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 April, 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 .)
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 4 Year: 2002
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
AT DECEMBER 31 OF 2002 AND 2001
(Thousands of Pesos)
JUDGED INFORMATION FINAL PRINTING
----------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------
S AMOUNT % AMOUNT %
----------------------------------------------------------------------------------------
1 TOTAL ASSETS 56,473,471 100 52,005,230 100
2 CURRENT ASSETS 23,577,252 42 21,539,591 41
3 ACCOUNTS AND DOCUMENTS RECEIVABLE (NET) 8,786,809 16 5,945,775 11
4 OTHER ACCOUNTS AND DOCUMENTS RECEIVABLE 9,563,636 17 9,268,759 18
5 OTHER ACCOUNTS AND NOTES RECEIVABLE (NET) 867,851 2 1,387,875 3
6 INVENTORIES 3,928,786 7 3,263,424 6
7 OTHER CURRENT ASSETS 430,170 1 1,673,758 3
8 LONG-TERM 3,038,807 5 5,349,638 10
9 ACCOUNTS AND DOCUMENTS RECEIVABLE (NET) 5,715 0 6,839 0
10 INVESTMENT IN SHARES OF SUBSIDIARIES
AND NON-CONSOLIDATED 2,854,564 5 868,697 2
11 OTHER INVESTMENTS 178,528 0 4,474,102 9
12 PROPERTY, PLANT AND EQUIPMENT 15,343,222 27 14,736,497 28
13 PROPERTY 9,977,196 18 9,971,645 19
14 MACHINERY AND INDUSTRIAL 9,737,672 17 9,155,196 18
15 OTHER EQUIPMENT 3,957,851 7 3,193,613 6
16 ACCUMULATED DEPRECIATION 9,296,469 16 8,034,916 15
17 CONSTRUCTION IN PROGRESS 966,972 2 450,959 1
18 DEFERRED ASSETS (NET) 9,323,915 17 4,779,976 9
19 OTHER ASSETS 5,190,275 9 5,599,528 11
20 TOTAL LIABILITIES 35,148,984 100 32,208,731 100
21 CURRENT LIABILITIES 5,538,283 16 3,779,527 12
22 SUPPLIERS 2,228,507 6 2,083,571 6
23 BANK LOANS 512,407 1 340,347 1
24 STOCK MARKET LOANS 720,415 2 0 0
25 TAXES TO BE PAID 886,387 3 285,787 1
26 OTHER CURRENT LIABILITIES 1,190,567 3 1,069,822 3
27 LONG-TERM LIABILITIES 14,105,666 40 14,032,989 44
28 BANK LOANS 1,414,886 4 4,466,454 14
29 STOCK MARKET LOANS 11,930,329 34 9,077,549 28
30 OTHER LOANS 760,451 2 488,986 2
31 DEFERRED LOANS 13,788,955 39 13,247,492 41
32 OTHER LIABILITIES 1,716,080 5 1,148,723 4
33 CONSOLIDATED STOCK HOLDERS' EQUITY 21,324,487 100 19,796,499 100
34 MINORITY INTEREST 1,139,576 5 1,031,429 5
35 MAJORITY INTEREST 20,184,911 95 18,765,070 95
36 CONTRIBUTED CAPITAL 7,585,164 36 7,591,347 38
37 PAID-IN CAPITAL STOCK (NOMINAL) 1,512,083 7 1,513,427 8
38 RESTATEMENT OF PAID-IN CAPITAL STOCK 5,856,623 27 5,861,864 30
39 PREMIUM ON SALES OF SHARES 216,458 1 216,056 1
40 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 0 0 0 0
41 CAPITAL INCREASE (DECREASE) 12,599,747 59 11,173,723 56
42 RETAINED EARNINGS AND CAPITAL RESERVE 12,085,998 57 10,204,175 52
43 REPURCHASE FUNDS OF SHARES 5,516,855 26 5,516,855 28
44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK
HOLDERS' EQUITY (5,740,942) (27) (5,969,682) (30)
45 NET INCOME FOR THE YEAR 737,836 3 1,422,375 7
----------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 4 Year: 2002
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Pesos)
JUDGED INFORMATION FINAL PRINTING
-----------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------
S AMOUNT % AMOUNT %
-----------------------------------------------------------------------------------------
3 CASH AND SHORT-TERM INVESTMENTS 8,786,809 100 5,945,775 100
46 CASH 1,613,176 18 513,376 9
47 SHORT-TERM INVESTMENTS 7,173,633 82 5,432,399 91
18 DEFERRED ASSETS (NET) 9,323,915 100 4,779,976 100
48 AMORTIZED OR REDEEMED EXPENSES 1,763,229 19 2,075,570 43
49 GOODWILL 7,560,686 81 2,704,406 57
50 DEFERRED TAXES 0 0 0 0
51 OTHERS 0 0 0 0
21 CURRENT LIABILITIES 5,538,283 100 3,779,527 100
52 FOREIGN CURRENCY LIABILITIES 3,776,060 68 2,188,853 58
53 MEXICAN PESOS LIABILITIES 1,762,223 32 1,590,674 42
24 STOCK MARKET LOANS 720,415 100 0 100
54 COMMERCIAL PAPER 720,415 100 0
55 CURRENT MATURITIES OF MEDIUM TERM NOTES 0 0 0
56 CURRENT MATURITIES OF BONDS 0 0 0
26 OTHER CURRENT LIABILITIES 1,190,567 100 1,069,822 100
57 OTHER CURRENT LIABILITIES WITH COST 7,058 1 13,542 1
58 OTHER CURRENT LIABILITIES WITHOUT COST 1,183,509 99 1,056,280 99
27 LONG-TERM LIABILITIES 14,105,666 100 14,032,989 100
59 FOREIGN CURRENCY LIABILITIES 10,173,446 72 9,895,311 71
60 MEXICAN PESOS LIABILITIES 3,932,220 28 4,137,678 29
29 STOCK MARKET LOANS 11,930,329 100 9,077,549 100
61 BONDS 11,930,329 100 9,077,549 100
62 MEDIUM TERM NOTES 0 0 0 0
30 OTHER LOANS 760,451 100 488,986 100
63 OTHER LOANS WITH COST 0 0 6,534 1
64 OTHER LOANS WITHOUT COST 760,451 100 482,452 99
31 DEFERRED LOANS 13,788,955 100 13,247,492 100
65 NEGATIVE GOODWILL 0 0 0 0
66 DEFERRED TAXES 2,035,860 15 1,830,814 14
67 OTHERS 11,753,095 85 11,416,678 86
32 OTHER LIABILITIES 1,716,080 100 1,148,723 100
68 RESERVES 70,838 4 39,477 3
69 OTHERS LIABILITIES 1,645,242 96 1,109,246 97
44 EXCESS (SHORTFALL) IN RESTATEMENT OF
STOCK HOLDERS' EQUITY (5,740,942) 100 (5,969,682) 100
70 ACCUMULATED INCOME DUE TO MONETARY
POSITION (28,837) (1) (28,837) 0
71 INCOME FROM NON-MONETARY POSITION
ASSETS (5,712,105) (99) (5,940,845) (100)
-----------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 4 Year: 2002
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
OTHER CONCEPTS
(Thousands of Pesos)
JUDGED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
-----------------------------------------
S AMOUNT AMOUNT
------------------------------------------------------------------------------------------
72 WORKING CAPITAL 18,038,969 17,760,064
73 PENSIONS FUND AND SENIORITY PREMIUMS 721,132 705,077
74 EXECUTIVES (*) 36 63
75 EMPLOYERS (*) 12,514 13,443
76 WORKERS (*) 0 178
77 CIRCULATION SHARES (*) 8,848,394,374 8,856,259,557
78 REPURCHASED SHARES (*) 284,648,743 586,692,768
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(*) THESE CONCEPTS SHOULD BE EXPRESSED IN UNITS.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 4 Year: 2002
GRUPO TELEVISA, S.A.
CONSOLIDATED EARNING STATEMENT
FROM JANUARY THE 1st TO DECEMBER 31 OF 2002 AND 2001
(Thousands of Pesos)
JUDGED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
-----------------------------------------
R Amount % Amount %
------------------------------------------------------------------------------------------
1 NET SALES 21,559,269 100 20,785,582 100
2 COST OF SALES 13,406,698 62 12,951,392 62
3 GROSS INCOME 8,152,571 38 7,834,190 38
4 OPERATING 3,502,241 16 3,494,590 17
5 OPERATING INCOME 4,650,330 22 4,339,600 21
6 TOTAL FINANCING COST 612,972 3 436,918 2
7 INCOME AFTER FINANCING COST 4,037,358 19 3,902,682 19
8 OTHER FINANCIAL OPERATIONS 2,975,940 14 1,268,823 6
9 INCOME BEFORE TAXES AND WORKERS' PROFIT
SHARING 1,061,418 5 2,633,859 13
10 RESERVE FOR TAXES AND WORKERS' PROFIT
SHARING 299,347 1 571,433 3
11 NET INCOME AFTER TAXES AND WORKERS' PROFIT
SHARING 762,071 4 2,062,426 10
12 SHARE IN NET INCOME OF SUBSIDIARIES AND
NON-CONSOLIDATED ASSOCIATES (1,155,818) (5) (551,871) (3)
13 CONSOLIDATED NET INCOME OF CONTINUOUS
OPERATIONS (393,747) (2) 1,510,555 7
14 INCOME OF DISCONTINUOUS OPERATIONS (1,062,750) (5) (14,063) 0
15 CONSOLIDATED NET INCOME BEFORE
EXTRAORDINARY ITEMS 669,003 3 1,524,618 7
16 EXTRAORDINARY ITEMS NET EXPENSES (INCOME) 0 0 0 0
17 NET EFFECT AT THE BEGINNING OF THE YEAR BY
CHANGES IN ACCOUNTING PRINCIPLES 0 0 73,402 0
18 NET CONSOLIDATED INCOME 669,003 3 1,451,216 7
19 NET INCOME OF MINORITY INTEREST (68,833) 28,841 0
20 NET INCOME OF MAJORITY INTEREST 737,836 3 1,422,375 7
------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 4 Year: 2002
GRUPO TELEVISA, S.A.
CONSOLIDATED EARNING STATEMENT
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Pesos)
JUDGED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
---------------------------------------
R Amount % Amount %
------------------------------------------------------------------------------------------
1 NET SALES 21,559,269 100 20,785,582 100
21 DOMESTIC 18,224,236 85 17,927,532 86
22 FOREIGN 3,335,033 15 2,858,050 14
23 TRANSLATED INTO DOLLARS (***) 352,391 2 294,607 1
6 TOTAL FINANCING COST 612,972 100 436,918 100
24 INTEREST PAID 1,371,153 224 1,273,308 291
25 EXCHANGE LOSSES 1,211,629 198 944,520 216
26 INTEREST EARNED 589,627 96 978,417 224
27 EXCHANGE PROFITS 1,422,458 232 981,860 225
28 GAIN DUE TO MONETARY POSITION 42,275 7 179,367 41
8 OTHER FINANCIAL OPERATIONS 2,975,940 100 1,268,823 100
29 OTHER NET EXPENSES (INCOME) NET 2,975,940 100 1,268,823 100
30 (PROFIT) LOSS ON SALE OF OWN SHARES 0 0 0 0
31 (PROFIT) LOSS ON SALE OF SHORT-TERM
INVESTMENTS 0 0 0 0
10 RESERVE FOR TAXES AND WORKERS' PROFIT
SHARING 299,347 100 571,433 100
32 INCOME TAX 898,608 300 727,283 127
33 DEFERRED INCOME TAX (603,357) (202) (178,572) (31)
34 WORKERS' PROFIT SHARING 4,096 1 22,722 4
35 DEFERRED WORKERS' PROFIT SHARING 0 0 0 0
------------------------------------------------------------------------------------------
(***) THOUSANDS OF DOLLARS
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 4 Year: 2002
GRUPO TELEVISA, S.A.
CONSOLIDATED EARNING STATEMENT
OTHER CONCEPTS
(Thousands of Pesos)
JUDGED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
-----------------------------------------
R AMOUNT AMOUNT
------------------------------------------------------------------------------------------
36 TOTAL SALES 23,415,369 23,191,614
37 NET INCOME OF THE YEAR 295,466 1,405,646
38 NET SALES (**) 21,559,269 20,785,582
39 OPERATION INCOME (**) 4,650,330 4,339,600
40 NET INCOME OF MAYORITY INTEREST (**) 737,836 1,422,375
41 NET CONSOLIDATED INCOME (**) 669,003 1,451,216
------------------------------------------------------------------------------------------
(**) THE RESTATED INFORMATION ON THE LAST TWELVE MONTHS
SHOULD BE 4/7/03 12:53 USED.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 4 Year: 2002
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
FROM JANUARY THE 1st TO DECEMBER 31 OF 2002 AND 2001
(Thousands of Pesos)
JUDGED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
-----------------------------------------
C Amount Amount
------------------------------------------------------------------------------------------
1 CONSOLIDATED NET INCOME 669,003 1,451,216
2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT
REQUIRE USING CASH 2,881,527 2,604,353
3 CASH FLOW FROM NET INCOME OF THE YEAR 3,550,530 4,055,569
4 CASH FLOW FROM CHANGE IN WORKING CAPITAL 1,577,777 (1,180,994)
5 CASH GENERATED (USED) IN OPERATING
ACTIVITIES 5,128,307 2,874,575
6 CASH FLOW FROM EXTERNAL FINANCING 613,688 1,178,959
7 CASH FLOW FROM INTERNAL FINANCING (36,686) (234,343)
8 CASH FLOW GENERATED (USED) BY FINANCING 577,002 944,616
9 CASH FLOW GENERATED (USED) IN INVESTMENT
ACTIVITIES (2,864,275) (6,201,246)
10 NET INCREASE (DECREASE) IN CASH AND
SHORT-TERM INVESTMENTS 2,841,034 (2,382,055)
11 CASH AND SHORT-TERM INVESTMENTS AT THE
BEGINNING OF PERIOD 5,945,775 8,327,830
12 CASH AND SHORT-TERM INVESTMENTS AT THE END
OF PERIOD 8,786,809 5,945,775
------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 4 Year: 2002
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Pesos)
JUDGED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
-----------------------------------------
C AMOUNT AMOUNT
------------------------------------------------------------------------------------------
2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT
REQUIRE USING CASH 2,881,527 2,604,353
13 DEPRECIATION AND AMORTIZATION FOR THE YEAR 1,887,492 1,556,434
14 + (-) NET INCREASE (DECREASE) IN PENSIONS
FUND AND SENIORITY PREMIUMS
15 + (-) NET LOSS (PROFIT) IN MONEY EXCHANGE
16 + (-) NET LOSS (PROFIT) IN ASSETS AND
LIABILITIES ACTUALIZATION
17 + (-) OTHER ITEMS 994,035 1,047,919
4 CASH FLOW FROM CHANGE IN WORKING CAPITAL 1,577,777 (1,180,994)
18 + (-) DECREASE (INCREASE) IN ACCOUNTING
RECEIVABLE (567,648) (730,595)
19 + (-) DECREASE (INCREASE) IN INVENTORIES (94,440) 492,882
20 + (-) DECREASE (INCREASE) IN OTHER ACCOUNT
RECEIVABLE 532,262 (554,782)
21 + (-) INCREASE (DECREASE) IN SUPPLIER
ACCOUNT 144,936 (149,264)
22 + (-) INCREASE (DECREASE) IN OTHER
LIABILITIES 1,562,667 (239,235)
6 CASH FLOW FROM EXTERNAL FINANCING 613,688 1,178,959
23 + SHORT-TERM BANK AND STOCK MARKET
FINANCING 910,831 35,050
24 + LONG-TERM BANK AND STOCK MARKET
FINANCING 3,342,363 2,637,701
25 + DIVIDEND RECEIVED
26 + OTHER FINANCING
27 (-) BANK FINANCING AMORTIZATION (2,810,677) (510,786)
28 (-) STOCK MARKET AMORTIZATION
29 (-) OTHER FINANCING AMORTIZATION (828,829) (983,006)
7 CASH FLOW FROM INTERNAL FINANCING (36,686) (234,343)
30 + (-) INCREASE (DECREASE) IN CAPITAL
STOCKS (36,686) (234,343)
31 (-) DIVIDENDS PAID
32 + PREMIUM ON SALE OF SHARES
33 + CONTRIBUTION FOR FUTURE CAPITAL
INCREASES
9 CASH FLOW GENERATED (UTILIZED) IN
INVESTMENT ACTIVITIES (2,864,275) (6,201,246)
34 + (-) DECREASE (INCREASE) IN STOCK
INVESTMENTS OF A PERMANENT NATURE (2,487,150) (4,885,251)
35 (-) ACQUISITION OF PROPERTY, PLANT AND
EQUIPMENT (1,353,923) (1,415,068)
36 (-) INCREASE IN CONSTRUCTIONS IN
PROGRESS
37 + SALE OF OTHER PERMANENT INVESTMENTS
38 + SALE OF TANGIBLE FIXED ASSETS 104,603 547,820
39 + (-) OTHER ITEMS 872,195 (448,747)
------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 4 Year: 2002
GRUPO TELEVISA, S.A.
