UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM6-K
REPORT OF A FOREIGN PRIVATE ISSUER
PURSUANT TO RULE13a-16 OR15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of February 2020
Commission File Number:1-16269
AMÉRICA MÓVIL, S.A.B. DE C.V.
(Exact Name of the Registrant as Specified in the Charter)
America Mobile
(Translation of Registrant’s Name into English)
Lago Zurich 245
Plaza Carso / Edificio Telcel, Piso 16
Colonia Ampliación Granada, Miguel Hidalgo
11529 Mexico City, Mexico
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form20-F or Form40-F.
Form20-F ☒ Form40-F ☐
Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form6-K in paper as permitted by RegulationS-T Rule 101(b)(7): ☐
América Móvil’s fourth quarter of
2019 financial and operating report
Mexico City, February 11th, 2020 - América Móvil, S.A.B. de C.V. (“América Móvil”) [BMV: AMX] [NYSE: AMX, AMOV], announced today its financial and operating results for the fourth quarter of 2019.
● | We added 1.9 million mobile postpaid subscribers in the fourth quarter, including 1.2 million in Brazil, 242 thousand in Mexico and 101 thousand in Colombia. On the fixed-line platform we obtained 181 thousand fixed-broadband clients. |
● | Mobile postpaid and fixed-broadband remain the main drivers of access growth at 8.1% and 4.2%year-on-year respectively, while mobile prepaid subs declined 2.3% and fixed-voice accesses and PayTV units were down 2.2% and 2.8%. |
● | Revenues of 263 billion pesos were flatyear-on-year in Mexican peso terms on account of the appreciation of the Mexican peso vs. all other operating currencies. |
● | At constant exchange rates (excluding Argentina, given that it is subject to inflation-adjusted accounting) service revenues accelerated to 3.2% from 2.5% in the prior quarter with those on the mobile platform growing 5.7% year-over-year—15.6% in Brazil, 8.5% in Colombia, 7.6% in Mexico and 5.7% in our European operations—and those on the fixed one practically flat. |
● | Under IFRS16 our EBITDA came in at 81.7 billion pesos in the fourth quarter and was equivalent to 31.1% of revenues. Under comparable accounting standards, and at constant exchange ratesex-Argentina, EBITDA shot up 7.6% after adjusting for extraordinary items in Brazil, Austria and Mexico. |
● | EBITDA growth accelerated in Peru to 22%; Central America to 17.8%, the U.S. to 16.3%; Colombia to 14.5%, Mexico to 5.9% (organic) and Brazil to 4.7% after adjusting for extraordinary items. |
● | Our 44.6 billion pesos operating profit and 8.0 billion pesos in comprehensive financing costs resulted in a net profit of 21.2 billion in the quarter, 63.4% more than in the year-earlier quarter. |
● | Including capitalized obligations, our net debt ended the year at 677 billion pesos. Under IAS17 our net debt to EBITDA ratio stood at 1.95x. |
● | Acquisitions came in at 24.9 billion pesos, principally accounted for by Nextel Brazil. In addition we reduced pension obligations by 20.2 billion pesos, mainly in Telmex and covered shareholder distributions of 22.9 billion pesos, mostly by way of dividends. |
América Móvil Fundamentals
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4Q19 | 4Q18 | |||||||
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Earnings per Share (Mex$)(1) | 0.32 | 0.20 | ||||||
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Earning per ADR (US$)(2) | 0.33 | 0.20 | ||||||
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EBITDA per Share (Mex$)(3) | 1.24 | 1.09 | ||||||
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EBITDA per ADR (US$) | 1.28 | 1.10 | ||||||
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Net Income (millions of Mex$) | 21,194 | 12,971 | ||||||
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Average Shares Outstanding (billion) | 66.01 | 66.04 | ||||||
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(1) Net Income / Average Shares outstanding
(2) 20 shares per ADR
(3) EBITDA/ Average Shares Outstanding
América Móvil’s Subsidiaries as of December 2019
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Country | Brand | Business | Equity Participation | |||||
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Mexico | Telcel | wireless | 100.0% | |||||
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Telmex | wireline | 98.8% | ||||||
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Sección Amarilla(1) | other | 100.0% | ||||||
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Telvista | other | 90.0% | ||||||
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Argentina | Claro | wireless | 100.0% | |||||
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Telmex | wireline | 100.0% | ||||||
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Brazil | Claro | wireless/wireline | 98.5% | |||||
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Chile | Claro | wireless | 100.0% | |||||
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Telmex(1) | wireline | 100.0% | ||||||
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Colombia | Claro | wireless/wireline | 99.4% | |||||
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Costa Rica | Claro | wireless | 100.0% | |||||
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Dominicana | Claro | wireless/wireline | 100.0% | |||||
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Ecuador | Claro | wireless/wireline | 100.0% | |||||
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El Salvador | Claro | wireless/wireline | 95.8% | |||||
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Guatemala | Claro | wireless/wireline | 99.3% | |||||
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Honduras | Claro | wireless/wireline | 100.0% | |||||
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Nicaragua | Claro | wireless/wireline | 99.6% | |||||
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Panama | Claro | wireless/wireline | 100.0% | |||||
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Paraguay | Claro | wireless/wireline | 100.0% | |||||
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Peru | Claro | wireless/wireline | 100.0% | |||||
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Puerto Rico | Claro | wireless/wireline | 100.0% | |||||
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Uruguay | Claro | wireless/wireline | 100.0% | |||||
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USA | Tracfone | wireless | 100.0% | |||||
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Netherlands | KPN | wireless/wireline | 16.1% | |||||
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Austria | Telekom Austria | wireless/wireline | 51.0% | |||||
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(1) Equity Participation of TELINT of which América Móvil owns 100%.
Beginning January 1st, 2019 we implemented IFRS 16 accounting standards. The information presented in this report was prepared in a prospective basis; comparable information is provided in the appendix.
The reported figures for Argentina corresponding to the fourth quarter of 2019 and the period January-December 2019 are presented in accordance with a) IAS29 reflecting the effects of the adoption of inflationary accounting that became mandatory after the Argentinean economy was deemed to be hyperinflationary in the third quarter of 2018 and b) IAS21 translated to Mexican pesos using theend-of-period exchange rate.
All comparisons at constant exchange rates for América Móvil’s consolidated figures will exclude Argentina to ensure consistency.
Relevant Events
On December 18th, we completed the acquisition of 100% of Nextel Brazil from NII Holdings. With this transaction, AMX consolidates its operations as one of the leading telecommunication service providers in Brazil, strengthening its mobile network capacity, spectrum portfolio and market position in the postpaid segment, particularly in the cities of São Paulo and Rio de Janeiro.
On January 27th,Teléfonos del Noroeste, S.A. de C.V. (“Telnor”), was notified of a fine imposed by the IFT for an amount of MXP$1,311.8 million derived from a proceeding with respect to the alleged breach to the availability of information of certain passive infrastructure (post, duct) in the management electronic system used for the request of wholesale services from Telnor. Due to the lack of a due process, América Móvil and Telnor do not share the way the proceeding was conducted, nor the resolution approved by the IFT’s commissioners and will exercise all legal remedies to challenge it. This arbitrary, illegal and disproportionate fine affects the legal certainty in a sector that requires important investments for its development.
Access Lines
We finished the year with 278 million wireless subscribers after net disconnections of 689 thousand. This figure comprises 1.9 million postpaid net gains and 2.6 million prepaid disconnections. Our postpaid base was up 8.1% to 89 million subs. Brazil led the way in terms of postpaid growth after adding 1.2 million subs, followed by Mexico with 242 thousand and Colombia with 101 thousand. The prepaid base ended the quarter with 189.1 million subs, 2.3% below last year.
On the fixed-line segment we had nearly 84 million RGUs, after disconnections of 333 thousand units as new broadband accesses could not compensate for the disconnections of voice and PayTV units. We had 31 million fixed broadband connections at the end of December, 4.2% more than a year before with our main markets Brazil and Mexico, similar in size, growing 1.9% and 0.7%, respectively. Several markets including the Central America block, Argentina, Peru and Ecuador observed double digit growth.
Mobile postpaid and fixed-broadband continued to be the main drivers of access growth at 8.1% and 4.2%, respectively with mobile overtaking fixed broadband for the first time in several quarters. Mobile prepaid and PayTV accesses declined 2.3% and 2.8%, respectively, while fixed-voice accesses were down 2.2% from a year before.
Wireless Subscribers as of December 2019
Total(1)(Thousands) | ||||||||||||||||||||
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Country | Dec ’19 | Sep ’19 | Var.% | Dec ’18 | Var.% | |||||||||||||||
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Argentina, Paraguay and Uruguay | 24,634 | 24,536 | 0.4% | 24,264 | 1.5% | |||||||||||||||
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Austria & CEE | 21,296 | 21,520 | -1.0% | 21,029 | 1.3% | |||||||||||||||
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Brazil | 54,488 | 56,451 | -3.5% | 56,416 | -3.4% | |||||||||||||||
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Central America | 15,488 | 15,290 | 1.3% | 14,364 | 7.8% | |||||||||||||||
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Caribbean | 6,244 | 6,139 | 1.7% | 5,887 | 6.1% | |||||||||||||||
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Chile | 6,873 | 6,779 | 1.4% | 6,707 | 2.5% | |||||||||||||||
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Colombia | 31,104 | 30,577 | 1.7% | 29,681 | 4.8% | |||||||||||||||
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Ecuador | 8,493 | 8,422 | 0.8% | 8,246 | 3.0% | |||||||||||||||
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Mexico | 76,918 | 76,150 | 1.0% | 75,448 | 1.9% | |||||||||||||||
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Peru | 11,611 | 11,623 | -0.1% | 12,098 | -4.0% | |||||||||||||||
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USA | 20,876 | 21,229 | -1.7% | 21,688 | -3.7% | |||||||||||||||
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Total Wireless Lines | 278,027 | 278,716 | -0.2% | 275,827 | 0.8% | |||||||||||||||
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(1) Includes total subscribers of all companies in which América Móvil holds an economic interest; does not consider the date in which the companies started being consolidated.
