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 of
the Securities Exchange Act of 1934
For the month of March 2011
Commission File Number: 001-14487
TELE NORTE
LESTE PARTICIPAÇÕES S.A.
(Exact Name as Specified in its Charter)
Tele Norte Leste Holding Company
(Translation of registrant’s name into English)
Rua Humberto de Campos, 425 – 8
°
andar
Rio de Janeiro, RJ
Federative Republic of Brazil
(Address of principal executive offices)
(Indicate by
check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)
Form
20-F:
x
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)):
Yes:
¨
No:
x
(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)):
Yes:
¨
No:
x
(Indicate by check mark whether the registrant by furnishing
the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
Yes:
¨
No
x
U
PCOMING
E
VENTS
: C
ONFERENCE
C
ALLS
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P
ORTUGUESE
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E
NGLISH
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DATE:
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Friday, March 4, 2011
10:00am (Rio) - 8:00am (NY)
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DATE:
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Friday, March 4, 2011
11:30am (Rio) – 9:30am (NY)
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ACCESS:
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Phone:
(55 11) 4688-6361
Code:
Oi
Replay:
(55 11) 4688-6312
Available until March 10, 2011
Code:
1627985
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ACCESS:
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Phone:
1-877-317-6776 (U.S.)
1 412 317 6776 (Brazil / other countries)
Code:
Oi
Replay:
1
-
877–344–7529 (U.S.)
1
412 317 0088 (Brazil / other countries)
Available until March 16, 2011
(code 448020 #) - dial 1 to start
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WEBCAST:
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Click here
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WEBCAST:
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Click here
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A complementary presentation will
be available before the start of the conference call at http://www.oi.com.br/ir
C
ONTENTS
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Tele Norte Leste Participações
Outstanding shares (‘000): 382,648
TNLP3:
R$32.30 (127,591 thousand shares)
TNLP4: R$24.29 (255,057 thousand shares)
TNE: US$14.70 ADR
Market Capitalization (Million): R$10,317; US$6,192
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Telemar Norte Leste
Outstanding shares (‘000): 238,607
TMAR3: R$ 57.00 (107,063 thousand shares)
TMAR5: R$47.76 (130,480 thousand
shares)
TMAR6: R$44.20 (1,064 thousand shares)
Market Capitalization (Million): R$12,381 US$7,431
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Brasil Telecom
Outstanding shares (‘000): 589,789
BRTO3:
R$15.34 (203,423 thousand shares)
BRTO4: R$12.00 (386,366 thousand shares)
BTM: US$21.93 PN ADR / US$8.99 ON ADR
Market Capitalization (Million): R$7,757
US$4,655
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Notes: (1) Prices at the end of 2010; (2) Outstanding ex-treasury shares; (3) Market Value based on
unadjusted shares.
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03/03/2011
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www.oi.com.br/ir
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1
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Rio de Janeiro, March 3, 2011:
Tele Norte Leste Participações S.A. (Bovespa:
TNLP4 and TNLP3), Telemar Norte Leste S.A. (Bovespa: TMAR3, TMAR5 and TMAR6) and Brasil Telecom S.A. (Bovespa: BRTO3 and BRTO4) are pleased to announce their results for the fourth quarter of 2010.
This report contains the consolidated data of
Tele Norte Leste Participações and its direct and indirect subsidiaries as of December 31, 2010 presented in accordance with the International Financial Reporting Standards (IFRS), pursuant to the Securities and Exchange
Commission of Brazil’s (CVM) rules.
To our Shareholders
With the acquisition of Brasil Telecom in January 2009, Oi started a new cycle that transformed it into the country’s leading provider of telecommunication services and the only truly integrated
quadruple-play provider with a nationwide presence. As part of this process, during the course of 2009, the company’s Management focused on integrating the Oi and BrT operations and, after the process was concluded in 2010, the company could
capture all the operational synergies, further strengthening its position to continue growing and capitalizing on the opportunities in the Brazilian market.
In terms of operations, note that the mobile base grew 8.8% in 2010, accompanied by the 4.1% growth of ARPU (2010: R$22.6) and the improved mix, with post-paid and Oi Control increasing their share of the
total client base by 1.0 percentage point.
With regard to Broadband, in 2010, besides the 3.4% growth in the client base, we expanded our
coverage to more than 4,000 cities across Brazil and increased our investments in fiber optics to offer higher speeds. Oi now has the largest fixed broadband network in Brazil, which places it in an advantageous position to take advantage of the
mass distribution of these services in the country in the coming years.
We also improved the quality of our operations and customer service
during 2010, as reflected by the improvement in the quality indicators established in the concession agreement and periodically announced by Anatel.
In relation to financial performance, based on strong cash generation and improved profitability of its client base, translated into growth of 5.4% in consolidated EBITDA and of 2.3p.p. in consolidated
EBITDA Margin, we managed to reduce our debts, which had increased on account of the BrT acquisition. The net debt/EBITDA ratio declined from 2.2 in 2009 to 1.8 at the end of 2010. Moreover, both our domestic debt (Real Estate Securitization
Transaction – “CRI”) and international debt (Bonds in Dollars and Euros) issues were successful, enabling us to lengthen the average debt term while reducing the average cost of debt.
Meanwhile, we also furthered Sustainability-linked issues. This theme has gained more and more visibility and importance on the Company’s agenda,
with the growing implementation of initiatives related to this issue such as the review and update of the Sustainability Policy, the introduction of Sustainability targets for the main executives of the Company, as well as the development of the
first report of greenhouse gases, among other actions in your Oi Program for Sustainability.
As a result of developing these actions while
strengthening Sustainability, Oi is in the Corporate Sustainability Index – ISE at BM&FBovespa – for the third time in as many years, and it is a member of the first Efficient Carbon Index portfolio, launched in 2010, which is the
outcome of a partnership between BM&FBovespa and BNDES.
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03/03/2011
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www.oi.com.br/ir
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2
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To summarize, in 2010, Oi continued its strategy of consolidating its position as the leading
telecommunication services provider in Brazil while simultaneously improving its profitability and reducing its debt level.
The strategy for
2011 is to continue this cycle by capitalizing on the growth opportunities, especially in fixed broadband all across Brazil, in the mobile segment in Regions II and III, and in Pay TV, an important tool to win customer loyalty in the wireline
segment. Moreover, the focus on improving the quality of Oi’s services remains a priority as the Company believes that for growth to be sustainable, the client should increasingly perceive the quality of the services provided.
The entry of Portugal Telecom into Oi’s ownership structure will be an important contribution to the success of this strategy. In January 2011, we
announced the signing of contracts that will finalize the partnership with Portugal Telecom. This strategic partnership benefits Oi both financially and operationally.
Operationally, the new partner will add comprehensive quality, technology and knowledge in international operations. Portugal Telecom has extensive experience in the wireless, TV and fixed and mobile
broadband markets in Portugal and in the countries where it is present.
This alliance will allow Oi to boost its capital expenditure and the
nationwide expansion of broadband, Pay TV, 3G and bundled services. The two companies will jointly develop strategies to boost their presence in existing and new markets.
In addition, the capital increases already announced to the market will provide the company with greater financial strength, including the acceleration of the debt reduction process, to face the new
challenges in the Brazilian market.
Thus, 2011 will bring new and important challenges to Oi and we are confident that we will be successful
again in the execution of the strategy developed for this year.
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03/03/2011
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www.oi.com.br/ir
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3
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1) 2010 H
IGHLIGHTS
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•
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There were 64.0 million Revenue Generating Units.
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•
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Consolidated Gross Revenue amounted to R$45,928 million and consolidated Net Revenue totaled R$29,479 million.
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•
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Consolidated EBITDA amounted to R$10,295 million, while margin reached 34.9%.
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•
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The net income reached R$1,750 million.
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•
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Consolidated Net Debt reached R$18.7 billion. Net Debt-to-EBITDA ratio stood at 1.8x in the past 12 months (down from 2.2x in 2009).
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•
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Cash Generation before capex amounted to R$8.3 billion
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Quarter
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Annual
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TNL Consolidated
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4Q09
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3Q10
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4Q10
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2009
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2010
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YoY
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Revenue Generating Unit (‘000)
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61,850
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62,401
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63,956
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61,850
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63,956
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3.4
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%
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Lines in Service (‘000)
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21,293
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20,410
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20,025
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21,293
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20,025
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-6.0
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%
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Fixed Broadband Subscribers (‘000)
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4,211
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4,324
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4,354
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4,211
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4,354
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3.4
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%
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Mobile Subscribers (‘000)
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36,112
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37,387
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39,302
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36,112
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39,302
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8.8
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%
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Pay TV Subscribers (‘000)
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234
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280
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275
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234
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275
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17.5
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%
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Net Revenue (R$ million)
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7,584
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7,346
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7,298
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29,997
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29,479
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-1.7
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%
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EBITDA (R$ million)
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2,210
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2,795
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2,275
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9,768
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10,295
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5.4
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%
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EBITDA Margin (%)
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29.1
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%
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38.1
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%
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31.2
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%
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32.6
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%
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34.9
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%
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2.3
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p.p.
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Net Earnings (R$ million)
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-597
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538
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284
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5,092
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1,750
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-65.6
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%
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Net Debt (R$ million)
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21,889
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19,324
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18,711
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21,889
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18,711
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-14.5
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%
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Available Cash (R$ million)
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8,029
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11,957
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11,209
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8,029
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11,209
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39.6
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%
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CAPEX (R$ million)
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1,936
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600
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1,674
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5,126
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3,090
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-39.7
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%
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Net Debt / EBITDA
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2.2
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1.9
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1.8
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2.2
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1.8
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-18.2
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%
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Note: EBITDA and EBITDA margin in 4Q09 and
2009 are recurring.
2) C
ONSOLIDATED
O
PERATING
P
ERFORMANCE
:
Revenue Generating Units (RGUs) reached 64.0 million at the end of 2010, growing 3.4% in the year and 2.5% in the quarter, mainly as
a result of the continuous expansion of the prepaid wireless base and higher demand for services in fixed broadband internet.
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03/03/2011
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www.oi.com.br/ir
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4
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Wireless – Oi Mobile
The wireless base rose 8.8% in 2010, with net additions numbering 3,190 thousand customers. In 4Q10, the wireless base grew 5.1%, which means
1,915 thousand new users.
At the end of 2010, mobile customers totaled 39,302 thousand, accounting for 61.5% of the total RGUs at
the company (59.9% in 3Q10). The last quarter of 2010 accounted for 60% of all net additions in the year. This growth is the result of more aggressive offers, mainly reflected in the rise of prepaid customers in Regions II and III and the Oi
Controle plan in Region I.
The customer base with Oi Controle ended 2010 with 2,131 thousand users, in a 14.8% increase in the fourth
quarter and 45.8% in the year. In this product, the client authorizes a monthly charge on their credit card, which acts like a recurrent revenue similar to post-paid plans. Throughout the year, the company ran several campaigns seeking to boost
sales of this product.
By the end of 2010, the company reached a total of 4,566 thousand post-paid users, with 5.6% expansion compared
with December 2009. The post-paid base, including Oi Controle, accounts for 17.0% of the total mobile segment base at the end of 4Q10 (16.0% in 4Q09).
In the prepaid segment, users numbered 32,605 thousand at the end of 2010, representing 83.0% of the total mobile base, in a 7.5% increase from the year-earlier period.
At the end of 4Q10, the “Oi Conta Total” plan had 1,439 thousand customers, recording a slight increase from 3Q10. The quarterly
performance reflects growth in Region II, where the product was launched at the end of 3Q10, which more than offset the fall in Region I.
The
smaller customer base in Region I reflects the disconnection of users due to expiry of the contracts that include bonuses in the first twelve invoices of the customers. That is, as the benefit ended, some customers turned off the service.
Broadband – fixed + mobile
At the end of 2010, fixed broadband users (Oi Velox) numbered 4,354 thousand, rising 3.4% in the year (143 thousand customers). In December 2010, the ADSL user base accounted for 21.5% of all fixed
lines in service.
In 2010, the number of 3G service users rose 33.0%, reaching 624 thousand customers, including 425 thousand for
mini modem and 199 thousand for data packages on mobile.
The broadband customer base, including fixed and mobile users, grew 6.4%
compared with 2009.
Wireline – Oi Fixed
The base of fixed lines in service decreased 1.9% in 4Q10 and 6.0% in the whole of 2010. The Company continues to provide products intended to protect the customer base, such as “Alternative
plans,” “Pay TV” and “Oi Conta total” (bundled product), which was made available in 3Q10 in Region II, aiming to slow down the historical trend of decrease of this service.
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03/03/2011
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www.oi.com.br/ir
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5
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Video – Oi TV
The company ended 2010 providing Pay TV services through the DTH technology in 14 Brazilian states (Alagoas, Bahia, Ceara, Espirito Santo, Goias, Minas
Gerais, Paraiba, Parana, Pernambuco, Rio de Janeiro, Rio Grande do Norte, Rio Grande do Sul, Santa Catarina and Sergipe) plus Federal District.
At the end of 4Q10, TV subscribers totaled 275 thousand clients.
For 2011, in order to make the wireline customer base more loyal to the company, the company will seek to continuously improve the coverage of services, concentrating on spreading Oi TV.
Table 4 – Consolidated Operational Indicators
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4Q09
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3Q10
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4Q10
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QoQ
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YoY
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Wireline Services - “Oi Fixo”
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(a) Lines in Service (‘000)
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21,293
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20,410
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20,025
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-1.9
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%
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-6.0
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%
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Residential
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15,159
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14,487
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14,161
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-2.3
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%
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-6.6
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%
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Commercial
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5,283
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5,088
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5,037
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-1.0
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%
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-4.7
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%
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Public Telephones
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852
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836
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827
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-1.1
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%
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-2.9
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%
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Alternatives Plans (‘000)*
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12,688
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12,927
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12,455
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-3.7
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%
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-1.8
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%
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Proportion of Lines in Service (%)
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59.6
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%
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63.3
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%
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62.2
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%
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-1.1
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p.p.
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2.6
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p.p.
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ARPU Fixed (R$)
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57.0
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55.3
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53.7
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-2.9
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%
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-5.8
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%
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Fixed Broadband Services - “Oi Velox”
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(b) Fixed Broadband Subscribers (‘000)
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4,211
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4,324
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4,354
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0.7
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%
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3.4
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%
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Proportion of Lines in Service (%)
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19.5
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%
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21.0
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%
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21.5
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%
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0.5
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p.p.
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2.0
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p.p.
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ARPU Fixed Broadband (R$)
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43.2
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43.8
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42.7
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-2.5
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%
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-1.2
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%
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Wireless Services - “Oi Móvel”
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|
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(c) Mobile Subscribers (‘000)
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36,112
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37,387
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39,302
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5.1
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%
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8.8
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%
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Pre-Paid Plans
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30,327
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30,962
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32,605
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5.3
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%
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7.5
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%
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Post-Paid Plans
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4,323
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4,569
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4,566
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-0.1
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%
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5.6
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%
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Oi Control
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1,462
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1,856
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2,131
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14.8
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%
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45.8
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%
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|
Oi Conta Total (‘000)**
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|
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1,449
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|
1,428
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|
1,439
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0.8
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%
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-0.7
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%
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3G Clients (‘000)
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|
|
469
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629
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|
|
624
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-0.8
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%
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33.0
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%
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Market Share Oi (%) - Brazil
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20.8
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%
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19.5
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%
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19.4
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%
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-0.1
|
p.p.
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|
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-1.4
|
p.p.
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Proportion of Net Additions in Brazil (%)
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16.5
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%
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2.5
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%
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16.7
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%
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14.2
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p.p.
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|
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0.2
|
p.p.
|
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Monthly Churn rate (%)
|
|
|
3.2
|
%
|
|
|
4.1
|
%
|
|
|
2.8
|
%
|
|
|
-1.3
|
p.p.
|
|
|
-0.4
|
p.p.
|
|
ARPU Mobile (R$)
|
|
|
22.5
|
|
|
|
22.9
|
|
|
|
23.5
|
|
|
|
2.6
|
%
|
|
|
4.4
|
%
|
|
Vídeo - “Oi TV”
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(d) Pay TV Subscribers (‘000)
|
|
|
234
|
|
|
|
280
|
|
|
|
275
|
|
|
|
-1.8
|
%
|
|
|
17.5
|
%
|
|
RGU - Revenue Generating Unit (a+b+c+d)
(‘000)
|
|
|
61,850
|
|
|
|
62,401
|
|
|
|
63,956
|
|
|
|
2.5
|
%
|
|
|
3.4
|
%
|
|
*
|
Alternative plans include “Planos de Minutos,” “Plano Economia,” “Digitronco,” “PABX Virtual” and others.
|
|
**
|
Includes Oi Conta Total in Region II
|
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
6
|
3) C
ONSOLIDATED
F
INANCIAL
R
ESULTS
:
3.1) Revenue:
Consolidated gross revenue
hit 11,407 million in 4Q10, falling 2.9% compared with 4Q09 and stable from 3Q10. In the year, revenue reached R$45,928 million, mostly unchanged compared with the
previous year.
Consolidated net revenue
totaled R$7,298 million in 4Q10, decreasing by 0.7% compared with the prior quarter and 3.8%
below 4Q09. In 2010, there was a 1.7% decrease, totaling R$29,479 million.
