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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% | 0.65 | 0.3187 | 8.62 | 0.00 | 21:26:41 |
•
|
COVID-19 Pandemic may have a material adverse effect on our business, financial position and results of operations.
|
•
|
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
|
•
|
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
|
•
|
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
|
•
|
Following the Consummation of the TelevisaUnivision Transaction, Our Continuing Operations Are Less Diversified, Primarily Focused On
Our Cable, Sky and Other Businesses Segments
|
•
|
Inflation Rates and High Interest Rates in Mexico
|
•
|
Political events in Mexico
|
•
|
We are subject to a variety of global laws, regulations, and rules related to privacy and personal data protection
|
•
|
The Results of Operations of TelevisaUnivision May Affect Our Financial Performance and the Value of Our Investment in that
Company
|
•
|
The Performance of TelevisaUnivision May Affect the Market Price of Our Shares and of Our CPOs or GDSs
|
•
|
Although We Have a Large Equity Interest in TelevisaUnivision, We Do Not Control TelevisaUnivision
|
Revenues
|
1Q’23
|
%
|
1Q’22
|
%
|
Change
%
|
Cable
|
12,122.7
|
65.1
|
11,804.5
|
63.0
|
2.7
|
Sky
|
4,657.6
|
25.0
|
5,275.7
|
28.1
|
(11.7)
|
Other Businesses
|
1,850.3
|
9.9
|
1,661.1
|
8.9
|
11.4
|
Segment Revenues
|
18,630.6
|
100.0
|
18,741.3
|
100.0
|
(0.6)
|
Intersegment Operations (1)
|
(111.0)
|
(132.1)
|
|||
Revenues
|
18,519.6
|
|
18,609.2
|
|
(0.5)
|
Operating Segment Income (2)
|
1Q’23
|
Margin
%
|
1Q’22
|
Margin
%
|
Change
%
|
Cable
|
4,957.0
|
40.9
|
4,979.3
|
42.2
|
(0.4)
|
Sky
|
1,608.9
|
34.5
|
1,861.4
|
35.3
|
(13.6)
|
Other Businesses
|
403.9
|
21.8
|
376.4
|
22.7
|
7.3
|
Operating Segment Income
|
6,969.8
|
37.4
|
7,217.1
|
38.5
|
(3.4)
|
Corporate Expenses
|
(242.4)
|
(1.3)
|
(333.7)
|
(1.8)
|
27.4
|
Depreciation and Amortization
|
(5,311.7)
|
(28.7)
|
(5,077.4)
|
(27.3)
|
(4.6)
|
Other expense, net
|
(182.2)
|
(1.0)
|
(168.3)
|
(0.9)
|
(8.3)
|
Intersegment Operations(1)
|
(29.8)
|
(0.2)
|
(0.3)
|
(0.0)
|
n/a
|
Operating Income
|
1,203.7
|
6.5
|
1,637.4
|
8.8
|
(26.5)
|
(1) |
For segment reporting purposes, intersegment operations are included in each of the segment operations.
|
(2) |
Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other expense, net.
|
RGUs
|
1Q’23 Net Adds
|
1Q’23
|
1Q’22
|
Video
|
30,870
|
4,489,090
|
4,255,501
|
Broadband
|
84,711
|
6,068,862
|
5,732,026
|
Voice
|
174,836
|
5,408,560
|
4,764,592
|
Mobile
|
24,106
|
264,313
|
172,978
|
Total RGUs
|
314,523
|
16,230,825
|
14,925,097
|
MSO Operations (1)
Millions of Mexican pesos
|
1Q’23
|
1Q’22
|
Change %
|
Revenue
|
11,255.2
|
10,820.6
|
4.0
|
Operating Segment Income
|
4,741.7
|
4,674.5
|
1.4
|
Margin (%)
|
42.1
|
43.2
|
|
Enterprise Operations (1)
Millions of Mexican pesos
|
1Q’23
|
1Q’22
|
Change %
|
Revenue
|
1,466.5
|
1,528.4
|
(4.0)
|
Operating Segment Income
|
434.4
|
493.3
|
(11.9)
|
Margin (%)
|
29.6
|
32.3
|
|
(1) |
These results do not include consolidation adjustments of Ps.599.0 million in revenue nor Ps.219.1 million in Operating Segment Income
for the first quarter of 2023, neither the consolidation adjustments of Ps.544.5 million in revenue nor Ps.188.5 million in Operating Segment Income for the first quarter of 2022. Consolidation adjustments are considered in
the consolidated results of the Cable segment.
|
RGUs
|
1Q’23 Net Adds
|
1Q’23
|
1Q’22
|
Video
|
(183,737)
|
6,073,322
|
7,244,246
|
Broadband
|
(32,172)
|
608,122
|
719,223
|
Voice
|
(26)
|
427
|
559
|
Mobile
|
779
|
16,381
|
26,920
|
Total RGUs
|
(215,156)
|
6,698,252
|
7,990,948
|
1Q’23
|
1Q’22
|
Favorable
(Unfavorable)
change
|
|
Interest expense
|
(2,111.2)
|
(2,805.9)
|
694.7
|
Interest income
|
883.4
|
338.9
|
544.5
|
Foreign exchange loss, net
|
(664.2)
|
(2,307.4)
|
1,643.2
|
Other finance expense, net
|
(306.6)
|
(115.3)
|
(191.3)
|
Finance expense, net
|
(2,198.6)
|
(4,889.7)
|
2,691.1
|
(i)
|
a Ps.1,643.2 million decrease in foreign exchange loss, net, resulting primarily from a 7.4% appreciation of the Mexican peso against the U.S.
dollar on a lower average net U.S. dollar asset position in the first quarter of 2023, in comparison with a 3.1% appreciation of the Mexican peso against the U.S. dollar in the first quarter of 2022;
|
(ii)
|
a Ps.694.7 million decrease in interest expense, primarily in connection with a lower average principal amount of debt in the first quarter of 2023,
and the absence of finance expense related to prepayment of long-term debt in the first quarter of 2022; and
|
(iii)
|
a Ps.544.5 million increase in interest income, explained primarily by a higher average amount of cash equivalents and a higher interest rate in the
first quarter of 2023.
|
Capital Expenditures
Millions of U.S. Dollars
|
1Q’23
|
1Q’22
|
Cable
|
167.1
|
168.3
|
Sky
|
42.9
|
55.1
|
Other Businesses
|
0.7
|
1.8
|
Continuing operations
|
210.7
|
225.2
|
Discontinued operations
|
-
|
3.4
|
Total
|
210.7
|
228.6
|
March 31, 2023
|
December 31, 2022
|
Decrease
|
|
Current portion of long-term debt
|
-
|
1,000.0
|
(1,000.0)
|
Long-term debt, net of current portion
|
98,911.5
|
104,240.7
|
(5,329.2)
|
Total debt (1)
|
98,911.5
|
105,240.7
|
(6,329.2)
|
Current portion of long-term lease liabilities
|
1,358.5
|
1,373.2
|
(14.7)
|
Long-term lease liabilities, net of current portion
|
6,693.7
|
6,995.8
|
(302.1)
|
Total lease liabilities
|
8,052.2
|
8,369.0
|
(316.8)
|
Total debt and lease liabilities
|
106,963.7
|
113,609.7
|
(6,646.0)
|
(1) |
As of March 31 of 2023 and December 31, 2022, total debt is presented net of finance costs in the amount of Ps.972.7 million and Ps.994.7 million, respectively.
|
1Q’23
|
Margin
|
1Q’22
|
Margin
|
Change
|
|
%
|
%
|
%
|
|||
Revenues
|
18,519.6
|
100.0
|
18,609.2
|
100.0
|
(0.5)
|
Operating segment income(1)
|
6,969.8
|
37.4
|
7,217.1
|
38.5
|
(3.4)
|
(1) |
The operating segment income margin is calculated as a percentage of segment revenues.
|
|
1Q’23
|
Margin
|
1Q’22
|
Margin
|
Change
|
%
|
%
|
%
|
|||
Revenues
|
18,519.6
|
100.0
|
18,609.2
|
100.0
|
(0.5)
|
Net (loss) income
|
(710.1)
|
(3.8)
|
52,856.6
|
284.0
|
n/a
|
Net (loss) income attributable to stockholders of the Company
|
(788.9)
|
(4.3)
|
52,642.1
|
282.9
|
n/a
|
Segment revenues
|
18,630.6
|
100.0
|
18,741.3
|
100.0
|
(0.6)
|
Operating segment income (1)
|
6,969.8
|
37.4
|
7,217.1
|
38.5
|
(3.4)
|
(1) |
The operating segment income margin is calculated as a percentage of segment revenues.
|
Revenues
|
1Q’23
|
%
|
1Q’22
|
%
|
Change
%
|
Cable
|
12,122.7
|
65.1
|
11,804.5
|
63.0
|
2.7
|
Sky
|
4,657.6
|
25.0
|
5,275.7
|
28.1
|
(11.7)
|
Other Businesses
|
1,850.3
|
9.9
|
1,661.1
|
8.9
|
11.4
|
Segment Revenues
|
18,630.6
|
100.0
|
18,741.3
|
100.0
|
(0.6)
|
Intersegment Operations (1)
|
(111.0)
|
(132.1)
|
|||
Revenues
|
18,519.6
|
|
18,609.2
|
|
(0.5)
|
Operating Segment Income (2)
|
1Q’23
|
Margin
%
|
1Q’22
|
Margin
%
|
Change
%
|
Cable
|
4,957.0
|
40.9
|
4,979.3
|
42.2
|
(0.4)
|
Sky
|
1,608.9
|
34.5
|
1,861.4
|
35.3
|
(13.6)
|
Other Businesses
|
403.9
|
21.8
|
376.4
|
22.7
|
7.3
|
Operating Segment Income
|
6,969.8
|
37.4
|
7,217.1
|
38.5
|
(3.4)
|
Corporate Expenses
|
(242.4)
|
(1.3)
|
(333.7)
|
(1.8)
|
27.4
|
Depreciation and Amortization
|
(5,311.7)
|
(28.7)
|
(5,077.4)
|
(27.3)
|
(4.6)
|
Other expense, net
|
(182.2)
|
(1.0)
|
(168.3)
|
(0.9)
|
(8.3)
|
Intersegment Operations(1)
|
(29.8)
|
(0.2)
|
(0.3)
|
(0.0)
|
n/a
|
Operating Income
|
1,203.7
|
6.5
|
1,637.4
|
8.8
|
(26.5)
|
(1) |
For segment reporting purposes, intersegment operations are included in each of the segment operations.
|
(2) |
Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other expense, net.
|
Ticker:
|
TLEVISA
|
Period covered by financial statements:
|
2023-01-01 TO 2023-03-31
|
Date of end of reporting period:
|
2023-03-31
|
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:
|
1
|
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
2023-03-31
|
Close Previous Exercise
2022-12-31
|
Statement of financial position
|
||
Assets
|
||
Current assets
|
||
Cash and cash equivalents
|
43,549,512,000
|
51,130,992,000
|
Trade and other current receivables
|
20,285,392,000
|
19,488,319,000
|
Current tax assets, current
|
6,465,263,000
|
6,691,366,000
|
Other current financial assets
|
0
|
11,237,000
|
Current inventories
|
1,475,058,000
|
1,448,278,000
|
Current biological assets
|
0
|
0
|
Other current non-financial assets
|
[1] 2,564,429,000
|
2,806,631,000
|
Total current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
74,339,654,000
|
81,576,823,000
|
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
0
|
0
|
Total current assets
|
74,339,654,000
|
81,576,823,000
|
Non-current assets
|
||
Trade and other non-current receivables
|
7,068,288,000
|
6,803,414,000
|
Current tax assets, non-current
|
0
|
0
|
Non-current inventories
|
0
|
0
|
Non-current biological assets
|
0
|
0
|
Other non-current financial assets
|
3,567,605,000
|
3,921,829,000
|
Investments accounted for using equity method
|
0
|
0
|
Investments in subsidiaries, joint ventures and associates
|
49,073,798,000
|
50,450,949,000
|
Property, plant and equipment
|
81,596,663,000
|
82,236,399,000
|
Investment property
|
2,852,601,000
|
2,873,165,000
|
Right-of-use assets that do not meet definition of investment property
|
6,581,288,000
|
6,670,298,000
|
Goodwill
|
13,904,998,000
|
13,904,998,000
|
Intangible assets other than goodwill
|
26,841,107,000
|
27,218,589,000
|
Deferred tax assets
|
19,233,806,000
|
18,769,968,000
|
Other non-current non-financial assets
|
[2] 4,712,225,000
|
4,681,099,000
|
Total non-current assets
|
215,432,379,000
|
217,530,708,000
|
Total assets
|
289,772,033,000
|
299,107,531,000
|
Equity and liabilities
|
||
Liabilities
|
||
Current liabilities
|
||
Trade and other current payables
|
25,555,123,000
|
23,855,919,000
|
Current tax liabilities, current
|
850,260,000
|
4,457,904,000
|
Other current financial liabilities
|
1,757,943,000
|
2,832,470,000
|
Current lease liabilities
|
1,358,496,000
|
1,373,233,000
|
Other current non-financial liabilities
|
0
|
0
|
Current provisions
|
||
Current provisions for employee benefits
|
0
|
0
|
Other current provisions
|
1,713,669,000
|
1,851,392,000
|
Total current provisions
|
1,713,669,000
|
1,851,392,000
|
Total current liabilities other than liabilities included in disposal groups classified as held for sale
|
31,235,491,000
|
34,370,918,000
|
Liabilities included in disposal groups classified as held for sale
|
0
|
0
|
Total current liabilities
|
31,235,491,000
|
34,370,918,000
|
Non-current liabilities
|
||
Trade and other non-current payables
|
5,502,956,000
|
5,658,822,000
|
Current tax liabilities, non-current
|
0
|
0
|
Concept
|
Close Current Quarter
2023-03-31
|
Close Previous Exercise
2022-12-31
|
Other non-current financial liabilities
|
98,911,463,000
|
104,240,650,000
|
Non-current lease liabilities
|
6,693,697,000
|
6,995,839,000
|
Other non-current non-financial liabilities
|
0
|
0
|
Non-current provisions
|
||
Non-current provisions for employee benefits
|
795,071,000
|
771,468,000
|
Other non-current provisions
|
1,723,028,000
|
1,690,454,000
|
Total non-current provisions
|
2,518,099,000
|
2,461,922,000
|
Deferred tax liabilities
|
1,145,451,000
|
1,249,475,000
|
Total non-current liabilities
|
114,771,666,000
|
120,606,708,000
|
Total liabilities
|
146,007,157,000
|
154,977,626,000
|
Equity
|
||
Issued capital
|
4,836,708,000
|
4,836,708,000
|
Share premium
|
15,889,819,000
|
15,889,819,000
|
Treasury shares
|
13,472,270,000
|
12,648,558,000
|
Retained earnings
|
130,496,080,000
|
131,053,859,000
|
Other reserves
|
(9,866,898,000)
|
(10,823,878,000)
|
Total equity attributable to owners of parent
|
127,883,439,000
|
128,307,950,000
|
Non-controlling interests
|
15,881,437,000
|
15,821,955,000
|
Total equity
|
143,764,876,000
|
144,129,905,000
|
Total equity and liabilities
|
289,772,033,000
|
299,107,531,000
|
Concept
|
Accumulated Current Year
2023-01-01 - 2023-03-31
|
Accumulated Previous Year
2022-01-01 - 2022-03-31
|
Profit or loss
|
||
Profit (loss)
|
||
Revenue
|
18,519,633,000
|
18,609,213,000
|
Cost of sales
|
12,081,971,000
|
11,826,864,000
|
Gross profit
|
6,437,662,000
|
6,782,349,000
|
Distribution costs
|
2,238,488,000
|
2,133,223,000
|
Administrative expenses
|
2,813,247,000
|
2,843,437,000
|
Other income
|
0
|
0
|
Other expense
|
182,180,000
|
168,328,000
|
Profit (loss) from operating activities
|
1,203,747,000
|
1,637,361,000
|
Finance income
|
883,420,000
|
338,920,000
|
Finance costs
|
3,081,995,000
|
5,228,589,000
|
Share of profit (loss) of associates and joint ventures accounted for using equity method
|
96,756,000
|
465,349,000
|
Profit (loss) before tax
|
(898,072,000)
|
(2,786,959,000)
|
Tax income (expense)
|
(187,965,000)
|
(878,126,000)
|
Profit (loss) from continuing operations
|
(710,107,000)
|
(1,908,833,000)
|
Profit (loss) from discontinued operations
|
0
|
54,765,403,000
|
Profit (loss)
|
(710,107,000)
|
52,856,570,000
|
Profit (loss), attributable to
|
||
Profit (loss), attributable to owners of parent
|
(788,860,000)
|
52,642,085,000
|
Profit (loss), attributable to non-controlling interests
|
78,753,000
|
214,485,000
|
Earnings per share
|
||
Earnings per share
|
||
Earnings per share
|
||
Basic earnings per share
|
||
Basic earnings (loss) per share from continuing operations
|
(0.28)
|
(0.72)
|
Basic earnings (loss) per share from discontinued operations
|
0
|
19.4
|
Total basic earnings (loss) per share
|
[3] (0.28)
|
18.68
|
Diluted earnings per share
|
||
Diluted earnings (loss) per share from continuing operations
|
(0.28)
|
(0.72)
|
Diluted earnings (loss) per share from discontinued operations
|
0
|
19.4
|
Total diluted earnings (loss) per share
|
[4] (0.28)
|
18.68
|
Concept
|
Accumulated Current Year
2023-01-01 - 2023-03-31
|
Accumulated Previous Year
2022-01-01 - 2022-03-31
|
Statement of comprehensive income
|
||
Profit (loss)
|
(710,107,000)
|
52,856,570,000
|
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
|
(207,050,000)
|
(404,379,000)
|
Other comprehensive income, net of tax, gains (losses) on revaluation
|
0
|
0
|
Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans
|
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
|
Other comprehensive income, net of tax, gains (losses) on hedging instruments that hedge investments in equity instruments
|
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
|
Total other comprehensive income that will not be reclassified to profit or loss, net of tax
|
(207,050,000)
|
(404,379,000)
|
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
|
(1,297,944,000)
|
(762,033,000)
|
