SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
For the month of April 2010
Commission file number: 1-16269
AMÉRICA MÓVIL, S.A.B. DE C.V.
(Exact name of registrant as specified in its charter)
America Mobile
(Translation of Registrants name into English)
Lago Alberto 366, Colonia Anáhuac, 11320 México, D.F., México
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20- F x Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7)
Yes No x
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes No x
AMÉRICA MÓVILS FIRST QUARTER OF 2010
FINANCIAL AND OPERATING REPORT
Mexico City, April 29, 2010 - América Móvil, S.A.B. de C.V. (América Móvil) [BMV: AMX] [NYSE: AMX] [NASDAQ: AMOV] [LATIBEX: XAMXL], announced today its financial and operating results for the first quarter of 2010.
| In the first quarter of 2010 América Móvil added 5.5 million subscribers41.3% more than last yearbringing to 206.4 million our wireless subscriber base. Our Brazilian operations gained 1.2 million subscribers, followed by Mexico, with 1.1 million and Tracfone in the US with just over a million. Several operations recorded higher subscriber gains than last year. |
| We had 3.8 million landlines in Central America and the Caribbean at the end of the quarter, for a total of 210.2 million lines in the Americas. Wireless penetration is estimated to have reached 92% in our region of operations (excluding the U.S.) at the end of March. |
| First quarter revenues of 98.7 billion pesos were up 9.8% year-on-year. Data revenues continued to grow rapidly and have reached 21.3% of service revenues. ARPUs increased in several countries. |
| Operating income grew 11.1% to 29.4 billion pesos. They were equivalent to nearly 30% of revenues. |
| Due to our lower level of net debt and substantial foreign exchange gains, our comprehensive financing cost came down by 38.2%. |
| We generated a net income of 16.9 billion pesos that was equivalent to 52 peso cents per share and 82 dollar cents per ADR. |
| Our net debt came down by 17.2 billion pesos in the quarter to 66.4 billion pesos in March. Our capital outlays totaled 10.8 billion pesos, half of which was linked to capital expenditures and the rest to share buybacks. |
| Our shareholders assembly on April 7th approved the payment of a 32 peso cents dividend per share. The dividend will be paid in equal installments in July and November. The assembly also approved the increase of 50 billion pesos in our fund for share buybacks. |
América Móvil Fundamentals
Mexican Pesos
1Q10 | 1Q09 | Var. % | |||||
EPS (Mex$)* |
0.52 | 0.50 | 4.7 | % | |||
Earning per ADR (US$)** |
0.82 | 0.71 | 15.5 | % | |||
Net Income (millions of Mex$ ) |
16,874 | 16,560 | 1.9 | % | |||
Operating Income (millions of Mex$) |
29,398 | 26,470 | 11.1 | % | |||
Shares Outstanding as of March 31th (billion) |
32.11 | 32.95 | -2.6 | % | |||
ADRs Outstanding as of March 31th (millions) *** |
575 | 627 | -8.3 | % |
* | Net Income / Total Shares outstanding |
** | 20 shares per ADR |
*** | As per Bank of NY Mellon |
Relevant Events
Beginning January 1st, 2010 América Móvils financial statements will be presented in accordance to International Financial Reporting Standards (IFRS) both at the consolidated and subsidiary levels. The move towards IFRS is mandatory for all Mexican listed companies, which are obliged to adopt them by January 1st, 2012 at the latest. The main change regarding the income statement is that revenues are now presented net of commissions to postpaid distributors and the cost of loyalty programs. All the information in this report, including the figures for the first quarter of 2009, was prepared under IFRS.
In March both Moodys and Standard and Poors upgraded by one notch América Móvils credit ratings, to A2 and A- respectively. Fitch rates América Móvil at A-. All the agencies have our ratings today under a stable outlook.
Taking advantage of favorable market conditions, in March we placed 4 billion dollars of securities in an offering comprising five, ten and thirty-year notes in the U.S. market. This was the largest issue to date by a private sector company in the emerging markets space. Earlier in the quarter, we had issued debt securities in Mexico and Switzerland in the amount of 1.4 billion dollars equivalent.
