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Supplemental Guarantor Information (Tables)
 12 Months Ended
Dec. 31, 2019
Text block [abstract]  
Schedule of Consolidating Condensed Financial Information
The Company’s consolidating condensed financial information for the (i) Company; (ii) its wholly-owned guarantor subsidiary Telcel (on standalone basis), which is a wholly and unconditional guarantor under the Senior Notes; (iii) the combined
non-guarantor
subsidiaries; iv) eliminations and v) the Company’s consolidated financial statements are as follows:
Condensed consolidating statements of financial position
 
 
 
  
As of December 31, 2018
 
 
  
Parent
 
  
Wholly-owned
Guarantor
Subsidiary
 
  
Combined
non-guarantor

Subsidiaries
 
  
Eliminations
 
 
Consolidated
Total
 
Assets:
  
   
  
   
  
   
  
   
 
   
Cash and cash equivalents
  
Ps.
  8,335,101
 
  
Ps.
1,745,895
 
  
Ps.
  11,578,966
 
  
Ps.
—  
 
 
Ps.
21,659,962
 
Equity investments at fair value through other comprehensive income (OCI) and other short-term investments
  
 
9,511,368
 
  
 
—  
 
  
 
39,504,566
 
  
 
—  
 
 
 
49,015,934
 
Accounts receivable and derivative financial instruments
  
 
31,462,176
 
  
 
35,671,582
 
  
 
154,380,710
 
  
 
—  
 
 
 
221,514,468
 
Related parties
  
 
199,566,671
 
  
 
1,144,534
 
  
 
560,142,367
 
  
 
(759,589,967
) 
 
 
1,263,605
 
Inventories, net
  
 
215,055
 
  
 
18,495,502
 
  
 
21,594,805
 
  
 
—  
 
 
 
40,305,362
 
Other current assets, net
  
 
—  
 
  
 
1,218,764
 
  
 
14,077,429
 
  
 
—  
 
 
 
15,296,193
 
Property, plant and equipment, net
  
 
1,340,358
 
  
 
23,192,546
 
  
 
615,467,816
 
  
 
—  
 
 
 
640,000,720
 
Investments in associated companies
  
 
734,944,344
 
  
 
88,070,845
 
  
 
16,926,615
 
  
 
(836,809,097
) 
 
 
3,132,707
 
Intangible assets and other
non-current
assets, net
  
 
4,113,902
 
  
 
26,176,381
 
  
 
406,744,158
 
  
 
—  
 
 
 
437,034,441
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total assets
  
Ps.
 989,488,975
 
  
Ps.
 195,716,049
 
  
Ps.
 1,840,417,432
 
  
Ps.
 (1,596,399,064)
 
 
Ps.
 1,429,223,392
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Liabilities:
 
Short-term debt and current portion of long-term debt
  
Ps.
  52,827,411
 
  
Ps.
—  
 
  
Ps.
43,403,223
 
  
Ps.
—  
 
 
Ps.
96,230,634
 
Current liabilities
  
 
153,489,868
 
  
 
72,282,238
 
  
 
597,174,025
 
  
 
(452,085,876
) 
 
 
370,860,255
 
Long-term debt
  
 
456,918,590
 
  
 
—  
 
  
 
85,773,229
 
  
 
—  
 
 
 
542,691,819
 
Other
non-current
liabilities
  
 
130,257,461
 
  
 
109,368,210
 
  
 
242,232,897
 
  
 
(308,290,306
) 
 
 
173,568,262
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total liabilities
  
Ps.
  793,493,330
 
  
Ps.
  181,650,448
 
  
Ps.
  968,583,374
 
  
Ps.
(760,376,182
) 
 
Ps.
1,183,350,970
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Equity attributable to equity holders of the parent
  
 
195,995,645
 
  
 
14,065,601
 
  
 
760,485,332
 
  
 
(774,550,933
) 
 
 
195,995,645
 
Non-controlling
interests
  
 
—  
 
  
 
—  
 
  
 
111,348,726
 
  
 
(61,471,949
) 
 
 
49,876,777
 
Total equity
  
 
195,995,645
 
  
 
14,065,601
 
  
 
871,834,058
 
  
 
(836,022,882
) 
 
 
245,872,422
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
Total liabilities and equity
  
Ps.
  989,488,975
 
  
Ps.
  195,716,049
 
  
Ps.
  1,840,417,432
 
  
Ps.
  (1,596,399,064
) 
 
Ps.
  1,429,223,392
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
 
 
 
 
Condensed consolidating statements of financial position
 
 
 
