GLOBO CABO REDUCES DEBT AND INCREASES MARGINS WHILE FACING SMALL DECLINE IN SUBSCRIBER BASE.

Transcription

1 Globo Cabo S.A. Av. Rio Branco n o 1-6º Andar Centro - Rio de Janeiro - RJ CEP Tel: (55 21) Fax: (55 21) NEWS RELEASE Investor Relations Globo Cabo S.A Curtis Smith / Marco Lima Citigate Dewe Rogerson Inc GLOBO CABO REDUCES DEBT AND INCREASES MARGINS WHILE FACING SMALL DECLINE IN SUBSCRIBER BASE. (Rio de Janeiro, Brazil May 17, 1999) Globo Cabo S.A. (NASDAQ:GLCBY) today announced its financial results for the quarter ended March 31, Comments below are based on US GAAP and all financial figures are stated in US dollars. I. Results for the Quarter ended March 31, 1999 Globo Cabo s first quarter 1999 EBITDA reached US$ 22.0 million representing a margin of 24.5% compared to US$ 26.7 million and 20.5% in the fourth quarter of Connected subscribers declined 1.6% to 959,945 during the first quarter of The twelve-month churn rate for the period ending March 31, 1999 declined to 24.1% from 29.4% in the period ended December 31, Quarterly churn for the first quarter, calculated on an annualized basis, increased to 21.5% from 17.9% in the fourth quarter of Net loss increased to US$ million for the first quarter compared to a loss of US$ 84.4 million in the fourth quarter of 1998, as a result of a non-cash foreign exchange loss resulting from the devaluation of the Brazilian Real. Total debt declined to US$ million in the first quarter from US$ million at the end of the fourth quarter of Capital expenditures amounted to US$ 17.1 million for the first quarter of 1999 down from US$ 34.6 million in the fourth quarter of 1998.

2 Page 2 II. First Quarter 1999 Overview The first quarter of 1999 proved to be a challenging quarter for virtually every sector of the Brazilian economy. The devaluation of the Real shook the already nervous financial markets and forced most organizations to re-evaluate their short-term plans. As most of the Company s programming expenses, debt, and capital investments are denominated in US dollars, while its revenues are denominated in Reais, the devaluation carried serious financial consequences for Globo Cabo. Under difficult capital market conditions, the Company made a series of tactical decisions, in order to preserve liquidity, which intentionally reduced sales of new subscriptions and, consequently, will delay the achievement of its original growth targets. These decisions included increasing sign-on and hook-up fees and centralizing the Company s sales force. While net revenues, in US dollar terms, declined substantially due to the devaluation of the Real, the Company was able to increase its EBITDA margin as a result of cost control measures, increased productivity and the complete restructuring of the selling function. A series of compromises with programming providers during the on-going negotiations also contributed to Globo Cabo s stable profit performance. III. First Quarter 1999 Relevant Facts Impact of the Recent Devaluation of the Brazilian Real After several intermediate measures, on January 18, 1999, the Brazilian government removed the exchange rate band that controlled the devaluation of the Real and allowed it to float freely. This resulted in a major devaluation of the Real. Because most of the Company s debt and programming expenses are denominated in US dollars, while its revenues are denominated in Reais, the devaluation may have significant long-term adverse implications on the Company s profit margin, cash flow and asset book values. While the cash impact of the devaluation was mitigated through the use of hedging instruments that generated US$ 77.5 million of cash in the first quarter of 1999, the Company incurred a non-cash exchange loss of US$ 93.6 million in the first quarter of 1999 to reflect the impact of the devaluation on the assets and liabilities of the Company.

