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, 2009
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
|
x
|
Form
40-F
|
(Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also furnishing the information to the Commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act of 1934.)
|
Yes
|
|
No
|
x
|
(If “Yes”
is marked indicate below the file number assigned to the registrant in
connection with Rule 12g-3-2(b): 82.)
Highlights
|
Ø
|
Record
Net Sales and Operating Segment Income for a second
quarter
|
|
Ø
|
Consolidated
Net Sales increased 10.2%, and Operating Segment Income increased
7.9%
|
|
Ø
|
Sky
Net Sales grew by 7.5% to Ps.2.4 billion on 1.8 million
subscribers
|
|
Ø
|
Record
growth in Cable and Telecom Net Sales by 55% and in Operating Segment
Income by 67.5%
|
|
Ø
|
Over
38 thousand new telephony customers during the quarter, reaching a total
of 237 thousand telephony
subscribers
|
|
Ø
|
We
paid a cash dividend of Ps.5,183 million, Televisa’s largest dividend
ever
|
Consolidated
Results
Mexico
City, D.F., July 16, 2009—Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA
CPO; “Televisa” or “the Company”), today announced results for second quarter
2009. The results have been prepared in accordance with Mexican Financial
Reporting Standards (Mexican FRS).
The
following table sets forth a condensed consolidated statement of income for the
three months ended June 30, 2009 and 2008, in millions of Mexican pesos, as well
as the percentage of net sales that each line represents and the percentage
change when comparing 2009 with 2008:
|
2Q
2009
|
Margin
%
|
2Q
2008
|
Margin
%
|
Change
%
|
|
|
Consolidated
net sales
|
12,676.9
|
100.0
|
11,503.6
|
100.0
|
10.2
|
|
Operating
segment income
|
5,453.3
|
42.0
|
5,054.6
|
42.9
|
7.9
|
|
Consolidated
operating income
|
4,136.5
|
32.6
|
4,008.4
|
34.8
|
3.2
|
|
Consolidated
net income
|
2,146.9
|
16.9
|
2,319.0
|
20.2
|
(7.4)
|
|
Controlling
interest net income
|
1,826.9
|
14.4
|
1,840.7
|
16.0
|
(0.7)
|
Consolidated
net sales increased 10.2% to Ps.12,676.9 million in second quarter 2009
compared with Ps.11,503.6 million in second quarter 2008. This increase was
attributable to revenue growth in our Cable and Telecom, Pay Television
Networks, Sky, Programming Exports, Other Businesses, and Television
Broadcasting segments.
Consolidated
operating income increased 3.2% to Ps.4,136.5 million in second quarter
2009 compared with Ps.4,008.4 million in second quarter 2008. This increase
was attributable to higher sales that were partially offset by higher cost of
sales, operating expenses, and depreciation and amortization.
Controlling
interest net income decreased 0.7% to Ps.1,826.9 million in second quarter 2009
compared with Ps.1,840.7 million in second quarter 2008. The net decrease of
Ps.13.8 million reflected primarily a Ps.612 million increase in integral
cost of financing and a Ps.31.1 million increase in equity in losses of
affiliates, net. These unfavorable variances were offset by i) a Ps.128.1
million increase in operating income; ii) a Ps.317.4 million decrease in other
expense, net; iii) a Ps.25.5 million decrease in income taxes; and iv) a
Ps.158.3 million decrease in noncontrolling interest net income.
Second-Quarter
Results by Business Segment
The
following table presents second-quarter results ended June 30, 2009 and 2008,
for each of our business segments. Amounts are presented in millions of Mexican
pesos.
|
Net
Sales
|
2Q
2009
|
%
|
2Q
2008
|
%
|
Inc.
