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 May, 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: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 2004 AND 2003
(Thousands of Mexican Pesos)
AUDITED INFORMATION FINAL PRINTING
----------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
-------------------------------------------------
S Amount % Amount %
----------------------------------------------------------------------------------------------------------
1 TOTAL ASSETS 73,883,656 100 68,120,763 100
2 CURRENT ASSETS 34,049,482 46 30,250,904 44
3 CASH AND SHORT-TERM INVESTMENTS 16,641,341 23 12,900,103 19
4 ACCOUNTS AND NOTES RECEIVABLE (NET) 11,229,979 15 11,153,437 16
5 OTHER ACCOUNTS AND NOTES RECEIVABLE (NET) 1,210,536 2 1,404,987 2
6 INVENTORIES 4,256,670 6 4,258,701 6
7 OTHER CURRENT ASSETS 710,956 1 533,676 1
8 LONG-TERM 6,757,722 9 6,649,931 10
9 ACCOUNTS AND NOTES RECEIVABLE (NET) 0 0 0 0
10 INVESTMENT IN SHARES OF NON-CONSOLIDATED
SUBSIDIARIES AND ASSOCIATES 6,551,984 9 6,412,487 9
11 OTHER INVESTMENTS 205,738 0 237,444 0
12 PROPERTY, PLANT AND EQUIPMENT (NET) 19,159,567 26 16,410,499 24
13 LAND AND BUILDINGS 12,924,641 17 12,969,896 19
14 MACHINERY AND INDUSTRIAL EQUIPMENT 15,547,973 21 11,991,044 18
15 OTHER EQUIPMENT 2,840,211 4 2,696,774 4
16 ACCUMULATED DEPRECIATION 12,785,009 17 11,892,933 17
17 CONSTRUCTION IN PROGRESS 631,751 1 645,718 1
18 DEFERRED ASSETS (NET) 9,156,596 12 9,677,720 14
19 OTHER ASSETS 4,760,289 6 5,131,709 8
20 TOTAL LIABILITIES 46,279,628 100 39,165,599 100
21 CURRENT LIABILITIES 8,781,977 19 5,646,098 14
22 SUPPLIERS 2,135,250 5 2,539,151 6
23 BANK LOANS 86,179 0 299,997 1
24 STOCK MARKET LOANS 3,210,912 7 0 0
25 TAXES PAYABLE 1,558,762 3 1,353,848 3
26 OTHER CURRENT LIABILITIES 1,790,874 4 1,453,102 4
27 LONG-TERM LIABILITIES 20,860,418 45 16,212,771 41
28 BANK LOANS 5,011,401 11 2,129,004 5
29 STOCK MARKET LOANS 13,932,398 30 13,338,485 34
30 OTHER LOANS 1,916,619 4 745,282 2
31 DEFERRED LIABILITIES 16,637,233 36 15,945,557 41
32 OTHER LIABILITIES 0 0 1,361,173 3
33 CONSOLIDATED STOCKHOLDERS' EQUITY 27,604,028 100 28,955,164 100
34 MINORITY INTEREST (120,545) 0 1,134,635 4
35 MAJORITY INTEREST 27,724,573 100 27,820,529 96
36 CONTRIBUTED CAPITAL 13,647,087 49 12,710,053 44
37 CAPITAL STOCK (NOMINAL) 2,524,174 9 1,618,060 6
38 RESTATEMENT OF CAPITAL STOCK 7,046,332 26 7,015,412 24
39 PREMIUM ON SALES OF SHARES 4,076,581 15 4,076,581 14
40 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 0 0 0 0
41 EARNED CAPITAL 14,077,486 51 15,110,476 52
42 RETAINED EARNINGS AND CAPITAL RESERVE 6,763,498 25 8,127,847 28
43 RESERVE FOR REPURCHASE OF SHARES 5,559,308 20 5,559,308 19
44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK-
HOLDERS' EQUITY (2,562,063) (9) (2,359,974) (8)
45 NET INCOME FOR THE YEAR 4,316,743 16 3,783,295 13
----------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED BALANCE SHEETS
BREAKDOWN OF MAJOR CONCEPTS
(Thousands of Mexican Pesos)
AUDITED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
--------------------------------------------------
S Amount % Amount %
------------------------------------------------------------------------------------------------------------
3 CASH AND SHORT-TERM INVESTMENTS 16,641,341 100 12,900,103 100
46 CASH 390,525 2 391,051 3
47 SHORT-TERM INVESTMENTS 16,250,816 98 12,509,052 97
18 DEFERRED ASSETS (NET) 9,156,596 100 9,677,720 100
48 DEFERRED EXPENSES (NET) 1,635,630 18 1,716,894 18
49 GOODWILL 7,520,966 82 7,960,826 82
50 DEFERRED TAXES 0 0 0 0
51 OTHER 0 0 0 0
21 CURRENT LIABILITIES 8,781,977 100 5,646,098 100
52 FOREIGN CURRENCY LIABILITIES 5,144,661 59 2,209,166 39
53 MEXICAN PESOS LIABILITIES 3,637,316 41 3,436,932 61
24 STOCK MARKET LOANS 3,210,912 100 0 100
54 COMMERCIAL PAPER 0 0 0 0
55 CURRENT MATURITIES OF MEDIUM-TERM NOTES 0 0 0 0
56 CURRENT MATURITIES OF BONDS 3,210,912 100 0 0
26 OTHER CURRENT LIABILITIES 1,790,874 100 1,453,102 100
57 OTHER CURRENT LIABILITIES WITH COST 70,743 4 0 0
58 OTHER CURRENT LIABILITIES WITHOUT COST 1,720,131 96 1,453,102 100
27 LONG-TERM LIABILITIES 20,860,418 100 16,212,771 100
59 FOREIGN CURRENCY LIABILITIES 11,978,631 57 11,442,893 71
60 MEXICAN PESOS LIABILITIES 8,881,787 43 4,769,878 29
29 STOCK MARKET LOANS 13,932,398 100 13,338,485 100
61 BONDS 13,932,398 100 13,338,485 100
62 MEDIUM-TERM NOTES 0 0 0 0
30 OTHER LOANS 1,916,619 100 745,282 100
63 OTHER LOANS WITH COST 1,324,615 69 0 0
64 OTHER LOANS WITHOUT COST 592,004 31 745,282 100
31 DEFERRED LIABILITIES 16,637,233 100 15,945,557 100
65 NEGATIVE GOODWILL 0 0 0 0
66 DEFERRED TAXES 1,334,022 8 1,214,381 8
67 OTHER 15,303,211 92 14,731,176 92
32 OTHER LIABILITIES 0 100 1,361,173 100
68 RESERVES 0 0 0 0
69 OTHER LIABILITIES 0 0 1,361,173 100
44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK- (2,562,063) 100 (2,359,974) 100
HOLDERS' EQUITY
70 ACCUMULATED MONETARY RESULT (31,540) (1) (31,540) (1)
71 RESULT FROM HOLDING NON-MONETARY ASSETS (2,530,523) (99) (2,328,434) (99)
------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENTS
OTHER CONCEPTS
(Thousands of Mexican Pesos)
AUDITED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
--------------------------------------------------
S Amount Amount
------------------------------------------------------------------------------------------------------------
72 WORKING CAPITAL 25,267,505 24,604,806
73 PENSIONS AND SENIORITY PREMIUMS 1,142,468 0
74 EXECUTIVES (*) 36 36
75 EMPLOYEES (*) 14,104 12,248
76 WORKERS (*) 0 0
77 OUTSTANDING SHARES (*) 341,637,582,351 8,753,603,425
78 REPURCHASED SHARES (*) 27,635,788,050 714,944,534
------------------------------------------------------------------------------------------------------------
(*) THESE CONCEPTS ARE STATED IN UNITS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
FROM JANUARY 1 THROUGH DECEMBER 31, 2004 AND 2003
(Thousands of Mexican Pesos)
AUDITED INFORMATION FINAL PRINTING
---------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
--------------------------------------------------
R Amount % Amount %
---------------------------------------------------------------------------------------------------------------
1 NET SALES 29,314,253 100 24,786,332 100
2 COST OF SALES 16,423,521 56 14,785,713 60
3 GROSS PROFIT 12,890,732 44 10,000,619 40
4 OPERATING EXPENSES 4,332,896 15 3,640,849 15
5 OPERATING INCOME 8,557,836 29 6,359,770 26
6 INTEGRAL FINANCING COST 1,516,158 5 646,426 3
7 INCOME AFTER INTEGRAL FINANCING COST 7,041,678 24 5,713,344 23
8 OTHER FINANCIAL OPERATIONS 910,247 3 1,262,821 5
9 INCOME BEFORE TAXES AND EMPLOYEES' PROFIT
SHARING 6,131,431 21 4,450,523 18
10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT
SHARING 1,176,341 4 756,830 3
11 NET INCOME AFTER TAXES AND EMPLOYEES' PROFIT
SHARING 4,955,090 17 3,693,693 15
12 SHARE IN NET INCOME OF NON-CONSOLIDATED
SUBSIDIARIES AND ASSOCIATES 614,994 2 29,756 0
13 CONSOLIDATED NET INCOME OF CONTINUING
OPERATIONS 5,570,084 19 3,723,449 15
14 INCOME FROM DISCONTINUED OPERATIONS 0 0 67,487 0
15 CONSOLIDATED NET INCOME BEFORE
EXTRAORDINARY ITEMS 5,570,084 19 3,655,962 15
16 EXTRAORDINARY ITEMS, NET EXPENSE (INCOME) 0 0 0 0
17 CUMULATIVE EFFECT FROM ACCOUNTING CHANGE, NET 1,021,590 3 0 0
18 NET CONSOLIDATED INCOME 4,548,494 16 3,655,962 15
19 NET INCOME OF MINORITY INTEREST 231,751 1 (127,333) (1)
20 NET INCOME OF MAJORITY INTEREST 4,316,743 15 3,783,295 15
---------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
AUDITED INFORMATION FINAL PRINTING
-------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
-----------------------------------------------
R Amount % Amount %
-------------------------------------------------------------------------------------------------------------
1 NET SALES 29,314,253 100 24,786,332 100
21 DOMESTIC 24,803,269 85 20,471,449 83
22 FOREIGN 4,510,984 15 4,314,883 17
23 TRANSLATED INTO DOLLARS (***) 404,609 1 365,431 1
6 INTEGRAL FINANCING COST 1,516,158 100 646,426 100
24 INTEREST EXPENSE 1,923,275 127 1,300,620 201
25 FOREIGN EXCHANGE LOSS 92,109 6 0 0
26 INTEREST INCOME 656,511 43 683,626 106
27 FOREIGN EXCHANGE GAIN 0 0 203,392 31
28 RESULT FROM MONETARY POSITION (14,824) (1) 86,261 13
42 LOSS ON RESTATEMENT OF UDIS 172,109 11 146,563 23
43 GAIN ON RESTATEMENT OF UDIS 0 0 0 0
8 OTHER FINANCIAL OPERATIONS 910,247 100 1,262,821 100
29 OTHER EXPENSE (INCOME) NET 910,247 100 1,262,821 100
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 1,176,341 100 756,830 100
32 INCOME TAX 597,463 51 1,100,324 145
33 DEFERRED INCOME TAX 572,359 49 (349,305) (46)
34 EMPLOYEES' PROFIT SHARING 6,519 1 5,811 1
35 DEFERRED EMPLOYEES' PROFIT SHARING 0 0 0 0
-------------------------------------------------------------------------------------------------------------
(***) THOUSANDS OF DOLLARS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
OTHER CONCEPTS
(Thousands of Mexican Pesos)
AUDITED INFORMATION FINAL PRINTING
--------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
----------------------------------------
R Amount Amount
--------------------------------------------------------------------------------------------------
36 TOTAL SALES 31,174,116 26,784,658
37 TAX RESULT FOR THE YEAR 208,161 0
38 NET SALES (**) 29,314,253 24,786,332
39 OPERATING INCOME (**) 8,557,836 6,359,770
40 NET INCOME OF MAJORITY INTEREST (**) 4,316,743 3,783,295
41 NET CONSOLIDATED INCOME (**) 4,548,494 3,655,962
--------------------------------------------------------------------------------------------------
(**) RESTATED INFORMATION FOR THE LAST TWELVE MONTHS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
FROM OCTOBER 1 THROUGH DECEMBER 31, 2004 AND 2003
(Thousands of Mexican Pesos)
AUDITED INFORMATION FINAL PRINTING
---------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
--------------------------------------------------
R Amount % Amount %
---------------------------------------------------------------------------------------------------------------
1 NET SALES 8,414,103 100 7,389,601 100
2 COST OF SALES 4,383,090 52 4,339,285 59
3 GROSS PROFIT 4,031,013 48 3,050,316 41
4 OPERATING EXPENSES 1,189,919 14 981,436 13
5 OPERATING INCOME 2,841,094 34 2,068,880 28
6 INTEGRAL FINANCING COST 453,174 5 225,727 3
7 INCOME AFTER INTEGRAL FINANCING COST 2,387,920 28 1,843,153 25
8 OTHER FINANCIAL OPERATIONS 61,324 1 884,505 12
9 INCOME BEFORE TAXES AND EMPLOYEES' PROFIT
SHARING 2,326,596 28 958,648 13
10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT
SHARING 372,213 4 (45,056) (1)
11 NET INCOME AFTER TAXES AND EMPLOYEES' PROFIT
SHARING 1,954,383 23 1,003,704 14
12 SHARE IN NET INCOME OF NON-CONSOLIDATED
SUBSIDIARIES AND ASSOCIATES 51,358 1 354,445 5
13 CONSOLIDATED NET INCOME OF CONTINUING
OPERATIONS 2,005,741 24 1,358,149 18
14 INCOME FROM DISCONTINUED OPERATIONS 0 0 67,487 1
15 CONSOLIDATED NET INCOME BEFORE
EXTRAORDINARY ITEMS 2,005,741 24 1,290,662 17
16 EXTRAORDINARY ITEMS, NET EXPENSE (INCOME) 0 0 0 0
17 CUMULATIVE EFFECT FROM ACCOUNTING CHANGE, NET (5,145) 0 0 0
18 NET CONSOLIDATED INCOME 2,010,886 24 1,290,662 17
19 NET INCOME OF MINORITY INTEREST 173,449 2 (122,408) (2)
20 NET INCOME OF MAJORITY INTEREST 1,837,437 22 1,413,070 19
---------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
AUDITED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
-----------------------------------------------
R Amount % Amount %
------------------------------------------------------------------------------------------------------------
1 NET SALES 8,414,103 100 7,389,601 100
21 DOMESTIC 7,464,099 89 6,208,738 84
22 FOREIGN 950,004 11 1,180,863 16
23 TRANSLATED INTO DOLLARS (***) 97,541 1 99,129 1
6 INTEGRAL FINANCING COST 453,174 100 225,727 100
24 INTEREST EXPENSE 627,414 138 336,894 149
25 FOREIGN EXCHANGE LOSS 71,732 16 0 0
26 INTEREST INCOME 184,850 41 133,744 59
27 FOREIGN EXCHANGE GAIN 0 0 89,428 40
28 RESULT FROM MONETARY POSITION (122,828) (27) 47,648 21
42 LOSS ON RESTATEMENT OF UDIS 61,706 14 64,357 29
43 GAIN ON RESTATEMENT OF UDIS 0 0 0 0
8 OTHER FINANCIAL OPERATIONS 61,324 100 884,505 100
29 OTHER EXPENSE (INCOME) NET 61,324 100 884,505 100
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 372,213 100 (45,056) (100)
32 INCOME TAX 191,834 52 (67,965) (151)
33 DEFERRED INCOME TAX 178,016 48 21,575 48
34 EMPLOYEES' PROFIT SHARING 2,363 1 1,334 3
35 DEFERRED EMPLOYEES' PROFIT SHARING 0 0 0 0
------------------------------------------------------------------------------------------------------------
(***) THOUSANDS OF DOLLARS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
FROM JANUARY 1 THROUGH DECEMBER 31, 2004 AND 2003
(Thousands of Mexican Pesos)
AUDITED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
