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Analysts want tighter control of TV Globo?s spending
quinta-feira, 25 de abril de 2002 , 17h27 | POR REDAÇÃO

Equity analysts who took part in the conference call during which Globopar announced the group?s pro-forma financial results told Henri Philippe Reichstul, CEO of the holding company, that they expect to see tighter control of TV Globo?s costs. TV Globo is the group?s principal source of revenue and provides guarantees for most of its debt, including the commitments of other group companies. TV Globo?s gross revenue totaled 1.26 billion US dollars in 2001, with ad agency commissions and bonuses accounting for 273m USD. Net income was only 21m USD, down from 206.8m in 2000. This reflected a 12.5% drop in revenue without a corresponding reduction in spending. TV Globo?s productions, for example, consumed 650m USD, while sporting rights cost 138m USD. Mr Reichstul didn?t provide a clear answer to questions about the possible extension of his authority to TV Globo, but he indicated that the group is fully committed to more effective financial controls and that Globopar won?t face difficulties in honoring its obligations. Disposals of holdings in television stations in the interior of São Paulo state and other assets, for example, are expected to fetch between 150m and 200m USD, he said. There was no mention of any plans to dispose of assets held by Sky or Globo Cabo. Some analysts believe Globo.com may welcome a new shareholder. Mr Reichstul declined to give details during the conference call, reminding analysts that he hasn?t been in the job for long.
TV Globo?s share of the TV advertising market was flat on about 77%, according to the data released by Globopar, and its audience share averaged 50% overall, rising to 56% at prime time.
Globopar?s consolidated loss amounted to almost 570m USD. Total debt stood at 1.77bn USD on December 31, most of it long term. TV Globo Internacional had 180,000 subscribers at the end of last year.
Globopar also explained how costs relating to coverage of the World Cup soccer championships will be distributed. The group spent 220m USD on the rights and will pass along about 70m USD to Globosat, which plans to recover this amount from advertising and pay-per-view sales. Globo has made provision for about 30m USD to cover possible non-payment of rights by Record. Six blocks of advertising time have been sold for 70m USD. Other sales of non-specific advertising slots, promotions and miscellaneous sources of indirect revenue are expected to fetch 50m USD.

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