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, 2004
GRUPO TELEVISA, S.A.
-------------------------------------------------
(Translation of registrant's name into English)
Av. Vasco de Quiroga No. 2000, Colonia Sante Fe 01210 Mexico, D.F.
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(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
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(If "Yes" is marked indicate below the file number assigned to the
registrant in connection with Rule 12g-3-2(b): 82 .)
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
AT DECEMBER 31 OF 2003 AND 2002
(Thousands of Pesos)
JUDGED INFORMATION Final Printing
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REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
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S Amount % Amount %
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1 TOTAL ASSETS 64,759,240 100 58,658,092 100
2 CURRENT ASSETS 28,758,127 44 24,453,754 42
3 ACCOUNTS AND DOCUMENTS RECEIVABLE (NET) 12,263,528 19 9,136,216 16
4 OTHER ACCOUNTS AND DOCUMENTS RECEIVABLE 10,603,054 16 9,879,900 17
5 OTHER ACCOUNTS AND NOTES RECEIVABLE (NET) 1,335,656 2 905,348 2
6 INVENTORIES 4,048,548 6 4,085,014 7
7 OTHER CURRENT ASSETS 507,341 1 447,276 1
8 LONG-TERM 6,321,780 10 3,159,645 5
9 ACCOUNTS AND DOCUMENTS RECEIVABLE (NET) 0 0 5,942 0
10 INVESTMENT IN SHARES OF SUBSIDIARIES
AND NON-CONSOLIDATED 6,096,053 9 2,989,835 5
11 OTHER INVESTMENTS 225,727 0 163,868 0
12 PROPERTY, PLANT AND EQUIPMENT 15,600,698 24 15,953,345 27
13 PROPERTY 12,329,877 19 12,142,982 21
14 MACHINERY AND INDUSTRIAL 11,399,328 18 10,124,891 17
15 OTHER EQUIPMENT 2,563,698 4 2,346,191 4
16 ACCUMULATED DEPRECIATION 11,306,059 17 9,666,143 16
17 CONSTRUCTION IN PROGRESS 613,854 1 1,005,424 2
18 DEFERRED ASSETS (NET) 9,200,158 14 9,694,681 17
19 OTHER ASSETS 4,878,477 8 5,396,667 9
20 TOTAL LIABILITIES 37,232,913 100 36,485,636 100
21 CURRENT LIABILITIES 5,367,483 14 5,697,466 16
22 SUPPLIERS 2,348,579 6 2,317,961 6
23 BANK LOANS 285,193 1 532,783 1
24 STOCK MARKET LOANS 0 0 749,062 2
25 TAXES TO BE PAID 1,287,040 3 921,634 3
26 OTHER CURRENT LIABILITIES 1,446,671 4 1,176,026 3
27 LONG-TERM LIABILITIES 15,412,727 41 14,666,577 40
28 BANK LOANS 2,023,945 5 1,471,149 4
29 STOCK MARKET LOANS 12,680,277 34 12,404,738 34
30 OTHER LOANS 708,505 2 790,690 2
31 DEFERRED LOANS 15,158,699 41 14,337,273 39
32 OTHER LIABILITIES 1,294,004 3 1,784,320 5
33 CONSOLIDATED STOCK HOLDERS' EQUITY 27,526,327 100 22,172,456 100
34 MINORITY INTEREST 1,078,644 4 1,184,891 5
35 MAJORITY INTEREST 26,447,683 96 20,987,565 95
36 CONTRIBUTED CAPITAL 11,463,137 42 7,886,789 36
37 PAID-IN CAPITAL STOCK (NOMINAL) 1,495,885 5 1,512,083 7
38 RESTATEMENT OF PAID-IN CAPITAL STOCK 6,091,834 22 6,149,668 28
39 PREMIUM ON SALES OF SHARES 3,875,418 14 225,038 1
40 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 0 0 0 0
41 CAPITAL INCREASE (DECREASE) 14,984,546 54 13,100,776 59
42 RETAINED EARNINGS AND CAPITAL RESERVE 11,962,725 43 12,566,597 57
43 REPURCHASE FUNDS OF SHARES 5,284,975 19 5,736,233 26
44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK
HOLDERS' EQUITY (5,859,757) (21) (5,969,230) (27)
45 NET INCOME FOR THE YEAR 3,596,603 13 767,176 3
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Pesos)
JUDGED INFORMATION Final Printing
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REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
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S Amount % Amount %
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3 CASH AND SHORT-TERM INVESTMENTS 12,263,528 100 9,136,216 100
46 CASH 371,754 3 1,677,324 18
47 SHORT-TERM INVESTMENTS 11,891,774 97 7,458,892 82
18 DEFERRED ASSETS (NET) 9,200,158 100 9,694,681 100
48 AMORTIZED OR REDEEMED EXPENSES 1,632,171 18 1,833,345 19
49 GOODWILL 7,567,987 82 7,861,336 81
50 DEFERRED TAXES 0 0 0 0
51 OTHERS 0 0 0 0
21 CURRENT LIABILITIES 5,367,483 100 5,697,466 100
52 FOREIGN CURRENCY LIABILITIES 2,100,151 39 3,926,215 69
53 MEXICAN PESOS LIABILITIES 3,267,332 61 1,771,251 31
24 STOCK MARKET LOANS 0 100 749,062 100
54 COMMERCIAL PAPER 0 0 749,062 100
55 CURRENT MATURITIES OF MEDIUM TERM NOTES 0 0 0 0
56 CURRENT MATURITIES OF BONDS 0 0 0 0
26 OTHER CURRENT LIABILITIES 1,446,671 100 1,176,026 100
57 OTHER CURRENT LIABILITIES WITH COST 0 0 7,339 1
58 OTHER CURRENT LIABILITIES WITHOUT COST 1,446,671 100 1,168,687 99
27 LONG-TERM LIABILITIES 15,412,727 100 14,666,577 100
59 FOREIGN CURRENCY LIABILITIES 10,878,226 71 10,577,993 72
60 MEXICAN PESOS LIABILITIES 4,534,501 29 4,088,584 28
29 STOCK MARKET LOANS 12,680,277 100 12,404,738 100
61 BONDS 12,680,277 100 12,404,738 100
62 MEDIUM TERM NOTES 0 0 0 0
30 OTHER LOANS 708,505 100 790,690 100
63 OTHER LOANS WITH COST 0 0 0 0
64 OTHER LOANS WITHOUT COST 708,505 100 790,690 100
31 DEFERRED LOANS 15,158,699 100 14,337,273 100
65 NEGATIVE GOODWILL 0 0 0 0
66 DEFERRED TAXES 1,154,456 8 2,116,816 15
67 OTHERS 14,004,243 92 12,220,457 85
32 OTHER LIABILITIES 1,294,004 100 1,784,320 100
68 RESERVES 0 0 73,655 4
69 OTHERS LIABILITIES 1,294,004 100 1,710,665 96
44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK (5,859,757) 100 (5,969,230) 100
HOLDERS' EQUITY
70 ACCUMULATED INCOME DUE TO MONETARY POSITION (29,984) (1) (29,984) (1)
71 INCOME FROM NON-MONETARY POSITION ASSETS (5,829,773) (99) (5,939,246) (99)
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
OTHER CONCEPTS
(Thousands of Pesos)
JUDGED INFORMATION Final Printing
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REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
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S Amount Amount
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72 WORKING CAPITAL 23,390,644 18,756,288
73 PENSIONS FUND AND SENIORITY PREMIUMS 865,641 749,808
74 EXECUTIVES (*) 36 36
75 EMPLOYERS (*) 12,248 12,514
76 WORKERS (*) 0
77 CIRCULATION SHARES (*) 8,753,603,425 8,848,394,374
78 REPURCHASED SHARES (*) 714,944,534 284,648,743
(*) THESE CONCEPTS SHOULD BE EXPRESSED IN UNITS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
FROM JANUARY 1 TO DECEMBER 31, 2003 AND 2002
(Thousands of Pesos)
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
----------------------------------------------------------------------
R Amount % Amount %
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1 NET SALES 23,563,213 100 22,416,573 100
2 COST OF SALES 14,056,090 60 13,939,815 62
3 GROSS INCOME 9,507,123 40 8,476,758 38
4 OPERATING 3,461,186 15 3,641,508 16
5 OPERATING INCOME 6,045,937 26 4,835,250 22
6 TOTAL FINANCING COST 614,527 3 637,347 3
7 INCOME AFTER FINANCING COST 5,431,410 23 4,197,903 19
8 OTHER FINANCIAL OPERATIONS 1,200,505 5 3,094,278 14
9 INCOME BEFORE TAXES AND WORKERS' PROFIT
SHARING 4,230,905 18 1,103,625 5
10 RESERVE FOR TAXES AND WORKERS' PROFIT
SHARING 719,483 3 311,250 1
11 NET INCOME AFTER TAXES AND WORKERS' PROFIT
SHARING 3,511,422 15 792,375 4
12 SHARE IN NET INCOME OF SUBSIDIARIES AND
NON-CONSOLIDATED ASSOCIATES 28,288 0 (1,201,779) (5)
13 CONSOLIDATED NET INCOME OF CONTINUOUS
OPERATIONS 3,539,710 15 (409,404) (2)
14 INCOME OF DISCONTINUOUS OPERATIONS 64,157 0 (1,105,010) (5)
15 CONSOLIDATED NET INCOME BEFORE
EXTRAORDINARY ITEMS 3,475,553 15 695,606 3
16 EXTRAORDINARY ITEMS NET EXPENSES (INCOME) 0 0
17 NET EFFECT AT THE BEGINNING OF THE YEAR BY
CHANGES IN ACCOUNTING PRINCIPLES 0 0
18 NET CONSOLIDATED INCOME 3,475,553 15 695,606 3
19 NET INCOME OF MINORITY INTEREST (121,050) (1) (71,570) 0
20 NET INCOME OF MAJORITY INTEREST 3,596,603 15 767,176 3
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Pesos)
JUDGED INFORMATION Final Printing
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REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
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R Amount % Amount %
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1 NET SALES 23,563,213 100 22,416,573 100
21 DOMESTIC 19,461,254 83 18,948,923 85
22 FOREIGN 4,101,959 17 3,467,650 15
23 TRANSLATED INTO DOLLARS (***) 365,431 2 352,391 2
6 TOTAL FINANCING COST 614,527 100 637,347 100
24 INTEREST PAID 1,236,439 201 1,228,487 193
25 EXCHANGE LOSSES - 0 - 0
26 INTEREST EARNED 649,892 106 613,074 96
27 EXCHANGE PROFITS 193,355 31 219,213 34
28 GAIN DUE TO MONETARY POSITION 82,004 13 43,957 7
42 LOSS ON RESTATEMENT OF UDI'S 139,331 23 197,190 31
43 GAIN ON RESTATEMENT OF UDI'S 0 0 0 0
8 OTHER FINANCIAL OPERATIONS 1,200,505 100 3,094,278 100
29 OTHER NET EXPENSES (INCOME) NET 1,200,505 100 3,094,278 100
30 (PROFIT) LOSS ON SALE OF OWN SHARES 0 0
31 (PROFIT) LOSS ON SALE OF SHORT-TERM INVESTMENTS 0 0
10 RESERVE FOR TAXES AND WORKERS' PROFIT SHARING 719,483 100 311,250 100
32 INCOME TAX 1,046,027 145 934,340 300
33 DEFERRED INCOME TAX (332,068) (46) (627,349) (202)
34 WORKERS' PROFIT SHARING 5,524 1 4,259 1
35 DEFERRED WORKERS' PROFIT SHARING 0 0
(***) THOUSANDS OF DOLLARS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
OTHER CONCEPTS
(Thousands of Pesos)
JUDGED INFORMATION Final Printing
----------------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
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R Amount Amount
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36 TOTAL SALES 25,462,928 24,346,481
37 NET INCOME OF THE YEAR (1,655,239) 307,215
38 NET SALES (**) 23,563,213 22,416,573
39 OPERATION INCOME (**) 6,045,937 4,835,250
40 NET INCOME OF MAJORITY INTEREST (**) 3,596,603 767,176
41 NET CONSOLIDATED INCOME (**) 3,475,553 695,606
(**) THE RESTATED INFORMATION ON THE LAST TWELVE MONTHS SHOULD BE USED
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
FROM OCTOBER 1 TO DECEMBER 31, 2003 AND 2002
(Thousands of Pesos)
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
-----------------------------------------------------------------------
R Amount % Amount %
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1 NET SALES 7,024,944 100 6,616,064 100
2 COST OF SALES 4,125,153 59 3,953,265 60
3 GROSS INCOME 2,899,791 41 2,662,799 40
4 OPERATING 933,005 13 1,013,149 15
5 OPERATING INCOME 1,966,786 28 1,649,650 25
6 TOTAL FINANCING COST 214,589 3 125,496 2
7 INCOME AFTER FINANCING COST 1,752,197 25 1,524,154 23
8 OTHER FINANCIAL OPERATIONS 840,857 12 1,770,593 27
9 INCOME BEFORE TAXES AND WORKERS' PROFIT
SHARING 911,340 13 (246,439) (4)
10 RESERVE FOR TAXES AND WORKERS' PROFIT
SHARING (42,832) (1) 128,101 2
11 NET INCOME AFTER TAXES AND WORKERS' PROFIT
SHARING 954,172 14 (374,540) (6)
12 SHARE IN NET INCOME OF SUBSIDIARIES AND
NON-CONSOLIDATED ASSOCIATES 336,956 5 (665,455) (10)
13 CONSOLIDATED NET INCOME OF CONTINUOUS
OPERATIONS 1,291,128 18 (1,039,995) (16)
14 INCOME OF DISCONTINUOUS OPERATIONS 64,157 1 39,026 1
15 CONSOLIDATED NET INCOME BEFORE
EXTRAORDINARY ITEMS 1,226,971 17 (1,079,021) (16)
16 EXTRAORDINARY ITEMS NET EXPENSES (INCOME) 0 0
17 NET EFFECT AT THE BEGINNING OF THE YEAR BY
CHANGES IN ACCOUNTING PRINCIPLES 0 0
18 NET CONSOLIDATED INCOME 1,226,971 17 (1,079,021) (16)
19 NET INCOME OF MINORITY INTEREST (116,368) (2) (103,895) (2)
20 NET INCOME OF MAJORITY INTEREST 1,343,339 19 (975,126) (15)
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Pesos)
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
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R Amount % Amount %
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1 NET SALES 7,024,944 100 6,616,064 100
21 DOMESTIC 5,902,353 84 5,640,596 85
22 FOREIGN 1,122,591 16 975,468 15
23 TRANSLATED INTO DOLLARS (***) 99,129 1 121,950 2
6 TOTAL FINANCING COST 214,589 100 125,496 100
24 INTEREST PAID 320,269 149 316,646 252
25 EXCHANGE LOSSES 0 0
26 INTEREST EARNED 127,145 59 133,909 107
27 EXCHANGE PROFITS 85,014 40 49,189 39
28 GAIN DUE TO MONETARY POSITION 45,297 21 (75,088) (60)
42 LOSS ON RESTATEMENT OF UDI'S 61,182 29 67,036 53
43 GAIN ON RESTATEMENT OF UDI'S 0 0
8 OTHER FINANCIAL OPERATIONS 840,857 100 1,770,593 100
29 OTHER NET EXPENSES (INCOME) NET 840,857 100 1,770,593 100
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 (42,832) 100 128,101 100
32 INCOME TAX 287,860 672 286,759 224
33 DEFERRED INCOME TAX (331,960) (775) (141,126) (110)
34 WORKERS' PROFIT SHARING 1,268 3 (17,532) (14)
35 DEFERRED WORKERS' PROFIT SHARING 0 0 0 0
(***) THOUSANDS OF DOLLARS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
FROM JANUARY 1 TO DECEMBER 31, 2003 AND 2002
(Thousands of Pesos)
JUDGED INFORMATION Final Printing
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REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
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C Amount Amount
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1 CONSOLIDATED NET INCOME 3,475,553 695,606
2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT
REQUIRE USING CASH 1,530,441 2,643,398
3 CASH FLOW FROM NET INCOME OF THE YEAR 5,005,994 3,339,004
4 CASH FLOW FROM CHANGE IN WORKING CAPITAL 1,436,544 1,993,230
5 CASH GENERATED (USED) IN OPERATING ACTIVITIES 6,442,538 5,332,234
6 CASH FLOW FROM EXTERNAL FINANCING (468,376) 638,091
7 CASH FLOW FROM INTERNAL FINANCING (1,129,172) (38,145)
