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 February, 2010
GRUPO TELEVISA, S.A.B.
(Translation
of registrant’s name into English)
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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.)
This
current report on Form 6-K is hereby incorporated by reference into the
registration statement on Form F-4 of Grupo Televisa, S.A.B. (File No.
333-164595), filed on January 29, 2010.
Highlights
|
Ø
|
Growth
in consolidated sales and operating segment income of 9.1% and 4.2% for
full-year 2009, respectively
|
|
Ø
|
Record-high
net additions of 200 thousand subscribers achieved by Sky during
2009, reaching close to two million
subscribers
|
|
Ø
|
In
the aggregate for our three cable subsidiaries, Revenue Generating Units
reached 2.8 million of which 356 thousand were telephony
subscribers
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|
Ø
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Approximately
Ps.9,164 billion returned to shareholders through dividends, including the
highest dividend ever paid by
Televisa
|
|
Ø
|
Television
Broadcasting sign-on to sign-off audience share of 70.8% during
2009
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Consolidated
Results
Mexico
City, D.F., February 25, 2010—Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO;
“Televisa” or “the Company”), today announced results for fourth quarter and
full year 2009. The results have been prepared in accordance with Mexican
Financial Reporting Standards (Mexican FRS).
The
following table sets forth a condensed consolidated statement of income for the
years ended December 31, 2009 and 2008, in millions of Mexican pesos, as well as
the percentage of net sales that each line represents and the percentage change
when comparing 2009 with 2008:
|
2009
|
Margin
%
|
2008
|
Margin
%
|
Change
%
|
|
|
Consolidated
net sales
|
52,352.5
|
100.0
|
47,972.3
|
100.0
|
9.1
|
|
Operating
segment income
|
20,744.7
|
38.8
|
19,917.2
|
40.6
|
4.2
|
|
Consolidated
operating income
|
15,156.9
|
29.0
|
15,127.8
|
31.5
|
0.2
|
|
Consolidated
net income
|
6,582.7
|
12.6
|
8,730.7
|
18.2
|
(24.6)
|
|
Controlling
interest net income
|
6,007.1
|
11.5
|
7,803.7
|
16.3
|
(23.0)
|
Consolidated
net sales increased 9.1% to Ps.52,352.5 million in 2009 compared with
Ps.47,972.3 million in 2008. This increase was attributable to revenue growth in
our Cable and Telecom, Sky, Pay Television Networks, Programming Exports, Other
Businesses, and Television Broadcasting segments, and was partially offset by a
decrease in the sales of our Publishing segment.
Consolidated
operating income increased marginally by 0.2% to Ps.15,156.9 million in 2009
compared with Ps.15,127.8 million in 2008. This increase was attributable to
higher sales that were offset by higher cost of sales, operating expenses, and
depreciation and amortization.
Controlling
interest net income decreased 23% to Ps.6,007.1 million in 2009 compared with
Ps.7,803.7 million in 2008. The net decrease of Ps.1,796.6 million primarily
reflected a Ps.812.8 million increase in other expense, net, and a Ps.2,142.4
million increase in integral cost of financing. These unfavorable variances were
offset by i) a Ps.29.1 million increase in operating income; ii) a Ps.334.6
million decrease in equity in losses of affiliates, net; iii) a Ps.443.5 million
decrease in income taxes; and iv) a Ps.351.4 million decrease in noncontrolling
interest net income.
Full-Year
Results by Business Segment
The
following table presents full-year results ended December 31, 2009 and 2008, for
each of our business segments. Results for the full-year 2009 and 2008 are
presented in millions of Mexican pesos.
|
Net
Sales
|
2009
|
%
|
2008
|
%
|
Inc.
%
|
|
Television
Broadcasting
|
21,561.6
|
40.3
|
21,460.7
|
43.7
|
0.5
|
|
Pay
Television Networks
|
2,736.6
|
5.1
|
2,212.5
|
4.5
|
23.7
|
|
Programming
Exports
|
2,845.9
|
5.3
|
2,437.2
|
5.0
|
16.8
|
|
Publishing
|
3,356.1
|
6.3
|
3,700.4
|
7.5
|
(9.3)
|
|
Sky
|
10,005.2
|
18.7
|
9,162.2
|
18.7
|
9.2
|
|
Cable
and Telecom
|
9,241.8
|
17.3
|
6,623.4
|
13.5
|
39.5
|
|
Other
Businesses
|
3,771.4
|
7.0
|
3,498.5
|
7.1
|
7.8
|
|
Segment
Net Sales
|
53,518.6
|
100.0
|
49,094.9
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100.0
|
9.0
|
|
Intersegment
Operations1
|
(1,166.1)
|
(1,122.6)
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(3.9)
|
||
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Consolidated
Net Sales
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52,352.5
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47,972.3
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9.1
|
|
Operating
Segment Income (Loss)2
|
2009
|
Margin
%
|
2008
|
Margin
%
|
Inc.
