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-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: webmaster@www.sec.govOriginator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, V3KsngRFtBroUEhBPopnen0wcTTJeXq1Lo+L/9Pkagm+JdkMHGL+7UHJ6BsV6HZ/ wikP5/OJ5HobeWpxwTHnaA==
0000950123-06-012300.txt : 200610040000950123-06-012300.hdr.sgml : 2006100420061004140405ACCESSION NUMBER:0000950123-06-012300CONFORMED SUBMISSION TYPE:425PUBLIC DOCUMENT COUNT:32FILED AS OF DATE:20061004DATE AS OF CHANGE:20061004
SUBJECT COMPANY:
COMPANY DATA:COMPANY CONFORMED NAME:TELE NORTE LESTE PARTICIPACOES SACENTRAL INDEX KEY:0001066113STANDARD INDUSTRIAL CLASSIFICATION:RADIO TELEPHONE COMMUNICATIONS [4812]IRS NUMBER:000000000STATE OF INCORPORATION:D5FISCAL YEAR END:1231
FILING VALUES:FORM TYPE:425SEC ACT:1934 ActSEC FILE NUMBER:001-14487FILM NUMBER:061127738
BUSINESS ADDRESS:STREET 1:HUMBERTO DE CAMPOS, N? 425STREET 2:8? ANDARCITY:RIO DE JANEIRO - RJSTATE:D5ZIP:22641-560BUSINESS PHONE:3131-1315
MAIL ADDRESS:STREET 1:HUMBERTO DE CAMPOS, N? 425STREET 2:8? ANDARCITY:RIO DE JANEIRO - RJSTATE:D5ZIP:22641-560
FILED BY:
COMPANY DATA:COMPANY CONFORMED NAME:TELE NORTE LESTE PARTICIPACOES SACENTRAL INDEX KEY:0001066113STANDARD INDUSTRIAL CLASSIFICATION:RADIO TELEPHONE COMMUNICATIONS [4812]IRS NUMBER:000000000STATE OF INCORPORATION:D5FISCAL YEAR END:1231
FILING VALUES:FORM TYPE:425
BUSINESS ADDRESS:STREET 1:HUMBERTO DE CAMPOS, N? 425STREET 2:8? ANDARCITY:RIO DE JANEIRO - RJSTATE:D5ZIP:22641-560BUSINESS PHONE:3131-1315
MAIL ADDRESS:STREET 1:HUMBERTO DE CAMPOS, N? 425STREET 2:8? ANDARCITY:RIO DE JANEIRO - RJSTATE:D5ZIP:22641-560
4251e20825be425.htm425
425
Filedby: Tele Norte Leste Participaes S.A.
Filed Pursuant to Rule425 under the Securities Act of 1933
Subject Company: Tele Norte Leste Participaes S.A.
Registration Statement No333-133992
Telemar Corporate Restructuring
Oi Holdings
October 2006
KOI
OIOI3
We have filed a registration statement on Form F-4 (including the prospectus contained therein) with the SEC for the issuance of securities to which this communicationrelates. Before you vote or otherwise make an investment decision with respect to these securities, you should read the prospectus in that registration statement onForm F-4 and other documents we have filed with the SEC for more complete information about TmarPart and the transactions referred to below. You may get thesedocuments for free by visiting EDGAR on the SEC website at www.sec.gov or TNL's investor relations website at www.telemar.com.br/ri . Alternatively, we will arrangeto send you the prospectus contained in the registration statement on Form F-4 if you request it by sending an email to invest@telemar.com.br or calling +55 21 3131-1208.
Special Note Regarding Forward Looking Information
This document includes forward-looking statements. The words ''believe'', ''may'', ''will'', ''estimate'', ''continue'', ''anticipate'', ''intend'', ''expect'' andsimilar words are intended to identify forward-looking statements. You should consider these cautionary statements together with any written or oralforward-looking statements that we may issue in the future. These forward-looking statements include, but are not limited to: (1) statements aboutthe benefits of the proposed corporate restructuring to the Company and its shareholders, including statements that the proposed restructuring willfacilitate access to capital markets, increase financing resources and increase the potential liquidity of the OiPart common shares, (2) statementsabout current conditions and future trends in our industry and (3) statements about our financial condition, results of operations, cash flows,dividends, financing plans, business strategies, operating efficiencies, budgets, competitive position, growth opportunities, benefits from newtechnology, plans and objectives of our management and other matters.
