Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico, D.F.
|
(Address of principal executive offices)
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Form 20-F
|
x
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Form 40-F
|
Yes
|
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No
|
x
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INVESTOR RELATIONS
FOURTH-QUARTER AND FULL YEAR 2012 RESULTS
FOR IMMEDIATE RELEASE
|
Ø
|
Strong full year growth in Consolidated Net Sales of 10.7%, and in operating segment income of 12.0%
|
Ø
|
Content segment reached full year guidance: net sales increased 7.2% with an operating segment income margin of 46.9%
|
Ø
|
Record growth in Sky with net additions of more than 1.1 million, reaching 5.2 million subscribers
|
Ø
|
Surpassed 2 million voice and data customers in our cable operations
|
2012
|
Margin
%
|
2011
|
Margin
%
|
Change
%
|
|
Net sales
|
69,290.4
|
100.0
|
62,581.5
|
100.0
|
10.7
|
Operating segment income
|
28,413.5
|
40.3
|
25,371.4
|
39.8
|
12.0
|
Net income
|
10,069.1
|
14.5
|
7,957.3
|
12.7
|
26.5
|
Net income attributable to stockholders of the Company
|
8,760.6
|
12.6
|
6,665.9
|
10.7
|
31.4
|
Net Sales
|
2012
|
%
|
2011
|
%
|
Change
%
|
Content
|
32,884.1
|
46.6
|
30,685.6
|
48.1
|
7.2
|
Publishing
|
3,453.0
|
4.9
|
3,191.8
|
5.0
|
8.2
|
Sky
|
14,465.3
|
20.5
|
12,479.2
|
19.5
|
15.9
|
Cable and Telecom
|
15,570.4
|
22.0
|
13,635.4
|
21.4
|
14.2
|
Other Businesses
|
4,211.3
|
6.0
|
3,825.2
|
6.0
|
10.1
|
Segment Net Sales
|
70,584.1
|
100.0
|
63,817.2
|
100.0
|
10.6
|
Intersegment Operations1
|
(1,293.7)
|
(1,235.7)
|
(4.7)
|
||
Net Sales
|
69,290.4
|
62,581.5
|
10.7
|
Operating Segment Income2
|
2012
|
Margin
%
|
2011
|
Margin
%
|
Change
%
|
Content
|
15,411.1
|
46.9
|
14,480.7
|
47.2
|
6.4
|
Publishing
|
447.6
|
13.0
|
454.7
|
14.2
|
(1.6)
|
Sky
|
6,558.0
|
45.3
|
5,789.8
|
46.4
|
13.3
|
Cable and Telecom
|
5,812.8
|
37.3
|
4,778.6
|
35.0
|
21.6
|
Other Businesses
|
184.0
|
4.4
|
(132.4)
|
(3.5)
|
N/A
|
Operating Segment Income
|
28,413.5
|
40.3
|
25,371.4
|
39.8
|
12.0
|
Corporate Expenses
|
(1,149.3)
|
(1.6)
|
(1,142.5)
|
(1.8)
|
(0.6)
|
Depreciation and Amortization
|
(8,474.2)
|
(12.2)
|
(7,361.6)
|
(11.8)
|
(15.1)
|
Other Expense, net
|
(650.4)
|
(0.9)
|
(593.6)
|
(0.9)
|
(9.6)
|
Operating Income
|
18,139.6
|
26.2
|
16,273.7
|
26.0
|
11.5
|
Content
|
Fourth quarter sales increased 4.9% to Ps.10,218.7 million compared with Ps.9,738.6 million in fourth quarter 2011.
Full year sales met our full year guidance, increasing 7.2% to Ps.32,884.1 million compared with Ps.30,685.6 million in 2011.
|
|||||||||
Millions of Mexican pesos
|
2012
|
%
|
2011
|
%
|
Change
%
|
|||||
Advertising
|
23,935.9
|
72.8
|
23,206.1
|
75.6
|
3.1
|
|||||
Network Subscription Revenue
|
3,189.2
|
9.7
|
2,590.8
|
8.5
|
23.1
|
|||||
Licensing and Syndication
|
5,759.0
|
17.5
|
4,888.7
|
15.9
|
17.8
|
|||||
Net Sales
|
32,884.1
|
100.0
|
30,685.6
|
100.0
|
7.2
|
Advertising fourth quarter revenue increased 3.6% to Ps.7,716.2 million compared with Ps.7,444.6 million in fourth quarter 2011.
