UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT
TO RULES 13a-16 or 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2019
GRUPO TELEVISA, S.A.B.
(Translation of registrant’s name into English)
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Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210, Mexico City,
Mexico
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(Address of principal executive offices)
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(Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F.)
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Form 20-F
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x
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Form 40-F
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(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).)
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Yes
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No
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x
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(Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).)
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Yes
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No
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x
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Investor Relations
PRESS RELEASE
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Televisa Reports First Quarter 2019 Results
Consolidated
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Consolidated Sales and Consolidated Operating Segment Income grew 2.6% and 3.0%, respectively.
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During the quarter, our Cable, Sky and Content segments contributed with 46%, 25% and 24%, respectively, of Consolidated Operating Segment Income.
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Cable
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Continued strong momentum in the Cable segment, adding 285 thousand Revenue Generating Units (“RGUs”) during the quarter, and reaching a total of
12.1 million RGUs.
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Double-digit growth in Segment Sales and Operating Segment Income of 14.2% and 17.3%, respectively.
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Operating Segment Income growth of 14.5% in Enterprise Operations, the third consecutive quarter of growth after its restructuring in 2018.
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Sky
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Sky closed the quarter with 7.6 million RGUs, of which 165 thousand were broadband RGUs.
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Sky maintained a strong Operating Segment Income margin, reaching 43.7%.
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Content
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Ongoing leadership with our content offer airing nine of the top 10 programs in Mexican Television. Prime time viewership in our flagship channel
grew year-over-year by 4.6%1.
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Segment Sales dropped by 9.0% mostly due to a significant drop in advertising sales to government entities.
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During the first quarter, Advertising Sales represented 15.7% of Consolidated Net Sales.
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Earnings Call Date and Time: Tuesday, April 30, 2019, at 11:00 A.M. ET.
Conference ID # is 3076919.
From the U.S.: +1 (877) 850 2115
From Mexico: 01 800 926 9157
International callers: +1 (478) 219 0648
Rebroadcast: +1 (404) 537-3406
The teleconference will be rebroadcast starting at 14:00 ET
on April 30 and will end at midnight on May 14.
1 Source: Nielsen IBOPE, 28 Cities, Monday to Sunday, 1Q’19, 19 to
23 hrs., P4+.
Consolidated Results
Mexico City, April 29, 2019 — Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “Televisa” or “the
Company”), today announced results for first-quarter 2019. The results have been prepared in accordance with International Financial Reporting Standards (“IFRS”).
The following table sets forth condensed consolidated statements of income for the quarters ended March 31, 2019 and 2018, in millions of Mexican pesos:
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1Q’19
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Margin
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1Q’18
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Margin
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Change
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%
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%
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%
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|||
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Net sales
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23,395.2
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100.0
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22,812.0
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100.0
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2.6
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Net income
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858.1
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3.7
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994.9
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4.4
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(13.8)
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Net income attributable to stockholders of the Company
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541.7
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2.3
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677.6
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3.0
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(20.1)
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Segment net sales
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24,624.9
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100.0
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23,821.7
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100.0
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3.4
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Operating segment income (1)
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9,406.4
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38.2
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9,130.8
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38.3
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3.0
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(1)
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The operating segment income margin is calculated as a percentage of segment net sales.
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Net sales increased by 2.6% to Ps.23,395.2 million in first-quarter 2019 compared with Ps.22,812.0 million in first-quarter 2018. This increase was mainly
attributable to revenue growth in the Cable segment. Operating segment income increased by 3.0%, reaching Ps.9,406.4 million with a margin of 38.2%, in line with previous year.
Net income attributable to stockholders of the Company decreased to Ps.541.7 million in first-quarter 2019 compared to Ps.677.6 million in first-quarter 2018. The
net decrease of Ps.135.9 million, or 20.1%, reflected primarily (i) a Ps.415.2 increase in depreciation and amortization; and (ii) a Ps.73.4 million increase in finance expense, net. These unfavorable variances were partially offset by a Ps.296.2
million increase in operating income before depreciation and amortization and other expense, net.
