TELECOMUNICAÇÕES DE SÃO PAULO S/A - TELESP Release – 2009 Telecomunicações de São Paulo S/A...

TELECOMUNICAÇÕES DE SÃO PAULO S/A – TELESP

ANNUAL RESULTS – 2009

Earnings Release – 2009

Telecomunicações de São Paulo S/A – TELESP

São Paulo, February 11, 2010

INDEX

BOARD OF DIRECTORS’ MESSAGE 1

HIGHLIGHTS 2

OPERATING REVENUES 4

OPERATING EXPENSES 6

FINANCIAL DATA 8

ADDITIONAL NOTES 11

CAPITAL MARKET 13

DIVIDENDS AND INTEREST ON OWN CAPITAL 14

INCOME STATEMENT 15

BALANCE SHEET 16

STATEMENT OF CASH FLOW 17

OPERATING DATA 18

TARIFFS 19

SHAREHOLDING STRUCTURE AND CAPITAL STRUCTURE COMPOSITION 20

_________________________________________________________________________________________________

PRICES ON FEBRUARY 11, 2010 INVESTOR RELATIONS CONTACTS

ON – TLPP3 – R$ 36.50 Norair Ferreira do Carmo

PN – TLPP4 – R$ 40.60 Maria Tereza Ali Pelicano David

ADR – TSP – US$ 22.12 Carolina Fernandes Pontes Mada

Market Cap – R$ 19,861.1 million Cristina Marini Teles

Luciana Nóri de Souza

(55 11) 3549-7200

[email protected]

www.telefonica.com.br

mailto:[email protected]

http://www.telefonica.com.br/




1

Sao Paulo, February 11, 2010 – Telecomunicações de São Paulo S/A – TELESP (BM&FBOVESPA: TLPP3 and

TLPP4, NYSE: TSP), releases today its consolidated results of 2009. The following information is presented in

accordance with the accounting principles usually accepted in Brazil (BR GAAP), and presents reclassifications

in 2008 due to changes on accounting practices introduced by Law# 11,638/07 and # 11,941/09. In accordance

to the BR GAAP criteria, are consolidated the following controlled and wholly owned subsidiaries companies: A.

Telecom S.A., Telefônica Data S.A., Telefônica Sistema de Televisão S.A., Aliança Atlântica Holding B.V.,

Companhia AIX de Participações and Companhia ACT de Participações.

BOARD OF DIRECTORS’ MESSAGE

The year of 2009 was full of challenges and achievements for Telesp. The Company, believing in the fast

recover of the economic activity and in the need of modernization and higher capacity of its network, serving

nearly 15 million customers in Sao Paulo state, held the forecasted investments for the year, having as a

priority the improvement of quality and services provided.

Among the services provided, Speedy peaked at 2.6 million customers in the year. The moderate annual

growth of this service is explained by the sales interruption in June 2009, by Anatel´s determination, due to

instability events observed in the service rendered, being the sales returned in August 2009, after Anatel´s

authorization and the deployment of the stabilization plan.

Intensifying its quality compromise, it was created the plan “Telefônica em Ação”

(http://www.telefonicaemacao.com.br), basically structured in two parts: expansion and stabilization of the

network, involving improvements in the IP network, DNS and toll-gate, and in the reformulation of operational

and commercial practices.

An example of this change in the commercialization model is the audit process over 100% of Speedy sales,

whereby was reduced in 50% the total calls for the Costumer Attention Central in comparison with the

beginning of the year, due to a higher capacity to solve issues presented in the first call, ensuring greater

agility, efficiency and comfort to the clients.

The improvement of services, processes and other actions implemented have ensured a higher rate of

customer satisfaction, which can be gauged by the significant reduction in the number of customers who rely

on external entities to address issues related to the Company. In December 2009, we have recorded a

reduction in comparison with the beginning of the year, of 68% with PROCON-SP and of 54% with Anatel.

Besides of that, we highlight in the 4Q09 the significant improvement of the churn rate both of broadband and

lines in service. These are important examples of the obtained results as of the mentioned transformation.

2010 promises to be a year with a more promising economy, with a significant growth potential, in which

Telesp will keep its investments, its commitment to improve the quality of services and improve even more the

customer satisfaction, with the certainty of being in the right direction that will permit the Company to

achieve its goal of being the preferred choice of consumers for communication, information and

entertainment services.

This goal is reflected both in the development of innovative services for a more sophisticated market and in

attending the wide range of consumers who recently have joined the technology world and eager to expand

their experiences therein.

http://www.telefonicaemacao.com.br/




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FINANCIAL HIGHLIGHTS

Unaudited consolidated figures (Reais Million) 2009 2008 % var 4Q09 4Q08 % var

Gross Operating Revenues 23,155.8 23,020.8 0.6 5,721.9 5,956.3 (3.9)

Deductions (7,360.0) (7,041.8) 4.5 (1,730.8) (1,832.0) (5.5)

Net Operating Revenues 15,795.8 15,979.0 (1.1) 3,991.1 4,124.3 (3.2)

Operating Expenses (9,919.0) (9,423.6) 5.3 (2,595.7) (2,418.7) 7.3

EBITDA 5,876.8 6,555.4 (10.4) 1,395.4 1,705.6 (18.2)

EBITDA Margin (%) 37.2% 41.0% (3.8) p.p. 35.0% 41.4% (6.4) p.p.

Financial Result (194.6) (227.5) (14.5) (51.2) (43.5) 17.8

Net Income 2,173.0 2,419.4 (10.2) 544.8 723.7 (24.7)

Capex 2,221.0 2,342.5 (5.2) 817.4 861.6 (5.1)

Capex / Net Operating Revenues 14.1% 14.7% (0.6) p.p. 20.5% 20.9% (0.4) p.p.

The Net Operating Revenues in 2009 was R$15,795.8 million, presenting a decrease of 1.1% when compared to

the R$15,979.0 million registered in 2008. The main reductions were in local service, fixed-to-mobile and

monthly fee revenues, partially offset by the increase of broadband, pay TV and infrastructure rental revenues.

The EBITDA in 2009 was R$5,876.8 million, a 10.4% decrease when compared to the R$6,555.4 million in 2008.

The EBITDA Margin reached in 2009 was 37.2%, a 3.8 p.p. decrease when compared to 2008. This variation

mainly reflects the decrease of traditional fixed line revenue and the expenses increase of customer attention

with quality improvement of services by the reformulation of operational and commercial practices, aiming a

higher satisfaction of our clients.

