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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Grupo Televisa SA | NYSE:TV | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.01 | -0.31% | 3.25 | 3.275 | 3.165 | 3.20 | 860,829 | 01:00:00 |
|
Investor Relations
PRESS RELEASE
|
•
|
On January 31, 2024, we incorporated a new controlling entity of the Spun-off Businesses (as defined below), Ollamani, S.A.B., which was listed and began trading on February 20, 2024, in
the form of Ordinary Participation Certificates (Certificados de Participación Ordinarios or CPOs), on the Mexican Stock Exchange under the ticker symbol “AGUILAS CPO”.
|
•
|
Revenue and Operating Segment Income (“OSI”) declined by 2.3% and 5.4%, respectively.
|
•
|
Successfully passed 843 thousand homes with fiber-to-the-home (“FTTH”), achieving close to 19.6 million homes passed.
|
•
|
Total Revenue Generating Units (“RGUs”) of about 15.4 million, with around 519 thousand disconnections mainly due to a proactive subscriber base clean-up in the third quarter.
|
•
|
Revenue growth of 0.8% and OSI decline of 5.4% with a margin of 38.6%.
|
•
|
MSO revenue increased by 2.4% while OSI decreased by 3.5%, for a 40.4% margin.
|
•
|
Total RGUs of more than 6.1 million, with around 798 thousand net disconnections of which more than 85% were prepaid video subscribers.
|
•
|
Revenue and OSI fell by 13.5% and 10.7%, respectively, translating into a 32.6% margin.
|
•
|
Revenue and OSI growth of 7.2% and 15.5%, respectively, for a 24.8% margin.
|
From the U.S.: +1 (877) 883 0383
|
International callers: +1 (412) 902 6506
|
Rebroadcast: +1 (877) 344 7529
|
Rebroadcast: +1 (412) 317 0088
|
2023
|
Margin
|
2022
|
Margin
|
Change
|
|
%
|
%
|
%
|
|||
Revenues
|
73,767.9
|
100.0
|
75,526.6
|
100.0
|
(2.3)
|
Operating segment income1
|
26,504.8
|
35.7
|
28,010.1
|
36.8
|
(5.4)
|
|
2023
|
Margin
|
2022
|
Margin
|
Change
|
%
|
%
|
%
|
|||
Revenues
|
73,767.9
|
100.0
|
75,526.6
|
100.0
|
(2.3)
|
Net (loss) income
|
(10,611.6)
|
(14.4)
|
45,283.9
|
60.0
|
n/a
|
Net (loss) income attributable to stockholders of the Company
|
(10,235.9)
|
(13.9)
|
44,712.2
|
59.2
|
n/a
|
Segment revenues
|
74,258.3
|
100.0
|
76,089.6
|
100.0
|
(2.4)
|
Operating segment income (1)
|
26,504.8
|
35.7
|
28,010.1
|
36.8
|
(5.4)
|
Revenues
|
2023
|
%
|
2022
|
%
|
Change
%
|
Cable
|
48,802.5
|
65.7
|
48,411.8
|
63.6
|
0.8
|
Sky
|
17,585.2
|
23.7
|
20,339.0
|
26.7
|
(13.5)
|
Other Businesses
|
7,870.6
|
10.6
|
7,338.8
|
9.7
|
7.2
|
Segment Revenues
|
74,258.3
|
100.0
|
76,089.6
|
100.0
|
(2.4)
|
Intersegment Operations1
|
(490.4)
|
(563.0)
|
|||
Revenues
|
73,767.9
|
|
75,526.6
|
|
(2.3)
|
Operating Segment Income2
|
2023
|
Margin
%
|
2022
|
Margin
%
|
Change
%
|
Cable
|
18,821.0
|
38.6
|
19,902.8
|
41.1
|
(5.4)
|
Sky
|
5,731.4
|
32.6
|
6,416.3
|
31.5
|
(10.7)
|
Other Businesses
|
1,952.4
|
24.8
|
1,691.0
|
23.0
|
15.5
|
Operating Segment Income2
|
26,504.8
|
35.7
|
28,010.1
|
36.8
|
(5.4)
|
Corporate Expenses
|
(1,259.9)
|
(1.7)
|
(1,538.1)
|
(2.0)
|
18.1
|
Depreciation and Amortization
|
(21,554.4)
|
(29.2)
|
(21,117.4)
|
(28.0)
|
(2.1)
|
Other expense, net
|
(866.8)
|
(1.2)
|
(815.6)
|
(1.1)
|
(6.3)
|
Intersegment Operations1
|
(160.0)
|
(0.2)
|
(120.4)
|
(0.2)
|
(32.9)
|
Operating Income
|
2,663.7
|
3.6
|
4,418.6
|
5.9
|
(39.7)
|
1 For segment reporting purposes, intersegment operations are included in each of the segment operations
|
|||||
2 Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other income or
expense, net.
