UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2006
GRUPO TELEVISA, S.A.
-------------------------------------------------
(Translation of registrant's name into English)
Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico, D.F.
---------------------------------------------------------------------
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
------- -------
(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.)
Yes No X
----- -----
(If "Yes" is marked indicate below the file number assigned to the
registrant in connection with Rule 12g-3-2(b): 82 .)
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2006 AND 2005
(Thousands of Mexican Pesos)
FINAL PRINTING
---------------------------------------------------------------------------------------------------------------------------------
CONCEPTS CURRENT YEAR PREVIOUS YEAR
REF ----------------------------------------------------------
S Amount % Amount %
---------------------------------------------------------------------------------------------------------------------------------
S01 TOTAL ASSETS 75,999,887 100 72,574,494 100
s02 CURRENT ASSETS 33,027,583 43 31,037,716 43
s03 CASH AND SHORT-TERM INVESTMENTS 17,650,476 23 17,398,202 24
s04 ACCOUNTS AND NOTES RECEIVABLE (NET) 9,348,563 12 7,346,577 10
s05 OTHER ACCOUNTS AND NOTES RECEIVABLE (NET) 1,305,976 2 1,080,315 1
s06 INVENTORIES 3,789,320 5 4,452,241 6
s07 OTHER CURRENT ASSETS 933,248 1 760,381 1
s08 LONG-TERM ASSETS 8,925,220 12 7,017,435 10
s09 ACCOUNTS AND NOTES RECEIVABLE (NET) - - - -
s10 INVESTMENT IN SHARES OF NON-CONSOLIDATED 6,856,744 9 6,819,383 9
SUBSIDIARIES AND ASSOCIATES
s11 OTHER INVESTMENTS 2,068,476 3 198,052 0
s12 PROPERTY, PLANT AND EQUIPMENT (NET) 19,761,221 26 19,839,727 27
s13 LAND AND BUILDINGS 13,484,570 18 13,445,092 19
s14 MACHINERY AND INDUSTRIAL EQUIPMENT 20,259,782 27 19,951,305 27
s15 OTHER EQUIPMENT 2,973,369 4 3,307,272 5
s16 ACCUMULATED DEPRECIATION 17,793,476 23 17,464,085 24
s17 CONSTRUCTION IN PROGRESS 836,976 1 600,143 1
s18 INTANGIBLE ASSETS AND DEFERRED CHARGES (NET) 10,303,472 14 10,145,364 14
s19 OTHER ASSETS 3,982,391 5 4,534,252 6
s20 TOTAL LIABILITIES 43,584,306 100 43,166,778 100
s21 CURRENT LIABILITIES 5,953,553 14 7,033,621 16
s22 SUPPLIERS 3,065,740 7 2,419,558 6
s23 BANK LOANS 245,604 1 94,003 0
s24 STOCK MARKET LOANS 58,260 0 2,307,958 5
s25 TAXES PAYABLE 357,922 1 576,146 1
s26 OTHER CURRENT LIABILITIES 2,226,027 5 1,635,956 4
s27 LONG-TERM LIABILITIES 20,134,594 46 20,480,507 47
s28 BANK LOANS 3,680,567 8 5,129,627 12
s29 STOCK MARKET LOANS 14,821,568 34 13,447,010 31
s30 OTHER LOANS 1,632,459 4 1,903,870 4
s31 DEFERRED LIABILITIES 17,113,143 39 14,134,715 33
s32 OTHER NON CURRENT LIABILITIES 383,016 1 1,517,935 4
s33 CONSOLIDATED STOCKHOLDERS' EQUITY 32,415,581 100 29,407,716 100
s34 MINORITY INTEREST 1,237,288 4 (124,281) (0)
s35 MAJORITY INTEREST 31,178,293 96 29,531,997 100
s36 CONTRIBUTED CAPITAL 14,224,126 44 14,224,126 48
s79 CAPITAL STOCK 9,975,175 31 9,975,175 34
s39 PREMIUM ON SALES OF SHARES 4,248,951 13 4,248,951 14
s40 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES - 0 - 0
s41 EARNED CAPITAL 16,954,167 52 15,307,871 52
s42 RETAINED EARNINGS AND CAPITAL RESERVE 29,341,044 91 26,826,218 91
s44 ACCUMULATED OTHER COMPREHENSIVE RESULT (5,257,723) (16) (5,229,364) (18)
s80 SHARES REPURCHASED (7,129,154) (22) (6,288,983) (21)
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
CONSOLIDATED BALANCE SHEETS
BREAKDOWN OF MAJOR CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
---------------------------------------------------------------------------------------------------------------------------------
REF CONCEPTS CURRENT YEAR PREVIOUS YEAR
S ------------------------------------------------------------
Amount % Amount %
---------------------------------------------------------------------------------------------------------------------------------
S03 CASH AND SHORT-TERM INVESTMENTS 17,650,476 100 17,398,202 100
s46 CASH 428,317 2 269,881 2
s47 SHORT-TERM INVESTMENTS 17,222,159 98 17,128,321 98
s07 OTHER CURRENT ASSETS 933,248 100 760,381 100
s81 DERIVATIVE FINANCIAL INSTRUMENTS - - - -
s82 DISCONTINUED OPERATIONS - - - -
s83 OTHER 933,248 100 760,381 100
s18 INTANGIBLE ASSETS AND DEFERRED CHARGES (NET) 10,303,472 100 10,145,364 100
s48 DEFERRED EXPENSES (NET) 2,879,870 28 2,289,843 23
s49 GOODWILL 7,423,602 72 7,855,521 77
s51 OTHER - - - -
s19 OTHER ASSETS 3,982,391 100 4,534,252 100
s84 INTANGIBLE ASSET FROM LABOR OBLIGATIONS - - - -
s85 DERIVATIVE FINANCIAL INSTRUMENTS - - - -
s50 DEFERRED TAXES - - - -
s86 DISCONTINUED OPERATIONS - - - -
s87 OTHER 3,982,391 100 4,534,252 100
s21 CURRENT LIABILITIES 5,953,553 100 7,033,621 100
s52 FOREIGN CURRENCY LIABILITIES 2,257,989 38 4,097,364 58
s53 MEXICAN PESOS LIABILITIES 3,695,564 62 2,936,257 42
s26 OTHER CURRENT LIABILITIES 2,226,027 100 1,635,956 100
s88 DERIVATIVE FINANCIAL INSTRUMENTS 326,999 15 72,569 4
s89 ACCRUED INTEREST 98,173 4 130,113 8
s68 PROVISIONS - - - -
s90 DISCONTINUED OPERATIONS - - - -
s58 OTHER 1,800,855 81 1,433,274 88
s27 LONG-TERM LIABILITIES 20,134,594 100 20,480,507 100
s59 FOREIGN CURRENCY LIABILITIES 15,424,940 77 14,396,453 70
s60 MEXICAN PESOS LIABILITIES 4,709,654 23 6,084,054 30
s31 DEFERRED LIABILITIES 17,113,143 100 14,134,715 100
s65 NEGATIVE GOODWILL - - - -
s67 OTHER 17,113,143 100 14,134,715 100
s32 OTHER NON CURRENT LIABILITIES 383,016 100 1,517,935 100
s66 DEFERRED TAXES 175,671 46 1,372,937 90
s91 LABOR OBLIGATIONS 207,345 54 144,998 10
s92 DISCONTINUED OPERATIONS - - - -
s69 OTHER LIABILITIES - - - -
s79 CAPITAL STOCK 9,975,175 100 9,975,175 100
s37 CAPITAL STOCK (NOMINAL) 2,524,174 25 2,524,174 25
s38 RESTATEMENT OF CAPITAL STOCK 7,451,001 75 7,451,001 75
s42 RETAINED EARNINGS AND CAPITAL RESERVE 29,341,044 100 26,826,218 100
s93 LEGAL RESERVE 1,813,974 6 1,589,010 6
s43 RESERVE FOR REPURCHASE OF SHARES 5,794,371 20 5,794,371 22
s94 OTHER RESERVES - - - -
s95 RETAINED EARNINGS 20,439,091 70 18,828,514 70
s45 NET INCOME 1,293,608 4 614,323 2
s44 ACCUMULATED OTHER COMPREHENSIVE RESULT (5,257,723) 100 (5,229,364) 100
s70 ACCUMULATED MONETARY RESULT (32,873) 1 (32,873) 1
s71 RESULT FROM HOLDING NON-MONETARY ASSETS (2,203,260) 42 (1,895,444) 36
s96 CUMULATIVE RESULT FROM FOREING CURRENCY TRANSLATION (1,857,298) 35 (1,795,045) 34
s97 CUMULATIVE RESULT FROM DERIVATIVE FINANCIAL INSTRUMENTS - - (24,946) 0
s98 CUMULATIVE EFFECT OF DEFERRED INCOME TAXES (3,012,454) 57 (3,012,454) 58
s99 LABOR OBLIGATIONS ADJUSTMENT - - - -
s100 OTHER 1,848,162 (35) 1,531,398 (29)
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENTS
OTHER CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
--------------------------------------------------------------------------------
REF CONCEPTS CURRENT YEAR PREVIOUS YEAR
S -----------------------------------
Amount Amount
--------------------------------------------------------------------------------
s72 WORKING CAPITAL 27,074,030 24,004,095
s73 PENSIONS AND SENIORITY PREMIUMS 1,413,979 1,172,601
s74 EXECUTIVES (*) 34 36
s75 EMPLOYEES (*) 15,325 14,547
s76 WORKERS (*) - -
s77 OUTSTANDING SHARES (*) 341,556,389,967 342,978,445,407
s78 REPURCHASED SHARES (*) 27,716,980,434 26,294,924,994
s101 RESTRICTED CASH 132,826 144,641
s102 NET DEBT OF NON CONSOLIDATED COMPANIES 16,322,841 13,606,935
--------------------------------------------------------------------------------
(*) THESE CONCEPTS ARE STATED IN UNITS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
FROM JANUARY 1 THROUGH MARCH 31, 2006 AND 2005
(Thousands of Mexican Pesos)
FINAL PRINTING
------------------------------------------------------------------------------------------------------------------------------------
REF CONCEPTS CURRENT YEAR PREVIOUS YEAR
--------------------------------------------------------
R Amount % Amount %
------------------------------------------------------------------------------------------------------------------------------------
r01 NET SALES 7,462,303 100 6,586,946 100
r02 COST OF SALES 3,992,091 53 3,743,344 57
r03 GROSS PROFIT 3,470,212 47 2,843,602 43
r04 OPERATING EXPENSES 1,293,800 17 1,142,789 17
r05 OPERATING INCOME 2,176,412 29 1,700,813 26
r06 INTEGRAL FINANCING COST 212,612 3 313,098 5
r07 INCOME AFTER INTEGRAL FINANCING COST 1,963,800 26 1,387,715 21
r08 OTHER EXPENSE AND INCOME, NET 27,398 0 32,457 0
r44 NON-RECURRING CHARGES 59,191 1 174,207 3
r09 INCOME BEFORE TAXES AND EMPLOYEES' PROFIT
SHARING 1,877,211 25 1,181,051 18
r10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT
SHARING 513,329 7 321,703 5
r11 NET INCOME AFTER TAXES AND EMPLOYEES' PROFIT
SHARING 1,363,882 18 859,348 13
r12 SHARE IN NET INCOME OF NON-CONSOLIDATED
SUBSIDIARIES AND ASSOCIATES 47,119 1 19,002 0
r13 CONSOLIDATED NET INCOME OF CONTINUING
OPERATIONS 1,411,001 19 878,350 13
r14 INCOME FROM DISCONTINUED OPERATIONS - 0 - 0
r15 CONSOLIDATED NET INCOME BEFORE EXTRAORDINARY
ITEMS 1,411,001 19 878,350 13
r16 EXTRAORDINARY ITEMS, NET EXPENSE (INCOME) - 0 - 0
r17 CUMULATIVE EFFECT FROM ACCOUNTING CHANGE, NET - 0 183,963 3
r18 NET CONSOLIDATED INCOME 1,411,001 19 694,387 11
r19 NET INCOME OF MINORITY INTEREST 117,393 2 80,064 1
r20 NET INCOME OF MAJORITY INTEREST 1,293,608 17 614,323 9
------------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
------------------------------------------------------------------------------------------------------------------------------------
REF CONCEPTS CURRENT YEAR PREVIOUS YEAR
---------------------------------------------------------
R Amount % Amount %
------------------------------------------------------------------------------------------------------------------------------------
r01 NET SALES 7,462,303 100 6,586,946 100
r21 DOMESTIC 6,570,533 88 5,772,688 88
r22 FOREIGN 891,770 12 814,258 12
r23 TRANSLATED INTO DOLLARS (***) 81,784 1 70,561 1
r06 INTEGRAL FINANCING COST 212,612 100 313,098 100
r24 INTEREST EXPENSE 460,066 216 555,431 177
r42 LOSS (GAIN) ON RESTATEMENT OF UDI'S 11,163 5 10,594 3
r45 OTHER FINANCIAL COSTS - 0 - 0
r26 INTEREST INCOME 276,984 130 302,311 97
r46 OTHER FINANCIAL PRODUCTS - 0 - 0
r25 FOREIGN EXCHANGE LOSS (GAIN), NET (28,571) (13) 30,826 10
r28 RESULT FROM MONETARY POSITION 46,938 22 18,558 6
r10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT SHARING 513,329 100 321,703 100
r32 INCOME TAX AND ASSET TAX, CURRENT 525,619 102 271,552 84
r33 INCOME TAX AND ASSET TAX, DEFERRED (14,272) (3) 49,269 15
r34 EMPLOYEES' PROFIT SHARING, CURRENT 1,982 0 882 0
r35 EMPLOYEES' PROFIT SHARING, DEFERRED - 0 - 0
------------------------------------------------------------------------------------------------------------------------------------
(***) THOUSANDS OF DOLLARS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
OTHER CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
--------------------------------------------------------------------------------
REF CONCEPTS CURRENT YEAR PREVIOUS YEAR
---------------------------------
R Amount Amount
--------------------------------------------------------------------------------
r36 TOTAL SALES 8,055,131 9,611,991
r37 TAX RESULT FOR THE YEAR 3,180,971 559,756
r38 NET SALES (**) 33,637,911 31,494,161
r39 OPERATING INCOME (**) 11,372,014 9,367,966
r40 NET INCOME OF MAJORITY INTEREST (**) 6,857,917 4,604,031
r41 NET CONSOLIDATED INCOME (**) 7,988,662 4,946,422
r47 DEPRECIATION AND AMORTIZATION 629,201 560,572
--------------------------------------------------------------------------------
(**) RESTATED INFORMATION FOR THE LAST TWELVE MONTHS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
FROM JANUARY 1 THROUGH MARCH 31, 2006 AND 2005
(Thousands of Mexican Pesos)
FINAL PRINTING
------------------------------------------------------------------------------------------------------------------------------------
REF CONCEPTS CURRENT YEAR PREVIOUS YEAR
------------------------------------------------------------
RT Amount % Amount %
------------------------------------------------------------------------------------------------------------------------------------
rt01 NET SALES 7,462,303 100 6,586,946 100
rt02 COST OF SALES 3,992,091 53 3,743,344 57
rt03 GROSS PROFIT 3,470,212 47 2,843,602 43
rt04 OPERATING EXPENSES 1,293,800 17 1,142,789 17
rt05 OPERATING INCOME 2,176,412 29 1,700,813 26
rt06 INTEGRAL FINANCING COST 212,612 3 313,098 5
rt07 INCOME AFTER INTEGRAL FINANCING COST 1,963,800 26 1,387,715 21
rt08 OTHER EXPENSE AND INCOME, NET 27,398 0 32,457 0
rt44 NON-RECURRING CHARGES 59,191 1 174,207 3
rt09 INCOME BEFORE TAXES AND EMPLOYEES' PROFIT
SHARING 1,877,211 25 1,181,051 18
rt10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT
SHARING 513,329 7 321,703 5
rt11 NET INCOME AFTER TAXES AND EMPLOYEES' PROFIT
SHARING 1,363,882 18 859,348 13
rt12 SHARE IN NET INCOME OF NON-CONSOLIDATED
SUBSIDIARIES AND ASSOCIATES 47,119 1 19,002 0
rt13 CONSOLIDATED NET INCOME OF CONTINUING
OPERATIONS 1,411,001 19 878,350 13
rt14 INCOME FROM DISCONTINUED OPERATIONS - 0 - 0
rt15 CONSOLIDATED NET INCOME BEFORE EXTRAORDINARY
ITEMS 1,411,001 19 878,350 13
rt16 EXTRAORDINARY ITEMS, NET EXPENSE (INCOME) - 0 - 0
rt17 CUMULATIVE EFFECT FROM ACCOUNTING CHANGE, NET - 0 183,963 3
rt18 NET CONSOLIDATED INCOME 1,411,001 19 694,387 11
rt19 NET INCOME OF MINORITY INTEREST 117,393 2 80,064 1
rt20 NET INCOME OF MAJORITY INTEREST 1,293,608 17 614,323 9
------------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
------------------------------------------------------------------------------------------------------------------------------------
REF CONCEPTS CURRENT YEAR PREVIOUS YEAR
----------------------------------------------------------
RT Amount % Amount %
------------------------------------------------------------------------------------------------------------------------------------
rt01 NET SALES 7,462,303 100 6,586,946 100
rt21 DOMESTIC 6,570,533 88 5,772,688 88
rt22 FOREIGN 891,770 12 814,258 12
rt23 TRANSLATED INTO DOLLARS (***) 81,784 1 70,561 1
rt06 INTEGRAL FINANCING COST 212,612 100 313,098 100
rt24 INTEREST EXPENSE 460,066 216 555,431 177
rt42 LOSS (GAIN) ON RESTATEMENT OF UDI'S 11,163 5 10,594 3
rt45 OTHER FINANCIAL COSTS - 0 - 0
rt26 INTEREST INCOME 276,984 130 302,311 97
rt46 OTHER FINANCIAL PRODUCTS - 0 - 0
rt25 FOREIGN EXCHANGE LOSS (GAIN), NET (28,571) (13) 30,826 10
rt28 RESULT FROM MONETARY POSITION 46,938 22 18,558 6
rt10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT SHARING 513,329 100 321,703 100
rt32 INCOME TAX AND ASSET TAX, CURRENT 525,619 102 271,552 84
rt33 INCOME TAX AND ASSET TAX, DEFERRED (14,272) (3) 49,269 15
rt34 EMPLOYEES' PROFIT SHARING, CURRENT 1,982 0 882 0
rt35 EMPLOYEES' PROFIT SHARING, DEFERRED - 0 - 0
------------------------------------------------------------------------------------------------------------------------------------
(***) THOUSANDS OF DOLLARS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
OTHER CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
--------------------------------------------------------------------------------
REF CONCEPTS CURRENT YEAR PREVIOUS YEAR
----------------------------------
RT Amount Amount
--------------------------------------------------------------------------------
rt47 DEPRECIATION AND AMORTIZATION 629,201 560,572
--------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
FROM JANUARY 1 THROUGH MARCH 31, 2006 AND 2005
(Thousands of Mexican Pesos)
FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------------
REF CONCEPTS CURRENT YEAR PREVIOUS YEAR
-------------------------------------------------------
C Amount Amount
--------------------------------------------------------------------------------------------------------------------------------
c01 CONSOLIDATED NET INCOME 1,411,001 694,387
c02 + (-) ITEMS ADDED TO INCOME WHICH DO NOT REQUIRE
USING RESOURCES 563,468 828,922
C03 RESOURCES FROM NET INCOME FOR THE YEAR 1,974,469 1,523,309
c04 RESOURCES PROVIDED OR USED IN OPERATION 2,520,190 1,679,845
C05 RESOURCES PROVIDED BY (USED FOR) OPERATING
ACTIVITIES 4,494,659 3,203,154
c06 RESOURCES PROVIDED BY (USED FOR) EXTERNAL
FINANCING ACTIVITIES 408,788 (2,300,465)
c07 RESOURCES PROVIDED BY (USED FOR) INTERNAL
FINANCING ACTIVITIES 250,547 20,330
C08 RESOURCES PROVIDED BY (USED FOR) FINANCING
ACTIVITIES 659,335 (2,280,135)
