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Relevant Events

In December Telcel, along with Telmex and Teléfonica agreed to a new schedule of reductions in mobile termination rates. They will fall to 95 peso cents in 2011 and billing will now be based on a per-second scheme after the first minute, as opposed to a per-minute billing as has been the case, which will have the effect of an overall reduction of 13% in the year, to 87 peso cents. MTRs will continue to decline annually until they reach 69 peso cents in 2014, which would be equivalent to 63 peso cents once the effects of the new billing scheme are factored in, for a 37% accumulated decline in the period.

In a public auction in January AméricaMóvil obtained a license to operate in Costa Rica. We were granted the use of 70 MHz of spectrum in the 1.8 MHz and 2.1 MHz bands for a period of 15 years. We expect to begin operations in Costa Rica this year.

January 13th was the last day for shareholders of Net  Serviços to put their preferred shares of Net  Serviços to Embratel under the put right period that followed the closing of our tender offer last October. A total of 49.8 million shares (21.8%) of preferred shares were tendered during the shareholder put right period, taking the total shares acquired by Embratel in the process to 193.7 million. The current direct and indirect ownership interest of Embratel in Net is 91.9%. In addition, Embratel has a call option on 2% of the common shares.

On January 31st, AméricaMóvil announced  that it would tender for the outstanding dollar-denominated Telmex bonds in exchange for which we will offer AMX dollar bonds of roughly the same maturity.

Total Accesses

We finished December with 276.5 million accesses, 12.1% more than in 2009.  This figure comprises 225 million wireless subscribers, 28.4 million landlines, 13 million broadband accesses and 10.1 million PayTV units. Excluding Mexico, the number of fixed lines was up 15.0% year-on-year and that of broadband accesses 23.3%. PayTV was the fastest growing division, with a 31.8% annual increase.

AméricaMóvil added 8.2 million wireless subscribers in the fourth quarter, 23.4% more than in the year-earlier quarter, with a strong showing in the postpaid segment in which we gained 1.9 million clients, twice as many as the prior year.  Total net subscriber gains for the year were up 31.8% to 24.1 million, bringing our wireless subscriber base to 225 million at the end of 2010 for a 12% year-on-year increase.

Brazil gained 2.9 million subscribers in the quarter, Mexico 1.7 million, Colombia 624 thousand  and Chile 486 thousand. The quarter’s subscriber gains more than tripled in Central America and more than doubled in Mexico from the year before. In Chile and Colombia they were up 64.4% and 50.1% year-on-year respectively.

At the end of the year our subscriber base comprised 64.1 million subscribers in Mexico, 51.6 million in Brazil, 29.3 million in Colombia and 18.4 million in Argentina. We also had 17.7 million clients in the U.S. and approximately 10 million in each of Central America, Ecuador and Peru. The fastest growth in relative terms was observed in Chile, with 35.4%, followed by Tracfone in the U.S. with 23.0%. 

Fixed Revenue Generating Units

We had 51.5 million revenue generating units (RGUs) in the Americas by year-end, 12.5% more than in the same period of last year. In South America they expanded twice as rapidly: 25.7%.

At the end of the period we had 23 million RGUs in Mexico, 18.6 million in Brazil, 5.4 million in Central America and the Caribbean and nearly 3 million in Colombia. Our fastest growing operations were Ecuador and Peru, which registered an annual increase of 88.3% and 55.2%, respectively, albeit froma small base; followed by Chile and Brazil with just over 28% each.

AméricaMóvil Consolidated Results

The year 2010 ended on a relatively strong note, with the South American economies expanding rapidly and the U.S. and Mexico showing increasing signs of an economic recovery, all of which helped bring about a reacceleration of subscriber growth in the Americas. At the same time, the trend towards more data on both the mobile and the fixed-line platforms continued unabated.

Our fourth quarter revenues were up 6.0% year-on-year to nearly 162 billion pesos—65% of which came from wireless—with net service revenues expanding 5.5%. The growth figures somewhat understate the expansion of the underlying operations in local currency terms given that the Mexican peso appreciated relative to all other currencies (save for the Chilean peso) in the region. 

If exchange rates had remained constant throughout, the quarter’s service revenues would have increased 7.1% from the year-earlier quarter with mobile data and Pay-TV services leading the way with 36.6% and 79.3% revenue-growth rates.  Mobile voice revenues would have risen 8.8% and fixed broadband revenues 3.6%, while fixed-line voice revenues would have declined 6.3%.

The trend towards lower prices per minute and higher ussage levels in wireless continued in the quarter throughout the region, with the median rate of price declines reaching 13.8% and the median traffic increase on our networks getting to 24.3% —even as much as 57.8% in Chile and Ecuador.

