press release 4 q00 tele nordeste celular en

www.timnordeste.com.br 1

Contacts:

Tele Nordeste Celular Participações S.A.Paulo Narcélio Simões Amaral 55.81.3216.2591Fabíola [email protected] [email protected]

TELE NORDESTE CELULAR PARTICIPAÇÕES S.A.ANNOUNCES FOURTH QUARTER AND YEAR 2000 RESULTS

Recife, Brazil (March 19, 2000) – Tele Nordeste Celular Participações S.A. (NYSE: TND,BOVESPA: TNEP3, TNEP4) (“Tele Nordeste Celular” or “the Company”), the holding companycontrolling the operating companies serving Band A cellular telecommunication clients in thestates of Piauí, Ceará, Rio Grande do Norte, Paraíba, Pernambuco and Alagoas under the TIMbrand name, announced today its results for the fourth quarter and year 2000.

• Client growth up 27.2%% from 1999 to 1,511,000• Market share in the fourth quarter remained stable at 65.4%• EBITDA increased 48.3% year over year to R$267.6 million

Operational Highlights

Commercial activities during the fourth quarter of 2000 resulted in the gross addition of 150,875clients (of which 96,551, or 64.0%%, were prepaid). Accumulated gross additions to the year2000 totalled 691,058, of which 481,348, or 69.7%, were prepaid. Net accumulated additions tothe year 2000 totaled 323,088, all prepaid, as a result of the disconnection of clients from thepost-paid system during the second and fourth quarters of 2000. The propose of thosedisconnection was to clean the clients base, as a way to reduce and control the bad debt.Excluding those disconnection, the net addition for 2000 was 431.893.

The Company had a total of 1,511,000 clients on December 31, 2000, of which 824,806 (54.6%)were contract clients and 686,194 (45.4%) were prepaid clients. The market share at the end ofthe forth quarter of 2000 was estimated at 65.4%.

The subscriber acquisition cost was R$80 in the fourth quarter of 2000 compared to R$119during the third quarter of 2000 and R$211 during the fourth quarter of 1999. The accumulatedsubscriber acquisition cost through December 2000 was R$127, compared to R$158 for theprevious year.

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mailto:[email protected]


As a result of the intensification of the collections and billing activities and the adoption ofrigorous collection procedures and polices, the bad debt levels are showing an improvement.During the fourth quarter the bad debt of around 8.3% of gross revenue, against 10.2% duringthe third quarter, but still a long way from 3.7% during the fourth quarter 1999.

Short Message – SMS launch in July de 2000, started to be charged in December 2000, in theamount of R$0,19 per message sent (gross amount, with tax). Through the website, this serviceis still free. The messages received are not charged. This service is blocked to thosedelinquents clients (postpaid system) and no credit clients (prepaid system).

During the fourth quarter, as an effort to increase the traffic volume in the prepaid system, theoperating companies launched new tariffs plans: Day plan, Night plan and All time plan. Withthese new tariffs plans, the client call any place in Brazil, paying a local call.

Year end campaigns had the objective to promote the new clients entry, stimulate the migrationof actual clients from basic plan to one of those special plans, incentive the payment of postpaid system on shape and the recharge of credits in the prepaid system. To achieve thesegoals, free traffic was conceded.

Financial Highlights

Tele Nordeste’s consolidated net income for the fourth quarter of 2000 was R$12.9 millioncompared to consolidated net income of R$1.7 million for the third quarter of 2000, resulting inconsolidated net income for the year 2000 of R$26.7 million, or R$0.08 per 1,000 shares. Thiscompares to a consolidated loss of R$3.1 million in the fourth quarter of 1999 and aconsolidated net income of R$9.4 million for the year1999.

For the fourth quarter of 2000, Tele Nordeste Celular reported consolidated EBITDA and EBITof R$81.8 million and R$39.9 million, respectively, and an EBITDA margin of 37.5% and anEBIT margin of 18.3% over the net operating revenues, compared to EBITDA of R$59.6 millionand EBIT of R$21.0 million, representing an EBITDA margin of 24.5% and an EBIT margin of10.4% over net operating revenues reported for the third quarter of 2000, and EBITDA ofR$24.1 million and EBIT of R$24.7 million, representing an EBITDA margin of 11.3% and anEBIT margin of 11.7% over net operating revenues reported for the fourth quarter of 1999.