8 CASH FLOW GENERATED (USED) BY FINANCING (1,597,548) 599,946
9 CASH FLOW GENERATED (USED) IN INVESTMENT
ACTIVITIES (1,717,678) (2,978,173)
10 NET INCREASE (DECREASE) IN CASH AND SHORT-TERM
INVESTMENTS 3,127,312 2,954,007
11 CASH AND SHORT-TERM INVESTMENTS AT THE
BEGINNING OF PERIOD 9,136,216 6,182,209
12 CASH AND SHORT-TERM INVESTMENTS AT THE END
OF PERIOD 12,263,528 9,136,216
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Pesos)
JUDGED INFORMATION Final Printing
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REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
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C Amount Amount
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2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT
REQUIRE USING CASH 1,530,441 2,643,398
13 DEPRECIATION AND AMORTIZATION FOR THE YEAR 1,525,240 1,507,334
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
40 + (-) OTHER NON - EBITDA ITEMS 5,201 1,136,064
4 CASH FLOW FROM CHANGE IN WORKING CAPITAL 1,436,544 1,993,230
18 + (-) DECREASE (INCREASE) IN ACCOUNTING RECEIVABLE (723,154) (306,603)
19 + (-) DECREASE (INCREASE) IN INVENTORIES 516,297 (98,195)
20 + (-) DECREASE (INCREASE) IN OTHER ACCOUNT
RECEIVABLE (50,920) 622,522
21 + (-) INCREASE (DECREASE) IN SUPPLIER ACCOUNT 30,618 150,699
22 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES 1,663,703 1,624,807
6 CASH FLOW FROM EXTERNAL FINANCING (468,376) 638,091
23 + SHORT-TERM BANK AND STOCK MARKET FINANCING 947,050
24 + LONG-TERM BANK AND STOCK MARKET FINANCING 1,359,007 3,475,272
25 + DIVIDEND RECEIVED
26 + OTHER FINANCING
27 (-) BANK FINANCING AMORTIZATION (227,214) (2,922,444)
28 (-) STOCK MARKET AMORTIZATION (720,415)
29 (-) OTHER FINANCING AMORTIZATION (879,754) (861,787)
7 CASH FLOW FROM INTERNAL FINANCING (1,129,172) (38,145)
30 + (-) INCREASE (DECREASE) IN CAPITAL STOCKS (557,301) (38,145)
31 (-) DIVIDENDS PAID (571,871)
32 + PREMIUM ON SALE OF SHARES
33 + CONTRIBUTION FOR FUTURE CAPITAL INCREASES
9 CASH FLOW GENERATED (UTILIZED) IN INVESTMENT
ACTIVITIES (1,717,678) (2,978,173)
34 + (-) DECREASE (INCREASE) IN STOCK INVESTMENTS
OF A PERMANENT NATURE (72,677) 4,027,670
35 (-) ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT (1,052,221) (1,407,762)
36 (-) INCREASE IN CONSTRUCTIONS IN PROGRESS
37 + SALE OF OTHER PERMANENT INVESTMENTS
38 + SALE OF TANGIBLE FIXED ASSETS 414,445 108,763
39 + (-) OTHER ITEMS (1,007,225) (5,706,844)
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
RATIOS
CONSOLIDATED
JUDGED INFORMATION Final Printing
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REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
P
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YIELD
1 NET INCOME TO NET SALES 14.75 % 3.10 %
2 NET INCOME TO STOCK HOLDERS' EQUITY (**) 13.60 % 3.66 %
3 NET INCOME TO TOTAL ASSETS (**) 5.37 % 1.19 %
4 CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME 0.00 % %
5 INCOME DUE TO MONETARY POSITION TO NET INCOME (2.36) % (6.32) %
ACTIVITY
6 NET SALES TO NET ASSETS (**) 0.36 times 0.38 times
7 NET SALES TO FIXED ASSETS (**) 1.51 times 1.41 times
8 INVENTORIES ROTATION (**) 3.47 times 3.41 times
9 ACCOUNTS RECEIVABLE IN DAYS OF SALES 141 days 138 days
10 PAID INTEREST TO TOTAL LIABILITIES WITH COST (**) 8.25 % 8.10 %
LEVERAGE
11 TOTAL LIABILITIES TO TOTAL ASSETS 57.49 % 62.20 %
12 TOTAL LIABILITIES TO STOCK HOLDERS' EQUITY 1.35 times 1.65 times
13 FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES 34.86 % 39.75 %
14 LONG-TERM LIABILITIES TO FIXED ASSETS 98.80 % 91.93 %
15 OPERATING INCOME TO INTEREST PAID 4.89 times 3.94 times
16 NET SALES TO TOTAL LIABILITIES (**) 0.63 times 0.61 times
LIQUIDITY
17 CURRENT ASSETS TO CURRENT LIABILITIES 5.36 times 4.29 times
18 CURRENT ASSETS LESS INVENTORY TO CURRENT
LIABILITIES 4.60 times 3.58 times
19 CURRENT ASSETS TO TOTAL LIABILITIES 0.77 times 0.67 times
20 AVAILABLE ASSETS TO CURRENT LIABILITIES 228.48 % 160.36 %
CASH FLOW
21 CASH FLOW FROM NET INCOME TO NET SALES 21.24 % 14.90 %
22 CASH FLOW FROM CHANGES IN WORKING CAPITAL
TO NET SALES 6.10 % 8.89 %
23 CASH GENERATED (USED) IN OPERATING TO
INTEREST PAID 5.21 times 4.34 times
24 EXTERNAL FINANCING TO CASH GENERATED (USED)
IN FINANCING 29.32 % 106.36 %
25 INTERNAL FINANCING TO CASH GENERATED (USED)
IN FINANCING 70.68 % (6.36) %
26 ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT
TO CASH GENERATED (USED) IN INVESTMENT
ACTIVITIES 61.26 % 47.27 %
(**) IN THESE RATIOS FOR THE DATA TAKE INTO CONSIDERATION THE LAST TWELVE MONTHS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
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
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D Amount Amount
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1 BASIC PROFIT PER ORDINARY SHARE (**) $ .41 $ .09
2 BASIC PROFIT PER PREFERRED SHARE (**) $ .41 $ .09
3 DILUTED PROFIT PER ORDINARY SHARE (**) $ .00 $ .00
4 CONTINUOUS OPERATING PROFIT PER COMMON
SHARE (**) $ .40 $ (.05)
5 EFFECT OF DISCONTINUOUS OPERATING ON
CONTINUOUS OPERATING PROFIT PER SHARE (**) $ (.01) $ .12
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 $ .00
8 CARRYING VALUE PER SHARE $ 3.02 $ 2.37
9 CASH DIVIDEND ACUMULATED PER SHARE $ .06 $ .00
10 DIVIDEND IN SHARES PER SHARE .00 shares .00 shares
11 MARKET PRICE TO CARRYING VALUE 2.47 times 2.04 times
12 MARKET PRICE TO BASIC PROFIT PER ORDINARY
SHARE (**) 18.31 times 55.89 times
13 MARKET PRICE TO BASIC PROFIT PER PREFERENT
SHARE (**) 18.20 times 55.44 times
(**) TO CALCULATE THE DATA PER SHARE USE THE NET INCOME FOR THE LAST TWELVE MONTHS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
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 2003, LIABILITIES IN FOREIGN CURRENCY (TAXES PAYABLE) FOR
AN AMOUNT OF PS.44,991, 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).
------------------------------------
(1 ) THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL
STATEMENT AMOUNTS, INCLUDING THEIR BREAKDOWN OF MAIN CONCEPTS AND
OTHER CONCEPTS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
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 - 4,448,202,541 4,448,202,541 760,145
---------------------------------------------------------------------------------------------------------------------------------
D - 2,152,700,442 2,152,700,442 367,870
---------------------------------------------------------------------------------------------------------------------------------
L - 2,152,700,442 2,152,700,442 367,870
---------------------------------------------------------------------------------------------------------------------------------
TOTAL - 8,753,603,425 - 6,600,902,983 2,152,700,442 1,495,885 -
---------------------------------------------------------------------------------------------------------------------------------
TOTAL NUMBER OF SHARES REPRESENTING THE PAID-IN CAPITAL STOCK ON THE DATE OF
SENDING THE INFORMATION
8,753,603,425
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 541,247,226 6.39651 7.45714
D 86,848,654 6.39651 7.45714
L 86,848,654 6.39651 7.45714
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A. CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------------------------------------------------------------
THE SHARES REPRESENTING THE COMPANY'S CAPITAL STOCK CONSISTED OF:
ISSUED 9,468,547,959
REPURCHASED (714,944,534)
---------------
OUTSTANDING 8,753,603,425
===============
THE COMPANY'S SHARES REPURCHASED BY THE GROUP CONSISTED OF:
SHARES REPURCHASED BY GRUPO TELEVISA, S.A. 192,651,300
REPURCHASE OF SERIES "A" SHARES (ESPECIAL PURPOSE TRUST) 430,307,554
SHARES ACQUIRED BY TELEVISA, S.A. DE C.V. 609,589,305
RESALE OF SHARES (30,000)
CANCELATION OF SHARES (502,573,625)
SALE UNDER THE STOCK OPTION PLAN (15,000,000)
---------------
714,944,534
===============
NOTE: THE AVERAGE REPURCHASE AND THE MARKET VALUE OF THE SHARE
AT QUARTER ARE HISTORICAL.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA
GRUPO TELEVISA, S.A.
DECLARATION OF THE REGISTRANT'S OFFICERS, RESPONSIBLE FOR THE INFORMATION.
WE HEREBY DECLARE THAT, TO THE EXTENT OF OUR FUNCTIONS, WE PREPARED
THE INFORMATION RELATED TO THE REGISTRANT CONTAINED IN THIS QUARTERLY
REPORT, AND BASED ON OUR KNOWLEDGE, THIS INFORMATION FAIRLY PRESENTS
THE REGISTRANT'S CONDITION. WE ALSO DECLARE THAT WE ARE NOT AWARE OF
ANY RELEVANT INFORMATION WHICH HAS BEEN OMITTED OR UNTRUE IN THIS
QUARTERLY REPORT, OR WHICH CONTAINS ANY INFORMATION THAT MAY MISLEAD
TO INVESTORS.
----------------------------------- ---------------------------------
EMILIO AZCARRAGA JEAN SALVI FOLCH VIADERO
PRESIDENT AND CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER
OFFICER
MEXICO, D.F., APRIL 19, 2004
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
ANNEX 1 PAGE 1
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
MEXICO CITY, D.F., APRIL 19, 2004 -- GRUPO TELEVISA, S.A. (NYSE:TV; BMV:
TLEVISA CPO) TODAY ANNOUNCED AUDITED RESULTS FOR THE YEAR ENDED DECEMBER
31, 2003. THE RESULTS, ARE IN MILLIONS OF MEXICAN PESOS, HAVE BEEN PREPARED
IN ACCORDANCE WITH MEXICAN GAAP AND ARE ADJUSTED TO PESOS IN PURCHASING
POWER AS OF DECEMBER 31, 2003.
NET SALES
NET SALES INCREASED 5.1% TO PS.23,563.2 MILLION IN 2003 FROM PS.22,416.6
MILLION IN 2002.
THE 5.1% INCREASE IN NET SALES WAS ATTRIBUTABLE TO SEVERAL FACTORS,
INCLUDING: I) A 5.4% REVENUE GROWTH IN THE TELEVISION BROADCASTING SEGMENT;
II) A 27.1% REVENUE INCREASE IN THE PUBLISHING DISTRIBUTION SEGMENT; III)
AN 11.6% INCREASE IN THE PROGRAMMING LICENSING SEGMENT REVENUES; IV) A
10.7% SALES INCREASE IN THE PROGRAMMING FOR PAY TELEVISION SEGMENT; V) A
28.2% INCREASE IN RADIO SALES; AND VI) A 2.9% SALES INCREASE IN THE
PUBLISHING SEGMENT. THESE INCREASES WERE PARTIALLY OFFSET BY A 14.4%
REVENUE REDUCTION IN THE CABLE TELEVISION SEGMENT AND A 4.9% SALES DECREASE
IN THE OTHER BUSINESSES SEGMENT.
EBITDA
EBITDA IS DEFINED AS OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION.
CONSOLIDATED EBITDA INCREASED 19.4% TO PS.7,571.2 MILLION IN 2003 FROM
PS.6,342.6 MILLION REPORTED IN 2002, AND CONSOLIDATED EBITDA MARGIN
INCREASED TO 32.1% FROM 28.3% IN 2002, REFLECTING EBITDA GROWTH IN MOST OF
OUR BUSINESS SEGMENTS, INCLUDING TELEVISION BROADCASTING, PROGRAMMING
LICENSING, PUBLISHING, RADIO, PROGRAMMING FOR PAY TELEVISION, AND OTHER
BUSINESSES, PARTIALLY OFFSET BY EBITDA DECLINES IN THE CABLE TELEVISION AND
PUBLISHING DISTRIBUTION SEGMENTS. IN ADDITION, OPERATING INCOME INCREASED
25.0% TO PS.6,045.9 MILLION IN 2003 FROM PS.4,835.3 MILLION REPORTED IN
2002, REFLECTING HIGHER SALES AND REDUCTIONS OF 0.2% IN COST OF SALES AND
1.9% IN OPERATING EXPENSES, PARTIALLY OFFSET BY A 1.2% INCREASE IN
DEPRECIATION AND AMORTIZATION COSTS.
THE CHARGE FOR OPERATING DEPRECIATION AND AMORTIZATION WAS OF PS.1,525.3
MILLION AND PS.1,507.3 MILLION IN 2003 AND 2002, RESPECTIVELY.
NET INCOME
NET INCOME AMOUNTED TO PS.3,596.6 MILLION IN 2003 AS COMPARED TO A NET
INCOME OF PS.767.2 MILLION IN 2002. THE NET INCREASE OF PS.2,829.4 MILLION
REFLECTED A PS.1,210.6 MILLION INCREASE IN OPERATING INCOME; A PS.218.1
MILLION DECREASE IN RESTRUCTURING AND NON-RECURRING CHARGES; A PS.1,675.6
MILLION DECREASE IN OTHER EXPENSE-NET; AND A PS.1,230.1 MILLION DECREASE IN
EQUITY IN LOSSES FROM AFFILIATES. THIS FAVORABLE CHANGE WAS PARTIALLY
OFFSET BY A PS.1,169.2 MILLION DECREASE IN INCOME FROM DISCONTINUED
OPERATIONS AND A PS.408.2 MILLION INCREASE IN INCOME TAXES.
RESULTS BY BUSINESS SEGMENT
TELEVISION BROADCASTING
THE 5.4% SALES INCREASE IN THE TELEVISION BROADCASTING SEGMENT (PS.15,387.0
MILLION AND PS.14,596.5 MILLION IN 2003 AND 2002, RESPECTIVELY), WAS MAINLY
ATTRIBUTABLE TO FOUR FACTORS: I) THE POLITICAL ADVERTISING CAMPAIGNS FOR
THE MID-TERM ELECTIONS IN MEXICO; II) AN INCREASE OF 11.5% IN LOCAL SALES,
DRIVEN MAINLY BY CHANNEL 4TV; III) AN INCREASE IN ADVERTISING TIME SOLD;
AND IV) THE SUCCESS OF OUR REALITY SHOWS.
TELEVISION BROADCASTING EBITDA INCREASED 14.7% TO PS.6,540.2 MILLION IN
2003 FROM PS.5,700.4 MILLION REPORTED IN 2002, REFLECTING HIGHER SALES AND
A 1.2% REDUCTION IN COST OF SALES, PARTIALLY OFFSET BY HIGHER OPERATING
EXPENSES. EBITDA MARGIN REACHED 42.5% IN 2003 FROM 39.1% IN 2002, EXCEEDING
THE COMPANY'S FULL YEAR EBITDA MARGIN GUIDANCE BY 250 BASIS POINTS. IN
ADDITION, OPERATING INCOME ROSE 18.4% IN 2003 (PS.5,617.0 MILLION AND
PS.4,745.8 MILLION IN 2003 AND 2002, RESPECTIVELY).
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
ANNEX 1 PAGE 2
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
PROGRAMMING FOR PAY TELEVISION
THE 10.7% INCREASE IN SALES FOR PROGRAMMING FOR PAY TELEVISION (PS.699.7
MILLION AND PS.632.2 MILLION IN 2003 AND 2002, RESPECTIVELY), RESULTED FROM
BOTH HIGHER REVENUES FROM SIGNALS SOLD TO PAY TELEVISION SYSTEMS IN MEXICO
AND HIGHER ADVERTISING SALES IN MEXICO, PARTIALLY OFFSET BY LOWER REVENUES
FROM SIGNALS SOLD TO PAY TELEVISION SYSTEMS IN LATIN AMERICA AND SPAIN.
OPERATING INCOME ROSE 83.1% (PS.114.6 MILLION AND PS.62.6 MILLION IN 2003
AND 2002, RESPECTIVELY), DUE TO HIGHER SALES AND LOWER OPERATING EXPENSES,
PRIMARILY REFLECTING A DECREASE IN COMMISSIONS, PARTIALLY OFFSET BY HIGHER
COSTS OF SIGNALS BOUGHT FROM THIRD PARTIES.