%
|
|
Television
Broadcasting
|
5,301.5
|
40.9
|
5,290.9
|
44.9
|
0.2
|
|
Pay
Television Networks
|
698.6
|
5.4
|
514.7
|
4.4
|
35.7
|
|
Programming
Exports
|
638.5
|
4.9
|
571.2
|
4.8
|
11.8
|
|
Publishing
|
849.0
|
6.5
|
927.3
|
7.9
|
(8.4)
|
|
Sky
|
2,443.5
|
18.8
|
2,272.5
|
19.3
|
7.5
|
|
Cable
and Telecom
|
2,182.5
|
16.8
|
1,408.0
|
11.9
|
55.0
|
|
Other
Businesses1
|
862.5
|
6.7
|
810.3
|
6.8
|
6.4
|
|
Segment
Net Sales
|
12,976.1
|
100.0
|
11,794.9
|
100.0
|
10.0
|
|
Intersegment
Operations2
|
(299.2)
|
(291.3)
|
(2.7)
|
||
|
Consolidated
Net Sales
|
12,676.9
|
11,503.6
|
10.2
|
|
Operating
Segment Income (Loss)3
|
2Q
2009
|
Margin
%
|
2Q
2008
|
Margin
%
|
Inc.
%
|
|
Television
Broadcasting
|
2,698.1
|
50.9
|
2,707.1
|
51.2
|
(0.3)
|
|
Pay
Television Networks
|
462.5
|
66.2
|
329.9
|
64.1
|
40.2
|
|
Programming
Exports
|
294.3
|
46.1
|
265.0
|
46.4
|
11.1
|
|
Publishing
|
131.9
|
15.5
|
173.7
|
18.7
|
(24.1)
|
|
Sky
|
1,142.0
|
46.7
|
1,130.6
|
49.8
|
1.0
|
|
Cable
and Telecom
|
753.6
|
34.5
|
450.0
|
32.0
|
67.5
|
|
Other
Businesses1
|
(29.1)
|
(3.4)
|
(1.7)
|
(0.2)
|
(1,611.8)
|
|
Operating
Segment Income
|
5,453.3
|
42.0
|
5,054.6
|
42.9
|
7.9
|
|
Corporate
Expenses
|
(161.7)
|
(1.2)
|
(83.4)
|
(0.7)
|
(93.9)
|
|
Depreciation
and Amortization
|
1,155.1
|
9.1
|
962.8
|
8.4
|
20.0
|
|
Consolidated
Operating Income
|
4,136.5
|
32.6
|
4,008.4
|
34.8
|
3.2
|
|
1
|
Our
Publishing Distribution segment is now included under Other
Businesses
|
|
2
|
For
segment reporting purposes, intersegment operations are included in each
of the segment operations.
|
|
3
|
Operating
segment income (loss) is defined as operating income (loss) before
depreciation, amortization, and corporate
expenses.
|
|
Television
Broadcasting
|
Second-quarter sales
increased 0.2% to Ps.5,301.5 million compared with Ps.5,290.9 million in
second quarter 2008. This increase was achieved in spite of the Easter
holiday falling in this quarter and was driven by i) the broadcast of
certain special events such as Mujeres de Valor and
Hazlo por ti; ii)
strong ratings in our reality shows; and iii) strong ratings during the
transmission of sport events.
|
|
Second-quarter operating segment
income decreased marginally 0.3% to Ps.2,698.1 million
compared with Ps.2,707.1 million in second quarter 2008, and the margin
was 50.9%. These results reflect higher cost of sales related mainly
to programming acquired in foreign currency that were partially offset by
higher sales.
|
|
|
Pay
Television Networks
|
Second-quarter
sales increased 35.7% to Ps.698.6 million compared with
Ps.514.7 million in second quarter 2008. This increase was attributable to
i) higher revenues from channels sold to pay-television systems in Mexico,
Latin America and TuTV, our pay-television joint venture with Univision;
ii) the positive translation effect of foreign-currency-denominated sales;
and iii) higher advertising sales.
|
|
Second-quarter operating segment
income increased 40.2% to Ps.462.5 million compared with
Ps.329.9 million in second quarter 2008, and the margin increased
to 66.2%, reflecting higher sales that were partially offset by
higher cost of sales and operating expenses
|
|
|
Programming
Exports
|
Second-quarter
sales increased 11.8% to Ps.638.5 million compared with
Ps.571.2 million in second quarter 2008. This increase was driven
primarily by a positive translation effect on foreign-currency-denominated
sales amounting to Ps.151.3 million. This was partially offset by i)
an 8.6% decrease in royalties from Univision, which amounted to
US$36.1 million for the quarter; and ii) lower programming sales to Latin
America and Europe. The amount of royalties includes an estimated
payment for the month of June because the actual amount has not yet been
reported by Univision.