Revenues for the year totaled 607.9 billion pesos with wireless revenues increasing 13.2% buoyed by 40.4% data revenue growth, and fixed-line revenues staying roughly unchanged as new revenues coming from broadband and PayTV services offset the loss of voice revenues.

EBITDA came in at 61.2 billion pesos in the quarter bringing the total for the year to 247.5 billion pesos.  They increased by 4.8% and 6.3% respectively from the year-earlier periods.  The quarter’s EBITDA margin, 37.8%, was very similar to that a year before in spite of the substantial acceleration of subscriber growth and the corresponding impact on subscriber acquisition costs—particularly in light of the high number of postpaid additions.

n.m. Not meaningful

Depreciation charges rose significantly in the quarter, from 14.3% of revenues in the third quarter to 16.5% in the fourth, on account of measures aimed at reflecting the impact that the rapid rate of technological innovation has on both the market values of various types of telecommunication equipment and the need to phase out older technologies. It is expected that these depreciation charges—which for the most part were concentrated in Colombia and Brazil—will trend back to something closer to 12% of revenues throughout the year.

We generated an operating profit of 33.5 billion pesos in the quarter which helped bring about a net profit of 24.2 billion pesos after comprehensive financing costs of 2.9 billion pesos and income and deferred taxes in the amount of 4.5 billion pesos. The quarter’s net profit would have been 3.9 billion pesos higher in the absence of the extraordinary depreciation charges referred to above (8.9 billion pesos) and the booking of a deferred tax credit in Brazil in the amount of 5.0 billion pesos, which was the last installment in a series of adjustments that began at the end of 2008.

Although it did not have a material impact in the quarter, it is to be noted that Telint’s move to conform to our accounting policies on capitalization of labor costs will have reduced the year’s net income by 542 million pesos as we have expensed a greater part of overall labor costs. 

Our net debt ended the year at 207.1 billion pesos—equivalent to 0.84 times LTM EBITDA—having come down by 10.4 billion throughout the year in spite of the capital outlays and dividend payments that took place. These totaled 183.3 billion pesos, of which 66 billion were spent on the acquisition of stock of TelmexInternacional, Carso Global Telecom and Net Servicos; 81.9 billion were directed to capital expenditures; 18.2 billion to share buybacks (by both AméricaMóvil and Telmex); and 17.2 billion to dividend payments (not including those made by Telmex to AméricaMóvil after June 2010). Our short term debt is now only 9.0 billion pesos.

Mexico

Our Mexican operations added 1.7 million wireless subscribers, more than twice as many as they did in the year-earlier quarter, to end the year with 64.1 million subscribers, 8.4% more than in December 2009. Postpaid clients represented 21.4% of the quarter’s net additions. In fact, throughout 2010 our postpaid client base increased three times as rapidly as our prepaid base.  On the fixed-line platform our revenue generating units rose 2.4% year-on-year, to 23.0 million accesses, as the 12.8% increase in broadband accesses (to 7.4 million) more than offset the 1.8% decline in the number of fixed lines (to 15.6 million).

Our fourth quarter revenues totaled 66.3 billion pesos, 4.7% more than a year before, with wireless revenues rising 12.0% to 38.8 billion pesos and fixed line revenues declining 4.0%, to 27.5 billion pesos. Wireless service revenues (net of commissions in accordance to IFRS) were up 10.1% led by data revenues that expanded at a 27.9% pace. MOUs continued to grow, reaching 219 minutes in the quarter, a figure that is nearly 10% higher than the one seen in the year-earlier quarter.  Their impact on wireless voice revenues was more muted on account of the continued reduction of prices per minue of voice, which fell 13.2% year-on-year to 56 peso cents (4.5 dollar cents).

Fixed-line voice revenues were down 7.8% annually with local service revenues falling at almost the same rate. Fixed data revenues (including managed services) were down as well (-6.4%) but that mostly reflects the effect of having booked an important extraordinary revenue in the fourth quarter of 2009; without this effect fixed data revenues would have risen 13%.

EBITDA climbed 4.2% annually and reached 33.5 billion pesos, with the EBITDA margin unchanged from a year before at 50.5% of revenues.

For the full year 2010 revenues totaled 251.3 billion pesos, of which wireless revenues represented 56%. Both wireless service and fixed-data revenues increased approximately 9% year-on-year whereas fixed-voice revenues declined 10.2%.

Argentina, Paraguay and Uruguay

Our combined operations in Argentina, Paraguay and Uruguay finished December with 19.9 million accesses, 19.6 million of them in wireless. Wireless subscribers increased by 7.7% in the year and fixed-line revenue-generating units by 24.8%.

