Iusacell Income statements part -2-
Attached are the Consolidated Income Statements of each of Grupo Iusacell, S.A. de C.V. and Grupo Iusacell Celular, S.A. de C.V. for the three and twelve month periods ended December 31, 2001 and 2000, and the Consolidated Balance Sheet of Grupo Iusacell, S.A. de C.V. and Grupo Iusacell Celular, S.A. de C.V. at December 31, 2001 and 2000. The financial statements of Grupo Iusacel Celular, S.A. de C.V. exclude the impact on results and financial position of the US$350 million in 14.25% Senior Notes due 2006, certain microwave equipment and related purchase money indebtedness and the PCS business.
GRUPO IUSACELL CONSOLIDATED BALANCE SHEET
COMPARISON OF FOURTH QUARTER 2001 WITH FOURTH QUARTER 2000
(figures in thousands of constant December 31, 2001 Pesos)
Growth
4Q00 4Q01 4Q01/4Q00
------------------ ------------------ ---------
ASSETS
Current Assets
Cash and marketable
securities 1,143,461 7% 855,292 5% -25.2%
Accounts
receivable, net 637,101 4% 595,286 4% -6.6%
Related parties 5,788 0% 169 0% -97.1%
Recoverable taxes
and other 580,646 4% 502,309 3% -13.5%
Inventories 249,388 2% 253,689 2% 1.7%
TOTAL CURRENT
ASSETS 2,616,384 16% 2,206,745 13% -15.7%
Property and
equipment, net 8,550,620 52% 9,469,044 57% 10.7%
Excess of cost of
investments in
subsidiaries over
book value, net 2,122,022 13% 2,454,614 15% 15.7%
Other assets 3,185,751 19% 2,347,814 14% -26.3%
TOTAL ASSETS 16,474,777 100% 16,478,217 100% 0.0%
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Current Liabilities
Accrued liabilities 1,130,818 7% 934,997 6% -17.3%
Related parties 155,134 1% 131,604 1% -15.2%
Accounts payable 546,858 3% 804,196 5% 47.1%
Short-term debt 1,464,450 9% 220,225 1% -85.0%
TOTAL CURRENT
LIABILITIES 3,297,260 20% 2,091,022 13% -36.6%
Non-current
liabilities 6,546,618 40% 7,324,762 44% 11.9%
TOTAL LIABILITIES 9,843,878 60% 9,415,784 57% -4.3%
Minority interest 25,442 0% 24,611 0% -3.3%
Shareholders'
Equity
Capital stock 5,822,194 35% 6,754,549 41% 16.0%
Legal reserve 18,983 0% 18,983 0% 0.0%
Capital
contributions 1,329,196 8% 1,329,196 8% 0.0%
Net income (loss) -1,122,512 -7% -499,989 -3% -55.5%
Accumulated
earnings from
prior years 360,685 2% -761,827 -5% -311.2%
Excess from
restatement of
shareholders'
equity 196,911 1% 196,911 1% 0.0%
TOTAL SHAREHOLDERS'
EQUITY 6,605,457 40% 7,037,823 43% 6.5%
TOTAL LIABILITIES
AND SHAREHOLDERS'
EQUITY 16,474,777 100% 16,478,217 100% 0.0%
GRUPO IUSACELL CONSOLIDATED INCOME STATEMENT
COMPARISON OF FOURTH QUARTER 2001 WITH FOURTH QUARTER 2000
(figures in thousands of constant December 31, 2001 Pesos)
Growth
4Q00 4Q01 4Q01/4Q00
------------------ ------------------ ---------
REVENUE
Service 1,380,136 92.1% 1,339,977 92.0% -2.9%
Equipment sales
and other 119,180 7.9% 116,367 8.0% -2.4%
TOTAL REVENUE 1,499,316 100.0% 1,456,344 100.0% -2.9%
Cost of services 414,835 27.7% 319,506 21.9% -23.0%
Other costs 109,854 7.3% 136,791 9.4% 24.5%