|
|
Second-quarter operating segment
income increased 11.1% to Ps.294.3 million compared with
Ps.265 million in second quarter 2008, and the margin was 46.1%. These
results were driven by higher sales that were partially offset by
higher cost of sales and operating expenses.
|
|
|
Publishing
|
Second-quarter
sales decreased 8.4% to Ps.849 million compared with Ps.927.3
million in second quarter 2008. These results reflect a
decrease in revenues from a lower number of advertising pages sold as
well as a decline in magazine circulation in Mexico and abroad. These
unfavorable variances were partially compensated by a positive translation
effect of foreign-currency-denominated sales amounting to Ps.101.5
million.
|
|
Second-quarter operating segment
income decreased 24.1% to
Ps.131.9 million, compared with Ps.173.7 million in second quarter 2008;
the margin was 15.5%. These results were driven by lower sales, which were
partially compensated by lower cost of sales and operating
expenses.
|
|
|
Sky
|
Second-quarter
sales increased 7.5% to Ps.2,443.5 million compared with
Ps.2,272.5 million in second quarter 2008. During the second quarter,
Sky faced increased and aggressive competition in Mexico and a slowdown in
economic activity. The subscriber base as of June 30, 2009, reached
1,793,388 (including 137,807 commercial subscribers). Sky closed the
quarter with 128,879 subscribers in Central America and the Dominican
Republic.
|
|
Second-quarter operating
segment income increased 1% to Ps.1,142 million compared with
Ps.1,130.6 million in second quarter 2008, and the margin was 46.7%. These
results reflect higher sales that were partially offset by higher cost of
sales and operating expenses driven mainly by a negative translation
effect on foreign-currency-denominated costs.
|
|
|
Cable
and Telecom
|
Second-quarter sales increased
55% to Ps.2,182.5 million compared with Ps.1,408 million in second quarter
2008. This increase was attributable to i) a 19.4% increase in sales of
Cablevisión, driven mainly by a 19.6% increase in revenue generating units
(RGUs); and ii) the consolidation of Cablemás starting June 2008, which
represented incremental revenue of Ps.642.7 million for second quarter
2009. These favorable variances were partially offset by a marginal
decrease in Bestel’s sales by Ps.5 million to Ps.445.5
million.
|
|
Second-quarter operating segment
income increased 67.5% to Ps.753.6 million compared with
Ps.450 million in second quarter 2008, and the margin increased
to 34.5%. These results reflect higher sales and the consolidation of
Cablemás, which represented incremental operating segment income of Ps.219
million for the quarter. These favorable variances were partially
offset by an increase in cost of sales as well as programming expenses,
which are denominated mainly in foreign currency. Bestel’s operating
segment income increased Ps.19.6 million to Ps.76.2 million, primarily as
a result of a reduction in the cost of sales.
|
|
|
The
following table sets forth the breakdown of subscribers for each of our
three cable and telecom investments, including Cablevisión de Monterrey
(“TVI”), which we report under the equity method. We also include
operating highlights for Cablevisión and Cablemás stated in millions
of Mexican
pesos.
|
|
2Q
2009
|
Cablevisión
|
Cablemás
|
TVI
|
|
Video
|
605,336
|
879,923
|
227,936
|
|
Broadband
|
219,158
|
250,511
|
94,797
|
|
Telephony
|
90,111
|
95,203
|
52,220
|
|
RGUs
|
914,605
|
1,225,637
|
374,953
|
|
Revenue
|
841
|
897
|
N.A.
|
|
Operating
Segment Income
|
366
|
311
|
N.A.
|
|
Margin
(%)
|
43.5
|
34.7
|
N.A.
|
|
Other
Businesses
|
Second-quarter sales
increased 6.4% to Ps.862.5 million compared with Ps.810.3 million in
second quarter 2008. This increase was attributable to higher sales in our
Gaming, Online, and Feature-Film Distribution businesses. These increases
were partially offset by lower sales in our Publishing Distribution, Radio
and Soccer businesses.
|
|
Second-quarter operating
segment loss reached Ps.29.1 million compared with Ps.1.7
million in second quarter 2008, reflecting higher cost of sales and
operating expenses related mainly to our Gaming and Soccer
divisions.
|
Corporate
Expenses
Share-based
compensation expense in second quarter 2009 and 2008 amounted to Ps.94.2 million
and Ps.26.5 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.
