6-K 1 v351023_6k.htm FORM 6-K

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16 OF THE

SECURITIES EXCHANGE ACT OF 1934

 

FOR THE MONTH OF JULY

 

COMMISSION FILE NUMBER: 001-33750

 

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

(Exact name of Registrant as specified in its Charter)

 

MAXCOM TELECOMMUNICATIONS, INC.

(Translation of Registrant’s name into English)

 

GUILLERMO GONZALEZ CAMARENA NO. 2000

COLONIA CENTRO DE CIUDAD DE SANTA FE

MEXICO, DF 01210

(Address of Registrant’s principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ¨ Form 40-F x

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):

Yes ¨ No x

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):

Yes ¨ No x

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also

thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

 

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):

 

 
 

 

Second Quarter 2013 Results
     

 

MAXCOM REPORTS RESULTS FOR THE SECOND QUARTER OF 2013

 

Mexico City, July 26, 2013. – Maxcom Telecomunicaciones, S.A.B. de C.V. (“Maxcom”, or “the Company”) (NYSE: MXT) (BMV: MAXCOM CPO), one of the leading integrated telecommunications companies in Mexico, today announced its unaudited financial and operating results for the quarter ended June 30, 2013.

 

NOTE: The monetary amounts in this report have been presented in accordance to International Financial Reporting Standards (IFRS). Figures are expressed in millions of current Mexican Pesos.

 

Results | Second Quarter 2013

 

Financial Summary:

 

   2Q13   2Q12   D%   6M13   6M12   D% 
Million Pesos                              
Revenues   636    517    23%   1,218    1,064    14%
EBITDA   187    170    10%   360    336    7%
EBITDA Margin   29%   33%        30%   32%     
                               
Net Income   (226)   (240)   (6)%   (175)   (163)   7%

 

Operating Highlights:

 

·Total company Revenue Generating Units or RGUs, increased 12% to 644,184 in 2Q13 compared to the same period last year. The Company recorded RGU net connections of 66,797 during the quarter.
·Total company customer base increased by 7% to reach 282,959 customers.
·When compared to the same period last year, voice RGUs have a slightly increase of 3% that reach 373,868. Voice RGUs include residential voice, commercial voice, public telephony lines and wholesale lines.
·Data residential RGUs increased by 22% to 141,950 in comparison to 115,992 in 2Q12.
·The number of coin operated public phones totaled 36,060 a decrease of 3% in comparison to those in 2Q12.
·The total mobile RGU base totaled 53,158 units which is 71% more than the number registered in 2Q12.
·Pay TV number of RGUs reached 72,017 which is 14% more than the number recorded in 2Q12.
·Residential RGU per customer, had a marginally increase at 1.8 compared with the same ratio of 2Q12.
·Commercial RGU per customer presented at the end of de 2Q12 was of 20.7 and increased to 24.9 in the 2Q13.

 

 

 

 

 

1
 

 

Second Quarter 2013 Results
     

 

Operating Results

 

   2Q13   2Q12   D% 
Residential Customers   279,900    261,984    7%
Voice   237,737    231,845    3%
Data   140,203    113,904    23%
Mobile   30,142    25,721    17%
TV   65,591    62,724    5%
                
Residential RGUs   514,230    448,704    15%
Voice   247,185    238,767    4%
Data   141,950    115,992    22%
Mobile   53,078    31,029    71%
TV   72,017    62,916    14%
RGU per Residential Customer   1.8    1.7    6%
                
Commercial Customers   3,059    3,368    (9)%
Voice   2,746    3,092    (11)%
Data   1,398    1,414    (1)%
Mobile   19    23    (17)%
Other   182    169    8%
                
Commercial RGUs   76,097    69,701    9%
Voice   72,826    66,567    9%
Data   2,919    2,749    6%
Mobile   80    116    (31)%
Other   272    269    1%
RGU per Commercial Customer   24.9    20.7    20%
                
Public Telephony RGUs   36,060    37,355    (3)%
                
Wholesale RGUs   17,797    21,627    (18)%
                
Total RGUs   644,184    577,387    12%
                
Voice RGUs (voice lines in service)   373,868    364,316    3%
Total Number of Customers   282,959    265,399    7%

 

 

Revenues

 

Maxcom total revenues for the second quarter of 2013 were Ps.636 million, an increase of 23% over revenues of Ps.517 million recorded in the second quarter of 2012. The following table is a breakdown of the sources of revenue for the Company.

