UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 or 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For
the
month of April, 2007
GRUPO
TELEVISA, S.A.B.
(Translation
of registrant’s name into English)
|
Av.
Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico,
D.F.
|
|
(Address
of 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
|
x
|
Form
40-F
|
(Indicate
by check mark whether the registrant by furnishing the information contained
in
this Form is also 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 12g-3-2(b): 82.)
First-Quarter
2007 Results
FOR IMMEDIATE RELEASE
FOR IMMEDIATE RELEASE
Highlights
| Ø |
Record
first-quarter consolidated net sales and consolidated operating
income
|
| Ø |
Consolidated
net sales increased 5.9%, and consolidated operating income increased
4.4%
|
| Ø |
Our
Television Broadcasting over-the-air channels captured an average
sign-on
to sign-off audience share of 70.8% in Mexico in first quarter
2007
|
| Ø |
The
board of directors will propose a dividend of Ps.1.45 per
CPO
|
Consolidated
Results
Mexico
City, D.F., April 18, 2007—Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO;
“Televisa” or “the Company”) today announced results for first quarter 2007. The
results have been prepared in accordance with Mexican Financial Reporting
Standards and are adjusted in millions of Mexican pesos in purchasing power
as
of March 31, 2007.
The
following table sets forth a condensed consolidated statement of income
for the
three months ended March 31, 2007 and 2006, in millions of Mexican pesos,
as
well as the percentage of net sales that each line represents, and the
percentage change when comparing first quarter 2007 with first quarter
2006:
|
1Q
2007
|
Margin
%
|
1Q
2006
|
Margin%
|
Change%
|
|
|
Net
sales
|
8,231.9
|
100.0
|
7,776.2
|
100.0
|
5.9
|
|
Operating
income
|
2,367.9
|
28.8
|
2,268.0
|
29.2
|
4.4
|
|
Consolidated
net income
|
975.0
|
11.8
|
1,470.3
|
18.9
|
(33.7)
|
|
Majority
interest net income
|
733.6
|
8.9
|
1,348.0
|
17.3
|
(45.6)
|
Consolidated
net sales increased 5.9% to Ps.8,231.9 million in first quarter 2007 compared
with Ps.7,776.2 million in first quarter 2006. This increase was attributable
to
revenue growth in our Sky Mexico, Other Businesses, Cable Television, Pay
Television Networks, Programming Exports, and Publishing segments. These
increases were partially offset by lower sales in our Television Broadcasting
and Publishing Distribution segments.
Consolidated
operating income rose 4.4% to Ps.2,367.9 million in first quarter 2007
compared
with Ps.2,268 million in first quarter 2006. This increase was attributable
to
higher sales and lower operating expenses that were partially offset by
higher
cost of sales.
Majority
interest net income decreased 45.6% to Ps.733.6 million in first quarter
2007
compared with Ps.1,348 million in first quarter 2006. The net decrease
of
Ps.614.4 million reflected i) a Ps.603.3 million increase in other expense,
net,
ii) a Ps.244.4 million increase in equity in losses of affiliates, net,
iii) a
Ps.119.1 million increase in minority interest net income, and iv) a Ps.35
million increase in income taxes. These unfavorable changes were partially
offset by i) a Ps.99.9 million increase in operating income, and ii) a
Ps.287.5
million increase in integral income of financing.
First-Quarter
Results by Business Segment
The
following table presents first-quarter results ended March 31, 2007 and
2006,
for each of our business segments. Amounts are presented in millions of
Mexican
pesos in purchasing power as of March 31, 2007.
|
Net
Sales
|
1Q
2007
|
%
|
1Q
2006
|
%
|
Inc.
