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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Grupo Televisa SA CV (PK) | USOTC:GRPFF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.48 | 0.2581 | 116.55 | 0.00 | 21:09:07 |
(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 ☒ Form 40-F ☐
(Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).)
Yes ☐ No ☒
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).)
TLEVISA |
Consolidated |
Ticker: TLEVISA |
Quarter: 3 Year: 2020 |
2
|
|
12
|
|
14
|
|
16
|
|
17
|
|
19
|
|
21
|
|
24
|
|
27
|
|
28
|
|
29
|
|
30
|
|
32
|
|
33
|
|
34
|
|
42
|
|
46
|
|
47
|
|
62
|
|
76
|
|
98
|
3Q’20 |
Margin
%
|
3Q’19 |
Margin
%
|
Change
%
|
|
Net sales
|
23,943.0
|
100.0
|
25,786.1
|
100.0
|
(7.1)
|
Net income
|
3,639.6
|
15.2
|
1,158.6
|
4.5
|
214.1
|
Net income attributable to stockholders of the Company
|
3,349.7
|
14.0
|
755.2
|
2.9
|
343.6
|
Segment net sales
|
25,821.7
|
100.0
|
27,005.5
|
100.0
|
(4.4)
|
Operating segment income (1)
|
10,531.4
|
40.8
|
10,709.6
|
39.7
|
(1.7)
|
(1)
|
The operating segment income margin is calculated as a percentage of segment net sales.
|
I.
|
a Ps.3,179.8 million favorable change in finance income or expense, net;
|
II.
|
a Ps.1,055.4 favorable change in other income or expense, net;
|
III.
|
a Ps.113.5 million decrease in net income attributable to non-controlling interests; and
|
IV.
|
a Ps.85.4 million decrease in depreciation and amortization.
|
I.
|
a Ps.1,392.4 million increase in income taxes.
|
II.
|
a Ps.279.8 million unfavorable change in share of income or loss of associates and joint ventures, net; and
|
III.
|
a Ps.167.4 million decrease in operating income before depreciation and amortization.
|
•
|
COVID-19 Pandemic may have a material adverse effect on our business, financial position and results of operations.
|
•
|
We cannot predict what effects the COVID-19 relief plan recently announced by the Mexican Federal Government will have in our results of operations and the overall economy.
|
•
|
Imposition of fines by regulators and other authorities could adversely affect our financial condition and results of operations
|
•
|
Social Security Law
|
•
|
Federal Labor Law
|
•
|
Mexican tax laws
|
•
|
Regulations of the General Health Law on advertising
|
•
|
Changes in U.S. tax law
|
•
|
Mexican Securities Market Law
|
•
|
Renewal or revocation of our concessions
|
•
|
Control of a stockholder
|
•
|
Measures for the prevention of the taking of control
|
•
|
Competition
|
•
|
Seasonal nature of our business
|
•
|
Loss of transmission or loss of the use of satellite transponders
|
•
|
Incidents affecting our network and information systems or other technologies
|
•
|
Weaknesses in internal controls over financial reporting
|
•
|
Results of operations of UHI
|
•
|
Uncertainty in global financial markets
|
•
|
Currency fluctuations or the devaluation and depreciation of the Mexican peso
|
•
|
Renegotiation of the Trade Agreements or other changes in foreign policy by the new or currency presidential administration in the United States
|
•
|
Inflation Rates and High Interest Rates in Mexico
|
•
|
Political events in Mexico
|
Net Sales
|
3Q’20
|
%
|
3Q’19
|
%
|
Change
%
|
Cable
|
11,407.9
|
44.2
|
10,572.1
|
39.1
|
7.9
|
Sky
|
5,597.9
|
21.7
|
5,338.3
|
19.8
|
4.9
|
Content
|
8,033.4
|
31.1
|
8,659.0
|
32.1
|
(7.2)
|
Other Businesses
|
782.5
|
3.0
|
2,436.1
|
9.0
|
(67.9)
|
Segment Net Sales
|
25,821.7
|
100.0
|
27,005.5
|
100.0
|
(4.4)
|
Intersegment Operations1
|
(1,878.7)
|
(1,416.4)
|
|||
Net Sales
|
23,943.0
|
|
25,589.1
|
|
(6.4)
|
Disposed Operations 2
|
-
|
n/a
|
197.0
|
n/a
|
(100.0)
|
Net Sales
|
23,943.0
|
|
25,786.1
|
|
(7.1)
|
Operating Segment Income3
|
3Q’20
|
Margin
%
|
3Q’19
|
Margin
%
|
Change
%
|
Cable
|
4,796.7
|
42.0
|
4,481.7
|
42.4
|
7.0
|
Sky
|
2,436.7
|
43.5
|
2,399.9
|
45.0
|
1.5
|
Content
|
3,294.7
|
41.0
|
3,112.3
|
35.9
|
5.9
|
Other Businesses
|
3.3
|
0.4
|
715.7
|
29.4
|
(99.5)
|
Operating Segment Income
|
10,531.4
|
40.8
|
10,709.6
|
39.7
|
(1.7)
|
Corporate Expenses
|
(374.9)
|
(1.5)
|
(436.3)
|
(1.6)
|
14.1
|
Depreciation and Amortization
|
(5,235.9)
|
(21.9)
|
(5,321.3)
|
(20.6)
|
1.6
|
Other Income (Expense), net
|
666.0
|
2.8
|
(389.4)
|
(1.5)
|
n/a
|
Intersegment Operations
|
(17.5)
|
(0.1)
|
(21.7)
|
(0.1)
|
19.4
|
Disposed Operations 2
|
-
|
n/a
|
54.8
|
n/a
|
n/a
|
Operating Income
|
5,569.1
|
23.3
|
4,595.7
|
17.8
|
21.2
|
1
|
For segment reporting purposes, intersegment operations are included in each of the segment operations.
|
2
|
The sale of the Company’s Radio business was concluded on July 2nd, 2020. Accordingly, the net sales and the operating segment income associated with the Radio business, which was part of the
Company’s Other Businesses segment, are presented separately as disposed operations for the quarter ended September 30, 2019.
|
3
|
Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other income (expense), net.
|
RGUs
|
3Q’20 Net Adds
|
3Q’20
|
3Q’19
|
Video
|
(1,570)
|
4,333,908
|
4,345,020
|
Broadband
|
233,968
|
5,303,245
|
4,658,764
|
Voice
|
189,217
|
4,187,264
|
3,534,461
|
Mobile
|
25,963
|
40,114
|
-
|
Total RGUs
|
447,578
|
13,864,531
|
12,538,245
|
MSO Operations (1)
Millions of Mexican pesos
|
3Q’20
|
3Q’19
|
Change %
|
Revenue
|
10,227.4
|
9,603.8
|
6.5
|
Operating Segment Income
|
4,323.1
|
4,119.7
|
4.9
|
Margin (%)
|
42.3
|
42.9
|
|
Enterprise Operations (1)
Millions of Mexican pesos
|
3Q’20
|
3Q’19
|
Change %
|
Revenue
|
1,734.0
|
1,437.7
|
20.6
|
Operating Segment Income
|
611.3
|
504.0
|
21.3
|
Margin (%)
|
35.3
|
35.1
|
|
(1)
|
These results do not include consolidation adjustments of Ps.553.5 million in revenues nor Ps.137.7 million in operating segment income for third quarter 2020, neither the consolidation
adjustments of Ps.469.4 million in revenues nor Ps.142.0 million in operating segment income for third quarter 2019. Consolidation adjustments are considered in the consolidated results of the Cable segment.
|
RGUs
|
3Q’20 Net Adds
|
3Q’20
|
3Q’19
|
Video
|
15,188
|
7,472,350
|
7,412,728
|
Broadband
|
91,582
|
594,011
|
318,977
|
Voice
|
(108)
|
837
|
1,252
|
Total RGUs
|
106,662
|
8,067,198
|
7,732,957
|
Millions of Mexican pesos
|
3Q’20
|
%
|
3Q’19
|
%
|
Change %
|
Advertising
|
4,164.4
|
51.8
|
4,786.6
|
55.3
|
(13.0)
|
Network Subscription
|
1,331.7
|
16.6
|
1,238.9
|
14.3
|
7.5
|
Licensing and Syndication
|
2,537.3
|
31.6
|
2,633.5
|
30.4
|
(3.7)
|
Net Sales
|
8,033.4
|
|
8,659.0
|
|
(7.2)
|
Other Income (Expense), net
|
3Q’20
|
3Q’19
|
Cash
|
786.2
|
(183.9)
|
Non-cash
|
(120.2)
|
(205.5)
|
Total
|
666.0
|
(389.4)
|
3Q’20
|
3Q’19
|
Favorable
(Unfavorable)
Change
|
|
Interest expense
|
(2,788.9)
|
(2,861.5)
|
72.6
|
Interest income
|
275.3
|
565.4
|
(290.1)
|
Foreign exchange gain (loss), net
|
3,077.8
|
(929.5)
|
4,007.3
|
Other finance (expense) income, net
|
(254.6)
|
355.4
|
(610.0)
|
Finance income (expense), net
|
309.6
|
(2,870.2)
|
3,179.8
|
I.
|
a Ps.4,007.3 million favorable change in foreign exchange gain or loss, net, resulting primarily from a 4.0% appreciation of the Mexican peso against the U.S. dollar in third-quarter 2020, in comparison to a
2.9% depreciation in third-quarter 2019; and
|
II.
|
a Ps.72.6 million decrease in interest expense, primarily by a decrease in interest rates on long-term debt in third-quarter 2020, which was partially offset by a higher average principal amount of long-term
debt in the same period.
|
I.
|
a Ps.290.1 million decrease in interest income, explained primarily by a decrease in interest rates on cash and cash equivalents in third-quarter 2020; and
|
II.
|
an unfavorable change of Ps.610.0 million in other finance income or expense, net, resulting primarily from a net loss in fair value of our derivative contracts in third-quarter 2020.
|
Capital Expenditures
Millions of U.S.$
|
3Q’20
|
3Q’19
|
Cable
|
172.6
|
178.1
|
Sky
|
64.9
|
50.5
|
Content and Other Businesses
|
13.8
|
22.3
|
Total
|
251.3
|
250.9
|
September 30, 2020
|
December 31, 2019
|
Increase
(decrease)
|
|
Current portion of long-term debt
|
15,012.7
|
491.9
|
14,520.8
|
Long-term debt, net of current portion
|
131,907.6
|
120,444.7
|
11,462.9
|
Total debt 1
|
146,920.3
|
120,936.6
|
25,983.7
|
Current portion of long-term lease liabilities
|
1,328.5
|
1,257.8
|
70.7
|
Long-term lease liabilities, net of current portion
|
8,511.5
|
8,105.8
|
405.7
|
Total lease liabilities
|
9,840.0
|
9,363.6
|
476.4
|
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
|
156,760.3
|
131,624.3
|
25,136.0
|
1
|
As of September 30, 2020 and December 31, 2019, total debt is presented net of finance costs in the amount of Ps.1,387.8 million and Ps.1,441.6 million, respectively. In July 2020, Sky
prepaid a portion of its long-term bank loans in the principal amount of Ps.2,750 million with maturities between 2021 and 2023.
|
3Q’20 |
Margin
%
|
3Q’19 |
Margin
%
|
Change
%
|
|
Net sales
|
23,943.0
|
100.0
|
25,786.1
|
100.0
|
(7.1)
|
Net income
|
3,639.6
|
15.2
|
1,158.6
|
4.5
|
214.1
|
Net income attributable to stockholders of the Company
|
3,349.7
|
14.0
|
755.2
|
2.9
|
343.6
|
Segment net sales
|
25,821.7
|
100.0
|
27,005.5
|
100.0
|
(4.4)
|
Operating segment income (1)
|
10,531.4
|
40.8
|
10,709.6
|
39.7
|
(1.7)
|
(1)
|
The operating segment income margin is calculated as a percentage of segment net sales.
|
Net Sales
|
3Q’20
|
%
|
3Q’19
|
%
|
Change
%
|
Cable
|
11,407.9
|
44.2
|
10,572.1
|
39.1
|
7.9
|
Sky
|
5,597.9
|
21.7
|
5,338.3
|
19.8
|
4.9
|
Content
|
8,033.4
|
31.1
|
8,659.0
|
32.1
|
(7.2)
|
Other Businesses
|
782.5
|
3.0
|
2,436.1
|
9.0
|
(67.9)
|
Segment Net Sales
|
25,821.7
|
100.0
|
27,005.5
|
100.0
|
(4.4)
|
Intersegment Operations1
|
(1,878.7)
|
(1,416.4)
|
|||
Net Sales
|
23,943.0
|
|
25,589.1
|
|
(6.4)
|
Disposed Operations 2
|
-
|
n/a
|
197.0
|
n/a
|
(100.0)
|
Net Sales
|
23,943.0
|
|
25,786.1
|
|
(7.1)
|
Operating Segment Income3
|
3Q’20
|
Margin
%
|
3Q’19
|
Margin
%
|
Change
%
|
Cable
|
4,796.7
|
42.0
|
4,481.7
|
42.4
|
7.0
|
Sky
|
2,436.7
|
43.5
|
2,399.9
|
45.0
|
1.5
|
Content
|
3,294.7
|
41.0
|
3,112.3
|
35.9
|
5.9
|
Other Businesses
|
3.3
|
0.4
|
715.7
|
29.4
|
(99.5)
|
Operating Segment Income
|
10,531.4
|
40.8
|
10,709.6
|
39.7
|
(1.7)
|
Corporate Expenses
|
(374.9)
|
(1.5)
|
(436.3)
|
(1.6)
|
14.1
|
Depreciation and Amortization
|
(5,235.9)
|
(21.9)
|
(5,321.3)
|
(20.6)
|
1.6
|
Other Income (Expense), net
|
666.0
|
2.8
|
(389.4)
|
(1.5)
|
n/a
|
Intersegment Operations
|
(17.5)
|
(0.1)
|
(21.7)
|
(0.1)
|
19.4
|
Disposed Operations 2
|
-
|
n/a
|
54.8
|
n/a
|
n/a
|
Operating Income
|
5,569.1
|
23.3
|
4,595.7
|
17.8
|
21.2
|
1
|
For segment reporting purposes, intersegment operations are included in each of the segment operations.
|
2
|
The sale of the Company’s Radio business was concluded on July 2nd, 2020. Accordingly, the net sales and the operating
segment income associated with the Radio business, which was part of the Company’s Other Businesses segment, are presented separately as disposed operations for the quarter ended September 30, 2019.
|
3
|
Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other
income (expense), net.