3 Page 3 To address the impact of the devaluation on the Company s profit margin, management has entered into negotiations with its main programming partners to reach an equitable resolution for the incremental cost caused by the devaluation. During the first quarter, Management also implemented a headcount reduction of approximately 17%, mostly by centralizing the selling function and by streamlining headquarters operations in one facility in São Paulo. Finally, the Company increased both sign-on and monthly subscription rates. Focusing on managing the Company s liquidity, management has significantly reduced investment plans for 1999, limiting capital spending to critical maintenance and systems investments. Through a combination of managing its existing inventory of decoders and limiting new decoder net investment by increasing subscriber fees, management expects to invest significantly less capital in new subscriber acquisition in Additionally, all discretionary investments in network upgrades have been suspended. Sign-on and Subscription Fees Increased to Partially Offset Impact of Devaluation In February 1999, the Company increased the sign-on fee it charges new subscribers from R$60 to R$150 and eliminated all promotional reductions of this fee. This increase reduces the subsidy provided by the Company on decoders used in installing new subscribers. In an environment where the Company is managing liquidity, higher sign-on fees and the resulting reduction in sales lessens the cash need driven by investment in new subscriber installation. Beginning in April 1999, the Company increased monthly subscription rates for new subscribers and during the course of the next several weeks increased rates to existing subscribers. While the average increase was 11%, the actual increases differ from package to package based upon the US dollar cost of the programming content of the specific packages.

4 Page 4 Chase Securities Retained to Advise on Selection of Strategic Partners Globo Cabo Holding S.A., the Company s controlling shareholder, has retained Chase Securities Inc. to provide financial advisory services related to capital structure alternatives for the Group. Included in the scope of the engagement are issues surrounding the potential financing provided by BNDESPar, the private equity branch of the Brazilian National Development Bank, and the attraction of potential strategic partners in telephony and internet-related services. At this point in time, confidential negotiations are occurring with several parties. The Company has not reached a determination as to the structure or the terms of any such partnership. To the extent that any such partnership may involve an infusion of capital into the Company, such a partnership may be subject to customary shareholder, regulatory, and other approvals. IV. Consolidated Operations a) EBITDA EBITDA (US$ thousands) Net revenue 89, , ,551 EBITDA 21,965 26,725 36,149 as a % of net revenue 24.5% 20.5% 25.9% In the first quarter of 1999, EBITDA margin increased to 24.5% from 20.5% for the fourth quarter of While net revenues, in US dollar terms, decreased significantly, margins improved as a direct result of reduced selling, general and administrative expenses.

5 Page 5 b) Revenues Sign-on and Hook-up Revenue (US$ thousands) Gross sign-on and hook-up fee revenue 1,792 2,603 6,234 Deferred sign-on and hook-up fee revenue, net 888 1,841 2,034 Net sign-on and hook-up fee revenue 2,680 4,444 8,268 as a % of gross revenues 2.6% 3.1% 5.3% Avg. sign-on and hook-up revenue/subscriber (US$) $37.16 $38.36 $69.36 Avg. sign-on and hook-up revenue/subscriber (R$) $68.29 $45.92 $78.17 Gross sign-on and hook-up fees declined as a direct result of the sharp decline in sales. In order to reduce the impact of the devaluation on capital investment in new subscriber acquisition, the Company more than doubled sign-on fees, during the first quarter, to manage cash flow, which resulted in a reduction in new sales. As the increase was put into effect in February 1999, average sign-on fees per subscriber do not reflect the full impact of the increase. Subscription Revenue (US$ thousands) Subscription revenues 94, , ,931 as a % of gross revenues 92.6% 94.4% 91.8% Avg. subscription revenue/subscriber/month (US$) $32.49 $46.04 $46.23 Avg. subscription revenue/subscriber/month (R$) $59.71 $55.11 $52.10 During the first quarter of 1999, subscription revenues declined, US dollar terms, by nearly 30%, as a direct result of the devaluation of the Real. Setting aside the impact of the devaluation, average subscription revenue per month grew more than 8% during the quarter in Reais, as a direct result of continued subscriber migration to the more expensive Advanced 98 package.