These forward-looking statements are based largely on our current beliefs and expectations about future events and financial trends affecting ourbusinesses and are subject to risks, uncertainties and assumptions, including, among other things:
competition in the Brazilian telecommunications sector;
management's expectations and estimates concerning our future financial performance, financing plans and programs;
the Brazilian government's telecommunications policies and changes or developments of the regulations of Anatel applicable to our Company;
cost and availability of financing;
general level of demand for, and changes in the market prices of, our products and services;
our ability to implement our corporate strategies in order to increase our average revenue per user;
political, regulatory and economic conditions in Brazil and the specific states in which we operate;
inflation and fluctuation in exchange rates; and
legal and administrative proceedings to which we are a party.
Any or all of our forward-looking statements in this document may turn out to be inaccurate. We have based these forward-looking statementslargely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, resultsof operations, business strategy and financial needs. They may be affected by inaccurate assumptions we might make or by known or unknownrisks and uncertainties. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in thisdocument may not occur as contemplated and actual results could differ materially from those anticipated or implied by the forward-lookingstatements.
You should not unduly rely on these forward-looking statements, which speak only as of the date of this document. Unless required by law, weundertake no obligation to publicly update or revise any forward-looking statements to reflect new information or future events or otherwise. Youshould, however, review the factors and risks we describe in the reports we may file from time to time with the SEC after the date of this document.
Sector and Company Overview
A leading telecommunications services provider in Brazil, offering an integratedcommunications product package that includes traditional fixed-line, mobile,broadband internet and other services:
The incumbent fixed-line telecommunications services provider in Region I,with 26 million customers (2005) and a stable revenue stream supported bythe fixed-line business
Comprehensive product portfolio allows for bundling of services and cross-selling
Focus and strategy based on market segmentation
Established network capability
Professional management team
Economic Value Added Measurement System - EVA based compensationprogram for 7,600 employees
Solid Financial Position
Balance between slower growth traditional services with stable revenues andnew services which provide growth
Dedication to increasing profitability in growing mobile business
Telemar at a Glance
Operating Highlights
Fixed-Lines in Service (million of lines)
Mobile Subscribers (million of subs)
Oi Internet - Launched in Feb 2005
Over 250,000 paying broadbandsubscribers
1.75 million registered email accounts
ADSL Subscribers (thousands of subs) - Launched in 2002
Source: Telemar
Brazilian Telecom Sector Evolution
Seven different fixed-line companies:Telemar, BrasilTelecom, Telefonica,Embratel, CTBC,Sercomtel and GVT
Eight different wirelesscompanies: Oi, Vivo,TIM, Claro, Telemig /Amazonia, Brt GSM,CTBC and Sercomtel
State Monopoly
(up to mid-98)
Telebras System
One state-ownedholding company
26 state companiesproviding fixed andmobile services
Transition
(mid-98 to mid-02)
Full Competition
Duopolies in fixed-line businesses(Incumbents andmirror companies)
Duopolies in mobileservices (Bands Aand B)
Four players in intra-state and inter-regional longdistance
Anticipation ofANATEL'suniversalization goals
Regionalincumbents startedinternational longdistance and inter-regional domesticlong distance
Many mobilecompetitors in eachmaket
Over the last eight years, Brazilian telecom sector has gone from monopoly to consolidation
Consolidation
Region I
Region I covers an area of 5.4 million square kilometers, which represents approximately64% of the country's total area and generates approximately 41% of Brazil's gross domesticproduct.
Region I
Region II
Region III
The population of Region I is approximately 100 million, which represents55% of the total population of Brazil.