Reclassification adjustments on exchange differences on translation, net of tax
|
0
|
0
|
Other comprehensive income, net of tax, exchange differences on translation
|
(1,297,944,000)
|
(762,033,000)
|
Available-for-sale financial assets
|
||
Gains (losses) on remeasuring available-for-sale financial assets, net of tax
|
0
|
0
|
Reclassification adjustments on available-for-sale financial assets, net of tax
|
0
|
0
|
Other comprehensive income, net of tax, available-for-sale financial assets
|
0
|
0
|
Cash flow hedges
|
||
Gains (losses) on cash flow hedges, net of tax
|
(1,705,000)
|
212,607,000
|
Reclassification adjustments on cash flow hedges, net of tax
|
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
|
Other comprehensive income, net of tax, cash flow hedges
|
(1,705,000)
|
212,607,000
|
Hedges of net investment in foreign operations
|
||
Gains (losses) on hedges of net investments in foreign operations, net of tax
|
0
|
0
|
Reclassification adjustments on hedges of net investments in foreign operations, net of tax
|
0
|
0
|
Other comprehensive income, net of tax, hedges of net investments in foreign operations
|
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
|
Reclassification adjustments on change in value of time value of options, net of tax
|
0
|
0
|
Other comprehensive income, net of tax, change in value of time value of options
|
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
|
Reclassification adjustments on change in value of forward elements of forward contracts, net of tax
|
0
|
0
|
Other comprehensive income, net of tax, change in value of forward elements of forward contracts
|
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
|
Reclassification adjustments on change in value of foreign currency basis spreads, net of tax
|
0
|
0
|
Other comprehensive income, net of tax, change in value of foreign currency basis spreads
|
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
|
0
|
Concept
|
Accumulated Current Year
2023-01-01 - 2023-03-31
|
Accumulated Previous Year
2022-01-01 - 2022-03-31
|
Reclassification adjustments on financial assets measured at fair value through other comprehensive income, net of tax
|
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
|
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income
|
0
|
0
|
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
|
2,444,408,000
|
169,944,000
|
Total other comprehensive income that will be reclassified to profit or loss, net of tax
|
1,144,759,000
|
(379,482,000)
|
Total other comprehensive income
|
937,709,000
|
(783,861,000)
|
Total comprehensive income
|
227,602,000
|
52,072,709,000
|
Comprehensive income attributable to
|
||
Comprehensive income, attributable to owners of parent
|
168,120,000
|
51,857,106,000
|
Comprehensive income, attributable to non-controlling interests
|
59,482,000
|
215,603,000
|
Concept
|
Accumulated Current Year
2023-01-01 - 2023-03-31
|
Accumulated Previous Year
2022-01-01 - 2022-03-31
|
Statement of cash flows
|
||
Cash flows from (used in) operating activities
|
||
Profit (loss)
|
(710,107,000)
|
52,856,570,000
|
Adjustments to reconcile profit (loss)
|
||
+ Discontinued operations
|
0
|
(54,664,682,000)
|
+ Adjustments for income tax expense
|
(187,965,000)
|
(834,960,000)
|
+ (-) Adjustments for finance costs
|
0
|
0
|
+ Adjustments for depreciation and amortisation expense
|
5,311,659,000
|
5,278,604,000
|
+ Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss
|
0
|
0
|
+ Adjustments for provisions
|
307,622,000
|
347,514,000
|
+ (-) Adjustments for unrealised foreign exchange losses (gains)
|
(2,258,397,000)
|
279,069,000
|
+ Adjustments for share-based payments
|
231,081,000
|
1,267,255,000
|
+ (-) Adjustments for fair value losses (gains)
|
306,597,000
|
115,303,000
|
- Adjustments for undistributed profits of associates
|
0
|
0
|
+ (-) Adjustments for losses (gains) on disposal of non-current assets
|
54,078,000
|
(8,892,000)
|
+ Share of income of associates and joint ventures
|
(96,756,000)
|
(465,349,000)
|
+ (-) Adjustments for decrease (increase) in inventories
|
(38,329,000)
|
(1,000,428,000)
|
+ (-) Adjustments for decrease (increase) in trade accounts receivable
|
101,640,000
|
(3,657,613,000)
|
+ (-) Adjustments for decrease (increase) in other operating receivables
|
(934,137,000)
|
(2,833,081,000)
|
+ (-) Adjustments for increase (decrease) in trade accounts payable
|
1,470,923,000
|
1,218,370,000
|
+ (-) Adjustments for increase (decrease) in other operating payables
|
(498,540,000)
|
7,461,999,000
|
+ Other adjustments for non-cash items
|
0
|
0
|
+ Other adjustments for which cash effects are investing or financing cash flow
|
0
|
0
|
+ Straight-line rent adjustment
|
0
|
0
|
+ Amortization of lease fees
|
0
|
0
|
+ Setting property values
|
0
|
0
|
+ (-) Other adjustments to reconcile profit (loss)
|
111,052,000
|
75,812,000
|
+ (-) Total adjustments to reconcile profit (loss)
|
3,880,528,000
|
(47,421,079,000)
|
Net cash flows from (used in) operations
|
3,170,421,000
|
5,435,491,000
|
- Dividends paid
|
0
|
0
|
+ Dividends received
|
0
|
0
|
- Interest paid
|
(2,111,199,000)
|
(2,808,741,000)
|
+ Interest received
|
(204,597,000)
|
(109,581,000)
|
+ (-) Income taxes refund (paid)
|
4,815,806,000
|
19,097,912,000
|
+ (-) Other inflows (outflows) of cash
|
0
|
0
|
Net cash flows from (used in) operating activities
|
261,217,000
|
(10,963,261,000)
|
Cash flows from (used in) investing activities
|
||
+ Cash flows from losing control of subsidiaries or other businesses
|
0
|
0
|
- Cash flows used in obtaining control of subsidiaries or other businesses
|
0
|
0
|
+ Other cash receipts from sales of equity or debt instruments of other entities
|
0
|
65,440,452,000
|
- 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
|
7,199,000
|
139,331,000
|
- Purchase of property, plant and equipment
|
3,929,765,000
|
4,689,334,000
|
+ Proceeds from sales of intangible assets
|
0
|
0
|
- Purchase of intangible assets
|
203,800,000
|
511,200,000
|
+ Proceeds from sales of other long-term assets
|
0
|
0
|
- Purchase of other long-term assets
|
0
|
0
|
Concept
|
Accumulated Current Year
2023-01-01 - 2023-03-31
|
Accumulated Previous Year
2022-01-01 - 2022-03-31
|
+ 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
|
0
|
0
|
- Interest paid
|
0
|
0
|
+ Interest received
|
0
|
0
|
+ (-) Income taxes refund (paid)
|
0
|
0
|
+ (-) Other inflows (outflows) of cash
|
195,369,000
|
23,892,000
|
Net cash flows from (used in) investing activities
|
(3,930,997,000)
|
60,403,141,000
|
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
|
0
|
0
|
+ Proceeds from issuing shares
|
0
|
0
|
+ Proceeds from issuing other equity instruments
|
0
|
0
|
- Payments to acquire or redeem entity's shares
|
823,712,000
|
596,242,000
|
- Payments of other equity instruments
|
0
|
0
|
+ Proceeds from borrowings
|
387,564,000
|
(10,177,580,000)
|
- Repayments of borrowings
|
1,000,000,000
|
60,622,000
|
- Payments of finance lease liabilities
|
174,000,000
|
169,570,000
|
- Payments of lease liabilities
|
255,639,000
|
222,622,000
|
+ Proceeds from government grants
|
0
|
0
|
- Dividends paid
|
0
|
0
|
- Interest paid
|
1,873,000,000
|
2,706,163,000
|
+ (-) Income taxes refund (paid)
|
0
|
0
|
+ (-) Other inflows (outflows) of cash
|
(68,470,000)
|
(219,031,000)
|
Net cash flows from (used in) financing activities
|
(3,807,257,000)
|
(14,151,830,000)
|
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes
|
(7,477,037,000)
|
35,288,050,000
|
Effect of exchange rate changes on cash and cash equivalents
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(104,443,000)
|
(44,274,000)
|
Net increase (decrease) in cash and cash equivalents
|
(7,581,480,000)
|
35,243,776,000
|
Cash and cash equivalents at beginning of period
|
51,130,992,000
|
25,828,215,000
|
Cash and cash equivalents at end of period
|
43,549,512,000
|
61,071,991,000
|
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
|
4,836,708,000
|
15,889,819,000
|
12,648,558,000
|
131,053,859,000
|
0
|
937,408,000
|
285,532,000
|
0
|
0
|
Changes in equity
|
|||||||||
Comprehensive income
|
|||||||||
Profit (loss)
|
0
|
0
|
0
|
(788,860,000)
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
0
|
0
|
0
|
(1,278,673,000)
|
(1,705,000)
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
0
|
(788,860,000)
|
0
|
(1,278,673,000)
|
(1,705,000)
|
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
|
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
|
823,712,000
|
231,081,000
|
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
|
823,712,000
|
(557,779,000)
|
0
|
(1,278,673,000)
|
(1,705,000)
|
0
|
0
|
Equity at end of period
|
4,836,708,000
|
15,889,819,000
|
13,472,270,000
|
130,496,080,000
|
0
|
(341,265,000)
|
283,827,000
|
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
|
(15,767,224,000)
|
0
|
0
|
(634,406,000)
|
0
|
0
|
0
|
Changes in equity
|
|||||||||
Comprehensive income
|
|||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
(207,050,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
(207,050,000)
|
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
|
(207,050,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Equity at end of period
|
0
|
0
|
(15,974,274,000)
|
0
|
0
|
(634,406,000)
|
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
|
4,354,812,000
|
(10,823,878,000)
|
128,307,950,000
|
15,821,955,000
|
144,129,905,000
|
Changes in equity
|
||||||||
Comprehensive income
|
||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
(788,860,000)
|
78,753,000
|
(710,107,000)
|
Other comprehensive income
|
0
|
0
|
0
|
2,444,408,000
|
956,980,000
|
956,980,000
|
(19,271,000)
|
937,709,000
|
Total comprehensive income
|
0
|
0
|
0
|
2,444,408,000
|
956,980,000
|
168,120,000
|
59,482,000
|
227,602,000
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
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
|
0
|
0
|
0
|
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
|
0
|
0
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
(592,631,000)
|
0
|
(592,631,000)
|
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
|
2,444,408,000
|
956,980,000
|
(424,511,000)
|
59,482,000
|
(365,029,000)
|
Equity at end of period
|
0
|
0
|
0
|
6,799,220,000
|
(9,866,898,000)
|
127,883,439,000
|
15,881,437,000
|
143,764,876,000
|
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
|
4,836,708,000
|
15,889,819,000
|
14,205,061,000
|
88,218,188,000
|
0
|
2,040,114,000
|
8,467,000
|
0
|
0
|
Changes in equity
|
|||||||||
Comprehensive income
|
|||||||||
Profit (loss)
|
0
|
0
|
0
|
52,642,085,000
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
0
|
0
|
0
|
(763,151,000)
|
212,607,000
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
0
|
52,642,085,000
|
0
|
(763,151,000)
|
212,607,000
|
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
|
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
|
(1,428,449,000)
|
(757,436,000)
|
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
|
(1,428,449,000)
|
51,884,649,000
|
0
|
(763,151,000)
|
212,607,000
|
0
|
0
|
Equity at end of period
|
4,836,708,000
|
15,889,819,000
|
12,776,612,000
|
140,102,837,000
|
0
|
1,276,963,000
|
221,074,000
|
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
|
(15,040,193,000)
|
0
|
0
|
(739,646,000)
|
0
|
0
|
0
|
Changes in equity
|
|||||||||
Comprehensive income
|
|||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
(404,379,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
(404,379,000)
|
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
|
(404,379,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Equity at end of period
|
0
|
0
|
(15,444,572,000)
|
0
|
0
|
(739,646,000)
|
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
|
109,266,000
|
(13,621,992,000)
|
81,117,662,000
|
15,406,402,000
|
96,524,064,000
|
Changes in equity
|
||||||||
Comprehensive income
|
||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
52,642,085,000
|
214,485,000
|
52,856,570,000
|
Other comprehensive income
|
0
|
0
|
0
|
169,944,000
|
(784,979,000)
|
(784,979,000)
|
1,118,000
|
(783,861,000)
|
Total comprehensive income
|
0
|
0
|
0
|
169,944,000
|
(784,979,000)
|
51,857,106,000
|
215,603,000
|
52,072,709,000
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
0
|
108,700,000
|
108,700,000
|
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
|
0
|
0
|
0
|
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
|
(141,134,000)
|
(141,134,000)
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
671,013,000
|
0
|
671,013,000
|
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
|
169,944,000
|
(784,979,000)
|
52,528,119,000
|
(34,231,000)
|
52,493,888,000
|
Equity at end of period
|
0
|
0
|
0
|
279,210,000
|
(14,406,971,000)
|
133,645,781,000
|
15,372,171,000
|
149,017,952,000
|
Concept
|
Close Current Quarter
2023-03-31
|
Close Previous Exercise
2022-12-31
|
Informative data of the Statement of Financial Position
|
||
Capital stock (nominal)
|
2,423,549,000
|
2,423,549,000
|
Restatement of capital stock
|
2,413,159,000
|
2,413,159,000
|
Plan assets for pensions and seniority premiums
|
499,174,000
|
500,905,000
|
Number of executives
|
35
|
35
|
Number of employees
|
36,772
|
37,339
|
Number of workers
|
0
|
0
|
Outstanding shares
|
325,865,646,093
|
330,739,720,779
|
Repurchased shares
|
26,268,389,745
|
21,394,315,059
|
Restricted cash
|
0
|
0
|
Guaranteed debt of associated companies
|
0
|
0
|
Concept
|
Accumulated Current Year
2023-01-01 - 2023-03-31
|
Accumulated Previous Year
2022-01-01 - 2022-03-31
|
Informative data of the Income Statement
|
||
Operating depreciation and amortization
|
5,311,659,000
|
5,077,384,000
|
Concept
|
Current Year
2022-04-01 - 2023-03-31
|
Previous Year
2021-04-01 - 2022-03-31
|
Informative data - Income Statement for 12 months
|
||
Revenue
|
75,437,029,000
|
74,802,906,000
|
Profit (loss) from operating activities
|
3,984,976,000
|
10,340,790,000
|
Profit (loss)
|
(8,282,853,000)
|
60,537,110,000
|
Profit (loss), attributable to owners of parent
|
(8,718,765,000)
|
59,282,291,000
|
Operating depreciation and amortization
|
21,351,707,000
|
19,692,735,000
|
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
|
||||||||||||||||
SYNDICATED LOAN 1
|
NO
|
2019-06-05
|
2024-06-28
|
TIIE+1.05
|
9,972,415,000
|
|||||||||||
SCOTIABANK INVERLAT 3
|
NO
|
2022-12-03
|
2026-12-03
|
8.13 y TIIE+.90
|
2,650,000,000
|
|||||||||||
BBVA BANCOMER 3
|
NO
|
2023-03-07
|
2028-02-15
|
TIIE+.85
|
400,000,000
|
|||||||||||
TOTAL
|
0
|
0
|
9,972,415,000
|
0
|
2,650,000,000
|
400,000,000
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Other banks
|
||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Total banks
|
||||||||||||||||
TOTAL
|
0
|
0
|
9,972,415,000
|
0
|
2,650,000,000
|