Advertising full year revenue increased by 3.1%. These results reflect stronger advertising revenues, in particular in our Pay-TV platforms, which were partially compensated by the effects of the electoral period during the second quarter of the year, when we were required to transmit -free of charge- promotional spots for the different candidates across all of our networks.
|
|
Fourth-quarter Network Subscription Revenue increased by 17.3% to Ps.819.4 million compared to Ps.698.6 million in fourth-quarter 2011.
Full year Network Subscription Revenue grew by 23.1% mainly as a result of the sustained addition of pay-TV subscribers in Mexico and, to a lesser extent, abroad. We closed 2012 with 33.2 million subscribers carrying an average of 5.9 networks compared with 29.6 million subscribers carrying an average of 5.5 networks in 2011. These results also include a positive translation effect on foreign-currency-denominated sales.
Fourth-quarter Licensing and Syndication revenue increased by 5.5% to Ps.1,683.1 million compared to Ps.1,595.4 million in fourth-quarter 2011.
The full year increase in Licensing and Syndication revenue of 17.8% is explained by both i) an increase in royalties from Univision, from US$224.9 million in 2011 to US$247.6 million in 2012; ii) an increase in sales to the rest of the world, principally in Latin America; and iii) a positive translation effect on foreign-currency-denominated revenues in the amount of Ps.180.8 million
Note: Due to the recent leak of confidential data related to the location of IBOPE´s people meters, IBOPE's measurements are currently being used only as a point of reference to analyze trends. No punctual data will be included in our reports until this is resolved. In the meantime, Televisa is billing its clients based on fixed pricing rather than on cost-per-rating point. We do not expect this to have any adverse impact on our business.
|
|
Fourth quarter operating segment income increased 0.3% to Ps.4,807.8 million compared with Ps.4,792.4 million in fourth quarter 2011; the margin was 47.0%.
Full-year operating segment income increased 6.4% to Ps.15,411.1 million compared with Ps.14,480.7 million in 2011. The margin was in line with guidance at 46.9%. These results reflect higher revenues which were partially offset by i) the increase in production costs due to the coverage of the 2012 Olympics and the amortization of movies and TV series; ii) a negative translation effect on foreign-currency-denominated costs and expenses; and iii) an increase in operating expenses related to higher employee costs and agency commissions.
|
|
Publishing
|
Fourth quarter sales increased 2.6% to Ps.1,000.3 million compared with Ps.975.4 million in fourth quarter 2011.
Full year sales increased 8.2% to Ps.3,453.0 million compared with Ps.3,191.8 million in 2011. This increase reflects i) the increase in circulation and advertising revenue in Mexico and abroad; and ii) a positive translation effect on foreign-currency-denominated sales. In 2012 Mexico-derived revenues represented 38.7% compared with 40.8% in 2011.
|
Fourth quarter operating segment income decreased 15.3% to Ps.135.6 million compared with Ps.160.1 million in fourth quarter 2011, and the margin was 13.6%.
Full year operating segment income decreased 1.6% to Ps.447.6 million compared with Ps.454.7 million in 2011, and the margin was 13.0%. This decrease reflects higher editorial, paper and printing costs and a negative translation effect on foreign-currency-denominated costs and expenses.
|
|
Sky
|
Fourth quarter sales increased by 19.2% to Ps.3,810.5 million compared with Ps.3,196.2 million in fourth quarter 2011. During the quarter, Sky added a total of 270 thousand subscribers, mainly in Mexico.
Full year sales increased 15.9% to Ps.14,465.3 million compared with Ps.12,479.2 million in 2011. The annual increase was driven by solid growth in the subscriber base of more than 1.1 million, which is explained by the continued success of Sky’s low-cost offerings, and the increase in pay-per-view revenues. As of December 31, 2012, the number of net active subscribers increased to 5,153,445 (including 164,669 commercial subscribers), compared with 4,008,374 (including 157,646 commercial subscribers) as of December 31, 2011. Sky closed the year with 182,415 subscribers in Central America and the Dominican Republic.
|
Fourth quarter operating segment income increased 13.8% to Ps.1,604.4 million compared with Ps.1,410.1 million in fourth quarter 2011, and the margin was 42.1%.