Table 5 – Breakdown of Consolidated Gross Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
YEAR
|
|
|
%
|
|
|
R$ million
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
QoQ
(%)
|
|
|
YoY
(%)
|
|
|
2009
|
|
|
2010
|
|
|
YoY
(%)
|
|
|
2009
|
|
|
2010
|
|
|
Wireline
|
|
|
8,956
|
|
|
|
8,507
|
|
|
|
8,333
|
|
|
|
-2.0
|
|
|
|
-7.0
|
|
|
|
35,686
|
|
|
|
34,340
|
|
|
|
-3.8
|
|
|
|
77.8
|
|
|
|
74.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local (exc. - VC1)
|
|
|
3,268
|
|
|
|
3,156
|
|
|
|
3,041
|
|
|
|
-3.6
|
|
|
|
-6.9
|
|
|
|
13,118
|
|
|
|
12,681
|
|
|
|
-3.3
|
|
|
|
28.6
|
|
|
|
27.6
|
|
|
Local Fixed-to-Mobile (VC1)
|
|
|
1,094
|
|
|
|
1,001
|
|
|
|
960
|
|
|
|
-4.1
|
|
|
|
-12.2
|
|
|
|
4,523
|
|
|
|
3,971
|
|
|
|
-12.2
|
|
|
|
9.9
|
|
|
|
8.6
|
|
|
Long Distance FF + PCS
|
|
|
1,162
|
|
|
|
1,062
|
|
|
|
1,051
|
|
|
|
-1.0
|
|
|
|
-9.6
|
|
|
|
4,716
|
|
|
|
4,396
|
|
|
|
-6.8
|
|
|
|
10.3
|
|
|
|
9.6
|
|
|
LD Fixed-to-Mobile (VC2/3)
|
|
|
350
|
|
|
|
299
|
|
|
|
270
|
|
|
|
-9.7
|
|
|
|
-22.9
|
|
|
|
1,445
|
|
|
|
1,214
|
|
|
|
-16.0
|
|
|
|
3.2
|
|
|
|
2.6
|
|
|
Network Usage
|
|
|
275
|
|
|
|
240
|
|
|
|
212
|
|
|
|
-11.7
|
|
|
|
-22.9
|
|
|
|
930
|
|
|
|
916
|
|
|
|
-1.5
|
|
|
|
2.0
|
|
|
|
2.0
|
|
|
Data
|
|
|
2,277
|
|
|
|
2,318
|
|
|
|
2,354
|
|
|
|
1.6
|
|
|
|
3.4
|
|
|
|
8,668
|
|
|
|
9,312
|
|
|
|
7.4
|
|
|
|
18.9
|
|
|
|
20.3
|
|
|
Public Phones
|
|
|
188
|
|
|
|
113
|
|
|
|
118
|
|
|
|
4.4
|
|
|
|
-37.2
|
|
|
|
968
|
|
|
|
522
|
|
|
|
-46.1
|
|
|
|
2.1
|
|
|
|
1.1
|
|
|
Additional Services / Advanced Voice
|
|
|
344
|
|
|
|
318
|
|
|
|
327
|
|
|
|
2.8
|
|
|
|
-4.9
|
|
|
|
1,317
|
|
|
|
1,328
|
|
|
|
0.8
|
|
|
|
2.9
|
|
|
|
2.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless
|
|
|
2,722
|
|
|
|
2,835
|
|
|
|
2,977
|
|
|
|
5.0
|
|
|
|
9.4
|
|
|
|
9,935
|
|
|
|
11,206
|
|
|
|
12.8
|
|
|
|
21.7
|
|
|
|
24.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Services
|
|
|
2,626
|
|
|
|
2,802
|
|
|
|
2,931
|
|
|
|
4.6
|
|
|
|
11.6
|
|
|
|
9,567
|
|
|
|
11,006
|
|
|
|
15.0
|
|
|
|
20.9
|
|
|
|
24.0
|
|
|
Subscriptions
|
|
|
620
|
|
|
|
673
|
|
|
|
704
|
|
|
|
4.6
|
|
|
|
13.5
|
|
|
|
2,326
|
|
|
|
2,634
|
|
|
|
13.2
|
|
|
|
5.1
|
|
|
|
5.7
|
|
|
Outgoing Calls
|
|
|
1,006
|
|
|
|
1,060
|
|
|
|
1,101
|
|
|
|
3.9
|
|
|
|
9.4
|
|
|
|
3,686
|
|
|
|
4,129
|
|
|
|
12.0
|
|
|
|
8.0
|
|
|
|
9.0
|
|
|
Domestic/Inter. Roaming
|
|
|
39
|
|
|
|
25
|
|
|
|
26
|
|
|
|
4.0
|
|
|
|
-33.3
|
|
|
|
131
|
|
|
|
120
|
|
|
|
-8.4
|
|
|
|
0.3
|
|
|
|
0.3
|
|
|
Network Usage
|
|
|
622
|
|
|
|
648
|
|
|
|
682
|
|
|
|
5.2
|
|
|
|
9.6
|
|
|
|
2,323
|
|
|
|
2,573
|
|
|
|
10.8
|
|
|
|
5.1
|
|
|
|
5.6
|
|
|
Data / Value Added
|
|
|
339
|
|
|
|
395
|
|
|
|
417
|
|
|
|
5.6
|
|
|
|
23.0
|
|
|
|
1,101
|
|
|
|
1,551
|
|
|
|
40.9
|
|
|
|
2.4
|
|
|
|
3.4
|
|
|
Handset Sales
|
|
|
96
|
|
|
|
33
|
|
|
|
46
|
|
|
|
39.4
|
|
|
|
-52.1
|
|
|
|
368
|
|
|
|
200
|
|
|
|
-45.7
|
|
|
|
0.8
|
|
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Services*
|
|
|
72
|
|
|
|
95
|
|
|
|
97
|
|
|
|
2.1
|
|
|
|
34.7
|
|
|
|
242
|
|
|
|
382
|
|
|
|
57.9
|
|
|
|
0.5
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireline - Gross
|
|
|
8,956
|
|
|
|
8,507
|
|
|
|
8,333
|
|
|
|
-2.0
|
|
|
|
-7.0
|
|
|
|
35,686
|
|
|
|
34,340
|
|
|
|
-3.8
|
|
|
|
77.8
|
|
|
|
74.8
|
|
|
Wireless - Gross
|
|
|
2,722
|
|
|
|
2,835
|
|
|
|
2,977
|
|
|
|
5.0
|
|
|
|
9.4
|
|
|
|
9,935
|
|
|
|
11,206
|
|
|
|
12.8
|
|
|
|
21.7
|
|
|
|
24.4
|
|
|
Other Services* - Gross
|
|
|
72
|
|
|
|
95
|
|
|
|
97
|
|
|
|
2.1
|
|
|
|
34.7
|
|
|
|
242
|
|
|
|
382
|
|
|
|
57.9
|
|
|
|
0.5
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Gross Revenue
|
|
|
11,750
|
|
|
|
11,436
|
|
|
|
11,407
|
|
|
|
-0.3
|
|
|
|
-2.9
|
|
|
|
45,863
|
|
|
|
45,928
|
|
|
|
0.1
|
|
|
|
100.0
|
|
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Net Revenue
|
|
|
7,584
|
|
|
|
7,346
|
|
|
|
7,298
|
|
|
|
-0.7
|
|
|
|
-3.8
|
|
|
|
29,997
|
|
|
|
29,479
|
|
|
|
-1.7
|
|
|
|
100.0
|
|
|
|
100.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireline - Net
|
|
|
5,781
|
|
|
|
5,464
|
|
|
|
5,331
|
|
|
|
-2.4
|
|
|
|
-7.8
|
|
|
|
23340.5
|
|
|
|
22,041
|
|
|
|
-5.6
|
|
|
|
77.8
|
|
|
|
74.8
|
|
|
Wireless - Net
|
|
|
1,757
|
|
|
|
1,821
|
|
|
|
1,905
|
|
|
|
4.6
|
|
|
|
8.4
|
|
|
|
6498.0
|
|
|
|
7,192
|
|
|
|
10.7
|
|
|
|
21.7
|
|
|
|
24.4
|
|
|
Other Services - Net
|
|
|
46
|
|
|
|
61
|
|
|
|
62
|
|
|
|
1.6
|
|
|
|
34.8
|
|
|
|
158
|
|
|
|
245
|
|
|
|
55.1
|
|
|
|
0.5
|
|
|
|
0.8
|
|
Wireless
Segment:
In 2010, gross revenue from the wireless segment rose 12.8% compared with 2009, reaching R$11,206 million and accounting for
24.4% of the group’s total gross revenue (21.7% in 2009). This performance was a result of a larger base, with reflex in higher revenue from subscription and data / value added, increased outgoing calls and network usage.
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
7
|
In the quarter, wireless segment revenue rose 5.0% compared with 3Q10 and 9.4% from 4Q09, reaching
R$2,977 million.
Subscription revenue in 4Q10 grew both compared with 3Q10 (4.6%) and 4Q09 (13.5%), mainly as a result of the 1% and 7%
expansion, respectively, and of the average base of post-paid users.
Revenue from outgoing calls jumped 3.9% in the quarter and 9.4% compared
with 4Q09, mainly due to a positive contribution from the product “Oi Bonus Extra”, which encourages prepaid clients to increase their recharge with a minutes package that can be boosted five-fold to talk to another Oi mobile or Oi
fixed-line.
Revenue from mobile network usage gained 5.2% from 3Q10 and 9.6% compared with 4Q09, basically as a result of the expansion of
the customer base. Another aspect that positively influences this revenue is the bonus offered by other mobile phone operators for on-net calls and calls to fixed telephones. These offers generate an excess of minutes available for the user,
enabling her to make off-net calls.
Data revenue/value added in 4Q10 rose 5.6% in the quarter and 23.0% from 4Q09. This behavior reflects the
increase in 3G service users and SMS revenue and a rise in tariffs for access/renewal of prepaid offers.
The ARPU in the wireless segment
totaled R$23.5 at the end of 4Q10, up 2.6% in the quarter and 4.4% from 4Q09. In 2010, the average ARPU reached R$22.6, 4.1% higher than 2009.
Wireline Services:
In 2010, gross revenue from wireline services amounted to R$34,340
million, in a 3.8% year-over-year decrease. The drop reflects basically the effects of the fixed-to-mobile traffic migration. These effects, however, were partially compensated for by the 7.4% increase in data revenue due to a larger Velox base and
expansion of corporate data services.
Local Service:
|
|
|
|
|
Fixed-to-Fixed:
Local (ex-vc1)
(subscription, traffic,
installation fees)
|
|
In the quarter, revenues from fixed-to-fixed local service declined 3.6% from 3Q10 and 6.9% compared with 4Q09 due to the reduction in the fixed lines in service base and the drop
in traffic, a result of the ongoing fixed-to-mobile migration.
|
|
|
|
|
Fixed-to-Mobile:
(VC1)
|
|
In 4Q10, revenues from fixed-to-mobile local service fell 4.1% compared with 3Q10 and 12.2% from 4Q09. This performance is affected by the trend of replacing fixed service with
mobile service, boosted by offers with bonuses from mobile operators for on-net calls, which decreases VC1 traffic.
|
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
8
|
Long Distance Services FF + SMP + VC2 and VC3:
In 4Q10, revenue from long-distance service dropped 2.9% compared with 3Q10 and 12.6% from 4Q09, mainly because of smaller fixed-to-fixed and VC2/VC3
traffic stemming from more aggressive competition in this service.
It is important to mention that the strategy adopted in São Paulo
State, where the company does not provide wireline service, of offering long distance on-net calls at local rates partially offsets the decrease in traffic from the fixed network.
Remuneration for Network Usage:
Revenue from remuneration for network usage dropped 11.7% in the quarter and 22.9% from 4Q09, after the effects of a R$125 million deduction were booked in 4Q10. Although the movement of adding
mobile-to-fixed calls to the bonuses offered by mobile operators has slowed the pace of decline of the network usage remuneration, the trend of replacing fixed service with mobile services, which has been reflected in a decrease in the subscription
base for the wireline segment, negatively impacted this revenue. Also, the quarter-over-quarter analysis was impacted by the positive effects in 3Q10 from settling payments with other telecommunication operators.
Data Transmission Service:
In 4Q10, revenue from data transmission rose 1.6% compared with the previous quarter and 3.4% from 4Q09. This performance reflects the expansion of corporate data services and larger Velox base.
3.2) Operating Expenses:
In 2009, the line Other Operating Expenses (Revenue) reflects a non-recurring effect related to the accounting for business combination of the acquisition of BrT (as described in the section six herein).
Also throughout 2009, other costs were also influenced by non-recurring effects related to: (a) expenses from the integration with BrT;
(b) moving Call Center positions; (c) PAES-related expenses; (d) and other expenses linked to uncertain recoveries.
In 2010,
operating expenses totaled R$19,184 million, falling 5.2% compared with 2009 if every non-recurring event in 2009 is excluded. This drop reflects mainly the synergy gains following the integration with BrT, which influences most expenses.
Operating expenses (excluding depreciation/amortization) totaled R$5,023 million in 4Q10, falling 6,5% compared with recurring 4Q09 and 10.4%
quarter over quarter.
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
9
|
Table 6 – Breakdown of Operating Expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
Year
|
|
|
COST AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item - R$ million
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
QoQ
(%)
|
|
|
YoY
(%)
|
|
|
2009
|
|
|
2010
|
|
|
Chg.
(%)
|
|
|
Interconnection
|
|
|
1,341
|
|
|
|
1,216
|
|
|
|
1,292
|
|
|
|
6.3
|
|
|
|
-3.7
|
|
|
|
5,265
|
|
|
|
5,070
|
|
|
|
-3.7
|
|
|
Personnel
|
|
|
445
|
|
|
|
402
|
|
|
|
423
|
|
|
|
5.2
|
|
|
|
-4.9
|
|
|
|
1,765
|
|
|
|
1,620
|
|
|
|
-8.2
|
|
|
Materials
|
|
|
97
|
|
|
|
59
|
|
|
|
20
|
|
|
|
-66.1
|
|
|
|
-79.4
|
|
|
|
418
|
|
|
|
215
|
|
|
|
-48.6
|
|
|
Handset Costs/Other (COGS)*
|
|
|
114
|
|
|
|
12
|
|
|
|
44
|
|
|
|
266.7
|
|
|
|
-61.4
|
|
|
|
390
|
|
|
|
149
|
|
|
|
-61.8
|
|
|
Third-Party Services
|
|
|
2,103
|
|
|
|
1,762
|
|
|
|
1,799
|
|
|
|
2.1
|
|
|
|
-14.5
|
|
|
|
7,343
|
|
|
|
6,976
|
|
|
|
-5.0
|
|
|
Marketing
|
|
|
221
|
|
|
|
132
|
|
|
|
163
|
|
|
|
23.5
|
|
|
|
-26.2
|
|
|
|
602
|
|
|
|
537
|
|
|
|
-10.8
|
|
|
Rent and Insurance
|
|
|
396
|
|
|
|
386
|
|
|
|
388
|
|
|
|
0.5
|
|
|
|
-2.0
|
|
|
|
1,580
|
|
|
|
1,523
|
|
|
|
-3.6
|
|
|
Provision for Bad Debts
|
|
|
253
|
|
|
|
250
|
|
|
|
177
|
|
|
|
-29.2
|
|
|
|
-30.0
|
|
|
|
1,279
|
|
|
|
979
|
|
|
|
-23.5
|
|
|
Other Operating Expenses (Revenue), Net
|
|
|
404
|
|
|
|
332
|
|
|
|
716
|
|
|
|
115.7
|
|
|
|
77.2
|
|
|
|
1,587
|
|
|
|
2,114
|
|
|
|
33.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Recurring
|
|
|
5,374
|
|
|
|
4,551
|
|
|
|
5,023
|
|
|
|
10.4
|
|
|
|
-6.5
|
|
|
|
20,229
|
|
|
|
19,184
|
|
|
|
-5.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non recurring effects
|
|
|
76
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(5,073
|
)
|
|
|
—
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Accounting
|
|
|
5,450
|
|
|
|
4,551
|
|
|
|
5,023
|
|
|
|
10.4
|
|
|
|
-7.8
|
|
|
|
15,156
|
|
|
|
19,184
|
|
|
|
26.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
|
Other:
sim card, mini modem, TV transmission equipment and mobile phone peripherals.
|
Interconnection:
In
2010, consolidated interconnection costs fell 3.7% to R$5,070 million. This performance was mainly influenced by a reduction in the fixed line base, given that off-net traffic in the wireless segment was unchanged even with a larger customer base.
Another aspect is that the Company’s more aggressive offerings in 4Q10 let clients have more bonuses for on-net calls. This gave them a
considerable amount of spare minutes, allowing customers to make more off-net calls and influencing the comparison with 3Q10. Also, there was a favorable effect in 3Q10 from the renegotiation of interconnection costs with other operators.
Personnel:
In 2010, personnel expenses totaled R$1,620 million, 8.2% lower than in the previous year due to synergy gains following the tie up with BrT.
At the end of 4Q10, Personnel expenses reached R$423 million, rise of 5.2% compared with 3Q10 and 4.9% drop since 4Q09. This quarterly increase reflects
the collective labor agreement taken place in December. Compared with 4Q09, the decrease reflects synergies stemming from the integration with BrT.
Handset Costs and Others (COGS):
In 2010 handset costs and others (COGS) fell 61.8%,
basically due to the company introducing to Region II the strategy used in Region I of not subsidizing handsets for retail customers.
In the
quarter, handset costs and other (COGS) decreased 61.4% compared with 4Q09 and rose 266.7% from 3Q10. The reduction from 4Q09 reflects the new subsidy strategy for Region II, and compared with 3Q10 the growth stemmed from higher sales of handsets in
the corporate segment, which remain subsidizing handsets.
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
10
|
Third-Party Services:
In 2010, third-party services amounted R$6,976 million, in a 5.0% decrease compared with 2009. This performance is related to the synergies related to the merger with BrT.
Spending on third-party services totaled R$1,799 million in 4Q10, in a 2.1% rise compared with 3Q10 and a 14.5% fall from 4Q09. This growth comes
basically from higher spending on consulting, legal counseling and sales commission. Compared with the same period last year, the drop stems from synergies related to the merger with BrT.
Marketing:
In 2010,
marketing costs totaled R$537 million, in a 10.8% drop from 2009. This performance reflects, basically, synergy gains from the merger with BrT.
In the quarter, spending on marketing reached R$163 million, 23.5% higher than 3Q10 and 26.2% lower than 4Q09. The rise from 3Q10 is basically due to
higher spending on sponsorships and production/creation for Christmas deals. Compared with 4Q09, spending on production, cooperated marketing and advertisement decreased.
Provision for Bad Debt:
In 2010, the provision for bad debts equaled R$979 million, 23.5%
lower than in the previous year. In the quarter, the provision fell 29.2% compared with 3Q10 and 30.0% from 4Q09, totaling R$177 million at the end of 4Q10. The improved economic outlook, combined with renegotiations with clients in debt influenced
the performance positively. The provision for bad debts accounts for 2.1% of gross revenue in 2010 (2.8% in 2009).
Other
Operating Expenses (Income):
Excluding the non-recurring effects, other operating expenses (revenue) in 2009 would have totaled R$1,587
million, resulting in a 33.2% growth for 2010, when it amounted to R$2,114 million. This performance was due to higher profit sharing (variable compensation of employees) and provision for civil, labor and tax contingencies.
At the end of 4Q10, “other expenses (income)” reached R$716 million, in a 115.7% rise from the previous quarter and up 77.2% compared with
4Q09.
The quarterly analysis is impacted by a reversal of part of provisions for contingencies as the company won civil and tax suits in
3Q10. The year-over-year analysis was also influenced by reversals of certain contingencies, mainly tax-related ones, taken place in 4Q09.
