Final Results

ANNOUNCEMENT

24 May 2012

CABLE & WIRELESS COMMUNICATIONS PLC

RESULTS FOR THE YEAR ENDED 31 MARCH 2012

Note: EBITDA and adjusted earnings per share are defined in the footnotes on the following pages, a reconciliation of EBITDAand reconciliation of adjusted earnings per share is provided on page 25

Key Highlights

§ Revenue up 18% to US$2.9 billion

§ EBITDA up 5% to US$901 million with outlook met or exceeded in four business units

§ Underlying equity free cash flow generation of US$127 million, US5.1 cents per share

§ Net debt down from H1 to $1,395 million

§ Mobile data revenue growth of 82% across portfolio

§ Acquisition of Bahamas cash and earnings accretive in first year; performance ahead of expectations

§ Portfolio management - sale of interests in Fiji and Vanuatu

§ Recommended final dividend per share of US5.33 cents, full year dividend per share of US8 cents

Outlook

We are focussed on improving cash generation and increasing the return on invested capital of the Group through a combination of organic growth opportunities and active portfolio management.

We expect:

§ Group cash generation to improve

- Capital expenditure to reduce to approximately US$350 million in 2012/13, following increased investment in high-speed mobile data networks in 2011/12

- Group EBITDA in 2012/13 anticipated to be similar to 2011/12

- Cash exceptional costs in 2012/13 to be materially lower at between US$30 million and US$35 million to reflect a Caribbean cost initiative with a payback of two years

§ Dividend for FY 2012/13 of US4 cents, a sustainable level capable of progressive future growth

Commenting on the Group results, Tony Rice, Chief Executive of Cable & Wireless Communications Plc, said:

"These results demonstrate the strength of our portfolio and ability to perform despite the difficult economic and market conditions across a number of the countries in which we operate. We are recommending a final dividend of US5.33 cents per share making the total for 2011/12 of US8 cents per share which means that we've returned to shareholders more than US$500 million since demerger.

"Data is the biggest opportunity for the telecoms industry, and in our markets we are only at an early stage. Mobile data has clearly emerged as an exciting growth engine for our businesses. Penetration of smart devices is up from 14% of our customer base at the start of the year to 24% at the year end with mobile data revenues growing everywhere. We've made significant investments in high-speed networks, systems and connectivity. That, together with our full-service multi-play capability, the quality of our management and our market leading positions leaves us well placed to benefit further.

"We are encouraged by the new telecoms legislation in Jamaica. Whilst it is still early days, this should lead to a level playing field and improve our ability to compete.

"We expect improved cash generation in the coming year as capital expenditure and exceptional items reduce significantly. Cash continues to be tightly controlled and together with the successful refinancing of our debt portfolio we are fully financed with committed facilities until at least 2016.

"Since the demerger we have faced global economic uncertainty which has impacted our business especially in the Caribbean. With this in mind, and having reassessed the financial outlook for the Group, combined with the opportunity to invest and achieve attractive returns, the Board has decided to rebase the dividend to US4 cents per share for the financial year 2012/13, subject to performance of the business in the coming year."

Analysis of Group results

Revenue increased by 18% to US$2,875 million including a first time contribution of US$352 million from the Bahamas business acquired in April 2011. We saw a strong performance in Macau where handset sales and mobile service revenue drove a 39% rise in total revenue. Group non-voice mobile revenue grew as data penetration and usage levels rose.

Group EBITDA grew by 5% on a constant currency basis and 3% at reported rates to US$901 million following the strong performance in Macau, together with the addition of the Bahamas.

Operating profit before exceptional items was US$557 million compared to US$530 million in the prior period. During the year we took an exceptional restructuring charge of US$66 million primarily related to the voluntary separation programme (VSEP) in the Bahamas where we have completed the initial phase ahead of schedule and booked the majority of our expected restructuring costs in this period. In addition, as indicated in our Q3 IMS, we took an exceptional non-cash impairment charge, largely in respect of Jamaica. There was also an accelerated depreciation charge as part of the network upgrade programme in the Caribbean.

Net profit for the year before exceptional items was down 3% to US$326 million due to an increase in finance expense. Adjusted earnings per share for the year was US6.5 cents. The Board has recommended a full year dividend of US8 cents per share.

On a like-for-like basis5, revenue for the Group was 5% higher and EBITDA for the Group was 2% lower than last year.

5 Adjusting the prior year by removing Bermuda, a business we sold in March 2011, and including the Bahamas, a business we acquired in April 2011, and at constant currency.