PROGRAMMING LICENSING
THE 11.6% INCREASE IN PROGRAMMING LICENSING SALES (PS.1,630.2 MILLION AND
PS.1,461.1 MILLION IN 2003 AND 2002, RESPECTIVELY), WAS ATTRIBUTABLE TO A
23.7% INCREASE IN THE ROYALTIES PAID TO THE COMPANY BY UNIVISION UNDER THE
UNIVISION PROGRAM LICENSE AGREEMENT, WHICH AMOUNTED TO U.S.$96.1 MILLION,
AS WELL AS BY THE TRANSLATION EFFECT ON FOREIGN-CURRENCY DENOMINATED SALES,
WHICH AMOUNTED TO PS.98.0 MILLION. THESE INCREASES WERE PARTIALLY OFFSET BY
LOWER EXPORT SALES MAINLY TO LATIN AMERICA.
OPERATING INCOME GREW 116.5% (PS.490.7 MILLION AND PS.226.7 MILLION IN 2003
AND 2002, RESPECTIVELY), REFLECTING HIGHER SALES AS WELL AS A DECREASE IN
COST OF SALES AND OPERATING EXPENSES DUE TO A LOWER PROVISION FOR DOUBTFUL
TRADE ACCOUNTS.
PUBLISHING
PUBLISHING SALES INCREASED 2.9% (PS.1,787.8 MILLION AND PS.1,737.2 MILLION
IN 2003 AND 2002, RESPECTIVELY), DUE TO HIGHER REVENUES FROM MAGAZINES SOLD
IN MEXICO, HIGHER ADVERTISING PAGES SOLD IN MEXICO AND ABROAD, AND THE
POSITIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY DENOMINATED SALES, WHICH
AMOUNTED TO PS.19.6 MILLION. THESE INCREASES WERE PARTIALLY OFFSET BY LOWER
CIRCULATION OF MAGAZINES SOLD ABROAD.
PUBLISHING OPERATING INCOME ROSE 24.8% (PS.327.3 MILLION AND PS.262.3
MILLION IN 2003 AND 2002, RESPECTIVELY), DUE TO HIGHER SALES AND A MARGINAL
REDUCTION IN COST OF SALES, PARTIALLY OFFSET BY A MARGINAL INCREASE IN
OPERATING EXPENSES.
PUBLISHING DISTRIBUTION
THE 27.1% INCREASE IN PUBLISHING DISTRIBUTION SALES (PS.1,776.2 MILLION AND
PS.1,397.2 MILLION IN 2003 AND 2002, RESPECTIVELY), WAS DRIVEN BY: I)
HIGHER DISTRIBUTION SALES ABROAD; II) THE POSITIVE TRANSLATION EFFECT ON
FOREIGN-CURRENCY DENOMINATED SALES, WHICH AMOUNTED TO PS.27.0 MILLION; AND
III) HIGHER REVENUES FROM MAGAZINES PUBLISHED BY THE COMPANY AND SOLD IN
MEXICO. THESE INCREASES WERE PARTIALLY OFFSET BY LOWER SALES OF MAGAZINES
PUBLISHED BY THIRD PARTIES AND SOLD IN MEXICO.
THE OPERATING LOSS INCREASED BY PS.9.8 MILLION TO AN OPERATING LOSS OF
PS.11.7 MILLION IN 2003 AND A OPERATING LOSS OF PS.1.9 MILLION IN 2002 DUE
TO HIGHER COST OF SALES AND OPERATING EXPENSES AND TO HIGHER PROVISION FOR
DOUBTFUL TRADE ACCOUNTS, PARTIALLY OFFSET BY HIGHER SALES.
CABLE TELEVISION
CABLE TELEVISION SALES DECREASED 14.4% (PS.986.5 MILLION AND PS.1,152.3
MILLION IN 2003 AND 2002, RESPECTIVELY), DUE TO A DECREASE IN SUBSCRIBERS
THROUGHOUT 2003 AND LOWER ADVERTISING SALES. THE SUBSCRIBER BASE DECREASED
TO APPROXIMATELY 364,000, OF WHICH MORE THAN 60,000 HAD DIGITAL SERVICE AS
OF DECEMBER 31, 2003, COMPARED WITH 412,000, OF WHICH APPROXIMATELY 65,000
HAD DIGITAL SERVICE AS OF THE SAME DATE OF 2002. CABLEVISION STARTED TO
GRADUALLY DIGITALIZE ITS SERVICE LAST NOVEMBER. THE PROJECT WILL BE
IMPLEMENTED IN STAGES OVER A PERIOD OF UP TO TWO YEARS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
ANNEX 1 PAGE 3
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
OPERATING INCOME DECREASED 42.3% (PS.120.9 MILLION AND PS.209.5 MILLION IN
2003 AND 2002, RESPECTIVELY), DUE TO LOWER SALES AND HIGHER DEPRECIATION
AND AMORTIZATION COSTS RELATED TO THE NETWORK UPGRADE AND RELATED
EQUIPMENT, PARTIALLY OFFSET BY A 14.1% DECREASE IN COST OF SALES AND A
21.7% DECREASE IN OPERATING EXPENSES.
THE 10% EXCISE TAX IMPOSED ON PAY TELEVISION SERVICES WAS ELIMINATED. AS A
RESULT, EFFECTIVE JANUARY 1, 2004 REVENUES FROM OUR CABLE TELEVISION
SEGMENT ARE NO LONGER SUBJECT TO THIS TAX.
RADIO
RADIO SALES INCREASED 28.2% (PS.249.3 MILLION AND PS.194.5 MILLION IN 2003
AND 2002, RESPECTIVELY), MAINLY DUE TO HIGHER ADVERTISING TIME SOLD IN OUR
NEWSCASTS AND SPORTING EVENTS PROGRAMS.
OPERATING RESULTS INCREASED TO AN OPERATING INCOME OF PS.7.0 MILLION IN
2003 FROM AN OPERATING LOSS OF PS.47.6 MILLION IN 2002. THE IMPROVEMENT
REFLECTED HIGHER SALES AND A DECREASE IN COST OF SALES PARTIALLY OFFSET BY
HIGHER OPERATING EXPENSES.
OTHER BUSINESSES
THE 4.9% DECREASE IN OTHER BUSINESSES SALES (PS.1,087.3 MILLION AND
PS.1,143.8 MILLION IN 2003 AND 2002, RESPECTIVELY), WAS PRIMARILY DUE TO
LOWER SALES IN THE FEATURE FILM DISTRIBUTION BUSINESS PARTIALLY OFFSET BY
HIGHER SALES FROM BOTH THE SPORTING EVENTS PRODUCTION AND THE INTERNET
PORTAL BUSINESSES.
THE OPERATING LOSS DECREASED TO PS.494.2 MILLION IN 2003 FROM PS.505.9
MILLION IN 2002, REFLECTING LOWER COST OF SALES, PARTIALLY OFFSET BY LOWER
SALES AND HIGHER OPERATING EXPENSES.
INTERSEGMENT SALES
INTERSEGMENT SALES FOR 2003 AND 2002, AMOUNTED TO PS.314.7 MILLION AND
PS.377.6 MILLION, RESPECTIVELY.
CORPORATE EXPENSES
CORPORATE EXPENSES FOR 2003 AND 2002, AMOUNTED TO PS.149.3 MILLION AND
PS.149.2 MILLION, RESPECTIVELY.
DISPOSED OPERATIONS
THE RESULTS OF OPERATIONS OF THE COMPANY'S NATIONWIDE PAGING AND DUBBING
BUSINESSES ARE PRESENTED AS DISPOSED OPERATIONS IN 2003.
SALES OF DISPOSED OPERATIONS IN 2003 AMOUNTED TO PS.273.9 MILLION AS
COMPARED TO PS.479.4 MILLION IN 2002. EBITDA OF DISPOSED OPERATIONS
AMOUNTED TO PS.68.2 MILLION IN 2003 AS COMPARED TO PS.80.4 MILLION IN 2002.
THE OPERATING INCOME OF DISPOSED OPERATIONS AMOUNTED TO PS.23.6 MILLION IN
2003 AS COMPARED TO PS.33.0 MILLION IN 2002.
SKY
INNOVA, S. DE R.L. DE C.V., A NON-CONSOLIDATED BUSINESS OF GRUPO TELEVISA,
IS THE PAY-TV MARKET LEADER IN MEXICO. IT PROVIDES DIRECT-TO-HOME SATELLITE
TELEVISION SERVICES UNDER THE SKY BRAND NAME. FINANCIAL AND OPERATING
UNAUDITED HIGHLIGHTS OF INNOVA, OF WHICH TELEVISA OWNS 60%, NEWS CORP. 30%,
AND LIBERTY MEDIA 10%, ARE AS FOLLOWS:
o THE NUMBER OF GROSS ACTIVE SUBSCRIBERS INCREASED 16.1% TO 856,600,
INCLUDING 48,500 COMMERCIAL SUBSCRIBERS, AS OF DECEMBER 31, 2003,
COMPARED WITH 737,800, INCLUDING 35,800 COMMERCIAL SUBSCRIBERS, AS OF
DECEMBER 31, 2002.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
ANNEX 1 PAGE 4
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
o REVENUES INCREASED 7.0% TO PS.3,820.7 MILLION IN 2003 COMPARED WITH
LAST YEAR, MAINLY DUE TO THE GROWTH OF ITS SUBSCRIBER BASE.
o EBITDA INCREASED 22.7% IN 2003 TO PS.1,191.5 MILLION COMPARED WITH
2002. AS A RESULT, EBITDA MARGIN INCREASED 400 BASIS POINTS TO 31.2%.
o EBIT INCREASED TO PS.382.9 MILLION IN 2003 COMPARED WITH PS.9.4
MILLION IN 2002.
o THE 10% EXCISE TAX WAS DEFINITELY ELIMINATED AS OF JANUARY 1, 2004.
FROM THIS DATE AND GOING FORWARD, INNOVA IS NOT SUBJECT TO THIS EXCISE
TAX AND WILL BE ABLE TO LOWER ITS OVERALL TAX EXPOSURE AND RETAIN A
HIGHER PROPORTION OF ITS REVENUES, WITHOUT ANY MODIFICATION IN PRICES
TO ITS SUBSCRIBERS.
o ON FEBRUARY 13, 2004, INNOVA ENTERED INTO TWO SEPARATE DERIVATIVE
TRANSACTIONS DENOMINATED "COUPON SWAP" AGREEMENTS TO HEDGE A PORTION
OF ITS U.S. DOLLAR FOREIGN EXCHANGE EXPOSURE RESULTING FROM THE
ISSUANCE OF ITS U.S.$300 MILLION 9.375% SENIOR NOTES DUE IN 2013.
UNDER THE TRANSACTIONS, INNOVA WILL RECEIVE SEMIANNUAL PAYMENTS
CALCULATED BASED ON AN AGGREGATE NOTIONAL AMOUNT OF U.S.$300 MILLION
AT AN ANNUAL RATE OF 9.375%, AND WILL MAKE MONTHLY PAYMENTS CALCULATED
BASED ON AN AGGREGATE NOTIONAL AMOUNT OF PS.3,282.2 MILLION AT AN
ANNUAL RATE OF 10.25%. THE TRANSACTIONS, BOTH OF WHICH TERMINATE IN
SEPTEMBER 2008, WILL REDUCE INNOVA'S FOREIGN EXCHANGE EXPOSURE ON 10
INTEREST COUPON PAYMENTS ON THE SENIOR NOTES.
o INNOVA HAS NOT REQUIRED SHAREHOLDER FUNDING FOR SEVEN STRAIGHT
QUARTERS AND EXPECTS TO SATISFY ITS LIQUIDITY NEEDS DURING 2004 WITH
ITS CURRENT BALANCE OF CASH RESOURCES AND ADDITIONAL CASH FLOW FROM
OPERATIONS.
INTEGRAL COST OF FINANCING
THE EXPENSE ATTRIBUTABLE TO INTEGRAL COST OF FINANCING DECREASED BY PS.23.0
MILLION, OR 3.6%, TO PS.614.4 MILLION FOR THE YEAR ENDED DECEMBER 31, 2003
FROM PS.637.4 MILLION FOR THE YEAR ENDED DECEMBER 31, 2002. THIS DECREASE
REFLECTS: I) A PS.332.0 MILLION DECREASE IN NET FOREIGN EXCHANGE LOSS,
PRIMARILY DUE TO THE 7.3% DEPRECIATION OF THE MEXICAN PESO AS COMPARED TO
THE U.S. DOLLAR DURING THE YEAR ENDED DECEMBER 31, 2003 VERSUS A 14.0%
DEPRECIATION OF THE MEXICAN PESO AS COMPARED TO THE U.S. DOLLAR DURING THE
YEAR ENDED DECEMBER 31, 2002; II) A PS.36.8 MILLION INCREASE IN INTEREST
INCOME, PRIMARILY AS A RESULT OF A HIGHER AVERAGE AMOUNT OF TEMPORARY
INVESTMENTS DURING THE YEAR ENDED DECEMBER 31, 2003 AS COMPARED TO THE YEAR
ENDED DECEMBER 31, 2002, WHICH WAS PARTIALLY OFFSET BY A REDUCTION OF
INTEREST RATES DURING THE YEAR ENDED DECEMBER 31, 2003 AS COMPARED TO THE
YEAR ENDED DECEMBER 31, 2002, AND A DECREASE IN INTEREST INCOME FROM INNOVA
FOR THE YEAR ENDED DECEMBER 31, 2003 AS COMPARED TO THE YEAR ENDED DECEMBER
31, 2002, AS A RESULT OF THE INNOVA'S CAPITALIZATION IN SEPTEMBER 2003 OF
ALL OF THE AMOUNTS DUE TO THE COMPANY BY INNOVA IN CONNECTION WITH
LONG-TERM LOANS PROVIDED BY THE COMPANY; AND III) A PS.50.0 MILLION
DECREASE IN INTEREST EXPENSE, PRIMARILY AS A RESULT OF A DECREASE IN THE
RESTATEMENT OF THE COMPANY'S UDI DENOMINATED DEBT, PRIMARILY DUE TO A LOWER
INFLATION DURING THE YEAR ENDED DECEMBER 31, 2003 (3.98%) AS COMPARED TO
THE YEAR ENDED DECEMBER 31, 2002 (5.70%), AS WELL AS AN INCREASE IN THE NET
GAIN ON INTEREST SWAP CONTRACTS OUTSTANDING IN THE YEAR ENDED DECEMBER 31,
2003 AS COMPARED TO THE YEAR ENDED DECEMBER 31, 2002. THESE FAVORABLE
VARIANCES WERE PARTIALLY OFFSET BY: I) A PS.357.8 MILLION DECREASE IN THE
FAVORABLE HEDGE EFFECT OF THE FOREIGN EXCHANGE LOSS INCURRED IN THE YEAR
ENDED DECEMBER 31, 2003, AS COMPARED TO THE YEAR ENDED DECEMBER 31, 2002,
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 2002; AND II) A PS.38.0
MILLION INCREASE IN LOSS FROM MONETARY POSITION PRIMARILY AS A RESULT OF A
HIGHER NET ASSET MONETARY POSITION DURING THE YEAR ENDED DECEMBER 31, 2003
AS COMPARED TO THE YEAR ENDED DECEMBER 31, 2002.
RESTRUCTURING AND NON-RECURRING CHARGES
RESTRUCTURING AND NON-RECURRING CHARGES DECREASED BY PS.218.1 MILLION, OR
24.9%, TO PS.657.2 MILLION FOR THE YEAR ENDED DECEMBER 31, 2003 FROM
PS.875.3 MILLION FOR THE YEAR ENDED DECEMBER 31, 2002. THIS DECREASE
REFLECTS: I) A PS.338.3 MILLION NON-RECURRING CHARGE TAKEN IN THE YEAR
ENDED DECEMBER 31, 2002 IN CONNECTION WITH THE WRITE-OFF OF EXCLUSIVE
RIGHTS LETTERS FOR SOCCER PLAYERS; II) A PS.169.9 MILLION NON-RECURRING
CHARGE TAKEN IN THE YEAR ENDED DECEMBER 31, 2002 RELATED TO THE DRAWDOWN BY
DIRECTV UNDER A LETTER OF CREDIT POSTED BY THE COMPANY IN CONNECTION WITH
CERTAIN ARRANGEMENTS BETWEEN DIRECTV AND THE
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
ANNEX 1 PAGE 5
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
COMPANY TO BROADCAST THE 2002 WORLD CUP; AND III) A REDUCTION IN
RESTRUCTURING CHARGES IN CONNECTION WITH WORK FORCE REDUCTIONS IN THE YEAR
ENDED DECEMBER 31, 2003 AS COMPARED TO THE YEAR ENDED DECEMBER 31, 2002.
