UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2005
GRUPO TELEVISA, S.A.
-------------------------------------------------
(Translation of registrant's name into English)
Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico, D.F.
---------------------------------------------------------------------
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
------- -------
(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.)
Yes No X
----- -----
If "Yes" is marked indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-______.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2005 AND 2004
(Thousands of Mexican Pesos)
FINAL PRINTING
----------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
-------------------------------------------------
S Amount % Amount %
----------------------------------------------------------------------------------------------------------
1 TOTAL ASSETS 70,179,683 100 65,444,350 100
2 CURRENT ASSETS 30,013,534 43 27,452,166 42
3 CASH AND SHORT-TERM INVESTMENTS 16,824,096 24 15,671,570 24
4 ACCOUNTS AND NOTES RECEIVABLE (NET) 7,104,155 10 6,016,366 9
5 OTHER ACCOUNTS AND NOTES RECEIVABLE (NET) 1,044,667 1 1,059,037 2
6 INVENTORIES 4,305,326 6 3,990,878 6
7 OTHER CURRENT ASSETS 735,290 1 714,315 1
8 LONG-TERM 6,785,874 10 6,850,231 10
9 ACCOUNTS AND NOTES RECEIVABLE (NET) 0 0 0 0
10 INVESTMENT IN SHARES OF NON-CONSOLIDATED
SUBSIDIARIES AND ASSOCIATES 6,594,357 9 6,500,651 10
11 OTHER INVESTMENTS 191,517 0 349,580 1
12 PROPERTY, PLANT AND EQUIPMENT (NET) 19,185,056 27 16,263,460 25
13 LAND AND BUILDINGS 13,001,431 19 13,078,540 20
14 MACHINERY AND INDUSTRIAL EQUIPMENT 19,292,953 27 11,896,599 18
15 OTHER EQUIPMENT 3,198,139 5 2,704,293 4
16 ACCUMULATED DEPRECIATION 16,887,806 24 12,082,753 18
17 CONSTRUCTION IN PROGRESS 580,339 1 666,781 1
18 DEFERRED ASSETS (NET) 9,810,588 14 9,659,645 15
19 OTHER ASSETS 4,384,631 6 5,218,848 8
20 TOTAL LIABILITIES 41,742,362 100 35,958,378 100
21 CURRENT LIABILITIES 6,801,526 16 4,422,319 12
22 SUPPLIERS 2,339,717 6 1,928,882 5
23 BANK LOANS 90,901 0 259,359 1
24 STOCK MARKET LOANS 2,231,800 5 0 0
25 TAXES PAYABLE 557,134 1 682,977 2
26 OTHER CURRENT LIABILITIES 1,581,974 4 1,551,101 4
27 LONG-TERM LIABILITIES 19,804,692 47 16,080,453 45
28 BANK LOANS 4,960,360 12 2,092,360 6
29 STOCK MARKET LOANS 13,003,286 31 13,257,564 37
30 OTHER LOANS 1,841,046 4 730,529 2
31 DEFERRED LIABILITIES 14,995,931 36 14,142,469 39
32 OTHER LIABILITIES 140,213 0 1,313,137 4
33 CONSOLIDATED STOCKHOLDERS' EQUITY 28,437,321 100 29,485,972 100
34 MINORITY INTEREST (120,180) 0 1,177,912 4
35 MAJORITY INTEREST 28,557,501 100 28,308,060 96
36 CONTRIBUTED CAPITAL 13,754,750 48 12,810,324 43
37 CAPITAL STOCK (NOMINAL) 2,524,174 9 1,618,060 5
38 RESTATEMENT OF CAPITAL STOCK 7,121,834 25 7,083,522 24
39 PREMIUM ON SALES OF SHARES 4,108,742 14 4,108,742 14
40 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 0 0 0 0
41 EARNED CAPITAL 14,802,751 52 15,497,736 53
42 RETAINED EARNINGS AND CAPITAL RESERVE 11,187,286 39 12,174,992 41
43 RESERVE FOR REPURCHASE OF SHARES 5,603,165 20 5,603,165 19
44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK-
HOLDERS' EQUITY (2,581,752) (9) (2,773,164) (9)
45 NET INCOME FOR THE YEAR 594,052 2 492,743 2
----------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED BALANCE SHEETS
BREAKDOWN OF MAJOR CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
--------------------------------------------------
S Amount % Amount %
------------------------------------------------------------------------------------------------------------
3 CASH AND SHORT-TERM INVESTMENTS 16,824,096 100 15,671,570 100
46 CASH 260,975 2 207,364 1
47 SHORT-TERM INVESTMENTS 16,563,121 98 15,464,206 99
18 DEFERRED ASSETS (NET) 9,810,588 100 9,659,645 100
48 DEFERRED EXPENSES (NET) 2,214,283 23 1,693,066 18
49 GOODWILL 7,596,305 77 7,966,579 82
50 DEFERRED TAXES 0 0 0 0
51 OTHER 0 0 0 0
21 CURRENT LIABILITIES 6,801,526 100 4,422,319 100
52 FOREIGN CURRENCY LIABILITIES 3,962,159 58 1,935,695 44
53 MEXICAN PESOS LIABILITIES 2,839,367 42 2,486,624 56
24 STOCK MARKET LOANS 2,231,800 100 0 0
54 COMMERCIAL PAPER 0 0 0 0
55 CURRENT MATURITIES OF MEDIUM-TERM NOTES 0 0 0 0
56 CURRENT MATURITIES OF BONDS 2,231,800 100 0 0
26 OTHER CURRENT LIABILITIES 1,581,974 100 1,551,101 100
57 OTHER CURRENT LIABILITIES WITH COST 72,862 5 0 0
58 OTHER CURRENT LIABILITIES WITHOUT COST 1,509,112 95 1,551,101 100
27 LONG-TERM LIABILITIES 19,804,692 100 16,080,453 100
59 FOREIGN CURRENCY LIABILITIES 13,921,399 70 11,297,213 70
60 MEXICAN PESOS LIABILITIES 5,883,293 30 4,783,240 30
29 STOCK MARKET LOANS 13,003,286 100 13,257,564 100
61 BONDS 13,003,286 100 13,257,564 100
62 MEDIUM-TERM NOTES 0 0 0 0
30 OTHER LOANS 1,841,046 100 730,529 100
63 OTHER LOANS WITH COST 1,306,799 71 0 0
64 OTHER LOANS WITHOUT COST 534,247 29 730,529 100
31 DEFERRED LIABILITIES 14,995,931 100 14,142,469 100
65 NEGATIVE GOODWILL 0 0 0 0
66 DEFERRED TAXES 1,327,633 9 1,229,077 9
67 OTHER 13,668,298 91 12,913,392 91
32 OTHER LIABILITIES 140,213 100 1,313,137 100
68 RESERVES 140,213 100 0 0
69 OTHER LIABILITIES 0 0 1,313,137 100
44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK- (2,581,752) 100 (2,773,164) 100
HOLDERS' EQUITY
70 ACCUMULATED MONETARY RESULT (31,789) (1) (31,789) (1)
71 RESULT FROM HOLDING NON-MONETARY ASSETS (2,549,963) (99) (2,741,375) (99)
------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENTS
OTHER CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
--------------------------------------------------
S Amount Amount
------------------------------------------------------------------------------------------------------------
72 WORKING CAPITAL 23,212,008 23,029,847
73 PENSIONS AND SENIORITY PREMIUMS 1,133,908 998,166
74 EXECUTIVES (*) 36 35
75 EMPLOYEES (*) 14,547 12,193
76 WORKERS (*) 0 0
77 OUTSTANDING SHARES (*) 342,978,445,407 8,787,732,965
78 REPURCHASED SHARES (*) 26,294,924,994 680,814,994
------------------------------------------------------------------------------------------------------------
(*) THESE CONCEPTS ARE STATED IN UNITS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
FROM JANUARY 1 THROUGH MARCH 31, 2005 AND 2004
(Thousands of Mexican Pesos)
FINAL PRINTING
---------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
--------------------------------------------------
R Amount % Amount %
---------------------------------------------------------------------------------------------------------------
1 NET SALES 6,369,590 100 5,460,186 100
2 COST OF SALES 3,619,821 57 3,367,692 62
3 GROSS PROFIT 2,749,769 43 2,092,494 38
4 OPERATING EXPENSES 1,105,079 17 881,297 16
5 OPERATING INCOME 1,644,690 26 1,211,197 22
6 INTEGRAL FINANCING COST 302,766 5 385,488 7
7 INCOME AFTER INTEGRAL FINANCING COST 1,341,924 21 825,709 15
8 OTHER FINANCIAL OPERATIONS 199,845 3 232,723 4
9 INCOME BEFORE TAXES AND EMPLOYEES' PROFIT
SHARING 1,142,079 18 592,986 11
10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT
SHARING 311,087 5 166,767 3
11 NET INCOME AFTER TAXES AND EMPLOYEES' PROFIT
SHARING 830,992 13 426,219 8
12 SHARE IN NET INCOME OF NON-CONSOLIDATED
SUBSIDIARIES AND ASSOCIATES 18,375 0 46,432 1
13 CONSOLIDATED NET INCOME OF CONTINUING
OPERATIONS 849,367 13 472,651 9
14 INCOME FROM DISCONTINUED OPERATIONS 0 0 0
15 CONSOLIDATED NET INCOME BEFORE
EXTRAORDINARY ITEMS 849,367 13 472,651 9
16 EXTRAORDINARY ITEMS, NET EXPENSE (INCOME) 0 0 0
17 CUMULATIVE EFFECT FROM ACCOUNTING CHANGE, NET 177,893 3 0 0
18 NET CONSOLIDATED INCOME 671,474 11 472,651 9
19 NET INCOME OF MINORITY INTEREST 77,422 1 (20,092) 0
20 NET INCOME OF MAJORITY INTEREST 594,052 9 492,743 9
---------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
-------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
-----------------------------------------------
R Amount % Amount %
-------------------------------------------------------------------------------------------------------------
1 NET SALES 6,369,590 100 5,460,186 100
21 DOMESTIC 5,582,201 88 4,349,844 80
22 FOREIGN 787,389 12 1,110,342 20
23 TRANSLATED INTO DOLLARS (***) 70,561 1 95,194 2
6 INTEGRAL FINANCING COST 302,766 100 385,488 100
24 INTEREST EXPENSE 537,103 177 306,044 79
25 FOREIGN EXCHANGE LOSS 29,809 10 7,683 2
26 INTEREST INCOME 292,336 97 158,239 41
27 FOREIGN EXCHANGE GAIN 0 0 0 0
28 RESULT FROM MONETARY POSITION 17,946 6 165,694 43
42 LOSS ON RESTATEMENT OF UDI'S 10,244 3 64,306 17
43 GAIN ON RESTATEMENT OF UDI'S 0 0 0 0
8 OTHER FINANCIAL OPERATIONS 199,845 100 232,723 100
29 OTHER EXPENSE (INCOME) NET 199,845 100 232,723 100
30 (GAIN) LOSS ON SALE OF OWN SHARES 0 0 0 0
31 (GAIN) LOSS ON SALE OF SHORT-TERM INVESTMENTS 0 0 0 0
10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT SHARING 311,087 100 166,767 100
32 INCOME TAX 262,591 84 203,642 122
33 DEFERRED INCOME TAX 47,643 15 (37,606) (23)
34 EMPLOYEES' PROFIT SHARING 853 0 731 0
35 DEFERRED EMPLOYEES' PROFIT SHARING 0 0 0 0
-------------------------------------------------------------------------------------------------------------
(***) THOUSANDS OF DOLLARS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
OTHER CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
--------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
----------------------------------------
R Amount Amount
--------------------------------------------------------------------------------------------------
36 TOTAL SALES 9,294,815 5,873,107
37 TAX RESULT FOR THE YEAR 541,285 0
38 NET SALES (**) 30,454,917 25,206,736
39 OPERATING INCOME (**) 9,058,842 6,612,630
40 NET INCOME OF MAJORITY INTEREST (**) 4,452,107 4,033,796
41 NET CONSOLIDATED INCOME (**) 4,783,200 3,906,288
--------------------------------------------------------------------------------------------------
(**) RESTATED INFORMATION FOR THE LAST TWELVE MONTHS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
FROM JANUARY 1 THROUGH MARCH 31, 2005 AND 2004
(Thousands of Mexican Pesos)
FINAL PRINTING
---------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
--------------------------------------------------
R Amount % Amount %
---------------------------------------------------------------------------------------------------------------
1 NET SALES 6,369,590 100 5,460,186 100
2 COST OF SALES 3,619,821 57 3,367,692 62
3 GROSS PROFIT 2,749,769 43 2,092,494 38
4 OPERATING EXPENSES 1,105,079 17 881,297 16
5 OPERATING INCOME 1,644,690 26 1,211,197 22
6 INTEGRAL FINANCING COST 302,766 5 385,488 7
7 INCOME AFTER INTEGRAL FINANCING COST 1,341,924 21 825,709 15
8 OTHER FINANCIAL OPERATIONS 199,845 3 232,723 4
9 INCOME BEFORE TAXES AND EMPLOYEES' PROFIT
SHARING 1,142,079 18 592,986 11
10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT
SHARING 311,087 5 166,767 3
11 NET INCOME AFTER TAXES AND EMPLOYEES' PROFIT
SHARING 830,992 13 426,219 8
12 SHARE IN NET INCOME OF NON-CONSOLIDATED
SUBSIDIARIES AND ASSOCIATES 18,375 0 46,432 1
13 CONSOLIDATED NET INCOME OF CONTINUING
OPERATIONS 849,367 13 472,651 9
14 INCOME FROM DISCONTINUED OPERATIONS 0 0 0
15 CONSOLIDATED NET INCOME BEFORE
EXTRAORDINARY ITEMS 849,367 13 472,651 9
16 EXTRAORDINARY ITEMS, NET EXPENSE (INCOME) 0 0 0
17 CUMULATIVE EFFECT FROM ACCOUNTING CHANGE, NET 177,893 3 0 0
18 NET CONSOLIDATED INCOME 671,474 11 472,651 9
19 NET INCOME OF MINORITY INTEREST 77,422 1 (20,092) 0
20 NET INCOME OF MAJORITY INTEREST 594,052 9 492,743 9
---------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
-----------------------------------------------
R Amount % Amount %
------------------------------------------------------------------------------------------------------------
1 NET SALES 6,369,590 100 5,460,186 100
21 DOMESTIC 5,582,201 88 4,349,844 80
22 FOREIGN 787,389 12 1,110,342 20
23 TRANSLATED INTO DOLLARS (***) 70,561 1 95,194 2
6 INTEGRAL FINANCING COST 302,766 100 385,488 100
24 INTEREST EXPENSE 537,103 177 306,044 79
25 FOREIGN EXCHANGE LOSS 29,809 10 7,683 2
26 INTEREST INCOME 292,336 97 158,239 41
27 FOREIGN EXCHANGE GAIN 0 0 0 0
28 RESULT FROM MONETARY POSITION 17,946 6 165,694 43
42 LOSS ON RESTATEMENT OF UDI'S 10,244 3 64,306 17
43 GAIN ON RESTATEMENT OF UDI'S 0 0 0 0
8 OTHER FINANCIAL OPERATIONS 199,845 100 232,723 100
29 OTHER EXPENSE (INCOME) NET 199,845 100 232,723 100
30 (GAIN) LOSS ON SALE OF OWN SHARES 0 0 0 0
31 (GAIN) LOSS ON SALE OF SHORT-TERM INVESTMENTS 0 0 0 0
10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT SHARING 311,087 100 166,767 (100)
32 INCOME TAX 262,591 84 203,642 (122)
33 DEFERRED INCOME TAX 47,643 15 (37,606) 23
34 EMPLOYEES' PROFIT SHARING 853 0 731 0
35 DEFERRED EMPLOYEES' PROFIT SHARING 0 0 0 0
------------------------------------------------------------------------------------------------------------
(***) THOUSANDS OF DOLLARS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
FROM JANUARY 1 THROUGH MARCH 31, 2005 AND 2004
(Thousands of Mexican Pesos)
FINAL PRINTING
------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
--------------------------------------------------
C Amount Amount
------------------------------------------------------------------------------------------------------------
1 CONSOLIDATED NET INCOME 671,474 472,651
2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT
REQUIRE USING RESOURCES 801,569 278,732
3 RESOURCES FROM NET INCOME FOR THE YEAR 1,473,043 751,383
4 RESOURCES FROM CHANGE IN WORKING CAPITAL 1,624,413 2,198,415
5 RESOURCES PROVIDED BY (USED FOR) OPERATING
ACTIVITIES 3,097,456 2,949,798
6 CASH FLOW FROM EXTERNAL FINANCING (2,224,554) (223,923)
7 CASH FLOW FROM INTERNAL FINANCING 19,659 169,885
8 RESOURCES PROVIDED BY (USED FOR) FINANCING
ACTIVITIES (2,204,895) (54,038)
9 RESOURCES PROVIDED BY (USED FOR) INVESTMENT
ACTIVITIES (841,090) (226,068)
10 NET INCREASE (DECREASE) IN CASH AND SHORT-TERM
INVESTMENTS 51,471 2,669,692
11 CASH AND SHORT-TERM INVESTMENTS AT THE
BEGINNING OF PERIOD 16,772,625 13,001,878
12 CASH AND SHORT-TERM INVESTMENTS AT THE END
OF PERIOD 16,824,096 15,671,570
------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
--------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
--------------------------------------------------
C Amount Amount
--------------------------------------------------------------------------------------------------------------
2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT
REQUIRE USING RESOURCES 801,569 278,732
13 DEPRECIATION AND AMORTIZATION FOR THE YEAR 542,074 355,469
14 + (-) NET INCREASE (DECREASE) IN PENSIONS
AND SENIORITY PREMIUMS 0 0
15 + (-) NET LOSS (GAIN) IN FOREIGN EXCHANGE 0 0
16 + (-) NET LOSS (GAIN) IN ASSETS AND LIABILITIES
RESTATEMENT 0 0
17 + (-) OTHER ITEMS 0 0
40 + (-) OTHER NON-EBITDA ITEMS 259,495 (76,737)
4 RESOURCES FROM CHANGE IN WORKING CAPITAL 1,624,413 2,198,415
18 + (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE 4,214,417 5,225,065
19 + (-) DECREASE (INCREASE) IN INVENTORIES 164,830 (9,571)
20 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS
RECEIVABLE 103,300 109,109
21 + (-) INCREASE (DECREASE) IN SUPPLIERS 187,622 (561,098)
22 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES (3,045,756) (2,565,090)
6 CASH FLOW FROM EXTERNAL FINANCING (2,224,554) (223,923)
23 + SHORT-TERM BANK AND STOCK MARKET FINANCING 0 0
24 + LONG-TERM BANK AND STOCK MARKET FINANCING 4,463,600 21,181
25 + DIVIDEND RECEIVED 0 0
26 + OTHER FINANCING 0 0
27 (-) BANK FINANCING AMORTIZATION (46,319) (58,688)
28 (-) STOCK MARKET FINANCING AMORTIZATION (6,379,877) -
29 (-) OTHER FINANCING AMORTIZATION (261,958) (186,416)
7 CASH FLOW FROM INTERNAL FINANCING 19,659 169,885
30 + (-) INCREASE (DECREASE) IN CAPITAL STOCK 0 0
31 (-) DIVIDENDS PAID 0 0
32 + PREMIUM ON SALE OF SHARES 0 0
33 + CONTRIBUTION FOR FUTURE CAPITAL INCREASES 19,659 169,885
9 RESOURCES PROVIDED BY (USED FOR) INVESTMENT
ACTIVITIES (841,090) (226,068)
34 + (-) DECREASE (INCREASE) IN PERMANENT INVESTMENTS 57,266 (211,534)
35 (-) ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT (429,520) (144,362)
36 (-) INCREASE IN CONSTRUCTION IN PROGRESS 0 0
37 + SALE OF OTHER PERMANENT INVESTMENTS 0 0
38 + SALE OF TANGIBLE FIXED ASSETS 60,498 26,435
39 + (-) OTHER ITEMS (529,334) 103,393
--------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
RATIOS
CONSOLIDATED
FINAL PRINTING
------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
P
------------------------------------------------------------------------------------------------------------
YIELD
1 NET INCOME TO NET SALES 10.54 % 8.66 %
2 NET INCOME TO STOCKHOLDERS' EQUITY (**) 15.59 % 14.25 %
3 NET INCOME TO TOTAL ASSETS (**) 6.82 % 5.97 %
4 CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME 0.00 % 0.00 %
5 RESULT FROM MONETARY POSITION TO NET INCOME (2.67) % (35.06) %
ACTIVITY
6 NET SALES TO NET ASSETS (**) 0.43 times 0.39 times
7 NET SALES TO FIXED ASSETS (**) 1.59 times 1.55 times
8 INVENTORIES TURNOVER (**) 3.90 times 3.74 times
9 ACCOUNTS RECEIVABLE IN DAYS OF SALES 87 days 86 days
10 PAID INTEREST TO TOTAL LIABILITIES WITH COST (**) 10.01 % 8.21 %
LEVERAGE
11 TOTAL LIABILITIES TO TOTAL ASSETS 59.48 % 54.94 %
12 TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY 1.47 times 1.22 times
13 FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES 42.84 % 36.80 %
14 LONG-TERM LIABILITIES TO FIXED ASSETS 103.23 % 98.87 %
15 OPERATING INCOME TO INTEREST PAID 3.06 times 3.96 times
16 NET SALES TO TOTAL LIABILITIES (**) 0.73 times 0.70 times
LIQUIDITY
17 CURRENT ASSETS TO CURRENT LIABILITIES 4.41 times 6.21 times
18 CURRENT ASSETS LESS INVENTORY TO CURRENT
LIABILITIES 3.78 times 5.31 times
19 CURRENT ASSETS TO TOTAL LIABILITIES 0.72 times 0.76 times
20 AVAILABLE ASSETS TO CURRENT LIABILITIES 247.36 % 354.37 %
CASH FLOW
21 RESOURCES FROM NET INCOME TO NET SALES 23.13 % 13.76 %
22 RESOURCES FROM CHANGES IN WORKING CAPITAL
TO NET SALES 25.50 % 40.26 %
23 RESOURCES GENERATED (USED) IN OPERATING TO
INTEREST PAID 5.77 times 9.64 times
24 EXTERNAL FINANCING TO RESOURCES PROVIDED BY
(USED FOR) FINANCING 100.89 % 414.38 %
25 INTERNAL FINANCING TO RESOURCES PROVIDED BY
(USED FOR) FINANCING (0.89) % (314.38) %
26 ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT
TO RESOURCES PROVIDED BY (USED FOR) INVESTMENT
ACTIVITIES 51.07 % 63.86 %
------------------------------------------------------------------------------------------------------------
(**) RATIOS TAKE INTO CONSIDERATION THE LAST TWELVE MONTHS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
DATA PER SHARE
CONSOLIDATED FINANCIAL STATEMENT
FINAL PRINTING
---------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
-----------------------------------------
D AMOUNT AMOUNT
---------------------------------------------------------------------------------------------------
1 BASIC PROFIT PER ORDINARY SHARE (**) $ .01 $ .46
2 BASIC PROFIT PER PREFERRED SHARE (**) $ .00 $ .46
3 DILUTED PROFIT PER ORDINARY SHARE (**) $ .00 $ .00
4 CONTINUING OPERATING PROFIT PER COMMON
SHARE (**) $ .02 $ .45
5 EFFECT OF DISCONTINUED OPERATION ON
CONTINUING OPERATING PROFIT PER SHARE (**) $ .00 $ (.01)
6 EFFECT OF EXTRAORDINARY PROFIT AND LOSS ON
CONTINUING OPERATING PROFIT PER SHARE (**) $ .00 $ .00
7 EFFECT OF CHANGES IN ACCOUNTING POLICIES ON
CONTINUING OPERATING PROFIT PER SHARE (**) $ .00 $ .00
8 CARRYING VALUE PER SHARE $ .08 $ 3.22
9 CASH DIVIDEND ACCUMULATED PER SHARE $ .00 $ .00
10 DIVIDEND IN SHARES PER SHARE .00 shares .00 shares
11 MARKET PRICE TO CARRYING VALUE 3.38 times 2.74 times
12 MARKET PRICE TO BASIC PROFIT PER ORDINARY
SHARE (**) 21.59 times 19.22 times
13 MARKET PRICE TO BASIC PROFIT PER PREFERED
SHARE (**) .00 times 19.05 times
---------------------------------------------------------------------------------------------------
(**) TO CALCULATE THE DATA PER SHARE USE THE NET INCOME FOR THE LAST TWELVE MONTHS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES (1)
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
CONSOLIDATED FINANCIAL STATEMENTS - BREAKDOWN OF MAIN CONCEPTS -
LINE S53 MEXICAN PESOS LIABILITIES. THIS CAPTION INCLUDES, IN THE
FIRST QUARTER OF 2005, LIABILITIES IN FOREIGN CURRENCY (TAXES PAYABLE)
FOR AN AMOUNT OF PS.28,857, WHICH CANNOT BE PRESENTED IN LINE S52
(FOREIGN CURRENCY LIABILITIES) SINCE THE SYSTEM DOES NOT ALLOW A
RELATED VALIDATION WITH ANNEX 5 (ANALYSIS OF CREDITS).
LINE C33 "CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES" INCLUDES
PS.194,342 OF RESALE OF SHARES REPURCHASED, AND PS.(174,683) OF
REPURCHASE OF SHARES.
THIS PRESENTATION WAS MADE AS DISCLOSED ABOVE DUE TO THE FACT THAT THE
CURRENT FORMAT FOR THE STATEMENT OF CHANGES IN FINANCIAL POSITION IS
RESTRICTED TO CERTAIN STANDARD CONCEPTS.
(1) THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL STATEMENT
AMOUNTS, INCLUDING THEIR BREAKDOWN OF MAIN CONCEPTS AND OTHER CONCEPTS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED
FINAL PRINTING
ANALYSIS OF PAID CAPITAL STOCK
CHARACTERISTICS OF THE SHARES
------------------------------------------------------------------------------------------------------------------
CAPITAL STOCK
NUMBER OF SHARES (THOUSANDS OF MEXICAN PESOS)
---------------------------------------------------------------------------------
NOMINAL VALID FIXED VARIABLE FREE
SERIES VALUE COUPON PORTION PORTION MEXICAN SUBSCRIPTION FIXED VARIABLE
------------------------------------------------------------------------------------------------------------------
A 0 114,894,894,440 114,894,894,440 852,636
------------------------------------------------------------------------------------------------------------------
B 0 54,541,746,555 54,541,746,555 411,974
------------------------------------------------------------------------------------------------------------------
D 0 86,770,902,206 86,770,902,206 629,782
------------------------------------------------------------------------------------------------------------------
L 0 86,770,902,206 86,770,902,206 629,782
------------------------------------------------------------------------------------------------------------------
TOTAL 342,978,445,407 0 256,207,543,201 86,770,902,206 2,524,174 0
------------------------------------------------------------------------------------------------------------------
TOTAL NUMBER OF SHARES REPRESENTING THE PAID-IN CAPITAL STOCK ON THE DATE THE
INFORMATION WAS SENT
342,978,445,407
SHARES REPRESENTED BY:
CPO'S : 117 SHARES (25 SERIES A, 22 SERIES B, 35 SERIES D AND 35 SERIES L)
UNITS : 0
ADRS'S : 0
GDRS'S : 0
ADS'S : 0
GDS'S : TWENTY CPO's
SHARES REPURCHASED
MARKET VALUE OF THE SHARE
NUMBER OF AT REPURCHASE AT END OF THE
SERIES SHARES AVERAGE PRICE QUARTER PRICE
-------------------------------------------------------------------------------------------
A 9,841,349,735 0.18570 0.28103
B 5,727,936,241 0.18570 0.28103
D 5,362,819,509 0.18570 0.28103
L 5,362,819,509 0.18570 0.28103
NOTES:
THE TABLE ABOVE REFLECTS OUTSTANDING SHARES PLUS THE SHARES
REPURCHASED REPRESENT THE TOTAL NUMBER OF SHARES ISSUED. SEE NOTE 5 TO
CONSOLIDATED FINANCIAL STATEMENTS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA
GRUPO TELEVISA, S.A.
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 WHICH HAS BEEN OMITTED OR UNTRUE IN THIS
QUARTERLY REPORT, OR INFORMATION CONTAINED IN SUCH REPORT THAT MAY BE
MISLEADING TO INVESTORS.
--------------------------- -------------------------------
EMILIO AZCARRAGA JEAN SALVI FOLCH VIADERO
PRESIDENT AND CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER
OFFICER
MEXICO, D.F., APRIL 26, 2005
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1
YEAR: 2005
GRUPO TELEVISA, S.A.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
ANNEX 1
CONSOLIDATED
FINAL PRINTING
--------------------------------------------------------------------------------
MEXICO CITY, D.F., APRIL 26, 2005 - GRUPO TELEVISA, S.A. ("TELEVISA" OR
"THE COMPANY"; NYSE:TV; BMV: TLEVISA CPO) TODAY ANNOUNCED RESULTS FOR THE
FIRST QUARTER 2005. THE RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH
MEXICAN GAAP AND ARE ADJUSTED IN MILLIONS OF MEXICAN PESOS IN PURCHASING
POWER AS OF MARCH 31, 2005. EFFECTIVE APRIL 1, 2004, WE BEGAN CONSOLIDATING
SKY MEXICO INTO OUR FINANCIAL STATEMENTS. IN ADDITION, DURING THE FOURTH
QUARTER OF 2004, WE AMENDED CERTAIN AGREEMENTS IN OUR PUBLISHING
DISTRIBUTION SEGMENT, WHICH RESULTED IN A CHANGE IN THE ACCOUNTING FOR NET
SALES AND COSTS OF GOODS SOLD.
NET SALES
NET SALES INCREASED 16.7% TO PS.6,369.6 MILLION IN THE FIRST QUARTER OF
2005 COMPARED WITH PS.5,460.2 MILLION IN THE FIRST QUARTER OF 2004. THIS
INCREASE WAS ATTRIBUTABLE TO THE CONSOLIDATION OF SKY MEXICO INTO OUR
FINANCIAL STATEMENTS BEGINNING IN THE SECOND QUARTER OF 2004 AND REVENUE
GROWTH IN OUR PUBLISHING, PAY TELEVISION NETWORKS, TELEVISION BROADCASTING,
CABLE TELEVISION AND RADIO SEGMENTS. THESE INCREASES WERE PARTIALLY OFFSET
BY LOWER SALES IN PUBLISHING DISTRIBUTION DUE TO THE AFOREMENTIONED
ACCOUNTING CHANGE, AS WELL AS LOWER SALES IN OUR PROGRAMMING EXPORTS AND
OTHER BUSINESSES SEGMENTS.
OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION
OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION ("OIBDA") INCREASED
39.6% TO PS.2,186.8 MILLION IN THE FIRST QUARTER OF 2005 COMPARED WITH PS.
1,566.7 MILLION IN THE FIRST QUARTER OF 2004. THIS INCREASE REFLECTS HIGHER
SALES, WHICH WERE PARTIALLY OFFSET BY AN INCREASE IN OPERATING EXPENSES AND
COST OF SALES. OIBDA MARGIN EXPANDED TO AN ALL-TIME FIRST-QUARTER RECORD OF
34.3% FROM 28.7% REPORTED IN LAST YEAR'S COMPARABLE PERIOD. THIS INCREASE
REFLECTS AN OIBDA MARGIN EXPANSION IN MOST OF OUR BUSINESS UNITS AND THE
ACCOUNTING CHANGE IN OUR PUBLISHING DISTRIBUTION SEGMENT. OPERATING INCOME
ROSE 35.8% TO PS.1,644.7 MILLION IN THE FIRST QUARTER OF 2005 COMPARED WITH
PS.1,211.2 MILLION REPORTED IN LAST YEAR'S FIRST QUARTER.
THE CHARGE FOR OPERATING DEPRECIATION AND AMORTIZATION WAS PS.542.1 MILLION
AND PS.355.5 MILLION IN THE FIRST QUARTER OF 2005 AND 2004, RESPECTIVELY.
NET INCOME
NET INCOME INCREASED 20.6% TO PS.594.1 MILLION IN THE FIRST QUARTER OF 2005
COMPARED WITH PS.492.7 MILLION IN THE FIRST QUARTER OF 2004. THE NET
INCREASE OF PS.101.4 MILLION REFLECTED: I) A PS.620.1 MILLION INCREASE IN
OIBDA; II) A PS.82.7 MILLION DECREASE IN INTEGRAL COST OF FINANCING; AND
III) A PS.95.9 MILLION DECREASE IN OTHER EXPENSE. THESE FAVORABLE CHANGES
WERE PARTIALLY OFFSET BY: I) A PS.186.6 MILLION INCREASE IN DEPRECIATION
AND AMORTIZATION; II) A PS.63 MILLION INCREASE IN RESTRUCTURING AND
NON-RECURRING CHARGES; III) A PS.144.3 MILLION INCREASE IN INCOME TAXES;
IV) A PS.28 MILLION DECREASE IN EQUITY IN INCOME OF AFFILIATES; V) A LOSS
EFFECT IN ACCOUNTING CHANGE OF PS.177.9 MILLION; AND VI) A PS.97.5 MILLION
INCREASE IN MINORITY INTEREST.
PRO FORMA RESULTS BY BUSINESS SEGMENTS
THE FOLLOWING FIRST QUARTER PRO FORMA NET SALES AND OPERATING INCOME (LOSS)
BEFORE DEPRECIATION AND AMORTIZATION REFLECT THE CONSOLIDATION OF SKY
MEXICO INTO OUR FINANCIAL STATEMENTS AND THE CHANGE IN OUR ACCOUNTING
TREATMENT OF SALES AND COSTS OF GOODS SOLD RECOGNITION IN OUR PUBLISHING
DISTRIBUTION SEGMENT, AND ASSUME THAT BOTH OCCURRED AT THE BEGINNING OF
EACH PERIOD PRESENTED.
TELEVISION BROADCASTING
SALES INCREASED 1.7% TO PS.3,390.1 MILLION COMPARED WITH PS.3,334.1 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. THIS INCREASE IS ATTRIBUTABLE TO AN
INCREASE IN ADVERTISING REVENUES, DRIVEN MAINLY BY OUR SOAP OPERAS AND
REALITY SHOWS, AS WELL AS BY HIGHER LOCAL SALES.
OIBDA INCREASED 4.6% TO PS.1,384.7 MILLION COMPARED WITH PS.1,324.3 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. OIBDA MARGIN EXPANDED TO 40.8% FROM
39.7%, REFLECTING HIGHER SALES, LOWER COST OF SALES AND STABLE OPERATING
EXPENSES.
WE HAVE SECURED THE BROADCAST RIGHTS FOR THE 2006 FIFA SOCCER WORLD CUP TO
BE PLAYED IN GERMANY. WE WILL BROADCAST 30 OUT OF THE 64 MATCHES TO BE
PLAYED DURING THE EVENT. TELEVISA PAID U.S.$16 MILLION FOR THESE RIGHTS.
PAY TELEVISION NETWORKS
SALES INCREASED 33.9% TO PS.235.3 MILLION COMPARED WITH PS.175.7 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. IN ACCORDANCE WITH THE GUIDELINES OF
FIN 46, DURING THE FIRST QUARTER WE IDENTIFIED TUTV, LLC., OUR JOINT
VENTURE WITH UNIVISION, AS A VARIABLE INTEREST ENTITY, AND THE COMPANY AS
THE PRIMARY BENEFICIARY OF SUCH ENTITY. ACCORDINGLY, WE BEGAN INCLUDING
FULLY THE ASSETS, LIABILITIES AND RESULTS OF OPERATIONS OF TUTV IN OUR
CONSOLIDATED FINANCIAL STATEMENTS AS OF JANUARY 1, 2005. THE SEGMENT SALES
INCREASE REFLECTS PS.18.9 MILLION OF TUTV'S SALES, AN INCREASE IN SIGNAL
AND ADVERTISING SALES IN MEXICO, AS WELL AS AN INCREASE IN SIGNAL SALES IN
LATIN AMERICA, WHICH WERE PARTIALLY OFFSET BY LOWER SIGNAL SALES IN SPAIN.
