[CEL Reports: Part 2]
Operating Highlights
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Millions of Pesos as of December 31, 2000 Fourth Quarter
-------------------------
2000 1999 % Change
---- ---- --------
Revenues (millions) 1,436 1,332 8
Gross Margin (millions) 934 920 2
EBITDA (millions) 457 422 8
Operating Income (Loss) (millions) (197) (50) -
Net Income (loss) (millions) (468) (328) -
Cellular Subscriber Base 1,681,219 1,322,798 27
Gross Cellular Additions 329,777 234,204 41
Net Cellular Additions(a) 149,651 111,275 34
Avg. Number of Employees 1,983 1,835 8
Avg. Monthly Contract Churn 3.38 3.12 8
Full Year
-------------------------
2000 1999 % Change
---- ---- --------
Revenues (millions) 5,488 4,581 20
Gross Margin (millions) 3,745 3,117 20
EBITDA (millions) 1,902 1,543 23
Operating Income (Loss) (millions) (405) (10) -
Net Income (loss) (millions) (1,075) 364 -
Cellular Subscriber Base 1,681,219 1,322,798 27
Gross Cellular Additions 1,092,895 785,320 39
Net Cellular Additions(a) 290,535 360,308 (19)
Avg. Number of Employees 1,933 1,834 5
Avg. Monthly Contract Churn 3.51 2.96 19
----------------------------------------------------------------------
(a) Net of CPP Only
All numbers are for the period indicated, except cellular
subscriber base data, which is period end data.
----------------------------------------------------------------------
Pesos as of December 31, 2000 Fourth Quarter
-------------------------
2000 1999 % Change
---- ---- --------
Avg. Monthly MOU per Subscriber(a) 108 96 13
-- Contract 247 232 6
-- Prepay 39 27 44
Monthly ARPU(a) 339 350 (3)
-- Contract 772 846 (9)
-- Prepay 126 99 27
Avg. Monthly MOU per Subscriber(b) 89 83 7
Monthly ARPU(b) 278 304 (9)
Full Year
-------------------------
2000 1999 % Change
---- ---- --------
Avg. Monthly MOU per Subscriber(a) 94 91 3
-- Contract 246 209 18
-- Prepay 32 27 19
Monthly ARPU(a) 322 335 (4)
-- Contract 818 779 5
-- Prepay 100 93 8
Avg. Monthly MOU per Subscriber(b) 78 85 (8)
Monthly ARPU(b) 267 311 (14)
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(a) Without Incoming Calls Only subscribers
(b) Total subscriber base, including Incoming Calls Only subscribers
Integral Financing (Cost) Gain
----------------------------------------------------------------------
Millions of pesos as of December 31, 2000
Fourth Quarter Full Year
------------------------------
2000 1999 2000 1999
---- ---- ---- ----
Net Interest Expense ($229) ($136) ($941) ($318)
Exchange Gain (Loss) ($111) ($190) ($16) $173
Monetary Correction Gain $144 $141 $432 $722
------------------------------
Total Integral Financing Gain (Loss) ($196) ($185) ($525) $577
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Revenue Breakdown
Revenues by type of service and the period-to-period comparisons
expressed in millions of pesos as of December 31, 2000 are as follows:
----------------------------------------------------------------------
------------------------------
2000 % of 1999 % of
Total Total
------------------------------
Monthly Fee 389 27 449 34
Airtime Consumption 706 49 496 37
Long Distance 124 9 128 10
Value-added Services plus roaming 103 7 98 7
------------------------------
Total Service Revenues 1,322 92 1,171 88
Equipment Sales & Other 114 8 161 12
------------------------------
Total Revenues 1,436 100 1,332 100
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Year-end
------------------------------
2000 % of 1999 % of
Total Total
------------------------------
Monthly Fee 1,638 30 1,648 36
Airtime Consumption 2,427 44 1,539 34
Long Distance 510 9 531 12
Value-added Services plus roaming 407 8 387 8
------------------------------
Total Service Revenues 4,982 91 4,105 90
Equipment Sales & Other 506 9 476 10
------------------------------
Total Revenues 5,488 100 4,581 100
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Grupo Iusacell, S.A. de C.V. (Iusacell, NYSE: CEL; BMV: CEL)
is a leading independent telecommunications company in
Mexico. It provides wireless cellular service in four of
Mexico's nine regions in the central portion of Mexico
(including Mexico City) covering a total of 68 million POPs,
representing approximately 69% of the country's total
population. In addition, it holds concessions to provide
wireless PCS services in regions 1 and 4 in the northern part
of the country. Iusacell is under the management and
operating control of subsidiaries of Verizon Communications
Inc. (NYSE: VZ - news).
