kr6kfinan_grupo.htm
 
 
 
 
 

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, 2014
 
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 if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).)
 
Yes
 
No
  
x
 
 
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).)
 
 
Yes
 
No
  
x
 
          
 
 
 
 
 
 
MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA
QUARTER:     04
YEAR:   2013
GRUPO TELEVISA, S.A.B.
  
 
 
STATEMENT OF FINANCIAL POSITION
AS OF DECEMBER 31, 2013 AND DECEMBER 31, 2012
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
Final Printing
REF
ACCOUNT / SUBACCOUNT
CURRENT YEAR
END OF PREVIOUS YEAR
AMOUNT
AMOUNT
10000000
TOTAL ASSETS
194,506,765
164,997,151
11000000
CURRENT ASSETS
53,474,394
54,637,754
11010000
CASH AND CASH EQUIVALENTS
16,692,033
19,063,325
11020000
SHORT-TERM INVESTMENTS
3,722,976
5,317,296
11020010
  
FINANCIALINSTRUMENTS AVAILABLE FOR SALE
0
0
11020020
  
FINANCIAL INSTRUMENTS FOR NEGOTIATION
0
0
11020030
  
FINANCIAL INSTRUMENTS HELD TO MATURITY
3,722,976
5,317,296
11030000
CUSTOMER (NET)
20,734,137
18,982,277
11030010
  
CUSTOMER
23,226,673
21,168,000
11030020
  
ALLOWANCE FOR DOUBTFUL ACCOUNTS
-2,492,536
-2,185,723
11040000
OTHER ACCOUNTS RECEIVABLE (NET)
3,759,512
3,912,425
11040010
  
OTHER ACCOUNTS RECEIVABLE
3,995,953
4,049,003
11040020
  
ALLOWANCE FOR DOUBTFUL ACCOUNTS
-236,441
-136,578
11050000
INVENTORIES
2,001,875
1,508,581
11051000
BIOLOGICAL ASSETS CURRENT
0
0
11060000
OTHER CURRENT ASSETS
6,563,861
5,853,850
11060010
  
ADVANCE PAYMENTS
1,469,241
1,173,095
11060020
  
DERIVATIVE FINANCIAL INSTRUMENTS
3,447
2,373
11060030
  
ASSETS AVAILABLE FOR SALE
0
0
11060040
  
DISCONTINUED OPERATIONS
0
0
11060050
  
RIGHTS AND LICENSING
0
0
11060060
  
OTHER
5,091,173
4,678,382
12000000
NON-CURRENT ASSETS
141,032,371
110,359,397
12010000
ACCOUNTS RECEIVABLE (NET)
0
334,775
12020000
INVESTMENTS
56,267,166
42,978,939
12020010
  
INVESTMENTS IN ASSOCIATES AND
JOINT VENTURES
18,250,764
22,111,315
12020020
  
HELD-TO-MATURITY DEBT SECURITIES
631,965
388,504
12020030
  
OTHER AVAILABLE- FOR- SALE INVESTMENTS
34,837,820
20,456,814
12020040
  
OTHER
2,546,617
22,306
12030000
PROPERTY, PLANT AND EQUIPMENT (NET)
53,476,475
48,267,322
12030010
  
BUILDINGS
14,843,097
15,673,050
12030020
  
MACHINERY AND INDUSTRIAL EQUIPMENT
74,378,057
64,893,812
12030030
  
OTHER EQUIPMENT
8,073,547
7,196,398
12030040
  
ACCUMULATED DEPRECIATION
-49,198,237
-43,392,016
12030050
  
CONSTRUCTION IN PROGRESS
5,380,011
3,896,078
12040000
INVESTMENT PROPERTIES
0
0
12050000
NON-CURRENT BIOLOGICAL ASSETS
0
0
12060000
INTANGIBLE ASSETS (NET)
11,382,311
11,126,791
12060010
  
GOODWILL
2,621,530
2,571,632
12060020
  
TRADEMARKS
1,749,402
1,759,256
12060030
  
RIGHTS AND LICENSING
1,344,190
855,718
12060031
  
CONCESSIONS
3,655,985
3,655,985
12060040
  
OTHER
2,011,204
2,284,200
12070000
DEFERRED TAX ASSETS
11,006,623
1,100,731
12080000
OTHER NON-CURRENT ASSETS
8,899,796
6,550,839
12080001
  
ADVANCE PAYMENTS
0
0
12080010
  
DERIVATIVE FINANCIAL INSTRUMENTS
4,941
12,627
12080020
  
EMPLOYEE BENEFITS
0
0
12080021
  
ASSETS AVAILABLE FOR SALE
0
0
12080030
  
DISCONTINUED OPERATIONS
0
0
12080040
  
DEFERRED ASSETS (NET)
0
0
12080050
  
OTHER
8,894,855
6,538,212
20000000
TOTAL LIABILITIES 
115,598,513
96,531,574
21000000
CURRENT LIABILITIES 
40,172,837
36,245,637
21010000
BANK LOANS
312,715
225,000
21020000
STOCK MARKET LOANS
0
0
21030000
OTHER INTEREST BEARING LIABILITIES
424,698
589,257
21040000
SUPPLIERS
10,186,005
8,594,138
21050000
TAXES PAYABLE
1,513,159
1,355,818
21050010
  
INCOME TAXES PAYABLE
463,129
512,593
21050020
  
OTHER TAXES PAYABLE
1,050,030
843,225
21060000
OTHER CURRENT LIABILITIES
27,736,260
25,481,424
21060010
  
INTEREST PAYABLE
796,229
741,819
21060020
  
DERIVATIVE FINANCIAL INSTRUMENTS
0
1,176
21060030
  
DEFERRED INCOME
21,962,847
21,215,862
21060050
  
EMPLOYEE BENEFITS
353,412
301,800
21060060
  
PROVISIONS
174,678
213,793
21060061
  
LIABILITIES RELATED TO CURRENT AVAILABLE FOR
SALE ASSETS
0
0
21060070
  
DISCONTINUED OPERATIONS
0
0
21060080
  
OTHER
4,449,094
3,006,974
22000000
NON-CURRENT LIABILITIES
75,425,676
60,285,937
22010000
BANK LOANS
13,385,879
13,200,464
22020000
STOCK MARKET LOANS
46,357,221
39,415,955
22030000
OTHER INTEREST BEARING LIABILITIES
4,494,549
4,531,893
22040000
DEFERRED TAX LIABILITIES
0
0
22050000
OTHER NON-CURRENT LIABILITIES
11,188,027
3,137,625
22050010
  
DERIVATIVE FINANCIAL INSTRUMENTS
335,336
351,586
22050020
  
DEFERRED INCOME
474,011
769,301
22050040
  
EMPLOYEE BENEFITS
79,810
38,852
22050050
  
PROVISIONS
59,614
59,793
22050051
  
LIABILITIES RELATED TO NON-CURRENT AVAILABLE FOR
SALE ASSETS
0
0
22050060
  
DISCONTINUED OPERATIONS
0
0
22050070
  
OTHER
10,239,256
1,918,093
30000000
STOCKHOLDERS' EQUITY
78,908,252
68,465,577
30010000
CONTROLLING INTEREST
68,674,766
60,609,492
30030000
SOCIAL CAPITAL
4,978,126
4,978,126
30040000
SHARES REPURCHASED
-12,617,293
-13,103,223
30050000
PREMIUM ON ISSUANCE OF SHARES
15,889,819
15,889,819
30060000
CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
0
0
30070000
OTHER CAPITAL CONTRIBUTED
0
0
30080000
RETAINED EARNINGS (ACCUMULATED LOSSES)
56,632,218
51,038,886
30080010
  
LEGAL RESERVE
2,139,007
2,139,007
30080020
  
OTHER RESERVES
0
0
30080030
  
RETAINED EARNINGS
51,062,827
44,572,388
30080040
  
NET INCOME FOR THE YEAR
7,748,279
8,760,637
30080050
  
OTHER
-4,317,895
-4,433,146
30090000
  
OTHER ACCUMULATED COMPREHENSIVE RESULTS (NET OF TAX)
3,791,896
1,805,884
30090010
  
EARNINGS PER PROPERTY REASSESSMENT
0
0
30090020
  
ACTUARIAL EARNINGS (LOSS) FOR LABOR OBLIGATIONS
58,418
-69,792
30090030
  
RESULT FOR FOREIGN CURRENCY CONVERSION
49,629
-24,555
30090040
  
CHANGES IN THE VALUATION OF AVAILABLE FOR SALE FINANCIAL ASSETS
1,163,122
485,231
30090050
  
CHANGES IN THE VALUATION OF DERIVATIVE FINANCIAL INSTRUMENTS
-140,944
-157,252
30090060
  
CHANGES IN FAIR VALUE OF OTHER ASSETS
2,395,811
1,411,651
30090070
  
PARTICIPATION IN OTHER COMPREHENSIVE INCOME OF
ASSOCIATES AND JOINT VENTURES
265,860
160,601
30090080
  
OTHER COMPREHENSIVE RESULT
0
0
30020000
NON-CONTROLLING INTEREST
10,233,486
7,856,085
 
 
 
 
 
 
DATA INFORMATION
AS OF DECEMBER 31, 2013 AND DECEMBER 31, 2012
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
Final Printing
REF
CONCEPTS
CURRENT YEAR
END OF PREVIOUS YEAR
AMOUNT
AMOUNT
91000010
FOREIGN CURRENCY LIABILITIES SHORT-TERM
6,772,104
5,325,977
91000020
FOREIGN CURRENCY LIABILITIES LONG-TERM
32,170,424
30,263,345
91000030
CAPITAL STOCK NOMINAL
2,494,410
2,494,410
91000040
RESTATEMENT OF CAPITAL STOCK
2,483,716
2,483,716
91000050
PENSIONS AND SENIORITY PREMIUMS
2,009,430
1,905,699
91000060
NUMBER OF EXECUTIVES (*)
72
41
91000070
NUMBER OF EMPLOYEES (*)
31,975
28,558
91000080
NUMBER OF WORKERS (*)
0
0
91000090
NUMBER OF OUTSTANDING SHARES (*)
335,501,022,792
333,897,940,506
91000100
NUMBER OF REPURCHASED SHARES (*)
26,928,864,339
28,531,946,625
91000110
RESTRICTED CASH (1)
0
0
91000120
DEBT OF NON-CONSOLIDATED COMPANIES GUARANTEED
0
0
 
 
(1) THIS CONCEPT MUST BE COMPLETED WHEN GUARANTEES HAVE BEEN PROVIDED AFFECTING CASH AND CASH EQUIVALENTS
(*) DATA IN UNITS
 
 
 
 
 
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE TWELVE AND THREE MONTHS ENDED DECEMBER 31, 2013 AND 2012
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
Final Printing
REF
ACCOUNT / SUBACCOUNT
CURRENT YEAR
PREVIOUS YEAR
CUMULATIVE
QUARTER
CUMULATIVE
QUARTER
40010000
NET INCOME
73,790,711
21,443,064
69,290,409
19,792,456
40010010
  
SERVICES
57,255,507
17,007,067
54,182,419
15,590,586
40010020
  
SALE OF GOODS
2,163,696
585,975
2,103,220
573,507
40010030
  
INTEREST
0
0
0
0
40010040
  
ROYALTIES
5,321,561
1,431,519
5,283,553
1,576,049
40010050
  
DIVIDENDS
0
0
0
0
40010060
  
LEASE
9,049,947
2,418,503
7,721,217
2,052,314
40010061
  
CONSTRUCTION
0
0
0
0
40010070
  
OTHER
0
0
0
0
40020000
COST OF SALES
39,602,423
11,487,240
36,795,944
10,528,793
40021000
GROSS PROFIT (LOSS)
34,188,288
9,955,824
32,494,465
9,263,663
40030000
GENERAL EXPENSES
15,366,803
4,392,726
13,704,480
3,722,882
40040000
INCOME (LOSS) BEFORE OTHER INCOME AND EXPENSES, NET
18,821,485
5,563,098
18,789,985
5,540,781
40050000
OTHER INCOME AND (EXPENSE), NET
-83,150
-243,976
-650,432
-217,151
40060000
OPERATING INCOME (LOSS)
18,738,335
5,319,122
18,139,553
5,323,630
40070000
FINANCE INCOME
5,971,689
5,358,070
1,951,784
1,124,728
40070010
  
INTEREST INCOME
1,129,955
338,276
1,044,321
323,290
40070020
  
FOREIGN EXCHANGE GAIN, NET
0
20,500
127,372
113,800
40070030
  
DERIVATIVES GAIN, NET
4,841,734
4,999,294
780,091
687,638
40070040
  
EARNINGS FROM CHANGES IN FAIR VALUE OF FINANCIAL INSTRUMENTS
0
0
0
0
40070050
  
OTHER
0
0
0
0
40080000
FINANCE EXPENSE
5,086,972
1,299,339
5,302,276
1,142,389
40080010
  
INTEREST EXPENSE
4,803,151
1,299,339
4,369,276
1,142,389
40080020
  
FOREIGN EXCHANGE LOSS, NET
283,821
0
0
0
40080030
  
DERIVATIVES LOSS, NET
0
0
0
0
40080050
  
LOSS FROM CHANGES IN FAIR VALUE OF FINANCIAL
INSTRUMENTS
0
0
933,000
0
40080060
  
OTHER
0
0
0
0
40090000
FINANCE INCOME (EXPENSE) NET
884,717
4,058,731
-3,350,492
-17,661
40100000
PARTICIPATION IN THE RESULTS OF ASSOCIATES AND JOINT VENTURES
-5,659,963
-4,736,774
-666,602
-432,772
40110000
INCOME (LOSS) BEFORE INCOME TAXES
13,963,089
4,641,079
14,122,459
4,873,197
40120000
INCOME TAXES
3,728,962
783,508
4,053,291
1,768,043
40120010
  
INCOME TAX, CURRENT
13,857,087
9,425,916
4,833,347
1,629,804
40120020
  
INCOME TAX, DEFERRED
-10,128,125
-8,642,408
-780,056
138,239
40130000
INCOME (LOSS) FROM CONTINUING OPERATIONS
10,234,127
3,857,571
10,069,168
3,105,154
40140000
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET
0
0
0
0
40150000
NET INCOME (LOSS)
10,234,127
3,857,571
10,069,168
3,105,154
40160000
NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST
2,485,848
1,393,741
1,308,531
107,077
40170000
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST
7,748,279
2,463,830
8,760,637
2,998,077
 
40180000
NET INCOME (LOSS) PER BASIC SHARE
2.71
0.86
3.08
1.05
40190000
NET INCOME (LOSS) PER DILUTED SHARE
2.50
0.80
2.83
0.97
 
 
 
 
 
 
STATEMENTS OF COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME (NET OF INCOME TAXES)
FOR THE TWELVE AND THREE MONTHS ENDED DECEMBER 31, 2013 AND 2012
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
Final Printing
REF
ACCOUNT / SUBACCOUNT
CURRENT YEAR
PREVIOUS YEAR
CUMULATIVE
QUARTER
CUMULATIVE
QUARTER
40200000
NET INCOME (LOSS)
10,234,127
3,857,571
10,069,168
3,105,154
 
ITEMS NOT TO BE RECLASSIFIED INTO RESULTS
        
40210000
  
EARNINGS PER PROPERTY REASSESSMENT
0
0
0
0
40220000
  
ACTUARIAL EARNINGS (LOSS) FOR LABOR OBLIGATIONS
133,863
133,863
-75,065
-75,065
40220100
  
PARTICIPATION IN RESULTS FOR REVALUATION OF PROPERTIES OF ASSOCIATES AND JOINT VENTURES
0
0
0
0
 
ITEMS THAT MAY BE SUBSEQUENTLY RECLASSIFIED INTO RESULTS
        
40230000
  
RESULT FOR FOREIGN CURRENCY CONVERSION
79,710
-7,340
-204,861
50,364
40240000
  
CHANGES IN THE VALUATION OF AVAILABLE FOR SALE FINANCIAL ASSETS
677,891
244,165
272,061
224,544
40250000
  
CHANGES IN THE VALUATION OF DERIVATIVE FINANCIAL INSTRUMENTS
16,308
19,012
-99,719
9,678
40260000
  
CHANGES IN FAIR VALUE OF OTHER ASSETS
984,160
1,202,780
518,229
57,755
40270000
  
PARTICIPATION IN OTHER COMPREHENSIVE INCOME OF ASSOCIATES AND JOINT VENTURES
 
105,259
 
-5,467
 
50,606
 
4,545
40280000
OTHER COMPREHENSIVE INCOME
0
0
0
0
40290000
TOTAL OTHER COMPREHENSIVE INCOME
1,997,191
1,587,013
461,251
271,821
 
40300000
COMPREHENSIVE INCOME (LOSS)
12,231,318
5,444,584
10,530,860
3,376,975
40320000
  
COMPREHENSIVE (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST
2,497,027
1,402,149
1,287,541
115,639
40310000
  
COMPREHENSIVE (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST
9,734,291
4,042,435
9,243,319
3,261,336
 
 
 
 
 
 
STATEMENTS OF COMPREHENSIVE INCOME
DATA INFORMATION
FOR THE TWELVE AND THREE MONTHS ENDED DECEMBER 31, 2013 AND 2012
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
  Final Printing
REF
ACCOUNT / SUBACCOUNT
CURRENT YEAR
PREVIOUS YEAR
CUMULATIVE
QUARTER
CUMULATIVE
QUARTER
92000010
OPERATING DEPRECIATION AND AMORTIZATION
9,846,366
2,568,278
8,474,240
2,299,614
92000020
EMPLOYEES' PROFIT SHARING, CURRENT
41,792
28,954
39,663
29,100
 
 
 
 
 