|
Ticker:
|
TLEVISA
|
Period covered by financial statements:
|
2020-01-01 TO 2020-09-30
|
Date of end of reporting period:
|
2020-09-30
|
Name of reporting entity or other means of identification:
|
TLEVISA
|
Description of presentation currency:
|
MXN
|
Level of rounding used in financial statements:
|
THOUSANDS OF MEXICAN PESOS
|
Consolidated:
|
YES
|
Number of quarter:
|
3
|
Type of issuer:
|
ICS
|
Explanation of change in name of reporting entity or other means of identification from end of preceding reporting period:
|
|
Description of nature of financial statements:
|
Concept
|
Close Current Quarter
2020-09-30
|
Close Previous Exercise
2019-12-31
|
Statement of financial position
|
||
Assets
|
||
Current assets
|
||
Cash and cash equivalents
|
44,852,192,000
|
27,452,265,000
|
Trade and other current receivables
|
31,372,091,000
|
25,491,160,000
|
Current tax assets, current
|
5,523,970,000
|
3,800,379,000
|
Other current financial assets
|
114,816,000
|
1,715,000
|
Current inventories
|
1,780,004,000
|
1,151,421,000
|
Current biological assets
|
0
|
0
|
Other current non-financial assets
|
7,858,658,000
|
|
Total current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
91,737,098,000
|
65,755,598,000
|
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
0
|
1,675,426,000
|
Total current assets
|
91,737,098,000
|
67,431,024,000
|
Non-current assets
|
||
Trade and other non-current receivables
|
0
|
0
|
Current tax assets, non-current
|
0
|
0
|
Non-current inventories
|
0
|
0
|
Non-current biological assets
|
0
|
0
|
Other non-current financial assets
|
26,873,661,000
|
44,268,776,000
|
Investments accounted for using equity method
|
0
|
0
|
Investments in subsidiaries, joint ventures and associates
|
6,075,998,000
|
9,762,432,000
|
Property, plant and equipment
|
83,540,912,000
|
83,329,232,000
|
Investment property
|
0
|
0
|
Right-of-use assets that do not meet definition of investment property
|
7,227,694,000
|
7,553,052,000
|
Goodwill
|
14,113,626,000
|
14,113,626,000
|
Intangible assets other than goodwill
|
28,735,504,000
|
29,215,328,000
|
Deferred tax assets
|
30,776,169,000
|
24,185,148,000
|
Other non-current non-financial assets
|
10,485,274,000
|
|
Total non-current assets
|
209,588,546,000
|
222,912,868,000
|
Total assets
|
301,325,644,000
|
290,343,892,000
|
Equity and liabilities
|
||
Liabilities
|
||
Current liabilities
|
||
Trade and other current payables
|
46,560,308,000
|
33,894,040,000
|
Current tax liabilities, current
|
1,620,503,000
|
2,470,249,000
|
Other current financial liabilities
|
17,201,599,000
|
4,328,652,000
|
Current lease liabilities
|
1,328,463,000
|
1,257,766,000
|
Other current non-financial liabilities
|
0
|
0
|
Current provisions
|
||
Current provisions for employee benefits
|
0
|
0
|
Other current provisions
|
2,477,000
|
2,423,000
|
Total current provisions
|
2,477,000
|
2,423,000
|
Total current liabilities other than liabilities included in disposal groups classified as held for sale
|
66,713,350,000
|
41,953,130,000
|
Liabilities included in disposal groups classified as held for sale
|
0
|
432,812,000
|
Total current liabilities
|
66,713,350,000
|
42,385,942,000
|
Non-current liabilities
|
||
Trade and other non-current payables
|
2,486,048,000
|
2,459,157,000
|
Concept
|
Close Current Quarter
2020-09-30
|
Close Previous Exercise
2019-12-31
|
Current tax liabilities, non-current
|
759,380,000
|
1,759,719,000
|
Other non-current financial liabilities
|
133,227,399,000
|
120,791,259,000
|
Non-current lease liabilities
|
8,511,511,000
|
8,105,754,000
|
Other non-current non-financial liabilities
|
0
|
0
|
Non-current provisions
|
||
Non-current provisions for employee benefits
|
1,586,914,000
|
1,468,112,000
|
Other non-current provisions
|
964,633,000
|
917,483,000
|
Total non-current provisions
|
2,551,547,000
|
2,385,595,000
|
Deferred tax liabilities
|
2,630,070,000
|
7,052,233,000
|
Total non-current liabilities
|
150,165,955,000
|
142,553,717,000
|
Total liabilities
|
216,879,305,000
|
184,939,659,000
|
Equity
|
||
Issued capital
|
4,907,765,000
|
4,907,765,000
|
Share premium
|
15,889,819,000
|
15,889,819,000
|
Treasury shares
|
13,807,102,000
|
14,018,847,000
|
Retained earnings
|
78,307,753,000
|
82,431,278,000
|
Other reserves
|
(15,386,042,000)
|
1,320,451,000
|
Total equity attributable to owners of parent
|
69,912,193,000
|
90,530,466,000
|
Non-controlling interests
|
14,534,146,000
|
14,873,767,000
|
Total equity
|
84,446,339,000
|
105,404,233,000
|
Total equity and liabilities
|
301,325,644,000
|
290,343,892,000
|
Concept
|
Accumulated Current Year
2020-01-01 - 2020-09-30
|
Accumulated Previous Year
2019-01-01 - 2019-09-30
|
Quarter Current Year
2020-07-01 - 2020-09-30
|
Quarter Previous Year
2019-07-01 - 2019-09-30
|
Profit or loss
|
||||
Profit (loss)
|
||||
Revenue
|
69,578,973,000
|
73,488,981,000
|
23,943,027,000
|
25,786,149,000
|
Cost of sales
|
41,550,840,000
|
42,025,942,000
|
13,871,001,000
|
14,946,510,000
|
Gross profit
|
28,028,133,000
|
31,463,039,000
|
10,072,026,000
|
10,839,639,000
|
Distribution costs
|
7,568,635,000
|
8,344,187,000
|
2,312,266,000
|
2,797,238,000
|
Administrative expenses
|
9,427,991,000
|
10,081,472,000
|
2,856,685,000
|
3,057,286,000
|
Other income
|
657,361,000
|
0
|
665,952,000
|
0
|
Other expense
|
0
|
861,266,000
|
0
|
389,362,000
|
Profit (loss) from operating activities
|
11,688,868,000
|
12,176,114,000
|
5,569,027,000
|
4,595,753,000
|
Finance income
|
2,887,674,000
|
1,210,822,000
|
3,353,064,000
|
920,723,000
|
Finance costs
|
11,374,545,000
|
8,623,588,000
|
3,043,447,000
|
3,790,923,000
|
Share of profit (loss) of associates and joint ventures accounted for using equity method
|
(5,330,861,000)
|
489,556,000
|
(119,824,000)
|
159,917,000
|
Profit (loss) before tax
|
(2,128,864,000)
|
5,252,904,000
|
5,758,820,000
|
1,885,470,000
|
Tax income (expense)
|
1,145,785,000
|
1,972,735,000
|
2,119,142,000
|
726,784,000
|
Profit (loss) from continuing operations
|
(3,274,649,000)
|
3,280,169,000
|
3,639,678,000
|
1,158,686,000
|
Profit (loss) from discontinued operations
|
0
|
0
|
0
|
0
|
Profit (loss)
|
(3,274,649,000)
|
3,280,169,000
|
3,639,678,000
|
1,158,686,000
|
Profit (loss), attributable to
|
||||
Profit (loss), attributable to owners of parent
|
(4,562,651,000)
|
2,216,037,000
|
3,349,750,000
|
755,222,000
|
Profit (loss), attributable to non-controlling interests
|
1,288,002,000
|
1,064,132,000
|
289,928,000
|
403,464,000
|
Earnings per share
|
||||
Earnings per share
|
||||
Earnings per share
|
||||
Basic earnings per share
|
||||
Basic earnings (loss) per share from continuing operations
|
(1.61)
|
0.77
|
1.17
|
0.26
|
Basic earnings (loss) per share from discontinued operations
|
0
|
0
|
0
|
0
|
Total basic earnings (loss) per share
|
0.77
|
1.17
|
0.26
|
|
Diluted earnings per share
|
||||
Diluted earnings (loss) per share from continuing operations
|
(1.51)
|
0.73
|
1.11
|
0.25
|
Diluted earnings (loss) per share from discontinued operations
|
0
|
0
|
0
|
0
|
Total diluted earnings (loss) per share
|
0.73
|
1.11
|
0.25
|
Concept
|
Accumulated Current Year
2020-01-01 - 2020-09-30
|
Accumulated Previous Year
2019-01-01 - 2019-09-30
|
Quarter Current Year
2020-07-01 - 2020-09-30
|
Quarter Previous Year
2019-07-01 - 2019-09-30
|
Statement of comprehensive income
|
||||
Profit (loss)
|
(3,274,649,000)
|
3,280,169,000
|
3,639,678,000
|
1,158,686,000
|
Other comprehensive income
|
||||
Components of other comprehensive income that will not be reclassified to profit or loss, net of tax
|
||||
Other comprehensive income, net of tax, gains (losses) from investments in equity instruments
|
(17,057,300,000)
|
(1,045,805,000)
|
(235,212,000)
|
(796,155,000)
|
Other comprehensive income, net of tax, gains (losses) on revaluation
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, change in fair value of financial liability attributable to change in credit risk of liability
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, gains (losses) on hedging instruments that hedge investments in equity instruments
|
0
|
0
|
0
|
0
|
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profit or loss, net of tax
|
0
|
0
|
0
|
0
|
Total other comprehensive income that will not be reclassified to profit or loss, net of tax
|
(17,057,300,000)
|
(1,045,805,000)
|
(235,212,000)
|
(796,155,000)
|
Components of other comprehensive income that will be reclassified to profit or loss, net of tax
|
||||
Exchange differences on translation
|
||||
Gains (losses) on exchange differences on translation, net of tax
|
1,185,106,000
|
107,772,000
|
(199,259,000)
|
175,171,000
|
Reclassification adjustments on exchange differences on translation, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, exchange differences on translation
|
1,185,106,000
|
107,772,000
|
(199,259,000)
|
175,171,000
|
Available-for-sale financial assets
|
||||
Gains (losses) on remeasuring available-for-sale financial assets, net of tax
|
0
|
0
|
0
|
0
|
Reclassification adjustments on available-for-sale financial assets, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, available-for-sale financial assets
|
0
|
0
|
0
|
0
|
Cash flow hedges
|
||||
Gains (losses) on cash flow hedges, net of tax
|
(614,151,000)
|
(1,001,205,000)
|
(185,170,000)
|
(422,633,000)
|
Reclassification adjustments on cash flow hedges, net of tax
|
0
|
0
|
0
|
0
|
Amounts removed from equity and included in carrying amount of non-financial asset (liability) whose acquisition or incurrence was hedged highly probable forecast transaction, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, cash flow hedges
|
(614,151,000)
|
(1,001,205,000)
|
(185,170,000)
|
(422,633,000)
|
Hedges of net investment in foreign operations
|
||||
Gains (losses) on hedges of net investments in foreign operations, net of tax
|
0
|
0
|
0
|
0
|
Reclassification adjustments on hedges of net investments in foreign operations, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, hedges of net investments in foreign operations
|
0
|
0
|
0
|
0
|
Change in value of time value of options
|
||||
Gains (losses) on change in value of time value of options, net of tax
|
0
|
0
|
0
|
0
|
Reclassification adjustments on change in value of time value of options, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, change in value of time value of options
|
0
|
0
|
0
|
0
|
Change in value of forward elements of forward contracts
|
||||
Gains (losses) on change in value of forward elements of forward contracts, net of tax
|
0
|
0
|
0
|
0
|
Reclassification adjustments on change in value of forward elements of forward contracts, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, change in value of forward elements of forward contracts
|
0
|
0
|
0
|
0
|
Concept
|
Accumulated Current Year
2020-01-01 - 2020-09-30
|
Accumulated Previous Year
2019-01-01 - 2019-09-30
|
Quarter Current Year
2020-07-01 - 2020-09-30
|
Quarter Previous Year
2019-07-01 - 2019-09-30
|
Change in value of time value of options
|
||||
Gains (losses) on change in value of time value of options, net of tax
|
0
|
0
|
0
|
0
|
Reclassification adjustments on change in value of time value of options, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, change in value of time value of options
|
0
|
0
|
0
|
0
|
Change in value of forward elements of forward contracts
|
||||
Gains (losses) on change in value of forward elements of forward contracts, net of tax
|
0
|
0
|
0
|
0
|
Reclassification adjustments on change in value of forward elements of forward contracts, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, change in value of forward elements of forward contracts
|
0
|
0
|
0
|
0
|
Change in value of foreign currency basis spreads
|
||||
Gains (losses) on change in value of foreign currency basis spreads, net of tax
|
0
|
0
|
0
|
0
|
Reclassification adjustments on change in value of foreign currency basis spreads, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, change in value of foreign currency basis spreads
|
0
|
0
|
0
|
0
|
Financial assets measured at fair value through other comprehensive income
|
||||
Gains (losses) on financial assets measured at fair value through other comprehensive income, net of tax
|
0
|
(612,000)
|
0
|
(179,000)
|
Reclassification adjustments on financial assets measured at fair value through other comprehensive income, net of tax
|
0
|
0
|
0
|
0
|
Amounts removed from equity and adjusted against fair value of financial assets on reclassification out of fair value through other comprehensive income measurement category, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income
|
0
|
(612,000)
|
0
|
(179,000)
|
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax
|
(95,893,000)
|
(196,952,000)
|
156,000
|
(79,259,000)
|
Total other comprehensive income that will be reclassified to profit or loss, net of tax
|
475,062,000
|
(1,090,997,000)
|
(384,273,000)
|
(326,900,000)
|
Total other comprehensive income
|
(16,582,238,000)
|
(2,136,802,000)
|
(619,485,000)
|
(1,123,055,000)
|
Total comprehensive income
|
(19,856,887,000)
|
1,143,367,000
|
3,020,193,000
|
35,631,000
|
Comprehensive income attributable to
|
||||
Comprehensive income, attributable to owners of parent
|
(21,269,144,000)
|
59,039,000
|
2,768,926,000
|
(387,832,000)
|
Comprehensive income, attributable to non-controlling interests
|
1,412,257,000
|
1,084,328,000
|
251,267,000
|
423,463,000
|
Concept
|
Accumulated Current Year
2020-01-01 - 2020-09-30
|
Accumulated Previous Year
2019-01-01 - 2019-09-30
|
Statement of cash flows
|
||
Cash flows from (used in) operating activities
|
||
Profit (loss)
|
(3,274,649,000)
|
3,280,169,000
|
Adjustments to reconcile profit (loss)
|
||
+ Discontinued operations
|
0
|
0
|
+ Adjustments for income tax expense
|
1,145,785,000
|
1,972,735,000
|
+ (-) Adjustments for finance costs
|
0
|
0
|
+ Adjustments for depreciation and amortisation expense
|
15,621,499,000
|
15,616,424,000
|
+ Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss
|
27,202,000
|
50,680,000
|
+ Adjustments for provisions
|
1,070,663,000
|
1,261,611,000
|
+ (-) Adjustments for unrealised foreign exchange losses (gains)
|
4,939,928,000
|
569,092,000
|
+ Adjustments for share-based payments
|
580,718,000
|
820,774,000
|
+ (-) Adjustments for fair value losses (gains)
|
(1,936,686,000)
|
313,625,000
|
- Adjustments for undistributed profits of associates
|
0
|
0
|
+ (-) Adjustments for losses (gains) on disposal of non-current assets
|
(34,895,000)
|
120,226,000
|
+ Share of income of associates and joint ventures
|
5,330,861,000
|
(489,556,000)
|
+ (-) Adjustments for decrease (increase) in inventories
|
(2,001,382,000)
|
230,961,000
|
+ (-) Adjustments for decrease (increase) in trade accounts receivable
|
(4,370,465,000)
|
1,444,993,000
|
+ (-) Adjustments for decrease (increase) in other operating receivables
|
(2,084,620,000)
|
(1,975,166,000)
|
+ (-) Adjustments for increase (decrease) in trade accounts payable
|
5,813,252,000
|
331,878,000
|
+ (-) Adjustments for increase (decrease) in other operating payables
|
6,541,591,000
|
(3,729,732,000)
|
+ Other adjustments for non-cash items
|
0
|
0
|
+ Other adjustments for which cash effects are investing or financing cash flow
|
(933,506,000)
|
(62,000)
|
+ Straight-line rent adjustment
|
0
|
0
|
+ Amortization of lease fees
|
0
|
0
|
+ Setting property values
|
0
|
0
|
+ (-) Other adjustments to reconcile profit (loss)
|
294,395,000
|
378,590,000
|
+ (-) Total adjustments to reconcile profit (loss)
|
30,004,340,000
|
16,917,073,000
|
Net cash flows from (used in) operations
|
26,729,691,000
|
20,197,242,000
|
- Dividends paid
|
0
|
0
|
+Dividends received
|
0
|
0
|
- Interest paid
|
(7,726,187,000)
|
(7,844,528,000)
|
+ Interest received
|
(62,092,000)
|
(44,936,000)
|
+ (-) Income taxes refund (paid)
|
7,639,482,000
|
7,535,422,000
|
+ (-) Other inflows (outflows) of cash
|
0
|
0
|
Net cash flows from (used in) operating activities
|
26,754,304,000
|
20,461,412,000
|
Cash flows from (used in) investing activities
|
||
+ Cash flows from losing control of subsidiaries or other businesses
|
0
|
667,000
|
- Cash flows used in obtaining control of subsidiaries or other businesses
|
0
|
(107,883,000)
|
+ Other cash receipts from sales of equity or debt instruments of other entities
|
0
|
0
|
- Other cash payments to acquire equity or debt instruments of other entities
|
0
|
0
|
+ Other cash receipts from sales of interests in joint ventures
|
0
|
0
|
- Other cash payments to acquire interests in joint ventures
|
0
|
0
|
+ Proceeds from sales of property, plant and equipment
|
866,397,000
|
1,967,674,000
|
- Purchase of property, plant and equipment
|
14,702,698,000
|
13,736,986,000
|
+ Proceeds from sales of intangible assets
|
0
|
0
|
- Purchase of intangible assets
|
914,700,000
|
2,130,320,000
|
+ Proceeds from sales of other long-term assets
|
0
|
0
|
Concept
|
Accumulated Current Year
2020-01-01 - 2020-09-30
|
Accumulated Previous Year
2019-01-01 - 2019-09-30
|
- Purchase of other long-term assets
|
0
|
0
|
+ Proceeds from government grants
|
0
|
0
|
- Cash advances and loans made to other parties
|
0
|
0
|
+ Cash receipts from repayment of advances and loans made to other parties
|
0
|
0
|
- Cash payments for futures contracts, forward contracts, option contracts and swap contracts
|
0
|
0
|
+ Cash receipts from futures contracts, forward contracts, option contracts and swap contracts
|
0
|
0
|
+ Dividends received
|
285,669,000
|
452,400,000
|
- Interest paid
|
0
|
0
|
+ Interest received
|
0
|
0
|
+ (-) Income taxes refund (paid)
|
0
|
0
|
+ (-) Other inflows (outflows) of cash
|
2,678,030,000
|
1,216,055,000
|
Net cash flows from (used in) investing activities
|
(11,787,302,000)
|
(12,122,627,000)
|
Cash flows from (used in) financing activities
|
||
+ Proceeds from changes in ownership interests in subsidiaries that do not result in loss of control
|
0
|
0
|
- Payments from changes in ownership interests in subsidiaries that do not result in loss of control
|
1,324,063,000
|
2,091,551,000
|
+ Proceeds from issuing shares
|
0
|
0
|
+ Proceeds from issuing other equity instruments
|
0
|
0
|
- Payments to acquire or redeem entity’s shares
|
195,597,000
|
1,385,750,000
|
- Payments of other equity instruments
|
0
|
0
|
+ Proceeds from borrowings
|
14,770,695,000
|
24,006,712,000
|
- Repayments of borrowings
|
3,181,867,000
|
11,928,534,000
|
- Payments of finance lease liabilities
|
470,009,000
|
692,660,000
|
- Payments of lease liabilities
|
717,984,000
|
612,887,000
|
+ Proceeds from government grants
|
0
|
0
|
- Dividends paid
|
0
|
1,066,187,000
|
- Interest paid
|
6,867,123,000
|
5,991,238,000
|
+ (-) Income taxes refund (paid)
|
0
|
0
|
+ (-) Other inflows (outflows) of cash
|
221,855,000
|
(1,938,058,000)
|
Net cash flows from (used in) financing activities
|
2,235,907,000
|
(1,700,153,000)
|
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes
|
17,202,909,000
|
6,638,632,000
|
Effect of exchange rate changes on cash and cash equivalents
|
||
Effect of exchange rate changes on cash and cash equivalents
|
197,018,000
|
3,994,000
|
Net increase (decrease) in cash and cash equivalents
|
17,399,927,000
|
6,642,626,000
|
Cash and cash equivalents at beginning of period
|
27,452,265,000
|
32,068,291,000
|
Cash and cash equivalents at end of period
|
44,852,192,000
|
38,710,917,000
|
Components of equity
|
|||||||||
Sheet 1 of 3
|
Issued capital
|
Share premium
|
Treasury shares
|
Retained earnings
|
Revaluation surplus
|
Reserve of exchange differences on translation
|
Reserve of cash flow hedges
|
Reserve of gains and losses on hedging instruments that hedge investments in equity instruments
|
Reserve of change in value of time value of options
|
Statement of changes in equity
|
|||||||||
Equity at beginning of period
|
4,907,765,000
|
15,889,819,000
|
14,018,847,000
|
82,431,278,000
|
0
|
1,280,541,000
|
(381,753,000)
|
0
|
0
|
Changes in equity
|
|||||||||
Comprehensive income
|
|||||||||
Profit (loss)
|
0
|
0
|
0
|
(4,562,651,000)
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
0
|
0
|
0
|
1,060,851,000
|
(614,151,000)
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
0
|
(4,562,651,000)
|
0
|
1,060,851,000
|
(614,151,000)
|
0
|
0
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