TOTAL COSTS 524,689 35.0% 456,297 31.3% -13.0%
GROSS MARGIN 974,627 65.0% 1,000,047 68.7% 2.6%
Depreciation and
amortization 682,305 45.5% 621,698 42.7% -8.9%
Sales & Advertising
expenses 369,686 24.7% 410,417 28.1% 11.0%
General and
administrative
expenses 127,815 8.5% 146,330 10.0% 14.5%
Other income 0.0% -33,844 -2.3% 100.0%
TOTAL OPERATING
EXPENSES 1,179,806 78.7% 1,144,600 78.6% -3.0%
OPERATING LOSS -205,179 -13.7% -144,553 -9.9% 29.5%
Interest expense,
net 238,964 15.9% 209,776 14.4% 12.2%
Foreign exchange
loss (gain) 115,393 7.7% -218,581 -15.0% -
Monetary correction -150,014 -10.0% -79,541 -5.5% 47.0%
INTEGRAL FINANCING
COST (GAIN) 204,343 13.6% -88,346 -6.1% -
LOSS BEFORE TAXES
AND STATUTORY
PROFIT SHARING
COST -409,522 -27.3% -56,207 -3.9% 86.3%
Part Loss
Subsidiaries 22,052 1.5% -507 0.0% -
Taxes 67,755 4.5% 27,005 1.9% -60.1%
Results of
discontinued
operations -8,865 -0.6% 0 0.0% -100.0%
NET LOSS BEFORE
MINORITY INTEREST -490,464 -32.7% -82,705 -5.7% 83.1%
Minority interest -1,505 -0.1% -8,416 -0.6% -459.2%
NET LOSS -488,959 -32.6% -74,289 -5.1% 84.8%
EBIT as % of
sales -13.7% -9.9%
EBITDA as % of
sales 31.8% 32.8%
EBITDA 477,126 477,145 0.0%
GRUPO IUSACELL CONSOLIDATED INCOME STATEMENT
COMPARISON OF TWELVE MONTHS 2001 WITH TWELVE MONTHS 2000
(figures in thousands of constant December 31, 2001 Pesos)
Growth
12M00 12M01 12M01/12M00
------------------ ------------------ -----------
REVENUE
Services 5,200,998 90.8% 5,634,306 90.3% 8.3%
Equipment sales
and other 528,713 9.2% 607,131 9.7% 14.8%
TOTAL REVENUE 5,729,711 100.0% 6,241,437 100.0% 8.9%
Cost of services 1,464,120 25.6% 1,532,366 24.6% 4.7%
Other costs 355,996 6.2% 378,093 6.1% 6.2%
TOTAL COSTS 1,820,116 31.8% 1,910,459 30.6% 5.0%
GROSS MARGIN 3,909,595 68.2% 4,330,978 69.4% 10.8%
Depreciation and
amortization 2,408,977 42.0% 2,619,225 42.0% 8.7%
Sales &
advertising
expenses 1,409,969 24.6% 1,497,192 24.0% 6.2%
General and
administrative
expenses 513,966 9.0% 579,506 9.5% 12.8%
Other income 0.0% -307,886 -4.9% 100.0%
TOTAL OPERATING
EXPENSES 4,332,912 75.6% 4,388,037 70.3% 1.3%
OPERATING LOSS -423,317 -7.4% -57,059 -0.9% 86.5%
Interest expense,
net 982,462 17.1% 808,678 13.0% 17.7%
Foreign exchange
loss (gain) 16,783 0.3% -218,315 -3.5% -
Monetary
correction -450,706 -7.9% -266,625 -4.3% 40.8%
INTEGRAL
FINANCING COST 548,539 9.6% 323,738 5.2% 41.0%
LOSS BEFORE TAXES
AND STATUTORY
PROFIT SHARING
COST -971,856 -17.0% -380,797 -6.1% 60.8%
Part Loss
Subsidiaries 19,647 0.3% -6,518 -0.1% -
Taxes 156,335 2.7% 146,404 2.3% -6.4%
Results of
discontinued
operations -8,865 -0.2% 0 0.0% 100.0%
NET LOSS BEFORE
MINORITY INTEREST -1,138,973 -19.9% -520,683 -8.3% 54.3%
Minority interest -16,461 -0.3% -20,694 -0.3% -25.7%
NET LOSS -1,122,512 -19.6% -499,989 -8.0% 55.5%
EBIT as % of
sales -7.4% -0.9%
EBITDA as % of
sales 34.7% 41.1%
EBITDA 1,985,660 2,562,166 29.0%
GRUPO IUSACELL CELULAR CONSOLIDATED BALANCE SHEET