STATEMENTS OF COMPREHENSIVE INCOME
DATA INFORMATION (TWELVE MONTHS)
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2013 AND 2012
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
  Final Printing
REF
ACCOUNT / SUBACCOUNT
YEAR
CURRENT
PREVIOUS
92000030
NET INCOME (**)
73,790,711
69,290,409
92000040
OPERATING INCOME (LOSS) (**)
18,738,335
18,139,553
92000050
CONTROLLING INTEREST NET INCOME (LOSS) (**)
7,748,279
8,760,637
92000060
NET INCOME (LOSS) (**)
10,234,127
10,069,168
92000070
OPERATING DEPRECIATION AND AMORTIZATION (**)
9,846,366
8,474,240
 
(**) INFORMATION FOR THE LAST TWELVE MONTHS
 
 
 
 
 
STATEMENTS OF CASH FLOWS (INDIRECT METHOD)
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2013 AND 2012
(THOUSANDS OF MEXICAN PESOS)
 
CONSOLIDATED
Final Printing
REF
ACCOUNT / SUBACCOUNT
CURRENT YEAR
PREVIOUS YEAR
AMOUNT
AMOUNT
OPERATING ACTIVITIES
50010000
INCOME (LOSS) BEFORE INCOME TAXES
13,963,089
14,122,459
50020000
 + (-) ITEMS NOT REQUIRING CASH
1,016,228
997,676
50020010
 
 + ESTIMATES FOR THE PERIOD
873,097
814,153
50020020
  
 + PROVISIONS FOR THE PERIOD
0
0
50020030
  
 + (-) OTHER UNREALIZED ITEMS
143,131
183,523
50030000
 + (-) ITEMS RELATED TO INVESTING ACTIVITIES
15,433,784
11,078,672
50030010
  
 + DEPRECIATION AND AMORTIZATION FOR THE PERIOD
9,846,366
8,474,240
50030020
  
 (-) + GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND EQUIPMENT
236,667
270,556
50030030
  
 + (-) LOSS (REVERSION) IMPAIRMENT
59,648
0
50030040
  
 (-) + EQUITY IN RESULTS OF AFFILIATES AND JOINT VENTURES
5,659,963
666,602
50030050
  
 (-) DIVIDENDS RECEIVED
0
0
50030060
  
 (-) INTEREST INCOME
(192,712)
(106,529)
50030070
  
 (-) FOREIGN EXCHANGE FLUCTUATION
(361,228)
1,577,455
50030080
  
 (-) + OTHER ITEMS
185,080
196,348
50040000
 + (-) ITEMS RELATED TO FINANCING ACTIVITIES
1,052,445
3,033,065
50040010
  
 (+) ACCRUED INTEREST
4,803,151
4,369,276
50040020
  
 (+) FOREIGN EXCHANGE FLUCTUATION
489,847
(2,117,757)
50040030
  
 (+) FINANCIAL OPERATIONS OF DERIVATIVES
(4,841,734)
152,909
50040040
  
 + (-) OTHER ITEMS
601,181
628,637
50050000
CASH FLOW BEFORE INCOME TAX
31,465,546
29,231,872
50060000
CASH FLOWS PROVIDED OR USED IN OPERATION
(7,659,341)
(6,675,809)
50060010
  
 + (-) DECREASE (INCREASE) IN CUSTOMERS
(2,604,151)
(594,478)
50060020
  
 + (-) DECREASE (INCREASE) IN INVENTORIES
(3,372,410)
(626,965)
50060030
  
 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLES AND OTHER ASSETS
(2,136,355)
(1,818,962)
50060040
  
 + (-) INCREASE (DECREASE) IN SUPPLIERS
1,625,935
711,155
50060050
  
 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES
3,622,333
188,584
50060060
  
 + (-) INCOME TAXES PAID OR RETURNED
(4,794,693)
(4,535,143)
50070000
NET CASH FLOWS FROM OPERATING ACTIVITIES
23,806,205
22,556,063
INVESTING ACTIVITIES
50080000
NET CASH FLOWS FROM INVESTING ACTIVITIES
(25,246,453)
(12,167,423)
50080010
  
 (-) PERMANENT INVESTMENTS IN SHARES
(1,588,925)
(452,023)
50080020
  
 + DISPOSITION OF PERMANENT INVESTMENT IN SHARES
0
0
50080030
  
 (-) INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT
(14,870,672)
(11,428,422)
50080040
  
 + SALE OF PROPERTY, PLANT AND EQUIPMENT
169,218
336,278
50080050
  
 (-) TEMPORARY INVESTMENTS
(517,199)
(274,958)
50080060
  
 + DISPOSITION OF TEMPORARY INVESTMENTS
1,868,059
479,039
50080070
  
 (-) INVESTMENT IN INTANGIBLE ASSETS
(824,072)
(822,027)
50080080
  
 + DISPOSITION OF INTANGIBLE ASSETS
0
0
50080090
  
 (-) BUSINESS ACQUISITIONS
0
0
50080100
  
 + BUSINESS DISPOSITIONS
0
0
50080110
  
 + DIVIDEND RECEIVED
0
12,830
50080120
  
 + INTEREST RECEIVED
0
0
50080130
  
 + (-) DECREASE (INCREASE) IN ADVANCES AND LOANS TO THIRD PARTIES
0
0
50080140
  
 + (-) OTHER ITEMS
(9,482,862)
(18,140)
FINANCING ACTIVITIES
50090000
NET CASH FLOWS FROM FINANCING ACTIVITIES
(923,817)
(7,547,799)
50090010
  
 + BANK FINANCING
493,383
239,400
50090020
  
 + STOCK MARKET FINANCING
6,437,204
0
50090030
  
 + OTHER FINANCING
0
0
50090040
  
 (-) BANK FINANCING AMORTIZATION
(375,000)
(1,020,000)
50090050
  
 (-) STOCK MARKET FINANCING AMORTIZATION
0
0
50090060
  
 (-) OTHER FINANCING AMORTIZATION
(376,159)
(645,184)
50090070
  
 + (-) INCREASE (DECREASE) IN CAPITAL STOCK
0
0
50090080
  
 (-) DIVIDENDS PAID
(2,168,384)
(1,002,692)
50090090
  
 + PREMIUM ON ISSUANCE OF SHARES
0
0
50090100
  
 + CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
0
0
50090110
  
 (-) INTEREST EXPENSE
(4,681,676)
(4,355,869)
50090120
  
 (-) REPURCHASE OF SHARES
0
0
50090130
  
 +  (-) OTHER ITEMS
(253,185)
(763,454)
 
50100000
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(2,364,065)
2,840,841
50110000
CHANGES IN THE VALUE OF CASH AND CASH EQUIVALENTS
(7,227)
(53,440)
50120000
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
19,063,325
16,275,924
50130000
CASH AND CASH EQUIVALENTS AT END OF PERIOD
16,692,033
19,063,325
 
 
 
 
 
 
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
  Final Printing
 
CONCEPTS
CAPITAL STOCK
SHARES REPURCHASED
ADDITIONAL PAID-IN CAPITAL
CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
OTHER CAPITAL CONTRIBUTED
RETAINED EARNINGS OR
ACCUMULATED LOSSES
ACCUMULATED OTHER COMPREHENSIVE
INCOME (NET OF INCOME TAX)
CONTROLLING INTEREST
NON-CONTROLLING INTEREST
TOTAL STOCKHOLDERS’ EQUITY
RESERVES
RETAINED EARNINGS (ACCUMULATED
LOSSES)
BALANCE AT JANUARY 1, 2012
5,040,808
-15,971,710
15,889,819
0
0
2,139,007
43,319,104
1,323,202
51,740,230
7,280,119
59,020,349
                       
RETROSPECTIVE ADJUSTMENT
0
0
0
0
0
0
0
0
0
0
0
                       
APPLICATION OF OTHER COMPREHENSIVE INCOME TO RETAINED EARNINGS
0
0
0
0
0
0
0
0
0
0
0
                       
                       
ESTABLISHMENT OF RESERVES
0
0
0
0
0
0
0
0
0
2,296
2,296
                       
DIVIDENDS DECLARED
0
0
0
0
0
0
-1,002,692
0
-1,002,692
-672,988
-1,675,680   
                       
(DECREASE) INCREASE OF CAPITAL
-62,682
1,991,714
0
0
0
0
-1,929,032
0
0
0
0
                       
REPURCHASE OF SHARES
0
-533,038
0
0
0
0
0
0
-533,038
0
-533,038
                       
(DECREASE) INCREASE IN ADDITIONAL PAID-IN CAPITAL
0
0
0
0
0
0
0
0
0
0
0
                       
                       
(DECREASE) INCREASE IN NON-CONTROLLING INTEREST
0
0
0
0
0
0
0
0
0
0
0
                       
                       
OTHER
0
1,409,811
0
0
0
0
-248,138
0
1,161,673
-40,442
1,121,231
                       
COMPREHENSIVE INCOME
0
0
0
0
0
0
8,760,637
482,682
9,243,319
1,287,100
10,530,419
                       
BALANCE AT DECEMBER 31, 2012
4,978,126
-13,103,223
15,889,819
0
0
2,139,007
48,899,879
1,805,884
60,609,492
7,856,085
68,465,577
BALANCE AT JANUARY 1, 2013
4,978,126
-13,103,223
15,889,819
0
0
2,139,007
48,899,879
1,805,884
60,609,492
7,856,085
68,465,577
                       
RETROSPECTIVE ADJUSTMENT
0
0
0
0
0
0
-101,814
0
-101,814
-1,088
-102,902
                       
APPLICATION OF OTHER COMPREHENSIVE INCOME TO RETAINED EARNINGS
0
0
0
0
0
0
0
0
0
0
0
                       
                       
ESTABLISHMENT OF RESERVES
0
0
0
0
0
0
0
0
0
0
0
                       
DIVIDENDS DECLARED
0
0
0
0
0
0
-2,168,384
0
-2,168,384
-118,238
-2,286,622
                       
(DECREASE) INCREASE OF CAPITAL
0
0
0
0
0
0
0
0
0
0
0
                       
REPURCHASE OF SHARES
0
-1,057,083
0
0
0
0
0
0
-1,057,083
0
-1,057,083
                       
(DECREASE) INCREASE IN ADDITIONAL PAID-IN CAPITAL
0
0
0
0
0
0
0
0
0
0
0
                       
                       
(DECREASE) INCREASE IN NON-CONTROLLING INTEREST
0
0
0
0
0
0
0
0
0
0
0
                       
                       
OTHER
0
1,543,013
0
0
0
0
115,251
0
1,658,264
-300
1,657,964
                       
COMPREHENSIVE INCOME
0
0
0
0
0
0
7,748,279
1,986,012
9,734,291
2,497,027
12,231,318
                       
BALANCE AT DECEMBER 31, 2013
4,978,126
-12,617,293
15,889,819
0
0
2,139,007
54,493,211
3,791,896
68,674,766
10,233,486
78,908,252
 
 
 
 
 
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
CONSOLIDATED
  Final Printing
 
MEXICO CITY, D.F., FEBRUARY 20, 2014—GRUPO TELEVISA, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “TELEVISA” OR “THE COMPANY”), TODAY ANNOUNCED RESULTS FOR FOURTH QUARTER AND FULL YEAR 2013. THE RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRS”).

THE FOLLOWING INFORMATION FROM THE CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012 IS PRESENTED IN MILLIONS OF MEXICAN PESOS, AS WELL AS THE PERCENTAGE CHANGE WHEN COMPARING 2013 WITH 2012:

NET SALES

NET SALES INCREASED BY 6.5% TO PS.73,790.7 MILLION IN 2013 COMPARED WITH PS. 69,290.4 MILLION IN 2012. THIS INCREASE WAS ATTRIBUTABLE TO STRONG REVENUE GROWTH IN CABLE, TELECOM, AND SKY SEGMENTS. OPERATING SEGMENT INCOME INCREASED 5.1%, REACHING PS.29,860.4 MILLION WITH A MARGIN OF 39.7% IN 2013 COMPARED WITH PS.28,413.5 MILLION WITH A MARGIN OF 40.3% IN 2012.

NET INCOME ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY

NET INCOME ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY DECREASED TO PS.7,748.3 MILLION, OR 11.6%, IN 2013 COMPARED WITH PS.8,760.6 MILLION IN 2012. THE NET DECREASE OF PS.1,012.3 MILLION REFLECTED:

I) A PS.4,993.3 MILLION INCREASE IN SHARE OF LOSS OF JOINT VENTURES AND ASSOCIATES, NET, PRIMARILY AS A RESULT OF A NON-CASH IMPAIRMENT ADJUSTMENT TO OUR NET INVESTMENT IN GSF, OUR 50% JOINT VENTURE IN THE IUSACELL TELECOM BUSINESS.

II) A PS.1,177.4 MILLION INCREASE IN NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS, RESULTING PRIMARILY FROM THE RECOGNITION IN SKY AND OUR CABLE AND TELECOM SEGMENTS OF DEFERRED INCOME TAX ASSETS, WHICH INCLUDED A BENEFIT FROM TAX LOSS CARRYFORWARDS RELATED TO THESE SEGMENTS IN CONNECTION WITH THE RECENTLY ENACTED 2014 TAX REFORM.

THESE UNFAVORABLE VARIANCES WERE PARTIALLY OFFSET BY I) A PS.4,235.2 MILLION INCREASE IN FINANCE INCOME, NET, RESULTING PRIMARILY FROM A NON-CASH GAIN IN FAIR VALUE OF OUR OPTION TO CONVERT OUR INVESTMENT IN DEBENTURES ISSUED BY BMP, THE CONTROLLING COMPANY OF UNIVISION, INTO SHARES OF CAPITAL STOCK OF BMP; II) A PS.567.3 MILLION DECREASE IN OTHER EXPENSE, NET; AND III) A PS.324.4 MILLION DECREASE IN INCOME TAXES.

FOURTH QUARTER RESULTS AND FULL YEAR RESULTS BY BUSINESS SEGMENT

THE FOLLOWING INFORMATION PRESENTS FOURTH QUARTER CONSOLIDATED RESULTS ENDED DECEMBER 31, 2013 AND 2012 AND FULL YEAR CONSOLIDATED RESULTS ENDED DECEMBER 31, 2013 AND 2012 FOR EACH OF OUR BUSINESS SEGMENTS.  CONSOLIDATED RESULTS  FOR THE FOURTH QUARTER  2013 AND 2012 AND FULL YEAR 2013 AND 2012 ARE PRESENTED IN MILLIONS OF MEXICAN PESOS:

CONTENT

FOURTH QUARTER SALES INCREASED 2.1% TO PS.10,433.8 MILLION COMPARED WITH PS.10,218.7 MILLION IN FOURTH QUARTER 2012.
 
FULL YEAR SALES INCREASED 2.8% TO PS.33,817.6 MILLION COMPARED WITH PS.32,884.1 MILLION IN 2012.

ADVERTISING

FOURTH QUARTER ADVERTISING REVENUE INCREASED 7.8% TO PS.8,318.7 MILLION COMPARED WITH PS.7,716.2 MILLION IN FOURTH QUARTER 2012. FULL YEAR ADVERTISING REVENUE INCREASED BY 3.9% TO PS.24,864.5 MILLION COMPARED WITH PS.23,935.9 MILLION IN 2012. THESE RESULTS REFLECT STRONGER ADVERTISING REVENUES IN OUR BROADCASTING CHANNELS AND PAY-TV NETWORKS.

NETWORK SUBSCRIPTION REVENUE

FOURTH QUARTER NETWORK SUBSCRIPTION REVENUE DECREASED BY 22.1% TO PS.638.6 MILLION COMPARED TO PS.819.4 MILLION IN FOURTH-QUARTER 2012. THESE RESULTS REFLECT FORGONE REVENUE AS A RESULT OF THE IMPLEMENTATION OF THE MUST-OFFER RULING THAT CAME INTO EFFECT WITH THE CONSTITUTIONAL REFORM IN TELECOMMUNICATIONS MATTERS. AMONG OTHER MEASURES, THIS REFORM REQUIRES US TO ALLOW THE RETRANSMISSION FREE OF CHARGE AND ON A NON-DISCRIMINATORY BASIS OF FREE-TO-AIR TELEVISION SIGNALS TO PAY-TV LICENSEES THAT OPERATE IN THE SAME AREA OF GEOGRAPHIC COVERAGE, SUBJECT TO CERTAIN CONDITIONS BEING MET.

FULL-YEAR NETWORK SUBSCRIPTION REVENUE GREW BY 2.3% TO PS.3,263.6 MILLION COMPARED WITH PS.3,189.2 MILLION IN 2012, MAINLY AS A RESULT OF THE SUSTAINED ADDITION OF PAY-TV SUBSCRIBERS IN MEXICO AND, TO A LESSER EXTENT, ABROAD. WE CLOSED 2013 WITH 35.7 MILLION SUBSCRIBERS, AN INCREASE OF 7.5% FROM 2012. THIS EFFECT WAS PARTIALLY OFFSET BY THE MUST-OFFER RULING REFERRED TO ABOVE AND TO A LESSER EXTENT A NEGATIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES.

LICENSING AND SYNDICATION

FOURTH QUARTER LICENSING AND SYNDICATION REVENUE DECREASED BY 12.3% TO PS.1,476.5 MILLION COMPARED TO PS.1,683.1 MILLION IN FOURTH-QUARTER 2012. THE DECREASE IS MOSTLY EXPLAINED BY UNUSUALLY STRONG SALES TO LATIN AMERICA AND COPRODUCTION REVENUES IN FOURTH QUARTER 2012, AND THE RESULTING DIFFICULT COMPARISON TO THE CURRENT PERIOD. ROYALTIES FROM UNIVISION INCREASED 8.7% FROM US$68.0 MILLION IN FOURTH QUARTER 2012 TO US$74.0 MILLION IN FOURTH QUARTER 2013.

