Annual and Transition Report (foreign Private Issuer) (20-f)

0.01falseFYAMERICA MOVIL SAB DE CV/0001129137falseO5Restated for discontinued operations. Construction in progress includes fixed and mobile network facilities as well as satellite developments and fiber optic which is in the process of being installed.Includes disposals related to the sale of TracFone. See Note 2, Ac).Includes disposals related to the sale of TracFone. See Note 2Ac.Judicial deposits represent cash and cash equivalents pledged in order to fulfill the collateral requirements for tax contingencies mainly in Brazil. As of December 31, 2020 and 2021, the amount for these deposits is Ps. 15,402,840 and Ps. 14,583,504, respectively for Brazil. 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Table of Contents
As filed with the Securities and Exchange Commission on
April 2
9
, 2022
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM
20-F
 REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
or
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year
ended December 31, 2021
or
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
or
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report______________
For the transition period from _______________ to ________________
Commission file number:
1-16269
AMÉRICA MÓVIL, S.A.B. DE C.V.
(exact name of registrant as specified in its charter)
America Mobile
(translation of registrant’s name into English)
United Mexican States
(jurisdiction of incorporation)
Lago Zurich 245, Plaza Carso / Edificio Telcel, Colonia Ampliación Granada, Miguel Hidalgo, 11529, Mexico City, Mexico
(address of principal executive offices)
Daniela Lecuona Torras
Lago Zurich 245
,
Plaza Carso
/ Edificio Telcel, Piso 16, Colonia Ampliación Granada, Miguel Hidalgo 11529 Mexico City,
Telephone: (5255) 2581-3700 / Facsimile: (5255) 2581-4422
E-mail:
daniela.lecuona@americamovil.com
(name, telephone,
e-mail
and/or facsimile number and address of company contact person)
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class:
  
Trading symbol
  
Name of each exchange on which registered
A Shares, without par value
  
AMOV
  
New York Stock Exchange
L Shares, without par value
  
AMX
  
New York Stock Exchange
3.625% Senior Notes Due 2029
  
AMX29
  
New York Stock Exchange
2.875% Senior Notes Due 2030
  
AMX30
  
New York Stock Exchange
6.375% Notes Due 2035
  
AMX35
  
New York Stock Exchange
6.125% Notes Due 2037
  
AMX37
  
New York Stock Exchange
6.125% Senior Notes Due 2040
  
AMX40
  
New York Stock Exchange
4.375% Senior Notes Due 2042
  
AMX42
  
New York Stock Exchange
4.375% Senior Notes Due 2049
  
AMX49
  
New York Stock Exchange
Securities registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
The number of outstanding shares of each of the registrant’s classes of capital or common stock as of December 31, 2021:
 
20,555 million
  
AA Shares
502 million
  
A Shares
45,582 million
  
L Shares
 
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  
 Yes 
 
     
 
  No  
 
      
         
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.  
 Yes 
 
 
 
No
 
 
✓     
               
         
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act
of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject
to such filing requirements for the past 90 days.
 
 
Yes 
 
     ✓
 
No
 
 
               
               
         
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§ 232.405 of this Chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 
 Yes 
 
    ✓
 
No
 
 
               
               
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule
12b-2
of the Exchange Act
 
                                 
 ✓
  
    Large accelerated filer                Accelerated filer         
  Non-accelerated
filer
           Emerging growth company
                                 
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal
control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that
prepared or issued its audit report.
 
 Yes 
 
     
 
No
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements
included
in this filing
 
                             
             U.S. GAAP                 
 ✓
    
      International Financial Reporting Standards as issued by the International Accounting Standards Board                    Other    
                             
If “other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.
Item 17             Item 18
 
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).
 
 Yes 
 
      
 
  No  
 
    
 ✓

Table of Contents
 
    

Table of Contents
 
    

Table of Contents
 

Table of Contents
 
    
 
 
 
TABLE OF CONTENTS
 
(See Form
20-F
Cross Reference Guide on page 89)
 
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SELECTED FINANCIAL DATA
 
We prepared our audited consolidated financial statements included in this annual report in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). The selected financial information should be read in conjunction with, and is qualified in its entirety by reference to, our audited consolidated financial statements.
 
We present our consolidated financial statements in Mexican pesos. This annual report contains translations of various peso amounts into U.S. dollars at specified rates solely for your convenience. You should not construe these translations as representations that the peso amounts actually represent the U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated. Unless otherwise indicated, we have translated U.S. dollar amounts from pesos at the exchange rate of Ps.20.5835 to U.S.$1.00, which was the rate reported by Banco de México on December 30, 2021, as published in the Official Gazette of the Federation (
Diario Oficial de la Federación
, or “Official Gazette”).
 
On November 23, 2021, we completed the sale of our U.S. operations to Verizon Communications Inc. (“Verizon”), as previously disclosed in our press release furnished on a report on Form
6-K
on November 23, 2021. As a result, in accordance with IFRS 5, TracFone Wireless Inc.’s (“TracFone”) operations are classified as discontinued operations for all years presented in the consolidated financial information included in this report. Accordingly, results are presented in a single amount as profit after tax from discontinued operations in the consolidated financial information included in this annual report. Operating and financial information presented herein therefore excludes TracFone, including for periods prior to the sale.
 
We have not included earnings or dividends on a per American Depositary Share (“ADS”) basis. Each L Share ADS represents 20 L Shares and each A Share ADS represents 20 A Shares.
  
 
 
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FOR THE YEAR ENDED DECEMBER 31,
        
           
2019            
           
2020            
           
2021            
           
2021            
 
     (in millions of Mexican pesos, except share and per share amounts)       

 
(in millions of U.S. dollars, 
except share and per
share amounts)
 

 
 
 
 
    STATEMENT OF COMPREHENSIVE INCOME DATA:
 
Operating revenues
  
 
Ps.
 
  
 
851,483
 
  
 
Ps.
 
  
 
839,707
 
  
 
Ps.
 
  
 
855,535
 
  
 
        U.S.
 
  
 
        41,564
 
Operating costs and expenses
     
 
707,685
 
     
 
694,204
 
     
 
689,402
 
     
 
33,494
 
Depreciation and amortization
     
 
157,519
 
     
 
162,682
 
     
 
162,627
 
     
 
7,901
 
Operating income
     
 
143,798
 
     
 
145,503
 
     
 
166,133
 
     
 
8,070
 
Net profit for the year continued
  
 
Ps.
 
  
 
60,468
 
  
 
Ps.
 
  
 
34,034
 
  
 
Ps.
 
  
 
74,615
 
  
 
U.S.
 
  
 
3,625
 
Net profit for the year discontinued
     
 
9,845
 
     
 
16,993
 
     
 
121,711
 
     
 
5,913
 
Net profit for the year
  
 
Ps.
 
  
 
70,313
 
  
 
Ps.
 
  
 
51,027
 
  
 
Ps.
 
  
 
196,326
 
  
 
U.S.
 
  
 
9,538
 
Net profit attributable for the year to:
                       
Equity holders of the parent continued
  
 
Ps.
 
  
 
57,886
 
  
 
Ps.
 
  
 
29,860
 
  
 
Ps.
 
  
 
70,712
 
  
 
U.S.
 
  
 
3,435
 
Equity holders of the parent discontinued
     
 
9,845
 
     
 
16,993
 
     
 
121,711
 
     
 
5,913
 
Equity holders of the parent
  
 
Ps.
 
  
 
67,731
 
  
 
Ps.
 
  
 
46,853
 
  
 
Ps.
 
  
 
192,423
 
  
 
U.S.
 
  
 
9,348
 
Non-controlling
interests
     
 
2,582
 
     
 
4,174
 
     
 
3,903
 
     
 
190
 
Net profit for the year
  
 
Ps.
 
  
 
70,313
 
  
 
Ps.
 
  
 
51,027
 
  
 
Ps.
 
  
 
196,326
 
  
 
U.S.
 
  
 
9,538
 
Earnings per share:
                       
Basic diluted continued
  
 
Ps.
 
  
 
0.88
 
  
 
Ps.
 
  
 
0.45
 
  
 
Ps.
 
  
 
1.07
 
  
 
U.S.
 
  
 
0.05
 
Basic diluted discontinued
  
 
Ps.
 
  
 
0.15
 
  
 
Ps.
 
  
 
0.26
 
  
 
Ps.
 
  
 
1.85
 
  
 
U.S.
 
  
 
0.09
 
Dividends declared per share
(1)
  
 
Ps.
 
  
 
0.35
 
  
 
Ps.
 
  
 
0.38
 
  
 
Ps.
 
  
 
0.40
 
  
 
U.S.
 
  
 
0.02
 
Weighted average number of shares outstanding (millions):
 
           
Basic
     
 
66,016
 
     
 
66,265
 
     
 
65,967
 
  
 
-
 
  
Diluted
     
 
66,016
 
     
 
66,265
 
     
 
65,967
 
  
 
-
 
  
 
    BALANCE SHEET DATA:
 
Property, plant and equipment, net
  
 
Ps.
 
  
 
639,343
 
  
 
Ps.
 
  
 
722,930
 
  
 
Ps.
 
  
 
731,197
 
  
 
U.S.
 
  
 
35,523
 
Right of use assets
     
 
118,003
 
     
 
101,977
 
     
 
90,372
 
     
 
4,391
 
Total assets
     
 
1,531,934
 
     
 
1,625,048
 
     
 
1,689,650
 
     
 
82,086
 
Short-term debt and current portion of long-term
debt
     
 
129,172
 
     
 
148,083
 
     
 
145,223
 
     
 
7,055
 
Short-term lease debt
     
 
25,895
 
     
 
25,068
 
     
 
27,632
 
     
 
1,342
 
Long-term debt
     
 
495,082
 
     
 
480,300
 
     
 
418,807
 
     
 
20,347
 
Long-term lease debt
     
 
94,702
 
     
 
84,259
 
     
 
71,022
 
     
 
3,450
 
Capital stock
     
 
96,338
 
     
 
96,342
 
     
 
96,333
 
     
 
4,680
 
Total equity
  
 
Ps.
 