OIBDA ROSE 103.7% TO PS.94.5 MILLION COMPARED WITH PS.46.4 MILLION REPORTED
IN THE SAME PERIOD OF LAST YEAR. OIBDA MARGIN EXPANDED TO 40.2% FROM 26.4%
IN LAST YEAR'S FIRST QUARTER. THIS INCREASE WAS DRIVEN BY HIGHER SALES,
WHICH WERE PARTIALLY OFFSET BY A MARGINAL INCREASE IN THE COST OF SALES
COMBINED WITH AN INCREASE IN OPERATING EXPENSES RESULTING FROM THE
CONSOLIDATION OF TUTV AND HIGHER ADVERTISING AND PROMOTION EXPENSES. IN THE
FIRST QUARTER OF 2005, TUTV CONTRIBUTED WITH PS.2.8 MILLION TO OIBDA.
PROGRAMMING EXPORTS
SALES DECREASED 8.4% TO PS.396.2 MILLION COMPARED WITH PS.432.6 MILLION
REPORTED IN THE FIRST QUARTER OF 2004. THIS DECREASE IS ATTRIBUTABLE TO
LOWER EXPORT SALES TO LATIN AMERICA, EUROPE, ASIA AND AFRICA AND A NEGATIVE
TRANSLATION EFFECT OF FOREIGN-CURRENCY DENOMINATED SALES THAT AMOUNTED TO
PS.11.7 MILLION. UNIVISION ROYALTIES GREW U.S.$741 THOUSAND YEAR OVER YEAR,
OF WHICH U.S.$625 THOUSAND CAME FROM THE INCREASE IN TELEFUTURA'S MINIMUM
GUARANTEED ROYALTY. UNIVISION ROYALTIES WERE BELOW OUR EXPECTATIONS DUE TO
THE FACT THAT UNIVISION DECIDED TO DEDUCT THE REVENUES FROM CERTAIN
PROGRAMS IN THE CALCULATION OF THE ROYALTIES.
OIBDA DECREASED 17.8% TO PS.106.4 MILLION COMPARED WITH PS.129.4 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. OIBDA MARGIN DECREASED TO 26.9% FROM
29.9% IN LAST YEAR'S FIRST QUARTER, REFLECTING LOWER SALES THAT WERE
PARTIALLY OFFSET BY LOWER COST OF SALES AND OPERATING EXPENSES.
PUBLISHING
SALES INCREASED 18.5% TO PS.458.8 MILLION COMPARED WITH PS.387.2 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. THIS INCREASE IS ATTRIBUTABLE TO
HIGHER MAGAZINE CIRCULATION AND ADVERTISING PAGES SOLD BOTH IN MEXICO AND
ABROAD. THESE INCREASES WERE PARTIALLY OFFSET BY A TRANSLATION EFFECT OF
FOREIGN-CURRENCY DENOMINATED SALES, WHICH AMOUNTED TO PS.6 MILLION.
OIBDA INCREASED 9.5% TO PS.34.7 MILLION COMPARED WITH PS.31.7 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. OIBDA MARGIN DECREASED TO 7.6% FROM
8.2% IN LAST YEAR'S FIRST QUARTER, REFLECTING HIGHER COST OF SALES DRIVEN
BY AN INCREASE IN PAPER AND PRINTING COSTS, AS WELL BY HIGHER OPERATING
EXPENSES, WHICH WERE PARTIALLY OFFSET BY HIGHER SALES.
PUBLISHING DISTRIBUTION
SALES INCREASED 3% TO PS.85.7 MILLION COMPARED WITH PS.83.2 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. THIS INCREASE IS ATTRIBUTABLE TO
HIGHER CIRCULATION OF MAGAZINES PUBLISHED BY THE COMPANY IN MEXICO AND
ABROAD. THESE INCREASES WERE PARTIALLY OFFSET BY THE TRANSLATION EFFECT OF
FOREIGN-CURRENCY DENOMINATED SALES, WHICH AMOUNTED TO PS.1.9 MILLION.
OPERATING LOSS BEFORE DEPRECIATION AND AMORTIZATION INCREASED 60% TO PS.5.6
MILLION COMPARED WITH PS.3.5 MILLION REPORTED IN THE SAME PERIOD LAST YEAR
REFLECTING HIGHER COST OF SALES AND OPERATING EXPENSES, WHICH WERE
PARTIALLY OFFSET BY HIGHER SALES.
SKY MEXICO
SALES INCREASED 14.2% TO PS.1,303.5 MILLION COMPARED WITH PS.1,141 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. THIS INCREASE WAS DRIVEN BY A 25%
INCREASE IN THE SUBSCRIBER BASE. AS OF MARCH 31, 2005, IT REACHED 1,107,500
GROSS ACTIVE SUBSCRIBERS (INCLUDING 63,400 COMMERCIAL SUBSCRIBERS) COMPARED
WITH 886,100 GROSS ACTIVE SUBSCRIBERS (INCLUDING 50,200 COMMERCIAL
SUBSCRIBERS) AS OF MARCH 31, 2004.
OIBDA INCREASED 26.2% TO PS.509.8 MILLION COMPARED WITH PS.404 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. OIBDA MARGIN EXPANDED TO 39.1% FROM
35.4% IN LAST YEAR'S FIRST QUARTER, REFLECTING HIGHER SALES, WHICH WERE
PARTIALLY OFFSET BY HIGHER COST OF SALES AND OPERATING EXPENSES.
SKY MEXICO AGREED TO PURCHASE CERTAIN RIGHTS OF THE 2006 SOCCER WORLD CUP.
SKY MEXICO WILL BE ABLE TO AIR THE ENTIRE 64 GAMES OF THE WORLD CUP, OUT OF
WHICH 34 WILL BE EXCLUSIVE FOR SKY SUBSCRIBERS. THE COST OF THESE RIGHTS IS
US$15 MILLION.
CABLE TELEVISION
SALES INCREASED 8.1% TO PS.304.1 MILLION COMPARED WITH PS.281.4 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. THIS INCREASE WAS DRIVEN BY A 1.3%
INCREASE IN THE SUBSCRIBER BASE, WHICH, AS OF MARCH 31, 2005, TOTALED
370,822 SUBSCRIBERS (INCLUDING 147,040 DIGITAL SUBSCRIBERS) COMPARED WITH
LAST YEAR'S BASE OF 365,930 SUBSCRIBERS (INCLUDING 69,806 DIGITAL
SUBSCRIBERS), AS WELL AS BOTH HIGHER ADVERTISING REVENUES AND BROADBAND
SUBSCRIPTION FEES. BROADBAND SUBSCRIBERS INCREASED TO 36,558 IN THE FIRST
QUARTER OF 2005 COMPARED WITH 11,220 IN THE FIRST QUARTER OF 2004.
OIBDA DECREASED 6.8% TO PS.82.6 MILLION COMPARED WITH PS.88.6 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. OIBDA MARGIN DECREASED TO 27.2% FROM
31.5% IN LAST YEAR'S FIRST QUARTER, REFLECTING HIGHER PROGRAMMING COSTS AND
OPERATING EXPENSES THAT WERE PARTIALLY OFFSET BY HIGHER SALES.
RADIO
SALES INCREASED 12.7% TO PS.62.1 MILLION COMPARED WITH PS.55.1 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. THIS INCREASE WAS DRIVEN BY HIGHER
ADVERTISING TIME SOLD, WHICH WAS MAINLY DRIVEN BY OUR NEWSCASTS AND SPORTS
PROGRAMMING.
DUE TO HIGHER SALES OPERATING RESULTS BEFORE DEPRECIATION AND AMORTIZATION
INCREASED TO AN INCOME OF PS.0.3 MILLION COMPARED WITH A LOSS OF PS.2.8
MILLION REPORTED IN THE SAME PERIOD LAST YEAR, BUT WAS PARTIALLY OFFSET BY
HIGHER COST OF SALES AND OPERATING EXPENSES.
OTHER BUSINESSES
SALES INCREASED 7.2% TO PS.355.1 MILLION COMPARED WITH PS.331.3 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR, MAINLY DUE TO HIGHER SALES IN OUR
ESMAS.COM INTERNET PORTAL BUSINESSES, WHICH INCLUDE SALES RELATED TO OUR
SMS MESSAGING SERVICE. THIS WAS PARTIALLY OFFSET BY LOWER SALES IN OUR
FEATURE FILM DISTRIBUTION BUSINESS AND SPORTS BUSINESSES.
OPERATING RESULTS BEFORE DEPRECIATION AND AMORTIZATION INCREASED TO AN
INCOME OF PS.13.2 MILLION COMPARED WITH A LOSS OF PS.19.6 MILLION REPORTED
IN THE FIRST QUARTER OF 2004. THE FAVORABLE VARIANCE REFLECTS HIGHER SALES
AND LOWER OPERATING EXPENSES, WHICH WERE PARTIALLY OFFSET BY HIGHER COST OF
SALES.
INTERSEGMENT SALES
INTERSEGMENT SALES FOR THE FIRST QUARTER OF 2005 AND 2004, AMOUNTED TO
PS.221.3 MILLION AND PS.217.8 MILLION, RESPECTIVELY.
CORPORATE EXPENSES
CORPORATE EXPENSES FOR THE FIRST QUARTER OF 2005 AND 2004, AMOUNTED TO
PS.33.8 MILLION AND PS.33.6 MILLION, RESPECTIVELY.
DISPOSED OPERATIONS
REFLECTS THE RESULTS OF OPERATIONS OF THE COMPANY'S NATIONWIDE AND SPORTS
BUSINESSES.
SALES OF DISPOSED OPERATIONS FOR THE FIRST QUARTER OF 2004 AMOUNTED TO
PS.84.0 MILLION.
OIBDA OF DISPOSED OPERATIONS FOR THE FIRST QUARTER OF 2004 AMOUNTED TO
PS.5.8 MILLION.
NON-OPERATING RESULTS
INTEGRAL COST OF FINANCING
THE EXPENSE ATTRIBUTABLE TO THE INTEGRAL COST OF FINANCING DECREASED BY
PS.82.7 MILLION, OR 21.5%, TO PS.302.8 MILLION IN THE FIRST QUARTER OF 2005
FROM PS.385.5 MILLION IN THE FIRST QUARTER OF 2004. THIS DECREASE
REFLECTED: I) A PS.134.1 MILLION INCREASE IN INTEREST INCOME IN CONNECTION
WITH A HIGHER AVERAGE AMOUNT OF TEMPORARY INVESTMENTS DURING THE FIRST
QUARTER OF 2005 AND HIGHER INTEREST RATES IN THE SAME PERIOD; AND II) A
PS.147.7 MILLION DECREASE IN LOSS FROM MONETARY POSITION, PRIMARILY AS A
RESULT OF A LOWER NET ASSET MONETARY POSITION AND A LOWER INFLATION IN THE
QUARTER ENDED MARCH 31, 2005 (0.79%) COMPARED TO THE QUARTER ENDED MARCH
31, 2004 (1.57%). THESE FAVORABLE VARIANCES WERE OFFSET BY: I) A PS.177
MILLION INCREASE IN INTEREST EXPENSE, PRIMARILY AS A RESULT OF AN INCREASE
IN THE AVERAGE AMOUNT OF OUR DEBT, RESULTING FROM THE CONSOLIDATION OF SKY
MEXICO'S DEBT BEGINNING THE SECOND QUARTER OF 2004; AND II) A PS.22.1
MILLION INCREASE IN NET FOREIGN EXCHANGE LOSS, PRIMARILY IN CONNECTION WITH
A 0.09% DEPRECIATION OF THE MEXICAN PESO AGAINST THE U.S. DOLLAR DURING THE
FIRST QUARTER 2005 COMPARED WITH A 0.45% APPRECIATION OF THE MEXICAN PESO
AGAINST THE U.S. DOLLAR IN LAST YEAR'S FIRST QUARTER.
RESTRUCTURING AND NON-RECURRING CHARGES
RESTRUCTURING AND NON-RECURRING CHARGES INCREASED BY PS.63 MILLION, OR
59.8%, TO PS.168.4 MILLION IN THE FIRST QUARTER OF 2005, AS COMPARED TO
PS.105.4 MILLION IN THE FIRST QUARTER OF 2004. THIS INCREASE PRIMARILY
REFLECTED THE RECOGNITION OF FINANCING EXPENSES IN CONNECTION WITH THE
PREPAYMENT OF CERTAIN OF OUR OUTSTANDING LONG-TERM DEBT IN MARCH 2005,
WHICH WAS PARTIALLY OFFSET BY A REDUCTION IN RESTRUCTURING CHARGES IN
CONNECTION WITH WORK FORCE REDUCTIONS.
OTHER EXPENSE, NET
OTHER EXPENSE DECREASED BY PS.95.9 MILLION, OR 75.3%, TO PS.31.4 MILLION IN
THE FIRST QUARTER OF 2005 AS COMPARED TO PS.127.3 MILLION IN THE SAME
PERIOD LAST YEAR. THIS DECREASE PRIMARILY REFLECTED A REDUCTION IN
DONATIONS, A DECREASE IN LOSS ON DISPOSITION OF FIXED ASSETS, AND A
REDUCTION IN ADVISORY AND PROFESSIONAL SERVICES.
INCOME TAX
INCOME TAX INCREASED BY PS.144.3 MILLION TO PS.311.1 MILLION IN THE FIRST
QUARTER OF 2005 FROM PS.166.8 MILLION IN LAST YEAR'S FIRST QUARTER. THIS
INCREASE PRIMARILY REFLECTED A HIGHER INCOME TAX BASE IN THE FIRST QUARTER
OF 2005.
EQUITY IN INCOME OF AFFILIATES, NET
EQUITY IN INCOME OF AFFILIATES DECREASED BY PS.28 MILLION TO PS.18.4
MILLION FOR THE FIRST QUARTER OF 2005 COMPARED TO PS.46.4 MILLION IN THE
FIRST QUARTER OF 2004. THIS DECREASE PRIMARILY REFLECTED THE ABSENCE OF
EQUITY INCOME OF SKY MEXICO IN THE FIRST QUARTER OF 2005, AS WELL AS A
REDUCTION IN EQUITY INCOME OF OCESA ENTRETENIMIENTO, THE LIVE ENTERTAINMENT
COMPANY WITH OPERATIONS IN MEXICO IN WHICH THE COMPANY HOLDS A 40% STAKE.
LOSS EFFECT IN ACCOUNTING CHANGE
BEGINNING JANUARY 1, 2005, WE ADOPTED THE PROVISIONS OF MEXICAN GAAP
BULLETIN D-3 "LABOR OBLIGATIONS," RELATED TO THE RECOGNITION OF SEVERANCE
OBLIGATIONS TO DISMISSED PERSONNEL, OTHER THAN THOSE ARISING FROM
RESTRUCTURINGS BASED UPON ACTUARIAL CALCULATIONS. AS PERMITTED BY THE
PROVISIONS OF BULLETIN D-3, IN THE FIRST QUARTER OF 2005, WE RECOGNIZED IN
OUR CONSOLIDATED INCOME STATEMENT A RELATED CUMULATIVE LOSS EFFECT IN
ACCOUNTING CHANGE IN THE AMOUNT OF PS.177.9 MILLION, NET OF A RELATED
INCOME TAX BENEFIT OF PS.76.2 MILLION.
MINORITY INTEREST
MINORITY INTEREST INCREASED BY PS.97.5 MILLION TO A CHARGE OF PS.77.4
MILLION IN THE FIRST QUARTER OF 2005, FROM A BENEFIT OF PS.20.1 MILLION IN
THE FIRST QUARTER OF 2004. THIS INCREASE PRIMARILY REFLECTED THE PORTION OF
NET INCOME ATTRIBUTABLE TO THE INTEREST HELD BY THIRD PARTIES IN SKY MEXICO
BEGINNING THE SECOND QUARTER OF 2004.
OTHER RELEVANT INFORMATION
CAPITAL EXPENDITURES
IN THE FIRST QUARTER OF 2005, WE INVESTED APPROXIMATELY U.S.$38.4 MILLION
IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES, OF WHICH
APPROXIMATELY U.S.$3.4 MILLION AND U.S.$28.7 MILLION ARE RELATED TO OUR
CABLE TELEVISION AND SKY MEXICO SEGMENTS, RESPECTIVELY.
DEBT
AS OF MARCH 31, 2005, OUR CONSOLIDATED LONG-TERM PORTION OF DEBT AMOUNTED
TO APPROXIMATELY PS.17,963.6 MILLION, INCLUDING PS.4,359.7 MILLION FROM SKY
MEXICO, AND OUR CONSOLIDATED CURRENT PORTION OF DEBT WAS APPROXIMATELY
PS.2,322.7 MILLION. ADDITIONALLY, AS OF MARCH 31, 2005, SKY MEXICO HAD
LONG-TERM AND CURRENT PORTIONS OF A CAPITAL LEASE OBLIGATION IN AN
AGGREGATE AMOUNT OF APPROXIMATELY PS.1,306.8 MILLION AND PS.72.9 MILLION,
RESPECTIVELY. AS OF MARCH 31, 2004, OUR CONSOLIDATED LONG-TERM PORTION OF
DEBT AMOUNTED TO APPROXIMATELY PS.15,349.9 MILLION AND OUR CONSOLIDATED
CURRENT PORTION OF DEBT WAS APPROXIMATELY PS.259.4 MILLION.
EXCLUDING SKY MEXICO, OUR CONSOLIDATED NET DEBT WAS PS.120.5 MILLION AS OF
MARCH 31, 2005 WHICH COMPARES TO A CONSOLIDATED NET CASH POSITION OF
PS.62.3 MILLION AS OF MARCH 31, 2004.
