kr6k2audfinan_grupo.htm
 
 
 
 
 

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 July, 2015
 
GRUPO TELEVISA, S.A.B.

(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 if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).)
 
Yes
 
No
 
x
 
 
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).)
 
 
Yes
 
No
 
x
 
          
 
 
 
 

 
 
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA
QUARTER: 02
YEAR: 2015
GRUPO TELEVISA, S.A.B.
 
 
 
STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2015 AND DECEMBER 31, 2014
(THOUSANDS OF MEXICAN PESOS)
 
  CONSOLIDATED
 
Final Printing
 
REF
ACCOUNT / SUBACCOUNT
CURRENT YEAR
END OF PREVIOUS YEAR
AMOUNT
AMOUNT
10000000
TOTAL ASSETS
240,771,730
235,551,941
11000000
CURRENT ASSETS
67,595,949
79,802,176
11010000
CASH AND CASH EQUIVALENTS
30,166,154
29,729,350
11020000
SHORT-TERM INVESTMENTS
5,160,146
4,788,585
11020010
FINANCIAL INSTRUMENTS AVAILABLE FOR SALE
0
0
11020020
FINANCIAL INSTRUMENTS FOR NEGOTIATION
0
0
11020030
FINANCIAL INSTRUMENTS HELD TO MATURITY
5,160,146
4,788,585
11030000
CUSTOMER (NET)
16,979,306
21,087,163
11030010
CUSTOMER
20,345,397
24,115,607
11030020
ALLOWANCE FOR DOUBTFUL ACCOUNTS
-3,366,091
-3,028,444
11040000
OTHER ACCOUNTS RECEIVABLE (NET)
3,315,053
3,627,944
11040010
OTHER ACCOUNTS RECEIVABLE
3,494,746
3,807,705
11040020
ALLOWANCE FOR DOUBTFUL ACCOUNTS
-179,693
-179,761
11050000
INVENTORIES
3,183,313
3,336,667
11051000
BIOLOGICAL ASSETS CURRENT
0
0
11060000
OTHER CURRENT ASSETS
8,791,977
17,232,467
11060010
ADVANCE PAYMENTS
2,195,657
1,403,526
11060020
DERIVATIVE FINANCIAL INSTRUMENTS
218
2,894
11060030
ASSETS AVAILABLE FOR SALE
0
10,583,852
11060050
RIGHTS AND LICENSING
0
0
11060060
OTHER
6,596,102
5,242,195
12000000
NON-CURRENT ASSETS
173,175,781
155,749,765
12010000
ACCOUNTS RECEIVABLE (NET)
8,000
8,000
12020000
INVESTMENTS
42,055,828
39,742,319
12020010
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
5,036,432
5,032,447
12020020
HELD-TO-MATURITY DEBT SECURITIES
318,786
461,047
12020030
OTHER AVAILABLE- FOR- SALE INVESTMENTS
36,668,925
34,217,140
12020040
OTHER
31,685
31,685
12030000
PROPERTY, PLANT AND EQUIPMENT (NET)
67,902,280
62,009,508
12030010
BUILDINGS
15,131,479
15,073,870
12030020
MACHINERY AND INDUSTRIAL EQUIPMENT
95,475,656
87,791,190
12030030
OTHER EQUIPMENT
9,601,166
8,924,050
12030040
ACCUMULATED DEPRECIATION
-62,675,401
-57,539,568
12030050
CONSTRUCTION IN PROGRESS
10,369,380
7,759,966
12040000
INVESTMENT PROPERTIES
0
0
12050000
NON-CURRENT BIOLOGICAL ASSETS
0
0
12060000
INTANGIBLE ASSETS (NET)
36,744,458
28,778,414
12060010
GOODWILL
9,322,773
9,322,773
12060020
TRADEMARKS
2,491,276
2,501,227
12060030
RIGHTS AND LICENSING
1,930,679
1,998,695
12060031
CONCESSIONS
11,345,717
11,345,717
12060040
OTHER
11,654,013
3,610,002
12070000
DEFERRED TAX ASSETS
17,298,907
16,080,292
12080000
OTHER NON-CURRENT ASSETS
9,166,308
9,131,232
12080001
ADVANCE PAYMENTS
0
0
12080010
DERIVATIVE FINANCIAL INSTRUMENTS
0
0
12080020
EMPLOYEE BENEFITS
0
0
12080021
ASSETS AVAILABLE FOR SALE
0
0
12080040
DEFERRED ASSETS (NET)
0
0
12080050
OTHER
9,166,308
9,131,232
20000000
TOTAL LIABILITIES
149,230,853
147,636,860
21000000
CURRENT LIABILITIES
41,520,726
44,370,122
21010000
BANK LOANS
77,807
337,148
21020000
STOCK MARKET LOANS
0
0
21030000
OTHER INTEREST BEARING LIABILITIES
476,011
502,166
21040000
SUPPLIERS
19,940,989
17,142,044
21050000
TAXES PAYABLE
1,886,698
2,497,697
21050010
INCOME TAXES PAYABLE
1,032,773
1,389,321
21050020
OTHER TAXES PAYABLE
853,925
1,108,376
21060000
OTHER CURRENT LIABILITIES
19,139,221
23,891,067
21060010
INTEREST PAYABLE
1,023,646
974,904
21060020
DERIVATIVE FINANCIAL INSTRUMENTS
6,947
0
21060030
DEFERRED INCOME
15,257,805
20,150,744
21060050
EMPLOYEE BENEFITS
826,098
1,005,255
21060060
PROVISIONS
329,942
245,962
21060061
LIABILITIES RELATED TO CURRENT AVAILABLE FOR SALE ASSETS
0
0
21060080
OTHER
1,694,783
1,514,202
22000000
NON-CURRENT LIABILITIES
107,710,127
103,266,738
22010000
BANK LOANS
6,924,917
10,633,627
22020000
STOCK MARKET LOANS
77,855,399
70,026,876
22030000
OTHER INTEREST BEARING LIABILITIES
5,135,229
4,807,379
22040000
DEFERRED TAX LIABILITIES
8,315,834
7,763,024
22050000
OTHER NON-CURRENT LIABILITIES
9,478,748
10,035,832
22050010
DERIVATIVE FINANCIAL INSTRUMENTS
267,893
335,102
22050020
DEFERRED INCOME
453,282
284,000
22050040
EMPLOYEE BENEFITS
349,579
287,159
22050050
PROVISIONS
51,887
54,462
22050051
LIABILITIES RELATED TO NON-CURRENT AVAILABLE FOR SALE ASSETS
0
0
22050070
OTHER
8,356,107
9,075,109
30000000
STOCKHOLDERS' EQUITY
91,540,877
87,915,081
30010000
CONTROLLING INTEREST
79,739,399
76,804,977
30030000
SOCIAL CAPITAL
4,978,126
4,978,126
30040000
SHARES REPURCHASED
-11,901,944
-12,647,475
30050000
PREMIUM ON ISSUANCE OF SHARES
15,889,819
15,889,819
30060000
CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
0
0
30070000
OTHER CAPITAL CONTRIBUTED
0
0
30080000
RETAINED EARNINGS (ACCUMULATED LOSSES)
64,399,843
62,905,444
30080010
LEGAL RESERVE
2,139,007
2,139,007
30080020
OTHER RESERVES
0
0
30080030
RETAINED EARNINGS
63,148,332
58,845,619
30080040
NET INCOME FOR THE YEAR
2,782,177
5,386,905
30080050
OTHER
-3,669,673
-3,466,087
30090000
OTHER ACCUMULATED COMPREHENSIVE RESULTS (NET OF TAX)
6,373,555
5,679,063
       
30090010
EARNINGS PER PROPERTY REASSESSMENT
0
0
30090020
ACTUARIAL EARNINGS (LOSS) FOR LABOR OBLIGATIONS
35,422
35,422
30090030
RESULT FOR FOREIGN CURRENCY CONVERSION
487,716
348,429
30090040
CHANGES IN THE VALUATION OF AVAILABLE FOR SALE FINANCIAL ASSETS
2,068,378
1,998,313
30090050
CHANGES IN THE VALUATION OF DERIVATIVE FINANCIAL INSTRUMENTS
-185,964
-171,351
30090060
CHANGES IN FAIR VALUE OF OTHER ASSETS
3,687,919
3,176,726
30090070
PARTICIPATION IN OTHER COMPREHENSIVE INCOME OF ASSOCIATES AND JOINT VENTURES
280,084
291,524
30090080
OTHER COMPREHENSIVE RESULT
0
0
30020000
NON-CONTROLLING INTEREST
11,801,478
11,110,104
 
 
 

 
 
DATA INFORMATION
AS OF JUNE 30, 2015 AND DECEMBER 31, 2014
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
  Final Printing
   
REF
CONCEPTS
CURRENT YEAR
END OF PREVIOUS YEAR
AMOUNT
AMOUNT
91000010
FOREIGN CURRENCY LIABILITIES SHORT-TERM
10,544,863
8,809,573
91000020
FOREIGN CURRENCY LIABILITIES LONG-TERM
52,302,669
49,578,152
91000030
CAPITAL STOCK NOMINAL
2,494,410
2,494,410
91000040
RESTATEMENT OF CAPITAL STOCK
2,483,716
2,483,716
91000050
PENSIONS AND SENIORITY PREMIUMS
2,134,449
2,107,375
91000060
NUMBER OF EXECUTIVES (*)
73
70
91000070
NUMBER OF EMPLOYEES (*)
42,302
39,545
91000080
NUMBER OF WORKERS (*)
0
0
91000090
NUMBER OF OUTSTANDING SHARES (*)
338,543,742,927
338,056,218,201
91000100
NUMBER OF REPURCHASED SHARES (*)
23,886,144,204
24,373,668,930
91000110
RESTRICTED CASH (1)
0
0
91000120
DEBT OF NON-CONSOLIDATED COMPANIES GUARANTEED
0
0
 
(1) THIS CONCEPT MUST BE COMPLETED WHEN GUARANTEES HAVE BEEN PROVIDED AFFECTING CASH AND CASH EQUIVALENTS
(*) DATA IN UNITS
 
 
 

 
 
 
STATEMENTS OF COMPREHENSIVE INCOME
FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 2015 AND 2014
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
 
Final Printing

REF
ACCOUNT / SUBACCOUNT
CURRENT YEAR
PREVIOUS YEAR
CUMULATIVE
QUARTER
CUMULATIVE
QUARTER
40010000
NET INCOME
40,845,094
20,985,731
36,268,454
19,344,404
40010010
SERVICES
31,101,097
15,985,208
27,440,768
14,758,302
40010020
SALE OF GOODS
1,117,356
567,568
1,100,397
568,919
40010030
INTEREST
0
0
0
0
40010040
ROYALTIES
3,162,259
1,676,533
2,834,482
1,532,917
40010050
DIVIDENDS
0
0
0
0
40010060
LEASE
5,464,382
2,756,422
4,892,807
2,484,266
40010061
CONSTRUCTION
0
0
0
0
40010070
OTHER
0
0
0
0
40020000
COST OF SALES
22,312,869
11,178,190
19,888,415
10,151,323
40021000
GROSS PROFIT (LOSS)
18,532,225
9,807,541
16,380,039
9,193,081
40030000
GENERAL EXPENSES
10,229,783
5,388,849
8,315,762
4,274,316
40040000
INCOME (LOSS) BEFORE OTHER INCOME AND EXPENSES, NET
8,302,442
4,418,692
8,064,277
4,918,765
40050000
OTHER INCOME AND (EXPENSE), NET
728,709
-197,768
-213,201
-51,355
40060000
OPERATING INCOME (LOSS)
9,031,151
4,220,924
7,851,076
4,867,410
40070000
FINANCE INCOME
937,206
453,636
562,016
290,577
40070010
INTEREST INCOME
635,742
320,234
562,016
290,577
40070020
FOREIGN EXCHANGE GAIN, NET
0
0
0
0
40070030
DERIVATIVES GAIN, NET
301,464
133,402
0
0
40070040
EARNINGS FROM CHANGES IN FAIR VALUE OF FINANCIAL INSTRUMENTS
0
0
0
0
40070050
OTHER
0
0
0
0
40080000
FINANCE EXPENSE
4,558,931
2,214,352
2,916,973
1,527,707
40080010
INTEREST EXPENSE
3,008,147
1,530,441
2,635,469
1,396,032
40080020
FOREIGN EXCHANGE LOSS, NET
1,550,784
683,911
132,780
23,921
40080030
DERIVATIVES LOSS, NET
0
0
148,724
107,754
40080050
LOSS FROM CHANGES IN FAIR VALUE OF FINANCIAL INSTRUMENTS
0
0
0
0
40080060
OTHER
0
0
0
0
40090000
FINANCE INCOME (EXPENSE) NET
-3,621,725
-1,760,716
-2,354,957
-1,237,130
40100000
PARTICIPATION IN THE RESULTS OF ASSOCIATES AND JOINT VENTURES
-249,160
50,377
-68,848
129,749
           
40110000
INCOME (LOSS) BEFORE INCOME TAXES
5,160,266
2,510,585
5,427,271
3,760,029
40120000
INCOME TAXES
1,607,581
761,155
1,601,045
1,117,545
40120010
INCOME TAX, CURRENT
2,983,058
1,517,941
1,866,460
1,093,929
40120020
INCOME TAX, DEFERRED
-1,375,477
-756,786
-265,415
23,616
40130000
INCOME (LOSS) FROM CONTINUING OPERATIONS
3,552,685
1,749,430
3,826,226
2,642,484
40140000
INCOME (LOSS) FROM DISCONTINUED OPERATIONS,   NET
0
0
0
0
           
40150000
NET INCOME (LOSS)
3,552,685
1,749,430
3,826,226
2,642,484
40160000
NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST
770,508
420,698
760,774
430,900
           
40170000
NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST
2,782,177
1,328,732
3,065,452
2,211,584
 
40180000
NET INCOME (LOSS) PER BASIC SHARE
0.96
0.46
1.07
0.77
40190000
NET INCOME (LOSS) PER DILUTED SHARE
0.90
0.43
0.99
0.71
 
 
 

 
 
STATEMENTS OF COMPREHENSIVE INCOME
OTHER COMPREHENSIVE INCOME (NET OF INCOME TAXES)
FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 2015 AND 2014
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
  Final Printing
   
REF
ACCOUNT / SUBACCOUNT
CURRENT YEAR
PREVIOUS YEAR
CUMULATIVE
QUARTER
CUMULATIVE
QUARTER
40200000
NET INCOME (LOSS)
3,552,685
1,749,430
3,826,226
2,642,484
 
ITEMS NOT TO BE RECLASSIFIED INTO RESULTS
       
40210000
EARNINGS PER PROPERTY REASSESSMENT
0
0
0
0
40220000
ACTUARIAL EARNINGS (LOSS) FOR LABOR OBLIGATIONS
0
0
0
0
40220100
PARTICIPATION IN RESULTS FOR REVALUATION OF PROPERTIES OF ASSOCIATES AND JOINT VENTURES
0
0
0
0
 
ITEMS THAT MAY BE SUBSEQUENTLY RECLASSIFIED INTO RESULTS
 
 
 
 
40230000
RESULT FOR FOREIGN CURRENCY CONVERSION
163,300
59,505
-28,705
4,757
40240000 CHANGES IN THE VALUATION OF AVAILABLE FOR SALE FINANCIAL ASSETS 70,065     357,156
593,610
502,064
40250000
CHANGES IN THE VALUATION OF DERIVATIVE FINANCIAL INSTRUMENTS
-14,613
15,555
-94,766
-95,607
40260000
CHANGES IN FAIR VALUE OF OTHER ASSETS
511,193
418,597
48,894
51,281
40270000
PARTICIPATION IN OTHER COMPREHENSIVE INCOME OF ASSOCIATES AND JOINT VENTURES
-11,440
20,155
-2,717
-5,961
40280000
OTHER COMPREHENSIVE INCOME
0
0
0
0
40290000
TOTAL OTHER COMPREHENSIVE INCOME
718,505
870,968
516,316
456,534
 
40300000
COMPREHENSIVE INCOME (LOSS)
4,271,190
2,620,398
4,342,542
3,099,018
40320000
COMPREHENSIVE (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST
794,521
420,692
756,759
436,407
40310000 COMPREHENSIVE (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST
3,476,669  
2,199,706  
3,585,783  
2,662,611  
 
 
 

 
 
STATEMENTS OF COMPREHENSIVE INCOME
DATA INFORMATION
FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 2015 AND 2014
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
  Final Printing
   
REF
ACCOUNT / SUBACCOUNT
CURRENT YEAR
PREVIOUS YEAR
CUMULATIVE
QUARTER
CUMULATIVE
QUARTER
92000010
OPERATING DEPRECIATION AND AMORTIZATION
6,955,893
3,612,756
5,332,323
2,705,645
 
 
 

 
 
 
STATEMENTS OF COMPREHENSIVE INCOME
DATA INFORMATION (TWELVE MONTHS)
FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
  Final Printing
   
REF
ACCOUNT / SUBACCOUNT
YEAR
CURRENT
PREVIOUS
92000030
NET INCOME (**)
84,694,992
76,474,643
92000040
OPERATING INCOME (LOSS) (**)
15,136,482
18,244,516
92000060
NET INCOME (LOSS) (**)
6,386,231
10,315,365
92000050
CONTROLLING INTEREST NET INCOME (LOSS) (**)
5,103,630
7,918,534
92000070
OPERATING DEPRECIATION AND AMORTIZATION (**)
13,186,655
10,390,883
 
