UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February, 2021
Commission File Number: 001-14475
TELEFÔNICA BRASIL S.A.
(Exact name of registrant as specified in its charter)
TELEFONICA BRAZIL S.A.
(Translation of registrant’s name into English)
Av. Eng° Luís Carlos Berrini, 1376 - 28º andar
São Paulo, S.P.
Federative Republic of Brazil
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
4Q20
HIGHLIGHTS
Strong operating performance driven
by our increasingly relevant purpose, “Digitalize to Bring Closer”, combined with high speed connectivity and
superior customer service
|
|
·
|
Total customer
base grew 1.5% y-o-y, reaching more than 95 million accesses;
|
|
|
·
|
FTTH customers
totaled 3,378 thousand (+36.3% y-o-y), with 248 thousand net additions in 4Q20;
|
|
|
·
|
Postpaid
accesses grew 3.9% y-o-y and accounted for 57.1% of total mobile accesses, with a market share of 37.7% in
December 2020;
|
|
|
·
|
Our overall
mobile market share increased to 33.6% in December 2020, 7.8 p.p. higher than the second player;
|
|
|
·
|
4.5G coverage
in 1,872 cities and FTTH was launched in 102 cities in 2020, reaching 266 cities.
|
The growing significance of core
business revenues consolidates the transformation of Vivo’s revenue profile, leading to positive prospects for the future
|
|
·
|
Core-business[1]
revenues accounted for 88% of total revenues, +4 p.p.
y-o-y;
|
|
|
·
|
Mobile service
revenues increased 2.1% y-o-y in 4Q20, pointing towards a return to pre-pandemic levels;
|
|
|
·
|
FTTH revenues
were R$896 million (+52.9% y-o-y);
|
|
|
·
|
IPTV revenues
came to R$313 million (+28.3% y-o-y).
|
The automation and digitalization
of processes support strong cost efficiency
|
|
·
|
Operating
Costs fell 3.4% y-o-y in 4Q20, due to a decline in commercial expenses, driven by digitalization and automation initiatives
and lower expenses related to the COVID-19 pandemic;
|
|
|
·
|
EBITDA totaled
R$4,877 million (+0.8% y-o-y) in 4Q20, with an EBITDA margin of 43.6%. In 2020, EBITDA totaled R$17,733
million, accompanied by an EBITDA margin of 41.1%.
|
Optimized allocation of investments
and active financial management lead to strong cash generation and second to none shareholder remuneration
|
|
·
|
Investments
amounted to R$2,429 million in 4Q20, focused on expanding the FTTH network and improving the quality and capacity of 4G
and 4.5G;
|
|
|
·
|
Free cash
flow totaled R$9.6 billion (+12.6% y-o-y in 2020), reflecting active financial management and efficient Capex allocation;
|
|
|
·
|
Proposed
shareholder remuneration of R$5.4 billion[2], resulting in a dividend payout of 113.6% and a dividend
yield[3] of 7.0%.
|
[1]
Total Company’s revenues excluding fixed voice, xDSL and DTH.
[2]
Includes the proposed dividend to be ratified at the Annual Shareholders' Meeting to be held on April 15, 2021.
[3]
Considers the amounts deliberated to the preferred shares until the unification of shares classes held on November 23rd,
2020.
Telefônica Brasil S.A. (B3: VIVT3, NYSE:
VIV) discloses today its results for the fourth quarter of 2020, presented in accordance with International Financial Reporting
Standards (IFRS) and the pronouncements, interpretations and guidelines issued by the Accounting Pronouncements Committee. Totals
are subject to differences due to rounding up or down.
The spreadsheet with the data is available
on our Investor Relations website: http://www.telefonica.com.br/ri.
General
Data[4] [5][6][7]
|
Consolidated in R$ million
|
4Q20
|
∆% YoY
|
2020
|
∆% YoY
|
|
|
|
|
NET OPERATING REVENUES
|
11,193
|
(1.6)
|
43,126
|
(2.6)
|
|
|
Net Mobile Revenues
|
7,569
|
1.6
|
28,421
|
(0.9)
|
|
|
Net Fixed Revenues
|
3,623
|
(7.7)
|
14,705
|
(5.7)
|
|
|
OPERATING COSTS
|
(6,316)
|
(1.5)
|
(25,318)
|
(3.1)
|
|
|
Recurring Operating Costs1
|
(6,316)
|
(3.4)
|
(25,394)
|
(3.5)
|
|
|
EBITDA
|
4,877
|
(1.8)
|
17,808
|
(1.8)
|
|
|
EBITDA Margin
|
43.6%
|
(0.1) p.p.
|
41.3%
|
0.3 p.p.
|
|
|
Recurring EBITDA1
|
4,877
|
0.8
|
17,733
|
(1.2)
|
|
|
Recurring EBITDA Margin1
|
43.6%
|
1.0 p.p.
|
41.1%
|
0.6 p.p.
|
|
|
NET INCOME
|
1,293
|
1.5
|
4,771
|
(4.6)
|
|
|
|
|
|
|
|
|
|
CAPEX EX-LICENSES | EX-IFRS 16
|
2,429
|
3.1
|
7,789
|
(11.9)
|
|
|
FREE CASH FLOW2
|
708
|
(72.8)
|
9,610
|
12.6
|
|
|
|
|
|
|
|
|
|
TOTAL SUBSCRIBERS (THOUSAND)
|
95,051
|
1.5
|
95,051
|
1.5
|
|
|
Mobile Subscribers
|
78,532
|
5.3
|
78,532
|
5.3
|
|
|
Fixed Subscribers
|
16,519
|
(13.3)
|
16,519
|
(13.3)
|
|
|
|
|
|
|
|
|
|
Core Revenues3
|
9,828
|
3.2
|
37,030
|
1.5
|
|
|
Core Revenues / Net Operating Revenues
|
87.8%
|
4.1 p.p.
|
85.9%
|
3.5 p.p.
|
|
|
Non-core Revenues4
|
1,365
|
(26.4)
|
6,096
|
(21.7)
|
|
|
Non-core Revenues / Net Operating Revenues
|
12.2%
|
(4.1) p.p.
|
14.1%
|
(3.5) p.p.
|
|
[1] Since 2Q20, due to the atypical results
mainly related to the COVID-19 pandemic, the Company has been considering Reported EBITDA as Recurring EBITDA. In 1Q20: positive
effect of the sale of towers and rooftops in the amount of R$75.7 million. In 3Q19: positive effect of the sale of Data Centers
in the amount of R$64.3 million. In 4Q19: positive effect of R$1.4 million related to the reversal of organizational restructuring
costs; and positive effect of R$126.5 million related to the adequacy of international intellectual property.
