23. Segments

América Móvil operates in different countries. As mentioned in Note 1, the Company has operations in Mexico, Guatemala, Nicaragua, Ecuador, El Salvador, Costa Rica, Brazil, Argentina, Colombia, Honduras, Chile, Peru, Paraguay, Uruguay, Dominican Republic, Puerto Rico, Panama, Austria, Croatia, Bulgaria, Belarus, Macedonian, Serbia and Slovenia. The accounting policies for the segments are the same as those described in Note 2.

The Chief Executive Officer, who is the Chief Operating Decision Maker (“CODM”), analyzes the financial and operating information by operating segment. All operating segments that (i) represent more than 10% of consolidated revenues, (ii) more than the absolute amount of its reported 10% of profits before income tax or (iii) more than 10% of consolidated assets, are presented separately.

The Company presents the following reportable segments for the purposes of its consolidated financial statements: Mexico (includes Telcel and Corporate operations and assets), Telmex (Mexico), Brazil, Southern Cone (includes Argentina, Chile, Paraguay and Uruguay), Colombia, Andean (includes Ecuador and Peru), Central America (includes Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica and Panama), U.S.A. (excludes Puerto Rico), Caribbean (includes Dominican Republic and Puerto Rico), and Europe (includes Austria, Bulgaria, Croatia, Belarus, Slovenia, Macedonia and Serbia).

The segment Southern Cone comprises mobile communication services in Argentina as well as Chile, Paraguay and Uruguay. Beginning in 2018, hyperinflation accounting in accordance with IAS 29 was initially applied to Argentina, which results in the restatement of non-monetary assets, liabilities and all items of the statement of comprehensive income for the change in a general price index and the translation of these items applying the period-end exchange rate.

The Company considers that the quantitative and qualitative aspects of any aggregated operating segments (that is, Central America and Caribbean reportable segments) are similar in nature for all periods presented. In evaluating the appropriateness of aggregating operating segments, the key indicators considered included but were not limited to: (i) the similarity of key financial statements measures and trends, (ii) all entities provide telecommunications services, (iii) similarities of customer base and services, (iv) the methods to distribute services are the same, based on telephone plant in both cases, wireless and fixed lines, (v) similarities of governments and regulatory entities that oversee the activities and services of telecom companies, (vi) inflation trends, and (vii) currency trends.


	Mexico			Telmex			Brazil			Southern Cone			Colombia		Andean			Central America			U.S.A.(1)		Caribbean		Europe			Eliminations			Consolidated total
As of and for the year ended December 31, 2019 (in Ps.):
External revenues		226,164,231			84,173,980			177,596,077			54,230,682			74,274,684		55,440,675			46,602,036			—		34,580,822		98,420,289			—			851,483,476
Intersegment revenues		11,676,015			11,863,364			4,182,248			11,041,705			361,386		92,249			132,061			—		1,136,879		—			(40,485,907	)		—

Total revenues		237,840,246			96,037,344			181,778,325			65,272,387			74,636,070		55,532,924			46,734,097			—		35,717,701		98,420,289			(40,485,907	)		851,483,476
Depreciation and amortization		24,742,622			16,346,927			39,424,474			13,847,506			13,439,489		10,256,129			11,045,817			—		6,322,648		24,975,146			(2,881,971	)		157,518,787
Operating income (loss)		67,694,409			9,731,852			28,846,565			4,007,614			15,324,977		8,023,002			5,712,068			—		5,741,368		8,687,862			(9,971,433	)		143,798,284
Interest income		23,713,455			1,839,973			3,155,681			896,256			1,306,571		1,283,788			532,046			—		1,478,560		115,359			(28,037,017	)		6,284,672
Interest expense		30,972,658			1,439,785			19,021,965			3,849,318			2,952,123		2,422,887			1,406,720			—		1,435,862		2,220,168			(27,810,532	)		37,910,954
Income tax		30,000,511			1,528,229			4,251,116			2,022,336			5,405,452		1,681,159			2,355,380			—		719,774		1,946,255			3,843			49,914,055
Equity interest in net income (loss) of associated companies		(3,732	)		46,789			(1,538	)		(23,424	)		—		—			(28,795	)		—		—		(6,909	)		—			(17,609	)
Net profit (loss) attributable to equity holders of the parent continues operations		42,598,946			(1,705,068	)		5,618,095			(6,984	)		9,571,046		(2,604,646	)		2,335,963			—		4,312,630		5,051,145			(7,285,126	)		57,886,001
Net profit (loss) attributable to equity holders of the parent discontinued operations		—			—			—			—			—		—			—			—		—		—			—			9,844,889
Net profit (loss) attributable to equity holders of the parent		42,598,946			(1,705,068	)		5,618,095			(6,984	)		9,571,046		(2,604,646	)		2,335,963			—		4,312,630		5,051,145			2,559,763			67,730,890
Assets by segment		915,233,048			201,283,526			382,561,753			132,722,497			115,851,227		94,021,632			77,355,732			30,775,893		100,694,650		191,744,924			(710,311,225	)		1,531,933,657
Plant, property and equipment, net		54,589,459			106,869,482			174,761,167			60,537,650			50,133,642		39,068,450			38,934,747			1,405,755		38,223,641		75,707,738			(888,361	)		639,343,370
Goodwill		27,396,393			215,381			25,379,805			5,241,305			12,124,685		4,895,331			7,289,748			3,220,105		14,186,723		52,950,325			—			152,899,801
Trademarks, net		46,476			212,324			37,207			—			—		—			—			369,950		227,156		2,595,596			—			3,488,709
Licenses and rights, net		11,087,882			452,504			29,324,718			12,103,980			5,530,422		8,064,487			4,390,547			—		7,942,670		25,951,335			—			104,848,545
Investment in associated companies		3,562,323			610,807			111,073			(7,806	)		391		—			25,603			—		—		—			(1,828,198	)		2,474,193
Liabilities by segments		718,354,229			175,774,964			297,877,328			103,330,525			55,576,253		55,463,339			37,993,180			31,557,816		54,276,868		124,319,541			(349,497,251	)		1,305,026,792

