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TV Azteca Reports 46% EBITDA Margin in 4Q04; 44% for the Full
Year
- Net Sales Increase 1% in 4Q04 and 9% in Year, to All-Time Records -
MEXICO CITY, Feb. 16 /PRNewswire-FirstCall/ -- TV Azteca, S.A. de C.V. (NYSE:
TZA; BMV: TVAZTCA, Latibex: XTZA), one of the two largest producers of Spanish
language television programming in the world, announced today fourth quarter
net sales up 1% to a record level of Ps.2,431 million (US$216 million), and
EBITDA of Ps.1,115 million (US$99 million), a 9% decrease over the prior year
period. EBITDA margin for the quarter was 46%.
Net sales for the full year were Ps.8,320 million (US$739 million) and EBITDA
was Ps.3,665 million (US$325 million), increases of 9% and 3%, respectively,
compared with 2003. Full year net sales and EBITDA recorded their highest
levels ever.
"Our 2004 results mark the sixth year of continued expansion in revenue and
EBITDA, and the fourth consecutive year scoring all time sales records," said
Mario San Roman, Chief Executive Officer of TV Azteca. "Our numbers reflect
the continued development of dynamic drivers of growth, while focusing on solid
profitability."
"During the year we made further progress on our cash-usage plan, with
distributions to shareholders of US$185 million, while advancing on our total
debt reduction strategy," added Mr. San Roman. "In line with the cash plan,
our board approved another US$80 million to be distributed to shareholders in
2005."
As previously detailed, the company's plan for uses of cash entails
distributions of over US$500 million and reductions in TV Azteca's debt by
approximately US$250 million within a six-year period that started in 2003.
Fourth Quarter Results
Net sales grew 1% to a record high of Ps.2,431 million (US$216 million), up
from Ps.2,416 million (US$214 million) for the same quarter of 2003. Total
costs and expenses rose 10% to Ps.1,316 million (US$117 million), from Ps.1,191
million (US$106 million) for the same period of last year. As a result, the
company reported EBITDA of Ps.1,115 million (US$99 million), 9% below Ps.1,225
million (US$109 million) in the fourth quarter of 2003. Net income was Ps.480
million (US$43 million), compared with net income of Ps.626 million (US$56
million) for the same period of 2003.
Millions of pesos(1) and dollars(2) except percentages and per share amounts.
4Q 2003 4Q 2004 Change
US$ %
Net Sales
Pesos Ps. 2,416 Ps. 2,431
US$ US$ 214 US$ 216 2 +1%
EBITDA(3)
Pesos Ps. 1,225 Ps. 1,115
US$ US$ 109 US$ 99 (10) -9%
Net Income
Pesos Ps. 626 Ps. 480
US$ US$ 56 US$ 43 (13) -23%
Income per ADS(4)
Pesos Ps. 3.38 Ps. 2.59
US$ US$ 0.30 US$ 0.23 (0.07) -23%
(1) Pesos of constant purchasing power as of December 31, 2004.
(2) Conversion based on the exchange rate of Ps.11.26 per US dollar as of
December 31, 2004.
(3) EBITDA is Operating Profit Before Depreciation and Amortization under
Mexican GAAP.
(4) Calculated based on 185 million ADSs outstanding as of December 31,
2004.
Net Sales
Net sales in the quarter, while higher, were affected by a decline in soccer
revenues. In the three month period, soccer teams for which TV Azteca has
exhibition rights did not qualify for finals or semi-finals of the Opening
Season of the Mexican Soccer League. On a proforma basis, excluding revenue
associated with the transmission of the Opening Season during the fourth
quarter of 2003 of Ps.61 million (US$5 million), net sales increased 3%.
"We overcame reduced soccer revenues by offering creative advertising solutions
in appealing alternative programming in Mexico and the United States," added
Mr. San Román. "Ad demand targeting US Hispanics was particularly dynamic,
within the framework of growing geographical coverage and compelling sales
strategies."
Fourth quarter revenue includes sales from Azteca America-the company's
wholly-owned broadcasting network focused on the US Hispanic market-of Ps.144
million (US$13 million), an 80% increase from Ps.80 million (US$7 million) for
the same period a year ago. Azteca America revenue this quarter was composed
of Ps.74 million (US$7 million) in sales from the Los Angeles station KAZA-TV,
and Ps.70 million (US$6 million) from network sales.
