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 July, 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.
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(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: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2005 AND 2004
(Thousands of Mexican Pesos)
FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
---------------------- -----------------------
S AMOUNT % AMOUNT %
---------------------------------------------------------------------- ---------------------- -----------------------
1 TOTAL ASSETS 66,027,254 100 64,034,670 100
2 CURRENT ASSETS 26,049,342 39 22,216,382 35
3 CASH AND SHORT-TERM INVESTMENTS 14,689,904 22 12,274,099 19
4 ACCOUNTS AND NOTES RECEIVABLE (NET) 5,485,064 8 4,292,541 7
5 OTHER ACCOUNTS AND NOTES RECEIVABLE (NET) 1,227,752 2 1,011,963 2
6 INVENTORIES 3,853,579 6 3,875,698 6
7 OTHER CURRENT ASSETS 793,043 1 762,081 1
8 LONG-TERM 6,455,400 10 7,176,387 11
9 ACCOUNTS AND NOTES RECEIVABLE (NET) 0 0 0 0
10 INVESTMENT IN SHARES OF NON-CONSOLIDATED
SUBSIDIARIES AND ASSOCIATES 6,272,640 10 6,837,505 11
11 OTHER INVESTMENTS 182,760 0 338,882 1
12 PROPERTY, PLANT AND EQUIPMENT (NET) 19,096,794 29 19,314,507 30
13 LAND AND BUILDINGS 13,023,966 20 13,034,425 20
14 MACHINERY AND INDUSTRIAL EQUIPMENT 19,037,351 29 15,161,260 24
15 OTHER EQUIPMENT 3,167,687 5 3,003,375 5
16 ACCUMULATED DEPRECIATION 16,813,290 25 12,660,041 20
17 CONSTRUCTION IN PROGRESS 681,080 1 775,488 1
18 DEFERRED ASSETS (NET) 10,198,132 15 9,906,595 15
19 OTHER ASSETS 4,227,586 6 5,420,799 8
20 TOTAL LIABILITIES 41,027,026 100 38,720,132 100
21 CURRENT LIABILITIES 7,932,044 19 5,380,531 14
22 SUPPLIERS 2,838,890 7 2,278,802 6
23 BANK LOANS 130,040 0 170,024 0
24 STOCK MARKET LOANS 2,205,795 5 0 0
25 TAXES PAYABLE 421,704 1 766,894 2
26 OTHER CURRENT LIABILITIES 2,335,615 6 2,164,811 6
27 LONG-TERM LIABILITIES 21,253,071 52 22,514,363 58
28 BANK LOANS 4,817,239 12 2,114,615 5
29 STOCK MARKET LOANS 14,623,370 36 18,229,482 47
30 OTHER LOANS 1,812,462 4 2,170,266 6
31 DEFERRED LIABILITIES 11,686,152 28 10,428,327 27
32 OTHER LIABILITIES 155,759 0 396,911 1
33 CONSOLIDATED STOCKHOLDERS' EQUITY 25,000,228 100 25,314,538 100
34 MINORITY INTEREST 56,434 0 (249,854) (1)
35 MAJORITY INTEREST 24,943,794 100 25,564,392 101
36 CONTRIBUTED CAPITAL 13,755,842 55 13,755,842 54
37 CAPITAL STOCK (NOMINAL) 2,524,174 10 2,524,174 10
38 RESTATEMENT OF CAPITAL STOCK 7,122,600 28 7,122,600 28
39 PREMIUM ON SALES OF SHARES 4,109,068 16 4,109,068 16
40 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 0 0 0 0
41 EARNED CAPITAL 11,187,952 45 11,808,550 47
42 RETAINED EARNINGS AND CAPITAL RESERVE 6,665,107 27 6,935,663 27
43 RESERVE FOR REPURCHASE OF SHARES 5,603,610 22 5,603,610 22
44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK-
HOLDERS' EQUITY (2,951,924) (12) (1,705,057) (7)
45 NET INCOME FOR THE YEAR 1,871,159 7 974,334 4
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED BALANCE SHEETS
BREAKDOWN OF MAJOR CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
----------------------- -----------------------
S Amount % Amount %
---------------------------------------------------------------- ----------------------- -----------------------
3 CASH AND SHORT-TERM INVESTMENTS 14,689,904 100 12,274,099 100
46 CASH 451,738 3 591,940 5
47 SHORT-TERM INVESTMENTS 14,238,166 97 11,682,159 95
18 DEFERRED ASSETS (NET) 10,198,132 100 9,906,595 100
48 DEFERRED EXPENSES (NET) 2,702,853 27 1,758,216 18
49 GOODWILL 7,495,279 73 8,148,379 82
50 DEFERRED TAXES 0 0 0 0
51 OTHER 0 0 0 0
21 CURRENT LIABILITIES 7,932,044 100 5,380,531 100
52 FOREIGN CURRENCY LIABILITIES 4,460,551 56 2,526,363 47
53 MEXICAN PESOS LIABILITIES 3,471,493 44 2,854,168 53
24 STOCK MARKET LOANS 2,205,795 100 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 2,205,795 100 0 0
26 OTHER CURRENT LIABILITIES 2,335,615 100 2,164,811 100
57 OTHER CURRENT LIABILITIES WITH COST 72,175 3 72,129 3
58 OTHER CURRENT LIABILITIES WITHOUT COST 2,263,440 97 2,092,682 97
27 LONG-TERM LIABILITIES 21,253,071 100 22,514,363 100
59 FOREIGN CURRENCY LIABILITIES 15,487,837 73 1,469,366 7
60 MEXICAN PESOS LIABILITIES 5,765,234 27 21,044,997 93
29 STOCK MARKET LOANS 14,623,370 100 18,229,482 100
61 BONDS 14,623,370 100 18,229,482 100
62 MEDIUM-TERM NOTES 0 0 0 0
30 OTHER LOANS 1,812,462 100 2,170,266 100
63 OTHER LOANS WITH COST 1,239,139 68 1,469,366 68
64 OTHER LOANS WITHOUT COST 573,323 32 700,900 32
31 DEFERRED LIABILITIES 11,686,152 100 10,438,327 100
65 NEGATIVE GOODWILL 0 0 0 0
66 DEFERRED TAXES 1,268,572 11 814,659 8
67 OTHER 10,417,580 89 9,623,668 92
32 OTHER LIABILITIES 155,759 100 396,911 100
68 RESERVES 155,759 100 0 0
69 OTHER LIABILITIES 0 0 396,911 100
44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK- (2,951,924) 100 (1,705,057) 100
HOLDERS' EQUITY
70 ACCUMULATED MONETARY RESULT (31,791) (1) (31,791) (2)
71 RESULT FROM HOLDING NON-MONETARY ASSETS (2,920,133) (99) (1,673,266) (98)
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENTS
OTHER CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
----------------------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
-------------------------- --------------------
S Amount Amount
------------------------------------------------ -------------------------- --------------------
72 WORKING CAPITAL 18,117,298 16,835,851
73 PENSIONS AND SENIORITY PREMIUMS 1,182,694 1,027,473
74 EXECUTIVES (*) 35 35
75 EMPLOYEES (*) 14,651 14,070
76 WORKERS (*) 0 0
77 OUTSTANDING SHARES (*) 340,788,146,907 8,789,447,309
78 REPURCHASED SHARES (*) 28,485,223,494 676,100,650
(*) THESE CONCEPTS ARE STATED IN UNITS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
FROM JANUARY 1 THROUGH JUNE 30, 2005 AND 2004
(Thousands of Mexican Pesos)
FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
----------------------- -------------------------
R Amount % Amount %
---------------------------------------------------------------- ----------------------- -------------------------
1 NET SALES 14,226,481 100 13,240,165 100
2 COST OF SALES 7,621,655 54 7,682,296 58
3 GROSS PROFIT 6,604,826 46 5,557,869 42
4 OPERATING EXPENSES 2,261,281 16 2,029,077 15
5 OPERATING INCOME 4,343,545 31 3,528,792 27
6 INTEGRAL FINANCING COST 975,709 7 540,594 4
7 INCOME AFTER INTEGRAL FINANCING COST 3,367,836 24 2,988,198 23
8 OTHER FINANCIAL OPERATIONS 449,709 3 492,505 4
9 INCOME BEFORE TAXES AND EMPLOYEES' PROFIT
SHARING 2,918,127 21 2,495,693 19
10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT
SHARING 761,443 5 649,505 5
11 NET INCOME AFTER TAXES AND EMPLOYEES' PROFIT
SHARING 2,156,684 15 1,846,188 14
12 SHARE IN NET INCOME OF NON-CONSOLIDATED
SUBSIDIARIES AND ASSOCIATES 155,366 1 154,441 1
13 CONSOLIDATED NET INCOME OF CONTINUING
OPERATIONS 2,312,050 16 2,000,629 15
14 INCOME FROM DISCONTINUED OPERATIONS 0 0 0 0
15 CONSOLIDATED NET INCOME BEFORE
EXTRAORDINARY ITEMS 2,312,050 16 2,000,629 15
16 EXTRAORDINARY ITEMS, NET EXPENSE (INCOME) 0 0 0 0
17 CUMULATIVE EFFECT FROM ACCOUNTING CHANGE, NET 177,907 1 1,034,919 8
18 NET CONSOLIDATED INCOME 2,134,143 15 965,710 7
19 NET INCOME OF MINORITY INTEREST 262,984 2 (8,624) 0
20 NET INCOME OF MAJORITY INTEREST 1,871,159 13 974,334 7
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
----------------------- -------------------------
R Amount % Amount %
---------------------------------------------------------------- ----------------------- -------------------------
1 NET SALES 14,226,481 100 13,240,165 100
21 DOMESTIC 12,494,031 88 10,834,159 82
22 FOREIGN 1,732,450 12 2,406,006 18
23 TRANSLATED INTO DOLLARS (***) 161,278 1 199,889 2
6 INTEGRAL FINANCING COST 975,709 100 540,594 100
24 INTEREST EXPENSE 1,077,675 110 766,280 142
25 FOREIGN EXCHANGE LOSS 399,886 41 0 0
26 INTEREST INCOME 555,959 57 333,972 62
27 FOREIGN EXCHANGE GAIN 0 0 66,946 12
28 RESULT FROM MONETARY POSITION 41,756 4 139,513 26
42 LOSS ON RESTATEMENT OF UDI'S 12,351 1 35,719 7
43 GAIN ON RESTATEMENT OF UDI'S 0 0 0 0
8 OTHER FINANCIAL OPERATIONS 449,709 100 492,505 100
29 OTHER EXPENSE (INCOME) NET 449,709 100 492,505 100
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 761,443 100 649,505 100
32 INCOME TAX 784,190 103 634,662 98
33 DEFERRED INCOME TAX (26,016) (3) 11,958 2
34 EMPLOYEES' PROFIT SHARING 3,269 0 2,885 0
35 DEFERRED EMPLOYEES' PROFIT SHARING 0 0 0 0
(***) THOUSANDS OF DOLLARS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
OTHER CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
---------------------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
----------------------- -------------------------
R Amount % Amount %
----------------------------------------------------------------- ----------------------- -------------------------
36 TOTAL SALES 15,393,327 14,228,546
37 TAX RESULT FOR THE YEAR 1,462,716 0
38 NET SALES (**) 30,543,174 26,751,438
39 OPERATING INCOME (**) 9,440,786 7,161,713
40 NET INCOME OF MAJORITY INTEREST (**) 5,247,968 3,137,938
41 NET CONSOLIDATED INCOME (**) 5,752,826 3,009,158
(**) RESTATED INFORMATION FOR THE LAST TWELVE MONTHS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
FROM APRIL 1 THROUGH JUNE 30, 2005 AND 2004
(Thousands of Mexican Pesos)
FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
----------------------- -------------------------
R Amount % Amount %
---------------------------------------------------------------- ----------------------- -------------------------
1 NET SALES 7,856,388 100 7,779,548 100
2 COST OF SALES 4,001,548 51 4,314,338 55
3 GROSS PROFIT 3,854,840 49 3,465,210 45
4 OPERATING EXPENSES 1,156,115 15 1,147,711 15
5 OPERATING INCOME 2,698,725 34 2,317,499 30
6 INTEGRAL FINANCING COST 672,919 9 155,076 2
7 INCOME AFTER INTEGRAL FINANCING COST 2,025,806 26 2,162,423 28
8 OTHER FINANCIAL OPERATIONS 249,849 3 259,763 3
9 INCOME BEFORE TAXES AND EMPLOYEES' PROFIT
SHARING 1,775,957 23 1,902,660 24
10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT
SHARING 450,331 6 482,725 6
11 NET INCOME AFTER TAXES AND EMPLOYEES' PROFIT
SHARING 1,325,626 17 1,419,935 18
12 SHARE IN NET INCOME OF NON-CONSOLIDATED
SUBSIDIARIES AND ASSOCIATES 136,990 2 108,005 1
13 CONSOLIDATED NET INCOME OF CONTINUING
OPERATIONS 1,462,616 19 1,527,940 20
14 INCOME FROM DISCONTINUED OPERATIONS 0 0 0 0
15 CONSOLIDATED NET INCOME BEFORE
EXTRAORDINARY ITEMS 1,462,616 19 1,527,940 20
16 EXTRAORDINARY ITEMS, NET EXPENSE (INCOME) 0 0 0 0
17 CUMULATIVE EFFECT FROM ACCOUNTING CHANGE, NET 0 0 1,034,919 13
18 NET CONSOLIDATED INCOME 1,462,616 19 493,021 6
19 NET INCOME OF MINORITY INTEREST 185,556 2 11,469 0
20 NET INCOME OF MAJORITY INTEREST 1,277,060 16 481,552 6
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
---------------------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
----------------------- -------------------------
R Amount % Amount %
----------------------------------------------------------------- ----------------------- -------------------------
1 NET SALES 7,856,388 100 7,779,548 100
21 DOMESTIC 6,911,389 88 6,483,972 83
22 FOREIGN 944,999 12 1,295,576 17
23 TRANSLATED INTO DOLLARS (***) 90,717 1 104,695 1
6 INTEGRAL FINANCING COST 672,919 100 155,076 100
24 INTEREST EXPENSE 540,529 80 460,212 297
25 FOREIGN EXCHANGE LOSS 370,075 55 0 0
26 INTEREST INCOME 263,600 39 175,721 113
27 FOREIGN EXCHANGE GAIN 0 0 74,630 48
28 RESULT FROM MONETARY POSITION 23,809 4 (26,193) (17)
42 LOSS ON RESTATEMENT OF UDI'S 2,106 0 0 0
43 GAIN ON RESTATEMENT OF UDI'S 0 0 28,592 18
8 OTHER FINANCIAL OPERATIONS 249,849 100 259,763 100
29 OTHER EXPENSE (INCOME) NET 249,849 100 259,763 100
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 450,331 100 482,725 100
32 INCOME TAX 521,578 116 431,004 89
33 DEFERRED INCOME TAX (73,663) (16) 49,567 10
34 EMPLOYEES' PROFIT SHARING 2,416 1 2,154 0
35 DEFERRED EMPLOYEES' PROFIT SHARING 0 0 0 0
(***) THOUSANDS OF DOLLARS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
FROM JANUARY 1 THROUGH JUNE 30, 2005 AND 2004
(Thousands of Mexican Pesos)
FINAL PRINTING
----------------------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
----------------------- -------------------------
C Amount Amount
------------------------------------------------------------------ ----------------------- -------------------------
1 CONSOLIDATED NET INCOME 2,134,143 965,710
2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT
REQUIRE USING RESOURCES 1,318,555 1,942,042
3 RESOURCES FROM NET INCOME FOR THE YEAR 3,452,698 2,907,752
4 RESOURCES FROM CHANGE IN WORKING CAPITAL 1,482,986 1,165,662
5 RESOURCES PROVIDED BY (USED FOR) OPERATING
ACTIVITIES 4,935,684 4,073,414
6 CASH FLOW FROM EXTERNAL FINANCING (609,494) 224,990
7 CASH FLOW FROM INTERNAL FINANCING (4,503,406) (4,017,189)
8 RESOURCES PROVIDED BY (USED FOR) FINANCING
ACTIVITIES (5,112,900) (3,792,199)