Non-Operating
Results
Other
expense, net
Other
expense, net, in second quarter 2009, included primarily provisions for certain
non-trade receivables, donations, professional services in connection with
certain litigation, and loss on disposition of assets.
Other
expense, net, decreased by Ps.317.4 million, or 61%, to Ps.202.7 million for
second quarter 2009, compared with Ps.520.1 million for second quarter 2008.
This decrease primarily reflected the absence of an impairment adjustment to
goodwill recognized in second quarter 2008 related to the operations of our
television station in San Diego, California.
Integral
cost of financing
The
following table sets forth integral cost of financing stated in millions of
Mexican pesos for the three months ended June 30, 2009 and
2008.
|
2Q
2009
|
2Q
2008
|
Increase
(decrease)
|
|
|
Interest
expense
|
759.6
|
504.6
|
255.0
|
|
Interest
income
|
(261.9)
|
(358.1)
|
96.2
|
|
Foreign
exchange loss, net
|
330.5
|
69.7
|
260.8
|
|
Integral
cost of financing
|
828.2
|
216.2
|
612.0
|
The net
expense attributable to integral cost of financing increased by Ps.612 million,
to Ps.828.2 million for second quarter 2009 from Ps.216.2 million for
second quarter 2008. This increase reflected primarily i) a Ps.255 million
increase in interest expense, due mainly to a higher average principal amount of
long-term debt in second quarter 2009; ii) a Ps.96.2 million decrease in
interest income explained primarily by a reduction of interest rates applicable
to cash equivalents and temporary investments in second quarter 2009; and iii) a
Ps.260.8 million increase in foreign-exchange loss resulting mainly from
unfavorable variances in foreign-currency derivatives in connection with a 7.2%
appreciation of the Mexican peso against the U.S. dollar during the second
quarter 2009.
Equity
in losses of affiliates, net
Equity in
losses of affiliates, net, increased by Ps.31.1 million, or 29.7%, to Ps.135.7
million in second quarter 2009 compared with Ps.104.6 million in second quarter
2008. This increase reflected mostly an increase in equity in loss of La Sexta,
our 40.5% interest in a free-to-air television channel in Spain, which was
partially offset by a reduction in equity in loss of Volaris, our 25% interest
in a low-cost carrier airline.
Income
taxes
Income
taxes decreased by Ps.25.5 million, or 3%, to Ps.823 million in second quarter
2009 from Ps.848.5 million in second quarter 2008. This decrease reflected
principally a lower corporate income tax base.
Noncontrolling
interest net income
Noncontrolling
interest net income decreased by Ps.158.3 million, or 33.1%, to Ps.320 million
in second quarter 2009, from Ps.478.3 million in second quarter 2008. This
decrease reflected essentially a lower portion of consolidated net income
attributable to noncontrolling interests held by minority equity owners in our
Sky segment and minority stockholders in our Cable and Telecom
segment.
Other
Relevant Information
Capital
expenditures and investments
During second-quarter
2009, we invested approximately US$68 million in property, plant and equipment
as capital expenditures, including approximately US$37.2 million for our
Cable and Telecom segment, US$17.2 million for our Sky segment, US$3.2 million
for our Gaming business, and US$10.4 million for our Television
Broadcasting segment and other businesses. In addition, we made
contributions in connection with our 40.5% interest in La Sexta in the amount of
€19.7 million (Ps.360.8 million).
Our
investment in property, plant and equipment during the quarter in our Cable and
Telecom segment includes approximately US$18.5 million for Cablevisión,
US$15.8 million for Cablemás, and US$2.9 million for Bestel.
