The document summarizes a meeting between TIM Brasil and investors in September 2012.
1) TIM Brasil's mobile business revenue grew 11% while Brazilian GDP grew only 1.9%, showing that mobile is driving economic growth.
2) Fixed to mobile substitution continues to impact fixed line incumbents, benefiting the mobile segment. TIM's mobile revenue grew 7.9% in 2Q12 while fixed revenue declined for competitors.
3) TIM's 2Q12 results met guidance, with total revenue up 7% and EBITDA up 6%. Revenue was impacted by MTR cuts but growth was driven by prepaid and data. Fiber deployment
This document discusses London Guildhall's marketing strategies and opportunities to work with ISMi. It provides an overview of London Guildhall's business, including student profiles and journeys, marketing channels, and key performance metrics like conversions and revenue by channel. The document also describes ISMi's services in interactive publishing, marketing automation, and international strategies that could help London Guildhall exceed recruitment targets, improve results, and increase return on investment. Tables show London Guildhall's new accounts and revenue by source from January to December 2011.
La presentazione della Dott.ssa Mara Panjia, Direttore Marketing di Henkel Italia, tratta il lancio di una nuova categoria di prodotto, l’ammorbidente Vernel Cristalli, e della relativa campagna di marketing.
Video companies led financing activity over the last three months, with 13 video companies raising nearly $100 million. Social networking companies were the next most active sector, with nine companies raising $46.7 million. The report identifies 89 public Web 2.0 companies with a combined market cap of $27.8 billion across a variety of sectors including gaming, social networking, media sharing, and social lending.
Lawrence Casalino: what GP consortia might learn from the USNuffield Trust
This document discusses lessons that can be learned from the development of physician groups in the US over the last 20 years that could help avoid failures in GP commissioning consortia in the UK. It outlines two frameworks for thinking about GP consortia - focusing on either individual physicians or organized processes. It also discusses the US experience with "consortia" and commissioning, identifying seven theses on GP commissioning and suggestions from an outside perspective.
LATTER HALF OF 2009: FORGING FORWARD
DEAL VALUE ON PACE TO MEET NOVEMBER LEVEL
December starts at strong pace: Total transaction value in the Web 2.0 universe for the first week of December is $68.8 million. The number of financings stands at seven, averaging $9.8 million each. In comparison, total capital raised in November was $203.4 million, averaging $11.3 million (18 deals); October was $171.3 million, averaging $6.3 million (27 deals); and September was $232.8 million, averaging $9.0 million (26 deals).
Broad-based sector financing: Video, Gaming, Advertising, Collaboration, and Analytics experienced the most financing activity among our Web 2.0 sector categories in the past three months by number of transactions (six each). Social Networks remain strong with five deals in the past quarter. Infrastructure and Search round out the top three positions at four deals each over the past three months. The $400 million acquisition of Playfish skews the Virtual Worlds segment to the highest total.
Market pull-back abates – universe split between risers and decliners: Twenty-five companies in our universe had positive stock price performances over the past week (for stocks with prices greater than $1), while 22 companies showed negative 1-week returns.
Month-to-date financings in May totalled $106.6 million; led by the $20
million One Net financing. So far, there have been 18 financings in May,
with 10 deals greater than $5 million and only five less than $5 million.
There have been two financings greater than $10 million (Cyberplex and One
Net), with the capital raises by Imeem and EveryZing close behind at $8.8
million and $8.3 million, respectively. The average value thus far in May is
$5.9 million, slightly below the average value for April of $6.5 million on
21 financings. The March average was $6.6 million on 24 financings. Except
for two deals (Kaixin001.com and Collective Media), all were below $20
million for the last three months and a total of four deals were greater
than or equal to $15 million.
*One Net’s $20 million financing is largest deal in May: *One Net announced
a $20 million financing last week, the largest deal so far in May. Ten of
the 18 deals in the month are equal to or greater than $5 million. For
additional details, see Figures 23 and 24 (at end of note). Also note that
the spin-off of StumbleUpon from E-bay on a $29 million valuation occurred
in May. E-bay had bought StumbleUpon for $75 million.
*A strong price performance week: *The companies in our universe had
relatively strong stock price performances over the past week (for stocks
with prices greater than $1) (Figure 6), with 31 companies showing positive
returns on the week. OpenWave Systems (NASDQ:OPWV) led the group with a
49.2% return, while DigitalTown (OTCBB:DGTW) had the worst return, dropping
35.0% in the week.
1) The Indian stock market indices declined by around 1.5% over the week, falling below key thresholds of 16,500 (Sensex) and 4,950 (Nifty).
2) For the quarter ended September 30th, the indices dropped by 12.8%, the biggest quarterly decline since the global financial crisis.
3) Sentiment was weak due to concerns over the global economic outlook and slowing growth in India, as reflected by a decline in tax revenue collection for the second quarter of the fiscal year.
This document discusses London Guildhall's marketing strategies and opportunities to work with ISMi. It provides an overview of London Guildhall's business, including student profiles and journeys, marketing channels, and key performance metrics like conversions and revenue by channel. The document also describes ISMi's services in interactive publishing, marketing automation, and international strategies that could help London Guildhall exceed recruitment targets, improve results, and increase return on investment. Tables show London Guildhall's new accounts and revenue by source from January to December 2011.
La presentazione della Dott.ssa Mara Panjia, Direttore Marketing di Henkel Italia, tratta il lancio di una nuova categoria di prodotto, l’ammorbidente Vernel Cristalli, e della relativa campagna di marketing.
Video companies led financing activity over the last three months, with 13 video companies raising nearly $100 million. Social networking companies were the next most active sector, with nine companies raising $46.7 million. The report identifies 89 public Web 2.0 companies with a combined market cap of $27.8 billion across a variety of sectors including gaming, social networking, media sharing, and social lending.
Lawrence Casalino: what GP consortia might learn from the USNuffield Trust
This document discusses lessons that can be learned from the development of physician groups in the US over the last 20 years that could help avoid failures in GP commissioning consortia in the UK. It outlines two frameworks for thinking about GP consortia - focusing on either individual physicians or organized processes. It also discusses the US experience with "consortia" and commissioning, identifying seven theses on GP commissioning and suggestions from an outside perspective.
LATTER HALF OF 2009: FORGING FORWARD
DEAL VALUE ON PACE TO MEET NOVEMBER LEVEL
December starts at strong pace: Total transaction value in the Web 2.0 universe for the first week of December is $68.8 million. The number of financings stands at seven, averaging $9.8 million each. In comparison, total capital raised in November was $203.4 million, averaging $11.3 million (18 deals); October was $171.3 million, averaging $6.3 million (27 deals); and September was $232.8 million, averaging $9.0 million (26 deals).
Broad-based sector financing: Video, Gaming, Advertising, Collaboration, and Analytics experienced the most financing activity among our Web 2.0 sector categories in the past three months by number of transactions (six each). Social Networks remain strong with five deals in the past quarter. Infrastructure and Search round out the top three positions at four deals each over the past three months. The $400 million acquisition of Playfish skews the Virtual Worlds segment to the highest total.
Market pull-back abates – universe split between risers and decliners: Twenty-five companies in our universe had positive stock price performances over the past week (for stocks with prices greater than $1), while 22 companies showed negative 1-week returns.
Month-to-date financings in May totalled $106.6 million; led by the $20
million One Net financing. So far, there have been 18 financings in May,
with 10 deals greater than $5 million and only five less than $5 million.
There have been two financings greater than $10 million (Cyberplex and One
Net), with the capital raises by Imeem and EveryZing close behind at $8.8
million and $8.3 million, respectively. The average value thus far in May is
$5.9 million, slightly below the average value for April of $6.5 million on
21 financings. The March average was $6.6 million on 24 financings. Except
for two deals (Kaixin001.com and Collective Media), all were below $20
million for the last three months and a total of four deals were greater
than or equal to $15 million.
*One Net’s $20 million financing is largest deal in May: *One Net announced
a $20 million financing last week, the largest deal so far in May. Ten of
the 18 deals in the month are equal to or greater than $5 million. For
additional details, see Figures 23 and 24 (at end of note). Also note that
the spin-off of StumbleUpon from E-bay on a $29 million valuation occurred
in May. E-bay had bought StumbleUpon for $75 million.
*A strong price performance week: *The companies in our universe had
relatively strong stock price performances over the past week (for stocks
with prices greater than $1) (Figure 6), with 31 companies showing positive
returns on the week. OpenWave Systems (NASDQ:OPWV) led the group with a
49.2% return, while DigitalTown (OTCBB:DGTW) had the worst return, dropping
35.0% in the week.
1) The Indian stock market indices declined by around 1.5% over the week, falling below key thresholds of 16,500 (Sensex) and 4,950 (Nifty).
2) For the quarter ended September 30th, the indices dropped by 12.8%, the biggest quarterly decline since the global financial crisis.
3) Sentiment was weak due to concerns over the global economic outlook and slowing growth in India, as reflected by a decline in tax revenue collection for the second quarter of the fiscal year.
This investor presentation provides an overview of Bayer Group's financial performance and outlook. It discusses Bayer's market leading positions, new product pipeline, and growth in emerging markets. The presentation summarizes Bayer's record sales and earnings in 2011, consistent strong cash generation from 2007-2011, and financial outlook for 2012. It anticipates global economic and political risks remaining high in 2012 and continued growth being driven by Asian emerging markets.
- The first quarter of 2009 saw a rebound in financing for web 2.0 companies, with $521 million invested across 77 financings, up 54% from the previous quarter but down 44% from the first quarter of 2008.
- Video and social networking sectors attracted the most investment in the quarter, with Twitter raising the most of any single company at $35 million.
- The document identifies 90 public web 2.0 companies, with a total market cap of $34.8 billion, and provides a table comparing various financial metrics like revenue, market cap, employees and valuation for these companies.
Argentina has experienced strong economic growth over the past decade and maintains solid economic foundations for continued growth. It grew at an average annual rate of 8.5% from 2003-2008, accumulating large fiscal and trade surpluses. Despite the global crisis, Argentina's exports declined less than most countries and it is projected to maintain current account surpluses in 2009-2010. Argentina has a skilled workforce and is a leading producer of many global commodities. It has opportunities for investment across sectors such as agriculture, wine, health, and information technology.