(**) INFORMATION FOR THE LAST TWELVE MONTHS
 
 
 

 
 
 
STATEMENTS OF CASH FLOWS (INDIRECT METHOD)
FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
  Final Printing
   
REF
ACCOUNT / SUBACCOUNT
CURRENT YEAR
PREVIOUS YEAR
AMOUNT
AMOUNT
OPERATING  ACTIVITIES
50010000
INCOME (LOSS) BEFORE INCOME TAXES
5,160,266
5,427,271
50020000
 + (-) ITEMS NOT REQUIRING CASH
650,154
601,340
50020010
 
 + ESTIMATES FOR THE PERIOD
564,189
533,396
50020020
 
 + PROVISIONS FOR THE PERIOD
0
0
50020030
 
 + (-) OTHER UNREALIZED ITEMS
85,965
67,944
50030000
 + (-) ITEMS RELATED TO INVESTING ACTIVITIES
5,819,872
5,590,693
50030010
 
 + DEPRECIATION AND AMORTIZATION FOR THE PERIOD
6,955,893
5,332,323
50030020
 
 (-) + GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND EQUIPMENT
227,259
182,653
50030030
 
 + (-) LOSS (REVERSION) IMPAIRMENT
0
0
50030040
 
 (-) + EQUITY IN RESULTS OF AFFILIATES AND JOINT VENTURES
249,160
68,848
50030050
 
 (-) DIVIDENDS RECEIVED
0
0
50030060
 
 (-) INTEREST INCOME
(507,645)
(195,772)
50030070
 
 (-) FOREIGN EXCHANGE FLUCTUATION
(1,253,962)
119,227
50030080
 
 (-) + OTHER ITEMS
149,167
83,414
50040000
 + (-) ITEMS RELATED TO FINANCING ACTIVITIES
6,517,236
3,085,856
50040010
 
 (+) ACCRUED INTEREST
3,008,147
2,635,469
50040020
 
 (+) FOREIGN EXCHANGE FLUCTUATION
2,960,950
(78,654)
50040030
 
 (+) FINANCIAL OPERATIONS OF DERIVATIVES
(301,464)
148,724
50040040
 
 + (-) OTHER ITEMS
849,603
380,317
50050000
CASH FLOW BEFORE INCOME TAX
18,147,528
14,705,160
50060000
CASH FLOWS PROVIDED OR USED IN OPERATION
6,265,406
(3,673,125)
50060010
 
 + (-) DECREASE (INCREASE) IN CUSTOMERS
3,554,859
4,949,270
50060020
 
 + (-) DECREASE (INCREASE) IN INVENTORIES
(760,210)
(1,343,668)
50060030
 
 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLES AND OTHER ASSETS
9,771,784
(1,725,177)
50060040
 
 + (-) INCREASE (DECREASE) IN SUPPLIERS
2,604,821
2,727,389
50060050
 
 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES
(5,423,230)
(6,633,008)
50060060
 
 + (-) INCOME TAXES PAID OR RETURNED
(3,482,618)
(1,647,931)
50070000
NET CASH FLOWS FROM OPERATING ACTIVITIES
24,412,934
11,032,035
INVESTING ACTIVITIES
50080000
NET CASH FLOWS FROM INVESTING ACTIVITIES
(19,737,476)
(6,901,067)
50080010
 
 (-) PERMANENT INVESTMENTS IN SHARES
0
(9,042)
50080020
 
 + DISPOSITION OF PERMANENT INVESTMENT IN SHARES
0
0
50080030
 
 (-) INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT
(10,094,752)
(5,716,406)
50080040
 
 + SALE OF PROPERTY, PLANT AND EQUIPMENT
114,342
362,081
50080050
 
 (-) TEMPORARY INVESTMENTS
(232,080)
(1,687,446)
50080060
 
 + DISPOSITION OF TEMPORARY INVESTMENTS
507,196
387,734
50080070
 
 (-) INVESTMENT IN INTANGIBLE ASSETS
(156,062)
(227,230)
50080080
 
 + DISPOSITION OF INTANGIBLE ASSETS
0
0
50080090
 
 (-) BUSINESS ACQUISITIONS
0
0
50080100
 
 + BUSINESS DISPOSITIONS
0
0
50080110
 
 + DIVIDEND RECEIVED
0
0
50080120
 
 + INTEREST RECEIVED
0
0
50080130
 
 + (-) DECREASE (INCREASE) IN ADVANCES AND LOANS TO THIRD PARTIES
0
0
50080140
 
 + (-) OTHER ITEMS
(9,876,120)
(10,758)
FINANCING ACTIVITIES
50090000
NET CASH FLOWS FROM FINANCING ACTIVITIES
(4,271,324)
11,151,727
50090010
 
 + BANK FINANCING
1,968,976
200,000
50090020
 
 + STOCK MARKET FINANCING
4,990,141
18,399,391
50090030
 
 + OTHER FINANCING
0
0
50090040
 
 (-) BANK FINANCING AMORTIZATION
(6,747,124)
(146,013)
50090050
 
 (-) STOCK MARKET FINANCING AMORTIZATION
0
0
50090060
 
 (-) OTHER FINANCING AMORTIZATION
(195,774
(208,778)
50090070
 
 + (-) INCREASE (DECREASE) IN CAPITAL STOCK
0
0
50090080
 
 (-) DIVIDENDS PAID
(1,084,192)
0
50090090
 
 + PREMIUM ON ISSUANCE OF SHARES
0
0
50090100
 
 + CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
0
0
50090110
 
 (-) INTEREST EXPENSE
(2,912,655)
(2,501,177)
50090120
 
 (-) REPURCHASE OF SHARES
(745,824)
0
50090130
 
 +  (-) OTHER ITEMS
455,128
(4,591,696)
       
50100000
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
404,134
15,282,695
50110000
CHANGES IN THE VALUE OF CASH AND CASH EQUIVALENTS
32,670
(12,080)
50120000
CASH AND CASH EQUIVALENTS AT BEGINING OF PERIOD
29,729,350
16,692,033
50130000
CASH AND CASH EQUIVALENTS AT END OF PERIOD
30,166,154
31,962,648
 
 
 

 
 
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
  Final Printing
 
CONCEPTS
CAPITAL
STOCK
SHARES REPURCHASED
ADDITIONAL PAID-IN CAPITAL
CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
OTHER CAPITAL CONTRIBUTED
RETAINED EARNINGS OR ACCUMULATED LOSSES
ACCUMULATED OTHER COMPREHENSIVE INCOME (NET OF INCOME TAX)
CONTROLLING INTEREST
NON-CONTROLLING INTEREST
TOTAL STOCKHOLDERS’ EQUITY
RESERVES
RETAINED EARNINGS (ACCUMULATED LOSSES)
BALANCE AT JANUARY 1, 2014
4,978,126
-12,848,448
15,889,819
0
0
2,139,007
54,758,879
3,394,051
68,311,434
10,267,999
78,579,433
                       
RETROSPECTIVE ADJUSTMENT
0
0
0
0
0
0
0
0
0
0
0
                       
APPLICATION OF OTHER COMPREHENSIVE INCOME TO RETAINED EARNINGS
0
0
0
0
0
0
0
0
0
0
0
                       
                       
ESTABLISHMENT OF RESERVES
0
0
0
0
0
0
0
0
0
0
0
                       
DIVIDENDS DECLARED
0
0
0
0
0
0
0
0
0
-25,724
-25,724
                       
(DECREASE) INCREASE OF CAPITAL
0
0
0
0
0
0
0
0
0
0
0
                       
REPURCHASE OF SHARES
0
-733,584
0
0
0
0
0
0
-733,584
0
-733,584
                       
(DECREASE) INCREASE IN ADDITIONAL PAID-IN CAPITAL
0
0
0
0
0
0
0
0
0
0
0
                       
                       
(DECREASE) INCREASE IN NON-CONTROLLING INTEREST
0
0
0
0
0
0
0
0
0
0
0
                       
                       
OTHER
0
1,248,005
0
0
0
0
-134,104
0
1,113,901
594
1,114,495
                       
COMPREHENSIVE INCOME
0
0
0
0
0
0
3,065,452
520,331
3,585,783
756,759
4,342,542
                       
BALANCE AT JUNE 30, 2014
4,978,126
-12,334,027
15,889,819
0
0
2,139,007
57,690,227
3,914,382
72,277,534
10,999,628
83,277,162
BALANCE AT JANUARY 1, 2015
4,978,126
-12,647,475
15,889,819
0
0
2,139,007
60,766,437
5,679,063
76,804,977
11,110,104
87,915,081
                       
RETROSPECTIVE ADJUSTMENT
0
0
0
0
0
0
0
0
0
0
0
                       
APPLICATION OF OTHER COMPREHENSIVE INCOME TO RETAINED EARNINGS
0
0
0
0
0
0
0
0
0
0
0
                       
                       
ESTABLISHMENT OF RESERVES
0
0
0
0
0
0
0
0
0
0
0
                       
DIVIDENDS DECLARED
0
0
0
0
0
0
-1,084,192
0
-1,084,192
-7,702
-1,091,894
                       
(DECREASE) INCREASE OF CAPITAL
0
0
0
0
0
0
0
0
0
-95,500
-95,500
                       
REPURCHASE OF SHARES
0
-745,824
0
0
0
0
0
0
-745,824
0
-745,824
                       
(DECREASE) INCREASE IN ADDITIONAL PAID-IN CAPITAL
0
0
0
0
0
0
0
0
0
0
0
                       
                       
(DECREASE) INCREASE IN NON-CONTROLLING INTEREST
0
0
0
0
0
0
0
0
0
0
0
                       
                       
OTHER
0
1,491,355
0
0
0
0
-203,586
0
1,287,769
55
1,287,824
                       
COMPREHENSIVE INCOME
0
0
0
0
0
0
2,782,177
694,492
3,476,669
794,521
4,271,190
                       
BALANCE AT JUNE 30, 2015
4,978,126
-11,901,944
15,889,819
0
0
2,139,007
62,260,836
6,373,555
79,739,399
11,801,478
91,540,877
 
 
 

 
 
 
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 02 YEAR: 2015
GRUPO TELEVISA, S.A.B.
 
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
CONSOLIDATED
Final Printing
 
MEXICO CITY, D.F., JULY 6, 2015—GRUPO TELEVISA, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “TELEVISA” OR “THE COMPANY”), TODAY ANNOUNCED RESULTS FOR SECOND-QUARTER 2015. THE RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRS”).

THE FOLLOWING INFORMATION SETS FORTH CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE QUARTERS ENDED JUNE 30, 2015 AND 2014, IN MILLIONS OF MEXICAN PESOS:

NET SALES

NET SALES INCREASED BY 8.5% TO PS.20,985.7 MILLION IN SECOND-QUARTER 2015 COMPARED WITH PS.19,344.4 MILLION IN SECOND-QUARTER 2014. THIS INCREASE WAS MAINLY ATTRIBUTABLE TO REVENUE GROWTH IN TELECOMMUNICATIONS AND SKY SEGMENTS. OPERATING SEGMENT INCOME INCREASED BY 6.6% IN SECOND-QUARTER 2015 REACHING PS.8,545.6 MILLION WITH A MARGIN OF 39.8% COMPARED WITH PS.8,015.8 MILLION WITH A MARGIN OF 40.7% IN SECOND-QUARTER 2014.

NET INCOME ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY

NET INCOME ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY DECREASED TO PS.1,328.7 MILLION IN SECOND-QUARTER 2015 COMPARED TO PS.2,211.6 MILLION IN SECOND-QUARTER 2014. THE NET DECREASE OF PS.882.9 MILLION REFLECTED (I) A PS.907.1 MILLION INCREASE IN DEPRECIATION AND AMORTIZATION; (II) A PS.523.5 MILLION INCREASE IN FINANCE EXPENSE, NET; (III) A PS.146.4 MILLION INCREASE IN OTHER EXPENSE, NET; AND (IV) A PS.79.4 MILLION DECREASE IN SHARE OF INCOME OF JOINT VENTURES AND ASSOCIATES, NET. THESE UNFAVORABLE VARIANCES WERE PARTIALLY COMPENSATED BY (I) A PS.407.0 MILLION INCREASE IN OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION; AND (II) A PS.356.3 MILLION DECREASE IN INCOME TAXES.

SECOND-QUARTER RESULTS BY BUSINESS SEGMENT

THE FOLLOWING INFORMATION PRESENTS SECOND-QUARTER CONSOLIDATED RESULTS ENDED JUNE 30, 2015 AND 2014, FOR EACH OF OUR BUSINESS SEGMENTS. CONSOLIDATED RESULTS FOR 2015 AND 2014 ARE PRESENTED IN MILLIONS OF MEXICAN PESOS:

CONTENT

SECOND-QUARTER SALES DECREASED BY 7.9% TO PS.7,923.0 MILLION COMPARED WITH PS.8,605.6 MILLION IN SECOND-QUARTER 2014.

ADVERTISING

ADVERTISING REVENUE DECREASED BY 16.4% TO PS.5,238.5 MILLION COMPARED WITH PS.6,264.7 MILLION IN SECOND-QUARTER 2014. SECOND-QUARTER 2015 RESULTS ARE NOT DIRECTLY COMPARABLE TO THOSE IN SECOND-QUARTER 2014 AS A RESULT OF (I) THE TRANSMISSION OF THE 2014 WORLD CUP DURING SECOND-QUARTER 2014; (II) TELEVISA´S OBLIGATION TO PROVIDE POLITICAL PARTIES AN IMPORTANT PART OF OUR ADVERTISING INVENTORY, FREE OF CHARGE, AS A RESULT OF THE ELECTORAL CAMPAIGNS IN MEXICO DURING THE QUARTER; AND (III) THE ABSENCE OF OUR TRANSMISSION OF KEY SOCCER MATCHES DURING THE QUARTER.
 
NETWORK SUBSCRIPTION REVENUE

SECOND-QUARTER NETWORK SUBSCRIPTION REVENUE INCREASED BY 27.1% TO PS.854.1 MILLION COMPARED WITH PS.672.0 MILLION IN SECOND-QUARTER 2014. THE GROWTH WAS DRIVEN MAINLY BY THE SUSTAINED ADDITION OF PAY-TV SUBSCRIBERS, BOTH IN MEXICO AND LATIN AMERICA AND TO A LESSER EXTENT A POSITIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY DENOMINATED REVENUES. DURING THE QUARTER, TELEVISA CONTINUED TO PRODUCE AND TRANSMIT SEVERAL OF THE LEADING PAY-TV NETWORKS IN MEXICO IN KEY CATEGORIES, INCLUDING GENERAL ENTERTAINMENT, MUSIC AND LIFESTYLE, AND MOVIES. 10 OF THE TOP 30 PAY-TV NETWORKS IN MEXICO WERE PRODUCED BY TELEVISA INCLUDING 5 OF THE TOP 10 GENERAL ENTERTAINMENT NETWORKS, 3 OF THE TOP 6 MOVIE NETWORKS, THE THIRD RATED SPORTS NETWORK AND 3 OF THE TOP 4 MUSIC NETWORKS.

LICENSING AND SYNDICATION

SECOND-QUARTER LICENSING AND SYNDICATION REVENUE INCREASED BY 9.7% TO PS.1,830.4 MILLION COMPARED WITH PS.1,668.9 MILLION IN SECOND-QUARTER 2014. THE INCREASE IS EXPLAINED MAINLY BY A POSITIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY DENOMINATED REVENUES. SECOND-QUARTER ROYALTIES FROM UNIVISION DECREASED BY 10.8% TO US$75.0 MILLION IN SECOND-QUARTER 2015 FROM US$84.0 MILLION IN SECOND-QUARTER 2014 AS A RESULT OF UNIVISION´S TRANSMISSION OF THE 2014 WORLD CUP IN SECOND-QUARTER 2014. THE OTHER REVENUE COMPONENTS OF LICENSING AND SYNDICATION, ROYALTIES FROM NETFLIX AND EXPORTS TO THE REST OF THE WORLD, REMAINED RELATIVELY STABLE.

SECOND-QUARTER OPERATING SEGMENT INCOME DECREASED BY 14.6% TO PS.3,378.5 MILLION COMPARED WITH PS.3,957.5 MILLION IN SECOND-QUARTER 2014. THE MARGIN WAS 42.6%. THE DROP IN THE MARGIN OF 340 BASIS POINTS FROM THE SAME QUARTER LAST YEAR IS MAINLY EXPLAINED BY THE DECREASE IN OUR ADVERTISING REVENUES.

SKY

SECOND-QUARTER SALES INCREASED BY 9.0% TO PS.4,724.5 MILLION COMPARED WITH PS.4,333.1 MILLION IN SECOND-QUARTER 2014. THE INCREASE WAS DRIVEN BY ACCELERATED GROWTH IN THE SUBSCRIBER BASE IN MEXICO, WHICH IS EXPLAINED BY THE CONTINUED SUCCESS OF SKY’S LOW-COST OFFERINGS. THE NUMBER OF NET ACTIVE SUBSCRIBERS INCREASED BY 120,582 DURING THE QUARTER TO 6,887,428 AS OF JUNE 30, 2015, COMPARED WITH 6,357,552 AS OF JUNE 30, 2014. SKY ENDED THE QUARTER WITH 190,785 SUBSCRIBERS IN CENTRAL AMERICA AND THE DOMINICAN REPUBLIC.

SECOND-QUARTER OPERATING SEGMENT INCOME INCREASED BY 9.2% TO PS.2,273.9 MILLION COMPARED WITH PS.2,082.0 MILLION IN SECOND-QUARTER 2014, AND THE MARGIN WAS 48.1%, PRACTICALLY FLAT FROM THE SAME QUARTER LAST YEAR.

