Total Play Announces Revenue Of Ps.7,270 Million and EBITDA Of Ps.3,056 Million In The Third Quarter Of 2021
MEXICO CITY, Oct. 28, 2021 /PRNewswire/ -- CIBANCO, S.A, Institución de Banca Múltiple, as Trustee of the CIB/3370 Trust, reports that Total Play Telecomunicaciones, S.A. de C.V. ("Total Play"), provider of triple play services in Mexico, announced its third quarter 2021 financial results.
Third quarter results
Revenue for the quarter totaled Ps.7,270 million, compared to Ps.5,004 million for the same period of the previous year. Total costs and expenses were Ps.4,214 million, compared to Ps.3,274 million from the previous year.
As a result, Total Play's EBITDA was Ps.3,056 million, from Ps.1,730 million a year ago. The company recorded operating profit of Ps.753 million, compared to Ps.30 million a year ago. Total Play reported net loss of Ps.836 million versus a loss of Ps.258 million in the same period of 2020.
Revenue from services
The growth in the company's revenue in the period is the result of an increase, both in the residential and the enterprise segments sales, due to greater demand from users for Total Play's telecommunications services.
Costs and expenses
Total costs and expenses grew 29%, as a result of a 24% increase in service costs and a 32% increase in general expenses. The increase in costs, to Ps.1,635 million, from Ps.1,322 million in the previous year, results mainly from the acquisition of content, cost of sales of telecommunications equipment for business customers, commissions, leasing of connection links and licenses for the optimal operation of the network.
The increase in expenses, to Ps.2,579 million, from Ps.1,952 million, reflects higher services, advertising and promotion expenses, as well as maintenance costs.
EBITDA and net result
Total Play's EBITDA was Ps.3,056 million compared to Ps.1,730 million from the previous year.
The main variations below EBITDA were the following:
Ps.603 million increase in depreciation and amortization, as a result of investments in coverage of the fiber optic network and user acquisition cost — telecommunications equipment, labor and installation expenses.
Ps.512 million growth in interest expense, mainly derived from growth in long-term financial debt.
Ps.623 million losses in foreign exchange this quarter, compared to a profit of Ps.112 million a year ago, as a consequence of a dollar net liability monetary position in conjunction with the depreciation of the exchange rate of the peso against the dollar this period, compared with appreciation the previous year.
Total Play reported net loss of Ps.836 million, from a loss of Ps.258 million in the same period of 2020.
Balance Sheet
As of September 30, 2021, the company's debt with cost was Ps.40,671 million, compared to Ps.19,532 million from the previous year.
The growth of the debt balance is related to two successful placements of Senior Notes in international markets, i) the first one for US$575 million in November 2020, and ii) the second one for US$600 million in September 2021.
The lease liability was Ps.4,738 million, compared to Ps.4,380 million from the previous year.
About Total Play
Total Play is a leading Triple Play provider in Mexico that, thanks to the widest direct-to-home fiber optic network in the country, offers entertainment and technologically advanced services with the highest quality and speed in the market. For the latest news and updates about Total Play, visit: www.totalplay.com.mx
Total Play is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast growing, and technologically advanced companies focused on creating economic value through market innovation and goods and services that improve standards of living; social value to improve community wellbeing; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values and strategies for achieving rapid growth, superior results and world-class performance.
Except for historical information, the matters discussed in this press release are concepts about the future that involve risks and uncertainty that may cause actual results to differ materially from those projected. Other risks that may affect Total Play and its subsidiaries are presented in documents sent to the securities authorities.