2
 

 

Second Quarter 2013 Results
     

 

   2Q13   Weight %   2Q12   Weight %   D% 
Residential  Ps.250    39%  Ps.247    48%   1%
Commercial   164    26%   153    30%   7%
Public Telephony   39    6%   44    8%   (11)%
Wholesale   179    28%   69    13%   159%
Other Revenue   4    1%   4    1%   - 
Total  Ps.636    100%  Ps.517    100%   23%

 

 

Total revenues for the first six months ended June 30, 2013 were Ps.1,218 million, a increase of 14% over revenue of Ps.1,064 million recorded in the same period of last year. The following table is a breakdown of the sources of revenue for the Company:

 

   6M13   Weight %   6M12   Weight %   D% 
Residential  Ps.502    41%  Ps.485    46%   4%
Commercial   324    27%   307    29%   6%
Public Telephony   73    6%   93    9%   (22)%
Wholesale   311    26%   171    16%   82%
Other Revenue   8    1%   8    1%   - 
Total  Ps.1,218    100%  Ps.1,064    100%   14%

 

Residential

Residential revenues represented 39% of the total during 2Q13, compared with 48% in 2Q12. Revenues in the residential business segment reached Ps.250 million, representing 1% of increase (Ps.3 million) in comparison to Ps.247 million recorded in 2Q12.

 

The Ps.3 million increases in revenues was mainly the effect of:

 

1.Higher data consumption, for an amount equivalent at Ps.6 million.
2.Higher recurrent charges in paid television by approximately Ps.2 million.

 

In contrast with the mentioned increase, exist a lower usage of phone and mobile service by Ps.5 million.

 

For the six months ended June 30, 2013, revenues from the residential business totaled Ps.502 million, being this a increase of 4% in comparison to the Ps.485 million registered in the same period 2012.

 

ARPU (average revenue per unit) for the residential business for 3Q12 was Ps.158 which is 10% less than the Ps.176 recorded in 2Q12.

 

Residential RGU per customer stayed almost flat in 1.8 in 2Q13, with respect at the same quarter of 2012.

 

Commercial

Commercial revenues represented 26% of the total during 2Q13, compared to 30% registered in 2Q12. Revenues in the Commercial Business reached Ps.164 million, an increase of 7% in comparison to Ps.153 million recorded in 2Q12.

 

The 7% or Ps.11 million increase in revenues during 2Q13 is mainly explained by an increase of data charges (Ps.13 million) and offsetting with Ps.2 million less of voice service.

 

For the six months ended June 30, 2013, revenues from the commercial business totaled Ps.324 million, a 6% increase in comparison to the Ps.307 million registered in the same period 2012.

 

ARPU of the commercial business for 2Q13 reached Ps.753 which is less than the Ps.756 recorded in 2Q12, and it explains because the growth of RGUs not was proportional at the revenue, was slightly higher.

 

In addition, RGU per commercial increased 20% to reach 24.9 in 2Q13 compared to 20.7 in 2Q12.

 

Public Telephony

Public Telephony represented 6% of total revenue generated during 2Q13. Revenues in this business unit totaled Ps.39 million, a decrease of 11% when compared to Ps.44 million in 2Q12. The decrease in revenues is attributed to a reduction in network usage.

 

For the six months ended June 30, 2013, revenues from the public telephony business totaled Ps.73 million, a 22% decrease in comparison to the Ps.93 million registered in the same period 2012.

 

3
 

 

Second Quarter 2013 Results
     

 

Wholesale

In 2Q13, wholesale revenues increase 159% to reach Ps.179 million, in comparison to the Ps.69 million registered during the same period in the previous year. The growth in this unit was by the calling party pays (r247%) and long distance services (r175%).

 

For the six months ended June 30, 2013, revenues from the wholesale business totaled Ps.311 million, an 82% increase in comparison to the Ps.171 million registered in the same period 2012.

 

Other Revenue

Other revenues contributed marginally and reached Ps.4 million, the same Ps.4 million registered in 2Q12. For the six months ended June 30, 2013, other revenues totaled Ps.8 million, like the amount recorded in the same period of 2012.