165,750,000
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through treasury share transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
(211,745,000)
|
273,376,000
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is
applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair
value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for
which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which
fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total increase (decrease) in equity
|
0
|
0
|
(211,745,000)
|
(4,123,525,000)
|
0
|
1,060,851,000
|
(614,151,000)
|
0
|
0
|
Equity at end of period
|
4,907,765,000
|
15,889,819,000
|
13,807,102,000
|
78,307,753,000
|
0
|
2,341,392,000
|
(995,904,000)
|
0
|
0
|
Components of equity
|
|||||||||
Sheet 2 of 3
|
Reserve of change in value of forward elements of forward contracts
|
Reserve of change in value of foreign currency basis spreads
|
Reserve of gains and losses on financial assets measured at fair value through other comprehensive income
|
Reserve of gains and losses on remeasuring available-for-sale financial assets
|
Reserve of share-based payments
|
Reserve of remeasurements of defined benefit plans
|
Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale
|
Reserve of gains and losses from investments in equity instruments
|
Reserve of change in fair value of financial liability attributable to change in credit risk of liability
|
Statement of changes in equity
|
|||||||||
Equity at beginning of period
|
0
|
0
|
1,202,689,000
|
0
|
0
|
(705,611,000)
|
0
|
0
|
0
|
Changes in equity
|
|||||||||
Comprehensive income
|
|||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
(17,057,300,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
(17,057,300,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through treasury share transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is
applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair
value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for
which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which
fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total increase (decrease) in equity
|
0
|
0
|
(17,057,300,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Equity at end of period
|
0
|
0
|
(15,854,611,000)
|
0
|
0
|
(705,611,000)
|
0
|
0
|
0
|
Components of equity
|
||||||||
Sheet 3 of 3
|
Reserve for catastrophe
|
Reserve for equalisation
|
Reserve of discretionary participation features
|
Other comprehensive income
|
Other reserves
|
Equity attributable to owners of parent
|
Non-controlling interests
|
Equity
|
Statement of changes in equity
|
||||||||
Equity at beginning of period
|
0
|
0
|
0
|
(75,415,000)
|
1,320,451,000
|
90,530,466,000
|
14,873,767,000
|
105,404,233,000
|
Changes in equity
|
||||||||
Comprehensive income
|
||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
(4,562,651,000)
|
1,288,002,000
|
(3,274,649,000)
|
Other comprehensive income
|
0
|
0
|
0
|
(95,893,000)
|
(16,706,493,000)
|
(16,706,493,000)
|
124,255,000
|
(16,582,238,000)
|
Total comprehensive income
|
0
|
0
|
0
|
(95,893,000)
|
(16,706,493,000)
|
(21,269,144,000)
|
1,412,257,000
|
(19,856,887,000)
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
0
|
1,134,808,000
|
1,134,808,000
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
0
|
0
|
165,750,000
|
0
|
165,750,000
|
Increase (decrease) through treasury share transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
(617,070,000)
|
(617,070,000)
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
485,121,000
|
0
|
485,121,000
|
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is
applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value
hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for
which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which
fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total increase (decrease) in equity
|
0
|
0
|
0
|
(95,893,000)
|
(16,706,493,000)
|
(20,618,273,000)
|
(339,621,000)
|
(20,957,894,000)
|
Equity at end of period
|
0
|
0
|
0
|
(171,308,000)
|
(15,386,042,000)
|
69,912,193,000
|
14,534,146,000
|
84,446,339,000
|
Components of equity
|
|||||||||
Sheet 1 of 3
|
Issued capital
|
Share premium
|
Treasury shares
|
Retained earnings
|
Revaluation surplus
|
Reserve of exchange differences on translation
|
Reserve of cash flow hedges
|
Reserve of gains and losses on hedging instruments that hedge investments in equity instruments
|
Reserve of change in value of time value of options
|
Statement of changes in equity
|
|||||||||
Equity at beginning of period
|
4,907,765,000
|
15,889,819,000
|
14,219,060,000
|
78,510,909,000
|
0
|
1,461,495,000
|
683,585,000
|
0
|
0
|
Changes in equity
|
|||||||||
Comprehensive income
|
|||||||||
Profit (loss)
|
0
|
0
|
0
|
2,216,037,000
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
0
|
0
|
0
|
87,576,000
|
(1,001,205,000)
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
0
|
2,216,037,000
|
0
|
87,576,000
|
(1,001,205,000)
|
0
|
0
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
1,066,187,000
|
0
|
0
|
0
|
0
|
0
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
443,589,000
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through treasury share transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
766,000
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
399,804,000
|
(181,335,000)
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is
applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair
value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment
for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for
which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total increase (decrease) in equity
|
0
|
0
|
399,804,000
|
1,412,870,000
|
0
|
87,576,000
|
(1,001,205,000)
|
0
|
0
|
Equity at end of period
|
4,907,765,000
|
15,889,819,000
|
14,618,864,000
|
79,923,779,000
|
0
|
1,549,071,000
|
(317,620,000)
|
0
|
0
|
Components of equity
|
|||||||||
Sheet 2 of 3
|
Reserve of change in value of forward elements of forward contracts
|
Reserve of change in value of foreign currency basis spreads
|
Reserve of gains and losses on financial assets measured at fair value through other comprehensive income
|
Reserve of gains and losses on remeasuring available-for-sale financial assets
|
Reserve of share-based payments
|
Reserve of remeasurements of defined benefit plans
|
Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale
|
Reserve of gains and losses from investments in equity instruments
|
Reserve of change in fair value of financial liability attributable to change in credit risk of liability
|
Statement of changes in equity
|
|||||||||
Equity at beginning of period
|
0
|
0
|
2,654,866,000
|
0
|
0
|
(533,203,000)
|
0
|
0
|
0
|
Changes in equity
|
|||||||||
Comprehensive income
|
|||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
(1,046,417,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
(1,046,417,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through treasury share transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is
applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair
value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment
for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for
which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total increase (decrease) in equity
|
0
|
0
|
(1,046,417,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Equity at end of period
|
0
|
0
|
1,608,449,000
|
0
|
0
|
(533,203,000)
|
0
|
0
|
0
|
Components of equity
|
||||||||
Sheet 3 of 3
|
Reserve for catastrophe
|
Reserve for equalisation
|
Reserve of discretionary participation features
|
Other comprehensive income
|
Other reserves
|
Equity attributable to owners of parent
|
Non-controlling interests
|
Equity
|
Statement of changes in equity
|
||||||||
Equity at beginning of period
|
0
|
0
|
0
|
160,744,000
|
4,427,487,000
|
89,516,920,000
|
15,013,771,000
|
104,530,691,000
|
Changes in equity
|
||||||||
Comprehensive income
|
||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
2,216,037,000
|
1,064,132,000
|
3,280,169,000
|
Other comprehensive income
|
0
|
0
|
0
|
(196,952,000)
|
(2,156,998,000)
|
(2,156,998,000)
|
20,196,000
|
(2,136,802,000)
|
Total comprehensive income
|
0
|
0
|
0
|
(196,952,000)
|
(2,156,998,000)
|
59,039,000
|
1,084,328,000
|
1,143,367,000
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
1,066,187,000
|
1,573,622,000
|
2,639,809,000
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
0
|
0
|
443,589,000
|
0
|
443,589,000
|
Increase (decrease) through treasury share transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
0
|
0
|
766,000
|
(766,000)
|
0
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
(581,139,000)
|
0
|
(581,139,000)
|
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is
applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair
value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment
for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for
which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total increase (decrease) in equity
|
0
|
0
|
0
|
(196,952,000)
|
(2,156,998,000)
|
(1,143,932,000)
|
(490,060,000)
|
(1,633,992,000)
|
Equity at end of period
|
0
|
0
|
0
|
(36,208,000)
|
2,270,489,000
|
88,372,988,000
|
14,523,711,000
|
102,896,699,000
|
Concept
|
Close Current Quarter
2020-09-30
|
Close Previous Exercise
2019-12-31
|
Informative data of the Statement of Financial Position
|
||
Capital stock (nominal)
|
2,459,154,000
|
2,459,154,000
|
Restatement of capital stock
|
2,448,611,000
|
2,448,611,000
|
Plan assets for pensions and seniority premiums
|
1,277,026,000
|
1,369,379,000
|
Number of executives
|
72
|
73
|
Number of employees
|
43,001
|
42,875
|
Number of workers
|
0
|
0
|
Outstanding shares
|
329,940,809,211
|
337,244,259,846
|
Repurchased shares
|
27,366,462,591
|
20,063,011,956
|
Restricted cash
|
0
|
0
|
Guaranteed debt of associated companies
|
0
|
0
|
Concept
|
Accumulated Current Year
2020-01-01 - 2020-09-30
|
Accumulated Previous Year
2019-01-01 - 2019-09-30
|
Quarter Current Year
2020-07-01 - 2020-09-30
|
Quarter Previous Year
2019-07-01 - 2019-09-30
|
Informative data of the Income Statement
|
||||
Operating depreciation and amortization
|
15,621,499,000
|
15,616,424,000
|
5,235,918,000
|
5,321,251,000
|
Concept
|
Current Year
2019-10-01 - 2020-09-30
|
Previous Year
2018-10-01 - 2019-09-30
|
Informative data - Income Statement for 12 months
|
||
Revenue
|
97,847,173,000
|
100,224,232,000
|
Profit (loss) from operating activities
|
16,517,784,000
|
15,840,326,000
|
Profit (loss)
|
(448,005,000)
|
3,660,134,000
|
Profit (loss), attributable to owners of parent
|
(2,152,549,000)
|
2,272,510,000
|
Operating depreciation and amortization
|
21,013,871,000
|
20,763,898,000
|
Institution
|
Foreign institution (yes/no)
|
Contract signing date
|
Expiration date
|
Interest rate
|
Denomination
|
|||||||||||
Domestic currency
|
Foreign currency
|
|||||||||||||||
Time interval
|
Time interval
|
|||||||||||||||
Current year
|
Until 1 year
|
Until 2 years
|
Until 3 years
|
Until 4 years
|
Until 5 years or more
|
Current year
|
Until 1 year
|
Until 2 years
|
Until 3 years
|
Until 4 years
|
Until 5 years or more
|
|||||
Banks
|
||||||||||||||||
Foreign trade
|
||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Banks - secured
|
||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Commercial banks
|
||||||||||||||||
BANORTE1
|
NO
|
2015-05-15
|
2022-04-30
|
TIIE+1.0
|
60,374,000
|
215,800,000
|
636,431,000
|
|||||||||
HSBC 2
|
NO
|
2016-03-08
|
2023-03-08
|
7.13
|
250,000,000
|
625,000,000
|
||||||||||
SCOTIABANK INVERLAT 3
|
NO
|
2016-03-08
|
2023-03-08
|
7
|
1,125,000,000
|
750,000,000
|
||||||||||
BANCO SANTANDER 4
|
NO
|
2017-11-23
|
2022-10-21
|
TIIE+1.25
|
1,496,100,000
|
|||||||||||
HSBC 5
|
NO
|
2017-11-23
|
2022-11-22
|
TIIE+1.30
|
1,994,915,000
|
|||||||||||
SCOTIABANK INVERLAT 6
|
NO
|
2017-12-07
|
2023-02-03
|
TIIE+1.30
|
2,492,984,000
|
|||||||||||
SINDICATED LOAN 7
|
NO
|
2019-06-05
|
2024-06-28
|
TIIE+1.05
|
9,920,693,000
|
|||||||||||
REVOLVING CREDIT FACILITY 8
|
YES
|
2018-03-26
|
2022-03-26
|
TIIE+.87 o 1.125
|
14,736,512,000
|
|||||||||||
TOTAL
|
14,796,886,000
|
215,800,000
|
2,011,431,000
|
7,358,999,000
|
9,920,693,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Other banks
|
||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Total banks
|
||||||||||||||||
TOTAL
|
14,796,886,000
|
215,800,000
|
2,011,431,000
|
7,358,999,000
|
9,920,693,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Stock market
|
||||||||||||||||
Listed on stock exchange - unsecured
|
||||||||||||||||
SENIOR NOTES 1
|
YES
|
2007-05-09
|
2037-05-11
|
8.93
|
4,487,916,000
|
|||||||||||
SENIOR NOTES 3
|
YES
|
2013-05-14
|
2043-05-14
|
7.62
|
6,446,317,000
|
|||||||||||
NOTES 4
|
NO
|
2017-10-09
|
2027-09-27
|
8.79
|
4,483,289,000
|
|||||||||||
SENIOR NOTES 5
|
YES
|
2005-03-18
|
2025-03-18
|
6.97
|
13,091,508,000
|
|||||||||||
SENIOR NOTES 6
|
YES
|
2002-03-11
|
2032-03-11
|
8.94
|
6,611,638,000
|
|||||||||||
SENIOR NOTES 7
|
YES
|
2009-11-23
|
2040-01-16
|
6.97
|
13,141,823,000
|
|||||||||||
SENIOR NOTES 8
|
YES
|
2014-05-13
|
2045-05-15
|
5.26
|
21,689,304,000
|
|||||||||||
SENIOR NOTES 9
|
YES
|
2015-11-24
|
2026-01-30
|
4.86
|
6,606,284,000
|
|||||||||||
SENIOR NOTES 10
|
YES
|
2015-11-24
|
2046-01-31
|
6.44
|
19,775,369,000
|
|||||||||||
SENIOR NOTES 11
|
YES
|
2019-05-21
|
2049-05-24
|
5.52
|
16,283,076,000
|
|||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
15,417,522,000
|
0
|
0
|
0
|
0
|
0
|
|||||
Listed on stock exchange - secured
|
||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Private placements - unsecured
|
||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Private placements - secured
|
||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Total listed on stock exchanges and private placements
|
||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
15,417,522,000
|
0
|
0
|
0
|
0
|
0
|
97,199,002,000
|
||||
Other current and non-current liabilities with cost
|
||||||||||||||||
Other current and non-current liabilities with cost
|
||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Institution
|
Foreign institution (yes/no)
|
Contract signing date
|
Expiration date
|
Interest rate
|
Denomination
|
|||||||||||
Domestic currency
|
Foreign currency
|
|||||||||||||||
Time interval
|
Time interval
|
|||||||||||||||
Current year
|
Until 1 year
|
Until 2 years
|
Until 3 years
|
Until 4 years
|
Until 5 years or more
|
Current year
|
Until 1 year
|
Until 2 years
|
Until 3 years
|
Until 4 years
|
Until 5 years or more
|
|||||
Total other current and non-current liabilities with cost
|
||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Suppliers
|
||||||||||||||||
Suppliers
|
||||||||||||||||
SUPPLIERS 1
|
NO
|
2020-09-30
|
2021-09-30
|
17,782,346,000
|
5,125,019,000
|
|||||||||||
TRANSMISSION RIGHTS 2
|
NO
|
2012-05-07
|
2026-12-29
|
1,311,471,000
|
550,261,000
|
343,679,000
|
106,819,000
|
93,280,000
|
2,402,488,000
|
714,817,000
|
283,606,000
|
166,403,000
|
227,183,000
|
|||
TOTAL
|
0
|
19,093,817,000
|
550,261,000
|
343,679,000
|
106,819,000
|
93,280,000
|
0
|
7,527,507,000
|
714,817,000
|
283,606,000
|
166,403,000
|
227,183,000
|
||||
Total suppliers
|
||||||||||||||||
TOTAL
|
0
|
19,093,817,000
|
550,261,000
|
343,679,000
|
106,819,000
|
93,280,000
|
0
|
7,527,507,000
|
714,817,000
|
283,606,000
|
166,403,000
|
227,183,000
|
||||
Other current and non-current liabilities
|
||||||||||||||||
Other current and non-current liabilities
|
||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS
|
117,887,000
|
1,135,041,000
|
184,711,000
|
|||||||||||||
TOTAL
|
0
|
117,887,000
|
1,135,041,000
|
184,711,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Total other current and non-current liabilities
|
||||||||||||||||
TOTAL
|
0
|
117,887,000
|
1,135,041,000
|
184,711,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Total credits
|
||||||||||||||||
TOTAL
|
14,796,886,000
|
19,427,504,000
|
3,696,733,000
|
7,887,389,000
|
10,027,512,000
|
15,510,802,000
|
0
|
7,527,507,000
|
714,817,000
|
283,606,000
|
166,403,000
|
97,426,185,000
|
Currencies
|
|||||
Dollars
|
Dollar equivalent in pesos
|
Other currencies equivalent in dollars
|
Other currencies equivalent in pesos
|
Total pesos
|
|
Foreign currency position
|
|||||
Monetary assets
|
|||||
Current monetary assets
|
1,073,841,000
|
23,738,866,000
|
41,857,000
|
925,312,000
|
24,664,178,000
|
Non-current monetary assets
|
0
|
0
|
0
|
0
|
0
|
Total monetary assets
|
1,073,841,000
|
23,738,866,000
|
41,857,000
|
925,312,000
|
24,664,178,000
|
Liabilities position
|
|||||
Current liabilities
|
500,781,000
|
11,070,515,000
|
10,554,000
|
233,312,000
|
11,303,827,000
|
Non-current liabilities
|
4,745,135,000
|
104,898,327,000
|
0
|
0
|
104,898,327,000
|
Total liabilities
|
5,245,916,000
|
115,968,842,000
|
10,554,000
|
233,312,000
|
116,202,154,000
|
Net monetary assets (liabilities)
|
(4,172,075,000)
|
(92,229,976,000)
|
31,303,000
|
692,000,000
|
Income type
|
||||
National income
|
Export income
|
Income of subsidiaries abroad
|
Total income
|
|
CONTENT:
|
||||
CONTENT:
|
0
|
0
|
0
|
0
|
TELEVISA
|
||||
CONTENT - ADVERTISING
|
9,595,903,000
|
125,804,000
|
0
|
9,721,707,000
|
CONTENT - NETWORK SUBSCRIPTION REVENUE
|
3,178,920,000
|
885,541,000
|
0
|
4,064,461,000
|
CONTENT - LICENSING AND SYNDICATION
|
1,015,031,000
|
6,700,338,000
|
0
|
7,715,369,000
|
SKY (INCLUDES LEASING OF SET-TOP EQUIPMENT):
|
||||
SKY (INCLUDES LEASING OF SET-TOP EQUIPMENT):
|
0
|
0
|
0
|
0
|
SKY, VETV, BLUE TO GO, BLUE TELECOMM
|
||||
SKY - DTH BROADCAST SATELLITE TV
|
14,481,893,000
|
0
|
1,171,429,000
|
15,653,322,000
|
SKY - PAY PER VIEW
|
28,122,000
|
0
|
7,865,000
|
35,987,000
|
SKY - ADVERTISING
|
828,740,000
|
0
|
0
|
828,740,000
|
CABLE (INCLUDES LEASING OF SET-TOP EQUIPMENT):
|
||||
CABLE (INCLUDES LEASING OF SET-TOP EQUIPMENT):
|
0
|
0
|
0
|
0
|
CABLEVISIÓN, CABLEMÁS, TVI, CABLECOM, IZZI, TELECABLE
|
||||
CABLE - DIGITAL TV SERVICE
|
12,471,623,000
|
0
|
0
|
12,471,623,000
|
CABLE - BROADBAND SERVICES
|
12,081,660,000
|
0
|
0
|
12,081,660,000
|
CABLE - SERVICE INSTALLATION
|
322,314,000
|
0
|
0
|
322,314,000
|
CABLE - ADVERTISING
|
1,153,685,000
|
0
|
0
|
1,153,685,000
|
CABLE - TELEPHONY
|
3,168,742,000
|
0
|
0
|
3,168,742,000
|
CABLE - OTHER INCOME
|
231,841,000
|
0
|
0
|
231,841,000
|
BESTEL, METRORED
|
||||
CABLE - ENTERPRISE OPERATIONS
|
3,869,672,000
|
0
|
241,827,000
|
4,111,499,000
|
OTHER BUSINESSES:
|
||||
OTHER BUSINESSES:
|
0
|
0
|
0
|
0
|
TV Y NOVELAS, MUY INTERESANTE JUNIOR, VANIDADES, COCINA FACIL, NATIONAL GEOGRAPHIC, MUY INTERESANTE, COSMOPOLITAN,TÚ
|
||||
PUBLISHING - MAGAZINE CIRCULATION
|
196,355,000
|
0
|
942,000
|
197,297,000
|
PUBLISHING - ADVERTISING
|
107,569,000
|
0
|
0
|
107,569,000
|
PUBLISHING - OTHER INCOME
|
807,000
|
0
|
0
|
807,000
|
VIDEOCINE, PANTELION
|
||||
DISTRIBUTION, RENTALS AND SALE OF MOVIE RIGHTS
|
759,260,000
|
0
|
89,629,000
|
848,889,000
|
CLUB DE FÚTBOL AMÉRICA, ESTADIO AZTECA
|
||||
SPECIAL EVENTS AND SHOW PROMOTION
|
899,091,000
|
118,461,000
|
0
|
1,017,552,000
|
PLAY CITY
|
||||
GAMING
|
740,273,000
|
0
|
0
|
740,273,000
|
TELEVISA RADIO
|
||||
RADIO - ADVERTISING (DISPOSED OPERATIONS)
|
223,272,000
|
0
|
0
|
223,272,000
|
SELECCIONES,ALGARABIA, VOGUE MEXICO,CARTOON NETWORK, GUÍA DE BIENESTAR SELECCIONES, RELATOS E HISTORIAS DE MEXICO
|
||||
PUBLISHING DISTRIBUTION
|
193,685,000
|
0
|
0
|
193,685,000
|
INTERSEGMENT ELIMINATIONS
|
||||
INTERSEGMENT ELIMINATIONS
|
(5,311,321,000)
|
0
|
0
|
(5,311,321,000)
|
TOTAL
|
60,237,137,000
|
7,830,144,000
|
1,511,692,000
|
69,578,973,000
|
1.
|
Cross-currency interest rate swaps (i.e., coupon swaps);
|
2.
|
Interest rate and inflation-indexed swaps;
|
3.
|
Cross-currency principal and interest rate swaps;
|
4.
|
Swaptions;
|
5.
|
Forward exchange rate contracts;
|
6.
|
FX options;
|
7.
|
Interest Rate Caps and Floors contracts;
|
8.
|
Fixed-price contracts for the acquisition of government securities (i.e., Treasury locks); and
|
9.
|
Credit Default Swaps.
|
1.
|
During the relevant quarter, forwards through which the Company hedged against a possible Mexican Peso depreciation with a notional amount of U.S.