THESE DECREASES WERE PARTIALLY OFFSET BY A PS.284.2 MILLION NON-RECURRING
CHARGE TAKEN IN THE YEAR ENDED DECEMBER 31, 2003, IN CONNECTION WITH THE
PAYMENT OF VESTED AND UNVESTED SALARY BENEFITS TO CERTAIN COMPANY'S UNION
EMPLOYEES, AS A PART OF THE COMPANY'S CONTINUING COST-CUTTING EFFORTS; AS
WELL AS A PS.164.6 MILLION NON-RECURRING CHARGE TAKEN IN THE YEAR ENDED
DECEMBER 31, 2003, IN CONNECTION WITH AN ESTIMATE FOR THE DISPOSAL OF
CERTAIN LONG-LIVED ASSETS AND ASSOCIATED COSTS RELATED TO THE COMPANY'S
NATIONWIDE PAGING BUSINESS, BASED ON THE EVALUATION OF BOTH THE
RECOVERABILITY OF THE ASSETS AND THE COMPANY'S DECISION FOR NOT CONTINUING
IN THIS MAJORITY-OWNED BUSINESS.
OTHER EXPENSE-NET
OTHER EXPENSE, NET DECREASED BY PS.1,675.6 MILLION, OR 75.5%, TO PS.543.3
MILLION FOR THE YEAR ENDED DECEMBER 31, 2003, AS COMPARED TO PS.2,218.9
MILLION FOR THE YEAR ENDED DECEMBER 31, 2002. THIS DECREASE PRIMARILY
REFLECTS A DECREASE IN THE WRITE-OFF OF GOODWILL FOR THE YEAR ENDED
DECEMBER 31, 2003, AS COMPARED TO THE YEAR ENDED DECEMBER 31, 2002, AS WELL
AS A GAIN ON DISPOSITION OF THE REMAINING SHARES HELD BY THE COMPANY IN ITS
FORMER DTH VENTURE IN SPAIN.
INCOME TAXES
THE EFFECTIVE INCOME AND ASSETS TAX RATE DECREASED FOR THE YEAR ENDED
DECEMBER 31, 2003, AS COMPARED TO THE YEAR ENDED DECEMBER 31, 2002,
PRIMARILY REFLECTING THE INCREASED USE OF TAX LOSS CARRY-FORWARDS IN 2003
AS COMPARED TO 2002, PARTIALLY OFFSET BY AN INCREASE IN CONSOLIDATED ASSETS
TAX, AS A RESULT OF A HIGHER ASSETS TAX BASE FOR THE YEAR ENDED DECEMBER
31, 2003 AS COMPARED TO THE YEAR ENDED DECEMBER 31, 2002, AND AN INCREASE
IN FOREIGN INCOME TAX IN 2003 AS COMPARED TO 2002.
EQUITY IN RESULTS OF AFFILIATES-NET
EQUITY IN RESULTS OF AFFILIATES INCREASED BY PS.1,230.1 MILLION TO AN
EQUITY INCOME OF PS.28.3 MILLION FOR THE YEAR ENDED DECEMBER 31, 2003 FROM
AN EQUITY LOSS OF PS.1,201.8 MILLION FOR THE YEAR ENDED DECEMBER 31, 2002.
THIS INCREASE PRIMARILY REFLECTS A DECREASE IN EQUITY LOSSES OF INNOVA IN
THE YEAR ENDED DECEMBER 31, 2003, AS COMPARED TO THE YEAR ENDED DECEMBER
31, 2002; A REDUCTION IN THE COMPANY'S LIABILITY POSITION IN SKY
MULTI-COUNTRY PARTNERS (SMCP) AS A RESULT OF THE REDUCTION IN THE ESTIMATED
REMAINING USEFUL LIFE OF THE SATELLITE TRANSPONDERS BEING LEASED BY SMCP
AND GUARANTEED BY THE COMPANY; AND AN EQUITY INCOME FROM THE COMPANY'S
INVESTMENT IN UNIVISION. THESE FAVORABLE VARIANCES WERE PARTIALLY OFFSET BY
AN INCREASE IN EQUITY LOSSES IN DTH TECHCO PARTNERS FOR THE YEAR ENDED
DECEMBER 31, 2003, AS COMPARED TO THE YEAR ENDED DECEMBER 31, 2002.
MINORITY INTEREST
MINORITY INTEREST INCREASED BY PS.49.4 MILLION TO A BENEFIT OF PS.121.0
MILLION FOR THE YEAR ENDED DECEMBER 31, 2003 FROM A BENEFIT OF PS.71.6
MILLION FOR THE YEAR ENDED DECEMBER 31, 2002. THIS INCREASE PRIMARILY
REFLECTED A NET LOSS OF THE COMPANY'S NATIONWIDE PAGING BUSINESS IN 2003 AS
COMPARED TO A NET INCOME IN 2002, PARTIALLY OFFSET BY DECREASES IN THE NET
LOSS OF THE COMPANY'S CABLE TELEVISION AND RADIO SEGMENTS FOR THE YEAR
ENDED DECEMBER 31, 2003, AS COMPARED TO THE YEAR ENDED DECEMBER 31, 2002.
OTHER RELEVANT INFORMATION
CAPITAL EXPENDITURES AND INVESTMENTS
IN 2003, THE COMPANY INVESTED APPROXIMATELY U.S.$94.9 MILLION IN PROPERTY,
PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES, OF WHICH APPROXIMATELY
U.S.$17.4 MILLION IS RELATED TO CABLEVISION. ADDITIONALLY, IN 2003 THE
COMPANY MADE CAPITAL CONTRIBUTIONS OF APPROXIMATELY U.S.$2.5 MILLION IN
"TUTV," A 50% JOINT VENTURE WITH UNIVISION FOR DISTRIBUTION OF THE
COMPANY'S SPANISH-SPEAKING PROGRAMMING PACKAGES IN THE UNITED STATES; AND
OF APPROXIMATELY U.S.$4.8 MILLION IN OCESA ENTRETENIMIENTO, THE LIVE
ENTERTAINMENT COMPANY IN WHICH
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
ANNEX 1 PAGE 6
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
THE COMPANY HOLDS A 40% STAKE; AS WELL AS U.S.$20.6 MILLION IN LONG-TERM
LOANS TO ITS LATIN AMERICAN DTH JOINT VENTURES. INNOVA DID NOT REQUIRE
SHAREHOLDER FUNDING IN 2003 AND DOES NOT EXPECT TO REQUIRE SHAREHOLDER
FUNDING IN 2004.
DEBT
AS OF DECEMBER 31, 2003, THE COMPANY'S LONG-TERM DEBT MATURITIES AMOUNTED
TO PS.14,704.2 MILLION, AND THE CURRENT PORTION OF LONG-TERM DEBT WAS
PS.285.2 MILLION, COMPARED WITH PS.13,875.9 MILLION AND PS.1,289.2 MILLION,
RESPECTIVELY, AS OF DECEMBER 31, 2002.
ON FEBRUARY 4, 2004 MOODY'S INVESTOR SERVICES AFFIRMED GRUPO TELEVISA,
S.A.'S EXISTING SENIOR IMPLIED RATING, SENIOR UNSECURED ISSUER RATING AND
DEBT RATINGS OF "BAA3." ADDITIONALLY, MOODY'S CHANGED THE OUTLOOK FROM
"STABLE" TO "POSITIVE."
SHARE BUYBACK PROGRAM
SINCE THE IMPLEMENTATION OF OUR MOST RECENTLY ANNOUNCED SHARE REPURCHASE
PROGRAM, THROUGH FEBRUARY 25, 2004, THE COMPANY HAS REPURCHASED
APPROXIMATELY 94.8 MILLION SHARES IN THE FORM OF 31.6 MILLION CPOS FOR
APPROXIMATELY PS.520.3 MILLION IN NOMINAL TERMS.
ADVERTISING SALES PLAN
AS OF DECEMBER 31, 2003, WE HAD RECEIVED AGGREGATE UPFRONT ADVERTISING
DEPOSITS FOR TELEVISION ADVERTISING OF APPROXIMATELY PS.12,354.9 MILLION IN
NOMINAL TERMS. THE DEPOSITS AS OF DECEMBER 31, 2003 REPRESENTED A 9.3%
NOMINAL INCREASE, OR 5.1% IN REAL TERMS, AS COMPARED WITH THE PRIOR YEAR.
APPROXIMATELY 62.0% OF THE ADVANCED PAYMENT DEPOSITS AS OF DECEMBER 31,
2003 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, 2003 WAS 3.3
MONTHS.
TELEVISION RATINGS AND AUDIENCE SHARE
NATIONAL URBAN RATINGS AND AUDIENCE SHARE REPORTED BY IBOPE CONFIRM THAT IN
2003, TELEVISA CONTINUED TO DELIVER STRONG RATINGS AND AUDIENCE SHARES.
DURING WEEKDAY PRIME TIME (19:00 TO 23:00 - MONDAY TO FRIDAY), AUDIENCE
SHARE AMOUNTED TO 72.0%; IN PRIME TIME (16:00 TO 23:00 - MONDAY TO SUNDAY),
AUDIENCE SHARE AMOUNTED TO 70.1%; AND IN SIGN-ON TO SIGN-OFF (6:00 TO 24:00
- MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 71.8%. ADDITIONALLY, DURING
2003, TELEVISA AIRED 175 OF THE 200 MOST POPULAR PROGRAMS.
OUTLOOK FOR 2004
WE WILL FACE A DIFFICULT COMPARISON DURING THE FIRST HALF OF THE YEAR, AND
SPECIALLY DURING THE SECOND QUARTER, DUE TO THE ABSENCE OF THE POLITICAL
ADVERTISING THAT WE RECEIVED IN 2003. HOWEVER, WE EXPECT TO MAKE UP THAT
SHORTFALL AND ACHIEVE A MARGINAL INCREASE IN OUR TELEVISION BROADCASTING
SEGMENT REVENUES FOR THE FULL YEAR. IN ADDITION, WE EXPECT TO KEEP OVERALL
COST AND EXPENSES FLAT DURING 2004, WHICH SHOULD ALLOW US TO MAINTAIN OUR
TELEVISION BROADCASTING SEGMENT AND CONSOLIDATED EBITDA MARGINS AT CURRENT
LEVELS.
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, FEATURE FILM PRODUCTION AND DISTRIBUTION, 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.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
ANNEX 1 PAGE 7
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
THIS ANNEX CONTAINS FORWARD-LOOKING STATEMENTS REGARDING THE COMPANY'S
RESULTS AND PROSPECTS. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THESE
STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS ANNEX SHOULD BE READ IN
CONJUNCTION WITH THE FACTORS DESCRIBED IN "ITEM 3. KEY INFORMATION -
FORWARD-LOOKING STATEMENTS" IN THE COMPANY'S ANNUAL REPORT ON FORM 20-F,
WHICH, AMONG OTHERS, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM
THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS MADE IN THIS ANNEX AND IN
ORAL STATEMENTS MADE BY AUTHORIZED OFFICERS OF THE COMPANY. READERS ARE
CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS,
WHICH SPEAK ONLY AS OF THEIR DATES. THE COMPANY UNDERTAKES NO OBLIGATION TO
PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A
RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2 PAGE 1
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
GRUPO TELEVISA, S.A.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002
(IN THOUSANDS OF MEXICAN PESOS IN PURCHASING POWER AS
OF DECEMBER 31, 2003, EXCEPT PER SHARE, PER CPO AND PER 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, 2003 AND 2002, 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, 2003 AND 2002, WHICH INCLUDE, AMONG OTHER
DISCLOSURES, THE GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES, WHICH HAVE
BEEN APPLIED ON A CONSISTENT BASIS FOR THE YEAR ENDED DECEMBER 31, 2003.
2. PROPERTY, PLANT AND EQUIPMENT:
PROPERTY, PLANT AND EQUIPMENT AS OF DECEMBER 31, CONSISTED OF:
2003 2002
------------------------- ----------------------
BUILDINGS Ps. 7,160,757 Ps. 6,779,204
BUILDINGS IMPROVEMENTS 1,634,628 1,769,044
TECHNICAL EQUIPMENT 11,399,328 10,124,891
FURNITURE AND FIXTURES 562,691 539,479
TRANSPORTATION EQUIPMENT 1,084,767 986,790
COMPUTER EQUIPMENT 916,240 819,922
------------------------- -----------------------
22,758,411 21,019,330
ACCUMULATED DEPRECIATION (11,306,059)) (9,666,143)
------------------------- -----------------------
11,452,352 11,353,187
LAND 3,534,492 3,594,734
CONSTRUCTION IN PROGRESS 613,854 1,005,424
------------------------- -----------------------
Ps. 15,600,698 Ps. 15,953,345
========================= =======================
DEPRECIATION CHARGED TO INCOME FOR THE YEARS ENDED DECEMBER 31, 2003
AND 2002, WAS PS.1,281,436 AND PS.1,046,228, RESPECTIVELY.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2 PAGE 2
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
3. LONG-TERM DEBT SECURITIES:
AS OF DECEMBER 31, THE COMPANY'S LONG-TERM DEBT SECURITIES OUTSTANDING
WERE AS FOLLOWS:
2003 2002
----------------------------------------- ---------------------------------------
U.S. DOLLAR U.S. DOLLAR
PRINCIPAL PRINCIPAL
AMOUNTS MEXICAN AMOUNTS MEXICAN
(THOUSANDS) PESOS (THOUSANDS) PESOS
------------------ -------------------- --------------- -------------------
11.375% SERIES "A" SENIOR NOTES DUE
2003 (SEE NOTE 13) $ - Ps. - $ 68,847 Ps. 749,062
11.875% SERIES "B" SENIOR NOTES DUE
2006 (A) 5,343 59,975 5,343 58,132
8.625% SENIOR NOTES DUE 2005 (B) 200,000 2,245,000 200,000 2,176,020
8.000% SENIOR NOTES DUE 2011 (C) 300,000 3,367,500 300,000 3,264,030
8.500% SENIOR NOTES DUE 2032 (D) 300,000 3,367,500 300,000 3,264,030
---------------- --------------------- --------------- -------------------
$ 805,343 9,039,975 $ 874,190 9,511,274
================ ===============
UDI-DENOMINATED NOTES DUE 2007 (E) 3,640,302 3,642,526
--------------------- -------------------
Ps. 12,680,277 Ps. 13,153,800
===================== ===================
(A) INTEREST ON THE SERIES "B" SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS
PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 12.49% PER
ANNUM, AND IS PAYABLE SEMI-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) 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) 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) NOTES DENOMINATED IN MEXICAN INVESTMENT UNITS ("UNIDADES DE INVERSION"
OR "UDIS") FOR A NOMINAL AMOUNT OF PS.3,000,000, 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, 2003 AND 2002 INCLUDES RESTAMENT OF PS.640,302 AND
PS.523,231, RESPECTIVELY. THE UDI VALUE AS OF DECEMBER 31, 2003, WAS
OF PS. 3.352003 PER ONE UDI.
THE SENIOR NOTES DUE IN 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.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2 PAGE 3
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
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
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 2002, ANY FOREIGN EXCHANGE GAIN OR LOSS ATTRIBUTABLE TO
THIS U.S. DOLLAR LONG-TERM DEBT, BEING HEDGED BY THE GROUP'S NET INVESTMENT
IN UNIVISION, IS CREDITED OR CHARGED DIRECTLY TO EQUITY (OTHER
COMPREHENSIVE INCOME OR LOSS ) (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 IN 2002, 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 2004. 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.
IN JUNE 2003, THE COMPANY WAS NOTIFIED BY THE MEXICAN TAX AUTHORITY OF
A FEDERAL TAX CLAIM MADE AGAINST THE COMPANY FOR APPROXIMATELY PS.302,000
PLUS PENALTIES AND SURCHARGES (A GROSS AMOUNT OF APPROXIMATELY PS.960,700).
THE CLAIM, WHICH RELATES TO AN ALLEGED ASSETS TAX LIABILITY FOR THE YEAR
ENDED DECEMBER 31, 1994, WAS ORIGINALLY BROUGHT BY THE MEXICAN TAX
AUTHORITY IN 1999, BUT WAS DISMISSED IN 2002 ON PROCEDURAL GROUNDS. THE
COMPANY BELIEVES THAT THIS CLAIM IS WITHOUT MERIT, AND INTENDS TO
VIGOROUSLY DEFEND THIS CLAIM, ALTHOUGH NO ASSURANCES CAN BE GIVEN AS TO THE
OUTCOME OF THIS DISPUTE.
