MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V.

Transcription

1 MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. We have undertaken varius initiatives t strengthen the financial psitin f the Cmpany in rder t cntinue fcusing n the executin f ur grwth strategy 1

2 MAXCOM REPORTS RESULTS FOR THE THIRD QUARTER OF 2015 Mexic City, Octber 22, Maxcm Telecmunicacines, S.A.B. de C.V. (OTCQX: MXMTY, BMV: MAXCOM CPO) ( Maxcm r the Cmpany ), an integrated telecmmunicatins cmpany in Mexic, annunced tday its unaudited financial and perating results fr the third quarter ended n September 30, NOTE: The mnetary amunts in this reprt have been presented in accrdance with Internatinal Financial Reprting Standards (IFRS). Unless therwise specified, the amunts are expressed in millins f current Mexican Pess. Business Management: Operative Highlights Ttal Revenue Generating Units r RGUs, decreased 6% t reach 589,285 in 3Q15 cmpared t the same perid f last year. The Cmpany registered negative RGU net cnnectins f 39,260 during the perid. Ttal cmpany custmer base decreased by 14% t reach 221,684 custmers. When cmpared t the same perid f last year, vice RGUs decreased 3% reaching 337,511. Vice RGUs include residential vice, cmmercial vice, public telephne lines and whlesale lines. Data residential RGUs decreased 1% t reach 164,756 cmpared t 167,195 in 3Q14. The number f cin-perated public telephnes ttaled 25,271, presenting a decrease f 25% in cmparisn t thse perating in 3Q14. Ttal mbile RGUs reached 25,033 units which is 41% less than the number registered in 3Q14. Pay TV RGUs reached 58,823 which represents a decrease f 16% with respect t the figure recrded in 3Q14. The RGUs per residential custmer rate increased t 2.0, frm 1.9 reprted in 3Q14. The RGUs per cmmercial custmer rate went frm 35.3 in 3Q14 t 44.6 at the end f 3Q15. 3Q15 Cncept 3Q14 219,166 Residential Custmers 253, ,467 Vice 199, ,355 Data 165,596 19,132 Mbile 29,318 58,695 TV 69, ,139 Residential RGUs 487, ,557 Vice 208, ,756 Data 167,195 25,003 Mbile 42,489 58,823 TV 69, RGU per Residential Custmer 1.9 2,518 Cmmercial Custmers 2,787 2,218 Vice 2,484 1,236 Data 1,318 8 Mbile Other ,293 Cmmercial RGUs 98, ,101 Vice 95,342 2,898 Data 2, Mbile Other RGU per Cmmercial Custmer ,271 Public Telephny RGUs 33,841 20,582 Whlesale RGUs 8, ,285 Ttal RGUs 628, ,511 Vice RGUs (lines in service) 346, ,684 Ttal Number f Custmers 256,691 RGUs 3Q15 RGUs 3Q14 Residential 74% Residential 78% Whlesale 3% Public Telephny 4% Cmmercial 19% Whlesale 1% Public Telephny 5% Cmmercial 16% 2