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
11
|
3.3) Other Items in the Consolidated Result:
EBITDA:
Table 7
– EBITDA and EBITDA Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
Annual
|
|
|
TNL Consolidated
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
QoQ
|
|
|
YoY
|
|
|
2009
|
|
|
2010
|
|
|
YoY
|
|
|
EBITDA (R$ Mn)
|
|
|
2,210
|
|
|
|
2,795
|
|
|
|
2,275
|
|
|
|
-18.6
|
%
|
|
|
2.9
|
%
|
|
|
9,768
|
|
|
|
10,295
|
|
|
|
5.4
|
%
|
|
EBITDA Margin (%)
|
|
|
29.1
|
%
|
|
|
38.1
|
%
|
|
|
31.2
|
%
|
|
|
-6.9
|
p.p.
|
|
|
2.1
|
p.p.
|
|
|
32.6
|
%
|
|
|
34.9
|
%
|
|
|
2.3
|
p.p.
|
|
|
|
|
|
|
|
|
|
|
|
TMAR Consolidated
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
QoQ
|
|
|
YoY
|
|
|
2009
|
|
|
2010
|
|
|
YoY
|
|
|
EBITDA (R$ Mn)
|
|
|
2,232
|
|
|
|
2,805
|
|
|
|
2,260
|
|
|
|
-19.4
|
%
|
|
|
1.3
|
%
|
|
|
9,797
|
|
|
|
10,309
|
|
|
|
5.2
|
%
|
|
EBITDA Margin (%)
|
|
|
29.5
|
%
|
|
|
38.3
|
%
|
|
|
31.0
|
%
|
|
|
-7.3
|
p.p.
|
|
|
1.5
|
p.p.
|
|
|
32.7
|
%
|
|
|
35.0
|
%
|
|
|
2.3
|
p.p.
|
|
|
|
|
|
|
|
|
|
|
|
BrTO Consolidated
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
QoQ
|
|
|
YoY
|
|
|
2009
|
|
|
2010
|
|
|
YoY
|
|
|
EBITDA (R$ Mn)
|
|
|
1,131
|
|
|
|
1,037
|
|
|
|
829
|
|
|
|
-20.1
|
%
|
|
|
-26.7
|
%
|
|
|
4,068
|
|
|
|
3,516
|
|
|
|
-13.6
|
%
|
|
EBITDA Margin (%)
|
|
|
42.0
|
%
|
|
|
40.7
|
%
|
|
|
33.1
|
%
|
|
|
-7.6
|
p.p.
|
|
|
-8.9
|
p.p.
|
|
|
37.3
|
%
|
|
|
34.3
|
%
|
|
|
-3.0
|
p.p.
|
Note: EBITDA and EBITDA margin in
4Q09 and 2009 are recurring.
EBITDA totaled R$10,295 million in 2010, 5.4% increase against 2009 recurring EBITDA, with a 34.9% margin, 2.3
p.p. higher than the recurring margin in 2009. For comparison purposes, the non-recurring effects explained in the “Costs” section were excluded from the 2009 EBITDA.
In 4Q10, EBITDA reached R$2,275 million with a 31.2% margin. It must be noted that EBITDA in the final quarter of the year usually presents a tighter margin and that in 3Q10 EBITDA was influenced
positively as the company won civil and fiscal suits, which led to the reversal of part of the respective provisions for contingencies.
Net Financial Income (Expenses):
In 2010, interest on loans net of interest on investments
was virtually unchanged compared with 2009. It must be noted that throughout 2009 the company raised its leverage due to the acquisition of BrT and in 2010 the company reduced its liabilities, as net debt fell to levels seen at the start of 2009.
Given this, net debt stood in a stable level, compared to 2009, which combined with an also stable average interest rate in Brazil explains the 2010 net financial income compared with 2009.
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
12
|
Table 8 – Net Financial Income (Expenses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
Year
|
|
|
R$ Million
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
2009
|
|
|
2010
|
|
|
Financial Income
|
|
|
384
|
|
|
|
504
|
|
|
|
569
|
|
|
|
1,601
|
|
|
|
1,929
|
|
|
Interest on financial investments
|
|
|
199
|
|
|
|
266
|
|
|
|
272
|
|
|
|
798
|
|
|
|
914
|
|
|
Other financial income
|
|
|
185
|
|
|
|
238
|
|
|
|
296
|
|
|
|
803
|
|
|
|
1,015
|
|
|
Financial Expenses
|
|
|
(1,106
|
)
|
|
|
(1,029
|
)
|
|
|
(1,343
|
)
|
|
|
(3,988
|
)
|
|
|
(4,361
|
)
|
|
Interest on loans and financing
|
|
|
(597
|
)
|
|
|
(721
|
)
|
|
|
(682
|
)
|
|
|
(2,431
|
)
|
|
|
(2,645
|
)
|
|
Foreign exchange effect on loans and financing
|
|
|
(75
|
)
|
|
|
32
|
|
|
|
(214
|
)
|
|
|
(108
|
)
|
|
|
(327
|
)
|
|
Other Financial Expenses
|
|
|
(434
|
)
|
|
|
(341
|
)
|
|
|
(447
|
)
|
|
|
(1,449
|
)
|
|
|
(1,389
|
)
|
|
Net Financial Income (Expenses)
|
|
|
(722
|
)
|
|
|
(525
|
)
|
|
|
(774
|
)
|
|
|
(2,387
|
)
|
|
|
(2,432
|
)
|
|
*
|
Net of foreign exchange hedge
|
Depreciation/Amortization:
Consolidated expenses related to depreciation/amortization reached R$6,198 million in 2010, down 11.9% compared with 2009. Compared with 2009, the main change was the review of the economic service life
of fixed assets. This effect started to appear in 1Q10 result. This explanation also applies to the 17.7% decrease 4Q10 vs 4Q09 comparison.
Table 9 – Depreciation and Amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
Year
|
|
|
R$ million
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
QoQ
(%)
|
|
|
YoY
(%)
|
|
|
2009
|
|
|
2010
|
|
|
YoY
(%)
|
|
|
Fixed Line / TNL
|
|
|
1,572
|
|
|
|
1,269
|
|
|
|
1,304
|
|
|
|
2.8
|
|
|
|
-17.0
|
|
|
|
5,600
|
|
|
|
5,137
|
|
|
|
-8.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mobile Business
|
|
|
326
|
|
|
|
277
|
|
|
|
258
|
|
|
|
-6.9
|
|
|
|
-20.9
|
|
|
|
1,433
|
|
|
|
1,061
|
|
|
|
-26.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,898
|
|
|
|
1,546
|
|
|
|
1,562
|
|
|
|
1.0
|
|
|
|
-17.7
|
|
|
|
7,033
|
|
|
|
6,198
|
|
|
|
-11.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Earnings:
The company recorded net earnings of R$284 million in 4Q10, registering R$1,750 million in earnings by the end of 2010.
It is worth noting that as seen in the sixth section of this document, according to the IFRS, the Net Income on the financial statements are now the income for the economic group.
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
13
|
Table 10 – Net Earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
Annual
|
|
|
TNL Consolidated
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
2009
|
|
|
2010
|
|
|
Net Earnings (R$ Mn)
|
|
|
-597
|
|
|
|
538
|
|
|
|
284
|
|
|
|
5,092
|
|
|
|
1,750
|
|
|
Net Margin
|
|
|
-7.9
|
%
|
|
|
7.3
|
%
|
|
|
3.9
|
%
|
|
|
17.0
|
%
|
|
|
5.9
|
%
|
|
Net Earnings Attributed to Controlling Shareholders (R$ Mn)
|
|
|
-356
|
|
|
|
423
|
|
|
|
129
|
|
|
|
4,274
|
|
|
|
1,428
|
|
|
Net Earnings Attributed to Controlling Shareholders per Share (R$)
|
|
|
-0.930
|
|
|
|
1.105
|
|
|
|
0.336
|
|
|
|
11.173
|
|
|
|
3.731
|
|
|
|
|
|
|
|
|
|
TMAR Consolidated
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
2009
|
|
|
2010
|
|
|
Net Earnings (R$ Mn)
|
|
|
-614
|
|
|
|
574
|
|
|
|
360
|
|
|
|
5,093
|
|
|
|
1,878
|
|
|
Net Margin
|
|
|
-8.1
|
%
|
|
|
7.8
|
%
|
|
|
4.9
|
%
|
|
|
17.0
|
%
|
|
|
6.4
|
%
|
|
Net Earnings Attributed to Controlling Shareholders (R$ Mn)
|
|
|
-455
|
|
|
|
560
|
|
|
|
251
|
|
|
|
5,217
|
|
|
|
1,900
|
|
|
Net Earnings Attributed to Controlling Shareholders per Share (R$)
|
|
|
-1.909
|
|
|
|
2.346
|
|
|
|
1.053
|
|
|
|
21.883
|
|
|
|
7.964
|
|
|
|
|
|
|
|
|
|
BrTO Consolidated
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
2009
|
|
|
2010
|
|
|
Net Earnings (R$ Mn)
|
|
|
253
|
|
|
|
541
|
|
|
|
705
|
|
|
|
-1,019
|
|
|
|
1,971
|
|
|
Net Earnings Attributed to Controlling Shareholders (R$ Mn)
|
|
|
9.4
|
%
|
|
|
21.2
|
%
|
|
|
28.1
|
%
|
|
|
-9.3
|
%
|
|
|
19.2
|
%
|
|
Net Earnings Attributed to Controlling Shareholders per Share (R$)
|
|
|
253
|
|
|
|
541
|
|
|
|
705
|
|
|
|
-1,021
|
|
|
|
1,971
|
|
|
Earnings per Share (R$)
|
|
|
0.428
|
|
|
|
0.917
|
|
|
|
1.195
|
|
|
|
-1.732
|
|
|
|
3.342
|
|
4)
D
EBT
AND
C
APITAL
E
XPENDITURE
:
4.1) Debt:
Gross debt totaled R$29,920 million in December 2010, R$1,361 million below the prior quarter due to amortizations
that exceeded borrowings during the quarter. Of the amortizations, we highlight the redemption of the Debentures – Telemar (4
th
Issuance, 1
st
and 2
nd
series): R$3.0 billion and the Brasil Telecom bond: USD212.5 million. Regarding borrowing operations, we highlight the
disbursements by BNDES (R$531 million) to BrT and 14BrT and the launch of a new bond in euros on the international market (EUR750 million). The latter has a 5.125% per year coupon.
As a result, consolidated net debt ended 2010 at R$18,711 million, in a R$613 million reduction from sept.10, while the Net Debt-to-EBITDA ratio stood at 1.8x in the past 12 months. Compared with dec.09,
net debt fell R$3,178 million. The reduction reflects the strong cash generation, as well as the improvement of profitability of customers base.
At the end of the quarter, about 26.2% of the total debt was linked to foreign currencies. However, as a result of hedge operations, only the equivalent of R$625 million (US$375 million; 2.1% of the total
debt) represented some exposure to currency swings. Also, we highlight that debt payments through August 2017 are covered by hedging contracts and a cash balance kept in dollars and euros.
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
14
|
The appreciation of the real against other currencies and the liquidity in the international debt
capital markets allowed the company to manage its liabilities, borrowing at more attractive rates while prepaying shorter-dated and more expensive debts. This strategy allowed us to lengthen the average debt term and reach an effective cost of
105.6% of the CDI rate for 2010.
Table 11 – Debt – TNL Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R$ million
|
|
dec.09
|
|
|
sept.10
|
|
|
dec.10
|
|
|
% Gross
Debt
|
|
|
Short Term
|
|
|
8,774
|
|
|
|
8,479
|
|
|
|
7,667
|
|
|
|
25.6
|
%
|
|
Long Term
|
|
|
21,144
|
|
|
|
22,802
|
|
|
|
22,253
|
|
|
|
74.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt
|
|
|
29,918
|
|
|
|
31,281
|
|
|
|
29,920
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In Local Currency
|
|
|
24,137
|
|
|
|
24,076
|
|
|
|
21,308
|
|
|
|
71.2
|
%
|
|
In Foreign Currency
|
|
|
4,689
|
|
|
|
6,623
|
|
|
|
7,828
|
|
|
|
26.2
|
%
|
|
Swaps
|
|
|
1,092
|
|
|
|
582
|
|
|
|
784
|
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(-) Cash
|
|
|
(8,029
|
)
|
|
|
(11,957
|
)
|
|
|
(11,209
|
)
|
|
|
-37.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(=) Net Debt
|
|
|
21,889
|
|
|
|
19,324
|
|
|
|
18,711
|
|
|
|
62.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 12 – Debt – TMAR Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R$ million
|
|
dec.09
|
|
|
sept.10
|
|
|
dec.10
|
|
|
% Gross
Debt
|
|
|
Short Term
|
|
|
8,532
|
|
|
|
6,912
|
|
|
|
6,063
|
|
|
|
21.5
|
%
|
|
Long Term
|
|
|
21,523
|
|
|
|
22,569
|
|
|
|
22,135
|
|
|
|
78.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt
|
|
|
30,055
|
|
|
|
29,481
|
|
|
|
28,198
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In Local Currency
|
|
|
24,784
|
|
|
|
22,556
|
|
|
|
19,859
|
|
|
|
70.4
|
%
|
|
In Foreign Currency
|
|
|
4,314
|
|
|
|
6,355
|
|
|
|
7,567
|
|
|
|
26.8
|
%
|
|
Swaps
|
|
|
958
|
|
|
|
570
|
|
|
|
772
|
|
|
|
2.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(-) Cash
|
|
|
(7,627
|
)
|
|
|
(11,397
|
)
|
|
|
(10,574
|
)
|
|
|
-37.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(=) Net Debt
|
|
|
22,428
|
|
|
|
18,084
|
|
|
|
17,624
|
|
|
|
62.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 13 – Debt – BrTO Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
R$ million
|
|
dec.09
|
|
|
sept.10
|
|
|
dec.10
|
|
|
% Gross
Debt
|
|
|
Short Term
|
|
|
1,003
|
|
|
|
1,197
|
|
|
|
1,115
|
|
|
|
25.1
|
%
|
|
Long Term
|
|
|
3,637
|
|
|
|
3,244
|
|
|
|
3,321
|
|
|
|
74.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Debt
|
|
|
4,640
|
|
|
|
4,441
|
|
|
|
4,436
|
|
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In Local Currency
|
|
|
3,721
|
|
|
|
3,972
|
|
|
|
4,309
|
|
|
|
97.1
|
%
|
|
In Foreign Currency
|
|
|
722
|
|
|
|
400
|
|
|
|
56
|
|
|
|
1.3
|
%
|
|
Swaps
|
|
|
197
|
|
|
|
69
|
|
|
|
71
|
|
|
|
1.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(-) Cash
|
|
|
(3,775
|
)
|
|
|
(5,470
|
)
|
|
|
(5,960
|
)
|
|
|
-134.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(=) Net Debt
|
|
|
865
|
|
|
|
(1,029
|
)
|
|
|
(1,524
|
)
|
|
|
34.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Includes private debentures acquired from TMAR
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
15
|
The schedule for the amortization of long-term consolidated gross debt is shown below:
Table 14- Schedule for the Amortization of Long-Term Consolidated Gross Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(R$ million)
|
|
2011
|
|
|
2012
|
|
|
2013
|
|
|
2014
|
|
|
2015
|
|
|
2016
onwards
|
|
|
Total
|
|
|
Gross Debt amortization
|
|
|
7,667
|
|
|
|
3,840
|
|
|
|
4,401
|
|
|
|
4,436
|
|
|
|
1,481
|
|
|
|
8,094
|
|
|
|
29,920
|
|
|
Foreign Currency Amortization
|
|
|
1,640
|
|
|
|
550
|
|
|
|
666
|
|
|
|
374
|
|
|
|
272
|
|
|
|
5,110
|
|
|
|
8,612
|
|
|
Local Currency Amortization
|
|
|
6,027
|
|
|
|
3,290
|
|
|
|
3,735
|
|
|
|
4,061
|
|
|
|
1,210
|
|
|
|
2,984
|
|
|
|
21,308
|
|
Table 15 – Main Lenders
|
|
|
|
|
|
|
|
|
Gross Debt
|
|
Contract’s
currency
|
|
Debit balance
(R$ milion)
|
|
|
National Development Banks
|
|
|
|
|
6,927
|
|
|
|
|
|
|
|
|
|
|
BNDES
|
|
R$
|
|
|
6,367
|
|
|
Others
|
|
R$
|
|
|
560
|
|
|
International Development Banks and Export Credit Agency
|
|
|
|
|
2,984
|
|
|
|
|
|
|
|
|
|
|
Asia
|
|
Yen /US$
|
|
|
1,417
|
|
|
Europe
|
|
US$
|
|
|
1,567
|
|
|
|
|
|
|
|
|
|
|
Comercial Banks
|
|
|
|
|
7,691
|
|
|
|
|
|
|
|
|
|
|
In Local Currency
|
|
R$
|
|
|
7,574
|
|
|
In Foreign Currency
|
|
Yen /US$
|
|
|
117
|
|
|
|
|
|
|
|
|
|
|
Capital Market
|
|
|
|
|
12,183
|
|
|
|
|
|
|
|
|
|
|
Debentures
|
|
R$
|
|
|
6,993
|
|
|
Bonds
|
|
US$
|
|
|
5,190
|
|
|
|
|
|
|
|
|
|
|
Debt before hedge and borrowing cost
|
|
|
|
|
29,785
|
|
|
|
|
|
|
|
|
|
|
Hedge
|
|
|
|
|
784
|
|
|
Borrowing Cost
|
|
|
|
|
(649
|
)
|
|
|
|
|
|
|
|
|
|
TOTAL DEBT
|
|
|
|
|
29,920
|
|
|
|
|
|
|
|
|
|
4.2) Capital Expenditure:
Consolidated capital expenditure reached R$1,674 million in 4Q10, totaling R$3,090 million in 2010, in line with the company’s forecast. We highlight that during 2010, the company was successful in
its strategy of optimizing the combined network of Oi and BrT (mobile and data), seizing relevant synergies and enabling an increase in capacity and coverage (physical investment), even with less cash investments.
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
16
|
The investment in the fixed-line segment was concentrated on projects in digital inclusion in public
schools, on the expansion of coverage and on increase the speed of broadband services and the supply of data packages to corporate clients.
In the wireless segment, focus was placed on keeping coverage expansion in order to encompass every region and increase of network capacity in strategic
cities to match the higher usage of 3G.
Table 16 – Capital Expenditure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
YEAR
|
|
|
R$ million
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
QoQ
(%)
|
|
|
YoY
(%)
|
|
|
2009
|
|
|
2010
|
|
|
YoY
(%)
|
|
|
Wireline
|
|
|
959
|
|
|
|
398
|
|
|
|
1,214
|
|
|
|
205.0
|
|
|
|
26.6
|
|
|
|
2,679
|
|
|
|
2,127
|
|
|
|
-20.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Growth & Quality
|
|
|
404
|
|
|
|
136
|
|
|
|
739
|
|
|
|
443.4
|
|
|
|
82.9
|
|
|
|
1,150
|
|
|
|
1,053
|
|
|
|
-8.4
|
|
|
Data / Communic. Systems / Other
|
|
|
556
|
|
|
|
262
|
|
|
|
475
|
|
|
|
81.3
|
|
|
|
-14.6
|
|
|
|
1,529
|
|
|
|
1,074
|
|
|
|
-29.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless
|
|
|
977
|
|
|
|
202
|
|
|
|
460
|
|
|
|
127.7
|
|
|
|
-52.9
|
|
|
|
2,447
|
|
|
|
963
|
|
|
|
-60.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expansion and Quality
|
|
|
977
|
|
|
|
202
|
|
|
|
460
|
|
|
|
127.7
|
|
|
|
-52.9
|
|
|
|
2,447
|
|
|
|
963
|
|
|
|
-60.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
1,936
|
|
|
|
600
|
|
|
|
1,674
|
|
|
|
179.0
|
|
|
|
-13.5
|
|
|
|
5,126
|
|
|
|
3,090
|
|
|
|
-39.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.3) Consolidated Cash Flow:
The company’s operating cash generation reached R$8,258 million in 2010 (R$ 9,051 million in 2009), which was concentrated on financing activities. During 2010 we borrowed approximately R$
13,184 million and earmarked R$ 12,434 for the repayment of principal.
