Shares, without par value | New York Stock Exchange | |||
3.625% Senior Notes Due 2029 | AMX29 | New York Stock Exchange | ||
2.875% Senior Notes | AMX30 | New York Stock Exchanget | ||
4.700% Senior Notes Due 2032 | AMX32 | New York Stock Exchange | ||
6.375% Senior Notes Due 2035 | AMX35 | New York Stock Exchange | ||
6.125% Senior Notes Due 2037 | AMX37 | New York Stock Exchange | ||
6.125% Senior Notes Due 2040 | AMX40 | New York Stock Exchange | ||
4.375% Senior Notes Due 2042 | AMX42 | New York Stock Exchange | ||
4.375% Senior Notes Due 2049 | AMX49 | New York Stock Exchange |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | X | |||||||||
No | ||||||||||
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. | Yes | No | ||||||||
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act | Yes | No | ||||||||
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | X | |||||||||
No | ||||||||||
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act |
X | ||||||||
Large accelerated filer |
Accelerated filer | Non-accelerated filer | Emerging | ||||||||||||||
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal | Yes | No | ||||||
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. | Yes | No | X | |||||
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to § 240.10D-1(b). | Yes | No | X | |||||
U.S. GAAP
5 We prepared our audited consolidated financial statements included in this annual report in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The selected financial information should be read in conjunction with, and is qualified in its entirety by reference to, our audited consolidated financial statements. We present our audited consolidated financial statements in Mexican pesos (“Ps.”). This annual report contains translations of various Mexican peso amounts into U.S. dollars at specified rates solely for your convenience. You should not construe these translations as representations that the Mexican peso amounts actually represent the U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated. Unless otherwise indicated, we have translated U.S. dollar amounts from Mexican pesos at the exchange rate of Ps.16.8935 to U.S.$1.00, which was the rate reported by Banco de México on December 29, 2023, as published in the Official Gazette of the Federation ( Diario Oficial de la Federación
6
7 Table of Contents HISTORY AND CORPORATE INFORMATION América Móvil, S.A.B. de C.V. (“América Móvil,” “we” or the “Company”) is a Sociedad Anónima Bursátil de Capital Variable organized under the laws of Mexico. We were established in 2000 when Teléfonos de México, S.A.B. de C.V. (“Telmex”), a fixed-line Mexican telecommunications operator privatized in 1990, spun off to us its wireless operations in Mexico and other countries. We have made significant acquisitions throughout Latin America, the United States, the Caribbean and Europe, and we have also expanded our businesses organically. Our principal executive offices are located at Lago Zurich 245, Plaza Carso / Edificio Telcel, Colonia Ampliación Granada, Miguel Hidalgo, 11529, Mexico City, Mexico. Our telephone number at this location is (5255) 2581-3700. BUSINESS OVERVIEW We provide telecommunications services in Our largest operations are in Mexico and Brazil, which together account for over half of our total RGUs and where we have the largest market share based on RGUs. We We 10 11 12 13 KEY PERFORMANCE INDICATORS Our customers generate revenue for us by purchasing one or more of our services. We perservice basis. Each wireless subscription, which includesMexico Wireless; Mexico Fixed; Brazil; Colombia; Southern Cone (Argentina) Southern Cone Andean Region (Ecuador and Peru); Central America (Costa Rica, El Salvador, Guatemala, Honduras the Caribbean (the Dominican Republic and Puerto Rico); and Europe (Austria, Belarus, Bulgaria, Croatia, North Macedonia, Serbia and Slovenia).
PRINCIPAL BRANDS We operate in all of our geographic segments under the Claro brand name, except in Mexico and Europe, where we principally do business under the brand names listed below.
14 SERVICES AND PRODUCTS We offer, and derive revenues from, a wide range of services and products that vary by market, including wireless voice, wireless data and value-added services, fixed voice, fixed data, broadband and over-the-top Wireless Operations In Revenues from wireless voice services primarily include charges from monthly subscriptions, usage charges billed to customers and usage charges billed to other service providers for calls completed on our network. The primary drivers of revenues from monthly subscription charges are the number of total RGU’s and the price of our service packages. The primary drivers of revenues from usage charges are airtime, international and long-distance calls and interconnection fees. Revenues from wireless data services primarily include charges for data, cloud, internet, machine-to-machine, VOICE AND DATA. Our wireless subsidiaries provide voice communication services across the countries in which they operate. We offer international roaming services to our wireless subscribers through a network of cellular service providers with which our wireless subsidiaries have entered into international roaming agreements around the world, and who provide GSM, 3G, 4G-LTE and 5G roaming services.The voice and data plans are either “postpaid,” where the customer is billed monthly for the previous month, or “prepaid,” where the customer pays in advance for a specified volume of use over a specified period. Postpaid plans increased as a percentage of the wireless base from Our wireless voice services are offered under a variety of plans to meet the needs of different market segments. In addition, we often bundle wireless data communications services together with wireless voice services. Our wireless subsidiaries had approximately 2023. Prepaid customers typically generate lower levels of usage and are often unwilling or financially ineligible to purchase postpaid plans. Our prepaid plans have been instrumental to increase wireless penetration in Latin America and Eastern Europe to levels similar to those of developed markets. Additionally, prepaid plans entail little to no risk of non-payment, as well as lower customer acquisition costs and billing expenses, compared to the average postpaid plan.In general, our average rates per minute of wireless voice (“ARPM”) are very competitive for both prepaid and postpaid plans. In addition, the plans we offer our retail customers include selective discounts and promotions that reduce the rates our customers pay. VALUE-ADDED SERVICES. As part of our wireless data business, our subsidiaries offer value-added services that include Internet access, messaging and other wireless entertainment and corporate services through GSM/EDGE, 3G, Internet services include roaming capability and wireless Internet connectivity for feature phones, smartphones, tablets and laptops, including data transmission, e-mail services, instant messaging, content streaming and interactive applications. For example, in Mexico, our website for our wireless services (www.telcel.com) through Radiomóvil Dipsa, S.A. de machine-to-machine Fixed Operations In 15 fixed operations represented approximately Revenues from fixed voice services primarily include charges from monthly subscriptions, usage charges billed to customers and usage charges billed to other service providers for calls completed on our network. The primary drivers of revenues from monthly subscription charges are the number of total RGU’s and the price of our service packages. The primary drivers of revenues from usage charges are airtime, international and long-distance calls and interconnection fees. Revenues from fixed data services primarily include charges for data, cloud, broadband, machine-to-machine VOICE. Our fixed voice services include local, domestic and international long-distance, under a variety of plans to meet the needs of different market segments, specifically tailored to our residential and corporate clients. DATA. We offer data services, including data centers, data administration and hosting services to our residential and corporate clients under a variety of plans. BROADBAND. We provide residential broadband access through hybrid fiber-coaxial fiber-optic cable. These services are typically bundled with voice services and are competitively priced as a function of the desired or available speed. As a complement to these services, we offer a number of products such as home networking and smart home services.IT SOLUTIONS. Our subsidiaries provide a number of different IT solutions for small businesses and large Pay TV We offer Pay TV through cable and satellite TV subscriptions to both retail and corporate customers under a variety of plans. As of December 31, Pay TV revenues consist primarily of charges from subscription services, additional programming, including OTT Services We sell video, audio and other media content that is delivered through the internet directly from the content provider to the viewer or end user. Our most important service is ClaroVideo, an on-demand internet streaming video provider with more than Subscription video on demand, providing unlimited access to Transactional video on demand and electronic sell-through, offering the option to rent or buy new content releases; and Add-on services such as subscription and other OTT services through a platform payment system, including access to FOX, HBO, Noggin and Paramount+, among others.We also offer an advertised and unlimited music streaming and downloading service in Sales of Equipment and Accessories Sales of equipment and accessories, and associated revenues, include the sale of handsets, accessories, IoT devices, and other equipment such as smart devices. Other Services Other services, and revenues from such services, include other businesses such as software development, call center services, entertainment content and news, telephone directories, advertising, cybersecurity services, mobile banking and corporate IT solutions. 16 Services and Products by Country The following table is a summary of our principal services rendered and products produced as of December 31,
Our networks are one of our main competitive advantages. Today, we own and operate one of the largest integrated platforms based on our covered population across INFRASTRUCTURE For the year ended December 31, As of December 31, Cell sites: 110,824 sites with 2G, 3G, spin-off to Sitios Latam of our telecommunications towers and other related passive infrastructure in Latin America outside of spin-off. Between February and July 2023, we completed the sale of all of our telecommunications towers in the Dominican Republic and Peru. See “Acquisitions, Other Investments and Divestitures.”Fiber-optic network: More than Submarine cable systems: Capacity in more than 197 thousand km of submarine cables, including the AMX-1 submarine cable that extends Satellites: Five. Star One S.A. (“Star One”) has the most extensive satellite system in Latin America, with a fleet that covers the United States, Mexico, Central America and South America. We use these satellites to supply capacity for DTH services for Claro TV throughout Brazil and in other DTH Operations, as well as cellular backhaul, video broadcast and corporate data networks. Data centers: 43. We use our data centers to manage a number of cloud solutions, such as Infrastructure as a
TECHNOLOGY Our primary wireless networks use GSM/EDGE, 3G, We transmit wireless calls and data through radio frequencies that we use under spectrum licenses. Spectrum is a limited resource, and, as a result, we may face spectrum and capacity constraints on our wireless network. We continue to invest significant capital in expanding our network capacity and reach and to address spectrum and capacity constraints on a market-by-market The table below presents a summary of the population covered by our network, by country, as of December 31,
We operate in an intensely competitive industry. Competitive factors within our industry include pricing, brand recognition, service and product offerings, customer experience, network coverage and quality, development and deployment of technologies, availability of additional spectrum licenses and regulatory developments. Our principal competitors differ, depending on the geographical market and the types of service we offer. We compete against other providers of wireless, broadband and Pay TV that operate on a multi-national level, such as AT&T Inc., Teléfonica and Millicom, as well as various providers that operate on a nationwide level, such as Telecom Argentina in Argentina and Telecom Italia in Brazil. Competition remains intense as a result of saturation in the fixed and wireless market, increased network investment by our competitors, the development and deployment of new technologies, the introduction of new products and services, new market entrants, the availability of additional spectrum, both licensed and unlicensed, and regulatory changes. The effects of competition on our subsidiaries depend, in part, on the size, service offerings, financial strength and business strategies of their competitors, regulatory developments and the general economic and business climate in the countries in which they operate, including demand growth, interest rates, inflation and exchange rates. The effects could include loss of market share and pressure to reduce rates. See “Regulation” under Part VI and “Risk Factors” under Part III of this annual report. Geographic diversification has been a key to our financial success, as it has provided for greater stability in our cash flow and profitability and has contributed to our strong credit ratings. In recent years, we have been evaluating the expansion of our operations to regions outside of Latin America. We believe that Europe and other areas beyond Latin America present opportunities for investment in the telecommunications sector that could benefit us and our shareholders over the long term. We continue to seek ways to optimize our portfolio, including by finding investment opportunities in telecommunications and related companies worldwide, including in markets where we are already present, and we often have several possible acquisitions under consideration. We may pursue opportunities in Latin America or in other areas in the world. Some of the assets that we acquire may require significant funding for capital expenditures. We can give no assurance as to the extent, timing or cost of such investments. We also periodically evaluate opportunities for dispositions, in particular for businesses and in geographies that we no longer consider strategic. In December 2020, our Brazilian subsidiary, Claro S.A. (“Claro Brasil”), together with two other
On August 8, 2022, we completed the spin-off
On catch-up right on or before August 1, 2024 to cure any failure to fund our or LLA’s respective portions of the Commitment in order to maintain ClaroVTR as a
On February 6, 2023, we entered into a definitive agreement with Österreichische Beteiligungs AG (“OBAG”) with respect to OBAG’s and América Móvil’s participations in Telekom Austria AG (“Telekom Austria” or “TKA”) (the “TKA Shareholders Agreement”), which became effective on February 6, 2023. The 10-year term from February 2, 2023 and ensures América Móvil’s leadership and control over Telekom Austria Group by providing América Móvil with the spin-off of the mobile towers in most of the countries in which TKA operates, including € 500 million, five-year bullet loan on behalf of EuroTeleSites AG (“EuroTeleSites”), the company designated to own TKA’s towers after thespin-off. On July 6, 2023, EuroTeleSites launched a€ 500 million 5.25% five-year bond. The five-year bullet loan and spin-off of TKA’s tower business, in all countries in which TKA operates, other than Belarus, was approved by the shareholders of TKA in an extraordinary shareholders’ meeting on August 1, 2023. On September 22, 2023, TKA completed thespin-off of its telecommunications towers and other related passive infrastructure in all countries in which TKA operates, other than Belarus, and listed the shares of EuroTeleSites on the Vienna Stock Exchange. As part of thespin-off, TKA contributed to EuroTeleSites net total assets of€ 290 million in the form of capital stock, assets and liabilities, mainly consisting of the shares of TKA’s subsidiary. Both of TKA and EuroTeleSites are indirect subsidiaries of América Móvil over which América Móvil retains a controlling interest.For additional information on our acquisitions and investments, see Note 12 to our audited consolidated financial statements included in this annual report. MARKETING We advertise our services and products through different channels with consistent and distinct branding and targeted marketing. We advertise via print, radio, television, digital media, sports event sponsorships and other outdoor advertising campaigns. In We build on the strength of our well-recognized brand names to increase consumer awareness and customer loyalty. Building brand recognition is crucial for our business, and we have managed to position our brands as those of a premium carrier in most countries where we operate. According to the year-end SALES AND DISTRIBUTION Our extensive sales and distribution channels help us attract new customers and develop new business opportunities. We primarily sell our services and products through a network of retailers and service centers for retail customers and a dedicated sales force for corporate customers, with more than CUSTOMER SERVICE We give priority to providing our customers with quality customer care and support. We focus our efforts on constantly improving our customers’ experience by leveraging our commercial offerings and our sales and distribution networks. Customers may make inquiries by calling a toll-free telephone number, accessing our subsidiaries’ web sites and social media accounts or visiting one of the customer sales and service centers located throughout the countries we serve. 21 Discontinued Operations On November 23, 2021, we completed the sale of our U.S. operations to Verizon, as previously disclosed in our press release furnished on a report on Form 6-K on November 23, 2021. As a result of the sale of TracFone, in accordance with IFRS 5, the operations of TracFone are classified as discontinued operations for the reporting periods prior to 2022 presented in the consolidated financial information included in this annual report. Accordingly, results are presented in the “profit (loss) after tax for the year from discontinued operations” in the consolidated financial information included in this annual report. Operating and financial information presented herein therefore excludes TracFone, including for periods prior to the sale.On July 1, 2022, we completed the sale of our Panamanian operations to Cable & Wireless Panama, S.A., an affiliate of LLA, as previously disclosed in our press release furnished on a report on Form 6-K on July 1, 2022. As a result of the sale of Claro Panama, in accordance with IFRS 5, the operations of Claro Panama are classified as discontinued operations for the reporting periods prior to 2023 presented in the consolidated financial information included in this annual report. Accordingly, where applicable, results are presented in the “profit (loss) after tax for the year from discontinued operations” in the consolidated financial information included in this annual report. Operating and financial information presented herein therefore excludes Claro Panama, including for periods prior to the sale.On October 6, 2022, we entered into an agreement to combine our Chilean operations with LLA in order to create ClaroVTR, a 50:50 joint venture, as a result of which Claro Chile ceased to be our wholly owned subsidiary, as previously disclosed in our press release furnished on a report on Form Segments We have operations in The factors that drive our financial performance differ in the various countries where we operate, including Constant Currency Presentation Our financial statements are presented in Mexican pesos, but our operations outside Mexico account for a significant portion of our operating revenues. Currency variations between the Mexican peso and the currencies of our non-Mexican subsidiaries, especially the Euro, U.S. dollar, Brazilian real, Colombian peso and Argentine peso, affect our results of operations as reported in Mexican pesos. In the following discussion regarding our operating results, we include adiscussion of the change in the different components of our revenues between periods at constant exchange rates, i.e., using the same exchange rate from the year end of the prior fiscal year to translate the local-currency results of our non-Mexican operations for both periods. We believe that this additional information helps investors better understand the performance of ournon-Mexican operations and their contribution to our consolidated results.All comparisons at constant exchange rates in our consolidated figures exclude Argentina. Our Argentine subsidiary is subject to the accounting guidelines applicable to hyperinflationary economies, with all the accounting variables expressed in real terms at constant Argentine pesos. Pursuant to IFRS rules, for consolidation purposes in our consolidated financial statements—with no other economy considered hyperinflationary—Argentine peso figures expressed in constant Argentine peso terms at the prevailing prices at the end of a reporting period must be converted into Mexican pesos at the exchange rate observed at the end of such reporting period. Due to hyperinflationary conditions in Argentina and the magnitude of the Argentine peso’s depreciation, the application of the above-referenced norm generates unusual effects. Therefore, we exclude Argentina from all consolidated figures cited at constant exchange rates. 24 Effects of Exchange Rates Our results of operations are affected by changes in currency exchange rates. In Since most of our debt is issued by América Móvil out of Mexico, to the extent that our functional currency, the Mexican peso, appreciates or depreciates against the currencies in which our indebtedness is denominated, we may incur foreign exchange gains or losses that are recorded as Changes in exchange rates also affect the fair value of derivative financial instruments that we use to manage our currency-risk exposure, which are generally not accounted for as hedging instruments. In Effects of Regulation We operate in a regulated industry. Our results of operations and financial condition have been, and will continue to be, affected by regulatory actions and changes. Significant regulatory developments are presented in more detail in “Regulation” under Part VI and “Risk Factors” under Part III of this annual report. Comparison of Results of Operations Between Discussions of year-over-year comparisons between 20-F for the fiscal year ended December 31, No. 001-16269). Due to classifying Claro Panama’s and Claro Chile’s operations as discontinued operations for all years prior to 2023 presented in the consolidated financial information included in this report, the year-over-year comparisons presented in our Form20-F for the fiscal year ended December 31, 2022, as filed on May 1, 2023, may not align with the figures presented herein for the same periods. Composition of Operating Revenues In Pay TV, Seasonality of our Business Our business is subject to a certain degree of seasonality, characterized by a higher number of new customers during the fourth quarter of each year. We believe this seasonality is mainly driven by the Christmas shopping season. General Trends Affecting Operating Results Our results of operations in intense competition, with growing costs for marketing and subscriber acquisition and retention, as well as developments in the telecommunications regulatory environment; growing demand for data services over fixed and wireless networks, as well as for smartphones and devices with stronger data service capabilities; declining demand for voice services; declining demand for traditional Pay TV services; increasing capital expenditures our continued strategic focus on instability in economic conditions caused by political uncertainty, inflation and volatility in financial markets and exchange rates. These trends are broadly characteristic of our businesses in all regions in recent years, and they have affected comparable telecommunications providers as well. CONSOLIDATED RESULTS OF OPERATIONS FOR As described above under “Constant Currency Presentation,” due to hyperinflationary conditions in Argentina, for comparative purposes, our consolidated results of operations at constant exchange rates exclude Argentina. Operating Revenues Total operating revenues for SERVICE REVENUES. Service revenues for SALES OF EQUIPMENT. Sales of equipment revenues for Operating Costs and Expenses TOTAL OPERATING COSTS AND EXPENSES. Total operating costs and expenses for COST OF SALES AND SERVICES. Cost of sales and services higher-end smartphones corporate network, IT services and network maintenance COMMERCIAL, ADMINISTRATIVE AND GENERAL EXPENSES. Commercial, administrative and general expenses for rights-of-use (i.e., concessions), improvements to customer service centers and advertising.OTHER EXPENSES. Other expenses for DEPRECIATION AND AMORTIZATION. Depreciation and amortization for rights-of-use Operating Income Operating income for Non-Operating ItemsNET INTEREST EXPENSE. Net interest expense (interest expense less interest income) for FOREIGN CURRENCY EXCHANGE 26 currencies against the VALUATION OF DERIVATIVES, INTEREST COST FROM LABOR OBLIGATIONS AND OTHER FINANCIAL ITEMS, NET. We recorded a net loss of INCOME TAX. Our income tax expense Our effective corporate income tax rate as a percentage of profit before income tax was Net Profit We recorded a net profit of our continuing operations of SEGMENT RESULTS OF OPERATIONS We discuss below the operating results of each reportable segment. Notes 2. z) and 23 to our audited consolidated financial statements describe how we translate the financial statements of our non-Mexican subsidiaries. Exchange rate changes between the Mexican peso and the currencies in which our subsidiaries operate affect our reported results in Mexican pesos and the comparability of reported results between periods.The following table sets forth the exchange rates used to translate the results of our most significant non Mexican operations, as expressed in Mexican pesos per foreign currency unit, and the change from the rate used in the prior
The tables below set forth operating revenues and operating income for each of our segments for the years indicated.
The following discussion addresses the financial performance of each of our reportable segments by comparing results for Each reportable segment includes all income, cost and expense eliminations that occurred between subsidiaries within the reportable segment. The Mexico Wireless segment also includes corporate income, costs and expenses. revenues, segment operating income and segment operating margin, respectively, minus (i) certain intersegment transactions, (ii) for our non-Mexican segments, the effects of non-IFRS financial measures, presented herein to the most directly comparable financial measures calculated and presented in accordance with IFRS. We have provided thenon-IFRS financial measures herein, which are not calculated or presented in accordance with IFRS, as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS.These supplemental non-IFRS financial measures are presented because management has evaluated our financial results both including and excluding the adjusted items and believes that the supplementalnon-IFRS financial measures presented provide additional perspective and insights when analyzing our core operating performance from period to period and trends in our historical operating results. These supplementalnon-IFRS financial measures should not be considered superior to, as a substitute for or as an alternative to, and should be considered in conjunction with, the IFRS financial measures presented herein.Except for the Southern Cone – Argentina segment, comparisons in the following discussion are calculated using figures in Mexican pesos. For the Southern Cone – Argentina segment only, due to hyperinflationary conditions in Argentina, comparisons in the following discussion are calculated using figures in constant Argentine peso terms, i.e., adjusted for inflation in accordance with International Accounting Standard (“IAS”) 29 Financial Reporting in Hyperinflationary Economies (“IAS 29”), and must be converted into Mexican pesos at the exchange rate observed at the end of the period per IFRS rules, as described above under “Constant Currency Presentation.” Discussions of year-over-year comparisons between 20-F for the fiscal year ended December 31, 2023 COMPARED TO 2022 Mexico Wireless The number of prepaid wireless Segment operating revenues for Segment operating income for Segment operating margin was Mexico Fixed The number of fixed voice RGUs in Mexico for Segment operating revenues for principally reflects Segment operating income for Segment operating margin was Brazil The number of prepaid wireless Segment operating revenues for 2023 decreased by 2.4% over 2022. Adjusted segment operating revenues were Ps.178.2 billion in 2023 and Ps.166.0 billion in 2022, after giving effect to adjustments of Ps.11.5 billion and Ps.(4.9) billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 7.4% in adjusted segment operating revenues in 2023 as compared to 2022, which principally reflects stronger performance in prepaid, postpaid, and broadband services, partially offset by fixed voice and Pay TV. Segment operating Segment operating margin was Colombia The number of prepaid wireless Segment operating revenues for Segment operating income for Segment operating margin was fluctuations on U.S. dollar-denominated costs such as content and network maintenance, and expenses linked to inflation, such as electric energy costs. Southern Cone – Argentina As described above under “Interperiod Segment Comparisons,” due to hyperinflationary conditions in Argentina, comparisons in the following discussion are calculated using figures in constant Argentine peso terms, i.e., adjusted for inflation in accordance with IAS 29. The number of prepaid wireless subscriptions for 2023 increased by 5.2% over 2022, and the number of postpaid wireless subscriptions increased by 3.2%, resulting in an Segment operating revenues for 2023 decreased by 8.2% over 2022. Adjusted segment operating revenues were Ps.18.9 billion in 2023 and Segment operating income for 2023 decreased by 38.6% over 2022. Adjusted segment operating income was Ps.6.2 billion in 2023 and Ps.6.6 billion in 2022, after giving effect to adjustments of Ps.5.7 billion and Ps.4.0 billion, respectively, for intersegment transactions and the effects of foreign currency translation. This represents a decrease of 5.9% in adjusted segment operating income in 2023 as compared to 2022. Segment operating margin was 8.5% as compared to 12.7% in 2022. Adjusted segment operating margin was 32.9% in 2023, as compared to 32.1% in 2022. This increase in adjusted operating margin principally reflects an increase in fixed line platform (broadband and PayTV), which was offset by decreases in equipment revenue and mobile services.30 Southern Cone The number of prepaid wireless Segment operating revenues for Segment operating Segment operating margin was Andean Region The number of prepaid wireless Region segment of Segment operating revenues for Segment operating income for Segment operating margin was Central America - Guatemala, El Salvador, Honduras, Nicaragua The number of prepaid wireless 31 Segment operating revenues for Segment operating income for Segment operating margin was Caribbean Republic The number of prepaid wireless Segment operating revenues for Puerto Rico. We analyze segment results in U.S. dollars because it is the functional currency of our operations in Puerto Rico. Segment operating income and segment operating margin for Segment operating margin Europe The number of prepaid wireless Segment operating revenues for Segment operating income for Ps.79.6 million, respectively, for intersegment transactions and the effects of foreign currency translation. This represents an increase of 7.7% in adjusted segment operating income in 2023 as compared to 2022. Segment operating margin was 15.6% in 2023 as compared to 15.2% in 2022. Adjusted segment operating margin was 15.7% in 2023, as compared to 15.3% in 2022. This increase in adjusted segment operating margin principally reflects the effects of our cost savings program and improved performance in all countries in our Europe segment, partially offset by increases in network maintenance and electric energy costs. 33 FUNDING REQUIREMENTS We generate substantial cash flows from our operations. On a consolidated basis, our cash flows from operating activities were We use the cash that we generate from our operations and from borrowings principally for the following purposes: Capital expenditures - We make substantial capital expenditures to continue expanding and improving our networks in each country in which we operate. Our capital expenditures on plant, property and equipment and acquisition or renewal of licenses were Acquisitions - our overall ownership in TKA is equal to Short-term debt and contractual obligations - Long-term debt and contractual obligations -
Dividends - Share repurchases - BORROWINGS In addition to cash flows generated from operations, we rely on a combination of borrowings from a range of different sources, including the international capital markets, the local capital markets in Mexico and other countries where we operate, international and local banks, equipment suppliers and export credit agencies. We seek to maintain access to diverse sources of funding. In managing our funding, we generally seek to keep our leverage, as measured by the ratio of net debt to EBITDA, at a level that is consistent with maintaining the ratings given to our debt by the principal credit rating agencies. Net debt isdefined as total debt (determined as short-and long-term debt; as shown in the below table) minus (i) cash and cash equivalents, (ii) equity investments at fair value through other comprehensive income (“OCI”)34 and other short-term investments and (iii) debt instruments at fair value through OCI. EBITDA is defined as operating income plus depreciation (which includes both depreciation of right-of-use assets and other depreciation). The following discussions provide a quantification of net debt, presented herein to the most directly comparable financial measures calculated and presented in accordance with IFRS. We do not utilize EBITDA to report financial figures in the body of this annual report. Our total consolidated indebtedness as of December 31, 2022. At December 31, Ps.26.6 billion, equity investments at fair value through OCI and other short-term investments of Ps.73.8 billion and Ps.14.9 billion in debt instruments at fair value through OCI. Without taking into account the effects of derivative financial instruments that we use to manage our interest rate and currency risk, approximately Mexican pesos (approximately non-Mexican peso debt was in U.S. dollars and The weighted average cost of all our third-party debt at December 31, Our major categories of indebtedness at December 31,
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Additional information about certain categories of our indebtedness is provided Mexican peso-denominated international Our 8.46% senior notes due 2036 are denominated in Mexican pesos, but all amounts in respect of the notes are payable in U.S. dollars, unless a holder of notes elects to receive payment in Mexican pesos in accordance with specified procedures. In contrast, notes issued under our global peso notes program (as described below) are denominated and payable in Mexican pesos only. Under our global peso notes program, we have historically issued Mexican peso-denominated notes that can be distributed and traded in Mexico and internationally. The notes are registered with the SEC in the United States and with the CNBV in Mexico. On July 6, 2023, we issued a Ps.17 billion (approximately U.S.$ 1 billion) 9.500% sustainable bond maturing in January 2031. On February 1, 2024, we issued a Ps.20 billion (approximately U.S.$1.1 billion) 10.300% sustainable bond maturing in 2034. Proceeds obtained from these two series of notes may be used, in whole or in part, to finance or refinance expenditures and investments in new or existing environmental and high impact social projects under our sustainable finance framework. Mexican peso-denominated domestic notes. Our domestic senior notes ( certificados bursátiles unidades de inversion papel comercial 10-year note in the papel comercial International notes. We have outstanding debt securities in the international markets denominated in U.S. dollars, pounds sterling and euros. We have also issued debt securities in the local market in Japan. Bank loans. At December 31, sustainability-linked framework. As long as the facilities are committed, a commitment fee is paid. As of December 31, Telekom Austria has an undrawn revolving syndicated credit facility for € 1.0 billion (the “TKA Facility”) expiring in July 2026. The TKA Facility includes covenants that limit Telekom Austria’s ability to incur secured debt, effect certain mergers or sell substantially all of its assets and our ability to transfer control over, or reduce our share ownership in, Telekom Austria. For more information, see Note 14 to our audited consolidated financial statements included in this annual report. 36 Bonds exchangeable for KPN shares. On March 2, 2021, our wholly-owned Dutch subsidiary, América Móvil B.V., issued approximately EUR 2.1 billion principal amount of senior unsecured bonds. The bonds Euro-denominated commercial paper program. From time to time, we have issued commercial paper under our euro-denominated commercial paper program. At December 31, As of December 31, GUARANTOR FINANCIAL INFORMATION Some of the public securities issued by América Móvil in international and Mexican capital markets are guaranteed by Telcel, a wholly-owned subsidiary. As of December 31, The following tables present summarized unconsolidated financial information for the Company and Telcel after eliminating transactions and balances between them.