Note: This press release contains statements about expected
future events and financial results that are forward-looking
and subject to risks and uncertainties. For those statements,
we claim the protection of the safe harbor for forward-
looking statements contained in the Private Securities
Litigation Reform Act of 1995. Listed below are some
important factors which could affect future results and could
cause those results to differ materially from those expressed
in the forward-looking statements: materially adverse changes
in the business environment in Mexico, such as the
devaluation of the peso, the imposition of exchange controls,
inflation levels above those in the U.S. and economic
downturns; the effect of political changes on the regulatory
environment prevailing in Mexico; our ability to develop new
technologies and hire and retain qualified personnel; our
ability to obtain debt or equity financing necessary to
pursue business opportunities; and our ability to adapt to
rapid technological change and significant competition.
Macroeconomic information used in the preparation of this
report considered a 9% of inflation rate for the twelve
months ended December 31, 2000 and peso-dollar exchange rates
of $9.61 and $9.50 at the close of business of December 31,
2000 and 1999, respectively.
For any additional information please check our web site at
iusacell.com.mx
Attached are the Consolidated Income Statement of Grupo
Iusacell, S.A. de C.V. for the three and twelve month periods
ended December 31, 2000 and 1999 and the Consolidated Balance
Sheet of Grupo Iusacell, S.A. de C.V. at December 31, 2000
and 1999, and the Consolidated Income Statement of Grupo
Iusacell Celular, S.A. de C.V. for the three months ended
December 31, 2000 and 1999.and the Consolidated Balance Sheet
of Grupo Iusacell Celular, S.A. de C.V. at December 31, 2000
and 1999.
GRUPO IUSACELL CONSOLIDATED BALANCE SHEET
COMPARISON OF FOURTH QUARTER 2000 WITH FOURTH QUARTER 1999
(Figures in thousands of constant December 31, 2000 Pesos)
Growth
------------------ -----------------
4Q99 4Q00 4Q00/4Q99
------------------ -----------------
ASSETS
Current Assets
Cash and marketable
securities 1,715,738 11% 1,095,269 7% -36.2%
Accounts receivable, net 771,365 5% 610,250 4% -20.9%
Related parties 9,089 0% 5,544 0% -39.0%
Recoverable taxes and other 661,546 4% 556,174 4% -15.9%
Inventories 200,844 1% 238,877 2% 18.9%
TOTAL CURRENT ASSETS 3,358,582 21% 2,506,114 16% -25.4%
Property and equipment, net 7,377,799 46% 8,190,249 52% 11.0%
Excess of cost of
investments in subsidiaries
over book value, net 2,187,390 14% 2,032,588 13% -7.1%
Other assets 3,239,758 20% 3,051,486 19% -5.8%
TOTAL ASSETS 16,163,529 100% 15,780,437 100% -2.4%