THE FULL-YEAR DECREASE IN LICENSING AND SYNDICATION REVENUE OF 1.2% TO PS.5,689.5 MILLION COMPARED WITH PS.5,759.0 MILLION IN 2012 IS EXPLAINED BY I) A DECREASE IN SALES TO THE REST OF THE WORLD AND LOWER COPRODUCTION REVENUES; AND II) A NEGATIVE TRANSLATION EFFECT ON FOREIGN CURRENCY-DENOMINATED REVENUES. THIS NEGATIVE EFFECT WAS PARTIALLY OFFSET BY AN INCREASE OF 10.3% IN ROYALTIES FROM UNIVISION, FROM US$247.6 MILLION IN 2012 TO US$273.2 MILLION IN 2013.

FOURTH QUARTER OPERATING SEGMENT INCOME DECREASED 2.1% TO PS.4,705.4 MILLION COMPARED WITH PS.4,807.8 MILLION IN FOURTH QUARTER 2012; THE MARGIN WAS 45.1%. THESE RESULTS REFLECT HIGHER REVENUES THAT WERE OFFSET BY THE EFFECTS OF THE MUST-OFFER RULING.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 1.0% TO PS.15,566.0 MILLION COMPARED WITH PS.15,411.1 MILLION IN 2012. THE MARGIN WAS 46.0%. THESE RESULTS REFLECT HIGHER REVENUES, WHICH WERE PARTIALLY OFFSET BY THE DECREASE IN NETWORK SUBSCRIPTION REVENUE, THE INCREASE IN PRODUCTION COSTS OF SPECIAL EVENTS, AN INCREASE IN OPERATING EXPENSES RELATED TO HIGHER EMPLOYEE COSTS AND AGENCY COMMISSIONS, AND A NEGATIVE TRANSLATION EFFECT.

PUBLISHING

FOURTH-QUARTER SALES DECREASED 7.3% TO PS.927.7 MILLION COMPARED WITH PS.1,000.3 MILLION IN FOURTH QUARTER 2012.

FULL-YEAR SALES DECREASED 6.8% TO PS.3,218.3 MILLION COMPARED WITH PS.3,453.0 MILLION IN 2012. THE DECREASE IS EXPLAINED BY LOWER CIRCULATION AND ADVERTISING REVENUES IN MEXICO AND THE REST OF THE WORLD AND A NEGATIVE TRANSLATION EFFECT ON FOREIGN CURRENCY-DENOMINATED SALES. IN 2013 MEXICO-DERIVED REVENUES REPRESENTED 39.2% COMPARED WITH 38.7% IN 2012.

FOURTH QUARTER OPERATING SEGMENT INCOME INCREASED 6.5% TO PS.144.4 MILLION COMPARED WITH PS.135.6 MILLION IN FOURTH QUARTER 2012, AND THE MARGIN WAS 15.6%.

FULL-YEAR OPERATING SEGMENT INCOME DECREASED 26.5% TO PS.328.9 MILLION COMPARED WITH PS.447.6 MILLION IN 2012, AND THE MARGIN WAS 10.2%. THIS DECREASE REFLECTS LOWER SALES AND HIGHER MARKETING EXPENSES. THIS EFFECT WAS PARTIALLY OFFSET BY I) A DECREASE IN PAPER, PRINTING AND EDITING COSTS; AND II) A POSITIVE TRANSLATION EFFECT ON FOREIGN CURRENCY-DENOMINATED COSTS AND EXPENSES.

SKY

FOURTH QUARTER SALES INCREASED BY 9.7% TO PS.4,180.7 MILLION COMPARED WITH PS.3,810.5 MILLION IN FOURTH QUARTER 2012. DURING THE QUARTER, SKY ADDED A TOTAL OF 136,550 SUBSCRIBERS, MAINLY IN MEXICO.

FULL-YEAR SALES INCREASED 11.3% TO PS.16,098.3 MILLION COMPARED WITH PS.14,465.3 MILLION IN 2012. THE ANNUAL INCREASE WAS DRIVEN BY SOLID GROWTH IN THE SUBSCRIBER BASE OF MORE THAN 862,000, WHICH IS EXPLAINED BY THE CONTINUED SUCCESS OF SKY’S LOW-COST OFFERING, THE ATTRACTIVENESS OF SKY’S TRADITIONAL PAY-TV PACKAGES AND THE INCREASE IN ADVERTISING REVENUES. AS OF DECEMBER 31, 2013, THE NUMBER OF NET ACTIVE SUBSCRIBERS INCREASED TO 6,015,475 (INCLUDING 168,063 COMMERCIAL SUBSCRIBERS), COMPARED WITH 5,153,445 (INCLUDING 164,669 COMMERCIAL SUBSCRIBERS) AS OF DECEMBER 31, 2012. SKY CLOSED THE YEAR WITH 203,076 SUBSCRIBERS IN CENTRAL AMERICA AND THE DOMINICAN REPUBLIC.

FOURTH QUARTER OPERATING SEGMENT INCOME INCREASED 11.4% TO PS.1,787.3 MILLION COMPARED WITH PS.1,604.4 MILLION IN FOURTH QUARTER 2012, AND THE MARGIN WAS 42.8%. THIS INCREASE REFLECTS LOWER PROGRAMMING COSTS, PARTIALLY OFFSET BY THE AMORTIZATION OF COSTS RELATED WITH THE 24 EXCLUSIVE MATCHES OF THE 2014 SOCCER WORLD CUP.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 11.9% TO PS.7,340.5 MILLION COMPARED WITH PS.6,558.0 MILLION IN 2012, AND THE MARGIN WAS 45.6%. THIS INCREASE REFLECTS AN INCREASE IN SALES, AND LOWER PROGRAMMING COSTS. THIS EFFECT WAS PARTIALLY COMPENSATED BY HIGHER COSTS AND EXPENSES INHERENT TO THE GROWTH IN THE SUBSCRIBER BASE, MAINLY IN THE LOWER-COST PACKAGES, AND HIGHER PROGRAMMING EXPENSES RELATED TO SPECIAL EVENTS.
 
CABLE AND TELECOM

FOURTH QUARTER SALES INCREASED 13.9% TO PS.4,599.4 MILLION COMPARED WITH PS.4,037.0 MILLION IN FOURTH QUARTER 2012, AND WAS DRIVEN BY GROWTH IN ALL OF OUR CABLE PLATFORMS.

FULL-YEAR SALES INCREASED 10.1% TO PS.17,138.8 MILLION COMPARED WITH PS.15,570.4 MILLION IN 2012. IN THE AGGREGATE, THE THREE CABLE OPERATIONS ADDED 709 THOUSAND REVENUE GENERATING UNITS ("RGUS") DURING THE YEAR AS A RESULT OF THE SUCCESS OF OUR COMPETITIVE PACKAGES. VOICE AND DATA RGUS CONTINUED TO BE THE MAIN DRIVERS OF GROWTH, INCREASING 21.4% AND 27.6% COMPARED WITH 2012, RESPECTIVELY, WHILE VIDEO RGUS EXPANDED BY 8.1%.

YEAR-OVER-YEAR, CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL NET SALES INCREASED 12.6%, 12.9%, 9.6%, AND 0.4% RESPECTIVELY.

THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF SUBSCRIBERS FOR EACH OF OUR THREE CABLE SUBSIDIARIES AS OF DECEMBER 31, 2013:

THE SUBSCRIBER BASE OF CABLEVISIÓN OF VIDEO, BROADBAND AND VOICE AS OF DECEMBER 31, 2013 AMOUNTED TO 867,525, 666,464 AND 415,023 SUBSCRIBERS, RESPECTIVELY.

THE SUBSCRIBER BASE OF CABLEMÁS OF VIDEO, BROADBAND AND VOICE AS OF DECEMBER 31, 2013 AMOUNTED TO 1,185,090, 705,202 AND 347,609 SUBSCRIBERS, RESPECTIVELY.

THE SUBSCRIBER BASE OF TVI OF VIDEO, BROADBAND AND VOICE AS OF DECEMBER 31, 2013 AMOUNTED TO 442,697, 295,122 AND 153,295 SUBSCRIBERS, RESPECTIVELY.

THE RGUS OF CABLEVISIÓN, CABLEMÁS AND TVI AS OF DECEMBER 31, 2013 AMOUNTED TO 1,949,012, 2,237,901 AND 891,114, RESPECTIVELY.

FOURTH QUARTER OPERATING SEGMENT INCOME INCREASED 4.9% TO PS.1,656.2 MILLION COMPARED WITH PS.1,579.1 MILLION IN FOURTH QUARTER 2012, AND THE MARGIN WAS 36.0%. THESE RESULTS REFLECT CONTINUED GROWTH IN THE CABLE PLATFORMS, AND LOWER PROGRAMMING COSTS, PARTIALLY COMPENSATED BY A LOWER MARGIN IN BESTEL WHEN COMPARED TO LAST YEAR, AND HIGHER PERSONNEL COSTS AND SELLING EXPENSES IN OUR CABLE PLATFORMS. THE LOWER MARGIN IN BESTEL IS EXPLAINED BY THE LARGER CONTRIBUTION OF LONG DISTANCE REVENUE, WHICH HAS BECOME A BIGGER PORTION OF ITS REVENUE MIX.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 5.5% TO PS.6,131.8 MILLION COMPARED WITH PS.5,812.8 MILLION IN 2012, AND THE MARGIN WAS 35.8%. THESE RESULTS PRIMARILY REFLECT CONTINUED GROWTH IN THE CABLE PLATFORMS. THESE FAVORABLE VARIANCES WERE PARTIALLY OFFSET BY THE LOWER MARGIN OF BESTEL AND THE INCREASE IN MAINTENANCE COSTS, PERSONNEL COSTS, AND ADVERTISING SPENDING DURING THE YEAR.

THE FOLLOWING INFORMATION SET FORTH THE BREAKDOWN OF REVENUES AND OPERATING SEGMENT INCOME, EXCLUDING CONSOLIDATION ADJUSTMENTS, FOR OUR FOUR CABLE AND TELECOM SUBSIDIARIES FOR 2013 AND 2012:

THE REVENUES FOR 2013 OF CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.5,678.1 MILLION, PS.6,139.5 MILLION, PS.2,713.2 MILLION AND PS.3,051.4 MILLION, RESPECTIVELY.

THE REVENUES FOR 2012 OF CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.5,041.1 MILLION, PS.5,439.7 MILLION, PS.2,474.6 MILLION AND PS.3,039.8 MILLION, RESPECTIVELY.

THE OPERATING SEGMENT INCOME FOR 2013 OF CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.2,266.2 MILLION, PS.2,108.9 MILLION, PS.1,177.6 MILLION AND PS.820.7 MILLION, RESPECTIVELY.

THE OPERATING SEGMENT INCOME FOR 2012 OF CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.2,033.8 MILLION, PS.2,007.6 MILLION, PS.1,065.6 MILLION AND PS.955.6 MILLION, RESPECTIVELY.

THESE RESULTS DO NOT INCLUDE CONSOLIDATION ADJUSTMENTS IN REVENUES OF PS.443.4 MILLION AND PS.424.8 MILLION IN 2013 AND 2012, RESPECTIVELY, NOR PS.241.6 MILLION AND PS.249.8 MILLION IN 2013 AND 2012, RESPECTIVELY, IN OPERATING SEGMENT INCOME, WHICH ARE INCLUDED IN THE CONSOLIDATED RESULTS OF CABLE AND TELECOM.

OTHER BUSINESSES

FOURTH QUARTER SALES INCREASED 55.3% TO PS.1,647.1 MILLION COMPARED WITH PS.1,060.5 MILLION IN FOURTH QUARTER 2012, DRIVEN MAINLY BY OUR FEATURE-FILM DISTRIBUTION AND SOCCER BUSINESSES.

FULL YEAR SALES INCREASED 15.3% TO PS.4,855.0 MILLION COMPARED WITH PS.4,211.3 MILLION IN 2012. BUSINESSES THAT PERFORMED WELL INCLUDE FEATURE-FILM DISTRIBUTION, SOCCER, RADIO, AND GAMING. THE SOCCER BUSINESS BENEFITED FROM PLAYER RELATED TRANSACTIONS, WHILE THE RADIO BUSINESS SAW AN INCREASE IN ADVERTISING REVENUES. FINALLY, THE FEATURE-FILM DISTRIBUTION BUSINESS DISTRIBUTED HITS SUCH AS “THE HUNGER GAMES: CATCHING FIRE” AND “INSTRUCTIONS NOT INCLUDED”.

FOURTH QUARTER OPERATING SEGMENT INCOME REACHED PS.196.5 MILLION COMPARED WITH PS.15.3 MILLION IN FOURTH QUARTER 2012.

FULL YEAR OPERATING SEGMENT INCOME REACHED PS.493.2 MILLION COMPARED WITH PS.184.0 MILLION IN 2012, REFLECTING I) INCREASES IN THE OPERATING SEGMENT INCOME OF FEATURE-FILM DISTRIBUTION, RADIO, AND GAMING; II) A SHIFT FROM LOSS TO INCOME IN OUR SOCCER BUSINESS; AND III) A SMALLER OPERATING SEGMENT LOSS IN OUR PUBLISHING DISTRIBUTION BUSINESS.

INTERSEGMENT OPERATIONS

INTERSEGMENT OPERATIONS FOR THE FOURTH QUARTER 2013 AND 2012 AMOUNTED TO PS.345.6 MILLION AND PS.334.5 MILLION, RESPECTIVELY.

INTERSEGMENT OPERATIONS FOR 2013 AND 2012 AMOUNTED TO PS.1,337.3 MILLION AND PS.1,293.7 MILLION, RESPECTIVELY.
 
CORPORATE EXPENSES

CORPORATE EXPENSES INCREASED 18.8% TO PS.358.4 MILLION IN FOURTH QUARTER 2013 COMPARED TO PS.301.8 MILLION IN FOURTH QUARTER 2012. THESE EXPENSES INCLUDE SHARE-BASED COMPENSATION EXPENSE, WHICH IS MEASURED AT FAIR VALUE AT THE TIME THE EQUITY BENEFITS ARE CONDITIONALLY SOLD TO OFFICERS AND EMPLOYEES, AND IS RECOGNIZED OVER THE VESTING PERIOD.

CORPORATE EXPENSES FOR THE FULL YEAR 2013 INCREASED 3.8% TO PS.1,192.5 MILLION COMPARED TO PS.1,149.3 IN 2012.

OTHER EXPENSE, NET

OTHER EXPENSE, NET, DECREASED BY PS.567.3 MILLION, OR 87.2%, TO PS.83.1 MILLION IN 2013, FROM PS.650.4 MILLION IN 2012. THIS DECREASE REFLECTED PRIMARILY OTHER INCOME FROM UNIVISION IN THE AMOUNT OF US$30 MILLION RELATED TO THE RELEASE OF CERTAIN CARRIAGE RIGHTS WITH DIRECTV HELD BY US IN THE UNITED STATES, AS WELL AS A LOWER LOSS ON DISPOSITION OF PROPERTY AND EQUIPMENT, AND A REDUCTION IN EXPENSE RELATED TO FINANCIAL ADVISORY AND PROFESSIONAL SERVICES.

OTHER EXPENSE, NET, IN 2013, INCLUDED PRIMARILY DONATIONS, FINANCIAL ADVISORY AND PROFESSIONAL SERVICES, AND LOSS ON DISPOSITION OF PROPERTY AND EQUIPMENT, WHICH WAS PARTIALLY OFFSET BY OTHER INCOME FROM UNIVISION.

NON-OPERATING RESULTS

FINANCE INCOME OR EXPENSE, NET

THE FOLLOWING INFORMATION SETS FORTH THE FINANCE INCOME (EXPENSE), NET, STATED IN MILLIONS OF MEXICAN PESOS FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012:

FINANCE INCOME, NET, INCREASED BY PS.4,235.2 MILLION TO PS.884.7 MILLION IN 2013 FROM A FINANCE EXPENSE OF PS.3,350.5 MILLION IN 2012. THIS INCREASE REFLECTED PRIMARILY I) A PS.4,994.6 MILLION INCREASE IN OTHER FINANCE INCOME, NET, TO PS.4,841.7 MILLION IN 2013 COMPARED WITH PS.152.9 MILLION IN OTHER FINANCE EXPENSE, NET IN 2012, RESULTING  PRIMARILY FROM A NON-CASH GAIN IN FAIR VALUE OF OUR OPTION TO CONVERT OUR INVESTMENT IN DEBENTURES ISSUED BY BMP, THE CONTROLLING COMPANY OF UNIVISION,  INTO SHARES OF CAPITAL STOCK OF BMP; AND II) A PS.85.7 MILLION INCREASE IN INTEREST INCOME TO PS.1,130.0 MILLION IN 2013 COMPARED WITH PS.1,044.3 MILLION IN 2012, EXPLAINED PRIMARILY BY A HIGHER AVERAGE AMOUNT OF CASH, CASH EQUIVALENTS AND TEMPORARY INVESTMENTS  DURING 2013. THESE FAVORABLE VARIANCES WERE OFFSET BY I) A PS.433.9 MILLION INCREASE IN INTEREST EXPENSE TO PS.4,803.2 MILLION IN 2013 COMPARED WITH PS.4,369.3 MILLION IN 2012, DUE PRIMARILY TO A HIGHER AVERAGE PRINCIPAL AMOUNT OF DEBT AND FINANCE LEASE OBLIGATIONS IN 2013; AND II) A PS.411.2 MILLION INCREASE IN FOREIGN EXCHANGE LOSS TO PS.283.8 MILLION IN FOREIGN EXCHANGES LOSS, NET IN 2013 COMPARED WITH PS.127.4 MILLION IN FOREIGN EXCHANGE GAIN, NET IN 2012,  RESULTING PRIMARILY FROM THE EFFECT OF A 1.7% DEPRECIATION OF THE MEXICAN PESO AGAINST THE U.S. DOLLAR ON OUR AVERAGE NET UNHEDGED U.S. DOLLAR LIABILITY POSITION IN 2013 COMPARED WITH A 8.1% APPRECIATION AND A LOWER AVERAGE NET U.S. DOLLAR LIABILITY POSITION IN 2012.

