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 February, 2003
GRUPO TELEVISA, S.A.
-------------------------------------
(Translation of registrant's name into English)
Av. Vasco de Quiroga No. 2000, Colonia Sante 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 .)
-----
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.
--------------------------------
(Registrant)
Dated: February 27, 2003 By /s/ Jorge Lutteroth Echegoyen
------------------------------
Name: Jorge Lutteroth Echegoyen
Title: Controller, Vice-President
[LOGO - TELEVISA]
FOR IMMEDIATE RELEASE
GRUPO TELEVISA REPORTS FOURTH QUARTER AND
FULL YEAR 2002 RESULTS
- TOTAL REVENUES INCREASED 3.7% -
- CONSOLIDATED EBITDA INCREASED 7.1% -
- UPFRONT SALES INCREASED 2.4% -
- AUDIENCE SHARE INCREASED TO 74.4% -
- THE BOARD TO PROPOSE DIVIDEND PAYMENTS -
o NET SALES for 2002 increased 3.7% to Ps.21,559,269 thousand despite a
difficult economic environment in Mexico and abroad. The growth in
revenues was a result of higher sales in the Television Broadcasting,
Publishing Distribution and Programming for Pay Television segments.
o For 2002, EBITDA increased 7.1% to Ps.6,100,017 thousand. The
improvement in EBITDA is attributable to higher net sales and lower
administrative expenses. The Television Broadcasting EBITDA also
increased 7.4% compared to last year.
o As of December 31, 2002, we had received aggregate UPFRONT ADVERTISING
DEPOSITS for television advertising of approximately Ps.11,305
million. The deposits as of December 31, 2002 represented a 7.9%
nominal increase, or 2.4% in real terms, as compared to the prior
year.
o National urban RATINGS and AUDIENCE SHARE reported by IBOPE confirm
that in 2002, Televisa increased its ratings and audience share. In
prime-time, audience share amounted to 72.5% and in sign-on to
sign-off, audience share increased to 74.4%. Televisa aired 93 of the
100 most popular programs in 2002, maintaining its dominant position
in prime-time.
o The Board of Directors decided today to propose at our next
shareholder meeting an annual DIVIDEND PAYMENT plan, starting in 2003.
The amount of the dividend payments will be proposed on an annual
basis by the Board of Directors based on the Company's results of
operations, financial condition, investments and other relevant
factors. For 2003, the Board decided to propose the payment of a
dividend in the amount of Ps.550 million.
GRUPO TELEVISA, S.A., Av. Vasco de Quiroga 2000,
Col. Santa Fe, Mexico, D.F.01210
FOURTH QUARTER AND FULL YEAR 2002 RESULTS GRUPO TELEVISA, S.A.
---------------------------------------------------------------------------
CONSOLIDATED RESULTS
---------------------------------------------------------------------------
MEXICO CITY, D.F., February 26, 2003 -- Grupo
Televisa, S.A. (NYSE:TV; BMV: TLEVISA CPO) today
announced results for the fourth quarter and
unaudited full year ended December 31, 2002.
Results, which are attached, are in thousands of
Mexican pesos and have been prepared in accordance
with Mexican GAAP, and adjusted to pesos in
purchasing power as of December 31, 2002.
Financial highlights are as follows:
TWELVE MONTHS ENDED DECEMBER 31,
2002 2001
---------------------------------------------------------------------
NET SALES(1) Ps. 21,559,269 Ps. 20,785,582
COST OF SALES 12,418,087 12,094,542
GROSS PROFIT 9,141,182 8,691,040
SELLING EXPENSES 1,685,546 1,574,068
ADMINISTRATIVE EXPENSES 1,355,619 1,423,332
OPERATING EXPENSES 3,041,165 2,997,400
EBITDA(2) 6,100,017 5,693,640
OPERATING INCOME 4,650,330 4,339,600
INTEGRAL COST OF FINANCING 612,972 436,918
NET INCOME 807,541 1,422,375
1 See "-Results by Business Segment" for information regarding
segment results.
2 EBITDA is defined as operating income before depreciation and
amortization.
NET SALES Net sales increased 3.7% to Ps.21,559,269 thousand
in 2002 from Ps.20,785,582 thousand in 2001
attributable to higher revenues in the Television
Broadcasting segment due to our high ratings and
audience shares throughout the year, our strong
sales during the 2002 World Cup, a record increase
of 19.5% in our local sales driven by Channel 4;
additional revenue resulting from the acquisition
of a publishing distribution company in Chile; as
well as higher sales in the Programming for Pay
Television segment. These increases were partially
offset by lower sales in the Other Businesses,
Programming Licensing, Radio, Cable Television and
Publishing segments.
COST OF SALES Total cost of sales increased 2.7% to
Ps.12,418,087 thousand in 2002 from Ps.12,094,542
thousand in 2001. The increase reflects higher
costs in the Publishing Distribution segment due
to the acquisition of the publishing distribution
platform in Chile; the costs associated with the
transmission of the 2002 World Cup reflected in
the Television Broadcasting segment; as well as
higher costs in the Cable Television and
Programming for Pay Television segments. These
increases were partially offset by lower costs in
the Other Businesses, Programming Licensing, Radio
and Publishing segments.
OPERATING EXPENSES Operating expenses, including corporate expenses,
increased by 1.5% to Ps.3,041,165 thousand in 2002
as compared to Ps.2,997,400 thousand reported in
2001. This increase is due to a 7.1% increase in
selling expenses associated primarily with the
publishing distribution platform in Chile and the
Television Broadcasting segment, as well as a
higher provision of doubtful trade accounts in the
Programming Licensing division, partially offset
by the lower selling expenses in the Other
Businesses and Cable Television segments. This net
increase was partially offset by a 4.8% reduction
in administrative expenses, resulting primarily
from the Other Businesses, Publishing, Television
Broadcasting, Radio and Programming Licensing
segments, partially offset by higher
administrative expenses in the Publishing
Distribution and Cable Television segments.
EBITDA EBITDA increased 7.1% to Ps.6,100,017 thousand in
2002 from Ps.5,693,640 thousand reported in 2001.
EBITDA margin increased to 28.3% in 2002 from
27.4% reported last year. These increases are
primarily related to higher net sales and lower
administrative expenses, partially offset by
higher cost of sales and selling expenses.
OPERATING INCOME Operating income increased 7.2% to Ps.4,650,330
thousand in 2002 as compared to Ps.4,339,600
thousand in 2001, due to higher net sales and
lower administrative expenses, partially offset by
higher depreciation and amortization costs, mainly
in the Television Broadcasting, Cable Television,
Other Businesses and Publishing Distribution
segments, as well as higher cost of sales and
selling expenses.
