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Company Presentation April 2012

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Company Presentation April 2012 Company Presentation April 2012 Amos Genish Chief Executive Officer Presenter Amos Genish CEO Founder and CEO since 1999 Over 22 years of experience as a Senior Executive in the technology and telecommunications sectors 1 GVT Strategic Plan 3rd draft.ppt GVT develops a unique model rolling out the most modern network in Brazil with the best Triple Play offer (Fixed Voice, Broadband and Pay TV), innovation, and highest quality maintaining its competitive advantage Sustainable competitive advantages in a favorable macroeconomic and competitive environment . Advanced, latest generation, network and last mile architecture, own local loop network with FTTC (fiber to Most modern network and the curb) IT platform in Brazil . One of the largest backbones in the country Powerful geo-marketing . Selective and variable capital expenditures due to favorable licenses terms strategy and Build network only targeting high-usage/high margin customer in most profitable areas throughout Favorable license terms Brazil Superior Customer Care . GVT is recognized as having the highest quality of service, with the highest customer engagement Scalable & standardized . Fully scalable sales & technical processes for roll-out in new cities processes for growth and Cost-efficient geographic growth new areas efficient roll-out GVT will launch around 65 new cities in the next five years (currently present in 119 cities) . Offers with innovative bundles at very competitive prices Attractive and innovative GVT recognized by customers as most innovative operator with the best cost/benefit offer offers with best cost / Broadband speeds up to 100Mbps, highest in the market benefit ratio Only operator offering TV based on IPTV technology (allowing interactive services) Growth Drivers . Territorial and network expansion - enter ~65 new cities in the next 5 years Three initiatives will drive the company for the future . Broadband leadership – continue to deliver higher speeds than the market with the best cost/benefit ratio . Expand into new segments: PayTV and Data Centers Proven track record and continuously accelerated quality growth . Revenue CAGR of 41% and EBITDA CAGR of 46% over 2009-2011, highest EBITDA Margin in Brazil among Fastest growing Telco operators telecommunication service . 2012 Guidance: Revenue growth in the mid 30’s, EBITDA Margin around 40%, Total CapEx R$ 2.3billion or provider in Brazil in terms EUR ~1 billion (of which R$500 million to Pay TV), Telecom FCF to Breakeven of Revenue and EBITDA . 2014 outlook: Revenue ~ R$ 7 billion or EUR ~3.0 Billion* (CAGR of ~31% 2011-2014) . 2016 outlook: Revenue ~ R$ 10 billion or EUR 4.2 Billion* (CAGR of ~18% 2014-2016) 2 * Based on exchange rate of EUR 1 = BRL 2.38 Financial results CAGR R$ millions 39.0 36% 21% NET REVENUES 21.4 43.1 27.4 37.2 PayTV 6.8 41% 43.1 Corporate 34.4 44.6 Retail1 EBITDA 503 656 1,009 1,393 40% EBITDA Margin 38.1% 38.6% 41.8% 41.5% CapEx R$ million 762 698 1,317 1,843 EURO millions NET REVENUE 498 601 1,029 1,446 43% EBITDA 190 240 431 601 47% CAPEX 287 255 562 795 3 1- Internet Segment revenue (VoIP based services + Internet Dial-up service) is included in the Retail revenue * Includes ISP and VONO Operational results Lines in service CAGR PayTV Corporate Retail Net New Adds CAGR PayTV Corporate Retail 4 * Includes ISP and VONO Brazilian economy is expected to continue to grow due to internal and external factors, resulting in an improvement of income distribution and spurring growth of Corporate segment ABC classes expected to gain Corporate will grow 13% by 2017 13 million people over 2011 – 2017 Population by socio-economic class (M) Businesses (M) 113 137 158 ABC Classes 204 Country population CAGR = 2% 195 190 Social Class and +13% 8% 6% Family monthly income 3% 5,0 7% 10% 11% A Class (> R$ 12,440) 4,4 B Class (R$ 6,220-R$ 12,440) 4,1 49% C Class (R$ 2,448-R$ 6,220) 55% 59% D Classe (R$ 1,244-R$ 2,488) 3.8 3.4 E Class (< R$ 1,244) 3.1 (75%) (75%) (75%) 24% 18% 13% 16% 12% 9% 2008 2011 2017 2008 2011 2017 5 Sources GVT calculation, based on IBGE and FGV data Regulatory and Competitive environment 1 Regulation 2 Competition . Reduction of MTR . No Major movements yet by the incumbents to upgrade their networks to fiber connectivity, . Upside to GVT Margin but not strong allowing GVT to maintain its competitive enough reduction to trigger material advantage on Broadband and IPTV at least in migration of traffic from fix-to-mobile, the short and mid-run at least until 2015 (MTR 2012: EUR 0.159, MTR 2014: EUR 0.131) . Some price pressure in all segments as competitive environment is more intense . Bill and Keep . TIM