As of December 31, 2019
 
 
 
Parent
 
 
Wholly-owned
Guarantor
Subsidiary
 
 
Combined
non-guarantor

Subsidiaries
 
 
Eliminations
 
 
Consolidated
Total
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
 
Ps.
2,181,914
 
 
Ps.
1,324,828
 
 
Ps.
16,238,914
 
 
Ps.
—  
 
 
Ps.
19,745,656
 
Equity investments at fair value through other comprehensive income (OCI) and other short-term investments
 
 
7,457,617
 
 
 
—  
 
 
 
40,260,408
 
 
 
—  
 
 
 
47,718,025
 
Accounts receivable and derivative financial instruments
 
 
33,572,793
 
 
 
32,387,110
 
 
 
145,572,153
 
 
 
—  
 
 
 
211,532,056
 
Related parties
 
 
212,730,983
 
 
 
1,804,175
 
 
 
270,172,956
 
 
 
(483,434,974
) 
 
 
1,273,140
 
Inventories, net
 
 
179,359
 
 
 
24,849,028
 
 
 
16,073,625
 
 
 
—  
 
 
 
41,102,012
 
Other current assets, net
 
 
—  
 
 
 
8,127,140
 
 
 
1,346,294
 
 
 
—  
 
 
 
9,473,434
 
Property, plant and equipment, net
 
 
721,263
 
 
 
23,549,234
 
 
 
615,072,873
 
 
 
—  
 
 
 
639,343,370
 
Investments in associated companies
 
 
589,026,740
 
 
 
90,975,391
 
 
 
16,363,504
 
 
 
(693,891,442
) 
 
 
2,474,193
 
Intangible assets and other
non-current
assets, net
 
 
1,868,962
 
 
 
82,260,873
 
 
 
477,068,306
 
 
 
(1,926,370
) 
 
 
559,271,771
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
Ps.
847,739,631
 
 
Ps.
265,277,779
 
 
Ps.
1,598,169,033
 
 
Ps.
(1,179,252,786
) 
 
Ps.
1,531,933,657
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term debt and current portion of long-term debt
 
Ps.
102,939,138
 
 
Ps.
—  
 
 
Ps.
26,232,895
 
 
Ps.
—  
 
 
Ps.
129,172,033
 
Current liabilities
 
 
104,397,419
 
 
 
163,515,007
 
 
 
324,211,152
 
 
 
(195,895,866
) 
 
 
396,227,712
 
Long-term debt
 
 
395,296,683
 
 
 
—  
 
 
 
99,785,761
 
 
 
—  
 
 
 
495,082,444
 
Other
non-current
liabilities
 
 
67,196,432
 
 
 
87,597,558
 
 
 
417,289,721
 
 
 
(287,539,108
) 
 
 
284,544,603
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities
 
Ps.
669,829,672
 
 
Ps.
251,112,565
 
 
Ps.
867,519,529
 
 
Ps.
(483,434,974
) 
 
Ps.
1,305,026,792
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity attributable to equity holders of the parent
 
 
177,909,959
 
 
 
14,165,214
 
 
 
620,224,573
 
 
 
(634,389,787
) 
 
 
177,909,959
 
Non-controlling
interests
 
 
—  
 
 
 
—  
 
 
 
110,424,931
 
 
 
(61,428,025
) 
 
 
48,996,906
 
Total equity
 
 
177,909,959
 
 
 
14,165,214
 
 
 
730,649,504
 
 
 
(695,817,812
) 
 
 
226,906,865
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total liabilities and equity
 
Ps.
  847,739,631
 
 
Ps.
  265,277,779
 
 
Ps.
  1,598,169,033
 
 
Ps.
  (1,179,252,786
) 
 
Ps.
  1,531,933,657
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed consolidating statements of comprehensive income
For the year ended December 31, 2017
 
 
  
Parent
 
 
Wholly-owned
Guarantor
Subsidiary
 
 
Combined
non-guarantor

Subsidiaries
 
 
Eliminations
 
 
Consolidated
Total
 
Total operating revenues
  
Ps.
  160,057,511
 
 
Ps.
  170,991,493
 
 
Ps.
  887,951,615
 
 
Ps.
  (197,367,084)
 
 
Ps.
  1,021,633,535
 
Total operating cost and expenses
  
 
123,548,341
 
 
 
163,152,868
 
 
 
832,429,198
 
 
 
(197,640,175
) 
 
 
921,490,232
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income
  
 
36,509,170
 
 
 
7,838,625
 
 
 
55,522,417
 
 
 
273,091
 
 
 
