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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.99 | 0 | 12:00:00 |
|
Investor Relations
PRESS RELEASE
|
|
• |
Excluding Other Businesses, Segment Revenue and Operating Segment Income (OSI) for our three core operations grew by 2.0% and 2.1%, respectively.
|
|
• |
Closed the year with a solid cash position of U.S.$1.8 billion dollars and a net debt leverage ratio of 2.5.
|
|
• |
Record organic growth of 1.4 million Revenue Generating Units (“RGUs”), reaching a total of 14.1 million.
|
|
• |
Net broadband RGUs additions of 734.8 thousand, the highest organic growth on record.
|
|
• |
Solid revenue and OSI growth of 8.8% and 6.2%, respectively.
|
|
• |
Added video customers in every single quarter of the year.
|
|
• |
Achieved the fastest pace of broadband and video net additions since 2016.
|
|
• |
Revenue growth of 3.7%, OSI in line with 2019, and a margin of 41.3%.
|
|
• |
Audience growth y-o-y of 20%1 in our flagship network during weekdays.
|
|
• |
Revenues down 7.0% primarily due to COVID-19.
|
|
• |
Aggressive cost reduction plan resulted in Ps.2.2 billion in savings.
|
|
• |
OSI margin reached 37.9%, an increase of 180 basis points from 2019 and the highest margin since 2016.
|
From the U.S.: +1 (877) 850 2115
|
From Mexico: 800 926 9157
|
International callers: +1 (478) 219 0648
|
Rebroadcast: +1 (404) 537-3406
|
2020
|
Margin
%
|
2019
|
Margin
%
|
Change
%
|
|
Net sales
|
97,361.6
|
100.0
|
101,757.2
|
100.0
|
(4.3)
|
Operating segment income1
|
40,510.9
|
38.8
|
41,032.1
|
38.6
|
(1.3)
|
|
2020
|
Margin
%
|
2019
|
Margin
%
|
Change
%
|
Net sales
|
97,361.6
|
100.0
|
101,757.2
|
100.0
|
(4.3)
|
Net income
|
674.0
|
0.7
|
6,106.8
|
6.0
|
(89.0)
|
Net (loss) income attributable to stockholders of the Company
|
(892.3)
|
(0.9)
|
4,626.1
|
4.5
|
n/a
|
Segment net sales
|
104,390.8
|
100.0
|
106,309.9
|
100.0
|
(1.8)
|
Operating segment income (1)
|
40,510.9
|
38.8
|
41,032.1
|
38.6
|
(1.3)
|
(1) |
The operating segment income margin is calculated as a percentage of segment net sales.
|
Net Sales
|
2020
|
%
|
2019
|
%
|
Change
%
|
Cable
|
45,367.1
|
43.5
|
41,702.0
|
39.2
|
8.8
|
Sky
|
22,134.7
|
21.2
|
21,347.1
|
20.1
|
3.7
|
Content
|
32,613.0
|
31.2
|
35,060.5
|
33.0
|
(7.0)
|
Other Businesses
|
4,276.0
|
4.1
|
8,200.3
|
7.7
|
(47.9)
|
Segment Net Sales
|
104,390.8
|
100.0
|
106,309.9
|
100.0
|
(1.8)
|
Intersegment Operations1
|
(7,252.5)
|
(5,394.1)
|
|||
Net Sales
|
97,138.3
|
|
100,915.8
|
|
(3.7)
|
Disposed Operations 2
|
223.3
|
n/a
|
841.4
|
n/a
|
n/a
|
Consolidated Net Sales
|
97,361.6
|
|
101,757.2
|
|
(4.3)
|
Operating Segment Income3
|
2020
|
Margin
%
|
2019
|
Margin
%
|
Change
%
|
Cable
|
18,898.3
|
41.7
|
17,797.6
|
42.7
|
6.2
|
Sky
|
9,135.3
|
41.3
|
9,121.2
|
42.7
|
0.2
|
Content
|
12,360.8
|
37.9
|
12,649.1
|
36.1
|
(2.3)
|
Other Businesses
|
116.5
|
2.7
|
1,464.2
|
17.9
|
(92.0)
|
Operating Segment Income
|
40,510.9
|
38.8
|
41,032.1
|
38.6
|
(1.3)
|