RISK MANAGEMENT We regularly assess our interest rate and currency exchange exposures in order to determine how to manage the risk associated with these exposures. We have indebtedness denominated in currencies other than the currency of our operating environments, and we have expenses for operations and for capital expenditures in a variety of currencies. We use derivatives to manage the resulting exchange rate and interest rate exposures. We do not use derivatives to hedge the exchange rate exposures that arise from having operations in different countries. For additional information on market risk, see Note 2 v(ii) to our audited consolidated financial statements included in this annual report. Our practices vary from time to time depending on our judgment of the level of risk, expectations as to exchange rate or interest rate movements and the costs of using derivative financial instruments. We may stop using derivative financial instruments or modify our practices at any time. As of December 31, RISKS RELATING TO OUR OPERATIONS Competition in the telecommunications industry is intense and could adversely affect the revenues and profitability of our operations Our businesses face substantial competition. We expect that competition will intensify in the future as a result of the entry of new competitors, the development of new technologies, products and services and convergence. We also expect consolidation in the telecommunications industry, as companies respond to the need for cost reduction and additional spectrum. This trend may result in larger competitors with greater financial, technical, promotional and other resources to compete with our businesses. Among other things, our competitors could: provide higher handset subsidies; offer higher commissions to retailers; provide free airtime or other services (such as internet access); offer services at lower costs through double, triple and quadruple play packages or other pricing strategies; expand their networks faster; or develop and deploy improved technologies faster, such as 5G LTE technology. Competition can lead us to increase advertising and promotional spending and to reduce prices for services and handsets. These developments may lead to lower operating margins, greater choices for customers and increasing movement of customers among competitors, which may make it difficult for us to retain or add new customers. The cost of adding new customers may also continue to increase, reducing profitability even if customer growth continues. Our ability to compete successfully will depend on our coverage, the quality of our network and service, our rates, customer service, effective marketing, our success in selling double, triple and quadruple play packages and our ability to anticipate and respond to various competitive factors affecting the telecommunications industry, including new services and technologies, changes in consumer preferences, demographic trends, economic conditions and discount pricing strategies by competitors.If we are unable to respond to competition and compensate for declining prices by adding new customers, increasing usage and offering new services, our revenues and profitability could decline. Governmental or regulatory actions could adversely affect our operations Our operations are subject to extensive government regulation and can be adversely affected by changes in law, regulation or regulatory policy. The licensing, construction, operation, sale, resale and interconnection arrangements of telecommunications systems in Latin America and elsewhere are regulated to varying degrees by government or regulatory authorities. Any of these authorities having jurisdiction over our businesses could adopt or change regulations or take other actions that could adversely affect our operations. In particular, the regulation of prices that operators may charge for their services and environmental matters, including renewable energy and climate change regulation, could have a material adverse effect by reducing our profit margins. See “Regulation” under Part VI for a discussion on the functional separation of Telmex and Telnor wholesale services, “Legal Proceedings” under Part VII and Note 17 to our audited consolidated financial statements included in this annual report. In addition, changes in political administrations could lead to new regulation and the adoption of policies that could adversely affect our operations, including those concerning competition and taxation of communications services. For example, since 2013, Mexico has implemented reforms to the telecommunications sector that aim to promote more competition and investment by imposing asymmetric regulation upon economic agents deemed “preponderant or dominant.” The asymmetric regulations that are applicable to us, which have adversely affected the results of our Mexican operations, may be reviewed every two years. We are unable to anticipate the effect of an amendment on existing asymmetric regulations, or the imposition of new ones, on our results or operations in Mexico. In other countries, we could also face policies such as preferences for local over foreign ownership of communications licenses and assets or for government over private ownership, which could make it more cumbersome or impossible for us to continue to develop our businesses. Restrictions such as those described above could result in lower revenues Our failure to meet or maintain quality of service goals and standards could result in fines and other adverse consequences The terms of the concessions under which our subsidiaries operate require them to meet certain service quality goals, including, for example, minimum call completion rates, maximum busy circuits rates, operator availability and responsiveness to repair requests. Failure to meet service quality obligations in the past has resulted in the imposition of material fines by regulatory entities. We are also subject to and may be subject to additional claims by customers, including class actions, seeking remedies for 40 service problems. Our ability to comply with these obligations in the future may be affected by factors beyond our control and, accordingly, we cannot assure that we will be able to comply with them. Dominant carrier related regulations could adversely affect our business by limiting our ability to pursue competitive and profitable strategies Our regulators are authorized to impose specific requirements as to rates (including termination rates), quality of service, access to active or passive infrastructure and information, among other matters, on operators that are determined to have substantial market power in a specific market. We cannot predict what steps regulatory authorities might take in response to determinations regarding substantial market power in the countries in which we operate. However, adverse determinations against our subsidiaries could result in material restrictions on our operations. We may also face additional regulatory restrictions and scrutiny as a result of our provision of combined services. If dominant carrier regulations are imposed on our business in the future, they could likely reduce our flexibility to adopt competitive market policies and impose specific tariff requirements or other special regulations on us, such as additional requirements regarding disclosure of information or quality of service. Any such new regulation could have a material adverse effect on our operations. We must continue to acquire additional radio spectrum capacity and upgrade our networks in order to expand our customer base and maintain the quality of our wireless services Licensed radio spectrum is essential to our growth and the quality of our wireless services and for the operation and deployment of our networks, including new generation networks such as 5G LTE technology, to offer improved data and value-added services. We obtain most of our radio spectrum through auctions conducted by governments of the countries in which we operate. Participation in spectrum auctions in most of these countries requires prior government authorization, and we may be subject to caps on our ability to acquire additional spectrum. Our inability to acquire additional radio spectrum capacity could affect our ability to compete successfully because it could result in, among other things, a decrease in the quality of our network and service and in our ability to meet the demands of our customers. In the event we are unable to acquire additional radio spectrum capacity, we can increase the density of our network by building more cell and switch sites, but such measures are costly and may be subject to local restrictions and regulatory approvals, and they would not meet our needs as effectively. We have concessions and licenses for fixed terms, and the government may revoke or terminate them as well as reacquire the assets under our concession under various circumstances, some of which are beyond our control Our concessions and licenses have specified terms, ranging typically from five to 20 years, and are generally subject to renewal upon payment of a fee, but renewal is not assured. The loss of, or failure to renew, any one concession could have a material adverse effect on our business and results of operations. Our ability to renew concessions and the terms of renewal are subject to a number of factors beyond our control, including the prevalent regulatory and political environment at the time of renewal. Fees are typically established at the time of renewal. As a condition for renewal, we may be required to agree to new and stricter terms and service requirements. In some of the jurisdictions where we operate and under certain circumstances, mainly in connection with fixed services, we may be required to transfer certain assets covered by some of our concessions to the government pursuant to valuation methodologies that vary in each jurisdiction. It is uncertain whether reversion would ever be applied in many of the jurisdictions where we operate and how reversion provisions would be interpreted in practice. For further information, see “Regulation” under Part VI of this annual report and Note 17 to our audited consolidated financial statements included in this annual report. In addition, the regulatory authorities in the jurisdictions in which we operate can revoke our concessions under certain circumstances. In Mexico, for example, the Federal Law on Telecommunications and Broadcasting gives the government the right to temporarily seize our concessions or to take over the management of our networks, facilities and personnel in cases of failures to meet obligations under our concession agreements, imminent danger to national security, internal peace or the national economy, natural disasters and public unrest. See “Regulation” under Part VI of this annual report. We continue to look for acquisition opportunities, and any future acquisitions and related financing could have a material effect on our business, results of operations and financial condition We continue to look for investment opportunities in telecommunications and related companies worldwide, including in markets where we are already present, and we often have several possible acquisitions under 41 consideration. Any future acquisitions, and related financing and acquired indebtedness, could have a material effect on our business, results of operations and financial condition, but we cannot provide assurances that we will complete any of them. In addition, we may incur significant costs and expenses as we integrate these companies in our systems, controls and networks. We are subject to significant litigation Some of our subsidiaries are subject to significant litigation that, if determined adversely to our interests, may have a material adverse effect on our business, results of operations, financial condition or prospects. Our significant litigation is described in “Regulation” under Part VI and in Note 17 to our audited consolidated financial statements included in this annual report. We are contesting significant tax assessments We and some of our subsidiaries have been notified of tax assessments for significant amounts by the tax authorities of the countries in which we operate, especially in Brazil, Mexico and Colombia. The tax assessments relate to, among other things, alleged improper deductions and underpayments. We are contesting these tax assessments in several administrative and legal proceedings, and our challenges are at various stages. The amounts claimed by the tax authorities in these matters are significant. In many cases, we have not established a provision in our audited financial statements for these matters, or the amount claimed may be significantly in excess of any reserve established. We evaluate income tax contingencies applying IAS 12 Income Taxes and IFRIC Failure to comply with anti-corruption, We operate in multiple jurisdictions and are subject to complex regulatory frameworks with increased enforcement activities worldwide. Our governance and compliance processes may not prevent future breaches of legal, accounting or governance standards and regulations. We may be subject to breaches of our code of ethics, anti-corruption policies and business conduct protocols and to instances of fraudulent behavior, corrupt practices and dishonesty by our employees, contractors or other agents. Our or our contractors’ failure to comply with applicable laws and other regulatory requirements, including those relating to anti-corruption, anti-bribery and anti-money laundering laws and economic and trade sanctions, could harm our reputation, subject us to substantial fines, sanctions or penalties and adversely affect our business and ability to access financial markets. A system failure could cause delays or interruptions of service, which could have an adverse effect on our operations We need to continue to provide our subscribers with a reliable service over our network. Some of the risks to our network and infrastructure include the following: physical damage to access lines and fixed networks; power surges or outages; natural disasters; climate change; malicious actions, such as theft or misuse of customer data; limitations on the use of our radio bases; software defects; human error; and other disruptions beyond our control, including as a result of civil unrest in the regions where we operate. In Brazil, for example, our satellite operations may be affected if we experience a delay in launching new satellites to replace those currently in use when they reach the end of their operational lives. Such delay may occur because of, among other reasons, construction delays, unavailability of launch vehicles and/ or launch failures. In addition, our operations have been disrupted by natural disturbances such as hurricanes and earthquakes. We have instituted measures to reduce these risks. However, there is no assurance that any measures we implement will be effective in preventing system failures under all circumstances. System failures may cause interruptions in services or reduced capacity for our customers, either of which may have an adverse effect on our operations due to, for example, increased expenses, potential legal liability, loss of existing and potential subscribers, reduced user traffic, decreased revenues and reputational harm. 42 Our financial condition and results of operations may be adversely affected by the occurrence of severe weather, natural or man-made disasters and other catastrophic events, including war, terrorism and other acts of violence, and diseaseOur operations can be disrupted by unforeseen events, including war, terrorism, and other international, regional, or local instability or conflicts (including labor issues), embargos, public health issues (including tainted food, food-borne illnesses, food tampering, tampering with or failure of water supply or widespread or pandemic illness such as coronavirus (“COVID-19”), Ebola, the avian or H1N1 flu, MERS), and natural disasters such as earthquakes, tsunamis, hurricanes, or other adverse weather and climate conditions in the countries in which we operate. These events coulddisrupt or prevent our ability to perform functions and otherwise impede our ability to continue business operations in a continuous manner, which in turn may materially and adversely impact our business and operating results. Effects of climate change may impose risk of damage to our infrastructure and our ability to provide services, all of which Extreme weather events precipitated by long-term climate change have the potential to directly damage network facilities or disrupt our ability to build and maintain portions of our network and could potentially disrupt suppliers’ ability to provide products and services required to provide reliable network coverage. Any such disruption could delay network deployment plans, interrupt service for our customers, increase our costs and have a negative effect on our operating results. The potential physical effects of climate change, such as increased frequency and severity of storms, floods, fires, freezing conditions, sea-level rise, and other climate-related events, could adversely affect our operations, infrastructure, and financial results. Operational impacts resulting from the potential physical effects of climate change, such as damage to our network infrastructure, could result in increased costs and loss of revenue. We could incur significant costs to improve the climate resiliency of our infrastructure and otherwise prepare for, respond to, and mitigate such physical effects of climate change. We are not able to accurately predict the materiality of any potential losses or costs associated with the physical effects of climate change.Public health crises We are subject to risks related to public health crises, COVID-19 is based on our ability to provide products and services to customers COVID-19 pandemic, that significantly impacts the way customers use and are able to pay for our products and services, the way our employees are able to provide services to our customers, and the ways that our partners and suppliers are able to provide products and services to us. Many of our employees are unionized and increases in labor and employee benefit costs may reduce our profitability, increase our funding requirements and could have an adverse impact on our operations Many of our employees are members of labor unions with which we conduct collective negotiations on wages, benefits and working conditions. We use actuarial methodologies and assumptions such as discount rate, salary increase and mortality, among others, for the determination and valuation of our employee benefits, including retirement benefits. We evaluate from time to time, with the support of specialists, our actuarial methodologies and assumptions, as well as the valuation of the assets related to these benefits. Our labor costs and the costs of maintaining employee benefits are substantial, and could be affected by several factors, including legislative and regulatory changes, work stoppages, subsequent negotiations, increases in healthcare costs or in minimum wages, decreases in investment returns on the assets held in funds to support the payment of certain employee benefits and changes in the discount rate and mortality assumptions. An increase in labor and employee benefit costs could reduce our profitability, increase our funding requirements and have an adverse impact on our operations. Inflationary pressures on costs may impact our network construction, financial condition and results of operations As a provider of telecommunications and technology services, we sell handsets, wireless data cards, wireless computing devices and customer premises equipment manufactured by various suppliers. We depend on suppliers to provide us, directly or through other suppliers, with items such as network equipment, customer premises equipment, and wireless-related 43 equipment such as mobile hotspots, handsets, wirelessly enabled computers, wireless data cards and other connected devices for our customers. In Although we are unable to predict the impact on our ability to source materials in the future, we expect these supply pressures to continue into Our attempts to offset these cost pressures, such as through increases in the selling prices of some of our products and services, may not be successful. Higher product prices may result in reductions in sales volume. Consumers may be less willing to pay a price differential for our products and may increasingly purchase lower-priced offerings, or may forego some purchases altogether, during an economic downturn. To the extent that price increases are not sufficient to offset these increased costs adequately or in a timely manner, and/or if they result in significant decreases in sales volume, our business, financial condition or operating results may be adversely affected. Furthermore, we may not be able to offset any cost increases through productivity and cost-saving initiatives. In addition, widespread inflation may reduce the purchasing power of consumers for our products and services. We rely on highly skilled personnel throughout all levels of our business. Our business could be harmed if we are unable to retain or motivate key personnel, hire qualified personnel or maintain our corporate culture The market for highly skilled workers and leaders in our industry is extremely competitive. We believe that our future success depends in substantial part on our ability to recruit, hire, motivate, develop, and retain talented personnel for all areas of our organization, including our CEO and the other members of our senior leadership team. Our inability to retain these employees or to replace them with qualified and capable successors could hinder our strategic planning and execution. If key employees depart, our business could be negatively impacted. We may incur significant costs in identifying, hiring and replacing departing employees and may lose significant expertise and talent. As a result, we may not be able to meet our business plan and our revenue growth and profitability may be materially adversely affected. Cybersecurity incidents and other breaches of network or information technology security could have an adverse effect on our business and our reputation Cybersecurity incidents, and other tactics designed to gain access to and exploit sensitive information by breaching critical systems of large companies, are evolving and have been increasing in both sophistication and occurrence in recent years. While we employ a number of measures to prevent, detect and mitigate such incidents, there is no guarantee that we will be able to adequately anticipate or prevent one. Cybercrime, including attempts to overload our servers with denial-of-service In the event that our systems are breached or damaged for any reason, we may suffer loss or unavailability of data and interruptions to our business operations. If such an event occurs, the unauthorized disclosure, loss or unavailability of data and the disruption to our fixed-line or wireless networks may have a material adverse effect on our business and results of operations. The costs associated with a cybersecurity incident could include increased expenditures on information and cybersecurity measures, damage to our reputation, loss of existing customers and business partners and lead to financial losses from remedial actions and potential liability, including possible litigation and sanctions. Any of these occurrences may result in a material adverse effect on our results of operations and financial condition. Failure to achieve proper data governance could lead to data mismanagement We process large amounts of personally identifiable information of customers and employees and are subject to various compliance, security, privacy, data quality and regulatory requirements. Failure to achieve proper data 44 governance could lead to data mismanagement which in turn could result in data loss, regulatory investigations or sanctions, and cybersecurity risk. We are subject to data privacy regulations in the countries where we operate. Complying with such regulations may expose us to increased costs and limit our ability to transfer data between certain jurisdictions, which may adversely affect our operations. If our churn rate increases, our business could be negatively affected The cost of acquiring a new subscriber is much higher than the cost of maintaining an existing subscriber. Accordingly, subscriber deactivations, or “churn,” could have a material negative impact on our operating income, even if we are able to obtain one new subscriber for each lost subscriber. A substantial majority of our subscribers are prepaid, and we do not have long-term contracts with them. Our average churn rate on a consolidated basis was We rely on key suppliers to provide equipment that we need to operate our business We rely upon various key suppliers to provide us with handsets, network equipment or services, which we need to expand and operate our business. Our key suppliers include Huawei, Ericsson and Government or regulatory actions with respect to certain suppliers may impact us. For example, the U.S. Federal Communications Commission adopted rules blocking the importation or sale of certain technology products that it said pose security risks to U.S. critical infrastructure, including products of Chinese technology suppliers. The government of the United States Our ability to pay dividends and repay debt depends on our subsidiaries’ ability to pay dividends and make other transfers to us We are a holding company with no significant assets, other than the shares of our subsidiaries and our holdings of cash and cash equivalents. Our ability to pay dividends and repay debt depends on the continued transfer to us of dividends and other income from our subsidiaries. The ability of our subsidiaries to pay dividends and make other transfers to us may be limited by various regulatory, contractual and legal constraints that affect them. We may fail to realize the benefits anticipated from acquisitions, divestments and significant investments we make from time to time The business growth opportunities, revenue benefits, cost savings and other benefits we anticipated to result from our acquisitions, divestments and significant investments may not be achieved as expected or may be delayed. Our divestments may also adversely affect our prospects. For example, we may be unable to fully implement our business plans and strategies for the combined businesses due to regulatory limitations, and we may face regulatory restrictions in our provision of combined services in some of the countries in which we operate. To the extent that we incur higher integration costs or achieve lower revenue benefits or fewer cost savings than expected, or if we are required to recognize impairments of acquired assets, investments or goodwill, our results of operations and financial condition may suffer. A downgrade of Mexico’s credit rating could affect us Credit rating agencies regularly evaluate Mexico and its sovereign rating based on various factors including macroeconomic trends, tax and budgetary conditions and indebtedness metrics. If Mexico’s sovereign credit rating is downgraded by credit rating agencies, the rating of our securities may also be downgraded, which could negatively affect our financing costs and the market price of our securities. Changing expectations from stakeholders with respect to our environmental, social and governance practices may impose additional costs on us or expose us to new or additional risks 45 condition or stock price could be materially and adversely affected. Views about ESG are diverse and rapidly changing, and there is currently no market consensus on what precise attributes are required for a particular project to be defined as “green,” “social” or “sustainable.” Therefore, no assurance can be provided that any projects considered by us as “green,” “social” or “sustainable” will meet all stakeholder expectations regarding social, environmental or sustainability performance. There can be no guarantee that our projects will deliver environmental, social and/ or sustainability benefits as anticipated, or that adverse environmental, social and/or sustainability impacts will not occur during the operation of such projects. If we do not meet our stakeholders’ expectations or we are not effective in addressing ESG matters or achieve relevant sustainability goals, trust in our brand may suffer and our business or our ability to access capital could be harmed. Negative or inaccurate information on social media or elsewhere could adversely affect our reputation Negative or inaccurate information concerning or affecting us or our trademarks may be posted at any time on social media and similar platforms, including weblogs (blogs), social media websites, and other forms of Internet-based communications which allow individual access to a broad audience of consumers and other interested persons. This information may harm our reputation without affording us an opportunity for redress or correction, which could in turn have a material adverse effect on our business, financial condition and results of operations. We cannot be certain that additional material weaknesses will not develop or be discovered in the future. There is also a risk that there could be accounting errors in our financial reporting. If our efforts to remediate any material weakness are unsuccessful, we may be unable to report our results of operations for future periods accurately and in a timely manner and make our required filings with government authorities, including the SEC. Any of these occurrences could adversely affect our results of operation and financial condition. RISKS RELATING TO THE TELECOMMUNICATIONS INDUSTRY GENERALLY Changes in the telecommunications industry could affect our future financial performance The telecommunications industry continues to experience significant changes as new technologies are developed that offer subscribers an array of choices for their communications needs. These changes include, among others, regulatory changes, evolving industry standards, ongoing improvements in the capacity and quality of digital technology, shorter development cycles for new products, evolving renewable energy and clean technologies, the development and adoption of artificial intelligence technology and changes in end-user needs and preferences. There is uncertainty as to the pace and extent of growth in subscriber demand, and as to the extent to which prices for airtime, broadband access, Pay TV and fixed-line rental may continue to decline. Our ability to compete in the delivery of high-quality internet and broadband services is particularly important, given the increasing contribution of revenues from data services to our overall growth. If we are unable to meet future advances in competing technologies on a timely basis or at an acceptable cost, we could lose subscribers to our competitors. In general, the development of new services in our industry requires us to anticipate and respond to the varied and continually changing demands of our subscribers. It also requires significant capital expenditure, including investment in the continual maintenance and upgrading of our networks, in order to expand coverage, increase our capacity to absorb higher bandwidth usage and adapt to new technologies. We may not be able to accurately predict technological trends or the success of new services in the market. In addition, there could be legal or regulatory restraints to our introduction of new services. If these services fail to gain acceptance in the marketplace, or if costs associated with implementation and completion of the introduction of these services materially increase, our ability to retain and attract subscribers could be adversely affected. This is true across many of the services we provide, including wireless and cable technology.46 The intellectual property used by us, our suppliers or service providers may infringe on intellectual property rights owned by others Some of our products and services use intellectual property that we own or license from others. We also provide content we receive from content producers and distributors, such as ringtones, text games, video games, video, including TV programs and movies, wallpapers or screensavers, and we outsource services to service providers, including billing and customer care functions, distributors and service providers have received, and may receive in the future, assertions and claims from third parties that the content, products or software utilized by us or our suppliers, content producers and distributors and service providers infringe on the patents or other intellectual property rights of these third parties. These claims could require us or an infringing supplier, content distributor or service provider to cease engaging in certain activities, including selling, offering and providing the relevant products and services. Such claims and assertions also could subject us to costly litigation and significant liabilities for damages or royalty payments or require us to cease certain activities or prevent us from selling certain products or services. Concerns about health risks relating to the use of wireless handsets and base stations may adversely affect our business Portable communications devices have been alleged to pose health risks, including cancer, due to radio frequency emissions. Lawsuits have been filed in the United States against certain participants in the wireless industry alleging various adverse health consequences as a result of wireless phone usage, and our subsidiaries may be subject to similar litigation in the future. Government authorities could increase regulation on electromagnetic emissions of mobile handsets and base stations, which could have an adverse effect on our business, financial condition and results of operations. Research and studies are ongoing, and there can be no assurance that further research and studies will not demonstrate a link between radio frequency emissions and health concerns. Any negative findings in these studies could adversely affect the use of wireless technology and, as a result, our future financial performance. Developments in the telecommunications sector have resulted, and may result, in substantial Where the circumstances require, we review the carrying value of each of our assets, subsidiaries and investments in associates to assess whether those carrying values can be supported by the future discounted cash flows expected to be derived from such assets. Whenever we consider that due to changes in the economic, regulatory, business or political environment, our goodwill, investments in associates, intangible assets or fixed assets may be impaired, we consider the necessity of performing certain valuation tests, which may result in impairment charges. The recognition of impairments of tangible, intangible and financial assets could adversely affect our results of operations. RISKS RELATING TO OUR CONTROLLING SHAREHOLDERS, CAPITAL STRUCTURE AND TRANSACTIONS WITH AFFILIATES Members of one family may be deemed to control us and may exercise their control in a manner that may differ from the interest of other shareholders Based on reports of beneficial ownership of our shares filed with the SEC, Carlos Slim Helú, together with his sons, daughters and grandchildren (together, the “Slim Family”) may be deemed to control us. The Slim Family may be able to elect a majority of the members of our Board of Directors and to determine the outcome of other actions requiring a vote of our shareholders. The interests of the Slim Family may diverge from the interests of our other investors. We have significant transactions with affiliates We engage in various transactions with Telesites, S.A.B. de C.V. (“Telesites”), Sitios Latam and certain subsidiaries of Grupo Carso, S.A.B. de C.V. (“Grupo Carso”) and Grupo Financiero Inbursa, S.A.B. de C.V. (“Grupo Financiero Inbursa”), all which may be deemed for certain purposes to be under common control with América Móvil. These transactions occur in the ordinary course of business. Transactions with affiliates may create the potential for conflicts of interest. We also make investments together with related parties, sell investments to related parties and buy investments from related parties. For more information about our transactions with affiliates, see “Related Party Transactions” under Part IV of this annual report. Our bylaws restrict transfers of shares in some circumstances Our bylaws provide that any acquisition or transfer of 10.0% or more of our capital stock by any person or group of persons acting together requires the approval of our Board of Directors. You may not acquire or transfer 47 10.0% or more The protections afforded to minority shareholders in Mexico are different from those in the United States Under Mexican law, the protections afforded to minority shareholders are different from those in the United States. In particular, the law concerning fiduciary duties of directors is not as fully developed as in other jurisdictions, the procedure for class actions is different, and there are different procedural requirements for bringing shareholder lawsuits. As a result, in practice it may be more difficult for minority shareholders of América Móvil to seek remedies against us or our directors or controlling shareholders than it would be for shareholders of a company incorporated in another jurisdiction, such as Delaware. Holders of ADSs are not entitled to attend shareholders’ meetings, and they may only vote through the depositary Under our bylaws, a shareholder is required to deposit its shares with a custodian in order to attend a shareholders’ meeting. A holder of ADSs will not be able to meet this requirement and, accordingly, is not entitled to attend shareholders’ meetings. A holder of ADSs is entitled to instruct the depositary as to how to vote the shares represented by ADSs, in accordance with procedures provided for in the deposit Our bylaws may only be enforced in Mexico Our bylaws provide that legal actions relating to the execution, interpretation or performance of the bylaws may be brought only in Mexican courts. As a result, it may be difficult for non-Mexican shareholders to enforce their shareholder rights pursuant to the bylaws.It may be difficult to enforce civil liabilities against us or our directors, officers and controlling persons América Móvil is organized under the laws of Mexico, with its principal place of business in Mexico City, and most of our directors, officers and controlling persons reside outside the United States. In addition, all or a substantial portion of our assets and their assets are located outside of the United States. As a result, it may be difficult for investors to effect service of process within the United States on such persons or to enforce judgments against them, including in any action based on civil liabilities under U.S. federal securities laws. There is doubt as to the enforceability against such persons in Mexico, whether in original actions or in actions to judgments of U.S. courts, of liabilities based solely on U.S. federal securities laws. You may not be entitled to participate in future preemptive rights offerings Under Mexican law, if we issue new shares for cash as part of certain capital increases, we must grant our shareholders the right to purchase a sufficient number of shares to maintain their existing ownership percentage in América Móvil. Rights to purchase shares in these circumstances are known as preemptive rights. Pursuant to Mexican Securities Market Law our shareholders may delegate to our Board of Directors the right to approve certain capital increases as well as the exclusion of preemptive rights over these capital increases. Our shareholders do not have preemptive rights in certain circumstances such as mergers, convertible debentures, public offers and placement of repurchased shares. We may not be legally permitted to allow holders of ADSs or holders of We cannot assure you that we will file a registration statement with the SEC to allow holders of ADSs or U.S. holders of RISKS RELATING TO DEVELOPMENTS IN MEXICO AND OTHER COUNTRIES Economic, political and social conditions in Latin America, the Caribbean and Europe may adversely affect our business Our financial performance may be significantly affected by general economic, political and social conditions in the markets where we operate. Many countries in Latin America and the Caribbean, including Mexico, Brazil and Argentina, have undergone significant economic, political and social crises in the past, and these events may occur again in the future. We cannot predict whether changes in political administrations will result in changes in governmental policy and whether such changes will affect 48 our business. Factors related to economic, political and social conditions that could affect our performance include: significant governmental influence over local economies; substantial fluctuations in economic growth; high levels of inflation, including hyperinflation; changes in currency values; exchange controls or restrictions on expatriation of earnings; high domestic interest rates; price controls; changes in governmental economic, tax, labor or other policies; imposition of trade barriers; changes in law or regulation; imposition of local requirements or orders, including potential censorship or requirements to provide user information; and overall political, social and economic instability and civil unrest. Adverse economic, political and social conditions in Latin America, the Caribbean or in Europe may inhibit demand for telecommunication services and create uncertainty regarding our operating environment or may affect our ability to renew our licenses and concessions, to maintain or increase our market share or profitability and may have an adverse impact on future acquisitions, which could have a material adverse effect on our company. In addition, the perception of risk in the countries in which we operate may have a negative effect on the trading price of our shares and ADSs and may restrict our access to international financial markets. Our business may also be especially affected by conditions in Mexico and Brazil, two of our largest markets. For example, Additionally, in Mexico, economic conditions are strongly impacted by those of the United States. In the context of an international transition to market-based reference rates, in Mexico, the Central Bank ( Banco de México ) has lead an effort to migrate to a new reference rate, “Funding TIIE” (TIIE de Fondeo ). Since January 1, 2024, use of the existing TIIE rate has been restricted for new agreements and, for existing agreements, the TIIE’s calculation methodology was adjusted in accordance with the new Funding TIIE.Changes in exchange rates could adversely affect our financial condition and results of operations We are affected by fluctuations in the value of the currencies in which we conduct operations compared to the currencies in which our indebtedness is denominated. Such changes result in exchange losses or gains on our net indebtedness and accounts payable. In In addition, currency fluctuations between the Mexican peso and the currencies of our non-Mexican subsidiaries affect our results as reported in Mexican pesos. Currency fluctuations are expected to continue to affect our financial income and expense.Major depreciation of the currencies in which we conduct operations could cause governments to impose exchange controls that would limit our ability to transfer funds between us and our 49 principal on our indebtedness. The government of Argentina has adopted exchange controls and restrictions on the movement of capital and has taken other measures in response to capital flight and the significant depreciation of the Argentine peso. In addition, although the Mexican government does not currently restrict, and for many years has not restricted, the right or ability of Mexican or foreign persons or entities to convert Mexican pesos into U.S. dollars or to transfer other currencies out of Mexico, it could institute restrictive exchange rate policies in the future. Similarly, the Brazilian government may impose temporary restrictions on the conversion of Brazilian reais into foreign currencies and on the remittance to foreign investors of proceeds from investments in Brazil whenever there is a serious imbalance in Brazil’s balance of payments or a reason to foresee a serious imbalance. Developments in other countries may affect the market price of our securities and adversely affect our ability to raise additional financing The market value of securities of Mexican companies is, to varying degrees, affected by economic and market conditions in other countries, including the United States, the European Union (the “EU”) and emerging market countries. Although economic conditions in such countries may differ significantly from economic conditions in Mexico, investors’ reactions to developments in any of these other countries may have an adverse effect on the market value of securities of Mexican issuers. Crises in the United States, the EU and emerging market countries may diminish investor interest in securities of Mexican issuers. For example, in response to the ongoing military conflict involving Russia and Ukraine, the United States, other North Atlantic Treaty Organization member states, as well as non-member states, have announced targeted economic sanctions on Russia, certain Russian citizens and enterprises. The continuation of the conflict may trigger a series of additional economic and other sanctions enacted by the United States, other North Atlantic Treaty Organization member states, and other countries. This could materially and adversely affect economic conditions, the market price of our securities and our operations in Belarus, and could also make it more difficult for us to access the capital markets and finance our operations in the future on acceptable terms or at all. The ongoing military conflict in the Middle East is also a source of uncertainty. The conflict could bring about disruption, instability and volatility in global markets and supply chains, which could in turn adversely affect our business operations and financial performance.The following table sets forth our capital structure as of March 31,
According to reports of beneficial ownership of our shares filed with the SEC, as of March 31, 2024, the Slim Family may be deemed to control us through their interests in a Mexican trust that holds The following table identifies owners of more than 5.0% of