RATIOS
CONSOLIDATED
JUDGED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
P
------------------------------------------------------------------------------------------
YIELD
1 NET INCOME TO NET SALES 3.10 % 6.98 %
2 NET INCOME TO STOCK HOLDERS' EQUITY (**) 3.66 % 7.17 %
3 NET INCOME TO TOTAL ASSETS (**) 1.18 % 2.64 %
4 CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME % 0.00 %
5 INCOME DUE TO MONETARY POSITION TO NET INCOME (6.32) % (12.36) %
ACTIVITY
6 NET SALES TO NET ASSETS (**) 0.38 times 0.38 times
7 NET SALES TO FIXED ASSETS (**) 1.41 times 1.33 times
8 INVENTORIES ROTATION (**) 3.41 times 3.75 times
9 ACCOUNTS RECEIVABLE IN DAYS OF SALES 139 days 148 days
10 PAID INTEREST TO TOTAL LIABILITIES WITH
COST (**) 9.40 % 8.66 %
LEVERAGE
11 TOTAL LIABILITIES TO TOTAL ASSETS 62.24 % 61.93 %
12 TOTAL LIABILITIES TO STOCK HOLDERS' EQUITY 1.65 times 1.63 times
13 FOREIGN CURRENCY LIABILITIES TO TOTAL
LIABILITIES 39.69 % 37.52 %
14 LONG-TERM LIABILITIES TO FIXED ASSETS 91.93 % 95.23 %
15 OPERATING INCOME TO INTEREST PAID 3.39 times 3.41 times
16 NET SALES TO TOTAL LIABILITIES (**) 0.61 times 0.61 times
LIQUIDITY
17 CURRENT ASSETS TO CURRENT LIABILITIES 4.26 times 5.70 times
18 CURRENT ASSETS LESS INVENTORY TO CURRENT
LIABILITIES 3.55 times 4.84 times
19 CURRENT ASSETS TO TOTAL LIABILITIES 0.67 times 0.67 times
20 AVAILABLE ASSETS TO CURRENT LIABILITIES 158.66 % 157.32 %
CASH FLOW
21 CASH FLOW FROM NET INCOME TO NET SALES 16.47 % 20.62 %
22 CASH FLOW FROM CHANGES IN WORKING CAPITAL
TO NET SALES 7.32 % (6.01) %
23 CASH GENERATED (USED) IN OPERATING TO
INTEREST PAID 3.74 times 2.39 times
24 EXTERNAL FINANCING TO CASH GENERATED (USED)
IN FINANCING 106.36 % 124.81 %
25 INTERNAL FINANCING TO CASH GENERATED (USED)
IN FINANCING (6.36) % (24.81) %
26 ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT
TO CASH GENERATED (USED) IN INVESTMENT
ACTIVITIES 47.27 % 22.82 %
------------------------------------------------------------------------------------------
(**) IN THESE RATIOS FOR THE DATA TAKE INTO CONSIDERATION THE LAST
TWELVE MONTHS.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 4 Year: 2002
GRUPO TELEVISA, S.A.
DATA PER SHARE
CONSOLIDATED FINANCIAL STATEMENT
JUDGED INFORMATION FINAL PRINTING
-----------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
----------------------------------------------
D AMOUNT AMOUNT
-----------------------------------------------------------------------------------------------
1 BASIC PROFIT PER ORDINARY SHARE (**) $ .08 $ .15
2 BASIC PROFIT PER PREFERRED SHARE (**) $ .08 $ .15
3 DILUTED PROFIT PER ORDINARY SHARE (**) $ .00 $ .00
4 CONTINUOUS OPERATING PROFIT PER COMUN
SHARE (**) $ (.04) $ .16
5 EFFECT OF DISCONTINUOUS OPERATING ON
CONTINUOUS OPERATING PROFIT PER SHARE (**) $ .12 $ .00
6 EFFECT OF EXTRAORDINARY PROFIT AND LOSS ON
CONTINUOUS OPERATING PROFIT PER SHARE (**) $ .00 $ .00
7 EFFECT BY CHANGES IN ACCOUNTING POLICIES ON
CONTINUOUS OPERATING PROFIT PER SHARE (**) $ .00 $ (.01)
8 CARRYING VALUE PER SHARE $ 2.28 $ 2.12
9 CASH DIVIDEND ACUMULATED PER SHARE $ .00 $ .00
10 DIVIDEND IN SHARES PER SHARE .00 shares .00 shares
11 MARKET PRICE TO CARRYING VALUE 2.12 times 3.23 times
12 MARKET PRICE TO BASIC PROFIT PER ORDINARY
SHARE (**) 58.12 times 42.74 times
13 MARKET PRICE TO BASIC PROFIT PER PREFERENT
SHARE (**) 57.64 times 42.42 times
-----------------------------------------------------------------------------------------------
(**) TO CALCULATE THE DATA PER SHARE USE THE NET INCOME FOR THE LAST
TWELVE MONTHS
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 4 Year: 2002
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES (1)
CONSOLIDATED
JUDGED INFORMATION FINAL PRINTING
-------------------------------------------------------------------------------
CONSOLIDATED FINANCIAL STATEMENTS - BREAKDOWN OF MAIN CONCEPTS-
S 53 MEXICAN PESOS LIABILITIES. THIS CAPTION INCLUDES, IN THE FOURTH
QUARTER OF 2002, LIABILITIES IN FOREIGN CURRENCY (TAXES PAYABLE) FOR
AN AMOUNT OF PS.66,907, WHICH CANNOT BE PRESENTED IN S 52 (FOREIGN
CURRENCY LIABILITIES) SINCE THE SYSTEM DOES NOT ALLOW A RELATED
VALIDATION WITH ANNEX 5 (ANALYSIS OF CREDITS).
S 67 DEFERRED LOANS - OTHERS - THIS CAPTION INCLUDES AS OF DECEMBER
31, 2002 AND 2001, CUSTOMER DEPOSITS AND ADVANCES FOR AN AMOUNT OF
PS.11,549,427 AND PS.11,416,678, RESPECTIVELY.
-------------------------------------------------------------------------------
(1) THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL
STATEMENT AMOUNTS, INCLUDING THEIR BREAKDOWN OF MAIN CONCEPTS AND
OTHER CONCEPTS.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: Year:4 2002
GRUPO TELEVISA, S.A.
CONSOLIDATED
JUDGED INFORMATION FINAL PRINTING
INTEGRATION OF THE PAID SOCIAL CAPITAL STOCK
CHARACTERISTICS OF THE SHARES
-----------------------------------------------------------------------------------------------------------------
CAPITAL STOCK
NUMBER OF SHARES (THOUSANDS OF PESOS)
NOMINAL VALID FIXED VARIABLE
SERIES VALUE COUPON PORTION PORTION MEXICAN SUBSCRIPTION FIXED VARIABLE
-------------------------------------------------------------------------------------------------------------------
A - 4,479,799,524 4,479,799,524 765,543
D - 2,184,297,425 2,184,297,425 373,270
L - 2,184,297,425 2,184,297,425 373,270
TOTAL - 8,848,394,374 - 6,664,096,949 2,184,297,425 1,512,083 -
TOTAL NUMBER OF SHARES REPRESENTING THE PAID-IN CAPITAL STOCK ON THE DATE OF SENDING THE INFORMATION
8,848,394,374
SHARES PROPORTION BY :
CPO'S :THREE SHARES (ONE SERIES A, ONE SERIES D AND ONE SERIES L)
UNITS :
ADRS'S :
GDRS'S :
ADS'S :
GDS'S :TWENTY CPO's
REPURCHASED OWN SHARES
NUMBER OF MARKET VALUE OF THE SHARE
SERIES SHARES AT REPURCHASE AT QUARTER
-------------------------------------------------------------------------------
A 110,943,593 6.55679 4.65500
D 86,852,575 6.55679 4.65500
L 86,852,575 6.55679 4.65500
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 4 Year: 2002
GRUPO TELEVISA, S.A. CONSOLIDATED
FINAL PRINTING
THE SHARES REPRESENTING THE COMPANY'S CAPITAL STOCK CONSISTED OF:
ISSUED 9,133,043,117
REPURCHASED (284,648,743)
-------------
OUTSTANDING 8,848,394,374
=============
THE COMPANY'S SHARES REPURCHASED BY THE GROUP CONSISTED OF:
SHARES REPURCHASED BY GRUPO TELEVISA, S.A. 97,851,000
SHARES ACQUIRED BY TELEVISA COMERCIAL, S.A. DE C.V. 496,750,068
RESALE OF SHARES (30,000)
CANCELATION OF SHARES (309,922,325)
-------------
284,648,743
=============
NOTE: THE AVERAGE REPURCHASE AND THE MARKET VALUE OF THE SHARE
AT QUARTER ARE HISTORICAL.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: Year: 2002
GRUPO TELEVISA, S.A. CONSOLIDATED
FINAL PRINTING
JUDGED INFORMATION
DECLARATION FROM THE COMPANY OFFICIALS RESPONSABLE FOR THE INFORMATION.
I HEREBY SWEAR THAT THE FINANCIAL INFORMATION HERE IN SUPPLIED TO THIS
STOCK EXCHANGE, CORRESPONDING TO THE PERIOD FROM 1 OF JANUARY TO 31 OF
DECEMBER OF 2002 AND 2001 IS THAT OBTAINED FROM OUR AUTHORIZED ACCOUNTING
REGISTERS AND IS THE RESULT OF THE APPLICATION OF THE ACCOUNTING PRINCIPLES
AND NORMS ACCEPTED AND STATED BY THE MEXICAN INSTITUTE OF PUBLIC
ACCOUNTANTS AND IN THE PROVISIONS OF THE MEXICAN NATIONAL BANK AND STOCK
COMMISSION (COMISION NACIONAL BANCARIA Y DE VALORES).
THE ACCOUNTING PRINCIPLES USED BY THIS COMPANY AND THE PROCESSING OF DATA
FOR THE PERIOD TO WHICH THE SAID INFORMATION REFERS WERE APPLIED USING THE
SAME BASES AS FOR THE SIMILAR PERIOD OF THE PREVIOUS YEAR.
--------------------------------
C.P. JORGE LUTTEROTH ECHEGOYEN
Controller, Vice-president
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA DATE: 4/7/03
DATOS GENERALES DE LA EMISORA
========================================================================================
RAZON SOCIAL: GRUPO TELEVISA, S.A.
DOMICILIO: AV. VASCO DE QUIROGA # 2000
COLONIA: SANTA FE
C. POSTAL: O1210
CIUDAD Y ESTADO: MEXICO, D.F.
TELEFONO: 5261-20-00
FAX: 5261-24-94 AUTOMATICO
E-MAIL: ir@televisa.com.mx
DIRECCION DE INTERNET: www.televisa.com.mx
DATOS FISCALES DE LA EMISORA
========================================================================================
RFC EMPRESA: GTE901219GK3
DOMICILIO: AV. VASCO DE QUIROGA # 2000
COLONIA: SANTA FE
C. POSTAL: O1210
CIUDAD Y ESTADO: MEXICO, D.F.
RESPONSABLE DE PAGO
-----------------------------------------------------------------------------------------
NOMBRE: C.P. JOSE RAUL GONZALEZ LIMA
DOMICILIO: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
COLONIA: SANTA FE
C. POSTAL: O1210
CIUDAD Y ESTADO: MEXICO, D.F.
TELEFONO: 5261-25-77
FAX: 5261-20-43
DATOS DE LOS FUNCIONARIOS
========================================================================================
PUESTO BMV: PRESIDENTE DEL CONSEJO DE ADMINISTRACION
PUESTO: PRESIDENTE DEL CONSEJO DE ADMINISTRACION
NOMBRE: SR. EMILIO FERNANDO AZCARRAGA JEAN
DOMICILIO: AV. CHAPULTEPEC # 28 PISO 1
COLONIA: DOCTORES
C. POSTAL: O6724
CIUDAD Y ESTADO: MEXICO D.F.
TELEFONO: 5709-42-89
FAX: 5709-39-88
E-MAIL: emilio@televisa.com.mx
========================================================================================
PUESTO BMV: DIRECTOR GENERAL
PUESTO: PRESIDENTE Y DIRECTOR GENERAL DEL GRUPO
NOMBRE: SR. EMILIO FERNANDO AZCARRAGA JEAN
DOMICILIO: AV. CHAPULTEPEC # 28 PISO 1
COLONIA: DOCTORES
C. POSTAL: O6724
CIUDAD Y ESTADO: MEXICO D.F.
TELEFONO: 5709-42-89
FAX: 5709-39-88
E-MAIL: emilio@televisa.com.mx
-----------------------------------------------------------------------------------------
PUESTO BMV: DIRECTOR DE FINANZAS
PUESTO: VICEPRESIDENTE EJECUTIVO DE ADMINISTRACION Y FINANZAS
NOMBRE: LIC. ALFONSO DE ANGOITIA NORIEGA
DOMICILIO: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
COLONIA: SANTA FE
C. POSTAL: O1210
CIUDAD Y ESTADO: MEXICO D.F.
TELEFONO: 5261-24-52
FAX: 5261-24-54
E-MAIL: aangoitia@televisa.com.mx
-----------------------------------------------------------------------------------------
PUESTO BMV: RESPONSABLE DE ENVIO DE INFORMACION FINANCIERA TRIMESTRAL
PUESTO: DIRECTOR GENERAL DE INFORMACION A BOLSA
NOMBRE: C.P. JOSE RAUL GONZALEZ LIMA
DOMICILIO: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
COLONIA: SANTA FE
C. POSTAL: O1210
CIUDAD Y ESTADO: MEXICO, D.F.
TELEFONO: 5261-25-77
FAX: 5261-20-43
E-MAIL: rglima@televisa.com.mx
-----------------------------------------------------------------------------------------
PUESTO BMV: RESPONSABLE DEL AREA JURIDICA
PUESTO: VICEPRESIDENTE JURIDICO DEL GRUPO
NOMBRE: LIC. JUAN SEBASTIAN MIJARES ORTEGA
DOMICILIO: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
COLONIA: SANTA FE
C. POSTAL: O1210
CIUDAD Y ESTADO: MEXICO, D.F.
TELEFONO: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
-----------------------------------------------------------------------------------------
PUESTO BMV: SECRETARIO DEL CONSEJO DE ADMINISTRACION
PUESTO: SECRETARIO DEL CONSEJO DE ADMINISTRACION
NOMBRE: LIC. JUAN SEBASTIAN MIJARES ORTEGA
DOMICILIO: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
COLONIA: SANTA FE
C. POSTAL: O1210
CIUDAD Y ESTADO: MEXICO, D.F.
TELEFONO: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
-----------------------------------------------------------------------------------------
PUESTO BMV: PROSECRETARIO DEL CONSEJO DE ADMINISTRACION
PUESTO: ASESOR LEGAL
NOMBRE: LIC. RICARDO MALDONADO YANEZ
DOMICILIO: MONTES URALES 505, PISO 3
COLONIA: LOMAS DE CHAPULTEPEC
C. POSTAL: 11000
CIUDAD Y ESTADO: MEXICO, D.F.
TELEFONO: 5201-74-47
FAX: 5520-10-65
E-MAIL: rmaldonado@macf.com.mx
-----------------------------------------------------------------------------------------
PUESTO BMV: RESPONSABLE DE INFORMACION A INVERSIONISTAS
PUESTO: DIRECTOR DE RELACIONES CON INVERSIONISTAS
NOMBRE: LIC. ALBERTO ISLAS TORRES
DOMICILIO: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
COLONIA: SANTA FE
C. POSTAL: O1210
CIUDAD Y ESTADO: MEXICO, D.F.
TELEFONO: 5261-20-42
FAX: 5261-24-94
E-MAIL: aislast@televisa.com.mx
-----------------------------------------------------------------------------------------
PUESTO BMV: ACREDITADO PARA ENVIO DE INFORMACION VIA EMISNET
PUESTO: DIRECTOR GENERAL DE INFORMACION A BOLSA
NOMBRE: C.P. JOSE RAUL GONZALEZ LIMA
DOMICILIO: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
COLONIA: SANTA FE
C. POSTAL: O1210
CIUDAD Y ESTADO: MEXICO, D.F.