Table 17 – Cash Flow: Indirect Cash Flow Statement
|
|
|
|
|
|
|
|
|
|
|
R$ Million
|
|
2009
|
|
|
2010
|
|
|
Earnings Befores Taxes
|
|
|
5,421
|
|
|
|
1,666
|
|
|
|
|
|
|
|
|
|
|
|
|
Result Items that do not affect the Cash Balance
|
|
|
7,815
|
|
|
|
12,450
|
|
|
Changes to Shareholder’s Equity
|
|
|
(1,308
|
)
|
|
|
(1,413
|
)
|
|
Cash Balance from Operations*
|
|
|
(2,876
|
)
|
|
|
(4,444
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Operating cash generation
|
|
|
9,051
|
|
|
|
8,259
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash balance invested in capital expenditure
|
|
|
(10,011
|
)
|
|
|
(4,622
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow net of capital expenditure
|
|
|
(961
|
)
|
|
|
3,637
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash balance invested in financing activities
|
|
|
(2,332
|
)
|
|
|
(790
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow net of financing activities
|
|
|
(3,293
|
)
|
|
|
2,847
|
|
|
|
|
|
|
|
|
|
|
|
|
Initial cash balance
|
|
|
9,498
|
|
|
|
6,206
|
|
|
|
|
|
|
|
|
|
|
|
|
Final cash balance
|
|
|
6,206
|
|
|
|
9,052
|
|
|
|
|
|
|
|
|
|
|
|
* Financial charges, income tax, minority interests, dividends and interest on capital, surplus reserve and treasury shares.
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
17
|
PLEASE NOTE:
1) The main spreadsheets in this Press Release will be available on the company’s website (www.oi.com.br/ir) in “About the Company / the Company in Numbers”.
2) The definition of terms used in the Press Release is also available in the glossary on the company’s website:
http://www.mzweb.com.br/oi/web/conteudo_en.asp?idioma=1&tipo=31852&conta=44&img=31851
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
18
|
5) A
DDITIONAL
I
NFORMATION
:
5.1) Oi Added to ICO2
BM&FBOVESPA and BNDES launched on December 2, 2010 the Efficient Carbon Index (ICO2), which measures the return on a theoretical portfolio composed by the shares in IBrX-50 companies (comprising
the 50 most actively traded shares on the exchange) that joined the initiative. The index is weighted by the free float and by the coefficient of greenhouse gas emission (GEE) at the companies. The first portfolio, in force since December 2, is
comprised of 42 companies, including Oi (TNLP4/TNE).
5.2) Oi Remains in CSI Index
For the third consecutive year, Oi was included in the Corporate Sustainability Index (ISE) of BM&FBOVESPA, which will be in effect
January 3-December 29, 2011.
The new portfolio gathers 47 stocks of the 38 companies that stood out for their commitment to and
strategic alignment with sustainable development. They account for 18 sectors and total R$1.17 trillion in market value.
Oi’s presence
in this select group reaffirms the importance of Sustainability on the Company’s agenda.
5.3) Capital market
issuances
A) Bond Issuance in the International Market: €750 million
TMAR issued bonds in international capital markets, listed on the Global Exchange Market of the Irish Stock Exchange, in the amount of
€750 million and due in 2017. The bonds will have a 5.125% p.a. coupon, paid annually.
HSBC, Santander, BB Securities and Espirito
Santo Investment Bank were the leaders and bookrunners in the transaction.
The bonds were sold to international investors and were rated Baa2
/ BBB- by Moody’s and S&P, respectively.
B) Financings with Banco da Amazônia and SUDAM:
In December 2010, the Company signed loan agreements with Banco da Amazônia (“BASA”) and SUDAM (the Superintendency of Development for the
Amazon) to support its capital expenditure in the Amazônia Legal region. The Capital Expenditure Project amounts to R$893,124,355.88, of which R$220,749,739.00 will be funded in an issuance of CCB with BASA (FNO), R$446,481,000.00 in an
issuance of private debentures to be subscribed by BASA with SUDAM (FDA) funding and R$225,893,616.88 with company’s own resources.
In
December, the company made the first draw down in the amount of R$94.8 million from the CCB issuance at BASA (FNO)
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
19
|
The resources will fund the capital expenditure plan in the Amazônia Legal region, which aims to
update and improve the current communication network at the company, servicing new municipalities, expanding capacity in the regions already covered at present and extending the offering of new services. This plan has already been approved by Banco
da Amazônia S.A. (Basa) and by Superintendência do Desenvolvimento da Amazônia (Sudam) and will receive resources from the Amazon Development Fund (FDA) and Basa (FNO) as well. The issuance of debentures stems from a borrowing rule
at Basa.
5.4) Strategic Partnership with Portugal Telecom
a) Anatel approval
On
October 29, 2010, the National Telecommunications Agency – ANATEL approved the operations related to the partnership between Oi and Portugal Telecom, leading to the continuity of these operations.
B) Signing of contracts
On January 25, 2011, Oi signed a sale contract with Portugal Telecom, formalizing the strategic partnership announced on July 28, 2010.
For more details, please access the Material Fact:
http://www.mzweb.com.br/oi/web/conteudo_en.asp?idioma=1&tipo=28650&conta=44&id=121500
5.5) Capital increase
On February 21, 2011 the Company informed shareholders
about the start of Capital Increases at TNL and TMAR. Shareholders who held shares at the end of February 21, 2011 will have preference rights to subscribe shares in the Capital Increase. Shares acquired from February 22, 2011 will not be
entitled to the preference rights in the subscription of shares. The shareholders will have 30 days from February 22, 2011, that is until March 24, 2011 at 2:00 p.m. (Brasilia time) to exercise their preference rights in the subscription
of shares, as well as to subscribe to leftovers.
Up to 126,218,801 new common TNL shares will be issued at the price of R$38.55, and up to
252,437,601 preferred TNL shares will be issued at R$28.27, totaling a Capital Increase at TNL of as much as R$12,002,145,758.82.
As many as
95,159,514 new common TMAR shares will be issued at the price of R$63.71, and up to 117,117,560 class A preferred shares of TMAR will be issued at R$50.71, totaling a Capital Increase at TMAR of as much as R$12,001,644,104.54.
The operation will capitalize Oi, strengthening its operations and competitive capacity, increasing investment in Brazil with a focus on broadband and
wireless technology, in addition to enabling a future international expansion.
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
20
|
5.6) Payment of Interest on Capital
a) TMAR
In December
2010, TMAR approved payments of Interest on Capital relating to the 2010 fiscal year, and the gross amount of R$192,560,000.00 was added to mandatory 2010 dividends, as authorized at the Board of Directors Meeting on October 29, 2010, with
per-share values as follows:
|
|
(i)
|
Interest on capital in the gross amount of R$0.765172936970 (R$0.650396996424/ net share) totaling R$81,921,780.55 was added to common shares (TMAR3);
|
|
|
(ii)
|
(i) Interest on capital in the gross amount of R$0.841690230666 (R$0.715436696067/ net share) totaling R$109,824,100.70 was added to class “A” preferred
shares (TMAR5);
|
|
|
(iii)
|
(i) Interest on capital in the gross amount of R$0.765172936970 (R$0.650396996424/ net share) totaling R$814,118.75 was added to class “B” preferred shares
(TMAR6);
|
The shares have traded “exc. Interest on Capital” since December 22, 2010 based on the shareholder
structure of December 21, 2010.
The payment date will be set by the qualified department at TMAR and will then be announced to the
market.
B) BRT
In December 2010, TMAR approved Interest on Capital relating to the 2010 fiscal year, which was added to mandatory 2010 dividends in the gross amount of R$363,177,000.00 as authorized at the Board of
Directors Meeting on November 17, 2010, with per-share values as follows:
|
|
(i)
|
Interest on capital in the gross amount of R$0.615774465372 (R$0.523408295566/ net share) totaling R$125,262,797.45 was added to common shares (BRTO3);
|
|
|
(ii)
|
Interest on capital in the gross amount of R$0.615774465372 (R$0.523408295566/ net share) totaling R$237,914,202.55 was added to referred shares (BRTO4);
|
The shares have traded “exc. Interest on Capital” since December 22, 2010 based on the shareholder structure of
December 21, 2010.
On January 12, 2011 BRT decided to start the partial payment of Interest on Capital on January 21, 2011.
The partial payment amounted to R$106,052,355.90, equaling the following per-share values:
|
|
(i)
|
for common shares (BRTO3), interest on capital will be paid in the gross amount of R$0.179814065196 (R$0.152841955417/ net share) totaling R$36,578,348.23;
|
|
|
(ii)
|
for preferred shares (BRTO4), interest on capital will be paid in the gross amount of R$0.179814065196 (R$0.152841955417/ net share) totaling R$69,474,007.67.
|
The payment date for the remainder of interest on capital will be set by the qualified department at TMAR and will be announced
to the market.
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
21
|
5.7) Proposed Dividends
The Management of Tele Norte Leste Participações (TNLP) will submit to the Ordinary General Meeting a proposal to pay R$339,082 thousand as
dividends, amounting to the legal floor relating to the result of the financial year 2010.
The Management of Telemar Norte Leste (TMAR) will
submit to the Ordinary General Meeting a proposal to pay R$286,170 thousand as dividends, which, in addition to the Interest on Capital already announced, amounting to the legal floor relating to the result of the financial year 2010.
The Management of Brasil Telecom (BRTO) will submit to the Ordinary General Meeting a proposal for the payment of R$176,482 thousand as dividends, which
in addition to the Interest on Capital already announced, amounting to the legal floor relating to the result of the financial year 2010.
5.8) Ratification of Invitel takeover
At the Extraordinary General Meeting, taken
place on January 13, 2011, the acquisition of Invitel by TMAR was confirmed, concluding the last step in the legal obligation relating to the purchase of Brasil Telecom.
5.9) Oi Investors Day
Featuring executives representing the controlling
shareholders and the main executives of Oi, the company hosted the Oi Investors Day, which aimed to show the financial development, the operating performance and the strategies for the future. The events were held in São Paulo on
November 11, 2010 and in New York on November 30, 2010.
The São Paulo event was held at the Caesar Park Faria Lima Hotel and
had 203 persons. For more details, visit the hot-site: www.oisday.com.br
The New York event was held at the Plaza Hotel with 156 persons.
For more details, visit the hot-site:
www.oisday.com.br/ny
5.10) Salary Agreement
In December 2010, the company concluded salary agreements
after several meetings between the unions representing employees and Oi representatives. A 5% readjustment was approved for all employees, excluding executives.
Other benefits were negotiated, such as the anticipation of a portion of the 2010 variable compensation in accordance with the program’s rule, limited to R$5,000 per eligible participant. The
anticipation of 50% of the 13th salary of 2010 was also approved.
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
22
|
ADDENDUM
6) F
INANCIAL
S
TATEMENTS
F
IRST
-
TIME
A
DOPTION
OF
IFRS
S
The Company’s management made the adjustments necessary to the presentation of the consolidated financial statements in accordance with the
international financial reporting standards (First-time Adoption of IFRSs) for the year ended December 31, 2010, and the presentation of the comparative effects for the year ended December 31, 2009.
The key effects related to the first-time adoption of IFRSs, are reflected in the financial statements presented in this document as follows:
Accounting for
business combination related to the acquisition of control of Brasil Telecom in January 8, 2009, which generated the following effects: (i) recognition of the fair values of assets acquired and liabilities assumed in the acquisition of
control of Brasil Telecom, including intangible assets and contingent liabilities, (ii) assessing at fair value the participation of minority shareholders on the acquisition date (iii) effects of the difference between the price paid to
acquire control of Brasil Telecom, including the market value of the participation of non-controlling shareholders and the fair value of the shares previously held by the acquirer, and the fair value of net assets acquired and (iv) the effects
of depreciation and amortization of assets recognized at fair value.
|
(ii)
|
Deferral of expenses on subsidized handsets and activation fee
|
Under BR GAAP, Oi and BrT deferred the expenses on subsidies on subscription plans’ handsets for the corporate segment, and amortized them over a twelve-month period, which was the contractual
retention period agreed with customers. Under CPC 04 and IAS 38, these expenses are recognized directly in profit or loss, when incurred.
Still under BR GAAP, Oi and BrT deferred the expenses on National Telecommunications Agency (ANATEL) activation and inspection fees (FISTEL) over a
24-month period, which was the average customer retention period. Under CPC 04 and IAS 38, these expenses are recognized directly in profit or loss, when incurred.
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
23
|
|
(iii)
|
Preoperating expenses
|
Under BR GAAP, up
to December 31, 2009, the Company’s subsidiaries adopted the accounting policy of capitalizing preoperating expenses, in line item ‘Deferred charges’. Under IFRSs, preoperating expenses cannot be attributed to the cost of
property, plant and equipment items or the formation of intangible assets, and must be immediately recognized as expenses. Accordingly, the consolidated balances of preoperating expenses as at January 1 and December 31, 2009, and the
related amortization expense recognized in 2009, were adjusted.
|
(iv)
|
Asset decommissioning cost
|
Recognition
of costs incurred on disassembly, removal and restoration of property, plant and equipment items, in accordance with the requirements of ICPC 12 and IFRIC 1.
Under BR GAAP, subsidiary TMAR
accounted for internally generated goodwill arising on the acquisition of subsidiary Oi in 2003. We have derecognized goodwill on the IFRS transition date.
Under BR GAAP, TMAR accounted for the excess paid on the acquisition of control of TNCP, and on the takeover bid launched in January 2009 as acquired intangible assets, based on the Personal Mobile
Services (SMP) licenses of Amazônia, a TNCP subsidiary at the time. We have derecognized the licenses appreciation portion recognized on said takeover bid and the differences in asset amortization, as in accordance with CPC 36/IAS 27 and ICPC
09 excess paid must be directly recognized in a specific line item of equity called ‘Goodwill on equity transactions’.
|
(vi)
|
Expired dividends and interest on capital
|
CPC 38/IAS 39 requires that in those cases financial liability obligations cease to exist, the effects resulting from such liabilities shall be directly
recognized in profit or loss.
Under IFRSs, net income
recognized in the financial statements consists of the profit earned by the corporate group, which is afterward divided into Profit attributed to non-controlling shareholders and Profit attributed to owners of the Company. This is equivalent to the
net income after non-controlling interests that was usually stated under BRGAAP.
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
24
|
COST STATEMENT – TNLP Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
Year
|
|
|
COST AND EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item - R$ million
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
QoQ
(%)
|
|
|
YoY
(%)
|
|
|
2009
|
|
|
2010
|
|
|
Chg.