INTEGRAL COST
OF FINANCING Integral cost of financing for the twelve months
ended December 31, 2002 and 2001, consisted of (in
thousands):
Increase
2002 2001 (decrease)
---------------------------------------------
Interest expense Ps. 1,199,168 Ps. 1,102,268 Ps. 96,900
Restatement of investment units ("UDIs") 189,649 171,040 18,609
Gain on interest swap contracts (17,664) - (17,664)
Interest income (589,627) (978,417) 388,790
Foreign exchange loss - net 584,396 (143,608) 728,004
Foreign exchange loss - hedged (795,225) - (795,225)
Forward exchange contracts - 106,268 (106,268)
Loss from monetary position - net 42,275 179,367 (137,092)
---------- ---------- ---------
Ps. 612,972 Ps. 436,918 Ps. 176,054
========== ========== =========
The expenses attributable to integral cost of
financing increased by Ps.176,054 thousand, or
40.3%, to Ps.612,972 thousand for the year ended
December 31, 2002 from Ps.436,918 thousand for the
year ended December 31, 2001. This increase
reflects: (a) a Ps.728,004 thousand increase in
net foreign exchange loss, primarily due to the
14.01% depreciation of the Mexican peso as
compared to the U.S. dollar during the year ended
December 31, 2002, versus a 4.5% appreciation of
the Mexican peso as compared to the U.S. dollar
during the year ended December 31, 2001, as well
as a result of a higher net liability foreign
currency monetary position of the Company during
the year ended December 31, 2002 as compared to
the year ended December 31, 2001; (b) a Ps.388,790
thousand decrease in interest income, primarily as
a result of a reduction in interest rates during
the year ended December 31, 2002 as compared to
the year ended December 31, 2001, which was
partially offset by a higher average amount of
temporary investments during the year ended
December 31, 2002 as compared to the year ended
December 31, 2001; (c) a Ps.96,900 thousand
increase in interest expense, primarily as a
result of a higher level of debt outstanding
during the year ended December 31, 2002 as
compared to the year ended December 31, 2001,
which was partially offset by a reduction in
interest rates attributable to certain Company's
debt during the year ended December 31, 2002 as
compared to the year ended December 31, 2001; and
(d) a Ps.18,609 thousand increase in the
restatement of the Company's UDI denominated debt,
primarily due to a higher inflation during the
year ended December 31, 2002 as compared to the
year ended December 31, 2001.
These increases in the integral cost of financing
were partially offset by: (a) a Ps.795,225
thousand decrease in the foreign exchange loss
incurred in connection with the Company's U.S.$600
million long-term debt securities maturing in 2011
and 2032, which principal amount is being hedged
by the Company's net investment in Univision since
March 1, 2002; (b) a Ps.106,268 thousand decrease
in loss attributable to foreign exchange contracts
which were settled down in the fourth quarter of
2001; (c) a Ps.137,092 thousand decrease in loss
from monetary position primarily as a result of a
lower net asset monetary position during the year
ended December 31, 2002 as compared to the year
ended December 31, 2001, which was partially
offset by higher inflation in Mexico during the
year ended December 31, 2002 (5.7%) as compared to
the year ended December 31, 2001 (4.4%); and (d) a
Ps.17,664 thousand gain attributable to interest
swap contracts outstanding during the fourth
quarter of 2002.
RESTRUCTURING AND
NON-RECURRING CHARGES Restructuring and non-recurring charges increased
by Ps.267,526 thousand, or 46.6%, to Ps.841,863
thousand for the year ended December 31, 2002 from
Ps.574,337 thousand for the year ended December
31, 2001. This increase primarily reflects a
Ps.325,383 thousand non-recurring charge taken in
connection with the write-off of exclusive rights
letters for soccer players, as well as a
Ps.163,431 thousand non-recurring charge related
to the drawdown by DirecTV under a letter of
credit posted by the Company in connection with
certain arrangements between DirecTV and the
Company to broadcast the 2002 World Cup, which
amount is in dispute by the parties. This increase
was partially offset by a reduction in
restructuring charges due to fewer work force
reductions in the year ended December 31, 2002 as
compared to the year ended December 31, 2001.
OTHER EXPENSE-NET Other expense-net increased by Ps.1,446,722
thousand to Ps.2,141,208 thousand for the year
ended December 31, 2002, as compared to Ps.694,486
thousand for the year ended December 31, 2001.
This increase primarily reflects a Ps.230,769
thousand increase in the amortization of goodwill,
primarily in connection with the acquisition of
shares of Univision in December 2001 and April
2002; a Ps.844,286 thousand increase in the
write-off of unamortized goodwill, resulting from
the evaluation of the recoverability of certain
long-lived assets; and a Ps.330,791 thousand
increase in the loss on disposition of investments
for the year ended December 31, 2002, as compared
to the gain for the year ended December 31, 2001,
which primarily included the gain on sale of a 50%
limited voting stake in the Company's radio
subsidiary in October 2001.
Other expense-net for the year ended December 31,
2002 primarily reflects non-cash charges in
connection with the amortization of goodwill in
the amount of Ps.433,163 thousand and the
write-off of unamortized goodwill in the amount of
Ps.1,066,997 thousand; as well as fees and
expenses for professional services, donations and
a net loss in disposition of certain investments
and non-current assets for an aggregate amount of
Ps.388,485 thousand.
INCOME TAXES Income tax, assets tax and employees' profit
sharing decreased by Ps.272,086 thousand to
Ps.299,347 thousand for the year ended December
31, 2002 from a tax provision of Ps.571,433
thousand for the year ended December 31, 2001.
This decrease primarily reflects a tax benefit
resulting from an annual decrease in the corporate
income tax rate starting in 2003 and continuing
through 2005 when the corporate rate will be 32%,
and applicable to Mexican companies in accordance
with the Mexican Income Tax Law. The provision for
income taxes primarily reflected the effect of
recognizing assets tax (alternative minimum tax)
rather than income tax for consolidation tax
purposes in Mexico for the years ended December
31, 2002 and 2001, as well as income taxes
attributable to foreign subsidiaries of the
Company for the year ended December 31, 2002.
EQUITY IN RESULTS
OF AFFILIATES Equity in results of affiliates increased by
Ps.562,695 thousand to a loss of Ps.1,114,566
thousand for the year ended December 31, 2002 from
a loss of Ps.551,871 thousand for the year ended
December 31, 2001. This increase primarily
reflects the recognition of additional equity
losses of the Company's DTH joint venture in
Mexico ("Innova") and the Company's multi-country
DTH joint venture ("Sky Multi-Country Partners")
with current operations in Colombia and Chile, as
described below. This increase was slightly offset
by the increase of the equity in income relating
to the Company's investment in Univision.