6 Page 6 Other Services Revenues (US$ thousands) Other services revenue 4,855 3,467 4,426 as a % of gross revenues 4.8% 2.4% 2.9% Other services revenue/subscriber/month (US$) $1.67 $1.19 $1.44 Other services revenue/subscriber/month (R$) $3.07 $1.42 $1.62 Other service revenues continued to grow during the first quarter of 1999, as the popularity of pay-per-view programming continues to grow and new à-la-carte channels, sporting and general entertainment events continue to be added. Average other service revenues per subscriber, in Reais, more than doubled during the period. Net Revenue (US$ thousands) Gross revenues 101, , ,625 Sales taxes (8,563) (11,004) (11,524) Sales cancellations (3,693) (1,045) (3,550) Net revenue 89, , ,551 Sales taxes comprise ICMS, PIS and COFINS, now representing approximately 8.65% of gross revenues, after a 1% increase in COFINS, effective January In the first quarter of 1999, the Company wrote-off approximately US$ 3.0 million related to backlog subscribers in the São Paulo operation whose connection the Company considers unlikely. Aside from this adjustment, sales cancellations during the period continue to decline versus last quarter s results.

7 Page 7 c) Operating Costs Direct Operating Expenses (US$ thousands) Programming & royalties (25,982) (33,585) (34,130) as a % net revenue 29.0% 25.8% 24.5% as a % subscription rev. 27.5% 25.0% 24.0% Other direct operating expenses (18,324) (27,593) (23,754) as a % net revenue 20.4% 21.2% 17.0% Direct operating expenses (44,306) (61,178) (57,884) as a % net revenue 49.4% 47.0% 41.5% Direct operating expenses declined to US $44.3 million during the first quarter of 1999 compared to US$ 61.2 million in the fourth quarter of Programming and royalties increased as a percentage of net revenues, due to the increased sales of payper-view and continued subscriber migration to the more expensive Advanced 98 package. The impact of the mismatch between US dollar-denominated programming costs and Real-denominated revenues was not realized due to temporary compromise agreements that were reached with the individual programming providers, while negotiations are underway. Other direct operating expenses declined nearly 34% from US$ 27.6 million in the fourth quarter of 1998 to US$ 18.3 million in the first quarter of The decline was driven by the devaluation of these expenses, which are almost entirely Realdenominated.

8 Page 8 SG&A (US$ thousands) Selling expenses (4,502) (10,477) (14,301) as a % net revenue 5.0% 8.0% 10.2% Net sales (thousands of subscribers) General & administrative (excluding bad debt expense) (16,730) (26,916) (16,913) as a % net revenue 18.7% 20.7% 12.1% Bad debt expense (2,233) (3,201) (13,994) as a % net revenue 2.5% 2.5% 10.0% SG&A (23,465) (40,594) (45,208) as a % net revenue 26.2% 31.2% 32.4% During the first quarter of 1999, selling, general and administrative expenses declined dramatically as a result of sharply lower sales. In line with the Company s intentions, net sales of new subscriptions during the first quarter of 1999 fell to approximately 25,000 from over 38,000 during the fourth quarter of Despite economic uncertainty prevalent in the consumer marketplace and an upturn in churn during the first quarter of 1999, the Company was able to maintain an extremely low level of bad debt expense, demonstrating the continuing benefits of the subscriber base clean-up undertaken in Other general and administrative expenses continue to decline as the Company recognizes additional economies of scale from clustering regional operations.

