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, 2008
GRUPO TELEVISA,
S.A.B.
(Translation
of registrant’s name into English)
|
Av.
Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico,
D.F.
|
|
(Address
of principal executive offices)
|
(Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.)
|
Form
20-F
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x
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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.)
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Yes
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No
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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.)
Second-Quarter 2008 Results
FOR IMMEDIATE
RELEASE
Highlights
|
Ø
|
Consolidated
sales and operating segment income reached all-time second quarter
records
|
|
Ø
|
Consolidated
net sales increased 17.4%, and operating segment income increased 17.6% in
nominal terms
|
|
Ø
|
Television
Broadcasting net sales increased 7.5% in nominal terms, and the operating
segment income margin was 51.2%
|
|
Ø
|
Average
weekday prime-time audience share was
75%
|
|
Ø
|
Sky
sales increased 11.8%; operating segment income increased 13.9% in nominal
terms, and the margin reached a second-quarter record of
49.8%
|
|
Ø
|
We
paid a cash dividend of approximately Ps.2,230
million
|
Consolidated
Results
Mexico
City, D.F., July 17, 2008—Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO;
“Televisa” or “the Company”) today announced results for second quarter 2008.
The results have been prepared in accordance with Mexican Financial Reporting
Standards (Mexican FRS)1.
The
following table sets forth a condensed consolidated statement of income for the
three months ended June 30, 2008 and 2007, in millions of Mexican pesos, as well
as the percentage of net sales that each line represents and the percentage
change when comparing second quarter 2008 with second quarter 2007:
|
2Q 20081
|
Margin
%
|
2Q 20071
|
Margin
%
|
2Q 20072
|
Margin
%
|
Change2
%
|
|
|
Net
sales
|
11,503.6
|
100.0
|
10,118.3
|
100.0
|
9,802.2
|
100.0
|
17.4
|
|
Operating
income
|
4,008.4
|
34.8
|
3,586.2
|
35.4
|
3,460.4
|
35.3
|
15.8
|
|
Consolidated
net income
|
2,319.0
|
20.2
|
2,318.3
|
22.9
|
2,230.4
|
22.8
|
4.0
|
|
Majority
interest net income
|
1,840.7
|
16.0
|
2,094.6
|
20.7
|
2,013.4
|
20.5
|
(8.6)
|
Consolidated
net sales increased 17.4% to Ps.11,503.6 million in second quarter 2008 compared
with Ps.9,802.2 million in second quarter 2007. This increase was attributable
to revenue growth in our Cable and Telecom, Television Broadcasting, Sky,
Publishing, Other Businesses, and Pay Television Networks segments.
Consolidated
operating income increased 15.8% to Ps.4,008.4 million in second quarter 2008
compared with Ps.3,460.4 million in second quarter 2007. This increase was
attributable to higher sales that were partially offset by higher cost of sales,
operating expenses, and depreciation and amortization.
Majority
interest net income decreased 8.6% to Ps.1,840.7 million in second quarter 2008
compared with Ps.2,013.4 million in second quarter 2007. The net decrease of
Ps.172.7 million reflected i) a Ps.440.8 million increase in other expense, net;
ii) a Ps.80.5 million increase in integral cost of financing; and iii) a
Ps.261.3 million increase in minority interest net income. These unfavorable
changes were partially offset by a Ps.548 million increase in operating income;
a Ps.61.5 million decrease in equity in losses of affiliates, net; and a Ps.0.4
million decrease in income taxes.
1
We recognized the effects of inflation in our financial information
through December 31, 2007. Beginning January 1, 2008, in accordance with the
guidelines provided by Mexican FRS, we no longer recognize such effects in our
financial reporting. Accordingly, we are presenting our results for second
quarter 2008 in millions of nominal Mexican pesos. Also, as required by Mexican
FRS, we are presenting our second quarter 2007 results in millions of Mexican
pesos in purchasing power as of December 31, 2007.
2
We also present our second quarter 2007 results in nominal terms to
provide additional comparison with our second quarter 2008 results. Results are
explained comparing nominal second quarter figures for each
year.
Second-Quarter Results by Business
Segment
The
following table presents second-quarter results ended June 30, 2008 and 2007,
for each of our business segments. Results for the second quarter 2007 are
adjusted in millions of Mexican pesos in purchasing power as of December 31,
2007, and results for the second quarter 2008 are stated in millions of nominal
Mexican pesos.
|
Net
Sales
|
2Q
2008
|
%
|
2Q
2007
|
%
|
Inc.