 

Network Operation Cost

 

Network Operation Costs in 2Q13 increased by 52% or Ps.95 million to reach Ps.278 million in comparison to Ps.183 million in 2Q12. This increase was mainly due to a Ps.102 million or 72% increase in network operating services, partially offset by Ps.7million decrease in technical expenses.

 

The Ps.102 million increases in network operating services by the wholesale business that shows a growth of cost in LD “Long Distance” interconnection and “calling party pays”.

 

For the six months ended June 30, 2013 network operation costs totaled Ps.513 million, a 33% increase when compared to the Ps.384 million registered in the same period of last year.

 

SG&A

 

SG&A expenses were Ps.170 million in 2Q13, 4% or Ps.6 million over the Ps.164 million reported in the same period of 2012. The Ps.6 million increases were mainly driven by incentives to the sale force and additional expenses for changes in the staff (Ps.3 million). In addition, some expenses that is related with the operation and producing an increase of Ps.3 million.

 

For the six months ended June 30, 2013 SG&A expenses totaled Ps.345 million, same number that was reported in the same period last year.

 

EBITDA and Adjusted EBITDA

 

EBITDA for 2Q13 was Ps.187 million, above the Ps.170 million registered in the same period of last year. EBITDA Margin was 29% during the period, slightly under of the 33% of last year. For the six months ended June 30, 2013, EBITDA amounted to Ps.360 million, a 7% increase in comparison to the Ps.336 million recorded in the same period of 2012. EBITDA margin for the six months of 2013 was 30%, quite similar with the 32% of the same period 2012.

 

Adjusted EBITDA for 2Q13 was Ps.187 million, 10% higher than Ps.171 million in the same period of last year. Adjusted EBITDA Margin was 29% during the period, below the 33% of 2Q12.

 

Operating Income

 

The Company recorded an operating loss for 2Q13 of Ps.34 million, in the same quarter last year the company achieved operating loss of Ps.25 million. For the six months ended June 30, 2013 the company reported an operating loss of Ps.6 million, below at the Ps.19 million reported in the same period last year.

 

Depreciation charges during the quarter were Ps.155 million, same number reported during 2Q12, reflecting a cost contained by the Administration.

 

Comprehensive Financial Result

 

During the quarter, the Company registered a loss of comprehensive financial result of Ps.192 million, a Ps.23 million decrease when compared to Ps.215 million in the same period of 2012.

 

   2Q13   2Q12   DPs.   D% 
Interest Expense   79    90    (11)   (12)%
Interest (Income)   (6)   6    (12)   (200)%
Exchange Rate (Gain) Loss – Net   119    119    -    - 
Total   192    215    (23)   (11)%

 

4
 

 

Second Quarter 2013 Results
     

  

For the six months ended June 30, 2013, comprehensive financial result for the Company reached Ps.169 million, compared to the Ps.144 million recorded in the same period of 2012.

 

Taxes

 

At the end of the 2Q13 the Company did not recorded taxes.

 

Net Income

 

The Company posted a net loss during 2Q13 of Ps.226 million, in comparison to the net loss of Ps.239 million reported in the same period of 2012. For the six months ended on June 30, 2013, the Company registered a net accumulated loss of Ps.175 million in comparison to the net loss of Ps.163 million recorded in the same period of 2012.

 

 

 

Liquidity and Capital Sources

 

Millions of Pesos  Quarter Ended   Quarter Ended 
   June 30, 2013   June 30, 2012 
Resources from Operations and Working Capital   167    169 
CAPEX   (135)   (134)
Free Cash Flow   32    35 
Financing Activities   (21)   (163)
Cash and Financial Instruments at the Start of the Period   105    492 
Cash and Financial Instruments at the End of the Period   116    364 

 

Millions of Pesos  Six Months Ended   Six Months Ended 
   June 30, 2013   June 30, 2012 
Resources from Operations and Working Capital   170    346 
CAPEX   (226)   (213)
Free Cash Flow   (56)   133 
Financing Activities   25    (166)
Cash and Financial Instruments at the Start of the Period   147    397 
Cash and Financial Instruments at the End of the Period   116    364 

 

Capital Expenditures

 

Capital Expenditures during the period totaled Ps.135 million, similar with the Ps.134 million recorded in 2Q12. Capital Expenditures were primarily used to support the additions of new residential RGUs, as well as for telephone network systems and equipment for Maxcom’s network operation.