As of March 31, We have no information concerning the number of holders with registered addresses in the United States that Our subsidiaries purchase materials or services from a variety of companies that may be deemed for certain purposes to be under common control with us, including Telesites, Sitios Latam, Grupo Carso, Grupo Financiero Inbursa and their respective subsidiaries. These services include insurance and banking services provided by Grupo Financiero Inbursa and its subsidiaries. In addition, we sell products in Mexico through the Sanborns and Sears Operadora México, S.A. de C.V. store chains. Some of our subsidiaries also purchase network construction services and materials from subsidiaries of Grupo Carso. Our subsidiaries purchase these materials and services on terms no less favorable than they could obtain from unaffiliated parties, and would have access to other sources if our related parties ceased to provide them on competitive terms. We and Telesites have entered into an agreement providing for site usage fees, annual price escalations and fixed annual charges that permit us to install a pre-determined amount of equipment at the fee payments if capacity use is exceeded. The principal Instituto Federal de Telecomunicaciones Our subsidiaries have entered into master service agreements and site agreements with Sitios Latam in each of the countries where Sitios Latam operates pursuant to which Sitios Latam will build, install, maintain and provide access to its towers and other support structures, as well as physical space for the location of towers and other non-electronic components. Most of the master service agreements are for a mandatory initial term of five (5) to ten (10) years and will renew automatically for an additional term of the same number of years unless the carrier notifies Sitios Latam of its intent not to renew.We enter into a number of transactions with related parties in the ordinary course of our business. We believe that these transactions are on terms comparable to those that could be obtained in arm’s length negotiations with unaffiliated third parties. Note 6 and Note 15 to our audited consolidated financial statements included in this annual report set forth information on related party transactions for the three year period set forth therein. We do not regard any of these transactions as material to us. In accordance with Mexican law, an independent non-material, are within the ordinary course of business, or are on anarm’s-length basis, do not require specific board approval, if consistent with the guidelines approved by the Board of Directors.54 We regularly pay cash dividends on our shares. The table below sets forth the nominal amount of dividends paid per share on each date indicated, in Mexican pesos and translated into U.S. dollars at the exchange rate reported by Banco de México, as published in the Official Gazette, for each of the respective payment dates.
On April The declaration, amount and payment of dividends by América Móvil is determined by majority vote of the holders of i.e., all of our shareholders), generally on the recommendation of the Board of Directors, and depends on Our bylaws provide that holders of i.e., all of our shareholders) participate equally on aper-share basis in dividend payments and other Our shares and ADSs are listed on the following markets:
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PERIOD | TOTAL NUMBER OF SHARES PURCHASED (1) | AVERAGE PRICE PER SHARE | TOTAL NUMBER OF SHARES PUR- CHASED AS PART OF PUBLICLY AN- NOUNCED PLANS OR PROGRAMS | APPROXIMATE MEXICAN PESO VALUE OF SHARES THAT MAY YET BE PURCHASED UNDER THE PLANS OR PROGRAMS (2) | ||||||||||||
January 2023 | 41,000,000 | Ps. 19.29 | 41,000,000 | Ps. 19,624,826,102.31 | ||||||||||||
February 2023 | 38,000,000 | 18.93 | 38,000,000 | 18,909,717,139.46 | ||||||||||||
March 2023 | 22,500,000 | 19.38 | 22,500,000 | 18,476,148,690.44 | ||||||||||||
April 2023 | 13,725,000 | 19.32 | 13,725,000 | 19,798,706,951.27 | ||||||||||||
May 2023 | 19,775,000 | 19.40 | 19,775,000 | 19,417,290,615.94 | ||||||||||||
June 2023 | 24,750,000 | 19.12 | 24,750,000 | 18,946,772,568.15 | ||||||||||||
July 2023 | 42,750,000 | 18.02 | 42,750,000 | 18,180,887,206.71 | ||||||||||||
August 2023 | 135,040,000 | 16.31 | 135,040,000 | 15,990,885,465.78 | ||||||||||||
September 2023 | 108,460,000 | 15.53 | 108,460,000 | 14,316,726,519.56 | ||||||||||||
October 2023 | 139,000,000 | 15.16 | 139,000,000 | 12,221,125,972.78 | ||||||||||||
November 2023 | 110,000,000 | 15.34 | 110,000,000 | 10,543,142,289.67 | ||||||||||||
December 2023 | 180,000,000 | 16.03 | 180,000,000 | 7,674,539,433.33 | ||||||||||||
Total Shares (3) | 875,000,000 | 875,000,000 |
(1) This includes purchases by us and our affiliated purchasers in 2023. | ||||||||
(2) This is the approximate Mexican peso amount available at the end of the period for purchases of our shares pursuant to our share repurchase program. | ||||||||
(3) Prior to March 16, 2023, we periodically repurchased at our discretion our L Shares and A Shares on the open market. |
PERIOD | TOTAL NUMBER OF SHARES PURCHASED (1) | AVERAGE PRICE PER SHARE | TOTAL NUMBER OF SHARES PURCHASED AS PART OF PUBLICLY ANNOUNCED PLANS OR PROGRAMS | APPROXIMATE MEXICAN PESO VALUE OF SHARES THAT MAY YET BE PURCHASED UNDER THE PLANS OR PROGRAMS (2) | ||||||||||||
January 2021 | 58,300,000 | Ps. | 14.70 | 58,300,000 | Ps. | 137,547,600.71 | ||||||||||
February 2021 | 83,000,000 | 13.76 | 83,000,000 | 5,002,342,621.26 | ||||||||||||
March 2021 | 180,000,000 | 14.11 | 180,000,000 | 2,476,906,037.20 | ||||||||||||
April 2021 | 169,345,689 | 14.42 | 169,345,689 | 24,433,023,601.16 | ||||||||||||
May 2021 | 132,896,900 | 14.86 | 132,896,900 | 22,469,536,093.00 | ||||||||||||
June 2021 | 141,528,312 | 15.63 | 141,528,312 | 20,270,462,806.00 | ||||||||||||
July 2021 | 184,489,748 | 15.81 | 184,489,748 | 17,370,881,547.05 | ||||||||||||
August 2021 | �� | 214,000,000 | 17.87 | 214,000,000 | 13,568,848,403.30 | |||||||||||
September 2021 | 249,000,000 | 18.64 | 249,000,000 | 8,954,740,926.13 | ||||||||||||
October 2021 | 273,600,000 | 18.14 | 273,600,000 | 4,020,009,413.98 | ||||||||||||
November 2021 | 285,400,000 | 18.70 | 285,400,000 | 24,714,680,611.87 | ||||||||||||
December 2021 | 201,259,367 | 20.50 | 201,259,367 | 20,612,674,146.83 | ||||||||||||
Total L Shares | 2,172,820,016 | 2,172,820,016 | ||||||||||||||
(1) This includes purchases by us and our affiliated purchasers in 2021.(2) This is the approximate peso amount available at the end of the period for purchases of both L Shares and A Shares pursuant to our share repurchase program. |
CARLOS SLIM DOMIT | ||
Chairman of the Board and the Executive Committee | ||
Born: | 1967 | |
First elected: | 2011 | |
Principal occupation: | Chairman of the Board of América Móvil | |
Other directorships: | Chairman of the Board of Grupo Carso and its affiliates | |
Business experience: | Chief Executive Officer of Sanborn Hermanos |
PATRICK SLIM DOMIT | ||
Born: | 1969 | |
First elected: | 2004 | |
Principal occupation: | Cochairman of | |
Other directorships: | Director of Grupo Carso and its affiliates | |
Business experience: | Chief Executive Officer of Grupo Carso and Vice |
DANIEL HAJJ ABOUMRAD | ||
Director and Member of the Executive Committee | ||
Born: | 1966 | |
First elected: | 2000 | |
Principal occupation: | Chief Executive Officer of América Móvil | |
Other directorships: | Director of Grupo Carso and Telmex | |
Business experience: | Chief Executive Officer of Compañía Hulera Euzkadi |
LUIS ALEJANDRO SOBERÓN KURI | ||
Director | ||
Born: | 1960 | |
First elected: | 2000 | |
Principal occupation: | Chief Executive Officer and Chairman of the Board of | |
Other directorships: | Director of | |
Business experience: | Various positions at CIE and its affiliates |
FRANCISCO JOSÉ MEDINA CHÁVEZ | ||
Director | ||
Born: | 1956 | |
First elected: | 2018 | |
Principal occupation: | Chairman of Grupo Fame | |
Other directorships: | Director of Banco Nacional de México and Grupo Chedraui | |
Business experience: | Various positions at Aeroméxico and Mitsui Mexico |
ERNESTO VEGA VELASCO | ||
Director and Chairman of the Audit and Corporate Practices Committee | ||
Born: | 1937 | |
First elected: | 2007 | |
Principal occupation: | Independent member of the Board of Directors | |
Other directorships: | Director of Kuo and its affiliates, | |
Business experience: | Various positions in Desc Group, including Corporate |
RAFAEL MOISÉS KALACH MIZRAHI | ||
Director and Member of the Audit and Corporate Practices Committee | ||
Born: | 1946 | |
First elected: | 2012 | |
Principal occupation: | Chairman and Chief Executive Officer of Grupo Kaltex | |
Other directorships: | Director of Grupo Carso and | |
Business experience: | Various positions in Grupo Kaltex |
ANTONIO COSÍO PANDO | ||
Director | ||
Born: | 1968 | |
First elected: | 2015 | |
Principal occupation: | Vice President of Grupo Hotelero las Brisas, Compañía Industrial Tepeji del Río, and Bodegas de Santo Tomás | |
Other directorships: | Director of Grupo Carso and its affiliates, Corporación Actinver, and Grupo | |
Business experience: | Various positions in Grupo Brisas and Compañía Industrial Tepeji del Río |
Director | ||
Born: | 1957 | |
First elected: | 2011 | |
Principal occupation: | Chief Fixed-line Operations Officer of América Móvil | |
Other directorships: | Member of | |
Business experience: | Chief Executive Officer of Telmex Internacional, |
VANESSA HAJJ SLIM | ||
Director | ||
Born: | 1997 | |
First elected: | 2018 | |
Director of América Móvil and Head of Business Development at Inmuebles Carso | ||
Other directorships: | Director of Grupo Carso |
DAVID IBARRA MUÑOZ | ||
Director | ||
Born: | 1930 | |
First elected: | 2000 | |
Principal occupation: | Retired | |
Other directorships: | Director of Grupo Carso and its affiliates, and Grupo Mexicano de Desarrollo | |
Business experience: | Chief Executive Officer of Nacional Financiera and Secretary of Finance and Public Credit of Mexico |
GISSELLE MORÁN JIMÉNEZ | ||
Director | ||
Born: | 1974 | |
First elected: | 2021 | |
Principal occupation: | Chief Executive Officer of Real Estate, Market and Life-style | |
Other directorships: | Director | |
Business experience: | Corporate Commercial |
PABLO ROBERTO GONZÁLEZ GUAJARDO | ||
Director and Member of the Audit and Corporate Practices Committee | ||
Born: | 1967 | |
First elected: | 2007 | |
Principal occupation: | Chief Executive Officer of Kimberly Clark de México | |
Other directorships: | Director of Kimberly Clark de México, Grupo Sanborns and Grupo Lala | |
Business experience: | Various positions in the Kimberly Clark Corporation and Kimberly Clark de México |
CLAUDIA JAÑEZ SÁNCHEZ | ||
Director | ||
Born: | 1971 | |
First elected: | 2021 | |
Principal occupation: | Chairwoman of Consejo Mexicano de la Industria de Productos de Consumo, A.C. | |
Other directorships: | Director of Bolsa Mexicana de Valores, | |
Business experience: | Chairwoman of DuPont Latin America and |
DANIEL HAJJ ABOUMRAD | ||
Chief Executive Officer | ||
Appointed: | 2000 | |
Business experience: | Director of |
CARLOS JOSÉ GARCÍA MORENO ELIZONDO | ||
Chief Financial Officer | ||
Appointed: | 2001 | |
Business experience: | General Director of Public Credit at the Ministry of Finance and Public Credit; Managing Director of UBS Warburg; Associate Director of Financing at Petróleos Mexicanos (Pemex); Member of Telekom Austria’s Supervisory Board; Member of KPN Supervisory Board |
ALEJANDRO CANTÚ JIMÉNEZ | ||
General Counsel | ||
Appointed: | 2001 | |
Business experience: | Member of Telekom Austria’s Supervisory Board |
OSCAR VON HAUSKE SOLÍS | ||
Chief Fixed-line Operations Officer and Chief Information Security Officer (“CISO”) | ||
Appointed: | 2010 | |
Business experience: | Chief Executive Officer of Telmex Internacional; Chief |
RAFAEL COUTTOLENC URREA | ||
Chief Wireless Operations Officer | ||
Appointed: | 2021 | |
Business experience: | Various positions in América Móvil |
NYSE STANDARDS | OUR CORPORATE GOVERNANCE PRACTICES | |
DIRECTOR INDEPENDENCE | ||
Majority of | Pursuant to the Mexican Securities Market Law, our shareholders are required to elect a non-independent, including insiders, control persons, major suppliers and any relatives of such persons. Under the Mexican Securities Market Law, our shareholders’ meeting is required to make a determination as to the independence of our directors, though such determination may be challenged by the CNBV. There is no exemption from the independence requirement for controlled companies.Currently, a majority of our Board of Directors is independent. |
EXECUTIVE SESSIONS | ||||
Non-management directors must meet at regularly scheduled executive sessions without management. Independent directors should meet alone in an executive session at least once a year. §303A.03. | Our non-management directors have not held executive sessions without management in the past, and they are not required to do so. |
NOMINATING/CORPORATE GOVERNANCE COMMITTEE | ||||
Nominating/corporate governance committee composed entirely of independent directors is required. The committee must have a charter specifying the purpose, duties and evaluation procedures of the committee. §303A.04. “Controlled companies” are exempt from these requirements. §303A.00. As a controlled company, we would be exempt from this requirement if we were a U.S. issuer. | Mexican law requires us to have one or more committees that oversee certain corporate practices, including the appointment of directors and executives. Under the Mexican Securities Market Law, committees overseeing certain corporate practices must be composed of independent directors. However, in the case of controlled companies, such as ours, only a majority of the committee members must be independent. | |||
Currently, we do not have a nominating committee, and we are not required to have one. Our Audit and Corporate Practices Committee, which is composed of independent directors, oversees our corporate practices, including the compensation and appointment of directors and executives. |
COMPENSATION COMMITTEE | ||||
Compensation committee composed entirely of independent directors is required, which must evaluate and approve executive officer compensation. The committee must have a charter specifying the purpose, duties and evaluation procedures of the committee. §303A.02(a)(ii) and §303A.05. “Controlled companies” are exempt from this requirement. §303A.00. | We 10A-3 under the U.S. Securities Exchange Act of 1934, as amended. Our Audit and Corporate Practices Committee operates primarily pursuant to (1) a written charter adopted by our Board of Directors, which 10A-3, (2) our bylaws and (3) Mexican law. For a more detailed description of |
AUDIT COMMITTEE | ||||
Audit committee satisfying the independence and other requirements of Rule 10A-3 under the Exchange Act and the additional requirements under the NYSE standards is required. §§303A.06 and 303A.07. | We have an Audit and Corporate Practices Committee of three members. Each member of the Audit and Corporate Practices Committee is independent, as independence is defined under the Mexican Securities Market Law, and also meets the independence requirements of Rule 10A-3 under the U.S. Securities Exchange Act of 1934, as amended. Our Audit and Corporate Practices Committee operates primarily pursuant to (1) a written charter adopted by our Board of Directors, which assigns to the Committee responsibility over those matters required by Rule |
NYSE STANDARDS | OUR CORPORATE GOVERNANCE PRACTICES | |
EQUITY COMPENSATION PLANS | ||
Equity compensation plans and all material revisions thereto require shareholder approval, subject to limited exemptions. §§303A.08 and 312.03. | Shareholder approval is required under Mexican law for the adoption or amendment of an equity compensation plan. Such plans must provide for similar treatment of executives in comparable positions. |
SHAREHOLDER APPROVAL FOR ISSUANCE OF SECURITIES | ||||
Issuances of securities (1) that will result in a change of control of the issuer, (2) that are to a related party or someone closely related to a related party, (3) that have voting power equal to at least 20.0% of the outstanding common stock voting power before such issuance or (4) that will increase the number of shares of common stock by at least 20.0% of the number of outstanding shares before such issuance requires shareholder approval. §§312.03(b)-(d). | Mexican law requires us to obtain shareholder approval for any issuance of equity |
CODE OF BUSINESS CONDUCT AND ETHICS | ||||
Corporate governance guidelines and a code of business conduct and ethics are required, with disclosure of any waiver for directors or executive officers. The code must contain compliance standards and procedures that will facilitate the effective operation of the code. §303A.10. | We have adopted a code of ethics, which applies to all of our directors and executive officers and other personnel. For more information, see “Corporate |
CONFLICTS OF INTEREST | ||||
A company’s audit committee or another independent body of the board of directors shall conduct a reasonable prior review and oversight of related party transactions required by Item 7.B of Form 20-F for potential conflicts of interest and will prohibit such transaction if it determines it to be inconsistent with the interests of the company and its shareholders. §314.00. Certain issuances of common stock to a related party require shareholder approval. §312.03(b). | In accordance with Mexican law, an independent audit committee must provide an opinion to the board of directors regarding any transaction with a related party, which must be approved by the board of directors. Pursuant to Mexican Law, non-material related party transactions, or transactions with certain related parties within the ordinary course of business or on arms-length basis, do not require specific board approval, if consistent with guidelines approved by the Board of Directors. |
SOLICITATION OF PROXIES | ||||
Solicitation of proxies and provision of proxy materials is required for all meetings of shareholders. Copies of such proxy solicitations are to be provided to NYSE. §§402.01 and 402.04. | We are not required to solicit proxies from our shareholders. In accordance with Mexican law and our bylaws, we inform shareholders of all meetings by public notice, which states the requirements for admission to the meeting and we make materials available to be discussed at each shareholders’ meeting. Under the deposit agreement relating to our ADSs, holders of our ADSs receive notices of shareholders’ meetings and, where applicable, instructions on how to instruct the depositary to vote at the meeting. Under the deposit agreement relating to our ADS, we may direct the voting of any ADS as to which no voting instructions are received by the depositary, except with respect to any matter where substantial opposition exists or that materially and adversely affects the rights of holders. |
FREQUENCY | COVERAGE AREA | INITIAL DATE | TERMINATION DATE | ||||||
Band A (1900 MHz) | Nationwide | Sep. 1999 | Oct. 2039 | ||||||
Band D (1900 MHz) | Nationwide | Oct. 1998 | Oct. 2038 | ||||||
Band B (850 MHz) | Regions 1, 2, 3 | Aug. 2011 | Aug. 2026 (1) | ||||||
Band B (850 MHz) | Regions 4, 5 | Aug. 2010 | Aug. | ||||||
Band B (850 MHz) | Regions 6, 7, 8 | Oct. 2011 | Oct. 2026 (1) | ||||||
Band B (850 MHz) | Region 9 | Oct. 2015 | Oct. 2030 | ||||||
Bands A and B (1.7/2.1 GHz) | Nationwide | Oct. 2010 | Oct. 2030 | ||||||
Bands H, I and J (1.7/2.1 GHz) | Nationwide | May 2016 | Oct. 2030 | ||||||
Band 7 (2.5 GHz) | 98.94% of the population (2) | Jul. 2017 | 2040 – May 2041, Nov. 2041 | ||||||
Band 3.5 GHz (3) | Nationwide | Oct. (4) | Oct. 2038 and 2040 | ||||||
Band F (1900 MHz) | Nationwide | Apr. 2025 | Apr. 2045 | ||||||
(1) A request for extension (2) Except 7 municipalities in the state of Jalisco and 34 municipalities in the state of Zacatecas.(3) On (4) The term of this concession is currently in force and was extended by IFT in favor of Telmex until 2040 and afterwards it was assigned by Telmex to Telcel as of March 11, 2020. Concessions acquired from Axtel were extended by the IFT until 2038. |
SUBSIDIARY | LICENSE | TERMINATION DATE | |||
Claro Brasil | Fixed Local Voice Services | Indefinite | |||
Domestic and International Long-Distance | 2025 | ||||
Voice Services | Indefinite | ||||
Personal Communication Services | Indefinite | ||||
Data Services | Indefinite | ||||
Mobile Maritime Services | Indefinite | ||||
Global Mobile Satellite Services | Indefinite | ||||
Claro TV | DTH TV Services | Indefinite | |||
Data Services | Indefinite | ||||
Americel S.A. | Data Services | Indefinite | |||
Telmex do Brasil | Data Services | Indefinite | |||
Long-Distance | |||||
Data Services | Indefinite | ||||
Cable TV Services | Indefinite |
FREQUENCY | BANDWIDTH | TERMINATION DATE | |||
850 MHz | 25 MHz | Mar. 2024 (1) | |||
1900 MHz | 10 MHz | Dec. 2039 | |||
5 MHz | Oct. 2041 | ||||
15 MHz | Mar. 2024 | ||||
2.5 GHz | 30 MHz | Aug. 2023 | |||
10 MHz | Mar. 2040 | ||||
10 MHz | Mar. 2040 | ||||
10 MHz | Mar. 2040 | ||||
700 MHz | 20 MHz | May 2040 | |||
(1) Comcel has initiated procedures that seek a20-year renewal of this license. The termination date of this license will be deemed extended until such time as the Colombian government renders a final decision on the renewal. |
COUNTRY | FREQUENCY | TERMINATION DATE | ||
AUSTRIA | 800 MHz | 2029 | ||
900 MHz | 2034 | |||
2034 | 2044 | |||
1800 MHz | 2034 | |||
1800 MHz | 2034 | |||
2100 MHz | 2044 | |||
2600 MHz | 2026 | |||
3500 MHz | 2039 | |||
BELARUS | 900 MHz | Not applicable | ||
1800 MHz | Not applicable | |||
2100 MHz | Not applicable | |||
BULGARIA | 700 MHz | 2038 | ||
800 MHz | 2038 | |||
900 MHz | 2024 | |||
1800 MHz | 2024 | |||
2100 MHz | 2025 | |||
3500 MHz | 2041 | |||
26000 MHz | 2042 | |||
CROATIA | 700 MHz | 2036 | ||
800 MHz | 2024 | |||
900 MHz | 2024 | |||
1800 MHz | 2024 | |||
2100 MHz | 2024 | |||
3500 MHz | 2036 | |||
26000 MHz | 2036 | |||
NORTH MACEDONIA | 800 MHz | 2033 | ||
900 MHz | 2028 | |||
1800 MHz | 2033 | |||
2100 MHz | 2028 | |||
SERBIA | 800 MHz | 2026 | ||
900 MHz | 2026 | |||
1800 MHz | 2026 | |||
2100 MHz | 2026 | |||
SLOVENIA | 700 MHz | 2036 | ||
800 MHz | 2029 | |||
900 MHz | 2031 | |||
1500 MHz | 2036 | |||
1800 MHz | 2031 | |||
2100 MHz | 2036 | |||
2600 MHz | 2029 | |||
3500 MHz | 2036 | |||
26000 MHz | 2029 |
COUNTRY | PRINCIPAL REGULATORY AUTHORITIES | CONCESSION AND LICENSES | ||
COSTA RICA | Superintendency of (Superintendencia de municaciones) (Ministerio de Ciencia, Innovación, Tecnología y | • Concessions of 70 MHz in the • Concessions 30 MHz in the 1800/2100 MHz • License to operate Pay TV services using DTH technology that will expire in 2026 | ||
EL SALVADOR | Electricity and Telecommunications Superintendency (Superintendencia General de Electricidad y | • Concession of 50 MHz in the 1900 MHz band of which 30 MHz that expire in 2038, 10 MHz that expire in 2041 and 10 MHz that expire in 2028 • Concession to provide public telephone service that expires in 2027 • Licenses to provide Pay TV Services through HFC and DTH technologies have an indefinite term • Concession of 40 MHz in 1700/2100 MHz bands (AWS) that will expire in 2040. | ||
GUATEMALA | Guatemalan Telecommunications Agency (Superintendencia de | • • Rights of use of 50 MHz in the • License to provide Pay TV Services that expires in 2038. | ||
NICARAGUA | Nicaraguan Telecommunications and Mailing Institute (Instituto Nicaragüense de Telecomunicaciones y | • Concessions in the 700 MHz, 850 MHz, 1900 MHz and 1700/2100 MHz bands that all expire in 2042 • Concession of 50 MHz in the 3.5 GHz band that will expire in 2042 • Licenses to provide DTH technology that will expire in January 2028 and Pay TV services that has an indefinite term | ||
HONDURAS | Honduran National Telecommunications Commission (Comisión Nacional de Telecomunicaciones) | • Concessions to use 80 MHz in the 1900 MHz PCS band and 40 MHz in the LTE-4G 1700/2100 MHz band that all expire in 2033• Licenses to operate Pay TV services through (i) HFC technology that will expire in 2027 and (ii) DTH technology that will expire in 2030 | ||
DOMINICAN REPUBLIC | Dominican Institute of Telecommunications (Instituto Dominicano de las | • Concession to provide fixed and wireless services, internet and pay TV services through DTH and IPTV technologies that expire in • Licenses to use 25 MHz in the 800 MHz band, 30 MHz in the 1900 MHz band, 80 MHz in the 2.5/2.7 GHz band, 3.3-3.4 GHz band and 40 MHz in the 1.7/2.1 GHz (AWS) band that expire in | ||
PUERTO RICO | Federal Communications Commission (FCC) and the Telecommunications Bureau of Puerto Rico | • Concessions to use the • Concessions to use the • Concessions to use the 850 MHz band that expire in 2026, 2028, 2030 and 2031. • Concessions to use the AWS-1 • Long-term transfer lease concessions to use the AWS-1 (1700/2100 MHz) band that expire in 2027.• Concessions to use the AWS-3 band (1700/2100 MHz) that expire in 2026 and 2028.• Concessions to use the 3.5 GHz band that • Long-term transfer lease concessions to use 35.6 MHz of the 2.5 GHz band that expire • Franchise to operate Pay TV services using IPTV technology that |
| ||||||||||||||||||||||||
| ||||||||||||||||||||||||
| ||||||||||||||||||||||||
| | DECEMBER 31, | | |||||||||||||||||||||
| | DECEMBER 31, | �� | | ||||||||||||||||||||
| 2019 | 2020 | 2021 | 2021 | 2022 | 2023 | ||||||||||||||||||
NUMBER OF EMPLOYEES | 190,664 | 185,948 | 181,205 | |||||||||||||||||||||
NUMBER OF EMPLOYEES | ||||||||||||||||||||||||
NUMBER OF EMPLOYEES | ||||||||||||||||||||||||
NUMBER OF EMPLOYEES | 177,713 | 176,014 | 176,083 | |||||||||||||||||||||
CATEGORY OF ACTIVITY: | ||||||||||||||||||||||||
CATEGORY OF ACTIVITY: | ||||||||||||||||||||||||
CATEGORY OF ACTIVITY: | ||||||||||||||||||||||||
CATEGORY OF ACTIVITY: | ||||||||||||||||||||||||
Wireless | 82,232 | 72,501 | 72,098 | |||||||||||||||||||||
Wireless | ||||||||||||||||||||||||
Wireless | ||||||||||||||||||||||||
Wireless | 68,606 | 68,981 | 68,325 | |||||||||||||||||||||
Fixed | ||||||||||||||||||||||||
Fixed | ||||||||||||||||||||||||
Fixed | ||||||||||||||||||||||||
Fixed | 87,034 | 91,460 | 86,788 | 86,788 | 84,829 | 83,940 | ||||||||||||||||||
Other businesses | 21,398 | 21,987 | 22,319 | |||||||||||||||||||||
Other businesses | ||||||||||||||||||||||||
Other businesses | ||||||||||||||||||||||||
Other businesses | 22,319 | 22,204 | 23,818 | |||||||||||||||||||||
GEOGRAPHIC LOCATION: | ||||||||||||||||||||||||
GEOGRAPHIC LOCATION: | ||||||||||||||||||||||||
GEOGRAPHIC LOCATION: | ||||||||||||||||||||||||
GEOGRAPHIC LOCATION: | ||||||||||||||||||||||||
Mexico | 89,539 | 88,172 | 87,233 | |||||||||||||||||||||
Mexico | ||||||||||||||||||||||||
Mexico | ||||||||||||||||||||||||
Mexico | 87,233 | 85,820 | 86,996 | |||||||||||||||||||||
South America | ||||||||||||||||||||||||
South America | ||||||||||||||||||||||||
South America | ||||||||||||||||||||||||
South America | 61,058 | 59,244 | 56,147 | 53,227 | 52,492 | 51,886 | ||||||||||||||||||
Central America | 10,372 | 9,936 | 9,713 | |||||||||||||||||||||
Central America | ||||||||||||||||||||||||
Central America | ||||||||||||||||||||||||
Central America | 9,141 | 9,602 | 9,645 | |||||||||||||||||||||
Caribbean | ||||||||||||||||||||||||
Caribbean | ||||||||||||||||||||||||
Caribbean | ||||||||||||||||||||||||
Caribbean | 11,351 | 10,647 | 10,256 | 10,256 | 10,193 | 10,048 | ||||||||||||||||||
Europe | 18,344 | 17,949 | 17,856 | |||||||||||||||||||||
Europe | ||||||||||||||||||||||||
Europe | ||||||||||||||||||||||||
Europe | 17,856 | 17,907 | 17,508 |
In each of the countries in which we operate, we are party to various legal proceedings in the ordinary course of business. These proceedings include tax, labor, antitrust, contractual matters and administrative and judicial proceedings concerning regulatory matters such as interconnection and tariffs. We are party to a number of proceedings regarding our compliance with administrative rules and regulations and concession standards. Our material legal proceedings are described in Note 17 to our audited consolidated financial statements included in this annual report and in “Regulation” under Part VI of this annual report. |
YEAR ENDED DECEMBER 31, | ||||||||||||||||
2022 | 2023 | |||||||||||||||
| YEAR ENDED DECEMBER 31, | |||||||||||||||
| 2020 | 2021 | ||||||||||||||
| (in millions of Mexican pesos) | (in millions of Mexican pesos) | ||||||||||||||
Audit fees (1) | Ps. 250 | Ps. 267 | ||||||||||||||
Audit fees (1) | ||||||||||||||||
Audit fees (1) | ||||||||||||||||
Audit fees (1) | Ps. 229 | Ps. 202 | ||||||||||||||
Audit-related fees (2) | ||||||||||||||||
Audit-related fees (2) | ||||||||||||||||
Audit-related fees (2) | ||||||||||||||||
Audit-related fees (2) | 10 | 23 | 9 | 13 | ||||||||||||
Tax fees (3) | 19 | 13 | ||||||||||||||
Tax fees (3) | ||||||||||||||||
Tax fees (3) | ||||||||||||||||
Tax fees (3) | 14 | 11 | ||||||||||||||
Total fees | Ps. 279 | Ps. 303 | ||||||||||||||
(1) Audit fees represent the aggregate fees billed by Mancera and its Ernst & Young Global affiliated firms in connection with the audit of our annual financial statements and statutory and regulatory audits.(2) Audit-related fees represent the aggregate fees billed by Mancera and its Ernst & Young Global affiliated firms for the review of reports on our operations submitted to IFT and attestation services that are not required by statute or regulation.(3) Tax fees represent fees billed by Mancera and its Ernst & Young Global affiliated firms for tax compliance services, tax planning services and tax advice services. | ||||||||||||||||
Total fees | ||||||||||||||||
Total fees | ||||||||||||||||
Total fees | Ps. 252 | Ps. 226 | ||||||||||||||
(1) Audit fees represent the aggregate fees billed by Mancera and its Ernst & Young Global affiliated firms in connection with the audit of our annual financial statements and statutory and regulatory audits.(2) Audit-related fees represent the aggregate fees billed by Mancera and its Ernst & Young Global affiliated firms for the review of reports on our operations submitted to IFT and attestation services that are not required by statute or regulation.(3) Tax fees represent fees billed by Mancera and its Ernst & Young Global affiliated firms for tax compliance services and tax advice services. | (1) Audit fees represent the aggregate fees billed by Mancera and its Ernst & Young Global affiliated firms in connection with the audit of our annual financial statements and statutory and regulatory audits.(2) Audit-related fees represent the aggregate fees billed by Mancera and its Ernst & Young Global affiliated firms for the review of reports on our operations submitted to IFT and attestation services that are not required by statute or regulation.(3) Tax fees represent fees billed by Mancera and its Ernst & Young Global affiliated firms for tax compliance services and tax advice services. |
1.1 | ||
2.1 | ||
4.1 |
8.1 | |||
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||
12.1 | |||
Certification pursuant to Section 906 of the Sarbanes- Oxley Act of 2002. | |||
12.2 | |||
Consent of independent registered public accounting firm. | |||
13.1 | |||
Inline XBRL Instance Document. | |||
15.1 | |||
Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||
15.2 | |||
Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||
17.1 | |||
97.1 | |||
101.INS | Inline XBRL Instance Document. | ||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | ||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | ||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | ||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | ||
101.DEF | Inline XBRL Taxonomy Extension Definition Document. | ||
104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ITEM | FORM 20-F CAPTION | LOCATION IN THIS REPORT | PAGE | |||
9 | THE OFFER AND LISTING | |||||
9A Offer and listing details | Trading markets | 55 | ||||
9B Plan of distribution | Not applicable | – | ||||
9C Markets | Trading markets | 55 | ||||
9D Selling shareholders | Not applicable | – | ||||
9E Dilution | Not applicable | – | ||||
9F Expenses of the issue | Not applicable | – | ||||
10 | ADDITIONAL INFORMATION | |||||
10A Share Capital | Not applicable | – | ||||
10B Memorandum and articles of association | Bylaws | 55 | ||||
10C Material contracts | Information on the Company | 9 | ||||
Results of operations | 26 | |||||
Related party transactions | 54 | |||||
Regulation | 77 | |||||
10D Exchange controls | Additional information | 93 | ||||
10E Taxation | Taxation of shares and ADSs | 57 | ||||
10F Dividends and paying agents | Not applicable | – | ||||
10G Statement by experts | Not applicable | – | ||||
10H Documents on display | Additional information | 93 | ||||
10I Subsidiary information | Not applicable | – | ||||
10J Annual report to security holders | Note applicable | – | ||||
11 | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | Risk management | [ ] | |||
Note 2 a)–Basis of Preparation of the Consolidated Financial Statements and Summary of Significant Accounting Policies and Practices | F-11 | |||||
12 | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES | |||||
12A Debt securities | Not applicable | – | ||||
12B Warrants and rights | Not applicable | – | ||||
12C Other securities | Not applicable | – | ||||
12D American Depositary Shares | Bylaws | 55 | ||||
13 | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES | Not applicable | – | |||
14 | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | Not applicable | – | |||
15 | CONTROLS AND PROCEDURES | Controls and procedures | 69 | |||
16A | AUDIT COMMITTEE FINANCIAL EXPERT | Management | 66 | |||
16B | CODE OF ETHICS | Code of ethics | 75 | |||
16C | PRINCIPAL ACCOUNTANT FEES AND SERVICES | Principal accountant fees and services | 95 | |||
16D | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES | Not applicable | – | |||
16E | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS | Purchases of equity securities by the issuer and affiliated purchasers | 56 | |||
16F | CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT | Not applicable | – | |||
16G | CORPORATE GOVERNANCE | Corporate governance | 62 | |||
16H | MINE SAFETY DISCLOSURE | Not applicable | – | |||
16I | DISCLOSURE REGARDING FOREIGN JURISDICATIONS THAT PREVENT INSPECTIONS | Not applicable | – | |||
16J | INSIDER TRADING POLICIES | Not applicable | – | |||
16K | CYBERSECURITY | Cybersecurity | 73 | |||
17 | FINANCIAL STATEMENTS | Not applicable | – | |||
18 | FINANCIAL STATEMENTS | Consolidated Financial statements | 103 | |||
19 | EXHIBITS | Additional Information | 93 |
ITEM | FORM 20-F CAPTION | LOCATION IN THIS REPORT | PAGE | |||
9 | THE OFFER AND LISTING | |||||
9A Offer and listing details | Trading markets | 51 | ||||
9B Plan of distribution | Not applicable | — | ||||
9C Markets | Trading markets | 51 | ||||
9D Selling shareholders | Not applicable | — | ||||
9E Dilution | Not applicable | — | ||||
9F Expenses of the issue | Not applicable | — | ||||
10 | ADDITIONAL INFORMATION | |||||
10A Share Capital | Not applicable | — | ||||
10B Memorandum and articles of association | Bylaws | 51 | ||||
10C Material contracts | Information on the Company | 9 | ||||
Results of operations | 25 | |||||
Related party transactions | 50 | |||||
Regulation | 70 | |||||
10D Exchange controls | Additional information | 85 | ||||
10E Taxation | Taxation of shares and ADSs | 53 | ||||
10F Dividends and paying agents | Not applicable | — | ||||
10G Statement by experts | Not applicable | — | ||||
10H Documents on display | Additional information | 85 | ||||
10I Subsidiary information | Not applicable | — | ||||
11 | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | Risk management | 34 | |||
Note 2 a)—Basis of Preparation of the Consolidated Financial Statements and Summary of Significant Accounting Policies and Practices | F-11 | |||||
12 | DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES | |||||
12A Debt securities | Not applicable | — | ||||
12B Warrants and rights | Not applicable | — | ||||
12C Other securities | Not applicable | — | ||||
12D American Depositary Shares | Bylaws | 51 | ||||
13 | DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES | Not applicable | — | |||
14 | MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS | Not applicable | — | |||
15 | CONTROLS AND PROCEDURES | Controls and procedures | 65 | |||
16A | AUDIT COMMITTEE FINANCIAL EXPERT | Management | 59 | |||
16B | CODE OF ETHICS | Code of ethics | 68 | |||
16C | PRINCIPAL ACCOUNTANT FEES AND SERVICES | Principal accountant fees and services | 87 | |||
16D | EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES | Not applicable | — | |||
16E | PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PUR- CHASERS | Purchases of equity securities by the issuer and affiliated purchasers | 52 | |||
16F | CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT | Not applicable | — | |||
16G | CORPORATE GOVERNANCE | Corporate governance | 63 | |||
16H | MINE SAFETY DISCLOSURE | Not applicable | — | |||
16I | DISCLOSURE REGARDING FOREIGN JURISDICATIONS THAT PREVENT IN- SPECTIONS | Not applicable | — | |||
17 | FINANCIAL STATEMENTS | Not applicable | — | |||
18 | FINANCIAL STATEMENTS | Consolidated Financial statements | 93 | |||
19 | EXHIBITS | Additional Information | 85 | |||
19 | EXHIBITS | Additional Information |
By: | /s/ Carlos José García Moreno Elizondo | |
Name: | Carlos José García Moreno Elizondo | |
Title: | Chief Financial Officer |
By: | /s/ Alejandro Cantú Jiménez | |
Name: | Alejandro Cantú Jiménez | |
Title: | General Counsel |
F-2 | |||||||
Audited Consolidated Financial Statements: | |||||||
Deferred tax assets, realizability of | ||
Description of the Matter | As discussed in Note 13 to the consolidated financial statements, as of December 31, In addition, the Company has recognized deferred tax assets of Ps. 34,663,794 thousand related to employee benefits, which are primarily related to one of its Mexican subsidiaries. | |
Auditing management’s assessment of the realizability of the deferred tax assets arising from | ||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls that address the risks of material misstatement related to the realizability of the deferred tax assets. We tested controls over management’s analyses of the future reversal of existing taxable temporary differences, their projections of future taxable income and related assumptions used in developing the projected financial information and their identification of available tax planning opportunities. Our audit also included the testing of controls that address the completeness and accuracy of the data | |
To test the realizability of the deferred tax assets | ||
In addition, with the assistance of our tax professionals, we assessed the application of relevant tax laws, including assessing the Company’s future tax planning opportunities, and tested the | ||
We also assessed the adequacy of the related financial statement disclosures. | ||
Discount rate used in determining defined benefit pension obligations in Mexico | ||
Description of the Matter | As discussed in Note 2 |
Auditing the defined benefit pension obligation, for which the majority of | ||
How We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls that address the risks of material misstatement relating to the determination of the discount rate used in the defined benefit pension | |
To test the determination of the discount rate of the defined benefit pension obligation we involved our valuation and actuarial specialists to assist us in evaluating the methodology used to select the yield curve applied on the calculation, assessing the credit quality of the corporate bonds that comprise the yield curve and the timing and amount of cash flows at maturity with the expected amounts and duration of the related benefit payments. |
We also evaluated the objectivity and competence | ||
We also assessed the adequacy of the related financial statement disclosures. |
Note | At December 31, | |||||||||||||
2020 | 2021 | 2021 Millions of U.S. dollars | ||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | 3 | Ps. | 35,917,907 | Ps. | 38,679,891 | US$ | 1,879 | |||||||
Equity investments at fair value through other comprehensive income (OCI) and other short-term investments | 4 | 50,096,051 | 117,703,202 | 5,718 | ||||||||||
Accounts receivable: | ||||||||||||||
Subscribers, distributors, recoverable taxes, contract assets and other, net | 5 | 207,977,954 | 202,846,597 | 9,855 | ||||||||||
Related parties | 6 | 1,391,300 | 1,158,611 | 56 | ||||||||||
Derivative financial instruments | 7 | 20,928,335 | 10,130,806 | 492 | ||||||||||
Inventories, net | 8 | 30,377,439 | 24,185,310 | 1,175 | ||||||||||
Other current assets, net | 9 | 8,993,907 | 9,452,252 | 459 | ||||||||||
Total current assets | Ps. | 355,682,893 | Ps. | 404,156,669 | US$ | 19,634 | ||||||||
Non-current assets: | ||||||||||||||
Property, plant and equipment, net | 10 | Ps. | 722,929,631 | Ps. | 731,196,679 | US$ | 35,523 | |||||||
Intangibles, net | 11 | 133,456,967 | 143,225,764 | 6,958 | ||||||||||
Goodwill | 11 | 143,052,859 | 136,578,194 | 6,635 | ||||||||||
Investments in associated companies | 1,829,760 | 3,052,481 | 148 | |||||||||||
Deferred income taxes | 13 | 115,370,240 | 127,287,934 | 6,184 | ||||||||||
Accounts receivable, subscriber, distributors and contract assets, net | 5 | 7,792,863 | 6,928,888 | 337 | ||||||||||
Other assets, net | 9 | 38,415,826 | 39,956,090 | 1,941 | ||||||||||
Debt instruments at fair value through other comprehensive income (OCI) | 4 | 4,540,344 | 6,894,757 | 335 | ||||||||||
Right-of-use assets | 15 | 101,976,844 | 90,372,393 | 4,391 | ||||||||||
Total assets | Ps. | 1,625,048,227 | Ps. | 1,689,649,849 | US$ | 82,086 | ||||||||
Liabilities and equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Short-term debt and current portion of long-term debt | 14 | Ps. | 148,083,184 | Ps. | 145,222,672 | US$ | 7,055 | |||||||
Short-term liability related to right-of-use of assets | 15 | 25,067,905 | 27,632,357 | 1,342 | ||||||||||
Accounts payable | 16a | 186,995,472 | 206,487,681 | 10,032 | ||||||||||
Accrued liabilities | 16b | 50,291,851 | 54,391,464 | 2,642 | ||||||||||
Income tax | 13 | 14,644,979 | 33,247,318 | 1,615 | ||||||||||
Other taxes payable | 27,969,739 | 26,278,007 | 1,277 | |||||||||||
Derivative financial instruments | 7 | 14,230,249 | 10,034,508 | 488 | ||||||||||
Related parties | 6 | 3,999,916 | 4,216,882 | 205 | ||||||||||
Deferred revenues | 36,027,383 | 26,501,877 | 1,288 | |||||||||||
Total current liabilities | Ps. | 507,310,678 | Ps. | 534,012,766 | US$ | 25,944 | ||||||||
Non-current liabilities: | ||||||||||||||
Long-term debt | 14 | Ps. | 480,299,772 | Ps. | 418,807,430 | US$ | 20,347 | |||||||
Long-term liability related to right-of-use of assets | 15 | 84,259,336 | 71,021,868 | 3,450 | ||||||||||
Deferred income taxes | 13 | 49,067,163 | 49,465,095 | 2,403 | ||||||||||
Deferred revenues | 2,875,467 | 2,698,276 | 131 | |||||||||||
Asset retirement obligations | 16c | 17,887,991 | 16,752,223 | 814 | ||||||||||
Employee benefits | 18 | 168,230,202 | 142,850,465 | 6,940 | ||||||||||
