Telefonicawatch issue 2007.10-11
13 December 2007
TELEFÓNICA GROUP: Telefónica announced a mobile search agreement with Yahoo!, which will see the search company’s oneSearch mobile offering deployed by Telefónica mobile units in Latin America, and in several O2 regions. Existing arrangements with Google are to continue in Spain and Germany, but it would appear the Yahoo! deal is bad news for MSN. [pp.3-4.]
Telefonicawatch
Issue: 2007.10-11
Covering: October to early-December 2007
Published: December 2007
Next issue: December/January 2008
Delivering valuable insight into the labyrinth that is Spain’s global telco giant. A unique monthly report for the industry.
TELEFÓNICA GROUP: Telefónica announced a mobile search agreement with Yahoo!, which will see the search company’s oneSearch mobile offering deployed by Telefónica mobile units in Latin America, and in several O2 regions. Existing arrangements with Google are to continue in Spain and Germany, but it would appear the Yahoo! deal is bad news for MSN. [pp.3-4.]The acquisition of a controlling stake in Telecom Italia was completed by the Telco SpA consortium, in which Telefónica is a leading shareholder. The deal was completed after conditional clearance was received from Brazilian authorities considering competition issues in the mobile market in the markets where Telefónica and Telecom Italia both have interests. An investigation is still being conducted concerning the companies’ interests in Argentina. Completion of the deal was followed by reports of squabbling among the Telco partners, and exasperation from Telefónica regarding the appointment of a new Chairman and Chief Executive for the Italian incumbent. [pp.6-9.]
TELEFÓNICA ESPAÑA: Telefónica agreed a deal with Nokia that will see Movistar and the vendor promote each other’s web services. Movistar launched a new advertising system on the emoción mobile internet portal, which was developed by JumpTap. Alcatel-Lucent reported that it installed new MPLS-based technology across Telefónica’s network, intended to improve security and operation of the infrastructure. [pp.10,11,15.]
New handsets from Sony-Ericsson, RIM, and ZTE were made available by Movistar. The ZTE 3G handset is the first device developed under a partnership agreement with Telefónica. [pp.11,13.]
Movistar announced a new unlimited download music service for EUR6 per month. Over one million songs owned by major and independent music labels are reportedly available. A new tariff enabling a family to manage several mobile phones on a single account was announced. [p.12,13.]
Telefónica is expected to launch 10Mbps broadband services next year, and is undertaking trials of fibre-based services with speeds reaching 30Mbps. [p.14.]
In CMT market statistics, Telefónica performed well in the broadband sector in September, capturing almost two-thirds of new customers. Performance in the mobile market was less impressive, with Movistar accounting for only 20% of net adds, compared to nearly 50% for main rival Vodafone. [pp.14-15.]
TELEFÓNICA LATINOAMÉRICA: Telsima, an Indian IT developer, announced it had signed a deal to provide network access solutions to Telefónica across Latin America. [p.17.]
Telesp reportedly secured a EUR756m loan from a Brazilian development bank. Movistar Colombia applied for a EUR408m loan from the Inter-American Development Bank to meet capital investment and other commitments. In Peru, Telefónica issued bonds worth EUR34.5m to go towards financing its development. [pp.19,25,28].
In Brazil, Telefónica called for changes to taxation and licensing for broadband, to encourage adoption of the technology in the country. The calls for broadband reform came as Brazilian lawmakers recommended that telecoms companies be allowed to invest in pay-TV businesses, and the regulator confirmed clearance of Telefónica’s investment in cable TV company TVA. [pp.19-20.]
Vivo reported improved Q3 results and also provided interesting insights into the effect of the GSM rollout. Contrary to expectations, subscriber acquisition costs have risen due in part to higher handset subsidies. Vivo had previously suggested GSM handsets would be cheaper, and would open up a new customer segment to the operator. Now, however, with rivals apparently offering substantial free call credit with cheap SIM cards, Vivo is re-focusing on higher-value customers. SIM giveaways are responsible for the continuing decline of Vivo’s market share, according to executives. [pp.21-22.]
