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 October, 2008
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
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x
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Form
40-F
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(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.)
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Yes
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No
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x
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(If “Yes”
is marked indicate below the file number assigned to the registrant in
connection with Rule 12g-3-2(b): 82.)
Third-Quarter 2008 Results
FOR
IMMEDIATE RELEASE
Highlights
|
Ø
|
Record
third-quarter consolidated net sales and operating segment
income
|
|
Ø
|
Consolidated
net sales increased 21%, and operating segment income increased 14% in
nominal terms
|
|
Ø
|
Television
Broadcasting net sales increased 6.1% in nominal terms, and the operating
segment income margin was
50.3%
|
|
Ø
|
Average
weekday prime-time audience share was
74.5%
|
|
Ø
|
Sky
sales increased 12.2%, and operating segment income increased 14% in
nominal terms
|
Consolidated
Results
Mexico
City, D.F., October 23, 2008—Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO;
“Televisa” or “the Company”), today announced results for third quarter 2008.
The results have been prepared in accordance with Mexican Financial Reporting
Standards (Mexican FRS)1.
The
following table sets forth a condensed consolidated statement of income for the
three months ended September 30, 2008 and 2007, in millions of Mexican pesos, as
well as the percentage of net sales that each line represents and the percentage
change when comparing third quarter 2008 with third quarter 2007:
|
3Q 20081
|
Margin
%
|
3Q 20071
|
Margin%
|
3Q 20072
|
Margin%
|
Change2%
|
|
|
Net
sales
|
12,459.0
|
100
|
10,580.3
|
100
|
10,295.1
|
100
|
21.0
|
|
Operating
income
|
3,976.1
|
31.9
|
3,859.0
|
36.5
|
3,714.9
|
36.1
|
7.0
|
|
Consolidated
net income
|
2,281.4
|
18.3
|
2,659.6
|
25.1
|
2,541.1
|
24.7
|
(10.2)
|
|
Majority
interest net income
|
2,067.0
|
16.6
|
2,399.8
|
22.7
|
2,286.8
|
22.2
|
(9.6)
|
Consolidated
net sales increased 21% to Ps.12,459 million in third quarter 2008 compared with
Ps.10,295.1 million in third quarter 2007. This increase was attributable to
revenue growth in our Cable and Telecom, Television Broadcasting, Sky,
Publishing, Other Businesses, and Pay Television Networks segments.
Consolidated
operating income increased 7% to Ps.3,976.1 million in third quarter 2008
compared with Ps.3,714.9 million in third quarter 2007. This increase was
attributable to higher sales that were partially offset by higher cost of sales,
operating expenses, and depreciation and amortization.
Majority
interest net income decreased 9.6% to Ps.2,067 million in third quarter 2008
compared with Ps.2,286.8 million in third quarter 2007. The net decrease of
Ps.219.8 million reflected a Ps.560 million increase in integral cost of
financing, as well as a Ps.36.4 million increase in other expense, net. These
unfavorable changes were partially offset by i) a Ps.261.2 million increase in
operating income; ii) a Ps.1.1 million decrease in equity in losses of
affiliates, net; iii) a Ps.74.4 million decrease in income taxes; and iv) a
Ps.39.9 million decrease in minority interest net income.
1
We recognized the effects of inflation in our financial information
through December 31, 2007. Beginning January 1, 2008, in accordance with the
guidelines provided by Mexican FRS, we no longer recognize such effects in our
financial reporting. Accordingly, we are presenting our results for third
quarter 2008 in millions of nominal Mexican pesos. Also, as required by Mexican
FRS, we are presenting our third quarter 2007 results in millions of
Mexican pesos in purchasing power as of December 31, 2007.
2
We also present our third quarter 2007 results in nominal terms to
provide additional comparison with our third quarter 2008 results. Results are
explained comparing nominal third quarter figures for each
year.
Third-Quarter Results by Business
Segment
The
following table presents third-quarter results ended September 30, 2008 and
2007, for each of our business segments. Results for the third quarter 2007 are
adjusted in millions of Mexican pesos in purchasing power as of December 31,
2007, and results for the third quarter 2008 are stated in millions of nominal
Mexican pesos.
|
Net
Sales
|
3Q
2008
|
%
|
3Q
2007
|
%
|
Inc.
%
|
|
Television
Broadcasting
|
5,576.9
|
43.7
|
5,438.4
|
49.8
|
2.5
|
|
Pay
Television Networks
|
534.9
|
4.2
|
477.5
|
4.4
|
12.0
|
|
Programming
Exports
|
551.9
|
4.3
|
594.4
|
5.4
|
(7.2)
|
|
Publishing
|
901.6
|
7.0
|
824.1
|
7.6
|
9.4
|
|
Sky
|
2,296.6
|
18.0
|
2,090.9
|
19.2
|
9.8
|
|
Cable
and Telecom
|
1,980.9
|
15.5
|
614.2
|
5.6
|
222.5
|
|
Other Businesses1
|
929.5
|
7.3
|
869.2
|
8.0
|
6.9
|
|
Segment
Net Sales
|
12,772.3
|
100.0
|
10,908.7
|
100.0
|
17.1
|
|
Intersegment Operations2
|
(313.3)
|
(328.4)
|
4.6
|
||
|
Consolidated
Net Sales
|
12,459.0
|
10,580.3
|
17.8
|
|
Operating Segment Income (Loss)3
|
3Q
2008
|
Margin
%
|
3Q
2007
|
Margin
%
|
Inc.