  
 
226,907
 
  
 
Ps.
 
  
 
315,118
 
  
 
Ps.
 
  
 
454,042
 
  
 
U.S.
 
  
 
22,057
 
 
    
NUMBER OF OUTSTANDING SHARES (MILLIONS):
 
AA Shares
     
 
20,607
 
     
 
20,578
 
     
 
20,555
 
     
 
-
 
A Shares
     
 
531
 
     
 
520
 
     
 
502
 
     
 
-
 
L Shares
     
 
44,872
 
     
 
45,764
 
     
 
43,633
 
     
 
-
 
                       
 
(1)
Figures for each year provided represent the annual dividend declared at the general shareholders’ meeting that year. For information on dividends paid per share translated into U.S. dollars, see “Share Ownership and Trading—Dividends” under Part IV of this annual report.
(2)
For the years 2019 to 2020 the financial statements were modified for the sale of TracFone. See Note 2 Ac to our audited consolidated financial statements included in this annual report.
 
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BUSINESS OVERVIEW
We provide telecommunications services in 24 countries. We are a leading telecommunications services provider in Latin America, ranking first in wireless, fixed-line, broadband and Pay TV services based on the number of revenue generating units (“RGUs”).
Our largest operations are in Mexico and Brazil, which together account for over half of our total RGUs and where we have the largest market share based on RGUs. We also have operations in 15 other countries in the Americas and seven countries in Central and Eastern Europe as of December 31, 2021. For a list of our principal subsidiaries, see Note 2 a(ii) to our audited consolidated financial statements and “Additional Information—Exhibit 8.1” under Part VII of this annual report.
We intend to build on our position as a leader in integrated telecommunications services in Latin America and the Caribbean, and to grow in other parts of the world by continuing to expand our subscriber base through the development of our existing businesses and strategic acquisitions when opportunities arise. We have developed world-class integrated telecommunications platforms to offer our customers new services and enhanced communications solutions with higher data speed transmissions at lower prices. We continue investing in our networks to increase coverage and implement new technologies to optimize our network capabilities. See “Operating and Financial Review and Prospects—Overview” under Part II of this annual report for a discussion on the seasonality of our business.
On November 23, 2021, we completed the sale of our U.S. operations to Verizon, as previously disclosed in our press release furnished on a report on Form 6-K on November 23, 2021. As a result, in accordance with IFRS 5, TracFone’s operations are classified as discontinued operations for all years presented in the consolidated financial information included in this report. Accordingly, results are presented in a single amount as profit after tax from discontinued operations in the consolidated financial information included in this annual report. Operating and financial information presented herein therefore excludes Tracfone, including for periods prior to the sale.
The following map illustrates the geographic diversity of our operations and certain key performance indicators (“KPIs”) as of December 31, 2021.
HISTORY AND CORPORATE INFORMATION
América Móvil, S.A.B. de C.V. (“América Móvil,” “we” or the “Company”) is a
Sociedad Anónima Bursátil de Capital Variable
organized under the laws of Mexico.
We were established in 2000 when Teléfonos de México, S.A.B. de C.V. (“Telmex”), a fixed-line Mexican telecommunications operator privatized in 1990, spun off to us its wireless operations in Mexico and other countries. We have made significant acquisitions throughout Latin America, the United States, the Caribbean and Europe, and we have also expanded our businesses organically.
Our principal executive offices are located at Lago Zurich 245, Plaza Carso / Edificio Telcel, Colonia Ampliación Granada, Miguel Hidalgo, 11529, Mexico City, Mexico. Our telephone number at this location is (5255) 2581-3700.
 
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KEY PERFORMANCE INDICATORS
We have identified RGUs as a KPI that helps measure the performance of our operations. The table below includes the number of our wireless subscribers and our fixed RGUs, which together make up the total RGUs, in the countries where we operate. Wireless subscribers consist of the number of prepaid and postpaid subscribers to our wireless services. Fixed RGUs consist of fixed voice, fixed data and Pay TV units (which include customers of our Pay TV services and, separately, of certain other digital services). The figures below reflect total wireless subscribers and fixed RGUs of all our consolidated subsidiaries, without adjustments to reflect our equity interest, in the following reportable segments:
 
 
Mexico Wireless;
 
Mexico Fixed;
 
Brazil;
 
Colombia;
 
Southern Cone (Argentina, Chile, Paraguay and Uruguay);
 
Andean Region (Ecuador and Peru);
 
Central America (Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and Panama);
 
the Caribbean (the Dominican Republic and Puerto Rico); and
 
Europe (Austria, Belarus, Bulgaria, Croatia, Macedonia, Serbia and Slovenia).
 
    
AS OF DECEMBER 31,
 
    
2019
    
2020
    
2021
 
           
(in thousands)
        
WIRELESS SUBSCRIBERS
 
     
Mexico
  
 
76,918
 
  
 
77,789
 
  
 
80,539
 
Brazil
  
 
54,488
 
  
 
63,140
 
  
 
70,541
 
Colombia
  
 
31,104
 
  
 
33,009
 
  
 
35,062
 
Southern Cone
  
 
31,507
 
  
 
30,669
 
  
 
33,322
 
Andean Region
  
 
20,104
 
  
 
18,877
 
  
 
20,774
 
Central America
  
 
15,488
 
  
 
15,044
 
  
 
16,508
 
Caribbean
  
 
6,244
 
  
 
6,422
 
  
 
7,020
 
Europe
  
 
21,296
 
  
 
21,864
 
  
 
22,766
 
Total Wireless Subscribers
  
 
257,149
 
  
 
266,814
 
  
 
286,532
 
FIXED RGUS:
        
Mexico
  
 
21,992
 
  
 
21,925
 
  
 
21,408
 
Brazil
  
 
34,048
 
  
 
32,648
 
  
 
31,287
 
Colombia
  
 
7,613
 
  
 
8,318
 
  
 
8,876
 
Southern Cone
  
 
2,514
 
  
 
2,836
 
  
 
3,349
 
Andean Region
  
 
2,049
 
  
 
2,158
 
  
 
2,444
 
Central America
  
 
4,409
 
  
 
4,247
 
  
 
4,412
 
Caribbean
  
 
2,528
 
  
 
2,558
 
  
 
2,608
 
Europe
  
 
6,143
 
  
 
6,050
 
  
 
6,082
 
Total Fixed RGUs
  
 
81,296
 
  
 
80,740
 
  
 
80,466
 
Total RGUs
  
 
338,445
 
  
 
347,554
 
  
 
366,998
 
PRINCIPAL BRANDS
We operate in all of our geographic segments under the Claro brand name, except in Mexico and Europe, where we principally do business under the brand names listed below.
 
  COUNTRY
  
PRINCIPAL BRANDS
  
SERVICES AND PRODUCTS
Mexico
   Telcel    Wireless voice
      Wireless data
   Telmex Infinitum    Fixed voice
      Fixed data
Europe
   A1    Wireless voice
      Wireless data
      Fixed voice
      Fixed data
      Pay TV
SERVICES AND PRODUCTS
We offer a wide range of services and products that vary by market, including wireless voice, wireless data and value-added services, fixed voice, fixed data, broadband and IT services, Pay TV and
over-the-top
(“OTT”) services.
Wireless Operations
In 2021, our wireless voice and data operations generated revenues of Ps.549.7 billion, representing 54.5% of our consolidated revenues. As of December 31, 2021, our wireless operations represented approximately 78.1% of our total RGUs, the same as of December 31, 2020.
VOICE AND DATA.
Our wireless subsidiaries provide voice communication services across the countries in which they operate. We offer international roaming services to our wireless subscribers through a network of cellular service providers with which our wireless subsidiaries have entered into international roaming agreements around the world, and who provide GSM, 3G and
4G-LTE
roaming services.
The voice and data plans are either “postpaid,” where the customer is billed monthly for the previous month, or “prepaid,” where the customer pays in advance for a specified volume of use over a specified period. Postpaid plans increased as a percentage of the wireless base from 34.0% in December 2020 to 37.6% as of December 31, 2021, while prepaid plans represented 62.4% as of December 31, 2021.
Our wireless voice services are offered under a variety of plans to meet the needs of different market segments. In addition, we often bundle wireless data communications services together with wireless voice services. Our wireless subsidiaries had approximately 286.5 million wireless voice and data subscribers as of December 31, 2021.
 
