VIVO - Apresentation of 2nd Quarter 2009 Results
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RESULTS2Q09
Vivo Participações S.A.July 29 2009July 29, 2009
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HIGHLIGHTSR$ billion
2Q082Q09
Net Service Revenue 3.43.6
Δ %
7.1%
Expenses
Ebitda
Ebitda Margin
(2.9)
0.8
22 2%
(2.7)
1.2
30 4%
-7.2%
42.3%
8 2 p pEbitda Margin
Ebit
Net Results* – R$ million
22.2%
0.1
(63.9)
30.4%
0.4
172.4
8.2 p.p.
258.0%
n.d.
* Brazilian Corporate Law.
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TELEMIG The operation wasTELEMIG The operation wasapproved at the General Shareholders’ Meeting of
June 27th.
Next Steps
Jul 29 Beginning of the withdrawal right period;Aug 28 Last day for exercising the withdrawal right;
Last da for trading Telemig Cel lar and Telemig Cel larSep 04 Last day for trading Telemig Celular and Telemig CelularParticipações shares;
Sep 08 Beginning of the payments to the transaction dissidents;Sep 08 Beginning of the shares trading under Vivo's ticker;
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Operational Performance
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COMMERCIAL PERFORMANCEthousand
Nationwide market leader
Market Share: 29.3% in Brazil
+ 6,384
GSM + WCDMA: 77% of our customer baseCUSTOMERS
46,81945,641
+ 1,178 RECHARGE POINTS
7.7458.794 9.044
40,435,
487
541 539
32.690 36.847 37.775
2Q08 1Q09 2Q09 2Q08 1Q09 2Q09
Pre PaidPost Paid
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SAC BlendedSAC Blended
- 14.4%
- 3.5%
25%
23%
24%
86 83
97
26% 28%
36%
24%
49% 49% 40%
M j ffi i i 2Q08 1Q09 2Q09
Subsidy Comissions Advertising
Major efficiency in
subscriber acquisition cost.
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ARPU TREND
- 2.6%
- 8.7%
MAIN CAMPAIGNS26.3
28.827.0
12,6 11,5 10,9
16,2 15,5 15,4
2Q08 1Q09 2Q09
Outgoing IncomingOutgoing Incoming
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MOU AND TRAFFIC TRENDS
MOU VOICE TRAFFIC
3.9%
- 14.9%
+ 5.7%
- 0.5% Million of minutes
8077
94
11,02211,080 10 42732
28 27 3.727 3.835 3.787
10,427
6249 53 7.353 6.592 7.235
2Q08 1Q09 2Q09
OutgoingIncoming
2Q08 1Q09 2Q09
OutgoingIncomingIncoming Incoming
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Financial Performance
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NET SERVICE Data + VAS Revenue
REVENUER$ million
12.6% of Net Service Revenue
30% YoY growth
- 1.1% + 7.1%
DATA AND VAS REVENUE
1 5261.668 1.679
3,3903,670
3,630+ 3.3%
+ 29.9%
1.447 1.518 1.4631.526
232 225352
443 457
66 41 31
352443 457
123 165 190
176
66 41 31
2Q08 1Q09 2Q09
Network UsageOthers
53 46 42
2Q08 1Q09 2Q09
Vivo InternetSMS + MMSg
Access and UsageData and VAS Others
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OPERATING EXPENSES*R$ million
851872888
Service Rendered
604
851
613451
Goods Sold
909
162
764
137
899
General and
Selling Expenses
197
176
211
162
214H.R.
Administrative
184229230
Fistel, Fust, Funtel
2Q09 1Q09 2Q08
* Excluding depreciation.
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EBITDA AND MARGINR$ million
BALANCE BETWEEN SALES AND PROFITABILITY
Service Revenue YoY 7 1%
29,9% 30.4%*
Service Revenue YoY 7.1%
Costs YoY 7.2%
Ebitda YoY 42.3%
+ 8.2 p.p.
22.2%
842 1.204 1.198
842
2Q08 1Q09 2Q09EBITDA
* Including the extraordinary effect of ICMS reversion of R$47,5 million.
EBITDA Margin
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CASH FLOW AND EBITR$ million
AND EBIT
CASH FLOW EBIT
1.010,8
399,0 375,9 78,6 2Q08
1Q09 2Q09
105,0
2Q08 1Q09 2Q09(1,147.1)
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NET RESULTSR$ million
172,4
123,5
1Q09
2Q08
2Q09
(63,9)
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FINANCIAL RESULT,,GROSS DEBT AND NET DEBTR$ million
NET DEBTGROSS DEBTFINANCIAL RESULT NET DEBTGROSS DEBTFINANCIAL RESULT
2Q08 1Q09 2Q097 713 1
- 15.6% + 12.9%
- 15.9% + 31.3%
(105,6) (110 4)
2Q08 1Q09 2Q09
3.574,3
5.579,5 4.692,6
62%
61%72%
5,764.8
7,713.16,511.1
( , )(149,1)
(110,4)
38% 39%28%
62% 72%
2Q08 1Q09 2Q092Q08 1Q09 2Q09
Short Term Long Term
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CAPEX% Capex/Net Revenue
1 558 6
R$ million
41,1%
1,558.6
13,5% 15,4%
606.8541.3
Investments in capacity andimprovement of GSM and WCDMA network
R$ million 2Q08 1Q09 2Q09Network 251.3 375.9 406.4Technology 44.2 53.7 73.1Li 1 122 9Licenses 1,122.9 - -Others 140.2 111.7 127.3
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DISCLOSURE
This presentation may contain forward-looking statements concerning future prospects and objectives regarding growth of the subscriber base, a breakdown of the various services to be offered and their respective the various services to be offered and their respective results. The exclusive purpose of such statements is to indicate how we intend to expand our business and they should therefore not be regarded as guarantees of future g gperformance.
Our actual results may differ materially from those y ycontained in such forward-looking statements, due to a variety of factors, including Brazilian political and economic factors, the development of competitive technologies access to the capital required to achieve technologies, access to the capital required to achieve those results, and the emergence of strong competition in the markets in which we operate.
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