Corporate Expenses
|
(1,882.9)
|
(1.8)
|
(1,888.4)
|
(1.8)
|
0.3
|
Depreciation and Amortization
|
(21,260.8)
|
(21.8)
|
(21,008.8)
|
(20.6)
|
(1.2)
|
Other Income (Expense), net
|
257.5
|
0.3
|
(1,316.6)
|
(1.3)
|
n/a
|
Intersegment Operations1
|
(71.5)
|
(0.1)
|
(72.2)
|
(0.1)
|
1.0
|
Disposed Operations 2
|
(4.0)
|
n/a
|
258.9
|
n/a
|
n/a
|
Operating Income
|
17,549.2
|
18.0
|
17,005.0
|
16.7
|
3.2
|
Net Sales
|
4Q’20
|
%
|
4Q’19
|
%
|
Change
%
|
Cable
|
11,825.7
|
39.8
|
11,016.1
|
37.3
|
7.3
|
Sky
|
5,616.7
|
18.9
|
5,379.1
|
18.2
|
4.4
|
Content
|
11,111.5
|
37.4
|
11,166.6
|
37.9
|
(0.5)
|
Other Businesses
|
1,170.0
|
3.9
|
1,933.9
|
6.6
|
(39.5)
|
Segment Net Sales
|
29,723.9
|
100.0
|
29,495.7
|
100.0
|
0.8
|
Intersegment Operations1
|
(1,941.2)
|
(1,495.3)
|
|||
Net Sales
|
27,782.7
|
|
28,000.4
|
|
(0.8)
|
Disposed operations 2
|
-
|
n/a
|
267.8
|
n/a
|
n/a
|
Consolidated Net Sales
|
27,782.7
|
|
28,268.2
|
|
(1.7)
|
Operating Segment Income3
|
4Q’20
|
Margin
%
|
4Q’19
|
Margin
%
|
Change
%
|
Cable
|
4,954.8
|
41.9
|
4,545.0
|
41.3
|
9.0
|
Sky
|
2,143.2
|
38.2
|
2,108.9
|
39.2
|
1.6
|
Content
|
5,371.4
|
48.3
|
4,341.2
|
38.9
|
23.7
|
Other Businesses
|
164.6
|
14.1
|
96.7
|
5.0
|
70.2
|
Operating Segment Income
|
12,634.0
|
42.5
|
11,091.8
|
37.6
|
13.9
|
Corporate Expenses
|
(718.2)
|
(2.4)
|
(496.7)
|
(1.7)
|
(44.6)
|
Depreciation and Amortization
|
(5,639.3)
|
(20.3)
|
(5,392.4)
|
(19.1)
|
(4.6)
|
Other Expense, net
|
(399.9)
|
(1.4)
|
(455.3)
|
(1.6)
|
12.2
|
Intersegment Operations1
|
(16.3)
|
(0.1)
|
(18.8)
|
(0.1)
|
13.3
|
Disposed operations 2
|
-
|
n/a
|
100.3
|
n/a
|
n/a
|
Operating Income
|
5,860.3
|
21.1
|
4,828.9
|
17.1
|
21.4
|
RGUs
|
4Q’20 Net Adds
|
2020 Net Adds
|
2020
|
2019
|
Video
|
(49,226)
|
(34,181)
|
4,284,682
|
4,318,863
|
Broadband
|
127,614
|
734,805
|
5,430,859
|
4,696,054
|
Voice
|
109,266
|
658,538
|
4,296,530
|
3,637,992
|
Mobile
|
35,401
|
75,515
|
75,515
|
-
|
Total RGUs
|
223,055
|
1,434,677
|
14,087,586
|
12,652,909
|
MSO Operations (1)
Millions of Mexican pesos
|
2020
|
2019
|
Change %
|
4Q’20
|
4Q’19
|
Change %
|
Revenue
|
40,441.4
|
37,495.8
|
7.9
|
10,529.4
|
9,800.9
|
7.4
|
Operating Segment Income
|
17,091.4
|
16,248.0
|
5.2
|
4,471.4
|
4,151.1
|
7.7
|
Margin (%)
|
42.3
|
43.3
|
|
42.5
|
42.4
|
|
(1) |
Full year results do not include the consolidation adjustments of Ps.1,857.6 million in revenues nor Ps.581.4 million in Operating Segment Income for 2020, neither the consolidation
adjustments of Ps.1,668.3 million in revenues nor Ps.501.5 million in Operating Segment Income for 2019. Likewise, fourth quarter results do not include the consolidation adjustments of Ps.481.8 million in revenues nor Ps.162.4 million in
Operating Segment Income for fourth quarter 2020, neither the consolidation adjustments of Ps.415.8 million in revenues nor Ps.134.0 million in Operating Segment Income for fourth quarter 2019. Consolidation adjustments are considered in
the consolidated results of the Cable segment.
