If you are interested in investing in the stock market and, more specifically, in shares of Vivo Participações (Vivo3 e/ou Vivo4, regularly traded at the São Paulo Stock Exchange - Bovespa), we urge you to carefully review all the information contained in this site and, in special, that information related to Risk Factors, before making your investment decision.
You should complement your research by reference to specialists and financial institutions or securities brokers that offer reports for shares recommended by your analysts. Such reports rate shares under “purchase”, “sell” or “keep” categories, among others which may vary depending on the Institution.You should not fail to review the world and domestic economic scenario before purchasing shares. Inflation, interest rates, GDP (gross domestic product) growth and other economic indicators may improve or worsen prospects in connection with growth and profits of certain companies and prices of their shares. Review, from the reading of newspapers and news in general, the outlooks for the industry in which the target company for your investment operates as regards the economic conjuncture.In order to purchase and sell shares, you should select a broker to operate on your behalf, which can be made directly from your microcomputer. For better information about purchasing shares and investing through the Internet, visit the Homebroker Bovespa site.
Risk Factors
Factors which might cause the actual results to be significantly different from estimates include, however are not limited to, increase of our customers’ default; loss of customers or of income; our capacity to uphold or improve performance; changes in interest rates which may, among other things, adversely affect our margins; competition in the telecommunications industry; government regulations and tax matters; regulatory or judicial lawsuits and disputes with adverse judgment; and changes in the economic and business conditions, as well as in inflation, within regional, domestic and international scopes.
Prospective assertions are valid only for the date on which they are made; therefore, we do not undertake any commitment to update them in the light of new information or future events, or to provide reasons for which the actual results may be different from such assertions. We urge you not to unduly trust on any prospective assertions.
Risk Factors
Investing in our preferred shares involves certain risks. You should carefully consider the below listed risk factors.a) Risks Related to Our Business and to Our Shares• It is anticipated that the opening of the mobile telephony market to competition in Brazil will increase the number of competitors in our current markets, offering the possibility of reducing our market share, as well as our margins;• A new regulatory system related to mobile operators will prevent us from directly providing international and long distance services to our customers;• It is further expected that the SMP system may result in a reduction of our operating income as from the end of calls;• It is likely that the SMP will generate pressures for an increase in investments, adversely affecting our future operating margins;• The holders of our preferred shares have limited right to influence over major corporate decisions;• It is possible that you may not be entitled to participate in future offers of preemptive rights, and that, in consequence, your share interest in Celular CRT Participações may be diluted;• Our relationship with our controlling shareholders may affect minority shareholders, and may result in conflicts of interests.
Risks Related to Brazil• The Brazilian economic conditions, including volatile exchange rates and interest rates, exercise a direct impact over our business activity as a whole, and increase the funding cost for our business activity, which may adversely affect our capacity to borrow funds; and• Volatility in Brazil and in other countries with emerging markets may affect the Brazilian stock market.
Prospective InformationThis site contains prospective information concerning future events related to our business and which is based on the management’s current prospects, estimates and projections. Assertions of a prospective nature and which are contingent on, or are related to future events or conditions, or which are preceded or followed by, or which include words such as “
believe”, “
anticipate”, “
plan”, “
expect”, “
intend”, “
have for goal”, “
estimate”, “
project”, “
foresee”, “
foreknow”, “
orient”, “
should”,
their negative or similar expressions, are used to identify prospective assertions, however are not the only forms of identifying them. These assertions do not constitute a warranty of future performance and involve risks and uncertainty which is hard to be foreseen. In addition, certain prospective assertions are based on presuppositions concerning future events which may not become effective. Therefore, actual results and events may be significantly different from the plans, goals, prospects, estimates and intentions expressed or implied in these prospective assertions.