During the years ended December 31, 2001 and 2002,
the Company's investment in Innova has been
represented by a net liability position on the
Company's consolidated balance sheet. This net
liability position currently represents equity
losses recognized in excess of the Company's
capital contributions and long-term loans to
Innova, but not in excess of the outstanding total
debt incurred by this joint venture in connection
with a transponder capital lease being guaranteed
by the Company. During the year ended December 31,
2002, the Company recognized additional equity in
losses of Innova, which primarily reflected the
additional funding to Innova provided by the
Company in the first quarter of 2002, as well as
the increase in the outstanding debt of Innova
being guaranteed by the Company, as a result of
the depreciation of the Mexican peso as compared
to the U.S. Dollar for the year ended December 31,
2002. As of December 31, 2002, the Company's
investment in Innova was represented by a
liability position of Ps.852,993 thousand.
During the years ended December 31, 2001 and 2002,
the Company's investment in Sky Multi-Country
Partners has been represented by a net liability
position on the Company's consolidated balance
sheet. This net liability position has represented
equity losses recognized in excess of the
Company's capital contributions to Sky
Multi-Country Partners, but not in excess of the
outstanding total debt incurred by this joint
venture in connection with a transponder capital
lease being guaranteed by the Company. In the
fourth quarter of 2002, as a result of the
economic difficulties of this joint venture in
South America, the Company recognized an
additional equity loss of Ps.464,968 thousand to
cover the outstanding total debt incurred by this
joint venture being guaranteed by the Company. As
of December 31, 2002, the Company's investment in
Sky Multi-Country Partners was represented by a
liability position of Ps.792,249 thousand.
DISCONTINUED
OPERATIONS In December 2001, the Company entered into an
agreement to sell its music recording operations
to Univision, and consummated this sale in April
2002. The Company no longer engages in the music
recording business, and the results of the
Company's music recording segment for the year
ended December 31, 2001 and for the subsequent
period were classified as discontinued operations.
As consideration for the sale of this business,
the Company received 6,000,000 shares and 100,000
warrants (expiring in 2017) to purchase shares of
Univision common stock, which were recognized at
their fair value on the agreement date. As a
result of this transaction, the Company recognized
a gain on disposition of the music recording
business of Ps.1,098,334 thousand, net of related
costs, expenses and taxes, which were also
reflected as discontinued operations. In
conjunction with this disposal, the Company may
have to pay certain adjustments to Univision in
connection with an audit of the Music Recording
business by Univision, which is in the process of
being resolved by the parties. While the Company's
management does not believe that any of these
adjustments will be material in amount or impact,
the Company can give no assurances in this regard.
MINORITY INTEREST The minority interest reflects the portion of the
operating results attributable to the interest
held by third parties in the businesses which are
not wholly-owned by the Company, including the
Company's Cable Television, Radio (since October
2001), and nationwide paging businesses.
Minority interest decreased by Ps.97,674 to a gain
of Ps.68,833 thousand for the year ended December
31, 2002 from a loss of Ps.28,841 thousand for the
year ended December 31, 2001. This decrease
primarily reflects a decrease in the net income of
the Company's Cable Television and nationwide
paging businesses for the year ended December 31,
2002, as compared to the year ended December 31,
2001.
NET INCOME In 2002, the Company had a net income of
Ps.807,541 thousand compared to a net income of
Ps.1,422,375 thousand in 2001. The decrease of
Ps.614,834 thousand is due principally to:
o an increase in integral cost of financing of
Ps.176,054 thousand;
o an increase in restructuring and non-recurring
charges of Ps.267,526 thousand;
o an increase in other expense net of
Ps.1,446,722 thousand; and
o an increased equity in losses of affiliates of
Ps.562,695 thousand.
These negative variances were partially offset by
an increase in operating income of Ps.310,730
thousand; a decrease in income taxes of Ps.272,086
thousand; a net increase in income from
discontinued operations of Ps.1,084,271 thousand;
a decrease in cumulative loss effect of accounting
change in 2001 of Ps.73,402 thousand; and a
reduction in minority interest of Ps.97,674
thousand.
During the year ended December 31, 2002, the
Company recognized certain significant
non-recurring charges that unfavorably affected
its net income for the year, as follows:
o a non-cash Ps.325,383 thousand charge in
connection with the write-off of exclusive
right letters for soccer players;
o a Ps.163,431 thousand charge related to the
drawdown by DirecTV under a letter of credit
posted by the Company in connection with
certain broadcast arrangements and related
expenses;
o a non-cash Ps.1,066,997 thousand charge in
connection with the write-off of unamortized
goodwill related to certain businesses
acquired by the Company in prior years, which
long-lived assets were evaluated for
recoverability; and
o a non-cash Ps.464,968 thousand charge for the
recognition of additional equity losses to
cover the total outstanding capital lease debt
balance of the multi-country DTH joint venture
in South America being guaranteed by the
Company.
Had these significant non-recurring charges not
been recognized by the Company in the year ended
December 31, 2002, the net income for the year,
after the related income tax effect, would have
increased to Ps.2,660,489 thousand.
RESULTS BY BUSINESS SEGMENT
---------------------------------------------------------------------------
The following tables set forth the net sales, EBITDA and operating income
(loss) for each of the Company's business segments for the YEARS ENDED
DECEMBER 31, 2002 AND 2001:
Contribution to
Twelve months ended December 31, 2002 segment
2002 2001 % Change revenues
-------------- -------------- ----------- --------------
NET SALES
Television Broadcasting Ps. 14,038,272 Ps. 13,445,481 4.4% 64.3%
Programming for Pay Television 608,031 543,553 11.9% 2.8%
Programming Licensing 1,405,174 1,484,983 (5.4%) 6.4%
Publishing 1,670,715 1,676,316 (0.3%) 7.6%
Publishing Distribution 1,343,765 948,231 41.7% 6.1%
Cable Television 1,108,200 1,143,932 (3.1%) 5.1%
Radio 187,062 249,151 (24.9%) 0.9%
Other Businesses 1,481,611 1,607,436 (7.8%) 6.8%
-------------- -------------- --------------
Segment Revenues 21,842,830 21,099,083 3.5% 100.0%
==============
Intersegment Operations(1) (363,153) (549,671) -
Disposed Operations(2) 79,592 236,170 -
-------------- --------------
CONSOLIDATED REVENUES Ps. 21,559,269 Ps. 20,785,582 3.7%
============== ==============
-------------------------------------------------------------------------------
Twelve Months Ended December 31,
2002 Margin 2001 Margin % Change
------------ ---------- ------------- ---------- --------
EBITDA
Television Broadcasting Ps. 5,482,451 39.1% Ps. 5,102,620 38.0% 7.4%
Programming for Pay Television 103,335 17.0% 84,986 15.6% 21.6%
Programming Licensing 229,457 16.3% 321,997 21.7% (28.7%)
Publishing 279,885 16.8% 298,565 17.8% (6.3%)
Publishing Distribution 14,902 1.1% 21,584 2.3% (31.0%)
Cable Television 324,350 29.3% 350,146 30.6% (7.4%)
Radio (29,269) (15.6%) 6,729 2.7% -
Other Businesses (153,939) (10.4%) (340,803) (21.2%) 54.8%
Corporate expenses (143,515) (0.7%) (142,877) (0.7%) (0.4%)
------------- -------------
Segment EBITDA 6,107,657 28.0% 5,702,947 27.0% 7.1%
Disposed Operations(2) (7,640) - (9,307) - -
------------- -------------
CONSOLIDATED EBITDA Ps. 6,100,017 28.3% Ps. 5,693,640 27.4% 7.1%
============= =============
1 Intersegment operations: For segment reporting purposes, intersegment
operations are included in each of the segment operations.