%
|
|
Television
Broadcasting
|
2,803.9
|
50.3
|
2,824.2
|
51.9
|
(0.7)
|
|
Pay
Television Networks
|
335.2
|
62.7
|
306.3
|
64.1
|
9.4
|
|
Programming
Exports
|
238.3
|
43.2
|
287.7
|
48.4
|
(17.2)
|
|
Publishing
|
160.1
|
17.8
|
157.8
|
19.1
|
1.5
|
|
Sky
|
1,120.2
|
48.8
|
1,003.6
|
48.0
|
11.6
|
|
Cable
and Telecom
|
674.7
|
34.1
|
223.2
|
36.3
|
202.3
|
|
Other Businesses1
|
(55.4)
|
(6.0)
|
(11.5)
|
(1.3)
|
(381.7)
|
|
Operating
Segment Income
|
5,277.0
|
41.3
|
4,791.3
|
43.9
|
10.1
|
|
Corporate
Expenses
|
(151.2)
|
(1.2)
|
(87.3)
|
(0.8)
|
(73.2)
|
|
Depreciation
and Amortization
|
1,149.7
|
9.2
|
845.0
|
8.0
|
36.1
|
|
Consolidated
Operating Income
|
3,976.1
|
31.9
|
3,859.0
|
36.5
|
3.0
|
|
|
1 Our Publishing Distribution
segment is now included under Other
Businesses.
|
|
|
2 For segment reporting purposes,
intersegment operations are included in each of the segment
operations.
|
|
|
3 Operating segment income (loss) is defined as segment
operating income (loss) before depreciation and amortization, and
corporate expenses.
|
Third-Quarter
Results by Business Segment in Nominal Terms
The
following table presents third-quarter results ended September 30, 2008 and
2007, for each of our business segments. Results for the third-quarter 2007 and
2008 are presented in millions of nominal Mexican pesos.
|
Net
Sales
|
3Q
2008
|
%
|
3Q
2007
|
%
|
Inc.
%
|
|
Television
Broadcasting
|
5,576.9
|
43.7
|
5,256.2
|
49.5
|
6.1
|
|
Pay
Television Networks
|
534.9
|
4.2
|
468.0
|
4.4
|
14.3
|
|
Programming
Exports
|
551.9
|
4.3
|
581.7
|
5.5
|
(5.1)
|
|
Publishing
|
901.6
|
7.0
|
811.6
|
7.6
|
11.1
|
|
Sky
|
2,296.6
|
18.0
|
2,046.3
|
19.3
|
12.2
|
|
Cable
and Telecom
|
1,980.9
|
15.5
|
601.1
|
5.7
|
229.5
|
|
Other Businesses1
|
929.5
|
7.3
|
851.6
|
8.0
|
9.1
|
|
Segment
Net Sales
|
12,772.3
|
100.0
|
10,616.5
|
100.0
|
20.3
|
|
Intersegment Operations2
|
(313.3)
|
(321.4)
|
2.5
|
||
|
Consolidated
Net Sales
|
12,459.0
|
10,295.1
|
21.0
|
|
Operating Segment Income (Loss)3
|
3Q
2008
|
Margin
%
|
3Q
2007
|
Margin
%
|
Inc.
%
|
|
Television
Broadcasting
|
2,803.9
|
50.3
|
2,696.4
|
51.3
|
4.0
|
|
Pay
Television Networks
|
335.2
|
62.7
|
300.2
|
64.1
|
11.7
|
|
Programming
Exports
|
238.3
|
43.2
|
281.3
|
48.4
|
(15.3)
|
|
Publishing
|
160.1
|
17.8
|
158.7
|
19.6
|
0.9
|
|
Sky
|
1,120.2
|
48.8
|
982.3
|
48.0
|
14.0
|
|
Cable
and Telecom
|
674.7
|
34.1
|
218.4
|
36.3
|
208.9
|
|
Other Businesses1
|
(55.4)
|
(6.0)
|
(10.1)
|
(1.2)
|
(448.5)
|
|
Operating
Segment Income
|
5,277.0
|
41.3
|
4,627.2
|
43.6
|
14.0
|
|
Corporate
Expenses
|
(151.2)
|
(1.2)
|
(85.4)
|
(0.8)
|
(77.0)
|
|
Depreciation
and Amortization
|
1,149.7
|
9.2
|
826.9
|
8.0
|
39.0
|
|
Consolidated
Operating Income
|
3,976.1
|
31.9
|
3,714.9
|
36.1
|
7.0
|
|
|
1 Our Publishing Distribution
segment is now included under Other
Businesses.
