UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2004
GRUPO TELEVISA, S.A.
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(Translation of registrant's name into English)
Av. Vasco de Quiroga No. 2000, Colonia Sante 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
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(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
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(If "Yes" is marked indicate below the file number assigned to the
registrant in connection with Rule 12g-3-2(b): 82 .)
[LOGO - TELEVISA] FIRST QUARTER 2004 RESULTS
FOR IMMEDIATE RELEASE
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GRUPO TELEVISA REPORTS FIRST QUARTER 2004 RESULTS
HIGHLIGHTS
o RECORD FIRST-QUARTER CONSOLIDATED AND TELEVISION BROADCASTING SEGMENT
NET SALES, EBITDA AND EBITDA MARGINS
o CONSOLIDATED NET SALES INCREASED 4.3% AND EBITDA GREW 10.4%
o TELEVISION BROADCASTING SEGMENT SALES INCREASED 4.3% AND EBITDA ROSE
15.0%
o NET INCOME INCREASED 81.1%
o INNOVA'S NET SALES INCREASED 19.1%, EBITDA INCREASED 42.6% AND EBITDA
MARGIN REACHED 35.4%.
CONSOLIDATED RESULTS
Mexico City, D.F., April 28 2004 -- Grupo Televisa, S.A. (NYSE:TV; BMV:
TLEVISA CPO) today announced results for the first quarter 2004. The
results, shown in the attached tables on pages 7-9, are in millions of
Mexican pesos, have been prepared in accordance with Mexican GAAP and are
adjusted to pesos in purchasing power as of March 31, 2004.
The following table sets forth a condensed Statement of Income in millions
of Mexican pesos, the percentage that each line represents from net sales
and the percentage change for the first quarter of 2004 as compared with
the first quarter of 2003:
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1Q MARGIN 1Q MARGIN CHANGE
2004 % 2003 % %
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Net Sales(1) 5,230.8 100.0 5,015.4 100.0 4.3
EBITDA(2) 1,500.8 28.7 1,359.9 27.1 10.4
Operating Income 1,160.3 22.2 966.1 19.3 20.1
Net Income 472.0 9.0 260.6 5.2 81.1
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(1) See "Results by Business Segment" for information regarding segment
results.
(2) EBITDA is defined as operating income before depreciation and
amortization.
Net sales for the first quarter of 2004 reached Ps.5,230.8 million, a 4.3%
increase compared to last year's first quarter. This increase was driven by
higher revenues in the Television Broadcasting, Publishing Distribution,
Other Businesses, Cable Television, Programming for Pay Television and
Publishing segments. These increases were partially offset by lower
revenues in the Programming Licensing and Radio segments.
Consolidated EBITDA increased 10.4% to Ps.1,500.8 million in the first
quarter of 2004 compared with last year's first quarter. Consolidated
EBITDA margin increased to a first-quarter record of 28.7%. Additionally,
operating income increased 20.1%. These increases primarily resulted from
revenue growth, and were partially offset by higher cost of sales and
operating expenses.
The Company generated net income of Ps.472.0 million in the first quarter
of 2004 compared to net income of Ps.260.6 million in last year's first
quarter. The net increase of Ps.211.4 million reflected primarily a
Ps.194.2 million increase in operating income; a Ps.39.0 million decrease
in other expense-net; a Ps.32.9 million decrease in income taxes; and a
Ps.172.8 million increase in equity in results from affiliates. These
favorable changes were partially offset by a Ps.180.3 million increase in
integral cost of financing and a Ps.46.4 million increase in restructuring
and non-recurring charges.
