6-K

Date: February 13, 2020

AMÉRICA MÓVIL, S.A.B. DE C.V.

/s/ Carlos José García Moreno Elizondo

Carlos José García Moreno Elizondo

Chief Financial Officer

6-K 1 d888330d6k.htm 6-K 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF A FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February 2020

Commission File Number: 1-16269

AMÉRICA MÓVIL, S.A.B. DE C.V.

(Exact Name of the Registrant as Specified in the Charter)

America Mobile

(Translation of Registrant’s Name into English)

Lago Zurich 245

Plaza Carso / Edificio Telcel, Piso 16

Colonia Ampliación Granada, Miguel Hidalgo

11529 Mexico City, Mexico

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

América Móvil’s fourth quarter of

2019 financial and operating report

Mexico City, February 11^th, 2020 - América Móvil, S.A.B. de C.V. (“América Móvil”) [BMV: AMX] [NYSE: AMX, AMOV], announced today its financial and operating results for the fourth quarter of 2019.

●

We added 1.9 million mobile postpaid subscribers in the fourth quarter, including 1.2 million in Brazil, 242 thousand in Mexico and 101 thousand in Colombia. On the fixed-line platform we obtained 181 thousand fixed-broadband clients.

●

Mobile postpaid and fixed-broadband remain the main drivers of access growth at 8.1% and 4.2% year-on-year respectively, while mobile prepaid subs declined 2.3% and fixed-voice accesses and PayTV units were down 2.2% and 2.8%.

●

Revenues of 263 billion pesos were flat year-on-year in Mexican peso terms on account of the appreciation of the Mexican peso vs. all other operating currencies.

●

At constant exchange rates (excluding Argentina, given that it is subject to inflation-adjusted accounting) service revenues accelerated to 3.2% from 2.5% in the prior quarter with those on the mobile platform growing 5.7% year-over-year—15.6% in Brazil, 8.5% in Colombia, 7.6% in Mexico and 5.7% in our European operations—and those on the fixed one practically flat.

●

Under IFRS16 our EBITDA came in at 81.7 billion pesos in the fourth quarter and was equivalent to 31.1% of revenues. Under comparable accounting standards, and at constant exchange rates ex-Argentina, EBITDA shot up 7.6% after adjusting for extraordinary items in Brazil, Austria and Mexico.

●

EBITDA growth accelerated in Peru to 22%; Central America to 17.8%, the U.S. to 16.3%; Colombia to 14.5%, Mexico to 5.9% (organic) and Brazil to 4.7% after adjusting for extraordinary items.

●

Our 44.6 billion pesos operating profit and 8.0 billion pesos in comprehensive financing costs resulted in a net profit of 21.2 billion in the quarter, 63.4% more than in the year-earlier quarter.

●

Including capitalized obligations, our net debt ended the year at 677 billion pesos. Under IAS17 our net debt to EBITDA ratio stood at 1.95x.

●

Acquisitions came in at 24.9 billion pesos, principally accounted for by Nextel Brazil. In addition we reduced pension obligations by 20.2 billion pesos, mainly in Telmex and covered shareholder distributions of 22.9 billion pesos, mostly by way of dividends.

América Móvil Fundamentals



	4Q19		4Q18

Earnings per Share (Mex$)⁽¹⁾		0.32		0.20

Earning per ADR (US$)⁽²⁾		0.33		0.20

EBITDA per Share (Mex$)⁽³⁾		1.24		1.09

EBITDA per ADR (US$)		1.28		1.10

Net Income (millions of Mex$)		21,194		12,971

Average Shares Outstanding (billion)		66.01		66.04

⁽¹⁾ Net Income / Average Shares outstanding

⁽²⁾ 20 shares per ADR

⁽³⁾ EBITDA/ Average Shares Outstanding

América Móvil’s Subsidiaries as of December 2019




Country	Brand	Business	Equity Participation

Mexico	Telcel	wireless		100.0%

	Telmex	wireline		98.8%

	Sección Amarilla⁽¹⁾	other		100.0%

	Telvista	other		90.0%

Argentina	Claro	wireless		100.0%

	Telmex	wireline		100.0%

Brazil	Claro	wireless/wireline		98.5%

Chile	Claro	wireless		100.0%

	Telmex⁽¹⁾	wireline		100.0%

Colombia	Claro	wireless/wireline		99.4%

Costa Rica	Claro	wireless		100.0%

Dominicana	Claro	wireless/wireline		100.0%

Ecuador	Claro	wireless/wireline		100.0%

El Salvador	Claro	wireless/wireline		95.8%

Guatemala	Claro	wireless/wireline		99.3%

Honduras	Claro	wireless/wireline		100.0%

Nicaragua	Claro	wireless/wireline		99.6%

Panama	Claro	wireless/wireline		100.0%

Paraguay	Claro	wireless/wireline		100.0%

Peru	Claro	wireless/wireline		100.0%

Puerto Rico	Claro	wireless/wireline		100.0%

Uruguay	Claro	wireless/wireline		100.0%

USA	Tracfone	wireless		100.0%

Netherlands	KPN	wireless/wireline		16.1%

Austria	Telekom Austria	wireless/wireline		51.0%

⁽¹⁾ Equity Participation of TELINT of which América Móvil owns 100%.

Beginning January 1st, 2019 we implemented IFRS 16 accounting standards. The information presented in this report was prepared in a prospective basis; comparable information is provided in the appendix.

The reported figures for Argentina corresponding to the fourth quarter of 2019 and the period January-December 2019 are presented in accordance with a) IAS29 reflecting the effects of the adoption of inflationary accounting that became mandatory after the Argentinean economy was deemed to be hyperinflationary in the third quarter of 2018 and b) IAS21 translated to Mexican pesos using the end-of-period exchange rate.

All comparisons at constant exchange rates for América Móvil’s consolidated figures will exclude Argentina to ensure consistency.

Relevant Events

On December 18^th, we completed the acquisition of 100% of Nextel Brazil from NII Holdings. With this transaction, AMX consolidates its operations as one of the leading telecommunication service providers in Brazil, strengthening its mobile network capacity, spectrum portfolio and market position in the postpaid segment, particularly in the cities of São Paulo and Rio de Janeiro.

On January 27^th,Teléfonos del Noroeste, S.A. de C.V. (“Telnor”), was notified of a fine imposed by the IFT for an amount of MXP$1,311.8 million derived from a proceeding with respect to the alleged breach to the availability of information of certain passive infrastructure (post, duct) in the management electronic system used for the request of wholesale services from Telnor. Due to the lack of a due process, América Móvil and Telnor do not share the way the proceeding was conducted, nor the resolution approved by the IFT’s commissioners and will exercise all legal remedies to challenge it. This arbitrary, illegal and disproportionate fine affects the legal certainty in a sector that requires important investments for its development.

Access Lines

We finished the year with 278 million wireless subscribers after net disconnections of 689 thousand. This figure comprises 1.9 million postpaid net gains and 2.6 million prepaid disconnections. Our postpaid base was up 8.1% to 89 million subs. Brazil led the way in terms of postpaid growth after adding 1.2 million subs, followed by Mexico with 242 thousand and Colombia with 101 thousand. The prepaid base ended the quarter with 189.1 million subs, 2.3% below last year.