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Prepaid customers typically generate lower levels of usage and are often unwilling or financially ineligible to purchase postpaid plans. Our prepaid plans have been instrumental to increase wireless penetration in Latin America and Eastern Europe to levels similar to those of developed markets. Additionally, prepaid plans entail little to no risk of
non-payment,
as well as lower customer acquisition costs and billing expenses, compared to the average postpaid plan.
In general, our average rates per minute of wireless voice are very competitive for both prepaid and postpaid plans. On average, rates per minute of wireless voice used in 2021 decreased by approximately 1.1% at constant exchange rates relative to 2020.
In addition, the plans we offer our retail customers include selective discounts and promotions that reduce the rates our customers pay.
VALUE-ADDED SERVICES.
As part of our wireless data business, our subsidiaries offer value-added services that include Internet access, messaging and other wireless entertainment and corporate services through GSM/EDGE, 3G and 4G LTE networks.
Internet services include roaming capability and wireless Internet connectivity for feature phones, smartphones, tablets and laptops, including data transmission,
e-mail
services, instant messaging, content streaming and interactive applications. For example, in Mexico, our website for our wireless services (www.telcel.com) through Radiomóvil Dipsa, S.A. de C.V (”Telcel“), offers a wide range of services and content such as video, music, games and other applications, which our subscribers can access from mobile devices. In addition, we offer other wireless services, including wireless security services, mobile payment solutions,
machine-to-machine
services, mobile banking, virtual private network (”VPN“) services, video calls and personal communications services (”PCS“).
Fixed Operations
In 2021, our fixed voice, data, broadband and IT solutions had revenues of Ps.272.3 billion, representing 27.0% of our consolidated revenues. As of December 31, 2021, our fixed operations represented approximately 21.9% of our total RGUs, the same as of December 31, 2020.
VOICE.
Our fixed voice services include local, domestic and international long-distance, under a variety of plans to meet the needs of different market segments, specifically tailored to our residential and corporate clients.
DATA.
We offer data services, including data centers, data administration and hosting services to our residential and corporate clients under a variety of plans.
BROADBAND.
We provide residential broadband access through hybrid
fiber-coaxial
(”HFC“) or
fiber-optic
cable. These services are typically bundled with voice services and are competitively priced as a function of the desired or available speed. As a complement to these services, we offer a number of products such as home networking and smart home services.
IT SOLUTIONS.
Our subsidiaries provide a number of different IT solutions for small businesses and large corporations. We also provide specific solutions to the industrial, financial, government and tourism sectors, among others.
Pay TV
We offer Pay TV through cable and satellite TV subscriptions to both retail and corporate customers under a variety of plans. As of December 31, 2021, we had approximately 19.8 million Pay TV RGUs, a decrease of approximately 309 thousand Pay TV RGUs from the prior year.
Equipment, accessories and computer sales
Equipment, accessories and computer sales primarily include the sale of handsets, accessories and other equipment.
Other Services
Other services include other businesses such as telephone directories, call center services, wireless security services, advertising, media and software development services.
OTT Services
We sell video, audio and other media content that is delivered through the internet directly from the content provider to the viewer or end user. Our most important service is ClaroVideo, an
on-demand
internet streaming video provider with more than 20,900 content titles sold across all the Latin American and Caribbean markets in which we operate. We offer bundled packages of ClaroVideo, which may include:
 
 
Subscription video on demand, providing unlimited access to a catalogue of over 20,900 titles for a fixed monthly subscription fee;
 
Transactional video on demand and electronic sell-through, offering the option to rent or buy new content releases; and
 
Add-on
services such as subscription and other OTT services through a platform payment system, including access to FOX, HBO, Noggin and Paramount+, among others.
We also offer an advertised and unlimited music streaming and downloading service in 16 countries in Latin America and Europe through ClaroMúsica, with access to approximately 50 million titles across all music genres.
 
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Services and Products by Country
The following table is a summary of our principal services rendered and products produced as of December 31, 2021 in the countries in which we operate.
 
                                                                                                                                                                                                                   
    
WIRELESS VOICE, DATA AND
VALUE ADDED SERVICES
(1)
  
FIXED VOICE, BROADBAND,
DATA AND IT SERVICES
(2)
  
PAY TV
  
OTT SERVICES
(3)
Argentina
  
🌑
  
🌑
  
🌑
  
🌑
  
Austria
  
🌑
  
🌑
  
🌑
  
🌑
  
Belarus
  
🌑
  
🌑
  
🌑
  
🌑
  
Brazil
  
🌑
  
🌑
  
🌑
  
🌑
  
Bulgaria
  
🌑
  
🌑
  
🌑
  
🌑
  
Chile
  
🌑
  
🌑
  
🌑
  
🌑
  
Colombia
  
🌑
  
🌑
  
🌑
  
🌑
  
Costa Rica
  
🌑
  
🌑
  
🌑
  
🌑
  
Croatia
  
🌑
  
🌑
  
🌑
  
🌑
  
Dominican Republic
  
🌑
  
🌑
  
🌑
  
🌑
  
Ecuador
  
🌑
  
🌑
  
🌑
  
🌑
  
El Salvador
  
🌑
  
🌑
  
🌑
  
🌑
  
Guatemala
  
🌑
  
🌑
  
🌑
  
🌑
  
Honduras
  
🌑
  
🌑
  
🌑
  
🌑
  
Macedonia
  
🌑
  
🌑
  
🌑
  
🌑
  
Mexico
  
🌑
  
🌑
     
🌑
(4)
 
Nicaragua
  
🌑
  
🌑
  
🌑
  
🌑
  
Panama
  
🌑
  
🌑
  
🌑
  
🌑
  
Paraguay
  
🌑
  
🌑
  
🌑
  
🌑
  
Peru
  
🌑
  
🌑
  
🌑
  
🌑
  
Puerto Rico
  
🌑
  
🌑
  
🌑
  
🌑
  
Serbia
  
🌑
        
🌑
  
Slovenia
  
🌑
  
🌑
  
🌑
  
🌑
  
Uruguay
  
🌑
        
🌑
  
 
(1)
  Includes voice communication and international roaming services, interconnection and termination services, SMS, MMS,
e-mail,
mobile browsing, entertainment and gaming applications.
(2)
  Includes local calls, national and international long distance.
(3)
  Includes ClaroVideo and ClaroMúsica.
(4)
  Services provided by
non-concessionaire
subsidiaries.
 
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Our networks are one of our main competitive advantages. Today, we own and operate one of the largest integrated platforms based on our covered population across 17 countries in Latin America, and we are expanding our network in Europe.
INFRASTRUCTURE
For the year ended December 31, 2021, our capital expenditures totaled Ps.158.1 billion, which allowed us to increase our network, to expand our capacity and to upgrade our systems to operate with the latest technologies. With fully convergent platforms, we are able to deliver high-quality voice, video and data products.
As of December 31, 2021, the main components of our infrastructure were comprised of:
 
 
Cell sites:
102,818 sites with 2G, 3G and 4G technologies across Latin America and Europe. Tower space for our cell sites is a combination of towers we own and tower spaces leased from third parties. Additionally, we have been expanding our coverage and improving quality and speed with a number of street cells and indoor solutions. Our Board of Directors and Stockholders’ Meeting have approved a
spin-off
of our towers and related passive infrastructure in Latin America outside of Mexico. See “Acquisitions, Other Investments and Divestitures.”
 
 
Fiber-optic network:
More than 1,035 km. Our network passed approximately 88 million homes.
 
 
Submarine cable systems:
Capacity in more than 197 thousand km of submarine cables, including the
AMX-1
submarine cable that extends 18,300 km and connects the United States to Central and South America with 13 landing points and also the South Pacific Submarine Cable that extends 7,300 km along the Latin American Pacific coast, connecting Guatemala, Ecuador, Peru and Chile with 5 landing points. Both systems provide international connectivity to all of our subsidiaries in these geographic areas.
 
 
Satellites:
Five. Star One S.A. (“Star One”) has the most extensive satellite system in Latin America, with a fleet that covers the United States, Mexico, Central America and South America. We use these satellites to supply capacity for DTH services for Claro TV throughout Brazil and in other DTH Operations, as well as cellular backhaul, video broadcast and corporate data networks.
 
 
Data centers:
32. We use our data centers to manage a number of cloud solutions, such as Infrastructure as a
   
Service (“IAAS”), Software as a Service (“SAAS”), security solutions and unified communications.
TECHNOLOGY
Our primary wireless networks use GSM/EDGE, 3G and 4G LTE technologies, which we offer in most of the countries where we operate. We aim to increase the speed of transmission of our data services and have been expanding our 3G and 4G LTE coverage. We have begun our 5G rollout in some countries. In February 2022, we launched 5G through Telcel, which is the largest data infrastructure deployment in Latin America. At launch, we cover 18 cities in the country and by end of the year we will cover 120 cities.
We transmit wireless calls and data through radio frequencies that we use under spectrum licenses. Spectrum is a limited resource, and, as a result, we may face spectrum and capacity constraints on our wireless network. We continue to invest significant capital in expanding our network capacity and reach and to address spectrum and capacity constraints on a
market-by-market
basis.
The table below presents a summary of the population covered by our network, by country, as of December 31, 2021.
 
GENERATION TECHNOLOGY
 
    
GSM
  
UMTS
  
LTE
  
5G
    
(% of covered population)
    
Argentina
     99      98      97      -  
Austria
     100      96      99      62
Belarus
     100      100      0      -  
Brazil
     94      95      87      17
Bulgaria
     100      100      99      52
Chile
     97      97      98      -  
Colombia
     91      80      73      -  
Costa Rica
     85      86      96      -  
Croatia
     99      99      99      13
Dominican Republic
     100      99      97      6
Ecuador
     96      80      78      -  
El Salvador
     91      88      87      -  
Guatemala
     89      89      88      -  
Honduras
     81      82      72      -  
Macedonia
     100      100      99      -  
Mexico
     94      95      93      -  
Nicaragua
     72      72      50      -  
Panama
     82      90      86      -  
Paraguay
     77      80      83      -  
Peru
     88      83      83      18
Puerto Rico
     82      94      99      49
Serbia
     99      98      98      -  
Slovenia
     100      100      99      19
Uruguay
     100      99      98      -  
 
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We operate in an intensely competitive industry. Competitive factors within our industry include pricing, brand recognition, service and product offerings, customer experience, network coverage and quality, development and deployment of technologies, availability of additional spectrum licenses and regulatory developments.
Our principal competitors differ, depending on the geographical market and the types of service we offer. We compete against other providers of wireless, broadband and Pay TV that operate on a multi-national level, such as AT&T Inc., Teléfonica and Millicom, as well as various providers that operate on a nationwide level, such as Telecom Argentina in Argentina and Telecom Italia in Brazil.
Competition remains intense as a result of saturation in the fixed and wireless market, increased network investment by our competitors, the development and deployment of new technologies, the introduction of new products and services, new market entrants, the availability of additional spectrum, both licensed and unlicensed, and regulatory changes.
The effects of competition on our subsidiaries depend, in part, on the size, service offerings, financial strength and business strategies of their competitors, regulatory developments and the general economic and business climate in the countries in which they operate, including demand growth, interest rates, inflation and exchange rates. The effects could include loss of market share and pressure to reduce rates. See “Regulation” under Part VI and “Risk Factors” under Part III of this annual report.
 