2 Disposed operations primarily reflects the results of operations of
Merkatel, ECO, En Vivo and the Cambio Magazine in 2001 and for 2002
primarily reflects the results of operations of En Vivo and the Cambio
Magazine.
Twelve Months Ended December 31,
2002 Margin 2001 Margin % Change
------------ ---------- ------------- ---------- --------
OPERATING INCOME (LOSS)
Television Broadcasting Ps. 4,564,368 32.5% Ps. 4,251,993 31.6% 7.3%
Programming for Pay Television 60,260 9.9% 45,302 8.3% 33.0%
Programming Licensing 217,989 15.5% 307,153 20.7% (29.0%)
Publishing 252,320 15.1% 251,182 15.0% 0.5%
Publishing Distribution (1,854) (0.1%) 8,544 0.9% -
Cable Television 201,464 18.2% 250,614 21.9% (19.6%)
Radio (45,738) (24.5%) (15,929) (6.4%) (187.1%)
Other Businesses (447,324) (30.2%) (602,128) (37.5%) 25.7%
Corporate expenses (143,515) (0.7%) (142,877) (0.7%) (0.4%)
------------- -------------
Segment Operating Income 4,657,970 21.3% 4,353,854 20.6% 7.0%
Disposed Operations(1) (7,640) - (14,254) - -
------------- -------------
Consolidated Operating Income Ps. 4,650,330 21.6% Ps. 4,339,600 20.9% 7.2%
============= =============
1 Disposed operations primarily reflects the results of operations of
Merkatel, ECO, En Vivo and the Cambio Magazine in 2001 and for 2002
primarily reflects the results of operations of En Vivo and the Cambio
Magazine.
The following tables set forth the net sales, EBITDA and operating income
(loss) for each of the Company's business segments for the FOURTH QUARTERS
ENDED DECEMBER 31, 2002 AND 2001:
Contribution
Three months ended December 31, to segment
2002 2001 % Change revenues
NET SALES --------- --------- --------- ------------
Television Broadcasting Ps. 4,389,940 Ps. 4,206,580 4.4% 67.7%
Programming for Pay Television 169,342 153,940 10.0% 2.6%
Programming Licensing 352,808 359,862 (2.0%) 5.5%
Publishing 505,601 461,571 9.5% 7.8%
Publishing Distribution 395,196 234,707 68.4% 6.1%
Cable Television 255,548 313,730 (18.5%) 3.9%
Radio 50,388 52,342 (3.7%) 0.8%
Other Businesses 365,222 372,056 (1.8%) 5.6%
---------- ---------- -----------
Segment Revenues 6,484,045 6,154,788 5.3% 100.0%
===========
Intersegment Operations(1) (133,412) (238,328) -
Disposed Operations(2) 12,396 68,356 -
---------- ----------
CONSOLIDATED REVENUES Ps. 6,363,029 Ps. 5,984,816 6.3%
========== ==========
1 Intersegment operations: For segment reporting purposes, intersegment
operations are included in each of the segment operations.
2 Disposed operations primarily reflects the results of operations of En
Vivo and the Cambio Magazine in 2001 and for 2002 primarily reflects the
results of operations of the Cambio Magazine.
Twelve Months Ended December 31,
2002 Margin 2001 Margin % Change
------------- ----------- ------------- ---------- --------
EBITDA
Television Broadcasting Ps. 1,820,158 41.5 Ps. 1,745,054 41.5% 4.3%
Programming for Pay Television 27,655 16.3% 20,317 13.2% 36.1%
Programming Licensing 51,467 14.6% 38,792 10.8% 32.7%
Publishing 91,570 18.1% 81,171 17.6% 12.8%
Publishing Distribution (13,531) (3.4%) (3,398) (1.4%) (298.2%)
Cable Television 69,956 27.4% 112,922 36.0% (38.0%)
Radio 2,966 5.9% (13,115) (25.1%) -
Other Businesses (48,812) (13.4%) (154,295) (41.5%) 68.4%
Corporate expenses (29,848) (0.5%) (27,348) (0.4%) (9.1%)
---------- ----------
Segment EBITDA 1,971,581 30.4% 1,800,100 29.2% 9.5%
Disposed Operations(1) (8,725) - (7,029) - -
---------- ----------
CONSOLIDATED EBITDA Ps. 1,962,856 30.8% Ps. 1,793,071 30.0% 9.5%
========== ==========
-------------------------------------------------------------------------------
Twelve Months Ended December 31,
2002 Margin 2001 Margin % Change
------------- ----------- ------------- ---------- --------
OPERATING INCOME (LOSS)
Television Broadcasting Ps. 1,583,814 36.1% Ps. 1,549,275 36.8% 2.2%
Programming for Pay Television 16,185 9.6% 9,610 6.2% 68.4%
Programming Licensing 48,048 13.6% 34,994 9.7% 37.3%
Publishing 83,813 16.6% 68,396 14.8% 22.5%
Publishing Distribution (17,908) (4.5%) (6,231) (2.7%) (187.4%)
Cable Television 46,047 18.0% 88,657 28.3% (48.1%)
Radio (1,125) (2.2%) (17,484) (33.4%) 93.6%
Other Businesses (133,743) (36.6%) (202,900) (54.5%) 34.1%
Corporate expenses (29,848) (0.5%) (27,348) (0.4%) (9.1%)
---------- ----------
Segment Operating Income 1,595,283 24.6% 1,496,969 24.3% 6.6%
Disposed Operations(1) (8,725) - (7,029) - -
---------- ----------
Consolidated Operating Income Ps. 1,586,558 24.9% Ps. 1,489,940 24.9% 6.5%
========== ==========
1 Disposed operations primarily reflects the results of operations of En
Vivo and the Cambio Magazine in 2001 and for 2002 primarily reflects the
results of operations of the Cambio Magazine.