9 RESOURCES PROVIDED BY (USED FOR) INVESTMENT
ACTIVITIES (1,906,836) (1,481,562)
10 NET INCREASE (DECREASE) IN CASH AND SHORT-TERM
INVESTMENTS (2,084,052) (1,200,347)
11 CASH AND SHORT-TERM INVESTMENTS AT THE
BEGINNING OF PERIOD 16,773,956 13,474,446
12 CASH AND SHORT-TERM INVESTMENTS AT THE END
OF PERIOD 14,689,904 12,274,099
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
----------------------- -------------------------
C Amount Amount
------------------------------------------------------------------- ----------------------- -------------------------
2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT
REQUIRE USING RESOURCES 1,318,555 1,942,042
13 DEPRECIATION AND AMORTIZATION FOR THE YEAR 1,090,582 915,862
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 227,973 1,026,180
4 RESOURCES FROM CHANGE IN WORKING CAPITAL 1,482,986 1,165,662
18 + (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE 5,834,407 7,096,788
19 + (-) DECREASE (INCREASE) IN INVENTORIES 669,215 416,042
20 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS
RECEIVABLE (113,010) (78,753)
21 + (-) INCREASE (DECREASE) IN SUPPLIERS 686,624 (414,512)
22 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES (5,594,250) (5,853,903)
6 CASH FLOW FROM EXTERNAL FINANCING (609,494) 224,990
23 + SHORT-TERM BANK AND STOCK MARKET FINANCING 0 0
24 + LONG-TERM BANK AND STOCK MARKET FINANCING 6,445,200 477,414
25 + DIVIDEND RECEIVED 0 0
26 + OTHER FINANCING 0 0
27 (-) BANK FINANCING AMORTIZATION (150,301) (127,522)
28 (-) STOCK MARKET FINANCING AMORTIZATION (6,759,345) 0
29 (-) OTHER FINANCING AMORTIZATION (145,048) (124,902)
7 CASH FLOW FROM INTERNAL FINANCING (4,503,406) (4,017,189)
30 + (-) INCREASE (DECREASE) IN CAPITAL STOCK 0 0
31 (-) DIVIDENDS PAID (4,200,125) (4,013,109)
32 + PREMIUM ON SALE OF SHARES 0 0
33 + CONTRIBUTION FOR FUTURE CAPITAL INCREASES (303,281) (4,080)
9 RESOURCES PROVIDED BY (USED FOR) INVESTMENT
ACTIVITIES (1,906,836) (1,481,562)
34 + (-) DECREASE (INCREASE) IN PERMANENT INVESTMENTS 73,418 (261,373)
35 (-) ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT (1,058,290) (721,198)
36 (-) INCREASE IN CONSTRUCTION IN PROGRESS 0 0
37 + SALE OF OTHER PERMANENT INVESTMENTS 0 0
38 + SALE OF TANGIBLE FIXED ASSETS 71,673 71,798
39 + (-) OTHER ITEMS (993,637) (570,789)
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
RATIOS
CONSOLIDATED
FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
P
------------------------------------------------------------------- ----------------------- -------------------------
YIELD
1 NET INCOME TO NET SALES 15.00 % 7.29 %
2 NET INCOME TO STOCKHOLDERS' EQUITY (**) 21.04 % 12.27 %
3 NET INCOME TO TOTAL ASSETS (**) 8.71 % 4.70 %
4 CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME 96.53 % 105.24 %
5 RESULT FROM MONETARY POSITION TO NET INCOME (1.96) % (14.45) %
ACTIVITY
6 NET SALES TO NET ASSETS (**) 0.46 times 0.42 times
7 NET SALES TO FIXED ASSETS (**) 1.60 times 1.39 times
8 INVENTORIES TURNOVER (**) 4.28 times 4.06 times
9 ACCOUNTS RECEIVABLE IN DAYS OF SALES 60 days 51 days
10 PAID INTEREST TO TOTAL LIABILITIES WITH COST (**) 9.75 % 6.45 %
LEVERAGE
11 TOTAL LIABILITIES TO TOTAL ASSETS 62.14 % 60.47 %
12 TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY 1.64 times 1.53 times
13 FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES 48.62 % 10.32 %
14 LONG-TERM LIABILITIES TO FIXED ASSETS 111.29 % 116.57 %
15 OPERATING INCOME TO INTEREST PAID 4.03 times 4.61 times
16 NET SALES TO TOTAL LIABILITIES (**) 0.74 times 0.69 times
LIQUIDITY
17 CURRENT ASSETS TO CURRENT LIABILITIES 3.28 times 4.13 times
18 CURRENT ASSETS LESS INVENTORY TO CURRENT
LIABILITIES 2.80 times 3.41 times
19 CURRENT ASSETS TO TOTAL LIABILITIES 0.63 times 0.57 times
20 AVAILABLE ASSETS TO CURRENT LIABILITIES 185.20 % 228.12 %
CASH FLOW
21 RESOURCES FROM NET INCOME TO NET SALES 24.27 % 21.96 %
22 RESOURCES FROM CHANGES IN WORKING CAPITAL
TO NET SALES 10.42 % 8.80 %
23 RESOURCES GENERATED (USED) IN OPERATING TO
INTEREST PAID 4.58 times 5.32 times
24 EXTERNAL FINANCING TO RESOURCES PROVIDED BY
(USED FOR) FINANCING 11.92 % (5.93) %
25 INTERNAL FINANCING TO RESOURCES PROVIDED BY
(USED FOR) FINANCING 88.08 % 105.93 %
26 ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT
TO RESOURCES PROVIDED BY (USED FOR) INVESTMENT
ACTIVITIES 55.50 % 48.68 %
(**) RATIOS TAKE INTO CONSIDERATION THE LAST TWELVE MONTHS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
DATA PER SHARE
CONSOLIDATED FINANCIAL STATEMENT
FINAL PRINTING
----------------------------------------------------------------------------------------------------------------------------
REF
CONCEPTS CURRENT YEAR PREVIOUS YEAR
D Amount Amount
------------------------------------------------------------------ ----------------------- -------------------------
1 BASIC PROFIT PER ORDINARY SHARE (**) $ .02 $ .36
2 BASIC PROFIT PER PREFERRED SHARE (**) $ .00 $ .36
3 DILUTED PROFIT PER ORDINARY SHARE (**) $ .00 $ .00
4 CONTINUING OPERATING PROFIT PER COMMON
SHARE (**) $ .02 $ .47
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 $ (.16)
8 CARRYING VALUE PER SHARE $ .07 $ 2.91
9 CASH DIVIDEND ACCUMULATED PER SHARE $ .01 $ .42
10 DIVIDEND IN SHARES PER SHARE .00 shares .10 shares
11 MARKET PRICE TO CARRYING VALUE 3.97 times 2.98 times
12 MARKET PRICE TO BASIC PROFIT PER ORDINARY
SHARE (**) 18.57 times 24.33 times
13 MARKET PRICE TO BASIC PROFIT PER PREFERRED
SHARE (**) .00 times 24.13 times
(**) TO CALCULATE THE DATA PER SHARE USE THE NET INCOME FOR THE LAST TWELVE MONTHS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES (1)
CONSOLIDATED
FINAL PRINTING
---------------------------------------------------------------------------
CONSOLIDATED FINANCIAL STATEMENTS - BREAKDOWN OF MAIN CONCEPTS -
LINE S53 MEXICAN PESOS LIABILITIES. THIS CAPTION INCLUDES, IN THE SECOND
QUARTER OF 2005, LIABILITIES IN FOREIGN CURRENCY (TAXES PAYABLE) FOR AN
AMOUNT OF PS.45,482, 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).
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
LINE C33 "CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES" INCLUDES PS.229,069
OF RESALE OF SHARES REPURCHASED, AND PS.(532,350) OF REPURCHASE OF SHARES.
THIS PRESENTATION WAS MADE AS DISCLOSED ABOVE DUE TO THE FACT THAT THE
CURRENT FORMAT FOR THE STATEMENT OF CHANGES IN FINANCIAL POSITION IS
RESTRICTED TO CERTAIN STANDARD CONCEPTS.
--------------------------------------------------------------
(1) THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL STATEMENT
AMOUNTS, INCLUDING THEIR BREAKDOWN OF MAIN CONCEPTS AND OTHER CONCEPTS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
CONSOLIDATED
FINAL PRINTING
ANALYSIS OF PAID CAPITAL STOCK
CHARACTERISTICS OF THE SHARES
AUDITED INFORMATION
---------------------------------------------------------------------------------------------------------------------------------
CAPITAL STOCK
NUMBER OF SHARES (Thousands of Mexican Pesos)
----------------------------------------------------------------- ----------------------------
NOMINAL VALID FIXED VARIABLE FREE
SERIES VALUE COUPON PORTION PORTION MEXICAN SUBSCRIPTION FIXED VARIABLE
---------- ----------- ----------- ----------------- ---------- ----------------- ------------------ --------------- ------------
A 0 114,426,881,940 114,426,881,940 852,636
B 0 54,129,895,555 54,129,895,555 411,974
D 0 86,115,684,706 86,115,684,706 629,782
L 0 86,115,684,706 86,115,684,706 629,782
TOTAL 340,788,146,907 0 254,672,462,201 86,115,684,706 2,524,174 0
TOTAL NUMBER OF SHARES REPRESENTING THE PAID-IN CAPITAL STOCK ON THE DATE
THE INFORMATION WAS SENT
340,788,146,907
SHARES REPRESENTED BY:
CPO's : 117 SHARES (25 SERIES A, 22 SERIES B, 35 SERIES D AND 35 SERIES L)
UNITS : 0
ADRS's : 0
GDRS's : 0
ADS's : 0
GDS's : TWENTY CPO's
SHARES REPURCHASED
MARKET VALUE OF THE SHARE
NUMBER OF AT REPURCHASE AT END OF THE
SERIES SHARES AVERAGE PRICE QUARTER PRICE
-----------------------------------------------------------------------------
A 10,309,362,235 0.19144 0.28504
B 6,139,787,241 0.19144 0.28504
D 6,018,037,009 0.19144 0.28504
L 6,018,037,009 0.19144 0.28504
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., JULY 14, 2005
MEXICAN STOCK EXCHANGE ("BMV")
STOCK EXCHANGE CODE: TLEVISA DATE: 7/14/2005
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: 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: 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: 7/14/2005
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: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
ANNEX 1 CONSOLIDATED
FINAL PRINTING
-----------------------------------------------------------------------------
MEXICO CITY, D.F., JULY 14, 2005--GRUPO TELEVISA, S.A. (NYSE:TV; BMV:
TLEVISA CPO) TODAY ANNOUNCED RESULTS FOR THE SECOND QUARTER OF 2005. THE
RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH MEXICAN GAAP AND ARE ADJUSTED
IN MILLIONS OF MEXICAN PESOS IN PURCHASING POWER AS OF JUNE 30, 2005.
DURING THE FOURTH QUARTER OF 2004, WE AMENDED CERTAIN AGREEMENTS IN OUR
PUBLISHING DISTRIBUTION SEGMENT, WHICH RESULTED IN A CHANGE IN THE
ACCOUNTING TREATMENT OF THE RECOGNITION OF SALES AND COST OF GOODS SOLD.
THIS CHANGE DOES NOT AFFECT OUR OIBDA RESULTS.
NET SALES
PRO-FORMA NET SALES INCREASED 6.5% TO PS.7,856.4 MILLION IN THE SECOND
QUARTER OF 2005 COMPARED WITH PS.7,380 MILLION IN THE SECOND QUARTER OF
LAST YEAR. THIS INCREASE WAS ATTRIBUTABLE TO REVENUE GROWTH IN OUR
TELEVISION BROADCASTING, SKY MEXICO, PUBLISHING, PAY TELEVISION NETWORKS,
CABLE TELEVISION, RADIO AND PUBLISHING DISTRIBUTION SEGMENTS. THESE
INCREASES WERE PARTIALLY OFFSET BY LOWER SALES IN OUR OTHER BUSINESSES AND
PROGRAMMING EXPORTS SEGMENTS.
OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION
OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION ("OIBDA") INCREASED
12.8% TO PS.3,247.2 MILLION IN THE SECOND QUARTER OF 2005 COMPARED WITH
PS.2,877.9 MILLION IN THE SECOND QUARTER OF 2004. THIS INCREASE REFLECTS
HIGHER SALES, WHICH WERE PARTIALLY OFFSET BY AN INCREASE IN COST OF SALES
AND OPERATING EXPENSES. OIBDA MARGIN EXPANDED TO AN ALL-TIME HIGH OF 41.3%,
UP FROM A PRO-FORMA MARGIN OF 39% REPORTED IN THE SECOND QUARTER OF 2004.
OPERATING INCOME ROSE 16.4% TO PS.2,698.7 MILLION IN THE SECOND QUARTER OF
2005 COMPARED WITH PS.2,317.5 MILLION REPORTED IN LAST YEAR'S SECOND
QUARTER.
THE CHARGE FOR OPERATING DEPRECIATION AND AMORTIZATION WAS OF PS.548.5
MILLION AND PS.560.4 MILLION IN THE SECOND QUARTERS OF 2005 AND 2004,
RESPECTIVELY.
NET INCOME INCREASED 165.2% TO PS.1,277.1 MILLION IN THE SECOND QUARTER OF
2005 COMPARED WITH PS.481.6 MILLION IN THE SECOND QUARTER OF 2004. THE NET
INCREASE OF PS.795.5 MILLION REFLECTED: I) A PS.369.3 MILLION INCREASE IN
OIBDA; II) A PS.11.9 MILLION DECREASE IN DEPRECIATION AND AMORTIZATION;
III) A PS.11.4 MILLION DECREASE IN OTHER EXPENSE; IV) A PS.32.4 MILLION
DECREASE IN INCOME TAXES; V) A PS.29 MILLION INCREASE IN EQUITY INCOME OF
AFFILIATES; AND VI) THE ABSENCE OF A LOSS EFFECT IN ACCOUNTING CHANGE OF
PS.1,034.9 MILLION. THESE FAVORABLE CHANGES WERE PARTIALLY OFFSET BY: I) A
PS.517.8 MILLION INCREASE IN INTEGRAL COST OF FINANCING; II) A PS.1.5
MILLION INCREASE IN RESTRUCTURING AND NON-RECURRING CHARGES; AND III) A
PS.174.1 MILLION INCREASE IN MINORITY INTEREST.
PRO-FORMA RESULTS BY BUSINESS SEGMENT
THE FOLLOWING SECOND-QUARTER PRO-FORMA NET SALES AND OPERATING INCOME
(LOSS) BEFORE DEPRECIATION AND AMORTIZATION REFLECT THE CHANGE IN OUR
ACCOUNTING TREATMENT OF THE RECOGNITION OF SALES AND COST OF GOODS SOLD IN
OUR PUBLISHING DISTRIBUTION SEGMENT.
TELEVISION BROADCASTING
SALES INCREASED 7.5% TO PS.4,475.7 MILLION COMPARED WITH PS.4,163.4 MILLION
IN THE SAME QUARTER OF LAST YEAR. THIS INCREASE WAS ATTRIBUTABLE TO THE
ABSENCE OF HOLY WEEK IN THE SECOND QUARTER OF 2005, POLITICAL ADVERTISING,
AND A 7.9% INCREASE IN LOCAL SALES.
OIBDA INCREASED 14.3% TO PS.2,208.5 MILLION COMPARED WITH PS.1,933 MILLION
REPORTED LAST YEAR. OIBDA MARGIN EXPANDED TO 49.3% FROM 46.4% IN THE SECOND
QUARTER OF 2004, REACHING AN ALL-TIME HIGH DESPITE MARGINAL INCREASES IN
COST OF SALES AND OPERATING EXPENSES.
PAY TELEVISION NETWORKS
SALES INCREASED 25.1% TO PS.252.7 MILLION FROM PS.202 MILLION IN THE SAME
QUARTER OF LAST YEAR. THIS INCREASE REFLECTS I) SALES OF PS.18.4 MILLION IN
TUTV, OUR JOINT VENTURE WITH UNIVISION, WHICH WE BEGAN CONSOLIDATING INTO
OUR FINANCIAL STATEMENTS EFFECTIVE JANUARY 1, 2005; II) HIGHER SIGNALS SOLD
IN MEXICO; AND III) AN INCREASE IN SIGNALS SOLD IN LATIN AMERICA.
OIBDA ROSE 28.6% TO PS.102.1 MILLION COMPARED WITH PS.79.4 MILLION REPORTED
IN THE SAME PERIOD OF LAST YEAR. THIS INCREASE WAS DRIVEN BY HIGHER SALES,
WHICH WERE PARTIALLY OFFSET BY AN INCREASE IN COST OF SALES AND OPERATING
EXPENSES. TUTV CONTRIBUTED PS.9.3 MILLION TO OIBDA IN THE SECOND QUARTER OF
2005.