3 Business Management: Revenues and Expenses Revenues Reprted revenues fr the third quarter f 2015 amunted t Ps.578 millin, a decrease f 18% cmpared t the same quarter f last year. The largest impact n revenues cmes frm the Whlesale business. Additinally, the revenues reflect the pace f divestiture in the public telephny segment. Whlesale 39% Other Revenue 1% WEIGHT (%) 3Q15 Residential 33% 3Q15 3Q14 D% Residential Ps. 188 Ps. 223 (16%) Cmmercial (16%) Public Telephny (53%) Whlesale (18%) Other Revenues % Ttal Ps. 578 Ps. 707 (18%) Public Telephny 3% Cmmercial 24% Q15 3Q14 Residential Cmmercial Public Telephny Whlesale Ttal Maxcm revenues fr the nine mnths ended n September 30 reached Ps.1,803 millin, which represents a decrease f 11% with respect t revenues f Ps.2,030 millin recrded in the same perid f M15 Weight % 9M14 Weight % D% Residential Ps % Ps % (13%) Cmmercial % % (17%) Public Telephny 55 3% 97 5% (43%) Whlesale % % (2%) Other Revenues 13 1% 12 1% 8% Ttal Ps. 1, % Ps. 2, % (11%) Residential This segment represented 33% f ttal revenues during 3Q15, a higher participatin than the 32% btained during 3Q14. Cmpared t 3Q14, revenues in this business unit had a decrease f 16% r Ps.35 millin. Fr the nine mnths ended n September 30, 2015, revenues fr the residential business ttaled Ps.585 millin, a decrease f 13% in cmparisn with the Ps.670 millin registered in the same perid f The average revenue per unit ( ARPU ) fr the residential business was Ps.144 in 3Q15, 6% lwer than the ARPU f Ps.153 registered in 3Q14. Cmpared t 2Q15 this indicatr remains stable. The rate f RGUs per residential custmer during this quarter was 2.0, higher than the 1.9 reprted in 3Q , , Cmmercial Revenues f the cmmercial segment represented 24% f ttal revenues during 3Q15, cmpared t 23% recrded in 3Q14. Revenues reached Ps.138 millin, a decrease f 16% in cmparisn with Ps.164 millin registered during 3Q , , ,000 90, Fr the nine mnths ended n September 30, 2015, revenues fr the cmmercial business were Ps.424 millin, representing a decrease f 17% in cmparisn with the Ps.509 millin registered in the same perid f Q14 2Q15 3Q15 Average Residential RGUs (units) Average Cmmercial RGUs (units) Residential ARPU Cmmercial ARPU - 3

4 Cmmercial business ARPU during 3Q15 was Ps.423, belw the Ps.577 recrded in 3Q14. The rate f RGUs per cmmercial custmer increased 26% t 44.6 RGUs per custmer when cmpared t 35.3 RGUs reprted in 3Q14. 33,841 RGUs Public Telephny (Units) 26,685 25,271 Public Telephny Public telephny incme represented 3% f ttal revenues in 3Q15. Revenues reached Ps.15 millin, a decrease f 53% (Ps.17 millin) in cmparisn t Ps.32 millin btained in the same perid f The decrease in revenues is attributed t a smaller number f telephne bths in peratin, resulting frm ur strategy t divest this business unit. 3Q14 2Q15 3Q15 Fr the first nine mnths f 2015, the revenues frm public telephny were Ps.55 millin, lwer than the Ps.97 millin reprted in the first nine mnths f 2014, this represents a decrease f 43%. Whlesale In 3Q15, whlesale revenues decreased 18% (Ps.52 millin) t Ps.233 millin, cmpared t Ps.285 millin registered during the same perid in the previus year. The reductin in this business unit was due t the lwer traffic carried thrugh ur netwrk and t lwer rates. During the first nine mnths f 2015, the whlesale business unit reprted revenues f Ps.726 millin, a decrease f 2% in cmparisn with Ps.742 millin recgnized in the same perid f the previus year. Other Revenues Other revenues had a marginal cntributin and reached Ps.4 millin, an increase f Ps.1 millin cmpared t the figure reprted in 3Q14. Other revenues reached Ps.13 millin during the first nine mnths f 2015, slightly higher than the Ps.12 millin recrded in the same perid f Netwrk Operatin Cst Netwrk peratin csts in 3Q15 decreased 16% r Ps.59 millin t reach Ps.314 millin in cmparisn t Ps.374 millin in 3Q14. This is mainly attributed t the reductin f 18% (Ps.58 millin) in intercnnectin csts due t lwer internatinal traffic terminatin csts related t the whlesale business. Fr the 9-mnth perid ended n September 30, 2015, the ttal netwrk peratin csts amunted t Ps.962 millin, this represents a 10% decrease cmpared t the Ps.1,071 millin reprted in the same perid f The reductin was attributable mainly t the benefits in intercnnectin csts. SG&A SG&A expenses were Ps.179 millin in 3Q15 a 1% decrease in cmparisn t the Ps.181 millin reprted in the same perid f In the first nine mnths f 2015 the expenses amunted t Ps.567 millin, an increase f 8% in cmparisn with Ps.525 millin recrded in the same perid f last year. This grwth is mainly explained by the increase f payrll expenses as a result f the strengthening f the management team during EBITDA EDITDA fr 3Q15 was Ps.85 millin, Ps.69 millin belw the Ps.153 millin registered in the same perid last year. EBITDA margin was 15% during the perid, lwer than the 22% registered in 3Q14. Fr the nine mnths ended September 30, 2015, EBITDA amunted t Ps.274 millin, a 37% decrease in cmparisn t the Ps.435 millin recrded in the same perid f EBITDA margin fr the first nine mnths f 2015 was 15%, lwer than the 21% f the same perid f