TELEVISION BROADCASTING Television Broadcasting sales increased 4.4% to
Ps.14,038,272 thousand in 2002 from Ps.13,445,481
thousand in 2001. This increase is largely
attributable to the transmission of the World Cup
in the second quarter of 2002 and the record
increase of 19.5% in our local sales driven by
Channel 4. Excluding the World Cup, Television
Broadcasting sales increased 1.7% in 2002. IN THE
FOURTH QUARTER, Television Broadcasting sales
increased 4.4% to Ps.4,389,940 thousand from
Ps.4,206,580 thousand, due to higher advertising
time sold.
Television Broadcasting cost of sales increased
2.3% mainly due to the transmission of the World
Cup in the second quarter of 2002. Excluding this
special event, cost of sales decreased 0.2%, due
to lower costs associated with improvements and
efficiencies in the production of telenovelas,
newscasts and sitcoms.
Television Broadcasting operating income increased
7.3% related to higher sales, partially offset by
higher costs associated with the transmission of
the World Cup; an increase in operating expenses
related to a higher provision for doubtful trade
accounts; as well as higher depreciation costs due
to technical and transportation equipment.
Excluding the transmission of the World Cup,
Television Broadcasting operating income increased
2.9%.
PROGRAMMING FOR
PAY TELEVISION The increase in Programming for Pay Television
sales of 11.9% to Ps.608,031 thousand in 2002 as
compared to Ps.543,553 thousand in 2001 was due to
higher revenues from signals sold to pay
television systems in Mexico, partially offset by
lower revenues from signals sold to pay television
systems in Latin America and Spain, as well as
lower advertising sales. IN THE FOURTH QUARTER,
Programming for Pay Television sales increased
10.0%, due to higher revenues from signals sold to
pay television systems in Mexico, partially offset
by lower revenues from signals sold to pay
television systems in Latin America and Spain.
Programming for Pay Television operating income
increased 33.0% due to higher sales, partially
offset by higher signal costs and operating
expenses due to an increase in the provision for
doubtful trade accounts related to Latin America.
PROGRAMMING LICENSING The decrease in Programming Licensing sales of
5.4% to Ps.1,405,174 thousand in 2002 compared to
Ps.1,484,983 thousand in 2001 reflects lower
export sales to Latin America due to the difficult
economic conditions in that region as well as in
Europe. These decreases were partially offset by
higher export sales to Asia and Africa. In 2002,
the Company received U.S.$77.7 million in
royalties from Univision, related to the Univision
and Galavision networks. Beginning in 2003, we
will receive from Univision an additional 12% in
royalties from the net time sales of the
Telefutura network, subject to certain
adjustments. DURING THE FOURTH QUARTER,
Programming Licensing sales decreased 2.0%, due to
lower exports to Latin America and Europe,
partially offset by higher export sales to Asia
and Africa, as well.
Programming Licensing operating income decreased
29.0% in 2002, reflecting lower sales and an
increase in selling expenses due to a higher
provision for doubtful trade accounts in Latin
America, partially offset by lower cost of sales
and administrative expenses, associated with a
cost reduction of producing, distributing and
dubbing our programs.
PUBLISHING Publishing sales marginally decreased 0.3% to
Ps.1,670,715 thousand in 2002 from Ps.1,676,316
thousand in 2001 due to a lower circulation of
magazines in the domestic market and abroad, as
well as a reduction in the number of advertising
pages sold in the international market. These
decreases were partially offset by an increase in
the number of advertising pages sold in the
domestic market due to the launch of new
magazines, and by the translation effect on
foreign-currency denominated sales which amounted
to Ps.46,394 thousand. DURING THE FOURTH QUARTER,
Publishing sales increased 9.5% due to higher
circulation and advertising pages sold in Mexico
and by the translation effect on foreign-currency
denominated sales which amounted to Ps.35,151
thousand, partially offset by lower circulation
and advertising pages sold abroad.
Publishing operating income increased marginally
0.5% in 2002 as compared with 2001.
PUBLISHING DISTRIBUTION Publishing Distribution sales increased 41.7% to
Ps.1,343,765 thousand in 2002 as compared with
Ps.948,231 thousand in 2001, due to the
integration of revenue from the acquisition of the
operations in Chile in the second quarter.
Excluding this acquisition, Publishing
Distribution sales decreased 9.7%. IN THE FOURTH
QUARTER, Publishing Distribution sales increased
68.4% as compared with the same period of last
year, due to the acquisition in Chile mentioned
above. Excluding this acquisition, Publishing
Distribution sales in the fourth quarter decreased
17.8% as compared with the fourth quarter of last
year.
Publishing Distribution operating income decreased
by Ps.10,398 thousand to a loss of Ps.1,854
thousand in 2002 due to higher cost of sales and
operating expenses, partially offset by higher
sales reflecting the acquisition of the
distribution platforms in Chile. Without this
acquisition, operating income decreased by
Ps.20,039 thousand to a loss of Ps.11,495 thousand
as compared with 2001.
CABLE TELEVISION Cable Television sales decreased 3.1% in 2002 as
compared with 2001. This decrease is attributable
to three factors: the negative impact of the new
10% tax on telecommunications services, effective
since January 1, 2002; the loss of subscribers
during 2002 as compared to last year; and a
decrease in advertising sales. This decrease in
Cable Television sales was partially offset by a
23.1% and 10.3% increase in the basic and digital
packages, respectively, as well as higher revenues
from our cable modem service. IN THE FOURTH
QUARTER, Cable Television sales decreased 18.5%,
due to the reasons mentioned above. At the end of
the fourth quarter of 2002 basic subscribers
totaled over 412,000, of which approximately
65,000 are digital subscribers.
Cable Television operating income decreased 19.6%
in 2002 as compared with 2001 due to lower sales
and higher signal and depreciation costs, due to
the upgrading process in the network, and the
acquisition of digital boxes. This decrease was
partially offset by lower selling expenses related
to lower marketing costs.
RADIO Radio sales decreased 24.9% in 2002 as compared to
2001 due to a decline in advertising time sold,
reflecting the difficult economic environment that
is adversely affecting the Mexican radio industry.
