Brazil reported impressive growth in Q311. Mobile subscriber net additions totalled 10mn, while the expansion of the PNBL has led to a proliferation in broadband connections. Although the country is experiencing a slowdown in general economic growth, the telecoms market remains relatively buoyant. The change in legislation of Q311 to allow telecoms companies to offer pay-TV services has led to the further consolidation of many of Brazil's major players. Telemar Participações secured the approval from its boards of directors to merge its three units - Brasil Telecom, Tele Norte Leste Participações and Telemar Norte Leste - into one single firm in September 2011, following in the footsteps of America Movil and Vivo. The restructuring plan is still subject to approval from shareholders.
Net Serviços, Embratel and Claro have announced plans to offer quadruple-play multi-service packs from October 15 2011, in line with similar moves from rival Telefónica. Although Net Serviços and Embratel already offer joint services, the inclusion of Claro's mobile offering is new. BMI welcomes this move, believing it will allow further network synergies, increased efficiency and benefits for consumers. However, in the long term we are worried about consolidation in the Brazilian market and the lack of competition that may result.
In terms of the PNBL, expansion in rural and remote areas is still strong, and collaboration between the Brazilian government and private operators pushes this further. In October, the Brazilian State Development Bank (BNDES) agreed to lend Vivo BRL3bn (US$1.7bn) to expand 3G coverage throughout the country. This is the largest loan BNDES has granted to a telecommunications company since the privatisation of Telebras in 1998. BMI believes the loan will have a positive impact on Brazilian telecoms infrastructure development, which is necessary ahead of the World Cup and Olympic Games in 2014 and 2016.
Brazil remains one of our favourite Latin American telecoms markets this quarter, just behind Chile in our BERs. It has reported rapid expansion, particularly in the broadband and pay-TV markets. The market reached 115.5% penetration in Q311, an impressive jump in penetration rate of 5.5pps from Q211. We believe Q411 will report similarly large numbers of net additions in advance of the Christmas period, as the fourth quarter is traditionally a quarter of high demand.
TIM continues to consolidate its lead over Claro in the mobile market, recording the highest number of net additions this quarter. Concurrently, falls in ARPU have not been as dramatic as those of Claro, an interesting occurrence, showing that it is still managing to raise revenues from its new additions, while Claro is struggling to keep pace. However, Vivo remains far in the lead in terms of ARPU and subscriber numbers, a fact we do not see changing in the medium run.
In the broadband market, leader Oi reported 4.78mn broadband subscribers in Q311, representing a 29.9% % share. This was down from last quarter's 30.5% share, and closest competitor NET Serviços appears to be catching up. The operator gained 0.6% market share, finishing Q311 with 26% of the market and 4.16mn connections. The company saw strong growth as a result of its triple-play partnership with long-distance (LD) operator Embratel, and has retained its market share despite strong competition from other players. Both companies are owned by Telmex Internacional, which was acquired by América Móvil in June 2010, and results are no longer published separately.

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Executive Summary 9
SWOT Analysis 11
Mobile 11
Wireline 12
Political Risk 13
Economic 14
Business Environment 16
Industry Business Environment Overview 17
Risk Reward Ratings Q112 17
Table: Table: Q112 Risk Reward Ratings 20
Brazil 21
Industry Forecast Scenario 23
Mobile 23
Table: Telecoms Sector - Mobile - Historical Data And Forecasts 23
ARPU 24
Table: Telecoms Sector - ARPU - Historical Data And Forecasts 25
Fixed Line 26
Table: Telecoms Sector - Fixed Line - Historical Data And Forecasts 26
Broadband 27
Table: Telecoms Sector - Internet - Historical Data And Forecasts 27
Market Data Analysis 30
Mobile 30
Subscribers And Market Share 31
Table: Brazil Mobile Market, Q311 32
Table: Brazil Mobile Net Additions, Q211-Q311 33
Subscriber Mix 33
Table: A Market Comparison Of Subscriber Mixes, Q311 ('000) 34
Table: Brazil Regions and States Mobile Penetration Q311 35
Table: A Market Comparison Of Subscriber Mixes, 2009-2011 (%) 36
ARPU & MOU 37
3G And 4G 38
Table: Brazil 3G Subscriptions By Technology 39
Mobile Contract Wins 40
Table: Brazil - Selected Recent Contracts Awarded 40
VAS As A Proportion Of Revenue 41
Mobile Internet 42
Other VAS 42
VAS Timeline 43
Table: Selected VAS Launched 43
Table: Brazil Mobile Market Overview 44
Table: Vivo 45
Table: TIM Brasil 47
Table: Claro 49
Table: Oi 50
Mobile Content 51
Mobile Content - Country Outlook 54
Fixed Line 55
Table: Brazil Fixed-Line Markets, Q311 ('000) 57
Table: Brazil Fixed Line Markets By Regions, January 2011 57
Table: Pay-TV Market Subscriptions, 2008-2011 61
Broadband 61
Table: Brazilian Broadband Market, Q311 63
PNBL Continues 63
Broadband Technologies 63
Table: No Of Fixed Broadband Connections By Technology ('000), 2004-2010 64
Alternative Technologies 64
Table: Selected Wireline Developments 64
Regulatory Development 67
Table: Brazil's Regulatory Bodies And Their Responsibilities 68
Industry Developments 69
Market Overview 72
Table: Key Players Fixed-line Sector 72
Table: Key Players Mobile Sector 72
Table: Key Players Media Sector 74
Table: Brazil's Key Operators Financial Indicators 74
Company News Alert 75
Table: Table: Samsung Financial Results (KRWtrn) 76
Operator Profiles 79
Oi (Telemar) 79
Telefônica (Vivo) 84
Embratel 89
TIM Brasil 92
Claro (America Móvil) 96
Market Overview 100
Mobile 100
Table: Regional Mobile Penetration Overview 101
Fixed Line 102
Table: Regional Fixed-Line Penetration Overview 103
Pay-TV 104
Broadband 105
Table: Regional Internet Penetration Overview 106
Table: Regional Broadband Penetration Overview 107
Demographic Data 108
Section 1: Population 108
Table: : Employment Indicators, 1999-2004 108
Table: Demographic Indicators, 2005-2030 108
Table: Rural/Urban Breakdown, 2005-2030 109
Section 2: Education And Healthcare 109
Table: : Employment Indicators, 1999-2004 109
Table: Education, 2000-2003 110
Table: Vital Statistics, 2005-2030 110
Section 3: Labour Market And Spending Power 110
Table: : Employment Indicators, 1999-2004 110
Table: Consumer Expenditure, 2000-2012 (US$) 111
Table: Average Annual Wages, 1996-2002 112
Glossary 113
Table: Glossary Of Terms 113
Methodology 115
How We Generate Our Industry Forecasts 115
Table: Key Indicators For Telecommunications Industry Forecasts 115
Telecoms Business Environment Ratings 116
Table: Ratings Indicators 117
Table: Weighting Of Indicators 118
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