TELECOMMUNICATIONS

SECOND-QUARTER SALES INCREASED BY 43.8% TO PS.6,909.7 MILLION COMPARED WITH PS.4,803.7 MILLION IN SECOND-QUARTER 2014 DRIVEN BY GROWTH IN ALL OF OUR CABLE PLATFORMS AND THE CONSOLIDATION, FOR THE FULL QUARTER, OF PS.1,598.5 MILLION OF REVENUES FROM CABLECOM AND TELECABLE (ALSO REFERRED TO AS CABLEVISIÓN RED). EXCLUDING CABLECOM AND TELECABLE, SECOND-QUARTER SALES FROM OUR CABLE AND NETWORK OPERATIONS INCREASED BY 10.6%.
 
VOICE AND DATA REVENUE GENERATING UNITS, OR RGUS, GREW 61.1% AND 49.3% COMPARED WITH SECOND-QUARTER 2014, RESPECTIVELY, AND VIDEO RGUS GREW 52.4%. EXCLUDING THE ACQUISITION OF CABLECOM AND TELECABLE, VOICE AND DATA RGUS, GREW 35.2% AND 23.5% COMPARED WITH SECOND-QUARTER 2014, RESPECTIVELY, WHILE VIDEO RGUS GREW BY 4.2%.

THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF RGUS PER SERVICE TYPE FOR OUR TELECOMMUNICATIONS SEGMENTS AS OF JUNE 30, 2015 AND 2014:

THE RGUS OF VIDEO, BROADBAND AND VOICE AS OF JUNE 30, 2015 AMOUNTED TO 3,916,512, 2,748,401 AND 1,595,761, RESPECTIVELY, A TOTAL OF 8,260,674 RGUS.

THE RGUS  OF VIDEO, BROADBAND AND VOICE AS OF JUNE 30, 2014 AMOUNTED TO 2,570,599, 1,840,348 AND 990,785, RESPECTIVELY, A TOTAL OF 5,401,732 RGUS.

SECOND-QUARTER OPERATING SEGMENT INCOME INCREASED BY 55.4% TO PS.2,764.2 MILLION COMPARED WITH PS.1,778.2 MILLION IN SECOND-QUARTER 2014, AND THE MARGIN WAS 40.0%, AN INCREASE OF 300 BASIS POINTS FROM THE SAME QUARTER LAST YEAR. THESE RESULTS PRIMARILY REFLECTED THE CONSOLIDATION OF CABLECOM AND TELECABLE, WHICH CONTRIBUTED WITH PS.758.8 MILLION TO OPERATING SEGMENT INCOME, CONTINUED GROWTH IN THE CABLE PLATFORMS AND BESTEL, AND LOWER LONG DISTANCE COSTS. THESE FAVORABLE VARIANCES WERE PARTIALLY OFFSET BY THE INCREASE IN MAINTENANCE COSTS, PROGRAMMING COSTS, MARKETING AND ADVERTISING EXPENSES, LEASING EXPENSES, AND PERSONNEL COSTS AND EXPENSES DURING THE QUARTER. EXCLUDING CABLECOM AND TELECABLE, OPERATING SEGMENT INCOME INCREASED BY 12.8%.

THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF REVENUES AND OPERATING SEGMENT INCOME, EXCLUDING CONSOLIDATION ADJUSTMENTS, FOR OUR CABLE AND NETWORK OPERATIONS FOR SECOND-QUARTER 2015 AND 2014.

OUR CABLE OPERATIONS INCLUDE THE VIDEO, VOICE AND DATA SERVICES PROVIDED BY CABLEVISIÓN, CABLEMÁS, TVI, CABLECOM AND TELECABLE. OUR NETWORK OPERATIONS INCLUDE THE SERVICES OFFERED BY BESTEL AND THE NETWORK OPERATIONS OF CABLECOM:

THE REVENUES IN SECOND-QUARTER 2015 OF CABLE OPERATIONS  AND NETWORK OPERATIONS AMOUNTED TO PS.5,912.4 MILLION AND PS.1,222.8 MILLION, RESPECTIVELY.

THE REVENUES IN SECOND-QUARTER 2014 OF CABLE OPERATIONS  AND NETWORK OPERATIONS AMOUNTED TO PS.4,059.6 MILLION AND PS.835.7 MILLION, RESPECTIVELY.

THE OPERATING SEGMENT INCOME IN SECOND-QUARTER 2015 OF CABLE OPERATIONS  AND NETWORK OPERATIONS AMOUNTED TO PS.2,372.4 MILLION AND PS.473.1 MILLION, RESPECTIVELY.

THE OPERATING SEGMENT INCOME IN SECOND-QUARTER 2014 OF CABLE OPERATIONS  AND NETWORK OPERATIONS AMOUNTED TO PS.1,652.2 MILLION AND PS.293.7 MILLION, RESPECTIVELY.

THESE RESULTS DO NOT INCLUDE CONSOLIDATION ADJUSTMENTS OF PS.225.5 MILLION AND PS.91.6 MILLION IN REVENUES IN THE SECOND-QUARTER 2015 AND THE SECOND-QUARTER 2014, RESPECTIVELY, OR PS.81.3 MILLION AND PS.167.7 MILLION IN OPERATING SEGMENT INCOME IN THE SECOND-QUARTER 2015 AND THE SECOND-QUARTER 2014, RESPECTIVELY, WHICH ARE INCLUDED IN THE CONSOLIDATED RESULTS OF THE TELECOMMUNICATIONS SEGMENT.

THE OPERATING SEGMENT INCOME IN THE SECOND-QUARTER 2015 INCLUDES CERTAIN EXPENSES PREVIOUSLY INCLUDED IN THE CONSOLIDATION ADJUSTMENTS FIGURE AS REPORTED IN SECOND-QUARTER OF 2014, WHICH AMOUNTED TO PS.91.4 MILLION IN THAT PERIOD. THESE EXPENSES ARE BETTER ACCOUNTED FOR AS OPERATING EXPENSES AS THEY ARE RELATED TO THE MANAGEMENT STRUCTURE CREATED TO LEAD IN THE EXPANSION AND INTEGRATION OF TELEVISA´S TELECOMMUNICATIONS OPERATIONS.

OTHER BUSINESSES

SECOND-QUARTER SALES DECREASED BY 2.6% TO PS.1,896.5 MILLION COMPARED WITH PS.1,946.9 MILLION IN SECOND-QUARTER 2014. BUSINESSES THAT PERFORMED WELL INCLUDE GAMING AND SOCCER. THE GAMING BUSINESS BENEFITED FROM AN INCREASE IN THE NUMBER OF ELECTRONIC GAMING MACHINES, WHILE THE SOCCER BUSINESS BENEFITED FROM HIGHER ADVERTISING REVENUES AND TICKET SALES. THIS EFFECT WAS MORE THAN COMPENSATED BY LOWER REVENUES IN OUR PUBLISHING, RADIO, PUBLISHING DISTRIBUTION, AND FEATURE-FILM DISTRIBUTION BUSINESSES.

SECOND-QUARTER OPERATING SEGMENT INCOME DECREASED BY 34.9% TO PS.129.0 MILLION COMPARED WITH PS.198.1 MILLION IN SECOND-QUARTER 2014, REFLECTING I) A DECREASE IN THE OPERATING SEGMENT INCOME OF OUR PUBLISHING AND RADIO BUSINESSES; AND II) A LARGER OPERATING SEGMENT LOSS IN OUR SOCCER BUSINESS. THIS EFFECT WAS PARTIALLY COMPENSATED BY AN INCREASE IN THE OPERATING SEGMENT INCOME OF OUR GAMING AND FEATURE-FILM DISTRIBUTION BUSINESSES, AS WELL AS A SMALLER OPERATING SEGMENT LOSS IN OUR PUBLISHING DISTRIBUTION BUSINESS.

INTERSEGMENT OPERATIONS

INTERSEGMENT OPERATIONS FOR THE SECOND-QUARTER 2015 AND 2014 AMOUNTED TO PS.468.0 MILLION AND PS.344.9 MILLION, RESPECTIVELY.

CORPORATE EXPENSES

CORPORATE EXPENSE INCREASED BY PS.122.8 MILLION, OR 31.4%, TO PS.514.2 MILLION IN SECOND-QUARTER 2015, FROM PS.391.4 MILLION IN SECOND-QUARTER 2014. THE INCREASE REFLECTED PRIMARILY A HIGHER SHARE-BASED COMPENSATION EXPENSE.

SHARE-BASED COMPENSATION EXPENSE IN SECOND-QUARTER 2015 AND 2014 AMOUNTED TO PS.325.0 MILLION AND PS.224.4 MILLION, RESPECTIVELY, AND WAS ACCOUNTED FOR AS CORPORATE EXPENSE. SHARE-BASED COMPENSATION EXPENSE IS MEASURED AT FAIR VALUE AT THE TIME THE EQUITY BENEFITS ARE CONDITIONALLY SOLD TO OFFICERS AND EMPLOYEES, AND IS RECOGNIZED OVER THE VESTING PERIOD.

OTHER EXPENSE, NET

OTHER EXPENSE, NET, INCREASED BY PS.146.4 MILLION TO PS.197.8 MILLION IN SECOND-QUARTER 2015, FROM PS.51.4 MILLION IN SECOND-QUARTER 2014. THIS INCREASE REFLECTED PRIMARILY A HIGHER LOSS ON DISPOSITION OF PROPERTY AND EQUIPMENT, AS WELL AS A NON-RECURRENT SEVERANCE EXPENSE IN CONNECTION WITH DISMISSALS OF PERSONNEL IN OUR OTHER BUSINESSES AND TELECOMMUNICATIONS SEGMENTS.

NON-OPERATING RESULTS

FINANCE EXPENSE, NET

THE FOLLOWING INFORMATION SETS FORTH THE FINANCE EXPENSE (INCOME), NET, STATED IN MILLIONS OF MEXICAN PESOS FOR THE QUARTERS ENDED JUNE 30, 2015 AND 2014:

THE FINANCE EXPENSE, NET, INCREASED BY PS.523.5 MILLION, OR 42.3%, TO PS.1,760.7 MILLION IN SECOND-QUARTER 2015 FROM PS.1,237.2 MILLION IN SECOND-QUARTER 2014. THIS INCREASE REFLECTED PRIMARILY (I) A PS.659.9 MILLION INCREASE IN FOREIGN EXCHANGE LOSS TO PS.683.9 MILLION IN SECOND-QUARTER 2015 COMPARED WITH PS.24.0 MILLION IN SECOND-QUARTER 2014, RESULTING PRIMARILY FROM AN 2.9% DEPRECIATION OF THE MEXICAN PESO AGAINST THE US DOLLAR IN SECOND-QUARTER 2015 COMPARED WITH A 0.4% APPRECIATION IN SECOND-QUARTER 2014; AND (II) A PS.134.3 MILLION INCREASE IN INTEREST EXPENSE TO PS.1,530.4 MILLION IN SECOND-QUARTER 2015 COMPARED WITH PS.1,396.1 MILLION IN SECOND-QUARTER 2014, DUE PRIMARILY TO A HIGHER AVERAGE PRINCIPAL AMOUNT OF DEBT AND FINANCE LEASE OBLIGATIONS IN SECOND-QUARTER 2015. THESE UNFAVORABLE VARIANCES WERE PARTIALLY COMPENSATED BY (I) A PS.241.1 MILLION CHANGE IN OTHER FINANCE EXPENSE, NET, TO OTHER FINANCE INCOME, NET, RESULTING PRIMARILY FROM A FAVORABLE CHANGE IN FAIR VALUE OF THE EMBEDDED DERIVATIVE IN CONVERTIBLE DEBENTURES ISSUED BY BROADCASTING MEDIA PARTNERS, INC. (“BMP”), THE CONTROLLING COMPANY OF UNIVISION COMMUNICATIONS INC. (“UNIVISION”); AND (II) A PS.29.6 MILLION INCREASE IN INTEREST INCOME TO PS.320.2 MILLION IN SECOND-QUARTER 2015 COMPARED WITH PS.290.6 MILLION IN SECOND-QUARTER 2014, EXPLAINED PRIMARILY BY A HIGHER AVERAGE AMOUNT OF CASH AND CASH EQUIVALENTS AND TEMPORARY INVESTMENTS IN SECOND-QUARTER 2015.

SHARE OF INCOME OF JOINT VENTURES AND ASSOCIATES, NET

SHARE OF INCOME OF JOINT VENTURES AND ASSOCIATES, NET, DECREASED BY PS.79.4 MILLION, OR 61.2%, TO PS.50.4 MILLION IN SECOND-QUARTER 2015 FROM PS.129.8 MILLION IN SECOND-QUARTER 2014. THIS DECREASE REFLECTED PRIMARILY A LOWER SHARE OF INCOME OF BMP.

INCOME TAXES

INCOME TAXES DECREASED BY PS.356.3 MILLION, OR 31.9%, TO PS.761.2 MILLION IN SECOND-QUARTER 2015 COMPARED WITH PS.1,117.5 MILLION IN SECOND-QUARTER 2014. THIS DECREASE REFLECTED PRIMARILY A LOWER INCOME TAX BASE.

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS DECREASED BY PS.10.2 MILLION, OR 2.4%, TO PS.420.7 MILLION IN SECOND-QUARTER 2015, COMPARED WITH PS.430.9 MILLION IN SECOND-QUARTER 2014. THIS DECREASE REFLECTED PRIMARILY A LOWER PORTION OF NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS IN OUR SKY AND OTHER BUSINESSES SEGMENTS, WHICH WAS PARTIALLY COMPENSATED BY A HIGHER PORTION OF NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS IN OUR TELECOMMUNICATIONS SEGMENT.

OTHER RELEVANT INFORMATION

CAPITAL EXPENDITURES

DURING SECOND-QUARTER 2015, WE INVESTED APPROXIMATELY US$371.6 MILLION IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES. THESE CAPITAL EXPENDITURES INCLUDE APPROXIMATELY US$259.5 MILLION FOR OUR TELECOMMUNICATIONS SEGMENT, US$82.0 MILLION FOR OUR SKY SEGMENT, AND US$30.1 MILLION FOR OUR CONTENT AND OTHER BUSINESSES SEGMENTS.

IN MAY 2015, OUR SKY SEGMENT LAUNCHED SATELLITE SKYM-1, THE FIRST SATELLITE OWNED-AND-OPERATED BY SKY. SKYM-1, WHICH HAS 24 TRANSPONDERS AND AN ESTIMATED USEFUL LIFE OF 15 YEARS, WILL PROVIDE DIRECT-TO-HOME BROADCAST SERVICES TO MEXICO, CENTRAL AMERICA AND THE CARIBBEAN ALLOWING SKY TO EXPAND CAPACITY AND BRING TO THE MARKETS IT SERVES THE MOST COMPREHENSIVE HIGH-DEFINITION CHANNEL OFFERING.

UNIVISION

ON JULY 2, WE ANNOUNCED THAT, TOGETHER WITH UNIVISION'S MAJOR SHAREHOLDERS, WE ENTERED INTO A MEMORANDUM OF UNDERSTANDING AND AN AMENDMENT TO OUR EXISTING PROGRAM LICENSING AGREEMENT. THE TERMS AND CONDITIONS ARE OUTLINED IN OUR JOINT PRESS RELEASE ISSUED ON THAT DAY.

DEBT AND FINANCE LEASE OBLIGATIONS

THE FOLLOWING INFORMATION SETS FORTH OUR TOTAL DEBT AND FINANCE LEASE OBLIGATIONS AS OF JUNE 30, 2015 AND DECEMBER 31, 2014. AMOUNTS ARE STATED IN MILLIONS OF MEXICAN PESOS:

THE TOTAL CONSOLIDATED DEBT AMOUNTED TO PS.84,858.1 MILLION AND PS.80,997.6 MILLION AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION  OF LONG-TERM DEBT IN THE AMOUNT OF PS.77.8 MILLION AND PS.337.1 MILLION, RESPECTIVELY. AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, TOTAL DEBT IS PRESENTED NET OF FINANCE COSTS IN THE AMOUNT OF PS.1,238.2 MILLION AND PS.1,268.8 MILLION, RESPECTIVELY, AND DOES NOT INCLUDE RELATED ACCRUED INTEREST PAYABLE IN THE AMOUNT OF PS.1,023.6 MILLION AND PS.974.9 MILLION, RESPECTIVELY.

ADDITIONALLY,  WE HAD FINANCE LEASE OBLIGATIONS IN THE AMOUNT OF PS.5,611.2 MILLION AND PS.5,309.6 MILLION AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF PS.476.0 MILLION AND PS.502.2 MILLION, RESPECTIVELY.

AS OF JUNE 30, 2015, OUR CONSOLIDATED NET DEBT POSITION (TOTAL DEBT LESS CASH AND CASH EQUIVALENTS, TEMPORARY INVESTMENTS, AND NONCURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS) WAS PS.43,433.2 MILLION. THE AGGREGATE AMOUNT OF NONCURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS AS OF JUNE 30, 2015, AMOUNTED TO PS.6,098.6 MILLION.

IN MAY 2015, WE CONCLUDED AN OFFERING OF PS.5,000 MILLION AGGREGATE PRINCIPAL AMOUNT OF LOCAL BONDS (CERTIFICADOS BURSÁTILES) DUE 2022 WITH AN ANNUAL INTEREST RATE OF THE 28-DAY INTERBANK EQUILIBRIUM INTEREST RATE OR TIIE PLUS 0.35%, REGISTERED WITH THE MEXICAN BANKING AND SECURITIES COMMISSION (COMISIÓN NACIONAL BANCARIA Y DE VALORES).