--------------------------------------------------
C Amount Amount
------------------------------------------------------------------------------------------------------------
1 CONSOLIDATED NET INCOME 4,548,494 3,655,962
2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT
REQUIRE USING RESOURCES 3,451,080 1,609,883
3 RESOURCES FROM NET INCOME FOR THE YEAR 7,999,574 5,265,845
4 RESOURCES FROM CHANGE IN WORKING CAPITAL (236,797) 1,511,112
5 RESOURCES PROVIDED BY (USED FOR) OPERATING
ACTIVITIES 7,762,777 6,776,957
6 CASH FLOW FROM EXTERNAL FINANCING 1,780,193 (492,713)
7 CASH FLOW FROM INTERNAL FINANCING (4,102,740) (1,187,761)
8 RESOURCES PROVIDED BY (USED FOR) FINANCING
ACTIVITIES (2,322,547) (1,680,474)
9 RESOURCES PROVIDED BY (USED FOR) INVESTMENT
ACTIVITIES (2,166,851) (1,806,839)
10 NET INCREASE (DECREASE) IN CASH AND SHORT-TERM
INVESTMENTS 3,273,379 3,289,644
11 CASH AND SHORT-TERM INVESTMENTS AT THE
BEGINNING OF PERIOD 13,367,962 9,610,459
12 CASH AND SHORT-TERM INVESTMENTS AT THE END
OF PERIOD 16,641,341 12,900,103
------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
AUDITED INFORMATION FINAL PRINTING
--------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
--------------------------------------------------
C Amount Amount
--------------------------------------------------------------------------------------------------------------
2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT
REQUIRE USING RESOURCES 3,451,080 1,609,883
13 DEPRECIATION AND AMORTIZATION FOR THE YEAR 2,075,004 1,604,412
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 1,376,076 5,471
4 RESOURCES FROM CHANGE IN WORKING CAPITAL (236,797) 1,511,112
18 + (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE 69,320 (760,692)
19 + (-) DECREASE (INCREASE) IN INVENTORIES 203,394 543,097
20 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS
RECEIVABLE (332,218) (53,563)
21 + (-) INCREASE (DECREASE) IN SUPPLIERS (605,452) 100,870
22 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES 428,159 1,681,400
6 CASH FLOW FROM EXTERNAL FINANCING 1,780,193 (492,713)
23 + SHORT-TERM BANK AND STOCK MARKET FINANCING 0 0
24 + LONG-TERM BANK AND STOCK MARKET FINANCING 4,174,460 1,429,550
25 + DIVIDEND RECEIVED 0 0
26 + OTHER FINANCING (1,008,249) 0
27 (-) BANK FINANCING AMORTIZATION (1,386,018) (239,008)
28 (-) STOCK MARKET FINANCING AMORTIZATION 0 (757,810)
29 (-) OTHER FINANCING AMORTIZATION 0 (925,445)
7 CASH FLOW FROM INTERNAL FINANCING (4,102,740) (1,187,761)
30 + (-) INCREASE (DECREASE) IN CAPITAL STOCK 0 0
31 (-) DIVIDENDS PAID (3,981,377) (601,555)
32 + PREMIUM ON SALE OF SHARES 0 0
33 + CONTRIBUTION FOR FUTURE CAPITAL INCREASES (121,363) (586,206)
9 RESOURCES PROVIDED BY (USED FOR) INVESTMENT
ACTIVITIES (2,166,851) (1,806,839)
34 + (-) DECREASE (INCREASE) IN PERMANENT INVESTMENTS (202,893) (76,450)
35 (-) ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT (2,026,979) (1,106,840)
36 (-) INCREASE IN CONSTRUCTION IN PROGRESS 0 0
37 + SALE OF OTHER PERMANENT INVESTMENTS 0 0
38 + SALE OF TANGIBLE FIXED ASSETS 148,543 435,958
39 + (-) OTHER ITEMS (85,522) (1,059,507)
--------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
RATIOS
CONSOLIDATED
AUDITED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
P
------------------------------------------------------------------------------------------------------------
YIELD
1 NET INCOME TO NET SALES 15.52 % 14.75 %
2 NET INCOME TO STOCKHOLDERS' EQUITY (**) 15.57 % 13.60 %
3 NET INCOME TO TOTAL ASSETS (**) 6.16 % 5.37 %
4 CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME 0.00 % 0.00 %
5 RESULT FROM MONETARY POSITION TO NET INCOME 0.33 % (2.36) %
ACTIVITY
6 NET SALES TO NET ASSETS (**) 0.40 times 0.36 times
7 NET SALES TO FIXED ASSETS (**) 1.53 times 1.51 times
8 INVENTORIES TURNOVER (**) 3.86 times 3.47 times
9 ACCOUNTS RECEIVABLE IN DAYS OF SALES 120 days 141 days
10 PAID INTEREST TO TOTAL LIABILITIES WITH COST (**) 8.14 % 8.25 %
LEVERAGE
11 TOTAL LIABILITIES TO TOTAL ASSETS 62.64 % 57.49 %
12 TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY 1.68 times 1.35 times
13 FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES 37.00 % 34.86 %
14 LONG-TERM LIABILITIES TO FIXED ASSETS 108.88 % 98.80 %
15 OPERATING INCOME TO INTEREST PAID 4.45 times 4.89 times
16 NET SALES TO TOTAL LIABILITIES (**) 0.63 times 0.63 times
LIQUIDITY
17 CURRENT ASSETS TO CURRENT LIABILITIES 3.88 times 5.36 times
18 CURRENT ASSETS LESS INVENTORY TO CURRENT
LIABILITIES 3.39 times 4.60 times
19 CURRENT ASSETS TO TOTAL LIABILITIES 0.74 times 0.77 times
20 AVAILABLE ASSETS TO CURRENT LIABILITIES 189.49 % 228.48 %
CASH FLOW
21 RESOURCES FROM NET INCOME TO NET SALES 27.29 % 21.24 %
22 RESOURCES FROM CHANGES IN WORKING CAPITAL
TO NET SALES (0.81) % 6.10 %
23 RESOURCES GENERATED (USED) IN OPERATING TO
INTEREST PAID 4.04 times 5.21 times
24 EXTERNAL FINANCING TO RESOURCES PROVIDED BY
(USED FOR) FINANCING (76.65) % 29.32 %
25 INTERNAL FINANCING TO RESOURCES PROVIDED BY
(USED FOR) FINANCING 176.65 % 70.68 %
26 ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT
TO RESOURCES PROVIDED BY (USED FOR) INVESTMENT
ACTIVITIES 93.54 % 61.26 %
------------------------------------------------------------------------------------------------------------
(**) RATIOS TAKE INTO CONSIDERATION THE LAST TWELVE MONTHS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
DATA PER SHARE
CONSOLIDATED FINANCIAL STATEMENT
AUDITED INFORMATION FINAL PRINTING
---------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
-----------------------------------------
D AMOUNT AMOUNT
---------------------------------------------------------------------------------------------------
1 BASIC PROFIT PER ORDINARY SHARE (**) $ .01 $ .43
2 BASIC PROFIT PER PREFERRED SHARE (**) $ .00 $ .43
3 DILUTED PROFIT PER ORDINARY SHARE (**) $ .00 $ .00
4 CONTINUING OPERATING PROFIT PER COMMON
SHARE (**) $ .02 $ .42
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 $ 3.18
9 CASH DIVIDEND ACCUMULATED PER SHARE $ .42 $ .07
10 DIVIDEND IN SHARES PER SHARE .10 shares .00 shares
11 MARKET PRICE TO CARRYING VALUE 3.54 times 2.35 times
12 MARKET PRICE TO BASIC PROFIT PER ORDINARY
SHARE (**) 23.00 times 17.41 times
13 MARKET PRICE TO BASIC PROFIT PER PREFERRED
SHARE (**) .00 times 17.30 times
---------------------------------------------------------------------------------------------------
(**) TO CALCULATE THE DATA PER SHARE USE THE NET INCOME FOR THE LAST TWELVE MONTHS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES (1)
CONSOLIDATED
AUDITED INFORMATION FINAL PRINTING
-------------------------------------------------------------------------------
CONSOLIDATED FINANCIAL STATEMENTS - BREAKDOWN OF MAIN CONCEPTS
LINE S53 MEXICAN PESOS LIABILITIES. THIS CAPTION INCLUDES, IN THE
FOURTH QUARTER OF 2004, LIABILITIES IN FOREIGN CURRENCY (TAXES
PAYABLE) FOR AN AMOUNT OF PS.49,936, 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).
STATEMENT OF CHANGES
THE LINE C11 "CASH AND SHORT-TERM INVESTMENTS AT THE BEGINNING OF
PERIOD" INCLUDES PS.467,859 OF CASH RELATED TO THE INITIAL EFFECT OF
CONSOLIDATING INNOVA.
STATEMENT OF CHANGES - ANALYSIS OF MAJOR CONCEPTS
LINE C33 "CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES" INCLUDES
PS.586,189 OF RESALE OF SHARES REPURCHASED PS.(815,422) OF REPURCHASE
OF SHARES AND PS.107,870 OF ADDITIONAL PAID-IN CAPITAL.
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.
RATIOS CONSOLIDATED
LINE P08 "INVENTORIES TURNOVER" INCLUDES CURRENT TRANSMISSION RIGHTS
AND PROGRAMMING.
------------------------------------------------------------------------------
(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: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
ANALYSIS OF PAID CAPITAL STOCK
CHARACTERISTICS OF THE SHARES
CONSOLIDATED
AUDITED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------------------------------
CAPITAL STOCK
NUMBER OF SHARES (Thousands of Mexican Pesos)
---------------------------------------------------------------------------------
NOMINAL VALID FIXED VARIABLE FREE
SERIES VALUE COUPON PORTION PORTION MEXICAN SUBSCRIPTION FIXED VARIABLE
------------------------------------------------------------------------------------------------------------------
A 0 114,608,385,240 114,608,385,240 852,636
------------------------------------------------------------------------------------------------------------------
B 0 54,289,618,459 54,289,618,459 411,974
------------------------------------------------------------------------------------------------------------------
D 0 86,369,789,326 86,369,789,326 629,782
------------------------------------------------------------------------------------------------------------------
L 0 86,369,789,326 86,369,789,326 629,782
------------------------------------------------------------------------------------------------------------------
TOTAL 341,637,582,351 0 255,267,793,025 86,369,789,326 2,524,174 0
------------------------------------------------------------------------------------------------------------------
TOTAL NUMBER OF SHARES REPRESENTING THE PAID-IN CAPITAL STOCK ON THE DATE THE
INFORMATION WAS SENT:
341,637,582,351
SHARES REPRESENTED BY:
CPOS: 117 SHARES (25 SERIES A, 22 SERIES B, 35 SERIES D AND 35 SERIES L)
UNITS: 0
ADRSS: 0
GDRSS: 0
ADSS: 0
GDSS: TWENTY CPOS
SHARES REPURCHASED
MARKET VALUE OF EACH SHARE
NUMBER OF AT REPURCHASE AT END OF THE
SERIES SHARES AVERAGE PRICE QUARTER PRICE
-----------------------------------------------------------------------
A 10,127,858,935 0.18353 0.28760
B 5,980,064,337 0.18353 0.28760
D 5,763,932,389 0.18353 0.28760
L 5,763,932,389 0.18353 0.28760
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 29, 2005
MEXICAN STOCK EXCHANGE ("BMV")
STOCK EXCHANGE CODE: TLEVISA DATE: 5/4/2005
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: 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: PROSECRETARY OF THE BOARD OF DIRECTORS
POSITION: COUNSEL OF THE PRESIDENT
NAME: LIC. JULIO BARBA HURTADO
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 2
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-24-23
FAX:
E-MAIL: jbarbah@televisa.com.mx
-----------------------
------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR 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: 5/4/2005
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 : ALBERTO BAILLERES GONZALEZ
NAME : JULIO BARBA HURTADO
NAME : JOSE ANTONIO BASTON PATINO
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 : JUAN SEBASTIAN MIJARES ORTEGA
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 : RICARDO MALDONADO YANEZ
------------------------------------------------------------------------------
POSITION : ALTERNATE SECRETARY(IES) OF THE BOARD
NAME : JULIO BARBA HURTADO
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
ANNEX 1
CONSOLIDATED
AUDITED INFORMATION FINAL PRINTING
---------------------------------------------------------------------------
MEXICO CITY, MAY 2, 2005 - GRUPO TELEVISA, S.A. ("TELEVISA" OR "THE
COMPANY"; NYSE:TV; BMV: TLEVISA CPO) TODAY ANNOUNCED AUDITED RESULTS FOR
THE FOURTH QUARTER AND FULL YEAR 2004. THE RESULTS HAVE BEEN PREPARED IN
ACCORDANCE WITH MEXICAN GAAP AND ARE ADJUSTED IN MILLIONS OF MEXICAN PESOS
IN PURCHASING POWER AS OF DECEMBER 31, 2004. 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 (FOR FURTHER INFORMATION
SEE "PUBLISHING DISTRIBUTION").
NET SALES
NET SALES INCREASED 18.3% TO PS.29,314.3 MILLION IN 2004 COMPARED WITH
PS.24,786.3 MILLION IN 2003. THIS INCREASE WAS ATTRIBUTABLE TO THE
CONSOLIDATION OF SKY MEXICO INTO OUR FINANCIAL STATEMENTS BEGINNING IN
2004'S SECOND QUARTER AND REVENUE GROWTH IN MOST OF OUR BUSINESS UNITS,
PARTIALLY OFFSET BY A DECREASE IN SALES OF OUR PUBLISHING DISTRIBUTION
SEGMENT DUE TO AN ACCOUNTING CHANGE.
OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION
OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION ("OIBDA") INCREASED
33.5% TO PS.10,632.8 MILLION IN 2004 COMPARED WITH PS.7,964.2 IN 2003. THIS
INCREASE REFLECTS THE CONSOLIDATION OF SKY MEXICO INTO OUR FINANCIAL
STATEMENTS BEGINNING IN 2004'S SECOND QUARTER AND HIGHER SALES IN MOST OF
OUR BUSINESS UNITS, WHICH WERE PARTIALLY OFFSET BY INCREASED COST OF SALES
AND OPERATING EXPENSES. OIBDA MARGIN EXPANDED TO 36.3% IN 2004 COMPARED
WITH 32.1% REPORTED IN 2003. THIS INCREASE REFLECTS AN OIBDA MARGIN GROWTH
IN ALL OF OUR BUSINESS UNITS AND THE ACCOUNTING CHANGE IN OUR PUBLISHING
DISTRIBUTION SEGMENT. IN ADDITION, OPERATING INCOME ROSE 34.6% TO
PS.8,557.8 MILLION IN 2004 COMPARED WITH PS.6,359.8 MILLION REPORTED LAST
YEAR.
THE CHARGE FOR OPERATING DEPRECIATION AND AMORTIZATION WAS PS.2,075.0
MILLION IN 2004 AND PS.1,604.4 MILLION IN 2003.