100,143,303
 
Interest (expense) income, net
  
 
(16,779,235
) 
 
 
(12,365,116
) 
 
 
1,810,523
 
 
 
(41,305
) 
 
 
(27,375,133
) 
Foreign currency exchange (loss) gain, net
  
 
(15,223,111
) 
 
 
1,320,667
 
 
 
83,493
 
 
 
—  
 
 
 
(13,818,951
) 
Valuation of derivatives, interest cost from labor obligations and other financial items, net
  
 
6,775,455
 
 
 
—  
 
 
 
(8,719,215
) 
 
 
—  
 
 
 
(1,943,760
) 
Income tax
  
 
14,201,399
 
 
 
1,386,519
 
 
 
9,353,593
 
 
 
—  
 
 
 
24,941,511
 
Equity interest in net income of associated companies
  
 
32,245,041
 
 
 
(8,977,146
) 
 
 
(13,466,845
) 
 
 
(9,709,665
) 
 
 
91,385
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net profit (loss) for the year
  
Ps.
29,325,921
 
 
Ps.
(13,569,489
) 
 
Ps.
25,876,780
 
 
Ps.
(9,477,879
) 
 
Ps.
32,155,333
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net profit for the year attributable to:
  
   
 
   
 
   
 
   
 
   
Equity holders of the parent
  
 
29,325,921
 
 
 
(13,569,489
) 
 
 
21,417,549
 
 
 
(7,848,060
) 
 
 
29,325,921
 
Non-controlling
interest
  
 
—  
 
 
 
—  
 
 
 
4,459,231
 
 
 
(1,629,819
) 
 
 
2,829,412
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net profit (loss) for the year
  
Ps.
29,325,921
 
 
Ps.
(13,569,489
) 
 
Ps.
25,876,780
 
 
Ps.
(9,477,879
) 
 
Ps.
32,155,333
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income items:
  
   
 
   
 
   
 
   
 
   
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent years:
  
   
 
   
 
   
 
   
 
   
Effect of translation of foreign entities
  
 
(21,683,333
) 
 
 
(1,897,936
) 
 
 
(18,309,877
) 
 
 
23,581,269
 
 
 
(18,309,877
) 
Effect of fair value of derivatives, net of deferred taxes
  
 
12,292
 
 
 
—  
 
 
 
12,292
 
 
 
(12,292
) 
 
 
12,292
 
Items not to be reclassified to profit or (loss) in subsequent years:
  
   
 
   
 
   
 
   
 
   
Re-measurement
of defined benefit plan, net of deferred taxes
  
 
(7,075,606
) 
 
 
(8,439
) 
 
 
(7,046,089
) 
 
 
7,084,045
 
 
 
(7,046,089
) 
Unrealized gain on equity investments at fair value, net of deferred taxes
  
 
622,424
 
 
 
—  
 
 
 
622,424
 
 
 
(622,424
) 
 
 
622,424
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other comprehensive loss items for the year, net of deferred taxes
  
Ps.
(28,124,223
) 
 
Ps.
(1,906,375
) 
 
Ps.
(24,721,250
) 
 
Ps.
30,030,598
 
 
Ps.
(24,721,250
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total comprehensive income for the year
  
Ps.
1,201,698
 
 
Ps.
(15,475,864
) 
 
Ps.
1,155,530
 
 
Ps.
20,552,719
 
 
Ps.
7,434,083
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income for the year attributable to:
  
   
 
   
 
   
 
   
 
   
Equity holders of the parent
  
Ps.
1,201,698
 
 
Ps.
(15,475,864
) 
 
Ps.
(5,076,855
) 
 
Ps.
20,552,719
 
 
Ps.
1,201,698
 
Non-controlling
interests
  
 
—  
 
 
 
—  
 
 
 
6,232,385
 
 
 
—  
 
 
 
6,232,385
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Ps.
1,201,698
 
 
Ps.
(15,475,864
) 
 
Ps.
1,155,530
 
 
Ps.
20,552,719
 
 
Ps.
7,434,083
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed consolidating statements of comprehensive income
For the year ended December 31, 2018
 
 
  
Parent
 
 
Wholly-owned
Guarantor
Subsidiary
 
 
Combined
non-guarantor

Subsidiaries
 
 
Eliminations
 
 
Consolidated
Total
 
Total operating revenues
  
Ps.
  170,887,145
 
 
Ps.
  190,924,413
 
 
Ps.
  890,427,121
 
 
Ps.
  (214,030,998)
 
 
Ps.
  1,038,207,681
 
Total operating cost and expenses
  
 
129,039,749
 
 
 