$198,050,000.00 (One hundred ninety eight million fifty thousand U.S. Dollars 00/100), expired. As a result of this hedge, a profit of MXN $438,825,653.13 (Four hundred thirty eight million eight hundred twenty five thousand six hundred
fifty three Mexican pesos 13/100) was incurred in the quarter.
|
2.
|
During the relevant quarter, forwards through which Televisión Internacional, S.A. de C.V. hedged against a possible Mexican Peso depreciation with a
notional amount of U.S. $18,000,000.00 (Eighteen million U.S. Dollars 00/100), expired. As a result of this hedge, a profit of MXN $40,255,800.00 (Forty million two hundred fifty five thousand eight hundred Mexican pesos 00/100) was
incurred in the quarter.
|
3.
|
During the relevant quarter, forwards through which Empresas Cablevisión, S.A.B. de C.V. hedged against a possible Mexican Peso depreciation with a
notional amount of U.S. $19,750,000.00 (Nineteen million seven hundred fifty thousand U.S. Dollars 00/100), expired. As a result of this hedge, a profit of MXN $44,123,750.00 (Forty four million one hundred twenty three thousand seven
hundred fifty Mexican pesos 00/100) was incurred in the quarter.
|
4.
|
During the relevant quarter, forwards through which Corporación Novavisión, S. de R.L. de C.V. hedged against a possible Mexican Peso depreciation with
a notional amount of U.S. $46,400,000.00 (Forty six million four hundred thousand U.S. Dollars 00/100), expired. As a result of this hedge, a profit of MXN $95,856,800.00 (Ninety five million eight hundred fifty six thousand eight hundred
Mexican pesos 00/100) was incurred in the quarter.
|
Type of Derivative, Securities or Contract
|
Purpose (e.g., hedging, trading or other)
|
Notional Amount/Face Value
|
Value of the Underlying Asset / Reference Variable
|
Fair Value
|
Collateral/
Lines of Credit/
Securities Pledged
|
|||
Current Quarter (5)
|
Previous Quarter (6)
|
Current Quarter Dr (Cr) (5)
|
Previous Quarter Dr (Cr) (6)
|
Maturing per Year
|
||||
Interest Rate Swap (1)
|
Hedging
|
Ps.2,000,000
|
TIIE 28 days / 7.3275%
|
TIIE 28 days / 7.3275%
|
(112,662)
|
(128,169)
|
Monthly interest
2020-2022
|
Does not exist (7)
|
Interest Rate Swap (1)
|
Hedging
|
Ps.1,500,000
|
TIIE 28 days / 7.3500%
|
TIIE 28 days / 7.3500%
|
(88,117)
|
(99,935)
|
Monthly interest
2020-2022
|
Does not exist (7)
|
Interest Rate Swap (1)
|
Hedging
|
Ps.2,500,000
|
TIIE 28 days / 7.7485%
|
TIIE 28 days / 7.7485%
|
(184,711)
|
(206,208)
|
Monthly interest
2020-2023
|
Does not exist (7)
|
Interest Rate Swap (1)
|
Hedging
|
Ps.6,000,000
|
TIIE 28 days / 7.3873%
|
TIIE 28 days / 7.3873%
|
(549,827)
|
(605,266)
|
Monthly interest
2020-2024
|
Does not exist (7)
|
Interest Rate Swap (1)
|
Hedging
|
Ps.14,770,694
|
TIIE 28 days / 6.0738%
|
TIIE 28 days / 6.0738%
|
(355,450)
|
(417,723)
|
Monthly interest
2020-2022
|
Does not exist (7)
|
Forward (1)
|
Hedging
|
U.S.$218,688/ Ps. 5,041,246
|
U.S.$218,688/ Ps. 5,041,246
|
U.S.$218,688 / Ps.4,761,701
|
(75,943)
|
394,449
|
Semi-annual interest
2020-2021
|
Does not exist (7)
|
Forward (1)
|
Hedging
|
U.S.$44,687 / Ps. 1,004,151
|
U.S.$44,687 / Ps. 1,004,151
|
-
|
31,946
|
-
|
Semi-annual interest
2020-2021
|
Does not exist (7)
|
(1)
|
Acquired by Grupo Televisa, S.A.B.
|
(2)
|
Acquired by Televisión Internacional, S.A. de C.V.
|
(3)
|
Acquired by Empresas Cablevisión, S.A.B. de C.V.
|
(4)
|
Acquired by Corporación Novavisión S. de R.L. de C.V.
|
(5)
|
The aggregate amount of the derivatives reflected in the consolidated statement of financial position of Grupo Televisa, S.A.B. as of September 30, 2020, is as follows:
|
Other financial assets
|
Ps.
|
114,816
|
||
Other non-current financial assets
|
114,788
|
|||
Other financial liabilities
|
(117,887
|
)
|
||
Other non-current financial liabilities
|
(1,319,752
|
)
|
||
Ps.
|
(1,208,035
|
)
|
(6)
|
Information as of June 30, 2020.
|
Concept
|
Close Current Quarter
2020-09-30
|
Close Previous Exercise
2019-12-31
|
Subclassifications of assets, liabilities and equities
|
||
Cash and cash equivalents
|
||
Cash
|
||
Cash on hand
|
72,074,000
|
93,445,000
|
Balances with banks
|
2,389,581,000
|
1,665,084,000
|
Total cash
|
2,461,655,000
|
1,758,529,000
|
Cash equivalents
|
||
Short-term deposits, classified as cash equivalents
|
42,390,537,000
|
25,693,736,000
|
Short-term investments, classified as cash equivalents
|
0
|
0
|
Other banking arrangements, classified as cash equivalents
|
0
|
0
|
Total cash equivalents
|
42,390,537,000
|
25,693,736,000
|
Other cash and cash equivalents
|
0
|
0
|
Total cash and cash equivalents
|
44,852,192,000
|
27,452,265,000
|
Trade and other current receivables
|
||
Current trade receivables
|
18,064,706,000
|
14,486,184,000
|
Current receivables due from related parties
|
745,396,000
|
814,427,000
|
Current prepayments
|
||
Current advances to suppliers
|
0
|
0
|
Current prepaid expenses
|
3,796,360,000
|
2,130,521,000
|
Total current prepayments
|
3,796,360,000
|
2,130,521,000
|
Current receivables from taxes other than income tax
|
6,471,772,000
|
6,527,449,000
|
Current value added tax receivables
|
6,397,808,000
|
6,406,301,000
|
Current receivables from sale of properties
|
0
|
0
|
Current receivables from rental of properties
|
0
|
0
|
Other current receivables
|
2,293,857,000
|
1,532,579,000
|
Total trade and other current receivables
|
31,372,091,000
|
25,491,160,000
|
Classes of current inventories
|
||
Current raw materials and current production supplies
|
||
Current raw materials
|
0
|
0
|
Current production supplies
|
0
|
0
|
Total current raw materials and current production supplies
|
0
|
0
|
Current merchandise
|
0
|
0
|
Current work in progress
|
0
|
0
|
Current finished goods
|
0
|
0
|
Current spare parts
|
0
|
0
|
Property intended for sale in ordinary course of business
|
0
|
0
|
Other current inventories
|
1,780,004,000
|
1,151,421,000
|
Total current inventories
|
1,780,004,000
|
1,151,421,000
|
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
||
Non-current assets or disposal groups classified as held for sale
|
0
|
1,675,426,000
|
Non-current assets or disposal groups classified as held for distribution to owners
|
0
|
0
|
Total non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
0
|
1,675,426,000
|
Trade and other non-current receivables
|
||
Non-current trade receivables
|
0
|
0
|
Non-current receivables due from related parties
|
0
|
0
|
Non-current prepayments
|
0
|
0
|
Non-current lease prepayments
|
0
|
0
|
Non-current receivables from taxes other than income tax
|
0
|
0
|
Concept
|
Close Current Quarter
2020-09-30
|
Close Previous Exercise
2019-12-31
|
Non-current value added tax receivables
|
0
|
0
|
Non-current receivables from sale of properties
|
0
|
0
|
Non-current receivables from rental of properties
|
0
|
0
|
Revenue for billing
|
0
|
0
|
Other non-current receivables
|
0
|
0
|
Total trade and other non-current receivables
|
0
|
0
|
Investments in subsidiaries, joint ventures and associates
|
||
Investments in subsidiaries
|
0
|
0
|
Investments in joint ventures
|
684,624,000
|
763,639,000
|
Investments in associates
|
5,391,374,000
|
8,998,793,000
|
Total investments in subsidiaries, joint ventures and associates
|
6,075,998,000
|
9,762,432,000
|
Property, plant and equipment
|
||
Land and buildings
|
||
Land
|
4,887,527,000
|
4,891,094,000
|
Buildings
|
4,486,802,000
|
4,546,036,000
|
Total land and buildings
|
9,374,329,000
|
9,437,130,000
|
Machinery
|
54,132,478,000
|
54,987,042,000
|
Vehicles
|
||
Ships
|
0
|
0
|
Aircraft
|
516,891,000
|
521,241,000
|
Motor vehicles
|
584,522,000
|
674,077,000
|
Total vehicles
|
1,101,413,000
|
1,195,318,000
|
Fixtures and fittings
|
527,513,000
|
554,786,000
|
Office equipment
|
2,129,156,000
|
2,316,042,000
|
Tangible exploration and evaluation assets
|
0
|
0
|
Mining assets
|
0
|
0
|
Oil and gas assets
|
0
|
0
|
Construction in progress
|
15,260,722,000
|
13,714,368,000
|
Construction prepayments
|
0
|
0
|
Other property, plant and equipment
|
1,015,301,000
|
1,124,546,000
|
Total property, plant and equipment
|
83,540,912,000
|
83,329,232,000
|
Investment property
|
||
Investment property completed
|
0
|
0
|
Investment property under construction or development
|
0
|
0
|
Investment property prepayments
|
0
|
0
|
Total investment property
|
0
|
0
|
Intangible assets and goodwill
|
||
Intangible assets other than goodwill
|
||
Brand names
|
322,657,000
|
403,954,000
|
Intangible exploration and evaluation assets
|
0
|
0
|
Mastheads and publishing titles
|
0
|
0
|
Computer software
|
3,789,617,000
|
4,015,219,000
|
Licences and franchises
|
0
|
0
|
Copyrights, patents and other industrial property rights, service and operating rights
|
0
|
0
|
Recipes, formulae, models, designs and prototypes
|
0
|
0
|
Intangible assets under development
|
0
|
0
|
Other intangible assets
|
24,623,230,000
|
24,796,155,000
|
Total intangible assets other than goodwill
|
28,735,504,000
|
29,215,328,000
|
Goodwill
|
14,113,626,000
|
14,113,626,000
|
Total intangible assets and goodwill
|
42,849,130,000
|
43,328,954,000
|
Trade and other current payables
|
||
Current trade payables
|
26,621,324,000
|
20,909,655,000
|
Concept
|
Close Current Quarter
2020-09-30
|
Close Previous Exercise
2019-12-31
|
Current payables to related parties
|
421,075,000
|
644,251,000
|
Accruals and deferred income classified as current
|
||
Deferred income classified as current
|
10,630,253,000
|
5,779,758,000
|
Rent deferred income classified as current
|
0
|
0
|
Accruals classified as current
|
4,407,235,000
|
3,112,367,000
|
Short-term employee benefits accruals
|
1,147,320,000
|
911,935,000
|
Total accruals and deferred income classified as current
|
15,037,488,000
|
8,892,125,000
|
Current payables on social security and taxes other than income tax
|
3,731,117,000
|
3,074,736,000
|
Current value added tax payables
|
3,015,176,000
|
2,223,598,000
|
Current retention payables
|
749,304,000
|
373,273,000
|
Other current payables
|
0
|
0
|
Total trade and other current payables
|
46,560,308,000
|
33,894,040,000
|
Other current financial liabilities
|
||
Bank loans current
|
15,012,686,000
|
491,951,000
|
Stock market loans current
|
0
|
0
|
Other current liabilities at cost
|
0
|
1,324,063,000
|
Other current liabilities at no cost
|
117,887,000
|
568,775,000
|
Other current financial liabilities
|
2,071,026,000
|
1,943,863,000
|
Total Other current financial liabilities
|
17,201,599,000
|
4,328,652,000
|
Trade and other non-current payables
|
||
Non-current trade payables
|
2,486,048,000
|
2,459,157,000
|
Non-current payables to related parties
|
0
|
0
|
Accruals and deferred income classified as non-current
|
||
Deferred income classified as non-current
|
0
|
0
|
Rent deferred income classified as non-current
|
0
|
0
|
Accruals classified as non-current
|
0
|
0
|
Total accruals and deferred income classified as non-current
|
0
|
0
|
Non-current payables on social security and taxes other than income tax
|
0
|
0
|
Non-current value added tax payables
|
0
|
0
|
Non-current retention payables
|
0
|
0
|
Other non-current payables
|
0
|
0
|
Total trade and other non-current payables
|
2,486,048,000
|
2,459,157,000
|
Other non-current financial liabilities
|
||
Bank loans non-current
|
19,291,123,000
|
22,235,924,000
|
Stock market loans non-current
|
112,616,524,000
|
98,208,820,000
|
Other non-current liabilities at cost
|
0
|
0
|
Other non-current liabilities at no cost
|
1,319,752,000
|
346,515,000
|
Other non-current financial liabilities
|
0
|
0
|
Total Other non-current financial liabilities
|
133,227,399,000
|
120,791,259,000
|
Other provisions
|
||
Other non-current provisions
|
964,633,000
|
917,483,000
|
Other current provisions
|
2,477,000
|
2,423,000
|
Total other provisions
|
967,110,000
|
919,906,000
|
Other reserves
|
||
Revaluation surplus
|
0
|
0
|
Reserve of exchange differences on translation
|
2,341,392,000
|
1,280,541,000
|
Reserve of cash flow hedges
|
(995,904,000)
|
(381,753,000)
|
Reserve of gains and losses on hedging instruments that hedge investments in equity instruments
|
0
|
0
|
Reserve of change in value of time value of options
|
0
|
0
|
Reserve of change in value of forward elements of forward contracts
|
0
|
0
|
Reserve of change in value of foreign currency basis spreads
|
0
|
0
|
Reserve of gains and losses on financial assets measured at fair value through other comprehensive income
|
(15,854,611,000)
|
1,202,689,000
|
Concept
|
Close Current Quarter
2020-09-30
|
Close Previous Exercise
2019-12-31
|
Reserve of gains and losses on remeasuring available-for-sale financial assets
|
0
|
0
|
Reserve of share-based payments
|
0
|
0
|
Reserve of remeasurements of defined benefit plans
|
(705,611,000)
|
(705,611,000)
|
Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale
|
0
|
0
|
Reserve of gains and losses from investments in equity instruments
|
0
|
0
|
Reserve of change in fair value of financial liability attributable to change in credit risk of liability
|
0
|
0
|
Reserve for catastrophe
|
0
|
0
|
Reserve for equalisation
|
0
|
0
|
Reserve of discretionary participation features
|
0
|
0
|
Reserve of equity component of convertible instruments
|
0
|
0
|
Capital redemption reserve
|
0
|
0
|
Merger reserve
|
0
|
0
|
Statutory reserve
|
0
|
0
|
Other comprehensive income
|
(171,308,000)
|
(75,415,000)
|
Total other reserves
|
(15,386,042,000)
|
1,320,451,000
|
Net assets (liabilities)
|
||
Assets
|
301,325,644,000
|
290,343,892,000
|
Liabilities
|
216,879,305,000
|
184,939,659,000
|
Net assets (liabilities)
|
84,446,339,000
|
105,404,233,000
|
Net current assets (liabilities)
|
||
Current assets
|
91,737,098,000
|
67,431,024,000
|
Current liabilities
|
66,713,350,000
|
42,385,942,000
|
Net current assets (liabilities)
|
25,023,748,000
|
25,045,082,000
|
Concept
|
Accumulated Current Year
2020-01-01 - 2020-09-30
|
Accumulated Previous
Year
2019-01-01 - 2019-09-30
|
Quarter Current Year
2020-07-01 - 2020-09-30
|
Quarter Previous Year
2019-07-01 - 2019-09-30
|
Analysis of income and expense
|
||||
Revenue
|
||||
Revenue from rendering of services
|
50,734,138,000
|
54,625,059,000
|
17,563,088,000
|
19,085,316,000
|
Revenue from sale of goods
|
614,169,000
|
683,213,000
|
223,144,000
|
220,428,000
|
Interest income
|
0
|
0
|
0
|
0
|
Royalty income
|
7,177,159,000
|
7,133,417,000
|
2,438,038,000
|
2,761,603,000
|
Dividend income
|
0
|
0
|
0
|
0
|
Rental income
|
11,053,507,000
|
11,047,292,000
|
3,718,757,000
|
3,718,802,000
|
Revenue from construction contracts
|
0
|
0
|
0
|
0
|
Other revenue
|
0
|
0
|
0
|
0
|
Total revenue
|
69,578,973,000
|
73,488,981,000
|
23,943,027,000
|
25,786,149,000
|
Finance income
|
||||
Interest income
|
950,988,000
|
1,210,822,000
|
275,278,000
|
565,377,000
|
Net gain on foreign exchange
|
0
|
0
|
3,077,786,000
|
0
|
Gains on change in fair value of derivatives
|
1,936,686,000
|
0
|
0
|
355,346,000
|
Gain on change in fair value of financial instruments
|
0
|
0
|
0
|
0
|
Other finance income
|
0
|
0
|
0
|
0
|
Total finance income
|
2,887,674,000
|
1,210,822,000
|
3,353,064,000
|
920,723,000
|
Finance costs
|
||||
Interest expense
|
8,202,140,000
|
7,844,528,000
|
2,788,835,000
|
2,861,450,000
|
Net loss on foreign exchange
|
3,172,405,000
|
465,435,000
|
0
|
929,473,000
|
Losses on change in fair value of derivatives
|
0
|
313,625,000
|
254,612,000
|
0
|
Loss on change in fair value of financial instruments
|
0
|
0
|
0
|
0
|
Other finance cost
|
0
|
0
|
0
|
0
|
Total finance costs
|
11,374,545,000
|
8,623,588,000
|
3,043,447,000
|
3,790,923,000
|
Tax income (expense)
|
||||
Current tax
|
4,608,327,000
|
3,806,419,000
|
1,170,682,000
|
1,587,969,000
|
Deferred tax
|
(3,462,542,000)
|
(1,833,684,000)
|
948,460,000
|
(861,185,000)
|
Total tax income (expense)
|
1,145,785,000
|
1,972,735,000
|
2,119,142,000
|
726,784,000
|
2. |
Accounting Policies
|
(a) |
Basis of Presentation
|
(b) |
Consolidation
|
Subsidiaries
|
Company’s
Ownership Interest (1) |
Business
Segment (2) |
|
Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”) (3)
|
51.2%
|
Cable
|
|
Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”) (4)
|
100%
|
Cable
|
|
Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”) (5)
|
100%
|
Cable
|
|
Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”) (6)
|
66.2%
|
Cable
|
|
Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”) (7)
|
100%
|
Cable
|
|
Subsidiaries engaged in the Telecable business (collectively, “Telecable”) (8)
|
100%
|
Cable
|
|
FTTH de México, S.A. de C.V. (9)
|
100%
|
Cable
|
|
Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries (10)
|
100%
|
Cable and Sky
|
|
Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”) (11)
|
58.7%
|
Sky
|
|
Grupo Telesistema, S.A. de C.V. (“Grupo Telesistema”) and subsidiaries
|
100%
|
Content and Other Businesses
|
|
Televisa, S.A. de C.V. (“Televisa”) (12)
|
100%
|
Content
|
|
Televisión Independiente de México, S.A. de C.V. (“TIM”) (12)
|
100%
|
Content
|
|
G.Televisa-D, S.A. de C.V. (12)
|
100%
|
Content
|
|
Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary (13)
|
100%
|
Content
|
|
Ulvik, S.A. de C.V. (14)
|
100%
|
Content and Other Businesses
|
|
Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries
|
100%
|
Other Businesses
|
|
Editorial Televisa, S.A. de C.V. and subsidiaries
|
100%
|
Other Businesses
|
|
Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries
|
100%
|
Other Businesses
|
|
Villacezán, S.A. de C.V. (“Villacezán”) and subsidiaries (15)
|
100%
|
Other Businesses
|
|
Sistema Radiópolis, S.A. de C.V. (“Radiópolis”) and subsidiaries (16)
|
50%
|
Held-for-sale operations
|
(1)
|
Percentage of equity interest directly or indirectly held by the Company.
|
(2)
|
See Note 26 for a description of each of the Group’s business segments.
|
(3)
|
Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ.
|
(4)
|
Some Cablemás subsidiaries are directly owned by CVQ and some other Cablemás subsidiaries are indirectly owned by CVQ.
|
(5)
|
Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ.
|
(6)
|
Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V.
|
(7)
|
Arretis, S.A.P.I. de C.V.; is a direct subsidiary of CVQ.
|
(8)
|
The Telecable subsidiaries are directly owned by CVQ.
|
(9)
|
FTTH de México, S. A. de C.V., is an indirect subsidiary of CVQ.
|
(10)
|
CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova.
|
(11)
|
Innova is an indirect majority-owned subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. (“Sky DTH”), and a direct majority-owned subsidiary of Innova
Holdings, S. de R.L. de C.V. (“Innova Holdings”). Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Although the Company holds a majority of Innova’s equity and designates a majority of the
members of Innova’s Board of Directors, the non-controlling interest has certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto rights are
protective in nature and do not affect decisions about relevant business activities of Innova.
|
(12)
|
Televisa, TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema.
|
(13)
|
Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), are indirect wholly-owned subsidiaries of Grupo Telesistema,
through which the Company owns shares of the capital stock of UHI and maintains an investment in warrants that are exercisable for shares of common stock of UHI. As of December 31, 2019 and 2018, Multimedia Telecom and Tieren have
investments representing 95.3% and 4.7%, respectively, of the Group’s aggregate investment in shares of common stock and share warrants issued by UHI (see Notes 9, 10 and 20).
|
(14)
|
Direct subsidiary through which we conduct certain operations of our Content segment and certain operations of our Other Businesses segments.
|
(15)
|
Villacezán is an indirect subsidiary of Grupo Telesistema.
|
(16)
|
Radiópolis is a direct subsidiary of the Company through which the Group conducts the operations of its Radio business. The Company controls Radiópolis as
it has the right to appoint the majority of the members of the Board of Directors of Radiópolis. The Group has classified the assets and related liabilities of its Radio business as held-for-sale in its consolidated statement of
financial position as of December 31, 2019, and its Radio operations as held-for-sale operations in the Group’s segment information for the years ended December 31, 2019, 2018 and 2017. Through the third quarter of 2019, the Radio
business was included as part of the Group’s Other Businesses segment (see Notes 3 and 26).
|
Segments
|
Expiration Dates
|
Cable
|
Various from 2022 to 2048
|
Sky
|
Various from 2020 to 2028
|
Content (broadcasting concessions) (1)
|
In 2021 and the relevant renewals start in 2022 ending in 2042
|
Other Businesses:
|
|
Gaming
|
In 2030
|
Held-for-sale operations:
|
|
Radio (2)
|
Various from 2020 to 2039
|
(1)
|
In November 2018, the IFT approved the renewal of the Group’s broadcasting concessions for all of its television stations in
Mexico, for a term of 20 years after the existing expiration date in 2021. In November 2018, the Group paid in cash for such renewal an aggregate amount of Ps.5,754,543, which includes a payment of Ps.1,194 for administrative expenses
and recognized this payment as an intangible asset in its consolidated statement of financial position. This amount will be amortized in a period of 20 years beginning on January 1, 2022, by using the straight-line method (see Note 13).
|
(2)
|
The amounts paid by the Group for renewal of certain Radio concessions in 2017 amounted to an aggregate of Ps.37,848. In
addition, IFT granted in 2017 two new concessions to the Group in Ensenada and Puerto Vallarta. The amount paid by the Group for obtaining these concessions amounted to an aggregate of Ps.85,486. The Group recognized the amounts for
renewal and obtaining these concessions as intangible assets in its consolidated statement of financial position, and are amortized in a period of 20 years by using the straight-line method (see Note 13).
|
(c) |
Investments in Associates and Joint Ventures
|
(d) |
Segment Reporting
|
(e) |
Foreign Currency Translation
|
(f) |
Cash and Cash Equivalents and Temporary Investments
|
(g) |
Transmission Rights and Programming
|
(h) |
Inventories
|
(i) |
Financial Assets
|
(j) |
Property, Plant and Equipment
|
|
|
Estimated Useful Lives
|
Buildings
|
|
20-65 years
|
Buildings improvements
|
|
5-20 years
|
Technical equipment
|
|
3-30 years
|
Satellite transponders
|
|
15 years
|
Furniture and fixtures
|
|
3-10 years
|
Transportation equipment
|
|
4-8 years
|
Computer equipment
|
|
3-6 years
|
Leasehold improvements
|
|
5-30 years
|
(k) |
Right-of-use assets
|
(l) |
Intangible Assets and Goodwill
|
Estimated
Useful Lives |
||
Trademarks with finite useful lives
|
4 years
|
|
Licenses
|
3-14 years
|
|
Subscriber lists
|
4-10 years
|
|
Payments for renewal of concessions
|
20 years
|
|
Other intangible assets
|
3-20 years
|
Concessions
Goodwill
(m) |
Impairment of Long-lived Assets
|
(n) |
Trade Accounts Payable and Accrued Expenses
|
(o) |
Debt
|
(p) |
Customer Deposits and Advances
|
(q) |
Provisions
|
(r) |
Equity
|
(s) |
Revenue Recognition
|
• |
Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the period in which the services are rendered.