The document is MTC's 2006 annual report. It highlights that 2006 was a record breaking year for MTC, exceeding $4.17 billion in revenues, $2 billion in EBITDA, $1 billion in net profit, and surpassing 27 million active customers. Key events of 2006 included MTC fully acquiring Mobitel in Sudan for $1.3 billion, expanding into that market, and acquiring a 65% stake in Nigeria's Vee Networks for $1.005 billion, expanding into Africa's most populous nation. The acquisitions helped further MTC's vision of becoming a top 10 global telecommunications provider.
JBS reported strong financial results for 3Q11, with net revenue increasing 10.6% over 3Q10. EBITDA margin expanded 101 bps to 5.1% and net debt to EBITDA ratio reduced from 3.2x to 3.0x excluding Pilgrim's Pride. Several business units performed well, with JBS Mercosul achieving an EBITDA margin of 11.6% and JBS USA Pork EBITDA 51.8% higher than 2010. The company has significant debt maturities from 2014-2021 secured by various subsidiaries and guaranteed by JBS S.A. and JBS USA. Ratings agencies assess JBS and Pilgrim's Pride credit ratings as BB
April on track to be record month?: Total transaction value in the Web 2.0 universe April-to-date is $726.1 million. The number of financings stands at 40 averaging $18.2 million each. Note that this includes the $300 million investment in DST by Tencent. Even excluding this transaction, the average is $15.2 million. In comparison, total capital raised in March was $168.1 million, averaging $5.4 million over 31 deals. The highest monthly total in our Web 2.0 financing database was April 2008 with a total of $765.5 million raised in 47 transactions.
Deal round-up for April: The large deal highlights for the month include:
§
•Tencent invested $300mm in DST (investor in Facebook, Zynga, Groupon).
DST invested $135mm in social-shopping service Groupon.
Salesforce.com acquired crowd-sourced personal contact service, Jigsaw, for $142 mm.
•Warner Bros. acquired gaming company, Turbine, for $160 mm.
•Ankeena Networks, media infrastructure solution provider was acquired by Juniper for $100mm.
Bullish week for Web 2.0: Sixty-nine percent of the companies in our universe had increased or flat market caps over the past week, sixty-nine percent had increased EV/Revenue multiples, 75% had increased or flat EV/EBITDA multiples and 73% had increased or flat P/E mutliples .
The document summarizes venture capital investment trends in the second quarter of 2009. It finds that for the second quarter, and for the first time since 2003, "down rounds" where companies were valued lower than in previous funding exceeded "up rounds." It also provides statistics on total funding amounts and average deal sizes for June and July 2009. The document then profiles 91 public web 2.0 companies, providing details on their market capitalization, revenue, employees and other details.
The document summarizes a research report that found software companies are taking longer on average to exit investments through IPO, acquisition, or failure. Specifically, the median time for exit is now 91 months (7.6 years) for software companies, compared to 3.7-10.7 years previously. Additionally, median exit valuations for software companies since 2001 have been very low at 0.0-0.1x compared to 3.7-10.7x from 1994-2001. The document also provides an overview of financing activity and performance of publicly traded web 2.0 companies.
NAL Energy Corporation is an oil and gas producer focused on light oil with assets in western Canada. Some key points:
- Market cap of $1.2 billion with monthly dividend of $0.07/share and current yield of 10.4%
- Produces over 28,000 boe/day from assets in Alberta, southeast Saskatchewan, and British Columbia. Reserves of 104 MMBoe with 50% liquids.
- Focused on oil drilling for its 2011 $240 million capital program to maintain production of around 28,500 boe/day for the year. Hedges over 50% of oil volumes.
- Operates across different oil resource plays like the Cardium, V
10 Reasons to Consider Adding Managed FuturesJeff Garcia
1. Managed futures have achieved strong long-term performance of over 7,000% compared to 6,000% for stocks and 5,000% for international stocks since 1980, exhibiting low correlation to traditional assets.
2. Adding managed futures to a portfolio can help diversify beyond stocks and bonds, reduce overall volatility, and increase returns while decreasing risk.
3. Studies show portfolios that include a 20% allocation to managed futures achieved higher returns with reduced volatility compared to portfolios consisting only of stocks and bonds.
The number of active US venture capital firms peaked in 2000 at over 1,000 firms but has since declined to around 450 firms in 2010. Venture capital fundraising has slowed with new commitments below levels of company investment. The vast majority of capital is raised through existing venture capital managers raising follow-on funds, rather than first-time managers. Despite economic turbulence, over 1,100 companies received venture capital funding in 2011, consistent with typical annual levels of 1,000-1,300 companies. Venture capital investing in Southern California generally tracked national trends, with some decline from peak levels in the late 1990s/early 2000s.
Reed Elsevier is the world's second largest listed professional media company, with £6.1 billion in revenues and over 32,000 employees globally. It has leading businesses in science, medical, legal, and business information sectors through brands like Elsevier, LexisNexis, Reed Exhibitions, and Reed Business Information. Over half of its revenues come from online services and subscriptions. The company has a diverse portfolio and global reach across its divisions.
This document provides a summary of the PANS Bandung Discretionary Fund as of July 2, 2010. The fund had a net asset value of Rp9,015 billion with a NAV per unit of Rp2,642.1449. The fund's portfolio composition consisted of 44.52% cash, 20.18% BUMI stock, 19.71% PGAS stock, and 15.59% PTBA stock. Over a 1 month period the fund had a return of -3.93% compared to the IDX return of 4.17%. The fund is managed by Dr. Adrian Teja with a 3% annual management fee and very high risk level.
1) Managed futures have significantly outperformed stocks over the past 30 years, returning over 7,000% compared to around 2,000% for stocks.
2) Diversifying into managed futures provides returns that are evident in any economic environment, unlike traditional stocks which are more volatile.
3) The graph shows the performance of several indexes from 1980 to 2010, with managed futures strongly outperforming US and international stocks over that period.
This document summarizes earnings reports from several gaming companies that operate in the Web 2.0 universe. Changyou.com reported 26% revenue growth with growth in key metrics like registered users. Sohu reported 13% revenue growth, with gaming revenue up 26% and advertising down 2%. A smaller social gaming company, Watercooler, raised $5.5 million from Betfair, indicating the attractiveness of social gaming. Overall, Halloween seemed to scare off investors as the stock prices of many Web 2.0 companies declined and average deal size dropped slightly.
The document discusses trends and challenges facing information technology, including building a civic semantic web and waiving rights over linked data. It also discusses whether semantic technologies could permit meaningful brand relationships. The document contains a chart showing government department spending in the UK, with the Department of Health spending £105.7 billion, followed by local and regional government spending £34.3 billion, and the NHS spending £90.7 billion.
contentzap.com/actions-pages-and-bears
Most marketers struggle when it comes to tracking lead interests, being seen as relevant, and converting their leads to customers. If this describes some of the challenges you are facing, then creating GREAT calls to action and landing pages will dramatically help you increase your results!
Our very own Kim Albee and Margaret Johnson have teamed up yet again to help SMB marketers grasp their second biggest boggle: creating enticing calls to action and landing pages that convert.
The document discusses MacRuby, an implementation of the Ruby language that can be used to build applications for macOS. It mentions using MacRuby with Cocoa and provides some example applications and links. It also briefly discusses distributing applications, demos, raffles, and concludes that MacRuby is a powerful tool for building macOS applications.
Fox Cities Chamber Cultivate: Mobile MarketingThomas Clifford
Mobile marketing is all people can talk about these days. By 2014, there will be more mobile internet users than desktop internet users. There are so many options vying for your marketing budget these days. What do you do and where do you spend your time and energy? This presentation will shed light on mobile marketing, QR codes and analytics. This will allow you be better educated and do whats best for you and your customers.
The applicant is requesting a variance to allow 6 parking spaces instead of the required 9, a special exception to allow welding which requires approval, and site plan approval to construct a 5,422 square foot industrial building. The site is currently vacant and borders residential uses. The variance is requested due to site constraints and the small size of the business. The special exception for welding is requested as its impact would be similar to other permitted light manufacturing uses. Approval is recommended with conditions to address neighborhood impacts during welding.
This document is the table of contents for a land development code. It lists all the articles and sections contained within the code, organized into two parts. Part 1 covers use regulations, including general use regulations applying to all zoning districts, as well as use regulations specific to residential, commercial, industrial and mixed-use districts. Part 2 covers site development regulations, including lot dimensions, yards, landscaping, parking, and other development standards. The table of contents provides a high-level overview of the organization and topics addressed in the land development code.
This investor presentation provides an overview of Bayer Group's financial performance and outlook. It discusses Bayer's market leading positions, new product pipeline, and growth in emerging markets. The presentation summarizes Bayer's record sales and earnings in 2011, consistent strong cash generation from 2007-2011, and financial outlook for 2012. It anticipates global economic and political risks remaining high in 2012 and continued growth being driven by Asian emerging markets.
- The first quarter of 2009 saw a rebound in financing for web 2.0 companies, with $521 million invested across 77 financings, up 54% from the previous quarter but down 44% from the first quarter of 2008.
- Video and social networking sectors attracted the most investment in the quarter, with Twitter raising the most of any single company at $35 million.
- The document identifies 90 public web 2.0 companies, with a total market cap of $34.8 billion, and provides a table comparing various financial metrics like revenue, market cap, employees and valuation for these companies.
Argentina has experienced strong economic growth over the past decade and maintains solid economic foundations for continued growth. It grew at an average annual rate of 8.5% from 2003-2008, accumulating large fiscal and trade surpluses. Despite the global crisis, Argentina's exports declined less than most countries and it is projected to maintain current account surpluses in 2009-2010. Argentina has a skilled workforce and is a leading producer of many global commodities. It has opportunities for investment across sectors such as agriculture, wine, health, and information technology.
