kr6k-audited_grupo.htm
 
 
 
 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 6-K
 
REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 or 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of May, 2012
 
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.)
 
          
 
 
 
 
 
 
MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA
QUARTER:     04
YEAR:   2011
GRUPO TELEVISA, S.A.B.
  
 
 
BALANCE SHEETS
AS OF DECEMBER 31, 2011 AND 2010
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION  Final Printing
       
REF
CONCEPTS
CURRENT YEAR
  PREVIOUS YEAR
S
  
Amount
%
Amount
%
           
s01
TOTAL ASSETS
155,061,400
100
136,470,627
100
           
s02
CURRENT ASSETS
50,659,758
33
59,775,967
44
s03
CASH AND AVAILABLE INVESTMENTS
16,275,924
10
20,942,531
15
s04
ACCOUNTS AND NOTES RECEIVABLE (NET)
19,243,712
12
17,701,125
13
s05
OTHER ACCOUNTS AND NOTES RECEIVABLE (NET)
2,908,866
2
4,308,780
3
s06
INVENTORIES
5,562,767
4
5,258,951
4
s07
OTHER CURRENT ASSETS
6,668,489
4
11,564,580
8
s08
LONG-TERM ASSETS
43,661,585
28
21,905,216
16
s09
ACCOUNTS AND NOTES RECEIVABLE (NET)
253,795
0
67,763
0
s10
INVESTMENTS IN SHARES OF NON-CONSOLIDATED
        
 
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
3,540,184
2
3,332,637
2
s11
OTHER INVESTMENTS
39,867,606
26
18,504,816
14
s12
PROPERTY, PLANT AND EQUIPMENT (NET)
41,498,967
27
38,651,847
28
s13
LAND AND BUILDINGS
16,858,980
11
16,554,768
12
s14
MACHINERY AND INDUSTRIAL EQUIPMENT
55,918,420
36
49,113,893
36
s15
OTHER EQUIPMENT
7,484,379
5
7,022,554
5
s16
ACCUMULATED DEPRECIATION
42,379,528
27
36,900,013
27
s17
CONSTRUCTION IN PROGRESS
3,616,716
2
2,860,645
2
           
s18
INTANGIBLE ASSETS AND DEFERRED CHARGES (NET)
11,861,380
8
10,241,007
8
           
s19
OTHER ASSETS
7,379,710
5
5,896,590
4
           
s20
TOTAL LIABILITIES
96,204,915
100
84,612,866
100
           
s21
CURRENT LIABILITIES
15,075,788
16
14,721,191
17
s22
SUPPLIERS
7,687,518
8
7,472,253
9
s23
BANK LOANS
1,020,000
1
430,000
1
s24
STOCK MARKET LOANS
0
0
889,142
1
s103
OTHER LOANS WITH COST
531,891
1
430,137
1
s25
TAXES PAYABLE
1,388,242
1
1,443,887
2
s26
OTHER CURRENT LIABILITIES WITHOUT COST
4,448,137
5
4,055,772
5
s27
LONG-TERM LIABILITIES
55,858,844
58
46,845,334
55
s28
BANK LOANS
13,200,000
14
7,280,460
9
s29
STOCK MARKET LOANS
42,457,000
44
39,215,200
46
s30
OTHER LOANS WITH COST
201,844
0
349,674
0
s31
DEFERRED LIABILITIES
21,386,324
22
19,083,379
23
s32
OTHER NON-CURRENT LIABILITIES WITHOUT COST
3,883,959
4
3,962,962
5
           
s33
STOCKHOLDERS' EQUITY
58,856,485
100
51,857,761
100
           
s34
NON-CONTROLLING INTEREST
7,196,663
12
6,793,278
13
           
s35
CONTROLLING INTEREST
51,659,822
88
45,064,483
87
           
s36
CONTRIBUTED CAPITAL
26,832,124
46
14,567,803
28
s79
CAPITAL STOCK
10,238,885
17
10,019,859
19
s39
PREMIUM ON  ISSUANCE OF SHARES
16,593,239
28
4,547,944
9
s40
CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
0
0
0
0
s41
EARNED CAPITAL
24,827,698
42
30,496,680
59
s42
RETAINED EARNINGS AND CAPITAL RESERVES
39,803,981
68
35,533,148
69
s44
OTHER ACCUMULATED COMPREHENSIVE RESULT
995,427
2
1,120,157
2
s80
SHARES REPURCHASED
-15,971,710
-27
-6,156,625
-12
           
 
 
 
 
 
BALANCE SHEETS
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION  Final Printing
       
  REF
CONCEPTS
CURRENT YEAR
  PREVIOUS YEAR
S
  
Amount
%
Amount
%
           
s03
CASH AND SHORT-TERM INVESTMENTS
16,275,924
100
20,942,531
100
s46
CASH
16,275,924
100
20,942,531
100
s47
AVAILABLE INVESTMENTS
0
0
0
0
           
s07
OTHER CURRENT ASSETS
6,668,489
100
11,564,580
100
s81
DERIVATIVE FINANCIAL INSTRUMENTS
99,737
1
0
0
s82
DISCONTINUED OPERATIONS
0
0
0
0
s83
OTHER
6,568,752
99
11,564,580
100
           
s18
INTANGIBLE ASSETS AND DEFERRED CHARGES (NET)
11,861,380
100
10,241,007
100
           
s48
DEFERRED EXPENSES (NET)
9,289,438
78
7,711,413
75
s49
GOODWILL
2,571,942
22
2,529,594
25
s51
OTHER
0
0
0
0
           
s19
OTHER ASSETS
7,379,710
100
5,896,590
100
s85
DERIVATIVE FINANCIAL INSTRUMENTS
45,272
1
189,400
3
s50
DEFERRED TAXES
410,893
6
0
0
s104
BENEFITS TO EMPLOYEES
0
0
0
0
s86
DISCONTINUED OPERATIONS
0
0
0
0
s87
OTHER
6,923,545
94
5,707,190
97
           
s21
CURRENT LIABILITIES
15,075,788
100
14,721,191
100
s52
FOREIGN CURRENCY LIABILITIES
5,229,595
35
7,027,829
48
s53
MEXICAN PESOS LIABILITIES
9,846,193
65
7,693,362
52
           
s26
OTHER CURRENT LIABILITIES WITHOUT COST
4,448,137
100
4,055,772
100
s88
DERIVATIVE FINANCIAL INSTRUMENTS
0
0
74,329
2
s89
ACCRUED INTEREST
792,645
18
750,743
19
s68
PROVISIONS
0
0
0
0
s90
DISCONTINUED OPERATIONS
0
0
0
0
s58
OTHER CURRENT LIABILITIES
3,403,000
77
3,031,062
75
s105
BENEFITS TO EMPLOYEES
252,492
6
199,638
5
           
s27
LONG-TERM LIABILITIES
55,858,844
100
46,845,334
100
s59
FOREIGN CURRENCY LIABILITIES
28,044,835
50
27,790,401
59
s60
MEXICAN PESOS LIABILITIES
27,814,009
50
19,054,933
41
           
s31
DEFERRED LIABILITIES
21,386,324
100
19,083,379
100
s65
NEGATIVE GOODWILL
0
0
0
0
s67
OTHER
21,386,324
100
19,083,379
100
           
s32
OTHER NON-CURRENT LIABILITIES WITHOUT COST
3,883,959
100
3,962,962
100
s66
DEFERRED TAXES
0
0
401,525
10
s91
OTHER LIABILITIES IN RESPECT OF SOCIAL  INSURANCE
525,868
14
430,143
11
s92
DISCONTINUED OPERATIONS
0
0
0
0
s69
OTHER LIABILITIES
3,358,091
86
3,131,294
79
           
s79
CAPITAL STOCK
10,238,885
100
10,019,859
100
s37
CAPITAL STOCK (NOMINAL)
2,525,818
25
2,368,792
24
s38
RESTATEMENT OF CAPITAL STOCK
7,713,067
75
7,651,067
76
           
s42
RETAINED EARNINGS AND CAPITAL RESERVES
39,803,981
100
35,533,148
100
s93
LEGAL RESERVE
2,139,007
5
2,135,423
6
s43
RESERVE FOR REPURCHASE OF SHARES
0
0
0
0
s94
OTHER RESERVES
0
0
0
0
s95
RETAINED EARNINGS
30,775,333
77
25,714,336
72
s45
NET INCOME FOR THE YEAR
6,889,641
17
7,683,389
22
           
s44
OTHER ACCUMULATED COMPREHENSIVE RESULT
995,427
100
1,120,157
100
s70
ACCUMULATED MONETARY RESULT
0
0
0
0
s71
RESULT FROM HOLDING NON-MONETARY ASSETS
0
0
0
0
s96
CUMULATIVE RESULT FROM FOREIGN CURRENCY TRANSLATION
-1,207,810
-121
-1,370,181
-122
s97
CUMULATIVE RESULT FROM DERIVATIVE FINANCIAL INSTRUMENTS
-57,533
-6
-103,519
-9
s98
CUMULATIVE EFFECT OF DEFERRED INCOME TAXES
0
0
0
0
s100
OTHER
2,260,770
227
2,593,857
232
           
 
 
 
 
 
BALANCE SHEETS
OTHER CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION  Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
S
  
Amount
Amount
       
s72
WORKING CAPITAL
35,583,970
45,054,776
s73
PENSIONS  AND SENIORITY PREMIUMS
1,796,793
1,807,340
s74
EXECUTIVES (*)
39
41
s75
EMPLOYEES (*)
26,275
24,698
s76
WORKERS (*)
0
0
s77
OUTSTANDING SHARES (*)
330,862,122,669
325,023,045,906
s78
REPURCHASED SHARES (*)
36,131,302,662
21,518,779,425
s101
RESTRICTED CASH
0
0
s102
NET DEBT OF NON-CONSOLIDATED COMPANIES
145,665,213
53,310
       
(*) THESE CONCEPTS ARE STATED IN UNITS.
 
 
 
 
 
STATEMENTS OF INCOME
FROM JANUARY 1 TO DECEMBER 31, 2011 AND 2010
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION  Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
Amount
%
Amount
%
           
r01
NET SALES
62,581,541
100
57,856,828
100
r02
COST OF SALES
33,574,207
54
30,848,754
53
r03
GROSS PROFIT
29,007,334
46
27,008,074
47
r04
GENERAL EXPENSES
12,185,288
19
11,425,465
20
r05
OPERATING INCOME (LOSS)
16,822,046
27
15,582,609
27
r08
OTHER INCOME AND (EXPENSE), NET
-639,966
-1
-567,121
0
r06
INTEGRAL RESULT OF FINANCING
-4,142,749
-7
-3,028,645
-5
r12
EQUITY  IN NET INCOME OF NON-CONSOLIDATED
        
 
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
-449,439
0
-211,930
0
r48
NON-ORDINARY ITEMS
0
0
0
0
r09
INCOME BEFORE INCOME TAXES
11,589,892
19
11,774,913
20
r10
INCOME TAXES
3,409,751
5
3,258,986
6
r11
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS
8,180,141
13
8,515,927
15
r14
DISCONTINUED OPERATIONS
0
0
0
0
r18
CONSOLIDATED NET INCOME
8,180,141
13
8,515,927
15
r19
NON-CONTROLLING INTEREST NET INCOME
1,290,500
2
832,538
1
r20
CONTROLLING INTEREST NET INCOME
6,889,641
11
7,683,389
13
           
 
 
 
 
 
STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION  Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
Amount
%
Amount
%
           
r01
NET SALES
62,581,541
100
57,856,828
100
r21
DOMESTIC
54,325,223
87
50,203,485
87
r22
FOREIGN
8,256,318
13
7,653,343
13
r23
TRANSLATED INTO DOLLARS (***)
590,644
1
619,323
1
           
r08
OTHER INCOME AND (EXPENSE), NET
-639,966
100
-567,121
100
r49
OTHER INCOME AND (EXPENSE), NET
-585,370
91
-541,530
95
r34
EMPLOYEES' PROFIT SHARING, CURRENT
57,370
-9
31,448
-6
r35
EMPLOYEES' PROFIT SHARING, DEFERRED
-2,774
0
-5,857
1
           
r06
INTEGRAL RESULT OF FINANCING
-4,142,749
100
-3,028,645
100
r24
INTEREST EXPENSE
4,312,764
-104
3,615,276
-119
r42
GAIN (LOSS) ON RESTATEMENT OF UDI'S
0
0
0
0
r45
OTHER FINANCE COSTS
0
0
0
0
r26
INTEREST INCOME
1,146,517
-28
1,047,505
-35
r46
OTHER FINANCIAL PRODUCTS
0
0
0
0
r25
FOREIGN EXCHANGE GAIN (LOSS), NET
-976,502
24
-460,874
15
r28
RESULT FROM MONETARY POSITION
0
0
0
0
           
r10
INCOME TAXES
3,409,751
100
3,258,986
100
r32
INCOME TAX, CURRENT
4,309,129
126
3,967,007
122
r33
INCOME TAX, DEFERRED
-899,378
-26
-708,021
-22
           
(***) FIGURES IN THOUSANDS OF U.S. DOLLARS AT THE EXCHANGE RATE AS OF THE END OF THE LAST REPORTED QUARTER.
 
 
 
 
 
STATEMENTS OF INCOME
OTHER CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION  Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
Amount
Amount
       
r36
TOTAL SALES
75,752,444
70,649,821
r37
TAX RESULT FOR THE YEAR
10,096,443
8,306,596
r38
NET SALES (**)
62,581,541
57,856,828
r39
OPERATING INCOME (**)
16,822,046
15,582,609
r40
CONTROLLING INTEREST NET INCOME (**)
6,889,641
7,683,389
r41
NET CONSOLIDATED INCOME (**)
8,180,141
8,515,927
r47
OPERATIVE DEPRECIATION AND AMORTIZATION
7,429,728
6,579,325
       
(**)  RESTATED INFORMATION FOR THE LAST TWELVE MONTHS.
 
 
 
 
 
QUARTERLY STATEMENTS OF INCOME
FROM OCTOBER 1 TO DECEMBER 31, 2011 AND 2010
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION  Final Printing
 
REF
 
CONCEPTS
 
CURRENT YEAR
 
PREVIOUS YEAR
RT
  
Amount
%
Amount
%
           
rt01
NET SALES
18,292,770
100
16,491,059
100
rt02
COST OF SALES
9,542,875
52
8,499,223
52
rt03
GROSS PROFIT
8,749,895
48
7,991,836
48
rt04
GENERAL EXPENSES
3,321,793
18
3,321,013
20
rt05
INCOME (LOSS) AFTER GENERAL EXPENSES
5,428,102
30
4,670,823
28
rt08
OTHER INCOME AND (EXPENSE), NET
-253,537
-1
-659,022
-4
rt06
INTEGRAL RESULT OF FINANCING
-1,084,827
-6
-704,267
-4
rt12
EQUITY IN NET INCOME OF NON-CONSOLIDATED
        
 
SUBSIDIARIES AND ASSOCIATES
-131,284
0
-23,709
0
rt48
NON-ORDINARY ITEMS
0
0
0
0
rt09
INCOME BEFORE INCOME TAXES
3,958,454
22
3,283,825
20
rt10
INCOME TAXES
1,403,223
8
565,457
3
rt11
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS
2,555,231
14
2,718,368
16
rt14
DISCONTINUED OPERATIONS
0
0
0
0
rt18
NET CONSOLIDATED INCOME
2,555,231
14
2,718,368
16
rt19
NET INCOME OF MINORITY INTEREST
385,098
2
93,873
1
rt20
NET INCOME OF MAJORITY INTEREST
2,170,133
12
2,624,495
16
           
 
 
 
 
 
QUARTERLY STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION  Final Printing
 
REF
 
CONCEPTS
 
CURRENT YEAR
 
PREVIOUS YEAR
RT
  
Amount
%
Amount
%
           
rt01
NET SALES
18,292,770
100
16,491,059
100
rt21
DOMESTIC
15,720,601
86
14,258,944
86
rt22
FOREIGN
2,572,169
14
2,232,115
14
rt23
TRANSLATED INTO DOLLARS (***)
184,009
1
180,627
1
           
rt08
OTHER INCOME AND (EXPENSE), NET
-253,537
100
-659,022
100
rt49
OTHER INCOME AND (EXPENSE), NET
-215,079
85
-644,362
98
rt34
EMPLOYEES' PROFIT SHARING, CURRENT
40,283
-16
21,036
-3
rt35
EMPLOYEES' PROFIT SHARING, DEFERRED
-1,825
1
-6,376
1
           
rt06
INTEGRAL RESULT OF FINANCING
-1,084,827
100
-704,267
100
rt24
INTEREST EXPENSE
1,168,881
-108
925,009
-131
rt42
GAIN (LOSS) ON RESTATEMENT OF UDI'S
0
0
0
0
rt45
OTHER FINANCE COSTS
0
0
0
0
rt26
INTEREST INCOME
421,565
-39
305,970
-43
rt46
OTHER FINANCIAL PRODUCTS
0
0
0
0
rt25
FOREIGN EXCHANGE GAIN (LOSS), NET
-337,511
31
-85,228
12
rt28
RESULT FROM MONETARY POSITION
0
0
0
0
           
rt10
INCOME TAXES
1,403,223
100
565,457
100
rt32
INCOME TAX, CURRENT
2,007,789
143
1,416,832
251
rt33
INCOME TAX, DEFERRED
-604,566
-43
-851,375
-151
           
(***) FIGURES IN THOUSANDS OF U.S. DOLLARS AT THE EXCHANGE RATE AS OF THE END OF THE LAST REPORTED QUARTER.
 
 
 
 
 
QUARTERLY STATEMENTS OF INCOME
OTHER CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION  Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
RT
  
Amount
Amount
       
rt47
OPERATING DEPRECIATION AND AMORTIZATION
1,999,878
1,939,091
       
 
 
 
 
 
STATEMENTS OF CASH FLOWS (INDIRECT METHOD)
MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION  Final Printing
 
REF
 
CONCEPTS
 
CURRENT YEAR
 
PREVIOUS YEAR
E
  
Amount
Amount
 
OPERATING ACTIVITIES
    
e01
INCOME (LOSS) BEFORE INCOME TAXES
11,589,892
11,774,913
e02
 + (-) ITEMS NOT REQUIRING CASH
801,401
774,326
e03
 + (-) ITEMS RELATED TO INVESTING ACTIVITIES
7,777,138
6,032,686
e04
 + (-) ITEMS RELATED TO FINANCING ACTIVITIES
6,111,676
3,291,578
e05
CASH FLOW BEFORE INCOME TAX
26,280,107
21,873,503
e06
CASH FLOWS PROVIDED OR USED IN OPERATION
(3,424,936)
(5,008,595)
e07
NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
22,855,171
16,864,908
       
 
INVESTING ACTIVITIES
    
e08
NET CASH FLOWS FROM INVESTING ACTIVITIES
(25,093,312)
(27,273,868)
e09
CASH IN EXCESS (REQUIRED) FOR FINANCING ACTIVITIES
(2,238,141)
(10,408,960)
       
 
FINANCING ACTIVITIES
    
e10
NET CASH FLOWS FROM FINANCING ACTIVITIES
(2,543,102)
1,435,464
e11
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(4,781,243)
(8,973,496)
e12
TRANSLATION DIFFERENCES IN CASH AND CASH EQUIVALENTS
105,214
(44,115)
e13
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
20,951,953
29,960,142
e14
CASH AND CASH EQUIVALENTS AT END OF PERIOD
16,275,924
20,942,531
  
 
 
 
 
STATEMENTS OF CASH FLOWS (INDIRECT METHOD)
ANALYSIS OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION  Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
E
  
Amount
Amount
       
e02
 + (-) ITEMS NOT REQUIRING CASH
801,401
774,326
e15
 + ESTIMATES FOR THE PERIOD
689,057
675,929
e16
 + PROVISIONS FOR THE PERIOD
-
-
e17
 + (-) OTHER UNREALIZED ITEMS
112,344
98,397
       
e03
 + (-) ITEMS RELATED TO INVESTING ACTIVITIES
7,777,138
6,032,686
e18
 + DEPRECIATION AND AMORTIZATION FOR THE PERIOD *
7,429,728
6,579,325
e19
 (-) + GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND
    
 
            EQUIPMENT
-
-
e20
 + IMPAIRMENT LOSS
-
250,581
e21
 (-) + EQUITY IN RESULTS OF ASSOCIATES AND JOINT VENTURES
449,439
211,930
e22
 (-) DIVIDENDS RECEIVED
-
-
e23
 (-) INTEREST INCOME
(226,769)
-
e24
 (-) + OTHER ITEMS
124,740
(1,009,150)
       
e04
 + (-) ITEMS RELATED TO FINANCING ACTIVITIES
6,111,676
3,291,578
e25
 + ACCRUED INTEREST
4,109,064
3,289,198
e26
 + (-) OTHER ITEMS
2,002,612
2,380
       
e06
CASH FLOWS PROVIDED OR USED IN OPERATION
(3,424,936)
(5,008,595)
e27
 + (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE
(2,097,433)
54,958
e28
 + (-) DECREASE (INCREASE) IN INVENTORIES
(1,469,185)
1,057,717
e29
 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE
1,367,361
(308,295)
e30
 + (-) INCREASE (DECREASE) IN SUPPLIERS
(21,162)
(230,648)
e31
 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES
2,418,072
(1,178,934)
e32
 + (-) INCOME TAXES PAID OR RETURNED
(3,622,589)
(4,403,393)
       
e08
NET CASH FLOWS FROM INVESTING ACTIVITIES
(25,093,312)
(27,273,868)
e33
 - PERMANENT INVESTMENT IN SHARES
(1,916,893)
(2,418,502)
e34
 + DISPOSITION OF PERMANENT INVESTMENT IN SHARES
-
1,807,419
e35
 -  INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT
(9,668,501)
(11,306,013)
e36
 + SALE OF PROPERTY, PLANT AND EQUIPMENT
591,603
915,364
e37
 -  INVESTMENT IN INTANGIBLE ASSETS
(242,738)
(712,070)
e38
 + DISPOSITION OF INTANGIBLE ASSETS
-
-
e39
 - OTHER PERMANENT INVESTMENTS
-
-
e40
 + DISPOSITION OF OTHER PERMANENT INVESTMENTS
-
-
e41
 + DIVIDEND RECEIVED
66,310
-
e42
 + INTEREST RECEIVED
-
-
e43
 + (-) DECREASE (INCREASE) ADVANCES AND LOANS TO
    
 
           THIRD PARTIES
-
-
e44
 + (-) OTHER ITEMS
(13,923,093)
(15,560,066)
       
e10
NET CASH FLOWS FROM FINANCING ACTIVITIES
(2,543,102)
1,435,464
e45
 + BANK FINANCING
9,700,000
80,000
e46
 + STOCK MARKET FINANCING
-
10,000,000
e47
 + OTHER FINANCING
-
150,000
e48
(-) BANK FINANCING AMORTIZATION
(3,110,135)
(1,704,299)
e49
(-) STOCK MARKET FINANCING AMORTIZATION
(898,776)
(2,255,033)
e50
(-) OTHER FINANCING AMORTIZATION
(332,673)
(262,013)
e51
 + (-) INCREASE (DECREASE) IN CAPITAL STOCK
-
-
e52
(-) DIVIDENDS PAID
(1,023,012)
-
e53
 + PREMIUM ON ISSUANCE OF SHARES
-
-
e54
 + CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
-
-
e55
 - INTEREST EXPENSE
(4,067,162)
(3,003,076)
e56
 - REPURCHASE OF SHARES
(12,623)
(1,274,022)
e57
 + (-) OTHER ITEMS
(2,798,721)
(296,093)
 
* IN CASE THAT THIS AMOUNT IS DIFFERENT FROM THE R47 ACCOUNT IT WILL HAVE TO BE EXPLAINED IN THE NOTES.
 