The consolidated Capex in 2009 was of R$2,221.0 million, presenting a 5.2% decrease when compared to 2008.

This variation is directly related to the Real appreciation in the period and to the suspension of Speedy service

sales. As a percentage over net operating revenues, the ratio was of 14.1% in 2009, almost in line with the ratio

registered in 2008.

INVE S TME NT E VOLUTION

(R $ Million)

386

508587

862

405498 500

817

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

Traditional Bus ines s / Maintenance New S ervices / Broadband




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OPERATING HIGHLIGHTS

Lines in Service – the new operational model of Telesp, implemented in the second semester of 2009, already

reflects improvements in services and in customer’s satisfaction. Results of that can be already observed,

between which we can highlight the deceleration of lines in services reduction, registering a loss of only

94,160 accesses during the 4Q09, 52.6% lower than in the 4Q08 and when comparing with the 3Q09, it is

observed a reduction of 22.9%.

Broadband - offered under the brands “Speedy” and “Ajato”, reached 2,636,344 clients in 2009, a net addition

of 81 thousand customers in relation to 2008. When compared to the 3Q09, it was registered 58 thousand net

additions. The moderate developments of this service were due to the interruption of sales in June, 2009 by

Anatel´s decision. After practically two months, the sales of this service had gradually returned after the

deployment of the stabilization plan, intensifying the Company's commitment to quality through the network

stabilization and expansion and the reformulation of operational and commercial practices. The improvement

of services, processes and other actions implemented have guaranteed a significant churn reduction of this

service.

2,555 2,578 2,636

4Q08 3Q09 4Q09

(Thousands)

BROADBAND CLIENTES EVOLUTION

3.2%

2.3%

Pay TV – offered in bundles or stand-alone, it is available through DTH (Direct to the Home) and MMDS

(Multichannel Multipoint Distribution Service). Telesp keeps offering its services with quality focused on

specific segments of customer. In the second semester of the year, as consequence of the negative impact in

duos and trios sales due to the suspension of Speedy service sales, it was registered a lower level of commercial

activity. Thus, the Company reached 486,614 clients in 2009, an increase of 3.0% when compared to 2008.




4

OPERATING REVENUES

The gross operating revenue in 2009 reached R$23,155.8 million, an increase of 0.6% when compared to the

R$23,020.8 in 2008.

Gross Operating Revenues Evolution



Monthly subscription fee 5,226.2 5,312.9 (1.6) 1,299.5 1,349.0 (3.7)

Installation charge 108.8 114.3 (4.8) 29.7 20.1 47.3

Local service 2,416.9 2,736.8 (11.7) 585.9 655.7 (10.7)

DLD 3,870.9 3,808.8 1.6 988.5 1,003.6 (1.5)

Fixed-to-mobile 4,101.9 4,372.0 (6.2) 993.2 1,115.2 (10.9)

ILD 112.6 140.4 (19.8) 25.7 31.2 (17.4)

Interconnection 487.8 465.8 4.7 141.5 116.0 22.0

Public telephony 386.6 444.9 (13.1) 74.5 105.0 (29.1)

Data transmission 4,176.0 3,759.5 11.1 997.4 1,025.1 (2.7)

Infrastructure Rental 509.3 384.3 32.5 139.8 98.6 41.8

Pay TV 600.3 379.0 58.4 151.7 134.6 12.7

Others 1,158.6 1,102.1 5.1 294.4 302.2 (2.6)

The changes are explained as follows:

Monthly Subscription Fee: reached R$5,226.2 million in 2009, a decrease of 1.6% when compared to the

R$5,312.9 million in 2008. This drop is mainly related to the decrease of average lines in service and to the

increase of the alternative plan base of fixed line that have lower monthly subscription fee. On the other hand,

it was registered a revenue increase in the corporate segment and a tariff readjustment of 0.98% as of

September, 2009.

Installation Fee: decreased 4.8% from R$114.3 million in 2008 to R$108.8 million in 2009.This variation is

mainly justified by lower new accesses presented in the period. When compared 4Q09 x 4Q08, it was

registered an increase of 47.3%, from R$20.1 million to R$29.7 million, due to the success of commercial effort

focused on alternative plans and to the tariff readjustment of 0.98% as of September, 2009.

Local Service: totaled R$2,416.9 million in 2009, a decrease of 11.7% when compared to the R$2,736.8 million

in 2008. This variation is directly related to the lines in service decrease and to the sales increase of duos and

trios bundles which offer flat fee with local unlimited calls aiming customer loyalty, resulting in an increase of

the registered traffic, but with a reduction of the exceeding traffic. Furthermore, local service revenues were

negatively impacted by the demand decrease of 0300 service for promotional campaigns. These drops were

partially offset by the increase of exceeding traffic of alternative plans and by the tariff readjustment of 0.98%

as of September, 2009.

DLD: in 2009 totaled R$3,870.9 million, an increase of 1.6% when compared to the R$3,808.8 million in 2008.

This effect is explained by an increase of SME traffic with the “15” use (selection code of the operator) and by a

positive impact of the tariff readjustment of 0.98% as of September, 2009, been partially offset by a decrease

of fixed outgoing traffic. When compared 4Q09 x 4Q08, it was registered a decrease of 1.5% by a reduction of

fixed outgoing traffic in the period.

Fixed-to-mobile revenues: dropped from R$4,372.0 million in 2008 to R$4,101.9 million in 2009, a decrease of

6.2%, due to the reduction of VC1, VC2 and VC3 traffic in the period.

ILD: reached R$112.6 million in the 2009, a decrease of 19.8% when compared to the R$140.4 million in 2008.

This effect is mainly explained by a decrease of fixed outgoing traffic.




5

Interconnection revenues: increased 4.7% from R$465.8 million in 2008 to R$487.8 million in 2009, explained

by a higher mobile ingoing traffic and by the tariff readjustment of 0.98% as of September, 2009.

Public Telephony: in 2009 was R$386.6 million, a decrease of 13.1% when compared to the R$444.9 million in

2008. This variation is registered mainly due to a higher competition in the mobile market, been partially offset

by the tariff readjustment of 0.98% as of September, 2009.