RESULTS BY BUSINESS SEGMENTS
The following tables set forth the net sales, EBITDA and operating income
(loss) in millions of Mexican pesos for each of the Company's business
segments for the first quarters ended March 31, 2004 and 2003:
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NET SALES 1Q % 1Q % CHANGE
2004 2003 %
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Television Broadcasting 3,194.0 60.6 3,062.0 61.0 4.3
Programming for Pay Television 168.4 3.2 162.6 3.2 3.6
Programming Licensing 414.3 7.9 423.9 8.4 (2.3)
Publishing 370.9 7.0 357.2 7.1 3.8
Publishing Distribution 445.1 8.5 381.6 7.6 16.6
Cable Television 269.6 5.1 250.6 5.0 7.6
Radio 52.8 1.0 58.0 1.2 (9.0)
Other Businesses 351.9 6.7 324.2 6.5 8.5
SEGMENT REVENUES 5,267.0 100.0 5,020.1 100.0 4.9
Intersegment Operations1 (82.1) (85.6) 4.1
Disposed Operations2 45.9 80.9 -
CONSOLIDATED REVENUES 5,230.8 5,015.4 4.3
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EBITDA 1Q MARGIN 1Q MARGIN CHANGE
2004 % 2003 % %
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Television Broadcasting 1,268.6 39.7 1,103.3 36.0 15.0
Programming for Pay Television 44.4 26.4 35.4 21.8 25.4
Programming Licensing 124.0 29.9 129.2 30.5 (4.0)
Publishing 30.4 8.2 30.3 8.5 0.3
Publishing Distribution (3.3) (0.7) 1.3 0.3 -
Cable Television 84.9 31.5 73.9 29.5 14.9
Radio (2.8) (5.3) 1.4 2.4 -
Other Businesses (23.7) (6.7) (6.9) (2.1) -
Corporate Expenses (32.1) (0.6) (31.8) (0.6) (0.9)
SEGMENT EBITDA 1,490.4 28.3 1,336.1 26.6 11.5
Disposed Operations2 10.4 22.7 23.8 29.4 -
CONSOLIDATED EBITDA 1,500.8 28.7 1,359.9 27.1 10.4
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OPERATING INCOME (LOSS) 1Q MARGIN 1Q MARGIN CHANGE
2004 % 2003 % %
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Television Broadcasting 1,023.7 32.1 846.9 27.7 20.9
Programming for Pay Television 39.3 23.3 24.1 14.8 63.1
Programming Licensing 122.2 29.5 127.3 30.0 (4.0)
Publishing 25.3 6.8 25.4 7.1 (0.4)
Publishing Distribution (8.6) (1.9) (3.7) (1.0) -
Cable Television 38.1 14.1 30.5 12.2 24.9
Radio (7.1) (13.4) (2.5) (4.3) -
Other Businesses (39.1) (11.1) (62.3) (19.2) 37.2
Corporate Expenses (32.1) (0.6) (31.8) (0.6) (0.9)
SEGMENT OPERATING INCOME 1,161.7 22.1 953.9 19.0 21.8
Disposed Operations2 (1.4) (3.1) 12.2 15.1 -
CONSOLIDATED OPERATING INCOME 1,160.3 22.2 966.1 19.3 20.1
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(1) For segment reporting purposes, intersegment operations are included
in each of the segment operations.
(2) Reflects the results of operations of the Company's nationwide paging
and dubbing businesses.
TELEVISION The increase of 4.3% in Television Broadcasting sales
BROADCASTING was mainly attributable to an increase in advertising
time sold and an increase of 8.4% in local sales driven
by Channel 4TV, our local channel in Mexico City.
Excluding the political advertising received during the
first quarter of last year, Television Broadcasting
sales increased 9.9%.
Television Broadcasting EBITDA increased 15.0% to
Ps.1,268.6 million and operating income rose 20.9%.
These increases reflect higher sales, a 1.8% reduction
in cost of sales, and a 1.1% decrease in operating
expenses.
PROGRAMMING FOR The 3.6% increase in Programming for Pay Television
PAY TELEVISION sales resulted from higher revenues from signals sold
to pay television systems in Mexico, and was partially
offset by lower revenues from signals sold to pay
television systems in Latin America.
Operating income increased 63.1% due to higher sales
and lower operating expenses, and was partially offset
by higher signal costs.