 
 
 
 
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
CONSOLIDATED
AUDITED INFORMATION  Final Printing
CONCEPTS
CONTRIBUTED CAPITAL
EARNED CAPITAL
NON-CONTROLLING INTEREST
TOTAL STOCKHOLDERS' EQUITY
CAPITAL STOCK ISSUED
ADDITIONAL PAID
-IN CAPITAL
RETAINED EARNINGS
ACCUMULATED OTHER COMPREHENSIVE RESULT
TOTAL CONTROLLING INTEREST
RESERVES
EARNINGS (LOSSES) TO APPLY
RESULT FROM HOLDING NON-MONETARY ASSETS AND DEFERRED INCOME TAXES
OTHER COMPREHENSIVE RESULT
BALANCE AT DECEMBER 31, 2009
10,019,859
4,547,944
2,135,423
18,064,744
0
3,401,825
38,169,795
6,302,352
44,472,147
APPLICATION OF THE RESULT OF THE EXERCISE TO ACCUMULATED RESULTS
0
0
0
-6,007,143
0
0
-6,007,143
0
-6,007,143
                   
CONSTITUTION OF RESERVES
0
0
0
0
0
0
0
0
0
                   
DIVIDENDS
0
0
0
0
0
0
0
0
0
                   
SHARE CANCELLATION
0
0
0
0
0
0
0
0
0
                   
REPURCHASE OF SHARES
0
0
0
-1,357,072
0
0
-1,357,072
0
-1,357,072
                   
RESERVE FOR THE ACQUISITION OF SHARES
0
0
0
0
0
0
0
0
0
                   
(DECREASE) INCREASE IN PREMIUM ON ISSUANCE OF SHARES
0
0
0
0
0
0
0
0
0
                   
(DECREASE) INCREASE IN NON-CONTROLLING INTEREST
0
0
0
0
0
0
0
490,926
490,926
                   
COMPREHENSIVE INCOME (*)
0
0
0
14,409,619
0
-150,716
14,258,903
0
14,258,903
BALANCE AT DECEMBER 31, 2010
10,019,859
4,547,944
2,135,423
25,110,148
0
3,251,109
45,064,483
6,793,278
51,857,761
RECLASSIFICATION INITIAL BALANCES RESULT FOR HOLDING OF MONETARY ASSETS AND DEFERRED TAX ON INCOME
0
0
0
0
0
0
0
0
0
                   
APLICATION  OF THE RESULT OF THE EXERCISE TO ACCUMULATED RESULTS
0
0
0
-7,683,389
0
0
-7,683,389
0
-7,683,389
                   
CONSTITUTION OF RESERVES
0
0
0
0
0
0
0
0
0
                   
DIVIDENDS
0
0
0
-1,023,012
0
0
-1,023,012
0
-1,023,012
                   
SHARE CANCELLATION
219,026
0
0
0
0
0
219,026
0
219,026
                   
REPURCHASE OF SHARES
0
0
0
-11,442,740
0
0
-11,442,740
0
-11,442,740
                   
RESERVE FOR THE ACQUISITION OF SHARES
0
12,045,295
0
0
0
0
12,045,295
0
12,045,295
                   
(DECREASE) INCREASE IN PREMIUM ON ISSUANCE OF SHARES
0
0
0
0
0
0
0
0
0
                   
(DECREASE) INCREASE IN NON-CONTROLLING INTEREST
0
0
0
0
0
0
0
403,385
403,385
                   
COMPREHENSIVE INCOME (*)
0
0
3,584
14,553,163
0
-76,588
14,480,159
0
14,480,159
BALANCE AT DECEMBER 31, 2011
10,238,885
16,593,239
2,139,007
19,514,170
0
3,174,521
51,659,822
7,196,663
58,856,485
 
(*) INCLUDES EARNED AND RECYCLED
  
 
 
 
 
DATA PER SHARE
CONSOLIDATED
AUDITED INFORMATION  Final Printing
 
REF
 
CONCEPTS
 
CURRENT YEAR
 
PREVIOUS YEAR
D
  
 Amount
Amount
               
d01
BASIC PROFIT PER ORDINARY SHARE (**)
$
0.02
  
$
0.02
  
               
d02
BASIC PROFIT PER PREFERRED SHARE (**)
$
0.00
  
$
0.00
  
               
d03
DILUTED PROFIT PER ORDINARY SHARE (**)
$
0.00
  
$
0.00
  
               
d04 
EARNINGS (LOSS) BEFORE DISCONTINUED OPERATIONS PER COMMON SHARE (**)
$
0.02
  
$
0.03
  
               
d05 
DISCONTINUED OPERATION EFFECT ON EARNINGS (LOSS) PER SHARE (**)
$
0.00
  
$
0.00
  
               
d08
CARRYING VALUE PER SHARE
$
0.16
  
$
0.14
  
               
d09
CASH DIVIDEND ACCUMULATED PER SHARE
$
0.00
  
$
0.00
  
               
d10
DIVIDEND IN SHARES PER SHARE
  
0.00
shares
  
0.00
shares
               
d11
MARKET PRICE TO CARRYING VALUE
  
3.22
times
  
3.94
times
               
d12
MARKET PRICE TO BASIC PROFIT PER ORDINARY SHARE (**)
  
24.03
times
  
23.24
times
               
d13
MARKET PRICE TO BASIC PROFIT PER PREFERRED SHARE (**)
  
0.00
times
  
0.00
times
               

(**) TO CALCULATE THE DATA PER SHARE, USE THE NET INCOME FOR THE LAST TWELVE MONTHS.
 
 
 
 
 
RATIOS
CONSOLIDATED
Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
P
      
           
 
YIELD
        
p01
NET INCOME TO NET SALES
13.07
%
14.72
%
p02
NET INCOME TO STOCKHOLDERS' EQUITY (**)
13.90
%
16.42
%
p03
NET INCOME TO TOTAL ASSETS (**)
5.28
%
6.24
%
p04
CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME
13.31
%
0.00
%
p05
RESULT FROM MONETARY POSITION TO NET INCOME
0.00
%
0.00
%
           
 
ACTIVITY
        
p06
NET SALES TO NET ASSETS (**)
0.40
times
0.42
times
p07
NET SALES TO FIXED ASSETS (**)
1.51
times
1.50
times
p08
INVENTORIES TURNOVER (**)
6.04
times
5.87
times
p09
ACCOUNTS RECEIVABLE IN DAYS OF SALES
95
days
95
days
p10
PAID INTEREST TO TOTAL LIABILITIES WITH COST (**)
7.51
%
7.44
%
           
 
LEVERAGE
        
p11
TOTAL LIABILITIES TO TOTAL ASSETS
62.04
%
62.00
%
p12
TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY
1.63
times
1.63
times
p13
FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES
34.69
%
41.15
%
p14
LONG-TERM LIABILITIES TO FIXED ASSETS
134.60
%
121.20
%
p15
OPERATING INCOME TO INTEREST PAID
3.90
times
4.31
times
p16
NET SALES TO TOTAL LIABILITIES (**)
0.65
times
0.68
times
           
 
LIQUIDITY
        
p17
CURRENT ASSETS TO CURRENT LIABILITIES
3.36
times
4.06
times
p18
CURRENT ASSETS LESS INVENTORY TO CURRENT
        
 
LIABILITIES
2.99
times
3.70
times
p19
CURRENT ASSETS TO TOTAL LIABILITIES
0.53
times
0.71
times
p20
AVAILABLE ASSETS TO CURRENT LIABILITIES
107.96
%
142.26
%
           
 (**) DATA FROM THE LAST TWELVE MONTHS.
 
 
 
 
 
 
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
   
 
AUDITED INFORMATION
 CONSOLIDATED
Final Printing
MEXICO CITY, D.F., MAY 3, 2012 — GRUPO TELEVISA, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “TELEVISA” OR “THE COMPANY”), TODAY ANNOUNCED AUDITED RESULTS FOR FOURTH QUARTER AND FULL YEAR 2011. THE RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH MEXICAN FINANCIAL REPORTING STANDARDS (MEXICAN FRS). BEGINNING IN FIRST QUARTER 2012, AS REQUIRED BY REGULATORY RULES FOR PUBLIC COMPANIES IN MEXICO, THE RESULTS WERE REPORTED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS).

THE FOLLOWING INFORMATION SETS FORTH A CONDENSED CONSOLIDATED STATEMENT OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010, IN MILLIONS OF MEXICAN PESOS, AS WELL AS THE PERCENTAGE OF NET SALES THAT EACH LINE REPRESENTS AND THE PERCENTAGE CHANGE WHEN COMPARING 2011 WITH 2010:

CONSOLIDATED NET SALES

CONSOLIDATED NET SALES INCREASED 8.2% TO PS.62,581.5 MILLION IN 2011 COMPARED WITH PS.57,856.8 MILLION IN 2010. THIS INCREASE WAS ATTRIBUTABLE TO STRONG REVENUE GROWTH IN OUR PROGRAMMING EXPORTS, CABLE AND TELECOM, PAY TELEVISION NETWORKS, AND SKY SEGMENTS.

CONTROLLING INTEREST NET INCOME

CONTROLLING INTEREST NET INCOME DECREASED 10.3% TO PS.6,889.6 MILLION IN 2011 COMPARED WITH PS.7,683.4 MILLION IN 2010. THE NET DECREASE OF PS.793.8 MILLION REFLECTED PRIMARILY I) A PS.1,114.1 MILLION INCREASE IN INTEGRAL COST OF FINANCING MAINLY AS A RESULT OF ADDITIONAL INTEREST EXPENSES AND THE DEPRECIATION OF THE PESO WITH RESPECT TO THE DOLLAR DURING THE YEAR; II) A PS.458 MILLION INCREASE IN NON-CONTROLLING INTEREST NET INCOME DUE TO NET INCOME GROWTH IN OUR SKY AND CABLE AND TELECOM SEGMENTS; AND III) A PS.237.5 MILLION INCREASE IN EQUITY IN LOSSES OF AFFILIATES, NET, EXPLAINED PRINCIPALLY BY EQUITY IN LOSSES OF LA SEXTA AND UNIVISION. THESE UNFAVORABLE VARIANCES WERE OFFSET BY A PS.1,239.4 MILLION INCREASE IN OPERATING INCOME.

FOURTH-QUARTER RESULTS AND FULL-YEAR RESULTS BY BUSINESS SEGMENT

THE FOLLOWING INFORMATION PRESENTS FOURTH-QUARTER RESULTS ENDED DECEMBER 31, 2011 AND 2010, AND FULL-YEAR RESULTS ENDED DECEMBER 31, 2011 AND 2010, FOR EACH OF OUR BUSINESS SEGMENTS. THE RESULTS ARE PRESENTED IN MILLIONS OF MEXICAN PESOS.

CONTENT

BEGINNING IN 2012, WE WILL REPORT REVENUE AND OPERATING SEGMENT INCOME FOR OUR CONTENT BUSINESSES AS A SINGLE SEGMENT, CONTENT, AND WILL CATEGORIZE OUR SOURCES OF CONTENT REVENUE AS FOLLOWS: A) ADVERTISING, B) NETWORK SUBSCRIPTION REVENUE, AND C) LICENSING AND SYNDICATION.

GIVEN THE COST STRUCTURE OF OUR CONTENT BUSINESS, OPERATING SEGMENT INCOME WILL BE REPORTED AS A SINGLE LINE ITEM.

OUR CONTENT BUSINESS WILL ENCOMPASS ALL SOURCES OF REVENUE DERIVED FROM OUR CONTENT, INCLUDING OUR TV BROADCASTING, PAY TELEVISION NETWORKS, PROGRAMMING EXPORTS AND ONLINE REVENUE.

OUR CONTENT BUSINESS PERFORMED WELL DURING THE YEAR, WITH CONTENT REVENUES GROWING BY 5% TO PS.30,685.6 MILLION COMPARED WITH PS.29,234.7 MILLION IN 2010,  WHILE OPERATING SEGMENT INCOME FOR OUR CONTENT BUSINESS GREW BY 4.7% TO PS.14,465.6 MILLION COMPARED WITH PS.13,820.3 MILLION IN 2010. AS A RESULT, CONTENT OPERATING SEGMENT INCOME MARGIN REACHED 47.1%.

THE FOLLOWING DISCUSSION PRESENTS OUR RESULTS ACCORDING TO PAST PRACTICE:

TELEVISION BROADCASTING

FOURTH-QUARTER SALES INCREASED 5.1% TO PS.7,243.7 MILLION COMPARED WITH PS.6,889.4 MILLION IN THE SAME PERIOD OF 2010. FOUR OF THE TOP-FIVE-RATED SHOWS TRANSMITTED IN MEXICO THROUGH BROADCAST TELEVISION DURING THE QUARTER WERE PRODUCED AND TRANSMITTED BY TELEVISA.

FULL-YEAR SALES MET OUR FULL-YEAR GUIDANCE, INCREASING MARGINALLY BY 0.3% TO PS.22,829.2 MILLION COMPARED WITH PS.22,750.1 MILLION IN 2010. THESE RESULTS WERE ACHIEVED DESPITE AN UNFAVORABLE COMPARISON WITH 2010.

DURING THE YEAR, TELEVISA’S CONTENT CONTINUED TO OUTPERFORM. THE FINAL EPISODE OF THE NOVELA “TERESA” WAS THE HIGHEST-RATED PROGRAM TRANSMITTED IN MEXICO THROUGH BROADCAST TELEVISION DURING THE YEAR. ADDITIONALLY, EIGHT OF THE TOP-TEN-RATED SHOWS ON OVER-THE-AIR TELEVISION IN MEXICO WERE PRODUCED AND TRANSMITTED BY TELEVISA. UPFRONT DEPOSITS REPRESENTED 72.5% OF REVENUES DURING THE YEAR; THE REMAINING WERE SALES IN THE SPOT MARKET.

FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 3.5% TO PS.3,560.2 MILLION COMPARED WITH PS.3,438.2 MILLION IN THE SAME PERIOD OF 2010, AND THE MARGIN WAS 49.1%.

FULL-YEAR OPERATING SEGMENT INCOME DECREASED 1.8% TO PS.10,524.3 MILLION COMPARED WITH PS.10,714.3 MILLION IN 2010; HOWEVER, THE MARGIN WAS IN LINE WITH GUIDANCE AT 46.1%.

PAY TELEVISION NETWORKS

FOURTH-QUARTER SALES INCREASED 23.3% TO PS.1,058.3 MILLION COMPARED WITH PS.858 MILLION IN THE SAME PERIOD OF 2010, DRIVEN MAINLY BY THE SUCCESS OF OUR PAY-TV CHANNELS, AND THE GROWTH OF PAY-TV PENETRATION IN MEXICO.

FULL-YEAR SALES INCREASED 13.9% TO PS.3,584.8 MILLION COMPARED WITH PS.3,146.2 MILLION IN 2010. THE ANNUAL INCREASE WAS DRIVEN BY HIGHER REVENUES FROM CHANNELS SOLD MAINLY IN MEXICO AND LATIN AMERICA, AS WELL AS HIGHER ADVERTISING SALES, WHICH REPRESENTED IN 2011 24.1% OF SEGMENT REVENUE, UP FROM 22.7% IN 2010. THESE RESULTS NO LONGER INCLUDE THE CONSOLIDATION OF TUTV, WHICH WAS SOLD TO UNIVISION AS PART OF THE DEAL CLOSED IN 2010. EXCLUDING THE CONTRIBUTION TO REVENUES OF TUTV IN 2010 RESULTS, GROWTH IN OUR PAY TELEVISION NETWORKS SEGMENT WAS 20.7%. DURING THE YEAR, TELEVISA SUCCESSFULLY ADDED “TIIN” TO ITS PORTFOLIO OF CHANNELS. THIS NEW NETWORK TARGETS YOUNG TEENAGERS AND COMPLEMENTS OUR EXISTING PORTFOLIO OF PAY-TV CHANNELS.

FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 3.1% TO PS.530 MILLION COMPARED WITH PS.514.2 MILLION IN THE SAME PERIOD OF 2010, AND THE MARGIN WAS 50.1%. THE CHANGE IN MARGIN MAINLY REFLECTED THE LAUNCH OF “TIIN”, HIGH-DEFINITION CHANNELS, THE COST OF “DECOS” IN ORDER TO RECEIVE HIGH-DEFINITION SIGNALS, AND SOME EXCLUSIVE SOCCER MATCHES.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 11.2% TO PS.1,803.9 MILLION COMPARED WITH PS.1,622 MILLION IN 2010, AND THE MARGIN WAS 50.3%. THESE RESULTS REFLECT HIGHER REVENUE AND THE ABSENCE OF COSTS AND EXPENSES RELATED TO I) FOROTV, WHICH IS NOW PART OF TELEVISION BROADCASTING; II) THE TRANSMISSION OF THE WORLD CUP BY TDN IN 2010; AND III) TUTV, WHICH IS NO LONGER CONSOLIDATED. THIS WAS PARTIALLY OFFSET BY AN INCREASE IN THE COST OF CONTENT, MAINLY AS A RESULT OF THE LAUNCH OF “TIIN” AND MORE IN-HOUSE PRODUCTIONS.
 
PROGRAMMING EXPORTS

FOURTH-QUARTER SALES INCREASED 34.5% TO PS.1,358.8 MILLION COMPARED WITH PS.1,010.2 MILLION IN THE SAME PERIOD OF 2010. THE ROYALTY FROM UNIVISION INCREASED 36.7%.

FULL-YEAR SALES INCREASED 31.3% TO PS.4,038.7 MILLION COMPARED WITH PS.3,074.8 MILLION IN 2010. THE GROWTH WAS ATTRIBUTABLE TO AN INCREASE IN ROYALTIES FROM UNIVISION, FROM US$156.1 MILLION IN 2010 TO US$224.9 MILLION IN 2011. THIS REFLECTS THE ONGOING RATINGS SUCCESS OF UNIVISION, AND THE FAVORABLE IMPACT OF THE REVISED ROYALTY STRUCTURE. ADDITIONALLY, DURING THE SECOND-HALF OF THE YEAR, WE RECEIVED REVENUES FROM NETFLIX.

FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 35.1% TO PS.734.9 MILLION COMPARED WITH PS.543.9 MILLION IN THE SAME PERIOD OF 2010, AND THE MARGIN REACHED 54.1%.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 40.7% TO PS.2,116.3 MILLION COMPARED WITH PS.1,503.6 MILLION IN 2010, AND THE MARGIN WAS 52.4%. THESE RESULTS REFLECT HIGHER SALES THAT WERE PARTIALLY OFFSET BY HIGHER AMORTIZATIONS OF CO-PRODUCED AND EXPORTABLE PROGRAMMING, INCLUDING “LA FEA MÁS BELLA” AND “REBELDE”.

PUBLISHING

FOURTH-QUARTER SALES INCREASED 3.3% TO PS.975.4 MILLION COMPARED WITH PS.944.4 MILLION IN 2010. THESE RESULTS REFLECT MAINLY STRONGER CIRCULATION REVENUE ABROAD THAT WAS PARTIALLY OFFSET BY LOWER ADVERTISING REVENUES IN MEXICO AND ABROAD.

FULL-YEAR SALES DECREASED 1.2% TO PS.3,191.8 MILLION COMPARED WITH PS.3,229.6 MILLION IN 2010. THIS DECREASE REFLECTS MAINLY A DECREASE IN CIRCULATION AND ADVERTISING REVENUE IN MEXICO, WHICH WAS PARTIALLY OFFSET BY AN INCREASE IN ADVERTISING REVENUE ABROAD.
 
FOURTH-QUARTER OPERATING SEGMENT INCOME DECREASED 9.8% TO PS.159 MILLION COMPARED WITH PS.176.2 MILLION IN THE SAME PERIOD OF 2010, AND THE MARGIN WAS 16.3%.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 6.4% TO PS.452.6 MILLION COMPARED WITH PS.425.3 MILLION IN 2010, AND THE MARGIN IMPROVED TO 14.2%. THIS INCREASE REFLECTS LOWER PAPER AND PRINTING COSTS AND OUR ONGOING STRICT CONTROL ON OPERATING EXPENSES.

SKY

FOURTH-QUARTER SALES INCREASED 11.2% TO PS.3,196.1 MILLION COMPARED WITH PS.2,874.7 MILLION IN THE SAME PERIOD OF 2010. DURING THE QUARTER, SKY ADDED A TOTAL OF 184 THOUSAND SUBSCRIBERS, MAINLY IN MEXICO.