TELEFONO: 5261-25-77
FAX: 5261-20-43
E-MAIL: rglima@televisa.com.mx
-----------------------------------------------------------------------------------------
PUESTO BMV: ACREDITADO PARA ENVIO DE EVENTOS RELEVANTES VIA EMISNET
PUESTO: PRESIDENTE DEL CONSEJO DE ADMINISTRACION
NOMBRE: SR. EMILIO FERNANDO AZCARRAGA JEAN
DOMICILIO: AV. CHAPULTEPEC # 28 PISO 1
COLONIA: DOCTORES
C. POSTAL: O6724
CIUDAD Y ESTADO: MEXICO D.F.
TELEFONO: 5709-42-89
FAX: 5709-39-88
E-MAIL: emilio@televisa.com.mx
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA DATE: 4/7/03
GRUPO TELEVISA, S.A.
CONSEJO DE ADMINISTRACION
=============================================================================================
SERIE A
---------------------------------------------------------------------------------------------
CARGO : PRESIDENTE(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. EMILIO FERNANDO AZCARRAGA JEAN
---------------------------------------------------------------------------------------------
CARGO : VICEPRESIDENTE(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SRA. MARIA ASUNCION ARAMBURUZABALA LARREGUI
---------------------------------------------------------------------------------------------
CARGO : CONSEJERO(S) PROPIETARIO(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SRA. MARIA ASUNCION ARAMBURUZABALA LARREGUI
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. EMILIO FERNANDO AZCARRAGA JEAN
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : LIC.JULIO BARBA HURTADO
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. JOSE ANTONIO BASTON PATINO
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. MANUEL JORGE CUTILLAS COVANI
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. JAIME DAVILA URCULLU
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : LIC. ALFONSO DE ANGOITIA NORIEGA
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. CARLOS FERNANDEZ GONZALEZ
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. BERNARDO GOMEZ MARTINEZ
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. CLAUDIO X. GONZALEZ LAPORTE
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. ENRIQUE KRAUZE KLEINBORT
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. GERMAN LARREA MOTA VELASCO
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : LIC. GILBERTO PEREZALONSO CIFUENTES
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. ALEJANDRO QUINTERO INIGUEZ
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. LORENZO H. ZAMBRANO TREVINO
---------------------------------------------------------------------------------------------
CARGO : CONSEJERO(S) SUPLENTE(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. JUAN PABLO ANDRADE FRICH
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SRITA. LUCRECIA ARAMBURUZABALA LARREGUI
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. FELIX ARAUJO RAMIREZ
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. MAXIMILIANO ARTEAGA CARLEBACH
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. JOAQUIN BALCARCEL SANTA CRUZ
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. JUAN FERNANDO CALVILLO ARMENDARIZ
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. RAFAEL CARABIAS PRINCIPE
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SRA. MARIA AZUCENA DOMINGUEZ COBIAN
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. SALVI FOLCH VIADERO
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : C.P. JORGE LUTTEROTH ECHEGOYEN
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : LIC. JUAN SEBASTIAN MIJARES ORTEGA
CARGO : COMISARIO(S) PROPIETARIO(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : C.P. MARIO SALAZAR ERDMANN
CARGO : COMISARIO(S) SUPLENTE(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : C.P. JOSE MIGUEL ARRIETA MENDEZ
CARGO : SECRETARIO(S) PROPIETARIO(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : LIC. JUAN SEBASTIAN MIJARES ORTEGA
=============================================================================================
SERIE D
-----------------------------------------------------------------------
CARGO : CONSEJERO(S) PROPIETARIO(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. JUAN ABELLO GALLO
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. ENRIQUE FRANCISCO J. SENIOR HERNANDEZ
-----------------------------------------------------------------------
CARGO : CONSEJERO(S) SUPLENTE(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. HERBERT ALLEN III
-----------------------------------------------------------------------
CARGO : COMISARIO(S) PROPIETARIO(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : C.P. MARIO SALAZAR ERDMANN
-----------------------------------------------------------------------
CARGO : COMISARIO(S) SUPLENTE(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : C.P. JOSE MIGUEL ARRIETA MENDEZ
-----------------------------------------------------------------------
CARGO : SECRETARIO(S) PROPIETARIO(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : LIC. RICARDO MALDONADO YANEZ (PROSECRETARIO)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : LIC. JUAN SEBASTIAN MIJARES ORTEGA
=============================================================================================
SERIE L
-----------------------------------------------------------------------
CARGO : CONSEJERO(S) PROPIETARIO(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SRITA. ANA PATRICIA BOTIN O'SHEA
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : SR. ROBERTO HERNANDEZ RAMIREZ
-----------------------------------------------------------------------
CARGO : CONSEJERO(S) SUPLENTE(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : LIC. JUAN G. MIJARES DAVALOS
-----------------------------------------------------------------------
CARGO : COMISARIO(S) PROPIETARIO(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : C.P. MARIO SALAZAR ERDMANN
-----------------------------------------------------------------------
CARGO : COMISARIO(S) SUPLENTE(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : C.P. JOSE MIGUEL ARRIETA MENDEZ
-----------------------------------------------------------------------
CARGO : SECRETARIO(S) PROPIETARIO(S)
VIGENCIA DEL : 01/05/2002 AL : 30/04/2003
NOMBRE : LIC. JUAN SEBASTIAN MIJARES ORTEGA
MEXICO, D.F. AT APRIL 07, 2003
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2002
GRUPO TELEVISA, S.A.
DIRECTOR REPORT (1)
ANNEX 1
CONSOLIDATED
JUDGED INFORMATION Final Printing
-----------------------------------------------------------------------------
MEXICO CITY, D.F., APRIL 9, 2003 -- GRUPO TELEVISA, S.A. (NYSE:TV;
BMV: TLEVISA CPO) TODAY ANNOUNCED AUDITED RESULTS FOR THE 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.
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, EXCLUDING DEPRECIATION AND AMORTIZATION,
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 AND EXCLUDING
DEPRECIATION AND AMORTIZATION, 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 IS DEFINED AS OPERATING INCOME BEFORE DEPRECIATION AND
AMORTIZATION. 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.
THE CHARGE FOR OPERATING DEPRECIATION AND AMORTIZATION WAS OF
PS.1,449,687 THOUSAND AND PS.1,354,040 THOUSAND IN 2002 AND 2001,
RESPECTIVELY.
INTEGRAL COST OF FINANCING
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.1,439,591 THOUSAND TO
PS.2,134,077 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.235,190 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.843,989 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.437,805 THOUSAND AND THE WRITE-OFF OF
UNAMORTIZED GOODWILL IN THE AMOUNT OF PS.1,066,700 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.603,947 THOUSAND TO
A LOSS OF PS.1,155,818 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.1,062,750 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 THOUSAND 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.737,836 THOUSAND
COMPARED TO A NET INCOME OF PS.1,422,375 THOUSAND IN 2001. THE
DECREASE OF PS.684,539 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.1,439,591 THOUSAND; AND
o AN INCREASED EQUITY IN LOSSES OF AFFILIATES OF PS.603,947 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.1,048,687 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 LETTER 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.1,066,700 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.2,590,784 THOUSAND.
RESULTS BY BUSINESS SEGMENT
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.
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%
(PS.4,564,368 THOUSAND IN 2002 AND PS.4,251,993 THOUSAND IN 2001),
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.
PROGRAMMING FOR PAY TELEVISION OPERATING INCOME INCREASED 33.0%
(PS.60,260 THOUSAND IN 2002 AND PS.45,302 THOUSAND IN 2001), 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.
PROGRAMMING LICENSING OPERATING INCOME DECREASED 29.0% (PS.217,989
THOUSAND IN 2002 AND PS.307,153 THOUSAND IN 2001), 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.
PUBLISHING OPERATING INCOME INCREASED MARGINALLY 0.5% (PS.252,320
THOUSAND IN 2002 AND PS.251,182 THOUSAND IN 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%.
PUBLISHING DISTRIBUTION OPERATING INCOME DECREASED BY PS.10,398
THOUSAND TO A LOSS OF PS.1,854 THOUSAND IN 2002 AND A OPERATING
INCOME OF PS.8,544 THOUSAND IN 2001, 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% (PS.1,108,200 THOUSAND IN
2002 AND PS.1,143,932 THOUSAND IN 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. 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% (PS.201,464
THOUSAND IN 2002 AND PS.250,614 THOUSAND IN 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% (PS.187,062 THOUSAND IN 2002 AND
PS.249,151 THOUSAND IN 2001), DUE TO A DECLINE IN ADVERTISING TIME
SOLD, REFLECTING THE DIFFICULT ECONOMIC ENVIRONMENT THAT IS
ADVERSELY AFFECTING THE MEXICAN RADIO INDUSTRY.
RADIO OPERATING LOSS INCREASED BY PS.29,809 THOUSAND (OPERATING
LOSS OF PS.45,738 THOUSAND IN 2002 AND OPERATING LOSS OF PS.15,929
THOUSAND IN 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% (PS.1,481,611
THOUSAND IN 2002 AND PS.1,607,436 THOUSAND IN 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.
OTHER BUSINESSES OPERATING LOSS DECREASED BY PS.154,804 THOUSAND
(OPERATING LOSS OF PS.447,324 THOUSAND IN 2002 AND OPERATING LOSS
OF PS.602,128 THOUSAND IN 2001), DUE TO A REDUCTION IN COSTS OF
SALES AND OPERATING EXPENSES PARTIALLY OFFSET BY LOWER REVENUES.
INTERSEGMENT SALES
INTERSEGMENT SALES FOR 2002 AND 2001, AMOUNTED TO PS.363,153
THOUSAND AND PS.549,671 THOUSAND, RESPECTIVELY.
CORPORATE EXPENSES
CORPORATE EXPENSES FOR 2002 AND 2001, AMOUNTED TO PS.143,515
THOUSAND AND PS.142,877 THOUSAND, RESPECTIVELY.
DISPOSED OPERATIONS
NET SALES OF DISPOSED OPERATION FOR 2002 AND 2001, AMOUNTED TO
PS.79,592 THOUSAND AND PS.236,170 THOUSAND, RESPECTIVELY.
THE OPERATING RESULT FROM DISPOSED OPERATIONS FOR 2002 AND 2001,
AMOUNTED TO AN OPERATING LOSS OF PS.7,640 THOUSAND AND AN OPERATING
LOSS OF PS.14,254 THOUSAND, RESPECTIVELY.
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 AND 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.
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,
20,680,200 SHARES IN THE FORM OF 6,893,400 CPOS HAD BEEN
REPURCHASED BY THE COMPANY UNDER THIS PROGRAM FOR AN AGGREGATE
AMOUNT OF PS.91,440 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 DIRECTOR REPORT 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 DIRECTOR REPORT 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 DIRECTOR
REPORT 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.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2002
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES (1)
ANNEX 2
CONSOLIDATED
JUDGED INFORMATION Final Printing
-------------------------------------------------------------------------------
GRUPO TELEVISA, S.A.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001
(IN THOUSANDS OF MEXICAN PESOS IN PURCHASING POWER AS
OF DECEMBER 31, 2002, EXCEPT PER SHARE AND UDI VALUES)
1. ACCOUNTING POLICIES:
THE CONDENSED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A. (THE
"COMPANY") AND ITS CONSOLIDATED SUBSIDIARIES (COLLECTIVELLY, THE "GROUP"),
AS OF DECEMBER 31, 2002 AND 2001, AND FOR THE YEARS ENDED ON THOSE DATES,
ARE AUDITED. IN THE OPINION OF MANAGEMENT, ALL 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 GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES ("MEXICAN GAAP"), HAVE BEEN CONDENSED OR OMITTED.
THESE CONDENSED CONSOLIDATED STATEMENTS SHOULD BE READ IN CONJUNCTION WITH
THE GROUP'S CONSOLIDATED AND AUDITED FINANCIAL STATEMENTS AND NOTES THERETO
FOR THE YEARS ENDED DECEMBER 31, 2002 AND 2001, WHICH INCLUDE, AMONG OTHER
DISCLOSURES, THE GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES, WHICH HAVE
BEEN APPLIED ON A CONSISTENT BASIS FOR THE YEARS ENDED DECEMBER 31, 2002.
2. PROPERTY, PLANT AND EQUIPMENT:
PROPERTY, PLANT AND EQUIPMENT AS OF DECEMBER 31, CONSISTED OF:
2002 2001
----------------- ----------------
BUILDINGS Ps. 6,519,940 Ps. 6,500,145
BUILDINGS IMPROVEMENTS 1,701,388 1,528,861
TECHNICAL EQUIPMENT 9,737,672 9,155,196
FURNITURE AND FIXTURES 518,847 528,668
TRANSPORTATION EQUIPMENT 949,051 460,405
COMPUTER EQUIPMENT 788,565 675,679
----------------- ----------------
ACCUMULATED DEPRECIATION 20,215,463 18,848,954
(9,296,469) (8,034,916)
----------------- ----------------
10,918,994 10,814,038
LAND 3,457,256 3,471,500
CONSTRUCTION IN PROGRESS 966,972 450,959
----------------- ----------------
Ps. 15,343,222 Ps. 14,736,497
================= ================
DEPRECIATION CHARGED TO INCOME FOR THE YEARS ENDED DECEMBER 31, 2002
AND 2001, WAS PS.1,006,216 AND PS.974,821, RESPECTIVELY.
3. LONG-TERM DEBT SECURITIES:
AS OF DECEMBER 31, THE COMPANY'S LONG-TERM DEBT SECURITIES OUTSTANDING
WERE AS FOLLOWS:
2002 2001
-------------------------- ------------------------
U.S. U.S.
DOLLAR DOLLAR
PRINCIPAL MEXICAN PRINCIPAL MEXICAN
AMOUNTS PESOS AMOUNTS PESOS
(THOUSANDS) (THOUSANDS)
----------- -------------- ---------- ------------
11.375% SERIES "A" SENIOR
NOTES DUE 2003 (A) $ 68,847 Ps. 720,415 $ 68,847 Ps. 667,900
11.875% SERIES "B" SENIOR
NOTES DUE 2006 (A) 5,343 55,909 5,343 51,834
8.625% SENIOR NOTES DUE 2005 (B) 200,000 2,092,800 200,000 1,940,244
8.000% SENIOR NOTES DUE 2011 (C) 300,000 3,139,200 300,000 2,910,366
8.500% SENIOR NOTES DUE 2032 (D) 300,000 3,139,200 -- --
----------- -------------- ---------- ------------
$ 874,190 9,147,524 $ 574,190 5,570,344
=========== ==========
UDI-DENOMINATED NOTES DUE 2007 (E) 3,503,220 3,507,205
-------------- ------------
Ps. 12,650,744 Ps.9,077,549
============== ============
(A) INTEREST ON THE SERIES A SENIOR NOTES AND SERIES B SENIOR NOTES,
INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN
WITHHOLDING TAXES, IS 11.96% AND 12.49% PER ANNUM, RESPECTIVELY, AND
IS PAYABLE SEME-ANNUALLY. THESE SECURITIES ARE UNSECURED,
UNSUBORDINATED OBLIGATIONS OF THE COMPANY, RANK PARI PASSU IN RIGHT OF
PAYMENT WITH ALL EXISTING AND FUTURE UNSECURED, UNSUBORDINATED
OBLIGATIONS OF THE COMPANY, AND ARE SENIOR IN RIGHT OF PAYMENT TO ALL
FUTURE SUBORDINATED INDEBTEDNESS OF THE COMPANY, AND ARE EFFECTIVELY
SUBORDINATED TO ALL EXISTING AND FUTURE LIABILITIES OF THE COMPANY'S
SUBSIDIARIES.
(B) INTEREST ON THESE SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS PAYABLE
IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 9.07% PER ANNUM,
AND IS PAYABLE SEMI-ANNUALLY.
(C) IN THE THIRD QUARTER OF 2001, THE COMPANY ISSUED U.S.$300 MILLION
10-YEAR SENIOR NOTES WITH A COUPON RATE OF 8%. THE SENIOR NOTES WERE
PRICED AT 98.793% FOR A YIELD TO MATURITY OF 8.179%. THE PROCEEDS OF
THIS OFFERING WERE USED TO REPAY ALL OF THE REMAINING AMOUNTS THEN
OUTSTANDING UNDER THE COMPANY'S U.S.$400 MILLION SYNDICATED LOAN WITH
AN ORIGINAL MATURITY IN 2003. INTEREST ON THESE SENIOR NOTES,
INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN
WITHHOLDING TAXES, IS 8.41% PER ANNUM, AND IS PAYABLE SEMI-ANNUALLY.
(D) IN MARCH 2002, THE COMPANY ISSUED U.S.$300 MILLION 30-YEAR SENIOR
NOTES WITH A COUPON RATE OF 8.5%. THE SENIOR NOTES WERE PRICED AT
99.431% FOR A YIELD TO MATURITY OF 8.553%. A PORTION OF THE NET
PROCEEDS OF THIS OFFERING WERE USED TO REPAY ALL OF THE AMOUNTS THEN
OUTSTANDING UNDER A U.S.$276 MILLION BRIDGE LOAN FACILITY WITH AN
ORIGINAL MATURITY IN DECEMBER 2002. INTEREST ON THESE SENIOR NOTES,
INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN
WITHHOLDING TAXES, IS 8.94% PER ANNUM, AND IS PAYABLE SEMI-ANNUALLY.