|
|
|
2 For segment reporting purposes,
intersegment operations are included in each of the segment
operations.
|
|
|
3 Operating segment income (loss) is defined as segment
operating income (loss) before depreciation and amortization, and
corporate expenses.
|
|
Television
Broadcasting
|
Third-quarter
sales increased
6.1% to Ps.5,576.9 million compared with Ps.5,256.2 million in third
quarter 2007. This increase was driven by strong ratings primarily in
prime time and by our broadcast of the 2008 Olympic
Games.
|
|
Third-quarter
operating segment income increased
4% to Ps.2,803.9 million compared with Ps.2,696.4 million in third quarter
2007, and the margin was 50.3%. These results reflect higher sales that
were partially offset by higher cost of sales and operating expenses
related primarily to the Summer Olympic
Games.
|
|
|
Pay
Television Networks
|
Third-quarter
sales increased 14.3% to
Ps.534.9 million compared with Ps.468 million in third quarter 2007. This
increase reflects i) higher revenues resulting from additional subscribers
in Mexico, Latin America, and Spain; and ii) higher advertising
sales.
|
|
Third-quarter
operating segment income increased
11.7% to Ps.335.2 million compared with Ps.300.2 million in third quarter
2007, and the margin was 62.7%. These results were driven by higher sales
that were partially offset by an increase in cost of sales and operating
expenses.
|
|
Programming
Exports
|
Third-quarter
sales decreased
5.1% to Ps.551.9 million compared with Ps.581.7 million in third quarter
2007. This decline was driven primarily by a negative translation effect
on foreign-currency denominated sales amounting to Ps.24.1 million. This
was partially offset by a 4.2% increase in royalties from Univision, which
amounted to US$37.3 million for the
quarter.
|
|
Third-quarter
operating segment income decreased
15.3% to Ps.238.3 million compared with Ps.281.3 million in third quarter
2007, and the margin was 43.2%. These results were driven by lower sales
that were partially offset by lower operating
expenses.
|
|
|
Publishing
|
Third-quarter
sales increased
11.1% to Ps.901.6 million compared with Ps.811.6 million in third quarter
2007. This reflects i) an increase in advertising and magazine circulation
sales abroad driven mainly by the acquisition of Editorial Atlántida; and
ii) higher advertising sales in Mexico. This was partially offset by a
decrease in circulation sales in Mexico and by a negative translation
effect on foreign-currency denominated sales that amounted to Ps.12.9
million.
|
|
Third-quarter
operating segment income increased
0.9% to Ps.160.1 million, compared with Ps.158.7 million in third quarter
2007; the margin was 17.8%. These results were driven by higher sales,
which were partially offset by higher cost of sales and operating
expenses.
|
|
|
Sky
|
Third-quarter
sales increased
12.2% to Ps.2,296.6 million compared with Ps.2,046.3 million in third
quarter 2007. This result reflects an increase in the subscriber base in
Mexico, Central America, and the Dominican Republic. As of September 30,
2008, the number of gross active subscribers increased to 1,728,214
(including 124,399 commercial subscribers), compared with 1,542,466
(including 107,386 commercial subscribers) as of September 30, 2007. Sky
closed the quarter with 87 thousand subscribers in Central America and the
Dominican Republic.
|
|
Third-quarter
operating segment income increased
14% to Ps.1,120.2 million compared with Ps.982.3 million in third quarter
2007, and the margin increased to 48.8%. These results reflect higher
sales that were partially offset by higher cost of sales and operating
expenses.
|
|
|
Cable
and Telecom
|
Third-quarter
sales increased
229.5% to Ps.1,980.9 million compared with Ps.601.1 million in third
quarter 2007. This increase was attributable to i) a 23.1% increase in
sales of Cablevisión, driven mainly by an increase in revenue generating
units (RGUs); ii) the consolidation of Cablemás; and iii) the
consolidation of Bestel, which generated sales of Ps.448.2
million.
|
|
Third-quarter
operating segment income increased
208.9% to Ps.674.7 million compared with Ps.218.4 million in third quarter
2007, and the margin was 34.1%. These results reflected higher sales that
were partially offset by an increase in costs and expenses related to
Bestel and Cablemás. Bestel generated operating segment income of Ps.80.6
million during the quarter.