%
|
|
Television
Broadcasting
|
5,290.9
|
44.9
|
5,091.9
|
49.0
|
3.9
|
|
Pay
Television Networks
|
514.7
|
4.4
|
450.7
|
4.3
|
14.2
|
|
Programming
Exports
|
571.2
|
4.8
|
599.0
|
5.8
|
(4.6)
|
|
Publishing
|
927.3
|
7.9
|
815.1
|
7.8
|
13.8
|
|
Publishing
Distribution
|
122.1
|
1.0
|
131.6
|
1.3
|
(7.2)
|
|
Sky
|
2,272.5
|
19.3
|
2,094.4
|
20.1
|
8.5
|
|
Cable
and Telecom
|
1,408.0
|
11.9
|
603.9
|
5.8
|
133.2
|
|
Other
Businesses
|
688.2
|
5.8
|
611.4
|
5.9
|
12.6
|
|
Segment
Net Sales
|
11,794.9
|
100.0
|
10,398.0
|
100.0
|
13.4
|
|
Intersegment Operations1
|
(291.3)
|
(279.7)
|
(4.1)
|
||
|
Consolidated
Net Sales
|
11,503.6
|
10,118.3
|
13.7
|
|
Operating Segment Income (Loss)2
|
2Q
2008
|
Margin
%
|
2Q
2007
|
Margin
%
|
Inc.
%
|
|
Television
Broadcasting
|
2,707.1
|
51.2
|
2,555.0
|
50.2
|
6.0
|
|
Pay
Television Networks
|
329.9
|
64.1
|
271.1
|
60.2
|
21.7
|
|
Programming
Exports
|
265.0
|
46.4
|
291.5
|
48.7
|
(9.1)
|
|
Publishing
|
173.7
|
18.7
|
159.7
|
19.6
|
8.8
|
|
Publishing
Distribution
|
4.6
|
3.8
|
16.6
|
12.6
|
(72.3)
|
|
Sky
|
1,130.6
|
49.8
|
1,023.3
|
48.9
|
10.5
|
|
Cable
and Telecom
|
450.0
|
32.0
|
233.5
|
38.7
|
92.7
|
|
Other
Businesses
|
(6.3)
|
(0.9)
|
(101.4)
|
(16.6)
|
93.8
|
|
Operating
Segment Income
|
5,054.6
|
42.9
|
4,449.3
|
42.8
|
13.6
|
|
Corporate
Expenses
|
(83.4)
|
(0.7)
|
(98.3)
|
(0.9)
|
15.2
|
|
Depreciation
and Amortization
|
962.8
|
8.4
|
764.8
|
7.6
|
25.9
|
|
Consolidated
Operating Income
|
4,008.4
|
34.8
|
3,586.2
|
35.4
|
11.8
|
|
|
1
For segment reporting
purposes, intersegment operations are included in each of the segment
operations.
|
|
|
2
Operating segment income (loss)
is defined as segment operating income (loss) before depreciation and
amortization, and corporate
expenses.
|
Second-Quarter
Results by Business Segment in Nominal Terms
The
following table presents second-quarter results ended June 30, 2008 and 2007,
for each of our business segments. Results for the second-quarter 2007 and 2008
are presented in millions of nominal Mexican pesos.
|
Net
Sales
|
2Q
2008
|
%
|
2Q
2007
|
%
|
Inc.
%
|
|
Television
Broadcasting
|
5,290.9
|
44.9
|
4,921.2
|
48.8
|
7.5
|
|
Pay
Television Networks
|
514.7
|
4.4
|
437.1
|
4.3
|
17.8
|
|
Programming
Exports
|
571.2
|
4.8
|
581.1
|
5.8
|
(1.7)
|
|
Publishing
|
927.3
|
7.9
|
794.6
|
7.9
|
16.7
|
|
Publishing
Distribution
|
122.1
|
1.0
|
128.6
|
1.3
|
(5.1)
|
|
Sky
|
2,272.5
|
19.3
|
2,032.0
|
20.2
|
11.8
|
|
Cable
and Telecom
|
1,408.0
|
11.9
|
585.9
|
5.8
|
140.3
|
|
Other
Businesses
|
688.2
|
5.8
|
593.1
|
5.9
|
16.0
|
|
Segment
Net Sales
|
11,794.9
|
100.0
|
10,073.6
|
100.0
|
17.1
|
|
Intersegment Operations1
|
(291.3)
|
(271.4)
|
(7.3)
|
||
|
Consolidated
Net Sales
|
11,503.6
|
9,802.2
|
17.4
|
|
Operating Segment Income (Loss)2
|
2Q
2008
|
Margin
%
|
2Q
2007
|
Margin
%
|
Inc.
%
|
|
Television
Broadcasting
|
2,707.1
|
51.2
|
2,460.2
|
50.0
|
10.0
|
|
Pay
Television Networks
|
329.9
|
64.1
|
263.2
|
60.2
|
25.3
|
|
Programming
Exports
|
265.0
|
46.4
|
282.8
|
48.7
|
(6.3)
|
|
Publishing
|
173.7
|
18.7
|
154.4
|
19.4
|
12.5
|
|
Publishing
Distribution
|
4.6
|
3.8
|
16.2
|
12.6
|
(71.6)
|
|
Sky
|
1,130.6
|
49.8
|
992.7
|
48.9
|
13.9
|
|
Cable
and Telecom
|
450.0
|
32.0
|
226.6
|
38.7
|
98.6
|
|
Other
Businesses
|
(6.3)
|
(0.9)
|
(98.4)
|
(16.6)
|
93.6
|
|
Operating
Segment Income
|
5,054.6
|
42.9
|
4,297.7
|
42.7
|
17.6
|
|
Corporate
Expenses
|
(83.4)
|
(0.7)
|
(95.4)
|
(0.9)
|
12.6
|
|
Depreciation
and Amortization
|
962.8
|
8.4
|
741.9
|
7.6
|
29.8
|
|
Consolidated
Operating Income
|
4,008.4
|
34.8
|
3,460.4
|
35.3
|
15.8
|
|
|
1
For segment reporting
purposes, intersegment operations are included in each of the segment
operations.