(1)	Restated for discontinued operations.


	Mexico			Telmex			Brazil			Southern Cone			Colombia		Andean		Central America		U.S.A. (1)		Caribbean		Europe			Eliminations			Consolidated total
As of and for the year ended December 31, 2020 (in Ps.):
External revenues		214,578,600			77,920,910			163,865,421			55,484,744			77,282,658		53,846,358		48,073,436		—		37,182,842		111,472,191			—			839,707,160
Intersegment revenues		17,663,525			13,668,264			4,207,466			1,220,100			352,694		88,305		121,580		—		1,440,983		—			(38,762,917	)		—

Total revenues		232,242,125			91,589,174			168,072,887			56,704,844			77,635,352		53,934,663		48,195,016		—		38,623,825		111,472,191			(38,762,917	)		839,707,160
Depreciation and amortization		24,748,756			13,341,479			41,795,397			13,095,004			14,413,760		11,447,356		14,355,899		—		7,094,331		25,593,204			(3,202,788	)		162,682,398
Operating income (loss)		70,851,525			11,204,433			25,203,504			1,877,079			15,111,947		8,698,645		4,004,501		—		6,701,086		13,159,865			(11,309,206	)		145,503,379
Interest income		21,322,406			1,479,021			2,904,430			980,581			822,447		1,049,261		1,130,767		—		1,105,420		90,746			(25,823,043	)		5,062,036
Interest expense		30,936,195			1,306,867			17,976,227			3,334,966			2,586,708		2,223,478		1,559,917		—		1,658,619		2,546,255			(25,467,747	)		38,661,485
Income tax		4,905,863			577,178			(4,442,598	)		992,831			2,078,789		3,115,693		1,518,953		—		2,524,214		2,234,065			4,282			13,509,270
Equity interest in net income (loss) of associated companies		(3,820	)		23,955			(2,972	)		(15,422	)		—		—		—		—		—		(288,747	)		—			(287,006	)
Net profit (loss) attributable to equity holders of the parent continues operations		3,613,907			(1,085,038	)		4,963,424			1,456,062			16,579,303		4,649,047		1,919,558		—		3,294,111		7,777,426			(13,307,820	)		29,859,980
Net profit (loss) attributable to equity holders of the parent discontinued operations		—			—			—			—			—		—		—		—		—		—			—			16,992,625
Net profit (loss) attributable to equity holders of the parent		3,613,907			(1,085,038	)		4,963,424			1,456,062			16,579,303		4,649,047		1,919,558		—		3,294,111		7,777,426			3,684,805			46,852,605
Assets by segment		947,396,510			203,081,314			386,982,711			118,266,380			132,210,369		101,717,708		88,690,683		35,083,285		109,914,293		239,583,759			(737,878,785	)		1,625,048,227
Plant, property and equipment, net		52,117,395			110,751,083			145,307,497			62,157,797			48,876,853		36,102,261		37,855,227		1,761,595		39,128,447		82,595,077			(876,229	)		615,777,003
Revalued of assets		—			—			36,076,207			7,494,408			12,893,284		9,500,708		7,059,247		—		2,572,504		31,556,270			—			107,152,628
Goodwill		26,949,185			215,381			16,048,092			5,436,675			12,253,743		4,866,363		6,345,659		3,362,899		14,186,723		53,388,139			—			143,052,859
Trademarks, net		126,823			181,094			—			—			—		—		—		269,325		219,087		2,981,089			—			3,777,418
Licenses and rights, net		12,017,318			100,623			26,171,345			12,099,873			12,363,039		6,870,531		5,427,857		—		8,616,880		27,963,250			—			111,630,716
Investment in associated companies		51,645			613,449			64,125			(20,970	)		395		—		25,413		—		—		—			1,095,703			1,829,760
Liabilities by segments		725,408,198			193,840,756			263,989,566			61,786,265			63,610,642		53,379,366		34,252,511		33,141,315		60,839,340		138,747,621			(319,064,971	)		1,309,930,609