|
Revenues
|
4Q’23
|
%
|
4Q’22
|
%
|
Change
%
|
Cable
|
12,240.4
|
66.0
|
12,463.3
|
64.2
|
(1.8)
|
Sky
|
4,181.6
|
22.5
|
4,936.6
|
25.5
|
(15.3)
|
Other Businesses
|
2,127.8
|
11.5
|
2,002.3
|
10.3
|
6.3
|
Segment Revenues
|
18,549.8
|
100.0
|
19,402.2
|
100.0
|
(4.4)
|
Intersegment Operations1
|
(137.4)
|
(269.9)
|
|||
Revenues
|
18,412.4
|
|
19,132.3
|
|
(3.8)
|
Operating Segment Income2
|
4Q’23
|
Margin
%
|
4Q’22
|
Margin
%
|
Change
%
|
Cable
|
4,701.8
|
38.4
|
5,059.3
|
40.6
|
(7.1)
|
Sky
|
1,140.9
|
27.3
|
1,151.6
|
23.3
|
(0.9)
|
Other Businesses
|
463.1
|
21.8
|
499.2
|
24.9
|
(7.2)
|
Operating Segment Income2
|
6,305.8
|
34.0
|
6,710.1
|
34.6
|
(6.0)
|
Corporate Expenses
|
(589.4)
|
(3.2)
|
(705.7)
|
(3.6)
|
16.5
|
Depreciation and Amortization
|
(5,344.0)
|
(29.0)
|
(5,702.7)
|
(29.8)
|
6.3
|
Other income (expense), net
|
213.9
|
1.2
|
(315.2)
|
(1.6)
|
n/a
|
Intersegment Operations1
|
(41.5)
|
(0.2)
|
(119.3)
|
(0.6)
|
n/a
|
Operating income (loss)
|
544.8
|
3.0
|
(132.8)
|
(0.7)
|
n/a
|
1For segment reporting purposes, intersegment operations are included in each of the segment operations.
|
|||||
2Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other income or
expense, net.
|
RGUs
|
4Q’23 Net
Adds
|
2023 Net
Adds
|
2023
|
2022
|
Video
|
104
|
(398,726)
|
4,059,494
|
4,458,220
|
Broadband
|
595
|
(305,720)
|
5,678,431
|
5,984,151
|
Voice
|
388
|
117,421
|
5,351,145
|
5,233,724
|
Mobile
|
8,515
|
67,600
|
307,807
|
240,207
|
Total RGUs
|
9,602
|
(519,425)
|
15,396,877
|
15,916,302
|
MSO Operations (1)
Millions of Mexican pesos
|
2023
|
2022
|
Change %
|
4Q’23
|
4Q’22
|
Change %
|
Revenue
|
45,033.2
|
43,958.9
|
2.4
|
11,108.7
|
11,138.2
|
(0.3)
|
Operating Segment Income
|
18,201.9
|
18,865.1
|
(3.5)
|
4,569.4
|
4,896.2
|
(6.7)
|
Margin (%)
|
40.4
|
42.9
|
|
41.1
|
44.0
|
|
Enterprise Operations (1)
Millions of Mexican pesos
|
2023
|
2022
|
Change %
|
4Q’23
|
4Q’22
|
Change %
|
Revenue
|
5,803.7
|
6,721.9
|
(13.7)
|
1,567.1
|
1,867.1
|
(16.1)
|
Operating Segment Income
|
1,328.3
|
1,805.9
|
(26.4)
|
278.4
|
358.9
|
(22.4)
|
Margin (%)
|
22.9
|
26.9
|
|
17.8
|
19.2
|
|
(1) Full year results do not include the consolidation adjustments of Ps.2,034.4 million in revenues nor Ps.709.2 million in Operating Segment Income for 2023, neither the consolidation adjustments of Ps. 2,269.0 million in revenues nor Ps.768.2 million in Operating Segment Income for 2022. Likewise, fourth quarter results do not include the consolidation adjustments of Ps.435.4 million in revenues nor Ps.146.0 million in Operating Segment Income for fourth quarter 2023, neither the consolidation adjustments of Ps.542.0 million in revenues nor Ps.195.8 million in Operating Segment Income for fourth quarter 2022. Consolidation adjustments are considered in the consolidated results of the Cable segment. |
RGUs
|
4Q’23 Net Adds
|
2023 Net Adds
|
2023
|
2022
|
Video
|
(130,521)
|
(689,633)
|
5,567,426
|
6,257,059
|
Broadband
|
(29,865)
|
(125,205)
|
515,089
|
640,294
|
Voice
|
(21)
|
(109)
|
344
|
453
|
Mobile
|
(12)
|
16,900
|
32,502
|
15,602
|
Total RGUs
|
(160,419)
|
(798,047)
|
6,115,361
|
6,913,408
|
Other (Expense) Income, net
|
2023
|
2022
|
Cash
|
(1,369.7)
|
(736.5)
|
Non-cash
|
502.9
|
(79.1)