%
|
|
Television
Broadcasting
|
3,822.5
|
45.1
|
3,973.5
|
49.8
|
(3.8)
|
|
Pay
Television Networks
|
398.0
|
4.7
|
299.8
|
3.7
|
32.8
|
|
Programming
Exports
|
524.6
|
6.2
|
443.5
|
5.6
|
18.3
|
|
Publishing
|
593.2
|
7.0
|
556.5
|
7.0
|
6.6
|
|
Publishing
Distribution
|
102.5
|
1.2
|
109.6
|
1.4
|
(6.5)
|
|
Sky
Mexico
|
1,983.5
|
23.4
|
1,788.0
|
22.4
|
10.9
|
|
Cable
Television
|
553.0
|
6.5
|
430.7
|
5.4
|
28.4
|
|
Other
Businesses
|
493.4
|
5.8
|
372.1
|
4.7
|
32.6
|
|
Segment
Net Sales
|
8,470.7
|
100.0
|
7,973.7
|
100.0
|
6.2
|
|
Intersegment
Operations1
|
(238.8)
|
(239.3)
|
0.2
|
||
|
Disposed
Operations2
|
-
|
41.8
|
-
|
||
|
Consolidated
Net Sales
|
8,231.9
|
7,776.2
|
5.9
|
|
Operating
Segment Income (Loss)
|
1Q
2007
|
Margin
%
|
1Q
2006
|
Margin
%
|
Inc.
%
|
|
Television
Broadcasting
|
1,540.1
|
40.3
|
1,739.9
|
43.8
|
(11.5)
|
|
Pay
Television Networks
|
237.9
|
59.8
|
143.5
|
47.9
|
65.8
|
|
Programming
Exports
|
236.7
|
45.1
|
134.8
|
30.4
|
75.6
|
|
Publishing
|
53.8
|
9.1
|
46.4
|
8.3
|
15.9
|
|
Publishing
Distribution
|
7.2
|
7.0
|
8.4
|
7.7
|
(14.3)
|
|
Sky
Mexico
|
965.6
|
48.7
|
814.9
|
45.6
|
18.5
|
|
Cable
Television
|
202.0
|
36.5
|
162.9
|
37.8
|
24.0
|
|
Other
Businesses
|
(87.4)
|
(17.7)
|
(17.9)
|
(4.8)
|
-
|
|
Operating
Segment Income
|
3,155.9
|
37.3
|
3,032.9
|
38.0
|
4.1
|
|
Disposed
Operations2
|
-
|
-
|
(3.3)
|
(7.9)
|
-
|
|
Corporate
Expenses
|
(88.4)
|
(1.0)
|
(106.0)
|
(1.3)
|
16.6
|
|
Depreciation
and amortization
|
699.6
|
8.5
|
655.6
|
8.4
|
6.7
|
|
Consolidated
Operating Income
|
2,367.9
|
28.8
|
2,268.0
|
29.2
|
4.4
|
1
For
segment reporting purposes, intersegment operations are included in each
of the
segment operations.
2
Reflects
the results of operations of one of the Company’s soccer teams.
|
Television
Broadcasting
|
First-quarter
sales
decreased 3.8% to Ps.3,822.5 million compared with Ps.3,973.5
million in
first quarter 2006. This decrease reflects primarily the absence
of
political advertising related to the presidential elections in
Mexico sold
during first quarter 2006.
|
|
First-quarter
operating segment income
decreased 11.5% to Ps.1,540.1 million compared with Ps.1,739.9
million in
first quarter 2006, and the margin decreased to 40.3%. These
results
reflect higher cost of sales, lower sales, and a marginal increase
in
operating expenses.
|
|
|
Pay
Television Networks
|
First-quarter
sales
increased 32.8% to Ps.398 million compared with Ps.299.8 million
in first
quarter 2006. This increase reflects i) higher revenues from
channels sold
in Mexico and Latin America; and ii) higher sales in TuTV, our
pay-television joint venture with Univision. These increases
were
partially offset by lower advertising sales.
|
|
First-quarter
operating segment income
increased 65.8% to Ps.237.9 million compared with Ps.143.5 million
in
first quarter 2006, and the margin increased to 59.8%. These results
were
driven by higher sales that were partially offset by an increase
in cost
of sales.
|
|
|
Programming
Exports
|
First-quarter
sales
increased 18.3% to Ps.524.6 million compared with Ps.443.5 million
in
first quarter 2006. This increase reflects i) a 9.1% increase in
royalties
from Univision, which amounted to US$29.8 million in first quarter
2007
compared with US$27.3 million in first quarter 2006; and ii) higher
programming sales to Europe, Asia, and Latin America.