The
following table sets forth the breakdown of subscribers, as well as
operating results for Cablevisión and
Cablemás.
|
|
3Q
2008
|
Cablevisión
|
Cablemás
|
|
Video
|
580,761
|
821,191
|
|
Internet
|
189,259
|
235,422
|
|
Telephony
|
38,352
|
73,284
|
|
RGUs
|
808,372
|
1,129,897
|
|
Revenue
|
739.8
|
792.9
|
|
Operating
Segment Income
|
317.3
|
276.8
|
|
Margin
(%)
|
42.9
|
34.9
|
|
Other
Businesses
|
Third-quarter
sales increased
9.1% to Ps.929.5 million compared with Ps.851.6 million in third quarter
2007. This increase was attributable to higher sales in our gaming, radio,
and publishing distribution businesses, which were partially offset by a
decrease in sales in our soccer, internet, and feature-film distribution
businesses.
|
|
Third-quarter
operating segment loss increased
to Ps.55.4 million compared with a loss of Ps.10.1 million in third
quarter 2007, reflecting higher cost of sales that were partially offset
by higher sales and lower operating
expenses.
|
Corporate
Expenses
Share-based
compensation expense in third quarter 2008 and 2007 amounted to Ps.90.2 million
and Ps.37 million, respectively, and was accounted for as corporate expense.
Share-based compensation expense is measured at fair value at the time the
equity benefits are granted to officers and employees and is recognized over the
vesting period in majority stockholders’ equity.
Non-operating
Results in Nominal Terms
Other
expense, net
Other
expense, net, increased by Ps.36.4 million, to Ps.69.1 million in third quarter
2008, and comprises primarily professional services and donations. Last year’s
other expense, net benefited from a gain on disposition of investment in the
amount of Ps.46.2 million.
Integral
cost of financing
The
following table sets forth integral cost of financing for the three months ended
September 30, 2008 and 2007.
|
3Q
2008
|
3Q
2007
|
Increase
(decrease)
|
|
|
Interest
expense
|
819.1
|
520.4
|
298.7
|
|
Interest
income
|
(304.6)
|
(453.4)
|
148.8
|
|
Foreign
exchange loss (gain), net
|
71.7
|
(197.6)
|
269.3
|
|
Loss
from monetary position, net
|
-
|
156.8
|
(156.8)
|
|
Integral
cost of financing
|
586.2
|
26.2
|
560.0
|
The net
expense attributable to integral cost of financing increased by Ps.560 million
to Ps.586.2 million in third quarter 2008 from Ps.26.2 million in third quarter
2007. This increase reflected primarily i) a Ps.298.7 million increase in
interest expense, due primarily to a higher principal amount of long-term debt
in third quarter 2008; ii) a Ps.148.8 million decrease in interest income
explained primarily by a reduction of interest rates applicable to foreign
currency temporary investments and the decrease of interest income resulting
from the conversion of our note into equity of Cablemás in May of 2008; and iii)
a Ps.269.3 million increase in foreign-exchange loss resulting primarily from
our net monetary US dollar liability position, in conjunction with a 6.03%
depreciation of the Mexican peso against the US dollar in third quarter 2008
compared with a net monetary US dollar asset position in conjunction with a
1.15% depreciation of the Mexican peso against the US dollar in third quarter
2007. These unfavorable variances were partially offset by the absence of a
Ps.156.8 million loss from monetary position recognized in third quarter 2007,
as we ceased recognizing the effects of inflation beginning on January 1, 2008,
in accordance with the guidelines of Mexican FRS.
Equity
in losses of affiliates, net
Equity
in losses of affiliates, net, decreased by Ps.1.1 million, or 0.7%, to Ps.146.9
million in third quarter 2008 compared with Ps.148 million in third quarter
2007. Equity in losses of affiliates, net, comprises mainly the equity in loss
of our 40% interest in La Sexta.
Income
taxes
Income
taxes decreased by Ps.74.4 million, or 7.7%, to Ps.892.5 million in third
quarter 2008 from Ps.966.9 million in third quarter 2007. This decrease reflects
primarily a lower income tax base in third quarter 2008.
Minority
interest net income
Minority
interest net income decreased by Ps.39.9 million, or 15.7%, to Ps.214.4 million
in third quarter 2008, from Ps.254.3 million in third quarter 2007. This
decrease reflects primarily the portion of consolidated net income attributable
to interests held by minority equity owners in our Sky and Cable and Telecom
segments.
Other
Relevant Information
Capital
expenditures and investments
In
third quarter 2008, we invested approximately US$137 million in property, plant,
and equipment as capital expenditures, including approximately US$79.5 million
for our Cable and Telecom segment, US$26.3 million for our Sky segment, US$8.3
million for our Gaming business, and US$22.9 million for our Television
Broadcasting segment and other businesses segment. In addition, we made
investments related to our 40% interest in La Sexta in the aggregate amount of
€1.2 million.
Our
Cable and Telecom segment includes capital expenditures of US$47.4 million for
Cablemás, US$25 million for Cablevisión and US$7.1 million for
Bestel.
Debt
and satellite transponder lease obligation
On
September 19, 2008, Sky retired the remaining portion of its 2013 Senior Notes
for a consideration of US$11.2 million plus accrued interest and a premium of
4.6875%. As of September 30, 2008, Sky’s debt amounted to Ps.3,500 million in
fixed-rate, peso-denominated direct bank loans that expire in 2016. Sky’s cash
and temporary investments as of September 30, 2008, amounted to Ps.4,954
million, 53% of which is invested in short-term, dollar-denominated
instruments.