Full year operating segment income increased 13.3% to Ps.6,558.0 million compared with Ps.5,789.8 million in 2011, and the margin was 45.3%. These results reflect an increase in sales that was partially offset by higher costs and expenses inherent to the growth in the subscriber base, mainly in the lower-cost packages.
|
|
Cable and Telecom
|
Fourth quarter sales increased 9.8% to Ps.4,037.0 million compared with Ps.3,678.1 million in fourth quarter 2011 driven by growth in all of our cable platforms.
Full year sales increased 14.2% to Ps.15,570.4 million compared with Ps.13,635.4 million in 2011. In the aggregate, the three cable operations added 470 thousand revenue generating units (RGUs) during the year as a result of the success of our competitive packages. Voice and data RGUs continued to be the main drivers of growth, growing 16.1% and 22.5% compared with 2011, respectively, while video RGUs expanded by 5.8%.
Year-over-year, Cablevisión, Cablemás, TVI and Bestel net sales increased 14.8%, 15.1%, 13.9%, and 11.5% respectively.
|
The following table sets forth the breakdown of subscribers for each of our three cable subsidiaries as of December 31, 2012.
|
Cablevisión
|
Cablemás
|
TVI
|
Total
|
||
Video
|
787,054
|
1,147,007
|
374,733
|
2,308,794
|
|
Broadband
|
509,137
|
567,247
|
229,720
|
1,306,104
|
|
Voice
|
318,927
|
302,197
|
133,178
|
754,302
|
|
RGUs
|
1,615,118
|
2,016,451
|
737,631
|
4,369,200
|
|
Fourth quarter operating segment income increased 12.7% to Ps.1,579.1 million compared with Ps.1,401.0 million in fourth quarter 2011, and the margin increased to 39.1%. The margins in Bestel remained strong. This increase was driven by lower interconnection rates and a larger customer base.
Full year operating segment income increased 21.6% to Ps.5,812.8 million compared with Ps.4,778.6 million in 2011, and the margin increased to 37.3%. These results reflect continued growth in the cable platforms, and strong margins at Bestel. These favorable variances were partially offset by an increase in personnel costs and advertising spending during the year.
The following tables set forth the breakdown of revenues and operating segment income, excluding consolidation adjustments, for our four cable and telecom subsidiaries for 2012 and 2011.
|
|||||
2012
Millions of Mexican pesos
|
Cablevisión
|
Cablemás
|
TVI
|
Bestel
|
|
Revenue(1)
|
5,041.1
|
5,439.7
|
2,474.6
|
3,039.8
|
|
Operating Segment Income(1)
|
2,033.8
|
2,007.6
|
1,065.6
|
955.6
|
|
Margin
|
40.3%
|
36.9%
|
43.1%
|
31.4%
|
|
(1) These results do not include consolidation adjustments of Ps.424.8 million in revenues nor Ps.249.8 million in Operating Segment Income, which are considered in the consolidated results of Cable and Telecom.
|
|||||
2011
Millions of Mexican pesos
|
Cablevisión
|
Cablemás
|
TVI
|
Bestel
|
|
Revenue(2)
|
4,391.4
|
4,726.2
|
2,172.7
|
2,727.0
|
|
Operating Segment Income(2)
|
1,697.2
|
1,814.7
|
927.0
|
574.3
|
|
Margin
|
38.6%
|
38.4%
|
42.7%
|
21.1%
|
|
(2) These results do not include consolidation adjustments of Ps.381.9 million in revenues nor Ps.234.6 million in Operating Segment Income, which are considered in the consolidated results of Cable and Telecom.
|
|||||
Other Businesses
|
Fourth quarter sales increased 3.1% to Ps.1,060.5 million compared with Ps.1,028.7 million in fourth quarter 2011 driven mainly by our feature-film distribution, and gaming businesses.
