network roll-out. The total consideration for these acquisitions together with the buy out of the minority shareholders in Germany, was approximately $100 million. The consideration was paid in cash and in shares of Dolphin currently representing a 2.9 percent participation in Dolphin. "With these transactions and recent announcements, Dolphin strengthens its position as the leading SMR operator in Europe with approximately 300,000 subscribers, and the only European wireless operator with controlling multi-market presence" said Yves Yves may refer to:
European Community population and two-thirds of its economy, as well as full operating control in all its markets, Dolphin's pan-European strategy is now well underway" concluded Mr. Marois. Also in March 1999, Dolphin and Motorola announced a strategic relationship for the deployment of TETRA in Europe. The Company awarded Motorola contracts to provide infrastructure and handsets valued in excess of $400 million. Dolphin has agreed to purchase TETRA infrastructure equipment from Motorola, which will include the deployment of an ESMR network in Germany. The contracts represent Motorola's largest commitment to date to the deployment of TETRA in Europe. Work on the German nationwide network has begun and initial services will be made available in 2000. The award of this contract in Germany will facilitate the creation in the year 2000 of a seamless See seamless integration. ESMR wireless network in the United Kingdom, France and Germany. In addition, Dolphin also awarded a contract to Motorola for the supply of second generation handsets to be supplied starting in the second half of 2000. Under the two handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. contracts Dolphin has now signed with Motorola, Dolphin will purchase 550,000 first and second generation handsets. "Our vision of integrated pan-European ESMR services has been endorsed by Nokia and Motorola, global leaders in mobile communications, through their significant technical and financial commitments to TETRA and Dolphin", commented Ted Beddoes, Chief Executive Officer of Dolphin. "Nokia and Motorola bring their acknowledged wealth of experience and skills in TETRA mobile telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , through their contracts with us in the United Kingdom, France and Germany, but also from their other TETRA network contracts across Europe," added Mr. Beddoes. In March 1999, the Company's SMR license in Portugal was amended to permit the Company to build and operate a national ESMR network. Together with the Company's ESMR license in Belgium obtained in December 1998, the Company's business plans now encompass the build-out of ESMR networks in Belgium and Portugal over the next two years. Subsequent to the quarter end, on April 28, 1999, the Company completed a private placement of 252,429 of its class A Ordinary Shares for gross proceeds of $210 million. The shares were placed with several institutional investors, from Europe, the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of . A subsidiary of TIW invested $10 million as part of this offering. The class A Ordinary shares are convertible into Ordinary shares of the Company representing approximately 20.2 percent of the total Ordinary Shares on a fully-diluted basis. Review of Operations Quarter ended March 31, 1999 compared to quarter ended March 31, 1998 As a result mainly of business acquisitions, revenues reached $22.6 million compared to $11.9 million in the first quarter of 1998 and $21.3 million in the fourth quarter of 1998. Due primarily to the acquisition of Chekker and Quickfunk in Germany, the acquisition of the SMR operations of France Telecom and Bouygues Bouygues (Euronext: EN) is a French industrial group listed on Euronext Paris. It is a blue chip in the CAC 40 stock market index, founded in 1952 by Francis Bouygues (educated at the École Centrale Paris, 1946) and since 1989 led by his son Martin Bouygues. and the acquisition of Protocall, subscribers rose to 296,900 from 155,000 at March 31, 1998 and from 202,400 at the end of 1998. The Company's ESMR networks in the United Kingdom and France are still in the pre-operating stage and as such did not generate revenues in 1998 or 1999. Gross margins before depreciation and amortization were 58.3 percent in the first quarter of 1999 compared to 61.6 percent for the corresponding period in 1998 and 62.5 percent for the fourth quarter of 1998. The decrease is mainly attributable to the acquisitions of entities in smaller countries, notably Belgium, Portugal and Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. , which are in the early stages of development and certain pre-operating expenses of the ESMR networks in the United Kingdom and France. Selling, general and administrative expenses increased by $9.2 million in the first quarter of 1999 from the corresponding period in 1998 and by $1.7 million from the fourth quarter of 1998, primarily as a result of the development of the Company's ESMR networks in the United Kingdom and France and business acquisitions. Depreciation and amortization increased by $13.2 million in