[2]
Free Cash Flow after leasing payments. In 1Q20: it includes R$470 million in proceeds from
the sale of towers and rooftops. In 3Q19: includes R$446 million in proceeds from the sale of Data Centers. In 1Q19 and 2Q19: payment
related to the corporate restructuring of R$44 million and R$43 million, respectively.
[3] Total Company’s revenues excluding
fixed voice, xDSL and DTH.
[4] Fixed voice, xDSL and DTH revenues.
MOBILE
BUSINESS
Operating
Performance[8]
|
Thousand
|
4Q20
|
∆% YoY
|
2020
|
∆% YoY
|
|
TOTAL SUBSCRIBERS
|
78,532
|
5.3
|
78,532
|
5.3
|
|
Postpaid
|
44,870
|
3.9
|
44,870
|
3.9
|
|
M2M
|
10,452
|
3.5
|
10,452
|
3.5
|
|
Prepaid
|
33,663
|
7.2
|
33,663
|
7.2
|
|
MARKET SHARE1
|
33.6%
|
0.6 p.p.
|
33.6%
|
0.6 p.p.
|
|
Postpaid1
|
37.7%
|
(1.7) p.p.
|
37.7%
|
(1.7) p.p.
|
|
Prepaid1
|
29.3%
|
2.4 p.p.
|
29.3%
|
2.4 p.p.
|
|
ARPU (R$/month)
|
29.1
|
(2.4)
|
28.6
|
(2.5)
|
|
Postpaid (Human)
|
51.0
|
(3.0)
|
50.7
|
(3.1)
|
|
M2M
|
3.1
|
2.7
|
3.0
|
0.8
|
|
Prepaid
|
13.4
|
1.7
|
12.9
|
2.4
|
|
MONTHLY CHURN
|
2.9%
|
(0.4) p.p.
|
3.1%
|
(0.2) p.p.
|
|
Postpaid (ex-M2M)
|
1.1%
|
(0.5) p.p.
|
1.3%
|
(0.4) p.p.
|
|
Prepaid
|
4.8%
|
(0.6) p.p.
|
5.1%
|
(0.1) p.p.
|
Total accesses came to 78,532 thousand
at the end of 4Q20, up 5.3% y-o-y, with a total market share of 33.6% in December 2020, the highest level in over 10 years.
In the postpaid segment, Telefônica
Brasil reached 44,870 thousand accesses in December 2020, up 3.9% y-o-y. Postpaid accesses accounted for 57.1% of the total mobile
customer base, with a market share of 37.7% in December 2020. Postpaid net additions reached 909 thousand new accesses in
the fourth quarter of 2020, reflecting the gradual increase of commercial working hours, as stores are the main channel for serving
this kind of public. The Company remains leader in 4G-technology handsets, with a market share of 32.7% in December 2020
(7.6 p.p. more than the second player), which is a result of the quality of the customer base and the Company’s strategy
focused on data and digital services.
The prepaid customer base increased
to 33,663 thousand accesses in December 2020, up 7.2% y-o-y, with 905 thousand net additions in 4Q20, resulting in a market share
of 29.3% in December 2020, up 2.4 p.p. versus 4Q19.
In the Machine-to-Machine (M2M) market,
the access base reached 10,452 thousand customers in December 2020, up 3.5% y-o-y. Telefônica Brasil is also the market leader
in this segment, with a market share of 37.4% in December 2020.
Mobile ARPU fell 2.4% y-o-y in 4Q20,
mainly because of the growth of the prepaid customer base, which has a lower ARPU.
[1]
In December 2020.
Financial
Performance
|
Consolidated in R$ million
|
4Q20
|
∆% YoY
|
2020
|
∆% YoY
|
|
|
|
|
NET MOBILE REVENUES
|
7,569
|
1.6
|
28,421
|
(0.9)
|
|
|
Net Mobile Service Revenues
|
6,760
|
2.1
|
25,948
|
(0.1)
|
|
|
Net Handset Revenues
|
809
|
(2.4)
|
2,473
|
(8.5)
|
|
Net Mobile Revenues grew 1.6% y-o-y
in 4Q20. This performance was propelled by the increase of mobile service revenues, which was partially offset by slightly lower
handset revenues.
Mobile Service Revenues rose 2.1% in
4Q20, signaling a gradual recovery of economic activity and the constant search for high-quality connectivity and coverage. Postpaid
Revenues[1] grew 0.9% y-o-y in 4Q20, mainly due to the increase of prices applied
in the quarter and customer base growth supported by the migration of prepaid customers to the hybrid segment. Prepaid Revenues
increased 7.3% y-o-y in 4Q20, thanks to a combination of accelerated net additions and higher top up volumes, mainly through
digital channels. The gradual country’s economic recovery is reflected in the gradual improvement of the mobile service revenue,
attesting the essentiality of connectivity and the perception of network quality.
Additionally, the attractiveness of the Company’s
portfolio is anchored by the wide range of digital services made available through partnerships with relevant content providers,
such as Telecine, Spotify, Netflix and, more recently, Disney+, launched in 4Q20. This strengthens the overall value proposition
and leads to an ARPU increase by combining data usage and digital services.
Net Handset Revenues dropped 2.4% y-o-y,
because of a slight reduction in seasonal sales caused by the COVID-19 pandemic.
[1]
Postpaid revenues include M2M and wholesale.
FIXED
LINE BUSINESS[10][11][12]
Operating
Performance
|
Thousand
|
4Q20
|
∆% YoY
|
2020
|
∆% YoY
|
|
TOTAL SUBSCRIBERS1
|
16,519
|
(13.3)
|
16,519
|
(13.3)
|
|
Fixed Broadband
|
6,276
|
(9.1)
|
6,276
|
(9.1)
|
|
FTTH
|
3,378
|
36.3
|
3,378
|
36.3
|
|
Others
|
2,899
|
(34.6)
|
2,899
|
(34.6)
|
|
Pay TV
|
1,248
|
(5.5)
|
1,248
|
(5.5)
|
|
IPTV
|
891
|
24.7
|
891
|
24.7
|
|
DTH
|
357
|
(41.0)
|
357
|
(41.0)
|
|
Voice
|
8,995
|
(16.8)
|
8,995
|
(16.8)
|
|
ARPU | Broadband (R$/month)
|
78.2
|
9.1
|
75.7
|
14.8
|
|
ARPU | Pay TV (R$/month)
|
111.2
|
2.4
|
108.6
|
3.4
|
|
ARPU | Voice (R$/month)
|
34.3
|
(3.5)
|
34.5
|
(3.2)
|
|
|
|
|
|
|
|
CORE FIXED SUBSCRIBERS2
|
5,975
|
4.1
|
5,975
|
4.1
|
|
NON-CORE FIXED SUBSCRIBERS3
|
10,544
|
(20.8)
|
10,544
|
(20.8)
|
We ended 4Q20 with 16,519 thousand total
fixed accesses, down 13.3% y-o-y, pressured by the decline of non-core accesses (fixed voice, xDSL and DTH), mainly due to
the maturity of these services.