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.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2 PAGE 4
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
5. STOCKHOLDERS' EQUITY:
THE MAJORITY STOCKHOLDERS' EQUITY AS OF DECEMBER 31, IS ANALYZED AS
FOLLOWS:
2003 2002
--------------------------------------- -------------------------------------
NOMINAL RESTATED NOMINAL RESTATED
PESOS PESOS PESOS PESOS
------------------ --------------------- ------------------- ----------------
CAPITAL STOCK Ps. 1,495,885 Ps. 7,587,719 Ps. 1,512,083 Ps. 7,661,751
ADDITIONAL PAID-IN CAPITAL 3,841,793 3,875,418 191,413 225,038
LEGAL RESERVE 622,401 1,269,487 585,509 1,231,128
RESERVE FOR REPURCHASE OF SHARES 2,255,655 5,284,975 2,695,761 5,736,233
UNAPPROPIATED EARNINGS FROM PRIOR
YEARS 6,692,014 14,328,478 6,541,070 14,171,529
RESULTS FROM REPURCHASE OF SHARES (6,613,956) (7,263,585) (2,931,168) (3,581,191)
OTHER ACCUMULATED RESULTS 2,880 12,107 2,880 12,107
CUMULATIVE GAIN ON ISSUANCE OF SHARES
OF ASSOCIATES 3,464,006 3,616,238 580,792 733,024
CUMULATIVE EFFECT OF DEFERRED TAXES (2,197,681) (2,747,622) (2,197,681) (2,747,622)
NET INCOME FOR THE PERIOD -- 3,596,603 737,836 767,176
DEFICIT FROM RESTATEMENT -- (3,112,135) -- (3,221,608)
----------------- ------------------
TOTAL MAJORITY STOCKHOLDERS' EQUITY Ps. 26,447,683 Ps.20,987,565
================= ==================
IN CONNECTION WITH THE APPROVAL OF THE COMPANY'S SHAREHOLDERS ON APRIL
30, 2002 TO ISSUE ADITIONAL SERIES "A" SHARES IN AN AGGREGATE AMOUNT OF TO
4.5% OF THE COMPANY'S OUTSTANDING CAPITAL STOCK (430,350,671 SERIES "A"
SHARES), IN SEPTEMBER 2002 AND DECEMBER 2003 THE COMPANY INCREASED ITS
CAPITAL STOCK IN THE AMOUNT OF PS. 426 AND PS. 4,023,375, RESPECTIVELY, BY
ISSUING 43,117 AND 430,307,554 SERIES "A" SHARES, RESPECTIVELY. AS A RESULT
OF THESE CAPITAL INCREASES, THE COMPANY RECOGNIZED IN SEPTEMBER 2002 AND
DECEMBER 2003 AN ADDITIONAL PAID-IN CAPITAL OF PS. 391 AND PS. 3,650,380,
RESPECTIVELY.
THE 430,307,554 SERIES "A" SHARES ISSUED BY THE COMPANY IN DECEMBER
2003, WERE REPURCHASED BY THE COMPANY IN THAT DATE TO BE OFFERED TO PLAN
PARTICIPANTS THOUGH ONE SPECIAL PURPOSE TRUST (SEE NOTE 6).
ON APRIL 30, 2003, THE COMPANY'S STOCKHOLDERS APPROVED (I) A PAYMENT
OF DIVIDENDS FOR A NOMINAL AMOUNT OF PS.550,000, WHICH WERE PAID ON JUNE
30, 2003 AS FOLLOWS: A DIVIDEND OF PS.0.18936541 PER CPO AND A DIVIDEND OF
PS.0.05260150265 PER SERIES "A" SHARE (NOT IN THE FORM OF A CPO UNIT); AND
(II) THE CANCELLATION OF 33,131,712 SHARES OF CAPITAL STOCK IN THE FORM OF
11,043,904 CPOS, WHICH WERE PART OF THE REPURCHASES OF SHARES MADE BY THE
COMPANY IN 2000 AND FROM JANUARY TO APRIL 2003. ALSO, ON DECEMBER 23, 2003,
THE COMPANY'S SHAREHOLDERS APPROVED THE CANCELLATION OF 61,671,000 SHARES
OF CAPITAL STOCK IN THE FORM OF 20,557,000 CPOS, WHICH WERE REPURCHASES OF
SHARES MADE BY THE COMPANY FROM MAY THROUGH DECEMBER 2003.
AS OF DECEMBER 31, 2003 AND 2002, CAPITAL STOCK IS NET OF SHARES
REPURCHASED OF PS.619,722 (NOMINAL PS.122,175) AND PS.246,737 (NOMINAL
PS.48,643), RESPECTIVELY.
AT DECEMBER 31, 2003, THE COMPANY'S NUMBER OF SHARES OF CAPITAL STOCK
AUTHORIZED AND ISSUED, REPURCHASED AND OUTSTANDING CONSISTED OF:
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2 PAGE 5
CONSOLIDATED
JUDGED INFORMATION Final Printing
------------------------------------------------------------------------------------------
AUTHORIZED
SHARES AND ISSUED REPURCHASED (*) OUTSTANDING
------------------ ----------------------- --------------------- ---------------------
SERIES "A" 4,989,449,767 541,247,226 4,448,202,541
SERIES "L" 2,239,549,096 86,848,654 2,152,700,442
SERIES "D" 2,239,549,096 86,848,654 2,152,700,442
--------------------- ------------------- ----------------------
9,468,547,959 714,944,534 8,753,603,425
===================== =================== ======================
(*) SHARES REPURCHASED INCLUDE 260,545,962 SHARES IN THE FORM OF 86,848,654
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, 2003, THE COMPANY'S STOCKHOLDERS HAD APPROVED
APPROPRIATING FROM RETAINED EARNINGS A RESERVE AMOUNTING TO PS.6,616,402,
FOR THE REPURCHASE OF SHARES AT THE DISCRETION OF MANAGEMENT. THE RESERVE
FOR REPURCHASE OF SHARES WAS USED IN 1999, 2000 AND 2003 FOR AN AMOUNT OF
PS. 272,044, PS. 608,125 AND PS. 451,258, RESPECTIVELY, IN CONNECTION WITH
REPURCHASES OF SHARES IN THOSE YEARS.
IN ACCORDANCE WITH THE MEXICAN SECURITIES LAW, ANY AMOUNT OF SHARES
REPURCHASED AND HELD BY THE COMPANY IS RECOGNIZED AS A CHARGE TO
STOCKHOLDERS' EQUITY, AND ANY CANCELLATION OF SHARES REPURCHASED IS
RECOGNIZED AS A REDUCTION OF THE COMPANY'S CAPITAL STOCK ISSUED FOR AN
AMOUNT PROPORTIONATE TO THE SHARES CANCELLED.
THE 714,944,534 SHARES REPURCHASED AND HELD BY THE GROUP AS OF
DECEMBER 31, 2003, ARE REFLECTED AS A CHARGE TO THE STOCKHOLDERS' EQUITY,
AS FOLLOWS:
SHARES SHARES OWNED
REPURCHASED BY ONE SHARES
BY THE COMPANY COMPANY'S REPURCHASED
STOCKHOLDERS' EQUITY SUBSIDIARY BY THE GROUP
-------------------------------- ----------------- ------------------- -----------------
CAPITAL STOCK Ps. 372,995 Ps. 246,727 Ps. 619,722
UNAPPROPRIATED EARNINGS 3,650,380 2,073,772 5,724,152
----------------- ------------------- -----------------
TOTAL Ps. 4,023,375 Ps. 2,320,499 Ps. 6,343,874
================= =================== =================
IN SEPTEMBER 2002, THE COMPANY ANNOUNCED A SHARE REPURCHASE PROGRAM OF
UP TO U.S.$400 MIILION OVER THE NEXT THREE YEARS. THE COMPANY STARTED
REPURCHASING SHARES IN 2003 UNDER THIS REPURCHASE PROGRAM, AND FROM JANUARY
1, THROUGH DECEMBER 31, 2003, THE COMPANY REPURCHASED 94,800,300 SHARES IN
THE FORM OF 31,600,100 CPOS FOR PS.533,431 (PS.520,187 NOMINAL).
IN THE THIRD QUARTER OF 2003, THE GROUP SOLD 15,000,000 SHARES OF THE
COMPANY IN THE FORM OF 5,000,000 CPOS FOR AN AMOUNT OF PS.71,699, IN
CONNECTION WITH ITS STOCK OPTION PLAN.
7. INTEGRAL COST OF FINANCING:
INTEGRAL COST OF FINANCING FOR THE YEARS ENDED DECEMBER 31, CONSISTED
OF:
2003 2002
---------------- ----------------
INTEREST EXPENSE (1) Ps. 1,375,770 Ps. 1,425,677
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2 PAGE 6
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
INTEREST INCOME (649,892) (613,074)
FOREIGN EXCHANGE GAIN, NET (2) (193,355) (219,213)
LOSS FROM MONETARY POSITION (3) 82,004 43,957
---------------- ----------------
Ps. 614,527 Ps. 637,347
================ ================
(1) INCLUDES RESTATEMENT OF UDIS OF PS.139,331 AND PS.197,190 IN 2003 AND
2002, RESPECTIVELY.
(2) NET OF THE LOSS OF PS.468,989 AND PS.826,847 IN 2003 AND 2002,
RESPECTIVELY RESULTING FROM THE FOREIGN EXCHANGE RESULT ATTRIBUTABLE
TO CERTAIN LONG-TERM DEBT SECURITIES WHICH ARE HEDGED BY THE GROUP'S
NET INVESTMENT IN UNIVISION.
(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 FOREIGN
SUBSIDIARIES, ON THE MONETARY ASSETS AND LIABILITIES AT THE BEGINNING
OF EACH MONTH. INCLUDES MONETARY LOSS IN 2003 AND 2002 OF PS.135,642
AND PS.186,888, RESPECTIVELY, ARISING FROM TEMPORARY DEFFERENCES OF
NON-MONETARY ITEMS IN CALCULATING DEFERRED INCOME TAX.
8. DEFERRED TAXES:
THE DEFERRED INCOME TAX LIABILITY AS OF DECEMBER 31, WAS DERIVED FROM:
2003 2002
------------------ -----------------
ASSETS:
ACCRUED LIABILITIES Ps. 503,173 Ps. 634,673
GOODWILL 833,197 871,298
TAX LOSS CARRYFORWARDS 856,810 297,137
ALLOWANCE FOR DOUBTFUL ACCOUNTS 353,603 292,781
CUSTOMER ADVANCES 1,452,949 1,236,244
------------------ -----------------
3,999,732 3,332,133
------------------ -----------------
LIABILITIES:
INVENTORIES (1,267,319) (1,859,448)
PROPERTY, PLANT AND EQUIPMENT - NET (1,229,717) (1,166,256)
OTHER ITEMS (399,955) (527,417)
INNOVA (1,579,306) (1,370,199)
------------------ -----------------
(4,476,297) (4,923,320)
------------------ -----------------
DEFERRED-INCOME TAXS OF MEXICAN COMPANIES (476,565) (1,591,187)
DEFERRED TAX OF FOREINGN SUBSIDIARIES (374,133) (370,439)
ASSETS TAX 1,855,702 1,606,547
VALUATION ALLOWANCE (2,248,239) (2,041,411)
------------------ -----------------
DEFERRED INCOME TAX LIABILITY (1,243,235) (2,396,490)
EFFECT ON CHANGE OF INCOME TAX RATES 88,779 279,674
------------------ -----------------
DEFERRED TAX LIABILITY OF CONTINUING OPERATIONS Ps. (1,154,456) Ps. (2,116,816)
================== =================
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,
2003 AND 2002.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2 PAGE 7
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
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 2002.
DISCONTINUED OPERATIONS OF THE MUSIC RECORDING SEGMENT FOR THE YEARS
ENDED DECEMBER 31, 2003 AND 2002, ARE PRESENTED AS FOLLOWS:
2003 2002
-------------------- --------------------
INCOME FROM MUSIC RECORDING OPERATIONS Ps. - Ps. 1,760
(LOSS) GAIN ON DISPOSAL OF MUSIC RECORDING OPERATIONS, NET OF AN INCOME TAX
BENEFIT OF Ps.30,191 AND AN INCOME TAX PROVISION OF Ps.557,900, RESPECTIVELY (64,157) 1,103,250
-------------------- --------------------
Ps. (64,157) Ps. 1,105,010
==================== ====================
SUMMARIZED INFORMATION ON RESULTS OF THE DISCONTINUED MUSIC RECORDING
OPERATIONS FOR THE PERIOD FROM JANUARY 1, 2002 THROUGH THE CLOSING DATE IN
MARCH 2002, IS AS FOLLOWS:
2002
-----------------------
NET SALES Ps. 215,583
COST OF SALES 157,414
OPERATING EXPENSES 37,484
DEPRECIATION AND AMORTIZATION 800
OPERATING INCOME 19,885
INCOME BEFORE INCOME TAX 12,315
INCOME TAXES 10,555
NET INCOME FROM DISCONTINUED OPERATIONS 1,760
11. CUMULATIVE EFFECT OF ACCOUNTING CHANGES:
NO CUMULATIVE EFFECT OF ACCOUNTING CHANGE WAS RECOGNIZED IN INCOME FOR
THE YEARS ENDED DECEMBER 31, 2003 AND 2002.
12. QUARTERLY NET RESULTS (HISTORICAL AND RESTATED):
THE QUARTERLY NET RESULTS FOR THE FOUR QUARTERS ENDED DECEMBER 31,
2003, ARE AS FOLLOWS:
INDEX AT END
QUARTER ACCUMULATED QUARTER OF PERIOD ACCUMULATED QUARTER
-------------- ------------------- ------------------ --------------- ------------------------ ----------------------
1(degree)/ 03 Ps. 250,079 Ps. 250,079 104.261 Ps. 256,639 Ps. 256,639
2(degree)/ 03 1,515,190 1,265,286 104.188 1,556,026 1,299,387
3(degree)/ 03 2,217,022 686,024 105.275 2,253,264 697,238
4(degree)/ 03 3,596,603 1,343,339 106.996 3,596,603 1,343,339
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2 PAGE 8
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
(1) AS REPORTED IN EACH QUARTER.
13. INFORMATION BY SEGMENTS FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002,
WERE AS FOLLOWS:
TOTAL REVENUES INTERSEGMENT REVENUES CONSOLIDATED REVENUES OPERATING INCOME
(LOSS)
-------------------- ----------------------- ---------------------- -----------------------
2002:
TELEVISION BROADCASTING Ps. 14,596,503 Ps. 104,661 Ps. 14,491,842 Ps. 4,745,871
PROGRAMING FOR PAY TELEVISION 632,209 59,278 572,931 62,656
PROGRAMING LICENSING 1,461,051 - 1,461,051 226,658
PUBLISHING 1,750,040 27,163 1,722,877 253,256
PUBLISHING DISTRIBUTION 1,397,200 11,717 1,385,483 (1,927)
CABLE TELEVISION 1,152,268 499 1,151,769 209,474
RADIO 194,501 43,647 150,854 (47,557)
OTHER BUSINESSES 1,610,395 130,629 1,479,766 (463,959)
ELIMINATIONS AND CORPORATE EXPENSES
(377,594) (377,594) - (149,222)
-------------------- ----------------------- ---------------------- -----------------------
CONSOLIDATED TOTAL Ps. 22,416,573 Ps. - Ps. 22,416,573 Ps. 4,835,250
==================== ======================= ====================== =======================
2003:
TELEVISION BROADCASTING Ps. 15,387,002 Ps. 70,112 Ps. 15,316,890 Ps. 5,617,066
PROGRAMING FOR PAY TELEVISION 699,677 55,877 643,800 114,703
PROGRAMING LICENSING 1,630,155 - 1,630,155 490,622
PUBLISHING 1,787,753 6,875 1,780,878 327,239
PUBLISHING DISTRIBUTION 1,776,224 6,617 1,769,607 (11,622)
CABLE TELEVISION 986,507 4,872 981,635 120,914
RADIO 249,306 47,079 202,227 6,949
OTHER BUSINESSES 1,361,278 123,257 1,238,021 (470,627)
ELIMINATIONS AND CORPORATE EXPENSES
(314,689) (314,689) - (149,307)
-------------------- ----------------------- ---------------------- -----------------------
CONSOLIDATED TOTAL Ps. 23,563,213 Ps. - Ps. 23,563,213 Ps. 6,045,937
==================== ======================= ====================== =======================
14. REFINANCING
ON MAY 7, 2003 THE COMPANY ENTERED INTO A LONG-TERM CREDIT AGREEMENT
WITH A MEXICAN BANK FOR AN AGGREGATE AMOUNT OF PS.800,000, WITH TWO
TRANCHES OF PS.400,000 EACH. THE AVERAGE ANNUAL INTEREST RATE EQUALS 8.925%
PLUS ADDITIONAL BASIS POINTS FROM 0 TO 45 BASED ON THE MAINTENANCE OF
CERTAIN FINANCIAL COVERAGE RATIOS RELATED TO INDEBTEDNESS. INTEREST DUE IN
CONNECTION WITH THIS CREDIT AGREEMENT IS PAYABLE ON A 28-DAY BASIS. THIS
INDEBTEDNESS HAS TWO SEMIANNUAL MATURITIES OF PS.40,000 EACH IN 2004, TWO
SEMIANNUAL MATURITIES OF PS.120,000 EACH IN 2006 AND TWO QUARTELY
MATURITIES OF PS.240,000 EACH IN 2008. THE NET PROCEEDS OF THIS CREDIT
AGREEMENT WERE PRIMARILY USED TO PAY AMOUNTS OUTSTANDING UNDER THE SERIES
"A" SENIOR NOTES WHICH MATURED ON MAY 15, 2003. UNDER THE TERMS OF THIS
CREDIT AGREEMENT, THE COMPANY AND ITS RESTRICTED SUBSIDIARIES ENGAGED IN
TELEVISION BROADCASTING, PROGRAMMING FOR PAY TELEVISION AND PROGRAMMING
LICENSING ARE REQUIRED TO MAINTAIN CERTAIN FINANCIAL COVERAGE RATIOS AND
ARE SUBJECT TO CERTAIN RESTRICTIVE COVENANTS SIMILAR TO THE RATIOS AND
COVENANTS OF THE U.S.$100 MILLION SYNDICATED TERM LOAN.