Source: IBGE
Main Telecom Groups in Brazil
Brasil Telecom
25%
25%
TMAR
38%
38%
Region
I
Region
II
Oi (GSM)
13%
13%
3%
3%
BRT GSM
TIM (TDMA/GSM)
24%
24%
Embratel (LD)
Telefonica
Vivo (CDMA)
Claro (TDMA/GSM)
32%
32%
31%
31%
Region
I
(Mobile
only
)
(Mobile
only
)
Brasil Telecom
25%
25%
TMAR
38%
38%
Region
I
Region
I
Region
II
Region
II
Oi (GSM)
13%
13%
3%
3%
BRT GSM
TIM (TDMA/GSM)
24%
24%
Embratel (LD)
Telefonica
Vivo (CDMA)
Claro (TDMA/GSM)
32%
32%
31%
31%
Region
IV
Region
IV
23%
23%
Region
III
TELEMAR
Brasil Telecom
TIM
Telefonica
Telmex / AMX
(TDMA/GSM)
5%
5%
Telemig / Tele Norte Cel
Region
II
Region
I
(Mobile
only
)
(Mobile
only
)
National Market Share of Fixed Lines in Service
National Market Share of Mobile Subscribers
Source: Company Reports
Note:
As of June, 2006
With several players competing in each state, particularly in the mobile segment, webelieve the Brazilian telecom sector is likely to experience consolidation
Brazilian Telecom Sector
Penetration
Net Revenues
Telecom
Million Lines
Telecom Net Revenues
2005
100% = US$ 32 billion1
86
66
8
35
29
23
15
46
92
38
39
20
25
31
37
39
39
39
0
10
20
30
40
50
60
70
80
90
100
1998
1999
2000
2001
2002
2003
2004
2005
Jun-
06
Mobile
Fixed
Note:
1 Considering Tele Norte Leste, Brasil Telecom, Telesp Fixed, Embratel, Tim Brasil, Vivo, Claro, Telemig and Tele Norte Celular.
Competition
Major Players
Source: Anatel
Source: Company Reports
Local
LD
Mobile
Data/
Broadband
u
u
u
u
u
u
u
u
u
u
u
u
u
u
u
u
u
Source: Company Reports
Expansion
Stability
(1) Residential lines per household = 54% (Dec/05)
Source: Anatel and Teleco
Fixed-Lines in Service (million of lines)
Mobile Subscribers (million of subs)
Expansion
Moderate Growth
Telecom Sector Outlook
The industry is approaching maturity. Our business strategy is shifting focus to growthalternatives while maintaining the strong revenue generation of our low-growth fixed-linebussiness
Source: Anatel and Teleco
BCI
Safra
Players in 2000
Today
Mobile Business
Consolidation has already begun
3 or 4 operators perregion1
Strong competition
High costs retainingclients
High subsidies inhandsets andmarketing costs
Pressure on margins
Mobile Business
More consolidation is expected
Note:
1 Source: Anatel
1
Largest Integrated Telco Operator in Latin America
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
?
Source: Company Reports
Note:
As of June 30st, 2006
1 Excluding Claro (AMX's Brazilian operations)
Integrated telecom companies
Telemar offers the broadest range of telecom services to clients in Latin America
?
?
?
(Telesp
Fixed)
?
Country
Fixed line
Mobile
Internet / Boadband
Fixed lines in service (million)
14.5
12.3
9.4
- -
- -
- -
18.6
4.0
3.5
2.4
- -
Mobile subscribers (million)
12.0
- -
2.8
28.5
22.3
20.9
- -
6.9
6.6
- -
88.9
ADSL subscribers ('000)
970
1,378
1,155
- -
- -
- -
1,374
300
362
419
- -
Oi as Major Mobile Player
Oi has successfully achieved the #1 position in Region I
Source: Company reports and Anatel
Note:
1 Includes other groups: Telemig, Tele Norte Celular and CTBC.
Other1
Mobile market share in Region I
+
27.8 %
7.8%
0.7%
6.1%
1.2%
1.9%
1.7%
22.2%
27.9%
2.7%
Integrated Strategy: Value Segmentation
Integrated view by household1 Source: CompanyNote:1 Telemar customer base breakdown, i.e., 1.2% of all customers are clients for fixed-line, long distance, ADSL and mobile, while 27,9% of all customers only have the fixed line service.