Fixed broadband accesses came
to 6,276 thousand in 4Q20, down 9.1% from 4Q19, mainly because of the disconnection of xDSL customers. The FTTH customer base,
whose ARPU is significantly higher, continues to grow at an accelerated pace, increasing 36.3% y-o-y in 4Q20, to 3,378 thousand
accesses, as a result of the Company’s strategy to focus on the expansion of its fiber footprint, which offers higher speeds
and a better customer experience. By the end of 2020, more than 65% of ultra-broadband customers were connected through fiber.
As a result of the strong growth of
the FTTH customer base, broadband ARPU was up 9.1% y-o-y in 4Q20 boosted by FTTH ARPU that increased 13.3% y-o-y in 4Q20.
Pay-TV accesses totaled 1,248
thousand, a decrease of 5.5% y-o-y in 4Q20, due to the Company's decision to stop selling DTH technology. On the other hand, there
was an improvement in the customer mix driven by a 24.7% increase of IPTV accesses. In this context, Pay-TV ARPU increased 2.4%
y-o-y in 4Q20, validating the Company's focus on high-end customers.
Voice accesses totaled 8,995
thousand in 4Q20, down 16.8% from 4Q19, mainly because of the fixed-to-mobile substitution and voice-to-data migration.
[1]
Does not include Corporate Data Links (115 thousand in 4Q20).
[2]
FTTx and IPTV accesses.
[3]
Fixed voice, xDSL and DTH.
Financial
Performance
|
Consolidated in R$ million
|
4Q20
|
∆% YoY
|
2020
|
∆% YoY
|
|
|
|
|
NET FIXED REVENUES
|
3,623
|
(7.7)
|
14,705
|
(5.7)
|
|
|
Broadband1
|
1,486
|
(1.6)
|
5,956
|
4.1
|
|
|
FTTH
|
896
|
52.9
|
3,060
|
50.4
|
|
|
Others
|
589
|
(36.2)
|
2,895
|
(21.4)
|
|
|
Pay TV
|
418
|
(4.8)
|
1,660
|
(9.2)
|
|
|
IPTV
|
313
|
28.3
|
1,124
|
26.7
|
|
|
DTH
|
105
|
(46.2)
|
535
|
(43.1)
|
|
|
Corporate Data and ICT and Others
|
710
|
(4.2)
|
2,784
|
0.7
|
|
|
Fixed Voice
|
1,010
|
(18.2)
|
4,306
|
(18.6)
|
|
|
|
|
|
|
|
|
|
Growing Businesses²
|
2,259
|
9.1
|
8,609
|
10.2
|
|
|
Legacy Businesses³
|
1,365
|
(26.4)
|
6,096
|
(21.7)
|
|
|
1- Broadband revenues include residential and SME customers.
|
|
|
2- FTTx, IPTV, Corporate Data and ICT, Wholesale.
|
|
|
3- Fixed voice, xDSL and DTH.
|
|
Net Fixed Revenues fell 7.7% y-o-y
in 4Q20, impacted by the decrease of non-core revenues (fixed voice, xDSL and DTH services). Core fixed revenues grew 9.1% y-o-y
in 4Q20, showing the Company's focus on higher value products.
Broadband Revenues fell 1.6%
y-o-y in 4Q20, due to the disconnection of xDSL customers, offset by the substantial increase of FTTH Revenues, which accounted
for 60.3% of this line in the period, up 52.9% y-o-y. We continue to focus our efforts on increasing the number of customers connected
with fiber and migrating customers to higher speeds, with higher ARPU, besides expanding the FTTH network. In the 4Q20, the Company’s
fiber network reached an additional 22 cities. By the end of 2020, we already had FTTH coverage in 266 cities.
Pay-TV Revenues fell 4.8% y-o-y
in 4Q20, due to the Company’s more selective approach to this service, focusing on high-end products to optimize profitability.
Thus, IPTV, which is increasingly associated with fiber connectivity and offers a superior customer experience, increased 28.3%
over 4Q19.
Corporate Data and ICT and other
revenues decreased 4.2% y-o-y in 4Q20, still reflecting companies’ decision to postpone investments because of the pandemic,
which led to a reduction in equipment sales, partially offset by the performance of new services revenues in the B2B market, such
as data, cloud and IT services.
Voice revenues dropped 18.2%
y-o-y in 4Q20, mainly because of the maturity of the service and the fixed-to-mobile substitution.
The Company has reinforced its focus
on transforming its revenue profile to consolidate itself as a reference in cutting edge technologies and digital services. Accordingly,
we demonstrate in Annex I the composition of core and non-core revenues, that indicate positive prospects.
OPERATING
COSTS
|
Consolidated in R$ million
|
4Q20
|
∆% YoY
|
2020
|
∆% YoY
|
|
|
|
|
OPERATING COSTS
|
(6,316)
|
(1.5)
|
(25,318)
|
(3.1)
|
|
|
Personnel
|
(910)
|
(8.6)
|
(3,741)
|
(0.4)
|
|
|
Costs of Services Rendered
|
(2,513)
|
10.3
|
(10,173)
|
5.8
|
|
|
Interconnection
|
(301)
|
17.5
|
(1,333)
|
22.5
|
|
|
Taxes and Contributions
|
(411)
|
10.5
|
(1,690)
|
5.8
|
|
|
Third-party Services
|
(1,525)
|
16.8
|
(5,788)
|
5.0
|
|
|
Others
|
(276)
|
(19.9)
|
(1,362)
|
(4.1)
|
|
|
Cost of Goods Sold
|
(934)
|
1.3
|
(2,879)
|
(8.8)
|
|
|
Commercial Expenses
|
(1,890)
|
(9.2)
|
(7,854)
|
(9.0)
|
|
|
Provision for Bad Debt
|
(380)
|
(8.9)
|
(1,740)
|
3.4
|
|
|
Third-party Services
|
(1,440)
|
(10.0)
|
(5,888)
|
(11.9)
|
|
|
Others
|
(71)
|
8.7
|
(225)
|
(14.4)
|
|
|
General and Administrative Expenses
|
(312)
|
(8.0)
|
(1,216)
|
(4.5)
|
|
|
Other Net Operating Revenues (Expenses)
|
244
|
18.1
|
544
|
78.9
|
|
|
Recurring Operating Costs1
|
(6,316)
|
(3.4)
|
(25,394)
|
(3.5)
|
|
Operating
Costs[1], excluding depreciation and amortization expenses, fell 3.4% from 4Q19, reaching R$6,316 million in 4Q20,
while inflation was +4.5% (IPCA - 12M). The reduction was mainly due to lower commercial expenses.