Fixed-Line and Other Accesses (RGUs) as of December 2019
Total(1)(Thousands) | ||||||||||||||||||||
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Country | Dec ’19 | Sep ’19 | Var.% | Dec ’18 | Var.% | |||||||||||||||
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Argentina, Paraguay and Uruguay | 1,114 | 1,023 | 8.9% | 775 | 43.8% | |||||||||||||||
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Austria & CEE | 6,143 | 6,135 | 0.1% | 6,203 | -1.0% | |||||||||||||||
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Brazil | 34,048 | 34,448 | -1.2% | 35,285 | -3.5% | |||||||||||||||
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Central America | 7,095 | 7,031 | 0.9% | 6,465 | 9.7% | |||||||||||||||
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Caribbean | 2,528 | 2,537 | -0.4% | 2,546 | -0.7% | |||||||||||||||
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Chile | 1,400 | 1,418 | -1.3% | 1,424 | -1.7% | |||||||||||||||
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Colombia | 7,613 | 7,555 | 0.8% | 7,171 | 6.2% | |||||||||||||||
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Ecuador | 446 | 431 | 3.3% | 384 | 15.9% | |||||||||||||||
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Mexico | 21,992 | 22,158 | -0.8% | 22,337 | -1.5% | |||||||||||||||
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Peru | 1,603 | 1,578 | 1.6% | 1,472 | 8.9% | |||||||||||||||
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Total RGUs | 83,983 | 84,315 | -0.4% | 84,062 | -0.1% | |||||||||||||||
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(1) Fixed Line, Broadband and Television (Cable & DTH).
América Móvil Consolidated Results
With U.S. long-term interest rates stabilizing in the fourth quarter after a sharp decline that began in February 2019 and the stock market reachingall-time highs on the back of sustained economic momentum and the said reduction in interest rates, the year ended on an improving note on the U.S. economic front. In this context, coupled with weak but improving levels of economic activity in Latin America’s larger countries, the currencies in the region generally strengthened or were stable throughout the quarter with the noted exception of the Chilean peso that depreciated as a result of the social unrest in last November.
Our fourth quarter revenues totaled 263 billion pesos, including “other revenues”, of 2.6 billion pesos derived from the restructuring of certain amounts owed under equipment lease agreements in Mexico. In Mexican peso terms our revenues were flatyear-on-year, reflecting the depreciation of our currencies vs. the Mexican peso that appreciated 11.3% against the Brazilean real, 10.6% vs. the Colombian peso, 14.3% vs. the Chilean peso, 6.0% vs. the euro and 3.0% vs. the dollar. At constant exchange rates service revenues actually accelerated to a pace of 3.2%year-on-year from 2.5% the prior quarter (excluding Argentina because of its hyperinflationary situation) with continued strong performance in the mobile platform and improving trends on the fixed one. Three of our top four operations posted positive revenue growth on both fixed and mobile platforms; a year ago only one did.
Mobile service revenues kept picking up, with their annual rate of growth hitting 5.7% from 4.6% in the third quarter whereas our fixed revenues were practically flat, marking their best showing in 2019 as fixed-broadband growth roughly made up for revenue losses in voice and PayTV.
On the mobile platform, our Brazilian operations posted a 15.6% increase, aided by continued market share gains in the postpaid segment: in fact, mobile postpaid revenues soared 21%. In the Dominican Republic mobile service revenues were up 8.9%; in Colombia 8.5%; in Mexico 7.6% and in our European operations 5.7%. Save for Mexico, all the countries mentioned before posted their best performances in more than a year—if not ever. As for fixed-service revenue growth, it reached nearly 14% in Paraguay; 8.6% in Colombia; 7.8% in Ecuador and 4.0% in Peru.
Postpaid mobile services became our most dynamic business segment, with growth accelerating to nearly 8% from 5.8% the prior quarter, overtaking fixed broadband services, at 7.1%. Mobile prepaid services and corporate networks followed, with revenue growth of 3.8% and 1.3%, respectively.
Under IFRS16 our EBITDA came in at 81.7 billion pesos in the fourth quarter, corresponding to a 31.1% EBITDA margin. At constant exchange rates, our organic EBITDA (IAS17) was up 7.6% adjusting for extraordinary items in Mexico, Austria and in Brazil in the fourth quarter of 2018, reflecting greater operating leverage.
We observed double-digit EBITDA growth in several countries—Peru, 22%; Central America 17.8%; the U.S. 16.3%, Colombia, 14.5%, México, 5.9% (organic)—with Brazil expanding 4.7% after the above-mentioned adjustment. The EBITDA margins increased approximately 1 percentage point in each of Mexico, Telekom Austria (excluding restructuring costs), Argentina, the U.S. and Colombia, with Central America and Peru presenting margin increases of 4 to 5 percentage points.
América Móvil’s Income StatementMillions of Mexican pesos
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4Q19(1) | 4Q18(2) | Var.% | Jan - Dec 19(1) | Jan - Dec 18(2) | Var.% | |||||||||||||||||||
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Service Revenues | 209,055 | 213,694 | -2.2% | 829,831 | 860,985 | -3.6% | ||||||||||||||||||
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Equipment Revenues | 50,980 | 49,332 | 3.3% | 172,983 | 174,560 | -0.9% | ||||||||||||||||||
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Total Revenues* | 263,187 | 263,310 | 0.0% | 1,007,348 | 1,038,208 | -3.0% | ||||||||||||||||||
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Cost of Service | 74,042 | 81,944 | -9.6% | 297,193 | 328,808 | -9.6% | ||||||||||||||||||
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Cost of Equipment | 50,969 | 52,101 | -2.2% | 174,544 | 180,014 | -3.0% | ||||||||||||||||||
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Selling, General & Administrative Expenses | 54,504 | 57,620 | -5.4% | 215,994 | 227,192 | -4.9% | ||||||||||||||||||
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Others | 1,923 | -137 | n.m. | 5,862 | 6,923 | -15.3% | ||||||||||||||||||
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Total Costs and Expenses | 181,438 | 191,528 | -5.3% | 693,592 | 742,938 | -6.6% | ||||||||||||||||||
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EBITDA | 81,749 | 71,783 | 13.9%(3) | 313,756 | 295,270 | 6.3%(3) | ||||||||||||||||||
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% of Total Revenues | 31.1% | 27.3% | 31.1% | 28.4% | ||||||||||||||||||||
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Depreciation & Amortization | 37,126 | 35,877 | 3.5% | 158,915 | 155,713 | 2.1% | ||||||||||||||||||
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EBIT | 44,622 | 35,906 | 24.3%(3) | 154,841 | 139,557 | 11.0%(3) | ||||||||||||||||||
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% of Total Revenues | 17.0% | 13.6% | 15.4% | 13.4% | ||||||||||||||||||||
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Net Interest Expense | 5,204 | 1,387 | 275.2% | 31,627 | 21,125 | 49.7% | ||||||||||||||||||
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Other Financial Expenses | 4,528 | -8,111 | 155.8% | 7,075 | 10,176 | -30.5% | ||||||||||||||||||
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Foreign Exchange Loss | -1,686 | 16,036 | -110.5% | -5,226 | 7,262 | -172.0% | ||||||||||||||||||
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Comprehensive Financing Cost (Income) | 8,045 | 9,311 | -13.6%(3) | 33,476 | 38,564 | -13.2%(3) | ||||||||||||||||||
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Income & Deferred Taxes | 15,317 | 13,363 | 14.6% | 51,034 | 46,477 | 9.8% | ||||||||||||||||||
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Net Income before Minority | ||||||||||||||||||||||||
Interest and Equity Participation in Results of Affiliates | 21,260 | 13,232 | 60.7% | 70,331 | 54,517 | 29.0% | ||||||||||||||||||
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Equity Participation in Results of Affiliates | -24 | 11 | -319.8% | -18 | 0 | n.m. | ||||||||||||||||||
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Minority Interest | -41 | -272 | 84.8% | -2,583 | -1,951 | -32.4% | ||||||||||||||||||
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Net Income | 21,194 | 12,971 | 63.4%(3) | 67,731 | 52,566 | 28.8%(3) | ||||||||||||||||||
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(1) Under IFRS 16.
(2) Under IAS 17.
(3) The comparison is for reference only. It is not meaningful given figures were obtained with different methodologies. Comparable information is provided in the appendix 1.
*Total revenues include Other Revenues.
n.m. Not meaningful.
We obtained a 44.6 billion pesos operating profit that, after factoring in 8.0 billion pesos in comprehensive financing costs, helped bring about a 21.2 billion net profit in the period, a 63.4% increase from the year-earlier quarter. Our net profit was equivalent to 32 peso cents per share or 33 dollar cents per ADR.
Including capitalized obligations, our net debt ended the year at 677 billion pesos, 7.2 billion pesos lower than at the end of 2018. Under IAS17, excluding capitalized obligations from the debt and substracting lease payments from our EBITDA, our net debt to EBITDA ratio stood at 1.95 times. In cash flow terms we increased our net debt by 16.3 billion pesos in 2019.
Shareholder distributions totaled 22.9 billion pesos, mostly by way of dividends, while acquisitions came in at 24.9 billion pesos, principally having to do with Nextel Brazil. In addition we reduced pension obligations by 20.2 billion pesos, mainly in Telmex.
