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Debt (Tables)
12 Months Ended
Dec. 31, 2018
Text block [abstract]  
Summary of Short- and Long-Term Debt

The Company’s short- and long-term debt consists of the following:

 

At December 31, 2017

    (Thousands of
Mexican pesos)
 

Currency

 

Loan

 

Interest rate

  Maturity     Total  

Senior Notes

                       

U.S. dollars

       
  Fixed-rate Senior notes (i)   5.000%     2019     Ps.  14,840,025  
  Fixed-rate Senior notes (i)   5.500%     2019       7,467,145  
  Fixed-rate Senior notes (i)   5.000%     2020       42,043,077  
  Fixed-rate Senior notes (i)   3.125%     2022       31,658,720  
  Fixed-rate Senior notes (i)   6.375%     2035       19,417,282  
  Fixed-rate Senior notes (i)   6.125%     2037       7,305,744  
  Fixed-rate Senior notes (i)   6.125%     2040       39,573,400  
  Fixed-rate Senior notes (i)   4.375%     2042       22,754,705  
       

 

 

 
  Subtotal U.S. dollars       Ps.  185,060,098  
       

 

 

 

Mexican pesos

       
  Domestic Senior notes (i)   8.110%     2018     Ps. 1,750,000  
  Domestic Senior notes (i)   8.270%     2018       1,160,110  
  Domestic Senior notes (i)   8.600%     2020       7,000,000  
  Domestic Senior notes (i)   0.000%     2025       4,409,873  
  Domestic Senior notes (i)   8.360%     2037       5,000,000  
  Fixed-rate Senior notes (i)   6.000%     2019       10,000,000  
  Fixed-rate Senior notes (i)   6.450%     2022       22,500,000  
  Fixed-rate Senior notes (i)   7.125%     2024       11,000,000  
  Fixed-rate Senior notes (i)   8.460%     2036       7,871,700  
       

 

 

 
  Subtotal Mexican pesos       Ps.  70,691,683  
       

 

 

 

Euros

       
  Fixed-rate Senior notes (i)   1.000%     2018     Ps. 14,252,360  
  Fixed-rate Senior notes (i)   4.125%     2019       23,753,933  
  Exchangeable Bonds (i)   0.000%     2020       67,504,878  
  Fixed-rate Senior notes (i)   3.000%     2021       23,753,933  
  Fixed-rate Senior notes (i)   3.125%     2021       18,727,775  
  Fixed-rate Senior notes (i)   4.000%     2022       19,333,685  
  Fixed-rate Senior notes (i)   4.750%     2022       17,815,450  
  Fixed-rate Senior notes (i)   3.500%     2023       7,594,262  
  Fixed-rate Senior notes (i)   3.259%     2023       17,815,450  
  Fixed-rate Senior notes (i)   1.500%     2024       20,190,843  
  Fixed-rate Senior notes (i)   1.500%     2026       17,815,450  
  Fixed-rate Senior notes (i)   2.125%     2028       15,440,057  
       

 

 

 
  Subtotal Euros       Ps.  263,998,076  
       

 

 

 

Pounds sterling

       
  Fixed-rate Senior notes (i)   5.000%     2026     Ps. 13,368,884  
  Fixed-rate Senior notes (i)   5.750%     2030       17,379,549  
  Fixed-rate Senior notes (i)   4.948%     2033       8,021,330  
  Fixed-rate Senior notes (i)   4.375%     2041       20,053,326  
       

 

 

 
  Subtotal Pounds sterling       Ps.  58,823,089  
       

 

 

 

Swiss francs

       
  Fixed-rate Senior notes (i)   1.125%     2018     Ps.  11,169,748  
       

 

 

 
  Subtotal Swiss francs       Ps.  11,169,748  
       

 

 

 

Brazilian reais

       
  Debenture (i)   102.900% of CDI     2020     Ps. 8,972,204  
  Promissory Note (i)   102.400% of CDI     2019       5,981,469  
  Debenture (i)   103.900% of CDI     2019       5,981,469  
       

 

 

 
  Subtotal Brazilian reais       Ps. 20,935,142  
       

 

 

 

Other currencies

                       

Japanese yen

       
  Fixed-rate Senior notes (i)   2.950%     2039     Ps. 2,282,608  
       

 

 

 
  Subtotal Japanese yen       Ps. 2,282,608  
       

 

 

 

Chilean pesos

       
  Fixed-rate Senior notes (i)   3.961%     2035     Ps. 4,312,424  
       

 

 

 
  Subtotal Chilean pesos       Ps. 4,312,424  
       

 

 

 
  Subtotal other currencies       Ps. 6,595,032  
       

 