C09 RESOURCES PROVIDED BY (USED FOR) INVESTMENT
ACTIVITIES (2,409,553) (869,792)
c10 NET INCREASE (DECREASE) IN CASH AND SHORT-TERM
INVESTMENTS 2,744,441 53,227
c11 CASH AND SHORT-TERM INVESTMENTS AT THE
BEGINNING OF PERIOD 14,906,035 17,344,975
c12 CASH AND SHORT-TERM INVESTMENTS AT THE END
OF PERIOD 17,650,476 17,398,202
--------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------------
REF CONCEPTS CURRENT YEAR PREVIOUS YEAR
-------------------------------------------------------
C Amount Amount
--------------------------------------------------------------------------------------------------------------------------------
c02 + (-) ITEMS ADDED TO INCOME WHICH DO NOT REQUIRE
USING RESOURCES 563,468 828,922
c13 + DEPRECIATION AND AMORTIZATION FOR THE YEAR 629,201 560,572
c41 + (-) OTHER ITEMS (65,733) 268,350
c04 RESOURCES PROVIDED OR USED IN OPERATION 2,520,190 1,679,845
c18 + (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE 4,668,176 4,358,230
c19 + (-) DECREASE (INCREASE) IN INVENTORIES 126,525 170,455
c20 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS
RECEIVABLE AND OTHER ASSETS (783,607) 106,825
c21 + (-) INCREASE (DECREASE) IN SUPPLIERS 85,408 194,024
c22 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES (1,576,312) (3,149,689)
c06 RESOURCES PROVIDED BY (USED FOR) EXTERNAL
FINANCING ACTIVITIES 408,788 (2,300,465)
c23 + BANK FINANCING - -
c24 + STOCK MARKET FINANCING - 4,615,916
c25 + DIVIDEND RECEIVED - -
c26 + OTHER FINANCING - -
c27 (-) BANK FINANCING AMORTIZATION - (47,900)
c28 (-) STOCK MARKET FINANCING AMORTIZATION (37,544) (6,597,584)
c29 (-) OTHER FINANCING AMORTIZATION - (16,233)
c42 + (-) OTHER ITEMS 446,332 (254,664)
c07 RESOURCES PROVIDED BY (USED FOR) INTERNAL
FINANCING ACTIVITIES 250,547 20,330
c30 + (-) INCREASE (DECREASE) IN CAPITAL STOCK - -
c31 (-) DIVIDENDS PAID - -
c32 + PREMIUM ON SALE OF SHARES - -
c33 + CONTRIBUTION FOR FUTURE CAPITAL INCREASES - -
c43 + (-) OTHER ITEMS 250,547 20,330
c09 RESOURCES PROVIDED BY (USED FOR) INVESTMENT
ACTIVITIES (2,409,553) (869,792)
c34 + (-) DECREASE (INCREASE) IN PERMANENT INVESTMENTS (1,032,544) 59,220
c35 (-) ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT (514,963) (444,177)
c36 (-) INCREASE IN CONSTRUCTION IN PROGRESS - -
c37 + (-) SALE OF OTHER PERMANENT INVESTMENTS - -
c38 + SALE OF TANGIBLE FIXED ASSETS 188,793 62,562
c39 + (-) OTHER ITEMS (1,050,839) (547,397)
------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
RATIOS
CONSOLIDATED
FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------------
REF CONCEPTS CURRENT YEAR PREVIOUS YEAR
P
--------------------------------------------------------------------------------------------------------------------------------
YIELD
p01 NET INCOME TO NET SALES 18.90 % 10.54 %
p02 NET INCOME TO STOCKHOLDERS' EQUITY (**) 21.99 % 15.58 %
p03 NET INCOME TO TOTAL ASSETS (**) 10.51 % 6.81 %
p04 CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME 0.00 % 0.00 %
p05 RESULT FROM MONETARY POSITION TO NET INCOME (3.32) % (2.67) %
ACTIVITY
p06 NET SALES TO NET ASSETS (**) 0.44 times 0.43 times
p07 NET SALES TO FIXED ASSETS (**) 1.70 times 1.58 times
p08 INVENTORIES TURNOVER (**) 4.52 times 3.90 times
p09 ACCOUNTS RECEIVABLE IN DAYS OF SALES 98.04 days 87.28 days
p10 PAID INTEREST TO TOTAL LIABILITIES WITH COST (**) 10.09 % 10.01 %
LEVERAGE
p11 TOTAL LIABILITIES TO TOTAL ASSETS 57.34 % 59.47 %
p12 TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY 1.34 times 1.46 times
p13 FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES 40.57 % 42.84 %
p14 LONG-TERM LIABILITIES TO FIXED ASSETS 101.88 % 103.22 %
p15 OPERATING INCOME TO INTEREST PAID 4.73 times 3.06 times
p16 NET SALES TO TOTAL LIABILITIES (**) 0.77 times 0.72 times
LIQUIDITY
p17 CURRENT ASSETS TO CURRENT LIABILITIES 5.54 times 4.41 times
p18 CURRENT ASSETS LESS INVENTORY TO CURRENT
LIABILITIES 4.91 times 3.77 times
p19 CURRENT ASSETS TO TOTAL LIABILITIES 0.75 times 0.71 times
p20 AVAILABLE ASSETS TO CURRENT LIABILITIES 296.46 % 247.35 %
STATEMENTS OF CHANGES
p21 RESOURCES FROM NET INCOME TO NET SALES 26.45 % 23.12 %
p22 RESOURCES FROM CHANGES IN WORKING CAPITAL TO
NET SALES 33.77 % 25.50 %
p23 RESOURCES GENERATED (USED) IN OPERATING TO
INTEREST PAID 9.76 times 5.76 times
p24 EXTERNAL FINANCING TO RESOURCES PROVIDED BY
(USED FOR) FINANCING 62.00 % 100.89 %
p25 INTERNAL FINANCING TO RESOURCES PROVIDED BY
(USED FOR) FINANCING 37.99 % (0.89) %
p26 ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT TO
RESOURCES PROVIDED BY (USED FOR) INVESTMENT
ACTIVITIES 21.37 % 51.06 %
---------------------------------------------------------------------------------------------------------------
(**) IN THESE RATIOS FOR THE DATA TAKE INTO CONSIDERATION THE LAST
TWELVE MONTHS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
DATA PER SHARE
CONSOLIDATED FINANCIAL STATEMENT
FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------------
REF CONCEPTS CURRENT YEAR PREVIOUS YEAR
D ------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
d01 BASIC PROFIT PER ORDINARY SHARE (**) $ .02 $ .01
d02 BASIC PROFIT PER PREFERRED SHARE (**) $ .00 $ .00
d03 DILUTED PROFIT PER ORDINARY SHARE (**) $ .00 $ .00
d04 CONTINUING OPERATING PROFIT PER COMMON SHARE (**) $ .02 $ .02
d05 EFFECT OF DISCONTINUED OPERATION ON CONTINUING
OPERATING PROFIT PER SHARE (**) $ .00 $ .00
d06 EFFECT OF EXTRAORDINARY PROFIT AND LOSS ON
CONTINUING OPERATING PROFIT PER SHARE (**) $ .00 $ .00
d07 EFFECT BY CHANGES IN ACCOUNTING POLICIES ON
CONTINUING OPERATING PROFIT PER SHARE (**) $ .00 $ .00
d08 CARRYING VALUE PER SHARE $ .09 $ .09
d09 CASH DIVIDEND ACCUMULATED PER SHARE $ .00 $ .00
d10 DIVIDEND IN SHARES PER SHARE .00 shares .00 shares
d11 MARKET PRICE TO CARRYING VALUE 4.04 times 3.26 times
d12 MARKET PRICE TO BASIC PROFIT PER ORDINARY SHARE (**) 18.29 times 20.88 times
d13 MARKET PRICE TO BASIC PROFIT PER PREFERED SHARE (**) .00 times .00 times
-----------------------------------------------------------------------------------------------------------------------------
(**) TO CALCULATE THE DATA PER SHARE USE THE NET INCOME FOR THE LAST
TWELVE MONTHS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES (1)
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
STATEMENT OF CHANGES - ANALYSIS OF MAJOR CONCEPTS
LINE C43: "OTHER ITEMS" INCLUDES PS.345,996 OF RESALE OF SHARES REPURCHASED,
PS.(497,726) OF REPURCHASE OF SHARES, PS.42,031 OF SHARES COMPENSATION PLAN
AND PS.360,246 OF BENEFIT DILUTION IN GRUPO INNOVA.
THIS PRESENTATION WAS MADE AS DISCLOSED ABOVE DUE TO THE FACT THAT THE
CURRENT FORMAT FOR THE STATEMENT OF CHANGES IN FINANCIAL POSITION IS
RESTRICTED TO CERTAIN STANDARD CONCEPTS.
LINE S102: THESE AMOUNTS ARE RECOGNIZED AS OTHER INVESTMENTS (REF. S11)
---------------------------
(1) THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL STATEMENT
AMOUNTS, INCLUDING THEIR BREAKDOWN OF MAIN CONCEPTS AND OTHER
CONCEPTS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
ANALYSIS OF PAID CAPITAL STOCK CONSOLIDATED
FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
CAPITAL STOCK
NUMBER OF SHARES (Thousands of Mexican Pesos)
------------------------------------------------------------------------------------------
NOMINAL VALID FIXED VARIABLE FREE
SERIES VALUE COUPON PORTION PORTION MEXICAN SUBSCRIPTION FIXED VARIABLE
-----------------------------------------------------------------------------------------------------------------------------------
A 114,591,036,440 114,591,036,440 852,636
-----------------------------------------------------------------------------------------------------------------------------------
B 54,274,351,515 54,274,351,515 411,974
-----------------------------------------------------------------------------------------------------------------------------------
D 86,345,501,006 86,345,501,006 629,782
-----------------------------------------------------------------------------------------------------------------------------------
L 86,345,501,006 86,345,501,006 629,782
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL 341,556,389,967 0 255,210,888,961 86,345,501,006 2,524,174 0
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL NUMBER OF SHARES REPRESENTING THE PAID-IN CAPITAL STOCK ON THE DATE THE INFORMATION WAS SENT: 341,556,389,967
---------------
NOTES:
THE TABLE ABOVE REFLECTS OUTSTANDING SHARES PLUS THE SHARES REPURCHASED REPRESENT THE
TOTAL NUMBER OF SHARES ISSUED. SEE NOTE TO CONSOLIDATED FINANCIAL STATEMENTS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA DATE: 4/28/2006
GENERAL DATA OF ISSUER
-------------------------------------------------------------------------------
COMPANY'S NAME: GRUPO TELEVISA, S.A.
ADDRESS: AV. VASCO DE QUIROGA # 2000
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-20-00
FAX: 5261-24-94
INTERNET ADDRESS: www.televisa.com.mx
TAX DATA OF THE ISSUER
-------------------------------------------------------------------------------
COMPANY TAX CODE: GTE901219GK3
ADDRESS: AV. VASCO DE QUIROGA # 2000
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
EXECUTIVES DATA
-------------------------------------------------------------------------------
BMV POSITION: CHAIRMAN OF THE BOARD
POSITION: CHAIRMAN OF THE BOARD
NAME: SR. EMILIO FERNANDO AZCARRAGA JEAN
ADDRESS: AV. CHAPULTEPEC # 28 PISO 1
NEIGHBORHOOD: DOCTORES
ZIP CODE: 06724
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5709-42-89
FAX: 5709-39-88
E-MAIL: emilio@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: GENERAL DIRECTOR
POSITION: PRESIDENT AND CHIEF EXECUTIVE OFFICER
NAME: SR. EMILIO FERNANDO AZCARRAGA JEAN
ADDRESS: AV. CHAPULTEPEC # 28 PISO 1
NEIGHBORHOOD: DOCTORES
ZIP CODE: 06724
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5709-42-89
FAX: 5709-39-88
E-MAIL: emilio@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: FINANCE DIRECTOR
POSITION: CHIEF FINANCIAL OFFICER
NAME: LIC. SALVI FOLCH VIADERO
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-80
FAX: 5261-20-39
E-MAIL: sfolch@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR SENDING CORPORATE INFORMATION
POSITION: VICE PRESIDENT - LEGAL AND GENERAL COUNSEL OF
GRUPO TELEVISA
NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR SENDING SHARE REPURCHASE
INFORMATION
POSITION: DIRECTOR FINANCIAL OFFICER
NAME: LIC. GUADALUPE PHILLIPS MARGAIN
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 3
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-21-35
FAX: 5261-25-24
E-MAIL: gphilips@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR LEGAL MATTERS
POSITION: VICE PRESIDENT - LEGAL AND GENERAL COUNSEL
NAME: LIC. JOAQUIN BALCARCEL SANTA CRUZ
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-24-33
FAX: 5261-25-46
E-MAIL: jbalcarcel@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR SENDING FINANCIAL INFORMATION
POSITION: DIRECTOR OF CORPORATE FINANCIAL INFORMATION
NAME: C.P.C. JOSE RAUL GONZALEZ LIMA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-77
FAX: 5261-20-43
E-MAIL: rglima@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR SENDING RELEVANT EVENTS
POSITION: DIRECTOR OF INVESTOR RELATIONS
NAME: LIC. MICHEL BOYANCE BALDWIN
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-24-46
FAX: 5261-24-94
E-MAIL: mboyance@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE OF INFORMATION TO INVESTORS
POSITION: DIRECTOR OF INVESTOR RELATIONS
NAME: LIC. MICHEL BOYANCE BALDWIN
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-24-46
FAX: 5261-24-94
E-MAIL: mboyance@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: SECRETARY OF THE BOARD OF DIRECTORS
POSITION: EXTERNAL GENERAL COUNSEL
NAME: LIC. RICARDO MALDONADO YANEZ
ADDRESS: MONTES URALES # 505, PISO 3
NEIGHBORHOOD: LOMAS DE CHAPULTEPEC
ZIP CODE: 11000
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5201-74-47
FAX: 5520-10-65
E-MAIL: rmaldonado@macf.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR PAYMENT
POSITION: DIRECTOR OF CORPORATE FINANCIAL INFORMATION
NAME: C.P.C. JOSE RAUL GONZALEZ LIMA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-77
FAX: 5261-20-43
E-MAIL: rglima@televisa.com.mx
-------------------------------------------------------------------------------
BOARD OF DIRECTORS
-------------------------------------------------------------------------------
POSITION: PRESIDENT
NAME: EMILIO FERNANDO AZCARRAGA JEAN
-------------------------------------------------------------------------------
POSITION: VICE PRESIDENT
NAME: MARIA ASUNCION ARAMBURUZABALA LARREGUI
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: PEDRO ASPE ARMELLA
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: ALBERTO BAILLERES GONZALEZ
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: JULIO BARBA HURTADO
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: JOSE ANTONIO BASTON PATINO
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: MANUEL J. CUTILLAS COVANI
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: ALFONSO DE ANGOITIA NORIEGA
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: CARLOS FERNANDEZ GONZALEZ
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: BERNARDO GOMEZ MARTINEZ
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: CLAUDIO X. GONZALEZ LAPORTE
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: ROBERTO HERNANDEZ RAMIREZ
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: ENRIQUE KRAUZE KLEINBORT
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: GERMAN LARREA MOTA VELASCO
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: GILBERTO PEREZALONSO CIFUENTES
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: ALEJANDRO QUINTERO INIGUEZ
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: FERNANDO SENDEROS MESTRE
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: ENRIQUE FRANCISCO J. SENIOR HERNANDEZ
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: CARLOS SLIM DOMIT
-------------------------------------------------------------------------------
POSITION: DIRECTOR
NAME: LORENZO H. ZAMBRANO TREVINO
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: HERBERT ALLEN III
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: JUAN PABLO ANDRADE FRICH
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: LUCRECIA ARAMBURUZABALA LARREGUI
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: FELIX ARAUJO RAMIREZ
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: MAXIMILIANO ARTEAGA CARLEBACH
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: JOAQUIN BALCARCEL SANTA CRUZ
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: JUAN FERNANDO CALVILLO ARMENDARIZ
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: RAFAEL CARABIAS PRINCIPE
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: FRANCISCO JOSE CHEVEZ ROBELO
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: JOSE LUIS FERNANDEZ FERNANDEZ
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: SALVI FOLCH VIADERO
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: LEOPOLDO GOMEZ GONZALEZ BLANCO
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: JOSE HEREDIA BRETON
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: JOSE ANTONIO LARA DEL OLMO
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: JORGE LUTTEROTH ECHEGOYEN
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: JUAN SEBASTIAN MIJARES ORTEGA
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: ALBERTO MONTIEL CASTELLANOS
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: RAUL MORALES MEDRANO
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: ALEXANDRE MOREIRA PENNA DA SILVA
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR
NAME: GUILLERMO NAVA GOMEZ-TAGLE
-------------------------------------------------------------------------------
POSITION: STATUTORY AUDITOR
NAME: MARIO SALAZAR ERDMANN
-------------------------------------------------------------------------------
POSITION: ALTERNATE STATUTORY AUDITOR
NAME: JOSE MIGUEL ARRIETA MENDEZ
-------------------------------------------------------------------------------
POSITION: SECRETARY OF THE BOARD
NAME: RICARDO MALDONADO YANEZ
-------------------------------------------------------------------------------
POSITION: ALTERNATE SECRETARY OF THE BOARD
NAME: JULIO BARBA HURTADO
-------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA
GRUPO TELEVISA, S.A.