The Group made good strategic progress during the year. We are vigorously pursuing new areas of growth: mobile data, enterprise and social telecoms and carrier services to address the decline in high margin fixed voice services. We also continued to deploy triple-play services, with pay TV as a key component.

Mobile data services have accelerated across the business, facilitated by the increased penetration of smartphone devices. Mobile non-voice revenue rose by 82% and now accounts for 8% of Group revenue and 21% of mobile service revenue. Our Macau business has led this growth with over 50% of its subscriber base on mobile data plans. We expect this segment to continue to grow across the portfolio. We have made significant upgrade investments in the Caribbean and Panama with the introduction of high-speed mobile data networks in Panama, Bahamas, Barbados and Cayman. After its successful launch in Macau last year, we have agreements in place to offer the iPhone to customers across most of our key territories.

We continue to progress our enterprise and social telecoms strategy across the Group. Panama has been a leader in providing social telecom projects and began to expand this expertise into other Central American markets, though we experienced slower than expected progress in our pipeline during the year. We are also seeing success with social telecoms projects in Monaco & Islands and the Caribbean. Macau's enterprise offering continues to grow, buoyed by increased economic activity.

We remain committed to developing our portfolio of businesses. During the year we made significant progress with the integration and restructuring of our recently acquired business in The Bahamas and the disposals of our interests in Vanuatu and Fiji.

Contacts

REVIEW OF CWC OPERATIONS

Income statement

Panama

·; Mobile revenue up 3%, strong growth in data penetration

·; Launched high-speed mobile data network and doubled mobile non-voice revenue

·; Broadband & TV revenue growth of 5% following a focus on high value customers

Revenue at US$601 million was 4% lower than the same period last year due to lower enterprise and fixed voice revenue.

Mobile revenue was up 3% to US$315 million and the business maintained its market share above 50%. Data penetration within our subscriber base increased this year to 24% as we launched our high-speed mobile data network resulting in growth of non-voice revenue by 105%. The appetite of our subscribers for non-voice services more than offset the decline in voice revenue which together with lower subscribers resulted in a blended ARPU 22% higher this year. Although prepaid subscribers fluctuated due to promotional activity in the market, postpaid subscribers grew by 9% despite the launch of mobile number portability in November.

Broadband & TV revenue grew 5% to US$60 million and the number of pay TV subscribers taking an additional triple-play service increased to over 70%. Subscribers reduced this year largely due to a new strategy to focus on higher ARPU customers.

Fixed voice revenue declined by 9% to US$136 million largely due to substitution driven reduction in payphone traffic, a lower rate per minute for national calls and lower international volumes.

Our enterprise, data and other segment endured a slower year, with revenues falling 18%, but we are confident the business retains a healthy future potential. We have focussed on executing contracts awarded over the last year including: a contract to supply, install and support new systems enabling the Panamanian Government to share information electronically; and a contract to supply and manage an emergency services call system for the national police force in El Salvador. We are the leading player in the region and see good opportunities to expand our expertise outside of Panama.

Gross margin decreased by 5% to US$402 million due to a reduction in fixed voice and enterprise, data and other revenue.

Operating costs at US$146 million were in line with the same period last year. At the beginning of this year we started a restructuring programme to increase efficiency and reduced headcount by 266 leading to an exceptional charge of US$9 million in the period with an expected payback of two years.

As a result of the reduction in gross margin, EBITDA of US$256 million was 7% lower compared to last year. EBITDA as a percentage of revenue was broadly in line with the prior period at 43%.

Our proportionate ownership of Panama EBITDA for the year ended 31 March 2012 was 49%.

Caribbean

·; Revenue up 38% including the Bahamas

·; Bahamas acquisition off to a strong start

·; High-speed mobile data networks launched in Bahamas, Barbados and Cayman; scheduled in BVI

Revenue in the Caribbean increased by 38%, to US$1,172 million, largely due to the introduction of the Bahamas. Gross margin improved by 46% representing a slightly higher gross margin to sales ratio in the Bahamas. After operating costs, which were 59% higher, EBITDA was 24% up on last year at US$284 million.

On 6 April 2011 we completed our purchase of a 51% stake in BTC in The Bahamas for a cash consideration of US$204 million. The company is the exclusive mobile operator in The Bahamas as well as a leading provider of fixed line and broadband services.