Vivo’s network coverage in Brazil was boosted as new spectrum licences were issued, and its customer base is set to grow following approval of the Telemig acquisition. The Amazonia Celular deal is proving more complicated, and no decision has yet been made. [pp.23,24.]
Content services provider Comverse agreed a deal with Movistar Colombia for personalised ringtones. Movistar hit growth targets in Guatemala, and is expected to bid for a network licence in Honduras. In Mexico, Telefónica challenged the actions of fixed-line incumbent Telmex in refusing to offer unbundling, and appears to have sparked an anti-trust investigation into the Carlos Slim-controlled company. Telefónica offices in Venezuela were shut as part of sanctions against the company for tax irregularities. [pp.25-28.]
TELEFÓNICA O2: Telefónica announced that Peter Erskine is to resign the position of O2 Group Chief Executive and Chairman at the end of January 2008, to be replaced by current O2 UK Chief Executive Matthew Key. Erskine, who is to remain on the board of Telefónica Group as a non-executive director, has led O2 since its spin-out from BT Group and oversaw the rise of the operator as an independent company, and then its reintegration into a larger parent. Key’s replacement at O2 UK has now been confirmed as Ronan Dunne, who has been promoted from CFO. Vivek Dev (currently, Director of Strategy), who had been Telefónicawatch’s frontrunner for the UK CEO post, is instead appointed COO for Telefónica O2 Europe, while CTO Dave Williams is to leave in April 2008. [pp.30-32.]
O2 UK launched the iPhone in a blizzard of hype and debate around its prospects in the market. There was speculation that “hundreds of thousands” might be sold in the first few days of the launch and O2, not helped by its own efforts to aggrandise the iPhone arrival, appeared unable to shift the perception that sales in the tens of thousands on the first weekend were a let-down. Matthew Key explained the process of negotiation that saw O2 win the iPhone contract, but also reportedly revealed that O2 was not informed by Apple of the imminent launch of the iPod Touch. The Touch shares many features of the iPhone, making it a substitute available at significantly lower cost and, as such, could be viewed as an attractive alternative to a long-term iPhone commitment. [pp.33-35.]
Rivals in the Czech Republic objected to the competition authorities over Telefónica O2′s proposed acquisition of Deltax. [p.36.]
O2 Germany is partnering Vodafone for a mobile payment project, and all mobile operators in the country are said to be calling for termination rate increases. [p.37.]
O2 Ireland confirmed an IT outsourcing deal with IBM, and is expected to agree network outsourcing with Ericsson. The network deal is expected to act as a template for similar agreements across the O2 footprint. [p.38.]
Tesco Mobile launched in Ireland after resolution of technical hitches blamed on rival 3. [p.39.]
O2 UK finally introduced its fixed-broadband service. O2 Broadband is priced from £7.50 per month for O2 subscribers, with non-O2 customers paying an additional £10 per month. The unit had previously committed to building a reputation on customer service rather than low prices. [pp.41-43.]
O2 UK is piloting an NFC scheme in London, in partnership with Transport for London and Barclaycard. The unit linked with Motorola’s Good Technology business for mobile email, and MATERNA for an O2 Active upgrade. [pp.43-45.]
ASSOCIATES & INVESTMENTS: China Netcom continued to see declines in the fixed-line market, but its receipt of a mobile licence is beginning to look imminent; although a listing on the Shanghai Stock Exchange looks a little further away. Portugal Telecom completed the sale of its multimedia business, with Telefónica taking a 5.4% share. Sogecable won two court battles in its ongoing war with Mediapro over football broadcasting. Telecom Italia is to share network infrastructure with Vodafone. Rumours of tax evasion at TI were played down. [pp.47-52.]
FY07 Q3 RESULTS: Telefónica announced results for the year to the end of September. Numbers were broadly in line with expectation, although O2 Germany is still on the road to recovery, and Telesp in Brazil performed poorly. This was, however, somewhat compensated by a strong showing at Vivo.