Services
% Household
Group 1
1.2%
Group 3
0.7%
Group 5
6.1%
Group 2
Group 4
1.7%
Group 7
22.2%
Group 6
7.8%
Group 9
27.8%
Group 8
27.9%
Group 10
2.7%
Group
Fixed
Velox
LD
Oi
1.9%
Prepaid Plans
Pre paid subscribers can use their credits on:
Pre paid phone pre paid mobile prices
Public phones
Regular fixed line
lower fixedline prices
Convergence as Significant Marketing Strategy: "Oi Total Card"
"Recarga Automatica" (Automatic Recharge)
"Saldo Unico" (Single Account Balance)
Client Base: 478,000
CAGR 2Q04-2Q06: 161%
Avg. monthly recharge: R$18
Client Base: 784,000
CAGR Sep-Aug: 480%
"Oi Cartao Total" focuses on the low end segment, combining low monthly fees with a broadrange of services Source: Company
2005
2006
Convergence as Significant Marketing Strategy : "Oi Total Account"
"Oi Total Account" focuses on the high end segment
Postpaid Plans
Main Results
Adherence by Plans1 Source: CompanyNote:1 Based on number of fixed line subscribers.2 Weighted average including Oi, Vivo (recurring), Tim, Telemig, Tele Norte Celular, BRT GSM and Claro.3 Average Revenue per User.
More than 60,000 fixed-line and 100,000mobile subscribers
Client protection against competitors (lowerchurn 2Q06 Oi: 26% Market average2 30%)
ARPU3 increase to R$31
Revenue increase for approximately 70% ofclients after signing up for "Oi Conta Total"
R$149 - limited Internet dial100min Oi
R$229 - Velox 1M - 200 min Oi
R$299 - Velox 1M - 500 min
R$399 - Velox 1M - 1000 min Oi
Oi Conta Total 1:
Monthly fee for the fixed-line
Unlimited local calls
Unlimited internet dial-upaccess
100 minutes to use onmobile calls, domestic longdistance call or fixed tomobile calls
Oi Conta Total 4:
Monthly fee for the fixed-line
Unlimited local calls
1 mega ADSL
1,000 minutes to use onmobile calls, domestic longdistance call or fixed tomobile calls
Unique Value Creation Platform
Convergence
New products and services
Integration of devices
Cost reductions
Convenience for customers
Integration of offers
Price reductions
One stop shopping
Consolidation
Access to new regions andcustomers bases
Less competition
Economies of scale
Synergies
Access to financial
leverage
Current Situation
Current Situation
Source: Company reports and Economatica
The company has always traded at low multiples
Daily Implied EV/ LTM EBITDA (TNL PN)
Average = 3.2x
Multiple = 2.9x
04/17:Restructuringannouncement
Current Situation
Complicated shareholders' structure
2 traded companies
6 different share classes
Controlling shareholder
No clear dividend policy
Lack of high Corporate Governance standards
No tag-along for PN shares
The market has enumerated several reason for this discount
Lack of financial flexibility
Options posed by the Restructuring
Basic options
Shareholders will be called to decide the future of Telemar
Management would like to ensure that shareholders have a complete picture of theRestructuring before making a decision
Binary process
Vote in favor of the Restructuring as proposed by management and tender its TNE shares inexchange into OiPart
OR
Keep status quo by voting against the Restructuring and keep its current TNE shares
Snapshot of the Restructuring
Source: Company
Note:
1 Sum of average daily trading of TNE (ADR), TNLP4, TNLP3, TMAR3, TMAR5 and TMAR6
2 Company's expectation
