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 millionhomes 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
View original content:https://www.prnewswire.com/news-releases/4q23-and-2023-results-telefonica-brasil-sa-302066672.html
SOURCE Telefônica Brasil S.A.