|
|
|
2
Operating segment income (loss)
is defined as segment operating income (loss) before depreciation and
amortization, and corporate
expenses.
|
|
Television
Broadcasting
|
Second-quarter
sales increased 7.5% to Ps.5,290.9 million compared with Ps.4,921.2
million in second quarter 2007. This increase was driven by strong ratings
and by the favorable comparison resulting from the fact that this year the
Easter holiday fell in the first quarter rather than the second
quarter.
|
|
Second-quarter
operating segment income increased 10% to Ps.2,707.1 million
compared with Ps.2,460.2 million in second quarter 2007, and the margin
increased to 51.2%. These results reflect higher sales that were partially
offset by higher cost of sales and operating expenses.
|
|
|
Pay
Television Networks
|
Second-quarter
sales increased 17.8% to Ps.514.7 million compared with Ps.437.1
million in second quarter 2007. This increase reflects higher revenues due
to increases in prices and the number of subscribers in Mexico, Latin
America, and Spain; and higher advertising sales.
|
|
Second-quarter
operating segment income increased 25.3% to Ps.329.9 million
compared with Ps.263.2 million in second quarter 2007, and the margin
increased to 64.1%. These results were driven by higher sales that were
partially offset by an increase in cost of sales and operating
expenses.
|
|
Programming
Exports
|
Second-quarter
sales decreased 1.7% to Ps.571.2 million compared with Ps.581.1
million in second quarter 2007. This decline was driven primarily by a
negative translation effect on foreign-currency-denominated sales
amounting to Ps.25.4 million. This was partially offset by a 5.2% increase
in royalties from Univision, which amounted to US$39.5 million for the
quarter.
|
|
Second-quarter
operating segment income decreased 6.3% to Ps.265 million compared
with Ps.282.8 million in second quarter 2007, and the margin was 46.4%.
These results were driven by lower sales that were partially offset by
lower operating expenses.
|
|
|
Publishing
|
Second-quarter
sales increased 16.7% to Ps.927.3 million compared with Ps.794.6
million in second quarter 2007. This reflects i) an increase in
advertising and magazine circulation sales abroad driven mainly by the
acquisition of Editorial Atlántida; and ii) higher advertising sales in
Mexico. This was partially offset by a decrease in circulation sales in
Mexico and by a negative translation effect on
foreign-currency-denominated sales that amounted to Ps.13
million.
|
|
Second-quarter
operating segment income increased 12.5% to Ps.173.7 million,
compared with Ps.154.4 million in second quarter 2007; the margin was
18.7%. These results were driven by higher sales, which were partially
offset by higher cost of sales and operating expenses.
|
|
|
Publishing
Distribution
|
Second-quarter
sales decreased 5.1% to Ps.122.1 million compared with Ps.128.6
million in second quarter 2007. This decrease reflects lower circulation
in Mexico and abroad of magazines published by the Company, which was
partially offset by higher circulation in Mexico and abroad of magazines
published by third parties.
|
|
Second-quarter
operating segment income decreased 71.6% to Ps.4.6 million compared
with Ps.16.2 million in second quarter 2007, and the margin was 3.8%.
These results reflect a decrease in sales and an increase in cost of sales
and operating expenses.
|
|
|
Sky
|
Second-quarter
sales increased 11.8% to Ps.2,272.5 million compared with Ps.2,032
million in second quarter 2007. This result reflects an increase in the
subscriber base in Mexico, Central America, and the Dominican Republic. As
of June 30, 2008, the number of gross active subscribers increased to
1,694,330 (including 119,698 commercial subscribers), compared with
1,490,298 (including 104,409 commercial subscribers) as of June 30, 2007.
Sky closed the quarter with 71,000 subscribers in Central America and the
Dominican Republic. The company expects to begin operations in Panama in
the second half of 2008.
|
|
Second-quarter
operating segment income increased 13.9% to Ps.1,130.6 million
compared with Ps.992.7 million in second quarter 2007, and the margin
increased to 49.8%. These results reflect higher sales that were partially
offset by higher cost of sales and operating expenses.
|
|
|
Cable
and Telecom
|
Second-quarter
sales increased 140.3% to Ps.1,408 million compared with Ps.585.9
million in second quarter 2007. This increase was attributable to i) a
20.1% increase in sales of Cablevisión, which amounted to Ps.703.7, driven
mainly by an increase in revenue generating units (RGUs); ii) the
consolidation of Bestel, which generated sales of Ps.450.5 million; and
iii) the consolidation of Cablemás starting June 1, 2008, which generated
sales of Ps.253.8 million.
|
|
Second-quarter
operating segment income increased 98.6% to Ps.450 million compared
with Ps.226.6 million in second quarter 2007, and the margin was 32%.
These results reflected higher sales that were partially offset by an
increase in costs and expenses related to Bestel and Cablemás.