FULL-YEAR SALES INCREASED 10.9% TO PS.12,479.2 MILLION COMPARED WITH PS.11,248.2 MILLION IN 2010. THE ANNUAL INCREASE WAS DRIVEN BY SOLID GROWTH IN THE SUBSCRIBER BASE BY MORE THAN 964 THOUSAND, EXPLAINED MAINLY BY THE CONTINUED SUCCESS OF SKY´S LOW-COST OFFERINGS. SKY’S ATTRACTIVE AND EXCLUSIVE CONTENT OFFERINGS INCLUDED SOME OF THE MOST IMPORTANT SOCCER TOURNAMENTS, SUCH AS THE “COPA DE ORO” AND “COPA AMÉRICA”. AS OF DECEMBER 31, 2011, THE NUMBER OF GROSS ACTIVE SUBSCRIBERS INCREASED TO 4,008,374 (INCLUDING 157,646 COMMERCIAL SUBSCRIBERS), COMPARED WITH 3,044,028 (INCLUDING 149,899 COMMERCIAL SUBSCRIBERS) AS OF DECEMBER 31, 2010. SKY CLOSED THE YEAR WITH MORE THAN 159 THOUSAND SUBSCRIBERS IN CENTRAL AMERICA AND THE DOMINICAN REPUBLIC.

FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 10.8% TO PS.1,410.9 MILLION COMPARED WITH PS.1,273.9 MILLION IN THE SAME PERIOD OF 2010, AND THE MARGIN WAS 44.1%.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 14.1% TO PS.5,790.3 MILLION COMPARED WITH PS.5,074.5 MILLION IN 2010, AND THE MARGIN INCREASED TO 46.4%. THIS INCREASE REFLECTS HIGHER SALES AS WELL AS THE ABSENCE OF AMORTIZATION COSTS RELATED TO THE EXCLUSIVE TRANSMISSION OF CERTAIN 2010 SOCCER WORLD CUP MATCHES.

CABLE AND TELECOM

FOURTH-QUARTER SALES INCREASED 16% TO PS.3,678.1 MILLION COMPARED WITH PS.3,171.2 MILLION IN THE SAME PERIOD OF 2010 DRIVEN BY THE GROWTH IN ALL OF OUR CABLE PLATFORMS.

FULL-YEAR SALES INCREASED 15.4% TO PS.13,635.4 MILLION COMPARED WITH PS.11,814.2 MILLION IN 2010. THIS INCREASE WAS ATTRIBUTABLE MAINLY TO THE ADDITION OF MORE THAN 623 THOUSAND REVENUE GENERATING UNITS (RGUS) IN CABLEVISIÓN, CABLEMÁS, AND TVI DURING THE YEAR AS A RESULT OF THE SUCCESS OF OUR COMPETITIVE OFFERINGS. DURING THE YEAR, CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL NET SALES INCREASED 12.3%, 16.3%, 17.2% AND 19.6%, RESPECTIVELY.

THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF SUBSCRIBERS FOR EACH OF OUR THREE CABLE AND TELECOM SUBSIDIARIES AS OF DECEMBER 31, 2011:

THE SUBSCRIBER BASE OF CABLEVISIÓN OF VIDEO, BROADBAND AND TELEPHONY AS OF DECEMBER 31, 2011, AMOUNTED TO 727,235, 408,408 AND 251,340, RESPECTIVELY.

THE SUBSCRIBER BASE OF CABLEMÁS OF VIDEO, BROADBAND AND TELEPHONY AS OF DECEMBER 31, 2011, AMOUNTED TO 1,085,173, 466,827 AND 266,160, RESPECTIVELY.

THE SUBSCRIBER BASE OF TVI OF VIDEO, BROADBAND AND TELEPHONY AS OF DECEMBER 31, 2011, AMOUNTED TO 370,411, 191,406 AND 132,360, RESPECTIVELY.

THE RGUS OF CABLEVISIÓN, CABLEMÁS AND TVI AS OF DECEMBER 31, 2011, AMOUNTED TO 1,386,983, 1,818,160 AND 694,177, RESPECTIVELY.

FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 27.8% TO PS.1,398.1 MILLION COMPARED WITH PS.1,094 MILLION IN THE SAME PERIOD OF 2010, AND THE MARGIN INCREASED TO 38%. THE MARGINS WERE PARTICULARLY STRONG IN BESTEL. THIS INCREASE WAS DRIVEN BY LOWER INTERCONNECTION RATES AND A LARGER CUSTOMER BASE.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 22% TO PS.4,768.3 MILLION COMPARED WITH PS.3,907.2 MILLION IN 2010, AND THE MARGIN INCREASED TO 35%. THESE RESULTS REFLECT CONTINUED GROWTH IN THE CABLE PLATFORMS, AND STRONG MARGINS AT BESTEL. THESE FAVORABLE VARIANCES WERE PARTIALLY OFFSET BY AN INCREASE IN ADVERTISING SPENDING DURING THE YEAR.

THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF REVENUES AND OPERATING SEGMENT INCOME, EXCLUDING CONSOLIDATION ADJUSTMENTS, FOR OUR FOUR CABLE AND TELECOM SUBSIDIARIES FOR 2011 AND 2010:

THE REVENUES FOR 2011 OF CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.4,391.4 MILLION, PS.4,726.2 MILLION, PS.2,172.7 MILLION AND PS.2,727 MILLION, RESPECTIVELY, COMPARED WITH PS.3,910.2 MILLION, PS.4,065.2 MILLION, PS.1,854.5 MILLION AND PS.2,280.3 MILLION, RESPECTIVELY, IN 2010.

THE OPERATING SEGMENT INCOME FOR 2011 OF CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.1,697.2 MILLION, PS.1,806.1 MILLION, PS.926.2 MILLION AND PS.573.4 MILLION, RESPECTIVELY, COMPARED WITH PS.1,505.1 MILLION, PS.1,523.2 MILLION, PS.764.4 MILLION AND PS.318 MILLION, RESPECTIVELY, IN 2010.

THESE RESULTS DO NOT INCLUDE CONSOLIDATION ADJUSTMENTS IN 2011 OF PS.381.9 MILLION IN REVENUES AND PS.234.6 MILLION IN OPERATING SEGMENT INCOME, COMPARED WITH PS.296 MILLION IN REVENUES AND PS.203.5 MILLION IN OPERATING SEGMENT INCOME IN 2010, WHICH ARE CONSIDERED IN THE CONSOLIDATED RESULTS OF CABLE AND TELECOM.

OTHER BUSINESSES

FOURTH-QUARTER SALES INCREASED 7.8% TO PS.1,125.5 MILLION COMPARED WITH PS.1,043.8 MILLION IN THE SAME PERIOD OF 2010 DRIVEN MAINLY BY OUR FEATURE-FILM DISTRIBUTION, TELEVISA INTERACTIVE MEDIA, AND RADIO BUSINESSES.

FULL-YEAR SALES INCREASED 8.2% TO PS.4,126.6 MILLION COMPARED WITH PS.3,812.3 MILLION IN 2010. BUSINESSES THAT PERFORMED WELL INCLUDE FEATURE-FILM DISTRIBUTION, SOCCER, AND GAMING. THE RESULTS OF GAMING WERE DRIVEN BY THE SUCCESS IN THE LAUNCH OF NEW GAMES. THE SOCCER BUSINESS BENEFITED FROM THE CONSOLIDATION OF THE TEAMS NECAXA AND SAN LUIS. FINALLY, THE FEATURE-FILM DISTRIBUTION BUSINESS DISTRIBUTED HITS SUCH AS “SALVANDO AL SOLDADO PÉREZ” AND “LA LEYENDA DE LA LLORONA”.

FOURTH-QUARTER OPERATING SEGMENT LOSS DECREASED 37.9% TO A LOSS OF  PS.66.5 MILLION COMPARED WITH A LOSS OF PS.107.1 MILLION IN THE SAME PERIOD OF 2010.

FULL-YEAR OPERATING SEGMENT LOSS DECREASED 35.5% TO PS.118.7 MILLION COMPARED WITH PS.184 MILLION IN 2010, REFLECTING OPERATING INCOME INSTEAD OF LOSSES IN OUR GAMING AND INTERNET BUSINESSES, AS WELL AS AN INCREASE IN THE OPERATING INCOME OF OUR RADIO BUSINESS.

INTERSEGMENT OPERATIONS
 
INTERSEGMENT OPERATIONS FOR 2011 AND 2010 AMOUNTED TO PS.1.304.2 MILLION AND PS.1.218.6 MILLION, RESPECTIVELY.

CORPORATE EXPENSES

SHARE-BASED COMPENSATION EXPENSE IN 2011 AND 2010 AMOUNTED TO PS.653.2 MILLION AND PS.560.6 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, INCREASED BY PS.72.8 MILLION, OR 12.8%, TO PS.640 MILLION FOR THE YEAR ENDED DECEMBER 31, 2011, COMPARED WITH PS.567.2 MILLION FOR THE YEAR ENDED DECEMBER 31, 2010. THE INCREASE REFLECTED PRIMARILY THE ABSENCE OF GAINS GENERATED IN 2010 BY THE DISPOSITION OF OUR EQUITY STAKES IN VOLARIS, A LOW-COST CARRIER AIRLINE, AND TUTV, A DISTRIBUTOR OF OUR SPANISH-SPEAKING PROGRAMMING PACKAGES IN THE UNITED STATES. THESE UNFAVORABLE VARIANCES WERE PARTIALLY OFFSET PRIMARILY BY A REDUCTION OF FINANCIAL ADVISORY AND PROFESSIONAL SERVICES EXPENSES, A LOWER LOSS ON DISPOSITION OF PROPERTY AND EQUIPMENT, AND THE ABSENCE OF EXPENSES RELATED TO AN IMPAIRMENT ADJUSTMENT MADE TO THE CARRYING VALUE OF GOODWILL IN OUR PUBLISHING SEGMENT AND THE REFINANCING OF DEBT OF CABLEMÁS IN 2010.

OTHER EXPENSE, NET, IN THE YEAR ENDED DECEMBER 31, 2011 INCLUDED PRIMARILY FINANCIAL ADVISORY AND PROFESSIONAL SERVICES, LOSS ON DISPOSITION OF PROPERTY AND EQUIPMENT, AND DONATIONS.

INTEGRAL COST OF FINANCING

THE NET EXPENSE ATTRIBUTABLE TO INTEGRAL COST OF FINANCING INCREASED BY PS.1,114.1 MILLION, OR 36.8%, TO PS.4,142.7 MILLION FOR THE YEAR ENDED DECEMBER 31, 2011 FROM PS.3,028.6 MILLION FOR THE YEAR ENDED DECEMBER 31, 2010. THIS INCREASE REFLECTED PRIMARILY I) A PS.697.4 MILLION INCREASE IN INTEREST EXPENSE, DUE MAINLY TO A HIGHER AVERAGE PRINCIPAL AMOUNT OF LONG-TERM DEBT IN 2011; AND II) A PS.515.7 MILLION INCREASE IN FOREIGN UNHEDGED EXCHANGE LOSS RESULTING PRIMARILY FROM THE UNFAVORABLE EFFECT OF A 13.1% DEPRECIATION OF THE MEXICAN PESO AGAINST THE US DOLLAR IN 2011 ON OUR AVERAGE NET US DOLLAR LIABILITY POSITION COMPARED WITH A 5.5% APPRECIATION IN 2010 ON OUR AVERAGE NET US DOLLAR LIABILITY POSITION. THESE UNFAVORABLE VARIANCES WERE PARTIALLY OFFSET BY A PS.99 MILLION INCREASE IN INTEREST INCOME, WHICH IS EXPLAINED PRIMARILY BY OUR INVESTMENT IN DEBENTURES ISSUED BY BROADCASTING MEDIA PARTNERS, INC. (“BMP”) AND GSF TELECOM HOLDINGS, S.A.P.I. DE C.V. (“GSF”), THE CONTROLLING COMPANIES OF UNIVISION COMMUNICATIONS INC. (“UNIVISION”) AND GRUPO IUSACELL, S.A. DE C.V. (“IUSACELL”), RESPECTIVELY, IN 2011, WHICH EFFECT WAS PARTIALLY OFFSET BY A LOWER AVERAGE AMOUNT OF CASH AND CASH EQUIVALENTS IN 2011.

EQUITY IN LOSSES OF AFFILIATES, NET

EQUITY IN LOSSES OF AFFILIATES, NET, INCREASED BY PS.237.5 MILLION TO PS.449.4 MILLION IN 2011 COMPARED WITH PS.211.9 MILLION IN 2010. THIS INCREASE REFLECTED MAINLY EQUITY IN LOSSES OF LA SEXTA, A FREE-TO-AIR TELEVISION CHANNEL IN SPAIN, AND BMP, THE CONTROLLING COMPANY OF UNIVISION, WHICH EFFECT WAS PARTIALLY OFFSET BY AN INCREASE IN EQUITY IN EARNINGS OF OCEN, A LIVE-ENTERTAINMENT VENTURE IN MEXICO.

INCOME TAXES

INCOME TAXES INCREASED BY PS.150.8 MILLION, OR 4.6%, TO PS.3,409.8 MILLION IN 2011 FROM PS.3,259  MILLION IN 2010. THIS INCREASE REFLECTED PRIMARILY A HIGHER EFFECTIVE INCOME TAX RATE.

NON-CONTROLLING INTEREST NET INCOME

NON-CONTROLLING INTEREST NET INCOME INCREASED BY PS.458 MILLION, OR 55%, TO PS.1,290.5 MILLION IN 2011, FROM PS.832.5 MILLION IN 2010. THIS INCREASE REFLECTED PRIMARILY A HIGHER PORTION OF CONSOLIDATED NET INCOME ATTRIBUTABLE TO INTERESTS HELD BY NON-CONTROLLING EQUITY OWNERS IN OUR CABLE AND TELECOM AND SKY SEGMENTS.

OTHER RELEVANT INFORMATION

CAPITAL EXPENDITURES AND INVESTMENTS

DURING 2011, WE INVESTED APPROXIMATELY US$791 MILLION IN PROPERTY, PLANT, AND EQUIPMENT AS CAPITAL EXPENDITURES, INCLUDING APPROXIMATELY US$406.1 MILLION FOR OUR CABLE AND TELECOM SEGMENT, US$241.6 MILLION FOR OUR SKY SEGMENT, AND US$143.3 MILLION FOR OUR TELEVISION BROADCASTING SEGMENT AND OTHER BUSINESSES.

OUR INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT IN OUR CABLE AND TELECOM SEGMENT DURING 2011 INCLUDED APPROXIMATELY US$132.8 MILLION FOR CABLEVISIÓN, US$142 MILLION FOR CABLEMÁS, US$65.4 MILLION FOR TVI, AND US$65.9 MILLION FOR BESTEL.

IN OCTOBER 2011, WE MADE A CASH PAYMENT IN THE AMOUNT OF US$450 MILLION (PS.6,056.8 MILLION) IN CONNECTION WITH OUR INVESTMENT IN DEBENTURES OF GSF, THE CONTROLLING COMPANY OF IUSACELL, IN THE AGGREGATE AMOUNT OF US$1,565 MILLION (PS.19,229.1 MILLION).

IN THE FOURTH QUARTER 2011, WE ENTERED INTO AGREEMENTS TO BUY FROM EXISTING STOCKHOLDERS AN ADDITIONAL 219,125 SHARES OF COMMON STOCK OF BMP IN THE AGGREGATE AMOUNT OF US$49.1 MILLION (PS.669.4 MILLION). AS A RESULT OF THIS ACQUISITION, WE INCREASED OUR EQUITY STAKE IN BMP FROM 5% TO 7.1%.
 
DEBT AND CAPITAL LEASE OBLIGATIONS

THE TOTAL CONSOLIDATED DEBT AMOUNTED TO PS.56,827 MILLION AND PS. 47,964.8 MILLION AS OF DECEMBER 31, 2011 AND 2010, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION  OF LONG-TERM DEBT IN THE AMOUNT OF PS.1,170 MILLION AND PS. 1,469.1 MILLION, RESPECTIVELY.
 
ADDITIONALLY,  WE HAD CAPITAL LEASE OBLIGATIONS IN THE AMOUNT OF PS.583.7 MILLION AND PS.629.8 MILLION AS OF DECEMBER 31, 2011 AND 2010, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF PS.381.9 MILLION  AND PS.280.1 MILLION, RESPECTIVELY.

AS OF DECEMBER 31, 2011, OUR CONSOLIDATED NET DEBT POSITION (TOTAL DEBT LESS CASH AND CASH EQUIVALENTS, TEMPORARY INVESTMENTS, AND NONCURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS) WAS PS.31,772.7 MILLION. CASH AND CASH EQUIVALENTS AND TEMPORARY INVESTMENTS AS OF DECEMBER 31, 2011 REACHED PS.21,698.5 MILLION, WHILE THE AGGREGATE AMOUNT OF NONCURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS AS OF THE SAME DATE AMOUNTED TO PS.3,355.8 MILLION.

SHARES OUTSTANDING

AS OF DECEMBER 31, 2011 AND 2010, OUR SHARES OUTSTANDING AMOUNTED TO 330,862.1 MILLION AND 325,023 MILLION SHARES, RESPECTIVELY, AND OUR CPO EQUIVALENTS OUTSTANDING AMOUNTED TO 2,827.9 MILLION AND 2,778 MILLION CPO EQUIVALENTS, RESPECTIVELY. NOT ALL OF OUR SHARES ARE IN THE FORM OF CPOS. THE NUMBER OF CPO EQUIVALENTS IS CALCULATED BY DIVIDING THE NUMBER OF SHARES OUTSTANDING BY 117.

AS OF DECEMBER 31, 2011 AND 2010, THE GDS (GLOBAL DEPOSITARY SHARES) EQUIVALENTS OUTSTANDING AMOUNTED TO 565.6 MILLION AND 555.6 MILLION GDS EQUIVALENTS, RESPECTIVELY. THE NUMBER OF GDS EQUIVALENTS IS CALCULATED BY DIVIDING THE NUMBER OF CPO EQUIVALENTS BY FIVE.

ABOUT TELEVISA

GRUPO TELEVISA, S.A.B., IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING WORLD BASED ON ITS MARKET CAPITALIZATION 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 A HORIZONTAL INTERNET PORTAL, AND GAMING.

DISCLAIMER

THIS ANNEX CONTAINS FORWARD-LOOKING STATEMENTS REGARDING THE COMPANY’S RESULTS AND PROSPECTS. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THESE STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS ANNEX SHOULD BE READ IN CONJUNCTION WITH THE FACTORS DESCRIBED IN “ITEM 3. KEY INFORMATION – FORWARD-LOOKING STATEMENTS” IN THE COMPANY’S ANNUAL REPORT ON FORM 20-F, WHICH, AMONG OTHERS, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS MADE IN THIS ANNEX AND IN ORAL STATEMENTS MADE BY AUTHORIZED OFFICERS OF THE COMPANY. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THEIR DATES. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
 
 
 
 
 
FINANCIAL STATEMENT NOTES
CONSOLIDATED
AUDITED INFORMATION  Final Printing
 
GRUPO TELEVISA, S.A.B.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010
(IN THOUSANDS OF MEXICAN PESOS, EXCEPT PER CPO AND PER SHARE AMOUNTS)

1.        ACCOUNTING POLICIES:

THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A.B. (THE "COMPANY") AND ITS CONSOLIDATED ENTITIES (COLLECTIVELY, THE "GROUP"), AS OF DECEMBER 31, 2011 AND 2010, AND FOR THE YEARS ENDED ON THOSE DATES, ARE UNAUDITED. IN THE OPINION OF MANAGEMENT, ALL ADJUSTMENTS (CONSISTING PRINCIPALLY OF NORMAL RECURRING ADJUSTMENTS) NECESSARY FOR A FAIR PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN INCLUDED THEREIN.

FOR PURPOSES OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, CERTAIN INFORMATION AND DISCLOSURES, NORMALLY INCLUDED IN FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH MEXICAN FINANCIAL REPORTING STANDARDS (“MEXICAN FRS”), HAVE BEEN CONDENSED OR OMITTED. THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SHOULD BE READ IN CONJUNCTION WITH THE GROUP'S CONSOLIDATED AND AUDITED FINANCIAL STATEMENTS AND NOTES THERETO FOR THE YEAR ENDED DECEMBER 31, 2011, WHICH INCLUDE, AMONG OTHER DISCLOSURES, THE GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES, WHICH HAVE BEEN APPLIED ON A CONSISTENT BASIS FOR THE YEAR ENDED DECEMBER 31, 2011.
 
          IN THE FIRST QUARTER OF 2009, THE MEXICAN BANK AND SECURITIES COMMISSION (“COMISIÓN NACIONAL BANCARIA Y DE VALORES”) ISSUED REGULATIONS FOR LISTED COMPANIES IN MEXICO REQUIRING THE ADOPTION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRS”) AS ISSUED BY THE INTERNATIONAL ACCOUNTING STANDARDS BOARD (“IASB”) TO REPORT COMPARATIVE FINANCIAL INFORMATION FOR PERIODS BEGINNING NO LATER THAN JANUARY 1, 2012. IN 2010, THE GROUP IMPLEMENTED A PLAN TO COMPLY WITH THESE REGULATIONS AND START REPORTING ITS CONSOLIDATED FINANCIAL STATEMENTS IN ACCORDANCE WITH IFRS FOR PERIODS BEGINNING IN 2012 (SEE NOTE 16).


2.         PROPERTY, PLANT AND EQUIPMENT:
 
PROPERTY, PLANT AND EQUIPMENT AS OF DECEMBER 31 CONSISTED OF:

   
2011
    
2010
  
BUILDINGS
   Ps. 9,603,313     Ps. 9,466,384  
BUILDING IMPROVEMENTS
     1,690,594       1,698,781  
TECHNICAL EQUIPMENT
     52,324,547       45,520,020  
SATELLITE TRANSPONDERS
     3,593,873       3,593,873  
FURNITURE AND FIXTURES
     887,842       826,076  
TRANSPORTATION EQUIPMENT
     2,165,540       2,525,029  
COMPUTER EQUIPMENT
     4,430,997       3,671,449  
LEASEHOLD IMPROVEMENTS
     1,342,959       1,303,689  
      76,039,665       68,605,301  
ACCUMULATED DEPRECIATION
     (42,379,528 )     (36,900,013 )
      33,660,137       31,705,288  
LAND
     4,222,114       4,085,914  
CONSTRUCTION AND PROJECTS IN PROGRESS
     3,616,716       2,860,645  
    Ps. 41,498,967     Ps. 38,651,847  
 
DEPRECIATION CHARGED TO INCOME FOR THE YEAR ENDED DECEMBER 31, 2011 AND 2010 WAS PS.6,500,739 AND PS.5,697,642, RESPECTIVELY.
 