DECLARATION OF THE REGISTRANT'S OFFICERS, RESPONSIBLE FOR THE INFORMATION.
WE HEREBY DECLARE THAT, TO THE EXTENT OF OUR FUNCTIONS, WE PREPARED THE
INFORMATION RELATED TO THE REGISTRANT CONTAINED IN THIS QUARTERLY REPORT,
AND BASED ON OUR KNOWLEDGE, THIS INFORMATION FAIRLY PRESENTS THE
REGISTRANT'S CONDITION. WE ALSO DECLARE THAT WE ARE NOT AWARE OF ANY
RELEVANT INFORMATION WHICH HAS BEEN OMITTED OR UNTRUE IN THIS QUARTERLY
REPORT, OR INFORMATION CONTAINED IN SUCH REPORT THAT MAY BE MISLEADING TO
INVESTORS.
------------------------------------- -----------------------------------
EMILIO AZCARRAGA JEAN SALVI FOLCH VIADERO
PRESIDENT AND CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER
MEXICO, D.F., APRIL 27, 2006
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR:
2006
GRUPO TELEVISA, S.A.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
ANNEX 1
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
MEXICO CITY, D.F., APRIL 27, 2006--GRUPO TELEVISA, S.A. (NYSE:TV;
BMV:TLEVISA CPO; "TELEVISA" OR "THE COMPANY") TODAY ANNOUNCED RESULTS FOR
THE FIRST QUARTER 2006. THE RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH
MEXICAN GAAP AND ARE ADJUSTED IN MILLIONS OF MEXICAN PESOS IN PURCHASING
POWER AS OF MARCH 31, 2006.
NET SALES
CONSOLIDATED NET SALES INCREASED 13.3% TO PS.7,462.3 MILLION IN FIRST
QUARTER 2006 COMPARED WITH PS.6,586.9 MILLION IN FIRST QUARTER 2005. THIS
INCREASE WAS ATTRIBUTABLE TO REVENUE GROWTH IN SKY MEXICO, TELEVISION
BROADCASTING, CABLE TELEVISION, PUBLISHING, PAY-TELEVISION NETWORKS, RADIO,
PUBLISHING DISTRIBUTION, AND PROGRAMMING EXPORTS SEGMENTS, AND WAS
PARTIALLY OFFSET BY LOWER SALES IN OUR OTHER BUSINESSES SEGMENT.
OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION ("OIBDA")
CONSOLIDATED OIBDA INCREASED 24.1% TO PS.2,805.6 MILLION IN FIRST QUARTER
2006 COMPARED WITH PS.2,261.4 MILLION IN FIRST QUARTER 2005. CONSOLIDATED
OIBDA MARGIN REACHED A FIRST-QUARTER ALL-TIME HIGH OF 37.6%, UP FROM A
MARGIN OF 34.3% REPORTED LAST YEAR. THE INCREASE IN CONSOLIDATED OIBDA
REFLECTS HIGHER SALES PARTIALLY OFFSET BY HIGHER COST OF SALES AND
OPERATING EXPENSES. IN ADDITION, CONSOLIDATED OPERATING INCOME ROSE 28% TO
PS.2,176.4 MILLION IN FIRST QUARTER 2006 COMPARED WITH PS.1,700.8 MILLION
IN FIRST QUARTER 2005.
THE CHARGE FOR OPERATING DEPRECIATION AND AMORTIZATION WAS PS.629.2 MILLION
AND PS.560.6 MILLION IN THE FIRST QUARTER OF 2006 AND 2005, RESPECTIVELY.
NET INCOME
NET INCOME INCREASED 110.6% TO PS.1,293.6 MILLION IN FIRST QUARTER 2006
COMPARED WITH PS.614.3 MILLION IN FIRST QUARTER 2005. THE NET INCREASE OF
PS.679.3 MILLION REFLECTED I) A PS.544.2 MILLION INCREASE IN OIBDA, II) A
PS.100.5 MILLION DECREASE IN INTEGRAL COST OF FINANCING, III) A PS.115
MILLION DECREASE IN RESTRUCTURING AND NON-RECURRING CHARGES, IV) A PS.5
MILLION DECREASE IN OTHER EXPENSE, NET, V) A PS.28.1 MILLION INCREASE IN
EQUITY IN INCOME OF AFFILIATES, AND VI) A PS.184 MILLION REDUCTION IN
CUMULATIVE LOSS EFFECT OF ACCOUNTING CHANGE. THESE FAVORABLE CHANGES WERE
PARTIALLY OFFSET BY I) A PS.68.6 MILLION INCREASE IN DEPRECIATION AND
AMORTIZATION, II) A PS.191.6 MILLION INCREASE IN INCOME TAXES, AND III) A
PS.37.3 MILLION INCREASE IN MINORITY INTEREST.
FIRST-QUARTER RESULTS BY BUSINESS SEGMENT
THE FOLLOWING INFORMATION PRESENTS FIRST-QUARTER RESULTS ENDED MARCH 31,
2006 AND 2005, FOR EACH OF OUR BUSINESS SEGMENTS. AMOUNTS ARE PRESENTED IN
MILLIONS OF MEXICAN PESOS IN PURCHASING POWER AS OF MARCH 31, 2006.
TELEVISION BROADCASTING
FIRST-QUARTER SALES INCREASED 8.8% TO PS.3,813.1 MILLION COMPARED WITH
PS.3,505.7 MILLION IN FIRST QUARTER 2005. THIS INCREASE WAS ATTRIBUTABLE TO
THREE FACTORS: I) HIGHER ADVERTISING REVENUES, DRIVEN MAINLY BY OUR
TELENOVELAS AND REALITY SHOWS, AS WELL AS FROM POLITICAL ADVERTISING
RELATED TO THE PRESIDENTIAL ELECTIONS IN MEXICO; II) HIGHER LOCAL SALES;
AND III) A FAVORABLE COMPARISON ARISING FROM THE FACT THAT HOLY WEEK FELL
IN THE SECOND QUARTER 2006 RATHER THAN IN THE FIRST.
FIRST-QUARTER OIBDA INCREASED 16.6% TO PS.1,669.7 MILLION COMPARED WITH
PS.1,432 MILLION IN FIRST QUARTER 2005, AND OIBDA MARGIN REACHED A
FIRST-QUARTER ALL-TIME HIGH OF 43.8% COMPARED WITH 40.8% IN FIRST QUARTER
2005, REFLECTING HIGHER SALES PARTIALLY OFFSET BY HIGHER COST OF SALES AND
OPERATING EXPENSES.
PAY TELEVISION NETWORKS
FIRST-QUARTER SALES INCREASED 18.2% TO PS.287.7 MILLION COMPARED WITH
PS.243.3 MILLION IN FIRST QUARTER 2005. THIS INCREASE WAS ATTRIBUTABLE TO
I) HIGHER REVENUES FROM CHANNELS SOLD IN MEXICO AND LATIN AMERICA,
INCLUDING THE ADDITION OF FIVE OF OUR CHANNELS TO DIRECTV LATIN AMERICA'S
BASIC PACKAGE DURING THE SECOND QUARTER 2005; AND II) HIGHER ADVERTISING
SALES.
FIRST-QUARTER OIBDA INCREASED 40.9% TO PS.137.7 MILLION COMPARED WITH
PS.97.7 MILLION IN FIRST QUARTER 2005, AND OIBDA MARGIN REACHED 47.9%
COMPARED WITH 40.2% IN FIRST QUARTER 2005, REFLECTING HIGHER SALES AND
LOWER OPERATING EXPENSES PARTIALLY OFFSET BY HIGHER COST OF SALES.
PROGRAMMING EXPORTS
FIRST-QUARTER SALES INCREASED 3.9% TO PS.425.6 MILLION COMPARED WITH
PS.409.7 MILLION IN FIRST QUARTER 2005. THIS INCREASE REFLECTS I) A 8.9%
INCREASE IN THE ROYALTIES PAID TO THE COMPANY UNDER THE UNIVISION PROGRAM
LICENSE AGREEMENT, WHICH AMOUNTED TO US$25.7 MILLION COMPARED WITH US$23.6
MILLION IN THE FIRST QUARTER OF 2005; II) ROYALTIES PAID TO THE COMPANY
UNDER THE UNIVISION PROGRAM LICENSE AGREEMENT IN PUERTO RICO, WHICH
AMOUNTED TO US$1.6 MILLION; AND III) HIGHER PROGRAMMING SALES TO LATIN
AMERICA AND EUROPE. THESE INCREASES WERE PARTIALLY OFFSET BY I) A NEGATIVE
TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES, WHICH AMOUNTED TO
PS.34.2 MILLION; AND II) LOWER PROGRAMMING SALES IN ASIA AND AFRICA.
FIRST-QUARTER OIBDA INCREASED 17.5% TO PS.129.3 MILLION COMPARED WITH
PS.110.0 MILLION IN FIRST QUARTER 2005, AND OIBDA MARGIN REACHED 30.4%
COMPARED WITH 26.8% IN FIRST QUARTER 2005, REFLECTING HIGHER SALES AND
LOWER COST OF SALES AND OPERATING EXPENSES.
PUBLISHING
DURING THE FIRST QUARTER OUR PUBLISHING DIVISION ACQUIRED EDITORA CINCO,
THE SIXTH-LARGEST MAGAZINE PUBLISHER IN LATIN AMERICA AND THE ONLY
ONE--OTHER THAN EDITORIAL TELEVISA--WITH PANREGIONAL COVERAGE. THROUGH THIS
ACQUISITION, EDITORIAL TELEVISA CONTINUES TO STRENGTHEN ITS PORTFOLIO OF
PRODUCTS BY BECOMING THE LICENSEE OF SEVENTEEN IN MEXICO AND OTHER
SPANISH-SPEAKING LATIN AMERICAN COUNTRIES, AND OF MUY INTERESANTE FOR
COLOMBIA. EDITORA CINCO IS ALSO THE LEADING PUBLISHER IN THE ARTS AND
CRAFTS SEGMENT AND HAS STRONG BRANDS IN THE WOMAN'S AND GENERAL INTEREST
SEGMENTS.
FIRST-QUARTER SALES INCREASED 12.6% TO PS.534 MILLION COMPARED WITH
PS.474.4 MILLION IN FIRST QUARTER 2005. THIS INCREASE REFLECTS I) THE
CONSOLIDATION OF EDITORA CINCO, WHICH GENERATED SALES OF PS.21.8 MILLION;
AND II) HIGHER MAGAZINE CIRCULATION AND AN INCREASE IN ADVERTISING PAGES
SOLD BOTH IN MEXICO AND ABROAD. THESE INCREASES WERE PARTIALLY OFFSET BY
THE NEGATIVE TRANSLATION EFFECT OF FOREIGN-CURRENCY-DENOMINATED SALES
AMOUNTING TO PS.10.1 MILLION.
FIRST-QUARTER OIBDA INCREASED 24% TO PS.44.5 MILLION COMPARED WITH PS.35.9
MILLION IN FIRST QUARTER 2005, AND OIBDA MARGIN REACHED 8.3% COMPARED WITH
7.6% IN FIRST QUARTER 2005, REFLECTING HIGHER SALES THAT WERE PARTIALLY
OFFSET BY HIGHER COST OF SALES AND OPERATING EXPENSES, WHICH REFLECTED
PRIMARILY THE CONSOLIDATION OF EDITORA CINCO.
PUBLISHING DISTRIBUTION
FIRST-QUARTER SALES INCREASED 18.6% TO PS.105.2 MILLION COMPARED WITH
PS.88.7 MILLION IN FIRST QUARTER 2005. THIS INCREASE REFLECTS HIGHER
CIRCULATION, IN MEXICO AND ABROAD, OF MAGAZINES PUBLISHED BY THE COMPANY.
THIS INCREASE WAS PARTIALLY OFFSET BY LOWER CIRCULATION IN MEXICO OF
MAGAZINES PUBLISHED BY THIRD PARTIES, AS WELL AS BY THE NEGATIVE
TRANSLATION EFFECT OF FOREIGN-CURRENCY-DENOMINATED SALES, WHICH AMOUNTED TO
PS.2.3 MILLION.
FIRST-QUARTER OIBDA INCREASED TO PS.8.1 MILLION COMPARED WITH A LOSS OF
PS.5.8 MILLION IN FIRST QUARTER 2005, AND OIBDA MARGIN REACHED 7.7%,
REFLECTING HIGHER SALES AND LOWER OPERATING EXPENSES PARTIALLY OFFSET BY
HIGHER COST OF SALES.
SKY MEXICO
FIRST-QUARTER SALES INCREASED 27.3% TO PS.1,715.8 MILLION COMPARED WITH
PS.1,348 MILLION IN FIRST QUARTER 2005 ATTRIBUTABLE TO AN 18.7% INCREASE IN
THE SUBSCRIBER BASE. AS OF MARCH 31, 2006, THE NUMBER OF GROSS ACTIVE
SUBSCRIBERS TOTALED 1,315,100 (INCLUDING 73,600 COMMERCIAL SUBSCRIBERS),
COMPARED WITH 1,107,500 GROSS ACTIVE SUBSCRIBERS (INCLUDING 63,400
COMMERCIAL SUBSCRIBERS) AS OF THE END OF THE FIRST QUARTER LAST YEAR.
FIRST-QUARTER OIBDA INCREASED 48.3% TO PS.782 MILLION COMPARED WITH
PS.527.2 MILLION IN FIRST QUARTER 2005, AND OIBDA MARGIN REACHED 45.6%
COMPARED WITH 39.1% IN FIRST QUARTER 2005, REFLECTING HIGHER SALES THAT
WERE PARTIALLY OFFSET BY HIGHER COST OF SALES AND OPERATING EXPENSES.
ON MARCH 13, 2006, SKY MEXICO LAUNCHED A CASH TENDER OFFER TO PURCHASE UP
TO 65% OF INNOVA'S US$300 MILLION 9.375% SENIOR NOTES DUE 2013 ("THE
NOTES"). ON APRIL 10, 2006, SKY MEXICO EXTENDED THE SETTLEMENT OF SUCH
TENDER OFFER AND ALSO OFFERED TO PURCHASE UP TO 100% OF THE NOTES. AS OF
APRIL 25, 2006, 96.25% OF THE NOTES HAVE BEEN TENDERED AT A PRICE OF
112.329, WHICH REPRESENTS A TOTAL AMOUNT OF US$324.3 MILLION TO BE PAID BY
SKY MEXICO. IN ORDER TO PAY FOR THE ABOVE TRANSACTION, SKY MEXICO ENTERED
INTO TWO BANK LOANS, BOTH OF THEM IN MEXICAN PESOS AND GUARANTEED BY
TELEVISA. SKY MEXICO WILL USE CASH ON HAND TO REPAY THE REMAINING AMOUNT OF
THE TRANSACTION, PLUS FEES AND EXPENSES INCURRED IN CONNECTION WITH THE
TENDER OFFER.
IN APRIL 2006 WE EXERCISED OUR OPTION TO ACQUIRE TWO-THIRDS OF THE EQUITY
INTEREST THAT DIRECTV ACQUIRED FROM LIBERTY MEDIA. AS A RESULT, TELEVISA'S
CURRENT EQUITY INTEREST HELD IN SKY MEXICO IS 58.7%, AND THE REMAINING
41.3% IS OWNED BY DIRECTV.
CABLE TELEVISION
FIRST-QUARTER SALES INCREASED 31.4% TO PS.413.3 MILLION COMPARED WITH
PS.314.5 MILLION IN FIRST QUARTER 2005. THIS INCREASE WAS ATTRIBUTABLE TO
I) AN 18.5% INCREASE IN THE SUBSCRIBER BASE, WHICH, AS OF MARCH 31, 2006,
REACHED 439,306 (INCLUDING 325,626 DIGITAL SUBSCRIBERS) COMPARED WITH LAST
YEAR'S FIRST-QUARTER SUBSCRIBER BASE OF 370,822 (INCLUDING 147,040 DIGITAL
SUBSCRIBERS); II) AN 89.6% INCREASE IN BROADBAND SUBSCRIBERS TO 69,326 IN
THE FIRST QUARTER OF 2006 COMPARED WITH 36,558 REPORTED LAST YEAR; AND III)
A 6% RATE INCREASE IN CABLEVISION VIDEO SERVICE PACKAGES EFFECTIVE MARCH 1,
2005.
FIRST-QUARTER OIBDA INCREASED 83% TO PS.156.3 MILLION COMPARED WITH PS.85.4
MILLION IN FIRST QUARTER 2005, AND OIBDA MARGIN REACHED 37.8% COMPARED WITH
27.2% IN FIRST QUARTER 2005, REFLECTING HIGHER SALES AND LOWER OPERATING
EXPENSES THAT WERE PARTIALLY OFFSET BY HIGHER COST OF SALES.
RADIO
FIRST-QUARTER SALES INCREASED 28.1% TO PS.82.4 MILLION COMPARED WITH
PS.64.3 MILLION IN FIRST QUARTER 2005. THIS INCREASE WAS ATTRIBUTABLE TO I)
AN INCREASE IN ADVERTISING TIME SOLD, MAINLY IN OUR NEWSCASTS, AS WELL AS
FROM POLITICAL ADVERTISING RELATED TO THE PRESIDENTIAL ELECTIONS IN MEXICO;
AND II) FROM SALES GENERATED BY OUR AFFILIATION AGREEMENT WITH RADIORAMA.
FIRST-QUARTER OIBDA INCREASED TO PS.3.5 MILLION COMPARED WITH PS.0.3
MILLION IN FIRST QUARTER 2005, AND OIBDA MARGIN REACHED 4.2% COMPARED WITH
0.5% IN FIRST QUARTER 2005, REFLECTING HIGHER SALES THAT WERE PARTIALLY
OFFSET BY HIGHER OPERATING EXPENSES AND COST OF SALES.
OTHER BUSINESSES
FIRST-QUARTER SALES DECREASED 14.2% TO PS.314.8 MILLION COMPARED WITH
PS.367.1 MILLION IN FIRST QUARTER 2005. THIS DECREASE WAS ATTRIBUTABLE TO
LOWER SALES IN OUR FEATURE-FILM DISTRIBUTION AND INTERNET PORTAL,
ESMAS.COM, WHICH WERE PARTIALLY OFFSET BY HIGHER SALES IN OUR SPORTS
BUSINESS.
FIRST-QUARTER OPERATING RESULTS BEFORE DEPRECIATION AND AMORTIZATION
DECREASED TO A LOSS OF PS.23.8 MILLION COMPARED WITH A GAIN OF PS.13.7
MILLION IN FIRST QUARTER 2005, ATTRIBUTABLE TO LOWER SALES AND HIGHER
OPERATING EXPENSES, WHICH WERE PARTIALLY OFFSET BY LOWER COST OF SALES.