5 Other (Incme) Expense During 3Q15 the Cmpany recrded a net expense f Ps.70 millin, an increase f Ps.48 millin cmpared t the same perid f This increase is attributable mainly t the Ps.45 millin nn-recurring charge resulting frm the restructuring prcess implemented in September. Operating Incme (Lss) The Cmpany registered an perating lss fr 3Q15 f Ps.73 millin cmpared t an perating incme f Ps.42 millin recrded in the same perid f Fr the nine mnths ended September 30, 2015 the cmpany reprted an perating lss f Ps.136 millin versus an perating incme f Ps.111 millin reprted in the same perid f the previus year. Cmprehensive Financial Result During the third quarter f 2015, Maxcm repurchased a ttal f USD$14.7 millin f Step-Up Senir Ntes due in June f 2020, at an average price f USD$61.41 per each USD$ principal amunt. As a result f this peratin, the ttal financial debt wed by the Cmpany decreased frm USD$153.1 millin t USD$138.4 millin and a prfit f apprximately Ps.33 millin was generated. During 3Q15, the Cmpany registered a net financing cst f Ps.184 millin, an increase f Ps.86 millin cmpared t the Ps.99 millin registered in the same perid f This is explained mainly by the Ps.146 millin increase in the exchange rate lss which was partially ffset by the valuatin effects. 3Q15 3Q14 DPs. D% Interest Expense (10) (22%) Interest (Incme) (2) (3) 1 48% Valuatin Effects Net (44) 7 (51) (715%) Exchange Rate (Gain) Lss Net % Ttal % Fr the nine mnths ended September 30, 2015, the net financing cst reached Ps.353 millin, abve the Ps.212 millin recrded in the same perid f 2014, explained mainly by the exchange rate lss reprted in the perid which was partially ffset by the valuatin effects. Taxes At the end f 3Q15 the Cmpany did nt recrd taxes. Net Incme (Lss) During 3Q15 the Cmpany psted a net lss f Ps.257 millin cmpared t the net lss f Ps.56 millin reprted in the same perid f Fr the nine mnths ended n September 30, 2015, the Cmpany registered an accumulated net lss f Ps.489 millin in cmparisn t the net lss f Ps.101 millin recrded in the same perid f

6 Liquidity and Capital Resurces Millins f Pess Third Quarter Third Quarter f 2015 f 2014 Operating Activities (8) 36 CAPEX (227) (200) Financing Activities (139) 1 Increase (Decrease) in Cash and Financial Instruments (374) (163) Cash and Financial Instruments at Beginning f Perid 875 1,795 Cash and Financial Instruments at End f Perid 502 1,632 Millins f Pess Nine Mnths Ended Nine Mnths Ended September 30, 2015 September 30, 2014 Operating Activities (269) 126 CAPEX (566) (425) Financing Activities (107) (22) Increase (Decrease) in Cash and Financial Instruments (941) (322) Cash and Financial Instruments at Beginning f Perid 1,443 1,954 Cash and Financial Instruments at End f Perid 502 1,632 Capital Expenditures Capital Expenditures during the perid ttaled Ps.227 millin, an increase f Ps.27 millin cmpared t the amunt invested in 3Q14. Capital Expenditures were primarily used t increase and imprve the capacity ur fiber ptics transprt netwrk and Internet infrastructure, as well as t renew ur peratin systems. Fr the nine mnths ended September 30, 2015 capital expenditures reached Ps.566 millin, 33% abve the Ps.425 millin recrded in the same perid f Indebtedness At September 30, 2015 the Cmpany reprted a level f indebtedness f Ps.2,404 millin. The Cmpany s leverage rati measured as Debt t EBITDA was 5.73 times and the Net Debt t EBITDA rati was 4.53 times (last twelve mnths EBITDA is used in this calculatins). Cmparative leverage ratis: 3Q15 2Q15 3Q14 Net Debt/LTM EBITDA Relevant Events In September f 2015 the Cmpany launched a restructuring prcess in rder t have a mre cmpetitive crprate structure, fcused n strengthening its psitin as a niche participant. This prcess will generate annual savings f apprximately Ps.100 millin in payrll expenses that will start t be reflected as f Octber As has already been mentined, during 3T15 Maxcm purchased USD$14.7 millin principal amunt f Step-Up Senir Ntes due in June, Thrughut 2015 the Cmpany has purchased and cancelled a ttal principal amunt f USD$37.3 millin f Step-Up Senir Ntes using cash fr USD$25.9 millin, which represents an incme frm debt reductin f USD$11.4 millin. Regarding cash flw fr debt service, the Cmpany will have ttal savings f USD$13.9 millin cnsidering the cupns frm June 2015 t the Step-Up Senir Ntes maturity date. On Octber 14, 2015 Maxcm entered int a five-year term lan agreement with Bancmext ttaling up t Ps.150 millin. The net prceeds frm the lan will be used t finance investment prjects. 6