%
|
|
Television
Broadcasting
|
10,323.9
|
47.9
|
10,504.9
|
48.9
|
(1.7)
|
|
Pay
Television Networks
|
1,660.4
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60.7
|
1,378.2
|
62.3
|
20.5
|
|
Programming
Exports
|
1,437.2
|
50.5
|
1,076.8
|
44.2
|
33.5
|
|
Publishing
|
190.7
|
5.7
|
648.6
|
17.5
|
(70.6)
|
|
Sky
|
4,478.8
|
44.8
|
4,416.8
|
48.2
|
1.4
|
|
Cable
and Telecom
|
2,971.9
|
32.2
|
2,134.8
|
32.2
|
39.2
|
|
Other
Businesses
|
(318.2)
|
(8.4)
|
(242.9)
|
(6.9)
|
(31.0)
|
|
Operating
Segment Income
|
20,744.7
|
38.8
|
19,917.2
|
40.6
|
4.2
|
|
Corporate
Expenses
|
(658.2)
|
(1.2)
|
(478.3)
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(1.0)
|
(37.6)
|
|
Depreciation
and Amortization
|
(4,929.6)
|
(9.4)
|
(4,311.1)
|
(9.0)
|
(14.3)
|
|
Consolidated
Operating Income
|
15,156.9
|
29.0
|
15,127.8
|
31.5
|
0.2
|
|
1
For segment reporting purposes, intersegment operations are
included in each of the segment operations.
2 Operating segment income (loss) is defined as
segment operating income (loss) before depreciation and amortization, and
corporate expenses.
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|||||
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Television
Broadcasting
|
Fourth-quarter sales
increased 0.5% compared with the same period of 2008.
Full-year sales
increased 0.5% to Ps.21,561.6 million compared with Ps.21,460.7
million in 2008. This marginal increase, which exceeded our guidance for
the year, was achieved in spite of the difficult economic environment and
a difficult comparison resulting from the broadcast of the 2008 Olympic
Games. Ratings remained strong due to successful telenovelas such as
“Hasta que el Dinero nos
Separe” and “Mañana es para
Siempre”.
|
|
Fourth-quarter operating
segment income decreased 3.9% compared with the same period of
2008, and the margin was 49.6%.
Full-year operating segment
income decreased 1.7% to Ps.10,323.9 million compared with
Ps.10,504.9 million in 2008, and the margin was 47.9%. The drop in margin
of 100 basis points was smaller than our initial guidance of a drop in
margins of 200 to 300 basis points for this business. The drop in margins
is primarily explained by the negative translation effect of foreign
currency-denominated costs of sales and operating expenses.
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|
|
Pay
Television Networks
|
Fourth-quarter sales
increased 6.1% compared with the same period of 2008.
Full-year sales
increased 23.7% to Ps.2,736.6 million compared with Ps.2,212.5
million in 2008. The annual increase was driven by higher revenues from
channels sold in Mexico and Latin America and higher advertising sales, as
well as a positive translation effect of foreign currency-denominated
sales. As of December 31, 2009, and through our cable and DTH affiliates
worldwide, our Pay Television Networks business reached 23 million
subscribers carrying an average of five Televisa pay TV channels
each.
|
|
Fourth-quarter operating
segment income decreased 6.2% compared with the same period of
2008, and the margin was 54.3%.
Full-year operating segment
income increased 20.5% to Ps.1,660.4 million compared with
Ps.1,378.2 million in 2008, and the margin was 60.7%. This increase
reflects higher sales that were partially offset by an increase in cost of
sales and operating expenses, driven mainly by investments made in the
production and launch of new channels. In the third quarter of 2009, we
launched our sports pay TV channel, Televisa Deportes Network (“TDN”). As
part of the launch of TDN, the network will carry on an exclusive basis
ten of the 64 games of the 2010 Soccer World Cup.
|
|
|
Programming
Exports
|
Fourth-quarter sales
increased 4% compared with the same period of 2008.
Full-year sales
increased 16.8% to Ps.2,845.9 million compared with Ps.2,437.2
million in 2008. The annual increase was attributable to i) a positive
translation effect on foreign currency-denominated sales amounting to
Ps.432.8 million; and ii) higher programming sales to Latin
America, Europe, Asia and Africa. This increase was partially offset by a
decrease in royalties from Univision, from US$146.5 million in 2008 to
US$143 million in 2009.
|
|
Fourth-quarter operating
segment income increased 15.5% compared with the same period of
2008, and the margin reached a fourth-quarter record high of
49.5%.
Full-year operating segment
income increased 33.5% to Ps.1,437.2 million compared with
Ps.1,076.8 million in 2008, reaching a record high margin of 50.5%. These
results reflect higher sales that were partially offset by higher cost of
sales and operating expenses.
|
|
|
Publishing
|
Fourth-quarter sales
decreased 17.4% compared with the same period of 2008.