(E) IN THE SECOND QUARTER OF 2000, THE COMPANY ISSUED IN THE MEXICAN
MARKET NOTES DENOMINATED IN MEXICAN INVESTMENT UNITS ("UNIDADES DE
INVERSION" OR "UDIS") FOR AN AMOUNT OF PS.3,000,000 (NOMINAL),
REPRESENTING 1,086,007,800 UDIS, WITH AN ANNUAL INTEREST RATE OF 8.15%
AND MATURITY IN 2007. INTEREST ON THESE NOTES IS PAYABLE
SEMI-ANNUALLY. THE BALANCE AS OF DECEMBER 31, 2002 AND 2001 INCLUDES
RESTAMENT OF PS.503,220 AND PS.336,181, RESPECTIVELY. THE UDI VALUE AS
OF DECEMBER 31, 2002, WAS OF PS. 3.225778 PER ONE UDI.
THE SENIOR NOTES DUE IN 2003, 2005, 2006, 2011 AND 2032 MAY NOT BE
REEDEMED PRIOR TO MATURITY, EXCEPT 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.
THE SENIOR NOTES DUE IN 2005, 2011 AND 2032 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.
THE AGREEMENT OF THE SENIOR NOTES DUE 2005, 2011 AND 2032 CONTAINS
CERTAIN COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND ITS RESTRICTED
SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PROGRAMMING FOR PAY
TELEVISION AND PROGRAMMING LICENSING, TO INCUR OR ASSUME LIENS, PERFORM
SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS,
CONSOLIDATIONS AND SIMILAR TRANSACTIONS. SUBSTANTALLY ALL OF THE SENIOR
NOTES DUE 2005, 2011 AND 2032 ARE REGISTERED WITH THE U.S. SECURITIES AND
EXCHANGE COMMISSION.
EFFECTIVE MARCH 1, 2002, THE GROUP DESIGNATED ITS NET INVESTMENT IN
SHARES OF UNIVISION AS AN EFFECTIVE HEDGE OF ITS U.S.$300 MILLION SENIOR
NOTES DUE IN 2011 AND ITS 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, BEING HEDGED BY THE
COMPANY'S NET INVESTMENT IN SHARES OF UNIVISION, IS BEING CREDITED OR
CHARGED DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR LOSS - FOREIGN
CURRENCY TRANSLATION) (SEE NOTE 7).
4. CONTINGENCIES:
PAYMENTS TO BE MADE BY CERTAIN MEXICAN COMPANIES IN THE GROUP TO
EMPLOYEES IN CASE OF DISMISSAL AND UNDER CERTAIN CIRCUMSTANCES PROVIDED BY
THE MEXICAN LABOR LAW ARE EXPENSED AS INCURRED.
IN CONJUNCTION WITH THE GROUP'S DISPOSAL OF ITS FORMER MUSIC RECORDING
BUSINESS, THE GROUP MAY HAVE TO PAY CERTAIN ADJUSTMENTS TO UNIVISION IN
CONNECTION WITH AN AUDIT OF THE MUSIC RECORDING BUSINESS BY UNIVISION,
WHICH IS EXPECTED TO BE RESOLVED BY THE PARTIES IN 2003. WHILE THE GROUP'S
MANAGEMENT BELIEVES THAT THE OUTCOME OF THIS AUDIT WILL NOT HAVE A MATERIAL
ADVERSE EFFECT ON ITS FINANCIAL POSITION OR FUTURE OPERATING RESULTS, NO
ASSSURANCE CAN BE GIVEN IN THIS REGARD.
THERE ARE VARIOUS LEGAL ACTIONS AND OTHER CLAIMS PENDING AGAINST THE
GROUP INCIDENTAL TO ITS BUSINESSES AND OPERATIONS. IN THE OPINION OF THE
GROUP'S MANAGEMENT, NONE OF THESE PROCEEDINGS WILL HAVE A MATERIAL ADVERSE
EFFECT ON THE GROUP'S FINANCIAL POSITION OR RESULTS OF OPERATIONS.
5. STOCKHOLDERS' EQUITY:
THE MAJORITY STOCKHOLDERS' EQUITY AS OF DECEMBER 31, IS ANALYZED AS
FOLLOWS:
2002 2001
------------------------ ------------------------
NOMINAL RESTATED NOMINAL RESTATED
PESOS PESOS PESOS PESOS
----------- ------------ ------------ -----------
CAPITAL STOCK Ps. 1,512,083 Ps. 7,368,706 Ps. 1,513,427 Ps. 7,375,291
----------- ------------
ADDITIONAL PAID-IN CAPITAL 187,824 216,458 187,428 216,056
----------- ------------
LEGAL RESERVE 585,029 1,184,044 517,746 1,112,925
----------- ------------
RESERVE FOR REPURCHASE OF SHARES 2,695,761 5,516,855 2,695,761 5,516,855
----------- ------------
UNAPPROPIATED EARNINGS 6,148,312 10,901,954 4,816,043 9,091,250
----------- ------------
ACCUMULATED EFFECT OF DEFERRED
INCOME TAXES (2,197,681) (2,642,542) (2,197,681) (2,642,542)
----------- ------------
NET INCOME FOR PERIOD -- 737,836 1,345,662 1,422,375
----------- ------------
DEFICIT FROM RESTATEMENT -- (3,098,400) -- (3,327,140)
----------- ------------ ------------ -----------
TOTAL MAJORITY STOCKHOLDERS' EQUITY Ps.20,184,911 Ps.18,765,070
========== ==========
IN SEPTEMBER 2002, IN CONNECTION WITH THE APPROVAL OF THE COMPANY'S
SHAREHOLDERS TO ISSUE ADDITIONAL SERIES "A" SHARES IN AN AGGREGATE AMOUNT
OF UP TO 4.5% OF THE COMPANY'S OUTSTANDING CAPITAL STOCK (430,350,671
SERIES "A" SHARES) ON APRIL 30, 2002, AND IN CONJUNCTION WITH PREEMPTIVE
RIGHTS EXERCISED BY CERTAIN EXISTING HOLDERS OF SERIES "A" SHARES, THE
COMPANY INCREASED ITS CAPITAL STOCK IN THE AMOUNT OF PS.410 BY ISSUING
ADDITIONAL 43,117 SERIES "A" SHARES (NOT IN THE FORM OF CPOS), OF WHICH
PS.403 WERE RECOGNIZED AS ADDITIONAL PAID-IN CAPITAL. FOLLOWING THIS
CAPITAL STOCK INCREASE, A REMAINING OF 430,307,554 UNISSUED AUTHORIZED
SERIES "A" MAY BE USED BY THE COMPANY FOR ONE OR TWO SPECIAL PURPOSE
TRUSTS.
AS OF DECEMBER 31, 2002 AND 2001, CAPITAL STOCK IS NET OF SHARES
REPURCHASED OF PS.496,922 (NOMINAL PS.72,047) AND PS.503,507 (NOMINAL
PS.70,703), RESPECTIVELY.
AT DECEMBER 31, 2002, THE COMPANY'S NUMBER OF SHARES OF CAPITAL STOCK
AUTHORIZED, ISSUED, REPURCHASED AND OUTSTANDING CONSISTED OF:
SHARES AUTHORIZED ISSUED REPURCHASED (*) OUTSTANDING
---------------------------- ---------------- ----------------- ---------------
SERIES "A" 5,021,050,671 4,590,743,117 110,943,593 4,479,799,524
SERIES "L" 2,271,150,000 2,271,150,000 86,852,575 2,184,297,425
SERIES "D" 2,271,150,000 2,271,150,000 86,852,575 2,184,297,425
---------------- --------------- ----------------- ---------------
9,563,350,671 9,133,043,117 284,648,743 8,848,394,374
================ =============== ================= ===============
(*) SHARES REPURCHASED INCLUDE SHARES IN THE FORM OF 86,851,771 CPOS AND
ADDITIONAL 24,091,018 SERIES "A" SHARES (NOT IN THE FORM OF CPOS) THAT ARE
BENEFITIALLY OWNED BY ONE OF THE COMPANY'S WHOLLY-OWNED SUBSIDIARIES.
6. REPURCHASE OF SHARES:
AS OF DECEMBER 31, 2002, THE COMPANY'S STOCKHOLDERS HAD APPROVED
APPROPRIATING FROM RETAINED EARNINGS A RESERVE AMOUNTING TO PS.6,363,359,
FOR THE REPURCHASE OF SHARES AT THE DISCRETION OF MANAGEMENT AND IN
ACCORDANCE WITH THE RULES PROVIDED BY THE MEXICAN BANKING AND SECURITIES
COMMISSION ("COMISION NACIONAL BANCARIA Y DE VALORES"). THE RESERVE FOR
REPURCHASE OF SHARES WAS USED IN 1999 AND 2000 IN CONNECTION WITH
REPURCHASES OF SHARES IN THOSE YEARS.
AS A RESULT OF CERTAIN CHANGES TO THE MEXICAN SECURITIES LAW IN
CONNECTION WITH REPURCHASES OF SHARES, WHISH IN TURN WERE ADOPTED BY THE
COMPANY'S BY-LAWS ON APRIL 30, 2002, 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 BY
REDUCING THE COMPANY'S CAPITAL STOCK ISSUED FOR AN AMOUNT PROPORTIONATE TO
THE SHARES CANCELLED.
DURING 2001 AND 2002, A COMPANY'S SUBSIDIARY ACQUIRED SHARES OF THE
COMPANY FOR THE AMOUNT OF PS.234,343 AND PS.37,095, RESPECTIVELY OF WHICH
PS.191,201 AND PS.30,502 WERE CHARGED TO UNAPPROPIATED EARNINGS,
RESPECTIVELY.
THE 284,648,743 SHARES REPURCHASED AND HELD BY THE COMPANY AS OF
DECEMBER 31, 2002, ARE REFLECTED AS A CHARGE TO THE STOCKHOLDERS' EQUITY,
AS FOLLOWS:
SHARES
SHARES REPURCHASED
STOCKHOLDERS' EQUITY REPURCHASED BY A SHARES
BY THE COMPANY'S REPURCHASED
COMPANY SUBSIDIARY BY THE GROUP
---------------------------------------------- --------------- --------------
CAPITAL STOCK Ps. 81,575 Ps. 163,546 Ps. 245,121
RESERVE FOR REPURCHASE OF SHARES 26 -- 26
UNAPPROPIATED EARNINGS -- 1,891,176 1,891,176
------------- --------------- --------------
TOTAL Ps. 81,601 Ps. 2,054,722 Ps. 2,136,323
============= =============== ==============
IN SEPTEMBER 2002, THE COMPANY ANNOUNCED A SHARE REPURCHASE PROGRAM OF
UP TO U.S.$400 MIILION (PS.4,185,600) OVER THE NEXT THREE YEARS. THE
COMPANY STARTED REPURCHASING SHARES IN 2003, AND AS OF FEBRUARY 26, 2003,
20,680,200 SHARES IN THE FORM OF 6,893,400 CPOS HAD BEEN REPURCHASED BY THE
COMPANY UNDER THIS PROGRAM FOR AN AGGREGATED AMOUNT OF PS.91,440.
7. INTEGRAL COST OF FINANCING:
INTEGRAL COST OF FINANCING FOR THE YEARS ENDED DECEMBER 31, CONSISTED
OF:
2002 2001
------------ ------------
INTEREST EXPENSE (1) Ps. 1,371,153 Ps.1,273,308
INTEREST INCOME (589,627) (978,417)
FOREIGN EXCHANGE (GAIN), NET (2) (210,829) (37,340)
LOSS FROM MONETARY POSITION (3) 42,275 179,367
------------ ------------
Ps. 612,972 Ps. 436,918
============ ============
(1) INCLUDES RESTATEMENT OF UDIS OF PS.189,649 AND PS.171,040 IN 2002 AND
2001, RESPECTIVELY.
(2) INCLUDES A NET GAIN FROM FOREING CURRENCY OPTION CONTRACTS OF
PS.2,898, AND THE GAIN OF PS.795,225 FROM FOREING EXCHANGE LOSS
ATTRIBUTABLE TO CERTAIN LONG-TERM DEBT SECURITIES WHICH ARE HEDGED BY
THE GROUP'S NET INVESTMENT IN UNIVISION IN 2002, AND A NET LOSS FROM
FORWARD EXCHANGE CONTRACTS OF PS.106,268 IN 2001.
(3) THE GAIN OR LOSS FROM MONETARY POSITION REPRESENTS THE EFFECTS OF
INFLATION, AS MEASURED BY THE NPCI IN THE CASE OF MEXICAN COMPANIES,
OR THE GENERAL INFLATION INDEX OF EACH COUNTRY IN THE CASE OF FOREING
SUBSIDIARIES, ON THE MONETARY ASSETS AND LIABILITIES AT THE BEGINNING
OF EACH MONTH. INCLUDES MONETARY LOSS IN 2002 AND 2001 OF PS.179,741
AND PS.197,398, RESPECTIVELY, ARISING FROM TEMPORARY DIFFERENCES OF
NON-MONETARY ITEMS IN CALCULATING DEFERRED INCOME TAX.
8. DEFERRED TAXES:
THE DEFERRED INCOME TAX LIABILITY AS OF DECEMBER 31, WAS DERIVED FROM:
2002 2001
------------ -------------
ASSETS:
ACCRUED LIABILITIES Ps. 610,400 Ps. 535,897
GOODWILL 837,976 392,172
TAX LOSS CARRYFORWARDS 285,773 573,982
ALLOWANCE FOR DOUBTFUL ACCOUNTS 281,584 189,839
CUSTOMER ADVANCES 1,188,965 843,831
OTHER ITEMS - 14,343
------------ -------------
3,204,698 2,550,064
------------ -------------
LIABILITIES:
INVENTORIES (1,788,335) (2,004,062)
PROPERTY, PLANT AND EQUIPMENT - NET (1,121,653) (1,034,562)
OTHER ITEMS (507,246) (372,171)
INNOVA (1,317,797) (1,037,293)
------------ -------------
(4,735,031) (4,448,088)
------------ -------------
DEFERRED-INCOME TAXS OF MEXICAN COMPANIES (1,530,333) (1,898,024)
DEFERRED TAX OF FOREIGN SUBSIDIARIES (356,272) 99,480
ASSETS TAX 1,545,106 1,314,102
VALUATION ALLOWANCE (1,963,339) (1,318,286)
------------ -------------
DEFERRED INCOME TAX LIABILITY (2,304,838) (1,802,728)
DEFERRED TAX ASSETS OF DISCONTINUED OPERATIONS - 28,086
EFFECT ON CHANGE OF INCOME TAX RATES 268,978 -
------------ -------------
DEFERRED TAX LIABILITY OF CONTINUING
OPERATIONS Ps.(2,035,860) Ps. (1,830,814)
============ =============
9. EXTRAORDINARY ITEMS:
NO EXTRAORDINARY ITEMS, AS DEFINED BY MEXICAN GAAP BULLETIN A-7
"COMPARABILITY", WERE RECOGNIZED IN INCOME FOR THE YEARS ENDED DECEMBER 31,
2002 AND 2001.
10. DISCONTINUED OPERATIONS:
IN DECEMBER 2001, IN CONNECTION WITH A SERIES OF TRANSACTIONS THE
GROUP REACHED AN AGREEMENT WITH UNIVISION TO SELL ITS MUSIC RECORDING
BUSINESS IN THE UNITED STATES AND LATIN AMERICA, WHICH SALE WAS CONSUMMATED
IN APRIL 2002. ACCORDINGLY, THE RESULTS OF OPERATIONS OF THE MUSIC
RECORDING BUSINESS ARE REPORTED AS DISCONTINUED OPERATIONS FOR ALL PERIODS
PRESENTED IN THESE CONSOLIDATED FINANCIAL STATEMENTS.
DISCONTINUED OPERATIONS OF THE MUSIC RECORDING SEGMENT ARE PRESENTED
AS FOLLOWS:
2002 2001
------------ ------------
INCOME FROM MUSIC RECORDING OPERATIONS Ps. 1,693 Ps. 14,063
GAIN ON DISPOSAL OF MUSIC RECORDING OPERATIONS,
NET OF INCOME TAXES OF Ps.536,565 (1). 1,061,057 --
------------ ------------
Ps. 1,062,750 Ps. 14,063
============ ============
(1) THE COSTS AND EXPENSES RELATED TO THE DISPOSAL OF THE GROUP'S MUSIC
RECORDING OPERATIONS, AMOUNTED TO APPROXIMATELY PS.861,418, WHICH INCLUDED
FEES OF PS.86,151 FOR FINANCIAL ADVISORY SERVICES PROVIDED TO THE GROUP BY
A PROFESSIONAL SERVICES FIRM IN WHICH A CURRENT DIRECTOR OF THE COMPANY
MAINTAINS AN INTEREST, AND ADVERTISING TIME FOR AN AGGREGATE AMOUNT OF
PS.156,960 REDERED AND TO BE PROVIDED TO UNIVISION BY THE GROUP IN A
THREE-YEARS PERIOD FOLLOWING THIS DISPOSAL.