PROGRAMMING EXPORTS
THE 9.7% DECREASE IN SALES TO PS.492.9 MILLION COMPARED WITH PS.545.8
MILLION IN THE SAME QUARTER OF LAST YEAR WAS DRIVEN BY I) THE NEGATIVE
TRANSLATION EFFECT OF FOREIGN-CURRENCY-DENOMINATED SALES, WHICH AMOUNTED TO
PS.49.5 MILLION; II) LOWER SALES TO LATIN AMERICA; AND III) A 3.7% DECREASE
IN UNIVISION ROYALTIES UNDER THE UNIVISION PROGRAM LICENSE AGREEMENT, WHICH
AMOUNTED TO U.S.$28.6 MILLION COMPARED WITH U.S.$29.7 MILLION REPORTED IN
THE SECOND QUARTER OF 2004. THESE DECREASES WERE PARTIALLY OFFSET BY HIGHER
EXPORT SALES TO ASIA AND AFRICA.
THE 22.3% DROP IN OIBDA (TO PS.194.6 MILLION COMPARED WITH PS.250.3 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR), REFLECTED LOWER SALES AND MARGINAL
INCREASES IN BOTH COST OF SALES AND OPERATING EXPENSES.
PUBLISHING
SALES ROSE 14.4% TO PS.633.7 MILLION COMPARED WITH PS.553.7 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. THIS GROWTH WAS ATTRIBUTABLE TO
INCREASES IN MAGAZINE CIRCULATION AND ADVERTISING PAGES SOLD BOTH IN MEXICO
AND ABROAD, WHICH WERE PARTIALLY OFFSET BY THE NEGATIVE TRANSLATION EFFECT
OF FOREIGN-CURRENCY-DENOMINATED SALES AMOUNTING TO PS.22.8 MILLION.
OIBDA INCREASED 1.6% TO PS.136 MILLION COMPARED WITH PS.133.9 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. THIS INCREASE REFLECTS HIGHER SALES,
WHICH WERE PARTIALLY OFFSET BY HIGHER COST OF SALES AND OPERATING EXPENSES
RELATED PRIMARILY TO THE LAUNCH OF NEW MAGAZINE TITLES IN MEXICO AND THE
ACQUISITION OF HISPANIC PUBLISHING GROUP IN THE UNITED STATES.
PUBLISHING DISTRIBUTION
SALES INCREASED 5.8% TO PS.98.8 MILLION COMPARED WITH PS.93.4 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. THE GROWTH IN SALES CAME FROM AN
INCREASE IN THE CIRCULATION OF MAGAZINES PUBLISHED BY THE COMPANY IN MEXICO
AND ABROAD AND FROM HIGHER CIRCULATION OF MAGAZINES ABROAD PUBLISHED BY
THIRD PARTIES. THESE INCREASES WERE PARTIALLY OFFSET BY THE NEGATIVE
TRANSLATION EFFECT OF FOREIGN-CURRENCY-DENOMINATED SALES, WHICH AMOUNTED TO
PS.6.1 MILLION.
OIBDA INCREASED TO PS.3.6 MILLION FROM THE OPERATING LOSS BEFORE
DEPRECIATION AND AMORTIZATION OF PS.2 MILLION REPORTED IN THE SAME PERIOD
OF LAST YEAR. THIS FAVORABLE COMPARISON REFLECTS A RISE IN SALES THAT WAS
PARTIALLY OFFSET BY HIGHER OPERATING EXPENSES.
SKY MEXICO
SALES ROSE 17.7% TO PS.1,442.5 MILLION COMPARED WITH PS.1,225.1 MILLION
REPORTED IN THE SECOND QUARTER OF 2004. THIS INCREASE WAS DRIVEN BY A 26.1%
INCREASE IN THE SUBSCRIBER BASE AND ADDITIONAL REVENUES FROM PAY-PER-VIEW,
PRIMARILY FROM NON-RECURRING SPORTS EVENTS BROADCAST ON AN EXCLUSIVE BASIS.
AS OF JUNE 30, 2005, THE NUMBER OF GROSS ACTIVE SUBSCRIBERS REACHED
1,183,800 (INCLUDING 65,000 COMMERCIAL SUBSCRIBERS) COMPARED WITH 938,600
GROSS ACTIVE SUBSCRIBERS (INCLUDING 52,000 COMMERCIAL SUBSCRIBERS) IN LAST
YEAR'S SECOND QUARTER.
OIBDA GREW 32.4% TO PS.587.3 MILLION COMPARED WITH PS.443.5 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. THE INCREASE IN OIBDA MARGIN TO A
RECORD 40.7% --UP FROM 36.2% IN LAST YEAR'S SECOND QUARTER-- REFLECTED
HIGHER SALES, WHICH WERE PARTIALLY OFFSET BY HIGHER COST OF SALES AND
OPERATING EXPENSES.
CABLE TELEVISION
SALES INCREASED 15.5% TO PS.330.7 MILLION COMPARED WITH PS.286.4 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. SALES GROWTH WAS DRIVEN BY I) A 4.5%
INCREASE IN THE SUBSCRIBER BASE, WHICH, AS OF JUNE 30, 2005, TOTALED
389,657 SUBSCRIBERS (INCLUDING 190,416 DIGITAL SUBSCRIBERS) COMPARED WITH
LAST YEAR'S BASE OF 372,745 SUBSCRIBERS (INCLUDING 73,822 DIGITAL
SUBSCRIBERS); II) AN INCREASE IN BROADBAND SUBSCRIBERS TO 43,646 COMPARED
WITH THE 15,687 REPORTED LAST YEAR; AND III) A 6% RATE INCREASE IN
CABLEVISION VIDEO SERVICE PACKAGES EFFECTIVE MARCH 1, 2005.
OIBDA DECREASED 4.7% TO PS.104.2 MILLION COMPARED WITH PS.109.3 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR. THIS DECREASE REFLECTS HIGHER
PROGRAMMING COSTS AND NETWORK MAINTENANCE EXPENSES RELATED TO THE
DIGITALIZATION PROGRAM FOR OUR NETWORK, AS WELL AS HIGHER OPERATING
EXPENSES ASSOCIATED WITH IMPROVING OUR CUSTOMER SERVICE.
RADIO
SALES ROSE 22.9% TO PS.86.9 MILLION COMPARED WITH PS.70.7 MILLION REPORTED
IN THE SAME PERIOD LAST YEAR. THE SALES GROWTH CAME FROM AN INCREASE IN
ADVERTISING TIME SOLD, MAINLY IN OUR NEWSCASTS, AND FROM POLITICAL
ADVERTISING.
OIBDA INCREASED 63.7%, TO PS.14.9 MILLION FROM PS.9.1 MILLION REPORTED IN
THE SAME PERIOD LAST YEAR. THIS INCREASE WAS DRIVEN PRIMARILY BY HIGHER
SALES BUT WAS PARTIALLY OFFSET BY AN INCREASE IN COST OF SALES AND
OPERATING EXPENSES.
OTHER BUSINESSES
SALES DECREASED 19.1% TO PS.296.2 MILLION COMPARED WITH PS.366.3 MILLION
REPORTED IN THE SAME PERIOD LAST YEAR DUE MAINLY TO LOWER SALES IN OUR
FEATURE FILM DISTRIBUTION BUSINESS. THIS DECREASE WAS PARTIALLY OFFSET BY
HIGHER SALES IN I) OUR ESMAS.COM INTERNET PORTAL, INCLUDING SALES RELATED
TO OUR SMS MESSAGING SERVICE; AND II) OUR SPORTS BUSINESSES.
OPERATING LOSS BEFORE DEPRECIATION AND AMORTIZATION INCREASED TO PS.56
MILLION COMPARED WITH PS.27.5 MILLION REPORTED IN THE SECOND QUARTER OF
2004. THE UNFAVORABLE COMPARISON REFLECTS LOWER SALES, WHICH WERE PARTIALLY
OFFSET BY LOWER COST OF SALES AND OPERATING EXPENSES.
INTERSEGMENT SALES
INTERSEGMENT SALES FOR THE SECOND QUARTER OF 2005 AND 2004, AMOUNTED TO
PS.253.7 MILLION AND PS.198.8 MILLION, RESPECTIVELY.
CORPORATE EXPENSES
CORPORATE EXPENSES FOR THE SECOND QUARTER OF 2005 AND 2004, AMOUNTED TO
PS.48 MILLION AND PS.46.3 MILLION, RESPECTIVELY.
DISPOSED OPERATIONS
REFLECTS THE RESULTS OF OPERATIONS OF THE COMPANY'S NATIONWIDE PAGING AND
SPORTS BUSINESSES.
SALES OF DISPOSED OPERATIONS FOR THE SECOND QUARTER OF 2004 AMOUNTED TO
PS.72 MILLION. OIBDA OF DISPOSED OPERATIONS FOR THE SECOND QUARTER OF 2004
AMOUNTED TO PS.4.8 MILLION.
NON-OPERATING RESULTS
INTEGRAL COST OF FINANCING
THE EXPENSE ATTRIBUTABLE TO THE INTEGRAL COST OF FINANCING INCREASED BY
PS.517.8 MILLION TO PS.672.9 MILLION IN THE SECOND QUARTER OF 2005 FROM
PS.155.1 MILLION IN THE SECOND QUARTER OF 2004. THIS INCREASE REFLECTED I)
A PS.444.7 MILLION INCREASE IN NET FOREIGN EXCHANGE LOSS RESULTING
PRIMARILY FROM THREE FACTORS: 1) A LOSS RESULTING FROM HAVING A
U.S.-DOLLAR-DENOMINATED NET ASSET POSITION COMBINED WITH A 3.74%
APPRECIATION OF THE MEXICAN PESO AGAINST THE U.S. DOLLAR DURING THE SECOND
QUARTER OF 2005, 2) A LOSS RESULTING PRIMARILY FROM THE DIFFERENCE BETWEEN
THE SPOT RATE AND THE FORWARD EXCHANGE RATE OF THE FORWARD CONTRACTS WE
ENTERED INTO TO HEDGE A PORTION OF THE U.S.$200 MILLION PRINCIPAL PAYMENT
OF THE SENIOR NOTES MATURING IN AUGUST 2005, AND 3) A LOSS RESULTING FROM
THE DIFFERENCE BETWEEN THE SPOT RATE AND THE FOREIGN EXCHANGE RATE OF THE
COUPON SWAPS ENTERED INTO BY US TO SWAP INTO FIXED PESOS UP TO FIVE YEARS
OF U.S.-DOLLAR-DENOMINATED COUPONS OF A PORTION OF OUR
U.S.-DOLLAR-DENOMINATED OUTSTANDING INDEBTEDNESS; II) A PS.111 MILLION
INCREASE IN INTEREST EXPENSE, DUE PRIMARILY TO A NET INCREASE IN THE
AVERAGE AMOUNT OF OUR TOTAL CONSOLIDATED DEBT; AND III) A PS.50 MILLION
INCREASE IN LOSS FROM MONETARY POSITION RESULTING PRIMARILY FROM THE
ABSENCE OF INFLATION IN THE THREE MONTHS ENDED JUNE 30, 2005 COMPARED WITH
LAST YEAR'S SECOND QUARTER, AS WELL AS THE RESULT OF A HIGHER AVERAGE
AMOUNT OF NET LIABILITY MONETARY POSITION IN SECOND QUARTER 2005. THESE
UNFAVORABLE VARIANCES WERE OFFSET BY A PS.87.9 MILLION INCREASE IN INTEREST
INCOME IN CONNECTION WITH A HIGHER AVERAGE AMOUNT OF TEMPORARY INVESTMENTS
AND HIGHER INTEREST RATES DURING THE SECOND QUARTER OF 2005 COMPARED WITH
LAST YEAR'S SECOND QUARTER.
RESTRUCTURING AND NON-RECURRING CHARGES
RESTRUCTURING AND NON-RECURRING CHARGES INCREASED BY PS.1.5 MILLION, OR
10.1%, TO PS.16.3 MILLION IN THE SECOND QUARTER OF 2005 COMPARED WITH
PS.14.8 MILLION IN LAST YEAR'S SECOND QUARTER. THIS INCREASE REFLECTED
PRIMARILY THE RECOGNITION OF ADDITIONAL NON-RECURRING EXPENSES IN
CONNECTION WITH THE PREPAYMENT OF A PORTION OF OUR OUTSTANDING LONG-TERM
DEBT, WHICH WAS PARTIALLY OFFSET BY A REDUCTION IN RESTRUCTURING CHARGES IN
CONNECTION WITH WORKFORCE REDUCTIONS.
OTHER EXPENSE - NET
OTHER EXPENSE DECREASED BY PS.11.4 MILLION, OR 4.7%, TO PS.233.5 MILLION IN
SECOND QUARTER 2005 COMPARED WITH PS.244.9 MILLION IN THE SECOND QUARTER OF
2004. THIS DECREASE REFLECTED PRIMARILY A REDUCTION IN DONATIONS, A
DECREASE IN LOSS ON DISPOSITION OF FIXED ASSETS, AND LOWER FEES FOR
ADVISORY AND PROFESSIONAL SERVICES. THESE FAVORABLE VARIANCES WERE
PARTIALLY OFFSET BY AN INCREASE IN LOSS ON DISPOSITION OF INVESTMENTS IN
CONNECTION WITH AN ESTIMATED LOSS ON DISPOSITION OF OUR 30% INTEREST IN DTH
TECHCO PARTNERS ("TECHCO"), OUR JOINT VENTURE THAT PROVIDES TECHNICAL
SERVICES TO OUR SATELLITE PLATFORMS IN MEXICO AND LATIN AMERICA.
INCOME TAX
INCOME TAX DECREASED BY PS.32.4 MILLION, OR 6.7%, TO PS.450.3 MILLION IN
SECOND QUARTER 2005 FROM PS.482.7 MILLION IN SECOND QUARTER 2004. THIS
DECREASE REFLECTED PRIMARILY A LOWER INCOME TAX BASE IN SECOND QUARTER
2005.
EQUITY IN INCOME OF AFFILIATES
EQUITY IN INCOME OF AFFILIATES INCREASED BY PS.29 MILLION, OR 26.9%, TO
PS.137 MILLION IN THE SECOND QUARTER OF 2005 COMPARED WITH PS.108 MILLION
IN THE SECOND QUARTER OF 2004. THIS INCREASE REFLECTED PRIMARILY A
REDUCTION IN EQUITY LOSSES OF TECHCO.
LOSS EFFECT OF ACCOUNTING CHANGE
IN THE SECOND QUARTER OF 2004, WE RECOGNIZED A LOSS EFFECT OF ACCOUNTING
CHANGE IN CONNECTION WITH THE INITIAL CONSOLIDATION OF SKY MEXICO'S
FINANCIAL STATEMENTS AND ACCUMULATED LOSSES NOT RECOGNIZED IN PRIOR
PERIODS. WE DID NOT RECOGNIZE ANY LOSS EFFECT OF ACCOUNTING CHANGE IN THE
SECOND QUARTER OF 2005.
MINORITY INTEREST
MINORITY INTEREST INCREASED BY PS.174.1 MILLION TO PS.185.6 MILLION IN THE
SECOND QUARTER OF 2005 FROM PS.11.5 MILLION IN THE SECOND QUARTER OF 2004.
THIS INCREASE REFLECTED PRIMARILY THE PORTION OF NET INCOME ATTRIBUTABLE TO
THE INTEREST HELD BY THIRD PARTIES IN THE SKY MEXICO BUSINESS.
OTHER RELEVANT INFORMATION
CAPITAL EXPENDITURES AND INVESTMENTS
IN THE SECOND QUARTER OF 2005, WE INVESTED APPROXIMATELY U.S.$57.4 MILLION
IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES, OF WHICH
APPROXIMATELY U.S.$12.2 MILLION AND U.S.$34.5 MILLION ARE RELATED TO OUR
CABLE TELEVISION AND SKY MEXICO SEGMENTS, RESPECTIVELY.