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Geographic diversification has been a key to our financial success, as it has provided for greater stability in our cash flow and profitability and has contributed to our strong credit ratings. In recent years, we have been evaluating the expansion of our operations to regions outside of Latin America. We believe that Europe and other areas beyond Latin America present opportunities for investment in the telecommunications sector that could benefit us and our shareholders over the long term.
We continue to seek ways to optimize our portfolio, including by finding investment opportunities in telecommunications and related companies worldwide, including in markets where we are already present, and we often have several possible acquisitions under consideration. We may pursue opportunities in Latin America or in other areas in the world. Some of the assets that we acquire may require significant funding for capital expenditures. We can give no assurance as to the extent, timing or cost of such investments. We also periodically evaluate opportunities for dispositions, in particular for businesses and in geographies that we no longer consider strategic. The following are recent developments relating to acquisitions, other investments and divestitures:
 
 
On September 13, 2020, we entered into an agreement to sell our wholly-owned subsidiary TracFone to Verizon. On November 23, 2021, we completed the sale of TracFone to Verizon. We received the closing consideration of U.S.$3,625.7 million in cash, which included U.S.$500.7 million of customary adjustment for TracFone’s cash and working capital and 57,596,544 shares of Verizon’s common stock, par value U.S.$0.10 per share. Verizon has asserted post-closing claims under the adjustments and other provisions of this agreement, which may result in payments by us. Subject to TracFone continuing to achieve certain operating metrics
(earn-out),
Verizon will be required pay up to an additional U.S.$650 million of cash consideration within two years from November 23, 2021.
 
 
In December 2020, our Brazilian subsidiary, Claro S.A. (“Claro Brasil”), together with two other offerors, won a competitive bid to acquire the mobile business owned by Oi Group in Brazil. Pursuant to the transaction, Claro Brasil will pay R$3.6 billion for 32% of Oi Group’s mobile business and approximately 4.7 thousand mobile access sites (representing 32% of Oi Group’s mobile business access sites). Claro Brasil also committed to enter into long term
   
agreements with Oi Group for the supply of data transmission capacity. This transaction closed on April 20, 2022.
 
 
In February 2021, our Board of Directors approved a plan to spin off our telecommunications towers and other related passive infrastructure in Latin America outside of Mexico. The
spin-off
was approved by our shareholders in an extraordinary shareholders’ meeting on September 29, 2021. In the
spin-off
and the associated corporate restructuring, we will contribute to Sitios a portion of our capital stock, assets and liabilities, mainly consisting of the shares of our subsidiaries holding telecommunications towers and other associated infrastructure in Latin America outside of Mexico, other than Colombia and our telecommunications towers existing in Peru prior to the
spin-off.
This operation is intended to maximize the infrastructure’s value, as the resulting entity, to be named Sitios Latinoamérica, S.A.B. de C.V. (“Sitios”), will be separate from América Móvil and will have its own management and personnel, who will be exclusively focused on developing, building and leasing telecommunications towers for wireless services. We will have master services agreements with subsidiaries of Sitios under which we will have access to and use of the tower space to provide wireless services. Completion of the
spin-off
is subject to the fulfillment of conditions that are typical in these type of transactions, as well as the implementation of several previous steps in several of the countries involved in the transaction, including receipt of confirmation from the Mexican Tax Administration Service (
Servicio de Administración Tributaria
) that the
spin-off
and the transactions contemplated thereby, among other things, comply with all requirements under Mexican tax law and regulations so that the
spin-off
and the corporate reorganization arising from it are considered neutral for Mexican tax purposes, and the receipt of all necessary approvals in the applicable countries and the expiration of all legal or statutory waiting periods for its effectiveness in all applicable countries, all of which are outside of our control.
 
 
On September 15, 2021, we announced that we entered into an agreement with Cable & Wireless Panama, S.A., an affiliate of Liberty Latin America LTD., to sell 100% of our interest in our subsidiary Claro Panama, S.A. The transaction excludes (i) all telecommunication towers owned indirectly by América Móvil in Panama and (ii) the Claro trademarks. The agreed purchase price is U.S.$200 million on a cash/ debt free basis. The closing of the transaction is subject to customary conditions for this type of transactions, including obtaining required governmental approvals, and we expect closing to occur during the first half of 2022.
 
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On September 29, 2021, we announced an agreement with Liberty Latin America LTD. to combine our respective Chilean operations, VTR Communicaciones SpA (“VTR”) and Claro Chile, to form a
50-
50 joint venture. The proposed transaction combines the complementary operations of VTR, a leading provider of high-speed consumer fixed products, such as broadband and Pay TV services, where it connects close to 3 million subscribers nationwide, and Claro Chile, one of Chile’s leading telecommunications service providers with over 6.5 million mobile customers. Completion of the transaction is subject to certain customary closing conditions, including obtaining required regulatory approvals, and we expect closing to occur during the second half of 2022.
For additional information on our acquisitions and investments, see Note 12 to our audited consolidated financial statements included in this annual report.
 
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MARKETING
We advertise our services and products through different channels with consistent and distinct branding and targeted marketing. We advertise via print, radio, television, digital media, sports event sponsorships and other outdoor advertising campaigns. In 2021, our efforts were mainly focused on promoting our 4.5G LTE services, leveraging the speed and quality of our networks and our fixed bundled offers, which compete on broadband speed and premium content.
We build on the strength of our well-recognized brand names to increase consumer awareness and customer loyalty. Building brand recognition is crucial for our business, and we have managed to position our brands as those of a premium carrier in most countries where we operate. According to the 2021 Brand Finance Telecom 150 report, Claro and Telcel rank among the top fifty strongest brands in the telecom sector worldwide. Also, in the Brand Finance Latin America report Claro was named the most valuable telecom brand in the Latin America region and Telcel one of the top ten strongest brands. In addition, a
year-end
2021 study by Austrian Brand Monitor found that A1, the brand name behind Telekom Austria AG (“Telekom Austria” or “TKA”), ranked number one in the Austrian telecommunications market for brand preference.
SALES AND DISTRIBUTION
Our extensive sales and distribution channels help us attract new customers and develop new business opportunities. We primarily sell our services and products through a network of retailers and service centers for retail customers and a dedicated sales force for corporate customers, with more than 402,000 points of sale and more than 3,300 customer service centers. Our subsidiaries also sell their services and products online.
CUSTOMER SERVICE
We give priority to providing our customers with quality customer care and support. We focus our efforts on constantly improving our customers’ experience by leveraging our commercial offerings and our sales and distribution networks. Customers may make inquiries by calling a toll-free telephone number, accessing our subsidiaries’ web sites and social media accounts or visiting one of the customer sales and service centers located throughout the countries we serve.
 
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INTRODUCTION
Effects of the
COVID-19
Pandemic
The unprecedented health crisis arising from the
COVID-19
pandemic has resulted in a severe global economic downturn and has caused significant volatility, uncertainty, and disruption. We continue to monitor the evolution of the
COVID-19
pandemic in the countries where we operate to take preventive measures to ensure the continuity of operations and safeguard the health and safety of our personnel and customers.
During 2021, there were lockdowns and other measures implemented to control the spread of
COVID-19
in our region of operations, resulting in the closure of shops and customer-care centers, the imposition of constraints on the mobility of our clients and the disruption of our supply chain for handsets and other equipment. In order to mitigate the effects of supply-chain disruption and handset scarcity, we began ordering excess quantities of handsets in each country in which we operate in October, November and December of 2021. Most major smartphone manufacturers were able to respond to our increased handset orders.
Our investments in capital expenditures are expected to return to
pre-pandemic
levels in 2022.
Segments
We have operations in 24 countries, which are aggregated for financial reporting purposes into ten reportable segments. Our operations in Mexico are presented in two segments—Mexico Wireless and Mexico Fixed, which consist principally of Telcel and Telmex, respectively. Our headquarters operations are allocated to the Mexico Wireless segment. Financial information about our segments is presented in Note 23 to our audited consolidated financial statements included in this annual report.
The factors that drive our financial performance differ in the various countries where we operate, including subscriber acquisition costs, the competitive landscape, the regulatory environment, economic factors and interconnection rates, among others. Accordingly, our results of operations in each period reflect a combination of these effects on our different segments.
Constant Currency Presentation
Our financial statements are presented in Mexican pesos, but our operations outside Mexico account for a significant portion of our revenues. Currency variations between the Mexican peso and the currencies of our
non-Mexican
subsidiaries, especially the Euro, U.S. dollar, Brazilian real, Colombian and Argentine peso, affect our results of operations as reported in Mexican pesos. In the following discussion regarding our operating results, we include a
discussion of the change in the different components of our revenues between periods at constant exchange rates, i.e., using the same exchange rate to translate the local-currency results of our
non-Mexican
operations for both periods. We believe that this additional information helps investors better understand the performance of our
non-Mexican
operations and their contribution to our consolidated results.
Effects of Exchange Rates
Our results of operations are affected by changes in currency exchange rates. In 2021 compared to 2020, the Mexican peso was stronger against some of our operating currencies, including the U.S. Dollar and the Euro.
Since most of our debt is issued by América Móvil out of Mexico, to the extent that our functional currency, the Mexican peso, appreciates or depreciates against the currencies in which our indebtedness is denominated, we may incur foreign exchange gains or losses that are recorded as other comprehensive income in our consolidated statements of financial position.
Changes in exchange rates also affect the fair value of derivative financial instruments that we use to manage our currency-risk exposure, which are generally not accounted for as hedging instruments. In 2021, the Mexican peso strengthened against the currencies in which most of our indebtedness is denominated, and we recorded net foreign exchange losses of Ps.17.0 and net fair value losses on derivatives of Ps.6.8. In 2020, the Mexican peso weakened against the currencies in which most of our indebtedness is denominated, and we recorded net foreign exchange losses of Ps.65.4 billion and net fair value gains on derivatives of Ps.12.4 billion. See Note 7 to our audited consolidated financial statements included in this annual report.
Effects of Regulation
We operate in a regulated industry. Our results of operations and financial condition have been, and will continue to be, affected by regulatory actions and changes. Significant regulatory developments are presented in more detail in “Regulation” under Part VI and “Risk Factors” under Part III of this annual report.
Comparison of Results of Operations Between 2020 and 2019
Discussions of year-over-year comparisons between 2020 and 2019 that are not included in this report can be found in under Part II, Operating and Financial Review and Prospects of our Form
20-F
for the fiscal year ended December 31, 2020 as filed on April 29, 2021.
 