SHARE OF LOSS OF JOINT VENTURES AND ASSOCIATES, NET

SHARE OF LOSS OF JOINT VENTURES AND ASSOCIATES, NET, INCREASED BY PS.4,993.3 MILLION, TO PS.5,659.9 MILLION IN 2013 FROM PS.666.6 MILLION IN 2012. THIS INCREASE REFLECTED PRIMARILY A NON-CASH IMPAIRMENT ADJUSTMENT TO OUR NET INVESTMENT IN GSF, OUR 50% JOINT VENTURE IN THE IUSACELL TELECOM BUSINESS. THIS EFFECT WAS PARTIALLY OFFSET BY AN INCREASE IN OUR SHARE OF INCOME OF BMP, THE CONTROLLING COMPANY OF UNIVISION.

INCOME TAXES

INCOME TAXES DECREASED BY PS.324.4 MILLION, OR 8%, TO PS.3,729.0 MILLION IN 2013 COMPARED WITH PS.4,053.4 MILLION IN 2012. THIS DECREASE REFLECTED PRIMARILY A LOWER EFFECTIVE INCOME TAX RATE.

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS INCREASED BY PS.1,177.4 MILLION, OR 90%, TO PS.2,485.9 MILLION IN 2013, COMPARED WITH PS.1,308.5 MILLION IN 2012. THIS INCREASE REFLECTED PRIMARILY A HIGHER PORTION OF NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS IN OUR SKY AND CABLE AND TELECOM SEGMENTS. THIS INCREASE RESULTED PRIMARILY FROM THE RECOGNITION OF DEFERRED INCOME TAX ASSETS, WHICH INCLUDED A BENEFIT FROM TAX LOSS CARRY-FORWARDS RELATED TO THESE SEGMENTS IN CONNECTION WITH THE RECENTLY ENACTED 2014 TAX REFORM.

OTHER RELEVANT INFORMATION

CAPITAL EXPENDITURES AND INVESTMENTS

DURING 2013, WE INVESTED APPROXIMATELY US$1,157.8 MILLION IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES. THESE CAPITAL EXPENDITURES INCLUDED APPROXIMATELY US$599.9 MILLION FOR OUR CABLE AND TELECOM SEGMENT, US$397.7 MILLION FOR OUR SKY SEGMENT, AND US$160.2 MILLION FOR OUR CONTENT SEGMENT AND OTHER BUSINESSES.

OUR INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT IN OUR CABLE AND TELECOM SEGMENT DURING 2013 INCLUDED APPROXIMATELY US$187.9 MILLION FOR CABLEVISIÓN, US$245.5 MILLION FOR CABLEMÁS, US$112.8 MILLION FOR TVI, AND US$53.7 MILLION FOR BESTEL.

DURING 2013, WE MADE ADDITIONAL CAPITAL CONTRIBUTIONS IN CONNECTION WITH OUR 50% JOINT INTEREST IN GSF IN THE AGGREGATE AMOUNT OF PS.1,587.5 MILLION.

ALSO, DURING THIRD QUARTER 2013, WE MADE AN INVESTMENT IN THE AMOUNT OF PS.7,000 MILLION IN CONVERTIBLE DEBT INSTRUMENTS WHICH, SUBJECT TO REGULATORY APPROVAL, WILL ALLOW US TO ACQUIRE 95% OF THE EQUITY INTEREST OF TENEDORA ARES, S.A.P.I. DE C.V. (“ARES”), OWNER OF 51% OF THE EQUITY INTEREST OF GRUPO CABLE TV, S.A. DE C.V. (“CABLECOM”), A TELECOMMUNICATIONS COMPANY THAT OFFERS VIDEO, TELEPHONY AND DATA SERVICES IN MEXICO. IN ADDITION, ARES HAS AN OPTION TO ACQUIRE IN THE FUTURE, SUBJECT TO REGULATORY APPROVALS, THE REMAINING 49% OF THE EQUITY INTEREST OF CABLECOM. AS PART OF THIS TRANSACTION, WE INVESTED IN A LONG-TERM DEBT INSTRUMENT ISSUED BY ARES IN THE AMOUNT OF US$195 MILLION.
 
DEBT AND FINANCE LEASE OBLIGATIONS

THE FOLLOWING INFORMATION SETS FORTH OUR TOTAL DEBT AND FINANCE LEASE OBLIGATIONS AS OF DECEMBER 31, 2013 AND 2012. AMOUNTS ARE STATED IN MILLIONS OF MEXICAN PESOS:

THE TOTAL CONSOLIDATED DEBT AMOUNTED TO PS.60,055.8 MILLION AND PS.52,991.4 MILLION AS OF DECEMBER 31, 2013 AND DECEMBER 31, 2012, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION  OF LONG-TERM DEBT IN THE AMOUNT OF PS.312.7 MILLION AND PS.375.0 MILLION, RESPECTIVELY.

ADDITIONALLY,  WE HAD FINANCE LEASE OBLIGATIONS IN THE AMOUNT OF PS.4,919.3 MILLION AND PS.4,971.1 MILLION AS OF DECEMBER 31, 2013 AND DECEMBER 31, 2012, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF PS.424.7 MILLION  AND PS.439.2 MILLION, RESPECTIVELY.

AS OF DECEMBER 31, 2013, OUR CONSOLIDATED NET DEBT POSITION (TOTAL DEBT LESS CASH AND CASH EQUIVALENTS, TEMPORARY INVESTMENTS, AND NON-CURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS) WAS PS.34,993.7 MILLION. THE AGGREGATE AMOUNT OF NON-CURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS AS OF DECEMBER 31, 2013 AMOUNTED TO PS.4,647.1 MILLION.

SHARES OUTSTANDING

AS OF DECEMBER 31, 2013 AND 2012, OUR SHARES OUTSTANDING AMOUNTED TO 335,501.0 MILLION AND 333,897.9 MILLION SHARES, RESPECTIVELY, AND OUR CPO EQUIVALENTS OUTSTANDING AMOUNTED TO 2,867.5 MILLION AND 2,853.8 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, 2013 AND 2012, THE GDS (GLOBAL DEPOSITARY SHARES) EQUIVALENTS OUTSTANDING AMOUNTED TO 573.5 MILLION AND 570.8 MILLION GDS EQUIVALENTS, RESPECTIVELY. THE NUMBER OF GDS EQUIVALENTS IS CALCULATED BY DIVIDING THE NUMBER OF CPO EQUIVALENTS BY FIVE.

ABOUT TELEVISA

TELEVISA IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING WORLD BASED ON ITS MARKET CAPITALIZATION AND A MAJOR PARTICIPANT IN THE INTERNATIONAL ENTERTAINMENT BUSINESS. IT OPERATES FOUR BROADCAST CHANNELS IN MEXICO, PRODUCES AND DISTRIBUTES 17 PAY-TV BRANDS FOR DISTRIBUTION IN MEXICO AND THE REST OF THE WORLD, AND EXPORTS ITS PROGRAMS AND FORMATS TO THE U.S. THROUGH UNIVISION AND TO OTHER TELEVISION NETWORKS IN OVER 50 COUNTRIES.  TELEVISA IS ALSO A MAJOR PARTICIPANT IN MEXICO´S TELECOMMUNICATIONS INDUSTRY. IT HAS A CONTROLLING INTEREST IN SKY, MEXICO’S LEADING DIRECT-TO-HOME SATELLITE TELEVISION SYSTEM AND IN FOUR CABLE AND TELECOMMUNICATIONS COMPANIES: CABLEVISIÓN, CABLEMÁS, TVI, AND BESTEL. THROUGH ITS CABLE INVESTMENTS, TELEVISA OFFERS VIDEO, VOICE, AND BROADBAND SERVICES. IN ADDITION, TELEVISA HAS A 50 PERCENT EQUITY STAKE IN GRUPO IUSACELL S.A. DE C.V., MEXICO’S THIRD LARGEST MOBILE TELECOM PROVIDER. TELEVISA ALSO HAS INTERESTS IN MAGAZINE PUBLISHING AND DISTRIBUTION, RADIO PRODUCTION AND BROADCASTING, PROFESSIONAL SPORTS AND LIVE ENTERTAINMENT, FEATURE-FILM PRODUCTION AND DISTRIBUTION, THE OPERATION OF A HORIZONTAL INTERNET PORTAL, AND GAMING. IN THE UNITED STATES, TELEVISA HAS EQUITY AND DEBENTURES THAT, UPON CONVERSION AND ANY NECESSARY APPROVAL OF THE FCC, WOULD REPRESENT APPROXIMATELY 37% ON A FULLY DILUTED BASIS OF THE EQUITY CAPITAL IN UNIVISION COMMUNICATIONS INC. (“UNIVISION”). UNIVISION IS THE LEADING MEDIA COMPANY SERVING THE HISPANIC MARKET. (SOURCE: GRUPO TELEVISA)

DISCLAIMER

THIS ANNEX 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 ANNEX 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 ANNEX 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.

THE FINANCIAL INSTITUTIONS THAT PERFORM FINANCIAL ANALYSIS ON THE SECURITIES OF GRUPO TELEVISA, S.A.B. ARE AS FOLLOWS:

INSTITUTION:
   BBVA BANCOMER
   CREDIT SUISSE
   GBM CASA DE BOLSA
   GOLDMAN SACHS
   HSBC
   ITAÚ SECURITIES
   JPMORGAN
   MAXIM GROUP
   MERRILL LYNCH
   MORGAN STANLEY
   NEW STREET
   SANTANDER
   SCOTIABANK
   UBS

 
 
 
 
FINANCIAL STATEMENT NOTES
CONSOLIDATED
  Final Printing
 
GRUPO TELEVISA, S.A.B. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012
(IN THOUSANDS OF MEXICAN PESOS, EXCEPT PER CPO AND PER SHARE AMOUNTS)

1.        BASIS OF PREPARATION AND ACCOUNTING POLICIES:

THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A.B. (THE "COMPANY") AND SUBSIDIARIES (COLLECTIVELY, THE "GROUP"), FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012,  ARE UNAUDITED,  AND HAVE BEEN PREPARED BY USING THE GUIDELINES PROVIDED BY THE INTERNATIONAL ACCOUNTING STANDARD 34, INTERIM FINANCIAL REPORTING. IN THE OPINION OF MANAGEMENT, ALL ADJUSTMENTS NECESSARY FOR A FAIR PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN INCLUDED THEREIN.

THESE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SHOULD BE READ IN CONJUNCTION WITH THE GROUP'S AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011, WHICH HAVE BEEN PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ISSUED BY THE INTERNATIONAL ACCOUNTING STANDARDS BOARD, AND INCLUDE, AMONG OTHER DISCLOSURES, THE GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES, WHICH WERE APPLIED ON A CONSISTENT BASIS AS OF DECEMBER 31, 2013, EXCEPT FOR THE MATTER DISCUSSED IN THE FOLLOWING PARAGRAPH.
 
            IN THE FIRST QUARTER OF 2013, THE GROUP ADOPTED THE PROVISIONS OF THE INTERNATIONAL ACCOUNTING STANDARD (“IAS”) 19, EMPLOYEE BENEFITS, AS AMENDED IN 2011, WHICH BECAME EFFECTIVE ON JANUARY 1, 2013. THE AMENDED IAS 19 ELIMINATED THE CORRIDOR APPROACH FOR THE RECOGNITION OF ACTUARIAL GAINS AND LOSSES, AND REQUIRES THE CALCULATION OF FINANCE COSTS ON A NET FUNDING BASIS. ALSO, THE AMENDED IAS 19 REQUIRES THE RECOGNITION OF PAST SERVICE COST AS AN EXPENSE AT THE EARLIER OF THE FOLLOWING DATES: (I) WHEN THE PLAN AMENDEMENT OR CURTAILMENT OCCURS; AND (II) WHEN THE ENTITY RECOGNIZES RELATED RESTRUCTURING COSTS OR TERMINATION BENEFITS. AS A RESULT OF THE ADOPTION OF THE AMENDED IAS 19, THE GROUP ADJUSTED A CONSOLIDATED UNAMORTIZED PAST SERVICE COST BALANCE IN THE AGGREGATE AMOUNT OF PS.102,902 IN CONSOLIDATED RETAINED EARNINGS AS OF JANUARY 1, 2013.

            THESE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS WERE AUTHORIZED FOR ISSUANCE ON FEBRUARY 18, 2014 BY THE GROUP’S CHIEF FINANCIAL OFFICER.

2.         PROPERTY, PLANT AND EQUIPMENT:

 PROPERTY, PLANT AND EQUIPMENT AS OF DECEMBER 31, 2013 AND 2012 CONSISTED OF:

   
2013
    
2012
  
BUILDINGS
   Ps. 8,411,136     Ps. 8,345,913  
BUILDING IMPROVEMENTS
     305,402       1,332,400  
TECHNICAL EQUIPMENT
     66,508,565       57,024,320  
SATELLITE TRANSPONDERS
     7,869,492       7,869,492  
FURNITURE AND FIXTURES
     825,284       724,747  
TRANSPORTATION EQUIPMENT
     1,907,209       2,222,488  
COMPUTER EQUIPMENT
     5,341,054       4,249,163  
LEASEHOLD IMPROVEMENTS
     1,528,911       1,438,472  
      92,697,053       83,206,995  
ACCUMULATED DEPRECIATION
     (49,198,237 )     (43,392,016 )
      43,498,816       39,814,979  
LAND
     4,597,648       4,556,265  
CONSTRUCTION AND PROJECTS IN PROGRESS
     5,380,011       3,896,078  
    Ps. 53,476,475     Ps. 48,267,322  
  
DEPRECIATION CHARGED TO INCOME FOR THE YEAR ENDED DECEMBER 31, 2013 AND 2012 WAS PS.8,861,390 AND PS.7,571,149, RESPECTIVELY.
 
           DURING THE YEAR ENDED DECEMBER 31, 2013, THE GROUP INVESTED PS.14,870,672 IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES.


3.        DEBT AND FINANCE LEASE OBLIGATIONS:
 
 
DEBT AND FINANCE LEASE OBLIGATIONS OUTSTANDING AS OF DECEMBER 31, 2013 AND 2012 WERE AS FOLLOWS:
 
   
2013
    
2012
  
U.S. DOLLAR DEBT:
            
     6% SENIOR NOTES DUE 2018 (A)
   Ps. 6,507,849     Ps. 6,388,636  
     6.625% SENIOR NOTES DUE 2025 (A)
     7,414,019       7,240,710  
     8.50% SENIOR NOTES DUE 2032 (A)
     3,890,267       3,821,000  
     6.625% SENIOR NOTES DUE 2040 (A)
     7,679,931       7,538,562  
          TOTAL U.S. DOLLAR DEBT
     25,492,066       24,988,908  
MEXICAN PESO DEBT:
                
     7.38% NOTES DUE 2020 (B)
     9,951,803       9,944,750  
     8.49% SENIOR NOTES DUE 2037 (A)
     4,483,022       4,482,297  
     7.25% SENIOR NOTES DUE 2043 (A)
     6,430,330       -  
     BANK LOANS
     8,589,233       8,586,064  
     BANK LOANS (SKY)
     3,500,000       3,500,000  
     BANK LOANS (TVI)
     1,609,361       1,489,400  
          TOTAL MEXICAN PESO DEBT
     34,563,749       28,002,511  
          TOTAL DEBT (C)
     60,055,815       52,991,419  
          LESS: SHORT-TERM DEBT AND CURRENT PORTION
                      OF  LONG-TERM DEBT
     312,715       375,000  
          LONG-TERM DEBT, NET OF CURRENT PORTION
   Ps. 59,743,100     $ 52,616,419  
FINANCE LEASE OBLIGATIONS:
                
     SATELLITE TRANSPONDER LEASE OBLIGATION
   Ps. 4,077,561     Ps. 4,132,365  
     OTHER
     841,686       838,785  
          TOTAL FINANCE LEASE OBLIGATIONS
     4,919,247       4,971,150  
          LESS: CURRENT PORTION
     424,698       439,257  
          FINANCE LEASE OBLIGATIONS, NET OF CURRENT PORTION
   Ps. 4,494,549     Ps. 4,531,893  
 
(A)  
THESE SENIOR NOTES ARE UNSECURED OBLIGATIONS OF THE COMPANY, RANK EQUALLY IN RIGHT OF PAYMENT WITH ALL EXISTING AND FUTURE UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF THE COMPANY, AND ARE JUNIOR IN RIGHT OF PAYMENT TO ALL OF THE EXISTING AND FUTURE LIABILITIES OF THE COMPANY’S SUBSIDIARIES. INTEREST ON THE SENIOR NOTES DUE 2018, 2025, 2032, 2037, 2040 AND 2043, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 6.31%, 6.97%, 8.94%, 8.93%, 6.97% AND 7.62% PER ANNUM, RESPECTIVELY, AND IS PAYABLE SEMI-ANNUALLY. THESE SENIOR NOTES MAY NOT BE REDEEMED PRIOR TO MATURITY, EXCEPT (I) IN THE EVENT OF CERTAIN CHANGES IN LAW AFFECTING THE MEXICAN WITHHOLDING TAX TREATMENT OF CERTAIN PAYMENTS ON THE SECURITIES, IN WHICH CASE THE SECURITIES WILL BE REDEEMABLE, AS A WHOLE BUT NOT IN PART, AT THE OPTION OF THE COMPANY; AND (II) IN THE EVENT OF A CHANGE OF CONTROL, IN WHICH CASE THE COMPANY MAY BE REQUIRED TO REDEEM THE SECURITIES AT 101% OF THEIR PRINCIPAL AMOUNT. ALSO, THE COMPANY MAY, AT ITS OWN OPTION, REDEEM THE SENIOR NOTES DUE 2018, 2025, 2037, 2040 AND 2043, IN WHOLE OR IN PART, AT ANY TIME AT A REDEMPTION PRICE EQUAL TO THE GREATER OF THE PRINCIPAL AMOUNT OF THESE SENIOR NOTES OR THE PRESENT VALUE OF FUTURE CASH FLOWS, AT THE REDEMPTION DATE, OF PRINCIPAL AND INTEREST AMOUNTS OF THE SENIOR NOTES DISCOUNTED AT A FIXED RATE OF COMPARABLE U.S. OR MEXICAN SOVEREIGN BONDS. THE AGREEMENT OF THESE SENIOR NOTES CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES ENGAGED IN THE GROUP’S CONTENT SEGMENT TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS. THE SENIOR NOTES DUE 2018, 2025, 2032, 2037 AND 2040 ARE REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. THE SENIOR NOTES DUE 2043 ARE REGISTERED WITH BOTH THE U.S. SECURITIES AND EXCHANGE COMMISSION AND THE MEXICAN BANKING AND SECURITIES COMMISSION (“COMISIÓN NACIONAL BANCARIA Y DE VALORES”).

