Leonardo Pereira, Net?s chief financial officer, said only completion of the recapitalization process will reverse the process of contraction in the MSO?s subscriber base. The company filed May 10 with CVM, Brazil?s securities and exchange commission, for permission to issue new shares. CVM has 30 days to authorize the issue. ?If all goes well, the recapitalization process will be concluded by the end of the current quarter. We?ve done everything we had to do at this stage,? he said. More than 40 analysts participated in a conference call Monday, May 20, on the first-quarter financials. Management made little comment on the numbers, saving all the important information (growth projections, investment, strategy etc.) for the road show to be held when the new shares are issued. The sole piece of really good news was that Vírtua is approaching breakeven. ?We may get there earlier than expected,? said Leonardo Pereira. Depreciation of installed equipment has been extended from seven to ten years on average. This is expected to contribute to an improvement in financial performance.
Net also announced a management restructuring and the creation of new executive departments. Unofficially it?s believed that three regional directors will report to the CEO on the operating performance of clusters. Other new positions include directorships for administration, marketing, media relations, ombudsman, legal affairs, finance, corporate sales, residential sales, information technology, infrastructure, and internal auditing.