DEBT
THE TOTAL CONSOLIDATED DEBT AMOUNTED TO PS.21,776.4 MILLION AND PS.20,514.1
MILLION AS OF JUNE 30, 2005 AND 2004, RESPECTIVELY, WHICH INCLUDED A
CURRENT PORTION OF LONG-TERM DEBT IN THE AMOUNT OF PS.2,335.8 MILLION AND
PS.170.0 MILLION, RESPECTIVELY, AND LONG-TERM DEBT OF SKY MEXICO IN THE
AMOUNT OF PS.4,234.6 MILLION AND PS.20,514.1 MILLION, RESPECTIVELY.
ADDITIONALLY, SKY MEXICO HAD A SATELLITE TRANSPONDER LEASE OBLIGATION IN
THE AMOUNT OF PS.1,311.3 MILLION AND PS.1,541.5 MILLION AS OF JUNE 30, 2005
AND 2004, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF PS.72.2 MILLION
AND PS.72.1 MILLION, RESPECTIVELY.
AS OF JUNE 30, 2005, OUR CONSOLIDATED NET DEBT WAS PS.7,086.5 MILLION
(PS.3,673 MILLION EXCLUDING SKY MEXICO) COMPARED WITH A CONSOLIDATED NET
DEBT OF PS.8,240 MILLION (PS.4,157.8 MILLION EXCLUDING SKY MEXICO) AS OF
JUNE 30, 2004.
IN MAY 2005, AS A RESULT OF THE CONTINUOUS IMPROVEMENT OF OUR CREDIT
PROFILE, MOODY'S INVESTORS SERVICE UPGRADED TELEVISA'S FOREIGN-CURRENCY
DEBT AND SENIOR UNSECURED ISSUER RATINGS TO BAA2 FROM BAA3. THE OUTLOOK
ASSIGNED ON ALL THE RATINGS IS NOW STABLE. IN ADDITION, WE REOPENED OUR
20-YEAR 6 5/8% U.S.$400 MILLION SENIOR NOTES ISSUED IN MARCH 2005 FOR AN
ADDITIONAL U.S.$200 MILLION.
ON JUNE 23RD, 2005, STANDARD & POOR'S RAISED INNOVA'S CORPORATE CREDIT
RATING TO BB-/STABLE FROM B+/CREDITWATCH POSITIVE AND ON JULY 7TH, 2005,
MOODY'S UPGRADED INNOVA'S CORPORATE FAMILY RATING TO BA3/STABLE FROM
B2/POSITIVE.
SHARE BUYBACK PROGRAM
FROM APRIL 1 THROUGH JUNE 30, 2005, WE REPURCHASED APPROXIMATELY 12.7
MILLION CPOS FOR PS.401.3 MILLION IN NOMINAL TERMS. YEAR-TO-DATE WE HAVE
REPURCHASED APPROXIMATELY 18.7 MILLION OF CPOS FOR PS.594.1 MILLION IN
NOMINAL TERMS.
DIVIDEND PAYMENT
ON MAY 31, 2005, THE COMPANY MADE A PS.1.35 PER CPO CASH DISTRIBUTION TO
SHAREHOLDERS, EQUIVALENT TO APPROXIMATELY PS.4,215 MILLION.
TELEVISION RATINGS AND AUDIENCE SHARE
NATIONAL URBAN RATINGS AND AUDIENCE SHARE REPORTED BY IBOPE CONFIRM THAT,
IN THE SECOND QUARTER OF 2005, TELEVISA CONTINUED TO DELIVER STRONG RATINGS
AND AUDIENCE SHARES. DURING WEEKDAY PRIME TIME (19:00 TO 23:00, MONDAY TO
FRIDAY), AUDIENCE SHARE AMOUNTED TO 70.1%; IN PRIME TIME (16:00 TO 23:00,
MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 67.3%; AND FROM SIGN-ON TO
SIGN-OFF (6:00 TO 24:00, MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO
69.3%.
GAMING BUSINESS
WE RECENTLY OBTAINED A PERMIT FROM THE SECRETARIA DE GOBERNACION, OR
MEXICAN MINISTRY OF THE INTERIOR, TO OPERATE SPORTBOOKS AND NUMBER DRAWS,
INCLUDING THE ESTABLISHMENT OF 65 LOCATIONS THROUGHOUT MEXICO. WE ARE IN
THE PROCESS OF FINALIZING THE BUSINESS PLAN FOR THIS NEW VENTURE.
OUTLOOK FOR 2005
WE ARE RAISING OUR GUIDANCE FOR THE YEAR. WE NOW EXPECT TELEVISION
BROADCASTING SALES TO INCREASE APPROXIMATELY 5% IN 2005. IN ADDITION, WE
WILL CONTINUE TO KEEP COSTS AND EXPENSES UNDER CONTROL THROUGHOUT THE YEAR,
WHICH SHOULD ALLOW OUR TELEVISION BROADCASTING OPERATING INCOME BEFORE
DEPRECIATION AND AMORTIZATION MARGIN TO REACH 47%.
GRUPO TELEVISA, S.A. IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING
WORLD, AND A MAJOR PARTICIPANT IN THE INTERNATIONAL ENTERTAINMENT BUSINESS.
IT HAS INTERESTS IN TELEVISION PRODUCTION AND BROADCASTING, PRODUCTION OF
PAY TELEVISION NETWORKS, INTERNATIONAL DISTRIBUTION OF TELEVISION
PROGRAMMING, DIRECT-TO-HOME SATELLITE SERVICES, PUBLISHING AND PUBLISHING
DISTRIBUTION CABLE TELEVISION, RADIO PRODUCTION AND BROADCASTING,
PROFESSIONAL SPORTS AND LIVE ENTERTAINMENT, FEATURE FILM PRODUCTION AND
DISTRIBUTION AND THE OPERATION OF A HORIZONTAL INTERNET PORTAL. GRUPO
TELEVISA ALSO OWNS AN UNCONSOLIDATED EQUITY STAKE IN UNIVISION, THE LEADING
SPANISH-LANGUAGE MEDIA COMPANY IN THE UNITED STATES.
THIS ANNEX CONTAINS FORWARD-LOOKING STATEMENTS REGARDING THE COMPANY'S
RESULTS AND PROSPECTS. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THESE
STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS ANNEX SHOULD BE READ IN
CONJUNCTION WITH THE FACTORS DESCRIBED IN "ITEM 3. KEY INFORMATION -
FORWARD-LOOKING STATEMENTS" IN THE COMPANY'S ANNUAL REPORT ON FORM 20-F,
WHICH, AMONG OTHERS, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM
THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS MADE IN THIS ANNEX AND IN
ORAL STATEMENTS MADE BY AUTHORIZED OFFICERS OF THE COMPANY. READERS ARE
CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS,
WHICH SPEAK ONLY AS OF THEIR DATES. THE COMPANY UNDERTAKES NO OBLIGATION TO
PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A
RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
THE PRO-FORMA INFORMATION IS PRESENTED FOR INFORMATIONAL PURPOSES ONLY AND
DOES NOT PURPORT TO REPRESENT WHAT OUR FINANCIAL POSITION OR RESULTS OF
OPERATIONS WOULD HAVE BEEN HAD RECOGNITION OF SALES AND COST OF GOODS SOLD
BEEN REALIZED DURING THE SPECIFIED PERIODS. FURTHERMORE, THE READER SHOULD
NOT RELY ON THE PRO-FORMA INFORMATION AS AN INDICATION OF THE RESULTS OF
OPERATIONS OF FUTURE PERIODS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES (1)
ANNEX 2
CONSOLIDATED
FINAL PRINTING
-----------------------------------------------------------------------------
GRUPO TELEVISA, S.A.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004
(IN THOUSANDS OF MEXICAN PESOS IN PURCHASING POWER AS
OF JUNE 30, 2005, EXCEPT PER SHARE, PER CPO AND PER UDI VALUES)
1. ACCOUNTING POLICIES:
THE CONDENSED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A. (THE
"COMPANY") AND ITS CONSOLIDATED SUBSIDIARIES (COLLECTIVELY, THE "GROUP"),
AS OF JUNE 30, 2005 AND 2004, AND FOR THE SIX MONTHS ENDED ON THOSE DATES,
ARE UNAUDITED. IN THE OPINION OF MANAGEMENT, ALL ADJUSTMENTS (CONSISTING
PRINCIPALLY OF NORMAL RECURRING ADJUSTMENTS) NECESSARY FOR A FAIR
PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN
INCLUDED THEREIN.
FOR PURPOSES OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS,
CERTAIN INFORMATION AND DISCLOSURES, NORMALLY INCLUDED IN FINANCIAL
STATEMENTS PREPARED IN ACCORDANCE WITH MEXICAN GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES ("MEXICAN GAAP"), HAVE BEEN CONDENSED OR OMITTED.
THESE CONDENSED CONSOLIDATED STATEMENTS SHOULD BE READ IN CONJUNCTION WITH
THE GROUP'S CONSOLIDATED AND AUDITED FINANCIAL STATEMENTS AND NOTES THERETO
FOR THE YEARS ENDED DECEMBER 31, 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 SIX MONTHS ENDED JUNE 30, 2005,
EXCEPT FOR THE MATTERS DISCUSSED IN THE FOLLOWING PARAGRAPHS.
EFFECTIVE JANUARY 1, 2005, THE GROUP ADOPTED THE PROVISIONS FOR
SEVERANCE OBLIGATIONS REQUIRED BY THE REVISED BULLETIN D-3, "LABOR
OBLIGATIONS" ISSUED BY THE MEXICAN INSTITUTE OF PUBLIC ACCOUNTANTS
("MIPA"), AND RECOGNIZED A CUMULATIVE SEVERANCE LIABILITY IN ITS
CONSOLIDATED BALANCE SHEET IN THE AMOUNT OF PS.254,650 (SEE NOTE 11).
BULLETIN D-3 REQUIRES THAT SEVERANCE OBLIGATIONS TO DISMISSED PERSONNEL,
OTHER THAN THOSE ARISING FROM RESTRUCTURINGS, BE RECOGNIZED BASED UPON
ACTUARIAL CALCULATIONS. THROUGH DECEMBER 31, 2004, SEVERANCE OBLIGATIONS TO
DISMISSED PERSONNEL WERE CHARGED BY THE GROUP TO INCOME IN THE YEAR IN
WHICH THEY WERE INCURRED.
EFFECTIVE JANUARY 1, 2005, THE GROUP ADOPTED THE PROVISIONS OF THE
BULLETIN C-10, "DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE OPERATIONS"
ISSUED BY THE MIPA, BULLETIN C-10 REQUIRES, AMONG OTHER PROVISIONS, THAT
ALL DERIVATIVE INSTRUMENTS, INCLUDING CERTAIN DERIVATIVE INSTRUMENTS
EMBEDDED IN OTHER CONTRACTS, BE RECORDED IN THE BALANCE SHEET AS EITHER AN
ASSET OR A LIABILITY MEASURED AT ITS FAIR VALUE. THE ADOPTION OF BULLETIN
C-10 AT JANUARY 1, 2005, DID NOT HAVE A MATERIAL EFFECT ON THE GROUP'S
CONSOLIDATED FINANCIAL STATEMENTS.
2. PROPERTY, PLANT AND EQUIPMENT:
PROPERTY, PLANT AND EQUIPMENT AS OF JUNE 30, CONSISTED OF:
2005 2004
-------------------- ------------------
BUILDINGS Ps. 7,633,547 Ps. 7,546,603
BUILDING IMPROVEMENTS 1,656,902 1,737,557
TECHNICAL EQUIPMENT 17,399,826 13,404,198
SATELLITE TRANSPONDERS 1,637,525 1,757,062
FURNITURE AND FIXTURES 575,424 622,996
TRANSPORTATION EQUIPMENT 1,118,804 1,126,366
COMPUTER EQUIPMENT 1,473,459 1,254,013
-------------------- ------------------
31,495,487 27,448,795
ACCUMULATED DEPRECIATION (16,813,290) (12,660,041)
-------------------- ------------------
-------------------- ------------------
14,682,197 14,788,754
LAND 3,733,517 3,750,265
CONSTRUCTION AND PROJECTS IN PROGRESS 681,080 775,488
-------------------- ------------------
Ps. 19,096,794 Ps. 19,314,507
==================== ==================
DEPRECIATION CHARGED TO INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2005
AND 2004, WAS PS.990,400 AND PS.806,601, RESPECTIVELY.
3. LONG-TERM DEBT SECURITIES:
AS OF JUNE 30, THE COMPANY'S LONG-TERM DEBT SECURITIES OUTSTANDING
WERE AS FOLLOWS:
2005 2004
-------------------------------- -----------------------------
U.S.
U.S. DOLLAR DOLLAR
PRINCIPAL PRINCIPAL
AMOUNTS MEXICAN AMOUNTS MEXICAN
(THOUSANDS) PESOS (THOUSANDS) PESOS
LONG-TERM DEBT SECURITIES
---------------------------------------- -------------- ---------------- ------------ ---------------
11.875% SERIES "B" SENIOR NOTES DUE
2006 (A)(C) $ 5,343 Ps. 57,395 $ 5,343 Ps. 64,312
8.625% SENIOR NOTES DUE 2005 (B)(C) 200,000 2,148,400 200,000 2,407,345
8.000% SENIOR NOTES DUE 2011 (B)(C)(D) 75,484 810,849 300,000 3,611,017
6.625% SENIOR NOTES DUE 2025 (B)(C)(D) 600,000 6,445,200 - -
8.500% SENIOR NOTES DUE 2032 (B)(C) 300,000 3,222,600 300,000 3,611,017
INNOVA'S 12.875% SENIOR NOTES DUE 2007 - - 88,000 1,059,233
INNOVA'S 9.375% SENIOR NOTES DUE
2013 (E) 300,000 3,222,600 300,000 3,611,017
-------------- ---------------- ------------ ---------------
$ 1,480,827 15,907,044 $ 1,193,343 14,363,941
============== ============
UDI-DENOMINATED NOTES DUE 2007 (D)(F) 922,121 3,865,541
---------------- ---------------
Ps. 16,829,165 Ps. 18,229,482
================ ===============
(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 AND 2032
WERE PRICED AT 98.793% AND 99.431%, RESPECTIVELY, FOR A YIELD TO
MATURITY OF 8.179% AND 8.553%, RESPECTIVELY.
(C) INTEREST ON SERIES "B" SENIOR NOTES DUE 2006, AND SENIOR NOTES DUE
2005, 2011, 2025 AND 2032, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN
RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 12.49%, 9.07%, 8.41%,
6.97% AND 8.94% PER ANNUM, RESPECTIVELY, AND IS PAYABLE SEMI-ANNUALLY.
THESE SENIOR NOTES MAY NOT BE REDEEMED PRIOR TO MATURITY, EXCEPT IN
THE EVENT OF CERTAIN CHANGES IN LAW AFFECTING THE MEXICAN WITHHOLDING
TAX TREATMENT OF CERTAIN PAYMENTS ON THE SECURITIES, IN WHICH CASE THE
SECURITIES WILL BE REDEEMABLE, AS A WHOLE BUT NOT IN PART, AT THE
OPTION OF THE COMPANY.
(D) ON MARCH 18, 2005 AND MAY 26, 2005, THE COMPANY ISSUED U.S.$400
MILLION AND U.S.$200 MILLION AGGREGATE PRINCIPAL AMOUNT OF 6.625%
SENIOR NOTES DUE 2025, RESPECTIVELY, WHICH WERE PRICED AT 98.081% AND
98.632%, RESPECTIVELY, FOR A YIELD TO MATURITY OF 6.802% AND 6.787%,
RESPECTIVELY. THE NET PROCEEDS OF THE U.S.$400 MILLION OFFERING,
TOGETHER WITH CASH ON HAND, WERE USED TO FUND THE GROUP'S TENDER
OFFERS MADE ON MARCH 15, 2005 FOR ANY OR ALL OF THE U.S.$300 MILLION
AGGREGATE PRINCIPAL AMOUNT OF 8.00% SENIOR NOTES DUE 2011 AND THE
MEXICAN PESOS EQUIVALENT OF THE AGGREGATE PRINCIPAL AMOUNT OF 8.15%
UDI-DENOMINATED NOTES DUE 2007. THE TENDER OFFERS FOR THE SENIOR NOTES
DUE 2011 AND THE UDI-DENOMINATED NOTES DUE 2007 EXPIRED ON MARCH 21,
2005 AND MARCH 23, 2005, RESPECTIVELY, AND THE COMPANY PREPAID
PRINCIPAL AMOUNT OF LONG-TERM DEBT IN THE AMOUNT OF APPROXIMATELY
U.S.$222 MILLION AND PS.2,935,097 (NOMINAL), RESPECTIVELY,
REPRESENTING APPROXIMATELY 74% AND 76% OF THE OUTSTANDING PRINCIPAL
AMOUNT OF THESE SECURITIES, RESPECTIVELY. THE NET PROCEEDS OF THE
U.S.$200 MILLION OFFERING ARE INTENDED TO BE USED FOR CORPORATE
PURPOSES, INCLUDING THE REPAYMENT OF SOME OF THE GROUP'S OUTSTANDING
INDEBTEDNESS (SEE NOTE 14).