SUMMARIZED INFORMATION ON RESULTS OF THE DISCONTINUED MUSIC RECORDING
OPERATIONS FOR THE PERIOD FROM JANUARY 1, 2002 THROUGH THE CLOSING DATE IN
MARCH 2002, AND THE YEAR ENDED DECEMBER 31, 2001, IS AS FOLLOWS:
2002 2001
------------ ------------
NET SALES Ps. 207,338 Ps. 1,044,488
COST OF SALES 151,394 773,635
OPERATING EXPENSES 36,050 177,369
DEPRECIATION AND AMORTIZATION 769 4,226
OPERATING INCOME 19,125 89,258
INCOME BEFORE INCOME TAX 11,844 75,150
INCOME TAXES 10,151 61,087
NET INCOME FROM DISCONTINUED OPERATIONS 1,693 14,063
THE RESULTS OF THE MUSIC RECORDING SEGMENT REFLECTED REVENUES, COSTS
AND EXPENSES RELATED TO THE PRODUCTION AND DISTRIBUTION (IN MEXICO AND
ABROAD) OF CASSETTES, COMPACT DISC RECORDINGS AND RECORDS OF MEXICO AND
LATIN AMERICA ARTISTS, PRINCIPALLY UNDER THREE RECORD LABELS WHICH WERE
WHOLLY-OWNED BY THE GROUP. MUSIC RECORDING SEGMENT REVENUES WERE DERIVED
PRIMARILY FROM SALES OF RECORDED MUSIC AND ROYALTY REVENUES FROM THE
LICENSING OF RECORDINGS TO THIRD PARTIES.
THE NET ASSETS OF THE DISCONTINUED MUSIC RECORDING OPERATIONS IN THE
DECEMBER 31, 2001 CONSOLIDATED BALANCE SHEET AMOUNTED TO PS.590,663.
11. CUMULATIVE EFFECT OF ACCOUNTING CHANGES:
NO CUMULATIVE EFFECT OF ACCOUNTING CHANGE WAS RECOGNIZED IN INCOME FOR
THE YEAR ENDED DECEMBER 31, 2002.
IN THE FIRST QUARTER OF 2001, THE COMPANY ADOPTED THE PROVISIONS OF
BULLETIN C-2, "FINANCIAL INSTRUMENTS", ISSUED BY THE MEXICAN INSTITUTE OF
PUBLIC ACCOUNTANTS. THROUGH DECEMBER 31, 2000, THE GROUP RECOGNIZED GAINS
OR LOSSES ON DERIVATIVE FINANCIAL INSTRUMENTS NOT DESIGNATED AS A HEDGE
UPON SETTLEMENT OF THE RELATED CONTRACTS. AS A RESULT OF APPLYING THE
PROVISIONS OF BULLETIN C-2, THE GROUP ACCOUNTED FOR ALL OF ITS DERIVATIVE
FINANCIAL INSTRUMENTS AT FAIR VALUE AS OF JANUARY 1, 2001, AND RECOGNIZED A
CUMULATIVE EFFECT LOSS OF PS.73,402 (NET OF INCOME TAX BENEFIT OF PS.
39,525) IN THE CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED DECEMBER
31, 2001. THE IMPACT WAS PRIMARILY DUE TO THE RECOGNITION OF UNSETTLED
FORWARD CONTRACTS NOT DESIGNATED AS A HEDGE.
12. QUARTERLY NET RESULTS (HISTORICAL AND RESTATED):
THE QUARTERLY NET RESULTS FOR THE FOUR QUARTERS ENDED DECEMBER 31,
2002, ARE AS FOLLOWS:
HISTORICAL NET RESULT(1) RESTATED NET RESULT
------------------------ -------------------
INDEX AT END
QUARTER ACCUMULATED QUARTER OF PERIOD ACCUMULATED QUARTER
------------------- ------------- ------------- -------------- ------------- ----------------------
1/ 02 Ps. 66,388 Ps. 66,388 98.692 Ps. 69,221 Ps. 69,221
2/ 02 1,253,533 1,186,321 99.917 1,291,006 1,221,785
3/ 02 1,647,761 378,258 101.190 1,675,671 384,665
4/ 02 737,836 (937,835) 102.904 737,836 (937,835)
(1) AS REPORTED IN EACH QUARTER.
13. ACQUISITION OF UNIVISION SHARES
IN FEBRUARY 2002, THE 375,000 NON-VOTING PREFERRED SHARES OF UNIVISION
STOCK ACQUIRED BY THE GROUP IN DECEMBER 2001 FOR CONSIDERATION OF U.S.$375
MILLION IN CASH, WERE CONVERTED UPON THE RECEIPT OF REQUIRED U.S.
REGULATORY APPROVALS INTO 10,594,500 SHARES OF UNIVISION CLASS "A" COMMON
STOCK. AS A RESULT OF THIS CONVERSION, THE GROUP RECOGNIZED AN EXCESS OF
THE PURCHASE PRICE PAID BY THE GROUP OVER THE CARRYING VALUE OF THE
UNIVISION STOCK ACQUIRED OF APPROXIMATELY U.S.$321.8 MILLION
(PS.3,366,916), WHICH WILL BE AMORTIZED IN A 20-YEAR PERIOD BEGINNING APRIL
2002.
IN APRIL 2002, AS CONSIDERATION FOR THE SALE OF THE GROUP'S MUSIC
RECORDING BUSINESS, THE GROUP ACQUIRED 6,000,000 SHARES OF UNIVISION COMMON
STOCK AND WARRANTS TO PURCHASE 100,000 SHARES OF UNIVISION COMMON STOCK
(SEE NOTE 10). AS A RESULT, THE GROUP RECOGNIZED AN EXCESS OF THE PURCHASE
PRICE ASSIGNED TO SUCH SECURITIES AT THE AGREEMENT DATE OVER THE CARRYING
VALUE OF THE UNIVISION STOCK ACQUIRED OF APPROXIMATELY U.S.$197.6 MILLION
(PS.2,055,601), WHICH WILL BE AMORTIZED IN A 20-YEAR PERIOD BEGINNING MAY
2002.
14. DISPOSITION OF INVESTMENT IN CHILE
IN THE THIRD QUARTER OF 2002, THE GROUP SOLD ITS 21.99% MINORITY
INTEREST IN RED TELEVISIVA MEGAVISION, S. A. ("MEGAVISION"), A BROADCASTING
TELEVISION COMPANY IN CHILE, FOR THE AMOUNT OF U.S.$4.2 MILLION, OF WHICH
U.S.$2.1 MILLION WERE PAID IN CASH AND U.S.$2.1 MILLION IN THE FORM OF A
NOTE RECEIVABLE DUE IN AUGUST 2003. THE GROUP RECOGNIZED A PRE-TAX GAIN ON
THIS SALE OF APPROXIMATELY PS.4,996, WHICH REPRESENTED THE EXCESS OF THE
CASH AND NON-CASH PROCEEDS OVER THE CARRYING VALUE OF THE NET INVESTMENT IN
MEGAVISION AT THE TRANSACTION DATE.
15. ACQUISITION OF MINORITY INTEREST IN OCESA
ON OCTOBER 18, 2002, THE GROUP AND CORPORACION INTERAMERICANA DE
ENTRETENIMIENTO, S.A. DE C.V. ("CIE"), THE LEADING LIVE ENTERTAINMENT
COMPANY IN LATIN AMERICA, SPAIN AND THE LATIN U.S. MARKET, ANNOUNCED AN
AGREEMENT TO FORM A STRATEGIC ALLIANCE UNDER WHICH THE GROUP ACQUIRED AN
INTEREST OF 40% IN OCESA ENTRETENIMIENTO, S.A. DE C.V. ("OCESA"), A NEWLY
FORMED SUBSIDIARY OF CIE, WHICH OWNS ALL THE ASSETS RELATED TO CIE'S LIVE
ENTERTAINMENT BUSINESS UNIT IN MEXICO, FOR AN AGGREGATE AMOUNT OF
U.S.$107.2 MILLION, OF WHICH U.S.$67 MILLION WERE PAID IN CASH IN THE
FOURTH QUARTER OF 2002 AND THE REMAINING BALANCE WILL BE PAID IN THE FIRST
QUARTER OF 2003.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2002
GRUPO TELEVISA, S.A.
RELATION OF SHARES INVESTMENTS
ANNEX 3 CONSOLIDATED
JUDGED INFORMATION Final Printing
-------------------------------------------------------------------------------------------------------------------
% TOTAL AMOUNT
NUMBER OWNERSHIP (Thousands of Pesos)
COMPANY NAME (1) MAIN ACTIVITIES OF SHARES (2) ACQUISITION PRESENT
COST VALUE (3)
-------------------------------------------------------------------------------------------------------------------
SUBSIDIARIES
1 CORPORATIVO VASCO DE QUIROGA, PROMOTION AND 18,591,719 100.00 1,745,037 1,655,000
S.A. DE C.V. DEVELOPMENT OF
COMPANIES
2 CVQ ESPECTACULOS, S.A. DE C.V. PROMOTION AND 10,175,900 100.00 1,319,247 1,133,207
DEVELOPMENT OF
COMPANIES
3 DTH EUROPA, S.A. PROMOTION AND 465,711 79.95 264,460 (521,193)
DEVELOPMENT OF
COMPANIES
4 EDITORA FACTUM, S.A. DE C.V. PROMOTION AND 386,947,323 100.00 1,574,046 1,768,257
DEVELOPMENT OF
COMPANIES
5 EDITORIAL TELEVISA, S.A. DE C.V. PROMOTION AND 1,037,498 100.00 823,582 1,234,925
DEVELOPMENT OF
COMPANIES
6 FACTUM MAS, S.A. DE C.V. PROMOTION AND 2,710,159,002 100.00 2,024,185 (2,402,876)
DEVELOPMENT OF
COMPANIES
7 GRUPO DISTRIBUIDORAS INTERMEX, DISTRIBUTION OF BOOKS 349,470,905 100.00 822,778 728,940
S.A. DE C.V. AND MAGAZINES
8 GRUPO RADIOPOLIS, S.A. DE C.V. PROMOTION AND 418,881,301 100.00 342,274 1,667,156
DEVELOPMENT OF
COMPANIES
9 PROMO-INDUSTRIAS PROMOTION AND 515,523 100.00 102 57,044
METROPOLITANAS, S.A. DE C.V. DEVELOPMENT OF
COMPANIES
10 SISTEMA RADIOPOLIS, S.A. DE C.V. COMMERCIALIZATION OF 76,070,313 50.00 764,739 160,168
RADIO PROGRAMMING
11 TELEPARABOLAS, S.L. MAINTENANCE OF 1,500 100.00 750 766
PARABOLIC DISHES
12 TELESISTEMA MEXICANO, S.A. DE COMMERCIALIZATION OF 132,009,215 100.00 9,029,929 18,670,634
C.V. TELEVISION
13 TELEVISA ARGENTINA, S.A. COMMERCIAL OPERATION 6,920,920 100.00 115,371 40,741
OF TELEVISION
14 TELEVISA COMERCIAL, S.A. DE C.V. PROMOTION AND 3,799,991 100.00 3,799,991 6,619,326
DEVELOPMENT OF
COMPANIES
15 TELEVISION INDEPENDIENTE DE PROMOTION AND 16,997,306 99.96 1,265,724 4,737,430
MEXICO, S.A. DE C.V. DEVELOPMENT OF
COMPANIES
16 CAPITALIZED INTEGRAL COST OF 1 222,174
FINANCING, 1994
17 CAPITALIZED INTEGRAL COST OF 1 383,376
FINANCING, 1995
18 CAPITALIZED INTEGRAL COST OF 1 26,602
FINANCING, 1996
19 CAPITALIZED INTEGRAL COST OF 1 22,829
FINANCING, 1998
TOTAL INVESTMENT IN SUBSIDIARIES 23,892,215 36,204,506
--------------------------------------------------------------------------------------------------------------------
ASSOCIATEDS
--------------------------------------------------------------------------------------------------------------------
1 ARGOS COMUNICACION, S.A. DE C.V. OPERATION AND/OR 33,000,000 15.30 137,000 21,319
BROADCASTING OF T.V.
2 BOUNCYNET, INC. INTERNET PORTAL 4,700 44.76 158,265 24,240
3 CARDENAS FERNANDEZ Y ASOCIADOS LIVE ENTERTAINMENT IN 1 50.00 36,688 2,606
U.S.A.
4 DIBUJOS ANIMADOS MEXICANOS PRODUCTION OF 1,730,660 49.00 4,384 778
DIAMEX, S.A. DE C.V. ANIMATED CARTOONS
5 DTH TECHCO PARTNERS SERVICES FOR SATELLITE 1 30.00 117,900 175,412
PAY TELEVISION
6 EDITORIAL CLIO, LIBROS Y VIDEOS, PUBLISHING AND PRINTING 2,627,050 30.00 26,270 11,952
S.A. DE C.V. OF BOOKS AND
MAGAZINES
7 ENDEMOL MEXICO, S.A. DE C.V. COMMERCIALIZATION OF 1,635,000 50.00 1,635 (64)
TELEVISION
PROGRAMMING
8 EN VIVO ESPECTACULOS, S. DE R.L. LIVE ENTERTAINMENT IN 2 100.00 25 (6,076)
DE C.V. MEXICO
9 GRUPO EUROPRODUCCIONES, S.A. PROMOTION AND 7,275 30.00 93,407 96,243
DEVELOPMENT OF
COMPANIES
10 OCESA ENTRETENIMIENTO, S.A. DE LIVE ENTERTAINMENT IN 10,100,000 40.00 403,810 401,161
C.V. MEXICO
11 SKY LATIN AMERICA, PARTNERS ADMINISTRATIVE SERV. 1 30.00 1,974 9,424
FOR THE DTH VENTURES
12 TELEVISORA DEL YAQUI, S.A. DE C.V. OPERATION AND/OR 4,124,986 15.00 412 4,846
BROADCASTING OF T.V.
13 UNIVISION COMMUNICATIONS, INC. BROADCASTING OF T.V. 30,187,534 13.23 5,602,976 2,112,723
SPANISH PROGRAMS
--------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN ASSOCIATEDS 6,584,746 2,854,564
--------------------------------------------------------------------------------------------------------------------
OTHER PERMANENT INVESTMENTS 178,528
--------------------------------------------------------------------------------------------------------------------
TOTAL 39,237,598
--------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2002
GRUPO TELEVISA, S.A.
PROPERTY, PLANT AND EQUIPMENT
(Thousands of Pesos)
ANNEX 4
CONSOLIDATED
JUDGED INFORMATION Final Printing
------------------------------------------------------------------------------------------------------------------------
CONCEPT REVALUATION DEPRECIATION CARRYING VALUE
ACQUISITION ACCUMULATED CARRYING ON (+) REVALUATION
COST DEPRECIATION VALUE REVALUATION (-) DEPRECIATION
------------------------------------------------------------------------------------------------------------------------
DEPRECIATION ASSETS
PROPERTY 3,419,997 890,408 2,529,589 4,801,331 1,547,939 5,782,981
MACCHINERY 4,189,445 1,978,537 2,210,908 5,548,227 3,757,714 4,001,421
TRANSPORT EQUIPMENT 696,366 158,360 538,006 252,685 194,557 596,134
OFFICE EQUIPMENT 233,877 93,365 140,512 284,970 171,355 254,127
COMPUTER EQUIPMENT 535,662 275,936 259,726 252,903 228,298 284,331
OTHER - - - -
------------------------------------------------------------------------------------------------------------------------
DEPRECIABLES TOTAL 9,075,347 3,396,606 5,678,741 11,140,116 5,899,863 10,918,994
------------------------------------------------------------------------------------------------------------------------
NOT DEPRECIATION
ASSETS
GROUNDS 462,576 462,576 2,994,680 3,457,256
CONSTRUCTIONS IN
PROCESS 966,972 966,972 966,972
OTHER - -
------------------------------------------------------------------------------------------------------------------------
NOT DEPRECIABLE 1,429,548 - 1,429,548 2,994,680 - 4,424,228
TOTAL
------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------
TOTAL 10,504,895 3,396,606 7,108,289 14,134,796 5,899,863 15,343,222
------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2002
GRUPO TELEVISA, S.A.