15. ACQUISITION OF TELESPECIALIDADES AND DISPOSAL OF VIA DIGITAL
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2 PAGE 9
CONSOLIDATED
JUDGED INFORMATION Final Printing
--------------------------------------------------------------------------
IN JUNE 2003, THE COMPANY SUBSTANTIALLY COMPLETED THE ACQUISITION OF
ALL THE OUTSTANDING EQUITY OF TELESPECIALIDADES, S.A. DE C.V.
("TELESPECIALIDADES"), A COMPANY WHICH WAS OWNED BY ALL OF THE SHAREHOLDERS
OF GRUPO TELEVICENTRO, S.A. DE C.V. ("TELEVICENTRO"), THE GROUP'S
CONTROLLING COMPANY. THE TOTAL CONSIDERATION PAID IN THE THIRD QUARTER OF
2003 IN CONNECTION WITH THIS ACQUISITION WAS U.S.$83 MILLION (PS.893,698),
WHICH WAS FINANCED WITH CASH ON HAND. AT THE TIME OF THE ACQUISITION,
TELESPECIALIDADES'S NET ASSETS CONSISTED PRICIPALLY OF 4,773,849 SHARES OF
THE COMPANY'S CAPITAL STOCK IN THE FORM OF 1,591,283 CPOS, WHICH SECURITIES
WERE PREVIOUSLY OWNED BY TELEVICENTRO, AND TAX LOSS CARRYFORWARDS FOR
APPROXIMATELY PS.6,713,683. THE TERMS OF THIS ACQUISITION WERE APPROVED BY
THE COMPANY'S BOARD OF DIRECTORS AND AUDIT COMMITTEE. BEGINNING JUNE 30,
2003, THE GROUP RECOGNIZES THE SHARES OF THE COMPANY OWNED BY
TELESPECIALIDADES AS A SHARE REPURCHASE.
IN APRIL 2003, THE GROUP SOLD A PORTION OF ITS MINORITY INTEREST IN
THE CAPITAL STOCK OF DTS DISTRIBUIDORA DE TELEVISION DIGITAL, S.A. ("VIA
DIGITAL"), A DTH VENTURE IN SPAIN, FOR AN AGGREGATE AMOUNT OF APPROXIMATELY
27.5 MILLION EUROS (PS.397,078) IN CASH. THE GROUP RECOGNIZED A PRE-TAX
GAIN OF SUCH AMOUNT ON THIS SALE, WHICH REPRESENTED THE EXCESS OF THE CASH
PROCEEDS OVER THE CARRYING VALUE OF THE RELATED NET INVESTMENT IN VIA
DIGITAL AT THE TRANSACTION DATE. A PORTION OF THE NET PROCEEDS FROM THIS
DIVESTITURE WERE USED TO PREPAY ALL OF THE AMOUNTS THEN OUTSTANDING UNDER A
LONG-TERM LOAN FOR APPROXIMATELY 23.6 MILLION EUROS WITH AN ORIGINAL
MATURITY IN JUNE 2003.
IN THE THIRD QUARTER OF 2003, THE GROUP EXCHANGED ITS REMAINING SHARES
OF VIA DIGITAL FOR SHARES OF SOGECABLE, A PUBLIC PAY TELEVISION COMPANY IN
SPAIN, IN CONNECTION WITH A MERGER IN WHICH SOGECABLE BECAME THE SURVIVING
ENTITY. AS A RESULT OF THIS TRANSACTION, THE GROUP RECOGNIZED A COST
INVESTMENT IN SOGECABLE AND A NON-CASH GAIN ON EXCHANGE OF SHARES FOR THE
AMOUNT OF APPROXIMATELY 3.3 MILLION EUROS (PS.43,801).
16. MERGER OF UNIVISION AND HISPANIC BROADCASTING CORPORATION
ON SEPTEMBER 22, 2003, UNIVISION AND HISPANIC BROADCASTING CORPORATION
("HBC"), A LEADING SPANISH-LANGUAGE RADIO GROUP IN THE UNITED STATES,
ANNOUNCED THAT A CLEARANCE FROM THE U.S. FEDERAL COMMUNICATIONS COMMISSION
WAS GRANTED TO THESE COMPANIES TO COMPLETE A PROPOSED MERGER OF THEIR
BUSINESSES. FOLLOWING THIS APPROVAL, THE HBC COMMON STOCK WAS CONVERTED
INTO 0.85 SHARES OF UNIVISION CLASS "A" COMMON STOCK, GIVING HBC
SHAREHOLDERS APPROXIMATELY 26.5% OF THE ENLARGED UNIVISION'S FULLY DILUTED
ECONOMIC OWNERSHIP.
AS A RESULT OF THIS MERGER, THE GROUP'S OWNERSHIP IN UNIVISION
DECREASED FROM 14.7% TO 10.9% ON A FULLY DILUTED BASIS (AND FROM
APPROXIMATELY 13.2% TO 9.4% ON A CURRENT OWNERSHIP BASIS). HOWEVER, THE
GROUP INCREASED THE CARRYING VALUE OF ITS INVESTMENT IN UNIVISION BY
RECOGNIZING A GAIN ON ISSUANCE OF SHARES OF UNIVISION OF APPROXIMATELY PS.
2,812,927, IN THE FOURTH QUARTER OF 2003, WHICH WAS ACCOUNTED FOR AS OTHER
COMPREHENSIVE INCOME IN THE GROUP'S STOCKHOLDERS EQUITY, AND CALCULATED
BASED ON ESTIMATES MADE AND REPORTED BY UNIVISION.
- - - - - - - - -
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
RELATION OF SHARES INVESTMENTS
ANNEX 3 CONSOLIDATED
JUDGED INFORMATION FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------------
TOTAL AMOUNT
(THOUSANDS OF PESOS)
% ---------------------------
NUMBER OWNERSHIP ACQUISITION PRESENT
COMPANY NAME (1) MAIN ACTIVITIES OF SHARES (2) COST VALUE (3)
---------------- --------------- --------- --------- ----------- ---------
SUBSIDIARIES
1 CORPORATIVO VASCO DE QUIROGA, PROMOTION AND 19,509,544 100.00 1,836,819 1,748,614
S.A. DE C.V. DEVELOPMENT OF
COMPANIES
2 CVQ ESPECTACULOS, S.A. DE C.V. PROMOTION AND 10,660,871 100.00 1,367,744 546,372
DEVELOPMENT OF
COMPANIES
3 DTH EUROPA, S.A. PROMOTION AND 465,711 79.95 264,460 (620,140)
DEVELOPMENT OF
COMPANIES
4 EDITORA FACTUM, S.A. DE C.V. PROMOTION AND 527,908,167 100.00 1,715,006 1,611,793
DEVELOPMENT OF
COMPANIES
5 EDITORIAL TELEVISA, S.A. DE C.V. PROMOTION AND 1,037,498 100.00 823,582 1,505,609
DEVELOPMENT OF
COMPANIES
6 FACTUM MAS, S.A. DE C.V. PROMOTION AND 5,271,100,701 100.00 4,585,127 (367,039)
DEVELOPMENT OF
COMPANIES
7 GRUPO DISTRIBUIDORAS INTERMEX, DISTRIBUTION OF BOOKS 349,470,905 100.00 822,778 696,948
S.A. DE C.V. AND MAGAZINES
8 GRUPO RADIOPOLIS, S.A. DE C.V. PROMOTION AND 418,881,301 100.00 342,274 7,763,395
DEVELOPMENT OF
COMPANIES
9 PROMO-INDUSTRIAS PROMOTION AND 515,523 100.00 102 57,973
METROPOLITANAS, S.A. DE C.V. DEVELOPMENT OF
COMPANIES
10 SISTEMA RADIOPOLIS, S.A. DE C.V. COMMERCIALIZATION OF 76,070,313 50.00 764,739 193,655
RADIO PROGRAMMING
11 TELEPARABOLAS, S.L. MAINTENANCE OF 1,500 100.00 750 796
PARABOLIC DISHES
12 TELESISTEMA MEXICANO, S.A. DE C.V. COMMERCIALIZATION OF 160,721,725 100.00 11,901,180 17,162,811
TELEVISION
13 TELEVISA ARGENTINA, S.A. COMMERCIAL OPERATION 6,920,920 100.00 115,371 15,701
OF TELEVISION
14 TELEVISA, S.A. DE C.V. PRODUCTION AND 6,800,750 36.34 7,555,759 8,828,634
BROADCASTING OF T.V.
PROGRAMMING
15 TELEVISION INDEPENDIENTE DE PROMOTION AND 16,997,306 99.96 1,265,724 4,824,886
MEXICO, S.A. DE C.V. DEVELOPMENT OF
COMPANIES
16 CAPITALIZED INTEGRAL COST OF 1 215,412
FINANCING, 1994
17 CAPITALIZED INTEGRAL COST OF 1 388,334
FINANCING, 1995
18 CAPITALIZED INTEGRAL COST OF 1 26,905
FINANCING, 1996
19 CAPITALIZED INTEGRAL COST OF 1 22,133
FINANCING, 1998
---------- ----------
TOTAL INVESTMENT IN SUBSIDIARIES 33,361,415 44,622,792
========== ==========
ASSOCIATEDS
1 ARGOS COMUNICACION, S.A. DE C.V. OPERATION AND/OR 33,000,000 15.30 137,000 14,353
BROADCASTING OF T.V.
2 DIBUJOS ANIMADOS MEXICANOS PRODUCTION OF 1,735,560 49.00 4,384 731
DIAMEX, S.A. DE C.V. ANIMATED CARTOONS
3 DTH TECHCO PARTNERS SERVICES FOR SATELLITE 1 30.00 117,900 122,220
PAY TELEVISION
4 EDITORIAL CLIO, LIBROS Y VIDEOS, PUBLISHING AND PRINTING 2,627,050 30.00 26,270 13,631
S.A. DE C.V. OF BOOKS AND
MAGAZINES.
5 ENDEMOL MEXICO, S.A. DE C.V. COMMERCIALIZATION OF 1,635,000 50.00 1,635 6,154
TELEVISION
PROGRAMMING
6 EN VIVO ESPECTACULOS, S. DE R.L. LIVE ENTERTAINMENT IN 2 100.00 25 (4,226)
DE C.V. MEXICO
7 GRUPO EUROPRODUCCIONES, S.A. PROMOTION AND 7,275 30.00 93,407 116,785
DEVELOPMENT OF
COMPANIES
8 OCESA ENTRETENIMIENTO, S.A. DE LIVE ENTERTAINMENT IN 14,100,000 40.00 1,095,581 457,697
C.V. MEXICO
9 SKY LATIN AMERICA PARTNERS ADMINISTRATIVE SERV. 1 30.00 1,974 10,474
FOR THE DTH VENTURES
10 TELEVISORA DEL YAQUI, S.A. DE C.V. OPERATION AND/OR 4,124,986 15.00 412 5,552
BROADCASTING OF T.V.
11 TUTV, LLC COMMERCIALIZATION OF 1 50.00 25,752 12,486
TELEVISION PROGRAMMING
12 UNIVISION COMMUNICATIONS, INC. BROADCASTING OF T.V. 30,187,534 9.37 5,602,976 5,340,196
SPANISH PROGRAMS ---------- ----------
TOTAL INVESTMENT IN ASSOCIATEDS 7,107,316 6,096,053
---------- ----------
OTHER PERMANENT INVESTMENTS 225,727
----------
TOTAL 50,944,572
==========
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA ANNEX 5 QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
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 Amorti- Rate More
zation of Until 1 Than Current Until 1 Until 2 Until 3 Until 4 Until 5
Date Interest Year 1 Year Year Year Year Year Year Year
------------------------------------------------------------------------------------------------------------------------------------
BANKS
------------------------------------------------------------------------------------------------------------------------------------
OTHER FINANCIAL ENTITIES
------------------------------------------------------------------------------------------------------------------------------------
SINDICADO 12/21/2006 2.09
BANAMEX, S.A. 5/1/2008 8.93 80,000 720,000
BANCA SERFIN, S.A. 5/15/2006 6.84 64,000 96,000
BANAMEX, S.A. 7/24/2004 6.70 114,469
BANK OF AMERICA 3/31/2010 2.37
BNP PARIBAS 3/28/2008 1.57
SUNTRUST BANK MIAMI, NATIONAL 4/1/2008 4.53
INBURSA, S.A. 11/1/2006 6.15 7,631 10,911
BANCO DE BILBAO VIZCAYA, S.A. 1/30/2006 5.86
LEASING DE OCCIDENTE 3/19/2005 13.87
LEASING DE COLOMBIA 3/21/2005 14.53
LEASING DEL VALLE 2/8/2004 13.39
SANTANDER CENTRAL HISPANO LEASING, S.A. 1/24/2006 14.74
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BANKS 266,100 826,911 - - - - - -
------------------------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
------------------------------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
------------------------------------------------------------------------------------------------------------------------------------
HOLDERS 5/13/2006 12.486
HOLDERS 8/8/2005 9.069
HOLDERS 9/13/2011 8.41
HOLDERS 3/11/2032 8.94
UDI DENOMINATED-NOTES 4/13/2007 8.15 3,640,302
------------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - 3,640,302 - - - - - -
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
SUPPLIERS
------------------------------------------------------------------------------------------------------------------------------------
VARIOUS 957,767 1,012,529
------------------------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS 957,767 - - 1,012,529 - - - -
------------------------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
------------------------------------------------------------------------------------------------------------------------------------
VARIOUS 756,425 67,288 616,937 528,911
------------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT LIABILITIES
AND OTHER CREDITS 756,425 67,288 - 616,937 528,911 - - -
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
1,980,292 4,534,501 - 1,629,466 528,911 - - -
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
Amortization of Credits in Foreign Currency With Foreign
Entities (Thousands of $)
------------------------------------------------------------------------------------------------------------------------------------
Time Interval
------------------------------------------------------------------------------------------------------------------------------------
Credit Type / Institution Current Until 1 Until 2 Until 3 Until 4 Until 5
Year Year Year Year Year Year
------------------------------------------------------------------------------------------------------------------------------------
BANKS
------------------------------------------------------------------------------------------------------------------------------------
OTHER FINANCIAL ENTITIES
------------------------------------------------------------------------------------------------------------------------------------
SINDICADO 449,000 673,500
BANAMEX, S.A.
BANCA SERFIN, S.A.
BANAMEX, S.A.
BANK OF AMERICA 562 562 562 562 29,459
BNP PARIBAS 7,065 7,065 7,065 6,297 1,642
SUNTRUST BANK MIAMI, NATIONAL 4,700 4,490 4,490 4,490 4,490
INBURSA, S.A.