PROGRAMMING The 2.3% decrease in Programming Licensing sales is
LICENSING attributable to lower export sales in Europe and Asia,
as well as by a negative translation effect of foreign
currency denominated sales, which amounted to Ps.11.7
million. This decrease was partially offset by an 8.7%
increase in royalties paid to the Company by Univision
under the Univision Program License Agreement, which
amounted to U.S.$22.9 million and higher export sales
to Latin America.
Operating income decreased 4.0% reflecting lower sales
and a marginal increase in cost of sales, partially
offset by a decrease in operating expenses.
PUBLISHING The 3.8% increase in Publishing sales was related to
higher advertising pages sold in Mexico and abroad.
This increase was partially offset by a decrease in the
number of magazines sold in Mexico.
Publishing operating income decreased marginally
reflecting higher operating expenses and depreciation
and amortization costs that were partially offset by
higher sales and a reduction in cost of sales.
PUBLISHING Publishing Distribution sales increased by 16.6% due
DISTRIBUTION to higher distribution sales abroad partially offset by
lower circulation of magazines in Mexico published by
third parties.
Operating loss increased to Ps.8.6 million due to
higher cost of sales and operating expenses that were
partially offset by higher sales.
CABLE TELEVISION After nine consecutive quarters of subscriber losses,
Cablevision added 1,500 new subscribers during the
first quarter reaching a total of 365,900 gross active
subscribers, of which over 68,000 are digital
subscribers. Sales increased 7.6% in the first quarter
of 2004 compared with the first quarter of last year
reflecting mainly the positive effect of the
elimination of the excise tax on telecommunication
services.
Operating income increased 24.9% due to higher sales
and lower cost of sales that were partially offset by
higher operating expenses.
RADIO Radio sales decreased 9.0% compared to last year's
first quarter, due to lower advertising time sold,
reflecting the absence of political advertising
received during the first quarter of 2003.
Operating loss increased to Ps.7.1 million attributable
to lower sales, and was partially offset by lower cost
of sales and operating expenses.
OTHER BUSINESSES Other Businesses sales increased 8.5% due to higher
sales in the distribution of feature films and sport
businesses, which were partially offset by lower sales
in the Internet portal business.
Operating loss decreased to Ps.39.1 million from a loss
of Ps.62.3 million in last year's comparable period.
This favorable variance was led by higher revenues and
lower depreciation and amortization costs, and was
partially offset by an increase in cost of sales and
operating expenses.
SKY Innova, S. de R.L. de C.V., a non-consolidated business
of Grupo Televisa, is the pay-TV market leader in
Mexico. It provides direct-to-home satellite television
services under the SKY brand name. Financial and
operating unaudited highlights of Innova, of which
Televisa owns 60%, News Corp. 30%, and Liberty Media
10%, are as follows:
o As of March 31, 2004, the number of gross
active subscribers increased to 886,100,
including 50,200 commercial subscribers. This
represents a 13.6% increase from 779,700,
including 41,400 commercial subscribers
registered as of March 31, 2003, or an
increase of approximately 106,400 gross
active subscribers.
o Net revenues increased 19.1% to Ps.1,093.1
million in the first quarter of 2004 compared
to the same period of last year. This
increase reflects the subscriber growth, the
elimination of the 10% excise tax on
telecommunications services and additional
pay-per-view revenues related to special
events.
o EBITDA increased 42.6% in the first quarter
of 2004 to Ps.387.1 million compared with the
first quarter of 2003. As a result, EBITDA
margin increased to a record of 35.4% from
29.6% reported in the first quarter of last
year.
o EBIT increased 213.4% to Ps.196.3 million in
the first quarter of 2004.
o Innova reported a net income of Ps.147.0
million in the first quarter of 2004 compared
to a net loss of Ps.388.5 million in last
year's comparable period. This positive
result reflects higher operating income,
lower interest expense and a positive foreign
exchange result.