IN MARCH 2005, WE ISSUED U.S.$400 MILLION AGGREGATE PRINCIPAL AMOUNT OF
6.625% SENIOR NOTES DUE 2025. THE NET PROCEEDS WERE USED TO PAY THE TENDER
OFFER OF 74% OF THE AGGREGATE PRINCIPAL AMOUNT OF THE 8.00% SENIOR NOTES
DUE 2011 AND 76% OF THE 8.15% UDI-DENOMINATED NOTES DUE 2007. AS A RESULT
OF THESE TENDER OFFERS AND THE CONSUMMATION IN THE FIRST QUARTER OF THE
OFFERING OF U.S.$400 MILLION AGGREGATE PRINCIPAL AMOUNT OF 6.625% SENIOR
NOTES DUE 2025, TELEVISA EXPECTS TO REDUCE INTEREST EXPENSE BY
APPROXIMATELY U.S.$8 MILLION IN 2005 AND U.S.$12 MILLION IN 2006. THROUGH
THESE TRANSACTIONS, TELEVISA EXTENDED ITS AVERAGE DEBT MATURITY FROM 8.2 TO
9.5 YEARS.
EFFECTIVE MARCH 18, 2005, WE DESIGNATED OUR NET INVESTMENT IN UNIVISION AS
A HEDGE OF THE FOREIGN EXCHANGE DIFFERENCES ARISING FROM THE U.S.$400
MILLION SENIOR NOTES DUE 2025 ISSUED IN CONNECTION WITH THE PREPAYMENT OF
APPROXIMATELY U.S.$485.4 MILLION OF PRINCIPAL AMOUNT OF OUR OUTSTANDING
LONG-TERM DEBT AS OF THAT DATE. AS OF MARCH 31, 2005, THE TOTAL PRINCIPAL
AMOUNT OF OUR LONG-TERM DEBT BEING HEDGED BY UNIVISION WAS OF APPROXIMATELY
U.S.$777.5 MILLION.
SHARE BUYBACK PROGRAM
FROM JANUARY 1 THROUGH APRIL 26, 2005, WE HAVE REPURCHASED APPROXIMATELY
1,053 MILLION SHARES IN THE FORM OF 9 MILLION CPOS FOR PS.290.3 MILLION IN
NOMINAL TERMS.
DIVIDEND PAYMENT
OUR BOARD OF DIRECTORS WILL SUBMIT TO OUR NEXT SHAREHOLDERS MEETING A
PROPOSAL TO PAY AN EXTRAORDINARY DIVIDEND OF PS.1 PER CPO, IN ADDITION TO
OUR ORDINARY DIVIDEND OF PS.0.35 PER CPO, FOR A TOTAL OF PS.1.35 PER CPO.
THE TOTAL AMOUNT OF THE DIVIDEND IS APPROXIMATELY PS.4,250 MILLION. THIS
REPRESENTS A 10% INCREASE OVER LAST YEAR'S DIVIDEND AND IS EQUIVALENT TO A
DIVIDEND YIELD OF 4.2% BASED ON TODAY'S CLOSING PRICE. IF APPROVED BY OUR
SHAREHOLDERS, THIS DIVIDEND WILL BE PAID ON MAY 31, 2005 TO SHAREHOLDERS ON
RECORD AS OF MAY 30.
TELEVISION RATINGS AND AUDIENCE SHARE
NATIONAL URBAN RATINGS AND AUDIENCE SHARE REPORTED BY IBOPE CONFIRM THAT IN
THE FIRST QUARTER OF 2005 TELEVISA CONTINUED TO DELIVER STRONG RATINGS AND
AUDIENCE SHARES. DURING WEEKDAY PRIME TIME (19:00 TO 23:00 - MONDAY TO
FRIDAY), THE AUDIENCE SHARE AMOUNTED TO 70.5%; IN PRIME TIME (16:00 TO
23:00 - MONDAY TO SUNDAY), THE AUDIENCE SHARE AMOUNTED TO 69.1%; AND IN
SIGN-ON TO SIGN-OFF (6:00 TO 24:00 - MONDAY TO SUNDAY), THE AUDIENCE SHARE
AMOUNTED TO 71.2%.
OUTLOOK FOR 2005
WE EXPECT SECOND-QUARTER TELEVISION BROADCASTING SALES TO INCREASE
APPROXIMATELY 7% COMPARED TO LAST YEAR'S SECOND QUARTER. FOR THE FULL YEAR,
WE EXPECT TELEVISION BROADCASTING SALES TO INCREASE APPROXIMATELY 4.5%. IN
ADDITION, WE WILL CONTINUE TO KEEP COSTS AND EXPENSES UNDER CONTROL
THROUGHOUT THE YEAR, WHICH SHOULD ALLOW OUR TELEVISION BROADCASTING
OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION MARGIN TO REACH 47%.
GRUPO TELEVISA, S.A. IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING
WORLD, AND A MAJOR PARTICIPANT IN THE INTERNATIONAL ENTERTAINMENT BUSINESS.
IT HAS INTERESTS IN TELEVISION PRODUCTION AND BROADCASTING, PRODUCTION OF
PAY TELEVISION NETWORKS, INTERNATIONAL DISTRIBUTION OF TELEVISION
PROGRAMMING, DIRECT-TO-HOME SATELLITE SERVICES, PUBLISHING AND PUBLISHING
DISTRIBUTION, CABLE TELEVISION, RADIO PRODUCTION AND BROADCASTING,
PROFESSIONAL SPORTS AND LIVE ENTERTAINMENT, FEATURE FILM PRODUCTION AND
DISTRIBUTION, AND THE OPERATION OF A HORIZONTAL INTERNET PORTAL. GRUPO
TELEVISA ALSO OWNS AN UNCONSOLIDATED EQUITY STAKE IN UNIVISION, THE LEADING
SPANISH-LANGUAGE MEDIA COMPANY IN THE UNITED STATES.
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 PRO FORMA INFORMATION IS PRESENTED FOR INFORMATIONAL PURPOSES ONLY AND
DOES NOT PURPORT TO REPRESENT WHAT OUR FINANCIAL POSITION OR RESULTS OF
OPERATIONS WOULD HAVE BEEN HAD THE CONSOLIDATION AND THE SALE AND COSTS OF
GOODS SOLD RECOGNITION BEEN REALIZED DURING THE SPECIFIED PERIODS.
FURTHERMORE, THE READER SHOULD NOT RELY ON THE PRO FORMA INFORMATION AS AN
INDICATION OF THE RESULTS OF OPERATIONS OF FUTURE PERIODS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES (1)
ANNEX 2
CONSOLIDATED
FINAL PRINTING
--------------------------------------------------------------------------------
GRUPO TELEVISA, S.A.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004
(IN THOUSANDS OF MEXICAN PESOS IN PURCHASING POWER AS
OF MARCH 31, 2005, EXCEPT PER SHARE, PER CPO AND PER UDI VALUES)
1. ACCOUNTING POLICIES:
THE CONDENSED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A. (THE "COMPANY")
AND ITS CONSOLIDATED SUBSIDIARIES (COLLECTIVELY, THE "GROUP"), AS OF MARCH
31, 2005 AND 2004, AND FOR THE THREE MONTHS ENDED ON THOSE DATES, ARE
UNAUDITED. IN THE OPINION OF MANAGEMENT, ALL ADJUSTMENTS (CONSISTING
PRINCIPALLY OF NORMAL RECURRING ADJUSTMENTS) NECESSARY FOR A FAIR
PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN
INCLUDED THEREIN.
FOR PURPOSES OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS,
CERTAIN INFORMATION AND DISCLOSURES, NORMALLY INCLUDED IN FINANCIAL
STATEMENTS PREPARED IN ACCORDANCE WITH MEXICAN GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES ("MEXICAN GAAP"), HAVE BEEN CONDENSED OR OMITTED.
THESE CONDENSED CONSOLIDATED STATEMENTS SHOULD BE READ IN CONJUNCTION WITH
THE GROUP'S CONSOLIDATED AND AUDITED FINANCIAL STATEMENTS AND NOTES THERETO
FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002, WHICH INCLUDE, AMONG OTHER
DISCLOSURES, THE GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES, WHICH HAVE
BEEN APPLIED ON A CONSISTENT BASIS FOR THE THREE MONTHS ENDED MARCH 31,
2005, EXCEPT FOR THE MATTER DISCUSSED IN THE FOLLOWING PARAGRAPH.
EFFECTIVE JANUARY 1, 2004, IN CONNECTION WITH THE ADOPTION OF MEXICAN
GAAP BULLETIN B-7, "BUSINESS ACQUISITIONS," GOODWILL IS DEEMED AN
INTANGIBLE ASSET WITH AN INDEFINITE USEFUL LIFE, AND ACCORDINGLY, THE GROUP
NO LONGER AMORTIZES GOODWILL EFFECTIVE FROM THAT DATE. BEFORE 2004,
GOODWILL WAS AMORTIZED OVER A PERIOD OF 20 YEARS.
BEGINNING APRIL 1, 2004, THE GROUP BEGAN TO INCLUDE IN ITS
CONSOLIDATED FINANCIAL STATEMENTS THE ASSETS, LIABILITIES AND RESULTS OF
OPERATIONS OF INNOVA, S. DE R.L. DE C.V. AND SUBSIDIARIES ("INNOVA" OR "SKY
MEXICO"), A JOINT VENTURE ENGAGED IN DIRECT-TO-HOME ("DTH") BROADCAST
SATELLITE PAY TELEVISION IN WHICH THE GROUP HAS A 60% INTEREST. INNOVA'S
FINANCIALS ARE CONSOLIDATED IN ACCORDANCE WITH THE GUIDELINES OF THE
FINANCIAL ACCOUNTING STANDARDS BOARD INTERPRETATION NO. 46, "CONSOLIDATION
OF VARIABLE INTEREST ENTITIES," WHICH WAS ADOPTED BY THE GROUP ON APRIL 1,
2004.
2. PROPERTY, PLANT AND EQUIPMENT:
PROPERTY, PLANT AND EQUIPMENT AS OF MARCH 31 CONSISTED OF:
2005 2004
-------------------- ------------------
BUILDINGS Ps. 7,617,843 Ps. 7,603,510
BUILDING IMPROVEMENTS 1,653,383 1,731,909
TECHNICAL EQUIPMENT 17,608,645 11,896,599
SATELLITE TRANSPONDERS 1,684,308 -
FURNITURE AND FIXTURES 574,677 605,158
TRANSPORTATION EQUIPMENT 1,152,947 1,116,050
COMPUTER EQUIPMENT 1,470,515 983,085
-------------------- ------------------
31,762,318 23,936,311
ACCUMULATED DEPRECIATION (16,887,806) (12,082,753)
-------------------- ------------------
14,874,512 11,853,558
LAND 3,730,205 3,743,121
CONSTRUCTION AND PROJECTS
IN PROGRESS 580,339 666,781
-------------------- ------------------
Ps. 19,185,056 Ps. 16,263,460
==================== ==================
DEPRECIATION CHARGED TO INCOME FOR THE THREE MONTHS ENDED MARCH 31,
2005 AND 2004, WAS PS.499,146 AND PS.302,544, RESPECTIVELY.
3. LONG-TERM DEBT SECURITIES:
AS OF MARCH 31 THE COMPANY'S LONG-TERM DEBT SECURITIES OUTSTANDING
WERE AS FOLLOWS:
2005 2004
-------------------------------- -----------------------------
U.S. DOLLAR U.S. DOLLAR
PRINCIPAL PRINCIPAL
AMOUNTS MEXICAN AMOUNTS MEXICAN
LONG-TERM DEBT SECURITIES (THOUSANDS) PESOS (THOUSANDS) PESOS
---------------------------------------- -------------- ---------------- ------------ ---------------
11.875% SERIES "B" SENIOR NOTES DUE
2006 (A) (C) $ 5,343 Ps. 59,622 $ 5,343 Ps. 62,321
8.625% SENIOR NOTES DUE 2005 (B) (C) 200,000 2,231,800 200,000 2,332,809
8.000% SENIOR NOTES DUE 2011 (B) (C) 77,484 864,644 300,000 3,499,214
8.500% SENIOR NOTES DUE 2032 (B) (C) 300,000 3,347,700 300,000 3,499,214
6.625% SENIOR NOTES DUE 2025 (B) (C) 400,000 4,463,600 - -
9.375% SENIOR NOTES DUE 2013 (D) 300,000 3,347,700 - -
-------------- ---------------- ------------ ---------------
$ 1,282,827 14,315,066 $ 805,343 9,393,558
============== ============
UDI-DENOMINATED NOTES DUE 2007 (E) 920,020 3,864,006
---------------- ---------------
Ps. 15,235,086 Ps. 13,257,564
================ ===============
(A) THESE SECURITIES ARE UNSECURED, UNSUBORDINATED OBLIGATIONS OF THE
COMPANY, RANK PARI PASSU IN RIGHT OF PAYMENT WITH ALL EXISTING AND
FUTURE UNSECURED, UNSUBORDINATED OBLIGATIONS OF THE COMPANY, AND ARE
SENIOR IN RIGHT OF PAYMENT TO ALL FUTURE SUBORDINATED INDEBTEDNESS OF
THE COMPANY, AND ARE EFFECTIVELY SUBORDINATED TO ALL EXISTING AND
FUTURE LIABILITIES OF THE COMPANY'S SUBSIDIARIES.
(B) THESE SECURITIES 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. THE AGREEMENT OF THESE SENIOR NOTES CONTAINS CERTAIN
COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND ITS RESTRICTED
SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PAY TELEVISION
NETWORKS AND PROGRAMMING EXPORTS, TO INCUR OR ASSUME LIENS, PERFORM
SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS,
CONSOLIDATIONS AND SIMILAR TRANSACTIONS. SUBSTANTIALLY ALL OF THE
SENIOR NOTES DUE IN 2005, 2011 AND 2032 ARE REGISTERED WITH THE U.S.
SECURITIES AND EXCHANGE COMMISSION. THE SENIOR NOTES DUE 2011, 2025
AND 2032 WERE PRICED AT 98.793%, 98.081% AND 99.431%, RESPECTIVELY,
FOR A YIELD TO MATURITY OF 8.179%, 6.802% AND 8.553%, RESPECTIVELY.
(C) INTEREST ON SERIES "B" SENIOR NOTES DUE 2006, AND SENIOR NOTES DUE
2005, 2011, 2025 AND 2032, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN
RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 12.49%, 9.07%, 8.41%,
6.97% AND 8.94% PER ANNUM, RESPECTIVELY, AND IS PAYABLE SEMI-ANNUALLY.
THESE SENIOR NOTES MAY NOT BE REDEEMED PRIOR TO MATURITY, EXCEPT 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.
(D) IN SEPTEMBER 2003, INNOVA COMPLETED THE OFFERING OF THESE U.S.$300
MILLION SENIOR NOTES, BEARING AN INTEREST AT A COUPON RATE OF 9.375%,
PAYABLE SEMI-ANNUALLY. THESE SECURITIES ARE UNSECURED AND
UNSUBORDINATED INDEBTEDNESS OF INNOVA AND CONTAIN CERTAIN RESTRICTIVE
COVENANTS FOR INNOVA ON ADDITIONAL INDEBTEDNESS, LIENS, SALES AND
LEASEBACKS, RESTRICTED PAYMENTS, ASSETS SALES; AND CERTAIN MERGERS,
CONSOLIDATIONS AND SIMILAR TRANSACTIONS. INNOVA MAY, AT ITS OWN
OPTION, REDEEM THESE SENIOR NOTES, IN WHOLE OR IN PART, AT ANY TIME ON
OR AFTER SEPTEMBER 19, 2008 AT REDEMPTION PRICES FROM 104.6875% TO
101.5625% BETWEEN SEPTEMBER 19, 2008 THROUGH SEPTEMBER 18, 2011, OR
100% COMMENCING ON SEPTEMBER 19, 2011, PLUS ACCRUED AND UNPAID
INTEREST, IF ANY. ADDITIONALLY, ON OR BEFORE SEPTEMBER 19, 2006,
INNOVA MAY, AT ITS OWN OPTION AND SUBJECT TO CERTAIN REQUIREMENTS, USE
THE PROCEEDS FROM ONE OR MORE QUALIFIED EQUITY OFFERING TO REDEEM UP
TO 35% OF THE AGGREGATE PRINCIPAL AMOUNT OF THESE SENIOR NOTES AT
109.375% OF THEIR PRINCIPAL AMOUNT, PLUS ACCRUED AND UNPAID INTEREST.
(E) NOTES DENOMINATED IN MEXICAN INVESTMENT UNITS ("UNIDADES DE INVERSION"
OR "UDIS"), REPRESENTING 258,711,400 AND 1,086,007,800 UDIS AS OF
MARCH 31, 2005 AND 2004, RESPECTIVELY, WITH AN ANNUAL INTEREST RATE OF
8.15% AND MATURITY IN 2007. INTEREST ON THESE NOTES IS PAYABLE
SEMI-ANNUALLY. THE BALANCE AS OF MARCH 31, 2005 AND 2004 INCLUDES
RESTAMENT OF PS.205,353 AND PS.732,437, RESPECTIVELY. THE UDI VALUE AS
OF MARCH 31, 2005, WAS OF PS. 3.556163 PER ONE UDI.
ON MARCH 18, 2005, THE COMPANY ISSUED U.S.$400 MILLION AGGREGATE
PRINCIPAL AMOUNT OF 6.625% SENIOR NOTES DUE 2025. IN CONNECTION WITH THIS
FINANCING, THE COMPANY ENTERED INTO A DERIVATIVE TRANSACTION TO HEDGE
AGAINST INTEREST RATE INCREASES, NETTING THE YIELD TO MATURITY TO
APPROXIMATELY 6.74%. THE NET PROCEEDS OF THIS OFFERING, TOGETHER WITH CASH
ON HAND, WERE USED TO FUND THE COMPANY'S TENDER OFFERS MADE ON MARCH 15,
2005 FOR ANY OF THE U.S.$300 MILLION AGGREGATE PRINCIPAL AMOUNT OF 8.00%
SENIOR NOTES DUE 2011 AND THE MEXICAN PESO EQUIVALENT OF THE AGGREGATE
PRINCIPAL AMOUNT OF 8.15% UDI DENOMINATED NOTES DUE 2007. THE TENDER OFFERS
FOR THE SENIOR NOTES DUE 2011 AND THE UDI DENOMINATED NOTES DUE 2007
EXPIRED ON MARCH 21, 2005 AND MARCH 23, 2005, RESPECTIVELY, AND THE COMPANY
PREPAID LONG-TERM DEBT FOR A PRINCIPAL AMOUNT OF APPROXIMATELY U.S.$222
MILLION AND PS.2,935,097, RESPECTIVELY, REPRESENTING APPROXIMATELY 74% AND
76% OF THE OUTSTANDING PRINCIPAL AMOUNT OF THESE SECURITIES, RESPECTIVELY.
