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 October 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: 3 YEAR: 2006 GRUPO TELEVISA, S.A. CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2006 AND 2005 (Thousands of Mexican Pesos) FINAL PRINTING ----------------------------------------------------------------------------------------------------------------------------- CONCEPTS CURRENT YEAR PREVIOUS YEAR REF ---------------------------------------------------------------------- S Amount % Amount % ----------------------------------------------------------------------------------------------------------------------------- S01 TOTAL ASSETS 72,423,736 100 63,863,394 100 s02 CURRENT ASSETS 39,907,169 55 21,744,622 34 s03 CASH AND SHORT-TERM INVESTMENTS 16,349,132 23 11,598,900 18 s04 ACCOUNTS AND NOTES RECEIVABLE (NET) 5,869,729 8 4,219,220 7 s05 OTHER ACCOUNTS AND NOTES RECEIVABLE (NET) 1,109,411 2 1,133,978 2 s06 INVENTORIES 3,710,261 5 3,964,917 6 s07 OTHER CURRENT ASSETS 12,868,636 18 827,607 1 S08 LONG-TERM ASSETS 2,639,436 4 6,866,620 11 s09 ACCOUNTS AND NOTES RECEIVABLE (NET) - - - - s10 INVESTMENT IN SHARES OF NON-CONSOLIDATED 1,130,861 2 6,677,360 10 SUBSIDIARIES AND ASSOCIATES s11 OTHER INVESTMENTS 1,508,575 2 189,260 0 S12 PROPERTY, PLANT AND EQUIPMENT (NET) 20,429,396 28 19,851,931 31 s13 LAND AND BUILDINGS 13,718,485 19 13,705,922 21 s14 MACHINERY AND INDUSTRIAL EQUIPMENT 21,471,475 30 20,342,347 32 s15 OTHER EQUIPMENT 3,333,230 5 3,150,685 5 s16 ACCUMULATED DEPRECIATION 18,972,521 26 17,759,040 28 s17 CONSTRUCTION IN PROGRESS 878,727 1 412,017 1 s18 INTANGIBLE ASSETS AND DEFERRED CHARGES (NET) 5,343,087 7 11,008,061 17 s19 OTHER ASSETS 4,104,648 6 4,392,160 7 S20 TOTAL LIABILITIES 39,187,098 100 36,033,536 100 S21 CURRENT LIABILITIES 7,200,197 18 5,771,215 16 s22 SUPPLIERS 3,436,089 9 2,394,260 7 s23 BANK LOANS 125,152 0 131,801 0 s24 STOCK MARKET LOANS 962,250 2 59,871 0 s25 TAXES PAYABLE 375,730 1 444,475 1 s26 OTHER CURRENT LIABILITIES 2,300,976 6 2,740,808 8 S27 LONG-TERM LIABILITIES 19,128,903 49 20,487,078 57 s28 BANK LOANS 7,176,030 18 3,956,177 11 s29 STOCK MARKET LOANS 10,791,625 28 15,258,489 42 s30 OTHER LOANS 1,161,248 3 1,272,412 4 s31 DEFERRED LIABILITIES 10,210,791 26 7,586,716 21 s32 OTHER NON CURRENT LIABILITIES 2,647,207 7 2,188,527 6 S33 CONSOLIDATED STOCKHOLDERS' EQUITY 33,236,638 100 27,829,858 100 s34 MINORITY INTEREST 1,455,260 4 219,773 1 S35 MAJORITY INTEREST 31,781,378 96 27,610,085 99 S36 CONTRIBUTED CAPITAL 14,288,181 43 14,449,769 52 s79 CAPITAL STOCK 9,971,827 30 10,133,415 36 s39 PREMIUM ON SALES OF SHARES 4,316,354 13 4,316,354 16 s40 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES - 0 - 0 S41 EARNED CAPITAL 17,493,197 53 13,160,316 47 s42 RETAINED EARNINGS AND CAPITAL RESERVE 31,369,114 94 25,913,251 93 s44 ACCUMULATED OTHER COMPREHENSIVE RESULT (6,669,715) (20) (5,777,670) (21) s80 SHARES REPURCHASED (7,206,202) (22) (6,975,265) (25) --------------------------------------------------------------------------------------------------------------------------- CONSOLIDATED BALANCE SHEETS BREAKDOWN OF MAJOR CONCEPTS (Thousands of Mexican Pesos) FINAL PRINTING ------------------------------------------------------------------------------------------------------------------------------------ CONCEPTS CURRENT YEAR PREVIOUS YEAR REF ------------------------------------------------------------------- S Amount % Amount % ------------------------------------------------------------------------------------------------------------------------------------ S03 CASH AND SHORT-TERM INVESTMENTS 16,349,132 100 11,598,900 100 s46 CASH 1,031,986 6 438,647 4 s47 SHORT-TERM INVESTMENTS 15,317,146 94 11,160,253 96 S07 OTHER CURRENT ASSETS 12,868,636 100 827,607 100 s81 DERIVATIVE FINANCIAL INSTRUMENTS - - - - s82 DISCONTINUED OPERATIONS - - - - s83 OTHER 12,868,636 100 827,607 100 S18 INTANGIBLE ASSETS AND DEFERRED CHARGES (NET) 5,343,087 100 11,008,061 100 s48 DEFERRED EXPENSES (NET) 2,877,354 54 3,096,959 28 s49 GOODWILL 2,465,733 46 7,911,102 72 s51 OTHER - - - - S19 OTHER ASSETS 4,104,648 100 4,392,160 100 s84 INTANGIBLE ASSET FROM LABOR OBLIGATIONS - - - - s85 DERIVATIVE FINANCIAL INSTRUMENTS - - - - s50 DEFERRED TAXES - - - - s86 DISCONTINUED OPERATIONS - - - - s87 OTHER 4,104,648 100 4,392,160 100 S21 CURRENT LIABILITIES 7,200,197 100 5,771,215 100 s52 FOREIGN CURRENCY LIABILITIES 2,330,962 32 2,006,804 35 s53 MEXICAN PESOS LIABILITIES 4,869,235 68 3,764,411 65 S26 OTHER CURRENT LIABILITIES 2,300,976 100 2,740,808 100 s88 DERIVATIVE FINANCIAL INSTRUMENTS 241,539 10 325,862 12 s89 ACCRUED INTEREST 88,421 4 95,919 3 s68 PROVISIONS - - - - s90 DISCONTINUED OPERATIONS - - - - s58 OTHER 1,971,016 86 2,319,027 85 S27 LONG-TERM LIABILITIES 19,128,903 100 20,487,078 100 s59 FOREIGN CURRENCY LIABILITIES 11,986,443 63 15,963,687 78 s60 MEXICAN PESOS LIABILITIES 7,142,460 37 4,523,391 22 S31 DEFERRED LIABILITIES 10,210,791 100 7,586,716 100 s65 NEGATIVE GOODWILL - - - - s67 OTHER 10,210,791 100 7,586,716 100 S32 OTHER NON CURRENT LIABILITIES 2,647,207 100 2,188,527 100 s66 DEFERRED TAXES 1,879,679 71 1,550,858 71 s91 LABOR OBLIGATIONS 232,468 9 185,784 8 s92 DISCONTINUED OPERATIONS - - - - s69 OTHER LIABILITIES 535,060 20 451,885 21 S79 CAPITAL STOCK 9,971,827 100 10,133,415 100 s37 CAPITAL STOCK (NOMINAL) 2,483,923 25 2,524,174 25 s38 RESTATEMENT OF CAPITAL STOCK 7,487,904 75 7,609,241 75 S42 RETAINED EARNINGS AND CAPITAL RESERVE 31,369,114 100 25,913,251 100 s93 LEGAL RESERVE 2,026,683 6 1,842,750 7 s43 RESERVE FOR REPURCHASE OF SHARES 4,391,272 14 5,886,290 23 s94 OTHER RESERVES - - - - s95 RETAINED EARNINGS 18,801,627 60 14,486,680 56 s45 NET INCOME 6,149,532 20 3,697,531 14 S44 ACCUMULATED OTHER COMPREHENSIVE RESULT (6,669,715) 100 (5,777,670) 100 s70 ACCUMULATED MONETARY RESULT (33,395) 1 (33,395) 1 s71 RESULT FROM HOLDING NON-MONETARY ASSETS (2,035,294) 31 (2,248,543) 39 s96 CUMULATIVE RESULT FROM FOREIGN CURRENCY TRANSLATION (1,411,338) 21 (1,792,392) 31 s97 CUMULATIVE RESULT FROM DERIVATIVE FINANCIAL INSTRUMENTS - - - - s98 CUMULATIVE EFFECT OF DEFERRED INCOME TAXES (3,060,242) 46 (3,060,242) 53 s99 LABOR OBLIGATIONS ADJUSTMENT - - - - s100 OTHER (129,446) 2 1,356,902 (23) CONSOLIDATED FINANCIAL STATEMENTS OTHER CONCEPTS (Thousands of Mexican Pesos) FINAL PRINTING ---------------------------------------------------------------------------------------------------- CONCEPTS CURRENT YEAR PREVIOUS YEAR REF --------------------------------------------- S Amount Amount ---------------------------------------------------------------------------------------------------- s57 OTHER CURRENT LIABILITIES WITH COST (S26) 85,090 77,475 s63 OTHER LOANS WITH COST (S32) - - s72 WORKING CAPITAL 32,706,972 15,973,407 s73 PENSIONS AND SENIORITY PREMIUMS 1,519,047 1,349,720 s74 EXECUTIVES (*) 35 34 s75 EMPLOYEES (*) 15,968 14,852 s76 WORKERS (*) - - s77 OUTSTANDING SHARES (*) 337,420,219,071 340,439,748,870 s78 REPURCHASED SHARES (*) 21,790,830,984 28,833,621,531 s101 RESTRICTED CASH 125,412 140,453 s102 NET DEBT OF NON CONSOLIDATED COMPANIES 14,885,115 16,468,085 ---------------------------------------------------------------------------------------------------- (*) THESE CONCEPTS ARE STATED IN UNITS CONSOLIDATED STATEMENTS OF INCOME FROM JANUARY 1 THROUGH SEPTEMBER 30, 2006 AND 2005 (Thousands of Mexican Pesos) FINAL PRINTING ------------------------------------------------------------------------------------------------------------------------------------ CONCEPTS CURRENT YEAR PREVIOUS YEAR REF -------------------------------------------------------------------- R Amount % Amount % ------------------------------------------------------------------------------------------------------------------------------------ r01 NET SALES 26,776,510 100 23,392,306 100 r02 COST OF SALES 13,133,327 49 12,273,426 52 R03 GROSS PROFIT 13,643,183 51 11,118,880 48 r04 OPERATING EXPENSES 4,054,555 15 3,632,469 16 R05 OPERATING INCOME 9,588,628 36 7,486,411 32 r06 INTEGRAL FINANCING COST 687,303 3 1,499,999 6 R07 INCOME AFTER INTEGRAL FINANCING COST 8,901,325 33 5,986,412 26 r08 OTHER EXPENSE AND INCOME, NET 141,919 1 376,879 2 r44 NON-RECURRING CHARGES 545,439 2 213,212 1 R09 INCOME BEFORE TAXES AND EMPLOYEES' PROFIT SHARING 8,213,967 31 5,396,321 23 r10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT SHARING 1,411,751 5 1,245,937 5 R11 NET INCOME AFTER TAXES AND EMPLOYEES' PROFIT SHARING 6,802,216 25 4,150,384 18 r12 SHARE IN NET INCOME OF NON-CONSOLIDATED SUBSIDIARIES AND ASSOCIATES (326,436) (1) 181,634 1 R13 CONSOLIDATED NET INCOME OF CONTINUING OPERATIONS 6,475,780 24 4,332,018 19 r14 INCOME FROM DISCONTINUED OPERATIONS 0 0 0 0 R15 CONSOLIDATED NET INCOME BEFORE EXTRAORDINARY ITEMS 6,475,780 24 4,332,018 19 r16 EXTRAORDINARY ITEMS, NET EXPENSE (INCOME) 0 0 0 0 r17 CUMULATIVE EFFECT FROM ACCOUNTING CHANGE, NET 0 0 186,881 1 R18 NET CONSOLIDATED INCOME 6,475,780 24 4,145,137 18 r19 NET INCOME OF MINORITY INTEREST 326,248 1 447,606 2 R20 NET INCOME OF MAJORITY INTEREST 6,149,532 23 3,697,531 16 ------------------------------------------------------------------------------------------------------------------------------------ CONSOLIDATED STATEMENTS OF INCOME BREAKDOWN OF MAIN CONCEPTS (Thousands of Mexican Pesos) FINAL PRINTING ----------------------------------------------------------------------------------------------------------------------------------- CONCEPTS CURRENT YEAR PREVIOUS YEAR REF ------------------------------------------------------------------- R Amount % Amount % ----------------------------------------------------------------------------------------------------------------------------------- R01 NET SALES 26,776,510 100 23,392,306 100 r21 DOMESTIC 23,599,965 88 20,594,571 88 r22 FOREIGN 3,176,545 12 2,797,735 12 r23 TRANSLATED INTO DOLLARS (***) 289,408 1 249,672 1 R06 INTEGRAL FINANCING COST 687,303 100 1,499,999 100 r24 INTEREST EXPENSE 1,433,511 209 1,619,948 108 r42 LOSS (GAIN) ON RESTATEMENT OF UDI'S 21,370 3 19,026 1 r45 OTHER FINANCIAL COSTS 0 0 0 0 r26 INTEREST INCOME 854,735 124 757,662 51 r46 OTHER FINANCIAL PRODUCTS 0 0 0 0 r25 FOREIGN EXCHANGE LOSS (GAIN), NET (14,801) (2) 605,531 40 r28 RESULT FROM MONETARY POSITION 101,958 15 13,156 1 R10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT SHARING 1,411,751 100 1,245,937 100 r32 INCOME TAX AND ASSET TAX, CURRENT 1,266,096 90 1,074,597 86 r33 INCOME TAX AND ASSET TAX, DEFERRED 136,449 10 166,557 13 r34 EMPLOYEES' PROFIT SHARING, CURRENT 9,206 1 4,783 0 r35 EMPLOYEES' PROFIT SHARING, DEFERRED 0 0 0 0 ----------------------------------------------------------------------------------------------------------------------------------- (***) THOUSANDS OF DOLLARS CONSOLIDATED STATEMENTS OF INCOME OTHER CONCEPTS (Thousands of Mexican Pesos) FINAL PRINTING -------------------------------------------------------------------------------- CONCEPTS CURRENT YEAR PREVIOUS YEAR REF ----------------------------------- R Amount Amount -------------------------------------------------------------------------------- r36 TOTAL SALES 28,629,434 25,290,713 r37 TAX RESULT FOR THE YEAR 6,102,568 1,752,933 r38 NET SALES (**) 36,666,488 32,301,295 r39 OPERATING INCOME (**) 13,171,487 10,494,607 r40 NET INCOME OF MAJORITY INTEREST (**) 8,728,648 5,643,040 r41 NET CONSOLIDATED INCOME (**) 9,718,052 6,274,296 r47 DEPRECIATION AND AMORTIZATION 1,950,220 1,790,625 -------------------------------------------------------------------------------- (**) RESTATED INFORMATION FOR THE LAST TWELVE MONTHS QUARTERLY CONSOLIDATED STATEMENTS OF INCOME FROM JULY 1 THROUGH SEPTEMBER 30, 2006 AND 2005 (Thousands of Mexican Pesos) FINAL PRINTING ---------------------------------------------------------------------------------------------------------------------------- CONCEPTS CURRENT YEAR PREVIOUS YEAR REF --------------------------------------------------------------- RT Amount % Amount % ---------------------------------------------------------------------------------------------------------------------------- rt01 NET SALES 9,220,060 100 8,448,168 100 rt02 COST OF SALES 4,382,821 48 4,267,296 51 RT03 GROSS PROFIT 