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RESULTS
  2Q09




    Vivo Participações S.A.
    July 29, 2009
         29
HIGHLIGHTS
R$ billion




                                         2Q09 2Q08           Δ%

             Net Service Revenue           3.6    3.4       7.1%
             Expenses                    (2.7)   (2.9)     -7.2%
             Ebitda                        1.2    0.8      42.3%
             Ebitda Margin               30.4% 22.2%
                                         30 4% 22 2%     8.2 p.p.
                                                         82pp
             Ebit                          0.4    0.1     258.0%
             Net Results* – R$ million   172.4 (63.9)       n.d.




         * Brazilian Corporate Law.
TELEMIG                     The operation was
                         approved at the General
                         Shareholders’ Meeting of
                               June 27th.




                                Next Steps

    Jul 29   Beginning of the withdrawal right period;
   Aug 28    Last day for exercising the withdrawal right;
             Last da for trading Telemig Cel lar and Telemig Cel lar
                  day                    Celular             Celular
   Sep 04
             Participações shares;
   Sep 08    Beginning of the payments to the transaction dissidents;
   Sep 08    Beginning of the shares trading under Vivo's ticker;
Operational Performance
COMMERCIAL
PERFORMANCE                                    Nationwide market leader
                                               Market Share: 29.3% in Brazil
thousand
                                               GSM + WCDMA: 77% of our customer base
                    CUSTOMERS
                         + 6,384

                                 + 1,178
                                                            RECHARGE POINTS

                           ,
                         45,641       46,819
           40,435
                          8.794        9.044                         541
                                                                               539
           7.745
                                                          487


                         36.847       37.775
           32.690




           2Q08           1Q09         2Q09               2Q08       1Q09      2Q09


             Pre Paid
             Post Paid
SAC Blended

              - 3.5%

                     - 14.4%

                97
     86                        83
               23%
    25%                    24%
               28%
    26%
                           36%



    49%        49%
                           40%



    2Q08      1Q09         2Q09
                                         Major ffi i
                                         M j efficiency i
                                                        in
  Subsidy   Comissions     Advertising   subscriber acquisition cost.
ARPU TREND

                                - 8.7%

                                           - 2.6%


 MAIN CAMPAIGNS
                  28.8
                                    27.0            26.3


                  12,6
                                    11,5            10,9




                  16,2              15,5            15,4




                  2Q08              1Q09            2Q09
                         Outgoing            Incoming
MOU AND TRAFFIC TRENDS
             MOU                         VOICE TRAFFIC
                                       Million of minutes
             - 14.9%                                - 0.5%
                       3.9%                                  + 5.7%


  94
               77              80    11,080                           11,022
                                                  10,427
                                                  10 427
  32
                               27    3.727                            3.787
               28                                  3.835



  62
               49              53    7.353         6.592              7.235




 2Q08         1Q09            2Q09   2Q08          1Q09               2Q09

  Outgoing                             Outgoing
  Incoming                             Incoming
Financial Performance
NET SERVICE                                                              Data + VAS Revenue

REVENUE                                                               12.6% of Net Service Revenue
                                                                      30% YoY growth
R$ million


                                 + 7.1%
                                              - 1.1%                     DATA AND VAS REVENUE

                                 3,670                                                + 29.9%
                                                       3,630
                  3,390                                                                       + 3.3%
                                        1.668                 1.679
                       1.526
                       1 526         1.518                                                             457
                  1.447                                  1.463                         443
                                                                          352
                                                                                       232             225
                                                                          176
                                    443                 457
                  352                                                                                  190
                                                                          123          165
             66                41                  31
                                                                          53            46             42

                  2Q08              1Q09                2Q09             2Q08          1Q09          2Q09

                  Others                  Network Usage
                                                     g                    SMS + MMS           Vivo Internet
                  Data and VAS            Access and Usage                Others
OPERATING
 EXPENSES*
  R$ million




                                                                       888
       Service Rendered                                               872
                                                                     851

                                                 451
                Goods Sold                               613
                                                        604

                                                                       899
         Selling Expenses                                      764
                                                                        909

            General and        137
                                162
           Administrative        176
                                  214
                        H.R.       211
                                  197

                                    230
      Fistel, Fust, Funtel          229
                                 184

                                2Q09      1Q09         2Q08


* Excluding depreciation.
EBITDA AND MARGIN
R$ million




    BALANCE BETWEEN SALES                                            29,9%                           30.4%*
       AND PROFITABILITY

   Service Revenue YoY    7.1%
                          7 1%
   Costs YoY              7.2%                                                       + 8.2 p.p.