Balance Sheet - América Móvil ConsolidatedMillions of Mexican Pesos
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Dec ‘19* | Dec ‘18 | Var.% | Dec ‘19* | Dec ‘18 | Var.% | |||||||||||
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Current Assets | Current Liabilities | |||||||||||||||
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Cash, Marketable Securities & Other Short Term Ivestments | 67,464 | 70,676 | -4.5 | % | Short Term Debt* | 129,172 | 96,231 | 34.2% | ||||||||
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Accounts Receivable | 211,532 | 221,514 | -4.5 | % | Lease-Related Debt | 25,895 | ||||||||||
| ||||||||||||||||
Other Current Assets | 10,747 | 16,560 | -35.1 | % | Accounts Payable | 272,556 | 278,391 | -2.1% | ||||||||
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Inventories | 41,102 | 40,305 | 2.0 | % | Other Current Liabilities | 97,777 | 92,469 | 5.7% | ||||||||
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330,844 | 349,056 | -5.2 | % | 525,400 | 467,091 | 12.5% | ||||||||||
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Non Current Assets | Non Current Liabilities | |||||||||||||||
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Plant & Equipment | 639,343 | 640,001 | -0.1 | % | Long Term Debt | 495,082 | 542,692 | -8.8% | ||||||||
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Rights of Use | 118,003 | Lease-Related Debt | 94,702 | |||||||||||||
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Investments in Affiliates | 2,474 | 3,133 | -21.0 | % | Other Liabilities | 189,843 | 173,568 | 9.4% | ||||||||
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779,627 | 716,260 | 8.8% | ||||||||||||||
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Deferred Assets | ||||||||||||||||
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Goodwill (Net) | 152,900 | 145,566 | 5.0 | % | ||||||||||||
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Intangible Assets | 125,169 | 122,138 | 2.5 | % | Shareholder’s Equity | 226,907 | 245,872 | -7.7% | ||||||||
| ||||||||||||||||
Deferred Assets | 163,199 | 169,330 | -3.6 | % | ||||||||||||
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Total Assets | 1,531,934 | 1,429,223 | 7.2 | % | Total Liabilities and Equity | 1,531,934 | 1,429,223 | 7.2% |
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Includes current portion of Long Term Debt.
*Includes Nextel Brazil.
Financial Debt of América Móvil*Millions
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Dec -19 |
Dec -18 | |||||||
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Peso - denominated debt(MxP) | 80,129 | 72,501 | ||||||
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Bonds and other securities | 58,129 | 68,001 | ||||||
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Banks and others | 22,000 | 4,500 | ||||||
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U.S. Dollar - denominated debt(USD) | 9,472 | 9,947 | ||||||
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Bonds and other securities | 8,975 | 9,353 | ||||||
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Banks and others | 497 | 594 | ||||||
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Euro - denominated Debt(EUR) | 11,165 | 11,281 | ||||||
| ||||||||
Bonds and other securities | 11,065 | 11,036 | ||||||
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Banks and others | 100 | 245 | ||||||
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Sterling - denominated Debt(GBP) | 2,750 | 2,750 | ||||||
| ||||||||
Bonds and other securities | 2,750 | 2,750 | ||||||
| ||||||||
Reais - denominated Debt(BRL) | 7,475 | 6,480 | ||||||
| ||||||||
Bonds and other securities | 7,475 | 6,475 | ||||||
| ||||||||
Banks and others | 0 | 5 | ||||||
| ||||||||
Debt denominated in other currencies(MxP) | 26,045 | 14,203 | ||||||
| ||||||||
Bonds and other securities | 5,818 | 6,240 | ||||||
| ||||||||
Banks and others | 20,227 | 7,963 | ||||||
| ||||||||
Total Debt(MxP) | 624,254 | 638,922 | ||||||
| ||||||||
Cash, Marketable Securities and Short Term Financial Investments(MxP) | 67,464 | 70,676 | ||||||
| ||||||||
Net Debt(MxP) | 556,790 | 568,246 | ||||||
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*This table does not include the effect of forwards and derivatives used to hedge our foreign exchange exposure.
Mexico
We gained 242 thousand new postpaid clients in Mexico in the fourth quarter and 526 thousand prepaids to finish the year with nearly 77 million wireless subscribers, 1.9% more than we had at the end of 2018. Altogether we added almost 1.5 million subscribers throughout the year. On the fixed-line platform we disconnected 166 thousand accesses in the quarter, substantially all of them fixed-voice, ending the year with 22 million accesses, 1.5% less than a year before.
At 81.7 billion pesos, our revenues were up 6.4% from the year-earlier quarter, which includes under “other revenues”, 2.6 billion pesos derived from the restructuring of certain amounts owed under equipment lease agreements.
Service revenues expanded 5.0% with mobile service revenues increasing 7.6% on the back of strong prepaid-revenue growth, 10.7%. ARPUs kept on rising to 154 pesos, a 5.8%year-on-year increase, driven by continued advances in data-services usage per client.
Fixed-line service revenues increased 0.8% after several quarters of declines mostly on the back of broadband revenue growth and corporate networks.
EBITDA totaled 30.1 billion pesos under IFRS 16. Under comparable financial standards it rose 12.7% from the prior year, but adjusting forone-off items it was up 5.9% on the strength of service revenue growth on both fixed and mobile platforms.
We have been expanding wireless coverage to reach smaller towns and rural areas. On the fixed platform we have also been more active in building fiber to the home and upgrading our network to provide greater speeds.
INCOME STATEMENT -MexicoMillions of MxP
| ||||||||||||||||||||||||
4Q19(1) | 4Q18(2) | Var.% | Jan - Dec 19 (1) |
Jan - Dec 18(2) | Var.% | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Revenues* | 81,710 | 76,788 | 6.4% | 295,184 | 284,512 | 3.8% | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Service Revenues | 54,508 | 51,889 | 5.0% | 212,062 | 203,026 | 4.5% | ||||||||||||||||||
| ||||||||||||||||||||||||
Wireless Revenues | 58,382 | 54,377 | 7.4% | 210,319 | 197,073 | 6.7% | ||||||||||||||||||
| ||||||||||||||||||||||||
Service Revenues | 35,110 | 32,635 | 7.6% | 135,573 | 126,164 | 7.5% | ||||||||||||||||||
| ||||||||||||||||||||||||
Equipment Revenues | 23,272 | 21,742 | 7.0% | 74,746 | 70,908 | 5.4% | ||||||||||||||||||
| ||||||||||||||||||||||||
Fixed Line Service Revenues | 19,398 | 19,253 | 0.8% | 76,489 | 76,862 | -0.5% | ||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA | 30,149 | 24,582 | 109,370 | 94,001 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% total revenues | 36.9% | 32.0% | 37.1% | 33.0% | ||||||||||||||||||||
| ||||||||||||||||||||||||
EBIT | 23,243 | 17,854 | 76,252 | 64,839 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% | 28.4% | 23.3% | 25.8% | 22.8% | ||||||||||||||||||||
|
*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions.
Total revenues include other income.
(1) Under IFRS 16.
(2) Under IAS 17.
Mexico Operating Data
| ||||||||||||
4Q19 | 4Q18 | Var.% | ||||||||||
| ||||||||||||
Wireless Subscribers (thousands) | 76,918 | 75,448 | 1.9% | |||||||||
| ||||||||||||
Postpaid | 14,350 | 13,512 | 6.2% | |||||||||
| ||||||||||||
Prepaid | 62,569 | 61,936 | 1.0% | |||||||||
| ||||||||||||
MOU | 535 | 526 | 1.9% | |||||||||
| ||||||||||||
ARPU (MxP)(1) | 154 | 145 | 5.8% | |||||||||
| ||||||||||||
Churn (%) | 4.4% | 4.4% | (0.0) | |||||||||
| ||||||||||||
Revenue Generating Units (RGUs)* | 21,992 | 22,337 | -1.5% | |||||||||
| ||||||||||||
Fixed Lines | 12,299 | 12,715 | -3.3% | |||||||||
| ||||||||||||
Broadband | 9,693 | 9,622 | 0.7% | |||||||||
|
*Fixed Line and Broadband.
(1) Under IFRS 15.
Argentina
For comparison purposes all comments in this section related to annual variations of the presented period for Argentina refer to figures in constant peso terms, that is, adjusted for inflation in accordance to NIC 29. Information for Uruguay and Paraguay is not presented in the table.
Revenues in Argentina declined 4.9% annually at constant pesos to 24.8 billion Argentinean pesos. Mobile service revenues were down 5.8% with those of the prepaid segment falling 0.6% and postpaid coming down 8.4% somewhat more than in the prior quarter as we became more promotional in the holiday season. Fixed service revenues fell 5.8%, we are offering discounts in the aim to gain scale in the fixed market.
In an effort to maintain profitability, we have been able to reduce costs and expenses by 8.9%year-on-year. EBITDA (under IFRS16) was 10.1 billion Argentinean pesos, and the EBITDA margin stood at 40.9% of revenues. Under comparable accounting standards, it declined only 2.2% in real terms, but the margin expanded 1.1 percentage points.
INCOME STATEMENT -ArgentinaMillions of Constant ARS of December 2019
| ||||||||||||||||||||||||
4Q19(1) | 4Q18(2) | Var.% | Jan - Dec 19(1) |
Jan - Dec 18(2) | Var.% | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Revenues* | 24,770 | 26,033 | -4.9% | 100,738 | 108,662 | -7.3% | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Service Revenues | 19,551 | 20,762 | -5.8% | 81,199 | 86,538 | -6.2% | ||||||||||||||||||
| ||||||||||||||||||||||||
Wireless Revenues | 22,449 | 23,851 | -5.9% | 92,416 | 101,702 | -9.1% | ||||||||||||||||||
| ||||||||||||||||||||||||
Service Revenues | 19,551 | 20,762 | -5.8% | 81,199 | 86,538 | -6.2% | ||||||||||||||||||
| ||||||||||||||||||||||||
Equipment Revenues | 5,059 | 5,193 | -2.6% | 19,218 | 21,959 | -12.5% | ||||||||||||||||||
| ||||||||||||||||||||||||
Fixed Line Revenues | 2,160 | 2,104 | 2.7% | 8,001 | 6,795 | 17.8% | ||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA | 10,121 | 9,947 | 41,622 | 41,969 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% total revenues | 40.9% | 38.2% | 41.3% | 38.6% | ||||||||||||||||||||
| ||||||||||||||||||||||||
EBIT | 8,377 | 8,383 | 33,826 | 35,151 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% | 33.8% | 32.2% | 33.6% | 32.3% | ||||||||||||||||||||
|
*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions.
Total revenues include other income.
(1) Under IFRS 16.
(2) Under IAS 17.
