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    AMX L   MXP001691213

AMÉRICA MÓVIL, S.A.B. DE C.V.

(AMX L)
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America Móvil B de C : Q2 2021 Quarterly Report

07/13/2021 | 05:37pm EDT

CONTENT

Highlights

Relevant events

Subscribers

América Móvil Consolidated

Carlos García-Moreno

Chief Financial Officer carlos.garciamoreno@amovil.com

Daniela Lecuona Torras

Investor Relations Office daniela.lecuona@americamovil.com

América Móvil's second quarter of 2021 financial and operating report

Mexico City, July 13th, 2021 - América Móvil, S.A.B. de C.V. ("América Móvil") [BMV: AMX]

2Q21

[NYSE: AMX, AMOV], announced today its financial and operating results for the second

quarter of 2021.

Mexico

Argentina

Brazil

Colombia

Chile

Ecuador

Peru

Central America

Caribbean

USA

  • We added 4.2 million wireless subscribers in the second quarter, more than 2.0 million were postpaid subscibers. Brazil accounted for 1.1 million post- paid net adds.
  • On the fixed-line platform we added 128 thousand broadband accesses. All in all, we had net RGU disconnections of 132 thousand accesses.
  • Second quarter revenues, 253 billion pesos, were slightly higher than in the year-earlier quarter in nominal peso terms. At constant exchange rates, ser- vice revenue increased 5.3% year-on-year and 1.8% over the quarter.
  • Mobile and fixed-line service revenue were up both on an annual basis and sequential basis at constant exchange rates. In the case of mobile, the in- creases were 7.2% and 2.2%, respectively; in the case of fixed-line, 1.5% and 0.6%. The expansion of mobile service revenues was driven by prepaid ser- vices, up 9.5% and 3.7%, respectively.
  • EBITDA came in at 84.9 billion pesos, a 2.8% increase in nominal peso terms from the year-earlier quarter. At constant exchange rates it increased 11.9%. However, adjusted for carrier discounts from Tracfone obtained then, EBITDA showed a strong performance, rising 14.6%.
  • Our 44.7 billion pesos operating profit was up 9.3% in nominal peso terms. At constant exchange rates, correcting for the carrier discounts referred to above, the annual increase in our operating profit would have been 23.7%.
  • We obtained a comprehensive financing income in the amount of 17.2 bil- lion pesos on the back of foreign exchange gains. It helped bring about a net profit for the quarter of 42.8 billion pesos that more than doubled that of the year-earlier quarter.

4.2M wireless net adds

128k new broadband clients

Service revenues +5.3% YoY at constant Fx

Mobile & fixed service revenues were up on an annual & sequential basis

Adjusted EBITDA +15% YoY at constant Fx

Operating profit up 9.3% YoY

Net profit of MxP 43Bn pesos

Austria & CEE

Currency Exchange Rates

Appendix

Glossary

• Our operating cash flow allowed us to fund capital expenditures in the

CapEx of MxP 57Bn

amount of 57.4 billion pesos in the six months to June; reduce debt in the

pesos

amount of 36.9 billion pesos and buy back shares in the amount of 11.0 billion

pesos.

  • We bought back 765.1 million shares, more than any amount repurchased in each of the last six years.

• At the end of June, our net debt stood at 591 billion pesos including 103 bil-

Net debt to EBITDA

lion in capitalized leases; it was equivalent to 1.64 times LTM EBITDA under

at 1.64x

IAS 17.

We will host our conference call to discuss 2Q21 financial and operating results on July 14th at 9:00 am

Mexico City time. To access the call please log on to www.americamovil.com/investors

CONTENT

page 2

Highlights

América Móvil Fundamentals

2Q21

2Q20

Relevant events

Earnings per Share (Mex$) (1)

0.65

0.30

Earning per ADR (US$) (2)

0.64

0.25

Subscribers

EBITDA per Share (Mex$) (3)

1.28

1.25

EBITDA per ADR (US$)

1.28

1.07

América Móvil

Net Income (millions of Mex$)

42,816

19,500

Average Shares Outstanding (billion)

66.30

65.97

Consolidated

Shares Outstanding End of Period (billion)