4,837,239 52 4,180,872 49 rt04 OPERATING EXPENSES 1,320,750 14 1,257,117 15 RT05 OPERATING INCOME 3,516,489 38 2,923,755 35 rt06 INTEGRAL FINANCING COST 669,903 7 475,070 6 RT07 INCOME AFTER INTEGRAL FINANCING COST 2,846,586 31 2,448,685 29 rt08 OTHER EXPENSE AND INCOME, NET 44,540 0 98,587 1 rt44 NON-RECURRING CHARGES 8,738 0 19,109 0 RT09 INCOME BEFORE TAXES AND EMPLOYEES' PROFIT SHARING 2,793,308 30 2,330,989 28 rt10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT SHARING (60,459) (1) 446,083 5 RT11 NET INCOME AFTER TAXES AND EMPLOYEES' PROFIT SHARING 2,853,767 31 1,884,906 22 rt12 SHARE IN NET INCOME OF NON-CONSOLIDATED SUBSIDIARIES AND ASSOCIATES (137,241) (1) 18,430 0 RT13 CONSOLIDATED NET INCOME OF CONTINUING OPERATIONS 2,716,526 29 1,903,336 23 rt14 INCOME FROM DISCONTINUED OPERATIONS 0 0 0 0 RT15 CONSOLIDATED NET INCOME BEFORE EXTRAORDINARY ITEMS 2,716,526 29 1,903,336 23 rt16 EXTRAORDINARY ITEMS, NET EXPENSE (INCOME) 0 0 0 0 rt17 CUMULATIVE EFFECT FROM ACCOUNTING CHANGE, NET 0 0 0 0 RT18 NET CONSOLIDATED INCOME 2,716,526 29 1,903,336 23 rt19 NET INCOME OF MINORITY INTEREST 230,163 2 171,355 2 RT20 NET INCOME OF MAJORITY INTEREST 2,486,363 27 1,731,981 21 ---------------------------------------------------------------------------------------------------------------------------- QUARTERLY CONSOLIDATED STATEMENTS OF INCOME BREAKDOWN OF MAIN CONCEPTS (Thousands of Mexican Pesos) FINAL PRINTING -------------------------------------------------------------------------------------------------------------------------------- CONCEPTS CURRENT YEAR PREVIOUS YEAR REF --------------------------------------------------------------- RT Amount % Amount % -------------------------------------------------------------------------------------------------------------------------------- RT01 NET SALES 9,220,060 100 8,448,168 100 rt21 DOMESTIC 8,100,911 88 7,470,277 88 rt22 FOREIGN 1,119,149 12 977,891 12 rt23 TRANSLATED INTO DOLLARS (***) 111,288 1 88,394 1 RT06 INTEGRAL FINANCING COST 669,903 100 475,070 100 rt24 INTEREST EXPENSE 468,485 70 487,910 103 rt42 LOSS (GAIN) ON RESTATEMENT OF UDI'S 11,367 2 6,052 1 rt45 OTHER FINANCIAL COSTS 0 0 0 0 rt26 INTEREST INCOME 274,806 41 173,658 37 rt46 OTHER FINANCIAL PRODUCTS 0 0 0 0 rt25 FOREIGN EXCHANGE LOSS (GAIN), NET 425,920 64 185,472 39 rt28 RESULT FROM MONETARY POSITION 38,937 6 (30,706) (6) RT10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT SHARING (60,459) 100 446,083 100 rt32 INCOME TAX AND ASSET TAX, CURRENT (277,507) 459 250,849 56 rt33 INCOME TAX AND ASSET TAX, DEFERRED 213,099 (352) 193,885 43 rt34 EMPLOYEES' PROFIT SHARING, CURRENT 3,949 (7) 1,349 0 rt35 EMPLOYEES' PROFIT SHARING, DEFERRED 0 0 0 0 -------------------------------------------------------------------------------------------------------------------------------- (***) THOUSANDS OF DOLLARS QUARTERLY CONSOLIDATED STATEMENTS OF INCOME OTHER CONCEPTS (Thousands of Mexican Pesos) FINAL PRINTING -------------------------------------------------------------------------------- CONCEPTS CURRENT YEAR PREVIOUS YEAR REF --------------------------------------- RT Amount Amount -------------------------------------------------------------------------------- rt47 DEPRECIATION AND AMORTIZATION 642,696 645,029 -------------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION FROM JANUARY 1 THROUGH SEPTEMBER 30, 2006 AND 2005 (Thousands of Mexican Pesos) FINAL PRINTING ----------------------------------------------------------------------------------------------------------------------------- CONCEPTS CURRENT YEAR PREVIOUS YEAR REF ------------------------------------------------------ C Amount Amount ----------------------------------------------------------------------------------------------------------------------------- c01 CONSOLIDATED NET INCOME 6,475,780 4,145,137 c02 + (-) ITEMS ADDED TO INCOME WHICH DO NOT REQUIRE USING RESOURCES 2,462,401 2,213,071 C03 RESOURCES FROM NET INCOME FOR THE YEAR 8,938,181 6,358,208 c04 RESOURCES PROVIDED OR USED IN OPERATION (176,531) (947,951) C05 RESOURCES PROVIDED BY (USED FOR) OPERATING ACTIVITIES 8,761,650 5,410,257 c06 RESOURCES PROVIDED BY (USED FOR) EXTERNAL FINANCING ACTIVITIES 514,358 (4,182,071) c07 RESOURCES PROVIDED BY (USED FOR) INTERNAL FINANCING ACTIVITIES (3,683,597) (5,083,122) C08 RESOURCES PROVIDED BY (USED FOR) FINANCING ACTIVITIES (3,169,239) (9,265,193) C09 RESOURCES PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES (4,385,776) (2,166,304) c10 NET INCREASE (DECREASE) IN CASH AND SHORT-TERM INVESTMENTS 1,206,635 (6,021,240) c11 CASH AND SHORT-TERM INVESTMENTS AT THE BEGINNING OF PERIOD 15,142,497 17,620,140 c12 CASH AND SHORT-TERM INVESTMENTS AT THE END OF PERIOD 16,349,132 11,598,900 ----------------------------------------------------------------------------------------------------------------------------- CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION BREAKDOWN OF MAIN CONCEPTS (Thousands of Mexican Pesos) FINAL PRINTING --------------------------------------------------------------------------------------------------------------------------- CONCEPTS CURRENT YEAR PREVIOUS YEAR REF -------------------------------------------------- C Amount Amount --------------------------------------------------------------------------------------------------------------------------- C02 + (-) ITEMS ADDED TO INCOME WHICH DO NOT REQUIRE USING RESOURCES 2,462,401 2,213,071 c13 + DEPRECIATION AND AMORTIZATION FOR THE YEAR 1,950,220 1,790,624 c41 + (-) OTHER ITEMS 512,181 422,447 C04 RESOURCES PROVIDED OR USED IN OPERATION (176,531) (947,951) c18 + (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE 8,369,365 7,671,276 c19 + (-) DECREASE (INCREASE) IN INVENTORIES 269,303 830,277 c20 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE AND OTHER ASSETS (648,270) (7,984) c21 + (-) INCREASE (DECREASE) IN SUPPLIERS 408,479 133,420 c22 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES (8,575,408) (9,574,940) C06 RESOURCES PROVIDED BY (USED FOR) EXTERNAL FINANCING ACTIVITIES 514,358 (4,182,071) c23 + BANK FINANCING 3,500,000 - c24 + STOCK MARKET FINANCING - 6,723,373 c25 + DIVIDEND RECEIVED - - c26 + OTHER FINANCING - - c27 (-) BANK FINANCING AMORTIZATION (124,736) (1,218,252) c28 (-) STOCK MARKET FINANCING AMORTIZATION (3,158,780) (9,008,049) c29 (-) OTHER FINANCING AMORTIZATION (16,199) (102,585) c42 + (-) OTHER ITEMS 314,073 (576,558) C07 RESOURCES PROVIDED BY (USED FOR) INTERNAL FINANCING ACTIVITIES (3,683,597) (5,083,122) c30 + (-) INCREASE (DECREASE) IN CAPITAL STOCK - - c31 (-) DIVIDENDS PAID (1,102,677) (4,412,004) c32 + PREMIUM ON SALE OF SHARES - - c33 + CONTRIBUTION FOR FUTURE CAPITAL INCREASES - - c43 + (-) OTHER ITEMS (2,580,920) (671,118) C09 RESOURCES PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES (4,385,776) (2,166,304) c34 + (-) DECREASE (INCREASE) IN PERMANENT INVESTMENTS (1,145,854) 82,716 c35 (-) ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT (2,036,650) (1,629,405) c36 (-) INCREASE IN CONSTRUCTION IN PROGRESS - - c37 + (-) SALE OF OTHER PERMANENT INVESTMENTS - - c38 + SALE OF TANGIBLE FIXED ASSETS 350,874 240,435 c39 + (-) OTHER ITEMS (1,554,146) (860,050) --------------------------------------------------------------------------------------------------------------------------- RATIOS CONSOLIDATED FINAL PRINTING -------------------------------------------------------------------------------------------------------------------------- REF CONCEPTS CURRENT YEAR PREVIOUS YEAR P -------------------------------------------------------------------------------------------------------------------------- YIELD p01 NET INCOME TO NET SALES 24.18 % 17.72 % p02 NET INCOME TO STOCKHOLDERS' EQUITY (**) 27.46 % 20.43 % p03 NET INCOME TO TOTAL ASSETS (**) 13.41 % 9.82 % p04 CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME 17.57 % 96.53 % p05 RESULT FROM MONETARY POSITION TO NET INCOME (1.57) % (0.31) % ACTIVITY p06 NET SALES TO NET ASSETS (**) 0.50 times 0.50 times p07 NET SALES TO FIXED ASSETS (**) 1.79 times 1.62 times p08 INVENTORIES TURNOVER (**) 4.85 times 4.27 times p09 ACCOUNTS RECEIVABLE IN DAYS OF SALES 51.46 days 42.34 days p10 PAID INTEREST TO TOTAL LIABILITIES WITH COST (**) 9.69 % 11.01 % LEVERAGE p11 TOTAL LIABILITIES TO TOTAL ASSETS 54.10 % 56.42 % p12 TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY 1.17 times 1.29 times p13 FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES 36.53 % 49.87 % p14 LONG-TERM LIABILITIES TO FIXED ASSETS 93.63 % 103.19 % p15 OPERATING INCOME TO INTEREST PAID 6.68 times 4.62 times p16 NET SALES TO TOTAL LIABILITIES (**) 0.93 times 0.89 times LIQUIDITY p17 CURRENT ASSETS TO CURRENT LIABILITIES 5.54 times 3.76 times p18 CURRENT ASSETS LESS INVENTORY TO CURRENT LIABILITIES 5.02 times 3.08 times p19 CURRENT ASSETS TO TOTAL LIABILITIES 1.01 times 0.60 times p20 AVAILABLE ASSETS TO CURRENT LIABILITIES 227.06 % 200.97 % STATEMENTS OF CHANGES p21 RESOURCES FROM NET INCOME TO NET SALES 33.38 % 27.18 % p22 RESOURCES FROM CHANGES IN WORKING CAPITAL TO NET SALES (0.65) % (4.05) % p23 RESOURCES GENERATED (USED) IN OPERATING TO INTEREST PAID 6.11 times 3.33 times p24 EXTERNAL FINANCING TO RESOURCES PROVIDED BY (USED FOR) FINANCING (16.22) % 45.13 % p25 INTERNAL FINANCING TO RESOURCES PROVIDED BY (USED FOR) FINANCING 116.22 % 54.86 % p26 ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT TO RESOURCES PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES 46.43 % 75.21 % -------------------------------------------------------------------------------------------------------------------------- (**) IN THESE RATIOS FOR THE DATA TAKE INTO CONSIDERATION THE LAST TWELVE MONTHS. DATA PER SHARE CONSOLIDATED FINANCIAL STATEMENT FINAL PRINTING ---------------------------------------------------------------------------------------------------------------------------------- CONCEPTS CURRENT YEAR PREVIOUS YEAR REF -------------------------------------------------------- D AMOUNT AMOUNT ---------------------------------------------------------------------------------------------------------------------------------- d01 BASIC PROFIT PER ORDINARY SHARE (**) $ .03 $ .02 d02 BASIC PROFIT PER PREFERRED SHARE (**) $ .00 $ .00 d03 DILUTED PROFIT PER ORDINARY SHARE (**) $ .00 $ .00 d04 CONTINUING OPERATING PROFIT PER COMMON SHARE (**) $ .03 $ .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 $ .08 d09 CASH DIVIDEND ACCUMULATED PER SHARE $ .00 $ .01 d10 DIVIDEND IN SHARES PER SHARE .00 shares .00 shares d11 MARKET PRICE TO CARRYING VALUE 4.26 times 4.06 times d12 MARKET PRICE TO BASIC PROFIT PER ORDINARY SHARE (**) 15.66 times 19.94 times d13 MARKET PRICE TO BASIC PROFIT PER PREFERRED SHARE (**) .00 times .00 times ---------------------------------------------------------------------------------------------------------------------------------- (**) TO CALCULATE THE DATA PER SHARE USE THE NET INCOME FOR THE LAST TWELVE MONTHS. FINANCIAL STATEMENT NOTES (1) CONSOLIDATED FINAL PRINTING -------------------------------------------------------------------------------- STATEMENT OF CHANGES - ANALYSIS OF MAJOR CONCEPTS LINE C43: "OTHER ITEMS" INCLUDES PS.512,938 OF RESALE OF SHARES, PS.(2,468,775) OF REPURCHASE OF SHARES, PS.58,740 OF SHARES COMPENSATION PLAN, PS.365,961 OF BENEFIT DILUTION IN GRUPO INNOVA PS.(675,090) FOR CAPITAL DISTRIBUTION IN CONNECTION WITH THE ACQUISITION OF MINORITY INTEREST IN GRUPO INNOVA AND PS.(374,694) RELATED TO THE RECOGNITION OF SHARES OF UNIVISION AS AN AVAILABLE-FOR-SALE INVESTMENT. 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. 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 113,707,239,240 113,707,239,240 852,636 ------------------------------------------------------------------------------------------------------------------------------------ B 53,496,609,979 53,496,609,979 411,974 ------------------------------------------------------------------------------------------------------------------------------------ D 85,108,184,926 85,108,184,926 629,782 ------------------------------------------------------------------------------------------------------------------------------------ L 85,108,184,926 85,108,184,926 629,782 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL 337,420,219,071 0 252,312,034,145 85,108,184,926 2,524,174 0 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL NUMBER OF SHARES REPRESENTING THE PAID-IN CAPITAL STOCK ON THE DATE THE INFORMATION WAS SENT: 337,420,219,071 --------------- NOTES: THE TABLE ABOVE REFLECTS OUTSTANDING SHARES PLUS THE SHARES REPURCHASED REPRESENT THE TOTAL NUMBER OF SHARES ISSUED. SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. EFFECTIVE MARCH 22, 2006, WAS CHANGE OF 20 TO 5 CPOS, WHO REPRESENTING ANY GDS. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA DATE: 10/27/2006 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 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 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: DIRECTOR NAME: EMILIO FERNANDO AZCARRAGA JEAN -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: JOAQUIN BALCARCEL SANTA CRUZ -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: ALFONSO DE ANGOITIA NORIEGA -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: SALVI RAFAEL FOLCH VIADERO -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: JULIO BARBA HURTADO -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: JORGE LUTTEROTH ECHEGOYEN -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: JOSE ANTONIO BASTON PATINO -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: RAFAEL CARABIAS PRINCIPE -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: MANUEL J. CUTILLAS COVANI -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: SALVI RAFAEL FOLCH VIADERO -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: GILBERTO PEREZALONSO CIFUENTES -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: FRANCISCO JOSE CHEVEZ ROBELO -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: FERNANDO SENDEROS MESTRE -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: JUAN FERNANDO CALVILLO ARMENDARIZ -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: BERNARDO GOMEZ MARTINEZ -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: LEOPOLDO GOMEZ GONZALEZ BLANCO -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: CLAUDIO X. GONZALEZ LAPORTE -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: GUILLERMO NAVA GOMEZ-TAGLE -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: ENRIQUE KRAUZE KLEINBORT -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: MAXIMILIANO ARTEAGA CARLEBACH -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: ALEJANDRO QUINTERO INIGUEZ -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: FELIX ARAUJO RAMIREZ -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: MARIA ASUNCION ARAMBURUZABALA LARREGUI -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: JUAN PABLO ANDRADE FRICH -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: CARLOS FERNANDEZ GONZALEZ -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: LUCRECIA ARAMBURUZABALA LARREGUI -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: CARLOS SLIM DOMIT -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: JOSE HEREDIA BRETON -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: LORENZO H. ZAMBRANO TREVINO -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: ALEXANDRE MOREIRA PENNA DA SILVA -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: PEDRO ASPE ARMELLA -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: JOSE ANTONIO LARA DEL OLMO -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: ALBERTO BAILLERES GONZALEZ -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: RAUL MORALES MEDRANO -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: ROBERTO HERNANDEZ RAMIREZ -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: ALBERTO MONTIEL CASTELLANOS -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: GERMAN LARREA MOTA VELASCO -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: JOSE LUIS FERNANDEZ FERNANDEZ -------------------------------------------------------------------------------- POSITION: DIRECTOR NAME: ENRIQUE FRANCISCO J. SENIOR HERNANDEZ -------------------------------------------------------------------------------- POSITION: ALTERNATE DIRECTOR NAME: HERBERT ALLEN III -------------------------------------------------------------------------------- POSITION: STATUTORY AUDITOR NAME: MARIO SALAZAR ERDMANN -------------------------------------------------------------------------------- POSITION: ALTERNATE STATUTORY AUDITOR NAME: JOSE MIGUEL ARRIETA MENDEZ -------------------------------------------------------------------------------- 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 CHIEF FINANCIAL OFFICER OFFICER ---------------------------------- JOAQUIN BALCARCEL SANTA CRUZ VICE PRESIDENT - LEGAL AND GENERAL COUNSEL MEXICO, D.F., OCTOBER 26, 2006 ANALYSIS OF INVESTMENTS IN SHARES SUBSIDIARIES CONSOLIDATED FINAL PRINTING ----------------------------------------------------------------------------------------------------------------------------------- NUMBER % COMPANY NAME MAIN ACTIVITIES OF SHARES OWNERSHIP ----------------------------------------------------------------------------------------------------------------------------------- 1 CORPORATIVO VASCO DE QUIROGA, PROMOTION AND DEVELOPMENT OF S.A. DE C.V. COMPANIES 20,496,879 100.00 2 CVQ ESPECTACULOS, S.A. DE C.V. PROMOTION AND DEVELOPMENT OF COMPANIES 15,714,444 100.00 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 747,105,580 100.00 5 EDITORIAL TELEVISA, S.A. DE C.V. PROMOTION AND DEVELOPMENT OF COMPANIES 1,381,092 100.00 6 FACTUM MAS, S.A. DE C.V. PROMOTION AND DEVELOPMENT OF COMPANIES 5,486,461,136 100.00 7 GRUPO DISTRIBUIDORAS INTERMEX, DISTRIBUTION OF BOOKS S.A. DE C.V. AND MAGAZINES 258,859,269 100.00 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 1,679,739 100.00 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 149,442,880 100.00 13 TELEVISA ARGENTINA, S.A. COMMERCIAL OPERATION OF TELEVISION 1,425,000 95.00 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 35,272,217 100.00 16 CAPITALIZED INTEGRAL COST OF FOR THE YEARS 1994, 1995, 1996 AND 1998 - - FINANCING ----------------------------------------------------------------------------------------------------------------------------------- ANALYSIS OF INVESTMENTS IN SHARES ASSOCIATES CONSOLIDATED FINAL PRINTING ----------------------------------------------------------------------------------------------------------------------------------- TOTAL AMOUNT (THOUSANDS OF MEXICAN PESOS) NUMBER % ------------------------------ COMPANY NAME MAIN ACTIVITIES OF SHARES OWNERSHIP 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 45,767 2 DIBUJOS ANIMADOS MEXICANOS PRODUCTION OF DIAMEX, S.A. DE C.V. ANIMATED CARTOONS 1,735,560 49.00 4,384 757 3 EDITORIAL CLIO, LIBROS Y VIDEOS, PUBLISHING AND PRINTING S.A. DE C.V. OF BOOKS AND MAGAZINES 3,227,050 30.00 32,270 16,481 4 ENDEMOL MEXICO, S.A. DE C.V. COMMERCIALIZATION OF TELEVISION PROGRAMMING 24,500 49.00 25 18,718 5 EN VIVO ESPECTACULOS, S. DE R.L. LIVE ENTERTAINMENT IN DE C.V. MEXICO 2 100.00 4,898 1,217 6 MAS FONDOS, S.A. DE C.V. MUTUAL FUND DISTRIBUTION COMPANY 99,758 46.55 99,758 (4,407) 7 METROS CUBICOS, S.A. DE C.V. PORTAL INTERNET 2,089,343 18.65 43,031 4,123 8 OCESA ENTRETENIMIENTO, S.A. DE LIVE ENTERTAINMENT IN C.V. MEXICO 14,100,000 40.00 1,062,811 481,109 9 CONTROLADORA VUELA COMPANIA DE AVIACION, S.A. DE C.V. CARRIER AIRLINE 15 25.00 596,708 265,859 10 GESTORA DE INVERSIONES COMMERCIALIZATION OF AUDIOVISUALES LA SEXTA S.A. TELEVISION PROGRAMMING 2,480,405 40.00 818,222 302,147 11 TELEVISORA DEL YAQUI, S.A. DE C.V. OPERATION AND/OR BROADCASTING OF T.V. 4,124,986 15.00 412 7,005 12 PUBLICIDAD VIRTUAL TV ADVERTISING LATINOAMERICANA, LTDA SERVICES 1 100.00 20,985 (1,089) 13 TELEVISA EMI MUSIC, S.A DE C.V. MUSIC RECORDING 25 50.00 25 (6,826) ---------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENT IN ASSOCIATES 2,820,529 1,130,861 ---------------------------------------------------------------------------------------------------------------------------------- OTHER PERMANENT INVESTMENTS 1,508,575 ---------------------------------------------------------------------------------------------------------------------------------- TOTAL 2,820,529 2,639,436 ---------------------------------------------------------------------------------------------------------------------------------- CREDIT BREAK DOWN (Thousands of Mexican Pesos) 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. 4/20/2016 8.74 2,100,000 BANAMEX, S.A. 4/23/2012 10.35 1,000,000 1,000,000 SANTANDER SERFIN 4/21/2016 8.98 1,400,000 BANAMEX, S.A. 5/21/2009 9.70 1,162,460 BANAMEX, S.A. 5/1/2008 8.93 120,000 480,000 BANK OF AMERICA 3/31/2010 6.62 SUNTRUST BANK MIAMI, NATIONAL 4/1/2008 3.52 LEASING DE COLOMBIA 6/28/2009 13.79 LEASING DE OCCIDENTE 4/29/2007 15.86 ------------------------------------------------------------------------------------------------------------------------------------ OTHER ------------------------------------------------------------------------------------------------------------------------------------ TOTAL BANKS 120,000 - 480,000 1,162,460 1,000,000 4,500,000 ------------------------------------------------------------------------------------------------------------------------------------ STOCK MARKET ------------------------------------------------------------------------------------------------------------------------------------ LISTED STOCK EXCHANGE ------------------------------------------------------------------------------------------------------------------------------------ UNSECURED ------------------------------------------------------------------------------------------------------------------------------------ SECURED ------------------------------------------------------------------------------------------------------------------------------------ PRIVATE PLACEMENTS ------------------------------------------------------------------------------------------------------------------------------------ UNSECURED ------------------------------------------------------------------------------------------------------------------------------------ UDI-DENOMINATED NOTES 4/13/2007 8.15 962,250 HOLDERS 9/13/2011 8.41 HOLDERS 3/11/2032 8.94 HOLDERS 3/18/2025 6.97 HOLDERS 9/19/2013 9.86 ------------------------------------------------------------------------------------------------------------------------------------ SECURED ------------------------------------------------------------------------------------------------------------------------------------ TOTAL STOCK MARKET 0 962,250 0 0 0 0 ------------------------------------------------------------------------------------------------------------------------------------ SUPPLIERS ------------------------------------------------------------------------------------------------------------------------------------ VARIOUS 9/30/2006 1,654,849 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL SUPPLIERS - 1,654,849 - - - - ------------------------------------------------------------------------------------------------------------------------------------ OTHER CURRENT LIABILITIES AND OTHER CREDITS ------------------------------------------------------------------------------------------------------------------------------------ VARIOUS 9/30/2006 1,537,563 VARIOUS 9/7/2006 11.50 ------------------------------------------------------------------------------------------------------------------------------------ TOTAL 120,000 4,154,662 480,000 1,162,460 1,000,000 4,500,000 ------------------------------------------------------------------------------------------------------------------------------------ -------------------------------------------------------------------------------------------------------------------------- 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. SANTANDER SERFIN BANAMEX, S.A. BANAMEX, S.A. BANK OF AMERICA 138 413 550 550 27,841 SUNTRUST BANK MIAMI, NATIONAL 4,390 4,391 LEASING DE COLOMBIA 11 33 53 185 LEASING DE OCCIDENTE 111 56 -------------------------------------------------------------------------------------------------------------------------- OTHER -------------------------------------------------------------------------------------------------------------------------- TOTAL BANKS 260 4,892 4,994 735 27,841 - -------------------------------------------------------------------------------------------------------------------------- STOCK MARKET -------------------------------------------------------------------------------------------------------------------------- LISTED STOCK EXCHANGE -------------------------------------------------------------------------------------------------------------------------- UNSECURED -------------------------------------------------------------------------------------------------------------------------- SECURED -------------------------------------------------------------------------------------------------------------------------- PRIVATE PLACEMENTS -------------------------------------------------------------------------------------------------------------------------- UNSECURED -------------------------------------------------------------------------------------------------------------------------- UDI-DENOMINATED NOTES HOLDERS 789,734 HOLDERS 3,292,800 HOLDERS 6,585,600 HOLDERS 123,491 -------------------------------------------------------------------------------------------------------------------------- SECURED -------------------------------------------------------------------------------------------------------------------------- TOTAL STOCK MARKET 0 0 0 0 0 10,791,625 -------------------------------------------------------------------------------------------------------------------------- SUPPLIERS -------------------------------------------------------------------------------------------------------------------------- VARIOUS VARIOUS 1,781,240 -------------------------------------------------------------------------------------------------------------------------- TOTAL SUPPLIERS - 1,781,240 - - - - -------------------------------------------------------------------------------------------------------------------------- OTHER CURRENT LIABILITIES AND OTHER CREDITS -------------------------------------------------------------------------------------------------------------------------- VARIOUS 20,368 413,085 VARIOUS 95,407 106,977 119,950 838,914 -------------------------------------------------------------------------------------------------------------------------- TOTAL 20,628 2,199,217 100,401 107,712 147,791 11,630,539 -------------------------------------------------------------------------------------------------------------------------- NOTES THE EXCHANGE RATES FOR THE CREDITS DENOMINATED IN FOREIGN CURRENCY WERE AS FOLLOWS: $ 10.9760 PESOS PER U.S. DOLLAR 0.0045 PESOS PER COLOMBIAN PESO MONETARY FOREIGN CURRENCY POSITION (Thousands of Mexican Pesos) 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 2,390,401 26,237,041 220,683 2,422,217 28,659,258 LIABILITIES POSITION 1,298,548 14,252,863 42,740 469,114 14,721,977 SHORT-TERM LIABILITIES POSITION 170,060 1,866,579 42,309 464,383 2,330,962 LONG-TERM LIABILITIES POSITION 1,128,488 12,386,284 431 4,731 12,391,015 ------------------------------------------------------------------------------------------------------------------------------- NET BALANCE 1,091,853 11,984,178 177,943 1,953,103 13,937,281 ------------------------------------------------------------------------------------------------------------------------------- NOTES CURRENT ASSET INCLUDES U.S.$1,094,370 THOUSAND RELATED TO A FINANCIAL ASSET AVAILABLE FOR SALE, AS WELL AS U.S.$11,426 THOUSAND RELATED TO RESTRICTED CASH, AND U.S.$70,325 THOUSAND OF LONG-TERM NOTES RECEIVABLE, WHICH ARE CLASSIFIED AS NON-CURRENT ASSETS. THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS: $ 10.9760 PESOS PER U.S. DOLLAR 13.9304 PESOS PER EURO 3.5417 PESOS PER ARGENTINEAN PESO 0.0203 PESOS PER CHILEAN PESO 10.9760 PESOS PER PANAMANIAN BALBOA 0.0045 PESOS PER COLOMBIAN PESO 3.3793 PESOS PER PERUVIAN NUEVO SOL 10.9760 PESOS PER ECUADORIAN SUCRE 0.0051 PESOS PER VENEZUELAN BOLIVAR 8.8000 PESOS PER SWISS FRANC THE FOREIGN CURRENCY OF LONG-TERM LIABILITIES FOR PS.12,391,015 IS REPORTED AS FOLLOWS: REF S27 LONG-TERM LIABILITIES PS.11,986,443 REF S69 OTHER LONG-TERM LIABILITIES PS.404,572 RESULT FROM MONETARY POSITION (Thousands of Mexican Pesos) 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 1,983,410 0.58 11,631 FEBRUARY 28,738,101 25,181,438 3,556,663 0.15 5,442 MARCH 30,058,664 25,546,612 4,512,052 0.12 5,658 APRIL 30,018,302 25,540,733 4,477,569 0.14 6,564 MAY 27,646,271 27,139,452 506,819 (0.44) (2,256) JUNE 29,316,228 27,548,286 1,767,942 0.08 1,526 JULY 27,798,817 27,123,758 675,059 0.27 1,851 AUGUST 26,658,573 26,404,947 253,626 0.51 1,294 SEPTEMBER 24,420,298 26,392,908 (1,972,610) 0.79 (15,765) RESTATEMENT - 454 CAPITALIZATION - - FOREIGN CORP. - 14,325 OTHER - 71,234 ---------------------------------------------------------------------------------------------------------------------------- TOTAL 101,958 ---------------------------------------------------------------------------------------------------------------------------- NOTES THE AMOUNT REFLECTED IN "OTHER" INCLUDES PS. 70,990, FROM MONETARY POSITION DERIVED FROM DEFERRED TAXES, WHICH WAS CLASSIFIED IN THE DEFERRED INCOME TAX PROVISION IN ACCORDANCE WITH THE GUIDELINES PROVIDED BY BULLETIN D-4 FOR DEFERRED TAXES. DEBT INSTRUMENTS 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 SEPTEMBER 30, 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 (OF WHICH APPROXIMATELY U.S.$11.3 MILLION ARE OUTSTANDING AS OF SEPTEMBER 30, 2006), 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 SEPTEMBER 30, 2006, THE GROUP WAS IN COMPLIANCE WITH THE FINANCIAL RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM SENIOR NOTES DESCRIBED ABOVE. PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS 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 MAIN RAW MATERIALS CONSOLIDATED FINAL PRINTING ---------------------------------------------------------------------------------------------------------------------------------- MAIN MAIN DOM. COST DOMESTIC SUPPLIERS FOREIGN SUPPLIERS SUBST. PRODUCTION (%) ---------------------------------------------------------------------------------------------------------------------------------- PROGRAMS AND FILMS ANIME CREATIVE CORPORATION 0.28 CINEMA INC, S.A. DE C.V. 0.24 CINEMATOGRAFICA RODRIGUEZ, S.A. 0.58 DIANA INTERNACIO- NAL FILMS, S.A. 0.13 DIRSOL, S.A. DE C.V. 0.15 DISTRIBUIDORA RO- MARI, S.A. DE C.V. 2.60 GUSSI, S.A. DE C.V. 3.31 HERMINE KINDLE FUTCHER 0.16 MARIA CLA- RA MATA 0.09 MULTIFILMS BV 0.15 NUVISION, S.A. 1.22 ORO FILMS, S.A. DE C.V. 0.19 PELICULAS RODRI- GUEZ, S.A. 0.45 PRODUCCIONES AGUILA, S.A. 0.11 PRODUCCIONES ROSAS PRIEGO 0.31 PRODUCCIONES TOBARI, S.A. 1.22 PRODUCTORA FILMICA REAL, S.A. DE C.V. 0.06 QUALITY FILMS, S.A. DE C.V. 0.41 SECINE, S.A. DE C.V. 0.82 SOLFERINO MEDIA, S.A. DE C.V. 0.06 OTHER 0.89 PROGRAMS AND FILMS ALFRED HABER DISTRIBUTION, INC. NO 0.15 ALLIANCE ATLAN- TIS INTERNATIONAL NO 1.47 AMERICA PRO- DUCCIONES, S.A. NO 2.26 BBC WORLDWIDE AMERICA, INC. NO 0.31 BETAFILM GMBH & CO. NO 0.14 BUENAVISTA INTERNATIONAL, INC. NO 0.13 CARSEY WERNER DISTRIBUTION, INC. NO 0.11 CONSTELLATION PICTURES, INC. NO 1.77 CROWN MEDIA DISTRIBUTION, NO LLC 0.35 DIC ENTERTAIN NO MENT CORP. 0.47 DREAMWORKS NO LLC. 1.91 ENTERTAINMENT NO RIGHTS DISTRIBUTION NO LIMITED 0.13 FIREWORKS INTER- NATIONAL NO 0.33 FREMANTLE MEDIA LIMITED NO 0.86 HALLMARK ENTER- TAINMENT NO 0.47 HEARTS ENTER- TAINMENT, INC. 0.45 INDEPENDENT NO INTERNATIONAL NO T.V. INC. 2.76 LIONS GATE FILM, INC. NO 0.12 LYONS PARTNERSHIP 0.33 MARATHON NO INTERNATIONAL 0.45 METRO GOLDWYN NO MAYER INTERNATI- ONAL NO 4.93 MORGAN CREEK INTERNATIONAL, NO INC. 0.23 MTV NETWORKS NO 0.43 A DIVISION OF CORP. NO 1.97 MULTIFILMS BV NO 0.61 PANAMERICAN WORLD INVESTMENTS, LLC. NO 0.15 PARAMOUNT PICTURES, CORP. NO 3.93 POKEMON USA, INC. NO 0.28 RAINBOW, S.R.L. 0.08 RCN TELEVISION, S.A. NO 0.14 REPRESENTA CIONES DE TELE- VISION, INC. NO 0.08 SALSA ENTER- TAINMENT, INC. NO 0.35 SONY PICTURES TELEVISION INTERNATIONAL NO 8.16 SONY CORPORA- TION OF AMERICA NO 4.36 TELESCREEN DISTRIBUTION NO 0.22 STUDIO CANAL IMAGE NO 0.54 TEPUY USA COR- PORATION NO 0.56 TOEI ANIMATION CO., LTD NO 1.27 TWENTIETH CEN- TURY FOX, INC. NO 4.60 UNIVERSAL STUDIOS INTER- NATIONAL, B.V. NO 15.54 WARNER BROS. INTERNATIONAL TELEVISION NO 17.72 WHILAND INTERNATIONAL INC. NO 0.17 ZACH MOTION PICTURES, INC. NO 2.21 OTHER NO 2.71 COAXIAL CABLE RG MAYA 60 NACIONAL DE CONDUCTORES, S.A. DE C.V. 2.90 CABLEMODEMS MOTOROLA, INC. NO 1.58 HILTI BOLT HILTI MEXICANA, S.A. DE C.V. NO 0.01 SWITCH CABLENETWORK MEXICO NO 0.01 TWO OUTLET DEVICE AC 200 TVC CORPORATION YES 0.02 DECODER MOTOROLA, INC. NO 75.24 COUCHE PAPER ABASTECEDORA LUMEN, S.A. 1.76 MAG PAPER 0.17 PAPELERA MOGHABA, S.A. 0.02 SUMINISTROS BROM, S.A. 0.16 TORRAS PAPEL, S.A. 0.19 COUCHE PAPER STORAM ENSON YES 5.55 BULKLEY DUNTON YES 20.46 M REAL YES 2.40 MYLLLIKOSKI PAPEL YES 3.63 BOWATER, INC. YES 0.37 NORKE CANADA YES 0.05 UPM YES 6.82 EDITORA GEMINIS, LTDA. YES 0.46 INPACEL YES 3.06 EDITORES, S.A. YES 0.90 EDITORIAL LA PATRIA YES 1.95 PRINTER COLOMBINA, S.A. YES 0.33 GRUPO OP GRAFICAS, S.A. YES 0.44 PANAMERICANAS FORMAS E IMPRESION YES 1.70 PAPER AND IMPRESSION PRODUCTORA CO- MERCIALIZADORA Y EDITORES DE LI- BROS , S.A. DE C.V. 5.72 OFFSET MULTICOLOR S.A. 8.85 IMPRESOS MOINO 0.84 PROCESOS IND DE PAPEL, S.A. 1.28 BARNICES PARA EDICIONES DE LIBROS, S.A. 0.08 SERVICIOS PRO- FESIONALES DE IMPRESION, S.A. DE C.V. 0.68 GRUPO GRAFICO ARENAL 0.32 LITOGRAFIA MAGNO GRAFT, S.A. 0.49 GRAFICA LA PRENSA, S.A. 0.13 QUEBECOR WORDL MEXICO 0.55 REFORSA 1.05 METROCOLOR 0.44 LITOGRAFICA INGRAMEX, S.A. 0.03 PAPER AND IMPRESSION QUEBECOR CHILE, S.A. YES 2.68 QUEBECOR WORLD BOGOTA YES 5.07 EDITORA FASUDI LTDA. YES 0.01 GEMINIS, LTDA. YES 0.11 GRUPO OP GRA- FICAS, S.A. YES 4.33 PRINTER COLOM- BINA, S.A. YES 1.61 ST. IVES, INC. YES 6.51 BEST LITHO YES 0.11 EDITORES, S.A. YES 0.64 RR DONELLY YES 1.82 QUAD GRAPHICS YES 0.15 PRO-OFFSET EDI- TORIAL, LTDA. YES 0.72 ---------------------------------------------------------------------------------------------------------------------------------- NOTES SALES DISTRIBUTION BY PRODUCT SALES CONSOLIDATED FINAL PRINTING ------------------------------------------------------------------------------- NET SALES MARKET ------------------------ MAIN PRODUCTS VOLUME AMOUNT SHARE (%) ------------------------------------------------------------------------------- DOMESTIC SALES INTERSEGMENT ELIMINATIONS (798,793) TELEVISION: ----------- PROGRAMMING HALF HOURS PRODUCED (DOMESTIC) ADVERTISED TIME SOLD (HALF HOURS) 5 14,057,263 OTHER INCOME 96,086 PROGRAMMING FOR PAY TELEVISION: ------------------------------- SALE OF SIGNALS 588,105 ADVERTISED TIME SOLD 104,439 PUBLISHING: ----------- MAGAZINE CIRCULATION 47,174 621,473 PUBLISHING 556,935 OTHER INCOME 15,234 PUBLISHING DISTRIBUTION: 7,963 145,356 ----------------------- SKY MEXICO ---------- DTH BROADCAST SATELLITE 5,208,418 PAY PER VIEW 170,315 CHANNEL COMMERCIALIZATION 94,684 CABLE TELEVISION: ----------------- ANALOGIC AND DIGITAL SERVICE 1,177,620 INTERNET SERVICES 128,488 SERVICE INSTALLATION 29,527 PAY PER VIEW 10,451 CHANNEL COMMERCIALIZATION 27,800 OTHER 33,433 RADIO: ------ ADVERTISED TIME SOLD 314,079 OTHER BUSINESSES: ----------------- DISTRIBUTION, RENTALS, AND SALE OF MOVIE RIGHTS 362,666 SPECIAL EVENTS AND SHOW PROMOTION 417,013 INTERNET SERVICES 211,666 GAMING 27,707 --------------------------------------------------------------- FOREIGN SALES INTERSEGMENT ELIMINATIONS (9,707) TELEVISION BROADCASTING: ------------------------ ADVERTISING TIME SOLD 334,827 OTHER INCOME 94,348 PROGRAMMING FOR PAY TELEVISION: ------------------------------- SALES OF SIGNALS 230,204 ADVERTISING TIME SOLD 42,198 PROGRAMMING EXPORT: ------------------- PROGRAMMING AND ROYALTIES 1,530,843 PUBLISHING: ----------- MAGAZINE CIRCULATION 29,791 415,735 PUBLISHING 364,803 PUBLISHING DISTRIBUTION: 11,065 168,800 ----------------------- OTHER BUSINESSES: DISTRIBUTION OF FILM MOVIES 4,494 ---------------------------------------------------------------- TOTAL 26,776,510 ---------------------------------------------------------------- FINAL PRINTING ---------------------------------------------------------------------------------------------------- MAIN -------------------------------------------------------------- MAIN PRODUCTS TRADEMARKS CUSTOMERS ---------------------------------------------------------------------------------------------------- DOMESTIC SALES INTERSEGMENT ELIMINATIONS TELEVISION: ----------- PROGRAMMING HALF HOURS PRODUCED (DOMESTIC) ADVERTISED TIME SOLD (HALF HOURS) 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. MARCAS NESTLE, 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. COMPANIA CERVECERA DEL TROPICO, S.A. DE C.V. S.C. JOHNSON AND SON, S.A. DE C.V. OTHER INCOME VARIOUS PROGRAMMING FOR PAY TELEVISION: ------------------------------- SALE OF SIGNALS T.V. CABLE, S.A. DE C.V. OPERADORA CENTRAL DE CABLE, S.A. DE C.V. CABLEVISION RED, S.A. DE C.V. OPERADORA DEL PACIFICO DE CABLE, S.A. DE C.V. TELEVISION INTERNACIONAL, S.A. DE C.V. OPERADORA DE CABLE DE OCCIDENTE, S.A. DE C.V. TELEVICABLE DEL CENTRO, S.A. DE C.V. SERVICIOS DE COMUNICACION POR CABLE, S.A. DE C.V. CABLE OPERADORA DE LA COMARCA, S.A. DE C.V. TELECABLE DE CHIHUAHUA, S.A. DE C.V. ADVERTISED TIME SOLD CERVECERIA MODELO, S.A. DE C.V. TELEFONOS DE MEXICO, S.A. DE C.V. COMUNICACIONES NEXTEL DE MEXICO, S.A. DE C.V. SUAVE Y FACIL, S.A. DE C.V. OPERADORA DEFINITE, S.A. DE C.V. EL PALACIO DE HIERRO, S.A. DE C.V. ALESTRA, S. DE R.L. DE C.V. VOLKSWAGEN DE MEXICO, S.A. DE C.V. MARCAS NESTLE, S.A. DE C.V. PUBLISHING: ----------- MAGAZINE CIRCULATION TV Y NOVELAS MAGAZINE, GENERAL PUBLIC (AUDIENCE) TELEGUIA MAGAZINE, DEALERS VANIDADES MAGAZINE COMMERCIAL CENTERS (MALLS) COSMOPOLITAN MAGAZINE NATIONAL GEOGRAPHIC MAGAZINE TU MAGAZINE REBELDE MAGAZINE SOY AGUILA MAGAZINE MEN'S HEALTH MAGAZINE MUY INTERESANTE MAGAZINE BIG BANG MAGAZINE SOCCER EN ESPANOL MAGAZINE COCINA FACIL MAGAZINE PUBLISHING FRABEL, S.A. DE C.V. KIMBERLY CLARK DE MEXICO, S.A. DE C.V. DILTEX, S.A. DE C.V. FABRICAS DE CALZADO ANDREA, S.A. DE C.V. ESPACIO PREFERENTE MEXICO, S.A. DE C.V. COMERCIALIZADORA DE CONTENIDOS A MOVILES, S.A. DE C.V. MEDIA PLANNING, S.A. DE C.V. BIMBO, S.A. DE C.V. TELEFONOS DE MEXICO, S.A. DE C.V. COMPANIA PROCTER & GAMBLE DE MEXICO, S. DE R.L DE C.V. OTHER INCOME VARIOUS PUBLISHING DISTRIBUTION: MAGAZINE: GENERAL PUBLIC (AUDIENCE) ------------------------ "MAESTRA DE PREESCOLAR" DEALERS "EL SOLITARIO" COMMERCIAL CENTERS (MALLS) "CINEMANIA" "REVISTA DEL CONSUMIDOR" "ENTREPRENEUR" SKY MEXICO ---------- DTH BROADCAST SATELLITE SKY SUBSCRIBERS PAY PER VIEW CHANNEL COMMERCIALIZATION LG ELECTRONIC, S.A. DE C.V. COMUNICACIONES NEXTEL DE MEXICO, S.A. DE C.V. SOCIEDAD DE LA PUBLICIDAD DE DISTRIBUIDORES MITSUBISHI, S.C. PRODUCTORA IMAGEN, S.A. DE C.V. CABLE TELEVISION: ----------------- ANALOGIC AND DIGITAL SERVICE CABLEVISION SUBSCRIBERS INTERNET SERVICES SERVICE INSTALLATION PAY PER VIEW CHANNEL COMMERCIALIZATION TELEFONOS DE MEXICO, S.A. DE C.V. OTHER BANCO MERCANTIL DEL NORTE, S.A. UNIVERSIDAD TECNOLOGICA DE MEXICO, S.C. RADIO: ------ ADVERTISED TIME SOLD PEGASO, PCS, S.A. DE C.V. COMPANIA CERVECERA DEL TROPICO, S.A. DE C.V. COOPERATIVA LA CRUZ AZUL, S.C.L. PROPIMEX, S.A. DE C.V. UNILEVER DE MEXICO, S DE R.L. DE C.V. CERVECERIA CUAUHTEMOC MOCTEZUMA, S.A. DE C.V. CORPORACION NORTEAMERICANA, S.A. DE C.V. FARMACIAS GI, S.A. DE C.V. BANCO MERCANTIL DEL NORTE, S.A. MARCAS NESTLE, S.A. DE C.V. OTHER BUSINESSES: ----------------- DISTRIBUTION, RENTALS, AND SALE OF MOVIE RIGHTS 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 FILMS, S. DE R.L. DE C.V. GENERAL PUBLIC (AUDIENCE) SPECIAL EVENTS AND SHOW PROMOTION AMERICA GENERAL PUBLIC (AUDIENCE) REAL SAN LUIS FEDERACION MEXICANA DE FUTBOL, A.C. INTERNET SERVICES ESMAS.COM RADIOMOVIL DIPSA, S.A. DE C.V. PEGASO PCS, S.A. DE C.V. MYALERCOM, S.A. IUSACELL, S.A. DE C.V. TELEFONOS DE MEXICO, S.A DE C.V. OPERADORA UNEFON, S.A. DE C.V. GAMING PLAY CITY GENERAL PUBLIC (AUDIENCE) ------------------------------------------------------------------------------------------------------------------------- FOREIGN SALES INTERSEGMENT ELIMINATIONS TELEVISION BROADCASTING: ------------------------ ADVERTISING TIME SOLD MCCANN ERICKSON, INC BBD&O SAATCHI & SAATCHI MEDIAEDGE, CIA. GSD&M ADVERTISING STARCOM OTHER INCOME VARIOUS PROGRAMMING FOR PAY TELEVISION: ------------------------------- SALES OF SIGNALS DIRECTV ARGENTINA GALAXY ENTERTAINMENT DE VZLA, C.A. DIRECTV. SKY CHILE TELEVISION SUPER CABLE, AKL. ECHOSTAR ADVERTISING TIME SOLD MEDIA NETWORKS PERU, S.A.C. CAPITAL MEDIA LA KD ENTETAINMENT NRD MEDIA PROGRAMMING EXPORT: ------------------- PROGRAMMING AND ROYALTIES TELEVISA CORPORACION VENEZOLANA DE TELEVISION TELEVISA ANTENA 3 DE TELEVISION, S.A. TELEVISA CORPORACION TELEVEN, S.A. TELEVISA PROCTER & GAMBLE HELLAS, LTD TELEVISA ILLIMANI DE COMUNICACIONES, S.A. TELEVISA TELEARTE, S.A. EMPRESA DE RADIO COMUNICACION TELEVISA PUBLISHING: ----------- MAGAZINE CIRCULATION T.V. Y NOVELAS MAGAZINE GENERAL PUBLIC (AUDIENCE) NATIONAL GEOGRAPHIC MAGAZINE DEALERS REBELDE MAGAZINE COMMERCIAL CENTERS (MALLS) VANIDADES MAGAZINE COSMOPOLITAN MAGAZINE TU MAGAZINE CARAS MEGAZINE MAXIM MEGAZINE CONDORITO MEGAZINE PUBLISHING PROCTER & GAMBLE P & G PRESTIGE PARLUX INT'L ESTEE LAUDER JOHNSON & JOHNSON CINGULAR WIRELESS PUBLISHING DISTRIBUTION: SELECCIONES MAGAZINE GENERAL PUBLIC (AUDIENCE) ------------------------ HOLA MAGAZINE DEALERS VEA MAGAZINE COMMERCIAL CENTERS (MALLS) SOHO MAGAZINE CROMOS MAGAZINE JET SET MAGAZINE SEMANA MAGAZINE DINERO MAGAZINE OTHER BUSINESSES: ----------------- DISTRIBUTION OF FILM MOVIES WARNER HOME VIDEO, INC. NATIONAL AMUSEMENTS LOEWS THEATRE MANAGEMENT CORP. SALES DISTRIBUTION BY PRODUCT FOREIGN SALES CONSOLIDATED FINAL PRINTING ------------------------------------------------------------------------------------------ NET SALES ------------------------ MAIN PRODUCTS VOLUME AMOUNT DESTINATION ------------------------------------------------------------------------------------------ FOREIGN SALES TELEVISION BROADCASTING: ------------------------ ADVERTISING TIME SOLD 64,580 UNITED STATES OF AMERICA OTHER INCOME 80,049 UNITED STATES OF AMERICA PROGRAMMING FOR PAY TELEVISION: ------------------------------- SALES OF SIGNALS 167,441 SPAIN ARGENTINA CHILE GUATEMALA COLOMBIA UNITED STATES OF AMERICA PROGRAMMING EXPORT: ------------------- PROGRAMMING AND ROYALTIES 1,530,843 UNITED STATES OF AMERICA CENTRAL AMERICA CARIBBEAN EUROPE SOUTH AMERICA AFRICA ASIA OTHER BUSINESSES: DISTRIBUTION OF FILM MOVIES 4,494 UNITED STATES OF AMERICA ------------------------------------------------------------------------------------------- SUBSIDIARIES ABROAD TELEVISION BROADCASTING: ------------------------ ADVERTISING TIME SOLD 270,247 UNITED STATES OF AMERICA OTHER INCOME 14,299 UNITED STATES OF AMERICA PROGRAMMING FOR PAY TELEVISION: ------------------------------- SALES OF SIGNALS 62,763 SPAIN ARGENTINA CHILE GUATEMALA COLOMBIA UNITED STATES OF AMERICA ADVERTISING TIME SOLD 42,198 PUBLISHING: ----------- MAGAZINE CIRCULATION 29,791 415,735 GUATEMALA AND COSTA RICA UNITED STATES OF AMERICA PANAMA SOUTH AMERICA CENTRAL AMERICA PUBLISHING 364,803 PUBLISHING DISTRIBUTION: 11,065 168,800 PANAMA ------------------------ SOUTH AMERICA INTERSEGMENT ELIMINATIONS (9,707) ------------------------------------------------------------------------------------------ TOTAL 40,856 3,176,545 ------------------------------------------------------------------------------------------ FOREIGN SALES TELEVISION BROADCASTING: ------------------------ ADVERTISING TIME SOLD MCCANN ERICKSON, INC BBD&O SAATCHI & SAATCHI MEDIAEDGE, CIA. GSD&M ADVERTISING STARCOM OTHER INCOME VARIOUS PROGRAMMING FOR PAY TELEVISION: SALES OF SIGNALS DIRECTV ARGENTINA GALAXY ENTERTAINMENT DE VZLA, C.A. DIRECTV. SKY CHILE TELEVISION SUPER CABLE, AKL. ECHOSTAR PROGRAMMING EXPORT: PROGRAMMING AND ROYALTIES TELEVISA CORPORACION VENEZOLANA DE TELEVISION TELEVISA ANTENA 3 DE TELEVISION, S.A. TELEVISA CORPORACION TELEVEN, S.A. TELEVISA PROCTER & GAMBLE HELLAS, LTD TELEVISA ILLIMANI DE COMUNICACIONES, S.A. TELEVISA TELEARTE, S.A. EMPRESA DE RADIO COMUNICACION TELEVISA OTHER BUSINESSES: DISTRIBUTION OF FILM MOVIES WARNER HOME VIDEO, INC. NATIONAL AMUSEMENTS LOEWS THEATRE MANAGEMENT CORP. ---------------------------------------------------------------------------------------------------------------- SUBSIDIARIES ABROAD TELEVISION BROADCASTING: ADVERTISING TIME SOLD MCCANN ERICKSON, INC BBD&O SAATCHI & SAATCHI MEDIAEDGE, CIA. GSD&M ADVERTISING STARCOM OTHER INCOME VARIOUS PROGRAMMING FOR PAY TELEVISION: SALES OF SIGNALS DIRECTV ARGENTINA GALAXY ENTERTAINMENT DE VZLA, C.A. DIRECTV SKY CHILE TELEVISION SUPER CABLE, AKL. ECHOSTAR ADVERTISING TIME SOLD MEDIA NETWORKS PERU, S.A.C. CAPITAL MEDIA LA KD ENTERTAINMENT NRD MEDIA PUBLISHING: MAGAZINE CIRCULATION T.V. Y NOVELAS MAGAZINE GENERAL PUBLIC (AUDIENCE) NATIONAL GEOGRAPHIC MAGAZINE DEALERS REBELDE MAGAZINE COMMERCIAL CENTERS (MALLS) VANIDADES MAGAZINE COSMOPOLITAN MAGAZINE TU MAGAZINE CARAS MAGAZINE MAXIM MAGAZINE CONDORITO MAGAZINE PUBLISHING PROCTER & GAMBLE P & G PRESTIGE PARLUX INT'L ESTEE LAUDER JOHNSON & JOHNSON CINGULAR WIRELESS PUBLISHING DISTRIBUTION: SELECCIONES MAGAZINE GENERAL PUBLIC (AUDIENCE) HOLA MAGAZINE DEALERS VEA MAGAZINE COMMERCIAL CENTERS (MALLS) SOHO MAGAZINE CROMOS MAGAZINE JET SET MAGAZINE SEMANA MAGAZINE DINERO MAGAZINE INTERSEGMENT ELIMINATIONS --------------------------------------------------------------------------------------------------------------- TOTAL --------------------------------------------------------------------------------------------------------------- PROJECT, AMOUNT EXERCISED AND PROGRESS PERCENTAGE CONSOLIDATED FINAL PRINTING --------------------------------------------------------------------------------------------------------- MAJOR INVESTMENT PROJECTS OF GRUPO TELEVISA, S.A. AND ITS SUBSIDIARIES AT SEPTEMBER 30, 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.$ 140.7 90% GAMING BUSINESS PROJECTS 37.8 19.1 51% INFORMATION TECHNOLOGY PROJECTS OF CABLE TELEVISION 19.0 17.7 93% TECHNICAL EQUIPMENT FOR T.V. STATIONS 13.3 11.0 83% MEXICAN PESOS DENOMINATED PROJECTS: ----------------------------------- INFORMATION TECHNOLOGY PROJECTS PS. 38.3 PS. 31.9 83% WALT MART PROJECT 206.4 129.9 63% ------------------------------------------------------------------------------- INFORMATION RELATED TO BULLETIN B-15 (FOREIGN CURRENCY TRANSLATION) 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 FRS, 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 FRS 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. THROUGH JUNE 30, 2006, THE GROUP DESIGNATED ITS NET INVESTMENT IN UNIVISION AS AN EFFECTIVE HEDGE OF ITS OUTSTANDING SENIOR NOTES DUE IN 2011 AND 2032, AND A PORTION OF ITS SENIOR NOTES DUE 2025 IN THE AMOUNT OF U.S.$400 MILLION. CONSEQUENTLY, ANY FOREIGN EXCHANGE GAIN OR LOSS ATTRIBUTABLE TO THIS U.S. DOLLAR LONG-TERM DEBT WAS CREDITED OR CHARGED DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR LOSS). BEGINNING JULY 1, 2006, THE GROUP'S INVESTMENT IN SHARES OF UNIVISION IS ACCOUNTED FOR AS AN AVAILABLE-FOR- SALE FINANCIAL ASSET WHOSE FAIR VALUE IS BEING HEDGED IN RESPECT OF ANY FOREIGN CURRENCY FLUCTUATION WITH A DESIGNATED PORTION OF THE GROUP'S SENIOR NOTES DUE 2011, 2025 AND 2032, IN THE AGGREGATE AMOUNT OF APPROXIMATELY U.S.$771.9 MILLION. 