 

For the six months ended June 30, 2013 capital expenditures reached Ps.225 million, in comparison to the Ps.213 million recorded in the same period of 2012.

 

Indebtedness

 

At June 30, 2013 the Company reported its Indebtedness level at Ps.2,490 million. The Company’s leverage ratio measured by Debt to EBITDA is at 3.47 times and the Net Debt to EBITDA is at 3.3 times.

 

Debt Restructuring

 

The Company commenced a voluntary prepackaged Chapter 11 cases in the U.S. Bankruptcy Court on July 23, 2013. Pursuant to its prepackaged plan of reorganization (the “Plan”), Maxcom is seeking to complete a recapitalization and debt restructuring that is expected to significantly reduce Maxcom’s debt service expense and position Maxcom for growth with a US$45 million capital infusion.

 

5
 

 

Second Quarter 2013 Results
     

 

Pursuant to the terms of the Plan, all classes of creditors are unimpaired and will be paid in full in the ordinary course, except for the Company’s outstanding 11% Senior Notes due 2014 (the “Senior Notes”) claims, which will receive (1) the step-up senior notes (which include the capitalized interest amount for unpaid interest accrued on the Senior Notes from (and including) April 15, 2013 through (and excluding) June 15, 2013, at the rate of 11% per annum), (2) cash in the amount of unpaid interest accrued on the Senior Notes (A) from (and including) December 15, 2012 through (and excluding) April 15, 2013, at the rate of 11% per annum, and (B) from (and including) June 15, 2013 through (and excluding) the effective date of the Plan at the rate of 6% per annum, and (3) rights to purchase equity that is unsubscribed by the Company’s current equity holders pursuant to the terms of the Plan. The step-up senior notes will: (a) be issued in an aggregate principal amount of US$200 million, minus the amount of Senior Notes held in treasury by the Company, plus the capitalized interest amount; (b) bear interest (i) from the date of issuance until June 14, 2016, at the annual rate of 6% per annum, (ii) from June 15, 2016 until June 14, 2018, at the annual rate of 7% per annum, and (iii) from June 15, 2018 until the maturity date, at the annual rate of 8% per annum; (c) have a maturity date of June 15, 2020; (d) be secured by the same collateral that currently secures the Senior Notes; and (e) be unconditionally guaranteed, jointly and severally and on a senior unsecured basis, by all of the Company’s direct and indirect subsidiaries, excluding Fundación Maxcom, A.C. Maxcom solicited votes from holders of its 11% senior notes due 2014 (the “Senior Notes”) to accept or reject the Plan from July 3, 2013 through the voting deadline of July 23, 2013. The voting holders of Senior Notes overwhelmingly support the Plan, with over 98% in amount and over 94% in number voting to accept the Plan.

 

The Company intends to operate in the ordinary course of business throughout the implementation of its recapitalization and debt restructuring and continue to provide a high level of responsiveness to its customers, vendors and business partners. On July 25, 2013, the U.S. Court approved all of the first day motions filed by Maxcom, including motions that allow Maxcom to pay prepetition claims held by customer, vendors, other business partners, and employee on account of their wages and benefits in the ordinary course of business, which will allow Maxcom to maintain its day-to-day operations without disruption.

 

No assurances can be given that the recapitalization and debt restructuring will be successful. A failure to complete a restructuring, through a pre-packaged Chapter 11 filing or otherwise, could have a material adverse effect on the business or the interests of holders of Maxcom’s debt and equity securities.

 

For more information on Maxcom’s restructuring, please visit www.MaxcomRestructuring.com.

 

About MAXCOM

 

MAXCOM Telecomunicaciones, S.A.B. de C.V., headquartered in Mexico City, Mexico, is a facilities-based telecommunications provider using a “smart-build” approach to deliver last-mile connectivity to micro, small and medium-sized businesses and residential customers in the Mexican territory. MAXCOM launched commercial operations in May 1999 and is currently offering local, long distance, data, value-added, paid TV and IP-based services on a full basis in greater metropolitan Mexico City, Puebla, Tehuacan, San Luis, and Queretaro, and on a selected basis in several cities in Mexico. The information contained in this press release is the exclusive responsibility of MAXCOM Telecomunicaciones, S.A.B. de C.V. and has not been reviewed by the Mexican National Banking and Securities Commission (CNBV) or any other authority. The registration of the securities described in this press release before the National Registry of Securities (Registro Nacional de Valores) held by the CNBV, shall it be the case, does not imply a certification of the investment quality of the securities or of MAXCOM’s solvency. The trading of these securities by an investor will be made under such investor’s own responsibility.