NET INCOME
NET INCOME INCREASED 14.1% TO PS.4,316.7 MILLION IN 2004 COMPARED WITH
PS.3,783.3 MILLION IN 2003. THE NET INCREASE OF PS.533.4 MILLION REFLECTS
PRIMARILY: I) A PS.2,668.6 MILLION INCREASE IN OIBDA; II) A PS.296.2
MILLION DECREASE IN RESTRUCTURING AND NON-RECURRING CHARGES; III) A PS.56.5
MILLION DECREASE IN OTHER EXPENSE; IV) A PS.585.2 MILLION INCREASE IN
EQUITY INCOME OF AFFILIATES; AND V) A PS.67.5 MILLION DECREASE IN LOSS FROM
DISCONTINUED OPERATIONS. THESE FAVORABLE CHANGES WERE PARTIALLY OFFSET BY:
I) A PS.470.6 INCREASE IN DEPRECIATION AND AMORTIZATION; II) A PS.869.8
INCREASE IN INTEGRAL COST OF FINANCING; III) A PS.419.5 MILLION INCREASE IN
INCOME TAXES; IV) A PS.1,021.6 MILLION LOSS EFFECT IN ACCOUNTING CHANGE;
AND V) A PS.359.1 MILLION INCREASE IN MINORITY INTEREST.
PRO FORMA RESULTS BY BUSINESS SEGMENTS
THE FOLLOWING UNAUDITED FOURTH QUARTER AND FULL YEAR PRO FORMA INFORMATION
GIVES EFFECT TO THE CONSOLIDATION OF SKY MEXICO INTO OUR FINANCIAL
STATEMENTS AND THE SALES AND COSTS OF GOODS SOLD RECOGNITION IN OUR
PUBLISHING DISTRIBUTION SEGMENT, AND ASSUMES THAT BOTH OCCURRED AT THE
BEGINNING OF EACH PERIOD PRESENTED.
TELEVISION BROADCASTING
FOURTH QUARTER SALES INCREASED 4.7% (PS.5,282.9 MILLION AND PS.5,046.7
MILLION FOR THE FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY). FULL YEAR
SALES INCREASED 5.7% TO PS.17,102 MILLION IN 2004 FROM PS.16,185.7 MILLION
REPORTED IN 2003. THE ANNUAL INCREASE WAS MAINLY ATTRIBUTABLE TO THREE
FACTORS: I) AN INCREASE IN ADVERTISING REVENUES, DRIVEN MAINLY BY STRONGER
ECONOMIC ACTIVITY IN MEXICO; II) THE BROADCAST OF THE OLYMPIC GAMES AND
OTHER MAJOR SPORTING EVENTS; AND III) AN INCREASE OF 9.8% IN LOCAL SALES,
DRIVEN MAINLY BY CHANNEL 4TV. EXCLUDING THE POLITICAL ADVERTISING SOLD
DURING 2003, SALES INCREASED 10.4%.
FOURTH QUARTER OIBDA INCREASED 11.2% (PS.2,473.4 MILLION AND PS.2,224.6
MILLION FOR THE FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY), AND OIBDA
MARGIN REACHED 46.8%. FULL YEAR OIBDA INCREASED 12.8% TO PS.7,760.2 MILLION
IN 2004 FROM PS.6,879.7 MILLION REPORTED IN 2003, AND OIBDA MARGIN EXPANDED
TO 45.4%, REFLECTING HIGHER SALES AND A MARGINAL INCREASE OF 0.5% IN COSTS
OF SALES COMBINED WITH FLAT OPERATING EXPENSES.
PAY TELEVISION NETWORKS
PAY TELEVISION NETWORKS WAS PREVIOUSLY STATED AS "PROGRAMMING FOR PAY
TELEVISION".
FOURTH QUARTER SALES INCREASED 6.3% (PS.211.7 MILLION AND PS.199.1 MILLION
FOR THE FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY). FULL YEAR SALES
INCREASED 8.8% TO PS.800.8 MILLION IN 2004 FROM PS.736.0 MILLION REPORTED
IN 2003. THE ANNUAL INCREASE REFLECTS HIGHER ADVERTISING REVENUES AND
SIGNALS SOLD IN MEXICO, AS WELL AS HIGHER SIGNALS SOLD IN LATIN AMERICA.
THESE INCREASES WERE PARTIALLY OFFSET BY LOWER SIGNALS SOLD IN SPAIN.
FOURTH QUARTER OIBDA ROSE 126.2% (PS.78.5 MILLION AND PS.34.7 MILLION FOR
THE FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY), AND OIBDA MARGIN
REACHED 37.1%. FULL YEAR OIBDA INCREASED 83.9% TO PS.298.5 MILLION IN 2004
FROM PS.162.3 MILLION REPORTED IN 2003, AND OIBDA MARGIN EXPANDED TO 37.3%.
THE ANNUAL INCREASE WAS DUE TO: I) HIGHER SALES; II) LOWER COST OF SALES
PRIMARILY REFLECTING A DECREASE IN PROGRAMMING COSTS; AND III) LOWER
OPERATING EXPENSES REFLECTING A DECREASE IN SALES COMMISSIONS AND A
REDUCTION OF DOUBTFUL TRADE ACCOUNTS THAT WERE PARTIALLY OFFSET BY HIGHER
ADVERTISING AND PROMOTION EXPENSES.
PROGRAMMING EXPORTS
PROGRAMMING EXPORTS WAS PREVIOUSLY STATED AS "PROGRAMMING LICENSING".
FOURTH QUARTER SALES INCREASED 24.3% (PS.491.5 MILLION AND PS.395.3 MILLION
FOR THE FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY). FULL YEAR SALES
INCREASED 11.8% TO PS.1,917.3 MILLION IN 2004 FROM PS.1,714.8 MILLION
REPORTED IN 2003. THE ANNUAL INCREASE WAS ATTRIBUTABLE TO A 9.3% INCREASE
IN ROYALTIES PAID TO THE COMPANY BY UNIVISION UNDER THE UNIVISION PROGRAM
LICENSE AGREEMENT, WHICH AMOUNTED TO U.S.$105 MILLION IN 2004 COMPARED WITH
U.S.$96.1 MILLION REPORTED IN 2003, AS WELL AS HIGHER EXPORT SALES TO LATIN
AMERICA. THESE INCREASES WERE PARTIALLY OFFSET BY A TRANSLATION EFFECT ON
FOREIGN CURRENCY-DENOMINATED SALES, WHICH AMOUNTED TO PS.9.3 MILLION, AND
BY LOWER EXPORT SALES TO EUROPE, ASIA AND AFRICA.
FOURTH QUARTER OIBDA ROSE 169% (PS.198.0 MILLION AND PS.73.6 MILLION FOR
THE FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY), AND OIBDA MARGIN
REACHED 40.3%. FULL YEAR OIBDA INCREASED 39.7% TO PS.731.7 MILLION IN 2004
FROM PS.523.9 MILLION REPORTED IN 2003, AND OIBDA MARGIN EXPANDED TO 38.2%.
THIS ANNUAL INCREASE WAS DUE TO HIGHER SALES, AS WELL AS A MARGINAL
DECREASE IN COST OF SALES, AND LOWER OPERATING EXPENSES DUE TO A LOWER
PROVISION FOR DOUBTFUL TRADE ACCOUNTS.
PUBLISHING
FOURTH QUARTER SALES INCREASED 13.3% (PS.639.4 MILLION AND PS.564.5 MILLION
FOR THE FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY). FULL YEAR SALES
INCREASED 11.3% TO PS.2,093.4 MILLION IN 2004 FROM PS.1,880.6 MILLION
REPORTED IN 2003. THE ANNUAL INCREASE WAS ATTRIBUTABLE TO AN INCREASE IN
ADVERTISING PAGES SOLD IN MEXICO AND ABROAD, AS WELL AS HIGHER CIRCULATION
OF MAGAZINES SOLD ABROAD. THESE INCREASES WERE PARTIALLY OFFSET BY A
NEGATIVE TRANSLATION EFFECT ON FOREIGN CURRENCY-DENOMINATED SALES, WHICH
AMOUNTED TO PS.36.2 MILLION.
FOURTH QUARTER OIBDA ROSE 26.4% (PS.156.5 MILLION AND PS.123.8 MILLION FOR
THE FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY), AND OIBDA MARGIN
REACHED 24.5%. FULL YEAR OIBDA INCREASED 16.6% TO PS.424.7 MILLION IN 2004
FROM PS.364.1 REPORTED IN 2003, AND OIBDA MARGIN EXPANDED TO 20.3%. THIS
ANNUAL INCREASE WAS DUE TO HIGHER SALES, WHICH WERE PARTIALLY OFFSET BY AN
INCREASE IN COST OF SALES DUE TO HIGHER PAPER AND PRINTING COSTS, AS WELL
AS AN INCREASE IN OPERATING EXPENSES.
PUBLISHING DISTRIBUTION
WE AMENDED THE TERMS AND CONDITIONS OF OUR AGREEMENTS WITH OUR PUBLISHERS.
AS A RESULT, WE ARE CHANGING THE WAY IN WHICH WE ACCOUNT FOR SALES AND COST
OF SALES IN OUR PUBLISHING DISTRIBUTION BUSINESS. EFFECTIVE OCTOBER 1,
2004, WE RECOGNIZED AS SALES THE MARGINAL CONTRIBUTION GENERATED BY THE
PRODUCTS WE DISTRIBUTE. WE HAD FORMERLY RECOGNIZED SALES AND COST OF GOODS
SOLD SEPARATELY. THIS CHANGE DOES NOT AFFECT OUR OIBDA RESULTS.
FOURTH QUARTER SALES DECREASED 2.7% (PS.99.1 MILLION AND PS.101.8 MILLION
FOR THE FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY), AND FOR THE FULL
YEAR SALES INCREASED 3.7% TO PS.368.7 MILLION IN 2004 FROM PS.355.6 MILLION
REPORTED IN 2003. THE ANNUAL INCREASE WAS DRIVEN BY HIGHER DISTRIBUTION
SALES ABROAD AND HIGHER REVENUES FROM MAGAZINES PUBLISHED BY THE COMPANY
AND SOLD IN MEXICO AND ABROAD, WHICH WERE PARTIALLY OFFSET BY A NEGATIVE
TRANSLATION EFFECT ON FOREIGN CURRENCY-DENOMINATED SALES, WHICH AMOUNTED TO
PS.10.4 MILLION, AS WELL AS LOWER SALES OF MAGAZINES PUBLISHED BY THIRD
PARTIES AND SOLD IN MEXICO. HAD THE ACCOUNTING CHANGE NOT TAKEN EFFECT,
FOURTH QUARTER AND FULL YEAR SALES WOULD HAVE INCREASED 2.6% AND 11.5%,
RESPECTIVELY.
FOURTH QUARTER OPERATING RESULTS BEFORE DEPRECIATION AND AMORTIZATION
DECREASED TO A LOSS OF PS.12.4 MILLION FROM AN OIBDA OF PS.2.9 MILLION
REPORTED IN THE FOURTH QUARTER OF 2003. FULL YEAR OPERATING RESULT BEFORE
DEPRECIATION AND AMORTIZATION DECREASED TO A LOSS OF PS.25.4 MILLION FROM
AN OIBDA OF PS.9.1 MILLION REPORTED LAST YEAR. THIS ANNUAL DECREASE
RESULTED FROM THE HIGHER COST OF SALES AND OPERATING EXPENSES, WHICH WERE
PARTIALLY OFFSET BY HIGHER SALES.
SKY MEXICO
FOURTH QUARTER SALES INCREASED 17.9% (PS.1,239.1 MILLION AND PS.1,051.0
MILLION FOR THE FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY). FULL YEAR
SALES INCREASED 18.7% TO PS.4,769 MILLION IN 2004 FROM PS.4,019.1 MILLION
REPORTED IN 2003. THE ANNUAL INCREASE WAS DRIVEN BY: I) A 17% INCREASE IN
THE SUBSCRIBER BASE WHICH REACHED 1,002,500 GROSS ACTIVE SUBSCRIBERS
(INCLUDING 60,700 COMMERCIAL SUBSCRIBERS) AS OF DECEMBER 31, 2004 COMPARED
WITH 856,600 GROSS ACTIVE SUBSCRIBERS (INCLUDING 48,500 COMMERCIAL
SUBSCRIBERS) AS OF DECEMBER 31, 2003; II) THE ELIMINATION OF THE EXCISE TAX
ON TELECOMMUNICATIONS SERVICES; AND III) ADDITIONAL PAY-PER-VIEW REVENUES.
FOURTH QUARTER OIBDA ROSE 39% (PS.467.9 MILLION AND PS.336.6 MILLION FOR
THE FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY), AND OIBDA MARGIN
REACHED 37.8%. FULL YEAR OIBDA INCREASED 38.8% TO PS.1,739.4 MILLION IN
2004 FROM PS.1,253.4 MILLION REPORTED IN 2003, AND OIBDA MARGIN EXPANDED TO
36.5%. THIS ANNUAL INCREASE WAS DUE TO HIGHER SALES THAT WERE PARTIALLY
OFFSET BY THE HIGHER COST OF SALES AND OPERATING EXPENSES.
CABLE TELEVISION
FOURTH QUARTER SALES INCREASED 10.5% (PS.294.7 MILLION AND PS.266.7 MILLION
FOR THE FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY). FULL YEAR SALES
GREW 8.7% TO PS.1,127.9 MILLION IN 2004 FROM PS.1,037.7 MILLION REPORTED IN
2003. THE ANNUAL SALES INCREASE REFLECTS THE ELIMINATION OF THE EXCISE TAX
ON TELECOMMUNICATIONS SERVICES, AS WELL AS BOTH HIGHER ADVERTISING REVENUES
AND BROADBAND SUBSCRIPTION FEES. BROADBAND SUBSCRIBERS INCREASED TO 26,400
IN THE FOURTH QUARTER OF 2004 COMPARED WITH 8,600 IN THE FOURTH QUARTER OF
2003. THESE INCREASES WERE PARTIALLY OFFSET BY A 2.6% DECREASE IN THE
SUBSCRIBER BASE WHICH, AS OF THE FOURTH QUARTER, TOTALED 355,000
SUBSCRIBERS (INCLUDING 123,000 DIGITAL SUBSCRIBERS) COMPARED WITH LAST
YEAR'S BASE OF 364,400 SUBSCRIBERS (INCLUDING 60,300 DIGITAL SUBSCRIBERS).
FOURTH QUARTER OIBDA ROSE 5.1% (PS.93.2 MILLION AND PS.88.7 MILLION FOR THE
FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY), AND OIBDA MARGIN DECREASED
TO 31.6% FROM 33.3% REPORTED IN THE FOURTH QUARTER OF 2003. FULL YEAR OIBDA
INCREASED 12.5% TO PS.356.6 MILLION IN 2004 FROM PS.317.1 MILLION REPORTED
IN 2003, AND OIBDA MARGIN EXPANDED TO 31.6% FROM 30.6% IN THE PRIOR YEAR.
THIS ANNUAL INCREASE WAS DUE TO HIGHER SALES, WHICH WERE PARTIALLY OFFSET
BY THE HIGHER COST OF SALES AND OPERATING EXPENSES.
RADIO
FOURTH QUARTER SALES INCREASED 25.4% (PS.93.7 MILLION AND PS.74.7 MILLION
FOR THE FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY). FULL YEAR SALES
INCREASED 12.8% TO PS.295.8 MILLION IN 2004 FROM PS.262.2 MILLION REPORTED
IN 2003, MAINLY DUE TO HIGHER ADVERTISING TIME SOLD IN OUR NEWSCASTS AND
SPORTING EVENTS PROGRAMS.
FOURTH QUARTER OIBDA ROSE 77% (PS.20.0 MILLION AND PS.11.3 MILLION FOR THE
FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY), AND OIBDA MARGIN REACHED
21.3%. FULL YEAR OIBDA INCREASED 33.8% TO PS.31.7 MILLION IN 2004 FROM
PS.23.7 MILLION REPORTED IN 2003, AND OIBDA MARGIN EXPANDED TO 10.7%. THIS
ANNUAL INCREASE WAS DUE TO HIGHER SALES THAT WERE PARTIALLY OFFSET BY AN
INCREASE IN COST OF SALES AND OPERATING EXPENSES RELATED TO HIGHER
PROGRAMMING COSTS.