Dividend
Today, the Company’s annual stockholders meeting approved the payment of a dividend of Ps.0.35 per CPO and Ps.0.002991452991 per share of Series “A”, “B”, “D” and
“L” Shares not in the form of a CPO. The dividend will be paid in cash, in May 2019 in the aggregate amount of approximately Ps.1,068.9 million.
First-quarter Results by Business Segment
The following table presents first-quarter consolidated results ended March 31, 2019 and 2018, for each of our business segments. Consolidated results for
first-quarter 2019 and 2018 are presented in millions of Mexican pesos.
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Net Sales
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1Q’19
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%
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1Q’18
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%
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Change
%
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Cable
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9,898.1
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40.2
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8,669.7
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36.4
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14.2
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Sky
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5,281.6
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21.4
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5,474.2
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23.0
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(3.5)
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Content
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7,184.9
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29.2
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7,899.4
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33.2
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(9.0)
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Other Businesses
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2,260.3
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9.2
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1,778.4
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7.4
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27.1
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Segment Net Sales
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24,624.9
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100.0
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23,821.7
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100.0
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3.4
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Intersegment Operations1
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(1,229.7)
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(1,009.7)
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(21.8)
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Net Sales
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23,395.2
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22,812.0
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2.6
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Operating Segment Income2
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1Q’19
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Margin
%
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1Q’18
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Margin
%
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Change
%
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Cable
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4,297.1
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43.4
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3,664.9
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42.3
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17.3
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Sky
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2,306.9
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43.7
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2,441.9
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44.6
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(5.5)
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Content
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2,267.3
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31.6
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2,820.1
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35.7
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(19.6)
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Other Businesses
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535.1
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23.7
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203.9
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11.5
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162.4
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Operating Segment Income
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9,406.4
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38.2
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9,130.8
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38.3
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3.0
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Corporate Expenses
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(516.1)
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(2.1)
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(551.7)
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(2.3)
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6.5
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Depreciation and Amortization
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(5,216.0)
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(22.3)
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(4,800.8)
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(21.0)
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(8.6)
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Other Expense, net
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(188.9)
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(0.8)
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(154.1)
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(0.7)
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(22.6)
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Intersegment Operations3
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(15.0)
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-
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-
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n/a
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Operating Income
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3,470.4
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14.8
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3,624.2
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15.9
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(4.2)
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| 1 |
For segment reporting purposes, intersegment operations are included in each of the segment operations.
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| 2 |
Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other expense, net.
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| 3 |
As a result of IFRS 16 adoption, intersegment operations related to intercompany leases were not eliminated on the Operating Segment Income level as in prior years.
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First-quarter sales increased by 14.2% to Ps.9,898.1 million compared with Ps.8,669.7 million in
first-quarter 2018 driven by solid net additions in voice and broadband.
Total revenue generating units, or RGUs, reached 12.1 million. Quarterly growth was driven by strong growth in broadband and voice net additions. Video RGUs were
lower marginally by 9 thousand. Total net additions for the quarter were approximately 285 thousand.
The following table sets forth the breakdown of RGUs per service type for our Cable segment as of March 31, 2019 and 2018.
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RGUs
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1Q’19
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1Q’18
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Video
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4,375,626
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4,237,862
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Broadband
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4,567,517
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3,970,473
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Voice
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3,183,248
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2,158,238
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Total RGUs
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12,126,391
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10,366,573
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First-quarter operating segment income increased
by 17.3% to Ps.4,297.1 million compared with Ps.3,664.9 million in first-quarter 2018. Margin increased 110 basis points to 43.4%.
The following tables set forth the breakdown of revenues and operating segment income, excluding consolidation adjustments, for our MSO and enterprise
operations for first-quarter 2019 and 2018.
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MSO Operations (1)
Millions of Mexican pesos
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1Q’19
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1Q’18
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Change %
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Revenue
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8,874.2
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7,691.4
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15.4
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Operating Segment Income
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3,917.6
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3,338.0
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17.4
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Margin (%)
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44.1%
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43.4%
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|
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Enterprise Operations (1)
Millions of Mexican pesos
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1Q’19
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1Q’18
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Change %
|
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Revenue
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1,393.1
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1,273.8
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9.4
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Operating Segment Income
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497.0
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433.9
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14.5
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Margin (%)
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35.7%
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34.1%
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-
|
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(1)
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These results do not include consolidation adjustments of Ps.369.2 million in revenues nor Ps.117.5 million in Operating Segment Income for first quarter 2019,
neither the consolidation adjustments of Ps.295.5 million in revenues nor Ps.107.0 million in Operating Segment Income for first quarter 2018. Consolidation adjustments are considered in the consolidated results of the Cable
segment.