Investor Relations:
Investor Relations: |
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Bruno Rangel |
Rolando Villarreal |
Samantha Pescador |
+ 52 (55) 1720 9167 |
+ 52 (55) 1720 9167 |
+52 (55) 3032 3639 |
Press Relations: |
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Luciano Pascoe |
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Tel. +52 (55) 1720 1313 ext. 36553 |
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TOTALPLAY TELECOMUNICACIONES, S.A. DE C.V. AND SUBSIDIARIES |
||||||||||
CONSOLIDATED QUARTERLY INCOME STATEMENTS |
||||||||||
(Millions of Mexican pesos) |
||||||||||
3Q20 |
3Q21 |
Change |
||||||||
$ |
% |
$ |
% |
$ |
% |
|||||
Revenue from services |
5,004 |
100% |
7,270 |
100% |
2,266 |
45% |
||||
Cost of services |
(1,322) |
(26%) |
(1,635) |
(22%) |
(313) |
(24%) |
||||
Gross profit |
3,682 |
74% |
5,635 |
78% |
1,953 |
53% |
||||
General expenses |
(1,952) |
(39%) |
(2,579) |
(35%) |
(627) |
(32%) |
||||
EBITDA |
1,730 |
35% |
3,056 |
42% |
1,326 |
77% |
||||
Depreciation and amortization |
(1,700) |
(34%) |
(2,303) |
(32%) |
(603) |
(35%) |
||||
Other income (expenses) - Net |
- |
0% |
- |
0% |
- |
0% |
||||
Operating profit (loss) |
30 |
1% |
753 |
10% |
723 |
2410% |
||||
Financial cost: |
||||||||||
Interest revenue |
13 |
0% |
11 |
0% |
(2) |
(15%) |
||||
Accrued interest expense |
(390) |
(8%) |
(902) |
(12%) |
(512) |
(131%) |
||||
Other financial (expenses) income - Net |
(15) |
(0%) |
(72) |
(1%) |
(57) |
380% |
||||
Foreign exchange (loss) gain - Net |
112 |
2% |
(623) |
(9%) |
(735) |
656% |
||||
Profit (loss) before income tax provision |
(250) |
(5%) |
(833) |
(11%) |
(583) |
233% |
||||
Income tax provision |
(8) |
(0%) |
(3) |
(0%) |
5 |
63% |
||||
Net income (loss) for the period |
(258) |
(5%) |
(836) |
(11%) |
(578) |
224% |
||||
TOTALPLAY TELECOMUNICACIONES, S.A. DE C.V. AND SUBSIDIARIES |
||||||||||
CONSOLIDATED QUARTERLY INCOME STATEMENTS |
||||||||||
(Millions of Mexican pesos) |
||||||||||
Accumulated |
Accumulated |
|||||||||
9M20 |
9M21 |
Change |
||||||||
$ |
% |
$ |
% |
$ |
% |
|||||
Revenue from services |
13,881 |
100% |
20,465 |
100% |
6,584 |
47% |
||||
Cost of services |
(3,709) |
(27%) |
(4,908) |
(24%) |
(1,199) |
(32%) |
||||
Gross profit |
10,172 |
73% |
15,557 |
76% |
5,385 |
53% |
||||
General expenses |
(5,301) |
(38%) |
(6,868) |
(34%) |
(1,567) |
(30%) |
||||
EBITDA |
4,871 |
35% |
8,689 |
42% |
3,818 |
78% |
||||
Depreciation and amortization |
(4,621) |
(33%) |
(6,395) |
(31%) |
(1,774) |
(38%) |
||||
Other income (expenses) - Net |
- |
0% |
- |
0% |
- |
na |
||||
Operating profit |
250 |
2% |
2,294 |
11% |
2,044 |
818% |
||||
Financial cost: |
||||||||||
Interest revenue |
31 |
0% |
32 |
0% |
1 |
3% |
||||
Accrued interest expense |
(903) |
(7%) |
(2,074) |
(10%) |
(1,171) |
(130%) |
||||
Other financial expenses |
(61) |
(0%) |
(195) |
(1%) |
(134) |
(220%) |
||||
Foreign exchange gain (loss) - Net |
(263) |
(2%) |
(529) |
(3%) |
(266) |
101% |
||||
Profit (loss) before income tax provision |
(946) |
(7%) |
(472) |
(2%) |
474 |
(50%) |
||||
Income tax provision |
(21) |
(0%) |
(20) |
(0%) |
1 |
(5%) |
||||
Net income (loss) for the period |
(967) |
(7%) |
(492) |
(2%) |
475 |
(49%) |
||||
TOTALPLAY TELECOMUNICACIONES, S.A. DE C.V. AND SUBSIDIARIES |
||||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||||
(Millions of Mexican pesos) |
||||||||||
As of September 30, |
||||||||||
2020 |
2021 |
Change |
||||||||
$ |
% |
$ |
% |
$ |
% |
|||||
Assets |
||||||||||
CURRENT ASSETS |
||||||||||
Cash and cash |
113 |
0% |
6,932 |
11% |
6,819 |
6035% |
||||
Restricted cash in trusts |
1,430 |
3% |
1,118 |
2% |
(312) |
(22%) |
||||
Customers - net |
2,647 |
6% |
3,391 |
5% |
744 |
28% |
||||
Other receivables and recoverable taxes |