|
|
First-quarter
operating segment income
increased 75.6% to Ps.236.7 million compared with Ps.134.8 million
in
first quarter 2006, and the margin increased to 45.1%. These results
were
driven by higher sales and lower operating expenses and cost of
sales.
|
|
|
Publishing
|
First-quarter
sales
increased 6.6% to Ps.593.2 million compared with Ps.556.5 million
in first
quarter 2006. This increase reflects a greater number of advertising
pages
sold both in Mexico and abroad, as well as higher revenues from
magazine
circulation abroad. These increases were partially offset by lower
revenues from magazine circulation in Mexico and a negative translation
effect of foreign-currency-denominated sales amounting to Ps.6.2
million.
|
|
First-quarter
operating segment income increased
15.9% to Ps.53.8 million compared with Ps.46.4 million in first
quarter
2006, and the margin increased to 9.1%. These results were driven
by
higher sales that were partially offset by higher cost of sales
and
operating expenses.
|
|
|
Publishing
Distribution
|
First-quarter
sales
decreased 6.5% to Ps.102.5 million compared with Ps.109.6 million
in first
quarter 2006. This decrease reflects i) lower circulation in Mexico
of
magazines published by the Company, and ii) a negative translation
effect
of foreign-currency-denominated sales, which amounted to Ps.1.8
million.
These decreases were partially offset by higher circulation in
Mexico of
magazines published by third parties.
|
|
First-quarter
operating segment income
decreased 14.3% to Ps.7.2 million compared with Ps.8.4 million
in first
quarter 2006, and the margin decreased to 7%. These results reflect
lower
sales that were partially offset by lower cost of sales and operating
expenses.
|
|
|
Sky
Mexico
|
First-quarter
sales
increased 10.9% to Ps.1,983.5 million compared with Ps.1,788 million
in
first quarter 2006. This increase was attributable mainly to a
10.5%
increase in the subscriber base. As of March 31, 2007, the number
of gross
active subscribers increased to 1,453,300 (including 101,100 commercial
subscribers), compared with 1,315,100 (including 73,600 commercial
subscribers) as of March 31, 2006.
|
|
First-quarter
operating segment income
increased 18.5% to Ps.965.6 million compared with Ps.814.9 million
in
first quarter 2006, and the margin increased to 48.7%. These results
came
from higher sales and lower operating expenses that were partially
offset
by higher cost of sales.
|
|
Cable
Television
|
First-quarter
sales
increased 28.4% to Ps.553 million compared with Ps.430.7 million
in first
quarter 2006. This increase was attributable to i) a 17.2%
increase in the
subscriber base, which, as of March 31, 2007, reached 514,961,
all of
which are digital subscribers, compared with 439,306
subscribers (including 325,626 digital subscribers) reported
for the first
quarter 2006; ii) a 55.1% increase in broadband subscribers
to 107,534
compared with 69,326 reported for the first quarter 2006; iii)
higher
advertising sales; and iv) a 3% average rate increase effective
March 1,
2007.
|
|
First-quarter
operating segment income
increased 24% to Ps.202 million compared with Ps.162.9 million
in first
quarter 2006, and margin decreased to 36.5%. These results
reflected
higher sales that were partially offset by higher cost of sales
and
operating expenses.
|
|
|
Other
Businesses
|
Given
the size of our Radio segment relative to our consolidated
results,
starting January 1, 2007, we are classifying the results of
operation of
our Radio segment in our Other Businesses segment.
First-quarter
sales
increased 32.6% to Ps.493.4 million compared with Ps.372.1
million in
first quarter 2006. This increase was attributable to higher
sales in our
gaming, feature-film distribution, internet portal, and sporting
businesses, which were partially offset by lower sales in our
Radio
segment.
|
|
First-quarter
operating segment loss
increased to Ps.87.4 million compared with a loss of Ps.17.9
million in
first quarter 2006, reflecting higher cost of sales and operating
expenses, which were partially offset by higher
sales.
|
Corporate
Expenses
In
2005,
we adopted the guidelines of the International Financial Reporting Standard
2,
“Share-based Payment,” issued by the International Accounting Standards Board,
which require accruing in stockholders’ equity the share-based compensation
expense measured at fair value at the time the equity benefits are granted
to
our officers and employees. In first quarter 2007, we recognized a share-based
compensation expense of approximately Ps.30.2 million as a corporate
expense.