ANNEX 5
CREDITS BREAK DOWN
(Thousands of Pesos)
CONSOLIDATED
JUDGED INFORMATION Final Printing
----------------------------------------------------------------------------------------------------------------------------------
Amortization of Credits in Foreign Currency
With National Entities (Thousands of $)
Denominated --------------------------------------------
In Pesos Time Interval
-----------------------------------------------------------------------
Credit Type / Institution Amortization Rate of Until 1 More Than Current Until 1 Until 2 Until 3
Date Interest Year 1 Year Year Year Year Year
----------------------------------------------------------------------------------------------------------------------------------
BANKS
OTHER FINANCIAL ENTITIES
SINDICADO 12/21/06 2.89
BANAMEX, S.A. 7/24/04 9.26 152,625 114,469
J.P. MORGAN BANK 6/30/03 4.25
BANCA SERFIN, S.A. 5/15/06 8.19 64,000 160,000
BANK OF AMERICA 3/31/10 4.62
SUNTRUST BANK MIAMI, NATIONAL 4/1/08 1.58
INBURSA, S.A. 11/1/06 8.47 7,631 16,638
BNP PARIBAS 11/15/07 2.10
BANCO DE BILBAO VIZCAYA, S.A. 1/30/06 5.86
ARRENDADORA CITIBANK, S.A. 1/12/03 5.21 5,726
BANCO DE OCCIDENTE, S.A. 1/8/03 9.00
ARRENDADORA BANK OF AMERICA, S.A. 1/2/03 5.11 2,013
GE CAPITAL LEASING, S.A. DE C.V. 1/2/03 5.11 1,334
LEASING DE OCCIDENTE 3/19/05 13.46
LEASING DEL VALLE 2/8/04 13.19
BANCO NACIONAL DE MEXICO, S.A. 2/21/03 9.80 271
----------------------------------------------------------------------------------------------------------------------------------
TOTAL BANKS 224,256 291,107 - 9,344 - -
----------------------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
UNSECURED DEBT
HOLDERS 5/13/03 11.96
HOLDERS 5/13/06 12.49
HOLDERS 8/8/05 9.07
HOLDERS 9/13/11 8.41
HOLDERS 3/11/32 8.94
UDI DENOMINATED-NOTES 4/13/07 8.15 3,503,220
----------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - 3,503,220 - - - -
----------------------------------------------------------------------------------------------------------------------------------
SUPPLIERS
VARIOUS 522,498 1,338,042
----------------------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS 522,498 - - 1,338,042 - -
----------------------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
VARIOUS 129,082 137,893 865,925 499,959
----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT
LIABILITIES AND OTHER
CREDITS 129,082 137,893 - 865,925 499,959 -
----------------------------------------------------------------------------------------------------------------------------------
875,836 3,932,220 - 2,213,311 499,959 -
----------------------------------------------------------------------------------------------------------------------------------
QUARTER: 4 YEAR: 2002
[TABLE CONT'D]
----------------------------------------------------------------------------------------------------------------------------------
Amortization of Credits in Foreign Currency
With National Entities (Thousands of $)
Denominated --------------------------------------------
In Pesos Time Interval
----------------------------------------------------------------------------------------------------------------------------------
Credit Type/Institution Until 4 Until 5 Current Until 1 Until 2 Until 3
Year Year Year Year Year Year
----------------------------------------------------------------------------------------------------------------------------------
BANKS
OTHER FINANCIAL ENTITIES
SINDICADO 418,560
BANAMEX, S.A.
J.P. MORGAN BANK 259,381
BANCA SERFIN, S.A.
BANK OF AMERICA 524 524 524
SUNTRUST BANK MIAMI, NATIONAL 4,251 4,847 4,651
INBURSA, S.A.
BNP PARIBAS 4,713 4,713 4,713
BANCO DE BILBAO VIZCAYA, S.A. 6,973 5,366 2,050
ARRENDADORA CITIBANK, S.A.
BANCO DE OCCIDENTE, S.A. 2,363
ARRENDADORA BANK OF AMERICA, S.A.
GE CAPITAL LEASING, S.A. DE C.V.
LEASING DE OCCIDENTE 366 431 248
LEASING DEL VALLE 236 114
BANCO NACIONAL DE MEXICO, S.A.
----------------------------------------------------------------------------------------------------------------------------------
TOTAL BANKS - - - 278,807 15,995 430,746
----------------------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
UNSECURED DEBT
HOLDERS 720,415
HOLDERS
HOLDERS 2,092,800
HOLDERS
HOLDERS
UDI DENOMINATED-NOTES
----------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - - - 720,415 - 2,092,800
----------------------------------------------------------------------------------------------------------------------------------
SUPPLIERS
VARIOUS 367,967
----------------------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS - - - 367,967 - -
----------------------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
----------------------------------------------------------------------------------------------------------------------------------
VARIOUS 195,560 122,599
----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT
LIABILITIES AND OTHER
CREDITS - - - 195,560 122,599 -
----------------------------------------------------------------------------------------------------------------------------------
- - - 1,562,749 138,594 2,523,546
----------------------------------------------------------------------------------------------------------------------------------
[TABLE CONT'D]
----------------------------------------------------------------------------------------------------------------------------------
Amortization of Credits in Foreign Currency
With Foreign Entities (Thousands of $)
Denominated --------------------------------------------
In Pesos Time Interval
----------------------------------------------------------------------------------------------------------------------------------
Credit Type/Institution Until 4 Until 5
Year Year
----------------------------------------------------------------------------------------------------------------------------------
BANKS
OTHER FINANCIAL ENTITIES
SINDICADO 627,840
BANAMEX, S.A.
J.P. MORGAN BANK
BANCA SERFIN, S.A.
BANK OF AMERICA 524 27,985
SUNTRUST BANK MIAMI, NATIONAL 4,651 6,975
INBURSA, S.A.
BNP PARIBAS 4,713 3,997
BANCO DE BILBAO VIZCAYA, S.A. 353
ARRENDADORA CITIBANK, S.A.
BANCO DE OCCIDENTE, S.A.
ARRENDADORA BANK OF AMERICA, S.A.
GE CAPITAL LEASING, S.A. DE C.V.
LEASING DE OCCIDENTE
LEASING DEL VALLE
BANCO NACIONAL DE MEXICO, S.A.
----------------------------------------------------------------------------------------------------------------------------------
TOTAL BANKS 638,081 38,957
----------------------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
UNSECURED DEBT
HOLDERS
HOLDERS 55,909
HOLDERS
HOLDERS 3,139,200
HOLDERS 3,139,200
UDI DENOMINATED-NOTES
----------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE 55,909 6,278,400
----------------------------------------------------------------------------------------------------------------------------------
SUPPLIERS
VARIOUS
----------------------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS - -
----------------------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
----------------------------------------------------------------------------------------------------------------------------------
VARIOUS
----------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT
LIABILITIES AND OTHER
CREDITS - -
----------------------------------------------------------------------------------------------------------------------------------
693,990 6,317,357
----------------------------------------------------------------------------------------------------------------------------------
4/7/03 11:52
NOTES
THE BANCO NACIONAL DE MEXICO LOAN WAS REFINACED IN JULY 2000, AND THE
MATURITY OF SUCH LOAN AND INTEREST PAYABLE WERE CHANGED AS RE- FLECTED
IN THIS SCHEDULE.
THE EXCHANGE RATES FOR THE CREDITS DENOMINATED IN FOREIGN CURRENCY
WERE AS FOLLOWS:
$ 10.4640 PESOS PER U.S. DOLLAR
11.0050 PESOS PER EURO
0.0036 PESOS PER COLOMBIAN PESO
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2002
GRUPO TELEVISA, S.A.
TRADE BALANCE AND MONETARY POSITION IN FOREIGN EXCHANGE
(Thousands of Pesos)
ANNEX 6 CONSOLIDATED
JUDGED INFORMATION Final Printing
-----------------------------------------------------------------------------------------------------------
DOLLARS (1) OTHER CURRENCIES
------------------------------------------------------ TOTAL
TRADE BALANCE THOUSANDS THOUSANDS THOUSANDS THOUSANDS THOUSANDS
OF DOLLARS OF PESOS OF DOLLARS OF PESOS OF PESOS
-----------------------------------------------------------------------------------------------------------
1. INCOME
EXPORTS 348,950 3,651,413 85,117 890,664 4,542,077
OTHER 47,728 499,426 1,546 16,177 515,603
-----------------------------------------------------------------------------------------------------------
TOTAL 396,678 4,150,839 86,663 906,841 5,057,680
-----------------------------------------------------------------------------------------------------------
2. EXPENDITURE
IMPORT (RAW MATERIALS) 306,785 3,210,198 77,861 814,737 4,024,935
INVESTMENTS 203,726 2,131,789 13,814 144,550 2,276,339
OTHER 219,975 2,301,818 17,174 179,708 2,481,526
-----------------------------------------------------------------------------------------------------------
TOTAL 730,486 7,643,805 108,849 1,138,995 8,782,800
-----------------------------------------------------------------------------------------------------------
NET BALANCE (333,808) (3,492,966) (22,186) (232,154) (3,725,120)
-----------------------------------------------------------------------------------------------------------
FOREIGN MONETARY POSITION
-----------------------------------------------------------------------------------------------------------
TOTAL ASSETS 637,477 6,670,559 163,998 1,716,075 8,386,634
-----------------------------------------------------------------------------------------------------------
LIABILITIES POSITION 1,290,434 13,503,101 49,055 513,312 14,016,413
-----------------------------------------------------------------------------------------------------------
SHORT-TERM LIABILITIES POSITION 319,326 3,341,427 47,930 501,540 3,842,967
LONG-TERM LIABILITIES POSITION 971,108 10,161,674 1,125 11,772 10,173,446
-----------------------------------------------------------------------------------------------------------
NET BALANCE (652,957) (6,832,542) 114,943 1,202,763 (5,629,779)
-----------------------------------------------------------------------------------------------------------
4/7/03
NOTES
THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS:
$ 10.4640 PESOS PER U.S. DOLLAR
11.0050 PESOS PER EURO
3.1050 PESOS PER ARGENTINEAN PESO
10.4640 PESOS PER PANAMANIAN BALBOA
0.0145 PESOS PER CHILEAN PESO
0.0036 PESOS PER COLOMBIAN PESO
2.9769 PESOS PER PERUVIAN NUEVO SOL
0.0276 PESOS PER COSTA RICAN COLON
0.0899 PESOS PER JAPANESE YEN
6.6900 PESOS PER CANADIAN DOLLAR
1.4100 PESOS PER FRENCH FRANC
17.0000 PESOS PER POUNDS STERLING
1.2080 PESOS PER SWEDISH CROWN
10.4640 PESOS PER ECUADORIAN SUCRE
4.7700 PESOS PER GERMAN MARK
7.6200 PESOS PER SWISS FRANC
THIS INFORMATION IS REPRESENTED ON A CONSOLIDATED BASIS AND INCLUDES,
ACCORDINGLY, INFORMATION OF FOREIGN SUBSIDIARIES.
INCLUDES IN OTHER INCOME DISCONTINUED OPERATIONS OF U.S. $ 15,310
INCLUDES IN OTHER EXPENSES DISCONTINUED OPERATIONS OF U.S. $ 17,864
THE ASSETS IN U.S. DOLLARS INCLUDES NON - CURRENT ASSETS OF U.S. $ 225,092
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2002
GRUPO TELEVISA, S.A.
INTEGRATION AND INCOME
CALCULATION BY MONETARY POSITION (1)
(Thousands of Pesos)
ANNEX 7 CONSOLIDATED
JUDGED INFORMATION Final Printing
-------------------------------------------------------------------------------
(ASSET) LIABILITIES MONTHLY
MONTH MONETARY MONETARY MONETARY MONTHLY (PROFIT)
ASSETS LIABILITIES POSITION INFLATION AND LOSS
-------------------------------------------------------------------------------
JANUARY 18,646,184 17,699,891 (946,293) 0.00 (8,738)
FEBRUARY 18,706,721 17,837,857 (868,864) 0.00 557
MARCH 18,682,322 18,370,860 (311,462) 0.00 (1,592)
APRIL 17,195,964 17,853,523 657,559 0.00 3,591
MAY 16,371,840 18,097,241 1,725,401 0.00 3,494
JUNE 16,534,092 18,765,632 2,231,540 0.00 10,883
JULY 14,371,054 19,023,272 4,652,218 0.00 13,361
AUGUST 13,780,881 18,659,651 4,878,770 0.00 18,549
SEPTEMBER 14,105,248 19,071,610 4,966,362 0.00 29,868
OCTOBER 11,457,277 19,075,547 7,618,270 0.00 33,574
NOVEMBER 16,412,294 19,337,396 2,925,102 0.00 23,655
DECEMBER 19,535,365 19,953,929 418,564 0.00 1,822
ACTUALIZATION: - 1,941
CAPITALIZATION: -
FOREIGN CORP.: - 15,334
OTHER - (188,574)
------------------------------------------------------------------------------
TOTAL (42,275)
------------------------------------------------------------------------------
4/7/03 11:52
NOTES
THE AMOUNT REFLECTED IN "OTHER" INCLUDES A GAIN FROM MONETARY POSITION
DERIVED FROM DEFERRED TAXES FOR PS. 179,741 WHICH WAS CLASSIFIED IN
THE DEFERRED INCOME TAX PROVISION IN ACCORDANCE WITH THE GUIDELINES
PROVIDED BY BULLETIN D-4 FOR DEFERRED TAXES.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2002
GRUPO TELEVISA, S.A.
BONDS AND MEDIUM TERM NOTES LISTING IN STOCK MARKET (1)
ANNEX 8 CONSOLIDATED
JUDGED INFORMATION Final Printing
------------------------------------------------------------------------------
FINANCIAL LIMITED BASED IN ISSUED DEED AND/OR TITLE
------------------------------------------------------------------------------
THE AGREEMENTS OF THE U.S.$200 MILLION, U.S.$300 MILLION AND
U.S.$300 MILLION SENIOR NOTES WITH MATURITY IN 2005, 2011 AND
2032, RESPECTIVELY, CONTAIN CERTAIN COVENANTS THAT LIMIT THE
ABILITY OF THE COMPANY AND ITS SUBSIDIARIES ENGAGED IN TELEVISION
OPERATIONS TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK
TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS OR
SIMILAR TRANSACTIONS.
------------------------------------------------------------------------------
------------------------------------------------------------------------------
ACTUAL SITUATION OF FINANCIAL LIMITED
------------------------------------------------------------------------------
AT DECEMBER 31, 2002, THE GROUP WAS IN COMPLIANCE WITH THE
FINANCIAL RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM
SENIOR NOTES DESCRIBED ABOVE.
-----------------------------
C.P. JORGE LUTTEROTH ECHEGOYEN
CONTROLLER, VICE-PRESIDENT
MEXICO, D.F. APRIL 07, 2003
------------------------------------------------------------------------------
BONDS AND/OR MEDIUM TERM NOTES CERTIFICATE
------------------------------------------------------------------------------
4/7/03
(1) THIS FORM MUST BE SIGNED BY THE COMPANY'S GENERAL DIRECTOR OR
FINANCE DIRECTOR, WITH THE EXPLANATION THAT THE FINANCIAL
LIMITATIONS AGREED WERE MET. IN THE CASE OF FAILING TO FULFILL
SOME OF THE LIMITATIONS, INDICATE THOSE LIMITATIONS AND A
REGULATION PROGRAM SHOWING HOW THEY ARE GOING TO BE SATISFIED.
THIS FORM SHOULD ALSO BE PRESENTED ATTACHED TO THE DICTAMINATED
FINANCIAL STATEMENTS, SIGNED BY THE CORRESPONDING EXTERNAL
AUDITORS.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2002
GRUPO TELEVISA, S.A.
PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS
ANNEX 9 CONSOLIDATED
JUDGED INFORMATION Final Printing
---------------------------------------------------------------------------------------------------------------------
PLANT OR CENTER ECONOMIC ACTIVITY PLANT UTILIZATION
CAPACITY (1) (%)
---------------------------------------------------------------------------------------------------------------------
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, BUILDING, 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
AUDIO: 0 0
SISTEMA RADIOPOLIS, S.A. DE C 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. THE AZTECA STADIUM. 0 0
COMUNICACIONES MTEL, S.A. DE NATIONWIDE PAGING. 0 0
AUDIOMASTER 3000, S.A. DE C.V DUBBING, DUBBING EQUIPMENT AND 0 0
STUDIOS, AND ADMINISTRATIVE 0 0
OFFICES. 0 0
---------------------------------------------------------------------------------------------------------------------
4/7/03
NOTES
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2002
GRUPO TELEVISA, S.A.