As of December 31, 2004, Azteca America Network had over-the-air coverage in 38
markets in the United States that account for approximately 78% of the US
Hispanic households. Over-the-air coverage, together with cable and DirecTV
carriage translated into a 56% Nielsen coverage of US Hispanic households at
year-end 2004, 12 percentage points above 44% at December 31, 2003. Nielsen
coverage as of January 31, 2005 rose to 58%.
TV Azteca also reported sales of programming to other countries of Ps.17
million (US$1 million), compared with Ps.24 million (US$2 million) in the same
period a year ago. This quarter's programming exports were primarily driven by
the company's novelas Cuando Seas Mia, sold in Europe, as well as La Hija del
Jardinero, which was sold mostly in Latin American markets.
TV Azteca reported Ps.35 million (US$3 million) in advertising sales to Unefon,
constant from Ps.35 million (US$3 million) in the fourth quarter of 2003. In
accordance with the terms of the advertising agreement between Unefon and TV
Azteca, during the fourth quarter Unefon paid to TV Azteca in cash the Ps.34
million (US$3 million) of advertising purchases placed within the prior three
month period. Additionally, Unefon paid TV Azteca Ps.54 million (US$5
million), which correspond to the last of four semi-annual installments of
deferred payments for television advertising made prior to 2003.
During the fourth quarter of 2004, content and advertising sales to Todito.com
were Ps.59 million (US$5 million), compared with Ps.57 million (US$5 million)
in the same period of the prior year.
Barter sales were Ps.116 million (US$10 million), compared with Ps.148 million
(US$13 million) in the same period of last year. Inflation adjustment of
advertising advances was Ps.89 million (US$8 million), compared with Ps.47
million (US$4 million) for the fourth quarter of 2003.
Costs and Expenses
The 10% increase in fourth quarter costs and expenses resulted from the
combined effect of an 8% rise in programming, production and transmission costs
to Ps.979 million (US$87 million), from Ps.903 million (US$80 million) in the
prior year period, and a 17% increase in administration and selling expense to
Ps.337 million (US$30 million), from Ps.288 million (US$26 million) in the same
quarter a year ago.
"Azteca America's top line growth was associated with supplementary content
generated to tap greater US Hispanic audiences, resulting in a rise in the
company's production costs," said Carlos Hesles, Chief Financial Officer of TV
Azteca. "Azteca America has become a consistent source for consolidated top
line expansion, and we expect substantial profitability rewards in the future."
As a result of increased production efforts this quarter, TV Azteca's in- house
produced content rose to 2,208 hours in the three month period from 2,113 hours
a year ago.
The 17% growth in administration and selling expense primarily reflects Ps.45
million (US$4 million) of advisory fees related to compliance with US
securities laws.
TV Azteca also recorded expenses connected with the company's operations of the
Los Angeles station KAZA-TV, in line with the increasing dimensions of the
business.
EBITDA and Net Income
The 1% increase in fourth quarter net sales, combined with the 10% growth in
costs and expenses, resulted in EBITDA of Ps.1,115 million (US$99 million),
compared with Ps.1,225 million (US$109 million) a year ago. The EBITDA margin
was 46%, compared with 51% in the same period of 2003.
Below EBITDA, fourth quarter results were influenced by a decrease in
depreciation and amortization to Ps.94 million (US$8 million) from Ps.117
million (US$10 million) a year ago. The change is primarily due to a Ps.25
million (US$2 million) decline in depreciation mainly reflecting revaluations
in depreciation indexes in the fourth quarter of 2003.
The company recorded other expense of Ps.251 million (US$22 million), compared
with Ps.133 million (US$12 million) a year ago. Other expense for the quarter
was primarily composed of the recognition of the results from Monarcas-TV
Azteca's soccer team-in the company's financial statements of Ps.80 million
(US$7 million), legal fees of Ps.56 million (US$5 million), charitable
donations of Ps.46 million (US$4 million), the recognition of 50% of the net
loss of Todito of Ps.25 million (US$2 million), the write-off of obsolete
equipment of Ps.23 million (US$2 million), and cancellations and other of Ps.21
million (US$2 million).