On the fixed-line segment we had nearly 84 million RGUs, after disconnections of 333 thousand units as new broadband accesses could not compensate for the disconnections of voice and PayTV units. We had 31 million fixed broadband connections at the end of December, 4.2% more than a year before with our main markets Brazil and Mexico, similar in size, growing 1.9% and 0.7%, respectively. Several markets including the Central America block, Argentina, Peru and Ecuador observed double digit growth.

Mobile postpaid and fixed-broadband continued to be the main drivers of access growth at 8.1% and 4.2%, respectively with mobile overtaking fixed broadband for the first time in several quarters. Mobile prepaid and PayTV accesses declined 2.3% and 2.8%, respectively, while fixed-voice accesses were down 2.2% from a year before.

Wireless Subscribers as of December 2019


		Total⁽¹⁾ (Thousands)

Country	Dec ’19		Sep ’19		Var.%		Dec ’18		Var.%

Argentina, Paraguay and Uruguay		24,634		24,536		0.4%		24,264		1.5%

Austria & CEE		21,296		21,520		-1.0%		21,029		1.3%

Brazil		54,488		56,451		-3.5%		56,416		-3.4%

Central America		15,488		15,290		1.3%		14,364		7.8%

Caribbean		6,244		6,139		1.7%		5,887		6.1%

Chile		6,873		6,779		1.4%		6,707		2.5%

Colombia		31,104		30,577		1.7%		29,681		4.8%

Ecuador		8,493		8,422		0.8%		8,246		3.0%

Mexico		76,918		76,150		1.0%		75,448		1.9%

Peru		11,611		11,623		-0.1%		12,098		-4.0%

USA		20,876		21,229		-1.7%		21,688		-3.7%

Total Wireless Lines		278,027		278,716		-0.2%		275,827		0.8%

⁽¹⁾ Includes total subscribers of all companies in which América Móvil holds an economic interest; does not consider the date in which the companies started being consolidated.

Fixed-Line and Other Accesses (RGUs) as of December 2019


	Total⁽¹⁾ (Thousands)

Country	Dec ’19		Sep ’19		Var.%		Dec ’18		Var.%

Argentina, Paraguay and Uruguay		1,114		1,023		8.9%		775		43.8%

Austria & CEE		6,143		6,135		0.1%		6,203		-1.0%

Brazil		34,048		34,448		-1.2%		35,285		-3.5%

Central America		7,095		7,031		0.9%		6,465		9.7%

Caribbean		2,528		2,537		-0.4%		2,546		-0.7%

Chile		1,400		1,418		-1.3%		1,424		-1.7%

Colombia		7,613		7,555		0.8%		7,171		6.2%

Ecuador		446		431		3.3%		384		15.9%

Mexico		21,992		22,158		-0.8%		22,337		-1.5%

Peru		1,603		1,578		1.6%		1,472		8.9%

Total RGUs		83,983		84,315		-0.4%		84,062		-0.1%

⁽¹⁾ Fixed Line, Broadband and Television (Cable & DTH).

América Móvil Consolidated Results

With U.S. long-term interest rates stabilizing in the fourth quarter after a sharp decline that began in February 2019 and the stock market reaching all-time highs on the back of sustained economic momentum and the said reduction in interest rates, the year ended on an improving note on the U.S. economic front. In this context, coupled with weak but improving levels of economic activity in Latin America’s larger countries, the currencies in the region generally strengthened or were stable throughout the quarter with the noted exception of the Chilean peso that depreciated as a result of the social unrest in last November.

Our fourth quarter revenues totaled 263 billion pesos, including “other revenues”, of 2.6 billion pesos derived from the restructuring of certain amounts owed under equipment lease agreements in Mexico. In Mexican peso terms our revenues were flat year-on-year, reflecting the depreciation of our currencies vs. the Mexican peso that appreciated 11.3% against the Brazilean real, 10.6% vs. the Colombian peso, 14.3% vs. the Chilean peso, 6.0% vs. the euro and 3.0% vs. the dollar. At constant exchange rates service revenues actually accelerated to a pace of 3.2% year-on-year from 2.5% the prior quarter (excluding Argentina because of its hyperinflationary situation) with continued strong performance in the mobile platform and improving trends on the fixed one. Three of our top four operations posted positive revenue growth on both fixed and mobile platforms; a year ago only one did.

Mobile service revenues kept picking up, with their annual rate of growth hitting 5.7% from 4.6% in the third quarter whereas our fixed revenues were practically flat, marking their best showing in 2019 as fixed-broadband growth roughly made up for revenue losses in voice and PayTV.

On the mobile platform, our Brazilian operations posted a 15.6% increase, aided by continued market share gains in the postpaid segment: in fact, mobile postpaid revenues soared 21%. In the Dominican Republic mobile service revenues were up 8.9%; in Colombia 8.5%; in Mexico 7.6% and in our European operations 5.7%. Save for Mexico, all the countries mentioned before posted their best performances in more than a year—if not ever. As for fixed-service revenue growth, it reached nearly 14% in Paraguay; 8.6% in Colombia; 7.8% in Ecuador and 4.0% in Peru.

Postpaid mobile services became our most dynamic business segment, with growth accelerating to nearly 8% from 5.8% the prior quarter, overtaking fixed broadband services, at 7.1%. Mobile prepaid services and corporate networks followed, with revenue growth of 3.8% and 1.3%, respectively.

Under IFRS16 our EBITDA came in at 81.7 billion pesos in the fourth quarter, corresponding to a 31.1% EBITDA margin. At constant exchange rates, our organic EBITDA (IAS17) was up 7.6% adjusting for extraordinary items in Mexico, Austria and in Brazil in the fourth quarter of 2018, reflecting greater operating leverage.

We observed double-digit EBITDA growth in several countries—Peru, 22%; Central America 17.8%; the U.S. 16.3%, Colombia, 14.5%, México, 5.9% (organic)—with Brazil expanding 4.7% after the above-mentioned adjustment. The EBITDA margins increased approximately 1 percentage point in each of Mexico, Telekom Austria (excluding restructuring costs), Argentina, the U.S. and Colombia, with Central America and Peru presenting margin increases of 4 to 5 percentage points.

América Móvil’s Income Statement Millions of Mexican pesos



	4Q19⁽¹⁾		4Q18⁽²⁾		Var.%		Jan - Dec 19⁽¹⁾		Jan - Dec 18⁽²⁾		Var.%

Service Revenues		209,055		213,694		-2.2%		829,831		860,985		-3.6%

Equipment Revenues		50,980		49,332		3.3%		172,983		174,560		-0.9%

Total Revenues*		263,187		263,310		0.0%		1,007,348		1,038,208		-3.0%

Cost of Service		74,042		81,944		-9.6%		297,193		328,808		-9.6%

Cost of Equipment		50,969		52,101		-2.2%		174,544		180,014		-3.0%

Selling, General & Administrative Expenses		54,504		57,620		-5.4%		215,994		227,192		-4.9%

Others		1,923		-137		n.m.		5,862		6,923		-15.3%

Total Costs and Expenses		181,438		191,528		-5.3%		693,592		742,938		-6.6%

EBITDA		81,749		71,783		13.9%⁽³⁾		313,756		295,270		6.3%⁽³⁾

% of Total Revenues		31.1%		27.3%				31.1%		28.4%

Depreciation & Amortization		37,126		35,877		3.5%		158,915		155,713		2.1%

EBIT		44,622		35,906		24.3%⁽³⁾		154,841		139,557		11.0%⁽³⁾

% of Total Revenues		17.0%		13.6%				15.4%		13.4%

Net Interest Expense		5,204		1,387		275.2%		31,627		21,125		49.7%

Other Financial Expenses		4,528		-8,111		155.8%		7,075		10,176		-30.5%

Foreign Exchange Loss		-1,686		16,036		-110.5%		-5,226		7,262		-172.0%

Comprehensive Financing Cost (Income)		8,045		9,311		-13.6%⁽³⁾		33,476		38,564		-13.2%⁽³⁾

Income & Deferred Taxes		15,317		13,363		14.6%		51,034		46,477		9.8%

Net Income before Minority
Interest and Equity Participation in Results of Affiliates		21,260		13,232		60.7%		70,331		54,517		29.0%

Equity Participation in Results of Affiliates		-24		11		-319.8%		-18		0		n.m.

