Dec 14, lei de 28 de maio de 10, Parágrafo Terceiro – Compete à Diretoria exercer as atribuições que a Lei, o Estatuto Social e o Conselho de . da Companhia e o valor pago em bolsa, pelas ações da Companhia neste período, devidamente atualizado. Dec 11, (Available from ccivil_03/Leis/. Lhtm. Accessed 8/12/). BRAZIL. Law No , of 25 November.

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Pay-television utilizing MMDS technology became available in Brazil ininitially targeting the largest urban areas of the country.

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Up until Julywe operated 12 customer service centers including 4 centers for broadband services. In order to attract and retain pay-television subscribers, we are committed to continuing to offer an appealing variety of quality programming, coupled with a range of programming packages. We are encouraging Plus subscribers to switch to the Advanced package, which includes more channels and has substantially the same monthly subscription fee as that for the Plus package.

The renewal of the cable television license may also be subject to the payment of a renewal fee in an amount agreed upon by the licensee and Anatel.

In addition, we incur certain unrecoverable costs, particularly equipment installation costs, sales commissions and marketing costs, for every new subscriber we connect to our cable network. As of December 31,our cable networks passed approximately 2.

Cable television services in Brazil are licensed and regulated by Anatel pursuant to Law No. However, if we were to obtain unfavorable outcomes in these lawsuits, our operating results would be materially and adversely affected. We do not believe that these court proceedings will affect our operating performance, nor our ability to continue the negotiations with our lenders and debt holders. Two companies, Embratel and Telefonica, lead the data transmission market in Brazil.

The exception to this rule is that they may provide such cable TV services and the like in such areas when there is a clear of lack of interest of other private companies in the bidding announcement for the cable TV services operation in that area.

In order to reduce the impact of exchange rate variations on programming fees, we have entered into negotiations with our programmers, through Net Brasil, to convert programming costs from U. We also believe that, if we grow, Net Brasil will be able to negotiate better contract terms on our behalf and will pass those savings on to us.

The Brazilian government has exercised, and continues to exercise, significant influence over the Brazilian economy. Such perceptions regarding emerging market countries have significantly affected the Brazilian securities markets and the availability of credit in the Brazilian economy, from both domestic and international sources of capital. In addition, rules and policies against self-dealing and regarding the preservation of minority shareholder interests may be less well defined and enforced in Brazil than in the United States, putting holders of the preferred shares and ADSs at a potential disadvantage.


As of December 31,we had approximately 1. These violations enable our various lenders and debt holders to accelerate amounts due under their respective debt facilities and instruments. We moved to a day past due disconnection policy in late and to a day past due disconnection policy in early As a result, holders of preferred shares will lose their preferred dividend and distribution rights.

Changes in circumstances such as technological advances, changes to our business model or changes in our capital and investment strategy can result in the actual useful lives differing from our estimates leading management to revise useful lives that can be shortened for certain asset categories and extended for others depending on technological decisions made by us.

Until that point, disconnection generally would not occur until an account was days past due.

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Since then, broadband revenues have been positively impacted by this development. Improve customer satisfaction by providing reliable, high quality services and responsive customer interaction.

International investors generally consider Brazil to be an emerging market. We calculate churn by taking the total number of net disconnected subscribers excluding the temporarily blocked subscribers for a period as a percentage of the average number of paying subscribers for the same period. Any debt for equity exchange would dilute holders of our common and preferred shares and ADSs. Inwe maintained ztualizada capital expenditures at levels.

Because we were aggressively building our subscriber base during the early phase of our development, lek delinquency became a significant challenge for us, particularly in connection with the economic downturn in Brazil that began in October This carrying value includes costs capitalized for labor and overhead incurred in connection with atualizafa installation of cable systems and is stated atuaoizada cost. Data concerning total cable subscribers, total subscription television subscribers and total penetration rates in Brazil as of December 31, are based on Pay-TV Survey No.

Any increases in programming costs that we are unable to pass on to our customers would adversely affect our cash flows and operating margins.

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At the conclusion of the negotiations, we have the option, independent of any decision of Sky Brasil and Net Brasil, to accept or not accept programming from that source. Furthermore, in accordance with a number of our debt agreements, we are required to maintain specified financial ratios, including consolidated indebtedness to consolidated operating cash flow, or adjusted EBITDA and adjusted EBITDA to consolidated net interest expense.


We are the largest cable television operator in Brazil, based upon the number of subscribers and homes passed. We expect that new sources of competition, including pay-television providers who may emerge as a result of changing technology, will shape our competitive environment in the future. We expect to continue to record net losses for the foreseeable future due to our financial expenses.

Our monthly billing system is automated and utilizes computer links with large banks and, in certain cases, local telephone companies, whereby they distribute our bills to their customers and collect payment on our behalf. A number of our competitors have greater financial and other resources, including access to the financial resources of their shareholders, than we do. By providing digital cable services, we will be able to offer subscribers premium programming packages, additional channels and more value-added programming options and services, such as audio channels containing a variety of music packages, near video-on-demand and interactive services.

See note 2 to our consolidated financial statements. Roberto Irineu Marinho, the Chairman of our board of directors.

Inflationary pressures may also curtail our ability to access foreign financial markets and may lead to further government intervention in the economy, including the introduction of government policies that may adversely affect the overall performance of the Brazilian economy. Our revenues from pay-per-view 100683 are seasonal, based largely on the soccer season, and accounted for approximately 2. As a result, competing operators may build systems in areas in which we hold licenses.

As of December 31,we were not in compliance with these ratios. We do not expect to pay any cash dividends in the foreseeable future. This represents a penetration rate of only 4. These include but are not limited to the following: We believe that Vicom is an attractive solution for companies requiring reliable, high-speed connections that integrate voice, data, video and Internet communications.

We are party to several other civil, tax and labor lawsuits. All such licenses shall be nonexclusive licenses.