INTERSEGMENT SALES
INTERSEGMENT SALES FOR THE FIRST QUARTER 2006 AND 2005, AMOUNTED TO
PS.229.6 MILLION AND PS.228.8 MILLION, RESPECTIVELY.
CORPORATE EXPENSES
IN 2005, WE ADOPTED THE GUIDELINES OF THE INTERNATIONAL FINANCIAL REPORTING
STANDARD 2 ("IFRS 2"), "SHARE-BASED PAYMENT," ISSUED BY THE INTERNATIONAL
ACCOUNTING STANDARDS BOARD. IFRS 2 REQUIRES ACCRUING IN STOCKHOLDERS'
EQUITY THE SHARE-BASED COMPENSATION EXPENSE MEASURED AT FAIR VALUE AT THE
TIME THE EQUITY BENEFITS ARE GRANTED TO OUR OFFICERS AND EMPLOYEES. IN THE
FIRST QUARTER 2006, WE RECOGNIZED A SHARE-BASED COMPENSATION OF PS.46.1
MILLION AS CORPORATE EXPENSE.
NON-OPERATING RESULTS
INTEGRAL COST OF FINANCING
THE EXPENSE ATTRIBUTABLE TO THE INTEGRAL COST OF FINANCING DECREASED BY
PS.100.5 MILLION, OR 32.1%, TO PS.212.6 MILLION IN FIRST QUARTER 2006
COMPARED WITH PS.313.1 MILLION IN FIRST QUARTER 2005. THIS DECREASE
REFLECTED PRIMARILY I) A PS.94.7 MILLION REDUCTION IN INTEREST EXPENSE, DUE
PRIMARILY TO A LOWER AVERAGE AMOUNT OF OUR TOTAL CONSOLIDATED DEBT; AND II)
A PS.59.4 INCREASE IN NET FOREIGN EXCHANGE GAIN RESULTING PRIMARILY FROM
THE DIFFERENCE BETWEEN THE SPOT RATE AND THE FOREIGN-EXCHANGE RATE OF THE
COUPON SWAPS ENTERED INTO BY US TO SWAP INTO FIXED MEXICAN PESOS UP TO FIVE
YEARS OF US-DOLLAR-DENOMINATED COUPONS OF A PORTION OF OUR
US-DOLLAR-DENOMINATED OUTSTANDING INDEBTEDNESS, AS WELL AS FROM A NET
FOREIGN-CURRENCY ASSET POSITION IN THE FIRST QUARTER OF 2006 COMPARED WITH
A NET FOREIGN-CURRENCY LIABILITY POSITION IN THE FIRST QUARTER OF 2005, IN
CONJUNCTION WITH A 2.61% DEPRECIATION OF THE MEXICAN PESO AGAINST THE US
DOLLAR IN FIRST QUARTER 2006 COMPARED WITH A 0.09% DEPRECIATION OF THE
MEXICAN PESO AGAINST THE US DOLLAR IN FIRST QUARTER 2005. THESE FAVORABLE
VARIANCES WERE PARTIALLY OFFSET BY I) A PS.25.3 MILLION DECREASE IN
INTEREST INCOME IN CONNECTION WITH A LOWER AVERAGE AMOUNT OF TEMPORARY
INVESTMENTS AND LOWER INTEREST RATES IN FIRST QUARTER 2006 COMPARED WITH
LAST YEAR; AND II) A PS.28.3 MILLION INCREASE IN LOSS FROM MONETARY
POSITION RESULTING PRIMARILY FROM A HIGHER NET ASSET MONETARY POSITION IN
FIRST QUARTER 2006, AS WELL AS HIGHER INFLATION IN FIRST QUARTER 2006
(0.87%) COMPARED WITH FIRST QUARTER 2005 (0.79%).
RESTRUCTURING AND NON-RECURRING CHARGES
RESTRUCTURING AND NON-RECURRING CHARGES DECREASED BY PS.115 MILLION, OR
66%, TO PS.59.2 MILLION IN FIRST QUARTER 2006 COMPARED WITH PS.174.2
MILLION IN FIRST QUARTER 2005. THIS DECREASE REFLECTED PRIMARILY THE
RECOGNITION IN FIRST QUARTER 2005 OF CERTAIN NON-RECURRING EXPENSES
INCURRED IN CONNECTION WITH THE PREPAYMENT IN MARCH 2005 OF A PORTION OF
OUR UDI-DENOMINATED NOTES DUE 2007 AND A PORTION OF OUR SENIOR NOTES DUE
2011.
OTHER EXPENSE, NET
OTHER EXPENSE, NET, DECREASED BY PS.5 MILLION, TO PS.27.4 MILLION IN FIRST
QUARTER 2006 COMPARED WITH PS.32.4 MILLION IN FIRST QUARTER 2005. THIS
DECREASE REFLECTED PRIMARILY A GAIN ON DISPOSITION OF NON-CURRENT ASSETS,
WHICH WAS PARTIALLY OFFSET BY AN INCREASE IN DONATIONS.
INCOME TAX
INCOME TAXES INCREASED BY PS.191.6 MILLION, TO PS.513.3 MILLION IN FIRST
QUARTER 2006 COMPARED WITH PS.321.7 MILLION IN FIRST QUARTER 2005. THIS
INCREASE REFLECTED PRIMARILY A HIGHER INCOME TAX BASE IN FIRST QUARTER
2006.
EQUITY IN INCOME OF AFFILIATES
EQUITY IN INCOME OF AFFILIATES INCREASED BY PS.28.1 MILLION TO PS.47.1
MILLION IN FIRST QUARTER 2006 COMPARED WITH PS.19 MILLION IN FIRST QUARTER
2005, REFLECTING PRIMARILY HIGHER EQUITY INCOME IN UNIVISION AND OCESA
ENTRETENIMIENTO, OUR LIVE-ENTERTAINMENT VENTURE IN MEXICO, IN WHICH WE HAVE
A 40% EQUITY PARTICIPATION. THIS INCREASE WAS PARTIALLY OFFSET BY AN EQUITY
LOSS IN LA SEXTA, OUR FREE-TO-AIR TELEVISION VENTURE IN SPAIN, IN WHICH WE
HAVE A 40% EQUITY INTEREST.
MINORITY INTEREST
MINORITY INTEREST IN CONSOLIDATED NET INCOME INCREASED BY PS.37.3 MILLION,
TO PS.117.4 MILLION IN FIRST QUARTER 2006 COMPARED WITH PS.80.1 MILLION IN
FIRST QUARTER 2005. THIS INCREASE REFLECTED PRIMARILY THE PORTION OF NET
INCOME ATTRIBUTABLE TO THE INTEREST HELD BY MINORITY SHAREHOLDERS IN THE
CABLE TELEVISION BUSINESS.
OTHER RELEVANT INFORMATION
CAPITAL EXPENDITURES AND INVESTMENTS
IN FIRST QUARTER 2006 OUR CAPITAL EXPENDITURES TOTALED US$48.1 MILLION,
INCLUDING US$10.7 MILLION FOR OUR CABLE TELEVISION SEGMENT, US$20.6 MILLION
FOR SKY MEXICO, AND US$16.8 MILLION FOR OUR TELEVISION BROADCASTING AND
OTHER BUSINESS SEGMENTS.
DEBT
THE TOTAL CONSOLIDATED DEBT AMOUNTED TO PS.18,806 MILLION AND PS.20,978.6
MILLION AS OF MARCH 31, 2006 AND 2005, RESPECTIVELY, WHICH INCLUDED A
CURRENT PORTION OF LONG-TERM DEBT IN THE AMOUNT OF PS.303.9 MILLION AND
PS.2,402 MILLION, RESPECTIVELY. ADDITIONALLY, SKY MEXICO HAD A SATELLITE
TRANSPONDER LEASE OBLIGATION IN THE AMOUNT OF PS.1,276.9 MILLION AND
PS.1,426.7 MILLION AS OF MARCH 31, 2006 AND 2005, RESPECTIVELY, WHICH
INCLUDED A CURRENT PORTION OF PS.79.8 MILLION AND PS.75.3 MILLION,
RESPECTIVELY.
AS OF MARCH 31, 2006 AND 2005, OUR CONSOLIDATED NET DEBT WAS PS.1,155.5
MILLION AND PS.3,580.4 MILLION, RESPECTIVELY.
SHARE BUYBACK PROGRAM
DURING THE FIRST QUARTER OF 2006, WE REPURCHASED APPROXIMATELY 3.7 MILLION
CPOS FOR PS.154.7 MILLION IN NOMINAL TERMS.
DIVIDEND PAYMENT
IN 2006, OUR BOARD OF DIRECTORS AGREED TO SUBMIT TO THE SHAREHOLDERS
MEETING A PROPOSAL TO PAY OUR ORDINARY DIVIDEND OF PS.0.35 PER CPO. THE
TOTAL AMOUNT OF THE DIVIDEND IS APPROXIMATELY PS.1,087 MILLION, AND, IF
APPROVED BY OUR SHAREHOLDERS, WILL BE PAID ON MAY 31, 2006, TO SHAREHOLDERS
OF RECORD AS OF MAY 30, 2006.
LA SEXTA
LA SEXTA STARTED TRANSMISSIONS ON MARCH 27. ITS PROGRAMMING GRID INCLUDES
TALK SHOWS, COMEDY, AND FOREIGN SERIES. IN ADDITION, IT HAS SECURED THE
EXCLUSIVE RIGHTS TO BROADCAST THE 2006 SOCCER WORLD CUP. LA SEXTA WILL
BROADCAST 36 OF THE GAMES, INCLUDING THE GAMES OF SPAIN'S NATIONAL TEAM,
THE SEMI-FINALS, THE FINAL, AND MANY OTHER MATCHES. THE OTHER 28 GAMES WILL
BE SUBLICENSED TO A LEADING SPANISH PAY-TV OPERATOR.
BOARD DECISION
THE BOARD OF DIRECTORS OF TELEVISA HELD A MEETING ON APRIL 27, 2006 AND
AUTHORIZED EMILIO AZCARRAGA, CHAIRMAN OF THE BOARD, PRESIDENT AND CHIEF
EXECUTIVE OFFICER OF TELEVISA, AND ALFONSO DE ANGOITIA, EXECUTIVE VICE
PRESIDENT OF TELEVISA, IN THEIR JUDGMENT, TO ENTER INTO A GROUP WITH OTHERS
AND TO MAKE A PLAN OR PROPOSAL FOR A TRANSACTION WITH UNIVISION WHICH, IF
SUCCESSFUL, WOULD INVOLVE AN INCREASE IN TELEVISA'S MINORITY SHAREHOLDING
OF UNIVISION.
TELEVISION RATINGS AND AUDIENCE SHARE
NATIONAL URBAN RATINGS AND AUDIENCE SHARE REPORTED BY IBOPE CONFIRM THAT,
IN THE FIRST QUARTER OF 2006, TELEVISA CONTINUED TO DELIVER STRONG RATINGS
AND AUDIENCE SHARES. DURING WEEKDAY PRIME TIME (19:00 TO 23:00, MONDAY TO
FRIDAY), AUDIENCE SHARE AMOUNTED TO 66.4%; IN PRIME TIME (16:00 TO 23:00,
MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 68.9%; AND IN SIGN-ON TO
SIGN-OFF (6:00 TO 24:00, MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO
70.6%.
OUTLOOK FOR 2006
OUR FIRST-QUARTER RESULTS PUT US ON TRACK TO ACHIEVE OUR INITIAL FULL-YEAR
GUIDANCE. IN OUR TELEVISION BROADCASTING BUSINESS, WE EXPECT
HIGH-SINGLE-DIGIT SALES GROWTH AND OIBDA MARGIN TO REACH 49% FOR THE
FULL-YEAR 2006. ON A CONSOLIDATED BASIS, WE EXPECT OUR OIBDA MARGIN TO
EXCEED 40% FOR THE FULL-YEAR 2006.
ABOUT TELEVISA
GRUPO TELEVISA, S.A. IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING
WORLD AND A MAJOR PARTICIPANT IN THE INTERNATIONAL ENTERTAINMENT BUSINESS.
IT HAS INTERESTS IN TELEVISION PRODUCTION AND BROADCASTING, PRODUCTION OF
PAY-TELEVISION NETWORKS, INTERNATIONAL DISTRIBUTION OF TELEVISION
PROGRAMMING, DIRECT-TO-HOME SATELLITE SERVICES, PUBLISHING AND PUBLISHING
DISTRIBUTION, CABLE TELEVISION, RADIO PRODUCTION AND BROADCASTING,
PROFESSIONAL SPORTS AND LIVE ENTERTAINMENT, FEATURE-FILM PRODUCTION AND
DISTRIBUTION, AND THE OPERATION OF A HORIZONTAL INTERNET PORTAL. GRUPO
TELEVISA ALSO OWNS AN UNCONSOLIDATED EQUITY STAKE IN UNIVISION, THE LEADING
SPANISH-LANGUAGE MEDIA COMPANY IN THE UNITED STATES.
DISCLAIMER
THIS ANNEX CONTAINS FORWARD-LOOKING STATEMENTS REGARDING THE COMPANY'S
RESULTS AND PROSPECTS. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THESE
STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS ANNEX SHOULD BE READ IN
CONJUNCTION WITH THE FACTORS DESCRIBED IN "ITEM 3. KEY INFORMATION -
FORWARD-LOOKING STATEMENTS" IN THE COMPANY'S ANNUAL REPORT ON FORM 20-F,
WHICH, AMONG OTHERS, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM
THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS MADE IN THIS ANNEX AND IN
ORAL STATEMENTS MADE BY AUTHORIZED OFFICERS OF THE COMPANY. READERS ARE
CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS,
WHICH SPEAK ONLY AS OF THEIR DATES. THE COMPANY UNDERTAKES NO OBLIGATION TO
PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A
RESULT OF NEW INFORMATION, FUTURE EVENTS, OR OTHERWISE.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES (1)
ANNEX 2 CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
GRUPO TELEVISA, S.A.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005
(IN THOUSANDS OF MEXICAN PESOS IN PURCHASING POWER AS
OF MARCH 31, 2006, EXCEPT PER SHARE, PER CPO AND PER UDI VALUES)
1. ACCOUNTING POLICIES:
THE CONDENSED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A. (THE
"COMPANY") AND ITS CONSOLIDATED SUBSIDIARIES (COLLECTIVELY, THE "GROUP"),
AS OF MARCH 31, 2006 AND 2005, AND FOR THE THREE MONTHS ENDED ON THOSE
DATES, ARE UNAUDITED. IN THE OPINION OF MANAGEMENT, ALL ADJUSTMENTS
(CONSISTING PRINCIPALLY OF NORMAL RECURRING ADJUSTMENTS) NECESSARY FOR A
FAIR PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE
BEEN INCLUDED THEREIN.
FOR PURPOSES OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS,
CERTAIN INFORMATION AND DISCLOSURES, NORMALLY INCLUDED IN FINANCIAL
STATEMENTS PREPARED IN ACCORDANCE WITH FINANCIAL REPORTING STANDARDS ISSUED
BY THE MEXICAN BOARD FOR RESEARCH AND DEVELOPMENT OF FINANCIAL REPORTING
STANDARDS ("MEXICAN FRS"), HAVE BEEN CONDENSED OR OMITTED. THESE CONDENSED
CONSOLIDATED STATEMENTS SHOULD BE READ IN CONJUNCTION WITH THE GROUP'S
CONSOLIDATED AND AUDITED FINANCIAL STATEMENTS AND NOTES THERETO FOR THE
YEAR ENDED DECEMBER 31, 2004, WHICH INCLUDE, AMONG OTHER DISCLOSURES, THE
GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES, WHICH HAVE BEEN APPLIED ON A
CONSISTENT BASIS FOR THE THREE MONTHS ENDED MARCH 31, 2006, EXCEPT FOR THE
MATTERS DISCUSSED IN THE FOLLOWING PARAGRAPHS.
EFFECTIVE JANUARY 1, 2005, THE GROUP ADOPTED THE PROVISIONS FOR
SEVERANCE OBLIGATIONS REQUIRED BY THE REVISED BULLETIN D-3, "LABOR
OBLIGATIONS" ISSUED BY THE MEXICAN INSTITUTE OF PUBLIC ACCOUNTANTS
("MIPA"). BULLETIN D-3 REQUIRES THAT SEVERANCE OBLIGATIONS TO DISMISSED
PERSONNEL, OTHER THAN THOSE ARISING FROM RESTRUCTURINGS, BE RECOGNIZED
BASED UPON ACTUARIAL CALCULATIONS (SEE NOTE 11). THROUGH DECEMBER 31, 2004,
SEVERANCE OBLIGATIONS TO DISMISSED PERSONNEL WERE CHARGED BY THE GROUP TO
INCOME IN THE YEAR IN WHICH THEY WERE INCCURRED.
IN 2005, THE GROUP ADOPTED THE GUIDELINES OF THE INTERNATIONAL
FINANCIAL REPORTING STANDARD 2 ("IFRS 2"), "SHARE-BASED PAYMENT," ISSUED BY
THE INTERNATIONAL ACCOUNTING STANDARDS BOARD. IFRS 2 REQUIRES ACCRUING IN
STOCKHOLDERS' EQUITY FOR SHARE-BASED COMPENSATION EXPENSE, WHICH IS
MEASURED AT FAIR VALUE WHEN EQUITY BENEFITS ARE GRANTED TO OFFICERS AND
EMPLOYEES (SEE NOTES 5 AND 11).