Total non-current liabilities | Ps. | 802,619,931 | Ps. | 701,595,357 | US$ | 34,085 | ||||||||
Total liabilities | Ps. | 1,309,930,609 | Ps. | 1,235,608,123 | US$ | 60,029 | ||||||||
Equity: | ||||||||||||||
Capital stock | 20 | Ps. | 96,341,695 | Ps. | 96,333,432 | US$ | 4,680 | |||||||
Retained earnings: | ||||||||||||||
Prior years | 267,865,420 | 255,267,259 | 12,402 | |||||||||||
Profit for the year | 46,852,605 | 192,423,167 | 9,348 | |||||||||||
Total retained earnings | 314,718,025 | 447,690,426 | 21,750 | |||||||||||
Other comprehensive loss items | (160,580,917 | ) | (154,388,931 | ) | (7,502 | ) | ||||||||
Equity attributable to equity holders of the parent | 250,478,803 | 389,634,927 | 18,928 | |||||||||||
Non-controlling interests | 64,638,815 | 64,406,799 | 3,129 | |||||||||||
Total equity | 315,117,618 | 454,041,726 | 22,057 | |||||||||||
Total liabilities and equity | Ps. | 1,625,048,227 | Ps. | 1,689,649,849 | US$ | 82,086 | ||||||||
Note | At December 31, | |||||||||||||
2022 | 2023 | 2023 Millions of U.S. dollars | ||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | 3 | Ps. | 33,700,949 | Ps. | 26,597,773 | US$ | 1,574 | |||||||
Equity investments at fair value through other comprehensive income (OCI) and other short-term investments | 4 | 88,428,111 | 73,755,627 | 4,366 | ||||||||||
Accounts receivable: | ||||||||||||||
Subscribers, distributors, recoverable taxes, contract assets and other, net | 5 | 199,424,202 | 206,802,150 | 12,242 | ||||||||||
Related parties | 6 | 2,287,213 | 1,071,520 | 63 | ||||||||||
Derivative financial instruments | 7 | 2,602,680 | 1,446,034 | 86 | ||||||||||
Inventories, net | 8 | 23,995,133 | 19,271,625 | 1,141 | ||||||||||
Other current assets, net | 9 | 10,565,422 | 11,222,259 | 664 | ||||||||||
Total current assets | Ps. | 361,003,710 | Ps. | 340,166,988 | US$ | 20,136 | ||||||||
Non-current assets: | ||||||||||||||
Property, plant and equipment, net | 10 | Ps. | 657,226,210 | Ps. | 628,650,904 | US$ | 37,213 | |||||||
Intangibles, net | 11 | 128,893,422 | 121,498,519 | 7,192 | ||||||||||
Goodwill | 11 | 141,121,365 | 146,078,897 | 8,647 | ||||||||||
Investments in associated companies | 12b | 23,975,462 | 14,380,463 | 851 | ||||||||||
Deferred income taxes | 13 | 128,717,811 | 137,883,622 | 8,162 | ||||||||||
Accounts receivable, subscriber, distributors and contract assets, net | 5 | 8,724,497 | 9,400,123 | 556 | ||||||||||
Other assets, net | 9 | 39,581,622 | 37,643,712 | 2,228 | ||||||||||
Debt instruments at fair value through OCI | 4 | 6,981,149 | 14,914,412 | 883 | ||||||||||
Right-of-use | 15 | 121,874,096 | 113,568,320 | 6,723 | ||||||||||
Total assets | Ps. | 1,618,099,344 | Ps. | 1,564,185,960 | US$ | 92,591 | ||||||||
Liabilities and equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Short-term debt and current portion of long-term debt | 14 | Ps. | 102,024,414 | Ps. | 160,963,603 | US$ | 9,528 | |||||||
Short-term liability related to right-of-use | 15 | 32,902,237 | 24,375,010 | 1,443 | ||||||||||
Accounts payable | 16a | 174,472,769 | 162,097,416 | 9,595 | ||||||||||
Accrued liabilities | 16b | 56,815,331 | 55,214,324 | 3,268 | ||||||||||
Income tax | 13 | 29,174,066 | 29,516,162 | 1,747 | ||||||||||
Other taxes payable | 33,887,645 | 40,082,150 | 2,373 | |||||||||||
Derivative financial instruments | 7 | 25,331,346 | 17,896,379 | 1,059 | ||||||||||
Related parties | 6 | 7,224,218 | 6,766,826 | 401 | ||||||||||
Deferred revenues | 27,044,928 | 27,494,667 | 1,628 | |||||||||||
Total current liabilities | Ps. | 488,876,954 | Ps. | 524,406,537 | US$ | 31,042 | ||||||||
Non-current liabilities: | ||||||||||||||
Long-term debt | 14 | Ps. | 408,565,066 | Ps. | 339,713,449 | US$ | 20,109 | |||||||
Long-term liability related to right-of-use | 15 | 101,246,574 | 100,794,146 | 5,967 | ||||||||||
Deferred income taxes | 13 | 30,302,060 | 21,269,102 | 1,259 | ||||||||||
Deferred revenues | 2,556,103 | 2,666,273 | 158 | |||||||||||
Asset retirement obligations | 16c | 10,799,997 | 10,117,928 | 599 | ||||||||||
Employee benefits | 18 | 137,923,317 | 143,516,143 | 8,495 | ||||||||||
Total non-current liabilities | Ps. | 691,393,117 | Ps. | 618,077,041 | US$ | 36,587 | ||||||||
Total liabilities | Ps. | 1,180,270,071 | Ps. | 1,142,483,578 | US$ | 67,629 | ||||||||
Equity: | ||||||||||||||
Capital stock | 20 | Ps. | 95,365,329 | Ps. | 95,362,024 | US$ | 5,645 | |||||||
Retained earnings: | ||||||||||||||
Prior years | 429,324,326 | 469,543,111 | 27,794 | |||||||||||
Profit for the year | 76,159,391 | 76,110,617 | 4,505 | |||||||||||
Total retained earnings | 505,483,717 | 545,653,728 | 32,299 | |||||||||||
Other comprehensive loss items | (227,044,342 | ) | (274,303,207 | ) | (16,237 | ) | ||||||||
Equity attributable to equity holders of the parent | 373,804,704 | 366,712,545 | 21,707 | |||||||||||
Non-controlling interests | 64,024,569 | 54,989,837 | 3,255 | |||||||||||
Total equity | 437,829,273 | 421,702,382 | 24,962 | |||||||||||
Total liabilities and equity | Ps. | 1,618,099,344 | Ps. | 1,564,185,960 | US$ | 92,591 | ||||||||
Note | For the years ended December 31 | Note | For the years ended December 31 | |||||||||||||||||||||||||||||||||
2019 (1) | 2020 (1) | 2021 | 2021 Millions of U.S. dollars, except for earnings per share | 2021 (1) | 2022 (1) | 2023 | 2023 Millions of U.S. dollars, except for earnings per share | |||||||||||||||||||||||||||||
Operating revenues: | ||||||||||||||||||||||||||||||||||||
Service revenues | Ps . | 702,961,964 | Ps . | 708,483,701 | Ps . | 714,244,392 | US$ | 34,700 | Ps. | 694,300,431 | Ps. | 712,985,548 | Ps. | 689,154,325 | US$ | 40,794 | ||||||||||||||||||||
Sales of equipment | 148,521,512 | 131,223,459 | 141,290,479 | 6,864 | 136,387,021 | 131,515,849 | 126,858,519 | 7,509 | ||||||||||||||||||||||||||||
Ps . | 851,483,476 | Ps. | 839,707,160 | Ps . | 855,534,871 | US$ | 41,564 | Ps. | 830,687,452 | Ps. | 844,501,397 | Ps. | 816,012,844 | US$ | 48,303 | |||||||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||||||||||||
Cost of sales and services | 348,776,249 | 334,881,859 | 341,059,662 | 16,570 | 328,510,002 | 330,532,450 | 316,476,140 | 18,734 | ||||||||||||||||||||||||||||
Commercial, administrative and general expenses | 195,507,880 | 191,901,898 | 180,838,412 | 8,786 | 173,579,745 | 179,454,030 | 173,001,297 | 10,241 | ||||||||||||||||||||||||||||
Other expenses | 5,882,276 | 4,737,626 | 4,877,290 | 237 | 4,738,463 | 5,010,379 | 6,965,828 | 412 | ||||||||||||||||||||||||||||
Depreciation and amortization | 9,10,11 and 15 | 157,518,787 | 162,682,398 | 162,626,866 | 7,901 | 9,10,11 and 15 | 156,302,992 | 158,633,786 | 151,786,064 | 8,985 | ||||||||||||||||||||||||||
Ps . | 707,685,192 | Ps . | 694,203,781 | Ps . | 689,402,230 | US$ | 33,494 | Ps. | 663,131,202 | Ps. | 673,630,645 | Ps. | 648,229,329 | US$ | 38,372 | |||||||||||||||||||||
Operating income | Ps . | 143,798,284 | Ps . | 145,503,379 | Ps. | 166,132,641 | US$ | 8,070 | Ps. | 167,556,250 | Ps. | 170,870,752 | Ps. | 167,783,515 | US$ | 9,931 | ||||||||||||||||||||
Interest income | 6,284,672 | 5,062,036 | 3,834,827 | 186 | 3,834,150 | 4,823,579 | 9,628,340 | 570 | ||||||||||||||||||||||||||||
Interest expense | (37,910,954 | ) | (38,661,485 | ) | (36,025,312 | ) | (1,750 | ) | (35,738,305 | ) | (41,258,803 | ) | (44,545,241 | ) | (2,637 | ) | ||||||||||||||||||||
Foreign currency exchange gain (loss), net | 5,226,071 | (65,366,200 | ) | (17,045,843 | ) | (828 | ) | |||||||||||||||||||||||||||||
Foreign currency exchange (loss) gain, net | (16,714,847 | ) | 20,761,622 | 14,653,523 | 867 | |||||||||||||||||||||||||||||||
Valuation of derivatives, interest cost from labor obligations and other financial items, net | 22 | (6,997,844 | ) | 1,292,878 | (14,250,066 | ) | (692 | ) | 22 | (14,243,517 | ) | (19,116,219 | ) | (26,814,668 | ) | (1,586 | ) | |||||||||||||||||||
Equity interest in net result of associated companies | (17,609 | ) | (287,006 | ) | 113,918 | 6 | 113,918 | (1,811,432 | ) | (5,371,824 | ) | (318 | ) | |||||||||||||||||||||||
Profit before income tax | 110,382,620 | 47,543,602 | 102,760,165 | 4,992 | 104,807,649 | 134,269,499 | 115,333,645 | 6,827 | ||||||||||||||||||||||||||||
Income tax | 13 | 49,914,055 | 13,509,270 | 28,144,769 | 1,367 | 13 | 32,717,477 | 46,044,089 | 34,544,003 | 2,045 | ||||||||||||||||||||||||||
Net profit for the year from continuing operations | Ps. | 60,468,565 | Ps. | 34,034,332 | Ps. | 74,615,396 | US$ | 3,625 | Ps. | 72,090,172 | Ps. | 88,225,410 | Ps. | 80,789,642 | US$ | 4,782 | ||||||||||||||||||||
Profit after tax for the year from discontinued operations | 9,844,889 | 16,992,625 | 121,710,718 | 5,913 | ||||||||||||||||||||||||||||||||
Profit (loss) after tax for the year from discontinued operations | 2, Ac | 124,235,942 | (6,719,015 | ) | — | — | ||||||||||||||||||||||||||||||
Net profit for the year | Ps. | 70,313,454 | Ps. | 51,026,957 | Ps. | 196,326,114 | US$ | 9,538 | Ps. | 196,326,114 | Ps. | 81,506,395 | Ps. | 80,789,642 | US$ | 4,782 | ||||||||||||||||||||
Net profit for the year attributable to: | ||||||||||||||||||||||||||||||||||||
Equity holders of the parent from continuing operations | Ps. | 57,886,001 | Ps. | 29,859,980 | Ps. | 70,712,449 | US$ | 3,435 | 20 | Ps. | 68,187,225 | Ps. | 82,878,406 | Ps. | 76,110,617 | US$ | 4,505 | |||||||||||||||||||
Equity holders of the parent from discontinued operations | 2, Ac | 9,844,889 | 16,992,625 | 121,710,718 | 5,913 | 2, Ac | 124,235,942 | (6,719,015 | ) | — | — | |||||||||||||||||||||||||
Non-controlling interests | 2,582,564 | 4,174,352 | 3,902,947 | 190 | 3,902,947 | 5,347,004 | 4,679,025 | 277 | ||||||||||||||||||||||||||||
Ps. | 70,313,454 | Ps. | 51,026,957 | Ps. | 196,326,114 | US$ | 9,538 | Ps. | 196,326,114 | Ps. | 81,506,395 | Ps. | 80,789,642 | US$ | 4,782 | |||||||||||||||||||||
Basic and diluted earnings per share attributable to equity holders of the parent from continuing operations | 20 | Ps. | 0.88 | Ps. | 0.45 | Ps. | 1.07 | US$ | 0.05 | 20 | Ps. | 1.03 | Ps. | 1.30 | Ps. | 1.21 | US$ | 0.07 | ||||||||||||||||||
Basic and diluted earnings per share attributable to equity holders of the parent from discontinued operations | 20 | Ps. | 0.15 | Ps. | 0.26 | Ps. | 1.85 | US$ | 0.09 | 20 | Ps. | 1.88 | Ps. | (0.11 | ) | Ps. | — | US$ | — | |||||||||||||||||
Other comprehensive income (loss) items: | ||||||||||||||||||||||||||||||||||||
Net other comprehensive loss that may be reclassified to profit or loss in subsequent years: | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss): | ||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) that may be reclassified to profit or loss in subsequent years (net of tax): | ||||||||||||||||||||||||||||||||||||
Effect of translation of foreign entities from continuing operations | Ps. | (35,536,252 | ) | Ps. | (11,515,297 | ) | Ps. | (7,134,153 | ) | US$ | (347 | ) | Ps. | (7,134,153 | ) | Ps. | (35,114,722 | ) | Ps. | (41,548,455 | ) | US$ | (2,459 | ) | ||||||||||||
Effect of translation of foreign entities from discontinued operations | — | — | (829,163 | ) | (40 | ) | (829,163 | ) | 5,193,281 | — | — | |||||||||||||||||||||||||
Items that will not be reclassified to (loss) or profit in subsequent years: | ||||||||||||||||||||||||||||||||||||
Items that will not be reclassified to profit (or loss) in subsequent years (net of tax): | ||||||||||||||||||||||||||||||||||||
Re-measurement of defined benefit plan, net of deferred taxes | (29,535,672 | ) | (10,299,558 | ) | 11,261,896 | 547 | 11,261,896 | (4,305,716 | ) | (3,769,565 | ) | (223 | ) | |||||||||||||||||||||||
Unrealized (loss) gain on equity investments at fair value, net of deferred taxes | 883,409 | (1,952,414 | ) | 4,560,869 | 222 | |||||||||||||||||||||||||||||||
Unrealized gain (loss) on equity investments at fair value, net of deferred taxes | 4 | 4,560,869 | (4,707,276 | ) | (967,609 | ) | (57 | ) | ||||||||||||||||||||||||||||
Revaluation surplus, net of deferred taxes | — | 77,230,031 | 0 | 0 | — | — | 868,456 | 51 | ||||||||||||||||||||||||||||
Total other comprehensive (loss) income items for the year, net of deferred taxes | 21 | (64,188,515 | ) | 53,462,762 | 7,859,449 | 382 | ||||||||||||||||||||||||||||||
Total other comprehensive income (loss) items for the year, net of deferred taxes | 21 | 7,859,449 | (38,934,433 | ) | (45,417,173 | ) | (2,688 | ) | ||||||||||||||||||||||||||||
Total comprehensive income for the year | Ps. | 6,124,939 | Ps. | 104,489,719 | Ps. | 204,185,563 | US$ | 9,920 | Ps. | 204,185,563 | Ps. | 42,571,962 | Ps. | 35,372,469 | US$ | 2,094 | ||||||||||||||||||||
Comprehensive income for the year attributable to: | ||||||||||||||||||||||||||||||||||||
Equity holders of the parent from continuing operations | Ps. | 5,450,679 | Ps. | 86,150,118 | Ps. | 202,418,502 | US$ | 9,834 | Ps. | 202,418,502 | Ps. | 40,959,024 | Ps. | 34,578,854 | US$ | 2,047 | ||||||||||||||||||||
Non-controlling interests | 674,260 | 18,339,601 | 1,767,061 | 86 | 1,767,061 | 1,612,938 | 793,615 | 47 | ||||||||||||||||||||||||||||
Ps. | 6,124,939 | Ps. | 104,489,719 | Ps. | 204,185,563 | US$ | 9,920 | Ps. | 204,185,563 | Ps. | 42,571,962 | Ps. | 35,372,469 | US$ | 2,094 | |||||||||||||||||||||
Comprehensive income for the period: | ||||||||||||||||||||||||||||||||||||
Net comprehensive (loss) income from continuing operations | Ps. | (3,719,950 | ) | Ps. | 87,497,094 | Ps. | 82,474,845 | US$ | 4,007 | |||||||||||||||||||||||||||
Net comprehensive income from discontinued operations | 2, Ac | 9,844,889 | 16,992,625 | 121,710,718 | 5,913 | |||||||||||||||||||||||||||||||
Net comprehensive income from continuing operations | Ps. | 79,949,621 | Ps. | 49,290,977 | Ps. | 35,372,469 | US$ | 2,094 | ||||||||||||||||||||||||||||
Net comprehensive income (loss) from discontinued operations | 2, Ac | 124,235,942 | (6,719,015 | ) | — | — | ||||||||||||||||||||||||||||||
Ps. | 6,124,939 | Ps. | 104,489,719 | Ps. | 204,185,563 | US$ | 9,920 | Ps. | 204,185,563 | Ps. | 42,571,962 | Ps. | 35,372,469 | US$ | 2,094 | |||||||||||||||||||||
(1) |
Capital stock | Legal reserve | Retained earnings | Unrealized (loss) gain on equity investment at fair value | Re-measurement of defined benefit plans | Cumulative translation adjustment | Revaluation surplus | Total equity attributable to equity holders of the parent | Non- controlling interests | Total equity | |||||||||||||||||||||||||||||||
As of January 31, 2019 | Ps. | 96,338,378 | Ps. | 358,440 | Ps. | 236,897,045 | Ps. | (9,812,984 | ) | Ps. | (74,427,934 | ) | Ps. | (53,357,300 | ) | Ps. | — | Ps. | 195,995,645 | Ps. | 49,876,777 | Ps. | 245,872,422 | |||||||||||||||||
Net profit for the year | — | — | 67,730,890 | — | — | — | — | 67,730,890 | 2,582,564 | 70,313,454 | ||||||||||||||||||||||||||||||
Unrealized gain on equity investments at fair value, net of deferred taxes | — | — | — | 883,409 | — | — | — | 883,409 | — | 883,409 | ||||||||||||||||||||||||||||||
Remeasurement of defined benefit plan, net of deferred taxes | — | — | — | — | (29,153,554 | ) | — | — | (29,153,554 | ) | (382,118 | ) | (29,535,672 | ) | ||||||||||||||||||||||||||
Effect of translation of foreign entities | — | — | — | — | — | (34,010,066 | ) | — | (34,010,066 | ) | (1,526,186 | ) | (35,536,252 | ) | ||||||||||||||||||||||||||
Comprehensive income (loss) for the year | — | — | 67,730,890 | 883,409 | (29,153,554 | ) | (34,010,066 | ) | — | 5,450,679 | 674,260 | 6,124,939 | ||||||||||||||||||||||||||||
Dividends declared | — | — | (23,106,823 | ) | — | — | — | — | (23,106,823 | ) | (1,473,290 | ) | (24,580,113 | ) | ||||||||||||||||||||||||||
Repurchase of shares | (116 | ) | — | (427,212 | ) | — | — | — | — | (427,328 | ) | — | (427,328 | ) | ||||||||||||||||||||||||||
Other acquisitions of non-controlling interests | — | — | (2,214 | ) | — | — | — | — | (2,214 | ) | (80,841 | ) | (83,055 | ) | ||||||||||||||||||||||||||
Balance at December 31, 2019 | Ps. | 96,338,262 | Ps. | 358,440 | Ps. | 281,091,686 | Ps. | (8,929,575 | ) | Ps. | (103,581,488 | ) | Ps. | (87,367,366 | ) | Ps. | — | Ps. | 177,909,959 | Ps. | 48,996,906 | Ps. | 226,906,865 | |||||||||||||||||
Net profit for the year | — | — | 46,852,605 | — | — | — | — | 46,852,605 | 4,174,352 | 51,026,957 | ||||||||||||||||||||||||||||||
Unrealized loss on equity investments at fair value, net of deferred taxes | — | — | — | (1,952,414 | ) | — | — | (1,952,414 | ) | — | (1,952,414 | ) | ||||||||||||||||||||||||||||
Remeasurement of defined benefit plan, net of deferred taxes | — | — | — | — | (10,026,454 | ) | — | — | (10,026,454 | ) | (273,104 | ) | (10,299,558 | ) | ||||||||||||||||||||||||||
Effect of translation of foreign entities | — | — | — | — | — | (13,558,774 | ) | — | (13,558,774 | ) | 2,043,477 | (11,515,297 | ) | |||||||||||||||||||||||||||
Revaluation surplus, net of deferred taxes | — | — | — | — | — | — | 64,835,155 | 64,835,155 | 12,394,876 | 77,230,031 | ||||||||||||||||||||||||||||||
Comprehensive income (loss) for the year | — | — | 46,852,605 | (1,952,414 | ) | (10,026,454 | ) | (13,558,774 | ) | 64,835,155 | 86,150,118 | 18,339,601 | 104,489,719 | |||||||||||||||||||||||||||
Dividends declared | — | — | (25,161,564 | ) | — | — | — | — | (25,161,564 | ) | (1,860,300 | ) | (27,021,864 | ) | ||||||||||||||||||||||||||
Stock dividend | 4,650 | — | 17,054,007 | — | — | — | — | 17,058,657 | — | 17,058,657 | ||||||||||||||||||||||||||||||
Repurchase of shares | (1,217 | ) | — | (5,209,880 | ) | — | — | — | — | (5,211,097 | ) | — | (5,211,097 | ) | ||||||||||||||||||||||||||
Other acquisitions of non-controlling interests | — | — | (267,270 | ) | — | — | — | — | (267,270 | ) | (837,392 | ) | (1,104,662 | ) | ||||||||||||||||||||||||||
Balance at December 31, 2020 | Ps. | 96,341,695 | Ps. | 358,440 | Ps. | 314,359,584 | Ps. | (10,881,989 | ) | Ps. | (113,607,942 | ) | Ps. | (100,926,140 | ) | Ps. | 64,835,155 | Ps. | 250,478,803 | Ps. | 64,638,815 | Ps. | 315,117,618 | |||||||||||||||||
Net profit for the year | — | — | 192,423,167 | — | — | — | — | 192,423,167 | 3,902,947 | 196,326,114 | ||||||||||||||||||||||||||||||
Unrealized gain on equity and debt investments at fair value, net of deferred taxes | — | — | — | 4,560,869 | — | — | — | 4,560,869 | — | 4,560,869 | ||||||||||||||||||||||||||||||
Remeasurement of defined benefit plan, net of deferred taxes | — | — | — | — | 11,100,835 | — | — | 11,100,835 | 161,061 | 11,261,896 | ||||||||||||||||||||||||||||||
Effect of translation of foreign entities | — | — | — | — | — | (2,514,992 | ) | (2,322,214 | ) | (4,837,206 | ) | (2,296,947 | ) | (7,134,153 | ) | |||||||||||||||||||||||||
Discontinued operations | — | — | — | — | — | (829,163 | ) | — | (829,163 | ) | —�� | (829,163 | ) | |||||||||||||||||||||||||||
Transfer of revaluation surplus | — | — | 3,803,349 | — | — | — | (3,803,349 | ) | — | — | — | |||||||||||||||||||||||||||||
Comprehensive income (loss) for the year | — | — | 196,226,516 | 4,560,869 | 11,100,835 | (3,344,155 | ) | (6,125,563 | ) | 202,418,502 | 1,767,061 | 204,185,563 | ||||||||||||||||||||||||||||
Dividends declared | — | — | (26,640,797 | ) | — | — | — | — | (26,640,797 | ) | (1,919,674 | ) | (28,560,471 | ) | ||||||||||||||||||||||||||
Repurchase of shares | (8,263 | ) | — | (36,752,766 | ) | — | — | — | — | (36,761,029 | ) | — | (36,761,029 | ) | ||||||||||||||||||||||||||
Other acquisitions of non-controlling interests | — | — | 139,448 | — | — | — | — | 139,448 | (79,403 | ) | 60,045 | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | Ps. | 96,333,432 | Ps. | 358,440 | Ps. | 447,331,985 | Ps. | (6,321,120 | ) | Ps. | (102,507,107 | ) | Ps. | (104,270,295 | ) | Ps. | 58,709,592 | Ps. | 389,634,927 | Ps. | 64,406,799 | Ps. | 454,041,726 | |||||||||||||||||
Capital stock | Legal reserve (Note 20) | Retained earnings | Unrealized loss on equity investment at fair value | Re-measurement of defined benefit plans | Cumulative translation adjustment | Revaluation surplus | Total equity attributable to equity holders of the parent | Non- controlling interests | Total equity | |||||||||||||||||||||||||||||||
As of January 1, 2021 | Ps. | 96,341,695 | Ps. | 358,440 | Ps. | 314,359,584 | Ps. | (10,881,989 | ) | Ps. | (113,607,942 | ) | Ps. | (100,926,140 | ) | Ps. | 64,835,155 | Ps. | 250,478,803 | Ps. | 64,638,815 | Ps. | 315,117,618 | |||||||||||||||||
Net profit for the year | — | — | 192,423,167 | — | — | — | — | 192,423,167 | 3,902,947 | 196,326,114 | ||||||||||||||||||||||||||||||
Unrealized gain on equity investments at fair value, net of deferred taxes (Note 21) | — | — | — | 4,560,869 | — | — | — | 4,560,869 | — | 4,560,869 | ||||||||||||||||||||||||||||||
Remeasurement of defined benefit plan, net of deferred taxes (Note 21) | — | — | — | — | 11,100,835 | — | — | 11,100,835 | 161,061 | 11,261,896 | ||||||||||||||||||||||||||||||
Effect of translation of foreign entities (Note 21) | — | — | — | — | — | (2,514,992 | ) | (2,322,214 | ) | (4,837,206 | ) | (2,296,947 | ) | (7,134,153 | ) | |||||||||||||||||||||||||
Discontinued operations (Note 21) | — | — | — | — | — | (829,163 | ) | — | (829,163 | ) | — | (829,163 | ) | |||||||||||||||||||||||||||
Transfer of assets’ revaluation surplus (Note 21) | — | — | 3,803,349 | — | — | — | (3,803,349 | ) | — | — | — | |||||||||||||||||||||||||||||
Comprehensive income for the year | — | — | 196,226,516 | 4,560,869 | 11,100,835 | (3,344,155 | ) | (6,125,563 | ) | 202,418,502 | 1,767,061 | 204,185,563 | ||||||||||||||||||||||||||||
Dividends declared | — | — | (26,640,797 | ) | — | — | — | — | (26,640,797 | ) | (1,919,674 | ) | (28,560,471 | ) | ||||||||||||||||||||||||||
Repurchase of shares | (8,263 | ) | — | (36,752,766 | ) | — | — | — | — | (36,761,029 | ) | — | (36,761,029 | ) | ||||||||||||||||||||||||||
Other acquisitions of non-controlling interests | — | — | 139,448 | — | — | — | — | 139,448 | (79,403 | ) | 60,045 | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | Ps. | 96,333,432 | Ps. | 358,440 | Ps. | 447,331,985 | Ps. | (6,321,120 | ) | Ps. | (102,507,107 | ) | Ps. | (104,270,295 | ) | Ps. | 58,709,592 | Ps. | 389,634,927 | Ps. | 64,406,799 | Ps. | 454,041,726 | |||||||||||||||||
Net profit for the year | — | — | 76,159,391 | — | — | — | — | 76,159,391 | 5,347,004 | 81,506,395 | ||||||||||||||||||||||||||||||
Unrealized loss on equity and debt investments at fair value, net of deferred taxes (Note 21) | — | — | — | (4,707,276 | ) | — | — | — | (4,707,276 | ) | — | (4,707,276 | ) | |||||||||||||||||||||||||||
Remeasurement of defined benefit plan, net of deferred taxes (Note 21) | — | — | — | — | (4,599,407 | ) | — | — | (4,599,407 | ) | 293,691 | (4,305,716 | ) | |||||||||||||||||||||||||||
Effect of translation of foreign entities (Note 21) | — | — | — | — | — | (29,222,333 | ) | (1,864,632 | ) | (31,086,965 | ) | (4,027,757 | ) | (35,114,722 | ) | |||||||||||||||||||||||||
Discontinued operations (Note 21) | — | — | — | — | — | 5,193,281 | — | 5,193,281 | — | 5,193,281 | ||||||||||||||||||||||||||||||
Transfer of assets’ revaluation surplus (Note 21) | — | — | 2,165,706 | — | — | — | (2,165,706 | ) | — | — | — | |||||||||||||||||||||||||||||
Comprehensive income for the year | — | — | 78,325,097 | (4,707,276 | ) | (4,599,407 | ) | (24,029,052 | ) | (4,030,338 | ) | 40,959,024 | 1,612,938 | 42,571,962 | ||||||||||||||||||||||||||
Dividends declared | — | — | (28,000,073 | ) | — | — | — | — | (28,000,073 | ) | (1,880,736 | ) | (29,880,809 | ) | ||||||||||||||||||||||||||
Repurchase of shares | 33,469 | — | (26,234,786 | ) | — | — | — | — | (26,201,317 | ) | — | (26,201,317 | ) | |||||||||||||||||||||||||||
Recycling of assets revaluation surplus by spin-off, net of deferred taxes | — | — | 35,289,339 | — | — | — | (35,289,339 | ) | — | (79,806 | ) | (79,806 | ) | |||||||||||||||||||||||||||
Spin-off effects | (1,001,572 | ) | — | (1,581,315 | ) | — | — | — | — | (2,582,887 | ) | — | (2,582,887 | ) | ||||||||||||||||||||||||||
Other acquisitions of non-controlling interests | — | — | (4,970 | ) | — | — | — | — | (4,970 | ) | (34,626 | ) | (39,596 | ) | ||||||||||||||||||||||||||
Balance at December 31, 2022 | Ps. | 95,365,329 | Ps. | 358,440 | Ps. | 505,125,277 | Ps. | (11,028,396 | ) | Ps. | (107,106,514 | ) | Ps. | (128,299,347 | ) | Ps. | 19,389,915 | Ps. | 373,804,704 | Ps. | 64,024,569 | Ps. | 437,829,273 | |||||||||||||||||
Net profit for the year | — | — | 76,110,617 | — | — | — | — | 76,110,617 | 4,679,025 | 80,789,642 | ||||||||||||||||||||||||||||||
Unrealized loss on equity and debt investments at fair value, net of deferred taxes (Note 21) | — | — | — | (967,609 | ) | — | — | — | (967,609 | ) | — | (967,609 | ) | |||||||||||||||||||||||||||
Remeasurement of defined benefit plan, net of deferred taxes (Note 21) | — | — | — | — | (3,662,102 | ) | — | — | (3,662,102 | ) | (107,463 | ) | (3,769,565 | ) | ||||||||||||||||||||||||||
Effect of translation of foreign entities (Note 21) | — | — | — | — | — | (36,676,031 | ) | (723,649 | ) | (37,399,680 | ) | (4,148,775 | ) | (41,548,455 | ) | |||||||||||||||||||||||||
Revaluation surplus, net deferred taxes (Note 21) | — | — | — | — | — | — | 497,628 | 497,628 | 370,828 | 868,456 | ||||||||||||||||||||||||||||||
Transfer of assets’ revaluation surplus (Note 21) | — | — | 815,693 | — | — | — | (815,693 | ) | — | — | — | |||||||||||||||||||||||||||||
Comprehensive income for the year | — | — | 76,926,310 | (967,609 | ) | (3,662,102 | ) | (36,676,031 | ) | (1,041,714 | ) | 34,578,854 | 793,615 | 35,372,469 | ||||||||||||||||||||||||||
Dividends declared | — | — | (28,946,819 | ) | — | — | — | — | (28,946,819 | ) | (1,965,529 | ) | (30,912,348 | ) | ||||||||||||||||||||||||||
Repurchase of shares | (3,305 | ) | — | (14,319,762 | ) | — | — | — | — | (14,323,067 | ) | — | (14,323,067 | ) | ||||||||||||||||||||||||||
Recycling of assets revaluation surplus related to Peru and the Dominican Republic’s sale of towers, net of deferred taxes | — | — | 4,911,409 | — | — | — | (4,911,409 | ) | — | — | — | |||||||||||||||||||||||||||||
Other acquisitions of non-controlling interests | — | — | 1,598,873 | — | — | — | — | 1,598,873 | (7,862,818 | ) | (6,263,945 | ) | ||||||||||||||||||||||||||||
Balance at December 31, 2023 | Ps. | 95,362,024 | Ps. | 358,440 | Ps. | 545,295,288 | Ps. | (11,996,005 | ) | Ps. | (110,768,616 | ) | Ps. | (164,975,378 | ) | $ | Ps.13,436,792 | Ps. | 366,712,545 | Ps. | 54,989,837 | Ps. | 421,702,382 | |||||||||||||||||
For the years ended December 31 | ||||||||||||||||||
Note | 2019 (1) | 2020 (1) | 2021 | 2021 Millions of U.S. dollars | ||||||||||||||
Operating activities | ||||||||||||||||||
Profit before income tax from continuing operations | Ps. | 110,382,620 | Ps. | 47,543,602 | Ps. | 102,760,165 | US$ | 4,992 | ||||||||||
Profit before income tax from discontinued operations | 2, Ac | 10,964,368 | 19,849,507 | 150,576,681 | 7,316 | |||||||||||||
Profit before income tax | 121,346,988 | 67,393,109 | 253,336,846 | 12,308 | ||||||||||||||
Items not requiring the use of cash: | ||||||||||||||||||
Depreciation property, plant and equipment and right-of-use assets | 10 and 15 | 137,867,698 | 143,108,182 | 139,211,403 | 6,763 | |||||||||||||
Amortization of intangible and other assets | 9 and 11 | 19,651,089 | 19,574,216 | 23,415,463 | 1,138 | |||||||||||||
Equity interest in net (loss) income of associated companies | 17,609 | 287,006 | (113,918 | ) | (6 | ) | ||||||||||||
(Gain) Loss on sale of property, plant and equipment | 119,272 | 257,330 | (6,849,699 | ) | (333 | ) | ||||||||||||
Net period cost of labor obligations | 18 | 16,609,565 | 18,085,954 | 18,688,374 | 908 | |||||||||||||
Foreign currency exchange loss (income), net | (7,250,635 | ) | 59,923,928 | 14,523,412 | 706 | |||||||||||||
Interest income | (6,284,672 | ) | (5,062,036 | ) | (3,834,827 | ) | (186 | ) | ||||||||||
Interest expense | 37,910,954 | 38,661,485 | 36,025,312 | 1,750 | ||||||||||||||
Employee profit sharing | 1,618,695 | 2,066,066 | 3,130,722 | 152 | ||||||||||||||
Gain expense and other, net | (9,202,167 | ) | (13,678,083 | ) | 5,246,476 | 255 | ||||||||||||
Gain on net monetary positions | 22 | (4,267,194 | ) | (3,262,512 | ) | (4,876,842 | ) | (237 | ) | |||||||||
Gain on sale of subsidiary | 2, Ac | — | — | (132,821,709 | ) | (6,453 | ) | |||||||||||
Working capital changes: | ||||||||||||||||||
Subscribers, distributors, recoverable taxes, contract assets and other, net | 7,422,351 | 3,189,136 | 6,883,270 | 334 | ||||||||||||||
Prepaid expenses | 8,860,172 | (160,082 | ) | (890,729 | ) | (43 | ) | |||||||||||
Related parties | 476,671 | 421,337 | 449,655 | 22 | ||||||||||||||
Inventories | (463,461 | ) | 10,402,117 | 5,756,325 | 280 | |||||||||||||
Other assets | (6,560,640 | ) | (2,650,867 | ) | (9,802,727 | ) | (476 | ) | ||||||||||
Employee benefits | (20,224,276 | ) | (18,795,532 | ) | (27,223,091 | ) | (1,323 | ) | ||||||||||
Accounts payable and accrued liabilities | (15,730,804 | ) | 11,247,681 | 9,946,257 | 483 | |||||||||||||
Employee profit sharing paid | (2,187,316 | ) | (2,436,223 | ) | (1,922,029 | ) | (93 | ) | ||||||||||
Financial instruments and other | (1,774,932 | ) | 2,606,938 | (1,664,465 | ) | (81 | ) | |||||||||||
Deferred revenues | 1,237,894 | 1,958,553 | (9,257,456 | ) | (450 | ) | ||||||||||||
Interest received | 1,008,076 | 3,946,110 | 2,665,854 | 130 | ||||||||||||||
In come taxes paid | (41,418,114 | ) | (61,366,231 | ) | (60,535,903 | ) | (2,942 | ) | ||||||||||
Cash flows from discontinued operating | (4,504,355 | ) | 5,109,961 | (1,304,336 | ) | (63 | ) | |||||||||||
Net cash flows provided by continuing operating activities | Ps. | 234,278,468 | Ps. | 280,827,543 | Ps. | 258,181,638 | US$ | 12,543 | ||||||||||
Investing activities | ||||||||||||||||||
Purchase of property, plant and equipment | (132,834,246 | ) | (108,866,816 | ) | (145,279,359 | ) | (7,058 | ) | ||||||||||
Acquisition of intangibles | (18,962,856 | ) | (20,647,571 | ) | (12,791,580 | ) | (621 | ) | ||||||||||
Dividends received | 22 | 1,773,336 | 2,122,826 | 2,628,600 | 128 | |||||||||||||
Proceeds from sale of plant, property and equipment | 344,924 | 162,060 | 7,215,177 | 351 | ||||||||||||||
Acquisition of businesses, net of cash acquired | 12 | (13,330,651 | ) | (152,896 | ) | 0 | 0 | |||||||||||
Partial sale of shares of associated company | 36,478 | 601,509 | 199,158 | 10 | ||||||||||||||
Investments in associate companies | (56,985 | ) | (64,341 | ) | — | — | ||||||||||||
Sale of shares | — | — | 75,518,886 | 3,669 | ||||||||||||||
Short-term investments | — | (8,671,662 | ) | (3,361,507 | ) | (163 | ) | |||||||||||
Cash flows from discontinued investing | 2, Ac | (50,089 | ) | (40,602 | ) | (650,319 | ) | (32 | ) | |||||||||
Net cash flows used in investing continuing activities | Ps. | (163,080,089 | ) | Ps. | (135,557,493 | ) | Ps. | (76,520,944 | ) | US$ | (3,716 | ) | ||||||
Financing activities | ||||||||||||||||||
Loans obtained | 118,082,256 | 277,515,598 | 93,675,127 | 4,551 | ||||||||||||||
Repayment of loans | (109,808,816 | ) | (330,607,399 | ) | (152,029,408 | ) | (7,388 | ) | ||||||||||
Payment of liability related to right-of-use of assets | 15 | (26,765,075 | ) | (29,623,565 | ) | (30,544,750 | ) | (1,484 | ) | |||||||||
Interest paid | (28,046,695 | ) | (28,421,734 | ) | (23,884,410 | ) | (1,160 | ) | ||||||||||
Repurchase of shares | (435,713 | ) | (5,076,119 | ) | (36,745,743 | ) | (1,785 | ) | ||||||||||
Dividends paid | (24,248,145 | ) | (9,592,253 | ) | (27,829,345 | ) | (1,352 | ) | ||||||||||
Acquisition of non-controlling interests | 12 | (83,055 | ) | (1,104,662 | ) | (7,720 | ) | — | ||||||||||
Net cash flows used in financing activities | Ps. | (71,305,243 | ) | Ps. | (126,910,134 | ) | Ps. | (177,366,249 | ) | US$ | (8,618 | ) | ||||||
Net (decrease) gain in cash and cash equivalents | Ps. | (106,864 | ) | Ps. | 18,359,916 | Ps. | 4,294,445 | US$ | 209 | |||||||||
Adjustment to cash flows due to exchange rate fluctuations, net | (1,807,442 | ) | (2,187,665 | ) | (1,532,461 | ) | (74 | ) | ||||||||||
Cash and cash equivalents at beginning of the year | 21,659,962 | 19,745,656 | 35,917,907 | 1,744 | ||||||||||||||
Cash and cash equivalents at end of the year | Ps. | 19,745,656 | Ps. | 35,917,907 | Ps. | 38,679,891 | US$ | 1,879 | ||||||||||
Non-cash transactions related to: | ||||||||||||||||||
Acquisitions of property, plant and equipment in accounts payable at end year | Ps. | 19,673,706 | Ps. | 3,063,081 | Ps. | 18,385,498 | US$ | 893 | ||||||||||
Revaluation surplus | — | 107,152,628 | — | — | ||||||||||||||
Non-cash transactions | Ps. | 19,673,706 | Ps. | 110,215,709 | Ps. | 18,385,498 | US$ | 893 | ||||||||||
For the years ended December 31 | ||||||||||||||||||
Note | 2021 (1) | 2022 (1) | 2023 | 2023 Millions of U.S. dollars | ||||||||||||||
Operating activities | ||||||||||||||||||
Profit before income tax from continuing operations | Ps. | 104,807,649 | Ps. | 134,269,499 | Ps. | 115,333,645 | US$ | 6,827 | ||||||||||
Profit (loss) before income tax from discontinued operations | 2, Ac | 148,529,197 | (8,524,516 | ) | — | — | ||||||||||||
Profit before income tax | 253,336,846 | 125,744,983 | 115,333,645 | 6,827 | ||||||||||||||
Items not requiring the use of cash: | ||||||||||||||||||
Depreciation property, plant and equipment and right-of-use | 10 and 15 | 136,987,034 | 140,353,169 | 133,818,176 | 7,921 | |||||||||||||
Amortization of intangible and other assets | 9 and 11 | 19,315,958 | 18,280,617 | 17,967,888 | 1,064 | |||||||||||||
Equity interest in net result of associated companies | (113,918 | ) | 1,811,432 | 5,371,824 | 318 | |||||||||||||
(Gain) loss on sale of property, plant and equipment | (6,849,699 | ) | 935,644 | (5,055,264 | ) | (299 | ) | |||||||||||
Net period cost of labor obligations | 18 | 18,688,374 | 15,979,152 | 16,971,936 | 1,005 | |||||||||||||
Foreign currency exchange loss (income), net | 14,192,416 | (20,008,610 | ) | (16,175,776 | ) | (958 | ) | |||||||||||
Interest income | (3,834,150 | ) | (4,823,579 | ) | (9,628,340 | ) | (570 | ) | ||||||||||
Interest expense | 35,738,305 | 41,258,803 | 44,545,241 | 2,637 | ||||||||||||||
Employee profit sharing | 3,130,722 | 3,637,813 | 3,938,274 | 233 | ||||||||||||||
Loss in valuation of derivative financial instruments, capitalized interest expense and other, net | 5,239,927 | 17,072,520 | 4,623,029 | 274 | ||||||||||||||
Gain on net monetary positions | 22 | (4,876,842 | ) | (11,538,061 | ) | (9,321,480 | ) | (552 | ) | |||||||||
Gain on sale of subsidiary | 2, Ac | (132,821,709 | ) | (3,405,014 | ) | — | — | |||||||||||
Loss on deconsolidation of subsidiary | 12b | — | 9,390,641 | — | — | |||||||||||||
Impairment to notes receivable from joint venture | 22 | — | — | 12,184,562 | 721 | |||||||||||||
Impairment of joint venture | 22 | — | — | 4,677,782 | 277 | |||||||||||||
Working capital changes: | ||||||||||||||||||
Subscribers, distributors, recoverable taxes, contract assets and other, net | 8,609,836 | (6,803,202 | ) | (19,201,698 | ) | (1,137 | ) | |||||||||||
Prepaid expenses | (872,738 | ) | (2,527,168 | ) | (6,154,082 | ) | (364 | ) | ||||||||||
Related parties | 449,655 | 1,884,945 | 758,301 | 45 | ||||||||||||||
Inventories | 6,083,461 | (1,183,883 | ) | 2,832,978 | 168 | |||||||||||||
Other assets | (9,521,953 | ) | (1,321,813 | ) | (1,564,370 | ) | (93 | ) | ||||||||||
Employee benefits | (27,223,091 | ) | (25,723,517 | ) | (13,090,945 | ) | (775 | ) | ||||||||||
Accounts payable and accrued liabilities | 7,447,308 | (10,291,588 | ) | 10,098,156 | 598 | |||||||||||||
Employee profit sharing paid | (1,922,029 | ) | (2,935,880 | ) | (3,316,540 | ) | (196 | ) | ||||||||||
Financial instruments and other | (1,664,465 | ) | (2,353,920 | ) | — | — | ||||||||||||
Deferred revenues | (9,068,794 | ) | 2,430,434 | 3,062,445 | 181 | |||||||||||||
Interest received | 2,665,854 | 2,652,195 | 4,882,509 | 289 | ||||||||||||||
Income taxes paid | (60,535,903 | ) | (62,015,057 | ) | (49,466,056 | ) | (2,928 | ) | ||||||||||
Cash flows from discontinued operating | 5,601,233 | (1,214,025 | ) | — | — | |||||||||||||
Net cash flows provided by continuing operating activities | Ps. | 258,181,638 | Ps. | 225,287,031 | Ps. | 248,092,195 | US$ | 14,686 | ||||||||||
Investing activities | ||||||||||||||||||
Purchase of property, plant and equipment | (140,789,643 | ) | (146,192,426 | ) | (131,101,509 | ) | (7,760 | ) | ||||||||||
Acquisition of intangibles | (12,202,142 | ) | (11,661,530 | ) | (25,237,297 | ) | (1,494 | ) | ||||||||||
Dividends received | 22 | 2,628,600 | 5,426,370 | 4,590,313 | 272 | |||||||||||||
Proceeds from sale of property, plant and equipment | 7,215,177 | 3,795,740 | 7,042,757 | 417 | ||||||||||||||
Acquisition of business, net of cash acquired | 12 | — | (18,525,639 | ) | — | — | ||||||||||||
Contractual earn-out from business combination | 2, Ac | — | 2,298,532 | 3,468,655 | 205 | |||||||||||||
Financial instruments | — | — | (9,420,419 | ) | (558 | ) | ||||||||||||
Partial sale of shares of associated company | 199,158 | 6,329 | — | — | ||||||||||||||
Investments in associate companies | — | (1,043,954 | ) | (459,750 | ) | (27 | ) | |||||||||||
Proceeds from the sale of businesses | 75,518,886 | 5,791,488 | — | — | ||||||||||||||
Acquisition of short-term investments | (3,361,507 | ) | — | (10,061,353 | ) | (596 | ) | |||||||||||
Sale of short-term investments | — | 9,690,285 | 10,482,150 | 620 | ||||||||||||||
Acquisition of notes from joint venture | — | — | (14,292,963 | ) | (846 | ) | ||||||||||||
Cash flows from discontinued investing | (5,729,473 | ) | (1,944,235 | ) | — | — | ||||||||||||
Net cash flows used in investing activities | Ps. | (76,520,944 | ) | Ps. | (152,359,040 | ) | Ps. | (164,989,416 | ) | US$ | (9,767 | ) | ||||||
Financing activities | ||||||||||||||||||
Loans obtained | 93,675,127 | 188,414,369 | 249,380,436 | 14,762 | ||||||||||||||
Repayment of loans | (152,029,408 | ) | (145,340,377 | ) | (214,735,610 | ) | (12,711 | ) | ||||||||||
Payment of liability related to right-of-use | 15 | (30,544,750 | ) | (33,823,287 | ) | (39,498,197 | ) | (2,338 | ) | |||||||||
Interest paid | (23,884,410 | ) | (26,882,181 | ) | (29,031,855 | ) | (1,719 | ) | ||||||||||
Repurchase of shares | (36,745,743 | ) | (26,143,162 | ) | (14,331,361 | ) | (848 | ) | ||||||||||
Dividends paid | (27,829,345 | ) | (29,534,053 | ) | (30,466,636 | ) | (1,803 | ) | ||||||||||
Acquisition of non-controlling interests | 12 | (7,720 | ) | (39,596 | ) | (6,263,945 | ) | (371 | ) | |||||||||
Net cash flows used in financing activities | Ps. | (177,366,249 | ) | Ps. | (73,348,287 | ) | Ps. | (84,947,168 | ) | US$ | (5,028 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | Ps. | 4,294,445 | Ps. | (420,296 | ) | Ps. | (1,844,389 | ) | US$ | (110 | ) | |||||||
Adjustment to cash flows due to exchange rate fluctuations, net | (1,532,461 | ) | (4,558,646 | ) | (5,258,787 | ) | (311 | ) | ||||||||||
Cash and cash equivalents at beginning of the year | 35,917,907 | 38,679,891 | 33,700,949 | 1,995 | ||||||||||||||
Cash and cash equivalents at end of the year | Ps. | 38,679,891 | Ps. | 33,700,949 | Ps. | 26,597,773 | US$ | 1,574 | ||||||||||
Non-cash transactions related to: | ||||||||||||||||||
Acquisitions of property, plant and equipment in accounts payable at year end | Ps. | 18,385,498 | Ps. | 1,476,834 | Ps. | 6,928,514 | US$ | 410 | ||||||||||
Revaluation surplus | — | — | 1,157,941 | 69 | ||||||||||||||
Spin-off | (1,376,353 | ) | — | — | ||||||||||||||
Non-cash transactions | Ps. | 18,385,498 | Ps. | 100,481 | Ps. | 8,086,455 | US$ | 479 | ||||||||||
(1) |
Company name | Country | Equity interest at December 31 | ||||||||||||||||||||||
2020 | 2021 | |||||||||||||||||||||||
Country | Equity interest at December 31 | |||||||||||||||||||||||
2022 | 2023 | |||||||||||||||||||||||
Subsidiaries: | ||||||||||||||||||||||||
América Móvil B.V. a) | Netherlands | 100.0 | % | 100.0 | % | Netherlands | 100.0 | % | 100.0 | % | ||||||||||||||
Compañía Dominicana de Teléfonos, S.A. (“Codetel”) b) | Dominican Republic | 100.0 | % | 100.0 | % | Dominican Republic | 100.0 | % | 100.0 | % | ||||||||||||||
Sercotel, S.A. de C.V. a) | Mexico | 100.0 | % | 100.0 | % | Mexico | 100.0 | % | 100.0 | % | ||||||||||||||
Radiomóvil Dipsa, S.A. de C.V. and subsidiaries (“Telcel”) b) | Mexico | 100.0 | % | 100.0 | % | Mexico | 100.0 | % | 100.0 | % | ||||||||||||||
Puerto Rico Telephone Company, Inc. b) | Puerto Rico | 100.0 | % | 100.0 | % | Puerto Rico | 100.0 | % | 100.0 | % | ||||||||||||||
Servicios de Comunicaciones de Honduras, S.A. de C.V. (“Sercom Honduras”) b) | Honduras | 100.0 | % | 100.0 | % | Honduras | 100.0 | % | 100.0 | % | ||||||||||||||
TracFone Wireless, Inc. (“TracFone”) b) c) | USA | 100.0 | % | 0 | ||||||||||||||||||||
Claro S.A. (Claro Brasil) b) | Brazil | 98.2 | % | 98.2 | % | |||||||||||||||||||
NII Brazil Holding S.A.R.L a) | Luxembourg | 100.0 | % | 100.0 | % | |||||||||||||||||||
Nextel Telecomunicações Ltda b) | Brazil | 100.0 | % | 100.0 | % | |||||||||||||||||||
Claro S.A. b) | Brazil | 99.6 | % | 99.6 | % | |||||||||||||||||||
NII Brazil Holding S.A.R.L c) | Luxembourg | 100.0 | % | — | ||||||||||||||||||||
AMX International Mobile S.A. de C.V. c) | Mexico | — | 100.0 | % | ||||||||||||||||||||
Claro NXT Telecomunicações, S.A. b) | Brazil | 100.0 | % | 100.0 | % | |||||||||||||||||||
Telecomunicaciones de Guatemala, S.A. (“Telgua”) b) | Guatemala | 99.3 | % | 99.3 | % | Guatemala | 99.3 | % | 99.3 | % | ||||||||||||||
Claro Guatemala, S.A. b) | Guatemala | 100.0 | % | 100.0 | % | Guatemala | 100.0 | % | 100.0 | % | ||||||||||||||
Empresa Nicaragüense de Telecomunicaciones, S.A. (“Enitel”) b) | Nicaragua | 99.6 | % | 99.6 | % | Nicaragua | 99.6 | % | 99.6 | % | ||||||||||||||
Compañía de Telecomunicaciones de El Salvador, S.A. de C.V. (“CTE”) b) | El Salvador | 95.8 | % | 95.8 | % | El Salvador | 95.8 | % | 95.8 | % | ||||||||||||||
Comunicación Celular, S.A. (“Comcel”) b) | Colombia | 99.4 | % | 99.4 | % | Colombia | 99.4 | % | 99.4 | % | ||||||||||||||
Consorcio Ecuatoriano de Telecomunicaciones, S.A. (“Conecel”) b) | Ecuador | 100.0 | % | 100.0 | % | Ecuador | 100.0 | % | 100.0 | % | ||||||||||||||
AMX Argentina, S.A. b) | Argentina | 100.0 | % | 100.0 | % | Argentina | 100.0 | % | 100.0 | % | ||||||||||||||
AMX Paraguay, S.A. b) | Paraguay | 100.0 | % | 100.0 | % | Paraguay | 100.0 | % | 100.0 | % | ||||||||||||||
AM Wireless Uruguay, S.A. b) | Uruguay | 100.0 | % | 100.0 | % | Uruguay | 100.0 | % | 100.0 | % | ||||||||||||||
Claro Chile, S.A. b) | Chile | 100.0 | % | 100.0 | % | |||||||||||||||||||
América Móvil Perú, S.A.C b) | Peru | 100.0 | % | 100.0 | % | Peru | 100.0 | % | 100.0 | % | ||||||||||||||
Claro Panamá, S.A. b) | Panamá | 100.0 | % | 100.0 | % | |||||||||||||||||||
Teléfonos de México, S.A.B. de C.V. b) | Mexico | 98.8 | % | 98.8 | % | Mexico | 98.8 | % | 98.8 | % | ||||||||||||||
Telekom Austria AG b) | Austria | 51.0 | % | 51.0 | % | Austria | 51.0 | % | 58.4 | % | ||||||||||||||
EuroTeleSites AG and subsidiaries d) | Austria | — | 57.0 | % | ||||||||||||||||||||
Joint venture: | ||||||||||||||||||||||||
Claro Chile, SpA | Chile | 50.0 | % | 50.0 | % |