3.        LONG-TERM DEBT SECURITIES:
 
AS OF DECEMBER 31, THE GROUP'S CONSOLIDATED SHORT-TERM AND LONG-TERM DEBT SECURITIES OUTSTANDING WERE AS FOLLOWS:

   
2011
    
2010
  
 
 
LONG-TERM DEBT SECURITIES
  
THOUSANDS
OF
 U.S. DOLLARS
    
MEXICAN
PESOS
    
THOUSANDS
OF
 U.S. DOLLARS
    
MEXICAN
PESOS
  
8.0% SENIOR NOTES DUE 2011 (A)
   U.S.$ -     Ps. -     U.S.$ 71,951     Ps. 889,142  
6.0% SENIOR NOTES DUE 2018 (A)
     500,000       6,989,250       500,000       6,178,800  
6.625% SENIOR NOTES DUE 2025 (A)
     600,000       8,387,100       600,000       7,414,560  
8.5% SENIOR NOTES DUE 2032 (A)
     300,000       4,193,550       300,000       3,707,280  
8.49% SENIOR NOTES DUE 2037 (A)
     -       4,500,000       -       4,500,000  
6.625% SENIOR NOTES DUE 2040 (A)
    
600,000
      
8,387,100
      
600,000
      
7,414,560
  
7.38%  NOTES DUE 2020 (B)
    
 -
      
10,000,000
      
-
      
10,000,000
  
    U.S.$ 2,000,000     Ps. 42,457,000     U.S.$ 2,071,951     Ps. 40,104,342  
 
(A)  
THESE SENIOR NOTES ARE UNSECURED OBLIGATIONS OF THE COMPANY, RANK EQUALLY IN RIGHT OF PAYMENT WITH ALL EXISTING AND FUTURE UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF THE COMPANY, AND ARE JUNIOR IN RIGHT OF PAYMENT TO ALL OF THE EXISTING AND FUTURE LIABILITIES OF THE COMPANY’S SUBSIDIARIES. INTEREST ON THE SENIOR NOTES DUE 2018, 2025, 2032, 2037 AND 2040, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS  6.31%, 6.97%, 8.94%, 8.93% AND 6.97% PER ANNUM, RESPECTIVELY, AND IS PAYABLE SEMI-ANNUALLY. THESE SENIOR NOTES MAY NOT BE REDEEMED PRIOR TO MATURITY, EXCEPT (I) IN THE EVENT OF CERTAIN CHANGES IN LAW AFFECTING THE MEXICAN WITHHOLDING TAX TREATMENT OF CERTAIN PAYMENTS ON THE SECURITIES, IN WHICH CASE THE SECURITIES WILL BE REDEEMABLE, AS A WHOLE BUT NOT IN PART, AT THE OPTION OF THE COMPANY; AND (II) IN THE EVENT OF A CHANGE OF CONTROL, IN WHICH CASE THE COMPANY MAY BE REQUIRED TO REDEEM THE SECURITIES AT 101% OF THEIR PRINCIPAL AMOUNT. ALSO, THE COMPANY MAY, AT ITS OWN OPTION, REDEEM THE SENIOR NOTES DUE 2018, 2025, 2037 AND 2040, IN WHOLE OR IN PART, AT ANY TIME AT A REDEMPTION PRICE EQUAL TO THE GREATER OF THE PRINCIPAL AMOUNT OF THESE SENIOR NOTES OR THE PRESENT VALUE OF FUTURE CASH FLOWS, AT THE REDEMPTION DATE, OF PRINCIPAL AND INTEREST AMOUNTS OF THE SENIOR NOTES DISCOUNTED AT A FIXED RATE OF COMPARABLE U.S. OR MEXICAN SOVEREIGN BONDS. THE AGREEMENT OF THESE SENIOR NOTES CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PAY TELEVISION NETWORKS AND PROGRAMMING EXPORTS, TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS. THE SENIOR NOTES DUE 2018, 2025, 2032, 2037 AND 2040 ARE REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. IN SEPTEMBER 2011, THE COMPANY PAID AT ITS MATURITY THE REMAINING AMOUNT OF ITS 8.00% SENIOR NOTES DUE 2011 FOR A PRINCIPAL AMOUNT OF U.S.$72 MILLION (PS.898,776).


(B)  
IN OCTOBER 2010, THE COMPANY ISSUED 7.38% NOTES (“CERTIFICADOS BURSÁTILES”) DUE 2020 THROUGH THE MEXICAN STOCK EXCHANGE (“BOLSA MEXICANA DE VALORES”) IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.10,000,000. INTEREST ON THESE NOTES IS PAYABLE SEMI-ANNUALLY. THE COMPANY MAY, AT ITS OWN OPTION, REDEEM THESE NOTES, IN WHOLE OR IN PART, AT ANY SEMI-ANNUAL INTEREST PAYMENT DATE AT A REDEMPTION PRICE EQUAL TO THE GREATER OF THE PRINCIPAL AMOUNT OF THE OUTSTANDING NOTES AND THE PRESENT VALUE OF FUTURE CASH FLOWS, AT THE REDEMPTION DATE, OF PRINCIPAL AND INTEREST AMOUNTS OF THE NOTES DISCOUNTED AT A FIXED RATE OF COMPARABLE MEXICAN SOVEREIGN BONDS. THE AGREEMENT OF THESE NOTES CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES APPOINTED BY THE COMPANY’S BOARD OF DIRECTORS, AND ENGAGED IN TELEVISION BROADCASTING, PAY TELEVISION NETWORKS AND PROGRAMMING EXPORTS, TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.
 
 
4.        CONTINGENCIES:
 
IN DECEMBER 2010, THE COMPANY AND UNIVISION COMMUNICATIONS INC. (“UNIVISION”) ANNOUNCED THE COMPLETION OF CERTAIN AGREEMENTS AMONG RELATED PARTIES BY WHICH, AMONG OTHER TRANSACTIONS, THE GROUP MADE AN INVESTMENT IN BROADCASTING MEDIA PARTNERS, INC. (“BMP”), THE CONTROLLING COMPANY OF UNIVISION, AND THE PROGRAM LICENSE AGREEMENT (“PLA”) BETWEEN TELEVISA AND UNIVISION WAS AMENDED AND EXTENDED THROUGH THE LATER OF 2025 OR SEVEN AND ONE-HALF YEARS AFTER TELEVISA HAS SOLD TWO-THIRDS OF ITS INITIAL INVESTMENT IN BMP. IN CONNECTION WITH THESE AGREEMENTS, A COUNTERCLAIM FILED BY UNIVISION IN OCTOBER 2006, WHEREBY IT SOUGHT A JUDICIAL DECLARATION THAT ON OR AFTER DECEMBER 19, 2006, PURSUANT TO THE PLA, TELEVISA MAY NOT TRANSMIT OR PERMIT OTHERS TO TRANSMIT ANY TELEVISION PROGRAMMING INTO THE UNITED STATES BY MEANS OF THE INTERNET, WAS DISMISSED.
 
THERE ARE VARIOUS OTHER LEGAL ACTIONS AND CLAIMS PENDING AGAINST THE COMPANY, WHICH ARE FILED IN THE ORDINARY COURSE OF BUSINESS. IN THE OPINION OF THE COMPANY’S MANAGEMENT, NONE OF THESE ACTIONS AND CLAIMS ARE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT ON THE GROUP’S FINANCIAL STATEMENTS AS A WHOLE; HOWEVER, THE COMPANY IS UNABLE TO PREDICT THE OUTCOME OF ANY OF THESE LEGAL ACTIONS AND CLAIMS.
 
5.        STOCKHOLDERS' EQUITY:
 
THE COMPANY’S CAPITAL STOCK AS OF DECEMBER 31, IS ANALYZED AS FOLLOWS:

   
2011
    
2010
  
NOMINAL
   Ps. 2,525,818     Ps. 2,368,792  
CUMULATIVE INFLATION ADJUSTMENT (A)
     7,713,067       7,651,067  
TOTAL CAPITAL STOCK
   Ps. 10,238,885     Ps. 10,019,859  
 
            (A) THE COMPANY DISCONTINUED RECOGNIZING THE EFFECTS OF INFLATION ON FINANCIAL INFORMATION ON JANUARY 1, 2008, IN ACCORDANCE WITH MEXICAN FRS.

            ON APRIL 29, 2011, THE COMPANY’S STOCKHOLDERS APPROVED (I) THE PAYMENT OF A DIVIDEND FOR AN AGGREGATE AMOUNT OF UP TO PS.1,036,664, WHICH CONSISTED OF PS.0.35 PER CPO AND PS.0.00299145299 PER SHARE, NOT IN THE FORM OF A CPO, WHICH WAS PAID IN CASH IN MAY 2011 IN THE AGGREGATE AMOUNT OF PS.1,023,012; (II) THE MERGER OF CABLEMÁS INTO THE COMPANY ON APRIL 29, 2011, FOR WHICH REGULATORY APPROVALS WERE OBTAINED IN FEBRUARY AND JUNE 2011; (III) AN INCREASE IN THE CAPITAL STOCK OF THE COMPANY, WHICH CONSISTED OF 2,901,600,000 SHARES IN THE FORM OF 24,800,000 CPOS, IN CONNECTION WITH THE MERGER OF CABLEMÁS INTO THE COMPANY, BY WHICH THE COMPANY INCREASED ITS INTEREST IN THE CABLEMÁS BUSINESS FROM 90.8% TO 100%; AND (IV) AN ADDITIONAL ISSUANCE OF 17,550,000,000 SHARES OF THE CAPITAL STOCK OF THE COMPANY IN THE FORM OF 150,000,000 CPOS, SUBJECT TO THE PREEMPTIVE RIGHTS OF EXISTING STOCKHOLDERS, WHICH WAS PRIMARILY PAID IN CASH BY THE SPECIAL PURPOSE TRUST OF THE COMPANY’S STOCK PURCHASE PLAN AND LONG-TERM RETENTION PLAN IN THE FOURTH QUARTER OF 2011 (SEE NOTE 13).

          IN AUGUST 2011, 118,755 SHARES OF THE CAPITAL STOCK OF THE COMPANY, IN THE FORM OF 1,015 CPOS, WERE SUBSCRIBED AND PAID BY EXISTING STOCKHOLDERS UNDER PREEMPTIVE RIGHTS IN THE AMOUNT OF PS.71. ALSO, IN OCTOBER 2011, 17,549,881,245 SHARES OF THE CAPITAL STOCK OF THE COMPANY, IN THE FORM OF 149,998,985 CPOS, WERE SUBSCRIBED AND PAID BY THE SPECIAL PURPOSE TRUST OF THE COMPANY’S STOCK PURCHASE PLAN AND LONG-TERM RETENTION PLAN IN THE AMOUNT OF PS.10,499,929.

AS OF DECEMBER 31, 2011, THE NUMBER OF SHARES ISSUED, REPURCHASED AND OUTSTANDING IS PRESENTED AS FOLLOWS:

   
 
 ISSUED
  
 
REPURCHASED
  
 
OUTSTANDING
SERIES “A” SHARES
  
124,249,076,425
  
11,639,539,835
  
112,609,536,590
SERIES “B” SHARES
  
59,840,975,176
  
7,650,111,529
  
52,190,863,647
SERIES “D” SHARES
  
91,451,686,865
  
8,420,825,649
  
83,030,861,216
SERIES “L” SHARES
  
91,451,686,865
  
8,420,825,649
  
83,030,861,216
   
366,993,425,331
  
36,131,302,662
  
330,862,122,669

     AS OF DECEMBER 31, 2011, THE COMPANY’S SHARES REPURCHASED BY THE COMPANY, AND THE COMPANY’S SHARES HELD BY SPECIAL TRUSTS IN CONNECTION WITH THE COMPANY’S STOCK PURCHASE PLAN AND LONG-TERM RETENTION PLAN, ARE PRESENTED AS A CHARGE TO THE CONTROLLING INTEREST STOCKHOLDERS’ EQUITY  AS FOLLOWS:
 
 
SERIES “A”, “B”, “D”, AND “L” SHARES
  
 
IN THE FORM
OF CPOS
NOT IN THE
FORM OF CPOS
 
TOTAL
 
NET COST
REPURCHASE PROGRAM (1)
  4,563,538,200
-
4,563,538,200
PS.     1,991,713
HELD BY A COMPANY’S TRUST  (2)
23,586,078,789
7,981,685,673
31,567,764,462
13,037,629
ADVANCES FOR ACQUISITION OF SHARES (3)
-
-
-
942,368
 
28,149,616,989
7,981,685,673
36,131,302,662
PS.     15,971,710

(1)  
DURING THE YEAR ENDED DECEMBER 31, 2011, THE COMPANY REPURCHASED 23,400,000 SHARES IN THE FORM OF 200,000 CPOS, IN THE AGGREGATE AMOUNT OF PS.12,623.
(2)  
IN OCTOBER 2010, THE COMPANY’S STOCK PURCHASE PLAN AND LONG-TERM RETENTION PLAN WERE CONSOLIDATED UNDER A SINGLE SPECIAL PURPOSE TRUST. DURING THE FIRST HALF OF 2011, THE COMPANY RELEASED 320,443,695 SHARES IN THE FORM OF 2,738,835 CPOS, IN THE AMOUNT OF PS.35,974, IN CONNECTION WITH THE STOCK PURCHASE PLAN. IN JANUARY 2011, THE COMPANY RELEASED 232,743,888 SHARES, IN THE FORM OF 1,989,264 CPOS, IN THE AMOUNT OF PS.19,097, IN CONNECTION WITH THE LONG-TERM RETENTION PLAN. ALSO, IN APRIL 2011, THE COMPANY RELEASED 2,418,188,526 SHARES, IN THE FORM OF 20,668,278 CPOS AND 386,100,000 SHARES, NOT IN THE FORM OF CPOS, IN THE AMOUNT OF PS.640,303 AND PS.102,234, RESPECTIVELY, IN CONNECTION WITH THE LONG-TERM RETENTION PLAN. IN ADDITION, DURING THE YEAR ENDED DECEMBER 31 2011, THIS TRUST ACQUIRED 400,725,000 SHARES OF THE COMPANY, IN THE FORM OF 3,425,000 CPOS, IN THE AMOUNT OF PS.184,757 AND SUBSCRIBED AND PAID FOR 17,549,881,245 SHARES OF THE COMPANY, IN THE FORM OF 149,998,985 CPOS, IN THE AMOUNT OF PS.10,499,929.
(3)  
IN CONNECTION WITH THE COMPANY’S STOCK PURCHASE PLAN AND LONG-TERM RETENTION PLAN.

THE GROUP ACCRUED IN THE STOCKHOLDERS’ EQUITY ATTRIBUTABLE TO THE CONTROLLING INTEREST A SHARE-BASED COMPENSATION EXPENSE OF PS.649,325 FOR THE YEAR ENDED DECEMBER 31, 2011, WHICH AMOUNT WAS REFLECTED IN CONSOLIDATED OPERATING INCOME AS ADMINISTRATIVE EXPENSE (SEE NOTE 11).

6.        RESERVE FOR REPURCHASE OF SHARES:

NO RESERVE FOR REPURCHASE OF SHARES WAS OUTSTANDING AS OF DECEMBER 31, 2011.

 IN ACCORDANCE WITH THE MEXICAN SECURITIES LAW, ANY AMOUNT OF SHARES REPURCHASED AND HELD BY THE COMPANY SHOULD BE RECOGNIZED AS A CHARGE TO STOCKHOLDERS' EQUITY, AND ANY CANCELLATION OF SHARES REPURCHASED SHOULD BE RECOGNIZED AS A REDUCTION OF THE COMPANY'S CAPITAL STOCK ISSUED FOR AN AMOUNT PROPORTIONATE TO THE SHARES CANCELLED.

7.        INTEGRAL RESULT OF FINANCING:

INTEGRAL RESULT OF FINANCING FOR THE YEARS ENDED DECEMBER 31 CONSISTED OF:

   
2011
    
2010
  
INTEREST EXPENSE (1)
   Ps. 4,312,764     Ps. 3,615,276  
INTEREST INCOME
     (1,146,517 )     (1,047,505 )
FOREIGN EXCHANGE LOSS, NET (2)
     976,502       460,874  
    Ps. 4,142,749     Ps. 3,028,645  
                 
(1)  
INTEREST EXPENSE INCLUDES IN 2011 AND 2010 A NET LOSS FROM RELATED DERIVATIVE CONTRACTS OF PS.133,336 AND PS.255,420, RESPECTIVELY.
(2)  
FOREIGN EXCHANGE LOSS, NET, INCLUDES IN 2011 AND 2010 A NET LOSS FROM FOREIGN CURRENCY DERIVATIVE CONTRACTS OF PS.262,874 AND PS.516,381, RESPECTIVELY.
 
8.        DEFERRED TAXES:
 
THE DEFERRED INCOME TAX LIABILITY AS OF DECEMBER 31 WAS DERIVED FROM:

   
2011
    
2010
  
ASSETS:
            
ACCRUED LIABILITIES
   Ps. 670,148     Ps. 1,369,786  
GOODWILL
     1,483,467       1,468,497  
TAX LOSS CARRYFORWARDS
     747,372       944,406  
ALLOWANCE FOR DOUBTFUL ACCOUNTS
     570,319       456,326  
CUSTOMER ADVANCES
     1,638,868       834,743  
OPTIONS
     741,331       -  
OTHER ITEMS
     549,827       542,337  
LIABILITIES:
                
INVENTORIES
     (402,327 )     (400,173 )
PROPERTY, PLANT AND EQUIPMENT, NET
     (1,103,543 )     (1,389,794 )
OTHER ITEMS
     (1,411,655 )     (1,503,034 )
DEFERRED INCOME TAX OF MEXICAN COMPANIES
     3,483,807       2,323,094  
DEFERRED TAX OF FOREIGN SUBSIDIARIES
     462,865       640,184  
ASSETS TAX
     1,088,485       1,444,041  
VALUATION ALLOWANCE
     (4,288,889 )     (4,837,579 )
FLAT RATE BUSINESS TAX
     (335,375 )     28,735  
DEFERRED TAX (LIABILITY) ASSET
   Ps. 410,893     Ps. (401,525 )

THE EFFECTS OF INCOME TAX PAYABLE AS OF DECEMBER 31, 2010 AND 2011 IN CONNECTION WITH THE 2010 MEXICAN TAX REFORM, ARE AS FOLLOWS:

TAX LOSSES OF SUBSIDIARIES, NET
   Ps. 188,246     Ps. 49,911  
DIVIDENDS DISTRIBUTED AMONG THE GROUP’S ENTITIES
     278,557       413,454  
      466,803       463,365  
LESS: CURRENT PORTION
     167,724       183,093  
NON-CURRENT PORTION
   Ps. 299,079     Ps. 280,272  


9.         DISCONTINUED OPERATIONS:

NO DISCONTINUED OPERATIONS, AS DEFINED BY MEXICAN FRS BULLETIN C-15, IMPAIRMENT IN THE VALUE OF LONG-LIVED ASSETS AND THEIR DISPOSAL, WERE RECOGNIZED IN INCOME FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010.
 
 
10.       QUARTERLY NET RESULTS:

THE QUARTERLY NET RESULTS FOR THE FOUR QUARTERS ENDED DECEMBER 31, 2011 ARE AS FOLLOWS:
 
QUARTER
  
ACCUMULATED
    
QUARTER
  
1st / 11
   Ps. 870,713     Ps. 870,713  
2nd / 11
     2,674,360       1,803,647  
3rd / 11     4,719,508       2,045,148  
4th / 11
     6,889,641       2,170,133  

11. INFORMATION BY SEGMENTS:

 INFORMATION BY SEGMENTS FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010 IS PRESENTED AS FOLLOWS:

   
TOTAL REVENUES
    
INTERSEGMENT REVENUES
    
CONSOLIDATED REVENUES
    
SEGMENT PROFIT (LOSS)
        
2011:
                              
TELEVISION BROADCASTING
   Ps. 22,829,245     Ps. 603,563     Ps. 22,225,682     Ps. 10,524,281        
PAY TELEVISION NETWORKS
     3,584,850       316,786       3,268,064       1,803,862        
PROGRAMMING EXPORTS
     4,038,701       4,484       4,034,217       2,116,261        
PUBLISHING
     3,191,788       67,865       3,123,923       452,565        
SKY
     12,479,158       39,665       12,439,493       5,790,263        
CABLE AND TELECOM
     13,635,354       44,542       13,590,812       4,768,256        
OTHER BUSINESSES
     4,126,641       227,291       3,899,350       (118,552 )      
SEGMENTS TOTALS
     63,885,737       1,304,196       62,581,541       25,336,936        
RECONCILIATION TO CONSOLIDATED AMOUNTS:
                                      
ELIMINATIONS AND CORPORATE EXPENSES
     (1,304,196 )     (1,304,196 )     -       (1,085,162 )      
DEPRECIATION AND AMORTIZATION EXPENSE
     -       -       -       (7,429,728 )      
CONSOLIDATED TOTAL
   Ps. 62,581,541     Ps. -     Ps. 62,581,541     Ps. 16,822,046   (1)      
                                         
2010:
                                        
TELEVISION BROADCASTING
   Ps. 22,750,082     Ps. 396,300     Ps. 22,353,782     Ps. 10,714,296          
PAY TELEVISION NETWORKS
     3,146,172       504,360       2,641,812       1,622,022          
PROGRAMMING EXPORTS
     3,074,766       6,639       3,068,127       1,503,640          
PUBLISHING
     3,229,588       66,795       3,162,793       425,296          
SKY
     11,248,160       50,116       11,198,044       5,074,517          
CABLE AND TELECOM
     11,814,196       61,654       11,752,542       3,907,172          
OTHER BUSINESSES
     3,812,476       132,748       3,679,728       (184,038 )        
SEGMENT TOTALS
     59,075,440       1,218,612       57,856,828       23,062,905          
RECONCILIATION TO CONSOLIDATED AMOUNTS:
                                        
ELIMINATIONS AND CORPORATE EXPENSES
     (1,218,612 )     (1,218,612 )     -       (900,971 )        
DEPRECIATION AND AMORTIZATION EXPENSE
     -       -       -       (6,579,325 )        
CONSOLIDATED TOTAL
   Ps. 57,856,828     Ps. -     Ps. 57,856,828     Ps. 15,582,609   (1)      

(1)  
CONSOLIDATED TOTALS REPRESENT CONSOLIDATED OPERATING INCOME.
 