7 Abut MAXCOM MAXCOM Telecmunicacines, S.A.B. de C.V., headquartered in Mexic City, Mexic, is a facilities-based telecmmunicatins prvider using a smart-build apprach t deliver last-mile cnnectivity t micr, small and medium-sized businesses and residential custmers in the Mexican territry. MAXCOM launched its cmmercial peratins in May 1999 and is currently ffering lcal, lng distance, data transmissin, value-added, pay TV and IPbased services n a full basis in greater metrplitan Mexic City, Puebla, Querétar, San Luis Ptsí, Tehuacán and Tluca, and n a selected basis in several cities in Mexic. The infrmatin cntained in this press release is the exclusive respnsibility f Maxcm Telecmunicacines, S.A.B. de C.V. and has nt been reviewed by the Mexican Natinal Banking and Securities Cmmissin (CNBV) r any ther authrity. The securities described in this press release are registered befre the Natinal Registry f Securities (Registr Nacinal de Valres) held by the CNBV, shall it be the case, this des nt imply any certificatin as t the investment quality f the securities r f Maxcm s r the CPO trust slvency. The trading f these securities by an investr will be made under such investr s wn respnsibility. Fr mre infrmatin cntact: Sfía Carstens Méxic, D.F., Méxic (52 55) sfia.carstens@maxcm.cm This dcument may include frward-lking statements that invlve risks and uncertainties. Such frward-lking statements are subject t risks, uncertainties and ther factrs which culd cause real results, perfrmance r achievements t be materially different frm any future results, perfrmance r achievements expressed r implied by such frward-lking statements. Wrds such as estimate, prject, plan, believe, expect, anticipate, intend, and similar expressins may identify such frward-lking statements. Maxcm cautins readers that any frward-lking statement in this press release r made by the Cmpany s management invlves risks and uncertainties that may change based n varius imprtant factrs nt under Maxcm s cntrl. These frward-lking statements represent Maxcm s judgment as f the date f this press release. Maxcm disclaims any intent r bligatin t update these frward-lking statements. Unless therwise specified, all references t USD$ are t United States dllars and references t Ps. are t Mexican pess. Amunts presented in this annual reprt may nt add up r may be slightly incnsistent due t runding. ### 7

