Grupo Iusacell Anounces Revenue of Ps.2,756 Million and EBITDA of Ps.516 Million for 4Q09
-- Total Full-year Revenue was Ps.11,145 Million, with EBITDA of Ps.1,935 Million --
MEXICO CITY, Feb. 25 /PRNewswire-FirstCall/ -- Grupo Iusacell, S.A.B. de C.V. (BMV: CEL; LATIBEX: XCEL) ("Iusacell"), the first provider of wireless cellular third generation services in Mexico with a national footprint, announced today financial results for the fourth quarter and yearly results for 2009.
Fourth Quarter Results
Net revenue during the quarter was Ps.2,756 million, compared to Ps.2,982 million in the same period in 2008. Cost and expenses during the quarter were Ps.2,240 million, 3% lower compared to Ps.2,320 million in the same period of the previous year. As a result, Grupo Iusacell reported EBITDA of Ps.516 million, compared to Ps.662 million in the fourth quarter of 2008
The company registered a net profit of Ps.454 million, compared to net loss of Ps.1,978 million for the same period of the previous year.
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4Q 2008 4Q 2009 Change
Ps. %
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Net Revenue $2,982 $2,756 $(226) - 8%
EBITDA $662 $516 $(147) - 22%
Net Income $(1,978) $454 $2,432 --
Earnings per Share $(15.79) $3.62 $19.41 --
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Figures in millions of pesos.
EBITDA: Revenue less costs and operating expenses.
The number of shares outstanding as of December 31, 2009 was 125.3 million
Net Revenue
Lower revenue for the quarter came mainly from lower air time sales, roaming revenue and CPP.
Subscriber Base
Total subscribers increased 3% as a result of an increase of 4% in the number of prepaid subscribers and a decrease of 1% in postpaid clients. As a result, Grupo Iusacell's subscriber base is 31% postpaid and 69% prepaid users.
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Dec. 2008 Dec. 2009 Change
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Subscribers (thousands) 3,507 3,595 3%
Postpaid 1,140 1,130 -1%
Prepaid 2,367 2,465 4%
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Costs and Expenses
Quarterly costs were Ps.1,607 million, 5% lower than Ps.1,684 million in the same 2008 period. The reduction was a result of lower cost in long-distance services and the CPP.
Operating expenses were Ps.633 million, in line with the Ps.636 million in the fourth quarter a year earlier.
EBITDA and Net Income
EBITDA for the quarter was Ps.516 million, compared with Ps.662 million posted in the year ago period. EBITDA margin was 19%.
The company registered a net profit of Ps.454 million during the quarter, versus net loss of Ps.1,978 million a year ago. The change is mainly a result of a Ps.2,297 benefit in the foreign exchange result in the period.
Debt
As of December 31, 2009, the debt balance of the company was Ps.11,704 million, compared to the Ps.12,542 million reported a year ago.
The company continues its conversations to negotiate its foreign currency – denominated debt. Grupo Iusacell is confident in the support of all the parties involved to reach necessary agreements.
Capex
Capital expenditures for 2009 were Ps.613 million, mainly for system and equipment purchases for the purpose of extending Iusacell's 3-G network coverage and capacity and its EVDO services.
Twelve Month Results
Net revenue for 2009 was Ps.11,145 million, slightly higher than Ps.11,090 million in 2008. EBITDA for the year was Ps.1,935 million versus Ps.2,209 million a year ago. Net loss was Ps.647 million, compared to Ps.3,263 million for the previous year, mainly due to a favorable foreign exchange result of Ps.512 million this year, compared with exchange loss of Ps.2,024 million in 2008.
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2008 2009 Change
Ps. %
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Net Revenue $11,090 $11,145 $55 0%
EBITDA $2,209 $1,935 $(274) -12%
Net Income $(3,263) $(647) $2,616 80%
Earnings per Share $(26.04) $(5.16) $20.88 80%
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Figures in millions of pesos.
EBITDA: Revenue less costs and operating expenses.
