Did the economic crisis affect Vivo/GVT's results in 2Q15?
Vivo/GVT presented a strong growth in accesses of pay TV accesses (4.9%) and fixed broadband (1.8%) in the second quarter of 2015 (2Q15) when compared with the previous quarter.
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Mobile of mobile telephones (0.9%) and fixed telephones (0.1%) was smaller even though it had overtaken the market average in the quarter reaching -0.3% and -1.3% respectively.
However, the economic crisis may have contributed for the growth of 0.6% in total net revenue in 2Q15, always in relation to the previous quarter.
The bigger impact occurred in the growth of mobile (-0.3%) and fixed telephony (+0.5%) revenues that, together, represented 82% of Vivo/GVT's revenue in 2Q15.
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Vivo's mobile revenue was affected by the reduction of voice revenue, which was accelerated in the first two quarters of 2015.
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We can't attribute the reduction of 7.9% in vivo's mobile voice revenue in 2Q15 only to the drop in VUM value (interconnection). Franchise and usage revenue that represents 85.5% of the mobile voice revenue presented reduction of 6.4% in the quarter.
On the other hand, data revenue increased 8.4% in the quarter and it already represents 46.1% of the operator's mobile services revenue. The biggest growth (11.2%) happened in sales revenue of data packages.
In 2Q15, 43% of the Vivo's mobile accesses were smartphones (36.7% in prepaid and 58.8% in postpaid).
Inside fixed services segment a similar process is happening. Revenue of fixed broadband/pay TV increased 3.7% in the quarter and started to represent 40.4% of the operator's fixed revenue services.
In 2Q15, Vivo/GVT's performance was close to América Móvil BR's (Claro, Embratel and Net).
| 2Q15 | Vivo/GVT |
A Movil BR |
| Growth of Ner Revenue | 0.6% |
0.9% |
|
-0.3% |
0.7% |
|
2.0% |
1.0% |
| EBITDA Margin | 30.0% |
27.4% |
América Móvil presented bigger growth in total and mobile revenues. Vivo/GVT was superior in growth of fixed services net revenue and EBITDA margin.
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