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current Liabilities
Accrued liabilities 996,717 6% 1,083,157 7% 8.7%
Related parties 126,431 1% 148,596 1% 17.5%
Accounts payable 698,955 4% 523,810 3% -25.1%
Short-term debt 654,445 4% 1,402,730 9% 114.3%
TOTAL CURRENT LIABILITIES 2,476,548 15% 3,158,293 20% 27.5%
Non-current liabilities 7,973,818 49% 6,246,199 40% -21.7%
TOTAL LIABILITIES 10,450,366 65% 9,404,492 60% -10.0%
Minority interest 36,032 0% 24,370 0% -32.4%
Shareholders' Equity
Capital stock 5,151,611 32% 5,576,814 35% 8.3%
Legal reserve 0 0% 0 0%
Capital contributions 161,852 1% 1,273,177 8% 686.6%
Net income (loss) 363,668 2% (1,075,204) -7% -395.7%
Accumulated earnings from
prior years 0 0% 363,668 2%
Excess from restatement of
shareholders' equity 0 0% 188,612 1%
TOTAL SHAREHOLDERS' EQUITY 5,677,131 35% 6,327,067 40% 11.4%
TOTAL LIABILITIES AND
SHAREHOLDERS'S EQUITY 16,163,529 100% 15,755,929 100% -2.5%
GRUPO IUSACELL CONSOLIDATED INCOME STATEMENT
COMPARISON OF FOURTH QUARTER 2000 WITH FOURTH QUARTER 1999
(Figures in thousands of constant December 31, 2000 Pesos)
Growth
------------------ -----------------
4Q99 4Q00 4Q00/4Q99
------------------ -----------------
REVENUE
Service 1,171,096 87.9% 1,322,085 92.1% 12.9%
Equipment sales and
other 160,621 12.1% 114,169 7.9% -28.9%
TOTAL REVENUE 1,331,717 100.0% 1,436,254 100.0% 7.8%
Cost of services 300,433 22.6% 397,383 27.7% 32.3%
Other costs 111,373 8.4% 105,232 7.3% -5.5%
TOTAL COSTS 411,806 30.9% 502,615 35.0% 22.1%
GROSS MARGIN 919,911 69.1% 933,639 65.0% 1.5%
Depreciation and
amortization 471,832 35.4% 653,601 45.5% 38.5%
Sales & Advertising
expenses 310,269 23.3% 354,136 24.7% 14.1%
General and
administrative expenses 187,529 14.1% 122,441 8.5% -34.7%
TOTAL OPERATING EXPENSES 969,630 72.8% 1,130,178 78.7% 16.6%
OPERATING LOSS (49,719) -3.7% (196,539) -13.7% 295.3%
Interest expense, net 135,685 10.2% 228,915 15.9% 68.7%
Foreign exchange loss
(gain) 190,125 14.3% 110,527 7.7% -41.9%
Monetary correction (140,618) -10.6% (143,701) -10.0% 2.2%
INTEGRAL FINANCING COST 185,192 13.9% 195,741 13.6% 5.7%
INCOME (LOSS) BEFORE TAXES
AND STATUTORY PROFIT
SHARING COST (234,911) -17.6% (392,280) -27.3% 67.0%
Extraordinary Items 25,120 1.9% 0 0.0% -100.0%
Part Loss Subsidiaries 54,767 4.1% 21,122 1.5% -61.4%
Taxes 19,412 1.5% 64,902 4.5% 234.3%
Results of discontinued
operations 1,674 0.1% (8,491) -0.6% -607.2%
NET INCOME (LOSS) BEFORE
MINORITY INTEREST (335,884) -25.2% (469,813) -32.7% 39.9%
Minority interest (7,586) -0.6% (1,442) -0.1% -81.0%
NET INCOME (LOSS) (328,298) -24.7% (468,371) -32.6% 42.7%
EBIT as % of sales -3.7% -13.7%
EBITDA as % of sales 31.7% 31.8%
EBITDA 422,113 457,062 8.3%
GRUPO IUSACELL CONSOLIDATED INCOME STATEMENT
COMPARISON OF TWELVE MONTHS 2000 WITH TWELVE MONTHS 1999