Personnel Costs fell 8.6% y-o-y in
4Q20, mainly due to the measures adopted by the Company related to Law 14,020/2020, such as the reduction in working hours and
temporary suspension of employment contracts.
The Cost of Services Rendered line
grew 10.3% y-o-y in 4Q20, reflecting the rise of interconnection costs, higher regulatory fees due to the expansion of the mobile
customer base and increased variable expenses related to the growing sales of digital services.
Cost of Goods Sold was up 1.3%
in 4Q20 y-o-y, because of the reopening of commercial activity.
Commercial Expenses fell 9.2%
y-o-y in 4Q19, benefited by the increased contribution of digitalization and automation activities related to customer service
and digital sales channels.
The Provision for Doubtful
Accounts totaled R$380 million in 4Q20, accounting for 2.3% of Gross Revenues, down 0.2 p.p. from 4Q19, due to the intensification
of collection activities aimed at mitigating the effects of the COVID-19 pandemic.
Third-party Services fell
10.0% y-o-y in 4Q20, maintaining the trend observed in the previous quarter of a y-o-y decline in commercial expenses and commissioning
costs. The larger share of e-commerce and the accelerated digitalization of processes that make up the customer journey (e-billing,
AURA virtual assistant and Meu Vivo app) led to lower costs related to call center, back office and bill printing and mailing,
among others.
General
and Administrative Expenses fell 8.0% from 4Q19, due to ongoing cost control in these lines.
[1]
- Inclusion of atypical results mainly related to the COVID-19 pandemic. In 2Q20: considers Reported Operating Costs as Recurring
Operating Costs. In 1Q20: non-recurring positive effect of the sale of towers and rooftops in the amount of R$75.7 million. In
3Q19: positive effect of the sale of Data Centers in the amount of R$64.3 million. In 4Q19: positive effect of R$1.4 million related
to the reversal of organizational restructuring costs; positive effect of R$126.5 million related to the adequacy of international
intellectual property.
Other Net Operating Revenues (Expenses)
totaled net revenues of R$244 million, mainly due to higher tax recoveries and lower labor and civil contingencies in the period.
EBITDA
Recurring
EBITDA[1] (earnings before interest,
taxes, depreciation and amortization) totaled R$4,877 million in 4Q20, up 0.8% from 4Q19, with an EBITDA margin of 43.6% (+1.0
p.p. y-o-y), enhanced by the expansion of core revenues combined with effective and long-lasting efficiency measures adopted by
the Company. In 2020, Recurring EBITDA[2] amounted
to R$17,733 million, a reduction of 1.2% when compared to the previous year, with a Recurring EBITDA margin of 41.1%, a
growth of 0.6 p.p. in the period.
Reported
EBITDA reduced 1.8% in 4Q20 over 4Q19. EBITDA margin remained almost stable (-0.1 p.p. y-o-y). In 2020, Reported EBITDA
amounted to R$17.808 million, with an EBITDA margin of 41.3% (+0.3 p.p. y-o-y).
DEPRECIATION
AND AMORTIZATION
|
Consolidated in R$ million
|
4Q20
|
∆% YoY
|
2020
|
∆% YoY
|
|
|
|
|
DEPRECIATION AND AMORTIZATION
|
(2,922)
|
(2.2)
|
(11,228)
|
2.8
|
|
|
Depreciation
|
(2,252)
|
(1.7)
|
(8,582)
|
6.8
|
|
|
Amortization
|
(671)
|
(4.1)
|
(2,646)
|
(8.3)
|
|
Depreciation
and Amortization fell 2.2% y-o-y in 4Q20, mainly due to lower amortization of intangible assets.
FINANCIAL
RESULT
|
Consolidated in R$ million
|
4Q20
|
∆% YoY
|
2020
|
∆% YoY
|
|
|
|
|
FINANCIAL RESULT
|
(287)
|
56.5
|
(573)
|
(30.1)
|
|
|
Income from Financial Investments
|
40
|
(36.5)
|
177
|
(34.9)
|
|
|
Debt Interest
|
(247)
|
39.2
|
(649)
|
(21.9)
|
|
|
Monetary and Exchange Variation and Others
|
(81)
|
16.1
|
(102)
|
(61.1)
|
|
In 4Q20, the Financial Result
was an expense of R$287 million, 56.5% higher than in 4Q19, mainly due to an upturn in gross debt, due to an increased volume of
contracts recognized under IFRS16.
In 2020, we recorded a financial expense
of R$573 million, down 30.1% from 2019, mostly due to a reduction in net debt and an interest rate decline, partially offset by
the monetary restatement of lawsuits.
[1]
- In 4Q19: positive effect of R$1.4 million related to the reversal of organizational restructuring costs; and positive effect
of R$126.5 million related to the adequacy of international intellectual property.
[2] - Excludes the following: In 1Q20: positive effect
of the sale of towers and rooftops in the amount of R$75.7 million. In 3Q19: positive effect of the sale of Data Centers in the
amount of R$64.3 million. In 4Q19: positive effect of R$1.4 million related to the reversal of organizational restructuring costs;
and positive effect of R$126.5 million related to the adequacy of international intellectual property.
NET INCOME
Net Income totaled R$1,293 million
in 4Q20, up 1.5% y-o-y, due to lower tax expenses in the quarter. Net Income reached R$4,771 million in 2020, down 4.6% from 2019.