For the year 2000, EBITDA and EBIT were R$267.6 million and R$129.6 million, representingan EBITDA margin and EBIT margin over net operating revenues of 31.6% and 15.3%,respectively, compared to EBITDA of R$180.5 million, EBIT of R$93.4 million, EBITDA marginof 26.7% and an EBIT margin of 13.8% over net operating revenues during the year 1999.

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EBITDA (in R$000)


Consolidated net operating revenues in the fourth quarter of 2000 reached R$218.3 million,compared to R$202.1 million in the third quarter of 2000, resulting in a total of R$845.6 millionfor the year 2000, compared to R$212.4 million in the fourth quarter of 1999 and R$674.9million for the year 1999.

Net consolidated revenues in fourth quarter of 2000, grew 8% when compared to the thirdquarter of 2000. This increase was due to the income traffic volume growth. This increasereflects the increase in the prepaid clients base, the seasonality during this time in the region,where tourism increases and the additional revenues of roughly R$18 million regarding theincome traffic not declared in the previous quarters, and recognized only in the fourth quarter.This increase in the traffic volume compensated the reduction of 19.9% in the handset salesrevenues, that reflected the Senior Management decision to maintain the subsidies only in trafficduring the year end campaigns.

Consolidated net operating revenues for the year 2000 grew by 25.3% over the same period of1999. This increase was due to the growth in the traffic volume generated. In the outgoing trafficwith a growth of 20% and mainly in the income traffic that grew by 83.8% year over year. Thesignificant increase in the incoming traffic was due to the new clients base profile, where inDecember 45% of the clients were prepaid, with the characteristic of receiving more calls thangenerating ones.

The increase in the telecom services revenues compensated the reduction of 19.9% in thehandsets sales, that accompanied the reduction in the subsidies. Considering only the telecomservices revenues the growth in the year was more than 33%.

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Net Operating Revenues (in R$000)


Selected Consolidated Financial Data (in thousands of Reais)

2000 1999Accumulated for the

year4Q 3Q 4Q 2000 1999

Gross Revenues - Usage charges 115,971 118,475 120,488 490,475 408,692 - Monthly subscription payments 39,942 39,647 43,130 170,305 147,176 - Interconnection 102,977 71,366 46,145 302,452 164,524 - Sale of handsets and accessories 20,741 25,889 65,413 116,554 145,508 - Other 362 641 1,359 952 4,053Subtotal 279,993 256,018 276,535 1,080,738 869,953 - Taxes (61,713) (53,948) (64,180) (235,118) (195,100)Net Operating Revenue 218,280 202,070 212,355 845,620 674,853Cost of services and of goods sold - Depreciation and amortization (29,373) (27,597) 1,774 (108,695) (84,381) - Personnel (1,535) (2,420) (2,860) (8,014) (7,339) - Materials (122) (221) (179) (547) (407) - Circuit leasing (9,508) (7,939) (5,322) (34,066) (31,956) - Leases and insurance (2,445) (2,830) (2,500) (9,922) (7,218) - Handsets and accessories (15,307) (23,304) (69,819) (107,123) (149,611) - Fistel (345) (234) (9,330) (979) (24,329) - Plant Support and maintenance (5,134) (4,748) - (10,132) - - Interconnection (22,445) (22,044) (16,399) (94,641) (76,602) - Other (1,433) (2,372) (5,973) (6,583) (8,557)Subtotal (87,647) (93,709) (110,608) (380,702) (390,400)Gross profit 130,633 108,361 101,747 464,918 284,453

Consolidated gross profit for the fourth quarter of 2000 increased 20.5% compared to the thirdquarter of 2000. This increase was due to the growth in the net operating revenues, combinedwith a reduction of 6.5% in the costs of services and of goods sold. Compared to the fourthquarter of 1999 the growth was 28.4%.

For the year 2000, consolidated gross profit increased 63.4% compared to the same period inthe previous year. This increase was principally due to a greater use of our network on the partof clients, associated with a policy for reducing costs. It is important to point out that the Fisteltax was reclassified to sales expenses in the second quarter of 2000.