(Figures in thousands of constant December 31, 2000 Pesos)
Growth
------------------ -----------------
12M99 12M00 12M00/12M99
------------------ -----------------
REVENUE
Services 4,105,279 89.6% 4,981,799 90.8% 21.4%
Equipment sales and
other 476,112 10.4% 506,430 9.2% 6.4%
TOTAL REVENUE 4,581,391 100.0% 5,488,229 100.0% 19.8%
Cost of services 1,170,439 25.5% 1,402,414 25.6% 19.8%
Other costs 293,637 6.4% 340,992 6.2% 16.1%
TOTAL COSTS 1,464,076 32.0% 1,743,406 31.8% 19.1%
GROSS MARGIN 3,117,315 68.0% 3,744,823 68.2% 20.1%
Depreciation and
amortization 1,552,704 33.9% 2,307,449 42.0% 48.6%
Sales & advertising
expenses 1,004,238 21.9% 1,350,545 24.6% 34.5%
General and
administrative expenses 570,015 12.4% 492,305 9.0% -13.6%
TOTAL OPERATING EXPENSES 3,126,957 68.3% 4,150,299 75.6% 32.7%
OPERATING LOSS (9,642) -0.2% (405,476) -7.4% 4105.3%
Interest expense, net 317,527 6.9% 941,056 17.1% 196.4%
Foreign exchange loss
(gain) (173,327) -3.8% 16,076 0.3% -109.3%
Monetary correction (721,171) -15.7% (431,711) -7.9% -40.1%
INTEGRAL FINANCING COST (576,971) -12.6% 525,421 9.6% -191.1%
INCOME (LOSS) BEFORE
TAXES AND STATUTORY
PROFIT SHARING COST 567,329 12.4% (930,897) -17.0% -264.1%
Extraordinary Items 25,120 0.5% 0 0.0% -100.0%
Part Loss Subsidiaries 51,877 1.1% 18,819 0.3% -63.7%
Taxes 144,530 3.2% 149,746 2.7% 3.6%
Results of discontinued
operations 1,674 0.0% (8,491) -0.2% -607.2%
NET INCOME (LOSS) BEFORE
MINORITY INTEREST 344,128 7.5% (1,090,971) -19.9% -417.0%
Minority interest (19,540) -0.4% (15,767) -0.3% -19.3%
NET INCOME (LOSS) 363,668 7.9% (1,075,204) -19.6% -395.7%
EBIT as % of sales -0.2% -7.4%
EBITDA as % of sales 33.7% 34.7%
EBITDA 1,543,062 1,901,973 23.3%
GRUPO IUSACELL CELULAR CONSOLIDATED BALANCE SHEET
COMPARISON OF FOURTH QUARTER 2000 WITH FOURTH QUARTER 1999
(Figures in thousands of constant December 31, 2000 Pesos)
Growth
------------------ -----------------
4Q99 4Q00 4Q00/4Q99
------------------ -----------------
ASSETS
Current Assets
Cash and marketable
securities 194,015 1% 280,033 2% 44.3%
Accounts receivable, net 771,365 6% 610,250 5% -20.9%
Related parties 51,364 0% 64,570 0% 25.7%
Recoverable taxes and
other 655,154 5% 450,962 3% -31.2%
Inventories 200,844 1% 238,877 2% 18.9%
TOTAL CURRENT ASSETS 1,872,742 14% 1,644,692 13% -12.2%
Property and equipment,
net 7,377,799 55% 7,908,869 61% 7.2%
Excess of cost of
investments in
subsidiaries over book
value, net 1,990,098 15% 1,840,528 14% -7.5%
Other assets 2,202,383 16% 1,667,211 13% -24.3%
TOTAL ASSETS 13,443,022 100% 13,061,300 100% -2.8%
LIABILITIES AND
SHAREHOLDERS' EQUITY
Current Liabilities
Accrued liabilities 966,035 7% 983,434 8% 1.8%
Related parties 126,431 1% 164,934 1% 30.5%
Accounts payable 698,956 5% 472,927 4% -32.3%
Short-term debt 654,445 5% 1,402,730 11% 114.3%