Full year sales increased 10.1% to Ps.4,211.3 million compared with Ps.3,825.2 million in 2011. Businesses that performed well include feature-film distribution, radio, and gaming. The results of gaming were driven by the increase in promotions and the introduction of new gaming machines. The radio business benefited from an increase in advertising revenues. Finally, the feature-film distribution business distributed hits such as “The Hunger Games” and “The Woman in Black”.
|
||||
Fourth quarter operating segment income reached Ps.15.3 million compared with a loss of Ps.87.9 million in fourth quarter 2011.
Full year operating segment income reached Ps.184.0 million compared with a loss of Ps.132.4 million in 2011, reflecting increases in the operating segment income of radio, and gaming; a shift from loss to income in feature-film distribution; and a smaller operating segment loss in our soccer business.
|
2012
|
2011
|
Increase
(decrease)
|
|
Interest expense
|
4,369.3
|
4,174.5
|
194.8
|
Interest income
|
(1,044.3)
|
(1,146.5)
|
102.2
|
Foreign exchange (gain) loss, net
|
(127.4)
|
713.6
|
(841.0)
|
Other finance expense, net
|
152.9
|
899.4
|
(746.5)
|
Finance expense, net
|
3,350.5
|
4,641.0
|
(1,290.5)
|
Dec 31,
2012
|
Dec 31,
2011
|
Increase
(decrease)
|
|
Short-term debt and current portion of long-term debt
|
375.0
|
1,169.9
|
(794.9)
|
Long-term debt, net of finance costs of Ps.798.0 and Ps.862.1 as of December 31, 2012 and December 31, 2011, respectively
|
52,616.4
|
54,794.9
|
(2,178.5)
|
Total debt
|
52,991.4
|
55,964.8
|
(2,973.4)
|
Current portion of finance lease obligations
|
439.2
|
381.9
|
57.3
|
Long-term finance lease obligations (excluding current portion)
|
4,531.9
|
201.8
|
4,330.1
|
Total finance lease obligations
|
4,971.1
|
583.7
|
4,387.4
|
Previously
|
||||||||||||||||
December 31,
|
December 31,
|
Reported
|
||||||||||||||
2012
|
2011
|
December 31, 2011
|
||||||||||||||
ASSETS
|
(Unaudited)A
|
(Unaudited)A
|
NotesC
|
(Audited)B
|
||||||||||||
Current assets:
|
||||||||||||||||
Cash and cash equivalents
|
Ps. | 19,063.3 | Ps. | 16,275.9 | Ps. | 16,275.9 | ||||||||||
Temporary investments
|
5,317.3 | 5,422.6 | 5,422.6 | |||||||||||||
24,380.6 | 21,698.5 | 21,698.5 | ||||||||||||||
Trade notes and accounts receivable, net
|
18,982.3 | 19,243.7 | 19,243.7 | |||||||||||||
Other accounts and notes receivable, net
|
2,475.5 | 2,458.8 | 2,458.8 | |||||||||||||
Derivative financial instruments
|
2.4 | 99.7 | 99.7 | |||||||||||||
Due from affiliated companies
|
1,436.9 | 450.1 | 450.1 | |||||||||||||
Transmission rights and programming
|
4,462.3 | 4,178.9 | 4,178.9 | |||||||||||||
Inventories, net
|
1,508.6 | 1,383.8 | 1,383.8 | |||||||||||||
Other current assets
|
1,389.1 | 1,146.2 | 1,146.2 | |||||||||||||
Total current assets
|
54,637.7 | 50,659.7 | 50,659.7 | |||||||||||||
Non-current assets:
|
||||||||||||||||
Accounts receivable