OTHER BUSINESSES
FOURTH QUARTER SALES DECREASED 3.8% (PS.284.8 MILLION AND PS.296.1 MILLION
FOR THE FOURTH QUARTER OF 2004 AND 2003, RESPECTIVELY). FULL YEAR SALES
INCREASED 18.3% TO PS.1,353.8 MILLION IN 2004 FROM PS.1,143.9 MILLION
REPORTED IN 2003, MAINLY DUE TO HIGHER SALES IN THE FEATURE FILM
DISTRIBUTION BUSINESS AND INTERNET PORTAL BUSINESSES RESULTING FROM HIGHER
SALES RELATED TO THE SMS MESSAGING SERVICE. THESE INCREASES WERE PARTIALLY
OFFSET BY LOWER SALES IN THE SPORTING BUSINESS.
FOURTH QUARTER OPERATING LOSS BEFORE DEPRECIATION AND AMORTIZATION
DECREASED TO PS.42.4 MILLION FROM PS.92.4 MILLION REPORTED IN THE FOURTH
QUARTER OF 2003. FULL YEAR OPERATING LOSS BEFORE DEPRECIATION AND
AMORTIZATION DECREASED TO PS.154.7 MILLION COMPARED WITH PS.230.3 MILLION
REPORTED LAST YEAR. THE ANNUAL FAVORABLE VARIANCE REFLECTS HIGHER SALES AND
LOWER OPERATING EXPENSES, WHICH WERE PARTIALLY OFFSET BY HIGHER COST OF
SALES.
INTERSEGMENT SALES
INTERSEGMENT SALES FOR 2004 AND 2003 AMOUNTED TO PS.862.3 MILLION AND
PS.810.5 MILLION, RESPECTIVELY.
CORPORATE EXPENSES
CORPORATE EXPENSES FOR 2004 AND 2003 AMOUNTED TO PS.156.0 MILLION AND
PS.157.1 MILLION, RESPECTIVELY.
DISPOSED OPERATIONS
THE RESULTS OF OPERATIONS OF THE COMPANY'S NATIONWIDE PAGING AND DUBBING
BUSINESSES ARE PRESENTED AS DISPOSED OPERATIONS IN 2004 AND 2003.
SALES OF DISPOSED OPERATIONS IN 2004 AMOUNTED TO PS.143.7 MILLION AS
COMPARED TO PS.288 MILLION IN 2003.
OIBDA FOR DISPOSED OPERATIONS AMOUNTED TO PS.26.9 MILLION IN 2004 AS
COMPARED TO PS.71.6 MILLION IN 2003.
NON-OPERATING RESULTS
INTEGRAL COST OF FINANCING
THE EXPENSE ATTRIBUTABLE TO INTEGRAL COST OF FINANCING INCREASED BY
PS.869.8 MILLION TO PS.1,516.2 MILLION IN THE YEAR ENDED DECEMBER 31, 2004,
FROM PS.646.4 MILLION IN THE YEAR ENDED DECEMBER 31, 2003. THIS INCREASE
REFLECTS: I) A PS.648.2 MILLION INCREASE IN INTEREST EXPENSE, PRIMARILY AS
A RESULT OF AN INCREASE IN THE AVERAGE AMOUNT OF DEBT, RESULTING FROM THE
CONSOLIDATION OF SKY MEXICO'S DEBT BEGINNING IN THE SECOND QUARTER OF 2004;
II) AN UNFAVORABLE PS.295.5 MILLION CHANGE RESULTING FROM A NET FOREIGN
EXCHANGE LOSS COMPARED TO A NET FOREIGN EXCHANGE GAIN, PRIMARILY IN
CONNECTION WITH A NEGATIVE HEDGE EFFECT IN 2004 THAT AROSE FROM A 0.68%
APPRECIATION OF THE MEXICAN PESO AGAINST THE U.S. DOLLAR DURING THE YEAR
ENDED DECEMBER 31, 2004; THIS COMPARES TO A FAVORABLE HEDGE EFFECT IN 2003
RESULTING FROM A 7.27% DEPRECIATION OF THE MEXICAN PESO AGAINST THE U.S.
DOLLAR DURING THE YEAR ENDED DECEMBER 31, 2003; AND III) A PS.27.1 MILLION
DECREASE IN INTEREST INCOME, REFLECTING SKY MEXICO'S CAPITALIZATION IN
SEPTEMBER 2003 OF ALL AMOUNTS DUE TO US IN CONNECTION WITH CERTAIN
FINANCING PROVIDED FOR THIS JOINT VENTURE, WHICH WAS PARTIALLY OFFSET BY AN
INCREASE IN INTEREST INCOME IN CONNECTION WITH A HIGHER AVERAGE AMOUNT OF
TEMPORARY INVESTMENTS DURING 2004. THESE UNFAVORABLE VARIANCES WERE OFFSET
BY A FAVORABLE PS.101.0 MILLION CHANGE RESULTING FROM A GAIN IN MONETARY
POSITION COMPARED TO A LOSS IN MONETARY POSITION, PRIMARILY AS A RESULT OF
A HIGHER NET LIABILITY MONETARY POSITION, AS WELL AS A HIGHER RATE OF
INFLATION IN 2004 (5.19%) COMPARED WITH 2003 (3.98%).
RESTRUCTURING AND NON-RECURRING CHARGES
RESTRUCTURING AND NON-RECURRING CHARGES DECREASED BY PS.296.2 MILLION, OR
42.8%, TO PS.395.2 MILLION IN 2004 COMPARED TO PS.691.4 MILLION IN 2003.
THIS DECREASE PRIMARILY REFLECTS CERTAIN NON-RECURRING CHARGES RECOGNIZED
BY US IN 2003 IN CONNECTION WITH THE PAYMENT OF SALARY BENEFITS TO UNION
EMPLOYEES AND AN ESTIMATE FOR THE DISPOSAL OF LONG-LIVED ASSETS AND
ASSOCIATED COSTS RELATED TO OUR NATIONWIDE PAGING BUSINESS, AS WELL AS A
REDUCTION IN RESTRUCTURING CHARGES IN CONNECTION WITH WORK FORCE
REDUCTIONS. THESE DECREASES WERE PARTIALLY OFFSET BY NON-RECURRING CHARGES
TAKEN IN THE FOURTH QUARTER OF 2004 RESULTING FROM IMPAIRMENT ADJUSTMENTS
MADE TO THE CARRYING VALUE RECOGNIZED PRIMARILY IN OUR PUBLISHING
DISTRIBUTION BUSINESS.
OTHER EXPENSE-NET
OTHER EXPENSE DECREASED BY PS.56.5 MILLION, OR 9.9%, TO PS.515 MILLION IN
2004, AS COMPARED WITH PS.571.5 MILLION IN 2003. THIS DECREASE PRIMARILY
REFLECTS A REDUCTION IN THE AMORTIZATION OF GOODWILL AS WE CEASED
AMORTIZING THIS INTANGIBLE ASSET BEGINNING JANUARY 1, 2004 WITH THE
ADOPTION OF MEXICAN GAAP BULLETIN B-7 RELATED TO BUSINESS ACQUISITIONS, AS
WELL AS A REDUCTION IN THE LOSS OF DISPOSITION OF FIXED ASSETS. THESE
DECREASES WERE PARTIALLY OFFSET BY A LOSS ON DISPOSITION OF OUR 30%
INTEREST IN A TELEVISION PROGRAMMING PRODUCTION COMPANY IN SPAIN IN THE
SECOND QUARTER OF 2004 COMPARED TO A GAIN ON DISPOSITION OF OUR REMAINING
MINORITY INTEREST IN A DTH VENTURE IN SPAIN DURING 2003.
INCOME TAXES
INCOME TAXES INCREASED BY PS.419.5 MILLION, OR 55.4%, TO PS.1,176.3 MILLION
IN THE YEAR ENDED DECEMBER 31, 2004 FROM PS.756.8 MILLION IN THE YEAR ENDED
DECEMBER 31, 2003. THIS INCREASE PRIMARILY REFLECTS A HIGHER INCOME TAX
BASE IN 2004.
EQUITY IN RESULTS OF AFFILIATES - NET
EQUITY IN INCOME OF AFFILIATES INCREASED BY PS.585.2 MILLION TO PS.615
MILLION IN 2004 COMPARED TO PS.29.8 MILLION IN 2003. THIS INCREASE
PRIMARILY REFLECTS THE ABSENCE OF EQUITY LOSS OF SKY MEXICO IN THE YEAR
2004, A REDUCTION IN OUR EQUITY LOSS OF DTH TECHCO PARTNERS, AS WELL AS AN
INCREASE IN OUR EQUITY INCOME FROM UNIVISION.
MINORITY INTEREST
MINORITY INTEREST INCREASED BY PS.359.1 MILLION TO A CHARGE OF PS.231.8
MILLION IN 2004 FROM A BENEFIT OF PS.127.3 MILLION IN 2003. THIS INCREASE
PRIMARILY REFLECTS THE PORTION OF NET INCOME ATTRIBUTABLE TO THE INTEREST
HELD BY THIRD PARTIES IN THE SKY MEXICO BUSINESS BEGINNING THE SECOND
QUARTER OF 2004.
OTHER RELEVANT INFORMATION
CAPITAL EXPENDITURES, ACQUISITIONS AND INVESTMENTS
IN 2004, THE COMPANY INVESTED APPROXIMATELY U.S.$174.6 MILLION IN PROPERTY,
PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES, OF WHICH APPROXIMATELY
U.S.$35.1 MILLION WAS RELATED TO OUR CABLE TELEVISION SEGMENT AND U.S.$57.6
MILLION TO SKY MEXICO (FOR THE NINE MONTHS ENDED DECEMBER 31, 2004). IN
ADDITION, THE COMPANY CONTRIBUTED APPROXIMATELY U.S.$12.5 MILLION TO OUR
LATIN AMERICAN DTH JOINT VENTURES.
DEBT
AS OF DECEMBER 31, 2004, OUR CONSOLIDATED LONG-TERM PORTION OF DEBT
AMOUNTED TO PS.18,943.8 MILLION, INCLUDING PS.4,356.7 MILLION FROM SKY
MEXICO, AND OUR CONSOLIDATED CURRENT PORTION OF DEBT WAS PS.3,297.1
MILLION. ADDITIONALLY, AS OF DECEMBER 31, 2004, SKY MEXICO HAD LONG-TERM
AND CURRENT PORTIONS OF A CAPITAL LEASE OBLIGATION IN AGGREGATE AMOUNTS OF
PS.1,324.6 MILLION AND PS.70.7 MILLION, RESPECTIVELY. AS OF DECEMBER 31,
2003, OUR CONSOLIDATED LONG-TERM PORTION OF DEBT AMOUNTED TO PS.15,467.5
MILLION, AND OUR CONSOLIDATED CURRENT PORTION OF DEBT WAS PS.300.0 MILLION.
EXCLUDING SKY MEXICO, AS OF DECEMBER 31, 2004, OUR CONSOLIDATED NET DEBT
AMOUNTED TO PS.1,958.5 MILLION WHICH COMPARES TO A CONSOLIDATED NET DEBT OF
PS.2,867.4 MILLION IN 2003.
IN OCTOBER 2004, WE OBTAINED A COMMITTED CREDIT FACILITY FOR A SEVEN AND A
HALF-YEAR LOAN WITH A MEXICAN BANK FOR AN AGGREGATE PRINCIPAL AMOUNT OF
PS.2,000 MILLION. NET PROCEEDS WILL BE USED TO REFINANCE OUR U.S.$200
MILLION BOND DUE IN AUGUST 2005.
ON JANUARY 31, 2005 STANDARD & POOR'S ("S&P") RAISED TELEVISA'S LONG-TERM
FOREIGN CURRENCY CORPORATE CREDIT RATING TO "BBB" FROM "BBB-" FOLLOWING THE
SAME ACTION TAKEN TO INCREASE THE FOREIGN CURRENCY RATING ON THE UNITED
MEXICAN STATES DEBT. S&P ALSO RAISED OUR FOREIGN CURRENCY SENIOR UNSECURED
NOTES RATING TO "BBB" FROM "BBB-" AND AFFIRMED ITS "BBB" LOCAL CURRENCY
CORPORATE CREDIT RATING ON THE COMPANY. THE OUTLOOK FOR THE LONG-TERM
RATINGS IS STABLE.
SHARE BUYBACK PROGRAM
IN 2004, THE COMPANY REPURCHASED APPROXIMATELY 1,812.6 MILLION SHARES IN
THE FORM OF 15.5 MILLION CPOS FOR PS.377.1 MILLION IN NOMINAL TERMS.
DIVIDEND PAYMENT
IN 2004, THE COMPANY PAID A PS.3,850 MILLION CASH DIVIDEND TO SHAREHOLDERS,
EQUIVALENT TO PS.1.219 PER CPO. IN 2005, THE COMPANY'S SHAREHOLDERS
APPROVED ON APRIL 29, 2005 THE PAYMENT OF 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. THE DIVIDEND WILL BE PAID ON MAY 31, 2005 TO SHAREHOLDERS
OF RECORD AS OF MAY 30.
ADVERTISING SALES PLAN
AS OF DECEMBER 31, 2004, WE HAD RECEIVED AGGREGATE UPFRONT ADVERTISING
DEPOSITS FOR TELEVISION ADVERTISING OF APPROXIMATELY PS.13,615.3 MILLION IN
NOMINAL TERMS, REPRESENTING A 4.3% INCREASE IN REAL TERMS, AS COMPARED WITH
THE PRIOR YEAR. APPROXIMATELY 60.9% OF THE ADVANCE DEPOSITS AS OF DECEMBER
31, 2004 WERE IN THE FORM OF SHORT-TERM, NON-INTEREST BEARING NOTES
RECEIVABLE THE FOLLOWING YEAR, WITH THE REMAINDER CONSISTING OF CASH
DEPOSITS. THE WEIGHTED AVERAGE MATURITY OF THESE NOTES WAS 3.5 MONTHS.
TELEVISION RATINGS AND AUDIENCE SHARE
NATIONAL URBAN RATINGS AND AUDIENCE SHARE REPORTED BY IBOPE CONFIRM THAT IN
2004 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 69.6%; IN PRIME TIME (16:00 TO 23:00 - MONDAY TO SUNDAY)
THE AUDIENCE SHARE AMOUNTED TO 68.9%; AND IN A SIGN-ON TO SIGN-OFF BASIS
(6:00 TO 24:00 - MONDAY TO SUNDAY) THE AUDIENCE SHARE AMOUNTED TO 71.3%. IN
ADDITION, WE AIRED 91 OF THE TOP 100 PROGRAMS IN THE COUNTRY INCLUDING THE
TOP 20.
OUTLOOK FOR 2005
WE EXPECT OUR TELEVISION BROADCASTING REVENUE TO INCREASE 4 TO 4.5% IN
2005. IN ADDITION, WE WILL CONTINUE TO MAINTAIN COSTS AND EXPENSES
BASICALLY FLAT. THEREFORE, WE EXPECT OUR TELEVISION BROADCASTING OIBDA
MARGIN TO REACH 47%. HOWEVER, IT IS IMPORTANT TO MENTION THAT WE WILL FACE
A TOUGH COMPARISON IN THE FIRST QUARTER, GIVEN THE PRESENCE OF THE HOLY
WEEK DURING THIS QUARTER AND THAT FEBRUARY HAS ONE DAY LESS THAN LAST YEAR.
WE EXPECT TELEVISION BROADCASTING REVENUES TO BE FLAT IN THE FIRST QUARTER
COMPARED WITH THE FIRST QUARTER OF 2004.