EFFECTIVE MARCH 1, 2002, THE GROUP DESIGNATED ITS NET INVESTMENT IN
UNIVISION AS AN EFFECTIVE HEDGE OF THE FOREIGN EXCHANGE DIFFERENCES ARISING
FROM THE PRINCIPAL AMOUNT OF ITS OUTSTANDING SENIOR NOTES DUE IN 2011 AND
2032. EFFECTIVE MARCH 18, 2005, THE GROUP DESIGNATED ITS NET INVESTMENT IN
UNIVISION AS A HEDGE OF THE FOREIGN EXCHANGE DIFFERENCES ARISING FROM THE
U.S.$400 MILLION SENIOR NOTES DUE 2025 ISUED IN CONNECTION WITH THE
PREPAYMENT OF APPROXIMATELY U.S.$485.4 MILLION OF PRINCIPAL AMOUNT OF THE
COMPANY'S OUTSTANDING LONG-TERM DEBT. CONSEQUENTLY, ANY FOREIGN EXCHANGE
GAIN OR LOSS ATTRIBUTABLE TO THIS U.S. DOLLAR LONG-TERM DEBT IS CREDITED OR
CHARGED DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR LOSS) (SEE NOTE
7). AS OF MARCH 31, 2005, THE TOTAL PRINCIPAL AMOUNT OF THE COMPANY'S
LONG-TERM DEBT BEING HEDGED BY UNIVISION WAS APPROXIMATELY U.S.$777.5
MILLION.
4. CONTINGENCIES:
IN JUNE 2003, THE COMPANY WAS NOTIFIED BY THE MEXICAN TAX AUTHORITY OF
A FEDERAL TAX CLAIM MADE AGAINST THE COMPANY FOR APPROXIMATELY PS.960,700,
INCLUDING PENALTIES AND SURCHARGES, FOR AN ALLEGED ASSETS TAX LIABILITY FOR
THE YEAR 1994. THE COMPANY BELIEVES IT HAS MERITORIOUS DEFENSE AGAINST THIS
CLAIM.
THERE ARE VARIOUS LEGAL ACTIONS AND OTHER CLAIMS PENDING AGAINST THE
GROUP INCIDENTAL TO ITS BUSINESSES AND OPERATIONS. IN THE OPINION OF THE
GROUP'S MANAGEMENT, NONE OF THESE PROCEEDINGS WILL HAVE A MATERIAL ADVERSE
EFFECT ON THE GROUP'S FINANCIAL POSITION OR RESULTS OF OPERATIONS.
5. STOCKHOLDERS' EQUITY:
THE MAJORITY STOCKHOLDERS' EQUITY AS OF MARCH 31 IS ANALYZED AS
FOLLOWS:
2005 2004
----------------------------- ------------------------------
NOMINAL RESTATED NOMINAL RESTATED
PESOS PESOS PESOS PESOS
------------- ------------------------------ --------------
CAPITAL STOCK ISSUED Ps. 2,524,174 Ps. 9,646,008 Ps. 1,618,060 Ps. 8,701,582
ADDITIONAL PAID-IN CAPITAL 3,841,792 4,108,742 3,841,792 4,108,742
LEGAL RESERVE 802,231 1,536,575 622,401 1,345,918
RESERVE FOR REPURCHASE OF SHARES 2,255,655 5,603,165 2,255,655 5,603,165
UNAPPROPRIATED EARNINGS 7,850,060 15,732,172 5,304,346 17,268,843
CUMULATIVE GAIN ON ISSUANCE OF SHARES OF
ASSOCIATES 3,585,865 3,955,911 3,467,848 3,837,971
CUMULATIVE EFFECT OF DEFERRED TAXES
(2,197,681) (2,913,047) (2,197,681) (2,913,047)
ACCUMULATED OTHER COMPREHENSIVE LOSS -- --
(3,624,616) (3,698,088)
NET INCOME FOR THE THREE MONTHS -- 594,052 472,041 492,743
SHARES REPURCHASED (5,675,202) (5,631,744)
(6,081,461) (6,439,769)
-------------- -------------
TOTAL MAJORITY STOCKHOLDERS' EQUITY Ps.28,557,501 Ps.28,308,060
============== =============
IN APRIL 2004 THE COMPANY'S STOCKHOLDERS APPROVED A DIVIDEND PAYMENT
IN THE AMOUNT OF PS.3,850,000 (NOMINAL), WHICH WAS PAID IN CASH ON MAY 21
2004, AS FOLLOWS: A DIVIDEND OF PS.1.21982800845 PER CPO, AND A DIVIDEND OF
PS.0.40660933615 PER FORMER SERIES "A" SHARE (NOT IN THE FORM OF A CPO AND
BEFORE THE RECAPITALIZATION).
IN APRIL 2004 THE COMPANY'S STOCKHOLDERS APROVED A RESTRUCTURING OF
THE COMPANY'S CAPITAL STOCK ("THE RECAPITALIZATION"), WHICH COMPRISED THE
FOLLOWING: (I) A 25-FOR-ONE STOCK SPLIT, WHICH BECAME EFFECTIVE ON JULY 26,
2004 (ALL THE COMPANY'S SHARE DATA IN THESE FINANCIAL STATEMENTS ARE
PRESENTED ON POST-SPLIT BASIS); (II) THE CREATION OF THE SERIES "B" SHARES;
(III) A 14-FOR-25 STOCK DIVIDEND IN THE AMOUNT OF PS.944,426 (PS.906,114
NOMINAL) AND; (IV) AN INCREASE IN THE NUMBER OF SHARES REPRESENTED BY EACH
OUSTANDING CPO. THE RECAPITALIZATION INCREASED THE NUMBER OF THE COMPANY'S
SHARES BY A FACTOR OF 39 ON A PRE-SPLIT BASIS BUT DID NOT AFFECT THE
COMPANY'S TOTAL EQUITY OR DILUTE THE EQUITY INTEREST OF ANY SHAREHOLDER.
IN OCTOBER 2004 THE COMPANY ISSUED 79,956,795 ADDITIONAL CPOS BY
COMBINING 1,998,919,875 SERIES "A" SHARES, 1,759,049,490 SERIES "B" SHARES,
2,798,487,825 SERIES "D" SHARES, AND 2,798,487,825 SERIES "L" SHARES, NOT
IN THE FORM CPOS, WHICH WERE ADQUIRED BY A COMPANY'S TRUST (EQUIVALENT TO
76,510,876 CPOS) AND A COMPANY'S SUBSIDIARY (EQUIVALENT TO 3,445,949 CPOS).
AS OF MARCH 31, 2005, THE NUMBER OF SHARES AUTHORIZED AND ISSUED,
REPURCHASED AND OUTSTANDING IS PRESENTED AS FOLLOWS:
AUTHORIZED
SHARES AND ISSUED REPURCHASED OUTSTANDING
---------------------- ------------------ ---------------- -----------------
SERIES "A" 124,736,244,175 9,841,349,735 114,894,894,440
SERIES "B" 60,269,682,796 5,727,936,241 54,541,746,555
SERIES "D" 92,133,721,715 5,362,819,509 86,770,902,206
SERIES "L" 92,133,721,715 5,362,819,509 86,770,902,206
------------------ ---------------- -----------------
369,273,370,401 26,294,924,994 342,978,445,407
================== ================ =================
CPOS 2,319,505,891 153,223,413 2,166,282,478
================== ================ ==================
THE COMPANY'S SHARES REPURCHASED, AS WELL AS THEIR NET COST, AS OF
MARCH 31, 2005, ARE PRESENTED AS A CHARGE TO STOCKHOLDERS' EQUITY AS
FOLLOWS:
A, B, D, AND L SHARES
-------------------------------------------------
IN THE FORM NOT IN THE
OF CPOS FORM OF CPOS TOTAL NET COST
---------------------------------------------------------------
REPURCHASE PROGRAM 2,402,606,700 - 2,402,606,700 (552,784)
OWNED BY A COMPANY'S SUBSIDIARY 6,572,760,129 537,563,559 7,110,323,688 (1,445,433)
ACQUIRED BY A COMPANY'S TRUST 8,951,772,492 7,830,222,114 16,781,994,606 (4,083,244)
---------------------------------------------------------------
17,927,139,321 8,367,785,673 26,294,924,994 (6,081,461)
================================================================
IN CONNECTION WITH THE COMPANY'S PROGRAM FOR REPURCHASE OF SHARES, IN
THE FIRST QUARTER OF 2005, THE COMPANY REPURCHASED 589,972,500 SHARES IN
THE FORM OF 5,042,500 CPOS IN THE AMOUNT OF PS.164,668 (PS.164,251
NOMINAL).
IN MARCH 2005, THE GROUP RESOLD 2,036,135,556 SHARES IN THE FORM OF
17,402,868 CPOS, IN THE AMOUNT OF PS.194,637, IN CONNECTION WITH THE
COMPANY'S STOCK REPURCHASE PLAN.
6. REPURCHASE OF SHARES:
AS OF MARCH 31, 2005, THE COMPANY MAINTAINS A RESERVE FOR REPURCHASE
OF SHARES, WHICH WAS APPROVED BY THE SHAREHOLDERS OF THE COMPANY IN PRIOR
YEARS BY APPROPRIATING FROM ACCUMULATED EARNINGS THE AMOUNT OF
PS.7,014,753. THIS RESERVE WAS USED IN 1999, 2000 AND 2003, IN THE AMOUNT
OF PS.288,422, PS.644,739 AND PS.478,427, RESPECTIVELY, IN CONNECTION WITH
THE REPURCHASE OF SHARES IN THOSE YEARS.
IN ACCORDANCE WITH THE MEXICAN SECURITIES LAW, ANY AMOUNT OF SHARES
REPURCHASED AND HELD BY THE COMPANY SHOULD BE RECOGNIZED AS A CHARGE TO
STOCKHOLDERS' EQUITY, AND ANY CANCELLATION OF SHARES REPURCHASED SHOULD BE
RECOGNIZED AS A REDUCTION OF THE COMPANY'S CAPITAL STOCK ISSUED FOR AN
AMOUNT PROPORTIONATE TO THE SHARES CANCELLED.
7. INTEGRAL COST OF FINANCING:
INTEGRAL COST OF FINANCING FOR THE THREE MONTHS ENDED MARCH 31,
CONSISTED OF:
2005 2004
--------------- ----------------
INTEREST EXPENSE (1) Ps. 547,347 Ps. 370,350
INTEREST INCOME (292,336) (158,239)
FOREIGN EXCHANGE LOSS, NET (2) 29,809 7,683
LOSS FROM MONETARY POSITION (3) 17,946 165,694
--------------- ----------------
Ps. 302,766 Ps. 385,488
=============== ================
(1) INCLUDES RESTATEMENT OF UDIS OF PS.16,391 AND PS.64,306 NET IN 2005
AND 2004, RESPECTIVELY.
(2) NET OF THE GAIN OF PS.4,984 IN 2005 AND THE LOSS OF PS.33,053 IN 2004
RESULTING FROM THE FOREIGN EXCHANGE RESULT ATTRIBUTABLE TO CERTAIN
LONG-TERM DEBT SECURITIES WHICH ARE HEDGED BY THE GROUP'S NET
INVESTMENT IN UNIVISION.
(3) THE GAIN OR LOSS FROM MONETARY POSITION REPRESENTS THE EFFECTS OF
INFLATION, AS MEASURED BY THE NPCI IN THE CASE OF MEXICAN COMPANIES,
OR THE GENERAL INFLATION INDEX OF EACH COUNTRY IN THE CASE OF FOREIGN
SUBSIDIARIES, ON THE MONETARY ASSETS AND LIABILITIES AT THE BEGINNING
OF EACH MONTH. INCLUDES MONETARY LOSS IN 2005 AND 2004 OF PS.32,028
AND PS.61,598, RESPECTIVELY, ARISING FROM TEMPORARY DIFFERENCES OF
NON-MONETARY ITEMS IN CALCULATING DEFERRED INCOME TAX.
8. DEFERRED TAXES:
THE DEFERRED INCOME TAX LIABILITY AS OF MARCH 31, WAS DERIVED FROM:
2005 2004
--------------- ----------------
ASSETS:
ACCRUED LIABILITIES Ps. 585,526 Ps. 547,622
GOODWILL 853,023 869,738
TAX LOSS CARRYFORWARDS 996,397 894,386
ALLOWANCE FOR DOUBTFUL ACCOUNTS 432,095 386,685
CUSTOMER ADVANCES 1,424,288 1,632,612
--------------- ----------------
4,291,329 4,331,043
--------------- ----------------
LIABILITIES:
INVENTORIES (686,390) (1,515,888)
PROPERTY, PLANT AND EQUIPMENT - NET (1,274,128) (1,313,137)
OTHER ITEMS (1,204,346) (363,189)
INNOVA (1,568,519) (1,648,568)
--------------- ----------------
(4,733,383) (4,840,782)
--------------- ----------------
DEFERRED-INCOME TAX OF MEXICAN COMPANIES (442,054) (509,739)
DEFERRED TAX OF FOREIGN SUBSIDIARIES (305,559) (387,254)
ASSETS TAX 1,250,616 1,937,086
VALUATION ALLOWANCE (2,237,902) (2,361,842)
RECOVERABLE INCOME TAX FROM REPURCHASE
OF SHARES 223,845 -
--------------- ----------------
DEFERRED INCOME TAX LIABILITY (1,511,054) (1,321,749)
EFFECT ON CHANGE OF INCOME TAX RATES
183,421 92,672
--------------- ----------------
DEFERRED TAX LIABILITY OF CONTINUING
OPERATIONS Ps. (1,327,633) Ps. (1,229,077)
=============== ================
9. EXTRAORDINARY ITEMS:
NO EXTRAORDINARY ITEMS, AS DEFINED BY MEXICAN GAAP BULLETIN A-7
"COMPARABILITY", WERE RECOGNIZED IN INCOME FOR THE THREE MONTHS ENDED MARCH
31, 2005 AND 2004.
10. DISCONTINUED OPERATIONS:
NO DISCONTINUED OPERATIONS, AS DEFINED BY MEXICAN GAAP BULLETIN C-15
"IMPAIRMENT IN THE VALUE OF LONG-LIVED ASSETS AND THEIR DISPOSAL," WERE
RECOGNIZED IN INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND 2004.
11. CUMULATIVE EFFECT OF ACCOUNTING CHANGES:
BEGINNING JANUARY 1, 2005, THE GROUP ADOPTED THE PROVISIONS OF MEXICAN
GAAP BULLETIN D-3, "LABOR OBLIGATIONS," RELATED TO THE RECOGNITION OF
SEVERANCE OBLIGATIONS TO DISMISSED PERSONNEL, OTHER THAN THOSE ARISING FROM
RESTRUCTURINGS, BASED UPON ACTUARIAL CALCULATIONS. AS PERMITTED BY THE
PROVISIONS OF BULLETIN D-3, IN THE FIRST QUARTER OF 2005, THE GROUP
RECOGNIZED IN ITS CONSOLIDATED STATEMENT OF INCOME A RELATED CUMULATIVE
LOSS EFFECT OF ACCOUNTING CHANGE IN THE AMOUNT OF PS.177,893, NET OF A
RELATED INCOME TAX BENEFIT OF PS.75,722.
BEGINNING JANUARY 1, 2005, THE GROUP ADOPTED THE PROVISIONS OF MEXICAN
GAAP BULLETIN C-10, "DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE
OPERATIONS." AS A RESULT OF THE ADOPTION OF BULLETIN C-10 IN THE FIRST
QUARTER OF 2005, THE GROUP RECOGNIZED IN ACCUMULATED OTHER COMPREHENSIVE
LOSS A CUMULATIVE LOSS EFFECT OF ACCOUNTING CHANGE IN THE AMOUNT OF
PS.24,123, NET OF A RELATED TAX BENEFIT OF PS.10,338.
NO CUMULATIVE EFFECT OF ACCOUNTING CHANGE WAS RECOGNIZED IN INCOME FOR
THE THREE MONTHS ENDED MARCH 31, 2004.
12. QUARTERLY NET RESULTS (HISTORICAL AND RESTATED):
THE QUARTERLY NET RESULTS FOR THE FOUR QUARTERS ENDED MARCH 31, 2005,
ARE AS FOLLOWS:
HISTORICAL NET RESULT (1) RESTATED NET RESULT
--------------------------------- -----------------------------------
INDEX AT END
QUARTER ACCUMULATED QUARTER OF PERIOD ACCUMULATED QUARTER
------------------- ----------------- ----------------- ------------- ----------------- ---------------
2Q / 04 Ps. 933,883 Ps. 461,560 108.737 Ps. 974,257 Ps. 481,514
3Q / 04 2,387,396 1,437,496 110.602 2,448,611 1,474,355
4Q / 04 4,316,743 1,887,299 112.550 4,350,798 1,902,186
1Q / 05 594,052 594,052 113.438 594,052 594,052
(1) AS REPORTED IN EACH QUARTER.