CAPEX
|
Consolidated in R$ million
|
4Q20
|
∆% YoY
|
2020
|
∆% YoY
|
|
|
|
|
Network
|
1,882
|
5.9
|
6,328
|
(13.0)
|
|
|
Technology / Information System
|
405
|
3.2
|
1,154
|
(2.6)
|
|
|
Products and Services, Channels, Administrative and Others
|
142
|
(24.3)
|
307
|
(20.4)
|
|
|
CAPITAL EXPENDITURES1 | EX-IFRS 16
|
2,429
|
3.1
|
7,789
|
(11.9)
|
|
|
IFRS 16 | Leasing
|
3,351
|
775.2
|
4,461
|
147.3
|
|
|
TOTAL | IFRS 16
|
5,781
|
111.0
|
12,250
|
15.0
|
|
|
|
|
|
|
|
|
|
CAPITAL EXPENDITURES1 EX-IFRS 16 / NET REVENUES
|
21.7%
|
1.0 p.p.
|
18.1%
|
(1.9) p.p.
|
|
Capex[1]
reached R$2,429 million in 4Q20, equivalent to 21.7% of Net Operating Revenues for the period. The investments were focused on
FTTH and IPTV adoption and footprint expansion and 4G and 4.5G capacity increase and network expansion, to support the growing
demand for data and ensure the excellence of services provided.
In 2020, Capex totaled R$7,789 million,
equivalent to 18.1% of Net Operating Revenues, mainly focused on the expansion of the FTTH network and mobile service quality.
[1]
Does not include the amount related to license renewal of R$184.3 million in 4Q20.
CASH
FLOW
|
Consolidated in R$ million
|
4Q20
|
∆% YoY
|
2020
|
∆% YoY
|
|
|
|
|
Recurring EBITDA
|
4,877
|
0.8
|
17,733
|
(1.2)
|
|
|
Capital Expenditures
|
(2,429)
|
3.1
|
(7,789)
|
(11.9)
|
|
|
Taxes and Net Financial Result
|
(285)
|
(17.2)
|
(840)
|
(25.1)
|
|
|
Working Capital Variation
|
(26)
|
n.a.
|
2,880
|
63.6
|
|
|
FREE CASH FLOW FROM BUSINESS ACTIVITIES
|
2,136
|
(29.7)
|
11,984
|
23.1
|
|
|
IFRS16 | Lease Payments
|
(1,428)
|
279.8
|
(2,844)
|
89.3
|
|
|
FREE CASH FLOW AFTER LEASE PAYMENTS
|
708
|
(73.4)
|
9,140
|
11.0
|
|
|
Proceeds from the Sale of Assets
|
0
|
n.a.
|
470
|
21.1
|
|
|
FREE CASH FLOW AFTER LEASE PAYMENTS AND NON-RECURRING EFFECTS1
|
708
|
(72.8)
|
9,610
|
12.6
|
|
Free Cash Flow after Leasing payments[1]
totaled R$708 million in 4Q20, down 73.4% from 4Q19 (R$1,955 million), because of the phasing of investment payments, inventory,
and taxes.
In 2020, Free Cash Flow after Leasing
payments came to R$9,140 million, up 11.0% y-o-y, due to the optimized allocation of investments, lower financial and tax payments,
in addition to improved working capital performance, partially offset by higher leasing payments.
[1]
In 1Q20: includes R$470 million in proceeds from the sale of towers and rooftops. In 3Q19: includes R$446 million in proceeds from
the sale of Data Centers. In 1Q19 and 2Q19: payment related to the corporate restructuring of R$44 million and R$43 million, respectively.
DEBT
Loans,
Financing and Debentures
|
ISSUANCES
|
CURRENCY
|
INTEREST RATE
|
DUE DATE
|
SHORT TERM
|
LONG TERM
|
TOTAL
|
|
PSI
|
R$
|
2.5% to 5.5%
|
2023
|
0.1
|
0.1
|
0.1
|
|
Suppliers
|
R$
|
114.6% to 149.0% of CDI
|
2021
|
376
|
0
|
376
|
|
Debentures 1st Issue - Minas Comunica
|
R$
|
IPCA + 0.5%
|
2021
|
29
|
0
|
29
|
|
Debentures 5th Issue - Single Series
|
R$
|
108.25% of CDI
|
2022
|
1,015
|
1,000
|
2,015
|
|
Financial Leases
|
R$
|
IPCA
|
2033
|
40
|
303
|
343
|
|
ISSUANCES | EX-IFRS 16
|
|
|
|
1,461
|
1,303
|
2,763
|
|
IFRS 16 Effects | Leasing
|
R$
|
IPCA
|
2044
|
2,222
|
8,254
|
10,476
|
|
TOTAL | IFRS 16
|
|
|
|
3,682
|
9,557
|
13,239
|
Net
Debt | ex-IFRS 16 L.T. Debt Profile
|
Consolidated in R$ million
|
12/31/2020
|
09/30/2020
|
12/31/2019
|
|
4Q20
|
|
Short-Term Debt
|
1,461
|
2,521
|
2,162
|
|
Year
|
Pro forma
|
IFRS 16
|
|
Long-Term Debt
|
1,303
|
1,329
|
2,849
|
|
(R$ million)
|
(R$ million)
|
|
Total Debt
|
2,763
|
3,850
|
5,011
|
|
2021
|
1,041
|
3,269
|
|
Cash and Cash Equivalents
|
(5,764)
|
(8,370)
|
(3,407)
|
|
2022
|
35
|
2,119
|
|
Net Derivatives Position
|
6
|
18
|
(16)
|
|
2023
|
32
|
1,552
|
|
Contingent Consideration Guarantee Asset1
|
0
|
0
|
(484)
|
|
2024
|
28
|
926
|
|
Net Debt
|
(2,995)
|
(4,502)
|
1,104
|
|
After 2024
|
167
|
1,691
|
|
Net Debt / EBITDA AL2
|
(0.20)
|
(0.29)
|
0.07
|
|
Total
|
1,303
|
9,557
|
|
1- Alignment of the classification criterion for the asset backing the contingent consideration to calculate pro-forma net debt.
|
|
2- LTM EBITDA "after lease payments", disregarding payment of principal and interest related to financial leasings.
|
|
The
Company closed 4Q20 with gross debt of R$2,763 million, excluding the recognition of liabilities for all leases, as required
by IFRS 16. The reduction in gross debt was related to the settlement of loans and financing in the period. The Company has no
outstanding debt in foreign currency.
Excluding the effect of IFRS 16, the
Company recorded net cash of R$2,995 million in 4Q20. Net cash increased R$4,099 million y-o-y, mainly due to increased
cash generation in the period. Considering the impact of IFRS 16, net debt totaled R$7,481 million at the end of the period.
|
OWNERSHIP STRUCTURE
|
12/31/2020
|
Common/Total
|
|
Controlling Group
|
1,244,241,119
|
|
73.6%
|
|
Minority Shareholders
|
443,933,052
|
|
26.3%
|
|
Treasury
|
2,810,752
|
|
0.2%
|
|
Total Number of Shares
|
1,690,984,923
|
|
|
|
Book Value per Share: R$41.20
Subscribed/Paid up Capital: R$63,571 million
CAPITAL
MARKET
The Company’s common shares (VIVT3)
closed 4Q20 at R$46.50, down 19.8% from the closing price at the end of 2019. In the same period, the daily trading volume averaged
R$129.3 million.