(B)  
INTEREST ON THESE NOTES (“CERTIFICADOS BURSÁTILES”) IS PAYABLE SEMI-ANNUALLY. THE COMPANY MAY, AT ITS OWN OPTION, REDEEM THESE NOTES, IN WHOLE OR IN PART, AT ANY SEMI-ANNUAL INTEREST PAYMENT DATE AT A REDEMPTION PRICE EQUAL TO THE GREATER OF THE PRINCIPAL AMOUNT OF THE OUTSTANDING NOTES AND THE PRESENT VALUE OF FUTURE CASH FLOWS, AT THE REDEMPTION DATE, OF PRINCIPAL AND INTEREST AMOUNTS OF THE NOTES DISCOUNTED AT A FIXED RATE OF COMPARABLE MEXICAN SOVEREIGN BONDS. THE AGREEMENT OF THESE NOTES CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES DESIGNATED BY THE COMPANY’S BOARD OF DIRECTORS, AND ENGAGED IN THE GROUP’S CONTENT SEGMENT, TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.

(C)  
TOTAL DEBT IS PRESENTED NET OF UNAMORTIZED FINANCE COSTS AS OF DECEMBER 31, 2013 AND 2012, IN THE AGGREGATE AMOUNT OF PS.808,585 AND PS.797,981, RESPECTIVELY.
 
4.         CONTINGENCIES:
 
THERE ARE SEVERAL LEGAL ACTIONS AND CLAIMS PENDING AGAINST THE GROUP WHICH ARE FILED IN THE ORDINARY COURSE OF BUSINESS. IN THE OPINION OF THE COMPANY’S MANAGEMENT, NONE OF THESE ACTIONS AND CLAIMS IS EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT ON THE GROUP’S FINANCIAL STATEMENTS AS A WHOLE; HOWEVER, THE COMPANY´S MANAGEMENT IS UNABLE TO PREDICT THE OUTCOME OF ANY OF THESE LEGAL ACTIONS AND CLAIMS.

5.        EQUITY:

THE EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY AS OF DECEMBER 31, 2013 AND 2012, IS PRESENTED AS FOLLOWS:
   
2013
    
2012
  
NOMINAL CAPITAL STOCK
   Ps. 2,494,410     Ps. 2,494,410  
CUMULATIVE INFLATION ADJUSTMENT (A)
     2,483,716       2,483,716  
TOTAL CAPITAL STOCK
   Ps. 4,978,126     Ps. 4,978,126  
ADDITIONAL PAID-IN CAPITAL
     15,889,819       15,889,819  
RETAINED EARNINGS
     48,883,939       42,278,249  
ACCUMULATED OTHER COMPREHENSIVE INCOME, NET
     3,791,896       1,805,884  
SHARES REPURCHASED
     (12,617,293 )     (13,103,223 )
NET INCOME FOR THE YEAR
     7,748,279       8,760,637  
 EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY
   Ps. 68,674,766     Ps. 60,609,492  
 
(A) ADJUSTMENT TO RECOGNIZE THE EFFECTS OF INFLATION IN CAPITAL STOCK THROUGH DECEMBER 31, 1997, DETERMINED BY APPLYING THE CHANGE IN THE MEXICAN NATIONAL CONSUMER PRICE INDEX BETWEEN THE DATES CAPITAL STOCK WAS CONTRIBUTED AND DECEMBER 31, 1997, THE DATE THROUGH WHICH THE MEXICAN ECONOMY WAS CONSIDERED HYPERINFLATIONARY UNDER THE GUIDELINES OF THE IFRS.

       ON APRIL 27, 2012, THE COMPANY’S STOCKHOLDERS APPROVED (I) THE PAYMENT OF A DIVIDEND  OF PS.0.35 PER CPO AND PS.0.002991452991 PER SHARE OF SERIES “A”, “B”, “D” AND “L”, NOT IN THE FORM OF A CPO, WHICH WAS PAID IN CASH IN MAY 2012 IN THE AGGREGATE AMOUNT OF PS.1,002,692; AND (II) THE CANCELLATION OF 4,563.5 MILLION SHARES OF CAPITAL STOCK IN THE FORM OF 39 MILLION CPOS, WHICH WERE REPURCHASED BY THE COMPANY IN 2009, 2010 AND 2011.

      ON APRIL 2, 2013, THE COMPANY’S STOCKHOLDERS APPROVED THE PAYMENT OF A DIVIDEND  OF PS.0.35 PER CPO AND PS.0.002991452991 PER SHARE OF SERIES “A”, “B”, “D” AND “L”, NOT IN THE FORM OF A CPO, WHICH  WAS PAID IN CASH IN MAY 2013 IN THE AGGREGATE AMOUNT OF PS.1,084,192.

       ON DECEMBER 9, 2013, THE COMPANY´S STOCKHOLDERS APPROVED THE PAYMENT OF A DIVIDEND OF PS.0.35 PER CPO AND PS.0.002991452991 PER SHARE OF SERIES “A”, “B”, “D” AND “L”, NOT IN THE FORM OF A CPO,  WHICH WAS PAID IN CASH IN DECEMBER 2013 IN THE AGGREGATE AMOUNT OF PS.1,084,192.

     AS OF DECEMBER 31, 2013, THE NUMBER OF SHARES ISSUED, REPURCHASED AND OUTSTANDING IS PRESENTED AS FOLLOWS:
 
   
 
 ISSUED
  
 
REPURCHASED AND HELD BY A COMPANY’S TRUST
  
 
OUTSTANDING
SERIES “A” SHARES
  
123,273,961,425
  
9,076,446,560
  
114,197,514,865
SERIES “B” SHARES
  
58,982,873,976
  
6,062,442,061
  
52,920,431,915
SERIES “D” SHARES
  
90,086,525,865
  
5,894,987,859
  
84,191,538,006
SERIES “L” SHARES
  
90,086,525,865
  
5,894,987,859
  
84,191,538,006
   
362,429,887,131
  
26,928,864,339
  
335,501,022,792
  
 
 AS OF DECEMBER 31, 2013, THE COMPANY’S SHARES REPURCHASED BY THE COMPANY AND THE COMPANY’S SHARES HELD BY A SPECIAL TRUST IN CONNECTION WITH THE COMPANY’S STOCK PURCHASE PLAN AND THE LONG-TERM RETENTION PLAN ARE PRESENTED AS A CHARGE TO THE EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY, AS FOLLOWS:
 
 
SERIES “A”, “B”, “D”, AND “L” SHARES
  
 
 
IN THE FORM
OF CPOS
 
NOT IN THE
FORM OF CPOS
 
 
TOTAL
 
 
NET COST
REPURCHASE PROGRAM (1)
-
-
-
 PS.                          -
 
HELD BY A COMPANY TRUST  (2)
 
 
19,706,102,091
 
 
7,222,762,248
 
 
26,928,864,339
 
 
10,919,470
ADVANCES FOR ACQUISITION OF SHARES (3)
-
-
-
1,697,823
 
19,706,102,091
7,222,762,248
26,928,864,339
PS.                                12,617,293
 
(1)  
DURING THE YEAR ENDED DECEMBER 31, 2013 THE COMPANY DID NOT REPURCHASE ANY SHARES IN THE FORM OF CPOS. IN ACCORDANCE WITH THE MEXICAN SECURITIES LAW, ANY AMOUNT OF SHARES REPURCHASED AND HELD BY THE COMPANY IS RECOGNIZED AS A CHARGE TO EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY, AND ANY CANCELLATION OF SHARES REPURCHASED IS RECOGNIZED AS A REDUCTION OF THE COMPANY’S CAPITAL STOCK ISSUED FOR AN AMOUNT PROPORTIONATE TO THE SHARES CANCELLED.

(2)  
IN JANUARY 2013, THE COMPANY RELEASED 320,443,695 SHARES IN THE FORM OF 2,738,835 CPOS, IN THE AMOUNT OF PS.34,920, IN CONNECTION WITH THE STOCK PURCHASE PLAN. ADDITIONALLY, DURING THE YEAR ENDED DECEMBER 31, 2013, THE LONG-TERM RETENTION PLAN ACQUIRED 1,555,582,509 SHARES OF THE COMPANY, IN THE FORM OF 13,295,577 CPOS, IN THE AMOUNT OF PS.860,272 AND RELEASED 2,459,691,702 SHARES IN THE FORM OF 21,023,006 CPOS, AND 378,529,398 SERIES “A”, SHARES  IN THE AGGREGATE AMOUNT OF PS.801,737 IN CONNECTION WITH THE LONG-TERM RETENTION PLAN.

(3)  
IN CONNECTION WITH THE COMPANY’S STOCK PURCHASE PLAN AND THE LONG-TERM RETENTION PLAN.

THE GROUP ACCRUED IN EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY A SHARE-BASED COMPENSATION EXPENSE OF PS.601,181 FOR THE YEAR ENDED DECEMBER 31, 2013, WHICH AMOUNT WAS REFLECTED IN CONSOLIDATED OPERATING INCOME AS ADMINISTRATIVE EXPENSE.


6.        FINANCE INCOME (EXPENSE), NET:

    FINANCE INCOME (EXPENSE)  FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012, INCLUDED:
 
   
2013
    
2012
  
INTEREST EXPENSE
   Ps. (4,803,151 )   Ps. (4,369,276 )
FOREIGN EXCHANGE LOSS, NET
     (283,821 )     -  
OTHER FINANCE EXPENSE, NET (1)
     -       (152,909 )
FINANCE EXPENSE
     (5,086,972 )     (4,522,185 )
INTEREST INCOME (2)
     1,129,955       1,044,321  
FOREIGN EXCHANGE GAIN, NET
     -       127,372  
OTHER FINANCE INCOME, NET (1)
     4,841,734       -  
FINANCE INCOME
     5,971,689       1,171,693  
FINANCE INCOME (EXPENSE), NET
   Ps. 884,717     Ps. (3,350,492 )

(1)   OTHER FINANCE INCOME OR EXPENSE, NET,   INCLUDED IN 2013 AND 2012 A GAIN  IN FAIR VALUE FROM AN EMBEDDED DERIVATIVE IN A HOST CONTRACT RELATED TO THE GROUP’S INVESTMENT IN CONVERTIBLE DEBENTURES ISSUED BY BMP IN THE AMOUNT OF PS.4,988,479 AND PS.901,623, RESPECTIVELY. IN 2012, IT INCLUDED A NON-CASH CHARGE IN THE AMOUNT OF PS.933,000 RELATED TO THE RECLASSIFICATION OF A CUMULATIVE CHANGE IN FAIR VALUE OF AN EQUITY FINANCIAL INSTRUMENT, WHICH WAS RECOGNIZED IN OTHER COMPREHENSIVE INCOME, NET, IN CONNECTION WITH THE GROUP’S CONVERSION OF  DEBENTURES ISSUED BY GSF TELECOM HOLDINGS, S.A.P.I. DE C.V. (“GSF”) THE PARENT COMPANY OF IUSACELL, S.A. DE C.V. (“IUSACELL”), INTO SHARES OF COMMON STOCK OF GSF. IN 2013 AND 2012, THIS LINE ITEM ALSO INCLUDED THE GAIN OR LOSS FROM DERIVATIVE FINANCIAL INSTRUMENTS.
 
(2)   IN THE YEAR ENDED DECEMBER 31, 2013, THIS LINE ITEM INCLUDED INTEREST INCOME FROM THE GROUP’S INVESTMENT IN CONVERTIBLE DEBENTURES ISSUED BY BMP IN THE AMOUNT OF PS.215,702. IN THE YEAR ENDED DECEMBER 31, 2012, THIS LINE ITEM INCLUDED INTEREST INCOME FROM THE GROUP’S INVESTMENTS IN CONVERTIBLE DEBENTURES ISSUED BY BMP AND GSF IN THE AGGREGATE AMOUNT OF PS.411,152. THE DEBENTURES ISSUED BY GSF WERE CONVERTED BY THE GROUP INTO SHARES OF CAPITAL STOCK OF GSF IN JUNE 2012.
 
7.        DEFERRED TAXES:
 
      IN THE LAST QUARTER OF 2013, THE MEXICAN CONGRESS APPROVED A NEW TAX REFORM (THE “2014 TAX REFORM”), WHICH BECAME EFFECTIVE AS OF JANUARY 1, 2014.  AMONG THE TAX REFORMS APPROVED BY THE MEXICAN CONGRESS, ONE OF THE MOST RELEVANT CHANGES IS THE ELIMINATION OF THE CONSOLIDATION REGIME. THROUGH DECEMBER 31, 2013, THE COMPANY WAS ALLOWED TO CONSOLIDATE, FOR INCOME TAX PURPOSES, INCOME OR LOSS OF ITS MEXICAN SUBSIDIARIES UP TO 100% OF ITS SHARE OWNERSHIP IN SUCH SUBSIDIARIES.

      AS A RESULT OF THIS CHANGE, THE COMPANY (I) ACCOUNTED FOR AN ADDITIONAL INCOME TAX LIABILITY AS OF DECEMBER 31, 2013 FOR THE EFFECTS OF ELIMINATING THE INCOME TAX CONSOLIDATION AS OF THAT DATE IN THE AGGREGATE AMOUNT OF PS.6,813,595.; (II) RECOGNIZED A BENEFIT FROM TAX LOSS CARRYFORWARDS OF THE MEXICAN COMPANIES IN THE GROUP AS OF DECEMBER 31, 2013 IN THE AGGREGATE AMOUNT OF PS.7,936,044; AND (III) ADJUSTED THE CARRYING AMOUNT OF DEFERRED INCOME TAXES FROM TEMPORARY DIFFERENCES BY RECOGNIZING SUCH DIFFERENCES ON A SEPARATE COMPANY BASIS AND USING THE ENACTED CORPORATE INCOME TAX RATE AS OF DECEMBER 31, 2013.

      IN ACCORDANCE WITH THE 2014 TAX REFORM, THE MEXICAN CORPORATE INCOME TAX IN 2014 AND THEREAFTER WILL BE 30%.


      THE DEFERRED INCOME TAX ASSET, NET, AS OF DECEMBER 31, 2013 AND 2012, WAS DERIVED FROM:
 
   
2013
    
2012
  
ASSETS:
            
ACCRUED LIABILITIES
   Ps. 690,094     Ps. 538,771  
ALLOWANCE FOR DOUBTFUL ACCOUNTS
     753,090       711,084  
CUSTOMER ADVANCES
     2,480,552       1,156,540  
OTHER ITEMS
     402,924       874,274  
LIABILITIES:
                
INVENTORIES
     (813,577 )     (114,416 )
PROPERTY, PLANT AND EQUIPMENT, NET
     (962,386 )     (722,688 )
PREPAID EXPENSES AND TAX INTANGIBLE ASSET
     (475,186 )     (2,175,850 )
DEFERRED INCOME TAX OF MEXICAN COMPANIES
     2,075,511       267,715  
DEFERRED INCOME TAX OF FOREIGN SUBSIDIARIES
     165,832       169,047  
ASSETS TAX
     829,236       903,484  
FLATE RATE BUSINESS TAX
     -       (239,515 )
TAX LOSS CARRYFORWARDS
     7,936,044       -  
DEFERRED INCOME TAX ASSET, NET
   Ps. 11,006,623     Ps. 1,100,731  
 

THE EFFECTS OF INCOME TAX PAYABLE AS OF DECEMBER 31, 2013 AND 2012, IN CONNECTION WITH THE 2010 MEXICAN TAX REFORM, ARE AS FOLLOWS:
   
2013
    
2012
  
TAX LOSSES OF SUBSIDIARIES, NET
   Ps. 431,226     Ps. 431,872  
LESS: CURRENT PORTION
     81,029       59,801  
NON-CURRENT PORTION
   Ps. 350,197     Ps. 372,071  

THE EFFECTS OF INCOME TAX PAYABLE AS OF DECEMBER 31, 2013, IN CONNECTION WITH THE ELIMINATION OF THE INCOME TAX CONSOLIDATION REGIME AMOUNTED TO AN AGGREGATE AMOUNT OF PS.6,813,595, WHICH WAS CLASSIFIED AS CURRENT AND NON-CURRENT LIABILITIES IN THE AMOUNTS OF PS.183,729 AND PS.6,629,866, RESPECTIVELY.