400,000,000
|
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
|
4,489,729,000
|
|||||||||||
SENIOR NOTES 2
|
YES
|
2013-05-14
|
2043-05-14
|
7.62
|
6,433,837,000
|
|||||||||||
NOTES 3
|
NO
|
2017-10-09
|
2027-09-27
|
8.79
|
4,489,187,000
|
|||||||||||
SENIOR NOTES 4
|
YES
|
2005-03-18
|
2025-03-18
|
6.97
|
4,761,902,000
|
|||||||||||
SENIOR NOTES 5
|
YES
|
2002-03-11
|
2032-03-11
|
8.94
|
5,392,354,000
|
|||||||||||
SENIOR NOTES 6
|
YES
|
2009-11-23
|
2040-01-16
|
6.97
|
10,710,346,000
|
|||||||||||
SENIOR NOTES 7
|
YES
|
2014-05-13
|
2045-05-15
|
5.26
|
15,712,638,000
|
|||||||||||
SENIOR NOTES 8
|
YES
|
2015-11-24
|
2026-01-30
|
4.86
|
5,395,003,000
|
|||||||||||
SENIOR NOTES 9
|
YES
|
2015-11-24
|
2046-01-31
|
6.44
|
16,116,237,000
|
|||||||||||
SENIOR NOTES 10
|
YES
|
2019-05-21
|
2049-05-24
|
5.52
|
12,387,815,000
|
|||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
15,412,753,000
|
0
|
0
|
4,761,902,000
|
5,395,003,000
|
0
|
60,319,390,000
|
||||
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
|
15,412,753,000
|
0
|
0
|
4,761,902,000
|
5,395,003,000
|
0
|
[5] 60,319,390,000
|
||||
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
|
||||
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
|
2023-03-31
|
2024-03-31
|
14,103,308,000
|
372,857,000
|
24,002,000
|
3,451,473,000
|
|||||||||
TOTAL
|
0
|
14,103,308,000
|
372,857,000
|
0
|
0
|
24,002,000
|
0
|
3,451,473,000
|
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 suppliers
|
||||||||||||||||
TOTAL
|
0
|
14,103,308,000
|
372,857,000
|
0
|
0
|
24,002,000
|
0
|
3,451,473,000
|
0
|
0
|
0
|
0
|
||||
Other current and non-current liabilities
|
||||||||||||||||
Other current and non-current liabilities
|
||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS 1
|
305,019,000
|
|||||||||||||||
TOTAL
|
305,019,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Total other current and non-current liabilities
|
||||||||||||||||
TOTAL
|
305,019,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Total credits
|
||||||||||||||||
TOTAL
|
305,019,000
|
14,103,308,000
|
10,345,272,000
|
0
|
2,650,000,000
|
15,836,755,000
|
0
|
3,451,473,000
|
4,761,902,000
|
5,395,003,000
|
0
|
60,319,390,000
|
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
|
2,076,531,000
|
37,434,663,000
|
37,026,000
|
667,486,000
|
38,102,149,000
|
Non-current monetary assets
|
0
|
0
|
0
|
0
|
0
|
Total monetary assets
|
2,076,531,000
|
37,434,663,000
|
37,026,000
|
667,486,000
|
38,102,149,000
|
Liabilities position
|
|||||
Current liabilities
|
391,999,000
|
7,066,762,000
|
263,000
|
4,741,000
|
7,071,503,000
|
Non-current liabilities
|
4,075,333,000
|
73,468,066,000
|
0
|
0
|
73,468,066,000
|
Total liabilities
|
4,467,332,000
|
80,534,828,000
|
263,000
|
4,741,000
|
80,539,569,000
|
Net monetary assets (liabilities)
|
(2,390,801,000)
|
(43,100,165,000)
|
36,763,000
|
662,745,000
|
[6] (42,437,420,000)
|
Income type
|
||||
National income
|
Export income
|
Income of subsidiaries abroad
|
Total income
|
|
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
|
4,200,588,000
|
0
|
194,159,000
|
4,394,747,000
|
SKY - PAY PER VIEW
|
8,258,000
|
0
|
1,985,000
|
10,243,000
|
SKY - ADVERTISING
|
252,592,000
|
0
|
0
|
252,592,000
|
CABLE (INCLUDES LEASING OF SET-TOP EQUIPMENT):
|
||||
CABLE (INCLUDES LEASING OF SET-TOP EQUIPMENT):
|
0
|
0
|
0
|
0
|
IZZI, IZZI GO
|
||||
CABLE - DIGITAL TV SERVICE
|
4,276,134,000
|
0
|
0
|
4,276,134,000
|
CABLE - BROADBAND SERVICES
|
4,891,301,000
|
0
|
0
|
4,891,301,000
|
CABLE - SERVICE INSTALLATION
|
163,315,000
|
0
|
0
|
163,315,000
|
CABLE - ADVERTISING
|
480,467,000
|
0
|
0
|
480,467,000
|
CABLE - TELEPHONY
|
1,227,917,000
|
0
|
0
|
1,227,917,000
|
CABLE - OTHER INCOME
|
61,539,000
|
0
|
0
|
61,539,000
|
BESTEL, METRORED
|
||||
CABLE - ENTERPRISE OPERATIONS
|
950,098,000
|
0
|
72,004,000
|
1,022,102,000
|
OTHER BUSINESSES:
|
||||
OTHER BUSINESSES:
|
0
|
0
|
0
|
0
|
TV Y NOVELAS, VANIDADES,MUY INTERESANTE, COSMOPOLITAN,,CARAS, HARPER´S BAZAR, NATIONAL GEOGRAPHIC, ESQUIRE, MUY INTERESANTE JR.
|
||||
PUBLISHING - MAGAZINE CIRCULATION
|
53,201,000
|
0
|
53,201,000
|
|
PUBLISHING - ADVERTISING
|
15,646,000
|
0
|
0
|
15,646,000
|
PUBLISHING - OTHER INCOME
|
1,720,000
|
0
|
0
|
1,720,000
|
CLUB DE FÚTBOL AMÉRICA, ESTADIO AZTECA
|
||||
SPECIAL EVENTS AND SHOW PROMOTION
|
545,793,000
|
33,432,000
|
0
|
579,225,000
|
PLAY CITY
|
||||
GAMING
|
714,845,000
|
0
|
0
|
714,845,000
|
GRUPO TELEVISA
|
||||
TRANSMISSION CONCESSIONS RIGHTS AND FACILITIES OF PRODUCTION
|
419,192,000
|
419,192,000
|
||
AUDIOCUENTOS DISNEY, IRON MAN, MAZINGER Z, STREET FIGHTER FIGURAS, BIBLIOTECA DE CRIMEN Y MISTERIO, BATMAN, AGATHA CHRISTIE
|
||||
PUBLISHING DISTRIBUTION
|
66,479,000
|
0
|
0
|
66,479,000
|
INTERSEGMENT ELIMINATIONS
|
||||
INTERSEGMENT ELIMINATIONS
|
(111,032,000)
|
0
|
0
|
(111,032,000)
|
TOTAL
|
18,218,053,000
|
33,432,000
|
268,148,000
|
18,519,633,000
|
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.
$56,693,916.00 (Fifty Six Million Six Hundred Ninety Three Thousand Nine Hundred Sixteen U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $81,532,465.50 (Eighty One Million Five Hundred Thirty Two Thousand Four
Hundred Sixty Five Mexican pesos 50/100) was incurred in the quarter.
|
2.
|
During the relevant quarter, interest rate swaps through which the Company hedged against a possible change on the Interest Rates with a notional amount
of MXN $2,500,000,000.00 (Two Billion Five Hundred Million Mexican pesos 00/100), expired. As a result of this hedge, a gain of MXN $11,238,750.00 (Eleven Million Two Hundred Thirty Eight Thousand Seven Hundred Fifty Mexican pesos
00/100)
|
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. $19,324,437.00 (Nineteen Million Three Hundred Twenty Four Thousand Four Hundred Thirty Seven U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $28,369,883.89 (Twenty Eight Million Three
Hundred Sixty Nine Thousand Eight Hundred Eighty Three Mexican pesos 89/100) was incurred in the quarter.
|
4.
|
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. $13,981,647.00 (Thirteen Million Nine Hundred Eighty One Thousand Six Hundred Forty Seven U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $19,435,654.47 (Nineteen Million Four Hundred
Thirty Five Thousand Six Hundred Fifty Four Mexican pesos 47/100) was incurred in the quarter.
|
5.
|
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. $29,000,000.00 (Twenty Nine Million U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $41,513,325.00 (Forty One Million Five Hundred Thirteen Thousand Three Hundred Twenty Five 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
|
-
|
-
|
TIIE 28 days / 7.7485%
|
-
|
11,237
|
Monthly interest
2023
|
Does not exist (7)
|
Interest Rate Swap (1)
|
Hedging
|
Ps.10,000,000
|
TIIE 28 days / 6.7620%
|
TIIE 28 days / 6.7620%
|
536,636
|
532,344
|
Monthly interest
2023-2024
|
Does not exist (7)
|
Forward (1)
|
Hedging
|
U.S.$94,490/ Ps.1,876,044
|
U.S.$94,490/ Ps.1,876,044
|
U.S.$113,388/ Ps.2,282,376
|
(146,073)
|
(34,801)
|
2023
|
Does not exist (7)
|
Forward (2)
|
Hedging
|
U.S.$23,303/ Ps.462,252
|
U.S.$23,303/ Ps.462,252
|
U.S.$27,963/ Ps.561,992
|
(35,542)
|
(7,650)
|
2023
|
Does not exist (7)
|
Forward (3)
|
Hedging
|
U.S.$32,207/ Ps.639,165
|
U.S.$32,207/ Ps.639,165
|
U.S.$38,649/ Ps.778,253
|
(49,387)
|
(12,047)
|
2023
|
Does not exist (7)
|
Forward (4)
|
Hedging
|
U.S.$49,000/ Ps.971,208
|
U.S.$49,000/ Ps.971,208
|
U.S.$58,000/ Ps.1,166,786
|
(74,017)
|
(16,903)
|
2023
|
Does not exist (7)
|
Total
|
231,617
|
472,180
|
(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 March 31, 2023, is as follows:
|
Other non-current financial assets
|
Ps.
|
536,636
|
|||
Other financial liabilities
|
(305,019
|
) |
|||
Ps.
|
231,617
|
(6)
|
Information as of December 31, 2022.
|
(7)
|
Applies only to implicit financing in the ISDA ancillary agreements identified as “Credit Support”.
|
Concept
|
Close Current Quarter
2023-03-31
|
Close Previous Exercise
2022-12-31
|
Subclassifications of assets, liabilities and equities
|
||
Cash and cash equivalents
|
||
Cash
|
||
Cash on hand
|
49,271,000
|
53,697,000
|
Balances with banks
|
1,510,710,000
|
1,988,185,000
|
Total cash
|
1,559,981,000
|
2,041,882,000
|
Cash equivalents
|
||
Short-term deposits, classified as cash equivalents
|
41,989,531,000
|
49,089,110,000
|
Short-term investments, classified as cash equivalents
|
0
|
0
|
Other banking arrangements, classified as cash equivalents
|
0
|
0
|
Total cash equivalents
|
41,989,531,000
|
49,089,110,000
|
Other cash and cash equivalents
|
0
|
0
|
Total cash and cash equivalents
|
43,549,512,000
|
51,130,992,000
|
Trade and other current receivables
|
||
Current trade receivables
|
9,336,916,000
|
8,457,302,000
|
Current receivables due from related parties
|
869,053,000
|
311,224,000
|
Current prepayments
|
||
Current advances to suppliers
|
0
|
0
|
Current prepaid expenses
|
1,725,894,000
|
1,431,137,000
|
Total current prepayments
|
1,725,894,000
|
1,431,137,000
|
Current receivables from taxes other than income tax
|
6,980,902,000
|
6,594,730,000
|
Current value added tax receivables
|
6,885,366,000
|
6,531,893,000
|
Current receivables from sale of properties
|
0
|
0
|
Current receivables from rental of properties
|
0
|
0
|
Other current receivables
|
1,372,627,000
|
2,693,926,000
|
Total trade and other current receivables
|
20,285,392,000
|
19,488,319,000
|
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
|
1,475,058,000
|
1,448,278,000
|
Total current inventories
|
1,475,058,000
|
1,448,278,000
|
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
|
0
|
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
|
0
|
Trade and other non-current receivables
|
||
Non-current trade receivables
|
533,495,000
|
438,376,000
|
Non-current receivables due from related parties
|
6,534,793,000
|
6,365,038,000
|
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
2023-03-31
|
Close Previous Exercise
2022-12-31
|
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
|
7,068,288,000
|
6,803,414,000
|
Investments in subsidiaries, joint ventures and associates
|
||
Investments in subsidiaries
|
0
|
0
|
Investments in joint ventures
|
972,555,000
|
952,736,000
|
Investments in associates
|
48,101,243,000
|
49,498,213,000
|
Total investments in subsidiaries, joint ventures and associates
|
49,073,798,000
|
50,450,949,000
|
Property, plant and equipment
|
||
Land and buildings
|
||
Land
|
4,063,809,000
|
4,064,386,000
|
Buildings
|
2,840,276,000
|
2,888,775,000
|
Total land and buildings
|
6,904,085,000
|
6,953,161,000
|
Machinery
|
58,507,013,000
|
60,014,208,000
|
Vehicles
|
||
Ships
|
0
|
0
|
Aircraft
|
497,408,000
|
500,338,000
|
Motor vehicles
|
514,972,000
|
557,127,000
|
Total vehicles
|
1,012,380,000
|
1,057,465,000
|
Fixtures and fittings
|
397,238,000
|
414,411,000
|
Office equipment
|
1,583,398,000
|
1,564,859,000
|
Tangible exploration and evaluation assets
|
0
|
0
|
Mining assets
|
0
|
0
|
Oil and gas assets
|
0
|
0
|
Construction in progress
|
12,497,088,000
|
11,570,777,000
|
Construction prepayments
|
0
|
0
|
Other property, plant and equipment
|
695,461,000
|
661,518,000
|
Total property, plant and equipment
|
81,596,663,000
|
82,236,399,000
|
Investment property
|
||
Investment property completed
|
2,852,601,000
|
2,873,165,000
|
Investment property under construction or development
|
0
|
0
|
Investment property prepayments
|
0
|
0
|
Total investment property
|
2,852,601,000
|
2,873,165,000
|
Intangible assets and goodwill
|
||
Intangible assets other than goodwill
|
||
Brand names
|
126,322,000
|
144,354,000
|
Intangible exploration and evaluation assets
|
0
|
0
|
Mastheads and publishing titles
|
0
|
0
|
Computer software
|
3,929,202,000
|
4,159,246,000
|
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
|
22,785,583,000
|
22,914,989,000
|
Total intangible assets other than goodwill
|
26,841,107,000
|
27,218,589,000
|
Goodwill
|
13,904,998,000
|
13,904,998,000
|
Total intangible assets and goodwill
|
40,746,105,000
|
41,123,587,000
|
Trade and other current payables
|
||
Current trade payables
|
17,554,781,000
|
16,083,858,000
|
Current payables to related parties
|
119,501,000
|
88,324,000
|
Concept
|
Close Current Quarter
2023-03-31
|
Close Previous Exercise
2022-12-31
|
Accruals and deferred income classified as current
|
||
Deferred income classified as current
|
2,299,035,000
|
2,128,764,000
|
Rent deferred income classified as current
|
0
|
0
|
Accruals classified as current
|
2,811,491,000
|
2,893,763,000
|
Short-term employee benefits accruals
|
1,290,062,000
|
1,384,808,000
|
Total accruals and deferred income classified as current
|
5,110,526,000
|
5,022,527,000
|
Current payables on social security and taxes other than income tax
|
2,496,644,000
|
2,388,130,000
|
Current value added tax payables
|
2,018,351,000
|
1,846,542,000
|
Current retention payables
|
273,671,000
|
273,080,000
|
Other current payables
|
0
|
0
|
Total trade and other current payables
|
25,555,123,000
|
23,855,919,000
|
Other current financial liabilities
|
||
Bank loans current
|
0
|
1,000,000,000
|
Stock market loans current
|
0
|
0
|
Other current liabilities at no cost
|
0
|
0
|
Other current liabilities no cost
|
305,019,000
|
71,401,000
|
Other current financial liabilities
|
1,452,924,000
|
1,761,069,000
|
Total Other current financial liabilities
|
1,757,943,000
|
2,832,470,000
|
Trade and other non-current payables
|
||
Non-current trade payables
|
396,859,000
|
480,808,000
|
Non-current payables to related parties
|
0
|
0
|
Accruals and deferred income classified as non-current
|
||
Deferred income classified as non-current
|
5,106,097,000
|
5,178,014,000
|
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
|
5,106,097,000
|
5,178,014,000
|
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
|
5,502,956,000
|
5,658,822,000
|
Other non-current financial liabilities
|
||
Bank loans non-current
|
13,022,415,000
|
12,617,243,000
|
Stock market loans non-current
|
85,889,048,000
|
91,623,407,000
|
Other non-current liabilities at no cost
|
0
|
0
|
Other non-current liabilities no cost
|
0
|
0
|
Other non-current financial liabilities
|
0
|
0
|
Total Other non-current financial liabilities
|
98,911,463,000
|
104,240,650,000
|
Other provisions
|
||
Other non-current provisions
|
1,723,028,000
|
1,690,454,000
|
Other current provisions
|
1,713,669,000
|
1,851,392,000
|
Total other provisions
|
3,436,697,000
|
3,541,846,000
|
Other reserves
|
||
Revaluation surplus
|
0
|
0
|
Reserve of exchange differences on translation
|
(341,265,000)
|
937,408,000
|
Reserve of cash flow hedges
|
283,827,000
|
285,532,000
|
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
|
(15,974,274,000)
|
(15,767,224,000)
|