The ADRs (VIV) traded on the NYSE closed
4Q20 at US$8.87, down 38.1% from the closing price at the end of 2019. The daily trading volume of ADRs averaged US$16.8 million.
The chart below shows the Company's
stock performance:
SHAREHOLDER
REMUNERATION
In 2020, the Board of Directors approved
the payment of interest on capital and dividends totaling the gross amount of R$5.4 billion related to fiscal year 2020. As a
result, dividend payout reached 113.6% and dividend yield[1] was 7.0% in 2020,
reaffirming the Company’s commitment to maximizing returns to shareholders. This amount will be considered as part of the
mandatory minimum dividends for fiscal year 2020, ad referendum of the Annual Shareholders' Meeting to be held on April
15, 2021, and payments will be made as described in the table below, which also includes the amounts per share to be distributed.
[1]
Considers the amounts deliberated to the preferred shares until the unification of shares classes held on November 23rd,
2020.
In addition, the Company is frequently
executing its Share Buyback Program, with a total of 518,800 shares repurchased in 2020 and 801,700 shares in 2021, totaling R$58.4
million.
|
2020
|
Deliberation
|
Shareholding Position
|
Gross Amount (BRL million)
|
Net Amount (BRL million)
|
Share Class
|
Gross Amount (BRL)
|
Net Amount (BRL)
|
Payment Date
|
|
|
|
Dividends
(based on Dec-20)
|
To be deliberated on 04/15/20211
|
04/15/2021
|
1,588
|
1,200
|
Common
|
0.940376
|
0.940376
|
10/05/2021
|
|
|
|
Dividends
(based on Nov-20)
|
11/12/2020
|
12/28/2020
|
1,200
|
1,200
|
Common
|
0.710827
|
0.710827
|
10/05/2021
|
|
|
|
IOC
(based on Nov-20)
|
11/12/2020
|
12/28/2020
|
260
|
221
|
Common
|
0.154013
|
0.130911
|
07/13/2021
|
|
|
|
IOC
(based on Oct-20)
|
11/16/2020
|
11/27/2020
|
400
|
340
|
Common
|
0.236902
|
0.201367
|
07/13/2021
|
|
|
|
|
IOC
|
09/17/2020
|
09/28/2020
|
650
|
552.5
|
Common
|
0.360985
|
0.306837
|
07/13/2021
|
|
|
(based on Aug-20)
|
Preferred
|
0.397084
|
0.337521
|
|
|
IOC
|
06/17/2020
|
06/30/2020
|
900
|
765
|
Common
|
0.499826
|
0.424852
|
07/13/2021
|
|
|
(based on May-20)
|
Preferred
|
0.549808
|
0.467337
|
|
|
IOC
|
03/19/2020
|
03/31/2020
|
150
|
127.5
|
Common
|
0.083304
|
0.070809
|
07/13/2021
|
|
|
(based on Feb-20)
|
Preferred
|
0.091635
|
0.077890
|
|
|
IOC
|
02/14/2020
|
02/28/2020
|
270
|
229.5
|
Common
|
0.149948
|
0.127456
|
07/13/2021
|
|
|
(based on Jan-20)
|
Preferred
|
0.164942
|
0.140201
|
|
|
1- Dividend proposed by the Management for future deliberation on the General Shareholder's Meeting, to be held on April, 15, 2021. Amount per share subject to changes due to eventual execution of the Share Buyback Program.
|
|
ESG –
ENVIRONMENTAL, SOCIAL AND GOVERNANCE
Telefônica Brasil has a business
model designed to contribute to the country’s growth, offering high-quality connection and services that bring people closer
and facilitate their lives. The Company’s purpose is to “Digitalize to bring closer”; it seeks to go beyond the
financial result by developing programs and projects to promote, in addition to efficiency, environmental preservation and the
well-being of society.
In 2020, Telefônica Brasil was
included in the main national and international sustainability rankings. The Company was included in the portfolio of B3’s
Corporate Sustainability Index (ISE) for the ninth consecutive year and in Vigeo Eiris’ Best Emerging Markets Performers
Ranking for the sixth consecutive year. The Company is also included in the portfolio of S&P/B3 Brasil ESG, B3’s
new sustainability index in partnership with S&P; is the best-ranked Telecom company in the Dow Jones Sustainability Index
in Latin America; was ranked sixth in leadership in sustainability by ALAS20; and is included in the “A List” of the
Carbon Disclosure Project (CDP).
In the environmental dimension, Telefônica
Brasil boosted the “Recicle com a Vivo” (Recycle with Vivo) program, inviting customers and society as a whole to reflect
on appropriate electronic waste disposal, reaching 7.68 tons (15% more than in 2019). It also expanded the distributed generation
project and obtained ISO 50001 certification for the Energy Management System of its main administrative building in São
Paulo. As a result, Telefônica Brasil became the first telco company to obtain the certification in Brazil and the
first Telefônica operation outside Europe to achieve this recognition. We are also present in the 2021 Carbon Efficient Index
(ICO2), B3’s main index for companies committed to emission transparency and a low-carbon economy.
On the social front, the Telefônica
Vivo Foundation is responsible for Telefônica Brasil’s social projects, developing projects in education and volunteer
work. The Foundation has been working in Brazil for 22 years; in 2020, it invested R$59.4 million, benefitting around 2.4 million
people. In response to the pandemic, it invested an additional R$36.6 million in donations of inputs, hospital equipment and ventilators
in several states, benefitting public hospitals from all over the country, as well as food donations to socially vulnerable families,
totaling R$96 million.
Diversity is a strategic pillar, which
is extremely important for the Company. In recognition of the initiatives developed during the year, Telefônica Brasil received
the “CNN Notable Award”, in the Diversity category, for our commitment to diversity and inclusion, especially for initiatives
during the COVID-19 pandemic.
Telefônica Brasil also obtained
DSC 10.000 certification in recognition of the excellence of its Compliance Program - #VivoDeAcordo - in accordance with standards
based on Brazilian anti-corruption laws and regulations. The certification reinforces the perception of ethics and integrity of
employees, customers and partners in relation to the Company, as well as the strengthening of internal anti-corruption mechanisms.
The Company also debuted prominently
in The Sustainability Yearbook 2021, prepared by S&P Global ESG, and was recognized in the "Industry Mover" category.