2. PROPERTY, PLANT AND EQUIPMENT:
PROPERTY, PLANT AND EQUIPMENT AS OF MARCH 31, CONSISTED OF:
2006 2005
-------------------- -----------------
BUILDINGS Ps. 8,050,978 Ps. 7,877,794
BUILDING IMPROVEMENTS 1,581,859 1,709,803
TECHNICAL EQUIPMENT 18,576,635 18,209,522
SATELLITE TRANSPONDERS 1,683,147 1,741,783
FURNITURE AND FIXTURES 508,407 594,287
TRANSPORTATION EQUIPMENT 1,003,355 1,192,290
COMPUTER EQUIPMENT 1,461,607 1,520,695
--------------------- ------------------
32,865,988 32,846,174
ACCUMULATED DEPRECIATION (17,793,476) (17,464,085)
--------------------- ------------------
15,072,512 15,382,089
LAND 3,851,733 3,857,495
CONSTRUCTION AND PROJECTS IN PROGRESS 836,976 600,143
--------------------- ------------------
Ps. 19,761,221 Ps. 19,839,727
===================== ==================
DEPRECIATION CHARGED TO INCOME FOR THE THREE MONTHS ENDED MARCH 31,
2006 AND 2005, WAS PS.552,879 AND PS.516,179, RESPECTIVELY.
3. LONG-TERM DEBT SECURITIES:
AS OF MARCH 31, THE GROUP'S CONSOLIDATED LONG-TERM DEBT SECURITIES
OUTSTANDING WERE AS FOLLOWS:
2006 2005
------------------------------------ ---------------------------------
U.S. DOLLAR U.S. DOLLAR
PRINCIPAL PRINCIPAL
AMOUNTS MEXICAN AMOUNTS MEXICAN
LONG-TERM DEBT SECURITIES (THOUSANDS) PESOS (THOUSANDS) PESOS
---------------------------------------- ----------------- -------------------- --------------- -----------
11.875% SERIES "B" SENIOR NOTES DUE
2006 (A) $ 5,343 Ps. 58,260 $ 5,343 Ps. 61,657
8.625% SENIOR NOTES DUE 2005 (B) - - 200,000 2,307,958
8.000% SENIOR NOTES DUE 2011 (B) (C) 71,951 784,553 77,484 894,149
6.625% SENIOR NOTES DUE 2025 (B) (C) 600,000 6,542,400 400,000 4,615,916
8.500% SENIOR NOTES DUE 2032 (B) 300,000 3,271,200 300,000 3,461,937
9.375% SENIOR NOTES DUE 2013 (D) 300,000 3,271,200 300,000 3,461,937
----------- -------------- -------- --------------
$ 1,277,294 13,927,613 $1,282,827 14,803,554
=========== ==========
8.15% UDI-DENOMINATED NOTES DUE 2007 (C) (E) 952,215 951,414
-------------- --------------
Ps. 14,879,828 Ps. 15,754,968
============== ==============
(A) THESE SECURITIES ARE UNSECURED, UNSUBORDINATED OBLIGATIONS OF THE
COMPANY, RANK PARI PASSU IN RIGHT OF PAYMENT WITH ALL EXISTING AND
FUTURE UNSECURED, UNSUBORDINATED OBLIGATIONS OF THE COMPANY, ARE
SENIOR IN RIGHT OF PAYMENT TO ALL FUTURE SUBORDINATED INDEBTEDNESS OF
THE COMPANY, AND ARE EFFECTIVELY SUBORDINATED TO ALL EXISTING AND
FUTURE LIABILITIES OF THE COMPANY'S SUBSIDIARIES. INTEREST ON THESE
SECURITIES, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN
MEXICAN WITHHOLDING TAXES, IS 12.49% PER ANNUM AND IS PAYABLE
SEMI-ANNUALLY.
(B) THESE SENIOR NOTES 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 ON SENIOR NOTES DUE 2005, 2011, 2025 AND 2032,
INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN
WITHHOLDING TAXES, IS 9.07%, 8.41%, 6.97% AND 8.94% PER ANNUM,
RESPECTIVELY, AND IS PAYABLE SEMI-ANNUALLY. THESE SENIOR NOTES MAY NOT
BE REDEEMED PRIOR TO MATURITY, EXCEPT 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, AS A WHOLE BUT NOT IN PART, AT THE OPTION OF THE COMPANY.
THE SENIOR NOTES DUE 2011 AND 2032 WERE PRICED AT 98.793% AND 99.431%,
RESPECTIVELY, FOR A YIELD TO MATURITY OF 8.179% AND 8.553%,
RESPECTIVELY. THE AGREEMENT OF THESE SENIOR NOTES CONTAINS CERTAIN
COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED
SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PAY TELEVISION
NETWORKS AND PROGRAMMING EXPORTS, TO INCUR OR ASSUME LIENS, PERFORM
SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS,
CONSOLIDATIONS AND SIMILAR TRANSACTIONS. SUBSTANTIALLY ALL OF THESE
SENIOR NOTES ARE REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE
COMMISSION.
(C) IN MARCH AND MAY 2005, THE COMPANY ISSUED SENIOR NOTES DUE 2025 IN THE
AGGREGATE AMOUNT OF U.S.$400 MILLION AND U.S.$200 MILLION,
RESPECTIVELY, WHICH WERE PRICED AT 98.081% AND 98.632%, RESPECTIVELY,
FOR A YIELD TO MATURITY OF 6.802% AND 6.787%, RESPECTIVELY. THE NET
PROCEEDS OF THE U.S.$400 MILLION OFFERING, TOGETHER WITH CASH ON HAND,
WERE USED TO FUND THE GROUP'S TENDER OFFERS MADE AND EXPIRED IN MARCH
2005 FOR ANY OR ALL OF THE SENIOR NOTES DUE 2011 AND THE MEXICAN PESOS
EQUIVALENT OF UDI-DENOMINATED NOTES DUE 2007, AND PREPAID PRINCIPAL
AMOUNT OF THESE SECURITIES IN THE AMOUNT OF APPROXIMATELY U.S.$222.0
MILLION AND PS.2,935,097 (NOMINAL), RESPECTIVELY, REPRESENTING
APPROXIMATELY 74% AND 76% OF THE OUTSTANDING PRINCIPAL AMOUNT OF THESE
SECURITIES, RESPECTIVELY. THE NET PROCEEDS OF THE U.S.$200 MILLION
ISSUANCE WERE USED FOR CORPORATE PURPOSES, INCLUDING THE REPAYMENT OF
SOME OF THE GROUP'S OUTSTANDING INDEBTEDNESS.
(D) IN SEPTEMBER 2003, INNOVA COMPLETED THE OFFERING OF THESE SENIOR
NOTES, WHICH ARE UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF INNOVA
AND CONTAIN CERTAIN RESTRICTIVE COVENANTS FOR INNOVA ON ADDITIONAL
INDEBTEDNESS, LIENS, SALES AND LEASEBACKS, RESTRICTED PAYMENTS, ASSETS
SALES, AND CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.
INTEREST ON THESE SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS PAYABLE
IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 9.8580%, AND IS
PAYABLE SEMI-ANNUALLY. INNOVA MAY, AT ITS OWN OPTION, REDEEM THESE
SENIOR NOTES, IN WHOLE OR IN PART, AT ANY TIME ON OR AFTER SEPTEMBER
19, 2008 AT REDEMPTION PRICES FROM 104.6875% TO 101.5625% BETWEEN
SEPTEMBER 19, 2008 THROUGH SEPTEMBER 18, 2011, OR 100% COMMENCING ON
SEPTEMBER 19, 2011, PLUS ACCRUED AND UNPAID INTEREST, IF ANY.
ADDITIONALLY, ON OR BEFORE SEPTEMBER 19, 2006, INNOVA MAY, AT ITS OWN
OPTION AND SUBJECT TO CERTAIN REQUIREMENTS, USE THE PROCEEDS FROM ONE
OR MORE QUALIFIED EQUITY OFFERINGS TO REDEEM UP TO 35% OF THE
AGGREGATE PRINCIPAL AMOUNT OF THESE SENIOR NOTES AT 109.375% OF THEIR
PRINCIPAL AMOUNT, PLUS ACCRUED AND UNPAID INTEREST.
(E) NOTES DENOMINATED IN MEXICAN INVESTMENT UNITS ("UNIDADES DE INVERSION"
OR "UDIS"), REPRESENTING 258,711,400 UDIS AS OF MARCH 31, 2006 AND
2005, RESPECTIVELY. INTEREST ON THESE NOTES IS PAYABLE SEMI-ANNUALLY.
THE BALANCE AS OF MARCH 31, 2006 AND 2005 INCLUDES RESTATEMENT OF
PS.237,548 AND PS.212,360, RESPECTIVELY. THE UDI VALUE AS OF MARCH 31,
2006, WAS PS.3.680606 PER UDI.
IN 2002, THE GROUP DESIGNATED ITS NET INVESTMENT IN UNIVISION AS AN
EFFECTIVE HEDGE OF ITS OUTSTANDING SENIOR NOTES DUE 2011 AND 2032 FOR AN
AGGREGATE AMOUNT OF U.S.$600.0 MILLION. IN MARCH 2005, IN CONNECTION WITH
THE ISSUANCE OF A PORTION OF ITS SENIOR NOTES DUE 2025, AND THE PREPAYMENT
OF A PORTION OF ITS SENIOR NOTES DUE 2011, THE GROUP DESIGNATED ITS NET
INVESTMENT IN UNIVISION AS AN EFFECTIVE HEDGE OF U.S.$400 MILLION OF THE
SENIOR NOTES DUE 2025. CONSEQUENTLY, ANY FOREIGN EXCHANGE GAIN OR LOSS
ATTRIBUTABLE TO THIS U.S. DOLLAR LONG-TERM DEBT IS CREDITED OR CHARGED
DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR LOSS) (SEE NOTE 7). AS OF
DECEMBER 31, 2005 AND 2004, THE TOTAL PRINCIPAL AMOUNT OF THE GROUP'S
LONG-TERM DEBT BEING HEDGED BY THE GROUP'S NET INVESTMENT IN UNIVISION WAS
APPROXIMATELY U.S.$771.9 MILLION AND U.S.$777.5 MILLION, RESPECTIVELY.
IN JUNE 2005, THE COMPANY REPURCHASED U.S.$2.0 MILLION OF THE
OUTSTANDING PRINCIPAL AMOUNT OF SENIOR NOTES DUE 2011 IN THE AMOUNT OF
U.S.$2.4 MILLION.
IN JANUARY 2006, THE COMPANY REPURCHASED U.S.$3.5 MILLION OF THE
OUTSTANDING PRINCIPAL AMOUNT OF SENIOR NOTES DUE 2011 IN THE AMOUNT OF
U.S.$4.0 MILLION.
IN MARCH 2006, INNOVA LAUNCHED A CASH TENDER OFFER TO PURCHASE UP TO
65% OF INNOVA'S U.S.$300 MILLION 9.375% SENIOR NOTES DUE 2013. IN APRIL
2006, INNOVA EXTENDED THE SETTLEMENT OF SUCH TENDER OFFER AND ALSO OFFERED
TO PURCHASE UP TO 100% OF THESE SENIOR NOTES. AS OF APRIL 25, 2006, 96.25%
OF THESE SENIOR NOTES HAVE BEEN TENDERED FOR AN AGGREGATE AMOUNT OF
APPROXIMATELY U.S.$324.3 MILLION, WHICH WILL BE PAID BY INNOVA ON APRIL 28,
2006. THIS TENDER OFFER AND RELATED FEES AND EXPENSES WILL BE FINANCED WITH
PROCEEDS FROM TWO 10-YEAR LOANS IN AN AGGREGATE PRINCIPAL AMOUNT OF
PS.3,500,000 PLUS CASH ON HAND. THESE BANK LOANS WILL BEAR ANNUAL INTEREST
IN THE RANGE OF 8.74% AND 8.98% FOR THE FIRST THREE YEARS AND 8.74% AND
TIIE+ 24 BPS FOR THE LAST SEVEN YEARS, AND WILL BE GUARANTEED BY THE
COMPANY.
4. CONTINGENCIES:
IN JUNE 2003, THE COMPANY WAS NOTIFIED BY THE MEXICAN TAX AUTHORITY OF
A FEDERAL TAX CLAIM MADE AGAINST THE COMPANY FOR APPROXIMATELY PS.960,700,
INCLUDING PENALTIES AND SURCHARGES, FOR AN ALLEGED ASSETS TAX LIABILITY FOR
THE YEAR 1994. THE COMPANY BELIEVES IT HAS A MERITORIOUS DEFENSE AGAINST
THIS CLAIM.
THERE ARE OTHER VARIOUS LEGAL ACTIONS AND OTHER CLAIMS PENDING AGAINST
THE GROUP INCIDENTAL TO ITS BUSINESSES AND OPERATIONS. IN THE OPINION OF
THE GROUP'S MANAGEMENT, NONE OF THESE PROCEEDINGS WILL HAVE A MATERIAL
ADVERSE EFFECT ON THE GROUP'S FINANCIAL POSITION OR RESULTS OF OPERATIONS.
5. STOCKHOLDERS' EQUITY:
THE MAJORITY STOCKHOLDERS' EQUITY AS OF MARCH 31 IS ANALYZED AS
FOLLOWS:
2006 2005
----------------------------------- ------------------------------------
NOMINAL RESTATED NOMINAL RESTATED
PESOS PESOS PESOS PESOS
--------------- --------------- --------------- ---------------
CAPITAL STOCK ISSUED Ps. 2,524,174 Ps. 9,975,175 Ps. 2,524,174 Ps. 9,975,175
ADDITIONAL PAID-IN CAPITAL 3,841,792 4,248,951 3,841,792 4,248,951
LEGAL RESERVE 1,018,068 1,813,974 802,231 1,589,010
RESERVE FOR REPURCHASE OF SHARES 2,255,655 5,794,371 2,255,655 5,794,371
UNAPPROPRIATED EARNINGS 9,326,072 18,388,841 7,495,678 16,269,010
CUMULATIVE GAIN ON EQUITY OF ASSOCIATES 3,397,806 3,898,412 3,585,865 4,090,902
CUMULATIVE EFFECT OF DEFERRED TAXES (2,197,681) (3,012,454) (2,197,681) (3,012,454)
ACCUMULATED OTHER COMPREHENSIVE LOSS -- (4,093,431) -- (3,748,308)
NET INCOME FOR THE THREE MONTHS -- 1,293,608 594,052 614,323
SHARES REPURCHASED (6,785,694) (7,129,154) (5,675,202) (6,288,983)
----------------- --------------
TOTAL MAJORITY STOCKHOLDERS' EQUITY Ps. 31,178,293 Ps.29,531,997
================== ==============
IN APRIL 2005, THE COMPANY ISSUED 4,285 ADDITIONAL CPOS BY COMBINING
107,125 SERIES "A" SHARES, 94,270 SERIES "B" SHARES, 149,975 SERIES "D"
SHARES AND 149,975 SERIES "L" SHARES, NOT IN THE FORM OF CPOS, WHICH WERE
ACQUIRED BY A TRUST FOR A GROUP'S PENSION PLAN.
IN APRIL 2005, THE COMPANY'S STOCKHOLDERS APPROVED A DIVIDEND PAYMENT
IN THE AMOUNT OF PS.1.35 PER CPO, EQUIVALENT TO PS.4,343,107 (PS.4,214,750
NOMINAL), WHICH WAS PAID IN CASH ON MAY 31, 2005.
IN APRIL 2006, THE COMPANY'S BOARD OF DIRECTORS PROPOSED TO THE
COMPANY'S STOCKHOLDERS TO PAY AN ORDINARY DIVIDEND OF PS.0.35 PER CPO. THE
TOTAL AMOUNT OF THE DIVIDEND IS APPROXIMATELY PS.1,087,049 (NOMINAL) AND, IF
APPROVED, WOULD BE PAID IN MAY 2006.
AS OF MARCH 31, 2006, THE NUMBER OF SHARES AND CPOS ISSUED,
REPURCHASED AND OUTSTANDING IS PRESENTED AS FOLLOWS:
ISSUED REPURCHASED OUTSTANDING
---------------------- -------------------- ---------------------
SERIES "A" SHARES 124,736,244,175 10,145,207,735 114,591,036,440
SERIES "B" SHARES 60,269,682,796 5,995,331,281 54,274,351,515
SERIES "D" SHARES 92,133,721,715 5,788,220,709 86,345,501,006
SERIES "L" SHARES 92,133,721,715 5,788,220,709 86,345,501,006
---------------------- -------------------- ---------------------
369,273,370,401 27,716,980,434 341,556,389,967
====================== ==================== =====================
THE COMPANY'S SHARES REPURCHASED, AS WELL AS THEIR NET COST, AS OF
MARCH 31, 2006, ARE PRESENTED AS A CHARGE TO STOCKHOLDERS' EQUITY, AS
FOLLOWS:
A, B, D, AND L SHARES
-------------------------------------------------
IN THE FORM NOT IN THE
OF CPOS FORM OF CPOS TOTAL NET COST
-------------------------------------------------------------------------
REPURCHASE PROGRAM (1) 5,888,469,600 - 5,888,469,600 PS. (1,630,737)
OWNED BY A COMPANY'S SUBSIDIARY (2) (3) 4,508,952,669 537,563,559 5,046,516,228 (1,095,551)
ACQUIRED BY A COMPANY'S TRUST (4) 8,951,772,492 7,830,222,114 16,781,994,606 (4,023,047)
ADVANCE FOR ACQUISITION OF SHARES (2) (379,819)
=========================================================================
19,349,194,761 8,367,785,673 27,716,980,434 PS. (7,129,154)
=========================================================================
(1) DURING THE FIRST QUARTER OF 2006, THE COMPANY REPURCHASED 430,372,800
SHARES IN THE FORM OF 3,678,400 CPOS, IN THE AMOUNT OF PS.154,980
(PS.154,714 NOMINAL).
(2) IN CONNECTION WITH THE STOCK REPURCHASE PLAN.
(3) IN MARCH 2005, AND JULY 2005 THE GROUP RELEASED 2,036,135,556 SHARES,
AND 1,114,850,763 SHARES IN THE FORM OF 17,402,868 CPOS, AND 9,528,639
CPOS, RESPECTIVELY, IN THE AMOUNT OF APPROXIMATELY PS.169,349 AND
PS.146,242, RESPECTIVELY, IN CONNECTION WITH THE COMPANY'S STOCK
PURCHASE PLAN. ALSO, IN MARCH 2006, THE GROUP RELEASED 2,186,313,597
SHARES, IN THE FORM OF 18,686,441 CPOS, IN THE AMOUNT OF APPROXIMATELY
PS.318,134 IN CONNECTION WITH SUCH PLAN.
(4) IN CONNECTION WITH THE LONG-TERM RETENTION PLAN.
THE GROUP ACCRUED IN STOCKHOLDER'S EQUITY A SHARE-BASED COMPENSATION
EXPENSE OF PS.46,144, WHICH WAS REFLECTED IN INCOME AS CORPORATE EXPENSE
FOR THE THREE MONTHS ENDED MARCH 31, 2006 (SEE NOTES 1 AND 11).
IN MARCH 2006, THE COMPANY ANNOUNCED A PROPOSED CHANGE FROM 20 TO FIVE
CPOS REPRESENTING EACH GDS, WHICH BECAME EFFECTIVE ON MARCH 22, 2006.
6. RESERVE REPURCHASE OF SHARES:
AS OF MARCH 31, 2006, THE COMPANY MAINTAINS A RESERVE FOR REPURCHASE
OF SHARES, WHICH WAS APPROVED BY THE SHAREHOLDERS OF THE COMPANY IN PRIOR
YEARS BY APPROPRIATING FROM ACCUMULATED EARNINGS THE AMOUNT OF
PS.7,254,129. THIS RESERVE WAS USED IN 1999, 2000 AND 2003, IN THE AMOUNT
OF PS.298,265, PS.666,740 AND PS.494,753, RESPECTIVELY, IN CONNECTION WITH
THE REPURCHASE OF SHARES IN THOSE YEARS.