GRUPO TELEVISA, S.A. IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING
WORLD, AND A MAJOR PLAYER IN THE INTERNATIONAL ENTERTAINMENT BUSINESS. IT
HAS INTERESTS IN TELEVISION PRODUCTION AND BROADCASTING, PROGRAMMING FOR
PAY TELEVISION, INTERNATIONAL DISTRIBUTION OF TELEVISION PROGRAMMING,
DIRECT-TO-HOME SATELLITE SERVICES, PUBLISHING AND PUBLISHING DISTRIBUTION,
CABLE TELEVISION, RADIO PRODUCTION AND BROADCASTING, PROFESSIONAL SPORTS
AND SHOW BUSINESS PROMOTIONS, FEATURE FILM PRODUCTION AND DISTRIBUTION, AND
THE OPERATION OF A HORIZONTAL INTERNET PORTAL. GRUPO TELEVISA ALSO HAS AN
UNCONSOLIDATED EQUITY STAKE IN UNIVISION, THE LEADING SPANISH-LANGUAGE
TELEVISION 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 OTHER FACTORS, 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 FOR FUTURE PERIODS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES (1)
ANNEX 2
CONSOLIDATED
AUDITED INFORMATION FINAL PRINTING
---------------------------------------------------------------------------
GRUPO TELEVISA, S.A.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003
(IN THOUSANDS OF MEXICAN PESOS IN PURCHASING POWER AS
OF DECEMBER 31, 2004, EXCEPT PER SHARE, PER CPO AND PER UDI VALUES)
1. ACCOUNTING POLICIES:
THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF GRUPO TELEVISA,
S.A. (THE "COMPANY") AND ITS CONSOLIDATED SUBSIDIARIES (COLLECTIVELY, THE
"GROUP"), AS OF DECEMBER 31, 2004 AND 2003, AND FOR THE YEARS ENDED ON
THOSE DATES, WERE PREPARED BASED ON THE GROUP'S AUDITED CONSOLIDATED
FINANCIAL STATEMENTS. IN THE OPINION OF MANAGEMENT, ALL 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, 2004 AND 2003, WHICH INCLUDE, AMONG OTHER
DISCLOSURES, THE GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES, WHICH HAVE
BEEN APPLIED ON A CONSISTENT BASIS FOR THE YEAR ENDED DECEMBER 31, 2004,
EXCEPT FOR THE MATTERS DISCUSSED IN THE FOLLOWING TWO PARAGRAPHS.
EFFECTIVE JANUARY 1, 2004, IN CONNECTION WITH THE ADOPTION OF MEXICAN
GAAP BULLETIN B-7, "BUSINESS ACQUISITIONS", THE GROUP'S GOODWILL IS DEEMED
AN INTANGIBLE ASSET WITH INDEFINITE USEFUL LIFE, AND CEASED BEING AMORTIZED
AFTER DECEMBER 31, 2003. 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 ("FIN 46"),
"CONSOLIDATION OF VARIABLE INTEREST ENTITIES," WHICH WAS ADOPTED BY THE
GROUP ON APRIL 1, 2004 (SEE NOTE 11).
2. PROPERTY, PLANT AND EQUIPMENT:
PROPERTY, PLANT AND EQUIPMENT AS OF DECEMBER 31 CONSISTED OF:
2004 2003
-------------------- -----------------
BUILDINGS Ps. 7,555,707 Ps. 7,532,458
BUILDING IMPROVEMENTS 1,664,567 1,719,478
TECHNICAL EQUIPMENT 13,888,627 11,991,044
SATELLITE TRANSPONDERS 1,659,346 -
FURNITURE AND FIXTURES 567,453 591,899
TRANSPORTATION EQUIPMENT 1,118,352 1,141,075
COMPUTER EQUIPMENT 1,154,406 963,800
-------------------- -----------------
27,608,458 23,939,754
ACCUMULATED DEPRECIATION (12,785,009) (11,892,933)
-------------------- -----------------
14,823,449 12,046,821
LAND 3,704,367 3,717,960
CONSTRUCTION AND PROJECTS
IN PROGRESS 631,751 645,718
-------------------- -----------------
Ps. 19,159,567 Ps. 16,410,499
==================== =================
DEPRECIATION CHARGED TO INCOME FOR THE YEARS ENDED DECEMBER 31, 2004
AND 2003, WAS PS.1,809,809 AND PS.1,347,953, RESPECTIVELY.
3. LONG-TERM DEBT SECURITIES:
AS OF DECEMBER 31 THE COMPANY'S LONG-TERM DEBT SECURITIES OUTSTANDING
WERE AS FOLLOWS:
2004 2003
--------------------------------------- -----------------------------------
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. 59,569 $ 5,343 Ps. 63,088
8.625% SENIOR NOTES DUE 2005 (B) (C) 200,000 2,229,800 200,000 2,361,534
8.000% SENIOR NOTES DUE 2011 (B) (C) 300,000 3,344,700 300,000 3,542,300
8.500% SENIOR NOTES DUE 2032 (B) (C) 300,000 3,344,700 300,000 3,542,300
12.875% SENIOR NOTES DUE 2007 (E) 88,000 981,112 - -
9.375% SENIOR NOTES DUE 2013 (D) 300,000 3,344,700 - -
----------------- ------------------- --------------- ------------------
$ 1,193,343 13,304,581 $ 805,343 9,509,222
================= ===============
UDI-DENOMINATED NOTES DUE 2007 (F) 3,838,729 3,829,263
------------------- ------------------
Ps. 17,143,310 Ps. 13,338,485
=================== ==================
(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 AND 2032, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT
OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 12.49%, 9.07%, 8.41% 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 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) 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. ACCORDINGLY, THIS
U.S.$88.0 MILLION LONG-TERM DEBT HAS BEEN CLASSIFIED AS SHORT-TERM
DEBT IN THE GROUP'S CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31,
2004.
(F) NOTES DENOMINATED IN MEXICAN INVESTMENT UNITS ("UNIDADES DE INVERSION"
OR "UDIS"), REPRESENTING 1,086,007,800 UDIS, WITH AN ANNUAL INTEREST
RATE OF 8.15% AND MATURITY IN 2007. INTEREST ON THESE NOTES IS PAYABLE
SEMI-ANNUALLY. THE BALANCE AS OF DECEMBER 31, 2004 AND 2003 INCLUDES
RESTATEMENT OF PS.838,729 AND PS.673,539, RESPECTIVELY. THE UDI VALUE
AS OF DECEMBER 31, 2004, WAS PS.3.534716 PER ONE UDI.
EFFECTIVE MARCH 1, 2002, THE GROUP DESIGNATED ITS NET INVESTMENT IN
UNIVISION AS AN EFFECTIVE HEDGE OF THE PRINCIPAL AMOUNT OF ITS SENIOR NOTES
DUE IN 2011 AND 2032. CONSEQUENTLY, BEGINNING MARCH 2002, 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).
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 DECEMBER 31 IS ANALYZED AS
FOLLOWS:
2004 2003
----------------------------------- ------------------------------------
NOMINAL PESOS RESTATED PESOS NOMINAL PESOS RESTATED PESOS
--------------- ------------------ ------------------ ----------------
CAPITAL STOCK ISSUED Ps. 2,524,174 Ps. 9,570,506 Ps. 1,618,060 Ps. 8,633,472
ADDITIONAL PAID-IN CAPITAL 3,841,792 4,076,581 3,841,792 4,076,581
LEGAL RESERVE 802,231 1,524,548 622,401 1,335,383
RESERVE FOR REPURCHASE OF SHARES 2,255,655 5,559,308 2,255,655 5,559,308
UNAPPROPRIATED EARNINGS 3,668,897 11,533,617 5,358,748 13,465,635
CUMULATIVE GAIN ON ISSUANCE OF SHARES OF ASSOCIATES 3,475,741 3,815,685 3,464,006 3,803,950
CUMULATIVE EFFECT OF DEFERRED TAXES (2,197,681) (2,890,246) (2,197,681) (2,890,246)
COMPREHENSIVE LOSS -- (3,487,502) -- (3,273,678)
NET INCOME FOR THE PERIOD -- 4,316,743 3,596,603 3,783,295
SHARES REPURCHASED (5,760,937) (6,294,667) (5,847,503) (6,673,171)
------------------ ----------------
EQUITY Ps. 27,724,573 Ps. 27,820,529
================== ================
ON APRIL 16, 2004, THE SHAREHOLDERS OF THE COMPANY 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).
ON APRIL 16, 2004, THE SHAREHOLDERS OF THE COMPANY 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 A POST-SPLIT BASIS); (II) THE CREATION OF THE
SERIES "B" SHARES; (III) A 14-FOR-25 STOCK DIVIDEND IN THE AMOUNT OF
PS.937,034 (NOMINAL OF PS.906,114); 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.
THE NUMBER OF SHARES DISCLOSED IN THESE NOTES REFLECTS THE
RECAPITALIZATION OF THE COMPANY'S CAPITAL STOCK, WHICH BECAME EFFECTIVE ON
JULY 26, 2004, THROUGH THE EXCHANGE OF OLD AND NEW SHARES.
IN THE FOURTH QUARTER OF 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 OF CPOS, AND ACQUIRED BY A COMPANY'S
SUBSIDIARY (EQUIVALENT TO 3,445,919 CPOS) AND A TRUST OF THE COMPANY
(EQUIVALENT TO 76,510,876 CPOS).
AS OF DECEMBER 31, 2004, 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 10,127,858,935 114,608,385,240
SERIES "B" 60,269,682,796 5,980,064,337 54,289,618,459
SERIES "D" 92,133,721,715 5,763,932,389 86,369,789,326
SERIES "L" 92,133,721,715 5,763,932,389 86,369,789,326
---------------------- -------------------- ---------------------
369,273,370,401 27,635,788,050 341,637,582,351
====================== ==================== =====================
CPOS 2,319,505,891 164,683,781 2,154,822,110
====================== ==================== ======================
THE COMPANY'S SHARES REPURCHASED, AS WELL AS THEIR NET COST, AS OF
DECEMBER 31, 2004, 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 1,812,634,200 - 1,812,634,200 (385,078)
OWNED BY A COMPANY'S SUBSIDIARY 8,503,595,685 537,563,559 9,041,159,244 (1,838,806)
ACQUIRED BY A COMPANY'S TRUST 8,951,772,492 7,830,222,114 16,781,994,606 (4,051,283)
ADVANCE FOR ACQUISITION OF SHARES - - - (22,522)
--------------------------------------------------------------------
19,268,002,377 8,367,785,673 27,635,788,050 (6,297,689)
====================================================================
IN CONNECTION WITH THE COMPANY'S PROGRAM FOR REPURCHASE OF SHARES, IN
THE YEAR ENDED DECEMBER 31, 2004 THE COMPANY REPURCHASED 1,813,102,200
SHARES IN THE FORM OF 15,496,600 CPOS IN THE AMOUNT OF PS.390,106
(PS.376,618 NOMINAL), AND RESOLD 468,000 SHARES IN THE FORM OF 4,000 CPOS
IN THE AMOUNT OF PS.101.
IN THE YEAR ENDED DECEMBER 31, 2004, THE GROUP SOLD 4,975,807,356
SHARES IN THE FORM OF 42,528,268 CPOS, IN THE AMOUNT OF PS.586,088
(PS.566,854 NOMINAL) IN CONNECTION WITH THE COMPANY'S STOCK REPURCHASE
PLAN.
6. REPURCHASE OF SHARES:
AS OF DECEMBER 31, 2004 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.6,959,847. THIS RESERVE WAS USED IN 1999, 2000 AND 2003 IN THE AMOUNT OF
PS.286,165, PS.639,692 AND PS.474,682, 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 YEARS ENDED DECEMBER 31, CONSISTED
OF:
2004 2003
---------------- ----------------
INTEREST EXPENSE (1) Ps. 2,095,384 Ps. 1,447,183
INTEREST INCOME (656,511) (683,626)
FOREIGN EXCHANGE (GAIN) LOSS, NET (2) 92,109 (203,392)
LOSS (GAIN) FROM MONETARY POSITION (3) (14,824) 86,261
---------------- ----------------
Ps. 1,516,158 Ps. 646,426
================= ================
(1) INTEREST EXPENSE IN 2004 INCLUDES PS.202,484 DERIVED FROM THE UDI
INDEX RESTATEMENT OF THE COMPANY'S UDI-DENOMINATED DEBT SECURITIES AND
A NET GAIN FROM RELATED DERIVATIVE CONTRACTS OF PS.30,375 AND IN 2003
INCLUDES PS.146,563 DERIVED FROM THE RESTATEMENT OF THE COMPANY'S
UDI-DENOMINATED DEBT SECURITIES.
(2) NET FOREIGN EXCHANGE LOSS IN 2004 INCLUDES A NET LOSS FROM FOREIGN
CURRENCY DERIVATIVE CONTRACTS OF PS.96,261 AND NET FOREIGN EXCHANGE
GAIN IN 2003 INCLUDES A NET LOSS FROM FOREIGN CURRENCY OPTION
CONTRACTS OF PS.18,750. A FOREIGN EXCHANGE GAIN IN 2004 OF PS.42,643,
AND A FOREIGN EXCHANGE LOSS IN 2003 OF PS.493,333 WERE HEDGED BY THE
GROUP'S NET INVESTMENT IN UNIVISION AND RECOGNIZED IN STOCKHOLDERS'
EQUITY AS OTHER COMPREHENSIVE LOSS.
(3) THE GAIN OR LOSS FROM MONETARY POSITION REPRESENTS THE EFFECTS OF
INFLATION, AS MEASURED BY THE NCPI 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 2004 AND 2003 OF PS.181,744
AND PS.142,683, RESPECTIVELY, ARISING FROM TEMPORARY DIFFERENCES OF
NON-MONETARY ITEMS IN CALCULATING DEFERRED INCOME TAX.
8. DEFERRED TAXES:
THE DEFERRED INCOME TAX LIABILITY AS OF DECEMBER 31, WAS DERIVED FROM:
2004 2003
----------------- -----------------
ASSETS:
ACCRUED LIABILITIES Ps. 570,084 Ps. 529,292
GOODWILL 853,023 876,447
TAX LOSS CARRYFORWARDS 996,397 901,285
ALLOWANCE FOR DOUBTFUL ACCOUNTS 414,232 371,958
CUSTOMER ADVANCES 1,504,999 1,528,369
----------------- -----------------
4,338,735 4,207,351
----------------- -----------------
LIABILITIES:
INVENTORIES (732,271) (1,333,103)
PROPERTY, PLANT AND EQUIPMENT - NET (1,238,913) (1,293,549)
OTHER ITEMS (1,256,371) (420,716)
INNOVA (1,568,519) (1,661,285)
----------------- -----------------
(4,796,074) (4,708,653)
----------------- -----------------
DEFERRED INCOME TAX OF MEXICAN COMPANIES (457,339) (501,302)
DEFERRED TAX OF FOREIGN SUBSIDIARIES (301,537) (393,553)
ASSETS TAX 1,250,616 1,952,028
VALUATION ALLOWANCE (2,223,528) (2,364,941)
RECOVERABLE INCOME TAX FROM REPURCHASE
OF SHARES 214,345 -
----------------- -----------------
DEFERRED INCOME TAX LIABILITY (1,517,443) (1,307,768)
EFFECT ON CHANGE OF INCOME TAX RATES 183,421 93,387
----------------- -----------------
DEFERRED TAX LIABILITY OF CONTINUING
OPERATIONS Ps. (1,334,022) Ps. (1,214,381)
================= =================
9. EXTRAORDINARY ITEMS:
NO EXTRAORDINARY ITEMS, AS DEFINED BY MEXICAN GAAP BULLETIN A-7
"COMPARABILITY", WERE RECOGNIZED IN INCOME FOR THE YEARS ENDED DECEMBER 31,
2004 AND 2003.
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 YEAR ENDED DECEMBER 31, 2004.