183,542,058
 
 
 
799,085,884
 
 
 
(213,017,181
) 
 
 
898,650,510
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income
  
 
41,847,396
 
 
 
7,382,355
 
 
 
91,341,237
 
 
 
(1,013,817
) 
 
 
139,557,171
 
Interest (expense) income, net
  
 
(24,831,538
) 
 
 
(11,033,069
) 
 
 
14,757,906
 
 
 
(18,563
) 
 
 
(21,125,264
) 
Foreign currency exchange (loss) gain, net
  
 
11,805,283
 
 
 
626,304
 
 
 
(19,693,543
) 
 
 
—  
 
 
 
(7,261,956
) 
Valuation of derivatives, interest cost from labor obligations and other financial items, net
  
 
(4,443,892
) 
 
 
—  
 
 
 
(5,732,424
) 
 
 
—  
 
 
 
(10,176,316
) 
Income tax
  
 
17,754,010
 
 
 
798,639
 
 
 
27,924,430
 
 
 
—  
 
 
 
46,477,079
 
Equity interest in net income of associated companies
  
 
46,101,188
 
 
 
1,325,723
 
 
 
(2,497,059
) 
 
 
(44,929,585
) 
 
 
267
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net profit (loss) for year
  
Ps.
52,724,427
 
 
Ps.
(2,497,326
) 
 
Ps.
50,251,687
 
 
Ps.
(45,961,965
) 
 
Ps.
54,516,823
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net profit for the year attributable to:
  
   
 
   
 
   
 
   
 
   
Equity holders of the parent
  
 
52,724,427
 
 
 
(2,497,326
) 
 
 
46,641,696
 
 
 
(44,302,600
) 
 
 
52,566,197
 
Non-controlling
interest
  
 
—  
 
 
 
—  
 
 
 
3,609,991
 
 
 
(1,659,365
) 
 
 
1,950,626
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net profit (loss) for the year
  
Ps.
52,724,427
 
 
Ps.
(2,497,326
) 
 
Ps.
50,251,687
 
 
Ps.
(45,961,965
) 
 
Ps.
54,516,823
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive loss items:
  
   
 
   
 
   
 
   
 
   
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent years:
  
   
 
   
 
   
 
   
 
   
Effect of translation of foreign entities
  
 
(61,223,458
) 
 
 
(724,521
) 
 
 
(64,314,032
) 
 
 
61,947,979
 
 
 
(64,314,032
) 
Items not to be reclassified to profit or loss in subsequent years:
  
   
 
   
 
   
 
   
 
   
Re-measurement
of defined benefit plan, net of deferred taxes
  
 
652,722
 
 
 
(1,603,145
) 
 
 
757,278
 
 
 
950,423
 
 
 
757,278
 
Unrealized loss on equity investments at fair value, net of deferred taxes
  
 
(3,765,688
) 
 
 
—  
 
 
 
(3,765,688
) 
 
 
3,765,688
 
 
 
(3,765,688
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other comprehensive loss items for the year, net of deferred taxes
  
Ps.
(64,336,424
) 
 
Ps.
(2,327,666
) 
 
Ps.
(67,322,442
) 
 
Ps.
66,664,090
 
 
Ps.
(67,322,442
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total comprehensive loss for the year
  
Ps.
(11,611,997
) 
 
Ps.
(4,824,992
) 
 
Ps.
(17,070,755
) 
 
Ps.
20,702,125
 
 
Ps.
(12,805,619
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive loss for the year attributable to:
  
   
 
   
 
   
 
   
 
   
Equity holders of the parent
  
Ps.
(11,611,997
) 
 
Ps.
(4,824,992
) 
 
Ps.
(16,035,363
) 
 
Ps.
20,702,125
 
 
Ps.
(11,770,227
) 
Non-controlling
interests
  
 
—  
 
 
 
—  
 
 
 
(1,035,392
) 
 
 
—  
 
 
 
(1,035,392
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Ps.
(11,611,997
) 
 
Ps.
(4,824,992
) 
 
Ps.
(17,070,755
) 
 
Ps.
20,702,125
 
 
Ps.
(12,805,619
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed consolidating statements of comprehensive income
For the year ended December 31, 2019
 
 
  
Parent
 
 
Wholly-owned
Guarantor
Subsidiary
 
 
Combined
non-guarantor

Subsidiaries
 
 
Eliminations
 
 
Consolidated
Total
 
Total operating revenues
  
Ps.
  171,369,419
 
 
Ps.
  205,719,219
 
 
Ps.
  867,599,640
 
 
Ps.
  (237,340,409
) 
 