12.       INVESTMENTS:

      IN APRIL 2011, THE COMPANY MADE, THROUGH A WHOLLY-OWNED SUBSIDIARY,  AN INVESTMENT OF (I) U.S.$37.5 MILLION (PS.442,001) IN EQUITY, REPRESENTING 1.093875% OF THE OUTSTANDING SHARES OF GSF TELECOM HOLDINGS, S.A.P.I. DE C.V. (“GSF”), THE CONTROLLING COMPANY OF GRUPO IUSACELL, S.A. DE C.V. (“IUSACELL”), A PROVIDER OF TELECOMMUNICATIONS SERVICES, PRIMARILY ENGAGED IN PROVIDING MOBILE SERVICES THROUGHOUT MEXICO; AND (II) U.S.$1,565 MILLION (PS.19,229,056) IN UNSECURED  DEBENTURES ISSUED BY GSF THAT ARE MANDATORILY CONVERTIBLE INTO SHARES OF STOCK OF GSF, SUBJECT TO REGULATORY APPROVAL AND OTHER CUSTOMARY CLOSING CONDITIONS. UPON CONVERSION OF THE DEBENTURES, THE EQUITY PARTICIPATION OF THE COMPANY IN GSF AND IUSACELL WILL BE 50%. IN ADDITION, THE COMPANY AGREED TO MAKE AN ADDITIONAL PAYMENT OF U.S.$400 MILLION TO GSF IF CUMULATIVE EBITDA, AS DEFINED, REACHES U.S.$3,472 MILLION AT ANY TIME BETWEEN 2011 AND 2015. UNDER THE TERMS OF THE TRANSACTION, THE COMPANY AND THE OTHER OWNER OF GSF WILL HAVE EQUAL CORPORATE GOVERNANCE RIGHTS. IN CONNECTION WITH THIS INVESTMENT, THE GROUP MADE CASH PAYMENTS DURING THE SECOND AND THIRD QUARTERS OF 2011 IN THE AGGREGATE AMOUNT OF U.S.$1,152.5 MILLION (PS.13,614,282) AND, IN OCTOBER 2011, IN THE AMOUNT OF U.S.$450 MILLION (PS.6,056,775).

13.       OTHER STOCKHOLDERS TRANSACTIONS:

         IN FEBRUARY 2010, MARCH 2011 AND AUGUST 2011, THE HOLDING COMPANIES OF THE SKY SEGMENT PAID A DIVIDEND TO ITS EQUITY OWNERS IN THE AGGREGATE AMOUNT OF PS.500,000, PS.1,250,000 AND PS.600,000, RESPECTIVELY, OF WHICH PS.206,667, PS.516,667 AND PS.248,000, RESPECTIVELY,  WERE PAID TO ITS NON-CONTROLLING EQUITY OWNERS.

          IN MARCH 2011, THE STOCKHOLDERS OF A MAJORITY-OWNED SUBSIDIARY OF THE COMPANY, EMPRESAS CABLEVISIÓN, S.A.B. DE C.V., APPROVED A CAPITAL CONTRIBUTION TO INCREASE THE CAPITAL STOCK OF THIS COMPANY IN THE AMOUNT OF PS.3,000,000, OF WHICH PS.1,469,165 WAS CONTRIBUTED BY THE NON-CONTROLLING INTEREST.

          ON APRIL 1, 2011, THE COMPANY ANNOUNCED AN AGREEMENT WITH THE NON-CONTROLLING STOCKHOLDERS OF CABLEMÁS TO ACQUIRE A 41.7% EQUITY INTEREST IN THIS ENTITY. IN CONNECTION WITH THIS AGREEMENT, (I) THE STOCKHOLDERS OF CABLEMÁS APPROVED ON MARCH 31, 2011 A CAPITAL INCREASE IN CABLEMÁS, BY WHICH A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY INCREASED ITS EQUITY INTEREST IN CABLEMÁS FROM 58.3% TO 90.8%; (II) THE COMPANY’S STOCKHOLDERS APPROVED THE MERGER OF CABLEMÁS INTO THE COMPANY ON APRIL 29, 2011, BY WHICH THE COMPANY INCREASED ITS INTEREST IN THE CABLEMÁS BUSINESS FROM 90.8% TO 100%; AND (III) A FINAL REGULATORY APPROVAL WAS OBTAINED BY THE COMPANY IN JUNE 2011. THIS TRANSACTION HAD A TOTAL VALUE OF APPROXIMATELY PS.4,700 MILLION, INCLUDING THE MERGER OF CABLEMÁS INTO THE COMPANY (SEE NOTE 5).

14.      FINANCING TRANSACTIONS:

          IN APRIL AND OCTOBER 2010, THE COMPANY REPAID AT ITS MATURITY A PORTION OF A BANK LOAN IN THE PRINCIPAL AMOUNT OF PS.1,000,000.

          IN OCTOBER 2010, THE COMPANY ISSUED PS.10,000,000 AGGREGATE PRINCIPAL AMOUNT OF 7.38% NOTES DUE 2020, THROUGH THE MEXICAN STOCK EXCHANGE (SEE NOTE 3).

          IN NOVEMBER 2010, CABLEMÁS, A MAJORITY-OWNED SUBSIDIARY OF THE COMPANY, PREPAID ALL OF ITS OUTSTANDING LOAN FACILITY FOR AN AGGREGATE AMOUNT OF U.S.$50 MILLION (PS.622,118), INCLUDING ACCRUED INTEREST (SEE NOTE 3).

          IN MARCH 2011, EMPRESAS CABLEVISIÓN, S.A.B. DE C.V. PREPAID ALL OF ITS OUTSTANDING LOAN FACILITY IN THE PRINCIPAL AMOUNT OF U.S.$225 MILLION, AND RECEIVED A CASH AMOUNT OF U.S.$7.6 MILLION FOR THE LIQUIDATION OF A DERIVATIVE CONTRACT RELATED TO THIS LOAN.

          IN MARCH 2011, THE COMPANY ENTERED INTO LONG-TERM CREDIT AGREEMENTS WITH FOUR MEXICAN BANKS IN THE AGGREGATE PRINCIPAL AMOUNT OF  PS.8,600,000, WITH AN ANNUAL INTEREST RATE BETWEEN  8.09% AND 9.4%, PAYABLE ON A MONTHLY BASIS, AND PRINCIPAL MATURITIES BETWEEN 2016 AND 2021. THE PROCEEDS OF THESE LOANS HAVE BEEN USED FOR GENERAL CORPORATE PURPOSES. UNDER THE TERMS OF THESE LOAN AGREEMENTS, THE COMPANY IS REQUIRED TO (A) MAINTAIN CERTAIN FINANCIAL COVERAGE RATIOS RELATED TO INDEBTEDNESS AND INTEREST EXPENSE; AND (B) COMPLY WITH THE RESTRICTIVE COVENANT ON SPIN-OFFS, MERGERS AND SIMILAR TRANSACTIONS.
 
15.      OTHER TRANSACTIONS:
 
         IN CONNECTION WITH A 15-YEAR SERVICE AGREEMENT FOR 24 TRANSPONDERS ON INTELSAT’S SATELLITE IS-16 AMONG SKY, SKY BRASIL SERVICOS LTDA., INTELSAT AND AN AFFILIATE, THE GROUP RECORDED IN 2010 A ONE-TIME FIXED FEE IN THE AGGREGATE AMOUNT OF U.S.$138.6 MILLION (PS.1,697,711), OF WHICH U.S.$27.7 MILLION AND U.S.$110.9 MILLION WERE PAID IN THE FIRST QUARTER OF 2010 AND 2011, RESPECTIVELY.

        IN MARCH 2010, SKY REACHED AN AGREEMENT WITH A SUBSIDIARY OF INTELSAT TO LEASE 24 TRANSPONDERS ON INTELSAT IS-21 SATELLITE, WHICH WILL BE MAINLY USED FOR SIGNAL RECEPTION AND RETRANSMISSION SERVICES OVER THE SATELLITE’S ESTIMATED 15-YEAR SERVICE LIFE. IS-21 INTENDS TO REPLACE INTELSAT IS-9 AS SKY’S PRIMARY TRANSMISSION SATELLITE AND IS CURRENTLY EXPECTED TO START SERVICE IN THE THIRD QUARTER OF 2012. THE LEASE AGREEMENT FOR 24 TRANSPONDERS ON IS-21 CONTEMPLATES A MONTHLY PAYMENT OF U.S.$3.0 MILLION TO BE PAID BY SKY BEGINNING WHEN IS-21 IS FULLY OPERATIONAL, WHICH IS EXPECTED BY THE LAST QUARTER OF 2012.
 
16.   INITIAL REPORTING OF FINANCIAL INFORMATION IN ACCORDANCE WITH IFRS
 
        THROUGH DECEMBER 31, 2011, THE GROUP’S CONSOLIDATED FINANCIAL STATEMENTS WERE PRESENTED IN ACCORDANCE WITH MEXICAN FRS, WHICH DIFFERS IN CERTAIN RESPECTS FROM IFRS, WHICH ARE THE STANDARDS TO BE USED BY THE GROUP FOR FINANCIAL REPORTING PURPOSES BEGINNING IN THE FIRST QUARTER OF 2012 (SEE NOTE 1).

        THE PRINCIPAL DIFFERENCES BETWEEN MEXICAN FRS AND IFRS ARE PRESENTED BELOW, AS THEY RELATE TO THE GROUP’S INITIAL ADOPTION OF IFRS FOR FINANCIAL REPORTING PURPOSES AND THE EXPLANATION OF THE ADJUSTMENTS THAT AFFECT THE GROUP’S CONSOLIDATED STOCKHOLDERS’ EQUITY AS OF DECEMBER 31, 2011. THESE DIFFERENCES AND ADJUSTMENTS HAVE BEEN PREPARED BY THE GROUP’S MANAGEMENT IN CONFORMITY WITH IFRS AS ISSUED AND PUBLISHED BY THE IASB TO DATE, AND ARE BASED ON EXEMPTIONS AND EXCEPTIONS ALLOWED BY IFRS 1, FIRST-TIME ADOPTION OF IFRS. ALSO, THESE DIFFERENCES AND ADJUSTMENTS ARE SUBJECT TO A CONTINUED EVALUATION BY THE GROUP’S MANAGEMENT AS TO THE POSSIBLE EARLY, AND/OR RETROSPECTIVE, APPLICATION OF NEW STANDARDS OR INTERPRETATIONS ISSUED BY THE IASB.
 
RECONCILIATION OF CONSOLIDATED STOCKHOLDERS’ EQUITY:
 
   
AS OF DECEMBER 31, 2011
  
CONSOLIDATED STOCKHOLDERS’ EQUITY UNDER MEXICAN FRS
   Ps. 58,856,485  
FAIR VALUE OF INVESTMENTS
     695,675  
RECOGNITION OF FAIR VALUE IN REAL ESTATE PROPERTY (A)
     (578,184 )
ELIMINATION OF INFLATION EFFECTS RECOGNIZED IN INTANGIBLE ASSETS AND DEFERRED CHARGES (B)
     (363,256 )
ADJUSTMENTS TO RETIREMENT AND TERMINATION BENEFITS (C)
     630,958  
COMPUTATION OF DEFERRED INCOME TAX EFFECTS (D)
     40,992  
ELIMINATION OF INFLATION EFFECTS RECOGNIZED IN FOREIGN ENTITIES (E)
     (179,983 )
ADJUSTMENTS TO EQUITY INVESTEES
     113  
OTHER ADJUSTMENTS, NET
     (13,425 )
          TOTAL IFRS TRANSITION ADJUSTMENTS
     232,890  
CONSOLIDATED STOCKHOLDERS’ EQUITY UNDER IFRS
   Ps. 59,089,375  

(A) IN ACCORDANCE WITH THE PROVISIONS OF IAS 16, PROPERTY, PLANT AND EQUIPMENT, AND THE EXEMPTION ALLOWED BY IFRS 1, FIRST-TIME ADOPTION OF IFRS, THE GROUP RECOGNIZED AS DEEMED COST THE FAIR VALUE OF CERTAIN REAL ESTATE PROPERTY AT JANUARY 1, 2011, THE TRANSITION DATE, AS PROVIDED BY INDEPENDENT APPRAISALS. ACCORDINGLY, THE AGGREGATE AMOUNT OF PS. 578,184 REFLECTS THE TOTAL ADJUSTMENTS MADE TO THE CARRYING VALUE OF SELECTED LAND AND BUILDINGS OWNED BY THE GROUP AS OF DECEMBER 31, 2011, TO RECOGNIZE THEIR FAIR VALUE AT THE TRANSITION DATE.

(B) THE EFFECTS OF INFLATION RECOGNIZED BY THE GROUP IN INTANGIBLE ASSETS BETWEEN 1998 (THE FIRST YEAR OF TRANSITION FROM HYPERINFLATION TO INFLATION UNDER IFRS IN THE MEXICAN ECONOMY) AND 2007 (THE LAST YEAR THAT EFFECTS OF INFLATION WERE RECOGNIZED IN THE GROUP’S CONSOLIDATED FINANCIAL STATEMENTS UNDER MEXICAN FRS) AMOUNTED TO AN AGGREGATE OF PS.363,256  AT DECEMBER 31, 2011. THIS ADJUSTMENT WAS MADE TO CONCESSIONS AND LICENSES, TRADEMARKS, TRANSMISSION RIGHTS AND PROGRAMMING, SUBSCRIBERS LISTS AND OTHER INTANGIBLE ASSETS AND DEFERRED CHARGES (OTHER THAN GOODWILL).

(C) THE ADJUSTMENTS TO RETIREMENT AND TERMINATION BENEFITS AMOUNTED TO PS.630,958 AS OF DECEMBER 31, 2011. THESE ADJUSTMENTS TO NON-CURRENT EMPLOYEE BENEFITS WERE MADE IN ACCORDANCE WITH THE PROVISIONS OF IAS 19, EMPLOYEE BENEFITS, AND IFRS 1, FIRST-TIME ADOPTION OF IFRS, AND CONSIST OF THE RECLASSIFICATION TO OTHER ACCUMULATED COMPREHENSIVE INCOME OR LOSS IN CONSOLIDATED STOCKHOLDERS’ EQUITY OF THE OUTSTANDING BALANCE OF NET ACTUARIAL GAIN AND THE UNRECOGNIZED PRIOR SERVICE COST FOR TRANSITION LIABILITY UNDER MEXICAN FRS, AND THE WRITE-OFF OF SEVERANCE INDEMNITIES TO EMPLOYEES ACCRUED UNDER MEXICAN FRS.

(D) THE DEFERRED INCOME TAXES RELATED TO THOSE TEMPORARY DIFFERENCES ARISING FROM IFRS ADJUSTMENTS MADE BY THE GROUP AS OF DECEMBER 31, 2011 AMOUNTED TO PS.40,992, AND ARE PRIMARILY RELATED TO PROPERTY, PLANT AND EQUIPMENT, INTANGIBLE ASSETS, BENEFITS TO EMPLOYEES AND AVAILABLE-FOR-SALE FINANCIAL ASSETS.

(E) THE EFFECTS OF INFLATION RECOGNIZED BY THE GROUP AS ADJUSTMENTS TO NON-MONETARY ITEMS IN FINANCIAL STATEMENTS OF FOREIGN SUBSIDIARIES AND ASSOCIATES UNDER MEXICAN FRS, PRIMARILY BETWEEN 1998 AND 2007, AMOUNTED TO PS.179,983  AS OF DECEMBER 31, 2011.
 
THE GROUP’S CONSOLIDATED ASSETS, LIABILITIES AND STOCKHOLDERS’ EQUITY WERE  FIRST ADJUSTED AT JANUARY 1, 2011, THE TRANSITION DATE, FOR THE  IFRS DIFFERENCES REFERRED TO ABOVE, AND THE ADJUSTED AMOUNTS BECAME THE IFRS ACCOUNTING BASIS BEGINNING JANUARY 1, 2011 AND FOR SUBSEQUENT PERIODS.  ALSO, ADDITIONAL IFRS DIFFERENCES AND ADJUSTMENTS WERE IDENTIFIED DURING 2011 IN CONNECTION WITH (I) THE RECOGNITION AND MEASUREMENT AT FAIR VALUE OF AN  EMBEDDED DERIVATIVE IN A HOST CONTRACT, WHICH WAS NOT SEPARATED UNDER MEXICAN FRS; AND (II) THE MEASUREMENT AT FAIR VALUE OF INVESTMENTS THAT WERE MEASURED AT COST UNDER MEXICAN FRS.

THE AFOREMENTIONED IFRS DIFFERENCES WILL BE REFLECTED IN THE GROUP’S CONSOLIDATED FINANCIAL STATEMENTS AND EXPLANATORY NOTES TO BE PRESENTED AND DISCLOSED FOR REPORTING PERIODS BEGINNING WITH THE FIRST QUARTER OF 2012.

 ------------
 
 
 
 
 
ANALYSIS OF INVESTMENTS IN SHARES
SUBSIDIARIES
 
CONSOLIDATED
AUDITED INFORMATION  Final Printing
         
     
NUMBER
%
COMPANY NAME
MAIN ACTIVITIES
OF SHARES
OWNERSHIP
         
         
1
ALEKTIS CONSULTORES, S DE RL. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
1
100.00
2
CABLESTAR, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
57,195,341
30.80
3
CABLE Y COMUNICACIÓN DE CAMPECHE, S.A. DE C.V.
TELECOM COMPANY
11,321
98.24
4
CABLE Y COMUNICACIÓN  DE MORELIA, S.A. DE C.V.
TELECOM COMPANY
66,770
100.00
5
CABLEMAS TELECOMUNICACIONES, S.A. DE C.V.
TELECOM COMPANY
718,404,028
92.63
6
CCC TECNO EQUIPOS, S.A. DE C.V.
LEASING COMPANY
4,374
98.24
7
CM EQUIPOS Y SOPORTE, S.A. DE C.V.
LEASING COMPANY
405,331,351
92.63
8
CORPORATIVO VASCO DE QUIROGA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
262,182,535
99.96
9
CONSORCIO NEKEAS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
43,040,851
99.77
10
CONSTRUCTORA CABLEMAS, S.A. DE C.V.
SERVICES COMPANY
3,289,999
100.00
11
DTH EUROPA, S.A.
PROMOTION AND DEVELOPMENT OF COMPANIES
582,471
100.00
12
EDITORA FACTUM, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
4,347,922
100.00
13
EDITORIAL TELEVISA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
2,474,969
99.38
14
FACTUM MAS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
564,225
91.18
15
GRUPO DISTRIBUIDORAS INTERMEX, S.A. DE C.V.
DISTRIBUTION OF BOOKS AND MAGAZINES
670,303
100.00
16
GRUPO LEGARIS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
82,358
91.17
17
GRUPO TELESISTEMA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
30,952,303
100.00
18
INMOBILIARIA CABLEMAS, S.A. DE C.V.
REAL ESTATE COMPANY
1,092,075
100.00
19
KAPA CAPITAL, S.A. DE C.V. SOFOM E.N.R.
PROMOTION AND DEVELOPMENT OF COMPANIES
1,959,228
100.00
20
KASITUM, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
42,405
100.00
21
MULTIMEDIA TELECOM, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
3,031,390
19.46
22
MULTIMEDIA CTI, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
999
100.00
23
PROFESIONALES EN VENTAS, S.A. DE C.V.
SERVICES COMPANY
49
98.00
24
PROMO-INDUSTRIAS METROPOLITANAS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
10,368,038
100.00
25
SERVICIOS ADMINISTRATIVOS, S.A. DE C.V.
SERVICES COMPANY
1,341
93.00
26
SISTEMA RADIOPOLIS, S.A. DE C.V.
COMMERCIALIZATION OF RADIO PROGRAMMING
76,070,313
50.00
27
SOMOS TELEVISA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
1,696,115
100.00
28
TELEPARABOLAS, S.L.
TV CABLE COMMERCIALIZATION
1,500
100.00
29
TELEVISA JUEGOS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
4,478,622
100.00
30
TELESISTEMA MEXICANO, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
497
99.40
31
TELEVISA ARGENTINA, S.A.
COMMERCIAL OPERATION OF TELEVISION
1,677,000
95.72
32
TELEVISA ENTRETENIMIENTO, S.A. DE C.V
PROMOTION AND DEVELOPMENT OF COMPANIES
1,028,260
100.00
33
TV TRANSMISIONES DE CHIHUAHUA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
661,004
100.00
34
VILLACEZAN, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
221,029
100.00
 
 
 
 
 
 
ANALYSIS OF INVESTMENTS IN SHARES
ASSOCIATES
 
CONSOLIDATED
AUDITED INFORMATION  Final Printing
       
TOTAL AMOUNT
   
NUMBER
%
(Thousands of Mexican Pesos)
COMPANY NAME
MAIN ACTIVITIES
OF SHARES
OWNERSHIP
ACQUISITION
BOOK
       
COST
VALUE
1
ARGOS COMUNICACION, S.A. DE C.V.
OPERATION AND/OR BROADCASTING OF T.V.
34,151,934
33.00
141,932
49,666
2
BROADCASTING MEDIA PARTNERS, INC
PROMOTION AND DEVELOPMENT OF COMPANIES
745,461
7.06
2,276,842
2,443,103
3
CENTROS DE CONOCIMIENTO TECNOLOGICO, S.A. DE C.V.
EDUCATION
5,317,900
15.07
55,000
19,653
4
COMUNICABLE, S.A. DE C.V.
CABLE TV TRANSMISSION
1
50.00
16,918
25,128
5
COMUNICABLE DE VALLE HERMOSO, S.A. DE C.V.
CABLE TV TRANSMISSION
1
50.00
4,019
2,945
6
CORPORATIVO TD SPORTS, S.A. DE C.V.
COMMERCIALIZATION OF TELEVISION PROGRAMMING
47,839
49.00
47,839
35,195
7
DIBUJOS ANIMADOS MEXICANOS DIAMEX, S.A. DE C.V.
PRODUCTION OF ANIMATED CARTOONS
1,735,560
49.00
4,384
840
8
EDITORIAL CLIO, LIBROS Y VIDEOS, S.A. DE C.V.
PUBLISHING AND PRINTING OF BOOKS AND MAGAZINES
3,227,050
30.00
32,270
9,045
9
ENDEMOL LATINO, N.A., LLC.
COMMERCIALIZATION OF TELEVISION PROGRAMMING
1
49.00
6,335
6,849
10
ENDEMOL MEXICO, S.A. DE C.V.
COMMERCIALIZATION OF TELEVISION PROGRAMMING
25,000
50.00
25
1,031
11
GESTORA DE INVERSIONES AUDIOVISUALES LA SEXTA, S.A.
COMMERCIALIZATION OF TELEVISION PROGRAMMING
12,203,927
40.77
4,212,390
130,203
12
GRUPO TELECOMUNICACIONES DE ALTA CAPACIDAD, S.A.P.I.
TELECOM
54,666,667
33.33
427,000
-
13
OCESA ENTRETENIMIENTO, S.A. DE C.V.
LIVE ENTERTAINMENT IN MEXICO
14,100,000
40.00
1,062,811
810,273
14
TELEVISORA DEL YAQUI, S.A. DE C.V.
OPERATION AND/OR BROADCASTING OF T.V.
4,124,986
15.00
412
5,941
15
T&V S.A.S.
COMMERCIALIZATION OF TELEVISION PROGRAMMING
1,849
50.00
312
312
 
TOTAL INVESTMENT IN ASSOCIATES
  
8,288,489
3,540,184
 
OTHER PERMANENT INVESTMENTS
  
39,867,606
 
TOTAL
8,288,489
43,407,790
 
OBSERVATIONS:
 
THE INDICATED PERCENTAGE REPRESENTS THE DIRECT SHARE OF GRUPO TELEVISA, S.A.B. IN EACH COMPANY.
 