(E) IN SEPTEMBER 2003, INNOVA COMPLETED THE OFFERING OF THESE U.S.$300
MILLION SENIOR NOTES, BEARING AN INTEREST AT A COUPON RATE OF 9.375%,
PAYABLE SEMIANNUALLY. 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.
(F) NOTES DENOMINATED IN MEXICAN INVESTMENT UNITS ("UNIDADES DE INVERSION"
OR "UDIS"), REPRESENTING 258,711,400 AND 1,086,007,800 UDIS AS OF JUNE
30, 2005 AND 2004, RESPECTIVELY, WITH AN ANNUAL INTEREST RATE OF 8.15%
AND MATURITY IN 2007. INTEREST ON THESE NOTES IS PAYABLE
SEMI-ANNUALLY. THE BALANCE AS OF JUNE 30, 2005 AND 2004 INCLUDES
RESTAMENT OF PS.207,454 AND PS.735,605, RESPECTIVELY. THE UDI VALUE AS
OF JUNE 30, 2005, WAS OF PS.3.564284 PER ONE UDI.
EFFECTIVE MARCH 1, 2002, THE GROUP DESIGNATED ITS NET INVESTMENT IN
UNIVISION AS AN EFFECTIVE HEDGE OF THE FOREIGN EXCHANGE DIFFERENCES ARISING
FROM THE PRINCIPAL AMOUNT OF ITS OUTSTANDING SENIOR NOTES DUE IN 2011 AND
2032. EFFECTIVE MARCH 18, 2005, THE GROUP DESIGNATED ITS NET INVESTMENT IN
UNIVISION AS A HEDGE OF THE FOREIGN EXCHANGE DIFFERENCES ARISING FROM THE
U.S.$400 MILLION SENIOR NOTES DUE 2025 ISSUED IN CONNECTION WITH THE
PREPAYMENT OF APPROXIMATELY U.S.$485.4 MILLION OF PRINCIPAL AMOUNT OF THE
COMPANY'S OUTSTANDING LONG-TERM DEBT. CONSEQUENTLY, ANY FOREIGN EXCHANGE
GAIN OR LOSS ATTRIBUTABLE TO THIS U.S. DOLLAR LONG-TERM DEBT IS CREDITED OR
CHARGED DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR LOSS) (SEE NOTE
7). AS OF JUNE 30, 2005, THE TOTAL PRINCIPAL AMOUNT OF THE COMPANY'S
LONG-TERM DEBT BEING HEDGED BY UNIVISION WAS APPROXIMATELY U.S.$775.5
MILLION.
IN JUNE 2005, THE GROUP REPURCHASED U.S.$2.0 MILLION OF THE
OUTSTANDING PRINCIPAL AMOUNT OF SENIOR NOTES DUE 2011 IN THE AGGREGATE
AMOUNT OF U.S.$2.4 MILLION.
4. CONTINGENCIES:
IN JUNE 2003, THE COMPANY WAS NOTIFIED BY THE MEXICAN TAX AUTHORITY OF
A FEDERAL TAX CLAIM MADE AGAINST THE COMPANY FOR APPROXIMATELY PS.960,700,
INCLUDING PENALTIES AND SURCHARGES, FOR AN ALLEGED ASSETS TAX LIABILITY FOR
THE YEAR 1994. THE COMPANY BELIEVES IT HAS MERITORIOUS DEFENSE AGAINST THIS
CLAIM.
THERE ARE VARIOUS LEGAL ACTIONS AND OTHER CLAIMS PENDING AGAINST THE
GROUP INCIDENTAL TO ITS BUSINESSES AND OPERATIONS. IN THE OPINION OF THE
GROUP'S MANAGEMENT, NONE OF THESE PROCEEDINGS WILL HAVE A MATERIAL ADVERSE
EFFECT ON THE GROUP'S FINANCIAL POSITION OR RESULTS OF OPERATIONS.
5. STOCKHOLDERS' EQUITY:
THE MAJORITY STOCKHOLDERS' EQUITY AS OF JUNE 30, IS ANALYZED AS
FOLLOWS:
2005 2004
----------------------------- ------------------------------
NOMINAL RESTATED NOMINAL PESOS RESTATED
PESOS PESOS PESOS
------------- -------------- --------------- -------------
CAPITAL STOCK ISSUED Ps. 2,524,174 Ps. 9,646,774 Ps. 2,524,174 Ps. 9,646,774
ADDITIONAL PAID-IN CAPITAL 3,841,792 4,109,068 3,841,792 4,109,068
LEGAL RESERVE 1,018,068 1,754,254 802,231 1,536,697
RESERVE FOR REPURCHASE OF SHARES 2,255,655 5,603,610 2,255,655 5,603,610
UNAPPROPRIATED EARNINGS 3,098,732 11,350,450 3,542,282 11,761,542
CUMULATIVE GAIN ON ISSUANCE OF SHARES
OF ASSOCIATES 3,414,524 3,784,875 3,573,907 3,948,923
CUMULATIVE EFFECT OF DEFERRED TAXES (2,197,681) (2,913,279) (2,197,681) (2,913,279)
ACCUMULATED OTHER COMPREHENSIVE LOSS -- (3,823,520) -- (2,740,701)
NET INCOME FOR THE SIX MONTHS -- 1,871,159 933,883 974,334
SHARES REPURCHASED (6,007,852) (6,439,597) (5,126,948) (6,362,576)
--------------- ---------------
TOTAL MAJORITY STOCKHOLDERS' EQUITY Ps. 24,943,794 Ps. 25,564,392
=============== ================
IN APRIL, 2004, THE COMPANY'S STOCKHOLDERS APPROVED A DIVIDEND PAYMENT
IN THE AMOUNT OF PS.3,850,000 (NOMINAL), WHICH WAS PAID IN CASH ON MAY 21
2004, AS FOLLOWS: A DIVIDEND OF PS.1.21982800845 PER CPO, AND A DIVIDEND OF
PS.0.40660933615 PER FORMER SERIES "A" SHARE (NOT IN THE FORM OF A CPO AND
BEFORE THE RECAPITALIZATION).
IN APRIL, 2004, THE COMPANY'S STOCKHOLDERS APROVED A RESTRUCTURING OF
THE COMPANY'S CAPITAL STOCK ("THE RECAPITALIZATION"), WHICH COMPRISED THE
FOLLOWING: (I) A 25-FOR-ONE STOCK SPLIT, WHICH BECAME EFFECTIVE ON JULY 26,
2004 (ALL THE COMPANY'S SHARE DATA IN THESE FINANCIAL STATEMENTS ARE
PRESENTED ON POST-SPLIT BASIS); (II) THE CREATION OF THE SERIES "B" SHARES;
(III) A 14-FOR-25 STOCK DIVIDEND IN THE AMOUNT OF PS.944,501 (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.
IN CONNECTION WITH THE COMPANY'S RECAPITALIZATION IN JULY 2004, THE
COMPANY ISSUED 312,880,056 ADDITIONAL CPOS BY COMBINNING 7,822,001,400
SERIES "A" SHARES, 6,883,361,232 SERIES "B" SHARES, 10,950,801,960 SERIES
"D" SHARES AND 10,950,801,960 SERIES "L" SHARES, NOT IN THE FORM OF CPOS,
WHICH WERE OWNED BY CERTAIN SHAREHOLDERS. ADDITIONALY, IN OCTOBER, 2004,
THE COMPANY ISSUED 79,956,795 ADDITIONAL CPOS BY COMBINING 1,998,919,875
SERIES "A" SHARES, 1,759,049,490 SERIES "B" SHARES, 2,798,487,825 SERIES
"D" SHARES, AND 2,798,487,825 SERIES "L" SHARES, NOT IN THE FORM CPOS,
WHICH WERE ACQUIRED BY A COMPANY'S TRUST (EQUIVALENT TO 76,510,876 CPOS)
AND A COMPANY'S SUBSIDIARY (EQUIVALENT TO 3,445,919 CPOS).
IN APRIL, 2005, THE COMPANY ISSUED 4,285 ADDITIONAL CPOS BY COMBINING
107,125 SERIES "A" SHARES, 94,270 SERIES "B" SHARES, 149,975 SERIES "D"
SHARES AND 149,975 SERIES "L" SHARES, NOT IN THE FORM OF CPOS, WHICH WERE
ACQUIRED BY A TRUST FOR A GROUP'S PENSION PLAN.
IN APRIL 2005, THE COMPANY'S STOCKHOLDERS APPROVED A DIVIDEND PAYMENT
IN THE AMOUNT OF PS.1.35 PER CPO, EQUIVALENT TO PS.4,214,750 (NOMINAL),
WHICH WAS PAID IN CASH ON MAY 31, 2005.
AS OF JUNE 30, 2005, THE NUMBER OF SHARES AND CPOS AUTHORIZED AND
ISSUED, REPURCHASED AND OUTSTANDING IS PRESENTED AS FOLLOWS:
AUTHORIZED
SHARES AND ISSUED REPURCHASED OUTSTANDING
---------------------- ------------------ ---------------- -----------------
SERIES "A" 124,736,244,175 10,309,362,235 114,426,881,940
SERIES "B" 60,269,682,796 6,139,787,241 54,129,895,555
SERIES "D" 92,133,721,715 6,018,037,009 86,115,684,706
SERIES "L" 92,133,721,715 6,018,037,009 86,115,684,706
------------------ ---------------- -----------------
369,273,370,401 28,485,223,494 340,788,146,907
================== ================ =================
CPOS 2,632,390,232 171,943,913 2,460,446,319
=================== ================ ==================
THE COMPANY'S SHARES REPURCHASED, AS WELL AS THEIR NET COST, AS OF
JUNE 30, 2005, ARE PRESENTED AS A CHARGE TO STOCKHOLDERS' EQUITY AS
FOLLOWS:
A, B, D, AND L SHARES
----------------------------------------------
IN THE FORM NOT IN THE
OF CPOS FORM OF CPOS TOTAL NET COST
---------------------------------------------------------------
REPURCHASE PROGRAM 3,995,035,200 - 3,995,035,200 PS. (981,841)
OWNED BY A COMPANY'S SUBSIDIARY 7,170,630,129 537,563,559 7,708,193,688 (1,553,364)
ACQUIRED BY A COMPANY'S TRUST 8,951,772,492 7,830,222,114 16,781,994,606 (3,890,602)
---------------------------------------------------------------
20,117,437,821 8,367,785,673 28,485,223,494 PS.(6,425,807)
===============================================================
IN CONNECTION WITH THE COMPANY'S PROGRAM FOR REPURCHASE OF SHARES, IN
THE FIRST HALF OF 2005, THE COMPANY REPURCHASED 2,182,401,000 SHARES IN THE
FORM OF 18,653,000 CPOS IN THE AMOUNT OF PS.593,694 (PS.594,091 NOMINAL).
IN MARCH 2005, THE GROUP RELEASED 2,036,135,556 SHARES IN THE FORM OF
17,402,868 CPOS, IN THE AMOUNT OF APPROXIMATELY PS.186,128, IN CONNECTION
WITH THE COMPANY'S STOCK PURCHASE PLAN.
6. REPURCHASE OF SHARES:
AS OF JUNE 30, 2005, THE COMPANY MAINTAINS A RESERVE FOR REPURCHASE OF
SHARES, WHICH WAS APPROVED BY THE SHAREHOLDERS OF THE COMPANY IN PRIOR
YEARS BY APPROPRIATING FROM ACCUMULATED EARNINGS THE AMOUNT OF
PS.7,015,306. THIS RESERVE WAS USED IN 1999, 2000 AND 2003, IN THE AMOUNT
OF PS.288,446, PS.644,787 AND PS.478,463, 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 SIX MONTHS ENDED JUNE 30, CONSISTED
OF:
2005 2004
--------------- ----------------
INTEREST EXPENSE (1) Ps. 1,090,026 Ps. 801,999
INTEREST INCOME (555,959) (333,972)
FOREIGN EXCHANGE LOSS (GAIN), NET (2) 399,886 (66,946)
LOSS FROM MONETARY POSITION (3) 41,756 139,513
-------------- ---------------
Ps. 975,709 Ps. 540,594
============== ===============
(1) INCLUDES RESTATEMENT OF UDIS OF PS.18,504 AND PS.67,857 NET IN 2005
AND 2004, RESPECTIVELY.
(2) NET OF THE LOSS OF PS.315,831 IN 2005 AND THE GAIN OF PS.194,015 IN
2004 RESULTING FROM THE FOREIGN EXCHANGE RESULT ATTRIBUTABLE TO
CERTAIN LONG-TERM DEBT SECURITIES WHICH ARE HEDGED BY THE GROUP'S NET
INVESTMENT IN UNIVISION.
(3) THE GAIN OR LOSS FROM MONETARY POSITION REPRESENTS THE EFFECTS OF
INFLATION, AS MEASURED BY THE NPCI IN THE CASE OF MEXICAN COMPANIES,
OR THE GENERAL INFLATION INDEX OF EACH COUNTRY IN THE CASE OF FOREIGN
SUBSIDIARIES, ON THE MONETARY ASSETS AND LIABILITIES AT THE BEGINNING
OF EACH MONTH. INCLUDES MONETARY LOSS IN 2005 AND 2004 OF PS.36,286
AND PS.63,951, RESPECTIVELY, ARISING FROM TEMPORARY DIFFERENCES OF
NON-MONETARY ITEMS IN CALCULATING DEFERRED INCOME TAX.
8. DEFERRED TAXES:
THE DEFERRED INCOME TAX LIABILITY AS OF JUNE 30, WAS DERIVED FROM:
2005 2004
-------------- ----------------
ASSETS:
ACCRUED LIABILITIES Ps. 588,021 Ps. 525,652
GOODWILL 853,023 869,287
TAX LOSS CARRYFORWARDS 996,397 1,706,575
ALLOWANCE FOR DOUBTFUL ACCOUNTS 434,890 381,367
CUSTOMER ADVANCES 1,427,793 1,674,229
-------------- ----------------
4,300,124 5,157,110
-------------- ----------------
LIABILITIES:
INVENTORIES (696,372) (1,496,641)
PROPERTY, PLANT AND EQUIPMENT - NET (1,289,423) (1,173,151)
OTHER ITEMS (1,214,343) (281,790)
INNOVA (1,568,519) (1,647,714)
-------------- ----------------
(4,768,657) (4,599,296)
-------------- ----------------
DEFERRED INCOME TAX OF MEXICAN COMPANIES (468,533) 557,814
DEFERRED TAX OF FOREIGN SUBSIDIARIES (306,172) (387,053)
ASSETS TAX 1,427,538 1,936,083
VALUATION ALLOWANCE (2,328,671) (3,014,128)
RECOVERABLE INCOME TAX FROM REPURCHASE OF SHARES 223,845 -
-------------- ----------------
DEFERRED INCOME TAX LIABILITY (1,451,993) (907,284)
EFFECT ON CHANGE OF INCOME TAX RATES 183,421 92,625
-------------- ----------------
DEFERRED TAX LIABILITY OF CONTINUING OPERATIONS Ps.(1,268,572) Ps. (814,659)
============== ================
9. EXTRAORDINARY ITEMS:
NO EXTRAORDINARY ITEMS, AS DEFINED BY MEXICAN GAAP BULLETIN A-7
"COMPARABILITY", WERE RECOGNIZED IN INCOME FOR THE SIX MONTHS ENDED JUNE
30, 2005 AND 2004.
10. DISCONTINUED OPERATIONS:
NO DISCONTINUED OPERATIONS, AS DEFINED BY MEXICAN GAAP BULLETIN C-15
"IMPAIRMENT IN THE VALUE OF LONG-LIVED ASSETS AND THEIR DISPOSAL," WERE
RECOGNIZED IN INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004.