The Bahamas business delivered a strong financial performance in the year. Excellent progress was made in developing the business. The voluntary separation programme was executed ahead of schedule and with an uptake in line with expectations. During the year we have invested in a new high-speed mobile broadband network, launched new flagship retail stores as part of the on-going overhaul of our retail and distribution network, enhanced our customer service facilities and launched new customer focussed initiatives, such as removing inter-island surcharges. We are preparing to face mobile competition in the future, under the terms of the acquisition, the liberalisation process for the mobile sector will commence no sooner than three years after privatisation, and will continue to implement the transformation agenda throughout the coming financial year.

For the Caribbean excluding the Bahamas (the LIME Business) trading remained difficult. The revenue decline slowed in Jamaica and there was a more positive EBITDA performance based on better control of customer acquisition costs and operating costs. The rest of the LIME Business witnessed challenging conditions especially in prepaid mobile with little or no relief from the economic environment.

Total revenue was US$1,172 million of which the Bahamas contributed US$352 million and the LIME Business contributed US$820 million, 4% down on last year.

Mobile revenue was US$531 million of which the Bahamas represented US$246 million and the LIME Business US$285 million, a reduction of 6% on the prior year. This was driven by a net reduction in subscriber numbers especially in prepaid and lower handset sales due to reduced subsidies. There was an improving mobile performance in Jamaica where mobile service revenue increased driven by growth in inbound roaming, and prepaid ARPU benefitted from tighter control of discounted voice minutes. Mobile data has seen growth throughout the region following the launch of high-speed networks in a number of islands during the year. We plan to make similar investments elsewhere in the Caribbean subject to commercial viability and as the penetration of iPhone and other smartphone devices increases.

Broadband & TV revenue was US$122 million of which the Bahamas contributed US$15 million. There was some growth in subscribers with the exception of Jamaica, where competition saw our broadband subscriber base decline.

Fixed voice revenue was US$323 million of which the Bahamas was US$59 million. Voice substitution continued to affect fixed line revenue, although the rate of decline has slowed compared with prior periods.

Enterprise, data and other revenue was US$196 million of which the Bahamas contributed US$32 million. Excluding the Bahamas, revenue in the LIME Business was flat.

Operating costs were US$611 million of which the Bahamas contributed US$201 million whilst the LIME Business contributed US$410 million, a 6% increase driven by inflationary pressures in staff costs. Notwithstanding, across the Caribbean business we have made good progress in the year with our cost reduction programmes. We have engaged our employees and union partners to realign our compensation structure so that it is sustainable, market driven and provides greater emphasis around incentive driven pay, and have completed a programme of benefit restructuring and buy-outs. We have benchmarked our operational and support areas with best practice and are commencing programmes to improve efficiency over the medium term.

In the Bahamas, since July 2011 over 470 colleagues have left the business. The cost of this restructuring was fully funded by the cash balances of BTC.

Additionally, we will implement a further cost reduction programme across the region but primarily targeted at the LIME Business which will see a net headcount reduction during the course of 2012/13 largely through a combination of early retirement and voluntary schemes. The overall cost of this programme is estimated at US$30-35 million with an expected two year payback.

EBITDA for the Caribbean was US$284 million representing an EBITDA of US$91 million in the Bahamas and US$193 million in the LIME Business.

Our proportionate ownership of EBITDA for the Caribbean (including Bahamas) for the year ended 31 March 2012 was 76%.

Macau

·; EBITDA up 8% driven by strong mobile and enterprise growth

·; Economic growth continues; visitor numbers increasing year-on-year

·; Mobile data services growing rapidly, non-voice 32% of mobile service revenue

The Macau economy again achieved exceptional growth with real GDP growth of 21% in the last calendar year3. Gaming revenue and visitor numbers were up 37% and 13% respectively over the last 12 months3.

Revenue increased by 39% to US$524 million with strong growth in mobile compared to the same period last year.

Mobile revenue of US$322 million was up 81% on last year. Mobile equipment sales surged to over US$220 million, driven by the popularity of the iPhone and other smartphones. Mobile services revenue grew 4% to US$97 million as subscriber numbers grew. Mobile non-voice revenue now represents 32% of subscriber service revenue as smartphones and mobile broadband usage increased. Inbound roaming revenue showed a decline in the second half due to a lower settlement rate with a major international roaming counterparty.

Broadband subscribers grew by 5% with ARPU also increasing as subscribers demanded greater bandwidth. Broadband revenue increased by 4% to US$55 million despite a reduction in tariffs being offered to customers midway through the year.