Non-operating
Results
Other
expense, net
Other
expense, net, increased by Ps.603.3 million to Ps.695.6 million in first
quarter
2007 compared with Ps.92.3 million in first quarter 2006. This increase
primarily reflected a non-cash non-recurring charge of Ps.651 million in
connection with a loss on disposition of our investment in Univision in
first
quarter 2007.
Integral
result of financing
The
following table sets forth integral result of financing for the three months
ended March 31, 2007 and 2006, in millions of Mexican pesos in purchasing
power
as of March 31, 2007, which consisted of:
|
1Q
2007
|
1Q
2006
|
Increase
(decrease)
|
|
|
Interest
expense
|
462.9
|
491.1
|
(28.2)
|
|
Interest
income
|
(313.4)
|
(288.6)
|
(24.8)
|
|
Foreign
exchange (gain) loss, net
|
(287.2)
|
(29.8)
|
(257.4)
|
|
Loss
from monetary position, net
|
71.8
|
48.9
|
22.9
|
|
Integral
(income) cost of financing
|
(65.9)
|
221.6
|
(287.5)
|
The
integral result of financing increased by Ps.287.5 million to an income
of
Ps.65.9 million in first quarter 2007 from a cost of Ps.221.6 million in
first
quarter 2006. This increase reflected primarily i) a Ps.257.4 million increase
in net foreign-exchange gain resulting primarily from an increase in the
average
of our unhedged monetary foreign currency asset position in conjunction
with a
2.15% depreciation of the Mexican peso against the U.S. dollar in first
quarter
2007; ii) a Ps.28.2 million reduction in interest expense, due primarily
to a
lower average amount of our consolidated debt; and iii) a Ps.24.8 million
increase in interest income in connection with a higher average amount
of
investments in first quarter 2007 compared with last year’s comparable period.
These favorable variances were partially offset by a Ps.22.9 million increase
in
loss from monetary position resulting primarily from a higher inflation
in first
quarter 2007 (1.02%) compared with first quarter 2006 (0.87%).
Equity
in results of affiliates, net
Equity
in
results of affiliates, net, decreased by Ps.244.4 million to an equity
in losses
of affiliates of Ps.195.3 million in first quarter 2007 compared with an
equity
in earnings of affiliates of Ps.49.1 million in first quarter 2006. This
decrease reflected a higher equity in loss of La Sexta, as well as the
absence
of equity income of Univision in first quarter 2007.
Income
taxes
Income
taxes increased by Ps.35 million, to Ps.567.9 million in first quarter
2007
compared with Ps.532.9 million in first quarter 2006. This decrease reflected
primarily a higher income tax base in first quarter 2007.
Minority
interest net income
Minority
interest net income increased by Ps.119.1 million to Ps.241.4 million in
first
quarter 2007 compared with Ps.122.3 million in first quarter 2006. This
increase
reflected primarily the portion of net income attributable to the interest
held
by minority equity owners in our Sky Mexico and Cable Television
segments.
Other
Relevant Information
Capital
expenditures and investments
In
first
quarter 2007, we invested approximately US$36.7 million in property, plant,
and
equipment as capital expenditures, including approximately U.S.$9.8 million
for
our Cable Television segment, US$17.1 million for Sky Mexico, U.S.$6.7
million
for Gaming, and US$3.1 million for our Television Broadcasting and other
businesses segments. In addition, we made investments related to our 40%
interest in La Sexta for an aggregate amount of €22 million.
Debt
The
following table sets forth our total consolidated debt and satellite transponder
lease obligation for the three months ended March 31, 2007 and 2006, in
millions
of Mexican pesos in purchasing power as of March 31, 2006, which consisted
of:
|
1Q
2007
|
1Q
2006
|
Increase
(decrease)
|
|
|
Current
portion of long-term debt
|
1,238.2
|
316.6
|
921.6
|
|
Long-term
debt (excluding current portion)
|
17,784.5
|
19,280.5
|
(1,496.0)
|
|
19,022.7
|
19,597.1
|
(574.4)
|
|
|
Current
portion of satellite transponder lease obligation
|
90.6
|
83.2
|
7.4
|
|
Long-term
satellite transponder lease obligation
(excluding
current portion)
|
1,120.9
|
1,247.5
|
(126.6)
|
|
1,211.5
|
1,330.7
|
(119.2)
|
As
of
March 31, 2007, our consolidated net cash position was Ps.11,836.3 million,
compared with a consolidated net debt of Ps.1,204.1 million, as of March
31,
2006.