Ps.
  1,007,347,869
 
Total operating cost and expenses
  
 
138,116,795
 
 
 
188,910,056
 
 
 
755,812,050
 
 
 
(230,331,567
) 
 
 
852,507,334
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating income
  
 
33,252,624
 
 
 
16,809,163
 
 
 
111,787,590
 
 
 
(7,008,842
) 
 
 
154,840,535
 
Interest (expense) income, net
  
 
(25,482,552
) 
 
 
(16,714,198
) 
 
 
10,362,884
 
 
 
207,199
 
 
 
(31,626,667
) 
Foreign currency exchange (loss) gain, net
  
 
14,553,340
 
 
 
(43,999
) 
 
 
(9,283,270
) 
 
 
—  
 
 
 
5,226,071
 
Valuation of derivatives, interest cost from labor obligations and other financial items, net
  
 
4,580,710
 
 
 
—  
 
 
 
(11,656,052
) 
 
 
—  
 
 
 
(7,075,342
) 
Income tax
  
 
13,098,827
 
 
 
1,082,274
 
 
 
36,852,432
 
 
   
 
 
51,033,533
 
Equity interest in net result of associated companies
  
 
53,925,595
 
 
 
2,146,151
 
 
 
1,097,234
 
 
 
(57,186,589
) 
 
 
(17,609
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net profit (loss) for the year
  
Ps.
  67,730,890
 
 
Ps.
  1,114,843
 
 
Ps.
  65,455,954
 
 
Ps.
  (63,988,232
) 
 
Ps.
  70,313,455
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net profit for the year attributable to:
  
   
 
   
 
   
 
   
 
   
Equity holders of the parent
  
 
67,730,890
 
 
 
1,114,843
 
 
 
59,618,592
 
 
 
(60,733,434
) 
 
 
67,730,891
 
Non-controlling
interest
  
 
—  
 
 
 
—  
 
 
 
5,837,362
 
 
 
(3,254,798
) 
 
 
2,582,564
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net profit (loss) for the year
  
Ps.
  67,730,890
 
 
Ps.
  1,114,843
 
 
Ps.
  65,455,954
 
 
Ps.
  (63,988,232
) 
 
Ps.
  70,313,455
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income items:
  
   
 
   
 
   
 
   
 
   
Net other comprehensive income (loss) to be reclassified to profit or loss in subsequent years:
  
   
 
   
 
   
 
   
 
   
Effect of translation of foreign entities
  
 
(34,010,066
) 
 
 
1,639,022
 
 
 
(35,536,252
) 
 
 
32,371,044
 
 
 
(35,536,252
) 
Items that will not be reclassified to (loss) or profit in subsequent years:
  
   
 
   
 
   
 
   
 
   
Re-measurement
of defined benefit plan, net of deferred taxes
  
 
(29,153,554
) 
 
 
(2,654,252
) 
 
 
(29,535,672
) 
 
 
31,807,806
 
 
 
(29,535,672
) 
Unrealized gain on equity investments at fair value, net of deferred taxes
  
 
883,408
 
 
 
—  
 
 
 
883,408
 
 
 
(883,408
) 
 
 
883,408
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total other comprehensive loss items for the year, net of deferred taxes
  
Ps.
  (62,280,212
) 
 
Ps.
  (1,015,230
) 
 
Ps.
  (64,188,516
) 
 
Ps.
  63,295,442
 
 
Ps.
  (64,188,516
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total comprehensive income for the year
  
Ps.
  5,450,678
 
 
Ps.
  99,613
 
 
Ps.
  1,267,438
 
 
Ps.
  (692,790
) 
 
Ps.
  6,124,939
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income for the year attributable to:
  
   
 
   
 
   
 
   
 
   
Equity holders of the parent
  
Ps.
  5,450,678
 
 
Ps.
  99,613
 
 
Ps.
  593,178
 
 
Ps.
  (692,790
) 
 
Ps.
  5,450,679
 
Non-controlling
interests
  
 
—  
 
 
 
—  
 
 
 
674,260
 
 
 
—  
 
 
 
674,260
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Ps.
  5,450,678
 
 
Ps.
  99,613
 
 
Ps.
  1,267,438
 
 
Ps.
  (692,790
) 
 
Ps.
  6,124,939
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed consolidating statements of cash flows
For the year ended December 31, 2017
 
 
 
Parent
 
 
Wholly-owned
Guarantor
Subsidiary
 
 
Combined
non-guarantor

Subsidiaries
 
 
Eliminations
 
 
Consolidated
Total
 
Operating activities:
 