The document is MTC's 2006 annual report. It highlights that 2006 was a record breaking year for MTC, exceeding $4.17 billion in revenues, $2 billion in EBITDA, $1 billion in net profit, and surpassing 27 million active customers. Key events of 2006 included MTC fully acquiring Mobitel in Sudan for $1.3 billion, expanding into that market, and acquiring a 65% stake in Nigeria's Vee Networks for $1.005 billion, expanding into Africa's most populous nation. The acquisitions helped further MTC's vision of becoming a top 10 global telecommunications provider.
JBS reported strong financial results for 3Q11, with net revenue increasing 10.6% over 3Q10. EBITDA margin expanded 101 bps to 5.1% and net debt to EBITDA ratio reduced from 3.2x to 3.0x excluding Pilgrim's Pride. Several business units performed well, with JBS Mercosul achieving an EBITDA margin of 11.6% and JBS USA Pork EBITDA 51.8% higher than 2010. The company has significant debt maturities from 2014-2021 secured by various subsidiaries and guaranteed by JBS S.A. and JBS USA. Ratings agencies assess JBS and Pilgrim's Pride credit ratings as BB
April on track to be record month?: Total transaction value in the Web 2.0 universe April-to-date is $726.1 million. The number of financings stands at 40 averaging $18.2 million each. Note that this includes the $300 million investment in DST by Tencent. Even excluding this transaction, the average is $15.2 million. In comparison, total capital raised in March was $168.1 million, averaging $5.4 million over 31 deals. The highest monthly total in our Web 2.0 financing database was April 2008 with a total of $765.5 million raised in 47 transactions.
Deal round-up for April: The large deal highlights for the month include:
§
•Tencent invested $300mm in DST (investor in Facebook, Zynga, Groupon).
DST invested $135mm in social-shopping service Groupon.
Salesforce.com acquired crowd-sourced personal contact service, Jigsaw, for $142 mm.
•Warner Bros. acquired gaming company, Turbine, for $160 mm.
•Ankeena Networks, media infrastructure solution provider was acquired by Juniper for $100mm.
Bullish week for Web 2.0: Sixty-nine percent of the companies in our universe had increased or flat market caps over the past week, sixty-nine percent had increased EV/Revenue multiples, 75% had increased or flat EV/EBITDA multiples and 73% had increased or flat P/E mutliples .
The document summarizes venture capital investment trends in the second quarter of 2009. It finds that for the second quarter, and for the first time since 2003, "down rounds" where companies were valued lower than in previous funding exceeded "up rounds." It also provides statistics on total funding amounts and average deal sizes for June and July 2009. The document then profiles 91 public web 2.0 companies, providing details on their market capitalization, revenue, employees and other details.
The document summarizes a research report that found software companies are taking longer on average to exit investments through IPO, acquisition, or failure. Specifically, the median time for exit is now 91 months (7.6 years) for software companies, compared to 3.7-10.7 years previously. Additionally, median exit valuations for software companies since 2001 have been very low at 0.0-0.1x compared to 3.7-10.7x from 1994-2001. The document also provides an overview of financing activity and performance of publicly traded web 2.0 companies.
NAL Energy Corporation is an oil and gas producer focused on light oil with assets in western Canada. Some key points:
- Market cap of $1.2 billion with monthly dividend of $0.07/share and current yield of 10.4%
- Produces over 28,000 boe/day from assets in Alberta, southeast Saskatchewan, and British Columbia. Reserves of 104 MMBoe with 50% liquids.
- Focused on oil drilling for its 2011 $240 million capital program to maintain production of around 28,500 boe/day for the year. Hedges over 50% of oil volumes.
- Operates across different oil resource plays like the Cardium, V
10 Reasons to Consider Adding Managed FuturesJeff Garcia
1. Managed futures have achieved strong long-term performance of over 7,000% compared to 6,000% for stocks and 5,000% for international stocks since 1980, exhibiting low correlation to traditional assets.
2. Adding managed futures to a portfolio can help diversify beyond stocks and bonds, reduce overall volatility, and increase returns while decreasing risk.
3. Studies show portfolios that include a 20% allocation to managed futures achieved higher returns with reduced volatility compared to portfolios consisting only of stocks and bonds.
The number of active US venture capital firms peaked in 2000 at over 1,000 firms but has since declined to around 450 firms in 2010. Venture capital fundraising has slowed with new commitments below levels of company investment. The vast majority of capital is raised through existing venture capital managers raising follow-on funds, rather than first-time managers. Despite economic turbulence, over 1,100 companies received venture capital funding in 2011, consistent with typical annual levels of 1,000-1,300 companies. Venture capital investing in Southern California generally tracked national trends, with some decline from peak levels in the late 1990s/early 2000s.
Reed Elsevier is the world's second largest listed professional media company, with £6.1 billion in revenues and over 32,000 employees globally. It has leading businesses in science, medical, legal, and business information sectors through brands like Elsevier, LexisNexis, Reed Exhibitions, and Reed Business Information. Over half of its revenues come from online services and subscriptions. The company has a diverse portfolio and global reach across its divisions.
This document provides a summary of the PANS Bandung Discretionary Fund as of July 2, 2010. The fund had a net asset value of Rp9,015 billion with a NAV per unit of Rp2,642.1449. The fund's portfolio composition consisted of 44.52% cash, 20.18% BUMI stock, 19.71% PGAS stock, and 15.59% PTBA stock. Over a 1 month period the fund had a return of -3.93% compared to the IDX return of 4.17%. The fund is managed by Dr. Adrian Teja with a 3% annual management fee and very high risk level.
1) Managed futures have significantly outperformed stocks over the past 30 years, returning over 7,000% compared to around 2,000% for stocks.
2) Diversifying into managed futures provides returns that are evident in any economic environment, unlike traditional stocks which are more volatile.
3) The graph shows the performance of several indexes from 1980 to 2010, with managed futures strongly outperforming US and international stocks over that period.
This document summarizes earnings reports from several gaming companies that operate in the Web 2.0 universe. Changyou.com reported 26% revenue growth with growth in key metrics like registered users. Sohu reported 13% revenue growth, with gaming revenue up 26% and advertising down 2%. A smaller social gaming company, Watercooler, raised $5.5 million from Betfair, indicating the attractiveness of social gaming. Overall, Halloween seemed to scare off investors as the stock prices of many Web 2.0 companies declined and average deal size dropped slightly.
The document discusses trends and challenges facing information technology, including building a civic semantic web and waiving rights over linked data. It also discusses whether semantic technologies could permit meaningful brand relationships. The document contains a chart showing government department spending in the UK, with the Department of Health spending £105.7 billion, followed by local and regional government spending £34.3 billion, and the NHS spending £90.7 billion.
contentzap.com/actions-pages-and-bears
Most marketers struggle when it comes to tracking lead interests, being seen as relevant, and converting their leads to customers. If this describes some of the challenges you are facing, then creating GREAT calls to action and landing pages will dramatically help you increase your results!
Our very own Kim Albee and Margaret Johnson have teamed up yet again to help SMB marketers grasp their second biggest boggle: creating enticing calls to action and landing pages that convert.
The document discusses MacRuby, an implementation of the Ruby language that can be used to build applications for macOS. It mentions using MacRuby with Cocoa and provides some example applications and links. It also briefly discusses distributing applications, demos, raffles, and concludes that MacRuby is a powerful tool for building macOS applications.
Fox Cities Chamber Cultivate: Mobile MarketingThomas Clifford
Mobile marketing is all people can talk about these days. By 2014, there will be more mobile internet users than desktop internet users. There are so many options vying for your marketing budget these days. What do you do and where do you spend your time and energy? This presentation will shed light on mobile marketing, QR codes and analytics. This will allow you be better educated and do whats best for you and your customers.
The applicant is requesting a variance to allow 6 parking spaces instead of the required 9, a special exception to allow welding which requires approval, and site plan approval to construct a 5,422 square foot industrial building. The site is currently vacant and borders residential uses. The variance is requested due to site constraints and the small size of the business. The special exception for welding is requested as its impact would be similar to other permitted light manufacturing uses. Approval is recommended with conditions to address neighborhood impacts during welding.
This document is the table of contents for a land development code. It lists all the articles and sections contained within the code, organized into two parts. Part 1 covers use regulations, including general use regulations applying to all zoning districts, as well as use regulations specific to residential, commercial, industrial and mixed-use districts. Part 2 covers site development regulations, including lot dimensions, yards, landscaping, parking, and other development standards. The table of contents provides a high-level overview of the organization and topics addressed in the land development code.
El documento habla sobre el acoso escolar o bullying y ofrece recomendaciones generales para prevenirlo. Explica que el bullying implica maltrato físico, verbal o psicológico repetido entre estudiantes. Las recomendaciones incluyen mantener buena disciplina y supervisión de estudiantes, establecer claramente las reglas de la escuela y acciones ante bullying, actuar rápido ante sospechas de acoso, estar abiertos a quejas de estudiantes y padres, e impartir educación en valores.
This document provides an overview of the City of Dania Beach's 2010 Emergency Preparedness Plan. It discusses the various types of disasters that can occur and the all-hazards approach to preparedness. The plan mandates annual updates and approval of the comprehensive emergency operations plan. It reviews improvements from 2009 and provides contact information for emergency operations centers, American Red Cross shelters, and important hurricane numbers for 2010.
Tele Celular Sul Participações S.A. announced its results for the fourth quarter and full year 2003. Key highlights include:
- Revenue increased 23.5% to R$1.4 billion for the year driven by a 19% rise in customers to over 2 million.
- EBITDA grew 10.1% to R$383 million and net income increased 83.7% to R$120 million.
- The company invested R$213 million in network expansion while maintaining a strong positive cash flow of R$200 million.
- Management is proposing a 30.9% payout ratio to shareholders of R$37 million in dividends and interest on capital.
The Westside Master Plan adopted in 2009 envisions transit-oriented development along Griffin Road including housing, employment, and commercial uses. Two land use changes are proposed: designating 52.72 acres along Griffin Road as Commercial and 21.34 acres as Employment Center, and changing 44.99 acres of Broward Gardens/Playland Isles to Medium Density Residential and 61.03 acres to Low-Medium Density Residential. Public meetings will be held in September, October, and November for property owners and approval by the City's Planning Board and Commission and Broward County Commission.