11. CUMULATIVE EFFECT OF ACCOUNTING CHANGES:
EFFECTIVE JANUARY 1, 2005, IN CONNECTION WITH THE ADOPTION OF CERTAIN
PROVISIONS OF REVISED BULLETIN D-3 (SEE NOTE 1), THE GROUP RECOGNIZED IN
ITS CONSOLIDATED STATEMENT OF INCOME A CUMULATIVE LOSS EFFECT OF ACCOUNTING
CHANGE IN THE AMOUNT OF PS.177,907, NET OF A RELATED INCOME TAX BENEFIT OF
PS.76,395.
NO CUMULATIVE EFFECT OF ACCOUNTING CHANGE WAS RECOGNIZED IN INCOME FOR
THE SIX MONTHS ENDED JUNE 30, 2004.
12. QUARTERLY NET RESULTS (HISTORICAL AND RESTATED):
THE QUARTERLY NET RESULTS FOR THE FOUR QUARTERS ENDED JUNE 30, 2005,
ARE AS FOLLOWS:
HISTORICAL NET RESULT (1) RESTATED NET RESULT
======================-------------------------------- ---------------------------------
INDEX AT END
QUARTER ACCUMULATED QUARTER OF PERIOD ACCUMULATED QUARTER
-------------------- ----------------- -------------- -------------- --------------- ---------------
3 / 04 Ps. 2,387,396 Ps. 1,437,496 110.602 Ps. 2,448,805 Ps. 1,474,471
4 / 04 4,316,743 1,887,299 112.550 4,351,143 1,902,338
1 / 05 594,052 594,052 113.438 594,099 594,099
2 / 05 1,871,159 1,277,060 113.447 1,871,159 1,277,060
(1) AS REPORTED IN EACH QUARTER.
13. INFORMATION BY SEGMENTS:
INFORMATION BY SEGMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND
2004, WERE AS FOLLOWS:
TOTAL INTERSEGMENT CONSOLIDATED OPERATING
REVENUES REVENUES REVENUES INCOME (LOSS)
--------------- -------------- -------------- ---------------
2005:
TELEVISION BROADCASTING Ps. 7,865,997 Ps. 236,153 Ps. 7,629,844 Ps. 3,100,048
PAY TELEVISION NETWORKS 487,971 144,900 343,071 184,034
PROGRAMMING EXPORTS 889,089 - 889,089 298,714
PUBLISHING 1,092,497 19,998 1,072,499 162,162
PUBLISHING DISTRIBUTION 184,535 4,702 179,833 (13,088)
SKY MEXICO 2,746,107 14,326 2,731,781 704,716
CABLE TELEVISION 634,866 1,045 633,821 46,304
RADIO 149,079 25,942 123,137 5,881
OTHER BUSINESSES 651,294 27,888 623,406 (63,436)
ELIMINATIONS AND CORPORAT
EXPENSES (474,954) (474,954) - (81,790)
--------------- -------------- -------------- ---------------
CONSOLIDATED TOTAL Ps. 14,226,481 - 14,226,481 4,343,545
=============== ============== ============== ===============
2004:
TELEVISION BROADCASTING Ps. 7,497,785 Ps. 109,933 Ps. 7,387,852 Ps. 2,736,120
PAY TELEVISION NETWORKS 377,728 76,362 301,366 115,844
PROGRAMMING EXPORTS 978,378 - 978,378 375,993
PUBLISHING 940,862 197 940,665 154,664
PUBLISHING DISTRIBUTION 957,530 4,136 953,394 (16,884)
SKY MEXICO (1) 1,225,060 8,844 1,216,216 247,113
CABLE TELEVISION 567,886 1,753 566,133 96,174
RADIO 125,735 24,870 100,865 (2,971)
OTHER BUSINESSES 853,642 58,346 795,296 (97,447)
ELIMINATIONS AND CORPORATE
EXPENSES (284,441) (284,441) - (79,814)
--------------- -------------- -------------- ---------------
CONSOLIDATED TOTAL Ps. 13,240,165 Ps. - Ps.13,240,165 Ps. 3,528,792
=============== ============== ============== ===============
(1) BEGINNING APRIL 1, 2004, THE GROUP CONSOLIDATES THE FINANCIAL STATEMENTS OF INNOVA (SKY
MEXICO).
14. PREPAYMENT OF LONG-TERM DEBT:
IN THE FIRST HALF OF 2005, THE GROUP PREPAID CERTAIN LONG-TERM NOTES
PAYABLE IN THE AGGREGATE PRINCIPAL AMOUNT OF APPROXIMATELY U.S.$4.8
MILLION, WHICH ORIGINALLY MATURED BETWEEN 2007 AND 2009.
IN MAY 2005, THE GROUP PREPAID ALL OF THE OUTSTANDING AMOUNTS OF A
PS.80.0 MILLION LONG-TERM LOAN, WHICH ORIGINALLY MATURED IN 2006.
15. DISPOSAL OF INTEREST IN DTH TECHCO PARTNERS:
IN JUNE 2005, THE GROUP RECOGNIZED A LOSS ON DISPOSAL OF ITS 30%
INTEREST IN DTH TECHCO PARTNERS ("TECHCO") AS A RESULT OF A PROPOSAL FROM
DIRECTV TO PROVIDE TECHNICAL SERVICES TO THE GROUP'S SKY MEXICO BUSINESS,
WHICH ARE BEING CURRENTLY PROVIDED BY TECHCO, AND THE EVENTUAL CLOSING OF
TECHCO'S OPERATIONS. THE RELATED AGREEMENTS ARE EXPECTED TO BE EXECUTED BY
THE PARTIES IN THE THIRD QUARTER OF 2005, INCLUDING THE RELEASE OF ANY
GUARANTEES MADE BY THE GROUP IN CONNECTION WITH CERTAIN TECHCO'S
INDEBTEDNESS. THE GROUP RECOGNIZED A PRETAX LOSS ON THIS INTENDED DISPOSAL
OF APPROXIMATELY U.S.$14.7 MILLION (PS.158,463), WHICH REPRESENTED THE
EXCESS OF THE CARRYING VALUE OF THE NET INVESTMENT IN TECHCO OVER ANY
ESTIMATED PROCEEDS AT JUNE 30, 2005.
- - - - - - - - -
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
ANALYSIS OF INVESTMENTS IN SHARES
ANNEX 3
CONSOLIDATED
Final Printing
-------------------------------------------------------------------------------------------------------------------------------
TOTAL AMOUNT
% (Thousands of Mexican Pesos)
NUMBER OWNERSHIP ------------------------------
COMPANY NAME (1) MAIN ACTIVITIES OF SHARES (2) ACQUISITION BOOK
COST VALUE (3)
-------------------------------------------------------------------------------------------------------------------------------
SUBSIDIARIES
1 CORPORATIVO VASCO DE QUIROGA, PROMOTION AND 9,966,244 100.00 1,897,090 1,630,627
S.A. DE C.V. DEVELOPMENT OF
COMPANIES
2 CVQ ESPECTACULOS, S.A. DE C.V. PROMOTION AND 11,979,937 100.00 1,499,651 738,967
DEVELOPMENT OF
COMPANIES
3 DTH EUROPA, S.A. PROMOTION AND 1,080,182 90.25 780,220 8,601
DEVELOPMENT OF
COMPANIES
4 EDITORA FACTUM, S.A. DE C.V. PROMOTION AND 619,586,864 100.00 1,816,751 2,160,261
DEVELOPMENT OF
COMPANIES
5 EDITORIAL TELEVISA, S.A. DE C.V. PROMOTION AND 1,037,498 100.00 823,582 1,725,047
DEVELOPMENT OF
COMPANIES
6 FACTUM MAS, S.A. DE C.V. PROMOTION AND 5,442,040,701 100.00 4,756,067 (634,457)
DEVELOPMENT OF
COMPANIES
7 GRUPO DISTRIBUIDORAS INTERMEX, DISTRIBUTION OF BOOKS 349,470,905 100.00 822,778 625,339
S.A. DE C.V. AND MAGAZINES
8 CAMPUS AMERICA, S.A. DE C.V. PROMOTION AND 418,881,301 100.00 342,274 10,795,801
DEVELOPMENT OF
COMPANIES
9 PROMO-INDUSTRIAS PROMOTION AND 900,621 100.00 38,612 116,358
METROPOLITANAS, S.A. DE C.V. DEVELOPMENT OF
COMPANIES
10 SISTEMA RADIOPOLIS, S.A. DE C.V. COMMERCIALIZATION OF 76,070,313 50.00 764,739 243,904
RADIO PROGRAMMING
11 TELEPARABOLAS, S.L. MAINTENANCE OF 1,500 100.00 750 846
PARABOLIC DISHES
12 TELESISTEMA MEXICANO, S.A. DE C.V. COMMERCIALIZATION OF 169,773,895 100.00 12,806,397 18,555,158
TELEVISION
13 TELEVISA ARGENTINA, S.A. COMMERCIAL OPERATION 1,499,999 100.00 115,371 55,550
OF TELEVISION
15 TELEVISION INDEPENDIENTE DE PROMOTION AND 32,989,789 99.98 2,864,972 5,292,091
MEXICO, S.A. DE C.V. DEVELOPMENT OF
COMPANIES
16 CAPITALIZED INTEGRAL COST OF 1 203,790
FINANCING, 1994
17 CAPITALIZED INTEGRAL COST OF 1 395,766
FINANCING, 1995
18 CAPITALIZED INTEGRAL COST OF 1 27,353
FINANCING, 1996
19 CAPITALIZED INTEGRAL COST OF 1 20,938
FINANCING, 1998
-------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SUBSIDIARIES 29,329,254 41,961,940
-------------------------------------------------------------------------------------------------------------------------------
ASSOCIATES
1 ARGOS COMUNICACION, S.A. DE C.V. OPERATION AND/OR 33,000,000 15.30 137,000 31,842
BROADCASTING OF T.V.
2 DIBUJOS ANIMADOS MEXICANOS PRODUCTION OF 1,735,560 49.00 4,384 721
DIAMEX, S.A. DE C.V. ANIMATED CARTOONS
3 EDITORIAL CLIO, LIBROS Y VIDEOS, PUBLISHING AND PRINTING 2,627,050 30.00 26,270 11,023
S.A. DE C.V. OF BOOKS AND
MAGAZINES.
4 ENDEMOL MEXICO, S.A. DE C.V. COMMERCIALIZATION OF 1,635,000 50.00 1,635 16,916
TELEVISION
PROGRAMMING
5 EN VIVO ESPECTACULOS, S. DE R.L. LIVE ENTERTAINMENT IN 2 100.00 4,898 1,265
DE C.V. MEXICO
6 MAS FONDOS, S.A. DE C.V. MUTUAL FUND DISTRIBUTION 99,758 46.55 99,758 24,424
COMPANY
7 METROS CUBICOS, S.A. DE C.V. PORTAL INTERNET 2,089,343 18.65 43,031 11,286
8 OCESA ENTRETENIMIENTO, S.A. DE LIVE ENTERTAINMENT IN 14,100,000 40.00 1,095,581 508,145
C.V. MEXICO
9 TELEVISORA DEL YAQUI, S.A. DE C.V. OPERATION AND/OR 4,124,986 15.00 412 7,491
BROADCASTING OF T.V.
10 UNIVISION COMMUNICATIONS, INC. BROADCASTING OF T.V. 30,187,534 9.35 5,602,976 5,659,527
SPANISH PROGRAMS
-------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN ASSOCIATES 7,015,945 6,272,640
-------------------------------------------------------------------------------------------------------------------------------
OTHER PERMANENT INVESTMENTS 182,760
-------------------------------------------------------------------------------------------------------------------------------
TOTAL 36,345,199 48,417,340
-------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
ANNEX 5
CREDIT BREAK DOWN
(Thousands of Mexican Pesos
CONSOLIDATED
Final Printing
----------------------------- -------------- ---------- --------------------- -----------------------------------------------------
Amortization of Credits in Foreign
Currency With National Entities
Denominated (Thousands of $)
In Pesos Time Interval
----------------------------- -------------- ---------- --------------------- -----------------------------------------------------
Credit Type / Institution Amortization Interest Until 1 More Than Current Until 1 Until 2 Until 3 Until 4 Until 5
Date Rate Year 1 Year Year Year Year Year Year 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 8.93 120,000 600,000
BANK OF AMERICA 3/31/2010 4.59
SUNTRUST BANK MIAMI, NATIONAL 4/1/2008 4.50
BNP PARIBAS 1/20/2009 4.06
BANCO DE BILBAO VIZCAYA, S.A. 1/30/2006 5.86
LEASING DE COLOMBIA 6/28/2009 13.28
LEASING DE OCCIDENTE 4/29/2007 15.86
SANTANDER CENTRAL HISPANO
LEASING, S.A. 1/24/2006 14.74
----------------------------------------------------------------------------------------------------------------------------------
TOTAL BANKS 120,000 4,774,460 - - - - - -
----------------------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
----------------------------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
----------------------------------------------------------------------------------------------------------------------------------
HOLDERS 5/13/2006 12.49
HOLDERS 8/8/2005 9.07
HOLDERS 9/13/2011 8.41
HOLDERS 3/11/2032 8.94
HOLDERS 3/18/2025 6.97
HOLDERS 9/19/2013 9.86
UDI DENOMINATED-NOTES 4/13/2007 8.15 922,121
----------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - 922,121 - - - - - -
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
SUPPLIERS
----------------------------------------------------------------------------------------------------------------------------------
VARIOUS 6/30/2006 1,412,085 1,046,937
----------------------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS 1,412,085 - - 1,046,937 - - - -
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
----------------------------------------------------------------------------------------------------------------------------------
VARIOUS 9/7/2015 1,517,704 68,653 - 645,108 440,972 - - -
----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT
LIABILITIES AND OTHER CREDITS 1,517,704 68,653 - 645,108 440,972 - - -
----------------------------------------------------------------------------------------------------------------------------------
TOTAL 3,049,789 5,765,234 - 1,692,045 440,972 - - -
----------------------------------------------------------------------------------------------------------------------------------
----------------------------- ------------ -------- --------------------- ---------------------------------------------------------
Amortization of Credits in Foreign
Currency With Foreign Entities
Denominated (Thousands of $)
In Pesos Time Interval
----------------------------- ------------ -------- --------------------- ---------------------------------------------------------
Credit Type / Institution Amortization Interest Until 1 More Than Current Until 1 Until 2 Until 3 Until 4 Until 5
Date Rate Year 1 Year Year Year Year Year Year Year
----------------------------- ------------ -------- --------------------- ---------------------------------------------------------
BANKS
----------------------------- ------------ -------- --------------------- ---------------------------------------------------------
OTHER FINANCIAL ENTITIES
BANAMEX, S.A.
BANAMEX, S.A.
HSBC MEXICO, S.A.
BANAMEX, S.A.