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Composition of Operating Revenues
In 2021, our total operating revenues were Ps.855.5.
Revenues from wireless and fixed voice services primarily include charges from monthly subscriptions, usage charges billed to customers and usage charges billed to other service providers for calls completed on our network. The primary drivers of revenues from monthly subscription charges are the number of total RGUs and the prices of our service packages. The primary driver of revenues from usage charges (airtime, international and long- distance calls and interconnection costs) is traffic, which is represented by the number of total RGUs and their average usage.
Revenues from wireless and fixed data services primarily include charges for data, cloud, internet,
machine-to-machine,
OTT services and data center services. In addition, revenues from value-added services and IT solutions, including revenues from dedicated links and VPN services to our corporate clients, also contribute to our results for wireless and fixed data services.
Pay TV revenues consist primarily of charges from subscription services, additional programming, including
on-demand
programming and advertising.
Equipment, accessories and computer sales revenues primarily include revenues from the sale of handsets, accessories and other equipment such as smart devices. Most of our sales in handsets are driven by the number of new customers and contract renewals.
Other services primarily include revenues from software and system development, call center services, entertainment content and news, telephone directories, advertising, cybersecurity services, mobile banking and corporate IT solutions.
Seasonality of our Business
Our business is subject to a certain degree of seasonality, characterized by a higher number of new customers during the fourth quarter of each year. We believe this seasonality is mainly driven by the Christmas shopping season. Revenue also tends to decrease during the months of August and September, when family expenses shift towards school supplies in many of the countries in which we operate, mainly Mexico.
General Trends Affecting Operating Results
Our results of operations in 2021 reflected several continuing long-term trends, including:
 
 
intense competition, with growing costs for marketing and subscriber acquisition and retention, as well as declining customer prices;
 
developments in the telecommunications regulatory environment;
 
growing demand for data services over fixed and wireless networks, as well as for smartphones and devices with data service capabilities;
 
declining demand for voice services;
 
increasing capital expenditures in line with our historical capital expenditure levels after a decrease in capital expenditures in 2020 due to pressures from the
COVID-19
pandemic;
 
our continued strategic focus on controlling operating costs in view of pressures from costs of customer care, the growing size and complexity of our infrastructure and general price inflation; and
 
instability in economic conditions caused by political uncertainty, inflation and volatility in financial markets and exchange rates.
These trends are broadly characteristic of our businesses in all regions in recent years, and they have affected comparable telecommunications providers as well.
 
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CONSOLIDATED RESULTS OF OPERATIONS FOR 2021 AND 2020
Operating Revenues
Total operating revenues for 2021 increased by 1.9%, or Ps.15.8 billion, over 2020. At constant exchange rates, total operating revenues for 2021 increased by 7.8% over 2020. This increase principally reflects an increase in
one-off
items including the impact of the sale of towers by our subsidiary Telmex and an increase in equipment sales and handset financing revenues, partially offset by a decrease in Pay TV service revenues.
SERVICE REVENUES.
Service revenues for 2021 increased by 0.8%, or Ps.5.8 billion, over 2020. At constant exchange rates, service revenues for 2021 increased by 6.8% over 2020. This increase principally reflects increases in revenues from our postpaid mobile services, fixed broadband and corporate networks, which were partially offset by a decrease in revenues from our Pay TV services.
SALES OF EQUIPMENT.
Sales of equipment revenues for 2021 increased by 7.7%, or Ps.10.1 billion, over 2020. At constant exchange rates, sales of equipment revenues for 2021 increased by 12.8% over 2020. This increase principally reflects higher sales of smartphones, data-enabled devices and accessories.
Operating Costs and Expenses
TOTAL OPERATING COSTS AND EXPENSES.
Total operating costs and expenses for 2021 decreased by 0.9%, or Ps.4.8 billion, over 2020. At constant exchange rates, total operating costs and expenses for 2021 increased by 4.9% over 2020. This increase in operating costs and expenses at constant exchange rates principally reflects increased network maintenance, infrastructure, lease space and electric energy costs and certain
one-off
items, including a
write-off
of certain uncollectible accounts.
COST OF SALES AND SERVICES.
Cost of sales and services increased by 1.8%, or Ps.6.2 billion, over 2020. At constant exchange rates, cost of sales and services for 2021 increased by 7.3% over 2020. This increase principally reflects an increase in sales of
higher-end
smartphones and handset financing plans as well as increased network maintenance, infrastructure, lease space and electricity costs. This increase, which was also due to inflationary pressures, was partially offset by the success of our continued cost savings program.
COMMERCIAL, ADMINISTRATIVE AND GENERAL EXPENSES.
Commercial, administrative and general expenses for 2021 decreased by 5.8%, or Ps.11.1 billion, over 2020. As a percentage of operating revenues, commercial, administrative and general expenses were 21.1% for 2021, as compared to
22.9% for 2020. At constant exchange rates, commercial, administrative and general expenses for 2021 increased by 0.7% over 2020. This increase principally reflects one-off items, including a
write-off
of certain uncollectible accounts, which decreased our balance of expenditures.
OTHER EXPENSES.
Other expenses for 2021 increased by Ps.0.1 billion over 2020.
DEPRECIATION AND AMORTIZATION.
Depreciation and amortization for 2021 decreased by 0.03%, or Ps.0.1 billion, over 2020. As a percentage of operating revenues, depreciation and amortization were 19.0% for 2021, as compared to 19.4% for 2020. At constant exchange rates, depreciation and amortization for 2021 increased by 8.5% over 2020. This increase principally reflects depreciation and amortization expenses resulting from the revaluation of the passive infrastructure of the telecommunications towers, which became effective as of December 31, 2020.
Operating Income
Operating income for 2021 increased by 14.2%, or Ps.20.6 billion, over 2020. Operating margin (operating income as a percentage of operating revenues) was 19.4% for 2021, as compared to 17.3% for 2020.
Non-Operating
Items
NET INTEREST EXPENSE.
Net interest expense (interest expense less interest income) for 2021 decreased by 4.2%, or Ps.1.4 billion, over 2020. This decrease principally reflects a decrease in interest expense on lease liabilities and a decrease in interest on debt.
FOREIGN CURRENCY EXCHANGE LOSSES,
NET. We recorded a net foreign currency exchange loss of Ps.17.0 billion for 2021, compared to our net foreign currency exchange loss of Ps.65.4 billion for 2020. The loss principally reflects the appreciation of some of the currencies in which our indebtedness is denominated, particularly the euro and the U.S. dollar.
VALUATION OF DERIVATIVES, INTEREST COST FROM LABOR OBLIGATIONS AND OTHER FINANCIAL ITEMS, NET.
We recorded a net loss of Ps.14.3 billion for 2021 on the valuation of derivatives, interest cost from labor obligations and other financial items, net, compared to a net gain of Ps.1.3 billion for 2020. The change in 2021 principally reflects a loss on hedging instruments as a result of the depreciation of some of the currencies in which our indebtedness is denominated.
INCOME TAX.
Our income tax expense related to continuing operations for 2021 increased by 108.3%, or Ps.14.6 billion, over 2020. This increase principally reflects higher profit before income tax due to a decrease in our net foreign currency exchange loss of Ps.48.3 billion compared to 2020.
 
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Our income tax expense related to discontinued operations for 2021 resulted from the sale of 100% of our ownership in TracFone as described above.
Our effective corporate income tax rate as a percentage of profit before income tax was 22.5% for 2021, compared to 24.3% for 2020. This rate differed from the Mexican statutory rate of 30.0% and changed year over year principally due to our discontinued operations, local tax inflation effects and registry of benefits related to tax losses credits in Brazil and Chile and impairment related to subsidiaries in Europe, which lowered our income tax expense and our effective corporate income tax for 2021.
Net Profit
We recorded a net profit of our continuing operations of Ps.74.6 billion for 2021, an increase of 119.2%, or Ps.40.6 billion over 2020.
The net profit obtained through both the operation of TracFone until its sale on November 23, 2021 and the sale itself is classified as net profit for the period discontinued, which totaled Ps.121.7 billion in 2021. Together with the net income of our continuing operations, in 2021, we recorded a net profit of Ps.196.3 billion, compared to Ps.51.0 billion in 2020.
SEGMENT RESULTS OF OPERATIONS
We discuss below the operating results of each reportable segment. Notes 2. z) and 23 to our audited consolidated financial statements describe how we translate the financial statements of our
non-Mexican
subsidiaries. Exchange rate changes between the Mexican peso and the currencies in which our subsidiaries operate affect our reported results in Mexican pesos and the comparability of reported results between periods.
The following table sets forth the exchange rates used to translate the results of our significant non Mexican operations, as expressed in Mexican pesos per foreign currency unit, and the change from the rate used in the prior period indicated. The U.S. dollar is our functional currency in several of the countries or territories in which we operate, including Ecuador, Puerto Rico, Panama and El Salvador.
 