DURING THE FIRST HALF OF 2015, OUR TVI TELECOMMUNICATIONS BUSINESS REFINANCED AN OUTSTANDING LONG-TERM LOAN IN THE PRINCIPAL AMOUNT OF PS.722 MILLION, WITH AN ORIGINAL MATURITY IN 2016, AND INCURRED ADDITIONAL LONG-TERM DEBT IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.750 MILLION. THE REFINANCED AND ADDITIONAL LONG-TERM DEBT OF TVI HAVE MATURITIES BETWEEN 2019 AND 2022, WITH AN ANNUAL INTEREST RATE OF THE 28-DAY TIIE PLUS A RANGE BETWEEN 130 AND 140 BASIS POINTS.

ON JUNE 29, 2015, WE PREPAID PESO-DENOMINATED LONG-TERM LOANS IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.5,100 MILLION WITH ORIGINAL MATURITIES BETWEEN 2016 AND 2021, INCLUDING PS.3,500 MILLION LONG-TERM LOANS OF OUR SKY SEGMENT. THE AGGREGATE AMOUNT PAID BY US IN CONNECTION WITH THIS PREPAYMENT AMOUNTED TO PS.5,466 MILLION, WHICH INCLUDED RELATED ACCRUED INTEREST, THE SETTLEMENT OF A DERIVATIVE CONTRACT AND FEES.

DIVIDEND

IN APRIL 2015, OUR STOCKHOLDERS APPROVED THE PAYMENT OF A DIVIDEND OF PS.0.35 PER CPO AND PS.0.002991452991 PER SHARE OF SERIES “A”, “B”, “D” AND “L” SHARES, NOT IN THE FORM OF A CPO, WHICH WAS PAID IN CASH IN JUNE 2015 IN THE AGGREGATE AMOUNT OF PS.1,084.2 MILLION.

SHARES OUTSTANDING

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, OUR SHARES OUTSTANDING AMOUNTED TO 338,543.7 MILLION AND 338,056.2 MILLION SHARES, RESPECTIVELY, AND OUR CPO EQUIVALENTS OUTSTANDING AMOUNTED TO 2,893.5 MILLION AND 2,889.4 MILLION CPO EQUIVALENTS, RESPECTIVELY. NOT ALL OF OUR SHARES ARE IN THE FORM OF CPOS. THE NUMBER OF CPO EQUIVALENTS IS CALCULATED BY DIVIDING THE NUMBER OF SHARES OUTSTANDING BY 117.

AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, THE GDS (GLOBAL DEPOSITARY SHARES) EQUIVALENTS OUTSTANDING AMOUNTED TO 578.7 MILLION AND 577.9 MILLION GDS EQUIVALENTS, RESPECTIVELY. THE NUMBER OF GDS EQUIVALENTS IS CALCULATED BY DIVIDING THE NUMBER OF CPO EQUIVALENTS BY FIVE.

ABOUT TELEVISA

TELEVISA IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING WORLD BASED ON ITS MARKET CAPITALIZATION AND A MAJOR PARTICIPANT IN THE INTERNATIONAL ENTERTAINMENT BUSINESS. IT OPERATES FOUR BROADCAST CHANNELS IN MEXICO CITY, PRODUCES AND DISTRIBUTES 25 PAY-TV BRANDS FOR DISTRIBUTION IN MEXICO AND THE REST OF THE WORLD, AND EXPORTS ITS PROGRAMS AND FORMATS TO THE U.S. THROUGH UNIVISION COMMUNICATIONS INC. (“UNIVISION”) AND TO OTHER TELEVISION NETWORKS IN OVER 50 COUNTRIES. TELEVISA IS ALSO AN ACTIVE PARTICIPANT IN MEXICO’S TELECOMMUNICATIONS INDUSTRY. IT HAS A MAJORITY INTEREST IN SKY, A LEADING DIRECT-TO-HOME SATELLITE TELEVISION SYSTEM OPERATING IN MEXICO, THE DOMINICAN REPUBLIC AND CENTRAL AMERICA. TELEVISA ALSO PARTICIPATES IN MEXICO´S TELECOMMUNICATIONS INDUSTRY IN MANY REGIONS OF THE COUNTRY WHERE IT OFFERS VIDEO, VOICE, AND BROADBAND SERVICES. TELEVISA ALSO HAS INTERESTS IN MAGAZINE PUBLISHING AND DISTRIBUTION, RADIO PRODUCTION AND BROADCASTING, PROFESSIONAL SPORTS AND LIVE ENTERTAINMENT, FEATURE-FILM PRODUCTION AND DISTRIBUTION, THE OPERATION OF A HORIZONTAL INTERNET PORTAL, AND GAMING. IN THE UNITED STATES, TELEVISA HAS EQUITY AND DEBENTURES THAT, UPON CONVERSION AND SUBJECT TO ANY NECESSARY APPROVAL FROM THE FEDERAL COMMUNICATIONS COMMISSION (“FCC”) IN THE UNITED STATES, WOULD REPRESENT APPROXIMATELY 36% ON A FULLY DILUTED, AS-CONVERTED BASIS OF THE EQUITY CAPITAL IN UNIVISION HOLDINGS INC. (FORMERLY, BROADCASTING MEDIA PARTNERS, INC.), THE CONTROLLING COMPANY OF UNIVISION, THE LEADING MEDIA COMPANY SERVING THE UNITED STATES HISPANIC MARKET.

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.

THE FINANCIAL INSTITUTIONS THAT PERFORM FINANCIAL ANALYSIS ON THE SECURITIES OF GRUPO TELEVISA, S.A.B. ARE AS FOLLOWS:

INSTITUTION:

   BARCLAYS
   BBVA BANCOMER
   BTG PACTUAL
   CREDIT SUISSE
   GABELLI & CO.
   GBM CASA DE BOLSA
   GOLDMAN SACHS
   HSBC
   INVEX
   ITAÚ SECURITIES
   JPMORGAN
   MAXIM GROUP
   MERRILL LYNCH
   MORGAN STANLEY
   NEW STREET
   SANTANDER
   SCOTIABANK
   UBS
 
 
 

 
 
 
 
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 02 YEAR: 2015
GRUPO TELEVISA, S.A.B.
 
FINANCIAL STATEMENT NOTES
 
CONSOLIDATED
Final Printing
 
GRUPO TELEVISA, S.A.B. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2015 AND DECEMBER 31, 2014 AND
FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014
(IN THOUSANDS OF MEXICAN PESOS)
 
 
1.          BASIS OF PREPARATION AND ACCOUNTING POLICIES:

    THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A.B. (THE "COMPANY") AND SUBSIDIARIES (COLLECTIVELY, THE "GROUP"), AS OF JUNE 30, 2015 AND DECEMBER 31, 2014 AND FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014, ARE UNAUDITED, AND HAVE BEEN PREPARED IN ACCORDANCE WITH THE GUIDELINES PROVIDED BY THE INTERNATIONAL ACCOUNTING STANDARD 34, INTERIM FINANCIAL REPORTING. IN THE OPINION OF MANAGEMENT, ALL ADJUSTMENTS NECESSARY FOR A FAIR PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN INCLUDED HEREIN.

THESE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SHOULD BE READ IN CONJUNCTION WITH THE GROUP'S AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013, WHICH HAVE BEEN PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRS”) AS ISSUED BY THE INTERNATIONAL ACCOUNTING STANDARDS BOARD, AND INCLUDE, AMONG OTHER DISCLOSURES, THE GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES, WHICH WERE APPLIED ON A CONSISTENT BASIS AS OF JUNE 30, 2015.
 
THESE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS WERE AUTHORIZED FOR ISSUANCE ON JULY 3, 2015, BY THE GROUP’S CHIEF FINANCIAL OFFICER.

2.         PROPERTY, PLANT AND EQUIPMENT:

PROPERTY, PLANT AND EQUIPMENT AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, CONSISTED OF:
 
     
2015
   
2014
 
 
BUILDINGS
  PS. 8,471,529     PS. 8,464,531  
 
BUILDING IMPROVEMENTS
    287,555       339,828  
 
TECHNICAL EQUIPMENT
    87,606,164       79,921,698  
 
SATELLITE TRANSPONDERS
    7,869,492       7,869,492  
 
FURNITURE AND FIXTURES
    968,675       907,006  
 
TRANSPORTATION EQUIPMENT
    2,441,470       2,054,309  
 
COMPUTER EQUIPMENT
    6,191,021       5,962,735  
 
LEASEHOLD IMPROVEMENTS
    1,730,193       1,641,527  
        115,566,099       107,161,126  
 
ACCUMULATED DEPRECIATION
    (62,675,401 )     (57,539,568 )
        52,890,698       49,621,558  
 
LAND
    4,642,202       4,627,984  
 
CONSTRUCTION AND PROJECTS IN PROGRESS
    10,369,380       7,759,966  
      PS. 67,902,280     PS. 62,009,508  
   DEPRECIATION CHARGED TO INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014, WAS PS.5,837,401 AND PS.4,824,195, RESPECTIVELY.
 
    DURING THE SIX MONTHS ENDED JUNE 30, 2015, THE GROUP INVESTED PS.10,305,450 IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES.
 
3.         DEBT AND FINANCE LEASE OBLIGATIONS:

DEBT AND FINANCE LEASE OBLIGATIONS OUTSTANDING AS OF JUNE 30, 2015 AND DECEMBER 31, 2014 WERE AS FOLLOWS:
 
   
2015
   
2014
 
U.S. DOLLAR DEBT:
           
     6% SENIOR NOTES DUE 2018 (A)
  PS. 7,827,619     PS. 7,357,713  
     6.625% SENIOR NOTES DUE 2025 (A)
    9,043,123       8,464,108  
     8.50% SENIOR NOTES DUE 2032 (A)
    4,678,736       4,397,923  
     6.625% SENIOR NOTES DUE 2040 (A)
    9,261,125       8,698,080  
     5% SENIOR NOTES DUE 2045 (A)
    15,188,410       14,246,853  
          TOTAL U.S. DOLLAR DEBT
    45,999,013       43,164,677  
                 
MEXICAN  PESO DEBT:
               
     7.38% NOTES DUE 2020 (B)
    9,962,383       9,958,857  
     TIIE + 0.35% NOTES DUE 2021 (B)
     TIIE + 0.35 NOTES DUE 2022 (B)
    5,987,932 4,988,079       5,986,897 -  
     8.49% SENIOR NOTES DUE 2037 (A)
    4,484,109       4,483,747  
     7.25% SENIOR NOTES DUE 2043 (A)
    6,433,883       6,432,698  
 
               
     BANK LOANS
    4,777,767       5,874,843  
     BANK LOANS (SKY)
    -       3,500,000  
     BANK LOANS (TVI)
    2,224,957       1,595,932  
          TOTAL MEXICAN PESO DEBT
    38,859,110       37,832,974  
          TOTAL DEBT (C)
    84,858,123       80,997,651  
          LESS: SHORT-TERM DEBT AND CURRENT
               
                         PORTION OF LONG-TERM DEBT
    77,807       337,148  
          LONG-TERM DEBT, NET OF CURRENT PORTION
  PS. 84,780,316     PS. 80,660,503  
FINANCE LEASE OBLIGATIONS:
               
     SATELLITE TRANSPONDER LEASE OBLIGATION
  PS. 4,566,244     PS. 4,401,423  
     OTHER
    1,044,996       908,122  
          TOTAL FINANCE LEASE OBLIGATIONS
    5,611,240       5,309,545  
          LESS: CURRENT PORTION
    476,011       502,166  
          FINANCE LEASE OBLIGATIONS, NET OF CURRENT
               
              PORTION
  PS. 5,135,229     PS.     4,807,379  
                 
(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 THE SENIOR NOTES DUE 2018, 2025, 2032, 2037, 2040, 2043 AND 2045, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 6.31%, 6.97%, 8.94%, 8.93%, 6.97%, 7.62% AND 5.26% PER ANNUM, RESPECTIVELY, AND IS PAYABLE SEMI-ANNUALLY. THESE SENIOR NOTES MAY NOT BE REDEEMED PRIOR TO MATURITY, EXCEPT (I) IN THE EVENT OF CERTAIN CHANGES IN LAW AFFECTING THE MEXICAN WITHHOLDING TAX TREATMENT OF CERTAIN PAYMENTS ON THE SECURITIES, IN WHICH CASE THE SECURITIES WILL BE REDEEMABLE, AS A WHOLE BUT NOT IN PART, AT THE OPTION OF THE COMPANY; AND (II) IN THE EVENT OF A CHANGE OF CONTROL, IN WHICH CASE THE COMPANY MAY BE REQUIRED TO REDEEM THE SECURITIES AT 101% OF THEIR PRINCIPAL AMOUNT. ALSO, THE COMPANY MAY, AT ITS OWN OPTION, REDEEM THE SENIOR NOTES DUE 2018, 2025, 2037, 2040 AND 2043, IN WHOLE OR IN PART, AT ANY TIME AT A REDEMPTION PRICE EQUAL TO THE GREATER OF THE PRINCIPAL AMOUNT OF THESE SENIOR NOTES OR THE PRESENT VALUE OF FUTURE CASH FLOWS, AT THE REDEMPTION DATE, OF PRINCIPAL AND INTEREST AMOUNTS OF THE SENIOR NOTES DISCOUNTED AT A FIXED RATE OF COMPARABLE U.S. OR MEXICAN SOVEREIGN BONDS. THE AGREEMENT OF THESE SENIOR NOTES CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES ENGAGED IN THE GROUP’S CONTENT SEGMENT TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS. THE SENIOR NOTES DUE 2018, 2025, 2032, 2037, 2040 AND 2045 ARE REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (“SEC”). THE SENIOR NOTES DUE 2043 ARE REGISTERED WITH BOTH THE U.S. SEC AND THE MEXICAN BANKING AND SECURITIES COMMISSION (“COMISIÓN NACIONAL BANCARIA Y DE VALORES” OR “CNBV”).

(B)  
INTEREST ON THESE NOTES (“CERTIFICADOS BURSÁTILES”) IS PAYABLE SEMI-ANNUALLY FOR NOTES DUE 2020 AND EVERY 28 DAYS FOR NOTES DUE 2021 AND 2022. THE COMPANY MAY, AT ITS OWN OPTION, REDEEM THE NOTES DUE 2020, IN WHOLE OR IN PART, AT ANY SEMI-ANNUAL INTEREST PAYMENT DATE AT A REDEMPTION PRICE EQUAL TO THE GREATER OF THE PRINCIPAL AMOUNT OF THE OUTSTANDING NOTES AND THE PRESENT VALUE OF FUTURE CASH FLOWS, AT THE REDEMPTION DATE, OF PRINCIPAL AND INTEREST AMOUNTS OF THE NOTES DISCOUNTED AT A FIXED RATE OF COMPARABLE MEXICAN SOVEREIGN BONDS. THE COMPANY MAY, AT ITS OWN OPTION, REDEEM THE NOTES DUE 2021 AND 2022, IN WHOLE OR IN PART, AT ANY DATE AT A REDEMPTION PRICE EQUAL TO THE GREATER OF THE PRINCIPAL AMOUNT OF THE OUTSTANDING NOTES AND AN AVERAGE PRICE CALCULATED FROM PRICES TO BE PROVIDED AT THE REDEMPTION DATE BY TWO MEXICAN FINANCIAL PRICING COMPANIES. THE AGREEMENT OF THESE NOTES CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES APPOINTED BY THE COMPANY’S BOARD OF DIRECTORS, AND ENGAGED IN THE GROUP’S CONTENT SEGMENT, TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.

(C)  
TOTAL DEBT IS PRESENTED NET OF UNAMORTIZED FINANCE COSTS AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, IN THE AGGREGATE AMOUNT OF PS.1,238,181 AND PS.1,268,856, RESPECTIVELY.
 
    IN JANUARY 2015, THE GROUP PREPAID THE PRINCIPAL AMOUNT AND RELATED ACCRUED INTEREST OF A PESO-DENOMINATED LONG-TERM BANK LOAN PREVIOUSLY ENTERED INTO BY TELECABLE, THE TELECOMMUNICATIONS COMPANY ACQUIRED BY THE GROUP IN JANUARY 2015, IN THE AGGREGATE AMOUNT OF PS.507,362. THIS PREPAYMENT WAS FUNDED PRIMARILY WITH CASH PROVIDED BY A LONG-TERM BANK LOAN ARRANGED BY THE COMPANY WITH A MEXICAN BANK IN THE PRINCIPAL AMOUNT OF PS.500,000, WITH A MATURITY IN 2016, AND  ANNUAL INTEREST OF THE 28-DAY INTERBANK EQUILIBRIUM INTEREST RATE (“TASA DE INTERÉS INTERBANCARIA DE EQUILIBRIO” OR “TIIE”) PLUS A RANGE BETWEEN 0 AND 80 BASIS POINTS.
  
    IN MAY 2015, THE COMPANY CONCLUDED AN OFFERING OF PS.5,000,000 AGGREGATE PRINCIPAL AMOUNT OF LOCAL BONDS (“CERTIFICADOS BURSÁTILES”) DUE 2022  WITH AN ANNUAL INTEREST RATE OF THE 28-DAY TIIE PLUS 35 BASIS POINTS, WHICH WAS REGISTERED WITH THE CNBV.
 