BANCO DE BILBAO VIZCAYA, S.A. 5,757 2,199 378
LEASING DE OCCIDENTE 527 276
LEASING DE COLOMBIA 277 273 165
LEASING DEL VALLE 150 3
SANTANDER CENTRAL HISPANO LEASING, S.A. 55 60 6
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BANKS - 19,093 463,928 686,166 11,349 35,591
------------------------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
------------------------------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
------------------------------------------------------------------------------------------------------------------------------------
HOLDERS 59,975
HOLDERS 2,245,000
HOLDERS 3,367,500
HOLDERS 3,367,500
UDI DENOMINATED-NOTES
------------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - - 2,245,000 59,975 0 6,735,000
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
SUPPLIERS
------------------------------------------------------------------------------------------------------------------------------------
VARIOUS 378,283
------------------------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS - 378,283 - - - -
------------------------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
VARIOUS - 73,309 112,306
------------------------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT LIABILITIES
AND OTHER CREDITS - 73,309 112,306 - - -
------------------------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------------------------
- 470,685 2,821,234 746,141 11,349 6,770,591
------------------------------------------------------------------------------------------------------------------------------------
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:
$ 11.2250 PESOS PER U.S. DOLLAR
0.0040 PESOS PER COLOMBIAN PESO
14.2500 PESOS PER EURO
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
MONETARY FOREIGN CURRENCY POSITION
(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
---------- ---------- ---------- --------- ---------
TOTAL ASSETS 415,988 4,669,465 30,454 341,846 5,011,311
LIABILITIES POSITION 1,133,732 12,726,142 26,479 297,226 13,023,368
SHORT-TERM LIABILITIES POSITION 164,808 1,849,970 26,296 295,172 2,145,142
LONG-TERM LIABILITIES POSITION 968,924 10,876,172 183 2,054 10,878,226
--------- ---------- ------ ------- ----------
NET BALANCE (717,744) (8,056,677) 3,975 44,620 (8,012,057)
========= ========== ====== ======= ==========
NOTES
THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS :
$ 11.2250 PESOS PER U.S. DOLLAR
14.2500 PESOS PER EURO
3.7922 PESOS PER ARGENTINEAN PESO
11.2250 PESOS PER PANAMANIAN BALBOA
0.0189 PESOS PER CHILEAN PESO
0.0040 PESOS PER COLOMBIAN PESO
3.2404 PESOS PER PERUVIAN NUEVO SOL
20.3200 PESOS PER POUNDS STERLING
11.2250 PESOS PER ECUADORIAN SUCRE
THIS INFORMATION IS REPRESENTED ON A CONSOLIDATED BASIS AND INCLUDES,
ACCORDINGLY, INFORMATION OF FOREIGN SUBSIDIARIES.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
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
MONETARY MONETARY MONETARY MONTHLY (PROFIT)
MONTH ASSETS LIABILITIES POSITION INFLATION AND LOSS
----- -------- ----------- -------- --------- --------
JANUARY 20,592,448 20,998,826 406,378 0.00 1,643
FEBRUARY 20,892,759 19,276,113 (1,616,646) 0.00 (4,489)
MARCH 19,329,782 21,198,639 1,868,857 0.01 11,796
APRIL 19,050,700 21,537,252 2,486,552 0.00 4,245
MAY 18,954,674 21,319,938 2,365,264 0.00 (7,630)
JUNE 18,503,849 21,587,363 3,083,514 0.00 2,547
JULY 15,651,006 20,411,858 4,760,852 0.00 6,898
AUGUST 15,592,846 20,277,301 4,684,455 0.00 14,049
SEPTEMBER 22,552,440 21,033,429 (1,519,011) 0.01 (9,058)
OCTOBER 19,802,983 20,834,434 1,031,451 0.00 3,781
NOVEMBER 21,374,473 20,920,370 (454,103) 0.00 (3,769)
DECEMBER 22,742,784 21,749,702 (993,082) 0.00 (4,268)
ACTUALIZATION: - 555
CAPITALIZATION: - -
FOREIGN CORP.: - 37,262
OTHER - (135,566)
-------
TOTAL (82,004)
======
NOTES
THE AMOUNT REFLECTED IN "OTHER" INCLUDES A GAIN FROM MONETARY
POSITION DERIVED FROM DEFERRED TAXES FOR PS. 135,642 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
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
CONVENANTS ON BONDS AND MEDIUM TERM NOTES LISTED IN STOCK MARKET
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.
CONVENANT COMPLIANCE REPRESENTATION
AT DECEMBER 31, 2003, 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 19, 2004
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: YEAR: 2003
GRUPO TELEVISA, S.A.
PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS
ANNEX 9 CONSOLIDATED
JUDGED INFORMATION FINAL PRINTING
--------------------------------------------------------------------------------
PLANT UTILIZATION
PLANT OR CENTER ECONOMIC ACTIVITY 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
NOTES
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
MAIN RAW MATERIALS
ANNEX 10 CONSOLIDATED
Final Printing
JUDGED INFORMATION
-----------------------------------------------------------------------------------------------------------------------------------
MAIN MAIN DOM. COST
DOMESTIC SUPPLIERS FOREIGN SUPPLIERS SUBST. PRODUCTION
(%)
-----------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
TAPES AND VIDEOCASSETTE HEWLETT PACKARD,
FOR RECORDING S.A. DE C.V. 0.22
FUJI FILM, S.A. DE C.V. 0.03
VIDEOCASSETTE
FOR RECORDING COLOR CASSETES YES 0.42
PROGRAMS AND FILMS ALAMEDA FILMS,
S.A. 0.09
ANIME CREATIVE
CORPORATION 0.22
CIMA FILMS, S.A.
DE C.V. 0.17
CINEMATOGRAFICA
CALDERON, S.A. 0.13
CINEMATOGRAFICA
FILMEX, S.A. DE C.V. 0.10
CINEMATOGRAFICA
RODRIGUEZ, S.A. 0.43
CHURUBUSCO, S.A. 0.34
DIANA INTERNACIO
NAL FILMS, S.A. 1.42
DISTRIBUIDORA RO
MARI, S.A. DE C.V. 1.40
GRUPO GALINDO,
S.A. DE C.V. 0.19
GUIAS, S.A. DE C.V. 0.21
GUSSI, S.A. DE C.V. 2.59
NUVISION, S.A. 1.20
ORO FILMS,
S.A. DE C.V. 0.18
PELICULAS RODRI
GUEZ, S.A. 0.68
PELICULAS Y VI
DEOS INTERNACIO
NALES, S.A. 0.30
PRODUCCIONES
ALFA AUDIOVISUAL
S.A. DE C.V. 0.10
PRODUCCIONES
GALUBI, S.A. 0.10
PRODUCCIONES
GONZALO ELVIRA 0.12
QUALITY FILMS, S.A. 0.13
SECINE, S.A. DE C.V. 0.40
TELE ALIANZA,
S.A. DE C.V. 0.25
UNION INTERNACIONAL
S.A. DE C.V. 0.14
OTHER 1.30
PROGRAMS AND FILMS ABC DISTRIBUTION
COMPANY NO 0.78
ALFRED HABER
DISTRIBUTION, INC. NO 0.51
ALLIANCE
INTERNATIONAL NO 0.82
AMERICA PRO
DUCCIONES, S.A. NO 0.42
ARGENTINA SONO
FILMS, S.A. NO 0.04
B.R.B. INTERNA-
CIONAL, S.A. NO 0.38
BETAFILM GMBH
& CO. NO 0.12
BEVERLY HILLS
ENTERTAINMENT NO 0.12
BKN INTERNA-
CIONA,INC. NO 0.27
BKN TELEVISION
SALES,S.A. NO 0.20
BUENAVISTA
INTERNATIONAL
INC. NO 0.46
CANAL + DA NO 0.30
CANAL + DISTRI-
BUTION NO 0.55
CARSEY WERNER
DISTRIBUTION,INC. NO 0.09
CBS BROADCAST
INTERNATIONAL NO 1.68
CDC UNITED
NETWORK NO 0.13
CINAR FILMS, INC. NO 0.66
CLOVERWAY, INC. NO 0.10
CONSTELLATION
PICTURES, INC. NO 1.76
CHILDREN'S TELE-
VISION WORK NO 0.10
DARGAUD MARINA NO 0.10
DREAMWORKS NO 0.81
ENOKI FILMS,
LTD. NO 0.27
ENTHEOS GROUP,
LLC. NO 0.38
EVERGREEN ENTER-
TAINMENT CORP. NO 0.23
FIREWORKS INTER-
NATIONAL NO 0.67
FREMANTLE INTER-
NATIONAL DISTRI-
BUTION, LTD. NO 0.76
HALLMARK ENTER-
TAINMENT DISTRI-
BUTION, CO. NO 0.36
HASBRO, INC. NO 0.12
HEARTS
ENTERTAINMENT,
INC. NO 0.38
HIGHPOINT
PRODUCTIONS INC. NO 0.42
INDEPENDENT
INTERNATIONAL
T.V. INC. NO 3.03
LUCASFILM, LTD. NO 0.54
MAYFAIR ENTER-
TAINMENT INC. NO 0.14
MGM/UA TELECOM-
MUNICATIONS, INC. NO 2.14
MORGAN CREEK
INTERNATIONAL NO 0.75
MOVIEMEX INTER-
NATIONAL, INC. NO 0.10
MTV NETWORKS A
DIVISION OF VIACOM
INT. NO 1.68
MULTIMEDIA GROUP
OF CANADA NO 0.31
NBC INTERNATIONAL NO 0.87
NELVANA INTERNA-
TIONAL, LIMITED NO 0.49
NEW LATIN IMAGE
CORPORATION NO 0.40
NGTV INTERNA-
TIONAL, LTD. NO 0.18
UN IMAGE INCOR-
PORATED NO 0.34
PARAMOUNT
PICTURES , CORP. NO 6.83
RCN TELEVISION,
S.A. NO 0.94
ROSE ENTERTAIN-
MENT, INC. NO 0.16
RYSHER ENTER-
TAINMENT, INC. NO 0.56
SABAN INTERNA-
TIONAL, N.V. NO 0.10
SALSA
DISTRIBUTION NO 0.51
SALSA ENTER-
TAINMENT,INC. NO 0.55
SESAME WORKSHOP NO 0.26
SONY CORPORA-
TION OF AMERICA NO 11.60
SPI INTERNA-
TIONAL, INC. NO 0.34
STUDIOCANAL IMAGE NO 0.24
SUNBOW ENTER-
TAINMENT NO 0.31
TELEVISION FILM
DISTRIBUTION NO 0.63
TELEVIX ENTERTAIN-
MENT NO 0.12
TEPUY INTER-
NATIONAL, INC. NO 1.72
TF1 INTERNATIONAL NO 0.09
THE FREMANTLE
CORPORATION NO 0.18
TOEI ANIMATION
CO., LTD NO 1.10
TOP ENTERTAINMENT
PRODUCTS, INC. NO 0.25
TURNER INTER-
NATIONAL,INC. NO 0.25
TWENTIETH CEN-
TURY FOX, INC. NO 4.72
UNIVERSAL STUDIOS
INTERNATIONAL, B.V. NO 9.68
VENEVISION INTER-
NATIONAL, LTD. NO 1.04
VENTURA FILM
DISTRIBUTORS BV NO 1.30
WARNER BROS.
INTERNATIONAL
TELEVISION NO 14.14
WHILAND COMPANY NO 2.32
WORLD EVENTS
LLC. NO 0.05
WORDLDIVISION
ENTERPRISES, INC. NO 1.53
XYSTUS, LLC. NO 0.33
ZACH MOTION
PICTURES,INC. NO 0.31
GLOBAL PROGRAM-
MIND NETWORK NO 0.09
OTHER 1.59
COAXIAL CABLE RG NACIONAL DE
CONDUCTORES,
S.A. DE C.V. 34.29
PLASTIC STAPLE TV CABLE DE
COLOTLAN, S.A. C.V. 0.16
SINGLE TELEGRIP CORPODISENO DE
HERRAJES, S.A. 0.40
IDENTIFICATION PLAQUE RIVANDI, S.A. DE C.V. 0.36
HILTI BOLT HILTI MEXICANA,
S.A. DE C.V. NO 0.19
SWITCH CABLENETWORK
MEXICO NO 0.09
SWITCH DISTRIBUIDORA Y
COMERCIALIZADORA YES 3.20
TWO OUTLET DEVICE AC 200 TVC CORPORATION YES 0.34
DECODER MOTOROLA, INC. NO 3.91
COUCHE PAPER DISTRIBUIDORA DE
PAPEL 0.44
PRODUCTORA NAL.
DE PAPEL 0.40
COUCHE PAPER BOWATER INCOR-
PORATED YES 1.10
WEB SOURCE YES 3.50
FINNIPAP YES 14.80
TEMBEC, INC. YES 4.30
BULKLEY DUNTON YES 21.90
FOREST QUEST INC YES 0.52
MYLLLIKOSKI
PAPEL YES 21.39
M REAL YES 4.28
NORKE CANADA YES 0.12
UPM KYMMENE SEAS- YES 1.46
STORAENSO INTE YES 0.44
PAPER AND IMPRESSION PRODUCTORA CO
MERCIALIZADORA Y
EDITORES DE LI
BROS , S.A. DE C.V. 7.04
OFFSET
MULTICOLOR 13.87
GRAFICAS LA
PRENSA, SA DE CV 0.21
PAPER AND EDITORIAL ANTAR-
IMPRESSION TICA QUEBEC, S.A. YES 3.03
GRUPO OP GRAFICAS
S.A. YES 0.26
PRINTER COLOMBIA
NA, S.A. YES 1.24
GRUPO EDITORIAL
MOLINA, S.A. YES 0.02
ST. IVES, INC. YES 8.24
BEST LITHO YES 0.46
EDITORES, S.A. YES 0.14
RR DONELLY YES 5.46
GUAD GRAPHICS YES 1.87
-----------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
SALES DISTRIBUTION BY PRODUCT
ANNEX 11
DOMESTIC SALES
CONSOLIDATED
JUDGED INFORMATION Final Printing
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL PRODUCTION NET SALES MAIN
-------------------------------------------- MARKET -------------------------------------------------
MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT SHARE TRADEMARKS CUSTOMERS
(%)
-----------------------------------------------------------------------------------------------------------------------------------
TELEVISION:
----------
PROGRAMMING HALF HOURS
PRODUCED (DOMESTIC) 106
ADVERTISED TIME SOLD PROCTER & GAMBLE DE
(HALF HOURS) 7 14,462,191 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.
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.
PRODUCCIONES INFOVISION,
S.A. DE C.V.
KELLOGG COMPANY MEXICO,
S. DE R.L. DE C.V.
GENERAL MOTORS DE
MEXICO, S. DE R.L.
DE C.V.
FRABEL, S.A. DE C.V.
OTHER INCOME 381,080
PROGRAMMING FOR PAY
-------------------
TELEVISION:
----------
SALE OF SIGNALS 461,800
ADVERTISED TIME SOLD 76,727
PUBLISHING:
----------
MAGAZINE CIRCULATION 126,009 1,013,133 55,972 654,405 TV Y NOVELAS MAGAZINE, GENERAL PUBLIC
(AUDIENCE)
TELEGUIA MAGAZINE, DEALERS
VANIDADES MAGAZINE COMMERCIAL CENTERS
(MALLS)
COSMOPOLITAN MAGAZINE
BIOGRAPHICAL BOOKS
SOCCERMANIA MAGAZINE
MEN'S HEALTH MAGAZINE
CARAS MAGAZINE
MUY INTERESANTE MAGAZINE
PUBLISHING 514,900 VARIOUS
PUBLISHING
----------
DISTRIBUTION: 19,034 521,355 MAGAZINE:
------------
"SELECCIONES" "BIBLIOTECA
TOLKIEN" "PRINCESAS DE
PORCELANA" "MAESTRA
PREESCOLAR"
"REVISTA DEL CONSUMIDOR"
CABLE TELEVISION:
----------------
ANALOGIC AND DIGITAL
SERVICE 921,763 GENERAL PUBLIC
SERVICE INSTALLATION 13,889 OPERADORA MEGACABLE,
S.A. DE C.V.
PAY PER VIEW 1,698 CERVECERIA MODELO, S.A.
DE C.V.
CHANNEL
COMMERCIALIZATION 23,557 GRUPO WARNER LAMBERT
MEXICO, S. DE R.L DE
C.V.
OTHER 20,728 TELEFONOS DE MEXICO,
S.A. DE C.V.
DAIMLERCHRYSLER DE
MEXICO, S.A. DE C.V.
FORD MOTOR COMPANY, S.A.
DE C.V.
BRISTOL MYERS SQUIBB DE
MEXICO, S. DE R.L. DE
C.V.
KIMBERLY CLARK DE
MEXICO, S.A. DE C.V.
BANCO NACIONAL DE
MEXICO, S.A.
ARENA COMMUNICATIONS,
S.A. DE C.V.
BAYER DE MEXICO, S.A.
DE C.V.
BURGER KING MEXICANA,
S.A. DE C.V.
SONY DE MEXICO, S.A.
DE C.V.
RADIO:
-----
ADVERTISED TIME SOLD 202,227 CERVECERIA MODELO, S.A.
DE C.V.
ARENA COMMUNICATIONS,
S.A. DE C.V.
VENTAS Y SERVICIOS AL
CONSUMIDOR, S.A. DE C.V.
PEGASO PCS, S.A. DE C.V.
GIGANTE, S.A. DE C.V.
NEXTEL DE MEXICO, S.A.
DE C.V.
COMERCIAL MEXICANA
GENERAL MOTORS DE
MEXICO, S. DE R.L. DE
C.V.
ALESTRA, S. DE R.L. DE
C.V.
DISTRIBUIDORA KROMA,
S.A. DE C.V.
OTHER BUSINESSES:
----------------
DISTRIBUTION,
RENTALS, AND SALE OF
MOVIE RIGHTS 441,738 CINEMAS DE LA REPUBLICA,
S.A. DE C.V.
CINEMEX, S.A. DE C.V.
CINEMARK DE MEXICO, S.A.
DE C.V.
CINEPOLIS DEL PAIS, S.A.
DE C.V.
MULTIMEDIOS CINEMAS,
S.A. DE C.V.
GENERAL PUBLIC
(AUDIENCE)
SPECIAL EVENTS AND
SHOW PROMOTION 452,153 AMERICA GENERAL PUBLIC
(AUDIENCE)
NECAXA FEDERACION MEXICANA DE
FUTBOL, A.C.
REAL SAN LUIS
NATIONWIDE PAGING
SERVICE 235,933 SKYTEL FERROCARRIL MEXICANO,
S.A. DE C.V.
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.
AVANTEL, S.A.
FERROSUR, S.A. DE C.V.
SECRETARIA DE
GOBERNACION
SCHERING PLOUGH, S.A.
DE C.V..
BBVA BANCOMER, S.A.
GRUPO NACIONAL
PROVINCIAL, S.A.
I.B.M. DE MEXICO, S.A.
INTERNET SERVICES 70,271 ESMAS.COM MEDIA CONTACTS, S.A.
