Results 2Q15_. Investor Relations Telefônica Brasil S.A. July, Investor Relations Telefônica Brasil S.A.
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1 Results _ July, 2015.
2 Disclaimer For the first time, in this quarter we are presenting pro forma numbers combining Telefônica Brasil and GVT results for all financial and operational indicators. For a better understanding of trends, we are also presenting pro forma information for all periods as of January, 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 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 performance. Our actual results may differ materially from those contained 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 those results, and the emergence of strong competition in the markets in which we operate. 2
3 Vivo s results for the are solid and reflect the strength of our strategy KEY FINANCIAL HIGHLIGHTS R$ million 1 %YoY 1H15 1 %YoY Net Operating Revenue 2 (R$ million) 10, , Net Mobile Revenue (R$ million) 6, , Net Fixed Revenue (R$ million) 4, , EBITDA (R$ million) 3, , EBITDA Margin (%) 30.0% (0.8) p.p. 30.0% (0.9) p.p. Recurrent Net Income 3 (R$ million) (1.4) 1,404.1 (20.8) Capex (R$ million) 2, , EBITDA CAPEX (R$ million) 1, ,422.0 (4.9) 1- Considers TEF Brasil + GVT figures as of January, Includes Net Handset Revenues. 3 - The tax basis revision of certain intangibles due to the businesses combination (Law 12,973), whose net positive effect on the net income was R$1,196.0 million in the. 3
4 Growth of mobile revenue continue to outperform the market driven by robust data growth Net Mobile Revenue Data and VAS Revenues Growth R$ Million R$ Million YoY YoY Others Handsets Data and VAS 7.0% 6,212 5, ,013 2,686 YoY -36.6% 30.4% 33.5% 2,686 2,013 29% 1,777 Internet 1,178 VAS % SMS % 19% 33% 51% 20% -1% Incoming voice Outgoing voice ,850 2, % -5.7% Mobile Service Revenue Share 1 Accumulated in the last 12 months 38% Mobile Service Revenues grow 5.7% in the 25% 19% 18% % of Data and VAS Revenue over MSR 37% 46% Vivo Player 2 Player 3 Player 4 1- Based on net mobile service revenues (MSR) accumulated in the last 12 months. For comparative purposes, we calculate the MSR based on ARPU released by each. Some competitors ARPU may not eliminate intercompany resulting in an overestimated revenue. Considering that TIM and Oi still haven t released results, we are using the same revenue of the 1Q15 in the. 4
5 We continue to solidify our leading mobile market position with robust growth in postpaid accesses due to our distinctive value proposition Total Mobile Accesses Postpaid Market Share and Mix Million Postpaid Prepaid 4.2% 0.9% YoY 13.1% -0.2% QoQ 2.3% 0.2% 33% 36% 41.3% 41.7% 28.8% 29.3% 1Q15 Total Market Share Postpaid Market Share Mix of Postpaid Customer Satisfaction Index¹ Postpaid and Prepaid - June, 2015 Voluntary Churn Postpaid Prepaid Vivo Player 2 Player 3 Vivo Player 2 Player 3 jun/14 aug/14 oct/14 dec/14 feb/15 apr/15 jun/15 Control Plans Contract 1- Information based on internal data. 2- When the customer wants to leave our base proactively. 5
6 Our high quality mobile network combined with the most valuable brand in the industry and innovative offer portfolio led to record data ARPU growth 4G Coverage 1 Smartphone Penetration and Data users 4G Data Adoption 4 40% 39% 33% 30% Million 33 58% % 71% +33% +13pp YoY 14% 22% 28% 30% 3x Vivo Player 2 Player 3 Player 4 1Q15 jun/14 dec/14 mar/15 jun/15 # cities covered % of population Smartphone Penetration 2 Data Access 3 4G Data traffic % 4G data traffic ARPU Reais and % YoY ARPU Mix R$/month Data ARPU R$/month Voice Data % 54% 37% 46% Data ARPU Growth yoy 15% 27% Highest data ARPU annual growth in the last 5 years 1- Teleco. 2- Includes smartphones and webphones. 3- Data cards, data packages and M2M, excluding eventual data user with no data package or plan. 4- Average data traffic of our customers as a percentage of the total data traffic in São Paulo, Rio de Janeiro, Brasília, Porto Alegre and Belo Horizonte. 6
7 Strong acceleration of fixed revenue due to high growth in premium segments of pay TV and UBB Net Fixed Revenue R$ Million 5.6% 3.1% R$ Million 2,740 2,785 1Q15 YoY -4.0% YoY -0.3% Others 4, , YoY 3.2% Pay TV Broadband Voice ,012 1,586 1,601 22% 2% -10% 19% 3% -4% Corporate Data and IT % 1Q15 BB 2 Pay TV % R$ Million Voice 1 2,163 2, % -2.6% Pay TV Broadband 1,421 1, Q15 YoY 10% 40% 9% YoY 10% 40% 10% Voice % 3% 1Q15 Evolution without regulatory effect 3 1- Includes voice, accesses and network usage. 2- B2C segment. 3- Regulatory effect include VC and basic tariff reductions. 7