The yearbook is considered a reference for investors for presenting the leaders in sustainability in the market among more than
seven thousand companies participating in the Dow Jones Sustainability Index assessment.
All these important achievements and
recognitions prove that, as we connect millions of Brazilians, we generate a positive impact for the market and society, fulfilling
our purpose of “Digitalize to bring closer”.
INCOME
STATEMENT
|
Consolidated in R$ million
|
4Q20
|
∆% YoY
|
2020
|
∆% YoY
|
|
GROSS OPERATING REVENUE
|
16,562
|
(2.2)
|
63,195
|
(5.1)
|
|
Gross Operating Mobile Revenue
|
10,998
|
(0.7)
|
41,041
|
(4.7)
|
|
Gross Operating Fixed Revenue
|
5,564
|
(5.0)
|
22,154
|
(5.7)
|
|
NET OPERATING REVENUE
|
11,193
|
(1.6)
|
43,126
|
(2.6)
|
|
Net Operating Mobile Revenue
|
7,569
|
1.6
|
28,421
|
(0.9)
|
|
Net Operating Fixed Revenue
|
3,623
|
(7.7)
|
14,705
|
(5.7)
|
|
OPERATING COSTS
|
(6,316)
|
(1.5)
|
(25,318)
|
(3.1)
|
|
Personnel
|
(910)
|
(8.6)
|
(3,741)
|
(0.4)
|
|
Costs of Services Rendered
|
(2,513)
|
10.3
|
(10,173)
|
5.8
|
|
Interconnection
|
(301)
|
17.5
|
(1,333)
|
22.5
|
|
Taxes and Contributions
|
(411)
|
10.5
|
(1,690)
|
5.8
|
|
Third-party Services
|
(1,525)
|
16.8
|
(5,788)
|
5.0
|
|
Others
|
(276)
|
(19.9)
|
(1,362)
|
(4.1)
|
|
Cost of Goods Sold
|
(934)
|
1.3
|
(2,879)
|
(8.8)
|
|
Commercial Expenses
|
(1,890)
|
(9.2)
|
(7,854)
|
(9.0)
|
|
Provision for Bad Debt
|
(380)
|
(8.9)
|
(1,740)
|
3.4
|
|
Third-party Services
|
(1,440)
|
(10.0)
|
(5,888)
|
(11.9)
|
|
Others
|
(71)
|
8.7
|
(225)
|
(14.4)
|
|
General and Administrative Expenses
|
(312)
|
(8.0)
|
(1,216)
|
(4.5)
|
|
Other Net Operating Revenue (Expenses)
|
244
|
18.1
|
544
|
78.9
|
|
|
|
|
|
|
|
EBITDA
|
4,877
|
(1.8)
|
17,808
|
(1.8)
|
|
EBITDA Margin %
|
43.6%
|
(0.1) p.p.
|
41.3%
|
0.3 p.p.
|
|
DEPRECIATION AND AMORTIZATION
|
(2,922)
|
(2.2)
|
(11,228)
|
2.8
|
|
|
|
|
|
|
|
EBIT
|
1,954
|
(1.2)
|
6,581
|
(8.8)
|
|
|
|
|
|
|
|
FINANCIAL RESULT
|
(287)
|
56.5
|
(573)
|
(30.1)
|
|
|
|
|
|
|
|
GAIN (LOSS) ON INVESTMENTS
|
(0)
|
n.a.
|
1
|
0.0
|
|
|
|
|
|
|
|
TAXES (INCOME TAX/SOCIAL CONTRIBUTION)
|
(374)
|
(28.3)
|
(1,238)
|
(11.2)
|
|
|
|
|
|
|
|
NET INCOME
|
1,293
|
1.5
|
4,771
|
(4.6)
|
BALANCE
SHEET
|
Consolidated in R$ million
|
12/31/2020
|
12/31/2019
|
∆%
|
|
ASSETS
|
108,738
|
108,290
|
0.4
|
|
Current Assets
|
19,061
|
18,645
|
2.2
|
|
Cash and Cash Equivalents
|
5,762
|
3,393
|
69.8
|
|
Accounts Receivable from Customers
|
10,103
|
10,263
|
(1.6)
|
|
Provision for Doubtful Accounts
|
(1,920)
|
(1,543)
|
24.4
|
|
Inventories
|
633
|
578
|
9.5
|
|
Recoverable Income Tax and Social Contribution
|
519
|
412
|
26.2
|
|
Recoverable Taxes, Fees and Contributions
|
2,512
|
4,176
|
(39.8)
|
|
Escrow Deposits and Frozen Assets
|
177
|
278
|
(36.1)
|
|
Derivative Financial Instruments
|
6
|
19
|
(69.4)
|
|
Prepaid Expenses
|
860
|
687
|
25.2
|
|
Other Assets
|
408
|
383
|
6.7
|
|
Non-Current Assets
|
89,678
|
89,645
|
0.0
|
|
Accounts Receivable from Customers
|
533
|
542
|
(1.7)
|
|
Provision for Doubtful Accounts
|
(153)
|
(101)
|
50.5
|
|
Financial Investments
|
46
|
64
|
(27.4)
|
|
Recoverable Taxes, Fees and Contributions
|
824
|
841
|
(2.0)
|
|
Deferred Income Tax and Social Contribution
|
139
|
171
|
(18.9)
|
|
Escrow Deposits and Frozen Assets
|
2,767
|
3,393
|
(18.5)
|
|
Derivative Financial Instruments
|
64
|
53
|
20.0
|
|
Prepaid Expenses
|
195
|
220
|
(11.6)
|
|
Other Assets
|
184
|
236
|
(21.8)
|
|
Investments
|
144
|
104
|
38.6
|
|
Property, Plant and Equipment, Net
|
44,353
|
42,847
|
3.5
|
|
Intangible Assets, Net
|
40,582
|
41,275
|
(1.7)
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
108,738
|
108,290
|
0.4
|
|
LIABILITIES
|
39,182
|
37,834
|
3.6
|
|
Current Liabilities
|
17,875
|
17,732
|
0.8
|
|
Payroll and Related Charges
|
764
|
752
|
1.6
|
|
Suppliers and Accounts Payable
|
6,613
|
6,872
|
(3.8)
|
|
Income Tax and Social Contribution
|
2
|
7
|
(74.2)
|
|
Taxes, Fees and Contributions
|
1,607
|
1,140
|
41.0
|
|
Loans, Financing, Debentures and Leasing
|
3,683
|
4,127
|
(10.8)
|
|
Interest on Capital and Dividends
|
3,866
|
3,587
|
7.8
|
|
Provisions and Contingencies
|
418
|
375
|
11.5
|
|
Derivative Financial Instruments
|
9
|
2
|
368.4
|
|
Deferred Revenues
|
507
|
506
|
0.1
|
|
Other Liabilities
|
407
|
365
|
11.4
|
|
Non-Current Liabilities
|
21,307
|
20,102
|
6.0
|
|
Payroll and Related Charges
