4Q23 and 2023 Results: Telefônica Brasil S.A.
SÃO PAULO, Feb. 20, 2024 /PRNewswire/ --Telefônica Brasil - (B3: VIVT3; NYSE: VIV), announces its results for 4Q23 and 2023.
Net Income expands by +23.1% YoY in 2023, led by real top-line growth
R$ million |
4Q23 |
4Q22 |
% Y-o-Y |
2023 |
2022 |
% Y-o-Y |
Net Operating Revenue |
13,535 |
12,659 |
6.9 |
52,100 |
48,041 |
8.4 |
Core Revenue |
12,790 |
11,771 |
8.7 |
48,910 |
44,151 |
10.8 |
Mobile Revenue |
9,643 |
8,899 |
8.4 |
36,669 |
33,070 |
10.9 |
Fixed core revenue |
3,146 |
2,872 |
9.5 |
12,241 |
11,081 |
10.5 |
Non-core Revenue |
745 |
888 |
(16.1) |
3,190 |
3,890 |
(18.0) |
Total Costs |
(7,783) |
(7,425) |
4.8 |
(30,782) |
(28,760) |
7.0 |
EBITDA |
5,752 |
5,234 |
9.9 |
21,318 |
19,282 |
10.6 |
EBITDA Margin |
42.5 % |
41.3 % |
1.1 p.p. |
40.9 % |
40.1 % |
0.8 p.p. |
EBITDA After Leases (AL) |
4,461 |
4,110 |
8.5 |
16,572 |
14,940 |
10.9 |
EBITDA AL Margin |
33.0 % |
32.5 % |
0.5 p.p. |
31.8 % |
31.1 % |
0.7 p.p. |
Net Income attributed to Telefônica Brasil |
1,601 |
1,126 |
42.1 |
5,029 |
4,085 |
23.1 |
Earnings per Share (EPS) |
0.97 |
0.68 |
42.8 |
3.03 |
2.44 |
24.0 |
CAPEX ex-IFRS 16 |
2,295 |
2,489 |
(7.8) |
8,960 |
9,530 |
(6.0) |
Operating Cash Flow (OpCF) |
3,457 |
2,746 |
25.9 |
12,358 |
9,752 |
26.7 |
OpCF Margin |
25.5 % |
21.7 % |
3.9 p.p. |
23.7 % |
20.3 % |
3.4 p.p. |
Operating Cash Flow After Leases (OpCF AL) |
2,167 |
1,622 |
33.6 |
7,612 |
5,410 |
40.7 |
OpCF AL Margin |
16.0 % |
12.8 % |
3.2 p.p. |
14.6 % |
11.3 % |
3.4 p.p. |
Free Cash Flow |
592 |
816 |
(27.5) |
8,148 |
7,289 |
11.8 |
Total Subscribers (Thousand) |
113,001 |
112,330 |
0.6 |
113,001 |
112,330 |
0.6 |
Net revenue grew +6.9% YoY led by the increase in Mobile Service Revenue (MSR) (+8.7 YoY), that was driven by Postpaid Revenue (+11.3% YoY), which was positively impacted by the customer base increase, lowest historical churn level, at 0.97% per month, and highest ARPU in the last 4 years, R$51.3 (+8.1% YoY).
Fixed revenue maintained its positive performance, increasing +3.5% YoY, driven by FTTH revenues (+16.5% YoY) and Corporate Data, ICT and Other revenues (+9.9% YoY). FTTH network is currently present in 443 cities (+34 cities YoY) with 26.2 million homes passed (+12.4% YoY) and 6.2 million homes connected (+12.6% YoY).
EBITDA totaled R$5,752 (+9.9% YoY), with a margin of 42.5% (+1.1 p.p. YoY), due to strong performance of core revenues (+8.7% YoY) and ongoing control of costs (+4.8% YoY) in the quarter.
Operating Cash Flow grew (+25.9% YoY), with a margin of 25.5% (+3.9 p.p. YoY) over net revenue. In 2023, Capex ex-IFRS16 totaled R$8,960 million (-6.0% YoY) or 17.2% of revenues (-2.6 p.p. YoY), thus accomplishing the guidance of investing less than R$9 billion in the year.
Net income attributed to Telefônica Brasil reached R$5,029 million in 2023 (+23.1% YoY). Shareholder remuneration paid in 2023 hit R$4,786 million, of which R$2,471 million were in interest on capital, R$1,827 million in dividends and R$489 million in share buybacks. For the years 2024 to 2026, the Company has committed to distributing to its shareholders an amount equal to or above 100% of net income for each fiscal year.
To download the complete version of the Company's earnings release, please visit our website: https://ri.telefonica.com.br/en
SOURCE Telefônica Brasil S.A.
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