8 Vivo continues to gain share and increase ARPU on the most attractive services Solid growth above 20% y-o-y in accesses is leading to improved market share UBB and driving ARPU growth in the period. Monetization 3,028 FTTX Accesses 1 Thousand 3,641 YoY 20% 57% UBB Market Share 2 31% Broadband ARPU R$ per month 2% 78% 3% 5% GVT Vivo Fiber 14% Vivo Player 2 Player 3 Player 4 Pay TV 1,460 Pay TV Accesses Thousand 1,786 YoY 22% Share of Pay TV net adds Jan-May/15 93% 38% 19% Pay TV ARPU R$ per month 6% 18% GVT Vivo 26% Vivo + GVT -77% Player 2 Player 3 Player 4 1- FTTX includes FTTH (Fiber to the Home) and FTTC (Fiber to the Curb) accesses. 2- Consider speeds of 12Mbps and higher. Based on May,15 for competitors, the last public information released by ANATEL. For Telefônica Brasil, we are using internal data. 8
9 Cost evolution driven by higher selling expenses to promote growth, bad debt and energy costs partially offset by efficiency in G&A and personnel Cost Evolution % of Net Revenues ORGANIC 69.2% 70.0% J YoY G&A and others Bad debt Selling Expenses 1 Services Rendered 4.7% 4.5% 2.6% 2.9% 24.0% 25.2% 29.7% 29.3% 6.5% 2.1% 17.0% 10.6% 3.7% Personnel 8.3% 8.2% 4.0% Main variation drivers: Personnel Collective bargaining agreement of 7% (Jan,15) partially compensated by organizational restructuring in 1H15 Services Rendered MTR reduction Higher leasing of sites, maintenance, TV content Higher energy costs due to tariff hikes Selling Expenses Increased volume of higher-value handsets and FX variation Higher commissions related to postpaid and data growth Bad debt Provision for uncollectibles in a more challenging macroeconomic environment G&A Continued stabilization of G&A expenses in different fronts 1- Excludes bad debt. 9
10 Recurrent Net Income remained almost stable on an annual comparison Recurrent Net Income 1 R$ Million and % yoy ORGANIC 2, % 19.4% 180% 53% -1.4% YoY % M R$ million EBITDA D&A Financial Result Taxes excluding non recurrent tax gain Main variation drivers: D&A increase Gain from the periodical review of the useful life of fixed assets that reduced D&A in Increase in amortization of intangible assets generated by the incorporation of GVT as of May/15 Financial Results Exchange variation of GVT s Loans and financing in foreign currency (R$60MM) Taxes related to the settlement of the cash portion relating to GVT acquisition (R$30MM) Taxes Non recurrent tax gain due to review of certain intangibles generated by combination of business Tax benefit from IOC declared in 1- Reflects the tax basis revision of certain intangibles due to the businesses combination (Law 12,973), whose net positive effect on the net income was R$1,196.0 million in the.net profit reported in was R$ 2,142.1 million. 10
11 Stable evolution on Capex and slight decrease in OCF despite exchange rate and inflation Capex R$ Billion R$ Billion 7% OCF: EBITDA (-) Capex -5% 18.0% 18.4% H14 1H15 1H14 1H15 Capex % Capex / Net Revenues Gross and Net Debt R$ Billion -13% -40% Gross debt Net debt Net debt / EBITDA 11
12 DISCOVER, DISRUPT, DELIVER Strategy and Synergies_
13 Management started integration planning early on Key advances Integration best practices followed by Vivo 25/Mar 2015 Preclosing Management announcement Roadshow and equity offering Integration planning kick-off Start Management bottom-up review of synergies potential Review of synergies potential Plan well and execute quickly 28/May 2015 Postclosing 28/Jul Final integration plan launched internally Start of synergies initiatives (quick wins) Operate as one single company as quickly as possible Minimize disruptions: maintain day-today focus on priorities 13
14 Post-closing analysis by Management confirms the Base Case scenario of Operational Synergies while pointing out to upside potential Operational Synergies Due Diligence view / Base Case Post-closing view / Best Case Base Case Main sources of synergies New Opportunities and changes on Best Case Revenue Synergies R$ 2.7 Bi R$ 5.5 Bi Cross-sell and customer loyalty on B2C and B2B 3P portfolio integration Revision of cross-sell potential Opex Synergies R$ 3.9 Bi R$ 6.6 Bi Network Opex (leased lines, maintenance) Pay TV content costs Organization (2017) New operational model for field operations in São Paulo New customer care model SG&A expenses reduction Anticipation of organization redesign (2015) Capex Synergies R$ 3.0 Bi R$ 4.1 Bi Network Capex avoidance (backbone, backhaul, São Paulo) Procurement gains on customer premise equipment Revision of assumptions Procurement gains in Network and IT Total of Operational Synergies R$ 9.6 Bi R$ 16.2 Bi 14