(%)
|
|
|
Interconnection
|
|
|
1,341
|
|
|
|
1,216
|
|
|
|
1,292
|
|
|
|
6.3
|
|
|
|
-3.7
|
|
|
|
5,265
|
|
|
|
5,070
|
|
|
|
-3.7
|
|
|
Personnel
|
|
|
445
|
|
|
|
402
|
|
|
|
423
|
|
|
|
5.2
|
|
|
|
-4.9
|
|
|
|
1,765
|
|
|
|
1,620
|
|
|
|
-8.2
|
|
|
Materials
|
|
|
97
|
|
|
|
59
|
|
|
|
20
|
|
|
|
-66.1
|
|
|
|
-79.4
|
|
|
|
418
|
|
|
|
215
|
|
|
|
-48.6
|
|
|
Handset Costs/Other (COGS)*
|
|
|
114
|
|
|
|
12
|
|
|
|
44
|
|
|
|
266.7
|
|
|
|
-61.4
|
|
|
|
390
|
|
|
|
149
|
|
|
|
-61.8
|
|
|
Third-Party Services
|
|
|
2,103
|
|
|
|
1,762
|
|
|
|
1,799
|
|
|
|
2.1
|
|
|
|
-14.5
|
|
|
|
7,343
|
|
|
|
6,976
|
|
|
|
-5.0
|
|
|
Marketing
|
|
|
221
|
|
|
|
132
|
|
|
|
163
|
|
|
|
23.5
|
|
|
|
-26.2
|
|
|
|
602
|
|
|
|
537
|
|
|
|
-10.8
|
|
|
Rent and Insurance
|
|
|
396
|
|
|
|
386
|
|
|
|
388
|
|
|
|
0.5
|
|
|
|
-2.0
|
|
|
|
1,580
|
|
|
|
1,523
|
|
|
|
-3.6
|
|
|
Provision for Bad Debts
|
|
|
253
|
|
|
|
250
|
|
|
|
177
|
|
|
|
-29.2
|
|
|
|
-30.0
|
|
|
|
1,279
|
|
|
|
979
|
|
|
|
-23.5
|
|
|
Other Operating Expenses (Revenue), Net
|
|
|
404
|
|
|
|
332
|
|
|
|
716
|
|
|
|
115.7
|
|
|
|
77.2
|
|
|
|
1,587
|
|
|
|
2,114
|
|
|
|
33.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Recurring
|
|
|
5,374
|
|
|
|
4,551
|
|
|
|
5,023
|
|
|
|
10.4
|
|
|
|
-6.5
|
|
|
|
20,229
|
|
|
|
19,184
|
|
|
|
-5.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non recurring effects
|
|
|
76
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(5,073
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Accounting
|
|
|
5,450
|
|
|
|
4,551
|
|
|
|
5,023
|
|
|
|
10.4
|
|
|
|
-7.8
|
|
|
|
15,156
|
|
|
|
19,184
|
|
|
|
26.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interconnection
|
|
|
1,341
|
|
|
|
1,216
|
|
|
|
1,292
|
|
|
|
6.3
|
|
|
|
-3.7
|
|
|
|
5,265
|
|
|
|
5,070
|
|
|
|
-3.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Handset Costs
|
|
|
114
|
|
|
|
12
|
|
|
|
44
|
|
|
|
266.7
|
|
|
|
-61.4
|
|
|
|
390
|
|
|
|
149
|
|
|
|
-61.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of Services
|
|
|
1,646
|
|
|
|
1,452
|
|
|
|
1,201
|
|
|
|
-17.3
|
|
|
|
-27.0
|
|
|
|
6,482
|
|
|
|
5,623
|
|
|
|
-13.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
163
|
|
|
|
142
|
|
|
|
148
|
|
|
|
4.2
|
|
|
|
-9.2
|
|
|
|
734
|
|
|
|
581
|
|
|
|
-20.8
|
|
|
Third-Party Services
|
|
|
898
|
|
|
|
697
|
|
|
|
609
|
|
|
|
-12.6
|
|
|
|
-32.2
|
|
|
|
3,212
|
|
|
|
2,714
|
|
|
|
-15.5
|
|
|
Materials
|
|
|
85
|
|
|
|
52
|
|
|
|
10
|
|
|
|
-80.8
|
|
|
|
-88.2
|
|
|
|
385
|
|
|
|
185
|
|
|
|
-51.9
|
|
|
Rent and Insurance
|
|
|
312
|
|
|
|
371
|
|
|
|
181
|
|
|
|
-51.2
|
|
|
|
-42.0
|
|
|
|
1,337
|
|
|
|
1,270
|
|
|
|
-5.0
|
|
|
Anatel Concession Contract
|
|
|
42
|
|
|
|
38
|
|
|
|
42
|
|
|
|
10.5
|
|
|
|
0.0
|
|
|
|
149
|
|
|
|
157
|
|
|
|
5.4
|
|
|
Fistel
|
|
|
|
|
|
|
140
|
|
|
|
191
|
|
|
|
36.4
|
|
|
|
39.4
|
|
|
|
623
|
|
|
|
649
|
|
|
|
4.2
|
|
|
Other
|
|
|
10
|
|
|
|
13
|
|
|
|
20
|
|
|
|
53.8
|
|
|
|
100.0
|
|
|
|
42
|
|
|
|
68
|
|
|
|
61.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling Expenses
|
|
|
1,374
|
|
|
|
1,206
|
|
|
|
1,265
|
|
|
|
4.9
|
|
|
|
-7.9
|
|
|
|
5,264
|
|
|
|
4,859
|
|
|
|
-7.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
98
|
|
|
|
90
|
|
|
|
96
|
|
|
|
6.7
|
|
|
|
-2.0
|
|
|
|
431
|
|
|
|
362
|
|
|
|
-16.0
|
|
|
Third-Party Services
|
|
|
859
|
|
|
|
709
|
|
|
|
788
|
|
|
|
11.1
|
|
|
|
-8.3
|
|
|
|
2,854
|
|
|
|
2,847
|
|
|
|
-0.2
|
|
|
Marketing
|
|
|
221
|
|
|
|
132
|
|
|
|
163
|
|
|
|
23.5
|
|
|
|
-26.2
|
|
|
|
640
|
|
|
|
537
|
|
|
|
-16.1
|
|
|
Materials
|
|
|
8
|
|
|
|
2
|
|
|
|
3
|
|
|
|
50.0
|
|
|
|
-62.5
|
|
|
|
21
|
|
|
|
13
|
|
|
|
-38.1
|
|
|
Rent and Insurance
|
|
|
4
|
|
|
|
0
|
|
|
|
1
|
|
|
|
-
|
|
|
|
-75.0
|
|
|
|
14
|
|
|
|
5
|
|
|
|
-64.3
|
|
|
Other
|
|
|
(69
|
)
|
|
|
24
|
|
|
|
36
|
|
|
|
50.0
|
|
|
|
-152.2
|
|
|
|
25
|
|
|
|
116
|
|
|
|
364.0
|
|
|
Provisions for Bad Debts and Receivable write-off
|
|
|
253
|
|
|
|
250
|
|
|
|
177
|
|
|
|
-29.2
|
|
|
|
-30.0
|
|
|
|
1,279
|
|
|
|
979
|
|
|
|
-23.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General and Administrative Expenses
|
|
|
635
|
|
|
|
566
|
|
|
|
808
|
|
|
|
42.8
|
|
|
|
27.2
|
|
|
|
2,394
|
|
|
|
2,414
|
|
|
|
0.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Personnel
|
|
|
185
|
|
|
|
170
|
|
|
|
179
|
|
|
|
5.3
|
|
|
|
-3.2
|
|
|
|
741
|
|
|
|
677
|
|
|
|
-8.6
|
|
|
Third-Party Services
|
|
|
389
|
|
|
|
357
|
|
|
|
402
|
|
|
|
12.6
|
|
|
|
3.3
|
|
|
|
1,381
|
|
|
|
1,415
|
|
|
|
2.5
|
|
|
Materials
|
|
|
4
|
|
|
|
5
|
|
|
|
7
|
|
|
|
40.0
|
|
|
|
75.0
|
|
|
|
12
|
|
|
|
17
|
|
|
|
41.7
|
|
|
Rent and Insurance
|
|
|
79
|
|
|
|
15
|
|
|
|
206
|
|
|
|
1273.3
|
|
|
|
160.8
|
|
|
|
229
|
|
|
|
249
|
|
|
|
8.7
|
|
|
Other
|
|
|
(22
|
)
|
|
|
19
|
|
|
|
14
|
|
|
|
-26.3
|
|
|
|
-163.6
|
|
|
|
30
|
|
|
|
55
|
|
|
|
83.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Operating Expenses (Revenue), Net
|
|
|
341
|
|
|
|
99
|
|
|
|
413
|
|
|
|
317.2
|
|
|
|
21.1
|
|
|
|
(4,638
|
)
|
|
|
1,069
|
|
|
|
-
|
|
* Other: sim card, mini modem, TV
transmission equipment and mobile phone peripherals.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter
|
|
|
YEAR
|
|
|
Third-Party Services - R$ Million
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
QoQ
(%)
|
|
|
YoY
(%)
|
|
|
2009
|
|
|
2010
|
|
|
YoY
(%)
|
|
|
Network Maintenance (COS - Cost of Services)
|
|
|
221
|
|
|
|
533
|
|
|
|
439
|
|
|
|
-17.6
|
|
|
|
98.6
|
|
|
|
2,025
|
|
|
|
2,016
|
|
|
|
41.6
|
|
|
Sales Commissions and Expenses (Selling Exp.)
|
|
|
359
|
|
|
|
296
|
|
|
|
352
|
|
|
|
18.9
|
|
|
|
-1.9
|
|
|
|
1,176
|
|
|
|
1,253
|
|
|
|
79.8
|
|
|
Postage and Collection (Selling Exp.)
|
|
|
161
|
|
|
|
173
|
|
|
|
160
|
|
|
|
-7.5
|
|
|
|
-0.6
|
|
|
|
601
|
|
|
|
617
|
|
|
|
68.9
|
|
|
Electricity (COS / G&A)
|
|
|
156
|
|
|
|
139
|
|
|
|
151
|
|
|
|
8.6
|
|
|
|
-3.2
|
|
|
|
580
|
|
|
|
574
|
|
|
|
70.3
|
|
|
Data Processing (COS / G&A)
|
|
|
150
|
|
|
|
117
|
|
|
|
108
|
|
|
|
-7.7
|
|
|
|
-28.0
|
|
|
|
528
|
|
|
|
468
|
|
|
|
73.5
|
|
|
Call Center Operations (Selling Exp.)
|
|
|
214
|
|
|
|
188
|
|
|
|
222
|
|
|
|
18.1
|
|
|
|
3.7
|
|
|
|
693
|
|
|
|
772
|
|
|
|
82.9
|
|
|
Consulting and Legal Services (COS / G&A)
|
|
|
175
|
|
|
|
138
|
|
|
|
187
|
|
|
|
35.5
|
|
|
|
6.9
|
|
|
|
556
|
|
|
|
551
|
|
|
|
74.5
|
|
|
Printing and Clearing (Selling Exp.)
|
|
|
24
|
|
|
|
20
|
|
|
|
20
|
|
|
|
0.0
|
|
|
|
-16.7
|
|
|
|
104
|
|
|
|
93
|
|
|
|
60.0
|
|
|
Others
|
|
|
684
|
|
|
|
159
|
|
|
|
160
|
|
|
|
0.6
|
|
|
|
-76.6
|
|
|
|
1,184
|
|
|
|
633
|
|
|
|
165.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
2,145
|
|
|
|
1,762
|
|
|
|
1,799
|
|
|
|
2.1
|
|
|
|
-16.1
|
|
|
|
7,447
|
|
|
|
6,976
|
|
|
|
72.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
25
|
6.1 ) TELE NORTE LESTE PARTICIPAÇÕES - TNLP Consolidated
R$ Million
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
2009
|
|
|
2010
|
|
|
Wireline Services Revenues
|
|
|
8,956.4
|
|
|
|
8,506.7
|
|
|
|
8,333.0
|
|
|
|
35,685.8
|
|
|
|
34,340.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Services
|
|
|
4,361.2
|
|
|
|
4,156.6
|
|
|
|
4,000.7
|
|
|
|
17,641.2
|
|
|
|
16,652.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription Charges
|
|
|
2,687.7
|
|
|
|
2,723.2
|
|
|
|
2,667.1
|
|
|
|
10,939.8
|
|
|
|
10,976.7
|
|
|
Local Traffic
|
|
|
540.5
|
|
|
|
392.3
|
|
|
|
340.4
|
|
|
|
2,029.8
|
|
|
|
1,544.7
|
|
|
Installation Fees
|
|
|
33.5
|
|
|
|
39.5
|
|
|
|
32.7
|
|
|
|
137.2
|
|
|
|
155.2
|
|
|
Collect Calls
|
|
|
1.4
|
|
|
|
0.6
|
|
|
|
0.5
|
|
|
|
6.4
|
|
|
|
2.6
|
|
|
Other Local Revenues
|
|
|
4.4
|
|
|
|
0.4
|
|
|
|
0.1
|
|
|
|
4.8
|
|
|
|
1.9
|
|
|
Fixed-to-Mobile (VC1)
|
|
|
1,093.6
|
|
|
|
1,000.7
|
|
|
|
960.0
|
|
|
|
4,523.1
|
|
|
|
3,971.1
|
|
|
Long Distance
|
|
|
1,511.8
|
|
|
|
1,361.1
|
|
|
|
1,321.0
|
|
|
|
6,160.9
|
|
|
|
5,609.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intra-State
|
|
|
671.0
|
|
|
|
80.5
|
|
|
|
495.4
|
|
|
|
2,731.1
|
|
|
|
1,987.6
|
|
|
Inter-State
|
|
|
130.2
|
|
|
|
239.1
|
|
|
|
127.1
|
|
|
|
556.2
|
|
|
|
610.4
|
|
|
Inter-Regional
|
|
|
341.4
|
|
|
|
725.4
|
|
|
|
412.8
|
|
|
|
1,347.2
|
|
|
|
1,730.3
|
|
|
International
|
|
|
19.1
|
|
|
|
16.8
|
|
|
|
15.6
|
|
|
|
81.6
|
|
|
|
67.8
|
|
|
Fixed-to-Mobile (VC2 and VC3)
|
|
|
350.1
|
|
|
|
299.3
|
|
|
|
270.0
|
|
|
|
1,444.8
|
|
|
|
1,213.5
|
|
|
Advanced Voice
|
|
|
73.2
|
|
|
|
70.8
|
|
|
|
84.0
|
|
|
|
305.4
|
|
|
|
330.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Telephones
|
|
|
187.6
|
|
|
|
113.2
|
|
|
|
117.8
|
|
|
|
968.0
|
|
|
|
522.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Services
|
|
|
270.8
|
|
|
|
246.9
|
|
|
|
243.2
|
|
|
|
1,012.0
|
|
|
|
998.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Network Usage Remuneration
|
|
|
275.1
|
|
|
|
239.7
|
|
|
|
212.0
|
|
|
|
930.1
|
|
|
|
915.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Transmission Services
|
|
|
2,276.6
|
|
|
|
2,318.3
|
|
|
|
2,354.4
|
|
|
|
8,668.2
|
|
|
|
9,312.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADSL (Velox)
|
|
|
1,320.8
|
|
|
|
1,289.2
|
|
|
|
1,270.5
|
|
|
|
4,831.6
|
|
|
|
5,153.0
|
|
|
Leased Lines (EILD)
|
|
|
204.1
|
|
|
|
249.1
|
|
|
|
252.9
|
|
|
|
872.6
|
|
|
|
972.4
|
|
|
Leased Lines (SLDD/SLDA)
|
|
|
150.0
|
|
|
|
130.1
|
|
|
|
143.9
|
|
|
|
591.5
|
|
|
|
537.8
|
|
|
IP Services
|
|
|
252.4
|
|
|
|
351.0
|
|
|
|
366.9
|
|
|
|
988.8
|
|
|
|
1,366.7
|
|
|
Packet switch and frame relay
|
|
|
96.5
|
|
|
|
81.8
|
|
|
|
92.9
|
|
|
|
407.7
|
|
|
|
364.3
|
|
|
Other Data Services
|
|
|
252.8
|
|
|
|
217.2
|
|
|
|
227.3
|
|
|
|
976.1
|
|
|
|
917.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless Services Revenues
|
|
|
2,722.5
|
|
|
|
2,834.6
|
|
|
|
2,977.0
|
|
|
|
9,934.9
|
|
|
|
11,205.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription Charges
|
|
|
619.8
|
|
|
|
673.2
|
|
|
|
704.4
|
|
|
|
2,325.5
|
|
|
|
2,633.6
|
|
|
Outgoing Calls
|
|
|
1,005.9
|
|
|
|
1,059.6
|
|
|
|
1,100.9
|
|
|
|
3,686.0
|
|
|
|
4,128.7
|
|
|
Domestic/International Roaming
|
|
|
39.3
|
|
|
|
25.1
|
|
|
|
25.7
|
|
|
|
130.8
|
|
|
|
119.8
|
|
|
Network Usage Remuneration
|
|
|
622.4
|
|
|
|
648.2
|
|
|
|
682.4
|
|
|
|
2,323.3
|
|
|
|
2,572.9
|
|
|
Data / Value Added Services
|
|
|
338.6
|
|
|
|
395.5
|
|
|
|
417.4
|
|
|
|
1,101.2
|
|
|
|
1,551.1
|
|
|
Handset Sales
|
|
|
96.4
|
|
|
|
33.1
|
|
|
|
46.1
|
|
|
|
368.1
|
|
|
|
199.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Services
|
|
|
71.5
|
|
|
|
94.7
|
|
|
|
97.3
|
|
|
|
242.2
|
|
|
|
382.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Operating Revenue
|
|
|
11,750.4
|
|
|
|
11,436.0
|
|
|
|
11,407.2
|
|
|
|
45,863.0
|
|
|
|
45,928.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes and Deductions
|
|
|
(4,166.3
|
)
|
|
|
(4,090.2
|
)
|
|
|
(4,109.5
|
)
|
|
|
(15,866.1
|
)
|
|
|
(16,448.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Revenue
|
|
|
7,584.1
|
|
|
|
7,345.8
|
|
|
|
7,297.8
|
|
|
|
29,996.9
|
|
|
|
29,479.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
(5,449.7
|
)
|
|
|
(4,550.5
|
)
|
|
|
(5,023.2
|
)
|
|
|
(15,155.8
|
)
|
|
|
(19,184.2
|
)
|
|
Cost of Services
|
|
|
(1,648.4
|
)
|
|
|
(1,452.5
|
)
|
|
|
(1,200.9
|
)
|
|
|
(6,481.6
|
)
|
|
|
(5,622.7
|
)
|
|
Cost of Goods Sold
|
|
|
(114.3
|
)
|
|
|
(11.7
|
)
|
|
|
(43.8
|
)
|
|
|
(389.7
|
)
|
|
|
(149.2
|
)
|
|
Interconnection Costs
|
|
|
(1,340.8
|
)
|
|
|
(1,216.1
|
)
|
|
|
(1,292.4
|
)
|
|
|
(5,265.1
|
)
|
|
|
(5,070.5
|
)
|
|
Selling Expenses
|
|
|
(1,373.7
|
)
|
|
|
(1,206.1
|
)
|
|
|
(1,265.5
|
)
|
|
|
(5,263.9
|
)
|
|
|
(4,859.1
|
)
|
|
General and Administrative Expenses
|
|
|
(634.6
|
)
|
|
|
(565.2
|
)
|
|
|
(807.8
|
)
|
|
|
(2,394.1
|
)
|
|
|
(2,414.1
|
)
|
|
Other Operating (Expenses) Revenue, net
|
|
|
(337.9
|
)
|
|
|
(98.9
|
)
|
|
|
(412.9
|
)
|
|
|
4,638.5
|
|
|
|
(1,068.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
2,134.4
|
|
|
|
2,795.3
|
|
|
|
2,274.6
|
|
|
|
14,841.0
|
|
|
|
10,295.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin %
|
|
|
28.1
|
%
|
|
|
38.1
|
%
|
|
|
31.2
|
%
|
|
|
49.5
|
%
|
|
|
34.9
|
%
|
|
Depreciation and Amortization
|
|
|
(1,897.9
|
)
|
|
|
(1,546.1
|
)
|
|
|
(1,562.4
|
)
|
|
|
(7,033.2
|
)
|
|
|
(6,197.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT
|
|
|
236.5
|
|
|
|
1,249.2
|
|
|
|
712.1
|
|
|
|
7,807.9
|
|
|
|
4,097.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Expenses
|
|
|
(1,106.1
|
)
|
|
|
(1,028.5
|
)
|
|
|
(1,343.0
|
)
|
|
|
(3,988.4
|
)
|
|
|
(4,361.1
|
)
|
|
Financial Income
|
|
|
384.2
|
|
|
|
504.1
|
|
|
|
569.2
|
|
|
|
1,601.0
|
|
|
|
1,929.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Tax and Social Contribution
|
|
|
(485.4
|
)
|
|
|
724.8
|
|
|
|
(61.6
|
)
|
|
|
5,420.5
|
|
|
|
1,665.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax and Social Contribution
|
|
|
(111.4
|
)
|
|
|
(186.8
|
)
|
|
|
345.6
|
|
|
|
(328.1
|
)
|
|
