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ˆ200F4SiTSmCf0j!ZMŠ 200F4SiTSmCf0j!ZM NY8690AM021467 OI S.A. RR Donnelley ProFile11.9.13 NCR keebj0nm19-May-2016 17:10 EST 171431 FS 1 8* FORM 20-F NYC HTM ESS 0C Page 1 of 2 As filed with the Securities and Exchange Commission on May 20, 2016 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ⌧ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2015 OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-15256 OI S.A. (Exact Name of Registrant as Specified in Its Charter) N/A The Federative Republic of Brazil (Translation of Registrant’s Name into English) (Jurisdiction of Incorporation or Organization) Rua Humberto de Campos, 425 Leblon, Rio de Janeiro, RJ, Brazil 22430-190 (Address of Principal Executive Offices) Flavio Nicolay Guimarães Investor Relations Officer Rua Humberto de Campos, 425 8º andar Leblon, Rio de Janeiro, RJ, Brazil 22430-190 Tel: +55 21 3131-2918 [email protected] ˆ200F4SiTSmCf0j!ZMŠ 200F4SiTSmCf0j!ZM NY8690AM021467 OI S.A. RR Donnelley ProFile11.9.13 NCR keebj0nm19-May-2016 17:10 EST 171431 FS 1 8* FORM 20-F NYC HTM ESS 0C Page 2 of 2 (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to section 12(b) of the Act: Title of Each Class Name of Each Exchange on which Registered Common Shares, without par value, each represented by New York Stock Exchange American Depositary Shares Preferred Shares, without par value, each represented by New York Stock Exchange American Depositary Shares Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None The total number of issued and outstanding shares of each class of stock of Oi S.A. as of December 31, 2015 was: 519,751,658 common shares, without par value 155,915,486 preferred shares, without par value Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No ⌧ If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes No ⌧ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer Accelerated filer ⌧ Non-accelerated filer Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP ⌧ International Financial Reporting Standards as issued Other by the International Accounting Standards Board If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No ⌧ ˆ200F4SiTVNf$wQsg;Š 200F4SiTVNf$wQsg; ncrdoc1 OI S.A. RR Donnelley ProFile11.9.13 NCR nakpj0ma16-May-2016 08:52 EST 171431 ROM 1 3* FORM 20-F NYC HTM ESS 0C Page 1 of 1 TABLE OF CONTENTS Page PRESENTATION OF FINANCIAL AND OTHER INFORMATION ii CAUTIONARY STATEMENT WITH RESPECT TO FORWARD-LOOKING STATEMENTS v PART I 1 Item 1. Identity of Directors, Senior Management and Advisers 1 Item 2. Offer Statistics and Expected Timetable 1 Item 3. Key Information 1 Item 4. Information on the Company 32 Item 4A. Unresolved Staff Comments 92 Item 5. Operating and Financial Review and Prospects 93 Item 6. Directors, Senior Management and Employees 140 Item 7. Major Shareholders and Related Party Transactions 157 Item 8. Financial Information 164 Item 9. The Offer and Listing 174 Item 10. Additional Information 182 Item 11. Quantitative and Qualitative Disclosures about Market Risk 205 Item 12. Description of Securities Other Than Equity Securities 206 PART II 208 Item 13. Defaults, Dividend Arrearages and Delinquencies 208 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 208 Item 15. Controls and Procedures 208 Item 16A. Audit Committee Financial Expert 209 Item 16B. Code of Ethics 209 Item 16C. Principal Accountant Fees and Services 209 Item 16D. Exemptions from the Listing Standards for Audit Committees 210 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 211 Item 16F. Change in Registrant’s Certifying Accountant 211 Item 16G. Corporate Governance 211 Item 16H. Mine Safety Disclosure 213 PART III 214 Item 17. Financial Statements 214 Item 18. Financial Statements 214 Item 19. Exhibits 214 SIGNATURES i ˆ200F4SiTSm92oqjZwŠ 200F4SiTSm92oqjZw NY8690AM021469 OI S.A. RR Donnelley ProFile11.9.13 NCR feucs0nd19-May-2016 12:05 EST 171431 ROM 2 3* FORM 20-F NYC HTM ESS 0C Page 1 of 1 PRESENTATION OF FINANCIAL AND OTHER INFORMATION All references herein to “real,” “reais” or “R$” are to the Brazilian real, the official currency of Brazil. All references to “U.S. dollars,” “dollars” or “US$” are to U.S. dollars. On May 13, 2016, the exchange rate for reais into U.S. dollars was R$3.504 to US$1.00, based on the selling rate as reported by the Central Bank of Brazil (Banco Central do Brasil), or the Brazilian Central Bank. The selling rate was R$3.905 to US$1.00 on December 31, 2015, R$2.656 to US$1.00 on December 31, 2014 and R$2.343 to US$1.00 on December 31, 2013, in each case, as reported by the Brazilian Central Bank. The real/U.S. dollar exchange rate fluctuates widely, and the selling rate on May 13, 2016 may not be indicative of future exchange rates. See “Item 3. Key Information—Exchange Rates” for information regarding exchange rates for the real since January 1, 2010. Solely for the convenience of the reader, we have translated some amounts included in “Item 3. Key Information—Selected Financial Information” and in this annual report from reais into U.S. dollars using the selling rate as reported by the Brazilian Central Bank on December 31, 2015 of R$3.905 to US$1.00. These translations should not be considered representations that any such amounts have been, could have been or could be converted into U.S. dollars at that or at any other exchange rate. Financial Statements We maintain our books and records in reais. Our consolidated financial statements as of December 31, 2015 and 2014 and for the three years ended December 31, 2015 are included in this annual report. We prepare our consolidated financial statements in accordance with United States generally accepted accounting principles, or U.S. GAAP. Based on our operating cash flows and the impact such operating cash flows have had on our liquidity, in combination with the level of our indebtedness and the potential impact if we cannot satisfy certain financial covenants under our current debt instruments in 2016, our independent registered public accounting firm has included an emphasis paragraph related to the substantial doubt with respect to our ability to continue as a going concern in their report on our consolidated financial statements for the year ended December 31, 2015. However, our financial statements have been prepared assuming we will continue to operate as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. We are also required to prepare financial statements in accordance with accounting practices adopted in Brazil, or Brazilian GAAP, which are based on: • Brazilian Law No. 6,404/76, as amended by Brazilian Law No. 9,457/97, Brazilian Law No. 10,303/01, and Brazilian Law No. 11,638/07, which we refer to collectively as the Brazilian Corporation Law; • the rules and regulations of the Brazilian Securities Commission (Comissão de Valores Mobiliários), or the CVM, and the Brazilian Federal Accounting Council (Conselho Federal de Contabilidade); and • the accounting standards issued by the Brazilian Accounting Pronouncements Committee (Comitê de Pronunciamentos Contábeis), or the CPC. Certain Defined Terms Unless otherwise indicated or the context otherwise requires: • all references to “our company,” “we,” “our,” “ours,” “us” or similar terms are to Oi S.A.