OpenOffice.org is a free and open-source office software suite that provides an alternative to Microsoft Office; it offers word processing, spreadsheet, presentation, graphics, database, and other functionality. It works across operating systems and has system requirements similar to Microsoft Office 2007. Some key advantages of OpenOffice.org include its low cost of free compared to hundreds of dollars for Microsoft Office, updates that are also free, and open-source code that does not depend on any single company and uses open standards.
The document discusses the benefits of exercise for mental health. Regular physical activity can help reduce anxiety and depression and improve mood and cognitive functioning. Exercise boosts blood flow and levels of neurotransmitters and endorphins which elevate and stabilize mood.
Origen was one of the first great Christian scholars and theologians. He established a catechetical school in Alexandria where he taught and wrote extensively on scripture. Origen believed scripture contained deeper allegorical meanings beyond the literal text and should be interpreted through reason and philosophy informed by faith. He was influential but considered heretical for some of his beliefs including the preexistence of souls and universal salvation. Origen viewed scripture as divinely inspired and the key to understanding God and spiritual truth.
This document provides a software architecture design for a collaborative problem solver called ProjectPlace. It describes the modules, data structures, and interfaces that will be used to implement the project. The design follows a three-tier architecture pattern with modules for the client applet, server, logger, common room, project room, and plugins. The modules are decomposed into concurrent processes on the client and server. Data sharing and storage is also described at a high level. This architecture aims to fulfill the essential requirements set out in the system requirements specification.
Deutsche EuroShop is Germany's only public company that invests solely in shopping centers. It owns 19 shopping centers in Germany, Poland, Austria and Hungary. The company focuses on long-term growth and stable increases in portfolio value. Key figures for the first 9 months of 2011 show a 29% increase in both revenue and earnings before interest and taxes compared to the same period in 2010.
This document provides an overview of Deutsche EuroShop, a German company that invests solely in shopping centers. It owns 19 shopping centers across Germany, Poland, Austria and Hungary, with a total lettable space of around 899,000 square meters. The company aims for long-term growth and stable increases in portfolio value. Key figures include annual revenue over €120 million in recent years, funds from operations per share growing 10% annually, and a net asset value per share of over €26.
The document summarizes the financial results of Ideiasnet for the first quarter of 2011. Some key highlights include:
- Net revenues increased 19.5% year-over-year to R$284.1 million.
- EBITDA grew 80.6% year-over-year to R$5.3 million.
- Net loss was R$4.2 million compared to a R$2.4 million loss in the first quarter of 2010.
The summary also provides brief updates on performance from various subsidiaries such as Padtec, Automatos, and Bolsa de Mulher. It concludes with an industry outlook on trends in internet usage, e-commerce, mobile, and cloud
The document summarizes MMX's 3Q12 results. It reports that production increased 7% quarter-over-quarter and 13% year-over-year. Sales increased 12% QoQ but decreased 10% YoY. Net revenues grew 21% QoQ but fell 10% YoY. The net loss narrowed significantly from the previous quarter though it was still lower than the previous year. EBITDA improved dramatically QoQ but was down slightly YoY. It also provides updates on various projects including the completion of mergers and financing arrangements as well as continued construction progress.
Deutsche EuroShop is Germany's only public company that invests solely in shopping centers. It owns 19 shopping centers across Germany, Poland, Austria and Hungary totaling around 899,000 square meters of rentable space. The company focuses on long-term growth through prime locations, high occupancy rates, and professional management. Key figures show increasing revenue, earnings, and dividends paid over the past decade, demonstrating stable growth.
Nearly 900 million handheld computers are expected to be in use by 2015. How relevant is this shift to mobile and the growth of apps? Benedict Evans, consultant with media & technology analyst firm Enders Analysis, believes we are in a fundamental transition in the way we use digital
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
SERI 2011 Korea Economic Forum
External risks continue to threaten the global economy but Korea’s economic growth will likely improve in the second half of 2011 and free trade agreements are poised to increase expansion substantially. Those were among the points made at the Korean Economic Forum, co-hosted by Samsung Economic Research Institute and the Korea JoongAng Daily at the Hotel Shilla on May 25. Among the many distinguished guests were ambassadors, CEOs and foreign correspondents.
The document outlines MMX's 2010 financial results, which showed record sales volumes, revenues, profits, and the company's first ever positive EBITDA of R$120.6 million. An audit of MMX's resources by SRK Consulting estimated total measured, indicated and inferred resources of 1.466 billion metric tons across various sites. The document also lists the next steps in MMX's planned voluntary takeover offer for PortX shares.
Deutsche EuroShop is Germany's only public company that invests solely in shopping centers. It owns interests in 19 shopping centers located primarily in Germany, with a total lettable space of approximately 899,000 square meters. Deutsche EuroShop aims for long-term growth and stability through a buy and hold strategy focused on high quality shopping centers with long-term leases. Some highlights include revenues of €138 million for the first 9 months of 2011, a net initial yield of 5.89% on its portfolio, and occupancy rates above 99% across its centers.
The document contains data on app installs, usage, registrations, and online activity for Absolute Radio Network from 2009 to 2012. It shows:
1) App installs grew significantly from 2009 to 2012, especially for Android and iPhone.
2) App active users and sessions peaked in late 2011 and early 2012 before declining slightly.
3) Total account registrations, including mobile and desktop, increased steadily throughout the period shown.
4) YouTube video views and engagement in terms of likes, comments, and shares also increased over time.
This investor handout provides an overview of Bayer's financial performance in Q1 2012 and outlook for 2012. Key points include:
- Sales and earnings grew in Q1 2012 compared to Q1 2011, with a 5% increase in sales and double-digit increases in EBIT and EPS.
- The outlook for 2012 projects further sales and earnings growth, with sales expected to increase around 3% and EBITDA and EPS expected to slightly improve.
- Bayer has mid-term targets through 2014 to increase sales and profitability across its business segments, focusing on innovation, growth, and productivity.
Metso Corporation Interim Review January - March 2012 presentationMetso Group
The document provides an interim review of Metso Corporation for the first quarter of 2012. Some key highlights include:
- Order intake was strong at EUR 1,920 million, up 4% year-over-year. Net sales increased 22% to EUR 1,755 million.
- EBITA before non-recurring items was EUR 140 million, up 14% compared to Q1 2011.
- The mining and construction segment performed well with a 47% increase in EBITA. Automation profitability was weak.
- Cash flow was strong with free cash flow of EUR 116 million and cash conversion of 135%. The balance sheet remains solid.
1. SK Group is a Fortune 100 company with diversified businesses across energy, chemicals, IT/telecommunications, marketing, trading and services. In 2011, it had $117.7 billion in revenue and 52,377 employees worldwide.
2. SK C&C is one of South Korea's leading IT service providers. It offers total IT services to customers across industries and has over 4,000 employees.
3. SK C&C recruits both experienced hires and fresh graduates. The recruiting process involves an online application, written tests assessing skills and personality, an individual presentation, team activities, interviews, and a medical checkup. Around 80-100 candidates are ultimately extended offers out of over 50,000
The document provides an agenda and information on home appliance and automotive segments for SNC. It includes data on air conditioner production in Thailand from 2010-2012 with major makers accounting for 75% of production. Pages also show sales, earnings and ratios for SNC's home appliance and automotive segments in 3Q12 and comparisons to prior periods. Key financial metrics like ROA, ROE, debt levels, share prices and dividends are also summarized for SNC.
This document provides mobile app usage data, online traffic statistics, and audience metrics for Absolute Radio Network. Key points:
1) Absolute Radio's mobile app installs increased year-over-year, with over 193,000 installs in Q4 2012 across various mobile platforms.
2) The network saw growth in both active mobile app users and sessions in 2012. Station Players was the most used app with over 200,000 active users in December 2012.
3) Online traffic to Absolute Radio sites and YouTube videos increased throughout 2012 across various metrics like unique visitors, page views, and video views.
4) Audience awareness and reach of Absolute Radio Network grew in the UK, with prompted awareness rising to
This is the latest Malaysia SMEs Census. The report consist of total number of companies in Malaysia, total SMEs in Malaysia (small, medium, micro), the SMEs main sectors, total SMEs by states, SMEs productivity, wages, data on women-owned SMEs, access to financing, ICT utilization among SMEs and marketing activities in SMEs.
Deutsche EuroShop is Germany's only publicly traded company focused solely on shopping centers. It owns interests in 18 centers across Germany, Poland, Austria and Hungary, with a total lettable space of around 848,000 square meters. Deutsche EuroShop aims for long-term growth and stability through a buy-and-hold strategy of prime shopping centers with long-term leases and a diverse tenant base. The company's goals include annual portfolio growth of 10% and a stable dividend yield of around 4%.
Navigating Vietnam's Digital Media 2011Tony Truong
Vietnam's digital landscape is evolving rapidly. In 2011, some key digital trends included the growth of mobile applications and augmented reality games on smartphones. Mobile tagging using QR codes was also emerging as a way to provide interactive content and coupons. Location-based services were utilizing online maps for advertising and deals. User-generated content through mobile phones was also increasing, with taking photos and videos being popular activities. Social media sites like Facebook and YouTube were gaining popularity despite some blocking. Group buying online and search engine optimization were also developing as marketing strategies in Vietnam. Integrating digital and offline advertising through techniques like mobile codes on TV and augmented reality billboards was starting to connect people across media.
Similar to Tim meeting with investors - sep 2012 (20)
TIM Part - Apresentação Institucional - 2T20TIM RI
O documento fornece uma visão geral do mercado brasileiro de telecomunicações. Apresenta dados sobre a economia brasileira, classes sociais, desemprego, endividamento e confiança do consumidor, destacando os impactos da crise e da pandemia. Também compara o mercado brasileiro com outros países, mostrando que o Brasil possui a 5a maior base de clientes móveis do mundo, mas com oportunidade de melhorar o ARPU.
This document provides an overview of TIM Brasil, including its business segments, strategy, and financial highlights. It discusses TIM's position as a challenger operator in Brazil with national presence and the best 4G coverage. It also outlines TIM's fiber infrastructure and initiatives in connectivity solutions, IoT, and residential broadband. The document reviews TIM's 2019 financial results and highlights growth in revenue, EBITDA, margins, and TIM Live. It also discusses TIM's focus on ESG and digital inclusion programs.