Data Transmission: increased of 11.1% from R$3,759.5 million in 2008, to R$4,176.0 million in 2009, justified

by a rise of broadband service revenues in the residential and corporate segments. When compared 4Q09 x

4Q08, it was presented a decrease of 2.7%, explained by the gradual reestablishment of the Speedy service

sales after the suspension of this service commercialization, in accordance to Anatel’s decision. It’s important

to highlight that the Company intensified its commitment with quality through the reformulation of

operational and commercial practices, which have guaranteed best rates of customer’s satisfaction, as already

reflected in a significant churn reduction of this service.

Infrastructure rental: increased 32.5% from R$384.3 million in 2008 to R$509.3 million in 2009. This effect is

mainly explained by the higher volume of rented circuits, due to the growth of the telecommunication market

and to the demand for a higher volume of band for data transmission.

Pay TV: this service reached R$600.3 million in 2009, a positive evolution of 58.4% when compared to the

R$379.0 million in 2008. The Company registered a base of 486,614 clients in 2009, including TV services

through DTH and MMDS.

Others: increased 5.1% from R$1,102.1 million in 2008 to R$1,158.6 million in 2009. This effect is chiefly

explained by a higher supply of integrated solutions for the corporate segment, been partially offset by the

revenues decrease of value added services.




6

OPERATING EXPENSES

Operating expenses in 2009 reached R$9,919.0 million, an increase of 5.3% when compared to the R$9,423.6

million in the same period of the previous year.

Operating Expenses Evolution



Personnel expenses (700.7) (748.8) (6.4) (159.3) (179.1) (11.1)

Supplies (232.7) (222.7) 4.5 (82.8) (67.1) 23.4

Outsourcing expenses (3,852.6) (3,344.4) 15.2 (1,072.2) (916.1) 17.0

Interconnection expenses (3,803.0) (3,855.3) (1.4) (904.3) (1,009.6) (10.4)

Rental expenses (568.7) (492.2) 15.6 (158.5) (128.5) 23.3

Taxes (433.1) (444.5) (2.6) (106.2) (100.4) 5.8

Bad Debt provision (564.6) (538.6) 4.8 (121.0) (142.9) (15.4)

Investment gains (losses) 18.8 8.3 n.a. 5.9 2.3 n.a.

Other operating revenues (expenses) 217.6 214.6 1.4 2.6 123.0 (97.8)

The variations are explained by the following items:

Personnel expenses: reached R$700.7 million in 2009, a decrease of 6.4% when compared to the R$748.8

million in 2008. This variation is explained by organizational restructuring programs occurred in 2008 which

increase the comparison base.

Supplies: increased from R$222.7 million in 2008 to R$232.7 million in 2009, a rise of 4.5%. This variation is

mainly explained by a higher supply of integrated solutions for the corporate segment, been partially offset by

the cost decrease of equipments related to the PDTI.

Outsourcing expenses: reached R$3,852.6 million in 2009, an increase of 15.2% when compared to the

R$3,344.4 million in 2008. This variation is mainly related to the expenses increase of customer service, due to

the reformulation of commercial practices realized by the Company, to the network maintenance and to the

purchase of TV content.

Interconnection expenses: in 2009 totaled R$3,803.0 million, a decrease of 1.4% when compared to the

R$3,855.3 million in 2008. This effect is mainly explained by the decrease of VC1, VC2 and VC3 traffic in the

period.

Rental expenses: increased from R$492.2 million in 2008 to R$568.7 million in 2009, a rise of 15.6% mainly due

to the increase of network rental expenses and infrastructure for last-mile traffic termination.

Taxes: reached R$433.1 million in 2009, a decrease of 2.6% when compared to the R$444.5 million in 2008.

This effect is explained by the reduction of FUST and FUVEST contribution and the differential rate of ICMS in

the purchase of use and consumption materials. When compared 4Q09 x 4Q08, it was registered an increase

of 5.8% due to changes on the FUST calculation base which impacted the 4Q08.

Bad Debt Provisions: increased 4.8% from R$538.6 million in 2008 to R$564.6 million in 2009. As a percentage

of the net operating revenues, the ratio was of 3.4% to 3.6%, respectively. When comparing 4Q09x 4Q08, this

percentage improves from 3.5% to 3.0%.

Investment gains (losses): in 2009 recorded a positive result of R$18.8 million, compared to a positive result of

R$8.3 million in 2008. This variation is justified by the effect of equity accounting of shareholding on Cable TV

operators.




7

Other operating revenues (expenses): totaled R$217.6 million in 2009, an increase of 1.4% when compared to

2008. This effect is mainly justified by the recalculation of labor and civil contingencies value concentrated in

the 2Q09, been partially offset by a higher contingency provision with the regulator and pension plan. When

compared 4Q09 x 4Q08, it was registered a negative variation of R$120.3 million, mainly explained by a higher

provision of labor contingencies, with the regulator and pension plan.

Depreciation: dropped from R$2,755.3 million in 2008 to R$2,505.5 million in 2009, a decrease of 9.7%. This

effect is mainly explained by an increase of assets fully depreciated and by the decrease of goodwill

amortization that as of 2009 isn’t registered anymore, in accordance to new accounting practices, besides the

decrease of modem obsolescence provision.




8

FINANCIAL DATA

Financial Investments: the Company invests the excess cash and cash equivalents of R$2,266.9 million, mainly

in financial investments (Certificados de Depósitos Bancários) in short-term, based on the variation of the CDI,

reducing the exposure of the domestic interest rate (CDI) over its net debt. The Company diversifies its

exposure investing in different first line financial institutions, in accordance to the credit limits and

diversification set on the Company’s current credit risk policy.

Loans, Financing and Debentures: on December 31, 2009, the Company had a liability of R$3,520.0 million,

from which R$23.0 million were loans denominated in foreign currency raised at fixed interest rates (with

swap for %CDI rate), R$1,510.8 million in debentures paying interests based on the variation of the CDI rate +

fixed spread of 0.35% (also with swap for %CDI rate) and the amount of R$1,986.2 million in loans with Banco

Nacional de Desenvolvimento Econômico e Social (BNDES).