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Gross Profit (in R$000)


Selected Financial Data (in thousands of Reais)

2000 1999Accumulated for

the year4Q 3Q 4Q 2000 1999

Operating Expenses - Selling 63,702 60,815 52,161 233,850 125,759 - General and administrative 24,876 20,547 21,305 87,892 68,631 - Other operating expenses, net 2,173 5,991 3,028 13,555 (3,381)Subtotal 90,751 87,353 76,494 335,297 191,009- Net financial expenses (excluding

interest on own capital) 21,205 19,003 66,250 82,317 81,127Total, net of interest on own capital 111,956 106,356 142,744 417,614 272,136

Consolidated net operating expenses increased 5.3% compared to the third quarter of 2000 anddecreased 21.6% compared to the fourth quarter of 1999. The reduction was a result of lowerfinancial expenses, which compensated the growth in the sales expenses, mainly in the baddebt expenses, and in the general and administrative expenses.

Consolidated net operating expenses for the year 2000 grew 53.5% compared to the sameperiod in the previous year. This growth was due to higher bad debt expenses, greatermarketing expenses (promotional advertising campaigns) and sales expenses (commissions),and the amortization of the goodwill, that has been done since the second quarter of 2000.

Consolidated bad debt expenses during the fourth quarter of 2000 reached R$23.3 million,representing 8.3% of gross revenues and showing a reduction of 11.3% (from R$26.2 million toR$23.3 million) when compared to the third quarter of 2000 and an increase of 126.2%% whencompared to the fourth quarter of 1999.

Accumulated for the year, the consolidated bad debt expenses totaled R$99.3 million,representing 9.2% of gross revenues. Senior Management believes that the controls it hasadopted for overdue bills since the second quarter of 2000, the bad debt expenses must bestrongly reduced during 2001. Among the measures that have been adopted are thedisconnection of overdue post-paid clients, the application of more effective collectionprocedures and the promotion of migration to the prepaid system.

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Operating Expenses (in R$000)


Amortization of Goodwill

On June 30, 2000 Tele Nordeste Celular and its operating companies completed a restructuringthat resulted in the transfer of the premium paid during the privatization process from BitelParticipações S.A., the parent company of Tele Nordeste Celular, to each one of the operatingcompanies. This restructuring is aimed at taking advantage of a fiscal benefit estimated atR$200 million over 8 years, through to 2008, which will be incorporated into their share capitalby the operating companies, with significant financial benefits for them. A proposal for themerger of the operating companies is awaiting Anatel approval.

On December 31, 2000 the consolidated amortization of the premium, net of reversal of theprovision for the integrity of shareholder's equity, was R$13.1 million, of which R$6.3 million wasin the fourth quarter, generating a fiscal benefit on the order of R$11 million.

Capitalization of the Fiscal Benefit

The Board of Directors will submit to the Extraordinary General Shareholders’ Meeting, aproposal to increase the Tele Nordeste Celular and operating companies capital in the amountof their respectively generated fiscal benefit.

Capitalization of Retained Profits

Considering that, according Brazilian laws, the limit of the profits reserves in relation of thecapital was reached. The Board of Directors will submit to the Extraordinary GeneralShareholders’ Meeting, a proposal to increase the Tele Nordeste Celular’ capital in the amountof R$66.2 million. This amount is a part of the retained profits total amount.

Dividends and Interest on Shareholdes’ Equity

Senior Management is proposing the distribution of annual dividends equivalent to 25% of theadjusted net income, after deducting 5% (R$1.4 million) for the legal reserve and adding R$9.9million from the realizable profit reserve. This represents total dividends of R$9.2 million, orR$0,03 per 1,000 shares, net of income tax, which will be paid part as interest on shareholdes’equity as per Brazilian legislation and part as complementary dividends.

The approval and payment date of the above mentioned dividend payment will be determined atTele Nordeste’s Annual Shareholders’ Meeting to be held in April.

ARPU

The blended average revenue per user (ARPU), net of taxes, for the fourth quarter of 2000 wasR$47.07 per month, compared to R$42.46 per month in the third quarter of 2000, and R$51.41per month for the forth quarter of 1999. This increased compared to the third quarter of 2000,was due to the disconnection of roughly 58,000 clients and the increase in the incoming trafficduring the fourth quarter of 2000.

The combined accumulated ARPU for 2000 was R$46.45 compared to R$56.62 for the sameperiod a year earlier. The post-paid ARPU in 2000 was negatively affected by the blocked linesfor credit reasons procedure, which was adopted at the end of the second quarter. Blocking iscarried out on a partial basis, and as a result, only incoming traffic revenues are generated bythese clients. In December, the clients base was 45% prepaid and 55% postpaid.


