2020 Annual Report
2020 ANNUAL REPORT
CONSOLIDATED FINANCIAL STATEMENTS
MEGACABLE.
(1) The joint venture presented below has a share capital consisting solely of ordinary shares, which the Group directly
owns. Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C. V. (GTAC) obtained a 20-year lease (through a
bidding process) for a pair of fiber optic wires maintained by the Federal Electricity Commission and a concession to
operate a public telecommunications network in Mexico. The concession will expire in 2030.
Nature of joint venture investment as at December 31, 2020 and 2019.
As at December 31, 2020 and 2019, the Group recorded the losses of the joint venture until its investment was valued at
zero. The unrecognized losses from its participation in GTAC amounted to $45,233 and $64,310, as at December 31, 2020
and 2019, respectively; and the unrecognized accumulated losses amount to $250,621 and $295,855 as at December 31,
2020 and 2019, respectively.
The Group has the following subsidiaries in which it participates with 51% and they are included in the consolidation (all
are variable capital companies) as at December 31, 2020 and 2019.
Entity Name
Place of Business
Interest %
Nature of the
Relationship
Measurement
method
Grupo de Telecomunicaciones de
Alta Capacidad, S.A.P.I. de C.V.
Mexico City
33.33
Trunk capacity
supplier
Equity method
Summarized Statement of Financial Position:
Current
Cash and cash equivalents
Other current assets
Total current assets
Other current liabilities (including accounts payable)
Total current liabilities
Long-term
Assets
$
Portion of
ordinary
shares held
by non-
controlling
interest
Portion of
preferred
shares held by
the Group (%)
Grupo de Telecomunicaciones de Alta
Capacidad, S.A.P.I. de C.V.
Entity Name
Place of
Business
Nature of the
Business
Portion of
ordinary
shares held by
shareholders
(%)
Portion of
ordinary
shares held by
the Group (%)
2020
2019
Myc Red
Michoacán
Cable system
operator
51
51
49
68,614
33,375
Servicio y Equipo en
Telefonía Internet y
Televisión
Michoacán
320,586
554,305
Cable system
operator
51
51
49
Corporativo de
389,200
587,680
Comunicación y Redes
de GDL
Michoacán
Fixed asset
leasing
51
51
49
124,704
124,704
82,774
82,774
1,558,223
1,410,054
Other liabilities - Total long-term liabilities
2,574,583
2,802,525
Net liabilities
$
(751,864)
(887,565)
Summarized Statement of Comprehensive Income:
Income
Depreciation and amortization
Expenses
Finance income
Finance expenses
Total comprehensive income
330,065
(12,211)
(326,119)
358,631
(214,666)
(296,137)
86,462
(276,085)
310,355
(17,526)
es
$
135,700
(192,931)
All subsidiary companies are included in the consolidation. The portion of voting rights in subsidiary companies held
directly by the shareholder does not differ from the portion of ordinary shares held. Management considers that the
Group has control with 51% of the voting rights. The Group is the majority shareholder with 51% of shares, while the other
shareholders individually do not own more than 40% of the capital. There is no record of shareholders who form a group to
exercise their vote jointly. The total non-controlling interest in 2020 and 2019 was $170,890 and $162,384, respectively and
in stockholders' equity in 2020 and 2019 is $1,392,924 and $1,337,293, respectively. The summarized financial information
for each subsidiary that has non-controlling interests that are material to the Group is as follows.
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