Full-year sales
decreased 9.3% to Ps.3,356.1 million compared with Ps.3,700.4
million in 2008. The annual decrease was driven by lower revenues from
magazine circulation and advertising pages sold abroad as well as in
Mexico. This negative impact was partially offset by a positive
translation effect on foreign currency-denominated
sales.
|
|
Fourth-quarter operating
segment income decreased 99.6% compared with the same period of
2008, and the margin was 0.1%.
Full-year operating segment
income decreased 70.6% to Ps.190.7 million compared with Ps.648.6
million in 2008, and the margin was 5.7%. This decrease reflects lower
sales and higher operating expenses due to nonrecurrent charges such as an
increase in allowances and doubtful accounts and certain restructuring
costs, as well as a negative translation effect on foreign
currency-denominated costs that were partially compensated by lower cost
of sales, mainly in cost of paper and printing.
|
|
|
Sky
|
Fourth-quarter sales
increased 9.3% compared with the same period of 2008. During the quarter,
Sky added a total of 143 thousand subscribers of which 140 thousand were
in Mexico, the highest growth on record for a single quarter, and three
thousand were in Central America and the Dominican Republic. The growth in
Mexico is explained mainly by the success of Sky´s new low-cost
offerings.
Full-year sales
increased 9.2% to Ps.10,005.2 million compared with Ps.9,162.2
million in 2008. The annual increase was driven by i) an increase in the
subscriber base in Mexico; ii) growth of Sky operations in Central America
and the Dominican Republic; and iii) higher advertising revenues. As of
December 31, 2009, the number of gross active subscribers increased to
1,959,722 (including 144,326 commercial subscribers), compared with
1,759,801 (including 128,937 commercial subscribers) as of December 31,
2008. Sky closed the quarter with more than 137 thousand subscribers in
Central America and the Dominican Republic.
|
|
Fourth-quarter operating
segment income increased 5.4% compared with the same period of
2008, and the margin was 43.4%.
Full-year operating segment
income increased 1.4% to Ps.4,478.8 million compared with
Ps.4,416.8 million in 2008, and the margin was 44.8%. This increase
reflects higher sales that were partially offset by higher cost of sales
and operating expenses explained primarily by the amortization of costs
related with the exclusive transmission of 24 matches of the 2010 Soccer
World Cup by Ps.220 million.
|
|
|
Cable
and Telecom
|
Fourth-quarter sales
increased 21.7% compared with the same period of 2008. This increase
includes the consolidation effect of Cablevision Monterrey (“TVI”)
starting October 1, 2009. TVI reached 425 thousand revenue generating
units (RGUs) by the end of 2009 and represented incremental sales of
Ps.391 million.
|
|
Full-year sales
increased 39.5% to Ps.9,241.8 million compared with Ps.6,623.4
million in 2008. This increase was attributable to i) the addition of more
than 350 thousand RGUs in Cablevisión and Cablemás during the year driven
mainly by the success of our competitive triple-play bundles; and ii) to
the consolidation of Cablemás since June 1, 2008 and of TVI. During the
year, Cablevisión, Cablemás, and Bestel net sales reached Ps.3,378.8
million, Ps.3,649 million, and Ps.1,823 million,
respectively.
|
|
|
Fourth-quarter operating
segment income increased 15.3% compared with the same period of
2008, and the margin was 29.6%. These results include the consolidation of
TVI, which generated operating segment income of Ps.135.5
million.
Full-year operating segment
income increased 39.2% to Ps.2,971.9 million compared with
Ps.2,134.8 million in 2008, and the margin was 32.2%. These results
reflect higher sales in the cable platforms that were partially offset by
i) an increase in advertising campaigns around triple-play packages; ii) a
negative translation effect on foreign currency-denominated costs; iii)
the costs inherent to growth in the subscriber base; and iv) higher costs
and expenses resulting from Cablemás and TVI’s consolidation.
During the year, Cablevisión generated operating segment income of
Ps.1,248.9 million, Cablemás generated operating segment income of
Ps.1,369 million, and Bestel generated operating segment income of
Ps.218.5 million.
|
|
|
The
following table sets forth the breakdown of subscribers for each of our
three cable and telecom
subsidiaries.
|
|
2009
|
Cablevisión
|
Cablemás
|
TVI
|
|
|
Video
|
632,061
|
912,825
|
237,062
|
|
|
Broadband
|
250,550
|
289,006
|
112,105
|
|
|
Telephony
|
133,829
|
146,406
|
75,779
|
|
|
RGUs
|
1,016,440
|
1,348,237
|
424,946
|
|
Other
Businesses
|
Fourth-quarter sales
increased 11.9% compared with the same period of 2008.
Full-year sales
increased 7.8% to Ps.3,771.4 million compared with Ps.3,498.5
million in 2008. The annual increase was driven by higher sales in our
gaming, soccer and internet businesses, which were partially offset by a
decrease in sales in our feature-film distribution, publishing
distribution, and radio businesses.
|
|
Fourth-quarter operating
segment loss increased 33.7% compared with the same period of
2008.