COMPARISON OF FOURTH QUARTER 2001 WITH FOURTH QUARTER 2000
(figures in thousands of constant December 31, 2001 Pesos)
Growth
4Q00 4Q01 4Q01/4Q00
------------------ ---------------- -----------
ASSETS
Current Assets
Cash and marketable
securities 292,354 2% 119,544 1% -59.1%
Accounts receivable,
net 637,101 5% 595,286 4% -6.6%
Related parties 67,411 0% 12,352 0% -81.7%
Recoverable taxes
and other 514,189 4% 384,591 3% -25.2%
Inventories 249,388 2% 239,770 2% -3.9%
TOTAL CURRENT ASSETS 1,760,443 13% 1,351,543 10% -23.2%
Property and
equipment, net 8,256,859 60% 8,860,266 64% 7.3%
Excess of cost of
investments in
subsidiaries over
book value, net 1,921,511 14% 2,264,561 16% 17.9%
Other assets 1,889,619 14% 1,365,251 10% -27.7%
TOTAL ASSETS 13,828,432 100% 13,841,621 100% 0.1%
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Current Liabilities
Accrued liabilities 1,026,705 7% 837,612 6% -18.4%
Related parties 172,191 1% 69,592 1% -59.6%
Accounts payable 493,735 4% 589,944 4% 19.5%
Short-term debt 1,464,450 11% 193,535 1% -86.8%
TOTAL CURRENT
LIABILITIES 3,157,081 23% 1,690,683 12% -46.4%
Non-current
liabilities 2,854,219 21% 3,865,784 28% 35.4%
TOTAL LIABILITIES 6,011,300 43% 5,556,467 40% -7.6%
Minority interest 25,442 0% 24,611 0% -3.3%
Shareholders' Equity
Capital stock 14,172,571 102% 14,839,125 107% 4.7%
Legal reserve 26,827 0% 26,827 0% 0.0%
Capital contributions 92,831 1% 92,831 1% 0.0%
Net income (loss) -672,420 -5% -197,701 -1% -70.6%
Accumulated earnings
from prior years -5,163,373 -37% -5,835,793 -42% 13.0%
Excess from
restatement of
shareholders' equity -664,746 -5% -664,746 -5% 0.0%
TOTAL SHAREHOLDERS'
EQUITY 7,791,690 56% 8,260,543 60% 6.0%
TOTAL LIABILITIES
AND SHAREHOLDERS'S
EQUITY 13,828,432 100% 13,841,621 100% 0.1%
GRUPO IUSACELL CELULAR CONSOLIDATED INCOME STATEMENT
COMPARISON OF FOURTH QUARTER 2001 WITH FOURTH QUARTER 2000
(figures in thousands of constant December 31, 2001 Pesos)
Growth
4Q00 4Q01 4Q01/4Q00
------------------- ------------------- -----------
REVENUE
Service 1,380,136 92.1% 1,339,977 92.0% -2.9%
Equipment sales
and other 119,180 7.9% 116,367 8.0% -2.4%
TOTAL REVENUE 1,499,316 100.0% 1,456,344 100.0% -2.9%
Cost of services 414,835 27.7% 301,966 20.7% -27.2%
Other costs 109,854 7.3% 136,791 9.4% 24.5%
TOTAL COSTS 524,689 35.0% 438,757 30.1% -16.4%
GROSS MARGIN 974,627 65.0% 1,017,587 69.9% 4.4%
Depreciation and
amortization 670,544 44.7% 608,694 41.8% -9.2%
Sales & Advertising
expenses 369,686 24.7% 413,192 28.4% 11.8%
General and
administrative
expenses 125,330 8.4% 142,269 9.8% 13.5%
Otros ingresos 0 -33,841 -2.3% 100.0%
TOTAL OPERATING
EXPENSES 1,165,560 77.7% 1,130,314 77.6% -3.0%
OPERATING LOSS -190,933 -12.7% -112,727 -7.7% 41.0%
Interest expense,
net 123,220 8.2% 92,003 6.3% 25.3%
Foreign exchange
loss (gain) 79,396 5.3% -113,381 -7.8% -
Monetary
correction -128,920 -8.6% -48,573 -3.3% 62.3%
INTEGRAL
FINANCING