Reserve of gains and losses on remeasuring available-for-sale financial assets
|
0
|
0
|
Reserve of share-based payments
|
0
|
0
|
Concept
|
Close Current Quarter
2023-03-31
|
Close Previous Exercise
2022-12-31
|
Reserve of remeasurements of defined benefit plans
|
(634,406,000)
|
(634,406,000)
|
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
|
6,799,220,000
|
4,354,812,000
|
Total other reserves
|
(9,866,898,000)
|
(10,823,878,000)
|
Net assets (liabilities)
|
||
Assets
|
289,772,033,000
|
299,107,531,000
|
Liabilities
|
146,007,157,000
|
154,977,626,000
|
Net assets (liabilities)
|
143,764,876,000
|
144,129,905,000
|
Net current assets (liabilities)
|
||
Current assets
|
74,339,654,000
|
81,576,823,000
|
Current liabilities
|
31,235,491,000
|
34,370,918,000
|
Net current assets (liabilities)
|
43,104,163,000
|
47,205,905,000
|
Concept
|
Accumulated Current Year
2023-01-01 - 2023-03-31
|
Accumulated Previous Year
2022-01-01 - 2022-03-31
|
Analysis of income and expense
|
||
Revenue
|
||
Revenue from rendering of services
|
14,703,404,000
|
14,561,992,000
|
Revenue from sale of goods
|
154,214,000
|
182,608,000
|
Interest income
|
0
|
0
|
Royalty income
|
363,519,000
|
284,136,000
|
Dividend income
|
0
|
0
|
Rental income
|
3,298,496,000
|
3,580,477,000
|
Revenue from construction contracts
|
0
|
0
|
Other revenue
|
0
|
0
|
Total revenue
|
18,519,633,000
|
18,609,213,000
|
Finance income
|
||
Interest income
|
883,420,000
|
338,920,000
|
Net gain on foreign exchange
|
0
|
0
|
Gains on change in fair value of derivatives
|
0
|
0
|
Gain on change in fair value of financial instruments
|
0
|
0
|
Other finance income
|
0
|
0
|
Total finance income
|
883,420,000
|
338,920,000
|
Finance costs
|
||
Interest expense
|
2,111,199,000
|
2,805,853,000
|
Net loss on foreign exchange
|
664,199,000
|
2,307,433,000
|
Losses on change in fair value of derivatives
|
306,597,000
|
115,303,000
|
Loss on change in fair value of financial instruments
|
0
|
0
|
Other finance cost
|
0
|
0
|
Total finance costs
|
3,081,995,000
|
5,228,589,000
|
Tax income (expense)
|
||
Current tax
|
306,428,000
|
221,440,000
|
Deferred tax
|
(494,393,000)
|
(1,099,566,000)
|
Total tax income (expense)
|
(187,965,000)
|
(878,126,000)
|
(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 (13)
|
|
100
|
%
|
|
|
Content and Other Businesses (2)
|
Televisa, S. de R. L. de C.V. (Televisa, S.A. de C.V. through May 2021) (“Televisa”) (12)
|
|
100
|
%
|
|
|
Content (2)
|
Televisión Independiente de México, S.A. de C.V. (“TIM”) (12)
|
|
100
|
%
|
|
|
Content (2)
|
G.Televisa-D, S.A. de C.V. (12)
|
|
100
|
%
|
|
|
Content (2)
|
Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary (13)
|
|
100
|
%
|
|
|
Content (2)
|
Ulvik, S.A. de C.V. (14)
|
|
100
|
%
|
|
|
Content and Other Businesses (2)
|
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 (13)
|
|
100
|
%
|
|
|
Content and Other Businesses (2)
|
|
|
|
(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. The Group’s operations of the Content segment were discontinued following the
closing of the TelevisaUnivision Transaction on January 31, 2022 (see Note 3).
|
(3)
|
Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ.
|
(4)
|
The subsidiaries in the Cablemás business are directly and 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 subsidiaries in the Telecable business 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)
|
TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema, and through January 31, 2022, were part of the Group’s former
Content business. Televisa was a direct subsidiary of Grupo Telesistema through January 31, 2022.
|
(13)
|
Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), and Villacezán are indirect wholly-owned subsidiaries
of Grupo Telesistema. As of December 31, 2022, Multimedia Telecom, Grupo Telesistema, Tieren, Villacezán, and Corporativo TD Sports, S.A. de C.V., a direct subsidiary of Grupo Telesistema, are the subsidiaries through which the
Company owns shares of the capital stock of TelevisaUnivision (formerly known as Univision Holdings II, Inc. or UH II), the successor company of Univision Holdings, Inc. (“UHI”) and the parent company of Univision Communications
Inc. (“Univision”), representing 43.8%, 49.7%, 2.1%, 3.7% and 0.7% , respectively, of the Group’s aggregate investment in shares of common stock issued by TelevisaUnivision as of December 31, 2022. Multimedia Telecom and Tieren
were the subsidiaries through which the Company owned shares of the capital stock of UH II, representing 95.3% and 4.7%, respectively, of the Group’s aggregate investment in shares of common stock issued by UH II as of December
31, 2021 (see Notes 3, 10 and 20).
|
(14)
|
A direct subsidiary of the company and the parent company of Televisa Corporación, S.A. de C.V., an indirect subsidiary of the company that provides
services to certain companies in the Group’s Other Businesses segment and, through January 31, 2022, provided services to certain companies in the Group’s former Content segment.
|
Segments
|
Expiration Dates
|
|
Cable
|
|
Various from 2026 to 2056
|
Sky
|
|
Various from 2024 to 2056
|
Other Businesses:
Broadcasting concessions (1)
|
|
In 2042 and 2052
|
Gaming
|
|
In 2030
|
(1)
|
In November 2018, the IFT approved (i) 23 concessions for the use of spectrum that comprise the Company’s 225 TV stations, for a term of 20 years,
starting in January 2022 and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years, starting in January
2022 and ending in January 2052. In November 2018, the Group paid for such renewal an aggregate amount of Ps.5,754,543 in cash, which included 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 is being amortized over a period of 20 years beginning on January 1, 2022, by using the straight-line method. Through January 31, 2022, these
broadcasting concessions were part of the Group’s former Content segment, and after the TelevisaUnivision Transaction closed on that date, these concessions became part of the Group’s Other Businesses segment (see Notes 3, 13
and 26).
|
(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, and Investment Property
|
|
|
|
Estimated
Useful Lives |
|
Buildings
|
|
|
20-50 years
|
|
Technical equipment
|
|
|
3-30 years
|
|
Satellite transponders
|
|
|
15 years
|
|
Furniture and fixtures
|
|
|
10-15 years
|
|
Transportation equipment
|
|
|
4-8 years
|
|
Computer equipment
|
|
|
3-6 years
|
|
Leasehold improvements
|
|
|
5-30 years
|
|
|
|
|
Estimated
Useful Lives |
|
|
|
|
|
|
Buildings
|
|
|
20-65 years
|
|
(k)
|
Lease Agreements
|
(l)
|
Intangible Assets and Goodwill
|
|
|
|
Estimated
Useful Lives |
|
Trademarks with finite useful lives
|
|
|
4 years
|
|
Licenses
|
|
|
3-10 years
|
|
Subscriber lists
|
|
|
4-5 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 and Contract Costs
|
•
|
Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the period in which
the services are rendered.
|
•
|
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.
|
•
|
Advertising revenues, including deposits and advances from customers for future advertising, were recognized at the time the advertising services
were rendered. The advertising revenues of the Group’s Content segment operations were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
•
|
Revenues from program services for network subscription and licensed and syndicated television programs were recognized when the programs were sold
and became available for broadcast. These revenues were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
•
|
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 were recognized as the films were exhibited. These revenues were discontinued on January 31,
2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
•
|
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.
|
Cable
|
Sky
|
Total
|
||||||||
Contract costs:
|
||||||||||
At January 1, 2022
|
Ps.
|
2,498,124
|
Ps.
|
2,500,190
|
Ps.
|
4,998,314
|
||||
Additions
|
1,764,989
|
580,042
|
2,345,031
|
|||||||
Amount recognized in income
|
(965,677
|
)
|
(1,059,442
|
)
|
(2,025,119
|
)
|
||||
Total Contract Costs at December 31, 2022
|
3,297,436
|
2,020,790
|
5,318,226
|
|||||||
Less:
|
||||||||||
Current Contract Costs
|
1,077,417
|
840,870
|
1,918,287
|
|||||||
Total Non-current Contract Costs
|
Ps.
|
2,220,019
|
Ps.
|
1,179,920
|
Ps.
|
3,399,939
|
Cable
|
Sky
|
Total
|
||||||||
Contract costs:
|
||||||||||
At January 1, 2021
|
Ps.
|
2,027,691
|
Ps.
|
2,513,866
|
Ps.
|
4,541,557
|
||||
Additions
|
1,209,894
|
1,088,956
|
2,298,850
|
|||||||
Amount recognized in income
|
(739,461
|
)
|
(1,102,632
|
)
|
(1,842,093
|
)
|
||||
Total Contract Costs at December 31, 2021
|
2,498,124
|
2,500,190
|
4,998,314
|
|||||||
Less:
|
||||||||||
Current Contract Costs
|
797,273
|
985,450
|
1,782,723
|
|||||||
Total Non-current Contract Costs
|
Ps.
|
1,700,851
|
Ps.
|
1,514,740
|
Ps.
|
3,215,591
|
(t)
|
Interest Income
|
(u)
|
Employee Benefits
|
(v)
|
Income Taxes
|
(w)
|
Derivative Financial Instruments
|
(x)
|
Comprehensive Income
|
(y)
|
Share-based Payment Agreements
|
(z)
|
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 |
|
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
|
|
|
Postponed
|
|
IFRS 17 (1)
|
|
Insurance Contracts
|
|
|
January 1, 2023
|
|
Amendments to IAS 1 (1)
|
|
Classification of Liabilities as Current or Non-current
|
|
|
January 1, 2023
|
|
Amendments to IAS 8 (1)
|
|
Definition of Accounting Estimates
|
|
|
January 1, 2023
|
|
Amendments to IAS 1 and IFRS Practice Statement 2 (1)
|
|
Disclosure of Accounting Policies
|
|
|
January 1, 2023
|
|
Amendments to IAS 12 (1)
|
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
|
January 1, 2023
|
||||
Amendment to IFRS 17 (1)
|
Initial Application of IFRS 17 and IFRS 9 – Comparative Information
|
January 1, 2023
|
||||
Amendments to IFRS 16 (1)
|
|
Lease Liability in a Sale and Leaseback
|
|
|
January 1, 2024
|
|
Amendments to IAS 1 (1)
|
Non-current Liabilities with Covenants
|
January 1, 2024
|
(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 (13)
|
|
100
|
%
|
|
|
Content and Other Businesses (2)
|
Televisa, S. de R. L. de C.V. (Televisa, S.A. de C.V. through May 2021) (“Televisa”) (12)
|
|
100
|
%
|
|
|
Content (2)
|
Televisión Independiente de México, S.A. de C.V. (“TIM”) (12)
|
|
100
|
%
|
|
|
Content (2)
|
G.Televisa-D, S.A. de C.V. (12)
|
|
100
|
%
|
|
|
Content (2)
|
Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary (13)
|
|
100
|
%
|
|
|
Content (2)
|
Ulvik, S.A. de C.V. (14)
|
|
100
|
%
|
|
|
Content and Other Businesses (2)
|
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 (13)
|
|
100
|
%
|
|
|
Content and Other Businesses (2)
|
(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. The Group’s operations of the Content segment were discontinued following the
closing of the TelevisaUnivision Transaction on January 31, 2022 (see Note 3).
|
(3)
|
Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ.
|
(4)
|
The subsidiaries in the Cablemás business are directly and 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 subsidiaries in the Telecable business 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)
|
TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema, and through January 31, 2022, were part of the Group’s former
Content business. Televisa was a direct subsidiary of Grupo Telesistema through January 31, 2022.
|
(13)
|
Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), and Villacezán are indirect wholly-owned subsidiaries
of Grupo Telesistema. As of December 31, 2022, Multimedia Telecom, Grupo Telesistema, Tieren, Villacezán, and Corporativo TD Sports, S.A. de C.V., a direct subsidiary of Grupo Telesistema, are the subsidiaries through which the
Company owns shares of the capital stock of TelevisaUnivision (formerly known as Univision Holdings II, Inc. or UH II), the successor company of Univision Holdings, Inc. (“UHI”) and the parent company of Univision Communications
Inc. (“Univision”), representing 43.8%, 49.7%, 2.1%, 3.7% and 0.7% , respectively, of the Group’s aggregate investment in shares of common stock issued by TelevisaUnivision as of December 31, 2022. Multimedia Telecom and Tieren
were the subsidiaries through which the Company owned shares of the capital stock of UH II, representing 95.3% and 4.7%, respectively, of the Group’s aggregate investment in shares of common stock issued by UH II as of December
31, 2021 (see Notes 3, 10 and 20).
|
(14)
|
A direct subsidiary of the company and the parent company of Televisa Corporación, S.A. de C.V., an indirect subsidiary of the company that provides
services to certain companies in the Group’s Other Businesses segment and, through January 31, 2022, provided services to certain companies in the Group’s former Content segment.
|
Segments
|
Expiration Dates
|
|
Cable
|
|
Various from 2026 to 2056
|
Sky
|
|
Various from 2024 to 2056
|
Other Businesses:
Broadcasting concessions (1)
|
|
In 2042 and 2052
|
Gaming
|
|
In 2030
|
(1)
|
In November 2018, the IFT approved (i) 23 concessions for the use of spectrum that comprise the Company’s 225 TV stations, for a term of
20 years, starting in January 2022 and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years,
starting in January 2022 and ending in January 2052. In November 2018, the Group paid for such renewal an aggregate amount of Ps.5,754,543 in cash, which included 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 is being amortized over a period of 20 years beginning on January 1, 2022, by using the straight-line
method. Through January 31, 2022, these broadcasting concessions were part of the Group’s former Content segment, and after the TelevisaUnivision Transaction closed on that date, these concessions became part of the
Group’s Other Businesses segment (see Notes 3, 13 and 26).
|
(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, and Investment Property
|
|
|
|
Estimated
Useful Lives |
|
Buildings
|
|
|
20-50 years
|
|
Technical equipment
|
|
|
3-30 years
|
|
Satellite transponders
|
|
|
15 years
|
|
Furniture and fixtures
|
|
|
10-15 years
|
|
Transportation equipment
|
|
|
4-8 years
|
|
Computer equipment
|
|
|
3-6 years
|
|
Leasehold improvements
|
|
|
5-30 years
|
|
|
|
|
Estimated
Useful Lives |
|
|
|
|
|
|
Buildings
|
|
|
20-65 years
|
|
(k)
|
Lease Agreements
|
(l)
|
Intangible Assets and Goodwill
|
|
|
|
Estimated
Useful Lives |
|
Trademarks with finite useful lives
|
|
|
4 years
|
|
Licenses
|
|
|
3-10 years
|
|
Subscriber lists
|
|
|
4-5 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 |
(q)
|
Provisions
|
(r)
|
Equity
|
(s)
|
Revenue Recognition and Contract Costs
|
●
|
Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the
period in which the services are rendered.