9 Page 9 d) Operating and Net Results Operating Results (US$ thousands) Other income (expense), net 120 (1,694) (310) Depreciation and amortization (44,724) (62,192) (56,995) Loss on write down of equipment (302) (1,252) (688) Operating profit (loss) (23,061) (36,719) (21,534) During the first quarter of 1999, the Company s operating losses declined to US$ 23.1 million from US$ 36.7 million in the fourth quarter of This improvement is driven primarily by the reduction in depreciation and amortization expenses caused by the devaluation of the Real. Net Results (US$ thousands) Gain / (loss) on exchange rate (93,563) (17,285) (9,636) Financial expense (25,601) (31,484) (23,242) Financial Income 1,323 4,278 7,380 Income tax benefit 2, ,192 Equity in results of investees (14,658) (2,821) (2,749) Income (loss) (152,601) (84,444) (45,374) Net loss for the first quarter of 1999 amounted to US$ million after recognizing a non-cash foreign exchange loss of US$ 93.6 million, net of gains from hedging operations of US$ million. These hedging operations were entered into in September 1998 to mitigate the impact of a potential devaluation of the Real on the Company s US dollar-denominated obligations.

10 Page 10 e) Debt, Capitalization and Cash Capitalization/Coverage (US$ thousands) Pro Forma Short Term Debt 148, , ,274 Commerical loans with financial institutions 91,205 59,687 78,269 Due to related parties/globo Overseas CP (1) 0 97, ,980 Current portion of long-term debt 57,476 82,773 51,025 Long Term Debt 461, , ,410 Senior Guaranteed Notes , , ,000 BNDES (R$-denom.) 98, , ,588 International Finance Corporation 90,700 90,700 90,700 Debentures (R$-denom.) (2) 67,364 69,418 0 Trade financing 28,706 68,534 88,960 Due to rel. parties/gc Holding (R$-denom.) (1) 48,901 43,356 3,234 Other long-term debt ,953 Current portion of long-term debt (57,476) (82,773) (51,025) US dollar-denominated debt 395, , ,862 Brazilian real-denominated debt 214, , ,822 Total Debt 610, , ,684 Shareholders' Equity 82, , ,860 Debt/Annualized EBITDA Debt/Equity Debt/ Total Capital (1) Includes accrued interest (2) Includes interest accrued from issue date to placement Note: 1Q98 restated for the impact of the merger completed Sep During the first quarter of 1999, total debt declined to US$ million from US$ million, as the Company paid down import financing and it s commercial paper program. The average cost of US dollar-denominated debt increased from 11.8%to 12.4%, during the fourth quarter of Brazilian real-denominated debt increased from 20.2% to 25.0%, in Reais, during the same period. Approximately 65% of the Company s debt is US dollar-denominated.

11 Page Month Debt Amortization Schedule (US$ thousands) 12 months 2Q99 3Q99 4Q99 1Q00 US dollar-denominated debt (US$) Commerical loans with financial institutions 71,705 44,278 13,243 6,441 7,743 International Finance Corporation 20,782 10,391-10,391-92,487 54,669 13,243 16,832 7,743 Brazilian real-denominated debt (R$1.722:US$1) - BNDES 23,969 3,321 6,590 6,941 7,117 Commerical loans with financial institutions 32,225 32, ,194 35,546 6,590 6,941 7,117 Total 148,681 90,215 19,833 23,773 14,860 The Company has already received firm commitments to renew the Real-denominated commercial loans, which represent working capital lines of credit. Cash Position and Generation (US $ thousands) Cash, beginning balance 5,145 22,970 71,743 Net income / (loss) (152,601) (84,444) (45,374) Depreciation and amortization 44,724 62,192 56,995 Other non-cash adjustments to net income 215,849 18,724 25,236 Capex (17,113) (34,568) (116,474) Cash flows from other investing activities 2, ,328 Cash flows from financing, net of exchange impact (97,364) 19,397 83,254 Cash, ending balance 1,171 5,145 79,708 Capital expenditures during the first quarter of 1999 dropped to US$ 17.1 million from US$ 34.6 million in the fourth quarter of 1998, as a direct result of tight inventory management of decoders and suspension of discretionary investment plans.