For more information contact:

 

Rodrigo Wright

Mexico City, Mexico

(52 55) 4770-1170

rodrigo.wright@maxcom.com

 

This document may include forward-looking statements that involve risks and uncertainties that are detailed from time to time in the U.S. Securities and Exchange Commission filings of the Company. Words such as “estimate,” “project,” “plan,” “believe,” “expect,” “anticipate,” “intend,” and similar expressions may identify such forward-looking statements. The Company wants to caution readers that any forward-looking statement in this document or made by the company’s management involves risks and uncertainties that may change based on various important factors not under the Company’s control. These forward-looking statements represent the Company’s judgment as of the date of this document. The Company disclaims, however, any intent or obligation to update these forward-looking statements.

 

6
 

 

Second Quarter 2013 Results
     

 

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

UNAUDITED CONSOLIDATED STATEMENT FINANCIAL POSITION IFRS

Thousand of Mexican Pesos (''Ps.'')

 

   As of June 30,   As of June 30,   vs 2Q 2012 
   2013   2012   Var $   Var % 
ASSETS:                    
CURRENT ASSETS:  Ps.116,220   Ps.364,155   Ps.(247,935)   (68)%
Cash and financial instruments   116,220    364,155    (247,935)   (68)%
                     
Accounts receivable:                    
Customers, net of allowance   678,947    614,002    64,945    11%
Value added tax refundable   64,927    135,465    (70,538)   (52)%
Other sundry debtors   93,032    76,675    16,357    21%
    836,906    826,142    10,764    1%
                     
Inventory   17,201    13,447    3,754    28%
Prepaid expenses   29,452    30,614    (1,162)   (4)%
Total current assets   999,779    1,234,358    (234,579)   (19)%
                     
                     
Frequency rights, net   15,796    18,768    (2,972)   (16)%
Telephone network systems and equipment, net   3,827,922    3,892,646    (64,724)   (2)%
Intangible assets, net   111,637    80,963    30,674    38%
Financial instruments   -    55,131    (55,131)   (100)%
Deposits   8,436    7,724    712    9%
Deferred taxes   9,793    13,444    (3,651)   (27)%
Other assets   2,151    2,150    1    - 
                     
Total assets  Ps.4,975,514   Ps.5,305,184   Ps.(329,670)   (6)%
                     
LIABILITIES                    
CURRENT LIABILITIES:                    
Interest payable   147,450    14,037    133,413    950%
Accounts payable and accrued expenses   439,827    271,598    168,229    62%
Notes payable   6,453    4,419    2,034    46%
Customers deposits   2,095    2,124    (29)   (1)%
Payroll and other taxes payable   12,086    101,986    (89,900)   (88)%
Total current liabilities   607,911    394,164    213,747    54%
                     
LONG-TERM LIABILITIES:                    
Senior notes   2,294,620    2,704,490    (409,870)   (15)%
Notes payable   5,275    4,078    1,197    29%
Other accounts payable   26,864    35,289    (8,425)   (24)%
Pensions and post-retirement obligations   5,574    2,854    2,720    95%
Other long term liabilities   30,298    27,707    2,591    9%
Long Term Liabilities   2,362,631    2,774,418    (411,787)   (15)%
Total liabilities  Ps.2,970,542   Ps.3,168,582   Ps.(198,040)   (6)%
                     
SHAREHOLDERS' EQUITY                    
Capital stock   4,827,500    4,814,428    13,072    - 
Premium on capital stock   4,873    1,564    3,309    212%
Accumulated deficit   (2,652,693)   (2,516,605)   (136,088)   (5)%
Net profit (loss) for the period   (174,708)   (162,785)   (11,923)   (7)%
Total shareholders' equity  Ps.2,004,972   Ps.2,136,602   Ps.(131,630)   (6)%
                     
Total liabitilies and equity  Ps.4,975,514   Ps.5,305,184   Ps.(329,670)   (6)%

 

7
 

 

Second Quarter 2013 Results
     

 

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

UNAUDITED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME IFRS

Thousand of Mexican Pesos (''Ps.'')