Debentures: on September 03, 2004, Telesp announced a Public Offering of Securities and the activation,

within the Program’s parameters, of the first issuance of Telesp’s debentures. The offer consisted of the

issuance of 150 thousand not convertible debentures, of unsecured type, with face value of R$10 thousand per

unit, totaling the amount of R$1.5 billion, in single tranche. The debentures conditions were renegotiated on

September 01, 2007, end date of the first validity remuneration period, and the second period also began in

that date with closing foreseen to September 01, 2010, the debentures’ maturity date. The debenture bears

interest on a quarterly basis payment, of the accumulated average rates of the Interbank Interest rate of one

day (DI rate), capitalized by a spread of 0.35% per year, calculated and disclosed by the Câmara de Custódia e

Liquidação – CETIP, since the renegotiation date.

BNDES: on October 10, 2007, BNDES approved a credit up to R$2,034.7 millions for Telesp to realize

investments in products and services that are produced domestically, from which R$1,959.5 million have

already been drawn and the respective investments are approved and accepted by BNDES. In November, 2009

it was released a tranche, in the amount of R$60 million at the cost of TJLP + 3.73% per year and, in December,

2009 it was released a tranche of R$68.6 million at the cost of TJLP + 1.73% per year for investments that

contain, simultaneously, national technology and production. These amounts were invested on network

modernization and expansion of voice, data and video services.

LOANS AND FINANCING(in thousand of reais)

Consolidated Currency Annual Interest

Rate Due Date Short-term Long-term Total

Loans in local currency

BNDES Loan UR TJLP TJLP + 3.73% Until 2015 243,120 1,674,401 1,917,521

BNDES Loan UR TJLP TJLP + 1.73% Until 2015 8,032 60,596 68,628

Debentures R$ CDI + 0.35% Sep 2010 1,510,806 0 1,510,806

Loans in foreign currency

Mediocrédito US$ 1.75% Until 2014 5,601 17,405 23,006

Total 1,767,559 1,752,402 3,519,961

December '09




9

CONSOLIDATED SCHEDULE OF LONG-TERM OBLIGATIONS(in thousand of reais)

Year Amount

2011 398,194

2012 397,898

2013 397,570

2014 395,061

A partir de 2015 163,679

Total 1,752,402

December '09

NET FINANCIAL DEBT

(in million of Reais)

December '09 September '09 December '08

Short-term Debt (1,767.6) (1,657.8) (518.8)

Long-term Debt (1,752.4) (1,730.8) (3,217.4)

Total Debt (3,520.0) (3,388.7) (3,736.2)

Net Derivatives Position (31.1) (29.5) 58.4

Debt (post-Derivative Operations) (3,551.1) (3,418.1) (3,677.8)

Cash and Cash Equivalents 2,277.0 1,547.7 1,741.0

Net Debt (1,274.0) (1,870.4) (1,936.8)

Net Debt / EBITDA (*) 0.22 0.30 0.30

Total Debt / EBITDA (*) 0.60 0.55 0.57

Total Debt / Market Cap 0.17 0.16 0.17

(*) The ratio was calculated over the EBITDA composed by the sum of the four previous quarters.

Derivatives: all Company’s financial derivative contracts aim the protection of exchange risk and fluctuations

of interest rates related to financial debt, in accordance to the corporate policy of risk management. Following

this, variations on risk factors result in an inverse effect intended to protection. Therefore, the Company

doesn’t have financial derivative instruments to speculation propose and the exchange financial equities are

hedged.

On December 31, 2009, for protection of currency variations risk propose, 100% of the Company’s financial

debt denominated in foreign currency was covered by asset positions of exchange hedge x “CDI” with fair

value of R$23.0 million, equivalent to the fair value of this debt. On the same date, the Company had swap

operations – CDI + spread x %CDI, with asset position of R$1,514.2 million and flows similar to the debentures’,

to cover the risk of its fixed rate spread, with debentures (without premium) fair value of R$1,514.2 million. On

December 31, 2009, the Company didn’t have anymore swap CDI x fixed rate contracts to partially cover the

variation of domestic interest rates related to the liability position of derivatives exposed to CDI.

For the period ended on December 31, 2009, the derivative operations generated a negative net consolidated

result of R$58.0 million, while the currency operations generated a negative net consolidated result of R$59.6

million, the operations to cover the debentures fixed spread generated a positive result of R$1.7 million and

the swap operations CDI x fixed rate generated a negative net consolidated result of R$55 thousand.

On December 30, 2009 it was recognized a balance of R$575 thousand as asset and a balance of R$31.7 million

as liability to reflect the derivatives position on the mentioned date.




10

DERIVATIVES POSITION(in Reais thousand)

Swap Contracts Fair Value

Assets

Foreign Currency 23,009.8

Variable Rate (CDI) + Spread 1,514,243.5

Liabilities

Variable Rate (CDI) (54,680.9)

Variable Rate (CDI) (1,513,668.8)

Asset balance 574.7

Liabilities balance (31,671.1)

December '09

NET EXPOSURE(in Reais thousand)

Operation Risk Exposure

Hedge (Long Position) Derivatives (risk of USD decrease) 23,009.8

USD-denominated debt Debts (risk of USD increase) (23,006.5)

Net Exposure 3.2

Hedge (Long Position) Derivatives (risk of CDI decrease) 1,514,243.5

Debentures (CDI) Debentures (risk of CDI increase) (1,514,243.5)

Net Exposure 0.0

Hedge (Short Position CDI)

Derivatives (risk of CDI increase) (1,568,349.6)

Hedge (Long Position CDI)

Derivatives (risk of CDI decrease) 0.0

Net Exposure (1,568,348.6)

3.2

(1,568,348.6)

Net exposure on USD variation

Net exposure on CDI variation

December '09

The CDI net exposure (R$1,568.3 million) doesn’t reflect the total exposure to domestic interest rate, once the

Company has, as a “natural hedge”, short term financial investments based on CDI variation (R$2,266.9 million

on December 31, 2009).

Financial Result: in 2009 reached -R$194.6 million, improving R$33.2 million or 14.6% when compared to 2008,

mainly due to higher revenues with financial investments and to lower net debt.




11

ADDITIONAL NOTES

1) Recent Corporate Events

a) Corporate Restructuring involving A. Telecom S.A. – On December 30, 2009, Telesp´s 30th Extraordinary

General´s Meeting approved the A. Telecom spun-off part and subsequent merger of spun-off part by Telesp.