Fixed voice revenue of US$73 million decreased compared to the same period last year as substitution reduced both subscribers and ARPU by 1% and 6% respectively. The tender process for new fixed line licensees closed in March. It is anticipated that the regulator will make a decision on the outcome within the next six months.

Enterprise, data and other revenue of US$74 million improved by 9% as the business grew its performance on the prior year and won managed service contracts with the Macau Government and casinos including the Galaxy and Venetian.

Gross margin of US$223 million was up 8% compared with last year reflecting strong underlying performance in the mobile and enterprise segments.

Operating costs of US$58 million were 9% higher than the prior year. The higher revenue drove increased network and administration costs though this was limited by strong cost controls. Advertising and marketing costs were also higher as a result of promotional activity around the business' 30th anniversary celebrations earlier in the year. At 16% of revenue, excluding iPhone equipment sales which commenced in November 2010, operating costs were one percentage point higher than the same period last year.

Due to the strong mobile and enterprise performance, EBITDA was 8% higher at US$165 million. Adjusting for iPhone sales the underlying EBITDA margin was 43%.

Our proportionate ownership of Macau EBITDA for the year ended 31 March 2012 was 51%.

3www.dsec.gov.mo 

Monaco & Islands (M&I)

·; Revenue up 5% and EBITDA up 2% on like-for-like basis3

·; Strong performances in Monaco and Maldives

·; Mobile non-voice revenue increasing

Revenue at US$586 million was 5% higher on a like-for-like basis3. Our Monaco business saw strong revenue growth, while in the Maldives, a devaluation of the local currency, the rufiyaa, saw revenue reported in US dollars fall despite increasing in local currency.

Monaco performed very well, particularly in the first half of the year, with revenue up strongly mainly driven by the enterprise segment due to increased traffic volumes for our international operations. Mobile subscribers rose by 9% on last year whilst non-voice ARPU growth offset the lower rate per minute. We also saw growth of our outbound roaming revenues in the year. Monaco benefitted from a favourable euro to US dollar exchange rate compared to the prior year.

In local currency, the Maldives had a good underlying performance, with revenue up 3% on last year largely driven by non-voice services and higher roaming activity as tourists continued to visit the Maldives. Fixed voice was lower due to subscriber churn and reduced usage but this was more than offset by higher enterprise revenue from new services such as telemedicine. During the period the Government of the Maldives introduced a limited free float of the rufiyaa. This prompted a devaluation of approximately 20% resulting in US dollar revenue of US$134 million being 14% lower than last year.

In Guernsey revenue decreased by 3% as competition in mobile remained, however we still managed to grow our active subscriber base by 3%. Broadband revenue grew due to a 7% increase in subscribers but this was offset by lower international fixed voice.

Gross margin at US$401 million was 6% higher on a like-for-like basis3, but 6% lower than last year on a reported basis.

Operating costs of US$215 million were in line with last year but 9% higher on a like-for-like basis3 largely due to additional staff costs incurred in our African enterprise business.

EBITDA at US$186 million was 2% higher on a like-for-like basis3, but 10% lower than the same period last year on a reported basis, largely reflecting the disposal of Bermuda with the balance relating to the devaluation of the rufiyaa.

Operations in the Maldives, Monaco and Guernsey represented approximately 83% of M&I revenue and approximately 90% of EBITDA in the period.

Our proportionate ownership of Monaco & Islands EBITDA for the year ended 31 March 2012 was 65%.

Other includes management, royalty and branding fees, the costs of the corporate centre, net UK defined benefit pension credit or charge and intercompany eliminations. EBITDA for the year was US$10 million.

Our share of profit after tax from joint ventures was US$26 million, US$5 million lower than the same period last year primarily due to a release of US$17 million in allowances in the prior year which were held against former joint ventures subsequently liquidated.

Our share of TSTT profits increased by US$6 million due to reduced staff costs. Roshan continues to maintain its market leadership with mobile subscriber growth of 23% increasing our share of profits by US$3 million.

Joint venture disposals

On 12 October 2011, CWC sold its 50% interest in Telecom Vanuatu Limited to Mauritius Telecom Limited and on 15 March 2012, CWC sold its 49% interest in Fiji International Telecoms Limited to Amalgamated Telecoms Holdings Limited. The combined cash consideration for both these transactions was approximately US$15 million.

Capital expenditure was US$409 million, 16% higher than the same period last year, representing 14% of revenue.