The document is a presentation by TIM Brasil for investors that covers several topics:
- An overview of TIM Brasil including its history, financial results, and corporate governance practices.
- Analysis of the Brazilian mobile market trends showing a shift to mobile data and postpaid subscribers as well as network upgrades.
- TIM Brasil's positioning in the market with a focus on mobile, particularly growing its postpaid base, and its network and service investments.
- Highlights of TIM Brasil's financial and operational results and KPIs in recent years showing consistent growth above market averages.
This document is a presentation by TIM Brasil to investors in June 2020. It summarizes the impacts of COVID-19 on Brazil, including major economic impacts like a decline in GDP forecasts and a drop in retail sales. It also discusses government measures taken in response like assistance payments and tax relief. The presentation then discusses TIM's quick response to the pandemic to care for employees, customers, and society. It provides an overview of the mixed impacts on TIM's business so far and its strategic pillars for the future, including investing in infrastructure, pursuing disruptive efficiency, growing its mobile and ultra-broadband businesses, and developing new revenue sources.
This document provides an institutional presentation by TIM Brasil for the 1st quarter of 2020. It includes the following sections:
- About TIM - Provides an overview of TIM Brasil as an operator with national presence and best 4G coverage, as well as its fiber network, residential broadband, IoT, and financial highlights for 2019.
- Market Overview - Discusses the Brazilian market context, including the economic environment, consumer demographics, and trends showing increased data usage and prominence of internet/mobile services.
- Infrastructure - Will describe TIM's network infrastructure.
- Strategy and Positioning - Will outline TIM's strategic priorities and positioning.
- Operating Evolution -
O documento apresenta uma visão geral do mercado brasileiro de telecomunicações no 1T20. A economia brasileira enfrenta desafios como a lenta recuperação e o impacto da pandemia, mas o setor ainda é relevante globalmente e oferece oportunidades de crescimento de receita média por usuário. A apresentação também discute a dinâmica do consumidor brasileiro e suas classes sociais.
The document provides an overview of TIM Brasil's business as of April 2020. It discusses TIM's market positioning in Brazil as the country transitions to increased mobile internet and data usage. TIM has transformed its customer base from primarily prepaid to incorporating more postpaid subscribers. The presentation also outlines TIM's portfolio of mobile and home broadband products and services to address evolving customer needs.
TIM Brasil's 4Q19 institutional presentation provides an overview of the company, the Brazilian telecommunications market, TIM's strategy and financial results. Some key points:
- TIM is Brazil's second largest mobile service provider and has the best 4G network coverage nationwide. It is expanding its fiber network and residential broadband customer base.
- The Brazilian economy showed slow recovery in 2019 but structural drivers point to improving conditions. Mobile internet usage is growing while traditional fixed services decline.
- TIM's strategy focuses on leveraging infrastructure investments, expanding fiber broadband and driving digital transformation. In 4Q19 it achieved its highest ever EBITDA and margin as well as strong cash flow growth.
1) O documento apresenta os resultados financeiros da TIM Brasil no 4o trimestre de 2019.
2) Apresenta informações sobre a estrutura acionária, governança corporativa e compromisso com a sustentabilidade da empresa.
3) Fornece uma visão geral do mercado brasileiro de telecomunicações, incluindo dados sobre o cenário macroeconômico e tendências de consumo.
[1] O documento apresenta o plano estratégico da TIM Brasil para os anos de 2020 a 2022.
[2] O plano visa evoluir iniciativas já implementadas e transformar habilidades nos próximos 3 anos, focando em infraestrutura, eficiência disruptiva, móvel, banda larga fixa, novas fontes de receita e ESG.
[3] Detalha investimentos em rede móvel e fixa, transformação digital, eficiência de processos, mudança do foco de volume para valor no segmento móvel e
This document provides a summary of TIM Brasil's strategic plan for 2020-2022. The strategic plan has two pillars - evolve and transform. Under evolve, TIM aims to move from volume to value in mobile business and grow broadband with financial discipline. Under transform, TIM aims to implement new operating models, drive additional growth through adjacent markets, and focus on infrastructure, disruptive efficiency, mobile, UBB, new revenue sources, and ESG. The plan outlines initiatives across these areas around network expansion, IT transformation, efficiency improvements, and leveraging assets in new business areas like IoT and mobile advertising.
TIM Participações S.A. and its subsidiary TIM S.A. released an update to their 2020-2022 Strategic Plan and guidance. The update reaffirms commitments to (1) cost control measures to improve profitability and exceed a 40% EBITDA margin by 2022, (2) efficient capital allocation focused on network and IT infrastructure projects, and (3) continued expansion of cash generation by growing the EBITDA-CAPEX over revenues indicator above 20%. The strategic plan update is presented after TIM achieved many of its 2019-2021 plan goals despite a slower economic recovery than projected. The new plan targets mid-single digit service revenue growth and EBITDA growth annually through 2022.
O documento resume o plano estratégico 2020-2022 da TIM Participações S.A. e sua subsidiária TIM S.A. para os próximos 3 anos. O plano estratégico mantém os pilares de 2019-2021 com foco em (1) preparar a infraestrutura para o futuro com 5G e automação, (2) mudar do volume para o valor no negócio móvel, (3) capturar oportunidades de crescimento na banda larga fixa, e (4) aprimorar a eficiência para manter a liderança
This document provides an overview and summary of TIM Brasil's 3Q19 financial results. Some key highlights include:
- Service revenues grew 1.0% YoY in 3Q19, with gradual and continuous growth acceleration.
- EBITDA grew 6.8% YoY in 3Q19, with EBITDA margin expanding to 39.6% in 3Q19 from 37.9% in 3Q18.
- Solid cash generation with R$4.2 billion in service revenues and R$1.7 billion in EBITDA in 3Q19.
This document provides an overview and summary of TIM Brasil's company presentation from December 2019. The 3-sentence summary is:
TIM Brasil has transformed its customer base through migration from prepaid to postpaid plans, supporting revenue growth from prepaid declining and postpaid and other revenues increasing. The presentation outlines TIM's market positioning, recent financial results for 3Q19, and its strategic plan for 2019-2021 to further the customer base transformation and consolidate growth through investments in quality, price, and an expanded portfolio. Financial results for 3Q19 are presented on a pro forma basis excluding impacts from new IFRS accounting standard adoptions for comparability over time.
O documento apresenta os resultados financeiros da TIM Brasil no 3T19, discutindo sua posição no mercado, estratégia e desempenho operacional e financeiro. Apresenta também as perspectivas da empresa para o futuro.
TIM Brasil held an institutional presentation for the third quarter of 2019. The presentation provided an overview of TIM's business including its position in the Brazilian market, operational and financial highlights, and outlook. It noted that TIM is the #2 mobile service revenue operator in Brazil with national presence and the best 4G coverage. It also discussed the Brazilian telecommunications market trends including growing data usage and shift to postpaid plans. The presentation contained sections on TIM's strategy, operating and financial evolution, and future opportunities in areas like 5G and fiber broadband.
Tim Part's Presentation - CS 2019 TechFin & Telecom ConferenceTIM RI
1) TIM Participações discussed expanding into new markets like financial services and mobile advertising by leveraging its existing assets such as partnerships, sales channels, big data analytics, and billing capabilities.
2) TIM's prepaid digital wallet has over 33 million users transacting over R$513 million per month on telecom, content and other services. It is also expanding into microfinance and insurance.
3) TIM has a strong salesforce through its own shops and resellers, and its app has over 11 million users that help increase service acquisition and customer engagement.
This presentation provides an overview of TIM Brasil, the Brazilian telecommunications subsidiary of Telecom Italia. It summarizes TIM's solid financial and operational results in recent years, with growing revenue, EBITDA, and margins. It also outlines key trends in the Brazilian mobile market like increasing data usage and the transition to postpaid plans. Finally, it positions TIM as well-suited to capitalize on new demands through its fiber network and focus on customer experience as it executes a consolidation strategy from 2019-2021.
O documento apresenta uma visão geral do mercado brasileiro de telecomunicações e das tendências do setor. Apresenta dados sobre a população brasileira, situação econômica, mercado móvel global e hábitos dos consumidores, destacando o crescimento do uso de dados móveis e aplicativos.