The
following table sets forth our total consolidated debt and satellite transponder
lease obligation as of September 30, 2008 and 2007. Amounts as of September 30,
2008, are stated in millions of nominal Mexican pesos, and amounts as of
September 30, 2007, are stated in millions of Mexican pesos in purchasing power
as of December 31, 2007.
|
September
30, 2008
|
September
30, 2007
|
Increase
(decrease)
|
|
|
Current
portion of long-term debt
|
1,173.3
|
494.6
|
678.7
|
|
Long-term
debt (excluding current portion)
|
31,095.0
|
22,276.7
|
8,818.3
|
|
32,268.3
|
22,771.3
|
9,497.0
|
|
|
Current
portion of satellite transponder lease obligation
|
106.6
|
96.4
|
10.2
|
|
Long-term
satellite transponder lease obligation
(excluding
current portion)
|
955.6
|
1,077.2
|
(121.6)
|
|
1,062.2
|
1,173.6
|
(111.4)
|
As
of September 30, 2008 and 2007, our consolidated net cash position (cash and
cash equivalents, temporary investments, and long-term investments less total
debt) was Ps.1,924.3 million and Ps.4,888 million, respectively. Long-term
investments as of September 30, 2008 and 2007, amounted to Ps.880 million and
Ps.2,956.3 million, respectively.
As
of September 30, 2008 our total debt amounted to Ps.32.3 billion, this includes
dollar-denominated debt of US$1.9 billion dollars. The average duration of our
debt is 13.5 years; we have no significant maturities until 2012 and almost all
of our debt has fixed interest rates. Our cash, short-term and long-term
investments as of September 30, 2008, amounted to Ps.34.2 billion, including
foreign-denominated investments of US$2.1 billion dollars and €81.4 million
euros.
Registration
of 6% Senior Notes due 2018
In
August 2008, we concluded the exchange of unregistered 6% Senior Notes due 2018
for registered 6% Senior Notes due 2018. As a result, approximately 99.9% of the
Senior Notes issued in second quarter 2008, for an aggregate principal amount of
US$500 million, were registered under the Securities Act of 1933, as
amended.
During
third quarter 2008, we repurchased approximately 9.6 million CPOs in the
aggregate amount of Ps.460.9 million.
Television
ratings and audience share
National
urban ratings and audience share reported by IBOPE confirm that, in third
quarter 2008, 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 74.5%; in prime time (16:00 to 23:00, Monday to Sunday), audience
share amounted to 71.9%; and in sign-on to sign-off (6:00 to 24:00, Monday to
Sunday), audience share amounted to 72.7%.
Jose
Bastón appointed President of Television and Content
Mr.
José Bastón has been appointed President of Television and Content, effective
October 20, 2008. Mr. Bastón will continue to operate our television
businesses and content production. Our internet business will report to both Mr.
Bastón and to our Executive Vice President, Alfonso de
Angoitia.
For
the full year, we continue to expect Television Broadcasting full-year sales and
operating segment income to grow by approximately 4.5% in nominal
terms.
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, cable television and telecommunication
services, magazine publishing and distribution, radio production and
broadcasting, professional sports and live entertainment, feature-film
production and distribution, the operation of an internet portal, and gaming.
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)
|
|
###
|
|
Investor Relations:
|
Media Relations:
|
|
Michel
Boyance
María José
Cevallos
Tel:
(5255) 5261-2445
Fax:
(5255)5261-2494
ir@televisa.com.mx
http://www.televisa.com
http://www.televisair.com
|
Manuel
Compeán
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 SEPTEMBER 30, 2008, AND DECEMBER 31, 2007
AS OF SEPTEMBER 30, 2008, AND DECEMBER 31, 2007
(Millions
of Mexican Pesos*)
|
ASSETS
|
September 30,
2008
(Unaudited)
|
December
31,
2007
(Audited)
|
|||||||||||
| Current: | |||||||||||||
| Cash and cash equivalents | Ps. |
32,124.1
|
Ps. |
25,479.5
|
|||||||||
| Temporary investments |
1,188.5
|
1,825.4
|
|||||||||||
|
33,312.6
|
27,304.9
|
||||||||||||
|
|
|
|
|||||||||||
| Trade notes and accounts receivable, net |
8,867.6
|
17,294.7
|
|||||||||||
|
Other accounts and notes receivable, net
|
2,583.8
|
2,590.3
|
|||||||||||
|
Due from affiliated companies
|
104.5
|
195.0
|
|||||||||||
|
Transmission rights and programming
|
3,504.9
|
3,154.7
|
|||||||||||
|
Inventories
|
1,599.4
|
834.0
|
|||||||||||
|
Other current assets
|
1,124.6
|
653.3
|
|||||||||||
|
Total
current assets
|
51,097.4
|
52,026.9
|
|||||||||||
|
Transmission
rights and programming
|
5,896.0
|
5,252.7
|
|||||||||||
|
Investments
|
3,488.0
|
8,115.6
|
|||||||||||
|
Property,
plant, and equipment, net
|
29,108.0
|
25,171.3
|
|||||||||||
|
Intangible
assets and deferred charges, net
|
11,516.3
|
8,098.7
|
|||||||||||
|
Other
assets
|
63.0
|
38.3
|
|||||||||||
|
Total
assets
|
|
Ps.
|
101,168.7
|
|
Ps. |
98,703.5
|
|||||||
*We recognized
the effects of inflation in our financial information through December 31, 2007.