Argentina Operating Data
| ||||||||||||
4Q19 | 4Q18 | Var.% | ||||||||||
| ||||||||||||
Wireless Subscribers (thousands)(1) | 21,894 | 21,820 | 0.3% | |||||||||
| ||||||||||||
Postpaid | 8,448 | 8,381 | 0.8% | |||||||||
| ||||||||||||
Prepaid | 13,446 | 13,440 | 0.0% | |||||||||
| ||||||||||||
MOU | 77 | 80 | -3.5% | |||||||||
| ||||||||||||
ARPU (ARP)(2) | 257 | 181 | 42.0% | |||||||||
| ||||||||||||
Churn (%) | 1.9% | 1.9% | (0.0) | |||||||||
| ||||||||||||
Revenue Generating Units (RGUs)* | 781 | 465 | 68.0% | |||||||||
|
*Fixed Line, Broadband and Television.
(1) Hybrid subscribers are now included in our postpaid figures
(2) Under IFRS 15.
Brazil
We added 1.2 million postpaid subscribers in the fourth quarter for a total of four million in the full year. We ended the year with a total of 54.5 million mobile customers, leading the portability net balance, with a record addition of customers that migrated their number to Claro.
As for the fixed-line platform, we added 22.4 thousand broadband accesses in the fourth quarter, maintaining our leadership in the market. We reached 5.9 million ultrabroadband accesses (connections faster than 34 Mbps). With the expansion to 52 new cities in 2019, our FTTH footprint reached 68 new cities. We are improving our market share position on these geographies and leading ultrabroadband adoption in Brazil.
Total revenues were up 3.1%year-on-year to 9.3 billion reais, with service revenues rising 3.2%. Mobile service revenues showed solid growth of 15.6%—its best showing ever—driven by outstanding growth in postpaid revenues that were up 21.0%.
On the fixed-line platform revenues declined 3.1%. Broadband revenues rose 9.5% but voice and PayTV revenues were off 16.5% and 8.2%. We added 15.6 thousand new broadband accesses and 843.1 thousand new M2M/IOT accesses in the fourth quarter of 2019.
EBITDA was 3.5 billion reais under IFRS16, representing an EBITDA margin of 37.4% of revenues. Under the prior accounting standards, and adjusting for the extraordinary booking last year of a profit derived from having won certain legal proceedings involving taxes, EBITDA was up 4.7% from a year before, with the EBITDA margin rising 50 basis points. For the full year, our EBITDA margin rose 1.1 percentage points in spite of record postpaid net adds.
In December, we completed the acquisition of Nextel in Brazil by virtue of which we will be adding approximately 3.5 million subscribers. Most of the clients are concentrated in the cities of Sao Paulo and Rio de Janeiro in which we will be adding three points to our postpaid share to reach 28% in the former, and seven points to get to 37% in the latter. Additionally, this transaction will strengthen Claro’s spectrum position.
INCOME STATEMENT -BrazilMillions of BrL
| ||||||||||||||||||||||||
4Q19(1) | 4Q18(2) | Var.% | Jan - Dec 19(1) | Jan - Dec 18(2) | Var.% | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Revenues* | 9,298 | 9,021 | 3.1% | 36,331 | 35,660 | 1.9% | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Service Revenues | 8,954 | 8,674 | 3.2% | 35,146 | 34,505 | 1.9% | ||||||||||||||||||
| ||||||||||||||||||||||||
Wireless Revenues | 3,734 | 3,275 | 14.0% | 13,886 | 12,653 | 9.7% | ||||||||||||||||||
| ||||||||||||||||||||||||
Service Revenues | 3,402 | 2,943 | 15.6% | 12,763 | 11,549 | 10.5% | ||||||||||||||||||
| ||||||||||||||||||||||||
Equipment Revenues | 332 | 332 | 0.0% | 1,123 | 1,104 | 1.7% | ||||||||||||||||||
| ||||||||||||||||||||||||
Fixed Line Revenues | 5,552 | 5,731 | -3.1% | 22,383 | 22,957 | -2.5% | ||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA | 3,481 | 3,085 | 13,527 | 12,096 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% total revenues | 37.4% | 34.2% | 37.2% | 33.9% | ||||||||||||||||||||
| ||||||||||||||||||||||||
EBIT | 1,423 | 1,362 | 5,501 | 4,044 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% | 15.3% | 15.1% | 15.1% | 11.3% | ||||||||||||||||||||
|
*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenues include other income.
(1)Under IFRS 16.
(2)Under IAS 17.
Brazil Operating Data
| ||||||||||||
4Q19 | 4Q18 | Var.% | ||||||||||
| ||||||||||||
Wireless Subscribers (thousands) | 54,488 | 56,416 | -3.4% | |||||||||
| ||||||||||||
Postpaid | 27,491 | 23,506 | 17.0% | |||||||||
| ||||||||||||
Prepaid | 26,997 | 32,910 | -18.0% | |||||||||
| ||||||||||||
MOU(1) | 161 | 118 | 35.7% | |||||||||
| ||||||||||||
ARPU (BrL)(2) | 20 | 17 | 20.5% | |||||||||
| ||||||||||||
Churn (%) | 5.7% | 5.7% | (0.0) | |||||||||
| ||||||||||||
Revenue Generating Units (RGUs)* | 34,048 | 35,285 | -3.5% | |||||||||
|
*Fixed Line, Broadband and Television.
(1)We modified the methodology for calculating MOUs. We no longer include M2M subscribers.
Colombia
We added 101 thousand postpaid subscribers and 426 thousand prepaid subscribers in the quarter. Total net gains in 2019 of 1.4 million were four times greater than in the prior year. On the fixed-line platform, we obtained 58 thousand new RGUs.
Total revenues were 3.4 billion Colombian Pesos, with service revenue growth accelerating to 8.5%year-on-year—the best performance since 2Q18—and equipment revenues growing 25%.
Mobile service revenues of 1.6 billion Colombian pesos were up 8.5% from the year before, as prepaid revenue growth accelerated sharply to 11.2% from 4.8% in the prior quarter, while postpaid revenues grew 7.1% compared to 4.6% in the third quarter. Fixed-line service revenues increased 8.6%. Broadband is the single most important component of fixed service revenues it was up 12.2% in the fourth quarter, followed by PayTV that rose 5.8%year-on-year. At nearly 20%, corporate services is the fastest growing business line.
Under IFRS16 our EBITDA was 1.4 billion Colombian pesos, equivalent to 43.1%. On comparable standards, EBITDA grew 14.5%—the fastest pace in over a year.
In a spectrum auction that took place in the first days of January, we were granted the use of 20MHz of spectrum in the 700MHz frequency and 3 blocks of 10MHz each in the 2500 MHz band.
INCOME STATEMENT -ColombiaBillions of COP
| ||||||||||||||||||||||||
4Q19(1) | 4Q18(2) | Var.% | Jan - Dec 19(1) | Jan - Dec 18(2) | Var.% | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Revenues* | 3,354 | 2,998 | 11.9% | 12,655 | 11,580 | 9.3% | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Service Revenues | 2,533 | 2,334 | 8.5% | 9,752 | 9,210 | 5.9% | ||||||||||||||||||
| ||||||||||||||||||||||||
Wireless Revenues | 2,374 | 2,081 | 14.1% | 8,826 | 8,071 | 9.4% | ||||||||||||||||||
| ||||||||||||||||||||||||
Service Revenues | 1,584 | 1,460 | 8.5% | 6,072 | 5,820 | 4.3% | ||||||||||||||||||
| ||||||||||||||||||||||||
Equipment Revenues | 790 | 621 | 27.2% | 2,755 | 2,251 | 22.4% | ||||||||||||||||||
| ||||||||||||||||||||||||
Fixed Line Revenues | 962 | 895 | 7.5% | 3,756 | 3,457 | 8.7% | ||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA | 1,446 | 1,211 | 5,497 | 4,747 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% | 43.1% | 40.4% | 43.4% | 41.0% | ||||||||||||||||||||
| ||||||||||||||||||||||||
EBIT | 901 | 678 | 3,235 | 2,700 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% | 26.9% | 22.6% | 25.6% | 23.3% | ||||||||||||||||||||
|
*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions.
Total revenues include other income.
1)Under IFRS 16.(2) Under IAS 17.
Colombia Operating Data | ||||||||||||
| ||||||||||||
4Q19 | 4Q18 | Var.% | ||||||||||
| ||||||||||||
Wireless Subscribers* (thousands) | 31,104 | 29,681 | 4.8% | |||||||||
| ||||||||||||
Postpaid | 7,351 | 6,937 | 6.0% | |||||||||
| ||||||||||||
Prepaid | 23,753 | 22,744 | 4.4% | |||||||||
| ||||||||||||
MOU(1) | 293 | 225 | 30.4% | |||||||||
| ||||||||||||
ARPU (COP)(2) | 17,252 | 18,920 | -8.8% | |||||||||
| ||||||||||||
Churn (%) | 4.8% | 4.9% | (0.1) | |||||||||
| ||||||||||||
Revenue Generating Units (RGUs)** | 7,613 | 7,171 | 6.2% | |||||||||
|
*Due to differences in the policy for accounting active subscribers, the figures in this report are different from those published by the Ministry of Communications of Colombia (MinTIC). **Fixed Line, Broadband and Television.
(1) We modified the methodology for calculating MOUs. We no longer include M2M subscribers.(2) Under IFRS 15.
(2) Under IFRS 15.
Chile
Revenues of 211 billion Chilean pesos were 2.6% lower than those obtained in the prior year with service revenues declining 4.1%. On the mobile platform they were down 3.8% due to a mobile termination rate cut; however, revenues net of interconnection charges actually rose 3.7%. On the fixed platform, service revenues came down 4.4%.
Under IFRS16 EBITDA came in at 58.6 billion Chilean pesos, equivalent to 27.8% of revenues. Under the prior accounting methodology, EBITDA was 1.3% lower than that of the prior year.