66.10

65.94

Mexico

(1) Net Income / Average Shares Outstanding

(2) 20 shares per ADR

(3) EBITDA / Average Shares Outstanding

Argentina

América Móvil's Subsidiaries as of June 2021

Country

Brand

Business

Equity

Brazil

Participation

Mexico

Telcel

wireless

100.0%

Colombia

Telmex

wireline

98.8%

Sección Amarilla

other

100.0%

Telvista

other

90.0%

Chile

Argentina

Claro

wireless

100.0%

Telmex

wireline

100.0%

Ecuador

Brazil

Claro

wireless/wireline

99.6%

Chile

Claro

wireless

100.0%

Telmex

wireline

100.0%

Peru

Colombia

Claro

wireless/wireline

99.4%

Costa Rica

Claro

wireless

100.0%

Central America

Dominicana

Claro

wireless/wireline

100.0%

Ecuador

Claro

wireless/wireline

100.0%

El Salvador

Claro

wireless/wireline

95.8%

Caribbean

Guatemala

Claro

wireless/wireline

99.3%

Honduras

Claro

wireless/wireline

100.0%

USA

Nicaragua

Claro

wireless/wireline

99.6%

Panama

Claro

wireless/wireline

100.0%

Austria & CEE

Paraguay

Claro

wireless/wireline

100.0%

Peru

Claro

wireless/wireline

100.0%

Currency

Puerto Rico

Claro

wireless/wireline

100.0%

Uruguay

Claro

wireless/wireline

100.0%

Exchange Rates

USA

Tracfone

wireless

100.0%

Appendix

Netherlands

KPN

wireless/wireline

20.9%

Austria

Telekom Austria

wireless/wireline

51.0%

Glossary

CONTENT

Highlights

Relevant Events

Subscribers

América Móvil Consolidated

Mexico

Argentina

Brazil

Colombia

Chile

Ecuador

Peru

Central America

Caribbean

USA

Austria & CEE

Currency Exchange Rates

Appendix

Glossary

page 3

The reported figures for Argentina corresponding to the second quarter of 2021 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 the end-of-period exchange rate.

All comparisons at constant exchange rates for America Movil's consolidated figures will exclude Argentina to ensure consistency.

Relevant Events

On May 7th, we informed that a Tribunal from the International Center for Settlement of Investment Disputes ("ICSID") issued an award in the arbitration proceeding initiated in August 2016 against the Republic of Colombia pursuant to the Free Trade Agreement between Mexico and Colombia. The ICSID Tribunal held that certain measures adopted by Colombia in relation with the concessions terminated in 2013 by Comunicación Celular, S.A. (COMCEL), subsidiary of AMX, did not represent an expropriation of AMX's investments in COMCEL.

On May 28th we entered into a committed five-year revolving credit facility (RCF) in an amount in euros equivalent to 1.5 billion US dollars, which replaced an older one. Including this one and one entered into at the level of Telekom Austria, we have three committed RCFs in place for a total amount of 5 billion US dollars that are important liquidity buffers for America Movil. For the first time, we introduced ESG metrics in the facility, which may result in improved terms in its pricing.

Access Lines

We added 4.2 million wireless subscribers in the second quarter including 1.4 mil-

Postpaid base up

lion in Brazil, 870 thousand in Argentina, approximately 430 thousand in each

11% YoY

of Mexico and Colombia and approximately 300 thousand in each of Peru and

Austria. Just over half of the net adds were postpaid with Brazil accounting for

1.1 million postpaid net adds. Our postpaid subscriber base increased 10.7% and our prepaid one 5.6% year-on-year. We ended the quarter just shy of 300 million wireless subscribers.

On the fixed-line platform we added 128 thousand broadband accesses. All in

128k new

all, we disconnected 132 thousand RGUs. At the end of June we had 80.5 million

broadband

RGUs.

accesses

CONTENT

Highlights

Relevant events

Subscribers

América Móvil Consolidated

Mexico

Argentina

Brazil

Colombia

Chile

Ecuador

Peru

Central America

Caribbean

USA

Austria & CEE

Currency Exchange Rates

Appendix

Glossary

page 4

Wireless Subscribers as of June 2021

Total(1)

(Thousands)

Country

Jun '21

Mar '21

Var.%

Jun '20

Var.%

Argentina, Paraguay and Uruguay

25,541

24,618

3.8%

24,259

5.3%

Austria & CEE

22,325

21,932

1.8%

21,208

5.3%

Brazil

67,772

66,337

2.2%

58,520

15.8%

Central America

15,912

15,569

2.2%

14,541

9.4%

Caribbean

6,713

6,562

2.3%

6,087

10.3%

Chile

6,746

6,581

2.5%

6,793

-0.7%

Colombia

33,844

33,461

1.1%

31,535

7.3%

Ecuador

8,308

8,104

2.5%

7,878

5.5%

Mexico

78,742

78,311

0.5%

75,378

4.5%

Peru

11,501

11,181

2.9%

10,387

10.7%

USA

20,334

20,883

-2.6%

20,918

-2.8%

Total Wireless Lines

297,737

293,538

1.4%

277,503

7.3%

  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 June 2021

Total(1)

(Thousands)