BANK OF AMERICA 269 269 538 538 538 27,384
SUNTRUST BANK MIAMI, NATIONAL 4,297 4,297 4,297
BNP PARIBAS 2,659 747 1,494 1,494 1,495
BANCO DE BILBAO VIZCAYA, S.A. 844 362
LEASING DE COLOMBIA 229 166 276 101 102
LEASING DE OCCIDENTE 78 85 225
SANTANDER CENTRAL HISPANO
LEASING, S.A. 23 12
----------------------------------------------------------------------------------------------------------------------------------
TOTAL BANKS 4,102 5,938 6,830 6,430 2,135 27,384
----------------------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
----------------------------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
HOLDERS 57,395
HOLDERS 2,148,400
HOLDERS 810,849
HOLDERS 3,222,600
HOLDERS 6,445,200
HOLDERS 3,222,600
UDI DENOMINATED-NOTES
----------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE 2,148,400 57,395 - - - 13,701,249
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
SUPPLIERS
----------------------------------------------------------------------------------------------------------------------------------
VARIOUS 379,868
----------------------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS - 379,868 - - - -
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
----------------------------------------------------------------------------------------------------------------------------------
VARIOUS - 172,803 144,625 90,740 101,744 965,728
----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT
LIABILITIES AND OTHER CREDITS - 172,803 144,625 90,740 101,744 965,728
----------------------------------------------------------------------------------------------------------------------------------
TOTAL 2,152,502 616,004 151,455 97,170 103,879 14,694,361
----------------------------------------------------------------------------------------------------------------------------------
NOTES
THE EXCHANGE RATES FOR THE CREDITS DENOMINATED IN FOREIGN CURRENCY
WERE AS FOLLOWS:
$ 10.7420 PESOS PER U.S. DOLLAR
0.0046 PESOS PER COLOMBIAN PESO
13.1076 PESOS PER EURO
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
MONETARY FOREIGN CURRENCY POSITION
(Thousands of Mexican Pesos)
ANNEX 6
CONSOLIDATED
Final Printing
--------------------------------------------------------------------------------------------------------- ------------------
DOLLARS (1) OTHER CURRENCIES (1) TOTAL
----------------------------- -------------------------------- ------------------
TRADE BALANCE THOUSANDS THOUSANDS THOUSANDS THOUSANDS THOUSANDS
OF DOLLARS OF PESOS OF DOLLARS OF PESOS OF PESOS
---------------------------------------- ------------------------------- -------------------------------- ------------------
TOTAL ASSETS 1,046,225 11,238,549 42,498 456,514 11,695,063
LIABILITIES POSITION 1,832,800 19,687,937 28,480 305,933 19,993,870
SHORT-TERM LIABILITIES POSITION 391,185 4,202,109 28,293 303,924 4,506,033
LONG-TERM LIABILITIES POSITION 1,441,615 15,485,828 187 2,009 15,487,837
---------------------------------------- ------------------------------- -------------------------------- ------------------
NET BALANCE (786,575) (8,449,388) 14,018 150,581 (8,298,807)
---------------------------------------- ------------------------------- -------------------------------- ------------------
NOTES
(1) THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS:
$ 10.7420 PESOS PER U.S. DOLLAR
13.1076 PESOS PER EURO
3.7370 PESOS PER ARGENTINEAN PESO
0.0185 PESOS PER CHILEAN PESO
0.0046 PESOS PER COLOMBIAN PESO
3.3220 PESOS PER PERUVIAN NUEVO SOL
19.3459 PESOS PER POUNDS STERLING
10.7420 PESOS PER ECUADORIAN SUCRE
10.7420 PESOS PER PANAMANIAN BALBOA
0.0050 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: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
RESULT FROM MONETARY POSITION (1)
(Thousands of Mexican Pesos)
ANNEX 7
CONSOLIDATED
Final Printing
------------------------------------------------------------------------------------------------------------------------------
(ASSET) LIABILITY MONTHLY
MONTH MONETARY MONETARY MONETARY MONTHLY PROFIT
ASSETS LIABILITIES POSITION INFLATION AND (LOSS)
------------------------------------------------------------------------------------------------------------------------------
JANUARY 32,839,494 36,654,700 3,815,206 0.00 134
FEBRUARY 27,532,860 29,649,166 2,116,306 0.00 7,049
MARCH 26,733,753 28,449,192 1,715,439 0.00 7,731
APRIL 27,210,070 27,249,798 39,728 0.00 141
MAY 24,173,758 31,408,680 7,234,922 0.00 (18,174)
JUNE 22,699,708 30,545,054 7,845,346 0.00 -
RESTATEMENT: - 48
CAPITALIZATION: - -
FOREIGN CORP.: - (2,144)
OTHER - (36,541)
------------------------------------------------------------------------------------------------------------------------------
TOTAL (41,756)
------------------------------------------------------------------------------------------------------------------------------
NOTES
THE AMOUNT REFLECTED IN "OTHER" INCLUDES PS. 36,286 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
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
CONVENANTS ON BONDS AND MEDIUM TERM NOTES LISTED IN STOCK MARKET
ANNEX 8 CONSOLIDATED
Final Printing
------------------------------------------------------------------------------
FINANCIAL RESTRICTIONS BASED IN ISSUED DEBT AND/OR TITLE
------------------------------------------------------------------------------
THE AGREEMENTS OF THE U.S.$200 MILLION, U.S.$300 MILLION (OF WHICH
APPROXIMATELY U.S.$75.5 MILLION ARE OUTSTANDING AS OF JUNE 30, 2005),
U.S.$600 MILLION AND U.S.$300 MILLION SENIOR NOTES ISSUED BY GRUPO
TELEVISA, S.A. WITH MATURITY IN 2005, 2011, 2025 AND 2032, RESPECTIVELY,
CONTAIN CERTAIN COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND ITS
SUBSIDIARIES ENGAGED IN TELEVISION OPERATIONS TO INCUR OR ASSUME LIENS,
PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS,
CONSOLIDATIONS OR SIMILAR TRANSACTIONS.
THE AGREEMENT OF THE U.S.$300 MILLION SENIOR NOTES ISSUED BY INNOVA, S. DE
R.L. DE C.V. ("INNOVA") WITH MATURITY IN 2013, CONTAINS CERTAIN COVENANTS
THAT LIMIT THE ABILITY OF INNOVA AND ITS RESTRICTED SUBSIDIARIES WITH
RESPECT TO INDEBTEDNESS, LIENS, SALES AND LEASEBACKS, RESTRICTED PAYMENTS,
ASSET SALES, AND CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.
-------------------------------------------------------------------------------
ACTUAL SITUATION OF FINANCIAL RESTRICTIONS
-------------------------------------------------------------------------------
AT JUNE 30, 2005, THE GROUP WAS IN COMPLIANCE WITH THE FINANCIAL
RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM SENIOR NOTES
DESCRIBED ABOVE.
----------------------------------
C.P. JORGE LUTTEROTH ECHEGOYEN
CONTROLLER, VICE-PRESIDENT
MEXICO, D.F. JULY 14, 2005
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS
ANNEX 9 CONSOLIDATED
Final Printing
----------------------------------------------------------------------------------------------------------------------------
PLANT OR CENTER ECONOMIC ACTIVITY PLANT UTILIZATION
CAPACITY (1) (%)
----------------------------------------------------------------------------------------------------------------------------
TELEVISION: 0 0
CORPORATIVO SANTA FE HEADQUARTERS 0 0
TELEVISA SAN ANGEL PRODUCTION AND BROADCASTING PROGRAMMING. 0 0
TELEVISA CHAPULTEPEC PRODUCTION AND BROADCASTING PROGRAMMING. 0 0
REAL ESTATE LAND AND UNOCCUPIED, BUILDING, 0 0
PARKING LOTS, ADMINISTRATIVE 0 0
OFFICES, RADIO ANTENNAS, 0 0
TELEVISION STATIONS FACILITIES. 0 0
TRANSMISSION STATIONS BROADCASTER STATIONS. 0 0
PUBLISHING: 0 0
EDITORIALS ADMINISTRATION, SALES, PRODUCTION, 0 0
STORAGE AND DISTRIBUTION OF 0 0
MAGAZINES AND NEWSPAPERS. 0 0
RADIO: 0 0
SISTEMA RADIOPOLIS, S.A. DE C.V. BROADCASTER STATIONS. 0 0
CABLE TELEVISION: 0 0
CABLEVISION, S.A. DE C.V. CABLE TELEVISION, SIGNAL CONDUCTION 0 0
AND TRANSMISSION EQUIPMENT. 0 0
OTHER BUSINESSES: 0 0
IMPULSORA DEL DEPORTIVO - SOCCER, SOCCER TEAMS, TRAINING 0 0
NECAXA, S.A. DE C.V. AND CLUB FACILITIES, ADMINISTRATIVE OFFICES AND 0 0
DE FUTBOL AMERICA, S.A. DE C.V. THE AZTECA STADIUM. 0 0
0 0
0 0
0 0
NOTES
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
MAIN RAW MATERIALS
ANNEX 10
---------------------------------------------------------------------------------------------------------------------------------
MAIN MAIN DOM. COST
DOMESTIC SUPPLIERS FOREIGN SUPPLIERS SUBST. PRODUCTION
(%)
---------------------------------------------------------------------------------------------------------------------------------
PROGRAMS AND FILMS ANIME CREATIVE
CORPORATION 0.68
AMERICA FILMS,
S.A. DE C.V. 0.03
CINEMAS LUMIERE,
S.A. DE C.V. 0.04
CINEMATOGRAFICA
CALDERON, S.A. 1.08
CINEMATOGRAFICA
RODRIGUEZ, S.A. 0.35
DIANA INTERNACIO-
NAL FILMS, S.A. 0.10
DIRSOL, S.A. 0.08
DISTRIBUIDORA RO-
MARI, S.A. DE C.V. 1.21
GRUPO GALINDO,
S.A. DE C.V. 0.08
GUSSI, S.A. DE C.V. 2.58
HITS MOVIE VIDEO,
S.A. DE C.V. 0.06
INSTITUTO MEXICA-
NO DE CINE, S.A. 0.11
MICH AND RO
ENTERTAINMENT,
S.A. DE C.V. 0.20
NUVISION, S.A. 0.65
ORO FILMS,
S.A. DE C.V. 0.17
PANAMA INTER-
NATIONAL FILMS 0.04
PELICULAS CLA-
SICAS, S.A. 0.05
PELICULAS NACIO-
NALES, S.A. 0.04
PELICULAS RODRI-
GUEZ, S.A. 0.58
PELICULAS Y VI-
DEOS INTERNACIO-
NALES, S.A. 0.06
PRODUCCIONES
AGUILA, S.A. 0.18
PRODUCCIONES
GAER, S.A. 0.03
PRODUCCIONES
GALUBI, S.A. 0.07
PRODUCCIONES
GONZALO ELVIRA 0.05
PRODUCCIONES
POTOSI, S.A. 0.04
PRODUCCIONES
TOBARI, S.A. 0.02
ROBERTO GINART
AVALOS 0.07
SECINE, S.A. DE C.V. 0.11
SHOW CINEMA,
S.A. DE C.V. 0.07
VIDEOVISA , S.A.
DE C.V. 0.04
OTHER 1.30
PROGRAMS AND FILMS 4KIDS ENTERTAIN-
MENT NO 0.07
ALFRED HABER
DISTRIBUTION, INC. NO 0.57
ALLIANCE ATLAN-
TIS INTERNATIONAL NO 0.78
ALLIANCE ATLAN-
TIS PICTURE NO 0.11
AMERICA PRO-
DUCCIONES, S.A. NO 3.77
BBC WORDLWIDE
AMERICA, INC. NO 0.15
BELLEVILLE
INVESTMENT,LTD. NO 0.04
BETAFILM GMBH
& CO. NO 0.86
BEVERLY HILLS
ENTERTAINMENT NO 0.09
CARSEY WERNER
DISTRIBUTION,INC. 0.23
CBS BROADCAST NO
INTERNATIONAL NO 1.22
CCC OF AMERICA,
INC. NO 0.09
CINAR FILMS, INC. 0.05
CONSTELLATION NO
PICTURES, INC. 2.80
CPT HOLDINGS, NO
INC. NO 0.82
CROMOSOMA,
S.A. NO 0.22
CROWN MEDIA
DIC ENTERTAIN- NO
MENT, CORP. 0.31
DORLING KINDER- NO
SLEY VISION NO 0.17
DREAMWORKS 2.72
ENTERTAINMENT NO
RIGHTS DIST- 0.28
FIREWORKS INTER- NO
NATIONAL 1.16
HASBRO INTERNA-
TIONAL,INC. NO 0.31
HEARTS ENTER-
TAINMENT, INC. NO 1.02
HIGHPOINT PRODUC-
TIONS, INC. 0.28
INDEPENDENT NO
INTERNATIONAL
T.V. INC. 4.14
KUSHNER-LOCKE NO
INTERNATIONAL 0.34
LUCAS FILM, NO
LTD. 3.09
LE MONDE NO
ENTERTAINMENT,
INC. NO 0.27
MENDELSON
PAWS PRODUC- NO
TIONS, INC. 0.22
MGM/UA TELECOM NO
MUNICATIONS, INC. 3.48
MORGAN CREEK
INTERNATIONAL NO 0.86
MTV NETWORKS A
DIVISION OF VIACOM NO
INT. 0.37
MULTIFILMS, NO
B.V. 1.42
MYRIAM BALLES- NO
TEROS PRODUC-
TIONS, INC. NO 0.13
NELVANA INTER-
NATIONAL 0.67
NEW LATIN NO
IMAGE CORPO-
RATION, INC. NO 0.16
NU IMAGE NO
INCORPORATED 0.42
PALOMA PRO- NO
DUCTIONS, LLC. 1.90
PARAMOUNT NO
PICTURES , CORP. 4.60
PEAKVIEWING NO
TRANSATLANTIC 0.09
SALSA ENTER- NO
TAINMENT,INC. 1.44
SESAME NO
WORKSHOP 0.38
SHOGAKUKAN
PRODUCTIONS, NO
INC. NO 0.06
SONY CORPORA-
TION OF AMERICA NO 11.75
SOUTHERN
STAR, INC. 0.18
STUDIO CANAL NO
IMAGE 0.69
TEPUY USA COR- NO
PORATION 0.66
TF1 INTERNA- NO
TIONAL,INC. 0.22
TOEI ANIMATION
CO., LTD 0.93
TOKYO BROAD
CASTING SYSTEM 0.21
TWENTIETH CEN-
TURY FOX, INC. 6.14
UNIVERSAL STUDIOS
INTERNATIONAL, B.V. 6.85
VENEVISION IN-
TERNACIONAL,
INC. 0.25
VENTURA FILM-
DISTRIBUTORS BV 0.55
VIACON LATINO
AMERICANA, INC. 0.09
WARNER BROS.
INTERNATIONAL
TELEVISION 16.84
WELLSPRING
MEDIA, INC. 0.12
WHILAND COMPANY 0.82
ZACH MOTION
PICTURES, INC. 0.14
OTHER 1.23
COAXIAL CABLE RG
MAYA 60 NACIONAL DE
CONDUCTORES,
S.A. DE C.V. 5.45
IDENTIFICATION PLAQUE RIVANDI, S.A. DE C.V. 0.03
CABLEMODEMS MOTOROLA, INC. NO 4.98
HILTI BOLT HILTI MEXICANA,
S.A. DE C.V. NO 0.03
SWITCH CABLENETWORK
MEXICO NO 0.02
TWO OUTLET DEVICE AC 200 TVC CORPORATION YES 0.03
DECODER MOTOROLA, INC. NO 69.27
COUCHE PAPER PAPELERA MOHGA
BBA, S.A. 0.41
SUMINISTROS Y
SERVICIOS BROM 0.78
ABASTECEDORA
LUMEN 0.05
PRODUCTORA
COMERCIALIZA-
DORA Y EDITORA 0.44
OFFSET MULTICO-
LOR, S.A. 1.55
PROCESOS INDUS-
TRIALES DE PAPEL 0.17
IMPRESOS MOINO, 0.11
BULKLEY DUNTON 1.41
KIMBERLY CLARK 0.81
PAPEL, S.A. 0.07
COUCHE PAPER STORAM ENSON YES 5.83
BULKLEY DUNKE YES 14.45
M REAL YES 1.51
MYLLLIKOSKI YES
PAPEL 3.34
TEMBEC, INC. YES 0.01
BULKLEY DUNTON YES 11.75
FINNIPAP YES 7.35
WEB SOURCE YES 0.01
BOWATER, INC. YES 1.22
NORKE CANADA YES 0.05
PAPER AND IMPRESSION PRODUCTORA CO-
MERCIALIZADORA Y
EDITORES DE LI-
BROS , S.A. DE C.V. 7.60
OFFSET
MULTICOLOR 13.28
IMPRESOS MOINO 1.94
PROCESOS IND
DE PAPEL, S.A. 2.85
BARNICES PARA
EDICIONES DE
LIBROS, S.A. 0.67
SERVICIOS PRO-
FESIONALES
DE IMPRESION,
S.A. DE C.V. 1.37
IMPRESOS EN
OFFSET Y SERI-
GRAFIA, S.A. 0.15
LORI DER, S.A.