    DURING THE FIRST HALF OF 2015, TVI REFINANCED AN OUTSTANDING LONG-TERM LOAN IN THE PRINCIPAL AMOUNT OF PS.722,020, WITH AN ORIGINAL MATURITY IN 2016, AND INCURRED ADDITIONAL LONG-TERM DEBT IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.750,000. THE REFINANCED AND ADDITIONAL LONG-TERM DEBT OF TVI MATURES IN 2019 (PS.250,000), 2020 (PS.250,000) AND 2022 (PS.972,020) WITH AN ANNUAL INTEREST RATE OF THE 28-DAY TIIE PLUS A RANGE BETWEEN 130 AND 140 BASIS POINTS, WHICH IS PAYABLE ON A MONTHLY BASIS.
 
    IN JUNE 2015, THE COMPANY AND SKY PREPAID PESO-DENOMINATED LONG-TERM BANK LOANS IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.1,600,000 AND PS.3,500,000, RESPECTIVELY, WITH ORIGINAL PRINCIPAL MATURITIES BETWEEN 2016 AND 2021. THE AGGREGATE AMOUNT PAID BY THE COMPANY AND SKY AMOUNTED TO PS.1,814,312 AND PS.3,651,712, RESPECTIVELY, WHICH INCLUDED RELATED ACCRUED INTEREST, THE SETTLEMENT OF A RELATED DERIVATIVE CONTRACT, AND FEES. THE PREPAYMENT OF SKY WAS FUNDED PRIMARILY BY A LONG-TERM LOAN MADE BY THE COMPANY IN THE PRINCIPAL AMOUNT OF PS.3,500,000, WITH A MATURITY IN 2022, AND AN ANNUAL INTEREST RATE OF 7.38%, WHICH IS PAYABLE ON A MONTHLY BASIS.
 
4.        CONTINGENCIES:
 
THERE ARE SEVERAL LEGAL ACTIONS AND CLAIMS PENDING AGAINST THE GROUP WHICH ARE FILED IN THE ORDINARY COURSE OF BUSINESS. IN THE OPINION OF THE COMPANY’S MANAGEMENT, NONE OF THESE ACTIONS AND CLAIMS IS EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT ON THE GROUP’S FINANCIAL STATEMENTS AS A WHOLE; HOWEVER, THE COMPANY´S MANAGEMENT IS UNABLE TO PREDICT THE OUTCOME OF ANY OF THESE LEGAL ACTIONS AND CLAIMS.
 
5.        EQUITY:
   
   THE EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, IS PRESENTED AS FOLLOWS:
 
   
2015
   
2014
 
NOMINAL CAPITAL STOCK
  PS. 2,494,410     PS. 2,494,410  
CUMULATIVE INFLATION ADJUSTMENT (A)
    2,483,716       2,483,716  
TOTAL CAPITAL STOCK
  PS. 4,978,126     PS. 4,978,126  
ADDITIONAL PAID-IN CAPITAL
    15,889,819       15,889,819  
RETAINED EARNINGS
    61,617,666       57,518,539  
ACCUMULATED OTHER COMPREHENSIVE INCOME, NET
    6,373,555       5,679,063  
SHARES REPURCHASED
    (11,901,944 )     (12,647,475 )
NET INCOME FOR THE PERIOD
    2,782,177       5,386,905  
 EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY
  PS. 79,739,399     PS. 76,804,977  
 
(A) ADJUSTMENT TO RECOGNIZE THE EFFECTS OF INFLATION IN CAPITAL STOCK THROUGH DECEMBER 31, 1997, DETERMINED BY APPLYING THE CHANGE IN THE MEXICAN NATIONAL CONSUMER PRICE INDEX BETWEEN THE DATES CAPITAL STOCK WAS CONTRIBUTED AND DECEMBER 31, 1997, THE DATE THROUGH WHICH THE MEXICAN ECONOMY WAS CONSIDERED HYPERINFLATIONARY UNDER THE GUIDELINES OF THE IFRS.
 
    AS OF JUNE 30, 2015, THE NUMBER OF SHARES ISSUED, ACQUIRED BY A COMPANY’S TRUST AND OUTSTANDING IS PRESENTED AS FOLLOWS:
 
     
 
 
 ISSUED
   
ACQUIRED BY A COMPANY’S TRUST
   
 
 
OUTSTANDING
 
 
SERIES “A” SHARES
    123,273,961,425       7,848,847,233       115,425,114,192  
 
SERIES “B” SHARES
    58,982,873,976       5,628,391,433       53,354,482,543  
 
SERIES “D” SHARES
    90,086,525,865       5,204,452,769       84,882,073,096  
 
SERIES “L” SHARES
    90,086,525,865       5,204,452,769       84,882,073,096  
        362,429,887,131       23,886,144,204       338,543,742,927  
 
AS OF JUNE 30, 2015, THE COMPANY’S SHARES HELD BY A SPECIAL TRUST IN CONNECTION WITH THE COMPANY’S LONG-TERM RETENTION PLAN ARE PRESENTED AS A CHARGE TO THE EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY, AS FOLLOWS:
 
   
SERIES “A”, “B”, “D”, AND “L” SHARES
       
   
IN THE FORM
OF CPOS
   
NOT IN THE
FORM OF CPOS
   
 
TOTAL
   
 
NET COST
 
REPURCHASE PROGRAM (1)
    -       -       -     PS. -  
HELD BY A COMPANY’S TRUST  (2)
    17,397,741,933       6,488,402,271       23,886,144,204       10,691,461  
ADVANCES FOR ACQUISITION OF SHARES (3)
    -       -       -       1,210,483  
      17,397,741,933       6,488,402,271       23,886,144,204     PS. 11,901,944  

(1)  
DURING THE SIX MONTHS ENDED JUNE 30, 2015 THE COMPANY DID NOT REPURCHASE ANY COMPANY’S SHARES IN THE FORM OF CPOS.

(2)  
DURING THE SIX MONTHS ENDED JUNE 30, 2015, THE TRUST FOR THE LONG-TERM RETENTION PLAN ACQUIRED 2,345,553,522 SHARES OF THE COMPANY, IN THE FORM OF 20,047,466 CPOS, IN THE AMOUNT OF PS.2,105,579 AND RELEASED 2,471,401,647 SHARES IN THE FORM OF 21,123,091 CPOS AND 361,676,601 SERIES “A” SHARES, IN THE AGGREGATE AMOUNT OF PS.848,883 IN CONNECTION WITH THE LONG-TERM RETENTION PLAN.

(3)  
IN CONNECTION WITH THE COMPANY’S LONG-TERM RETENTION PLAN.
 
THE GROUP RECOGNIZED A SHARE-BASED COMPENSATION EXPENSE OF PS.549,427 AND PS.395,997 AS CONSOLIDATED ADMINISTRATIVE EXPENSE FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014, RESPECTIVELY, OF WHICH THE AMOUNT OF PS.541,944 AND PS.380,317 WAS CREDITED IN CONSOLIDATED EQUITY FOR THOSE PERIODS, RESPECTIVELY.
 
6.         FINANCE (EXPENSE) INCOME, NET:

FINANCE (EXPENSE) INCOME, NET FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014, INCLUDED:

   
2015
   
2014
 
INTEREST EXPENSE
  PS. (3,008,147 )   PS. (2,635,469 )
FOREIGN EXCHANGE LOSS, NET
    (1,550,784 )     (132,780 )
OTHER FINANCE EXPENSE, NET (1)
    -       (148,724 )
   FINANCE EXPENSE
    (4,558,931 )     (2,916,973 )
INTEREST INCOME (2)
    635,742       562,016  
OTHER FINANCE INCOME, NET (1)
    301,464       -  
   FINANCE INCOME
    937,206       562,016  
   FINANCE EXPENSE, NET
  PS. (3,621,725 )   PS. (2,354,957 )
                 
 
(1)  THIS LINE ITEM INCLUDED A GAIN (LOSS) IN CHANGE OF FAIR VALUE FROM AN EMBEDDED DERIVATIVE IN A HOST CONTRACT RELATED TO THE GROUP’S INVESTMENT IN CONVERTIBLE DEBENTURES ISSUED BY BMP IN THE AMOUNT OF PS.418,197 AND PS.(43,883) FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014, RESPECTIVELY.
 
(2)  THIS LINE ITEM INCLUDED INTEREST INCOME FROM THE GROUP’S INVESTMENT IN CONVERTIBLE DEBENTURES ISSUED BY BMP IN THE AGGREGATE AMOUNT OF PS.131,344 FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND INCLUDED INTEREST INCOME FROM THE GROUP’S INVESTMENT IN CONVERTIBLE DEBENTURES ISSUED BY BMP AND ARES IN THE AGGREGATE AMOUNT OF PS.282,913 FOR THE SIX MONTHS ENDED JUNE 30, 2014.
 
7.         INCOME TAXES:
 
   THE EFFECTS OF INCOME TAX PAYABLE AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, IN CONNECTION WITH THE 2014 MEXICAN TAX REFORM, WAS AS FOLLOWS:

   
2015
   
2014
 
TAX LOSSES OF SUBSIDIARIES, NET
  PS. 6,566,739     PS. 6,900,765  
DIVIDENDS DISTRIBUTED AMONG THE GROUP’S ENTITIES
    6,122       6,122  
      6,572,861       6,906,887  
LESS: CURRENT PORTION
    366,463       358,117  
NON-CURRENT PORTION
  PS. 6,206,398     PS. 6,548,770  
 
THE EFFECTS OF INCOME TAX PAYABLE AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, IN CONNECTION WITH THE 2010 MEXICAN TAX REFORM, WAS AS FOLLOWS:
 
   
2015
   
2014
 
TAX LOSSES OF SUBSIDIARIES, NET
  PS. 72,374     PS. 177,918  
DIVIDENDS DISTRIBUTED AMONG THE GROUP’S ENTITIES
    -       -  
      72,374       177,918  
LESS: CURRENT PORTION
    47,639       98,563  
NON-CURRENT PORTION
  PS. 24,735     PS. 79,355  
 
    AS A RESULT OF THE 2014 TAX REFORM, THE COMPANY IS NO LONGER ALLOWED TO CONSOLIDATE INCOME OR LOSS OF ITS MEXICAN SUBSIDIARIES FOR INCOME TAX PURPOSES. AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, CURRENT INCOME TAX ASSETS AND LIABILITIES AND DEFERRED INCOME TAX ASSETS AND LIABILITIES OF MEXICAN COMPANIES IN THE GROUP ARE REPORTED ON A SEPARATE TAXABLE ENTITY BASIS.
  
    THE DEFERRED INCOME TAXES AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, WERE PRINCIPALLY DERIVED FROM:
 
   
2015
   
2014
 
ASSETS:
           
     ACCRUED LIABILITIES
  PS. 1,465,581     PS. 1,284,458  
     ALLOWANCE FOR DOUBTFUL ACCOUNTS
    917,269       917,269  
     CUSTOMER ADVANCES
    2,095,666       2,186,836  
     PREPAID EXPENSES AND OTHER ITEMS
    468,876       297,836  
LIABILITIES:
               
     INVESTMENTS
    (358,033 )     (443,538 )
     PROPERTY, PLANT AND EQUIPMENT, NET
    (189,617 )     (202,002 )
     DERIVATIVE FINANCIAL INSTRUMENTS
    (22,571 )     (152,491 )
     INTANGIBLE ASSETS AND TRANSMISSION RIGHTS
    (2,784,127 )     (2,961,129 )
DEFERRED INCOME TAXES OF MEXICAN COMPANIES
    1,593,044       927,239  
DEFERRED INCOME TAX OF FOREIGN SUBSIDIARIES
    200,410       200,410  
ASSET TAX
    435,265       435,265  
TAX LOSS CARRYFORWARDS
    6,754,354       6,754,354  
DEFERRED INCOME TAX ASSET, NET
  PS. 8,983,073     PS. 8,317,268  

8.         SEGMENT INFORMATION AND SEASONALITY:
 
INFORMATION BY SEGMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014, IS PRESENTED AS FOLLOWS:
 
   
TOTAL REVENUES
   
INTERSEGMENT REVENUES
   
CONSOLIDATED REVENUES
   
SEGMENT
INCOME
     
2015:
                           
CONTENT
  PS. 14,943,921     PS. 515,162     PS. 14,428,759     PS. 5,987,514      
SKY
    9,346,187       81,652       9,264,535       4,422,971      
TELECOMMUNICATIONS (1)
    13,624,111       73,087       13,551,024       5,421,989      
OTHER BUSINESSES
    3,815,096       214,320       3,600,776       350,569      
SEGMENT TOTAL
    41,729,315       884,221       40,845,094       16,183,043      
RECONCILIATION TO CONSOLIDATED
AMOUNTS:
                                   
ELIMINATIONS AND CORPORATE EXPENSES
    (884,221 )     (884,221 )     -       (924,708 )    
DEPRECIATION AND AMORTIZATION EXPENSE
    -       -       -       (6,955,893 )    
CONSOLIDATED TOTAL BEFORE OTHER INCOME
    40,845,094       -       40,845,094       8,302,442   (2)  
OTHER INCOME, NET
    -       -       -       728,709      
CONSOLIDATED TOTAL
  PS. 40,845,094     PS. -     PS. 40,845,094     PS. 9,031,151   (3)  
                                     
 
2014:
                                   
CONTENT
  PS. 15,247,374     PS. 527,217     PS. 14,720,157     PS. 6,357,667      
SKY
    8,532,357       6,934       8,525,423       4,029,676      
TELECOMMUNICATIONS
    9,404,308       55,371       9,348,937       3,405,420      
OTHER BUSINESSES
    3,734,428       60,491       3,673,937       302,704      
SEGMENT TOTALS
    36,918,467       650,013       36,268,454       14,095,467      
RECONCILIATION TO CONSOLIDATED
AMOUNTS:
                                   
ELIMINATIONS AND CORPORATE EXPENSES
    (650,013 )     (650,013 )     -       (698,867 )    
DEPRECIATION AND AMORTIZATION EXPENSE
    -       -       -       (5,332,323 )    
CONSOLIDATED TOTAL BEFORE OTHER EXPENSE
    36,268,454       -       36,268,454       8,064,277   (2)  
OTHER EXPENSE, NET
    -       -       -       (213,201 )    
CONSOLIDATED TOTAL
  PS. 36,268,454     PS. -     PS. 36,268,454     PS. 7,851,076   (3)  
 
(1)  
CABLECOM AND TELECABLE CONTRIBUTED TOTAL REVENUES AND SEGMENT INCOME TO THE GROUP’S TELECOMMUNICATIONS SEGMENT FOR THE SIX MONTHS ENDED JUNE 30, 2015, IN THE AGGREGATE AMOUNT OF PS.3,144,000 AND PS.1,489,700, RESPECTIVELY, AS THE GROUP BEGAN TO CONSOLIDATE THE CABLECOM AND TELECABLE RESULTS OF OPERATIONS BEGINNING IN SEPTEMBER, 2014 AND JANUARY 2015, RESPECTIVELY (SEE NOTE (10).
(2)  
CONSOLIDATED TOTALS REPRESENTS INCOME BEFORE OTHER INCOME (EXPENSE).
(3)  
CONSOLIDATED TOTALS REPRESENTS CONSOLIDATED OPERATING INCOME.
 
SEASONALITY
 
THE GROUP’S RESULTS OF OPERATIONS ARE SEASONAL. THE GROUP TYPICALLY RECOGNIZES A LARGE PERCENTAGE OF ITS CONSOLIDATED NET SALES (PRINCIPALLY ADVERTISING) IN THE FOURTH QUARTER IN CONNECTION WITH THE HOLIDAY SHOPPING SEASON. IN 2014 AND 2013, THE GROUP RECOGNIZED 30.0% AND 29.1%, RESPECTIVELY, OF ITS ANNUAL CONSOLIDATED NET SALES IN THE FOURTH QUARTER OF THE YEAR. THE GROUP’S COSTS, IN CONTRAST TO ITS REVENUES, ARE MORE EVENLY INCURRED THROUGHOUT THE YEAR AND GENERALLY DO NOT CORRELATE TO THE AMOUNT OF ADVERTISING SALES.
 
    THE CONSOLIDATED NET INCOME ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY FOR EACH OF THE FOUR QUARTERS IN THE PERIOD ENDED JUNE 30, 2015, IS PRESENTED AS FOLLOWS:
 
 
QUARTER
 
QUARTER
   
ACCUMULATED
 
3ND  / 14
  PS. (182,801 )   PS. 2,882,651  
4RD / 14
    2,504,254       5,386,905  
1ST / 15
    1,453,445       1,453,445  
2ND / 15
    1,328,732       2,782,177  
 
9.         DISPOSAL OF INVESTMENT IN GSF:
 
IN SEPTEMBER 2014, THE GROUP’S PARTNER IN GSF AGREED TO PURCHASE THE GROUP’S 50% EQUITY PARTICIPATION IN THE IUSACELL TELECOM BUSINESS AT A CASH PRICE OF U.S.$717 MILLION (PS.9,461,532). AS A RESULT OF THIS TRANSACTION, WHICH WAS SUBJECT TO CUSTOMARY CLOSING CONDITIONS AND REQUIRED REGULATORY APPROVALS, THE GROUP DISCONTINUED RECOGNIZING ITS SHARE IN INCOME OR LOSS OF GSF; AND RECOGNIZED A NON-CASH LOSS OF PS.4,168,468 IN CONSOLIDATED OTHER EXPENSE, AND AN ACCOUNT RECEIVABLE FOR THE AGREED SALE AMOUNT.  AS OF DECEMBER 31, 2014, THE RELATED ACCOUNT RECEIVABLE AMOUNTED TO U.S.$717 MILLION (PS.10,583,852). IN DECEMBER 2014, THE REQUIRED REGULATORY APPROVALS FOR THIS TRANSACTION WERE OBTAINED, AND IN JANUARY 2015, THE GROUP RECEIVED PROCEEDS IN THE AGGREGATE AMOUNT OF U.S.$717 MILLION (PS.10,632,393) IN CONNECTION WITH THE DISPOSAL OF ITS INVESTMENT IN GSF.
 