 

 

Hybrid Notes

                       

Euros

       
  Euro NC5 Series A Capital Securities (iii)   5.125%     2073     Ps. 21,378,540  
  Euro NC10 Series B Capital Securities (iii)   6.375%     2073       13,064,663  
       

 

 

 
  Subtotal Euros       Ps. 34,443,203  
       

 

 

 

Pounds sterling

       
  GBP NC7 Capital Securities (iii)   6.375%     2073     Ps. 14,705,772  
       

 

 

 
  Subtotal Pounds sterling       Ps. 14,705,772  
       

 

 

 
  Subtotal Hybrid Notes       Ps. 49,148,975  
       

 

 

 

Lines of Credit and others

                       

U.S. dollars

       
  Lines of credit (ii)   L + 0.200% and 1.500% - 7.250%     2018 - 2019     Ps. 14,474,350  

Mexican pesos

       
  Lines of credit (ii)   TIIE + 0.040% - TIIE + 0.175%     2018 - 2019     Ps. 12,500,000  

Brazilian reais

       
  Lines of credit (ii)   107% of CDI - TJLP + 3.500% & 3.000% - 9.500%     2018 -2027     Ps. 4,389,260  

Chilean pesos

       
  Financial Leases   8.700% - 8.970%     2018 - 2027     Ps. 99,446  
       

 

 

 
  Subtotal Lines of Credit and others       Ps. 31,463,056  
       

 

 

 
  Total debt       Ps.  697,884,899  
       

 

 

 
  Less: Short-term debt and current portion of long-term debt       Ps. 51,745,841  
       

 

 

 
  Long-term debt       Ps. 646,139,058  
       

 

 

 

 

At December 31, 2018

    (Thousands of
Mexican pesos)
 

Currency

 

Loan

 

Interest rate

  Maturity     Total  

Senior Notes

                       

U.S. dollars

       
  Fixed-rate Senior notes (i)   5.000%     2019     Ps.  14,762,175  
  Fixed-rate Senior notes (i)   5.500%     2019       7,427,972  
  Fixed-rate Senior notes (i)   5.000%     2020       41,822,521  
  Fixed-rate Senior notes (i)   3.125%     2022       31,492,640  
  Fixed-rate Senior notes (i)   6.375%     2035       19,315,420  
  Fixed-rate Senior notes (i)   6.125%     2037       7,267,419  
  Fixed-rate Senior notes (i)   6.125%     2040       39,365,800  
  Fixed-rate Senior notes (i)   4.375%     2042       22,635,335  
       

 

 

 
  Subtotal U.S. dollars       Ps.  184,089,282  
       

 

 

 

Mexican pesos

       
  Fixed-rate Senior notes (i)   6.000%     2019     Ps. 10,000,000  
  Domestic Senior notes (i)   8.600%     2020       7,000,000  
  Fixed-rate Senior notes (i)   6.450%     2022       22,500,000  
  Fixed-rate Senior notes (i)   7.125%     2024       11,000,000  
  Domestic Senior notes (i)   0.000%     2025       4,629,425  
  Fixed-rate Senior notes (i)   8.460%     2036       7,871,700  
  Domestic Senior notes (i)   8.360%     2037       5,000,000  
       

 

 

 
  Subtotal Mexican pesos       Ps.  68,001,125  
       

 

 

 

Euros

       
  Fixed-rate Senior notes (i)   4.125%     2019     Ps. 22,558,572  
  Exchangeable Bonds (i)   0.000%     2020       64,107,851  
  Fixed-rate Senior notes (i)   3.000%     2021       22,558,572  
  Fixed-rate Senior notes (i)   3.125%     2021       17,568,739  
  Fixed-rate Senior notes (i)   4.000%     2022       18,028,031  
  Fixed-rate Senior notes (i)   4.750%     2022       16,918,929  
  Fixed-rate Senior notes (i)   3.500%     2023       7,132,481  
  Fixed-rate Senior notes (i)   3.259%     2023       16,918,929  
  Fixed-rate Senior notes (i)   1.500%     2024       19,174,786  
  Fixed-rate Senior notes (i)   1.500%     2026       16,918,929  
  Fixed-rate Senior notes (i)   2.125%     2028       14,663,072  
       

 

 

 
  Subtotal Euros       Ps.  236,548,891  
       

 

 

 

Pounds sterling

       
  Fixed-rate Senior notes (i)   5.000%     2026     Ps. 12,550,801  
  Fixed-rate Senior notes (i)   5.750%     2030       16,316,042  
  Fixed-rate Senior notes (i)   4.948%     2033       7,530,481  
  Fixed-rate Senior notes (i)   4.375%     2041       18,826,202  
       