IN ACCORDANCE WITH THE MEXICAN SECURITIES LAW, ANY AMOUNT OF SHARES
REPURCHASED AND HELD BY THE COMPANY SHOULD BE RECOGNIZED AS A CHARGE TO
STOCKHOLDERS' EQUITY, AND ANY CANCELLATION OF SHARES REPURCHASED SHOULD BE
RECOGNIZED AS A REDUCTION OF THE COMPANY'S CAPITAL STOCK ISSUED FOR AN
AMOUNT PROPORTIONATE TO THE SHARES CANCELLED.
7. INTEGRAL COST OF FINANCING:
INTEGRAL COST OF FINANCING FOR THE THREE MONTHS ENDED MARCH 31,
CONSISTED OF:
2006 2005
--------------- --------------
INTEREST EXPENSE (1) Ps. 471,229 Ps. 566,025
INTEREST INCOME (276,984) (302,311)
FOREIGN EXCHANGE (GAIN), LOSS, NET (2) (28,571) 30,826
LOSS FROM MONETARY POSITION, NET (3) 46,938 18,558
--------------- --------------
Ps. 212,612 Ps. 313,098
=============== ==============
(1) INCLUDES RESTATEMENT OF UDI-DENOMINATED DEBT SECURITIES OF PS.11,163
AND PS.10,594 NET IN THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005,
RESPECTIVELY.
(2) NET OF FOREIGN EXCHANGE GAIN IN 2006 INCLUDES A NET GAIN FROM FOREIGN
CURRENCY OPTION CONTRACTS OF PS.11,208 AND NET FOREIGN EXCHANGE LOSS
IN 2005 INCLUDES A NET LOSS FOREIGN CURRENCY DERIVATIVE CONTRACT OF
PS.22,419. A FOREIGN EXCHANGE LOSS IN 2006 AND 2005 OF PS.213,554 AND
PS.5,154, RESPECTIVELY, WERE HEDGED BY THE GROUP'S NET INVESTMENT IN
UNIVISION AND RECOGNIZED IN STOCKHOLDERS' EQUITY AS OTHER
COMPREHENSIVE LOSS.
(3) THE GAIN OR LOSS FROM MONETARY POSITION REPRESENTS THE EFFECTS OF
INFLATION, AS MEASURED BY THE NCPI IN THE CASE OF MEXICAN COMPANIES,
OR THE GENERAL INFLATION INDEX OF EACH COUNTRY IN THE CASE OF FOREIGN
SUBSIDIARIES, ON THE MONETARY ASSETS AND LIABILITIES AT THE BEGINNING
OF EACH MONTH. INCLUDES MONETARY LOSS IN 2006 AND 2005 OF PS.24,286
AND PS.33,121, RESPECTIVELY, ARISING FROM TEMPORARY DIFFERENCES OF
NON-MONETARY ITEMS IN CALCULATING DEFERRED INCOME TAX.
8. DEFERRED TAXES:
THE DEFERRED INCOME TAX LIABILITY AS OF MARCH 31, WAS DERIVED FROM:
2006 2005
--------------- --------------
ASSETS:
ACCRUED LIABILITIES Ps. 801,412 Ps. 605,506
GOODWILL 801,307 882,132
TAX LOSS CARRYFORWARDS 1,245,149 1,030,398
ALLOWANCE FOR DOUBTFUL ACCOUNTS 409,150 446,840
CUSTOMER ADVANCES 1,362,488 1,472,890
OTHER ITEMS 212,876 -
--------------- --------------
4,832,382 4,437,766
--------------- --------------
LIABILITIES:
INVENTORIES (241,456) (709,812)
PROPERTY, PLANT AND EQUIPMENT - NET (1,085,124) (1,317,606)
OTHER ITEMS (1,322,830) (1,245,443)
INNOVA (1,158,182) (1,622,043)
--------------- --------------
(3,807,592) (4,894,904)
--------------- --------------
DEFERRED INCOME TAX OF MEXICAN COMPANIES 1,024,790 (457,138)
DEFERRED TAX OF FOREIGN SUBSIDIARIES (61,713) (315,986)
ASSETS TAX 1,384,233 1,293,292
VALUATION ALLOWANCE (2,555,530) (2,314,268)
RECOVERABLE INCOME TAX FROM REPURCHASE
OF SHARES - 231,483
--------------- --------------
DEFERRED INCOME TAX LIABILITY (208,220) (1,562,617)
EFFECT ON CHANGE OF INCOME TAX RATES 32,549 189,680
--------------- --------------
DEFERRED TAX LIABILITY OF
CONTINUING OPERATIONS Ps. (175,671) Ps.(1,372,937)
=============== ==============
9. EXTRAORDINARY ITEMS:
NO EXTRAORDINARY ITEMS, AS DEFINED BY MEXICAN GAAP BULLETIN A-7
"COMPARABILITY", WERE RECOGNIZED IN INCOME FOR THE THREE MONTHS ENDED MARCH
31, 2006 AND 2005.
10. DISCONTINUED OPERATIONS:
NO DISCONTINUED OPERATIONS, AS DEFINED BY MEXICAN GAAP BULLETIN C-15
"IMPAIRMENT IN THE VALUE OF LONG-LIVED ASSETS AND THEIR DISPOSAL," WERE
RECOGNIZED IN INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND 2005.
11. CUMULATIVE EFFECT OF ACCOUNTING CHANGES:
IN CONNECTION WITH THE ADOPTION OF THE GUIDELINES OF IFRS 2,
"SHARE-BASED PAYMENT", THE GROUP RECOGNIZED A NON - TAXABLE CUMULATIVE LOSS
EFFECT OF ACCOUNTING CHANGE AT DECEMBER 31, 2005, IN THE AMOUNT OF
PS.326,338, WHICH WAS REFLECTED IN ITS CONSOLIDATED STATEMENT OF INCOME FOR
THE YEAR THEN ENDED (SEE NOTES 1 AND 5).
EFFECTIVE JANUARY 1, 2005, IN CONNECTION WITH THE ADOPTION OF CERTAIN
PROVISIONS OF REVISED BULLETIN D-3 (SEE NOTE 1), THE GROUP RECOGNIZED A
CUMULATIVE LOSS EFFECT OF ACCOUNTING CHANGE IN THE AMOUNT OF PS.184,127,
NET OF A RELATED INCOME TAX BENEFIT OF PS.78,912 IN ITS CONSOLIDATED
STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2005.
12. QUARTERLY NET RESULTS (HISTORICAL AND RESTATED):
THE QUARTERLY NET RESULTS FOR THE FOUR QUARTERS ENDED MARCH 31, 2006,
ARE AS FOLLOWS:
HISTORICAL NET RESULT (1) RESTATED NET RESULT
---------------------------------- -----------------------------------
INDEX AT END
QUARTER ACCUMULATED QUARTER OF PERIOD ACCUMULATED QUARTER
------------------------ ----------------- ----------------- ----------------- ------------------ ---------------
2(degree) / 05 Ps. 1,871,159 Ps. 1,277,060 113.447 Ps. 1,933,966 Ps. 1,319,926
3(degree) / 05 3,552,138 1,663,877 114.484 3,638,114 1,704,149
4(degree) / 05 6,125,542 2,517,026 116.301 6,175,784 2,537,671
1(degree) / 06 1,293,608 1,293,608 117.309 1,293,608 1,293,608
(1) AS REPORTED IN EACH QUARTER.
13. INFORMATION BY SEGMENTS:
INFORMATION BY SEGMENTS FOR THE THREE MONTHS ENDED MARCH 31, 2006 AND
2005, WERE AS FOLLOWS:
TOTAL INTERSEGMENT CONSOLIDATED OPERATING INCOME
REVENUES REVENUES REVENUES (LOSS)
--------------- -------------- ----------------- ----------------
MARCH 2006:
TELEVISION BROADCASTING Ps. 3,813,088 Ps. 103,744 Ps. 3,709,344 Ps. 1,411,056
PAY TELEVISION NETWORKS 287,704 71,888 215,816 132,433
PROGRAMMING EXPORTS 425,629 - 425,629 128,203
PUBLISHING 534,049 5,834 528,215 37,752
PUBLISHING DISTRIBUTION 105,183 3,384 101,799 2,559
SKY MEXICO 1,715,790 8,299 1,707,491 525,038
CABLE TELEVISION 413,267 608 412,659 73,756
RADIO 82,366 10,028 72,338 (1,115)
OTHER BUSINESSES 314,824 25,812 289,012 (31,574)
ELIMINATIONS AND CORPORATE EXPENSES (229,597) (229,597) - (101,696)
--------------- -------------- ----------------- ---------------
CONSOLIDATED TOTAL Ps. 7,462,303 Ps. - Ps. 7,462,303 Ps. 2,176,412
=============== ============== ================= ===============
MARCH 2005:
TELEVISION BROADCASTING Ps. 3,505,761 Ps. 106,371 Ps. 3,399,390 Ps. 1,176,870
PAY TELEVISION NETWORKS 243,303 79,199 164,104 90,993
PROGRAMMING EXPORTS 409,689 - 409,689 108,840
PUBLISHING 474,405 9,711 464,694 31,463
PUBLISHING DISTRIBUTION 88,667 2,376 86,291 (12,210)
SKY MEXICO 1,347,968 1,609 1,346,359 330,549
CABLE TELEVISION 314,524 90 314,434 13,789
RADIO 64,267 13,127 51,140 (4,550)
OTHER BUSINESSES 367,194 16,349 350,845 39
ELIMINATIONS AND CORPORATE EXPENSES (228,832) (228,832) - (34,970)
--------------- -------------- ----------------- ---------------
CONSOLIDATED TOTAL Ps. 6,586,946 Ps. - Ps. 6,586,946 Ps. 1,700,813
=============== ============== ================= ===============
14. SKY MEXICO:
IN FEBRUARY 2006, AFFILIATES OF DIRECTV COMPLETED THE ACQUISITION OF
EQUITY INTERESTS IN SKY MEXICO, WHICH WERE FORMERLY HELD BY NEWS CORP. AND
LIBERTY MEDIA. THIS ACQUISITION INCLUDED THE CAPITALIZATION OF THE PURCHASE
PRICE OF THE LIST OF SUBSCRIBERS SOLD BY DIRECTV MEXICO TO SKY MEXICO IN
THE AGGREGATE AMOUNT OF PS.621,112. AS A RESULT OF THESE TRANSACTIONS, THE
GROUP'S EQUITY STAKE IN SKY MEXICO WAS REDUCED FROM 60% TO 52.7%, AND
DIRECTV BECAME THE OWNER OF THE REMAINING 47.3% STAKE. ADDITIONALLY, IN THE
SECOND QUARTER OF 2006, THE COMPANY WILL EXERCISE ITS RIGHT TO ACQUIRE
TWO-THIRDS OF THE EQUITY INTEREST THAT WAS FORMERLY HELD BY LIBERTY MEDIA
IN AN AGGREGATE AMOUNT OF APPROXIMATELY U.S.$58.7 MILLION. AFTER THIS
ACQUISITION, THE GROUP AND DIRECTV WILL OWN 58.7% AND 41.3%, RESPECTIVELY,
OF SKY MEXICO'S EQUITY.
- - - - - - - - -
ANALYSIS OF INVESTMENTS IN SHARES
SUBSIDIARIES
-------------------------------------------------------------------------------------------------------------
NUMBER %
COMPANY NAME MAIN ACTIVITIES OF SHARES OWNERSHIP
--------------------------------------------------------------------------------------------------------------
1 CORPORATIVO VASCO DE QUIROGA, PROMOTION AND DEVELOPMENT OF
S.A. DE C.V. COMPANIES 9,966,244 100.00
2 CVQ ESPECTACULOS, S.A. DE C.V. PROMOTION AND DEVELOPMENT OF
COMPANIES 11,979,937 100.00
3 DTH EUROPA, S.A. PROMOTION AND DEVELOPMENT OF
COMPANIES 1,080,182 90.25
4 EDITORA FACTUM, S.A. DE C.V. PROMOTION AND DEVELOPMENT OF
COMPANIES 619,586,864 100.00
5 EDITORIAL TELEVISA, S.A. DE C.V. PROMOTION AND DEVELOPMENT OF
COMPANIES 1,037,498 100.00
6 FACTUM MAS, S.A. DE C.V. PROMOTION AND DEVELOPMENT OF
COMPANIES 5,442,040,701 100.00
7 GRUPO DISTRIBUIDORAS INTERMEX, DISTRIBUTION OF BOOKS
S.A. DE C.V. AND MAGAZINES 349,470,905 100.00
8 CAMPUS AMERICA, S.A. DE C.V. PROMOTION AND DEVELOPMENT OF
COMPANIES 418,881,301 100.00
9 PROMO-INDUSTRIAS PROMOTION AND DEVELOPMENT OF
METROPOLITANAS, S.A. DE C.V. COMPANIES 900,621 100.00
10 SISTEMA RADIOPOLIS, S.A. DE C.V. COMMERCIALIZATION OF
RADIO PROGRAMMING 76,070,313 50.00
11 TELEPARABOLAS, S.L. MAINTENANCE OF PARABOLIC DISHES 1,500 100.00
12 TELESISTEMA MEXICANO, S.A. DE C.V. COMMERCIALIZATION OF TELEVISION 169,773,895 100.00
13 TELEVISA ARGENTINA, S.A. COMMERCIAL OPERATION OF TELEVISION 1,499,999 100.00
14 TELEVISA JUEGOS, S.A. DE C.V. PROMOTION AND DEVELOPMENT OF
COMPANIES 65,249 100.00
15 TELEVISION INDEPENDIENTE DE PROMOTION AND DEVELOPMENT OF
MEXICO, S.A. DE C.V. COMPANIES 32,989,789 100.00
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
ANALYSIS OF INVESTMENTS IN SHARES
ASSOCIATES
ANNEX 3
CONSOLIDATED
FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
NUMBER % TOTAL AMOUNT
COMPANY NAME MAIN ACTIVITIES OF SHARES OWNERSHIP (Thousands of Mexican Pesos)
-----------------------------------------------------------------------------------------------------------------------------------
ACQUISITION BOOK
COST VALUE
---------------------------------
1 ARGOS COMUNICACION, S.A. DE C.V. OPERATION AND/OR
BROADCASTING OF T.V. 33,000,000 30.00 137,000 44,029
2 DIBUJOS ANIMADOS MEXICANOS PRODUCTION OF
DIAMEX, S.A. DE C.V. ANIMATED CARTOONS 1,735,560 49.00 4,384 761
3 EDITORIAL CLIO, LIBROS Y VIDEOS, PUBLISHING AND PRINTING
S.A. DE C.V. OF BOOKS AND MAGAZINES 2,627,050 30.00 26,270 16,250
4 ENDEMOL MEXICO, S.A. DE C.V. COMMERCIALIZATION OF
TELEVISION PROGRAMMING 1,635,000 49.00 1,635 14,784
5 EN VIVO ESPECTACULOS, S. DE R.L. LIVE ENTERTAINMENT IN
DE C.V. MEXICO 2 99.49 4,898 1,215
6 MAS FONDOS, S.A. DE C.V. MUTUAL FUND DISTRIBUTION
COMPANY 99,758 46.55 99,758 5,625
7 METROS CUBICOS, S.A. DE C.V. PORTAL INTERNET 2,089,343 18.65 43,031 4,532
8 OCESA ENTRETENIMIENTO, S.A. DE LIVE ENTERTAINMENT IN
C.V. MEXICO 14,100,000 40.00 1,095,581 520,862
9 CONTROLADORA VUELA
COMPANIA DE AVIACION, S.A. DE C.V. CARRIER AIRLINE 15 25.00 270,824 242,438
10 GESTORA DE INVERSIONES COMMERCIALIZATION OF
AUDIOVISUALES, S.A.U. TELEVISION PROGRAMMING 240,405 40.00 65,854 50,998
11 TELEVISORA DEL YAQUI, S.A. DE C.V. OPERATION AND/OR
BROADCASTING OF T.V. 4,124,986 15.00 412 7,113
12 TELEVISA EMI MUSIC, S.A DE C.V. MUSIC RECORDING 25 50.00 25 (3,631)
13 UNIVISION COMMUNICATIONS, INC. BROADCASTING OF T.V.
SPANISH PROGRAMS 30,187,534 9.90 5,602,976 5,951,768
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN ASSOCIATES 7,352,648 6,856,744
-----------------------------------------------------------------------------------------------------------------------------------
OTHER PERMANENT INVESTMENTS 2,068,476
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL 7,352,648 8,925,220
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
CREDIT BREAK DOWN
(Thousands of Mexican Pesos)
ANNEX 5 CONSOLIDATED
FINAL PRINTING
------------------------------------------------------------------------------------------------------------------------------------
AMORTIZATION OF CREDITS DENOMINATED IN PESOS (Thousands of $)
-------------------------------------------------------------------
AMORTIZATION INTEREST TIME INTERVAL
-------------------------------------------------------------------
CREDIT TYPE / INSTITUTION DATE RATE CURRENT UNTIL 1 UNTIL 2 UNTIL 3 UNTIL 4 UNTIL 5
YEAR YEAR YEAR YEAR YEAR YEAR
------------------------------------------------------------------------------------------------------------------------------------
BANKS
------------------------------------------------------------------------------------------------------------------------------------
FOREIGN TRADE
------------------------------------------------------------------------------------------------------------------------------------
SECURED
------------------------------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS
------------------------------------------------------------------------------------------------------------------------------------
BANAMEX, S.A. 4/23/2012 10.35 2,000,000
BANAMEX, S.A. 5/21/2009 9.70 1,162,460
BANAMEX, S.A. 5/1/2008 8.93 240,000 480,000
CORPORACION FINANCIERA DE ARRENDAMIENTO 7/31/2006 17.11 207
BANK OF AMERICA 3/31/2010 6.08
SUNTRUST BANK MIAMI, NATIONAL 4/1/2008 4.50
LEASING DE COLOMBIA 6/28/2009 13.45
LEASING DE OCCIDENTE 4/29/2007 15.86
------------------------------------------------------------------------------------------------------------------------------------
OTHER
------------------------------------------------------------------------------------------------------------------------------------
TOTAL BANKS 240,207 - - 480,000 1,162,460 2,000,000
------------------------------------------------------------------------------------------------------------------------------------
STOCK MARKET
------------------------------------------------------------------------------------------------------------------------------------
LISTED STOCK EXCHANGE
------------------------------------------------------------------------------------------------------------------------------------
UNSECURED
------------------------------------------------------------------------------------------------------------------------------------
SECURED
------------------------------------------------------------------------------------------------------------------------------------
PRIVATE PLACEMENTS
------------------------------------------------------------------------------------------------------------------------------------
UNSECURED
------------------------------------------------------------------------------------------------------------------------------------
HOLDERS 5/13/2006 12.49
HOLDERS 9/13/2011 8.41
HOLDERS 3/11/2032 8.94
HOLDERS 3/18/2025 6.97
HOLDERS 9/19/2013 9.86
UDI DENOMINATED-NOTES 4/13/2007 8.15 952,214
------------------------------------------------------------------------------------------------------------------------------------
SECURED
------------------------------------------------------------------------------------------------------------------------------------
TOTAL STOCK MARKET 0 0 952,214 0 0 0
------------------------------------------------------------------------------------------------------------------------------------
SUPPLIERS
------------------------------------------------------------------------------------------------------------------------------------
VARIOUS 3/31/2006 1,369,427
VARIOUS 3/31/2006
------------------------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS - 1,369,427 - - - -
------------------------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES AND
OTHER CREDITS
------------------------------------------------------------------------------------------------------------------------------------
VARIOUS 3/31/2006 1,344,533
VARIOUS 9/7/2000 114,980
------------------------------------------------------------------------------------------------------------------------------------
TOTAL 240,207 2,713,960 1,067,194 480,000 1,162,460 2,000,000
------------------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------------
AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (Thousands of $)
---------------------------------------------------------------------
TIME INTERVAL
---------------------------------------------------------------------
CREDIT TYPE / INSTITUTION CURRENT UNTIL 1 UNTIL 2 UNTIL 3 UNTIL 4 UNTIL 5
YEAR YEAR YEAR YEAR YEAR YEAR
-------------------------------------------------------------------------------------------------------------
BANKS
--------------------------------------------------------------------------------------------------------------
FOREIGN TRADE
--------------------------------------------------------------------------------------------------------------
SECURED
--------------------------------------------------------------------------------------------------------------
COMMERCIAL BANKS
--------------------------------------------------------------------------------------------------------------
BANAMEX, S.A.