Competition

The Company estimates that its market share at the end of the fourth quarter of 2000 wasapproximately 65.4% in terms of number of accesses. The penetration rate in the region at theend of December 2000 was estimated at 8.8%, compared to Brazil’s penetration rate ofapproximately 13.9% (23 million lines).

Debt Profile

Consolidated debt at December 31, 2000, was R$407 million, with R$57 million maturing in theshort-term.

Tele Nordeste Celular, through its Telpe Celular operating company, signed a long-termfinancing contract with the European Investment Bank (EIB) in the amount of US$50 million atthe beginning of October 2000. This debt was totally converted to Reais and with pre-fixedcosts, in line with the Company’s policy of minimizing exposure to foreign currency risks andinterest rate fluctuations.

Another measure to lengthen the consolidated debt profile concluded in November 2000 wasthe issue of simple debentures, not convertible into shares, carried out by the Telpe Celularoperating company, in the amount of R$200 million.

For another source of long-term financing, Tele Nordeste Celular has had a letter ofconsultation approved by and now is in the project preparation phase for financing from theNational Economic and Social Development Bank - BNDES (second quarter of 2001).

Capital Expenditures

The investment program for the year 2000 was totally concluded, reaching the amount ofR$202.1 million. The investments were directed to expansion, digitalization and optimization ofthe network and includes improvements to the Company's information systems, new servicesand Internet access facilities.

On December 31 the Company had 737 radio base stations (RBEs), of which 16 were mobileand provided service in 307 municipalities that corresponded to coverage of 75% of thepopulation. Network digitalization was of the order of 74%; that is, 74% of voice channels weredigital, with 87% of its clients using digital handsets.

Events Subsequent to December 31, 2000

Launching of new products and services:

In February de 2001, two new services were offered by the Tele Nordeste’s operatingcompanies: Intelligent Network and WAP.

Intelligent Network is a new conception in business mobile communications. It is a servicedesigned for companies, that permits the creation of groups of users, promotes theimprovement of the mobile communications and permits the control of generated and receivedcalls. All in accordance with the company definition.

Wap service is provided through TIMnet, a subsidiary company created with the objective ofdevelop internet solutions and innovative value added services. Although the technology wasavailable, this service was not offered before, because the lack of TDMA WAP handsets in theBrazilian market.

www.timnordeste.com.br

Bands “D” and “E”:

The actions for bands “C”, “D” and “E” had the following results:• Band “C”: no one;• Band “D”: Region I – Telemar

Region II – TIMRegion III – TIM

• Band “E”: Region I – TIM

With the acquisition of these new licenses TIM imannounced the creation of the first Pan-americaCelular will have the support of TIM to keep offevery competitive prices. The continuum technoand services, the scale economy, and synergieconquer new clients in these new scenario of the

Annexes:- Selected historical statistics- EBITDA calculus- Financial statements as of December 31, 2000 and 1

This press release contains forward-looking statements. Statements that are not stCompany’s management. The words “anticipates,” “believes,” “estimates,” “exintended to identify these statements, which necessarily involve known andAccordingly, the actual results of operations of the Company may be different frundue reliance on these forward-looking statements. Forward-looking statemenundertake any obligation to update them in light of new information or future dev

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I

AREA II

AREA I

AREA I

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proved strongly its presence all long Brazil andn GSM Network. In this scenario Tele Nordestering products and services with high quality andlogical development, the innovation in productss will be the army to win the challengers and Brazilian telecommunication sector.

999

atements of historical fact only reflect the beliefs and expectations of thepects,” forecasts,” predicts,” “plans, ” “projects,” and similar words are unknown risks and uncertainties, forecast or not by the Company.om the Company’s current expectations, and the reader should not placets speak only as of the date they are made, and the Company does notelopments.