Our principal customer facing investments were in 4G/HSPA+ mobile data networks supporting smartphone sales in Panama, Macau, The Bahamas, Barbados and Cayman, selective pay TV investments and improvements to our fixed broadband network. The fixed broadband investment has included continuing our fibre to the home (FTTH) roll out in Macau and fibre to the curb (FTTC) roll out in the Caribbean. We have also invested in transmission capacity and cable systems to support both retail and carrier sales. We continue to advance our billing and customer relationship management systems. 

Included this year, for the first time, is our investment in the Bahamas. Here our focus is to improve the speed and the capacity of our fixed and mobile networks, providing an improved service to our customers and preparing for future market competition. In the Maldives we have continued our multi-year investment in a domestic cable network that will allow us to provide data services to the population and to the tourist resorts.

Depreciation and amortisation at US$358 million was US$37 million higher than 2010/11 primarily due to the inclusion of the Bahamas.

Other Group items

Net other operating expense

The US$12 million net other operating expense incurred in the year comprised US$7 million stamp duty in connection with the purchase of a 51% stake in BTC in The Bahamas and US$5 million hurricane restoration costs, of which $4 million also related to The Bahamas.

Net exceptional items (excluding impairments and accelerated depreciation) moved from an income of US$6 million to a charge of US$66 million with the cost in the current year predominantly relating to the redundancy and restructuring programmes in the Bahamas and Panama. The prior year income included the receipt of US$17 million after successfully defending claims brought by a Caribbean competitor.

Exceptional impairment and depreciation charges

We recognised a non-cash impairment and accelerated depreciation charge of US$244 million in the year ended 31 March 2012. This is primarily due to our difficult market position and poor financial performance in Jamaica as indicated in our Q3 results. The accelerated depreciation charge was in relation to legacy mobile assets as part of the network upgrade programme in the Caribbean.

Net finance expense

The US$156 million net finance expense for the Group included finance income of US$11 million (US$32 million in 2010/11) and finance expense of US$167 million (US$140 million in 2010/11). The movements in finance income and expense compared to the prior period related primarily to foreign exchange gains in the prior period, and increased borrowings largely due to the acquisition of BTC in The Bahamas.

Income tax expense

The income tax charge of US$78 million (US$118 million in 2010/11) was in respect of overseas taxes. This charge represented an effective tax rate of 21% pre-exceptional items which is below our outlook range of 25% to 29%, largely due to the settlement of a tax audit in the Caribbean region.

We expect the Group effective tax rate in 2012/13, pre-exceptional items, to be around 25%.

Group cash flow

Cable & Wireless Communications generated operating cash flow before exceptional items of US$492 million for the year ended 31 March 2012, slightly lower than the prior year as the Group made the decision to invest heavily in mobile data networks within key markets. US$409 million was invested in capital expenditure compared to $354 million in the prior year. The inflow from movements in working capital and provisions largely reflected good collections and an increase in capex accruals.

Investment income of US$13 million included US$8 million of interest received on cash balances with the balance primarily relating to dividends received from joint ventures and non-trading foreign exchange gains.

Fixed charges

We paid US$90 million relating to income tax in 2011/12, US$2 million higher than the prior year. Interest of US$125 million was paid on our external borrowings as the level of borrowings increased compared to last year. We paid dividends and loans to non-controlling interests of US$183 million in the period, which was US$24 million higher than the prior year as we included the Bahamas, distributed existing cash balances in the Maldives and achieved higher distributions from Macau and Monaco.

Dividends paid to our shareholders were higher than the prior year as a scrip dividend scheme was not offered in relation to the final dividend for 2010/11 and the interim dividend for 2011/12.

One-off items and exceptional items

The net cash outflow included US$69 million for exceptional items which predominantly related to restructuring costs in the Bahamas, where our restructuring programme has progressed faster than anticipated, and Panama. In February 2011, we announced a US$100 million share buyback programme of which US$30 million was returned to shareholders in the last financial year. The final US$70 million was returned to shareholders earlier this year under the programme purchasing 94,727,000 shares held in treasury. In April, the Group made a final cash payment of US$9 million for the previous LTIP. We incurred acquisition costs in the first half of this year primarily relating to the purchase of BTC in The Bahamas in April 2011 for cash consideration of US$204 million partially offset by the consolidation of its US$56 million cash balances. We also made an investment in a subsea cable consortium in the Seychelles.

Group cash and debt

Net debt reconciliation

During October 2011, the Group entered into new five-year borrowing arrangements for US$600 million of revolving credit facilities. The facilities replace the Group's US$500 million revolving credit facility and US$100 million term loan which were due to expire in March 2013. The new facilities are with a syndicate of nine leading international banks.