IN 2003 THE GROUP INCURRED IN ADDITIONAL COSTS AND EXPENSES RELATED TO
THE DISPOSAL OF ITS MUSIC RECORDING OPERATIONS IN THE AMOUNT OF PS.67,487,
NET OF AN INCOME TAX BENEFIT OF PS.31,758.
11. CUMULATIVE EFFECT OF ACCOUNTING CHANGES:
EFFECTIVE APRIL 1, 2004 THE GROUP ADOPTED THE GUIDELINES OF FIN 46,
"CONSOLIDATION OF VARIABLE INTEREST ENTITIES," AS PERMITTED BY MEXICAN GAAP
BULLETIN A-8, "SUPPLEMENTARY APPLICATION OF INTERNATIONAL ACCOUNTING
STANDARDS." FIN 46, WHICH BECAME EFFECTIVE IN 2004, ADDRESSES CONSOLIDATION
BY BUSINESS ENTERPRISES OF VARIABLE INTEREST ENTITIES, OR "VIES". UNDER
PREVIOUS GUIDANCE, A COMPANY GENERALLY INCLUDED ANOTHER ENTITY IN ITS
CONSOLIDATED FINANCIAL STATEMENTS ONLY IF IT CONTROLLED THE ENTITY THROUGH
VOTING INTERESTS. FIN 46 REQUIRES A VARIABLE INTEREST ENTITY TO BE
CONSOLIDATED BY A COMPANY IF THAT COMPANY IS THE "PRIMARY BENEFICIARY" OF
THE ENTITY. THE PRIMARY BENEFICIARY IS SUBJECT TO A MAJORITY OF THE RISK OF
LOSS FROM THE VIES' ACTIVITIES, OR IS ENTITLED TO RECEIVE A MAJORITY OF THE
VIES' RESIDUAL RETURN, OR BOTH. THE GROUP IDENTIFIED INNOVA AS A VARIABLE
INTEREST ENTITY, AND THE GROUP AS THE PRIMARY BENEFICIARY OF THE INVESTMENT
IN INNOVA, UNDER THE SCOPE OF FIN 46, AND THEREFORE, BEGINNING APRIL 1,
2004, THE GROUP BEGAN TO INCLUDE IN ITS CONSOLIDATED FINANCIAL STATEMENTS
THE ASSETS, LIABILITIES AND RESULTS OF OPERATIONS OF INNOVA. BEFORE
ADOPTING FIN 46, THE GROUP ACCOUNTED FOR ITS INVESTMENT IN INNOVA BY
APPLYING THE EQUITY METHOD, AND RECOGNIZED EQUITY IN LOSSES IN EXCESS OF
ITS INVESTMENT UP TO THE AMOUNT OF THE GUARANTEES MADE BY THE GROUP IN
CONNECTION WITH CERTAIN CAPITAL LEASE OBLIGATIONS OF INNOVA.
AS A RESULT OF THIS ACCOUNTING CHANGE, THE GROUP RECOGNIZED AT APRIL
1, 2004, A CONSOLIDATED CUMULATIVE LOSS EFFECT OF PS.1,021,590, NET OF
INCOME TAX IN THE AMOUNT OF PS.309,094, IN ITS CONSOLIDATED STATEMENT OF
INCOME FOR THE YEAR ENDED DECEMBER 31, 2004, IN CONNECTION WITH INNOVA'S
ACCUMULATED LOSSES NOT RECOGNIZED BY THE GROUP IN 2001, 2002, 2003 AND THE
FIRST QUARTER OF 2004.
NO CUMULATIVE EFFECT OF ACCOUNTING CHANGE WAS RECOGNIZED IN INCOME FOR
THE YEAR ENDED DECEMBER 31, 2003.
12. QUARTERLY NET RESULTS (HISTORICAL AND RESTATED):
THE QUARTERLY NET RESULTS FOR THE FOUR QUARTERS ENDED DECEMBER 31,
2004 ARE AS FOLLOWS:
HISTORICAL NET RESULT (1) RESTATED NET RESULT
------------------------------------- -------------------------------------
INDEX AT END
QUARTER ACCUMULATED QUARTER OF PERIOD ACCUMULATED QUARTER
--------------------- -------------------- --------------- ---------------- ----------------- -----------------
1 / 04 Ps. 472,041 Ps. 472,041 108.672 Ps. 488,886 Ps. 488,886
2 / 04 933,883 461,560 108.737 966,631 477,745
3 / 04 2,387,396 1,437,496 110.602 2,429,444 1,462,813
4 / 04 4,316,743 1,887,299 112.550 4,316,743 1,887,299
(1) AS REPORTED IN EACH QUARTER.
13. INFORMATION BY SEGMENTS FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003
WERE AS FOLLOWS:
INTERSEGMENT CONSOLIDATED OPERATING INCOME
TOTAL REVENUES REVENUES REVENUES (LOSS)
------------------ -------------------- -------------------- ---------------------
2004:
TELEVISION BROADCASTING Ps. 17,101,942 Ps. 409,905 Ps. 16,692,037 Ps. 6,721,082
PAY TELEVISION NETWORKS 800,784 112,141 688,643 277,743
PROGRAMMING EXPORTS 1,917,307 - 1,917,307 724,530
PUBLISHING 2,093,365 4,979 2,088,386 401,227
PUBLISHING DISTRIBUTION 1,573,979 8,121 1,565,858 (48,341)
SKY MEXICO 3,636,946 42,994 3,593,952 771,690
CABLE TELEVISION 1,127,924 3,524 1,124,400 74,314
RADIO 295,766 49,353 246,413 12,843
OTHER BUSINESSES 1,497,520 100,263 1,397,257 (221,277)
ELIMINATIONS AND CORPORATE EXPENSES (731,280) (731,280) - (155,975)
------------------ -------------------- -------------------- ---------------------
CONSOLIDATED TOTAL Ps. 29,314,253 Ps. - Ps. 29,314,253 Ps. 8,557,836
================== ==================== ==================== =====================
2003:
TELEVISION BROADCASTING Ps. 16,185,710 Ps. 73,751 Ps. 16,111,959 Ps. 5,908,637
PAY TELEVISION NETWORKS 735,996 58,777 677,219 120,657
PROGRAMMING EXPORTS 1,714,773 - 1,714,773 516,090
PUBLISHING 1,880,552 1,700 1,878,852 344,225
PUBLISHING DISTRIBUTION 1,868,424 6,960 1,861,464 (12,225)
CABLE TELEVISION 1,037,715 5,125 1,032,590 127,190
RADIO 262,247 49,523 212,724 7,310
OTHER BUSINESSES 1,431,939 135,188 1,296,751 (495,057)
ELIMINATIONS AND CORPORATE EXPENSES (331,024) (331,024) - (157,057)
------------------ -------------------- -------------------- ---------------------
CONSOLIDATED TOTAL Ps. 24,786,332 Ps. - Ps. 24,786,332 Ps. 6,359,770
================== ==================== ==================== =====================
14. REFINANCING:
IN MAY 2004, THE COMPANY ENTERED INTO A LONG-TERM CREDIT AGREEMENT
WITH A MEXICAN BANK IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.1,162.5
MILLION, WHICH MATURES IN 2009. THE ANNUAL INTEREST RATE OF THIS
INDEBTEDNESS EQUALS 9.70% AND IS PAYABLE ON A MONTHLY BASIS. THE PROCEEDS
OF THIS LOAN WERE USED BY THE COMPANY TO PREPAY ALL OF THE OUTSTANDING
AMOUNTS OF THE U.S.$100 MILLION SYNDICATED LONG-TERM LOAN, WHICH ORIGINALLY
MATURED IN 2005 AND 2006.
IN OCTOBER 2004, THE COMPANY ENTERED INTO A LONG-TERM CREDIT AGREEMENT
WITH A MEXICAN BANK IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.2,000.0
MILLION, WHICH MATURES IN 2010 (50%) AND 2012 (50%). THE ANNUAL INTEREST
RATE OF THIS INDEBTEDNESS EQUALS 10.35% AND IS PAYABLE ON A MONTHLY BASIS.
THE PROCEEDS OF THIS LOAN ARE INTENDED TO BE USED PRINCIPALLY TO REFINANCE
A PORTION OF THE COMPANY'S DEBT MATURING IN 2005.
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 IN 2010 (50%) AND 2011 (50%), AND IS GUARANTEED BY
THE COMPANY AND NEWS CORPORATION AT 51% AND 49%, RESPECTIVELY. THE ANNUAL
INTEREST RATE OF THIS INDEBTEDNESS EQUALS 10.55% 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, WHICH ORIGINALLY MATURED IN 2007. ACCORDINGLY, THIS U.S.$88.0
MILLION LONG-TERM DEBT HAS BEEN CLASSIFIED AS SHORT-TERM DEBT IN THE
GROUP'S CONSOLIDATED BALANCE SHEET AS OF DECEMBER 31, 2004.
15. DIVESTITURE OF MINORITY INTEREST INVESTMENT:
IN APRIL 2004, THE COMPANY SOLD ITS 30% MINORITY INTEREST IN GRUPO
EUROPRODUCCIONES, S.A., A TELEVISION PROGRAMMING PRODUCER IN SPAIN, IN THE
AGGREGATE AMOUNT OF APPROXIMATELY 7,505 MILLION EUROS (PS.107,029) IN CASH.
AS A RESULT OF THIS DISPOSAL, THE COMPANY RECOGNIZED A NET LOSS OF
APPROXIMATELY 8,030 MILLION EUROS (PS.112,844) AS OTHER EXPENSE IN ITS
CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2004.
16. DIRECTV TRANSACTIONS:
ON OCTOBER 11, 2004, IN CONJUNCTION WITH A SERIES OF AGREEMENTS
ENTERED INTO BY THE GROUP WITH DIRECTV GROUP, INC. ("DIRECTV") AND NEWS
CORPORATION ("NEWS"), THE GROUP ANNOUNCED, AMONG OTHER MATTERS, THAT (A)
DIRECTV MEXICO AGREED TO SELL ITS SUBSCRIBER LIST TO SKY MEXICO; (B) NEWS
RECEIVED AN OPTION TO PURCHASE AN EQUITY STAKE IN SKY MEXICO; (C) THE GROUP
WILL ACQUIRE 2/3 OF LIBERTY MEDIA'S 10% EQUITY INTEREST IN SKY MEXICO FOR A
NET AMOUNT OF APPROXIMATELY U.S.$48.0 MILLION, WHILE NEWS HAS AGREED TO
ACQUIRE THE REMAINING PORTION; AND (D) THE GROUP AGREED TO SELL, SUBJECT TO
CERTAIN CONDITIONS, ITS 30% EQUITY INTEREST IN SKY MULTI-COUNTRY PARTNERS
("SMCP"), RELEASING THE GROUP FROM ITS SATELLITE TRANSPONDER GUARANTEE. AS
A RESULT OF THESE TRANSACTIONS, THE GROUP'S EQUITY STAKE IN SKY MEXICO
COULD BE MARGINALLY REDUCED FROM 60% TO 57%, AND NEWS' STAKE COULD INCREASE
FROM 30% TO 43%. ADDITIONALLY, THE GROUP EXECUTED NEW AGREEMENTS FOR THE
CARRIAGE OF THE GROUP'S CHANNELS ON SKY MEXICO AND DIRECTV LATIN AMERICA,
AND SKY MEXICO HAS THE OPTION TO EXPLOIT THE DTH BUSINESS IN CENTRAL
AMERICA AND CERTAIN CARIBBEAN COUNTRIES. AS A RESULT OF THESE TRANSACTIONS,
THE GROUP CANCELLED, AS OF SEPTEMBER 30, 2004, THE PROVISION FOR ITS
GUARANTEE IN CONNECTION WITH SATELLITE TRANSPONDERS OF SMCP IN THE AMOUNT
OF APPROXIMATELY PS.353,299, AND RECOGNIZED RELATED INCOME AS EQUITY IN
EARNINGS OF AFFILIATES IN THE THIRD QUARTER OF 2004. AS OF DECEMBER 31,
2004 THE SALE OF DIRECTV MEXICO'S SUSCRIBER LIST AND THE SALE OF THE
GROUP'S 30% EQUITY INTEREST IN SMCP HAD NOT YET BEEN COMPLETED.
17. SUBSEQUENT EVENT:
ON MARCH 18, 2005, THE COMPANY ISSUED U.S.$400 MILLION AGGREGATE
PRINCIPAL AMOUNT OF 6.625% SENIOR NOTES DUE 2025, WHICH WERE PRICED AT
98.081% FOR A YIELD TO MATURITY OF 6.802%. 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%. INTEREST ON THESE SENIOR NOTES, INCLUDING ADDITIONAL
AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 6.97%
PER ANNUM, AND IS PAYABLE SEMI-ANNUALLY. THE NET PROCEEDS OF THIS OFFERING,
TOGETHER WITH CASH ON HAND, WERE USED TO FUND THE GROUP'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.
- - - - - - - - -
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
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 1,454,155
S.A. DE C.V. DEVELOPMENT OF
COMPANIES
2 CVQ ESPECTACULOS, S.A. DE C.V. PROMOTION AND 11,979,937 100.00 1,499,651 699,080
DEVELOPMENT OF
COMPANIES
3 DTH EUROPA, S.A. PROMOTION AND 1,080,182 90.25 780,220 (478)
DEVELOPMENT OF
COMPANIES
4 EDITORA FACTUM, S.A. DE C.V. PROMOTION AND 609,521,337 100.00 1,806,685 1,902,521
DEVELOPMENT OF
COMPANIES
5 EDITORIAL TELEVISA, S.A. DE C.V. PROMOTION AND 1,037,498 100.00 823,582 1,631,906
DEVELOPMENT OF
COMPANIES
6 FACTUM MAS, S.A. DE C.V. PROMOTION AND 5,442,040,701 100.00 4,756,067 (600,231)
DEVELOPMENT OF
COMPANIES
7 GRUPO DISTRIBUIDORAS INTERMEX, DISTRIBUTION OF BOOKS 349,470,905 100.00 822,778 591,572
S.A. DE C.V. AND MAGAZINES
8 CAMPUS AMERICA, S.A. DE C.V. PROMOTION AND 418,881,301 100.00 342,274 10,184,876
DEVELOPMENT OF
COMPANIES
9 PROMO-INDUSTRIAS PROMOTION AND 900,621 100.00 38,612 110,023
METROPOLITANAS, S.A. DE C.V. DEVELOPMENT OF
COMPANIES
10 SISTEMA RADIOPOLIS, S.A. DE C.V. COMMERCIALIZATION OF 76,070,313 50.00 764,739 230,755
RADIO PROGRAMMING
11 TELEPARABOLAS, S.L. MAINTENANCE OF 1,500 100.00 750 838
PARABOLIC DISHES
12 TELESISTEMA MEXICANO, S.A. DE C.V. COMMERCIALIZATION OF 169,773,895 100.00 12,806,397 17,713,564
TELEVISION
13 TELEVISA ARGENTINA, S.A. COMMERCIAL OPERATION 1,499,999 100.00 115,371 52,595
OF TELEVISION
15 TELEVISION INDEPENDIENTE DE PROMOTION AND 32,989,789 99.98 2,864,972 5,007,319
MEXICO, S.A. DE C.V. DEVELOPMENT OF
COMPANIES
16 CAPITALIZED INTEGRAL COST OF 1 210,188
FINANCING, 1994
17 CAPITALIZED INTEGRAL COST OF 1 397,671
FINANCING, 1995
18 CAPITALIZED INTEGRAL COST OF 1 27,508
FINANCING, 1996
19 CAPITALIZED INTEGRAL COST OF 1 21,595
FINANCING, 1998
---------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SUBSIDIARIES 29,258,917 39,635,457
---------------------------------------------------------------------------------------------------------------------------------
ASSOCIATES
1 ARGOS COMUNICACION, S.A. DE C.V. OPERATION AND/OR 33,000,000 15.30 137,000 31,560
BROADCASTING OF T.V.