Consolidated Statistics

4Q00 3Q00 2Q00 1Q00 4Q99

Clients 1,511,000 1,482,673 1,361,669 1,313,252 1,187,912Net additions 28,327 121,004 48,417 125,340 235,855Market share (%) 65 65 65 69 73Market share marginal (%) 100 65 25 40 65Growth over same period of the previous year (%) 27.0 55.7 71.8 90.4 93.4Estimated population of region (in millions) 26.3 26.2 26.2 26.1 26.1Penetration rate (%) - Tele Nordeste 5.7 5.6 5.4 5.0 4.6 - Total 8.7 8.7 8.2 7.3 6.6Municipalities covered 307 307 297 289 N. A.MOU total 166 156 151 176 195Churn total (%) 8.2 4.9 8.9 4.7 3.2Blended ARPU (R$) 47.07 42.46 45.63 51.05 51.41SAC - Subscriber acquisition cost (R$) 79.94 118.85 131.78 168.63 210.80Digitalization rate (%) - Network 74 73 66 56 54 - Clients 87 83 82 79 72Coverage - Population 75 75 74 74 74 - Geographical area 29 29 28 28 28Workforce 1,628 1,623 1,646 1,277 1,283

EBITDA (in thousands of Reais)

4Q00 3Q00 2Q00 1Q00 2000

Net operational revenue 218,280 202,070 210,757 214,513 845,620Operational income 9,269 2,004 (1,009) 26,406 36,670Depreciation 35,597 33,517 29,681 26,094 124,889Amortization of the goodwill 6,295 5,053 1,767 - 13,115Financial income (7,099) (1,256) (468) (4,028) (12,851)Financial expenses 37,712 20,259 22,826 25,006 105,803

EBITDA 81,774 59,577 52,797 73,478 267,626% EBITDA 37.5 29.5 25.1 34.3 31.6


Balance Sheet

December 31, 2000 and 1999(in thousands of Reais)

Parent Company Consolidated2000 1999 (*) 2000 1999 (*)

Assets

Curent assetsCash equivalents 567 283 53,075 77,768Trade accounts receivable - - 133,617 168,542Inventory 28 25 18,289 28,284Telecommunications companies - - 59,285 32,491Taxes and contributions receivable 3,394 3,890 28,939 40,931Deferred income and social contribution taxes 1,080 173 16,859 18,088Dividends and interest on shareholders’ equity 8,619 9,568 - -Prepaid expenses 49 - 251 6,449Other rights 1,193 2,472 13,542 12,317

14,930 16,411 323,857 314,870

Noncurrent assetsLoan to subsidiaries 18,679 30,660 - -Tax incentives - - 2,077 2,679Deferred income and social contribution taxes - - 1,088 -Amounts in litigation - - 960 -

18,679 30,660 4,125 2,679

Permanent assetsInvestments 561,769 329,186 - -Property, plant and equipment 5,096 4,609 718,578 644,020Deferred asset - - 192,693 -

566,865 333,795 911,271 644,020

600,474 380,866 1,239,253 961,569

(*) Reclassified


Balance Sheet

December 31, 2000 and 1999(in thousands of Reais)


Liabilities

Current liabilitiesSuppliers 787 1,079 62,907 94,886Financing and loans - - 49,268 270,586Debentures - - 7,573 -Taxes payable 962 1,002 21,745 37,354Salaries and vacation pay 1,358 554 5,534 4,313Subsidiaries 1,556 10,295 - -Telecommunications companies - 3 23,132 7,520Dividends and interest on shareholders’ equity 11,605 10,340 19,212 16,721Other liabilities 8,322 3,502 19,428 25,050

24,590 26,775 208,799 456,460

Noncurrent liabilitiesFinancing and loans - - 150,202 53,278Debentures - - 200,000 -Other liabilities - - 903 90

- - 351,105 53,368

Minority interest - - 103,465 97,650

Shareholders’ equityCapital stock 108,843 108,943 108,843 108,943Capital reserves 204,068 - 204,068 -Profit reserves 170,405 178,922 170,405 178,922Retained profits 92,568 66,226 92,568 66,226

575,884 354,091 575,884 354,091

600,474 380,866 1,239,253 961,569

(*) Reclassified


Statement of Income

For the years 2000 and 1999(in thousands of Reais)


RevenuesTelecommunications services and sale of goods - - 1,080,738 869,953

DeductionsICMS (tax on distribution of goods and services) - - (185,696) (164,277)PIS (profit participation program tax) and COFINS (socialsecurity financing contribution) - - (39,926) (30,823)Discounts - - (9,223) -

Net revenues - - 845,620 674,853

Cost of goods sold and services rendered - - (380,702) (369,214)