OTHER PERMANENT INVESTMENTS AMOUNT PRINCIPALLY INCLUDES FINANCIAL INSTRUMENTS.
 
 
 
 
 
CREDITS BREAKDOWN
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION  Final Printing
         
AMORTIZATION OF CREDITS DENOMINATED IN PESOS
(Thousands of $)
AMORTIZATION OF CREDITS IN FOREIGN CURRENCY
(Thousands of $)
 CREDIT TYPE /
WITH FOREIGN
DATE OF
AMORTIZATION
INTEREST
TIME INTERVAL
TIME INTERVAL
INSTITUTION
INSTITUTION
CONTRACT
DATE
RATE
CURRENT
UNTIL 1
UNTIL 2
UNTIL 3
UNTIL 4
UNTIL 5
CURRENT
UNTIL 1
UNTIL 2
UNTIL 3
UNTIL 4
UNTIL 5
         
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
BANKS
                                
FOREIGN TRADE
                                
SECURED
                                
COMMERCIAL BANKS
                                
BANAMEX, S.A.
NA
4/20/2006
4/20/2016
8.74
          
2,100,000
            
INBURSA, S.A.
NA
10/22/2004
4/23/2012
10.35
  
1,000,000
                    
SANTANDER
NA
4/21/2006
4/21/2016
TIIE+24
          
1,400,000
            
BANCO MERCANTIL DEL NORTE
NA
2/24/2011
2/21/2016
TIIE+215
    
188,100
225,720
225,720
460,460
            
SANTANDER
NA
3/30/2011
3/30/2016
8.12
          
2,000,000
            
BBVA BANCOMER
NA
3/30/2011
3/30/2016
8.095
          
2,500,000
            
BANAMEX, S.A.
NA
3/25/2011
3/23/2021
9.40
          
400,000
            
BANAMEX, S.A.
NA
3/25/2011
3/23/2021
9.06
          
800,000
            
BANAMEX, S.A.
NA
3/25/2011
3/23/2018
8.77
          
400,000
            
HSBC
NA
3/28/2011
3/30/2018
TIIE+117.5
          
2,500,000
            
AF BANREGIO, S.A. DE C.V.
NA
8/23/2010
2/16/2012
7.81
  
20,000
                    
OTHER
                                
TOTAL BANKS
        
-
1,020,000
188,100
225,720
225,720
12,560,460
-
-
-
-
-
-
STOCK MARKET
                                
LISTED STOCK EXCHANGE
                                
UNSECURED
                                
SENIOR NOTES
YES
5/9/2007
5/11/2037
8.93
          
4,500,000
            
NOTES
NA
10/14/2010
10/1/2020
7.38
          
10,000,000
            
SENIOR NOTES
YES
3/11/2002
3/11/2032
8.94
                      
4,193,550
SENIOR NOTES
YES
3/18/2005
3/18/2025
6.97
                      
8,387,100
SENIOR NOTES
YES
5/6/2008
5/15/2018
6.31
                      
6,989,250
SENIOR NOTES
YES
11/23/2009
1/15/2040
6.97
                      
8,387,100
SECURED
                                
PRIVATE PLACEMENTS
                                
UNSECURED
                                
SECURED
                                
TOTAL STOCK MARKET
        
-
-
-
-
-
14,500,000
-
-
-
-
-
27,957,000
SUPPLIERS
                                
VARIOUS
NA
12/31/2011
12/31/2012
    
3,780,457
                    
VARIOUS
YES
12/31/2011
12/31/2012
                
3,907,061
        
TOTAL SUPPLIERS
        
-
3,780,457
-
-
-
-
-
3,907,061
-
-
-
-
                                 
OTHER LOANS WITH COST (S103 AND S30)
                                
VARIOUS
NA
6/1/2009
5/1/2014
VARIOUS
  
289,737
102,993
11,016
                
VARIOUS
YES
12/15/2007
11/15/2022
VARIOUS
              
242,154
18,446
19,392
16,873
33,124
TOTAL OTHER LOANS WITH COST
        
-
289,737
102,993
11,016
-
-
-
242,154
18,446
19,392
16,873
33,124
                                 
OTHER CURRENT LIABILITIES WITHOUT COST (S26)
                                
VARIOUS
NA
        
3,511,131
                    
VARIOUS
YES
                    
937,006
        
TOTAL CURRENT LIABILITIES WITHOUT COST
        
-
3,511,131
-
-
-
-
-
937,006
-
-
-
-
                                 
TOTAL
        
-
8,601,325
291,093
236,736
225,720
27,060,460
-
5,086,221
18,446
19,392
16,873
27,990,124
 
NOTES
THE EXCHANGE RATES FOR THE CREDITS DENOMINATED IN FOREIGN CURRENCY WERE AS FOLLOWS:

 
$
13.9785
  
PESOS PER U.S. DOLLAR
   
0.0268
  
PESOS PER CHILEAN PESO
 
DOES NOT INCLUDE LIABILITIES OF TAXES PAYABLE IN FOREIGN CURRENCY AND MEXICAN PESOS (REF S25 TAXES PAYABLE) OF PS.143,374 AND PS.1,244,868, RESPECTIVELY, FOR EFFECTS OF VALIDATION OF THE SYSTEM.
 
 
 
 
 
MONETARY FOREIGN CURRENCY POSITION
(Thousands of Mexican Pesos)
 
CONSOLIDATED
AUDITED INFORMATION  Final Printing
 
DOLLARS (1)
OTHER CURRENCIES (1)
TOTAL
TRADE BALANCE
THOUSANDS OF DOLLARS
THOUSANDS OF PESOS
THOUSANDS OF DOLLARS
THOUSANDS OF PESOS
THOUSANDS OF PESOS
           
MONETARY ASSETS
1,917,418
26,802,628
191,018
2,670,145
29,472,773
           
LIABILITIES POSITION
2,476,420
34,616,637
96,051
1,342,649
35,959,286
           
     SHORT-TERM LIABILITIES POSITION
310,949
4,346,601
63,168
882,994
5,229,595
           
     LONG-TERM LIABILITIES POSITION
2,165,471
30,270,036
32,883
459,655
30,729,691
           
NET BALANCE
(559,002)
(7,814,009)
94,967
1,327,496
(6,486,513)

 
NOTES
 
THE MONETARY ASSETS INCLUDE U.S.$201,180 THOUSAND OF LONG-TERM AVAILABLE-FOR-SALE INVESTMENTS, OF WHICH FOREIGN EXCHANGE GAIN OR LOSS RELATED TO THE CHANGES IN FAIR VALUE OF THESE FINANCIAL INSTRUMENTS IS ACCOUNTED FOR AS OTHER COMPREHENSIVE INCOME.
 
(1)   THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS:
 
PS.
13.9785
PESOS PER U.S. DOLLAR
 
18.1007
PESOS PER EURO
 
13.7463
PESOS PER CANADIAN DOLLAR
 
3.2477
PESOS PER ARGENTINEAN PESO
 
0.7023
PESOS PER URUGUAYAN PESO
 
0.0268
PESOS PER CHILEAN PESO
 
0.0071
PESOS PER COLOMBIAN PESO
 
5.1829
PESOS PER PERUVIAN NUEVO SOL
 
14.8903
PESOS PER SWISS FRANC
 
3.2508
PESOS PER STRONG BOLIVAR
 
7.5044
PESOS PER BRAZILIAN REAL
 
21.6855
PESOS PER STERLING LIBRA
 
2.2210
PESOS PER CHINESE YUAN
 
THE FOREIGN CURRENCY OF LONG-TERM LIABILITIES FOR PS.30,729,691 IS REPORTED AS FOLLOWS:
 
REF. S27
LONG-TERM LIABILITIES
 PS.
28,044,835
  
REF. S69
OTHER LONG-TERM LIABILITIES
 PS. 
2,684,856
  
 
 
 
 
 
DEBT INSTRUMENTS
 
CONSOLIDATED
AUDITED INFORMATION  Final Printing
 
FINANCIAL RESTRICTIONS OF LONG-TERM DEBT SECURITIES

THE AGREEMENTS OF THE U.S.$500 MILLION, U.S.$600 MILLION, U.S.$300 MILLION, PS.4,500 MILLION, AND U.S.$600 MILLION SENIOR NOTES ISSUED BY GRUPO TELEVISA, S.A.B. WITH MATURITY IN 2018, 2025, 2032, 2037 AND 2040, RESPECTIVELY, CONTAIN COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PAY TELEVISION NETWORKS AND PROGRAMMING EXPORTS, TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.

THE AGREEMENT OF NOTES ("CERTIFICADOS BURSÁTILES") DUE 2020 IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.10,000 MILLION, CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PAY TELEVISION NETWORKS AND PROGRAMMING EXPORTS TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.


COMPLIANCE OF FINANCIAL RESTRICTIONS

AT DECEMBER 31, 2011, THE GROUP WAS IN COMPLIANCE WITH THE FINANCIAL RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM SENIOR NOTES DESCRIBED ABOVE.
 
 
 
 
 
 
PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS
 
CONSOLIDATED
AUDITED INFORMATION  Final Printing
       
PLANT OR CENTER
ECONOMIC ACTIVITY
PLANT
UTILIZATION
   
CAPACITY
(%)
TELEVISION:
  
0
0
CORPORATIVO SANTA FE
HEADQUARTERS
0
0
TELEVISA SAN ANGEL
PRODUCTION AND BROADCASTING PROGRAMMING
0
0
TELEVISA CHAPULTEPEC
PRODUCTION AND BROADCASTING PROGRAMMING
0
0
REAL ESTATE
LAND AND UNOCCUPIED BUILDINGS,
0
0
 
PARKING LOTS, ADMINISTRATIVE
0
0
 
OFFICES, RADIO ANTENNAS,
0
0
 
TELEVISION STATIONS FACILITIES
0
0
TRANSMISSION STATIONS
BROADCASTER STATIONS
0
0
PUBLISHING:
 
0
0
EDITORIALS
ADMINISTRATION, SALES, PRODUCTION,
0
0
 
STORAGE AND DISTRIBUTION OF
0
0
 
MAGAZINES AND NEWSPAPERS
0
0
RADIO:
 
0
0
SISTEMA RADIOPOLIS, S.A. DE C.V.
BROADCASTER STATIONS
0
0
CABLE TELEVISION:
 
0
0
CABLEVISION, S.A. DE C.V.
CABLE TELEVISION, SIGNAL CONDUCTION
0
0
 
AND TRANSMISSION EQUIPMENT
0
0
OTHER BUSINESSES:
 
0
0
IMPULSORA DEL DEPORTIVO -
SOCCER, SOCCER TEAMS, TRAINING
0
0
NECAXA, S.A. DE C.V. AND CLUB
FACILITIES, ADMINISTRATIVE OFFICES AND
0
0
DE FUTBOL AMERICA, S.A. DE C.V.
THE AZTECA STADIUM
0
0
       
 
 
 
 
 
 
MAIN RAW MATERIALS
 
 
CONSOLIDATED
AUDITED INFORMATION  Final Printing
 
MAIN
  
DOM.
COST
MAIN RAW
SUPPLIERS
ORIGIN
SUBST.
PRODUCTION
(%)
         
PROGRAMS AND FILMS
ESTUDIO MÉXICO
      
 
FILMS,
      
 
S.A. DE C.V.
DOMESTIC
    
 
DISTRIBUIDORA
      
 
ROMARI,
      
 
S.A. DE C.V.
DOMESTIC
    
 
GUSSI, S.A.
      
 
DE C.V.
DOMESTIC
    
 
CINEMATOGRÁFICA,
      
 
RA, S.A.
DOMESTIC
    
 
QUALITY
      
 
FILMS,
      
 
S. DE R.L. DE C.V.
DOMESTIC
    
 
PRODUCCIONES
      
 
POTOSI,
      
 
S.A.
DOMESTIC
    
 
PRODUCCIONES
      
 
MATOUK,
      
 
S.A.
DOMESTIC
    
 
PONS MORALES
      
 
MARIA
      
 
ANTONIETA
DOMESTIC
    
 
NARMEX,
      
 
S.A. DE C.V.
DOMESTIC
    
 
AGUIRRE
      
 
PRODUCCIONES,
      
 
S.A. DE C.V.
DOMESTIC
    
 
DISTRIBUIDORA
      
 
DE ENTRETENI-
      
 
MIENTO DE CINE,
      
 
S.A. DE C.V.
DOMESTIC
    
 
PRODUCCIONES
      
 
ALFA AUDIOVISUAL,
      
 
S.A. DE C.V.
DOMESTIC
    
 
UNIVERSAL STUDIOS
      
 
INTERNATIONAL
FOREIGN
NO
  
 
CHILE, S.A.
FOREIGN
NO
  
 
CPT HOLDINGS,
      
 
INC.
FOREIGN
NO
  
 
DW
      
 
(NETHERLANDS)
      
 
BV
FOREIGN
NO
  
 
METRO
      
 
GOLDWYN
      
 
MAYER
      
 
INTERNATIONAL
FOREIGN
NO
  
 
MTV NETWORKS
      
 
A DIVISION OF
      
 
VIACOM, INT.
FOREIGN
NO
  
 
PARAMOUNT PICTURES
      
 
GLOBAL A
      
 
DIVISION OF
      
 
VIACOM GLOBAL
      
 
NETHERLANDS BV
FOREIGN
NO
  
 
RCN TELEVISION,
      
 
S.A.
FOREIGN
NO
  
 
TELEMUNDO
      
 
TELEVISION
      
 
STUDIOS, LLC
FOREIGN
NO
  
 
TOEI
      
 
ANIMATION
      
 
INCORPORATED
FOREIGN
NO
  
 
TWENTIETH
      
 
CENTURY
      
 
FOX
      
 
INTERNATIONAL
FOREIGN
NO
  
 
UNIVERSAL
      
 
CITY STUDIOS
      
 
PRODUCTIONS, LLLP
FOREIGN
NO
  
 
WARNER
      
 
BROS.
      
 
INT. TELEVISION, INC.
FOREIGN
NO
  
 
OTHER
      
CABLE RG COAXIAL
        
MAYA 60
DICIMEX, S.A. DE C.V.
DOMESTIC
YES
  
CONECTOR HEMBRA
POWER & TELEPHONE
      
 
SUPPLY, S.A. DE C.V.
DOMESTIC
YES
  
DIVISOR DE LINEA
POWER &
      
2 SALIDAS
TELEPHONE SUPPLY,
      
 
S.A. DE C.V.
DOMESTIC
YES
  
COUCHE PAPER
PAPELERA
      
 
LOZANO, S.A.
DOMESTIC
YES
  
 
PAPEL,
      
 
S.A. DE C.V.
DOMESTIC
YES
  
 
PAPELERÍA
      
 
PROGRESO,
      
 
S.A. DE C.V.
DOMESTIC
YES
  
 
SUMINISTROS
      
 
Y SERVICIOS
      
 
BROOM
DOMESTIC
YES
  
 
STORAM ENSON
FOREIGN
NO
  
 
BULKLEY DUNTON
FOREIGN
NO
  
 
MILLYKOSKI
      
 
SALES GMBH
FOREIGN
NO
  
 
SAPPI DEUTSCHLAND
      
 
GMBH
FOREIGN
NO
  
 
ABITIBI
      
 
BOWATER, INC
FOREIGN
YES
  
PAPER AND IMPRESSION
SERVICIOS
      
 
PROFESIONALES
      
 
DE
      
 
IMPRESION
DOMESTIC
YES
  
 
QUAD/GRAPHICS
      
 
MÉXICO, S.A. DE C.V.
DOMESTIC
YES
  
 
REPRODUCCIONES
      
 
FOTOMECANICAS, S.A.
DOMESTIC
YES
  
 
OFFSET
      
 
MULTICOLOR, S.A.
DOMESTIC
YES
  
 
MOIÑO
      
 
IMPRESORES,
      
 
S.A. DE C.V.
DOMESTIC
YES
  
 
EDITORA
      
 
GEMINIS, S.A.
FOREIGN
YES
  
 
EDITORIAL
      
 
LA PATRIA,
      
 
S.A.
FOREIGN
YES
  
 
PRINTER
      
 
COLOMBIANA,
      
 
S.A.
FOREIGN
YES
  
 
RR DONNELLEY
FOREIGN
NO
  
 
GRUPO
      
 
OP
      
 
GRAFICAS,
      
 
S.A.
FOREIGN
YES
  
 
AGSTROM
      
 
GRAPHICS
FOREIGN
YES
  
 
CARGRAPHICS,
      
 
S.A.
FOREIGN
YES
  
 
QUAD GRAPHICS
      
 
COLOMBIA,
      
 
S.A.
FOREIGN
YES
  
         
 
 
 
 
 
SALES DISTRIBUTION BY PRODUCT
 
SALES
 
CONSOLIDATED
AUDITED INFORMATION  Final Printing
 
NET SALES
MARKET
MAIN
MAIN PRODUCTS
VOLUME
AMOUNT
SHARE
TRADEMARKS
CUSTOMERS
 
(THOUSANDS)
  
(%)
    
DOMESTIC SALES
          
INTERSEGMENT ELIMINATIONS
  
(1,295,143)
      
           
TELEVISION BROADCASTING:
          
ADVERTISED TIME SOLD (HALF HOURS)
5
22,204,753
    
COMPAÑIA PROCTER & GAMBLE DE MÉXICO, S. DE R.L. DE C.V.
         
KIMBERLY CLARK  DE MÉXICO, S.A.B. DE C.V.
         
BIMBO, S.A. DE C.V.
         
THE COCA-COLA EXPORT CORPORATION SUCURSAL EN MEXICO
         
UNILEVER DE MÉXICO, S. DE R.L. DE C.V.
         
FRABEL, S.A. DE C.V.
         
KELLOGG COMPANY MÉXICO, S. DE R.L. DE C.V.
         
MARCAS NESTLE, S.A. DE C.V.
         
MARKETING MODELO, S.A. DE C.V.
         
GENOMMA LAB INTERNACIONAL, S.A.B. DE C.V.
OTHER INCOME
  
169,964
    
VARIOUS
PAY TELEVISION NETWORKS:
          
SALE OF SIGNALS
  
2,262,573
    
GRUPO CABLE TV DE SAN LUIS POTOSI, S.A. DE C.V.
         
MEGA CABLE, S.A. DE C.V.
         
CABLEVISION RED, S.A.
         
TELECABLE DEL ESTADO DE MÉXICO, S.A. DE C.V.
         
TELEVISION INTERNACIONAL, S.A. DE C.V.
         
TELE CABLE CENTRO OCCIDENTE, S.A. DE C.V.
ADVERTISED TIME SOLD
  
862,513
    
MEDIA PLANNING GROUP, S.A. DE C.V.
         
PROMOCION Y PUBLICIDAD FIESTA, S.A. DE C.V.
         
SUAVE Y FÁCIL, S.A. DE C.V.
         
MARCAS NESTLE, S.A. DE C.V.
         
DIRECTRA, S.A. DE C.V.
PUBLISHING:
          
MAGAZINE CIRCULATION
34,941
557,992
  
TV Y NOVELAS MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
MEN´S HEALTH MAGAZINE
DEALERS
       
VANIDADES MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
COSMOPOLITAN MAGAZINE
  
       
NATIONAL GEOGRAPHIC MAGAZINE
  
       
AUTOMOVIL PANAMERICANO MAGAZINE
  
       
TU MAGAZINE
  
       
SOY AGUILA MAGAZINE
  
       
MUY INTERESANTE MAGAZINE
  
       
DISNEY PRINCESAS MAGAZINE
  
       
SKY VIEW MAGAZINE
  
       
DIBUJIN DIBUJADO NIÑAS MAGAZINE
  
       
COCINA FÁCIL MAGAZINE
  
PUBLISHING
  
730,453
    
FRABEL, S.A. DE C.V.
         
KIMBERLY CLARK DE MÉXICO, S.A.B. DE C.V.
         
DILTEX, S.A. DE C.V.
         
CHRYSLER DE MÉXICO, S.A. DE C.V.
         
BBVA BANCOMER, S.A.
         
FABRICAS DE CALZADO ANDREA, S.A. DE C.V.
         
FORD MOTOR COMPANY, S.A. DE C.V.
         