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First-quarter operating segment income in our MSO operations increased by 17.4%, to Ps.3,917.6 million and operating segment income margin reached 44.1%. In
our Enterprise Operations, operating segment income increased by 14.5%, the third consecutive quarter of growth after the restructuring of this division in 2018.
Sky
First-quarter sales decreased by 3.5% to Ps.5,281.6 million compared with Ps.5,474.2 million in
first-quarter 2018, mainly explained by a lower number video RGUs.
The number of net active video RGUs declined by 251 thousand. This resulted mostly from pre-paid customers that stopped recharging their Sky service soon after
the completion of the World Cup last year and, based on Sky’s disconnection policies, were dropped during the first quarter. Sky ended the quarter with 7.6 million RGUs, of which 164,568 were video RGUs in Central America and the Dominican
Republic.
During the quarter, Sky continued growing its broadband business after adding 73 thousand broadband RGUs. It reached a total of 165 thousand broadband RGUs.
The following table sets forth the breakdown of RGUs per service type for Sky as of March 31, 2019 and 2018.
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RGUs
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1Q’19
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1Q’18
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Video
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7,386,347
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7,910,225
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Broadband
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165,262
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n/a
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Voice
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1,493
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n/a
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Total RGUs
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7,553,102
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7,910,225
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First-quarter operating segment income decreased by 5.5% to Ps.2,306.9 million compared with
Ps.2,441.9 million in first-quarter 2018. The margin was 43.7%. The 90 basis points decline was due to the costs related to the launch and promotion of Sky’s broadband service.
Content
First-quarter sales decreased by 9.0% to Ps.7,184.9 million compared with Ps.7,899.4 million in
first-quarter 2018.
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Millions of Mexican pesos
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1Q’19
|
%
|
1Q’18
|
%
|
Change
%
|
|
Advertising
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3,681.9
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51.2
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4,272.7
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54.1
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(13.8)
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Network Subscription
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1,218.3
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17.0
|
1,179.1
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14.9
|
3.3
|
|
Licensing and Syndication
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2,284.7
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31.8
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2,447.6
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31.0
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(6.7)
|
|
Net Sales
|
7,184.9
|
100.0
|
7,899.4
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100.0
|
(9.0)
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Advertising
First-quarter advertising sales decreased by 13.8% to Ps.3,681.9 million compared with Ps.4,272.7 million in first-quarter 2018. The decrease in sales is
substantially explained by a significant drop in government advertising. Advertising sales to the private sector were down approximately 2%.
The new government is implementing a number of public policy measures to release funds for other initiatives. One of these measures is the reduction of its
overall investment in advertising which they have publicly indicated would come down by approximately 50%, when compared to 2018. This measure will apply to all media, including radio, print, digital, and television. As a reminder,
government advertising represented approximately 11% of our total advertising revenue last year, or about 2% of consolidated revenue.
Accordingly, we continue to anticipate that government advertising this year will drop by about 50%. During the first quarter, however, the reduction in our
sales of advertising to the government was steeper than 50% probably as the campaigns of the various government entities have yet to start.
Network Subscription
First-quarter Network Subscription sales increased by 3.3% to Ps.1,218.3 million compared with Ps.1,179.1 million in first-quarter 2018.
Licensing and Syndication
First-quarter Licensing and Syndication sales decreased by 6.7% to Ps.2,284.7 million from Ps.2,447.6 million in first-quarter 2018. The decrease is mainly
explained by carriage dispute between Univision and Dish beginning on July 1, 2018. Royalties from Univision reached U.S.$88.0 million in first-quarter 2019 compared to U.S.$95.5 million in first-quarter 2018.
In March 26, 2019, Univision announced that it reached a new long-term agreement with Dish for carriage of Univision networks and stations, effective
immediately.