3 Dividends, interest on capital, capital reduction, shares buyback and others forms of cash distribution
New Company
Status Quo
1 share = 1 vote
Decision power
Cash distribution
No cash distribution policy
Clear distribution policy3
Board ofDirectors
Determined by control group
Independent representatives
Liquidity
US$65 mm1
> US$110 mm2
Tag-along
ON = 80%; PN = N/A
100%
Free Float
82%
100%
Shares Trading
TNLP4 (TNE), TNLP3,TMAR5, TMAR3 and TMAR6
OIOI3 (KOI)
Capital Structure
Inefficient (0.9 x Net Debt/EBITDA)
Efficient (up to 1.8x Net Debt/EBITDA)
Controlling group
ON (TMAR3) 97.4%
PN (TMAR5) 69.4%
Total 81.9%
Simplified Corporate Structure
Notes:
1 Telemar Participacoes S.A. (not publicly traded)
2 Tele Norte Leste Participacoes S.A. (TNLP4/TNE and TNLP3)
3 Telemar Norte Leste S.A. (TMAR3, TMAR5 and TMAR6)
TNE(2)
TMAR (3)
(including Oi)
Free Float
TmarPart(1)
Free Float
ControllingShareholders
TNE
TMAR
(including Oi)
OiPart
Free Float
(Novo Mercado/ NYSE)
100%
100%
100%
ON (TNLP3) 53.8%
Total 17.9%
ON (TMAR3) 2.6%
PNA (TMAR5) 30.6%PNB (TMAR6) 100%
Total 18.1%
ON (TNLP3) 46.2%
PN (TNLP4) 100%
Total 82.1%
Only a single class of shares, rather than today's voting
and non-voting stock spread out in six different share classes
After Stock Swap
Prior to Corporate Restructuring
TNE
TMAR
(including Oi)
OiPart
Free Float
(Novo Mercado / NYSE)
100%
100%
100%
After Remainder of
Corporate Restructuring
Free Float
ON (TMAR3) 97.4%
PN (TMAR5) 69.4%
Total 81.9%
ON (TMAR3) 2.6%
PNA (TMAR5) 30.6%PNB (TMAR6) 100%
Total 18.1%
Benefits of the Restructuring with no Economic Losses
Scale: LargestIntegratedOperator in LatAm
No EconomicLosses
World ClassCorporateGovernance
Growth Potential:Stock asAcquisitionCurrency
Superior CashDistribution Yield
Lower Costs:SimplifiedCorporateStructure
New Company will unlock value for all shareholders and should trade at premium to peers
Re-rating:Unlocking Value forAll Shareholders
High Liquidity
100% Free Float
Economic Stake post Restructuring
Economic Stake pre Restructuring
No Economic Loss
At 4.0x EV/EBITDA 07E for the new OiPart shares TNL PNs experience no economicloss
Source: Economatica and Market Consensus
Note:
Share prices as of September 14, 2006. Market cap considering the prices of each class of shares, including minority interest in TMAR and TNE's consolidated net debt of R$6,089m
Assuming the breakeven multiple of PN shares and TmarPart's consolidated net debt of R$ 6,354 million
Based on market consensus EBITDA 07E of R$6,654 million
R$7,288 MM
R$7,288 MM
Current Market Cap of R$17,445 million
(3.5x EV/EBITDA 07E)1,3
Market Cap After Restructuring of R$20,081 million
(4.0x EV/EBITDA 07E)2,3
54.6% of share capital
TNL PN
36.3% of share capital
TNL PN
8.2x
6.0x
5.9x
5.7x
4.0x
2.8x
7.2x
7.1x
6.5x
5.9x
5.7x
5.6x
5.4x
4.9x
4.8x
4.4x
3.7x
3.5x
0.0x
2.0x
4.0x
6.0x
8.0x
10.0x
Eircom
Telefonica
Telstra
Cesky
OiPart
Brasil Telecom
(BRTP)
Qwest
Bell South
Portugal
Telecom
Telecom Italia
France Telecom
AT&T (SBC)
Verizon (MCI)
Deutsche
Telekom
Telmex
Telesp
China Telecom
Telemar (TNE)
Re-rating @ 4.0x EV/EBITDA 07E: Comparables
Source: Bloomberg, Wall Street consensus and publicly available information
Notes
As of September 14, 2006
Not pro forma for AT&T / SBC acquisition. Represents Bell South stand alone.