a) | Holding |
b) | Operating companies of mobile and fixed |
c) | On merged with AMX International Mobile, S.A. de C.V. |
d) | Company spun-off from Telekom Austria AG on September 22, 2023. |
• | all non-monetary assets and liabilities at the closing exchange rate of the period; |
(i) | Identify the |
(ii) | Determine the acquisition |
(iii) | Value the acquired identifiable assets and assumed |
(iv) | Recognize the goodwill or a bargain purchase |
Network infrastructure | 5%-33% | |||
Buildings and leasehold improvement | 2%-33% | |||
Other assets | 10%-50% |
• | Economic environment of each country; |
Average margin on EBIDTA | Average margin on CAPEX | Average pre-tax discount rate (WACC) | Average margin on EBIDTA | Average margin on CAPEX | Average pre-tax discount rate (WACC) | |||||||||||||||||||
2020: | ||||||||||||||||||||||||
2022: | ||||||||||||||||||||||||
Europe (7 countries) | 32.20% - 40.76% | 7.04% - 19.39% | 3.88% - 12.02% | 32.70% - 47.31% | 7.7% - 21.1% | 5.47% - 24.11% | ||||||||||||||||||
Brazil (fixed line, wireless and TV) | 40.67% | 25.36% | 9.50% | 41.90% | 19.62% | 9.30% | ||||||||||||||||||
Puerto Rico | 23.06% | 14.57% | 3.53% | 26.98% | 8.91% | 6.14% | ||||||||||||||||||
Dominican Republic | 47.57% | 13.71% | 8.27% | 53.93% | 13.82% | 11.13% | ||||||||||||||||||
Mexico (fixed line and wireless) | 32.69% | 11.01% | 6.03% | 36.19% | 18.61% | 8.60% | ||||||||||||||||||
Ecuador | 49.23% | 11.14% | 17.50% | 47.14% | 18.42% | 20.13% | ||||||||||||||||||
Peru | 38.72% | 15.43% | 4.76% | 36.53% | 21.05% | 10.39% | ||||||||||||||||||
El Salvador | 45.92% | 21.19% | 14.63% | 45.18% | 17.59% | 22.37% | ||||||||||||||||||
Chile | 26.34% | 13.18% | 3.37% | |||||||||||||||||||||
Colombia | 43.45% | 18.19% | 6.44% | 42.25% | 27.41% | 13.70% | ||||||||||||||||||
Other countries | 10.07% - 47.23% | 0.48% - 31.67% | 3.42% - 21.85% | 32.92% - 49.54% | 9.63% - 25.97% | 9.16% - 29.94% | ||||||||||||||||||
2021: | ||||||||||||||||||||||||
2023: | ||||||||||||||||||||||||
Europe (7 countries) | 31.60% - 45.32% | 7.48% - 24.37% | 2.91% - 9.83% | 26.81% - 43.90% | 4.46% - 16.89% | 6.08% - 29.15% | ||||||||||||||||||
Brazil (fixed line, wireless and TV) | 41.37% | 22.98% | 4.62% | 43.07% | 14.37% | 10.45% | ||||||||||||||||||
Puerto Rico | 21.54% | 14.36% | 3.00% | 23.92% | 10.46% | 6.31% | ||||||||||||||||||
Dominican Republic | 52.02% | 13.86% | 5.84% | 52.34% | 13.78% | 11.95% | ||||||||||||||||||
Mexico (fixed line and wireless) | 36.21% | 15.89% | 6.24% | 36.10% | 10.66% | 9.37% | ||||||||||||||||||
Ecuador | 44.76% | 12.48% | 14.48% | 50.81% | 18.49% | 21.77% | ||||||||||||||||||
Peru | 36.63% | 17.19% | 3.99% | 41.80% | 7.11% | 9.13% | ||||||||||||||||||
El Salvador | 44.82% | 24.25% | 10.78% | 46.27% | 9.26% | 20.15% | ||||||||||||||||||
Chile | 27.36% | 17.98% | 2.81% | |||||||||||||||||||||
Colombia | 43.36% | 23.18% | 7.18% | 43.39% | 20.78% | 10.15% | ||||||||||||||||||
Other countries | 30.55% - 48.52% | 4.91% - 30.03% | 4.64% - 14.39% | 28.06% - 51.46% | 11.68% - 27.15% | 10.29% - 22.79% |
i) | Right-of-use |
Assets | Useful life | |
Towers and sites | ||
Property | ||
Other equipment |
ii) | Lease liabilities. |
iii) | Short-term leases and leases of low value assets. |
Average exchange rate | Closing exchange rate at December 31, | Average exchange rate | Closing exchange rate at December 31, | |||||||||||||||||||||||||||||||||||||||||
Country or Zone | Currency | 2019 | 2020 | 2021 | 2020 | 2021 | Currency | 2021 | 2022 | 2023 | 2022 | 2023 | ||||||||||||||||||||||||||||||||
Argentina (1) | Argentine Peso (AR$) | 0.4110 | 0.3070 | 0.2137 | 0.2371 | 0.2004 | Argentine Peso (AR$) | 0.2137 | 0.1586 | 0.0680 | 0.1096 | 0.0209 | ||||||||||||||||||||||||||||||||
Brazil | Real (R$) | 4.8907 | 4.1850 | 3.7625 | 3.8387 | 3.6885 | Real (R$) | 3.7625 | 3.9045 | 3.5545 | 3.7209 | 3.4895 | ||||||||||||||||||||||||||||||||
Colombia | Colombian Peso (COP$) | 0.0059 | 0.0058 | 0.0054 | 0.0058 | 0.0052 | Colombian Peso (COP$) | 0.0054 | 0.0048 | 0.0041 | 0.0040 | 0.0044 | ||||||||||||||||||||||||||||||||
Guatemala | Quetzal | 2.5023 | 2.7826 | 2.6212 | 2.5596 | 2.6666 | Quetzal | 2.6212 | 2.5981 | 2.2675 | 2.4725 | 2.1584 | ||||||||||||||||||||||||||||||||
U.S.A. (2) | US Dollar | 19.2641 | 21.4860 | 20.2769 | 19.9487 | 20.5835 | US Dollar | 20.2769 | 20.1283 | 17.7617 | 19.4143 | 16.8935 | ||||||||||||||||||||||||||||||||
Uruguay | Uruguay Peso | 0.5479 | 0.5110 | 0.4655 | 0.4712 | 0.4605 | Uruguay Peso | 0.4655 | 0.4893 | 0.4574 | 0.4845 | 0.4329 | ||||||||||||||||||||||||||||||||
Nicaragua | Cordoba | 0.5817 | 0.6257 | 0.5765 | 0.5728 | 0.5795 | Cordoba | 0.5765 | 0.5611 | 0.4875 | 0.5359 | 0.4613 | ||||||||||||||||||||||||||||||||
Honduras | Lempira | 0.7806 | 0.8678 | 0.8384 | 0.8215 | 0.8396 | Lempira | 0.8384 | 0.8171 | 0.7184 | 0.7853 | 0.6819 | ||||||||||||||||||||||||||||||||
Chile | Chilean Peso | 0.0275 | 0.0271 | 0.0268 | 0.0281 | 0.0244 | Chilean Peso (CLP$) | 0.0268 | 0.0232 | 0.0212 | 0.0226 | 0.0193 | ||||||||||||||||||||||||||||||||
Paraguay | Guaraní | 0.0031 | 0.0032 | 0.0030 | 0.0029 | 0.0030 | Guaraní | 0.0030 | 0.0029 | 0.0024 | 0.0026 | 0.0023 | ||||||||||||||||||||||||||||||||
Peru | Sol (PEN$) | 5.7708 | 6.1483 | 5.2297 | 5.5046 | 5.1484 | Sol (PEN$) | 5.2297 | 5.2454 | 4.7394 | 5.0823 | 4.5498 | ||||||||||||||||||||||||||||||||
Dominican Republic | Dominican Peso | 0.3737 | 0.3766 | 0.3540 | 0.3416 | 0.3570 | Dominican Peso | 0.3540 | 0.3647 | 0.3163 | 0.3436 | 0.2893 | ||||||||||||||||||||||||||||||||
Costa Rica | Colon | 0.0326 | 0.0366 | 0.0325 | 0.0323 | 0.0319 | Colon | 0.0325 | 0.0310 | 0.0324 | 0.0323 | 0.0321 | ||||||||||||||||||||||||||||||||
European Union | Euro | 21.5642 | 24.5080 | 23.9835 | 24.3693 | 23.4220 | Euro | 23.9835 | 21.2285 | 19.2047 | 20.7830 | 18.6487 | ||||||||||||||||||||||||||||||||
Bulgaria | Lev | 11.0257 | 12.5284 | 12.2617 | 12.4594 | 11.9762 | Lev | 12.2617 | 10.8523 | 9.8189 | 10.6188 | 9.5336 | ||||||||||||||||||||||||||||||||
Belarus | New Belarusian Ruble | 9.2159 | 8.8172 | 7.9932 | 7.5721 | 8.0279 | New Belarusian Ruble | 7.9932 | 7.3993 | 6.4630 | 7.0644 | 6.1471 | ||||||||||||||||||||||||||||||||
Croatia | Croatian Kuna | 2.9069 | 3.2498 | 3.1852 | 3.2279 | 3.1161 | Croatian Kuna | 3.1852 | 2.8173 | 2.5487 | 2.7584 | 2.4751 | ||||||||||||||||||||||||||||||||
Macedonia | Macedonian Denar | 0.3504 | 0.3975 | 0.3893 | 0.3950 | 0.3800 | Macedonian Denar | 0.3893 | 0.3445 | 0.3119 | 0.3378 | 0.3038 | ||||||||||||||||||||||||||||||||
Serbia | Serbian Denar | 0.1830 | 0.2083 | 0.2040 | 0.2071 | 0.1992 | Serbian Denar | 0.2040 | 0.1807 | 0.1638 | 0.1772 | 0.1593 |
(1) | Year-end rates are used for the translation of revenues and expenses if IAS 29“Financial Reporting in Hyperinflationary Economies” |
(2) | Includes Ecuador, El Salvador and Puerto Rico. |
(i) | The date of the plan amendment or |
(ii) | The date that the Company recognizes restructuring-related costs. |
(i) | Expected to be realized or intended to be sold or consumed in the normal operating cycle. |
(ii) | Held primarily for the purpose of trading. |
(iii) | Expected to be realized within twelve months after the reporting period. |
(iv) | Cash and cash equivalents unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. |
For the years ended as of December 31,2021 | For the period ended as of October 6, 2022 | |||||||
Operating revenue: | ||||||||
Service revenues | Ps. | 17,276,464 | Ps. | 10,500,087 | ||||
Sales of equipment | 4,508,925 | 2,626,823 | ||||||
21,785,389 | 13,126,910 | |||||||
Total costs and expenses | 22,892,415 | 14,954,526 | ||||||
Operating loss | (1,107,026 | ) | (1,827,616 | ) | ||||
Financial costs | (533,899 | ) | (685,129 | ) | ||||
Loss before income taxes of discontinued operations | (1,640,925 | ) | (2,512,745 | ) | ||||
Income taxes: | (4,578,004 | ) | (1,805,500 | ) | ||||
Net profit (loss) of the period from discontinued operations | Ps. | 2,937,079 | Ps. | (707,245 | ) | |||
b) | Claro Panama Disposal |
As of July 1, | ||||
2022 | ||||
Current assets: | ||||
Cash | Ps. | 24,202 | ||
Account receivable to subscribers, distributors and others Net | 666,114 | |||
Inventories, net | 169,851 | |||
Other assets, net | 4,457 | |||
Total current assets | 864,624 | |||
Non-current assets: | ||||
Property, plant and equipment | 1,102,062 | |||
Intangibles, net | 1,810,964 | |||
Account receivables to subscribers, distributors and others, Net | 42,368 | |||
Other assets, net | 12,291 | |||
Right-of-use | 975,019 | |||
Total assets | Ps. | 4,807,328 | ||
Short term liability related to right-of-use | Ps. | 198,289 | ||
Accounts payable | 576,522 | |||
Payable taxes | 24,981 | |||
Related parties | 1,159 | |||
Deferred income | 126,904 | |||
Long term liability related to right-of-use | Ps. | 855,969 | ||
Deferred income | 129,062 | |||
Total liabilities | 1,912,886 | |||
Net assets directly related to the Group’s disposal | Ps. | 2,894,442 | ||
For the year ended December 31, | July 1 st . | |||||||
2021 | 2022 | |||||||
Operating revenue: | ||||||||
Revenue services | Ps. 2,667,497 | Ps. 1,210,109 | ||||||
Sales of equipment | 394,534 | 206,595 | ||||||
3,062,031 | 1,416,704 | |||||||
Total costs and expenses | 3,378,614 | 1,403,311 | ||||||
Operating (loss) profit | (316,583 | ) | 13,393 | |||||
Financial costs | (89,974 | ) | (39,538 | ) | ||||
Gain on sale of discontinued operations | — | 3,405,014 | ||||||
(Loss) profit before income taxes from discontinued operations | (406,557 | ) | 3,378,869 | |||||
Income taxes: | 5,297 | — | ||||||
Net (loss) profit of the period of discontinued operations | Ps. (411,854 | ) | Ps. 3,378,869 | |||||
c) | TracFone Disposal |
For the years ended December 31 | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Operating revenues: | ||||||||||||
Service revenues | Ps. | 131,403,268 | Ps. | 149,376,532 | Ps. | 130,091,540 | ||||||
Sales of equipment | 24,461,125 | 27,802,837 | 22,160,481 | |||||||||
155,864,393 | 177,179,369 | 152,252,021 | ||||||||||
Total costs and expenses | 144,822,141 | 157,327,836 | 134,495,316 | |||||||||
Operating income | 11,042,252 | 19,851,533 | 17,756,705 | |||||||||
Financial cost | (77,884 | ) | (2,026 | ) | (1,733 | ) | ||||||
Gain on disposal of discontinued operations | 0 | 0 | 132,821,709 | |||||||||
Profit before income tax discontinued operations | 10,964,368 | 19,849,507 | 150,576,681 | |||||||||
Tax expense: | ||||||||||||
Related to pre-tax profit from the ordinary activities for the period | 1,119,479 | 2,856,882 | 2,571,541 | |||||||||
Related to gain on disposal from discontinued operations | 0 | 0 | 26,294,422 | |||||||||
Net profit for the year from discontinued operations | Ps. | 9,844,889 | Ps. | 16,992,625 | Ps. | 121,710,718 | ||||||
For the years ended December 31 | ||||
2021 | ||||
Operating revenues: | ||||
Service revenues | Ps.130,091,540 | |||
Sales of equipment | 22,160,481 | |||
152,252,021 | ||||
Total costs and expenses | 134,495,316 | |||
Operating income | 17,756,705 | |||
Financial cost | (1,733 | ) | ||
Gain on disposal of discontinued operations | 132,821,709 | |||
Profit before income tax discontinued operations | 150,576,681 | |||
Tax expense: | ||||
Related to pre-tax profit from the ordinary activities for the period | 2,571,541 | |||
Related to gain on disposal from discontinued operations | 26,294,422 | |||
Net profit for the year from discontinued operations | Ps.121,710,718 | |||
November 23, | |||||||
2021 | |||||||
Current assets | |||||||
Cash | Ps. | 338,439 | |||||
Subscribers, distributors, recoverable taxes, contract assets and other net | 12,368,407 | ||||||
Inventories, net | 9,604,658 | ||||||
Other current assets, net | 389,052 | ||||||
Total current assets | 22,700,556 | ||||||
Non-current assets: | |||||||
Property, plant and equipment | 1,989,498 | ||||||
Intangibles, net | 555,012 | ||||||
Goodwill | 2,695,557 | ||||||
Deferred income taxes | 1,094,756 | ||||||
Other assets, net | 327,546 | ||||||
Rights of use | 1,625 | ||||||
Total assets | Ps. | 29,364,550 | |||||
Short term liability related to | Ps. | 1,625 | |||||
Accounts payable | 17,446,513 | ||||||
Income tax | 3,267,585 | ||||||
Deferred revenue | 13,187,667 | ||||||
Total liabilities | 33,903,390 | ||||||
Net liability directly associated with disposal group | Ps. | (4,538,840 | ) | ||||
At December 31, | ||||||||
2020 | 2021 | |||||||
Subscribers and distributors | Ps. 168,758,386 | Ps. 157,433,609 | ||||||
Telecommunications carriers for network interconnection and other services | 4,914,094 | 3,968,675 | ||||||
Recoverable taxes | 44,557,402 | 43,734,164 | ||||||
Sundry debtors | 12,504,566 | 15,573,586 | ||||||
Contract assets | 29,588,104 | 30,901,277 | ||||||
Impairment of trade receivables | (44,551,735 | ) | (41,835,826 | ) | ||||
Total net | Ps. 215,770,817 | Ps. 209,775,485 | ||||||
Non-current subscribers, distributors and contractual assets | 7,792,863 | 6,928,888 | ||||||
Total current subscribers, distributors and contractual assets | Ps. 207,977,954 | Ps. 202,846,597 | ||||||
At December 31, | ||||||||
2022 | 2023 | |||||||
Subscribers and distributors | Ps.154,659,093 | Ps.156,569,986 | ||||||
Telecommunications carriers for network interconnection and other services | 3,519,170 | 2,960,653 | ||||||
Recoverable taxes | 46,947,187 | 57,501,535 | ||||||
Sundry debtors | 16,528,588 | 12,302,877 | ||||||
Contract assets | 28,573,717 | 25,062,219 | ||||||
Allowance of expected credit losses | (42,079,056 | ) | (38,194,997 | ) | ||||
Total net | Ps.208,148,699 | Ps.216,202,273 | ||||||
Non-current subscribers, distributors and contractual assets | 8,724,497 | 9,400,123 | ||||||
Total current subscribers, distributors and contractual assets | Ps.199,424,202 | Ps.206,802,150 | ||||||
For the years ended December 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Balance at beginning of year | Ps.(40,798,025 | ) | Ps.(39,480,909 | ) | Ps.(44,551,735 | ) | ||||||
Increases recorded in expenses | (16,346,395 | ) | (19,112,635 | ) | (10,677,421 | ) | ||||||
Write-offs (i) | 17,839,957 | 11,953,227 | 11,682,343 | |||||||||
Business combination | (3,265,490 | ) | (2,066 | ) | — | |||||||
Translation effect | 3,089,044 | 2,090,648 | 1,710,987 | |||||||||
Balance at end of year | Ps.(39,480,909 | ) | Ps.(44,551,735 | ) | Ps.(41,835,826 | ) | ||||||
For the years ended December 31, | ||||||||||||
(1) 2021 | 2022 | 2023 | ||||||||||
Balance at beginning of year | Ps. | (44,551,735 | ) | Ps. | (41,835,826 | ) | Ps. | (42,079,056 | ) | |||
Increases recorded in expenses (i) | (10,212,490 | ) | (12,197,447 | ) | (12,021,598 | ) | ||||||
Write-offs | 11,682,343 | 9,162,382 | 11,392,722 | |||||||||
Incorporation (spin-off) (ii) | — | — | (3,002 | ) | ||||||||
Translation effect | 1,246,056 | 2,791,835 | 4,515,937 | |||||||||
Balance at year end | Ps. | (41,835,826 | ) | Ps. | (42,079,056 | ) | Ps. | (38,194,997 | ) | |||
Discontinued operations |
i) | Includes discontinued operation of |
ii) | This figure is related to the spin-off of Telekom Austria AG. |
Past due | ||||||||||||||||||||||||
Total | Unbilled services provided | a-30 days | 31-60 days | 61-90 days | Greater than 90 days | |||||||||||||||||||
December 31, 2020 | Ps. | 168,758,386 | Ps. | 75,972,811 | Ps. | 37,439,995 | Ps. | 5,325,264 | Ps. | 3,313,835 | Ps. | 46,706,481 | ||||||||||||
December 31, 2021 | Ps. | 157,433,609 | Ps. | 69,082,837 | Ps. | 35,694,272 | Ps. | 4,533,604 | Ps. | 2,645,034 | Ps. | 45,477,862 |
Past due | ||||||||||||||||||||||||
Total | Unbilled services provided | a-30 days | 31-60 days | 61-90 days | Greater than 90 days | |||||||||||||||||||
December 31, 2022 | Ps.154,659,093 | Ps.66,839,514 | Ps.31,726,606 | Ps.4,099,261 | Ps.2,574,082 | Ps.49,419,630 | ||||||||||||||||||
December 31, 2023 | Ps.156,569,986 | Ps.94,822,572 | Ps.15,595,155 | Ps.4,533,856 | Ps.2,543,476 | Ps.39,074,927 |
Total | 1-90 days | Greater than 90 days | ||||||||||
December 31, 2020 | Ps. | 44,551,735 | Ps. | 4,455,174 | Ps. | 40,096,561 | ||||||
December 31, 2021 | Ps. | 41,835,826 | Ps. | 4,183,583 | Ps. | 37,652,243 |
Total | 1-90 days | Greater than 90 days | ||||
December 31, 2022 | Ps.42,079,056 | Ps.4,207,906 | Ps.37,871,150 | |||
December 31, 2023 | Ps.38,194,997 | Ps.2,989,388 | Ps.35,205,609 |
2020 | 2021 | 2022 | 2023 | |||||||||||||
Contract Assets: | ||||||||||||||||
Balance at the beginning of the year | Ps. | 34,274,007 | Ps. | 29,588,104 | Ps. | 30,901,277 | Ps. | 28,573,717 | ||||||||
Additions | 27,242,031 | 31,758,626 | 28,262,872 | 24,666,211 | ||||||||||||
Business combination | 404,489 | — | ||||||||||||||
Disposals | (1,397,714 | ) | (5,946,487 | ) | (5,238,752 | ) | (4,672,331 | ) | ||||||||
Amortization | (29,002,995 | ) | (25,354,712 | ) | (22,926,487 | ) | (19,998,178 | ) | ||||||||
Translation effect | (1,527,225 | ) | 855,746 | (2,829,682 | ) | (3,507,200 | ) | |||||||||
Balance at the end of the year | Ps. | 29,588,104 | Ps. | 30,901,277 | Ps. | 28,573,717 | Ps. | 25,062,219 | ||||||||
Non-current contract assets | Ps. | 817,740 | Ps. | 989,519 | Ps. | 880,860 | Ps. | 1,149,202 | ||||||||
Current portion contracts assets | Ps. | 28,770,364 | Ps. | 29,911,758 | Ps. | 27,692,857 | Ps. | 23,913,017 | ||||||||
2020 | 2021 | |||||||
Accounts receivable: | ||||||||
Sears Roebuck de México, S.A. de C.V. and Subsidiaries | Ps. | 233,402 | Ps. | 339,366 | ||||
Sanborns Hermanos, S.A. | 160,116 | 192,599 | ||||||
Patrimonial Inbursa, S.A. | 327,985 | 145,676 | ||||||
Grupo Condumex, S.A. de C.V. and Subsidiaries | 10,038 | 122,555 | ||||||
Hubard y Bourlon, S.A. de C.V. | 437,231 | 52,026 | ||||||
Claroshop.com, S.A.P.I de C.V. | 100,075 | 40,906 | ||||||
Other | 122,453 | 265,483 | ||||||
Total | Ps. | 1,391,300 | Ps. | 1,158,611 | ||||
2022 | 2023 | |||||||||||||||
Accounts receivable: | ||||||||||||||||
Sears Roebuck de México, S.A. de C.V. and Subsidiaries | Ps. | 260,584 | Ps. | 189,724 | ||||||||||||
Sitios Latinoamérica, S.A.B. de C.V. | 1,460,897 | 216,378 | ||||||||||||||
Sanborns Hermanos, S.A. | 124,157 | 164,650 | ||||||||||||||
Patrimonial Inbursa, S.A. | 166,366 | 206,127 | ||||||||||||||
Grupo Condumex, S.A. de C.V. and Subsidiaries | 31,857 | 17,484 | ||||||||||||||
Telesites, S.A.B. de C.V. and Subsidiaries | 80,677 | 63,128 | ||||||||||||||
Claroshop.com, S.A.P.I de C.V. | 31,559 | 46,459 | ||||||||||||||
Other | 131,116 | 167,570 | ||||||||||||||
Total | Ps. | 2,287,213 | Ps. | 1,071,520 | ||||||||||||
2020 | 2021 | |||||||||||||||
Accounts payable: | ||||||||||||||||
Accounts payable: | ||||||||||||||||
Accounts payable: | ||||||||||||||||
Accounts payable: | ||||||||||||||||
Carso Infraestructura y Construcción, S.A. de C.V. and Subsidiaries | Ps. | 2,192,405 | Ps. | 1,273,085 | Ps. | 2,836,689 | Ps. | 3,256,535 | ||||||||
Grupo Condumex, S.A. de C.V. and Subsidiaries | 1,054,526 | 1,709,487 | 2,036,371 | 548,076 | ||||||||||||
Sitios Latinoamérica, S.A.B. de C.V. | 960,244 | 1,031,925 | ||||||||||||||
Fianzas Guardiana Inbursa, S.A. de C.V. | 241,898 | 385,287 | 437,428 | 439,437 | ||||||||||||
Claroshop.com, S.A.P.I de C.V. | 4,300 | 247,081 | 216,774 | 122,940 | ||||||||||||
Grupo Financiero Inbursa, S.A.B. de C.V. | 234,954 | 102,314 | 102,127 | 180,718 | ||||||||||||
Seguros Inbursa, S.A. de C.V. | 92,173 | 113,089 | 107,389 | 101,026 | ||||||||||||
Sociedad Financiera Inbursa, S.A. de C.V. | 0 | 80,382 | ||||||||||||||
PC Industrial, S.A. de C.V. and Subsidiaries | 44,198 | 4,761 | ||||||||||||||
Enesa, S.A. de C.V. and Subsidiaries | 22,014 | 9,384 | ||||||||||||||
Industrial Afiliada, S.A. de C.V.. | 103,864 | 469,591 | ||||||||||||||
Banco Inbursa, S.A. | 20,089 | 22,438 | ||||||||||||||
Promotora Inbursa, S.A. de C.V. | 15,174 | 35,292 | ||||||||||||||
Cicsa Perú, S.A.C. | 256,344 | 166,484 | ||||||||||||||
Other | 113,448 | 292,012 | 131,725 | 392,364 | ||||||||||||
Total | Ps. | 3,999,916 | Ps. | 4,216,882 | Ps. | 7,224,218 | Ps. | 6,766,826 | ||||||||
2019 | 2020 | 2021 | ||||||||||
Investments and expenses: | ||||||||||||
Construction services, purchases of materials, inventories and property, plant and equipment (i) | Ps. | 8,573,894 | Ps. | 7,130,769 | Ps. | 13,544,289 | ||||||
Insurance premiums, fees paid for administrative and operating services, brokerage services and others (ii) | 4,590,620 | 4,375,113 | 4,336,133 | |||||||||
Other services | 1,277,404 | 1,101,528 | 1,617,102 | |||||||||
Ps. | 14,441,918 | Ps. | 12,607,410 | Ps. | 19,497,524 | |||||||
Revenues: | ||||||||||||
Service revenues | Ps. | 538,110 | Ps. | 608,248 | Ps. | 714,148 | ||||||
Sales of equipment (iii) | 944,697 | 656,801 | 7,629,181 | |||||||||
Ps. | 1,482,807 | Ps. | 1,265,049 | Ps. | 8,343,329 | |||||||
2021 | 2022 | 2023 | ||||||||||
Capex and expenses: | ||||||||||||
Construction services, purchases of materials, inventories and property, plant and equipment (i) | Ps. | 13,524,989 | Ps. | 13,107,483 | Ps. | 10,499,209 | ||||||
Insurance premiums, fees paid for administrative and operating services, brokerage services and others (ii) | 4,336,133 | 2,654,774 | 4,911,513 | |||||||||
Associated costs for towers sale (iii) | — | 360,073 | 1,751,405 | |||||||||
Rent of towers | — | 475,749 | 937,763 | |||||||||
Other services | 1,636,402 | 1,890,921 | 1,903,476 | |||||||||
Ps. | 19,497,524 | Ps. | 18,489,000 | Ps. | 20,003,366 | |||||||
Revenues: | ||||||||||||
Service revenues (iv) | Ps. | 714,148 | Ps. | 756,347 | Ps. | 1,153,877 | ||||||
Sales of towers (v) | 6,943,400 | 3,323,594 | 8,546,615 | |||||||||
Sales of equipment | 685,781 | 1,153,439 | 2,225,521 | |||||||||
Ps. | 8,343,329 | Ps. | 5,233,380 | Ps. | 11,926,013 | |||||||
i) | In |
ii) | In |
iii) | In the sales of towers by América Móvil Perú, S.A.C.; and Ps. 15,435 of the cost related to the sales of towers by Telmex. |
iv) |
v) | In 2023, this amount includes Ps. 2,695,790 for sales of towers by Compañía Dominicana de Teléfonos, S.A.; Ps. 4,840,325 for sales of towers by América Móvil Perú, S.A.C.; and Ps. 1,010,500 for sales of towers by Telmex. |
At December 31, | At December 31, | |||||||||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | |||||||||||||||||||||||||||||
Instrument | Notional amount in millions | Fair Value | Notional amount in millions | Fair Value | Notional amount in millions | Fair Value | Notional amount in millions | Fair Value | ||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Swaps US Dollar – Mexican Peso | US$ | 3,490 | Ps. | 16,806,937 | US$ | 1,890 | Ps. | 6,881,934 | US$ | 140 | Ps. | 91,469 | US$ | 150 | Ps. | 56,426 | ||||||||||||||||
Swaps US Dollar – Euro | US$ | 150 | 117,726 | US$ | 150 | 307,646 | US$ | 800 | 1,845,832 | US$ | 800 | 257,278 | ||||||||||||||||||||
Swaps Yen – US Dollar | ¥ | 9,750 | 269,215 | ¥ | 6,500 | 119,325 | ¥ | 6,500 | 101,409 | ¥ | 6,500 | 34,720 | ||||||||||||||||||||
Swaps Pound Sterling – US Dollar | £ | 1,010 | 2,237,919 | £ | 100 | 99,463 | ||||||||||||||||||||||||||
Swaps Euro – US Dollar | — | — | € | 152 | 104,070 | |||||||||||||||||||||||||||
Forwards US Dollar – Mexican Peso | US$ | 240 | 39,607 | US$ | 2,080 | 321,864 | US$ | 100 | 6,636 | US$ | 228 | 12,009 | ||||||||||||||||||||
Forwards Mexican Peso – US Dollar | — | — | MX$ | 35,419 | 1,635,087 | |||||||||||||||||||||||||||
Forwards Brazilian Real – US Dollar | BRL$ | 4,193 | 1,190,292 | BRL$ | 2,480 | 127,131 | R$ | 2,899 | 225,933 | R$ | 5,201 | 407,878 | ||||||||||||||||||||
Forwards Euro – US Dollar | € | 915 | 266,639 | 0 | 0 | € | 509 | 331,401 | € | 1,390 | 573,653 | |||||||||||||||||||||
Put Option | — | — | € | 374 | 638,347 | |||||||||||||||||||||||||||
Total Assets | — | Ps. | 20,928,335 | — | Ps. | 10,130,806 | Ps. | 2,602,680 | Ps. | 1,446,034 | ||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||
2020 | 2021 | |||||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||||||
2022 | 2023 | |||||||||||||||||||||||||||||||
Instrument | Notional amount in millions | Fair Value | Notional amount in millions | Fair Value | Notional amount in millions | Fair Value | Notional amount in millions | Fair Value | ||||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Swaps US Dollar – Mexican Peso | US$ | 1,750 | Ps. | (731,565 | ) | US$ | 3,140 | Ps. | (5,147,566 | ) | ||||||||||||||||||||||
Swaps US Dollar – Euro | US$ | 800 | Ps. | (4,811,031 | ) | US$ | 800 | Ps. | (1,270,005 | ) | US$ | 150 | (215,240 | ) | US$ | 150 | (276,227 | ) | ||||||||||||||
Swaps Yen – US Dollar | ¥ | 3,250 | (14,802 | ) | ¥ | 6,500 | (119,313 | ) | ¥ | 6,500 | (230,843 | ) | ¥ | 6,500 | (270,825 | ) | ||||||||||||||||
Swaps Pound Sterling – Euro | £ | 640 | (3,122,492 | ) | £ | 640 | (1,924,941 | ) | £ | 640 | (2,070,175 | ) | £ | 640 | (1,586,633 | ) | ||||||||||||||||
Swap Pound Sterling – US Dollar | £ | 550 | (457,559 | ) | £ | 1,460 | (2,117,583 | ) | £ | 1,560 | (11,507,501 | ) | £ | 1,560 | (8,069,567 | ) | ||||||||||||||||
Swaps Euro – US Dollar | 0 | 0 | € | 495 | (528,298 | ) | € | 1,145 | (3,474,154 | ) | € | 825 | (1,680,315 | ) | ||||||||||||||||||
Swaps Euro – Mexican Peso | — | — | € | 750 | (680,720 | ) | € | 750 | (2,880,279 | ) | — | — | ||||||||||||||||||||
Forwards US Dollar – Mexican Peso | US$ | 3,494 | (4,052,852 | ) | US$ | 1,175 | (286,937 | ) | US$ | 1,945 | (783,334 | ) | US$ | 742 | (311,288 | ) | ||||||||||||||||
Forwards Brazilian Real – US Dollar | BRL$ | 1,762 | (425,249 | ) | BRL$ | 4,021 | (234,822 | ) | R$ | 2,763 | (122,201 | ) | R$ | 123 | (459 | ) | ||||||||||||||||
Forwards Euro – US Dollar | — | — | € | 815 | (1,122,641 | ) | € | 952 | (915,854 | ) | € | 435 | (160,448 | ) | ||||||||||||||||||
Forwards US Dollar – Euro | — | — | US$ | 8 | (1,570 | ) | ||||||||||||||||||||||||||
Forwards Euro – Mexican Peso | € | 200 | (272,274 | ) | € | 200 | (22,182 | ) | — | — | € | 50 | (16,267 | ) | ||||||||||||||||||
Put option | € | 374 | (1,073,990 | ) | 0 | 0 | € | 374 | (368,364 | ) | — | — | ||||||||||||||||||||
Call option | 0 | 0 | € | 2,097 | (1,725,495 | ) | € | 2,097 | (2,031,836 | ) | € | 2,020 | (376,784 | ) | ||||||||||||||||||
Total Liabilities | — | Ps. | (14,230,249 | ) | — | Ps. | (10,034,508 | ) | — | Ps. | (25,331,346 | ) | — | Ps. | (17,896,379 | ) | ||||||||||||||||
* | Totals may not sum due to rounding. |
Instrument | Notional amount in millions | 2022 | 2023 | 2024 | 2025 | 2026 Thereafter | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Swaps US Dollar-Mexican Peso | US$ | — | 0 | — | — | 1,890 | ||||||||||||||||||
Swaps Yen-US Dollar | ¥ | — | — | — | — | 6,500 | ||||||||||||||||||
Swaps US Dollar – Euro | US$ | — | — | — | — | 150 | ||||||||||||||||||
Swaps Pound Sterling – US Dollar | £ | — | — | — | — | 100 | ||||||||||||||||||
Forwards US Dollar-Mexican Peso | US$ | 2,080 | — | — | — | — | ||||||||||||||||||
Forwards Mexican Peso – US Dollar | MX$ | 35,419 | — | — | — | — | ||||||||||||||||||
Forwards Brazilian Real-US Dollar | BRL | 2,480 | — | — | — | — | ||||||||||||||||||
Put Option | € | — | 374 | — | — | — | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Swaps US Dollar-Euro | US$ | — | — | — | — | 800 | ||||||||||||||||||
Swaps Euro – US Dollar | € | — | 320 | 175 | — | — | ||||||||||||||||||
Swaps Euro – Mexican Peso | US$ | — | 750 | — | — | — | ||||||||||||||||||
Swaps Yen-US Dollar | ¥ | — | — | — | — | 6,500 | ||||||||||||||||||
Swaps Pound Sterling-Euro | £ | — | — | — | — | 640 | ||||||||||||||||||
Swap Pound Sterling-US Dollar | £ | — | — | — | — | 1,460 | ||||||||||||||||||
Forwards US Dollar – Mexican Peso | US$ | 1,175 | — | — | — | — | ||||||||||||||||||
Forwards Euro – US Dollar | € | 765 | — | 50 | — | — | ||||||||||||||||||
Forwards US Dollar—Euro | US$ | 8 | — | — | — | — | ||||||||||||||||||
Forwards Brazilian Real-US Dollar | BRL | 4,021 | — | — | — | — | ||||||||||||||||||
Forwards Euro – Mexican Peso | € | 200 | — | — | — | — | ||||||||||||||||||
Call option | € | — | — | 2,097 | — | — |
Instrument | Notional amount in millions | 2024 | 2025 | 2026 | 2027 | 2028 Thereafter | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Swaps US Dollar – Mexican Peso | US$ | — | — | — | — | 150 | ||||||||||||||||||
Swaps Yen – US Dollar | ¥ | — | — | — | — | 6,500 | ||||||||||||||||||
Swaps US Dollar – Euro | US$ | — | — | — | — | 800 | ||||||||||||||||||
Swaps Euro – US Dollar | € | — | — | — | 152 | — | ||||||||||||||||||
Forwards US Dollar – Mexican Peso | US$ | 228 | — | — | — | — | ||||||||||||||||||
Forwards Brazilian Real – US Dollar | R$ | 5,201 | — | — | — | — | ||||||||||||||||||
Forwards Euro – US Dollar | € | 1,390 | — | — | — | — | ||||||||||||||||||
Liabilities | ||||||||||||||||||||||||
Swaps US Dollar – Mexican Peso | US$ | — | — | — | — | 3,140 | ||||||||||||||||||
Swaps US Dollar – Euro | US$ | — | — | — | — | 150 | ||||||||||||||||||
Swaps Euro – US Dollar | € | 175 | — | — | 250 | 400 | ||||||||||||||||||
Swaps Yen – US Dollar | ¥ | — | — | — | — | 6,500 | ||||||||||||||||||
Swaps Sterling Pound – Euro | £ | — | — | 390 | — | 250 | ||||||||||||||||||
Swap Sterling Pound – US Dollar | £ | — | — | 110 | — | 1,450 | ||||||||||||||||||
Forwards US Dollar – Mexican Peso | US$ | 742 | — | — | — | — | ||||||||||||||||||
Forwards Euro – US Dollar | € | 435 | — | — | — | — | ||||||||||||||||||
Forwards Brazilian Real – US Dollar | R$ | 123 | — | — | — | — | ||||||||||||||||||
Forwards Euro – Mexican Peso | € | 50 | — | — | — | — | ||||||||||||||||||
Call Option | € | 2,020 | — | — | — | — |
2020 | 2021 | 2022 | 2023 | |||||||||||||
Mobile phones, accessories, computers, TVs, cards and other materials | Ps.33,763,086 | Ps. | Ps. 26,311,415 | Ps. 21,858,519 | ||||||||||||
Less: Reserve for obsolete and slow-moving inventories | (3,385,647 | ) | (1,946,211 | ) | (2,316,282 | ) | (2,586,894 | ) | ||||||||
Total | Ps.30,377,439 | Ps. | Ps. 23,995,133 | Ps. 19,271,625 | ||||||||||||
2020 | 2021 | 2022 | 2023 | |||||||||||||
Current portion: | ||||||||||||||||
Advances to suppliers (different from PP&E and inventories) | Ps. | 7,600,644 | Ps. | 7,474,932 | ||||||||||||
Advances to suppliers (different from CAPEX and inventories) | Ps. | 8,247,735 | Ps. | 8,788,638 | ||||||||||||
Prepaid insurance | 1,300,019 | 1,749,589 | 1,988,713 | 2,105,556 | ||||||||||||
Other | 93,244 | 227,731 | 328,974 | 328,065 | ||||||||||||
Ps. | 8,993,907 | Ps. | 9,452,252 | Ps. | 10,565,422 | Ps. | 11,222,259 | |||||||||
Non-current portion: | ||||||||||||||||
Recoverable taxes | Ps. | 11,559,961 | Ps. | 11,689,094 | ||||||||||||
Recoverable taxes | ||||||||||||||||
Recoverable taxes | ||||||||||||||||
Recoverable taxes | Ps. | 9,363,682 | Ps. | 8,879,374 | ||||||||||||
Prepayments for the use of fiber optics | 2,709,358 | 3,783,496 | 3,424,850 | 2,734,008 | ||||||||||||
Judicial Deposits (1) | 15,402,840 | 14,583,504 | ||||||||||||||
Judicial deposits (1) | 16,309,977 | 15,456,282 | ||||||||||||||
Prepaid expenses | 8,743,667 | 9,899,996 | 10,483,113 | 10,574,048 | ||||||||||||
Total | Ps. | 38,415,826 | Ps. | 39,956,090 | Ps. | 39,581,622 | Ps. | 37,643,712 | ||||||||
(1) | Judicial deposits represent cash and cash equivalents pledged in order to fulfill the collateral requirements for tax contingencies |
At December 31, 2018 | Additions | Retirements | Business combinations | Effect of translation of foreign subsidiaries and hyperinflation adjustment | Depreciation for the year | At December 31, 2019 | At December 31, 2020 | Additions | Retirements (2) | Transfers | Effect of translation of foreign subsidiaries and hyperinflation adjustment | Depreciation for the year (3) | At December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Network in operation and equipment | Ps. | 969,195,936 | Ps. | 82,992,062 | Ps. | (13,417,360 | ) | Ps. | 9,572,805 | Ps. | (57,669,840 | ) | Ps. | — | Ps. | 990,673,603 | Ps. | 1,057,592,243 | Ps. | 89,696,150 | Ps. | (45,044,049 | ) | Ps. | 53,531,590 | Ps. | (44,061,097 | ) | Ps. | — | Ps. | 1,111,714,837 | ||||||||||||||||||||||||
Land and buildings | 57,130,326 | 1,530,677 | (4,025,222 | ) | 115,935 | (3,950,463 | ) | — | 50,801,253 | |||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 149,809,137 | 26,881,611 | (7,594,735 | ) | 1,021,051 | (7,776,500 | ) | — | 162,340,564 | |||||||||||||||||||||||||||||||||||||||||||||||
Construction in process and advances plant suppliers (1) | 81,092,529 | 82,640,305 | (76,892,011 | ) | 209,790 | (5,511,439 | ) | — | 81,539,174 | |||||||||||||||||||||||||||||||||||||||||||||||
Spare parts for operation of the network | 28,444,529 | 44,776,904 | (36,525,735 | ) | 0 | (2,462,605 | ) | — | 34,233,093 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | 1,285,672,457 | 238,821,559 | (138,455,063 | ) | 10,919,581 | (77,370,847 | ) | — | 1,319,587,687 | |||||||||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Network in operation and equipment | 560,005,547 | — | (24,954,514 | ) | — | (47,778,627 | ) | 93,097,695 | 580,370,101 | |||||||||||||||||||||||||||||||||||||||||||||||
Buildings | 8,810,949 | — | (287,072 | ) | — | (1,386,974 | ) | 2,330,405 | 9,467,308 | |||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 76,533,494 | — | (695,425 | ) | — | (4,754,982 | ) | 19,249,104 | 90,332,191 | |||||||||||||||||||||||||||||||||||||||||||||||
Spare parts for operation of the network | 321,747 | — | (283,986 | ) | — | (79,226 | ) | 116,182 | 74,717 | |||||||||||||||||||||||||||||||||||||||||||||||
Total | Ps. | 645,671,737 | Ps. | — | Ps. | (26,220,997 | ) | Ps. | — | Ps. | (53,999,809 | ) | Ps. | 114,793,386 | Ps. | 680,244,317 | Ps 632,871,206 | Ps. | — | Ps. | (35,156,674 | ) | Ps. | 965,984 | Ps. | (32,341,634 | ) | Ps. | 111,461,729 | Ps. | 677,800,611 | |||||||||||||||||||||||||
Net Cost | Ps. | 640,000,720 | Ps. | 238,821,559 | Ps. | (112,234,066 | ) | Ps. | 10,919,581 | Ps. | (23,371,038 | ) | Ps. | (114,793,386 | ) | Ps. | 639,343,370 | Ps. | 722,929,631 | Ps. | 231,539,820 | Ps. | (92,643,640 | ) | Ps. | (1,966,088 | ) | Ps. | (17,201,315 | ) | Ps. | (111,461,729 | ) | Ps. | 731,196,679 | |||||||||||||||||||||
At December 31, 2019 | Additions | Retirements | Business combinations | Revaluation adjustments | Transfers | Effect of translation of foreign subsidiaries and hyperinflation adjustment | Depreciation for the year | At December 31, 2020 | ||||||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||||||||||
Network in operation and equipment | Ps. | 990,673,603 | Ps. | 90,387,449 | Ps. | (19,574,391 | ) | Ps. | 996,974 | Ps. | 107,152,628 | Ps. | (62,050,212 | ) | Ps. | (49,993,808 | ) | Ps. | — | Ps. | 1,057,592,243 | |||||||||||||||
Land and buildings | 50,801,253 | 570,062 | (2,853,037 | ) | — | — | — | 369,300 | — | 48,887,578 | ||||||||||||||||||||||||||
Other assets | 162,340,564 | 17,474,218 | (14,454,598 | ) | 55,848 | — | — | (8,393,187 | ) | — | 157,022,845 | |||||||||||||||||||||||||
Construction in process and advances plant suppliers (1) | 81,539,174 | 59,635,316 | (68,661,847 | ) | 1,099 | — | — | (5,011,829 | ) | — | 67,501,913 | |||||||||||||||||||||||||
Spare parts for operation of the network | 34,233,093 | 30,721,413 | (37,829,818 | ) | — | — | — | (2,328,430 | ) | — | 24,796,258 | |||||||||||||||||||||||||
Total | 1,319,587,687 | 198,788,458 | (143,373,691 | ) | 1,053,921 | 107,152,628 | (62,050,212 | ) | (65,357,954 | ) | — | 1,355,800,837 | ||||||||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||||||||||||||
Network in operation and equipment | 580,370,101 | — | (25,726,856 | ) | — | — | (62,050,212 | ) ( 2 ) | (58,055,450 | ) | 96,729,723 | 531,267,306 | ||||||||||||||||||||||||
Buildings | 9,467,308 | — | (1,663,796 | ) | — | — | — | (622,253 | ) | 1,906,140 | 9,087,399 | |||||||||||||||||||||||||
Other assets | 90,332,191 | — | (9,317,821 | ) | — | — | — | (5,120,175 | ) | 16,549,822 | 92,444,017 | |||||||||||||||||||||||||
Spare parts for operation of the network | 74,717 | — | (176,131 | ) | — | — | — | 38,898 | 135,000 | 72,484 | ||||||||||||||||||||||||||
Total | Ps. | 680,244,317 | Ps. | — | Ps. | (36,884,604 | ) | Ps. | — | Ps. | — | Ps. | (62,050,212 | ) | Ps. | (63,758,980 | ) | Ps. | 115,320,685 | P | s 632,871,206 | |||||||||||||||
Net Cost | Ps. | 639,343,370 | Ps. | 198,788,458 | Ps. | (106,489,087 | ) | Ps. | 1,053,921 | Ps. | 107,152,628 | . | — | Ps. | (1,598,974 | ) | Ps. | (115,320,685 | ) | Ps. | 722,929,631 | |||||||||||||||
At December 31, 2020 | Additions | Retirements (3) | Business combinations | Transfers | Effect of translation of foreign subsidiaries and hyperinflation adjustment | Depreciation for the year | At December 31, 2021 | |||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||||||
Network in operation and equipment | Ps. | 1,057,592,243 | Ps. | 89,696,150 | Ps. | (45,044,049 | ) | Ps. | 0 | Ps. | 53,531,590 | Ps. | (44,061,097 | ) | Ps. | — | Ps . | 1,111,714,837 | ||||||||||||||
Land and buildings | 48,887,578 | 784,460 | (473,785 | ) | — | 38,250 | (1,216,894 | ) | — | 48,019,609 | ||||||||||||||||||||||
Other assets | 157,022,845 | 10,782,903 | (11,994,756 | ) | 0 | (1,800,756 | ) | (1,870,104 | ) | — | 152,140,132 | |||||||||||||||||||||
Construction in process and advances plant suppliers (1) | 67,501,913 | 83,366,813 | (47,178,796 | ) | 0 | (38,944,421 | ) | (1,420,843 | ) | — | 63,324,666 | |||||||||||||||||||||
Spare parts for operation of the network | 24,796,258 | 46,909,494 | (23,108,928 | ) | — | (13,824,767 | ) | (974,011 | ) | — | 33,798,046 | |||||||||||||||||||||
Total | 1,355,800,837 | 231,539,820 | (127,800,314 | ) | 0 | (1,000,104 | ) | (49,542,949 | ) | — | 1,408,997,290 | |||||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||||||||||
Network in operation and equipment | 531,267,306 | — | (24,322,904 | ) | — | 638,066 | (30,254,288 | ) | 97,343,878 | 574,672,058 | ||||||||||||||||||||||
Buildings | 9,087,399 | — | (219,030 | ) | — | (221,937 | ) | (738,748 | ) | 1,941,819 | 9,849,503 | |||||||||||||||||||||
Other assets | 92,444,017 | — | (10,522,319 | ) | — | 549,855 | (2,522,458 | ) | 13,310,584 | 93,259,679 | ||||||||||||||||||||||
Spare parts for operation of the network | 72,484 | — | (92,421 | ) | — | — | (26,823 | ) | 66,131 | 19,371 | ||||||||||||||||||||||
Total | Ps | 632,871,206 | Ps . | — | Ps. | (35,156,674 | ) | Ps. | — | Ps. | (965,984 | ) | Ps . | (33,542,317 | ) | Ps. | 112,662,412 | Ps . | 677,800,611 | |||||||||||||
Net Cost | Ps . | 722,929,631 | Ps . | 231,539,820 | Ps . | (92,643,640 | ) | Ps. | 0 | Ps. | (1,966,088 | ) | Ps. | (16,000,632 | ) | Ps . | (112,662,412 | ) | Ps . | 731,196,679 | ||||||||||||
(1) | Construction in progress includes fixed and mobile network facilities as well as satellite developments and fiber optic which is in the process of being installed. |
(2) |
Includes disposals related to the sale of TracFone. |
(3) | Discontinued operations. |
At December 31 2021 | Additions | Retirements (2) | Business combinations (3) | Revaluation adjustments (5) | Transfer | Incorporation (merger, spin- off, sale) (4) | Effect of translation of foreign subsidiaries and hyperinflation adjustment | Depreciation for the year | At December 31, 2022 | |||||||||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||||||||||||||
Network in operation and equipment | Ps. | 1,111,714,837 | Ps. | 56,307,013 | Ps. | (64,315,475 | ) | Ps. | 1,415,252 | Ps. | (55,639,215 | ) | Ps. | 63,171,840 | Ps. | (18,399,253 | ) | Ps. | (68,236,057 | ) | Ps. | — | Ps. | 1,026,018,942 | ||||||||||||||||
Land and buildings | 48,019,609 | 596,165 | (2,021,550 | ) | — | — | 737,667 | — | (3,577,615 | ) | — | 43,754,276 | ||||||||||||||||||||||||||||
Other assets | 152,140,132 | 12,325,614 | (13,642,510 | ) | 23,723 | — | 559,935 | (698,522 | ) | (5,468,249 | ) | — | 145,240,123 | |||||||||||||||||||||||||||
Construction in process and advances plant suppliers (1) | 63,324,666 | 96,511,498 | (49,559,746 | ) | 36,707 | — | (48,393,706 | ) | (72,194 | ) | (2,027,587 | ) | — | 59,819,638 | ||||||||||||||||||||||||||
Spare parts for operation of the network | 33,798,046 | 61,327,596 | (30,957,726 | ) | — | — | (19,923,388 | ) | (6,995 | ) | (1,879,058 | ) | — | 42,358,475 | ||||||||||||||||||||||||||
Total | 1,408,997,290 | 227,067,886 | (160,497,007 | ) | 1,475,682 | (55,639,215 | ) | (3,847,652 | ) | (19,176,964 | ) | (81,188,566 | ) | — | 1,317,191,454 | |||||||||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||||||||||||||||||
Network in operation and equipment | Ps. | 574,672,058 | Ps. | — | Ps. | (52,703,338 | ) | Ps. | — | Ps. | (4,098,583 | ) | Ps. | (71,627 | ) | Ps. | 4,827,813 | Ps. | (52,313,781 | ) | Ps. | 95,577,534 | Ps. | 565,890,076 | ||||||||||||||||
Buildings | 9,849,503 | — | (622,956 | ) | — | — | 47,578 | (219,174 | ) | (2,356,617 | ) | 1,701,274 | 8,399,608 | |||||||||||||||||||||||||||
Other assets | 93,259,679 | — | (9,711,246 | ) | — | — | 298,060 | (8,940,398 | ) | (3,146,276 | ) | 13,814,586 | 85,574,405 | |||||||||||||||||||||||||||
Spare parts for the operation of the network | 19,371 | — | (115,552 | ) | — | — | — | 6,717 | (84,295 | ) | 274,914 | 101,155 | ||||||||||||||||||||||||||||
Total | Ps. | 677,800,611 | Ps. | — | Ps. | (63,153,092 | ) | Ps. | — | Ps. | (4,098,583 | ) | Ps. | 274,011 | Ps. | (4,325,042 | ) | Ps. | (57,900,969 | ) | Ps. | 111,368,308 | Ps. | 659,965,244 | ||||||||||||||||
Net Cost | Ps. | 731,196,679 | Ps. | 227,067,886 | Ps. | (97,343,915 | ) | Ps. | 1,475,682 | Ps. | (51,540,632 | ) | Ps. | (4,121,663 | ) | Ps. | (14,851,922 | ) | Ps. | (23,287,597 | ) | Ps. | (111,368,308 | ) | Ps. | 657,226,210 | ||||||||||||||
(1) | Construction in progress includes fixed and mobile network facilities as well as satellite developments and fiber optic which is in the process of being installed. |
(2) | Includes disposals of Chile’s separation process as a result of the ClaroVTR joint venture. See Note 12b. Also includes disposals related to the sale of Claro Panama. See Note 2Ac and disposals related to the partial sale Claro Peru’s towers to Sitios Latam as of December 31, 2022. |
(3) | “Business Combination” includes the acquisition of Assets of Grupo Oi, Jonava and Ustore, in Brazil. See Note 12a. |
(4) | “Incorporation (merger, spin-off, sale)” includes disposals associated as spin-off of assets to Sitios Latam described in Note 12d. |
(5) | ¨Revaluation adjustments” include the surplus associated with the 29,090 telecommunications towers, for an amount of Ps. 50,880,804 that was transferred as part of the spin-off of assets to Sitios Latam described in Note 12d. |
At December 31 2022 | Additions | Retirements (2)(3) | Revaluation adjustments (4) | Transfer | Effect of translation of foreign subsidiaries and hyperinflation adjustment (5) | Depreciation for the year | At December 31, 2023 | |||||||||||||||||||||||||
Cost | ||||||||||||||||||||||||||||||||
Network in operation and equipment | Ps. | 1,026,018,942 | Ps. | 50,024,889 | Ps. | (33,329,584 | ) | Ps. | (6,302,540 | ) | Ps. | 70,929,358 | Ps. | (147,930,373 | ) | Ps. | — | Ps. | 959,410,692 | |||||||||||||
Land and buildings | 43,754,276 | 460,406 | (623,086 | ) | — | 912,321 | (4,104,367 | ) | — | 40,399,550 | ||||||||||||||||||||||
Other assets | 145,240,123 | 9,207,577 | (4,659,627 | ) | — | 91,200 | (9,019,160 | ) | — | 140,860,113 | ||||||||||||||||||||||
