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Relevant Events

On March 10th, América Móvil entered into an agreement with Digicel Group Ltd. to acquire 100% of Digicel’s operations in Honduras and El Salvador. As part of this transaction AMX is selling its operations in Jamaica to Digicel. The completion of the transaction is subject to governmental and regulatory approvals in Honduras, El Salvador and Jamaica and it is expected to occur during the second quarter of 2011.

On April 15, 2011, Cofeco notified Telcel a resolution imposing a fine of Ps. 11,989 million for alleged monopolistic practices. Cofeco states that the rates Telcel offers its own clients (on-net calls) are lower than the mobile termination rate Telcel charges other carriers, and consequently, prevents said carriers from being able to provide similar offers to their clients. Telcel disputes such fine, which we believe is illegal, arbitrary and opportunistic. As of the date of the accompanying financial statements, the Company and Telcel are evaluating the scope and legal grounds of said resolution and will exercise any and all legal actions and/or remedies to challenge it.

On April 19th, we announced that we had entered into a stock purchase agreement with GE Satellite Holdings LLC and its affiliates, to acquire 20% of the capital stock of StarOne S.A. StarOne is a Brazilian company that provides satellite services in Brazil. Our subsidiary Embratel, currently owns the remaining 80% of the shares of Star One. The completion of the transaction is subject to regulatory approvals in Brazil and expected to take place in the third quarter of 2011.

In May we are closing two syndicated revolving-loan facilities in an aggregate amount of four billion dollars. One is dollar-denominated, with a maturity of 3.5 years whereas the second one is denominated in euros in the amount of two billion dollars-equivalent and has a maturity of 5 years.

Total Accesses

We finished the quarter with 284 million accesses, 12.1% more than in the first quarter of 2010.  This figure comprises 231 million wireless subscribers, 28.7 million landlines, 13.6 million broadband accesses and 10.8 million PayTV clients. Excluding Mexico, the number of fixed lines was up 15.1% year-on-year and that of broadband accesses 25.0%. PayTV was the fastest growing division, with a 33.9% annual increase.

Wireless Subscribers

América Móvil added nearly 6 million wireless subscribers in the first quarter, 7.5% more than in the year-earlier period, taking our wireless subscriber base to 231 million at the end of March for an 11.8% year-on-year increase.

Mexico registered net additions of 1.5 million, 38.2% greater than those of the first quarter of 2010 with postpaid net adds of 271 thousand that were also higher than in the prior year. In Brazil we obtained 1.8 million new subscribers—52.3% more than last year—while in Colombia we added 750 thousand, almost twice as many as the year before. Tracfone, our subsidiary in the US obtained 780 thousand new subscribers in the period. In Central America we gained 349 thousand subscribers, 74.3% more than in the same period of 2010 while in Peru, Ecuador and Chile net subscriber additions totaled 312, 235 and 176 thousand, respectively.

At the end of March our subscriber base comprised 65.7 million subscribers in Mexico, 53.4 million in Brazil, 30 million in Colombia and 18.5 million in both Argentina and the U.S., with 17.5 million coming from Central America and the Caribbean. 

Fixed Line Revenue Generating Units

After adding 1.5 million accesses in the first quarter—45.3% more net additions than in the prior year—we ended March with 53 million revenue-generating units, 13.3% more than in the same period of last year, with those in South America posting an annual growth rate of 27.4%. Our PayTV accesses reached 10.8 million, having increased by 701 thousand in the quarter, whereas our broadband accesses ended March at 13.6 million and our telephony accesses at 28.7 million

We had 23.1 million RGUs in Mexico, 19.6 million in Brazil, 5.5 million in Central America and the Caribbean and 3.1 million in Colombia. Our fastest growing operations were Ecuador and Peru, whose RGUs increased 97.3% and 56.6% respectively, followed by Chile and Brazil with around 30% each.

América Móvil Consolidated Results

As economies continued to expand throughout the region we were able to undergo solid access growth, with fixed line accesses expanding 13.3% year-on-year—including a 33.9% jump in PayTV accesses—and our wireless subscriber base increasing 11.8%. At the end of March, we had a total of 284 million accesses, of which 231 million were wireless subscribers.