This transaction included the transfer of fixed assets and intangible rights related to a parcel of A. Telecom

costumer’s base. The spun-off part merged by Telesp was in the amount of R$99 million. The mentioned merger

didn´t increase the capital stock of Telesp.

b) Voluntary Public Tender Offer: On October 7, 2009, Telesp’s Board of Directors approved the launching of a

voluntary public tender offer for the acquisition of up to 100% of the shares issued by GVT (Holding) S.A. for

the price of R$ 48.00 per share to be paid in cash. On November 4, 2009, Telesp increased the offer price to

R$50.50 per share, aiming the confirmation of the success of the voluntary public tender offer execution. The

transaction would represent a total investment of R$ 6.9 billion, considering the acquisition of total amount of

fully diluted shares. However, in the date of tender offer, on November 19, 2009, Telesp announced to the

market, after had been informed by BM&F, BOVESPA that the conditions on the tender offer for the acquisition

of the shares of the Brazilian company GVT (Holding) S.A. that related to the minimum number of shares have

not been met. As a result, the tender offer took no effect.

c) Corporate Restructuring involving Telefônica Data do Brasil Participações Ltda. – DABR and Telefônica

Televisão Participações S.A. – TTP - In accordance to the relevant fact published on October 21, 2008, the

Company’s Board of Directors approved, on that date, the propose of corporate reorganization involving DABR

and TTP (wholly-owned subsidiary of Telesp, which had stakes on Telefônica Sistema de Televisão S.A., A.

Telecom S.A. and Telefônica Data S.A’s capital).

On November 11, 2008, the propose of merger of DABR and TTP by Telesp was approved by the Company’s

shareholders on its Extraordinary Shareholders’ meeting. As a result of the merger of TTP, Telefônica Sistema

de Televisão S.A., A. Telecom and Telefônica Data companies became wholly-owned subsidiaries of Telesp.

d) Increase on Telefônica Televisão Participações S.A.’s Equity (previously named Navytree Participações S.A.) –

On July 25, 2008, the Company increased the Telefônica Televisão’s capital with stocks of Telefônica Data S.A.’s

equity. As a result, T. Data became a wholly-owned subsidiary of Telefônica Televisão.

2) TARIFFS READJUSTMENT OCCURRED IN 2009 AND 2008

a) Fixed-to-Fixed Tariff – On September 11, 2009, through Edicts# 5,179 and 5,180, Agência Nacional de

Telecomunicações - Anatel approved the tariff readjustment of the Serviço Telefônico Fixo Comutado - STFC,

according to the criteria established in the Concession Contracts for Local and Domestic Long Distance

Services, effective as of September 16, 2009. The tariff readjustments were 0.98%.

b) Fixed-to-Fixed Tariff – On July 21, 2008, through Edicts# 4,288 and 4,289, Anatel approved the tariff

readjustment of the Serviço Telefônico Fixo Comutado - STFC, according to the criteria established in the

Concession Contracts for Local and Domestic Long Distance Services, effective as of July 24, 2008. The tariff

readjustments were 3.01%.

c) Fixed-to-Mobile Tariff – On July 21, 2008, through Edict# 4,290, Anatel approved the 3.01% tariff

readjustment for the fixed-to-mobile calls (VC1, VC2 and VC3) throughout the entire concession area of Telesp,

sectors 31, 32 and 34 of Region III. On the same date, was also approved the readjustment of fixed-to-mobile

interconnection rate (VUM) related to the VC1, VC2 and VC3 in 2.06%. The readjustments were effective as of

July 24, 2008.




12

3) CHANGES ON THE ADOPTED ACCOUNTING PRACTICES

The Company decided to adopt as of 2008 the changes on accounting practices introduced by the Law#

11,638/07 and Law# 11,941/09, due to several accounting pronouncements issued by Comitê de

Pronunciamentos Contábeis (CPC) and deliberated by CVM. As a result, the comparative information in the first

quarter of 2009 already presents these practices, among which are highlighted:

a) Financial Leasing: PDTI contracts are accounted with financial leasing characteristics;

b) Financial Instruments: financial assets and liabilities initially evaluated by fair value;

c) Present Value Adjustment: certain long term assets and liabilities initially accounted by its discounted

present value;

d) Accumulated Translation Adjustment: exchange variations over investments abroad registered as

accumulated translation adjustment, on Company’s equity.

4) NUMBER PORTABILITY

In September, 2008, the number portability process has been activated under commercial disposition between

companies that offer the same service mode. As a result, fixed and mobile’s clients can keep their phone

number when changing operator or address, if the process refers to the same local area. Following this, Telesp

reinforced its efforts in customers’ loyalty and retention plans, although the volume of number portability

processes isn’t relevant so far. The number portability’s process was concluded in March, 2009.




13

CAPITAL MARKET

Telesp has common shares (ON) and preferred shares (PN) traded on BM&FBOVESPA under the ticker symbols

TLPP3 and TLPP4, respectively. The Company also has ADRs, which are traded on the NYSE, under ticker symbol

TSP.

The shares TLPP3 and TLPP4 closed the year priced at R$37.96 and R$43.54, presenting, respectively, an annual

performance of 2.6% and -4.7% in comparison to Bovespa Index’s performance of 82.7%. The ADRs closed the

year priced at US$25.16, presenting an annual performance of 29.0% in comparison to Dow Jones Index’s

performance of 21.7%.

The daily average volume of TLPP3 and TLPP4 between December, 2008 and December, 2009 was of R$617.7

thousand and R$5,630.3 thousand, respectively. The ADR daily average volume for the same period was of

US$2,194.3 thousand.

The shares performances in the last two years are presented in the following graphic:

Telesp's Stocks Performance (Base 100 on December 28, 2007)

30

70

110

150

Dec-07 Apr-08 Aug-08 Dec-08 Apr-09 Aug-09 Dec-09

TLPP3

TLPP4

Ibovespa

TSP

Dow Jones




14

DIVIDENDS AND INTEREST ON OWN CAPITAL

In accordance to the Company’s Bylaws, the Company shall distribute dividends of at least 25% of adjusted net

income for the year, provided that amounts are available, being preferred shares entitled to dividends 10%

higher that those attributed to common shares.

In 2009, Telesp presented a dividend yield of 7.2% for common shares and 6.9% for preferred shares.