América Móvil Subsidiaries & Affiliates as of March 2010
Country |
Company |
Business |
Equity Participation |
Consolidation Method | |||||||||
Subsidiaries | |||||||||||||
- | Mexico | Telcel | wireless | 100.0 | % | Global Consolidation Method | |||||||
- | Argentina | Claro | wireless | 100.0 | % | Global Consolidation Method | |||||||
- | Brazil | Claro | wireless | 99.4 | % | Global Consolidation Method | |||||||
- | Chile | Claro | wireless | 100.0 | % | Global Consolidation Method | |||||||
- | Colombia | Comcel | wireless | 99.4 | % | Global Consolidation Method | |||||||
- | Dominicana | Claro | wireless, wireline | 100.0 | % | Global Consolidation Method | |||||||
- | Ecuador | Conecel | wireless | 100.0 | % | Global Consolidation Method | |||||||
- | El Salvador | Claro | wireless, wireline | 95.8 | % | Global Consolidation Method | |||||||
- | Guatemala | Claro | wireless, wireline | 99.2 | % | Global Consolidation Method | |||||||
- | Honduras | Claro | wireless, wireline | 100.0 | % | Global Consolidation Method | |||||||
- | Jamaica | Claro | wireless | 99.4 | % | Global Consolidation Method | |||||||
- | Nicaragua | Claro | wireless, wireline | 99.5 | % | Global Consolidation Method | |||||||
- | Panama | Claro | wireless | 100.0 | % | Global Consolidation Method | |||||||
- | Paraguay | Claro | wireless | 100.0 | % | Global Consolidation Method | |||||||
- | Peru | Claro | wireless | 100.0 | % | Global Consolidation Method | |||||||
- | Puerto Rico | Claro | wireless, wireline | 100.0 | % | Global Consolidation Method | |||||||
- | Uruguay | Claro | wireless | 100.0 | % | Global Consolidation Method | |||||||
- | USA | Tracfone | wireless | 98.2 | % | Global Consolidation Method | |||||||
Affiliate | |||||||||||||
- | Mexico | Telvista | other | 45.0 | % | Equity Method |
Subscribers
We added 5.5 million subscribers14.6% of them postpaid clientsin the first quarter of 2010, 41.3% more than in the same period of the prior year, as we continued with our focus on higher value clients. Brazil, Chile, Argentina, Colombia, Ecuador, Peru, Central America, and Tracfone, in the US all obtained higher net additions than in 2009. We finished the period with 206.4 million wireless subscribers, 10.6% more than a year before. In addition to these, we had 3.8 million fixed lines in Central America and the Caribbean taking the total to 210.2 million lines in the Americas.
Brazil came in first in terms of net adds with 1.2 million, followed closely by Mexico with 1.1 million subscribers and Tracfone, with just over one million subs. Our operations in Argentina and Peru both added close to 450 thousand subscribers, while Colombia gained 381 thousand new clients.
As of March we had 60.3 million subscribers in Mexico, 45.6 million in Brazil, 28.1 million in Colombia and 17.4 million in Argentina. Amongst the large Latin-American countries, Brazil grew the fastest in relative terms (15.1% year-on-year), followed by Argentina (10.1%), México (4.7%) and Colombia (4.1%). The most dynamic growth was observed in the US, where Tracfones subscriber base expanded by 31.4% year-on-year.
Wireless penetration is estimated to have reached nearly 92% in our region of operations (excluding the U.S.) at the end of the quarter.
Subscribers as of March 2010
Thousands
Total(1) | ||||||||||||
Country |
Mar10 | Dec09 | Var.% | Mar09 | Var.% | |||||||
Mexico |
60,265 | 59,167 | 1.9 | % | 57,533 | 4.7 | % | |||||
Brazil |
45,583 | 44,401 | 2.7 | % | 39,587 | 15.1 | % | |||||
Chile |
3,769 | 3,597 | 4.8 | % | 3,080 | 22.4 | % | |||||
Argentina, Paraguay and Uruguay |
18,686 | 18,236 | 2.5 | % | 17,066 | 9.5 | % | |||||
Colombia and Panama |
28,160 | 27,797 | 1.3 | % | 26,949 | 4.5 | % | |||||
Ecuador |
9,782 | 9,449 | 3.5 | % | 8,613 | 13.6 | % | |||||
Peru |
8,741 | 8,311 | 5.2 | % | 7,487 | 16.8 | % | |||||
Central America |
9,735 | 9,535 | 2.1 | % | 9,213 | 5.7 | % | |||||
Caribbean |
6,256 | 6,052 | 3.4 | % | 5,296 | 18.1 | % | |||||
USA |
15,452 | 14,427 | 7.1 | % | 11,759 | 31.4 | % | |||||
Total Wireless |
206,429 | 200,972 | 2.7 | % | 186,586 | 10.6 | % | |||||
Central America |
2,268 | 2,259 | 0.4 | % | 2,251 | 0.8 | % | |||||
Caribbean |
1,515 | 1,531 | -1.0 | % | 1,590 | -4.7 | % | |||||
Total Fixed |
3,783 | 3,789 | -0.1 | % | 3,841 | -1.5 | % | |||||
Total Lines |
210,213 | 204,761 | 2.7 | % | 190,427 | 10.4 | % | |||||
(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. Total wireless historical data does not include recent acquisitions. |
América Móvil Consolidated Results
With the economic recovery throughout the Americas helping to reaccelerate consumer spending and subscriber growth, and with the secular trend towards the increased use of data services still very much in evidence, América Móvil´s operations exhibited a strong performance in the first quarter.