|
Total
|
(866.8)
|
(815.6)
|
2023
|
2022
|
Favorable
(Unfavorable)
Change
|
|
Interest expense
|
(7,654.3)
|
(9,455.6)
|
1,801.3
|
Interest income
|
3,307.4
|
2,151.1
|
1,156.3
|
Foreign exchange loss, net
|
(142.5)
|
(1,791.0)
|
1,648.5
|
Other finance expense, net
|
(134.9)
|
(110.7)
|
(24.2)
|
Finance expense, net
|
(4,624.3)
|
(9,206.2)
|
4,581.9
|
(i)
|
a Ps.1,801.3 million decrease in interest expense in connection with a lower average principal amount of debt in the year ended December 31, 2023, resulting
primarily from prepayments made in 2023 of our long-term debt;
|
(ii)
|
a Ps.1,156.3 million increase in interest income explained primarily by higher interest rates in 2023, which effect was partially offset by a lower average
amount of cash and cash equivalents for the year ended December 31, 2023; and
|
(iii)
|
a Ps.1,648.5 million decrease in foreign exchange loss, net, resulting primarily from the appreciation of the Mexican peso against the U.S. dollar on a lower
average U.S. dollar net asset position for the year ended December 31, 2023, compared to a higher average U.S. dollar net asset position for the year ended December 31, 2022, which was partially offset by a 13.1% appreciation of the
Mexican peso against the U.S. dollar in 2023, compared to a 5.0% appreciation in 2022.
|
Capital Expenditures
(Millions of U.S. Dollars)
|
2023
|
2022
|
Cable
|
633.0
|
645.9
|
Sky
|
149.2
|
193.1
|
Other Businesses
|
46.3
|
17.4
|
Continuing operations
|
828.5
|
856.4
|
Discontinued operations
|
-
|
3.4
|
Total
|
828.5
|
859.8
|
December 31,
2023
|
December 31,
2022
|
Increase
(Decrease)
|
|
Current portion of long-term debt
|
9,988.0
|
1,000.0
|
8,988.0
|
Long-term debt, net of current portion
|
78,547.9
|
104,240.7
|
(25,692.8)
|
Total debt (1)
|
88,535.9
|
105,240.7
|
(16,704.8)
|
Current portion of long-term lease liabilities
|
1,280.9
|
1,373.2
|
(92.3)
|
Long-term lease liabilities, net of current portion
|
6,010.6
|
6,995.8
|
(985.2)
|
Total lease liabilities
|
7,291.5
|
8,369.0
|
(1,077.5)
|
Total debt and lease liabilities
|
95,827.4
|
113,609.7
|
(17,782.3)
|
(1) As of December 31, 2023, total debt is presented net of finance costs in the amount of Ps.1,278.4 million. |
(i)
|
a new controlling entity of the Spun-off Businesses, Ollamani, S.A.B. (“Ollamani”), was incorporated under the laws of Mexico as a limited liability public stock
corporation on January 31, 2024;
|
(ii)
|
a spin-off of the Spun-off Businesses was carried out on January 31, 2024;
|
(iii)
|
we obtained all required corporate and regulatory authorizations for this spin-off proposal on February 12, 2024;
|
(iv)
|
the shares of Ollamani were listed and began to trade on February 20, 2024, in the form of CPOs, on the Mexican Stock Exchange under the ticker symbol “AGUILAS
CPO”; and
|
(v)
|
beginning in the first quarter of 2024, we will begin to present the results of operations of our Spun-off Businesses as discontinued operations in our
consolidated statements of income for any comparative prior period and for the month ended January 31, 2024.
|
December 31,
2023
(Unaudited)
|
December 31,
2022
(Audited)
|
||||
ASSETS
|
|||||
Current assets:
|
|||||
Cash and cash equivalents
|
Ps.
|
32,586.3
|
Ps.