Net comprehensive financing cost during the quarter was Ps.215 million (US$19
million) compared with Ps.250 million (US$22 million) a year ago. The decline
was primarily influenced by an Ps.18 million (US$2 million) foreign exchange
gain, compared with a Ps.57 million (US$5 million) exchange loss in the prior
year's period. The exchange gain results from the combination of a 1% peso
appreciation during the quarter and the prepayment on December 23 of the
company's US$300 million 10 1/2% notes due 2007, using peso denominated debt.
Net comprehensive financing cost was also influenced by other financing expense
of Ps.57 million (US$5 million) compared with Ps.10 million (US$1 million) in
the fourth quarter of 2003. The change primarily results from pending
amortizations of Ps.49 million (US$4 million) in underwriting fees from the
previously mentioned US$300 million notes due 2007.
Provision for income tax was Ps.75 million (US$7 million), compared with Ps.98
million (US$9 million) in the same period of the prior year, reflecting a lower
taxable base this quarter.
Net income for the period was Ps.480 million (US$43 million), compared with
Ps.626 million (US$56 million) for the same quarter of 2003.
Advertising Advances
The balance of advertising advances as of December 31, 2003-excluding advance
sales from Unefon and Todito-was Ps.5,041 million (US$448 million) compared
with Ps.5,158 million (US$458 million) at the end of the prior year.
Later industry dates for the 2005 presale campaign delayed the closing of a
number of advance contracts at TV Azteca. Considering advertising advances
that were signed during the month of January of this year, ad advances for 2005
were approximately 7% above the prior year's balance.
Uses of Cash
The company generated free cash flow in the full year-before debt payment and
distributions to shareholders-of approximately Ps.1,830 million (US$162
million), which surpassed its US$150 million stated goal for 2004.
Adhering to the timetable of the company's plan for uses of cash, TV Azteca
made cash distributions to shareholders of US$185 million during 2004. The
distributions under the cash usage-plan made to date, represent an aggregate
amount of US$325 million, equivalent to a 19% yield on the February 15, 2005
ADR closing price.
Distributions to shareholders have included payments of US$125 million made on
June 30, 2003, US$15 million on December 5, 2003, US$33 million on May 13,
2004, US$22 million on November 11, 2004, and US$130 million on December 14,
2004. As previously detailed, the company's board of directors unanimously
approved additional cash distributions of US$80 million to be made during 2005.
Under the cash plan, TV Azteca has also reduced its total debt by US$53
million, on a nominal US dollar basis, since June 2003. Additionally on
December 23 the company prepaid all of its US$300 million 10 1/2% note due
2007, with resources coming from an issuance in Mexico of Structured Securities
Certificates and from a credit facility denominated in pesos with Banco
Inbursa, S.A.
The new peso facilities substantially reduce the overall foreign exchange risk
on the company's debt, provide for longer maturities compared with the notes,
and have gradual amortizations, consistent with TV Azteca's debt reduction
strategy.
Debt Outstanding
As of December 31, 2004, the company's total outstanding debt was Ps.6,216
million (US$553 million). TV Azteca's cash balance was Ps.752 million (US$67
million), resulting in net debt of Ps.5,464 million (US$486 million). The
total debt to last twelve months (LTM) EBITDA ratio was 1.7 times, and net debt
to EBITDA was 1.5 times. LTM EBITDA to net interest expense ratio was 6.1
times.
The company noted that excluding-for analytical purposes-Ps.1,349 million
(US$120 million) debt due 2069, total debt was Ps.4,867 million (US$432
million), and total debt to EBITDA ratio was 1.3 times.
Twelve Month Results
For the full year 2004, net sales were Ps.8,320 million (US$739 million), a 9%
increase over last year's Ps.7,659 (US$680 million). EBITDA was Ps.3,665
(US$325 million), up 3% from Ps.3,551 million (US$315 million) in 2003. EBITDA
margin for 2004 was 44%, compared with 46% a year ago. Net earnings were
Ps.1,544 (US$137 million), compared with Ps.1,658 million (US$147 million) in
the prior year.
Millions of pesos(1) and dollars(2) except percentages and per share amounts.