First quarter revenuesnow presented under International Financial Reporting Standards (IFRS) for both 2010 and 2009rose 9.8% from a year before to 98.7 billion pesos, with equipment revenues increasing 15.1% buoyed by the fast pace of net subscriber additions and service revenues climbing 9.2%. The latter figure would have been a point higher had the exchange rates remained constant throughout the quarter, which speaks to the strength of revenue growth in local currencies. Data services continued to increase their share of service revenues, which hit 21.3% in the quarter vs. 16.4% in the year-earlier quarter.
Depreciation and amortization charges totaled 13.0% of revenues, having risen 15.7% from a year before mostly as a result of faster depreciation of network equipment in Brazil. Operating income increased 11.1% to 29.4 billion pesos, a figure that was just shy of 30% of revenues.
America Movils Income Statement (IFRS)
Millions of MxP
1Q10 | 1Q09 | Var.% | |||||||
Net Service Revenues |
87,641 | 80,279 | 9.2 | % | |||||
Equipment Revenues |
11,039 | 9,588 | 15.1 | % | |||||
Total Revenues |
98,680 | 89,867 | 9.8 | % | |||||
Cost of Service |
23,178 | 20,637 | 12.3 | % | |||||
Cost of Equipment |
17,958 | 17,474 | 2.8 | % | |||||
Selling, General & Administrative Expenses |
14,123 | 13,141 | 7.5 | % | |||||
Others |
1,136 | 1,012 | 12.3 | % | |||||
Total Costs and Expenses |
56,396 | 52,263 | 7.9 | % | |||||
Depreciation & Amortization |
12,886 | 11,133 | 15.7 | % | |||||
Operating Income |
29,398 | 26,470 | 11.1 | % | |||||
% of Total Revenues |
29.8 | % | 29.5 | % | |||||
Net Interest Expense |
1,336 | 1,659 | -19.5 | % | |||||
Other Financial Expenses |
2,864 | -594 | n.m. | ||||||
Foreign Exchange Loss |
-2,165 | 2,229 | -197.1 | % | |||||
Comprehensive Financing Cost (Income) |
2,036 | 3,295 | -38.2 | % | |||||
Income & Deferred Taxes |
10,485 | 6,656 | 57.5 | % | |||||
Net Income before Minority Interest and Equity |
16,878 | 16,519 | 2.2 | % | |||||
Participation in Results of Affiliates |
|||||||||
minus |
|||||||||
Equity Participation in Results of Affiliates |
11 | 60 | -81.3 | % | |||||
Minority Interest |
-15 | -19 | 19.8 | % | |||||
Net Income |
16,874 | 16,560 | 1.9 | % | |||||
n.m. Not meaningful
Balance Sheet (in accordance with IFRS)
América Móvil Consolidated
Millions of Mexican Pesos
Mar 10 | Dec 09 | Var.% | Mar 10 | Dec 09 | Var.% | |||||||||||
Current Assets |
Current Liabilities |
|||||||||||||||
Cash & Securities |
114,017 | 27,446 | 315.4 | % | Short Term Debt** |
7,347 | 9,168 | -19.9 | % | |||||||
Accounts Receivable |
50,556 | 55,927 | -9.6 | % | Accounts Payable |
89,269 | 95,924 | -6.9 | % | |||||||
Other Current Assets |
7,940 | 3,189 | 149.0 | % | Other Current Liabilities |
36,907 | 35,642 | 3.5 | % | |||||||
Inventories |
19,677 | 21,536 | -8.6 | % | 133,523 | 140,734 | -5.1 | % | ||||||||
192,190 | 108,098 | 77.8 | % | |||||||||||||
Non Current Assets |
||||||||||||||||
Plant & Equipment |
210,017 | 224,740 | -6.6 | % | ||||||||||||
Investments in Affiliates |
969 | 975 | -0.6 | % | Non Current Liabilities |
|||||||||||
Long Term Debt |
173,066 | 101,741 | 70.1 | % | ||||||||||||
Other Non Current Liabilities |
25,791 | 25,233 | 2.2 | % | ||||||||||||
Deferred Assets |
198,857 | 126,975 | 56.6 | % | ||||||||||||
Goodwill (Net) |
45,861 | 45,805 | 0.1 | % | ||||||||||||
Intangible |
41,436 | 45,822 | -9.6 | % | ||||||||||||
Deferred Assets |
22,083 | 21,170 | 4.3 | % | Shareholders Equity |
180,175 | 178,901 | 0.7 | % | |||||||
Total Assets |
512,555 | 446,610 | 14.8 | % | Total Liabilities and Equity |
512,555 | 446,610 | 14.8 | % | |||||||
** | Includes current portion of Long Term Debt |
Our comprehensive financing costs totaled 2.0 billion pesos, having come down by 38.2% from the previous year as a result of a lower level of net debt and foreign exchange gains stemming mostly from the appreciation of the Mexican peso vs. the dollar.