Country

Jun '21

Mar '21

Var.%

Jun '20

Var.%

Argentina, Paraguay and Uruguay

1,679

1,527

10.0%

1,278

31.4%

Austria & CEE

6,072

6,079

-0.1%

6,105

-0.5%

Brazil

31,926

32,273

-1.1%

33,260

-4.0%

Central America

4,327

4,291

0.8%

4,379

-1.2%

Caribbean

2,615

2,586

1.1%

2,509

4.2%

Chile

1,372

1,376

-0.3%

1,401

-2.1%

Colombia

8,673

8,527

1.7%

7,938

9.3%

Ecuador

493

476

3.6%

454

8.5%

Mexico

21,536

21,739

-0.9%

21,961

-1.9%

Peru

1,855

1,805

2.8%

1,707

8.7%

Total RGUs

80,547

80,680

-0.2%

80,993

-0.6%

  1. Fixed Line, Broadband and Television (Cable & DTH). Central America figures have been adjusted in accordance with the methodolgy used for all AMX operations.
Mobile Postpaid Mobile Prepaid Fixed Bundles(1) Fixed Voice
(1) Includes Fixed-Broadband, Pay-TVand Fixed Voice in double or triple play bundles.
2Q21 Service Revenues(1)
30(%) 2+34

CONTENT

page 5

Highlights

Relevant events

Subscribers

América Móvil Consolidated

Mexico

Argentina

Brazil

Colombia

Chile

Ecuador

Peru

Central America

Caribbean

USA

Austria & CEE

Currency Exchange Rates

Appendix

Glossary

América Móvil Consolidated Results

As the U.S. economy recovered rapidly, signs of higher inflation towards the latter part of the second quarter created uncertainty and confusion and drove price corrections in some segments of the financial markets. The yield on three-year Treasury notes, for instance, rose 15 basis points-the equivalent of a 50% increase in yield-as the market brought forward the expected path of increases in interest rates by the Fed. In several Latin American countries inflation exceeded expectations and pushed some central banks-notably in Brazil and Mexico-to begin to hike interest rates. Foreign exchange volatility increased throughout Latin America.

At 253 billion pesos, our revenue was slightly higher, 0.4% than in the year-earlier quarter in nominal peso terms, with service revenue declining 4.6% and equipment revenue jumping 34.0% on the face of greater commercial activity. At constant exchange rates, service revenue actually increased 5.3% year-on-year and, importantly, was up 1.8% on a sequential basis. It is to be noted that the second quarter of 2020 was the one in which the effects of the pandemic both in terms of commercial activity and revenue were more deeply felt, so the annual comparison may be somewhat misleading. But the first quarter of 2020 was largely free of the effects of the pandemic and happens to be a good reference: in the first quarter of this year, service revenue had risen 1.2% from the prior year.

Nominal peso revenue growth turned out to be significantly lower than that at constant exchange rates due to the fact that in the reference period the Mexican peso appreciated vs. all other currencies in our operations bar none. The value of the Mexican peso rose 16.3% vs. the US dollar, 6.3% vs. the euro; 14.7% vs. the Brazilian real and 12.0% vs. the Colom- bian peso, appreciating even more vs. the Peruvian sol, 28.6%, and the Argentinean peso, 61.6%. The above means that the revenue of our combined international operations came down in Mexican peso terms, dragging with it the total amount of nominal peso revenue.

Mobile and fixed-line service revenues were up both on an annual basis and on a sequential basis at constant exchange rates. In the case of mobile, the

increases were 7.2% and 2.2% respectively; in the case of fixed-line, 1.5% and 0.6%. The expansion of mobile service revenues was driven by prepaid services, up 9.5% and 3.7% respectively, with postpaid service revenues expanding 4.4% and 0.5%. The high sequential increase in prepaid revenue goes to show the strength of the recovery currently underway in Mexico and the U.S., but also in Central Ameri- ca/Caribbean and Eastern Europe, regions where prepaid services are relatively more important.

Service revenues +5.3% YoY at constant Fx

Prepaid revenues up 9.5% YoY and 3.7% QoQ at constant Fx

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

América Móvil SAB de CV published this content on 13 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 July 2021 21:36:06 UTC.


© Publicnow 2021
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Technical analysis trends AMÉRICA MÓVIL, S.A.B. DE C.V.
Short TermMid-TermLong Term
TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 13
Last Close Price 18,20 MXN
Average target price 19,18 MXN
Spread / Average Target 5,37%
EPS Revisions
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Daniel Hajj Aboumrad Chief Executive Officer & Director
Carlos José García Moreno Elizondo Chief Financial Officer
Carlos Slim Domit Chairman
David Antonio Ibarra Muñoz Independent Director
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