|
●
|
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.
|
●
|
Advertising revenues, including deposits and advances from customers for future advertising, were recognized at the time the advertising
services were rendered. The advertising revenues of the Group’s Content segment operations were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
●
|
Revenues from program services for network subscription and licensed and syndicated television programs were recognized when the
programs were sold and became available for broadcast. These revenues were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
●
|
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 were recognized as the films were exhibited. These revenues were discontinued on
January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
●
|
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.
|
Cable
|
Sky
|
Total
|
||||||||
Contract costs:
|
||||||||||
At January 1, 2022
|
Ps.
|
2,498,124
|
Ps.
|
2,500,190
|
Ps.
|
4,998,314
|
||||
Additions
|
1,764,989
|
580,042
|
2,345,031
|
|||||||
Amount recognized in income
|
(965,677
|
)
|
(1,059,442
|
)
|
(2,025,119
|
)
|
||||
Total Contract Costs at December 31, 2022
|
3,297,436
|
2,020,790
|
5,318,226
|
|||||||
Less:
|
||||||||||
Current Contract Costs
|
1,077,417
|
840,870
|
1,918,287
|
|||||||
Total Non-current Contract Costs
|
Ps.
|
2,220,019
|
Ps.
|
1,179,920
|
Ps.
|
3,399,939
|
Cable
|
Sky
|
Total
|
||||||||
Contract costs:
|
||||||||||
At January 1, 2021
|
Ps.
|
2,027,691
|
Ps.
|
2,513,866
|
Ps.
|
4,541,557
|
||||
Additions
|
1,209,894
|
1,088,956
|
2,298,850
|
|||||||
Amount recognized in income
|
(739,461
|
)
|
(1,102,632
|
)
|
(1,842,093
|
)
|
||||
Total Contract Costs at December 31, 2021
|
2,498,124
|
2,500,190
|
4,998,314
|
|||||||
Less:
|
||||||||||
Current Contract Costs
|
797,273
|
985,450
|
1,782,723
|
|||||||
Total Non-current Contract Costs
|
Ps.
|
1,700,851
|
Ps.
|
1,514,740
|
Ps.
|
3,215,591
|
(t)
|
Interest Income
|
(u)
|
Employee Benefits
|
(v)
|
Income Taxes
|
(w)
|
Derivative Financial Instruments
|
(x)
|
Comprehensive Income
|
(y)
|
Share-based Payment Agreements
|
(z)
|
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 |
|
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
|
|
|
Postponed
|
|
IFRS 17 (1)
|
|
Insurance Contracts
|
|
|
January 1, 2023
|
|
Amendments to IAS 1 (1)
|
|
Classification of Liabilities as Current or Non-current
|
|
|
January 1, 2023
|
|
Amendments to IAS 8 (1)
|
|
Definition of Accounting Estimates
|
|
|
January 1, 2023
|
|
Amendments to IAS 1 and IFRS Practice Statement 2 (1)
|
|
Disclosure of Accounting Policies
|
|
|
January 1, 2023
|
|
Amendments to IAS 12 (1)
|
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
|
January 1, 2023
|
||||
Amendment to IFRS 17 (1)
|
Initial Application of IFRS 17 and IFRS 9 – Comparative Information
|
January 1, 2023
|
||||
Amendments to IFRS 16 (1)
|
|
Lease Liability in a Sale and Leaseback
|
|
|
January 1, 2024
|
|
Amendments to IAS 1 (1)
|
Non-current Liabilities with Covenants
|
January 1, 2024
|
1.
|
Corporate Information
Grupo Televisa, S.A.B. (the “Company”) is a limited liability public stock corporation (“Sociedad Anónima Bursátil” or “S.A.B.”), incorporated under the laws of Mexico.
Pursuant to the terms of the Company’s bylaws (“Estatutos Sociales”) its corporate existence continues through 2106. The shares of the Company are listed and traded in the form of “Certificados de Participación Ordinarios” or
“CPOs” on the Mexican Stock Exchange (“Bolsa Mexicana de Valores” or “BMV”) under the ticker symbol TLEVISA CPO, and in the form of Global Depositary Shares or “GDSs”, on the New York Stock Exchange, or “NYSE”, under the
ticker symbol TV. The Company’s principal executive offices are located at Av. Vasco de Quiroga No. 2000, Colonia Santa Fe, 01210 Mexico City, Mexico.
Grupo Televisa, S.A.B. together with its subsidiaries (collectively, the “Group”) is a major telecommunications corporation which owns and operates one of the most
significant cable companies as well as a leading direct-to-home (“DTH”) satellite pay television system in Mexico. The Group’s cable business offers integrated services, including video, high-speed data and voice to
residential and commercial customers, as well as managed services to domestic and international carriers. The Group owns a majority interest in Sky, a leading DTH satellite pay television system and broadband provider in
Mexico, operating also in the Dominican Republic and Central America. The Group holds a number of concessions by the Mexican government that authorizes it to broadcast programming over television stations for the signals of
TelevisaUnivision, Inc. (“TelevisaUnivision”), and the Group’s cable and DTH systems. In addition, the Group is the largest shareholder of TelevisaUnivision, a leading media company producing, creating, and distributing
Spanish-speaking content through several broadcast channels in Mexico, the U.S. and over 50 countries through television networks, cable operators and over-the-top or OTT services. The Group also has interests in magazine
publishing and distribution, professional sports and live entertainment, and gaming.
On January 31, 2022 the Company and TelevisaUnivision announced the closing of the transaction between the Group´s media content and production assets and TelevisaUnivision
(the “TelevisaUnivision Transaction”) (see Note 3).
|
2.
|
Basis of Preparation and Accounting Policies
|
These interim condensed consolidated financial statements of the Group, as of March 31, 2023 and December 31, 2022, and for the three months ended March 31, 2023 and 2022, are unaudited, and have
been prepared in accordance with the guidelines provided by the International Accounting Standard 34 Interim Financial Reporting. In the opinion of management, all adjustments necessary
for a fair presentation of the condensed consolidated financial statements have been included herein.
These interim unaudited condensed consolidated financial statements should be read in conjunction with the Group’s audited consolidated financial statements and notes
thereto for the years ended December 31, 2022, 2021 and 2020, which have been prepared in accordance with International Financial Reporting Standards (“IFRS Standards”) as issued by the International Accounting Standards Board
(“IASB”), and include, among other disclosures, the Group’s most significant accounting policies, which were applied on a consistent basis as of December 31, 2022.
These interim unaudited condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial
statements; they should be read in conjunction with the Group’s audited consolidated financial statements for the years ended December 31, 2022, 2021 and 2020. There have been no significant changes in the Corporate Finance
Department of the Company or in any risk management policies since the year end.
These interim unaudited condensed consolidated financial statements were authorized for issuance on April 24, 2023, by the Group’s Corporate Vice President of Finance.
|
|
The preparation of interim unaudited condensed consolidated financial statements requires management to
make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, and income and expense. Actual results may differ from these estimates.
In preparing these interim unaudited condensed consolidated financial statements, the significant
judgments made by management in applying the Group’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the audited consolidated financial statements for the year ended
December 31, 2022.
|
|
|
3.
|
Disposition of OCEN, Closing of the TelevisaUnivision Transaction and Reorganization Proposal
|
|
|
|
On December 6, 2021, the Company announced the closing of the sale of its consolidated 40% equity
participation in OCESA Entretenimiento, S.A. de C.V. (“OCEN”) to Live Nation Entertainment, Inc. (“Live Nation”). In December 2021, the Company concluded this transaction and received a payment in cash of Ps.4,806,549;
recognized an account receivable of Ps.364,420 in connection with a 7% retention of the total amount of the transaction to cover OCEN potential operating losses, if any, for a period of time following closing; and accounted for
a pretax income of Ps.4,547,029 for the disposal of this investee in other consolidated income for the year ended December 31, 2021. In the second quarter of 2022, Live Nation paid to the Company the holdback amount of
Ps.364,420, and a purchase price adjustment of Ps.35,950 in connection with this transaction.
On April 13, 2021, the Group and Univision Holdings, Inc. (“UHI”) announced a transaction agreement
(the “Transaction Agreement”) in which the Group’s content and media assets would be combined with Univision Holdings II, Inc. (“UH II,” the successor company of UHI), and the Group would continue to participate in UH II, with
an equity stake of approximately 45% following the closing of the transaction. The Group would also retain ownership of its Cable, Sky and Other Businesses segments, as well as the main real estate associated with the production
facilities, the broadcasting concessions and transmission infrastructure in Mexico. The Group would contribute to UH II the assets specified in the Transaction Agreement, including, subject to certain exceptions, its Content
business, for a total value of U.S.$4,500 million, comprised of U.S.$3,000 million in cash, U.S.$750 million in common stock of UH II and U.S.$750 million in preferred stock of UH II, with an annual dividend of 5.5%. In
connection with this transaction, UH II would receive all assets, intellectual property and library related to the News division of the Group’s Content business but would outsource production of news content for Mexico to a
company owned by the Azcárraga family. The combination was approved by each of the Board of Directors of the Company, the Board of Directors of UHI, and the Stockholders of the Company in the first half of 2021. The transaction
was subject to customary closing conditions, including receipt of regulatory approvals in primarily in the United States and Mexico, among others. On September 14, 2021, the Mexican Institute of Telecomunications (Instituto
Federal de Telecomunicaciones or “IFT”) announced its approval of this transaction. As of December 31, 2021, the Group consolidated the results of its Content business as the Group had not ceased to exercise control of this
business segment as of that date; and presented its Content business as a reportable segment of continuing operations, as all the required regulatory approvals had not been obtained by the parties as of that date, and those
approvals were considered substantive. On January 24, 2022, the Company and UH II announced that all required regulatory approvals for the transaction had been already received by that date. As a result, the transaction
announced on April 13, 2021, was closed by the parties on January 31, 2022 (the “TelevisaUnivision Transaction”). In connection with the TelevisaUnivision Transaction, the Group recognized an income from disposition of
discontinued operations in the aggregate amount of Ps.93,066,741 in its consolidated statement of income for the year ended December 31, 2022, comprising a consideration in cash received from TelevisaUnivision in the aggregate
amount of U.S.$2,971.3 million (Ps.61,214,741), a consideration in common and preferred stock of TelevisaUnivision, in the aggregate amount of U.S.$1,500.0 million (Ps.30,912,000), and a cash consideration received from Tritón
Comunicaciones, S.A. de C.V. (“Tritón,” a company of the Azcárraga family) in the amount of Ps.940,000, related to the rights for the production of news content for Mexico. Also, in connection with the TelevisaUnivision
Transaction, the Group (i) began to present and disclose the results of operations of its disposed businesses as discontinued operations in its consolidated statements of income for any comparative prior period and for the month
ended January 31, 2022; (ii) recognized a net gain on disposition of discontinued operations of Ps.56,065,530, for the year ended December 31, 2022, and a net loss on disposition of discontinued operations of Ps.1,943,647 for
the year ended December 31, 2021; and (iii) recognized as deferred income a prepayment made by TelevisaUnivision in the aggregate amount of U.S.$276.2 million (Ps.5,729,377), for the use of concession rights owned by the Group,
which was classified as current and non-current liabilities in the Group’s consolidated statement of financial position, and amounted to Ps.287,667 and Ps.5,178,014, respectively, as of December 31, 2022. In the fourth quarter
of 2022, the Group concluded the disposition of certain assets and liabilities that were classified as held for sale in the Group’s consolidated statement of financial position in connection with the TelevisaUnivision
Transaction (see Notes 5 and 20).
|
|
On October 27, 2022, the Board of Directors of the Company approved a reorganization proposal to separate from the Group some businesses that are part of its Other Businesses segment, including its interests in professional sports and live entertainment, gaming, and magazine publishing and distribution, as well as certain related assets and real estate (the “Spin-off Businesses”). It is expected that this proposed reorganization will be carried out through a spin-off (escisión) from the Company, creating a new controlling entity listed on the Mexican Stock Exchange that would hold the Spin-off Businesses, and that would have the same shareholding structure as the Company. The Company’s management considers that this plan will allow both the Group and the new entity resulting from the spin-off, to focus on their respective business models and growth opportunities, thereby enhancing their ability to generate better conditions for access to capital, financing sources and investors, that are aligned with each business. It is expected that the reorganization will be completed in the first half of 2023. The reorganization will be subject to several conditions, including compliance with applicable law, as well as obtaining all required corporate and regulatory authorizations, and the approval of the spin-off at the Company’s shareholder’s meeting. As of December 31, 2022, the Group continued to present its Other Businesses segment as a reportable segment of continuing operations, and the Spinoff Businesses as part of the Group’s Other Businesses segment, as the required Company’s stockholders and regulatory approvals had not been obtained by the Group as of that date, and those approvals are considered substantive. |
|
|
4. | Investments in Financial Instruments |
|
|
|
At March 31, 2023 and December 31, 2022, the Group had the following investments in financial instruments: |
|
|
|
|
March 31, 2023
|
|
|
December 31, 2022
|
|
|
Equity instruments measured at fair value through other
comprehensive income:
|
|
|
|
|
|
|
|
Open-Ended Fund (1)
|
Ps.
|
715,916
|
|
Ps.
|
773,209
|
|
|
Publicly traded equity instruments (2)
|
|
2,315,053
|
|
|
2,611,053
|
|
|
|
|
3,030,969
|
|
|
3,384,262
|
|
|
Other
|
|
-
|
|
|
5,223
|
|
|
|
Ps.
|
3,030,969
|
|
Ps.
|
3,389,485
|
|
|
(1)
|
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.
|
|
(2)
|
The fair value of publicly traded equity instruments is determined by using quoted market prices at the
measurement date.
|
A roll-forward of investments in financial assets at fair value through other comprehensive income or loss for the three months ended March 31, 2023 and 2022, is presented as follows: |
|
|
Open-Ended
Fund (1)
|
|
|
Publicly Traded Equity Instruments
|
|
|
Other Equity Instruments
|
|
|
Total
|
|
|
At January 1, 2023
|
Ps.
|
773,209
|
|
Ps.
|
2,611,053
|
|
Ps.
|
-
|
|
Ps.
|
3,384,262
|
|
|
Disposition of investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in fair value in other comprehensive loss
|
|
(57,293
|
)
|
|
(296,000
|
)
|
|
-
|
|
|
(353,293
|
)
|
|
At March 31, 2023
|
Ps.
|
715,916
|
|
Ps.
|
2,315,053
|
|
Ps.
|
-
|
|
Ps.
|
3,030,969
|
|
|
|
Open-Ended
Fund (1)
|
|
|
Publicly Traded Equity Instruments
|
|
|
Other Equity Instruments
|
|
|
Total
|
|
|
At January 1, 2022
|
Ps.
|
945,176
|
|
Ps.
|
3,517,711
|
|
Ps.
|
1,607,969
|
|
Ps.
|
6,070,856
|
|
|
Disposition of investments
|
|
-
|
|
|
-
|
|
|
(1,607,969
|
)
|
|
(1,607,969
|
)
|
|
Change in fair value in other
comprehensive loss
|
|
(110,327
|
)
|
|
(495,686
|
)
|
|
-
|
|
|
(606,013
|
)
|
|
At March 31, 2022
|
Ps.
|
834,849
|
|
Ps.
|
3,022,025
|
|
Ps.
|
-
|
|
Ps.
|
3,856,874
|
|
|
(1)
|
The foreign exchange loss derived from the investment in the Open-Ended Fund for the three months ended March 31, 2023 and 2022, respectively, was hedged by a foreign exchange gain derived
from Senior Notes designated as hedging instruments for the three months ended March 31, 2023 and 2022, respectively, in the amount of Ps.161,917 and Ps.74,181, respectively (see Notes 9 and 16).
|
5.
|
Investments in Associates and Joint Ventures
|
At March 31, 2023 and December 31, 2022, the Group had the following investments in associates and joint ventures accounted for by the equity method: |
|
|
Ownership as of
March 31, 2023
|
|
|
|
March 31,
2023
|
|
|
December
31, 2022
|
|
|
Associates:
|
|
|
|
|
|
|
|
|
|
|
|
TelevisaUnivision and subsidiaries
|
|
44.0
|
%
|
|
Ps.