Cablevisión, Bestel, and Cablemás generated operating segment income of
Ps.301, Ps.56.6, and Ps.92.4 million,
respectively.
|
|
2Q
2008
|
Cablevisión
|
Cablemás
|
Total
|
|
Subscribers
|
|||
|
Video
|
568,479
|
805,390
|
1,373,869
|
|
Internet
|
173,049
|
224,799
|
397,848
|
|
Telephony
|
22,877
|
67,012
|
89,889
|
|
RGUs
|
764,405
|
1,097,201
|
1,861,606
|
|
Other
Businesses
|
Second-quarter
sales increased 16% to Ps.688.2 million compared with Ps.593.1
million in second quarter 2007. This increase was attributable to higher
sales in our gaming, radio, and internet businesses, which were partially
offset by a decrease in sales in our soccer and feature-film distribution
businesses.
|
|
Second-quarter
operating segment loss decreased to Ps.6.3 million compared with a
loss of Ps.98.4 million in second quarter 2007, reflecting higher sales
and lower operating expenses that were partially offset by higher cost of
sales.
|
Corporate
Expenses
Share-based
compensation expense in second quarter 2008 and 2007 amounted to Ps.26.5 million
and Ps.33.4 million, respectively, and was accounted for as corporate expense.
Share-based compensation expense is measured at fair value at the time the
equity benefits are granted to officers and employees and is recognized over the
vesting period in majority stockholders’ equity.
Non-operating
Results in Nominal Terms
Other
expense, net
Other
expense, net, increased by Ps.440.8 million to Ps.520.1 million in second
quarter 2008, compared with Ps.79.3 million in second quarter 2007. This
increase reflected primarily an impairment adjustment to reduce the carrying
value of goodwill related to the operations of our US television station in San
Diego, California.
Other
expense, net, in second quarter 2008, included primarily the impairment
adjustment referred to above, as well as professional services in connection
with certain litigation and other matters, and donations.
Integral
cost of financing
The
following table sets forth integral cost of financing for the three months ended
June 30, 2008 and 2007.
|
2Q
2008
|
2Q
2007
|
Increase
(decrease)
|
|
|
Interest
expense
|
504.6
|
454.7
|
49.9
|
|
Interest
income
|
(358.1)
|
(513.6)
|
155.5
|
|
Foreign
exchange loss, net
|
69.7
|
257.7
|
(188.0)
|
|
(Gain)
from monetary position, net
|
-
|
(63.1)
|
63.1
|
|
Integral
cost of financing
|
216.2
|
135.7
|
80.5
|
The
net expense attributable to the integral cost of financing increased by Ps.80.5
million, or 59.3% to Ps.216.2 million in second quarter 2008 from Ps.135.7
million in second quarter 2007. This increase reflected primarily i) a Ps.49.9
million increase in interest expense, due mainly to a higher average amount of
outstanding debt; ii) a Ps.155.5 million decrease in interest income explained
by a reduction of interest rates applicable to foreign currency temporary
investments; and iii) the absence of a Ps.63.1 million gain from monetary
position recognized in second quarter 2007, as we ceased recognizing the effects
of inflation beginning on January 1, 2008, in accordance with Mexican FRS. These
unfavorable variances were partially offset by a Ps.188 million decrease in net
foreign exchange loss, resulting primarily from a lower average amount of our
net asset foreign currency position combined with the appreciation of the
Mexican peso, and a favorable net effect from derivative contracts to cover
foreign exchange risks.
Equity
in losses of affiliates, net
Equity
in losses of affiliates, net, decreased by Ps.61.5 million, or 37%, to Ps.104.6
million in second quarter 2008 compared with Ps.166.1 million in second quarter
2007. This decrease reflected primarily a reduction in equity in loss of La
Sexta, our 40% interest in a free-to-air television channel in Spain, as well as
a reduction in equity in loss of EMI Televisa Music, our 50% interest in a music
recording joint venture in the United States.
Income
taxes
Income
taxes decreased by Ps.0.4 million to Ps.848.5 million in second quarter 2008
from Ps.848.9 million in second quarter 2007. This decrease reflected primarily
a reduction in our effective income tax rate.
Minority
interest net income
Minority
interest net income increased by Ps.261.3 million to Ps.478.3 million in second
quarter 2008, from Ps.217 million in second quarter 2007. This increase
reflected primarily a higher portion of consolidated net income attributable to
interests held by minority equity owners in our Sky segment, as well as net
income attributable to interests held by minority stockholders in our Cable and
Telecom segment.
Other
Relevant Information
Cablemás
On
June 1, 2008, we began to consolidate the assets, liabilities, and results of
Cablemás, S.A. de C.V., and subsidiaries (“Cablemás”) in our consolidated
financial statements. Therefore, our second quarter 2008 results include results
from operations of Cablemás for one month ended June 30, 2008. Before June 2008,
we accounted for our investment in Cablemás applying the equity method. As a
result of the consolidation of net assets and one-month results of Cablemás, our
consolidated total assets, total liabilities, and total debt as of June 30,
2008, increased by Ps.4,982.4 million, Ps.3,777.3 million, and Ps.2,329 million,
respectively; and our consolidated net sales, operating income, and net income
for the second quarter 2008 increased by Ps.253.8 million, Ps.36.6 million, and
Ps.9.5 million, respectively.