We obtained net income of 16.9 billion pesos in the quarter, slightly higher than the one seen a year before. It was equivalent to 52 peso cents per share and 82 dollar cents per ADR. These figures were up 4.7% and 15.5% year-on-year.
Our net debt came down by 17.2 billion pesos in the quarter to 66.4 billion pesos, even after capital expenditures and share repurchases of 5.4 billion pesos each.
By the end of March, we had finished approximately 95% of the international transport network for voice and data we have been building in various countries. This new network will allow us to improve the quality and the cost of various services, particularly as regards long distance and data traffic.
Financial Debt of América Móvil*
Millions of U.S. Dollars
Mar-10 | Dec-09 | |||
Peso Denominated Debt |
3,315 | 2,019 | ||
Bonds and other securities |
3,315 | 2,019 | ||
Banks and others |
0 | 0 | ||
U.S. Dollardenominated debt |
8,618 | 4,365 | ||
Bonds and other securities |
7,952 | 3,952 | ||
Banks and others |
666 | 413 | ||
Debt denominated in other currencies |
2,541 | 2,109 | ||
Bonds and other securities |
665 | 788 | ||
Banks and others |
1,877 | 1,321 | ||
Total Debt |
14,475 | 8,493 | ||
Short term debt and current portion of long-term debt |
589 | 702 | ||
Long-term debt |
13,885 | 7,791 |
* | This table does not include the effect of forwards and derivatives used to hedge the foreign exchange exposure |
Mexico
Net subscriber additions came in at 1.1 million in the first quarter, with postpaid subs accounting for a quarter of them. At the end of March we had 60.3 million subs in Mexico, 4.7% more than in the year-earlier quarter.
First quarter revenues expanded 10.3% annually to 35.2 billion pesos, with equipment revenues jumping 24.1% and service revenues rising 7.9% on the back of data revenues that soared 28.7% as the demand for data services continues to take hold. ARPU was up 3.1% to 163 from 158 the previous year. The average price per minute declined 9.5% year-on-year to 4.8 dollar cents, helping bring about an 8.3% increase in MOUs; for the first time they broke through 200 minutes per month.
In March, Teligen, the company that acts as the database provider of the OECD on telecom pricing, released its Teligen Baskets reportthe one on which the OECDs analysis are basedwith information as of February 2010. According to this report, in the case of the OECD´s prepaid basket Telcels plans are the second cheapest in US dollar terms among the 30 countries that make up that Organization and the seventh cheapest in the OECDs PPP units (Purchasing Power Parity). Approximately 91% of Telcels subscribers are prepaid customers.
On April 10th the period set by Cofetel for the registry of wireless subscribers expired. On acount of existing regulations, Telcel had to proceed with the suspension of service to those subscribers that had not yet registered. However, this requirement has been temporarily waived so as to not affect the communications services of many of our clients. Telcel remains fully supportive of the regulation and is actively reminding its clients that they need to register. To date, the majority of Telcels clients have already registered.
INCOME STATEMENT (IFRS)
Mexico
Millions of MxP
1Q10 | 1Q09 | Var.% | |||||||
Revenues |
35,194 | 31,905 | 10.3 | % | |||||
Operating Income |
17,961 | 16,251 | 10.5 | % | |||||
% |
51.0 | % | 50.9 | % |
Mexico Operating Data
1Q10 | 1Q09 | Var.% | |||||||
Wireless Subscribers (thousands) |
60,265 | 57,533 | 4.7 | % | |||||
Postpaid |
5,491 | 4,346 | 26.3 | % | |||||
Prepaid |
54,774 | 53,187 | 3.0 | % | |||||
MOU |
201 | 185 | 8.3 | % | |||||
ARPU (MxP)* |
163 | 158 | 3.1 | % | |||||
Churn (%) |
3.2 | % | 3.1 | % | 0.0 |
* | These figures are presented under IFRS. Under local GAAP, ARPUs would have been 174 pesos and 168 pesos for 1Q10 and 1Q09, respectively |
Argentina, Paraguay & Uruguay
Our combined subscriber base in Argentina Paraguay and Uruguay ended the quarter with 18.7 million subscribers. It was up 9.5% in annual terms. Net additions came in at 451 thousand, of which 27% were postpaid. Argentina has the highest penetration rate in the Americas: it is estimated to have reached 126% at the end of March. This notwithstanding, our net additions in Argentina were still higher than those of a year ago.