Erskine leaves O2 after six successful years
Telefónica announced that Peter Erskine, Chairman and Chief Executive of Telefónica O2 Europe, was to step down from his position at the end of January 2008. Erskine is to remain a member of the board of Telefónica, taking on a non-executive role from 1 February 2008. He will also be part of the Telefónica Executive Commission, the Comisión Delegada.
Erskine is to be replaced as Chairman and Chief Executive by Matthew Key, who is currently head of O2 UK. Erskine will be replaced in his role as Chairman of the Supervisory Board of Telefónica O2 Czech Republic by Jaime Smith, Chief Executive of O2 Germany. Prior to taking on the O2 Germany role, Smith was Chief Executive of the Czech unit.
” In the course of the last six years, Peter [Erskine] has built a business and brand of exceptional value. Since the acquisition of O2 by Telefónica two years ago, he has worked closely with me and has been instrumental in ensuring the success of the merger of the two businesses, whilst contributing to a significant increase in shareholder value and the growth of Telefónica as one of the world’s leading telecommunications companies. I personally hold Peter in the highest regard and value both his extensive industry experience and his frank advice. It is for this reason that I am delighted Peter will continue to play a vital role in the management of Telefónica as a member of the Comisión Delegada and Board. Under Matthew’s leadership, O2 UK has grown its revenue and profitability more than all of its competitors combined and has become a partner of choice in the UK market, with highly successful collaborations with world-leading brands such as Tesco and Apple. He has also masterminded, with AEG, the delivery of The O2 — the ultimate entertainment complex in London. In his new role, I am confident that he will continue to build on the strong position of Telefónica in the highly competitive European markets. ”
– César Alierta, Telefónica Group Executive Chairman.
Erskine stated that he was leaving at “a time of his choosing” and indicated that in the future he might be interested in taking on a Chairman role in the UK, in an area outside the telecoms sector, “frankly though, it would have to be something big — something to excite me,” he said. The outgoing O2 head was also reported to have singled out Key as a suitable replacement.
” I’m obviously proud of what I have achieved but I think it is the right time to do something else…Matthew ‘gets’ the new space of mobile data and the like better than I do. “
– Erskine.
Erskine leaves as an unexpected success When Peter Erskine was selected to lead the spin-off of O2 (then BT Wireless) from BT, few observers gave him or the company much chance of success — it was expected that the sale of some underperforming assets would be followed by the smaller group being quickly snapped up by a larger player. Yet Erskine managed to stave off a takeover for around four years, and in that time transformed the operator into a credible player. Particular achievements include the move from bottom to the top of the mobile operator pile in the UK, and establishing a viable business in Germany, despite considerable pressure to sell the operation.
The merger with Telefónica was then handled smoothly, with O2 appearing to have avoided most of the perils faced by mobile businesses when they become part of a bigger communications group (as demonstrated by Orange losing its way after its acquisition by France Télécom) — perhaps this was because of Erskine’s experience of being part of BT, where he learnt “how not to do” things.
Ever since the Telefónica merger was announced, Erskine has been expected to draw a close to his leadership. Telefónicawatch has often noticed in comments by the O2 Chief Executive that, as well as expressing obvious respect and admiration for Telefónica’s leadership and abilities, he has often conveyed a degree of distance when discussing the future of the business, sounding at times like an outside observer, rather than a key executive (Telefónicawatch, passim). This detachment in the upper echelons of management could, however, have contributed to some of the stuttering performance seen within O2 units in recent quarters.
It would appear that with the O2 attempting to defend its core while also taking on new risky projects as part of moves towards a converged communications model, the time is right for a new chief executive. The previous incumbent certainly has nothing left to prove.
Key reaps reward of bold moves…
Matthew Key, who was formerly Chief Financial Officer at both O2 and Vodafone in the UK, has, contrary to the image of finance directors appointed to Chief Executive roles, taken bold steps in building the O2 brand in the UK in the past two years.
The capture of the iPhone contract and the association with the Millennium Dome using the O2 brand (of the two, he considered the latter to be much riskier) were noted in the announcement of his elevation; they demonstrate the kind of eye-catching and effective projects that will be continually required by O2, across its entire footprint, if it wants to continue progressing in difficult markets.