       IN THE PERIOD FROM JANUARY 1 TO DECEMBER 31, 2013, THE GROUP MADE PAYMENTS TO THE MEXICAN TAX AUTHORITIES FOR INCOME TAXES PRIMARILY IN CONNECTION WITH (I) CURRENT INCOME TAXES COMPUTED ON A TAX CONSOLIDATED BASIS FOR THE ELEVEN MONTHS ENDED NOVEMBER 30, 2013 AND THE YEAR ENDED DECEMBER 31, 2012; (II) IETU (FLAT TAX) FOR THE ELEVEN MONTHS ENDED NOVEMBER 30, 2013 AND THE YEAR ENDED DECEMBER 31, 2012; AND (III) AMOUNTS PAID BY THE GROUP CORRESPONDING TO INCOME TAXES RELATED TO PRIOR YEARS.
 
 

8.    INFORMATION BY SEGMENTS AND SEASONALITY:


    INFORMATION BY SEGMENTS FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012 IS PRESENTED AS FOLLOWS:
 
 
   
TOTAL REVENUES
    
INTERSEGMENT REVENUES
    
CONSOLIDATED REVENUES
    
SEGMENT PROFIT (LOSS)
  
2013:
                        
CONTENT
   Ps. 33,817,614     Ps. 822,694     Ps. 32,994,920     Ps. 15,565,959  
PUBLISHING
     3,218,296       58,346       3,159,950       328,901  
SKY
     16,098,262       24,143       16,074,119       7,340,525  
CABLE AND TELECOM
     17,138,795       106,271       17,032,524       6,131,773  
OTHER BUSINESSES
     4,855,068       325,870       4,529,198       493,146  
SEGMENT TOTALS
     75,128,035       1,337,324       73,790,711       29,860,304  
RECONCILIATION TO CONSOLIDATED
AMOUNTS:
                                
ELIMINATIONS AND CORPORATE EXPENSES
     (1,337,324 )     (1,337,324 )     -       (1,192,453 )
DEPRECIATION AND AMORTIZATION EXPENSE
     -       -       -       (9,846,366 )
CONSOLIDATED TOTAL BEFORE OTHER INCOME
     73,790,711       -       73,790,711       18,821,485  (1)
OTHER INCOME, NET
     -       -       -       (83,150 )
CONSOLIDATED TOTAL
   Ps. 73,790,711     Ps. -     Ps. 73,790,711     Ps. 18,738,335  (2)
                                 
2012:
                                
CONTENT
   Ps. 32,884,119     Ps. 762,072     Ps. 32,122,047     Ps. 15,411,148  
PUBLISHING
     3,452,988       60,707       3,392,281       447,630  
SKY
     14,465,341       64,068       14,401,273       6,558,033  
CABLE AND TELECOM
     15,570,433       66,160       15,504,273       5,812,785  
OTHER BUSINESSES
     4,211,227       340,692       3,870,535       183,933  
SEGMENT TOTALS
     70,584,108       1,293,699       69,290,409       28,413,529  
RECONCILIATION TO CONSOLIDATED
AMOUNTS:
                                
ELIMINATIONS AND CORPORATE EXPENSES
     (1,293,699 )     (1,293,699 )     -       (1,149,304 )
DEPRECIATION AND AMORTIZATION EXPENSE
     -       -       -       (8,474,240 )
CONSOLIDATED TOTAL BEFORE OTHER EXPENSE
     69,290,409       -       69,290,409       18,789,985  (1)
OTHER EXPENSE, NET
     -       -       -       (650,432 )
CONSOLIDATED TOTAL
   Ps. 69,290,409     Ps. -     Ps. 69,290,409     Ps. 18,139,553  (2)

(1)  
CONSOLIDATED TOTALS REPRESENTS INCOME BEFORE OTHER INCOME (EXPENSE).
(2)  
CONSOLIDATED TOTALS REPRESENTS CONSOLIDATED OPERATING INCOME.

THE GROUP’S RESULTS OF OPERATIONS ARE SEASONAL. THE GROUP TYPICALLY RECOGNIZES A LARGE PERCENTAGE OF ITS CONSOLIDATED NET SALES (PRINCIPALLY ADVERTISING) IN THE FOURTH QUARTER IN CONNECTION WITH THE HOLIDAY SHOPPING SEASON. IN 2013 AND 2012, THE GROUP RECOGNIZED 29.1% AND 28.6%, RESPECTIVELY, OF ITS ANNUAL CONSOLIDATED NET SALES IN THE FOURTH QUARTER OF THE YEAR. THE GROUP’S COSTS, IN CONTRAST TO ITS REVENUES, ARE MORE EVENLY INCURRED THROUGHOUT THE YEAR AND GENERALLY DO NOT CORRELATE TO THE AMOUNT OF ADVERTISING SALES.

    THE QUARTERLY NET INCOME ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY FOR THE FOUR QUARTERS ENDED DECEMBER 31, 2013 ARE AS FOLLOWS:
 
 
 
QUARTER
  
ACCUMULATED
    
QUARTER
  
1ST/ 13
   Ps. 1,069,667     Ps. 1,069,667  
2ND / 13
     2,895,197       1,825,530  
3RD / 13
     5,284,449       2,389,252  
4TH / 13
     7,748,279       2,463,830  
 
9.       INVESTMENT IN JOINT VENTURE:
 
          DURING 2013, THE GROUP MADE CAPITAL CONTRIBUTIONS IN CONNECTION WITH ITS 50% JOINT INTEREST IN GSF, THE PARENT COMPANY OF IUSACELL, IN THE AGGREGATE AMOUNT OF  PS.1,587,500.

          IN THE FOURTH QUARTER OF 2013 THE COMPANY RECOGNIZED A NON-CASH IMPAIRMENT ADJUSTMENT RELATED TO ITS INVESTMENT IN GSF IN THE AGGREGATE AMOUNT OF PS.4,836,354, WHICH WAS ACCOUNTED FOR IN SHARE OF LOSS OF JOINT VENTURES AND ASSOCIATES IN THE CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2013.
 
10.      OTHER TRANSACTIONS:

          SKY REACHED AN AGREEMENT WITH A SUBSIDIARY OF INTELSAT TO LEASE 24 TRANSPONDERS ON INTELSAT IS-21 SATELLITE, MAINLY FOR SIGNAL RECEPTION AND RETRANSMISSION SERVICES OVER THE SATELLITE’S ESTIMATED 15-YEAR SERVICE LIFE. INTELSAT IS-21 REPLACED INTELSAT IS-9 AS SKY’S PRIMARY TRANSMISSION SATELLITE AND STARTED SERVICE IN THE FOURTH QUARTER OF 2012. THIS LEASE AGREEMENT CONTEMPLATES A MONTHLY PAYMENTS OF U.S.$3.0 MILLION TO BE PAID BY SKY BEGINNING IN THE FOURTH QUARTER OF 2012. IN OCTOBER 2012, THE GROUP RECOGNIZED THIS AGREEMENT AS A FINANCE LEASE OBLIGATION IN THE NET AMOUNT OF U.S.$326.3 MILLION (PS.4,192,955).

         IN FEBRUARY 2012, THE GROUP EXCHANGED ITS 40.8% INTEREST IN LA SEXTA, A FREE-TO-AIR TELEVISION CHANNEL IN SPAIN, FOR A 14.5% EQUITY PARTICIPATION IN IMAGINA, A SIGNIFICANT PROVIDER OF CONTENT AND AUDIOVISUAL SERVICES FOR THE MEDIA AND ENTERTAINMENT INDUSTRY IN SPAIN. AS A RESULT OF THIS TRANSACTION, THE GROUP RECOGNIZED A PRE-TAX GAIN OF PS.24,856 IN THE CONSOLIDATED STATEMENT OF  INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2012 AND CLASSIFIED ITS INVESTMENT IN IMAGINA AS AN EQUITY FINANCIAL INSTRUMENT, WITH CHANGES IN FAIR VALUE RECOGNIZED AS OTHER COMPREHENSIVE INCOME OR LOSS.

         IN MARCH 2013, THE GROUP RECEIVED U.S.$30 MILLION FROM UNIVISION RELATED TO THE RELEASE OF CERTAIN CARRIAGE RIGHTS WITH DIRECTV HELD BY THE GROUP IN THE UNITED STATES. THE GROUP RECOGNIZED THE PAYMENT MADE BY UNIVISION AS A NON-RECURRENT OTHER INCOME IN THE CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2013.

         IN JULY 2013, THE GROUP MADE AN INVESTMENT IN THE AMOUNT OF PS.7,000,000 IN CONVERTIBLE DEBT INSTRUMENTS WHICH, SUBJECT TO REGULATORY APPROVAL, WILL ALLOW THE GROUP O ACQUIRE 95% OF THE EQUITY INTEREST OF GRUPO ARES, S.A.P.I. DE C.V. (“ARES”), OWNER OF 51% OF THE EQUITY INTEREST OF GRUPO CABLE TV, S.A. DE C.V. (“CABLECOM”), A TELECOMMUNICATIONS COMPANY THAT OFFERS VIDEO, TELEPHONY AND DATA SERVICES IN MEXICO. IN ADDITION, ARES WILL HAVE AN OPTION TO ACQUIRE IN THE FUTURE, SUBJECT TO REGULATORY APPROVALS, THE REMAINING 49% OF THE EQUITY INTEREST OF CABLECOM. ALSO, AS PART OF THIS TRANSACTION, THE GROUP INVESTED IN A LONG-TERM DEBT INSTRUMENT ISSUED BY ARES IN THE AMOUNT OF U.S.$195 MILLION.

         IN THE YEARS ENDED DECEMBER 31, 2013 AND 2012, ROYALTY REVENUE FROM UNIVISION AMOUNTED TO PS.3,522,284 AND PS.3,261,522, RESPECTIVELY.
 
 
- - - - - - - - - - - -
 
 
 
 
 
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
CONSOLIDATED
  Final Printing
COMPANY NAME
MAIN ACTIVITIES
NUMBER OF SHARES
%OWNERSHIP
TOTAL AMOUNT
(Thousands of Mexican Pesos)
ACQUISITION COST
BOOK VALUE
1 
ARGOS COMUNICACION,
S.A. DE C.V.
PRODUCTIONS OF T.V. PROGRAMS
BROADCASTING OF T.V.
34,151,934
33.00
141,932
50,978
2
 

BROADCASTING MEDIA
PARTNERS, INC
PROMOTION AND/OR DEVELOPMENT OF
ENTERTAINMENT COMPANIES
 
842,850
 
8.00
 
2,584,818
 
 
2,844,519
3 
GSF TELECOM HOLDINGS, S.A.P.I. DE C.V. 
PROMOTION AND/OR DEVELOPMENT OF
TELECOM COMPANIES
 
150,000,000
 
50.00
 
20,325,557
 
13,828,000
4 
 
DIBUJOS ANIMADOS MEXICANOS
DIAMEX, S.A. DE C.V.
PRODUCTION AND DISTRIBUTION OF
ANIMATED CARTOONS
 
1,735,560
 
49.00
 
4,384
 
726
5
 
EDITORIAL CLIO, LIBROS Y VIDEOS,
S.A. DE C.V.
PUBLISHING AND PRINTING
OF BOOKS AND MAGAZINES
3,227,050
30.00
32,270
5,780
6 
ENDEMOL MEXICO, S.A. DE C.V. 
PRODUCTION AND COMMERCIALIZATION OF
TELEVISION PROGRAMMING
25,000
 
50.00
 
25
 
328
7 
GRUPO DE TELECOMUNICACIONES DE
ALTA CAPACIDAD, S.A.P.I. DE C.V.
 
TELECOM
 
54,666,667
 
33.33
 
54,667
 
628,628
8
 
OCESA ENTRETENIMIENTO,
S.A. DE C.V.
LIVE ENTERTAINMENT IN MEXICO
14,100,000
40.00
1,062,811
878,160
9
OLLIN VFX, S.A. DE C.V.
TELEVISION AND CINEMA PRODUCTION
34
25.30
13,333
13,333
10 
T&V S.A.S. 
PRODUCTION AND COMMERCIALIZATION OF
TELEVISION PROGRAMMING
 
1,849
 
50.00
 
312
 
312
        TOTAL INVESTMENT IN ASSOCIATES
24,220,109
18,250,764
 
 
 
 
 
 
 
 
 
CREDITS BREAKDOWN
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
Final Printing
CREDIT TYPE / INSTITUTION
FOREIGN INSTITUTION (YES/NO)
DATE OF CONTRACT
AMORTIZATION DATE
INTEREST RATE
AMORTIZATION OF CREDITS DENOMINATED IN PESOS
AMORTIZATION OF CREDITS IN FOREIGN CURRENCY
TIME INTERVAL
TIME INTERVAL
CURRENT YEAR
UNTIL 1 YEAR
UNTIL 2 YEAR
UNTIL 3 YEAR
UNTIL 4 YEAR
UNTIL 5 YEAR
CURRENT YEAR
UNTIL 1 YEAR
UNTIL 2 YEAR
UNTIL 3 YEAR
UNTIL 4 YEAR
UNTIL 5 YEAR
BANKS
                                
FOREIGN TRADE
                                
SECURED
                                
COMMERCIAL BANKS
                                
BANCO NACIONAL DE MÉXICO, S.A.
NO
4/20/2006
4/20/2016
8.74
      
2,100,000
                
BANCO SANTANDER , S.A.
NO
4/21/2006
4/21/2016
TIIE+24
      
1,400,000
                
BANCO MERCANTIL DEL NORTE, S.A.
NO
2/24/2011
2/21/2016
TIIE+1.90
  
265,460
266,760
542,663
                
BANCO SANTANDER, S.A.
NO
3/30/2011
3/30/2016
8.12
      
1,998,200
                
BBVA BANCOMER, S.A.
NO
3/30/2011
3/30/2016
8.095
      
2,497,750
                
BANCO NACIONAL DE MÉXICO, S.A.
NO
3/25/2011
3/23/2021
9.40
          
399,275
            
BANCO NACIONAL DE MÉXICO, S.A.
NO
3/25/2011
3/23/2021
9.06
        
320,000
478,550
            
BANCO NACIONAL DE MÉXICO, S.A.
NO
3/25/2011
3/23/2018
8.77
          
399,393
            
HSBC MÉXICO, S.A.
NO
3/28/2011
3/30/2018
TIIE+117.5
        
625,000
1,871,065
            
AF BANREGIO, S.A. DE C.V.
NO
10/4/2012
10/2/2017
TIIE+2.50
  
4,200
6,900
9,675
15,925
              
HSBC MÉXICO, S.A.
NO
5/29/2013
5/29/2019
TIIE+1.70
  
43,055
65,000
65,000
65,000
259,723
            
OTHER                                
TOTAL BANKS        
0
312,715
338,660
8,613,288
1,025,925
3,408,006
0
0
0
0
0
0
 
STOCK MARKET
                                
 
LISTED STOCK EXCHANGE
                                
UNSECURED                                
SENIOR NOTES
YES
5/9/2007
5/11/2037
8.93
          
4,483,022
            
NOTES
NO
10/14/2010
10/1/2020
7.38
          
9,951,803
            
SENIOR NOTES
YES
5/14/2013
5/14/2043
7.25
          
6,430,330
            
SENIOR NOTES
YES
5/6/2008
5/15/2018
6.31
                      
6,507,849
SENIOR NOTES
YES
3/18/2005
3/18/2025
6.97
                      
7,414,019
SENIOR NOTES
YES
3/11/2002
3/11/2032
8.94
                      
3,890,267
SENIOR NOTES
YES
11/23/2009
1/15/2040
6.97
                      
7,679,931
SECURED        
0
0
0
0
0
20,865,155
0
0
0
0
0
25,492,066
 
PRIVATE PLACEMENTS
                                
UNSECURED                                
SECURED                                
TOTAL STOCK MARKET                                
OTHER CURRENT AND NON-CURRENT LIABILITIES WITH COST                                
CSI LEASING MÉXICO, S. DE R.L. DE C.V.
NO
12/1/2011
10/1/2015
    
40,381
2,521
                  
GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD
NO
8/1/2012
7/1/2020
    
166,539
79,420
76,699
291,494
              
INTELSAT GLOBAL  SALES & MARKETING, LTD.
YES
10/1/2012
9/1/2027
                
178,947
192,456
206,985
222,611
3,276,562
IP MATRIX, S.A. DE C.V.
YES
11/1/2009
11/1/2015
                
14,712
12,180
      
GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD
NO
8/1/2012
7/1/2021
                
24,119
17,491
17,827
18,411
79,892
 
TOTAL CURRENT AND NON-CURRENT LIABILITIES WITH COST
        
0
206,920
81,941
76,699
291,494
0
0
217,778
222,127
224,812
241,022
3,356,454
                                   
 
SUPPLIERS
                                
VARIOUS
NO
12/1/2013
12/31/2014
    
4,946,866
                    
VARIOUS
YES
12/1/2013
12/31/2014
                
5,239,139
        
 
TOTAL SUPPLIERS
        
0
4,946,866
0
0
0
0
0
5,239,139
0
0
0
0
                                   
 
OTHER CURRENT AND NON-CURRENT LIABILITIES
                                
VARIOUS
NO
        
26,421,073
69,729
11,207
4,269
146,825
            
TRANSMISION RIGHTS
NO
          
212,425
148,964
91,923
79,331
            
CUSTOMER DEPOSITS AND ADVANCES
NO
          
474,011
                  
2010 AND 2014 MEXICAN TAX REFORM
NO
          
611,844
381,425
770,289
5,216,506
            
DERIVATIVE FINANCIAL INSTRUMENTS
NO
            
133,184
  
202,152
            
VARIOUS
YES
                    
1,315,187
      
90,464
TRANSMISION RIGHTS
YES
                      
1,118,530
458,950
409,626
556,373
 
OTHER CURRENT AND NON-CURRENT LIABILITIES
        
0
26,421,073
1,368,009
674,780
866,481
5,644,814
0
1,315,187
1,118,530
458,950
409,626
646,837
                                   
 
TOTAL
        
0
31,887,574
1,788,610
9,364,767
2,183,900
29,917,975
0
6,772,104
1,340,657
683,762
650,648
29,495,357
 
 
NOTES
 
                                
 
THE EXCHANGE RATES FOR THE CREDITS DENOMINATED  IN FOREIGN CURRENCY
                            
 
WERE AS FOLLOWS:
                                
                                   
 
                                      $      13.0750     PESOS PER U.S. DOLLAR
                              
                                   
                                   
 
DOES NOT INCLUDE TAX LIABILITIES PAYABLE IN FOREIGN CURRENCY AND MEXICAN PESOS (REF. 21050000 TAXES PAYABLE) OF PS.67,598 AND PS.1,445,561, RESPECTIVELY, FOR EFFECTS OF VALIDATION OF THE SYSTEM.
 