2003 2004 Change
US$ %
Net Sales
Pesos Ps. 7,659 Ps. 8,320
US$ US$ 680 US$ 739 59 +9%
EBITDA(3)
Pesos Ps. 3,551 Ps. 3,665
US$ US$ 315 US$ 325 11 +3%
Net Income
Pesos Ps. 1,658 Ps. 1,544
US$ US$ 147 US$ 137 (10) -7%
Income per ADS(4)
Pesos Ps. 8.96 Ps. 8.35
US$ US$ 0.80 US$ 0.74 (0.06) -7%
(1) Pesos of constant purchasing power as of December 31, 2004.
(2) Conversion based on the exchange rate of Ps.11.26 per US dollar as of
December 31, 2004.
(3) EBITDA is Operating Profit Before Depreciation and Amortization under
Mexican GAAP.
(4) Calculated based on 185 million ADSs outstanding as of December 31,
2004.
Company Profile
TV Azteca is one of the two largest producers of Spanish language television
programming in the world, operating two national television networks in Mexico,
Azteca 13 and Azteca 7, through more than 300 owned and operated stations
across the country. TV Azteca affiliates include Azteca America Network, a new
broadcast television network focused on the rapidly growing US Hispanic market,
and Todito.com, an Internet portal for North American Spanish speakers.
Except for historical information, the matters discussed in this press release
are forward-looking statements and are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
projected. Risks that may affect TV Azteca are identified in its Form 20-F and
other filings with the US Securities and Exchange Commission.
TV AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED RESULTS OF OPERATIONS*
(Millions of Mexican pesos of December 31, 2004 purchasing power)
Fourth Quarter of:
2003 2004
Net revenue Ps 2,416 Ps 2,431
Programming, production and
transmission costs 903 979
Sales and administrative expenses 288 337
Total costs and expenses 1,191 1,316
EBITDA 1,225 1,115
Depreciation and amortization 117 94
Operating profit 1,108 1,021
Other expense -Net (133) (251)
Comprehensive financing cost:
Interest expense (218) (205)
Other financing expense (10) (57)
Interest income 48 38
Exchange (loss) gain -Net (57) 18
Loss on monetary position (12) (10)
Net comprehensive financing cost (250) (215)
Income before provision for income tax 725 555
Provision for income tax (98) (75)
Net income Ps 626 Ps 480
Net income of minority stockholders Ps 0.4 Ps -
Net income of majority stockholders Ps 626 Ps 480
End of period exchange rate Ps 11.23 Ps 11.26
* Mexican GAAP.
TV AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED RESULTS OF OPERATIONS*
(Millions of Mexican pesos of December 31, 2004 purchasing power)
Fourth Quarter of:
2003 2004 Change
Millions of US Dollars **
%
Net revenue US$ 214 100% US$ 216 100% US$ 1 1%
Programming, production and
transmission costs 80 37% 87 40% 7 8%
Sales and administrative
expenses 26 12% 30 14% 4 17%
Total costs and expenses 106 49% 117 54% 11 10%
EBITDA 109 51% 99 46% (10) -9%
Depreciation and amortization 10 8 (2)
Operating profit 98 46% 91 42% (8) -8%
Other expense -Net (12) (22) (10)
Comprehensive financing cost:
Interest expense (19) (18) 1
Other financing expense (1) (5) (4)
Interest income 4 3 (1)
Exchange (loss) gain -Net (5) 2 7
Loss on monetary position (1) (1) 0
Net comprehensive financing cost (22) (19) 3
Income before provision for income
tax 64 30% 49 23% (15) -23%
Provision for income tax (9) (7) 2
-
Net income US$ 56 26% US$ 43 20% US$ (13) -23%
Net income of minority
stockholders US$ 0 US$ - US$ (0)
Net income of majority
stockholders US$ 56 26% US$ 43 20% US$ (13) -23%
End of period exchange rate
* Mexican GAAP.
** The U.S. dollar figures represent the Mexican peso amounts as of
December 31, 2004 expressed as of December 31, 2004 purchasing power,
translated at the exchange rate of Ps. 11.2648 per U.S. dollar.