Revenues for the quarter, 2.2 billion Argentinean pesos, were 18.3% greater than those of 2009, as service revenues expanded 23.0% in the period. The dynamism of data revenues continued as they climbed 18.7% on an annual basis fueling a 12.8% increase in ARPU year-on-year: The latter also benefited from an important increase in voice revenues.
INCOME STATEMENT (IFRS)
Argentina, Uruguay & Paraguay
Millions of ARP
1Q10 | 1Q09 | Var.% | |||||||
Revenues |
2,184 | 1,846 | 18.3 | % | |||||
Operating Income |
768 | 479 | 60.1 | % | |||||
% |
35.1 | % | 26.0 | % |
Argentina, Uruguay & Paraguay Operating Data
1Q10 | 1Q09 | Var.% | |||||||
Wireless Subscribers (thousands) |
18,686 | 17,066 | 9.5 | % | |||||
Postpaid |
2,441 | 2,205 | 10.7 | % | |||||
Prepaid |
16,246 | 14,862 | 9.3 | % | |||||
MOU |
130 | 134 | -2.4 | % | |||||
ARPU (ARP)* |
35 | 31 | 12.8 | % | |||||
Churn (%) |
1.9 | % | 2.2 | % | (0.3 | ) |
* | These figures are presented under IFRS. Under local GAAP, ARPUs would have been 38 Argentinean pesos and 34 Argentinean pesos for 1Q10 and 1Q09, respectively. |
Brazil
We gained 1.2 million clients in Brazil in the first quarter, 38.2% more than in the same period of 2009, to finish the quarter with 45.6 million subs, which represents an increase of 15.1% year-on-year.
Revenues of 2.8 billion reais exceeded by 3.3% those of the year-earlier quarter. Service revenues rose at a somewhat faster rate on the back of a 44.4% increase in data revenues which helped compensate a slight reduction in voice revenues. ARPU fell 8.7% to 20 reais, partly as a result of prices per minute falling 19.6%
INCOME STATEMENT (IFRS)
Brazil
Millions of BrL
1Q10 | 1Q09 | Var.% | |||||||
Revenues |
2,769 | 2,681 | 3.3 | % | |||||
Operating Income |
182 | 220 | -17.6 | % | |||||
% |
6.6 | % | 8.2 | % |
Brazil Operating Data
1Q10 | 1Q09 | Var.% | |||||||
Wireless Subscribers (thousands) |
45,583 | 39,587 | 15.1 | % | |||||
Postpaid |
8,758 | 8,148 | 7.5 | % | |||||
Prepaid |
36,825 | 31,439 | 17.1 | % | |||||
MOU |
92 | 85 | 8.2 | % | |||||
ARPU (BrL)* |
20 | 22 | -8.7 | % | |||||
Churn (%) |
2.8 | % | 2.5 | % | 0.3 |
* | These figures are presented under IFRS. Under local GAAP, ARPUs would have been 20 reais and 23 reais for 1Q10 and 1Q09, respectively. |
Chile
At 171 thousand, our net additions in the first quarter more than doubled those of the year-earlier quarter bringing to 3.8 million our subscriber base. Whereas the latter expanded by 22.4% in annual terms, our postpaid subscriber base increased 42.7%. Approximately one fourth of the net additions of the quarter were postpaid.
Revenues were up 23.1% from a year before to 72.2 billion Chilean pesos. Service revenues expanded 13.8% in the period as data revenues nearly doubled.
On February 7th Chile was struck by an earthquake that produced severe damages in the country. We were able to restore communications in a relatively short period of time.
INCOME STATEMENT (IFRS)
Chile
Millions of ChP
1Q10 | 1Q09 | Var.% | |||||||
Revenues |
72,158 | 58,641 | 23.1 | % | |||||
Operating Income |
-9,695 | -9,723 | 0.3 | % | |||||
% |
-13.4 | % | -16.6 | % |
Chile Operating Data
1Q10 | 1Q09 | Var.% | |||||||
Wireless Subscribers (thousands) |
3,769 | 3,080 | 22.4 | % | |||||
Postpaid |
571 | 400 | 42.7 | % | |||||
Prepaid |
3,198 | 2,679 | 19.3 | % | |||||
MOU |
170 | 142 | 19.3 | % | |||||
ARPU (ChP)* |
5,122 | 5,350 | -4.3 | % | |||||
Churn (%) |
3.9 | % | 3.5 | % | 0.4 |
* | These figures are presented under IFRS. Under local GAAP, ARPUs would have been 6,048 Chilean pesos and 6,263 Chilean pesos for 1Q10 and 1Q09, respectively. |
Colombia and Panama
We finished the quarter with 28.2 million subscribers in Colombia-Panama after adding 363 thousand new clients in those countries. Postpaid net additions were 54.4% greater than those gained in the first quarter of 2009 and represent a fifth of the periods net adds. Our subscriber base was up 4.5% relative to last year.
