In the first quarter of 2015 (1Q15), Oi continued the "turnaround process started in 4Q14 (more details).
Oi managed, through a plan for reduction of costs, to elevate its EBITDA margin to 28.2% in 1Q15, close to TIM's (29.5%).
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Note: We consider Oi's routine EBITDA margin
Oi (-0.5%) and TIM (-3.3%) registered drop in revenue in 1Q15 when compared with 1Q14. The fall, in relation to 4Q14, had the contribution of seasonal effects.
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At Oi, the revenue drop, when compared 1Q15 with 1Q14, occurred inside the residential segment (-2.4%) as well as inside the corporative (-3.3%). The revenue of the personal mobile segment (cell phone excluding corporative market) increased 4.2% in the same period.
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At TIM mobile revenue, which represented 96.6% of the operator's net revenue in 1Q15, registered drop of 3.6% in comparison with 1Q14. Fixed services revenue increased 6.5% in the period.
TIM presented net adds of 29 thousand mobile accesses in 1Q15, 506 thousand of them in postpaid segment and -478 thousand in prepaid.
In 1Q15, Oi presented negative growth in the number of accesses of the main Telecom services: Mobile telephony (-1.0%), Fixed telephony (-2.0%), Fixed broadband (-0.9%) and Pay TV (-1.2%).
Oi presented net adds of -565 thousand mobile accesses in 1Q15. The carrier attributed the negative net adds of -498 thousand in prepaid to a more restrict policy to clean its clients base.
In the next quarter we'll be able to make a better evaluation of the impact of the reduction of costs in the operator's growth capacity. The expenditures with publicity and advertising, for example, that reached R$ 115 million in 1Q14, fell to R$ 33 million in 1Q15.
The drop in VU-M (interconnection) values established by Anatel has been the main factor leading to the fall in mobile revenues. Comparing 1Q15 with 1Q14, this interconnection revenue inside the mobile segment presented decrease of 34.8% at Oi and 38.7% at TIM.
In face of this scenario, operators are betting in data revenue growth.
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Oi and TIM ended 1Q15 holding almost the same proportion of data revenue in relation to mobile services revenue.
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