Capital
expenditures and investments
In
second quarter 2008, we invested approximately US$93 million in property, plant,
and equipment as capital expenditures, including approximately US$38.9 million
for our Sky segment, US$19.6 million for our Cable and Telecom segment, US$8.7
million for our Gaming business, and US$25.8 million for our Television
Broadcasting segment and other businesses segment. In addition, we made
investments related to our 40% interest in La Sexta in the aggregate amount of
€16.4 million.
Debt
and satellite transponder lease obligation
The
following table sets forth our total consolidated debt and satellite transponder
lease obligation as of June 30, 2008 and 2007. Amounts as of June 30, 2008, are
stated in millions of nominal Mexican pesos, and amounts as of June 30, 2007,
are stated in millions of Mexican pesos in purchasing power as of December 31,
2007.
|
2Q
2008
|
2Q
2007
|
Increase
(decrease)
|
|
|
Current
portion of long-term debt
|
1,173.2
|
500.2
|
673.0
|
|
Long-term
debt (excluding current portion)
|
30,016.3
|
22,501.0
|
7,515.3
|
|
31,189.5
|
23,001.2
|
8,188.3
|
|
|
Current
portion of satellite transponder lease obligation
|
97.7
|
94.1
|
3.6
|
|
Long-term
satellite transponder lease obligation
(excluding
current portion)
|
927.5
|
1,107.4
|
(179.9)
|
|
1,025.2
|
1,201.5
|
(176.3)
|
On
May 6, 2008, we issued in the aggregate principal amount US$500 million, 6.0%
Senior Notes due 2018. In July 2008, we started an offer that will end in August
2008, to exchange these Senior Notes for registered Senior Notes due 2018 under
the US Securities Act of 1933.
As
of June 30, 2008 and 2007, our consolidated net cash position (cash and cash
equivalents, temporary investments, and long-term investments less total debt)
was Ps.3,081.1 million and Ps.6,100.8 million, respectively. Long-term
investments as of June 30, 2008 and 2007 amounted to Ps.1,240.9 million and
Ps.1,204.4 million, respectively.
Share
buyback program
During
second quarter 2008, we repurchased approximately 2 million CPOs in the
aggregate amount of Ps.109.3 million. In April 2008, our shareholders approved
the cancellation of 61.1 million CPOs, which had been repurchased by us in 2007
and first quarter 2008.
Dividend
payment
In
April 2008, our shareholders approved the payment of a dividend of Ps.0.75 per
CPO, which was paid in May 2008 for the total amount of approximately Ps.2,230
million.
Television
ratings and audience share
National
urban ratings and audience share reported by IBOPE confirm that, in second
quarter 2008, 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 75%; in prime time (16:00 to 23:00, Monday to Sunday), audience
share amounted to 71.4%; and in sign-on to sign-off (6:00 to 24:00, Monday to
Sunday), audience share amounted to 72.1%.
Outlook
for 2008
For
the full year, we estimate that both Television Broadcasting sales and operating
segment income will grow by approximately 4.5% in nominal terms.
About
Televisa
Grupo
Televisa, S.A.B., 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, cable television and telecommunication
services, magazine publishing and publishing distribution, radio production and
broadcasting, professional sports and live entertainment, feature-film
production and distribution, the operation of a horizontal internet portal, and
gaming. Grupo Televisa also owns an unconsolidated equity stake in La Sexta, a
free-to-air television venture in Spain.
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)
|
|
###
|
|
Investor Relations:
|
Media Relations:
|
|
Michel
Boyance
María José
Cevallos
Tel:
(5255) 5261-2445
Fax:
(5255)5261-2494
ir@televisa.com.mx
http://www.televisa.com
http://www.televisair.com
|
Manuel
Compeán
Tel:
(5255) 5728 3815
Fax:
(5255) 5728 3632
mcompean@televisa.com.mx
http://www.televisa.com
|
GRUPO
TELEVISA, S.A.B.
CONDENSED
CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2008, AND DECEMBER 31, 2007
AS OF JUNE 30, 2008, AND DECEMBER 31, 2007
(Millions
of Mexican Pesos*)
|
ASSETS
|
June
30,
2008
(Unaudited)
|
December
31,
2007
(Audited)
|
|||||||||||
| Current: | |||||||||||||
| Cash and cash equivalents | Ps. |
30,287.0
|
Ps. |
25,479.5
|
|||||||||
| Temporary investments |
2,742.7
|
1,825.4
|
|||||||||||
|
33,029.7
|
27,304.9
|
||||||||||||
|
|
|
|
|||||||||||
| Trade notes and accounts receivable, net |
10,017.2
|
17,294.7
|
|||||||||||
|
Other
accounts and notes receivable, net
|
2,857.7
|
2,590.3
|
|||||||||||
|
Due
from affiliated companies
|
72.1
|
195.0
|
|||||||||||
|
Transmission
rights and programming
|
3,294.7
|
3,154.7
|
|||||||||||
|
Inventories
|
1,415.4
|
834.0
|
|||||||||||
|
Other
current assets
|
1,000.3
|
653.3
|
|||||||||||
|
Total
current assets
|
51,687.1
|
52,026.9
|
|||||||||||
|
Transmission
rights and programming
|
5,529.0
|
5,252.7
|
|||||||||||
|
Investments
|
4,549.1
|
8,115.6
|
|||||||||||
|
Property,
plant, and equipment, net
|
28,850.7
|
25,171.3
|
|||||||||||
|
Intangible
assets and deferred charges, net
|
11,638.7
|
8,098.7
|
|||||||||||
|
Other
assets
|
72.9
|
38.3
|
|||||||||||
|
Total
assets
|
|
Ps.
