FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a or 15d - 16 of
the Securities Exchange Act of 1934
For the month of February 2000
Tevecap S.A.
(Exact Name as Specified in its Charter)
Tevecap Inc.
(Translation of Name into English)
SEC FILE NUMBER: 0-22267
Rua do Rocio, 313
Sao Paulo, SP Brazil
04552-904
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.
Form 20-F X Form 40-F
Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under Securities Exchange Act of 1934.
Yes No X
If "Yes" is marked, indicate below the file number assigned to the registrant in
connection with rule 12g3- 2(b):82 N/A
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
TEVECAP S.A.
By: /s/ Marcelo Vaz Bonini
-----------------------------
Marcelo Vaz Bonini
Chief Financial Officer
By: /s/ Eduardo Assumpcao
-----------------------------
Eduardo Assumpcao
Treasurer
Date: February 17, 2000
<PAGE>
EXHIBIT LIST
1. One copy of a chart containing relevant information regarding Tevecap's
subscribers and markets as of September 30, 1999, together with
relevant financial information regarding Tevecap S.A. as of and for the
three month-periods ended September 30, 1999, June 30, 1999 and
September 30, 1998, the six-month period ended June 30, 1999 and the
nine-month period ended September 30, 1999, with financial information
prepared in accordance with U.S. GAAP.
Programming Distribution and Markets (Subscriber Base)
The following table sets forth information regarding the markets in
which TVA operates pay television systems and distributes programming (as of
September 30, 1999):
<TABLE>
<CAPTION>
Average Pay Television
Class ABC Revenue per Programming
Service Launch TV TV Month per Channels
Date Homes(a) Homes(a) Subscribers Subscriber Offered
-------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
Owned Systems
MMDS
TVA Sistema
Sao Paulo ............ September 1991 4,367,286 2,955,793 60,312 25.33 30
Rio de Janeiro ....... March 1992 3,015,016 1,397,624 92,259 25.23 29
TVA Sul
Curitiba ............. March 1992 639,794 328,184 12,692 19.43 15
Cable(b)
TVA Sistema
Sao Paulo ............ October 1994 2,630,425 1,917,608 99,924 26.63 56
TVA Sul
Curitiba ............. January 1995 379,704 263,560 19,653 23.01 44
Camboriu ............. June 1996 37,618 22,686 6,491 23.26 51
Foz do Iguacu ........ June 1996 46,669 29,151 8,510 19.84 55
Florianopolis ........ September 1996 155,382 53,001 5,331 26.85 49
--------------
Total MMDS and Cable
Subscribers ............... -- -- -- 305,172 25.13 --
Subscribers Awaiting
Installation .............. -- -- -- 2,869 -- --
--------------
Total Subscribers-Owned
Systems ................... -- -- -- 308,041 -- --
Households Receiving TVA
Programming
Owned Systems ............. -- -- -- 308,041 -- --
--------------
Operating Ventures
MMDS
TV Filme, Inc.
Brasilia ............. July 1993 464,473 273,135 40,492 N/A 27
Goiania .............. December 1994 319,434 140,498 7,989 N/A 25
Belem ................ December 1994 197,293 123,820 19,285 N/A 25
Campina Grande ....... August 1999 N/A 23,142 2,043 N/A 24
Cable
Canbras TVA
Ten cities(c) ........ April 1996 222,358 152,773 80,462 -- 50
--------------
Total-Operating Ventures -- -- -- 150,271 -- --
Independent Operators
(52 Independent
Operators)........... -- -- -- 212,033 -- --
--------------
Total ..................... -- -- -- 670,345 -- --
(a) This data is based on information provided by Pay TV Survey and IBGE.
(b) The Company's Cable Systems in Sao Paulo, Curitiba, Camboriu, Foz do Iguacu
and Florianopolis had approximately 797,988, 196,223, 18,055, 19,900 and
29,822 Homes Passed, respectively, as of September 30, 1999.
(c) The ten cities served by Canbras TVA are Santo Andre, Sao Bernardo, Mogidas
Cruzes, Santa Branca, Sao Vicente, Praia Grande, Santos, Cubatao, Guaruja
and Bertioga.
</TABLE>
<PAGE>
TEVECAP S.A.