15 Value estimation of synergies / additional considerations Best Case synergies were based on the macro-economic scenario available during the exercise (June). The deterioration of the economic situation may impact Company s ability to deliver estimated synergies In addition, it should be noted that Revenue Synergies mostly depend on market conditions (ex.: customers acceptance of the Company s offers, competitive and macro-economic scenario, etc.) while some Opex and Capex Synergies depend on the Company s success in negotiating revised terms with 3 rd parties (ex.: procurement gains), and other Opex and Capex Synergies depend solely on Company s ability to execute (ex.: organization changes, use of expanded network to substitute leased lines) There are two types of Capex synergies: i. Capex Avoidance (R$ 3.4 Bi, on the Best Case scenario): related mostly to leveraging GVT s network to accelerate backhaul of Vivo s mobile sites and to complementing Vivo and GVT s networks to reduce future investments in backbone expansion ii.capex Savings (R$ 0.7 Bi, on the Best Case Scenario): related mostly to reduction in Capex running rate due to lower unitary spending (i.e. leverage larger scale of the combined entity and Telefonica Group s purchasing power) The variation in exchange rate between deal announcement (in Aug. 2014) and deal closing (in May 2015), increased transaction value, thus increasing the value of Fiscal Synergies from R$ 4.5 Bi to R$ 5.9 Bi (R$ 4.0 Bi in Interest on Equity and R$ 1.9 Bi on Goodwill Amortization and other impacts) To conclude, much of the upside related to the Best Case estimations will be tested during 2016, allowing to confirm the assumptions taken in the last exercise. This will allow Management to have better visibility of actual value potential 15
16 Management has set-up a comprehensive integration plan, with key milestones in 2016, and a full set of KPIs that will be tracked 25/Mar 2015 Pre-closing 28/May 2015 Post-closing 2016 Anti-trust (CADE) approval Closing New Organizational Structure (1st Level) 26/March 18 days Roadshow and Capital Increase R$ 3.9 Billion 30/March to 27/April Kick-off of Integration Planning project 31/March Internal Launch of Integration project June Start operation as one single company (organization, culture) June Quick-wins (start of cross-selling activities in Consumer and Enterprise market) June Launch of operational synergies fronts (Field Operations, Customer Care, IT) Organization redesign (under study) Corporate Legal Merger (one company), followed by Brand Integration 3 Play Portfolio Unification Consolidation of Pay TV platforms and contents Use of GVT IT, field operations and customer care systems to support Vivo s Fixed Customers in SP New field operations and customer care model for Fixed Customers in SP Convergent (4P) offers 16
17 Synergy capture has started on many fronts Revenue Synergies Examples of Recent Advances 1 GVT sale pilot in 8 Vivo own stores 2 Initiated Mobile cross-sell among residential customers 3 Initiated Fixed cross-sell 4 Improved competitive position when negotiating with Large Accounts First measured impact until beginning of July 34% sales conversion upon customer inquiry, of which 40% result in 3 Play sales Mailing sent to over 400K Fixed customers Outbound sales conversion 2.7x above average Inbound sales conversion 15% above average 8 successful Corporate negotiations, with full contract value of R$ 62 Million Opex Synergies Capex Synergies 5 50 contracts renegotiated with providers and 40 RFPs in progress 6 Initiated migration of leased lines (from third parties to Vivo s network, based on contract expiration) 7 Backbone integration R$ 60M in annual savings as of now More than 200 leased lines migrated (out of more than 7,000 by 2019) 8 backbone routes shared (out of more than 60 routes to be integrated until end of 2016) Key synergies enabling projects have been kicked off, including: - Project to unify 3P national portfolio in Project to migrate Vivo Fixed customers to GVT's IT systems in
18 Summary Outperforming the industry on mobile revenue growth Accelerating fixed revenue growth Expanding leadership in key segments Increasing substantially mobile data ARPU Growing EBITDA despite persistent macro-economic headwinds Planning early on and already executing integration Confirming Base Case synergies, with upside potential 18
19 Back Up_
20 results reported on financial statements (incorporating GVT from May 2015) KEY FINANCIAL HIGHLIGHTS R$ million 1 %YoY 1H15 1 %YoY Net Operating Revenue 2 (R$ million) 9, , Net Mobile Revenue (R$ million) 6, , Net Fixed Revenue (R$ million) 3, , EBITDA (R$ million) 2, , EBITDA Margin (%) 29.6% 0.1 p.p. 29.1% (0.5) p.p. Recurrent Net Income 3 (R$ million) ,449.5 (0.5) Capex (R$ million) 1, , EBITDA CAPEX (R$ million) 1, ,345.1 (5.9) 1- Considers TEF Brasil and GVT figures consolidated as of May, Includes Net Handset Revenues. 3 - The tax basis revision of certain intangibles due to the businesses combination (Law 12,973), whose net positive effect on the net income was R$1,196.0 million in the. 20
21 Av. Eng. Luis Carlos Berrini, th floor Cidade Monções Sao Paulo/SP Phone: Information available from the website:
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