Our first quarter revenues totaled 156.2 billion Mexican pesos, exceeding by 6.3% those of the year-earlier quarter. 63.5% of our revenues originated in our wireless operations with wireless gross service revenues (before commissions to distributors)up 11.1% year-on-year. Fixed-line revenues advanced 1.8%.

Mobile data was a major driver of growth, with revenues jumping by two thirds in Central America and the Caribbean and climbing by approximately 27% in the rest of Latin America.  Fixed data revenues expanded by approximately 7.5% year-on-year in both Mexico and South America.

Overall our mobile voice revenues were up 4.3% while our fixed-line voice revenues declined 4.3%, as their expansion in South America was not enough to compensate for the reduction experienced in Mexico, Central America and the Caribbean. PayTV revenues soared by 66.0% year-on-year, making it our most dynamic product line. Our South American operations registered a 9.1% increase in gross service revenues, being the only region that exhibited growth in all product lines.

Consolidated EBITDA came in at 62.1 billion pesos and was practically flat year-on-year in the face of strong growth of accesses and the subscriber acquisition costs that entails. Telmex registered a 10.3% anual reduction in EBITDA countering for the most part the 8.8% EBITDA gains of other operations.

Our comprehensive financing costs, 1.9 billion pesos, were approximately half the ones registered in the first quarter of 2010 even though we had lower foreign exchange gains. The reduction in financing costs and in income and deferred taxes (from 13.4 to 12.2 billion pesos) helped bring about an 12.1% increase in the company’s net profit, to 23.5 billion pesos.

Our first quarter cash flow allowed us to fully cover our capital expenditures of 17.4 billion pesos, repurchase shares and pay dividends in the amount of 12.4 billion pesos, buy Telint and Net Serviços  stock in the amount of 1.2 billion pesos and reduce net debt by 7.3 billion pesos. At the end of March our net debt stood at 211 billion pesos.

Mexico

Telcel had a strong quarter in terms of net additions having gained 1.5 million subscribers, 38.2% more than in the same period of 2010.  We continue to deliver solid figures in the postpaid segment, adding 271 thousand clients, 3.6%

At the end of March Telmex had 12.5 million lines, 0.9% less than in the same period of 2010. It also had 1.5 million lines in rural areas, which will be serviced by Telmex Social. All in, Telmex had a total of 15.6 million lines—including nearly 1.6 million  public phones and prepaid lines—which is 1.6% lower than in the same period of the prior year.

Revenues of our Mexican operations totaled 61.8 billion pesos, 1.7% more than in the precedent year, with wireless revenues rising 5.0% to 37 billion pesos and fixed-line revenues declining 4.9%. Net wireless service revenues were up 6.4% driven by the surge in the demand for data services, with data revenues expanding 26.4% year-on-year. Fixed line revenues, on the other hand, fell as the increase in revenues from data and corporate networks was not sufficient to make up for the loss of fixed-line voice revenues.

EBITDA for the quarter of 32.4 billion pesos was 1.2% lower than in the same period of 2010 mostly as a result of a 10.3% decline in Telmex’s EBITDA. On the wireless front, it is worth mentioning that Telcel registered an EBITDA increase of 3.9% in spite of the strong subscriber growth of the period.

It must be noted that the quarter’s wireless voice revenues reflect the impact of the airtime bonus of approximately 600 million pesos that Telcel willingly offered its subscribers as compensation for interference-related problems experienced in the Mexico City metropolitan area in December and January. We have fully reestablished the sound standards of service we have traditionally maintained. 

In the quarter Telcel used its marketing resources in radio, newspapers, magazines, PayTV channels, internet and digital media, billboards and movie theaters, targeting the A, B and C segments. At the same time, we seek to reach the D and E segments through the provision of universal access, offering cheaper devices that entail greater subsidies and airtime cards of lower denominations. 

Argentina, Paraguay and Uruguay

We finished March with 19.9 million accesses of which 19.7 million were wireless and 227 thousand were RGUs.  These increased 26.9% from a year before, with broadband accesses rising 32.9% in the period.

First quarter revenues rose 18.6% year-on-year to 2.7 billion Argentinean pesos. Wireless gross service revenues (before commissions to distributors) were up 17.5% buoyed by data revenues, that expanded 20.4% in the period. ARPU rose 8.6% from the prior year helped along by the adoption of smartphones and data intensive plans and by an increase in voice traffic. Fixed-line revenues climbed 21.6% driven by data revenues that increased 26.5% from the year before.