   
 
   
 
   
 
   
 
   
Profit before taxes
 
Ps.
43,527,320
 
 
Ps.
  (12,182,970
) 
 
Ps.
35,230,373
 
 
Ps.
(9,477,879
) 
 
Ps.
57,096,844
 
Non-cash
items
 
 
  (17,017,287
) 
 
 
30,000,109
 
 
 
171,062,158
 
 
 
11,635,563
 
 
 
195,680,543
 
Changes in working capital:
 
 
(18,973,478
) 
 
 
(9,486
) 
 
 
(66,062,629
) 
 
 
50,040,581
 
 
 
(35,005,012
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows provided by operating activities
 
Ps.
7,536,555
 
 
Ps.
17,807,653
 
 
Ps.
140,229,902
 
 
Ps.
52,198,265
 
 
Ps.
217,772,375
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investing activities:
 
   
 
   
 
   
 
   
 
   
Purchase of property, plant and equipment
 
 
16,526
 
 
 
(5,571,410
) 
 
 
(113,630,253
) 
 
 
—  
 
 
 
(119,185,137
) 
Acquisition of intangibles
 
 
—  
 
 
 
(3,053,345
) 
 
 
(14,485,196
) 
 
 
—  
 
 
 
(17,538,541
) 
Dividends received from associates
 
 
21,465,687
 
 
 
970,000
 
 
 
2,385,559
 
 
 
(22,435,687
) 
 
 
2,385,559
 
Proceeds from sale of plant, property and equipment
 
 
—  
 
 
 
—  
 
 
 
133,349
 
 
 
—  
 
 
 
133,349
 
Acquisition of business, net of cash acquired
 
 
—  
 
 
 
(3,381,505
) 
 
 
(3,497,288
) 
 
 
—  
 
 
 
(6,878,793
) 
Investment in associates companies
 
 
—  
 
 
 
1,925,898
 
 
 
—  
 
 
 
(1,925,898
) 
 
 
—  
 
Sale of associated company
 
 
—  
 
 
 
—  
 
 
 
340,040
 
 
 
—  
 
 
 
340,040
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows provided by (used in) investing activities
 
Ps.
21,482,213
 
 
Ps.
(9,110,362
) 
 
Ps.
  (128,753,789
) 
 
Ps.
  (24,361,585
) 
 
Ps.
  (140,743,523
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
   
 
   
 
   
 
   
 
   
Bank loans, net
 
 
13,548,138
 
 
 
—  
 
 
 
16,382,838
 
 
 
(57,364,465
) 
 
 
(27,433,489
) 
Acquisition of no controlling interest
 
 
—  
 
 
 
—  
 
 
 
(11,930
) 
 
 
—  
 
 
 
(11,930
) 
Interest paid
 
 
(24,009,216
) 
 
 
(7,092,098
) 
 
 
(7,187,225
) 
 
 
7,092,098
 
 
 
(31,196,441
) 
Repurchase of shares and others
 
 
(1,240,028
) 
 
 
—  
 
 
 
6,657
 
 
 
—  
 
 
 
(1,233,371
) 
Payment of dividends
 
 
(14,406,748
) 
 
 
—  
 
 
 
(24,120,329
) 
 
 
22,435,687
 
 
 
(16,091,390
) 
Derivative financial instruments
 
 
—  
 
 
 
—  
 
 
 
(71,474
) 
 
 
—  
 
 
 
(71,474
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows used in financing activities
 
Ps.
(26,107,854
) 
 
Ps.
(7,092,098
) 
 
Ps.
(15,001,463
) 
 
Ps.
(27,836,680
) 
 
Ps.
(76,038,095
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents
 
 
2,910,914
 
 
 
1,605,193
 
 
 
(3,525,350
) 
 
 
—  
 
 
 
990,757
 
Adjustment to cash flow for exchange rate differences
 
 
—  
 
 
 
—  
 
 
 
61,333
 
 
 
—  
 
 
 
61,333
 
Cash and cash equivalents at beginning of the year
 
 
4,107,645
 
 
 
1,948,159
 
 
 
17,162,579
 
 
 
—  
 
 
 
23,218,383
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of the year
 
Ps.
7,018,559
 
 
Ps.
3,553,352
 
 
Ps.
13,698,562
 
 
Ps.
—  
 
 
Ps.
24,270,473
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed consolidating statements of cash flows
For the year ended December 31, 2018
 
 
  