4. Mobile Business is GDP-plus phenomenon
Brazilian real GDP growth Mobile Serv. Revenue growth
R$ Billion
+1.9% +11.0%
+2.7% +12.7%
+7.5%
+9.6% 68,8
+9.1% 62,0
-0.3%
50,2
55,0 Mobile will
46,0
continue to
take great part
of growth
2008 2009 2010 2011 2012* 2008 2009 2010 2011 2012*
*Market Expectations as of August, 03rd(Focus BC) *Expected (ML Matrix)
Demographic Global Mobile Markets Global Mobile Markets
improvements Annual Service Revenues 2011 Subscribers 2011
2003 2008 2014 173 986
Mln of people 108 894
C lass 82 332
A/B 13 20 31 4o
246*
37 4o
C 66 93 113 126
31
D 47 46 40 114
28
E 49 30 16 92
27 77
Above From R$1,115 From R$768 From zero
R$4,808 to R$4,808 to R$1,115 to R$768 23 US$ Bln 64 Mln Subs
Source: BofA ML Global Wireless Matrix 2Q12; Teleco; IBGE * Including Nextel 4
5. Continuous Reshaping of the Brazilian TLC Market
Market Transformation
R$ Billion
106 117 126 134
Mobile over
Fixed (44%) (40%) Fixed”:
(56%) (48%)
towards 60/40
split
(52%) (56%) (60%)
Mobile (44%)
2009 2011 2014 2016
Force Fixed- Mobile Internet
Mobile competitive vs
substitution <2 Mbps wireline
(voice) BB accesses
Voice is Good (Push the FMS) Internet for All
R$ Billion R$ Billion
96 52
82
Fixed 51 24
29
Fixed 28
53 10
Mobile 45
Mobile 8
2
2009 2016 2009 2016
5
6. FMS Secular Trend Remains on Play
Fixed to Mobile Substitution… …impacting Fixed Incumbents … benefiting Mobile Segment
Fixed Tariff Premium over Mobile Lines in Service Lines
ARPM (R$/min) (D% yoy) (D% yoy)
Mobile 3Q11 +18.0%
-4.9% 3Q11
40% mobile
discount -4.5% 4Q11
4Q11 +18.6%
-4.0% 1Q12 1Q12 +18.6%
Fixed
-3.4% 2Q12 2Q12 +17.6%
2006 2007 2008 2009 2010 2011 2012
Fixed Revenue Mobile Revenue
Mobile Outgoing price (% YoY) -23% -14% (D% yoy) (D% yoy)
-7.0% 3Q11 3Q11 +11.5%
Leading Traffic to a Sharp Increase
-8.0% 4Q11 4Q11 +12.4%
(Bln Minutes)
22.6 23.8 -7.6% 1Q12 1Q12 +14.5%
20.1 21.8
17.5 18.4
-8.5% 2Q12 2Q12 +7.9%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
Integrated EBITDA Mobile EBITDA**
(D% yoy) (D% yoy)
Leadership in LD Market Share
(% Minutes) -6.2% 3Q11 3Q11
Category 4 +11.7%
88.2%
66.5% -5.9% +9.6%
53.3% 49.8% 48.5% 48.3% 49.7% 4Q11 Category 3
4Q11
6.7% 45.8% -0.6% 1Q12 1Q12
Category 2 +12.7%
28.3% 42.0% 47.8% 47.7% 48.1%
jun/09 jun/10 jun/10 dec/10 jun/11 dec/11 mar/12 -10.0% 2Q12 Category 1
2Q12 +6.0%
TIM Incumbents* -7,0%
* Telemar, Brasil Telecom, Telesp e Embratel. Source: Companies results and Teleco. **Represented by TIM 6
10. Q2 Financials Highlight
R$ mln
Guidance
2Q12 2Q11 Var. % YoY 1H12 Var. % YoY
>10%
Total Revenue (reported) 4,547 4,252 +7.0% 9,016 +12.6%
P Confirmed
Total Revenue (MTR adjusted) 4,668 +9.8% 9,180 +14.7%
>10%
EBITDA (reported) 1,214 1,145 +6.0% 2,383 +9.2%
P Confirmed
EBITDA (MTR adjusted) 1,262 +10.2% 2,453 +12.4%
~R$3 bln
CAPEX 1,057 724 +45.9% 1,600 +56.4% P Confirmed
(+R$0.5 Mln licenses)
Anticipation
focused on
Network
Leadership in Prepaid segment MTR cut (-R$121mln rev; -R$48 mln
Main Fastest data growth (+40%YoY) and Quarter EBITDA)
smartphone at 35.2% of total base Macro-economic and competitive
Achievements Impact environment
TIM Fiber started-up (Live TIM brand)
TIM Fiber start-up costs (~R$11 mln)
10
11. Effects on Q2: MTR and Macro Environment
MTR Macro Environment
Total Net Revenues P Macro economic scenario slowdown in 1H12 vs. 1H11 (i.e.:
P -R$121 mln impact on net
level of indebtedness; high commitment of income to debt
(R$ billion) service revenues and -
payment; GDP lower growth)
R$48 mln on EBITDA
4.7
+10%
0.1 GDP Quarterly Growth (YoY)
4,5%
4,2% 3,9%
3,3% 3,1%
P Still no elasticity coming on
4,0%
4.5 3,5%
4.3 +7% and traffic reshape to offset
3,0%
2,5%
2,1% 2,2%
MTR impact
2,0%
1,4%
1,5%
1,0%
0,8% 0,7%
2Q11 2Q12 0,5%
0,0%
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12e 3Q12e 4Q12e 1Q13e
EBITDA
P FMS will lead to lower
(R$ billion) Handset Sale
dependency on MTR
Net Revenues Volume
1.3
+10% 83%
0.1 D YoY 143%
1.2 11%
1.1 +6%
-28%
2Q11 2Q12 2Q11 2Q12 2Q11 2Q12
P Short term competition aggressiveness
Revenues Costs
Drivers to softening these
Keeping the Innovative Macro scenario Intelig/ TIM Fiber EILD regulatory
impacts
approach improvement (leased lines swap) framework
2Q12 4Q12
11
Source: BCB, Bradesco Corretora and Company’s estimates
13. Growth Backed by Efficiency Approach
Customer Base Growth SAC and SAC/ARPU
(% YoY) (R$) P Continuous growth on pre-paid
26,8%
-210Bps 24,7%
+830Bps SAC/ 2.6 and acceleration on postpaid
18,5% ARPU
23,9%
Prepaid +860Bps 63 1.6
1.4
15,3%
+360Bps 35
P But with a rational approach:
Postpaid 11,7% SAC
(R$) 26
-44% -26% o significant subscriber
2Q10 2Q11 2Q12 2Q10 2Q11 2Q12 acquisition cost drop
o continuous bad debt
downward trend
Handset Subsidy Bad Debt Trend
(R$ million) (as % of Gross Revenues)
1.83% Sustainable business model
85 1.08%
Capitalized o Low bad debt
Subsidy 0.92%
o No subsidies
0 0
o Freedom to customers
2Q10 2Q11 2Q12 2Q10 2Q11 2Q12
13
14. Innovation Platform Generating Value
Pre Paid – Customer Base Post Paid – Customer Base
(000 lines) (000 lines)
Combining volume and
+25% 10,001 value throughout a complete
+24% 58,873 +15%
8,019
47,506 6,956 and unlimited platform of
+27%
37,469 services (local and LD calls,
SMS and data)
2Q10 2Q11 2Q12 2Q10 2Q11 2Q12
Volume of Top Up growth MOU and Post paid Churn Pre-paid consistent growth
(Mln recharges) (Minutes, % of lines)
Post-paid taking-up with
+3%
+24%
increasing traffic and lower
MOU
+18%
disconnections…
+42%
Churn
..even with no handset
-80Bps -50Bps
subsidy policy and no loyalty
2Q10 2Q11 2Q12 2Q10 2Q11 2Q12
14
15. Internet Take-Up Supported by Best Handset and Offering
Data Revenues Smart/Web phone Penetration
(% of Gross Mobile Service Revenues) (% smartphones/total CB (lines)
+490Bps
35.2%
18.7% 31.1%
18.1% 26.6%
16.7% 19.5%
15.7% 15.4%
12.6%
14.6%
13.8%
Value Added Services Revenues
(R$ billion) 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
% sold
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
1.03 48% 54% 71% 70% 77% 79%
+40%
0.73
SMS unique users growth Data users
(daily unique users) (monthly unique users)
18,907
2Q11 2Q12
+53%
~3X 12,391
2Q11 May 12
1Q11 2Q11 3Q11 4Q11 1Q12 2Q12
3G coverage
(% of urban
57% +1,100Bps 68%
pop.)
15
16. Consistent EBITDA and Net Income Growth
EBITDA Evolution From EBITDA to Net Income
(R$ Mln) (R$ Mln)
1,214
Handsets Rev.: +55
COGS: -43 R$54 mln one
off event due to
mark to market
+240 +12 +27 -172 -664 hedge position
-38 1,214
1,145
550 -64
26.9% EBITDA Margin 26.7% -140 347
32.7% Service EBITDA Margin
32.2%
EBITDA Depreciation/ EBIT Net Taxes Net
EBITDA Services Handset Marketing Network Personnel EBITDA 2Q12 Amortization Financial and Income
2Q11 Revenues Margin and Sales and ITX G&A and 2Q12 Result Others 2Q12
others
expenses
ΔYoY +6.4% -14.4% -2.8% +15.1% +8.7% ΔYoY +6.0% +7.8% +3.9% +44.6% +3.2% -0.9%
16
17. Cash Position Analysis
Capex D Working Capital
(R$ Mln) (R$ Mln)
2Q11 2Q12 Var D WC: R$230 mln
YoY
Network 61% 67% 600 Bps
IT 22% 28% 600 Bps 147
Others 17% 5% -1,200 Bps
1.057
-82
724
+46%
436 -260
2Q10 2Q11 2Q12
2Q10 2Q11 2Q12
OFCF Net Debt
Including TIM Fiber
(R$ Mln) (R$ Mln) net debt = R$87 mln
DOFCF R$-34mln YoY
DEBITDA-CAPEX = -R$261mln 2,520
D WC R$230mln 2,278
D Other –R$3mln 1,998
339 305
230
2Q10 2Q11 2Q12
Net DEBT/
2Q10 2Q11 2Q12 EBITDA 0.68x 0.45x 0.47x
(trailing 12m)
17
18. Conclusions and 2H12 Outlook
• TIM managed to maintain its solid operational improvements amid
tough 1H12 (macro-economic and competitive scenario)
Conclusions
• Data services continued at a solid pace
• Leadership in market share of net addition for 8th consecutive
quarter is a clear signal how TIM’s offer is indeed the best value option
• Operational efficiency set the tone, with significant subscriber
acquisition cost (SAC) and bad debt reduction
• Focus on network development, quality improvement and
communication to defend post-paid segment and reverse the bad
perception from Anatel ban
Outlook
• Insist on FMS trend with an innovative approach
• Support data revenues growth through smartphone penetration and
network strengthening
• Launching TIM Fiber (Live TIM)
18
20. TIM is Not the Worst in Quality!
=> Network KPIs
SMP 5 – Originated Calls Completion SMP 7 – Drop Calls
(% of completed calls) (% of drop calls)
Player A TIM Player B Player C Player A TIM Player B Player C
Apr-11 Apr-12 Apr - 11 Apr - 12
=> Commitment on Quality Improvement
Anatel Ranking of Complains Procon Ranking of Complaints TIM Call Center Index of Complaints
(SMP Compl./ Lines in Service * 1000) (Compl. of Integrated System of Procon) (Points)
-30%
Player A TIM Player B Player C Player A TIM Player B Player C
Mar-11 Mar-12 Jun-11 Jun-12 2Q11 2Q12
Source: Anatel, Procon and Company 20
21. Capex Allocation 2012-2014
R$ Million 2012 2013 2014 2012-2014
Total Infrastructure - Capex 2,764 2,733 2,776 8,184
Licenses 473 473
Others - Capex 351 248 266 865
TOTAL Capex 3,498 2,981 3,042 9,521
In 2012, due to the injunction, TIM
redistributed its Capex, allocating R$451 Mln
for projects related to Quality Improvements.