the first quarter of 1999 from the corresponding period in 1998 and by $7.5 million from the fourth quarter of 1998, primarily as a result of business acquisitions made by the Company since the first quarter of 1998 and the accelerated depreciation Accelerated Depreciation Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years of the life of an asset. Notes: The straight-line depreciation method spreads the cost evenly over the life of an asset. and amortization of its SMR assets in the United Kingdom and France. The Company reviews the SMR asset lives by country and makes adjustment to depreciation, shortening the asset lives to the estimated date of closure of the SMR networks. This adjustment is made only after the issue of an ESMR license, when infrastructure agreements have been signed and the Company has committed funding for the development of an ESMR network. Operating loss before depreciation and amortization was $3.5 million in the quarter compared to $0.2 million in the first quarter of 1998 and $1.7 million in the fourth quarter of 1998. The total operating loss in the quarter was $22.3 million compared to a loss of $5.8 million for the corresponding period in 1998 and $13.0 million in the fourth quarter of 1998. Net loss for the quarter was $22.4 million compared to a loss of $6.4 million for the first quarter of 1998. The increased losses are mainly a result of the increased amortization expense related to the acquisitions made in the last year, interest on the Senior Discount Notes, the build-out of the United Kingdom and initial development of the French ESMR networks. The net loss for the first quarter was lower than the net loss of $28.7 million recorded in the fourth quarter of 1998 due to non-recurring deferred taxation adjustments in the fourth quarter of 1998. Liquidity and Capital Resources Cash used in operating activities in the quarter is primarily attributable to operating loss before depreciation and amortization of $3.5 million, and realized exchange losses of $11.5 million. Cash used in investing activities is primarily attributable to acquisitions of tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. fixed assets fixed assets npl → activo sg fijo fixed assets npl → immobilisations fpl fixed assets fix npl → of $49.5 million and investments of $40.2 million for the quarter ended March 31, 1999. During that period, the Company's capital expenditures attributable to the build-out of its ESMR network in the United Kingdom totaled $40.7 million, with the difference being mostly attributable to the build-out of the French ESMR network. Cash used in financing activities totaled $5.9 million for the quarter ended March 31, 1999. This represents payments made to providers of finance under capital leases and bank debt. At March 31, 1999, Dolphin held cash and cash equivalents of $58.1 million compared to $29.8 million at March 31, 1998, and $170.8 million at the end of the previous quarter. The decrease from the previous quarter principally reflects the Company's capital expenditure attributable to the build-out of its ESMR network in the United Kingdom and the acquisition of Chekker and Quickfunk in Germany. On November November: see month. 5, 1998, Dolphin's United Kingdom subsidiary, Dolphin Telecommunications Limited, closed a 215 million sterling pounds (approximately $342 million) senior bank financing which, in conjunction with $252 million of capital contributions from Dolphin to its United Kingdom operations, fully funds the build-out of its ESMR network in the United Kingdom. The Company currently anticipates making its first drawdown Drawdown The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough. Notes: under the facility in the second quarter of 1999. In January 1999, as amended in March and April 1999, and in conjunction with the infrastructure supply contract award to Nokia in France, Dolphin Telecom S.A. obtained a vendor facilitated euro 95 million (approximately $105 million) debt financing commitment to fund the rollout of its wireless network in France and associated working capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. . This commitment, which is subject to the completion of certain conditions including the negotiation and execution of definitive agreements and receipt of certain approvals, combined with liquidities available, will fund the build-out of its ESMR network in France through June 2000. As part of their strategic relationship for the deployment of TETRA in Europe, Motorola has assisted Dolphin in obtaining up to $567 million in financing commitments. Dolphin's German subsidiary, Dolphin Telecom (Deutschland) GmbH GmbH Gesellschaft mit Beschränkter Haftung (German: limited liability company; business entity) , obtained a vendor facilitated DM800 million (approximately $442 million) seven-year debt financing commitment to fund the rollout of Dolphin's wireless network in Germany and associated working capital requirements. In addition, Motorola is providing up to $125 million in additional financing to fund Dolphin's investment in Germany. The various financing commitments are subject to the completion of