 

   3 month ended June 30,   vs 3M 2012   6 months ended June 30,   vs 6M 2012 
   2013   %   2012   %   $ var   % var   2013   %   2012   %   $ var   % var 
                                                 
TOTAL REVENUES  Ps.635,665    100%  Ps.517,123    100%  Ps.118,542    23%  Ps.1,218,020    100%  Ps.1,064,389    100%  Ps.153,631    14%
                                                             
Network operating services   244,248    38%   142,109    27%   102,139    72%   441,652    36%   305,317    29%   136,335    45%
Technical expenses   31,917    5%   38,800    8%   (6,883)   (18)%   66,623    5%   74,161    7%   (7,538)   (10)%
Installation expenses   2,285    0%   2,425    0%   (140)   (6)%   4,646    0%   5,016    0%   (370)   (7)%
Cost of network operation   278,450    44%   183,334    35%   95,116    52%   512,921    42%   384,494    36%   128,427    33%
                                                             
GROSS PROFIT   357,215    56%   333,789    65%   23,426    7%   705,099    58%   679,895    64%   25,204    4%
                                                             
Selling, general and administrative expenses   170,179    27%   163,656    32%   6,523    4%   345,009    28%   343,832    32%   1,177    - 
                                                             
EBITDA   187,036    29%   170,133    33%   16,903    10%   360,090    30%   336,063    32%   24,027    7%
                                                             
Depreciation and amortization   155,200         154,972         228    -    272,138         296,069         (23,931)   (8)%
Other (Income) Expense   35,160         40,145         (4,985)   (12)%   63,168         48,755         14,413    30%
Restructuring   -         -         -    -    -         9,914         (9,914)   (100)%
Reorganization   30,715         -         -    -    30,715         -         -    - 
                                                             
Operating income (loss)   (34,039)        (24,984)        (9,055)   (36)%   (5,931)        (18,675)        12,744    68%
                                                             
Comprehensive (income) cost of financing:                                                            
Interest expense   79,233         89,912         (10,679)   (12)%   142,269         165,936         (23,667)   (14)%
Interest (income) loss, net   (5,598)        6,318         (11,916)   (189)%   (5,316)        2,172         (7,488)   (345)%
Exchange (income) loss, net   118,617         118,848         (231)   -    31,824         (23,955)        55,779    233%
    192,252         215,078         (22,826)   (11)%   168,777         144,153         24,624    17%
                                                             
INCOME (LOSS) BEFORE TAXES   (226,291)        (240,062)        13,771    6%   (174,708)        (162,828)        (11,880)   (7)%
                                                             
Taxes:                                                            
Income tax   -         -         -    -    -         -         -    - 
Defered Income Tax   -         (641)        641    100%   -         (43)        43    100%
Total tax   -         (641)        641    100%   -         (43)        43    100%
                                                             
NET INCOME (LOSS)  Ps.(226,291)       Ps.(239,421)       Ps.13,130    5%  Ps.(174,708)       Ps.(162,785)       Ps.(11,923)   (7)%
                                                             
Weighted average basic shares   789,819         789,819                   789,819         789,819                
Weighted average fully diluted   800,216         812,882                   800,216         812,882                
                                                             
Earnings per share basic   (0.29)        (0.30)                  (0.22)        (0.21)               
Earnings per share diluted   (0.28)        (0.29)                  (0.22)        (0.20)               

 

8
 

 

Second Quarter 2013 Results
     

  

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

UNAUDITED CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY IFRS

Thousand of Mexican Pesos (''Ps.'')