|
334.8 | 253.8 | 253.8 | |||||||||||||
Derivative financial instruments
|
12.6 | 45.3 | 45.3 | |||||||||||||
Transmission rights and programming
|
6,435.6 | 6,123.9 | 2 | 6,832.5 | ||||||||||||
Investments
|
42,978.9 | 44,020.5 | 43,407.8 | |||||||||||||
Property, plant and equipment, net
|
48,363.2 | 40,874.9 | 1, 9 | 41,499.0 | ||||||||||||
Intangible assets, net
|
11,126.8 | 10,674.0 | 2, 10 | 11,861.4 | ||||||||||||
Plan assets in excess of post-employment benefits
|
- | 105.1 | 5 | - | ||||||||||||
Deferred income taxes
|
1,073.9 | 451.9 | 410.9 | |||||||||||||
Other assets
|
102.6 | 91.0 | 91.0 | |||||||||||||
Total assets
|
Ps. | 165,066.1 | Ps. | 153,300.1 | Ps. | 155,061.4 |
Previously
|
||||||||||||||||
December 31,
|
December 31,
|
Reported
|
||||||||||||||
2012
|
2011
|
December 31, 2011
|
||||||||||||||
LIABILITIES
|
(Unaudited)A
|
(Unaudited)A
|
NotesC
|
(Audited)B
|
||||||||||||
Current liabilities:
|
||||||||||||||||
Short-term debt and current portion of long-term debt
|
Ps. | 375.0 | Ps. | 1,169.9 | 3 | Ps. | 1,170.0 | |||||||||
Current portion of finance lease obligations
|
439.2 | 381.9 | 381.9 | |||||||||||||
Trade accounts payable
|
8,594.1 | 7,862.6 | 7,862.6 | |||||||||||||
Customer deposits and advances
|
21,215.9 | 20,926.3 | 20,926.3 | |||||||||||||
Taxes payable
|
1,355.8 | 1,388.2 | 1,388.2 | |||||||||||||
Accrued interest
|
741.8 | 792.7 | 792.7 | |||||||||||||
Employee benefits
|
301.8 | 252.5 | 252.5 | |||||||||||||
Derivative financial instruments
|
1.2 | - | - | |||||||||||||
Due to affiliated companies
|
27.5 | 43.1 | 43.1 | |||||||||||||
Other accrued liabilities
|
3,193.3 | 3,184.8 | 3,184.8 | |||||||||||||
Total current liabilities
|
36,245.6 | 36,002.0 | 36,002.1 | |||||||||||||
Non-current liabilities:
|
||||||||||||||||
Long-term debt, net of current portion
|
52,616.4 | 54,794.9 | 3 | 55,657.0 | ||||||||||||
Finance lease obligations, net of current portion
|
4,531.9 | 201.8 | 201.8 | |||||||||||||
Derivative financial instruments
|
351.6 | 310.6 | 310.6 | |||||||||||||
Customer deposits and advances
|
769.3 | 460.0 | 460.0 | |||||||||||||
Other long-term liabilities
|
1,977.9 | 2,441.4 | 4 | 3,047.5 | ||||||||||||
Post-employment benefits
|
38.8 | - | 5, 6 | 525.9 | ||||||||||||
Total liabilities
|
96,531.5 | 94,210.7 | 96,204.9 | |||||||||||||
EQUITY
|
||||||||||||||||
Capital stock issued, no par value
|
4,978.1 | 5,040.8 | 6 | 10,238.9 | ||||||||||||
Additional paid-in capital
|
15,889.8 | 15,889.8 | 6 | 16,593.2 | ||||||||||||
20,867.9 | 20,930.6 | 26,832.1 | ||||||||||||||
Retained earnings:
|
||||||||||||||||
Legal reserve
|
2,139.0 | 2,139.0 | 2,139.0 | |||||||||||||
Unappropriated earnings
|
40,173.8 | 36,687.7 | 6, 7, 8 | 28,596.2 | ||||||||||||
Net income for the period
|
8,760.6 | 6,665.9 | 6,889.6 | |||||||||||||
51,073.4 | 45,492.6 | 37,624.8 | ||||||||||||||
Accumulated other comprehensive income, net