21
22. National Plan: Fiber Network
National and Metropolitan Fiber Network
OTN: Expansion Plan (w/Swap, w/ AES)
LONG DISTANCE METRO TOTAL
2011 KM 21,364 KM 7,532 KM 28,896
2012 KM 27,973 KM 9,705 KM 37,678 Macapá
2013 KM 36,540 KM 10,666 KM 47,206 Boa Vista Belém
M São Luis
M
2014 KM 41,308 KM 11,656 KM 52,964 Fortaleza
M
2012-’14 M Tucuruí Natal
M
Building + Swap + AES Manaus M
Teresina M João Pessoa
KM 24,068 M
Recife
Petrolina
M Maceió
P. Velho
Palmas M
M
Aracaju
Rio Branco
M
Cuiabá M
Salvador
Brasília
M
Goiânia M
M
BHE
M
FTTS: Construction of 14 MAN (Metropolitan Rings) by YE2012 M
M
M M M Vitoria M
Campo Grande M Campos
Maringa M M
M
M
M M
M
Rio de Janeiro
M
São Paulo
M
M
M Curitiba
M
M
Florianópolis
M
M
Porto Alegre
22
23. Improvement Plan Outlook
=> Commitment on Network Development
# TRX # Data Channel Elements Km of Fiber
(„000) („000) („000 km)
741
271 53
241 47
205 517 38
181 33
157 29
328
250
+75% 139 4.3x +84%
2011 1H12 2H12 2013 2014 2011 1H12 2H12 2013 2014 2011 1H12 2H12 2013 2014
=> Commitment on Quality Improvement
SMP 5 – Call Completion SMP 7 – Drop Call SMP 9 – Drop of Data Connections
(% of cluster above target) (% of cluster above target) (% of cluster above target)
92% 96% 97% 100% 100%
87% 93% 98% 100% 100%
76% 82%
+400Bps
+1,600Bps +700Bps
1H12 2H12 2013 2014 1H12 2H12 2013 2014 1H12 2H12 2013 2014
23
25. What is TIM Fiber
AES: widespread network in SP and RJ (urban area) Network Scale-up
(Km)
5,316
A unique
RJ 50% Network
1,650 P Mission:
1,500
SP 50% Build the strongest network in Brazil
100% 91%
9%
P Rational:
AES Telefonica Oi-Telemar
Infrastructure 1) Increase of capacity and
in SP capillarity:
a. Backhauling: additional 5,300
km in top 2 cities
b. Most valuable asset to swap
with other operators
2) Network cost structure
transformation
a. Opex (leased lines)
Complementary Backbone Backhauling Access b. Capex avoidance (eg. FTTS)
Capillarities E 3) Prevent OPEX increase from
D
A A leased lines in the case other
C
operator buys the company
B
(AES prices are ~50% lower
than Telefonica)
TIM/Intelig Mobile
Fixed
AES
(last mile)
25
26. Brazilian Broadband Market: Low Performance
Incumbents Internet speed Distance: Performance vs average distance from the central
Share by speed Central distance
Market Share Speed Share
10% 14% <2MB
21% 20% > 2km
Altern. >12M
2-12M 65% 36% 80%
61%
2-5MB
3% 73%
45% 22% 80%
55%
75%
43%
31% < 2km
29% 20%
Incumbent 13% >5MB
<2M 4%
BR UK US Italy Brazil Developed
Countries
• Current incumbents’ base has low performance…
• ...situation should not change in the near term due to the high distance
between clients and the central through the existing cooper network
Fonte: BofA Merrill Lynch 2011 Global Wireline Matrix, Teleco, Nielsen and State of the Internet Q1 2012 (Akamai) 26
27. Marginal CAPEX required to connect customers
Investment per active household (R$)
Metropolitan Street Internal
Installation Modem
Network Equipment Network
Aerial
~500
network
+ ~250 + ~125 + ~200 + ~125 ~2400
Underground
~1,700
nertwork
~500
• AES Acquisition: • Power Node • Installation. using • Not Necessary: • VDSL Modem:
fully exploiting (MSAN) + premises existing building already existing cost efficient
existing fiber access: high infrastructure connection solutions with
network with high flexibility. time to (jumper. DDF) belonging to high standardized
capillarity (5,500 market and costs the building products
Km in SP/RJ). “i.e. efficiency
drop instead of (standardized
last mile” solution)
27
28. TIM Fiber: Accessing value creation perspective
R$1.1 Bln R$0.4 Bln
Savings in Transport CAPEX and OPEX Corporate Segment Acceleration
• Sites directly connected with fiber: • SP and RJ metropolitan areas represent 35% of the
- Reducing leased lines OPEX national corporate market
- Avoiding future CAPEX and OPEX • Intelig with ~4% of SME market share
• Increasing sites capacity for speeds 4G like • Capillary access network allows quick installation
and fast growth
+ TIM Fiber
+ TIM Fiber
Total
R$4.8 Bln
R$0.8 Bln R$2.5 Bln
Mobile Data Acceleration Launch of the Residential Broadband
• Higher speeds in mobile access • Market in strong growth. with potential to grow ~R$
• High transport capacity. eliminating bottlenecks 2 Bln over the next 4-5 years
• Possibility to accelerate FMS also through modems • Residential market underserved by incumbents.
which present low performance due to old copper
networks
+ TIM Fiber TIM Fiber
28
29. Network and Marketing Highlights
MSANs
Homes
Optical Passed Ready
network Backbone to Sell
Network 2
Construction 1
220k
3
Buildings authorized Building’s accessed MSANs installed
5,700 2,100 214
Market Demand Quality of Service
(Units) (Mbps)
35
Download 1,8
Website
63k Speed
Registration
Market Market Average Live TIM
Demand and
Quality of 20
Service 0,4
Upload
Activation 1k Speed
Market Average Live TIM
29
30. Offering: Live TIM
TIM Fiber vs. Peers
Speed 35 Mbps 50 Mbps 1 Mbps 30 Mbps 15 Mbps 35 Mbps 50 Mbps 10 Mbps 20 Mbps
R$ 84.70 Don’t Offer R$162.80 R$362.80 R$129.90 R$179.90
Naked R$89.90 R$119.90 (R$ 29.80 w/ R$119.11 (R$ 79.90 w/ (R$ 99.90 w/ (R$299.90 w/ (R$59.90 w/ (R$99.90 w/
Price fixed) fixed) fixed) fixed) TV) TV)
-25%
Unlimited Fixed 10k min local + 25
Unlimited Unlimited Fixed on-net local + LD min mobile + 25 LD Unlimited local + LD
Fixed (+ R$39.90) (+ R$54.90) (+ 69.90) (+ R$68.90) (+49.90)
R$129.80 R$159.80 R$84.70 R$174.01 R$149.80 R$168.80 R$368.80 R$179.80 R$229.80
Bundle
(BB + Fixed) -25% -13% -23% -56%
Suspended
Bundle R$179.70 R$209.70 R$144.60 R$199.70 R$218.70 R$428.70 R$184.70 R$224.70
Sales
(+ Basic TV) -7%
Discount: TIM Fiber 35Mbps vs others
Discount: TIM Fiber 50Mbps vs. others
30
32. 2012-14 Drivers of Growth
CAGR 11-14
3 Ways of Growth Revenue Growth
R$ billion
17.1
Total 13.8 14.5
Double digit
Revenue growth
15.3 Fixed
12.8 13.6
0.8
0.6 0.7
Services
Revenues 12.2 12.9 14.5 Mobile
90 25% VAS
200 mou
mln lines Incidence
2009 2010 2011 2012 2013 2014
Community Expansion FMS (Voice) Internet for All
Mobile Customer Base FMS – Voice (MOU) Internet for All (Mobile Data)
Million of lines Minutes of usage per line Data as % of Service Revenue
250
~200 ~25%
200
90
129
116
150
14%
64 11% 12%
83 Double digit Double digit
51
100
41 Double digit growth growth
growth 50
Outgoing Voice Revenues Data Revenues
0
2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014
32
33. Network Continuous Evolution
Network roadmap 2G (TRX Installed) 3G roll out
000 TRX Pop %
2G Managing the growth
271 >80%
Speed up the toll out in
3G 157
HSPA mode 64%
>10,000 hot spots by
WiFi
YE2012
2011 2014 2011 2014
FTTS Deployment in Top 42 cities
FTTS Fiber Network
FTTH ~1 Mln households by 2015
% of total traffic 000 km
Efficiency >50,000 km in fiber optic
50% 53.0
42 Cities 24.1
TIM Fiber
TIM Fiber: a “no Capex intensive” 14 Cities 28.9
approach to offer Residential Ultra BB in
2012 2014 2011 Swap + 2014
SP/RJ built out
33
34. Take-aways on main TIM Brasil trends
Revenues (New vs Old Plan)
R$ Billion
MTR glide path (-20% real term) as of feb‟12
New impacts approx. 250 bp in Revenues and
EBITDA
Old
Revenues Growth resulting from further CB, voice MOU
17.1
and internet browsing
14.5 For 2012, revenues growth at >10% YoY (vs.
15.5 R$17.1Bln in 2011)
14.5
1yr in advance
Network synergies from AES Integration
2010 2011 2012 2013 2014
Continuous efficiency in Go2Market (no
subsidy, SAC/bad debt)
Ebitda Absorbing MTR cut and TIM Fiber start-up
Organic Capex For 2012, Ebitda growth at >10% YoY (vs.