Simple average. Excluding OiPart and Brasil Telecom
Simple average. Excluding Telemar (TNE)
Assumes trading at breakeven multiple of PN shares and TmarPart consolidated net debt of R$ 6,354 million.
Despite being the largest integrated telco in LatAm, with balanced cash flow and growthopportunities in mobile and broadband, Telemar has been trading at a discount to its peers
EV/EBITDA 07E1
Average3: 6.4x
Average4: 5.6x
Integrated
(Ireland)
(Spain)
(Australia)
(Czech Republic)
(Brazil)
(Brazil)
(USA)
(USA)
(Portugal)
(Italy)
(France)
(USA)
(USA)
(Germany)
(Mexico)
(Brazil)
(China)
(Brazil)
Re-rated5
Current -
2
Cash Distribution Yield 2007E1 vs EV/EBITDA 07E1
Re-rating @ 4.0x EV/EBITDA 07E: Cash Distribution Policy
Source: Bloomberg, Wall Street consensus and publicly available information
Notes
As of September 14, 2006.
Assuming dividend paid in 2005 (R$ 785 million). Current situation.
Assuming re-rating to 4.0x EV/EBITDA. Considering the new cash distribution policy (R$ 3 billion), and EV of R$ 20 billion.
Assuming that the company will be traded at 4.5x and considering the new cash distribution policy the yield will be in a range of 12%/13%.
The new profile after the Restructuring should lead to an increase in company tradingmultiples
Potential upside if OiPart trades at 9%cash distribution yield
No Economic Loss for TNL PN and TNE ADR
Potential Upside
Telesp
Telmex
Brasil Telecom
OiPart
3
Telemar (TNE)
2
OiPart
4
0.0%
5.0%
10.0%
15.0%
20.0%
2.0x
2.5x
3.0x
3.5x
4.0x
4.5x
5.0x
5.5x
Superior Cash Distribuition Yield1
Future Cash Distribution Policy
Current Cash Distribution Policy
Historic Cash Distribution
Lack of Control Group would allow the Company touse stock as an acquisition currency freeing up cashfor distribution to shareholders
Proposed distribution for the next two years: R$ 3.0billion annually
Thereafter, cash distributions subject to a minimum of80% of free cash flow available to shareholders
Clear and predictable cash flows to shareholders
Optimized capital structure
Minority shareholders do not have influence oncompany's cash management - controllingshareholders define dividends payments and cashusage
Irregular historic dividend flow
No clearly defined dividend policy
Inefficient capital structure
Note
1 Dividends, interest on capital, capital reduction, shares buyback and others forms of cash distribution
500
1,000
1,500
R$ mm
Dividends
Interest on Capital
Shares Buyback
500
2002
850
300
2001
670
39
TNL TMAR
709
342
458
2003
130
870
23
800
1,023
1,000
100
248
2004
590
760
102
1,348
1,452
212
71
573
2005
984
58
116
856
1,158
TNL TMAR
TNL TMAR
TNL TMAR
TNL TMAR
- -
Structural Enhancement of Corporate Governance
Establishment of a truly public corporation in the "NovoMercado" (no control group)
Cancel the current shareholders' agreement
Highest Corporate Governance Standerds
Board of Directors comprised of at least 11 members,
Majority independent
Extension of voting rights (one share = one vote) and100% tag along rights to all shareholders
Formal definition of a "cash distribution policy"
Better alignment of shareholders and management:management compensation linked to share price andpartially paid in equity
10% voting power limitation per shareholder, regardlessof ownership stake
Mandatory tender offer for all shares in case of anacquisition of a stake superior to 19.9% of total capital
OiPart will comply with the strictest Brazilian rules on corporate governance, which benefitsinvestors through transparency and dispersion of control
Note
Stakes after Restructuring
Based on announced exchange ratios and shareholders as of August 31,2006 (Source: Banco do Brasil). ADR shareholders as of June 30, 2006
(Source: BoNY)
Assuming 100% migration of TMAR shares to OiPart
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begin 644 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