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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 6-K
Report of Foreign Private Issuer
pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
for the month of February, 2005
Commission file number for securities registered
pursuant to Section 12(b) of the Act: 0-32245
Commission file number for securities registered
pursuant to Section 12(g) of the Act: 1-16269
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AMERICA MOVIL, S.A. DE C.V.
(Exact name of Registrant as specified in its charter)
America Mobile
(Translation of Registrant's name into English)
Lago Alberto 366, Colonia Anahuac, 11320 Mexico, D.F., Mexico
(Address of principal executive offices)
Indicate by check mark whether the Registrant files or will file annual reports
under cover Form 20-F or Form 40-F:
Form 20-F X Form 40-F
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Indicate by check mark if the Registrant is submitting this Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(1):
Yes No X
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Indicate by check mark if the Registrant is submitting this Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
Yes No X
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form 6-K is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934
Yes No X
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This current report on Form 6-K is hereby incorporated by reference into the
registration statement on Form F-4 (File No. 333-120819) filed on November 29,
2004, of America Movil, S.A. de C.V. and Radiomovil Dipsa, S.A. de C.V.
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Recent Developments
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America Movil's Consolidated Results for the Fourth Quarter of 2004
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The unaudited condensed consolidated financial information presented in
this document is stated in constant pesos with purchasing power as of December
31, 2004. Accordingly, the unaudited condensed consolidated financial
information presented in this document is not directly comparable to the audited
consolidated financial statements included in our annual report on Form 20-F for
the fiscal year ended December 31, 2003 (the "2003 20-F"), because they are
stated in constant pesos as of different dates. The audited consolidated
financial information presented in the 2003 20-F is presented in constant pesos
as of December 31, 2003.
On January 27, 2005, we announced our results of operations for the year
ended December 31, 2004. The following table sets forth summary condensed
consolidated financial data of America Movil for the twelve-month periods ended
December 31, 2004 and 2003.
For twelve months ended December 31,
------------------------------------------
2003 2004
---------------------- ------------------
(unaudited)
(millions of constant pesos as of
December 31, 2004)
Operating revenues.................. Ps. 90,401 Ps. 134,747
Operating costs and expenses(1)..... 71,509 111,253
Depreciation and amortization....... 14,598 18,595
Operating income.................... 18,892 23,494
Comprehensive financing income...... 2,233 1,907
Net income.......................... 15,812 16,513
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(1) Includes depreciation and amortization expenses.
We recorded operating revenues of Ps. 134,747 million for the year ended
December 31, 2004, a 49.1% increase over 2003. This increase in revenues
reflects principally subscriber growth - particularly strong in the fourth
quarter of 2004 - as well as acquisitions. We had approximately 61.1 million
wireless subscribers as of December 31, 2004, as compared to 54.1 million as of
September 30, 2004 and 43.9 million as of December 31, 2003. As of December 31,
2004, we had approximately 28.9 million wireless subscribers in Mexico and 13.7
million wireless subscribers in Brazil, as compared to 26.8 million and 12.0
million as of September 30, 2004, respectively and 23.4 million and 9.5 million
as of December 31, 2003, respectively. We experienced subscriber growth in all
of our markets during 2004. In Argentina, we ended 2004 with approximately 3.6
million wireless subscribers and at December 31, 2004, we had 5.8 million
wireless subscribers in Colombia. We also had 1.9 million fixed lines in Central
America at December 31, 2004.
For the year ended December 31, 2004, our operating income totaled Ps.
23,494 million, a 24.4% increase compared to the same period in 2003. As a
percentage of our operating revenues, operating income during the year ended
December 31, 2004 decreased to 17.4% as compared to 20.9% during the year ended
December 31, 2003. The decrease in operating margin was due principally to
increased subscriber acquisition costs in Argentina, Colombia and particularly
Brazil and higher depreciation and amortization costs. During the year ended
December 31, 2004, we reported positive operating income in all of our
geographic markets, other than Brazil and Argentina. Our depreciation and
amortization expenses in Brazil and Argentina have increased significantly as a
result of the rollout of new GSM networks in these markets.
We had comprehensive financing income of Ps. 1,907 million in 2004, as
compared to Ps. 2,233 million in 2003. This decrease reflects a significant
increase in our interest and other financial expenses, which were offset by
increases in foreign exchange and monetary gains. During 2004, we recorded
provisions for income tax and employee profit sharing of Ps. 8,531 million, as
compared to Ps. 3,708 million in 2003. This includes a provision of Ps. 3.2
billion for deferred taxes recorded in the fourth quarter of 2004.
For the year ended December 31, 2004, we had net income of Ps. 16,513
million. This represents a 4.4% increase in net income compared to the Ps.
15,812 million reported during the year ended December 31, 2003. Basic net
income per share was Ps. 1.35 during the year ended December 31, 2004.
At December 31, 2004, we had indebtedness of Ps. 61,459 million, of which
Ps. 5,392 million (or 8.8%) was classified as short-term. In November 2004, we
placed U.S.$500 million of senior notes due 2015. The notes bear interest at
5.750% and are guaranteed by Telcel. At December 31, 2004, cash and cash
equivalents amounted to Ps. 16,518 million. During the year ended December 31,
2004, we used approximately Ps. 13.6 billion to pay dividends and repurchase our
shares. We have accrued approximately Ps. 22.4 billion in capital expenditures
during the year ended December 31, 2004, of which a portion has already been
paid and a portion was included as accounts payable at December 31, 2004. Our
accounts payable at December 31, 2004 amounted to Ps. 37,769 million. At
December 31, 2004, we had total assets of Ps. 195,901 million, total liabilities
of Ps. 118,334 million and total stockholders' equity of Ps. 77,568 million.