|
83.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
(596.8
|
)
|
|
|
538.0
|
|
|
|
284.0
|
|
|
|
5,092.4
|
|
|
|
1,749.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin %
|
|
|
-7.9
|
%
|
|
|
7.3
|
%
|
|
|
3.9
|
%
|
|
|
17.0
|
%
|
|
|
5.9
|
%
|
|
Earnings attributed to the controlling shareholders
|
|
|
(355.7
|
)
|
|
|
422.6
|
|
|
|
128.5
|
|
|
|
4,273.8
|
|
|
|
1,427.7
|
|
|
Earnings attributed to the non-controlling shareholders
|
|
|
(241.1
|
)
|
|
|
115.3
|
|
|
|
155.5
|
|
|
|
818.7
|
|
|
|
321.8
|
|
|
Outstanding Shares - Thousand (exc.-treasury)
|
|
|
382,523
|
|
|
|
382,632
|
|
|
|
382,647
|
|
|
|
382,523
|
|
|
|
382,647
|
|
|
Earnings attributed to the controlling shareholders per share (R$)
|
|
|
(0.930
|
)
|
|
|
1.105
|
|
|
|
0.336
|
|
|
|
11.173
|
|
|
|
3.731
|
|
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
26
|
6.1 ) TELE NORTE LESTE PARTICIPAÇÕES - TNLP Consolidated (Balance
Sheet)
R$ MILLION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
|
|
12/31/09
|
|
|
9/30/10
|
|
|
12/31/10
|
|
|
TOTAL ASSETS
|
|
|
74,002
|
|
|
|
75,084
|
|
|
|
75,137
|
|
|
|
|
|
|
|
Current
|
|
|
18,350
|
|
|
|
22,812
|
|
|
|
22,172
|
|
|
Cash
|
|
|
6,206
|
|
|
|
9,497
|
|
|
|
9,052
|
|
|
Financial investments
|
|
|
1,819
|
|
|
|
2,451
|
|
|
|
2,148
|
|
|
Derivatives
|
|
|
140
|
|
|
|
33
|
|
|
|
44
|
|
|
Accounts Receivable
|
|
|
5,942
|
|
|
|
5,937
|
|
|
|
5,894
|
|
|
Recoverable Taxes
|
|
|
1,637
|
|
|
|
1,833
|
|
|
|
2,176
|
|
|
Inventories
|
|
|
163
|
|
|
|
108
|
|
|
|
98
|
|
|
Assets in Escrow
|
|
|
1,787
|
|
|
|
1,905
|
|
|
|
1,813
|
|
|
Other Current Assets
|
|
|
658
|
|
|
|
1,049
|
|
|
|
948
|
|
|
|
|
|
|
|
Non-Current Assets
|
|
|
55,652
|
|
|
|
52,272
|
|
|
|
52,965
|
|
|
|
|
|
|
|
Long Term
|
|
|
12,516
|
|
|
|
12,326
|
|
|
|
12,961
|
|
|
Recoverable and Deferred Taxes
|
|
|
6,495
|
|
|
|
5,733
|
|
|
|
6,054
|
|
|
Accounts Receivable
|
|
|
5
|
|
|
|
9
|
|
|
|
9
|
|
|
Derivatives
|
|
|
77
|
|
|
|
55
|
|
|
|
23
|
|
|
Assets in Escrow
|
|
|
5,468
|
|
|
|
6,063
|
|
|
|
6,453
|
|
|
Other
|
|
|
470
|
|
|
|
466
|
|
|
|
421
|
|
|
|
|
|
|
|
Investments
|
|
|
55
|
|
|
|
55
|
|
|
|
55
|
|
|
Property Plant and Equipment
|
|
|
25,296
|
|
|
|
22,958
|
|
|
|
23,349
|
|
|
Intagible Assets
|
|
|
17,785
|
|
|
|
16,934
|
|
|
|
16,600
|
|
|
|
|
|
|
|
Balance Sheet
|
|
12/31/09
|
|
|
9/30/10
|
|
|
12/31/10
|
|
|
TOTAL LIABILITIES
|
|
|
74,002
|
|
|
|
75,084
|
|
|
|
75,137
|
|
|
|
|
|
|
|
Current
|
|
|
18,501
|
|
|
|
18,205
|
|
|
|
19,316
|
|
|
Suppliers
|
|
|
4,370
|
|
|
|
3,598
|
|
|
|
4,571
|
|
|
Loans and Financing
|
|
|
7,964
|
|
|
|
8,296
|
|
|
|
7,144
|
|
|
Derivatives
|
|
|
949
|
|
|
|
216
|
|
|
|
567
|
|
|
Payroll and Related Accruals
|
|
|
362
|
|
|
|
527
|
|
|
|
568
|
|
|
Pension Fund Provision
|
|
|
105
|
|
|
|
60
|
|
|
|
78
|
|
|
Payable Taxes
|
|
|
1,815
|
|
|
|
2,138
|
|
|
|
2,547
|
|
|
Dividends Payable
|
|
|
361
|
|
|
|
362
|
|
|
|
1,039
|
|
|
Other Accounts Payable
|
|
|
2,574
|
|
|
|
3,007
|
|
|
|
2,801
|
|
|
|
|
|
|
|
Non-Current Liabilities
|
|
|
35,390
|
|
|
|
36,488
|
|
|
|
35,848
|
|
|
|
|
|
|
|
Long Term
|
|
|
35,390
|
|
|
|
36,488
|
|
|
|
35,848
|
|
|
Loans and Financing
|
|
|
20,862
|
|
|
|
22,490
|
|
|
|
21,991
|
|
|
Derivatives
|
|
|
360
|
|
|
|
366
|
|
|
|
284
|
|
|
Payable and Deferred Taxes
|
|
|
6,246
|
|
|
|
5,994
|
|
|
|
5,723
|
|
|
Contingency Provisions
|
|
|
5,423
|
|
|
|
5,086
|
|
|
|
5,101
|
|
|
Pension Fund Provision
|
|
|
575
|
|
|
|
576
|
|
|
|
575
|
|
|
Outstanding authorizations
|
|
|
1,517
|
|
|
|
1,609
|
|
|
|
1,594
|
|
|
Other Accounts Payable
|
|
|
407
|
|
|
|
367
|
|
|
|
579
|
|
|
|
|
|
|
|
Shareholders’ Equity
|
|
|
20,112
|
|
|
|
20,391
|
|
|
|
19,974
|
|
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
27
|
6.1 ) TELE NORTE LESTE PARTICIPAÇÕES - TNLP Consolidated
|
|
|
|
|
|
|
|
|
|
|
Free Cash Flow - R$ million
|
|
2009
|
|
|
2010
|
|
|
Earnings (loss) before taxes - (A)
|
|
|
5,421
|
|
|
|
1,666
|
|
|
|
|
|
|
|
|
|
|
|
|
Result items that do not affect the Cash Balance - (B)
|
|
|
7,815
|
|
|
|
12,450
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation/amortization
|
|
|
7,031
|
|
|
|
6,199
|
|
|
Financial charges
|
|
|
1,216
|
|
|
|
2,504
|
|
|
Accounting for Business Combination related to BrT acquisition
|
|
|
(5,556
|
)
|
|
|
0
|
|
|
Provisions for derivatives
|
|
|
1,311
|
|
|
|
501
|
|
|
Advanced expenses
|
|
|
778
|
|
|
|
861
|
|
|
Losses on accounts receivable
|
|
|
1,279
|
|
|
|
979
|
|
|
Provisions for legal contingencies
|
|
|
642
|
|
|
|
857
|
|
|
Provions/reversal for Tax Refinancing Program
|
|
|
603
|
|
|
|
(36
|
)
|
|
Others
|
|
|
510
|
|
|
|
585
|
|
|
|
|
|
|
|
|
|
|
|
|
(C) = (A) - (B)
|
|
|
13,235
|
|
|
|
14,116
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes to Operating Assets
|
|
|
(1,308
|
)
|
|
|
(1,413
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
(1,164
|
)
|
|
|
(975
|
)
|
|
Financial Investments
|
|
|
(5,475
|
)
|
|
|
(8,072
|
)
|
|
Redemption of Financial Investments
|
|
|
5,789
|
|
|
|
7,970
|
|
|
Amounts receivable
|
|
|
(28
|
)
|
|
|
36
|
|
|
Taxes
|
|
|
250
|
|
|
|
754
|
|
|
Provisions for legal contingencies
|
|
|
(729
|
)
|
|
|
(1,006
|
)
|
|
Other Assets and Liabilities
|
|
|
49
|
|
|
|
(119
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash Balance from Operations
|
|
|
(2,876
|
)
|
|
|
(4,444
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Financial charges
|
|
|
(2,003
|
)
|
|
|
(3,794
|
)
|
|
Income Tax and Social Contribuition Paid - Company
|
|
|
(434
|
)
|
|
|
(382
|
)
|
|
Income Tax and Social Contribuition Paid - Third Parties
|
|
|
(453
|
)
|
|
|
(268
|
)
|
|
Received dividends and Interest on Capital
|
|
|
14
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Cash Generation
|
|
|
9,051
|
|
|
|
8,259
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment cash flow
|
|
|
(10,011
|
)
|
|
|
(4,622
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of fixed/intangible assets
|
|
|
(5,742
|
)
|
|
|
(3,572
|
)
|
|
Acquisition of equity control of Invitel (-) net cash included in the acquisition
|
|
|
(2,612
|
)
|
|
|
0
|
|
|
Increase in permanent investment
|
|
|
(71
|
)
|
|
|
0
|
|
|
Receivable on sale of fixed assets
|
|
|
32
|
|
|
|
0
|
|
|
Assets in escrow
|
|
|
(2,319
|
)
|
|
|
(1,881
|
)
|
|
Redemption of assets in escrow
|
|
|
701
|
|
|
|
832
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flow net of Capital Expenditure
|
|
|
(10,011
|
)
|
|
|
(4,622
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Financing activity cash flow
|
|
|
(2,332
|
)
|
|
|
(790
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Borrowings
|
|
|
9,214
|
|
|
|
13,184
|
|
|
Payments of loans and debentures
|
|
|
(5,713
|
)
|
|
|
(12,434
|
)
|
|
Acquisition of shares of subsidiaries
|
|
|
(2,657
|
)
|
|
|
0
|
|
|
Tax Refinancing Program
|
|
|
(144
|
)
|
|
|
(226
|
)
|
|
Concession Payable
|
|
|
(364
|
)
|
|
|
(150
|
)
|
|
Payment of dividend and interest on capital
|
|
|
(2,668
|
)
|
|
|
(1,165
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow net of Financings
|
|
|
(12,343
|
)
|
|
|
(5,412
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (reduction) of cash and equivalent
|
|
|
(3,293
|
)
|
|
|
2,847
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and equivalent at the start of period
|
|
|
9,498
|
|
|
|
6,206
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and equivalent at the end of period
|
|
|
6,206
|
|
|
|
9,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
28
|
6.2 ) TELEMAR NORTE LESTE - TMAR Consolidated
R$ MILLION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
2009
|
|
|
2010
|
|
|
Wireline Services Revenues
|
|
|
8,957.0
|
|
|
|
8,506.7
|
|
|
|
8,333.3
|
|
|
|
35,689.2
|
|
|
|
34,340.1
|
|
|
Local Services
|
|
|
4,361.2
|
|
|
|
4,156.6
|
|
|
|
4,000.7
|
|
|
|
17,641.2
|
|
|
|
16,652.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription Charges
|
|
|
2,687.7
|
|
|
|
2,723.2
|
|
|
|
2,667.1
|
|
|
|
10,939.8
|
|
|
|
10,976.7
|
|
|
Local Traffic
|
|
|
540.5
|
|
|
|
392.3
|
|
|
|
340.4
|
|
|
|
2,029.8
|
|
|
|
1,544.7
|
|
|
Installation Fees
|
|
|
33.5
|
|
|
|
39.5
|
|
|
|
32.7
|
|
|
|
137.2
|
|
|
|
155.2
|
|
|
Collect Calls
|
|
|
1.4
|
|
|
|
0.6
|
|
|
|
0.5
|
|
|
|
6.4
|
|
|
|
2.6
|
|
|
Other Local Revenues
|
|
|
4.4
|
|
|
|
0.4
|
|
|
|
0.1
|
|
|
|
4.8
|
|
|
|
1.9
|
|
|
Fixed-to-Mobile (VC1)
|
|
|
1,093.6
|
|
|
|
1,000.7
|
|
|
|
960.0
|
|
|
|
4,523.1
|
|
|
|
3,971.1
|
|
|
Long Distance
|
|
|
1,511.8
|
|
|
|
1,361.1
|
|
|
|
1,321.0
|
|
|
|
6,160.9
|
|
|
|
5,609.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intra-State
|
|
|
671.0
|
|
|
|
80.5
|
|
|
|
495.4
|
|
|
|
2,731.1
|
|
|
|
1,987.6
|
|
|
Inter-State
|
|
|
130.2
|
|
|
|
239.1
|
|
|
|
127.1
|
|
|
|
556.2
|
|
|
|
610.4
|
|
|
Inter-Regional
|
|
|
341.4
|
|
|
|
725.4
|
|
|
|
412.8
|
|
|
|
1,347.2
|
|
|
|
1,730.3
|
|
|
International
|
|
|
19.1
|
|
|
|
16.8
|
|
|
|
15.6
|
|
|
|
81.6
|
|
|
|
67.8
|
|
|
Fixed-to-Mobile (VC2 and VC3)
|
|
|
350.1
|
|
|
|
299.3
|
|
|
|
270.0
|
|
|
|
1,444.8
|
|
|
|
1,213.5
|
|
|
Advanced Voice
|
|
|
73.2
|
|
|
|
70.8
|
|
|
|
83.9
|
|
|
|
305.4
|
|
|
|
330.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Telephones
|
|
|
187.6
|
|
|
|
113.2
|
|
|
|
118.3
|
|
|
|
968.0
|
|
|
|
522.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Services
|
|
|
270.8
|
|
|
|
246.9
|
|
|
|
243.2
|
|
|
|
1,012.0
|
|
|
|
998.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Network Usage Remuneration
|
|
|
275.1
|
|
|
|
239.7
|
|
|
|
212.0
|
|
|
|
930.1
|
|
|
|
915.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Transmission Services
|
|
|
2,277.2
|
|
|
|
2,318.3
|
|
|
|
2,354.2
|
|
|
|
8,671.6
|
|
|
|
9,311.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless Services Revenues
|
|
|
2,722.5
|
|
|
|
2,834.6
|
|
|
|
2,977.0
|
|
|
|
9,934.9
|
|
|
|
11,205.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Services
|
|
|
45.0
|
|
|
|
70.6
|
|
|
|
97.2
|
|
|
|
141.1
|
|
|
|
307.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Operating Revenue
|
|
|
11,724.5
|
|
|
|
11,411.9
|
|
|
|
11,407.5
|
|
|
|
45,765.2
|
|
|
|
45,853.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes and Deductions
|
|
|
(4,157.3
|
)
|
|
|
(4,081.3
|
)
|
|
|
(4,109.6
|
)
|
|
|
(15,838.0
|
)
|
|
|
(16,421.9
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Revenue
|
|
|
7,567.2
|
|
|
|
7,330.6
|
|
|
|
7,297.8
|
|
|
|
29,927.2
|
|
|
|
29,431.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
(5,410.9
|
)
|
|
|
(4,525.3
|
)
|
|
|
(5,037.4
|
)
|
|
|
(15,057.4
|
)
|
|
|
(19,123.0
|
)
|
|
Cost of Services Provided
|
|
|
(1,634.6
|
)
|
|
|
(1,444.1
|
)
|
|
|
(1,201.4
|
)
|
|
|
(6,422.0
|
)
|
|
|
(5,588.7
|
)
|
|
Cost of Goods Sold
|
|
|
(114.3
|
)
|
|
|
(11.7
|
)
|
|
|
(43.8
|
)
|
|
|
(389.7
|
)
|
|
|
(149.2
|
)
|
|
Interconnection Costs
|
|
|
(1,340.8
|
)
|
|
|
(1,216.1
|
)
|
|
|
(1,292.4
|
)
|
|
|
(5,265.1
|
)
|
|
|
(5,070.5
|
)
|
|
Selling Expenses
|
|
|
(1,563.6
|
)
|
|
|
(1,199.2
|
)
|
|
|
(1,264.4
|
)
|
|
|
(5,249.2
|
)
|
|
|
(4,840.7
|
)
|
|
General and Administrative Expenses
|
|
|
(432.2
|
)
|
|
|
(558.8
|
)
|
|
|
(798.8
|
)
|
|
|
(2,359.2
|
)
|
|
|
(2,383.6
|
)
|
|
Other Operting (Expenses) Revenue, net
|
|
|
(325.5
|
)
|
|
|
(95.4
|
)
|
|
|
(436.6
|
)
|
|
|
4,627.7
|
|
|
|
(1,090.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
2,156.3
|
|
|
|
2,805.4
|
|
|
|
2,260.4
|
|
|
|
14,869.8
|
|
|
|
10,308.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin %
|
|
|
28.5
|
%
|
|
|
38.3
|
%
|
|
|
31.0
|
%
|
|
|
49.7
|
%
|
|
|
35.0
|
%
|
|
Depreciation and Amortization
|
|
|
(1,893.4
|
)
|
|
|
(1,542.4
|
)
|
|
|
(1,558.9
|
)
|
|
|
(7,016.7
|
)
|
|
|
(6,183.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT
|
|
|
263.0
|
|
|
|
1,263.0
|
|
|
|
701.5
|
|
|
|
7,853.0
|
|
|
|
4,125.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Expenses
|
|
|
(1,163.8
|
)
|
|
|
(980.2
|
)
|
|
|
(1,283.6
|
)
|
|
|
(4,052.1
|
)
|
|
|
(4,248.3
|
)
|
|
Financial Income
|
|
|
380.6
|
|
|
|
490.8
|
|
|
|
555.3
|
|
|
|
1,607.5
|
|
|
|
1,888.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Tax and Social Contribution
|
|
|
(520.2
|
)
|
|
|
773.6
|
|
|
|
(26.8
|
)
|
|
|
5,408.4
|
|
|
|
1,765.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax and Social Contribution
|
|
|
(93.8
|
)
|
|
|
(199.3
|
)
|
|
|
386.9
|
|
|
|
(315.6
|
)
|
|
|
112.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
(614.1
|
)
|
|
|
574.3
|
|
|
|
360.0
|
|
|
|
5,092.8
|
|
|
|
1,878.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin %
|
|
|
-8.1
|
%
|
|
|
7.8
|
%
|
|
|
4.9
|
%
|
|
|
17.0
|
%
|
|
|
6.4
|
%
|
|
Earnings attributed to the controlling shareholders
|
|
|
(455.0
|
)
|
|
|
559.7
|
|
|
|
251.3
|
|
|
|
5,216.7
|
|
|
|
1,900.2
|
|
|
Earnings attributed to the non-controlling shareholders
|
|
|
(159.1
|
)
|
|
|
14.6
|
|
|
|
108.8
|
|
|
|
(123.9
|
)
|
|
|
(21.8
|
)
|
|
Outstanding Shares Thousand (exc.-treasury)
|
|
|
238,391
|
|
|
|
238,608
|
|
|
