Oi reduz caixa em R$ 526 milhões

Por Valor Econômico

Depois de crescer de forma praticamente ininterrupta até fevereiro, o caixa financeiro das sete empresas da Oi em recuperação judicial iniciou uma trajetória descendente – perdeu R$ 526 milhões nos três meses seguintes. A retração, no entanto, tende a ser revertida no segundo semestre de 2017, sustenta o CEO da companhia, Marco Schroeder.

“O resultado do primeiro semestre reflete a sazonalidade no pagamento de taxas à Anatel [Agência Nacional de Telecomunicações], que foi de aproximadamente R$ 800 milhões no período”, justificou o executivo, acrescentando que a geração operacional de caixa no período foi positiva (R$ 400 milhões) mas acabou anulada pelas taxas setoriais pagas.

O mais recente relatório do administrador judicial do processo de recuperação da Oi indica que, no fim de maio, o caixa das sete empresas do grupo em recuperação judicial somava R$ 6,85 bilhões. Iniciado em junho do ano passado, o processo de recuperação judicial deu fôlego financeiro à operadora. Entre junho de 2016 e fevereiro deste ano, o caixa financeiro das recuperandas aumentou 76,5%, saltando de R$ 4,18 bilhões para R$ 7,38 bilhões. A trajetória ascendente se inverteu a partir de março e continuou declinante em abril e maio, de acordo com o relatório apresentado à Justiça em 17 de agosto.

“Sem um novo patamar de investimento, a empresa não vai voltar a crescer e ampliar sua receita. O ‘market share’ está caindo nos dois mercados cruciais: banda larga fixa e móvel pós-pago. As outras três grandes operadoras estão aproveitando as incertezas e o momento de vulnerabilidade da empresa para atacar os seus mercados e roubar ‘market share'”, afirma Ricardo Tavares, CEO da consultoria TechPolis.

Os números consolidados da Oi nos seis primeiros meses do ano – incluindo não apenas as empresas em recuperação judicial – também apontam retração no caixa disponível. Em 30 de junho, esse montante era de R$ 7,43 bilhões, o que representa uma queda de 5,32% em relação ao patamar atingido no fim de 2016 (R$ 7,84 bilhões). “A tendência no segundo semestre é de uma recuperação do caixa da companhia”, diz Schroeder.

Fontes de mercado estimam que a geração de caixa da Oi este ano pode ser positiva em R$ 1,5 bilhão, levando-se em consideração premissas como investimentos de R$ 5 bilhões e um Ebitda (lucro antes de juros, impostos, depreciação e amortização) da ordem de R$ 6,5 bilhões. O volume de investimentos realizados nos primeiros seis meses do ano é coerente com a estimativa. Entre janeiro e junho, a Oi investiu R$ 2,5 bilhões, praticamente o mesmo montante desembolsado em igual período de 2016.

Mas, para se manter competitiva no médio e longo prazos, a operadora necessita de uma nova injeção de recursos, destaca Ricardo Tavares, da TechPolis.

“Com os primeiros sinais de recuperação da economia, as demais operadoras voltam a investir enquanto a Oi ainda não tem condições de fazer o mesmo. Não há solução sem um acordo entre acionistas e ‘bondholders’ que recapitalize a empresa”, diz o consultor.

Apesar de manter os investimentos inalterados, a Oi reduziu em 38,4% o volume de recursos destinado para custear serviços de manutenção da rede no primeiro semestre. De acordo com demonstrações financeiras da companhia, o montante caiu de R$ 1 bilhão, nos primeiros seis meses de 2016, para R$ 619 milhões, em igual período deste ano. Na comparação com os mesmos períodos de 2015 e 2014, a diminuição também é expressiva (superior a 30%).

A Oi atribui a queda a uma forte redução no custo de manutenção da rede, a partir de avanços na eficiência operacional e na produtividade. A companhia afirma que houve melhora em seus indicadores de qualidade no período. Um segundo fator que permitiu, de acordo com a empresa, o corte nos custos foi o investimento na melhoria da rede e em ações preventivas. Os investimentos da Oi em ações preventivas aumentaram 93% e a quantidade de reparos caiu 15% no primeiro semestre de 2017 em relação a um ano antes.

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