|
48,049,639
|
|
Ps.
|
49,446,349
|
|
|
Other
|
|
|
|
|
|
51,604
|
|
|
51,864
|
|
|
Joint ventures:
|
|
|
|
|
|
|
|
|
|
|
|
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries (collectively “GTAC”) (1)
|
|
33.3
|
%
|
|
|
775,513
|
|
|
750,169
|
|
|
Periódico Digital Sendero, S.A.P.I. de C.V. and subsidiary (collectively “PDS”) (2)
|
|
50.0
|
%
|
|
|
197,042
|
|
|
202,567
|
|
|
|
|
|
|
|
Ps.
|
49,073,798
|
|
Ps.
|
50,450,949
|
|
|
(1)
|
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%. A subsidiary of the Company entered into supplementary long-term loans to provide financing to GTAC for an
aggregate principal amount of Ps.1,261,075, with an annual interest of the Mexican Interbank Interest Rate (“Tasa de Interés Interbancaria de Equilibrio” or “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 2032. During the three months ended March 31, 2023, and the year ended December 31, 2022, GTAC paid principal and interest to the Group in connection with these supplementary loans in the
aggregate principal amount of Ps.19,617 and Ps.146,386, respectively. The net investment in GTAC as of March 31, 2023 and December 31, 2022, included amounts receivable in connection with these supplementary loans to GTAC in
the aggregate amount of Ps.880,213 and Ps.853,163, respectively. These amounts receivable are in substance a part of the Group’s net investment in this investee (see Note 9).
|
|
(2)
|
The Group for its investment in PDS under the equity method, due to its 50% interest in this joint venture. As of March 31, 2022
and December 31, 2021, the Group’s investment in PDS included intangible assets and goodwill in the aggregate amount of Ps.113,837.
|
|
TelevisaUnivision |
|
|
|
The Group accounts for its investment in common stock of TelevisaUnivision (formerly known as UH
II), the parent company of Univision Communications Inc. (“Univision”), under the equity method due to the Group’s ability to exercise significant influence, as defined under IFRS Standards, over TelevisaUnivision
operations. The Group has the ability to exercise significant influence over the operating and financial policies of TelevisaUnivision because (i) it owned 9,290,999 Class A Common Stock shares and 750,000 Series B
Preferred shares of TelevisaUnivision as of March 31, 2023 and December 31, 2022, representing 44.0% and 44.4% of the outstanding common and preferred shares of TelevisaUnivision on an as-converted basis (excluding unvested
and/or unsettled stock, restricted stock units and options of TelevisaUnivision), respectively, and 44.5% and 45.1% of the outstanding voting common shares TelevisaUnivision as of March 31, 2023 and December 31, 2022,
respectively; and (ii) it has designated three members of the Board of Directors of TelevisaUnivision, one of which serves as the Chairman. The Chairman does not presently have a tie-breaking vote or other similar power in
connection with any decisions of the Board. The governing documents of TelevisaUnivision provide for a 13-member Board of Directors; however, the Board of Directors currently consists of 11 members, and the Group has the
right to appoint two additional members. Until January 31, 2022, the Group was also a party to a Program Licensing Agreement (“PLA”), as amended, with Univision, pursuant to which Univision had the right to broadcast certain
Televisa content in the United States, and to another program license agreement pursuant to which the Group had the right to broadcast certain Univision content in Mexico.
|
|
On January 31, 2022, the Group increased its investment in shares of TelevisaUnivision in the aggregate fair value amount of U.S.$1,500 million
(Ps.30,912,000) comprised 3,589,664 Class A Common Stock shares of TelevisaUnivsion, in the amount of U.S.$750 million (Ps.15,456,000), and 750,000 Series B Cumulative Convertible Preferred Stock shares (“Series B Preferred
Shares”) of TelevisaUnivision, with an annual preferred dividend of 5.5% payable on a quarterly basis, in the amount of U.S.$750 million (Ps.15,456,000). The Series B Preferred Shares are entitled or permitted to vote on any
matter required or permitted to be voted upon by the stockholders of TelevisaUnivision. The investment in Series B Preferred Shares of TelevisaUnivision has been classified by the Group as investments in associates and joint
ventures because this investment has in substance potential voting rights and gives access to the returns associated with an ownership in TelevisaUnivision. During the three months ended March 31, 2023, and for the year
ended December 31, 2022, the Group received from TelevisaUnivision a preferred dividend in cash in the aggregate amount of U.S.$10.3 million (Ps.185,909), and U.S.$37.8 million (Ps.752,556), respectively, which was
accounted for in share of income of associates in the Group’s consolidated statement of income for the three months ended March 31, 2023 and for the year ended December 31, 2022. In connection with the TelevisaUnivision
Transaction, and other observable indications that the value of the Group’s net investment in TelevisaUnivision increased significantly during 2022 (including internal valuations of the recoverable amount of
TelevisaUnivision), in the second quarter of 2022, the Group’s management assessed whether there was any indication that the remaining impairment loss recognized by the Group in the first quarter of 2020 for its net
investment in shares of TelevisaUnivision might no longer exist or might have decreased. As a result of this assessment, the Group’s management concluded that there had been a change in the estimates used to determine the
recoverable amount of the Group’s net investment in TelevisaUnivision since the last impairment loss was recognized, and the carrying amount of such net investment was increased to an amount lower than its recoverable
amount. The reversal of the impairment loss amounted to U.S.$29.5 million (Ps.593,838) and was recognized in share of income of associates and joint ventures in the Group’s consolidated statement of income for the year ended
December 31, 2022. The Group recognized a share in loss of TelevisaUnivision for the year ended December 31, 2022, primarily in connection with a goodwill impairment loss recognized by TelevisaUnivision in the fourth quarter
of 2022. In March 2023, the Group recognized a dilution loss for the three months ended March 31, 2023, resulting from a decrease in its share in TelevisaUnivison from 44.4% to 44.0% on an as-converted basis (excluding
unvested and/or unsettled stock, restricted stock units and options of TelevisaUnivision).
|
6. |
Property, Plant and Equipment, Net, and Investment Property, Net
|
Property, plant and equipment as of March 31, 2023 and December 31, 2022, consisted of:
|
|
|
March 31, 2023
|
|
|
December 31, 2022
|
|
Buildings
|
Ps.
|
7,215,949
|
|
Ps.
|
7,212,219
|
|
Building improvements
|
|
182,021
|
|
|
182,982
|
|
Technical equipment
|
|
188,534,192
|
|
|
186,550,056
|
|
Satellite transponders
|
|
6,026,094
|
|
|
6,026,094
|
|
Furniture and fixtures
|
|
1,218,871
|
|
|
1,214,427
|
|
Transportation equipment
|
|
3,020,356
|
|
|
3,026,747
|
|
Computer equipment
|
|
9,368,376
|
|
|
9,241,759
|
|
Leasehold improvements
|
|
3,631,167
|
|
|
3,549,060
|
|
|
|
219,197,026
|
|
|
217,003,344
|
|
Accumulated depreciation
|
|
(154,161,260
|
)
|
|
(150,402,108
|
)
|
|
|
65,035,766
|
|
|
66,601,236
|
|
Land
|
|
4,063,809
|
|
|
4,064,386
|
|
Construction and projects in progress
|
|
12,497,088
|
|
|
11,570,777
|
|
|
Ps.
|
81,596,663
|
|
Ps.
|
82,236,399
|
|
|
|
March 31, 2023
|
|
|
December 31, 2022
|
|
Buildings
|
Ps.
|
2,151,338
|
|
Ps.
|
2,151,338
|
|
Building improvements
|
|
226,069
|
|
|
225,801
|
|
|
|
2,377,407
|
|
|
2,377,139
|
|
Accumulated depreciation
|
|
(1,014,805
|
)
|
|
(993,973
|
)
|
|
|
1,362,602
|
|
|
1,383,166
|
|
Land
|
|
1,489,999
|
|
|
1,489,999
|
|
|
Ps.
|
2,852,601
|
|
Ps.
|
2,873,165
|
|
Depreciation charged to income for the three months ended March 31, 2023, was Ps.20,832. | |
7. |
Right-of-use Assets, Net
|
Right-of-use assets, net, as of March 31, 2023 and December 31, 2022, consisted of: |
|
|
March 31, 2023
|
|
|
December 31, 2022
|
|
Buildings
|
Ps.
|
6,123,928
|
|
Ps.
|
5,939,460
|
|
Satellite transponders
|
|
4,275,619
|
|
|
4,275,619
|
|
Technical equipment
|
|
1,963,855
|
|
|
2,098,782
|
|
Computer equipment
|
|
131,016
|
|
|
118,647
|
|
Others
|
|
544,263
|
|
|
531,005
|
|
|
|
13,038,680
|
|
|
12,963,513
|
|
Accumulated depreciation
|
|
(6,457,393
|
)
|
|
(6,293,215
|
)
|
|
Ps.
|
6,581,288
|
|
Ps.
|
6,670,298
|
|
Depreciation charged to income for the three months ended March 31, 2023 and 2022, was Ps.296,223 and Ps.286,161, respectively, which included Ps.16,978, corresponding to the depreciation of discontinued operations in March 2022. | |
8. |
Intangible Assets and Goodwill, Net
|
The balances of intangible assets and goodwill, net, as of March 31, 2023 and December 31, 2022, were as follows: |
|
|
|
|
|
|
|
|
March 31,
2023
|
|
|
December 31,
2022
|
|
|
|
Principal
|
|
|
Finance Costs
|
|
|
Principal, Net
|
|
|
Principal, Net
|
|
U.S. dollar debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
6.625% Senior Notes due 2025 (1)
|
Ps.
|
4,802,887
|
|
Ps.
|
(40,985)
|
|
Ps.
|
4,761,902
|
|
Ps.
|
5,142,689
|
|
4.625% Senior Notes due 2026 (1)
|
|
5,408,250
|
|
|
(13,247)
|
|
|
5,395,003
|
|
|
5,828,311
|
|
8.5% Senior Notes due 2032 (1)
|
|
5,408,250
|
|
|
(15,896)
|
|
|
5,392,354
|
|
|
5,826,463
|
|
6.625% Senior Notes due 2040 (1)
|
|
10,816,500
|
|
|
(106,154)
|
|
|
10,710,346
|
|
|
11,577,854
|
|
5% Senior Notes due 2045 (1)
|
|
16,032,901
|
|
|
(320,263)
|
|
|
15,712,638
|
|
|
16,997,261
|
|
6.125% Senior Notes due 2046 (1)
|
|
16,224,750
|
|
|
(108,513)
|
|
|
16,116,237
|
|
|
17,418,690
|
|
5.250% Senior Notes due 2049 (1)
|
|
12,658,730
|
|
|
(270,915)
|
|
|
12,387,815
|
|
|
13,402,350
|
|
Total U.S. dollar debt
|
Ps.
|
71,352,268
|
|
Ps.
|
(875,973)
|
|
Ps.
|
70,476,295
|
|
Ps.
|
76,193,618
|
|
Mexican peso debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
8.79% Notes due 2027 (2)
|
|
4,500,000
|
|
|
(10,813)
|
|
|
4,489,187
|
|
|
4,488,597
|
|
8.49% Senior Notes due 2037 (1)
|
|
4,500,000
|
|
|
(10,271)
|
|
|
4,489,729
|
|
|
4,489,547
|
|
7.25% Senior Notes due 2043 (1)
|
|
6,481,600
|
|
|
(47,763)
|
|
|
6,433,837
|
|
|
6,451,645
|
|
Bank loans (3)
|
|
10,000,000
|
|
|
(27,585)
|
|
|
9,972,415
|
|
|
9,967,243
|
|
Bank loans (Sky) (4)
|
|
3,050,000
|
|
|
-
|
|
|
3,050,000
|
|
|
3,650,000
|
|
Total Mexican peso debt
|
Ps.
|
28,531,600
|
|
Ps.
|
(96,432)
|
|
Ps.
|
28,435,168
|
|
Ps.
|
29,047,032
|
|
Total debt (5)
|
|
99,883,868
|
|
|
(972,405)
|
|
|
98,911,463
|
|
|
105,240,650
|
|
Less: Current portion of long-term debt
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,000,000
|
|
Long-term debt, net of current portion
|
Ps.
|
99,883,868
|
|
Ps.
|
(972,405)
|
|
Ps.
|
98,911,463
|
|
Ps.
|
104,240,650
|
|
|
|
|
|
|
|
|
|
March 31,
2023
|
|
|
December 31,
2022
|
|
Lease liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Satellite transponder lease agreement (6)
|
|
|
|
|
|
|
Ps.
|
2,482,877
|
|
Ps.
|
2,807,184
|
|
Other lease agreement (7)
|
|
|
|
|
|
|
|
589,995
|
|
|
608,250
|
|
Lease liabilities (8)
|
|
|
|
|
|
|
|
4,979,321
|
|
|
4,953,638
|
|
Total lease liabilities
|
|
|
|
|
|
|
|
8,052,193
|
|
|
8,369,072
|
|
Less: Current portion
|
|
|
|
|
|
|
|
1,358,496
|
|
|
1,373,233
|
|
Lease liabilities, net of current portion
|
|
|
|
|
|
|
Ps.
|
6,693,697
|
|
Ps.
|
6,995,839
|
|
(1) |
The Senior Notes due between 2025 and 2049, in the aggregate outstanding principal amount of U.S.$3,958 million as of March
31, 2023 and December 31, 2022, and Ps.10,981,600 and Ps.11,000,000 as of March 31, 2023 and December 31, 2022, respectively, 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, 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”). In March 2022, the Company completed a partial redemption of U.S.$200 million aggregate principal amount of its 6.625% Senior Notes due 2025, in the
aggregate amount of U.S.$221.3 million, including U.S.$220.9 million of the applicable redemption price and U.S.$0.4 million of accrued and unpaid interest on the redemption date. In August 2022, the Company concluded a
tender offer to purchase in cash a principal amount of U.S.$133.6 million of its 6.625% Senior Notes due 2025, U.S.$110.6 million of its 5.000% Senior Notes due 2045, and U.S.$47.8 million of its 5.250% Senior Notes due
2049, for an aggregate principal amount of U.S.$292.0 million. The aggregate tender consideration paid amounted to U.S.$294.8 million plus U.S.$5.5 million of accrued and unpaid interest on the settlement date.
|
(2) |
In 2017, the Company issued Notes (Certificados Bursátiles) due 2027, through the
BMV in the aggregate principal amount of Ps.4,500,000, with interest payable semi-annually at an annual rate of 8.79%. 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 contains covenants that limit the ability of the Company and certain restricted subsidiaries appointed by
the Company’s Board of Directors, 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, and interest payable on a monthly basis at a rate of 28-day TIIE plus a range
between 125 and 130 basis points, and principal maturities between 2022 and 2023. In February and March 2022, the Company prepaid its outstanding long-term loans with three Mexican banks, in the aggregate principal
amount of Ps.6,000,000, and related accrued interest in the aggregate amount of Ps.37,057. In 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 payable on a monthly basis 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.
|
(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 interest 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 a principal amount of Ps.2,750,000, and related accrued interest and transaction costs in the aggregate amount of Ps.68,091. In December 2021, Sky prepaid the remaining portion
of these loans in the aggregate cash amount of Ps.1,750,365, which included a principal amount of Ps.1,750,000, and related accrued interest in the amount of Ps.365. In December 2021, Sky entered into a long-term credit
agreement with a Mexican Bank in the aggregate principal amount of Ps.2,650,000, with interest payable on a monthly basis and maturity in December 2026, which included a Ps.1,325,000 loan with an annual interest rate of
8.215%, and a Ps.1,325,000 loan with an annual interest rate of 28-day TIIE plus 90 basis points. The funds from these loans were used for general corporate purposes, including the prepayment of Sky´s indebtedness. Under
the terms of this credit agreement, Sky is required to: (a) maintain certain financial coverage ratios related to indebtedness and interest expense; and (b) comply with a restrictive covenant on spin-offs, mergers, and
similar transactions. In February 2023, Sky executed a revolving credit facility with a Mexican bank for an amount up to Ps.1,000,000 and with a maturity in 2028. The funds may be used for general corporate purposes,
including the repayment of debt. Under the terms of this revolving credit facility, Sky is required to comply with certain restrictive covenants and financial coverage ratios. In March 2023, upon the maturity of loans with
two Mexican banks, Sky repaid the remaining portions of these loans in the aggregate principal amount of Ps.1,000,000 with (i) available cash on hand in the amount of Ps.600,000 and (ii) funds from this revolving credit
facility in the principal amount of Ps.400,000, plus interest payable on a monthly basis at the annual interest rate of TIIE plus 0.85%. As of March 31, 2023, the unused principal amount of this revolving credit facility
amounted to Ps.600,000.