13. INFORMATION BY SEGMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2005 AND
2004, WERE AS FOLLOWS:
TOTAL INTERSEGMENT CONSOLIDATED OPERATING
REVENUES REVENUES REVENUES INCOME (LOSS)
--------------- ------------- --------------- ---------------
2005:
TELEVISION BROADCASTING Ps. 3,390,078 Ps. 102,861 Ps. 3,287,217 Ps. 1,138,036
PAY TELEVISION NETWORKS 235,275 76,586 158,689 87,990
PROGRAMMING EXPORTS 396,170 - 396,170 105,248
PUBLISHING 458,751 9,391 449,360 30,425
PUBLISHING DISTRIBUTION 85,741 2,297 83,444 (11,807)
SKY MEXICO 1,303,488 1,556 1,301,932 319,642
CABLE TELEVISION 304,145 87 304,058 13,334
RADIO 62,146 12,694 49,452 (4,400)
OTHER BUSINESSES 355,077 15,809 339,268 38
ELIMINATIONS AND CORPORATE
EXPENSES (221,281) (221,281) - (33,816)
--------------- ------------- --------------- ---------------
CONSOLIDATED TOTAL Ps. 6,369,590 Ps. - Ps. 6,369,590 Ps. 1,644,690
=============== ============= =============== ===============
2004:
TELEVISION BROADCASTING Ps. 3,334,127 Ps. 17,095 Ps. 3,317,032 Ps. 1,068,660
PAY TELEVISION NETWORKS 175,707 11,397 164,310 41,114
PROGRAMMING EXPORTS 432,553 - 432,553 127,528
PUBLISHING 387,164 17 387,147 26,380
PUBLISHING DISTRIBUTION 464,584 1,831 462,753 (9,086)
CABLE TELEVISION 281,429 879 280,550 39,794
RADIO 55,090 12,292 42,798 (7,370)
OTHER BUSINESSES 415,242 42,199 373,043 (42,264)
ELIMINATIONS AND CORPORATE
EXPENSES (85,710) (85,710) - (33,559)
--------------- ------------- --------------- ---------------
CONSOLIDATED TOTAL Ps. 5,460,186 Ps. - Ps. 5,460,186 Ps. 1,211,197
=============== ============= =============== ===============
14. REFINANCING:
IN DECEMBER 2004, INNOVA ENTERED INTO A LONG-TERM CREDIT AGREEMENT
WITH A MEXICAN BANK IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.1,012.0
MILLION, WHICH MATURES PARTIALLY (50%) IN 2010 AND THE REMAINDER (50%) IN
2011, AND IS GUARANTEED BY THE COMPANY AND NEWS CORP. AT 51% AND 49%,
RESPECTIVELY. INTEREST ON THIS LOAN IS 10.55% PER ANNUM, AND IS PAYABLE ON
A MONTHLY BASIS. THE NET PROCEEDS OF THIS LOAN WERE USED BY INNOVA TO
PREPAY IN JANUARY 2005 ALL OF THE OUTSTANDING AMOUNTS OF THE U.S.$88.0
MILLION SENIOR NOTES DUE IN 2007
- - - - - - - - -
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
ANALYSIS OF INVESTMENTS IN SHARES
ANNEX 3 CONSOLIDATED
FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------
TOTAL AMOUNT
% (THOUSANDS OF MEXICAN PESOS)
NUMBER OWNERSHIP ----------------------------
COMPANY NAME (1) MAIN ACTIVITIES OF SHARES (2) ACQUISITION BOOK
COST VALUE (3)
-----------------------------------------------------------------------------------------------------------------------
SUBSIDIARIES
1 CORPORATIVO VASCO DE QUIROGA, PROMOTION AND 19,509,544 100.00 1,836,819 1,514,755
S.A. DE C.V. DEVELOPMENT OF
COMPANIES
2 CVQ ESPECTACULOS, S.A. DE C.V. PROMOTION AND 11,979,937 100.00 1,499,651 720,351
DEVELOPMENT OF
COMPANIES
3 DTH EUROPA, S.A. PROMOTION AND 1,080,182 90.25 780,220 3,643
DEVELOPMENT OF
COMPANIES
4 EDITORA FACTUM, S.A. DE C.V. PROMOTION AND 609,521,337 100.00 1,806,685 1,978,064
DEVELOPMENT OF
COMPANIES
5 EDITORIAL TELEVISA, S.A. DE C.V. PROMOTION AND 1,037,498 100.00 823,582 1,681,481
DEVELOPMENT OF
COMPANIES
6 FACTUM MAS, S.A. DE C.V. PROMOTION AND 5,442,040,701 100.00 4,756,067 (618,484)
DEVELOPMENT OF
COMPANIES
7 GRUPO DISTRIBUIDORAS INTERMEX, DISTRIBUTION OF BOOKS 349,470,905 100.00 822,778 609,578
S.A. DE C.V. AND MAGAZINES
8 CAMPUS AMERICA, S.A. DE C.V. PROMOTION AND 418,881,301 100.00 342,274 10,523,005
DEVELOPMENT OF
COMPANIES
9 PROMO-INDUSTRIAS PROMOTION AND 900,621 100.00 38,612 113,398
METROPOLITANAS, S.A. DE C.V. DEVELOPMENT OF
COMPANIES
10 SISTEMA RADIOPOLIS, S.A. DE C.V. COMMERCIALIZATION OF 76,070,313 50.00 764,739 237,768
RADIO PROGRAMMING
11 TELEPARABOLAS, S.L. MAINTENANCE OF 1,500 100.00 750 844
PARABOLIC DISHES
12 TELESISTEMA MEXICANO, S.A. DE C.V COMMERCIALIZATION OF 169,773,895 100.00 12,806,397 18,257,755
TELEVISION
13 TELEVISA ARGENTINA, S.A. COMMERCIAL OPERATION 1,499,999 100.00 115,371 54,173
OF TELEVISION
15 TELEVISION INDEPENDIENTE DE PROMOTION AND 32,989,789 99.98 2,864,972 5,158,445
MEXICO, S.A. DE C.V. DEVELOPMENT OF
COMPANIES
16 CAPITALIZED INTEGRAL COST OF 1 207,505
FINANCING, 1994
17 CAPITALIZED INTEGRAL COST OF 1 397,685
FINANCING, 1995
18 CAPITALIZED INTEGRAL COST OF 1 27,497
FINANCING, 1996
19 CAPITALIZED INTEGRAL COST OF 1 21,320
FINANCING, 1998
-----------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SUBSIDIARIES 29,258,917 40,888,783
-----------------------------------------------------------------------------------------------------------------------
ASSOCIATES
1 ARGOS COMUNICACION, S.A. DE C.V. OPERATION AND/OR 33,000,000 15.30 137,000 31,777
BROADCASTING OF T.V.
2 DIBUJOS ANIMADOS MEXICANOS PRODUCTION OF 1,735,560 49.00 4,384 724
DIAMEX, S.A. DE C.V. ANIMATED CARTOONS
3 DTH TECHCO PARTNERS SERVICES FOR SATELLITE 1 30.00 127,939 126,543
PAY TELEVISION
4 EDITORIAL CLIO, LIBROS Y VIDEOS, PUBLISHING AND PRINTING 2,627,050 30.00 26,270 10,792
S.A. DE C.V. OF BOOKS AND
MAGAZINES
5 ENDEMOL MEXICO, S.A. DE C.V. COMMERCIALIZATION OF 1,635,000 50.00 1,635 20,893
TELEVISION
PROGRAMMING
6 EN VIVO ESPECTACULOS, S. DE R.L. LIVE ENTERTAINMENT IN 2 100.00 4,898 1,267
DE C.V. MEXICO
7 MAS FONDOS, S.A. DE C.V. MUTUAL FUND DISTRIBUTION 99,758 46.55 99,758 36,945
COMPANY
8 METROS CUBICOS, S.A. DE C.V. PORTAL INTERNET 2,089,343 18.65 43,031 11,286
9 OCESA ENTRETENIMIENTO, S.A. DE LIVE ENTERTAINMENT IN 14,100,000 40.00 1,095,581 501,759
C.V. MEXICO
10 TELEVISORA DEL YAQUI, S.A. DE C.V OPERATION AND/OR 4,124,986 15.00 412 7,176
BROADCASTING OF T.V.
11 UNIVISION COMMUNICATIONS, INC. BROADCASTING OF T.V. 30,187,534 9.34 5,602,976 5,845,195
SPANISH PROGRAMS
-----------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN ASSOCIATES 7,143,884 6,594,357
-----------------------------------------------------------------------------------------------------------------------
OTHER PERMANENT INVESTMENTS 191,517
-----------------------------------------------------------------------------------------------------------------------
TOTAL 36,402,801 47,674,657
-----------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
ANNEX 5
CREDIT BREAK DOWN
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
----------------------------------------------------------------------------------------------------------------------------------
Denominated
In Pesos
-------------------------------
Credit Type / Institution Amortization Interest Until 1 More Than
Date Rate Year 1 Year
------------------------------------------------------------------------------------------------------------
BANKS
------------------------------------------------------------------------------------------------------------
OTHER FINANCIAL ENTITIES
1 BANAMEX, S.A. 4/23/2012 10.35 2,000,000
2 BANAMEX, S.A. 5/21/2009 9.70 1,162,460
3 HSBC MEXICO, S.A. 12/2/2011 10.55 1,012,000
4 BANAMEX, S.A. 5/1/2008 8.93 720,000
5 BANCA SERFIN, S.A. 5/15/2006 10.38 64,000 16,000
6 BANK OF AMERICA 3/31/2010 4.12
7 BNP PARIBAS 11/13/2009 3.75
8 SUNTRUST BANK MIAMI, NATIONAL 4/1/2008 4.50
9 BANCO DE BILBAO VIZCAYA, S.A. 1/30/2006 5.86
10 LEASING DE COLOMBIA 6/28/2009 13.26
11 LEASING DE OCCIDENTE 4/29/2007 15.86
12 SANTANDER CENTRAL HISPANO LEASING, S.A. 1/24/2006 14.74
------------------------------------------------------------------------------------------------------------
TOTAL BANKS 64,000 4,910,460
------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
---------------------------------------------
HOLDERS 5/13/2006 12.49
HOLDERS 8/8/2005 9.07
HOLDERS 9/13/2011 8.41
HOLDERS 3/11/2032 8.94
HOLDERS 3/18/2025 6.97
HOLDERS 9/19/2013 9.86
UDI DENOMINATED-NOTES 4/13/2007 8.15 920,020
------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - 920,020
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
SUPPLIERS
------------------------------------------------------------------------------------------------------------
VARIOUS 3/31/2006 1,127,682
------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS 1,127,682 -
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
------------------------------------------------------------------------------------------------------------
VARIOUS 9/30/2015 1,090,551 52,813
------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT LIABILITIES
AND OTHER CREDITS 1,090,551 52,813
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
2,282,233 5,883,293
------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
Amortization of Credits in Foreign Currency With National Entities (Thousands of $)
-----------------------------------------------------------------------------------
Time Interval
-----------------------------------------------------------------------------------
Credit Type / Institution Current Until 1 Until 2 Until 3 Until 4 Until 5
Year Year Year Year Year Year
-----------------------------------------------------------------------------------------------------------------------------------
BANKS
-----------------------------------------------------------------------------------------------------------------------------------
OTHER FINANCIAL ENTITIES
1 BANAMEX, S.A.
2 BANAMEX, S.A.
3 HSBC MEXICO, S.A.
4 BANAMEX, S.A.
5 BANCA SERFIN, S.A.
6 BANK OF AMERICA
7 BNP PARIBAS
8 SUNTRUST BANK MIAMI, NATIONAL
9 BANCO DE BILBAO VIZCAYA, S.A.
10 LEASING DE COLOMBIA
11 LEASING DE OCCIDENTE
12 SANTANDER CENTRAL HISPANO LEASING, S.A.
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BANKS - - - - - -
-----------------------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
-----------------------------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
---------------------------------------------
HOLDERS
HOLDERS
HOLDERS
HOLDERS
HOLDERS
HOLDERS
UDI DENOMINATED-NOTES
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - - - - - -
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
SUPPLIERS
-----------------------------------------------------------------------------------------------------------------------------------
VARIOUS 826,246
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS - 826,246 - - - -
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
-----------------------------------------------------------------------------------------------------------------------------------
VARIOUS - 321,822 360,419 - - -
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT LIABILITIES
AND OTHER CREDITS - 321,822 360,419 - - -
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
- 1,148,068 360,419 - - -
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
Amortization of Credits in Foreign Currency With Foreign Entities (Thousands of $)
------------------------------------------------------------------------------------
Time Interval
------------------------------------------------------------------------------------
Credit Type / Institution Current Until 1 Until 2 Until 3 Until 4 Until 5
Year Year Year Year Year Year
----------------------------------------------------------------------------------------------------------------------------------
BANKS
----------------------------------------------------------------------------------------------------------------------------------
OTHER FINANCIAL ENTITIES
1 BANAMEX, S.A.
2 BANAMEX, S.A.
3 HSBC MEXICO, S.A.
4 BANAMEX, S.A.
5 BANCA SERFIN, S.A.
6 BANK OF AMERICA 419 140 559 559 559 28,586
7 BNP PARIBAS 7,871 7,479 4,054 3,289 2,130 430
8 SUNTRUST BANK MIAMI, NATIONAL 4,464 4,463 4,464 4,464
9 BANCO DE BILBAO VIZCAYA, S.A. 1,009 376
10 LEASING DE COLOMBIA 351 110 323 97 97 24
11 LEASING DE OCCIDENTE 118 46 203 62
12 SANTANDER CENTRAL HISPANO LEASING, S.A. 49 6
----------------------------------------------------------------------------------------------------------------------------------
TOTAL BANKS 14,281 12,620 9,603 8,471 2,786 29,040
----------------------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
----------------------------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
---------------------------------------------
HOLDERS 59,622
HOLDERS 2,231,800
HOLDERS 864,644
HOLDERS 3,347,700
HOLDERS 4,463,600
HOLDERS 3,347,700
UDI DENOMINATED-NOTES
----------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - 2,231,800 59,622 0 0 12,023,644
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
SUPPLIERS
----------------------------------------------------------------------------------------------------------------------------------
VARIOUS 385,789
----------------------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS - 385,789 - - - -
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
----------------------------------------------------------------------------------------------------------------------------------
VARIOUS - 169,601 202,712 91,604 102,712 1,030,786
----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT LIABILITIES
AND OTHER CREDITS - 169,601 202,712 91,604 102,712 1,030,786
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
14,281 2,799,810 271,937 100,075 105,498 13,083,470
----------------------------------------------------------------------------------------------------------------------------------
NOTES
THE EXCHANGE RATES FOR THE CREDITS DENOMINATED IN FOREIGN CURRENCY
WERE AS FOLLOWS:
$ 11.1590 PESOS PER U.S. DOLLAR
0.0046 PESOS PER COLOMBIAN PESO
14.5786 PESOS PER EURO
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
MONETARY FOREIGN CURRENCY POSITION
(Thousands of Mexican Pesos)
ANNEX 6 CONSOLIDATED
FINAL PRINTING
--------------------------------------------------------------------------------------------------------
DOLLARS (1) OTHER CURRENCIES (1)
-------------------------- ----------------------------- TOTAL
TRADE BALANCE THOUSANDS THOUSANDS THOUSANDS THOUSANDS THOUSANDS
OF DOLLARS OF PESOS OF DOLLARS OF PESOS OF PESOS
--------------------------------------------------------------------------------------------------------
TOTAL ASSETS 749,910 8,368,246 41,297 460,833 8,829,079
LIABILITIES POSITION 1,575,410 17,580,000 29,789 332,415 17,912,415
SHORT-TERM LIABILITIES POSITION 328,106 3,661,335 29,544 329,681 3,991,016
LONG-TERM LIABILITIES POSITION 1,247,304 13,918,665 245 2,734 13,921,399
--------------------------------------------------------------------------------------------------------
NET BALANCE (825,500) (9,211,754) 11,508 128,418 (9,083,336)
--------------------------------------------------------------------------------------------------------
NOTES
(1) THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS :
$ 11.1590 PESOS PER U.S. DOLLAR
14.5786 PESOS PER EURO
3.8085 PESOS PER ARGENTINEAN PESO
0.0189 PESOS PER CHILEAN PESO
0.0046 PESOS PER COLOMBIAN PESO
3.2242 PESOS PER PERUVIAN NUEVO SOL
21.1977 PESOS PER POUNDS STERLING
11.1590 PESOS PER ECUADORIAN SUCRE
11.1590 PESOS PER PANAMANIAN BALBOA
0.0051 PESOS PER VENEZUELAN BOLIVAR
THIS INFORMATION IS REPRESENTED ON A CONSOLIDATED BASIS AND INCLUDES,
ACCORDINGLY, INFORMATION OF FOREIGN SUBSIDIARIES.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
RESULT FROM MONETARY POSITION (1)
(Thousands of Mexican Pesos)
ANNEX 7 CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------------------------------
(ASSET) LIABILITY MONTHLY
MONTH MONETARY MONETARY MONETARY MONTHLY PROFIT
ASSETS LIABILITIES POSITION INFLATION AND (LOSS)
-------------------------------------------------------------------------------------------------------
JANUARY 32,839,494 36,654,700 3,815,206 0.00 134
FEBRUARY 27,532,860 29,649,166 2,116,306 0.00 7,049
MARCH 26,733,753 28,449,192 1,715,439 0.00 6,014
RESTATEMENT: - 26
CAPITALIZATION: - -
FOREIGN CORP.: - 620
OTHER - (31,789)
----------------------------------------------------------------------------------------------------
TOTAL (17,946)
----------------------------------------------------------------------------------------------------
NOTES
THE AMOUNT REFLECTED IN "OTHER" INCLUDES PS. 32,028 FROM MONETARY
POSITION DERIVED FROM DEFERRED TAXES, WHICH WAS CLASSIFIED IN THE
DEFERRED INCOME TAX PROVISION IN ACCORDANCE WITH THE GUIDELINES
PROVIDED BY BULLETIN D-4 FOR DEFERRED TAXES.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
CONVENANTS ON BONDS AND MEDIUM TERM NOTES LISTED IETSTOCK MARKET
ANNEX 8 CONSOLIDATED
FINAL PRINTING
------------------------------------------------------------------------------
FINANCIAL RESTRICTIONS BASED IN ISSUED DEBT AND/OR TITLE
------------------------------------------------------------------------------
THE AGREEMENTS OF THE U.S.$200 MILLION, U.S.$300 MILLION (OF WHICH
APPROXIMATELY U.S.$77.5 MILLION ARE OUTSTANDING AS OF MARCH 31, 2005),
U.S.$400 MILLION AND U.S.$300 MILLION SENIOR NOTES ISSUED BY GRUPO
TELEVISA, S.A. WITH MATURITY IN 2005, 2011, 2025 AND 2032,
RESPECTIVELY, CONTAIN CERTAIN COVENANTS THAT LIMIT THE ABILITY OF THE
COMPANY AND ITS SUBSIDIARIES ENGAGED IN TELEVISION OPERATIONS TO INCUR
OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND
CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS OR SIMILAR TRANSACTIONS.