TOTAL CURRENT '
LIABILITIES 2,445,867 18% 3,024,025 23% 23.6%
Non-current liabilities 4,351,432 32% 2,733,926 21% -37.2%
TOTAL LIABILITIES 6,797,299 51% 5,757,951 44% -15.3%
Minority interest (26,938) 0% 24,370 0% -190.5%
Shareholders' Equity
Capital stock 12,327,982 92% 13,575,262 104% 10.1%
Legal reserve 4,861 0% 4,861 0% 0.0%
Capital contributions 88,917 1% 88,917 1% 0.0%
Net income (loss) 416,714 3% (644,081) -5% -254.6%
Accumulated earnings
from prior years (5,341,639) -40% (4,924,925) -38% -7.8%
Excess from restatement
of shareholders' equity (824,174) -6% (821,055) -6% -0.4%
TOTAL SHAREHOLDERS'
EQUITY 6,672,661 50% 7,278,979 56% 9.1%
TOTAL LIABILITIES AND
SHAREHOLDERS'S EQUITY 13,443,022 100% 13,061,300 100% -2.8%
GRUPO IUSACELL CELULAR CONSOLIDATED INCOME STATEMENT
COMPARISON OF FOURTH QUARTER 2000 WITH FOURTH QUARTER 1999
(Figures in thousands of constant December 31, 2000 Pesos)
Growth
------------------ -----------------
4Q99 4Q00 4Q00/4Q99
------------------ -----------------
REVENUE
Service 1,171,095 87.9% 1,322,085 92.1% 12.9%
Equipment sales and other 160,621 12.1% 114,169 7.9% -28.9%
TOTAL REVENUE 1,331,716 100.0% 1,436,254 100.0% 7.8%
Cost of services 300,433 22.6% 397,383 27.7% 32.3%
Other costs 111,373 8.4% 105,232 7.3% -5.5%
TOTAL COSTS 411,806 30.9% 502,615 35.0% 22.1%
GROSS MARGIN 919,910 69.1% 933,639 65.0% 1.5%
Depreciation and
amortization 471,114 35.4% 642,335 44.7% 36.3%
Sales & Advertising
expenses 310,270 23.3% 354,137 24.7% 14.1%
General and
administrative expenses 187,381 14.1% 120,060 8.4% -35.9%
TOTAL OPERATING EXPENSES 968,765 72.7% 1,116,532 77.7% 15.3%
OPERATING LOSS (48,855) -3.7% (182,893) -12.7% 274.4%
Interest expense, net 110,944 8.3% 118,039 8.2% 6.4%
Foreign exchange loss
(gain) 162,054 12.2% 76,047 5.3% -53.1%
Monetary correction (139,816) -10.5% (123,493) -8.6% -11.7%
INTEGRAL FINANCING COST 133,182 10.0% 70,593 4.9% -47.0%
INCOME (LOSS) BEFORE
TAXES AND STATUTORY
PROFIT SHARING COST (182,037) -13.7% (253,486) -17.6% 39.2%
Extraordinary Items 25,120 1.9% 0 0.0% -100.0%
Part Loss (Income)
Subsidiaries 54,767 4.1% (71) 0.0% -100.1%
Taxes 19,412 1.5% 64,902 4.5% 234.3%
Results of discontinued
operations 1,674 0.1% (8,491) -0.6% -607.2%
NET INCOME (LOSS) BEFORE
MINORITY INTEREST (283,010) -21.3% (309,826) -21.6% 9.5%
Minority interest (7,586) -0.6% (1,442) -0.1% -81.0%
NET INCOME (LOSS) (275,424) -20.7% (308,384) -21.5% 12.0%
EBIT as % of sales -3.7% -12.7%
EBITDA as % of sales 31.7% 32.0%
EBITDA 422,259 459,442 8.8%
Contact:
Investor Contacts:
Grupo Iusacell
Ian C. Muir:
Director of Investor Relations
011-525-109-5755
ian.muir@iusacell.com.mx
or
Grupo Iusacell
Carlos J. Moctezuma:
Manager, Investor Relations
011-525-109-5755
carlos.moctezuma@iusacell.com.mx |
