In 2016 Telesites took the steps necessary to unify its series A, AA and L shares into a single B1 series. Telesites does not have an ADR program, so its stock is only quoted locally, on the Mexican Stock Exchange.

PRINCIPAL EVENTS
In the year 2016, under a reference offering, the company signed Master Lease Agreements with AT&T and Telefónica for the use of our towers. Outside Mexico, the company began operations in Costa Rica with a project consisting of 280 towers.

By the close of 2016, Telesites was managing a portfolio of 14,756 towers in Mexico, therefore becoming the leading operator in this country. Outside of Mexico, we built 218 new towers in Costa Rica during the year, bringing the total to 14,974 towers overall. This means we built 2,100 new towers this year, for a year-to-year growth of 16.3%.

We have succeeded in increasing occupancy per tower to 1.046 carriers during the mentioned period.

Results
Revenues in 2016 totaled Ps.5,416.6 million, of which Ps.3,389.9 million, or 62.5%, came from tower rentals. Land rental results are transferred fully to the client and do not entail the use of cash or receipt of revenues; these totaled Ps.1,789.9 million in the year.

Revenues also included Ps.236.7 million from activities not directly related to the company’s core business.

EBITDA during the year resulted in a margin of 56.3%, and totaled Ps.3,049.0 million. At the end of 2016, the company reported debt totaling Ps.21,866.1 million, and a net cash position of Ps.231.5 million. The result was a net debt of Ps.21,634.4 million. The leverage ratio (net debt/EBITDA) was equivalent to 7.0x.

At the end of 2016, the company’s debt was composed of three tranches with long-term maturities (between 5 and 15 years) and around 20% was at floating rates. The debt also includes a short-term loan denominated in dollars.