Minority Interest		-41		-272		84.8%		-2,583		-1,951		-32.4%

Net Income		21,194		12,971		63.4%⁽³⁾		67,731		52,566		28.8%⁽³⁾

⁽¹⁾ Under IFRS 16.

⁽²⁾ Under IAS 17.

⁽³⁾ The comparison is for reference only. It is not meaningful given figures were obtained with different methodologies. Comparable information is provided in the appendix 1.

*Total revenues include Other Revenues.

n.m. Not meaningful.

We obtained a 44.6 billion pesos operating profit that, after factoring in 8.0 billion pesos in comprehensive financing costs, helped bring about a 21.2 billion net profit in the period, a 63.4% increase from the year-earlier quarter. Our net profit was equivalent to 32 peso cents per share or 33 dollar cents per ADR.

Including capitalized obligations, our net debt ended the year at 677 billion pesos, 7.2 billion pesos lower than at the end of 2018. Under IAS17, excluding capitalized obligations from the debt and substracting lease payments from our EBITDA, our net debt to EBITDA ratio stood at 1.95 times. In cash flow terms we increased our net debt by 16.3 billion pesos in 2019.

Shareholder distributions totaled 22.9 billion pesos, mostly by way of dividends, while acquisitions came in at 24.9 billion pesos, principally having to do with Nextel Brazil. In addition we reduced pension obligations by 20.2 billion pesos, mainly in Telmex.

Balance Sheet - América Móvil Consolidated Millions of Mexican Pesos


	Dec ‘19*	Dec ‘18	Var.%				Dec ‘19*	Dec ‘18	Var.%

Current Assets						Current Liabilities

Cash, Marketable Securities & Other Short Term Ivestments	67,464	70,676		-4.5	%	Short Term Debt*	129,172	96,231	34.2%

Accounts Receivable	211,532	221,514		-4.5	%	Lease-Related Debt	25,895

Other Current Assets	10,747	16,560		-35.1	%	Accounts Payable	272,556	278,391	-2.1%

Inventories	41,102	40,305		2.0	%	Other Current Liabilities	97,777	92,469	5.7%

	330,844	349,056		-5.2	%		525,400	467,091	12.5%



Non Current Assets						Non Current Liabilities

Plant & Equipment	639,343	640,001		-0.1	%	Long Term Debt	495,082	542,692	-8.8%

Rights of Use	118,003					Lease-Related Debt	94,702

Investments in Affiliates	2,474	3,133		-21.0	%	Other Liabilities	189,843	173,568	9.4%

							779,627	716,260	8.8%

Deferred Assets

Goodwill (Net)	152,900	145,566		5.0	%

Intangible Assets	125,169	122,138		2.5	%	Shareholder’s Equity	226,907	245,872	-7.7%

Deferred Assets	163,199	169,330		-3.6	%

Total Assets	1,531,934	1,429,223		7.2	%	Total Liabilities and Equity	1,531,934	1,429,223	7.2%

Includes current portion of Long Term Debt.

*Includes Nextel Brazil.

Financial Debt of América Móvil* Millions



	Dec -19		Dec -18

Peso - denominated debt (MxP)		80,129		72,501

Bonds and other securities		58,129		68,001

Banks and others		22,000		4,500

U.S. Dollar - denominated debt (USD)		9,472		9,947

Bonds and other securities		8,975		9,353

Banks and others		497		594

Euro - denominated Debt (EUR)		11,165		11,281

Bonds and other securities		11,065		11,036

Banks and others		100		245

Sterling - denominated Debt (GBP)		2,750		2,750

Bonds and other securities		2,750		2,750

Reais - denominated Debt (BRL)		7,475		6,480

Bonds and other securities		7,475		6,475

Banks and others		0		5

Debt denominated in other currencies (MxP)		26,045		14,203

Bonds and other securities		5,818		6,240

Banks and others		20,227		7,963

Total Debt (MxP)		624,254		638,922

Cash, Marketable Securities and Short Term Financial Investments (MxP)		67,464		70,676

Net Debt (MxP)		556,790		568,246

*This table does not include the effect of forwards and derivatives used to hedge our foreign exchange exposure.

Mexico

We gained 242 thousand new postpaid clients in Mexico in the fourth quarter and 526 thousand prepaids to finish the year with nearly 77 million wireless subscribers, 1.9% more than we had at the end of 2018. Altogether we added almost 1.5 million subscribers throughout the year. On the fixed-line platform we disconnected 166 thousand accesses in the quarter, substantially all of them fixed-voice, ending the year with 22 million accesses, 1.5% less than a year before.

At 81.7 billion pesos, our revenues were up 6.4% from the year-earlier quarter, which includes under “other revenues”, 2.6 billion pesos derived from the restructuring of certain amounts owed under equipment lease agreements.

Service revenues expanded 5.0% with mobile service revenues increasing 7.6% on the back of strong prepaid-revenue growth, 10.7%. ARPUs kept on rising to 154 pesos, a 5.8% year-on-year increase, driven by continued advances in data-services usage per client.

Fixed-line service revenues increased 0.8% after several quarters of declines mostly on the back of broadband revenue growth and corporate networks.

EBITDA totaled 30.1 billion pesos under IFRS 16. Under comparable financial standards it rose 12.7% from the prior year, but adjusting for one-off items it was up 5.9% on the strength of service revenue growth on both fixed and mobile platforms.

We have been expanding wireless coverage to reach smaller towns and rural areas. On the fixed platform we have also been more active in building fiber to the home and upgrading our network to provide greater speeds.

INCOME STATEMENT - Mexico Millions of MxP



	4Q19⁽¹⁾		4Q18⁽²⁾		Var.%		Jan - Dec 19⁽¹⁾		Jan - Dec 18⁽²⁾		Var.%

Total Revenues*		81,710		76,788		6.4%		295,184		284,512		3.8%

Total Service Revenues		54,508		51,889		5.0%		212,062		203,026		4.5%

Wireless Revenues		58,382		54,377		7.4%		210,319		197,073		6.7%

Service Revenues		35,110		32,635		7.6%		135,573		126,164		7.5%

Equipment Revenues		23,272		21,742		7.0%		74,746		70,908		5.4%

Fixed Line Service Revenues		19,398		19,253		0.8%		76,489		76,862		-0.5%

EBITDA		30,149		24,582				109,370		94,001

% total revenues		36.9%		32.0%				37.1%		33.0%

EBIT		23,243		17,854				76,252		64,839

%		28.4%		23.3%				25.8%		22.8%

*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions.