|
(5) |
Principal amount of total debt as of December 31, 2022, is presented net of unamortized finance costs, in the aggregate amount of
Ps.994,735.
|
(6) |
In March 2010, Sky entered into a lease agreement with Intelsat Global Sales & Marketing Ltd. ("Intelsat") by which Sky is
obligated to pay at an annual interest rate of 7.30% a monthly fee through 2027 of U.S.$3.0 million for satellite signal reception and retransmission service from 24 KU-band transponders on satellite IS-21, which became
operational in October 2012. The service term for IS-21 will end at the earlier of: (a) the end of 15 years; or (b) the date IS-21 is taken out of service (see Note 7).
|
(7) |
Lease agreement entered into by a subsidiary of the Company and GTAC, for the right to use certain capacity of a telecommunications
network through 2030.
|
(8) |
Lease liabilities recognized beginning on January 1, 2019 under IFRS 16 Leases ("IFRS 16") in the aggregate amount of Ps.4,979,321
and Ps.4,953,638, as of March 31, 2023 and December 31, 2022, respectively. These lease liabilities have terms which expire at various dates between 2021 and 2051.
|
As of March 31, 2023 and December 31, 2022, the outstanding principal amounts of Senior Notes of the Company that have been designated as hedging instruments of the Group’s investment in TelevisaUnivision, and the investment in Open-Ended Fund (hedged items), were as follows: |
|
.
|
March 31, 2023
|
|
|
December 31, 2022
|
||||||
Hedged items
|
|
Millions of U.S. dollars
|
|
|
Thousands of Mexican Pesos
|
|
|
Millions of U.S. dollars
|
|
|
Thousands of Mexican Pesos
|
Investment in shares of TelevisaUnivision (net investment hedge)
|
U.S.$
|
2,658.3
|
|
Ps.
|
48,049,639
|
|
U.S.$
|
2,538.8
|
|
Ps.
|
49,446,349
|
Open-Ended Fund (foreign currency fair value hedge)
|
|
39.6
|
|
|
715,916
|
|
|
39.7
|
|
|
773,209
|
Total
|
U.S.$
|
2,697.9
|
|
Ps.
|
48,765,555
|
|
U.S.$
|
2,578.5
|
|
Ps.
|
50,219,558
|
Foreign Exchange Gain or Loss Derived from Senior Notes Designated as Hedging Instruments
|
|
March 31, 2023
|
|
|
March 31, 2022
|
|
Recognized in:
|
|
|
|
|
|
|
Comprehensive gain
|
Ps.
|
3,921,374
|
|
Ps.
|
2,383,398
|
|
Total foreign exchange gain derived from hedging Senior Notes
|
Ps.
|
3,921,374
|
|
Ps.
|
2,383,398
|
|
Offset against by:
|
|
|
|
|
|
|
Foreign currency translation loss derived from the hedged net investment in shares of
TelevisaUnivision
|
Ps.
|
(3,759,457
|
)
|
Ps.
|
(2,309,217
|
)
|
Foreign exchange loss derived from the hedged Open-Ended Fund
|
|
(161,917
|
)
|
|
(74,181
|
)
|
Total foreign currency translation and foreign exchange loss derived from hedged
assets
|
Ps.
|
(3,921,374
|
)
|
Ps.
|
(2,383,398
|
)
|
|
(1)
|
The amounts of debt are disclosed on a principal amount basis.
|
Credit Facility
In February 2022, the Company executed a revolving credit facility with a syndicate of banks for up to an amount equivalent to U.S.$650 million payable in Mexican
pesos, which funds may be used for the repayment of existing indebtedness and other corporate purposes, with a maturity in February 2025. As of March 31, 2023, this credit facility remained unused. Under the terms of
this credit facility, the Company is required to comply with certain restrictive covenants and financial coverage ratios.
|
|
10. |
Financial Instruments
|
The Group’s financial instruments presented in the consolidated statements of financial position included cash and cash equivalents,
accounts and notes receivable, a long-term loan receivable from GTAC, non-current investments in debt and equity securities, and in securities in the form of an open-ended fund, accounts payable, outstanding debt,
lease liabilities, and derivative financial instruments. For cash and cash equivalents, accounts receivable, accounts payable, and the current portion of long-term debt and lease liabilities, the carrying amounts
approximate fair value due to the short maturity of these instruments. The fair value of the Group’s long-term debt securities is based on quoted market prices.
The fair value of long-term loans that the Group borrowed from leading Mexican banks (see Note 9) has been estimated using the
borrowing rates currently available to the Group for bank loans with similar terms and average maturities. The fair value of non-current investments in financial instruments, and currency option and interest rate swap
agreements were determined by using valuation techniques that maximize the use of observable market data.
|
|
|
March 31, 2023
|
|
|
December 31, 2022
|
|
||||||
|
|
Carrying Amount
|
|
|
Fair Value
|
|
|
Carrying Amount
|
|
|
Fair Value
|
|
Assets:
Cash and cash equivalents
|
Ps.
|
43,549,512
|
|
Ps.
|
43,549,512
|
|
Ps.
|
51,130,992
|
|
Ps.
|
51,130,992
|
|
Trade notes and accounts receivable, net
|
|
9,336,916
|
|
|
9,336,916
|
|
|
8,457,302
|
|
|
8,457,302
|
|
Long-term loans and interest receivable from GTAC (see Note 5)
|
|
880,213
|
|
|
883,596
|
|
|
853,163
|
|
|
857,006
|
|
Open-Ended Fund (see Note 4)
|
|
715,916
|
|
|
715,916
|
|
|
773,209
|
|
|
773,209
|
|
Publicly traded equity instruments (see Note 4)
|
|
2,315,053
|
|
|
2,315,053
|
|
|
2,611,053
|
|
|
2,611,053
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Notes due 2025, 2032 and 2040
|
Ps.
|
21,027,637
|
|
Ps.
|
22,988,846
|
|
Ps.
|
22,717,196
|
|
Ps.
|
24,313,064
|
|
Senior Notes due 2045
|
|
16,032,901
|
|
|
14,341,270
|
|
|
17,321,136
|
|
|
14,975,508
|
|
Senior Notes due 2037 and 2043
|
|
10,981,600
|
|
|
8,256,241
|
|
|
11,000,000
|
|
|
8,087,840
|
|
Senior Notes due 2026 and 2046
|
|
21,633,000
|
|
|
21,950,302
|
|
|
23,371,200
|
|
|
23,287,882
|
|
Senior Notes due 2049
|
|
12,658,730
|
|
|
11,777,809
|
|
|
13,675,853
|
|
|
12,199,681
|
|
Notes due 2027
|
|
4,500,000
|
|
|
4,269,690
|
|
|
4,500,000
|
|
|
4,238,640
|
|
Long-term loans payable to Mexican banks
|
|
13,050,000
|
|
|
13,187,420
|
|
|
13,650,000
|
|
|
13,775,125
|
|
Lease liabilities
|
|
8,052,193
|
|
|
8,011,175
|
|
|
8,369,072
|
|
|
8,497,104
|
|
March 31, 2023:
Derivative Financial Instruments
|
|
Carrying Amount
|
|
|
Notional Amount (U.S. Dollars in Thousands
|
)
|
|
Maturity Date
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
Derivatives recorded as accounting hedges:
(cash flow hedges):
|
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
Ps.
|
536,636
|
|
Ps.
|
10,000,000
|
|
|
June 2024
|
|
Total assets
|
Ps.
|
536,636
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Derivatives not recorded as accounting hedges:
|
|
|
|
|
|
|
|
|
|
TVI’s forwards
|
Ps.
|
35,542
|
|
U.S.$
|
23,303
|
|
|
April through August 2023
|
|
Empresas Cablevisión´s forwards
|
|
49,387
|
|
U.S.$
|
32,207
|
|
|
April through August 2023
|
|
Sky’s forwards
|
|
74,017
|
|
U.S.$
|
49,000
|
|
|
April through August 2023
|
|
Forwards
|
|
146,073
|
|
U.S.$
|
94,490
|
|
|
April through August 2023
|
|
Total liabilities
|
Ps.
|
305,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2022:
Derivative Financial Instruments
|
|
Carrying Amount
|
|
|
Notional Amount (U.S. Dollars in Thousands
|
)
|
|
Maturity Date
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
Derivatives recorded as accounting hedges:
(cash flow hedges):
|
|
|
|
|
|
|
|
|
|
TVI’s interest rate swap
|
Ps.
|
11,237
|
|
Ps.
|
2,500,000
|
|
|
February 2023
|
|
Interest rate swaps
|
|
532,344
|
|
Ps.
|
10,000,000
|
|
|
June 2024
|
|
Total assets
|
Ps.
|
543,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
Derivatives not recorded as accounting hedges:
|
|
|
|
|
|
|
|
|
|
TVI’s forwards
|
Ps.
|
7,650
|
|
U.S.$
|
27,963
|
|
|
January through June 2023
|
|
Empresas Cablevisión´s forwards
|
|
12,047
|
|
U.S.$
|
38,649
|
|
|
January through June 2023
|
|
Sky’s forwards
|
|
16,903
|
|
U.S.$
|
58,000
|
|
|
January through June 2023
|
|
Forwards
|
|
34,801
|
|
U.S.$
|
113,388
|
|
|
January through June 2023
|
|
Total liabilities
|
Ps.
|
71,401
|
|
|
|
|
|
|
|
11. |
Capital Stock and Long-Term Retention Plan
|
At March 31, 2023, shares of capital stock and CPOs consisted of (in millions): |
|
|
Authorized and Issued (1)
|
|
|
Repurchased by the Company (2)
|
|
|
Held by a Company´s Trust (3)
|
|
|
Outstanding
|
|
Series “A” Shares
|
|
121,073.9
|
|
|
(1,772.4
|
) |
|
(5,592.8)
|
|
|
113,708.7
|
|
Series “B” Shares
|
|
57,046.9
|
|
|
(1,559.7
|
) |
|
(4,754.1)
|
|
|
50,733.1
|
|
Series “D” Shares
|
|
87,006.6
|
|
|
(2,481.3
|
) |
|
(3,813.4)
|
|
|
80,711.9
|
|
Series “L” Shares
|
|
87,006.6
|
|
|
(2,481.3
|
) |
|
(3,813.4)
|
|
|
80,711.9
|
|
Total
|
|
352,134.0
|
|
|
(8,294.7
|
) |
|
(17,973.7)
|
|
|
325,865.6
|
|
Shares in the form of CPOs
|
|
290,849.7
|
|
|
(8,294.7
|
) |
|
(12,747.7)
|
|
|
269,807.3
|
|
Shares not in the form of CPOs
|
|
61,284.3
|
|
|
0.0
|
|
|
(5,226.0)
|
|
|
56,058.3
|
|
Total
|
|
352,134.0
|
|
|
(8,294.7
|
) |
|
(17,973.7)
|
|
|
325,865.6
|
|
CPOs
|
|
2,485.9
|
|
|
(70.9
|
) |
|
(109.0)
|
|
|
2,306.0
|
|
|
(1)
|
As of March 31, 2023, the authorized and issued capital stock amounted to Ps.4,836,708 (nominal Ps.2,423,549).
|
|
(2)
|
In connection with a share repurchase program that was approved by the Company’s stockholders and is exercised
at the discretion of management. During the three months ended March 31, 2023, the Company repurchased 4,937.4 million shares, in the form of 42.2 million CPOs, in the amount of Ps.823,712, in connection
with a share repurchase program that was approved by the Company’s stockholders.
|
(3)
|
Primarily, in connection with the Company’s Long-Term Retention Plan (“LTRP”) described below.
|
|
|
Series “A” Shares
|
|
|
Series “B” Shares
|
|
|
Series “D” Shares
|
|
|
Series “L” Shares
|
|
|
Shares Outstanding
|
|
|
CPOs Outstanding
|
|
As of January 1, 2023
|
|
114,750.2
|
|
|
51,649.7
|
|
|
82,169.9
|
|
|
82,169.9
|
|
|
330,739.7
|
|
|
2,347.7
|
|
Released (1)
|
|
13.5
|
|
|
11.8
|
|
|
19.0
|
|
|
19.0
|
|
|
63.3
|
|
|
0.5
|
|
Repurchased (2)
|
|
(1,055.0
|
)
|
|
(928.4
|
)
|
|
(1,477.0
|
)
|
|
(1,477.0
|
)
|
|
(4,937.4
|
)
|
|
(42.2
|
)
|
As of March 31, 2023
|
|
113,708.7
|
|
|
50,733.1
|
|
|
80,711.9
|
|
|
80,711.9
|
|
|
325,865.6
|
|
|
2,306.0
|
|
|
|
Series “A” Shares
|
|
|
Series “B” Shares
|
|
|
Series “D” Shares
|
|
|
Series “L” Shares
|
|
|
Shares Outstanding
|
|
|
CPOs Outstanding
|
|
As of January 1, 2022
|
|
114,085.0
|
|
|
51,463.5
|
|
|
81,873.7
|
|
|
81,873.7
|
|
|
329,295.9
|
|
|
2,339.2
|
|
Acquired (1)
|
|
(430.0
|
)
|
|
(378.4
|
)
|
|
(602.0
|
)
|
|
(602.0
|
)
|
|
(2,012.4
|
)
|
|
(17.2
|
)
|
Forfeited (1)
|
|
(14.6
|
)
|
|
(12.8
|
)
|
|
(20.4
|
)
|
|
(20.4
|
)
|
|
(68.2
|
)
|
|
(0.5
|
)
|
Released (1)
|
|
768.2
|
|
|
675.9
|
|
|
1,075.3
|
|
|
1,075.3
|
|
|
3,594.7
|
|
|
30.7
|
|
As of March 31, 2022
|
|
114,408.6
|
|
|
51,748.2
|
|
|
82,326.6
|
|
|
82,326.6
|
|
|
330,810.0
|
|
|
2,352.2
|
|
|
(1)
|
Acquired, released, or forfeited by a Company’s trust in connection with the Company’s LTRP.
|
|
(2)
|
Repurchased by the Company in connection with a share repurchase program.
|
12. |
Retained Earnings
|
13. |
Non-controlling Interests
|
14. |
Transactions with Related Parties
|
|
|
March 31, 2023
|
|
|
December 31, 2022
|
|
Current receivables:
|
|
|
|
|
|
|
TelevisaUnivision
|
Ps.
|
138,114
|
|
Ps.
|
136,944
|
|
Cadena de las Américas, S.A. de C.V. (1)
|
|
40,068
|
|
|
40,186
|
|
Televisa, S. de R.L. de C.V. (1)
|
|
501,917
|
|
|
22,650
|
|
Televisa Producciones, S.A. de C.V. (1)
|
|
56,963
|
|
|
15,535
|
|
Tritón Comunicaciones, S.A. de C.V.
|
|
17,611
|
|
|
11,140
|
|
ECO Producciones, S.A. de C.V. (1)
|
|
11,505
|
|
|
10,792
|
|
Other
|
|
102,875
|
|
|
73,977
|
|
|
Ps.
|
869,053
|
|
Ps.
|
311,224
|
|
|
|
|
|
|
|
|
Non-current receivables:
|
|
|
|
|
|
|
Televisa, S. de R.L. de C.V. (1) (2)
|
Ps.
|
6,534,793
|
|
Ps.
|
6,365,038
|
|
|
|
|
|
|
|
|
Current payables:
|
|
|
|
|
|
|
AT&T/ DirectTV
|
Ps.
|
32,975
|
|
Ps.
|
40,183
|
|
Desarrollo Vista Hermosa, S.A. de C.V. (1)
|
|
-
|
|
|
15,189
|
|
Other
|
|
86,526
|
|
|
32,952
|
|
|
Ps.
|
119,501
|
|
Ps.
|
88,324
|
|
|
(1) |
An indirect subsidiary of TelevisaUnivision.
|
|
(2) |
In January 2022, Televisa, S. de R.L. de C.V. entered into a long-term credit agreement
with the Company in the principal amount of Ps.5,738,832, with a fixed annual interest rate of 10.2%. Under the terms of this agreement, principal and interest are payable at maturity on April 30, 2026,
and prepayments of principal can be made by debtor at any time without any penalty. As of March 31, 2023 and December 31, 2022, amounts receivable from Televisa, S. de R. L. de C.V. in connection with
this long-term credit amounted to Ps.6,534,793 and Ps.6,365,038, respectively.