The number of shares outstanding as of December 31, 2009 was 125.3 million
About Grupo Iusacell
Grupo Iusacell, S.A.B. de C.V. (Iusacell, BMV: CEL) is a wireless cellular and PCS service provider in Mexico with a national footprint. Iusacell offers more and better voice communication and data services through state-of-the-art technology, such as its new 3G network, throughout all of the regions in which it operates. In addition to its core mobile telephony services, Iusacell also provides a wide range of other telecommunications services, including long distance, wireless local telephony and data transmission services.
Grupo Iusacell is a Grupo Salinas company (www.gruposalinas.com) a group of dynamic, fast-growing, and technologically advanced companies focused on creating shareholder value, contributing to build the middle class of the countries in which they operate, and improving society through excellence. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. The companies include TV Azteca (www.irtvazteca.com), Azteca America (www.aztecaamerica.com), Grupo Elektra (www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca ww.segurosazteca.com.mx) and Grupo Iusacell (www.iusacell.com.mx). Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. However, member companies share a common vision, values and strategies for achieving rapid growth, superior results and world-class performance.
Grupo Iusacell, S.A.B. de C.V. quarterly reports and all other written materials may from time to time contain statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. For those statements, the Company claims the protection of the corresponding laws.
Attached is the Consolidated Financial Statement for Grupo Iusacell, S.A.B. de C.V. for the three-month and twelve-month period ended December 31, 2009, and the Consolidated Balance Sheet of Grupo Iusacell, S.A.B. de C.V. at December 31, 2009.
Investor Contacts |
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Jose Luis Riera K. |
Bruno Rangel |
Juan Carlos Creixell |
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Tel. +52 (55) 5109-5927 |
Tel. +52 (55) 1720-9167 |
Tel. +52 (55) 5109-5950 |
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Press Contacts |
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Tristan Canales |
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Tel. +52 (55) 1720-1441 |
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GRUPO IUSACELL, S.A.B. DE C.V. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
FIGURES IN MILLIONS OF MEXICAN PESOS
4Q08 4Q09 Change
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Gross Revenues 3,196 107% 2,893 105% (304) (9%)
Commissions (214) (7%) (137) (5%) (77) (36%)
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Net Revenues 2,982 100% 2,756 100% (226) (8%)
Cost of services 1,109 37% 1,103 40% (5) (0%)
Handsets subsidy 575 19% 504 18% (71) (12%)
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Total Cost 1,684 56% 1,607 58% (77) (5%)
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Gross Profit 1,298 44% 1,149 42% (149) (12%)
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Selling, General & Administrative
Expenses 636 21% 633 23% (3) (0%)
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EBITDA 662 22% 516 19% (147) (22%)
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Depreciation and Amortization (404) (14%) (431) (16%) (27) (7%)
Other income (expenses) 71 2% 306 11% 236 n.m
Comprehensive Financing Result
Interest Expense - Net (374) (13%) (373) (14%) 1 0%
Foreign exchange (loss) gain (2,020) (68%) 277 10% 2,297 114%
Other financial expenses (2) (0%) (0) (0%) 1 80%
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(2,396) (80%) (97) (4%) 2,299 96%
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(Loss) Income Before Taxes (2,067) (69%) 294 11% 2,362 114%
Tax Provisions:
Corporate Flat Rate Tax (8) (0%) 12 0% 21 n.m
Deferred Income Tax 375 13% 156 6% (219) 58%
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366 12% 169 6% (198) 54%
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Minority Interest 2 0% (9) (0%) (12) n.m
Discontinued Operations (280) (9%) - 0% 280 100%
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Net (Loss) Profit (1,978) (66%) 454 16% 2,432 123%