Through December 31, 2017, commissions for obtaining contracts with customers in the Group’s Cable segment were accounted for as they were incurred. Beginning on January 1, 2018, in accordance with IFRS 15, incremental costs for obtaining
contracts with customers, primarily commissions, are recognized as assets in the Group’s consolidated statement of financial position and amortized in the expected life of contracts with customers.
|
• |
Revenues from other telecommunications and data services are recognized in the period in which these services are provided. Other telecommunications services
include long distance and local telephony, as well as leasing and maintenance of telecommunications facilities.
|
• |
Sky program service revenues, including advances from customers for future direct-to-home (“DTH”) program services, are recognized at the time the service is
provided. Through December 31, 2017, commissions for obtaining contracts with customers in the Group’s Sky segment were accounted for as they were incurred. Beginning on January 1, 2018, in accordance with IFRS 15, certain incremental
costs for obtaining contracts with customers, primarily commissions, are recognized as assets in the Group’s consolidated statement of financial position and amortized in the expected life of contracts with customers.
|
• |
Advertising revenues, including deposits and advances from customers for future advertising, are recognized at the time the advertising services are rendered.
|
• |
Revenues from program services for network subscription and licensed and syndicated television programs are recognized when the programs are sold and become
available for broadcast.
|
• |
Revenues from magazine subscriptions are initially deferred and recognized proportionately as products are delivered to subscribers. Revenues from the sales of
magazines are recognized on the date of circulation of delivered merchandise, net of a provision for estimated returns.
|
• |
Revenues from publishing distribution are recognized upon distribution of the products.
|
• |
Revenues from attendance to soccer games, including revenues from advance ticket sales for soccer games and other promotional events, are recognized on the
date of the relevant event.
|
• |
Motion picture production and distribution revenues are recognized as the films are exhibited.
|
• |
Gaming revenues consist of the net win from gaming activities, which is the difference between amounts wagered and amounts paid to
winning patrons and are recognized at the time of such net win.
|
(t) |
Interest Income
|
(u) |
Employee Benefits
|
(v) |
Income Taxes
|
(w) |
Derivative Financial Instruments
|
(x) |
Comprehensive Income
|
(y) |
Share-based Payment Agreements
|
(z) |
Leases
|
• |
The determination of whether an arrangement was, or contained, a lease was based on the substance of the arrangement and required an assessment of whether the fulfillment of the
arrangement was dependent on the use of a specific asset or assets and whether the arrangement conveyed the right to use the asset.
|
• |
Leases of property, plant and equipment and other assets where the Group held substantially all the risks and rewards of ownership were classified as finance leases. Finance lease
assets were capitalized at the commencement of the lease term at the lower of the present value of the minimum lease payments or the fair value of the lease asset. The obligations relating to finance leases, net of finance charges in
respect of future periods, were recognized as liabilities. The interest element of the finance cost was charged to the consolidated statement of income over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases was depreciated over the shorter of the useful life of the asset and the lease term.
|
• |
Leases where a significant portion of the risks and rewards were held by the lessor were classified as operating leases. Rentals were charged to the consolidated statement of
income on a straight line basis over the period of the lease.
|
• |
Leasehold improvements were depreciated at the lesser of its useful life or contract term.
|
(aa) |
New and Amended IFRS Standards
|
New or Amended IFRS Standard
|
Title of the IFRS Standard
|
Effective for Annual
Periods Beginning On or After |
||
Amendments to IFRS 10 and IAS 28 (1)
|
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
|
Postponed
|
||
IFRS 17 (2)
|
Insurance Contracts
|
January 1, 2021
|
||
IFRS Conceptual Framework
|
Conceptual Framework for Financial Reporting
|
January 1, 2020
|
||
Amendments to IFRS 3 (1)
|
Definition of a Business
|
January 1, 2020
|
||
Amendments to IAS 1 and IAS 8 (1)
|
Definition of Material
|
January 1, 2020
|
||
Amendments to IFRS 9, IAS 39 and IFRS 7 (2)
|
Interest Rate Benchmark Reform
|
January 1, 2020
|
||
Amendments to IAS 1 (1)
|
Classification of Liabilities as Current or Non-current
|
January 1, 2022
|
2. |
Accounting Policies
|
(a) |
Basis of Presentation
|
(b) |
Consolidation
|
Subsidiaries
|
Company’s
Ownership Interest (1) |
Business
Segment (2) |
|
Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”) (3)
|
51.2%
|
Cable
|
|
Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”) (4)
|
100%
|
Cable
|
|
Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”) (5)
|
100%
|
Cable
|
|
Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”) (6)
|
66.2%
|
Cable
|
|
Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”) (7)
|
100%
|
Cable
|
|
Subsidiaries engaged in the Telecable business (collectively, “Telecable”) (8)
|
100%
|
Cable
|
|
FTTH de México, S.A. de C.V. (9)
|
100%
|
Cable
|
|
Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries (10)
|
100%
|
Cable and Sky
|
|
Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”) (11)
|
58.7%
|
Sky
|
|
Grupo Telesistema, S.A. de C.V. (“Grupo Telesistema”) and subsidiaries
|
100%
|
Content and Other Businesses
|
|
Televisa, S.A. de C.V. (“Televisa”) (12)
|
100%
|
Content
|
|
Televisión Independiente de México, S.A. de C.V. (“TIM”) (12)
|
100%
|
Content
|
|
G.Televisa-D, S.A. de C.V. (12)
|
100%
|
Content
|
|
Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary (13)
|
100%
|
Content
|
|
Ulvik, S.A. de C.V. (14)
|
100%
|
Content and Other Businesses
|
|
Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries
|
100%
|
Other Businesses
|
|
Editorial Televisa, S.A. de C.V. and subsidiaries
|
100%
|
Other Businesses
|
|
Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries
|
100%
|
Other Businesses
|
|
Villacezán, S.A. de C.V. (“Villacezán”) and subsidiaries (15)
|
100%
|
Other Businesses
|
|
Sistema Radiópolis, S.A. de C.V. (“Radiópolis”) and subsidiaries (16)
|
50%
|
Held-for-sale operations
|
(1)
|
Percentage of equity interest directly or indirectly held by the Company.
|
(2)
|
See Note 26 for a description of each of the Group’s business segments.
|
(3)
|
Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ.
|
(4)
|
Some Cablemás subsidiaries are directly owned by CVQ and some other Cablemás subsidiaries are indirectly owned by CVQ.
|
(5)
|
Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ.
|
(6)
|
Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V.
|
(7)
|
Arretis, S.A.P.I. de C.V.; is a direct subsidiary of CVQ.
|
(8)
|
The Telecable subsidiaries are directly owned by CVQ.
|
(9)
|
FTTH de México, S. A. de C.V., is an indirect subsidiary of CVQ.
|
(10)
|
CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova.
|
(11)
|
Innova is an indirect majority-owned subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. (“Sky DTH”), and a direct majority-owned subsidiary of Innova
Holdings, S. de R.L. de C.V. (“Innova Holdings”). Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Although the Company holds a majority of Innova’s equity and designates a majority of the
members of Innova’s Board of Directors, the non-controlling interest has certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto rights are
protective in nature and do not affect decisions about relevant business activities of Innova.
|
(12)
|
Televisa, TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema.
|
(13)
|
Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), are indirect wholly-owned subsidiaries of Grupo Telesistema,
through which the Company owns shares of the capital stock of UHI and maintains an investment in warrants that are exercisable for shares of common stock of UHI. As of December 31, 2019 and 2018, Multimedia Telecom and Tieren have
investments representing 95.3% and 4.7%, respectively, of the Group’s aggregate investment in shares of common stock and share warrants issued by UHI (see Notes 9, 10 and 20).
|
(14)
|
Direct subsidiary through which we conduct certain operations of our Content segment and certain operations of our Other Businesses segments.
|
(15)
|
Villacezán is an indirect subsidiary of Grupo Telesistema.
|
(16)
|
Radiópolis is a direct subsidiary of the Company through which the Group conducts the operations of its Radio business. The Company controls Radiópolis as it
has the right to appoint the majority of the members of the Board of Directors of Radiópolis. The Group has classified the assets and related liabilities of its Radio business as held-for-sale in its consolidated statement of financial
position as of December 31, 2019, and its Radio operations as held-for-sale operations in the Group’s segment information for the years ended December 31, 2019, 2018 and 2017. Through the third quarter of 2019, the Radio business was
included as part of the Group’s Other Businesses segment (see Notes 3 and 26).
|
Segments
|
Expiration Dates
|
|
Cable
|
Various from 2022 to 2048
|
|
Sky
|
Various from 2020 to 2028
|
|
Content (broadcasting concessions) (1)
|
In 2021 and the relevant renewals start in 2022 ending in 2042
|
|
Other Businesses:
|
||
Gaming
|
In 2030
|
|
Held-for-sale operations:
|
||
Radio (2)
|
Various from 2020 to 2039
|
(1)
|
In November 2018, the IFT approved the renewal of the Group’s broadcasting concessions for all of its television stations in
Mexico, for a term of 20 years after the existing expiration date in 2021. In November 2018, the Group paid in cash for such renewal an aggregate amount of Ps.5,754,543, which includes a payment of Ps.1,194 for administrative expenses and
recognized this payment as an intangible asset in its consolidated statement of financial position. This amount will be amortized in a period of 20 years beginning on January 1, 2022, by using the straight-line method (see Note 13).
|
(2)
|
The amounts paid by the Group for renewal of certain Radio concessions in 2017 amounted to an aggregate of Ps.37,848. In
addition, IFT granted in 2017 two new concessions to the Group in Ensenada and Puerto Vallarta. The amount paid by the Group for obtaining these concessions amounted to an aggregate of Ps.85,486. The Group recognized the amounts for
renewal and obtaining these concessions as intangible assets in its consolidated statement of financial position, and are amortized in a period of 20 years by using the straight-line method (see Note 13).
|
(c) |
Investments in Associates and Joint Ventures
|
(d) |
Segment Reporting
|
(e) |
Foreign Currency Translation
|
(f) |
Cash and Cash Equivalents and Temporary Investments
|
(g) |
Transmission Rights and Programming
|
(h) |
Inventories
|
(i) |
Financial Assets
|
(j) |
Property, Plant and Equipment
|
|
|
Estimated Useful Lives
|
Buildings
|
|
20-65 years
|
Buildings improvements
|
|
5-20 years
|
Technical equipment
|
|
3-30 years
|
Satellite transponders
|
|
15 years
|
Furniture and fixtures
|
|
3-10 years
|
Transportation equipment
|
|
4-8 years
|
Computer equipment
|
|
3-6 years
|
Leasehold improvements
|
|
5-30 years
|
(k) |
Right-of-use assets
|
(l) |
Intangible Assets and Goodwill
|
Estimated Useful Lives
|
||
Trademarks with finite useful lives
|
4 years
|
|
Licenses
|
3-14 years
|
|
Subscriber lists
|
4-10 years
|
|
Payments for renewal of concessions
|
20 years
|
|
Other intangible assets
|
3-20 years
|
(m) |
Impairment of Long-lived Assets
|
(n) |
Trade Accounts Payable and Accrued Expenses
|
(o) |
Debt
|
(p) |
Customer Deposits and Advances
|
(q) |
Provisions
|
(r) |
Equity
|
(s) |
Revenue Recognition
|
• |
Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the period in which the services are rendered. Through December 31, 2017, commissions for
obtaining contracts with customers in the Group’s Cable segment were accounted for as they were incurred. Beginning on January 1, 2018, in accordance with IFRS 15, incremental costs for obtaining contracts with customers, primarily
commissions, are recognized as assets in the Group’s consolidated statement of financial position and amortized in the expected life of contracts with customers.
|
• |
Revenues from other telecommunications and data services are recognized in the period in which these services are provided. Other telecommunications services include long distance and local telephony, as well
as leasing and maintenance of telecommunications facilities.
|
• |
Sky program service revenues, including advances from customers for future direct-to-home (“DTH”) program services, are recognized at the time the service is provided. Through December 31, 2017, commissions
for obtaining contracts with customers in the Group’s Sky segment were accounted for as they were incurred. Beginning on January 1, 2018, in accordance with IFRS 15, certain incremental costs for obtaining contracts with customers,
primarily commissions, are recognized as assets in the Group’s consolidated statement of financial position and amortized in the expected life of contracts with customers.
|
• |
Advertising revenues, including deposits and advances from customers for future advertising, are recognized at the time the advertising services are rendered.
|
• |
Revenues from program services for network subscription and licensed and syndicated television programs are recognized when the programs are sold and become available for broadcast.
|
• |
Revenues from magazine subscriptions are initially deferred and recognized proportionately as products are delivered to subscribers. Revenues from the sales of magazines are recognized on the date of
circulation of delivered merchandise, net of a provision for estimated returns.
|
• |
Revenues from publishing distribution are recognized upon distribution of the products.
|
• |
Revenues from attendance to soccer games, including revenues from advance ticket sales for soccer games and other promotional events, are recognized on the date of the relevant event.
|
• |
Motion picture production and distribution revenues are recognized as the films are exhibited.
|
• |
Gaming revenues consist of the net win from gaming activities, which is the difference between amounts wagered and amounts paid to winning patrons and are recognized at the time of such net win.
|
(t) |
Interest Income
|
(u) |
Employee Benefits
|
(v) |
Income Taxes
|
(w) |
Derivative Financial Instruments
|
(x) |
Comprehensive Income
|
(y) |
Share-based Payment Agreements
|
(z) |
Leases
|
• |
The determination of whether an arrangement was, or contained, a lease was based on the substance of the arrangement and required an assessment of whether the
fulfillment of the arrangement was dependent on the use of a specific asset or assets and whether the arrangement conveyed the right to use the asset.
|
• |
Leases of property, plant and equipment and other assets where the Group held substantially all the risks and rewards of ownership were classified as finance
leases. Finance lease assets were capitalized at the commencement of the lease term at the lower of the present value of the minimum lease payments or the fair value of the lease asset. The obligations relating to finance leases, net of
finance charges in respect of future periods, were recognized as liabilities. The interest element of the finance cost was charged to the consolidated statement of income over the lease period so as to produce a constant periodic rate
of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases was depreciated over the shorter of the useful life of the asset and the lease term.
|
• |
Leases where a significant portion of the risks and rewards were held by the lessor were classified as operating leases. Rentals were charged to the consolidated
statement of income on a straight line basis over the period of the lease.
|
• |
Leasehold improvements were depreciated at the lesser of its useful life or contract term.
|
(aa) |
New and Amended IFRS Standards
|
New or Amended IFRS Standard
|
Title of the IFRS Standard
|
Effective for Annual
Periods Beginning On or After |
||
Amendments to IFRS 10 and IAS 28 (1)
|
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
|
Postponed
|
||
IFRS 17 (2)
|
Insurance Contracts
|
January 1, 2021
|
||
IFRS Conceptual Framework
|
Conceptual Framework for Financial Reporting
|
January 1, 2020
|
||
Amendments to IFRS 3 (1)
|
Definition of a Business
|
January 1, 2020
|
||
Amendments to IAS 1 and IAS 8 (1)
|
Definition of Material
|
January 1, 2020
|
||
Amendments to IFRS 9, IAS 39 and IFRS 7 (2)
|
Interest Rate Benchmark Reform
|
January 1, 2020
|
||
Amendments to IAS 1 (1)
|
Classification of Liabilities as Current or Non-current
|
January 1, 2022
|
|
1. |
Corporate Information
|
|
2. |
Basis of Preparation and Accounting Policies
|
Long-term Lease Agreements
|
September 30, 2020
Assets (Liabilities)
|
December 31, 2019
Assets (Liabilities)
|
January 1, 2019
Assets (Liabilities)
|
|||||||||
Right-of-use assets, net
|
Ps.
|
4,465,454
|
Ps.
|
4,502,590
|
Ps.
|
4,797,312
|
||||||
Lease liabilities 1
|
(4,881,037
|
)
|
(4,641,705
|
)
|
(4,797,312
|
)
|
||||||
Net effect
|
Ps.
|
(415,583
|
)
|
Ps.
|
(139,115
|
)
|
Ps.
|
—
|
|
1 |
Current portion of lease liabilities as of September 30, 2020, December 31, 2019 and January 1, 2019, amounted to Ps.565,528, Ps.533,260 and Ps.462,513, respectively.
|
Long-term Lease Agreements
|
September 30, 2020
Assets (Liabilities)
|
December 31, 2019
Assets (Liabilities)
|
January 1, 2019
Assets (Liabilities)
|
|||||||||
Right-of-use assets, net
|
Ps.
|
2,762,240
|
Ps.
|
3,050,462
|
Ps.
|
3,402,869
|
||||||
Lease liabilities 1
|
(4,958,937
|
)
|
(4,721,815
|
)
|
(5,317,944
|
)
|
||||||
Net effect
|
Ps.
|
(2,196,697
|
)
|
Ps.
|
(1,671,353
|
)
|
Ps.
|
(1,915,075
|
)
|
|
1 |
Current portion of lease liabilities as of September 30, 2020, December 31, 2019 and January 1, 2019, amounted to Ps.762,935, Ps.724,506 and Ps.651,800, respectively.
|
•
|
Applying a single discount rate to a portfolio of leases with reasonably similar characteristics
|
•
|
Relying on previous assessments on whether leases are onerous as an alternative to performing an impairment review – there were no onerous
contracts as at January 1, 2019
|
•
|
Accounting for operating leases with a remaining lease term of less than 12 months as at January 1, 2019 as short-term leases
|
•
|
Excluding initial direct cost for the measurement of the right-of-use asset at the date of initial application, and
|
•
|
Using hindsight in determining the lease term where the contract contains options to extend or terminate the lease.
|
|
3. |
Disposition of Radiópolis and Assets Held for Sale
|
|
4. |
Investments in Financial instruments
|
September 30, 2020
|
December 31, 2019
|
|||||||
Equity instruments measured at fair value through other comprehensive income:
|
||||||||
Warrants issued by UHI (1)
|
Ps.
|
19,159,297
|
Ps.