Construction in process and advances plant suppliers (1) | 59,819,638 | 60,315,693 | (3,541,460 | ) | — | (52,383,308 | ) | (3,391,855 | ) | — | 60,818,708 | |||||||||||||||||||||
Spare parts for operation of the network | 42,358,475 | 24,598,463 | (4,512,380 | ) | — | (23,748,569 | ) | (6,821,235 | ) | — | 31,874,754 | |||||||||||||||||||||
Total | 1,317,191,454 | 144,607,028 | (46,666,137 | ) | (6,302,540 | ) | (4,198,998 | ) | (171,266,990 | ) | — | 1,233,363,817 | ||||||||||||||||||||
Accumulated depreciation | ||||||||||||||||||||||||||||||||
Network in operation and equipment | Ps. | 565,890,076 | Ps. | — | Ps. | (32,420,796 | ) | Ps. | (907,756 | ) | Ps. | 106,646 | Ps. | (109,318,572 | ) | Ps. | 89,594,858 | Ps. | 512,944,456 | |||||||||||||
Buildings | 8,399,608 | — | (503,192 | ) | — | (63,923 | ) | (2,739,797 | ) | 1,697,581 | 6,790,277 | |||||||||||||||||||||
Other assets | 85,574,405 | — | (3,094,804 | ) | — | 139,191 | (7,960,435 | ) | 10,516,865 | 85,175,222 | ||||||||||||||||||||||
Spare parts for the operation of the network | 101,155 | — | (55,866 | ) | — | (12,152 | ) | (400,001 | ) | 169,822 | (197,042 | ) | ||||||||||||||||||||
Total | Ps. | 659,965,244 | Ps. | — | Ps. | (36,074,658 | ) | Ps. | (907,756 | ) | Ps. | 169,762 | Ps. | (120,418,805 | ) | Ps. | 101,979,126 | Ps. | 604,712,913 | |||||||||||||
Net Cost | Ps. | 657,226,210 | Ps. | 144,607,028 | Ps. | (10,591,479 | ) | Ps. | (5,394,784 | ) | Ps. | (4,368,760 | ) | Ps. | (50,848,185 | ) | Ps. | (101,979,126 | ) | Ps. | 628,650,904 | |||||||||||
(1) | The construction in progress includes fixed and mobile network installations, as well as satellite and fiber optic developments that are in the process of being installed |
(2) | Includes disposals for the sale of 2,980 and 224 telecommunications towers on March 30 and July 31, 2023, respectively, owned by its subsidiary in Peru to Sitios Latam. |
(3) | It includes disposals related to the sale of 1,388 telecommunications towers on February 3, 2023, owned by its subsidiary in the Dominican Republic to Sitios Latam. |
(4) | Includes the surplus associated with the telecommunications towers that were transferred by the sale to Sitios Latam, described previously, for an amount of Ps. (6,957,275). In addition, includes the surplus associated with the valuation of the telecommunications towers of EuroTeleSites Group, for an amount of Ps. 1,562,491. |
(5) | Includes a hyperinflation adjustment associated to Argentinean subsidiaries for an amount of Ps. (5,956,256). |
2020 | 2021 | |||||||
Book value as of December 31, (cost model) | Ps. | 615,777,003 | Ps. | 633,024,004 | ||||
Supplement for change in accounting policy | 107,152,628 | 98,172,675 | ||||||
Book value and fair value as of December 31, (revaluation model) | Ps. | 722,929,631 | Ps. | 731,196,679 | ||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2021 | 2022 | 2023 | |||||||||||||||||||
Amount invested in the acquisition of qualifying assets | Ps. 50,783,957 | Ps. 46,528,232 | Ps. 38,573,605 | Ps. 38,573,605 | Ps. 30,161,647 | Ps. 25,489,098 | ||||||||||||||||||
Capitalized interest | 2,233,358 | 1,771,613 | 1,527,259 | 1,527,259 | 1,514,654 | 1,442,077 | ||||||||||||||||||
Capitalization rate | 4.4 | % | 3.8 | % | 4.0 | % | 4.0% | 5.0% | 5.7% |
For the year ended December 31, 2019 | ||||||||||||||||||||||||||||
Balance at beginning of year | Acquisitions | Acquisitions in business combinations | Disposals and other | Amortization of the year | Effect of translation of foreign subsidiaries and Hyperinflation adjustment | Balance at end of year | ||||||||||||||||||||||
Licenses and rights of use | Ps. | 233,478,974 | Ps. | 13,206,877 | Ps. | 7,844,339 | Ps. | 7,286,114 | Ps. | — | Ps. | (15,715,442 | ) | Ps. | 246,100,862 | |||||||||||||
Accumulated amortization | (130,180,579 | ) | — | — | (2,391,624 | ) | (11,577,160 | ) | 9,481,480 | (134,667,883 | ) | |||||||||||||||||
Net | 103,298,395 | 13,206,877 | 7,844,339 | 4,894,490 | (11,577,160 | ) | (6,233,962 | ) | 111,432,979 | |||||||||||||||||||
Trademarks | 28,207,166 | 53,467 | — | (6,012 | ) | — | (835,613 | ) | 27,419,008 | |||||||||||||||||||
Accumulated amortization | (23,539,961 | ) | 0 | — | 0 | (1,008,483 | ) | 618,145 | (23,930,299 | ) | ||||||||||||||||||
Net | 4,667,205 | 53,467 | — | (6,012 | ) | (1,008,483 | ) | (217,468 | ) | 3,488,709 | ||||||||||||||||||
Customer relationships | 25,543,068 | 20,248 | — | 5,507 | — | (2,693,812 | ) | 22,875,011 | ||||||||||||||||||||
Accumulated amortization | (18,761,537 | ) | 0 | — | 0 | (3,371,924 | ) | 2,357,831 | (19,775,630 | ) | ||||||||||||||||||
Net | 6,781,531 | 20,248 | — | 5,507 | (3,371,924 | ) | (335,981 | ) | 3,099,381 | |||||||||||||||||||
Software licenses | 14,309,258 | 2,729,480 | — | (949,858 | ) | 0 | (2,984,770 | ) | 13,104,110 | |||||||||||||||||||
Accumulated amortization | (7,704,803 | ) | 0 | — | (1 | ) | (2,479,088 | ) | 2,183,149 | (8,000,743 | ) | |||||||||||||||||
Net | 6,604,455 | 2,729,480 | — | (949,859 | ) | (2,479,088 | ) | (801,621 | ) | 5,103,367 | ||||||||||||||||||
Content rights | 7,549,709 | 1,427,694 | — | 1,638,007 | — | (455,228 | ) | 10,160,182 | ||||||||||||||||||||
Accumulated amortization | (6,763,592 | ) | — | — | (8,720 | ) | (1,772,779 | ) | 429,862 | (8,115,229 | ) | |||||||||||||||||
Net | 786,117 | 1,427,694 | — | 1,629,287 | (1,772,779 | ) | (25,366 | ) | 2,044,953 | |||||||||||||||||||
Total of intangibles, net | Ps. | 122,137,703 | Ps. | 17,437,766 | Ps. | 7,844,339 | Ps. | 5,573,413 | Ps. | (20,209,434 | ) | Ps. | (7,614,398 | ) | Ps. | 125,169,389 | ||||||||||||
Goodwill | Ps. | 145,566,497 | Ps . | — | Ps. | 10,869,571 | Ps. | (843,005 | ) | — | Ps. | (2,693,262 | ) | Ps. | 152,899,801 | |||||||||||||
For the year ended December 31, 2020 | ||||||||||||||||||||||||||||
Balance at beginning of year | Acquisitions | Acquisitions in business combinations | Disposals and other | Amortization of the year | Effect of translation of foreign subsidiaries and Hyperinflation adjustment | Balance at end of year | ||||||||||||||||||||||
Licenses and rights of use | Ps. | 246,100,862 | Ps. | 15,079,714 | Ps. | 4,436,313 | Ps. | 1,502,981 | Ps. | — | Ps. | (14,029,709 | ) | Ps. | 253,090,161 | |||||||||||||
Accumulated amortization | (134,667,883 | ) | — | — | 105,892 | (14,274,497 | ) | 14,227,424 | (134,609,064 | ) | ||||||||||||||||||
Net | 111,432,979 | 15,079,714 | 4,436,313 | 1,608,873 | (14,274,497 | ) | 197,715 | 118,481,097 | ||||||||||||||||||||
Trademarks | 27,419,008 | 162,309 | 12,110 | 4,000 | — | 1,534,938 | 29,132,365 | |||||||||||||||||||||
Accumulated amortization | (23,930,299 | ) | — | — | (4,276 | ) | (300,727 | ) | (1,119,645 | ) | (25,354,947 | ) | ||||||||||||||||
Net | 3,488,709 | 162,309 | 12,110 | (276 | ) | (300,727 | ) | 415,293 | 3,777,418 | |||||||||||||||||||
Customer relationships | 22,875,011 | 1,935 | 2,689,718 | (5,763 | ) | — | 4,018,365 | 29,579,266 | ||||||||||||||||||||
Accumulated amortization | (19,775,630 | ) | — | — | 855 | (1,654,237 | ) | (3,996,593 | ) | (25,425,605 | ) | |||||||||||||||||
Net | 3,099,381 | 1,935 | 2,689,718 | (4,908 | ) | (1,654,237 | ) | 21,772 | 4,153,661 | |||||||||||||||||||
Software licenses | 13,104,110 | 2,445,784 | 36 | (2,485,429 | ) | — | 4,236,645 | 17,301,146 | ||||||||||||||||||||
Accumulated amortization | (8,000,743 | ) | — | — | 2,013,617 | (2,667,870 | ) | (3,578,452 | ) | (12,233,448 | ) | |||||||||||||||||
Net | 5,103,367 | 2,445,784 | 36 | (471,812 | ) | (2,667,870 | ) | 658,193 | 5,067,698 | |||||||||||||||||||
Content rights | 10,160,182 | 1,570,415 | — | (313,942 | ) | — | 619,657 | 12,036,312 | ||||||||||||||||||||
Accumulated amortization | (8,115,229 | ) | — | — | — | (1,440,749 | ) | (503,241 | ) | (10,059,219 | ) | |||||||||||||||||
Net | 2,044,953 | 1,570,415 | — | (313,942 | ) | (1,440,749 | ) | 116,416 | 1,977,093 | |||||||||||||||||||
Total of intangibles, net | Ps. | 125,169,389 | Ps. | 19,260,157 | Ps. | 7,138,177 | Ps. | 817,935 | Ps. | (20,338,080 | ) | Ps. | 1,409,389 | Ps. | 133,456,967 | |||||||||||||
Goodwill | Ps. | 152,899,801 | Ps. | — | Ps. | (7,014,120 | ) | Ps. | (537,343 | ) | Ps. | — | Ps. | (2,295,479 | ) | Ps. | 143,052,859 | |||||||||||
For the year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | Acquisitions | Disposals and other | Amortization of the year | Effect of translation of foreign subsidiaries and Hyperinflation adjustment | Balance at end of year | |||||||||||||||||||||||||||||||||||||||||||
For the year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of year | Acquisitions | Disposals and other (1) | Amortization of the year (2) | Effect of translation of foreign subsidiaries and Hyperinflation adjustment | Balance at end of year | |||||||||||||||||||||||||||||||||||||||||||
Licenses and rights of use | Ps. | 253,090,161 | Ps. | 24,406,905 | Ps. | (4,427,685 | ) | Ps. | — | Ps. | (7,011,691 | ) | Ps. | 266,057,690 | Ps. | 253,090,161 | Ps. | 24,406,905 | Ps. | (4,427,685 | ) | Ps. | — | Ps. | (7,011,691 | ) | Ps. | 266,057,690 | ||||||||||||||||||||
Accumulated amortization | (134,609,064 | ) | — | 6,764,067 | (14,682,451 | ) | 6,737,503 | (135,789,945 | ) | (134,609,064 | ) | — | 6,469,128 | (14,387,511 | ) | 6,737,502 | (135,789,945 | ) | ||||||||||||||||||||||||||||||
Net | 118,481,097 | 24,406,905 | 2,336,382 | (14,682,451 | ) | (274,188 | ) | 130,267,745 | 118,481,097 | 24,406,905 | 2,041,443 | (14,387,511 | ) | (274,189 | ) | 130,267,745 | ||||||||||||||||||||||||||||||||
Trademarks (1) | 29,132,365 | 75,100 | (1,129,666 | ) | — | (401,946 | ) | 27,675,853 | ||||||||||||||||||||||||||||||||||||||||
Trademarks | 29,132,365 | 75,100 | (1,129,666 | ) | — | (401,946 | ) | 27,675,853 | ||||||||||||||||||||||||||||||||||||||||
Accumulated amortization | (25,354,947 | ) | — | 802,717 | (140,205 | ) | 308,745 | (24,383,690 | ) | (25,354,947 | ) | — | 802,717 | (140,205 | ) | 308,745 | (24,383,690 | ) | ||||||||||||||||||||||||||||||
Net | 3,777,418 | 75,100 | (326,949 | ) | (140,205 | ) | (93,201 | ) | 3,292,163 | 3,777,418 | 75,100 | (326,949 | ) | (140,205 | ) | (93,201 | ) | 3,292,163 | ||||||||||||||||||||||||||||||
Customer relationships (1) | 29,579,266 | 229,936 | (4,133,408 | ) | — | (1,105,668 | ) | 24,570,126 | ||||||||||||||||||||||||||||||||||||||||
Customer relationships | 29,579,266 | 229,936 | (4,133,408 | ) | — | (1,105,668 | ) | 24,570,126 | ||||||||||||||||||||||||||||||||||||||||
Accumulated amortization | (25,425,605 | ) | — | 3,830,742 | (707,500 | ) | 1,093,401 | (21,208,962 | ) | (25,425,605 | ) | — | 3,830,742 | (707,500 | ) | 1,093,401 | (21,208,962 | ) | ||||||||||||||||||||||||||||||
Net | 4,153,661 | 229,936 | (302,666 | ) | (707,500 | ) | (12,267 | ) | 3,361,164 | 4,153,661 | 229,936 | (302,666 | ) | (707,500 | ) | (12,267 | ) | 3,361,164 | ||||||||||||||||||||||||||||||
Software licenses | 17,301,146 | 2,660,330 | (3,484,755 | ) | — | (1,225,585 | ) | 15,251,136 | 17,301,146 | 2,660,330 | (3,484,755 | ) | — | (1,225,585 | ) | 15,251,136 | ||||||||||||||||||||||||||||||||
Accumulated amortization | (12,233,448 | ) | (626 | ) | 3,482,440 | (2,738,978 | ) | 1,052,938 | (10,437,674 | ) | (12,233,448 | ) | (626 | ) | 3,482,440 | (2,738,978 | ) | 1,052,938 | (10,437,674 | ) | ||||||||||||||||||||||||||||
Net | 5,067,698 | 2,659,704 | (2,315 | ) | (2,738,978 | ) | (172,647 | ) | 4,813,462 | 5,067,698 | 2,659,704 | (2,315 | ) | (2,738,978 | ) | (172,647 | ) | 4,813,462 | ||||||||||||||||||||||||||||||
Content rights | 12,036,312 | 818,436 | (281,747 | ) | — | 429,319 | 13,002,320 | 12,036,312 | 818,436 | (281,747 | ) | — | 429,319 | 13,002,320 | ||||||||||||||||||||||||||||||||||
Accumulated amortization | (10,059,219 | ) | — | (147,668 | ) | (899,666 | ) | (404,537 | ) | (11,511,090 | ) | (10,059,219 | ) | — | (147,668 | ) | (899,666 | ) | (404,537 | ) | (11,511,090 | ) | ||||||||||||||||||||||||||
Net | 1,977,093 | 818,436 | (429,415 | ) | (899,666 | ) | 24,782 | 1,491,230 | 1,977,093 | 818,436 | (429,415 | ) | (899,666 | ) | 24,782 | 1,491,230 | ||||||||||||||||||||||||||||||||
Total of intangibles, net | Ps. | 133,456,967 | Ps. | 28,190,081 | Ps. | 1,275,037 | Ps. | (19,168,800 | ) | Ps. | (527,521 | ) | Ps. | 143,225,764 | Ps. | 133,456,967 | Ps. | 28,190,081 | Ps. | 980,098 | Ps. | (18,873,860 | ) | Ps. | (527,522 | ) | Ps. | 143,225,764 | ||||||||||||||||||||
Goodwill (1) | Ps. | 143,052,859 | Ps. | — | Ps. | (3,516,287 | ) | Ps. | — | Ps. | (2,958,378 | ) | Ps. | 136,578,194 | ||||||||||||||||||||||||||||||||||
Goodwill | Ps. | 143,052,859 | Ps. | — | Ps. | (3,516,287 | ) | Ps. | — | Ps. | (2,958,378 | ) | Ps. | 136,578,194 | ||||||||||||||||||||||||||||||||||
(1) | Includes disposals related to the sale of TracFone. |
(2) | Discontinued operations of Panama and the ClaroVTR joint venture. See Note 2. Ac. |
For the year ended December 31, 2022 | ||||||||||||||||||||||||||||
Balance at beginning of year | Acquisitions | Acquisitions in business combinations | Disposals and other (1) | Amortization of the year (2) | Effect of translation of foreign subsidiaries and Hyperinflation adjustment | Balance at end of year | ||||||||||||||||||||||
Licenses and rights of use | Ps. | 266,057,690 | Ps. | 2,656,914 | Ps. | 95,147 | Ps. | (1,785,196 | ) | Ps. | — | Ps. | (11,475,085 | ) | Ps. | 255,549,470 | ||||||||||||
Accumulated amortization | (135,789,945 | ) | — | — | 1,436,078 | (13,323,410 | ) | 5,252,171 | (142,425,106 | ) | ||||||||||||||||||
Net | 130,267,745 | 2,656,914 | 95,147 | (349,118 | ) | (13,323,410 | ) | (6,222,914 | ) | 113,124,364 | ||||||||||||||||||
Trademarks | 27,675,853 | 183,631 | 40,412 | (66,000 | ) | — | (1,366,541 | ) | 26,467,355 | |||||||||||||||||||
Accumulated amortization | (24,383,690 | ) | — | — | — | (110,974 | ) | 1,041,866 | (23,452,798 | ) | ||||||||||||||||||
Net | 3,292,163 | 183,631 | 40,412 | (66,000 | ) | (110,974 | ) | (324,675 | ) | 3,014,557 | ||||||||||||||||||
Customer relationships | 24,570,126 | 22,842 | 2,863,765 | — | — | (3,267,041 | ) | 24,189,692 | ||||||||||||||||||||
Accumulated amortization | (21,208,962 | ) | — | — | (18 | ) | (954,256 | ) | 2,831,217 | (19,332,019 | ) | |||||||||||||||||
Net | 3,361,164 | 22,842 | 2,863,765 | (18 | ) | (954,256 | ) | (435,824 | ) | 4,857,673 | ||||||||||||||||||
Software licenses | 15,251,136 | 5,108,485 | 14,205 | (797,084 | ) | — | (3,358,767 | ) | 16,217,975 | |||||||||||||||||||
Accumulated amortization | (10,437,674 | ) | — | — | 976,417 | (2,645,400 | ) | 2,591,274 | (9,515,383 | ) | ||||||||||||||||||
Net | 4,813,462 | 5,108,485 | 14,205 | 179,333 | (2,645,400 | ) | (767,493 | ) | 6,702,592 | |||||||||||||||||||
Content rights | 13,002,320 | 874,961 | — | (263,798 | ) | — | (830,079 | ) | 12,783,404 | |||||||||||||||||||
Accumulated amortization | (11,511,090 | ) | — | — | 3,382 | (881,352 | ) | 799,892 | (11,589,168 | ) | ||||||||||||||||||
Net | 1,491,230 | 874,961 | — | (260,416 | ) | (881,352 | ) | (30,187 | ) | 1,194,236 | ||||||||||||||||||
Total of intangibles, net | Ps. | 143,225,764 | Ps. | 8,846,833 | Ps. | 3,013,529 | Ps. | (496,219 | ) | Ps. | (17,915,392 | ) | Ps. | (7,781,093 | ) | Ps. | 128,893,422 | |||||||||||
Goodwill | Ps. | 136,578,194 | Ps. | 14,447,186 | Ps. | 280,192 | Ps. | (2,230,610 | ) | Ps. | (149,696 | ) | Ps. | (7,803,901 | ) | Ps. | 141,121,365 | |||||||||||
(1) | Includes the transaction related to Panama and Chile disposal. |
(2) | Includes the discontinued operations of Panama and the ClaroVTR joint venture. See Note 2, Ac. |
For the year ended December 31, 2023 | ||||||||||||||||||||||||||||
Balance at beginning of year | Acquisitions | Disposals and other | Amortization of the year | Incorporation (Merge, Spin off, Sale/other) | Effect of translation of foreign subsidiaries and Hyperinflation adjustment | Balance at end of year | ||||||||||||||||||||||
Licenses and rights of use | Ps. | 255,549,470 | Ps. | 18,814,933 | Ps. | 1,201,681 | Ps. | — | Ps. | — | Ps. | (28,239,255 | ) | Ps. | 247,326,829 | |||||||||||||
Accumulated amortization | (142,425,106 | ) | — | (63,964 | ) | (11,643,803 | ) | — | 11,328,430 | (142,804,443 | ) | |||||||||||||||||
Net | 113,124,364 | 18,814,933 | 1,137,717 | (11,643,803 | ) | — | (16,910,825 | ) | 104,522,386 | |||||||||||||||||||
Trademarks | 26,467,355 | 198,532 | (11,554 | ) | — | 555 | (1,313,470 | ) | 25,341,418 | |||||||||||||||||||
Accumulated amortization | (23,452,798 | ) | — | 571 | (139,038 | ) | — | 1,017,013 | (22,574,252 | ) | ||||||||||||||||||
Net | 3,014,557 | 198,532 | (10,983 | ) | (139,038 | ) | 555 | (296,457 | ) | 2,767,166 | ||||||||||||||||||
Customer relationships | 24,189,692 | 5,550 | — | — | — | (3,505,503 | ) | 20,689,739 | ||||||||||||||||||||
Accumulated amortization | (19,332,019 | ) | — | — | (987,971 | ) | — | 3,091,265 | (17,228,725 | ) | ||||||||||||||||||
Net | 4,857,673 | 5,550 | — | (987,971 | ) | — | (414,238 | ) | 3,461,014 | |||||||||||||||||||
Software licenses | 16,217,975 | 5,846,212 | 313,446 | — | — | (3,021,588 | ) | 19,356,045 | ||||||||||||||||||||
Accumulated amortization | (9,515,383 | ) | — | 1,102,658 | (3,675,747 | ) | — | 2,330,312 | (9,758,160 | ) | ||||||||||||||||||
Net | 6,702,592 | 5,846,212 | 1,416,104 | (3,675,747 | ) | — | (691,276 | ) | 9,597,885 | |||||||||||||||||||
Content rights | 12,783,404 | 737,465 | (50,175 | ) | — | — | (1,854,001 | ) | 11,616,693 | |||||||||||||||||||
Accumulated amortization | (11,589,168 | ) | — | — | (672,760 | ) | — | 1,795,303 | (10,466,625 | ) | ||||||||||||||||||
Net | 1,194,236 | 737,465 | (50,175 | ) | (672,760 | ) | — | (58,698 | ) | 1,150,068 | ||||||||||||||||||
Total of intangibles, net | Ps. | 128,893,422 | Ps. | 25,602,692 | Ps. | 2,492,663 | Ps. | (17,119,319 | ) | Ps. | 555 | Ps. | (18,371,494 | ) | Ps. | 121,498,519 | ||||||||||||
Goodwill | Ps. | 141,121,365 | Ps. | — | Ps. | — | Ps. | — | Ps. | — | Ps. | 4,957,532 | Ps. | 146,078,897 | ||||||||||||||
2020 | 2021 | 2022 | 2023 | |||||||||||||
Europe | Ps . | Ps . | Ps. | 49,465,916 | Ps. | 55,414,076 | ||||||||||
Brazil | 18,730,686 | 18,017,916 | ||||||||||||||
Brazil (1) | 31,085,202 | 29,437,800 | ||||||||||||||
Puerto Rico | 17,463,394 | 17,463,394 | 17,463,394 | 17,463,394 | ||||||||||||
Dominican Republic | 14,186,723 | 14,186,723 | 14,186,723 | 14,186,723 | ||||||||||||
Colombia | 12,253,743 | 11,685,585 | 8,495,090 | 9,304,613 | ||||||||||||
México | 10,148,380 | 10,164,814 | ||||||||||||||
Mexico | 9,233,694 | 9,186,415 | ||||||||||||||
Peru | 2,710,979 | 2,532,770 | 2,523,467 | 2,448,614 | ||||||||||||
Chile | 2,558,098 | 2,311,239 | ||||||||||||||
El Salvador | 2,499,544 | 2,510,595 | 2,522,768 | 2,522,768 | ||||||||||||
United States (Tracfone) (3) | 3,362,900 | 0 | ||||||||||||||
Ecuador | 2,155,384 | 2,155,384 | 2,155,384 | 2,155,384 | ||||||||||||
Guatemala | 2,301,533 | 1,947,203 | 2,245,161 | 2,212,615 | ||||||||||||
Other countries | 1,293,356 | 1,295,381 | 1,744,566 | 1,746,495 | ||||||||||||
Ps.143,052,859 | Ps.136,578,194 | Ps. | 141,121,365 | Ps. | 146,078,897 | |||||||||||
(1) | Includes a goodwill as a result of the Jonava acquisition. See Note 12a. |
2022 Figures at acquisition date | ||||
Current assets | Ps. | 2,815,999 | ||
Other non-current assets | 3,323 | |||
Intangible assets (excluding goodwill) | 2,836,537 | |||
Property, plant and equipment | 1,356,916 | |||
Right-of-use | 4,247,397 | |||
Total acquired assets | 11,260,172 | |||
Accounts payable | (10,848,303 | ) | ||
Other liabilities | (369,141 | ) | ||
Total assumed liabilities | (11,217,444 | ) | ||
Fair value of acquired assets and assumed liabilities – net of cash acquired | 42,728 | |||
Acquisition price | 14,232,166 | |||
Goodwill | Ps. | 14,189,438 | ||
December 31, | December 31, | |||||||||||||||
2020 | 2021 | 2022 | 2023 | |||||||||||||
Assets: | ||||||||||||||||
Current assets | Ps . | 32,775,046 | Ps. | 39,781,192 | Ps. | 28,648,246 | Ps. | 27,224,829 | ||||||||
Non-current assets | 150,747,947 | 142,407,870 | 126,125,904 | 132,242,415 | ||||||||||||
Total assets | Ps. | 183,522,993 | Ps. | 182,189,062 | Ps. | 154,774,150 | Ps. | 159,467,244 | ||||||||
Liabilities and equity: | ||||||||||||||||
Current liabilities | Ps. | 49,942,415 | Ps. | 68,795,807 | Ps. | 50,106,617 | Ps. | 34,406,225 | ||||||||
Non-current liabilities | 82,293,652 | 58,312,238 | 47,420,775 | 56,285,251 | ||||||||||||
Total liabilities | 132,236,067 | 127,108,045 | 97,527,392 | 90,691,476 | ||||||||||||
Equity attributable to equity holders of the parent | 26,129,649 | 28,066,198 | 29,173,281 | 40,127,194 | ||||||||||||
Non-controlling interest | 25,157,277 | 27,014,819 | 28,073,477 | 28,648,574 | ||||||||||||
Total equity | Ps. | 51,286,926 | Ps. | 55,081,017 | Ps. | 57,246,758 | Ps. | 68,775,768 | ||||||||
Total liabilities and equity | Ps. | 183,522,993 | Ps. | 182,189,062 | Ps. | 154,774,150 | Ps. | 159,467,244 | ||||||||
For the year ended December 31, | For the year ended December 31, | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2021 | 2022 | 2023 | |||||||||||||||||||
Operating revenues | Ps. | 98,420,289 | Ps. | 111,472,191 | Ps. | 113,838,487 | Ps. | 113,838,487 | Ps. | 105,956,057 | Ps. | 100,762,884 | ||||||||||||
Operating costs and expenses | 89,732,428 | 98,312,325 | 98,346,896 | 98,346,896 | 89,800,536 | 85,320,071 | ||||||||||||||||||
Operating income | Ps. | 8,687,861 | Ps. | 13,159,866 | Ps. | 15,491,591 | Ps. | 15,491,591 | Ps. | 16,155,521 | Ps. | 15,442,813 | ||||||||||||
Net income | Ps. | 5,051,145 | Ps. | 7,787,388 | Ps. | 9,104,962 | Ps. | 9,104,962 | Ps. | 11,795,662 | Ps. | 10,929,263 | ||||||||||||
Total comprehensive income | Ps. | 1,466,783 | Ps. | 12,103,406 | Ps. | 7,790,499 | Ps. | 7,790,499 | Ps. | 6,127,362 | Ps. | 3,621,780 | ||||||||||||
Net income attributable to: | ||||||||||||||||||||||||
Equity holders of the parent | Ps. | 2,565,733 | Ps. | 3,986,412 | Ps. | 4,629,816 | Ps. | 4,629,816 | Ps. | 6,000,942 | Ps. | 6,380,385 | ||||||||||||
Non-controlling interest | 2,485,412 | 3,800,976 | 4,475,146 | 4,475,146 | 5,794,720 | 4,548,878 | ||||||||||||||||||
Ps. | 5,051,145 | Ps. | 7,787,388 | Ps. | 9,104,962 | Ps. | 9,104,962 | Ps. | 11,795,662 | Ps. | 10,929,263 | |||||||||||||
Comprehensive income attributable to: | ||||||||||||||||||||||||
Equity holders of the parent | Ps. | 748,059 | Ps. | 6,172,737 | Ps. | 3,973,154 | Ps. | 3,973,154 | Ps. | 3,124,955 | Ps. | 2,114,356 | ||||||||||||
Non-controlling interest | 718,724 | 5,930,669 | 3,817,345 | 3,817,345 | 3,002,407 | 1,507,424 | ||||||||||||||||||
Ps. | 1,466,783 | Ps. | 12,103,406 | Ps. | 7,790,499 | Ps. | 7,790,499 | Ps. | 6,127,362 | Ps. | 3,621,780 | |||||||||||||
2019 | 2020 | 2021 | 2021 | 2022 | 2023 | |||||||||||||||||||
Income Tax attributable to a continuing operation | ||||||||||||||||||||||||
In Mexico: | ||||||||||||||||||||||||
Current year income tax | Ps. | 26,295,431 | Ps. | 13,407,948 | Ps. | 24,355,240 | Ps. | 24,355,240 | Ps. | 29,865,043 | Ps. | 32,327,958 | ||||||||||||
Deferred income tax | 208,658 | (9,334,246 | ) | (5,079,397 | ) | (5,079,397 | ) | 3,454,279 | (6,706,412 | ) | ||||||||||||||
Foreign: | ||||||||||||||||||||||||
Current year income tax | 19,830,227 | 12,319,690 | 23,412,990 | 23,397,577 | 17,634,494 | 16,026,324 | ||||||||||||||||||
Deferred income tax | 3,579,739 | (2,884,122 | ) | (14,544,064 | ) | (9,955,943 | ) | (4,909,727 | ) | (7,103,867 | ) | |||||||||||||
Total Income tax | Ps. | 49,914,055 | Ps. | 13,509,270 | Ps. | 28,144,769 | ||||||||||||||||||
Total income tax | Ps. | 32,717,477 | Ps. | 46,044,089 | Ps. | 34,544,003 | ||||||||||||||||||
Income Tax attributable to a discontinued operation | ||||||||||||||||||||||||
Income tax discontinued operations in Mexico | 0 | 0 | (26,294,422 | ) | 26,294,422 | — | — | |||||||||||||||||
Income tax discontinued operations Foreign (1) | (1,119,479 | ) | (2,856,882 | ) | (2,571,541 | ) | ||||||||||||||||||
Income tax discontinued operations abroad (1) | 7,144,249 | 1,805,500 | — |
(1) | Includes effects related to the sale of |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2021 | 2022 | 2023 | |||||||||||||||||||
Remeasurement of defined benefit plans | Ps. | 9,217,320 | Ps. | 4,151,600 | Ps. | (4,760,089 | ) | Ps. | (4,760,089 | ) | Ps. | 2,651,922 | Ps. | (975,061 | ) | |||||||||
Equity investments at fair value | (378,606 | ) | (665,814 | ) | 583,892 | 583,892 | 8,364,109 | 2,836,366 | ||||||||||||||||
Other | 0 | (35,670 | ) | 0 | — | (30,336 | ) | — | ||||||||||||||||
Revaluation assets | — | (29,922,597 | ) | 0 | ||||||||||||||||||||
Deferred tax benefit recognized in OCI | Ps. | 8,838,714 | Ps. | (26,472,481 | ) | Ps. | (4,176,197 | ) | Ps. | (4,176,197 | ) | Ps10,985,695 | Ps. | 1,861,305 | ||||||||||
Year ended December 31, | Year ended December 31, | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2021 | 2022 | 2023 | |||||||||||||||||||
Statutory income tax rate in Mexico | 30.0 | % | 30.0 | % | 30.0 | % | 30.0 | % | 30.0 | % | 30.0 | % | ||||||||||||
Impact of non-deductible and non-taxable items: | ||||||||||||||||||||||||
Tax inflation effects | 3.8 | % | 8.6 | % | 7.9 | % | 7.8 | % | 7.2 | % | 2.1 | % | ||||||||||||
Derivatives | (0.1 | %) | (1.0 | %) | (0.9 | %) | (0.9 | %) | (0.2 | )% | 0.3 | % | ||||||||||||
Employee benefits | 2.0 | % | 4.2 | % | 2.6 | % | 2.6 | % | 2.0 | % | 1.5 | % | ||||||||||||
Other | 2.0 | % | (3.4 | %) | (2.9 | %) | (2.9 | %) | 2.2 | % | 4.8 | % | ||||||||||||
Effective tax rate on Mexican operations | 37.7 | % | 38.4 | % | 36.7 | % | 36.6 | % | 41.2 | % | 38.7 | % | ||||||||||||
Tax recoveries in Brazil | — | (13.2 | %) | (10.8 | %) | |||||||||||||||||||
Dividends received from associates Equity | (0.5 | %) | (1.3 | %) | (0.7 | %) | ||||||||||||||||||
Foreign subsidiaries and other non-deductible items, net | 8.0 | % | 4.5 | % | 2.2 | % | ||||||||||||||||||
Tax recoveries and NOL’s in Brazil | (10.6 | %) | (2.2 | )% | (3.5 | )% | ||||||||||||||||||
Dividends received from associates equity | (0.7 | )% | (0.1 | )% | — | |||||||||||||||||||
Foreign subsidiarie s and other non-deductible items, net | 8.7 | % (1) | (2.6 | )% | (2.2 | )% | ||||||||||||||||||
Tax rates differences | (2.8 | )% | (2.0 | )% | (3.1 | )% | ||||||||||||||||||
Effective tax rate from continuing operations | 45.2 | % | 28.4 | % | 27.4 | % | 31.2 | % | 34.3 | % | 29.9 | % | ||||||||||||
Effective tax rate from discontinued operations | 10.2 | % | 14.4 | % | 19.2 | % | (16.4 | )% | (21.2 | )% | — | |||||||||||||
(1) | Includes discontinued operations effects of TracFone and Claro Chile |
Consolidated statements of financial position | Consolidated statements of net income | Consolidated statements of financial position | Consolidated statements of net income | |||||||||||||||||||||||||||||||||||||||
2020 | 2021 | 2019 | 2020 | 2021 | 2022 | 2023 | 2021 | 2022 | 2023 | |||||||||||||||||||||||||||||||||
Provisions | Ps. | 19,312,081 | Ps. | 18,038,607 | Ps. | 318,843 | Ps. | 3,887,471 | Ps. | 2,324,227 | Ps. | 18,813,454 | Ps. | 29,562,781 | Ps. | 1,812,523 | Ps. | 1,759,784 | Ps. | 15,065,996 | ||||||||||||||||||||||
Deferred revenues | 6,748,101 | 9,041,137 | (1,077,259 | ) | 897,762 | 2,202,413 | 8,153,287 | 8,691,188 | 2,202,413 | (688,767 | ) | 1,767 | ||||||||||||||||||||||||||||||
Tax losses carry forward | 25,121,933 | 33,954,926 | (9,873 | ) | 2,236,244 | 10,352,978 | 33,314,653 | 36,970,123 | 5,571,115 | 1,202,546 | 8,575,209 | |||||||||||||||||||||||||||||||
Property, plant and equipment (1) | (39,459,549 | ) | (33,445,815 | ) | (1,067,307 | ) | 3,990,750 | 9,246,429 | (18,840,025 | ) | (8,699,418 | ) | 8,016,244 | 1,696,734 | 2,157,776 | |||||||||||||||||||||||||||
Inventories | (537,404 | ) | 135,658 | (55,380 | ) | (2,394,485 | ) | 814,626 | 405,489 | 1,054,611 | 852,888 | 253,932 | 669,382 | |||||||||||||||||||||||||||||
Licenses and rights of use (1) | (5,177,924 | ) | (3,668,389 | ) | 432,403 | 344,729 | (151,013 | ) | (2,630,583 | ) | (2,621,672 | ) | 480,502 | 229,244 | 141,060 | |||||||||||||||||||||||||||
Employee benefits | 45,467,827 | 40,246,031 | (1,019,042 | ) | 422,473 | (354,803 | ) | 36,662,123 | 34,663,794 | (354,802 | ) | (6,148,504 | ) | (3,224,333 | ) | |||||||||||||||||||||||||||
Other | 14,828,012 | 13,520,684 | (1,310,782 | ) | 2,833,424 | (4,811,396 | ) | 22,537,353 | 16,993,113 | (3,545,542 | ) | 3,150,479 | (9,576,577 | ) | ||||||||||||||||||||||||||||
Net deferred tax assets | Ps. | 66,303,077 | Ps. | 77,822,839 | ||||||||||||||||||||||||||||||||||||||
Deferred tax expense in net profit for the year | Ps. | (3,788,397 | ) | Ps. | 12,218,368 | Ps. | 19,623,461 | |||||||||||||||||||||||||||||||||||
Deferred tax discontinued operations | (105,986 | ) | 73,646 | 143,482 | ||||||||||||||||||||||||||||||||||||||
Deferred tax benefit in net profit for the year | Deferred tax benefit in net profit for the year | Ps. | 15,035,341 | Ps. | 1,455,448 | Ps. | 13,810,280 | |||||||||||||||||||||||||||||||||||
Deferred tax from discontinued operations | Deferred tax from discontinued operations | 4,731,603 | 1,808,298 | — | ||||||||||||||||||||||||||||||||||||||
(1) | As of December 31, |
2019 | 2020 | 2021 | 2022 | 2023 | ||||||||||||||||
Opening balance as of January 1, | Ps. | 86,613,327 | Ps. | 88,074,856 | Ps. | 66,303,077 | Ps. | 77,822,839 | Ps. | 98,415,751 | ||||||||||
Deferred tax benefit | (3,894,383 | ) | 12,292,014 | 19,623,461 | 1,455,448 | 13,810,280 | ||||||||||||||
Translation effect | 2,047,915 | 375,105 | (727,099 | ) | (1,644,500 | ) | 3,202,557 | |||||||||||||
Deferred tax benefit recognized in OCI | 8,838,714 | (26,472,481 | ) | (4,176,197 | ) | 10,985,695 | 1,861,305 | |||||||||||||
Deferred taxes acquired in business combinations | (276,568 | ) | (2,580,552 | ) | 0 | (11,571 | ) | (529,191 | ) | |||||||||||
Hyperinflationary effect in Argentina | (5,254,149 | ) | (5,385,865 | ) | (3,540,962 | ) | (942,751 | ) | (146,182 | ) | ||||||||||
Disposals see to 2Ac | — | — | (1,203,203 | ) | ||||||||||||||||
Disposals (Note 2Ac) | (3,856,459 | ) | — | |||||||||||||||||
Spin-off | 14,607,050 | — | ||||||||||||||||||
Related discontinued operation | — | — | 1,543,762 | — | — | |||||||||||||||
Closing balance as of December 31, | Ps. | 88,074,856 | Ps. | 66,303,077 | Ps. | 77,822,839 | Ps. | 98,415,751 | Ps. | 116,614,520 | ||||||||||
Presented in the consolidated statements of financial position as follows: | ||||||||||||||||||||
Deferred income tax assets | Ps. | 106,167,897 | Ps. | 115,370,240 | Ps. | 127,287,934 | Ps. | 128,717,811 | Ps. | 137,883,622 | ||||||||||
Deferred income tax liabilities | (18,093,041 | ) | (49,067,163 | ) | (49,465,095 | ) | (30,302,060 | ) | (21,269,102 | ) | ||||||||||
Ps. | 88,074,856 | Ps. | 66,303,077 | Ps. | 77,822,839 | Ps. | 98,415,751 | Ps. | 116,614,520 | |||||||||||
Country | Gross balance of available tax loss carryforwards at December 31, 2021 | Tax-effected loss carryforward benefit | Gross balance of available tax loss carryforwards at December 31, 2023 | Tax-effected loss carryforward benefit | ||||||||||||
Brazil | Ps.71,910,653 | Ps.24,449,622 | Ps. | 74,392,065 | Ps. | 25,293,302 | ||||||||||
Mexico | 14,768,325 | 4,430,497 | 25,515,213 | 7,654,564 | ||||||||||||
Europe | 2,031,465 | 507,866 | ||||||||||||||
United States | 432,301 | 112,398 | ||||||||||||||
Peru | 356,133 | 105,060 | ||||||||||||||
Chile | 16,109,194 | 4,349,483 | ||||||||||||||
Argentina | 10,750,889 | 3,762,811 | ||||||||||||||
Others | 864,821 | 259,446 | ||||||||||||||
Total | Ps.105,608,071 | Ps.33,954,926 | Ps. | 111,522,988 | Ps. | 36,970,123 | ||||||||||
At December 31, 2020 | (Thousands of Mexican pesos) | ||||||||||||||||||||||||||||||
As of December 31, 2022 | As of December 31, 2022 | (Thousands of Mexican pesos) | |||||||||||||||||||||||||||||
Currency | Loan | Interest rate | Maturity | Total | Loan | Interest rate | Maturity | Total | |||||||||||||||||||||||
Senior Notes | |||||||||||||||||||||||||||||||
U.S. dollars | |||||||||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 3.125% | 2022 | Ps. | 31,917,920 | Fixed-rate Senior notes (i) | 3.625% | 2029 | Ps. | 19,414,300 | ||||||||||||||||||||||
Fixed-rate Senior notes (i) | 3.625% | 2029 | 19,948,700 | Fixed-rate Senior notes (i) | 2.875% | 2030 | 19,414,300 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 2.875% | 2030 | 19,948,700 | Fixed-rate Senior notes (i) | 4.700% | 2032 | 14,560,725 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 6.375% | 2035 | 19,576,258 | Fixed-rate Senior notes (i) | 6.375% | 2035 | 19,051,835 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 6.125% | 2037 | 7,365,559 | Fixed-rate Senior notes (i) | 6.125% | 2037 | 7,168,245 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 6.125% | 2040 | 39,897,400 | Fixed-rate Senior notes (i) | 6.125% | 2040 | 38,741,430 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 4.375% | 2042 | 22,941,005 | Fixed-rate Senior notes (i) | 4.375% | 2042 | 22,326,445 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 4.375% | 2049 | 24,935,875 | Fixed-rate Senior notes (i) | 4.375% | 2049 | 24,267,875 | ||||||||||||||||||||||||
Subtotal U.S. dollars | Ps. | 186,531,417 | Subtotal U.S. dollars | Ps. | 164,945,155 | ||||||||||||||||||||||||||
Mexican pesos | |||||||||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 6.450% | 2022 | Ps. | 22,500,000 | Domestic Senior notes (i) | TIIE + 0.050% | 2024 | Ps. | 1,920,231 | ||||||||||||||||||||||
Fixed-rate Senior notes (i) | 7.125% | 2024 | 11,000,000 | Fixed-rate Senior notes (i) | 7.125% | 2024 | 11,000,000 | ||||||||||||||||||||||||
Domestic Senior notes (i) | 0.000% | 2025 | 4,911,181 | Domestic Senior notes (i) | 0.000% | 2025 | 5,683,928 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 8.460% | 2036 | 7,871,700 | Domestic Senior notes (i) | TIIE + 0.300% | 2025 | 335,731 | ||||||||||||||||||||||||
Domestic Senior notes (i) | 8.360% | 2037 | 5,000,000 | Domestic Senior notes (i) | 9.520% | 2032 | 14,679,166 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 8.460% | 2036 | 7,871,700 | ||||||||||||||||||||||||||||
Subtotal Mexican pesos | Ps. | 51,282,881 | Domestic Senior notes (i) | 8.360% | 2037 | 4,964,352 | |||||||||||||||||||||||||
Domestic Senior notes (i) | 4.840% | 2037 | 7,099,289 | ||||||||||||||||||||||||||||
Subtotal Mexican pesos | Ps. | 53,554,397 | |||||||||||||||||||||||||||||
Euros | |||||||||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 3.000% | 2021 | Ps. | 24,369,332 | Commercial Paper (ii) | 2.010% - 2.270% | 2023 | Ps. | 2,597,875 | ||||||||||||||||||||||
Fixed-rate Senior notes (i) | 3.125% | 2021 | 18,276,999 | Fixed-rate Senior notes (i) | 3.500% | 2023 | 6,234,902 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 4.000% | 2022 | 18,276,999 | Fixed-rate Senior notes (i) | 3.259% | 2023 | 15,587,256 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 4.750% | 2022 | 18,276,999 | Exchangeable Bond (i) | 0.000% | 2024 | 43,581,968 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 3.500% | 2023 | 7,310,800 | Fixed-rate Senior notes (i) | 1.500% | 2024 | 17,665,557 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 3.259% | 2023 | 18,276,999 | Fixed-rate Senior notes (i) | 1.500% | 2026 | 15,587,256 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 1.500% | 2024 | 20,713,932 | Fixed-rate Senior notes (i) | 0.750% | 2027 | 15,708,525 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 1.500% | 2026 | 18,276,999 | Fixed-rate Senior notes (i) | 2.125% | 2028 | 12,395,194 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 0.750% | 2027 | 24,369,332 | ||||||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 2.125% | 2028 | 15,840,066 | Subtotal euros | Ps. | 129,358,533 | |||||||||||||||||||||||||
Commercial Paper (iv) | (0.230%) - (0.310%) | 2021 | 40,940,477 | ||||||||||||||||||||||||||||
Subtotal Euros | Ps. | 224,928,934 | |||||||||||||||||||||||||||||
Pound sterling | |||||||||||||||||||||||||||||||
Pound Sterling | |||||||||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 5.000% | 2026 | Ps. | 13,634,936 | Fixed-rate Senior notes (i) | 5.000% | 2026 | Ps. | 11,729,149 | ||||||||||||||||||||||
Fixed-rate Senior notes (i) | 5.750% | 2030 | 17,725,417 | Fixed-rate Senior notes (i) | 5.750% | 2030 | 15,247,894 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 4.948% | 2033 | 8,180,962 | Fixed-rate Senior notes (i) | 4.948% | 2033 | 7,037,490 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 4.375% | 2041 | 20,452,405 | Fixed-rate Senior notes (i) | 4.375% | 2041 | 17,593,724 | ||||||||||||||||||||||||
Subtotal Pound sterling | Ps. | 59,993,720 | Subtotal Pound Sterling | Ps. | 51,608,257 | ||||||||||||||||||||||||||
Brazilian reais | |||||||||||||||||||||||||||||||
Debentures (i) | 104.000% of CDI | 2021 | Ps. | 4,222,597 | |||||||||||||||||||||||||||
Debentures (i) | 104.250% of CDI | 2021 | 5,815,668 | Debentures (i) | CDI + 1.350 % | 2023 | Ps. | 9,302,135 | |||||||||||||||||||||||
Promissory notes (i) | CDI + 0.600% | 2021 | 1,381,941 | Promissory Notes (i) | CDI + 1.000 % | 2023 | 2,976,683 | ||||||||||||||||||||||||
Debentures (i) | CDI + 0.960% | 2022 | 9,596,811 | Debentures (i) | CDI + 1.400 % | 2024 | 15,813,630 | ||||||||||||||||||||||||
Promissory notes (i) | 106.000% of CDI | 2022 | 7,677,449 | Debentures (i) | CDI + 1.370 % | 2025 | 5,581,281 | ||||||||||||||||||||||||
Debentures (i) | 106.500% of CDI | 2022 | 3,838,725 | ||||||||||||||||||||||||||||
Subtotal Brazilian reais | Ps. | 33,673,729 | |||||||||||||||||||||||||||||
Subtotal Brazilian reais | Ps. | 32,533,191 | |||||||||||||||||||||||||||||
Other currencies | |||||||||||||||||||||||||||||||
Japanese yen | |||||||||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 2.950% | 2039 | Ps. | 2,511,701 | Fixed-rate Senior notes (i) | 2.950% | 2039 | Ps. | 1,924,847 | ||||||||||||||||||||||
Subtotal Japanese yen | Ps. | 2,511,701 | Subtotal Japanese yen | Ps. | 1,924,847 | ||||||||||||||||||||||||||
Chilean pesos | |||||||||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 3.961% | 2035 | Ps. | 4,078,453 | Fixed-rate Senior notes (i) | 4.000% | 2035 | Ps. | 3,964,099 | ||||||||||||||||||||||
Subtotal Chilean pesos | Ps. | 4,078,453 | Subtotal Chilean pesos | Ps. | 3,964,099 | ||||||||||||||||||||||||||
Subtotal other currencies | Ps. | 6,590,154 | Subtotal other currencies | Ps. | 5,888,946 | ||||||||||||||||||||||||||
At December 31, 2020 | (Thousands of Mexican pesos) | |||||||||||||||||||||||
As of December 31, 2022 | As of December 31, 2022 | (Thousands of Mexican pesos) | ||||||||||||||||||||||
Currency | Loan | Interest rate | Maturity | Total | Loan | Interest rate | Maturity | Total | ||||||||||||||||
Hybrid Notes | ||||||||||||||||||||||||
Lines of Credit and others | ||||||||||||||||||||||||
U.S. dollars | ||||||||||||||||||||||||
Lines of credit (iii) | 5.050% | 2023 | Ps. | 491,750 | ||||||||||||||||||||
Euros | ||||||||||||||||||||||||
Euro NC10 Series B Capital Securities (iii) | 6.375% | 2073 | Ps. | 13,403,133 | Lines of credit (iii) | 2.083% - 2.650% | 2023 - 2024 | 17,052,458 | ||||||||||||||||
Subtotal Euros | Ps. | 13,403,133 | ||||||||||||||||||||||
Subtotal Hybrid notes | Ps. | 13,403,133 | ||||||||||||||||||||||
Lines of Credit and others | ||||||||||||||||||||||||
Mexican pesos | ||||||||||||||||||||||||
Lines of credit (ii) | | TIIE + 0.300 % -TIIE + 1.000 % | 2021 | Ps. | 27,100,000 | Lines of credit (iii) | TIIE + 0.280% - TIIE + 0.580% | 2023 | 43,580,000 | |||||||||||||||
Peruvian soles | ||||||||||||||||||||||||
Peruvian Soles | ||||||||||||||||||||||||
Lines of credit (ii) | 1.200% - 1.450% | 2021 | Ps. | 17,094,079 | Lines of credit (iii) | 6.00% | 2023 | 4,142,056 | ||||||||||||||||
Chilean pesos | ||||||||||||||||||||||||
Colombian pesos | ||||||||||||||||||||||||
Lines of credit (iii) | IBR + 2.25% | 2023 | 165,479 | |||||||||||||||||||||
Brazilian reais | ||||||||||||||||||||||||
Lines of credit (iii) | 13.32% | 2023 | 6,105,177 | |||||||||||||||||||||
Others | ||||||||||||||||||||||||
Lines of credit (ii) | | TAB + 0.350 %TAB + 0.450 % | | 2021 | Ps. | 8,868,181 | Lines of credit (iii) | 11.00% | 2023 | 23,543 | ||||||||||||||
Financial Leases | 8.700% - 8.970% | 2021 - 2027 | Ps. | 57,266 | ||||||||||||||||||||
Subtotal Lines of Credit and others | Ps. | 71,560,463 | ||||||||||||||||||||||
Subtotal Lines of Credit and others | Ps. | 53,119,526 | ||||||||||||||||||||||
Total debt | Ps.510,589,480 | |||||||||||||||||||||||
Total debt | Ps. | 628,382,956 | ||||||||||||||||||||||
Less: Short-term debt and current portion of long-term debt | Ps.102,024,414 | |||||||||||||||||||||||
Less: Short-term debt and current portion of long-term debt | Ps. | 148,083,184 | ||||||||||||||||||||||
Long-term debt | Ps.408,565,066 | |||||||||||||||||||||||
Long-term debt | Ps. | 480,299,772 | ||||||||||||||||||||||
As of December 31, 2023 | (Thousands of Mexican pesos) | |||||||||
Currency | Loan | Interest rate | Maturity | Total | ||||||
Senior Notes | ||||||||||
U.S. dollars | ||||||||||
Fixed-rate Senior notes (i) | 3.625% | 2029 | Ps. | 16,893,500 | ||||||
Fixed-rate Senior notes (i) | 2.875% | 2030 | 16,893,500 | |||||||
Fixed-rate Senior notes (i) | 4.700% | 2032 | 12,670,125 | |||||||
Fixed-rate Senior notes (i) | 6.375% | 2035 | 16,578,098 | |||||||
Fixed-rate Senior notes (i) | 6.125% | 2037 | 6,237,503 | |||||||
Fixed-rate Senior notes (i) | 6.125% | 2040 | 33,711,148 | |||||||
Fixed-rate Senior notes (i) | 4.375% | 2042 | 19,427,525 | |||||||
Fixed-rate Senior notes (i) | 4.375% | 2049 | 21,116,875 | |||||||
Subtotal U.S. dollars | Ps. | 143,528,274 | ||||||||
Mexican pesos | ||||||||||
Commercial Paper (ii) | 11.439% | 2024 | Ps. | 200,000 | ||||||
Domestic Senior notes (i) | TIIE + 0.020% | 2024 | 1,356,693 | |||||||
Domestic Senior notes (i) | TIIE + 0.050% | 2024 | 1,920,231 | |||||||
Fixed-rate Senior notes (i) | 7.125% | 2024 | 11,000,000 | |||||||
Domestic Senior notes (i) | 0.000% | 2025 | 5,930,385 | |||||||
Domestic Senior notes (i) | TIIE + 0.050% | 2025 | 3,000,000 | |||||||
Domestic Senior notes (i) | TIIE + 0.300% | 2025 | 409,419 | |||||||
Domestic Senior notes (i) | 9.350% | 2028 | 11,016,086 | |||||||
Fixed-rate Senior notes (i) | 9.500% | 2031 | 17,000,000 | |||||||
Domestic Senior notes (i) | 9.520% | 2032 | 14,679,166 | |||||||
Fixed-rate Senior notes (i) | 8.460% | 2036 | 7,871,700 | |||||||
Domestic Senior notes (i) | 8.360% | 2037 | 4,964,352 | |||||||
Domestic Senior notes (i) | 4.840% | 2037 | 10,578,733 | |||||||
Subtotal Mexican pesos | Ps. | 89,926,765 | ||||||||
Euros | ||||||||||
Commercial Paper (ii) | 4.110% - 4.210% | 2024 | Ps. | 9,510,854 | ||||||
Exchangeable Bond (i) | 0.000% | 2024 | 37,662,984 | |||||||
Fixed-rate Senior notes (i) | 1.500% | 2024 | 15,851,424 | |||||||
Fixed-rate Senior notes (i) | 1.500% | 2026 | 13,986,551 | |||||||
Fixed-rate Senior notes (i) | 0.750% | 2027 | 14,095,366 | |||||||
Fixed-rate Senior notes (i) | 2.125% | 2028 | 11,122,292 | |||||||
Fixed-rate Senior notes (i) | 5.250% | 2028 | 9,324,371 | |||||||
Subtotal euros | Ps. | 111,553,842 | ||||||||
At December 31, 2021 | (Thousands of Mexican pesos) | |||||||||
Currency | Loan | Interest rate | Maturity | Total | ||||||