   Ebitda YoY            42.3%           22.2%




                                                                      1.204                 1.198
                                                 842



                                                2Q08                  1Q09                  2Q09
                                                  EBITDA                         EBITDA Margin

                                 * Including the extraordinary effect of ICMS reversion of R$47,5 million.
CASH FLOW
AND EBIT
R$ million




             CASH FLOW                     EBIT

                                 1.010,8




                          78,6                        399,0
                2Q08                                          375,9

                          1Q09    2Q09



                                              105,0



              (1,147.1)
                                              2Q08    1Q09    2Q09
NET RESULTS
R$ million




                         172,4

                 123,5




         2Q08

                 1Q09    2Q09



        (63,9)
FINANCIAL RESULT,
                ,
GROSS DEBT AND NET DEBT
R$ million




FINANCIAL RESULT                 GROSS DEBT                       NET DEBT
                                           + 12.9%
                                                                            + 31.3%
                                                  - 15.6%
                                                                                 - 15.9%
 2Q08        1Q09      2Q09
                                           7,713.1
                                           7 713 1
                                                        6,511.1
                                 5,764.8                                    5.579,5
                                                                                      4.692,6
                                            61%                   3.574,3
(
(105,6)
    , )                (110,4)
                       (110 4)    62%                    72%
             (149,1)

                                  38%       39%
                                                         28%

                                  2Q08      1Q09         2Q09      2Q08      1Q09      2Q09

                                    Short Term       Long Term
CAPEX
R$ million


                                % Capex/Net Revenue
                                             1,558.6
                                             1 558 6


                                              41,1%




                                                                15,4%
                                                       13,5%


                                                                606.8
                                                        541.3
         Investments in
         capacity and
         improvement of GSM
         and WCDMA network

                              R$ million       2Q08     1Q09    2Q09
                              Network          251.3    375.9   406.4
                              Technology        44.2     53.7    73.1
                              Licenses
                              Li             1,122.9
                                             1 122 9        -       -
                              Others           140.2    111.7   127.3
DISCLOSURE


   This presentation may contain forward-looking
   statements concerning future prospects and objectives
   regarding growth of the subscriber base, a breakdown of
   the various services to be offered and their respective
   results. The exclusive purpose of such statements is to
   indicate how we intend to expand our business and they
   should therefore not be regarded as guarantees of future
                              g         g
   performance.

   Our actual results may differ materially from those
                           y                 y
   contained in such forward-looking statements, due to a
   variety of factors, including Brazilian political and
   economic factors, the development of competitive
   technologies,
   technologies access to the capital required to achieve
   those results, and the emergence of strong competition
   in the markets in which we operate.
VIVO - Apresentation of 2nd Quarter 2009 Results

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VIVO - Apresentation of 2nd Quarter 2009 Results