|
102,327.5
|
|
Ps. |
98,703.5
|
|||||||
*We
recognized the effects of inflation in our financial information through
December 31, 2007. Beginning January 1, 2008, in accordance with the guidelines
provided by Mexican FRS, we ceased recognizing such effects in our financial
reporting. Also, as required by Mexican FRS, the amounts of the consolidated
balance sheet as of December 31, 2007, are stated in millions of Mexican pesos
in purchasing power as of December 31, 2007.
GRUPO
TELEVISA, S.A.B.
CONDENSED CONSOLIDATED BALANCE SHEETS
CONDENSED CONSOLIDATED BALANCE SHEETS
AS
OF JUNE 30, 2008, AND DECEMBER 31, 2007
(Millions
of Mexican Pesos*)
|
LIABILITIES
|
June
30,
2008 (Unaudited)
|
December
31,
2007 (Audited)
|
|||||
|
Current:
|
|||||||
|
Current
portion of long-term debt
|
Ps. |
1,173.2
|
Ps. |
488.7
|
|||
|
Current
portion of satellite
transponder lease obligation
|
97.7
|
97.7
|
|||||
|
Trade
accounts payable
|
5,355.6
|
4,457.5
|
|||||
|
Customer
deposits and advances
|
12,038.3
|
17,145.1
|
|||||
|
Taxes
payable
|
600.0
|
684.5
|
|||||
|
Accrued
interest
|
350.7
|
307.8
|
|||||
| Due to affiliated companies | 134.3 | 127.2 | |||||
|
Other
accrued liabilities
|
2,286.1
|
2,173.9
|
|||||
|
Total
current liabilities
|
22,035.9 | 25,482.4 | |||||
|
Long-term debt, net of current
portion
|
30,016.3
|
24,433.4
|
|||||
|
Satellite transponder lease obligation, net of
current portion
|
927.5
|
1,035.1
|
|||||
|
Customer
deposits and advances, noncurrent
|
2,600.2
|
2,665.2
|
|||||
|
Other
long-term liabilities
|
3,027.5
|
2,849.4
|
|||||
|
Deferred
taxes
|
1,239.8
|
1,272.8
|
|||||
|
Pension plans, seniority premiums, and severance
indemnities
|
288.9
|
314.9
|
|||||
|
Total
liabilities
|
60,226.1
|
58,053.2
|
|||||
|
STOCKHOLDERS'
EQUITY
|
|||||||
|
Capital
stock issued, no par value
|
10,061.0
|
10,267.6
|
|||||
|
Additional
paid-in capital
|
4,547.9 | 4,547.9 | |||||
|
|
14,608.9
|
14,815.5
|
|||||
|
Retained
earnings:
|
|||||||
|
Legal
reserve
|
2,135.4
|
2,135.4
|
|||||
|
Reserve
for repurchase of shares
|
-
|
1,240.9
|
|||||
|
Unappropriated
earnings
|
19,448.2
|
21,713.4
|
|||||
|
Major
interest net income for the period
|
2,894.3
|
8,082.5
|
|||||
| 24,477.9 |
33,172.2
|
||||||
|
Accumulated
other comprehensive income (loss), net
|
2,887.2
|
(3,009.5
|
) | ||||
|
Shares
repurchased
|
(4,826.1
|
) |
(7,939.1
|
) | |||
| 22,539.0 | 22,223.6 | ||||||
|
Total
majority interest
|
37,147.9
|
37,039.1
|
|||||
|
Minority
interest
|
4,953.5
|
3,611.2
|
|||||
|
Total
stockholders' equity
|
42,101.4
|
40,650.3
|
|||||
|
Total
liabilities and stockholders' equity
|
Ps. |
102,327.5
|
Ps. |
98,703.5
|
|||
*We recognized the effects of inflation in our financial
information through December 31, 2007. Beginning January 1, 2008, in accordance
with the guidelines provided by Mexican FRS, we ceased recognizing such effects
in our financial reporting. Also, as required by Mexican FRS, the amounts of the
consolidated balance sheet as of December 31, 2007, are stated in millions of
Mexican pesos in purchasing power as of December 31, 2007.
|
GRUPO
TELEVISA, S. A. B.
|
||||||||||||||
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||
|
FOR
THE THREE MONTHS ENDED JUNE 30, 2008 AND
2007
|
||||||||||||||
|
(Millions
of Mexican Pesos)
|
|
Three
months ended June 30,
|
||||||||||||
|
20008
|
2007
|
2007
|
||||||||||
|
(Unaudited*)
|
(Unaudited*)
|
(Nominal**)
|
||||||||||
|
Net
sales
|
Ps.