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GRUPO IUSACELL, S.A.B. DE C.V. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
FIGURES IN MILLIONS OF MEXICAN PESOS
12M08 12M09 Change
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Gross Revenues 11,652 105% 11,646 104% (6) (0%)
Commissions (562) (5%) (501) (4%) (61) (11%)
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Net Revenues 11,090 100% 11,145 100% 55 0%
Cost of services 4,069 37% 4,472 40% 403 10%
Handsets subsidy 2,204 20% 2,169 19% (36) (2%)
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Total Cost 6,273 57% 6,640 60% 367 6%
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Gross Profit 4,817 43% 4,505 40% (312) (6%)
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Selling, General & Administrative
Expenses 2,608 24% 2,570 23% (38) (1%)
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EBITDA 2,209 20% 1,935 17% (274) (12%)
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Depreciation and Amortization (1,829) (16%) (1,784) (16%) 45 2%
Other income (expenses) 73 1% 284 3% 211 n.m
Comprehensive Financing Result
Interest Expense - Net (1,424) (13%) (1,548) (14%) (124) (9%)
Foreign exchange (loss) gain (2,024) (18%) 512 5% 2,536 (125%)
Other financial expenses (2) (0%) (0) (0%) 1 93%
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(3,450) (31%) (1,036) (9%) 2,413 70%
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Loss Before Taxes (2,997) (27%) (601) (5%) 2,396 80%
Tax Provisions:
Corporate Flat Rate Tax (70) (1%) (45) (0%) 25 35%
Deferred Income Tax 112 1% 4 0% (108) (96%)
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42 0% (41) (0%) (83) 196%
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Minority Interest 7 0% (5) (0%) (12) (165%)
Discontinued Operations (315) (3%) - 0% 315 100%
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Net Loss (3,263) (29%) (647) (6%) 2,616 80%
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GRUPO IUSACELL, S.A.B. DE C.V. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
FIGURES IN MILLIONS OF MEXICAN PESOS
As of December 30,
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2008 2009 Change
---- ---- ------
Cash and cash equivalents 246 1% 273 2% 27 11%
Customers 1,320 8% 1,066 7% (254) (19%)
Other accounts receivable (0) (0%) 1 0% 1 (359%)
Advanced payments and other
receivables 576 3% 681 4% 105 18%
Unamortized handsets subsidy 974 6% 1,125 7% 150 15%
Inventories 316 2% 200 1% (116) (37%)
Current assets 3,432 20% 3,345 21% (87) (3%)
Fixed assets 6,245 36% 5,678 36% (568) (9%)
Goodwill 3,715 21% 3,715 24% - 0%
Oher assets 4,174 24% 2,963 19% (1,212) (29%)
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TOTAL ASSETS 17,567 100% 15,701 100% (1,866) (11%)
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Short-term debt 2,682 15% 2,332 15% (350) (13%)
Accrued interests 178 1% 606 4% 427 239%
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Short-term liabilities with
financial cost 2,860 16% 2,938 19% 78 3%
Suppliers 1,680 10% 1,362 9% (318) (19%)
Unaccrued revenues 89 1% 137 1% 48 54%
Accumulated expenses and
other payables 1,270 7% 1,406 9% 136 11%
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Short-term liabilities
without financial cost 3,039 17% 2,905 19% (134) (4%)
Short-term liabilities 5,899 34% 5,843 37% (56) (1%)
Long-term debt 9,860 56% 9,372 60% (488) (5%)
Other long-term liabilities - 0% - 0% - n.a.
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Long-term liabilities with
financial cost 9,860 56% 9,372 60% (488) (5%)
Deferred taxes 410 2% 203 1% (207) (50%)
Labor obligations 33 0% 33 0% 0 0%
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Long-term liabilities without
financial cost 443 3% 236 2% (207) (47%)
Advances from customers 1,342 8% 829 5% (513) (38%)
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Deferred credits 1,342 8% 829 5% (513) (38%)
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TOTAL LIABILITIES 17,545 100% 16,280 104% (1,265) (7%)
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STOCKHOLDERS' EQUITY 23 0% (579) (4%) (602) n.m.
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LIABILITIES + EQUITY 17,567 100% 15,701 100% (1,866) (11%)
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SOURCE Grupo Iusacell, S.A.B. de C.V.
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