LVMH PERFUMES Y COSMETICOS DE MEXICO, S.A. DE C.V.
         
INTERNACIONAL DE CERAMICA, S.A.B. DE C.V.
         
COMPAÑIA PROCTER & GAMBLE DE MÉXICO, S. DE R.L. DE C.V.
OTHER INCOME
  
15,090
    
VARIOUS
SKY :
          
DTH BROADCAST SATELLITE
  
11,181,432
  
SKY
SUBSCRIBERS
PAY PER VIEW
  
196,667
      
CHANNEL COMMERCIALIZATION
  
211,012
    
SUAVE Y FÁCIL, S.A. DE C.V.
         
MEDIA PLANNING GROUP, S.A. DE C.V.
         
BBVA BANCOMER, S.A.
         
BANCO NACIONAL DE MÉXICO, S.A.
CABLE AND TELECOM:
          
DIGITAL SERVICE
  
6,391,547
  
CABLEVISION, CABLEMAS Y TVI
SUBSCRIBERS
INTERNET SERVICES
  
2,394,206
      
SERVICE INSTALLATION
  
61,440
      
PAY PER VIEW
  
63,079
    
MARCAS DE RENOMBRE, S.A. DE C.V.
CHANNEL COMMERCIALIZATION
  
324,910
    
SISTEMA GUERRERO AUDIOVISUAL, S.A. DE C.V.
TELEPHONY
  
1,771,195
    
CADENA COMERCIAL OXXO, S.A. DE C.V.
TELECOMMUNICATIONS
  
2,208,922
  
BESTEL
  
OTHER
  
205,777
      
OTHER BUSINESSES:
          
DISTRIBUTION, RENTALS, AND SALE
          
OF MOVIE RIGHTS
  
189,795
    
OPERADORA COMERCIAL DE DESARROLLO, S.A. DE C.V.
         
GUSSI, S.A. DE C.V.
         
OPERADORA DE CINEMAS, S.A. DE C.V.
         
CINEMARK DE MÉXICO, S.A. DE C.V.
         
CINEMAS LUMIERE, S.A. DE C.V.
         
GENERAL PUBLIC (AUDIENCE)
SPECIAL EVENTS AND SHOW PROMOTION
  
968,538
  
CLUB DE FUTBOL AMERICA
GENERAL PUBLIC (AUDIENCE)
       
ESTADIO AZTECA
AFICIÓN FÚTBOL, S.A. DE C.V.
INTERNET SERVICES
  
292,089
  
ESMAS.COM
RADIOMOVIL DIPSA, S.A. DE C.V.
         
PEGASO PCS, S.A. DE C.V.
         
COMPAÑIA PROCTER & GAMBLE DE MÉXICO, S. DE R.L. DE C.V.
         
SAMSUNG ELECTRONICS DE MÉXICO, S.A. DE C.V.
         
ARMAKET, S.A. DE C.V.
GAMING
  
1,704,373
  
PLAY CITY
GENERAL PUBLIC (AUDIENCE)
       
MULTIJUEGOS
  
ADVERTISED TIME SOLD IN RADIO
  
506,894
    
PEGASO PCS, S.A. DE C.V.
         
MARKETING MODELO, S.A. DE C.V.
         
PROPIMEX, S.A. DE C.V.
         
TIENDAS COMERCIAL MEXICANA, S.A. DE C.V.
         
GENERAL MOTORS DE MÉXICO, S. DE R.L. DE C.V.
         
TIENDAS SORIANA, S.A. DE C.V.
         
NUEVA WAL MART DE MEXICO, S. DE R.L. DE C.V.
PUBLISHING DISTRIBUTION:
8,736
145,152
  
HOLA MEXICO MAGAZINE
VARIOUS
       
EL SOLITARIO MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
WWE LUCHA LIBRE AMERICANA MAGAZINE
DEALERS
       
REVISTA DEL CONSUMIDOR MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
MINIREVISTA MINA MAGAZINE
  
       
TV NOTAS MAGAZINE
  
FOREIGN SALES
          
INTERSEGMENT ELIMINATIONS
  
(9,053)
      
           
TELEVISION BROADCASTING:
          
ADVERTISING TIME SOLD
  
267,475
    
INITIATIVE MEDIA, INC.
         
HORIZON MEDIA
         
GROUP MOTION
         
ZENITHGPE
OTHER INCOME
  
187,053
    
VARIOUS
PAY TELEVISION NETWORKS:
          
SALES OF SIGNALS
  
459,764
    
AMNET CABLE COSTA RICA, S.A.
         
GALAXY ENTERTAINMENT DE VZLA, C.A. DIRECTV
         
DIRECTV ARGENTINA SOCIEDAD ANONIMA
         
BBC WORLDWIDE LTD
         
INTERESES EN EL ITSMO, S.A.
PROGRAMMING EXPORT:
          
PROGRAMMING AND ROYALTIES
  
4,038,701
  
TELEVISA
COMPAÑIA PERUANA DE RADIODIFUSIÓN, S.A.
       
TELEVISA
NETFLIX, INC
       
TELEVISA
RCN TELEVISION, S.A.
PUBLISHING:
          
MAGAZINE CIRCULATION
46,611
874,248
  
T.V. Y NOVELAS MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
GENTE MAGAZINE
DEALERS
       
PAPARAZZI MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
VANIDADES MAGAZINE
  
       
COSMOPOLITAN MAGAZINE
  
       
TU  MAGAZINE
  
       
BILINKEN MAGAZINE
  
       
PARA TI MAGAZINE
  
       
CONDORITO MAGAZINE
  
PUBLISHING
  
1,014,005
    
UNIVERSAL MCCANN SERVICIOS DE MEDIOS LTDA
         
PUBLICIS GROUPE MEDIA, S.A.
         
UNILEVER CHILE, S.A.
         
P & G PRESTIGE
SKY:
          
DTH BROADCAST SATELLITE
  
890,047
  
SKY
SUBSCRIBERS
CABLE AND TELECOM:
          
TELECOMMUNICATIONS
  
214,278
  
BESTEL
SUBSCRIBERS
           
OTHER BUSINESSES:
          
SPECIAL EVENTS AND SHOW PROMOTION
  
51,501
  
CLUB DE FUTBOL AMERICA
  
INTERNET SERVICES
  
9,284
      
PUBLISHING DISTRIBUTION:
14,357
231,081
  
SELECCIONES MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
MAGALY TV MAGAZINE
DEALERS
       
HOLA MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
EL FEDERAL MAGAZINE
  
       
PUNTO Y MODA MAGAZINE
  
       
INSTRUMENTOS MUSICALES MAGAZINE
  
       
HELLO KITTY MAGAZINE
  
       
EL CUERPO HUMANO MAGAZINE
  
DISTRIBUTION, RENTALS, AND SALE
          
OF MOVIE RIGHTS
  
27,934
    
NETFLIX, INC
         
LIONS GATE FILMS, INC
TOTAL
  
62,581,541
      
 
 
 
 
 
SALES DISTRIBUTION BY PRODUCT
FOREIGN SALES
 
CONSOLIDATED
AUDITED INFORMATION  Final Printing
 
NET SALES
  
MAIN
MAIN PRODUCTS 
 VOLUME
AMOUNT 
DESTINATION 
TRADEMARKS 
CUSTOMERS
 
(THOUSANDS)
        
FOREIGN SALES
          
TELEVISION BROADCASTING:
          
ADVERTISING TIME SOLD
  
97,421
UNITED STATES OF AMERICA
  
INITIATIVE MEDIA, INC.
         
HORIZON MEDIA
         
GROUP MOTION
         
ZENITHGPE
OTHER INCOME
  
183,582
UNITED STATES OF AMERICA
  
VARIOUS
PAY TELEVISION NETWORKS:
          
SALES OF SIGNALS
  
459,764
SPAIN
  
AMNET CABLE COSTA RICA, S.A.
     
ARGENTINA
  
GALAXY ENTERTAINMENT DE VZLA, C.A. DIRECTV
     
CHILE
  
DIRECTV ARGENTINA SOCIEDAD ANONIMA
     
GUATEMALA
  
BBC WORLDWIDE LTD
     
COLOMBIA
  
INTERESES EN EL ITSMO, S.A.
     
UNITED STATES OF AMERICA
    
PROGRAMMING EXPORT:
          
PROGRAMMING AND ROYALTIES
  
4,038,701
UNITED STATES OF AMERICA
TELEVISA
COMPAÑIA PERUANA DE RADIODIFUSIÓN, S.A.
     
CENTRAL AMERICA
TELEVISA
NETFLIX, INC
     
CARIBBEAN
TELEVISA
RCN TELEVISION, S.A.
     
EUROPE
TELEVISA
  
     
SOUTH AMERICA
TELEVISA
  
     
AFRICA
TELEVISA
  
     
ASIA
TELEVISA
  
OTHER BUSINESSES:
          
SPECIAL EVENTS AND SHOW PROMOTION
  
51,501
UNITED STATES OF AMERICA
CLUB DE FUTBOL AMERICA
  
INTERNET SERVICES
  
9,284
UNITED STATES OF AMERICA
    
           
DISTRIBUTION, RENTALS, AND SALE
          
OF MOVIE RIGHTS
  
20,896
UNITED STATES OF AMERICA
  
NETFLIX, INC
         
LIONS GATE FILMS, INC
INTERSEGMENT ELIMINATIONS
  
(4,484)
      
SUBSIDIARIES ABROAD
          
TELEVISION BROADCASTING:
          
ADVERTISING TIME SOLD
  
173,525
UNITED STATES OF AMERICA
  
HORIZON MEDIA
         
GROUP MOTION
         
ZENITHGPE
PUBLISHING:
          
MAGAZINE CIRCULATION
46,611
874,248
GUATEMALA AND COSTA RICA
T.V. Y NOVELAS MAGAZINE
GENERAL PUBLIC (AUDIENCE)
     
UNITED STATES OF AMERICA
GENTE MAGAZINE
DEALERS
     
PANAMA
PAPARAZZI MAGAZINE
COMMERCIAL CENTERS (MALLS)
     
SOUTH AMERICA
VANIDADES MAGAZINE
  
     
CENTRAL AMERICA
COSMOPOLITAN MAGAZINE
  
       
TU  MAGAZINE
  
       
BILINKEN MAGAZINE
  
       
PARA TI MAGAZINE
  
       
CONDORITO MAGAZINE
  
PUBLISHING
  
1,014,005
    
UNIVERSAL MCCANN SERVICIOS DE MEDIOS LTDA
         
PUBLICIS GROUPE MEDIA, S.A.
         
UNILEVER CHILE, S.A.
         
P & G PRESTIGE
SKY:
          
DTH BROADCAST SATELLITE
  
890,047
CENTRAL AMERICA
SKY
SUBSCRIBERS
CABLE AND TELECOM:
          
TELECOMMUNICATIONS
  
214,278
UNITED STATES OF AMERICA
BESTEL
SUBSCRIBERS
           
           
OTHER BUSINESSES:
          
PUBLISHING DISTRIBUTION
14,357
231,081
PANAMA
SELECCIONES MAGAZINE
GENERAL PUBLIC (AUDIENCE)
     
SOUTH AMERICA
MAGALY TV MAGAZINE
DEALERS
       
HOLA MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
COLECCIÓN ASTERIX MAGAZINE
  
       
PUNTO Y MODA MAGAZINE
  
       
HELLO KITTY MAGAZINE
  
       
EL CUERPO HUMANO MAGAZINE
  
       
EL FEDERAL MAGAZINE
  
DISTRIBUTION, RENTALS, AND SALE
          
OF MOVIE RIGHTS
  
7,038
UNITED STATES OF AMERICA
  
LIONS GATE FILMS, INC
           
INTERSEGMENT ELIMINATIONS
  
(4,569)
      
TOTAL
60,968
8,256,318
      
 
 
 
 
 
PROJECTS INFORMATION
(PROJECT, AMOUNT EXERCISED AND PROGRESS PERCENTAGE)
 
CONSOLIDATED
AUDITED INFORMATION  Final Printing
 
MAJOR INVESTMENT PROJECTS OF GRUPO TELEVISA, S.A.B. AND ITS SUBSIDIARIES AT DECEMBER 31, 2011 INCLUDE THE FOLLOWING (MILLIONS OF U.S. DOLLARS AND MEXICAN PESOS):
 
DESCRIPTION
  
AUTHORIZED AMOUNT
    
EXERCISED AMOUNT
    
PROGRESS %
                 
U.S. DOLLAR-DENOMINATED PROJECTS:
                  
                   
ACQUISITION AND IMPROVEMENT OF EQUIPMENT FOR THE NETWORK OF :
              
      - CABLEVISIÓN
   U.S.$ 430.8     U.S.$ 392.4       91 %         
                         
INFORMATION TECHNOLOGY PROJECTS
     39.3       25.3       64 %
                         
TRANSITION TO DIGITAL TELEVISION PROJECT
     15.9       14.8       93 %
                         
                         
MEXICAN PESO-DENOMINATED PROJECTS:
                        
                         
GAMING BUSINESS PROJECTS
   PS. 313.1     PS. 239.0       76 %
                         
ACQUISITION AND IMPROVEMENT OF EQUIPMENT FOR
                        
THE NETWORK OF:
                        
- CABLEMÁS
     134.9       132.2       98 %
- TVI
     78.6       37.9       48 %
                         
INFORMATION TECHNOLOGY PROJECTS (TVI)
     74.8       60.1       80 %
                         
TRANSITION TO DIGITAL TELEVISION PROJECT
     10.1       5.3       52 %
 
 
 
 
 
FOREIGN CURRENCY TRANSLATION
(INFORMATION RELATED TO BULLETIN B-15)
 
CONSOLIDATED
AUDITED INFORMATION  Final Printing
MONETARY ASSETS AND LIABILITIES OF MEXICAN COMPANIES DENOMINATED IN FOREIGN CURRENCIES ARE TRANSLATED AT THE PREVAILING  EXCHANGE RATE AT THE  BALANCE SHEET DATE. RESULTING  EXCHANGE RATE DIFFERENCES ARE RECOGNIZED IN INCOME FOR THE YEAR, WITHIN INTEGRAL COST OF FINANCING.

ASSETS, LIABILITIES AND RESULTS OF OPERATIONS OF NON-MEXICAN SUBSIDIARIES AND AFFILIATES ARE FIRST CONVERTED TO MEXICAN FRS AND THEN TRANSLATED TO MEXICAN PESOS. ASSETS AND LIABILITIES OF NON-MEXICAN SUBSIDIARIES AND AFFILIATES OPERATING IN A LOCAL CURRENCY ENVIRONMENT ARE TRANSLATED INTO MEXICAN PESOS AT YEAR-END EXCHANGE RATES, AND RESULTS OF OPERATIONS AND CASH FLOWS ARE TRANSLATED AT AVERAGE EXCHANGE RATES PREVAILING DURING THE YEAR. RESULTING TRANSLATION ADJUSTMENTS ARE ACCUMULATED AS A SEPARATE COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME OR LOSS IN CONSOLIDATED STOCKHOLDERS´ EQUITY. ASSETS AND LIABILITIES OF NON-MEXICAN SUBSIDIARIES THAT USE THE MEXICAN PESO AS A FUNCTIONAL CURRENCY ARE TRANSLATED INTO MEXICAN PESOS BY UTILIZING THE EXCHANGE RATE OF THE BALANCE SHEET DATE FOR MONETARY ASSETS AND LIABILITIES, AND HISTORICAL EXCHANGE RATES FOR NON-MONETARY ITEMS, WITH THE RELATED ADJUSTMENT INCLUDED IN THE CONSOLIDATED STATEMENT OF INCOME AS INTEGRAL RESULT OF FINANCING.
 
 
 
 
 
ANALYSIS OF PAID CAPITAL STOCK
CONSOLIDATED
AUDITED INFORMATION  Final Printing
       
CAPITAL STOCK
 
NOMINAL
 VALID
NUMBER OF SHARES
(Thousands of Mexican Pesos)
SERIES
VALUE
COUPON
FIXED
VARIABLE
  
FREE
    
     
PORTION
PORTION
MEXICAN
SUBSCRIPTION
FIXED
VARIABLE
A
0.00000
0
112,609,536,590
0
112,609,536,590
0
855,139
0
B
0.00000
0
52,190,863,647
0
52,190,863,647
0
411,853
0
D
0.00000
0
83,030,861,216
0
83,030,861,216
0
629,413
0
L
0.00000
0
83,030,861,216
0
0
83,030,861,216
629,413
0
TOTAL
    
330,862,122,669
0
247,831,261,453
83,030,861,216
2,525,818
0
 
TOTAL NUMBER OF SHARES REPRESENTING THE PAID CAPITAL STOCK ON THE DATE OF THE INFORMATION:    330,862,122,669       
 
 
 
NOTES:
  
 
THE TABLE ABOVE REFLECTS OUTSTANDING SHARES PLUS THE SHARES REPURCHASED REPRESENT THE TOTAL NUMBER OF SHARES ISSUED. SEE NOTE 5 TO CONSOLIDATED FINANCIAL STATEMENTS.
 
 
 
 
 
 
FINANCIAL STATEMENT NOTES
 
  CONSOLIDATED
AUDITED INFORMATION Final Printing
 
S03:  CASH AND AVAILABLE INVESTMENTS
     INCLUDES CASH AND CASH EQUIVALENTS FOR PS.15,326,250 AND PS.19,900,520 AS OF DECEMBER 31, 2011 AND 2010, RESPECTIVELY.
 
S07:  OTHER CURRENTS ASSETS
     INCLUDES TEMPORARY INVESTMENTS FOR PS.5,422,563 AND PS.10,446,840 AS OF DECEMBER 31, 2011 AND 2010, RESPECTIVELY.
 
S31:  DEFERRED LIABILITIES
    INCLUDES PS.20,926,324  AND PS.18,587,871 AS OF DECEMBER 31, 2011 AND 2010, RESPECTIVELY, OF A SHORT-TERM NATURE.
 
E44: INCLUDES AN INVESTMENT OF PS.19,229,056 IN DEBENTURES THAT ARE CONVERTIBLE IN SHARES OF GSF.
 
 
(1)      
THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL STATEMENT AMOUNTS, INCLUDING THEIR BREAKDOWN OF MAIN CONCEPTS AND OTHER CONCEPTS.
 
 
 
 
 
EXHIBIT 1
TO THE ELECTRONIC FORM TITLED “PREPARATION, FILING, DELIVERY AND DISCLOSURE OF QUARTERLY ECONOMIC, ACCOUNTING AND ADMINISTRATIVE INFORMATION BY ISSUERS”

III. QUALITATIVE AND QUANTITATIVE INFORMATION
 
i. Management’s discussion of the policies concerning the use of financial derivative instruments, and explanation as to whether such policies permit the use of said instruments solely for hedging or also for trading or other purposes. The discussion must include a general description of the objectives sought in the execution of financial derivative transactions; the relevant instruments; the hedging or trading strategies implemented in connection therewith; the relevant trading markets; the eligible counterparties; the policies for the appointment of calculation or valuation agents; the principal terms and conditions of the relevant contracts; the policies as to margins, collateral and lines of credit; the authorization process and levels of authorization required by type of transaction (e.g., full hedging, partial hedging, speculation), stating whether the transactions were previously approved by the committee(s) responsible for the development of corporate and auditing practices; the internal control procedures applicable to the management of the market and liquidity risks associated with the positions; and the existence of an independent third party responsible for the review of such procedures and, as the case may be, the observations raised or deficiencies identified by such third party. If applicable, provide information concerning the composition of the overall risk management committee, its operating rules, and the existence of an overall risk management manual.
 
Management’s discussion of the policies concerning the use of financial derivative instruments, and explanation as to whether such policies permit the use of said instruments solely for hedging or also for trading or other purposes.
 
In accordance with the policies and procedures implemented by the Finance and Risk area and the Vice President and Corporate Controller, along with the Vice President of Internal Audit, the Company has entered into certain financial derivative transactions for hedging purposes in both the Mexican and international markets so as to manage its exposure to the market risks associated with the changes in interest and foreign exchange rates and inflation. In addition, the Company’s Investments Committee has established guidelines for the investment in structured notes or deposits associated with other derivatives, which by their nature may be considered as derivative transactions for trading purposes. It should be noted that in the fourth quarter of 2011, no such financial derivatives were outstanding. Pursuant to the provisions of Bulletin C-10 of the Financial Reporting Standards issued by the Mexican Financial Reporting Standards Board, certain financial derivative transactions originally intended to serve as a hedge and in effect until December 31st, 2011, are not within the scope of hedge accounting as specified in such Bulletin and, consequently, are recognized on the accounting based in the standards included in the aforementioned Bulletin.
 
General description of the objectives sought in the execution of financial derivative transactions; the relevant instruments; the hedging or trading strategies implemented in connection therewith; the relevant trading markets; the eligible counterparties; the policies for the appointment of calculation or valuation agents; the principal terms and conditions of the relevant contracts; the policies as to margins, collateral and lines of credit; the authorization process and levels of authorization required by type of transaction (e.g., full hedging, partial hedging, speculation), stating whether the transactions were previously approved by the committee(s) responsible for the development of corporate and auditing practices; the internal control procedures applicable to the management of the market and liquidity risks associated with the positions; and the existence of an independent third party responsible for the review of such procedures and, as the case may be, the observations raised or deficiencies identified by such third party.
 
The Company’s principal objective when entering into financial derivative transactions is to mitigate the effects of unforeseen changes in interest and foreign exchange rates and inflation, so as to reduce the volatility in its results and cash flows as a result of such changes.
 
The Company monitors its exposure to the interest rate risk by: (i) assessing the difference between the interest rates applicable to its debt and temporary investments, and the prevailing market rates for similar instruments; (ii) reviewing its cash flow requirements and financial ratios (interest coverage); (iii) assessing the actual and budgeted-for trends in the principal markets; and (iv) assessing the prevailing industry practices and other similar companies. This approach enables the Company to determine the optimum mix between fixed- and variable-rate interest for its debt.
 
Foreign exchange risk is monitored by assessing the Company’s monetary position in U.S. dollars and its budgeted cash flow requirements for investments anticipated to be denominated in U.S. dollars and the service of its U.S. dollar-denominated debt.
 
Financial derivative transactions are reported from time to time to the Audit and Corporate Practices Committee.
 