First-quarter operating segment income decreased by 19.6% to Ps.2,267.3 million compared with
Ps.2,820.1 million in first-quarter 2018. This decrease is mainly explained by the drop in government advertising sales. The margin was 31.6%.
Other Businesses
First-quarter sales increased by 27.1% to Ps.2,260.3 million compared with Ps.1,778.4 million in
first-quarter 2018. The increase is mainly explained by growing revenues from the soccer, gaming and feature films distribution businesses, partially compensated by the publishing and radio businesses.
First-quarter operating segment income increased by 162.4% to Ps.535.1 million compared with
Ps.203.9 million in first-quarter 2018. The increase was mainly explained by soccer, gaming and feature films distribution businesses, partially compensated by the radio business.
Corporate Expense
Corporate expense decreased by Ps.35.6 million, or 6.5%, to Ps.516.1 million in first-quarter 2019, from Ps.551.7 million in
first-quarter 2018. The decrease reflected mainly a lower share-based compensation expense by 15.6% to Ps.317.2 million from Ps.375.8 million in first-quarter 2018.
Share-based compensation expense is measured at fair value at the time the equity benefits are conditionally sold to officers and
employees. It is accounted for as corporate expense and is recognized over the vesting period.
Other Expense, Net
Other expense, net, increased by Ps.34.8 million, or 22.6%, to Ps.188.9 million in first-quarter 2019 compared with Ps.154.1 million in first-quarter 2018.
During the quarter, non-cash expenses included mainly: (i) Ps.34.2 million that resulted from the disposition of property and equipment; (ii) Ps.16.9 million that originated in the impairment of certain intangible assets.
Finance Expense, Net
The following table sets forth finance (expense) income, net, stated in millions of Mexican pesos for the quarters ended March 31,
2019 and 2018.
|
1Q 2019
|
1Q 2018
|
(Increase)
decrease
|
|
|
Interest expense
|
(2,406.8)
|
(2,289.2)
|
(117.6)
|
|
Interest income
|
296.5
|
304.0
|
(7.5)
|
|
Foreign exchange gain, net
|
139.0
|
993.8
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(854.8)
|
|
Other finance expense, net
|
(302.8)
|
(1,209.3)
|
906.5
|
|
Finance expense, net
|
(2,274.1)
|
(2,200.7)
|
(73.4)
|
Finance expense, net, increased by Ps.73.4 million to Ps.2,274.1 million for first-quarter 2019 from Ps.2,200.7 million for
first-quarter 2018. This increase primarily reflected (i) a Ps.854.8 million decrease in foreign exchange gain resulting primarily from the effect of a 1.3% appreciation of the Mexican peso against the U.S. dollar on our average net
U.S. dollar liability position in first-quarter 2019, compared with a 7.3% appreciation in first-quarter 2018; (ii) a Ps.117.6 million increase interest expense, primarily due to an additional Ps.102.1 million in interest expense
related to lease liabilities that were recognized for first time in connection with the adoption of IFRS 16 Leases, beginning on January 1, 2019; and (iii) a Ps.7.5 million decrease in interest income explained primarily by a decrease
in our cash equivalents and temporary investments in first-quarter 2019.
These unfavorable effects were partially offset by a Ps.906.5 million decrease in other finance expense, net, primarily resulting from a lower loss
derived from changes in fair value of our derivative contracts, in connection with a 1.3% appreciation of the Mexican peso against the U.S. dollar in first-quarter 2019, compared with a 7.3% appreciation in first-quarter 2018.
Share of Income of Associates and Joint Ventures, Net
Share of income of associates and joint ventures, net, increased by Ps.58.7 million, or 54.8%, to Ps.165.8 million in first-quarter 2019, from Ps.107.1 million
in first-quarter 2018. This increase reflected mainly the absence of share of loss of Imagina, a media and telecom company in Spain, which investment was disposed by us in second-quarter 2018.
Share of income of associates and joint ventures, net, for the first-quarter 2019, includes primarily share of income of (i) Univision Holdings, Inc., the
controlling parent of Univision Communications Inc.; and (ii) OCESA Entretenimiento, S.A. de C.V., a live entertainment company in Mexico.