IN THE FOURTH QUARTER, sales decreased 3.7% as
compared with the fourth quarter of 2001.
Radio operating loss increased by Ps.29,809
thousand in 2002 as compared with 2001 reflecting
the reduction in revenues. This decrease was
partially offset by a reduction in cost of sales
as well as in operating expenses, due to personnel
layoffs and lower sales commissions.
OTHER BUSINESSES The decrease in Other Businesses sales of 7.8% in
2002 as compared with 2001 was primarily due to
lower sales in the nationwide paging business and
in our Internet portal. These decreases were
partially offset by higher sales in the sports
events and in the distribution of feature film
productions businesses. IN THE FOURTH QUARTER,
Other Businesses sales decreased 1.8% reflecting
lower sales in the nationwide paging business,
partially offset by higher sales in the
distribution of feature films, Internet and
dubbing businesses.
Other Businesses operating loss decreased by
Ps.154,804 thousand in 2002 as compared with 2001
due to a reduction in costs of sales and operating
expenses partially offset by lower revenues.
DIRECT TO HOME SATELLITE SERVICES
---------------------------------------------------------------------------
SKY Innova, S. de R.L. de C.V., the pay-TV market
leader in Mexico, providing direct-to-home (DTH)
satellite television services under the SKY brand
name, reported results for the fourth quarter and
full year 2002. Financial and operating highlights
are as follows:
o Gross active subscribers increased 2.0% to
705,900 as of December 31, 2002 from 692,000
at the end of the previous year.
o EBITDA for the full year 2002 increased 37.0%
to Ps.934.1 million from Ps.681.8 million for
the prior year. As a result, EBITDA margin
increased 30.8% from 20.8% to 27.2%.
o EBIT for the full year 2002 improved Ps.275.7
million to Ps.9.0 million from an operating
loss of Ps.266.7 million for the prior year.
As a result, EBIT margin substantially
increased from a negative 8.2% to a positive
0.3%.
o Sky did not require funding from its
shareholders during the last three quarters of
2002.
o Sky continues to offer the highest quality
content in the Mexican pay TV industry.
For further reference, see the Innova, S. de R.L.
de C.V. fourth quarter and full year 2002 results
press release.
OTHER RELATED INFORMATION
---------------------------------------------------------------------------
CAPITAL EXPENDITURES,
ACQUISITIONS AND
INVESTMENTS During 2002, the Company invested approximately
U.S.$135.2 million in property, plant and
equipment as capital expenditures of which
approximately U.S.$18.8 million is related to
Cablevision. Additionally, in the last year the
Company invested approximately U.S.$32.5 in our
DTH ventures (U.S.$17.7 million in the Mexico DTH
venture, Innova, in the form of long-term loans
and U.S.$14.8 million in the Multi-Country DTH
venture in South America).
In October 2002, the Company acquired 40% of OCESA
Entretenimiento S.A. de C.V., a newly formed
subsidiary of Corporacion Interamericana de
Entretenimiento, S.A. de C.V. (CIE), that owns all
of the assets related to CIE's live entertainment
business unit in Mexico, for U.S.$107.2 million.
Grupo Televisa made an initial payment of
approximately U.S.$67 million and it is expected
that the remaining balance will be paid during the
first quarter of 2003.
DEBT As of December 31, 2002, the Company's long-term
debt amounted to Ps.13,345,215 thousand, and its
current debt was Ps.1,239,880 thousand, as
compared to Ps.13,550,537 thousand and Ps.353,889
thousand, respectively, as of December 31, 2001.
Effective March 1, 2002, the Company designated
its net investment in shares of Univision as an
effective hedge of both its U.S.$300 million
Senior Notes due in 2011 and U.S.$300 million
Senior Notes due in 2032. Consequently, beginning
March 1, 2002, any foreign exchange gain or loss
attributable to this U.S. dollar long-term debt
will be credited or charged directly to other
comprehensive income or loss in stockholders'
equity, as being hedged by the Company's net
investment in shares of Univision.
SHARE BUYBACK
PROGRAM In September 2002, the Company announced a share
repurchase program. Under the terms of the
program, the Company may, at management's
discretion, acquire stock subject to legal, market
and other conditions at the time of purchase. The
Company started repurchasing shares in 2003, and
as of February 26, 2003, 19,030,200 shares in the
form of 6,343,400 CPOs had been repurchased by the
Company under this program for an aggregate amount
of Ps.84,631 thousand.
DIVIDEND PAYMENT The Board of Directors decided today to propose at
our next shareholder meeting an annual dividend
payment plan, starting in 2003. The amount of the
dividend payments will be proposed on an annual
basis by the Board of Directors based on the
Company's results of operations, financial
condition, investments and other relevant factors.
For 2003, the Board decided to propose the payment
of a dividend in the amount of Ps.550 million.
ADVERTISING SALES
PLAN As of December 31, 2002, we had received aggregate
upfront advertising deposits for television
advertising of approximately Ps.11,305 million.
The deposits as of December 31, 2002 represented a
7.9% nominal increase, or 2.4% in real terms, as
compared to the prior year.
Approximately 62.6% of the advanced payment
deposits as of December 31, 2002 were in the form
of short-term, non-interest bearing notes
receivable the following year, with the remainder
consisting of cash deposits. The weighted average
maturity of these notes on December 31, 2002 was
3.5 months. In comparison, approximately 60.6% of
the deposits as of December 31, 2001, were in the
form of short-term, non-interest bearing notes,
with the remainder consisting of cash deposits.
The weighted average maturity of these notes on
December 31, 2001 was 4.0 months.
TELEVISION RATINGS AND
AUDIENCE SHARE National urban RATINGS and AUDIENCE SHARE reported
by IBOPE confirm that in 2002, Televisa increased
its ratings and audience share. During prime-time,
audience share amounted to 72.5%; from 16:00 to
23:00 hours, audience share amounted to 72.4%; and
in sign-on to sign-off, audience share amounted to
74.4%.
In 2002, Televisa aired 93 of the 100 most popular
programs. Channel 2 continues to be the leader in
Mexican television largely due to the success of
the following telenovelas: "El Manantial,"
"Salome," "Entre el Amor y el Odio" and "Las Vias
del Amor."
OUTLOOK FOR 2003 Assuming a continued gradual improvement in the
economic climate, we believe that Television
Broadcasting sales will reflect a marginal
increase in the first quarter of 2003, as compared
to the first quarter of last year. This trend
should gain momentum in the second quarter of
2003, during Mexico's mid-term election season and
the resulting political advertising campaigns. For
the full year 2003, we expect Television
Broadcasting sales to increase in the low single
digit range, and Television Broadcasting and
Consolidated EBITDA margin to be at 40% and 30%,
respectively.