Total revenues include other income.

⁽¹⁾ Under IFRS 16.

⁽²⁾ Under IAS 17.

Mexico Operating Data

4Q19

4Q18

Var.%

Wireless Subscribers (thousands)

76,918

75,448

1.9%

Postpaid

14,350

13,512

6.2%

Prepaid

62,569

61,936

1.0%

MOU

535

526

1.9%

ARPU (MxP)⁽¹⁾

154

145

5.8%

Churn (%)

4.4%

(0.0)

Revenue Generating Units (RGUs)*

21,992

22,337

-1.5%

Fixed Lines

12,299

12,715

-3.3%

Broadband

9,693

9,622

0.7%

*Fixed Line and Broadband.

⁽¹⁾ Under IFRS 15.

Argentina

For comparison purposes all comments in this section related to annual variations of the presented period for Argentina refer to figures in constant peso terms, that is, adjusted for inflation in accordance to NIC 29. Information for Uruguay and Paraguay is not presented in the table.

Revenues in Argentina declined 4.9% annually at constant pesos to 24.8 billion Argentinean pesos. Mobile service revenues were down 5.8% with those of the prepaid segment falling 0.6% and postpaid coming down 8.4% somewhat more than in the prior quarter as we became more promotional in the holiday season. Fixed service revenues fell 5.8%, we are offering discounts in the aim to gain scale in the fixed market.

In an effort to maintain profitability, we have been able to reduce costs and expenses by 8.9% year-on-year. EBITDA (under IFRS16) was 10.1 billion Argentinean pesos, and the EBITDA margin stood at 40.9% of revenues. Under comparable accounting standards, it declined only 2.2% in real terms, but the margin expanded 1.1 percentage points.

INCOME STATEMENT - Argentina Millions of Constant ARS of December 2019



	4Q19⁽¹⁾		4Q18⁽²⁾		Var.%		Jan - Dec 19⁽¹⁾		Jan - Dec 18⁽²⁾		Var.%

Total Revenues*		24,770		26,033		-4.9%		100,738		108,662		-7.3%

Total Service Revenues		19,551		20,762		-5.8%		81,199		86,538		-6.2%

Wireless Revenues		22,449		23,851		-5.9%		92,416		101,702		-9.1%

Service Revenues		19,551		20,762		-5.8%		81,199		86,538		-6.2%

Equipment Revenues		5,059		5,193		-2.6%		19,218		21,959		-12.5%

Fixed Line Revenues		2,160		2,104		2.7%		8,001		6,795		17.8%

EBITDA		10,121		9,947				41,622		41,969

% total revenues		40.9%		38.2%				41.3%		38.6%

EBIT		8,377		8,383				33,826		35,151

%		33.8%		32.2%				33.6%		32.3%

*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions.

Total revenues include other income.

⁽¹⁾ Under IFRS 16.

⁽²⁾ Under IAS 17.

Argentina Operating Data

4Q19

4Q18

Var.%

Wireless Subscribers (thousands)⁽¹⁾

21,894

21,820

0.3%

Postpaid

8,448

8,381

0.8%

Prepaid

13,446

13,440

0.0%

MOU

-3.5%

ARPU (ARP)⁽²⁾

257

181

42.0%

Churn (%)

1.9%

(0.0)

Revenue Generating Units (RGUs)*

781

465

68.0%

*Fixed Line, Broadband and Television.

⁽¹⁾ Hybrid subscribers are now included in our postpaid figures

⁽²⁾ Under IFRS 15.

Brazil

We added 1.2 million postpaid subscribers in the fourth quarter for a total of four million in the full year. We ended the year with a total of 54.5 million mobile customers, leading the portability net balance, with a record addition of customers that migrated their number to Claro.

As for the fixed-line platform, we added 22.4 thousand broadband accesses in the fourth quarter, maintaining our leadership in the market. We reached 5.9 million ultrabroadband accesses (connections faster than 34 Mbps). With the expansion to 52 new cities in 2019, our FTTH footprint reached 68 new cities. We are improving our market share position on these geographies and leading ultrabroadband adoption in Brazil.

Total revenues were up 3.1% year-on-year to 9.3 billion reais, with service revenues rising 3.2%. Mobile service revenues showed solid growth of 15.6%—its best showing ever—driven by outstanding growth in postpaid revenues that were up 21.0%.

On the fixed-line platform revenues declined 3.1%. Broadband revenues rose 9.5% but voice and PayTV revenues were off 16.5% and 8.2%. We added 15.6 thousand new broadband accesses and 843.1 thousand new M2M/IOT accesses in the fourth quarter of 2019.

EBITDA was 3.5 billion reais under IFRS16, representing an EBITDA margin of 37.4% of revenues. Under the prior accounting standards, and adjusting for the extraordinary booking last year of a profit derived from having won certain legal proceedings involving taxes, EBITDA was up 4.7% from a year before, with the EBITDA margin rising 50 basis points. For the full year, our EBITDA margin rose 1.1 percentage points in spite of record postpaid net adds.

In December, we completed the acquisition of Nextel in Brazil by virtue of which we will be adding approximately 3.5 million subscribers. Most of the clients are concentrated in the cities of Sao Paulo and Rio de Janeiro in which we will be adding three points to our postpaid share to reach 28% in the former, and seven points to get to 37% in the latter. Additionally, this transaction will strengthen Claro’s spectrum position.

INCOME STATEMENT - Brazil Millions of BrL



	4Q19⁽¹⁾		4Q18⁽²⁾		Var.%		Jan - Dec 19⁽¹⁾		Jan - Dec 18⁽²⁾		Var.%

Total Revenues*		9,298		9,021		3.1%		36,331		35,660		1.9%

Total Service Revenues		8,954		8,674		3.2%		35,146		34,505		1.9%

Wireless Revenues		3,734		3,275		14.0%		13,886		12,653		9.7%

Service Revenues		3,402		2,943		15.6%		12,763		11,549		10.5%

Equipment Revenues		332		332		0.0%		1,123		1,104		1.7%

Fixed Line Revenues		5,552		5,731		-3.1%		22,383		22,957		-2.5%

EBITDA		3,481		3,085				13,527		12,096

% total revenues		37.4%		34.2%				37.2%		33.9%

EBIT		1,423		1,362				5,501		4,044

%		15.3%		15.1%				15.1%		11.3%

*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenues include other income.

⁽¹⁾Under IFRS 16.

⁽²⁾Under IAS 17.

Brazil Operating Data

4Q19

4Q18

Var.%

Wireless Subscribers (thousands)

54,488

56,416

-3.4%

Postpaid

27,491

23,506

17.0%

Prepaid

26,997

32,910

-18.0%

MOU⁽¹⁾

161

118

35.7%

ARPU (BrL)⁽²⁾

20.5%

Churn (%)

5.7%

(0.0)

Revenue Generating Units (RGUs)*

34,048

35,285

-3.5%

^*Fixed Line, Broadband and Television.

⁽¹⁾We modified the methodology for calculating MOUs. We no longer include M2M subscribers.

Colombia

We added 101 thousand postpaid subscribers and 426 thousand prepaid subscribers in the quarter. Total net gains in 2019 of 1.4 million were four times greater than in the prior year. On the fixed-line platform, we obtained 58 thousand new RGUs.