|
1,805.9 | 1,323.7 | 7 | 3,174.6 | ||||||||||||
Shares repurchased
|
(13,103.2 | ) | (15,971.7 | ) | (15,971.7 | ) | ||||||||||
39,776.1 | 30,844.6 | 24,827.7 | ||||||||||||||
Equity attributable to stockholders of the
|
||||||||||||||||
Company
|
60,644.0 | 51,775.2 | 51,659.8 | |||||||||||||
Non-controlling interest
|
7,890.6 | 7,314.2 | 7,196.7 | |||||||||||||
Total equity
|
68,534.6 | 59,089.4 | 58,856.5 | |||||||||||||
Total liabilities and equity
|
Ps. | 165,066.1 | Ps. | 153,300.1 | Ps. | 155,061.4 |
Three months ended December 31,
|
||||||||||||||||
Previously
|
||||||||||||||||
Reported
|
||||||||||||||||
2012
|
2011
|
2011
|
||||||||||||||
(Unaudited)A
|
(Unaudited)A
|
NotesC
|
(Unaudited)B
|
|||||||||||||
Net sales
|
Ps. | 19,792.5 | Ps. | 18,292.8 | Ps. | 18,292.8 | ||||||||||
Cost of sales D
|
8,822.3 | 8,092.2 | 11 | 8,043.3 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Selling D
|
1,576.2 | 1,409.1 | 11 | 1,408.1 | ||||||||||||
Administrative D
|
1,553.6 | 1,454.7 | 11 | 1,413.4 | ||||||||||||
Depreciation and amortization
|
2,299.6 | 1,973.5 | 9, 10 | 1,999.9 | ||||||||||||
Income before other expense
|
5,540.8 | 5,363.3 | 5,428.1 | |||||||||||||
Other expense, net
|
(217.1 | ) | (217.8 | ) | (253.6 | ) | ||||||||||
Operating income
|
5,323.7 | 5,145.5 | 12 | 5,174.5 | ||||||||||||
Finance (expense) income:
|
||||||||||||||||
Interest expense
|
(1,142.4 | ) | (1,147.3 | ) | (1,168.8 | ) | ||||||||||
Interest income
|
323.3 | 421.5 | 421.5 | |||||||||||||
Foreign exchange gain (loss), net
|
113.8 | (324.2 | ) | (337.5 | ) | |||||||||||
Other finance income, net
|
687.6 | 70.3 | 7, 13, 14 | - | ||||||||||||
Total finance expense, net
|
(17.7 | ) | (979.7 | ) | (1,084.8 | ) | ||||||||||
Share of losses of jointly controlled entities and associates, net
|
(432.8 | ) | (131.5 | ) | (131.2 | ) | ||||||||||
Income before income taxes
|
4,873.2 | 4,034.3 | 3,958.5 | |||||||||||||
Income taxes
|
1,768.1 | 1,448.0 | 15 | 1,403.3 | ||||||||||||
Net income
|
Ps. | 3,105.1 | Ps. | 2,586.3 | Ps. | 2,555.2 | ||||||||||
Net income attributable to:
|
||||||||||||||||
Stockholders of the Company
|
Ps. | 2,998.1 | Ps. | 2,201.8 | Ps. | 2,170.1 | ||||||||||
Non-controlling interests
|
107.0 | 384.5 | 385.1 | |||||||||||||
Net income
|
Ps. | 3,105.1 | Ps. | 2,586.3 | Ps. | 2,555.2 | ||||||||||
Basic earnings per CPO attributable to stockholders of the Company
|
Ps. | 1.05 | Ps. | 0.78 | Ps. | 0.77 |
Twelve months ended December 31,
|
||||||||||||||||
Previously
|
||||||||||||||||
Reported
|
||||||||||||||||
2012
|
2011
|
2011
|
||||||||||||||
(Unaudited)A
|
(Unaudited)A
|
NotesC
|
(Audited)B
|
|||||||||||||
Net sales
|
Ps. | 69,290.4 | Ps. | 62,581.5 | Ps. | 62,581.5 | ||||||||||
Cost of sales D
|
30,645.4 | 28,132.7 | 11 | 28,166.3 | ||||||||||||
Operating expenses:
|
||||||||||||||||
Selling D
|
5,632.1 | 4,972.8 | 11 | 4,972.8 | ||||||||||||