|
11,503.6
|
Ps.
|
10,118.3
|
Ps.
|
9,802.2
|
||||||
|
Cost of sales1
|
4,961.8
|
4,336.5
|
4,209.3
|
|||||||||
|
General expenses:
|
||||||||||||
|
Selling1
|
881.9
|
806.6
|
784.4
|
|||||||||
|
Administrative1
|
688.7
|
624.2
|
606.2
|
|||||||||
|
Depreciation
and amortization
|
|
962.8
|
|
764.8
|
|
741.9
|
||||||
|
Operating
income
|
|
4,008.4
|
|
3,586.2
|
|
3,460.4
|
||||||
|
Other
expense, net
|
|
520.1
|
|
81.7
|
|
79.3
|
||||||
|
Integral
result of financing:
|
||||||||||||
|
Interest
expense
|
504.6
|
468.6
|
454.7
|
|||||||||
|
Interest
income
|
(358.1
|
) |
(529.3
|
) |
(513.6
|
) | ||||||
|
Foreign
exchange loss, net
|
69.7
|
265.7
|
257.7
|
|||||||||
|
Gain
from monetary position, net
|
-
|
(65.0
|
) |
(63.1
|
) | |||||||
|
|
216.2
|
|
140.0
|
|
135.7
|
|||||||
|
Equity
in losses of affiliates, net
|
|
104.6
|
|
171.2
|
|
166.1
|
||||||
|
Income
before income taxes
|
|
3,167.5
|
|
3,193.3
|
|
3,079.3
|
||||||
|
Income
taxes
|
|
848.5
|
|
875.0
|
|
848.9
|
||||||
|
Consolidated
net income
|
2,319.0
|
2,318.3
|
2,230.4
|
|||||||||
|
Minority
interest net income
|
478.3
|
223.7
|
217.0
|
|||||||||
|
Majority
interest net income
|
Ps.
|
1,840.7
|
Ps.
|
2,094.6
|
Ps.
|
2,013.4
|
||||||
1
Excluding depreciation and amortization.
*
We recognized the effects of inflation in our financial information through
December 31, 2007. Beginning January 1, 2008, in accordance with the guidelines
provided by Mexican FRS, we ceased recognizing such effects in our financial
reporting. Also, as required by Mexican FRS, the amounts of the consolidated
statement of income for the three months ended June 30, 2007, are stated in
millions of Mexican pesos in purchasing power as of December 31,
2007.
** We also present our second quarter 2007 results in nominal terms to
provide additional comparison with our second quarter 2008 results.
|
GRUPO
TELEVISA, S. A. B.
|
||||||||||||||
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME
|
||||||||||||||
|
FOR
THE SIX MONTHS ENDED JUNE 30, 2008 AND 2007
|
||||||||||||||
|
(Millions
of Mexican Pesos)
|
|
Six months
ended June 30,
|
||||||||||||
|
20008
|
2007
|
2007
|
||||||||||
|
(Unaudited*)
|
(Unaudited*)
|
(Nominal**)
|
||||||||||
|
Net
sales
|
Ps.
|
21,041.7
|
Ps.
|
18,573.8
|
Ps.
|
17,996.5
|
||||||
|
Cost
of sales1
|
9,745.5
|
8,401.4
|
8,157.7
|
|||||||||
|
General
expenses:
|
||||||||||||
|
Selling1
|
1,633.6
|
1,477.2
|
1,435.9
|
|||||||||
|
Administrative1
|
1,313.6
|
1,193.5
|
1,159.1
|
|||||||||
|
Depreciation
and amortization
|
1,956.1
|
1,483.3
|
1,439.8
|
|||||||||
|
Operating
income
|
6,392,9
|
6,018.4
|
5,804.0
|
|||||||||
|
Other
expense, net
|
520.1
|
796.2
|
773.2
|
|||||||||
|
Integral
result of financing:
|
||||||||||||
|
Interest
expense
|
1,153.8
|
944.0
|
916.5
|
|||||||||
|
Interest
income
|
(781.3
|
)
|
(851.2
|
)
|
(826.2
|
)
|
||||||
|
Foreign
exchange loss (gain), net
|
371.7
|
(29.3
|
) |
(28.7
|
) | |||||||
|
Loss
from monetary position, net
|
-
|
8.8
|
|
8.6
|
|
|||||||
|
744.2
|
72.3
|
70.2
|
||||||||||
|
Equity
in losses of affiliates, net
|
289.9
|
371.8
|
361.0
|
|||||||||
|
Income
before income taxes
|
4,813.8
|
4,778.1
|
4,599.6
|
|||||||||
|
Income
taxes
|
1,324.7
|
1,458.3
|
1,415.4
|
|||||||||
|
Consolidated
net income
|
3,489.1
|
3,319.8
|
3,184.2
|
|||||||||
|
Minority
interest net income
|
594.8
|
471.7
|
457.9
|
|||||||||
|
Majority
interest net income
|
Ps.
|
2,894.3
|
Ps.
|
2,848.1
|
Ps.
|
2,726.3
|
||||||
1
Excluding depreciation and amortization.