Total revenues were 3.4 billion Colombian Pesos, with service revenue growth accelerating to 8.5% year-on-year—the best performance since 2Q18—and equipment revenues growing 25%.

Mobile service revenues of 1.6 billion Colombian pesos were up 8.5% from the year before, as prepaid revenue growth accelerated sharply to 11.2% from 4.8% in the prior quarter, while postpaid revenues grew 7.1% compared to 4.6% in the third quarter. Fixed-line service revenues increased 8.6%. Broadband is the single most important component of fixed service revenues it was up 12.2% in the fourth quarter, followed by PayTV that rose 5.8% year-on-year. At nearly 20%, corporate services is the fastest growing business line.

Under IFRS16 our EBITDA was 1.4 billion Colombian pesos, equivalent to 43.1%. On comparable standards, EBITDA grew 14.5%—the fastest pace in over a year.

In a spectrum auction that took place in the first days of January, we were granted the use of 20MHz of spectrum in the 700MHz frequency and 3 blocks of 10MHz each in the 2500 MHz band.

INCOME STATEMENT - Colombia Billions of COP



	4Q19⁽¹⁾		4Q18⁽²⁾		Var.%		Jan - Dec 19⁽¹⁾		Jan - Dec 18⁽²⁾		Var.%

Total Revenues*		3,354		2,998		11.9%		12,655		11,580		9.3%

Total Service Revenues		2,533		2,334		8.5%		9,752		9,210		5.9%

Wireless Revenues		2,374		2,081		14.1%		8,826		8,071		9.4%

Service Revenues		1,584		1,460		8.5%		6,072		5,820		4.3%

Equipment Revenues		790		621		27.2%		2,755		2,251		22.4%

Fixed Line Revenues		962		895		7.5%		3,756		3,457		8.7%

EBITDA		1,446		1,211				5,497		4,747

%		43.1%		40.4%				43.4%		41.0%

EBIT		901		678				3,235		2,700

%		26.9%		22.6%				25.6%		23.3%

*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions.

Total revenues include other income.

¹⁾Under IFRS 16. ⁽²⁾ Under IAS 17.

Colombia Operating Data

4Q19

4Q18

Var.%

Wireless Subscribers* (thousands)

31,104

29,681

4.8%

Postpaid

7,351

6,937

6.0%

Prepaid

23,753

22,744

4.4%

MOU⁽¹⁾

293

225

30.4%

ARPU (COP)⁽²⁾

17,252

18,920

-8.8%

Churn (%)

4.8%

4.9%

(0.1)

Revenue Generating Units (RGUs)**

7,613

7,171

6.2%

*Due to differences in the policy for accounting active subscribers, the figures in this report are different from those published by the Ministry of Communications of Colombia (MinTIC). **Fixed Line, Broadband and Television.

⁽¹⁾ We modified the methodology for calculating MOUs. We no longer include M2M subscribers. ⁽²⁾ Under IFRS 15.

⁽²⁾ Under IFRS 15.

Chile

Revenues of 211 billion Chilean pesos were 2.6% lower than those obtained in the prior year with service revenues declining 4.1%. On the mobile platform they were down 3.8% due to a mobile termination rate cut; however, revenues net of interconnection charges actually rose 3.7%. On the fixed platform, service revenues came down 4.4%.

Under IFRS16 EBITDA came in at 58.6 billion Chilean pesos, equivalent to 27.8% of revenues. Under the prior accounting methodology, EBITDA was 1.3% lower than that of the prior year.

INCOME STATEMENT - Chile Millions of ChPL


	4Q19⁽¹⁾		4Q18⁽²⁾		Var.%		Jan - Dec 19⁽¹⁾		Jan - Dec 18⁽²⁾		Var.%

Total Revenues*		211,071		216,779		-2.6%		835,024		835,603		-0.1%

Total Service Revenues		171,730		178,998		-4.1%		682,766		713,874		-4.4%

Wireless Revenues		136,939		139,289		-1.7%		530,056		535,954		-1.1%

Service Revenues		97,648		101,509		-3.8%		379,221		414,301		-8.5%

Equipment Revenues		39,291		37,780		4.0%		150,835		121,653		24.0%

Fixed Line Revenues		74,082		77,489		-4.4%		303,545		299,573		1.3%

EBITDA		58,644		37,311				190,154		152,810

% total revenues		27.8%		17.2%				22.8%		18.3%

EBIT		6,874		-19,176				-79,078		-73,958

%		3.3%		-8.8%				-9.5%		-8.9%

*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenues include other income.

⁽¹⁾ Under IFRS 16.

⁽²⁾ Under lAS 17.

Chile Operating Data

4Q19

4Q18

Var.%

Wireless Subscribers (thousands)

6,873

6,707

2.5%

Postpaid

2,246

2,080

8.0%

Prepaid

4,627

0.0%

MOU

171

176

-2.4%

ARPU (ChP)⁽¹⁾

5,690

5,127

11.0%

Churn (%)

6.6%

6.8%

(0.2)

Revenue Generating Units (RGUs) *

1,400

1,424

-1.7%

*Fixed Line, Broadband and Television.

⁽¹⁾ Under IFRS 15.

Ecuador

We generated total revenue of 334 million dollars, up 1.2% year-on-year, with fixed-line service revenues rising 7.8% driven by broadband revenue growth of 16.3%. Mobile service revenues were down 2.1% dragged down by prepaid service revenues, off 4.4%, on account of strong competition and promotions for data usage.

Under IFRS16 fourth quarter EBITDA came in at 146 million dollars. Organically, it was up 1.7%.


INCOME STATEMENT - *Ecuador* Millions of Dollars

	4Q19⁽¹⁾		4Q18⁽²⁾		Var.%		Jan - Dec 19⁽¹⁾		Jan - Dec 18⁽²⁾		Var.%

Total Revenues*		334		330		1.2%		1,321		1,309		0.9%

Total Service Revenues		272		275		-1.3%		1,098		1,104		-0.5%

Wireless Revenues		305		308		-0.9%		1,222		1,222		0.0%

Service Revenues		249		254		-2.1%		1,010		1,021		-1.1%

Equipment Revenues		56		53		4.8%		212		200		6.0%

Fixed Line Revenues		23		22		7.2%		92		87		6.2%

EBITDA		146		135				573		516

% total revenues		43.8%		41.1%				43.4%		39.4%

EBIT		90		85				347		310

%		27.1%		25.6%				26.2%		23.7%

*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenues include other income.

⁽¹⁾Under IFRS 16. ⁽²⁾ Under IAS 17.

Ecuador Operating Data

4Q19

4Q18

Var.%

Wireless Subscribers (thousands)

8,493

8,246

3.0%

Postpaid

2,675

2,622

2.0%

Prepaid

5,818

5,624

3.4%

MOU

433

437

-1.0%

ARPU (US$)⁽¹⁾

-5.0%

Churn (%)

4.2%

4.3%

(0.2)

Revenue Generating Units (RGUs) *

446

384

15.9%

*Fixed Line, Broadband and Television.

⁽¹⁾Under IFRS 15.

Peru

Fourth quarter revenues of 1.4 billion soles were up 4.1% with equipment revenues shooting up 34.1%, and service revenues declining 4.0%. Mobile service revenues were down 6.1%, but adjusting for the reduction in termination rates and other one-off items, the decline would have been 2.2%. Fixed service revenues, 23% of the total, were up 4.0% on the back of broadband revenues that rose 18.3% compensating for the contraction of voice revenues.