NON-OPERATING RESULTS
INTEGRAL COST OF FINANCING
The following table sets forth the Integral Cost of Financing for the three
months ended March 31, 2004 and 2003, in millions of Mexican pesos, which
consisted of:
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1Q 1Q INCREASE CHANGE
2004 2003 (DECREASE) %
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Interest expense 354.8 363.0 (8.2) (2.3)
Interest income (151.6) (173.3) 21.7 12.5
Foreign exchange (gain) loss - net (24.3) 112.6 (136.9) -
Loss (gain) on hedge effect 31.7 (207.8) 239.5 -
Loss from monetary position - net 158.7 94.5 64.2 67.9
369.3 189.0 180.3 95.4
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Integral cost of financing increased by Ps.180.3 million, or 95.4%, to
Ps.369.3 million in the first quarter of 2004 from Ps.189.0 million in the
first quarter of 2003. This increase reflects three primary factors: i) an
unfavorable Ps.239.5 million hedge effect on the U.S.$600 million long-term
debt hedged by the Company's net investment in Univision in the first
quarter of 2004 compared to a favorable hedged effect in the first quarter
of 2003, driven by a 0.45% appreciation of the Mexican peso compared to the
U.S. dollar during the first quarter of 2004, compared to a 3.13%
depreciation of the Mexican peso compared to the U.S. dollar during the
first quarter of 2003; ii) a Ps.64.2 million increase in loss from monetary
position primarily as a result of a higher net monetary asset position
during the first quarter of 2004 compared to the first quarter of 2003; and
iii) a Ps.21.7 million decrease in interest income in the first quarter of
2004 compared to last year's first quarter reflecting Innova's
capitalization in September 2003 of all of the amounts due to the Company
in connection with certain financing provided by the Company, which effect
was partially offset by an increase in interest income in connection with a
higher average amount of temporary investments during the first quarter of
2004 compared to the first quarter of 2003. These unfavorable variances
were offset by a Ps.136.9 million favorable change resulting from a net
foreign exchange gain due to the Mexican peso appreciation during the first
quarter of 2004 compared to a net foreign exchange loss due to the Mexican
peso depreciation in the first quarter of 2003; and a Ps.8.2 million
decrease in interest expense, primarily as a result of a marginal reduction
in the average amount of total debt during the first quarter of 2004
compared to the first quarter of 2003, which was partially offset by an
increase in the restatement of the Company's UDI denominated debt as
inflation increased 1.57% during the first quarter of 2004 compared to
1.32% in the first quarter of 2003.
RESTRUCTURING AND NON-RECURRING CHARGES
Restructuring and non-recurring charges increased by Ps.46.4 million, or
85.0%, to Ps.101.0 million for the first quarter of 2004 compared to
Ps.54.6 million for the first quarter of 2003. This increase primarily
reflects higher restructuring charges in connection with work force
reductions for the first quarter of 2004 compared to the first quarter of
2003.
OTHER EXPENSE-NET
Other expense decreased by Ps.39.0 million, or 24.2%, to Ps.121.9 million
for the first quarter of 2004 compared to Ps.160.9 million for the first
quarter of 2003. This decrease primarily reflects a reduction in
amortization of goodwill as the Company ceased amortizing this intangible
asset beginning January 1, 2004, in accordance with Bulletin B-7 related to
business acquisitions. This was partially offset by a decrease in other
non-operating income for the first quarter of 2004 compared to the first
quarter of 2003.
INCOME TAX
The effective income tax rate decreased in the first quarter of 2004
compared to the first quarter of 2003, primarily as a result of a lower
expected effective income tax rate for 2004 compared to that expected for
2003 at the end of the first quarter of last year.