…but will he oversee final act of O2 independence?
Telefónicawatch has, for the past few months, seen signs that the existence of O2 as a separate group within Telefónica might be numbered.
With the Group focused on regional integration, keeping O2 separate from operations in Spain has seemed an increasingly arbitrary distinction. There have also been executive moves between the traditional Telefónica Group companies and O2, but the significant roles have tended to be Telefónica-trained managers being put into frontline executive roles at O2.
Telefónicawatch wonders whether Key may find himself working on European integration, and perhaps pitched into a struggle with Antonio Viana-Baptista, General Manager of Telefónica España, over leadership of what would be Telefónica’s largest division.
Dunne replaces Key as head of O2 UK; Dev to become divisional COO
As Telefónicawatch went to press, it was confirmed that Ronan Dunne will step up from his Chief Financial Officer role to replace Key as Chief Executive of O2 UK, with effect from 1 February 2008. The unit has performed well in recent years, making an internal candidate appropriate to ensure continuity, while a Telefónica import would have added urgency to questions about how much longer O2 Europe and Telefónica España will remain distinct divisions within the same region. Dunne is also to join the board of Telefónica O2 Europe
Telefónicawatch had tipped Vivek Dev, currently Telefónica O2′s Group Director of Strategy, to succeed Key, but he is instead to become divisional Chief Operating Officer (COO). Another potential internal candidate was Derek McManus, the UK Chief Technology Officer (CTO). Dev has good inside knowledge of the O2 UK business as a former COO for the unit, and his experience since early 2007 working at Group level on strategic projects should mean he has good insight into the future of O2 within Telefónica.
In a further executive change, Telefónica revealed that Telefónica O2′s CTO, Dave Williams, will be leaving at the end of April 2008, to move to a “senior” role in the US (from where he arrived in 2003, having previously been at the now-AT&T wireless unit).
Reaction
” The impact of Erskine’s departure should not be overplayed…Clearly the O2 business is seeing a lot more pressure than it used to. Times are tougher and it’s hardly a big surprise that the CEO of better times might think it’s time to take some profits. “
– Robert Grindle, Dresdner Kleinwort analyst.” Erskine has done a remarkable job at providing the O2 story with a happy ending…And yet, we could be sceptical and argue that it is a good time for Erskine to leave. O2 Europe operates in saturated markets with limited growth potential. Latest quarter results show declining year-on-year OIBDA [operating income before depreciation and amortisation] margins in all its European markets. The future presents itself as challenging, particularly in Germany where fierce competition in fixed, broadband and mobile markets is making O2′s efforts to improve its performance pass unnoticed. Key, Erskine’s successor, faces a tough challenge. Not only does he have Erskine’s past performance to match, he also needs to demonstrate that he can turn around O2′s fate. Not an easy task — we look forward to seeing the fruits of his management style. ”
– Marta Munoz Mendez-Villamil, Ovum analyst. [Telefónica, Reuters, 29 November 2007; Daily Telegraph, The Times, 30 November 2007.]