12 Page 12 V. Results on an Equity Basis Summary Equity Results (US$ thousands) Net Revenue. Globo Cabo Consolidated 89, , ,551. Unicabo (50% equity interest) 3,028 4,569 4,429 Net Revenues 92, , ,980 EBITDA. Globo Cabo Consolidated 21,965 26,725 36,149. Unicabo (50% equity interest) 650 1, EBITDA 22,615 27,800 36,788 Earnings (loss) for the period. Globo Cabo Consolidated (152,601) (84,444) (45,374). Unicabo (50% equity interest) (14,168) (2,833) (2,447) Net Income / (Loss) (166,769) (87,277) (47,821) Equity Connected Subscribers. Globo Cabo Unicabo (50% equity interest) Equity Subscribers , ,041.5 Globo Cabo s equity EBITDA dropped to US$ 22.6 million during the first quarter of 1999 from US$ 27.8 million during the fourth quarter of EBITDA generated by Unicabo declined 39.5% from the fourth quarter of 1998 to the first quarter of Equity connected subscribers dropped from 1,016,218 in the fourth quarter of 1998 to 999,473 in the first quarter of 1999 with Unicabo s connected subscriber base holding relatively constant.

13 Page 13 VI. Selected Operating Data Operating Data Homes passed (thousands) 4, , ,311.4 Equity homes passed (thousands) 4, , ,435.9 Connected subscribers (thousands) ,000.8 Equity connected subscribers (thousands) , ,041.5 Backlog (thousands) Equity backlog (thousands) Connected subscriber penetration 21.4% 21.8% 23.2% Connected equity subscriber penetration 21.5% 22.0% 23.5% Net disconnections (thousands) Churn rate (last twelve months) (1) 24.1% 29.4% 37.6% Quarterly churn (annualized) 21.5% 17.9% 44.2% Advanced 98 as a % of end of period subs.(2) 40.1% 34.8% 11.8% Advanced 95 as a % of end of period subs. 43.7% 48.8% 70.6% Basic as a % of end of period subs. 16.2% 16.4% 17.6% (1) {net disconnections / average connected subscribers} (2) Includes Premium package subscribers in Belo Horizonte During the first quarter of 1999, consolidated connected subscribers decreased 1.7% on slightly increasing churn and extremely weak sales. The 12-month churn rate, calculated on the average connected subscriber base, was 24.1%, a decrease from 29.4% in the fourth quarter of Quarterly churn increased from 4.5% in the fourth quarter of 1998 to 5.4% in the first quarter of VII. Globo Cabo S.A. Globo Cabo is the largest cable television operator in Brazil, with ownership interests in 18 cable television systems and one MMDS system, including systems in Brazil s three largest cities, São Paulo, Rio de Janeiro and Belo Horizonte. All except one of these systems are located in southeast and central-west Brazil, the most prosperous and densely populated regions in the country.

14 Page 14 (There are four tables to follow) Please note that the accompany historical financial statements have been restated for the merger between Multicanal Participações S.A. and Globo Cabo Participações S.A. that was concluded in September 1998.

15 Page 15 Table 1 - Income Statement Globo Cabo S.A. 3 months 3 months 3 months Consolidated Income Statement - US GAAP ended ended ended Historical - For the quarter ended Mar 31, Dec 31, Mar 31, (in US$ thousands) Revenues Subscriptions 94, , ,931 Other services 4,855 3,467 4,426 Subscriptions and other services revenue 99, , ,357 Gross sign-on and hookup fee revenue 1,792 2,603 6,234 Deferred sign-on and hookup fee revenue,net 888 1,841 2,034 Sign-on and hookup revenue, net 2,680 4,444 8,268 Gross Revenues 101, , ,625 Service and other taxes (12,256) (12,049) (15,074) Operating Expenses Net Revenues 89, , ,551 Direct operating expenses (44,306) (61,178) (57,884) Selling, general & administrative (23,465) (40,594) (45,208) Depreciation and amortization (44,724) (62,192) (56,995) Loss on write-down of equipment, net (302) (1,252) (688) Other income/(expense), net 120 (1,694) (310) Non-operating Expenses Operating Income/(Loss) (23,061) (36,719) (21,534) Loss on exchange rate, net (93,563) (17,285) (9,636) Financial expenses (25,601) (31,484) (23,242) Financial income 1,323 4,278 7,380 Other, net 832 (716) 136 Income/(loss) bef. tax, investees, min. ints. (140,070) (81,926) (46,896) Income tax benefit, net 2, ,192 Income/(loss) bef. investees, min. ints. (137,943) (81,624) (43,704) Equity in results of investees (14,658) (2,821) (2,749) Minority interest 0 1 1,079 Net Income/(Loss) (152,601) (84,444) (45,374) Loss per share ($0.09) ($0.05) ($0.03) Weighted average number of shares 1,690,672,825 1,690,672,825 1,305,390,995 EBITDA 21,965 26,725 36,149