Our EBITDA of 1.1 billion Argentinean pesos exceeded that of the prior year by 22.7% and was equivalent to 41.3% of revenues, 1.4 percentage points more than a year before.

This year we formally launched our fiber optic network for fixed-line services. We currently have over 200 thousand homes passed which we will continue to expand throughout the country.

Brazil

We ended the first quarter with 73 million accesses in Brazil, of which 53.4 million are wireless lines—17.2% more than a year before—and 19.6 million are RGUs on the fixed-line platform—29.3% more than a year before.

On the wireless platform, we added 1.8 million new clients, 52.3% more than in the same period of 2010, to finish March with 53.4 million subscribers, 17.2% more than than the precedent year. The quarter’s net additions include 687 thousand post-paid subscribers, more than twice as many as obtained a year ago, helping our postpaid subscriber base grow 24.8% year-on-year. For the second consecutive quarter we were the market leaders in this segment with 41.5% share of net adds.

We also added 982 thousand RGUs on the fixed-line platform of which 203 thousand were broadband accesses and 556 thousand were PayTV clients. At the end of March we had a total of 19.6 million RGUs, 29.3% more than a year before.

PayTV was the fastest growing segment with an annual growth rate of 42.2%. Demand for satellite TV services has surged and we now have more than 1.4 million subscriptions through our Via-Embratel offering compared to 440 thousand in March 2010.

Our revenues totaled 5.5 billion reais, representing an annual increase of 5.7%. Our wireless revenues rose 5.5% to 3.0 billion reais with gross service revenues expanding 6.9% (4.8% in net terms, after commisions). Data was the most important catalyst of growth, with wireless data revenues climbing 27.8% year-on-year. ARPU figures were down 10.4% as a result of an 11.4% decline in the average price per minute of voice and the dilution effect linked to the rapid growth of our subscriber base.

Wire-line revenues for the period came in at 2.9 billion reais, exceeding by 7.2% those of 2010. Revenues coming from Pay TV services (excluding those of Net Servicos that are not being consolidated in our financial statements) nearly tripled relative to those of the prior year while those coming from broadband services expanded 28.4%.

The quarter’s EBITDA declined 11.2% to 1.6 billion reais mostly on account of greater subscriber acquisition costs on wireless. The EBITDA margin for the period stood at 28.5% of revenues.

Colombia-Panama

After adding 788 thousand wireless subscribers in the first quarter (twice as many as those gained in the same period of 2010) we ended March with 30.2 million wireless users, 7.2% more than a year before. Postpaid growth was somewhat higher at 8.1%. We also obtained 112 thousand new fixed-line accesses and ended March with 3.1 million RGUs, 10.7% more than in the year-earlier quarter. Altogether we reached 30.2 million accesses at the end of march.

First quarter revenues of 2.0 trillion Colombian pesos exceeded by 10.2% those of the prior year. Wireless data revenues shot up 42.6% in the period contributing to a 6.6% expansion in wireless gross service revenues. Fixed-line revenues were up 9.7% lead by fixed line voice.

First quarter EBITDA, 919 billion Colombian pesos, was 12.4% higher than that of the same period of 2010. Our margin climbed 90 basis points in the year to 45.5% of revenues even in the face of substantial subscriber growth.

Chile

After adding 176 thousand wireless subscribers in the quarter (a fourth of which were postpaid) we finished March with just over 5 million wireless clients, 33.9% more than a year before. Our fixed-line accesses totaled 916 thousand RGUs, having risen 31.1% over the year. In all, we finished the quarter with almost 6 million accesses.

Total revenues of 129.3 billion Chilean pesos were 27.9% higher than those of the first quarter of 2010, with roughly two thirds coming from our wireless operations. Our wireless gross service revenues rose 29.5% on the back of strong data revenue growth of 48.3%.  ARPU was down as the 11.2% increase in minutes of use failed to compensate for the 16.5% decline in voice prices; it was also somewhat eroded by the fast pace of subscriber growth.