Parent
 
 
Wholly-owned

Guarantor
Subsidiary
 
 
Combined
non-guarantor

Subsidiaries
 
 
Eliminations
 
 
Consolidated
Total
 
Operating activities:
  
   
 
   
 
   
 
   
 
   
Profit before income tax
  
Ps.
 70,478,437
 
 
Ps.
(1,698,687
) 
 
Ps.
78,176,117
 
 
Ps.
(45,961,965
) 
 
Ps.
100,993,902
 
Non-cash
items
  
 
(23,099,316
) 
 
 
20,952,414
 
 
 
149,503,016
 
 
 
39,836,704
 
 
 
187,192,818
 
Working capital changes:
  
 
(49,040,542
) 
 
 
  (35,329,228
) 
 
 
(61,332,380
) 
 
 
105,845,958
 
 
 
(39,856,192
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows provided by operating activities
  
Ps.
(1,661,421
) 
 
Ps.
(16,075,501
) 
 
Ps.
166,346,753
 
 
Ps.
99,720,697
 
 
Ps.
248,330,528
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investing activities:
  
   
 
   
 
   
 
   
 
   
Purchase of property, plant and equipment
  
 
(17,709
) 
 
 
(4,031,228
) 
 
 
(139,839,096
) 
 
 
—  
 
 
 
(143,888,033
) 
Acquisition of intangibles
  
 
—  
 
 
 
(2,993,373
) 
 
 
(4,940,274
) 
 
 
—  
 
 
 
(7,933,647
) 
Dividends received
  
 
24,314,803
 
 
 
—  
 
 
 
2,622,237
 
 
 
(24,314,803
) 
 
 
2,622,237
 
Proceeds from sale of plant, property and equipment
  
 
—  
 
 
 
—  
 
 
 
178,532
 
 
 
—  
 
 
 
178,532
 
Acquisition of business, net of cash acquired
  
 
—  
 
 
 
—  
 
 
 
(310,604
) 
 
 
—  
 
 
 
(310,604
) 
Investments in associate companies
  
 
—  
 
 
 
(5,092,881
) 
 
 
—  
 
 
 
5,092,881
 
 
 
—  
 
Partial sale of shares of associated company
  
 
—  
 
 
 
—  
 
 
 
548,484
 
 
 
—  
 
 
 
548,484
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows provided by (used in) investing activities
  
Ps.
24,297,094
 
 
Ps.
(12,117,482
) 
 
Ps.
  (141,740,721
) 
 
Ps.
  (19,221,922
) 
 
Ps.
  (148,783,031
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing activities:
  
   
 
   
 
   
 
   
 
   
Bank loans, net
  
 
24,784,341
 
 
 
—  
 
 
 
19,592,788
 
 
 
(78,428,052
) 
 
 
(34,050,923
) 
Acquisition of
non-controlling
interests
  
 
—  
 
 
 
—  
 
 
 
(115,821
) 
 
 
—  
 
 
 
(115,821
) 
Interest paid
  
 
(24,802,363
) 
 
 
26,385,526
 
 
 
(6,066,654
) 
 
 
(26,385,526
) 
 
 
(30,869,017
) 
Repurchase of shares
  
 
(514,007
) 
 
 
—  
 
 
 
2,586
 
 
 
—  
 
 
 
(511,421
) 
Dividends paid
  
 
(20,787,102
) 
 
 
—  
 
 
 
(25,897,494
) 
 
 
24,314,803
 
 
 
(22,369,793
) 
Redemption of hybrid bond
  
 
—  
 
 
 
—  
 
 
 
(13,440,120
) 
 
 
—  
 
 
 
(13,440,120
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows (used in) provided by financing activities
  
Ps.
  (21,319,131
) 
 
Ps.
26,385,526
 
 
Ps.
(25,924,715
) 
 
Ps.
(80,498,775
) 
 
Ps.
(101,357,095
) 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net increase (decrease) in cash and cash equivalents
  
 
1,316,542
 
 
 
(1,807,457
) 
 
 
(1,318,683
) 
 
 
—  
 
 
 
(1,809,598
) 
Adjustment to cash flows due to exchange rate fluctuations, net
  
 
—  
 
 
 
—  
 
 
 
(800,913
) 
 
 
—  
 
 
 
(800,913
) 
Cash and cash equivalents at beginning of the year
  
 
7,018,559
 
 
 
3,553,352
 
 
 
13,698,562
 
 
 
—  
 
 
 
24,270,473
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of the year
  
Ps.
8,335,101
 
 
Ps.
1,745,895
 
 
Ps.
11,578,966
 
 
Ps.
—  
 
 
Ps.
21,659,962
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Condensed consolidating statements of cash flows
For the year ended December 31, 2019
 