Revenues for the quarter totaled 2.7 billion Argentinean pesos, having risen 15.8% from a year before with wireless revenues accounting for 94% or the total. Wireless service revenue growth was marginally higher at 16.6%, while fixed-line revenues expanded 3.2% on the strength of fixed-line data (broadband plus corporate networks), largely offset by declines in long distance revenues.

Our EBITDA of 1.1 billion Argentinean pesos of EBITDA in the fourth quarter surpassed that of the prior year by 20.3% and was equivalent to 41.9% of revenues, up 1.6 percentage points in the year.

At 9.9 billion Argentinean pesos, revenues for the full year were 16.8% above those of 2009. Service revenue growth for the period was just shy of 20%, as data revenues rose at a rate of 25.8%. EBITDA added up to 4.3 billion Argentinean pesos and represented 43.6% of revenues. It was up 36.1% compared to the prior year helped along by a margin expansion of 6.2 percentage points.

Brazil

We added 3.9 million accesses in Brazil in the fourth quarter of 2010 of which 2.9 million are new wireless subscribers-31% of them postpaid-and 1.1 million new RGUs on the fixed line platform (half of them PayTV accesses, including those of Net Serviços).  As of December we had 70.2 million accesses in the country, with 51.6 million coming from the wireless business. 

Revenues totaled 5.5 billion reais in the fourth quarter, up 3.0% from the prior year, with fixed-line revenues growing 6.5% to 2.8 billion reais. Wireless service revenues were slightly up year-on-year, 2.5%, on the back of data revenues that climbed 21.7%, while equipment revenues declined 22.9%.  MOUs rose 2.8% to 96 minutes but prices per minute of voice were down nearly 20% in the year. Fixed-line revenues were led by PayTV revenues (DTH under the brand name ViaEmbratel) that quadrupled over the previous year and by fixed-line data revenues which expanded 12.0%.

For the year as a whole, revenues expanded 3.9% to 21.1 billion reais on the back of wireless service revenues that increased 4.9%, fixed-line local service revenues that were up 11.7% and fixed-line data revenues (from broadband and corporate networks) that rose 3.7% relative to 2009. 

EBITDA came in at 1.5 billion reais, having come down 4.7% from a year earlier, mostly as a result of the faster pace of subscriber growth on the wireless side and the costs associated to the rapid expansion of our DTH services.  

Depreciation and amortization charges jumped 51.6% in the fourth quarter and 27.0% in the year as some telecom equipment began to be phased out to give way to new hardware based on more powerful and efficient technologies.

Colombia-Panama

We gained 660 thousand new wireless subscribers in the quarter, taking the total net additions for the year to 1.6 million. The year’s net additions were four times greater than those of 2009, bringing our wireless subscriber to 29.4 million clients, a 5.8% increase in the year. On the fixed-line platform we ended the period with nearly three million RGUs, 8.5% more than the year before.  All in all, we had 32.4 million accesses in Colombia at the end of 2010.

Our fourth quarter revenues were up 10.6% annually to 1.9 trillion Colombian pesos, as wireless revenues—which represent 84% of the total—rose 11.3% and fixed-line revenues increased 6.9%. Wireless data revenues soared 52.2% over the year contributing to a 7.6% expansion in wireless service revenues. MOUs reached 202 minutes, 10.5% more than in the year-earlier quarter.

The main source of fixed-line revenues was data, which grew 12.2%, followed by PayTV the revenues of which were flat, and by fixed-line voice where considerable progress was made as revenues expanded at a 23.0% pace.

 Revenues for the year of 7.3 trillion Colombian pesos were 7.9% higher than in 2009 with both wireless and fixed-line revenues expanding at the same rate.

The quarter’s EBITDA came in at 919 billion Colombian pesos and was 23.5% higher than that of the last quarter of 2009. Our margin climbed five percentage points in the year even in the face of brisk subscriber growth. In 2010 our EBITDA totaled 3.4 trillion Colombian pesos, 13.4% more than in 2009. At 46.5% of revenues, it was 2.3 percentage points higher than the one observed the prior year.

Depreciation charges went up sharply in the quarter given the need to ensure that the value of the equipment on our books maintain an appropriate correspondence to the fast pace of technological innovation and the shorter cycles it leads to for various types of equipment.  It is expected that these charges will come down this year.

Chile

After adding 486 thousand new clients in the quarter we finished December with 4.9 million wireless subscribers, 35.4% more than in 2009, with our postpaid subscriber base growing at an even faster pace: 55.6%. Net adds for the year added up to 1.3 million, doubling those of the prior year. Our fixed-line RGUs rose 28.6% over the year to 850 thousand.