|
15. |
Other Expense, Net
|
|
|
March 31, 2023
|
|
|
March 31, 2022
|
|
Donations
|
Ps.
|
(7,500)
|
|
Ps.
|
(13,115)
|
|
Legal and financial advisory and professional services (1)
|
|
(15,145)
|
|
|
(38,293)
|
|
(Loss) gain on disposition of property and equipment
|
|
(25,738)
|
|
|
42,433
|
|
Deferred compensation (2)
|
|
(35,407)
|
|
|
(51,910)
|
|
Dismissal severance expense (3)
|
|
(15,468)
|
|
|
(75,467)
|
|
Expense related to COVID-19
|
|
(1,159)
|
|
|
(14,624)
|
|
Other, net
|
|
(81,763)
|
|
|
(17,352)
|
|
|
Ps.
|
(182,180)
|
|
Ps.
|
(168,328)
|
|
|
(1) |
Includes primarily advisory and professional services in connection with certain litigation, financial advisory, and other matters (see Note 3).
|
|
(2) |
Includes the service cost of a long-term deferred compensation plan for certain officers of the Group’s Cable segment, which payment becomes payable when
certain financial targets (as defined in the plan) are met.
|
(3) |
Includes severance expense in connection with the dismissals of personnel, as a part of a continued cost reduction plan.
|
16. |
Finance Expense, Net
|
|
|
March 31, 2023
|
|
|
March 31, 2022
|
|
Interest expense (1)
|
Ps.
|
(2,111,199
|
)
|
Ps.
|
(2,805,853
|
)
|
Other finance expense, net (2)
|
|
(306,597
|
)
|
|
(115,303
|
)
|
Foreign exchange loss, net (4)
|
|
(664,199
|
)
|
|
(2,307,433
|
)
|
Finance expense
|
|
(3,081,995
|
)
|
|
(5,228,589
|
)
|
Interest income (3)
|
|
883,420
|
|
|
338,920
|
|
Finance income
|
|
883,420
|
|
|
338,920
|
|
Finance expense, net
|
Ps.
|
(2,198,575
|
)
|
Ps.
|
(4,889,669
|
)
|
|
(1)
|
Interest expense for the three months ended March 31, 2023 and 2022 included: (i) interest related
to lease liabilities that were recognized beginning on January 1, 2019, in accordance with the guidelines of IFRS 16 Leases ("IFRS 16”), in the aggregate amount of
Ps.111,613, and Ps.125,923, respectively; (ii) interest related to satellite transponder lease agreement and other lease agreement that were recognized before adoption of IFRS 16 in the aggregate amount of
Ps.55,786, and Ps.68,773, respectively; (iii) interest related to dismantling obligations incurred primarily in connection with the Group’s Cable segment networks, in the aggregate amount of Ps.15,837 and
Ps.14,481, respectively; (iv) amortization of finance costs in the aggregate amount of Ps.30,408 and Ps.87,526, respectively; and (v) finance (income) or expense related to prepayment of long-term debt in the
aggregate amount of Ps.(5,964) and Ps.429,303, respectively (see Note 9).
|
|
(2)
|
Other finance expense, net, included a fair value net loss from derivative financial instruments.
|
|
(3)
|
This line item included primarily interest income from cash equivalents, as well as interest income
from a related party.
|
|
(4)
|
Foreign exchange loss, net, for the three months ended March 31, 2023 and 2022, included: foreign
exchange net loss resulted primarily from the appreciation of the Mexican peso against the U.S. dollar on the Group’s U.S. dollar-denominated monetary asset position, excluding designated hedging long-term debt
of the Group’s investments in TelevisaUnivision and Open-Ended Fund (see Note 9). The exchange rate of the Mexican peso against the U.S. dollar was of Ps.18.0275, Ps.19.4760, Ps.19.8670 and Ps.20.5031 as of March
31, 2023, December 31, 2022, March 31, 2022 and December 31, 2021, respectively.
|
17. |
Income Taxes
|
18. |
Earnings per CPO/Share
|
|
|
March 31, 2023
|
|
|
March 31, 2022
|
|
Total Shares
|
|
328,668,752
|
|
|
329,721,012
|
|
CPOs
|
|
2,330,004
|
|
|
2,342,874
|
|
Shares not in the form of CPO units:
|
|
|
|
|
|
|
Series “A” Shares
|
|
56,057,676
|
|
|
55,604,076
|
|
Series “B” Shares
|
|
187
|
|
|
187
|
|
Series “D” Shares
|
|
239
|
|
|
239
|
|
Series “L” Shares
|
|
239
|
|
|
239
|
|
|
|
2023
|
|
|
2022
|
|
||||||
|
|
Per CPO
|
|
Per Share (*
|
)
|
|
Per CPO
|
|
|
Per Share (*
|
)
|
|
Continuing operations
|
Ps.
|
(0.28
|
)
|
Ps.
|
0.0
|
|
Ps.
|
(0.72
|
)
|
Ps.
|
(0.01
|
)
|
Discontinued operations
|
|
0.0
|
|
|
0.0
|
|
|
19.40
|
|
|
0.17
|
|
Basic earnings per CPO/Share attributable to stockholders of the Company
|
Ps.
|
(0.28
|
)
|
Ps.
|
0.0
|
|
Ps.
|
18.68
|
|
Ps.
|
0.16
|
|
|
|
March 31, 2023
|
|
|
March 31, 2022
|
|
Total Shares
|
|
346,656,008
|
|
|
352,134,036
|
|
CPOs
|
|
2,439,074
|
|
|
2,485,895
|
|
Shares not in the form of CPO units:
|
|
|
|
|
|
|
Series “A” Shares
|
|
58,926,313
|
|
|
58,926,613
|
|
Series “B” Shares
|
|
2,357,208
|
|
|
2,357,208
|
|
Series “D” Shares
|
|
239
|
|
|
239
|
|
Series “L” Shares
|
|
239
|
|
|
239
|
|
|
|
2023
|
|
|
2022
|
|
|||||||
|
|
Per CPO
|
|
Per Share (*
|
)
|
|
Per CPO
|
|
|
Per Share (*
|
)
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Continuing operations
|
Ps.
|
(0.28
|
)
|
Ps.
|
0.0
|
|
Ps.
|
(0.72
|
)
|
Ps.
|
(0.01
|
)
|
|
Discontinued operations
|
|
0.0
|
|
|
0.0
|
|
|
19.40
|
|
|
0.17
|
|
|
Diluted earnings per CPO/Share attributable to stockholders of the Company
|
Ps.
|
(0.28
|
)
|
Ps.
|
0.0
|
|
Ps.
|
18.68
|
|
Ps.
|
0.16
|
|
19. |
Segment Information
|
|
|
Total Revenues
|
|
|
Intersegment Revenues
|
|
|
Consolidated Revenues
|
|
|
Segment Income
|
|
Thre months ended March, 31 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable
|
Ps.
|
12,122,775
|
|
Ps.
|
31,603
|
|
Ps.
|
12,091,172
|
|
Ps.
|
4,956,987
|
|
Sky
|
|
4,657,582
|
|
|
859
|
|
|
4,656,723
|
|
|
1,608,913
|
|
Other Businesses
|
|
1,850,308
|
|
|
78,570
|
|
|
1,771,738
|
|
|
403,906
|
|
Segment totals
|
|
18,630,665
|
|
|
111,032
|
|
|
18,519,633
|
|
|
6,969,806
|
|
Reconciliation to consolidated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(242,351
|
)
|
Intersegment operations
|
|
(111,032
|
)
|
|
(111,032
|
)
|
|
-
|
|
|
(29,869
|
)
|
Depreciation and amortization
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(5,311,659
|
)
|
Consolidated revenues and operating income before other expense
|
|
18,519,633
|
|
|
-
|
|
|
18,519,633
|
|
|
1,385,927
|
|
Other expense, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(182,180
|
)
|
Consolidated revenues and operating income
|
Ps.
|
18,519,633
|
|
Ps.
|
-
|
|
Ps.
|
18,519,633
|
|
Ps.
|
1,203,747
|
|
|
|
Total
Revenues
|
|
|
Intersegment Revenues
|
|
|
Consolidated Revenues
|
|
|
Segment Income
|
|
Three months ended March 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable
|
Ps.
|
11,804,454
|
|
Ps.
|
14,044
|
|
Ps.
|
11,790,410
|
|
Ps.
|
4,979,286
|
|
Sky
|
|
5,275,731
|
|
|
752
|
|
|
5,274,979
|
|
|
1,861,416
|
|
Other Businesses
|
|
1,661,173
|
|
|
117,349
|
|
|
1,543,824
|
|
|
376,524
|
|
Segment totals
|
|
18,741,358
|
|
|
132,145
|
|
|
18,609,213
|
|
|
7,217,226
|
|
Reconciliation to consolidated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses
|
|
|
|
|
-
|
|
|
-
|
|
|
(333,735
|
)
|
Intersegment operations
|
|
(132,145
|
)
|
|
(132,145
|
)
|
|
-
|
|
|
(418
|
)
|
Depreciation and amortization
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(5,077,384
|
)
|
Consolidated revenues and operating income before
other expense
|
|
18,609,213
|
|
|
-
|
|
|
18,609,213
|
|
|
1,805,689
|
(1)
|
Other expense, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(168,328
|
)
|
Consolidated revenues and operating income
|
Ps.
|
18,609,213
|
|
Ps.
|
-
|
|
Ps.
|
18,609,213
|
|
Ps.
|
1,637,361
|
(2)
|
|
(1)
|
This amount represents operating income before other expense, net.
|
|
(2)
|
This amount represents consolidated operating income of continuing operations.
|
|
|
Domestic
|
|
|
Export
|
|
|
Abroad
|
|
|
Total
|
|
Three months ended March 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable:
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital TV Service
|
Ps.
|
4,276,134
|
|
Ps.
|
-
|
|
Ps.
|
-
|
|
Ps.
|
4,276,134
|
|
Advertising
|
|
480,467
|
|
|
-
|
|
|
-
|
|
|
480,467
|
|
Broadband Services
|
|
4,891,301
|
|
|
-
|
|
|
-
|
|
|
4,891,301
|
|
Telephony
|
|
1,227,917
|
|
|
-
|
|
|
-
|
|
|
1,227,917
|
|
Other Services
|
|
224,854
|
|
|
-
|
|
|
-
|
|
|
224,854
|
|
Enterprise Operations
|
|
950,098
|
|
|
-
|
|
|
72,004
|
|
|
1,022,102
|
|
Sky:
|
|
|
|
|
|
|
|
|
|
|
|
|
DTH Broadcast Satellite TV
|
|
4,200,588
|
|
|
-
|
|
|
194,159
|
|
|
4,394,747
|
|
Advertising
|
|
252,592
|
|
|
-
|
|
|
-
|
|
|
252,592
|
|
Pay-Per-View
|
|
8,258
|
|
|
-
|
|
|
1,985
|
|
|
10,243
|
|
Other Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
|
|
714,845
|
|
|
-
|
|
|
-
|
|
|
714,845
|
|
Soccer, Sports and Show Business Promotion
|
|
545,793
|
|
|
33,432
|
|
|
-
|
|
|
579,225
|
|
Publishing – Magazines
|
|
54,921
|
|
|
-
|
|
|
-
|
|
|
54,921
|
|
Publishing – Advertising
|
|
15,646
|
|
|
-
|
|
|
-
|
|
|
15,646
|
|
Publishing Distribution
|
|
66,479
|
|
|
-
|
|
|
-
|
|
|
66,479
|
|
Transmission Concessions and Facilities
|
|
419,192
|
|
|
-
|
|
|
-
|
|
|
419,192
|
|
Segment totals
|
|
18,329,085
|
|
|
33,432
|
|
|
268,148
|
|
|
18,630,665
|
|
Intersegment eliminations
|
|
(111,032
|
)
|
|
-
|
|
|
-
|
|
|
(111,032
|
)
|
Consolidated total revenues of continuing operations
|
Ps.
|
18,218,053
|
|
Ps.
|
33,432
|
|
Ps.
|
268,148
|
|
Ps.
|
18,519,633
|
|
|
|
Domestic
|
|
|
Export
|
|
|
Abroad
|
|
|
Total
|
|
Three months ended March 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable:
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital TV Service
|
Ps.
|
3,932,596
|
|
Ps.
|
-
|
|
Ps.
|
-
|
|
Ps.
|
3,932,596
|
|
Advertising
|
|
467,435
|
|
|
-
|
|
|
-
|
|
|
467,435
|
|
Broadband Services
|
|
4,831,887
|
|
|
-
|
|
|
-
|
|
|
4,831,887
|
|
Telephony
|
|
1,271,724
|
|
|
-
|
|
|
-
|
|
|
1,271,724
|
|
Other Services
|
|
150,067
|
|
|
-
|
|
|
-
|
|
|
150,067
|
|
Enterprise Operations
|
|
1,097,443
|
|
|
-
|
|
|
53,302
|
|
|
1,150,745
|
|
Sky:
|
|
|
|
|
|
|
|
|
|
|
|
|
DTH Broadcast Satellite TV
|
|
4,666,668
|
|
|
-
|
|
|
323,395
|
|
|
4,990,063
|
|
Advertising
|
|
225,822
|
|
|
-
|
|
|
-
|
|
|
225,822
|
|
Pay-Per-View
|
|
56,883
|
|
|
-
|
|
|
2,963
|
|
|
59,846
|
|
Other Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
|
|
573,710
|
|
|
-
|
|
|
-
|
|
|
573,710
|
|
Soccer, Sports and Show Business Promotion
|
|
503,921
|
|
|
142,095
|
|
|
-
|
|
|
646,016
|
|
Publishing – Magazines
|
|
71,890
|
|
|
-
|
|
|
-
|
|
|
71,890
|
|
Publishing – Advertising
|
|
24,039
|
|
|
-
|
|
|
-
|
|
|
24,039
|
|
Publishing Distribution
|
|
59,647
|
|
|
-
|
|
|
-
|
|
|
59,647
|
|
Transmission Concessions and Facilities
|
|
285,871
|
|
|
-
|
|
|
-
|
|
|
285,871
|
|
Segment totals
|
|
18,219,603
|
|
|
142,095
|
|
|
379,660
|
|
|
18,741,358
|
|
Intersegment eliminations
|
|
(132,145
|
)
|
|
-
|
|
|
-
|
|
|
(132,145
|
)
|
Consolidated total revenues of continuing operations
|
Ps.
|
18,087,458
|
|
Ps.
|
142,095
|
|
Ps.
|
379,660
|
|
Ps.
|
18,609,213
|
|
20. |
Income from Discontinued Operations, Net
|
|
|
|
March 31, 2022
|
|
|
|
|
|
|
Net income from discontinued operations
|
|
Ps.
|
100,721
|
|
Gain on disposition of discontinued operations, net
|
|
|
54,664,682
|
|
Income from discontinued operations, net
|
|
Ps.
|
54,765,403
|
|
|
|
March 31, 2022
|
|
|
|
|
|
Net revenues
|
Ps.
|
2,302,875
|
|
Cost of revenues and operating expenses
|
|
2,001,380
|
|
Income before other expense
|
|
301,495
|
|
Other expense, net
|
|
(19,796
|
)
|
Operating income
|
|
281,699
|
|
Finance expense, net
|
|
(137,812
|
)
|
Share of income of associates, net
|
|
-
|
|
Income before income taxes
|
|
143,887
|
|
Income taxes
|
|
43,166
|
|
Net income from discontinued operations
|
Ps.
|
100,721
|
|
|
|
|
|
|
|
|
March 31, 2022
|
|
|
|
|
|
|
Gain on disposition of discontinued operations
before income taxes
|
|
Ps.
|
74,379,138
|
|
Income taxes
|
|
|
19,714,456
|
|
Gain on disposition of discontinued operations, net
|
|
Ps.
|
54,664,682
|
|
21. |
Impact of COVID-19
|
22. |
Lawsuit Settlement Agreement and Contingencies
|
STOCK EXCHANGE CODE: TLEVISA
GRUPO TELEVISA, S.A.B.
|
QUARTER: 01 | YEAR: 2023 |
/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 Phillips Margain
|
/s/ Luis Alejandro Bustos Olivares
|
|
CARLOS PHILLIPS MARGAIN
|
LUIS ALEJANDRO BUSTOS OLIVARES
|
|
CORPORATE VICE PRESIDENT OF FINANCE
|
LEGAL VICE PRESIDENT AND
|
|
GENERAL COUNSEL
|
GRUPO TELEVISA, S.A.B.
|
||||
(Registrant)
|
||||
Dated: May 2, 2023
|
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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