What changes in the position of the Telecom leaders by sale of GVT?
The acquisition of GVT by Vivo was already approved by Anatel and is now in the final stage of analysis by CADE. If it had already occurred, the leaders in the performance indicators of Telecom Groups in Brazil monitored by Teleco would be very different in 2014.
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| Indicator | Description | Leader in 2014 |
With Vivo/GVT |
| Revenue | Net revenue | América Móvil |
Vivo/GVT |
| Accesses | Total number of mobile and fixed accesses | América Móvil |
Vivo/GVT |
| Profitability | EBITDA Margin | GVT |
Vivo/GVT |
| Revenue growth | Growth of net revenue accumulated in tne year | GVT |
Sky |
| Accesses growth | Growth of the number of accesses | GVT |
Sky |
América Móvil (Claro/Embratel/Net) was the leader in net revenue and in 2014's accesses and GVT was first in profitability and also in revenue and accesses growth.
By the incorporation of GVT, Vivo/GVT would become the leader in revenue, accesses and profitability, while Sky would reach the leadership in revenue and accesses growth.
In the first quarter of 2011, Teleco started to follow the performance of Telecom groups in Brazil through selected indicators. The following presents the results for 2014.
Revenue: América Móvil is the leader
América Móvil (Claro, Embratel/Net) led net revenue registering R$ 35.6 billion in 2014, but it would be overtaken by Vivo after the incorporation of GVT.
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Note: Oi's revenue was estimated by Teleco.
Number of Accesses: América Móvil is the leader
Similar situation happens with the accesses total.
América Móvil ended 2014 counting 100.4 million accesses (Revenue Generating Unit (RGU), followed by Vivo (95.5 millions).
 |
After the incorporation of GVT, Vivo will have 103.9 million accesses and will reconquer the leadership in the total of accesses lost to América Móvil in 2012.
 |
| million accesses | 2011 |
2012 |
2013 |
2014 |
| América Móvil | 80.5 |
88.9 |
96.0 |
100.4 |
| Vivo | 87.0 |
91.2 |
92.4 |
95.5 |
| TIM | 64.8 |
71.1 |
74.2 |
76.4 |
| Oi | 70.2 |
74.9 |
74.8 |
75.2 |
| GVT | 4.5 |
6.2 |
7.5 |
8.4 |
América Móvil leads fixed accesses - included fixed telephones, fixed broadband accesses and pay TV - with 29.3 million accesses, followed by Oi with 24.3 million accesses. Vivo is in the third position, even after the incorporation of GVT with 24.0 million fixed accesses.
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In the mobile segment, the leader in Vivo.
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Profitability: GVT leads EBITDA Margin
GVT kept the leadership in EBITDA margin in 2014 (39.8%) followed by Vivo (29.7%).
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After the incorporation of GVT, Vivo/GVT's EBITDA margin in 2014 would reach 31.1%.
| EBITDA Margin | 2010 |
2011 |
2012 |
2013 |
2014 |
| GVT | 41.4% |
41.6% |
43.1% |
41.4% |
39.8% |
| Vivo | 35.9% |
36.3% |
37.4% |
30.5% |
29.7% |
| Oi | 34.9% |
31.4% |
31.5% |
26.7% |
- |
| TIM | 29.1% |
27.3% |
26.7% |
26.1% |
28.4% |
| América Movil | 29.3% |
25.5% |
24.1% |
23.7% |
25.3% |
Note: Oi's routine EBITDA margin in 2013.
SKY leads revenue growth and GVT leads accesses
GVT led growth of net revenue (12.8%) and accesses (12.7%) in 2014.
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By the incorporation of GVT by Vivo the growth leader would be Sky. Vivo/GVT present growth of 2.3% of revenue and 4.1% of accesses in 2014.
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