(1)	Restated for discontinued operations.


	Mexico		Telmex		Brazil			Southern Cone			Colombia		Andean		Central America		Caribbean		Europe			Eliminations			Consolidated total
As of and for the year ended December 31, 2021 (in Ps.):
External revenues		225,219,719		87,189,642		148,729,232			62,030,033			79,312,071		52,888,323		48,468,386		37,858,979		113,838,486			—			855,534,871
Intersegment revenues		18,041,465		15,237,420		4,044,386			329,000			360,638		73,828		98,530		2,069,648		—			(40,254,915	)		—

Total revenues		243,261,184		102,427,062		152,773,618			62,359,033			79,672,709		52,962,151		48,566,916		39,928,627		113,838,486			(40,254,915	)		855,534,871
Depreciation and amortization		25,797,791		12,740,332		40,342,871			14,996,243			15,067,211		11,211,523		11,962,486		6,987,129		27,469,463			(3,948,183	)		162,626,866
Operating income (loss)		77,783,972		21,100,316		21,867,457			2,144,825			15,165,356		7,457,802		8,216,945		8,661,475		13,421,147			(9,686,654	)		166,132,641
Interest income		14,864,242		758,126		2,104,574			821,594			431,314		833,540		269,379		701,785		116,031			(17,065,758	)		3,834,827
Interest expense		24,586,641		1,385,103		15,875,138			2,987,751			2,240,707		1,213,421		1,219,061		1,066,733		2,414,415			(16,963,658	)		36,025,312
Income tax		25,002,390		2,496,010		(9,603,701	)		(3,795,160	)		3,112,946		2,375,281		2,945,700		2,171,594		3,438,161			1,548			28,144,769
Equity interest in net income (loss) of associated companies		85,648		44,525		4,575			(19,073	)		—		—		—		—		(1,757	)		—			113,918
Net profit (loss) attributable to equity holders of the parent continues operations		34,195,093		4,594,450		14,185,905			415,994			5,959,563		4,180,473		4,099,930		5,151,166		8,313,018			(10,383,143	)		70,712,449
Net profit (loss) attributable to equity holders of the parent discontinued operations		—		—		—			—			—		—		—		—		—			—			121,710,718
Net profit (loss) attributable to equity holders of the parent		34,195,093		4,594,450		14,185,905			415,994			5,959,563		4,180,473		4,099,930		5,151,166		8,313,018			(10,383,143	)		192,423,167
Assets by segment		999,502,407		195,869,232		407,458,440			135,862,040			133,232,525		95,719,937		101,725,955		102,949,901		210,944,575			(693,615,163	)		1,689,649,849
Plant, property and equipment, net		50,420,866		118,056,718		153,607,199			64,864,986			48,888,907		34,395,339		42,407,727		41,601,009		79,764,422			(983,169	)		633,024,004
Revalued of assets		—		—		33,004,669			6,159,077			10,266,464		8,389,460		9,113,632		2,564,149		28,675,224			—			98,172,675
Goodwill		26,965,618		215,381		15,335,322			5,191,841			11,685,585		4,688,154		6,002,380		14,186,723		52,307,190			—			136,578,194
Trademarks, net		90,673		149,865		—			—			—		—		—		229,000		2,822,625			—			3,292,163
Licenses and rights, net		11,081,972		129,233		39,620,009			13,791,003			11,384,533		5,502,139		5,220,437		10,847,685		25,709,849			—			123,286,860
Investment in associated companies		4,725,279		522,403		65,699			(34,401	)		351		—		26,348		—		—			(2,253,198	)		3,052,481
Liabilities by segments		679,954,783		176,177,522		273,655,967			72,702,285			65,631,866		44,676,727		42,823,861		53,885,848		134,357,142			(308,257,878	)		1,235,608,123