2 DIBUJOS ANIMADOS MEXICANOS PRODUCTION OF 1,735,560 49.00 4,384 719
DIAMEX, S.A. DE C.V. ANIMATED CARTOONS
3 DTH TECHCO PARTNERS SERVICES FOR SATELLITE 1 30.00 127,939 139,479
PAY TELEVISION
4 EDITORIAL CLIO, LIBROS Y VIDEOS, PUBLISHING AND PRINTING 2,627,050 30.00 26,270 11,948
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 13,205
TELEVISION
PROGRAMMING
6 EN VIVO ESPECTACULOS, S. DE R.L. LIVE ENTERTAINMENT IN 2 100.00 4,898 1,246
DE C.V. MEXICO
7 MAS FONDOS, S.A. DE C.V. MUTUAL FUND DISTRIBUTION 99,758 46.55 99,758 50,331
COMPANY
8 OCESA ENTRETENIMIENTO, S.A. DE LIVE ENTERTAINMENT IN 14,100,000 40.00 1,095,581 500,159
C.V. MEXICO
9 SKY LATIN AMERICA PARTNERS ADMINISTRATIVE SERV. 1 30.00 1,974 10,854
FOR THE DTH VENTURES
10 TELEVISORA DEL YAQUI, S.A. DE C.V. OPERATION AND/OR 4,124,986 15.00 412 6,055
BROADCASTING OF T.V.
11 TUTV, LLC COMMERCIALIZATION OF 1 50.00 25,752 28,052
TELEVISION PROGRAMMING
12 UNIVISION COMMUNICATIONS, INC. BROADCASTING OF T.V. 30,187,534 9.34 5,602,976 5,758,376
SPANISH PROGRAMS
---------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN ASSOCIATES 7,128,579 6,551,984
---------------------------------------------------------------------------------------------------------------------------------
OTHER PERMANENT INVESTMENTS 205,738
---------------------------------------------------------------------------------------------------------------------------------
TOTAL 46,393,179
---------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
ANNEX 5
CREDIT BREAKDOWN
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION FINAL PRINTING
----------------------------------------------------------------------------------------------------------------------
Denominated
In Pesos
---------------------------------
Credit Type / Institution Amortization Interest Until 1 More Than
Date Rate Year 1 Year
----------------------------------------------------------------------------------------------------------------------
BANKS
----------------------------------------------------------------------------------------------------------------------
OTHER FINANCIAL ENTITIES
BANAMEX, S.A. 4/23/2012 10.35 2,000,000
BANAMEX, S.A. 5/21/2009 9.70 1,162,460
HSBC MEXICO, S.A. 12/2/2011 10.55 1,012,000
BANAMEX, S.A. 5/1/2008 8.93 720,000
BANCA SERFIN, S.A. 5/15/2006 9.41 64,000 32,000
BNP PARIBAS 11/20/2009 3.13
BANK OF AMERICA 3/31/2010 3.81
SUNTRUST BANK MIAMI, NATIONAL 4/1/2008 4.54
BANCO DE BILBAO VIZCAYA, S.A. 1/30/2006 5.86
LEASING DE COLOMBIA 6/28/2009 13.27
LEASING DE OCCIDENTE 4/29/2007 17.62
LEASING DE OCCIDENTE 3/19/2005 13.90
SANTANDER CENTRAL HISPANO LEASING, S.A. 1/24/2006 14.74
LEASING DEL VALLE 1/14/2005 14.45
----------------------------------------------------------------------------------------------------------------------
TOTAL BANKS 64,000 4,926,460
----------------------------------------------------------------------------------------------------------------------
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 4/1/2007 13.54
HOLDERS 9/19/2013 9.86
UDI DENOMINATED-NOTES 4/13/2007 8.15 3,838,729
----------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - 3,838,729
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
SUPPLIERS
----------------------------------------------------------------------------------------------------------------------
VARIOUS 12/31/2005 947,525
----------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS 947,525 -
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
----------------------------------------------------------------------------------------------------------------------
VARIOUS 9/30/2015 1,067,029 116,598
----------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT LIABILITIES
AND OTHER CREDITS 1,067,029 116,598
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
2,078,554 8,881,787
----------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
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
BANAMEX, S.A.
BANAMEX, S.A.
HSBC MEXICO, S.A.
BANAMEX, S.A.
BANCA SERFIN, S.A.
BNP PARIBAS
BANK OF AMERICA
SUNTRUST BANK MIAMI, NATIONAL
BANCO DE BILBAO VIZCAYA, S.A.
LEASING DE COLOMBIA
LEASING DE OCCIDENTE
LEASING DE OCCIDENTE
SANTANDER CENTRAL HISPANO LEASING, S.A.
LEASING DEL VALLE
--------------------------------------------------------------------------------------------------------------------------------
TOTAL BANKS - - - - - -
--------------------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
--------------------------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
-----------------------------------------
HOLDERS
HOLDERS
HOLDERS
HOLDERS
HOLDERS
HOLDERS
UDI DENOMINATED-NOTES
--------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - - - - - -
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
SUPPLIERS
--------------------------------------------------------------------------------------------------------------------------------
VARIOUS 815,594
--------------------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS - 815,594 - - - -
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
--------------------------------------------------------------------------------------------------------------------------------
VARIOUS 0 583,234 354,705 0 0 0
--------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT LIABILITIES
AND OTHER CREDITS 583,234 354,705
--------------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
- 1,398,828 354,705 - - -
--------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
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
BANAMEX, S.A.
BANAMEX, S.A.
HSBC MEXICO, S.A.
BANAMEX, S.A.
BANCA SERFIN, S.A.
BNP PARIBAS 13,724 13,724 12,961 8,337 5,041
BANK OF AMERICA 559 559 558 558 28,700
SUNTRUST BANK MIAMI, NATIONAL 4,669 4,460 4,459 4,251
BANCO DE BILBAO VIZCAYA, S.A. 2,184 376
LEASING DE COLOMBIA 499 501 40 47 55
LEASING DE OCCIDENTE 156 184 124
LEASING DE OCCIDENTE 320
SANTANDER CENTRAL HISPANO LEASING, S.A. 65 6
LEASING DEL VALLE 3
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BANKS
- 22,179 19,810 18,142 13,193 33,796
------------------------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
------------------------------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
--------------------------------------------
HOLDERS 59,569
HOLDERS 2,229,800
HOLDERS 3,344,700
HOLDERS 3,344,700
HOLDERS 981,112
HOLDERS 3,344,700
UDI DENOMINATED-NOTES
------------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - 3,210,912 59,569 0 0 10,034,100
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
SUPPLIERS
------------------------------------------------------------------------------------------------------------------------------------
VARIOUS 372,131
------------------------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS - 372,131 - - - -
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
------------------------------------------------------------------------------------------------------------------------------------
VARIOUS 0 140,611 200,022 88,940 99,724 1,056,630
------------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT LIABILITIES
AND OTHER CREDITS 140,611 200,022 88,940 99,724 1,056,630
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- 3,745,833 279,401 107,082 112,917 11,124,526
------------------------------------------------------------------------------------------------------------------------------------
NOTES
THE EXCHANGE RATES FOR THE CREDITS DENOMINATED IN FOREIGN CURRENCY
WERE AS FOLLOWS:
$ 11.1490 PESOS PER U.S. DOLLAR
0.0046 PESOS PER COLOMBIAN PESO
15.2500 PESOS PER EURO
THE NOTES PAYABLE PRESENTED IN THIS ANNEX WITH A MATURITY DATE OF APRIL 1 , 2007
ARE CLASSIFIED AS A SHORT-TERM LIABILITY AS THEY WERE PREPAID IN JANUARY 2005 AS
DESCRIBED IN THE NOTES TO FINANCIAL STATEMENTS (ANNEX 2).
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
MONETARY FOREIGN CURRENCY POSITION
(Thousands of Mexican Pesos)
ANNEX 6 CONSOLIDATED
AUDITED INFORMATION 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 653,794 7,289,149 40,542 452,003 7,741,152
LIABILITIES POSITION 1,513,640 16,875,572 26,698 297,656 17,173,228
SHORT-TERM LIABILITIES POSITION 439,721 4,902,449 26,204 292,148 5,194,597
LONG-TERM LIABILITIES POSITION 1,073,919 11,973,123 494 5,508 11,978,631
---------------------------------------------------------------------------------------------------------------------
NET BALANCE (859,846) (9,586,423) 13,844 154,347 (9,432,076)
---------------------------------------------------------------------------------------------------------------------
NOTES
(1) THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS:
$ 11.1490 PESOS PER U.S. DOLLAR
15.2500 PESOS PER EURO
3.7475 PESOS PER ARGENTINEAN PESO
0.0200 PESOS PER CHILEAN PESO
0.0046 PESOS PER COLOMBIAN PESO
3.3959 PESOS PER PERUVIAN NUEVO SOL
21.5200 PESOS PER POUNDS STERLING
11.1490 PESOS PER ECUADORIAN SUCRE
11.1490 PESOS PER PANAMANIAN BALBOA
0.0058 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: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
RESULT FROM MONETARY POSITION (1)
(Thousands of Mexican Pesos)
ANNEX 7 CONSOLIDATED
AUDITED INFORMATION FINAL PRINTING
-------------------------------------------------------------------------------------------------------
(ASSET) LIABILITY MONTHLY
MONTH MONETARY MONETARY MONETARY MONTHLY PROFIT
ASSETS LIABILITIES POSITION INFLATION AND (LOSS)
-------------------------------------------------------------------------------------------------------
JANUARY 28,435,606 22,176,571 (6,259,035) 0.00 (38,900)
FEBRUARY 27,713,141 20,084,504 (7,628,637) 0.00 (45,627)
MARCH 26,256,111 21,431,109 (4,825,002) 0.00 (16,347)
APRIL 28,415,500 34,291,191 5,875,691 0.00 8,866
MAY 28,545,301 36,296,282 7,750,981 0.00 (19,439)
JUNE 21,597,252 32,956,030 11,358,778 0.00 18,197
JULY 22,201,265 33,468,519 11,267,254 0.00 29,531
AUGUST 21,957,440 32,871,531 10,914,091 0.00 67,373
SEPTEMBER 21,170,998 33,915,941 12,744,943 0.00 105,375
OCTOBER 30,784,922 33,970,928 3,186,006 0.00 22,063
NOVEMBER 32,646,219 36,543,410 3,897,191 0.00 33,243
DECEMBER 33,972,545 36,679,323 2,706,778 0.00 5,589
RESTATEMENT: - 956
CAPITALIZATION: - -
FOREIGN CORP.: - 26,777
OTHER - (182,833)
-------------------------------------------------------------------------------------------------------
TOTAL 14,824
-------------------------------------------------------------------------------------------------------
NOTES
THE AMOUNT REFLECTED IN "OTHER" INCLUDES PS.181,744 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: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
CONVENANTS ON BONDS AND MEDIUM-TERM NOTES LISTED IN STOCK MARKET
ANNEX 8 CONSOLIDATED
AUDITED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------
FINANCIAL RESTRICTIONS BASED IN ISSUED DEBT AND/OR TITLE
------------------------------------------------------------------------------
THE AGREEMENTS OF THE U.S.$200 MILLION, U.S.$300 MILLION AND U.S.$300
MILLION SENIOR NOTES ISSUED BY GRUPO TELEVISA, S.A. WITH MATURITIES IN
2005, 2011 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 AGREEMENTS OF THE U.S.$88 MILLION SENIOR NOTES AND THE U.S.$300
MILLION SENIOR NOTES ISSUED BY INNOVA, S. DE R.L. DE C.V. ("INNOVA")
WITH MATURITIES IN 2007 AND 2013, RESPECTIVELY, CONTAIN 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 DECEMBER 31, 2004, 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 29, 2005
------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS
ANNEX 9 CONSOLIDATED
AUDITED INFORMATION 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
---------------------------------------------------------------------------------------------------------
NOTES
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
MAIN RAW MATERIALS
ANNEX 10 CONSOLIDATED
AUDITED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------------------------
MAIN MAIN DOM. COST
DOMESTIC SUPPLIERS FOREIGN SUPPLIERS SUBST. PRODUCTION
(%)
------------------------------------------------------------------------------------------------------------
PROGRAMS AND FILMS ANIME CREATIVE
CORPORATION 0.60
CIMA FILMS, S.A.
DE C.V. 0.06
CINEMAS LUMIERE,
S.A. DE C.V. 0.03
CINEMATOGRAFICA
RODRIGUEZ, S.A. 0.18
COMAREX, S.A.
DE C.V. 0.09
CHURUBUSCO, S.A. 0.05
DIANA INTERNACIO-
NAL FILMS, S.A. 0.10
DISTRIBUIDORA RO-
MARI, S.A. DE C.V. 2.06
FILMADORA MEXI-
CANA, S.A. 0.01
GRUPO GALINDO,
S.A. DE C.V. 0.07
GUIAS, S.A. DE C.V. 0.21
GUSSI, S.A. DE C.V. 3.15
NUVISION, S.A. 0.99
ORO FILMS,
S.A. DE C.V. 0.22
PELICULAS RODRI-
GUEZ, S.A. 0.69
PELICULAS Y VI-
DEOS INTERNACIO-
NALES, S.A. 0.03
PRODUCCIONES
AGUILA,S.A. 0.16
PRODUCCIONES
ALFA AUDIOVISUAL 0.07
PRODUCCIONES
GONZALO ELVIRA 0.17
QUALITY FILMS, S.A. 0.07
SECINE, S.A. DE C.V. 0.51
TELE ALIANZA,
S.A. DE C.V. 0.03
UNION INTERNACIO-
NAL, S.A. DE C.V. 0.12
OTHER 0.69
PROGRAMS AND FILMS 4KIDS ENTERTAIN-
MENT NO 0.24
ABC DISTRIBUTION
COMPANY NO 0.39
ALFRED HABER
DISTRIBUTION, INC. NO 0.53
ALLIANCE ATLAN
TIS INTERNATIONAL NO 0.80
AMERICA PRO-
DUCCIONES, S.A. NO 2.46
BBC WORDLWIDE
AMERICAS, INC. NO 0.10
BETAFILM GMBH
& CO. NO 1.02
BEVERLY HILLS
ENTERTAINMENT NO 0.21
BKN INTERNA-
CIONAL, INC. NO 0.20
BUENAVISTA
INTERNATIONAL
INC. NO 0.18
CANAL + DA NO 0.22
CARSEY WERNER
DISTRIBUTION, INC. NO 0.27
CBS BROADCAST
INTERNATIONAL NO 1.61
CDC UNITED
NETWORK NO 0.09
CINAR FILMS, INC. NO 0.32
COCHRAN ENTER-
TAINMENT INT. NO 0.25
CONSTELLATION
PICTURES, INC. NO 1.46
CROWN MEDIA
DISTRIBUTION NO 0.42
DREAMWORKS NO 1.55
EVERGREEN ENTER-
TAINMENT GLOBAL NO 0.08
FIREWORKS INTER-
NATIONAL NO 0.32
FREMANTLE INTER-
NATIONAL DISTRI-
BUTION, LTD. NO 0.16
GLOBAL PROGRA-
MMING NETWORK NO 0.20
GMD GLOBAL
MEDIA DISTRIBU-
TIONS NO 0.75
HALLMARK ENTER-
TAINMENT DISTRI-
BUTIONS NO 0.19
HARMONY GOLD
USA, INC. NO 0.11
HASBRO INTERNA-
TIONAL, INC. NO 0.09
HEARTS ENTER-
TAINMENT, INC. NO 0.44
HIGHPOINT PRODUC-
TIONS, INC. NO 0.30
HIT ENTERTAIN-
MENT PLC. NO 0.23
INDEPENDENT
INTERNATIONAL
T.V. INC. NO 2.89
ITSY BITSY
ENTERTAINMENT NO 0.93
KUSHNER-LOCKE
INTERNATIONAL NO 0.32
MGM/UA TELECOM-
MUNICATIONS, INC. NO 2.36
MORGAN CREEK
INTERNATIONAL NO 0.15
MTV NETWORKS A
DIVISION OF VIACOM
INT. NO 1.04
MULTIMEDIA GROUP
OF CANADA NO 0.18
NBC INTERNATIONAL NO 0.08
NELVANA INTER-
NATIONAL NO 0.83
NEW LATIN IMAGE
CORPORATION NO 0.04
NU IMAGE INCORPO-
RATED NO 0.14
PARAMOUNT
PICTURES, CORP. NO 4.99
POKEMON USA,
INC. NO 0.10
POLYGRAM TELE-
VISION INTERNA-
TIONAL NO 0.11
PROTELE, INC. NO 3.97
RCN TELEVISION,
S.A. NO 3.37
REPRESENTA-
CIONES DE TELE-
VISION NO 0.35
ROSE ENTERTAIN-
MENT, INC. NO 0.36
RYSHER ENTER-
TAINMENT, INC. NO 0.38
SALSA
DISTRIBUTION NO 0.26
SALSA ENTER-
TAINMENT, INC. NO 2.09
SONY CORPORA-
TION OF AMERICA NO 7.52
STUDIO CANAL
IMAGE NO 0.70
SUNBOW ENTER-
TAINMENT NO 0.14
TELEVISION FILM
DISTRIBUTION NO 0.37
TELEVIX ENTER-
TAINMENT NO 0.15
TEPUY USA COR-
PORATION NO 0.93
TOEI ANIMATION
CO., LTD NO 0.53
TOP ENTERTAINMENT
PRODUCTS, INC. NO 0.15
TRIMARK TELEVISION NO 0.12
TWENTIETH CEN-
TURY FOX, INC. NO 6.05
UNIVERSAL STUDIOS
INTERNATIONAL, B.V. NO 11.93
VENTURA FILM
DISTRIBUTORS BV NO 0.92
WARNER BROS.