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). THE GROUP'S FINANCIAL STATEMENTS FOR SEPTEMBER 30, 2005 HAVE BEEN RESTATED TO MEXICAN PESOS IN PURCHASING POWER AS OF SEPTEMBER 30, 2006 BY USING A RESTATEMENT FACTOR DERIVED FROM THE CHANGE IN THE NCPI, WHICH FOR 2005 WAS 1.04093. HAD THE ALTERNATIVE WEIGHTED AVERAGE FACTOR ALLOWED UNDER MEXICAN FRS BEEN APPLIED TO RESTATE THE GROUP'S FINANCIAL STATEMENTS FOR SEPTEMBER 30, 2005, WHICH INCLUDED THE RESULTS OF MEXICAN AND NON-MEXICAN SUBSIDIARIES, THE RESTATEMENT FACTOR FOR SEPTEMBER 2005 WOULD HAVE BEEN 1.04128. ------------------------------------------------------------------------------- MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS CONSOLIDATED FINAL PRINTING ------------------------------------------------------------------------------- MEXICO CITY, D.F., OCTOBER 26, 2006--GRUPO TELEVISA, S.A. (NYSE:TV; BMV:TLEVISA CPO; "TELEVISA" OR "THE COMPANY"), TODAY ANNOUNCED RESULTS FOR THE THIRD QUARTER OF 2006. THE RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH MEXICAN FINANCIAL REPORTING STANDARDS AND ARE ADJUSTED IN MILLIONS OF MEXICAN PESOS IN PURCHASING POWER AS OF SEPTEMBER 30, 2006. NET SALES CONSOLIDATED NET SALES INCREASED 9.1% TO PS.9,220.1 MILLION IN THIRD QUARTER 2006 COMPARED WITH PS.8,448.2 MILLION IN THIRD QUARTER 2005. THIS INCREASE WAS ATTRIBUTABLE TO REVENUE GROWTH IN SKY MEXICO, TELEVISION BROADCASTING, CABLE TELEVISION, PROGRAMMING EXPORTS, PAY-TELEVISION NETWORKS, OTHER BUSINESSES, PUBLISHING, AND RADIO SEGMENTS. THESE INCREASES WERE PARTIALLY OFFSET BY LOWER SALES IN OUR PUBLISHING DISTRIBUTION SEGMENT. OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION (OIBDA) CONSOLIDATED OIBDA INCREASED 16.5% TO PS.4,159.2 MILLION IN THIRD QUARTER 2006 COMPARED WITH PS.3,568.8 MILLION IN THIRD QUARTER 2005. CONSOLIDATED OIBDA MARGIN REACHED A THIRD-QUARTER RECORD OF 45.1%, UP FROM A MARGIN OF 42.2% 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 20.3% TO PS.3,516.5 MILLION IN THIRD QUARTER 2006 COMPARED WITH PS.2,923.8 MILLION IN THIRD QUARTER 2005. THE CHARGE FOR OPERATING DEPRECIATION AND AMORTIZATION WAS OF PS.642.7 MILLION AND PS.645 MILLION IN THIRD QUARTER OF 2006 AND 2005, RESPECTIVELY. NET INCOME NET INCOME INCREASED 43.6% TO PS.2,486.4 MILLION IN THIRD QUARTER 2006 COMPARED WITH PS.1,732 MILLION IN THIRD QUARTER 2005. THE NET INCREASE OF PS.754.4 MILLION REFLECTED I) A PS.590.4 MILLION INCREASE IN OIBDA, II) A PS.2.3 MILLION DECREASE IN DEPRECIATION AND AMORTIZATION, III) A PS.10.4 MILLION DECREASE IN RESTRUCTURING AND NON-RECURRING CHARGES, IV) A PS.54.1 MILLION DECREASE IN OTHER EXPENSE, AND V) A PS.506.4 MILLION DECREASE IN INCOME TAXES. THESE FAVORABLE CHANGES WERE PARTIALLY OFFSET BY I) A PS.194.9 MILLION INCREASE IN INTEGRAL COST OF FINANCING, II) A PS.155.6 MILLION INCREASE IN EQUITY IN LOSSES OF AFFILIATES, AND III) A PS.58.7 MILLION INCREASE IN MINORITY INTEREST. THIRD-QUARTER RESULTS BY BUSINESS SEGMENT THE FOLLOWING INFORMATION PRESENTS THIRD-QUARTER RESULTS ENDED SEPTEMBER 30, 2006 AND 2005, FOR EACH OF OUR BUSINESS SEGMENTS. AMOUNTS ARE PRESENTED IN MILLIONS OF MEXICAN PESOS IN PURCHASING POWER AS OF SEPTEMBER 30, 2006. TELEVISION BROADCASTING THIRD-QUARTER SALES INCREASED 4.5% TO PS.4,992.3 MILLION COMPARED WITH PS.4,777.3 MILLION IN THIRD QUARTER 2005. THIS INCREASE WAS DRIVEN BY HIGHER ADVERTISING REVENUES RELATED TO I) HIGHER RATINGS IN OUR TELENOVELAS AND REALITY SHOWS, AND II) THE BROADCAST OF CERTAIN GAMES OF THE 2006 FIFA WORLD CUP DURING THE MONTH OF JULY. THIRD-QUARTER OIBDA INCREASED 8.8% TO PS.2,530.3 MILLION COMPARED WITH PS.2,325.7 MILLION IN THIRD QUARTER 2005, AND OIBDA MARGIN REACHED A THIRD-QUARTER RECORD OF 50.7% COMPARED WITH 48.7% IN THIRD QUARTER 2005. THESE RESULTS REFLECT HIGHER SALES AND LOWER COST OF SALES, WHICH WERE PARTIALLY OFFSET BY HIGHER OPERATING EXPENSES PAY TELEVISION NETWORKS THIRD-QUARTER SALES INCREASED 14.6% TO PS.338.4 MILLION COMPARED WITH PS.295.4 MILLION IN THIRD QUARTER 2005. THIS INCREASE WAS ATTRIBUTABLE TO I) HIGHER REVENUES FROM CHANNELS SOLD TO PAY-TELEVISION SYSTEMS IN MEXICO AND TO DIRECTV LATIN AMERICA'S BASIC PACKAGE; II) AN INCREASE IN SALES OF TUTV, OUR PAY-TELEVISION JOINT VENTURE WITH UNIVISION; AND III) HIGHER ADVERTISING SALES. THIRD-QUARTER OIBDA INCREASED 21.7% TO PS.179.7 MILLION COMPARED WITH PS.147.7 MILLION IN THIRD QUARTER 2005, AND OIBDA MARGIN REACHED 53.1% COMPARED WITH 50% IN THIRD QUARTER 2005, DRIVEN BY HIGHER SALES AND LOWER OPERATING EXPENSES, WHICH WERE PARTIALLY OFFSET BY HIGHER COST OF SALES. PROGRAMMING EXPORT THIRD-QUARTER SALES INCREASED 18.9% TO PS.575.4 MILLION COMPARED WITH PS.484.1 MILLION IN THIRD QUARTER 2005. THIS INCREASE REFLECTS HIGHER ROYALTIES PAID TO THE COMPANY UNDER THE UNIVISION PROGRAM LICENSE AGREEMENT, AS WELL AS HIGHER PROGRAMMING SALES TO LATIN AMERICA AND EUROPE, WHICH WERE PARTIALLY OFFSET BY LOWER PROGRAMMING SALES IN ASIA AND AFRICA AND BY A NEGATIVE TRANSLATION EFFECT OF FOREIGN-CURRENCY-DENOMINATED SALES, WHICH AMOUNTED TO PS.11.7 MILLION. ROYALTIES FROM UNIVISION TOTALED US$34.6 MILLION IN THIRD QUARTER 2006 AND INCLUDED US$1.6 MILLION FROM PUERTO RICO AND A POSITIVE ADJUSTMENT OF US$2.3 MILLION FROM THE MONTH OF JUNE, COMPARED WITH A TOTAL OF US$27.8 MILLION RECEIVED DURING LAST YEAR'S THIRD QUARTER. THIRD-QUARTER OIBDA INCREASED 55.7% TO PS.278.4 MILLION COMPARED WITH PS.178.8 MILLION IN THIRD QUARTER 2005, AND OIBDA MARGIN REACHED 48.4% COMPARED WITH 36.9% IN THIRD QUARTER 2005, REFLECTING HIGHER SALES AND LOWER COST OF SALES PARTIALLY OFFSET BY HIGHER OPERATING EXPENSES. PUBLISHING THIRD-QUARTER SALES INCREASED 4.6% TO PS.678.1 MILLION COMPARED WITH PS.648.2 MILLION IN THIRD QUARTER 2005. THIS INCREASE REFLECTS I) SALES OF PS.34.4 MILLION IN EDITORA CINCO, WHICH WE BEGAN CONSOLIDATING IN OUR FINANCIAL STATEMENTS DURING THE FIRST QUARTER OF 2006; II) AN INCREASE IN ADVERTISING PAGES SOLD BOTH IN MEXICO AND ABROAD; AND III) HIGHER MAGAZINE CIRCULATION ABROAD. THESE INCREASES WERE PARTIALLY OFFSET BY LOWER MAGAZINE CIRCULATION IN MEXICO AND BY A NEGATIVE TRANSLATION EFFECT OF FOREIGN-CURRENCY-DENOMINATED SALES, WHICH AMOUNTED TO PS.30.4 MILLION. THIRD-QUARTER OIBDA INCREASED 8.6% TO PS.140.8 MILLION COMPARED WITH PS.129.7 MILLION IN THIRD QUARTER 2005, AND OIBDA MARGIN REACHED 20.8% COMPARED WITH 20% IN THIRD QUARTER 2005, REFLECTING HIGHER SALES THAT WERE PARTIALLY OFFSET BY HIGHER COST OF SALES AND A MARGINAL INCREASE IN OPERATING EXPENSES, BOTH OF RESULTED PRIMARILY FROM THE CONSOLIDATION OF EDITORA CINCO AND HIGHER PAPER AND PRINTING COSTS. PUBLISHING DISTRIBUTION THIRD-QUARTER SALES DECREASED 9% TO PS.99.7 MILLION COMPARED WITH PS.109.6 MILLION IN THIRD QUARTER 2005. THIS DECREASE REFLECTS I) LOWER CIRCULATION IN MEXICO AND ABROAD OF MAGAZINES PUBLISHED BY THIRD PARTIES, AND II) THE NEGATIVE TRANSLATION EFFECT OF FOREIGN-CURRENCY-DENOMINATED SALES, WHICH AMOUNTED TO PS.7.5 MILLION. THESE DECREASES WERE PARTIALLY OFFSET BY HIGHER CIRCULATION IN MEXICO AND ABROAD OF MAGAZINES PUBLISHED BY THE COMPANY. THIRD-QUARTER OIBDA DECREASED 29.5% TO PS.3.1 MILLION COMPARED WITH PS.4.4 MILLION IN THIRD QUARTER 2005, AND OIBDA MARGIN DECREASED TO 3.1% COMPARED WITH 4% IN THIRD QUARTER 2005, REFLECTING LOWER SALES PARTIALLY OFFSET BY LOWER COST OF SALES AND OPERATING EXPENSES. SKY MEXICO THIRD-QUARTER SALES INCREASED 13.8% TO PS.1,880.8 MILLION, COMPARED WITH PS.1,653 MILLION IN THIRD QUARTER 2005. THE INCREASE IS ATTRIBUTABLE TO A 16% INCREASE IN THE SUBSCRIBER BASE, WHICH, AS OF SEPTEMBER 30, 2006, REACHED 1,411,600 GROSS ACTIVE SUBSCRIBERS (INCLUDING 86,150 COMMERCIAL SUBSCRIBERS), COMPARED WITH 1,216,600 GROSS ACTIVE SUBSCRIBERS (INCLUDING 69,200 COMMERCIAL SUBSCRIBERS) AS OF THE END OF THE THIRD QUARTER OF LAST YEAR. THIRD-QUARTER OIBDA INCREASED 30% TO PS.939.9 MILLION COMPARED WITH PS.723 MILLION IN THIRD QUARTER 2005, AND OIBDA MARGIN REACHED 50% COMPARED WITH 43.7% IN THIRD QUARTER 2005, REFLECTING HIGHER SALES AND LOWER COST OF SALES PARTIALLY OFFSET BY HIGHER OPERATING EXPENSES. CABLE TELEVISION THIRD-QUARTER SALES INCREASED 33.2% TO PS.497.5 MILLION COMPARED WITH PS.373.4 MILLION IN THIRD QUARTER 2005. THIS INCREASE WAS ATTRIBUTABLE TO I) A 17% INCREASE IN THE SUBSCRIBER BASE, WHICH, AS OF SEPTEMBER 30, 2006, REACHED 475,506 SUBSCRIBERS (INCLUDING 411,015 DIGITAL SUBSCRIBERS), COMPARED WITH 406,262 SUBSCRIBERS (INCLUDING 233,649 DIGITAL SUBSCRIBERS) AS OF THE END OF THE THIRD QUARTER OF LAST YEAR; II) A 67% INCREASE IN BROADBAND SUBSCRIBERS TO 86,470 IN THE THIRD QUARTER OF 2006 COMPARED WITH 51,779 REPORTED IN THE SAME PERIOD LAST YEAR; AND III) A 6% RATE INCREASE IN CABLEVISION VIDEO SERVICE PACKAGES EFFECTIVE MARCH 1, 2006. THIRD-QUARTER OIBDA INCREASED 60.8% TO PS.208.5 MILLION COMPARED WITH PS.129.7 MILLION IN THIRD QUARTER 2005, AND OIBDA MARGIN REACHED 41.9% COMPARED WITH 34.7% IN THIRD QUARTER 2005, REFLECTING HIGHER SALES THAT WERE PARTIALLY OFFSET BY HIGHER COST OF SALES AND OPERATING EXPENSES. RADIO THIRD-QUARTER SALES INCREASED 14.8% TO PS.99 MILLION COMPARED WITH PS.86.2 MILLION IN THIRD QUARTER 2005. THIS INCREASE WAS ATTRIBUTABLE TO I) AN INCREASE IN ADVERTISING TIME SOLD, AND II) HIGHER SALES GENERATED BY OUR AFFILIATION AGREEMENT WITH RADIORAMA. THIRD-QUARTER OIBDA INCREASED 95.7% TO PS.22.9 MILLION COMPARED WITH PS.11.7 MILLION IN THIRD QUARTER 2005, AND OIBDA MARGIN REACHED 23.1% COMPARED WITH 13.6% IN THIRD QUARTER 2005, REFLECTING HIGHER SALES AND LOWER COST OF SALES PARTIALLY OFFSET BY HIGHER OPERATING EXPENSES. OTHER BUSINESSES THIRD-QUARTER SALES INCREASED 18.7% TO PS.368.5 MILLION COMPARED WITH PS.310.4 MILLION IN THIRD QUARTER 2005. THIS INCREASE WAS ATTRIBUTABLE TO HIGHER SALES IN OUR FEATURE-FILM PRODUCTION AND DISTRIBUTION AND GAMING BUSINESSES AND IN THE SMS SERVICES OF OUR INTERNET BUSINESS. THIRD-QUARTER OPERATING LOSS BEFORE DEPRECIATION AND AMORTIZATION INCREASED TO PS.38.2 MILLION IN THIRD QUARTER 2006 COMPARED WITH A LOSS OF PS.13.5 MILLION IN THIRD QUARTER 2005. THE LOSS WAS ATTRIBUTABLE TO HIGHER COST OF SALES AND OPERATING EXPENSES, PRIMARILY RELATED TO OUR GAMING BUSINESS, WHICH WERE PARTIALLY OFFSET BY HIGHER SALES. INTERSEGMENT SALES INTERSEGMENT SALES FOR THE THIRD QUARTER 2006 AND 2005, AMOUNTED TO PS.310.1 MILLION AND PS.310.5 MILLION, RESPECTIVELY. CORPORATE EXPENSES IN 2005, WE ADOPTED THE GUIDELINES OF THE INTERNATIONAL FINANCIAL REPORTING STANDARD 2, "SHARE-BASED PAYMENT," ISSUED BY THE INTERNATIONAL ACCOUNTING STANDARDS BOARD, WHICH 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 THIRD QUARTER 2006, WE RECOGNIZED A SHARE-BASED COMPENSATION OF APPROXIMATELY PS.41.6 MILLION AS CORPORATE EXPENSE. NON-OPERATING RESULTS INTEGRAL RESULT OF FINANCING THE EXPENSE ATTRIBUTABLE TO THE INTEGRAL COST OF FINANCING INCREASED BY PS.194.9 MILLION TO PS.670 MILLION IN THIRD QUARTER 2006 FROM PS.475.1 MILLION IN THIRD QUARTER 2005. THIS INCREASE REFLECTED I) AN INCREASE IN NET FOREIGN EXCHANGE LOSS OF PS.240.4 MILLION RESULTING PRIMARILY FROM A 3.26% APPRECIATION OF THE MEXICAN PESO AGAINST THE U.S. DOLLAR IN THIRD QUARTER 2006 COMPARED WITH A 0.21% DEPRECIATION OF THE MEXICAN PESO AGAINST THE U.S. DOLLAR IN LAST YEAR'S THIRD QUARTER, IN CONJUNCTION WITH A HIGHER AVERAGE AMOUNT OF NET FOREIGN CURRENCY ASSET POSITION IN THIRD QUARTER 2006; AND II) A PS.69.7 MILLION INCREASE IN LOSS FROM MONETARY POSITION RESULTING PRIMARILY FROM HIGHER INFLATION IN MEXICO IN THIRD QUARTER 2006 (1.80%) COMPARED WITH THIRD QUARTER 2005 (0.91%). THESE UNFAVORABLE VARIANCES IN INTEGRAL COST OF FINANCING WERE PARTIALLY OFFSET BY I) A PS.14.1 MILLION DECREASE IN INTEREST EXPENSE RESULTING FROM BOTH A LOWER AMOUNT OF OUTSTANDING DEBT AND A REDUCTION IN THE WEIGHTED-AVERAGE INTEREST RATE; AND II) A PS.101.1 MILLION INCREASE IN INTEREST INCOME PRIMARILY IN CONNECTION WITH A HIGHER AVERAGE AMOUNT OF TEMPORARY INVESTMENTS IN THIRD QUARTER 2006. RESTRUCTURING AND NON-RECURRING CHARGES RESTRUCTURING AND NON-RECURRING CHARGES DECREASED BY PS.10.4 MILLION, OR 54.5%, TO PS.8.7 MILLION IN THIRD QUARTER 2006 COMPARED WITH PS.19.1 MILLION IN THIRD QUARTER 2005. THIS FAVORABLE EFFECT PRIMARILY REFLECTED A DECREASE IN RESTRUCTURING CHARGES IN CONNECTION WITH WORK-FORCE REDUCTIONS. OTHER EXPENSE, NET OTHER EXPENSE, NET, DECREASED BY PS.54.1 MILLION, OR 54.9%, TO PS.44.5 MILLION IN THIRD QUARTER 2006 COMPARED WITH PS.98.6 MILLION IN THIRD QUARTER 2005. THIS DECREASE REFLECTED PRIMARILY THE ABSENCE OF LOSS ON DISPOSITION OF NON-CURRENT ASSETS AND A DECREASE IN DONATIONS IN THIRD QUARTER 2006, WHICH WAS PARTIALLY OFFSET BY AN INCREASE IN FINANCIAL ADVISORY AND PROFESSIONAL FEES. INCOME TAX INCOME TAXES DECREASED BY PS.506.4 MILLION TO A NET FAVORABLE INCOME TAX EFFECT OF PS.60.4 MILLION IN THIRD QUARTER 2006 COMPARED WITH AN INCOME TAX PROVISION OF PS.446 MILLION IN THIRD QUARTER 2005. THIS DECREASE REFLECTED PRIMARILY THE EFFECT IN THIRD QUARTER 2006 OF AN ESTIMATED LOWER EFFECTIVE INCOME TAX RATE FOR THE YEAR 2006. EQUITY IN RESULTS OF