Full-year operating segment
loss increased 31% to Ps.318.2 million compared with Ps.242.9
million in 2008, reflecting higher cost of sales and operating expenses
that were partially offset by higher
sales.
|
Corporate
Expenses
Share-based
compensation expense in 2009 and 2008 amounted to Ps.375.7 million and Ps.222
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.
Non-operating
Results
Other
Expense, Net
Other
expense, net, in the year ended December 31, 2009, included primarily impairment
adjustments to intangible assets, professional services in connection with
certain litigation, donations, and disposition of property and
equipment.
Other
expense, net, increased by Ps.812.8 million, or 85.4%, to Ps.1,764.9 million for
the year ended December 31, 2009, compared to Ps.952.1 million for the year
ended December 31, 2008. This increase reflected primarily i) higher non-cash
impairment adjustments made to the carrying value of goodwill of certain
businesses in our Cable and Telecom, Television Broadcasting and Publishing
segments, and trademarks in our Publishing segment; ii) the absence of other
income recognized in 2008, derived from a litigation settlement in January 2009;
and iii) an increase in loss on disposition of property and equipment. These
unfavorable variances were partially offset by a decrease in professional
services in connection with certain litigation.
Integral
Cost of Financing
The
following table sets forth integral cost of financing stated in millions of
Mexican pesos for the years ended December 31, 2009 and 2008.
|
2009
|
2008
|
Increase
(decrease)
|
|
|
Interest
expense
|
3,136.4
|
2,816.4
|
320.0
|
|
Interest
income
|
(1,053.4)
|
(1,299.8)
|
246.4
|
|
Foreign
exchange loss (gain), net
|
890.3
|
(685.7)
|
1,576.0
|
|
Integral
cost of financing
|
2,973.3
|
830.9
|
2,142.4
|
The net
expense attributable to integral cost of financing increased by Ps.2,142.4
million, to Ps.2,973.3 million for the year ended December 31, 2009 from
Ps.830.9 million for the year ended December 31, 2008. This increase reflected
i) a Ps.1,576 million increase in foreign exchange loss resulting from the
unfavorable effect of a 5.5% appreciation of the Mexican peso against the US
dollar in 2009 versus a 26.7% depreciation of the Mexican peso against the US
dollar in 2008, primarily on foreign currency hedge contracts; ii) a Ps.320
million increase in interest expense, due primarily to a higher average
principal amount of long-term debt in 2009; and iii) a Ps.246.4 million decrease
in interest income explained primarily by a reduction of interest rates
applicable to cash equivalents and temporary investments in 2009.
Equity
in Losses of Affiliates, Net
Equity in
losses of affiliates, net, decreased by Ps.334.6 million, or 31.9%, to Ps.715.3
million in 2009 compared to Ps.1,049.9 million in 2008. This decrease reflected
mainly a reduction in equity in losses of i) Volaris, our 25% interest in a
low-cost carrier airline with a concession to operate in Mexico; and ii) La
Sexta, our 40% interest in a free-to-air television channel in Spain. Equity in
losses of affiliates, net, for the year ended December 31, 2009, is comprised
for the most part by the equity in loss of La Sexta, which was partially offset
by the equity in earnings of other associates.
Income
Taxes
Income
taxes decreased by Ps.443.5 million, or 12.4%, to Ps.3,120.7 million in 2009
from Ps.3,564.2 million in 2008. This decrease reflected a lower corporate
income tax base, which was offset by a higher corporate income tax
rate.
Noncontrolling
Interest Net Income
Noncontrolling
interest net income decreased by Ps.351.4 million, or 37.9%, to Ps.575.6 million
in 2009, from Ps.927 million in 2008. This decrease primarily reflected a lower
portion of consolidated net income attributable to interests held by
noncontrolling equity owners in our Sky segment, as well as a higher portion of
consolidated net loss attributable to interests held by noncontrolling
stockholders in our Cable and Telecom segment.
Other
Relevant Information
Capital
Expenditures and Investments
During
2009, we invested approximately US$499.3 million in property, plant and
equipment as capital expenditures, including approximately US$239 million for
our Cable and Telecom segment, US$128.8 million for our Sky segment, US$17.5
million for our Gaming business, and US$114 million for our Television
Broadcasting segment and other businesses. In addition, we made capital
contributions in connection with our 40% interest in La Sexta in the amount of
€35.7 million (Ps.663.1 million).
Our
investment in property, plant and equipment in our Cable and Telecom segment
during 2009 included approximately US$128.3 million for Cablevisión, US$77.6
million for Cablemás, US$19 million for TVI, and US$14.1 million for
Bestel.