|
RGUs
|
4Q’20 Net Adds
|
2020 Net Adds
|
2020
|
2019
|
Video
|
4,944
|
47,943
|
7,477,294
|
7,429,351
|
Broadband
|
71,896
|
279,793
|
665,907
|
386,114
|
Voice
|
55
|
(253)
|
892
|
1,145
|
Total RGUs
|
76,895
|
327,483
|
8,144,093
|
7,816,610
|
Millions of Mexican pesos
|
2020
|
%
|
2019
|
%
|
Change %
|
Advertising
|
16,349.8
|
50.1
|
19,459.4
|
55.5
|
(16.0)
|
Network Subscription
|
5,466.2
|
16.8
|
4,993.2
|
14.2
|
9.5
|
Licensing and Syndication
|
10,797.0
|
33.1
|
10,607.9
|
30.3
|
1.8
|
Net Sales
|
32,613.0
|
|
35,060.5
|
|
(7.0)
|
(i) |
a pre-tax gain on disposition of our 50% equity stake in our former Radio business, which sale was concluded in July 2020;
|
(ii) |
a non-recurring income related to the cancellation of a related-party provision in the fourth quarter of 2020; and
|
(iii) |
a lower non-recurring severance expense in connection with dismissals of personnel in our Content segment.
|
(i) |
a higher expense related to legal and financial advisory and professional services; and
|
(ii) |
a loss on disposition of investment.
|
Other income (expense), net
|
2020
|
2019
|
Cash
|
197.8
|
(765.0)
|
Non-cash
|
59.7
|
(551.6)
|
Total
|
257.5
|
(1,316.6)
|
2020
|
2019
|
(Unfavorable)
Favorable
change
|
|
Interest expense
|
(10,482.2)
|
(10,402.0)
|
(80.2)
|
Interest income
|
1,131.8
|
1,529.1
|
(397.3)
|
Foreign exchange gain, net
|
3,159.9
|
935.3
|
2,224.6
|
Other finance income (expense), net
|
89.3
|
(873.2)
|
962.5
|
Finance expense, net
|
(6,101.2)
|
(8,810.8)
|
2,709.6
|
|
(i) |
a Ps.2,224.6 million increase in foreign exchange gain, net, resulting primarily from a higher U.S. dollar average net liability position beginning in March 31, 2020, in conjunction with a decrease in the
carrying value of our hedged investments in shares and warrants of UHI, and a 16.4% appreciation of the Mexican pesos against the U.S. dollar from that date through December 31, 2020, which effect was partially offset by a 5.6 % depreciation
of the Mexican peso against the U.S. dollar for the year ended December 31, 2020, in comparison with a 4.0% appreciation for the year ended December 31, 2019; and
|
|
(ii) |
a Ps.962.5 million favorable change in other finance income or expense, net, resulting primarily from changes in fair value of our derivative contracts.
|
|
(i) |
a Ps.80.2 million increase in interest expense, primarily due to a higher average principal amount of long-term debt in 2020; and
|
|
(ii) |
a Ps.397.3 million decrease in interest income, primarily explained by a lower average amount of cash equivalents as well as a reduction in interest rates.
|
Capital Expenditures
Millions of U.S. Dollars
|
2020
|
2019
|
Cable
|
662.5
|
675.3
|
Sky
|
250.2
|
209.1
|
Content and Other Businesses
|
26.7
|
107.8
|
Total
|
939.4
|
992.2
|
December 31, 2020
|
December 31, 2019
|
Increase
(Decrease)
|
|
Current portion of long-term debt
|
617.0
|
491.9
|
125.1
|
Long-term debt, net of current portion
|
121,936.0
|
120,444.7
|
1,491.3
|
Total debt (1)
|
122,553.0
|
120,936.6
|
1,616.4
|
Current portion of long-term lease liabilities
|
1,277.7
|
1,257.8
|
19.9
|
Long-term lease liabilities, net of current portion
|
8,014.6
|
8,105.8
|
(91.2)
|
Total lease liabilities
|
9,292.3
|
9,363.6
|
(71.3)
|
Current portion of other notes payable
|
-
|
1,324.1
|
(1,324.1)
|
Total other notes payable
|
-
|
1,324.1
|
(1,324.1)
|
Total debt, lease liabilities and other notes payable
|
131,845.3
|
131,624.3
|
221.0
|
December 31,
|
December 31,
|
||||||
2020
|
2019
|
||||||
ASSETS
|
(Unaudited)
|
(Audited) 1
|
|||||
Current assets:
|
|||||||
Cash and cash equivalents
|
Ps.