Senior Notes | ||||||||||
U.S. dollars | ||||||||||
Fixed-rate Senior notes (i) | 3.625% | 2029 | Ps. | 20,583,500 | ||||||
Fixed-rate Senior notes (i) | 2.875% | 2030 | 20,583,500 | |||||||
Fixed-rate Senior notes (i) | 6.375% | 2035 | 20,199,206 | |||||||
Fixed-rate Senior notes (i) | 6.125% | 2037 | 7,599,943 | |||||||
Fixed-rate Senior notes (i) | 6.125% | 2040 | 41,167,000 | |||||||
Fixed-rate Senior notes (i) | 4.375% | 2042 | 23,671,025 | |||||||
Fixed-rate Senior notes (i) | 4.375% | 2049 | 25,729,375 | |||||||
Subtotal U.S. dollars | Ps. | 159,533,549 | ||||||||
Mexican pesos | ||||||||||
Fixed-rate Senior notes (i) | 6.450% | 2022 | Ps. | 22,500,000 | ||||||
Fixed-rate Senior notes (i) | 7.125% | 2024 | 11,000,000 | |||||||
Domestic Senior notes (i) | 0.000% | 2025 | 5,284,885 | |||||||
Fixed-rate Senior notes (i) | 8.460% | 2036 | 7,871,700 | |||||||
Domestic Senior notes (i) | 8.360% | 2037 | 5,000,000 | |||||||
Subtotal Mexican pesos | Ps. | 51,656,585 | ||||||||
Euros | ||||||||||
Fixed-rate Senior notes (i) | 4.000% | 2022 | Ps. | 17,566,473 | ||||||
Fixed-rate Senior notes (i) | 3.500% | 2023 | 7,026,589 | |||||||
Fixed-rate Senior notes (i) | 3.259% | 2023 | 17,566,474 | |||||||
Fixed-rate Senior notes (i) | 1.500% | 2024 | 19,908,670 | |||||||
Exchangeable Bond (i) | 0.000% | 2024 | 49,115,860 | |||||||
Fixed-rate Senior notes (i) | 1.500% | 2026 | 17,566,473 | |||||||
Fixed-rate Senior notes (i) | 0.750% | 2027 | 23,421,965 | |||||||
Fixed-rate Senior notes (i) | 2.125% | 2028 | 15,224,277 | |||||||
Subtotal euros | Ps. | 167,396,781 | ||||||||
Pound sterling | ||||||||||
Fixed-rate Senior notes (i) | 5.000% | 2026 | Ps. | 13,924,738 | ||||||
Fixed-rate Senior notes (i) | 5.750% | 2030 | 18,102,159 | |||||||
Fixed-rate Senior notes (i) | 4.948% | 2033 | 8,354,843 | |||||||
Fixed-rate Senior notes (i) | 4.375% | 2041 | 20,887,106 | |||||||
Subtotal Pound sterling | Ps. | 61,268,846 | ||||||||
At December 31, 2021 | (Thousands of Mexican pesos) | |||||||||||||||||||||||||||
As of December 31, 2023 | As of December 31, 2023 | (Thousands of Mexican pesos) | ||||||||||||||||||||||||||
Currency | Loan | Interest rate | Maturity | Total | Loan | Interest rate | Maturity | Total | ||||||||||||||||||||
Pound Sterling | ||||||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 5.000% | 2026 | Ps. | 10,753,557 | ||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 5.750% | 2030 | 13,979,625 | |||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 4.948% | 2033 | 6,452,134 | |||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 4.375% | 2041 | 16,130,336 | |||||||||||||||||||||||||
Subtotal Pound Sterling | Ps. | 47,315,652 | ||||||||||||||||||||||||||
Brazilian reais | ||||||||||||||||||||||||||||
Debentures (i) | CDI + 1.400% | 2024 | Ps. | 14,830,185 | ||||||||||||||||||||||||
Debentures (i) | CDI + 0.960% | 2022 | Ps. | 9,221,172 | Debentures (i) | CDI + 1.100% | 2024 | 3,489,455 | ||||||||||||||||||||
Promissory notes (i) | 106.000% of CDI | 2022 | 7,376,937 | Debentures (i) | CDI + 1.370% | 2025 | 5,234,183 | |||||||||||||||||||||
Debentures (i) | 106.500% of CDI | 2022 | 3,688,469 | Debentures (i) | CDI + 1.350% | 2026 | 5,234,183 | |||||||||||||||||||||
Subtotal Brazilian reais | Ps. | 20,286,578 | Subtotal Brazilian reais | Ps. | 28,788,006 | |||||||||||||||||||||||
Other currencies | ||||||||||||||||||||||||||||
Japanese yen | ||||||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 2.950% | 2039 | Ps. | 2,325,617 | Fixed-rate Senior notes (i) | 2.950% | 2039 | Ps. | 1,557,115 | |||||||||||||||||||
Subtotal Japanese yen | Ps. | 2,325,617 | Subtotal Japanese yen | Ps. | 1,557,115 | |||||||||||||||||||||||
Chilean pesos | ||||||||||||||||||||||||||||
Fixed-rate Senior notes (i) | 3.961% | 2035 | Ps. | 3,776,051 | Fixed-rate Senior notes (i) | 4.000% | 2035 | Ps. | 3,541,257 | |||||||||||||||||||
Subtotal Chilean pesos | Ps. | 3,776,051 | Subtotal Chilean pesos | Ps. | 3,541,257 | |||||||||||||||||||||||
Subtotal other currencies | Ps. | 6,101,668 | Subtotal other currencies | Ps. | 5,098,372 | |||||||||||||||||||||||
Hybrid Notes | ||||||||||||||||||||||||||||
Euros | ||||||||||||||||||||||||||||
Euro NC10 Series B Capital Securities (iii) | 6.375% | 2073 | Ps. | 12,882,081 | ||||||||||||||||||||||||
Subtotal Euros | Ps. | 12,882,081 | ||||||||||||||||||||||||||
Subtotal Hybrid Notes | Ps. | 12,882,081 | ||||||||||||||||||||||||||
Lines of Credit and others | ||||||||||||||||||||||||||||
U.S. dollars | ||||||||||||||||||||||||||||
Lines of credit (ii) | 0.350% - 0.700% | 2022 | Ps. | 14,723,980 | ||||||||||||||||||||||||
Euros | ||||||||||||||||||||||||||||
Lines of credit (ii) | (0.400%) - (0.450%) | 2022 | Ps. | 18,737,572 | Lines of credit (iii) | Euribor 1 M +1.3% & 4.320% | | 2024 - 2028 | Ps. | 10,443,291 | ||||||||||||||||||
Mexican pesos | ||||||||||||||||||||||||||||
Lines of credit (ii) | | TIIE + 0.280% - TIIE + 0.400% | 2022 | Ps. | 34,080,000 | Lines of credit (iii) | TIIE + 0.300% - TIIE + 0.790% | | 2024 | 52,680,000 | ||||||||||||||||||
Peruvian soles | ||||||||||||||||||||||||||||
Lines of credit (ii) | 0.976% - 1.045% | 2022 | Ps. | 9,815,068 | ||||||||||||||||||||||||
Chilean pesos | ||||||||||||||||||||||||||||
Lines of credit (ii) | TAB + 0.450% | 2022 | Ps. | 7,419,372 | ||||||||||||||||||||||||
Financial Leases | 8.700% - 8.970% | 2022 - 2027 | Ps. | 47,743 | ||||||||||||||||||||||||
Others | Lines of credit (ii) | 15.790% | 2022 | Ps. | 80,279 | |||||||||||||||||||||||
Peruvian Soles | ||||||||||||||||||||||||||||
Lines of credit (iii) | 7.830% - 8.010% | 2024 | 11,342,850 | |||||||||||||||||||||||||
Subtotal Lines of Credit and others | Ps. | 84,904,014 | ||||||||||||||||||||||||||
Subtotal Lines of Credit and others | Ps. | 74,466,141 | ||||||||||||||||||||||||||
Total debt | Ps. | 564,030,102 | ||||||||||||||||||||||||||
Total debt | Ps. | 500,677,052 | ||||||||||||||||||||||||||
Less: Short-term debt and current portion of long-term debt | Ps. | 145,222,672 | ||||||||||||||||||||||||||
Less: Short-term debt and current portion of long-term debt | Ps. | 160,963,603 | ||||||||||||||||||||||||||
Long-term debt | Ps. | 418,807,430 | ||||||||||||||||||||||||||
Long-term debt | Ps. | 339,713,449 | ||||||||||||||||||||||||||
2022 | 2023 | |||||||
Obligations and Senior Notes | Ps. | 36,698,853 | Ps. | 95,821,829 | ||||
Lines of credit | 65,325,561 | 65,141,774 | ||||||
Subtotal short term debt | Ps. | 102,024,414 | Ps. | 160,963,603 | ||||
Weighted average interest rate | 8.50 | % | 7.01 | % | ||||
2020 | 2021 | |||||||
Obligations and Senior Notes | Ps. | 95,007,014 | Ps. | 60,353,052 | ||||
Lines of credit | 53,062,260 | 84,856,270 | ||||||
Financial Leases | 13,910 | 13,350 | ||||||
Subtotal short term debt | Ps. | 148,083,184 | Ps. | 145,222,672 | ||||
Weighted average interest rate | 2.23 | % | 4.02 | % |
Years | Amount | Amount | ||||||
2023 | Ps. | 24,599,324 | ||||||
2024 | 80,031,350 | |||||||
2025 | 5,292,314 | Ps. | 14,573,986 | |||||
2026 and thereafter | 308,884,442 | |||||||
2026 | 29,974,291 | |||||||
2027 | 14,095,366 | |||||||
2028 | 40,787,112 | |||||||
2029 | 16,893,500 | |||||||
2030 and thereafter | 223,389,194 | |||||||
Total | Ps. | 418,807,430 | Ps. | 339,713,449 | ||||
Currency* | 2020 | 2021 | 2022 | 2023 | ||||||||||||
U.S. dollars | Ps.186,531,417 | Ps.159,533,549 | Ps. | 164,945,155 | Ps. | 143,528,274 | ||||||||||
Mexican pesos | 51,282,881 | 51,656,585 | 53,554,397 | 89,926,765 | ||||||||||||
Euros | 183,988,456 | 167,396,781 | 129,358,533 | 111,553,842 | ||||||||||||
Pound sterling | 59,993,720 | 61,268,846 | 51,608,257 | 47,315,652 | ||||||||||||
Brazilian reais | 32,533,191 | 20,286,578 | 33,673,729 | 28,788,006 | ||||||||||||
Japanese yens | 2,511,701 | 2,325,617 | 1,924,847 | 1,557,115 | ||||||||||||
Chilean pesos | 4,078,453 | 3,776,051 | 3,964,099 | 3,541,257 |
* | Thousands of Mexican pesos |
* | Includes secured and unsecured senior notes. |
Right-of-use | Liability related to right-of-use assets | |||||||||||||||||||
Towers & Sites | Property | Other equipment | Total | |||||||||||||||||
As of January 1, 2019 | Ps. | 94,252,098 | Ps. | 21,075,884 | Ps. | 4,750,320 | Ps. | 120,078,302 | Ps. | 119,387,660 | ||||||||||
Additions and release | 6,364,508 | 921,542 | 729,001 | 8,015,051 | 7,437,621 | |||||||||||||||
Business Combinations | 9,668,507 | — | — | 9,668,507 | 10,810,111 | |||||||||||||||
Modifications | 7,474,469 | 1,288,974 | 728,837 | 9,492,280 | 8,363,045 | |||||||||||||||
Depreciation | (17,286,497 | ) | (4,941,222 | ) | (1,365,847 | ) | (23,593,566 | ) | — | |||||||||||
Interest expense | — | — | — | — | 7,940,240 | |||||||||||||||
Payments | — | — | — | — | (26,765,075 | ) | ||||||||||||||
Translation adjustment | (4,370,636 | ) | (905,808 | ) | (380,907 | ) | (5,657,351 | ) | (6,576,869 | ) | ||||||||||
Balance at December 31, 2019 | Ps. | 96,102,449 | Ps. | 17,439,370 | Ps. | 4,461,404 | Ps. | 118,003,223 | Ps. | 120,596,733 | ||||||||||
Right-of-use assets | Liability related to right-of-use of assets | |||||||||||||||||||
Towers & Sites | Property | Other equipment | Total | |||||||||||||||||
As of January 1, 2021 | Ps. | 85,218,875 | Ps. | 12,205,435 | Ps. | 4,552,534 | Ps. | 101,976,844 | Ps. | 109,327,241 | ||||||||||
Additions and release (1) | 3,145,941 | 482,456 | 1,052,022 | 4,680,419 | 3,060,042 | |||||||||||||||
Modifications | 10,945,985 | 1,024,573 | 998,161 | 12,968,719 | 12,535,394 | |||||||||||||||
Depreciation (1) | (19,849,598 | ) | (3,086,201 | ) | (2,589,506 | ) | (25,525,305 | ) | — | |||||||||||
Interest expense | — | — | — | — | 7,129,251 | |||||||||||||||
Payments | — | — | — | — | (30,544,750 | ) | ||||||||||||||
Translation adjustment | (2,904,175 | ) | (689,558 | ) | (134,551 | ) | (3,728,284 | ) | (2,852,953 | ) | ||||||||||
Balance at December 31, 2021 | Ps. | 76,557,028 | Ps. | 9,936,705 | Ps. | 3,878,660 | Ps. | 90,372,393 | Ps. | 98,654,225 | ||||||||||
Right-of-use | Liability related to right-of-use assets | |||||||||||||||||||
Towers & Sites | Property | Other equipment | Total | |||||||||||||||||
Balance at the beginning of the year | Ps. | 96,102,449 | Ps. | 17,439,370 | Ps. | 4,461,404 | Ps. | 118,003,223 | Ps. | 120,596,733 | ||||||||||
Additions and release | 5,745,869 | 309,576 | 1,514,519 | 7,569,964 | 4,833,959 | |||||||||||||||
Modifications | 8,559,335 | (3,035,831 | ) | 1,048,858 | 6,572,362 | 7,769,326 | ||||||||||||||
Depreciation | (22,064,413 | ) | (3,440,428 | ) | (2,866,244 | ) | (28,371,085 | ) | — | |||||||||||
Interest expense | — | — | — | — | 9,134,288 | |||||||||||||||
Payments | — | — | — | — | (29,623,565 | ) | ||||||||||||||
Translation adjustment | (3,124,365 | ) | 932,748 | 393,997 | (1,797,620 | ) | (3,383,500 | ) | ||||||||||||
Balance at December 31, 2020 | Ps. | 85,218,875 | Ps. | 12,205,435 | Ps. | 4,552,534 | Ps. | 101,976,844 | Ps. | 109,327,241 | ||||||||||
(1) | Discontinued operations |
Right-of-use assets | Liability related to right-of-use of assets | |||||||||||||||||||
Towers & Sites | Property | Other equipment | Total | |||||||||||||||||
As of January 1, 2022 | Ps. | 76,557,028 | Ps. | 9,936,705 | Ps. | 3,878,660 | Ps. | 90,372,393 | Ps. | 98,654,225 | ||||||||||
Additions and release (1) | 42,958,221 | 574,801 | 5,463,706 | 48,996,728 | 44,134,101 | |||||||||||||||
Business combinations | 4,247,042 | 318 | 5,413 | 4,252,773 | 9,129,255 | |||||||||||||||
Modifications | 11,859,492 | 3,584,607 | 1,790,905 | 17,235,004 | 19,038,741 | |||||||||||||||
Depreciation | (22,858,868 | ) | (3,369,095 | ) | (2,756,898 | ) | (28,984,861 | ) | — | |||||||||||
Interest expense | — | — | — | — | 8,903,397 | |||||||||||||||
Payments | — | — | — | — | (33,823,287 | ) | ||||||||||||||
Disposals (2) | (696,904 | ) | (88,303 | ) | (36,694 | ) | (821,901 | ) | (1,044,480 | ) | ||||||||||
Transfers (3) | (165,779 | ) | (126,763 | ) | (112,301 | ) | (404,843 | ) | (438,571 | ) | ||||||||||
Translation adjustment | (5,680,583 | ) | (1,289,832 | ) | (1,800,782 | ) | (8,771,197 | ) | (10,404,570 | ) | ||||||||||
Balance at December 31, 2022 | Ps. | 106,219,649 | Ps. | 9,222,438 | Ps. | 6,432,009 | Ps. | 121,874,096 | Ps. | 134,148,811 | ||||||||||
Right-of-use | Liability related to right-of-use assets | |||||||||||||||||||
Towers & Sites | Property | Other equipment | Total | |||||||||||||||||
Balance at the beginning of the year | Ps. | 85,218,875 | Ps. | 12,205,435 | Ps. | 4,552,534 | Ps. | 101,976,844 | Ps. | 109,327,241 | ||||||||||
Additions and release | 3,145,941 | 482,456 | 1,052,022 | 4,680,419 | 3,060,042 | |||||||||||||||
Modifications | 10,945,985 | 1,024,573 | 998,161 | 12,968,719 | 12,535,394 | |||||||||||||||
Depreciation | (20,699,207 | ) | (3,221,499 | ) | (2,630,526 | ) | (26,551,232 | ) | — | |||||||||||
Interest expense | — | — | — | — | 7,301,216 | |||||||||||||||
Payments | — | — | — | — | (30,544,750 | ) | ||||||||||||||
Translation adjustment | (2,054,566 | ) | (554,260 | ) | (93,531 | ) | (2,702,357 | ) | (3,024,918 | ) | ||||||||||
Balance at December 31, 2021 | Ps. | 76,557,028 | Ps. | 9,936,705 | Ps. | 3,878,660 | Ps. | 90,372,393 | Ps. | 98,654,225 | ||||||||||
(1) | The increase as compared to the previous year, was due to rights of use and their corresponding liability with Sitios Latam, resulting from the spin-off occurred in August 2022. |
(2) | Disposals includes the Panama disposal. See Note 2Ac. |
(3) | Transfers includes the ClaroVTR joint venture. See Note 12b. |
Right-of-use assets | Liability related to right-of-use of assets | |||||||||||||||||||
Towers & Sites | Property | Other equipment | Total | |||||||||||||||||
As of January 1, 2023 | Ps.106,219,649 | Ps.9,222,438 | Ps.6,432,009 | Ps.121,874,096 | Ps.134,148,811 | |||||||||||||||
Additions and release | 14,744,304 | 464,791 | 146,515 | 15,355,610 | 12,244,019 | |||||||||||||||
Modifications | 25,773,865 | 1,430,795 | (3,397,274 | ) | 23,807,386 | 39,109,007 | ||||||||||||||
Depreciation | (26,763,563 | ) | (3,122,468 | ) | (1,953,019 | ) | (31,839,050 | ) | — | |||||||||||
Interest expense | — | — | — | — | 10,648,584 | |||||||||||||||
Payments | — | — | — | — | (39,498,197 | ) | ||||||||||||||
Translation adjustment | (13,391,742 | ) | (1,358,124 | ) | (879,856 | ) | (15,629,722 | ) | (31,483,068 | ) | ||||||||||
Balance at December 31, 2023 | Ps.106,582,513 | Ps.6,637,432 | Ps.348,375 | Ps.113,568,320 | Ps.125,169,156 | |||||||||||||||
2022 | 2023 | |||||||
Short term | Ps.32,902,237 | Ps. | 24,375,010 | |||||
Long term | 101,246,574 | 100,794,146 | ||||||
Total | Ps.134,148,811 | Ps. | 125,169,156 | |||||
Year ended December 31, | ||||||||
2023 | Ps. | 13,370,533 | ||||||
2024 | 22,664,124 | |||||||
2025 | 10,342,707 | Ps. | 7,511,403 | |||||
2026 and thereafter | 24,644,504 | |||||||
2026 | 12,110,866 | |||||||
2027 | 20,149,439 | |||||||
2028 | 14,118,209 | |||||||
2029 | 14,496,822 | |||||||
2030 and thereafter | 32,407,407 | |||||||
Total | Ps. | 71,021,868 | Ps. | 100,794,146 | ||||
2019 | 2021 | |||||||||||||||||||||||
Others | Related parties | Total | Others | Related parties | Total | |||||||||||||||||||
Depreciation expense of right-of-use assets | Ps. | 18,176,521 | Ps. | 5,417,045 | Ps. | 23,593,566 | ||||||||||||||||||
Interest expense on lease liabilities | 5,654,721 | 2,285,519 | 7,940,240 | |||||||||||||||||||||
Depreciation expense of right-of-use assets (1) | Ps. | 19,932,317 | Ps. | 5,592,988 | Ps. | 25,525,305 | ||||||||||||||||||
Interest expense on lease liabilities (1) | 6,212,774 | 916,477 | 7,129,251 | |||||||||||||||||||||
Expense relating to short-term leases | 1,978,403 | 1,958 | 1,980,361 | 29,833 | — | 29,833 | ||||||||||||||||||
Expense relating to leases of low-value assets | 25,935 | — | 25,935 | 685 | — | 685 | ||||||||||||||||||
Variable lease payments | 1,299,502 | — | 1,299,502 | 68,236 | — | 68,236 | ||||||||||||||||||
Total | Ps. | 27,135,082 | Ps. | 7,704,522 | Ps. | 34,839,604 | Ps. | 26,243,845 | Ps. | 6,509,465 | Ps. | 32,753,310 | ||||||||||||
(1) | Discontinued operations |
2020 | ||||||||||||
Others | Related parties | Total | ||||||||||
Depreciation expense of right-of-use assets | Ps. | 22,404,924 | Ps. | 5,966,161 | Ps. | 28,371,085 | ||||||
Interest expense on lease liabilities | 7,081,693 | 2,052,595 | 9,134,288 | |||||||||
Expense relating to short-term leases | 32,238 | — | 32,238 | |||||||||
Expense relating to leases of low-value assets | 2,883 | — | 2,883 | |||||||||
Variable lease payments | 78,494 | — | 78,494 | |||||||||
Total | Ps. | 29,600,232 | Ps. | 8,018,756 | Ps. | 37,618,988 | ||||||
2022 | ||||||||||||
Others | Related parties | Total | ||||||||||
Depreciation expense of right-of-use assets | Ps. | 18,095,871 | Ps. | 10,888,990 | Ps. | 28,984,861 | ||||||
Interest expense on lease liabilities | 6,395,988 | 2,507,409 | 8,903,397 | |||||||||
Expense relating to short-term leases | 24,234 | — | 24,234 | |||||||||
Expense relating to leases of low-value assets | 886 | — | 886 | |||||||||
Variable lease payments | 65,520 | — | 65,520 | |||||||||
Total | Ps. | 24,582,499 | Ps. | 13,396,399 | Ps. | 37,978,898 | ||||||
2021 | ||||||||||||
Others | Related parties | Total | ||||||||||
Depreciation expense of right-of-use assets | Ps. | 19,932,316 | Ps. | 6,618,916 | Ps. | 26,551,232 | ||||||
Interest expense on lease liabilities | 6,212,774 | 1,088,442 | 7,301,216 | |||||||||
Expense relating to short-term leases | 29,833 | — | 29,833 | |||||||||
Expense relating to leases of low-value assets | 685 | — | 685 | |||||||||
Variable lease payments | 68,236 | — | 68,236 | |||||||||
Total | Ps. | 26,243,844 | Ps. | 7,707,358 | Ps. | 33,951,202 | ||||||
2023 | ||||||||||||
Others | Related parties | Total | ||||||||||
Depreciation expense of right-of-use assets | Ps. | 15,530,686 | Ps. | 16,308,364 | Ps. | 31,839,050 | ||||||
Interest expense on lease liabilities | 5,316,141 | 5,332,443 | 10,648,584 | |||||||||
Expense relating to short-term leases | 23,295 | — | 23,295 | |||||||||
Expense relating to leases of low-value assets | 1,749 | — | 1,749 | |||||||||
Variable lease payments | 67,927 | — | 67,927 | |||||||||
Total | Ps. | 20,939,798 | Ps. | 21,640,807 | Ps. | 42,580,605 | ||||||
At December 31, | ||||||||
2020 | 2021 | |||||||
At December 31, | ||||||||
2022 | 2023 | |||||||
Suppliers | Ps. | 69,238,025 | Ps. | 63,235,934 | ||||
Sundry creditors | 95,270,108 | 88,637,103 | ||||||
Interest payable | 6,671,247 | 6,616,584 | ||||||
Guarantee deposits from customers | 833,424 | 1,455,109 | ||||||
Dividends payable | 2,459,965 | 2,152,686 | ||||||
Total | Ps. | 174,472,769 | Ps. | 162,097,416 | ||||
Suppliers | Ps. | 74,285,881 | Ps. | 87,942,106 | ||||
Sundry creditors | 101,406,307 | 107,111,390 | ||||||
Interest payable | 7,661,762 | 6,827,225 | ||||||
Guarantee deposits from customers | 1,386,645 | 1,577,424 | ||||||
Dividends payable | 2,254,877 | 3,029,536 | ||||||
Total | Ps. | 186,995,472 | Ps. | 206,487,681 | ||||
At December 31, | ||||||||
2020 | 2021 | |||||||
Current liabilities | ||||||||
Direct employee benefits payable | Ps. | 18,965,160 | Ps. | 20,052,946 | ||||
Contingencies | 31,326,691 | 34,338,518 | ||||||
Total | Ps. | 50,291,851 | Ps. | 54,391,464 | ||||
At December 31, | ||||||||
2022 | 2023 | |||||||
Current liabilities | ||||||||
Direct employee benefits payable | Ps. | 20,964,474 | Ps. | 20,858,965 | ||||
Provisions | 35,850,857 | 34,355,359 | ||||||
Total | Ps. | 56,815,331 | Ps. | 55,214,324 | ||||
Balance at December 31, 2019 | Business combination | Effect of translation | Increase of the year | Applications | Balance at December 31, 2020 | |||||||||||||||||||||||
Payments | Reversals | |||||||||||||||||||||||||||
Contingencies | Ps. | 34,379,969 | Ps. | 292 | Ps. | (4,290,753 | ) | Ps. | 7,442,292 | Ps. | (3,214,407 | ) | Ps. | (2,990,702 | ) | Ps. | 31,326,691 | |||||||||||
Balance at December 31, 2020 | Business combination | Effect of translation | Increase of the year | Applications | Balance at December 31, 2021 | |||||||||||||||||||||||
Payments | Reversals | |||||||||||||||||||||||||||
Contingencies | Ps. | 31,326,691 | Ps. | 0 | Ps. | 1,556,950 | Ps. | 7,425,182 | Ps. | (4,079,190 | ) | Ps. | (1,891,115 | ) | Ps. | 34,338,518 | ||||||||||||
Balance at December 31, 2021 | Effect of translation | Increase of the year | Applications | Balance at December 31, 2022 | ||||||||||||||||||||
Payments | Reversals | |||||||||||||||||||||||
Contingencies | Ps. | 34,338,518 | Ps. | 1,430,535 | Ps. | 5,236,368 | Ps.(3,864,013) | Ps.(1,290,551) | Ps. | 35,850,857 | ||||||||||||||
Balance at December 31, 2022 | Effect of translation | Increase of the year | Applications | Balance at December 31, 2023 | ||||||||||||||||||||
Payments | Reversals | |||||||||||||||||||||||
Contingencies | Ps. | 35,850,857 | Ps. | (1,738,359 | ) | Ps. | 7,361,456 | Ps.(5,642,088) | Ps.(1,476,507) | Ps. | 34,355,359 | |||||||||||||
Balance at December 31, 2019 | Business combination | Effect of translation | Increase of the year | Applications | Balance at December 31, 2020 | |||||||||||||||||||||||
Payments | Reversals | |||||||||||||||||||||||||||
Asset retirement obligations | Ps. | 15,816,744 | Ps. | 0 | Ps. | 374,418 | Ps. | 2,412,908 | Ps. | (593,644 | ) | Ps. | (122,435 | ) | Ps. | 17,887,991 | ||||||||||||
Balance at December 31, 2021 | Business combination | Spin-off effect (2) | Effect of translation | Increase of the year | Applications | Balance at December 31, 2022 | ||||||||||||||||||||||||||
Payments | Reversals (1) | |||||||||||||||||||||||||||||||
Asset retirement obligations | Ps. | 16,752,223 | Ps. | 156,578 | Ps.(4,257,531) | Ps.(1,138,217) | Ps.350,802 | Ps.(201,523) | Ps.(862,335) | Ps.10,799,997 | ||||||||||||||||||||||
Balance at December 31, 2020 | Business combination | Effect of translation | Increase of the year | Applications | Balance at December 31, 2021 | |||||||||||||||||||||||
Payments | Reversals | |||||||||||||||||||||||||||
Asset retirement obligations | Ps. | 17,887,991 | Ps. | 0 | Ps. | (910,181 | ) | Ps. | 1,273,201 | Ps. | (148,634 | ) | Ps. | (1,350,154 | ) | Ps. | 16,752,223 | |||||||||||
(1) | Reversals includes the sale of Claro Panama and Claro Chile disposal. See Note 12b. |
(2) | See Note 12d. |
Balance at December 31, 2022 | Effect of translation | Increase of the year | Applications | Balance at December 31, 2023 | ||||||||||||||||||||
Payments | Reversals | |||||||||||||||||||||||
Asset retirement obligations | Ps. | 10,799,997 | Ps. | (1,722,035 | ) | Ps. | 1,425,391 | Ps. | (175,163 | ) | Ps. | (210,262 | ) | Ps. | 10,117,928 | |||||||||
Year ended December 31, | ||||||||
2022 | Ps. | 7,770,936 | ||||||
2023 | 3,469,647 | |||||||
2024 | 2,808,660 | Ps.1,144,381 | ||||||
2025 and thereafter | 19,960,884 | |||||||
2025 | 10,139,691 | |||||||
2026 | 4,174,446 | |||||||
2027 | 5,379,609 | |||||||
2028 and 2029 | 16,306,828 | |||||||
2030 and thereafter | 27,706,549 | |||||||
Total | Ps. | 34,010,127 | Ps.64,851,504 | |||||
At December 31, | At December 31, | |||||||||||||||
2020 | 2021 | 2022 | 2023 | |||||||||||||
Mexico | Ps. | 129,260,355 | Ps. | 110,225,654 | Ps. | 112,031,055 | Ps. | 119,265,063 | ||||||||
Puerto Rico | 14,924,874 | 12,502,377 | 8,859,265 | 7,227,422 | ||||||||||||
Brazil | 8,913,548 | 6,108,744 | 6,303,584 | 7,401,235 | ||||||||||||
Europe | 14,392,445 | 13,127,228 | 9,971,256 | 8,919,884 | ||||||||||||
Ecuador | 488,161 | 601,239 | 519,239 | 479,762 | ||||||||||||
El Salvador | 154,422 | 177,922 | 135,299 | 113,508 | ||||||||||||
Nicaragua | 61,337 | 75,084 | 62,327 | 53,974 | ||||||||||||
Honduras | 35,060 | 32,217 | 41,292 | 55,295 | ||||||||||||
Total | Ps. | 168,230,202 | Ps. | 142,850,465 | Ps. | 137,923,317 | Ps. | 143,516,143 | ||||||||
For the year ended December 31 | For the year ended December 31, | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2021 | 2022 | 2023 | |||||||||||||||||||
Mexico | Ps. | 12,788,464 | Ps. | 14,911,208 | Ps. | 15,507,652 | Ps. | 15,507,652 | Ps. | 13,673,155 | Ps. | 14,601,940 | ||||||||||||
Puerto Rico | 747,755 | 664,046 | 548,550 | 548,550 | 538,681 | 170,389 | ||||||||||||||||||
Brazil | 511,964 | 722,412 | 724,587 | 724,587 | 587,552 | 369,624 | ||||||||||||||||||
Europe | 2,526,957 | 1,701,424 | 1,753,872 | 1,753,872 | 1,176,028 | 1,750,101 | ||||||||||||||||||
Ecuador | 34,425 | 67,402 | 111,353 | 111,353 | (29,743 | ) | 40,498 | |||||||||||||||||
El Salvador | 0 | 15,751 | 19,081 | 19,081 | 14,384 | 15,190 | ||||||||||||||||||
Nicaragua | 0 | 3,711 | 18,561 | 18,561 | 11,502 | 10,937 | ||||||||||||||||||
Honduras | 0 | 0 | 4,718 | 4,718 | 7,593 | 13,257 | ||||||||||||||||||
Total | Ps. | 16,609,565 | Ps. | 18,085,954 | Ps. | 18,688,374 | Ps. | 18,688,374 | Ps. | 15,979,152 | Ps. | 16,971,936 | ||||||||||||
At December 31 | At December 31 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DBO | Plan Assets | Effect of asset ceiling | Net employee benefit liability | DBO | Plan Assets | Effect of asset ceiling | Net employee benefit liability | DBO | Plan Assets | Effect of asset ceiling | Net employee benefit liability | DBO | Plan Assets | Effect of asset ceiling | Net employee benefit liability | |||||||||||||||||||||||||||||||||||||||||||||||||
Mexico | Ps. | 278,434,302 | Ps. | (150,090,481 | ) | Ps. | — | Ps. | 128,343,821 | Ps. | 286,396,483 | Ps. | (177,270,561 | ) | Ps. | — | Ps. | 109,125,922 | Ps. | 285,775,547 | Ps.(174,814,669 | ) | Ps. | — | Ps. | 110,960,878 | Ps. | 293,551,400 | Ps.(175,265,188 | ) | Ps. | — | Ps. | 118,286,212 | ||||||||||||||||||||||||||||||
Puerto Rico | 40,240,193 | (25,315,319 | ) | — | 14,924,874 | 38,092,662 | (25,590,285 | ) | — | 12,502,377 | 26,747,454 | (17,888,189 | ) | — | 8,859,265 | 22,244,771 | (15,017,349 | ) | — | 7,227,422 | ||||||||||||||||||||||||||||||||||||||||||||
Brazil | 18,568,932 | (16,143,783 | ) | 3,393,640 | 5,818,789 | 15,497,227 | (15,466,336 | ) | 4,422,459 | 4,453,350 | 14,599,954 | (15,823,761 | ) | 6,064,069 | 4,840,262 | 15,045,247 | (13,810,050 | ) | 4,055,040 | 5,290,237 | ||||||||||||||||||||||||||||||||||||||||||||
Europe | 5,490,873 | — | — | 5,490,873 | 5,093,036 | — | — | 5,093,036 | 3,464,777 | — | — | 3,464,777 | 3,384,633 | — | — | 3,384,633 | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | Ps. | 342,734,300 | Ps. | (191,549,583 | ) | Ps. | 3,393,640 | Ps. | 154,578,357 | Ps. | 345,079,408 | Ps. | (218,327,182 | ) | Ps. | 4,422,459 | Ps. | 131,174,685 | Ps. | 330,587,732 | Ps.(208,526,619 | ) | Ps. | 6,064,069 | Ps. | 128,125,182 | Ps. | 334,226,051 | Ps.(204,092,587 | ) | Ps. | 4,055,040 | Ps. | 134,188,504 | ||||||||||||||||||||||||||||||
At December 31, 2019 | |||||||||||||||||||||||||||||||||||
DBO | Plan Assets | Effectofasset ceiling | Net employee benefit liability | At December 31, 2021 | |||||||||||||||||||||||||||||||
DBO | Plan Assets | Effect of asset ceiling | Net employee benefit liability | ||||||||||||||||||||||||||||||||
Balance at the beginning of the year | Ps. | 306,702,447 | Ps. | (203,671,122 | ) | Ps. | 5,087,543 | Ps. | 108,118,868 | Ps. | 343,003,240 | Ps. | (191,549,583 | ) | Ps. | 3,393,640 | Ps. | 154,847,297 | |||||||||||||||||
Current service cost | 2,591,975 | 2,591,975 | 2,090,896 | 2,090,896 | |||||||||||||||||||||||||||||||
Interest cost on projected benefit obligation | 31,001,348 | 31,001,348 | 28,913,257 | 28,913,257 | |||||||||||||||||||||||||||||||
Expected return on plan assets | (20,070,037 | ) | (20,070,037 | ) | (15,112,669 | ) | (15,112,669 | ) | |||||||||||||||||||||||||||
Changes in the asset ceiling during the period and others | 445,743 | 445,743 | 215,544 | 215,544 | |||||||||||||||||||||||||||||||
Past service costs and others | 144,481 | 144,481 | |||||||||||||||||||||||||||||||||
Past service costs and other | 139,910 | 139,910 | |||||||||||||||||||||||||||||||||
Actuarial gain for changes in experience | (22,599 | ) | (22,599 | ) | (23,024 | ) | (23,024 | ) | |||||||||||||||||||||||||||
Actuarial gain from changes in demographic assumptions | (129 | ) | (129 | ) | (48 | ) | (48 | ) | |||||||||||||||||||||||||||
Actuarial loss from changes in financial assumptions | 36,163 | 36,163 | |||||||||||||||||||||||||||||||||
Actuarial gain from changes in financial assumptions | (6,907 | ) | (6,907 | ) | |||||||||||||||||||||||||||||||
Net period cost | Ps. | 33,606,758 | Ps. | (19,925,556 | ) | Ps. | 445,743 | Ps. | 14,126,945 | Ps. | 30,974,174 | Ps. | (14,972,759 | ) | Ps. | 215,544 | Ps. | 16,216,959 | |||||||||||||||||
Actuarial loss for changes in experience | 31,606,323 | 31,606,323 | 10,728,950 | 10,728,950 | |||||||||||||||||||||||||||||||
Actuarial gain from changes in demographic assumptions | (339,657 | ) | (339,657 | ) | (104,568 | ) | (104,568 | ) | |||||||||||||||||||||||||||
Actuarial loss from changes in financial assumptions | 7,207,072 | 7,207,072 | |||||||||||||||||||||||||||||||||
Actuarial gain from changes in financial assumptions | (4,099,321 | ) | (4,099,321 | ) | |||||||||||||||||||||||||||||||
Changes in the asset ceiling during the period and others | (712,064 | ) | (712,064 | ) | 969,433 | 969,433 | |||||||||||||||||||||||||||||
Return on plan assets greater than discount rate (shortfall) | 423,514 | 423,514 | (22,198,615 | ) | (22,198,615 | ) | |||||||||||||||||||||||||||||
Recognized in other comprehensive income | Ps. | 38,473,738 | Ps. | 423,514 | Ps. | (712,064 | ) | Ps. | 38,185,188 | Ps. | 6,525,061 | Ps. | (22,198,615 | ) | Ps. | 969,433 | Ps. | (14,704,121 | ) | ||||||||||||||||
Contributions made by plan participants | 155,188 | (155,188 | ) | — | |||||||||||||||||||||||||||||||
Contributions to the pension plan made by the Company | (1,337,610 | ) | (1,337,610 | ) | 311,108 | 311,108 | |||||||||||||||||||||||||||||
Benefits paid | (15,836,928 | ) | 15,836,928 | — | (10,574,420 | ) | 10,348,544 | (225,876 | ) | ||||||||||||||||||||||||||
Payments to employees | (16,996,920 | ) | (16,996,920 | ) | (25,042,314 | ) | (25,042,314 | ) | |||||||||||||||||||||||||||
Effect of translation | (3,534,509 | ) | 2,528,213 | (393,201 | ) | (1,399,497 | ) | 330,770 | (166,676 | ) | (156,158 | ) | 7,936 | ||||||||||||||||||||||
Others | Ps. | (36,213,169 | ) | Ps. | 16,872,343 | Ps. | (393,201 | ) | Ps. | (19,734,027 | ) | Ps. | (35,186,763 | ) | Ps. | 10,393,775 | Ps. | (156,158 | ) | Ps. | (24,949,146 | ) | |||||||||||||
Balance at the end of the year | 342,569,774 | (206,300,821 | ) | 4,428,021 | 140,696,974 | 345,315,712 | (218,327,182 | ) | 4,422,459 | 131,410,989 | |||||||||||||||||||||||||
Less short-term portion | (213,065 | ) | (213,065 | ) | (236,304 | ) | (236,304 | ) | |||||||||||||||||||||||||||
Non-current obligation | Ps. | 342,356,709 | Ps. | (206,300,821 | ) | Ps. | 4,428,021 | Ps. | 140,483,909 | Ps. | 345,079,408 | Ps. | (218,327,182 | ) | Ps. | 4,422,459 | Ps. | 131,174,685 | |||||||||||||||||
At December 31, 2020 | At December 31, 2022 | |||||||||||||||||||||||||||||||
DBO | Plan Assets | Effect of asset ceiling | Net employee benefit liability | DBO | Plan Assets | Effect of asset ceiling | Net employee benefit liability | |||||||||||||||||||||||||
Balance at the beginning of the year | Ps. | 342,569,774 | Ps. | (206,300,821 | ) | Ps. | 4,428,021 | Ps. | 140,696,974 | Ps. | 345,315,712 | Ps. | (218,327,182 | ) | Ps. | 4,422,459 | Ps. | 131,410,989 | ||||||||||||||
Current service cost | 2,810,584 | 2,810,584 | 1,534,180 | — | — | 1,534,180 | ||||||||||||||||||||||||||
Interest cost on projected benefit obligation | 30,482,173 | 30,482,173 | 30,565,134 | — | — | 30,565,134 | ||||||||||||||||||||||||||
Expected return on plan assets | (17,655,119 | ) | (17,655,119 | ) | — | (18,819,322 | ) | — | (18,819,322 | ) | ||||||||||||||||||||||
Changes in the asset ceiling during the period and others | 278,639 | 278,639 | — | — | 398,399 | 398,399 | ||||||||||||||||||||||||||
Past service costs and other | 148,253 | 148,253 | — | 142,911 | — | 142,911 | ||||||||||||||||||||||||||
Actuarial gain for changes in experience | (8,945 | ) | (8,945 | ) | (43,603 | ) | — | — | (43,603 | ) | ||||||||||||||||||||||
Actuarial gain from changes in demographic assumptions | (270 | ) | (270 | ) | (64 | ) | — | — | (64 | ) | ||||||||||||||||||||||
Actuarial loss from changes in financial assumptions | 20,219 | 20,219 | ||||||||||||||||||||||||||||||
Actuarial gain from changes in financial assumptions | (88,990 | ) | — | — | (88,990 | ) | ||||||||||||||||||||||||||
Net period cost | Ps. | 33,303,761 | Ps. | (17,506,866 | ) | Ps. | 278,639 | Ps. | 16,075,534 | Ps. | 31,966,657 | Ps. | (18,676,411 | ) | Ps. | 398,399 | Ps. | 13,688,645 | ||||||||||||||
Actuarial gain for changes in experience | (9,677 | ) | (9,677 | ) | ||||||||||||||||||||||||||||
Actuarial gain from changes in demographic assumptions | (103,987 | ) | (103,987 | ) | ||||||||||||||||||||||||||||
Actuarial loss from changes in financial assumptions | 3,475,345 | 3,475,345 | ||||||||||||||||||||||||||||||
Actuarial loss for changes in experience | 2,747,706 | — | — | 2,747,706 | ||||||||||||||||||||||||||||
Actuarial loss from changes in demographic assumptions | 55,037 | — | — | 55,037 | ||||||||||||||||||||||||||||
Actuarial gain from changes in financial assumptions | (9,838,708 | ) | — | — | (9,838,708 | ) | ||||||||||||||||||||||||||
Changes in the asset ceiling during the period and others | (542,430 | ) | (542,430 | ) | — | — | 1,283,501 | 1,283,501 | ||||||||||||||||||||||||
Return on plan assets greater than discount rate (shortfall) | 12,320,777 | 12,320,777 | — | 13,719,181 | — | 13,719,181 | ||||||||||||||||||||||||||
Others | (924,084 | ) | (924,084 | ) | ||||||||||||||||||||||||||||
Recognized in other comprehensive income | Ps. | 2,437,597 | Ps. | 12,320,777 | Ps. | (542,430 | ) | Ps. | 14,215,944 | Ps. | (7,035,965 | ) | Ps. | 13,719,181 | Ps. | 1,283,501 | Ps. | 7,966,717 | ||||||||||||||
Contributions made by plan participants | 137,947 | (137,947 | ) | — | ||||||||||||||||||||||||||||
Contributions to the pension plan made by the Company | (1,882,654 | ) | (1,882,654 | ) | — | 516,280 | — | 516,280 | ||||||||||||||||||||||||
Benefits paid | (19,740,727 | ) | 19,740,727 | — | (13,502,781 | ) | 13,221,202 | — | (281,579 | ) | ||||||||||||||||||||||
Payments to employees | (14,426,720 | ) | (14,426,720 | ) | (23,753,735 | ) | — | — | (23,753,735 | ) | ||||||||||||||||||||||
Plan changes | 12,461 | — | — | 12,461 | ||||||||||||||||||||||||||||
Effect of translation | (1,278,392 | ) | 2,217,201 | (770,590 | ) | 168,219 | (2,218,050 | ) | 1,098,953 | (40,290 | ) | (1,159,387 | ) | |||||||||||||||||||
Others | Ps. | (35,307,892) | Ps. | 19,937,327 | Ps. | (770,590) | Ps. | (16,141,155) | Ps. | (39,383,463 | ) | Ps. | 14,757,793 | Ps. | (40,290 | ) | Ps. | (24,665,960 | ) | |||||||||||||
Balance at the end of the year | 343,003,240 | (191,549,583 | ) | 3,393,640 | 154,847,297 | 330,862,941 | (208,526,619 | ) | 6,064,069 | 128,400,391 | ||||||||||||||||||||||
Less short-term portion | (268,940 | ) | (268,940 | ) | (275,209 | ) | — | (275,209 | ) | |||||||||||||||||||||||
Non-current obligation | Ps. | 342,734,300 | Ps. | (191,549,583) | Ps. | 3,393,640 | Ps. | 154,578,357 | Ps. | 330,587,732 | Ps. | (208,526,619 | ) | Ps. | 6,064,069 | Ps. | 128,125,182 | |||||||||||||||
At December 31, 2021 | At December 31, 2023 | |||||||||||||||||||||||||||||||
DBO | Plan Assets | Effect of asset ceiling | Net employee benefit liability | DBO | Plan Assets | Effect of asset ceiling | Net employee benefit liability | |||||||||||||||||||||||||
Balance at the beginning of the year | Ps. | 343,003,240 | Ps. | (191,549,583) | Ps. | 3,393,640 | Ps. | 154,847,297 | Ps. | 330,862,941 | Ps. | (208,526,619 | ) | Ps. | 6,064,069 | Ps. | 128,400,391 | |||||||||||||||
Current service cost | 2,090,896 | 2,090,896 | 2,044,102 | — | — | 2,044,102 | ||||||||||||||||||||||||||
Interest cost on projected benefit obligation | 28,913,257 | 28,913,257 | 33,203,706 | — | — | 33,203,706 | ||||||||||||||||||||||||||
Expected return on plan assets | (15,112,669 | ) | (15,112,669 | ) | — | (20,251,931 | ) | — | (20,251,931 | ) | ||||||||||||||||||||||
Changes in the asset ceiling during the period and others | 215,544 | 215,544 | — | — | 585,667 | 585,667 | ||||||||||||||||||||||||||
Past service costs and other | 139,910 | 139,910 | (322,700 | ) | 145,646 | — | (177,054 | ) | ||||||||||||||||||||||||
Actuarial gain for changes in experience | (23,024 | ) | (23,024 | ) | (20,645 | ) | — | — | (20,645 | ) | ||||||||||||||||||||||
Actuarial gain from changes in demographic assumptions | (48 | ) | (48 | ) | ||||||||||||||||||||||||||||
Actuarial gain from changes in financial assumptions | (6,907 | ) | (6,907 | ) | ||||||||||||||||||||||||||||
Actuarial loss from changes in demographic assumptions | 134 | — | — | 134 | ||||||||||||||||||||||||||||
Actuarial loss from changes in financial assumptions | 30,958 | — | — | 30,958 | ||||||||||||||||||||||||||||
Net period cost | Ps. | 30,974,174 | Ps. | (14,972,759) | Ps. | 215,544 | Ps. | 16,216,959 | Ps. | 34,935,555 | Ps. | (20,106,285 | ) | Ps. | 585,667 | Ps. | 15,414,937 | |||||||||||||||
Actuarial loss for changes in experience | 10,728,950 | 10,728,950 | 10,632,144 | — | — | 10,632,144 | ||||||||||||||||||||||||||
Actuarial gain from changes in demographic assumptions | (104,568 | ) | (104,568 | ) | (430,315 | ) | — | — | (430,315 | ) | ||||||||||||||||||||||
Actuarial gain from changes in financial assumptions | (4,099,321 | ) | (4,099,321 | ) | ||||||||||||||||||||||||||||
Actuarial loss from changes in financial assumptions | 1,900,436 | — | — | 1,900,436 | ||||||||||||||||||||||||||||
Changes in the asset ceiling during the period and others | 969,433 | 969,433 | — | — | (2,247,990 | ) | (2,247,990 | ) | ||||||||||||||||||||||||
Return on plan assets greater than discount rate (shortfall) | (22,198,615 | ) | (22,198,615 | ) | — | (6,210,593 | ) | — | (6,210,593 | ) | ||||||||||||||||||||||
Recognized in other comprehensive income | Ps. | 6,525,061 | Ps. | (22,198,615 | ) | Ps. | 969,433 | Ps. | (14,704,121 | ) | Ps. | 12,102,265 | Ps. | (6,210,593 | ) | Ps. | (2,247,990 | ) | Ps. | 3,643,682 | ||||||||||||
Contributions made by plan participants | 99,201 | (99,201 | ) | — | 45,404 | (45,404 | ) | — | — | |||||||||||||||||||||||
Contributions to the pension plan made by the Company | 311,108 | 311,108 | — | (10,853 | ) | — | (10,853 | ) | ||||||||||||||||||||||||
Benefits paid | (10,574,420 | ) | 10,348,544 | (225,876 | ) | (27,844,968 | ) | 27,547,809 | — | (297,159 | ) | |||||||||||||||||||||
Payments to employees | (25,042,314 | ) | (25,042,314 | ) | (10,868,600 | ) | — | — | (10,868,600 | ) | ||||||||||||||||||||||
Plan changes | (29,383 | ) | — | (29,383 | ) | |||||||||||||||||||||||||||
Effect of translation | 330,770 | (166,676 | ) | (156,158 | ) | 7,936 | (4,745,061 | ) | 3,259,358 | (346,706 | ) | (1,832,409 | ) | |||||||||||||||||||
Others | Ps. | (35,186,763) | Ps. | 10,393,775 | Ps. | (156,158) | Ps. | (24,949,146) | Ps. | (43,442,608 | ) | Ps. | 30,750,910 | Ps. | (346,706 | ) | Ps. | (13,038,404 | ) | |||||||||||||
Balance at the end of the year | 345,315,712 | (218,327,182 | ) | 4,422,459 | 131,410,989 | 334,458,153 | (204,092,587 | ) | 4,055,040 | 134,420,606 | ||||||||||||||||||||||
Less short-term portion | (236,304 | ) | (236,304 | ) | (232,102 | ) | — | — | (232,102 | ) | ||||||||||||||||||||||
Non-current obligation | Ps. | 345,079,408 | Ps. | (218,327,182) | Ps. | 4,422,459 | Ps. | 131,174,685 | Ps. | 334,226,051 | Ps. | (204,092,587 | ) | Ps. | 4,055,040 | Ps. | 134,188,504 | |||||||||||||||
2020 | 2021 | 2022 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||
Puerto Rico | Brazil | Mexico | Puerto Rico | Brazil | Mexico | Puerto Rico | Brazil | Mexico | Puerto Rico | Brazil | Mexico | |||||||||||||||||||||||||||||||||||||
Equity instruments | 43 | % | — | 68 | % | 42 | % | — | 74 | % | 40 | % | — | 74 | % | 42 | % | — | 76 | % | ||||||||||||||||||||||||||||
Debt instruments | 22 | % | 95 | % | 32 | % | 21 | % | 94 | % | 26 | % | 24 | % | 92 | % | 26 | % | 23 | % | 91 | % | 24 | % | ||||||||||||||||||||||||
Others | 35 | % | 5 | % | — | 37 | % | 6 | % | — | 36 | % | 8 | % | — | 35 | % | 9 | % | — | ||||||||||||||||||||||||||||
100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | |||||||||||||||||||||||||
2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||||||||||
Puerto Rico | Brazil | Mexico | Europe | Puerto Rico | Brazil | Mexico | Europe | Puerto Rico | Brazil | Mexico | Europe | |||||||||||||||||||||||||||||||
0.75%, | 0.25%, | 0.25%, | ||||||||||||||||||||||||||||||||||||||||
1.00% & | 6.48% & | 0.50% & | 8.51% & | 0.75% & | ||||||||||||||||||||||||||||||||||||||
Discount rate and long-term | 3.23 | % | 7.03 | % | 10.50 | % | 1.25% | 2.34 | % | 7.39 | % | 10.04 | % | 0.75% | 2.75 | % | 8.67% | 10.4 | % | 1.00% | ||||||||||||||||||||||
3.00%, | 3.00%, | 3.00%, | ||||||||||||||||||||||||||||||||||||||||
3.5% & | 3.5% & | 3.40% & | ||||||||||||||||||||||||||||||||||||||||
Rate of future salary increases | 2.75% | 3.80% | 3.20% | 4.40% | 2.75% | 3.25% | 2.84% | 4.10% | 2.75% | 3.25% | 2.80% | 4.00% | ||||||||||||||||||||||||||||||
Percentage of increase in health care costs for the coming year | 3.18% | 10.30% | 2.28% | 9.96% | 2.72% | 9.44% | ||||||||||||||||||||||||||||||||||||
Year to which this level will be maintained | N/A | 2029 | N/A | 2031 | NA | 2030 | ||||||||||||||||||||||||||||||||||||
Rate of increase of pensions | 1.60% | 1.60% | 1.60% | |||||||||||||||||||||||||||||||||||||||
Employee turnover rate* | 0.00%-1.38% | 0.00%-1.31% | 0.00%-1.12% |
2021 | 2022 | 2023 | ||||||||||||||||||||||||||||||||||||
Puerto Rico | Brazil | Mexico | Europe | Puerto Rico | Brazil | Mexico | Europe | Puerto Rico | Brazil | Mexico | Europe | |||||||||||||||||||||||||||
Discount rate and long- term rate return | 0.25%, | |||||||||||||||||||||||||||||||||||||
8.51% & | 0.75% & | 10.11% & | 9.050% & | |||||||||||||||||||||||||||||||||||
2.75 | % | 8.67% | 10.4 | % | 1.00% | 5.42 | % | 10.05% | 11.5 | % | 3.75% | 5.13 | % | 9.20% | 11.65 | % | 3.25% | |||||||||||||||||||||
Rate of future salary increases | 3.00%, | 4.5%, | 6.0% | |||||||||||||||||||||||||||||||||||
3.40% & | 5.3% & | & | ||||||||||||||||||||||||||||||||||||
2.75% | 3.25% | 2.80% | 4.00% | 2.75% | 3.50% | 2.8% | 3.4%, 4.6% | 2.00% | 3.50% | 2.8% | 3.6%5.4% | |||||||||||||||||||||||||||
Percentage of increase in health care costs for the coming year | 2.72% | 9.44% | 5.44% | 9.71% | 5.13% | 9.71% | ||||||||||||||||||||||||||||||||
Year to which this level will be maintained | N/A | 2030 | NA | 2031 | NA | 2032 | ||||||||||||||||||||||||||||||||
Rate of increase of pensions | 1.60% | 1.90% | 2.50% | |||||||||||||||||||||||||||||||||||
Employee turnover rate* | 0.00% 1.12% | 0.00% 1.03% | 0.00%- 0.91% |
* | Depending on years of service |
Puerto Rico: | |||
Mortality: | |||
Brazil: | |||
Mortality: | 2000 Basic AT Table for gender | ||
Disability for assets: | UP 84 modified table for gender | ||
Disability retirement: | 80 CSO Code Table | ||
Rotation: | Probability of leaving the Company other than death, Disability and retirement is zero |
Telmex | ||
Mortality: | Mexican 2000 (CNSF) adjusted | |