EBITDA under IFRS16 reached 409 million soles. Under comparable accounting standards, EBITDA rose 22.0%.

We had positive trends in mobile number portability throughout 2019 as we managed to improve overall customer experience while keeping a competitive offer.

INCOME STATEMENT - Peru Millions of Soles



	4Q19⁽¹⁾		4Q18⁽²⁾		Var.%		Jan - Dec 19⁽¹⁾		Jan - Dec 18⁽²⁾		Var.%

Total Revenues*		1,367		1,314		4.1%		5,200		5,202		0.0%

Total Service Revenues		949		989		-4.0%		3,737		3,985		-6.2%

Wireless Revenues		1,139		1,083		5.2%		4,316		4,321		-0.1%

Service Revenues		730		778		-6.1%		2,891		3,148		-8.1%

Equipment Revenues		408		305		34.1%		1,425		1,173		21.4%

Fixed Line Revenues		219		210		4.0%		846		839		0.8%

EBITDA		409		312				1,510		1,209

% total revenues		29.9%		23.8%				29.0%		23.2%

EBIT		134		86				488		433

%		9.8%		6.5%				9.4%		8.3%

*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenues include other income.

⁽¹⁾ Under IFRS 16. ⁽²⁾ Under lAS 17.

Peru Operating Data

4Q19

4Q18

Var.%

Wireless Subscribers (thousands)

11,611

12,098

-4.0%

Postpaid

4,149

4,093

1.4%

Prepaid

7,462

8,005

-6.8%

MOU

287

249

15.0%

ARPU (Sol)⁽¹⁾

0.3%

Churn (%)

5.0%

7.3%

(2.3)

Revenue Generating Units (RGUs)*

1,603

1,472

8.9%

*Fixed Line, Broadband and Television.

⁽¹⁾ Under IFRS 15.

Central America

Revenues of 610 million dollars were down 1.0% on a pro-forma basis with service revenues expanding 1.7%. Mobile service revenues showed good recovery in the last quarter growing 3.7%, up from 0.7% the prior one, whereas fixed-line service revenues dropped 1.8%, when they had been down 4.0% the prior quarter.

In local currency terms, service revenues expanded in all markets other than Nicaragua. They were up 6.9% and 5.8% in Costa Rica and Honduras, respectively, and more than 4% in each Panama and El Salvador. In Guatemala they rose 1.8% pro-forma, with mobile service revenues rising 6% and fixed service revenues declining 5.4%.

EBITDA under IFRS16 totaled 218 million dollars. Organically, under a comparable basis, EBITDA rose 17.8% and the margin expanded 4.9 percentage points. Except for Nicaragua and Panama, our operations in Central America exhibited EBITDA expansion in local currency terms.

INCOME STATEMENT - Central America Pro forma Millions of Dollars



	4Q19⁽¹⁾		4Q18⁽²⁾		Var.%		Jan - Dec 19⁽¹⁾		Jan - Dec 18⁽²⁾		Var.%

Total Revenues*		610		616		-1.0%		2,435		2,532		-3.8%

Total Service Revenues		525		516		1.7%		2,098		2,123		-1.2%

Wireless Revenues		415		415		-0.1%		1,655		1,712		-3.4%

Service Revenues		344		332		3.7%		1,368		1,374		-0.5%

Equipment Revenues		71		83		-15.0%		287		338		-15.0%

Fixed Line Revenues		189		192		-1.6%		760		783		-3.0%

EBITDA		218		161				907		769

% total revenues		35.8%		26.1%				37.3%		30.4%

EBIT		98		38				333		260

%		16.1%		6.2%				13.7%		10.3%

*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenues include other income.

⁽¹⁾ Under IFRS 16. ⁽²⁾ Under lAS 17.

Central America Operating Data

4Q19

4Q18

Var.%

Wireless Subscribers (thousands)

15,488

14,364

7.8%

Postpaid

2,529

2,364

7.0%

Prepaid

12,959

12,000

8.0%

MOU⁽¹⁾

168

157

7.1%

ARPU (US$)⁽²⁾

13.2%

Churn (%)

6.6%

9.1%

(25)

Revenue Generating Units (RGUs)*

7,095

6,465

9.7%

* Fixed Line, Broadband and Television.

⁽¹⁾ We modified the methodology for calculating MOUs. We no longer include M2M subscribers. ⁽²⁾ Under IFRS 15.

Caribbean

In the Dominican Republic revenues increased 6.1%, with service revenues rising 5.6%. Mobile service revenue growth continued to accelerate, rising to 8.9% in the fourth quarter from 8.4% in the third one and 6.9% in the second one. Prepaid revenues kept on expanding at a double-digit pace, 14.4%, for the fifth quarter in a row. EBITDA was up 6.7% under comparable standards, with a margin that climbed 30 basis points to 45.5%.

In Puerto Rico fourth quarter revenues declined 1.0% adjusting for extraordinary revenues booked in year-earlier quarter, with service revenues falling 3.8%. Under IFRS16 EBITDA came in at 24 million dollars and the margin at 11.5% of revenues.

INCOME STATEMENT - Caribbean Millions of Dollars



	4Q19⁽¹⁾		4Q18⁽²⁾		Var.%		Jan - Dec 19⁽¹⁾		Jan - Dec 18⁽²⁾		Var.%

Total Revenues*		453		473		-4.3%		1,795		1,893		-5.2%

Total Service Revenues		389		415		-6.3%		1,581		1,627		-2.8%

Wireless Revenues		279		257		8.3%		1,069		1,032		3.6%

Service Revenues		215		213		0.7%		855		834		2.5%

Equipment Revenues		64		44		45.3%		214		198		8.2%

Fixed Line Revenues		177		205		-13.6%		737		805		-8.5%

EBITDA		138		146				579		564

% total revenues		30.5%		30.9%				32.2%		29.8%

EBIT		55		85				252		306

%		12.1%		18.0%				14.1%		16.2%

*Revenues reflect eliminations derived from both the overlap of fixed and mobile operations as well as international intercompany transactions. Total revenues include other income.

⁽¹⁾ Under IFRS 16. ⁽²⁾ Under lAS 17.

Caribbean Operating Data

4Q19

4Q18

Var.%

Wireless Subscribers (thousands)

6,244

5,887

6.1%

Postpaid

2,028

1,935

4.8%

Prepaid

4,216

3,952

6.7%

MOU⁽¹⁾

203

255

-20.4%

ARPU (US$)⁽²⁾

-5.1%

Churn (%)

3.5%

0.0

Revenue Generating Units (RGUs)*

2,528

2,546

-0.7%

• Fixed Line, Broadband and Television.

⁽¹⁾ We modified the methodology for calculating MOUs. We no longer include M2M subscribers. ⁽²⁾ Under IJRS 15.

United States

Fourth quarter revenues rose 3.5% year-on-year to 2.1 billion dollars, with service revenues increasing 1.4%. Our ARPU was up 4.6% to 27 dollars, as the mix of clients continued to shift in favor of our higher-spend brands: StraightTalk and Total Wireless.

Our EBITDA climbed 16.3% from the year-earlier quarter—up from 9.5% in the third quarter and 8.2% in the second one—to 186 million dollars, with the EBITDA margin rising one percentage point to 9.0%, as airtime costs continued to fall in line with retail prices.