THE AGREEMENT OF THE U.S.$300 MILLION SENIOR NOTES ISSUED BY INNOVA,
S. DE R.L. DE C.V. ("INNOVA") WITH MATURITY IN 2013, CONTAINS CERTAIN
COVENANTS THAT LIMIT THE ABILITY OF INNOVA AND ITS RESTRICTED
SUBSIDIARIES WITH RESPECT TO INDEBTEDNESS, LIENS, SALES AND
LEASEBACKS, RESTRICTED PAYMENTS, ASSET SALES, AND CERTAIN MERGERS,
CONSOLIDATIONS AND SIMILAR TRANSACTIONS.
------------------------------------------------------------------------------
ACTUAL SITUATION OF FINANCIAL RESTRICTIONS
------------------------------------------------------------------------------
AT MARCH 31, 2005, THE GROUP WAS IN COMPLIANCE WITH THE FINANCIAL
RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM SENIOR NOTES
DESCRIBED ABOVE.
------------------------------------
C.P. JORGE LUTTEROTH ECHEGOYEN
CONTROLLER, VICE-PRESIDENT
MEXICO, D.F. APRIL 26, 2005
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS
ANNEX 9 CONSOLIDATED
FINAL PRINTING
---------------------------------------------------------------------------------------------------------
PLANT OR CENTER ECONOMIC ACTIVITY PLANT UTILIZATION
CAPACITY (1) (%)
---------------------------------------------------------------------------------------------------------
TELEVISION: 0 0
CORPORATIVO SANTA FE HEADQUARTERS 0 0
TELEVISA SAN ANGEL PRODUCTION AND BROADCASTING PROGRAMMING. 0 0
TELEVISA CHAPULTEPEC PRODUCTION AND BROADCASTING PROGRAMMING. 0 0
REAL ESTATE LAND AND UNOCCUPIED, BUILDING, 0 0
PARKING LOTS, ADMINISTRATIVE 0 0
OFFICES, RADIO ANTENNAS, 0 0
TELEVISION STATIONS FACILITIES. 0 0
TRANSMISSION STATIONS BROADCASTER STATIONS. 0 0
PUBLISHING: 0 0
EDITORIALS ADMINISTRATION, SALES, PRODUCTION, 0 0
STORAGE AND DISTRIBUTION OF 0 0
MAGAZINES AND NEWSPAPERS. 0 0
RADIO: 0 0
SISTEMA RADIOPOLIS, S.A. DE C.V. BROADCASTER STATIONS. 0 0
CABLE TELEVISION: 0 0
CABLEVISION, S.A. DE C.V. CABLE TELEVISION, SIGNAL CONDUCTION 0 0
AND TRANSMISSION EQUIPMENT. 0 0
OTHER BUSINESSES: 0 0
IMPULSORA DEL DEPORTIVO SOCCER, SOCCER TEAMS, TRAINING 0 0
NECAXA, S.A. DE C.V. AND CLUB FACILITIES, ADMINISTRATIVE OFFICES AND 0 0
DE FUTBOL AMERICA, S.A. DE C.V. THE AZTECA STADIUM. 0 0
0 0
0 0
0 0
---------------------------------------------------------------------------------------------------------
NOTES
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
MAIN RAW MATERIALS
ANNEX 10 CONSOLIDATED
FINAL PRINTING
----------------------------------------------------------------------------------------------------------------------------------
MAIN MAIN DOM.
DOMESTIC SUPPLIERS FOREIGN SUPPLIERS SUBST.
----------------------------------------------------------------------------------------------------------------------------------
PROGRAMS AND FILMS ANIME CREATIVE
CORPORATION
AMERICA FILMS,
S.A. DE C.V.
CINEMAS LUMIERE,
S.A. DE C.V.
CINEMATOGRAFICA
CALDERON, S.A.
CINEMATOGRAFICA
RODRIGUEZ, S.A.
DIANA INTERNACIO-
NAL FILMS, S.A.
DIRSOL, S.A.
DISTRIBUIDORA RO-
MARI, S.A. DE C.V.
GRUPO GALINDO,
S.A. DE C.V.
GUSSI, S.A. DE C.V.
HITS MOVIE VIDEO,
S.A. DE C.V.
INSTITUTO MEXICA-
NO DE CINE, S.A.
MICH AND RO
ENTERTAINMENT,
S.A. DE C.V.
NUVISION, S.A.
ORO FILMS,
S.A. DE C.V.
PANAMA INTER-
NATIONAL FILMS
PELICULAS CLA-
SICAS, S.A.
PELICULAS NACIO-
NALES, S.A.
PELICULAS RODRI-
GUEZ, S.A.
PELICULAS Y VI-
DEOS INTERNACIO-
NALES, S.A.
PRODUCCIONES
GAER, S.A.
PRODUCCIONES
GALUBI, S.A.
PRODUCCIONES
GONZALO ELVIRA
PRODUCCIONES
POTOSI, S.A.
PRODUCCIONES
TOBARI, S.A.
ROBERTO GINART
AVALOS
SECINE, S.A. DE C.V.
SHOW CINEMA,
S.A. DE C.V.
VIDEOVISA , S.A.
DE C.V.
OTHER
PROGRAMS AND FILMS 4KIDS ENTERTAIN-
MENT NO
ALFRED HABER
DISTRIBUTION, INC. NO
ALLIANCE ATLAN-
TIS INTERNATIONAL NO
AMERICA PRO-
DUCCIONES, S.A. NO
BELLEVILLE
INVESTMENT, LTD. NO
BETAFILM GMBH
& CO. NO
BEVERLY HILLS
ENTERTAINMENT NO
CARSEY WERNER
DISTRIBUTION,INC. NO
CBS BROADCAST
INTERNATIONAL NO
CINAR FILMS, INC.
CONSTELLATION
PICTURES, INC. NO
CROMOSOMA, NO
S.A.
CROWN MEDIA NO
DIC ENTERTAIN-
MENT, CORP. NO
DORLING KINDER
SLEY VISION NO
DREAMWORKS NO
ENTERTAINMENT
RIGHTS DIST NO
FIREWORKS INTER-
NATIONAL NO
HASBRO INTERNA-
TIONAL,INC. NO
HEARTS ENTER- NO
TAINMENT, INC.
HIGHPOINT PRODUC- NO
TIONS, INC.
INDEPENDENT NO
INTERNATIONAL
T.V. INC.
KUSHNER-LOCKE NO
INTERNATIONAL
LUCAS FILM, NO
LTD.
MENDELSON /
PAWS PRODUC- NO
TIONS, INC.
MGM/UA TELECOM-
MUNICATIONS, INC. NO
MORGAN CREEK
INTERNATIONAL NO
MTV NETWORKS A
DIVISION OF VIACOM NO
INT.
MULTIFILMS, NO
B.V.
MYRIAM BALLES- NO
TEROS PRODUC-
TIONS, INC. NO
NELVANA INTER-
NATIONAL
PARAMOUNT NO
PICTURES, CORP.
PEAKVIEWING NO
TRANSATLANTIC
SALSA ENTER- NO
TAINMENT,INC.
SESAME NO
WORKSHOP
SHOGAKUKAN NO
PRODUCTIONS,
INC.
SONY CORPORA- NO
TION OF AMERICA
SOUTHERN NO
STAR,INC. NO
STUDIO CANAL
IMAGE NO
TEPUY USA COR-
PORATION NO
TF1 INTERNA-
TIONAL,INC. NO
TOEI ANIMATION
CO., LTD NO
TOKYO BROAD
CASTING SYSTEM NO
TWENTIETH CEN-
TURY FOX, INC.
UNIVERSAL STUDIOS NO
INTERNATIONAL, B.V. NO
VENTURA FILM
DISTRIBUTORS BV NO
VIACON LATINO
AMERICANA, INC.
WARNER BROS. NO
INTERNATIONAL
TELEVISION NO
WELLSPRING
MEDIA, INC. NO
WHILAND COMPANY
OTHER
COAXIAL CABLE RG
MAYA 60 NACIONAL DE
CONDUCTORES,
S.A. DE C.V.
IDENTIFICATION PLAQUE RIVANDI, S.A. DE C.V.
CABLEMODEMS MOTOROLA, INC. NO
HILTI BOLT HILTI MEXICANA,
S.A. DE C.V. NO
SWITCH CABLENETWORK
MEXICO NO
TWO OUTLET DEVICE AC 200 TVC CORPORATION YES
DECODER MOTOROLA, INC. NO
COUCHE PAPER PAPELERA MOHGA
BBA, S.A.
SUMINISTROS Y
SERVICIOS BROM
ABASTECEDORA
LUMEN
PRODUCTORA
COMERCIALIZA
DORA Y EDITORA
OFFSET MULTICO-
LOR, S.A.
PROCESOS INDUS-
TRIALES DE PAPEL
IMPRESOS MOINO,
BULKLEY DUNTON
KIMBERLY CLARK
PAPEL, S.A.
COUCHE PAPER STORAM ENSON YES
BULKLEY DUNKE YES
M REAL YES
MYLLLIKOSKI YES
PAPEL
TEMBEC, INC. YES
BULKLEY DUNTON YES
FINNIPAP YES
WEB SOURCE YES
BOWATER, INC. YES
NORKE CANADA YES
PAPER AND IMPRESSION PRODUCTORA CO-
MERCIALIZADORA Y
EDITORES DE LI-
BROS , S.A. DE C.V.
OFFSET
MULTICOLOR
IMPRESOS MOINO
PROCESOS IND
DE PAPEL, S.A.
BARNICES PARA
EDICIONES DE
LIBROS, S.A.
SERVICIOS PRO-
FESIONALES
DE IMPRESION,
S.A. DE C.V.
IMPRESOS EN
OFFSET Y SERI-
GRAFIA, S.A.
LORI DER, S.A.
DE C.V.
LITOGRAFIA
MAGNO GRAFT,
S.A.
LOVA IMPRE-
SORES, S.A.
GRAFICA LA
PRENSA, S.A.
PAPER AND IMPRESSION QUEBECOR
CHILE, S.A. YES
QUEBECOR
WORLD, INC. YES
GRUPO OP GRA-
FICAS, S.A. YES
PRINTER COLOM-
BINA, S.A. YES
ST. IVES, INC. YES
BEST LITHO YES
EDITORES, S.A. YES
RR DONELLY YES
QUAD GRAPHICS YES
PRO-OFFSET EDI
TORIAL, LTDA. YES
COST
DOMESTIC PRODUCTION
(%)
----------------------------------------------------
PROGRAMS AND FILMS
0.10
0.08
0.09
1.53
0.36
0.16
0.09
0.74
0.10
0.87
0.13
0.09
0.23
0.36
0.16
0.10
0.11
0.10
1.18
0.14
0.08
0.13
0.09
0.06
0.05
0.17
0.05
0.16
0.10
0.64
0.09
0.90
0.29
6.18
0.11
1.20
0.08
0.55
0.18
0.09
0.34
0.21
0.09
0.41
3.22
0.23
1.82
0.42
1.33
0.34
2.87
0.22
3.50
0.25
2.85
0.61
0.44
0.77
0.15
0.34
5.99
0.11
2.53
0.35
0.11
14.67
0.27
0.46
0.84
0.31
0.50
0.49
8.15
6.54
0.71
0.22
17.04
0.13
0.50
1.75
COAXIAL CABLE RG
MAYA 60
13.30
IDENTIFICATION PLAQUE 0.11
0.61
0.06
0.03
0.05
48.52
COUCHE PAPER
0.33
0.57
0.05
0.47
1.53
0.23
0.71
1.41
0.14
0.04
14.46
16.47
1.18
4.95
0.03
11.90
7.16
0.03
1.55
0.04
PAPER AND IMPRESSION
7.79
12.19
2.08
3.20
0.77
1.52
0.21
0.06
0.12
0.07
0.21
3.67
0.59
0.46
0.10
7.82
0.35
0.16
2.54
2.31
0.12
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
SALES DISTRIBUTION BY PRODUCT
ANNEX 11
DOMESTIC SALES
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------------------------------
TOTAL PRODUCTION NET SALES MARKET
--------------------------------------------- SHARE
MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT (%)
------------------------------------------------------------------------------------------------------
INTERSEGMENT ELIMINATIONS (219,139)
TELEVISION:
PROGRAMMING HALF HOURS PRODUCED
(DOMESTIC) 28.000
ADVERTISED TIME SOLD (HALF HOURS) 1 3,240,184
OTHER INCOME 29,009
PROGRAMMING FOR PAY TELEVISION:
SALE OF SIGNALS 162,452
ADVERTISED TIME SOLD 19,967
PUBLISHING:
MAGAZINE CIRCULATION 33,298 291,021 13,757 169,032
PUBLISHING 108,190
OTHER INCOME 4,923
PUBLISHING DISTRIBUTION: 3,364 42,774
SKY MEXICO
DTH BROADCAST SATELLITE 1,246,650
PAY PER VIEW 53,703
CHANNEL COMMERCIALIZATION 3,135
CABLE TELEVISION:
ANALOGIC AND DIGITAL SERVICE 288,879
SERVICE INSTALLATION 4,311
PAY PER VIEW 585
CHANNEL COMMERCIALIZATION 3,938
OTHER 6,432
RADIO:
ADVERTISED TIME SOLD 62,146
OTHER BUSINESSES:
DISTRIBUTION, RENTALS, AND SALE
OF MOVIE RIGHTS 157,375
SPECIAL EVENTS AND SHOW PROMOTION 108,845
INTERNET SERVICES 88,810
------------------------------------------------------------------------------------------------------
TOTAL 291,021 5,582,201
------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
MAIN
-------------------------------------------------------------------------------------
MAIN PRODUCTS TRADEMARKS CUSTOMERS
------------------------------------------------------------------------------------------------------------------------------------
INTERSEGMENT ELIMINATIONS
TELEVISION:
PROGRAMMING HALF HOURS PRODUCED
(DOMESTIC)
ADVERTISED TIME SOLD (HALF HOURS) COMPANIA PROCTER & GAMBLE DE MEXICO, S. DE R.L. DE C.V.
CADBURY ADAMS DE MEXICO, S. DE R.L. DE C.V.
UNILEVER DE MEXICO, S. DE R.L. DE C.V.
SABRITAS, S. DE R.L. DE C.V.
BIMBO, S.A. DE C.V.
PEPSI COLA MEXICANA, S. DE R.L. DE C.V.
CERVECERIA CUAUHTEMOC MOCTEZUMA. S.A. DE C.V.
NOVARTIS FARMACEUTICA, S.A. DE C.V.
DANONE DE MEXICO, S.A. DE C.V.
ASTRAZENECA, S.A. DE C.V.
HENKEL CAPITAL, S.A. DE C.V.
COMPANIA CERVECERA DE ZACATECAS, S.A DE C.V.
LALA ADMINISTRACION Y CONTROL, S.A. DE C.V.
BARCEL, S.A. DE C.V.
DAIMLER CHRYSLER DE MEXICO, S.A. DE C.V.
OTHER INCOME
PROGRAMMING FOR PAY TELEVISION:
SALE OF SIGNALS
ADVERTISED TIME SOLD
PUBLISHING:
MAGAZINE CIRCULATION TV Y NOVELAS MAGAZINE, GENERAL PUBLIC (AUDIENCE)
TELEGUIA MAGAZINE, DEALERS
VANIDADES MAGAZINE COMMERCIAL CENTERS (MALLS)
COSMOPOLITAN MAGAZINE
BIOGRAPHICAL BOOKS
SOCCERMANIA MAGAZINE
TU MAGAZINE
MEN'S HEALTH MAGAZINE
CARAS MAGAZINE
MUY INTERESANTE MAGAZINE
BIG BANG MAGAZINE
PUBLISHING VARIOUS
OTHER INCOME
PUBLISHING DISTRIBUTION: MAGAZINE:
"MAESTRA PREESCOLAR"
"SEVENTEEN EN ESPANOL"
"CAR AND DRIVER"
"REVISTA DEL CONSUMIDOR"
"ENTREPRENEUR"
SKY MEXICO
DTH BROADCAST SATELLITE SKY GENERAL PUBLIC
PAY PER VIEW
CHANNEL COMMERCIALIZATION
CABLE TELEVISION:
ANALOGIC AND DIGITAL SERVICE GENERAL PUBLIC
SERVICE INSTALLATION OPERADORA MEGACABLE, S.A. DE C.V.
PAY PER VIEW T.V. CABLE, S.A. DE C.V.
CHANNEL COMMERCIALIZATION VPN DE MEXICO, S.A. DE C.V.
OTHER COMUNICACIONES NEXTEL DE MEXICO, S.A DE C.V.
BANCO MERCANTIL DEL NORTE, S.A.
EL PALACIO DE HIERRO, S.A. DE C.V.
CADBURY ADAMS DE MEXICO, S DE R.L. DE C.V.
COMPANIA PROCTER & GAMBLE MEXICO, S. DE R.L. DE C.V.
BANCO NACIONAL DE MEXICO, S.A.
FORD MOTOR COMPANY, S.A. DE C.V.
MUEBLERIA FREY, S.A. DE C.V.
VOLKSWAGEN DE MEXICO, S.A. DE C.V.
RADIO:
ADVERTISED TIME SOLD CERVECERIA CUAUHTEMOC MOCTEZUMA, S.A. DE C.V.
ARENA COMMUNICATIONS, S.A. DE C.V.