Beginning January 1, 2008, in accordance with the guidelines provided by Mexican
FRS, we ceased recognizing such effects in our financial reporting. Also, as
required by Mexican FRS, the amounts stated in the consolidated balance sheet as
of December 31, 2007, are stated in millions of Mexican pesos in purchasing
power as of December 31, 2007.
GRUPO
TELEVISA, S.A.B.
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS
AS
OF SEPTEMBER 30, 2008, AND DECEMBER 31, 2007
(Millions
of Mexican Pesos*)
|
LIABILITIES
|
September 30,
2008 (Unaudited)
|
December
31,
2007 (Audited)
|
|||||
|
Current:
|
|||||||
|
Current portion of long-term debt
|
Ps. |
1,173.2
|
Ps. |
488.7
|
|||
|
Current portion of satellite
transponder lease obligation
|
106.6
|
97.7
|
|||||
|
Trade accounts payable
|
5,351.2
|
4,457.5
|
|||||
|
Customer deposits and advances
|
7,778.7
|
17,145.1
|
|||||
|
Taxes payable
|
617.6
|
684.5
|
|||||
|
Accrued interest
|
403.8
|
307.8
|
|||||
|
Employee benefits
|
487.0 | 255.6 | |||||
| Due to affiliated companies | 72.9 | 127.2 | |||||
|
Other accrued liabilities
|
1,622.0
|
1,918.3
|
|||||
|
Total
current liabilities
|
17,613.1 | 25,482.4 | |||||
|
Long-term debt, net of current
portion
|
31,095.0
|
24,433.4
|
|||||
|
Satellite transponder lease obligation, net of
current portion
|
955.6
|
1,035.1
|
|||||
|
Customer
deposits and advances, noncurrent
|
2,600.2
|
2,665.2
|
|||||
|
Other
long-term liabilities
|
3,432.4
|
2,849.4
|
|||||
|
Deferred
taxes
|
1,338.4
|
1,272.8
|
|||||
|
Retirement and termination employee
benefits
|
241.0
|
314.9
|
|||||
|
Total
liabilities
|
57,275.7
|
58,053.2
|
|||||
|
STOCKHOLDERS'
EQUITY
|
|||||||
|
Capital
stock issued, no par value
|
10,061.0
|
10,267.6
|
|||||
|
Additional
paid-in capital
|
4,547.9 | 4,547.9 | |||||
|
|
14,608.9
|
14,815.5
|
|||||
|
Retained
earnings:
|
|||||||
|
Legal
reserve
|
2,135.4
|
2,135.4
|
|||||
|
Reserve
for repurchase of shares
|
-
|
1,240.9
|
|||||
|
Unappropriated
earnings
|
19,524.0
|
21,713.4
|
|||||
|
Net
income for the period
|
4,961.3
|
8,082.5
|
|||||
| 26,620.7 |
33,172.2
|
||||||
|
Accumulated
other comprehensive income (loss), net
|
2,801.4
|
(3,009.5
|
) | ||||
|
Shares
repurchased
|
(5,272.6
|
) |
(7,939.1
|
) | |||
| 24,149.5 | 22,223.6 | ||||||
|
Total
majority interest
|
38,758.4
|
37,039.1
|
|||||
|
Minority
interest
|
5,134.6
|
3,611.2
|
|||||
|
Total
stockholders' equity
|
43,893.0
|
40,650.3
|
|||||
|
Total
liabilities and stockholders' equity
|
Ps. |
101,168.7
|
Ps. |
98,703.5
|
|||
*We recognized
the effects of inflation in our financial information through December 31, 2007.
Beginning January 1, 2008, in accordance with the guidelines provided by Mexican
FRS, we ceased recognizing such effects in our financial reporting. Also, as
required by Mexican FRS, the amounts stated in the consolidated balance sheet as
of December 31, 2007, are stated in millions of Mexican pesos in purchasing
power as of December 31, 2007.
|
GRUPO
TELEVISA, S. A. B.
|
||||||||||||||
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||
|
FOR
THE THREE MONTHS ENDED SEPTEMBER 2008 AND
2007
|
||||||||||||||
|
(Millions
of Mexican Pesos)
|
|
Three
months ended September 30,
|
||||||||||||
|
20008
|
2007
|
2007
|
||||||||||
|
(Unaudited*)
|
(Unaudited*)
|
(Nominal**)
|
||||||||||
|
Net
sales
|
Ps.
|
12,459.0
|
Ps.
|
10,580.3
|
Ps.