Debt
and Capital Lease Obligations
The
following table sets forth our total consolidated debt and capital lease
obligations as of December 31, 2009 and 2008. Amounts are stated in millions of
Mexican pesos.
|
Dec
31, 2009
|
Dec
31, 20081
|
Increase
(decrease)
|
|
|
Current
portion of long-term debt
|
1,433.0
|
2,270.4
|
(837.4)
|
|
Long-term
debt (excluding current portion)
|
41,983.2
|
36,630.6
|
5,352.6
|
|
Total
debt
|
43,416.2
|
38,901.0
|
4,515.2
|
|
Current
portion of long-term capital lease obligations
|
235.3
|
151.6
|
83.7
|
|
Long-term
capital lease obligations (excluding current portion)
|
1,166.5
|
1,222.2
|
(55.7)
|
|
Total
capital lease obligations
|
1,401.8
|
1,373.8
|
28.0
|
1 Some
reclasifications to previously reported 2008 amounts were made to reflect the
2009 presentation.
As of
December 31, 2009 and 2008, our consolidated net (debt) cash position (cash and
cash equivalents, temporary investments, and noncurrent held-to-maturity and
available-for-sale investments less total debt) was Ps.(576.3) million and
Ps.3,812.5 million, respectively. The aggregate amount of noncurrent
held-to-maturity and available-for-sale investments as of December 31, 2009 and
2008 was Ps.3,996.1 million and Ps.809.1 million, respectively.
Dividends
In
addition to the dividend paid in May 2009, on December 10, 2009 our stockholders
approved the payment of a dividend of Ps.1.35 per CPO, which was paid in cash in
December 2009 in the amount of Ps.3,980.8 million.
Shares
Repurchased and Outstanding
During
2009, we repurchased approximately 13.3 million CPOs in the aggregate amount of
Ps.705.1 million. As of December 31, 2009 and 2008, our shares outstanding
amounted to 327,230.6 million and 328,392.8 million shares, respectively; and
our CPO equivalents outstanding amounted to 2,796.8 million and 2,806.8 million
CPO equivalents, respectively. Not all of our shares are in the form of CPOs.
The number of CPO equivalents is calculated by dividing the number of shares
outstanding by 117.
As of
December 31, 2009 and 2008, the GDS (Global Depositary Shares) equivalents
outstanding amounted to 559.4 million and 561.4 million GDS equivalents,
respectively. The number of GDS equivalents is calculated by dividing the number
of CPO equivalents by five.
Advertising
Sales Plan
As of
December 31, 2009, we had received aggregate upfront advertising deposits for
television advertising of approximately Ps.17,810.4 million, representing a 5.5%
increase compared with the prior year. Approximately 64.2% of the advance
deposits as of December 31, 2009, were in the form of short-term,
non-interest-bearing notes receivable maturing the following year, with the
remainder consisting of cash deposits. The weighted-average maturity of these
notes was 4.5 months.
Television
Ratings and Audience Share
National
urban ratings and audience share reported by IBOPE confirm that, in 2009,
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 72.4%;
in prime time (16:00 to 23:00, Monday to Sunday), audience share amounted to
69.8%; and in sign-on to sign-off (6:00 to 24:00, Monday to Sunday), audience
share amounted to 70.8%.
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:
|
|
Carlos Madrazo
|
Manuel Compeán
|
|
María José Cevallos
|
Tel: (5255) 5728 3815
|
|
Tel: (5255) 5261-2445
|
Fax: (5255) 5728 3632
|
|
Fax: (5255)5261-2494
|
mcompean@televisa.com.mx
|
|
ir@televisa.com.mx
|
http://www.televisa.com
|
|
http://www.televisa.com
|
|
|
http://www.televisair.com
|
GRUPO
TELEVISA, S.A.B.
CONDENSED
CONSOLIDATED BALANCE SHEETS
AS
OF DECEMBER 31, 2009 AND 2008
(Millions
of Mexican Pesos)
|
|
December
31,
|
December
31,
|
|||||||
|
2009
|
2008
|
||||||||
|
ASSETS
|
(Unaudited)
|
(Audited)
|
|||||||
|
Current:
|
|||||||||
|
Cash
and cash equivalents
|
Ps. |
29,941.5
|
Ps. |
35,106.1
|
|||||
|
Temporary
investments
|
8,902.3
|
6,798.3
|
|||||||
|
38,843.8
|
41,904.4
|
||||||||
|
Trade
notes and accounts receivable, net
|
18,399.2
|
18,199.9
|
|||||||
|
Other
accounts and notes receivable, net
|
3,530.5
|
2,231.5
|
|||||||
|
Due
from affiliated companies
|
135.7
|
161.8
|
|||||||
|
Transmission
rights and programming
|
4,373.0
|
3,343.4
|
|||||||
|
Inventories
|
1,665.1
|
1,612.0
|
|||||||
|
Other
current assets
|
1,435.1
|
1,105.9
|
|||||||
|
Total
current assets
|
68,382.4
|
68,558.9
|
|||||||
|
Derivative
financial instruments
|
1,538.7
|
2,316.6
|
|||||||
|
Transmission
rights and programming
|
5,915.5
|
6,324.8
|
|||||||
|
Investments
|
6,361.0
|
3,348.6
|
|||||||
|
Property,
plant, and equipment, net
|
33,071.5
|
30,798.4
|
|||||||
|
Intangible
assets and deferred charges, net
|
11,218.9
|
11,433.8
|
|||||||
|
Other
assets
|
80.4
|
70.7
|
|||||||
|
Total
assets
|
Ps. |
126,568.4
|
Ps. |
122,851.8
|
|||||
GRUPO
TELEVISA, S.A.B.