8 MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IFRS) Thusands f Mexican Pess (''Ps.'') As f September 30, As f September 30, vs 3Q Var $ Var % ASSETS: CURRENT ASSETS: Cash and financial instruments Ps. 501,831 Ps. 1,632,033 Ps. (1,130,202) (69%) 501,831 1,632,033 (1,130,202) (69%) Accunts receivable: Custmers, net f allwance 444, ,710 (159,147) (26%) Recverable value added tax 266, , ,705 73% Other sundry debtrs 71,987 47,801 24,186 51% 782, ,103 (22,256) (3%) Inventry 39,769 26,796 12,973 48% Prepaid expenses 14,817 13, % Ttal current assets 1,339,264 2,477,849 (1,138,585) (46%) Frequency rights, net - 4,603 (4,603) (100%) Telephne netwrk systems and equipment, net 3,647,650 2,985, ,875 22% Intangible assets, net 204, ,714 90,082 79% Lng-term restricted cash N/A Financial instruments 7,903-7,903 N/A Depsits in guarantee 9,109 8, % Deferred taxes 9,057 8, % Other assets 2,151 2, Ttal assets Ps. 5,220,219 Ps. 5,602,598 Ps. (382,379) (7%) LIABILITIES CURRENT LIABILITIES: Interest payable 40,784 43,080 (2,296) (5%) Accunts payable and accrued expenses 447, , ,654 47% Custmer depsits 2,518 2, % Derivative financial instruments - 1,994 (1,994) (100%) Other taxes payable 37,365 30,225 7,140 24% Ttal current liabilities 527, , ,691 38% LONG-TERM LIABILITIES: Step-up senir ntes 2,129,363 2,013, ,084 6% Deferred revenues 77,505 35,696 41, % Labr liabilities 6,127 5, % Other lng-term liabilities 24,064 58,174 (34,110) (59%) Lng-Term Liabilities 2,237,059 2,112, ,480 6% Ttal liabilities Ps. 2,764,892 Ps. 2,493,721 Ps. 271,171 11% SHAREHOLDERS' EQUITY Capital stck 7,082,904 7,082, Additinal paid-in capital 41,113 40,033 1,080 3% Accumulated lsses (4,218,326) (3,913,067) (305,259) (8%) Net prfit (lss) fr the perid (489,263) (100,993) (388,270) (384%) Other cmprehensive incme 38,899-38,899 N/A Ttal sharehlders' equity Ps. 2,455,327 Ps. 3,108,877 Ps. (653,550) (21%) Ttal liabitilies and sharehlders' equity Ps. 5,220,219 Ps. 5,602,598 Ps. (382,379) (7%) 8

9 MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (IFRS) Thusands f Mexican Pess (''Ps.'') 3 mnth ended September 30, vs 3M mnths ended September 30, vs 9M % 2014 % $ var % var 2015 % 2014 % $ var % var TOTAL REVENUES Ps. 578, % Ps. 707, % Ps. (128,762) (18%) Ps. 1,802, % Ps. 2,030, % Ps. (227,403) (11%) Netwrk perating services 272,533 47% 330,373 47% (57,840) (18%) 833,100 46% 948,151 47% (115,051) (12%) Technical expenses 41,533 7% 42,568 6% (1,035) (2%) 127,376 7% 120,685 6% 6,691 6% Installatin expenses 431 0% 667 0% (236) (35%) 1,579 0% 1,687 0% (108) (6%) Netwrk peratin cst 314,497 54% 373,608 53% (59,111) (16%) 962,055 53% 1,070,523 53% (108,468) (10%) GROSS PROFIT 263,976 46% 333,627 47% (69,651) (21%) 840,903 47% 959,838 47% (118,935) (12%) Selling, general and administrative expenses 179,368 31% 180,508 26% (1,140) (1%) 566,732 31% 525,236 26% 41,496 8% EBITDA 84,608 15% 153,119 22% (68,511) (45%) 274,171 15% 434,602 21% (160,431) (37%) Depreciatin and amrtizatin 87,633 88,714 (1,081) (1%) 294, ,682 22,096 8% Other (Incme) Expense 69,627 22,043 47, % 115,675 51,043 64, % Operating incme (lss) (72,652) 42,362 (115,014) (272%) (136,282) 110,877 (247,159) (223%) Cmprehensive (incme) cst f financing: Interest expense 34,730 44,767 (10,037) (22%) 111, ,367 (1,314) (1%) Interest (incme) lss, net (1,630) (3,110) 1,480 48% (7,342) (21,093) 13,751 65% Valuatin effects, net (44,276) 7,197 (51,473) (715%) (48,187) 57,506 (105,693) (184%) Exchange (incme) lss, net 195,532 49, , % 297,457 63, , % 184,356 98,573 85,783 87% 352, , ,111 67% INCOME (LOSS) BEFORE TAXES (257,008) (56,211) (200,797) (357%) (489,263) (100,993) (388,270) (384%) Taxes: Incme tax Defered Incme Tax Ttal tax NET INCOME (LOSS) Ps. (257,008) Ps. (56,211) Ps. (200,797) (357%) Ps. (489,263) Ps. (100,993) Ps. (388,270) (384%) Other cmprehensive result (4,487) - (4,487) N/A 3,169-3,169 N/A COMPREHENSIVE NET INCOME (LOSS) Ps. (261,495) Ps. (56,211) Ps. (205,284) (365%) Ps. (486,094) Ps. (100,993) Ps. (385,101) (381%) Weighted average basic shares 3,138,092 2,421,869 3,138,092 2,421,869 Weighted average fully diluted 3,138,092 2,421,869 3,138,092 2,421,869 Earnings per share basic (0.08) (0.02) (0.16) (0.04) Earnings per share diluted (0.08) (0.02) (0.16) (0.04) 9