certain conditions including the negotiation and execution of definitive agreements and receipt of certain approvals. Subsequent to the quarter end, on April 28, 1999, the Company completed a private placement of 252,429 of its class A Ordinary Shares for gross proceeds of $210 million. The shares were placed with several institutional investors, from Europe, the United States and Canada. A subsidiary of TIW invested $10 million as part of this offering. The class A Ordinary Shares are convertible into Ordinary Shares of the Company representing approximately 20.2 percent of the total Ordinary Shares on a fully-diluted basis. "The financings secured by Dolphin in the last twelve months from the capital markets, the banking community and our suppliers were important milestones towards the launch of our ESMR services in the United Kingdom and France for 1999 and in Germany in 2000" said Marc Godin Godin is a French surname, one that is especially common in French Canada. People with the surname Godin
Total assets amounted to $648.0 million with total indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. of $353.3 million. Dolphin Telecom plc The Company is a 77.8 percent owned subsidiary of Telesystem International Wireless Inc. ("TIW"). TIW is a global wireless operator. It develops, acquires, owns and operates wireless telecommunications networks A telecommunications network is a of telecommunications links and nodes arranged so that messages may be passed from one part of the network to another over multiple links and through various nodes. throughout the world. TIW provides digital cellular services in Romania In 2003 services constituted 55% of gross domestic product (GDP), and the sector employed 51.3% of the workforce. The subcomponents of services are financial, renting, and business activities (20.5%); trade, hotels and restaurants, and transport (18%); and other service activities (21.7%). , Brazil Brazil (brəzĭl`), Port. Brasil, officially Federative Republic of Brazil, republic (2005 est. pop. 186,113,000), 3,286,470 sq mi (8,511,965 sq km), E South America. , India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. and China as well as paging services in Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. and the Netherlands Netherlands (nĕth`ərləndz), Du. Nederland or Koninkrijk der Nederlanden, officially Kingdom of the Netherlands, constitutional monarchy (2005 est. pop. 16,407,000), 15,963 sq mi (41,344 sq km), NW Europe. . TIW, through the Company, also provides specialized mobile radio See SMR. (SMR) services in the United Kingdom, France, Germany, Belgium, Portugal and Spain.
DOLPHIN TELECOM PLC
SELECTED CONSOLIDATED FINANCIAL AND OPERATING DATA (UNAUDITED)
Three months
ended March 31,
1999 1998
------------------------------------------------------------
$ $
STATEMENT OF LOSS AND CASH FLOWS DATA:
(in thousands of US dollars)
Revenues 22,646 11,907
Operating loss before depreciation
and amortization (3,541) (239)
Net loss (22,359) (6,356)
Acquisitions of tangible
fixed assets 49,511 4,254
As of March 31, As of December 31,
1999 1998
------------------------------------------------------------
BALANCE SHEET DATA:
(in thousands of US dollars)
$ $
Cash and cash equivalents 58,077 170,815
Total assets 648,038 647,274
Short-term and
long-term debt 353,278 363,140
Shareholders' equity 124,120 127,137
OVERVIEW OF OPERATIONS: As of March 31, 1999
---------------------------------------------------------------
Licensed Start-up
POPs Date of Total
(in millions) Technology Operations Subscribers
---------------------------------------------------------------
United Kingdom 59.2 ESMR - -
United Kingdom 59.2 SMR 1992(ii) 77,200
France 58.9 ESMR - -
France 57.1 SMR 1990(ii) 43,100
Germany 70.0 SMR/ESMR(iii) 1993 158,300
Belgium 10.2 ESMR - -
Belgium 10.2 SMR 1996(iv) 2,400
Portugal 9.9 ESMR - -
Portugal 9.9 SMR 1994(iv) 10,600
Spain 14.5 SMR 1995 5,300
--------- -----------
Total SMR 220.9 296,900
========= ===========
Total ESMR 208.2
=========
Total POPs (v) 222.7
=========
OVERVIEW OF OPERATIONS: As of March 31, 1999
--------------------------------------------------------------
Dolphin Dolphin Dolphin
Telecom Telecom Telecom
Equity (i) Equity POPs Equity
(percent) (in millions) Subscribers
---------------------------------------------------------------
United Kingdom 100.0 59.2 -
United Kingdom 100.0 59.2 77,200
France 99.2 58.4 -
France 99.2 56.6 42,800
Germany 100.0 70.0 158,300
Belgium 93.8 9.6 -
Belgium 93.8 9.6 2,300
Portugal 65.0 6.4 -
Portugal 65.0 6.4 6,900
Spain 100.0 14.5 5,300
--------------------------
Total SMR 216.3 292,800
==========================
Total ESMR 203.6
========
Total POPs (v) 218.1
========
(i) Figures represent the percentage of the Company's direct and
indirect interest in its operations. The Company and its
partners have options which, if exercised, could have an impact
on certain of those percentages.
(ii) Dolphin Telecom's initial SMR investments in the U.K. and France
were made in 1994 and 1992, respectively.
(iii) In Germany, the Company operates within the ESMR frequency band
and its license authorizes both SMR and ESMR networks.