The dividends deliberated recently are described in the following table:

Event Deliberation

Shareholding Position

Gross Amount (Reais Million)

Net Amount (Reais Million)

SharesGross Amount

per Share (in Reais)

Net Amount Per Share

(in Reais)

Payment Beginning

date

ON 0.379936 0.322946

PN 0.417929 0.355240

ON 0.741338 0.630138

PN 0.815472 0.693151

ON 0.871073 0.871073

PN 0.958180 0.958180

ON 0.732276 0.732276

PN 0.805504 0.805504

ON 0.770992 0.655343

PN 0.848091 0.720877

ON 2.020147 2.020147

PN 2.222162 2.222162

ON 0.370669 0.315069

PN 0.407736 0.346576

ON 0.898873 0.898873

PN 0.988760 0.988760

ON 0.650410 0.650410

PN 0.715451 0.715451

174.3to be

determinedInterest on Own Capital 12/9/2009 12/30/2009 205.0

340.0 12/21/2009Interest on Own Capital 9/30/2009 9/30/2009 400.0

Dividends

Interim Dividends

350.9 350.9

3/25/2009

12/30/2008 416.0 353.612/9/2008

3/25/2009

6/23/20083/26/2008

5/20/2008 485.0 485.05/20/2008

3/26/2008

6/23/20085/20/2008 200.0

6/23/2008

5/20/2008

11/24/2008 1,090.0 1,090.011/24/2008

Interest on Own Capital

Interim Dividends

Interest on Own Capital

6/17/2009

6/17/2009

12/10/2008

170.0

395.1 395.1Dividends

470.0 6/17/2009Dividends 5/18/2009 5/18/2009 470.0




15

INCOME STATEMENT

Unaudited consolidated figures (Reais Million)

2009 2008 % var 4Q09 4Q08 % var


Monthly subscription fee 5,226.2 5,312.9 (1.6) 1,299.5 1,349.0 (3.7)

Installation charge 108.8 114.3 (4.8) 29.7 20.1 47.3

Local service 2,416.9 2,736.8 (11.7) 585.9 655.7 (10.7)

DLD 3,870.9 3,808.8 1.6 988.5 1,003.6 (1.5)

Fixed-to-mobile 4,101.9 4,372.0 (6.2) 993.2 1,115.2 (10.9)

ILD 112.6 140.4 (19.8) 25.7 31.2 (17.4)

Interconnection 487.8 465.8 4.7 141.5 116.0 22.0

Public telephony 386.6 444.9 (13.1) 74.5 105.0 (29.1)

Data transmission 4,176.0 3,759.5 11.1 997.4 1,025.1 (2.7)

Infrastructure Rental 509.3 384.3 32.5 139.8 98.6 41.8

Pay TV 600.3 379.0 58.4 151.7 134.6 12.7

Others 1,158.6 1,102.1 5.1 294.4 302.2 (2.6)

Deductions (7,360.0) (7,041.8) 4.5 (1,730.8) (1,832.0) (5.5)

Net Operating Revenues 15,795.8 15,979.0 (1.1) 3,991.1 4,124.3 (3.2)


Personnel expenses (700.7) (748.8) (6.4) (159.3) (179.1) (11.1)

Supplies (232.7) (222.7) 4.5 (82.8) (67.1) 23.4

Outsourcing expenses (3,852.6) (3,344.4) 15.2 (1,072.2) (916.1) 17.0

Interconnection expenses (3,803.0) (3,855.3) (1.4) (904.3) (1,009.6) (10.4)

Rental expenses (568.7) (492.2) 15.6 (158.5) (128.5) 23.3

Taxes (433.1) (444.5) (2.6) (106.2) (100.4) 5.8

Bad Debt provision (564.6) (538.6) 4.8 (121.0) (142.9) (15.4)

Investment gains (losses) 18.8 8.3 n.a. 5.9 2.3 n.a.

Other operating revenues (expenses) 217.6 214.6 1.4 2.6 123.0 (97.8)

Earnings Before Depreciation/Amortization

and Financial Revenues (Expenses) - EBITDA

Depreciation and Amortization (2,505.5) (2,775.6) (9.7) (605.2) (715.4) (15.4)

Financial Result (194.6) (227.5) (14.5) (51.2) (43.5) 17.8

(14.4) (50.6) (71.6) 6.1 (10.7) n.a.

Income Before Taxes 3,162.3 3,501.7 (9.7) 745.1 936.1 (20.4)

Taxes (989.3) (1,082.3) (8.6) (200.3) (212.3) (5.7)

Net Income 2,173.0 2,419.4 (10.2) 544.8 723.7 (24.7)

1,705.6 (18.2)

Net Result of Asset Sale and Investment

5,876.8 6,555.4 (10.4) 1,395.4

Note: According to Anatel's instructions, Monthly Subscription fee, Local Service, PayTV and Other revenues presented reclassifications in

2008.




16

BALANCE SHEET


A S S E T S 2009 2008 % var

Current assets 7,048.3 6,491.6 8.6

Cash and cash equivalents 2,277.0 1,741.0 30.8

Cash 10.1 32.0 (68.4)

Financial Investments 2,266.9 1,709.0 32.6

Net accounts receivable from customers 2,931.3 3,152.8 (7.0)

Supply and maintenance inventories 148.4 164.4 (9.7)

Recoverable taxes 1,335.6 1,064.3 25.5

Recoverable prepaid expenses 60.3 63.5 (5.1)

Credit from associated companies 120.3 130.4 (7.8)

Derivatives operations 0.6 95.7 (99.4)

Other assets 174.9 79.4 n.a.

Non-Current Assets 13,413.2 13,500.4 (0.6)

Long-term assets 1,943.8 1,742.7 11.5

Accounts receivable from customers 123.7 61.6 n.a.

Recoverable taxes 701.1 813.5 (13.8)

Loans and financial investments 12.9 12.5 3.1

Bail of legal proceedings 939.8 711.3 32.1

Credit from associated companies 23.5 22.9 3.0

Other assets 142.8 121.0 18.1

Investments 340.3 301.8 12.7

Net Permanent Assets 9,672.1 9,868.9 (2.0)

Net Intangible 1,456.9 1,587.0 (8.2)

Total Assets 20,461.4 19,992.0 2.3

L I A B I L I T I E S

Current liabilities 7,654.5 5,846.9 30.9

Suppliers 2,362.4 2,314.7 2.1

Loans and financing 1,767.6 518.8 n.a.

Derivatives operations 8.4 15.2 (44.8)

Payroll and related charges 142.2 174.7 (18.6)

Taxes 1,022.4 926.4 10.4

Consignments 148.0 198.1 (25.3)

Dividends and interest on capital 1,747.2 1,153.7 51.4

Accrual for contingencies 183.3 128.5 42.7

Payables to associated companies 118.2 49.9 n.a.