 

       Additional           Total 
   Capital   paid-in       Repurchase   shareholders' 
   stock   capital   Deficit   of shares   equity 
                     
Balances as of December 31, 2011  Ps.4,814,428   Ps.817,054   Ps.(3,333,659)  Ps.-   Ps.2,297,823 
                          
Reclassification of additional paid-in capital   -    (817,054)   817,054    -    - 
                          
Stock option plan   -    1,564    -    -    1,564 
                          
Comprehensive net loss   -    -    (162,785)   -    (162,785)
                          
Balances as of June 30, 2012  Ps.4,814,428   Ps.1,564   Ps.(2,679,390)  Ps.-   Ps.2,136,602 

 

       Additional           Total 
   Capital   paid-in       Repurchase   shareholders' 
   stock   capital   Deficit   of shares   equity 
                     
Balances as of December 31, 2012  Ps.4,814,428   Ps.3,592   Ps.(2,652,693)  Ps.-   Ps.2,165,327 
                          
Increased in capital Stock   13,072    -    -    -    13,072 
                          
Stock option plan   -    1,281    -    -    1,281 
                          
Comprehensive net loss   -    -    (174,708)   -    (174,708)
                          
Balances as of June 30, 2013  Ps.4,827,500   Ps.4,873   Ps.(2,827,401)  Ps.-   Ps.2,004,972 

 

9
 

 

Second Quarter 2013 Results
     

 

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

UNAUDITED CONSOLIDATED STATEMENT OF CASH FLOW IFRS

Thousand of Mexican Pesos (''Ps.'')

 

   3 months ended June 30,   vs 2012   6 months ended June 30,   vs 2012 
   2013   2012   $ var   % var   2013   2012   $ var   % var 
                                 
                                 
Operating Activities:                                        
Income before taxes  Ps.(226,291)  Ps.(240,062)  Ps.13,771    6%  Ps.(174,708)  Ps.(162,828)  Ps.(11,880)   (7)%
                                         
Items without cash flow   372,430    378,863    (6,433)   (2)%   436,537    452,399    (15,862)   (4)%
Cash flow from income/loss before taxes   146,139    138,801    7,338    5%   261,829    289,571    (27,742)   (10)%
                                         
Cash flow from:                                        
Accounts receivables   7,051    34,553    (27,502)   (80)%   (33,836)   40,738    (74,574)   (183)%
Inventory   3,088    (766)   3,854    503%   1,121    (4,552)   5,673    125%
Accounts payables   37,834    28,188    9,646    34%   (1,111)   36,124    (37,235)   (103)%
Other assets and liabilities   (26,223)   (31,854)   5,631    18%   (58,000)   (15,563)   (42,437)   (273)%
Cash flow from operation activities   21,750    30,121    (8,371)   (28)%   (91,826)   56,747    (148,573)   (262)%
                                         
Net cash flow from operating activities   167,889    168,922    (1,033)   (1)%   170,003    346,318    (176,315)   (51)%
                                         
Cash flow from:                                        
Telephone network systems and equipment, net   (135,083)   (103,794)   (31,289)   (30)%   (225,496)   (182,785)   (42,711)   (23)%
Other intangible assets   -    (30,000)   30,000    100%   -    (30,000)   30,000    100%
Cash flow from capital expeditures   (135,083)   (133,794)   (1,289)   (1)%   (225,496)   (212,785)   (12,711)   (6)%
                                         
Cash in excess/(required) to be used in financing activities   32,806    35,128    (2,322)   (7)%   (55,493)   133,533    (189,026)   (142)%
                                         
Cash flow from :                                        
                                         
                                         
Vendor financing   2,068    134    1,934    1,443%   1,067    (619)   1,686    272%
Capital stock   4,335    -    4,335    100%   13,072    -    13,072    100%
Additional paid in capital   -    768    (768)   (100)%   9    1,564    (1,555)   (99)%
Other financing activities   (27,733)   (164,199)   136,466    83%   11,049    (166,903)   177,952    107%
Cash flow from financing activities   (21,330)   (163,297)   141,967    87%   25,197    (165,958)   191,155    115%
                                         
Increase (decrease) in cash and temporary investments   11,476    (128,169)   139,645    109%   (30,296)   (32,425)   2,129    7%
                                         
Cash and financial instruments at beginning of the period   104,744    492,324    (387,580)   (79)%   146,516    396,580    (250,064)   (63)%
Cash and cash equivalents at the end of the period  Ps.116,220   Ps.364,155   Ps.(247,935)   (68)%  Ps.116,220   Ps.364,155   Ps.(247,935)   (68)%

 

10
 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.

 

  MAXCOM TELECOMUNICACIONES, S.A.B DE C.V.
  By: /s/ Gonzalo Alarcon
  Name: Gonzalo Alarcon
  Date: July 26, 2013
  Title: General Counsel