EQUITY IN RESULTS OF AFFILIATES
Equity in results of affiliates increased by Ps.172.8 million to an equity
income of Ps.44.5 million for the first quarter of 2004 from an equity loss
of Ps.128.3 million in the first quarter of 2003. This increase primarily
reflects a reduction in the liability position of Innova and Sky
Multi-Country Partners in the first quarter of 2004 compared to the first
quarter of 2003, primarily as a result of the appreciation of the Mexican
peso compared to the U.S. dollar in the first quarter of 2004 versus a
depreciation of the Mexican peso compared to the U.S. dollar in the same
period of 2003, as well as an increase in the equity income of Univision in
the first quarter of 2004 compared to the first quarter of 2003.
OTHER RELEVANT INFORMATION
CAPITAL EXPENDITURES, ACQUISITIONS AND INVESTMENTS
In the first quarter of 2004, the Company invested approximately U.S.$12.4
million in property, plant and equipment as capital expenditures, of which
approximately U.S.$4.7 million is related to the Cable Television segment.
Additionally, the Company invested approximately U.S.$6.3 million in
long-term loans to its Latin American DTH joint-ventures, and U.S.$1.0
million in capital contributions to "TuTV," a 50% joint venture with
Univision for distribution of the Company's pay-television channels in the
United States.
DEBT
As of March 31, 2004, the Company's long-term debt amounted to Ps.14,705.0
million, and its short-term debt was Ps.248.5 million compared to
Ps.14,201.4 million and Ps.1,334.9 million, respectively, as of March 31,
2003.
TELEVISION RATINGS AND AUDIENCE SHARE
National urban ratings and audience share reported by IBOPE confirm that in
the first quarter of 2004 Televisa continues to deliver strong ratings and
audience shares. During weekday prime time (19:00 to 23:00 - Monday to
Friday), audience share amounted to 69.8%; in prime time (16:00 to 23:00 -
Monday to Sunday), audience share amounted to 68.8%; and in sign-on to
sign-off (6:00 to 24:00 - Monday to Sunday), audience share amounted to
71.1%.
OUTLOOK FOR 2004
During the second quarter of 2004, we will face a difficult comparison due
to the absence of the substantial amount of political advertising that we
received last year. However, for the full year 2004, we believe that our
2004 up-front sales, our first quarter results, the current advertising
momentum, and the special events scheduled in the calendar for this year,
will allow us to make up the political advertising shortfall and achieve a
marginal revenue increase in our Television Broadcasting business. In
addition, we expect to keep consolidated cost and expenses flat throughout
the year, which should allow us to maintain our Television Broadcasting and
Consolidated EBITDA margins at 2003 levels.
Grupo Televisa S.A., is the largest media company in the Spanish-speaking
world, and a major player in the international entertainment business. It
has interests in television production and broadcasting, programming for
pay television, international distribution of television programming,
direct-to-home satellite services, publishing and publishing distribution,
cable television, radio production and broadcasting, professional sports
and show business promotions, feature film production and distribution, and
the operation of a horizontal Internet portal. Grupo Televisa also has an
unconsolidated equity stake in Univision, the leading Spanish-language
television company in the United States.
This 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)
###
CONTACTS:
INVESTOR RELATIONS:
Michel Boyance / Alejandro Eguiluz
Grupo Televisa, S.A.
Av. Vasco de Quiroga No. 2000
Colonia Santa Fe
01210 Mexico, D.F.
(5255) 5261-2000
GRUPO TELEVISA, S.A.
CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2004 AND DECEMBER 31, 2003
(MILLIONS OF MEXICAN PESOS IN PURCHASING POWER AS OF MARCH 31, 2004)
ASSETS
March 31, December 31,
2004 2003
(Unaudited) (Audited)
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Current:
Available:
Cash Ps. 198.7 Ps. 377.6
Temporary investments 14,814.5 12,078.0
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15,013.2 12,455.6
Trade notes and accounts receivable-net 5,763.6 10,769.1
Other accounts and notes receivable-net 633.7 907.2
Due from affiliated companies-net 380.9 449.4
Transmission rights and programming 3,370.7 3,590.5
Inventories 452.4 521.5
Other current assets 684.3 515.3
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Total current assets 26,298.8 29,208.6
Transmission rights and programming 4,796.8 4,743.7
Investments 6,562.4 6,420.8
Property, plant and equipment-net 15,580.2 15,845.1
Goodwill and other intangible assets-net 9,253.8 9,344.3
Other assets 202.8 211.1
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Total assets Ps. 62,694.8 Ps. 65,773.6
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GRUPO TELEVISA, S.A.
CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2004 AND DECEMBER 31, 2003
(MILLIONS OF MEXICAN PESOS IN PURCHASING POWER AS OF MARCH 31, 2004)
LIABILITIES
March 31, December 31,
2004 2003
(Unaudited) (Audited(1))
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Current:
Current portion of long-term debt Ps. 248.5 Ps. 289.7
Trade accounts payable 1,847.8 2,385.4
Customer deposits and advances 12,023.2 13,797.5
Taxes payable 654.3 1,307.2
Accrued interest 205.4 320.1
Other accrued liabilities 1,280.5 1,149.2
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Total current liabilities 16,259.7 19,249.1
Long-term debt 14,705.0 14,934.5
Customer deposits and advances 347.7 426.1
Other long-term liabilities 699.8 719.6
Deferred taxes 1,177.4 1,172.5
DTH joint ventures 1,258.0 1,314.3
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Total liabilities 34,447.6 37,816.1
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STOCKHOLDERS' EQUITY
Majority interest:
Capital stock issued 8,336.0 8,336.0
Additional paid-in capital 3,936.1 3,936.1
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12,272.1 12,272.1
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Retained earnings:
Legal reserve 1,289.4 1,289.4
Reserve for repurchase of shares 5,367.8 5,367.8
Unappropriated earnings 16,543.3 13,001.7
Accumulated other comprehensive loss (2,656.6) (2,278.7)
Net income for the period 472.0 3,652.9
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21,015.9 21,033.1
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Shares repurchased (6,169.2) (6,443.2)
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Total majority interest 27,118.8 26,862.0
Minority interest 1,128.4 1,095.5
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Total stockholders' equity 28,247.2 27,957.5
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Total liabilities and stockholders' equity Ps. 62,694.8 Ps. 65,773.6
============== ==============
(1) Certain reclassifications have been made to the 2003 Audited Financial
Statements to conform to classifications used in the 2004 Unaudited
Financial Statements.
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME FOR THE
THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(MILLIONS OF MEXICAN PESOS IN PURCHASING POWER AS OF MARCH 31, 2004)
Three months ended March 31,
2004 2003
(Unaudited) (Unaudited)
-------------- --------------
Net sales Ps. 5,230.8 Ps. 5,015.4
Cost of sales 2,983.2 2,930.8
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Gross profit 2,247.6 2,084.6
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Operating expenses:
Selling 390.1 370.5
Administrative 356.7 354.2
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746.8 724.7
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EBITDA(1) 1,500.8 1,359.9
Depreciation and amortization 340.5 393.8
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Operating income 1,160.3 966.1
-------------- --------------
Integral cost of financing:
Interest expense 354.8 363.0
Interest income (151.6) (173.3)
Foreign exchange (gain) loss-net (24.3) 112.6
Loss (gain) on hedge effect-net 31.7 (207.8)
Loss from monetary position-net 158.7 94.5
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369.3 189.0
Restructuring and non-recurring charges 101.0 54.6
Other expense-net 121.9 160.9
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Income before taxes 568.1 561.6
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Income tax and assets tax 159.1 191.0
Employees' profit sharing 0.7 1.7
-------------- --------------
159.8 192.7
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Income before equity in results of
affiliates and minority interest 408.3 368.9
Equity in income (losses) of affiliates-net 44.5 (128.3)
Minority interest 19.2 20.0
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Net income Ps. 472.0 Ps. 260.6
============== ==============
(1) EBITDA is defined as operating income before depreciation and
amortization.