Other liabilities 154.8 367.0 (57.8)

Non-Current Liabilities 2,749.5 4,099.4 (32.9)

Loans and financing 1,752.4 3,217.4 (45.5)

Taxes 54.6 47.4 15.1

Derivatives operations 23.3 22.1 5.1

Accrual for contingencies 524.2 570.8 (8.2)

Provisions for the pension plans 191.9 148.8 29.0

Other liabilities 203.2 93.0 n.a.

Shareholders' equity 10,057.4 10,045.7 0.1

Capital Stock 6,575.5 6,575.5 0.0

Capital Reserves 2,670.5 2,670.5 0.0

Profit Reserves 659.6 659.6 0.0

Goodwill Reserves 63.1 63.1 0.0

Equity Adjustment 90.9 76.2 19.3

Conversion's Acumulated Adjustment (2.1) 0.9 n.a.

Retained earnings 0.0 0.0 n.a.

Total Liabilities 20,461.4 19,992.0 2.3




17

STATEMENT OF CASH FLOW


2009 2008

Cash and cash equivalents at beginning of the period 1,741.0 933.3

Net income of the period 2,241.4 2,420.0

Non-cash expenses (revenues) 3,063.5 3,630.4

Depreciation and amortization 2,505.5 2,657.9

Exchange variations on loans and financing (49.8) 209.6

(Gain)/loss on subsidiaries (18.8) (8.3)

(Gain)/loss on asset sale 14.4 50.6

Amortization of investment goodwill 0.0 117.7

Bad debt provision 564.6 538.6

Pension and other post-retirement benefit plans 43.2 53.3

Others 4.5 10.9

Variations in operating assets (777.0) (1,117.3)

Net trade accounts receivable (385.1) (830.4)

Other current assets (259.7) (60.5)

Other non-current assets (132.2) (226.3)

Variations in operating liabilities (114.5) 196.8

Payroll and related accuruals (9.6) (104.2)

Accounts payable and accurued expenses 31.2 264.0

Taxes (54.5) 30.9

Other current liabilities 88.7 126.5

Accured interest (47.4) (9.5)

Income and social contribution taxes 141.7 (56.1)

Labor, tax and civil provisions 8.2 58.0

Other non-current liabilities (272.8) (112.8)

Cash provided by operations 4,413.4 5,129.9

Cash flow from investing activities (2,295.9) (2,074.6)

Acquisition of investmens and advances to related companies 0.0 0.0

Acquisition of fixed and intangible assets, net of donations (2,324.1) (2,102.4)

Cash from sales of fixed assets and investment 28.2 27.4

Cash received from acquisitions 0.0 0.4

Cash flow from financing activities (1,581.5) (2,247.5)

Loans amortization (396.9) (1,041.4)

New loans obtained 272.6 1,274.4

Net payment on derivative contracts 31.5 (262.7)

Dividends and interest on own capital paid (1,488.7) (2,217.8)

Increase (decrease) in cash and cash equivalents 536.0 807.7

Cash and cash equivalents at end of the period 2,277.0 1,741.0

% var

86.5

(7.4)

(15.6)

(5.7)

n.a.

n.a.

(71.6)

n.a.

4.8

(19.1)

(58.4)

(30.5)

(53.6)

n.a.

(41.6)

n.a.

(90.8)

(88.2)

n.a.

(29.8)

n.a.

n.a.

(85.9)

n.a.

(14.0)

10.7

n.a.

10.5

3.2

n.a.

(29.6)

(61.9)

(78.6)

n.a.

(32.9)

(33.6)

30.8




18

OPERATING DATA

Consolidated data 1Q09 4Q08

2009 2008 % var 4Q09 4Q08 % var

Capital Expenditure (Economic) R$ MM 2,221.0 2,342.5 1/ (5.2) 817.4 861.6 1/ (5.1)

Network

Installed lines (switching) 14,832,406 14,697,287 0.9 14,832,406 14,697,287 0.9

Installed lines - Gain 135,119 143,386 (5.8) 31,824 33,340 (4.5)

Lines in service 11,257,956 11,661,900 (3.5) 11,257,956 11,661,900 (3.5)

Residential 8,062,519 8,489,628 (5.0) 8,062,519 8,489,628 (5.0)

Non-residential 1,606,732 1,701,510 (5.6) 1,606,732 1,701,510 (5.6)

Trunk lines 2/ 948,608 838,843 13.1 948,608 838,843 13.1

Public lines 250,518 250,278 0.1 250,518 250,278 0.1

Internally used and test lines 389,579 381,641 2.1 389,579 381,641 2.1

Lines in services - Gain (403,944) (303,385) 33.1 (94,160) (198,841) (52.6)

Average lines in service (ALIS) 11,459,690 11,881,523 (3.6) 11,291,584 11,793,482 (4.3)

Broadband 2,636,344 2,555,376 3.2 2,636,344 2,555,376 3.2

Pay TV 3/ 486,614 472,222 3.0 486,614 472,222 3.0

Traffic

Local minutes - registered (min 000) 51,522,200 51,753,710 (0.4) 13,938,186 12,594,470 4/ 10.7

Local minutes - exceeding (min 000) 21,533,772 28,273,289 (23.8) 5,049,317 6,557,283 4/ (23.0)

Domestic Long Distance4/ (min 000) 10,747,892 11,763,484 (8.6) 2,655,331 2,902,075 (8.5)

International Long Distance (min 000) 63,843 84,714 (24.6) 14,102 20,198 (30.2)

Monthly traffic per ALIS

Local (min) 375 363 3.2 411 356 15.6

DLD (min) 78 83 (5.3) 78 82 (4.4

ILD (min) 0.5 0.6 (21.9) 0.4 0.6 (27.1)

Others

Employees 5/ 6,171 6,057 1.9 6,171 6,057 1.9

LIS per employee 6/ 2,252 2,347 (4.1) 2,252 2,347 (4.1)

Monthly net op. revenue per ALIS (R$) 114.9 112.1 2.5 117.8 116.6 1.1

Telephone density (per 100 inh.) 7/ 27.1 28.7 (1.6) p.p. 27.1 28.7 (1.6) p.p.

1/ With the introdution of Law# 11,638/07, the Capex showed a decrease due the change on PDTI's accounting.