Gross profit - - 464,918 305,639

Operating revenues (expenses)Selling expenses - (1,579) (233,850) (146,945)Administrative and general expenses (10,727) (460) (87,892) (68,631)Financial expenses (7,970) (10,916) (105,803) (106,266)Financial income 2,285 4,604 12,852 12,311Equity in income of subsidiaries 39,125 9,196 - -Other operating income - - 7,830 8,129Other operating expenses (1,481) (1,557) (21,384) (2,683)

Operating income (loss) 21,232 (712) 36,671 1,554

Nonoperating income 10 - 4,194 2,294Nonoperating expenses (1) - (1,753) (6,940)

Income before reversal of interest on shareholders’ equityand income and social contribution taxes 21,241 (712) 39,112 (3,092)

Income and social contribution taxes - 761 (9,915) 4,375Employee profit sharing (787) (510) (2,117) (2,065)Reversal of interest on shareholders’ equity 7,690 9,882 10,634 12,828

Net income (loss) before minority interest 28,144 9,421 37,714 12,046

Minority interest - - (11,060) (2,625)

Net income (loss) 28,144 9,421 26,654 9,421

Net income (loss) per lot of a thousand shares 0.08 0.03

Number of shares at year end (thousands) 334,399,028 334,399,028

(*) Reclassified


Statements of Changes in Shareholders' Equity

Years ended December 31, 2000 and 1999(In thousands of Reais)

Capital reserve Profit reserves

Capital Special premiumStatutoryreserve

Legalreserve

Realizableprofits

reserveRetained

profits Total

Balances at january 1, 1999 108,943 - 87,154 11,377 104,315 42,763 354,552

Realization of realizable profitreserve - - - - (24,395) 24,395 -Net income for the year - - - - - 9.421 9,421Distributions: - Legal reverse - - - 471 - (471) - - Interest on shareholders’ equity - - - - - (9,882) (9,882)

Balances at December 31, 1999 108,943 - 87,154 11,848 79,920 66,226 354,091

Partial spin-off (100) - - - - - (100)Reflex reserve - 204,068 - - - - 204,068Realization of realizable profitreserve - - - - (9,924) 9,924 -Net income for the year - - - - - 28,144 28,144Distributions: - Legal reverse - - - 1,407 - (1,407) - - Dividends - - - - - (2,629) (2,629) - Interest on shareholders’ equity - - - - - (7,690) (7,690)

108,843 204,068 87,154 13,255 69,996 92,568 575,884


Statements of Changes in Financial Position

Years ended December 31, 2000 and 1999(in thousands of Reais)


Sources of funds Operations Net income for the year 28,144 9,421 26,654 9,421

Items not affecting working capital: Depreciation 1,068 399 124,889 87,046 Premium amortization 2,683 - 38,572 - Reversal of the shareholders’ equity integrity provision (1,771) - (25,458) - Residual cost on disposal of fixed assets 227 276 2,664 6,471 Equity in net income of subsidiaries (39,125) (9,196) - - Price-level restatement increments to noncurrent liabilities - - 10,.118 26,567 Price-level restatement increments to noncurrent assets - (1,175) - - Other liabilities - - - 19 Minority interest - - 5,815 2,625

(8,774) (275) 183,254 132,149

From shareholders Net assets incorporated from the partial spin-off of parent company - - 203,156 -

From third parties Debentures - - 200,000 - Loan and financing - - 178,163 - Dividends 3,665 1,066 - - Interest on shareholders’ equity 10,533 9,924 - - Transfer from noncurrent assets to current asets 25,267 15,529 8,317 - Tax incentives - - 1,490 - Other liabilities - - 1,883 -

39,465 26,159 389,853 -

30,691 26,244 776,263 132,149

Application of funds Partial spin-off 100 - 100 - Investments 4,500 - - - Noncurrent assets 13,286 30,660 9,763 1,027 Property, plant and equipment 1,782 4,851 202,111 239,365 Deferred charges - - 204,894 - Dividends 2,629 - 2,629 711 Interest on shareholders’ equity 7,690 9,882 7,690 12,828 Transfer of noncurrent liabilities to current liabilities - - 92,427 33,245

29,987 45,393 519,614 287,176

Increase (decrease) in the net working capital 704 (19,149) 256,649 (155,027)

Changes in working capital Current assets (1,481) (18,906) 424 119,058 Current liabilities (2,185) 243 (256,225) 274,085

Increase (decrease) in net working capital 704 (19,149) 256,649 (155,027)

press release 4 q00 tele nordeste celular en

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