Disability: | Mexican Social Security adjusted by Telmex experience | |
Turnover: | Telmex experience | |
Retirement: | Telmex experience |
-100 points | +100 points | -100 points | +100 points | |||||||||||||
Discount rate | Ps. | 32,094,727 | Ps. | (22,626,321 | ) | Ps. | 24,649,189 | Ps. | (21,708,327 | ) | ||||||
Health care cost trend rat | Ps. | (431,724 | ) | Ps. | 499,356 | Ps. | (432,588 | ) | Ps. | 495,862 |
Balance at December 31, 2019 | Effect of translation | Increase of the year | Payments | Balance at December 31, 2020 | ||||||||||||||||
Long-term direct employee benefits | Ps. | 8,175,767 | Ps. | 1,256,880 | Ps. | 1,729,392 | Ps. | (2,411,436 | ) | Ps. | 8,750,603 | |||||||||
Balance at December 31, 2020 | Effect of translation | Increase of the year | Payments | Balance at December 31, 2021 | ||||||||||||||||
Long-term direct employee benefits | Ps. | 8,750,603 | Ps. | (328,619 | ) | Ps. | 1,824,693 | Ps. | (2,320,831 | ) | Ps. | 7,925,846 | ||||||||
�� |
Balance at December 31, 2021 | Effect of translation | Increase of the year | Payments | Balance at December 31, 2022 | ||||||||||||||||
Long-term direct employee benefits | Ps.7,925,846 | Ps.(879,484) | Ps.1,376,566 | Ps.(2,019,176) | Ps.6,403,752 | |||||||||||||||
Balance at December 31, 2022 | Effect of translation | Increase of the year | Payments | Balance at December 31, 2023 | ||||||||||||||||
Long-term direct employee benefits | Ps.6,403,752 | Ps.(647,033) | Ps.1,608,275 | Ps.(1,975,199) | Ps.5,389,795 | |||||||||||||||
December 31, 2020 | December 31, 2022 | |||||||||||||||||||||||
Loans and Receivables | Fair value through profit or loss | Fair value through OCI | Loans and Receivables | Fair value through profit or loss | Fair value through OCI | |||||||||||||||||||
Financial Assets: | ||||||||||||||||||||||||
Equity investments at fair value through OCI and other short term investments | Ps. | 62,940 | Ps. | — | Ps. | 50,033,111 | ||||||||||||||||||
Accounts receivable from subscribers, distributors, contractual assets and other | 171,213,415 | — | — | |||||||||||||||||||||
Related parties | 1,391,300 | — | — | |||||||||||||||||||||
Equity investments at fair value through OCI and other short-term investments (Note 4) | Ps. | — | Ps. | — | Ps. | 88,428,111 | ||||||||||||||||||
Accounts receivable from subscribers, distributors, contractual assets and other (Note 5) | 161,201,512 | — | — | |||||||||||||||||||||
Related parties (Note 6) | 2,287,213 | — | — | |||||||||||||||||||||
Derivative financial instruments (Note 7) | — | 20,928,335 | — | — | 2,602,680 | — | ||||||||||||||||||
Total current assets | 172,667,655 | 20,928,335 | 50,033,111 | 163,488,725 | 2,602,680 | 88,428,111 | ||||||||||||||||||
Non-current assets | ||||||||||||||||||||||||
Debt instruments at fair value through OCI | 0 | — | 4,540,344 | |||||||||||||||||||||
Debt instruments at fair value through OCI | ||||||||||||||||||||||||
Debt instruments at fair value through OCI | ||||||||||||||||||||||||
Debt instruments at fair value through OCI | ||||||||||||||||||||||||
Debt instruments at fair value through OCI | — | — | 6,981,149 | |||||||||||||||||||||
Total | Ps. | 172,667,655 | Ps. | 20,928,335 | Ps. | 54,573,455 | Ps. | 163,488,725 | Ps. | 2,602,680 | Ps. | 95,409,260 | ||||||||||||
Financial Liabilities: | ||||||||||||||||||||||||
Debt | Ps. | 628,382,956 | Ps. | — | Ps. | — | ||||||||||||||||||
Liability related to right-of-use of assets | 109,327,241 | — | — | |||||||||||||||||||||
Accounts payable | 186,995,472 | — | — | |||||||||||||||||||||
Related parties | 3,999,916 | — | — | |||||||||||||||||||||
Debt (Note 14) | Ps. | 510,589,480 | Ps. | — | Ps. | — | ||||||||||||||||||
Liability related to right-of-use of assets (Note 15) | 134,148,811 | — | — | |||||||||||||||||||||
Accounts payable (Note 16) | 174,472,769 | — | — | |||||||||||||||||||||
Related parties (Note 6) | 7,224,218 | — | — | |||||||||||||||||||||
Derivative financial instruments (Note 7) | — | 14,230,249 | — | — | 25,331,346 | — | ||||||||||||||||||
Total | Ps. | 928,705,585 | Ps. | 14,230,249 | Ps. | — | Ps. | 826,435,278 | Ps. | 25,331,346 | Ps. | — | ||||||||||||
December 31, 2023 | ||||||||||||
Loans and Receivables | Fair value through profit or loss | Fair value through OCI | ||||||||||
Financial Assets: | ||||||||||||
Equity investments at fair value through OCI and other short-term investments (Note 4) | Ps. | 3,523,883 | Ps. | — | Ps. | 70,231,744 | ||||||
Accounts receivable from subscribers, distributors, contractual assets and other (Note 5) | 158,700,738 | — | — | |||||||||
Related parties (Note 6) | 1,071,520 | — | — | |||||||||
Derivative financial instruments (Note 7) | — | 1,446,034 | — | |||||||||
Total current assets | 163,296,141 | 1,446,034 | 70,231,744 | |||||||||
Non-current assets | ||||||||||||
Debt instruments at fair value through OCI | — | — | 14,914,412 | |||||||||
Total | Ps. | 163,296,141 | Ps. | 1,446,034 | Ps. | 85,146,156 | ||||||
Financial Liabilities: | ||||||||||||
Debt (Note 14) | Ps. | 500,677,052 | Ps. | — | Ps. | — | ||||||
Liability related to right-of-use of assets (Note 15) | 125,169,156 | — | — | |||||||||
Accounts payable (Note 16) | 162,097,416 | — | — | |||||||||
Related parties (Note 6) | 6,766,826 | — | — | |||||||||
Derivative financial instruments (Note 7) | — | 17,896,379 | — | |||||||||
Total | Ps. | 794,710,450 | Ps. | 17,896,379 | Ps. | — | ||||||
December 31, 2021 | ||||||||||||
Loans and Receivables | Fair value through profit or loss | Fair value through OCI | ||||||||||
Financial Assets: | ||||||||||||
Equity investments at fair value through OCI and other short term investments | Ps. | 15,026 | Ps. | — | Ps. | 117,688,176 | ||||||
Accounts receivable from subscribers, distributors, contractual assets and other | 166,041,321 | — | — | |||||||||
Related parties | 1,158,611 | — | — | |||||||||
Derivative financial instruments (Note 7) | — | 10,130,806 | — | |||||||||
Total current assets | 167,214,958 | 10,130,806 | 117,688,176 | |||||||||
Non-current assets | ||||||||||||
Debt instruments at fair value through OCI | — | — | 6,894,757 | |||||||||
Total | Ps. | 167,214,958 | Ps. | 10,130,806 | Ps. | 124,582,933 | ||||||
Financial Liabilities: | ||||||||||||
Debt | Ps. | 564,030,102 | Ps. | — | Ps. | — | ||||||
Liability related to right-of-use of assets | 98,654,225 | — | — | |||||||||
Accounts payable | 201,341,806 | — | — | |||||||||
Related parties | 4,216,882 | — | — | |||||||||
Derivative financial instruments (Note 7) | — | 10,034,508 | — | |||||||||
Total | Ps. | 868,243,015 | Ps. | 10,034,508 | Ps. | — | ||||||
Measurement of fair value at December 31, 2020 | Measurement of fair value at December 31, 2022 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||
Equity investments at fair value through OCI and other short-term investments | Ps. | 50,033,111 | Ps. | 62,940 | Ps. | — | Ps. | 50,096,051 | ||||||||||||||||||||||||
Equity investments at fair value through OCI and other short-term investments (Note 4) | Ps. | 88,428,111 | Ps. | — | Ps. | — | Ps. | 88,428,111 | ||||||||||||||||||||||||
Derivative financial instruments (Note 7) | — | 20,928,335 | — | 20,928,335 | — | 2,602,680 | — | 2,602,680 | ||||||||||||||||||||||||
Revalued of assets (Note 23) | — | — | 107,152,628 | 107,152,628 | ||||||||||||||||||||||||||||
Pension plan assets (Note 18) | 168,939,091 | 22,589,392 | 21,100 | 191,549,583 | ||||||||||||||||||||||||||||
Total current assets | 218,972,202 | 43,580,667 | 107,173,728 | 369,726,597 | 88,428,111 | 2,602,680 | — | 91,030,791 | ||||||||||||||||||||||||
Revalued of assets (Note 10) | — | — | 38,353,719 | 38,353,719 | ||||||||||||||||||||||||||||
Pension plan assets (Note 18) | 192,829,688 | 15,657,661 | 39,270 | 208,526,619 | ||||||||||||||||||||||||||||
Debt instruments at fair value through OCI | — | 4,540,344 | — | 4,540,344 | — | 6,981,149 | — | 6,981,149 | ||||||||||||||||||||||||
Total non current assets | 192,829,688 | 22,638,810 | 38,392,989 | 253,861,487 | ||||||||||||||||||||||||||||
Total | Ps. | 218,972,202 | Ps. | 48,121,011 | Ps. | 107,173,728 | Ps. | 374,266,941 | Ps. | 281,257,799 | Ps. | 25,241,490 | Ps. | 38,392,989 | Ps. | 344,892,278 | ||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||
Debt | Ps. | 578,712,562 | Ps. | 135,645,912 | Ps. | — | Ps. | 714,358,474 | Ps. | 371,709,395 | Ps. | 116,848,635 | Ps. | — | Ps. | 488,558,030 | ||||||||||||||||
Liability related to right-of-use of assets | 109,327,241 | — | — | 109,327,241 | 134,148,811 | — | — | 134,148,811 | ||||||||||||||||||||||||
Derivative financial instruments (Note 7) | — | 14,230,249 | — | 14,230,249 | ||||||||||||||||||||||||||||
Derivative financial instruments | — | 25,331,346 | — | 25,331,346 | ||||||||||||||||||||||||||||
Total | Ps. | 688,039,803 | Ps. | 149,876,161 | Ps. | — | Ps. | 837,915,964 | Ps. | 505,858,206 | Ps. | 142,179,981 | Ps. | — | Ps. | 648,038,187 | ||||||||||||||||
Measurement of fair value at December 31, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Equity investments at fair value through OCI and other short-term investments | Ps. | 117,688,176 | Ps. | 15,026 | Ps. | — | Ps. | 117,703,202 | ||||||||
Derivative financial instruments (Note 7) | — | 10,130,806 | — | 10,130,806 | ||||||||||||
Revalued of assets (Note 23) | — | — | 98,172,675 | 98,172,675 | ||||||||||||
Pension plan assets (Note 18) | 196,148,604 | 22,124,138 | 54,440 | 218,327,182 | ||||||||||||
Total current assets | 313,836,780 | 32,269,970 | 98,227,115 | 444,333,865 | ||||||||||||
Debt instruments at fair value through OCI | — | 6,894,757 | — | 6,894,757 | ||||||||||||
Total | Ps. | 313,836,780 | Ps. | 39,164,727 | Ps. | 98,227,115 | Ps. | 451,228,622 | ||||||||
Liabilities: | ||||||||||||||||
Debt | Ps. | 440,660,165 | Ps. | 180,122,540 | Ps. | — | Ps. | 620,782,705 | ||||||||
Liability related to right-of-use of assets | 98,654,225 | — | — | 98,654,225 | ||||||||||||
Derivative financial instruments | — | 10,034,508 | — | 10,034,508 | ||||||||||||
Total | Ps. | 539,314,390 | Ps. | 190,157,048 | Ps. | — | Ps. | 729,471,438 | ||||||||
Measurement of fair value at December 31, 2023 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets: | ||||||||||||||||
Equity investments at fair value through OCI and other short-term investments (Note 4) | Ps. | 70,231,744 | Ps. | — | Ps. | 3,523,883 | Ps. | 73,755,627 | ||||||||
Derivative financial instruments (Note 7) | — | 1,446,034 | — | 1,446,034 | ||||||||||||
Total current assets | 70,231,744 | 1,446,034 | 3,523,883 | 75,201,661 | ||||||||||||
Revalued of assets (Note 10) | — | — | 9,239,279 | 9,239,279 | ||||||||||||
Pension plan assets (Note 18) | 191,442,079 | 12,616,945 | 33,563 | 204,092,587 | ||||||||||||
Debt instruments at fair value through OCI | 4,538,631 | 10,375,781 | — | 14,914,412 | ||||||||||||
Total non current assets | 195,980,710 | 22,992,726 | 9,272,842 | 228,246,278 | ||||||||||||
Total | Ps. | 266,212,454 | Ps. | 24,438,760 | Ps. | 12,796,725 | Ps. | 303,447,939 | ||||||||
Liabilities: | ||||||||||||||||
Debt | Ps. | 382,310,932 | Ps. | 107,730,819 | Ps. | — | Ps. | 490,041,751 | ||||||||
Liability related to right-of-use of assets | 125,169,156 | — | — | 125,169,156 | ||||||||||||
Derivative financial instruments | — | 17,896,379 | — | 17,896,379 | ||||||||||||
Total | Ps. | 507,480,088 | Ps. | 125,627,198 | Ps. | — | Ps. | 633,107,286 | ||||||||
At December 31, 2021 | Cash flow | Foreign currency exchange and other | At December 31, 2022 | |||||||||||||
Debt | Ps.564,030,102 | Ps.43,073,992 | Ps.(96,514,614 | ) | Ps.510,589,480 | |||||||||||
Liability related to right-of-use of assets | 98,654,225 | (33,823,287 | ) | 69,317,873 | 134,148,811 | |||||||||||
Total liabilities from financing activities | Ps.662,684,327 | Ps.9,250,705 | Ps.(27,196,741 | ) | Ps.644,738,291 | |||||||||||
At 2019 | Cash flow | Foreign currency exchange and other | At December 31, 2020 | |||||||||||||
Debt | Ps. | 624,254,477 | Ps. | (53,091,801 | ) | Ps. | 57,220,280 | Ps. | 628,382,956 | |||||||
Liability related to right-of-use of assets | 120,596,733 | (29,623,565 | ) | 18,354,073 | 109,327,241 | |||||||||||
Total liabilities from financing activities | Ps. | 744,851,210 | Ps. | (82,715,366 | ) | Ps. | 75,574,353 | Ps. | 737,710,197 | |||||||
At December 31, 2022 | Cash flow | Foreign currency exchange and other | At December 31, 2023 | |||||||||||||
Debt | Ps.510,589,480 | Ps.34,644,826 | Ps.(44,557,254 | ) | Ps.500,677,052 | |||||||||||
Liability related to right-of-use of assets | 134,148,811 | (39,498,197 | ) | 30,518,542 | 125,169,156 | |||||||||||
Total liabilities from financing activities | Ps.644,738,291 | Ps.(4,853,371 | ) | Ps.(14,038,712 | ) | Ps.625,846,208 | ||||||||||
At December 31, 2020 | Cash flow | Foreign currency exchange and other | At December 31, 2021 | |||||||||||||
Debt | Ps. | 628,382,956 | Ps. | (58,354,281 | ) | Ps. | (5,998,573 | ) | Ps. | 564,030,102 | ||||||
Liability related to right-of-use of assets | 109,327,241 | (30,544,750 | ) | 19,871,734 | 98,654,225 | |||||||||||
Total liabilities from financing activities | Ps. | 737,710,197 | Ps. | (88,899,031 | ) | Ps. | 13,873,161 | Ps. | 662,684,327 | |||||||
For the years ended December 31, | ||||||||||||
2019 | 2020 | 2021 | ||||||||||
Net profit for the period attributable to equity holders of the parent from continuing operations | Ps. | 57,886,001 | Ps. | 29,859,980 | Ps. | 70,712,449 | ||||||
Net profit for the period attributable to equity holders of the parent from discontinued operations | 9,844,889 | 16,992,625 | 121,710,718 | |||||||||
Net profit for the period attributable to equity holders of the parent | 67,730,890 | 46,852,605 | 192,423,167 | |||||||||
Weighted average shares (in millions) | 66,016 | 66,265 | 65,967 | |||||||||
Earnings per share attributable to equity holders of the parent continuing operations | Ps. | 0.88 | Ps. | 0.45 | Ps. | 1.07 | ||||||
Earnings per share attributable to equity holders of the parent discontinued operations | Ps. | 0.15 | Ps. | 0.26 | Ps. | 1.85 | ||||||
For the years ended December 31, | ||||||||||||
(1) 2021 | (1) 2022 | 2023 | ||||||||||
Net profit for the period attributable to equity holders of the parent from continuing operations | Ps. | 68,187,225 | Ps. | 82,878,406 | Ps. | 76,110,617 | ||||||
Net profit for the period attributable to equity holders of the parent from discontinued operations | 124,235,942 | (6,719,015 | ) | — | ||||||||
Net profit for the period attributable to equity holders of the parent | 192,423,167 | 76,159,391 | 76,110,617 | |||||||||
Weighted average shares (in millions) | 65,967 | 63,936 | 63,049 | |||||||||
Earnings per share attributable to equity holders of the parent continuing operations | Ps. | 1.03 | Ps. | 1.30 | Ps. | 1.21 | ||||||
Earnings per share attributable to equity holders of the parent discontinued operations | Ps. | 1.88 | Ps. | (0.11 | ) | Ps. | — | |||||
(1) | Discontinued operations |
For the years ended December 31, | For the years ended December 31, | |||||||||||||||||||||||
2019 | 2020 | 2021 | 2021 | 2022 | 2023 | |||||||||||||||||||
Controlling interest: | ||||||||||||||||||||||||
Unrealized gain (loss) on equity investments at fair value, net of deferred taxes | Ps. | 883,409 | Ps. | (1,952,414 | ) | Ps. | 4,560,869 | Ps. | 4,560,869 | Ps. | (4,707,276 | ) | Ps. | (967,609 | ) | |||||||||
Translation effect of foreign entities | (34,010,066 | ) | (13,558,774 | ) | (4,837,206 | ) | (4,837,206 | ) | (31,086,965 | ) | (37,399,680 | ) | ||||||||||||
Translation effect by discontinued operations | — | — | (829,163 | ) | (829,163 | ) | 5,193,281 | — | ||||||||||||||||
Remeasurement of defined benefit plan, net of deferred taxes | (29,153,554 | ) | (10,026,454 | ) | 11,100,835 | 11,100,835 | (4,599,407 | ) | (3,662,102 | ) | ||||||||||||||
Asset’s revaluation surplus net of deferred taxes | — | 64,835,155 | — | — | — | 497,628 | ||||||||||||||||||
Non-controlling interest of the items above | (1,908,304 | ) | 14,165,249 | (2,135,886 | ) | (2,135,886 | ) | (3,734,066 | ) | (3,885,410 | ) | |||||||||||||
Other comprehensive (loss) income | Ps. | (64,188,515 | ) | Ps. | 53,462,762 | Ps. | 7,859,449 | |||||||||||||||||
Other comprehensive income (loss) | Ps. | 7,859,449 | Ps. | (38,934,433 | ) | Ps. | (45,417,173 | ) | ||||||||||||||||
For the years ended December 31, | ||||||||||||||||||||||||
For the years ended December 31, | 2021 | 2022 | 2023 | |||||||||||||||||||||
2019 | 2020 | 2021 | ||||||||||||||||||||||
Controlling interest: | ||||||||||||||||||||||||
Gain (loss) in valuation of derivatives, net | Ps. | 4,432,023 | Ps. | 12,378,193 | Ps. | (6,755,214 | ) | |||||||||||||||||
Loss in valuation of derivatives, net (Note 7) | Ps. | (6,755,214 | ) | Ps. | (28,639,687 | ) | Ps. | (10,268,520 | ) | |||||||||||||||
Capitalized interest expense (Note 10 b) | 2,233,358 | 1,771,613 | 1,527,259 | 1,527,259 | 1,514,654 | 1,442,077 | ||||||||||||||||||
Commissions | (2,820,477 | ) | (1,135,082 | ) | (1,071,935 | ) | (1,067,381 | ) | (1,061,278 | ) | (1,190,435 | ) | ||||||||||||
Interest cost of labor obligations (Note 18) | (11,377,054 | ) | (13,105,693 | ) | (14,375,520 | ) | (14,375,520 | ) | (12,376,939 | ) | (13,573,881 | ) | ||||||||||||
Contractual earn-out from business combination (Note 4) | — | 4,271,250 | 2,206,671 | |||||||||||||||||||||
Interest expense on taxes | (516,522 | ) | (59,032 | ) | (243,075 | ) | (243,075 | ) | (190,822 | ) | (220,983 | ) | ||||||||||||
Dividend received (Note 4) | 1,773,336 | 2,122,826 | 2,628,600 | |||||||||||||||||||||
Recognized dividend income (3) (Note 4) | 2,628,600 | 6,155,993 | 4,551,827 | |||||||||||||||||||||
Contractual compensation from business combination | — | — | (647,013 | ) | ||||||||||||||||||||
Impairment to notes receivable from joint venture | — | — | (12,184,562 | ) | ||||||||||||||||||||
Impairment of joint venture | — | — | (4,677,782 | ) | ||||||||||||||||||||
Allowance of doubtful accounts (1) | — | — | (1,051,288 | ) | ||||||||||||||||||||
Gain on net monetary positions | 4,267,194 | 3,262,512 | 4,876,842 | 4,876,842 | 11,538,061 | 9,321,480 | ||||||||||||||||||
Other financial cost (i) | (4,989,702 | ) | (3,942,459 | ) | (837,023 | ) | ||||||||||||||||||
Other financial cost (2) | (835,028 | ) | (327,451 | ) | (522,259 | ) | ||||||||||||||||||
Total with discontinued operations | Ps. | (6,997,844 | ) | Ps. | 1,292,878 | Ps. | (14,250,066 | ) | ||||||||||||||||
Total | Ps. | (14,243,517 | ) | Ps. | (19,116,219 | ) | Ps. | (26,814,668 | ) | |||||||||||||||
(2) | Excludes discontinued operations of |
(3) | Dividend received during 2021, 2022 and 2023 by Ps. 2,628,600, Ps, 5,426,370 and Ps. 4,590,313, respectively. |
Mexico | Telmex | Brazil | Southern Cone | Colombia | Andean | Central America | U.S.A.(1) | Caribbean | Europe | Eliminations | Consolidated total | Mexico | Telmex | Brazil | (2) Southern Cone | Colombia | Andean | (1) Central America | Caribbean | Europe | Eliminations | Consolidated total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
As of and for the year ended December 31, 2019 (in Ps.): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mexico | Telmex | Brazil | Argentina | Uruguay and Paraguay | Colombia | Andean | (1) Central America | Caribbean | Europe | Eliminations | Consolidated total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | 226,164,231 | 84,173,980 | 177,596,077 | 54,230,682 | 74,274,684 | 55,440,675 | 46,602,036 | — | 34,580,822 | 98,420,289 | — | 851,483,476 | 225,219,719 | 87,189,642 | 148,729,232 | 35,419,511 | 4,825,315 | 79,312,071 | 52,888,323 | 45,406,174 | 37,858,979 | 113,838,486 | — | 830,687,452 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intersegment revenues | 11,676,015 | 11,863,364 | 4,182,248 | 11,041,705 | 361,386 | 92,249 | 132,061 | — | 1,136,879 | — | (40,485,907 | ) | — | 18,041,465 | 15,237,420 | 4,044,386 | 224,300 | (73,993 | ) | 360,638 | 73,828 | 62,764 | 2,069,648 | — | (40,040,456 | ) | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenues | 237,840,246 | 96,037,344 | 181,778,325 | 65,272,387 | 74,636,070 | 55,532,924 | 46,734,097 | — | 35,717,701 | 98,420,289 | (40,485,907 | ) | 851,483,476 | 243,261,184 | 102,427,062 | 152,773,618 | 35,643,811 | 4,751,322 | 79,672,709 | 52,962,151 | 45,468,938 | 39,928,627 | 113,838,486 | (40,040,456 | ) | 830,687,452 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 24,742,622 | 16,346,927 | 39,424,474 | 13,847,506 | 13,439,489 | 10,256,129 | 11,045,817 | — | 6,322,648 | 24,975,146 | (2,881,971 | ) | 157,518,787 | 25,797,791 | 12,740,332 | 40,342,871 | 7,581,101 | 2,010,624 | 15,067,211 | 11,211,523 | 10,830,440 | 6,987,129 | 27,469,463 | (3,735,493 | ) | 156,302,992 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 67,694,409 | 9,731,852 | 28,846,565 | 4,007,614 | 15,324,977 | 8,023,002 | 5,712,068 | — | 5,741,368 | 8,687,862 | (9,971,433 | ) | 143,798,284 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income | 77,783,972 | 21,100,316 | 21,867,457 | 3,520,432 | (549,329 | ) | 15,165,356 | 7,457,802 | 8,700,382 | 8,661,475 | 13,421,147 | (9,572,760 | ) | 167,556,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | 23,713,455 | 1,839,973 | 3,155,681 | 896,256 | 1,306,571 | 1,283,788 | 532,046 | — | 1,478,560 | 115,359 | (28,037,017 | ) | 6,284,672 | 14,864,242 | 758,126 | 2,104,574 | 820,505 | 2,165 | 431,314 | 833,540 | 269,379 | 701,785 | 116,031 | (17,067,511 | ) | 3,834,150 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 30,972,658 | 1,439,785 | 19,021,965 | 3,849,318 | 2,952,123 | 2,422,887 | 1,406,720 | — | 1,435,862 | 2,220,168 | (27,810,532 | ) | 37,910,954 | 24,586,641 | 1,385,103 | 15,875,138 | 2,518,149 | 275,047 | 2,240,707 | 1,213,421 | 1,061,526 | 1,066,733 | 2,414,415 | (16,898,575 | ) | 35,738,305 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax | 30,000,511 | 1,528,229 | 4,251,116 | 2,022,336 | 5,405,452 | 1,681,159 | 2,355,380 | — | 719,774 | 1,946,255 | 3,843 | 49,914,055 | 25,002,390 | 2,496,010 | (9,603,701 | ) | 1,951,409 | (1,168,564 | ) | 3,112,946 | 2,375,281 | 2,940,404 | 2,171,594 | 3,438,161 | 1,547 | 32,717,477 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity interest in net income (loss) of associated companies | (3,732 | ) | 46,789 | (1,538 | ) | (23,424 | ) | — | — | (28,795 | ) | — | — | (6,909 | ) | — | (17,609 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity interest in net result of associated companies | 85,648 | 44,525 | 4,575 | (19,073 | ) | — | — | — | — | — | (1,757 | ) | — | 113,918 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net profit (loss) attributable to equity holders of the parent continues operations | 42,598,946 | (1,705,068 | ) | 5,618,095 | (6,984 | ) | 9,571,046 | (2,604,646 | ) | 2,335,963 | — | 4,312,630 | 5,051,145 | (7,285,126 | ) | 57,886,001 | 34,195,093 | 4,594,450 | 14,185,905 | (2,999,123 | ) | 152,766 | 5,959,563 | 4,180,473 | 4,746,847 | 5,151,166 | 8,313,018 | (10,292,933 | ) | 68,187,225 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net profit (loss) attributable to equity holders of the parent discontinued operations | — | — | — | — | — | — | — | — | — | — | — | 9,844,889 | — | — | — | — | — | — | — | — | — | — | — | 124,235,942 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net profit (loss) attributable to equity holders of the parent | 42,598,946 | (1,705,068 | ) | 5,618,095 | (6,984 | ) | 9,571,046 | (2,604,646 | ) | 2,335,963 | — | 4,312,630 | 5,051,145 | 2,559,763 | 67,730,890 | 34,195,093 | 4,594,450 | 14,185,905 | (2,999,123 | ) | 152,766 | 5,959,563 | 4,180,473 | 4,746,847 | 5,151,166 | 8,313,018 | (10,292,933 | ) | 192,423,167 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets by segment | 915,233,048 | 201,283,526 | 382,561,753 | 132,722,497 | 115,851,227 | 94,021,632 | 77,355,732 | 30,775,893 | 100,694,650 | 191,744,924 | (710,311,225 | ) | 1,531,933,657 | 999,502,407 | 195,869,232 | 407,458,440 | 77,951,595 | 58,312,728 | 133,232,525 | 95,719,937 | 101,725,955 | 102,949,901 | 210,944,575 | (694,017,446 | ) | 1,689,649,849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plant, property and equipment, net | 54,589,459 | 106,869,482 | 174,761,167 | 60,537,650 | 50,133,642 | 39,068,450 | 38,934,747 | 1,405,755 | 38,223,641 | 75,707,738 | (888,361 | ) | 639,343,370 | 50,420,866 | 118,056,718 | 153,607,199 | 38,039,995 | 26,824,991 | 48,888,907 | 34,395,339 | 42,407,727 | 41,601,009 | 79,764,422 | (983,169 | ) | 633,024,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revalued of assets | — | — | 33,004,669 | 2,192,978 | 3,966,099 | 10,266,464 | 8,389,460 | 9,113,632 | 2,564,149 | 28,675,224 | — | 98,172,675 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 27,396,393 | 215,381 | 25,379,805 | 5,241,305 | 12,124,685 | 4,895,331 | 7,289,748 | 3,220,105 | 14,186,723 | 52,950,325 | — | 152,899,801 | 26,965,618 | 215,381 | 15,335,322 | 198,010 | 4,993,831 | 11,685,585 | 4,688,154 | 6,002,380 | 14,186,723 | 52,307,190 | — | 136,578,194 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trademarks, net | 46,476 | 212,324 | 37,207 | — | — | — | — | 369,950 | 227,156 | 2,595,596 | — | 3,488,709 | 90,673 | 149,865 | — | — | — | — | — | — | 229,000 | 2,822,625 | — | 3,292,163 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Licenses and rights, net | 11,087,882 | 452,504 | 29,324,718 | 12,103,980 | 5,530,422 | 8,064,487 | 4,390,547 | — | 7,942,670 | 25,951,335 | — | 104,848,545 | 11,081,972 | 129,233 | 39,620,009 | 11,824,500 | 1,966,503 | 11,384,533 | 5,502,139 | 5,220,437 | 10,847,685 | 25,709,849 | — | 123,286,860 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in associated companies | 3,562,323 | 610,807 | 111,073 | (7,806 | ) | 391 | — | 25,603 | — | — | — | (1,828,198 | ) | 2,474,193 | 4,725,279 | 522,403 | 65,699 | (34,401 | ) | — | 351 | — | 26,348 | — | — | (2,253,198 | ) | 3,052,481 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities by segments | 718,354,229 | 175,774,964 | 297,877,328 | 103,330,525 | 55,576,253 | 55,463,339 | 37,993,180 | 31,557,816 | 54,276,868 | 124,319,541 | (349,497,251 | ) | 1,305,026,792 | 679,954,783 | 176,177,522 | 273,655,967 | 45,203,170 | 27,977,789 | 65,631,866 | 44,676,727 | 42,823,861 | 53,885,848 | 134,357,142 | (308,736,552 | ) | 1,235,608,123 |
(1) | Discontinued operations (Panama disposal) |
(2) | Discontinued operations (ClaroVTR joint venture) |
Mexico | Telmex | Brazil | (2) Southern Cone | Colombia | Andean | (1) Central America | Caribbean | Europe | Eliminations | Consolidated total | ||||||||||||||||||||||||||||||||||||||
Argentina | Uruguay and Paraguay | |||||||||||||||||||||||||||||||||||||||||||||||
As of and for the year ended December 31, 2022 (in Ps.): | ||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | 236,608,249 | 83,046,967 | 165,804,342 | 34,363,532 | 4,456,541 | 70,925,374 | 55,426,258 | 47,054,127 | 40,859,951 | 105,956,056 | — | 844,501,397 | ||||||||||||||||||||||||||||||||||||
Intersegment revenues | 9,290,955 | 16,937,889 | 5,075,716 | 153,155 | 64,779 | 374,225 | 72,142 | 160,459 | 1,854,029 | — | (33,983,349 | ) | — | |||||||||||||||||||||||||||||||||||
Total revenues | 245,899,204 | 99,984,856 | 170,880,058 | 34,516,687 | 4,521,320 | 71,299,599 | 55,498,400 | 47,214,586 | 42,713,980 | 105,956,056 | (33,983,349 | ) | 844,501,397 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 26,383,113 | 13,171,616 | 43,422,821 | 9,002,551 | 1,808,414 | 13,085,226 | 10,698,869 | 11,178,361 | 7,133,908 | 22,761,938 | (13,031 | ) | 158,633,786 | |||||||||||||||||||||||||||||||||||
Operating income | 76,708,954 | 16,172,472 | 26,665,816 | 2,570,848 | (778,032 | ) | 14,170,936 | 8,262,395 | 7,540,132 | 10,284,834 | 16,155,520 | (6,883,123 | ) | 170,870,752 | ||||||||||||||||||||||||||||||||||
Interest income | 18,336,415 | 925,158 | 2,679,103 | 718,676 | 3,463 | 624,304 | 906,176 | 431,741 | 701,794 | 229,958 | (20,733,209 | ) | 4,823,579 | |||||||||||||||||||||||||||||||||||
Interest expense | 24,909,724 | 3,342,459 | 23,411,387 | 2,258,095 | 316,945 | 2,699,010 | 860,572 | 1,033,792 | 1,152,370 | 1,281,857 | (20,007,408 | ) | 41,258,803 | |||||||||||||||||||||||||||||||||||
Income tax | 30,642,242 | 2,767,673 | 454,205 | (286,202 | ) | 126,003 | 2,286,809 | 2,870,743 | 1,708,728 | 2,432,392 | 3,151,281 | (109,785 | ) | 46,044,089 | ||||||||||||||||||||||||||||||||||
Equity interest in net result of associated companies | (1,821,608 | ) | 31,000 | 20,864 | (2,198 | ) | — | — | — | — | — | (39,490 | ) | — | (1,811,432 | ) | ||||||||||||||||||||||||||||||||
Net profit (loss) attributable to equity holders of the parent continues operations | 63,711,537 | (373,036 | ) | 10,254,969 | (700,478 | ) | (231,151 | ) | 6,486,771 | 6,122,291 | 5,059,038 | 6,649,004 | 11,795,662 | (25,896,201 | ) | 82,878,406 | ||||||||||||||||||||||||||||||||
Net profit (loss) attributable to equity holders of the parent discontinued operations | — | — | — | — | — | — | — | — | — | — | — | (6,719,015 | ) | |||||||||||||||||||||||||||||||||||
Net profit (loss) attributable to equity holders of the parent | 63,711,537 | (373,036 | ) | 10,254,969 | (700,478 | ) | (231,151 | ) | 6,486,771 | 6,122,291 | 5,059,038 | 6,649,004 | 11,795,662 | (25,896,201 | ) | 76,159,391 | ||||||||||||||||||||||||||||||||
Assets by segment | 1,042,849,460 | 215,543,807 | 407,802,373 | 79,283,120 | 10,258,999 | 104,769,670 | 85,782,831 | 96,321,649 | 101,143,182 | 154,774,150 | (680,429,897 | ) | 1,618,099,344 | |||||||||||||||||||||||||||||||||||
Plant, property and equipment, net | 49,677,868 | 134,928,482 | 159,382,793 | 38,525,335 | 4,149,285 | 44,999,710 | 33,480,299 | 41,312,113 | 40,606,623 | 72,272,633 | (462,650 | ) | 618,872,491 | |||||||||||||||||||||||||||||||||||
Revalued of assets | — | — | — | — | — | 7,700,459 | 5,938,449 | — | 1,434,188 | 23,280,623 | — | 38,353,719 | ||||||||||||||||||||||||||||||||||||
Goodwill | 26,481,707 | 215,381 | 31,085,202 | 199,984 | — | 8,495,090 | 4,678,851 | 6,312,511 | 14,186,723 | 49,465,916 | — | 141,121,365 | ||||||||||||||||||||||||||||||||||||
Trademarks, net | 110,397 | 118,634 | — | — | — | — | — | — | 220,350 | 2,565,176 | — | 3,014,557 | ||||||||||||||||||||||||||||||||||||
Licenses and rights, net | 10,559,914 | 106,659 | 37,638,695 | 12,137,641 | 827,380 | 8,068,013 | 4,271,910 | 3,599,560 | 10,124,134 | 20,461,281 | — | 107,795,187 | ||||||||||||||||||||||||||||||||||||
Investment in associated companies | 24,656,295 | 550,493 | 22,708 | (19,866 | ) | — | — | — | 23,896 | — | 2,058 | (1,260,122 | ) | 23,975,462 | ||||||||||||||||||||||||||||||||||
Liabilities by segments | 621,482,350 | 204,294,033 | 297,234,805 | 47,430,485 | 7,120,057 | 57,393,854 | 36,223,727 | 42,725,447 | 48,434,551 | 97,527,392 | (279,596,630 | ) | 1,180,270,071 |
(1) |
(2) | Discontinued operations (ClaroVTR joint venture) |
Southern Cone | ||||||||||||||||||||||||||||||||||||||||||||||||
Mexico | Telmex | Brazil | Argentina | Uruguay and Paraguay | Colombia | Andean | Central America | Caribbean | Europe | Eliminations | Consolidated total | |||||||||||||||||||||||||||||||||||||
As of and for the year ended December 31, 2023 (in Ps.): | ||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | 248,890,778 | 84,821,370 | 162,224,734 | 18,884,623 | 3,995,812 | 62,342,147 | 52,903,716 | 43,964,411 | 37,148,876 | 100,836,377 | — | 816,012,844 | ||||||||||||||||||||||||||||||||||||
Intersegment revenues | 9,896,948 | 17,010,698 | 4,485,048 | 38,080 | 9,876 | 376,010 | 87,974 | 99,850 | 1,119,554 | — | (33,124,038 | ) | — | |||||||||||||||||||||||||||||||||||
Total revenues | 258,787,726 | 101,832,068 | 166,709,782 | 18,922,703 | 4,005,688 | 62,718,157 | 52,991,690 | 44,064,261 | 38,268,430 | 100,836,377 | (33,124,038 | ) | 816,012,844 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 26,640,899 | 14,333,486 | 44,302,136 | 5,677,627 | 1,319,462 | 13,360,622 | 10,084,882 | 10,028,603 | 7,189,119 | 21,008,775 | (2,159,547 | ) | 151,786,064 | |||||||||||||||||||||||||||||||||||
Operating income | 84,816,739 | 12,063,692 | 25,618,154 | 515,233 | (444,485 | ) | 9,958,999 | 10,638,985 | 6,956,209 | 7,723,115 | 15,751,978 | (5,815,104 | ) | 167,783,515 | ||||||||||||||||||||||||||||||||||
Interest income | 27,202,474 | 1,465,927 | 4,252,205 | 543,248 | 4,231 | 867,151 | 2,338,242 | 621,068 | 1,616,687 | 392,951 | (29,675,844 | ) | 9,628,340 | |||||||||||||||||||||||||||||||||||
Interest expense | 28,164,647 | 7,176,879 | 25,691,398 | 968,299 | 113,909 | 3,342,195 | 2,333,600 | 1,325,213 | 1,735,648 | 1,971,189 | (28,277,736 | ) | 44,545,241 | |||||||||||||||||||||||||||||||||||
Income tax | 30,378,228 | (625,561 | ) | (1,730,068 | ) | (4,760,360 | ) | (1,721 | ) | 1,427,740 | 4,141,240 | 1,728,005 | 1,674,363 | 2,785,214 | (473,077 | ) | 34,544,003 | |||||||||||||||||||||||||||||||
Equity interest in net result of associated companies | (5,458,577 | ) | 41,642 | 32,776 | (1,814 | ) | — | — | — | (1,143 | ) | — | 15,292 | — | (5,371,824 | ) | ||||||||||||||||||||||||||||||||
Net profit (loss) attributable to equity holders of the parent | 43,053,030 | (5,278,857 | ) | 9,866,950 | (8,101,032 | ) | (294,922 | ) | 4,180,800 | 7,769,059 | 4,733,871 | 5,604,618 | 11,145,743 | 3,431,357 | 76,110,617 | |||||||||||||||||||||||||||||||||
Assets by segment | 1,029,618,098 | 238,216,814 | 383,653,519 | 53,570,541 | 9,187,465 | 115,103,155 | 98,293,206 | 91,976,207 | 101,862,049 | 167,594,129 | (724,889,223 | ) | 1,564,185,960 | |||||||||||||||||||||||||||||||||||
Plant, property and equipment, net | 46,695,107 | 150,219,598 | 150,226,089 | 21,087,810 | 4,089,689 | 53,038,210 | 30,416,383 | 42,790,489 | 35,214,165 | 86,706,171 | (1,072,086 | ) | 619,411,625 | |||||||||||||||||||||||||||||||||||
Revalued of assets | — | — | — | — | — | 8,040,753 | — | — | — | 1,198,526 | — | 9,239,279 | ||||||||||||||||||||||||||||||||||||
Goodwill | 26,434,428 | 215,381 | 29,437,800 | — | 201,912 | 9,304,613 | 4,603,998 | 6,279,966 | 14,186,723 | 55,414,076 | — | 146,078,897 | ||||||||||||||||||||||||||||||||||||
Trademarks, net | 110,950 | 87,404 | — | — | — | — | 555 | — | 185,566 | 2,382,690 | — | 2,767,165 | ||||||||||||||||||||||||||||||||||||
Licenses and rights, net | 10,555,645 | 92,065 | 32,446,402 | 10,603,388 | 1,017,772 | 10,227,439 | 3,180,343 | 4,660,729 | 8,593,842 | 18,520,001 | — | 99,897,626 | ||||||||||||||||||||||||||||||||||||
Investment in associated companies | 19,797,046 | 586,515 | 57,133 | 993 | — | — | — | 19,747 | — | 17,175 | (6,098,146 | ) | 14,380,463 | |||||||||||||||||||||||||||||||||||
Liabilities by segments | 628,519,912 | 236,678,379 | 313,072,959 | 36,668,486 | 4,512,644 | 59,510,611 | 46,189,708 | 37,051,349 | 47,864,665 | 93,944,278 | (361,529,413 | ) | 1,142,483,578 |
Mexico | Telmex | Brazil | Southern Cone | Colombia | Andean | Central America | U.S.A. (1) | Caribbean | Europe | Eliminations | Consolidated total | |||||||||||||||||||||||||||||||||||||
As of and for the year ended December 31, 2020 (in Ps.): | ||||||||||||||||||||||||||||||||||||||||||||||||
External revenues | 214,578,600 | 77,920,910 | 163,865,421 | 55,484,744 | 77,282,658 | 53,846,358 | 48,073,436 | — | 37,182,842 | 111,472,191 | — | 839,707,160 | ||||||||||||||||||||||||||||||||||||
Intersegment revenues | 17,663,525 | 13,668,264 | 4,207,466 | 1,220,100 | 352,694 | 88,305 | 121,580 | — | 1,440,983 | — | (38,762,917 | ) | — | |||||||||||||||||||||||||||||||||||
Total revenues | 232,242,125 | 91,589,174 | 168,072,887 | 56,704,844 | 77,635,352 | 53,934,663 | 48,195,016 | — | 38,623,825 | 111,472,191 | (38,762,917 | ) | 839,707,160 | |||||||||||||||||||||||||||||||||||
Depreciation and amortization | 24,748,756 | 13,341,479 | 41,795,397 | 13,095,004 | 14,413,760 | 11,447,356 | 14,355,899 | — | 7,094,331 | 25,593,204 | (3,202,788 | ) | 162,682,398 | |||||||||||||||||||||||||||||||||||
Operating income (loss) | 70,851,525 | 11,204,433 | 25,203,504 | 1,877,079 | 15,111,947 | 8,698,645 | 4,004,501 | — | 6,701,086 | 13,159,865 | (11,309,206 | ) | 145,503,379 | |||||||||||||||||||||||||||||||||||
Interest income | 21,322,406 | 1,479,021 | 2,904,430 | 980,581 | 822,447 | 1,049,261 | 1,130,767 | — | 1,105,420 | 90,746 | (25,823,043 | ) | 5,062,036 | |||||||||||||||||||||||||||||||||||
Interest expense | 30,936,195 | 1,306,867 | 17,976,227 | 3,334,966 | 2,586,708 | 2,223,478 | 1,559,917 | — | 1,658,619 | 2,546,255 | (25,467,747 | ) | 38,661,485 | |||||||||||||||||||||||||||||||||||
Income tax | 4,905,863 | 577,178 | (4,442,598 | ) | 992,831 | 2,078,789 | 3,115,693 | 1,518,953 | — | 2,524,214 | 2,234,065 | 4,282 | 13,509,270 | |||||||||||||||||||||||||||||||||||
Equity interest in net income (loss) of associated companies | (3,820 | ) | 23,955 | (2,972 | ) | (15,422 | ) | — | — | — | — | — | (288,747 | ) | — | (287,006 | ) | |||||||||||||||||||||||||||||||
Net profit (loss) attributable to equity holders of the parent continues operations | 3,613,907 | (1,085,038 | ) | 4,963,424 | 1,456,062 | 16,579,303 | 4,649,047 | 1,919,558 | — | 3,294,111 | 7,777,426 | (13,307,820 | ) | 29,859,980 | ||||||||||||||||||||||||||||||||||
Net profit (loss) attributable to equity holders of the parent discontinued operations | — | — | — | — | — | — | — | — | — | — | — | 16,992,625 | ||||||||||||||||||||||||||||||||||||
Net profit (loss) attributable to equity holders of the parent | 3,613,907 | (1,085,038 | ) | 4,963,424 | 1,456,062 | 16,579,303 | 4,649,047 | 1,919,558 | — | 3,294,111 | 7,777,426 | 3,684,805 | 46,852,605 | |||||||||||||||||||||||||||||||||||
Assets by segment | 947,396,510 | 203,081,314 | 386,982,711 | 118,266,380 | 132,210,369 | 101,717,708 | 88,690,683 | 35,083,285 | 109,914,293 | 239,583,759 | (737,878,785 | ) | 1,625,048,227 | |||||||||||||||||||||||||||||||||||
Plant, property and equipment, net | 52,117,395 | 110,751,083 | 145,307,497 | 62,157,797 | 48,876,853 | 36,102,261 | 37,855,227 | 1,761,595 | 39,128,447 | 82,595,077 | (876,229 | ) | 615,777,003 | |||||||||||||||||||||||||||||||||||
Revalued of assets | — | — | 36,076,207 | 7,494,408 | 12,893,284 | 9,500,708 | 7,059,247 | — | 2,572,504 | 31,556,270 | — | 107,152,628 | ||||||||||||||||||||||||||||||||||||
Goodwill | 26,949,185 | 215,381 | 16,048,092 | 5,436,675 | 12,253,743 | 4,866,363 | 6,345,659 | 3,362,899 | 14,186,723 | 53,388,139 | — | 143,052,859 | ||||||||||||||||||||||||||||||||||||
Trademarks, net | 126,823 | 181,094 | — | — | — | — | — | 269,325 | 219,087 | 2,981,089 | — | 3,777,418 | ||||||||||||||||||||||||||||||||||||
Licenses and rights, net | 12,017,318 | 100,623 | 26,171,345 | 12,099,873 | 12,363,039 | 6,870,531 | 5,427,857 | — | 8,616,880 | 27,963,250 | — | 111,630,716 | ||||||||||||||||||||||||||||||||||||
Investment in associated companies | 51,645 | 613,449 | 64,125 | (20,970 | ) | 395 | — | 25,413 | — | — | — | 1,095,703 | 1,829,760 | |||||||||||||||||||||||||||||||||||
Liabilities by segments | 725,408,198 | 193,840,756 | 263,989,566 | 61,786,265 | 63,610,642 | 53,379,366 | 34,252,511 | 33,141,315 | 60,839,340 | 138,747,621 | (319,064,971 | ) | 1,309,930,609 |
Mexico | Telmex | Brazil | Southern Cone | Colombia | Andean | Central America | Caribbean | Europe | Eliminations | Consolidated total | ||||||||||||||||||||||||||||||||||
As of and for the year ended December 31, 2021 (in Ps.): | ||||||||||||||||||||||||||||||||||||||||||||
External revenues | 225,219,719 | 87,189,642 | 148,729,232 | 62,030,033 | 79,312,071 | 52,888,323 | 48,468,386 | 37,858,979 | 113,838,486 | — | 855,534,871 | |||||||||||||||||||||||||||||||||
Intersegment revenues | 18,041,465 | 15,237,420 | 4,044,386 | 329,000 | 360,638 | 73,828 | 98,530 | 2,069,648 | — | (40,254,915 | ) | — | ||||||||||||||||||||||||||||||||
Total revenues | 243,261,184 | 102,427,062 | 152,773,618 | 62,359,033 | 79,672,709 | 52,962,151 | 48,566,916 | 39,928,627 | 113,838,486 | (40,254,915 | ) | 855,534,871 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 25,797,791 | 12,740,332 | 40,342,871 | 14,996,243 | 15,067,211 | 11,211,523 | 11,962,486 | 6,987,129 | 27,469,463 | (3,948,183 | ) | 162,626,866 | ||||||||||||||||||||||||||||||||
Operating income (loss) | 77,783,972 | 21,100,316 | 21,867,457 | 2,144,825 | 15,165,356 | 7,457,802 | 8,216,945 | 8,661,475 | 13,421,147 | (9,686,654 | ) | 166,132,641 | ||||||||||||||||||||||||||||||||
Interest income | 14,864,242 | 758,126 | 2,104,574 | 821,594 | 431,314 | 833,540 | 269,379 | 701,785 | 116,031 | (17,065,758 | ) | 3,834,827 | ||||||||||||||||||||||||||||||||
Interest expense | 24,586,641 | 1,385,103 | 15,875,138 | 2,987,751 | 2,240,707 | 1,213,421 | 1,219,061 | 1,066,733 | 2,414,415 | (16,963,658 | ) | 36,025,312 | ||||||||||||||||||||||||||||||||
Income tax | 25,002,390 | 2,496,010 | (9,603,701 | ) | (3,795,160 | ) | 3,112,946 | 2,375,281 | 2,945,700 | 2,171,594 | 3,438,161 | 1,548 | 28,144,769 | |||||||||||||||||||||||||||||||
Equity interest in net income (loss) of associated companies | 85,648 | 44,525 | 4,575 | (19,073 | ) | — | — | — | — | (1,757 | ) | — | 113,918 | |||||||||||||||||||||||||||||||
Net profit (loss) attributable to equity holders of the parent continues operations | 34,195,093 | 4,594,450 | 14,185,905 | 415,994 | 5,959,563 | 4,180,473 | 4,099,930 | 5,151,166 | 8,313,018 | (10,383,143 | ) | 70,712,449 | ||||||||||||||||||||||||||||||||
Net profit (loss) attributable to equity holders of the parent discontinued operations | — | — | — | — | — | — | — | — | — | — | 121,710,718 | |||||||||||||||||||||||||||||||||
Net profit (loss) attributable to equity holders of the parent | 34,195,093 | 4,594,450 | 14,185,905 | 415,994 | 5,959,563 | 4,180,473 | 4,099,930 | 5,151,166 | 8,313,018 | (10,383,143 | ) | 192,423,167 | ||||||||||||||||||||||||||||||||
Assets by segment | 999,502,407 | 195,869,232 | 407,458,440 | 135,862,040 | 133,232,525 | 95,719,937 | 101,725,955 | 102,949,901 | 210,944,575 | (693,615,163 | ) | 1,689,649,849 | ||||||||||||||||||||||||||||||||
Plant, property and equipment, net | 50,420,866 | 118,056,718 | 153,607,199 | 64,864,986 | 48,888,907 | 34,395,339 | 42,407,727 | 41,601,009 | 79,764,422 | (983,169 | ) | 633,024,004 | ||||||||||||||||||||||||||||||||
Revalued of assets | — | — | 33,004,669 | 6,159,077 | 10,266,464 | 8,389,460 | 9,113,632 | 2,564,149 | 28,675,224 | — | 98,172,675 | |||||||||||||||||||||||||||||||||
Goodwill | 26,965,618 | 215,381 | 15,335,322 | 5,191,841 | 11,685,585 | 4,688,154 | 6,002,380 | 14,186,723 | 52,307,190 | — | 136,578,194 | |||||||||||||||||||||||||||||||||
Trademarks, net | 90,673 | 149,865 | — | — | — | — | — | 229,000 | 2,822,625 | — | 3,292,163 | |||||||||||||||||||||||||||||||||
Licenses and rights, net | 11,081,972 | 129,233 | 39,620,009 | 13,791,003 | 11,384,533 | 5,502,139 | 5,220,437 | 10,847,685 | 25,709,849 | — | 123,286,860 | |||||||||||||||||||||||||||||||||
Investment in associated companies | 4,725,279 | 522,403 | 65,699 | (34,401 | ) | 351 | — | 26,348 | — | — | (2,253,198 | ) | 3,052,481 | |||||||||||||||||||||||||||||||
Liabilities by segments | 679,954,783 | 176,177,522 | 273,655,967 | 72,702,285 | 65,631,866 | 44,676,727 | 42,823,861 | 53,885,848 | 134,357,142 | (308,257,878 | ) | 1,235,608,123 |