INCOME STATEMENT - United States Millions of Dollars



	4Q19		4Q18		Var.%		Jan - Dec 19		Jan - Dec 18		Var.%

Total Revenues		2,071		2,000		3.5%		8,091		7,967		1.6%

Service Revenues		1,718		1,694		1.4%		6,821		6,747		1.1%

Equipment Revenues		352		306		15.3%		1,269		1,219		4.1%

EBITDA		186		160		16.3%		646		622		4.0%

% total revenues		9.0%		8.0%				8.0%		7.8%

EBIT		169		140		20.7%		574		541		6.0%

%		8.2%		7.0%				7.1%		6.8%

United States Operating Data

4Q19

4Q18

Var.%

Wireless Subscribers (thousands)

20,876

21,688

-3.7%

Straight Talk

9,382

9,176

2.2%

Safelink

2,173

2,871

-24.3%

Other Brands

9,321

9,641

-3.3%

MOU

594

555

7.0%

ARPU (US$)

4.6%

Churn (%)

4.2%

4.0%

0.2

Telekom Austria Group

In the fourth quarter our European operations posted service-revenue and EBITDA growth in all the markets. Service revenues increased 3.6% with mobile service revenues expanding 5.7% and fixed service revenues rising 1.1% driven by our solutions and connectivity business, mostly in Austria and Bulgaria.

In Austria, service revenues were slightly off from the year-earlier quarter, -0.3%, with mobile service revenues rising slightly, 0.6% and fixed service revenues declining 0.9%.

In our Eastern European operations we saw strong service revenue growth, 8.8% with mobile service revenues jumping 9.1%, followed closely by fixed service revenue, up 7.8%.

The group’s EBITDA—excluding restructuring charges—was up 8.2% over the year driven by higher service revenue growth and focus on cost controls in all markets. In Austria, EBITDA ex-restructuring charges was roughly flat from the year before whereas in our Eastern European operations we saw all markets posting positive EBITDA contributions—especially Belarus, Serbia and Croatia—with EBITDA rising 18.2%.

On January 27th, we officially launched our first 5G network in Austria. We developed a top of the line 5G platform with the broadest coverage in the country by a wide margin. Our “5Giga” premium tariff portfolio for mobile and Internet@Home segments features unlimited data usage, network priority to guarantee bandwidth and speeds, premium customer care and the latest devices.

INCOME STATEMENT (In accordance with IFRS 16) - A1 Telekom Austria Group

Millions of Euros



	4Q19		4Q18		Var.%		Jan - Dec 19		Jan - Dec 18		Var.%

Total Revenues		1,200		1,153		4.1%		4,565		4,435		2.9%

Total service revenues		963		929		3.6%		3,805		3,681		3.4%

Wireless service revenues		520		492		5.7%		2,075		2,004		3.6%

Fixed-line service revenues		442		438		1.1%		1,730		1,677		3.2%

Equipment revenues		213		202		5.3%		664		662		0.2%

Other operating income		25		21		15.4%		96		92		4.2%

EBITDA		355		334		6.4%		1,561		1,549		0.8%

% total revenues		29.6%		29.0%				34.2%		34.9%

Adjusted EBITDA⁽¹⁾		377		348		8.2%		1,645		1,571		4.7%

% total revenues		31.4%		30.2%				36.0%		35.4%

EBIT		118		95		23.9%		615		446		37.9%

% total revenues		9.8%		8.3%				13.5%		10.1%

For further detail please visit www.a1.group/en/investor-relations

(1) Does not include restructuring charges in Austria.

A1 Telekom Austria Group Operating Data

4Q19

4Q18

Var.%

Wireless Subscribers (thousands)

21,296

21,029

1.3%

Postpaid

16,963

16,245

4.4%

Prepaid

4,334

4,784

-9.4%

MOU⁽¹⁾

370

357

3.6%

ARPU (Euros)

4.1%

Churn (%)

2.0%

0.0

Revenue Generating Units (RGUs)*

6,143

6,203

-1.0%

*Fixed Line, Broadband and Television.

⁽¹⁾ We modified the methodology for calculating MOUs. We no longer include M2M subscribers.


Exchange Rates Local Currency Units per MxP
	4Q19		4Q18		Var.%		Jan-Dec 19		Jan-Dec 18		Var.%
Euro
End of Period		0.0473		0.0443		6.8%		0.0473		0.0443	6.8%
Average		0.0468		0.0442		5.9%		0.0464		0.0440	5.4%
U.S.
End of Period		0.0531		0.0508		4.4%		0.0531		0.0508	4.4%
Average		0.0518		0.0504		2.8%		0.0519		0.0520	-0.1%
Brazilean Real
End of Period		0.2139		0.1969		8.6%		0.2139		0.1969	8.6%
Average		0.2133		0.1919		11.2%		0.2047		0.1898	7.8%
Argentinean Peso
End of Period		3.1780		1.9154		65.9%		3.1780		1.9154	65.9%
Average		3.0777		1.8698		64.6%		2.5015		1.4591	71.4%
Chilean Peso
End of Period		39.7311		35.2982		12.6%		39.7311		35.2982	12.6%
Average		39.1008		34.2996		14.0%		36.4754		33.3396	9.4%
Colombian Peso
End of Period		173.8979		165.1052		5.3%		173.8979		165.1052	5.3%
Average		176.6557		159.6187		10.7%		170.3195		153.5992	10.9%
Guatemalan Quetzal
End of Period		0.4085		0.3931		3.9%		0.4085		0.3931	3.9%
Average		0.4001		0.3892		2.8%		0.3996		0.3908	2.3%
Peruvian Sol
End of Period		0.1760		0.1712		2.8%		0.1760		0.1712	2.8%
Average		0.1743		0.1694		2.9%		0.1733		0.1709	1.4%
Dominican Republic Peso
End of Period		2.8235		2.5657		10.1%		2.8235		2.5657	10.1%
Average		2.7428		2.5402		8.0%		2.6765		2.5799	3.7%


Exchange Rates Local Currency Units per USD
	4Q19		4Q18		Var.%		Jan-Dec 19		Jan-Dec 18		Var.%
Euro
End of Period		0.8918		0.8725		2.2%		0.8918		0.8725		2.2%
Average		0.9031		0.8766		3.0%		0.8933		0.8466		5.5%
Mexican Peso
End of Period		18.8452		19.6829		-4.3%		18.8452		19.6829		-4.3%
Average		19.2926		19.8302		-2.7%		19.2641		19.2397		0.1%
Brazilean Real
End of Period		4.0307		3.8748		4.0%		4.0307		3.8748		4.0%
Average		4.1148		3.8049		8.1%		3.9438		3.6525		8.0%
Argentinean Peso
End of Period		59.8900		37.7000		58.9%		59.8900		37.7000		58.9%
Average		59.3759		37.0782		60.1%		48.1899		28.0735		71.7%
Chilean Peso
End of Period		748.7400		694.7700		7.8%		748.7400		694.7700		7.8%
Average		754.3568		680.1687		10.9%		702.6654		641.4428		9.5%
Colombian Peso
End of Period		3,277.1400		3,249.7500		0.8%		3,277.1400		3,249.7500		0.8%
Average		3,408.1473		3,165.2714		7.7%		3,281.0504		2,955.1968		11.0%
Guatemalan Quetzal
End of Period		7.6988		7.7370		-0.5%		7.6988		7.7370		-0.5%
Average		7.7186		7.7183		0.0%		7.6986		7.5182		2.4%
Peruvian Sol
End of Period		3.3170		3.3700		-1.6%		3.3170		3.3700		-1.6%
Average		3.3628		3.3586		0.1%		3.3382		3.2875		1.5%
Dominican Republic Peso
End of Period		53.2100		50.5000		5.4%		53.2100		50.5000		5.4%
Average		52.9148		50.3726		5.0%		51.5599		49.6372		3.9%