|
29,169.0
|
Ps.
|
27,452.3
|
|||
Trade notes and accounts receivable, net
|
12,651.5
|
14,486.2
|
|||||
Other accounts and notes receivable, net
|
12,694.7
|
10,692.9
|
|||||
Derivative financial instruments
|
-
|
1.7
|
|||||
Due from related parties
|
787.0
|
814.4
|
|||||
Transmission rights and programming
|
6,396.2
|
6,479.3
|
|||||
Inventories
|
1,641.3
|
1,151.4
|
|||||
Contract costs
|
1,598.4
|
1,379.4
|
|||||
Assets held for sale
|
-
|
1,675.4
|
|||||
Other current assets
|
4,580.8
|
3,298.1
|
|||||
Total current assets
|
69,518.9
|
67,431.1
|
|||||
Non-current assets:
|
|||||||
Derivative financial instruments
|
-
|
2.9
|
|||||
Transmission rights and programming
|
7,982.8
|
7,901.6
|
|||||
Investments in financial instruments
|
7,002.7
|
44,265.9
|
|||||
Investments in associates and joint ventures
|
22,784.8
|
9,762.4
|
|||||
Property, plant and equipment, net
|
83,284.3
|
83,329.2
|
|||||
Right-of-use assets
|
7,212.2
|
7,553.1
|
|||||
Intangible assets, net
|
42,721.5
|
43,329.0
|
|||||
Deferred income tax assets
|
28,309.5
|
24,185.1
|
|||||
Contract costs
|
2,943.1
|
2,311.8
|
|||||
Other assets
|
225.4
|
271.8
|
|||||
Total non-current assets
|
202,466.3
|
222,912.8
|
|||||
Total assets
|
Ps.
|
271,985.2
|
Ps.
|
290,343.9
|
|||
December 31,
|
December 31,
|
||||||||
2020
|
2019
|
||||||||
LIABILITIES
|
(Unaudited)
|
(Audited)
|
|||||||
Current liabilities:
|
|||||||||
Current portion of long-term debt
|
Ps.
|
617.0
|
Ps.
|
491.9
|
|||||
Interest payable
|
1,934.7
|
1,943.9
|
|||||||
Current portion of lease liabilities
|
1,277.7
|
1,257.8
|
|||||||
Current portion of other notes payable
|
-
|
1,324.1
|
|||||||
Derivative financial instruments
|
2,017.0
|
568.8
|
|||||||
Trade accounts payable and accrued expenses
|
21,890.2
|
20,909.7
|
|||||||
Customer deposits and advances
|
6,230.1
|
5,779.8
|
|||||||
Income taxes payable
|
2,058.1
|
2,470.2
|
|||||||
Other taxes payable
|
4,463.3
|
3,448.0
|
|||||||
Employee benefits
|
1,262.6
|
911.9
|
|||||||
Due to related parties
|
83.0
|
644.2
|
|||||||
Liabilities related to assets held for sale
|
-
|
432.8
|
|||||||
Other current liabilities
|
2,204.9
|
1,981.9
|
|||||||
Total current liabilities
|
44,038.6
|
42,165.0
|
|||||||
Non-current liabilities:
|
|||||||||
Long-term debt, net of current portion
|
121,936.0
|
120,444.7
|
|||||||
Lease liabilities, net of current portion
|
8,014.6
|
8,105.8
|
|||||||
Derivative financial instruments
|
1,459.3
|
346.6
|
|||||||
Income taxes payable
|
767.1
|
1,759.7
|
|||||||
Deferred income tax liabilities
|
1,824.6
|
7,052.2
|
|||||||
Post-employment benefits
|
2,080.7
|
1,468.1
|
|||||||
Other long-term liabilities
|
3,553.7
|
3,376.6
|
|||||||
Total non-current liabilities
|
139,636.0
|
142,553.7
|
|||||||
Total liabilities
|
183,674.6
|
184,718.7
|
|||||||
EQUITY
|
|||||||||
Capital stock
|
4,907.8
|
4,907.8
|
|||||||
Additional paid-in-capital
|
15,889.8
|
15,889.8
|
|||||||
20,797.6
|
20,797.6
|
||||||||
Retained earnings:
|
|||||||||
Legal reserve
|
2,139.0
|
2,139.0
|
|||||||
Unappropriated earnings
|
83,391.7
|
75,887.1
|
|||||||
Net (loss) income for the period
|
(892.3
|
)
|
4,626.1
|
||||||
84,638.4
|
82,652.2
|
||||||||
Accumulated other comprehensive (loss) income, net
|
(15,556.4
|
)
|
1,320.4
|
||||||
Shares repurchased
|
(16,079.1
|
)
|
(14,018.8
|
)
|
|||||
53,002.9
|
69,953.8
|
||||||||
Equity attributable to stockholders of the Company
|
73,800.5
|
90,751.4
|
|||||||
Non-controlling interests
|
14,510.1
|
14,873.8
|
|||||||
Total equity
|
88,310.6
|
105,625.2
|
|||||||
Total liabilities and equity
|
Ps.