AFFILIATES, NET EQUITY IN LOSS OF AFFILIATES INCREASED BY PS.155.6 MILLION TO PS.137.2 MILLION IN THIRD QUARTER 2006 COMPARED WITH AN EQUITY IN INCOME OF AFFILIATES OF PS.18.4 MILLION IN THIRD QUARTER 2005. THIS INCREASE REFLECTED PRIMARILY EQUITY IN LOSS OF LA SEXTA, A FREE-TO-AIR TELEVISION CHANNEL IN SPAIN IN WHICH WE HAVE A 40% INTEREST. MINORITY INTEREST MINORITY INTEREST INCREASED BY PS.58.7 MILLION, OR 34.2%, TO PS.230.1 MILLION IN THIRD QUARTER 2006 COMPARED WITH PS.171.4 MILLION IN THIRD QUARTER 2005. THIS INCREASE REFLECTED PRIMARILY THE PORTION OF NET INCOME ATTRIBUTABLE TO THE INTEREST HELD BY MINORITY STOCKHOLDERS IN THE CABLE TELEVISION, RADIO, AND SKY MEXICO SEGMENTS. OTHER RELEVANT INFORMATION CAPITAL EXPENDITURES AND INVESTMENTS IN THIRD QUARTER 2006 OUR CAPITAL EXPENDITURES TOTALED US$76 MILLION, INCLUDING US$16.1 MILLION FOR OUR CABLE TELEVISION SEGMENT, US$20.5 MILLION FOR SKY MEXICO, US$4 MILLION FOR GAMING, AND US$35.4 MILLION FOR OUR TELEVISION BROADCASTING AND OTHER BUSINESS SEGMENTS. IN ADDITION, DURING THIRD QUARTER 2006 WE MADE INVESTMENTS RELATED TO OUR 40% INTEREST IN LA SEXTA FOR AN AGGREGATE AMOUNT OF (euro)32.1 MILLION. DEBT THE TOTAL CONSOLIDATED DEBT AMOUNTED TO PS.19,055 MILLION AND PS.19,406.4 MILLION AS OF SEPTEMBER 30, 2006 AND 2005, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF LONG-TERM DEBT IN THE AMOUNT OF PS.1,087.4 MILLION AND PS.191.7 MILLION, RESPECTIVELY. ADDITIONALLY, SKY MEXICO HAD A SATELLITE TRANSPONDER LEASE OBLIGATION IN THE AMOUNT OF PS.1,246.3 MILLION AND PS.1,349.9 MILLION AS OF SEPTEMBER 30, 2006 AND 2005, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF PS.85.1 MILLION AND PS.77.5 MILLION, RESPECTIVELY. AS OF SEPTEMBER 30, 2006 AND 2005, OUR CONSOLIDATED NET DEBT WAS PS.2,705.9 MILLION AND PS.7,807.5 MILLION, RESPECTIVELY. UNIVISION IN THE THIRD QUARTER 2006, WE ANNOUNCED OUR INTENTION TO HAVE OUR SHARES OF UNIVISION CASHED OUT IN CONNECTION WITH THE MERGER CONTEMPLATED BY A MERGER AGREEMENT ENTERED INTO BY UNIVISION AND AN ACQUIRING INVESTOR GROUP. AT THE EFFECTIVE TIME OF THE PROPOSED MERGER, WHICH IS STILL SUBJECT TO REGULATORY APPROVALS IN THE UNITED STATES AND WHICH UNIVISION HAS STATED IS EXPECTED TO BE CONSUMMATED IN THE FIRST HALF OF 2007, SHARES OF UNIVISION COMMON STOCK, INCLUDING 30,187,534 SHARES OWNED BY US, WILL BE CONVERTED INTO THE RIGHT TO RECEIVE US$36.25 IN CASH PER SHARE PLUS INTEREST AT A RATE OF 8% PER YEAR IF THE MERGER IS NOT COMPLETED BY APRIL 26, 2007. ALSO, UNDER THE TERMS OF THIS MERGER AGREEMENT, ALL OF OUR WARRANTS TO ACQUIRE SHARES OF UNIVISION COMMON STOCK WILL BE EITHER CASHED OUT OR CANCELLED DEPENDING WHETHER THEY ARE IN OR OUT OF THE MONEY. ACCORDINGLY, BEGINNING JULY 1, 2006, WE I) CLASSIFIED THE INVESTMENT IN SHARES OF UNIVISION AS A CURRENT AVAILABLE-FOR-SALE FINANCIAL ASSET IN OUR CONSOLIDATED BALANCE SHEET; II) DISCONTINUED THE RECOGNITION OF ANY EQUITY RESULT RELATED TO THIS INVESTMENT SUBSEQUENT TO JUNE 30, 2006 (UNTIL THAT DATE, OUR INVESTMENT IN SHARES OF UNIVISION WAS DEEMED PERMANENT AND ACCOUNTED FOR BY USING THE EQUITY METHOD); III) RECOGNIZED THIS FINANCIAL ASSET AT FAIR VALUE WITH ANY RELATED GAIN OR LOSS, NET OF APPLICABLE INCOME TAX, ACCOUNTED FOR AS OTHER ACCUMULATED COMPREHENSIVE RESULT IN OUR CONSOLIDATED STOCKHOLDERS' EQUITY; AND IV) DESIGNATED THIS FINANCIAL ASSET AS BEING HEDGED BY A PORTION OF OUR US-DOLLAR-DENOMINATED LONG-TERM DEBT IN THE AMOUNT OF APPROXIMATELY US$771.9 MILLION. THE FAIR VALUE OF OUR FINANCIAL INVESTMENT IN SHARES OF UNIVISION AT SEPTEMBER 30, 2006 AMOUNTED TO APPROXIMATELY US$1.1 BILLION. CONVERGENCE AGREEMENT IN EARLY OCTOBER, MEXICO'S MINISTRY OF COMMUNICATION AND TRANSPORTATION PUBLISHED IN THE OFFICIAL GAZETTE WHAT IS CALLED THE "CONVERGENCE RULES OF FIXED LOCAL TELEPHONY AND RESTRICTED TELEVISION AND/OR AUDIO SERVICES OFFERED THROUGH PUBLIC FIXED LINE AND WIRELESS NETWORKS," ALSO KNOWN AS THE "TECHNOLOGICAL CONVERGENCE RULES," WHICH IS INTENDED TO, AMONG OTHER THINGS, INCREASE THE DIVERSITY OF SERVICES AND INTRODUCE LEADING TECHNOLOGY BY TAKING ADVANTAGE OF THE CONVERGENCE OF TELECOMMUNICATIONS WITH DIGITAL TECHNOLOGY. THE TECHNOLOGICAL CONVERGENCE RULES ARE ALSO INTENDED TO PROMOTE THE TRANSMISSION OF TEXT, DATA AND, VOICE THROUGH MEXICO'S PUBLIC NETWORKS. THESE RULES ARE EXPECTED TO CREATE NEW BUSINESS OPPORTUNITIES FOR THE COMPANY AND TO HELP SERVE TO DIVERSIFY THE COMPANY'S OPERATIONS. FOR THESE REASONS, THE COMPANY INTENDS TO PURSUE OPPORTUNITIES TO ACQUIRE INTERESTS IN CONCESSIONAIRES THAT PROVIDE THESE SERVICES, AND/OR TO PROVIDE FINANCING TO SUCH COMPANIES. THE COMPANY BELIEVES SUCH OPPORTUNITIES COULD ENTAIL INVESTMENTS, IN THE AGGREGATE, OF BETWEEN APPROXIMATELY US$250 MILLION AND US$500 MILLION DURING THE NEXT THREE YEARS. SHARE REPURCHASE PROGRAM DURING THE THIRD QUARTER OF 2006, WE REPURCHASED APPROXIMATELY 44,096.6 MILLION CPOS FOR PS.1,875.9 MILLION IN NOMINAL TERMS. TELEVISION RATINGS AND AUDIENCE SHARE NATIONAL URBAN RATINGS AND AUDIENCE SHARE REPORTED BY IBOPE CONFIRM THAT, IN THE THIRD 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 72.8%; IN PRIME TIME (16:00 TO 23:00, MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 70.6%; AND IN SIGN-ON TO SIGN-OFF (6:00 TO 24:00, MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 71.7%. OUTLOOK FOR 2006 WE CONTINUE TO EXPECT OUR TELEVISION BROADCASTING BUSINESS TO ACHIEVE SALES GROWTH IN THE HIGH-SINGLE-DIGITS AND OIBDA MARGIN IN EXCESS OF 50% FOR THE FULL YEAR 2006; ON A CONSOLIDATED BASIS, WE EXPECT OUR OIBDA MARGIN TO REACH 42%. 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, GAMING, 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, AND IN LA SEXTA, A FREE-TO-AIR TELEVISION VENTURE IN SPAIN. 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. FINANCIAL STATEMENT NOTES (1) ANNEX 2 CONSOLIDATED FINAL PRINTING ------------------------------------------------------------------------------- GRUPO TELEVISA, S.A. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005 (IN THOUSANDS OF MEXICAN PESOS IN PURCHASING POWER AS OF SEPTEMBER 30, 2006, EXCEPT PER CPO, PER SHARE, AND PER UDI AMOUNTS) 1. ACCOUNTING POLICIES: THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A. (THE "COMPANY"), ITS CONSOLIDATED SUBSIDIARIES, AND THOSE CONSOLIDATED VARIABLE INTEREST ENTITIES WHERE THE GROUP IS DEEMED THE PRIMARY BENEFICIARY (COLLECTIVELLY, THE "GROUP"), AS OF SEPTEMBER 30, 2006 AND 2005, AND FOR THE NINE 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 MEXICAN 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, 2005, WHICH INCLUDE, AMONG OTHER DISCLOSURES, THE GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES, WHICH HAVE BEEN APPLIED ON A CONSISTENT BASIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006. 2. PROPERTY, PLANT AND EQUIPMENT: PROPERTY, PLANT AND EQUIPMENT AS OF SEPTEMBER 30, CONSISTED OF: 2006 2005 ------------------- ----------------- BUILDINGS Ps. 8,204,260 Ps. 8,160,796 BUILDING IMPROVEMENTS 1,604,927 1,621,806 TECHNICAL EQUIPMENT 19,712,200 18,615,629 SATELLITE TRANSPONDERS 1,759,275 1,726,718 FURNITURE AND FIXTURES 526,974 516,109 TRANSPORTATION EQUIPMENT 1,257,543 1,167,381 COMPUTER EQUIPMENT 1,548,713 1,467,195 ------------------- ------------------ 34,613,892 33,275,634 ACCUMULATED DEPRECIATION (18,972,521) (17,759,040) ------------------- ------------------ 15,641,371 15,516,594 LAND 3,909,298 3,923,320 CONSTRUCTION AND PROJECTS IN PROGRESS 878,727 412,017 ------------------- ------------------ Ps. 20,429,396 Ps. 19,851,931 =================== ================== DEPRECIATION CHARGED TO INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005, WAS PS.1,713,501 AND PS.1,590,525, RESPECTIVELY. 3. LONG-TERM DEBT SECURITIES: AS OF SEPTEMBER 30, 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) $ - Ps. - $ 5,343 Ps. 59,871 8.000% SENIOR NOTES DUE 2011 (A) (B) 71,951 789,734 75,484 845,845 6.625% SENIOR NOTES DUE 2025 (A) (B) 600,000 6,585,600 600,000 6,723,373 8.500% SENIOR NOTES DUE 2032 (A) 300,000 3,292,800 300,000 3,361,687 9.375% SENIOR NOTES DUE 2013 (C) 11,251 123,491 300,000 3,361,687 -------------- ---------------- ------------ --------------- $ 983,202 10,791,625 $ 1,280,827 14,352,463 ============== =========== 8.15% UDI-DENOMINATED NOTES DUE 2007 (B) (D) 962,250 965,897 ---------------- --------------- Ps. 11,753,875 Ps. 15,318,360 ================ ===============(A) 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 2011, 2025 AND 2032, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 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. (B) 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 PREPAYMENT OF SOME OF THE GROUP'S OUTSTANDING INDEBTEDNESS. (C) THESE SENIOR NOTES ARE UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF SKY MEXICO. INTEREST ON THESE SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 9.8580%, AND IS PAYABLE SEMI-ANNUALLY. SKY MEXICO 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. IN APRIL 2006, SKY MEXICO CONCLUDED AN OFFER TO PURCHASE ALL OF THESE SENIOR NOTES WITH THE TENDER OF 96.25% OF THE OUTSTANDING PRINCIPAL AMOUNT OF THESE SENIOR NOTES IN THE AGGREGATE AMOUNT OF APPROXIMATELY U.S.$324.3 MILLION. THIS TRANSACTION TOGETHER WITH RELATED FEES AND EXPENSES WERE FINANCED WITH TWO 10-YEAR BANK LOANS ENTERED INTO BY SKY MEXICO AND GUARANTEED BY THE COMPANY IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.3,500,000, AND THE REMAINING WITH CASH ON HAND. ANNUAL INTEREST ON THIS MEXICAN PESO INDEBTEDNESS IS AT THE WEIGHTED AVERAGE OF 8.836% FOR THE FIRST THREE YEARS, AND FLUCTUATES BETWEEN 8.74% AND THE MEXICAN INTERBANK RATE PLUS 24 BASIS POINTS FOR THE LAST SEVEN YEARS, AND IS PAYABLE ON A MONTHLY BASIS. (D) NOTES DENOMINATED IN MEXICAN INVESTMENT UNITS ("UNIDADES DE INVERSION" OR "UDIS"), REPRESENTING 258,711,400 UDIS AS OF SEPTEMBER 30, 2006 AND 2005, RESPECTIVELY. INTEREST ON THESE NOTES IS PAYABLE SEMI-ANNUALLY. THE BALANCE AS OF SEPTEMBER 30, 2006 AND 2005 INCLUDES RESTAMENT OF PS.247,583 AND PS.221,979, RESPECTIVELY. THE UDI VALUE AS OF SEPTEMBER 30, 2006, WAS OF PS. 3.719397 PER UDI. THROUGH JUNE 30, 2006, THE GROUP DESIGNATED ITS NET INVESTMENT IN UNIVISION AS AN EFFECTIVE HEDGE OF ITS OUTSTANDING SENIOR NOTES DUE IN 2011 AND 2032, AND A PORTION OF ITS SENIOR NOTES DUE 2025 IN THE AMOUNT OF U.S.$400 MILLION. CONSEQUENTLY, ANY FOREIGN EXCHANGE GAIN OR LOSS ATTRIBUTABLE TO THIS U.S. DOLLAR LONG-TERM DEBT WAS CREDITED OR CHARGED DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR LOSS). BEGINNING JULY 1, 2006, THE GROUP'S INVESTMENT IN SHARES OF UNIVISION IS ACCOUNTED FOR AS AN AVAILABLE-FOR-SALE FINANCIAL ASSET WHOSE FAIR VALUE IS BEING HEDGED IN RESPECT OF ANY FOREIGN CURRENCY FLUCTUATION WITH A DESIGNATED PORTION OF THE GROUP'S SENIOR NOTES DUE 2011, 2025 AND 2032, IN THE AGGREGATE AMOUNT OF APPROXIMATELY U.S.$771.9 MILLION. 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 NOTES 7 AND 16). IN JANUARY 2006, THE COMPANY REPURCHASED APPROXIMATELY U.S.$3.5 MILLION, OF THE OUTSTANDING PRINCIPAL AMOUNT OF SENIOR NOTES DUE 2011 IN THE AGGREGATE AMOUNT OF APPROXIMATELY U.S.$4.0 MILLION. 