INCOME STATEMENT -ChileMillions of ChPL
|
4Q19(1) | 4Q18(2) | Var.% | Jan - Dec 19(1) |
Jan - Dec 18(2) | Var.% | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Revenues* | 211,071 | 216,779 | -2.6% | 835,024 | 835,603 | -0.1% | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Service Revenues | 171,730 | 178,998 | -4.1% | 682,766 | 713,874 | -4.4% | ||||||||||||||||||
| ||||||||||||||||||||||||
Wireless Revenues | 136,939 | 139,289 | -1.7% | 530,056 | 535,954 | -1.1% | ||||||||||||||||||
| ||||||||||||||||||||||||
Service Revenues | 97,648 | 101,509 | -3.8% | 379,221 | 414,301 | -8.5% | ||||||||||||||||||
| ||||||||||||||||||||||||
Equipment Revenues | 39,291 | 37,780 | 4.0% | 150,835 | 121,653 | 24.0% | ||||||||||||||||||
| ||||||||||||||||||||||||
Fixed Line Revenues | 74,082 | 77,489 | -4.4% | 303,545 | 299,573 | 1.3% | ||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA | 58,644 | 37,311 | 190,154 | 152,810 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% total revenues | 27.8% | 17.2% | 22.8% | 18.3% | ||||||||||||||||||||
| ||||||||||||||||||||||||
EBIT | 6,874 | -19,176 | -79,078 | -73,958 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% | 3.3% | -8.8% | -9.5% | -8.9% | ||||||||||||||||||||
|
*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenues include other income.
(1) Under IFRS 16.
(2) Under lAS 17.
Chile Operating Data
| ||||||||||||
4Q19 | 4Q18 | Var.% | ||||||||||
| ||||||||||||
Wireless Subscribers (thousands) | 6,873 | 6,707 | 2.5% | |||||||||
| ||||||||||||
Postpaid | 2,246 | 2,080 | 8.0% | |||||||||
| ||||||||||||
Prepaid | 4,627 | 4,627 | 0.0% | |||||||||
| ||||||||||||
MOU | 171 | 176 | -2.4% | |||||||||
| ||||||||||||
ARPU (ChP)(1) | 5,690 | 5,127 | 11.0% | |||||||||
| ||||||||||||
Churn (%) | 6.6% | 6.8% | (0.2) | |||||||||
| ||||||||||||
Revenue Generating Units (RGUs) * | 1,400 | 1,424 | -1.7% | |||||||||
|
*Fixed Line, Broadband and Television.
(1) Under IFRS 15.
Ecuador
We generated total revenue of 334 million dollars, up 1.2%year-on-year, with fixed-line service revenues rising 7.8% driven by broadband revenue growth of 16.3%. Mobile service revenues were down 2.1% dragged down by prepaid service revenues, off 4.4%, on account of strong competition and promotions for data usage.
Under IFRS16 fourth quarter EBITDA came in at 146 million dollars. Organically, it was up 1.7%.
INCOME STATEMENT -EcuadorMillions of Dollars | ||||||||||||||||||||||||
| ||||||||||||||||||||||||
4Q19(1) | 4Q18(2) | Var.% | Jan - Dec 19(1) | Jan - Dec 18(2) | Var.% | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Revenues* | 334 | 330 | 1.2% | 1,321 | 1,309 | 0.9% | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Service Revenues | 272 | 275 | -1.3% | 1,098 | 1,104 | -0.5% | ||||||||||||||||||
| ||||||||||||||||||||||||
Wireless Revenues | 305 | 308 | -0.9% | 1,222 | 1,222 | 0.0% | ||||||||||||||||||
| ||||||||||||||||||||||||
Service Revenues | 249 | 254 | -2.1% | 1,010 | 1,021 | -1.1% | ||||||||||||||||||
| ||||||||||||||||||||||||
Equipment Revenues | 56 | 53 | 4.8% | 212 | 200 | 6.0% | ||||||||||||||||||
| ||||||||||||||||||||||||
Fixed Line Revenues | 23 | 22 | 7.2% | 92 | 87 | 6.2% | ||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA | 146 | 135 | 573 | 516 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% total revenues | 43.8% | 41.1% | 43.4% | 39.4% | ||||||||||||||||||||
| ||||||||||||||||||||||||
EBIT | 90 | 85 | 347 | 310 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% | 27.1% | 25.6% | 26.2% | 23.7% | ||||||||||||||||||||
|
*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenues include other income.
(1)Under IFRS 16.(2) Under IAS 17.
Ecuador Operating Data | ||||||||||||
| ||||||||||||
4Q19 | 4Q18 | Var.% | ||||||||||
| ||||||||||||
Wireless Subscribers (thousands) | 8,493 | 8,246 | 3.0% | |||||||||
| ||||||||||||
Postpaid | 2,675 | 2,622 | 2.0% | |||||||||
| ||||||||||||
Prepaid | 5,818 | 5,624 | 3.4% | |||||||||
| ||||||||||||
MOU | 433 | 437 | -1.0% | |||||||||
| ||||||||||||
ARPU (US$)(1) | 10 | 10 | -5.0% | |||||||||
| ||||||||||||
Churn (%) | 4.2% | 4.3% | (0.2) | |||||||||
| ||||||||||||
Revenue Generating Units (RGUs) * | 446 | 384 | 15.9% | |||||||||
|
*Fixed Line, Broadband and Television.
(1)Under IFRS 15.
Peru
Fourth quarter revenues of 1.4 billion soles were up 4.1% with equipment revenues shooting up 34.1%, and service revenues declining 4.0%. Mobile service revenues were down 6.1%, but adjusting for the reduction in termination rates and otherone-off items, the decline would have been 2.2%. Fixed service revenues, 23% of the total, were up 4.0% on the back of broadband revenues that rose 18.3% compensating for the contraction of voice revenues.
EBITDA under IFRS16 reached 409 million soles. Under comparable accounting standards, EBITDA rose 22.0%.
We had positive trends in mobile number portability throughout 2019 as we managed to improve overall customer experience while keeping a competitive offer.
INCOME STATEMENT -PeruMillions of Soles
| ||||||||||||||||||||||||
4Q19(1) | 4Q18(2) | Var.% | Jan - Dec 19(1) | Jan - Dec 18(2) | Var.% | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Revenues* | 1,367 | 1,314 | 4.1% | 5,200 | 5,202 | 0.0% | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Service Revenues | 949 | 989 | -4.0% | 3,737 | 3,985 | -6.2% | ||||||||||||||||||
| ||||||||||||||||||||||||
Wireless Revenues | 1,139 | 1,083 | 5.2% | 4,316 | 4,321 | -0.1% | ||||||||||||||||||
| ||||||||||||||||||||||||
Service Revenues | 730 | 778 | -6.1% | 2,891 | 3,148 | -8.1% | ||||||||||||||||||
| ||||||||||||||||||||||||
Equipment Revenues | 408 | 305 | 34.1% | 1,425 | 1,173 | 21.4% | ||||||||||||||||||
| ||||||||||||||||||||||||
Fixed Line Revenues | 219 | 210 | 4.0% | 846 | 839 | 0.8% | ||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA | 409 | 312 | 1,510 | 1,209 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% total revenues | 29.9% | 23.8% | 29.0% | 23.2% | ||||||||||||||||||||
| ||||||||||||||||||||||||
EBIT | 134 | 86 | 488 | 433 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% | 9.8% | 6.5% | 9.4% | 8.3% | ||||||||||||||||||||
|
*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenues include other income.
(1) Under IFRS 16.(2) Under lAS 17.
Peru Operating Data
| ||||||||||||
4Q19 | 4Q18 | Var.% | ||||||||||
| ||||||||||||
Wireless Subscribers (thousands) | 11,611 | 12,098 | -4.0% | |||||||||
| ||||||||||||
Postpaid | 4,149 | 4,093 | 1.4% | |||||||||
| ||||||||||||
Prepaid | 7,462 | 8,005 | -6.8% | |||||||||
| ||||||||||||
MOU | 287 | 249 | 15.0% | |||||||||
| ||||||||||||
ARPU (Sol)(1) | 21 | 21 | 0.3% | |||||||||
| ||||||||||||
Churn (%) | 5.0% | 7.3% | (2.3) | |||||||||
| ||||||||||||
Revenue Generating Units (RGUs)* | 1,603 | 1,472 | 8.9% | |||||||||
|
*Fixed Line, Broadband and Television.
(1) Under IFRS 15.
Central America
Revenues of 610 million dollars were down 1.0% on apro-forma basis with service revenues expanding 1.7%. Mobile service revenues showed good recovery in the last quarter growing 3.7%, up from 0.7% the prior one, whereas fixed-line service revenues dropped 1.8%, when they had been down 4.0% the prior quarter.
In local currency terms, service revenues expanded in all markets other than Nicaragua. They were up 6.9% and 5.8% in Costa Rica and Honduras, respectively, and more than 4% in each Panama and El Salvador. In Guatemala they rose 1.8%pro-forma, with mobile service revenues rising 6% and fixed service revenues declining 5.4%.
EBITDA under IFRS16 totaled 218 million dollars. Organically, under a comparable basis, EBITDA rose 17.8% and the margin expanded 4.9 percentage points. Except for Nicaragua and Panama, our operations in Central America exhibited EBITDA expansion in local currency terms.
INCOME STATEMENT -Central America Pro formaMillions of Dollars
| ||||||||||||||||||||||||
4Q19(1) | 4Q18(2) | Var.% | Jan - Dec 19(1) |
Jan - Dec 18(2) | Var.% | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Revenues* | 610 | 616 | -1.0% | 2,435 | 2,532 | -3.8% | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Service Revenues | 525 | 516 | 1.7% | 2,098 | 2,123 | -1.2% | ||||||||||||||||||
| ||||||||||||||||||||||||
Wireless Revenues | 415 | 415 | -0.1% | 1,655 | 1,712 | -3.4% | ||||||||||||||||||
| ||||||||||||||||||||||||
Service Revenues | 344 | 332 | 3.7% | 1,368 | 1,374 | -0.5% | ||||||||||||||||||
| ||||||||||||||||||||||||
Equipment Revenues | 71 | 83 | -15.0% | 287 | 338 | -15.0% | ||||||||||||||||||
| ||||||||||||||||||||||||
Fixed Line Revenues | 189 | 192 | -1.6% | 760 | 783 | -3.0% | ||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA | 218 | 161 | 907 | 769 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% total revenues | 35.8% | 26.1% | 37.3% | 30.4% | ||||||||||||||||||||
| ||||||||||||||||||||||||
EBIT | 98 | 38 | 333 | 260 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% | 16.1% | 6.2% | 13.7% | 10.3% | ||||||||||||||||||||
|
*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenues include other income.