TV AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED RESULTS OF OPERATIONS*
(Millions of Mexican pesos of December 31, 2004 purchasing power)
Year ended December 31,
2003 2004
Net revenue Ps 7,659 Ps 8,320
Programming, production and
transmission costs 3,002 3,473
Sales and administrative expenses 1,105 1,182
Total costs and expenses 4,108 4,655
EBITDA 3,551 3,665
Depreciation and amortization 389 402
Operating profit 3,163 3,263
Other expense - Net (438) (698)
Comprehensive financing cost:
Interest expense (807) (766)
Other financing expense (55) (136)
Interest income 215 167
Exchange (loss) gain - Net (201) 3
Loss on monetary position (33) (90)
Net comprehensive financing cost (880) (822)
Income before provision for income
tax 1,844 1,743
Provision for income tax (185) (199)
Net income Ps 1,659 Ps 1,544
Net income of minority
stockholders Ps 1 Ps -
Net income of majority
stockholders Ps 1,658 Ps 1,544
End of period exchange rate Ps 11.23 Ps 11.26
* Mexican GAAP.
** The U.S. dollar figures represent the Mexican peso amounts as of
December 31, 2004 expressed as of December 31, 2004 purchasing power,
translated at the exchange rate of Ps. 11.2648 per U.S. dollar.
TV AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED RESULTS OF OPERATIONS*
(Millions of Mexican pesos of December 31, 2004 purchasing power)
Year ended December 31,
2003 2004 Change
%
Net revenue US$ 680 100% US$ 739 100% US$ 59 9%
Programming, production and
transmission costs 267 39% 308 42% 42 16%
Sales and administrative
expenses 98 14% 105 14% 7 7%
Total costs and expenses 365 54% 413 56% 49 13%
EBITDA 315 46% 325 44% 11 3%
Depreciation and
amortization 34 36 1
Operating profit 281 41% 290 39% 9 3%
Other expense -Net (39) (62) (23)
Comprehensive financing
cost:
Interest expense (72) (68) 4
Other financing expense (5) (12) (7)
Interest income 19 15 (4)
Exchange (loss) gain -Net (18) 0 18
Loss on monetary position (3) (8) (5)
Net comprehensive financing
cost (78) (73) 5
Income before provision for
income tax 164 24% 155 21% (9) -5%
Provision for income tax (16) (18) (1)
Net income US$ 147 22% US$ 137 19% US$ (10) -7%
Net income of minority
stockholders US$ 0.1 US$ - US$ (0)
Net income of majority
stockholders US$ 147 22% US$ 137 19% US$ (10) -7%
End of period exchange rate
* Mexican GAAP.
** The U.S. dollar figures represent the Mexican peso amounts as of
December 31, 2004 expressed as of December 31, 2004 purchasing power,
translated at the exchange rate of Ps. 11.2648 per U.S. dollar.
TV AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS*
(Millions of Mexican pesos of December 31, 2004 purchasing power)
At December 31,
2003 2004
Current assets:
Cash and cash equivalents Ps 2,610 Ps 752
Accounts receivable 6,019 5,271
Other current assets 1,191 744
Total current assets 9,820 6,767
Accounts receivable from Unefon 1,892 1,675
Investment in Azteca America 1,526 1,438
Exhibition rights 1,254 826
Property, plant and equipment-Net 2,298 2,145
Television concessions-Net 4,051 4,159
Investment in Todito 226 103
Other assets 715 1,058
Goodwill -Net 622 583
Deferred income tax asset - 36
Total long term assets 12,584 12,023
Total assets Ps 22,404 Ps 18,790
Current liabilities:
Short-term debt Ps 819 Ps 1,078
Guaranteed senior notes 1,477 -
Structured securities certificates 200
Other current liabilities 1,663 1,479
Total current liabilities 3,959 2,757
Long-term debt:
Guaranteed senior notes 3,544 -
Structured securities certificates - 1,800
Loan from banco Inbursa, S.A. - 1,406
Bank loans 651 383
Total long-term debt 4,195 3,589
Other long term liabilities:
American Tower Corporation (due 2019) 1,415 1,349
Advertising advances 5,158 5,041
Unefon advertising advance 2,183 2,012
Todito advances 336 58
Other long term liabilities 126 53
Deferred income tax payable 194 -
Total other long-term liabilities 9,412 8,513
Total liabilities 17,566 14,859
Total stockholders' equity 4,838 3,931
Total liabilities and equity Ps 22,404 Ps 18,790
End of period exchange rate Ps 11.23 Ps 11.26
* Mexican GAAP.