CONDENSED
CONSOLIDATED BALANCE SHEETS
AS
OF DECEMBER 31, 2009 AND 2008
(Millions
of Mexican Pesos)
|
|
December
31,
|
December
31,
|
||||||||
|
2009
|
2008
|
|||||||||
|
LIABILITIES
|
(Unaudited)
|
(Audited)
|
||||||||
|
Current:
|
||||||||||
|
Current
portion of long-term debt
|
Ps. |
1,433.0
|
Ps. |
2,270.4
|
||||||
|
Current
portion of capital lease obligations
|
235.3
|
151.6
|
||||||||
|
Trade
accounts payable
|
6,432.9
|
6,337.4
|
||||||||
|
Customer
deposits and advances
|
19,858.3
|
18,098.6
|
||||||||
|
Taxes
payable
|
941.0
|
830.1
|
||||||||
|
Accrued
interest
|
464.6
|
439.8
|
||||||||
|
Employee
benefits
|
200.2
|
200.0
|
||||||||
|
Due
to affiliated companies
|
34.2
|
88.6
|
||||||||
|
Other
accrued liabilities
|
2,577.8
|
2,293.8
|
||||||||
|
Total
current liabilities
|
32,177.3
|
30,710.3
|
||||||||
|
Long-term
debt, net of current portion
|
41,983.2
|
36,630.6
|
||||||||
|
Long-term
capital lease obligations, net of current portion
|
1,166.5
|
1,222.2
|
||||||||
|
Derivative
financial instruments
|
523.6
|
604.6
|
||||||||
|
Customer
deposits and advances, noncurrent
|
1,054.8
|
589.4
|
||||||||
|
Other
long-term liabilities
|
3,078.4
|
3,225.5
|
||||||||
|
Deferred
income taxes
|
1,765.4
|
2,265.2
|
||||||||
|
Retirement
and termination benefits
|
347.0
|
352.4
|
||||||||
|
Total
liabilities
|
82,096.2
|
75,600.2
|
||||||||
|
STOCKHOLDERS’
EQUITY
|
||||||||||
|
Capital
stock issued, no par value
|
10,019.9
|
10,061.0
|
||||||||
|
Additional
paid-in capital
|
4,547.9
|
4,547.9
|
||||||||
|
14,567.8
|
14,608.9
|
|||||||||
|
Retained
earnings:
|
||||||||||
|
Legal
reserve
|
2,135.4
|
2,135.4
|
||||||||
|
Unappropriated
earnings
|
17,244.7
|
19,595.3
|
||||||||
|
Controlling
interest net income for the year
|
6,007.1
|
7,803.7
|
||||||||
|
25,387.2
|
29,534.4
|
|||||||||
|
Accumulated
other comprehensive income, net
|
3,401.8
|
3,184.0
|
||||||||
|
Shares
repurchased
|
(5,187.0)
|
(5,308.4)
|
||||||||
|
23,602.0
|
27,410.0
|
|||||||||
|
Total
controlling interest
|
38,169.8
|
42,018.9
|
||||||||
|
Noncontrolling
interest
|
6,302.4
|
5,232.7
|
||||||||
|
Total
stockholders’ equity
|
44,472.2
|
47,251.6
|
||||||||
|
Total
liabilities and stockholders’ equity
|
Ps. |
126,568.4
|
Ps. |
122,851.8
|
||||||
GRUPO
TELEVISA, S.A.B.