|
51,131.0
|
|
Trade notes and accounts receivable, net
|
8,131.5
|
8,457.3
|
|||
Other accounts and notes receivable, net
|
342.5
|
315.0
|
|||
Income taxes receivable
|
6,386.2
|
6,691.4
|
|||
Other receivable taxes
|
7,158.7
|
6,593.7
|
|||
Derivative financial instruments
|
251.7
|
11.2
|
|||
Due from related parties
|
1,450.2
|
311.2
|
|||
Transmission rights
|
1,725.6
|
888.3
|
|||
Inventories
|
1,261.3
|
1,448.3
|
|||
Contract costs
|
2,011.5
|
1,918.3
|
|||
Reimbursement receivable
|
-
|
1,431.5
|
|||
Other current assets
|
1,661.7
|
2,379.6
|
|||
Total current assets
|
62,967.2
|
81,576.8
|
|||
Non-current assets:
|
|||||
Trade notes and accounts receivable, net of current portion
|
428.7
|
438.4
|
|||
Due from related party
|
4,630.5
|
6,365.0
|
|||
Derivative financial instruments
|
-
|
532.3
|
|||
Transmission rights
|
641.2
|
1,022.8
|
|||
Investments in financial instruments
|
2,586.6
|
3,389.5
|
|||
Investments in associates and joint ventures
|
41,428.3
|
50,450.9
|
|||
Property, plant and equipment, net
|
77,848.1
|
82,236.4
|
|||
Investment property, net
|
2,790.2
|
2,873.2
|
|||
Right-of-use assets, net
|
6,085.9
|
6,670.3
|
|||
Intangible assets, net
|
40,398.5
|
41,123.6
|
|||
Deferred income tax assets
|
18,497.0
|
18,770.0
|
|||
Contract costs
|
3,318.7
|
3,399.9
|
|||
Other assets
|
214.9
|
258.4
|
|||
Total non-current assets
|
198,868.6
|
217,530.7
|
|||
Total assets
|
Ps.
|
261,835.8
|
Ps.
|
299,107.5
|
|
December 31,
|
December 31,
|
||||
2023
|
2022
|
||||
LIABILITIES
|
(Unaudited)
|
(Audited)
|
|||
Current liabilities:
|
|||||
Current portion of long-term debt
|
Ps.
|
9,988.0
|
Ps.
|
1,000.0
|
|
Interest payable
|
1,506.8
|
1,761.1
|
|||
Current portion of lease liabilities
|
1,280.9
|
1,373.2
|
|||
Derivative financial instruments
|
-
|
71.4
|
|||
Trade accounts payable and accrued expenses
|
13,673.6
|
16,083.9
|
|||
Customer deposits and advances
|
1,391.5
|
1,841.1
|
|||
Current portion of deferred revenue
|
287.7
|
287.7
|
|||
Income taxes payable
|
840.0
|
4,457.9
|
|||
Other taxes payable
|
2,839.1
|
2,661.2
|
|||
Employee benefits
|
1,563.9
|
1,384.8
|
|||
Due to related parties
|
579.0
|
88.3
|
|||
Provision for lawsuit settlement agreement
|
-
|
1,850.2
|
|||
Other current liabilities
|
1,773.8
|
1,510.0
|
|||
Total current liabilities
|
35,724.3
|
34,370.8
|
|||
Non-current liabilities:
|
|||||
Long-term debt, net of current portion
|
78,547.9
|
104,240.7
|
|||
Lease liabilities, net of current portion
|
6,010.6
|
6,995.8
|
|||
Deferred revenue, net of current portion
|
4,890.4
|
5,178.0
|
|||
Deferred income tax liabilities
|
1,027.7
|
1,249.5
|
|||
Post-employment benefits
|
733.1
|
771.5
|
|||
Other long-term liabilities
|
1,875.0
|
2,171.3
|
|||
Total non-current liabilities
|
93,084.7
|
120,606.8
|
|||
Total liabilities
|
128,809.0
|
154,977.6
|
|||
EQUITY
|
|||||
Capital stock
|
4,722.8
|
4,836.7
|
|||
Additional paid-in capital
|
15,889.8
|
15,889.8
|
|||
20,612.6
|
20,726.5
|
||||
Retained earnings:
|
|||||
Legal reserve
|
2,139.0
|
2,139.0
|
|||
Unappropriated earnings
|
126,649.9
|
84,202.7
|
|||
Net (loss) income for the year
|
(10,235.9
|
44,712.2
|
|||
118,553.0
|
131,053.9
|
||||
Accumulated other comprehensive loss, net
|
(9,794.1
|
(10,823.9
|
|||
Shares repurchased
|
(11,745.6
|
(12,648.6
|
|||
97,013.3
|
107,581.4
|
||||
Equity attributable to stockholders of the Company
|
117,625.9
|
128,307.9
|
|||
Non-controlling interests
|
15,400.9
|
15,822.0
|
|||
Total equity
|
133,026.8
|
144,129.9
|
|||
Total liabilities and equity
|
Ps.
