2020 Annual Report
2020 ANNUAL REPORT
CONSOLIDATED FINANCIAL STATEMENTS
(25) Related parties-
a)
The main balances with related parties are as follows:
b)
The following transactions were completed over the course of the year:
MEGACABLE.
Entity
Type of relationship
Line item
2020
2019
Entity
Long-term accounts receivable:
Grupo de Telecomunicaciones de Alta
Capacidad, S.A.P.I. de C.V. (GTAC) (1)
Joint venture
Loan granted $
978,473
1,151,542
Type of relationship
Line item
2020
2019
Accounts payable:
Altán Redes, S. A. P. I. de C. V.
Grupo de Telecomunicaciones de Alta
Capacidad, S. A. P. I. de C. V. (GTAC)
Grupo de Telecomunicaciones de Alta
Capacidad, S. A. P. I. de C. V. (GTAC)
Grupo de Telecomunicaciones de Alta
Capacidad, S. A. P. I. de C. V. (GTAC)
Joint venture
Service revenues
$
370,870
273,038
Joint venture
Maintenance
109,044
100,317
Joint venture
Interest income
89,148
119,465
Joint venture
Interest expenses
59,134
59,469
Grupo de Telecomunicaciones de Alta
Capacidad, S.A.P.I. de C.V. (GTAC) (2)
Joint venture
Lease
Minus short-term accounts payable
Total long-term accounts payable
es
$
829,234
1,010,934
The goods are acquired from the joint venture under regular commercial terms and conditions.
Compensation of key personnel
(100,149)
(275,534)
729,085
735,400
Key personnel include directors and members of the Executive Committee. Compensation paid or payable to these executives
for their services is as follows:
(1)
The long-term account receivable as at December 31, 2020 and 2019 is originated by a current account loan granted
to its joint venture GTAC, for up to USD 20 million. The loan is due on December 31 2030 and accrues monthly
interest at the 28-day interbank rate plus two percentage points. The effective rate as at December 31, 2020 and 2019
was 6.72% and 10.34%, respectively. As at December 31, 2020 and 2019, the fair value of the account receivable is
$877,043 and $957,515, respectively, and is at level 2 of fair value.
The account payable for leases as at December 31, 2020 and 2019, corresponds to the contract entered into for the
provision of capacity for telecommunications services with GTAC executed on August 1, 2012. Said contract specifies
that the Group will make annual payments of $41,400 over the next 18 years, that will be increased annually through
the National Consumer Price Index (CPI). The contract also establishes that the payments corresponding to years
10 through 18 can be paid in advance. In addition, this account payable corresponds to the financial lease additions
acquired by a Group subsidiary, which is paid at 10 years, according to the present calculation value. See Note 17.
The implicit annual interest rate determined for the payments that the Group will make will be TIIE plus 1.22 percentage points
or 6%, whichever is less. In 2020 and 2019 the effective rate was 6.0%.
The fair value as at December 31, 2020 and 2019 of the account payable is $671,688, and $885,842, respectively. Said fair
value is based on discounted cash flows using the discount rate calculated by Management and are within level 2 in the fair
value hierarchies.
Short-term benefits
Termination benefits
d)
Loans to related parties
Total loans to related parties (1):
As at January 1
Loans granted in the year
Loan collections
Interest collected
Interest charged
$
2020
2020
73,094
25,867
98,961
2019
2019
67,488
5,017
72,505
1,151,542
100,359
1,086,983
204,442
(205,454)
(139,875)
(157,122)
(119,473)
89,148
119,465
As at December 31
$
978,473
1,151,542
1)
See subsection a).1) above.
74View entire presentation