  MEXICAN PESOS PER FOREIGN CURRENCY UNIT (AVERAGE FOR THE
  PERIOD) FOR THE YEARS ENDED DECEMBER 31,
 
    
2020
    
2021
    
% CHANGE
 
  Brazilian real
     4.1850        3.7625        (10.1
  Colombian peso
     0.0058        0.0054        (7.1
  Argentine peso
     0.3070        0.2137        (30.4
  U.S. dollar
     21.4859        20.2768        (5.6
  Euro
     24.5080        23.9834        (2.1
The tables below set forth operating revenues and operating income for each of our segments for the years indicated.
 
 
 
 
YEAR ENDED DECEMBER 31, 2021               
 
 
 
 
OPERATING REVENUES
   
OPERATING INCOME  
 
    (in millions of
Mexican pesos)
   
(as a% of to-
tal operating
revenues)
    (in millions of
Mexican pesos)  
    (as a% of
total operat-
ing income)
 
Mexico Wireless
  Ps. 243,261       28.4%     Ps. 77,784         46.8%  
Mexico Fixed
    102,427       12.0       21,100         12.7  
Brazil
    152,774       17.9       21,867         13.2  
Colombia
    79,673       9.3       15,165         9.1  
Southern Cone
    62,359       7.3       2,145         1.3  
Andean Region
    52,962       6.2       7,458         4.5  
Central America
    48,567       5.7       8,217         4.9  
Caribbean
    39,929       4.7       8,661         5.2  
Europe
    113,838       13.3       13,421         8.1  
Eliminations
    (40,255)       (4.7)       (9,685)         (5.8)  
Total
 
Ps.
   855,535
 
 
 
100.0%
 
 
Ps.
    166,133  
 
 
 
100.0%
 
 
 
 
 
YEAR ENDED DECEMBER 31, 2020               
 
 
 
 
OPERATING REVENUES
   
OPERATING INCOME  
 
    (in millions of
Mexican pesos)
   
(as a% of to-
tal operating
revenues)
    (in millions of
Mexican pesos)
    (as a% of
total operat-
ing income)
 
Mexico Wireless
  Ps.     232,242       27.7%     Ps.   70,852         48.7%  
Mexico Fixed
    91,589       10.9       11,204         7.7  
Brazil
    168,073       20.0       25,204         17.3  
Colombia
    77,635       9.2       15,112         10.4  
Southern Cone
    56,705       6.8       1,877         1.3  
Andean Region
    53,935       6.4       8,699         6.0  
Central America
    48,195       5.7       4,005         2.8  
Caribbean
    38,624       4.6       6,701         4.6  
Europe
    111,472       13.3       13,160         9.0  
Eliminations
    (38,763)       (4.6)       (11,311)         (7.8)  
Total
 
Ps.
    839,707
 
 
 
100%
 
 
Ps.
  145,503  
 
 
 
100%
 
 
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Interperiod Segment Comparaions
The following discussion addresses the financial performance of each of our reportable segments by comparing results for 2021 and 2020. In the
year-to-year
comparisons for each segment, we include percentage changes in operating revenues, percentage changes in operating income and operating margin (operating income as a percentage of operating revenues), in each case calculated based on the segment financial information presented in Note 23 to our audited consolidated financial statements, which is prepared in accordance with IFRS.
Each reportable segment includes all income, cost and expense eliminations that occurred between subsidiaries within the reportable segment. The Mexico Wireless segment also includes corporate income, costs and expenses.
Comparisons in the following discussion are calculated using figures in Mexican pesos. We also include percentage changes in adjusted segment operating revenues, adjusted segment operating income and adjusted operating margin (adjusted operating income as a percentage of adjusted operating revenues). The adjustments eliminate (i) certain intersegment transactions, (ii) for our non Mexican segments, the effects of exchange rate changes and (iii) for the Mexican Wireless segment only, revenues and costs of group corporate activities and other businesses that are allocated to the Mexico Wireless segment.
Discussions of year-over-year comparisons between 2020 and 2019 that are not included in this report can be found under Part II, Operating and Financial Review and Prospects of our Form
20-F
for the fiscal year ended December 31, 2020 as filed on April 29, 2021.
2021 Compared to 2020
Mexico Wireless
The number of prepaid wireless subscribers for 2021 increased by 4.3% over 2020, and the number of postpaid wireless subscribers increased by 0.1%, resulting in an increase in the total number of wireless subscribers in Mexico of 3.5%, or 2.7 million, to approximately 80.5 million as of December 31, 2021.
Segment operating revenues for 2021 increased by 4.7% over 2020. Adjusted segment operating revenues for 2021 increased by 5.0% over 2020. This increase in segment operating revenues principally reflects an increase in prepaid, postpaid and equipment sales and handset financing plans.
Segment operating income for 2021 increased by 9.8% over 2020. Adjusted segment operating income for 2020 increased by 11.9% over 2020.
Segment operating margin was 32.0% in 2021, as compared to 30.5% in 2020. Adjusted segment operating margin for this segment was 39.1% in 2021, as compared to 36.7% in 2020. This increase in segment operating margin for 2021 principally reflects the success of our corporate cost savings program in operations, optimization in networks and maintenance costs, which we successfully continue to implement without affecting the quality of our services and coverage.
Mexico Fixed
The number of fixed voice RGUs in Mexico for 2021 decreased by 4.6% over 2020, and the number of broadband RGUs in Mexico increased by 0.3%, resulting in a decrease in total fixed RGUs in Mexico of 2.4% over 2020, or 517 thousand, to approximately 21.4 million as of December 31, 2021.
Segment operating revenues for 2021 increased by 11.8% over 2020. Adjusted segment operating revenues for 2021 increased by 11.9% over 2020. This increase in segment operating revenues principally reflects an increase in corporate networks services by 2.8% and broadband by 3.2%, which was partially offset by a decrease in fixed voice revenues of 2.6%.
Segment operating income for 2021 increased by 88.3% over 2020. Adjusted segment operating income for 2021 increased by 298.2% over 2020. This increase principally reflects an increase in services provided and
one-off
revenue due to the sale of towers, partially set off by increases in the contractual salary of our employees and higher information technology and customer service costs.
Segment operating margin was 20.6% in 2021, as compared to 12.2% in 2020. Adjusted segment operating margin was 10.6% in 2021, as compared to 3.0% in 2020. The increase in segment operating margin for 2021 principally reflects an increase in revenues from voice services, partially offset by a decrease in segment depreciation expenses.
Brazil
The number of prepaid wireless subscribers for 2021 increased by 6.0% over 2020, and the number of postpaid wireless subscribers increased by 16.2%, resulting in an increase in the total number of wireless subscribers in Brazil of 11.7%, or 7.4 million, to approximately 70.5 million as of December 31, 2021. The increase in the number of postpaid wireless subscribers is due primarily to commercial efforts aimed at converting prepaid subscribers to postpaid subscribers. The number of fixed voice RGUs for 2021 decreased by 5.7% over 2020, the number of broadband RGUs decreased by 1.2%, and the number of Pay TV RGUs decreased by 5.3%, resulting in a decrease in total fixed RGUs in Brazil of 4.2%, or 1.4 million, to approximately 31.3 million as of December 31, 2021.
 
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Segment operating revenues for 2021 decreased by 9.1% over 2020. Adjusted segment operating revenues for 2021 increased by 0.9% over 2020. This increase in adjusted segment operating revenues principally reflects higher mobile data and fixed data revenues in 2021 over 2020. The increase in mobile data revenues in 2021 principally reflects the increased usage of social networking platforms, cloud services and other content, and fixed data revenues increased principally due to an increase in broadband revenues, which were, in each case, partially offset by a decrease in Pay TV revenues.
Segment operating income for 2021 decreased by 13.2% over 2020. Adjusted segment operating income for 2021 increased by 4.5% over 2020.
Segment operating margin was 14.3% in 2021, as compared to 15.0% in 2020. Adjusted segment operating margin was 14.6% in 2021, as compared to 14.1% in 2020. This increase in adjusted segment operating margin for 2021 principally reflects an increase in doubtful accounts allowances and optimization of call centers, mainly as a result of our cost savings program.
Colombia
The number of prepaid wireless subscribers for 2021 increased by 4.2% over 2020, and the number of postpaid wireless subscribers increased by 12.7%, resulting in an increase in the total number of wireless subscribers in Colombia of 6.2%, or 2.0 million, to approximately 35.1 million as of December 31, 2021. The number of fixed voice RGUs for 2021 increased by 8.5% over 2020, the number of broadband RGUs increased by 6.4% and the number of Pay TV RGUs increased by 5.5%, resulting in an increase in total fixed RGUs in Colombia of 6.7%, or 558 thousand, to approximately 8.9 million as of December 31, 2021.
Segment operating revenues for 2021 increased by 2.6% over 2020. Adjusted segment operating revenues for 2021 increased by 10.0% over 2020. This increase in segment operating revenues principally reflects increases in fixed data revenues, mobile data revenues, both in prepaid and postpaid mobile data, and Pay TV revenues.
Segment operating income for 2021 increased by 0.4% over 2020. Adjusted segment operating income for 2021 increased by 16.2% over 2020.
Segment operating margin was 19.0% in 2021, as compared to 19.5% in 2020. Adjusted segment operating margin was 26.1% in 2021, as compared to 24.7% in 2020. This increase is due to an amortization expenses caused by investments in spectrum and submarine cables.
Southern Cone - Argentina, Chile, Paraguay and Uruguay
The number of prepaid wireless subscribers for 2021 increased by 9.0% over 2020, and the number of postpaid wireless subscribers increased by 8.1%, resulting in an increase in the total number of wireless subscribers in our Southern Cone segment of 8.7%, or 2.7 million, to approximately 33.3 million as of December 31, 2021. The number of fixed voice RGUs for 2021 increased by 22.7% over 2020, the number of broadband RGUs increased by 23.4%, and the number of Pay TV RGUs increased by 6.6%, resulting in an increase in total fixed RGUs in our Southern Cone segment of 18.1%, or 513 thousand, to approximately 3.3 million as of December 31, 2021.
Segment operating revenues for 2021 increased by 10.0% over 2020. Adjusted segment operating revenues for 2021 decreased by 1.6% over 2020. This decrease principally reflects a decrease in adjusted operating revenues in Argentina and Paraguay. In Argentina, we experienced a decrease in revenues from prepaid and postpaid wireless voice and corporate networks, which were attributable to adverse economic conditions and which were partially offset by an increase in broadband, fixed voice and Pay TV. In Chile, we experienced an increase in postpaid and Pay TV revenues. For this segment, we analyze results in Argentina, Paraguay and Uruguay in terms of the Argentine peso, because Argentina accounts for the major portion of the operations in these three countries.
Segment operating income for 2021 increased by 14.3% over 2020. Adjusted segment operating income for 2021 increased by 1.3% over 2020.
Segment operating margin was 3.4% in 2021, as compared to 3.3% in 2020. Adjusted segment operating margin was 17.4% in 2021, as compared to 15.7% in 2020. This increase in the segment operating margin for 2021 principally reflects a decrease in revenues, as described above, coupled with a decrease in costs and expenses, including as a result of inflation or exchange rates.
 