MAIN RAW MATERIALS
ANNEX 10 CONSOLIDATED
JUDGED INFORMATION Final Printing
---------------------------------------------------------------------------------------------------------------------------------
MAIN MAIN DOM. COST
DOMESTIC SUPPLIERS FOREIGN SUPPLIERS SUBST. PRODUCTION
(%)
---------------------------------------------------------------------------------------------------------------------------------
TAPES AND VIDEOCASSETTE FUJI FILM, S.A.
FOR RECORDING DE C.V. 0.14
VIDEOCASSETTE NETWORK MUSIC YES 0.22
FOR RECORDING COLOR CASSETTES YES 0.56
PROGRAMS AND FILMS ALAMEDA FILMS,
S.A. 0.16
ANTONIO AGUIRRE
ESPINOZA 0.18
CIMA FILMS, S.A.
DE C.V. 0.32
CINEMATOGRAFICA
CALDERON, S.A. 0.52
CINEMATOGRAFICA
FILMEX, S.A. DE C.V. 0.11
CINEMATOGRAFICA
RODRIGUEZ, S.A. 0.38
CUMBRE FILMS, S.A. 0.10
CHURUBUSCO, S.A. 1.58
DIANA INTERNACIO
NAL FILMS, S.A. 0.26
DISTRIBUIDORA RO
MARI, S.A. DE C.V. 1.25
FILMADORA MEXICANA
S.A. 0.27
GREGORIO WALER
STEIN WEINSTOCK 0.19
GRUPO GALINDO,
S.A. DE C.V. 0.26
GUSSI, S.A. DE C.V. 2.93
HERMINE KINDLE
FUTCHER 0.13
NUVISION, S.A. 0.21
ORO FILMS,
S.A. DE C.V. 0.37
PELICULAS RODRI
GUEZ, S.A. 0.43
PELICULAS Y VI
DEOS INTERNACIO
NALES, S.A. 0.78
PRODUCCIONES
AGUILA, S.A. DE C.V. 0.09
PRODUCCIONES
ALFA AUDIOVISUAL
S.A. DE C.V. 0.14
PRODUCCIONES
CARLOS AMADOR,
S.A. DE C.V. 0.12
PRODUCCIONES
GALUBI, S.A. 0.18
PRODUCCIONES
GONZALO ELVIRA,
S.A. DE C.V. 0.14
PRODUCCIONES
TOBARI, SA DE CV 0.19
QUALITY FILMS, S.A. 0.18
SECINE, S.A. DE C.V. 1.02
TEATRO CINE
ARCADIA, S.A. 0.16
UNION INTERNACIONAL
S.A. DE C.V. 0.09
OTHERS 2.03
PROGRAMS AND FILMS ABC DISTRIBUTION
COMPANY NO 1.87
ALFRED HABER
DISTRIBUTION, INC. NO 0.32
ALLIANCE
INTERNATIONAL NO 2.43
AMERICA PRODUC
CIONES, S.A. NO 0.88
AMERICAN INTER
NATIONAL T.V.
PRODUCTS, INC. NO 1.15
B.R.B. INTERNA
CIONAL, S.A. NO 0.55
BBC WORLWIDE
AMERICAS, INC. NO 0.27
BUENAVISTA INT. INC. NO 2.05
CANAL + DISTRI
BUTION NO 1.13
CBS BROADCAST
INTERNATIONAL NO 1.98
CINAR FILMS, INC. NO 0.42
CLOVERWAY, INC. NO 1.12
CONSTELLATION
PICTURES, INC. NO 2.89
CORAL INTERNATIO
NAL TELEVISION
CORPORATION NO 0.18
DREAMWORKS NO 1.26
EVERGREEN ENTER
TAINMENT CORP. NO 0.17
FIREWORKS INTER
NATIONAL NO 0.83
FREMANTLE INTER
NATIONAL DISTRI
BUTION, LTD. NO 0.72
GAUMONT NO 0.45
GLOBAL ENTERTAIN
MENT MEDIA NO 0.19
HALLMARK ENTER
TAINMENT DISTRI
BUTION, CO. NO 0.32
HEARTS ENTER
TAINMENT INC. NO 0.39
HIGHPOINT
PRODUCTIONS INC. NO 0.23
HIT ENTERTAIN
MENT, PLC. NO 0.74
INDEPENDENT
INTERNATIONAL
T.V. INC. NO 2.18
INTERNATIONAL
MERCHANDISING
PROMOTIONS NO 0.38
ITSY BITSY ENTER
TAINMENT COMPANY NO 0.45
KING WORLD FSC
CORPORATION NO 0.26
KUSHNER LOCKE
INTERNATIONAL NO 0.26
LUCASFILM, LTD. NO 0.72
MGM/UA TELECOM
MUNICATIONS, INC. NO 1.33
MOVIEMEX INTER
NATIONAL, INC. NO 0.22
MTM INTERNATIONAL NO 0.24
MTV NETWORKS A
DIVISION OF VIACOM
INT. NO 0.87
MULTIMEDIA GROUP
OF CANADA NO 0.21
NBC INTERNATIONAL NO 0.49
NELVANA DKC INC NO 0.50
NEW LATIN IMAGE
CORPORATION NO 0.44
NGTV INTERNATIO
NAL, LTD. NO 0.45
NU IMAGE INCORPO
RATED NO 0.36
PARAMOUNT
PICTURES, CORP. NO 4.44
POLYGRAM TELEVI
SION INTERNATIONAL NO 0.55
RCN TELEVISION,
S.A. NO 0.22
REPRESENTACIONES
DE TELEVISION, S.A. NO 0.28
RYSHER ENTER
TAINMENT, INC. NO 0.84
SABAN INTERNA
TIONAL, N.V. NO 0.59
SABAN INTERNATIO
NAL SERVICES INC NO 0.20
SALSA
ENTERTAINMENT NO 0.25
SESAME WORKSHOP NO 0.23
SONY CORPORA
TION OF AMERICA NO 9.03
SPI INTERNATIO
NAL, INC. NO 0.29
STUDIOCANAL IMAGE NO 0.20
TELEVISION FILM
DISTRIBUTION NO 0.19
TELEVIX ENTERTAIN
MENT NO 0.29
THE FREMANTLE
CORPORATION NO 0.24
TOEI ANIMATION
CO., LTD NO 0.47
TOP ENTERTAINMENT
PRODUCTS, INC. NO 0.69
TURNER INTER
NATIONAL,INC. NO 0.39
TWENTIETH CEN
TURY FOX, INC. NO 6.89
UNIVERSAL STUDIOS
INTERNATIONAL, B.V. NO 6.70
VENEVISION INTER
NATIONAL, LTD. NO 0.55
VENTURA FILM
DISTRIBUTORS BV NO 2.20
WARNER BROS.
INTERNATIONAL
TELEVISION NO 10.58
WHILAND COMPANY NO 1.83
WORDLDIVISION
ENTERPRISES, INC. NO 0.95
ZACH MOTION
PICTURES INC. NO 0.73
OTHERS 3.51
COAXIAL CABLE RG NACIONAL DE
CONDUCTORES,
S.A. DE C.V. 13.34
PLASTIC STAPLE TV CABLE DE
COLOTLAN, S.A. C.V. 0.09
SINGLE TELEGRIP CORPODISENO DE
HERRAJES, S.A. 0.34
IDENTIFICATION PLAQUE RIBANDI, S.A. DE C.V. 0.18
HILTI BOLT HILTI MEXICANA,
S.A. DE C.V. NO 0.13
SWITCH CABLENETWORK
MEXICO NO 0.05
SWITCH DISTRIBUIDORA Y
COMERCIALIZADORA YES 1.89
TWO OUTLET DEVICE AC 200 TVC CORPORATION YES 0.23
SINGLE RECORD DISCOS GAS,S.A. 0.67
CASSETTE CIN-RAM DE ME
XICO, S.A. DE C.V. 11.25
SONY MUSIC,
S.A. DE C.V. 0.24
LASERDISK,S.A. 13.89
COMPACT DISC LASERDISK,S.A. 11.47
SONOPRESS,S.A. 0.02
CIN-RAM DE ME
XICO, S.A. DE C.V. 5.90
SONY MUSIC,
S.A. DE C.V. 0.04
CIA. ICED, S.A. DE
C.V. 0.69
MASS CASSETTE,
S.A. DE C.V. 0.09
COMPACT DISC AMERIC DISC NO 86.00
DIGITAL INTERNA
CIONAL CO. NO 1.00
MUSICAL VIDEO CENTRAL DE
VIDEOS NO 1.00
COUCHE PAPER EDITORIAL ANTAR
TICA QUEBEC, S.A. 1.47
MYLLYKOSKI 4.30
GRUPO PIPSAMEX, S.A. 0.74
FOREST ALLIANCE 0.03
PAPEL, S.A. 0.03
DISTRIBUIDORA DE
PAPEL 0.38
PRODUCTORA NAL.
DE PAPEL 0.10
INTRANET 0.04
COUCHE PAPER BOWATER INCOR
PORATED YES 1.65
WEB SOURCE YES 2.75
FINNIPAP YES 8.18
TEMBEC, INC. YES 5.63
BULKLEY DUNTON YES 15.92
INPACEL YES 0.02
FOREST QUEST INC YES 1.71
GRAPHIC COM
MUNICATION YES 0.02
GREAT NORTHEM YES 0.21
NORKE CANADA YES 0.21
CELLMARK YES 0.02
PAPELES Y EQUIPO
AD YES 0.01
M-REAL YES 0.11
UPM KYMMENE SEAS YES 0.04
STORAENSO INTE YES 10.12
PAPER AND IMPRESSION PRODUCTORA CO
MERCIALIZADORA Y
EDITORES DE LI
BROS , S.A. DE C.V. 8.06
OFFSET
MULTICOLOR 17.44
GRAFICAS LA
PRENSA, SA DE CV 0.23
LABORATORIOS LITO
COLOR, S.A. DE C.V. 2.59
MOINO, S.A. 0.32
SERVICIOS PROFE
SIONALES 0.12
PAPER AND EDITORIAL ANTAR
IMPRESSION TICA QUEBEC, S.A. YES 2.07
GRUPO OP GRAFICAS
S.A. YES 0.50
PRINTER COLOMBIA
NA, S.A. YES 0.45
TECIMPRE, S.A. YES 0.24
ST. IVES, INC. YES 11.10
MELCAST LITHO YES 0.25
GEM GRUPO
EDITORAS YES 0.19
WORLD COLOR YES 2.09
BEST LITHO YES 0.33
-------------------------------------------------------------------------------------------------------------------------
NOTES
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2002
GRUPO TELEVISA, S.A.
SELLS DISTRIBUTION BY PRODUCT
ANNEX 11
DOMESTIC SALES
JUDGED INFORMATION
-----------------------------------------------------------------------------------------------------------------------
TOTAL PRODUCTION NET SALES
----------------------------------------------------------------
MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT
-----------------------------------------------------------------------------------------------------------------------
TELEVISION:
PROGRAMMING HALF HOURS PRODUCED
(DOMESTIC) 104
ADVERTISED TIME SOLD (HALF HOURS) 6 12,881,036
OTHER INCOME 675,663
PROGRAMMING FOR PAY TELEVISION:
SALE OF SIGNALS 374,199
ADVERTISED TIME SOLD 67,858
PUBLISHING:
MAGAZINE CIRCULATION 135,449 982,061 57,094 591,909
PUBLISHING 482,338
PUBLISHING DISTRIBUTION: 21,127 522,363
CABLE TELEVISION:
ANALOGIC AND DIGITAL SERVICE 1,040,404
SERVICE INSTALLATION 9,304
INSTALLATION OF PREMIUM CHANNELS 1,206
PAY PER VIEW 1,358
CHANNEL COMMERCIALIZATION 28,163
OTHER 27,285
RADIO:
ADVERTISED TIME SOLD 145,084
OTHER BUSINESSES:
DISTRIBUTION, RENTALS, AND SALE
OF MOVIE RIGHTS 486,394
SPECIAL EVENTS AND SHOW PROMOTION 485,382
NATIONWIDE PAGING SERVICE 327,448
INTERNET SERVICES 69,916
DUBBING SERVICES 6,926
------------------------------------------------------------------------------------------------------------------------
TOTAL 982,061 18,224,236
------------------------------------------------------------------------------------------------------------------------
[TABLE CONT'D]
CONSOLIDATED
Final Printing
-----------------------------------------------------------------------------------------------------------------------------------
MARKET MAIN
SHARE --------------------------------------------------------------------------------------
MAIN PRODUCTS (%) TRADEMARKS CUSTOMERS
-----------------------------------------------------------------------------------------------------------------------------------
TELEVISION:
PROGRAMMING HALF HOURS PRODUCED
(DOMESTIC)
ADVERTISED TIME SOLD (HALF HOURS) PROCTER & GAMBLE DE MEXICO, S.A. DE C.V.
THE COCA-COLA EXPORT COMPANY.
UNILEVER DE MEXICO, S.A. DE C.V.
SABRITAS, S. DE R.L. DE C.V.
GRUPO BIMBO, S.A. DE C.V.
PEPSI COLA MEXICANA, S.A DE C.V.
CERVECERIA MODELO, S.A. DE C.V.
TELEFONOS DE MEXICO, S.A. DE C.V.
DANONE DE MEXICO, S.A. DE C.V.
NESTLE MEXICO, S.A. DE C.V.
KIMBERLY CLARK DE MEXICO, S.A. DE C.V.
CENTRAL IMPULSORA , S.A. DE C.V.
COSBEL, S.A. DE C.V.
FRUGOSA, S.A. DE C.V.
OTHER INCOME
PROGRAMMING FOR PAY TELEVISION:
SALE OF SIGNALS
ADVERTISED TIME SOLD
PUBLISHING:
MAGAZINE CIRCULATION ERES MAGAZINE GENERAL PUBLIC (AUDIENCE)
SOMOS MAGAZINE DEALERS
BIOGRAPHICAL BOOKS COMMERCIAL CENTERS (MALLS)
QUO MAGAZINE
SOCCERMANIA MAGAZINE
TV Y NOVELAS MAGAZINE,
TELEGUIA MAGAZINE,
VANIDADES MAGAZINE AND
COSMOPOLITAN MAGAZINE
PUBLISHING
PUBLISHING DISTRIBUTION: MAGAZINE VARIOUS
"SELECCIONES" "ULTIMOS EXITOS
DE LA NOVELA HISTORICA"
"REVISTA DEL CONSUMIDOR"
"FIGURAS DE CRISTAL"
"CLASICOS DE GRECIA Y ROMA"
CABLE TELEVISION:
ANALOGIC AND DIGITAL SERVICE GENERAL PUBLIC
SERVICE INSTALLATION OPERADORA MEGACABLE, S.A. DE C.V.
INSTALLATION OF PREMIUM CHANNELS SCOTIABANK INVERLAT, S.A.
PAY PER VIEW CERVECERIA CUAUHTEMOC MOCTEZUMA, S.A. DE C.V.
CHANNEL COMMERCIALIZATION GRUPO WARNER LAMBERT MEXICO, S. DE R.L DE C.V.
OTHER NISSAN MEXICANA, S.A. DE C.V.
TELECOMUNICACIONES Y ENTRETENIMIENTO, S.A. DE C.V.
VISTAR, S.A. DE C.V.
KIMBERLY CLARK DE MEXICO, S.A. DE C.V.
BANCO MERCANTIL DEL NORTE, S.A.
ARENA COMMUNICATIONS, S.A. DE C.V.
PHARMACIA & UPJOHN, S.A. DE C.V.
SEGUROS MONTERREY NEW YORK LIFE, S.A. DE C.V.
RADIO:
ADVERTISED TIME SOLD INDUSTRIAS VINICOLAS PEDRO DOMEQ, S.A.
PROPIMEX, S.A. DE C.V.
TELEFONOS DE MEXICO, S.A. DE C.V.
CEMENTOS APASCO, S.A. DE C.V.
GIGANTE, S.A. DE C.V.
VENTAS Y SERVICIOS AL CONSUMIDOR, S.A. DE C.V.
CERVECERIA CUAUHTEMOC MOCTEZUMA,S.A. DE C.V.
CERVECERIA MODELO, S.A. DE C.V.
LA MADRILENA, S.A. DE C.V.
BURGER KING MEXICANA, S.A. DE C.V.
OTHER BUSINESSES:
DISTRIBUTION, RENTALS, AND SALE
OF MOVIE RIGHTS VIDEOVISA, S.A. DE C.V.
CINEMEX, S.A. DE C.V.
CINEMARK DE MEXICO, S.A. DE C.V.
ORGANIZACION RAMIREZ, S.A. DE C.V.
COMPANIA OPERADORA DE TEATROS, S.A. DE C.V.
GENERAL PUBLIC (AUDIENCE)
SPECIAL EVENTS AND SHOW PROMOTION AMERICA GENERAL PUBLIC (AUDIENCE)
NECAXA FEDERACION MEXICANA DE FUTBOL, A.C.