 

 

 
  Subtotal Pounds sterling       Ps.  55,223,526  
       

 

 

 

Brazilian reais

       
  Debenture (i)   103.900% of CDI     2019     Ps. 5,079,720  
  Promissory notes (i)   102.400% of CDI     2019       5,079,720  
  Promissory notes (i)   103.205% of CDI     2019       1,828,699  
  Debenture (i)   102.900% of CDI     2020       7,619,580  
  Debenture (i)   104.000% of CDI     2021       5,587,692  
  Debenture (i)   104.250% of CDI     2021       7,695,776  
       

 

 

 
  Subtotal Brazilian reais       Ps. 32,891,187  
       

 

 

 

Other currencies

                       

Japanese yen

       
  Fixed-rate Senior notes (i)   2.950%     2039     Ps.  2,334,864  
       

 

 

 
  Subtotal Japanese yen       Ps.  2,334,864  
       

 

 

 

Chilean pesos

       
  Fixed-rate Senior notes (i)   3.961%     2035     Ps. 3,904,707  
       

 

 

 
  Subtotal Chilean pesos       Ps.  3,904,707  
       

 

 

 
  Subtotal other currencies       Ps.  6,239,571  
       

 

 

 

Hybrid Notes

                       

Euros

       
  Euro NC10 Series B Capital Securities (iii)   6.375%     2073     Ps. 12,407,214  
       

 

 

 
  Subtotal Euros       Ps. 12,407,214  
       

 

 

 

Pounds sterling

       
  GBP NC7 Capital Securities (iii)   6.375%     2073     Ps. 13,805,881  
       

 

 

 
  Subtotal Pounds sterling       Ps. 13,805,881  
       

 

 

 
  Subtotal Hybrid Notes         26,213,095  
       

 

 

 

Lines of Credit and others

                       

U.S. dollars

       
  Lines of credit (ii)   L + 0.200% and 1.500% - 8.950%     2019 - 2021     Ps. 11,698,885  

Mexican pesos

       
  Lines of credit (ii)   TIIE + 0.175%     2019     Ps. 4,500,000  

Euros

       
  Lines of credit (ii)   -0.100% - 0.000%     2019     Ps. 5,526,850  

Brazilian reais

       
  Lines of credit (ii)   5.000% - 6.000%     2019 - 2027     Ps. 27,009  

Peruvian Soles

       
  Lines of credit (ii)   4.700% - 12.100%     2019     Ps. 7,898,595  

Chilean pesos

       
  Financial Leases   8.700% - 8.970%     2019 - 2027     Ps. 64,437  
       

 

 

 
  Subtotal Lines of Credit and others       Ps. 29,715,776  
       

 

 

 
  Total debt       Ps. 638,922,453  
       

 

 

 
  Less: Short-term debt and current portion of long-term debt       Ps. 96,230,634  
       

 

 

 
  Long-term debt       Ps.  542,691,819  
       

 

 

 

 

Summary of Short Term Debt Maturities

An analysis of the Company’s short-term debt maturities as of December 31, 2017, and December 31, 2018, is as follows:

 

     2017      2018  

Obligations and Senior Notes

     Ps.    28,994,496        Ps.      67,365,810  

Lines of credit

     22,714,383        28,852,364  

Financial Leases

     36,962        12,460  
  

 

 

    

 

 

 

Total

     Ps.    51,745,841        Ps.      96,230,634  
  

 

 

    

 

 

 

Weighted average interest rate

     4.0%        5.20%  
  

 

 

    

 

 

 

 

Summary of Long Term Debt Maturities

The Company’s long-term debt maturities as of December 31, 2018 are as follows:

 

Years

   Amount  

2020

   Ps. 121,184,630  

2021

     54,189,122  

2022

     88,027,828  

2023 and thereafter

     279,290,239  
  

 

 

 

Total

   Ps.     542,691,819  
  

 

 

 
Summary of Senior Notes Outstanding

The outstanding Senior Notes at December 31, 2017, and December 31, 2018, are as follows:

 

Currency*

   2017      2018  

U.S. dollars

     Ps. 185,060,098        Ps.    184,089,282  

Mexican pesos

     70,691,683        68,001,125  

Euros**

     263,998,076        236,548,891  

Pounds sterling**

     58,823,089        55,223,526  

Swiss francs

     11,169,748        —    

Brazilian reais

     20,935,142        32,891,187  

Japanese yens

     2,282,608        2,334,864  

Chilean pesos

     4,312,424        3,904,707  
*

Thousands of Mexican pesos

**

Includes secured and unsecured senior notes.