*
We recognized the effects of inflation in our financial information through
December 31, 2007. Beginning January 1, 2008, in accordance with the guidelines
provided by Mexican FRS, we ceased recognizing such effects in our financial
reporting. Also, as required by Mexican FRS, the amounts of the consolidated
statement of income for the six months ended June 30, 2007, are stated in
millions of Mexican pesos in purchasing power as of December 31,
2007.
** We also present our results for the six months ended June 30, 2007,
in nominal terms to provide additional comparison with our results for the six
months ended June 30, 2008.
NATIONAL
URBAN RATINGS AND AUDIENCE SHARE FOR SECOND, THIRD, AND FOURTH QUARTERS OF 2007
AND FIRST AND SECOND QUARTERS OF 20081:
SIGN-ON
TO SIGN-OFF – 6:00 TO 24:00, MONDAY TO SUNDAY
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2007
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
2Q08
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
10.2
|
10.1
|
10.0
|
10.1
|
10.6
|
10.3
|
9.6
|
10.5
|
9.4
|
10.4
|
10.6
|
11.8
|
11.2
|
11.9
|
11.5
|
11.2
|
11.5
|
|
Share
(%)
|
29.8
|
28.8
|
28.5
|
28.6
|
29.7
|
29.5
|
27.9
|
28.8
|
28.0
|
29.7
|
29.0
|
32.0
|
30.8
|
33.2
|
31.7
|
31.0
|
32.0
|
|
Total Televisa2
|
|||||||||||||||||
|
Rating
|
23.8
|
24.8
|
24.8
|
25.0
|
25.5
|
25.0
|
24.4
|
26.3
|
24.1
|
24.9
|
26.2
|
27.0
|
26.0
|
26.1
|
25.9
|
25.8
|
26.0
|
|
Share
(%)
|
69.3
|
70.6
|
70.3
|
71.0
|
71.5
|
71.6
|
70.7
|
71.9
|
71.4
|
70.9
|
71.4
|
72.9
|
71.9
|
73.1
|
71.8
|
71.4
|
72.1
|
PRIME TIME – 16:00 TO 23:00, MONDAY TO SUNDAY3
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2007
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
2Q08
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
13.5
|
13.4
|
13.6
|
14.3
|
15.2
|
14.7
|
13.1
|
14.6
|
12.6
|
14.5
|
15.2
|
17.8
|
16.5
|
17.4
|
16.7
|
16.4
|
16.8
|
|
Share
(%)
|
28.7
|
28.0
|
28.3
|
29.7
|
31.2
|
30.6
|
27.7
|
28.7
|
26.9
|
29.9
|
29.6
|
34.5
|
33.2
|
35.2
|
34.0
|
33.4
|
34.2
|
|
Total Televisa2
|
|||||||||||||||||
|
Rating
|
31.4
|
32.6
|
32.8
|
33.3
|
33.9
|
33.7
|
32.1
|
35.3
|
32.1
|
33.4
|
35.7
|
37.2
|
35.4
|
35.9
|
34.7
|
34.8
|
35.1
|
|
Share
(%)
|
67.0
|
68.1
|
68.3
|
69.2
|
69.7
|
70.1
|
68.0
|
69.4
|
68.8
|
69.0
|
69.6
|
71.8
|
71.1
|
72.7
|
70.7
|
70.8
|
71.4
|
WEEKDAY PRIME TIME – 19:00 TO 23:00, MONDAY TO
FRIDAY3
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2007
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
2Q08
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
18.1
|
17.7
|
18.6
|
19.1
|
21.1
|
18.9
|
15.2
|
16.2
|
14.0
|
18.8
|
19.0
|
24.9
|
23.3
|
23.0
|
22.6
|
22.0
|
22.5
|
|
Share
(%)
|
33.7
|
32.4
|
33.1
|
34.4
|
37.4
|
33.8
|
28.0
|
27.9
|
26.5
|
33.6
|
31.6
|
40.5
|
40.6
|
40.8
|
40.2
|
39.2
|
40.1
|
|
Total Televisa2
|
|||||||||||||||||
|
Rating
|
36.6
|
37.7
|
38.4
|
38.2
|
39.4
|
38.7
|
36.2
|
39.2
|
35.0
|
38.5
|
41.5
|
45.3
|
43.4
|
43.0
|
42.0
|
41.6
|
42.2
|
|
Share
(%)
|
68.1
|
68.9
|
68.3
|
68.7
|
70.0
|
69.2
|
66.7
|
67.4
|
66.4
|
69.0
|
69.2
|
73.7
|
75.5
|
76.4
|
74.5
|
74.1
|
75.0
|
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 more than
500,000 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 covered by national
surveys. Programming on Channel 9 affiliates is broadcast in all of the cities
covered by national surveys.
3
"Televisa Prime Time" is the time during which the Company generally charges its
highest rates for its networks.
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:
July 22, 2008
|
By:
|
/s/ Jorge Lutteroth
Echegoyen
|
|
|
Name:
|
Jorge Lutteroth
Echegoyen
|
||
|
Title:
|
Controller,
Vice President
|
||