  • 1.
  • 2. RESULTS 2Q09 Vivo Participações S.A. July 29, 2009 29
  • 3. HIGHLIGHTS R$ billion 2Q09 2Q08 Δ% Net Service Revenue 3.6 3.4 7.1% Expenses (2.7) (2.9) -7.2% Ebitda 1.2 0.8 42.3% Ebitda Margin 30.4% 22.2% 30 4% 22 2% 8.2 p.p. 82pp Ebit 0.4 0.1 258.0% Net Results* – R$ million 172.4 (63.9) n.d. * Brazilian Corporate Law.
  • 4. TELEMIG The operation was approved at the General Shareholders’ Meeting of June 27th. Next Steps Jul 29 Beginning of the withdrawal right period; Aug 28 Last day for exercising the withdrawal right; Last da for trading Telemig Cel lar and Telemig Cel lar day Celular Celular Sep 04 Participações shares; Sep 08 Beginning of the payments to the transaction dissidents; Sep 08 Beginning of the shares trading under Vivo's ticker;
  • 6. COMMERCIAL PERFORMANCE Nationwide market leader Market Share: 29.3% in Brazil thousand GSM + WCDMA: 77% of our customer base CUSTOMERS + 6,384 + 1,178 RECHARGE POINTS , 45,641 46,819 40,435 8.794 9.044 541 539 7.745 487 36.847 37.775 32.690 2Q08 1Q09 2Q09 2Q08 1Q09 2Q09 Pre Paid Post Paid
  • 7. SAC Blended - 3.5% - 14.4% 97 86 83 23% 25% 24% 28% 26% 36% 49% 49% 40% 2Q08 1Q09 2Q09 Major ffi i M j efficiency i in Subsidy Comissions Advertising subscriber acquisition cost.
  • 8. ARPU TREND - 8.7% - 2.6% MAIN CAMPAIGNS 28.8 27.0 26.3 12,6 11,5 10,9 16,2 15,5 15,4 2Q08 1Q09 2Q09 Outgoing Incoming
  • 9. MOU AND TRAFFIC TRENDS MOU VOICE TRAFFIC Million of minutes - 14.9% - 0.5% 3.9% + 5.7% 94 77 80 11,080 11,022 10,427 10 427 32 27 3.727 3.787 28 3.835 62 49 53 7.353 6.592 7.235 2Q08 1Q09 2Q09 2Q08 1Q09 2Q09 Outgoing Outgoing Incoming Incoming
  • 11. NET SERVICE Data + VAS Revenue REVENUE 12.6% of Net Service Revenue 30% YoY growth R$ million + 7.1% - 1.1% DATA AND VAS REVENUE 3,670 + 29.9% 3,630 3,390 + 3.3% 1.668 1.679 1.526 1 526 1.518 457 1.447 1.463 443 352 232 225 176 443 457 352 190 123 165 66 41 31 53 46 42 2Q08 1Q09 2Q09 2Q08 1Q09 2Q09 Others Network Usage g SMS + MMS Vivo Internet Data and VAS Access and Usage Others
  • 12. OPERATING EXPENSES* R$ million 888 Service Rendered 872 851 451 Goods Sold 613 604 899 Selling Expenses 764 909 General and 137 162 Administrative 176 214 H.R. 211 197 230 Fistel, Fust, Funtel 229 184 2Q09 1Q09 2Q08 * Excluding depreciation.
  • 13. EBITDA AND MARGIN R$ million BALANCE BETWEEN SALES 29,9% 30.4%* AND PROFITABILITY Service Revenue YoY 7.1% 7 1% Costs YoY 7.2% + 8.2 p.p. Ebitda YoY 42.3% 22.2% 1.204 1.198 842 2Q08 1Q09 2Q09 EBITDA EBITDA Margin * Including the extraordinary effect of ICMS reversion of R$47,5 million.
  • 14. CASH FLOW AND EBIT R$ million CASH FLOW EBIT 1.010,8 78,6 399,0 2Q08 375,9 1Q09 2Q09 105,0 (1,147.1) 2Q08 1Q09 2Q09
  • 15. NET RESULTS R$ million 172,4 123,5 2Q08 1Q09 2Q09 (63,9)
  • 16. FINANCIAL RESULT, , GROSS DEBT AND NET DEBT R$ million FINANCIAL RESULT GROSS DEBT NET DEBT + 12.9% + 31.3% - 15.6% - 15.9% 2Q08 1Q09 2Q09 7,713.1 7 713 1 6,511.1 5,764.8 5.579,5 4.692,6 61% 3.574,3 ( (105,6) , ) (110,4) (110 4) 62% 72% (149,1) 38% 39% 28% 2Q08 1Q09 2Q09 2Q08 1Q09 2Q09 Short Term Long Term
  • 17. CAPEX R$ million % Capex/Net Revenue 1,558.6 1 558 6 41,1% 15,4% 13,5% 606.8 541.3 Investments in capacity and improvement of GSM and WCDMA network R$ million 2Q08 1Q09 2Q09 Network 251.3 375.9 406.4 Technology 44.2 53.7 73.1 Licenses Li 1,122.9 1 122 9 - - Others 140.2 111.7 127.3
  • 18.
  • 19. DISCLOSURE This presentation may contain forward-looking statements concerning future prospects and objectives regarding growth of the subscriber base, a breakdown of the various services to be offered and their respective results. The exclusive purpose of such statements is to indicate how we intend to expand our business and they should therefore not be regarded as guarantees of future g g performance. Our actual results may differ materially from those y y contained in such forward-looking statements, due to a variety of factors, including Brazilian political and economic factors, the development of competitive technologies, technologies access to the capital required to achieve those results, and the emergence of strong competition in the markets in which we operate.