Appendix 1: Income Statement Reconciliation from IAS 17 to IFRS 16


América Móvil’s Income Statement

Millions of Mexican pesos	Jan - Dec 19 IAS 17		Changes brought about by IFRS 16		Jan - Dec 19 IFRS 16		Var.%

Total Costs and Expenses		722,512		(28,920)		693,592		-2.7%

EBITDA		284,836		28,920		313,756		-3.5%

Depreciation & Amortization		135,322		23,594		158,915		-13.1%

EBIT		149,514		5,326		154,841		7.1%

Net Interest Expense		23,687		7,940		31,627		12.1%

Other Financial Expenses		7,075				7,075		-30.5%

Foreign Exchange Loss		(5,226)				(5,226)		-172.0%

Comprehensive Financing Cost (Income)		25,536		7,940		33,476		-33.8%

Income & Deferred Taxes		51,878		(844)		51,034		11.6%

Net Income before Minority Interest and Equity Participation in Results of Affiliates		72,100		(1,769)		70,331		32.3%

Equity Participation in Results of Affiliates		(18)				(18)		n.m.

Minority Interest		(2,583)				(2,583)		32.4%

Net Income		69,500		(1,769)		67,731		32.2%

n.m Not meaningful.

Appendix 2: Balance Sheet Reconciliation from IAS 17 to IFRS 16

Balance Sheet - América Móvil Consolidated

Millions of Mexican

Pesos

Dec ‘19

IAS 17

Changes
brought
about by
IFRS 16

Dec ‘19
IFRS 16

Dec ‘19

IAS 17

Changes
brought
about by
IFRS 16

Dec ‘19
IFRS 16

Current Assets

330,844

Current Liabilities

Short Term Debt*

129,172

Lease-Related Debt

25,895

Other Current

Liabilities

370,303

370,333

499,475

25,924

525,400

Non Current Assets

1,083,086

118,003

1,201,089

Non Current Liabilities

Long Term Debt

495,082

Lease-Related Debt

94,702

Other Liabilities

190,621

-779

189,843

685,704

93,923

779,627

Shareholder’s Equity

228,752

-1,845

226,907

Total Assets

1,413,930

118,003

1,531,934

Total Liabilities

and Equity

1,413,930

118,003

1,531,934

Appendix 3: EBITDA under IAS 17

EBITDA (IAS 17) Millions in Local Currency

4Q19

4Q18

Var.%

Jan-Dec 19

Jan-Dec 18

Var.%

Mexico

EBITDA

27,704

24,582

12.7%

100,258

94,001

6.7%

% of Total Revenues

33.9%

32.0%

34.0%

33.0%

Argentina⁽¹⁾

EBITDA

9,727

9,947

-2.2%

40,229

41,969

-4.1%

% of Total Revenues

39.3%

38.2%

39.9%

38.6%

Brazil

EBITDA

3,094

3,085

0.3%

12,057

12,096

-0.3%

% of Total Revenues

33.3%

34.2%

33.2%

33.9%

Adjusted EBITDA⁽²⁾

3,094

2,956

4.7%

12,057

11,450

5.3%

% Total Revenues

33.3%

32.8%

33.2%

32.1%

Chile

EBITDA

36,834

37,311

-1.3%

137,391

152,810

-10.1%

% of Total Revenues

17.5%

17.2%

16.5%

18.3%

Colombia

EBITDA

1,386

1,211

14.5%

5,253

4,747

10.7%

% of Total Revenues

41.3%

40.4%

41.5%

41.0%

Ecuador

EBITDA

138

135

1.7%

540

516

4.6%

% of Total Revenues

41.2%

41.1%

40.9%

39.4%

Perú

EBITDA

381

312

22.0%

1,364

1,209

12.8%

% of Total Revenues

27.9%

23.8%

26.2%

23.2%

Central America

EBITDA Pro Forma

189

161

17.8%

774

769

0.7%

% of Total Revenues

31.0%

26.1%

31.8%

30.4%

Caribbean

EBITDA

124

146

-15.4%

526

564

-6.7%

% of Total Revenues

27.3%

30.9%

29.3%

29.8%

⁽¹⁾ EBITDA in millions of constant ARP of December 2019.

⁽²⁾ Adjusted EBITDA does not include the effects of one-off items.

Glossary of Terms



ARPU		Average Revenue per User. The ratio of service revenues in a given period to the average number of wireless subscribers in the same period. It is presented on a monthly basis.

ARPM		Average Revenue per Minute. The ratio of service revenues to airtime traffic.

Capex		Capital Expenditure. Accrued capital expenditures related to the expansion of the telecommunications infrastructure.

Chum		Disconnection Rate. The ratio of wireless subscribers disconnected during a given period to the number of wireless subscribers at the beginning of that period.

EBIT		Earnings Before Interest and Taxes, also known as Operating Profit.

EBIT margin		The ratio of EBIT to total operating revenue.

EBITDA		Earnings Before Interest, Taxes, Depreciation, and Amortization.

EBITDA margin		The ratio of EBITDA to total operating revenue.

EPS (Mexican pesos)		Earnings per share. Total earnings in Mexican pesos divided by total shares.

Earnings per ADR (US$)		Total earnings in U.S. dollars divided by total ADRs equivalent.

Gross additions		Total number of subscribers acquired during the period.

Licensed pops		Licensed population. Population covered by the licenses that each of the companies manage.

LTE		Long-term evolution is a 4th generation standard for wireless communication of high-speed data for mobile phones and data terminals.

Market share		A company’s subscriber base divided by the total number of subscribers in that country.

MBOU		Megabytes of Use per subscriber. The ratio of wireless data in a given period to the average number of wireless subscribers in that same period. It is presented on a monthly basis.

MOU		Minutes of Use per subscriber. The ratio of wireless traffic in a given period to the average number of wireless subscribers in that same period. It is presented on a monthly basis.

Net subscriber additions		The difference in the subscriber base from one period to another. It is the different between gross additions and disconnections.

Net debt		Total short and long term debt minus cash and marketable securities.

Net debt / EBITDA		The ratio of total short and long term debt minus cash and securities to trailing 12-month income before interest, taxes, depreciation and amortization.

Prepaid		Subscriber that may purchase airtime to recharge a cellular phone. The client does not hold a contract with the company for voice and data services.

Postpaid		Subscriber that has a contract for the use of airtime. The client has no need of activating airtime, it is done so immediately.

SMS		Short Message Service.

SAC		Subscriber Acquisition Cost. The sum of handset subsidies, marketing expenses and commissions to distributors for handset activation. Handset subsidy is calculated as the difference between equipment cost and equipment revenues.

Wireless penetration		The ratio of total wireless subscribers in any given country divided by the total population in that country.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.