Income Taxes
Income taxes decreased by Ps.31.7 million, or 5.9%, to Ps.504.0 million in first-quarter 2019 compared with Ps.535.7 million in first-quarter 2018. This
decrease reflected primarily a lower income tax base, which was partially offset by a higher effective income tax rate.
Net Income Attributable to Non-controlling Interests
Net income attributable to non-controlling interests was Ps.316.4 million in first-quarter 2019, in line with the Ps.317.3 million in first-quarter 2018.
Capital Expenditures
During first-quarter 2019, we invested approximately U.S.$222.9 million in property, plant and equipment as capital expenditures. The following table sets
forth the breakdown of capital expenditures for first-quarter 2019 and 2018.
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Capital Expenditures
Millions of U.S.$
|
1Q 2019
|
1Q 2018
|
|
Cable
|
169.7
|
106.1
|
|
Sky
|
47.1
|
40.0
|
|
Content and Other Businesses
|
6.1
|
12.6
|
|
Total
|
222.9
|
158.7
|
For the full year, we are maintaining our guidance of approximately one billion dollars in capital expenditures.
Adoption of IFRS 16 Leases
Beginning on January 1, 2019, we adopted IFRS 16 Leases (“IFRS 16”), which became effective on that date. As a result of such adoption, we recognized long-term
lease agreements as right-to-use assets and lease liabilities in our consolidated statements of financial position as disclosed in the following table (millions of Mexican pesos):
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IFRS 16 Adoption
Long-term Lease Agreements
|
March 31, 2019
Assets (Liabilities)
|
January 1, 2019
Assets (Liabilities)
|
||||||
|
Right-to-use assets
|
4,699.4
|
4,817.8
|
||||||
|
Lease liabilities
|
(4,739.4
|
)1
|
(4,817.8
|
)1
|
||||
|
Net effect
|
(40.0
|
)
|
||||||
|
1Current portion, as of March 31, 2019 and January 1, 2019, were Ps.465.8 million and Ps.438.8 million, respectively
|
We also classified as right-to-use assets and lease liabilities those property and equipment and obligations recognized as finance leases through December 31,
2018, as disclosed in the following table (millions of Mexican pesos):
|
IFRS 16 Adoption
Reclassification
|
March 31, 2019
Assets (Liabilities)
|
January 1, 2019
Assets (Liabilities)
|
||||||
|
Right-to-use assets
|
3,289.1
|
3,402.9
|
||||||
|
Lease liabilities
|
(5,158.1
|
)1
|
(5,317.9
|
)1
|
||||
|
Net effect
|
(1,869.0
|
)
|
(1,915.0
|
)
|
||||
|
1Current portion, as of March 31, 2019 and January 1, 2019, were Ps.650.7 million and Ps.651.8 million, respectively
|
Debt, Lease Liabilities and Other Notes Payable
The following table sets forth our total consolidated debt, lease liabilities and other notes payable as of March 31, 2019 and December 31, 2018. Amounts are
stated in millions of Mexican pesos
|
March 31, 2019
|
December 31, 2018
|
(decrease)
Increase
|
|
|
Current portion of long-term debt
|
972.3
|
988.4
|
(16.1)
|
|
Long-term debt, net of current portion
|
120,029.7
|
120,983.6
|
(953.9)
|
|
Total debt 1
|
121,002.0
|
121,972.0
|
(970.0)
|
|
Current portion of lease liabilities
|
1,116.5
|
651.8
|
464.7
|
|
Long-term lease liabilities, net of current portion
|
8,781.0
|
4,666.1
|
4,114.9
|
|
Total lease liabilities2
|
9,897.5
|
5,317.9
|
4,579.6
|
|
Current portion of other notes payable
|
1,297.3
|
1,288.4
|
8.9
|
|
Other notes payable, net of current portion
|
-
|
1,288.4
|
(1,288.4)
|
|
Total other notes payable3
|
1,297.3
|
2,576.8
|
(1,279.5)
|
1 As of March 31, 2019, and December 31, 2018, total debt is presented net of finance costs in the amount of
Ps.1,128.1 million and Ps.1,152.7 million, respectively, and does not include related accrued interest payable in the amount of Ps.1,897.9 million and Ps.1,120.0 million, respectively.