16 Page 16 Table 2 - Balance Sheet Globo Cabo S.A. Consolidated Balance Sheet - US GAAP Historical - As of Mar 31, Dec 31, Mar 31, (in US$ thousands) 1999 % 1998 % 1998 % Assets Cash & cash equivalents 1, % 5, % 79, % Accounts Receivables 52, % 74, % 101, % Advances to suppliers 2, % 4, % 3, % Advances to employees % % 1, % Other 5, % 5, % 4, % Allowance for doubtful accounts (17,448) -2.0% (26,309) -2.1% (37,418) -2.6% Net accounts receivables 43, % 59, % 72, % Income tax recoverable 7, % 10, % 7, % Deferred income tax % 1, % 3, % Prepaid expenses and other current assets 5, % 5, % 3, % Total current assets 57, % 82, % 167, % Deferred income tax 18, % 15, % 14, % Due from related companies 4, % 6, % 8, % Investments and advances to investees 2, % 14, % 21, % Cable network 763, % 1,077, % 956, % Land, buildings, improvem. fix. fit, & instal. 18, % 34, % 26, % Vehicles 2, % 3, % 5, % Data processing equip. 35, % 39, % 17, % Cable construction materials 58, % 74, % 150, % Accumulated depreciation (302,458) -35.4% (376,411) -30.4% (236,332) -16.6% Net property and equipment 574, % 853, % 920, % Goodwill on acquisition of consol. subs. 166, % 235, % 263, % Other assets 30, % 30, % 30, % Long-term assets 797, % 1,156, % 1,257, % Total assets 855, % 1,238, % 1,424, % Liabilities and Stockholders' Equity Accounts payable 22, % 29, % 31, % Income taxes payable 2, % 2, % % Short-term debt 91, % 59, % 78, % Due to related companies 0 0.0% 97, % 213, % Current portion of long-term debt 57, % 82, % 51, % Other payables and accruals 52, % 60, % 47, % Current Liabilities 226, % 333, % 423, % Long-term debt 412, % 472, % 427, % Due to related companies 48, % 43, % 3, % Deferred sign-on and hookup fee revenue 38, % 55, % 65, % Other payables and accruals 46, % 49, % 41, % Long-term liabilities 546, % 621, % 537, % Minority interests in consol. subs % 0 0.0% (1,459) -0.1% Capital stock 764, % 763, % 701, % Retained earnings/(deficit) (601,392) -70.3% (448,791) -36.2% (225,302) -15.8% Cumulative translation adjustment (80,135) -9.4% (30,982) -2.5% (10,453) -0.7% Shareholders' equity 82, % 284, % 465, % Total Liabilities & Shareholders' Equity 855, % 1,238, % 1,424, %

