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Investments in Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

Investments in Financial Instruments

Schedule of investments in financial instruments


		2021			2020
Equity instruments measured at FVOCIL:
Open-Ended Fund ⁽¹⁾		Ps.	945,176		Ps.	1,135,803
Publicly traded equity instruments⁽²⁾			3,517,711			5,397,504
Other equity instruments ⁽³⁾			1,607,969			468,552
			6,070,856			7,001,859
Other			5,223			853
		Ps.	6,076,079		Ps.	7,002,712

(1)

The Group has an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through investments in securities, including without limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments, in telecom, media and other sectors across global markets, including Latin America and other emerging markets. Shares may be redeemed on a quarterly basis at the Net Asset Value (“NAV”) per share as of such redemption date. The fair value of this fund is determined by using the NAV per share. The NAV per share is calculated by determining the value of the fund assets, all of which are measured at fair value, and subtracting all of the fund liabilities and dividing the result by the total number of issued shares. In July and November 2019, the Company redeemed a portion of its investment in Open-Ended Fund at the aggregate fair value amount of U.S.$121.6 million (Ps.2,301,682) and recognized cash proceeds from this redemption for such aggregate amount. In September and December 2020, the Company redeemed a portion of its investment in Open-Ended Fund at the aggregate fair value amount of U.S.$153.7 million (Ps.3,155,643) and recognized cash proceeds from this redemption for such aggregate amount. In March 2021, the Company redeemed a portion of its investment in Open-Ended Fund at the aggregate fair value amount of U.S.$10.0 million (Ps.258,956) and recognized cash proceeds from this redemption for such aggregate amount. (see Note 2 (i)).

(2)

Their fair value of publicly traded equity instruments is determined by using quoted market prices at the measurement date. In the first half of 2021, the Company disposed of a portion of these publicly traded equity instruments and recognized cash proceeds from this disposition in the aggregate amount of Ps.1,755,415.

(3)

Other equity instruments include unquoted equity investments, which are initially recognized at cost with any subsequent changes in fair value recognized through other comprehensive income or loss. The Group disposed of these investments on January 31, 2022, in connection with the closing of the transaction with UH II (see Notes 3 and 30).

Reconciliation of investments in financial assets at FVOCIL

Publicly Traded

Open-Ended

Equity

Other Equity

Fund ⁽¹⁾

Instruments

Instruments

Total

At January 1, 2021

Ps.

1,135,803

Ps.

5,397,504

Ps.

468,552

Ps.

7,001,859

Investments

—

—

1,118,178

1,118,178

Disposition of investments

(258,956)

(1,756,434)

—

(2,015,390)

Change in fair value in other comprehensive income (loss)

68,329

(123,359)

21,239

(33,791)

At December 31, 2021

Ps.

945,176

Ps.

3,517,711

Ps.

1,607,969

Ps.

6,070,856


								Publicly Traded
		Warrants			Open-Ended			Equity			Other Equity
		Issued by UHI ⁽¹⁾			Fund ⁽¹⁾			Instruments			Instruments			Total
At January 1, 2020		Ps.	33,775,451		Ps.	4,688,202		Ps.	5,751,001		Ps.	50,392		Ps.	44,265,046
Investments			—			—			—			602,446			602,446
Disposition of investments			—			(3,159,970)			—			—			(3,159,970)
Change in fair value in other comprehensive loss			(16,387,752)			(392,429)			(353,497)			(184,286)			(17,317,964)
Warrants exercised for common stock of UHI			(17,387,699)			—			—			—			(17,387,699)
At December 31, 2020		Ps.	—		Ps.	1,135,803		Ps.	5,397,504		Ps.	468,552		Ps.	7,001,859

(1)

The foreign exchange gain in 2021 derived from the investment in Open-Ended Fund was hedged by foreign exchange loss in the consolidated statement of income for the year ended December 31, 2021, in the amount of Ps.99,673. The foreign exchange gain in 2020 derived from the warrants issued by UHI and the investment in Open-Ended Fund was hedged by foreign exchange loss in the consolidated statement of income for the year ended December 31, 2020, in the amount of Ps.5,511,412 and Ps.471,097, respectively (see Notes 14 and 23).