|
33,775,451
|
||||
Open-Ended Fund (2)
|
2,494,466
|
4,688,202
|
||||||
Other equity instruments (3)
|
4,725,415
|
5,751,001
|
||||||
26,379,178
|
44,214,654
|
|||||||
Other
|
379,695
|
51,245
|
||||||
Ps.
|
26,758,873
|
Ps.
|
44,265,899
|
(1)
|
Investment in warrants issued by UHI that are exercisable for UHI’s common stock, in whole or in part, at an exercise price of U.S.$0.01 per warrant share. The warrants do not entitle the holder to any voting
rights or other rights as a stockholder of UHI. The warrants shall expire and no longer be exercisable after the tenth anniversary of the date of issuance (the “Expiration Date”); provided, however, the Expiration Date shall automatically
be extended for nine successive ten-year periods unless the Group provides written notice to UHI of its election not to so extend the Expiration Date. The warrants do not bear interest. As of September 30, 2020 and December 31, 2019, the
number of warrants owned by the Group amounted to 4,590,953, which upon their exercise and together with the current investment in shares of UHI, would represent approximately 36% on a fully-diluted, as-converted basis of the equity capital
in UHI. In conjunction with the acquisition of the majority stock of Univision Holdings, Inc. (“UHI”) by a group of investors, which was announced on February 25, 2020, the Company’s management assessed and concluded that this information
did not constitute evidence of a condition that existed as of December 31, 2019, and reviewed the assumptions and inputs related to its discounted cash flow model used to determine the fair value of its investment in warrants and shares of
UHI as of March 31, 2020. Based on this assessment and review, the Company’s management recognized (i) a decline in the estimated fair value of the Group’s investment in warrants exercisable for shares of UHI for the nine months ended
September 30, 2020, in the amount of Ps.21,997,172, which was accounted for in accumulated other comprehensive income or loss, net of income tax of Ps.6,599,151, in the Group’s consolidated statement of financial position as of September
30, 2020; and (ii) an impairment loss that decreased the carrying value of the Group’s investment in shares of UHI as of March 31, 2020, in the amount of Ps.5,455,356, which was accounted for in share of income or loss of associates and
joint ventures in the consolidated statement of income for the nine months ended September 30, 2020 (see Notes 5 and 10).
|
(2)
|
The Group has an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through investments in securities, including without
limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments in telecom, media and other sectors across global markets, including Latin America and other emerging
markets. Shares may be redeemed on a quarterly basis at the Net Asset Value (“NAV”) per share as of such redemption date. The fair value of this fund is determined by using the NAV per share. The NAV per share is calculated by determining
the value of the fund assets, all of which are measured at fair value,and subtracting all of the fund liabilities and dividing the result by the total number of issued shares. In July and November 2019, the Company redeemed a portion of its
investment in Open-Ended Fund at the aggregate fair value amount of U.S.$121.6 million (Ps.2,301,682) and recognized cash proceeds from this redemption for such aggregate amount. In September 2020, the Company redeemed a portion of its
investment in Open-Ended Fund at the aggregate fair value amount of U.S.$77.2 million (Ps.1,630,569) and recognized cash proceeds from this redemption for such aggregate amount.
|
(3)
|
Other equity instruments include publicly traded instruments, and their fair value is determined by using quoted market prices at the measurement date.
|
Warrants Issued by UHI (1)
|
Open-Ended
Fund (1)
|
Other Equity Instruments
|
Total
|
|||||||||
At January 1, 2020
|
Ps.
|
33,775,451
|
Ps.
|
4,688,202
|
Ps.
|
5,751,001
|
Ps.
|
44,214,654
|
||||
Change in fair value in other comprehensive income
|
(14,616,154
|
)
|
(2,193,736
|
)
|
(1,025,586
|
)
|
(17,835,476
|
)
|
||||
At September 30, 2020
|
Ps.
|
19,159,297
|
Ps.
|
2,494,466
|
Ps.
|
4,725,415
|
Ps.
|
26,379,178
|
Warrants Issued by UHI (1)
|
Open-Ended
Fund (1)
|
Other Equity Instruments
|
Other Financial Assets
|
Total
|
||||||||||||||||
At January 1, 2019
|
Ps.
|
34,921,530
|
Ps.
|
7,662,726
|
Ps.
|
6,545,625
|
Ps.
|
72,612
|
Ps.
|
49,202,493
|
||||||||||
Change in fair value in other comprehensive income
|
336,205
|
(1,620,926
|
)
|
(643,869
|
)
|
5,405
|
(1,923,185
|
)
|
||||||||||||
At September 30, 2019
|
Ps.
|
35,257,735
|
Ps.
|
6,041,800
|
Ps.
|
5,901,756
|
Ps.
|
78,017
|
Ps.
|
47,279,308
|
(1)
|
The foreign exchange gain for the nine months ended September 30, 2020, derived from the hedged warrants issued by UHI and the investment in an
Open-Ended Fund, was hedged by foreign exchange loss from the consolidated statement of income, in the amount of Ps.7,381,017 and Ps.782,301. The foreign exchange gain for the nine months ended September 30, 2019, derived from the
hedged warrants issued by UHI and the investment in an Open-Ended Fund, was hedged by foreign exchange loss in the consolidated statement of income, in the amount of Ps.124,855 and Ps.1,118, respectively (see Notes 9 and 16).
|
|
5. |
Investments in Associates and Joint Ventures
|
Ownership as of | ||||||||||||
September 30, 2020
|
September 30, 2020
|
December 31, 2019
|
||||||||||
Associates:
|
||||||||||||
UHI (1)
|
10.0
|
%
|
Ps.
|
4,600,651
|
Ps.
|
8,189,662
|
||||||
OCEN (2)
|
40.0
|
%
|
669,836
|
693,970
|
||||||||
Other
|
120,887
|
115,161
|
||||||||||
Joint ventures:
|
||||||||||||
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and
subsidiary (“GTAC”) (3)
|
33.3
|
%
|
482,398
|
567,165
|
||||||||
Periódico Digital Sendero, S.A.P.I. de C.V.(“PDS”) (4)
|
50.0
|
%
|
202,226
|
196,474
|
||||||||
Ps,
|
6,075,998
|
Ps.
|
9,762,432
|
(1)
|
The Group accounts for its investment in common stock of UHI, the parent company of Univision, under the equity method due to the Group’s ability to exercise
significant influence, as defined under IFRS Standards, over UHI’s operations. The Group has the ability to exercise significant influence over the operating and financial policies of UHI because (i) as of September 30, 2020 and December
31, 2019, it owned 1,110,382 Class “C” shares of common stock of UHI, representing approximately 10% of the outstanding total shares of UHI as of those dates and 4,590,953 warrants issued by UHI, which upon their exercise, and together
with the current investment in shares of UHI, would represent approximately 36% on a fully-diluted, as-converted basis of the equity capital in UHI, subject to certain conditions, laws and regulations; (ii) as of September 30, 2020 and
December 31, 2019, it had three officers and one director of the Company designated as members of the Board of Directors of UHI, which was composed of 18 and 19 directors, respectively, of 22 available board seats; and (iii) it is a party
to a Program License Agreement (“PLA”), as amended, with Univision, an indirect wholly-owned subsidiary of UHI, pursuant to which Univision has the right to broadcast certain Televisa content in the United States, and to another program
license agreement pursuant to which the Group has the right to broadcast certain Univision’s content in Mexico (“Mexican License Agreement”), in each case through 7.5 years after the Group has voluntarily sold two-thirds of its initial
investment made in UHI in December 2010. On February 25, 2020, UHI, Searchlight Capital Partners, LP (“Searchlight”), a global private investment firm, and ForgeLight LLC (“ForgeLight”), an operating and investment company focused on the
media and consumer technology sectors, announced a definitive agreement in which Searchlight and ForgeLight will acquire a majority ownership interest from all stockholders of UHI other than the Group. Terms of the transaction were not
disclosed. The Group has elected to retain its approximately 36% stake in UHI’s equity capital upon exercise of its warrants on a fully-diluted, as-converted basis. Under the terms of the acquisition, Searchlight and ForgeLight will
purchase the remaining 64% ownership interest from the other stockholders of UHI. The transaction, which is subject to customary closing conditions including receipt of regulatory approvals, is expected to be closed in the fourth quarter
of 2020. In conjunction with this transaction and a related decline in the fair value of the Group’s investment in warrants issued by UHI, the Company’s management recognized an impairment loss in the amount of Ps.5,455,356 that decreased
the carrying value of its investment in shares of UHI as of March 31, 2020.This impairment adjustment was accounted for in share of income or loss of associates and joint ventures in the Group’s consolidated statement of income for the
nine months ended September 30, 2020 (see Notes 4, 9, 14 and 16).
|
(2)
|
In July 2019, the Group classified its 40% equity interest in OCEN as current assest held for sale. In 2019, the stockholders of OCEN approved the payment of
dividends in the aggregate amount of Ps.1,931,000, of which Ps.772,400 were paid to the Group, as well as a capital reduction in the amount of Ps.200,466, of which Ps.80,186 were paid to the Group. Beginning on May 31, 2020, the Company
(i) ceased to classify the assets of OISE Entretenimiento, including the investment in OCEN, as current assets held for sale; (ii) began to classify its equity interest in OCEN as an investment in associates and joint ventures in its
consolidated statement of financial position; (iii) recognized its share on income of OCEN, which was discontinued from August 1, 2019 through May 31, 2020, in the aggregate amount of Ps.165,909 in its consolidated statement of income for
the nine months ended September 30, 2020; and (iv) restated for comparison purposes its previously reported statement of financial position as of Decemeber 31, 2019, which included its investment in OCEN as current assets held for sale,
to conform with the current classification of this asset as an investment in associates and joint ventures. As of September 30, 2020 and December 31, 2019, the investment in OCEN included goodwill of Ps.359,613 (see Notes 3 and 14).
|
(3)
|
GTAC was granted a 20-year contract for the lease of a pair of dark fiber wires held by the Mexican Federal Electricity Commission and a concession to operate a public telecommunications network in
Mexico with an expiration date in 2030. GTAC is a joint venture in which a subsidiary of the Company, a subsidiary of Grupo de Telecomunicaciones Mexicanas, S.A. de C.V., and a subsidiary of Megacable, S.A. de C.V., have an equal
equity participation of 33.3%. In June 2010, a subsidiary of the Company entered into a long-term credit facility agreement to provide financing to GTAC for up to Ps.688,217, with an annual interest rate of the Mexican Interbank
Interest Rate (“Tasa de Interés Interbancaria de Equilibrio” or “TIIE”) plus 200 basis points. Under the terms of this agreement, principal and interest are payable at dates agreed by the parties, between 2013 and 2021. As of
September 30, 2020 and December 31, 2019, GTAC had used a principal amount of Ps.688,183 under this credit facility. During the nine months ended September 30, 2020, GTAC paid principal and interest to the Group in connection with
this credit facility in the aggregate principal amount of Ps.123,390. During the year ended December 31, 2019, GTAC paid principal and interest to the Group in connection with this credit facility in the aggregate principal amount of
Ps.114,574. Also, a subsidiary of the Company entered into supplementary long-term loans to provide additional financing to GTAC for an aggregate principal amount of Ps.920,479, with an annual interest of TIIE plus 200 basis points
computed on a monthly basis and payable on an annual basis or at dates agreed by the parties. Under the terms of these supplementary loans, principal amounts can be prepaid at dates agreed by the parties before their maturities
between 2023 and 2029. During the nine months ended September 30, 2020, GTAC paid principal and interest to the Group in connection with this credit facility in the aggregate principal amount of Ps.104,603. During the year ended
December 31, 2019, GTAC paid principal and interest to the Group in connection with this credit facility in the aggregate principal amount of Ps.86,321. The net investment in GTAC as of September 30, 2020 and December 31, 2019,
included amounts receivable in connection with this long-term credit facility and supplementary loans to GTAC in the aggregate amount of Ps.799,392 and Ps.872,317, respectively. These amounts receivable are in substance a part of the
Group’s net investment in this investee (see Note 9).
|
(4)
|
The Group accounts for its investment in PDS under the equity method, due to its 50% interest in this joint venture. As of September 30, 2020 and December
31, 2019, the Group’s investment in PDS included intangible assets and goodwill in the aggregate amount of Ps.113,837.
|
|
6. |
Property, Plant and Equipment, Net
|
September 30, 2020
|
December 31, 2019
|
|||||||
Buildings
|
Ps.
|
9,583,565
|
Ps.
|
9,435,452
|
||||
Building improvements
|
184,799
|
182,660
|
||||||
Technical equipment
|
152,008,831
|
141,966,642
|
||||||
Satellite transponders
|
6,026,094
|
6,026,094
|
||||||
Furniture and fixtures
|
1,216,295
|
1,158,745
|
||||||
Transportation equipment
|
3,082,188
|
3,000,322
|
||||||
Computer equipment
|
9,034,025
|
8,548,265
|
||||||
Leasehold improvements
|
3,521,209
|
3,434,374
|
||||||
184,657,006
|
173,752,554
|
|||||||
Accumulated depreciation
|
(121,264,343
|
)
|
(109,028,784
|
)
|
||||
63,392,663
|
64,723,770
|
|||||||
Land
|
4,887,527
|
4,891,094
|
||||||
Construction and projects in progress
|
15,260,722
|
13,714,368
|
||||||
Ps.
|
83,540,912
|
Ps.
|
83,329,232
|
|
7. |
Right-of-use Assets, Net
|
September 30, 2020
|
December 31, 2019
|
|||||||
Buildings
|
Ps.
|
5,534,719
|
Ps.
|
5,085,242
|
||||
Satellite transponders
|
4,275,619
|
4,275,619
|
||||||
Technical Equipment
|
1,688,829
|
1,688,829
|
||||||
Others
|
73,068
|
58,021
|
||||||
11,572,235
|
11,107,711
|
|||||||
Accumulated depreciation
|
(4,344,541
|
)
|
(3,554,659
|
)
|
||||
Ps.
|
7,227,694
|
Ps.
|
7,553,052
|
|
8. |
Intangible Assets and Goodwill, Net
|
September 30, 2020
|
December 31, 2019
|
|||||||||||||||||||||||
Cost
|
Accumulated Amortization
|
Carrying Value
|
Cost
|
Accumulated Amortization
|
Carrying Value
|
|||||||||||||||||||
Intangible assets and goodwill with indefinite useful lives:
|
||||||||||||||||||||||||
Trademarks
|
Ps.
|
48,843
|
Ps.
|
—
|
Ps.
|
48,843
|
Ps.
|
175,444
|
Ps.
|
—
|
Ps.
|
175,444
|
||||||||||||
Concessions
|
15,166,067
|
—
|
15,166,067
|
15,166,067
|
—
|
15,166,067
|
||||||||||||||||||
Goodwill
|
14,113,626
|
—
|
14,113,626
|
14,113,626
|
—
|
14,113,626
|
||||||||||||||||||
Intangible assets with finite useful lives:
|
||||||||||||||||||||||||
Trademarks
|
2,227,096
|
(1,953,282
|
)
|
273,814
|
2,127,697
|
(1,899,187
|
)
|
228,510
|
||||||||||||||||
Concessions
|
553,505
|
(415,162
|
)
|
138,343
|
553,505
|
(332,103
|
)
|
221,402
|
||||||||||||||||
Licenses
|
10,951,206
|
(7,161,589
|
)
|
3,789,617
|
10,858,388
|
(6,843,169
|
)
|
4,015,219
|
||||||||||||||||
Subscriber lists
|
8,814,557
|
(7,137,758
|
)
|
1,676,799
|
8,782,852
|
(6,632,419
|
)
|
2,150,433
|
||||||||||||||||
Payment for renewal of concessions
|
5,825,559
|
—
|
5,825,559
|
5,821,828
|
—
|
5,821,828
|
||||||||||||||||||
Other intangible assets
|
6,751,824
|
(4,935,362
|
)
|
1,816,462
|
5,198,960
|
(3,762,535
|
)
|
1,436,425
|
||||||||||||||||
Ps.
|
64,452,283
|
Ps.
|
(21,603,153
|
)
|
Ps.
|
42,849,130
|
Ps.
|
62,798,367
|
Ps.
|
(19,469,413
|
)
|
Ps.
|
43,328,954
|
|
9. |
Debt, Lease Liabilities and Other Notes Payable
|
September 30, 2020
|
December 31, 2019
|
|||||||||||||||
Principal
|
Finance Costs
|
Total
|
Total
|
|||||||||||||
U.S. dollar debt:
|
||||||||||||||||
6.625% Senior Notes due 2025 (1)
|
Ps.
|
13,263,900
|
Ps.
|
(172,392
|
)
|
Ps.
|
13, 091,508
|
Ps.
|
11,129,156
|
|||||||
4.625% Senior Notes due 2026 (1)
|
6,631,950
|
(25,666
|
)
|
6,606,284
|
5,635,748
|
|||||||||||
8.5% Senior Notes due 2032 (1)
|
6,631,950
|
(20,312
|
)
|
6,611,638
|
5,643,504
|
|||||||||||
6.625% Senior Notes due 2040 (1)
|
13,263,900
|
(122,077
|
)
|
13,141,823
|
11,203,427
|
|||||||||||
5% Senior Notes due 2045 (1)
|
22,106,500
|
(417,196
|
)
|
21,689,304
|
18,453,920
|
|||||||||||
6.125% Senior Notes due 2046 (1)
|
19,895,850
|
(120,481
|
)
|
19,775,369
|
16,871,348
|
|||||||||||
5.250% Senior Notes due 2049 (1)
|
16,579,875
|
(296,799
|
)
|
16,283,076
|
13,858,286
|
|||||||||||
Total U.S. dollar debt
|
Ps.
|
98,373,925
|
Ps.
|
(1,174,923
|
)
|
Ps.
|
97,199,002
|
Ps.
|
82,795,389
|
|||||||
Mexican peso debt:
|
||||||||||||||||
8.79% Notes due 2027 (2)
|
4,500,000
|
(16,711
|
)
|
4,483,289
|
4,481,519
|
|||||||||||
8.49% Senior Notes due 2037 (1)
|
4,500,000
|
(12,084
|
)
|
4,487,916
|
4,487,372
|
|||||||||||
7.25% Senior Notes due 2043 (1)
|
6,500,000
|
(53,683
|
)
|
6,446,317
|
6,444,540
|
|||||||||||
Bank loans (3)
|
30,770,695
|
(129,491
|
)
|
30,641,204
|
15,883,817
|
|||||||||||
Bank loans (Sky) (4)
|
2,750,000
|
—
|
2,750,000
|
5,500,000
|
||||||||||||
Bank loans (TVI) (5)
|
913,515
|
(910
|
)
|
912,605
|
1,344,058
|
|||||||||||
Total Mexican peso debt
|
Ps.
|
49,934,210
|
Ps.
|
(212,879
|
)
|
Ps.
|
49,721,331
|
Ps.
|
38,141,306
|
|||||||
Total debt (6)
|
148,308,135
|
(1,387,802
|
)
|
146,920,333
|
120,936,695
|
|||||||||||
Less: Current portion of long-term debt
|
15,013,184
|
(498
|
)
|
15,012,686
|
491,951
|
|||||||||||
Long-term debt, net of current portion
|
Ps.
|
133,294,951
|
Ps.
|
(1,387,304
|
)
|
Ps.
|
131,907,647
|
Ps.
|
120,444,744
|
|||||||
Lease liabilities:
|
||||||||||||||||
Satellite transponder lease obligation (7)
|
Ps.
|
4,351,743
|
Ps.
|
—
|
Ps.
|
4,351,743
|
Ps.
|
4,014,567
|
||||||||
Leases (8)
|
5,488,231
|
—
|
5,488,231
|
5,348,953
|
||||||||||||
Total lease liabilities
|
9,839,974
|
—
|
9,839,974
|
9,363,520
|
||||||||||||
Less: Current portion
|
1,328,463
|
—
|
1,328,463
|
1,257,766
|
||||||||||||
Lease liabilities, net of current portion
|
Ps.
|
8,511,511
|
Ps.
|
—
|
Ps.
|
8,511,511
|
Ps.
|
8,105,754
|
||||||||
Other notes payable:
|
||||||||||||||||
Total other notes payable (9)
|
Ps.
|
—
|
Ps.
|
—
|
Ps.
|
—
|
Ps.
|
1,324,063
|
||||||||
Less: Current portion
|
—
|
—
|
—
|
1,324,063
|
||||||||||||
Other notes payable, net of current portion
|
Ps.
|
—
|
Ps.
|
—
|
Ps.
|
—
|
Ps.