AND SUBSIDIARIES
Consolidated Balance Sheet for the periods ended
September 30, 1999, June 30, 1999
and September 30, 1998
(in thousands of U.S. dollars)
ASSETS Sep-98 Jun-99 Sep-99
------ ------ ------ ------
Cash and cash equivalents 2,950 972 4,219
Accounts receivable, net 29,679 12,590 8,376
Inventories, net 16,651 11,967 10,468
Film exhibition rights 1,898 1,301 2,057
Prepaid and other assets 6,366 7,737 4,073
Accounts receivable from related parties 410 765 811
Other accounts receivable 5,983 2,299 2,467
------ ------ ------
Total current assets 63,937 37,631 32,471
====== ====== ======
Property plant and equipment, net 297,587 281,039 274,010
Investments
Equity basis 1,612 3,480 3,521
Cost basis investees 48,905 49,104 6,676
Concessions, net 12,496 11,218 10,792
Loans to related companies 29,608 27,446 6,265
Debt issuance costs, net 6,437 5,100 914
Other 2,025 2,035 27,684
------- ------- -------
TOTAL ASSETS 462,607 417,053 362,333
======= ======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Loans 55,516 17,789 12,928
Film suppliers 11,289 11,303 12,122
Other suppliers 18,839 13,459 11,865
Deficit in discontinued operations
(Galaxy Brasil and TVA Banda c) 4,596 44,462 --
Taxes payable other than income taxes 11,007 17,010 17,151
Accrued payroll and related liabilities 5,631 2,573 2,713
Advance payments received from subscribers 2,345 1,199 1,304
Other accounts payable 6,488 6,691 5,076
------- ------- ------
Total current liabilities 115,711 114,486 63,159
======= ======= ======
Loans 268,022 261,888 57,279
Loans from shareholders 67,235 118,296 117,767
Provision from claims 6,869 5,403 17,720
Liability to fund equity investee 158 -- 6,086
------- ------- -------
Total long-term liabilities 342,284 385,587 198,852
======= ======= =======
Minority Interest 3,761 3,440 3,383
Shareholders' equity 851 (86,460) 96,939
Paid-in capital 387,806 387,803 387,803
Accumulated deficit (285,991) (434,058) (434,058)
Net Income (Loss) (100,964) (40,205 143,194
-------- ------- -------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 462,607 417,053 362,333
======== ======= =======
<PAGE>
TEVECAP S.A.
AND SUBSIDIARIES
Consolidated Statements of Operations For the three months
ended September 30, 1999, June 30, 1999
and September 30, 1998
and six and nine months ended June 30 and September 30, 1999
(in thousands of U.S. dollars)
<TABLE>
<CAPTION>
accumulated
3Q98 2Q99 3Q99 Jun/99 Set/99
---- ---- ---- ------ ------
<S> <C> <C> <C> <C> <C>
Gross revenues
Monthly subscription 35,356 25,111 22,631 49,241 71,872
Installation 865 780 444 1,169 1,613
Advertising 774 415 271 720 991
Indirect programming 4,199 (94) 1,281 1,760 3,041
Other 3,229 6,624 2,347 9,196 11,543
Taxes on revenues (3,481) (3,215) (1,953) (5,452) (7,405)
------ ------ ------ ------ ------
Net revenue 40,942 29,620 25,021 56,634 81,655
====== ====== ====== ====== ======
Direct operating expenses
Payroll and benefits (3,893) (1,820) (1,330) (4,132) (6,762)
Programming (12,729) (6,594) (6,664) (15,195) (21,859)
Transponder lease cost (558) (642) (607) (854) (1,460)
Technical assistance (540) (449) (329) (705) (1,034)
Vehicle rentals (71) (44) (22) (59) (81)
TVA magazine (2,044) (724) (389) (1,442) (1,831)
Pole rental (250) (798) (609) (1,658) (2,267)
Other costs (2,597) 104 (504) (1,406) (3,876)
------- ------- ------- ------- -------
(22,682) (10,967) (10,454) (25,450) (39,171)
======= ======= ======= ======= =======
Selling, general and administrative expenses
Payroll and benefits (5,525) (4,379) (4,382) (7,209) (8,325)
Advertising and promotion (2,119) (682) (924) (1,238) (2,162)
Rent (1,238) (323) (581) (1,025) (1,606)
Other administrative expenses (594) (3,050) (1,392) (5,473) (6,865)
Other general expenses (5,298) (1,166) (1,535) (2,460) (3,997)
------ ------ ------ ------- ------
(14,774) (9,600) (8,814) (17,405) (22,955)
======= ====== ====== ======= =======
EBITDA 3,486 9,053 5,753 13,779 19,529
===== ===== ===== ====== ======
Real devaluation impact on balance sheet accounts - 660 1,592 7,383 8,975
Provision for equipment and inventory obsolescence (31) 544 13 544 557
Depreciation (11,826) (13,888) (14,284) (27,245) (41,529)
Amortization (426) (426) (426) (852) (1,278)
------ ------ ------ ------ -------
Operating loss from continuing operations (8,797) (4,057) (7,352) (6,391) (13,746)
====== ====== ====== ====== =======
Interest income 220 (4,107) 3,007 17,937 20,944
Interst expenses (11,703) (12,886) (767) (23,974) (24,741)
Translation gain (loss) 366 282 567 (551) 16
Equity in losses of affiliates (1,904) (3,107) (7,498) (3,611) (11,109)
Other nonoperating (expenses) income, net (2,451) (2,914) 172,782 (1,038) 171,746
------- ------- ------- ------ -------
Income (loss) from continuing operations
before income taxes and minority interest (24,269) (26,789) 160,740 (17,628) 143,110
Income taxes - - - - -
Income (loss) from continuing operations
before minority interest (24,269) (26,789) 160,740 (17,628) 143,110
Minority interest 217 143 58 25 84
------- ------ ------- ------- -------
Net income (loss) from continuing operations (24,052) (6,646) 160,797 (17,603) 143,194
======= ====== ======= ======= =======
Loss from discontinued operations
(GLB and TVA Banda C) (12,619) (16,168) 22,602 (22,602) -
------- ------- -------- ------- -------
Net income (loss) (36,671) (42,814) 183,399 (40,205) 143,194
======= ======= ======== ======= =======
</TABLE>