PROPIMEX, S.A. DE C.V.
PEGASO PCS, S.A. DE C.V.
HEWLETT PACKARD DE MEXICO, S. DE R.L. DE C.V.
OPTIMEDIA, S.A. DE C.V.
BANCO DE MEXICO, S.A.
COMUNICACIONES NEXTEL DE MEXICO, S.A. DE C.V.
BBVA BANCOMER, S.A.
UNILEVER DE MEXICO, S. DE R.L. DE C.V.
OTHER BUSINESSES:
DISTRIBUTION, RENTALS, AND SALE
OF MOVIE RIGHTS CINEMAS DE LA REPUBLICA, S.A. DE C.V.
CINEMEX, S.A. DE C.V.
CINEMARK DE MEXICO, S.A. DE C.V.
CINEPOLIS DEL PAIS, S.A. DE C.V.
MULTIMEDIOS CINEMAS, S.A. DE C.V.
GENERAL PUBLIC (AUDIENCE)
SPECIAL EVENTS AND SHOW PROMOTION AMERICA GENERAL PUBLIC (AUDIENCE)
REAL SAN LUIS FEDERACION MEXICANA DE FUTBOL, A.C.
INTERNET SERVICES ESMAS.COM SAMSUNG ELECTRINIC DE MEXICO, S.A DE C.V.
TELEFONOS DE MEXICO, S.A. DE C.V.
UNIVERSIDAD ANAHUAC DEL SUR S.C.
VOLKSWAGEN DE MEXICO, S.A. DE C.V.
------------------------------------------------------------------------------------------------------------------------------------
TOTAL
------------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
SALES DISTRIBUTION BY PRODUCT
ANNEX 11A
FOREIGN SALES
CONSOLIDATED
FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL PRODUCTION NET SALES
-------------------------------------------------
MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT DESTINATION
-----------------------------------------------------------------------------------------------------------------------------------
INTERSEGMENT ELIMINATIONS (2,142)
TELEVISION BROADCASTING:
ADVERTISING TIME SOLD 104,061 UNITED STATES OF AMERICA
OTHER INCOME 16,824 UNITED STATES OF AMERICA
PROGRAMMING FOR PAY TELEVISION:
SALES OF SIGNALS 52,856 SPAIN
ARGENTINA
CHILE
GUATEMALA
COLOMBIA
UNITED STATES OF AMERICA
PROGRAM LICENSING:
PROGRAMMING AND ROYALTIES 396,170 UNITED STATES OF AMERICA
CENTRAL AMERICA
CARIBBEAN
EUROPE
SOUTH AMERICA
AFRICA
ASIA
PUBLISHING:
MAGAZINE CIRCULATION, BOOKS AND
ADVERTISING 7,357 108,437 GUATEMALA AND COSTA RICA
UNITED STATES OF AMERICA
PANAMA
SOUTH AMERICA
CENTRAL AMERICA
PUBLISHING 68,169
PUBLISHING DISTRIBUTION: 3,571 42,967 PANAMA
SOUTH AMERICA
OTHER BUSINESSES: 47
DISTRIBUTION OF FILM MOVIES
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL 787,389
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
MAIN
--------------------------------------------------------------------------------------
MAIN PRODUCTS TRADEMARKS CUSTOMERS
-----------------------------------------------------------------------------------------------------------------------------------
INTERSEGMENT ELIMINATIONS
TELEVISION BROADCASTING:
ADVERTISING TIME SOLD CPFI VENTURE, INC.
POWERCORP UK LIMITED
THE COCA-COLA COMPANY
CORPORACION MEDCOM PANAMA, S.A.
TELEMUNDO OF PUERTO RICO INC.
T.V. SBT CANAL 4 DE SAO PAULO, S.A.
OTHER INCOME
PROGRAMMING FOR PAY TELEVISION:
SALES OF SIGNALS
PROGRAM LICENSING:
PROGRAMMING AND ROYALTIES TELEVISA MCCANN ERICKSON, INC.
TELEVISA MINDSHARE
TELEVISA SAATCHI & SAATCHI
TELEVISA RUBIN POSTAER & ASSOCIATES
TELEVISA CARAT, INC.
TELEVISA HORIZON MEDIA, INC.
TELEVISA BBD&O
INITIATIVE MEDIA, INC.
GSD&M ADVERTISING
TBWA CHIAT
PUBLISHING:
MAGAZINE CIRCULATION, BOOKS AND
ADVERTISING T.V. Y NOVELAS MAGAZINE GENERAL PUBLIC (AUDIENCE)
BIOGRAPHICAL BOOKS DEALERS
VANIDADES MAGAZINE
COSMOPOLITAN MAGAZINE
TU MAGAZINE
PUBLISHING
PUBLISHING DISTRIBUTION: SELECCIONES MAGAZINE GENERAL PUBLIC (AUDIENCE)
HOLA MAGAZINE
VEA MAGAZINE
SEMANA MAGAZINE
CROMOS MAGAZINE
JET SET MAGAZINE
OTHER BUSINESSES:
DISTRIBUTION OF FILM MOVIES
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
PROJECT, AMOUNT EXERCISED AND PROGRESS PERCENTAGE
ANNEX 13
CONSOLIDATED
FINAL PRINTING
--------------------------------------------------------------------------------
MAJOR INVESTMENT PROJECTS OF GRUPO TELEVISA, S.A. AND ITS SUBSIDIARIES AT
MARCH 31, 2005, INCLUDE THE FOLLOWING (MILLIONS OF U.S. DOLLARS AND MEXICAN
PESOS):
DESCRIPTION AUTHORIZED AMOUNT EXERCISED AMOUNT PROGRESS %
----------- ----------------- ---------------- ----------
U.S. DOLLAR DENOMINATED PROJECTS:
---------------------------------
DIGITALIZATION OF THE CABLE
TELEVISION NETWORK U.S.$ 124.8 U.S.$ 52.5 42%
INFORMATION TECHNOLOGY
PROJECTS OF CABLE TELEVISION 17.8 13.0 73%
TECHNICAL EQUIPMENT FOR
T.V. STATIONS 13.3 9.8 74%
INFORMATION TECHNOLOGY
PROJECTS 11.8 9.7 82%
SKY MEXICO PROJECTS 61.7% 23.0 37%
MEXICAN PESOS DENOMINATED PROJECTS:
-----------------------------------
INFORMATION TECHNOLOGY
PROJECTS PS. 35.5 PS. 11.8 33%
TECHNICAL EQUIPMENT FOR
T.V. STATIONS 38.1 1.9 5%
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2005
GRUPO TELEVISA, S.A.
INFORMATION RELATED TO BULLETIN B-15 (FOREIGN CURRENCY TRANSLATION)
ANNEX 14 CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
MONETARY ASSETS AND LIABILITIES OF MEXICAN COMPANIES DENOMINATED IN
FOREIGN CURRENCIES ARE TRANSLATED AT THE PREVAILING EXCHANGE RATE AT
THE BALANCE SHEET DATE. RESULTING EXCHANGE RATE DIFFERENCES ARE
RECOGNIZED IN INCOME FOR THE YEAR, WITHIN INTEGRAL COST OF FINANCING.
ASSETS, LIABILITIES AND RESULTS OF OPERATIONS OF NON-MEXICAN
SUBSIDIARIES ARE FIRST CONVERTED TO MEXICAN GAAP, INCLUDING RESTATING
TO RECOGNIZE THE EFFECTS OF INFLATION BASED ON THE INFLATION OF EACH
FOREIGN COUNTRY, AND THEN TRANSLATED TO MEXICAN PESOS UTILIZING THE
EXCHANGE RATE AS OF THE BALANCE SHEET DATE AT YEAR-END. RESULTING
TRANSLATION DIFFERENCES ARE RECOGNIZED IN EQUITY AS PART OF THE OTHER
COMPREHENSIVE INCOME OR LOSS. FINANCIAL STATEMENTS OF NON-MEXICAN
OPERATIONS THAT ARE INTEGRAL TO MEXICAN OPERATIONS ARE CONVERTED TO
MEXICAN GAAP AND TRANSLATED TO MEXICAN PESOS BY UTILIZING THE EXCHANGE
RATE OF THE BALANCE SHEET DATE AT YEAR-END FOR MONETARY ASSETS AND
LIABILITIES, WITH THE RELATED ADJUSTMENT INCLUDED IN NET INCOME, AND
HISTORICAL EXCHANGE RATES FOR NON-MONETARY ITEMS.
EFFECTIVE MARCH, 2002, THE COMPANY DESIGNATED ITS NET INVESTMENT IN
UNIVISION AS AN EFFECTIVE HEDGE OF ITS OUTSTANDING SENIOR NOTES DUE
2011 AND 2032. EFFECTIVE MARCH 2005, THE COMPANY DESIGNATED ITS NET
INVESTMENT IN UNIVISION AS AN EFFECTIVE HEDGE OF ITS OUTSTANDING
SENIOR NOTES DUE 2025 IN THE AGGREGATE AMOUNT OF U.S.$400 MILLION. AS
OF MARCH 31, 2005, THE AGGREGATE AMOUNT OF OUTSTANDING LONG-TERM DEBT
BEING HEDGED BY THE NET INVESTMENT IN UNIVISION WAS OF APPROXIMATELY
U.S.$777.5 MILLION (PS.8,675,944) CONSEQUENTLY, ANY FOREIGN EXCHANGE
GAIN OR LOSS ATTRIBUTABLE TO THIS U.S. DOLLAR LONG-TERM DEBT, BEING
HEDGED BY THE COMPANY'S NET INVESTMENT IN SHARES OF UNIVISION, IS
CREDITED OR CHARGED DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR
LOSS).
THE GROUP'S FINANCIAL STATEMENTS FOR MARCH 31, 2004, HAVE BEEN
RESTATED TO MEXICAN PESOS IN PURCHASING POWER AS OF MARCH 31, 2005, BY
USING A RESTATEMENT FACTOR DERIVED FROM THE CHANGE IN THE NCPI, WHICH
FOR 2005 WAS 1.0438. HAD THE ALTERNATIVE WEIGHTED AVERAGE FACTOR
ALLOWED UNDER MEXICAN GAAP BEEN APPLIED TO RESTATE THE GROUP'S
FINANCIAL STATEMENTS FOR MARCH 31, 2004, WHICH INCLUDED THE RESULTS OF
MEXICAN AND NON-MEXICAN SUBSIDIARIES, THE RESTATEMENT FACTOR FOR MARCH
2004 WOULD HAVE BEEN 1.0451.
MEXICAN STOCK EXCHANGE ("BMV")
STOCK EXCHANGE CODE: TLEVISA DATE: 4/27/2005
GRUPO TELEVISA, S.A.
GENERAL DATA OF ISSUER
-------------------------------------------------------------------------------
COMPANY'S NAME: GRUPO TELEVISA, S.A.
ADDRESS: AV. VASCO DE QUIROGA # 2000
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-20-00
FAX: 5261-24-94
INTERNET ADDRESS: www.televisa.com.mx
TAX DATA OF THE ISSUER
-------------------------------------------------------------------------------
COMPANY TAX CODE: GTE901219GK3
ADDRESS: AV. VASCO DE QUIROGA # 2000
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
RESPONSIBLE FOR PAYMENT
-------------------------------------------------------------------------------
NAME: C.P.C. JOSE RAUL GONZALEZ LIMA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-77
FAX: 5261-20-43
E-MAIL: rglima@televisa.com.mx
EXECUTIVES DATA
-------------------------------------------------------------------------------
BMV POSITION: CHAIRMAN OF THE BOARD
POSITION: CHAIRMAN OF THE BOARD
NAME: SR. EMILIO FERNANDO AZCARRAGA JEAN
ADDRESS: AV. CHAPULTEPEC # 28 PISO 1
NEIGHBORHOOD: DOCTORES
ZIP CODE: 06724
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5709-42-89
FAX: 5709-39-88
E-MAIL: emilio@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: GENERAL DIRECTOR
POSITION: PRESIDENT AND CHIEF EXECUTIVE OFFICER
NAME: SR. EMILIO FERNANDO AZCARRAGA JEAN
ADDRESS: AV. CHAPULTEPEC # 28 PISO 1
NEIGHBORHOOD: DOCTORES
ZIP CODE: 06724
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5709-42-89
FAX: 5709-39-88
E-MAIL: emilio@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: FINANCE DIRECTOR
POSITION: CHIEF FINANCIAL OFFICER
NAME: LIC. SALVI FOLCH VIADERO
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-80
FAX: 5261-20-39
E-MAIL: sfolch@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR SENDING CORPORATE INFORMATION
THROUGH EMISNET
POSITION: DIRECTOR OF CORPORATE FINANCIAL INFORMATION
NAME: C.P.C. JOSE RAUL GONZALEZ LIMA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-77
FAX: 5261-20-43
E-MAIL: rglima@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR SENDING SHARE REPURCHASE
INFORMATION THROUGH EMISNET
POSITION: VICE PRESIDENT OF CORPORATE FINANCE
NAME: LIC. ALEXANDRE MOREIRA PENNA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 3
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-24-58
FAX: 5261-25-24
E-MAIL: apenna@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR LEGAL MATTERS
POSITION: VICE PRESIDENT - LEGAL AND GENERAL COUNSEL OF
GRUPO TELEVISA
NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: SECRETARY OF THE BOARD OF DIRECTORS
POSITION: SECRETARY OF THE BOARD OF DIRECTORS
NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: PROSECRETARY OF THE BOARD OF DIRECTORS
POSITION: EXTERNAL GENERAL COUNSEL
NAME: LIC. RICARDO MALDONADO YANEZ
ADDRESS: MONTES URALES # 505, PISO 3
NEIGHBORHOOD: LOMAS DE CHAPULTEPEC
ZIP CODE: 11000
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5201-74-47
FAX: 5520-10-65
E-MAIL: rmaldonado@macf.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE OF INFORMATION TO INVESTORS
POSITION: DIRECTOR OF INVESTOR RELATIONS
NAME: LIC. MICHEL BOYANCE BALDWIN
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-24-46
FAX: 5261-24-94
E-MAIL: mboyance@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR SENDING INFORMATION THROUGH
EMISNET
POSITION: SECRETARY OF THE BOARD OF DIRECTORS
NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR SENDING RELEVANT EVENTS THROUGH
EMISNET
POSITION: DIRECTOR OF INVESTOR RELATIONS
NAME: LIC. MICHEL BOYANCE BALDWIN
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-24-46
FAX: 5261-24-94
E-MAIL: mboyance@televisa.com.mx
MEXICAN STOCK EXCHANGE ("BMV")
STOCK EXCHANGE CODE: TLEVISA DATE: 4/27/2005
GRUPO TELEVISA, S.A.
BOARD OF DIRECTORS
-------------------------------------------------------------------------
POSITION : PRESIDENT(S)
NAME : EMILIO FERNANDO AZCARRAGA JEAN
-------------------------------------------------------------------------
POSITION : VICE PRESIDENT(S)
NAME : MARIA ASUNCION ARAMBURUZABALA LARREGUI
-------------------------------------------------------------------------
POSITION : DIRECTOR(S)
NAME : PEDRO ASPE ARMELLA
NAME : JULIO BARBA HURTADO
NAME : JOSE ANTONIO BASTON PATINO
NAME : ANA PATRICIA BOTIN O'SHEA
NAME : MANUEL JORGE CUTILLAS COVANI
NAME : ALFONSO DE ANGOITIA NORIEGA
NAME : CARLOS FERNANDEZ GONZALEZ
NAME : BERNARDO GOMEZ MARTINEZ
NAME : CLAUDIO X. GONZALEZ LAPORTE
NAME : ROBERTO HERNANDEZ RAMIREZ
NAME : ENRIQUE KRAUZE KLEINBORT
NAME : GERMAN LARREA MOTA VELAZCO
NAME : GILBERTO PEREZALONSO CIFUENTES
NAME : ALEJANDRO QUINTERO INIGUEZ
NAME : FERNANDO SENDEROS MESTRE
NAME : ENRIQUE FRANCISCO J. SENIOR HERNANDEZ
NAME : CARLOS SLIM DOMIT
NAME : LORENZO H. ZAMBRANO TREVINO
-------------------------------------------------------------------------
POSITION : ALTERNATE DIRECTOR(S)
NAME : HERBERT ALLEN III
NAME : JUAN PABLO ANDRADE FRICH
NAME : LUCRECIA ARAMBURUZABALA LARREGUI
NAME : FELIX ARAUJO RAMIREZ
NAME : MAXIMILIANO ARTEAGA CARLEBACH
NAME : JOAQUIN BALCARCEL SANTA CRUZ
NAME : JUAN FERNANDO CALVILLO ARMENDARIZ
NAME : RAFAEL CARABIAS PRINCIPE
NAME : FRANCISCO JOSE CHEVEZ ROBELO
NAME : JOSE LUIS FERNANDEZ FERNANDEZ
NAME : SALVI FOLCH VIADERO
NAME : LEOPOLDO GOMEZ GONZALEZ BLANCO
NAME : JOSE HEREDIA BRETON
NAME : JOSE ANTONIO LARA DEL OLMO
NAME : JORGE LUTTEROTH ECHEGOYEN
NAME : ALBERTO MONTIEL CASTELLANOS
NAME : RAUL MORALES MEDRANO
NAME : ALEXANDRE MOREIRA PENNA DA SILVA
NAME : GUILLERMO NAVA GOMEZ-TAGLE
-------------------------------------------------------------------------
POSITION : STATUTORY AUDITOR(S)
NAME : MARIO SALAZAR ERDMANN
-------------------------------------------------------------------------
POSITION : ALTERNATE STATUTORY AUDITOR(S)
NAME : JOSE MIGUEL ARRIETA MENDEZ
-------------------------------------------------------------------------
POSITION : SECRETARY(IES) OF THE BOARD
NAME : JUAN SEBASTIAN MIJARES ORTEGA
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.
-----------------------------
(Registrant)
Dated: May 3, 2005 By /s/ Jorge Lutteroth Echegoyen
------------------------------
Name: Jorge Lutteroth Echegoyen
Title: Controller, Vice-President