2 Telefónica Group
2 Acquisitions and disposals
3 Appointments;
Group partnerships
4 Brokers’ reports; Legal
5 Credit ratings;
Shareholders; Strategy
6 City reports;
Telecom Italia deal
7 Telco SpA
10 Telefónica de España
10 Mobile services;
Regional deals
11 Partners 14 Broadband;
Market statistics
15 Networks
16 Regulatory and legal
17 Telefónica Latinoamérica
17 Regional deals
18 Argentina 19 Brazil
21 Brazil: Vivo 25 Colombia
26 Equador; Guatemala;
Honduras 27 Mexico
28 Peru; Uruguay; Venezuela
29 Terra Networks
30 Telefónica O2 Europe
30 Executives; iPhone launch
34 Strategy
36 Czech Republic
37 Germany
38 Ireland
41 United Kingdom
42 Slovakia 45 02 Asia
47 Associates and investments
47 China Netcom
49 Portugal Telecom
50 Sogecable
51 Telecom Italia
53 Telefónica Q3 Results
72 INDEX
A
ABC, 37
Abertis Infraestructuras, 49
ABI Research, 34
ABN Amro, 6
Airwave Safety Communications Ltd, 53, 65
Alcatel-Lucent, 15, 17, 35
Allianz SE
Dresdner Bank
Dresdner Kleinwort, 32
Amadeus, 2
Amazonia Celular, 24
América Móvil, 26
Claro, 9, 23, 26
Comcel, 25
Slim, Carlos, 9, 27
Telcel, 27
Anatel, 9, 20, 23, 24
Anschutz Entertainment Group (AEG), 30, 44
Apple, 11, 30, 32, 33, 34, 35
iPhone, 11, 30, 31, 32, 33, 34, 35, 44, 66
iPod, 34
Jobs, Steve, 35
Atos Origin, 13
AT&T, 9, 30
AV Villas, 25
B
Banco Bilbao Vizcaya Argentaria, 5
Banco BPI SA, 49, 70
Banco Nacional de Desenvolvimento Econômico e Social (BNDES), 19
Barclaycard, 43, 44
Barclays, 10
Barclays Bank, 10
Bear Stearns, 4
Bebo, 40, 46
Bharti Airtel, 35
BMW, 10
Bouygues Telecom, 35
Brasil Telecom, 4, 19
BT Group, 31, 42
C
Cable & Wireless, 3, 26
Cade (Brazil), 9, 19
CANTV, 17, 29
Carphone Warehouse, 33, 34, 35, 42
TalkTalk, 42
CeBIT, 40
CEC Express, 18
China Mobile, 48
China Netcom, 47, 48
China Telecom, 47
Chordiant Software, 45
Cloud, The, 33
CMT, 14, 15, 16
CNDC, 9
Coca-Cola, 10
Cogeco Cables, 49
Competition Commission, 16, 27
ComReg, 39
Comverse Technology, 25
Conatel, 29
ConSol, 39
Consult Hyperion, 44
CTT, 49
D
Datamonitor, 33
Deutsche Telekom
T-Mobile, 36, 37, 44
Digicell, 26
E
eBay, 33, 37
Eircom, 42
EMI, 12
Endemol N.V., 43, 53, 70
Ericsson, 38
Erste Bank, 38
European Union, 5, 16, 58
European Investment Bank, 23
F
Femto Forum, 35
FirstGate Internet, 37
Fitch Ratings, 5, 19
Fortress, 44
France Télécom, 31
Orange, 15, 31, 44
Fuego Entertainment, 17
G
Generali Assicurazioni, 7
Goldman Sachs, 4
Google, 3, 51
YouTube, 35
Grupo Santander
Santander, 6
H
Handspring
Treo, 28
High Tech Computer Corp. (HTC), 31
Hispasat, 16
Hondutel, 26
HSBC, 4
Hutchison Whampoa, 39
I
IBM, 38
Inmarsat Ventures, 14
Innovision, 44
Intervoice, 10
Iusacell, 26
J
JPMorgan Chase, 70
JumpTap, 10