Capital
Contribution in Cablevisión
In June
2009, the stockholders of our consolidated subsidiary Empresas Cablevisión
S.A.B. de C.V. made a capital contribution in cash to increase the capital stock
of this company in the aggregate amount of Ps.3,699.7 million, of which
Ps.1,812.7 million was contributed by the noncontrolling interest.
Debt
and satellite transponder lease obligation
In May
2009, we repaid a bank loan at its original maturity in the principal amount of
Ps.1,162.5 million.
The
following table sets forth our total consolidated debt and satellite transponder
lease obligation as of June 30, 2009 and 2008. Amounts are stated in
millions of Mexican pesos.
|
June
30, 2009
|
June
30, 2008 1
|
Increase
(decrease)
|
|
|
Current
portion of long-term debt
|
542.4
|
1,173.2
|
(630.8)
|
|
Long-term
debt (excluding current portion)
|
34,861.6
|
30,841.5
|
4,020.1
|
|
35,404.0
|
32,014.7
|
3,389.3
|
|
|
Current
portion of satellite transponder lease obligation
|
139.9
|
97.7
|
42.2
|
|
Long-term
satellite transponder lease obligation (excluding current
portion)
|
1,044.6
|
927.5
|
117.1
|
|
1,184.5
|
1,025.2
|
159.3
|
1 Includes a reclassification of Ps.825.2
million (US$80 million) that has been made to the June 30, 2008 long-term debt
balance to conform to the December 31, 2008 presentation. Televisa prepaid this amount in March
2009.
As of
June 30, 2009 and 2008, our consolidated net cash position (cash and cash
equivalents, temporary investments, and held-to-maturity investments less total
debt) was Ps.789.4 million and Ps.2,255.9 million, respectively.
Held-to-maturity investments as of June 30, 2009 and 2008, amounted to
Ps.1,110.4 million and Ps.1,240.9 million, respectively.
Dividends
On April
30, 2009, our stockholders approved the payment of a dividend of Ps.1.75 per
CPO, which was paid in cash in May 2009 in the amount of approximately Ps.5,183
million.
In April
2009, the holding companies of our Sky segment paid a dividend in cash to its
equity owners of Ps.2,000 million, of which Ps.826.7 million was paid to
minority equity owners.
Shares
repurchased and outstanding
During
second quarter 2009, we repurchased 0.2 million CPOs in the aggregate amount of
Ps.7.4 million; and in April 2009, our stockholders approved the cancellation of
1,421.2 million shares in the form of 12.1 million CPOs, which were repurchased
by us in 2008.
As of
June 30, 2009 and 2008, our shares outstanding amounted to 329,605 million and
329,633.1 million shares, respectively; and our CPO equivalents outstanding
amounted to 2,817.1 million and 2,817.4 million CPO equivalents, respectively.
Not all of our shares are in the form of CPOs. The number of CPO equivalents was
calculated by dividing the number of shares by 117.
As of
June 30, 2009 and 2008, the GDS (Global Depositary Shares) equivalents
outstanding amounted to 563.4 million and 563.5 million GDS equivalents,
respectively. The number of GDS equivalents was calculated by dividing the
number of CPO equivalents by five.
Television
ratings and audience share
National
urban ratings and audience share reported by IBOPE confirm that, in
second-quarter 2009, Televisa continued to deliver strong ratings and audience
shares. During weekday prime time (19:00 to 23:00, Monday to Friday), average
audience share amounted to 71.7%; in prime time (16:00 to 23:00, Monday to
Sunday), average audience share amounted to 69.4%; and in sign-on to sign-off
(6:00 to 24:00, Monday to Sunday), average audience share amounted to
70.1%.
