2020 Annual Report
2020 ANNUAL REPORT
CONSOLIDATED FINANCIAL STATEMENTS
MEGACABLE.
2020
Current
2020
2019
2019
Noncurrent Current Noncurrent
retirement, death or declaration of total or permanent disability dates. The retirement date will be the first day of the month
immediately after the day they turn 65. The defined contribution must be a minimum equivalent to 1% of the salary established
to this end. The company will match employee contributions. Employees may apply for early retirement (60 years), or continue
working after they turn 65, as long as these exceptions are authorized by the Pension Plan Committee.
(17) Lease assets (right-of-use) and lease liabilities-
The Group has entered into various operating lease agreements for buildings in which it operates some of offices, customer
service centers (CSC) and warehouses. The terms stipulated in these contracts fluctuate mainly between one and 10 years
and most contain automatic renewal options. The minimum amounts to be paid are adjusted primarily according to the CPI
and all are in pesos. The Group is subject to sublease agreement restrictions in certain cases.
The Company leases minimum IT equipment under one- to three-year contracts. These leases are short-term and/or low-
value item leases. The Group has decided not to recognize the right-of-use assets and liabilities for these leases.
Information on leases for which the Company is a lessee is presented below.
Right-of-use assets
Right-of-use assets related to leased properties that do not meet the definition of investment property are comprised of the
following:
Short-term and long-term lease liabilities are as follows:
Individual leasing contract in pesos of Network and technical equipment
for signal distribution signed with BBVA Bancomer, S.A. Multiple Banking
Institution, on November 27, 2020, for $581,743, expiring on November
1, 2021, payable as of January 1, 2021 through 11 monthly installments,
accruing monthly interest at a fixed rate of 6.50%. (1)
Individual leasing contract in pesos of Network and technical equipment
for signal distribution signed with BBVA Bancomer, S.A. Multiple Banking
Institution, on November 27, 2020, for $423,769, expiring on December
1, 2021, payable as of January 1, 2021 through 12 monthly installments,
accruing monthly interest at a fixed rate of 6.50%. (1)
Total leases with related parties
Total office, warehouse, and CIS leases
Total lease liabilities
Less leases with related parties (2) (note 25)
$ 674,822
491,572
Network and
technical signal
Total lease liabilities per the statement of financial position
Building (offices,
distribution
warehouses and
equipment, net
CSC)
Total
1)
Balance at January 1, 2020
Additions
$
1,337,512
1,048,360
Annual depreciation
(134,532)
Balance at December 31, 2020
$
2,251,340
378,146
83,781
(139,146)
322,781
1,715,658
1,132,141
(273,678)
2,574,121
100,149
729,085 275,534 735,400
124,836 231,510 132,652 266,963
1,391,379 960,595 408,186 1,002,363
100,149 729,085 275,534 735,400
$1,291,230
231,510 132,652 266,963
On November 27, 2020, Telefonía por Cable, S.A. de C.V., as well as Megacable Holdings, S.A.B. de C.V. and Mega
Cable, S.A. de C.V., as joint obligors, signed two financial leasing contracts in pesos with BBVA Bancomer, S.A. for
$ 581,743 and $ 423,769, said contracts expire on November 1, 2021 and December 1, 2021, respectively, the total
minimum payments will be less than a year.
As for the contracts indicated in the previous paragraph, the Group determined an effective interest rate in 2020 of 6.50%
since they started to be paid as of January 1, 2021 in 11 and 12 monthly installments, respectively. Also, the fair value for the
contracts is $1,166,394 and they are within level 2 in the fair value hierarchies.
On March 17, 2020, Telefonía por Cable, S.A. de C.V., as well as Megacable Holdings, S.A.B. de C.V. and Mega Cable, S.A. de
C.V., as joint obligors, signed a financial lease contract in pesos with BBVA Bancomer, S.A. for $1,300,000, payable as of May
1, 2020 through 8 monthly installments and accrued monthly interest at a fixed rate of 7.52%, which expired and was settled
on December 1, 2020.
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