DE C.V.
TELEFONOS DE MEXICO,
S.A. DE C.V.
MOTOROLA DE MEXICO, S.A.
NESTLE MEXICO, S.A.
DE C.V.
DUBBING SERVICES 4,839 DISTRIBUIDORA ROMARI,
S.A. DE C.V.
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL 1,013,133 19,461,254
-----------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
SALES DISTRIBUTION BY PRODUCT
ANNEX 11A
FOREIGN SALES
CONSOLIDATED
JUDGED INFORMATION Final Printing
------------------------------------------------------------------------------------------------------------------------------------
TOTAL PRODUCTION NET SALES MAIN
---------------------------------------------- --------------------------------
MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT DESTINATION TRADEMARKS CUSTOMERS
------------------------------------------------------------------------------------------------------------------------------------
TELEVISION BROADCASTING:
-----------------------
ADVERTISING TIME SOLD 411,530 UNITED STATES OF AMERICA RCN TELEVISION
POWERCORP B.V.
THOMSON
BROADCASTING
AND MEDIA
SOLUTIONS
MASTER CARD
INTERNATIONAL
GLOBAL
MARKETING
CHEIL
COMMUNICATIONS
INC.
REYNOLDS
CONSUMER
PRODUCTS
OTHER INCOME 62,089 UNITED STATES OF AMERICA
PROGRAMMING FOR PAY
-------------------
TELEVISION:
-----------
SALES OF SIGNALS 105,273 SPAIN
ARGENTINA
CHILE
GUATEMALA
PROGRAM LICENSING: COLOMBIA
-----------------
PROGRAMMING AND
ROYALTIES 1,630,155 UNITED STATES OF AMERICA TELEVISA MCCANN
ERICKSON
CENTRAL AMERICA TELEVISA MINDSHARE
CARIBBEAN TELEVISA DAYLI AND
ASSOCIATES
EUROPE TELEVISA SPOTPLUS
SOUTH AMERICA TELEVISA CARAT, INC.
AFRICA TELEVISA HORIZON MEDIA,
INC.
ASIA TELEVISA GREY
ADVERTISING,
INC.
INITIATIVE
MEDIA, INC.
GSD&M
ADVERTISING
TBWA CHIAT
PUBLISHING:
----------
MAGAZINE CIRCULATION,
BOOKS AND ADVERTISING 22,999 374,468 GUATEMALA AND COSTA RICA T.V. Y NOVELAS
MAGAZINE GENERAL PUBLIC
(AUDIENCE)
UNITED STATES OF AMERICA BIOGRAPHICAL
BOOKS DEALERS
PANAMA VANIDADES
MAGAZINE
SOUTH AMERICA COSMOPOLITAN
MAGAZINE
CENTRAL AMERICA TU MAGAZINE
PUBLISHING 242,364
PUBLISHING
----------
DISTRIBUTION: 11,826 1,248,252 PANAMA PINTURAMA DE
------------ CHOISY MAGAZINE GENERAL PUBLIC
(AUDIENCE)
SOUTH AMERICA ARTE EN
REPUJADOS
MAGAZINE
ANO CERO
MAGAZINE
ANIMALES DE
COMPANIA
MAGAZINE
APRENDE FACIL
MAGAZINE
OTHER BUSINESSES:
----------------
DUBBING SERVICES 27,828 UNITED STATES OF AMERICA VIDEX
INTERNATIONAL,
S.A
COLUMBIA
TRISTAR
INTERNATIONAL
TELEVISION
C.B.S.
BROADCAST
INTERNATIONAL
TWENTIETH
CENTURY FOX
INTERNATIONAL
TELEVISION
TELEVIX
ENTERTAINMENT
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL 4,101,959
-----------------------------------------------------------------------------------------------------------------------------------
20/04/2004 MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
PROJECT, AMOUNT EXERCISED AND PROGRESS PERCENTAGE
ANNEX 13 PAGE 1
CONSOLIDATED
JUDGED INFORMATION Final Printing
-----------------------------------------------------------------------------------------------------------------------------------
MAJOR INVESTMENT PROJECTS OF GRUPO TELEVISA, S.A. AND ITS SUBSIDIARIES AT DECEMBER 31, 2003, INCLUDE THE FOLLOWING (MILLIONS OF
U.S. DOLLARS AND MEXICAN PESOS):
DESCRIPTION AUTHORIZED AMOUNT EXERCISED AMOUNT PROGRESS %
----------- ----------------- ---------------- ----------
U.S. DOLLAR DENOMINATED PROJECTS:
--------------------------------
DIGITALIZATION OF THE CABLE
TELEVISION NETWORK U.S.$ 15.0 U.S.$ 6.9 46%
TECHNICAL EQUIPMENT FOR
T.V. STATIONS 13.4 6.9 51%
INFORMATION TECHNOLOGY
PROJECTS 11.3 2.1 19%
CAPITAL CONTRIBUTIONS TO
"TU TV", A JOINT VENTURE
WITH UNIVISION IN THE
UNITED STATES 5.0 2.5 50%
MEXICAN PESOS DENOMINATED PROJECTS:
----------------------------------
SOCCER FACILITIES AND
IMPROVEMENTS PS. 22.0 PS. 7.5 34%
TECHNICAL EQUIPMENT FOR
T.V. STATIONS 17.1 10.5 61%
INFORMATION TECHNOLOGY
PROJECTS 33.3 7.1 21%
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 4 YEAR: 2003
GRUPO TELEVISA, S.A.
INFORMATION RELATED TO BULLETIN B-15 (FOREIGN CURRENCY TRANSLATION)
ANNEX 14
CONSOLIDATED
JUDGED INFORMATION Final Printing
-------------------------------------------------------------------------------
INFORMATION RELATED TO BULLETIN B-15 (FOREIGN CURRENCY TRANSLATION)
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MONETARY ASSETS AND LIABILITIES OF MEXICAN COMPANIES DENOMINATED IN FOREIGN
CURRENCIES ARE TRANSLATED AT THE PREVAILING EXCHANGE RATE AT THE BALANCE
SHEET DATE. RESULTING EXCHANGE RATE DIFFERENCES ARE RECOGNIZED IN INCOME
FOR THE YEAR, WITHIN INTEGRAL COST OF FINANCING.
ASSETS, LIABILITIES AND RESULTS OF OPERATIONS OF NON - MEXICAN SUBSIDIARIES
ARE FIRST CONVERTED TO MEXICAN GAAP, INCLUDING RESTATING TO RECOGNIZE THE
EFFECTS OF INFLATION BASED ON THE INFLATION OF EACH FOREIGN COUNTRY, AND
THEN TRANSLATED TO MEXICAN PESOS UTILIZING THE EXCHANGE RATE AS OF THE
BALANCE SHEET DATE AT YEAR-END. RESULTING TRANSLATION DIFFERENCES ARE
RECOGNIZED IN EQUITY AS PART OF THE OTHER COMPREHENSIVE INCOME OR LOSS.
FINANCIAL STATEMENTS OF NON-MEXICAN OPERATIONS THAT ARE INTEGRAL TO MEXICAN
OPERATIONS ARE CONVERTED TO MEXICAN GAAP AND TRANSLATED TO MEXICAN PESOS BY
UTILIZING THE EXCHANGE RATE OF THE BALANCE SHEET DATE AT YEAR-END FOR
MONETARY ASSETS AND LIABILITIES, WITH THE RELATED ADJUSTMENT INCLUDED IN
NET INCOME, AND HISTORICAL EXCHANGE RATES FOR NON-MONETARY ITEMS.
EFFECTIVE MARCH, 2002, THE COMPANY DESIGNATED ITS NET INVESTMENT IN
UNIVISION AS AN EFFECTIVE HEDGE OF ITS SENIOR NOTES DUE 2011 AND ITS
U.S.$300 MILLION SENIOR NOTES DUE 2032 FOR AN AGGREGATE AMOUNT OF U.S.$600
MILLION (Ps.6,735,000). CONSEQUENTLY, BEGINNING MARCH 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
CREDITED OR CHARGED DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR
LOSS).
THE GROUP'S FINANCIAL STATEMENTS FOR DECEMBER 31, 2002, HAVE BEEN RESTATED
TO MEXICAN PESOS IN PURCHASING POWER AS OF DECEMBER 31, 2003, BY USING A
RESTATEMENT FACTOR DERIVED FROM THE CHANGE IN THE NCPI, WHICH FOR 2002 WAS
1.0398. HAD THE ALTERNATIVE WEIGHTED AVERAGE FACTOR ALLOWED UNDER MEXICAN
GAAP BEEN APPLIED TO RESTATE THE GROUP'S FINANCIAL STATEMENTS FOR DECEMBER
31, 2002, WHICH INCLUDED THE RESULTS OF MEXICAN AND NON-MEXICAN
SUBSIDIARIES, THE RESTATEMENT FACTOR FOR 2002 WOULD HAVE BEEN 1.0515.
MEXICAN STOCK EXCHANGE ("BMV")
STOCK EXCHANGE CODE: TLEVISA DATE: 4/20/2004
GRUPO TELEVISA,S.A.
GENERAL DATA OF ISSUER
================================================================================
COMPANY'S NAME: GRUPO TELEVISA, S.A.
ADDRESS: AV. VASCO DE QUIROGA # 2000
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-20-00
FAX: 5261-24-94
INTERNET ADDRESS: www.televisa.com.mx
TAX DATA OF THE ISSUER
================================================================================
COMPANY TAX CODE: GTE901219GK3
ADDRESS: AV. VASCO DE QUIROGA # 2000
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
RESPONSIBLE FOR PAYMENT
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NAME: C.P.C. JOSE RAUL GONZALEZ LIMA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-77
FAX: 5261-20-43
E-MAIL: rglima@televisa.com.mx
EXECUTIVES DATA
================================================================================
BMV POSITION: CHAIRMAN OF THE BOARD
POSITION: CHAIRMAN OF THE BOARD
NAME: SR. EMILIO FERNANDO AZCARRAGA JEAN
ADDRESS: AV. CHAPULTEPEC # 28 PISO 1
NEIGHBORHOOD: DOCTORES
ZIP CODE: O6724
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5709-42-89
FAX: 5709-39-88
E-MAIL: emilio@televisa.com.mx
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MEXICAN STOCK EXCHANGE ("BMV")
STOCK EXCHANGE CODE: TLEVISA DATE: 4/20/2004
GRUPO TELEVISA,S.A.
================================================================================
BMV POSITION: GENERAL DIRECTOR
POSITION: PRESIDENT AND CHIEF EXECUTIVE OFFICER
NAME: SR. EMILIO FERNANDO AZCARRAGA JEAN
ADDRESS: AV. CHAPULTEPEC # 28 PISO 1
NEIGHBORHOOD: DOCTORES
ZIP CODE: O6724
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5709-42-89
FAX: 5709-39-88
E-MAIL: emilio@televisa.com.mx
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BMV POSITION: FINANCE DIRECTOR
POSITION: CHIEF FINANCIAL OFFICER
NAME: LIC. SALVI FOLCH VIADERO
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-80
FAX: 5261-20-39
E-MAIL: sfolch@televisa.com.mx
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BMV POSITION: RESPONSIBLE FOR SENDING CORPORATE INFORMATION
THROUGH EMISNET
POSITION: DIRECTOR OF CORPORATE FINANCIAL INFORMATION
NAME: C.P.C. JOSE RAUL GONZALEZ LIMA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-77
FAX: 5261-20-43
E-MAIL: rglima@televisa.com.mx
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BMV POSITION: RESPONSIBLE FOR SENDING SHARE REPURCHASE INFORMATION
THROUGH EMISNET
POSITION: VICE PRESIDENT OF CORPORATE FINANCE
NAME: LIC. ALEXANDRE MOREIRA PENNA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 3
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-24-58
FAX: 5261-25-24
E-MAIL: apenna@televisa.com.mx
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MEXICAN STOCK EXCHANGE ("BMV")
STOCK EXCHANGE CODE: TLEVISA DATE: 4/20/2004
GRUPO TELEVISA,S.A.
================================================================================
BMV POSITION: RESPONSIBLE FOR LEGAL MATTERS
POSITION: VICE PRESIDENT - LEGAL AND GENERAL COUNSEL OF
GRUPO TELEVISA
NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
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BMV POSITION: SECRETARY OF THE BOARD OF DIRECTORS
POSITION: SECRETARY OF THE BOARD OF DIRECTORS
NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
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BMV POSITION: PROSECRETARY OF THE BOARD OF DIRECTORS
POSITION: EXTERNAL GENERAL COUNSEL
NAME: LIC. RICARDO MALDONADO YANEZ
ADDRESS: MONTES URALES # 505, PISO 3
NEIGHBORHOOD: LOMAS DE CHAPULTEPEC
ZIP CODE: 11000
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5201-74-47
FAX: 5520-10-65
E-MAIL: rmaldonado@macf.com.mx
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BMV POSITION: RESPONSIBLE OF INFORMATION TO INVESTORS
POSITION: DIRECTOR OF INVESTOR RELATIONS
NAME: LIC. MICHEL BOYANCE BALDWIN
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-24-46
FAX: 5261-24-94
E-MAIL: mboyance@televisa.com.mx
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MEXICAN STOCK EXCHANGE ("BMV")
STOCK EXCHANGE CODE: TLEVISA DATE: 4/20/2004
GRUPO TELEVISA,S.A.
================================================================================
BMV POSITION: RESPONSIBLE FOR SENDING INFORMATION THROUGH EMISNET
POSITION: SECRETARY OF THE BOARD OF DIRECTORS
NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
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BMV POSITION: RESPONSIBLE FOR SENDING RELEVANT EVENTS THROUGH EMISNET
POSITION: DIRECTOR OF INVESTOR RELATIONS
NAME: LIC. MICHEL BOYANCE BALDWIN
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-24-46
FAX: 5261-24-94
E-MAIL: mboyance@televisa.com.mx
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MEXICAN STOCK EXCHANGE ("BMV")
STOCK EXCHANGE COTLEVISA DATE: 4/20/2004
GRUPO TELEVISA, S.A.
BOARD OF DIRECTORS
================================================================================
POSITION: PRESIDENT(S)
NAME: EMILIO FERNANDO AZCARRAGA JEAN
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POSITION: VICE PRESIDENT(S)
NAME: MARIA ASUNCION ARAMBURUZABALA LARREGUI
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POSITION : DIRECTOR(S)
NAME: PEDRO ASPE ARMELLA
NAME: JULIO BARBA HURTADO
NAME: JOSE ANTONIO BASTON PATINO
NAME: ANA PATRICIA BOTIN O'SHEA
NAME: MANUEL JORGE CUTILLAS COVANI
NAME: ALFONSO DE ANGOITIA NORIEGA
NAME: CARLOS FERNANDEZ GONZALEZ
NAME: BERNARDO GOMEZ MARTINEZ
NAME: CLAUDIO X. GONZALEZ LAPORTE
NAME: ROBERTO HERNANDEZ RAMIREZ
NAME: ENRIQUE KRAUZE KLEINBORT
NAME: GERMAN LARREA MOTA VELAZCO
NAME: GILBERTO PEREZALONSO CIFUENTES
NAME: ALEJANDRO QUINTERO INIGUEZ
NAME: FERNANDO SENDEROS MESTRE
NAME: ENRIQUE FRANCISCO J. SENIOR HERNANDEZ
NAME: CARLOS SLIM DOMIT
NAME: LORENZO H. ZAMBRANO TREVINO
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POSITION : ALTERNATE DIRECTOR(S)
NAME: HERBERT ALLEN III
NAME: JUAN PABLO ANDRADE FRICH
NAME: LUCRECIA ARAMBURUZABALA LARREGUI
NAME: FELIX ARAUJO RAMIREZ
NAME: MAXIMILIANO ARTEAGA CARLEBACH
NAME: JOAQUIN BALCARCEL SANTA CRUZ
NAME: JUAN FERNANDO CALVILLO ARMENDARIZ
NAME: RAFAEL CARABIAS PRINCIPE
NAME: FRANCISCO JOSE CHEVEZ ROBELO
NAME: JOSE LUIS FERNANDEZ FERNANDEZ
NAME: SALVI FOLCH VIADERO
NAME: LEOPOLDO GOMEZ GONZALEZ BLANCO
NAME: JOSE HEREDIA BRETON
NAME: JOSE ANTONIO LARA DEL OLMO
NAME: JORGE LUTTEROTH ECHEGOYEN
NAME: ALBERTO MONTIEL CASTELLANOS
NAME: RAUL MORALES MEDRANO
NAME: ALEXANDRE MOREIRA PENNA DA SILVA
NAME: GUILLERMO NAVA GOMEZ-TAGLE
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POSITION: STATUTORY AUDITOR(S)
NAME: MARIO SALAZAR ERDMANN
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POSITION: ALTERNATE STATUTORY AUDITOR(S)
NAME: JOSE MIGUEL ARRIETA MENDEZ
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POSITION: SECRETARY(IES) OF THE BOARD
NAME: JUAN SEBASTIAN MIJARES ORTEGA