(1) Under IFRS 16.(2) Under lAS 17.
Central America Operating Data
| ||||||||||||
4Q19 | 4Q18 | Var.% | ||||||||||
| ||||||||||||
Wireless Subscribers (thousands) | 15,488 | 14,364 | 7.8% | |||||||||
| ||||||||||||
Postpaid | 2,529 | 2,364 | 7.0% | |||||||||
| ||||||||||||
Prepaid | 12,959 | 12,000 | 8.0% | |||||||||
| ||||||||||||
MOU(1) | 168 | 157 | 7.1% | |||||||||
| ||||||||||||
ARPU (US$)(2) | 8 | 7 | 13.2% | |||||||||
| ||||||||||||
Churn (%) | 6.6% | 9.1% | (25) | |||||||||
| ||||||||||||
Revenue Generating Units (RGUs)* | 7,095 | 6,465 | 9.7% | |||||||||
|
* Fixed Line, Broadband and Television.
(1) We modified the methodology for calculating MOUs. We no longer include M2M subscribers.(2) Under IFRS 15.
Caribbean
In the Dominican Republic revenues increased 6.1%, with service revenues rising 5.6%. Mobile service revenue growth continued to accelerate, rising to 8.9% in the fourth quarter from 8.4% in the third one and 6.9% in the second one. Prepaid revenues kept on expanding at a double-digit pace, 14.4%, for the fifth quarter in a row. EBITDA was up 6.7% under comparable standards, with a margin that climbed 30 basis points to 45.5%.
In Puerto Rico fourth quarter revenues declined 1.0% adjusting for extraordinary revenues booked in year-earlier quarter, with service revenues falling 3.8%. Under IFRS16 EBITDA came in at 24 million dollars and the margin at 11.5% of revenues.
INCOME STATEMENT -CaribbeanMillions of Dollars
| ||||||||||||||||||||||||
4Q19(1) | 4Q18(2) | Var.% | Jan - Dec 19(1) |
Jan - Dec 18(2) | Var.% | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Revenues* | 453 | 473 | -4.3% | 1,795 | 1,893 | -5.2% | ||||||||||||||||||
| ||||||||||||||||||||||||
Total Service Revenues | 389 | 415 | -6.3% | 1,581 | 1,627 | -2.8% | ||||||||||||||||||
| ||||||||||||||||||||||||
Wireless Revenues | 279 | 257 | 8.3% | 1,069 | 1,032 | 3.6% | ||||||||||||||||||
| ||||||||||||||||||||||||
Service Revenues | 215 | 213 | 0.7% | 855 | 834 | 2.5% | ||||||||||||||||||
| ||||||||||||||||||||||||
Equipment Revenues | 64 | 44 | 45.3% | 214 | 198 | 8.2% | ||||||||||||||||||
| ||||||||||||||||||||||||
Fixed Line Revenues | 177 | 205 | -13.6% | 737 | 805 | -8.5% | ||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA | 138 | 146 | 579 | 564 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% total revenues | 30.5% | 30.9% | 32.2% | 29.8% | ||||||||||||||||||||
| ||||||||||||||||||||||||
EBIT | 55 | 85 | 252 | 306 | ||||||||||||||||||||
| ||||||||||||||||||||||||
% | 12.1% | 18.0% | 14.1% | 16.2% | ||||||||||||||||||||
|
*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenues include other income.
(1) Under IFRS 16.(2) Under lAS 17.
Caribbean Operating Data
| ||||||||||||
4Q19 | 4Q18 | Var.% | ||||||||||
| ||||||||||||
Wireless Subscribers (thousands) | 6,244 | 5,887 | 6.1% | |||||||||
| ||||||||||||
Postpaid | 2,028 | 1,935 | 4.8% | |||||||||
| ||||||||||||
Prepaid | 4,216 | 3,952 | 6.7% | |||||||||
| ||||||||||||
MOU(1) | 203 | 255 | -20.4% | |||||||||
| ||||||||||||
ARPU (US$)(2) | 12 | 12 | -5.1% | |||||||||
| ||||||||||||
Churn (%) | 3.5% | 3.5% | 0.0 | |||||||||
| ||||||||||||
Revenue Generating Units (RGUs)* | 2,528 | 2,546 | -0.7% | |||||||||
|
• Fixed Line, Broadband and Television.
(1) We modified the methodology for calculating MOUs. We no longer include M2M subscribers.(2) Under IJRS 15.
United States
Fourth quarter revenues rose 3.5%year-on-year to 2.1 billion dollars, with service revenues increasing 1.4%. Our ARPU was up 4.6% to 27 dollars, as the mix of clients continued to shift in favor of our higher-spend brands: StraightTalk and Total Wireless.
Our EBITDA climbed 16.3% from the year-earlier quarter—up from 9.5% in the third quarter and 8.2% in the second one—to 186 million dollars, with the EBITDA margin rising one percentage point to 9.0%, as airtime costs continued to fall in line with retail prices.
INCOME STATEMENT-United States Millions of Dollars
| ||||||||||||||||||||||||
4Q19 | 4Q18 | Var.% | Jan - Dec 19 |
Jan - Dec 18 | Var.% | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Revenues | 2,071 | 2,000 | 3.5% | 8,091 | 7,967 | 1.6% | ||||||||||||||||||
| ||||||||||||||||||||||||
Service Revenues | 1,718 | 1,694 | 1.4% | 6,821 | 6,747 | 1.1% | ||||||||||||||||||
| ||||||||||||||||||||||||
Equipment Revenues | 352 | 306 | 15.3% | 1,269 | 1,219 | 4.1% | ||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA | 186 | 160 | 16.3% | 646 | 622 | 4.0% | ||||||||||||||||||
| ||||||||||||||||||||||||
% total revenues | 9.0% | 8.0% | 8.0% | 7.8% | ||||||||||||||||||||
| ||||||||||||||||||||||||
EBIT | 169 | 140 | 20.7% | 574 | 541 | 6.0% | ||||||||||||||||||
| ||||||||||||||||||||||||
% | 8.2% | 7.0% | 7.1% | 6.8% | ||||||||||||||||||||
|
United States Operating Data
| ||||||||||||
4Q19 | 4Q18 | Var.% | ||||||||||
| ||||||||||||
Wireless Subscribers (thousands) | 20,876 | 21,688 | -3.7% | |||||||||
| ||||||||||||
Straight Talk | 9,382 | 9,176 | 2.2% | |||||||||
| ||||||||||||
Safelink | 2,173 | 2,871 | -24.3% | |||||||||
| ||||||||||||
Other Brands | 9,321 | 9,641 | -3.3% | |||||||||
| ||||||||||||
MOU | 594 | 555 | 7.0% | |||||||||
| ||||||||||||
ARPU (US$) | 27 | 26 | 4.6% | |||||||||
| ||||||||||||
Churn (%) | 4.2% | 4.0% | 0.2 | |||||||||
|
Telekom Austria Group
In the fourth quarter our European operations posted service-revenue and EBITDA growth in all the markets. Service revenues increased 3.6% with mobile service revenues expanding 5.7% and fixed service revenues rising 1.1% driven by our solutions and connectivity business, mostly in Austria and Bulgaria.
In Austria, service revenues were slightly off from the year-earlier quarter,-0.3%, with mobile service revenues rising slightly, 0.6% and fixed service revenues declining 0.9%.
In our Eastern European operations we saw strong service revenue growth, 8.8% with mobile service revenues jumping 9.1%, followed closely by fixed service revenue, up 7.8%.
The group’s EBITDA—excluding restructuring charges—was up 8.2% over the year driven by higher service revenue growth and focus on cost controls in all markets. In Austria, EBITDAex-restructuring charges was roughly flat from the year before whereas in our Eastern European operations we saw all markets posting positive EBITDA contributions—especially Belarus, Serbia and Croatia—with EBITDA rising 18.2%.
On January 27th, we officially launched our first 5G network in Austria. We developed a top of the line 5G platform with the broadest coverage in the country by a wide margin. Our “5Giga” premium tariff portfolio for mobile and Internet@Home segments features unlimited data usage, network priority to guarantee bandwidth and speeds, premium customer care and the latest devices.
INCOME STATEMENT (In accordance with IFRS 16)-A1 Telekom Austria Group
Millions of Euros
| ||||||||||||||||||||||||
4Q19 | 4Q18 | Var.% | Jan - Dec 19 | Jan - Dec 18 | Var.% | |||||||||||||||||||
| ||||||||||||||||||||||||
Total Revenues | 1,200 | 1,153 | 4.1% | 4,565 | 4,435 | 2.9% | ||||||||||||||||||
| ||||||||||||||||||||||||
Total service revenues | 963 | 929 | 3.6% | 3,805 | 3,681 | 3.4% | ||||||||||||||||||
| ||||||||||||||||||||||||
Wireless service revenues | 520 | 492 | 5.7% | 2,075 | 2,004 | 3.6% | ||||||||||||||||||
| ||||||||||||||||||||||||
Fixed-line service revenues | 442 | 438 | 1.1% | 1,730 | 1,677 | 3.2% | ||||||||||||||||||
| ||||||||||||||||||||||||
Equipment revenues | 213 | 202 | 5.3% | 664 | 662 | 0.2% | ||||||||||||||||||
| ||||||||||||||||||||||||
Other operating income | 25 | 21 | 15.4% | 96 | 92 | 4.2% | ||||||||||||||||||
| ||||||||||||||||||||||||
EBITDA | 355 | 334 | 6.4% | 1,561 | 1,549 | 0.8% | ||||||||||||||||||
| ||||||||||||||||||||||||
% total revenues | 29.6% | 29.0% | 34.2% | 34.9% | ||||||||||||||||||||
| ||||||||||||||||||||||||
Adjusted EBITDA(1) | 377 | 348 | 8.2% | 1,645 | 1,571 | 4.7% | ||||||||||||||||||
| ||||||||||||||||||||||||
% total revenues | 31.4% | 30.2% | 36.0% | 35.4% | ||||||||||||||||||||
| ||||||||||||||||||||||||
EBIT | 118 | 95 | 23.9% | 615 | 446 | 37.9% | ||||||||||||||||||
| ||||||||||||||||||||||||
% total revenues | 9.8% | 8.3% | 13.5% | 10.1% | ||||||||||||||||||||
|
For further detail please visit www.a1.group/en/investor-relations
(1) Does not include restructuring charges in Austria.