We generated revenues of 1.5 trillion Colombian pesos in the first quarter that were flat year-on-year. Data continues to gain traction with revenue growth of 92.7% from the prior year. Our average price per minute of voice came down by 20.7% and was not fully compensated by the associated 14.8% increase in MOUs, but the ARPU remained firm thanks to the great growth of data revenues.
INCOME STATEMENT (IFRS)
Colombia and Panama
Billions of COP
1Q10 | 1Q09 | Var.% | |||||||
Revenues |
1,463 | 1,463 | 0.0 | % | |||||
Operating Income |
542 | 460 | 17.9 | % | |||||
% |
37.0 | % | 31.4 | % |
Colombia and Panama Operating Data
1Q10 | 1Q09 | Var.% | |||||||
Wireless Subscribers (thousands) |
28,160 | 26,949 | 4.5 | % | |||||
Postpaid |
4,039 | 3,699 | 9.2 | % | |||||
Prepaid |
24,121 | 23,250 | 3.7 | % | |||||
MOU |
186 | 162 | 14.8 | % | |||||
ARPU (COP)* |
15,707 | 15,955 | -1.5 | % | |||||
Churn (%) |
3.5 | % | 3.4 | % | 0.1 |
* | These figures are presented under IFRS. Under local GAAP, ARPUs would have been 16,545 Colombian pesos and 16,700 Colombian pesos for 1Q10 and 1Q09, respectively |
Ecuador
After adding 333 thousand new subscribers in the first quarter of the year7.8% more than in the prior yearour subscriber base reached almost 10 million, a 13.6% increase over the previous year. Postpaid subs increased somewhat more rapidly (16.1%).
Our first quarter revenues, 286 million dollars, were up 8.7% year-over-year, with service revenues rising 10.4%. Data revenues increased 31.9% and now account for just over a fourth of service revenues. The average price per minute of voice came down sharply (27.8%) helping bring about a 27.8% increase in minutes of use per subscriber.
INCOME STATEMENT (IFRS)
Ecuador
Millions of Dollars
1Q10 | 1Q09 | Var.% | |||||||
Revenues |
286 | 263 | 8.7 | % | |||||
Operating Income |
102 | 88 | 16.4 | % | |||||
% |
35.7 | % | 33.3 | % |
Ecuador Operating Data
1Q10 | 1Q09 | Var.% | |||||||
Wireless Subscribers (thousands) |
9,782 | 8,613 | 13.6 | % | |||||
Postpaid |
1,119 | 964 | 16.1 | % | |||||
Prepaid |
8,663 | 7,649 | 13.2 | % | |||||
MOU |
106 | 83 | 27.8 | % | |||||
ARPU (US$)* |
8 | 9 | -2.7 | % | |||||
Churn (%) |
1.5 | % | 1.4 | % | 0.1 |
* | These figures are presented under IFRS. Under local GAAP, ARPUs would have been 9 dollars and 9 dollars for 1Q10 and 1Q09, respectively. |
Peru
Net additions for the quarter, 430 thousand, exceeded by almost 40% those of a year ago. They brought our subscriber base to 8.7 million subscribers, which represented a 16.8% increase year-on-year.
Revenues reached 654 million soles in the first three months of the year. They were up 19.4% from a year before on the back of service revenues that jumped 22.7%, led by data revenues that expanded 73.6%. The growth of data revenues was key in bringing about a 5.9% jump in ARPU.
Few months after number portability was implemented in Peru, Claro is a net gainer of ported numbers by a wide margin.
INCOME STATEMENT (IFRS)
Peru
Millions of Soles
1Q10 | 1Q09 | Var.% | |||||||
Revenues |
654 | 548 | 19.4 | % | |||||
Operating Income |
221 | 133 | 65.9 | % | |||||
% |
33.8 | % | 24.3 | % |
Peru Operating Data
1Q10 | 1Q09 | Var.% | |||||||
Wireless Subscribers (thousands) |
8,741 | 7,487 | 16.8 | % | |||||
Postpaid |
950 | 833 | 14.1 | % | |||||
Prepaid |
7,791 | 6,654 | 17.1 | % | |||||
MOU |
95 | 112 | -14.6 | % | |||||
ARPU (Sol)* |
22 | 21 | 5.9 | % | |||||
Churn (%) |
2.7 | % | 3.2 | % | (0.5 | ) |
* | These figures are presented under IFRS. Under local GAAP, ARPUs would have been 22 soles and 21 soles for 1Q10 and 1Q09, respectively. |
Central America
Our combined subscriber base in Central America ended March with 9.7 million subscribers after gaining 200 thousand new clients in the period. Net additions more than tripled as compared to those of last year. We also had a total of 2.3 million landlines in this region.