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 distribution, radio production and
broadcasting, professional sports and live entertainment, feature-film
production and distribution, the operation of an 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: |
|
Carlos
Madrazo
|
Manuel
Compeán
|
|
María
José Cevallos
|
Tel:
(5255) 5728 3815
|
|
Tel:
(5255) 5261-2445
|
Fax:
(5255) 5728 3632
|
|
Fax:
(5255)5261-2494
|
mcompean@televisa.com.mx
|
|
ir@televisa.com.mx
|
http://www.televisa.com
|
|
http://www.televisa.com
|
|
| http://www.televisair.com |
GRUPO
TELEVISA, S.A.B.
CONDENSED
CONSOLIDATED BALANCE SHEETS
AS
OF JUNE 30, 2009, AND DECEMBER 31, 2008
(Millions
of Mexican Pesos)
|
ASSETS
|
June
30, 2009
(Unaudited)
|
December
31, 2008 (Audited)
|
|||
|
Current:
|
|||||
|
Cash
and cash equivalents
|
Ps.
|
29,820.8
|
Ps.
|
35,106.1
|
|
|
Temporary
investments
|
5,262.2
|
6,798.3
|
|||
|
35,083.0
|
41,904.4
|
||||
|
Trade
notes and accounts receivable, net
|
11,760.9
|
18,199.9
|
|||
|
Other
accounts and notes receivable, net
|
4,193.7
|
2,231.5
|
|||
|
Due
from affiliated companies
|
104.0
|
161.8
|
|||
|
Transmission
rights and programming
|
3,901.2
|
3,343.4
|
|||
|
Inventories
|
1,451.4
|
1,612.0
|
|||
|
Other
current assets
|
1,550.0
|
1,105.9
|
|||
|
Total
current assets
|
58,044.2
|
68,558.9
|
|||
|
Derivative
financial instruments
|
1,543.6
|
2,316.6
|
|||
|
Transmission
rights and programming
|
6,630.2
|
6,324.8
|
|||
|
Investments
|
3,840.5
|
3,348.6
|
|||
|
Property,
plant, and equipment, net
|
30,371.1
|
30,798.4
|
|||
|
Intangible
assets and deferred charges, net
|
11,324.3
|
11,433.8
|
|||
|
Other
assets
|
67.1
|
70.7
|
|||
|
Total
assets
|
Ps.
|
111,821.0
|
Ps.
|
122,851.8
|
GRUPO
TELEVISA, S.A.B.
CONDENSED
CONSOLIDATED BALANCE SHEETS
AS
OF JUNE 30, 2009, AND DECEMBER 31, 2008
(Millions
of Mexican Pesos)
|
LIABILITIES
|
June
30, 2009
(Unaudited)
|
December
31, 2008
(Audited)
|
|||
|
Current:
|
|||||
|
Current
portion of long-term debt
|
Ps.
|
542.4
|
Ps.
|
2,283.2
|
|
|
Current
portion ot satellite transponder lease obligation
|
139.9
|
138.8
|
|||
|
Trade
accounts payable
|
6,039.0
|
6,337.4
|
|||
|
Customer
deposits and advances
|
12,616.8
|
18,098.6
|
|||
|
Taxes
payable
|
600.5
|
830.1
|
|||
|
Accrued
interest
|
415.4
|
439.8
|
|||
|
Employee
benefits
|
399.2
|
200.0
|
|||
|
Due
to affiliated companies
|
26.4
|
88.6
|
|||
|
Other
accrued liabilities
|
2,138.3
|
2,293.8
|
|||
|
Total
current liabilities
|
22,917.9
|
30,710.3
|
|||
|
Long-term
debt, net of current portion
|
34,861.6
|
36,679.9
|
|||
|
Derivative
financial instruments
|
592.9
|
604.6
|
|||
|
Satellite
transponder lease obligation, net of current portion
|
1,044.6
|
1,172.9
|
|||
|
Customer
deposits and advances, non current
|
589.4
|
589.4
|
|||
|
Other
long-term liabilities
|
3,048.5
|
3,225.5
|
|||
|
Deferred
income taxes
|
2,233.6
|
2,265.2
|
|||
|
Retirement
and termination benefits
|
393.9
|
352.4
|
|||
|
Total
liabilities
|
65,682.4
|
75,600.2
|
|||
|
STOCKHOLDERS'
EQUITY
|
|||||
|
Capital
stock issued, no par value
|
10,019.9
|
10,061.0
|
|||
|
Additional
paid-in capital
|
4,547.9
|
4,547.9
|
|||
|
14,567.8
|
14,608.9
|
||||
|
Retained
earnings:
|
|||||
|
Legal
reserve
|
2,135.4
|
2,135.4
|
|||
|
Unappropriated
earnings
|
21,509.1
|
19,595.3
|
|||
|
Controlling
interest net income for the period
|
2,805.0
|
7,803.7
|
|||
|
26,449.5
|
29,534.4
|
||||
|
Accumulated
other comprehensive income, net
|
2,965.9
|
3,184.0
|
|||
|
Shares
repurchased
|
(4,497.6)
|
(5,308.4)
|
|||
|
24,917.8
|
27,410.0
|
||||
|
Total
controlling interest
|
39,485.6
|
42,018.9
|
|||
|
Noncontrolling
interest
|
6,653.0
|
5,232.7
|
|||
|
Total
stockholders' equity
|
46,138.6
|
47,251.6
|
|||
|
Total
liabilities and stockholders' equity
|
Ps.