The Company has entered into master derivatives agreements with both domestic and foreign financial institutions, that are internationally recognized institutions with which the Company, from time to time, has entered into financial transactions involving corporate and investment banking, as well as treasury services. The form agreement used in connection with financial derivatives transactions with foreign financial institutions is the Master Agreement published by the International Swaps and Derivatives Association, Inc. (“ISDA”) and with local institutions is the Master Agreement published by ISDA and the form agreement recommended by Banco de México. In both cases, the main terms and conditions are standard for these types of transactions and include mechanisms for the appointment of calculation or valuation agents.
 
In addition, the Company enters into standard guaranty agreements that set forth the margins, collateral and lines of credit applicable in each instance. These agreements establish the credit limits granted by the financial institutions with whom the Company enters into master financial derivative agreements, which specify the margin implications in the case of potential negative changes in the market value of its open financial derivative positions. Pursuant to the agreements entered into by the Company, financial institutions are entitled to make margin calls if certain thresholds are exceeded. In the event of a change in the credit rating issued to the Company by a recognized credit rating agency, the credit limit granted by each counterparty would be modified.
 
As of the date hereof, the Company has never experienced a margin call with respect to its financial derivative transactions.
 
In compliance with its risk management objectives and hedging strategies, the Company generally utilizes the following financial derivative transactions:
 
  1.
Cross-currency interest rate swaps (i.e., coupon swaps);
 
  2.
Interest rate and inflation-indexed swaps;
 
  3.
Cross-currency principal and interest rate swaps;
 
  4.
Swaptions;
 
  5.
Forward exchange rate contracts;
 
  6.
FX options;
 
  7.
Interest Rate Caps and Floors contracts;
 
  8.
Fixed-price contracts for the acquisition of government securities (i.e., Treasury locks); and
 
  9.
Credit Default Swaps.
 
The strategies for the acquisition of financial derivatives transactions are approved by the Risk Management Committee in accordance with the Policies and Objectives for the Use of Financial Derivatives.
 
During the quarter from October to December 2011, there were no defaults or margin calls under the aforementioned financial derivative transactions.
 
The Company monitors on a weekly basis the flows generated by the fair market value of and the potential for margin calls under its open financial derivative transactions. The calculation or valuation agent designated in the relevant Master Agreement, which is always the counterparty, issues monthly reports as to the fair market value of the Company’s open positions.
 
The Risk Management area is responsible for measuring, at least once a month, the Company’s exposure to the financial market risks associated with its financings and investments, and for submitting a report with respect to the Company’s risk position and the valuation of its financial derivatives to the Finance Committee on a monthly basis, and to the Risk Management Committee on a quarterly basis. The Company monitors the credit rating assigned to its counterparties in its outstanding financial derivative transactions on a regular basis.
 
The office of the Comptroller is responsible for the validation of the Company’s accounting records as related to its financial derivative transactions, based upon the confirmations received from the relevant financial intermediaries, and for obtaining from such intermediaries, on a monthly basis, confirmations or account statements supporting the market valuation of its open financial derivative positions.
 
As a part of the yearly audit on the Company, the aforementioned procedures are reviewed by the Company’s external auditors. As of the date hereof, the Company’s auditors have not raised any observation or identified any deficiency therein.
 
Information concerning the composition of the overall risk management committee, its operating rules, and the existence of an overall risk management manual.
 
The Company has a Risk Management Committee, which is responsible for monitoring the Company’s risk management activities and approving the hedging strategies used to mitigate the financial market risks to which the Company is exposed. The assessment and hedging of the financial market risks are subject to the policies and procedures applicable to the Company’s Risk Management Committee, the Finance and Risk Management areas and the Comptroller that form the Risk Management Manual of the Company. In general terms, the Risk Management Committee is comprised of members of the Corporate Management, Corporate Comptroller, Tax Control and Advice, Information to the Stock Exchange, Finance and Risk, Legal, Administration and Finance, Financial Planning and Corporate Finance areas.
 
ii.           General description of the valuation methods, indicating whether the instruments are valued at cost or at their fair value pursuant to the applicable accounting principles, the relevant reference valuation methods and techniques, and the events taken into consideration. Describe the policies for and frequency of the valuation, as well as the actions taken in light of the values obtained therefrom. Clarify whether the valuation is performed by an independent third party, and indicate if such third party is the structurer, seller or counterparty of the financial instrument. As with respect to financial derivative transactions for hedging purposes, explain the method used to determine the effectiveness thereof and indicate the level of coverage provided thereby.
 
The Company values its financial derivative instruments based upon the standard models and calculators provided by recognized market makers. In addition, the Company uses the relevant market variables available from online sources. The financial derivative instruments are valued at a reasonable value pursuant to the applicable accounting provisions.
 
In the majority of cases, the valuation at a reasonable value is carried out on a monthly basis based on valuations of the counterparties and the verification of such reasonable value with internal valuations prepared by the Risk Management area of the Company. Accounting wise, the valuation of the counterparty is registered.
 
The Company performs its valuations without the participation of any independent third party.
 
The method used by the Company to determine the effectiveness of an instrument depends on the hedging strategy and on whether the relevant transaction is intended as a fair-value hedge or a cash-flow hedge. The Company’s methods take into consideration the prospective cash flows generated by or the changes in the fair value of the financial derivative, and the cash flows generated by or the changes in the fair value of the underlying position that it seeks to hedge to determine, in each case, the hedging ratio.
 
iii.           Management’s discussion of the internal and external sources of liquidity that could be used to satisfy the Company’s requirements in connection with its financial derivatives.
 
As of the date hereof, the Company’s management has not discussed internal and external sources of liquidity so as to satisfy its requirements in connection with its financial derivatives since, based upon the aggregate amount of the Company’s financial derivative transactions, management is of the opinion that the Company’s significant positions of cash, cash equivalents and temporary investments, and the substantial cash flows generated by the Company, would enable the Company to respond adequately to any such requirements.
 
iv.           Explanation as to any change in the issuer’s exposure to the principal risks identified thereby and in their management, and any contingency or event known to or anticipated by the issuer’s management, which could affect any future report. Description of any circumstance or event, such as any change in the value of the underlying assets or reference variables, resulting in a financial derivative being used other than as originally intended, or substantially altering its structure, or resulting in the partial or total loss of the hedge, thereby forcing the Issuer to assume new obligations, commitments or changes in its cash flows in a manner that affects its liquidity (e.g., margin calls). Description of the impact of such financial derivative transactions on the issuer’s results or cash flows. Description and number of financial derivatives maturing during the quarter, any closed positions and, if applicable, number and amount of margin calls experienced during the quarter. Disclosure as to any default under the relevant contracts.
 
Changes in the Company’s exposure to the principal risks identified thereby and in their management, and contingencies or events known to or anticipated by the Company’s management, which could affect any future report.
 
Since a significant portion of the Company’s debt and costs are denominated in U.S. dollars, while its revenues are primarily denominated in Mexican pesos, depreciation in the value of the Mexican peso against the U.S. dollar and any future depreciation could have a negative effect on the Company’s results due to exchange rate losses. However, the significant amount of U.S. dollars in the Company’s treasury, and the hedging strategies adopted by the Company in recent years, have enabled it to avoid significant foreign exchange losses.
 
Circumstances or events, such as changes in the value of the underlying assets or reference variables, resulting in a financial derivative being used other than as originally intended, or substantially altering its structure, or resulting in the partial or total loss of the hedge, thereby forcing the Company to assume new obligations, commitments or changes in its cash flows in a manner that affects its liquidity (e.g., margin calls). Description of the impact of such financial derivative transactions on the Company’s results or cash flows.
 
As of the date hereof, no circumstance or event has given rise to a significant change in the structure of a financial derivative transaction, caused it to be used other than as originally intended, or resulted in a partial or total loss of the relevant hedge requiring that the Company assume new obligations, commitments or variations in its cash flow such that its liquidity is affected.
 
Description and number of financial derivatives maturing during the quarter, any closed positions and, if applicable, number and amount of margin calls experienced during the quarter. Disclosure as to any default under the relevant contracts.
 
1.    
During the relevant quarter a "Coupon Swap" agreement through which Grupo Televisa, S.A.B. ("Televisa") exchanged the payment of coupons denominated in U.S. Dollars for a notional amount of U.S.$500,000,000.00 (Five Hundred Million Dollars 00/100) of the Bond maturing in 2018 for coupons in Mexican Pesos for such notional amount in Pesos, expired. This instrument was entered into in January 2011 and the last flows were conducted in November 2011, the date in which such instrument expired.
 
2.    
Also, a “Forward” agreement where Televisa, S.A. de C.V. bought  U.S.$9,700,000 (Nine Million Seven Hundred Thousand Dollars 00/100) and sold Brazilian Reales, expired. This instrument was entered into in July 2011 and expired in December 2011.
 
Likewise there were no defaults or margin calls under financial derivative transactions.
 
v.           Quantitative Information. Attached hereto as Table 1 is a summary of the financial derivative instruments purchased by Televisa and Corporación Novavisión, S. de R.L. de C.V., whose aggregate fair value represents or could represent one of the reference percentages set forth in Section III (v) of the Official Communication.
 
IV. SENSITIVITY ANALYSIS
 
Considering that the Company has entered into financial derivative transactions for hedging purposes, and given the low amount of the financial derivative instruments that proved ineffective as a hedge, the Company has determined that such transactions are not material and, accordingly, the sensitivity analysis referred to in Section IV of the Official Communication is not applicable.
 
In those cases where the derivative instruments of the Company are for hedging purposes, for a material amount and where the effectiveness measures were sufficient, the measures are justified when the standard deviation of the changes in cash flow as a result of changes in the variables of exchange rate and interest rates of the derivative instruments used jointly with the underlying position is lower than the standard deviation of the changes in cash flow of the underlying position valued in pesos and the effective measures are defined by the correlation coefficient between both positions for the effective measures to be sufficient.
 
 
 
 
 
TABLE 1
GRUPO TELEVISA, S.A.B.
Summary of Financial Derivative Instruments as of
December 31, 2011
(In thousands of pesos/dollars)

Type of Derivative, Securities or Contract
Purpose (e.g., hedging, trading or other)
Notional Amount/Face Value
Value of the Underlying Asset/Reference Variable
Fair Value
  
Collateral/Lines of Credit/Securities Pledged
Current Quarter
Previous Quarter(5)
Current Quarter D(H) (4)
Previous Quarter D(H) (5)
Maturing per Year
Coupon Swaps (1)
Hedging
Ps. 24,189,000 / $2,000,000
$2,000,000
6.00% / 8.50%
$2,000,000
6.00% / 8.50%
94,730
112,350
Semiannual interest 2012
Does not exist (6)
Interest Rate Swap (2)
Hedging
Ps. 1,400,000
TIIE 28 days +
24bps / 8.415%
TIIE 28 days +
24bps / 8.415%
(138,599)
(151,330)
Monthly interest 2012-2016
Does not exist (6)
Interest Rate Swap (1)
Hedging
Ps. 2,500,000
TIIE 28 days /
7.4325%
TIIE 28 days /
7.4325%
(172,005)
(173,298)
Monthly interest 2012-2018
Does not exist (6)
FX Options (1)
Hedging
USD 337,500
USD 337,500
-
50,279
-
2012-2014
Does not exist (6)
Forward (3)
Hedging
BRL 15,339 /
$9,700
USD/BRL
1.5813
USD/BRL
1.5813
-
23,363
December 2011
Does not exist (6)
       
Total
(165,595)
(188,915)
    

(1)  
Acquired by Grupo Televisa, S.A.B.
(2)  
Acquired by Corporación Novavisión, S. de R.L. de C.V.
(3)  
Acquired by Televisa, S.A. de C.V.
(4)  
The aggregate amount of the derivatives reflected in the consolidated balance sheet of Grupo Televisa, S.A.B. as December 31, 2011,  included in the relevant SIFIC, is as follows:
 
  S81  
FINANCIAL DERIVATIVE INSTRUMENTS
Ps.
 99,737  
  S85  
FINANCIAL DERIVATIVE INSTRUMENTS
   45,272  
  S69  
OTHER LIABILITIES
   (310,604 )
       
Ps.
 (165,595 )
 
The financial derivatives shown in the above table are those whose aggregate value could represent 5% of the consolidated assets, liabilities or capital, or 3% of the consolidated sales, of Grupo Televisa, S.A.B., for the most recent quarter.
 
(5)  
Information for the third quarter of 2011.
(6)  
Applies only to implicit financing in the ISDA ancillary agreements identified as “Credit Support Annex”.
 
 
 
 
 
 
DECLARATION OF THE REGISTRANT´S OFFICERS RESPONSIBLE FOR THE INFORMATION.



WE HEREBY DECLARE THAT, TO THE EXTENT OF OUR FUNCTIONS, WE PREPARED THE INFORMATION RELATED TO THE REGISTRANT CONTAINED IN THIS QUARTERLY REPORT, AND BASED ON OUR KNOWLEDGE, THIS INFORMATION FAIRLY PRESENTS THE REGISTRANT´S CONDITION. WE ALSO DECLARE THAT WE ARE NOT AWARE  OF ANY RELEVANT INFORMATION THAT HAS BEEN OMITTED OR UNTRUE IN THIS QUARTERLY REPORT, OR INFORMATION CONTAINED IN SUCH REPORT THAT MAY BE MISLEADING TO INVESTORS.



/s/ EMILIO AZCÁRRAGA JEAN
PRESIDENT AND CHIEF EXECUTIVE
OFFICER
/s/ SALVI FOLCH VIADERO
CHIEF FINANCIAL OFFICER


 


/s/ JOAQUÍN BALCÁRCEL SANTA CRUZ
VICE PRESIDENT  -  LEGAL AND
GENERAL COUNSEL
 

 
MÉXICO, D.F., MAY 3, 2012
 
 
 
 
 
 
  
GENERAL DATA OF ISSUER
           
           
COMPANY'S NAME:
GRUPO TELEVISA, S.A.B.
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000
        
NEIGHBORHOOD:
SANTA FE
        
MUNICIPALITY:
ÁLVARO OBREGÓN
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-20-00
        
FAX:
5261-24-94
        
INTERNET ADDRESS:
www.televisa.com.mx
        
           
           
           
TAX DATA OF THE ISSUER
  
           
           
COMPANY TAX CODE:
GTE901219GK3
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000
        
NEIGHBORHOOD:
SANTA FE
        
MUNICIPALITY:
ÁLVARO OBREGÓN
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
           
           
           
 
 
 
 
 
 
 
EXECUTIVES DATA
           
BMV POSITION:
GENERAL DIRECTOR
        
POSITION:
PRESIDENT AND CHIEF EXECUTIVE OFFICER
      
NAME:
SR. EMILIO FERNANDO AZCÁRRAGA JEAN
      
ADDRESS:
AV. CHAPULTEPEC # 28 PISO 1
        
NEIGHBORHOOD:
DOCTORES
        
MUNICIPALITY:
CUAUHTÉMOC
        
ZIP CODE:
06724
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-20-00
        
FAX:
5261-20-00
        
E-MAIL:
ir@televisa.com.mx
        
           
           
BMV POSITION:
FINANCE DIRECTOR
        
POSITION:
CHIEF FINANCIAL OFFICER
        
NAME:
LIC. SALVI  FOLCH VIADERO
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
MUNICIPALITY:
ÁLVARO OBREGÓN
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-25-80
        
FAX:
5261-20-39
        
E-MAIL:
sfolch@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR SENDING CORPORATE INFORMATION
    
POSITION:
VICE PRESIDENT - LEGAL AND GENERAL COUNSEL
      
NAME:
LIC. JOAQUÍN BALCÁRCEL SANTA CRUZ
      
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
MUNICIPALITY:
ÁLVARO OBREGÓN
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-24-33
        
FAX:
5261-25-46
        
E-MAIL:
jbalcarcel@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR SENDING SHARE REPURCHASE INFORMATION
  
POSITION:
DIRECTOR FINANCIAL OFFICER
        
NAME:
LIC. GUADALUPE PHILLIPS MARGAIN
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 3
      
NEIGHBORHOOD:
SANTA FE
        
MUNICIPALITY:
ÁLVARO OBREGÓN
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-21-35
        
FAX:
5261-25-24
        
E-MAIL:
gphilips@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR INFORMATION TO INVESTORS
      
POSITION:
DIRECTOR OF INVESTOR RELATIONS
        
NAME:
LIC. CARLOS MADRAZO VILLASEÑOR
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
MUNICIPALITY:
ÁLVARO OBREGÓN
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-24-45
        
FAX:
5261-24-94
        
E-MAIL:
cmadrazov@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR PAYMENT
        
POSITION:
DIRECTOR OF CORPORATE FINANCIAL INFORMATION
      
NAME:
C.P.C. JOSÉ RAÚL GONZÁLEZ LIMA
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
      
NEIGHBORHOOD:
SANTA FE
        
MUNICIPALITY:
ÁLVARO OBREGÓN
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-25-77
        
FAX:
5261-20-43
        
E-MAIL:
rglima@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR SENDING FINANCIAL INFORMATION
    
POSITION:
DIRECTOR OF CORPORATE FINANCIAL INFORMATION
      
NAME:
C.P.C. JOSÉ RAÚL GONZÁLEZ LIMA
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
      
NEIGHBORHOOD:
SANTA FE
        
MUNICIPALITY:
ÁLVARO OBREGÓN
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-25-77
        
FAX:
5261-20-43
        
E-MAIL:
rglima@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR SENDING RELEVANT EVENTS
      
POSITION:
DIRECTOR OF INVESTOR RELATIONS
        
NAME:
LIC. CARLOS MADRAZO VILLASEÑOR
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
MUNICIPALITY:
ÁLVARO OBREGÓN
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-24-45
        
FAX:
5261-24-94
        
E-MAIL:
cmadrazov@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR LEGAL MATTERS
        
POSITION:
VICE PRESIDENT - LEGAL AND GENERAL COUNSEL
      
NAME:
LIC. JOAQUÍN BALCÁRCEL SANTA CRUZ
      
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
MUNICIPALITY:
ÁLVARO OBREGÓN
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-24-33
        
FAX:
5261-25-46
        
E-MAIL:
jbalcarcel@televisa.com.mx
        
           
 
 
 
 
 
BOARD OF DIRECTORS
POSITION
TYPE
MR. / MS.
FIRST NAME
LAST NAME
         
PRESIDENT
RELATED
MR.
EMILIO FERNANDO
AZCÁRRAGA JEAN
         
DIRECTOR
RELATED
MR.
ALFONSO
DE ANGOITIA NORIEGA
         
DIRECTOR
INDEPENDENT
MR.
EDUARDO
TRICIO HARO
         
DIRECTOR
RELATED
MR.
JULIO
BARBA HURTADO
         
DIRECTOR
RELATED
MR.
ENRIQUE
KRAUZE KLEINBORT
         
DIRECTOR
INDEPENDENT
MR.
PEDRO CARLOS
ASPE ARMELLA
         
DIRECTOR
INDEPENDENT
MR.
MICHAEL
LARSON
         
DIRECTOR
INDEPENDENT
MR.
LORENZO ALEJANDRO
MENDOZA GIMÉNEZ
         
DIRECTOR
INDEPENDENT
MR.
JOSÉ ANTONIO VICENTE
FERNÁNDEZ CARBAJAL
         
DIRECTOR
RELATED
MR.
JOSÉ ANTONIO
BASTÓN PATIÑO
         
DIRECTOR
INDEPENDENT
MR.
GERMÁN
LARREA MOTA VELASCO
         
DIRECTOR
INDEPENDENT
MR.
FRANCISCO JOSÉ
CHÉVEZ ROBELO
         
DIRECTOR
RELATED
MR.
ALEJANDRO
QUINTERO ÍÑIGUEZ
         
DIRECTOR
INDEPENDENT
MR.
ENRIQUE FRANCISCO JOSÉ
SENIOR HERNÁNDEZ
         
DIRECTOR
INDEPENDENT
MR.
FERNANDO
SENDEROS MESTRE
         
DIRECTOR
INDEPENDENT
MR.
ALBERTO
BAILLERES GONZÁLEZ
         
DIRECTOR
INDEPENDENT
MR.
CARLOS
FERNÁNDEZ GONZÁLEZ
         
DIRECTOR
INDEPENDENT
MR.
CLAUDIO X.
GONZÁLEZ LAPORTE
         
DIRECTOR
INDEPENDENT
MR.
ROBERTO
HERNÁNDEZ RAMÍREZ
         
DIRECTOR
RELATED
MR.
BERNARDO
GÓMEZ MARTÍNEZ
         
ALTERNATE DIRECTOR
RELATED
MR.
LEOPOLDO
GÓMEZ GONZÁLEZ BLANCO
         
ALTERNATE DIRECTOR
INDEPENDENT
MR.
RAÚL
MORALES MEDRANO
         
ALTERNATE DIRECTOR
INDEPENDENT
MR.
JOSÉ LUIS
FERNÁNDEZ FERNÁNDEZ
         
ALTERNATE DIRECTOR
RELATED
MR.
JOAQUÍN
BALCÁRCEL SANTA CRUZ
         
ALTERNATE DIRECTOR
INDEPENDENT
MR.
ALBERTO JAVIER
MONTIEL CASTELLANOS
         
ALTERNATE DIRECTOR
RELATED
MS.
GUADALUPE
PHILLIPS MARGAIN
         
ALTERNATE DIRECTOR
RELATED
MR.
FÉLIX JOSÉ
ARAUJO RAMÍREZ
         
ALTERNATE DIRECTOR
RELATED
MR.
JORGE AGUSTÍN
LUTTEROTH ECHEGOYEN
         
ALTERNATE DIRECTOR
INDEPENDENT
MR.
HERBERT
ALLEN III
         
ALTERNATE DIRECTOR
RELATED
MR.
SALVI RAFAEL
FOLCH VIADERO
         
SECRETARY OF THE BOARD OF DIRECTORS
RELATED
MR.
RICARDO
MALDONADO YAÑEZ
         
 
 
 
 
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
GRUPO TELEVISA, S.A.B.
 
(Registrant)
     
     
Dated: May 8, 2012
By:
/s/  Joaquín Balcárcel Santa Cruz
 
Name:
Joaquín Balcárcel Santa Cruz
 
Title:
General Counsel