REAL SAN LUIS
TICKET ACCES SKYTEL
NATIONWIDE PAGING SERVICE SKYTEL FERROCARRILES NACIONALES DE MEXICO, S.A.
BANCO NACIONAL DE MEXICO, S.A.
HEWLETT PACKARD DE MEXICO, S.A. DE C.V.
COMISION FEDERAL DE ELECTRICIDAD
EDS DE MEXICO, S.A. DE C.V.
CEMEX DE MEXICO, S.A.
PROCTER AND GAMBLE DE MEXICO, S.A. DE C.V.
SECRETARIA DE GOBERNACION
SCHERING PLOUGH, S.A. DE C.V..
BBVA BANCOMER, S.A.
AVANTEL, S.A. DE C.V.
I.B.M. DE MEXICO, S.A.
INTERNET SERVICES ESMAS.COM MEDIA CONTACTS, S.A. DE C.V.
I.B.M. DE MEXICO COMERCIALIZACION Y SERVICIOS, S.A.
DE C.V.
DANONE DE MEXICO, S.A. DE C.V.
INTEL TECNOLOGIA DE MEXICO, S.A. DE C.V.
DUBBING SERVICES DISTRIBUIDORA ROMARI, S.A. DE C.V.
UNITED INTERNATIONAL PICTURES, S, DE R.L.
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL
-----------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2002
GRUPO TELEVISA, S.A.
SELLS DISTRIBUTION BY PRODUCT
ANNEX 11
FOREIGN SALES
JUDGED INFORMATION
----------------------------------------------------------------------------------------------------------------------------------
TOTAL PRODUCTION NET SALES
------------------------------------------------------
MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT DESTINATION
----------------------------------------------------------------------------------------------------------------------------------
TELEVISION BROADCASTING
ADVERTISING TIME SOLD 380,915 UNITED STATES OF AMERICA
PROGRAMMING FOR PAY TELEVISION
SALES OF SIGNALS
108,963 SPAIN
ARGENTINA
PERU
GUATEMALA
PROGRAM LICENSING VENEZUELA
PROGRAMMING AND ROYALTIES 1,405,174 UNITED STATES
CENTRAL AMERI
CARIBBEAN
EUROPE
SOUTH AMERICA
AFRICA
ASIA
PUBLISHING
MAGAZINE CIRCULATION, BOOKS AND
ADVERTISING 26,302 369,540 GUATEMALA AND
UNITED STATES
PANAMA
SOUTH AMERICA
CENTRAL AMERI
PUBLISHING 224,666
PUBLISHING DISTRIBUTION: 13,192 810,133 PANAMA
SOUTH AMERICA
OTHER BUSINESSES
DUBBING SERVICES 35,642 UNITED STATES OF AMERICA
----------------------------------------------------------------------------------------------------------------------------------
TOTAL 0 3,335,033
----------------------------------------------------------------------------------------------------------------------------------
TABLE (CONT'D)
CONSOLIDATED
MAIN Final Printing
-------------------------------------------------------------------------------------------------
MAIN PRODUCTS TRADEMARKS CUSTOMERS
-------------------------------------------------------------------------------------------------
TELEVISION BROADCASTING
ADVERTISING TIME SOLD CPIF VENTURE, INC.
VISA INTERNATIONAL SER
NISSAN FOOD PRODUCTS
MASTER CARD INTERNAT
CHEIL COMMUNICATIONS
REYNOLDS CONSUMER P
PROGRAMMING FOR PAY TELEVISION
SALES OF SIGNALS
PROGRAM LICENSING
PROGRAMMING AND ROYALTIES TELEVISA MCCANN ERICKSON
TELEVISA MINDSHARE
TELEVISA BBDO WORLDWIDE
TELEVISA SPOTPLUS
TELEVISA CARAT, INC.
TELEVISA OPTIMUM MEDIA, INC
TELEVISA GREY ADVERTISING, INC.
INITIATIVE MEDIA, INC.
GSD&M
DAILEY & ASSOCIATES
PUBLISHING
MAGAZINE CIRCULATION BOOKS AND
ADVERTISING ERES MAGAZINE GENERAL PUBLIC (AUDIE
T.V. Y NOVELAS MAGAZIN DEALERS
VANIDADES MAGAZINE
COSMOPOLITAN MAGAZINE
MAXIM MAGAZINE
PUBLISHING
PUBLISHING DISTRIBUTION SEMANA MAGAZINE GENERAL PUBLIC (AUDIE
SELECCIONES MAGAZINE
CROMOS MAGAZINE
MUESTRAS DE
JARDINERIA MAGAZINE
HOLA MAGAZINE
OTHER BUSINESSES
DUBBING SERVICES NHK INTERNATIONAL
POST MODERN, INC.
C.B.S. BROADCAST INTER
TWENTIETH CENTURE FO
GLOBE TV INTERNATIONA
FIREWORKS ENTERTAINM
-------------------------------------------------------------------------------------------------
TOTAL
-------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2002
GRUPO TELEVISA, S.A.
ANNEX 12
SCHEDULE FOR THE DETERMINATION OF THE NET FISCAL EARNINGS ACCOUNT (NFEA)
(Thousands of Pesos)
-----------------------------------------------------------------------------------------------------------------------
NFEA BALANCE FOR PREVIOUS PERIOD FOR WHICH IS DETERMINED
-----------------------------------------------------------------------------------------------------------------------
NFEA BALANCE TO DECEMBER 31st OF: 2001 4,836,106
Number of shares Outstanding at the Date of the NFEA: 9,132,997,588
(Units)
|X| ARE THE FIGURES FISCALLY AUDITED? |_| ARE FIGURES FISCALLY CONSOLIDATED?
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
DIVIDENDS COLLECTED IN THE PERIOD
-----------------------------------------------------------------------------------------------------------------------
NUMBER OF SHARES
QUARTER SERIES OUTSTANDING DATE OF SETTLEMENT AMOUNT
0 0 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------
DETERMINATION OF THE NFEA OF THE PRESENT YEAR
NFE FROM THE PERIOD FROM JANUARY 1 TO 31 OF DECEMBER, 2002
FISCAL EARNINGS 295,466
- DETERMINED INCOME 103,413
+ DEDUCTED WORKER'S PROFIT' SHARING 0
- DETERMINER WORKER 0
- DETERMINED RFE 0
- NON DEDUCTABLES 192,053
NFE OF PERIOD : 0
-----------------------------------------------------------------------------------------------------------------------
BALANCE OF THE NFEA AT THE END OF THE PERIOD
(Present year Information)
NFEA BALANCE TO 31 OF DECEMBER OF 2002 5,123,461
Number of Shares Outstanding at the Date of the NFEA: 9,133,040,705
( Units )
-----------------------------------------------------------------------------------------------------------------------
MODIFICATION BY COMPLEMENTARY
NFEA BALANCE TO: DECEMBER 31st OF: 0000 0
Number of Shares Outstanding at the Date of the NFEA: 0
( Units )
-----------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2002
GRUPO TELEVISA, S.A.
ANNEX 12 - A
SCHEDULE FOR THE DETERMINATION OF THE NET FISCAL EARNINGS ACCOUNT REINVERTED (NFEAR)
(Thousands of Pesos)
-----------------------------------------------------------------------------------------------------------------------
NFEAR BALANCE FOR PREVIOUS PERIOD FOR WHICH IS DETERMINED
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
NFEAR BALANCE TO DECEMBER 31st OF: 2001 638,370
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
Number of shares Outstanding at the Date of the NFEAR: 9,132,997,588
(Units)
|_| ARE THE FIGURES FISCALLY AUDITED? |_| ARE FIGURES FISCALLY CONSOLIDATED?
-----------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------
DIVIDENDS PAID OUT IN THE PERIOD THAT COMES FROM THE NFEAR
-----------------------------------------------------------------------------------------------------------------------
NUMBER OF SHARES
QUARTER SERIES OUTSTANDING DATE OF SETLEMENT AMOUNT
0 0 0.00 0.00
-----------------------------------------------------------------------------------------------------------------------
DETERMINATION OF THE NFEAR OF THE PRESENT YEAR
NFER FROM THE PERIOD TO 31 OF JANUARY 2002
FISCAL EARNINGS
+ DEDUCTED WORKERS' PROFIT SHARING
- DETERMINED INCOME TAX:
- NON-DEDUCTABLES
- (+) EARNINGS (LOSS) FROM FOREIGN OF PROFIT:
DETERMINATED RFE OF THE FISCAL YEAR
- INCOME TAX (DEFERRED ISR):
* FACTOR TO DETERMINE THE NFEAR:
NFER FROM THE PERIOD
-----------------------------------------------------------------------------------------------------------------------
BALANCE OF THE NFEAR AT THE END OF THE PERIOD
(Present year Information)
NFEA BALANCE TO 31 OF DECEMBER OF 2002 624,936
Number of Shares Outstanding at the Date of the NFEAR: 9,133,040,705
( Units )
-----------------------------------------------------------------------------------------------------------------------
MODIFICATION BY COMPLEMENTARY
NFEAR BALANCE TO: DECEMBER 31st OF: 2001 0
Number of Shares Outstanding at the Date of the NFEAR 0
( Units )
-----------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC/ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER:4 YEAR: 2002
------------ --------- -------
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME BY SEGMENTS OF BUSINESS
FOR THE YEAR ENDED DECEMBER 31, 2002 AND 2001
(Millions of Mexican Pesos)
JUDGED INFORMATION
-----------------------------------------------------------------------------------------------------------------------------------
ELIMINATIONS AND TELEVISION CABLE OTHER
REF CONSOLIDATED CORPORATE EXPENSES OPERATIONS PUBLISHING TELEVISION BUSINESSES
RS CONCEPTS 2002 2001 2002 2001 2002 2001 2002 2001 2002 2001 2002 2001
-----------------------------------------------------------------------------------------------------------------------------------
R01 NET SALES 21,559 20,786 (363) (550) 16,052 15,474 3,027 2,644 1,108 1,144 1,735 2,074
R02 Third party sales 21,559 20,786 - - 15,894 15,251 3,001 2,609 1,108 1,143 1,556 1,783
R03 Intersegment sales - - (363) (550) 158 223 26 35 - 1 179 291
R04 GROSS PROFIT 8,152 7,835 (69) (167) 6,980 6,549 967 924 411 503 (137) 26
R05 OPERATING EXPENSES 3,502 3,495 75 (24) 2,137 1,987 725 668 210 252 355 612
R06 OPERATING INCOME 4,650 4,340 (144) (143) 4,843 4,562 242 256 201 251 (492) (586)
MEXICAN STOCK EXCHANGE
SIFIC/ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER:4 YEAR: 2002
------------ --------- -------
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME BY GEOGRAPHICAL SEGMENTS
FOR THE YEAR ENDED DECEMBER 31, 2002 AND 2001
(Millions of Mexican Pesos)
JUDGED INFORMATION
--------------------------------------------------------------------------------------------------------
CONSOLIDATED MEXICO FOREIGN
--------------------------------------------------------------------------------------------------------
CONCEPTS 2002 2001 2002 2001 2002 2001
--------------------------------------------------------------------------------------------------------
R01 NET SALES 21,922 21,336 20,200 20,208 1,722 1,128
R02 Third party sales 21,559 20,786 19,837 19,658 1,722 1,128
R03 Intersegment sales 363 550 363 550 - -
R04 GROSS PROFIT 8,152 7,835 8,460 7,461 (308) 374
R05 OPERATING EXPENSES 3,502 3,495 3,001 3,061 501 434
R06 OPERATING INCOME 4,650 4,340 5,459 4,400 (809) (60)
MEXICAN STOCK EXCHANGE
SIFIC/ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER:4 YEAR: 2002
------------ --------- -------
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT BY SEGMENTS OF BUSINESS
AS OF DECEMBER 31, 2002 AND 2001
(Millions of Mexican Pesos)
JUDGED INFORMATION
---------------------------------------------------------------------------------------------------------------
TELEVISION CABLE OTHER
REF CONSOLIDATED OPERATIONS PUBLISHING TELEVISION BUSINESSES
---------------------------------------------------------------------------------------------------------------
RS CONCEPTS 2002 2001 2002 2001 2002 2001 2002 2001 2002 2001
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S01 TOTAL ASSETS 56,473 52,005 45,858 37,795 2,704 2,622 2,127 1,949 5,784 9,639
S02 TOTAL CURRENT ASSETS 23,577 21,540 18,738 16,649 1,733 1,666 902 796 2,204 2,429
S03 LONG-TERM 8,229 10,949 7,409 6,626 3 12 44 27 773 4,284
S04 INVESTMENT IN SHARES OF
SUBSIDIARIES AND NON-CONSOLIDATED
ASSOCIATES 3,033 5,343 2,299 1,404 - 12 21 27 713 3,900
S05 OTHER INVESTMENTS 5,196 5,606 5,110 5,222 3 - 23 - 60 384
S06 PROPERTY, PLANT AND EQUIPMENT
(NET) 15,343 14,736 12,136 11,050 327 319 1,117 978 1,763 2,389
S07 PROPERTY, PLANT AND EQUIPMENT 24,639 22,771 19,508 17,053 591 578 1,518 1,446 3,022 3,694
S08 ACCUMULATED DEPRECIATION (9,296)(8,035) (7,372)(6,003) (264) (259) (401) (468)(1,259)(1,305)
S09 DEFERRED ASSETS (NET) 9,324 4,780 7,575 3,470 641 625 64 148 1,044 537
S10 TOTAL LIABILITIES 35,149 32,209 31,140 29,616 491 540 576 274 2,942 1,779
S11 CURRENT LIABILITIES 17,088 15,196 15,014 14,047 491 497 431 232 1,152 420
S12 LONG-TERM LIABILITIES 15,751 15,142 13,994 13,734 52 41 34 39 1,671 1,328
S13 DEFERRED CREDITS 2,310 1,871 2,132 1,835 (52) 2 111 3 119 31
S14 CONSOLIDATED STOCKHOLDERS' EQUITY 21,324 19,796 14,718 8,179 2,213 2,082 1,551 1,675 2,842 7,860
S15 MAJORITY INTEREST 20,185 18,765 14,712 8,202 2,196 2,066 837 940 2,440 7,557
S16 CONTRIBUTED CAPITAL 7,585 7,591 7,585 7,591
S17 EARNED CAPITAL 12,600 11,174 7,127 611 2,196 2,066 837 940 2,440 7,557
MEXICAN STOCK EXCHANGE
SIFIC/ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER:4 YEAR: 2002
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GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT BY GEOGRAPHICAL SEGMENTS
AS OF DECEMBER 31, 2002 AND 2001
(Millions of Mexican Pesos)
JUDGED INFORMATION
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CONSOLIDATED MEXICO FOREIGN
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CONCEPTS 2002 2001 2002 2001 2002 2001
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S01 TOTAL ASSETS 56,473 52,005 46,461 45,204 10,012 6,801
S02 TOTAL CURRENT ASSETS 23,577 21,540 20,641 19,419 2,936 2,121
S03 LONG-TERM 8,229 10,949 7,030 7,075 1,199 3,874
S04 INVESTMENT IN SHARES OF SUBSIDIARIES AND
NON-CONSOLIDATED ASSOCIATES 3,033 5,343 2,752 1,484 281 3,859
S05 OTHER INVESTMENTS 5,196 5,606 4,278 5,591 918 15
S06 PROPERTY, PLANT AND EQUIPMENT (NET) 15,343 14,736 15,033 14,415 310 321
S07 PROPERTY, PLANT AND EQUIPMENT 24,639 22,771 24,026 22,178 613 593
S08 ACCUMULATED DEPRECIATION (9,296) (8,035) (8,993) (7,763) (303) (272)
S09 DEFERRED ASSETS (NET) 9,324 4,780 3,757 4,295 5,567 485
S10 TOTAL LIABILITIES 35,149 32,209 32,677 31,145 2,472 1,064
S11 CURRENT LIABILITIES 17,088 15,196 16,222 14,571 866 625
S12 LONG-TERM LIABILITIES 15,751 15,142 14,785 14,675 966 467
S13 DEFERRED CREDITS 2,310 1,871 1,670 1,899 640 (28)
S14 CONSOLIDATED STOCKHOLDERS' EQUITY 21,324 19,796 13,784 14,059 7,540 5,737
S15 MAJORITY INTEREST 20,185 18,765 12,655 13,040 7,530 5,725
S16 CONTRIBUTED CAPITAL 7,585 7,591 7,585 7,591 - -
S17 EARNED CAPITAL 12,600 11,174 5,070 5,449 7,530 5,725
- - - - - -
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.
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(Registrant)
Dated: April 9, 2003 By /s/ Jorge Lutteroth Echegoyen
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Name: Jorge Lutteroth Echegoyen
Title: Controller, Vice-President