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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As of December 31,we had 1. We are the largest cable television operator in Brazil, based upon the number of subscribers and homes passed. The plaintiffs argue that the increases were illegal, that the amounts paid be reimbursed atualixada subscribers and that the clause in our standard subscription contract, which provides for an increase in monthly subscription rates in the event that the cost of the service increases, be declared null and void.
Since this charge was recorded for the first time inreflecting a change in accounting principles, the impairment losses were recognized as non-operational.
We expect revenues derived from hook-up fees paid by new subscribers to decrease and aualizada from upgrade fees to increase as a percentage of total revenues, as a result of the completion of our cable network build-out and our introduction of a wider variety of programming alternatives. Inwe focused on upgrading the quality of our network to increase bandwidth and install two-way communication capability.
This means, among other things, that you, as a holder of preferred shares or ADSs, are entitled to vote only on the following matters: We have taken a number of steps in response to these adverse developments. If the restructuring is not concluded in a satisfactory manner, we will not be able to atualizsda the required payments on our debt that have come due since Decemberand which have not been paid, or meet scheduled principal and interests payments on our debt that comes due in the second half ofwith our own resources or without further a financing by third parties or b capitalization by our 10863 shareholders, unless we sell assets or otherwise raise capital.
We have brought actions to dispute income tax retained on earnings under our hedge transactions. We are currently pursuing a debt restructuring llei improve our capital structure and to allow us to grow operations.
lei de 28 de maio de atualizada pdf file – PDF Files
Prior to the enactment of Amendment No. The license may, however, be transferred to a subsidiary company controlled by the licensee, by hereditary succession or by a 110683 transaction before the commencement of cable television services.
Cable television services atualizads Brazil are licensed and regulated by Anatel pursuant to Law No. Agreements governing our debt contain restrictions and limitations that could significantly impact our ability to operate our business and adversely affect atualiada of the preferred shares and the ADSs.
The adoption of the LGT, as well as the privatization of fixed line telephone and cellular services, has led to sweeping changes in the operating, regulatory and competitive environments of the Brazilian telecommunications sector.
As a result, holders of preferred shares will lose their preferred dividend and distribution rights. If our appeals fail and we are required to pay this tax to the various municipalities, our operating results would be materially atuaoizada adversely affected. Much of the programming we purchase through Net Brasil is produced by our affiliate Globosat, which is wholly owned by Globopar.
If Internet usage does not increase, declines or evolves away from the technologies in which we are investing, our business and results of operations could atualisada an adverse effect. In addition, the liquidity of the trading market and the market price for the preferred shares and the ADSs may be negatively impacted as a result of the process of entering the Novo Mercado.
On July 16,Congress approved Law No. The Brazilian Congress, from time to time, considers revisions to one or more aspects of regulations applicable to us. The public, which owned less than 2. Vicom has been developing its corporate data atualizava customer base over the past three years.
Under Brazilian law, cable television service licenses in a specific service area are nonexclusive licenses.
Competition for qualified personnel in Brazil is strong, and there is generally a limited number of persons with the requisite experience in the sectors in which we operate. All of our consolidated financial statements have been prepared in accordance with U. If the courts rule that the collection of this tax by the municipalities is valid, the tax would have to be paid retroactively.
The selected consolidated statement of operations data for each of the three years in the period ended December 31, and the selected consolidated balance sheet data as of December 31, and set forth below are derived from our audited consolidated financial statements included elsewhere in this Form F.
Globosat also purchases programming from third parties.
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The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our consolidated financial statements included elsewhere in this Form F. In building our network and marketing our services, we have focused primarily on Class A and B households, which have the largest disposable income available to purchase our services, particularly value-added services. Brazil has, from time to time, experienced extremely high rates of inflation, with annual rates of inflation during the last ten years reaching as high as 1, Our headends typically receive programming content via satellite and then amplify, process and feed this signal into a distribution path that reaches the subscriber.
While our number of channel offerings for each programming package varies by location, the following table generally describes our channel line-up for each programming package. The recapitalization included a Brazilian offering of common and preferred shares and an international placement of preferred shares. Most of our pay-television subscribers are in the top two Brazilian socio-economic tiers established by the IBGE, a Brazilian federal institute that compiles demographic and economic data.
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These ownership restrictions will limit the number of potential buyers of or investors in our company and could therefore depress the price of the preferred shares and the ADSs. As of December 31,our cable networks passed approximately 3.
Furthermore, some lawsuits were dismissed without judgment on the merits on the ground that the Attorney General had no standing to bring the action. We are the largest operator of cable television systems in Brazil, based upon the number of subscribers and homes passed.
Under Brazilian currency rules, our contracts with our current subscribers allow us to increase subscription fees only once every 12 months and in proportion to inflation. This could adversely impact our future revenues and cash flows, and delay plans to introduce digital cable services, which is currently scheduled for DBS services offered in Brazil by Brazilian and international media consortia, including: As a result, duringour programming costs increased as a percentage of revenue due to a decline in the value of the real in dollars.
We believe that trading our shares in these listing segments brings several benefits; it: The Region 1 cities we serve have an estimated combined population of We offer our customers traditional cable television services and programming, as well as new and advanced high bandwidth services such as high-speed Internet access and corporate data transmission.
The obligation to absorb the expected losses of the entity if they occur, which makes it possible for the entity to finance its activities, or. We obtain all of our programming from Brazilian and international sources through Net Brasil S. Discounted cash flow is calculated by estimating future cash flow streams, applying appropriate discount rates to determine the present values of cash flow streams, and then assigning probabilities to the various cash flow scenarios.
Our operating cash flows could be adversely impacted by a number of factors, many of which are not within our control, such as continued weakness or worsening of the Brazilian economy and further depreciation of the real against the dollar.