2 Please refer to the section “Adoption of IFRS 16 Leases” for further detail and disclosure.
3 In connection with the acquisition in 2016 of a non-controlling interest in Televisión Internacional, S.A. de C.V., one of our Cable segment
subsidiaries.
As of March 31, 2019, our consolidated net debt position (total debt, lease liabilities and other notes payable, less cash and cash equivalents, temporary
investments, and non-current investments in financial instruments) was Ps.94,275.7 million. As of March 31, 2019, the non-current investments in financial instruments amounted to an aggregate of Ps.14,327.1 million.
Shares Outstanding
As of March 31, 2019, and December 31, 2018, our shares outstanding amounted to 338,239.6 million and 338,329.1 million shares, respectively, and our CPO
equivalents outstanding amounted to 2,890.9 million and 2,891.7 million CPO equivalents, respectively. Not all of our shares are in the form of CPOs. The number of CPO equivalents is calculated by dividing the number of shares outstanding
by 117.
As of March 31, 2019, and December 31, 2018, the GDS (Global Depositary Shares) equivalents outstanding amounted to 578.2 million and 578.3 million,
respectively. The number of GDS equivalents is calculated by dividing the number of CPO equivalents by five.
Sustainability
Televisa continues to make significant progress in sustainability. The Company is now a member of some of the most important sustainability indices such as
FTSE4Good Emerging Index; Dow Jones Sustainability MILA Pacific Alliance Index; Dow Jones Sustainability Emerging Markets Index; and the Sustainability Index of the Mexican Stock Exchange.
In first quarter 2019, Televisa was selected as one of only four Mexican companies to be included in the 2019 Bloomberg Gender-Equality Index (GEI). Also,
Televisa’s social responsibility programs were recognized for the second time with the “Empresa Socialmente Responsable” award (Socially Responsible Company), granted by “Centro Mexicano de la Filantropía” (Mexican Center for
Philanthropy), and “Alianza por la Responsabilidad Social Empresarial” (Alliance for the Social Responsibility of Businesses).
Additional Information Available on Website
The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company's Annual Report and
on Form 20-F for the year ended December 31, 2018, which will be posted on the “Reports and Filings” section of our investor relations website at televisair.com when filed with the Comisión
Nacional Bancaria y de Valores and the Securities and Exchange Commission, respectively.
About Televisa
Televisa is a leading media company in the Spanish-speaking world, an important cable operator in Mexico and an operator of a leading
direct-to-home satellite pay television system in Mexico. Televisa distributes the content it produces through several broadcast channels in Mexico and in over 75 countries through 26 pay-tv brands, television networks, cable operators
and over-the-top or “OTT” services. In the United States, Televisa’s audiovisual content is distributed through Univision Communications Inc. (“Univision”) the leading media company serving the Hispanic market. Univision broadcasts
Televisa’s audiovisual content through multiple platforms in exchange for a royalty payment. In addition, Televisa has equity and warrants which upon their exercise would represent approximately 36% on a fully-diluted, as-converted
basis of the equity capital in Univision Holdings, Inc., the controlling company of Univision. Televisa’s cable business offers integrated services, including video, high-speed data and voice services to residential and commercial
customers as well as managed services to domestic and international carriers. Televisa owns a majority interest in Sky, a leading direct-to-home satellite pay television system and broadband provider in Mexico, operating also in the
Dominican Republic and Central America. Televisa also has interests in magazine publishing and distribution, radio production and broadcasting, professional sports and live entertainment, feature- film production and distribution, and
gaming.
Disclaimer
This press release contains forward-looking statements regarding the Company’s results and prospects. Actual results could differ
materially from these statements. The forward-looking statements in this press release should be read in conjunction with the factors described in “Item 3. Key Information – Forward-Looking Statements” in the Company’s Annual Report on
Form 20-F, which, among others, could cause actual results to differ materially from those contained in forward-looking statements made in this press release and in oral statements made by authorized officers of the Company. Readers are
cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise.