The quarter’s revenues came in at 127.4 billion Chilean pesos, having risen 21.6% relative to the previous year. Wireless revenues exhibited an annual growth rate of 29.8% boosted by service revenues that were up 32.5% on the back of data revenues that shot up 65.3%. MOUs increased 17.3%, to 191 minutes per subscriber, while prices per minute fell in practically the same proportion.

Fixed-line revenues, which account for nearly a third of our Chilean revenues, increased 6.7% annually, their growth stemming from data and pay-TV services that were up 7.9% and 20.5% respectively.

Revenues for the year were up 22.4% year-on-year to 458.4 billion Chilean pesos. Wireless service revenues rose somewhat faster, 26.8%, as data revenues jumped by 83.7%. On the fixed-line business revenues expanded 13.1%, helped along by PayTV revenues that rose 25.0%.

At 10.0 billion Chilean pesos, our fourth quarter EBITDA was 4.2% higher than in the year-earlier quarter, with the EBITDA margin falling slightly to 7.8% on account of the faster subscriber growth. EBITDA for the full year came in at 35.9 billion Chilean pesos and exceeded by 40.2% the one registered in 2009.

Ecuador

We finished the year with 10.6 million wireless subscribers, which represent an annual increase of 12.4%, after adding 296 thousand subscribers in the fourth quarter and 1.2 million in the year. Just over a third of the quarter’s net subscriber additions were postpaid. In fact, our postpaid segment grew twice as fast as the base throughout the year. On the fixed-line platform we had 108 thousand RGUs at the end of the year, 88.3% more than a year before as fixed-line and broadband accesses doubled.

Our fourth quarter revenues stood at 337 million dollars, exceeding by 11.7% those of the last quarter of 2009. Wireless service revenues were up 13.2% annually, helped along by data revenue growth of 32.6%. Minutes of use per subscriber rose sharply, 38.9% year-on-year, in reaction to a prices per minute falling by approximately one third. As regards fixed-line revenues, they increased 73.5%, although still from a small base. Total revenues for the year were 1.2 billion dollars, 11.1% higher than in 2009.

Our EBITDA for the quarter of 182 million dollars was equivalent to 53.9% of revenues. It was up 17% relative to the same period of the prior year with the EBITDA margin rising 2.4 percentage points. EBITDA for the year was 655 million dollars and was 17.8% above that of 2009. The margin for the year climbed 3 percentage points to 53.4%.

Peru

After adding 392 thousand wireless subscribers in the quarter (a third of which were postpaid), we finished December with 9.7 million clients, 16.5% more than a year before. In addition to these we had 436 thousand RGUs.  The latter increased 55.2% in the year on the back of the growth of broadband and PayTV accesses, which soared 74.0% and 69.7% respectively.

We obtained revenues of 846 million soles in the fourth quarter which exceeded by 16.5% those of the same period of last year. Wireless service revenues increased 22.8% buoyed by data revenues that jumped 81.6%. Revenues for the year, 3.1 billion soles, were 17.2% higher than in 2009 as wireless service revenues expanded 23.4% year-on-year.

Our EBITDA for the quarter totaled 391 million soles and was up 31.7% annually. It was equivalent to 46.3% of our revenues, which represented a margin expansion of 5.4 percentage points. In the year we generated 1.4 billion soles of EBITDA, up 47.4% from a year before. The margin stood at 44.8% of revenues, more than 9 percentage points higher than that of 2009.

In 2010 we continued to work in the expansion of coverage. Our wireless network is the largest for both GSM and UMTS technology. We are also increasing the number of homes passed.

Central America and the Caribbean

We added 498 thousand wireless subscribers in the fourth quarter, 37.9% more than in the same period of 2009, with our operations in Central America more than tripling their subscriber gains. The quarter’s additions brought our net gains for the full year to 1.7 million, which allowed us to reach 17.3 million wireless clients at the end of 2010, 10.8% more than a year before. As regards our fixed-line operations, we finished the year with 5.4 million fixed-line RGUs, an increase of 8.6% over the year.

Revenues of 894 million dollars in the quarter were 4.1% higher than in the year-earlier quarter, with wireless service revenues rising 12.9% supported by 71.4% data revenue growth. MOUs were up 12.6% to 192 as prices per minute of voice fell 14.2%. Fixed-line revenues declined 3.2% in the same period as the increase in pay TV and broadband revenues was not sufficient to fully compensate for the decline in fixed voice revenues.  Full year revenues were 2.6% higher than in the prior year at 3.5 billion dollars. Wireless service revenues were up 10.4% with data revenue growth of 60.8%.

The quarter’s EBITDA of 301 million dollars was slightly higher than that of the prior year in spite of the acceleration of subscriber growth. The margin for the quarter was 33.6%.  2010 EBITDA came in at 1.2 billion dollars and was equivalent to 34.2% of revenues.

United States