|
238,608
|
|
|
|
238,391
|
|
|
|
238,608
|
|
|
Earnings attributed to the controlling shareholders per share (R$)
|
|
|
(1.909
|
)
|
|
|
2.346
|
|
|
|
1.053
|
|
|
|
21.883
|
|
|
|
7.964
|
|
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
29
|
6.2 ) TELEMAR NORTE LESTE - TMAR Consolidated (continued)
R$ MILLION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
|
|
12/31/09
|
|
|
9/30/10
|
|
|
12/31/10
|
|
|
TOTAL ASSETS
|
|
|
73,376
|
|
|
|
73,787
|
|
|
|
73,977
|
|
|
|
|
|
|
|
Current
|
|
|
17,914
|
|
|
|
22,194
|
|
|
|
21,496
|
|
|
Cash
|
|
|
5,804
|
|
|
|
9,058
|
|
|
|
8,622
|
|
|
Financial investments
|
|
|
1,817
|
|
|
|
2,330
|
|
|
|
1,943
|
|
|
Derivatives
|
|
|
131
|
|
|
|
30
|
|
|
|
39
|
|
|
Accounts Receivable
|
|
|
5,959
|
|
|
|
5,927
|
|
|
|
5,897
|
|
|
Recoverable and Deferred Taxes
|
|
|
1,603
|
|
|
|
1,802
|
|
|
|
2,144
|
|
|
Inventories
|
|
|
162
|
|
|
|
104
|
|
|
|
98
|
|
|
Assets in Escrow
|
|
|
1,787
|
|
|
|
1,904
|
|
|
|
1,813
|
|
|
Other Current Assets
|
|
|
651
|
|
|
|
1,039
|
|
|
|
940
|
|
|
|
|
|
|
|
Non-Current Assets
|
|
|
55,462
|
|
|
|
51,593
|
|
|
|
52,481
|
|
|
|
|
|
|
|
Long Term
|
|
|
12,471
|
|
|
|
11,785
|
|
|
|
12,495
|
|
|
Recoverable and Deferred Taxes
|
|
|
6,013
|
|
|
|
5,228
|
|
|
|
5,617
|
|
|
Financial investments
|
|
|
5
|
|
|
|
9
|
|
|
|
9
|
|
|
Derivatives
|
|
|
77
|
|
|
|
54
|
|
|
|
23
|
|
|
Assets in Escrow
|
|
|
5,452
|
|
|
|
6,043
|
|
|
|
6,438
|
|
|
Other
|
|
|
924
|
|
|
|
452
|
|
|
|
407
|
|
|
|
|
|
|
|
Investments
|
|
|
47
|
|
|
|
47
|
|
|
|
47
|
|
|
Property Plant and Equipment
|
|
|
25,237
|
|
|
|
22,902
|
|
|
|
23,340
|
|
|
Intagible Assets
|
|
|
17,707
|
|
|
|
16,859
|
|
|
|
16,599
|
|
|
|
|
|
|
|
Balance Sheet
|
|
12/31/09
|
|
|
9/30/10
|
|
|
12/31/10
|
|
|
TOTAL LIABILITIES
|
|
|
73,377
|
|
|
|
73,787
|
|
|
|
73,977
|
|
|
|
|
|
|
|
Current
|
|
|
18,105
|
|
|
|
16,492
|
|
|
|
17,609
|
|
|
Suppliers
|
|
|
4,361
|
|
|
|
3,604
|
|
|
|
4,572
|
|
|
Loans and Financing
|
|
|
7,858
|
|
|
|
6,708
|
|
|
|
5,552
|
|
|
Derivatives
|
|
|
805
|
|
|
|
234
|
|
|
|
550
|
|
|
Payroll and Related Accruals
|
|
|
360
|
|
|
|
526
|
|
|
|
567
|
|
|
Pension fund Provision
|
|
|
105
|
|
|
|
60
|
|
|
|
78
|
|
|
Payable Taxes
|
|
|
1,796
|
|
|
|
2,115
|
|
|
|
2,512
|
|
|
Dividends Payable
|
|
|
225
|
|
|
|
192
|
|
|
|
923
|
|
|
Other Accounts Payable
|
|
|
2,596
|
|
|
|
3,052
|
|
|
|
2,855
|
|
|
|
|
|
|
|
Non-Current Liabilities
|
|
|
35,557
|
|
|
|
36,052
|
|
|
|
35,536
|
|
|
|
|
|
|
|
Long Term
|
|
|
35,557
|
|
|
|
36,052
|
|
|
|
35,536
|
|
|
Loans and Financing
|
|
|
21,240
|
|
|
|
22,203
|
|
|
|
21,874
|
|
|
Derivatives
|
|
|
360
|
|
|
|
420
|
|
|
|
284
|
|
|
Payable Taxes
|
|
|
6,107
|
|
|
|
5,864
|
|
|
|
5,597
|
|
|
Contingency Provisions
|
|
|
5,421
|
|
|
|
5,085
|
|
|
|
5,100
|
|
|
Pension fund Provision
|
|
|
575
|
|
|
|
576
|
|
|
|
575
|
|
|
Outstanding authorizations
|
|
|
1,517
|
|
|
|
1,609
|
|
|
|
1,594
|
|
|
Other Accounts Payable
|
|
|
337
|
|
|
|
297
|
|
|
|
512
|
|
|
|
|
|
|
|
Shareholders’ Equity
|
|
|
19,714
|
|
|
|
21,243
|
|
|
|
20,832
|
|
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
30
|
6.3 ) TNL PCS – Oi
R$ MILLION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
2009
|
|
|
2010
|
|
|
Wireless Services Revenues
|
|
|
2,703.5
|
|
|
|
2,903.6
|
|
|
|
3,033.1
|
|
|
|
9,682.5
|
|
|
|
11,386.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription
|
|
|
505.4
|
|
|
|
548.4
|
|
|
|
573.5
|
|
|
|
1,874.1
|
|
|
|
2,140.2
|
|
|
Outgoing Calls
|
|
|
851.7
|
|
|
|
891.7
|
|
|
|
949.2
|
|
|
|
3,028.1
|
|
|
|
3,506.8
|
|
|
Domestic/Internacional Roaming
|
|
|
30.6
|
|
|
|
26.2
|
|
|
|
22.6
|
|
|
|
111.9
|
|
|
|
108.3
|
|
|
Network Usage Remuneration
|
|
|
994.9
|
|
|
|
1,080.6
|
|
|
|
1,118.2
|
|
|
|
3,568.9
|
|
|
|
4,226.5
|
|
|
Data / Value Added
|
|
|
255.0
|
|
|
|
308.2
|
|
|
|
312.5
|
|
|
|
845.4
|
|
|
|
1,211.7
|
|
|
Other SMP Services
|
|
|
0.3
|
|
|
|
0.4
|
|
|
|
0.0
|
|
|
|
0.3
|
|
|
|
0.7
|
|
|
Handset Sales
|
|
|
65.4
|
|
|
|
48.2
|
|
|
|
57.1
|
|
|
|
253.8
|
|
|
|
192.7
|
|
|
LD/Advanced Voice Service/Network Revenues
|
|
|
125.3
|
|
|
|
142.6
|
|
|
|
161.8
|
|
|
|
427.9
|
|
|
|
601.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Operating Revenue
|
|
|
2,828.8
|
|
|
|
3,046.2
|
|
|
|
3,194.9
|
|
|
|
10,110.4
|
|
|
|
11,988.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes and Deductions
|
|
|
(813.2
|
)
|
|
|
(874.8
|
)
|
|
|
(950.5
|
)
|
|
|
(2,901.3
|
)
|
|
|
(3,471.5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Revenue
|
|
|
2,015.6
|
|
|
|
2,171.4
|
|
|
|
2,244.4
|
|
|
|
7,209.2
|
|
|
|
8,517.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
(1,521.5
|
)
|
|
|
(1,252.4
|
)
|
|
|
(1,459.7
|
)
|
|
|
(5,200.8
|
)
|
|
|
(5,210.7
|
)
|
|
Cost of Services Provided
|
|
|
(392.6
|
)
|
|
|
(337.9
|
)
|
|
|
(388.3
|
)
|
|
|
(1,401.6
|
)
|
|
|
(1,442.1
|
)
|
|
Cost of Goods Sold
|
|
|
(57.3
|
)
|
|
|
(39.4
|
)
|
|
|
(50.3
|
)
|
|
|
(215.2
|
)
|
|
|
(140.8
|
)
|
|
Interconnection Costs
|
|
|
(390.9
|
)
|
|
|
(407.6
|
)
|
|
|
(441.7
|
)
|
|
|
(1,482.2
|
)
|
|
|
(1,622.3
|
)
|
|
Selling Expenses
|
|
|
(506.8
|
)
|
|
|
(387.4
|
)
|
|
|
(453.9
|
)
|
|
|
(1,704.7
|
)
|
|
|
(1,612.3
|
)
|
|
General and Administrative Expenses
|
|
|
(124.1
|
)
|
|
|
(120.2
|
)
|
|
|
(131.8
|
)
|
|
|
(449.9
|
)
|
|
|
(479.9
|
)
|
|
Other Operating (Expenses) Revenue, net
|
|
|
(49.9
|
)
|
|
|
40.1
|
|
|
|
6.3
|
|
|
|
52.9
|
|
|
|
86.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
494.1
|
|
|
|
918.9
|
|
|
|
784.8
|
|
|
|
2,008.4
|
|
|
|
3,306.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin %
|
|
|
24.5
|
%
|
|
|
42.3
|
%
|
|
|
35.0
|
%
|
|
|
27.9
|
%
|
|
|
38.8
|
%
|
|
Depreciation and Amortization
|
|
|
(241.0
|
)
|
|
|
(218.2
|
)
|
|
|
(223.4
|
)
|
|
|
(923.7
|
)
|
|
|
(845.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT
|
|
|
253.1
|
|
|
|
700.8
|
|
|
|
561.4
|
|
|
|
1,084.7
|
|
|
|
2,460.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity Accounting
|
|
|
(13.7
|
)
|
|
|
(16.2
|
)
|
|
|
(14.3
|
)
|
|
|
(95.9
|
)
|
|
|
(68.9
|
)
|
|
Financial Expenses
|
|
|
(67.7
|
)
|
|
|
(74.3
|
)
|
|
|
(97.7
|
)
|
|
|
(210.3
|
)
|
|
|
(304.4
|
)
|
|
Financial Income
|
|
|
92.7
|
|
|
|
169.9
|
|
|
|
168.1
|
|
|
|
350.2
|
|
|
|
549.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Tax and Social Contribution
|
|
|
264.4
|
|
|
|
780.2
|
|
|
|
617.5
|
|
|
|
1,128.6
|
|
|
|
2,637.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax and Social Contribution
|
|
|
(76.2
|
)
|
|
|
(221.5
|
)
|
|
|
(35.9
|
)
|
|
|
(364.9
|
)
|
|
|
(598.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
188.2
|
|
|
|
558.6
|
|
|
|
581.6
|
|
|
|
763.8
|
|
|
|
2,038.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin %
|
|
|
9.3
|
%
|
|
|
25.7
|
%
|
|
|
25.9
|
%
|
|
|
10.6
|
%
|
|
|
23.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
|
|
12/31/09
|
|
|
9/30/10
|
|
|
12/31/10
|
|
|
TOTAL ASSETS
|
|
|
14,020
|
|
|
|
15,370
|
|
|
|
16,548
|
|
|
|
|
|
|
|
Current
|
|
|
3,631
|
|
|
|
5,340
|
|
|
|
5,926
|
|
|
Cash
|
|
|
1,417
|
|
|
|
2,630
|
|
|
|
3,125
|
|
|
Financial investments
|
|
|
284
|
|
|
|
471
|
|
|
|
476
|
|
|
Accounts Receivable
|
|
|
1,177
|
|
|
|
1,178
|
|
|
|
1,233
|
|
|
Recoverable and Deferred Taxes
|
|
|
448
|
|
|
|
585
|
|
|
|
722
|
|
|
Inventories
|
|
|
89
|
|
|
|
59
|
|
|
|
50
|
|
|
Other Current Assets
|
|
|
216
|
|
|
|
417
|
|
|
|
320
|
|
|
|
|
|
|
|
Non-Current Assets
|
|
|
10,388
|
|
|
|
10,030
|
|
|
|
10,623
|
|
|
Long Term
|
|
|
3,059
|
|
|
|
2,834
|
|
|
|
3,090
|
|
|
Recoverable and Deferred Taxes
|
|
|
1,019
|
|
|
|
767
|
|
|
|
741
|
|
|
Loans and Financing
|
|
|
1,884
|
|
|
|
1,919
|
|
|
|
2,093
|
|
|
Financial investments
|
|
|
0
|
|
|
|
4
|
|
|
|
4
|
|
|
Other
|
|
|
156
|
|
|
|
144
|
|
|
|
252
|
|
|
|
|
|
|
|
Investments
|
|
|
-1
|
|
|
|
52
|
|
|
|
168
|
|
|
Property Plant and Equipment
|
|
|
5,519
|
|
|
|
5,210
|
|
|
|
5,519
|
|
|
Intagible Assets
|
|
|
1,811
|
|
|
|
1,934
|
|
|
|
1,846
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
|
|
1/0/00
|
|
|
9/30/10
|
|
|
12/31/10
|
|
|
TOTAL LIABILITIES
|
|
|
14,020
|
|
|
|
15,370
|
|
|
|
16,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
2,635
|
|
|
|
2,317
|
|
|
|
3,257
|
|
|
Suppliers
|
|
|
1,568
|
|
|
|
1,102
|
|
|
|
1,400
|
|
|
Loans and Financing
|
|
|
102
|
|
|
|
133
|
|
|
|
145
|
|
|
Payroll and Related Accruals
|
|
|
36
|
|
|
|
55
|
|
|
|
67
|
|
|
Payable Taxes
|
|
|
435
|
|
|
|
590
|
|
|
|
735
|
|
|
Other Accounts Payable
|
|
|
493
|
|
|
|
437
|
|
|
|
910
|
|
|
|
|
|
|
|
Non-Current Liabilities
|
|
|
2,238
|
|
|
|
2,447
|
|
|
|
2,646
|
|
|
|
|
|
|
|
Long Term
|
|
|
2,238
|
|
|
|
2,447
|
|
|
|
2,646
|
|
|
Loans and Financing
|
|
|
1,045
|
|
|
|
1,290
|
|
|
|
1,369
|
|
|
Contingency Provisions
|
|
|
120
|
|
|
|
106
|
|
|
|
141
|
|
|
Payable Taxes
|
|
|
46
|
|
|
|
29
|
|
|
|
80
|
|
|
Outstanding authorizations
|
|
|
907
|
|
|
|
947
|
|
|
|
979
|
|
|
Other Accounts Payable
|
|
|
119
|
|
|
|
75
|
|
|
|
76
|
|
|
|
|
|
|
|
Shareholders’ Equity
|
|
|
9,147
|
|
|
|
10,606
|
|
|
|
10,646
|
|
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
31
|
6.4 ) BRASIL TELECOM – BRTO Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
2009
|
|
|
2010
|
|
|
Wireline Services Revenues
|
|
|
3,991.6
|
|
|
|
3,832.4
|
|
|
|
3,714.4
|
|
|
|
15,709.3
|
|
|
|
15,397.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local Services
|
|
|
1,643.2
|
|
|
|
1,590.8
|
|
|
|
1,537.9
|
|
|
|
6,504.3
|
|
|
|
6,303.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long Distance
|
|
|
592.5
|
|
|
|
510.0
|
|
|
|
479.2
|
|
|
|
2,543.7
|
|
|
|
2,153.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced Voice
|
|
|
32.4
|
|
|
|
21.7
|
|
|
|
34.4
|
|
|
|
140.8
|
|
|
|
139.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Telephones
|
|
|
63.3
|
|
|
|
49.2
|
|
|
|
13.5
|
|
|
|
377.2
|
|
|
|
194.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional Services
|
|
|
118.8
|
|
|
|
112.3
|
|
|
|
109.9
|
|
|
|
405.5
|
|
|
|
446.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Network Usage Remuneration
|
|
|
109.1
|
|
|
|
95.6
|
|
|
|
87.4
|
|
|
|
357.5
|
|
|
|
367.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Data Transmission Services
|
|
|
1,426.8
|
|
|
|
1,447.7
|
|
|
|
1,448.0
|
|
|
|
5,356.7
|
|
|
|
5,772.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
5.6
|
|
|
|
5.1
|
|
|
|
4.1
|
|
|
|
23.6
|
|
|
|
19.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wireless Services Revenues
|
|
|
554.1
|
|
|
|
563.1
|
|
|
|
582.1
|
|
|
|
2,111.6
|
|
|
|
2,221.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription Charges
|
|
|
114.4
|
|
|
|
121.7
|
|
|
|
130.9
|
|
|
|
439.9
|
|
|
|
487.4
|
|
|
Outgoing Calls
|
|
|
154.4
|
|
|
|
171.4
|
|
|
|
151.7
|
|
|
|
643.8
|
|
|
|
628.0
|
|
|
Domestic/International Roaming
|
|
|
9.7
|
|
|
|
6.3
|
|
|
|
9.4
|
|
|
|
19.8
|
|
|
|
31.7
|
|
|
Network Usage Remuneration
|
|
|
177.2
|
|
|
|
162.0
|
|
|
|
179.8
|
|
|
|
644.5
|
|
|
|
681.4
|
|
|
Data / Value Added Services
|
|
|
67.4
|
|
|
|
87.3
|
|
|
|
104.9
|
|
|
|
249.3
|
|
|
|
339.8
|
|
|
Handset Sales
|
|
|
30.9
|
|
|
|
14.4
|
|
|
|
5.4
|
|
|
|
114.3
|
|
|
|
52.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Operating Revenue
|
|
|
4,545.7
|
|
|
|
4,395.6
|
|
|
|
4,296.5
|
|
|
|
17,820.9
|
|
|
|
17,619.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes and Deductions
|
|
|
(1,853.7
|
)
|
|
|
(1,847.1
|
)
|
|
|
(1,790.4
|
)
|
|
|
(6,901.0
|
)
|
|
|
(7,355.8
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Revenue
|
|
|
2,692.1
|
|
|
|
2,548.4
|
|
|
|
2,506.2
|
|
|
|
10,919.9
|
|
|
|
10,263.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
(1,760.9
|
)
|
|
|
(1,511.3
|
)
|
|
|
(1,677.0
|
)
|
|
|
(10,188.4
|
)
|
|
|
(6,747.0
|
)
|
|
Cost of Services Provided
|
|
|
(547.0
|
)
|
|
|
(464.3
|
)
|
|
|
(438.5
|
)
|
|
|
(2,294.0
|
)
|
|
|
(1,895.4
|
)
|
|
Cost of Goods Sold
|
|
|
(20.4
|
)
|
|
|
(10.1
|
)
|
|
|
(7.7
|
)
|
|
|
(87.8
|
)
|
|
|
(47.8
|
)
|
|
Interconnection Costs
|
|
|
(513.7
|
)
|
|
|
(493.8
|
)
|
|
|
(490.6
|
)
|
|
|
(2,025.5
|
)
|
|
|
(1,981.9
|
)
|
|
Selling Expenses
|
|
|
(314.2
|
)
|
|
|
(230.7
|
)
|
|
|
(250.8
|
)
|
|
|
(1,408.5
|
)
|
|
|
(1,014.9
|
)
|
|
General and Administrative Expenses
|
|
|
(263.6
|
)
|
|
|
(355.1
|
)
|
|
|
(334.1
|
)
|
|
|
(991.9
|
)
|
|
|
(1,299.3
|
)
|
|
Other Operting (Expenses) Revenue, net
|
|
|
(102.0
|
)
|
|
|
42.6
|
|
|
|
(155.4
|
)
|
|
|
(3,380.7
|
)
|
|
|
(507.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
931.1
|
|
|
|
1,037.1
|
|
|
|
829.1
|
|
|
|
731.5
|
|
|
|
3,516.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin %
|
|
|
34.6
|
%
|
|
|
40.7
|
%
|
|
|
33.1
|
%
|
|
|
6.7
|
%
|
|
|
34.3
|
%
|
|
Depreciation and Amortization
|
|
|
(324.7
|
)
|
|
|
(260.6
|
)
|
|
|
(266.7
|
)
|
|
|
(1,808.0
|
)
|
|
|
(1,056.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT
|
|
|
606.4
|
|
|
|
776.5
|
|
|
|
562.4
|
|
|
|
(1,076.5
|
)
|
|
|