(Please see attached tables for financial information and ratings data)
###
Contact Information
Investor Relations
www.televisair.com.mx
Tel: (52 55) 5261 2445
Carlos Madrazo. VP, Head of Investor Relations cmadrazov@televisa.com.mx
Santiago Casado. Investor Relations Director. scasado@televisa.com.mx
Media Relations:
Alejandro Olmos / Tel: (52 55) 4438 1205 / aolmosc@televisa.com.mx
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
AS OF MARCH 31, 2019 AND
DECEMBER 31, 2018
(Millions of Mexican Pesos)
|
March 31,
|
December 31,
|
|||||||
|
2019
|
2018
|
|||||||
|
ASSETS
|
(Unaudited)
|
(Unaudited)
|
||||||
|
Current assets:
|
||||||||
|
Cash and cash equivalents
|
Ps. |
23,563.0
|
Ps. |
32,068.3
|
||||
|
Temporary investments
|
31.0
|
31.0
|
||||||
|
Trade notes and accounts receivable, net
|
24,272.0
|
19,748.9
|
||||||
|
Other accounts and notes receivable, net
|
9,902.0
|
6,376.6
|
||||||
|
Derivative financial instruments
|
14.8
|
115.7
|
||||||
|
Due from related parties
|
656.7
|
1,078.3
|
||||||
|
Transmission rights and programming
|
8,493.7
|
7,785.7
|
||||||
|
Inventories
|
1,042.5
|
1,026.4
|
||||||
|
Contract costs
|
1,175.0
|
1,143.0
|
||||||
|
Other current assets
|
3,345.8
|
2,679.0
|
||||||
|
Total current assets
|
72,496.5
|
72,052.9
|
||||||
|
Non-current assets:
|
||||||||
|
Derivative financial instruments
|
543.9
|
919.8
|
||||||
|
Transmission rights and programming
|
9,247.4
|
9,229.8
|
||||||
|
Investments in financial instruments
|
48,809.0
|
49,203.4
|
||||||
|
Investments in associates and joint ventures
|
10,577.7
|
10,546.7
|
||||||
|
Property, plant and equipment, net
|
83,691.8
|
83,939.6
|
||||||
|
Right-of-use assets
|
7,988.5
|
3,402.9
|
||||||
|
Intangible assets, net
|
42,700.8
|
43,063.5
|
||||||
|
Deferred income tax assets
|
22,567.1
|
22,181.8
|
||||||
|
Contract costs
|
2,227.7
|
2,227.7
|
||||||
|
Other assets
|
280.1
|
402.5
|
||||||
|
Total non-current assets
|
228,634.0
|
225,117.7
|
||||||
|
Total assets
|
Ps. |
301,130.5
|
Ps. |
297,170.6
|
||||
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED
STATEMENTS OF FINANCIAL POSITION
AS OF MARCH 31, 2019 AND
DECEMBER 31, 2018
(Millions of Mexican Pesos)
|
March 31,
|
December 31,
|
|||||||
|
2019
|
2018
|
|||||||
|
LIABILITIES
|
(Unaudited)
|
(Unaudited)
|
||||||
|
Current liabilities:
|
||||||||
|
Current portion of long-term debt and interest payable
|
Ps. |
2,870.2
|
Ps. |
2,108.4
|
||||
|
Current portion of lease liabilities
|
1,116.5
|
651.8
|
||||||
|
Current portion of other notes payable
|
1,297.3
|
1,288.4
|
||||||
|
Derivative financial instruments
|
455.7
|
148.1
|
||||||
|
Trade accounts payable and accrued expenses
|
21,257.4
|
22,029.5
|
||||||
|
Customer deposits and advances
|
17,921.1
|
13,637.7
|
||||||
|
Income taxes payable
|
2,140.0
|
3,054.8
|
||||||
|
Other taxes payable
|
2,828.2
|
1,280.3
|
||||||
|
Employee benefits
|
649.2
|
1,067.2
|
||||||
|
Due to related parties
|
744.3
|
714.5
|
||||||
|
Other current liabilities
|
2,525.8
|
2,550.8
|
||||||
|