Univision
On
March
29, 2007, as a result of the closing of the merger between Univision
Communications Inc. (“Univision) and an investor acquiring group, all of
Televisa’s shares and warrants, with exercise prices below the per-share merger
consideration, in Univision have been converted into cash in an aggregate
amount
of approximately US$1,094.4 million.
Share
buyback program
During
first quarter 2007, we repurchased approximately 14.3 million CPOs for
Ps.891.1
million in nominal terms. At our upcoming shareholder meeting scheduled for
April 27, 2007, the board of directors will propose to shareholders to
cancel
approximately 68 million CPOs, repurchased during 2006 and first quarter
2007.
Dividend
proposal
The
board
of directors agreed to submit to the shareholder meeting a proposal to
pay an
extraordinary dividend of Ps.1.1 per CPO, in addition to Televisa’s ordinary
dividend of Ps.0.35 per CPO, for a total of Ps.1.45 per CPO. The total
amount of
the dividend is approximately Ps.4,405 million and, if approved by the
shareholders, would be paid on May 31, 2007. This represents a dividend
yield of
approximately 2.2% based on today’s CPO closing price.
Television
ratings and audience share
National
urban ratings and audience share reported by IBOPE confirm that, in first
quarter 2007, Televisa continued to deliver strong ratings and audience
shares.
During weekday prime time (19:00 to 23:00, Monday to Friday), audience
share
amounted to 71.3%; in prime time (16:00 to 23:00, Monday to Sunday), audience
share amounted to 69.7%; and in sign-on to sign-off (6:00 to 24:00, Monday
to
Sunday), audience share amounted to 70.8%.
Outlook
for 2007
For
the
full year, we continue to expect Television Broadcasting sales to decrease
marginally, due to last year’s non-recurring political and World Cup
advertising, and operating segment income margin to remain above 50 percent.
About
Televisa
Grupo
Televisa, S.A.B., is the largest media company in the Spanish-speaking
world and
a major participant in the international entertainment business. It has
interests in television production and broadcasting, production of pay
television networks, international distribution of television programming,
direct-to-home satellite services, publishing and publishing distribution,
cable
television, radio production and broadcasting, professional sports and
live
entertainment, feature film production and distribution, gaming, and the
operation of a horizontal internet portal. Grupo Televisa also owns an
unconsolidated equity stake in La Sexta, a free-to-air television venture
in
Spain.
Disclaimer
This
press release contains forward-looking statements regarding the Company’s
results and prospects. Actual results could differ materially from these
statements. The forward-looking statements in this press release should
be read
in conjunction with the factors described in “Item 3. Key Information -
Forward-Looking Statements” in the Company’s Annual Report on Form 20-F, which,
among others, could cause actual results to differ materially from those
contained in forward-looking statements made in this press release and
in oral
statements made by authorized officers of the Company. Readers are cautioned
not
to place undue reliance on these forward-looking statements, which speak
only as
of their dates. The Company undertakes no obligation to publicly update
or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
(Please
see attached tables for financial information and ratings
data)
###
|
Televisa
Investor Relations Contacts:
|
Televisa
Media Relations Contacts:
|
|
Michel
Boyance / Alejandro Eguiluz
Tel:
(5255) 5261-2445
Fax:
(5255)5261-2494
ir@televisa.com.mx
http://www.televisa.com
http://www.televisair.com
|
Manuel
Compean
Tel:
(5255) 5728 3815
Fax:
(5255) 5728 3632
mcompean@televisa.com.mx
http://www.televisa.com
|
GRUPO
TELEVISA, S.A.B.