First quarter revenues came in at 332 million dollars, slightly less than in the year-earlier quarter, with wireless service revenues staying firm in spite of the significant reduction in the average revenue per minute (-22.9%) thanks to data revenue growth.
INCOME STATEMENT (IFRS)
Central America Consolidated
Millions of Dollars
1Q10 | 1Q09 | Var.% | |||||||
Revenues |
332 | 342 | -2.9 | % | |||||
Operating Income |
47 | 59 | -20.6 | % | |||||
% |
14.0 | % | 17.2 | % |
Central America Operating Data
1Q10 | 1Q09 | Var.% | |||||||
Wireless Subscribers (thousands) |
9,735 | 9,213 | 5.7 | % | |||||
Postpaid |
473 | 436 | 8.6 | % | |||||
Prepaid |
9,262 | 8,777 | 5.5 | % | |||||
Fixed Lines (thousands) |
2,268 | 2,251 | 0.8 | % | |||||
Total Lines (Wireless + Fixed, 000s) |
12,004 | 11,463 | 4.7 | % | |||||
MOU |
126 | 106 | 18.8 | % | |||||
ARPU (US$)* |
6 | 6 | -5.0 | % | |||||
Churn (%) |
2.2 | % | 2.2 | % | 0.0 |
* | These figures are presented under IFRS. Under local GAAP, ARPUs would have been 6 dollars and 6 dollars for 1Q10 and 1Q09, respectively. |
Caribbean
Our subscriber base ended March with 6.3 million subscribersit was up 18.1% year-over-yearafter adding 203 thousand subs in the first quarter. Postpaid net adds were nearly 3 times as high as those of the same period of the precedent year although total net additions were down partly on account of the high penetration rate already attained in the region.
At 524 million dollars first quarter revenues were flat year-on-year, with service revenues declining only slightly in the face of a marked reduction (25.8%) in prices per minute. Wireless revenues kept on expanding their share of service revenues, as did data revenues, which shot up nearly 50% over the prior year.
INCOME STATEMENT (IFRS)
Caribbean Consolidated
Millions of Dollars
1Q10 | 1Q09 | Var.% | |||||||
Revenues |
524 | 524 | 0.0 | % | |||||
Operating Income |
51 | 12 | 333.0 | % | |||||
% |
9.8 | % | 2.3 | % |
Caribbean Operating Data
1Q10 | 1Q09 | Var.% | |||||||
Wireless Subscribers (thousands) |
6,256 | 5,296 | 18.1 | % | |||||
Postpaid |
1,338 | 977 | 36.9 | % | |||||
Prepaid |
4,917 | 4,319 | 13.9 | % | |||||
Fixed Lines (thousands) |
1,515 | 1,590 | -4.7 | % | |||||
Total Lines (Wireless + Fixed, 000s) |
7,771 | 6,886 | 12.8 | % | |||||
MOU |
291 | 239 | 21.8 | % | |||||
ARPU (US$)* |
12 | 13 | -7.1 | % | |||||
Churn (%) |
5.2 | % | 3.9 | % | 1.3 |
* | These figures are presented under IFRS. Under local GAAP, ARPUs would have been 13 dollars and 13 dollars for 1Q10 and 1Q09, respectively. |
United States
Our operation in the U.S. exhibited the fastest pace of subscriber growth among our operations. Net additions for the quarter, one million, were 80.8% higher than those of a year before, leading our subscriber base to 15.5 million clients at the end of the period. This is a 31.4% increase over the year-earlier quarter.
First quarter revenues reached a record high of 605 million dollars, having increased 60.5% in annual terms. Our new product, StraightTalk, and the commercial efforts made to strengthen our other brands helped bring about a 45.1% increase in service revenues. MOUs more than doubled in the period, with the ARPU climbing 11.2% from a year before.