Total current liabilities
|
53,805.7
|
48,531.5
|
||||||
|
Non-current liabilities:
|
||||||||
|
Long-term debt, net of current portion
|
120,029.7
|
120,983.6
|
||||||
|
Lease liabilities, net of current portion
|
8,781.0
|
4,666.1
|
||||||
|
Other notes payable, net of current portion
|
-
|
1,288.4
|
||||||
|
Income taxes payable
|
1,718.1
|
3,141.4
|
||||||
|
Deferred income tax liabilities
|
7,912.4
|
8,390.5
|
||||||
|
Post-employment benefits
|
988.0
|
962.5
|
||||||
|
Other long-term liabilities
|
4,130.8
|
4,676.0
|
||||||
|
Total non-current liabilities
|
143,560.0
|
144,108.5
|
||||||
|
Total liabilities
|
197,365.7
|
192,640.0
|
||||||
|
EQUITY
|
||||||||
|
Capital stock
|
4,907.8
|
4,907.8
|
||||||
|
Additional paid-in-capital
|
15,889.8
|
15,889.8
|
||||||
|
20,797.6
|
20,797.6
|
|||||||
|
Retained earnings:
|
||||||||
|
Legal reserve
|
2,139.0
|
2,139.0
|
||||||
|
Unappropriated earnings
|
76,647.1
|
70,362.5
|
||||||
|
Net income for the period
|
541.7
|
6,009.4
|
||||||
|
79,327.8
|
78,510.9
|
|||||||
|
Accumulated other comprehensive income, net
|
4,066.7
|
4,427.4
|
||||||
|
Shares repurchased
|
(14,182.4
|
)
|
(14,219.1
|
)
|
||||
|
69,212.1
|
68,719.2
|
|||||||
|
Equity attributable to stockholders of the Company
|
90,009.7
|
89,516.8
|
||||||
|
Non-controlling interests
|
13,755.1
|
15,013.8
|
||||||
|
Total equity
|
103,764.8
|
104,530.6
|
||||||
|
Total liabilities and equity
|
Ps. |
301,130.5
|
Ps. |
297,170.6
|
||||
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME FOR THE
THREE MONTHS ENDED MARCH 31,
2019 AND 2018
(Millions of Mexican Pesos)
|
Three months ended March 31,
|
||||||||
|
2019
|
2018
|
|||||||
|
(Unaudited)
|
(Unaudited)
|
|||||||
|
Net sales
|
Ps. |
23,395.2
|
Ps. |
22,812.0
|
||||
|
Cost of sales
|
13,264.0
|
13,060.6
|
||||||
|
Selling expenses
|
2,764.4
|
2,581.4
|
||||||
|
Administrative expenses
|
3,707.5
|
3,391.7
|
||||||
|
Income before other expense
|
3,659.3
|
3,778.3
|
||||||
|
Other expense, net
|
(188.9
|
)
|
(154.1
|
)
|
||||
|
Operating income
|
3,470.4
|
3,624.2
|
||||||
|
Finance expense
|
(2,709.6
|
)
|
(3,498.5
|
)
|
||||
|
Finance income
|
435.5
|
1,297.8
|
||||||
|
Finance expense, net
|
(2,274.1
|
)
|
(2,200.7
|
)
|
||||
|
Share of income of associates and joint ventures, net
|
165.8
|
107.1
|
||||||
|
Income before income taxes
|
1,362.1
|
1,530.6
|
||||||
|
Income taxes
|
504.0
|
535.7
|
||||||
|
Net income
|
Ps. |
858.1
|
Ps. |
994.9
|
||||
|
Net income attributable to:
|
||||||||
|
Stockholders of the Company
|
Ps. |
541.7
|
Ps. |
677.6
|
||||
|
Non-controlling interests
|
316.4
|
317.3
|
||||||
|
Net income
|
Ps. |
858.1
|
Ps. |
994.9
|
||||
|
Basic earnings per CPO attributable to stockholders of the Company
|
Ps. |
0.19
|
Ps. |
0.23
|
||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
GRUPO TELEVISA, S.A.B.
|
|||
|
(Registrant)
|
|||
|
Dated: May 2, 2019
|
By:
|
/s/ Luis Alejandro Bustos Olivares
|
|
| Name: |
Luis Alejandro Bustos Olivares
|
||
|
Title:
|
Legal Vice President and General Counsel
|
||