2,926 |
7% |
4,324 |
7% |
1,398 |
48% |
||||
Inventories |
1,042 |
2% |
1,552 |
2% |
510 |
49% |
||||
Prepaid expenses |
557 |
1% |
612 |
1% |
55 |
10% |
||||
Total current assets |
8,715 |
20% |
17,929 |
27% |
9,214 |
106% |
||||
NON-CURRENT ASSETS |
||||||||||
Property, plant and equipmente - Net |
29,433 |
67% |
41,928 |
64% |
12,495 |
42% |
||||
Rights-of-use assets -Net |
4,169 |
10% |
4,368 |
7% |
199 |
5% |
||||
Other non-current assets |
1,395 |
3% |
1,620 |
2% |
225 |
16% |
||||
Total non-current assets |
34,997 |
80% |
47,916 |
73% |
12,919 |
37% |
||||
Total assets |
43,712 |
100% |
65,845 |
100% |
22,133 |
51% |
||||
Liabilities and Stockholders' Equity |
||||||||||
SHORT-TERM LIABILITIES |
||||||||||
Short-term financial debt |
1,840 |
4% |
1,414 |
2% |
(426) |
(23%) |
||||
Trade payables |
9,877 |
23% |
7,575 |
12% |
(2,302) |
(23%) |
||||
Other payables and taxes |
1,998 |
5% |
3,046 |
5% |
1,048 |
52% |
||||
Derivative financial instruments |
7 |
0% |
- |
0% |
(7) |
n.m. |
||||
Lease liabilities |
1,627 |
4% |
1,481 |
2% |
(146) |
(9%) |
||||
Total short-term liabilities |
15,349 |
35% |
13,516 |
21% |
(1,833) |
(12%) |
||||
LONG-TERM LIABILITIES |
||||||||||
Long-term financial debt |
17,692 |
40% |
39,257 |
60% |
21,565 |
122% |
||||
Trade payables |
28 |
0% |
4 |
0% |
(24) |
(86%) |
||||
Other long-term payables |
151 |
0% |
81 |
0% |
(70) |
(46%) |
||||
Lease liabilities |
2,753 |
6% |
3,257 |
5% |
504 |
18% |
||||
Total long-term liabilities |
20,624 |
47% |
42,599 |
65% |
21,975 |
107% |
||||
Total liabilities |
35,973 |
82% |
56,115 |
85% |
20,142 |
56% |
||||
STOCKHOLDERS' EQUITY |
7,739 |
18% |
9,730 |
15% |
1,991 |
26% |
||||
Total stockholders' equity and liabilities |
43,712 |
100% |
65,845 |
100% |
22,133 |
51% |
||||
TOTAL PLAY TELECOMUNICACIONES, S.A. DE C.V. AND SUBSIDIARIES |
|||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||
(Millions of Mexican pesos) |
|||||
Years ended |
|||||
September 30, |
|||||
2020 |
2021 |
||||
Operating activities: |
|||||
(Loss) income before income tax provision |
(946) |
(471) |
|||
Items not requiring the use of resources: |
|||||
Depreciation and amortization |
4,620 |
6,395 |
|||
Employee benefits |
14 |
362 |
|||
Items related to investing or financing activities: |
|||||
Accrued interest income |
(31) |
(32) |
|||
Accrued interest expense and other financial transactions |
903 |
2,075 |
|||
Valuation of financial derivative instruments |
9 |
(406) |
|||
4,569 |
7,923 |
||||
Resources (used in) generated by operating activities: |
|||||
Customers and unearned revenue |
(491) |
(1,015) |
|||
Other receivables |
5 |
(23) |
|||
Related parties, net |
230 |
(88) |
|||
Taxes to be recovered |
(858) |
(638) |
|||
Inventories |
218 |
70 |
|||
Advance payments |
(414) |
(204) |
|||
Trade payables |
5,126 |
(680) |
|||
Other payables |
268 |
879 |
|||
Cash flows generated by operating activities |
8,653 |
6,224 |
|||
Investing activities: |
|||||
Acquisition of property, plant and equipment |
(9,667) |
(12,094) |
|||
Other assets |
(9) |
(112) |
|||
Collected interest |
31 |
32 |
|||
Cash flows (used in) investing activities |
(9,645) |
(12,174) |
|||
Financing activities: |
|||||
Loans received |
4,411 |
14,478 |
|||
Leasing cash flows |
(1,684) |
(1,232) |
|||
Interest payment |
(1,557) |
(2,214) |
|||
Restricted Cash in Trusts |
(483) |
153 |
|||
Reverse factoring |
191 |
(90) |
|||
Net cash flows generated by financing activities |
878 |
11,095 |
|||
Increase in cash and cash equivalents |
(114) |
5,145 |
|||
Cash and cash equivalents at the beginning of the year |
227 |
1,787 |
|||
Cash and cash equivalents at the end of the year |
113 |
6,932 |
|||
SOURCE Total Play Telecomunicaciones, S.A. de C.V.
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