INCOME STATEMENT (IFRS)
United States
Millions of Dollars
1Q10 | 1Q09 | Var.% | |||||||
Revenues |
605 | 377 | 60.5 | % | |||||
Operating Income |
70 | 67 | 4.5 | % | |||||
% |
11.6 | % | 17.8 | % |
United States Operating Data
1Q10 | 1Q09 | Var.% | |||||||
Wireless Subscribers (thousands) |
15,452 | 11,759 | 31.4 | % | |||||
MOU |
153 | 74 | 106.5 | % | |||||
ARPU (US$)* |
11 | 10 | 11.2 | % | |||||
Churn (%) |
3.6 | % | 4.0 | % | (0.4 | ) |
* | These figures are presented under IFRS. Under local GAAP, ARPUs would have been 11 dollars and 10 dollars for 1Q10 and 1Q09, respectively. |
Exchange Rates Vs Usd
1Q10 | 1Q09 | Var.% | |||||
Mexico |
|||||||
EoP |
12.46 | 14.33 | -13.0 | % | |||
Average |
12.80 | 14.12 | -9.4 | % | |||
Brazil |
|||||||
EoP |
1.78 | 2.32 | -23.1 | % | |||
Average |
1.80 | 2.23 | -19.3 | % | |||
Argentina |
|||||||
EoP |
3.88 | 3.72 | 4.2 | % | |||
Average |
3.84 | 3.49 | 10.0 | % | |||
Chile |
|||||||
EoP |
524 | 583 | -10.1 | % | |||
Average |
519 | 607 | -14.5 | % | |||
Colombia |
|||||||
EoP |
1,929 | 2,561 | -24.7 | % | |||
Average |
1,948 | 2,412 | -19.3 | % | |||
Guatemala |
|||||||
EoP |
7.99 | 8.11 | -1.6 | % | |||
Average |
8.19 | 7.95 | 2.9 | % | |||
Honduras |
|||||||
EoP |
19.03 | 19.03 | 0.0 | % | |||
Average |
19.03 | 19.03 | 0.0 | % | |||
Nicaragua |
|||||||
EoP |
21.09 | 20.09 | 5.0 | % | |||
Average |
20.97 | 19.97 | 5.0 | % | |||
Peru |
|||||||
EoP |
2.84 | 3.16 | -10.1 | % | |||
Average |
2.85 | 3.14 | -9.2 | % | |||
Paraguay |
|||||||
EoP |
4,698 | 5,100 | -7.9 | % | |||
Average |
4,681 | 5,062 | -7.5 | % | |||
Uruguay |
|||||||
EoP |
19.46 | 24.07 | -19.2 | % | |||
Average |
19.65 | 22.40 | -12.2 | % | |||
Dominican |
|||||||
EoP |
36.48 | 35.97 | 1.4 | % | |||
Average |
36.34 | 34.00 | 6.9 | % | |||
Jamaica |
|||||||
EoP |
89.51 | 88.82 | 0.8 | % | |||
Average |
89.69 | 84.99 | 5.5 | % |
Exchange Rates Vs mexican peso
1Q10 | 1Q09 | Var.% | |||||
USA |
|||||||
EoP |
0.08 | 0.07 | 15.0 | % | |||
Average |
0.08 | 0.07 | 10.4 | % | |||
Brazil |
|||||||
EoP |
7.00 | 6.19 | 13.1 | % | |||
Average |
7.10 | 6.32 | 12.3 | % | |||
Argentina |
|||||||
EoP |
3.21 | 3.85 | -16.6 | % | |||
Average |
3.33 | 4.05 | -17.7 | % | |||
Chile |
|||||||
EoP |
0.024 | 0.025 | -3.3 | % | |||
Average |
0.025 | 0.023 | 6.0 | % | |||
Colombia |
|||||||
EoP |
0.0065 | 0.0056 | 15.5 | % | |||
Average |
0.0066 | 0.0059 | 12.2 | % | |||
Guatemala |
|||||||
EoP |
1.56 | 1.77 | -11.6 | % | |||
Average |
1.56 | 1.78 | -12.0 | % | |||
Honduras |
|||||||
EoP |
0.66 | 0.75 | -13.0 | % | |||
Average |
0.67 | 0.74 | -9.4 | % | |||
Nicaragua |
|||||||
EoP |
0.59 | 0.71 | -17.2 | % | |||
Average |
0.61 | 0.71 | -13.7 | % | |||
Peru |
|||||||
EoP |
4.39 | 4.53 | -3.3 | % | |||
Average |
4.49 | 4.50 | -0.2 | % | |||
Paraguay |
|||||||
EoP |
0.0027 | 0.0028 | -5.6 | % | |||
Average |
0.0027 | 0.0028 | -2.0 | % | |||
Uruguay |
|||||||
EoP |
0.64 | 0.60 | 7.6 | % | |||
Average |
0.65 | 0.63 | 3.2 | % | |||
Dominican |
|||||||
EoP |
0.34 | 0.40 | -14.2 | % | |||
Average |
0.35 | 0.42 | -15.2 | % | |||
Jamaica |
|||||||
EoP |
0.14 | 0.16 | -13.7 | % | |||
Average |
0.14 | 0.17 | -14.1 | % |
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: April 30, 2010
AMÉRICA MÓVIL, S.A.B. DE C.V. | ||
By: | /S/ CARLOS GARCÍA MORENO | |
Name: | Carlos García Moreno | |
Title: | Chief Financial Officer |
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