BANAMEX, S.A.
BANAMEX, S.A.
CORPORACION FINANCIERA DE ARRENDAMIENTO
BANK OF AMERICA 410 136 546 546 27,933
SUNTRUST BANK MIAMI, NATIONAL 4,362 8,723
LEASING DE COLOMBIA 286 13 52 129 96
LEASING DE OCCIDENTE 142 48 82
--------------------------------------------------------------------------------------------------------------
OTHER
--------------------------------------------------------------------------------------------------------------
TOTAL BANKS 838 4,559 9,403 675 28,029 -
--------------------------------------------------------------------------------------------------------------
STOCK MARKET
--------------------------------------------------------------------------------------------------------------
LISTED STOCK EXCHANGE
--------------------------------------------------------------------------------------------------------------
UNSECURED
--------------------------------------------------------------------------------------------------------------
SECURED
--------------------------------------------------------------------------------------------------------------
PRIVATE PLACEMENTS
--------------------------------------------------------------------------------------------------------------
UNSECURED
--------------------------------------------------------------------------------------------------------------
HOLDERS 58,260
HOLDERS 784,554
HOLDERS 3,271,200
HOLDERS 6,542,400
HOLDERS 3,271,200
UDI DENOMINATED-NOTES
--------------------------------------------------------------------------------------------------------------
SECURED
--------------------------------------------------------------------------------------------------------------
TOTAL STOCK MARKET 58,260 0 0 0 0 13,869,354
--------------------------------------------------------------------------------------------------------------
SUPPLIERS
--------------------------------------------------------------------------------------------------------------
VARIOUS
VARIOUS 1,696,313
--------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS - 1,696,313 - - - -
--------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES AND
OTHER CREDITS
--------------------------------------------------------------------------------------------------------------
VARIOUS 59,008 397,314
VARIOUS 409,883 100,364 112,535 894,697
--------------------------------------------------------------------------------------------------------------
TOTAL 118,106 2,098,186 419,286 101,039 140,564 14,764,051
--------------------------------------------------------------------------------------------------------------
NOTES
THE EXCHANGE RATES FOR THE CREDITS DENOMINATED IN FOREIGN CURRENCY
WERE AS FOLLOWS:
10.9040 PESOS PER U.S. DOLLAR
0.0048 PESOS PER COLOMBIAN PESO
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
MONETARY FOREIGN CURRENCY POSITION
(Thousands of Mexican Pesos)
ANNEX 6 CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------------------------------------------------------
DOLLARS OTHER CURRENCIES TOTAL
---------------------------------------------------------------------
TRADE BALANCE THOUSANDS THOUSANDS THOUSANDS THOUSANDS THOUSANDS
OF DOLLARS OF PESOS OF DOLLARS OF PESOS OF PESOS
-------------------------------------------------------------------------------------------------------------------------------
MONETARY ASSETS 708,699 7,727,654 165,993 1,809,988 9,537,642
LIABILITIES POSITION 1,587,270 17,307,592 34,422 375,337 17,682,929
SHORT-TERM LIABILITIES POSITION 172,967 1,886,032 34,112 371,957 2,257,989
LONG-TERM LIABILITIES POSITION 1,414,303 15,421,560 310 3,380 15,424,940
-------------------------------------------------------------------------------------------------------------------------------
NET BALANCE (878,571) (9,579,938) 131,571 1,434,651 (8,145,287)
-------------------------------------------------------------------------------------------------------------------------------
NOTES
THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS:
10.9040 PESOS PER U.S. DOLLAR
13.2211 PESOS PER EURO
3.5414 PESOS PER ARGENTINEAN PESO
0.0204 PESOS PER CHILEAN PESO
0.0048 PESOS PER COLOMBIAN PESO
3.2529 PESOS PER PERUVIAN NUEVO SOL
19.3000 PESOS PER POUNDS STERLING
10.9040 PESOS PER ECUADORIAN SUCRE
10.9040 PESOS PER PANAMANIAN BALBOA
0.0050 PESOS PER VENEZUELAN BOLIVAR
THIS INFORMATION IS REPRESENTED ON A CONSOLIDATED BASIS AND INCLUDES,
ACCORDINGLY, INFORMATION OF FOREIGN SUBSIDIARIES.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
RESULT FROM MONETARY POSITION
(Thousands of Mexican Pesos)
ANNEX 7 CONSOLIDATED
FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------
(ASSET) LIABILITY MONTHLY
MONTH MONETARY MONETARY MONETARY MONTHLY PROFIT
ASSETS LIABILITIES POSITION INFLATION AND (LOSS)
--------------------------------------------------------------------------------------------------------------------------
JANUARY 27,549,670 25,566,260 1,983,409 0.58 11,631
FEBRUARY 27,838,101 25,181,438 2,656,663 0.15 4,065
MARCH 29,158,664 25,546,612 3,612,052 0.07 2,864
RESTATEMENT - 30
CAPITALIZATION - -
FOREIGN CORP. - 4,030
OTHER - 24,318
--------------------------------------------------------------------------------------------------------------------------
TOTAL 46,938
--------------------------------------------------------------------------------------------------------------------------
NOTES
THE AMOUNT REFLECTED IN "OTHER" INCLUDES PS. 24,286, FROM MONE-
TARY POSITION DERIVED FROM DEFERRED TAXES, WHICH WAS CLASSI-
FIED IN THE DEFERRED INCOME TAX PROVISION IN ACCORDANCE
WITH THE GUIDELINES PROVIDED BY BULLETIN D-4 FOR DEFERRED TAXES.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
DEBT INSTRUMENTS
ANNEX 8 CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
FINANCIAL LIMITED BASED IN ISSUED DEED AND/OR TITLE
THE AGREEMENTS OF THE U.S.$300 MILLION (OF WHICH APPROXIMATELY U.S.$71.9
MILLION ARE OUTSTANDING AS OF MARCH 31, 2006), U.S.$600 MILLION AND
U.S.$300 MILLION SENIOR NOTES ISSUED BY GRUPO TELEVISA, S.A. WITH MATURITY
IN 2011, 2025 AND 2032, RESPECTIVELY, CONTAIN CERTAIN COVENANTS THAT LIMIT
THE ABILITY OF THE COMPANY AND ITS SUBSIDIARIES ENGAGED IN TELEVISION
OPERATIONS TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK
TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS OR SIMILAR
TRANSACTIONS.
THE AGREEMENT OF THE U.S.$300 MILLION SENIOR NOTES ISSUED BY INNOVA, S. DE
R.L. DE C.V. ("INNOVA") WITH MATURITY IN 2013, CONTAINS CERTAIN COVENANTS
THAT LIMIT THE ABILITY OF INNOVA AND ITS RESTRICTED SUBSIDIARIES WITH
RESPECT TO INDEBTEDNESS, LIENS, SALES AND LEASEBACKS, RESTRICTED PAYMENTS,
ASSET SALES, AND CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.
ACTUAL SITUATION OF FINANCIAL RESTRICTIONS
AT MARCH 31, 2006, THE GROUP WAS IN COMPLIANCE WITH THE FINANCIAL
RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM SENIOR NOTES
DESCRIBED ABOVE.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS
ANNEX 9 CONSOLIDATED
FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------------
PLANT OR CENTER ECONOMIC ACTIVITY PLANT UTILIZATION
CAPACITY (%)
--------------------------------------------------------------------------------------------------------------------------------
TELEVISION: 0 0
CORPORATIVO SANTA FE HEADQUARTERS 0 0
TELEVISA SAN ANGEL PRODUCTION AND BROADCASTING PROGRAMMING. 0 0
TELEVISA CHAPULTEPEC PRODUCTION AND BROADCASTING PROGRAMMING. 0 0
REAL ESTATE LAND AND UNOCCUPIED, BUILDING, 0 0
PARKING LOTS, ADMINISTRATIVE 0 0
OFFICES, RADIO ANTENNAS, 0 0
TELEVISION STATIONS FACILITIES. 0 0
TRANSMISSION STATIONS BROADCASTER STATIONS. 0 0
PUBLISHING: 0 0
EDITORIALS ADMINISTRATION, SALES, PRODUCTION, 0 0
STORAGE AND DISTRIBUTION OF 0 0
MAGAZINES AND NEWSPAPERS. 0 0
RADIO: 0 0
SISTEMA RADIOPOLIS, S.A. DE C.V. BROADCASTER STATIONS. 0 0
CABLE TELEVISION: 0 0
CABLEVISION, S.A. DE C.V. CABLE TELEVISION, SIGNAL CONDUCTION 0 0
AND TRANSMISSION EQUIPMENT. 0 0
OTHER BUSINESSES: 0 0
IMPULSORA DEL DEPORTIVO - SOCCER, SOCCER TEAMS, TRAINING 0 0
NECAXA, S.A. DE C.V. AND CLUB FACILITIES, ADMINISTRATIVE OFFICES AND 0 0
DE FUTBOL AMERICA, S.A. DE C.V. THE AZTECA STADIUM. 0 0
--------------------------------------------------------------------------------------------------------------------------------
NOTES
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
MAIN RAW MATERIALS
ANNEX 10 CONSOLIDATED
FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
MAIN MAIN DOM. COST
DOMESTIC SUPPLIERS FOREIGN SUPPLIERS SUBST. PRODUCTION
(%)
-----------------------------------------------------------------------------------------------------------------------------------
PROGRAMS AND FILMS ANIME CREATIVE
CORPORATION 0.38
CINEMA INC,
S.A. DE C.V. 0.72
CINEMATOGRAFICA
RODRIGUEZ, S.A. 0.32
DIANA INTERNACIO-
NAL FILMS, S.A. 0.21
DISTRIBUIDORA RO-
MARI, S.A. DE C.V. 1.40
GUSSI, S.A. DE C.V. 3.41
HERMINE KINDLE
FUTCHER 0.35
NUVISION, S.A. 1.75
ORO FILMS,
S.A. DE C.V. 0.30
PELICULAS RODRI-
GUEZ, S.A. 0.29
PRODUCCIONES
ROSAS PRIEGO 0.34
PRODUCCIONES
TOBARI, S.A. 0.66
PRODUCTORA
FILMICA REAL,
S.A. DE C.V. 0.16
QUALITY FILMS,
S.A. DE C.V. 0.79
SECINE, S.A. DE C.V. 0.89
SOLFERINO
MEDIA, S.A. DE C.V. 0.19
OTHER 1.63
PROGRAMS AND FILMS ALFRED HABER
DISTRIBUTION, INC. NO 0.12
ALLIANCE ATLAN-
TIS INTERNATIONAL NO 3.11
AMERICA PRO-
DUCCIONES, S.A. NO 3.59
BBC WORDLWIDE
AMERICA, INC. NO 0.36
BETAFILM GMBH
& CO. NO 0.43
BUENAVISTA
INTERNATIONAL,
INC. NO 0.33
CARSEY WERNER
DISTRIBUTION,
INC. NO 0.21
CONSTELLATION
PICTURES, INC. NO 1.38
DREAMWORKS
LLC. NO 2.49
FIREWORKS INTER-
NATIONAL NO 0.71
FREMANTLE MEDIA
LIMITED NO 0.42
HALLMARK ENTER-
TAINMENT NO 0.22
HEARTS ENTER-
TAINMENT, INC. NO 0.34
INDEPENDENT
INTERNATIONAL
T.V. INC. NO 3.52
LIONS GATE
FILM, INC. NO 0.35
MARATHON
INTERNATIONAL NO 0.73
METRO GOLDWYN
MAYER INTERNAT-
IONAL NO 7.24
MTV NETWORKS NO 1.28
MTV NETWORKS
A DIVISION OF
CORP. NO 0.85
PARAMOUNT
PICTURES,
CORP. NO 3.10
POKEMON
USA, INC. NO 0.41
RAINBOW,
S.R.L. NO 0.15
RCN TELEVISION,
S.A. NO 0.22
REPRESENTA-
CIONES DE TELE-
VISION, INC. NO 0.23
SALSA ENTER-
TAINMENT, INC. NO 0.27
SONY CORPORA-
TION OF AMERICA NO 10.89
STUDIO CANAL
IMAGE NO 0.79
TEPUY USA CORP-
ORATION NO 0.47
TOEI ANIMATION
CO., LTD NO 0.81
TWENTIETH CEN-
TURY FOX, INC. NO 3.14
UNIVERSAL
STUDIOS INTER-
NATIONAL, B.V. NO 18.53
WARNER BROS.
INTERNATIONAL
TELEVISION NO 16.22
WHILAND
INTERNATIONAL
INC. NO 0.38
ZACH MOTION
PICTURES, INC. NO 1.68
OTHER 1.24
COAXIAL CABLE RG
MAYA 60 NACIONAL DE
CONDUCTORES,
S.A. DE C.V. 3.16
CABLEMODEMS MOTOROLA, INC. NO 3.64
HILTI BOLT HILTI MEXICANA,
S.A. DE C.V. NO 0.01
SWITCH CABLENETWORK
MEXICO NO 0.01
TWO OUTLET DEVICE AC TVC CORPORATION YES 0.02
200 DECODER MOTOROLA, INC. NO 77.00
COUCHE PAPER ABASTECEDORA
LUMEN, S.A. 1.94
MAG PAPER 0.14
PAPELERA
MOGHABA,
S.A. 0.08
SUMINISTROS
BROM, S.A. 0.27
TORRAS PAPEL,
S.A. 0.07
COUCHE PAPER STORAM ENSON YES 4.22
BULKLEY DUNTON YES 24.64
M REAL YES 1.26
MYLLLIKOSKI YES
PAPEL YES 5.58
BOWATER, INC. YES 1.28
NORKE CANADA YES 0.11
UPM YES 7.90
COPAPER YES 0.36
TORRAS PAPEL, YES
S.A. YES 0.27
EDITORES, S.A. YES 0.26
EDITORIAL LA
PATRIA YES 0.53
GRUPO OP
GRAFICAS, S.A. YES 0.92
PANAMERICANAS
FORMAS E
IMPRESION YES 0.75
PAPER AND IMPRESSION PRODUCTORA CO-
MERCIALIZADORA Y
EDITORES DE LI-
BROS , S.A. DE C.V. 8.13
OFFSET
MULTICOLOR 12.56
IMPRESOS MOINO 1.13
PROCESOS IND
DE PAPEL, S.A. 0.31
BARNICES PARA
EDICIONES DE
LIBROS, S.A. 1.12
SERVICIOS PRO-
FESIONALES
DE IMPRESION,
S.A. DE C.V. 0.92
OFFSET
MULTICOLOR,
S.A. 1.51
GRUPO GRAFICO
ARENAL 0.62
LITOGRAFIA
MAGNO GRAFT,
S.A. 0.71
LOVA IMPRE-
SORES, S.A.
GRAFICA LA
PRENSA, S.A. 0.19
QUEBECOR
WORDL MEXICO 0.79
REFORSA 1.51
METROCOLOR 0.42
LITOGRAFICA
INGRAMEX, S.A. 0.09
PAPER AND IMPRESSION QUEBECOR
CHILE, S.A. YES 4.02
QUEBECOR
WORLD YES
BOGOTA 1.29
EDITORA YES
GEMINIS, LTDA. 0.06
GRUPO OP GRA- YES
FICAS, S.A. YES 0.77
PRINTER COLOM- YES
BINA, S.A. YES 0.32
ST. IVES, INC. YES 7.86
BEST LITHO YES 0.19
EDITORES, S.A. YES 0.17
RR DONELLY YES 2.50
QUAD GRAPHICS YES 0.13
PRO-OFFSET EDI-
TORIAL, LTDA. YES 0.05
----------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
SALES DISTRIBUTION BY PRODUCT
DOMESTIC SALES
ANNEX 11 CONSOLIDATED
FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
NET SALES MARKET MAIN
------------------- SHARE ---------------------------------------------------------------------
MAIN PRODUCTS VOLUME AMOUNT (%) TRADEMARKS CUSTOMERS
-----------------------------------------------------------------------------------------------------------------------------------
DOMESTIC SALES
INTERSEGMENT ELIMINATIONS (226,373)
TELEVISION:
----------
PROGRAMMING HALF HOURS PRODUCED
(DOMESTIC)
ADVERTISED TIME SOLD (HALF HOURS) 1 3,660,792 TELEFONOS DE MEXICO, S.A. DE C.V.
COMPANIA PROCTER & GAMBLE DE MEXICO, S. DE
R. L. DE C.V.
THE COCA-COLA EXPORT CORPORATION SUCURSAL EN
MEXICO BIMBO, S.A. DE C.V.
NESTLE MEXICO, S.A. DE C.V.
PEPSI COLA MEXICANA, S. DE R.L. DE C.V.
KIMBERLY CLARK DE MEXICO, S.A. DE C.V.
DANONE DE MEXICO, S.A. DE C.V.
SABRITAS, S DE R.L. DE C.V.