17 Page 17 Table 3 - Cash Flow Statement Globo Cabo S/A 3 months 3 months 3 months Consolidated Statement of Cash Flows - US GAAP ended ended ended Historical Mar 31, Dec 31, Mar 31, (in US$ thousands) Loss for the period (152,601) (84,444) (45,374) Non-cash items 252,754 81,090 64,987 Deferred sign-on and hook-up fee revenue Amortization of deferred revenues (1,399) (2,041) (2,151) Equity in results of investees 14,658 2,821 2,749 Exchange losses, net 196,518 16,565 11,375 Depreciation and amortization 44,724 62,192 56,995 Minority interest in results of consolidated subsidiaries 0 (1) (1,079) Deferred income tax (2,858) (195) (4,005) Loss on sale of assets 302 1, Amortization of compensation cost Cash after non-cash items 100,153 (3,354) 19,613 Decrease (Increase) in assets (11,282) 130 9,323 Accounts receivable (1,265) 5,432 11,123 Income tax recoverable 332 (270) 1,112 Prepaid expenses and other assets (10,349) (5,032) (2,912) Increase (decrease) in liabilities 19,101 (304) 7,921 Accounts payable to suppliers and programmers 1,802 (3,163) (7,529) Income taxes payable 114 (141) (2,452) Other payables and accruals 17,185 3,000 17,902 Net cash provided by operating activities 107,972 (3,528) 36,857 Cash flow from investing activities (14,582) (33,694) (112,146) Acquisition from investments and advances to related companies 1,489 (1,260) 3,145 Acquistion of porperty and equipment (17,113) (34,568) (116,474) Proceeds from the sale of equipment 1,042 2,134 1,183 Net cash after investing activities 93,390 (37,222) (75,289) Cash flow from financing activities (68,999) 20,769 84,800 Change in overdraft facility 32, Short term debt issuance 2,376 3,662 44,522 Short term debt repayment (23,573) (20,842) (28,718) Issuances of long term debt ,713 18,209 Related party loan issuances 56,603 47, ,531 Related party loan repayments (136,786) (77,869) (61,744) Net cash after financing activities 24,391 (16,453) 9,511 Effect of exchange rate changes on cash (28,365) (1,372) (1,546) Net increase in cash and cash equivalents (3,974) (17,825) 7,965 Cash and cash equivalents, beginning of the period 5,145 22,970 71,743 Cash and cash equivalents, end of the period 1,171 5,145 79,708

18 Page 18 Table 4 - Selected Operating Data As of Company's Equity Connected Total Total Mar 31, 1999 Economic Homes Equity Homes Connected Total Cable System Interest Passed Subscribers Passed Subscribers Penetration São Paulo 100% 2,052, ,113 2,052, , % Santos 100% 131,012 50, ,012 50, % Sorocaba 100% 58,717 17,752 58,717 17, % São Paulo Cluster 2,242, ,276 2,242, , % Ribeirão Preto 100% 112,876 19, ,876 19, % Piracicaba 100% 63,814 19,562 63,814 19, % Campo Grande 100% 60,729 14,831 60,729 14, % São José do Rio Preto 100% 64,591 12,822 64,591 12, % Bauru 100% 49,712 11,497 49,712 11, % Interior São Paulo Cluster 351,722 78, ,722 78, % Belo Horizonte 100% 394, , , , % Brasília 100% 228,383 38, ,383 38, % Goiânia 100% 215,484 23, ,484 23, % Anápolis 70% 25,831 1,721 36,902 2, % Central Plain Cluster 863, , , , % Rio de Janeiro 100% 891, , , , % Recife 92% 119,764 19, ,980 21, % Rio de Janeiro Cluster 1,011, ,212 1,021, , % Consolidated Total 4,469, ,511 4,490, , % Campinas 50% 88,385 23, ,769 46, % Jundiaí 50% 33,128 9,583 66,255 19, % São Carlos 50% 21,629 5,326 43,258 10, % Franca 50% 19,240 3,296 38,479 6, % Indaiatuba 50% 7, ,187 1, % Unicabo 169,974 41, ,948 83, % Equity Total 4,639, ,473 4,830,402 1,043, %