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 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 SEPTEMBER 30 IS ANALYZED AS FOLLOWS: 2006 2005 ----------------------------- ------------------------------ NOMINAL RESTATED NOMINAL RESTATED PESOS PESOS PESOS PESOS ------------- -------------- --------------- ------------- CAPITAL STOCK ISSUED Ps.2,524,174 Ps. 9,971,827 Ps. 2,524,174 Ps.10,133,415 ADDITIONAL PAID-IN CAPITAL 3,841,792 4,316,354 3,841,792 4,316,354 LEGAL RESERVE 1,197,574 2,026,683 1,018,068 1,842,750 RESERVE FOR REPURCHASE OF SHARES 1,682,757 4,391,272 2,255,655 5,886,290 UNAPPROPRIATED EARNINGS 7,585,874 16,553,757 2,961,418 11,781,298 CUMULATIVE GAIN ON EQUITY OF ASSOCIATES 3,443,516 4,005,965 3,454,442 4,062,284 CUMULATIVE EFFECT OF DEFERRED TAXES (2,197,681) (3,060,242) (2,197,681) (3,060,242) ACCUMULATED OTHER COMPREHENSIVE LOSS -- (5,367,568) -- (4,074,330) NET INCOME FOR THE NINE MONTHS -- 6,149,532 3,552,138 3,697,531 SHARES REPURCHASED (6,172,135) (7,206,202) (6,700,987) (6,975,265) -------------- ------------- TOTAL MAJORITY STOCKHOLDERS' EQUITY Ps.31,781,378 Ps.27,610,085 ============== ============= IN APRIL 2006, THE COMPANY'S STOCKHOLDERS APPROVED (I) THE PAYMENT OF A DIVIDEND IN THE AGGREGATE AMOUNT OF PS.1,102,677 (PS.1,087,049 NOMINAL), WHICH CONSISTED OF NOMINAL PS.0.35 PER CPO AND NOMINAL PS.0.00299145 PER SHARE, NOT IN THE FORM OF A CPO, AND WAS PAID IN CASH IN MAY 2006; AND (II) THE CANCELLATION OF APPROXIMATELY 5,888.5 MILLION SHARES OF CAPITAL STOCK IN THE FORM OF APPROXIMATELY 50.3 MILLION CPOS, WHICH WERE REPURCHASED BY THE COMPANY IN 2004, 2005 AND 2006. AS OF SEPTEMBER 30, 2006, THE NUMBER OF SHARES ISSUED, REPURCHASED AND OUTSTANDING IS PRESENTED AS FOLLOWS: ISSUED REPURCHASED OUTSTANDING ------------------ ---------------- ---------------- SERIES "A" SHARES 123,478,023,925 9,770,784,685 113,707,239,240 SERIES "B" SHARES 59,162,448,976 5,665,838,997 53,496,609,979 SERIES "D" SHARES 90,372,213,365 5,264,028,439 85,108,184,926 SERIES "L" SHARES 90,372,213,365 5,264,028,439 85,108,184,926 ------------------ ---------------- ----------------- 363,384,899,631 25,964,680,560 337,420,219,071 ================== ================ ================= THE COMPANY'S SHARES REPURCHASED, AS WELL AS THEIR NET COST, AS OF SEPTEMEBER 30, 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) 5,159,302,200 - 5,159,302,200 PS. (1,889,806) OWNED BY A COMPANY'S SUBSIDIARY (2) (3) 3,525,838,875 537,563,559 4,063,402,434 (906,614) ACQUIRED BY A COMPANY'S TRUST (4) 8,911,753,812 7,830,222,114 16,741,975,926 (4,026,137) ADVANCE FOR ACQUISITION OF SHARES (2) - - - (383,645) ============================================================== 17,596,894,887 8,367,785,673 25,964,680,560 PS. (7,206,202) ==============================================================(1) IN THE FIRST AND THIRD QUARTERS OF 2006, THE COMPANY REPURCHASED 5,589,675,000 SHARES IN THE FORM OF 47,775,000 CPOS, IN THE AMOUNT OF PS.2,047,245 (PS.2,030,712 NOMINAL). IN APRIL 2006, THE COMPANY CANCELLED 5,888,469,600 SHARES IN THE FORM OF 50,328,800 CPOS IN THE AMOUNT OF PS.1,656,606 (PS.1,570,121 NOMINAL). (2) IN CONNECTION WITH THE COMPANY'S STOCK PURCHASE PLAN. (3) IN MARCH AND JULY 2006, THE GROUP RELEASED 2,159,501,058 SHARES AND 1,272,976,263 SHARES, RESPECTIVELY, IN THE FORM OF 18,457,274 AND 10,880,139 CPOS, RESPECTIVELY, IN THE AMOUNT OF APPROXIMATELY PS.170,597 AND PS.191,259, RESPECTIVELY, IN CONNECTION WITH THE COMPANY'S STOCK PURCHASE PLAN. (4) IN CONNECTION WITH THE COMPANY'S LONG-TERM RETENTION PLAN. IN APRIL 2006, THE GROUP RELEASED 40,018,680 SHARES IN THE FORM OF 342,040 CPOS, IN THE AMOUNT OF PS.4,600 IN CONNECTION WITH THIS PLAN. THE GROUP RECOGNIZED A SHARE-BASED COMPENSATION EXPENSE OF PS.134,979 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006, WHICH AMOUNT WAS REFLECTED IN CONSOLIDATED INCOME AS CORPORATE EXPENSE, AND ACCRUED IN MAJORITY STOCKHOLDERS' EQUITY (SEE NOTE 11). ON MARCH 22, 2006, THE COMPANY CHANGED FROM 20 TO FIVE CPOS REPRESENTING EACH GDS. 6. RESERVE FOR REPURCHASE OF SHARES: AS OF SEPTEMBER 30, 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.7,369,205. THIS RESERVE WAS USED IN 1999, 2000, 2003 AND 2006, IN THE AMOUNT OF PS.302,996, PS.677,317, PS.503,602 AND PS.1,495,018, RESPECTIVELY, IN CONNECTION WITH THE CANCELLATION OF SHARES REPURCHASED BY THE COMPANY. 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 NINE MONTHS ENDED SEPTEMBER 30, CONSISTED OF: 2006 2005 --------------- --------------- INTEREST EXPENSE (1) Ps. 1,454,881 Ps. 1,638,974 INTEREST INCOME (854,735) (757,662) FOREIGN EXCHANGE (GAIN) LOSS, NET (2) (14,801) 605,531 LOSS FROM MONETARY POSITION, NET (3) 101,958 13,156 --------------- --------------- Ps. 687,303 Ps. 1,499,999 =============== ================ (1) INCLUDES RESTATEMENT OF UDI-DENOMINATED DEBT SECURITIES OF PS.21,370 AND PS.19,026 NET IN THE NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005, RESPECTIVELY. (2) NET OF FOREIGN EXCHANGE GAIN IN 2006 INCLUDES A NET GAIN FROM FOREIGN CURRENCY OPTION CONTRACTS OF PS.23,725 AND NET FOREIGN EXCHANGE LOSS IN 2005 INCLUDES A NET LOSS FOREIGN CURRENCY DERIVATIVE CONTRACT OF PS.587,230. A FOREIGN EXCHANGE LOSS IN 2006 AND A FOREIGN EXCHANGE GAIN IN 2005 OF PS.273,049 AND PS.316,565, RESPECTIVELY, WERE HEDGED BY THE GROUP'S NET INVESTMENT IN UNIVISION AND RECOGNIZED IN STOCKHOLDERS' EQUITY AS OTHER COMPREHENSIVE LOSS. (3) THE 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.70,990 AND PS.72,614, RESPECTIVELY, ARISING FROM TEMPORARY DIFFERENCES OF NON-MONETARY ITEMS IN CALCULATING DEFERRED INCOME TAX. 8. DEFERRED TAXES: THE DEFERRED INCOME TAX LIABILITY AS OF SEPTEMBER 30, WAS DERIVED FROM: 2006 2005 -------------- ---------------- ASSETS: ACCRUED LIABILITIES Ps. 800,691 Ps. 599,083 GOODWILL 801,307 887,938 TAX LOSS CARRYFORWARDS 1,245,149 1,037,180 ALLOWANCE FOR DOUBTFUL ACCOUNTS 358,021 432,085 CUSTOMER ADVANCES 1,347,853 1,440,136 OTHERS ITEMS 191,568 - -------------- ---------------- 4,744,589 4,396,422 -------------- ---------------- LIABILITIES: INVENTORIES (280,480) (804,597) PROPERTY, PLANT AND EQUIPMENT - NET (1,225,147) (1,352,335) OTHER ITEMS (2,817,038) (1,276,718) INNOVA (1,098,582) (1,632,720) -------------- ---------------- (5,421,247) (5,066,370) -------------- ---------------- DEFERRED INCOME TAX OF MEXICAN COMPANIES (676,658) (669,948) DEFERRED TAX OF FOREIGN SUBSIDIARIES (64,273) (318,704) ASSETS TAX 1,384,233 1,485,969 VALUATION ALLOWANCE (2,555,530) (2,531,722) RECOVERABLE INCOME TAX FROM REPURCHASE OF SHARES - 292,618 -------------- ---------------- DEFERRED INCOME TAX LIABILITY (1,912,228) (1,741,787) EFFECT ON CHANGE OF INCOME TAX RATES 32,549 190,929 -------------- ---------------- DEFERRED TAX LIABILITY OF CONTINUING OPERATIONS Ps.(1,879,679) Ps. (1,550,858) ============== ================ 9. EXTRAORDINARY ITEMS: NO EXTRAORDINARY ITEMS, AS DEFINED BY MEXICAN GAAP BULLETIN A-7 "COMPARABILITY", WERE RECOGNIZED IN INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 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 NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005. 11. CUMULATIVE EFFECT OF ACCOUNTING CHANGES: IN 2005, 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, IN THE AMOUNT OF PS.331,515, WHICH WAS REFLECTED IN ITS CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2005 (SEE NOTE 5). EFFECTIVE JANUARY 1, 2005, IN CONNECTION WITH THE ADOPTION OF CERTAIN PROVISIONS OF REVISED BULLETIN D-3 RELATED TO RECOGNITION OF SEVERANCE INDEMNITIES, THE GROUP RECOGNIZED A CUMULATIVE LOSS EFFECT OF ACCOUNTING CHANGE IN THE AMOUNT OF PS.187,048, NET OF A RELATED INCOME TAX BENEFIT OF PS.80,164 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 SEPTEMBER 30, 2006, ARE AS FOLLOWS: HISTORICAL NET RESULT (1) RESTATED NET RESULT -------------------------------- --------------------------------- INDEX AT END QUARTER ACCUMULATED QUARTER OF PERIOD ACCUMULATED QUARTER -------------------- ----------------- -------------- -------------- --------------- --------------- 4 / 05 Ps. 6,125,542 Ps. 2,517,026 116.301 Ps. 6,276,647 Ps. 2,579,116 1 / 06 1,293,608 1,293,608 117.309 1,314,130 1,314,130 2 / 06 3,598,281 2,307,431 117.059 3,663,169 2,349,041 3 / 06 6,149,532 2,486,361 119.170 6,149,532 2,486,361(1) AS REPORTED IN EACH QUARTER. 13. INFORMATION BY SEGMENTS: INFORMATION BY SEGMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2006 AND 2005, WERE AS FOLLOWS: TOTAL INTERSEGMENT CONSOLIDATED OPERATING REVENUES REVENUES REVENUES INCOME (LOSS) ------------- ------------- -------------- -------------- SEPTEMBER 2006: TELEVISION BROADCASTING Ps. 14,582,524 Ps. 388,799 Ps. 14,193,725 Ps. 6,533,060 PAY TELEVISION NETWORKS 964,946 203,571 761,375 468,843 PROGRAMMING EXPORTS 1,530,843 - 1,530,843 622,304 PUBLISHING 1,974,180 15,550 1,958,630 314,387 PUBLISHING DISTRIBUTION 314,156 8,618 305,538 1,382 SKY MEXICO 5,473,417 107,152 5,366,265 1,782,725 CABLE TELEVISION 1,407,319 3,383 1,403,936 316,757 RADIO 314,079 25,216 288,863 43,094 OTHER BUSINESSES 1,023,546 56,211 967,335 (213,422) ELIMINATIONS AND CORPORATE EXPENSES (808,500) (808,500) - (280,502) -------------- -------------- -------------- -------------- CONSOLIDATED TOTAL Ps. 26,776,510 Ps. - Ps. 26,776,510 Ps. 9,588,628 ============== ============== ============== ============== SEPTEMBER 2005: TELEVISION BROADCASTING Ps. 13,040,089 Ps. 422,417 Ps. 12,617,672 Ps. 5,318,805 PAY TELEVISION NETWORKS 807,942 229,098 578,844 333,849 PROGRAMMING EXPORTS 1,418,012 - 1,418,012 491,390 PUBLISHING 1,795,853 32,013 1,763,840 288,514 PUBLISHING DISTRIBUTION 303,423 7,512 295,911 (14,477) SKY MEXICO 4,537,630 24,014 4,513,616 1,207,023 CABLE TELEVISION 1,040,271 2,055 1,038,216 94,231 RADIO 242,761 40,067 202,694 12,592 OTHER BUSINESSES 1,015,735 52,234 963,501 (110,954) ELIMINATIONS AND CORPORATE EXPENSES (809,410) (809,410) - (134,562) CONSOLIDATED TOTAL -------------- -------------- -------------- -------------- Ps. 23,392,306 Ps. - Ps. 23,392,306 Ps. 7,486,411 ============== ============== ============== ============== 14. SKY MEXICO IN THE FIRST QUARTER OF 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.631,757. 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. IN THE SECOND QUARTER OF 2006, THE GROUP EXERCISED ITS OPTION TO ACQUIRE TWO-THIRDS OF THE EQUITY INTEREST IN SKY MEXICO THAT DIRECTV ACQUIRED FROM LIBERTY MEDIA. THIS MINORITY INTEREST ACQUISITION AMOUNTED TO APPROXIMATELY U.S.$58.7 MILLION, AND WAS FINANCED WITH CASH ON HAND. AFTER THIS TRANSACTION, THE GROUP'S INTEREST IN SKY MEXICO IS 58.7%, AND THE REMAINING 41.3% IS OWNED BY DIRECTV. UNDER MEXICAN FRS, THE GROUP RECOGNIZED THIS MINORITY INTEREST ACQUISITION AS A TRANSACTION BETWEEN MINORITY AND MAJORITY EQUITY OWNERS, AND THE EXCESS OF THE PURCHASE PRICE PAID OVER THE CARRYING VALUE OF THE NET ASSETS ACQUIRED WAS ACCOUNTED FOR AS A CAPITAL DISTRIBUTION. 15. INVESTMENTS IN THE NINE MONTHS ENDED SEPTEMBER 30, 2006, THE GROUP MADE EQUITY INVESTMENTS IN CONNECTION WITH ITS 40% INTEREST IN LA SEXTA, THE BROADCASTING TELEVISION VENTURE IN SPAIN, IN THE AMOUNT OF APPROXIMATELY 56.9 MILLION EUROS (PS.795,379). 16. UNIVISION: IN THE THIRD QUARTER 2006, THE GROUP ANNOUNCED ITS INTENTION TO HAVE ITS SHARES OF UNIVISION CASHED OUT IN CONNECTION WITH THE MERGER CONTEMPLATED BY A MERGER AGREEMENT ENTERED INTO BY UNIVISION AND AN ACQUIRING INVESTOR GROUP. AT THE EFFECTIVE TIME OF THE PROPOSED MERGER, WHICH IS STILL SUBJECT TO REGULATORY APPROVALS IN THE UNITED STATES AND WHICH UNIVISION HAS STATED IS EXPECTED TO BE CONSUMMATED IN THE FIRST HALF OF 2007, SHARES OF UNIVISION COMMON STOCK, INCLUDING APPROXIMATELY 30.2 MILLION SHARES OWNED BY THE GROUP, WILL BE CONVERTED INTO THE RIGHT TO RECEIVE U.S.$36.25 IN CASH PER SHARE PLUS INTEREST AT A RATE OF 8% PER YEAR IF THE MERGER IS NOT COMPLETED BY APRIL 26, 2007. ALSO, UNDER THE TERMS OF THIS MERGER AGREEMENT, ALL OF THE GROUP'S WARRANTS TO ACQUIRE SHARES OF UNIVISION COMMON STOCK WILL BE EITHER CASHED OUT OR CANCELLED DEPENDING WHETHER THEY ARE IN OR OUT OF THE MONEY. ACCORDINGLY, BEGINNING JULY 1, 2006, THE GROUP (I) CLASSIFIED ITS INVESTMENT IN SHARES OF UNIVISION AS A CURRENT AVAILABLE-FOR-SALE FINANCIAL ASSET IN ITS CONSOLIDATED BALANCE SHEET; (II) DISCONTINUED THE RECOGNITION OF ANY EQUITY RESULT RELATED TO THIS INVESTMENT SUBSEQUENT TO JUNE 30, 2006 (UNTIL THAT DATE, THE GROUP'S INVESTMENT IN SHARES OF UNIVISION WAS DEEMED PERMANENT AND ACCOUNTED FOR BY USING THE EQUITY METHOD); (III) RECOGNIZED THIS FINANCIAL ASSET AT FAIR VALUE WITH ANY RELATED GAIN OR LOSS, NET OF APPLICABLE INCOME TAX, ACCOUNTED FOR AS OTHER ACCUMULATED COMPREHENSIVE RESULT IN ITS CONSOLIDATED STOCKHOLDERS' EQUITY; AND (IV) DESIGNATED THIS FINANCIAL ASSET AS BEING HEDGED BY A PORTION OF THE GROUP'S U.S.-DOLLAR-DENOMINATED LONG-TERM DEBT IN THE AMOUNT OF APPROXIMATELY U.S.$771.9 MILLION (SEE NOTE 3). THE FAIR VALUE OF THE GROUP'S FINANCIAL INVESTMENT IN SHARES OF UNIVISION AT SEPTEMBER 30, 2006 AMOUNTED TO APPROXIMATELY U.S.$1.1 BILLION. - - - - - - - - - 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: October 31, 2006 By /s/ Jorge Lutteroth Echegoyen ------------------------------ Name: Jorge Lutteroth Echegoyen Title: Controller, Vice-President