10 MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (IFRS) Thusands f Mexican Pess (''Ps.'') Additinal Other Ttal Capital paid-in Accumulated cmprehensive sharehlders' stck capital lsses incme equity Balances as f December 31, 2013 Ps. 7,028,634 Ps. 40,033 Ps. (3,913,067) Ps. - Ps. 3,155,600 Reclassificatin f additinal paid-in capital 54, ,270 Stck ptin plan Cmprehensive net lss - - (100,993) - (100,993) Balances as f September 30, 2014 Ps. 7,082,904 Ps. 40,033 Ps. (4,014,060) Ps. - Ps. 3,108,877 Additinal Other Ttal Capital paid-in Accumulated cmprehensive sharehlders' stck capital lsses incme equity Balances as f December 31, 2014 Ps. 7,082,904 Ps. 41,113 Ps. (4,218,326) Ps. 35,730 Ps. 2,941,421 Increase in capital stck Stck ptin plan Cmprehensive net lss - - (489,263) 3,169 (486,094) Balances as f September 30, 2015 Ps. 7,082,904 Ps. 41,113 Ps. (4,707,589) Ps. 38,899 Ps. 2,455,327 10

11 MAXCOM TELECOMUNICACIONES, S.A.B. DE C.V. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW (IFRS) Thusands f Mexican Pess (''Ps.'') 3 mnths ended September 30, vs mnths ended September 30, vs $ var % var $ var % var Operating Activities: Incme (lss) befre taxes Ps. (257,008) Ps. (56,211) Ps. (200,797) (357%) Ps. (489,263) Ps. (100,993) Ps. (388,270) (384%) Items nt requiring the use f cash 296, ,620 67,756 30% 462, ,050 (86,287) (16%) Subttal 39, ,409 (133,041) (77%) (26,500) 448,057 (474,557) (106%) Cash flw frm: Accunts receivable 17,112 (16,323) 33, % 56,104 (42,081) 98, % Inventry (3,352) 2,215 (5,567) (251%) (5,105) (10,099) 4,994 49% Accunts payable (8,988) (66,691) 57,703 87% (152,985) (66,497) (86,488) (130%) Other assets and liabilities (52,340) (55,415) 3,075 6% (140,715) (203,741) 63,026 31% Subttal (47,568) (136,214) 88,646 65% (242,701) (322,418) 79,717 25% Net cash flw frm perating activities (8,200) 36,195 (44,395) (123%) (269,201) 125,639 (394,840) (314%) Investing Activities: Telephne netwrk systems and equipment, net (226,692) (200,393) (26,299) (13%) (565,584) (425,439) (140,145) (33%) Net cash flw used in investing activities (226,692) (200,393) (26,299) (13%) (565,584) (425,439) (140,145) (33%) Financing Activities: Senir ntes (52,681) - (52,681) N/A (85,182) - (85,182) N/A Vendr financing (4,602) - (4,602) - 45,893 (8,348) 54, % Capital stck - 1,003 (1,003) 100% - 54,270 (54,270) 100% Other financing activities (81,429) - (81,429) N/A (67,218) (67,781) 563 1% Net cash flw frm financing activities (138,712) 1,003 (139,715) (13,930%) (106,507) (21,859) (84,648) (387%) Increase (decrease) in cash and financial instruments (373,604) (163,195) (210,409) (129%) (941,292) (321,659) (619,633) (193%) Cash and financial instruments at beginning f perid 875,435 1,795,228 (919,793) (51%) 1,443,123 1,953,692 (510,569) (26%) Cash and financial instruments at end f perid Ps. 501,831 Ps. 1,632,033 Ps. (1,130,202) (69%) Ps. 501,831 Ps. 1,632,033 Ps. (1,130,202) (69%) 11