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Andean Region - Ecuador and Peru
The number of prepaid wireless subscribers for 2021 increased by 7.3% over 2020, and the number of postpaid wireless subscribers increased by 15.7%, resulting in an increase in the total number of wireless subscribers in our Andean Region segment of 10.0%, or 1.9 million, to approximately 21.0 million as of December 31, 2021. The number of fixed voice RGUs for 2021 increased by 13.6% over 2020, the number of broadband RGUs increased by 15.6% and the number of Pay TV RGUs increased by 4.0%, resulting in an increase in total fixed RGUs in our Andean Region segment of 13.2%, or 286 thousand, to approximately 2.5 million as of December 31, 2021.
Segment operating revenues for 2021 decreased by 1.8% over 2020. Adjusted segment operating revenues for 2021 increased by 11.0% over 2020. This increase principally reflects an increase in revenues in Peru, partially offset by a decrease in Ecuador. The increase in revenues in Peru reflects an increase in revenues from prepaid and postpaid wireless, broadband, corporate networks, fixed voice and Pay TV services. The decrease in revenues in Ecuador reflects a decrease in revenues from postpaid mobile.
Segment operating income for 2021 decreased by 14.3% over 2020. Adjusted segment operating income for 2021 increased by 17.1% over 2020. This increase principally reflects an operating income increase of 55.9% in Peru partially offset by a decrease of 10.2% in Ecuador.
Segment operating margin was 14.1% in 2021, as compared to 16.1% in 2020. Adjusted segment operating margin was 19.6% in 2021, as compared to 18.4% in 2020. This increase in the segment operating margin for 2021 principally reflects a recovery in Peru, partially offset by a decrease in operating income in Ecuador.
Central America - Guatemala, El Salvador, Honduras, Nicaragua, Panama and Costa Rica
The number of prepaid wireless subscribers for 2021 increase by 10.7% over 2020, and the number of postpaid wireless subscribers increased by 4.4%, resulting in an increase in the total number of wireless subscribers in our Central America segment of 9.7%, or 1.5 million, to approximately 16.5 million as of December 31, 2021. The number of fixed voice RGUs for 2021 decreased by 2.1% over 2020, the number of broadband RGUs increased by 7.1%, and the number of Pay TV RGUs increased by 10.6%, resulting in an increase in total fixed RGUs in our Central America segment of 3.9%, or 165 thousand, to approximately 4.4 million as of December 31, 2021.
Segment operating revenues for 2021 increased by 0.8% over 2020. Adjusted segment operating revenues for 2021 increased by 6.5% over 2020.
Segment operating income for 2021 increased by 105.2% over 2020. Adjusted segment operating income for 2021 increased by 102.2% over 2020. This increase in segment operating income for 2021 principally reflects a decrease in depreciation expenses as a result of the exhaustion of the useful life of certain assets in Guatemala in 2021 and the recognition of asset impairment in Panama and Honduras in the prior year, which was not recognized in 2021.
Segment operating margin was 16.9% in 2021, as compared to 8.3% in 2020. Adjusted segment operating margin was 19.1% in 2021, as compared to 10.1% in 2020. This increase in segment operating margin for 2021 principally reflects an increase in income, particularly in El Salvador, Honduras, Guatemala, Nicaragua and Costa Rica.
Caribbean - The Dominican Republic & Puerto Rico
The number of prepaid wireless subscribers for 2021 increased by 12.1% over 2020, and the number of postpaid wireless subscribers increased by 3.3%, resulting in an increase in the total number of wireless subscribers in our Caribbean segment of 9.3%, or 600 thousand, to approximately 7.0 million as of December 31, 2021. The number of fixed voice RGUs for 2021 decreased by 1.2% over 2020, the number of broadband RGUs increased by 4.6% and the number of Pay TV RGUs increased by 5.3%, resulting in an increase in total fixed RGUs in our Caribbean segment of 1.9%, or 50 thousand, to approximately 2.6 million as of December 31, 2021.
Segment operating revenues for 2021 increased by 3.4% over 2020. Adjusted segment operating revenues for 2021 increased by 7.5% over 2020. This increase in segment operating revenues principally reflects increase in operating revenues in Puerto Rico and the Dominican Republic. We analyze segment results in U.S. dollars because it is the functional currency of our operations in Puerto Rico.
Segment operating income for 2021 increased by 29.2% over 2020. Adjusted segment operating income for 2021 increased by 32.4% over 2020. This increase principally reflects an increase of 34.3% in Puerto Rico and 22.4% in the Dominican Republic.
Segment operating margin was 21.7% in 2021, as compared to 17.3% in 2020. Adjusted segment operating margin was 18.4% in 2021, as compared to 14.9% in 2020. This increase in segment operating margin for 2021 principally reflects an increase in service revenues in Puerto Rico in postpaid and Pay TV and in the Dominican Republic, in broadband and fixed data services, and the effects of the cost savings program, partially offset by the depreciation of the Dominican Peso.
 
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Europe
The number of prepaid wireless subscribers for 2021 decreased by 4.1% over 2020, and the number of postpaid wireless subscribers increased by 6.0%, resulting in an increase in the total number of wireless subscribers in our Europe segment of 4.1%, or 901 thousand, to approximately 22.8 million as of December 31, 2021. The number of fixed voice RGUs for 2021 decreased by 1.7% over 2020, the number of broadband RGUs increased by 1.8% and the number of Pay TV RGUs increased by 1.1%, resulting in an increase in total fixed RGUs in our Europe segment of 0.5%, or 31 thousand, to approximately 6.1 million as of December 31, 2021.
Segment operating revenues for 2021 increased by 2.1% over 2020. Adjusted segment operating revenues for 2021 increased by 4.4% over 2020. This increase in segment operating revenues principally reflects an increase in mobile services.
Segment operating income for 2021 increased by 2.0% over 2020. Adjusted segment operating income for 2021 increased by 21.5% over 2020. Segment operating margin was 11.8% in 2021, the same as in 2020. Adjusted segment operating margin was 13.6% in 2021, as compared to 11.7% in 2020. This increase in adjusted segment operating margin for 2021 principally reflects our corporate cost savings program and improved performance in all the countries in our Europe segment.
 
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FUNDING REQUIREMENTS
We generate substantial cash flows from our operations. On a consolidated basis, our cash flows from operating activities were Ps.258.2 billion in 2021, compared to Ps.280.8 billion in 2020. Our cash and cash equivalents amounted to Ps.38.7 billion at December 31, 2021, compared to Ps.35.9 billion at December 31, 2020. We believe our working capital is sufficient for our present requirements, and we anticipate generating sufficient cash to satisfy our long-term liquidity needs.
We use the cash that we generate from our operations and from borrowings principally for the following purposes:
 
Capital expenditures -
We make substantial capital expenditures to continue expanding and improving our networks in each country in which we operate. Our capital expenditures on plant, property and equipment and acquisition or renewal of licenses were Ps.158.1 billion in 2021, Ps.129.6 billion in 2020 and Ps.151.8 billion in 2019. The amount of capital expenditures can vary significantly from year to year, depending on acquisition opportunities, concession renewal schedules and the need for more spectrum. We have budgeted capital expenditures for 2022 of approximately U.S.$8.7 billion (Ps.180.8 billion), which will be primarily funded by our operating activities. We reduced our capital expenditures in 2020 principally due to difficulties in obtaining certain supplies, services and equipment during the
COVID-19
outbreak. Our capital expenditures for 2021 and our budgeted capital expenditures for 2022 are in line with our historical capital expenditure levels.
 
Acquisitions -
In December 2021, we entered into an agreement to acquire approximately 32% of Oi Group’s Brazilian mobile subscribers for R$3.6 billion. This transaction closed on April 20, 2022.
 
Short-term debt and contractual obligations -
We must pay interest on our indebtedness and repay principal when due. As of December 31, 2021, we had approximately Ps.180.6 billion in debt and contractual obligations due in 2022, including approximately Ps.145.2 billion of principal and amortization, Ps.27.6 billion in short-term lease debt, and Ps.7.8 billion in purchase obligations.
 