COST (GAIN) 73,696 4.9% -69,951 -4.8% -
LOSS BEFORE TAXES
AND STATUTORY
PROFIT SHARING
COST -264,629 -17.6% -42,776 -2.9% 83.8%
Part (Income) loss
Subsidiaries -73 0.0% -507 0.0% -594.5%
Taxes 67,755 4.5% 27,005 1.9% -60.1%
Results of
discontinued
operations -8,865 -0.6% 0 0.0% 100.0%
NET LOSS BEFORE
MINORITY INTEREST -323,446 -21.6% -69,274 -4.8% 78.6%
Minority interest -1,505 -0.1% -8,416 -0.6% 459.2%
NET LOSS -321,941 -21.5% -60,858 -4.2% 81.1%
EBIT as % of
sales -12.7% -7.7%
EBITDA as % of
sales 32.0% 34.1%
EBITDA 479,611 495,967 3.4%
GRUPO IUSACELL CELULAR CONSOLIDATED INCOME STATEMENT
COMPARISON OF TWELVE MONTHS 2001 WITH TWELVE MONTHS 2000
(figures in thousands of constant December 31, 2001 Pesos)
Growth
12M00 12M01 12M01/12M00
------------------- ----------------- ------------
REVENUE
Services 5,200,998 90.8% 5,634,306 90.3% 8.3%
Equipment sales
and other 528,713 9.2% 607,131 9.7% 14.8%
TOTAL REVENUE 5,729,711 100.0% 6,241,437 100.0% 8.9%
Cost of services 1,464,120 25.6% 1,476,595 23.7% 0.9%
Other costs 355,996 6.2% 378,093 6.1% 6.2%
TOTAL COSTS 1,820,116 31.8% 1,854,688 29.7% 1.9%
GROSS MARGIN 3,909,595 68.2% 4,386,749 70.3% 12.2%
Depreciation and
amortization 2,380,960 41.6% 2,568,688 41.2% 7.9%
Sales &
advertising
expenses 1,409,969 24.6% 1,503,222 24.1% 6.6%
General and
administrative
expenses 507,581 8.9% 566,866 9.1% 11.7%
Other income 0 0.0% -307,886 -4.9% 100.0%
TOTAL OPERATING
EXPENSES 4,298,510 75.0% 4,330,890 69.4% 0.8%
OPERATING PROFIT
(LOSS) -388,915 -6.8% 55,859 0.9% -
Interest expense,
net 509,791 8.9% 388,710 6.2% 23.8%
Foreign exchange
loss (gain) 19,566 0.3% -89,314 -1.4% -556.5%
Monetary
correction -374,383 -6.5% -165,028 -2.6% 55.9%
INTEGRAL
FINANCING
COST 154,974 2.7% 134,368 2.2% -13.3%
LOSS BEFORE TAXES
AND STATUTORY
PROFIT SHARING
COST -543,889 -9.5% -78,509 -1.3% 85.6%
Part (Income)
loss Subsidiaries -2,478 0.0% -6,518 -0.1% -163.0%
Taxes 156,335 2.7% 146,404 2.3% -6.4%
Results of
discontinued
operations -8,865 -0.2% 0 0.0% 100.0%
NET LOSS BEFORE
MINORITY INTEREST -688,881 -12.0% -218,395 -3.5% 68.3%
Minority interest -16,461 -0.3% -20,694 -0.3% 25.7%
NET LOSS -672,420 -11.7% -197,701 -3.2% 70.6%
EBIT as % of
sales -6.8% 0.9%
EBITDA as % of
sales 34.8% 42.1%
EBITDA 1,992,045 2,624,547 31.8%
(1) Unless otherwise noted, all monetary figures are in Mexican Pesos and restated as of December 31, 2001 in accordance with Mexican GAAP, except for ARPU (which is in nominal pesos). The symbols ``$'' and ``US$'' refer to Mexican pesos and U.S. dollars, respectively.
(2) Adjusted EBIDTA expenses rather than capitalizes handset subsidies and excludes non-operational transactions, such as fiber-optic and tower sales.
Contact:
Grupo Iusacell, S.A. de C.V.
Russell A. Olson, 011-5255-5109-5751
Chief Financial Officer
russell.olson@iusacell.com.mx
Carlos J. Moctezuma, 011-5255-5109-5780
Manager, Investor Relations
carlos.moctezuma@iusacell.com.mx |