A1 Telekom Austria Group Operating Data
| ||||||||||||
4Q19 | 4Q18 | Var.% | ||||||||||
| ||||||||||||
Wireless Subscribers (thousands) | 21,296 | 21,029 | 1.3% | |||||||||
| ||||||||||||
Postpaid | 16,963 | 16,245 | 4.4% | |||||||||
| ||||||||||||
Prepaid | 4,334 | 4,784 | -9.4% | |||||||||
| ||||||||||||
MOU(1) | 370 | 357 | 3.6% | |||||||||
| ||||||||||||
ARPU (Euros) | 8 | 8 | 4.1% | |||||||||
| ||||||||||||
Churn (%) | 2.0% | 2.0% | 0.0 | |||||||||
| ||||||||||||
Revenue Generating Units (RGUs)* | 6,143 | 6,203 | -1.0% | |||||||||
|
*Fixed Line, Broadband and Television.
(1) We modified the methodology for calculating MOUs. We no longer include M2M subscribers.
Exchange Rates Local Currency Units per MxP | ||||||||||||||||||||||
4Q19 | 4Q18 | Var.% | Jan-Dec 19 | Jan-Dec 18 | Var.% | |||||||||||||||||
Euro | ||||||||||||||||||||||
End of Period |
| 0.0473 |
|
| 0.0443 |
|
| 6.8% |
|
| 0.0473 |
|
| 0.0443 |
| 6.8% | ||||||
Average |
| 0.0468 |
|
| 0.0442 |
|
| 5.9% |
|
| 0.0464 |
|
| 0.0440 |
| 5.4% | ||||||
U.S. | ||||||||||||||||||||||
End of Period |
| 0.0531 |
|
| 0.0508 |
|
| 4.4% |
|
| 0.0531 |
|
| 0.0508 |
| 4.4% | ||||||
Average |
| 0.0518 |
|
| 0.0504 |
|
| 2.8% |
|
| 0.0519 |
|
| 0.0520 |
| -0.1% | ||||||
Brazilean Real | ||||||||||||||||||||||
End of Period |
| 0.2139 |
|
| 0.1969 |
|
| 8.6% |
|
| 0.2139 |
|
| 0.1969 |
| 8.6% | ||||||
Average |
| 0.2133 |
|
| 0.1919 |
|
| 11.2% |
|
| 0.2047 |
|
| 0.1898 |
| 7.8% | ||||||
Argentinean Peso | ||||||||||||||||||||||
End of Period |
| 3.1780 |
|
| 1.9154 |
|
| 65.9% |
|
| 3.1780 |
|
| 1.9154 |
| 65.9% | ||||||
Average |
| 3.0777 |
|
| 1.8698 |
|
| 64.6% |
|
| 2.5015 |
|
| 1.4591 |
| 71.4% | ||||||
Chilean Peso | ||||||||||||||||||||||
End of Period |
| 39.7311 |
|
| 35.2982 |
|
| 12.6% |
|
| 39.7311 |
|
| 35.2982 |
| 12.6% | ||||||
Average |
| 39.1008 |
|
| 34.2996 |
|
| 14.0% |
|
| 36.4754 |
|
| 33.3396 |
| 9.4% | ||||||
Colombian Peso | ||||||||||||||||||||||
End of Period |
| 173.8979 |
|
| 165.1052 |
|
| 5.3% |
|
| 173.8979 |
|
| 165.1052 |
| 5.3% | ||||||
Average |
| 176.6557 |
|
| 159.6187 |
|
| 10.7% |
|
| 170.3195 |
|
| 153.5992 |
| 10.9% | ||||||
Guatemalan Quetzal | ||||||||||||||||||||||
End of Period |
| 0.4085 |
|
| 0.3931 |
|
| 3.9% |
|
| 0.4085 |
|
| 0.3931 |
| 3.9% | ||||||
Average |
| 0.4001 |
|
| 0.3892 |
|
| 2.8% |
|
| 0.3996 |
|
| 0.3908 |
| 2.3% | ||||||
Peruvian Sol | ||||||||||||||||||||||
End of Period |
| 0.1760 |
|
| 0.1712 |
|
| 2.8% |
|
| 0.1760 |
|
| 0.1712 |
| 2.8% | ||||||
Average |
| 0.1743 |
|
| 0.1694 |
|
| 2.9% |
|
| 0.1733 |
|
| 0.1709 |
| 1.4% | ||||||
Dominican Republic Peso | ||||||||||||||||||||||
End of Period |
| 2.8235 |
|
| 2.5657 |
|
| 10.1% |
|
| 2.8235 |
|
| 2.5657 |
| 10.1% | ||||||
Average |
| 2.7428 |
|
| 2.5402 |
|
| 8.0% |
|
| 2.6765 |
|
| 2.5799 |
| 3.7% |
Exchange Rates Local Currency Units per USD | ||||||||||||||||||||||||
4Q19 | 4Q18 | Var.% | Jan-Dec 19 | Jan-Dec 18 | Var.% | |||||||||||||||||||
Euro | ||||||||||||||||||||||||
End of Period |
| 0.8918 |
|
| 0.8725 |
|
| 2.2% |
|
| 0.8918 |
|
| 0.8725 |
|
| 2.2% |
| ||||||
Average |
| 0.9031 |
|
| 0.8766 |
|
| 3.0% |
|
| 0.8933 |
|
| 0.8466 |
|
| 5.5% |
| ||||||
Mexican Peso | ||||||||||||||||||||||||
End of Period |
| 18.8452 |
|
| 19.6829 |
|
| -4.3% |
|
| 18.8452 |
|
| 19.6829 |
|
| -4.3% |
| ||||||
Average |
| 19.2926 |
|
| 19.8302 |
|
| -2.7% |
|
| 19.2641 |
|
| 19.2397 |
|
| 0.1% |
| ||||||
Brazilean Real | ||||||||||||||||||||||||
End of Period |
| 4.0307 |
|
| 3.8748 |
|
| 4.0% |
|
| 4.0307 |
|
| 3.8748 |
|
| 4.0% |
| ||||||
Average |
| 4.1148 |
|
| 3.8049 |
|
| 8.1% |
|
| 3.9438 |
|
| 3.6525 |
|
| 8.0% |
| ||||||
Argentinean Peso | ||||||||||||||||||||||||
End of Period |
| 59.8900 |
|
| 37.7000 |
|
| 58.9% |
|
| 59.8900 |
|
| 37.7000 |
|
| 58.9% |
| ||||||
Average |
| 59.3759 |
|
| 37.0782 |
|
| 60.1% |
|
| 48.1899 |
|
| 28.0735 |
|
| 71.7% |
| ||||||
Chilean Peso | ||||||||||||||||||||||||
End of Period |
| 748.7400 |
|
| 694.7700 |
|
| 7.8% |
|
| 748.7400 |
|
| 694.7700 |
|
| 7.8% |
| ||||||
Average |
| 754.3568 |
|
| 680.1687 |
|
| 10.9% |
|
| 702.6654 |
|
| 641.4428 |
|
| 9.5% |
| ||||||
Colombian Peso | ||||||||||||||||||||||||
End of Period |
| 3,277.1400 |
|
| 3,249.7500 |
|
| 0.8% |
|
| 3,277.1400 |
|
| 3,249.7500 |
|
| 0.8% |
| ||||||
Average |
| 3,408.1473 |
|
| 3,165.2714 |
|
| 7.7% |
|
| 3,281.0504 |
|
| 2,955.1968 |
|
| 11.0% |
| ||||||
Guatemalan Quetzal | ||||||||||||||||||||||||
End of Period |
| 7.6988 |
|
| 7.7370 |
|
| -0.5% |
|
| 7.6988 |
|
| 7.7370 |
|
| -0.5% |
| ||||||
Average |
| 7.7186 |
|
| 7.7183 |
|
| 0.0% |
|
| 7.6986 |
|
| 7.5182 |
|
| 2.4% |
| ||||||
Peruvian Sol | ||||||||||||||||||||||||
End of Period |
| 3.3170 |
|
| 3.3700 |
|
| -1.6% |
|
| 3.3170 |
|
| 3.3700 |
|
| -1.6% |
| ||||||
Average |
| 3.3628 |
|
| 3.3586 |
|
| 0.1% |
|
| 3.3382 |
|
| 3.2875 |
|
| 1.5% |
| ||||||
Dominican Republic Peso | ||||||||||||||||||||||||
End of Period |
| 53.2100 |
|
| 50.5000 |
|
| 5.4% |
|
| 53.2100 |
|
| 50.5000 |
|
| 5.4% |
| ||||||
Average |
| 52.9148 |
|
| 50.3726 |
|
| 5.0% |
|
| 51.5599 |
|
| 49.6372 |
|
| 3.9% |
|
Appendix 1: Income Statement Reconciliation from IAS 17 to IFRS 16
América Móvil’s Income Statement |
| |||||||||||||||
| ||||||||||||||||
Millions of Mexican pesos |
Jan - Dec 19 | Changes brought about by IFRS 16 | Jan - Dec 19 IFRS 16 | Var.% | ||||||||||||
| ||||||||||||||||
Total Costs and Expenses | 722,512 | (28,920) | 693,592 | -2.7% | ||||||||||||
EBITDA | 284,836 | 28,920 | 313,756 | -3.5% | ||||||||||||
| ||||||||||||||||
Depreciation & Amortization | 135,322 | 23,594 | 158,915 | -13.1% | ||||||||||||
| ||||||||||||||||
EBIT | 149,514 | 5,326 | 154,841 | 7.1% | ||||||||||||
| ||||||||||||||||
Net Interest Expense | 23,687 | 7,940 | 31,627 | 12.1% | ||||||||||||
| ||||||||||||||||
Other Financial Expenses | 7,075 | 7,075 | -30.5% | |||||||||||||
| ||||||||||||||||
Foreign Exchange Loss | (5,226) | (5,226) | -172.0% | |||||||||||||
| ||||||||||||||||
Comprehensive Financing Cost (Income) | 25,536 | 7,940 | 33,476 | -33.8% | ||||||||||||
| ||||||||||||||||
Income & Deferred Taxes | 51,878 | (844) | 51,034 | 11.6% | ||||||||||||
| ||||||||||||||||
Net Income before Minority Interest and Equity Participation in Results of Affiliates | 72,100 | (1,769) | 70,331 | 32.3% | ||||||||||||
| ||||||||||||||||
Equity Participation in Results of Affiliates | (18) | (18) | n.m. | |||||||||||||
| ||||||||||||||||
Minority Interest | (2,583) | (2,583) | 32.4% | |||||||||||||
| ||||||||||||||||
Net Income | 69,500 | (1,769) | 67,731 | 32.2% | ||||||||||||
|
n.m Not meaningful.