K
Krispy Kreme, 44
L
Lehman Brothers, 3, 38
LG, 31
M
MATERNA Information and Communications, 45
Mediapro, 50
Mediobanca, 7
Microsoft, 11, 17
Millicom International Cellular, 26
Mobstar Media, 43
Morgan Stanley, 2, 70
Motorola, 35, 44, 45
Good Technology, 44
MSN, 4
Musiwave, 11
MVNOs, 15, 39, 42, 49
N
NEC, 35, 44
News Corporation
MySpace, 40, 46
NII Holdings, Inc., 35
Nokia, 11, 31, 35, 41, 43, 44
Nokia Siemens Networks, 35
O
OCU, 16
Open Handset Alliance, 51
Orascom, 35
Ovum, 32
P
Palm, 28, 44
Parrot, 44
Paybox, 37
PayForIt, 43
PCCW, 35, 47
Pirelli, 6, 7
Portugal Telecom, 2, 9, 49, 50
Africa Holding, 50
Bava, Zeinal, 2
Granadeiro, Henrique, 2, 49
Prisa, 50
Proexport, 25
Q
Quanta Computer, 46
R
Regions
EMEA
Czech Republic, 30, 36, 37, 38, 68, 71
Europe, 2, 3, 4, 5, 9, 12, 15, 16, 17, 23, 30, 32, 34, 37, 44, 46, 47, 53, 54, 55, 58, 65, 66, 67, 70
France, 3, 16, 31, 52
Germany, 3, 15, 30, 31, 32, 37, 38, 39, 40, 45, 67, 70
Ireland, 38, 39, 40, 41, 42, 46, 68
Italy, 4, 5, 6, 7, 8, 9, 15, 51, 52
Portugal, 2, 9, 49, 50
Slovakia, 42, 68
Spain, 2, 3, 4, 5, 10, 12, 13, 14, 15, 16, 17, 32, 36, 50, 53, 56, 57, 58, 70
UK, 30, 31, 32, 33, 34, 35, 40, 41, 42, 43, 44, 45, 46, 47, 66, 71
Latin America, 3, 5, 6, 17, 18, 19, 53, 61, 63, 64, 70
Argentina, 3, 9, 17, 18, 19, 61, 62, 64, 71
Brazil, 2, 3, 4, 6, 9, 17, 19, 20, 21, 23, 24, 49, 51, 61, 62, 69, 71
Central America, 26, 27, 62
Chile, 17, 62, 71
Colombia, 17, 25, 61, 71
Ecuador, 26, 62
El Salvador, 71
Guatemala, 26, 71
Mexico, 3, 9, 17, 26, 27, 61, 62, 64, 69, 71
Nicaragua, 71
Peru, 17, 28, 62, 64, 69, 71
Uruguay, 62, 71
Venezuela, 17, 28, 29, 61, 69, 71
Research in Motion, 11
Research In Motion
BlackBerry, 11
Rogers Wireless, 35
Royal KPN
E-Plus, 37
S
Sabadell Bank, 13
Sogecable, 50
Sonaecom, 49
Sony, 10, 12, 13, 44
SonyBMG, 12
Sony Ericsson, 10, 13
Sprint Nextel, 35
Standard and Poor’s, 5, 29
Suptel, 26
T
Tanla Mobile, 43
Technologies
2G
CDMA, 47
PHS, 48
3G, 12, 13, 18, 21, 23, 31, 34, 47
HSDPA, 12, 40
ADSL, 14, 36, 55, 57, 58, 68
ADSL2+, 38, 42
Bluetooth, 13, 45
Broadband, 11, 14, 16, 18, 19, 26, 28, 32, 34, 36, 38, 39, 41, 42, 43, 47, 49, 52, 53, 55, 56, 57, 58, 59, 61, 64, 65, 66, 68
DSL, 14, 38, 39, 67
Femtocell, 34, 35
GPRS, 41
GSM, 17, 21, 24, 27, 38, 39, 50, 61
IMS, 31
IP, 38, 39, 42
IPTV, 17, 19, 20, 36, 37
Java, 44
MMS, 3, 25, 37
Mobile TV, 12
MPLS, 15
NFC, 39, 43, 44
NGN, 5
P2P, 60
PSTN, 58
SDH, 15
SIM, 22, 39, 40, 44, 46
SMS, 36, 37, 46, 60
UMTS, 40
VPN, 58
WLAN, 45
Wi-Fi, 11, 33, 34
Telco SpA, 6, 7, 8, 9
Telecom Italia, 4, 5, 6, 7, 8, 9, 21, 51, 52
Alice, 52
Bernabe, Franco, 7, 8
Buora, Carlo, 7
Galateri de Genola, Gabriele, 7
Parazzini, Enrico, 52
Pistorio, Pasquale, 7