|
111,821.0
|
Ps.
|
122,851.8
|
GRUPO
TELEVISA, S.A.B.
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND
SIX
MONTHS ENDED JUNE 30, 2009 AND 2008
(Millions
of Mexican Pesos)
|
Three
months ended June 30,
|
Six
months ended June 30,
|
||||||||||
|
2009
(Unaudited) |
|
2008
(Unaudited) |
2009
(Unaudited) |
2008
(Unaudited) |
|||||||
|
Net
sales
|
Ps.
|
12,676.9 |
Ps.
|
11,503.6 |
Ps.
|
24,039.3 |
Ps.
|
21,041.7 | |||
|
Cost
of sales1
|
5,486.9 | 4,961.8 | 11,090.5 | 9,745.5 | |||||||
|
Operating
expenses:
|
|||||||||||
|
Selling1
|
999.4 | 881.9 | 1,911.7 | 1,633.6 | |||||||
|
Administrative1
|
899.0 | 688.7 | 1,808.9 | 1,313.6 | |||||||
|
Depreciation
and amortization
|
1,155.1 | 962.8 | 2,362.2 | 1,956.1 | |||||||
|
Operating
income
|
4,136.5 | 4,008.4 | 6,866.0 | 6,392.9 | |||||||
|
Other
expense, net
|
202.7 | 520.1 | 295.4 | 545.0 | |||||||
|
Integral
cost of financing:
|
|||||||||||
|
Interest
expense
|
759.6 | 504.6 | 1,618.1 | 1,153.8 | |||||||
|
Interest
income
|
(261.9 | ) | (358.1 | ) | (608.0 | ) | (781.3) | ||||
|
Foreign
exchange loss, net
|
330.5 | 69.7 | 529.6 | 371.7 | |||||||
| 828.2 | 216.2 | 1,539.7 | 744.2 | ||||||||
|
Equity
in losses of affiliates, net
|
135.7 | 104.6 | 448.6 | 289.9 | |||||||
|
Income
before income taxes
|
2,969.9 | 3,167.5 | 4,582.3 | 4,813.8 | |||||||
|
Income
taxes
|
823.0 | 848.5 | 1,333.2 | 1,324.7 | |||||||
|
Consolidated
net income
|
2,146.9 | 2,319.0 | 3,249.1 | 3,489.1 | |||||||
|
Noncontrolling
interest net income
|
320.0 | 478.3 | 444.1 | 594.8 | |||||||
|
Controlling
interest net income
|
Ps.
|
1,826.9 |
Ps.
|
1,840.7 |
Ps.
|
2,805.0 |
Ps.
|
2,894.3 | |||
1
Excluding depreciation and amortization.