CONDENSED
CONSOLIDATED BALANCE SHEETS
AS
OF MARCH 31, 2007, AND DECEMBER 31, 2006
(Millions
of Mexican pesos in purchasing power as of March 31, 2007)
|
ASSETS
|
|||||
|
March
31,
2007
(Unaudited)
|
December
31,
2006
(Unaudited)
|
||||
|
Current:
|
|||||
|
Available:
|
|||||
|
Cash
|
Ps.
|
596.5
|
Ps.
|
682.7
|
|
|
Temporary
investments
|
30,262.5
|
15,288.6
|
|||
|
30,859.0
|
15,971.3
|
||||
|
Trade
notes and accounts receivable, net
|
9,053.8
|
13,735.7
|
|||
|
Other
accounts and notes receivable, net
|
625.9
|
1,503.4
|
|||
|
Due
from affiliated companies
|
192.0
|
186.7
|
|||
|
Transmission
rights and programming
|
3,187.8
|
3,084.2
|
|||
|
Inventories
|
699.3
|
780.7
|
|||
|
Available-for-sale
investment
|
-
|
11,942.0
|
|||
|
Other
current assets
|
1,086.6
|
778.9
|
|||
|
Total
current assets
|
45,704.4
|
47,982.9
|
|||
|
Transmission
rights and programming, noncurrent
|
3,462.4
|
3,463.7
|
|||
|
Investments
|
5,732.5
|
5,768.7
|
|||
|
Property,
plant, and equipment, net
|
21,057.7
|
21,188.9
|
|||
|
Intangible
assets and deferred charges, net
|
5,394.5
|
5,444.8
|
|||
|
Other
assets
|
25.9
|
24.7
|
|||
|
Total
assets
|
Ps.
|
81,377.4
|
Ps.
|
83,873.7
|
|
GRUPO
TELEVISA, S.A.B.
CONDENSED
CONSOLIDATED BALANCE SHEETS
AS
OF MARCH 31, 2007, AND DECEMBER 31, 2006
(Millions
of Mexican pesos in purchasing power as of March 31, 2007)
|
LIABILITIES
|
March
31,
2007
(Unaudited)
|
December
31,
2006
(Unaudited)
|
||||
|
Current:
|
||||||
|
Current
portion of long-term debt
|
Ps.
|
1,238.2
|
Ps.
|
996.4
|
||
|
Current
portion of satellite transponder lease obligation
|
90.6
|
87.1
|
||||
|
Trade
accounts payable
|
3,430.9
|
3,485.8
|
||||
|
Customer
deposits and advances
|
15,140.5
|
17,065.2
|
||||
|
Taxes
payable
|
679.9
|
1,191.4
|
||||
|
Accrued
interest
|
96.4
|
264.7
|
||||
|
Due
to affiliated companies
|
46.3
|
38.5
|
||||
|
Other
accrued liabilities
|
1,942.3
|
2,068.5
|
||||
|
Total
current liabilities
|
22,665.1
|
25,197.6
|
||||
|
Long-term
debt, net of current portion
|
17,784.5
|
17,976.0
|
||||
|
Satellite
transponder lease obligation, net of current portion
|
1,120.9
|
1,131.8
|
||||
|
Customer
deposits and advances, noncurrent
|
268.2
|
270.9
|
||||
|
Other
long-term liabilities
|
535.3
|
527.4
|
||||
|
Deferred
taxes
|
1,221.0
|
1,503.9
|
||||
|
Pension
plans, seniority premiums, and severance indemnities
|
295.7
|
290.0
|
||||
|
Total
liabilities
|
43,890.7
|
46,897.6
|
||||
|
STOCKHOLDERS'
EQUITY
|
||||||
|
Capital
stock issued, no par value
|
10,229.0
|
10,229.0
|
||||
|
Additional
paid-in capital
|
4,427.7
|
4,427.7
|
||||
|
14,656.7
|
14,656.7
|
|||||
|
Retained
earnings:
|
||||||
|
Legal
reserve
|
2,079.0
|
2,079.0
|
||||
|
Reserve
for repurchase of shares
|
4,504.5
|
4,504.5
|
||||
|
Unappropriated
earnings
|
25,560.4
|
16,885.0
|
||||
|
Majority
interest net income for the period
|
733.6
|
8,673.4
|
||||
|
32,877.5
|
32,141.9
|
|||||
|
Accumulated
other comprehensive loss, net
|
(3,337.5)
|
(3,741.3)
|
||||
|
Shares
repurchased
|
(8,541.7)
|
(7,680.4)
|
||||
|
20,998.3
|
20,720.2
|
|||||
|
Total
majority interest
|
35,655.0
|
35,376.9
|
||||
|
Minority
interest
|
1,831.7
|
1,599.2
|
||||
|
Total
stockholders' equity
|
37,486.7
|
36,976.1
|
||||
|
Total
liabilities and stockholders' equity
|
Ps.