Ruggiero, Riccardo, 7, 51, 52
TIM Brasil, 9, 21, 23, 24
Telefónica Group, 2, 3, 5, 11, 30, 32, 35, 46, 47, 53, 54, 56, 65
Associates and investments
China Netcom, 47, 48
Portugal Telecom, 2, 9, 49, 50
Sogecable, 50
Telecom Italia, 4, 5, 6, 7, 8, 9, 21, 51, 52
Atento, 2, 28, 69
España, 10, 11, 32, 53, 54, 55, 56, 57, 59, 60, 61
Movistar, 11, 12, 13
Executives
Abellán, Juan Antonio, 26
Aiello, José Luis, 18
Alierta, César, 2, 6, 7, 8, 9, 30, 35, 47
Álvarez-Pallete Lopez, Jose Maria, 27
Anglada, Salvador, 36
Billington, Mark, 46
Dev, Vivek, 37
Dowd, Ben, 44
Duty, Zdenek, 37
Erskine, Peter, 2, 30, 31, 32, 34, 35, 39, 41, 42, 66, 67, 68
Ezcurra, Luis, 11
Fernández Valbuena, Santiago, 2, 5
Gil Diaz, Francisco, 27
Key, Matthew, 30, 31, 34, 35, 43, 46
Linares, Julio, 3, 7, 11
Lose, Jan, 37
Qadri, Sohail, 37
Riddell, Grahame, 4
Smith, Jaime, 30, 37
Valente, Antonio Carlos, 19
Velandia, Esperanza, 25
Viana-Baptista, Antonio, 32
Latinoamérica, 17, 27, 53, 54, 55, 61
Argentina, 18, 19, 62
Argentina (Telefónica Negocios), 18
Brazil, 6, 19, 61, 62
Brazil (TVA), 19, 20
Chile, 62
Colombia, 25, 61, 62
Mexico, 27
Peru, 28, 62
Telefónica International Wholesale Services, 26, 62
Venezuela, 29, 62
Móviles, 3, 17, 27
Movistar, 3, 10, 11, 12, 13, 15, 17, 18, 25, 26, 27, 28, 29, 62
Argentina, 18, 62
Chile, 62
Colombia, 25
Venezuela, 29, 62
O2 Europe, 2, 3, 4, 25, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 54, 55, 65, 66, 67, 68, 70
Be Un limited (UK), 42, 43
Czech Republic, 30, 36, 37, 38, 41, 65, 68
Fonic, 67
Germany, 25, 30, 34, 37, 38, 39, 40, 67
Ireland, 38, 39, 40, 41, 68
O2 Broadband, 42, 68
O2 Group, 39, 42, 65
Slovakia, 42
Telefónica Deutschland, 65, 67
UK, 4, 30, 31, 32, 34, 35, 40, 43, 44, 45, 46, 66
Products and services
DUO, 14
Genion (Germany), 38, 40
O2 Active, 45
O2TV, 36, 37
TRIO, 14
Xda (O2), 40, 45
Telco SpA, 6, 7, 8, 9
Minucci, Aldo, 7
Terra, 2, 10, 19, 29
Rumbo, 2
Teléfonos de México (Telmex), 17, 27
Telemar, 4, 19, 49
Oi, 23
Telemig Cellular, 24
Telemig Celular (Brazil), 24
Telpart Participações, 24
Telsima, 17
Tesco, 30, 39
Tesco Mobile, 39
Thomson, 5, 7, 16, 49, 50, 52
Three X, 45
Tigo, 25, 26
Transport for London, 44
Oyster Card, 43
TranSys, 44
TVA, 19, 20
U
UBS, 21, 48
UOHS, 36
UOL, 19
UPC, 36
V
Venyon, 44
Virgin Group, 43
Virgin Radio, 43
Visa Europe, 44
Vivendi Universal, 10
Vivo Participações, 2, 4, 9, 21, 22, 23, 24, 62
Lima, Roberto, 21, 22, 23
Vodafone Group, 15, 31, 33, 36, 37, 42, 46, 49, 51, 52, 53
Germany, 37
W
Walt Disney, 37
Willcom, 48
Y
Yahoo!, 3, 4
oneSearch, 3, 4
Yoigo, 15
Yo! Sushi, 44
Z
Zacks Investment Research, 21
ZTE, 13
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