Appendix 2: Balance Sheet Reconciliation from IAS 17 to IFRS 16
Balance Sheet - América Móvil Consolidated
| ||||||||||||||||||||||||||
Millions of Mexican Pesos | Dec ‘19 IAS 17 | Changes brought about by IFRS 16 | Dec ‘19 IFRS 16 | Dec ‘19 IAS 17 | Changes brought about by IFRS 16 | Dec ‘19 IFRS 16 | ||||||||||||||||||||
| ||||||||||||||||||||||||||
Current Assets | 330,844 | 330,844 | Current Liabilities | |||||||||||||||||||||||
| ||||||||||||||||||||||||||
Short Term Debt* | 129,172 | 129,172 | ||||||||||||||||||||||||
| ||||||||||||||||||||||||||
Lease-Related Debt | 25,895 | 25,895 | ||||||||||||||||||||||||
| ||||||||||||||||||||||||||
Other Current Liabilities | 370,303 | 30 | 370,333 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||
| 499,475
|
|
| 25,924
|
|
| 525,400
|
| ||||||||||||||||||
| ||||||||||||||||||||||||||
Non Current Assets | 1,083,086 | 118,003 | 1,201,089 | Non Current Liabilities | ||||||||||||||||||||||
| ||||||||||||||||||||||||||
Long Term Debt | 495,082 | 495,082 | ||||||||||||||||||||||||
| ||||||||||||||||||||||||||
Lease-Related Debt | 94,702 | 94,702 | ||||||||||||||||||||||||
| ||||||||||||||||||||||||||
Other Liabilities | 190,621 | -779 | 189,843 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||
685,704 | 93,923 | 779,627 | ||||||||||||||||||||||||
| ||||||||||||||||||||||||||
Shareholder’s Equity | 228,752 | -1,845 | 226,907 | |||||||||||||||||||||||
| ||||||||||||||||||||||||||
Total Assets | 1,413,930 | 118,003 | 1,531,934 | Total Liabilities and Equity | 1,413,930 | 118,003 | 1,531,934 | |||||||||||||||||||
|
Appendix 3: EBITDA under IAS 17
EBITDA (IAS 17)Millions in Local Currency
| ||||||||||||||||||||||||
4Q19 | 4Q18 | Var.% | Jan-Dec 19 | Jan-Dec 18 | Var.% | |||||||||||||||||||
| ||||||||||||||||||||||||
Mexico | ||||||||||||||||||||||||
EBITDA | 27,704 | 24,582 | 12.7% | 100,258 | 94,001 | 6.7% | ||||||||||||||||||
% of Total Revenues | 33.9% | 32.0% | 34.0% | 33.0% | ||||||||||||||||||||
| ||||||||||||||||||||||||
Argentina(1) | ||||||||||||||||||||||||
EBITDA | 9,727 | 9,947 | -2.2% | 40,229 | 41,969 | -4.1% | ||||||||||||||||||
% of Total Revenues | 39.3% | 38.2% | 39.9% | 38.6% | ||||||||||||||||||||
| ||||||||||||||||||||||||
Brazil | ||||||||||||||||||||||||
EBITDA | 3,094 | 3,085 | 0.3% | 12,057 | 12,096 | -0.3% | ||||||||||||||||||
% of Total Revenues | 33.3% | 34.2% | 33.2% | 33.9% | ||||||||||||||||||||
Adjusted EBITDA(2) | 3,094 | 2,956 | 4.7% | 12,057 | 11,450 | 5.3% | ||||||||||||||||||
% Total Revenues | 33.3% | 32.8% | 33.2% | 32.1% | ||||||||||||||||||||
| ||||||||||||||||||||||||
Chile | ||||||||||||||||||||||||
EBITDA | 36,834 | 37,311 | -1.3% | 137,391 | 152,810 | -10.1% | ||||||||||||||||||
% of Total Revenues | 17.5% | 17.2% | 16.5% | 18.3% | ||||||||||||||||||||
| ||||||||||||||||||||||||
Colombia | ||||||||||||||||||||||||
EBITDA | 1,386 | 1,211 | 14.5% | 5,253 | 4,747 | 10.7% | ||||||||||||||||||
% of Total Revenues | 41.3% | 40.4% | 41.5% | 41.0% | ||||||||||||||||||||
| ||||||||||||||||||||||||
Ecuador | ||||||||||||||||||||||||
EBITDA | 138 | 135 | 1.7% | 540 | 516 | 4.6% | ||||||||||||||||||
% of Total Revenues | 41.2% | 41.1% | 40.9% | 39.4% | ||||||||||||||||||||
| ||||||||||||||||||||||||
Perú | ||||||||||||||||||||||||
EBITDA | 381 | 312 | 22.0% | 1,364 | 1,209 | 12.8% | ||||||||||||||||||
% of Total Revenues | 27.9% | 23.8% | 26.2% | 23.2% | ||||||||||||||||||||
| ||||||||||||||||||||||||
Central America | ||||||||||||||||||||||||
EBITDA Pro Forma | 189 | 161 | 17.8% | 774 | 769 | 0.7% | ||||||||||||||||||
% of Total Revenues | 31.0% | 26.1% | 31.8% | 30.4% | ||||||||||||||||||||
| ||||||||||||||||||||||||
Caribbean | ||||||||||||||||||||||||
EBITDA | 124 | 146 | -15.4% | 526 | 564 | -6.7% | ||||||||||||||||||
% of Total Revenues | 27.3% | 30.9% | 29.3% | 29.8% | ||||||||||||||||||||
|
(1) EBITDA in millions of constant ARP of December 2019.
(2) Adjusted EBITDA does not include the effects ofone-off items.
Glossary of Terms
ARPU | Average Revenue per User. The ratio of service revenues in a given period to the average number of wireless subscribers in the same period. It is presented on a monthly basis. | |
ARPM | Average Revenue per Minute. The ratio of service revenues to airtime traffic. | |
Capex | Capital Expenditure. Accrued capital expenditures related to the expansion of the telecommunications infrastructure. | |
Chum | Disconnection Rate. The ratio of wireless subscribers disconnected during a given period to the number of wireless subscribers at the beginning of that period. | |
EBIT | Earnings Before Interest and Taxes, also known as Operating Profit. | |
EBIT margin | The ratio of EBIT to total operating revenue. | |
EBITDA | Earnings Before Interest, Taxes, Depreciation, and Amortization. | |
EBITDA margin | The ratio of EBITDA to total operating revenue. | |
EPS (Mexican pesos) | Earnings per share. Total earnings in Mexican pesos divided by total shares. | |
Earnings per ADR (US$) | Total earnings in U.S. dollars divided by total ADRs equivalent. | |
Gross additions | Total number of subscribers acquired during the period. | |
Licensed pops | Licensed population. Population covered by the licenses that each of the companies manage. | |
LTE | Long-term evolution is a 4th generation standard for wireless communication of high-speed data for mobile phones and data terminals. | |
Market share | A company’s subscriber base divided by the total number of subscribers in that country. | |
MBOU | Megabytes of Use per subscriber. The ratio of wireless data in a given period to the average number of wireless subscribers in that same period. It is presented on a monthly basis. | |
MOU | Minutes of Use per subscriber. The ratio of wireless traffic in a given period to the average number of wireless subscribers in that same period. It is presented on a monthly basis. | |
Net subscriber additions | The difference in the subscriber base from one period to another. It is the different between gross additions and disconnections. | |
Net debt | Total short and long term debt minus cash and marketable securities. | |
Net debt / EBITDA | The ratio of total short and long term debt minus cash and securities to trailing12-month income before interest, taxes, depreciation and amortization. | |
Prepaid | Subscriber that may purchase airtime to recharge a cellular phone. The client does not hold a contract with the company for voice and data services. | |
Postpaid | Subscriber that has a contract for the use of airtime. The client has no need of activating airtime, it is done so immediately. | |
SMS | Short Message Service. | |
SAC | Subscriber Acquisition Cost. The sum of handset subsidies, marketing expenses and commissions to distributors for handset activation. Handset subsidy is calculated as the difference between equipment cost and equipment revenues. | |
Wireless penetration | The ratio of total wireless subscribers in any given country divided by the total population in that country. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date:February 13, 2020 | AMÉRICA MÓVIL, S.A.B. DE C.V. | |||||
By: | /s/ Carlos José García Moreno Elizondo | |||||
Name: | Carlos José García Moreno Elizondo | |||||
Title: | Chief Financial Officer |