 
 
Parent
 
 
Wholly-owned
Guarantor
Subsidiary
 
 
Combined
non-guarantor

Subsidiaries
 
 
Eliminations
 
 
Consolidated
Total
 
Operating activities:
 
   
 
   
 
   
 
   
 
   
Profit before income tax
 
Ps.
80,829,717
 
 
Ps.
2,197,117
 
 
Ps.
102,308,386
 
 
Ps.
(63,988,232
) 
 
Ps.
121,346,988
 
Non-cash
items
 
 
(46,879,977
) 
 
 
12,508,840
 
 
 
174,550,273
 
 
 
48,007,886
 
 
 
188,187,022
 
Working capital changes
 
 
(24,351,260
) 
 
 
(36,428,726
) 
 
 
(56,610,878
) 
 
 
42,135,322
 
 
 
(75,255,542
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows provided by (used in) operating activities
 
Ps.
9,598,480
 
 
Ps.
  (21,722,769
) 
 
Ps.
220,247,781
 
 
Ps.
26,154,976
 
 
Ps.
234,278,468
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investing activities:
 
   
 
   
 
   
 
   
 
   
Purchase of property, plant and equipment
 
 
(147,714
) 
 
 
(1,821,745
) 
 
 
(130,914,876
) 
 
   
 
 
(132,884,335
) 
Acquisition of intangibles
 
   
 
 
(2,413,193
) 
 
 
(16,549,663
) 
 
   
 
 
(18,962,856
) 
Dividends received
 
 
27,817,109
 
 
 
—  
 
 
 
1,773,336
 
 
 
(27,817,109
) 
 
 
1,773,336
 
Proceeds from sale of plant, property and equipment
 
   
 
   
 
 
344,924
 
 
   
 
 
344,924
 
Acquisition of business, net of cash acquired
 
 
(7,335,058
) 
 
 
—  
 
 
 
(5,995,593
) 
 
   
 
 
(13,330,651
) 
Investments in associate companies
 
 
(5,819,645
) 
 
 
(3,359,058
) 
 
 
(56,985
) 
 
 
9,178,703
 
 
 
(56,985
) 
Partial sale of shares of associated company
 
   
 
   
 
 
36,478
 
 
   
 
 
36,478
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows provided by (used in) investing activities
 
Ps.
14,514,692
 
 
Ps.
(7,593,996
) 
 
Ps.
  (151,362,379
) 
 
Ps.
  (18,638,406
) 
 
Ps.
  (163,080,089
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financing activities:
 
   
 
   
 
   
 
   
 
   
Bank loans, net
 
 
14,815,606
 
 
   
 
 
(104,185
) 
 
 
(6,437,981
) 
 
 
8,273,440
 
Acquisition of
non-controlling
interests
 
   
 
   
 
 
(83,055
) 
 
   
 
 
(83,055
) 
Interest paid
 
 
(21,907,497
) 
 
 
28,895,698
 
 
 
(6,139,198
) 
 
 
(28,895,698
) 
 
 
(28,046,695
) 
Repurchase of shares
 
 
(435,713
) 
 
   
 
   
 
   
 
 
(435,713
) 
Dividends paid
 
 
(22,738,755
) 
 
   
 
 
(29,326,499
) 
 
 
27,817,109
 
 
 
(24,248,145
) 
Payment of liability related to
right-of-use
of assets
 
   
 
   
 
 
(26,765,075
) 
 
   
 
 
(26,765,075
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net cash flows (used in) provided by financing activities
 
Ps.
  (30,266,359
) 
 
Ps.
28,895,698
 
 
Ps.
(62,418,012
) 
 
Ps.
(7,516,570
) 
 
Ps.
(71,305,243
) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net (decrease) increase in cash and cash equivalents
 
 
(6,153,187
) 
 
 
(421,067
) 
 
 
6,467,390
 
 
   
 
 
(106,864
) 
Adjustment to cash flows due to exchange rate fluctuations, net
 
   
 
   
 
 
(1,807,442
) 
 
   
 
 
(1,807,442
) 
Cash and cash equivalents at beginning of the year
 
 
8,335,101
 
 
 
1,745,895
 
 
 
11,578,966
 
 
   
 
 
21,659,962
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents at end of the year
 
Ps.
2,181,914
 
 
Ps.
1,324,828
 
 
Ps.
16,238,914
 
 
Ps.
—  
 
 
Ps.
19,745,656
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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