BANK LOANS AND SENIOR NOTES ARE PRESENTED NET OF UNAMORTIZED FINANCE COSTS IN THE AGGREGATE AMOUNT OF PS.808,585.
  
 
 
 
 
 
 
MONETARY FOREIGN CURRENCY POSITION
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
Final Printing
FOREIGN CURRENCY POSITION
(THOUSANDS OF PESOS)
DOLLARS
OTHER CURRENCIES
TOTAL
THOUSANDS OF DOLLARS
THOUSANDS OF PESOS
THOUSANDS OF DOLLARS
THOUSANDS OF PESOS
THOUSANDS OF PESOS
           
MONETARY ASSETS
2,242,046
29,314,751
116,504
1,523,290
30,838,041
           
CURRENT
740,015
9,675,696
116,504
1,523,290
11,198,986
           
NON-CURRENT
 1,502,031
19,639,055
0
0
19,639,055
           
LIABILITIES POSITION
 2,980,274
38,309,149
  53,612
700,977
39,010,126
           
CURRENT
478,251
6,253,131
  44,862
586,571
6,839,702
           
NON-CURRENT
 2,502,023
32,056,018
 8,750
114,406
32,170,424
           
NET BALANCE
 (738,228)
(8,994,398)
  62,892
822,313
(8,172,085)
 
NOTES:
 
THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS :
 
 PS.
13.0750
PESOS PER U.S. DOLLAR
 
17.9846
PESOS PER EURO
 
12.3043
PESOS PER CANADIAN DOLLAR
 
2.0050
PESOS PER ARGENTINEAN PESO
 
0.6102
PESOS PER URUGUAYAN PESO
 
0.0249
PESOS PER CHILEAN PESO
 
0.0067
PESOS PER COLOMBIAN PESO
 
4.6763
PESOS PER PERUVIAN NUEVO SOL
 
14.6702
PESOS PER SWISS FRANC
 
2.0753
PESOS PER STRONG BOLIVAR
 
5.5360
PESOS PER BRAZILIAN REAL
 
21.6545
PESOS PER STERLING LIBRA
 
2.1598
PESOS PER CHINESE YUAN
 
 
 
 
 
 
DEBT INSTRUMENTS
CONSOLIDATED
  Final Printing
 
FINANCIAL RESTRICTIONS OF LONG-TERM DEBT SECURITIES
 
THE AGREEMENTS OF THE  U.S.$500 MILLION, U.S.$600 MILLION, U.S.$300 MILLION, PS.4,500 MILLION, U.S.$600 MILLION AND PS.6,500 MILLION SENIOR NOTES ISSUED BY GRUPO TELEVISA, S.A.B. WITH MATURITY IN 2018, 2025, 2032, 2037, 2040 AND 2043, RESPECTIVELY, CONTAIN COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.
 
THE AGREEMENT OF NOTES ("CERTIFICADOS BURSÁTILES") DUE 2020 IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.10,000 MILLION, CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.
 
UNDER THE TERMS OF THE AGREEMENTS OF LONG-TERM CREDITS ENTERED INTO BY THE COMPANY WITH FOUR MEXICAN BANKS IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.8,600 MILLION, AND MATURITIES BETWEEN 2016 AND 2021, THE COMPANY IS REQUIRED TO (A) MAINTAIN CERTAIN FINANCIAL COVERAGE RATIOS RELATED TO INDEBTEDNESS AND INTEREST EXPENSE; AND (B) COMPLY WITH A RESTRICTIVE COVENANT ON SPIN-OFFS, MERGERS AND SIMILAR TRANSACTIONS.
 
UNDER THE TERMS OF THE LONG-TERM LOANS ENTERED INTO BY SKY WITH TWO MEXICAN BANKS IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.3,500 MILLION, WITH A MATURITY IN 2016, AND GUARANTEED BY THE COMPANY, SKY IS REQUIRED TO MAINTAIN (A) CERTAIN FINANCIAL COVERAGE RATIOS RELATED TO INDEBTEDNESS AND INTEREST EXPENSE; AND (B) CERTAIN RESTRICTIVE COVENANTS ON INDEBTEDNESS, LIENS, ASSET SALES, AND CERTAIN MERGERS AND CONSOLIDATIONS.
 
 
 
COMPLIANCE WITH FINANCIAL RESTRICTIONS
 
AT DECEMBER 31, 2013, THE GROUP WAS IN COMPLIANCE WITH THE FINANCIAL RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM SENIOR NOTES DESCRIBED ABOVE.
 
 
 
 
 
 
SALES DISTRIBUTION BY PRODUCT
 
TOTAL SALES
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
Final Printing
MAIN PRODUCTS
NET SALES
MARKET
SHARE
(%)
MAIN
VOLUME
AMOUNT
TRADEMARKS
CUSTOMERS
DOMESTIC SALES
          
INTERSEGMENT ELIMINATIONS
  
(1,319,011)
      
           
CONTENT:
          
ADVERTISING
  
24,522,976
    
GENOMMA LAB INTERNACIONAL, S.A.B. DE C.V.
         
COMPAÑIA PROCTER & GAMBLE DE MÉXICO, S. DE R.L. DE C.V.
         
MARKETING MODELO, S.A. DE C.V.
         
SABRITAS, S. DE R.L. DE C.V.
         
UNILEVER DE MÉXICO, S. DE R.L. DE C.V.
         
THE COCA-COLA EXPORT CORPORATION SUCURSAL EN MÉXICO
         
BIMBO, S.A. DE C.V.
         
MARCAS NESTLÉ, S.A. DE C.V.
         
KIMBERLY CLARK DE MÉXICO, S.A.B. DE C.V.
         
FRABEL, S.A. DE C.V.
NETWORK SUBSCRIPTION REVENUE
  
2,568,352
    
MEGA CABLE, S.A. DE C.V.
         
GRUPO CABLE TV DE SAN LUIS POTOSI, S.A. DE C.V.
         
CABLEVISIÓN RED, S.A. DE C.V.
LICENSING AND SYNDICATIONS
  
555,889
    
VARIOUS
           
PUBLISHING:
          
MAGAZINE CIRCULATION
29,179
539,008
  
TV Y NOVELAS MAGAZINE,
GENERAL PUBLIC (AUDIENCE)
       
MEN´S HEALTH MAGAZINE,
DEALERS
       
VANIDADES MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
COSMOPOLITAN MAGAZINE
  
       
NATIONAL GEOGRAPHIC MAGAZINE
  
       
AUTOMÓVIL PANAMERICANO MAGAZINE
  
       
TÚ MAGAZINE
  
       
ESPECIAL MARVEL SEMANAL MAGAZINE
  
       
SKY VIEW MAGAZINE
  
       
MUY INTERESANTE MAGAZINE
  
       
MUY INTERESANTE JUNIOR MAGAZINE
  
       
DISNEY PRINCESAS MAGAZINE
  
       
COCINA FÁCIL MAGAZINE
  
ADVERTISING
  
707,622
    
FABRICAS DE CALZADO ANDREA, S.A. DE C.V.
         
KIMBERLY CLARK DE MÉXICO, S.A.B. DE C.V.
         
DILTEX, S.A. DE C.V.
         
FRABEL, S.A. DE C.V.
         
UNILEVER DE MEXICO, S. DE R.L. DE C.V.
         
WATA GROUP, S.A. DE C.V.
         
AMERICAN EXPRESS COMPANY (MÉXICO), S.A. DE C.V.
         
DISTRIBUIDORA KROMA, S.A. DE C.V.
         
COMPAÑIA PROCTER & GAMBLE DE MÉXICO, S. DE R.L. DE C.V.
OTHER INCOME
  
14,802
    
VARIOUS
           
SKY:          
DTH BROADCAST SATELLITE
  
14,508,414
  
SKY
SUBSCRIBERS
PAY PER VIEW
  
207,167
      
CHANNEL COMMERCIALIZATION
  
276,392
    
COMPAÑÍA INTERNACIONAL DE RADIO Y TELEVISIÓN, S.A.
         
WALT DISNEY STUDIOS SONY PICTURES RELEASING
         
DE MEXICO, S. DE R.L. DE C.V.
CABLE AND TELECOM:
          
DIGITAL SERVICE
  
7,570,023
  
CABLEVISIÓN, CABLEMÁS Y TVI
SUBSCRIBERS
INTERNET SERVICES
  
3,844,947
      
SERVICE INSTALLATION
  
110,968
      
PAY PER VIEW
  
51,854
      
CHANNEL COMMERCIALIZATION
  
481,493
    
MULTILMEDIOS S.A. DE C.V.
         
SINTESIS COMUNICACIÓN, S.A. DE C.V.
         
TENEDORA DE CINES, S.A. DE C.V.
         
PROMOVISIÓN DEL CARIBE, S.A. DE C.V.
TELEPHONY
  
2,254,435
      
TELECOMMUNICATIONS
  
2,310,456
  
BESTEL
SUBSCRIBERS
OTHER
  
99,472
      
 
OTHER BUSINESSES:
          
DISTRIBUTION OF MOVIE RIGHTS, RENTALS, AND SALE
  
561,332
    
OPERADORA COMERCIAL DE DESARROLLO, S.A. DE C.V.
         
OPERADORA DE CINEMAS, S.A. DE C.V.
         
CINEMARK DE MÉXICO, S.A. C.V.
         
TENEDORA DE CINES, S.A. DE C.V.
         
EN PANTALLA PRODUCCIONES INTERNACIONALES, S.A. DE C.V.
SPECIAL EVENTS AND SHOW PROMOTION
  
1,103,840
  
CLUB DE FÚTBOL AMÉRICA
GENERAL PUBLIC (AUDIENCE)
       
IMPULSORA DEL DEPORTIVO NECAXA
FEDERACIÓN MEXICANA DE FÚTBOL, A.C.
       
ESTADIO AZTECA
AFICIÓN FUTBOL, S.A. DE C.V.
GAMING
  
2,002,692
  
PLAY CITY
GENERAL PUBLIC (AUDIENCE)
       
MULTIJUEGOS
  
ADVERTISED TIME SOLD IN RADIO
  
626,842
    
COMPAÑIA PROCTER & GAMBLE DE MÉXICO, S. DE R.L DE C.V.
         
PROPIMEX, S. DE R.L. DE C.V.
         
OPTIMUM MEDIA DIRECTION DE MÉXICO, S.A. DE C.V.
         
ARENA COMMUNICATIONS, S.A. DE C.V.
         
MEDIA PLANNING GROUP, S.A. DE C.V.
         
IPG MEDIA BRANDS COMMUNICATIONS, S.A. DE C.V.
         
TIENDAS SORIANA, S.A. DE C.V.
PUBLISHING DISTRIBUTION
9,501
147,934
  
HOLA MÉXICO MAGAZINE
VARIOUS
       
EL SOLITARIO MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
ENTREPRENEUR MAGAZINE
DEALERS
       
MONSTER HIGH MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
BRAVO POR TI MAGAZINE
  
       
SELECCIONES MAGAZINE
  
           
EXPORT SALES
          
CONTENT:
          
ADVERTISING
  
198,238
    
CC MEDIOS Y COMUNICACIONES, C.A.
NETWORK SUBSCRIPTION REVENUE
  
695,223
    
GALAXY ENTERTAINMENT DE VZLA, C.A. DIRECTV
         
DIRECTV ARGENTINA SOCIEDAD ANONIMA
         
AMNET CABLE COSTA RICA, S.A.
           
LICENSING AND SYNDICATIONS
  
5,133,678
  
TELEVISA
NETFLIX, INC
       
TELEVISA
CORPORACIÓN VENEZOLANA DE TELEVISIÓN, C.A.
       
TELEVISA
COMPAÑIA PERUANA DE RADIODIFUSIÓN, S.A.
       
TELEVISA
TVSBT CANAL 4 DE SAO PAULO, S.A.
       
TELEVISA
RCN TELEVISIÓN, S.A.
OTHER BUSINESSES:
          
SPECIAL EVENTS AND SHOW PROMOTION
  
104,714
  
CLUB AMÉRICA
  
DISTRIBUTION OF MOVIE RIGHTS, RENTALS, AND SALE
  
97,257
    
NETFLIX, INC
INTERSEGMENT ELIMINATIONS
  
(6,801)
      
           
SUBSIDIARIES SALES ABROAD
          
CONTENT:
          
ADVERTISING
  
143,258
    
INITIATIVE MEDIA, INC.
         
OPTIMUM MEDIA DIRECTION, INC.
         
GROUP M MATRIX
PUBLISHING:
          
MAGAZINE CIRCULATION
46,950
859,779
  
T.V. Y NOVELAS MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
GENTE MAGAZINE
DEALERS
       
PAPARAZZI MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
VANIDADES MAGAZINE
  
       
COSMOPOLITAN MAGAZINE
  
       
TÚ MAGAZINE
  
       
MUY INTERESANTE  MAGAZINE
  
       
BILINKEN MAGAZINE
  
       
PARA TI MAGAZINE
  
       
CONDORITO MAGAZINE
  
ADVERTISING
  
1,097,085
    
MINDSHARE USA, LLC.
         
ESPACIOS, S.A.
         
MINDSHARE DE COLOMBIA LTDA.
         
MEDIACOM MIAMI
SKY:
          
DTH BROADCAST SATELLITE
  
1,106,289
  
SKY
SUBSCRIBERS
CABLE AND TELECOM:
          
TELECOMMUNICATIONS
  
415,147
  
BESTEL
SUBSCRIBERS
OTHER BUSINESS:
          
PUBLISHING DISTRIBUTION:
9,108
132,932
  
SELECCIONES MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
MAGALY TV MAGAZINE
DEALERS
       
VOGUE MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
HOLA MAGAZINE
  
       
EL CUERPO HUMANO MAGAZINE
  
       
EL FEDERAL MAGAZINE
  
       
HELLO KITTY MAGAZINE
  
       
MAESTROS DE LA ARQUITECTURA MAGAZINE
  
RENTALS OF MOVIES/FILMS
  
77,525
    
LIONS GATES FILMS, INC.
INTERSEGMENT ELIMINATIONS
  
(11,512)
      
           
TOTAL
94,738
73,790,711
      
 
 
 
 
 
 
ANALYSIS OF PAID CAPITAL STOCK CHARACTERISTIC OF THE SHARES
CONSOLIDATED
  Final Printing
SERIES
NOMINAL VALUE (PS.)
VALID COUPON
NUMBER OF SHARES
CAPITAL STOCK
FIXED PORTION
VARIABLE PORTION
MEXICAN
FREE
SUBSCRIPTION
FIXED
VARIABLE
A
0.00000
0
114,197,514,865
0
114,197,514,865
0
848,428
0
B
0.00000
0
52,920,431,915
0
52,920,431,915
0
405,948
0
D
0.00000
0
84,191,538,006
0
84,191,538,006
0
620,017
0
L
0.00000
0
84,191,538,006
0
0
84,191,538,006
620,017
0
TOTAL
    
335,501,022,792
0
251,309,484,786
84,191,538,006
2,494,410
0
 
TOTAL NUMBER OF SHARES REPRESENTING THE PAID CAPITAL STOCK ON THE DATE OF THE INFORMATION :
335,501,022,792
  
 
NOTES:

THE NUMBER OF OUTSTANDING SHARES PRESENTED IN THE TABLE ABOVE PLUS THE SHARES REPURCHASED REPRESENT THE TOTAL NUMBER OF SHARES ISSUED. SEE NOTE 5 TO CONSOLIDATED FINANCIAL STATEMENTS.
 
 
FINANCIAL STATEMENT NOTES
CONSOLIDATED
  Final Printing
 
 
11060060: AS OF DECEMBER 31, 2013 AND 2012, INCLUDES TRANSMISSION RIGHTS AND PROGRAMMING FOR PS.4,953,743 AND PS.4,462,348, RESPECTIVELY.

12080050: AS OF DECEMBER 31, 2013 AND 2012, INCLUDES TRANSMISSION RIGHTS AND PROGRAMMING FOR PS.8,798,196 AND PS.6,435,609, RESPECTIVELY.

91000010: AT DECEMBER 31, 2013 DOESN´T INCLUDE TAX LIABILITIES IN FOREIGN CURRENCY FOR PS.67,598 (SEE ATTACHED BREAKDOWN OF CREDITS).

CUM40180000: THIS INFORMATION IS RELATED TO EARNINGS PER CPO. THE CPOS ARE THE SECURITIES TRADED IN THE MEXICAN STOCK EXCHANGE.

CUM40190000: THIS INFORMATION IS RELATED TO EARNINGS PER DILUTED CPO.

40180000: THIS INFORMATION IS RELATED TO EARNINGS PER CPO. THE CPOS ARE THE SECURITIES TRADED IN THE MEXICAN STOCK EXCHANGE.

40190000: THIS INFORMATION IS RELATED TO EARNINGS PER DILUTED CPO.
 
THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL STATEMENT AMOUNTS, INCLUDING THEIR BREAKDOWN OF MAIN CONCEPTS AND OTHER CONCEPTS.
 