fiber plans to launch residential broadband . Planned to be introduced in 2012 and service in the cities of Sao Paulo and Rio de will enable GVT to introduce unlimited Janeiro, which should introduce a new player in local packages, which will maintain those markets voice ARPU . SeAC Law (TV Law) . A new law passed in 2012 that will enable Telcos to operate TV via cables and not only via satellite. Due to this law, GVT can utilize IPTV technology also for broadcasting services 6 Market and Competitive environment – Intense and growing competitive environment Competitors Market data America Number of Number of 2011- Telefonica Portugal (2011 data) Movil (Slim) TIM Sky lines 2011 lines 2017 2017 Group Telecom Group (M) (M) CAGR Group EBITDA margin (%) 26.2% 36.3% 31.4% 27.1% 28.0% Revenues: R$ Revenues: R$ Voice 7.75B 8.1B Revenues: R$ 42.9 47.7 1.8% (CAGR 10-11: (CAGR 10-11: - 25B (CAGR 10- 3.2%) 9%) 11: -11.8%) Fixed Revenues: R$ Revenues: R$ Revenues: (2) Broadband 3.3B(1) 3.4B R$9.3B 16.5 28.0 9.2% (CAGR 10-11: (CAGR 10-11: (CAGR 09-10: 2.6%) 10.8%) 0.6%) Voice Revenues: R$ Revenues: R$ Revenues: R$ Revenues: R$ 242 329 5,3% 12.4B 18.6B 17B (CAGR 10-11: (CAGR 10-11: 10.4B (CAGR (CAGR 10-11: Mobile 5.4%) 12.6%) 10-11: 15%) 18%) Broadband 7.8 20.4 17.4% Revenues: Revenues: R$ Revenues: R$ Revenues: R$ R$5.7B Pay TV 7.9B(1) 0.65B 12.7 22.3 9.8% (CAGR 10-11: (CAGR 10-11: 0.38B (CAGR (CAGR 10-11: 17.5%) 57.4%) 10-11: 57.9%) 46.7%) Source: operators data, Teleco, Morgan Stanley for full year 2011 (1) NET does not show split of revenues for fixed broadband and Pay-TV : all NET revenues are included here in the “Pay-TV section” , Fixed BB 7 revenues shown here are only for Embratel (2) 2010 data, 2011 not yet issued by Oi Strategy and drivers GVT aims to become the 1st alternative player in Telecom and Pay-TV through continuous network expansion, product innovation and excellence in customer relationship Strategy by Segments Data Centers: Broadband: Pay-TV: gain Voice: Corporate portfolio increase market share maintain to be enhanced by leadership quickly ARPU expansion of Data Centers • Best cost/ • Boost penetration • New technologies • Expand Data performance ratio in existing • New portfolio Center & Managed • Best experience customer base and based on VoIP/SIP Services business through VAS and have high take-out platform content of new customers • Move to unlimited packages • Accelerate network expansion and population coverage Accelerate coverage • Be in most mid-sized and large Brazilian cities Take the lead on • Introduce constantly new products and features for voice, broadband, data and TV leveraging GVT’s innovation and enter new segments unique platform Reference of customer care • Lead the market in customer engagement with the lowest churn rates Make organization • Continue adapting organization to fast growth and make it more efficient Drivers of Growth and Margin and Growth of Drivers more efficient 8 Accelerate Coverage - Accelerate network expansion and population coverage, be in most mid-sized and large Brazilian cities Market in covered cities (M) (households + businesses) GVT is currently present in 119 cities ~185 cities in 2017 28 17 19 Region IV: Nationwide long RR distance AP (Embratel) 2011 2012 2017 3 AM CE PA MA RN Homes passed (M) PI PB 3 AC PE 5 RO TO 1 2 BA AL CAGR = +14,4% 1 SE 1 MT 6 DF 16 2 Region I 7 9 GO (Oi) 8 MG Region II MS 3 ES (Oi) 1 SP 4 2011 2012 2017 RJ PR 10 2 30 Region III SC Market covered by GVT’s network where GVT 13 (Telefonica) RS has presence 24 57% Number of cities 46% with GVT Presence 42% 2011 2012 2017 9 Sources: IBGE, INSEE, Office for National Statistics, CIA Factbook Accelerate Coverage – GVT is increasing its market share nationally GVT is gaining Market Share in all segments and all cities. However, GVT still has opportunities to further expand geographically and gain higher market share nationwide 2008 2009 2010 2011 2017 # of cities in 75 81 95 119 operation ~185 Voice Market Share (Nationwide) 3% 4% 5% 7% 12% Broadband Market Share (Nationwide) 5% 6% 8% 10% 17% Pay TV Market Share (Nationwide) NA NA NA 0,3% 8% Voice market share in 23.3% 22.2% 25.9% homes passed area 23.7% 23.1% 10 Accelerate Coverage – Continue to expand backbone and access network Backbone extension evolution Accesses of last mile built-out per year Route Kilometers Growth CapEx Efficiency* Network Utilization Despite GVT’s network being young, GVT has reached network utilization at the same level of incumbents 11 * Not considering accesses launched in the last 6 months ** Estimated figures Take the lead on innovation – Most advanced network in Brazil GVT’s most up-to-date core network architecture enabling the Company to lead on product innovation and performance .
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