R$4.6Bln in 2011)
% of Revenues; R$ billion
19,6
20 17,5
Expanding 2G capacity and 3G coverage
15
Accelerate FTTS in Top 42 Cities and Wi-fi
10 offloading
3.0 3.0 3.0 3.0 Capex Tim Fiber start-up
nds
2.8
CAPEX CAPEX flat at 3 bln/year; R$9bn in 3 Years
excluding 4G spectrum license (R$ 382.2 mln)
2010 2011 2012 2013 2014
34
35. Offering (1/2): Prepaid & “Controle”
INFINITY Pré: prepaid plan
Base tariff: R$ 0.25/call (TIM to TIM local
and LD)
INFINITY Mais: R$ 0.50/call (TIM to fixed)
INFINITY Web (data): R$ 0.50/day
(unlimited usage)
INFINITY Torpedo (sms): R$ 0.50/day
(unlimited texting)
Liberty Controle: monthly fee R$ 27 (R$10 to
No membership fee use as wanted)
No minimum recharge required
Base tariff: unlimited local and LD calls TIM to
TIM
INFINITY Mais: R$ 0.50/call (TIM to fixed)
INFINITY WEB MODEM: Daily
internet for smartphones‟ heavy users INFINITY Web (data): R$ 0.50/day (unlimited
(>10MB/day), tablets and dongles in a usage)
prepaid concept.
INFINITY Torpedo (sms): R$ 0.50/day
Base tariff: R$ 1.99 per day (unlimited texting)
Speed Cap: 80MB per day, after cap
speed is limited to 50 Kbps.
No membership fee
35
36. Offering (2/2): Postpaid
LIBERTY WEB: postpaid unlimited
data plans for Smartphones, Tablets
and Dongles
LIBERTY WEB Smart:
R$ 29.9/month (speed cap 300 MB)
TIM LIBERTY: postpaid plan with monthly fees from R$39 to R$269
depending on the package of minutes for other operators (50 to 800 LIBERTY WEB Light:
min) R$ 35.0/month (speed cap 500 MB)
Base tariff: unlimited local and LD calls TIM to TIM LIBERTY WEB Tablet:
R$ 49.9/month (speed cap 800 MB)
LIBERTY Torpedo (sms): R$ 9.90/month (unlimited texting) LIBERTY WEB Modem:
R$ 69.9/month (speed cap 3GB + Dongle*)
LIBERTY Viagem (national roaming): R$ 9.90/month (unlimited usage
for incoming calls when roaming) LIBERTY WEB Modem Plus:
R$ 109.9/month (speed cap 5GB + Dongle*)
LIBERTY Rádios (TIM-radio): R$ 9.90/month (unlimited local and LD
calls to radios) *12 x R$8.90 – no fine appliance nor contract
LIBERTY PASSPORT VOZ (Americas
BEFORE: LIBERTY PASSPORT: Voice and data and Europe) - R$29.9/day: unlimited
Roaming Offer: (US$/min) postpaid offers for international incoming calls and 50 minutes of outgoing
Americas : roaming in a daily charge concept calls (local roaming calls and calls to TIM
Outgoing: Local – 1.99 / Home – 3.99
fixed and mobile numbers in Brazil)
Incoming: 2.69
Data – R$ 33.0/MB LIBERTY PASSPORT WEB (Americas) -
Rest of World: R$29.9/day: unlimited data / Europe -
Outgoing: Local - 2.39 / Home – 4.99 R$39.9/day
Incoming: 2.39 More than 50 countries among 5
Data – R$ 33.0/MB continents are eligible to the offers 36
37. Historical Data: Financials (R$ Thousand)
Description 2Q10 2Q11 3Q11 4Q11 1Q12 2Q12 2Q12 %YoY
Net Revenues 3,558,982 4,251,758 4,371,388 4,710,566 4,468,319 4,547,332 7.0%
Net Revenues on Services 3,349,985 3,743,998 3,886,617 4,259,425 4,015,418 3,984,174 6.4%
Net Revenues on Products 208,997 507,760 484,771 451,141 452,900 563,158 10.9%
Operating Expenses (2,548,906) (3,106,497) (3,214,681) (3,393,790) (3,299,666) (3,332,928) 7.3%
Personnel expenses (147,520) (156,381) (158,351) (164,652) (175,997) (186,441) 19.2%
Selling & marketing expenses (854,498) (946,894) (1,010,953) (1,079,699) (1,015,274) (920,101) -2.8%
Network & interconnection (1,044,935) (1,140,126) (1,198,558) (1,281,199) (1,301,199) (1,311,753) 15.1%
General & administrative (125,981) (134,326) (110,262) (133,745) (132,180) (126,452) -5.9%
Cost Of Goods Sold (231,867) (587,588) (597,708) (544,674) (533,460) (631,464) 7.5%
Bad Debt (90,458) (66,274) (60,825) (62,451) (56,640) (62,050) -6.4%
Other operational revenues (expenses) (53,647) (74,909) (78,024) (127,370) (84,917) (94,667) 26.4%
EBITDA 1,010,076 1,145,262 1,156,707 1,316,776 1,168,652 1,214,403 6.0%
EBITDA Margin 28.4% 26.9% 26.5% 28.0% 26.2% 26.7% -23 Bps
Depreciation & amortization (771,445) (615,889) (643,829) (641,338) (656,629) (664,233) 7.8%
EBIT 238,631 529,373 512,878 675,438 512,024 550,171 3.9%
Net Financial Results (58,911) (43,974) (61,450) (100,817) (42,178) (63,588) 44.6%
Income before taxes 179,720 485,398 451,429 574,621 469,845 486,583 0.2%
Income tax and social contribution (53,757) (135,417) (134,796) (173,463) (193,407) (139,796) 3.2%
Net Income 125,964 349,981 316,632 401,158 276,439 346,787 -0.9%
Description 2010 2011 YTD 2012
Net Revenues 14,457,450 17,085,976 9,015,650
Net Revenues on Services 13,571,626 15,353,228 7,999,593
Net Revenues on Products 885,824 1,732,748 1,016,058
Operating Expenses (10,263,854) (12,429,883) (6,632,595)
Personnel expenses (586,722) (632,828) (362,438)
Selling & marketing expenses (3,483,164) (3,933,753) (1,935,375)
Network & interconnection (4,227,042) (4,724,475) (2,612,952)
General & administrative (484,609) (502,640) (258,632)
Cost Of Goods Sold (1,026,091) (2,062,552) (1,164,924)
Bad Debt (310,498) (231,529) (118,690)
Other operational revenues (expenses) (145,728) (342,105) (179,584)
EBITDA 4,193,596 4,656,093 2,383,056
EBITDA Margin 29.0% 27.3% 26.4%
Depreciation & amortization (2,993,461) (2,588,651) (1,320,861)
EBIT 1,200,135 2,067,442 1,062,194
Net Financial Results (245,457) (238,857) (105,766)
Income before taxes 954,678 1,828,584 956,429
Income tax and social contribution 1,257,038 (547,357) (333,202)
Net Income 2,211,716 1,281,228 623,226 37
38. Historical Data: Financials (US$ Thousand)
Description 2Q10 2Q11 3Q11 4Q11 1Q12 2Q12 2Q12 %YoY
Net Revenues 1,985,297 2,663,600 2,672,520 2,615,277 2,524,263 2,315,258 -13.1%
Net Revenues on Services 1,868,713 2,345,503 2,376,148 2,364,807 2,268,409 2,028,529 -13.5%
Net Revenues on Products 116,584 318,097 296,373 250,470 255,855 286,730 -9.9%
Operating Expenses (1,421,849) (1,946,128) (1,965,349) (1,884,211) (1,864,063) (1,696,949) -12.8%
Personnel expenses (82,291) (97,968) (96,811) (91,414) (99,425) (94,926) -3.1%
Selling & marketing expenses (476,662) (593,201) (618,063) (599,442) (573,553) (468,466) -21.0%
Network & interconnection (582,893) (714,255) (732,758) (711,314) (735,079) (667,874) -6.5%
General & administrative (70,275) (84,151) (67,411) (74,255) (74,672) (64,383) -23.5%
Cost Of Goods Sold (129,342) (368,106) (365,419) (302,399) (301,365) (321,508) -12.7%
Bad Debt (50,460) (41,519) (37,186) (34,672) (31,997) (31,593) -23.9%
Other operational revenues (expenses) (29,926) (46,928) (47,701) (70,715) (47,972) (48,199) 2.7%
EBITDA 563,448 717,472 707,172 731,066 660,201 618,309 -13.8%
EBITDA Margin 28.4% 26.9% 26.5% 28.0% 26.2% 26.7% -23 Bps
Depreciation & amortization (430,333) (385,836) (393,615) (356,067) (370,946) (338,192) -12.3%
EBIT 133,115 331,636 313,557 374,999 289,255 280,118 -15.5%
Net Financial Results (32,862) (27,549) (37,568) (55,973) (23,828) (32,375) 17.5%
Income before taxes 100,253 304,087 275,988 319,026 265,427 247,742 -18.5%
Income tax and social contribution (29,987) (84,835) (82,410) (96,305) (109,260) (71,177) -16.1%
Net Income 70,266 219,253 193,579 222,721 156,167 176,566 -19.5%
Description 2010 2011 YTD 2012
Net Revenues 8,231,230 10,201,868 4,839,522
Net Revenues on Services 7,724,407 9,163,550 4,296,937
Net Revenues on Products 506,823 1,038,317 542,584
Operating Expenses (5,842,070) (7,423,994) (3,561,012)
Personnel expenses (333,456) (378,222) (194,351)
Selling & marketing expenses (1,982,451) (2,348,218) (1,042,020)
Network & interconnection (2,404,499) (2,820,821) (1,402,954)
General & administrative (275,650) (300,371) (139,054)
Cost Of Goods Sold (587,945) (1,235,395) (622,872)
Bad Debt (175,766) (138,555) (63,590)
Other operational revenues (expenses) (82,302) (202,411) (96,171)
EBITDA 2,389,160 2,777,874 1,278,510
EBITDA Margin 29.0% 27.2% 26.4%
Depreciation & amortization (1,700,012) (1,547,913) (709,137)
EBIT 689,148 1,229,961 569,372
Net Financial Results (139,353) (140,652) (56,203)
Income before taxes 549,795 1,089,309 513,169
Income tax and social contribution 745,372 (325,734) (180,437)
Net Income 1,295,167 763,575 332,733 38