10.         ACQUISITIONS:
 
(A)   IN AUGUST 2014, THE GROUP ACQUIRED, PURSUANT TO APPLICABLE REGULATIONS AND THROUGH A SERIES OF TRANSACTIONS, ALL OF THE EQUITY INTEREST OF GRUPO CABLE TV, S.A. DE C.V. (“CABLECOM”) FOR AN AGGREGATE CONSIDERATION OF PS.15,847,661. THE GROUP BEGAN TO CONSOLIDATE THE NET ASSETS OF CABLECOM AS OF AUGUST 31, 2014, AND THEREFORE, THE GROUP’S CONSOLIDATED STATEMENTS OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2014, INCLUDED NET INCOME OF CABLECOM FOR THE FOUR MONTHS ENDED DECEMBER 31, 2014 (SEE NOTE 8).
 
(B)   IN JANUARY 2015, THE GROUP ACQUIRED, THROUGH A SERIES OF TRANSACTIONS, THE NET ASSETS OF CABLEVISIÓN RED, S.A. DE C.V. (“TELECABLE”) FOR AN AGGREGATE CONSIDERATION OF PS.10,001,838. TELECABLE IS A TELECOMMUNICATIONS COMPANY THAT PROVIDES VIDEO, DATA AND TELEPHONE SERVICES PRIMARILY IN SIX STATES OF MEXICO. IN CONNECTION WITH THIS ACQUISITION, THE GROUP RECOGNIZED AN EXCESS OF PURCHASE PRICE OVER THE CARRYING VALUE OF THE ACQUIRED NET ASSETS OF TELECABLE IN THE AGGREGATE AMOUNT OF PS.8,774,852,, WHICH CONSISTED PRIMARILY OF INTANGIBLE ASSETS, BASED ON A PRELIMINARY VALUATION AT THE ACQUISITION DATE. THE GROUP EXPECTS TO COMPLETE A FINAL PURCHASE PRICE ALLOCATION OF THIS TRANSACTION IN THE SECOND HALF OF 2015. THE GROUP BEGAN TO CONSOLIDATE THE NET ASSETS AND RESULTS OF OPERATIONS OF TELECABLE BEGINNING IN THE FIRST QUARTER OF 2015 (SEE NOTE 8).
 
11.         TRANSACTIONS WITH RELATED PARTIES:
 
(A)   IN THE SIX MONTHS ENDED JUNE 30, 2015 AND 2014, ROYALTY REVENUE FROM UNIVISION AMOUNTED TO PS.2,144,059 AND PS.1,950,076, RESPECTIVELY.
 
(B)  IN MARCH 2015, THE GROUP RECOGNIZED IN CONSOLIDATED OTHER INCOME, NET, A NON-RECURRING INCOME FROM UNIVISION IN THE AMOUNT OF U.S.$67.6 MILLION (PS.1,038,314), AS A RESULT OF THE EARLY TERMINATION OF A TECHNICAL ASSISTANCE AGREEMENT WITH UNIVISION.
 
12.          EVENTS AFTER THE REPORTING PERIOD:
 
ON JULY 2, 2015, UNIVISION HOLDINGS, INC. (“UNIVISION HOLDINGS”, FORMERLY BROADCASTING MEDIA PARTNERS, INC. OR BMP, THE CONTROLLING COMPANY OF UNIVISION) AND THE COMPANY ANNOUNCED THAT TOGETHER WITH MAJOR SHAREHOLDERS OF UNIVISION HOLDINGS, THEY HAD ENTERED INTO A MEMORANDUM OF UNDERSTANDING (“MOU”) AND THAT CERTAIN SUBSIDIARIES OF UNIVISION HOLDINGS AND THE COMPANY ENTERED INTO AN AMENDMENT TO THEIR EXISTING PROGRAM LICENSING AGREEMENT (THE “PLA AMENDMENT”).
 
UNDER THE PLA AMENDMENT, THE TERMS OF THE EXISTING STRATEGIC RELATIONSHIP BETWEEN UNIVISION HOLDINGS AND THE COMPANY HAVE BEEN AMENDED PRIMARILY (I) TO EXTEND THE TERM OF THE PLA FROM ITS CURRENT EXPIRATION DATE OF AT LEAST 2025 TO AT LEAST 2030; AND (II) TO ADJUST THE ROYALTY COMPUTATION OF THE PLA BY MAKING CERTAIN ADDITIONAL REVENUE SUBJECT TO THE ROYALTY IN EXCHANGE FOR CERTAIN ADJUSTMENTS TO THE ROYALTY RATE.
 
UNDER THE TERMS OF THE MOU, UNIVISION HOLDINGS, THE COMPANY AND THE MAJOR SHAREHOLDERS OF UNIVISION HOLDINGS AGREED (I) AN EQUITY CAPITALIZATION OF UNIVISION HOLDINGS BY WHICH, AMONG OTHER CONSIDERATIONS, THE COMPANY WILL HOLD COMMON STOCK WITH APPROXIMATELY 22% OF THE VOTING RIGHTS OF UNIVISION HOLDINGS COMMON STOCK AND THE RIGHT FOR THE COMPANY TO DESIGNATE A MINIMUM NUMBER OF DIRECTORS TO UNIVISION HOLDINGS BOARD OF DIRECTORS; AND (II) THE COMPANY WILL CONVERT U.S.$1,125 MILLION PRINCIPAL AMOUNT OF UNIVISION HOLDINGS DEBENTURES INTO WARRANTS THAT ARE EXERCISABLE FOR NEW CLASSES OF UNIVISION HOLDINGS COMMON STOCK, AND UNIVISION HOLDINGS HAS AGREED TO PAY THE COMPANY ON THE DATE OF CONVERSION, U.S.$135.1 MILLION AS A CASH CONSIDERATION FOR THE CONVERSION.

- - - - - - - - - - - -
 
 
 
 

 
 
INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
  Final Printing
 
COMPANY NAME
MAIN ACTIVITIES
 
NUMBER OF SHARES
%
OWNERSHIP
TOTAL AMOUNT
(Thousands in Mexican Pesos)
ACQUISITION COST
BOOK VALUE
1
ARGOS COMUNICACION,
PRODUCTION OF T.V. PROGRAMS
       
 
S.A. DE C.V.
BROADCASTING OF T.V.
34,151,934
33.00
141,932
55,662
2
BROADCASTING MEDIA
PROMOTION AND/OR DEVELOPMENT OF
       
 
PARTNERS, INC.
  ENTERTAINMENT COMPANIES
842,850
7.81
2,584,818
3,441,647
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
5,780
4
ENDEMOL MEXICO, S.A. DE C.V.
PRODUCTION AND COMMERCIALIZATION OF
       
   
TELEVISION PROGRAMMING
25,000
50.00
25
207
5
GRUPO DE TELECOMUNICACIONES DE
         
 
ALTA CAPACIDAD, S.A.P.I. DE C.V.
TELECOM
54,666,667
33.33
54,667
634,295
6
OCESA ENTRETENIMIENTO
         
 
S.A. DE C.V.
LIVE ENTERTAINMENT IN MEXICO
14,100,000
40.00
1,062,811
885,196
7
OLLIN VFX, S.A.P.I. DE C.V.
TELEVISION AND CINEMA PRODUCTION
34
25.37
13,333
13,333
8
T&V S.A.S.
PRODUCTION AND COMMERCIALIZATION OF
       
   
TELEVISION PROGRAMMING
1,849
49.97
312
312
 
TOTAL INVESTMENT IN ASSOCIATES
     
3,890,168
5,036,432
 
OBSERVATIONS:
 
 
 

 
 
CREDITS BREAKDOWN
(THOUSANDS OF MEXICAN PESOS)
 
CONSOLIDATED
  Final Printing
 
CREDIT TYPE / INSTITUTION
FOREIGN INSTITUTION (YES/NOT)
 DATE OF CONTRACT
 AMORTIZATION DATE
 INTEREST RATE
AMORTIZATION OF CREDITS DENOMINATED IN PESOS
AMORTIZATION OF CREDITS IN FOREIGN CURRENCY
TIME INTERVAL
TIME INTERVAL
CURRENT
YEAR
UNTIL 1 YEAR
UNTIL 2 YEAR
UNTIL 3 YEAR
UNTIL 4 YEAR
UNTIL 5 YEAR
CURRENT YEAR
UNTIL 1 YEAR
UNTIL 2 YEAR
UNTIL 3 YEAR
UNTIL 4 YEAR
UNTIL 5 YEAR
BANKS
                               
FOREIGN TRADE
                               
SECURED
                               
COMMERCIAL BANKS
                               
HSBC MÉXICO, S.A.
NO
3/28/2011
3/30/2018
TIIE+117.5
   
1,248,727
1,248,727
               
AF BANREGIO, S.A. DE C.V.
NO
10/4/2012
10/2/2017
TIIE+2.50
3,900
4,800
9,825
10,975
               
HSBC MÉXICO, S.A.
NO
5/29/2013
5/29/2019
TIIE+1.70
37,692
31,415
64,787
64,787
228,413
             
HSBC MÉXICO, S.A.
NO
7/4/2014
7/4/2019
TIIE+1.40
         
299,090
           
BANCO SANTANDER, S.A.
NO
9/29/2014
9/29/2016
TIIE+.65
   
1,780,708
                 
BANCO SANTANDER, S.A.
NO
1/30/2015
9/29/2016
TIIE+.35
   
499,605
                 
BANCO SANTANDER, S.A.
NO
3/12/2015
5/11/2021
TIIE+1.30
         
249,540
           
BANCO SANTANDER, S.A.
NO
1/8/2015
9/10/2019
TIIE+1.40
         
249,333
           
BANCO SANTANDER, S.A.
NO
1/8/2015
4/30/2022
TIIE+1.30
   
56,283
101,310
135,080
677,727
           
OTHER
                               
TOTAL BANKS
       
41,592
36,215
3,659,935
1,425,799
363,493
1,475,690
0
0
0
0
0
0
STOCK MARKET
                               
LISTED STOCK EXCHANGE
                               
UNSECURED
                               
SENIOR NOTES
YES
5/9/2007
5/11/2037
8.93
         
4,484,109
           
NOTES
NO
10/14/2010
10/1/2020
7.38
         
9,962,383
           
SENIOR NOTES
YES
5/14/2013
5/14/2043
7.62
         
6,433,883
           
NOTES
NO
4/7/2014
4/1/2021
TIIE+.35
         
5,987,932
           
NOTES
NO
5/11/2015
5/2/2022
TIIE+.35
         
4,988,079
           
SENIOR NOTES
YES
5/6/2008
5/15/2018
6.31
                 
7,827,619
   
SENIOR NOTES
YES
3/18/2005
3/18/2025
6.97
                     
9,043,123
SENIOR NOTES
YES
3/11/2002
3/11/2032
8.94
                     
4,678,736
SENIOR NOTES
YES
11/23/2009
1/15/2040
6.97
                     
9,261,125
SENIOR NOTES
YES
5/13/2014
5/13/2045
5.26
                     
15,188,410
SECURED
       
0
0
0
0
0
31,856,386
0
0
0
7,827,619
0
38,171,394
PRIVATE PLACEMENTS
                               
UNSECURED
                               
SECURED
                               
TOTAL STOCK MARKET
                               
OTHER CURRENT AND NON-CURRENT LIABILITIES WITH COST
                               
CSI LEASING MÉXICO, S. DE R.L. DE C.V.
NO
12/1/2011
10/1/2015
 
1,253
                     
GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD
NO
8/1/2012
7/1/2020
 
89,757
 
85,462
86,052
87,130
179,147
           
GE CAPITAL CFE MEXICO,  S. DE R.L. DE C.V.
NO
7/1/2014
8/1/2019
 
14,320
13,717
26,736
25,861
25,045
4,956
           
ALD AUTOMITIVE, S.A. DE C.V.
NO
12/1/2013
12/1/2015
 
3,033
                     
GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD
NO
11/1/2014
11/1/2022
 
336
 
125
126
129
53
           
GE CAPITAL CFE MEXICO,  S. DE R.L. DE C.V.
NO
11/1/2014
7/1/2021
 
9,861
9,971
22,366
21,144
21,579
             
GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD
NO
6/1/2015
1/1/2024
 
5,131
5,440
5,435
5,600
5,775
31,857
           
INTELSAT GLOBAL  SALES & MARKETING, LTD.
YES
10/1/2012
9/1/2027
             
117,607
121,966
257,659
277,110
298,030
3,493,872
IP MATRIX, S.A. DE C.V.
YES
11/1/2009
11/1/2015
             
5,454
         
GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD
NO
8/1/2012
7/1/2021
             
27,371
1,490
21,930
22,748
23,630
74,728
GE CAPITAL CFE MEXICO,  S. DE R.L. DE C.V.
NO
5/29/2013
7/1/2017
             
1,661
2,056
4,320
608
   
CISCO SYSTEMS CAPITAL CORPORATION
NO
10/10/2012
8/27/2016
             
22,218
15,662
4,159
     
GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD
NO
11/1/2014
11/1/2022
             
6,034
1,673
3,098
3,161
3,231
11,883
TOTAL CURRENT AND NON-CURRENT
                               
LIABILITIES WITH COST
       
123,691
29,12
140,124
138,783
139,658
216,497
180,345
142,847
291,166
303,627
324,891
3,580,483
                                 
SUPPLIERS
                               
VARIOUS
NO
6/1/2015
6/30/2016
   
11,191,73
                   
VARIOUS
YES
6/1/2015
6/30/2016
               
8,749,252
       
TOTAL SUPPLIERS
       
0
11,191,73
0
0
0
0
0
8,749,252
0
0
0
0
                                 
OTHER CURRENT AND NON-CURRENT LIABILITIES
                               
VARIOUS
NO
       
17,666,802
677
0
2,875
413,344
           
TRANSMISSION RIGHTS
NO
         
82,831
129,881
14,563
78,780
           
CUSTOMER DEPOSITS AND ADVANCES
NO
         
453,282
                 
2010 AND 2014 MEXICAN TAX REFORM
NO
         
801,726
1,457,864
1,404,945
2,566,598
           
DERIVATIVE FINANCIAL INSTRUMENTS
NO
           
154,672
 
113,221
           
VARIOUS
YES
                   
1,472,419
     
100,478
TRANSMISSION RIGHTS
YES
                     
249,402
693,908
342,515
417,186
OTHER CURRENT AND NON-CURRENT LIABILITIES
       
0
17,666,802
1,338,516
1,742,417
1,422,383
3,171,943
0
1,472,419
249,402
693,908
342,515
          517,664
                                 
TOTAL
       
165,283
28,923,882
5,138,575
3,306,999
1,925,534
36,720,516
180,345
10,364,518
540,568
8,825,154
667,406
42,269,541
 
NOTES
THE EXCHANGE RATES FOR THE CREDITS DENOMINATED  IN FOREIGN CURRENCY
WERE AS FOLLOWS:


$      15.6944                                    PESOS PER U.S. DOLLAR

DOES NOT INCLUDE TAX LIABILITIES INCLUDED PAYABLE IN FOREIGN CURRENCY AND
MEXICAN PESOS (REF. 21050000 TAXES PAYABLE) OF PS.106,785 AND PS.1,779,913, RESPECTIVELY,
FOR EFFECTS OF VALIDATION OF THE SYSTEM.


BANK LOANS AND SENIOR NOTES ARE PRESENTED NET OF UNAMORTIZED FINANCE COSTS
IN THE AGGREGATE AMOUNT OF PS.1,238,181.
 
 
 

 
 
MONETARY FOREIGN CURRENCY POSITION
(THOUSANDS OF MEXICAN PESOS)
CONSOLIDATED
  Final Printing
   
FOREIGN CURRENCY POSITION
(THOUSANDS OF PESOS)
DOLLARS
OTHER CURRENCIES
TOTAL
THOUSANDS
OF PESOS
THOUSANDS
OF DOLLARS
THOUSANDS
OF PESOS
THOUSANDS
OF DOLLARS
THOUSANDS
OF PESOS
           
MONETARY ASSETS
2,834,319
44,482,936
160,862
2,524,633
47,007,569
           
CURRENT
1,529,319
24,001,744
118,120
1,853,823
25,855,567
           
NON-CURRENT
1,305,000
20,481,192
42,742
670,810
21,152,002
           
LIABILITIES POSITION
4,035,293
62,247,315
45,048
707,002
62,954,317
           
CURRENT
639,557
10,037,463
39,134
614,185
10,651,648
           
NON-CURRENT
3,395,736
52,209,852
5,914
92,817
52,302,669
           
NET BALANCE
(1,200,974)
(17,764,379)
115,814
1,817,631
(15,946,748)
 
NOTES 
 
THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS :
 
 
PS
15.6944
 
PESOS PER U.S. DOLLAR
 
17.4867
 
PESOS PER EURO
 
12.5720
 
PESOS PER CANADIAN DOLLAR
 
1.7281
 
PESOS PER ARGENTINEAN PESO
 
0.5817
 
PESOS PER URUGUAYAN PESO
 
0.0246
 
PESOS PER CHILEAN PESO
 
0.0060
 
PESOS PER COLOMBIAN PESO
 
4.8606
 
PESOS PER PERUVIAN NUEVO SOL
 
16.6634
 
PESOS PER SWISS FRANC
 
2.4349
 
PESOS PER STRONG BOLIVAR
 
5.0511
 
PESOS PER BRAZILIAN REAL
 
24.6729
 
PESOS PER STERLING LIBRA
 
2.5314
 
PESOS PER CHINESE YUAN
 
1.8915
 
PESOS PER SWEDISH KRONA
 
 

 
DEBT INSTRUMENTS
CONSOLIDATED
  Final Printing

 
FINANCIAL RESTRICTIONS OF LONG - TERM DEBT SECURITIES
 
THE AGREEMENTS OF THE  U.S.$500 MILLION, U.S.$600 MILLION, U.S.$300 MILLION, PS.4,500 MILLION, U.S.$600 MILLION, PS.6,500 MILLION AND U.S.$1,000 MILLION SENIOR NOTES ISSUED BY GRUPO TELEVISA,S.A.B. WITH MATURITY IN 2018, 2025, 2032, 2037, 2040, 2043 AND 2045, RESPECTIVELY, CONTAIN COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.
 