|
—
|
(1)
|
The Senior Notes due between 2025 and 2049, in the aggregate outstanding principal amount of U.S.$4,450 million and Ps.11,000,000, 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. Interest rate on the Senior Notes due 2025, 2026, 2032, 2037, 2040, 2043, 2045, 2046, and 2049 including additional amounts payable in respect of certain Mexican withholding taxes, is 6.97%, 4.86%, 8.94%, 8.93%, 6.97%,
7.62%, 5.26%, 6.44% and 5.52% per annum, respectively, and is payable semi-annually. These Senior Notes may not be redeemed prior to maturity, except: (i) 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, in whole or in part, at the option of the Company; and (ii) in the event of a change of control, in which case the Company may be required
to redeem the securities at 101% of their principal amount. Also, the Company may, at its own option, redeem the Senior Notes due 2025, 2026, 2037, 2040, 2043, 2046 and 2049, in whole or in part, at any time at a redemption price equal to
the greater of the principal amount of these Senior Notes or the present value of future cash flows, at the redemption date, of principal and interest amounts of the Senior Notes discounted at a fixed rate of comparable U.S. or Mexican
sovereign bonds. The Senior Notes due 2026, 2032, 2040, 2043, 2045, 2046 and 2049 were priced at 99.385%, 99.431%, 98.319%, 99.733%, 96.534%, 99.677% and 98.588%, respectively, for a yield to maturity of 4.70%, 8.553%, 6.755%, 7.27%,
5.227%, 6.147% and 5.345%, respectively. The Senior Notes due 2025 were issued in two aggregate principal amounts of U.S.$400 million and U.S.$200 million, and were priced at 98.081% and 98.632%, respectively, for a yield to maturity of
6.802% and 6.787%, respectively. The agreement of these Senior Notes contains covenants that limit the ability of the Company and certain restricted subsidiaries engaged in the Group’s Content segment, to incur or assume liens, perform
sale and leaseback transactions, and consummate certain mergers, consolidations and similar transactions. The Senior Notes due 2025, 2026, 2032, 2037, 2040, 2045, 2046 and 2049 are registered with the U.S. Securities and Exchange
Commission (“SEC”). The Senior Notes due 2043 are registered with both the SEC and the Mexican Banking and Securities Commission (“Comisión Nacional Bancaria y de Valores” or “CNBV”).
|
(2)
|
In 2017, the Company issued Notes (“Certificados Bursátiles”) due 2027, respectively, through the BMV in the aggregate principal amount of Ps.4,500,000. In July
2019, the Company prepaid all of the outstanding Notes due 2021 and 2022 in the aggregate principal amount of Ps.11,000,000. In October 2019, the Company prepaid all of the outstanding Notes due 2020 in the aggregate principal amount of
Ps.10,000,000. Interest rate on the Notes due 2027 is 8.79% per annum and is payable semi-annually. The Company may, at its own option, redeem the Notes due 2027, in whole or in part, at any semi-annual interest payment date at a redemption
price equal to the greater of the principal amount of the outstanding Notes and the present value of future cash flows, at the redemption date, of principal and interest amounts of the Notes discounted at a fixed rate of comparable Mexican
sovereign bonds. The agreement of the Notes due 2027 contains covenants that limit the ability of the Company and certain restricted subsidiaries appointed by the Company’s Board of Directors, and engaged in the Group’s Content segment, to
incur or assume liens, perform sale and leaseback transactions, and consummate certain mergers, consolidations and similar transactions.
|
(3)
|
In 2017, the Company entered into long-term credit agreements with three Mexican banks, in the aggregate principal amount of Ps.6,000,000, with an annual interest
rate payable on a monthly basis of 28-day TIIE plus a range between 125 and 130 basis points, and principal maturities between 2022 and 2023. The proceeds of these loans were used primarily for the prepayment in full of the Senior Notes due
2018. Under the terms of these loan agreements, the Company is required to: (a) maintain certain financial coverage ratios related to indebtedness and interest expense; and (b) comply with the restrictive covenant on spin-offs, mergers and
similar transactions. In July 2019, the Company entered into a credit agreement for a five-year term loan with a syndicate of banks in the aggregate principal amount of Ps.10,000,000. The funds from this loan were used for general corporate
purposes, including the refinancing of the Company’s indebtedness. This loan bears interest at a floating rate based on a spread of 105 or 130 basis points over the 28-day TIIE rate depending on the Group’s net leverage ratio. The credit
agreement of this loan requires the maintenance of financial ratios related to indebtedness and interest expense. During 2018, the Company executed a revolving credit facility with a syndicate of banks, for up to an amount equivalent to
U.S.$618 million payable in Mexican pesos, which funds may be used for the repayment of existing indebtedness and other general corporate purposes. This revolving credit facility remained unused as of December 31, 2019. In March 2020, the
Company drew down Ps.14,770,694 under this revolving credit facility, with a maturity in the first quarter of 2022, and interest payable on a monthly basis at a floating rate based on a spread of 87.5 or 112.5 basis points over the 28-day
TIIE rate depending on the Group’s net leverage ratio. This facility was used by the Company as a prudent and precautionary measure to increase the Group’s cash position and preserve financial flexibility in light of uncertainty in the global
and local markets resulting from the COVID-19 outbreak. On October 6, 2020, the Company prepaid in full without penalty the principal amount of Ps.14,770,694 under this revolving credit facility. Accordingly, the Company classified this
long-term debt as a current liability as of September 30, 2020, net of related finace costs, in the amount of Ps.14,736,512. The Company retained the right to reborrow the facility in an amount of up to the Mexican peso equivalent of U.S.618
million, and the facility remains available through March 2022.
|
(4)
|
In March 2016, Sky entered into long-term credit agreements with two Mexican banks in the aggregate principal amount of Ps.5,500,000, with maturities between 2021
and 2023, and interest payable on a monthly basis with an annual rate in the range of 7.0% and 7.13%. In July 2020, Sky prepaid a portion of these loans in the aggregate cash amount of Ps.2,818,091, which
included principal amounts of Ps.2,750,000, and related accrued interest and transaction costs in the amount of Ps.68,091. Under the terms of these credit agreements, the Company is required to: (a) maintain certain financial
coverage ratios related to indebtedness and interest expense; and (b) comply with the restrictive covenant on spin-offs, mergers and similar transactions.
|
(5)
|
As of September 30, 2020 and December 31, 2019, included outstanding balances in the aggregate principal amount of Ps.913,515 and Ps.1,345,382, respectively, in
connection with credit agreements entered into by TVI with Mexican banks, with maturities between 2020 and 2022, bearing interest at an annual rate of TIIE plus a range between 100 and 125 basis points, which is payable on a monthly basis.
This TVI long- term indebtedness is guaranteed by the Company. Under the terms of these credit agreements, TVI is required to comply with certain restrictive covenants and financial coverage ratios.
|
(6)
|
Total debt is presented net of unamortized finance costs as of September 30, 2020 and December 31, 2019, in the aggregate amount of Ps.1,387,802 and Ps.1,441,597,
respectively, and does not include related interest payable in the aggregate amount of Ps.2,071,026 and Ps.1,943,863, respectively.
|
(7)
|
Under a capital lease agreement entered into with Intelsat Global Sales & Marketing Ltd. (“Intelsat”) in March 2010, Sky is obligated to pay at an annual
interest rate of 7.30% a monthly fee through 2027 of U.S.$3.0 million for satellite signal reception and retransmission service from 24 KU-band transponders on satellite IS-21, which became operational in October 2012. The service term for
IS-21 will end at the earlier of: (a) the end of 15 years or; (b) the date IS-21 is taken out of service (see Note 7).
|
(8)
|
In 2020, includes lease liabilities recognized beginning on January 1, 2019 under IFRS 16 for an aggregate amount of Ps.4,881,037. Also, includes minimum lease
payments of property and equipment under leases that qualify as lease liabilities. As of September 30, 2020 and December 31, 2019, includes Ps.605,050 and Ps.699,066, respectively, in connection with a lease agreement entered into by a
subsidiary of the Company and GTAC, for the right to use certain capacity of a telecommunications network through 2029. This lease agreement provides for annual payments through 2029. Other finance liabilities have terms, which expire at
various dates in 2020.
|
(9)
|
Notes payable issued by the Company in connection with the acquisition in 2016 of a non-controlling interest in TVI. As of December 31, 2019, cash payments to be
made in 2020 related to these notes payable amounted to an aggregate of Ps.1,330,000, including implicit interest of Ps.142,500. Accumulated accrued interest for this transaction amounted to Ps.136,563 as of December 31, 2019. In February
2020, the Group repaid all of its outstanding other notes payable as of December 31, 2019.
|
September 30, 2020
|
December 31, 2019
|
|||||||||||||||
Hedged items
|
Millions of U.S.
dollars
|
Thousands of
Mexican Pesos
|
Millions of U.S.
dollars
|
Thousands of Mexican Pesos
|
||||||||||||
Investment in shares of UHI (net investment hedge)
|
U.S.$
|
208.1
|
Ps.
|
4,600,651
|
U.S.$
|
433.7
|
Ps.
|
8,189,662
|
||||||||
Warrants issued by UHI (foreign currency fair value hedge)
|
866.7
|
19,159,297
|
1,788.6
|
33,775,451
|
||||||||||||
Open-Ended Fund (foreign currency fair value hedge)
|
112.8
|
2,494,466
|
248.3
|
4,688,202
|
||||||||||||
Total
|
U.S.$
|
1,187.6
|
Ps.
|
26,254,414
|
U.S.$
|
2,470.6
|
Ps.
|
46,653,315
|
Foreign Exchange Gain or Loss Derived from Senior Notes Designated as Hedging Instruments
|
September 30, 2020
|
September 30, 2019
|
||||||
Recognized in:
|
||||||||
Comprehensive (loss)
|
Ps.
|
(9,971,720
|
)
|
Ps.
|
(157,206
|
)
|
||
Total foreign exchange (loss) derived from hedging Senior Notes
|
Ps.
|
(9,971,720
|
)
|
Ps.
|
(157,206
|
)
|
||
Offset against by:
|
||||||||
Foreign currency translation gain derived from the hedged net investment in shares of UHI
|
Ps.
|
1,808,402
|
Ps.
|
31,233
|
||||
Foreign exchange gain derived from hedged warrants issued by UHI
|
7,381,017
|
124,855
|
||||||
Foreign exchange gain derived from the hedged Open-Ended Fund
|
782,301
|
1,118
|
||||||
Total foreign currency translation and foreign exchange gain derived from hedged assets
|
Ps.
|
9,971,720
|
Ps.
|
157,206
|
Less than 12 Months October 1, 2020 to September 30, 2021
|
12-36 Months October 1, 2021 to September 30, 2023
|
36-60 Months October 1, 2023 to September 30, 2025
|
Maturities Subsequent to September 30, 2025
|
Total
|
||||||||||||||||
Debt (1)
|
Ps.
|
|
15,013,184
|
Ps.
|
|
9,421,027
|
Ps.
|
|
23,263,900
|
Ps.
|
|
100,610,024
|
Ps.
|
|
148,308,135
|
|||||
Lease liabilities
|
1,328,463
|
2,245,017
|
2,362,485
|
3,904,009
|
9,839,974
|
|||||||||||||||
Total debt and lease liabilities
|
Ps.
|
|
16,341,647
|
Ps.
|
|
11,666,044
|
Ps.
|
|
25,626,385
|
Ps.
|
|
104,514,033
|
Ps.
|
|
158,148,109
|
(1)
|
The amounts of debt are disclosed on a principal amount basis.
|
|
10. |
Financial Instruments
|
September 30, 2020
|
December 31, 2019
|
|||||||||||||||
Carrying Value
|
Fair Value
|
Carrying Value
|
Fair Value
|
|||||||||||||
Assets:
Cash and cash equivalents
|
Ps.
|
44,852,192
|
Ps.
|
44,852,192
|
Ps.
|
27,451,997
|
Ps.
|
27,451,997
|
||||||||
Trade notes and accounts receivable, net
|
18,064,706
|
18,064,706
|
14,486,184
|
14,486,184
|
||||||||||||
Warrants issued by UHI (see Note 4)
|
19,159,297
|
19,159,297
|
33,775,451
|
33,775,451
|
||||||||||||
Long-term loans and interest receivable from GTAC (see Note 5)
|
799,392
|
802,104
|
872,317
|
875,585
|
||||||||||||
Open-Ended Fund (see Note 4)
|
2,494,466
|
2,494,466
|
4,688,202
|
4,688,202
|
||||||||||||
Other equity instruments (see Note 4)
|
4,725,415
|
4,725,415
|
5,751,001
|
5,751,001
|
||||||||||||
Liabilities:
|
||||||||||||||||
Senior Notes due 2025, 2032 and 2040
|
Ps.
|
33,159,750
|
Ps.
|
43,450,878
|
Ps.
|
28,325,700
|
Ps.
|
34,954,254
|
||||||||
Senior Notes due 2045
|
22,106,500
|
25,036,938
|
18,883,800
|
19,739,047
|
||||||||||||
Senior Notes due 2037 and 2043
|
11,000,000
|
9,120,890
|
11,000,000
|
8,986,870
|
||||||||||||
Senior Notes due 2026 and 2046
|
26,527,800
|
33,465,483
|
22,660,560
|
26,645,193
|
||||||||||||
Senior Notes due 2049
|
16,579,875
|
19,569,061
|
14,162,850
|
15,364,426
|
||||||||||||
Notes due 2027
|
4,500,000
|
4,815,405
|
4,500,000
|
4,656,375
|
||||||||||||
Other long-term debt
|
34,434,210
|
34,738,787
|
22,845,382
|
23,012,707
|
||||||||||||
Lease liabilities (1)
|
9,839,974
|
9,745,780
|
9,363,520
|
9,120,903
|
||||||||||||
Other notes payable
|
-
|
-
|
1,324,063
|
1,295,780
|
September 30, 2020:
Derivative Financial Instruments
|
Carrying Value
|
Notional Amount (U.S. Dollars in Thousands)
|
Maturity Date
|
||||||
Assets:
|
|||||||||
Derivatives recorded as accounting hedges:
(cash flow hedges)
|
|||||||||
Forward
|
Ps.
|
31,946
|
U.S.$
|
44,687
|
November 2021
|
||||
Derivatives not recorded as accounting hedges:
|
|||||||||
TVI’s forward
|
30,522
|
U.S.$
|
79,802
|
October 2020 through December 2021
|
|||||
Empresas Cablevisión´s forward
|
34,769
|
U.S.$
|
87,396
|
October 2020 through December 2021
|
|||||
Sky’s forward
|
16,182
|
U.S.$
|
45,000
|
October 2021 through December 2021
|
|||||
Forward
|
116,185
|
U.S.$
|
245,852
|
October 2020 through December 2021
|
|||||
Total assets
|
Ps.
|
229,604
|
|||||||
Liabilities:
|
|||||||||
Derivatives recorded as accounting hedges:
(cash flow hedges)
|
|||||||||
TVI’s interest rate swap
|
Ps.
|
1,809
|
Ps.
|
131,100
|
May 2022
|
||||
TVI’s interest rate swap
|
27,176
|
Ps.
|
782,415
|
April 2022
|
|||||
Interest rate swap
|
112,662
|
Ps.
|
2,000,000
|
October 2022
|
|||||
Interest rate swap
|
88,117
|
Ps.
|
1,500,000
|
October 2022
|
|||||
Interest rate swap
|
184,711
|
Ps.
|
2,500,000
|
February 2023
|
|||||
Interest rate swap
|
549,827
|
Ps.
|
6,000,000
|
June 2024
|
|||||
Interest rate swap
|
355,450
|
Ps.
|
14,770,694
|
March 2022
|
|||||
Forward
|
75,943
|
U.S.$
|
218,688
|
January 2021 through September 2021
|
|||||
Derivatives not recorded as accounting hedges:
|
|||||||||
Sky’s forward
|
29,228
|
U.S.$
|
75,000
|
February 2021 through August 2021
|
|||||
Forward
|
12,716
|
U.S.$
|
60,000
|
January 2021 through September 2021
|
|||||
Total liabilities
|
Ps.
|
1,437,639
|
|||||||
December 31, 2019:
Derivative Financial Instruments
|
Carrying Value
|
Notional Amount (U.S. Dollars in Thousands)
|
Maturity Date
|
||||||
Assets:
|
|||||||||
Derivatives recorded as accounting hedges:
(cash flow hedges)
|
|||||||||
TVI’s interest rate swap
|
Ps.
|
4,592
|
Ps.
|
407,200
|
May 2020 through May 2022
|
||||
Total assets
|
Ps.
|
4,592
|
|||||||
Liabilities:
|
|||||||||
Derivatives recorded as accounting hedges:
(cash flow hedges)
|
|||||||||
TVI’s interest rate swap
|
Ps.
|
8,943
|
Ps.
|
938,182
|
April 2022
|
||||
Interest rate swap
|
38,543
|
Ps.
|
2,000,000
|
October 2022
|
|||||
Interest rate swap
|
30,702
|
Ps.
|
1,500,000
|
October 2022
|
|||||
Interest rate swap
|
83,122
|
Ps.
|
2,500,000
|
February 2023
|
|||||
Interest rate swap
|
185,205
|
Ps.
|
6,000,000
|
June 2024
|
|||||
Forward
|
144,466
|
U.S.$
|
218,688
|
January 2020 through September 2020
|
|||||
Derivatives not recorded as accounting hedges:
|
|||||||||
TVI’s forward
|
45,968
|
U.S.$
|
66,000
|
January 2020 through October 2020
|
|||||
Empresas Cablevisión´s forward
|
48,474
|
U.S.$
|
73,000
|
January 2020 through October 2020
|
|||||
Sky’s forward
|
87,090
|
U.S.$
|
127,850
|
January 2020 through September 2020
|
|||||
Forward
|
242,777
|
U.S.$
|
361,550
|
January 2020 through October 2020
|
|||||
Total liabilities
|
Ps.
|
915,290
|
|
11. |
Capital Stock and Long-Term Retention Plan
|
Authorized and
Issued(1)
|
Repurchased by
the Company (2)
|
Held by a
Company´s Trust (3)
|
Outstanding
|
|||||||||
Series “A” Shares
|
122,179.4
|
(1,105.4
|
)
|
(6,935.1
|
)
|
114,138.9
|
||||||
Series “B” Shares
|
58,019.7
|
(972.8
|
)
|
(5,442.0
|
)
|
51,604.9
|
||||||
Series “D” Shares
|
88,554.1
|
(1,547.5
|
)
|
(4,908.1
|
)
|
82,098.5
|
||||||
Series “L” Shares
|
88,554.1
|
(1,547.5
|
)
|
(4,908.1
|
)
|
82,098.5
|
||||||
Total
|
357,307.3
|
(5,173.2
|
)
|
(22,193.3
|
)
|
329,940.8
|
||||||
Shares in the form of CPOs
|
296,023.0
|
(5,173.2
|
)
|
(16,406.9
|
)
|
274,442.9
|
||||||
Shares not in the form of CPOs
|
61,284.3
|
-
|
(5,786.4
|
)
|
55,497.9
|
|||||||
Total
|
357,307.3
|
(5,173.2
|
)
|
(22,193.3
|
)
|
329,940.8
|
||||||
CPOs
|
2,530.1
|
(44.2
|
)
|
(140.2
|
)
|
2,345.7
|
(1)
|
As of September 30, 2020, the authorized and issued capital stock amounted to Ps.4,907,765 (nominal Ps.2,459,154)
|
(2)
|
During the nine months ended September 30, 2020, the Company repurchased 616.0 million shares, in the form of 5.3 million CPOs, in the amount of Ps.195,597, in
connection with a share repurchase program that was approved by the Company’s stockholders.
|
(3)
|
In connection with the Company’s Long-Term Retention Plan.