NATIONAL URBAN RATINGS AND AUDIENCE SHARE FOR 1ST, 2ND, 3RD AND 4TH
QUARTERS OF 2003 AND 1ST QUARTER OF 2004(1):
SIGN-ON TO SIGN-OFF -- 6:00 TO 24:00, MONDAY TO SUNDAY
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JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2003 JAN FEB MAR 1Q04
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CHANNEL 2
Rating 11.5 11.3 11.8 11.4 11.2 11.4 11.5 11.9 12.2 12.3 11.7 10.8 11.6 11.5 11.3 12.2 11.7
Share (%) 30.9 30.1 30.6 30.6 30.9 30.6 30.6 31.7 32.2 32.0 30.8 29.8 30.9 29.7 28.9 30.9 29.8
TOTAL TELEVISA(2)
Rating 27.0 26.7 27.5 26.6 26.1 26.5 27.1 26.7 27.0 28.3 27.8 25.8 26.9 27.3 27.7 28.5 27.8
Share (%) 72.6 70.9 71.5 71.4 72.0 71.5 71.8 71.1 71.3 73.3 73.1 71.1 71.8 70.5 70.9 72.0 71.1
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PRIME TIME - 16:00 TO 23:00, MONDAY TO SUNDAY(3)
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JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2003 JAN FEB MAR 1Q04
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CHANNEL 2
Rating 18.1 17.7 17.9 17.6 17.3 18.0 17.9 18.5 18.5 18.2 16.9 15.4 17.7 17.2 16.7 18.4 17.4
Share (%) 32.7 32.0 32.1 32.9 33.1 33.2 33.1 34.4 34.0 33.0 30.6 29.3 32.5 30.3 29.7 32.2 30.7
TOTAL TELEVISA(2)
Rating 39.9 38.8 38.7 37.3 36.6 37.6 38.2 37.6 37.9 39.9 38.7 35.7 38.1 38.6 38.6 40.0 39.1
Share (%) 72.0 69.9 69.6 69.8 69.9 69.2 70.4 69.7 69.8 72.2 70.3 68.1 70.1 68.0 68.4 70.0 68.8
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WEEKDAY PRIME TIME--19:00 TO 23:00, MONDAY TO FRIDAY(3)
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JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2003 JAN FEB MAR 1Q04
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CHANNEL 2
Rating 22.0 23.0 24.2 24.0 23.6 24.3 22.8 24.7 23.8 23.2 19.6 18.9 22.8 21.0 20.9 22.4 21.4
Share (%) 34.6 35.7 37.6 39.4 39.6 38.8 36.9 39.5 37.9 36.0 30.7 31.7 36.5 32.2 31.7 33.8 32.6
TOTAL TELEVISA(2)
Rating 47.2 46.6 46.2 44.7 43.4 44.9 44.0 44.8 44.8 47.8 45.0 40.7 45.0 44.8 45.9 47.1 45.9
Share (%) 74.4 72.2 71.8 73.4 72.8 71.7 71.3 71.7 71.4 74.4 70.7 68.0 72.0 68.7 69.6 71.1 69.8
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NOTES:
1) National urban ratings and audience share are certified by IBOPE and are
based upon IBOPE's national surveys, which are calculated, seven days a
week, in Mexico City, Guadalajara, Monterrey and 25 other cities with a
population of over 400,000 people. "Ratings" for a period refers to the
number of television sets tuned into the Company's programs as a percentage
of the total number of all television households. "Audience share" is the
number of television sets tuned into the Company's programs as a percentage
of the number of households watching conventional over-the-air television
during that period, without regard to the number of viewers.
2) "Total Televisa" includes the Company's four networks as well as all
local affiliates (including affiliates of Channel 4, most of which receive
only a portion of their daily programming from Channel 4). Programming on
affiliates of Channel 4 is generally broadcast in 12 of the 28 cities that
are covered by national surveys. Programming on Channel 9 affiliates is
broadcast in all of the cities that are covered by national surveys.
3) "Televisa Prime Time" is the time during which the Company generally
charges its highest rates for its networks.