|
261,835.8
|
Ps.
|
299,107.5
|
Three months ended December 31,
|
Twelve months ended December 31,
|
|||||||||||
2023
|
2022
|
2023
|
2022
|
|||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||
Revenues
|
Ps.
|
18,412.4
|
Ps.
|
19,132.3
|
Ps.
|
73,767.9
|
Ps.
|
75,526.6
|
||||
Cost of revenues
|
12,278.7
|
12,903.5
|
48,893.6
|
48,807.6
|
||||||||
Selling expenses
|
2,563.4
|
2,729.6
|
9,146.9
|
9,422.9
|
||||||||
Administrative expenses
|
3,239.4
|
3,316.8
|
12,196.9
|
12,061.9
|
||||||||
Income before other expense
|
330.9
|
182.4
|
3,530.5
|
5,234.2
|
||||||||
Other income (expense), net
|
213.9
|
(315.2
|
)
|
(866.8
|
)
|
(815.6
|
)
|
|||||
Operating income (loss)
|
544.8
|
(132.8
|
)
|
2,663.7
|
4,418.6
|
|||||||
Finance expense
|
(1,990.7
|
)
|
(2,818.8
|
)
|
(7,931.7
|
)
|
(11,357.3
|
)
|
||||
Finance income
|
904.5
|
594.4
|
3,307.4
|
2,151.1
|
||||||||
Finance expense, net
|
(1,086.2
|
)
|
(2,224.4
|
)
|
(4,624.3
|
)
|
(9,206.2
|
)
|
||||
Share of loss of associates and joint
ventures, net
|
(6,920.5
|
)
|
(12,638.0
|
)
|
(6,210.1
|
)
|
(7,378.2
|
)
|
||||
Loss before income taxes
|
(7,461.9
|
)
|
(14,995.2
|
)
|
(8,170.7
|
)
|
(12,165.8
|
)
|
||||
Income tax (expense) benefit
|
(1,560.4
|
)
|
2,211.8
|
(2,440.9
|
)
|
1,227.5
|
||||||
Net loss from continuing operations
|
(9,022.3
|
)
|
(12,783.4
|
)
|
(10,611.6
|
)
|
(10,938.3
|
)
|
||||
Income from discontinued operations, net
|
-
|
618.5
|
-
|
56,222.2
|
||||||||
Net (loss) income
|
Ps.
|
(9,022.3
|
)
|
Ps.
|
(12,164.9
|
)
|
Ps.
|
(10,611.6
|
)
|
Ps.
|
45,283.9
|
|
Net (loss) income attributable to:
|
||||||||||||
Stockholders of the Company
|
Ps.
|
(8,662.0
|
)
|
Ps.
|
(12,188.7
|
)
|
Ps.
|
(10,235.9
|
)
|
Ps.
|
44,712.2
|
|
Non-controlling interests
|
(360.3
|
)
|
23.8
|
(375.7
|
)
|
571.7
|
||||||
Net (loss) income
|
Ps.
|
(9,022.3
|
)
|
Ps.
|
(12,164.9
|
)
|
Ps.
|
(10,611.6
|
)
|
Ps.
|
45,283.9
|
|
Basic (loss) earnings per CPO attributable to
stockholders of the Company:
|
||||||||||||
Continuing operations
|
Ps.
|
(3.10
|
)
|
Ps.
|
(4.53
|
)
|
Ps.
|
(3.66
|
)
|
Ps.
|
(4.06
|
)
|
Discontinued operations
|
-
|
0.23
|
-
|
19.86
|
||||||||
Total
|
Ps.
|
(3.10
|
)
|
Ps.
|
(4.30
|
)
|
Ps.
|
(3.66
|
)
|
Ps.
|
15.80
|
GRUPO TELEVISA, S.A.B.
(Registrant)
|
|||
Dated: February 23, 2024
|
By:
|
/s/ Luis Alejandro Bustos Olivares | |
Name: | Luis Alejandro Bustos Olivares | ||
Title: |
Legal Vice President and General Counsel |
1 Year Grupo Televisa Chart |
1 Month Grupo Televisa Chart |
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