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS AND
FOR
THE YEARS ENDED DECEMBER 31, 2009 AND 2008
(Millions
of Mexican Pesos)
|
Three
months ended December 31,
|
Year
ended December 31,
|
|||||||||||
|
2009
|
2008
|
2009
|
2008
|
|||||||||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|||||||||
|
|
||||||||||||
|
Net
sales
|
Ps. |
15,163.4
|
Ps. |
14,471.6
|
Ps. |
52,352.5
|
Ps. |
47,972.3
|
||||
|
|
||||||||||||
|
Cost
of sales 1
|
6,842.0
|
6,344.4
|
23,768.4
|
21,556.0
|
||||||||
|
|
||||||||||||
|
Operating
expenses:
|
||||||||||||
|
Selling
1
|
1,548.4
|
1,270.3
|
4,672.1
|
3,919.2
|
||||||||
|
Administrative
1
|
1,105.5
|
892.7
|
3,825.5
|
3,058.2
|
||||||||
|
Depreciation
and amortization
|
1,372.4
|
1,205.3
|
4,929.6
|
4,311.1
|
||||||||
|
Operating
income
|
4,295.1
|
4,758.9
|
15,156.9
|
15,127.8
|
||||||||
|
Other
expense, net
|
1,408.5
|
338.0
|
1,764.9
|
952.1
|
||||||||
|
Integral
cost of financing:
|
||||||||||||
|
Interest
expense
|
796.5
|
843.5
|
3,136.4
|
2,816.4
|
||||||||
|
Interest
income
|
(272.4)
|
(213.9)
|
(1,053.4)
|
(1,299.8)
|
||||||||
|
Foreign
exchange loss (gain), net
|
392.8
|
(1,129.1)
|
890.3
|
(685.7)
|
||||||||
|
916.9
|
(499.5)
|
2,973.3
|
830.9
|
|||||||||
|
Equity
in losses of affiliates, net
|
124.6
|
613.1
|
715.3
|
1,049.9
|
||||||||
|
Income
before income taxes
|
1,845.1
|
4,307.3
|
9,703.4
|
12,294.9
|
||||||||
|
Income
taxes
|
880.6
|
1,347.1
|
3,120.7
|
3,564.2
|
||||||||
|
Consolidated
net income
|
964.5
|
2,960.2
|
6,582.7
|
8,730.7
|
||||||||
|
Noncontrolling
interest net loss (income)
|
223.6
|
(117.8)
|
(575.6)
|
(927.0)
|
||||||||
|
Controlling
interest net income
|
Ps. |
1,188.1
|
Ps. |
2,842.4
|
Ps. |
6,007.1
|
Ps. |
7,803.7
|
||||
|
|
||||||||||||
|
1
Excluding depreciation and amortization.
|
|
|||||||||||
Fourth-Quarter
Results by Business Segment
The
following table presents fourth-quarter results ended December 31, 2009 and
2008, for each of our business segments. Results for the fourth-quarter 2009 and
2008 are presented in millions of Mexican pesos.
|
Net
Sales
|
4Q
2009
|
%
|
4Q
2008
|
%
|
Inc.
%
|
|
Television
Broadcasting
|
6,746.5
|
43.7
|
6,710.3
|
45.5
|
0.5
|
|
Pay
Television Networks
|
741.8
|
4.8
|
699.3
|
4.7
|
6.1
|
|
Programming
Exports
|
765.4
|
4.9
|
735.8
|
5.0
|
4.0
|
|
Publishing
|
945.3
|
6.1
|
1,144.1
|
7.8
|
(17.4)
|
|
Sky
|
2,637.5
|
17.1
|
2,412.5
|
16.4
|
9.3
|
|
Cable
and Telecom
|
2,655.0
|
17.2
|
2,181.6
|
14.8
|
21.7
|
|
Other
Businesses
|
959.4
|
6.2
|
857.7
|
5.8
|
11.9
|
|
Segment
Net Sales
|
15,450.9
|
100.0
|
14,741.3
|
100.0
|
4.8
|
|
Intersegment
Operations1
|
(287.5)
|
(269.7)
|
(6.6)
|
||
|
Consolidated
Net Sales
|
15,163.4
|
14,471.6
|
4.8
|
|
Operating
Segment Income (Loss)2
|
4Q
2009
|
Margin
%
|
4Q
2008
|
Margin
%
|
Inc.
%
|
|
Television
Broadcasting
|
3,345.0
|
49.6
|
3,479.7
|
51.9
|
(3.9)
|
|
Pay
Television Networks
|
403.0
|
54.3
|
429.8
|
61.5
|
(6.2)
|
|
Programming
Exports
|
379.1
|
49.5
|
328.2
|
44.6
|
15.5
|
|
Publishing
|
1.1
|
0.1
|
265.8
|
23.2
|
(99.6)
|
|
Sky
|
1,144.3
|
43.4
|
1,085.7
|
45.0
|
5.4
|
|
Cable
and Telecom
|
787.0
|
29.6
|
682.4
|
31.3
|
15.3
|
|
Other
Businesses
|
(218.2)
|
(22.7)
|
(163.2)
|
(19.0)
|
(33.7)
|
|
Operating
Segment Income
|
5,841.3
|
37.8
|
6,108.4
|
41.4
|
(4.4)
|
|
Corporate
Expenses
|
(173.8)
|
(1.1)
|
(144.2)
|
(1.0)
|
(20.5)
|
|
Depreciation
and Amortization
|
(1,372.4)
|
(9.1)
|
(1,205.3)
|
(8.3)
|
(13.9)
|
|