|
Series “A”
Shares
|
Series “B”
Shares
|
Series “D”
Shares
|
Series “L”
Shares
|
Shares
Outstanding
|
CPOs
Outstanding
|
|||||||||||||
As of January 1, 2020
|
116,223.9
|
52,852.8
|
84,083.8
|
84,083.8
|
337,244.3
|
2,402.4
|
||||||||||||
Repurchased (1)
|
(131.6
|
)
|
(115.8
|
)
|
(184.3
|
)
|
(184.3
|
)
|
(616.0
|
)
|
(5.3
|
)
|
||||||
Cancelled and forfeited (2)
|
(2,063.5
|
)
|
(1,229.0
|
)
|
(1,955.2
|
)
|
(1,955.2
|
)
|
(7,202.9
|
)
|
(55.8
|
)
|
||||||
Released
|
110.1
|
96.9
|
154.2
|
154.2
|
515.4
|
4.4
|
||||||||||||
As of September 30, 2020
|
114,138.9
|
51,604.9
|
82,098.5
|
82,098.5
|
329,940.8
|
2,345.7
|
Series “A”
Shares
|
Series “B”
Shares
|
Series “D”
Shares
|
Series “L”
Shares
|
Shares
Outstanding
|
CPOs
Outstanding
|
|||||||||||||
As of January 1, 2019
|
116,207.2
|
53,116.1
|
84,502.9
|
84,502.9
|
338,329.1
|
2,414.4
|
||||||||||||
Repurchased (1)
|
(973.7
|
)
|
(856.9
|
)
|
(1,363.3
|
)
|
(1,363.3
|
)
|
(4,557.2
|
)
|
(38.9
|
)
|
||||||
Acquired (3)
|
(65.6
|
)
|
(57.7
|
)
|
(91.9
|
)
|
(91.9
|
)
|
(307.1
|
)
|
(2.7
|
)
|
||||||
Released
|
1,056.0
|
651.3
|
1,036.1
|
1,036.1
|
3,779.5
|
29.6
|
||||||||||||
As of September 30, 2019
|
116,223.9
|
52,852.8
|
84,083.8
|
84,083.8
|
337,244.3
|
2,402.4
|
(1)
|
Repurchased by the Company in connection with a share repurchase program.
|
(2)
|
Cancelled and forfeited in connection with the Company’s Long-Term Retention Plan.
|
(3)
|
Acquired by a Company’s trust in connection with the Company’s Long-Term Retention Plan.
|
|
12. |
Retained Earnings
|
|
13. |
Non-controlling Interests
|
|
14. |
Transactions with Related Parties
|
September 30, 2020
|
December 31, 2019
|
|||||||
Current receivables:
|
||||||||
UHI, including Univision (1)
|
Ps.
|
684,954
|
Ps.
|
748,844
|
||||
OCEN (see Notes 3 and 5)
|
2,005
|
3,968
|
||||||
Telemercado Alameda, S. de R.L. de C.V.
|
11,517
|
10,917
|
||||||
Editorial Clío, Libros y Videos, S.A. de C.V.
|
2,303
|
2,933
|
||||||
Other
|
44,617
|
47,765
|
||||||
Ps.
|
745,396
|
Ps.
|
814,427
|
|||||
Current payable:
|
||||||||
UHI, including Univision (1)
|
Ps.
|
337,103
|
Ps.
|
594,254
|
||||
AT&T/ DirecTV
|
43,549
|
25,447
|
||||||
Other
|
40,423
|
24,550
|
||||||
Ps.
|
421,075
|
Ps.
|
644,251
|
(1)
|
As of September 30, 2020 and December 31, 2019, the Group recognized a provision in the amount of Ps.337,103 and Ps.594,254, respectively, associated with a
consulting arrangement entered into by the Group, UHI and an entity controlled by the chairman of the Board of Directors of UHI, by which upon consummation of a qualified initial public offering of the shares of UHI or an alternative exit
plan for the main current investors in UHI, the Group would pay the entity a portion of a defined appreciation in excess of certain preferred returns and performance thresholds of UHI. In March 2018, UHI announced that it has determined not
to utilize the registration statement initially filed on July 2, 2015 for an initial public offering in the United States. As of September 30, 2020, the Group decreased this provision in the amount of Ps.387,013, in connection with the
acquisition of the majority stock of UHI by a group of investors announced on February 25, 2020, and the decline in the fair value of the Group’s investments in UHI as of September 30, 2020 (see Notes 4 and 5), and accounted for this non-cash
decrease in consolidated other income, net, for the nine months ended September 30, 2020 (see Note 15). Since the existing obligations contemplate other scenarios under which payment may be required, and such scenarios still remain, the
Company has maintained this provision as of September 30, 2020. As of September 30, 2020 and December 31, 2019, receivables from UHI related primarily to the PLA amounted to Ps.684,954 and Ps.748,844, respectively.
|
|
15. |
Other Income or Expense, Net
|
September 30, 2020
|
September 30, 2019
|
|||||||
Net gain on disposition of investments (1)
|
Ps.
|
933,506
|
Ps.
|
62
|
||||
Donations
|
(9,042
|
)
|
(23,045
|
)
|
||||
Legal and financial advisory professional services (2)
|
(266,432
|
)
|
(222,176
|
)
|
||||
Loss on disposition of property and equipment
|
12,125
|
(211,472
|
)
|
|||||
Deferred compensation
|
(167,483
|
)
|
(188,840
|
)
|
||||
Dismissal severance expense (3)
|
(267,491
|
)
|
(475,873
|
)
|
||||
Impairment adjustments (4)
|
(27,202
|
)
|
(50,680
|
)
|
||||
Decrease in provision for UHI (see Note 14)
|
387,013
|
-
|
||||||
Income for cash reimbursement received from Imagina (5)
|
167,619
|
-
|
||||||
Other, net
|
(105,252
|
)
|
310,758
|
|||||
Ps.
|
657,361
|
Ps.
|
(861,266
|
)
|
(1)
|
In 2020, includes a net gain on disposition of the former Group’s Radio business in the amount of Ps.933,506, which sale was concluded in July 2020 (see Note
3).
|
(2)
|
Includes primarily legal, financial advisory and professional services in connection with certain litigation and other matters.
|
(3)
|
Includes severance expense in connection with dismissals of personnel, as a part of a continued cost reduction plan. In 2019, included Ps.150,000 related to an
accrual for restructuring certain administrative areas in the first quarter of 2020.
|
(4)
|
In 2020 and 2019, includes impairment adjustments in connection with trademarks in the Group’s Publishing business.
|
(5)
|
In the second quarter of 2020, the Company received a cash reimbursement from Imagina Media Audiovisual, S.L. (“Imagina”), in connection with a legal outcome
that was favorable to Imagina, a former associate in Spain, in which the Company maintained a minority interest through 2018.
|
|
16. |
Finance Expense, Net
|
September 30, 2020
|
September 30, 2019
|
|||||||
Interest expense (1)
|
Ps.
|
(8,202,140
|
)
|
Ps.
|
(7,844,528
|
)
|
||
Other finance expense, net (2)
|
-
|
(313,625
|
)
|
|||||
Foreign Exchange loss, net (4)
|
(3,172,405
|
)
|
(465,435
|
)
|
||||
Finance expense
|
(11,374,545
|
)
|
(8,623,588
|
)
|
||||
Interest income (3)
|
950,988
|
1,210,822
|
||||||
Other finance income, net (2)
|
1,936,686
|
-
|
||||||
Finance income
|
2,887,674
|
1,210,822
|
||||||
Finance expense, net
|
Ps.
|
(8,486,871
|
)
|
Ps.
|
(7,412,766
|
)
|
(1)
|
In the nine months ended September 30, 2020 and 2019, included interest expense related to lease liabilities that were recognized in connection with the initial
adoption of IFRS 16 (see Note 2) in the aggregate amount of Ps.327,601 and Ps.313,666, respectively.
|
(2)
|
Other finance income or expense, net, included gain or loss fair value from derivative financial instruments.
|
(3)
|
This line item included primarily interest income from cash equivalents.
|
(4)
|
Foreign exchange gain or loss, net, included (i) foreign exchange gain or loss resulted primarily from the appreciation or depreciation of the Mexican peso
against the U.S. dollar on the Group’s U.S. dollar-denominated monetary liability position, excluding long-term debt designated as a hedging instrument of the Group’s investments in UHI and Open-Ended Fund, during the nine months ended
September 30, 2020 and 2019; and (ii) foreign exchange gain or loss resulted primarily from the appreciation or depreciation of the Mexican peso against the U.S. dollar on the Group’s U.S. dollar-denominated monetary asset position during the
nine months ended September 30, 2020 and 2019 (see Note 9). The exchange rate of the Mexican peso against the U.S dollar was of Ps.22.1065, Ps.18.8838, Ps.19.7394 and Ps.19.6730 as of September 30, 2020, December 31, 2019, September 30, 2019
and December 31, 2018, respectively.
|
|
17. |
Income Taxes
|
|
18. |
Earnings per CPO/Share
|
September 30, 2020
|
September 30, 2019
|
|||||||
Total Shares
|
Ps.
|
330,988,655
|
Ps.
|
338,756,313
|
||||
CPOs
|
2,353,831
|
2,416,301
|
||||||
Shares not in the form of CPO units:
|
||||||||
Series “A” Shares
|
55,589,722
|
56,048,418
|
||||||
Series “B” Shares
|
187
|
187
|
||||||
Series “D” Shares
|
239
|
239
|
||||||
Series “L” Shares
|
239
|
239
|
2020
|
2019
|
|||||||||||||||
Per CPO
|
Per Share (*)
|
Per CPO
|
Per Share (*)
|
|||||||||||||
Net income attributable to stockholders of the Company
|
Ps.
|
(1.61
|
)
|
Ps.
|
(0.01
|
)
|
Ps.
|
0.77
|
Ps.
|
0.01
|
September 30, 2020
|
September 30, 2019
|
|||||||
Total Shares
|
Ps.
|
352,272,809
|
Ps.
|
355,527,506
|
||||
CPOs
|
2,487,081
|
2,514,899
|
||||||
Shares not in the form of CPO units:
|
||||||||
Series “A” Shares
|
58,926,613
|
58,926,613
|
||||||
Series “B” Shares
|
2,357,208
|
2,357,208
|
||||||
Series “D” Shares
|
239
|
239
|
||||||
Series “L” Shares
|
239
|
239
|
2020
|
2019
|
|||||||||||||||
Per CPO
|
Per Share (*)
|
Per CPO
|
Per Share (*)
|
|||||||||||||
Net income attributable to stockholders of the Company
|
Ps.
|
(1.51
|
)
|
Ps.
|
(0.01
|
)
|
Ps.
|
0.73
|
Ps.
|
0.01
|
|
19. |
Segment Information
|
Total Revenues
|
Intersegment Revenues
|
Consolidated Revenues
|
Segment
Income
|
||||||||||||||
2020:
|
|||||||||||||||||
Cable
|
Ps.
|
33,541,364
|
Ps.
|
510,710
|
Ps.
|
33,030,654
|
Ps.
|
13,943,519
|
|||||||||
Sky
|
16,518,049
|
434,531
|
16,083,518
|
6,992,153
|
|||||||||||||
Content
|
21,501,537
|
3,464,082
|
18,037,455
|
6,989,383
|
|||||||||||||
Other Businesses
|
3,106,072
|
901,998
|
2,204,074
|
(48,170
|
)
|
||||||||||||
Segment total
|
74,667,022
|
5,311,321
|
69,355,701
|
27,876,885
|
|||||||||||||
Reconciliation to consolidated amounts:
|
|||||||||||||||||
Disposed operations (see Note 3)
|
223,272
|
-
|
223,272
|
(3,991
|
)
|
||||||||||||
Eliminations and corporate expenses
|
(5,311,321
|
)
|
(5,311,321
|
)
|
-
|
(1,219,888
|
)
|
||||||||||
Depreciation and amortization
|
-
|
-
|
-
|
(15,621,499
|
)
|
||||||||||||
Consolidated total before other income
|
69,578,973
|
-
|
69,578,973
|
11,031,507
|
(1)
|
||||||||||||
Other income, net
|
-
|
-
|
-
|
657,361
|
|||||||||||||
Consolidated total
|
Ps.
|
69,578,973
|
Ps.
|
-
|
Ps.
|
69,578,973
|
Ps.
|
11,688,868
|
(2)
|
Total Revenues
|
Intersegment Revenues
|
Consolidated Revenues
|
Segment
Income
|
||||||||||||||
2019:
|
|||||||||||||||||
Cable
|
Ps.
|
30,685,887
|
Ps.
|
382,966
|
Ps.
|
30,302,921
|
Ps.
|
13,252,577
|
|||||||||
Sky
|
15,967,981
|
299,355
|
15,668,626
|
7,012,360
|
|||||||||||||
Content
|
23,893,917
|
2,641,272
|
21,252,645
|
8,307,930
|
|||||||||||||
Other Businesses
|
6,266,271
|
573,732
|
5,692,539
|
1,367,460
|
|||||||||||||
Segment total
|
76,814,056
|
3,897,325
|
72,916,731
|
29,940,327
|
|||||||||||||
Reconciliation to consolidated amounts:
|
|||||||||||||||||
Disposed operations (see Note 3)
|
573,673
|
1,423
|
572,250
|
158,557
|
|||||||||||||
Eliminations and corporate expenses
|
(3,898,748
|
)
|
(3,898,748
|
)
|
-
|
(1,445,080
|
)
|
||||||||||
Depreciation and amortization
|
-
|
-
|
-
|
(15,616,424
|
)
|
||||||||||||
Consolidated total before other expense
|
73,488,981
|
-
|
73,488,981
|
13,037,380
|
(1)
|
||||||||||||
Other expense, net
|
-
|
-
|
-
|
(861,266
|
)
|
||||||||||||
Consolidated total
|
Ps.
|
73,488,981
|
Ps.
|
-
|
Ps.
|
73,488,981
|
Ps.
|
12,176,114
|
(2)
|
(1)
|
This amount represents operating income before other income or expense, net.
|
(2)
|
This amount represents consolidated operating income.
|
Domestic
|
Export
|
Abroad
|
Total
|
|||||||||||||
September 30, 2020:
|
||||||||||||||||
Cable:
|
||||||||||||||||
Digital TV Service
|
Ps.
|
12,471,623
|
Ps.
|
-
|
Ps.
|
-
|
Ps.
|
12,471,623
|
||||||||
Advertising
|
1,153,685
|
-
|
-
|
1,153,685
|
||||||||||||
Broadband Services
|
12,081,660
|
-
|
-
|
12,081,660
|
||||||||||||
Telephony
|
3,168,742
|
-
|
-
|
3,168,742
|
||||||||||||
Other Services
|
554,155
|
-
|
-
|
554,155
|
||||||||||||
Enterprise Operations
|
3,869,672
|
-
|
241,827
|
4,111,499
|
||||||||||||
Sky:
|
||||||||||||||||
DTH Broadcast Satellite TV
|
14,481,893
|
-
|
1,171,429
|
15,653,322
|
||||||||||||
Advertising
|
828,740
|
-
|
-
|
828,740
|
||||||||||||
Pay-Per-View
|
28,122
|
-
|
7,865
|
35,987
|
||||||||||||
Content:
|
||||||||||||||||
Advertising
|
9,595,903
|
125,804
|
-
|
9,721,707
|
||||||||||||
Network Subscription Revenue
|
3,178,920
|
885,541
|
-
|
4,064,461
|
||||||||||||
Licensing and Syndication
|
1,015,031
|
6,700,338
|
-
|
7,715,369
|
||||||||||||
Other Businesses:
|
||||||||||||||||
Gaming
|
740,273
|
-
|
-
|
740,273
|
||||||||||||
Soccer, Sports and Show Business Promotion
|
899,091
|
118,461
|
-
|
1,017,552
|
||||||||||||
Publishing - Magazines
|
197,162
|
-
|
942
|
198,104
|
||||||||||||
Publishing - Advertising
|
107,569
|
-
|
-
|
107,569
|
||||||||||||
Publishing Distribution
|
193,685
|
-
|
-
|
193,685
|
||||||||||||
Feature Film Production and Distribution
|
759,260
|
-
|
89,629
|
848,889
|
||||||||||||
Segment total
|
65,325,186
|
7,830,144
|
1,511,692
|
74,667,022
|
||||||||||||
Disposed operations (see Note 3)
|
223,272
|
-
|
-
|
223,272
|
||||||||||||
Intersegment eliminations
|
(5,311,321
|
)
|
-
|
-
|
(5,311,321
|
)
|
||||||||||
Consolidated total revenues
|
Ps.
|
60,237,137
|
Ps.
|
7,830,144
|
Ps.
|
1,511,692
|
Ps.
|
69,578,973
|
Domestic
|
Export
|
Abroad
|
Total
|
|||||||||||||
September 30, 2019:
|
||||||||||||||||
Cable:
|
||||||||||||||||
Digital TV Service
|
Ps.
|
12,087,900
|
Ps.
|
-
|
Ps.
|
-
|
Ps.
|
12,087,900
|
||||||||
Advertising
|
1,020,509
|
-
|
-
|
1,020,509
|
||||||||||||
Broadband Services
|
10,783,739
|
-
|
-
|
10,783,739
|
||||||||||||
Telephony
|
2,697,541
|
-
|
-
|
2,697,541
|
||||||||||||
Other Services
|
613,116
|
-
|
-
|
613,116
|
||||||||||||
Enterprise Operations
|
3,288,262
|
-
|
194,820
|
3,483,082
|
||||||||||||
Sky:
|
||||||||||||||||
DTH Broadcast Satellite TV
|
14,208,020
|
-
|
1,017,757
|
15,225,777
|
||||||||||||
Advertising
|
671,524
|
-
|
-
|
671,524
|
||||||||||||
Pay-Per-View
|
63,298
|
-
|
7,382
|
70,680
|
||||||||||||
Content:
|
||||||||||||||||
Advertising
|
12,690,948
|
147,888
|
-
|
12,838,836
|
||||||||||||
Network Subscription Revenue
|
2,766,069
|
897,115
|
-
|
3,663,184
|
||||||||||||
Licensing and Syndication
|
995,870
|
6,396,027
|
-
|
7,391,897
|
||||||||||||
Other Businesses:
|
||||||||||||||||
Gaming
|
2,234,549
|
-
|
-
|
2,234,549
|
||||||||||||
Soccer, Sports and Show Business Promotion
|
1,209,933
|
1,180,494
|
2,390,427
|
|||||||||||||
Publishing - Magazines
|
279,570
|
-
|
13,903
|
293,473
|
||||||||||||
Publishing - Advertising
|
180,982
|
-
|
21,995
|
202,977
|
||||||||||||
Publishing Distribution
|
239,413
|
-
|
-
|
239,413
|
||||||||||||
Feature Film Production and Distribution
|
661,922
|
787
|
242,723
|
905,432
|
||||||||||||
Segment Total
|
66,693,165
|
8,622,311
|
1,498,580
|
76,814,056
|
||||||||||||
Disposed operations (see Note 3)
|
573,673
|
-
|
-
|
573,673
|
||||||||||||
Intersegment eliminations
|
(3,894,605
|
)
|
-
|
(4,143
|
)
|
(3,898,748
|
)
|
|||||||||
Consolidated total revenues
|
Ps.
|
63,372,233
|
Ps.
|
8,622,311
|
Ps.
|
1,494,437
|
Ps.
|
73,488,981
|
|
20. |
Impact of COVID-19
|
|
21. |
Contingencies
|
Dividends paid, ordinary shares:
|
0
|
Dividends paid, other shares:
|
0
|
Dividends paid, ordinary shares per share:
|
0
|
Dividends paid, other shares per share:
|
0
|
Ps.
|
22.1065
|
pesos per US dollar
|
||
25.9108
|
pesos per euro
|
|||
16.6088
|
pesos per canadian dollar
|
|||
0.2915
|
pesos per argentinean peso
|
|||
0.0280
|
pesos per chilean peso
|
|||
0.0057
|
pesos per colombian peso
|
|||
6.1802
|
pesos per peruvian nuevo sol
|
|||
24.0017
|
pesos per swiss franc
|
|||
3.9419
|
pesos per brazilian real
|
|||
28.5402
|
pesos per pound sterling
|
|||
2.4663
|
pesos per swedish krona
|
STOCK EXCHANGE CODE: TLEVISA
|
QUARTER: 03 | YEAR: 2020 |
GRUPO TELEVISA, S.A.B. |
|
|
/s/ Alfonso de Angoitia Noriega | /s/ Bernardo Gómez Martínez | |
ALFONSO DE ANGOITIA NORIEGA
|
BERNARDO GÓMEZ MARTÍNEZ
|
|
CO-CHIEF EXECUTIVE OFFICER
|
CO-CHIEF EXECUTIVE OFFICER
|
|
/s/ Carlos Ferreiro Rivas
|
/s/ Luis Alejandro Bustos Olivares
|
|
CARLOS FERREIRO RIVAS
|
LUIS ALEJANDRO BUSTOS OLIVARES
|
|
VICE PRESIDENT OF FINANCE
|
LEGAL VICE PRESIDENT AND
|
|
GENERAL COUNSEL
|
GRUPO TELEVISA, S.A.B.
|
|||
(Registrant)
|
|||
Dated: October 29, 2020
|
By:
|
/s/ Luis Alejandro Bustos Olivares
|
|
Name: |
Luis Alejandro Bustos Olivares
|
||
Title:
|
Legal Vice President and General Counsel
|
1 Year Grupo Televisa SA CV (PK) Chart |
1 Month Grupo Televisa SA CV (PK) Chart |
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