|
81,377.4
|
Ps.
|
83,873.7
|
||
GRUPO
TELEVISA, S.A.B.
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
FOR
THE THREE MONTHS ENDED MARCH 31, 2007 AND 2006
(Millions
of Mexican pesos in purchasing power as of March 31, 2007)
|
Three
months ended March 31,
|
|||||||
|
2007
|
2006
|
||||||
|
(Unaudited)
|
(Unaudited)
|
||||||
|
Net
sales
|
Ps.
|
8,231.9
|
Ps.
|
7,776.2
|
|||
|
Cost
of sales1
|
3,957.4
|
3,619.1
|
|||||
|
General
expenses:
|
|||||||
|
Selling1
|
652.8
|
672.0
|
|||||
|
Administrative1
|
554.2
|
561.5
|
|||||
|
Depreciation
and amortization
|
699.6
|
655.6
|
|||||
|
Operating
income2
|
2,367.9
|
2,268.0
|
|||||
|
Other
expense, net
|
695.6
|
92.3
|
|||||
|
Integral
result of financing:
|
|||||||
|
Interest
expense
|
462.9
|
491.1
|
|||||
|
Interest
income
|
(313.4
|
) |
(288.6
|
) | |||
|
Foreign
exchange gain, net
|
(287.2
|
) |
(29.8
|
) | |||
|
Loss
from monetary position, net
|
71.8
|
48.9
|
|||||
|
(65.9
|
) |
221.6
|
|||||
|
Equity
in losses (earnings) of affiliates, net
|
195.3
|
(49.1
|
) | ||||
|
Income
before income taxes
|
1,542.9
|
2,003.2
|
|||||
|
Income
taxes
|
567.9
|
532.9
|
|||||
|
Consolidated
net income
|
975.0
|
1,470.3
|
|||||
|
Minority
interest net income
|
241.4
|
122.3
|
|||||
|
Majority
interest net income
|
Ps.
|
733.6
|
Ps.
|
1,348.0
|
|||
|
1
|
Excluding
depreciation and amortization.
|
|
2
|
Operating
income is an additional income level permitted by the
Mexican Financial
Reporting Standards in the presentation of an income
statement, and is a
generally accepted measure practice in the Company’s
industry.
|
NATIONAL
URBAN RATINGS AND AUDIENCE SHARE FOR FULL-YEAR 2006 AND FIRST QUARTER OF
20071:
SIGN-ON
TO SIGN-OFF - 6:00 TO 24:00, MONDAY TO SUNDAY
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2006
|
Jan
|
Feb
|
Mar
|
1Q07
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
11.6
|
12.3
|
11.9
|
11.0
|
11.0
|
11.5
|
11.2
|
11.7
|
11.8
|
11.8
|
12.1
|
11.0
|
11.6
|
11.5
|
11.7
|
10.8
|
11.3
|
|
Share
(%)
|
31.3
|
32.0
|
30.9
|
30.3
|
29.9
|
30.7
|
31.3
|
32.5
|
33.3
|
33.6
|
33.2
|
33.0
|
31.8
|
32.4
|
33.4
|
30.7
|
32.2
|
|
Total
Televisa2
|
|||||||||||||||||
|
Rating
|
26.3
|
27.4
|
26.9
|
25.2
|
26.1
|
26.2
|
25.7
|
26.1
|
25.3
|
25.2
|
26.1
|
24.0
|
25.9
|
25.2
|
25.0
|
24.5
|
24.9
|
|
Share
(%)
|
70.9
|
71.2
|
69.7
|
69.4
|
70.8
|
70.0
|
71.6
|
72.1
|
71.5
|
71.4
|
71.5
|
71.6
|
71.0
|
71.2
|
71.1
|
69.9
|
70.8
|
PRIME
TIME - 16:00 TO 23:00, MONDAY TO SUNDAY3
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2006
|
Jan
|
Feb
|
Mar
|
1Q07
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
17.7
|
18.6
|
17.7
|
16.3
|
15.8
|
15.6
|
16.4
|
17.5
|
17.1
|
17.1
|
16.8
|
14.8
|