Grupo Televisa S.A., is the largest media company in the Spanish-speaking
world, and a major player in the international entertainment business. It
has interests in television production and broadcasting, programming for
pay television, international distribution of television programming,
direct-to-home satellite services, publishing and publishing distribution,
cable television, radio production and broadcasting, professional sports
and show business promotions, paging services, feature film production and
distribution, dubbing, and the operation of a horizontal Internet portal.
Grupo Televisa also has an unconsolidated equity stake in Univision, the
leading Spanish-language television company in the United States.
This press release contains forward-looking statements regarding the
Company's results and prospects. Actual results could differ materially
from these statements. The forward-looking statements in this press release
should be read in conjunction with the factors described in "Item 1.
Description of Business - Cautionary Statement" in the Company's Annual
Report on Form 20-F, which, among others, could cause actual results to
differ materially for those contained in forward-looking statements made in
this press release and in oral statements made by authorized officers of
the Company. Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates. The Company
undertakes no obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise.
(Please see attached tables for financial information and ratings data)
###
Contacts:
IN MEXICO: IN U.S. & EUROPE:
ALBERTO ISLAS ADAM MILLER / ROBERT MALIN
Grupo Televisa, S.A. The Abernathy MacGregor Group
Av. Vasco de Quiroga No. 2000 501 Madison Avenue
Colonia Santa Fe New York, NY 10022
01210 Mexico, D.F. (212) 371-5999
(5255) 5261-2000
GRUPO TELEVISA, S. A.
CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2002 AND 2001
(THOUSANDS OF MEXICAN PESOS IN PURCHASING POWER AS OF DECEMBER 31, 2002)
ASSETS
December 31, December 31,
2002 2001
(Unaudited) (Audited)
-------------- --------------
Current:
Available:
Cash Ps. 1,613,176 Ps. 513,376
Temporary investments 7,173,633 5,432,399
-------------- --------------
8,786,809 5,945,775
Trade notes and accounts receivable-net 9,563,636 9,268,759
Other accounts and notes receivable-net 860,720 952,628
Due from affiliated companies-net 361,941 435,247
Transmission rights, programs,
films and production talent advances 4,638,431 4,282,478
Inventories 508,684 562,871
Other current assets 417,325 603,389
Current assets of discontinued operations - 729,650
-------------- --------------
Total current assets 25,137,546 22,780,797
Transmission rights, programs and films 3,619,111 3,633,503
Investments 1,438,695 4,233,553
Property, plant and equipment-net 14,688,162 14,173,640
Goodwill and trademarks-net 7,966,199 3,053,495
Deferred costs-net 2,081,424 2,289,338
Other assets 371,395 690,821
Non-current assets of discontinued operations - 40,837
-------------- --------------
Total assets Ps. 55,302,532 Ps. 50,895,984
============== ==============
GRUPO TELEVISA, S. A.
CONSOLIDATED BALANCE SHEETS AS OF DECEMBER 31, 2002 AND 2001
(THOUSANDS OF MEXICAN PESOS IN PURCHASING POWER AS OF DECEMBER 31, 2002)
LIABILITIES
December 31, December 31,
2002 2001
(Unaudited) (Audited)
-------------- --------------
Current:
Current portion of long-term debt Ps. 1,239,880 Ps. 353,889
Trade accounts payable 2,228,507 2,083,571
Taxes payable 886,387 285,787
Accrued interest 307,468 220,092
Other accrued liabilities 1,148,484 656,364
Current liabilities of discontinued operations - 179,824
-------------- --------------
Total current liabilities 5,810,726 3,779,527
-------------- --------------
Long-term:
Long-term debt 13,345,215 13,550,537
Other long-term liabilities 771,879 482,452
-------------- --------------
Total long-term liabilities 14,117,094 14,032,989
-------------- --------------
Deferred credits:
Customer deposits and advances 11,768,381 11,416,678
-------------- --------------
Other liabilities:
Deferred taxes 2,057,207 1,830,814
Pension plans and seniority premiums 70,838 39,477
-------------- --------------
2,128,045 1,870,291
-------------- --------------
Total liabilities 33,824,246 31,099,485
-------------- --------------
STOCKHOLDERS' EQUITY
Contributed capital:
Capital stock, no par value:
Issued 7,613,827 7,613,820
Repurchased (245,121) (238,529)
-------------- --------------
Outstanding 7,368,706 7,375,291
Additional paid-in capital 216,458 216,056
-------------- --------------
7,585,164 7,591,347
-------------- --------------
Earned capital:
Legal reserve 1,184,044 1,112,925
Reserve for repurchase of shares 5,516,855 5,516,855
Unappropiated earnings 10,196,964 8,876,211
Accumulated other comprehensive loss (4,951,858) (5,754,643)
Net income for the year 807,541 1,422,375
-------------- --------------
12,753,546 11,173,723
-------------- --------------
Total majority interest 20,338,710 18,765,070
Minority interest 1,139,576 1,031,429
-------------- --------------
Total stockholders' equity 21,478,286 19,796,499
-------------- --------------
Total liabilities and stockholders' equity Ps. 55,302,532 Ps. 50,895,984
============== ==============
GRUPO TELEVISA, S. A.
CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE AND TWELVE MONTHS
ENDED DECEMBER 31, 2002 AND 2001
(THOUSANDS OF MEXICAN PESOS IN PURCHASING POWER AS OF DECEMBER 31, 2002)
Three months ended December 31, Twelve months ended December 31,
2002 2001 2002 2001
(Unaudited) (Unaudited) (Unaudited) (Audited)
------------- -------------- -------------- --------------
Net sales Ps. 6,363,029 Ps. 5,984,816 Ps. 21,559,269 Ps. 20,785,582
Cost of sales 3,538,112 3,382,693 12,418,087 12,094,542
------------- -------------- -------------- --------------
Gross profit 2,824,917 2,602,123 9,141,182 8,691,040
------------- -------------- -------------- --------------
Operating expenses:
Selling 508,726 446,298 1,685,546 1,574,068
Administrative 353,335 362,754 1,355,619 1,423,332
------------- -------------- -------------- --------------
862,061 809,052 3,041,165 2,997,400
------------- -------------- -------------- --------------
EBITDA* 1,962,856 1,793,071 6,100,017 5,693,640
Depreciation and amortization 376,298 303,131 1,449,687 1,354,040
------------- -------------- -------------- --------------
Operating income 1,586,558 1,489,940 4,650,330 4,339,600
------------- -------------- -------------- --------------
Integral cost of (income from) financing:
Interest expense 304,535 239,465 1,181,504 1,102,268
Restatement of Investment Units ("UDIs") 64,472 49,196 189,649 171,040
Interest income (128,787) (183,267) (589,627) (978,417)
Foreign exchange loss (gain) - net 93,770 (99,621) 584,396 (143,608)
Foreign exchange loss hedged (141,078) - (795,225) -
Forward exchange contracts - 6,125 - 106,268
(Gain) loss from monetary position - net (72,217) (90,312) 42,275 179,367
------------- -------------- -------------- --------------
120,695 (78,414) 612,972 436,918
------------- -------------- -------------- --------------
Restructuring and non-recurring charges 238,765 84,976 841,863 574,337
------------- -------------- -------------- --------------
Other expense-net 1,471,243 233,439 2,141,208 694,486
------------- -------------- -------------- --------------
(Loss) income before taxes (244,145) 1,249,939 1,054,287 2,633,859
------------- -------------- -------------- --------------
Income tax and assets tax - current 275,793 176,195 898,608 727,283
Employees' profit sharing - current (135,728) 89,879 (603,357) (178,572)
Deferred income taxes (16,862) (1,463) 4,096 22,722
------------- -------------- -------------- --------------
123,203 264,611 299,347 571,433
------------- -------------- -------------- --------------
(Loss) income before equity in results
of affiliates, discontinued
operations, cumulative effect of
accounting change and minority interest (367,348) 985,328 754,940 2,062,426
Equity in losses of affiliates - net (598,754) (84,624) (1,114,566) (551,871)
(Loss) income from discontinued operations-net (1,949) 6,022 1,098,334 14,063
Cumulative gain (loss) effect of accounting
change - net - 515 - (73,402)
Minority interest 99,921 46,804 68,833 (28,841)
------------- -------------- -------------- --------------
Net (loss) income Ps. (868,130) Ps. 954,045 Ps. 807,541 Ps. 1,422,375
============= ============== ============== ==============
(*) EBITDA is defined as operating income before depreciation and
amortization.
GRUPO TELEVISA, S. A.
NATIONAL URBAN RATINGS AND AUDIENCE SHARE FOR 1Q, 2Q, 3Q AND 4Q 2002
(SIGN-ON TO SIGN-OFF -- 6:00 AM TO MIDNIGHT) (1) MONDAY TO SUNDAY
2002
Jan Feb Mar 1 Q Apr May Jun 2 Q Jul Aug Sep 3 Q Oct Nov Dec 4 Q FY
CHANNEL 2
RATING 12.8 12.3 11.6 12.2 12.2 12.0 12.3 12.2 12.2 11.8 11.6 11.9 11.5 11.3 10.5 11.1 11.8
SHARE (%) 33.2 32.5 30.8 32.1 32.4 32.3 33.1 32.6 31.8 31.3 31.0 31.4 30.8 29.7 29.6 30.0 31.5
TOTAL TELEVISA(2)
RATING 28.2 28.1 28.3 28.2 28.7 29.1 28.4 28.7 29.7 27.6 27.3 28.2 26.9 27.3 25.6 26.6 27.9
SHARE (%) 73.0 74.2 75.0 74.1 76.5 78.0 76.1 76.9 77.6 73.5 72.9 74.6 72.1 71.5 72.3 71.9 74.4
NATIONAL URBAN RATINGS AND AUDIENCE SHARE FOR 1Q, 2Q, 3Q AND 4Q 2002
(4:00 PM TO 11:00PM) (1) MONDAY TO SUNDAY
2002
Jan Feb Mar 1 Q Apr May Jun 2 Q Jul Aug Sep 3 Q Oct Nov Dec 4 Q FY
CHANNEL 2
RATING 20.0 18.9 17.3 18.7 17.6 18.2 18.3 18.0 18.2 17.9 17.8 18.0 17.5 17.6 15.6 16.9 17.9
SHARE (%) 35.0 34.2 31.4 33.6 32.2 33.6 34.7 33.5 33.0 33.1 32.6 32.9 31.6 30.9 30.1 30.9 32.7
TOTAL TELEVISA(2)
RATING 40.1 39.8 39.8 39.9 40.9 41.6 39.7 40.7 42.3 38.4 38.5 39.8 38.2 39.5 36.5 38.1 39.6
SHARE (%) 70.3 71.9 72.5 71.6 74.6 76.9 75.2 75.6 76.5 71.3 70.7 72.9 69.2 69.2 70.6 69.7 72.4
NATIONAL URBAN RATINGS AND AUDIENCE SHARE FOR 1Q, 2Q, 3Q AND 4Q 2002
(TELEVISA PRIME-TIME--7:00 PM TO 11:00P.M.) (1) (3) MONDAY TO FRIDAY
2002
Jan Feb Mar 1 Q Apr May Jun 2 Q Jul Aug Sep 3 Q Oct Nov Dec 4 Q FY
CHANNEL 2
RATING 24.5 23.7 21.1 23.1 21.5 21.6 21.9 21.7 20.8 22.3 22.8 22.0 21.4 21.0 19.4 20.6 21.8
SHARE (%) 37.2 36.8 33.4 35.8 34.1 35.2 36.7 35.4 33.6 37.2 37.2 36.0 34.7 32.6 33.2 33.5 35.2
TOTAL TELEVISA(2)
RATING 44.9 44.9 45.0 44.9 46.5 47.9 45.5 46.6 48.0 43.5 43.7 45.1 42.3 45.2 42.6 43.3 45.0
SHARE (%) 68.1 69.9 71.3 69.8 73.9 77.9 76.4 76.1 77.5 72.5 71.2 73.7 68.4 70.1 73.0 70.5 72.5
-----------------
NOTES:
1) National urban ratings and audience share are certified by IBOPE and are
based upon IBOPE's national surveys, which are calculated, seven days a
week, in Mexico City, Guadalajara, Monterrey and 24 other cities with a
population over 400,000. "Ratings" for a period refers to the number of
television sets tuned into a television channel as a percentage of the
total number of all television households and "audience share" means the
number of television sets tuned into the Company's programs as a percentage
of the number of households watching conventional over-the-air television
during that period, without regard to the number of viewers.
2) "Total Televisa" includes the Company's four networks as well as all
local affiliates (including affiliates of Channel 4, most of which receive
only a portion of their daily programming from Channel 4). Programming on
affiliates of Channel 4 are generally broadcast in 10 of the 26 cities
other than Mexico City that are covered by national surveys, and
programming on Channel 9 affiliates are broadcast in 22 of such cities.
3) "Televisa Prime Time" is the time during which the Company generally
charges its highest rates.