|
10,295.1
|
||||||
|
Cost of sales1
|
5,466.2
|
4,473.0
|
4,381.3
|
|||||||||
|
General expenses:
|
||||||||||||
|
Selling1
|
1,015.2
|
815.2
|
796.8
|
|||||||||
|
Administrative1
|
851.8
|
588.1
|
575.2
|
|||||||||
|
Depreciation
and amortization
|
|
1,149.7
|
|
845.0
|
|
826.9
|
||||||
|
Operating
income
|
|
3,976.1
|
|
3,859.0
|
|
3,714.9
|
||||||
|
Other
expense, net
|
|
69.1
|
|
33.4
|
|
32.7
|
||||||
|
Integral cost
of financing:
|
||||||||||||
|
Interest
expense
|
819.1
|
531.7
|
520.4
|
|||||||||
|
Interest
income
|
(304.6
|
) |
(463.3
|
) |
(453.4
|
) | ||||||
|
Foreign
exchange loss (gain), net
|
71.7
|
(201.9
|
) |
(197.6
|
) | |||||||
|
Loss from
monetary position, net
|
-
|
160.2
|
156.8
|
|||||||||
|
|
586.2
|
|
26.7
|
|
26.2
|
|||||||
|
Equity
in losses of affiliates, net
|
|
146.9
|
|
151.3
|
|
148.0
|
||||||
|
Income
before income taxes
|
|
3,173.9
|
|
3,647.6
|
|
3,508.0
|
||||||
|
Income
taxes
|
|
892.5
|
|
988.0
|
|
966.9
|
||||||
|
Consolidated
net income
|
2,281.4
|
2,659.6
|
2,541.1
|
|||||||||
|
Minority
interest net income
|
214.4
|
259.8
|
254.3
|
|||||||||
|
Majority
interest net income
|
Ps.
|
2,067.0
|
Ps.
|
2,399.8
|
Ps.
|
2,286.8
|
||||||
1 Excluding depreciation and
amortization.
*
We recognized
the effects of inflation in our financial information through December 31, 2007.
Beginning January 1, 2008, in accordance with the guidelines provided by Mexican
FRS, we ceased recognizing such effects in our financial reporting. Also, as
required by Mexican FRS, the amounts stated in the consolidated statement of
income for the three months ended September 30, 2007, are stated in millions of
Mexican pesos in purchasing power as of December 31, 2007.
** We also
present our third-quarter 2007 results in nominal terms to provide additional
comparison with our third-quarter 2008 results.
|
GRUPO
TELEVISA, S. A. B.
|
||||||||||||||
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||
|
FOR
THE NINE MONTHS ENDED SEPTEMBER 30, 2008 AND
2007
|
||||||||||||||
|
(Millions
of Mexican Pesos)
|
|
Nine months
ended September 30,
|
||||||||||||
|
20008
|
2007
|
2007
|
||||||||||
|
(Unaudited*)
|
(Unaudited*)
|
(Nominal**)
|
||||||||||
|
Net
sales
|
Ps.
|
33,500.7
|
Ps.
|
29,154.1
|
Ps.
|
28,291.6
|
||||||
|
Cost
of sales1
|
15,211.7
|
12,874.4
|
12,538.9
|
|||||||||
|
General
expenses:
|
||||||||||||
|
Selling1
|
2,648.9
|
2,292.4
|
2,232.5
|
|||||||||
|
Administrative1
|
2,165.4
|
1,781.6
|
1,734.5
|
|||||||||
|
Depreciation
and amortization
|
3,105.8
|
2,328.2
|
2,266.8
|
|||||||||
|
Operating
income
|
10,368.9
|
9,877.5
|
9,518.9
|
|||||||||
|
Other
expense, net
|
614.1
|
829.6
|
805.9
|
|||||||||
|
Integral
cost of financing:
|
||||||||||||
|
Interest
expense
|
1,972.9
|
1,475.8
|
1,436.9
|
|||||||||
|
Interest
income
|
(1,085.9
|
)
|
(1,314.5
|
)
|
(1,279.6
|
)
|
||||||
|
Foreign
exchange loss (gain), net
|
443.4
|
(231.2
|
) |
(226.3
|
) | |||||||
|
Loss
from monetary position, net
|
-
|
169.0
|
|
165.4
|
|
|||||||
|
1,330.4
|
99.1
|
96.4
|
||||||||||
|
Equity
in losses of affiliates, net
|
436.8
|
523.1
|
509.0
|
|||||||||
|
Income
before income taxes
|
7,987.6
|
8,425.7
|
8,107.6
|
|||||||||
|
Income
taxes
|
2,217.1
|
2,446.3
|
2,382.4
|
|||||||||
|
Consolidated
net income
|
5,770.5
|
5,979.4
|
5,725.2
|
|||||||||
|
Minority
interest net income
|
809.2
|
731.5
|
712.2
|
|||||||||
|
Majority
interest net income
|
Ps.
|
4,961.3
|
Ps.
|
5,247.9
|
Ps.
|
5,013.0
|
||||||
1 Excluding depreciation and
amortization.