DE C.V. 0.03
LITOGRAFIA
MAGNO GRAFT,
S.A. 0.32
LOVA IMPRE-
SORES, S.A. 0.04
GRAFICA LA
PRENSA, S.A. 0.21
PAPER AND IMPRESSION QUEBECOR
CHILE, S.A. YES 3.21
QUEBECOR
WORLD, INC. YES 0.60
GRUPO OP GRA-
FICAS, S.A. YES 0.58
PRINTER COLOM-
BINA, S.A. YES 0.04
ST. IVES, INC. YES 7.82
BEST LITHO YES 0.35
EDITORES, S.A. YES 0.16
RR DONELLY YES 2.54
QUAD GRAPHICS YES 2.31
PRO-OFFSET EDI-
TORIAL, LTDA. YES 0.11
NOTES
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
SALES DISTRIBUTION BY PRODUCT
ANNEX 11
DOMESTIC SALES
CONSOLIDATED
Final Printing
---------------------------- ------------------------ ------------------------- --------------------------------
TOTAL PRODUCTION NET SALES MARKET
------------------ ----------------
MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT SHARE %
-------------------------- ------------------------- -------------------------- --------------------------------
INTERSEGMENT ELIMINATIONS (470,562)
TELEVISION:
PROGRAMMING HALF HOURS
PRODUCED
(DOMESTIC) 57.000
ADVERTISED TIME SOLD
(HALF HOURS) 3 7,572,341
OTHER INCOME 55,816
PROGRAMMING FOR PAY TELEVISION:
SALE OF SIGNALS 325,415
ADVERTISED TIME SOLD 47,114
PUBLISHING:
MAGAZINE CIRCULATION 75,668 645,986 30,198 380,152
PUBLISHING 298,097
OTHER INCOME 11,453
PUBLISHING DISTRIBUTION: 6,949 93,618
SKY MEXICO
DTH BROADCAST SATELLITE 2,593,770
PAY PER VIEW 135,935
CHANNEL COMMERCIALIZATION 16,402
CABLE TELEVISION:
ANALOGIC AND DIGITAL SERVICE 598,551
SERVICE INSTALLATION 12,208
PAY PER VIEW 1,145
CHANNEL COMMERCIALIZATION 10,014
OTHER 12,948
RADIO:
ADVERTISED TIME SOLD 149,079
OTHER BUSINESSES:
DISTRIBUTION, RENTALS, AND SALE
OF MOVIE RIGHTS 266,707
SPECIAL EVENTS AND SHOW PROMOTION 219,433
INTERNET SERVICES 164,395
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
TOTAL 645,986 12,494,031
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
--------------------------- --------------------------------------------------------
MAIN
--------------------------------------------------------
MAIN PRODUCTS TRADEMARKS CUSTOMERS
-------------------------- ------------------------- ---------------------------
INTERSEGMENT ELIMINATIONS
TELEVISION:
PROGRAMMING HALF HOURS
PRODUCED
(DOMESTIC)
ADVERTISED TIME SOLD
(HALF HOURS) BIMBO, S.A. DE C.V.
COMPANIA PROCTER & GAMBLE DE MEXICO, S. DE R. L. DE C.V.
DANONE DE MEXICO, S.A. DE C.V.
PEPSI COLA MEXICANA, S. DE R.L. DE C.V.
SECRETARIA DE HACIENDA Y CREDITO PUBLICO
UNILEVER DE MEXICO, S. DE R.L. DE C.V.
COMPANIA CERVECERA DE ZACATECAS, S.A. DE C.V.
CADBURY ADAMS DE MEXICO, S. DE R.L. DE C.V.
NOVARTIS FARMACEUTICA, S.A. DE C.V.
S.C. JOHNSON AND SON, S.A. DE C.V.
GOBIERNO DEL ESTADO DE MEXICO
PEGASO PCS, S.A. DE C.V.
BARCEL, S.A. DE C.V.
THE COCA-COLA EXPORT CORPORATION SUCURSAL EN MEXICO
HENKEL CAPITAL, S.A. DE C.V.
OTHER INCOME
PROGRAMMING FOR PAY TELEVISION:
SALE OF SIGNALS
ADVERTISED TIME SOLD
PUBLISHING:
MAGAZINE CIRCULATION TV Y NOVELAS MAGAZINE, GENERAL PUBLIC (AUDIENCE)
TELEGUIA MAGAZINE, DEALERS
VANIDADES MAGAZINE COMMERCIAL CENTERS (MALLS)
COSMOPOLITAN MAGAZINE
BIOGRAPHICAL BOOKS
SOCCERMANIA MAGAZINE
TU MAGAZINE
MEN'S HEALTH MAGAZINE
CARAS MAGAZINE
MUY INTERESANTE MAGAZINE
BIG BANG MAGAZINE
PUBLISHING VARIOUS
OTHER INCOME
PUBLISHING DISTRIBUTION: MAGAZINE:
"MAESTRA PREESCOLAR"
"SEVENTEEN EN ESPANOL"
"CAR AND DRIVER"
"REVISTA DEL CONSUMIDOR"
"ENTREPRENEUR"
SKY MEXICO
DTH BROADCAST SATELLITE SKY GENERAL PUBLIC
PAY PER VIEW
CHANNEL COMMERCIALIZATION
CABLE TELEVISION:
ANALOGIC AND DIGITAL SERVICE CABLEVISION GENERAL PUBLIC
SERVICE INSTALLATION OPERADORA MEGACABLE, S.A. DE C.V.
PAY PER VIEW T.V. CABLE, S.A. DE C.V.
CHANNEL COMMERCIALIZATION BANCO MERCANTIL DEL NORTE, S.A.
OTHER TELECABLE CENTRO OCCIDENTE, S.A. DE C.V.
TELEFONOS DE MEXICO, S.A. DE C.V.
TELEVISION INTERNACIONAL, S.A. DE C.V.
SERVICIOS DE COMUNICACION POR CABLE, S.A. DE C.V.
CADBURY ADAMS DE MEXICO, S. DE R.L. DE C.V.
TELEVICABLE DEL CENTRO, S.A. DE C.V.
VPN DE MEXICO, S.A. DE C.V.
EL PALACIO DE HIERRO, S.A. DE C.V.
COMUNICACIONES NEXTEL DE MEXICO, S.A. DE C.V.
RADIO:
ADVERTISED TIME SOLD INSTITUTO MEXICANO DEL SEGURO SOCIAL
PARTIDO REVOLUCIONARIO INSTITUCIONAL DEL ESTADO DE MEXICO
ORGANIZACION RADIOFONICA DE BAJA CALIFORNIA, S.A. DE C.V.
PROPIMEX, S.A. DE C.V.
ARENA COMUNICATIONS, S.A. DE C.V.
UNILEVER DE MEXICO, S DE R.L. DE C.V.
PEGASO PCS, S.A. DE C.V.
COOPERATIVA LA CRUZ AZUL, S.C.L.
BBVA BANCOMER, S.A.
MARCAS NESTLE, S.A. DE C.V.
OTHER BUSINESSES:
DISTRIBUTION, RENTALS, AND SALE
OF MOVIE RIGHTS CINEPOLIS DEL PAIS, S.A. DE C.V.
CINEMAS DE LA REPUBLICA, S.A. DE C.V.
OPERADORA DE CINEMAS, S.A. DE C.V.
MULTIMEDIOS CINEMAS, S.A. DE C.V.
CINEMARK DE MEXICO, S.A. DE C.V.
COYOACAN FILMS, S.A. DE C.V.
SPECIAL EVENTS AND SHOW AMERICA GENERAL PUBLIC (AUDIENCE)
PROMOTION REAL SAN LUIS GENERAL PUBLIC (AUDIENCE)
INTERNET SERVICES ESMAS.COM FEDERACION MEXICANA DE FUTBOL, A.C.
RADIOMOVIL DIPSA, S.A. DE C.V.
PEGASO PCS, S.A. DE C.V.
IUSACELL, S.A. DE C.V.
OPERADORA UNEFON, S.A. DE C.V.
--------------------------------------------------------------------------------------------------------------------------------
TOTAL
--------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
SALES DISTRIBUTION BY PRODUCT
ANNEX 11A
FOREIGN SALES
CONSOLIDATED
FINAL PRINTING
---------------------------- ------------------------ ------------------------- --------------------------------
TOTAL PRODUCTION NET SALES
------------------ ----------------
MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT DESTINATION
-------------------------- ------------------------- -------------------------- --------------------------------
INTERSEGMENT ELIMINATIONS (4,392)
TELEVISION BROADCASTING:
ADVERTISING TIME SOLD 210,275 UNITED STATES OF AMERICA
OTHER INCOME 27,565 UNITED STATES OF AMERICA
PROGRAMMING FOR PAY TELEVISION:
SALES OF SIGNALS 115,442 SPAIN
ARGENTINA
CHILE
GUATEMALA
COLOMBIA
UNITED STATES OF AMERICA
PROGRAMMING EXPORTS:
PROGRAMMING AND ROYALTIES 889,089 UNITED STATES OF AMERICA
CENTRAL AMERICA
CARIBBEAN
EUROPE
SOUTH AMERICA
AFRICA
ASIA
PUBLISHING:
MAGAZINE CIRCULATION 15,310 218,971 GUATEMALA AND COSTA RICA
UNITED STATES OF AMERICA
PANAMA
SOUTH AMERICA
CENTRAL AMERICA
PUBLISHING 183,824
PUBLISHING DISTRIBUTION: 7,680 90,917 PANAMA
SOUTH AMERICA
OTHER BUSINESSES:
DISTRIBUTION OF FILM MOVIES 759
TOTAL 1,732,450
NOTES
----------------------------------- ------------------------------------------------------------------------
MAIN
----------------------------------- ------------------------------------------------------------------------
TRADEMARKS CUSTOMERS
----------------------------------- ------------------------ -----------------------------------------------
INTERSEGMENT ELIMINATIONS
TELEVISION BROADCASTING:
ADVERTISING TIME SOLD CPIF VENTURE, INC.
KYOTO BROADCASTING SYSTEM, CO. LTD
TV. SBT CANAL 4 DE SAO PAULO, S.A.
CORPORACION VENEZOLANA DE TELEVISION
COMPANIA PARUANA DE RADIODIFUSION, S.A.
TV. FUTBOL, INC.
OTHER INCOME CORPORACION MEDCOM PANAMA, S.A.
PROGRAMMING FOR PAY TELEVISION:
SALES OF SIGNALS
PROGRAMMING EXPORTS:
PROGRAMMING AND ROYALTIES TELEVISA MCCANN ERICKSON, INC
TELEVISA BBD&O
TELEVISA SAATCHI & SAATCHI
TELEVISA OMD
TELEVISA GSD&M ADVERTISING
TELEVISA TELEVISORA DE COSTARICA
TELEVISA MINDSHARE
GALAXY ENTERTAIMENT ARGENTINA, S.A.
GSD&M ADVERTISING
TCN DOMINICANA, S.A.
PUBLISHING:
MAGAZINE CIRCULATION T.V. Y NOVELAS MAGAZINE GENERAL PUBLIC (AUDIENCE)
BIOGRAPHICAL BOOKS DEALERS
VANIDADES MAGAZINE
COSMOPOLITAN MAGAZINE
TU MAGAZINE
PUBLISHING
PUBLISHING DISTRIBUTION: SELECCIONES MAGAZINE GENERAL PUBLIC (AUDIENCE)
HOLA MAGAZINE
VEA MAGAZINE
SOHO MAGAZINE
CROMOS MAGAZINE
CAMBIO MAGAZINE
OTHER BUSINESSES:
DISTRIBUTION OF FILM MOVIES
TOTAL
NOTES
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
PROJECT, AMOUNT EXERCISED AND PROGRESS PERCENTAGE
ANNEX 13 CONSOLIDATED
Final Printing
----------------------------------------------------------------------------
MAJOR INVESTMENT PROJECTS OF GRUPO TELEVISA, S.A. AND ITS SUBSIDIARIES AT
JUNE 30, 2005, INCLUDE THE FOLLOWING (MILLIONS OF U.S. DOLLARS AND MEXICAN
PESOS):
DESCRIPTION AUTHORIZED AMOUNT EXERCISED AMOUNT PROGRESS %
-------------------------------------- ----------------- ---------------- ----------
U.S. DOLLAR DENOMINATED PROJECTS:
---------------------------------
DIGITALIZATION OF THE CABLE TELEVISION
NETWORK U.S.$ 124.8 U.S.$ 64.2 51%
INFORMATION TECHNOLOGY PROJECTS
OF CABLE TELEVISION 17.8 13.5 76%
TECHNICAL EQUIPMENT FOR T.V. STATIONS 13.3 9.9 74%
INFORMATION TECHNOLOGY PROJECTS 11.9 11.1 93%
SKY MEXICO PROJECTS 61.7 37.0 60%
MEXICAN PESOS DENOMINATED PROJECTS:
INFORMATION TECHNOLOGY PROJECTS PS. 35.5 PS. 20.7 58%
TECHNICAL EQUIPMENT FOR T.V. STATIONS 38.1 1.9 5%
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005
GRUPO TELEVISA, S.A.
INFORMATION RELATED TO BULLETIN B-15 (FOREIGN CURRENCY TRANSLATION)
ANNEX 14 CONSOLIDATED
Final Printing
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MONETARY ASSETS AND LIABILITIES OF MEXICAN COMPANIES DENOMINATED IN FOREIGN
CURRENCIES ARE TRANSLATED AT THE PREVAILING EXCHANGE RATE AT THE BALANCE
SHEET DATE. RESULTING EXCHANGE RATE DIFFERENCES ARE RECOGNIZED IN INCOME
FOR THE YEAR, WITHIN INTEGRAL COST OF FINANCING.
ASSETS, LIABILITIES AND RESULTS OF OPERATIONS OF NON-MEXICAN SUBSIDIARIES
ARE FIRST CONVERTED TO MEXICAN GAAP, INCLUDING RESTATING TO RECOGNIZE THE
EFFECTS OF INFLATION BASED ON THE INFLATION OF EACH FOREIGN COUNTRY, AND
THEN TRANSLATED TO MEXICAN PESOS UTILIZING THE EXCHANGE RATE AS OF THE
BALANCE SHEET DATE AT YEAR-END. RESULTING TRANSLATION DIFFERENCES ARE
RECOGNIZED IN EQUITY AS PART OF THE OTHER COMPREHENSIVE INCOME OR LOSS.
FINANCIAL STATEMENTS OF NON-MEXICAN OPERATIONS THAT ARE INTEGRAL TO MEXICAN
OPERATIONS ARE CONVERTED TO MEXICAN GAAP AND TRANSLATED TO MEXICAN PESOS BY
UTILIZING THE EXCHANGE RATE OF THE BALANCE SHEET DATE AT YEAR-END FOR
MONETARY ASSETS AND LIABILITIES, WITH THE RELATED ADJUSTMENT INCLUDED IN
NET INCOME, AND HISTORICAL EXCHANGE RATES FOR NON-MONETARY ITEMS.
EFFECTIVE MARCH, 2002, THE COMPANY DESIGNATED ITS NET INVESTMENT IN
UNIVISION AS AN EFFECTIVE HEDGE OF ITS OUTSTANDING SENIOR NOTES DUE 2011
AND 2032. EFFECTIVE JUNE 2005, THE COMPANY DESIGNATED ITS NET INVESTMENT IN
UNIVISION AS AN EFFECTIVE HEDGE OF ITS OUTSTANDING SENIOR NOTES DUE 2025 IN
THE AGGREGATE AMOUNT OF U.S.$400 MILLION, AS OF JUNE 30, 2005, THE
AGGREGATE AMOUNT OF OUTSTANDING LONG-TERM DEBT BEING HEDGED BY THE NET
INVESTMENT IN UNIVISION WAS OF APPROXIMATELY U.S.$775.5 MILLION
(PS.8,330,249) CONSEQUENTLY, ANY FOREIGN EXCHANGE GAIN OR LOSS ATTRIBUTABLE
TO THIS U.S. DOLLAR LONG-TERM DEBT, BEING HEDGED BY THE COMPANY'S NET
INVESTMENT IN SHARES OF UNIVISION, IS CREDITED OR CHARGED DIRECTLY TO
EQUITY (OTHER COMPREHENSIVE INCOME OR LOSS).
THE GROUP'S FINANCIAL STATEMENTS FOR JUNE 30, 2004, HAVE BEEN RESTATED TO
MEXICAN PESOS IN PURCHASING POWER AS OF JUNE 30, 2005, BY USING A
RESTATEMENT FACTOR DERIVED FROM THE CHANGE IN THE NCPI, WHICH FOR 2005 WAS
1.0433. HAD THE ALTERNATIVE WEIGHTED AVERAGE FACTOR ALLOWED UNDER MEXICAN
GAAP BEEN APPLIED TO RESTATE THE GROUP'S FINANCIAL STATEMENTS FOR JUNE 30,
2004, WHICH INCLUDED THE RESULTS OF MEXICAN AND NON-MEXICAN SUBSIDIARIES,
THE RESTATEMENT FACTOR FOR JUNE 2004 WOULD HAVE BEEN 1.0419.
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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.
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(Registrant)
Dated: July 21, 2005 By /s/ Jorge Lutteroth Echegoyen
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Name: Jorge Lutteroth Echegoyen
Title: Controller, Vice-President