INTERNATIONAL
TELEVISION NO 13.60
WHILAND COMPANY NO 2.96
WORDLDIVISION
ENTERPRISES, INC. NO 1.94
XYSTUS, LLC. NO 0.73
OTHER 0.77
COAXIAL CABLE RG
MAYA 60 NACIONAL DE
CONDUCTORES,
S.A. DE C.V. 13.28
SINGLE TELEGRIP CORPODISENO DE
HERRAJES, S.A. 0.02
IDENTIFICATION PLAQUE RIVANDI, S.A. DE C.V. 0.11
CABLEMODEMS MOTOROLA, INC. NO 0.61
HILTI BOLT HILTI MEXICANA,
S.A. DE C.V. NO 0.06
SWITCH CABLENETWORK
MEXICO NO 0.03
SWITCH DISTRIBUIDORA Y
COMERCIALIZADORA YES 0.15
TWO OUTLET DEVICE TVC CORPORATION YES 0.05
AC 200
DECODER MOTOROLA, INC. NO 48.52
COUCHE PAPER PAPELERA MOHGA
BBA, S.A. 0.34
SUMINISTROS Y
SERVICIOS BROM 0.42
REPRESENTACIONES
MREAL 0.03
PRODUCTORA
COMERCIALIZA
DORA Y EDITORA 1.04
ROOSSEVELT PAPEL 0.18
OFFSET MULTICO-
LOR, S.A. 3.26
PROCESOS INDUS-
TRIALES DE PAPEL 0.37
IMPRESOS MOINO, 0.24
BULKLEY DUNTON 1.28
KIMBERLY CLARK 0.30
PAPEL, S.A. 0.24
COUCHE PAPER STORAM ENSON YES 7.16
BULKLEY DUNKE YES 6.01
M REAL YES 1.33
MYLLLIKOSKI YES
PAPEL 3.03
TEMBEC, INC. YES 0.27
BULKLEY DUNTON YES 11.90
FINNIPAP YES 6.77
WEB SOURCE YES 0.17
BOWATER, INC. YES 0.97
NORKE CANADA YES 0.44
PAPER AND IMPRESSION PRODUCTORA CO-
MERCIALIZADORA Y
EDITORES DE LI-
BROS, S.A. DE C.V. 13.14
OFFSET
MULTICOLOR 21.40
IMPRESOS MOINO 1.07
PROCESOS IND
DE PAPEL, S.A. 2.15
LABORATORIO LITO-
COLOR, S.A. 0.06
SERVICIOS PROFE-
SIONALES, S.A. 0.43
FOTORAMA DE
MEXICO, S.A. 0.61
GRAFICA LA
PRENSA, S.A. 0.16
PAPER AND QUEBECOR
IMPRESSION CHILE, S.A. YES 2.36
QUEBECOR
WORLD, INC. YES 0.04
GRUPO OP GRAFICAS
S.A. YES 0.35
PRINTER COLOMBIA-
NA, S.A. YES 0.47
ST. IVES, INC. YES 5.95
BEST LITHO YES 0.29
EDITORES, S.A. YES 0.11
RR DONELLY YES 2.04
QUAD GRAPHICS YES 1.64
PRO-OFFSET EDI-
TORIAL, LTDA. YES 0.03
------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
SALES DISTRIBUTION BY PRODUCT
ANNEX 11
DOMESTIC SALES
CONSOLIDATED
AUDITED INFORMATION FINAL PRINTING
----------------------------------------------------------------------------------------------------
TOTAL PRODUCTION NET SALES
-------------------------------------------- MARKET
MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT SHARE
(%)
---------------------------------------------------------------------------------------------------
INTERSEGMENT ELIMINATIONS (723,775)
TELEVISION:
-----------
PROGRAMMING HALF HOURS PRODUCED
(DOMESTIC) 110.000
ADVERTISED TIME SOLD (HALF HOURS) 8 16,448,208
OTHER INCOME 94,125
PROGRAMMING FOR PAY TELEVISION:
------------------------------
SALE OF SIGNALS 586,909
ADVERTISED TIME SOLD 105,101
PUBLISHING:
----------
MAGAZINE CIRCULATION 126,751 1,165,879 56,009 679,615
PUBLISHING 670,091
PUBLISHING DISTRIBUTION: 15,314 404,682
------------------------
SKY MEXICO
----------
DTH BROADCAST SATELLITE
VIA SATELITE 3,428,274
PAY PER VIEW 161,696
CHANNEL COMMERCIALIZATION 46,976
CABLE TELEVISION:
----------------
ANALOGIC AND DIGITAL SERVICE 1,051,728
SERVICE INSTALLATION 22,789
PAY PER VIEW 1,534
CHANNEL COMMERCIALIZATION 34,449
OTHER 17,424
RADIO:
ADVERTISED TIME SOLD 295,766
OTHER BUSINESSES:
-----------------
DISTRIBUTION, RENTALS, AND SALE
OF MOVIE RIGHTS 633,563
SPECIAL EVENTS AND SHOW PROMOTION 558,597
NATIONWIDE PAGING SERVICE 143,687
INTERNET SERVICES 141,830
----------------------------------------------------------------------------------------------------
TOTAL 1,165,879 24,803,269
----------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
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.
THE COCA-COLA EXPORT CORPORATION
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.
TELEFONOS DE MEXICO, S.A. DE C.V.
DANONE DE MEXICO, S.A. DE C.V.
NESTLE MEXICO, S.A. DE C.V.
KIMBERLY CLARK DE MEXICO, S.A. DE C.V.
COMPANIA CERVECERA DE ZACATECAS, S.A DE C.V.
BANCO NACIONAL DE MEXICO, S.A.
BARCEL, S.A. DE C.V.
FRABEL, 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
PUBLISHING VARIOUS
PUBLISHING DISTRIBUTION: MAGAZINE:
------------------------
"MAESTRA PREESCOLAR"
"EL EGIPTO DE LOS FARAONES"
"FABULA DISNEY"
"REVISTA DEL COSUMIDOR"
"ENTREPRENEUR"
SKY MEXICO
----------
DTH BROADCAST SATELLITE
VIA SATELITE 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 ENFASYS DIGITAL, S.A DE C.V.
OTHER TELEFONOS DE MEXICO, S.A. DE C.V.
PRODUCCIONES INFOVISION, S.A. DE C.V.
UNILIVER DE MEXICO, S.A. DE C.V.
CADBURY ADAMS DE MEXICO, S DE R.L. DE C.V.
KIMBERLY CLARK DE MEXICO, S.A. DE C.V.
BANCO NACIONAL DE MEXICO, S.A.
ARENA COMMUNICATIONS, S.A. DE C.V.
BAYER DE MEXICO, S.A. DE C.V.
NESTLE MEXICO, S.A. DE C.V.
RADIO:
-----
ADVERTISED TIME SOLD CERVECERIA MODELO, 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.
GIGANTE, S.A. DE C.V.
INDUSTRIAS VINICOLAS PEDRO DOMEQ, S.A. DE C.V.
TIENDAS COMERCIAL MEXICANA, S.A. DE C.V.
GENERAL MOTORS DE MEXICO, S. DE R.L. 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)
NECAXA FEDERACION MEXICANA DE FUTBOL, A.C.
REAL SAN LUIS
NATIONWIDE PAGING SERVICE SKYTEL FERROCARRIL MEXICANO, S.A. DE C.V.
BANCO NACIONAL DE MEXICO, S.A.
HEWLETT PACKARD DE MEXICO, S. DE R.L. DE C.V.
COMISION FEDERAL DE ELECTRICIDAD
EDS DE MEXICO, S.A. DE C.V.
AVANTEL, S.A.
FERROSUR, S.A. DE C.V.
SECRETARIA DE GOBERNACION
SCHERING PLOUGH, S.A. DE C.V.
BBVA BANCOMER, S.A.
GRUPO NACIONAL PROVINCIAL, S.A.
I.B.M. DE MEXICO, S.A.
INTERNET SERVICES ESMAS.COM MEDIA CONTACTS, S.A. DE C.V.
TELEFONOS DE MEXICO, S.A. DE C.V.
RADIOMOVIL DIPSA, S.A. DE C.V.
NESTLE MEXICO, S.A. DE C.V.
------------------------------------------------------------------------------------------------------------------------------------
TOTAL
------------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
SALES DISTRIBUTION BY PRODUCT
ANNEX 11A
FOREIGN SALES
CONSOLIDATED
AUDITED INFORMATION FINAL PRINTING
-------------------------------------------------------------------------------------------------------------------
TOTAL PRODUCTION NET SALES
--------------------------------------------
MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT DESTINATION
-------------------------------------------------------------------------------------------------------------------
INTERSEGMENT ELIMINATIONS (7,505)
TELEVISION BROADCASTING:
-----------------------
ADVERTISING TIME SOLD 468,209 UNITED STATES OF AMERICA
OTHER INCOME 91,400 UNITED STATES OF AMERICA
PROGRAMMING FOR PAY TELEVISION:
------------------------------
SALES OF SIGNALS 108,774 SPAIN
ARGENTINA
CHILE
GUATEMALA
PROGRAM LICENSING: COLOMBIA
------------------
PROGRAMMING AND ROYALTIES 1,917,307 UNITED STATES OF AMERICA
CENTRAL AMERICA
CARIBBEAN
EUROPE
SOUTH AMERICA
AFRICA
ASIA
PUBLISHING:
-----------
MAGAZINE CIRCULATION, BOOKS AND
ADVERTISING 26,504 409,328 GUATEMALA AND COSTA RICA
UNITED STATES OF AMERICA
PANAMA
SOUTH AMERICA
CENTRAL AMERICA
PUBLISHING 334,331
PUBLISHING DISTRIBUTION: 17,089 1,169,297 PANAMA
------------------------
SOUTH AMERICA
OTHER BUSINESSES:
----------------
DISTRIBUTION OF FILM MOVIES 19,843
-------------------------------------------------------------------------------------------------------------------
TOTAL 4,510,984
-------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
MAIN
------------------------------------------------------------------------
MAIN PRODUCTS TRADEMARKS CUSTOMERS
----------------------------------------------------------------------------------------------------------------------
INTERSEGMENT ELIMINATIONS
TELEVISION BROADCASTING:
-----------------------
ADVERTISING TIME SOLD CPIF VENTURE, INC.
POWERCORP UK LIMITED
VENEVISION INTERNATIONAL, LLC.
MASTER CARD INTERNATIONAL, INC.
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: BARNEY MEGAZINE GENERAL PUBLIC (AUDIENCE)
------------------------
FUTBOL TOTAL MEGAZINE
ARMONIA LA NAVIDAD MAGAZINE
HECHO EN CASA MAGAZINE
DIGIMON MAGAZINE
OTHER BUSINESSES:
----------------
DISTRIBUTION OF FILM MOVIES
----------------------------------------------------------------------------------------------------------------------
TOTAL
----------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
PROJECT, AMOUNT EXERCISED AND PROGRESS PERCENTAGE
ANNEX 13
CONSOLIDATED
AUDITED INFORMATION FINAL PRINTING
--------------------------------------------------------------------------------
MAJOR INVESTMENT PROJECTS OF GRUPO TELEVISA, S.A. AND ITS SUBSIDIARIES AT
DECEMBER 31, 2004, 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.$ 95.0 U.S.$ 50.1 53%
INFORMATION TECHNOLOGY
PROJECTS OF CABLE TELEVISION 13.5 12.1 90%
TECHNICAL EQUIPMENT FOR
T.V. STATIONS 14.8 11.3 76%
INFORMATION TECHNOLOGY
PROJECTS 9.1 8.2 90%
SKY MEXICO PROJECTS 61.7 7.9 13%
MEXICAN PESO-DENOMINATED PROJECTS:
---------------------------------
INFORMATION TECHNOLOGY
PROJECTS PS. 33.3 PS. 2.8 8%
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2004
GRUPO TELEVISA, S.A.
INFORMATION RELATED TO BULLETIN B-15 (FOREIGN CURRENCY TRANSLATION)
ANNEX 14 CONSOLIDATED
AUDITED INFORMATION 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 GROUP DESIGNATED ITS NET INVESTMENT IN
UNIVISION AS AN EFFECTIVE HEDGE OF ITS SENIOR NOTES DUE 2011 AND 2032
FOR AN AGGREGATE AMOUNT OF U.S.$600 MILLION (PS.6,689,400).
CONSEQUENTLY, BEGINNING MARCH 2002, 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 DECEMBER 31, 2003, HAVE BEEN
RESTATED TO MEXICAN PESOS IN PURCHASING POWER AS OF DECEMBER 31, 2004,
BY USING A RESTATEMENT FACTOR DERIVED FROM THE CHANGE IN THE NCPI,
WHICH FOR 2003 WAS 1.0519. HAD THE ALTERNATIVE WEIGHTED AVERAGE FACTOR
ALLOWED UNDER MEXICAN GAAP BEEN APPLIED TO RESTATE THE GROUP'S
FINANCIAL STATEMENTS FOR DECEMBER 31, 2003, WHICH INCLUDED THE RESULTS
OF MEXICAN AND NON-MEXICAN SUBSIDIARIES, THE RESTATEMENT FACTOR FOR
DECEMBER 2003 WOULD HAVE BEEN 1.0546.
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 6, 2005 By /s/ Jorge Lutteroth Echegoyen
------------------------------
Name: Jorge Lutteroth Echegoyen
Title: Controller, Vice-President