16.8
|
16.7
|
17.5
|
15.0
|
16.4
|
|
Share
(%)
|
33.0
|
33.9
|
32.5
|
31.9
|
30.7
|
31.3
|
33.2
|
34.4
|
34.4
|
34.4
|
32.4
|
31.8
|
32.8
|
33.4
|
35.2
|
31.0
|
33.2
|
|
Total
Televisa2
|
|||||||||||||||||
|
Rating
|
37.0
|
38.2
|
37.1
|
34.6
|
35.4
|
34.1
|
34.7
|
36.1
|
35.1
|
34.8
|
36.2
|
32.8
|
35.5
|
35.2
|
35.0
|
33.1
|
34.4
|
|
Share
(%)
|
69.0
|
69.7
|
68.0
|
67.9
|
68.7
|
68.6
|
70.3
|
71.0
|
70.5
|
69.9
|
69.9
|
70.5
|
69.5
|
70.4
|
70.4
|
68.4
|
69.7
|
WEEKDAY
PRIME TIME - 19:00 TO 23:00, MONDAY TO FRIDAY3
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2006
|
Jan
|
Feb
|
Mar
|
1Q07
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
22.0
|
22.4
|
21.2
|
22.6
|
22.5
|
21.7
|
23.2
|
23.5
|
23.0
|
22.9
|
20.9
|
20.3
|
22.2
|
22.2
|
23.7
|
20.5
|
22.1
|
|
Share
(%)
|
35.2
|
35.0
|
33.5
|
38.0
|
37.2
|
37.2
|
40.2
|
39.7
|
40.1
|
39.5
|
35.2
|
36.4
|
37.3
|
38.1
|
41.1
|
36.3
|
38.5
|
|
Total
Televisa2
|
|||||||||||||||||
|
Rating
|
41.4
|
43.4
|
41.1
|
40.5
|
42.2
|
40.5
|
41.5
|
42.8
|
42.6
|
42.1
|
42.4
|
40.1
|
41.7
|
41.8
|
41.9
|
39.1
|
40.9
|
|
Share
(%)
|
66.3
|
67.8
|
65.1
|
67.9
|
69.9
|
69.6
|
72.0
|
72.2
|
74.1
|
72.8
|
71.3
|
72.0
|
70.1
|
71.9
|
72.5
|
69.5
|
71.3
|
1
National
urban ratings and audience share are certified by IBOPE and are based upon
IBOPE's national surveys, which are calculated seven days a week, in Mexico
City, Guadalajara, Monterrey, and 25 other cities with a population of
more than
500,000 people. “Ratings” for a period refers to the number of television sets
tuned into the Company’s programs as a percentage of the total number of all
television households. “Audience share” is the number of television sets tuned
into the Company's programs as a percentage of the number of households
watching
conventional over-the-air television during that period, without regard
to the
number of viewers.
2
"Total
Televisa" includes the Company's four networks as well as all local affiliates
(including affiliates of Channel 4, most of which receive only a portion
of
their daily programming from Channel 4). Programming on affiliates of Channel
4
is generally broadcast in 12 of the 28 cities covered by national surveys.
Programming on Channel 9 affiliates is broadcast in all of the cities covered
by
national surveys.
3
"Televisa Prime Time" is the time during which the Company generally charges
its
highest rates for its networks.
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,
thereunto
duly authorized.
|
GRUPO
TELEVISA, S.A.B.
|
|||
|
(Registrant)
|
|||
|
Dated
April 25, 2007
|
By:
|
/s/
Jorge Lutteroth Echegoyen
|
|
|
Name:
|
Jorge Lutteroth Echegoyen | ||
|
Title:
|
Controller, Vice President | ||