THE AGREEMENTS OF NOTES ("CERTIFICADOS BURSÁTILES") DUE 2020, 2021 AND 2022 IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.10,000 MILLION, PS.6,000 MILLION, AND PS.5,000 MILLION, RESPECTIVELY, CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.
 
UNDER THE TERMS OF THE AGREEMENTS OF LONG-TERM CREDITS ENTERED INTO BY THE COMPANY WITH A MEXICAN BANK IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.2,500 MILLION, AND MATURITIES BETWEEN 2016 AND 2018, THE COMPANY IS REQUIRED TO (A) MAINTAIN CERTAIN FINANCIAL COVERAGE RATIOS RELATED TO INDEBTEDNESS AND INTEREST EXPENSE; AND (B) COMPLY WITH A RESTRICTIVE COVENANT ON SPIN-OFFS, MERGERS AND SIMILAR TRANSACTIONS.
 
UNDER THE TERMS OF THE AGREEMENTS OF LONG-TERM CREDITS ENTERED INTO BY A SUBSIDIARY OF THE COMPANY WITH FOUR MEXICAN BANKS FOR  AN AGGREGATE PRINCIPAL AMOUNT OF $2,231 MILLION AS OF JUNE 30, 2015 AND MATURITIES BETWEEN 2015 AND 2022, THIS SUBSIDIARY IS REQUIRED TO COMPLY WITH CERTAIN FINANCIAL RATIOS AND SOME RESTRICTIVE COVENANTS.
 
 
COMPLIANCE WITH FINANCIAL RESTRICTIONS
 
AT JUNE 30, 2015, THE GROUP HAS COMPLIED WITH THE FINANCIAL RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM SENIOR NOTES DESCRIBED ABOVE.
 
 
 

 
 
SALES DISTRIBUTION BY PRODUCT
 
TOTAL SALES
(THOUSANDS OF MEXICAN PESOS)
 
CONSOLIDATED
  Final Printing
 
MAIN PRODUCTS
NET SALES
MARKET
SHARE
(%)
MAIN
VOLUME
AMOUNT
TRADEMARKS
CUSTOMERS
DOMESTIC SALES
         
INTERSEGMENT ELIMINATIONS
 
(877,446)
     
           
CONTENT:
         
ADVERTISING
 
9,629,515
   
GENOMMA LAB INTERNACIONAL, S.A.B. DE C.V.
         
COMERCIALIZADORA DE LACTEOS Y DERIVADOS, S.A. DE C.V.
         
UNILEVER DE MÉXICO, S. DE R.L. DE C.V.
         
THE CONCENTRATE MANUFACTURING COMPANY OF IRELAND
         
NUEVA WAL MART DE MÉXICO, S. DE R.L. DE C.V.
         
COMPAÑÍA PROCTER & GAMBLE MÉXICO, S. DE R.L. DE C.V.
         
BIMBO, S.A. DE C.V.
         
THE COCA COLA EXPORT CORPORATION SUCURSAL EN MÉXICO
         
ANHEUSER-BUSCH MÉXICO HOLDING, S. DE R.L. DE C.V.
         
MARCAS NESTLÉ, S.A. DE C.V.
NETWORK SUBSCRIPTION REVENUE
 
1,192,828
   
MEGA CABLE, S.A. DE C.V.
         
TOTAL PLAY TELECOMUNICACIONES, S.A. DE C.V.
LICENSING AND SYNDICATIONS
 
317,330
   
VARIOUS
           
SKY  (INCLUDES LEASING OF SET-TOP
         
EQUIPMENT).
         
DTH BROADCAST SATELLITE
 
8,478,173
 
SKY
SUBSCRIBERS
PAY PER VIEW
 
97,246
     
CHANNEL COMMERCIALIZATION
 
151,022
   
WDC MÉXICO S. DE R.L. DE C.V.
           
TELECOMMUNICATIONS (INCLUDES
         
LEASING OF SET-TOP EQUIPMENT):
         
DIGITAL SERVICE
 
6,033,568
 
CABLEVISIÓN, CABLEMÁS, TVI,
SUBSCRIBERS
INTERNET SERVICES
 
3,366,283
 
CABLECOM, IZZI, TELECABLE
 
SERVICE INSTALLATION
 
51,921
     
PAY PER VIEW
 
26,250
     
CHANNEL COMMERCIALIZATION
 
243,019
   
MULTILMEDIOS S.A. DE C.V.
         
TENEDORA DE CINES, S.A. DE C.V.
         
MEDIA SOLUTIONS DE MONTERREY, S.A. DE C.V.
         
COPPEL, S.A. DE C.V.
TELEPHONY
 
1,649,603
     
TELECOMMUNICATIONS
 
1,871,960
 
BESTEL Y CABLECOM
SUBSCRIBERS
OTHER
 
140,439
     
           
OTHER BUSINESSES:
         
PUBLISHING:
         
MAGAZINE CIRCULATION
12,627
241,420
 
TV Y NOVELAS MAGAZINE,
GENERAL PUBLIC (AUDIENCE)
       
MEN´S HEALTH MAGAZINE,
DEALERS
       
VANIDADES MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
COSMOPOLITAN MAGAZINE
 
       
NATIONAL GEOGRAPHIC MAGAZINE
 
       
AUTOMÓVIL PANAMERICANO MAGAZINE
 
       
TÚ MAGAZINE
 
       
SKY VIEW MAGAZINE
 
       
MUY INTERESANTE MAGAZINE
 
       
COCINA FÁCIL MAGAZINE
 
ADVERTISING
 
293,441
   
FÁBRICAS DE CALZADO ANDREA, S.A. DE C.V.
         
KIMBERLY CLARK DE MÉXICO, S.A.B. DE C.V.
         
DILTEX, S.A. DE C.V.
         
DISTRIBUIDORA LIVERPOOL, S.A. DE C.V.
         
NUEVA WAL MART DE MÉXICO, S. DE R.L. DE C.V.
         
COLGATE PALMOLIVE, S.A. DE C.V.
         
PERFUMERIE VERSAILLES, S.A. DE C.V.
         
MARY KAY COSMETICS DE MÉXICO, S.A. DE C.V.
OTHER INCOME
 
7,873
   
VARIOUS
           
DISTRIBUTION, RENTALS, AND SALE
         
OF MOVIE RIGHTS
 
260,706
   
TENEDORA DE CINES, S.A. DE C.V.
         
OPERADORA DE CINEMAS, S.A. DE C.V.
         
OPERADORA CINEMEX DE MÉXICO, S.A. DE C.V.
         
GRUPO CINEMAS DEL PACIFICO, S.A. DE C.V.
         
AMOR POR EL CINE , S.A. DE C.V.
SPECIAL EVENTS AND SHOW PROMOTION
 
574,338
 
CLUB DE FÚTBOL AMÉRICA
GENERAL PUBLIC (AUDIENCE)
       
ESTADIO AZTECA
FEDERACIÓN MEXICANA DE FÚTBOL ASOCIACIÓN, A.C.
         
PVH MÉXICO, S.A. DE C.V.
GAMING
 
1,192,120
 
PLAY CITY
GENERAL PUBLIC (AUDIENCE)
       
MULTIJUEGOS
 
ADVERTISED TIME SOLD IN RADIO
 
352,674
   
HAVAS MEDIA, S.A DE C.V.
         
ARENA COMMUNICATIONS, S.A. DE C.V.
         
OPTIMUM MEDIA DIRECTION DE MÉXICO, S.A. DE C.V.
         
IPG MEDIA BRANDS COMMUNICATIONS, S.A. DE C.V.
         
TIENDAS CHEDRAUI, S.A. DE C.V.
         
WORLDWIDE MEDIACOM MÉXICO, S.A.DE C.V.
PUBLISHING DISTRIBUTION
4,003
107,169
 
HOLA MÉXICO MAGAZINE
VARIOUS
       
ENTREPRENEUR MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
MINIREVISTA MINA MAGAZINE
DEALERS
       
CARTOON NETWORK MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
GLAMOUR MAGAZINE
 
       
SELECCIONES MAGAZINE
 
           
EXPORT SALES
         
CONTENT:
         
ADVERTISING
 
143,570
   
CC MEDIOS Y COMUNICACIONES, C.A.
NETWORK SUBSCRIPTION REVENUE
 
483,037
   
INTERESES EN EL ITSMO, S.A.
         
DIRECTV ARGENTINA SOCIEDAD ANÓNIMA
         
GALAXY ENTERTAINMENT DE VZLA, C.A. DIRECTV
           
LICENSING AND SYNDICATIONS
 
3,088,348
 
TELEVISA
NETFLIX, INC
       
TELEVISA
TVSB CANAL 4 DE SAO PAULO, S.A.
       
TELEVISA
COMPAÑÍA PERUANA DE RADIODIFUSIÓN, S.A.
       
TELEVISA
RED TELEVISIVA MEGAVISION, S.A.
       
TELEVISA
RCN TELEVISIÓN, S.A.
OTHER BUSINESSES:
         
SPECIAL EVENTS AND SHOW PROMOTION
 
9,351
 
CLUB AMÉRICA
 
DISTRIBUTION, RENTALS, AND SALE
         
OF MOVIE RIGHTS
 
1,845
   
NETFLIX, INC
           
SUBSIDIARIES SALES ABROAD
         
CONTENT:
         
ADVERTISING
 
89,293
   
INITIATIVE MEDIA, INC.
         
M PARAMOUNT & TEAM DETROIT
         
GROUP M MATRIX
SKY  (INCLUDES LEASING OF SET-TOP
         
EQUIPMENT).
         
DTH BROADCAST SATELLITE
 
619,746
 
SKY
SUBSCRIBERS
TELECOMMUNICATIONS:
         
TELECOMMUNICATIONS
 
241,068
 
BESTEL
SUBSCRIBERS
           
OTHER BUSINESS:
         
PUBLISHING:
         
MAGAZINE CIRCULATION
14,852
317,452
 
T.V. Y NOVELAS MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
GENTE MAGAZINE
DEALERS
       
PAPARAZZI MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
VANIDADES MAGAZINE
 
       
COSMOPOLITAN MAGAZINE
 
       
NATIONAL GEOGRAPHIC MAGAZINE
 
       
MUY INTERESANTE  MAGAZINE
 
       
BILINKEN MAGAZINE
 
       
PARA TI MAGAZINE
 
       
CONDORITO MAGAZINE
 
ADVERTISING
 
374,454
   
MEDIACOM MIAMI
         
MCCANN ERICKSON N.Y.
         
MEDIA PLANNING, S.A.
         
R.C.N. TELEVISIÓN S.A.
PUBLISHING DISTRIBUTION:
1,207
41,399
 
SELECCIONES MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
MAGALY TV MAGAZINE
DEALERS
       
VOGUE MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
AXXIS MAGAZINE
 
       
EL CUERPO HUMANO MAGAZINE
 
       
HISTORIAS NATIONAL GEOGRAPHIC MAGAZINE
 
       
15 MINUTOS MAGAZINE
 
       
MOBILIARI MAGAZINE
 
RENTALS OF MOVIE FILMS
 
40,854
   
LIONS GATES FILMS, INC.
INTERSEGMENT ELIMINATIONS
 
(6,775)
     
           
TOTAL
32,689
40,845,094
     
 
 
 
 

 
 
ANALYSIS OF PAID CAPITAL STOCK
CHARACTERISTIC OF THE SHARES
 
 
CONSOLIDATED
  Final Printing
   
SERIES
NOMINAL VALUE (PS.)
VALID COUPON
NUMBER OF SHARES
CAPITAL STOCK
FIXED PORTION
VARIABLE PORTION
MEXICAN
FREE
SUBSCRIPTION
FIXED
VARIABLE
A
0.00000
0
115,425,114,192
0
115,425,114,192
0
848,428
0
B
0.00000
0
53,354,482,543
0
53,354,482,543
0
405,948
0
D
0.00000
0
84,882,073,096
0
84,882,073,096
0
620,017
0
L
0.00000
0
84,882,073,096
0
0
84,882,073,096
620,017
0
TOTAL
   
338,543,742,927
0
253,661,669,831
84,882,073,096
2,494,410
0
 
TOTAL NUMBER OF SHARES REPRESENTING THE PAID CAPITAL STOCK ON THE DATE OF THE INFORMATION:
338,543,742,927
 
 
 
NOTES:
 
THE NUMBER OF OUTSTANDING SHARES PRESENTED IN THE TABLE ABOVE PLUS THE SHARES REPURCHASED REPRESENT THE TOTAL NUMBER OF SHARES ISSUED. SEE NOTE 5 TO CONSOLIDATED FINANCIAL STATEMENTS.
 

 
 
FINANCIAL STATEMENT NOTES
CONSOLIDATED
  Final Printing
 
 
11060060: AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, INCLUDES TRANSMISSION RIGHTS AND PROGRAMMING FOR PS.5,760,590 AND PS.4,851,722, RESPECTIVELY.
 
12080050: AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, INCLUDES TRANSMISSION RIGHTS AND PROGRAMMING FOR PS.9,020,089 AND PS.8,994,398, RESPECTIVELY.
 
91000010: AT JUNE 30, 2015 DOESN´T INCLUDE TAX LIABILITIES IN FOREIGN CURRENCY FOR PS.106,785 (SEE ATTACHED BREAKDOWN OF CREDITS).
 
CUM40180000: THIS INFORMATION IS RELATED TO EARNINGS PER CPO. THE CPOS ARE THE SECURITIES TRADED IN THE MEXICAN STOCK EXCHANGE.
 
CUM40190000: THIS INFORMATION IS RELATED TO EARNINGS PER DILUTED CPO.
 
40180000: THIS INFORMATION IS RELATED TO EARNINGS PER CPO. THE CPOS ARE THE SECURITIES TRADED IN THE MEXICAN STOCK EXCHANGE.
 
40190000: THIS INFORMATION IS RELATED TO EARNINGS PER DILUTED CPO.
 

THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL STATEMENT AMOUNTS, INCLUDING THEIR BREAKDOWN OF MAIN CONCEPTS AND OTHER CONCEPTS.
 
 
 

 
 
 
EXHIBIT 1
TO THE ELECTRONIC FORM TITLED “PREPARATION, FILING, DELIVERY AND DISCLOSURE OF QUARTERLY ECONOMIC, ACCOUNTING AND ADMINISTRATIVE INFORMATION BY ISSUERS”

III. QUALITATIVE AND QUANTITATIVE INFORMATION
 
i. Management’s discussion of the policies concerning the use of financial derivative instruments, and explanation as to whether such policies permit the use of said instruments solely for hedging or also for trading or other purposes. The discussion must include a general description of the objectives sought in the execution of financial derivative transactions; the relevant instruments; the hedging or trading strategies implemented in connection therewith; the relevant trading markets; the eligible counterparties; the policies for the appointment of calculation or valuation agents; the principal terms and conditions of the relevant contracts; the policies as to margins, collateral and lines of credit; the authorization process and levels of authorization required by type of transaction (e.g., full hedging, partial hedging, speculation), stating whether the transactions were previously approved by the committee(s) responsible for the development of corporate and auditing practices; the internal control procedures applicable to the management of the market and liquidity risks associated with the positions; and the existence of an independent third party responsible for the review of such procedures and, as the case may be, the observations raised or deficiencies identified by such third party. If applicable, provide information concerning the composition of the overall risk management committee, its operating rules, and the existence of an overall risk management manual.
 
Management’s discussion of the policies concerning the use of financial derivative instruments, and explanation as to whether such policies permit the use of said instruments solely for hedging or also for trading or other purposes.
 
In accordance with the policies and procedures implemented by the Vice President of Finance and Risk and the Vice President and Corporate Controller, along with the Vice President of Internal Audit, the Company has entered into certain financial derivative transactions for hedging purposes in both the Mexican and international markets so as to manage its exposure to the market risks associated with the changes in interest and foreign exchange rates and inflation. In addition, the Company’s Investments Committee has established guidelines for the investment in structured notes or deposits associated with other derivatives, which by their nature may be considered as derivative transactions for trading purposes. It should be noted that in the second quarter of 2015, no such financial derivatives were outstanding. Pursuant to the provisions of International Financial Reporting Standards Board, certain financial derivative transactions originally intended to serve as a hedge and in effect until June 30th, 2015, are not within the scope of hedge accounting as specified in such Standards and, consequently, are recognized in the accounting based on the provisions included in the aforementioned Standards.
 