Consolidated
Operating Income
|
4,295.1
|
28.3
|
4,758.9
|
32.9
|
(9.7)
|
| 1 For segment reporting purposes, intersegment operations are included in each of the segment operations. | |||||
| 2 Operating segment income (loss) is defined as segment operating income (loss) before depreciation and amortization, and corporate expenses. | |||||
NATIONAL
URBAN RATINGS AND AUDIENCE SHARE FOR 20091:
SIGN-ON
TO SIGN-OFF – 6:00 TO 24:00, MONDAY TO SUNDAY
|
Jan
|
Feb
|
Mar
|
1Q09
|
Apr
|
May
|
Jun
|
2Q09
|
Jul
|
Aug
|
Sep
|
3Q09
|
Oct
|
Nov
|
Dec
|
4Q09
|
2009
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
11.7
|
11.7
|
11.9
|
11.8
|
11.4
|
11.2
|
11.4
|
11.3
|
11.4
|
11.6
|
12.4
|
11.8
|
11.8
|
11.6
|
10.3
|
11.2
|
11.5
|
|
Share
(%)
|
32.4
|
31.5
|
32.3
|
32.1
|
30.9
|
30.4
|
31.5
|
30.9
|
31.3
|
32.3
|
33.5
|
32.4
|
32.3
|
31.5
|
29.9
|
31.3
|
31.7
|
|
Total
Televisa(2)
|
|||||||||||||||||
|
Rating
|
26.1
|
26.8
|
26.3
|
26.4
|
25.8
|
25.8
|
25.5
|
25.7
|
25.8
|
25.5
|
25.8
|
25.7
|
25.6
|
25.9
|
24.2
|
25.3
|
25.8
|
|
Share
(%)
|
72.4
|
72.4
|
71.3
|
72.0
|
69.8
|
69.9
|
70.6
|
70.1
|
70.8
|
71.0
|
70.0
|
70.6
|
70.3
|
70.6
|
70.6
|
70.5
|
70.8
|
PRIME
TIME – 16:00 TO 23:00, MONDAY TO SUNDAY3
|
Jan
|
Feb
|
Mar
|
1Q09
|
Apr
|
May
|
Jun
|
2Q09
|
Jul
|
Aug
|
Sep
|
3Q09
|
Oct
|
Nov
|
Dec
|
4Q09
|
2009
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
17.2
|
17.1
|
17.6
|
17.3
|
16.6
|
16.4
|
17.0
|
16.6
|
16.8
|
17.6
|
18.5
|
17.6
|
17.3
|
16.6
|
14.1
|
16.0
|
16.9
|
|
Share
(%)
|
34.1
|
33.2
|
34.5
|
33.9
|
33.7
|
32.7
|
34.4
|
33.6
|
34.2
|
36.0
|
36.2
|
35.5
|
34.6
|
32.5
|
30.0
|
32.4
|
33.9
|
|
Total
Televisa(2)
|
|||||||||||||||||
|
Rating
|
36.1
|
36.9
|
36.1
|
36.3
|
34.1
|
34.4
|
34.5
|
34.4
|
34.3
|
34.4
|
35.3
|
34.7
|
34.6
|
35.2
|
32.1
|
33.9
|
34.8
|
|
Share
(%)
|
71.4
|
71.5
|
70.7
|
71.2
|
69.3
|
68.8
|
70.1
|
69.4
|
69.6
|
70.5
|
69.4
|
69.8
|
69.0
|
69.2
|
68.5
|
68.9
|
69.8
|
WEEKDAY
PRIME TIME – 19:00 TO 23:00, MONDAY TO FRIDAY3
|
Jan
|
Feb
|
Mar
|
1Q09
|
Apr
|
May
|
Jun
|
2Q09
|
Jul
|
Aug
|
Sep
|
3Q09
|
Oct
|
Nov
|
Dec
|
4Q09
|
2009
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
21.4
|
21.6
|
21.0
|
21.3
|
18.8
|
19.5
|
19.7
|
19.3
|
19.6
|
22.1
|
23.2
|
21.6
|
22.6
|
22.4
|
18.5
|
21.1
|
20.8
|
|
Share
(%)
|
36.2
|
35.9
|
35.7
|
35.9
|
33.9
|
34.5
|
35.7
|
34.7
|
36.1
|
40.0
|
40.1
|
38.7
|
39.0
|
38.0
|
34.7
|
37.2
|
36.6
|
|
Total
Televisa(2)
|
|||||||||||||||||
|
Rating
|
43.8
|
44.5
|
43.1
|
43.8
|
39.9
|
39.8
|
39.9
|
39.8
|
39.1
|
40.8
|
41.9
|
40.6
|
41.6
|
42.7
|
37.6
|
40.6
|
41.2
|
|
Share
(%)
|
73.9
|
73.9
|
73.4
|
73.8
|
72.1
|
70.6
|
72.3
|
71.7
|
72.1
|
73.8
|
72.2
|
72.7
|
71.8
|
72.3
|
70.5
|
71.6
|
72.4
|
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.
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GRUPO
TELEVISA, S.A.B.
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(Registrant)
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Dated: March 2,
2010
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By:
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/s/ Jorge Lutteroth
Echegoyen
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Name:
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Jorge
Lutteroth Echegoyen
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Title:
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Controller,
Vice President
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