|
271,985.2
|
Ps.
|
290,343.9
|
|||||
Three months ended
December 31,
|
Twelve months ended
December 31,
|
|||||||||||||||||||||||||||
2020
|
2019
|
2020
|
2019
|
|||||||||||||||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Audited)
|
|||||||||||||||||||||||||
Net sales
|
Ps.
|
27,782.7
|
Ps.
|
28,268.2
|
Ps.
|
97,361.6
|
Ps.
|
101,757.2
|
||||||||||||||||||||
Cost of sales
|
15,438.9
|
17,041.5
|
56,989.6
|
59,067.4
|
||||||||||||||||||||||||
Selling expenses
|
2,797.9
|
2,754.8
|
10,366.6
|
11,099.0
|
||||||||||||||||||||||||
Administrative expenses
|
3,285.7
|
3,187.7
|
12,713.7
|
13,269.2
|
||||||||||||||||||||||||
Income before other expense
|
6,260.2
|
5,284.2
|
17,291.7
|
18,321.6
|
||||||||||||||||||||||||
Other (expense) income, net
|
(399.9
|
)
|
(455.3
|
)
|
257.5
|
(1,316.6
|
)
|
|||||||||||||||||||||
Operating income
|
5,860.3
|
4,828.9
|
17,549.2
|
17,005.0
|
||||||||||||||||||||||||
Finance expense
|
(4,127.4
|
)
|
(3,117.1
|
)
|
(10,482.2
|
)
|
(11,275.2
|
)
|
||||||||||||||||||||
Finance income
|
6,513.1
|
1,719.0
|
4,381.0
|
2,464.4
|
||||||||||||||||||||||||
Finance income (expense), net
|
2,385.7
|
(1,398.1
|
)
|
(6,101.2
|
)
|
(8,810.8
|
)
|
|||||||||||||||||||||
Share of (loss) income of associates and joint
ventures, net
|
(438.5
|
)
|
91.5
|
(5,769.4
|
)
|
581.1
|
||||||||||||||||||||||
Income before income taxes
|
7,807.5
|
3,522.3
|
5,678.6
|
8,775.3
|
||||||||||||||||||||||||
Income taxes
|
3,858.9
|
695.7
|
5,004.6
|
2,668.5
|
||||||||||||||||||||||||
Net income
|
Ps.
|
3,948.6
|
Ps.
|
2,826.6
|
Ps.
|
674.0
|
Ps.
|
6,106.8
|
||||||||||||||||||||
Net income attributable to:
|
||||||||||||||||||||||||||||
Stockholders of the Company
|
Ps.
|
3,670.3
|
Ps.
|
2,410.1
|
Ps.
|
(892.3
|
)
|
Ps.
|
4,626.1
|
|||||||||||||||||||
Non-controlling interests
|
278.3
|
416.5
|
1,566.3
|
1,480.7
|
||||||||||||||||||||||||
Net income
|
Ps.
|
3,948.6
|
Ps.
|
2,826.6
|
Ps.
|
674.0
|
Ps.
|
6,106.8
|
||||||||||||||||||||
Basic earnings (loss) per CPO attributable to
stockholders of the Company
|
Ps.
|
1.30
|
Ps.
|
0.83
|
Ps.
|
(0.31
|
)
|
Ps.
|
1.60
|
|||||||||||||||||||
|
|
GRUPO TELEVISA, S.A.B.
|
||||
|
|
(Registrant)
|
||||
Dated: February 23, 2021
|
|
|
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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