The new facilities have a maturity date of October 2016 and a margin of 2.50% over LIBOR. Consistent with the prior facilities, the new facilities are secured on share pledges over the Group's assets. As at 31 March 2012 the new facilities were undrawn.

During January 2012, the Group issued US$400 million of secured senior bonds to refinance the £200 million sterling unsecured bonds repayable in August 2012. The new USD notes have a maturity date of January 2020 and a coupon of 8.75%. Consistent with the US$500 million secured bonds due in 2017, the new bonds are secured by share pledges over the Group's assets.

Pensions

As at 31 March 2012, the defined benefit section of the Cable & Wireless Superannuation Fund (CWSF) had an IAS 19 deficit of £81 million, compared to a deficit of £51 million as at 31 March 2011 and a deficit of £78 million as at 30 September 2011.

Cash contributions have been agreed with the trustees from 2014 to 2016 in order to eliminate the actuarial deficit. These payments are subject to the outcome of the next actuarial valuation as at March 2013. This future deficit funding constitutes a minimum funding agreement and, in accordance with accounting standards, we are required to account for this within our IAS19 deficit. The increase in the IAS19 deficit in the year is mainly due to a fall in the corporate bond rate used to discount liabilities. The IAS19 deficit recorded at 31 March 2012 represents the present value of the maximum amount committed under the minimum funding agreement.

The AA corporate bond rate used in the IAS 19 valuation was 4.9% compared with 5.6% at 31 March 2011.

The fund assets at 31 March 2012 were approximately invested 74% in the bulk annuity policy, 19% in equities, and 7% in bonds, property, swaps and cash. During the year the fund was further de-risked with an additional 233 members transferred into the annuity policy with the associated cost covered by the CWSF.

There are other unfunded pension liabilities in the UK of £26 million (£24 million at 31 March 2011). The Group holds investments in gilts of £22m to partially back the UK unfunded pension liabilities. Other schemes in Cable & Wireless Communications have a net IAS 19 surplus of US$22 million (US$29 million surplus at 31 March 2011).

Dividend

For the financial year 2011/12 the Board is recommending a final dividend of US5.33 cents per share. This represents two-thirds of our previously announced intention to pay a full year dividend of US8 cents per share.

Since the demerger we have faced global economic uncertainty which has impacted our business especially in the Caribbean. Having reassessed the financial outlook for the Group, combined with the opportunity to invest and achieve attractive returns, the Board has decided to rebase the dividend to US4 cents per share for the financial year 2012/13, subject to performance of the business in the coming year.

Having rebased the dividend to a sustainable level, moving forward, the Board is targeting progressive growth that reflects the underlying cash generation and growth outlook of the business.

Subject to shareholder approval, the final dividend will be paid on 10 August 2012 to ordinary shareholders on the register at the close of business on 1 June 2012.

A currency option and the dividend reinvestment plan will be offered in respect of the final dividend. The default currency for payment is GBP sterling. Shareholders wishing to receive their dividend in US dollars or wishing to participate in the dividend reinvestment plan should make an election using CREST Input Message or return a completed Currency Mandate Form or Dividend Reinvestment Plan Mandate Form to: Equiniti Ltd, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA, by 13 July 2012. Copies of the mandate forms are available from Equiniti Ltd, UK callers: 0871 384 2104; overseas callers: +44 (0)121 415 7052 or from our website www.cwc.com.

The sterling dividend payment amount per share will be announced on 19 July 2012, and will be based on the prevailing GBP sterling to US dollar exchange rate at 2:00pm BST on that date.

Annual results presentation

Cable & Wireless Communications will hold its 2011/12 annual results presentation for analysts and institutional investors at 9:00am BST on Thursday 24 May 2012.

The presentation will be webcast live on the Cable & Wireless Communications website www.cwc.com. An on-demand version will be available later in the day.

Appendices

Extracts from the financial statements and additional information:

Consolidated income statement

Consolidated statement of comprehensive income

Consolidated statement of financial position

Consolidated statement of changes in equity

Consolidated statement of cash flows

Reconciliation of profit for the year to net cash generated

Additional information

Operating performance information

2011/12 CWC constant currency results detail

H2 2011/12 CWC reported results detail

H2 2011/12 CWC constant currency results detail

KPI detail

Exchange rates

Extracts from the financial statements and additional information

Consolidated income statement

Consolidated statement of comprehensive income

for the year ended 31 March 2012

Consolidated statement of financial position

Consolidated statement of changes in equity