KELLOGG COMPANY MEXICO, S. DE R.L. DE C.V.
UNILEVER DE MEXICO, S. DE R.L. DE C.V.
FRABEL, S.A. DE C.V.
OTHER INCOME 31,868 VARIOUS
PROGRAMMING FOR PAY TELEVISION:
------------------------------
SALE OF SIGNALS 178,539 OPERADORA MEGACABLE, S.A. DE C.V.
T.V. CABLE, S.A. DE C.V.
TELECABLE CENTRO OCCIDENTE, S.A. DE C.V.
TELECABLE DEL ESTADO DE MEXICO, S.A. DE C.V.
SERVICIOS DE COMUNICACION POR CABLE, S.A. DE C.V.
TELEVICABLE DEL CENTRO, S.A. DE C.V.
T.V. CABLE DE PROVINCIA, S.A. DE C.V.
CABLE OPERADORA DE LA COMARCA, S.A. DE C.V.
CABLENET INTERNATIONAL, S.A.DE C.V.
T.V. POR CABLE DEL NORTE DE SONORA, S.A. DE C.V.
ADVERTISED TIME SOLD 27,486 COMPANIA CERVECERA DE ZACATECAS, S.A. DE C.V.
VPN DE MEXICO, S.A. DE C.V.
PROCTER & GAMBLE MEXICO, S DE R.L. DE C.V.
CONTROL MEDIA, S.A. DE C.V.
COMBE DE MEXICO, S. DE R.L. DE C.V.
MARCAS NESTLE, S.A. DE C.V.
CADBURY ADAMS DE MEXICO, S. DE R.L. DE C.V.
LINEAS AEREAS ZACATECAS, S.A. DE C.V.
LANETRO MOBILE MEXICO, S.A. DE C.V.
PUBLISHING:
----------
MAGAZINE CIRCULATION 15,703 198,362 TV Y NOVELAS MAGAZINE, GENERAL PUBLIC (AUDIENCE)
TELEGUIA MAGAZINE, DEALERS
VANIDADES MAGAZINE COMMERCIAL CENTERS (MALLS)
COSMOPOLITAN MAGAZINE
NATIONAL GEOGRAPHIC
MAGAZINE
TU MAGAZINE
MEN'S HEALTH MAGAZINE
MUY INTERESANTE MAGAZINE
BIG BANG MAGAZINE
PUBLISHING 123,296 FRABEL, S.A. DE C.V.
KIMBERLY CLARK DE MEXICO, S.A. DE C.V.
DILTEX, S.A. DE C.V.
COMERCIALIZADORA DE CONTENIDOS MOVILES, S.A.
DE C.V.
COMPANIA PROCTER & GAMBLE DE MEXICO, S. DE R.L
DE C.V.
FABRICAS DE CALZADO ANDREA, S.A. DE C.V.
ENFASYS DIGITAL, S.A. DE C.V.
OTHER INCOME 5,780 VARIOUS
PUBLISHING DISTRIBUTION: 2,664 47,910 MAGAZINE: GENERAL PUBLIC (AUDIENCE)
----------------------- "MAESTRA PREESCOLAR" DEALERS
"LOS GRANDES EXITOS COMMERCIAL CENTERS (MALLS)
DE LA LITERATURA"
"CINEMANIA"
"REVISTA DEL CONSUMIDOR"
"ENTREPRENEUR"
SKY MEXICO
----------
DTH BROADCAST SATELLITE 1,637,511 SKY SUBSCRIBERS
PAY PER VIEW 61,118
CHANNEL COMMERCIALIZATION 17,161 BANORTE, S.A.
COMBE DE MEXICO, S.A. DE C.V.
DAIMLERCHRYSLER DE MEXICO, S.A. DE C.V.
CABLE TELEVISION:
----------------
ANALOGIC AND DIGITAL SERVICE 352,989 CABLEVISION SUBSCRIBERS
INTERNET SERVICES 41,791 VPN DE MEXICO, S.A. DE C.V.
SERVICE INSTALLATION 9,011 BANORTE, S.A.
PAY PER VIEW 454 SERCOMGLOB COMUNICACIONES, S.A. DE C.V.
CHANNEL COMMERCIALIZATION 5,241 CONTROL MEDIA, S.A. DE C.V.
OTHER 3,781 COMPANIA CERVECERA DE ZACATECAS, S.A. DE C.V.
MUEBLERIA FREY, S.A. DE C.V.
RADIO:
-----
ADVERTISED TIME SOLD 82,366 PEGASO, PCS, S.A. DE C.V.
BANCO NACIONAL DE MEXICO, S.A.
ORGANIZACION RADIOFONICA DE BAJA CALIFORNIA, S.A.
DE C.V.
PROPIMEX, S.A. DE C.V.
ARENA COMUNICATIONS, S.A. DE C.V.
UNILEVER DE MEXICO, S DE R.L. DE C.V.
CERVECERIA CUAUHTEMOC MOCTEZUMA, S.A. DE C.V.
INMOBILIARIA SMM, S.A. DE C.V.
BBVA BANCOMER, S.A.
MARCAS NESTLE, S.A. DE C.V.
OTHER BUSINESSES:
----------------
DISTRIBUTION, RENTALS, AND SALE
OF MOVIE RIGHTS 91,360 CINEPOLIS DEL PAIS, S.A. DE C.V.
CINEMAS DE LA REPUBLICA, S.A. DE C.V.
OPERADORA DE CINEMAS, S.A. DE C.V.
MULTIMEDIOS CINEMAS, S.A. DE C.V.
CINEMARK DE MEXICO, S.A. DE C.V.
QUALITY FOLMS, S.A. DE C.V.
GENERAL PUBLIC (AUDIENCE)
SPECIAL EVENTS AND SHOW PROMOTION 141,054 AMERICA GENERAL PUBLIC (AUDIENCE)
REAL SAN LUIS FEDERACION MEXICANA DE FUTBOL, A.C.
INTERNET SERVICES 79,036 ESMAS.COM RADIOMOVIL DIPSA, S.A. DE C.V.
PEGASO PCS, S.A. DE C.V.
IUSACELL, S.A. DE C.V.
OPERADORA UNEFON, S.A. DE C.V.
FOREIGN SALES
INTERSEGMENT ELIMINATIONS (3,224)
TELEVISION BROADCASTING:
-----------------------
ADVERTISING TIME SOLD 100,771 MCCANN ERICKSON, INC
BBD&O
SAATCHI & SAATCHI
OMD
GSD&M ADVERTISING
MINDSHARE
OTHER INCOME 19,657 VARIOUS
PROGRAMMING FOR PAY TELEVISION:
------------------------------
SALES OF SIGNALS 69,442 DIRECTV ARGENTINA
GALAXY ENTERTAIMENT ARGENTINA, S.A.
SKY CHILE CPA
ADVERTISING TIME SOLD 12,237 SUPER CABLE, AKL.
TCN DOMINICANA, S.A.
TELEFONICA MULTIMEDIA, S.A.
TELEVISORA DE COSTA RICA
PROGRAMMING EXPORT:
PROGRAMMING AND ROYALTIES 425,629 TELEVISA KYOTO BROADCASTING SYSTEM, CO. LTD
TELEVISA TV. SBT CANAL 4 DE SAO PAULO, S.A.
TELEVISA CORPORACION VENEZOLANA DE TELEVISION
TELEVISA COMPANIA PERUANA DE RADIODIFUSION, S.A.
TELEVISA TV. FUTBOL, INC.
TELEVISA CORPORACION MEDCOM PANAMA, S.A.
TELEVISA
PUBLISHING:
----------
MAGAZINE CIRCULATION 9,235 126,998 T.V. Y NOVELAS GENERAL PUBLIC (AUDIENCE)
MAGAZINE
NATIONAL GEOGRAPHIC
MAGAZINE DEALERS
HISPANIC MAGAZINE COMMERCIAL CENTERS (MALLS)
VANIDADES MAGAZINE
COSMOPOLITAN MAGAZINE
TU MAGAZINE
PUBLISHING 79,613 PROCTER & GAMBLE
P & G PRESTIGE
DIRBEL, S.A.
ESTEE LAUDER
JOHNSON & JOHNSON
WRIGLEY'S
PUBLISHING DISTRIBUTION: 3,442 57,273 SELECCIONES MAGAZINE GENERAL PUBLIC (AUDIENCE)
----------------------- HOLA MAGAZINE DEALERS
VEA MAGAZINE COMMERCIAL CENTERS (MALLS)
SOHO MAGAZINE
CROMOS MAGAZINE
CAMBIO MAGAZINE
SEMANA MAGAZINE
OTHER BUSINESSES:
----------------
DISTRIBUTION OF FILM MOVIES 3,374 NEW LINE INTERNATIONAL RELEASING, INC.
METRO GOLDWIN MAYER STUDIOS, INC.
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL 7,462,303
-----------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
SALES DISTRIBUTION BY PRODUCT
FOREIGN SALES
ANNEX 11A
CONSOLIDATED
FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
NET SALES MAIN
------------------- ----------------------------------------------------------------
MAIN PRODUCTS VOLUME AMOUNT DESTINATION TRADEMARKS CUSTOMERS
-----------------------------------------------------------------------------------------------------------------------------------
FOREIGN SALES
TELEVISION BROADCASTING:
-----------------------
ADVERTISING TIME SOLD 17,989 UNITED STATES MCCANN ERICKSON, INC
OF AMERICA BBD&O
SAATCHI & SAATCHI
OMD
GSD&M ADVERTISING
MINDSHARE
VARIOUS
OTHER INCOME 19,657 UNITED STATES
OF AMERICA
PROGRAMMING FOR PAY TELEVISION:
------------------------------
SALES OF SIGNALS 49,993 SPAIN DIRECTV ARGENTINA
ARGENTINA GALAXY ENTERTAINMENT ARGENTINA, S.A.
CHILE SKY CHILE CPA
GUATEMALA SUPER CABLE, AKL.
COLOMBIA TCN DOMINICANA, S.A.
UNITED STATES TELEFONICA MULTIMEDIA, S.A.
OF AMERICA TELEVISORA DE COSTA RICA
PROGRAMMING EXPORT:
------------------
PROGRAMMING AND ROYALTIES 425,629 UNITED STATES
OF AMERICA TELEVISA KYOTO BROADCASTING SYSTEM, CO. LTD
CENTRAL AMERICA TELEVISA TV. SBT CANAL 4 DE SAO PAULO, S.A.
CARIBBEAN TELEVISA CORPORACION VENEZOLANA DE TELEVISION
EUROPE TELEVISA COMPANIA PERUANA DE RADIODIFUSION, S.A.
SOUTH AMERICA TELEVISA TV. FUTBOL, INC.
AFRICA TELEVISA CORPORACION MEDCOM PANAMA, S.A.
ASIA TELEVISA
OTHER BUSINESSES:
DISTRIBUTION OF FILM MOVIES 3,374 NEW LINE INTERNATIONAL RELEASING, INC.
METRO GOLDWIN MAYER STUDIOS, INC.
-----------------------------------------------------------------------------------------------------------------------------------
SUBSIDIARIES ABROAD
TELEVISION BROADCASTING:
-----------------------
ADVERTISING TIME SOLD 82,782 UNITED STATES MCCANN ERICKSON, INC
OF AMERICA BBD&O
SAATCHI & SAATCHI
OMD
GSD&M ADVERTISING
MINDSHARE
VARIOUS
PROGRAMMING FOR PAY TELEVISION:
------------------------------
SALES OF SIGNALS 19,449 SPAIN DIRECTV ARGENTINA
ARGENTINA GALAXY ENTERTAIMENT ARGENTINA, S.A.
CHILE SKY CHILE CPA
ADVERTISING TIME SOLD 12,237 GUATEMALA SUPER CABLE, AKL.
COLOMBIA TCN DOMINICANA, S.A.
UNITED STATES TELEFONICA MULTIMEDIA, S.A.
OF AMERICA
TELEVISORA DE COSTA RICA
PUBLISHING:
----------
MAGAZINE CIRCULATION 9,235 126,998 GUATEMALA T.V. Y GENERAL PUBLIC (AUDIENCE)
AND COSTA NOVELAS
RICA MAGAZINE
UNITED STATES NATIONAL
OF AMERICA GEOGRAPHIC
MAGAZINE DEALERS
PANAMA HISPANIC
MAGAZINE COMMERCIAL CENTERS (MALLS)
SOUTH AMERICA VANIDADES
MAGAZINE
CENTRAL AMERICA COSMOPOLITAN
MAGAZINE
TU MAGAZINE
PUBLISHING 79,613 PROCTER & GAMBLE
P & G PRESTIGE
DIRBEL, S.A.
ESTEE LAUDER
JOHNSON & JOHNSON
WRIGLEY'S
PUBLISHING DISTRIBUTION: 3,442 57,273 PANAMA SELECCIONES
----------------------- SOUTH AMERICA MAGAZINE GENERAL PUBLIC (AUDIENCE)
HOLA DEALERS
MAGAZINE
VEA MAGAZINE COMMERCIAL CENTERS (MALLS)
SOHO MAGAZINE
CROMOS MAGAZINE
CAMBIO MAGAZINE
INTERSEGMENT ELIMINATIONS (3,224) SEMANA MAGAZINE
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TOTAL 891,770
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MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
PROJECT, AMOUNT EXERCISED AND PROGRESS PERCENTAGE
ANNEX 13 CONSOLIDATED
FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------------
MAJOR INVESTMENT PROJECTS OF GRUPO TELEVISA, S.A. AND ITS SUBSIDIARIES AT MARCH 31, 2006,
INCLUDE THE FOLLOWING (MILLIONS OF U.S. DOLLARS AND MEXICAN PESOS):
DESCRIPTION AUTHORIZED AMOUNT EXERCISED AMOUNT PROGRESS %
------------------------------------------------- -----------------------------------------------------------------
U.S. DOLLAR DENOMINATED PROJECTS:
--------------------------------
DIGITALIZATION OF THE CABLE TELEVISION
NETWORK U.S.$ 155.6 U.S.$ 106.4 68%
INFORMATION TECHNOLOGY PROJECTS
OF CABLE TELEVISION 19.0 16.6 87%
TECHNICAL EQUIPMENT FOR T.V. STATIONS 13.3 11.0 83%
SKY MEXICO PROJECTS 16.6 13.1 79%
MEXICAN PESOS DENOMINATED PROJECTS:
----------------------------------
INFORMATION TECHNOLOGY PROJECTS PS. 38.3 PS. 12.8 33%
WAL-MART PROJECT 206.4 175.6 85%
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2006
GRUPO TELEVISA, S.A.
INFORMATION RELATED TO BULLETIN B-15 (FOREIGN CURRENCY TRANSLATION)
ANNEX 14 CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
MONETARY ASSETS AND LIABILITIES OF MEXICAN COMPANIES DENOMINATED IN
FOREIGN CURRENCIES ARE TRANSLATED AT THE PREVAILING EXCHANGE RATE AT
THE BALANCE SHEET DATE. RESULTING EXCHANGE RATE DIFFERENCES ARE
RECOGNIZED IN INCOME FOR THE YEAR, WITHIN INTEGRAL COST OF FINANCING.
ASSETS, LIABILITIES AND RESULTS OF OPERATIONS OF NON-MEXICAN
SUBSIDIARIES ARE FIRST CONVERTED TO MEXICAN GAAP, INCLUDING RESTATING
TO RECOGNIZE THE EFFECTS OF INFLATION BASED ON THE INFLATION OF EACH
FOREIGN COUNTRY, AND THEN TRANSLATED TO MEXICAN PESOS UTILIZING THE
EXCHANGE RATE AS OF THE BALANCE SHEET DATE AT YEAR-END. RESULTING
TRANSLATION DIFFERENCES ARE RECOGNIZED IN EQUITY AS PART OF THE OTHER
COMPREHENSIVE INCOME OR LOSS. FINANCIAL STATEMENTS OF NON-MEXICAN
OPERATIONS THAT ARE INTEGRAL TO MEXICAN OPERATIONS ARE CONVERTED TO
MEXICAN GAAP AND TRANSLATED TO MEXICAN PESOS BY UTILIZING THE EXCHANGE
RATE OF THE BALANCE SHEET DATE AT YEAR-END FOR MONETARY ASSETS AND
LIABILITIES, WITH THE RELATED ADJUSTMENT INCLUDED IN NET INCOME, AND
HISTORICAL EXCHANGE RATES FOR NON-MONETARY ITEMS.
THE COMPANY HAD DESIGNATED ITS NET INVESTMENT IN UNIVISION AS AN
EFFECTIVE HEDGE OF ITS SENIOR NOTES DUE 2011 AND 2032 FOR AN AGGREGATE
AMOUNT OF U.S.$600 MILLION. IN MARCH 2005, IN CONNECTION WITH THE
ISSUANCE OF A PORTION OF ITS SENIOR NOTES DUE 2025 AND THE PREPAYMENT
OF A PORTION OF ITS SENIOR NOTES DUE 2011, THE COMPANY DESIGNATED ITS
NET INVESTMENT IN UNIVISION AS AN EFFECTIVE HEDGE OF U.S.$400 MILLION
OF ITS SENIOR NOTES DUE 2025. CONSEQUENTLY, ANY FOREIGN EXCHANGE GAIN
OR LOSS ATTRIBUTABLE TO THIS U.S. DOLLAR LONG-TERM DEBT, IS CREDITED
OR CHARGED DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR LOSS). AS
OF MARCH 31, 2006, THE TOTAL PRINCIPAL AMOUNT OF THE COMPANY'S LONG
TERM DEBT BEING HEDGED BY THE COMPANY'S NET INVESTMENT IN UNIVISION
WAS APPROXIMATELY U.S.$771.9 MILLION.
THE GROUP'S FINANCIAL STATEMENTS FOR MARCH 31, 2005, HAVE BEEN
RESTATED TO MEXICAN PESOS IN PURCHASING POWER AS OF MARCH 31, 2006, BY
USING A RESTATEMENT FACTOR DERIVED FROM THE CHANGE IN THE NCPI, WHICH
FOR 2005 WAS 1.03412. HAD THE ALTERNATIVE WEIGHTED AVERAGE FACTOR
ALLOWED UNDER MEXICAN GAAP BEEN APPLIED TO RESTATE THE GROUP'S
FINANCIAL STATEMENTS FOR MARCH 31, 2005, WHICH INCLUDED THE RESULTS OF
MEXICAN AND NON-MEXICAN SUBSIDIARIES, THE RESTATEMENT FACTOR FOR MARCH
2005 WOULD HAVE BEEN 1.03410.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GRUPO TELEVISA, S.A.
--------------------------------
(Registrant)
Dated: May 3, 2006 By /s/ Jorge Lutteroth Echegoyen
------------------------------
Name: Jorge Lutteroth Echegoyen
Title: Controller, Vice-President