|
4
|
36
|
(89.7)
|
|
Taxes, Fees and Contributions
|
319
|
285
|
12.0
|
|
Income Tax and Social Contribution
|
96
|
87
|
11.2
|
|
Deferred Income Tax and Social Contribution
|
4,415
|
3,146
|
40.3
|
|
Loans, Financing, Debentures and Leasing
|
9,557
|
9,698
|
(1.5)
|
|
Provisions and Contingencies
|
5,192
|
5,161
|
0.6
|
|
Derivative Financial Instruments
|
66
|
54
|
22.0
|
|
Deferred Revenues
|
239
|
212
|
13.0
|
|
Other Liabilities
|
1,418
|
1,423
|
(0.3)
|
|
SHAREHOLDERS' EQUITY
|
69,557
|
70,456
|
(1.3)
|
|
Capital Stock
|
63,571
|
63,571
|
0.0
|
|
Capital Reserve
|
1,182
|
1,166
|
1.4
|
|
Profit Reserve
|
3,150
|
3,492
|
(9.8)
|
|
Additional Proposed Dividends
|
1,588
|
2,196
|
(27.7)
|
|
Other Comprehensive Income
|
66
|
31
|
114.7
|
ANEXX
I
Financial
Performance – Core and Non-core Historic Data
|
Consolidated in R$ million
|
1Q19
|
2Q19
|
3Q19
|
4Q19
|
1Q20
|
∆% YoY
|
2Q20
|
∆% YoY
|
3Q20
|
∆% YoY
|
4Q20
|
∆% YoY
|
|
|
|
|
NET REVENUES
|
10,975
|
10,870
|
11,047
|
11,377
|
10,825
|
(1.4)
|
10,317
|
(5.1)
|
10,792
|
(2.3)
|
11,193
|
(1.6)
|
|
|
Core revenues1
|
8,906
|
8,880
|
9,168
|
9,523
|
9,131
|
2.5
|
8,734
|
(1.6)
|
9,337
|
1.8
|
9,828
|
3.2
|
|
|
Mobile core revenues2
|
7,081
|
6,972
|
7,161
|
7,452
|
7,070
|
(0.1)
|
6,618
|
(5.1)
|
7,163
|
0.0
|
7,569
|
1.6
|
|
|
Mobile Service Revenues
|
6,482
|
6,341
|
6,516
|
6,623
|
6,489
|
0.1
|
6,245
|
(1.5)
|
6,453
|
(1.0)
|
6,760
|
2.1
|
|
|
Handset Revenues
|
598
|
631
|
645
|
829
|
581
|
(2.9)
|
373
|
(40.9)
|
710
|
10.1
|
809
|
(2.4)
|
|
|
Fixed core revenues3
|
1,826
|
1,908
|
2,007
|
2,071
|
2,060
|
12.9
|
2,116
|
10.9
|
2,174
|
8.3
|
2,259
|
9.1
|
|
|
FTTx
|
999
|
1,024
|
1,052
|
1,086
|
1,090
|
9.1
|
1,153
|
12.6
|
1,222
|
16.1
|
1,236
|
13.8
|
|
|
IPTV
|
199
|
217
|
227
|
244
|
258
|
29.3
|
265
|
22.3
|
288
|
26.9
|
313
|
28.3
|
|
|
Corporate Data and CIT and others
|
628
|
668
|
727
|
741
|
712
|
13.3
|
698
|
4.5
|
664
|
(8.8)
|
710
|
(4.2)
|
|
|
Non-core revenues4
|
2,068
|
1,990
|
1,879
|
1,854
|
1,694
|
(18.1)
|
1,583
|
(20.4)
|
1,455
|
(22.6)
|
1,365
|
(26.4)
|
|
|
1 - Total Company's revenues excluding fixed voice, xDSL and DTH.
|
|
|
2 - Mobile service revenues, digital services and handsets.
|
|
|
3 - FTTx, IPTV, Corporate data & CIT, Wholesale and other fixed revenues.
|
|
|
4 - Fixed voice, xDSL and DTH revenues.
|
|
CONFERENCE
CALL
English
Date: February 24, 2020 (Wednesday)
Time: 10:00 a.m. (Brasilia) and
8:00 a.m. (New York)
Telephones:
|
|
·
|
Brazil: (+55 11) 3181-8565
or (+55 11) 4210-1803
|
-
USA: (+1
412) 717-9627
-
United Kingdom: (+44
20) 3795-9972
-
Spain:
(+34 91) 038-9593
Web Phone: click here
Access code: Telefônica Brasil
Click
here to access the webcast in Portuguese.
Click
here to access the webcast in English.
A replay of the conference call will
be available one hour after the event, until March 2, 2021, at (+55 11) 3193-1012 or (+55 11) 2820-4012 (Code:
8446086#)
|
TELEFÔNICA
BRASIL
Investor Relations
|
|
Christian Gebara
David Melcon
Luis Plaster
João Pedro Carneiro
|
Av. Eng. Luis Carlos Berrini, 1376 –
17º Andar – Cidade Monções – SP – 04571-000
|
Telephone: (+55 11) 3430-3687
E-mail: ir.br@telefonica.com
Information available on the website:
http://www.telefonica.com.br/ri
|
This document may contain forward-looking statements. Such statements do not constitute historical facts and merely reflect the expectations of the Company's management. Such terms as "anticipate", "believe", "estimate", "expect", "foresee", "intend", "plan", "project", "target" and similar are intended to identify such statements, which evidently involve risks and uncertainties, both foreseen and unforeseen by the Company. Therefore, the future results of the Company's operations may differ from current expectations and the reader should not rely exclusively on the positions performed herein. These forward-looking statements express opinions formed solely on the date on which they were issued, and the Company is under no obligation to update them in line with new information or future developments.
|
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
|
|
TELEFÔNICA BRASIL S.A.
|
|
Date:
|
February 23, 2021
|
|
By:
|
/s/ Luis Carlos da Costa Plaster
|
|
|
|
|
|
Name:
|
Luis Carlos da Costa Plaster
|
|
|
|
|
|
Title:
|
Investor Relations Director
|
Telefonica Brasil (NYSE:VIV)
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