(iv) Dolphin Telecom's initial SMR investments in Portugal and
Belgium were made in July 1998.
(v) Total POPs represents the Company's ESMR POPs for the United
Kingdom, France, Germany, Belgium and Portugal and SMR POPs for
Spain.
DOLPHIN TELECOM PLC
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands of US dollars)
---------------------------------------------------------------
Prepared Using International Accounting Standards
March 31, December 31,
1999 1998
$ $
---------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 58,077 170,815
Restricted cash 8,081 8,600
Trade debtors 11,542 9,693
Inventories 3,661 2,044
Amounts due from related parties - -
Prepaid expenses and other
current assets 16,350 16,980
---------------------------------------------------------------
Total current assets 97,711 208,132
___________________________estricted cash 14,570
14,328
Investments and advances - -
Tangible fixed assets 246,378 180,966
Intangible assets 268,714 220,486
Other non-current assets 20,665 23,362
---------------------------------------------------------------
648,038 647,274
===============================================================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Short-term loan facilities 1,180 5,033
Trade creditors and accrued
liabilities 87,940 90,052
Deferred revenues 5,618 5,235
Amounts due to related parties 1,161 246
Current portion of long-term debt 4,982 6,437
Deferred taxation 9,206 5,768
---------------------------------------------------------------
Total current liabilities 110,087 112,771
---------------------------------------------------------------
Long-term debt 347,116 351,670
Deferred taxation 64,084 52,918
Minority interests 2,631 2,778
---------------------------------------------------------------
Shareholders' equity
Share capital 1,670 1,609
Additional paid in capital 230,441 202,567
Retained earnings (106,879) (84,520)
Cumulative translation adjustment (1,112) 7,481
---------------------------------------------------------------
Total shareholders' equity 124,120 127,137
---------------------------------------------------------------
648,038 647,274
===============================================================
DOLPHIN TELECOM PLC
CONSOLIDATED STATEMENTS OF LOSS (UNAUDITED)
(in thousands of US dollars)
---------------------------------------------------------------
Prepared Using International Accounting Standards
Three months ended March 31,
1999 1998
$ $
---------------------------------------------------------------
Revenues
Services 21,425 10,774
Equipment 1,221 1,133
---------------------------------------------------------------
22,646 11,907
Cost of services 8,624 4,102
Cost of equipment 818 467
Selling, general and
administrative expenses 16,745 7,577
Depreciation and amortization 18,758 5,575
---------------------------------------------------------------
Operating loss (22,299) (5,814)
Interest expense (9,117) (2,377)
Interest income 1,377 417
Foreign exchange gain 5,246 -
---------------------------------------------------------------
Loss before income taxes and
minority interests (24,793) (7,774)
Income taxes 2,481 837
---------------------------------------------------------------
Loss before minority interests (22,312) (6,937)
Minority interests (47) 581
---------------------------------------------------------------
Net loss (22,359) (6,356)
===============================================================
DOLPHIN TELECOM PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands )
---------------------------------------------------------------
Prepared Using International Accounting Standards
Three months ended
March 31,
1999 1998
$ $
---------------------------------------------------------------
OPERATING ACTIVITIES
Net loss (22,359) (6,356)
Depreciation and amortization 18,758 5,575
Accreted interest on long-term debt 9,180 -
Capitalized interest (2,449) -
Minority interests 47 (581)
Income taxes (2,481) (837)
Unrealized foreign exchange gain (16,762) -
Changes in operating assets and
liabilities 1,022 21,120
---------------------------------------------------------------
Cash provided by (used in)
operating activities (15,044) 18,921
---------------------------------------------------------------
INVESTING ACTIVITIES
Acquisitions of tangible
fixed assets (49,511) (4,254)
Investments (40,174) (72,104)
Decrease (increase) in other
non-current assets 15 (2,670)
---------------------------------------------------------------
Cash used in investing activities (89,670) (79,028)
---------------------------------------------------------------
FINANCING ACTIVITIES
Increase in invested capital - 4,195
Changes in long-term debt (5,908) 81,790
---------------------------------------------------------------
Cash provided by (used in)
financing activities (5,908) 85,985
---------------------------------------------------------------
Effect of exchange rate
changes on cash (2,116) -
---------------------------------------------------------------
Increase (decrease) in cash and
cash equivalents for the period (112,738) 25,878
Cash and cash equivalents,
beginning of period 170,815 3,927
---------------------------------------------------------------
Cash and cash equivalents,
end of period 58,077 29,805
===============================================================
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