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America Movil's CEO Discusses Q2 2011 Results - Earnings Call Transcript

Various operations particularly in South America posted better EBITDA margin than the prior year. 20% year-on-year and contributed 14% increase in net profit. Earnings per share were up 16% competitive terms and 34% per ADR. Our net debt rose 217 billion pesos in June from 207 in December to help fund 37 billion pesos in capital outlays and dividends. Capital expenditures made up 41 billion pesos of that amount, and share buyback nearly 30 billion pesos with 2 billion pesos going to the acquisition of minority interest in Net Serviços and Telint International. Net debt stood at 0.87 times, our EBITDA below 12 months.

So with this summary, Michel I would like to turn the floor back to you.

Michel Morin

Great, thanks Carlos. Nateda, can you please give the instructions for Q&A.

Question-and-Answer Session


(Operator Instructions)

Michel Morin

Now, while we pull for questions, Carlos if I can jump in and ask the first question. Regarding the termination rates in Mexico, the new rates went into effect on May 17. So I just want to confirm perhaps the state, the obvious but the impact on results that we saw this quarter was really only impacting in the second half of the quarter. So if we were to look at ARPU trends on a sequential basis, is it fair to say that we should anticipate a similar impact in the third quarter when the rates will be at the lower level for the entire quarter?

Carlos José García Moreno Elizondo

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