Netia Spolka Akcyjna announced earnings results for the first quarter of 2012. For the period, the company reported adjusted EBITDA of PLN 133,008,000, adjusted EBIT of PLN 12,989,000, EBITDA of PLN 124,142,000, EBIT of PLN 4,123,000, loss before tax of PLN 9,212,000 and loss of PLN 9,846,000 or PLN 0.03 per basic share on revenues of PLN 544,279,000 against adjusted EBITDA of PLN 101,504,000, adjusted EBIT of PLN 26,179,000, EBITDA of PLn 101,375,000, EBIT of PLN 26,050,000, profit before tax of PLN 29,110,000 and loss of PLN 23,045,000 or PLN 0.06 per basic share on revenues of PLN 401,189,000 for the same period a year ago. Net debt fell from PLN 539 million to PLN 484 million during the first quarter of 2012. New Netia was operating free cash flow positive in the first quarter of 2012 with cash generation at PLN 73 million (+20% year-on-year, -13% year-on-year pro-forma). Higher year-on-year capex spending largely due to Netia retaining ownership and capitalizing proprietary Netia Spots and Netia Players since their introduction in mid 2011. The company provided financial guidance for 2012. Cost synergies target rising from PLN 106 million to PLN 120 million. FCF synergies target rising from PLN 115 million to PLN 130 million. The company expects 2012 integration Opex up to PLN 50 million (one-off) and 2012 integration Capex up to PLN 30 million (one-off). The company expects third quarter and fourth quarter results to be positive. The company expects second quarter to be another quarter in the red but hopes to start recording net profits as of third quarter. The company expects to post PLN 600 million adjusted EBITDA and PLN 125 million adjusted operating profit on PLN 2.185 billion revenues in 2012.