NATIONAL
URBAN RATINGS AND AUDIENCE SHARE FOR SECOND, THIRD, AND FOURTH QUARTERS OF 2008
AND FIRST AND SECOND QUARTERS OF 20091:
SIGN-ON
TO SIGN-OFF – 6:00 TO 24:00, MONDAY TO SUNDAY
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2008
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
2Q09
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
11.9
|
11.5
|
11.2
|
11.4
|
11.1
|
11.8
|
12.4
|
12.0
|
11.5
|
11.5
|
11.7
|
11.7
|
11.9
|
11.4
|
11.2
|
11.4
|
11.3
|
|
Share
(%)
|
33.2
|
31.7
|
31.0
|
31.6
|
31.2
|
33.1
|
34.7
|
33.2
|
33.7
|
32.1
|
32.4
|
31.5
|
32.3
|
30.9
|
30.4
|
31.5
|
31.0
|
|
Total
Televisa2
|
|||||||||||||||||
|
Rating
|
26.1
|
25.9
|
25.8
|
26.4
|
25.6
|
25.9
|
26.2
|
25.7
|
24.7
|
26.0
|
26.1
|
26.8
|
26.3
|
25.8
|
25.8
|
25.5
|
25.7
|
|
Share
(%)
|
73.1
|
71.78
|
71.42
|
73.5
|
71.8
|
72.8
|
73.2
|
71.4
|
72.4
|
72.3
|
72.4
|
72.4
|
71.3
|
69.8
|
69.9
|
70.6
|
70.1
|
PRIME
TIME – 16:00 TO 23:00, MONDAY TO SUNDAY3
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2008
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
2Q09
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
17.4
|
16.7
|
16.4
|
17.1
|
16.0
|
17.3
|
18.5
|
17.2
|
16.5
|
16.9
|
17.2
|
17.1
|
17.6
|
16.6
|
16.4
|
17.0
|
16.6
|
|
Share
(%)
|
35.2
|
34.0
|
33.4
|
34.9
|
33.4
|
35.1
|
37.2
|
34.0
|
35.1
|
34.1
|
34.1
|
33.2
|
34.5
|
33.7
|
32.7
|
34.4
|
33.6
|
|
Total
Televisa2
|
|||||||||||||||||
|
Rating
|
35.9
|
34.7
|
34.8
|
35.6
|
34.3
|
35.3
|
35.6
|
35.3
|
33.2
|
35.2
|
36.1
|
36.9
|
36.1
|
34.1
|
34.4
|
34.5
|
34.4
|
|
Share
(%)
|
72.7
|
70.7
|
70.8
|
72.8
|
71.5
|
71.4
|
71.7
|
69.8
|
70.7
|
71.2
|
71.4
|
71.5
|
70.7
|
69.3
|
68.8
|
70.1
|
69.4
|
WEEKDAY
PRIME TIME – 19:00 TO 23:00, MONDAY TO FRIDAY3
|
Apr
|
May
|
Jun
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2008
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
Jun
|
2Q09
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
23.0
|
22.6
|
22.0
|
21.9
|
20.5
|
20.8
|
22.4
|
21.2
|
19.7
|
21.8
|
21.4
|
21.6
|
21.0
|
18.8
|
19.5
|
19.7
|
19.3
|
|
Share
(%)
|
40.8
|
40.2
|
39.2
|
39.3
|
37.3
|
37.3
|
39.5
|
36.7
|
36.9
|
38.3
|
36.2
|
35.9
|
35.7
|
33.9
|
34.5
|
35.7
|
34.7
|
|
Total
Televisa2
|
|||||||||||||||||
|
Rating
|
43.0
|
42.0
|
41.6
|
42.0
|
40.6
|
41.4
|
42.3
|
42.3
|
38.6
|
42.0
|
43.8
|
44.5
|
43.1
|
39.9
|
39.8
|
39.9
|
39.8
|
|
Share
(%)
|
76.4
|
74.5
|
74.1
|
75.4
|
73.9
|
74.2
|
74.5
|
73.3
|
72.1
|
73.9
|
73.9
|
73.9
|
73.4
|
72.1
|
70.6
|
72.4
|
71.7
|
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
21, 2009
|
By:
|
/s/ Jorge Lutteroth
Echegoyen
|
|
|
Name:
|
Jorge
Lutteroth Echegoyen
|
||
|
Title:
|
Controller,
Vice President
|
||