2/ Includes ISDN clients.

3/ Includes TV clients via Satellite and MMDS.

4/ Includes intra-state and inter-state traffic (fixed-to-fixed and fixed-to-mobile).

5/ Includes Telefônica Sistema de Televisão S.A.'s employees.

6/ End of period data. Includes broadband clients.

7/ The rate was estimated over IBGE Data.

)




19

TARIFFS - FIXED LINE SERVICES

LOCAL SERVICE TARIFFS(R$ - including taxes)

Date Installation Charge Public Telephony Local Pulse

Residential Non-residential Trunk Line Credit Basic PASOO

Jul 02, 2004 64.16 33.45 50.41 50.41 0.1020 0.12918

Sep 01, 2004 73.10 34.50 54.35 54.35 0.1053 0.13324

Nov 01, 2004 82.06 35.55 58.29 58.29 0.1080 0.13730

Jul 03, 2005 88.01 38.13 62.52 62.52 0.1165 0.14728

Jul 14, 2006 106.81 37.98 65.12 65.12 0.1160 0.14672 0.09557 0.03667

Jul 20, 2007 109.16 38.80 66.55 66.55 0.1185 0.14995 0.09767 0.03747

Jul 24, 2008 112.44 39.97 68.56 68.56 0.1215 n.a. 0.10060 0.03859

Sep 16, 2009 113.53 40.35 69.22 69.22 0.1225 n.a. 0.10158 0.03899

DLD TARIFFS(R$ - including taxes, per minute, normal rates, without discounts)

Date D1 D2 D3 D4

(up to 50km) (50 to 100km) (100 to 300km) (over 300km)

Jul 02, 2004 0.133 0.213 0.292 0.400

Sep 01, 2004 0.144 0.230 0.316 0.397

Nov 01, 2004 0.155 0.248 0.340 0.394

Jul 03, 2005 0.155 0.248 0.340 0.414

Jul 20, 2006 0.143 0.221 0.310 0.414

Jul 20, 2007 0.146 0.224 0.320 0.414

Jul 24, 2008 0.146 0.228 0.340 0.428

Sep 16, 2009 0.14563 0.22752 0.33966 0.43722

Monthly Subscription Fee Local Minute

INTERCONNECTION TARIFFS FIXE-TO-MOBILE TARIFFS

(R$ - including taxes, per minute, without discounts) (R$ - including taxes, per minute, without discounts)

Date Fixed-Mobile

TU-RL TU-RIU VUM VC-1 VC-2 VC-3

Feb 11, 2004 0.34990-0.41640 0.6085-0.6805 1.354 1.540

Jul 02, 2004 0.047 0.106

Sep 01, 2004 0.049 0.112

Nov 01, 2004 0.052 0.118

Jun 12, 2005 0.36564-0.43513 0.65714-0.73486

Jul 03, 2005 0.045 0.121

Jan 01, 2006 0.036 0.095 (*)

Mar 31, 2006 1.462 1.663

Jul 14, 2006 0.035

Jul 20, 2006 0.028 0.10185(*)

Jul 20, 2007 0.029 0.10185(*) 0.37387-0.44493 0.67875-0.75903 1.510 1.718

Jul 24, 2008 0.030 0.11601(*) 0.39603-0.47130 0.69918-0.78187 1.55537 1.76971

Sep 16, 2009 0.03008 0.11573(*)

(*) Average of the 4 time-periods.

Fixed-to-Fixed Fixed-Mobile

Notes:

a) Effective as of September 16, 2009, the maximum net tariffs of Local Services, through Anatel's Edict# 5,180 of September 11, 2009, had an readjustment of

0.98% throughout the sectors 31, 32 and 34, incorporating the productivity gain of 3.9%, according to the foreseen rules in the Concession Agreement.

b) Effective as of September 16, 2009, the maximum net tariffs of Domestic Long Distance Services, through Anatel's Edict# 5,179 of September 11, 2009, had

an average readjustment of 0.98% throughout the sectors 31, 32 and 34, incorporating the productivity gain of 3.9%, according to the foreseen rules in the

Concession Agreement.




20

SHAREHOLDING STRUCTURE

Telefónica, S.A.

Telefónica Internacional S.A.

SP Telecomunicações Participações Ltda.

Telecomunicações de São Paulo S/A - TELESP Other Shareholders

100%

100%

ON 50.71% PN 8.61%

ON 34.87% PN 80.53%

ON 14.30% PN 10.81%

CAPITAL STRUCTURE COMPOSITION

As of December 31, 2009

Telecomunicações de São Paulo S/A - TELESP Common Preferred Total

Controlling Company 144,462,997 300,749,951 445,212,948

85.57% 89.13% 87.95%

Minority shareholders 24,146,294 36,482,238 60,628,532

14.30% 10.81% 11.98%

Treasury shares 210,579 185,213 395,792

0.12% 0.05% 0.08%

Total number of shares 168,819,870 337,417,402 506,237,272

Book Value per share (R$): 19.88

Capital stock - in thousands of R$ (as of 12/31/09): 6,575,480

DISCLAIMER

This document contains statements that constitute forward-looking statements in its general meaning and within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this document and include statements regarding the intent, belief or current expectations of the customer base, estimates regarding future growth in the different business lines and the global business, market share, financial results and other aspects of the activity and situation relating to the Company. The forward-looking statements in this document can be identified, in some instances, by the use of words such as "expects", "anticipates", "intends", "believes", and similar language or the negative thereof or by forward-looking nature of discussions of strategy, plans or intentions.

Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and actual results may differ materially from those in the forward-looking statements as a result of various factors.

Analysts and investors are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date of this presentation. The Company undertakes no obligation to release publicly the results of any revisions to these forward looking statements which may be made to reflect events and circumstances after the date of this presentation, including, without limitation, changes in Company’s business or acquisition strategy or to reflect the occurrence of unanticipated events. Analysts and investors are encouraged to consult the Company's Annual Report as well as periodic filings filed with the relevant Securities Markets Regulators, and in particular with the Brazilian Market Regulator.

The Complete Financial Statements, including Explanatory Notes, are available at the Company’s Investor Relations Website: http://www15.telefonica.com.br/investidores/.

TELECOMUNICAÇÕES DE SÃO PAULO S/A - TELESP Release – 2009 Telecomunicações de São Paulo S/A...

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