Administrative D
|
5,748.7 | 5,247.1 | 11 | 5,190.6 | ||||||||||||
Depreciation and amortization
|
8,474.2 | 7,361.6 | 9, 10 | 7,429.8 | ||||||||||||
Income before other expense
|
18,790.0 | 16,867.3 | 16,822.0 | |||||||||||||
Other expense, net
|
(650.4 | ) | (593.6 | ) | (640.0 | ) | ||||||||||
Operating income
|
18,139.6 | 16,273.7 | 12 | 16,182.0 | ||||||||||||
Finance (expense) income:
|
||||||||||||||||
Interest expense
|
(4,369.3 | ) | (4,174.5 | ) | (4,312.7 | ) | ||||||||||
Interest income
|
1,044.3 | 1,146.5 | 1,146.5 | |||||||||||||
Foreign exchange gain (loss), net
|
127.4 | (713.6 | ) | (976.5 | ) | |||||||||||
Other finance expense, net
|
(152.9 | ) | (899.4 | ) | 7, 13, 14 | - | ||||||||||
Total finance expense, net
|
(3,350.5 | ) | (4,641.0 | ) | (4,142.7 | ) | ||||||||||
Share of losses of jointly controlled
|
||||||||||||||||
entities and associates, net
|
(666.6 | ) | (449.3 | ) | (449.4 | ) | ||||||||||
Income before income taxes
|
14,122.5 | 11,183.4 | 11,589.9 | |||||||||||||
Income taxes
|
4,053.4 | 3,226.1 | 15 | 3,409.8 | ||||||||||||
Net income
|
Ps. | 10,069.1 | Ps. | 7,957.3 | Ps. | 8,180.1 | ||||||||||
Net income attributable to:
|
||||||||||||||||
Stockholders of the Company
|
Ps. | 8,760.6 | Ps. | 6,665.9 | Ps. | 6,889.6 | ||||||||||
Non-controlling interests
|
1,308.5 | 1,291.4 | 1,290.5 | |||||||||||||
Net income
|
Ps. | 10,069.1 | Ps. | 7,957.3 | Ps. | 8,180.1 | ||||||||||
Basic earnings per CPO attributable
|
||||||||||||||||
to stockholders of the Company
|
Ps. | 3.08 | Ps. | 2.37 | Ps. | 2.45 |
Net Sales
|
4Q 2012
|
%
|
4Q 2011
|
%
|
Change
%
|
Content
|
10,218.7
|
50.8
|
9,738.6
|
52.3
|
4.9
|
Publishing
|
1,000.3
|
5.0
|
975.4
|
5.2
|
2.6
|
Sky
|
3,810.5
|
18.9
|
3,196.2
|
17.2
|
19.2
|
Cable and Telecom
|
4,037.0
|
20.0
|
3,678.1
|
19.8
|
9.8
|
Other Businesses
|
1,060.5
|
5.3
|
1,028.7
|
5.5
|
3.1
|
Segment Net Sales
|
20,127.0
|
100.0
|
18,617.0
|
100.0
|
8.1
|
Intersegment Operations1
|
(334.5)
|
(324.2)
|
(3.2)
|
||
Net Sales
|
19,792.5
|
18,292.8
|
8.2
|
Operating Segment Income2
|
4Q 2012
|
Margin
%
|
4Q 2011
|
Margin
%
|
Change
%
|
Content
|
4,807.8
|
47.0
|
4,792.4
|
49.2
|
0.3
|
Publishing
|
135.6
|
13.6
|
160.1
|
16.4
|
(15.3)
|
Sky
|
1,604.4
|
42.1
|
1,410.1
|
44.1
|
13.8
|
Cable and Telecom
|
1,579.1
|
39.1
|
1,401.0
|
38.1
|
12.7
|
Other Businesses
|
15.3
|
1.4
|
(87.9)
|
(8.5)
|
N/A
|
Operating Segment Income
|
8,142.2
|
40.5
|
7,675.7
|
41.2
|
6.1
|
Corporate Expenses
|
(301.8)
|
(1.5)
|
(338.9)
|
(1.8)
|
10.9
|
Depreciation and Amortization
|
(2,299.6)
|
(11.6)
|
(1,973.5)
|
(10.8)
|
(16.5)
|
Other Expense, net
|
(217.1)
|
(1.1)
|
(217.8)
|
(1.2)
|
0.3
|
Operating Income
|
5,323.7
|
26.9
|
5,145.5
|
28.1
|
3.5
|
GRUPO TELEVISA, S.A.B.
|
|||
(Registrant)
|
|||
Dated: February 26, 2013
|
By:
|
/s/ Joaquín Balcárcel Santa Cruz
|
|
Name:
|
Joaquín Balcárcel Santa Cruz
|
||
Title:
|
General Counsel
|