 
 
 
 
 
EXHIBIT 1
TO THE ELECTRONIC FORM TITLED “PREPARATION, FILING, DELIVERY AND DISCLOSURE OF QUARTERLY ECONOMIC, ACCOUNTING AND ADMINISTRATIVE INFORMATION BY ISSUERS”

III. QUALITATIVE AND QUANTITATIVE INFORMATION
 
i.              Management’s discussion of the policies concerning the use of financial derivative instruments, and explanation as to whether such policies permit the use of said instruments solely for hedging or also for trading or other purposes. The discussion must include a general description of the objectives sought in the execution of financial derivative transactions; the relevant instruments; the hedging or trading strategies implemented in connection therewith; the relevant trading markets; the eligible counterparties; the policies for the appointment of calculation or valuation agents; the principal terms and conditions of the relevant contracts; the policies as to margins, collateral and lines of credit; the authorization process and levels of authorization required by type of transaction (e.g., full hedging, partial hedging, speculation), stating whether the transactions were previously approved by the committee(s) responsible for the development of corporate and auditing practices; the internal control procedures applicable to the management of the market and liquidity risks associated with the positions; and the existence of an independent third party responsible for the review of such procedures and, as the case may be, the observations raised or deficiencies identified by such third party. If applicable, provide information concerning the composition of the overall risk management committee, its operating rules, and the existence of an overall risk management manual.
 
Management’s discussion of the policies concerning the use of financial derivative instruments, and explanation as to whether such policies permit the use of said instruments solely for hedging or also for trading or other purposes.
 
In accordance with the policies and procedures implemented by the Finance and Risk area and the Vice President and Corporate Controller, along with the Vice President of Internal Audit, the Company has entered into certain financial derivative transactions for hedging purposes in both the Mexican and international markets so as to manage its exposure to the market risks associated with the changes in interest and foreign exchange rates and inflation. In addition, the Company’s Investments Committee has established guidelines for the investment in structured notes or deposits associated with other derivatives, which by their nature may be considered as derivative transactions for trading purposes. It should be noted that in the fourth quarter of 2013, no such financial derivatives were outstanding. Pursuant to the provisions of International Financial Reporting Standards Board, certain financial derivative transactions originally intended to serve as a hedge and in effect until December 31st, 2013, are not within the scope of hedge accounting as specified in such Standards and, consequently, are recognized in the accounting based on the provisions included in the aforementioned Standards.
 
General description of the objectives sought in the execution of financial derivative transactions; the relevant instruments; the hedging or trading strategies implemented in connection therewith; the relevant trading markets; the eligible counterparties; the policies for the appointment of calculation or valuation agents; the principal terms and conditions of the relevant contracts; the policies as to margins, collateral and lines of credit; the authorization process and levels of authorization required by type of transaction (e.g., full hedging, partial hedging, speculation), stating whether the transactions were previously approved by the committee(s) responsible for the development of corporate and auditing practices; the internal control procedures applicable to the management of the market and liquidity risks associated with the positions; and the existence of an independent third party responsible for the review of such procedures and, as the case may be, the observations raised or deficiencies identified by such third party.
 
The Company’s principal objective when entering into financial derivative transactions is to mitigate the effects of unforeseen changes in interest and foreign exchange rates and inflation, so as to reduce the volatility in its results and cash flows as a result of such changes.
 
The Company monitors its exposure to interest rate risk by: (i) assessing the difference between the interest rates applicable to its debt and temporary investments, and the prevailing market rates for similar instruments; (ii) reviewing its cash flow requirements and financial ratios (interest coverage); (iii) assessing the actual and budgeted-for trends in the principal markets; and (iv) assessing the prevailing industry practices and other similar companies. This approach enables the Company to determine the optimum mix between fixed- and variable-rate interest for its debt.
 
Foreign exchange risk is monitored by assessing the Company’s monetary position in U.S. dollars and its budgeted cash flow requirements for investments anticipated to be denominated in U.S. dollars and the service of its U.S. dollar-denominated debt.
 
Financial derivative transactions are reported from time to time to the Audit and Corporate Practices Committee.
 
The Company has entered into master derivatives agreements with both domestic and foreign financial institutions that are internationally recognized institutions with which the Company, from time to time, has entered into financial transactions involving corporate and investment banking, as well as treasury services. The form agreement used in connection with financial derivatives transactions with foreign financial institutions is the Master Agreement published by the International Swaps and Derivatives Association, Inc. (“ISDA”) and with local institutions is the Master Agreement published by ISDA and the form agreement recommended by Banco de México. In both cases, the main terms and conditions are standard for these types of transactions and include mechanisms for the appointment of calculation or valuation agents.
 
In addition, the Company enters into standard guaranty agreements that set forth the margins, collateral and lines of credit applicable in each instance. These agreements establish the credit limits granted by the financial institutions with whom the Company enters into master financial derivative agreements, which specify the margin implications in the case of potential negative changes in the market value of its open financial derivative positions. Pursuant to the agreements entered into by the Company, financial institutions are entitled to make margin calls if certain thresholds are exceeded. In the event of a change in the credit rating issued to the Company by a recognized credit rating agency, the credit limit granted by each counterparty would be modified.
 
As of the date hereof, the Company has never experienced a margin call with respect to its financial derivative transactions.
 
In compliance with its risk management objectives and hedging strategies, the Company generally utilizes the following financial derivative transactions:
 
1.  
Cross-currency interest rate swaps (i.e., coupon swaps);
 
2.  
Interest rate and inflation-indexed swaps;
 
3.  
Cross-currency principal and interest rate swaps;
 
4.  
Swaptions;
 
5.  
Forward exchange rate contracts;
 
6.  
FX options;
 
7.  
Interest Rate Caps and Floors contracts;
 
8.  
Fixed-price contracts for the acquisition of government securities (i.e., Treasury locks); and
 
9.  
Credit Default Swaps.
 
The strategies for the acquisition of financial derivatives transactions are approved by the Risk Management Committee in accordance with the Policies and Objectives for the Use of Financial Derivatives.
 
During the quarter from October to December 2013, there were no defaults or margin calls under the aforementioned financial derivative transactions.
 
The Company monitors on a weekly basis the flows generated by the fair market value of and the potential for margin calls under its open financial derivative transactions. The calculation or valuation agent designated in the relevant Master Agreement, which is always the counterparty, issues monthly reports as to the fair market value of the Company’s open positions.
 
The Risk Management area is responsible for measuring, at least once a month, the Company’s exposure to the financial market risks associated with its financings and investments, and for submitting a report with respect to the Company’s risk position and the valuation of its financial derivatives to the Finance Committee on a monthly basis, and to the Risk Management Committee on a quarterly basis. The Company monitors the credit rating assigned to its counterparties in its outstanding financial derivative transactions on a regular basis.
 
The office of the Comptroller is responsible for the validation of the Company’s accounting records as related to its financial derivative transactions, based upon the confirmations received from the relevant financial intermediaries, and for obtaining from such intermediaries, on a monthly basis, confirmations or account statements supporting the market valuation of its open financial derivative positions.
 
As a part of the yearly audit on the Company, the aforementioned procedures are reviewed by the Company’s external auditors. As of the date hereof, the Company’s auditors have not raised any observation or identified any deficiency therein.
 
Information concerning the composition of the overall risk management committee, its operating rules, and the existence of an overall risk management manual.
 
The Company has a Risk Management Committee, which is responsible for monitoring the Company’s risk management activities and approving the hedging strategies used to mitigate the financial market risks to which the Company is exposed. The assessment and hedging of the financial market risks are subject to the policies and procedures applicable to the Company’s Risk Management Committee, the Finance and Risk Management areas and the Comptroller that form the Risk Management Manual of the Company. In general terms, the Risk Management Committee is comprised of members of the Corporate Management, Corporate Comptroller, Tax Control and Advice, Information to the Stock Exchange, Finance and Risk, Legal, Administration and Finance, Financial Planning and Corporate Finance areas.
 
ii.           General description of the valuation methods, indicating whether the instruments are valued at cost or at their fair value pursuant to the applicable accounting principles, the relevant reference valuation methods and techniques, and the events taken into consideration. Describe the policies for and frequency of the valuation, as well as the actions taken in light of the values obtained therefrom. Clarify whether the valuation is performed by an independent third party, and indicate if such third party is the structurer, seller or counterparty of the financial instrument. As with respect to financial derivative transactions for hedging purposes, explain the method used to determine the effectiveness thereof and indicate the level of coverage provided thereby.

The Company values its financial derivative instruments based upon the standard models and calculators provided by recognized market makers. In addition, the Company uses the relevant market variables available from online sources. The financial derivative instruments are valued at a reasonable value pursuant to the applicable accounting provisions.
 
In the majority of cases, the valuation at a reasonable value is carried out on a monthly basis based on valuations of the counterparties and the verification of such reasonable value with internal valuations prepared by the Risk Management area of the Company. Accounting-wise, the valuation of the counterparty is registered.
 
The Company performs its valuations without the participation of any independent third party.
 
The method used by the Company to determine the effectiveness of an instrument depends on the hedging strategy and on whether the relevant transaction is intended as a fair-value hedge or a cash-flow hedge. The Company’s methods take into consideration the prospective cash flows generated by or the changes in the fair value of the financial derivative, and the cash flows generated by or the changes in the fair value of the underlying position that it seeks to hedge to determine, in each case, the hedging ratio.
 
iii.           Management’s discussion of the internal and external sources of liquidity that could be used to satisfy the Company’s requirements in connection with its financial derivatives.

As of the date hereof, the Company’s management has not discussed internal and external sources of liquidity so as to satisfy its requirements in connection with its financial derivatives since, based upon the aggregate amount of the Company’s financial derivative transactions, management is of the opinion that the Company’s significant positions of cash, cash equivalents and temporary investments, and the substantial cash flows generated by the Company, would enable the Company to respond adequately to any such requirements.
 

iv.           Explanation as to any change in the issuer’s exposure to the principal risks identified thereby and in their management, and any contingency or event known to or anticipated by the issuer’s management, which could affect any future report. Description of any circumstance or event, such as any change in the value of the underlying assets or reference variables, resulting in a financial derivative being used other than as originally intended, or substantially altering its structure, or resulting in the partial or total loss of the hedge, thereby forcing the Issuer to assume new obligations, commitments or changes in its cash flows in a manner that affects its liquidity (e.g., margin calls). Description of the impact of such financial derivative transactions on the issuer’s results or cash flows. Description and number of financial derivatives maturing during the quarter, any closed positions and, if applicable, number and amount of margin calls experienced during the quarter. Disclosure as to any default under the relevant contracts.

Changes in the Company’s exposure to the principal risks identified thereby and in their management, and contingencies or events known to or anticipated by the Company’s management, which could affect any future report.
 
Since a significant portion of the Company’s debt and costs are denominated in U.S. dollars, while its revenues are primarily denominated in Mexican pesos, depreciation in the value of the Mexican peso against the U.S. dollar and any future depreciation could have a negative effect on the Company’s results due to exchange rate losses. However, the significant amount of U.S. dollars in the Company’s treasury, and the hedging strategies adopted by the Company in recent years, have enabled it to avoid significant foreign exchange losses.
 
Circumstances or events, such as changes in the value of the underlying assets or reference variables, resulting in a financial derivative being used other than as originally intended, or substantially altering its structure, or resulting in the partial or total loss of the hedge, thereby forcing the Company to assume new obligations, commitments or changes in its cash flows in a manner that affects its liquidity (e.g., margin calls). Description of the impact of such financial derivative transactions on the Company’s results or cash flows.
 
As of the date hereof, no circumstance or event has given rise to a significant change in the structure of a financial derivative transaction, caused it to be used other than as originally intended, or resulted in a partial or total loss of the relevant hedge requiring that the Company assume new obligations, commitments or variations in its cash flow such that its liquidity is affected.
 
Description and number of financial derivatives maturing during the quarter, any closed positions and, if applicable, number and amount of margin calls experienced during the quarter. Disclosure as to any default under the relevant contracts.

1.  
During the relevant quarter, one “Knock-out Option Call” agreement through which Grupo Televisa, S.A.B. (“Televisa”) hedged against severe Mexican Peso depreciation for a notional amount of U.S.$15,000,000.00 (Fifteen Million Dollars 00/100) by paying a premium, expired. This option was entered in December 2011, and expired with Televisa not exercising it in November 2013.

Likewise there were no defaults or margin calls under financial derivative transactions.

v.           Quantitative Information. Attached hereto as Table 1 is a summary of the financial derivative instruments purchased by Televisa, Corporación Novavisión, S. de R.L. de C.V. and Televisión Internacional, S.A. de C.V., whose aggregate fair value represents or could represent one of the reference percentages set forth in Section III (v) of the Official Communication.
 
IV. SENSITIVITY ANALYSIS
 
Considering that the Company has entered into financial derivative transactions for hedging purposes, and given the low amount of the financial derivative instruments that proved ineffective as a hedge, the Company has determined that such transactions are not material and, accordingly, the sensitivity analysis referred to in Section IV of the Official Communication is not applicable.
 
In those cases where the derivative instruments of the Company are for hedging purposes, for a material amount and where the effectiveness measures were sufficient, the measures are justified when the standard deviation of the changes in cash flow as a result of changes in the variables of exchange rate and interest rates of the derivative instruments used jointly with the underlying position is lower than the standard deviation of the changes in cash flow of the underlying position valued in pesos and the effective measures are defined by the correlation coefficient between both positions for the effective measures to be sufficient.
 
 
 
 
 
 
 
 
TABLE 1
 
GRUPO TELEVISA, S.A.B.
Summary of Financial Derivative Instruments as of
December 31, 2013
(In thousands of pesos/dollars)
 
 
Type of Derivative, Securities or Contract
Purpose (e.g., hedging, trading or other)
Notional Amount/Face Value
Value of the Underlying Asset / Reference Variable
Fair Value
Maturing per Year
Collateral/Lines of Credit/Securities Pledged
Current Quarter
Previous Quarter (5)
Current Quarter D(H) (4)
Previous Quarter D(H) (5)
Interest Rate Swap (2)
Hedging
Ps. 1,400,000
TIIE 28 days +
24bps / 8.415%
TIIE 28 days +
24bps / 8.415%
(119,780)   
(136,845)   
Monthly interest 2014-2016
Does not exist (6)
Interest Rate Swap (1)
Hedging
Ps. 2,500,000
TIIE 28 days /
7.4325%
TIIE 28 days /
7.4325%
(203,614)   
(222,160)   
Monthly interest 2014-2018
Does not exist (6)
FX Options (1)
Hedging
USD 270,000
USD 270,000
USD 285,000
6,122    
9,016    
2014 - 2015
Does not exist (6)
Coupon Swap (1) Hedging Ps.3,867,000 /
USD 300,000		 8.500% /
8.5028%		  
-
 2,266     -  Semiannual Interest
2014
 Does not exist (6)
Interest Rate Swap (3)
Hedging
Ps.1,577,700
TIIE 28 days /
5.084%
TIIE 28 days / 
5.099%
(11,942)   
(17,369)   
Monthly Interest 2014-2019
Does not exist (6)
Forward (3)
Hedging
USD 4,000 /
Ps.48,874
-
USD 124,000 /
Ps.48,874
 
3,744    
 2013
Does not exist (6)
 
Total
(326,948)   
(363,614)   
       

 
(1)
Acquired by Grupo Televisa, S.A.B.
 
(2)
Acquired by Corporación Novavisión, S. de R.L. de C.V.
 
(3)
Acquired by Televisión Internacional, S.A. de C.V.
 
(4)
The aggregate amount of the derivatives reflected in the consolidated statement of financial position of Grupo Televisa, S.A.B. as of December 31, 2013,  included in the relevant SIFIC, is as follows:
 
  11060020  
FINANCIAL DERIVATIVE INSTRUMENTS
   Ps. 3,447  
  12080010  
FINANCIAL DERIVATIVE INSTRUMENTS
     4,941  
  22050010  
FINANCIAL DERIVATIVE INSTRUMENTS
     (335,336 )
          Ps. (326,948 )
 
The financial derivatives shown in the above table are those whose aggregate value could represent 5% of the consolidated assets, liabilities or capital, or 3% of the consolidated sales, of Grupo Televisa, S.A.B., for the most recent quarter.
 
 
(5)
Information for the third quarter of 2013.
 
(6)
Applies only to implicit financing in the ISDA ancillary agreements identified as “Credit Support Annex”.
 
 
 
 
 
 
 
DECLARATION OF THE REGISTRANT´S OFFICERS RESPONSIBLE FOR THE INFORMATION.
 
 
 
WE HEREBY DECLARE THAT, TO THE EXTENT OF OUR FUNCTIONS, WE PREPARED THE INFORMATION RELATED TO THE REGISTRANT CONTAINED IN THIS QUARTERLY REPORT, AND BASED ON OUR KNOWLEDGE, THIS INFORMATION FAIRLY PRESENTS THE REGISTRANT´S CONDITION. WE ALSO DECLARE THAT WE ARE NOT AWARE  OF ANY RELEVANT INFORMATION THAT HAS BEEN OMITTED OR UNTRUE IN THIS QUARTERLY REPORT, OR INFORMATION CONTAINED IN SUCH REPORT THAT MAY BE MISLEADING TO INVESTORS.
  
 

 
 

  /s/ EMILIO AZCÁRRAGA JEAN 
  /s/ SALVI FOLCH VIADERO 
EMILIO AZCÁRRAGA JEAN
PRESIDENT AND CHIEF EXECUTIVE
OFFICER
SALVI FOLCH VIADERO
CHIEF FINANCIAL OFFICER

 


    /s/ JOAQUÍN BALCÁRCEL SANTA CRUZ   
JOAQUÍN BALCÁRCEL SANTA CRUZ
VICE PRESIDENT  -  LEGAL AND
GENERAL COUNSEL
 

 

 MÉXICO, D.F., FEBRUARY 20, 2014
 
 
 
 
 
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: February 26, 2014
By:
/s/  Joaquín Balcárcel Santa Cruz
 
Name:
Joaquín Balcárcel Santa Cruz
 
Title:
General Counsel