* We
recognized
the effects of inflation in our financial information through December 31, 2007.
Beginning January 1, 2008, in accordance with the guidelines provided by Mexican
FRS, we ceased recognizing such effects in our financial reporting. Also, as
required by Mexican FRS, the amounts stated in the consolidated statement of
income for the nine months ended September 30, 2007, are stated in millions of
Mexican pesos in purchasing power as of December 31,
2007.
**
We also
present our results for the nine months ended September 30, 2007, in nominal
terms to provide additional comparison with our results for the nine months
ended September 30, 2008.
NATIONAL
URBAN RATINGS AND AUDIENCE SHARE FOR THIRD AND FOURTH QUARTERS OF 2007 AND
FIRST, SECOND, AND THIRD QUARTERS OF 20081:
SIGN-ON
TO SIGN-OFF – 6:00 TO 24:00, MONDAY TO SUNDAY
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2007
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
3Q08
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
10.1
|
10.6
|
10.3
|
9.6
|
10.5
|
9.4
|
10.4
|
10.6
|
11.8
|
11.2
|
11.9
|
11.5
|
11.2
|
11.4
|
11.1
|
11.8
|
11.4
|
|
Share
(%)
|
28.6
|
29.7
|
29.5
|
27.9
|
28.8
|
28.0
|
29.7
|
29.0
|
32.0
|
30.8
|
33.2
|
31.7
|
31.0
|
31.6
|
31.2
|
33.1
|
32.0
|
|
Total Televisa2
|
|||||||||||||||||
|
Rating
|
25.0
|
25.5
|
25.0
|
24.4
|
26.3
|
24.1
|
24.9
|
26.2
|
27.0
|
26.0
|
26.1
|
25.9
|
25.8
|
26.4
|
25.6
|
25.9
|
26.0
|
|
Share
(%)
|
71.0
|
71.5
|
71.6
|
70.7
|
71.9
|
71.4
|
70.9
|
71.4
|
72.9
|
71.9
|
73.1
|
71.8
|
71.4
|
73.5
|
71.8
|
72.8
|
72.7
|
PRIME TIME – 16:00 TO 23:00, MONDAY TO SUNDAY3
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2007
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
3Q08
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
14.3
|
15.2
|
14.7
|
13.1
|
14.6
|
12.6
|
14.5
|
15.2
|
17.8
|
16.5
|
17.4
|
16.7
|
16.4
|
17.1
|
16.0
|
17.3
|
16.8
|
|
Share
(%)
|
29.7
|
31.2
|
30.6
|
27.7
|
28.7
|
26.9
|
29.9
|
29.6
|
34.5
|
33.2
|
35.2
|
34.0
|
33.4
|
34.9
|
33.4
|
35.1
|
34.5
|
|
Total Televisa2
|
|||||||||||||||||
|
Rating
|
33.3
|
33.9
|
33.7
|
32.1
|
35.3
|
32.1
|
33.4
|
35.7
|
37.2
|
35.4
|
35.9
|
34.7
|
34.8
|
35.6
|
34.3
|
35.3
|
35.1
|
|
Share
(%)
|
69.2
|
69.7
|
70.1
|
68.0
|
69.4
|
68.8
|
69.0
|
69.6
|
71.8
|
71.1
|
72.7
|
70.7
|
70.8
|
72.8
|
71.5
|
71.4
|
71.9
|
WEEKDAY PRIME TIME – 19:00 TO 23:00, MONDAY TO
FRIDAY3
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2007
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
3Q08
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
19.1
|
21.1
|
18.9
|
15.2
|
16.2
|
14.0
|
18.8
|
19.0
|
24.9
|
23.3
|
23.0
|
22.6
|
22.0
|
21.9
|
20.5
|
20.8
|
21.1
|
|
Share
(%)
|
34.4
|
37.4
|
33.8
|
28.0
|
27.9
|
26.5
|
33.6
|
31.6
|
40.5
|
40.6
|
40.8
|
40.2
|
39.2
|
39.3
|
37.3
|
37.3
|
38.0
|
|
Total Televisa2
|
|||||||||||||||||
|
Rating
|
38.2
|
39.4
|
38.7
|
36.2
|
39.2
|
35.0
|
38.5
|
41.5
|
45.3
|
43.4
|
43.0
|
42.0
|
41.6
|
42.0
|
40.6
|
41.4
|
41.3
|
|
Share
(%)
|
68.7
|
70.0
|
69.2
|
66.7
|
67.4
|
66.4
|
69.0
|
69.2
|
73.7
|
75.5
|
76.4
|
74.5
|
74.1
|
75.4
|
73.9
|
74.2
|
74.5
|
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:
October 29, 2008
|
By:
|
/s/ Jorge Lutteroth
Echegoyen
|
|
|
Name:
|
Jorge Lutteroth
Echegoyen
|
||
|
Title:
|
Controller,
Vice President
|
||