Long-term debt and contractual obligations -
As of December 31, 2021, we had approximately Ps.165.3 billion in debt and contractual obligations due between 2023 and 2025, including approximately Ps.109.9 billion of principal and amortization, Ps.46.4 billion in long-term lease debt,
 
and Ps.9.0 billion in purchase obligations. On the same date, we had approximately Ps.73.5 billion in debt and contractual obligations due between 2026 and 2027, including approximately Ps.54.9 billion of principal and amortization, Ps.13.0 billion in long-term lease debt, and Ps.5.5 billion in purchase obligations. On the same date, we had approximately Ps.277.2 billion in debt and contractual obligations due after 2027, including approximately Ps.254 billion of principal and amortization, Ps.11.6 billion in long-term lease debt, and Ps.11.7 billion in purchase obligations.
 
Dividends -
We pay regular dividends. We paid Ps.27.8 billion in dividends in 2021 and Ps.9.6 billion in 2020. Our shareholders approved on April 20, 2022 the payment of a Ps. 0.44 ordinary dividend per share in one installment in 2022. See “Share Ownership and Trading—Dividends” under Part IV in this annual report.
 
Share repurchases -
We regularly repurchase our own shares. We spent Ps.36.8 billion repurchasing our own shares in the open market in 2021 and Ps.5.2 billion in 2020. Our shareholders have authorized additional amounts to repurchase, and as of March 31, 2022, we have spent Ps.9.2 billion repurchasing our shares in the open market in 2022, but whether we will continue to do so will depend on our operating cash flow and on various other considerations, including market prices and our other capital requirements.
BORROWINGS
In addition to cash flows generated from operations, we rely on a combination of borrowings from a range of different sources, including the international capital markets, capital markets in Mexico and other countries where we operate, international and local banks, equipment suppliers and export credit agencies. We seek to maintain access to diverse sources of funding. In managing our funding, we generally seek to keep our leverage, as measured by the ratio of net debt to EBITDA, at a level that is consistent with maintaining the ratings given to our debt by the principal credit rating agencies. Our total consolidated indebtedness as of December 31, 2021 was Ps.564.0 billion, of which Ps.145.2 billion was short-term debt (including the current portion of long-term debt), compared to Ps.628.4 billion as of December 31, 2020.
Management defines net debt as total debt minus cash and cash equivalents, minus marketable securities (including Koninklijke KPN N.V. (“KPN”) shares and Verizon shares), other short term investments and fixed-income securities with a tenor of more than one year. Verizon shares are factored into calculations of net debt for information as of December 31, 2021, but are not factored into calculations of net debt for information as of December 31, 2020. As of December 31, 2021, we had net debt of Ps.400.8 billion, compared to Ps.537.8 billion as of December 31, 2020.
 
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Without taking into account the effects of derivative financial instruments that we use to manage our interest rate and currency risk, approximately 84.8% of our indebtedness at December 31, 2021 was denominated in currencies other than Mexican pesos (approximately 36.4% of such
non-Mexican
peso debt was in U.S. dollars and 63.6% in other currencies), and approximately 13.5% of our consolidated debt obligations bore interest at floating rates. After the effects of derivative transactions and excluding the debt of Telekom Austria, approximately 46.3% of our net debt as of December 31, 2021 was denominated in Mexican pesos.
The weighted average cost of all our third-party debt at December 31, 2021 (excluding commissions and reimbursement of certain lenders for Mexican taxes withheld) was approximately 3.78% per annum.
Our major categories of indebtedness at December 31, 2021 are summarized in the table below. See also Note 14 to our audited consolidated financial statements included in this annual report.
 
  DEBT
    
 
 
   
  (millions of Mexican pesos)
        
   
  SENIOR NOTES
    
 
 
   
  DENOMINATED IN U.S. DOLLARS
        
   
  América Móvil 3.625% Senior Notes due 2029
  
 
20,584
 
   
  América Móvil 2.875% Senior Notes due 2030
  
 
20,584
 
   
  América Móvil 6.375% Senior Notes due 2035
  
 
20,199
 
   
  América Móvil 6.125% Senior Notes due 2037
  
 
7,600
 
   
  América Móvil 6.125% Senior Notes due 2040
  
 
41,167
 
   
  América Móvil 4.375% Senior Notes due 2042
  
 
23,671
 
   
  América Móvil 4.375% Senior Notes due 2049
  
 
25,729
 
   
  
Total
  
 
159,534
 
   
  DENOMINATED IN MEXICAN PESOS
        
   
  América Móvil 6.450% Senior Notes due 2022
  
 
22,500
 
   
  América Móvil 7.125% Senior Notes due 2024
  
 
11,000
 
   
  América Móvil 0.000% Domestic Senior Notes due 2025
  
 
5,285
 
   
  América Móvil 8.460% Senior Notes due 2036
  
 
7,872
 
   
  Telmex 8.360% Domestic Senior Notes due 2037
  
 
5,000
 
   
  
Total
  
 
51,657
 
   
  DENOMINATED IN EURO
        
   
  TKA 4.000% Senior Notes due 2022
  
 
17,566
 
   
  TKA 3.500% Senior Notes due 2023
  
 
7,027
 
   
  América Móvil 3.259% Senior Notes due 2023
  
 
17,566
 
   
  América Móvil 1.500% Senior Notes due 2024
  
 
19,909
 
   
  Exchangeable Bond 0.00% due 2024
  
 
49,116
 
   
  TKA 1.500% Senior Notes due 2026
  
 
17,566
 
   
  América Móvil 0.750% Senior Notes due 2027
  
 
23,422
 
   
  América Móvil 2.125% Senior Notes due 2028
  
 
15,224
 
   
  
Total
  
 
167,396
 
  DEBT
    
 
 
   
  (millions of Mexican pesos)
        
   
  DENOMINATED IN POUND STERLING
        
   
  América Móvil 5.000% Senior Notes due 2026
  
 
13,925
 
   
  América Móvil 5.750% Senior Notes due 2030
  
 
18,102
 
   
  América Móvil 4.948% Senior Notes due 2033
  
 
8,355
 
   
  América Móvil 4.375% Senior Notes due 2041
  
 
20,887
 
   
  
Total
  
 
61,269
 
   
  DENOMINATED IN JAPANESE YEN
        
   
  América Móvil 2.950% Senior Notes due 2039
  
 
2,326
 
   
  
Total
  
 
2,326
 
   
  DENOMINATED IN CHILEAN PESOS
        
   
  América Móvil 3.961% Senior Notes due 2035
  
 
3,776
 
   
  
Total
  
 
3,776
 
   
  DENOMINATED IN BRAZILIAN REAIS
        
   
  Claro Brasil CDI + 0.960% Domestic Senior Notes due 2022
  
 
9,221
 
   
  Claro Brasil 106.000% of CDI Domestic Senior Notes due 2022
  
 
7,377
 
   
  Claro Brasil 106.500% of CDI Domestic Senior Notes due 2022
  
 
3,688
 
   
  
Total
  
 
20,286
 
   
  HYBRID NOTES
    
 
 
   
  DENOMINATED IN EURO
        
   
  América Móvil NC10 (Series B) Capital Securities due 2073
  
 
12,882
 
   
  
Total
  
 
12,882
 
   
  BANK DEBT AND OTHER
    
 
 
   
  DENOMINATED IN US DOLLARS
     14,724  
   
  DENOMINATED IN EUROS
     18,738  
   
  DENOMINATED IN MEXICAN PESOS
     34,080  
   
  DENOMINATED IN CHILEAN PESOS
     7,467  
   
  DENOMINATED IN PERUVIAN SOLES
     9,815  
   
  DENOMINATED IN OTHER CURRENCIES
     80  
   
  
Total
  
 
84,904
 
   
  
Total Debt
  
 
564,030
 
   
  Less short-term debt and current portion of long-term debt
     145,223  
   
  
Total Long-term Debt
  
 
418,807
 
   
  EQUITY
    
 
 
   
  Capital stock
     96,333  
   
  
Total retained earnings
  
 
447,690
 
   
  Other comprehensive income (loss) items
     (154,389)  
   
  Non-controlling
interest
     64,407  
   
  
Total Equity
  
 
454,041
 
   
  
Total Capitalization (total long-term debt plus equity)
  
 
872,848
 
 
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Additional information about certain categories of our indebtedness is provided below:
Mexican peso-denominated international notes.
Our 8.46% senior notes due 2036 are denominated in Mexican pesos, but all amounts in respect of the notes are payable in U.S. dollars, unless a holder of notes elects to receive payment in Mexican pesos in accordance with specified procedures.
Mexican peso-denominated domestic notes.
Our domestic senior notes (
certificados bursátiles
) sold in the Mexican capital markets have varying maturities, ranging from 2025 through 2037, and bear interest at fixed rates.
Global peso notes program.
The global peso notes program was established in November 2012. Since its establishment, we have issued peso-denominated notes that can be distributed and traded on a seamless basis in Mexico and internationally. The notes are registered with the SEC in the United States and with the CNBV in Mexico.
International notes.
We have outstanding debt securities in the international markets denominated in U.S. dollars, pounds sterling and euros. We have also issued debt securities in the local market in Japan.
In April 2022, we issued a total of U.S.$1 billion aggregate principal amount of 5.375% senior notes. On the date on which Sitios is duly incorporated in accordance with Mexican law and the resolutions approved by our shareholders in the extraordinary shareholders’ meeting dated as of September 29, 2021 (the
“Spin-off
Effective Date”), Sitios will assume all of our obligations under the aforementioned notes and the associated indenture, and we will be released from all of our obligations under such notes and indenture.
Hybrid notes.
We have outstanding one series of Capital Securities maturing in 2073, denominated in euros totaling
550 million. The Capital Securities are subject to redemption at our option at varying dates beginning in 2023. Our hybrid notes are deeply subordinated, and when they were issued, the principal rating agencies stated that they would treat half of the principal amount as indebtedness for purposes of evaluating our leverage (an analysis referred to as 50% equity credit). Standard & Poor’s now treats 100% of the principal amount under the hybrid notes as indebtedness.