In the scope of the analysis carried out by consultants, as regards comparable companies, PT SGPS was identified to have suffered very significant alterations in its corporate structure.
According to the Mazars report, of 5 May 2014, PT SGPS (now PHAROL SGPS) subscribed to the capital increase of Oi through a contribution in kind of PT assets, and became a holding company, owning financial assets only and not pursuing any operational activity, thus ceasing to reflect the reality of the operational cycle of a telecommunications operator.
Although PT SGPS remained in the database of comparable companies in 2015, as it showed sufficient historical information to comply with requirements defined, Mazars supports, that it should be excluded for 2016 as the absence of data is significant and criteria underlying its classification as equivalent have ceased to be met.
Moreover, in order to validate the remaining data base of comparable companies, Mazars concluded that the other 14 comparable companies that already integrated the sample remain appropriate, and two new companies, NOS SGPS and TDC, have been identified, as they fulfil selection criteria for companies that must integrate the sample, thereby increasing to 16 the number of comparable companies.