On the fixed-line platform revenues grew at a rate of 37.2% to 45.2 billion Chilean pesos as broadband revenues more than doubled and PayTV revenues shot up 58.5% over the year.

The period’s EBITDA came in at 15.2 billion Chilean pesos and was 85.6% greater than that of 2010 on the back of strong top line growth, good cost controls and the benefit of a greater operating scale. At 11.8% of revenues our EBITDA margin was 3.7 percentage points higher than a year before.

Ecuador

We ended March with 11 million accesses in Ecuador, nearly all of them wireless subscribers (10.9 million), having added 235 thousand subscribers in the first quarter. One fifth of our net adds were post-paid clients. On the fixed-line platform the number of accesses doubled over the year before

Our revenues rose 14.9% to 334 million dollars. Wireless gross service revenues grew 14.8% annually, with data revenues climbing 27.5%. ARPUs were up 5.1% relative to the prior year led by data and a hefty increase in the minutes of use per subscriber as voice prices per minute declined. On the fixed-line front, we experienced a 48.4% increase in revenues but they still represent a small fraction of our revenues.

Our EBITDA for the quarter, 180 million dollars, was up 19.0% compared to the same period of 2010. It was equivalent to 53.7% of revenues, representing a margin expansion of 1.9 percentage points in twelve months.

In March we began using Claro as our brand for all services, fixed and mobile.

Peru

We ended March with 10.5 million accesses in Peru, 15.8% more than a year before. Our wireless subscriber base reached 10 million clients, 14.4% more than a year before, with our postpaid subscriber base jumping 52.0%. On the fixed-line front, we had 483 thousand RGUs which represents a 56.6% increase over the prior year as our broadband and PayTV accesses shot up 69.6% and 77.5%.

Our revenues totaled 846 million soles in the quarter and were 17.0% higher than those of the same period of 2010. Wireless gross service revenues were up 17.4% as data revenues jumped 71.2%. ARPUs were practically flat in spite of the 15.5% reduction in the average revenue per minute of voice thanks to their being supported by data and traffic expansion. Fixed-line revenues (which account for only 13% of total revenues) were up 22.0% as a result of the increase in PayTV and data revenues that more than offset the decline in fixed voice service revenues.

EBITDA for the quarter, 406 million soles, was 28.3% above that of the year-earlier quarter. It was equivalent to 47.9% of our revenues and represented a margin expansion of 4.2 percentage points on the back of cost efficiency gains.

A regulatory measure came to effect requiring all  prepaid subscribers to register their personal information, thus to comply with government regulations, we disconnected 83 thousand prepaid lines in the month of March.

Central America and the Caribbean

We added 193 thousand wireless subscribers in the quarter to finish the period with 17.5 million wireless clients. Our operations in Central America registered net gains that were 74.3% greater than the prior year. Along with 5.5 million RGUs (which rose 8.4% over the year) we had nearly 23 million accesses in the region. 

First quarter revenues of 910 million dollars were 4.5% higher than those of the same quarter of 2010, split almost evenly between wireless and wire-line. Wireless gross service revenues rose 11.5% buoyed by a 77.7% increase in mobile data revenues. Fixed-line revenues declined 1.0% in the quarter, as the increase in PayTV and broadband revenues failed to compensate for the decline in fixed-voice revenues.

First quarter EBITDA of 327 million dollars was 5.5% higher than that of the prior year, with the margin for the quarter coming in at 36.0%, slightly above that of 2010.

United States

Tracfone, our U.S. subsidiary, added 780 thousand subscribers in the first quarter to finish March with 18.5 million clients, an increase of 19.9% over the prior year.

It obtained revenues of 868 million dollars that were 43.3% higher than those of the year-earlier quarter. ARPUs rose 27.8% as traffic per subscriber shot up 131.0% to 354 minutes per month resulting from the change in the mix of our subscriber base as StraighTalk continues to gain share among its commercial offerings.

The quarter’s EBITDA, 63 million dollars, was 17.7% below that of 2010 and equivalent to 7.3% of revenues. However, before subscriber acquisition costs EBITDA actually rose 14.5% from a year before.  It is important to consider that the StraighTalk plans represent a higher volume, but lower margin business.  Consequently it brings about a significant expansion of revenues but a lower margin—all things equal—than the one made on the other commercial offerings.