2,459.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Expenses
|
|
|
(274.6
|
)
|
|
|
(246.4
|
)
|
|
|
(302.6
|
)
|
|
|
(911.6
|
)
|
|
|
(1,059.7
|
)
|
|
Financial Income
|
|
|
205.3
|
|
|
|
264.8
|
|
|
|
310.9
|
|
|
|
630.2
|
|
|
|
979.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Tax and Social Contribution
|
|
|
537.2
|
|
|
|
794.9
|
|
|
|
570.8
|
|
|
|
(1,357.8
|
)
|
|
|
2,379.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax and Social Contribution
|
|
|
(284.5
|
)
|
|
|
(253.9
|
)
|
|
|
134.1
|
|
|
|
338.5
|
|
|
|
(408.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
252.7
|
|
|
|
541.0
|
|
|
|
704.9
|
|
|
|
(1,019.3
|
)
|
|
|
1,970.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin %
|
|
|
9.4
|
%
|
|
|
21.2
|
%
|
|
|
28.1
|
%
|
|
|
-9.3
|
%
|
|
|
19.2
|
%
|
|
Earnings attributed to the controlling shareholders
|
|
|
252.7
|
|
|
|
541.0
|
|
|
|
705.0
|
|
|
|
(1,021.3
|
)
|
|
|
1,971.0
|
|
|
Earnings attributed to the non-controlling shareholders
|
|
|
0.0
|
|
|
|
0.0
|
|
|
|
(0.2
|
)
|
|
|
2.0
|
|
|
|
(0.2
|
)
|
|
|
|
|
|
|
|
|
Outstanding Shares Thousand (exc.-treasury)
|
|
|
589,789
|
|
|
|
589,789
|
|
|
|
589,790
|
|
|
|
589,789
|
|
|
|
589,790
|
|
|
Earnings attributed to the controlling shareholders per share (R$)
|
|
|
0.428
|
|
|
|
0.917
|
|
|
|
1.195
|
|
|
|
(1.732
|
)
|
|
|
3.342
|
|
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
32
|
6.4 ) BRASIL TELECOM – BRTO Consolidated (Balance Sheet)
R$ MILLION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
|
|
12/31/09
|
|
|
9/30/10
|
|
|
12/31/10
|
|
|
TOTAL ASSETS
|
|
|
24,564
|
|
|
|
26,010
|
|
|
|
26,886
|
|
|
|
|
|
|
|
Current
|
|
|
6,127
|
|
|
|
8,025
|
|
|
|
8,487
|
|
|
Cash
|
|
|
1,717
|
|
|
|
3,167
|
|
|
|
3,217
|
|
|
Financial investments
|
|
|
382
|
|
|
|
459
|
|
|
|
832
|
|
|
Accounts Receivable
|
|
|
1,992
|
|
|
|
2,040
|
|
|
|
2,070
|
|
|
Recoverable Taxes
|
|
|
584
|
|
|
|
674
|
|
|
|
752
|
|
|
Inventories
|
|
|
42
|
|
|
|
20
|
|
|
|
14
|
|
|
Other Current Assets
|
|
|
1,409
|
|
|
|
1,665
|
|
|
|
1,602
|
|
|
|
|
|
|
|
Non-Current Assets
|
|
|
18,437
|
|
|
|
17,985
|
|
|
|
18,399
|
|
|
|
|
|
|
|
Long Term
|
|
|
11,592
|
|
|
|
11,583
|
|
|
|
11,759
|
|
|
Recoverable and Deferred Taxes
|
|
|
6,068
|
|
|
|
5,312
|
|
|
|
5,449
|
|
|
Assets in Escrow
|
|
|
3,671
|
|
|
|
4,233
|
|
|
|
4,266
|
|
|
Other
|
|
|
1,854
|
|
|
|
2,038
|
|
|
|
2,043
|
|
|
|
|
|
|
|
Investments
|
|
|
5
|
|
|
|
5
|
|
|
|
5
|
|
|
Property Plant and Equipment
|
|
|
5,267
|
|
|
|
5,052
|
|
|
|
5,317
|
|
|
Intagible Assets
|
|
|
1,572
|
|
|
|
1,344
|
|
|
|
1,318
|
|
|
|
|
|
|
|
Balance Sheet
|
|
12/31/09
|
|
|
9/30/10
|
|
|
12/31/10
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
24,564
|
|
|
|
26,010
|
|
|
|
26,886
|
|
|
|
|
|
|
|
Current
|
|
|
5,424
|
|
|
|
5,803
|
|
|
|
6,691
|
|
|
Suppliers
|
|
|
1,554
|
|
|
|
1,252
|
|
|
|
1,637
|
|
|
Loans and Financing
|
|
|
882
|
|
|
|
1,128
|
|
|
|
1,044
|
|
|
Payroll and Related Accruals
|
|
|
84
|
|
|
|
108
|
|
|
|
75
|
|
|
Payable Taxes
|
|
|
862
|
|
|
|
789
|
|
|
|
1,088
|
|
|
Dividends Payable
|
|
|
105
|
|
|
|
76
|
|
|
|
569
|
|
|
Other Accounts Payable
|
|
|
1,816
|
|
|
|
2,380
|
|
|
|
2,207
|
|
|
|
|
|
|
|
Non-Current Liabilities
|
|
|
9,233
|
|
|
|
9,036
|
|
|
|
8,859
|
|
|
|
|
|
|
|
Long Term
|
|
|
9,233
|
|
|
|
9,036
|
|
|
|
8,859
|
|
|
Loans and Financing
|
|
|
3,637
|
|
|
|
3,244
|
|
|
|
3,321
|
|
|
Payable and Deferred Taxes
|
|
|
913
|
|
|
|
1,141
|
|
|
|
1,099
|
|
|
Contingency Provisions
|
|
|
3,239
|
|
|
|
3,213
|
|
|
|
3,060
|
|
|
Outstanding authorizations
|
|
|
610
|
|
|
|
662
|
|
|
|
573
|
|
|
Other Accounts Payable
|
|
|
834
|
|
|
|
776
|
|
|
|
806
|
|
|
|
|
|
|
|
Shareholders’ Equity
|
|
|
9,906
|
|
|
|
11,171
|
|
|
|
11,337
|
|
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
33
|
6.5 ) 14 BRASIL TELECOM CELULAR – BRT Mobile
R$ MILLION
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Statement
|
|
4Q09
|
|
|
3Q10
|
|
|
4Q10
|
|
|
2009
|
|
|
2010
|
|
|
Wireless Services Revenues
|
|
|
668.7
|
|
|
|
678.9
|
|
|
|
700.0
|
|
|
|
2,555.3
|
|
|
|
2,677.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subscription
|
|
|
114.4
|
|
|
|
121.7
|
|
|
|
130.9
|
|
|
|
439.9
|
|
|
|
487.4
|
|
|
Outgoing Calls
|
|
|
155.4
|
|
|
|
165.5
|
|
|
|
164.6
|
|
|
|
649.3
|
|
|
|
631.3
|
|
|
Domestic/Internacional Roaming
|
|
|
9.7
|
|
|
|
6.3
|
|
|
|
9.4
|
|
|
|
19.8
|
|
|
|
31.7
|
|
|
Network Usage Remuneration
|
|
|
290.9
|
|
|
|
276.8
|
|
|
|
296.9
|
|
|
|
1,082.7
|
|
|
|
1,134.5
|
|
|
Data / Value Added
|
|
|
67.4
|
|
|
|
94.1
|
|
|
|
92.9
|
|
|
|
249.3
|
|
|
|
339.8
|
|
|
Handset Sales
|
|
|
30.9
|
|
|
|
14.4
|
|
|
|
5.4
|
|
|
|
114.3
|
|
|
|
52.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Operating Revenue
|
|
|
668.7
|
|
|
|
678.9
|
|
|
|
700.0
|
|
|
|
2,555.3
|
|
|
|
2,677.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxes and Deductions
|
|
|
(174.1
|
)
|
|
|
(198.3
|
)
|
|
|
(200.0
|
)
|
|
|
(673.3
|
)
|
|
|
(740.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Operating Revenue
|
|
|
494.6
|
|
|
|
480.6
|
|
|
|
500.0
|
|
|
|
1,882.0
|
|
|
|
1,937.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Expenses
|
|
|
(453.5
|
)
|
|
|
(403.2
|
)
|
|
|
(474.3
|
)
|
|
|
(1,679.9
|
)
|
|
|
(1,706.8
|
)
|
|
Cost of Services Provided
|
|
|
(104.8
|
)
|
|
|
(126.2
|
)
|
|
|
(141.7
|
)
|
|
|
(413.2
|
)
|
|
|
(533.2
|
)
|
|
Cost of Goods Sold
|
|
|
(21.2
|
)
|
|
|
(10.1
|
)
|
|
|
(7.7
|
)
|
|
|
(88.6
|
)
|
|
|
(47.8
|
)
|
|
Interconnection Costs
|
|
|
(151.1
|
)
|
|
|
(145.5
|
)
|
|
|
(147.1
|
)
|
|
|
(560.0
|
)
|
|
|
(575.4
|
)
|
|
Selling Expenses
|
|
|
(133.0
|
)
|
|
|
(98.6
|
)
|
|
|
(107.2
|
)
|
|
|
(519.6
|
)
|
|
|
(397.1
|
)
|
|
General and Administrative Expenses
|
|
|
(33.6
|
)
|
|
|
(36.0
|
)
|
|
|
(30.9
|
)
|
|
|
(99.1
|
)
|
|
|
(136.5
|
)
|
|
Other Operating (Expenses) Revenue, net
|
|
|
(9.7
|
)
|
|
|
13.2
|
|
|
|
(39.7
|
)
|
|
|
0.7
|
|
|
|
(16.7
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
41.2
|
|
|
|
77.4
|
|
|
|
25.7
|
|
|
|
202.1
|
|
|
|
230.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin %
|
|
|
8.3
|
%
|
|
|
16.1
|
%
|
|
|
5.1
|
%
|
|
|
10.7
|
%
|
|
|
11.9
|
%
|
|
Depreciation and Amortization
|
|
|
(123.3
|
)
|
|
|
(65.6
|
)
|
|
|
(65.5
|
)
|
|
|
(520.1
|
)
|
|
|
(264.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBIT
|
|
|
(82.1
|
)
|
|
|
11.8
|
|
|
|
(39.7
|
)
|
|
|
(318.0
|
)
|
|
|
(33.6
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Expenses
|
|
|
(29.5
|
)
|
|
|
(46.0
|
)
|
|
|
(43.4
|
)
|
|
|
(106.1
|
)
|
|
|
(163.1
|
)
|
|
Financial Income
|
|
|
35.5
|
|
|
|
47.2
|
|
|
|
52.9
|
|
|
|
176.1
|
|
|
|
180.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Tax and Social Contribution
|
|
|
(76.1
|
)
|
|
|
12.9
|
|
|
|
(30.3
|
)
|
|
|
(247.9
|
)
|
|
|
(16.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax and Social Contribution
|
|
|
23.9
|
|
|
|
(5.9
|
)
|
|
|
43.2
|
|
|
|
68.8
|
|
|
|
18.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
(52.2
|
)
|
|
|
7.0
|
|
|
|
12.9
|
|
|
|
(179.1
|
)
|
|
|
2.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Margin %
|
|
|
-10.5
|
%
|
|
|
1.1
|
%
|
|
|
0.9
|
%
|
|
|
-9.5
|
%
|
|
|
0.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet
|
|
12/31/09
|
|
|
9/30/10
|
|
|
12/31/10
|
|
|
TOTAL ASSETS
|
|
|
5,070
|
|
|
|
4,979
|
|
|
|
6,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
1,860
|
|
|
|
1,857
|
|
|
|
1,980
|
|
|
Cash
|
|
|
476
|
|
|
|
472
|
|
|
|
686
|
|
|
Financial investments
|
|
|
273
|
|
|
|
204
|
|
|
|
241
|
|
|
Accounts Receivable
|
|
|
227
|
|
|
|
248
|
|
|
|
302
|
|
|
Recoverable Taxes
|
|
|
194
|
|
|
|
155
|
|
|
|
108
|
|
|
Inventories
|
|
|
40
|
|
|
|
13
|
|
|
|
10
|
|
|
Other Current Assets
|
|
|
650
|
|
|
|
765
|
|
|
|
632
|
|
|
|
|
|
|
|
Non-Current Assets
|
|
|
3,210
|
|
|
|
3,122
|
|
|
|
4,744
|
|
|
|
|
|
|
|
Long Term
|
|
|
1,155
|
|
|
|
1,167
|
|
|
|
2,804
|
|
|
Property Plant and Equipment
|
|
|
1,131
|
|
|
|
1,172
|
|
|
|
1,191
|
|
|
Intagible Assets
|
|
|
924
|
|
|
|
783
|
|
|
|
749
|
|
|
|
|
|
|
|
Balanço Patrimonial
|
|
|
|
|
9/30/10
|
|
|
12/31/10
|
|
|
TOTAL LIABILITIES
|
|
|
5,070
|
|
|
|
4,979
|
|
|
|
6,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
882
|
|
|
|
779
|
|
|
|
692
|
|
|
Suppliers
|
|
|
543
|
|
|
|
254
|
|
|
|
347
|
|
|
Loans and Financing
|
|
|
18
|
|
|
|
46
|
|
|
|
48
|
|
|
Payroll and Related Accruals
|
|
|
6
|
|
|
|
9
|
|
|
|
9
|
|
|
Payable Taxes
|
|
|
71
|
|
|
|
101
|
|
|
|
113
|
|
|
Outstanding authorizations
|
|
|
96
|
|
|
|
108
|
|
|
|
0
|
|
|
Other Accounts Payable
|
|
|
148
|
|
|
|
261
|
|
|
|
175
|
|
|
|
|
|
|
|
Non-Current Liabilities
|
|
|
1,262
|
|
|
|
1,287
|
|
|
|
1,606
|
|
|
|
|
|
|
|
Long Term
|
|
|
1,262
|
|
|
|
1,287
|
|
|
|
1,606
|
|
|
Loans and Financing
|
|
|
541
|
|
|
|
508
|
|
|
|
759
|
|
|
Payable Taxes
|
|
|
63
|
|
|
|
91
|
|
|
|
112
|
|
|
Contingency Provisions
|
|
|
21
|
|
|
|
21
|
|
|
|
29
|
|
|
Outstanding authorizations
|
|
|
606
|
|
|
|
662
|
|
|
|
685
|
|
|
Other Accounts Payable
|
|
|
32
|
|
|
|
5
|
|
|
|
21
|
|
|
Shareholders’ Equity
|
|
|
2,926
|
|
|
|
2,913
|
|
|
|
4,426
|
|
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
34
|
R
ELEVANT
I
NFORMATION
I)
CVM I
NSTRUCTION
NO
. 358,
ARTICLE
12: The direct and indirect controlling shareholders and the
shareholders who elect members to the Board of Directors or to the Statutory Audit Committee, as well as any natural person or corporation or group of persons acting jointly or representing a similar interest that reaches a direct or indirect
interest that accounts for 5% (five percent) or more of the capital of a public company, must inform it to the CVM and to the Company in keeping with the terms of the article.
Oi asks its shareholders to comply with article 12 of CVM Instruction no. 358, but it cannot be held liable for the disclosure of information about acquisition or sale, by others, of interest
corresponding to 5% or more of its capital or rights to capital or other securities.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares TNE
|
|
Capital
|
|
|
Treasury
|
|
|
Controlling
Shares
|
|
|
Free-Float
|
|
|
Common
|
|
|
130,611,732
|
|
|
|
3,020,880
|
|
|
|
68,504,187
|
|
|
|
59,086,665
|
|
|
Preferred
|
|
|
261,223,463
|
|
|
|
6,166,566
|
|
|
|
0
|
|
|
|
255,056,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
391,835,195
|
|
|
|
9,187,446
|
|
|
|
68,504,187
|
|
|
|
314,143,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares TMAR
|
|
Capital
|
|
|
Treasury
|
|
|
Controlling
Shares
|
|
|
Free-Float
|
|
|
Common
|
|
|
107,063,093
|
|
|
|
1
|
|
|
|
104,227,873
|
|
|
|
2,835,219
|
|
|
Preferred (A)
|
|
|
130,703,927
|
|
|
|
223,500
|
|
|
|
104,329,417
|
|
|
|
26,151,010
|
|
|
Preferred (B)
|
|
|
1,063,967
|
|
|
|
0
|
|
|
|
6
|
|
|
|
1,063,961
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
238,830,987
|
|
|
|
223,501
|
|
|
|
208,557,296
|
|
|
|
30,050,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares BRTO
|
|
Capital
|
|
|
Treasury
|
|
|
Controlling
Shares
|
|
|
Free-Float
|
|
|
Common
|
|
|
203,423,176
|
|
|
|
0
|
|
|
|
161,990,002
|
|
|
|
41,433,174
|
|
|
Preferred
|
|
|
399,597,370
|
|
|
|
13,231,556
|
|
|
|
128,675,049
|
|
|
|
257,690,765
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
603,020,546
|
|
|
|
13,231,556
|
|
|
|
290,665,051
|
|
|
|
299,123,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NOTE: Shareholder structure 12/31/2010
II) T
HIS
REPORT
CONTAINS
PROJECTIONS
AND
/
OR
ESTIMATES
FOR
FUTURE
EVENTS
.
The projections herein were gathered in a substantial manner within the current outlook, based on ongoing projects and the respective estimates. The use of terms such as: “projects,” “estimates,”
“anticipates,” “forecasts,” “plans,” “waits,” and other ones, aim to signal potential trends that, evidently, involve uncertainties and risks, whose future results may differ from current expectations. Oi
cannot be held liable for operations or investment decisions taken based on such projections or estimates. This is unaudited data and may differ from the final results.
|
|
|
|
|
|
|
Oi – Investor Relations
|
|
|
|
|
|
Bayard Gontijo
|
|
55 (21) 3131-1211
|
|
bayard.gontijo@oi.net.br
|
|
Marcelo Ferreira
|
|
55 (21) 3131-1314
|
|
marcelo.asferreira@oi.net.br
|
|
Bernardo Guttmann
|
|
55 (21) 3131-1316
|
|
bernardo.guttmann@oi.net.br
|
|
Patricia Frajhof
|
|
55 (21) 3131-1315
|
|
patricia.frajhof@oi.net.br
|
|
Matheus Guimarães
|
|
55 (21) 3131-2871
|
|
matheus.guimaraes@oi.net.br
|
|
Michelle Costa
|
|
55 (21) 3131-2918
|
|
michelle.costa@oi.net.br
|
|
|
|
|
|
|
|
03/03/2011
|
|
www.oi.com.br/ir
|
|
35
|
SIGNATURES
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.
Date: March 4, 2011
|
|
|
|
|
|
|
TELE NORTE LESTE PARTICIPAÇÕES S.A.
|
|
|
|
|
By:
|
|
/s/ Alex Waldemar Zornig
|
|
|
|
Name:
|
|
Alex Waldemar Zornig
|
|
|
|
Title:
|
|
Chief Financial Officer and Investor Relations Officer
|
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