The tables below summarize our consolidated results as of and for the
periods set forth below:
America Movil's Income Statement (in accordance with Mexican GAAP) Millions of
constant pesos as of December 31, 2004.
For the three months ended, For the twelve months ended,
------------------------------- -------------------------------
December 31, December 31, December 31, December 31,
2004 2003 % Change 2004 2003 % Change
------------- ------------- -------- ------------- ------------- --------
Service Revenues................. Ps. 30,960 Ps. 22,814 35.7% Ps. 110,721 Ps. 77,705 42.5%
Equipment Revenues............... 8,881 4,987 78.1% 24,026 12,696 89.2%
---------- ----------- ----------- -----------
Total Revenues................... 39,841 27,801 43.3% 134,747 90,401 49.1%
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Cost of Service.................. 7,264 5,322 36.5% 26,409 19,113 38.2%
Cost of Equipment................ 14,075 7,289 93.1% 39,007 20,306 92.1%
Selling, General &
Administrative Expenses.......... 8,347 5,647 47.8% 27,242 17,492 55.7%
Depreciation & Amortization...... 5,062 4,179 21.1% 18,595 14,598 27.4%
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Operating Costs and Expenses 34,748 22,437 54.9% 111,253 71,509 55.6%
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Operating Income................. 5,093 5,364 (5.1)% 23,494 18,892 24.4%
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Comprehensive Financing (Income)
Costs:
Net Interest Expense........ 792 435 82.1% 2,278 1,465 55.5%
Other Financial Expenses.... 809 (528) n.m.* 1,210 199 n.m.*
Foreign Exchange (Gains) (1,830) (332) n.m.* (2,197) (1,425) 54.2%
Loss.............................
Monetary (Gains)............ (1,011) (884) (14.4)% (3,198) (2,472) 29.4%
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(1,240) (1,309) (5.3)% (1,907) (2,233) (14.6)%
---------- ----------- ----------- -----------
Other (Income) Loss, net......... 38 860 (95.6)% (89) 1,099 (108.1)%
Income & Deferred Taxes.......... 4,576 79 n.m.* 8,531 3,708 130.1%
---------- ----------- ----------- -----------
Net Income before Minority
Interest and Equity in Net
Results of Affiliates............ 1,719 5,734 (70.0)% 16,959 16,318 3.9%
---------- ----------- ----------- -----------
Equity in Net Results of 26 18 44.4% 93 136 (31.6)%
Affiliates.......................
Minority Interest................ 50 113 (55.8)% 353 370 (4.6)%
---------- ----------- ----------- -----------
Net Income....................... Ps. 1,643 Ps. 5,603 (70.7)% Ps. 16,513 Ps. 15,812 4.4%
========== =========== =========== ===========
*n.m. = not meaningful
America Movil's Balance Sheet (in accordance with Mexican GAAP) Millions
of constant pesos as of December 31, 2004.
December 31, 2004 December 31, 2003 % Change
------------------- ------------------- ------------
Current Assets
Cash & Cash Equivalents.......... Ps. 16,518 Ps. 9,769 69.1%
Marketable Securities............ 2,590 836 209.8%
Accounts Receivable.............. 20,808 12,007 73.3%
Other Current Assets............. 3,808 2,974 28.0%
Inventories...................... 11,243 5,501 104.4%
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54,967 31,087 76.8%
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Long-Term Assets
Plant, Property & Equipment...... 85,056 74,855 13.6%
Investments in Affiliates........ 652 2,681 (75.7)%
Deferred Assets
Goodwill, net.................... 9,523 8,445 12.8%
Trademarks & Licenses, net....... 35,028 35,441 (1.2)%
Deferred Assets.................. 10,675 5,253 103.2%
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Total Assets..................... Ps. 195,901 Ps. 157,762 24.2%
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December 31, 2004 December 31, 2003 % Change
------------------- ------------------- ------------
Current Liabilities
Short Term Debt**................ Ps. 5,392 Ps. 12,737 (57.7)%
Accounts Payable................. 37,769 20,980 80.0%
Other Current Liabilities........ 12,618 8,132 55.2%
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55,779 41,849 33.3%
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Long-Term Liabilities
Long Term Debt................... 56,067 39,135 43.3%
Other Long-Term Liabilities...... 6,487 3,974 63.2%
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62,554 43,109 45.1%
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Stockholder's Equity............. 77,568 72,804 6.5%
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Total Liabilities and Stockholder's
Equity........................... Ps. 195,901 Ps. 157,762 24.2%
=============== ================
* n.m. = not meaningful
** Includes current portion of Long Term Debt
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has du1y caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
AMERICA MOVIL, S.A. DE C.V.
By: /s/ Carlos Jose Garcia Moreno Elizondo
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Carlos Jose Garcia Moreno Elizondo
Chief Financial Officer
Date: February 8, 2005