** The U.S. dollar figures represent Mexican peso amounts as of December
31, 2004, expressed as of December 31, 2004 purchasing power,
translated at the exchange rate of Ps. 11.2648 per U.S. dollar.
TV AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS*
(Millions of Mexican pesos of December 31, 2004 purchasing power)
At December 31,
2003 2004 Change
Millions of US Dollars**
Current assets: %
Cash and cash equivalents US$ 232 US$ 67 US$ (165)
Accounts receivable 534 468 (66)
Other current assets 106 66 (40)
Total current assets 872 601 (271) -31%
Accounts receivable from Unefon 168 149 (19)
Investment in Azteca America 135 128 (8)
Exhibition rights 111 73 (38)
Property, plant and equipment - Net 204 190 (14)
Television concessions-Net 360 369 10
Investment in Todito 20 9 (11)
Other assets 63 94 30
Goodwill -Net 55 52 (3)
Deferred income tax asset 3 3
Total long term assets 1,117 1,067 (50) -4%
Total assets US$ 1,989 US$ 1,668 US$ (321) -16%
Current liabilities:
Short-term debt US$ 73 US$ 96 US$ 23
Guaranteed senior notes 131 - (131)
Structured securities
certificates 18 18
Other current liabilities 148 131 (16)
Total current liabilities 351 245 (107) -30%
Long-term debt:
Guaranteed senior notes 315 - (315)
Structured securities
certificates - 160 160
Loan from banco Inbursa, S.A. - 125 125
Bank loans 58 34 (24)
Total long-term debt 372 319 (54)
Other long term liabilities:
American Tower Corporation
(due 2019) 126 120 (6)
Advertising advances 458 448 (10) -2%
Unefon advertising advance 194 179 (15)
Todito advances 30 5 (25)
Other long term liabilities 11 5 (6)
Deferred income tax payable 17 - (17)
Total other long-term
liabilities 836 756 (80) -10%
Total liabilities 1,559 1,319 (240) -15%
Total stockholders' equity 429 349 (81) -19%
Total liabilities and equity US$ 1,989 US$ 1,668 US$ (321) -16%
* Mexican GAAP.
** The U.S. dollar figures represent Mexican peso amounts as of December
31, 2004, expressed as of December 31, 2004 purchasing power,
translated at the exchange rate of Ps. 11.2648 per U.S. dollar.
TV AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
Millions of Mexican pesos of December 31, 2004 purchasing power
Year ended December 31,
Operations: 2003 2004
Net income Ps 1,659 Ps 1,544
Charges (credits) to results of operation
not affecting resources:
Amortization of goodwill 42 40
Depreciation 347 362
Gain on sale of subsidiary (3)
Equity in affiliates 50 101
Deferred income tax 82 -
Net change in accounts receivable, inventories,
exhibition rights, related parties, accounts
payable and accrued expenses (474) 502
Unefon advertising advances (215) (172)
Todito advertising, programming, and
services advances (187) (278)
Advertising advances 295 (117)
Resources provided by operations 1,596 1,982
Investment:
Acquisition of property, machinery and equipment
- Net (181) (184)
Reimbursement of premium on issuance of capital
stock of Todito 36 32
Spin-off of investments in associated companies 2,234 -
Minority interest-Net (11)
Resources provided by (used in) investing
activities 2,078 (152)
Financing:
Guaranteed senior notes 190 (5,021)
Bank loans -Net 982 (75)
Stock options exercised 30 61
Preferred dividend paid (39) (51)
Repurchase of shares - (635)
Sale of treasury shares 105 -
Capital stock decrease (1,517) (2,084)
Spin-off of investments in associated companies (2,234) -
Proceeds from the issuance of Structured
securities certificates 2,000
DATASOURCE: TV Azteca, S.A. de C.V.
CONTACT: Investor Relations - Bruno Rangel, +5255-1720-9167,
, or Omar Avila, +5255-1720-0041,
, Media - Tristan Canales, +5255-1720-5786,
, or Daniel McCosh, +5255-1720-0059,
, all of TV Azteca, S.A. de C.V.
Web site: http://www.tvazteca.com.mx/