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3Q07 Results: VIVO Participacoes S.A.
SAO PAULO, Brazil, Nov. 5 /PRNewswire-FirstCall/ -- VIVO Participacoes S.A. (VIVO) (Bovespa: VIVO3 [ON = Common Shares] / VIVO4 [PN = Preferred Shares]; NYSE: VIV) announced its consolidated results for the third quarter of 2007 (3Q07). Vivo recorded several major achievements in the third quarter of 2007, including an agreement to acquire control of Telemig Celular, which has already been approved by Anatel, and Amazonia Celular, which is still being analyzed by the agency. We also acquired frequency spectrum and licenses which will allow us to operate in areas where we do not maintain a commercial presence, especially the Northeast, and increase network capacity in our existing areas. At the same time, we have been moving ahead with our operational and financial improvement plan, as follows:
R$ million 3Q07 2Q07 3Q06
Net Revenue 3,248.5 3,021.0 2,824.9
Total Operating Costs (2,415.2) (2,386.8) (2,109.3)
EBITDA 833.3 634.2 715.6
EBITDA Margin (%) 25.7% 21.0% 25.3%
Net Result 4.4 (112.8) (196.9)
Number of customers (thousands) 31,320 30,240 28,726
Market share 36.8% 37.3% 39.3%
Net Additions (thousands) 1,079 1,210 201
The implementation of the GSM network and its commercial operation has been a great success. At the close of September, the Company had more than 6.7 million GSM handsets;
Also at the end of September, the customer base reached 31,320,000 clients, ensuring our leadership in our operating area, with a market share of 36.8%. Our market share for Brazil as a whole was 27.8%;
Service Revenue of R$2,845.8 million, an increase of 15.3% over 3Q06 and of 7.5% over 2Q07;
EBITDA grew 31.4% in 3Q07, reaching R$ 833.3 million, with EBITDA Margin of 25.7%, up 4.7 percentile points in relation to 2Q07;
The provision for bad debt was R$ 80.4 million in the quarter, representing 1.7% of the gross revenue, a reduction of 45.6% in relation to 3Q06 and of 20.6% in relation to 2Q07;
Operating cash flow plus the change in working capital recorded R$ 961.8 million in the year-to-date figure, materially contributing to the increase of the company's economic value;
Net debt recorded the amount of R$2,957.7 million in 3Q07, representing a reduction of 28.7% in relation to 3Q06;
Net Profit of R$ 4.4 million in the quarter.
To download the complete version of the Company's earnings release, please visit our website: http://www.vivo.com.br/ir
Investor Relations
ir@vivo.com.br
+55 11 7420-1172
Vivo Participacoes S.A.
CONTACT: Investor Relations, Vivo Participacoes, +011-5511-7420-1172,ir@vivo.com.br
Web site: http://www.vivo.com.br/ir
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