General description of the objectives sought in the execution of financial derivative transactions; the relevant instruments; the hedging or trading strategies implemented in connection therewith; the relevant trading markets; the eligible counterparties; the policies for the appointment of calculation or valuation agents; the principal terms and conditions of the relevant contracts; the policies as to margins, collateral and lines of credit; the authorization process and levels of authorization required by type of transaction (e.g., full hedging, partial hedging, speculation), stating whether the transactions were previously approved by the committee(s) responsible for the development of corporate and auditing practices; the internal control procedures applicable to the management of the market and liquidity risks associated with the positions; and the existence of an independent third party responsible for the review of such procedures and, as the case may be, the observations raised or deficiencies identified by such third party.
 
The Company’s principal objective when entering into financial derivative transactions is to mitigate the effects of unforeseen changes in interest and foreign exchange rates and inflation, so as to reduce the volatility in its results and cash flows as a result of such changes.
 
The Company monitors its exposure to the interest rate risk by: (i) assessing the difference between the interest rates applicable to its debt and temporary investments, and the prevailing market rates for similar instruments; (ii) reviewing its cash flow requirements and financial ratios (interest coverage); (iii) assessing the actual and budgeted-for trends in the principal markets; and (iv) assessing the prevailing industry practices and other similar companies. This approach enables the Company to determine the optimum mix between fixed- and variable-rate interest for its debt.
 
Foreign exchange risk is monitored by assessing the Company’s monetary position in U.S. dollars and its budgeted cash flow requirements for investments anticipated to be denominated in U.S. dollars and the service of its U.S. dollar-denominated debt.
 
Financial derivative transactions are reported from time to time to the Audit and Corporate Practices Committee.
 
The Company has entered into master derivatives agreements with both domestic and foreign financial institutions, that are internationally recognized institutions with which the Company, from time to time, has entered into financial transactions involving corporate and investment banking, as well as treasury services. The form agreement used in connection with financial derivatives transactions with foreign financial institutions is the Master Agreement published by the International Swaps and Derivatives Association, Inc. (“ISDA”) and with local institutions is the Master Agreement published by ISDA and the form agreement recommended by Banco de México. In both cases, the main terms and conditions are standard for these types of transactions and include mechanisms for the appointment of calculation or valuation agents.
 
In addition, the Company enters into standard guaranty agreements that set forth the margins, collateral and lines of credit applicable in each instance. These agreements establish the credit limits granted by the financial institutions with whom the Company enters into master financial derivative agreements, which specify the margin implications in the case of potential negative changes in the market value of its open financial derivative positions. Pursuant to the agreements entered into by the Company, financial institutions are entitled to make margin calls if certain thresholds are exceeded. In the event of a change in the credit rating issued to the Company by a recognized credit rating agency, the credit limit granted by each counterparty would be modified.
 
As of the date hereof, the Company has never experienced a margin call with respect to its financial derivative transactions.
 
In compliance with its risk management objectives and hedging strategies, the Company generally utilizes the following financial derivative transactions:
 
1.  
Cross-currency interest rate swaps (i.e., coupon swaps);
 
2.  
Interest rate and inflation-indexed swaps;
 
3.  
Cross-currency principal and interest rate swaps;
 
4.  
Swaptions;
 
5.  
Forward exchange rate contracts;
 
6.  
FX options;
 
7.  
Interest Rate Caps and Floors contracts;
 
8.  
Fixed-price contracts for the acquisition of government securities (i.e., Treasury locks); and
 
9.  
Credit Default Swaps.
 
The strategies for the acquisition of financial derivatives transactions are approved by the Risk Management Committee in accordance with the Policies and Objectives for the Use of Financial Derivatives.
 
During the quarter from April to June 2015, there were no defaults or margin calls under the aforementioned financial derivative transactions.
 
The Company monitors on a weekly basis the flows generated by the fair market value of and the potential for margin calls under its open financial derivative transactions. The calculation or valuation agent designated in the relevant Master Agreement, which is always the counterparty, issues monthly reports as to the fair market value of the Company’s open positions.
 
The Risk Management area is responsible for measuring, at least once a month, the Company’s exposure to the financial market risks associated with its financings and investments, and for submitting a report with respect to the Company’s risk position and the valuation of its financial derivatives to the Finance Committee on a monthly basis, and to the Risk Management Committee on a quarterly basis. The Company monitors the credit rating assigned to its counterparties in its outstanding financial derivative transactions on a regular basis.
 
The office of the Comptroller is responsible for the validation of the Company’s accounting records as related to its financial derivative transactions, based upon the confirmations received from the relevant financial intermediaries, and for obtaining from such intermediaries, on a monthly basis, confirmations or account statements supporting the market valuation of its open financial derivative positions.
 
As a part of the yearly audit on the Company, the aforementioned procedures are reviewed by the Company’s external auditors. As of the date hereof, the Company’s auditors have not raised any observation or identified any deficiency therein.
 
Information concerning the composition of the overall risk management committee, its operating rules, and the existence of an overall risk management manual.
 
The Company has a Risk Management Committee, which is responsible for monitoring the Company’s risk management activities and approving the hedging strategies used to mitigate the financial market risks to which the Company is exposed. The assessment and hedging of the financial market risks are subject to the policies and procedures applicable to the Company’s Risk Management Committee, the Finance and Risk Management areas and the Comptroller that form the Risk Management Manual of the Company. In general terms, the Risk Management Committee is comprised of members of the Corporate Management, Corporate Comptroller, Tax Control and Advice, Information to the Stock Exchange, Finance and Risk, Legal, Administration and Finance, Financial Planning and Corporate Finance areas.
 
ii.           General description of the valuation methods, indicating whether the instruments are valued at cost or at their fair value pursuant to the applicable accounting principles, the relevant reference valuation methods and techniques, and the events taken into consideration. Describe the policies for and frequency of the valuation, as well as the actions taken in light of the values obtained therefrom. Clarify whether the valuation is performed by an independent third party, and indicate if such third party is the structurer, seller or counterparty of the financial instrument. As with respect to financial derivative transactions for hedging purposes, explain the method used to determine the effectiveness thereof and indicate the level of coverage provided thereby.
 
The Company values its financial derivative instruments based upon the standard models and calculators provided by recognized market makers. In addition, the Company uses the relevant market variables available from online sources. The financial derivative instruments are valued at a reasonable value pursuant to the applicable accounting provisions.
 
In the majority of cases, the valuation at a reasonable value is carried out on a monthly basis based on valuations of the counterparties and the verification of such reasonable value with internal valuations prepared by the Risk Management area of the Company. Accounting wise, the valuation of the counterparty is registered.
 
The Company performs its valuations without the participation of any independent third party.
 
The method used by the Company to determine the effectiveness of an instrument depends on the hedging strategy and on whether the relevant transaction is intended as a fair-value hedge or a cash-flow hedge. The Company’s methods take into consideration the prospective cash flows generated by or the changes in the fair value of the financial derivative, and the cash flows generated by or the changes in the fair value of the underlying position that it seeks to hedge to determine, in each case, the hedging ratio.
 
iii.           Management’s discussion of the internal and external sources of liquidity that could be used to satisfy the Company’s requirements in connection with its financial derivatives.
 
As of the date hereof, the Company’s management has not discussed internal and external sources of liquidity so as to satisfy its requirements in connection with its financial derivatives since, based upon the aggregate amount of the Company’s financial derivative transactions, management is of the opinion that the Company’s significant positions of cash, cash equivalents and temporary investments, and the substantial cash flows generated by the Company, would enable the Company to respond adequately to any such requirements.
 
 
iv.           Explanation as to any change in the issuer’s exposure to the principal risks identified thereby and in their management, and any contingency or event known to or anticipated by the issuer’s management, which could affect any future report. Description of any circumstance or event, such as any change in the value of the underlying assets or reference variables, resulting in a financial derivative being used other than as originally intended, or substantially altering its structure, or resulting in the partial or total loss of the hedge, thereby forcing the Issuer to assume new obligations, commitments or changes in its cash flows in a manner that affects its liquidity (e.g., margin calls). Description of the impact of such financial derivative transactions on the issuer’s results or cash flows. Description and number of financial derivatives maturing during the quarter, any closed positions and, if applicable, number and amount of margin calls experienced during the quarter. Disclosure as to any default under the relevant contracts.

Changes in the Company’s exposure to the principal risks identified thereby and in their management, and contingencies or events known to or anticipated by the Company’s management, which could affect any future report.
 
Since a significant portion of the Company’s debt and costs are denominated in U.S. dollars, while its revenues are primarily denominated in Mexican pesos, depreciation in the value of the Mexican peso against the U.S. dollar and any future depreciation could have a negative effect on the Company’s results due to exchange rate losses. However, the significant amount of U.S. dollars in the Company’s treasury, and the hedging strategies adopted by the Company in recent years, have enabled it to avoid significant foreign exchange losses.
 
Circumstances or events, such as changes in the value of the underlying assets or reference variables, resulting in a financial derivative being used other than as originally intended, or substantially altering its structure, or resulting in the partial or total loss of the hedge, thereby forcing the Company to assume new obligations, commitments or changes in its cash flows in a manner that affects its liquidity (e.g., margin calls). Description of the impact of such financial derivative transactions on the Company’s results or cash flows.
 
As of the date hereof, no circumstance or event has given rise to a significant change in the structure of a financial derivative transaction, caused it to be used other than as originally intended, or resulted in a partial or total loss of the relevant hedge requiring that the Company assume new obligations, commitments or variations in its cash flow such that its liquidity is affected.
 
Description and number of financial derivatives maturing during the quarter, any closed positions and, if applicable, number and amount of margin calls experienced during the quarter. Disclosure as to any default under the relevant contracts.

1.  
During the relevant quarter, Corporación Novavisión S. de R.L. de C.V. (“Novavisión”) prepaid the variable rate loan in the amount of $1,400,000,000.00 (One Billion Four Hundred Million Pesos 00/100) due 2016. As a result of such prepayment, Novavisión early terminated the "Interest Rate Swap" through which it exchanged the payment of variable interest rate coupons for fixed rate coupons in Mexican Pesos.
2.  
Also, during the relevant quarter, one “Knock-out Option Call” agreement through which Televisa hedged against severe Mexican Peso depreciation for a notional amount of U.S.$15,000,000.00 (Fifteen Million U.S. Dollars 00/100) by paying a premium, expired. This option was entered in December 2012 and expired in May 2015, without being exercised by Televisa.

Likewise there were no defaults or margin calls under financial derivative transactions.
 
v.           Quantitative Information. Attached hereto as Table 1 is a summary of the financial derivative instruments purchased by Televisa, Corporación Novavisión, S. de R.L. de C.V. and Televisión Internacional, S.A. de C.V., whose aggregate fair value represents or could represent one of the reference percentages set forth in Section III (v) of the Official Communication.
 
IV. SENSITIVITY ANALYSIS
 
Considering that the Company has entered into financial derivative transactions for hedging purposes, and given the low amount of the financial derivative instruments that proved ineffective as a hedge, the Company has determined that such transactions are not material and, accordingly, the sensitivity analysis referred to in Section IV of the Official Communication is not applicable.
 
In those cases where the derivative instruments of the Company are for hedging purposes, for a material amount and where the effectiveness measures were sufficient, the measures are justified when the standard deviation of the changes in cash flow as a result of changes in the variables of exchange rate and interest rates of the derivative instruments used jointly with the underlying position is lower than the standard deviation of the changes in cash flow of the underlying position valued in pesos and the effective measures are defined by the correlation coefficient between both positions for the effective measures to be sufficient.
 
 
 
 

 
 
 
 
 
TABLE 1
 
GRUPO TELEVISA, S.A.B.
Summary of Financial Derivative Instruments as of
June 30, 2015
(In thousands of pesos/dollars)

Type of Derivative, Securities or Contract
Purpose (e.g., hedging, trading or other)
Notional Amount/Face Value
Value of the Underlying Asset / Reference Variable
Fair Value
 
Collateral/
Lines of Credit/
Securities Pledged
Current Quarter (4)
Previous Quarter (5)
Current Quarter D(H) (4)
Previous Quarter D(H) (5)
 
Maturing per Year
 
Interest Rate Swap (2)
Hedging
Ps. 1,400,000
-
TIIE 28 days + 24bps / 8.415%
-
(66,626)
Monthly interest
2015-2016
Does not exist (6)
Interest Rate Swap (1)
Hedging
Ps. 2,500,000
TIIE 28 days / 7.4325%
TIIE 28 days / 7.4325%
(154,672)
(162,963)
Monthly interest
2015-2018
Does not exist (6)
Interest Rate Swap (1)
Hedging
Ps. 6,000,000
TIIE 28 days / 5.9351%
TIIE 28 days / 5.9351%
(110,220)
(124,921)
Monthly interest
2015-2021
Does not exist (6)
Interest Rate Swap (1)
Hedging
Ps. 1,000,000
TIIE 28 days / 5.9075%
-
 
(773)
-
Monthly interest
2015-2022
Does not exist (6)
FX Options (1)
Hedging
USD 67,500
USD 67,500
USD 82,500
218
2,807
2015
Does not exist (6)
Interest Rate Swap (3)
Hedging
Ps.1,401,727
TIIE 28 days   /  5.063%
TIIE 28 days   /  5.063%
(9,175)
(13,241)
Monthly Interest
2015-2019
Does not exist (6)
         
(274,622)
(364,944)
   

(1)  
Acquired by Grupo Televisa, S.A.B.
(2)  
Acquired by Corporación Novavisión, S. de R.L. de C.V.
(3)  
Acquired by Televisión Internacional, S.A. de C.V.
(4)  
The aggregate amount of the derivatives reflected in the consolidated statement of financial position of Grupo Televisa, S.A.B. as June 30, 2015, included in the relevant SIFIC, is as follows:
 
  11060020  
FINANCIAL DERIVATIVE INSTRUMENTS
  Ps. 218  
  21060020  
FINANCIAL DERIVATIVE INSTRUMENTS
    (6,947 )
  22050010  
FINANCIAL DERIVATIVE INSTRUMENTS
    (267,893 )
          Ps. (274,622 )
 
 
(5)  
Information for as of March 31 2015.
(6)  
Applies only to implicit financing in the ISDA ancillary agreements identified as “Credit Support Annex”.

 
 
 

 
 
 
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA
QUARTER: 02
YEAR: 2015
GRUPO TELEVISA, S.A.B.
 
 
 
 
 
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 REPORT FOR THE SECOND QUARTER OF 2015, 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 THAT HAS BEEN OMITTED OR UNTRUE IN THIS QUARTERLY REPORT, OR INFORMATION CONTAINED IN SUCH REPORT THAT MAY BE MISLEADING TO INVESTORS.
 
 

 
 

  /s/ EMILIO FERNANDO AZCÁRRAGA JEAN
  /s/ SALVI RAFAEL FOLCH VIADERO
EMILIO FERNANDO AZCÁRRAGA JEAN
PRESIDENT AND CHIEF EXECUTIVE OFFICER
SALVI RAFAEL FOLCH VIADERO
CHIEF FINANCIAL OFFICER

 


    /s/ JOAQUÍN BALCÁRCEL SANTA CRUZ   
JOAQUÍN BALCÁRCEL SANTA CRUZ
VICE PRESIDENT  -  LEGAL AND
GENERAL COUNSEL
 
 

 
MÉXICO, D.F., JULY 6, 2015
 
 
 

 
 
GENERAL DATA
 
DATE:  07/06/2015
MEXICAN STOCK EXCHANGE, REPORTS:
 
  GENERAL DATA OF ISSUER  
 
STOCK EXCHANGE CODE:
 
     
 
TLEVISA
 
     
 
COMPANY'S NAME:
 
     
 
GRUPO TELEVISA, S.A.B.
 
     
 
STATE:
 
     
 
DISTRITO FEDERAL
 
     
 
CITY:
 
     
 
MÉXICO, D.F.
 
     
     
 
TELEPHONE:
ADDRESS:
     
 
01 (55) 52612000
AV. VASCO DE QUIROGA # 2000
     
 
FAX:
NEIGHBORHOOD:
     
 
01 (55) 52612494
SANTA FE
     
 
INTERNET ADDRESS:
 
     
 
www.televisa.com.mx
ZIP CODE:
     
   
01210
     
 
TAX DATA OF THE ISSUER
 
 
ADDRESS:
MUNICIPALITY:
     
 
AV. VASCO DE QUIROGA # 2000
ÁLVARO OBREGÓN
     
 
NEIGHBORHOOD:
STATE:
     
 
SANTA FE
DISTRITO FEDERAL
     
 
CITY AND STATE:
ZIP CODE:
     
 
MÉXICO, D.F.
01210
     
 
COMPANY TAX CODE:
 
     
 
GTE901219GK3
 
 
 
 

 
 
EXECUTIVES DATA

BMV POSITION
MR./MS.
FIRST NAME
LAST NAME
GENERAL DIRECTOR
MR.
EMILIO FERNANDO
AZCÁRRAGA JEAN
FINANCE DIRECTOR
LIC.
SALVI RAFAEL
FOLCH VIADERO
RESPONSIBLE FOR SENDING CORPORATE INFORMATION
LIC.
JOAQUÍN
BALCÁRCEL SANTA CRUZ
RESPONSIBLE FOR SENDING SHARE REPURCHASE INFORMATION
LIC.
GUADALUPE
PHILLIPS MARGAIN
RESPONSIBLE FOR INFORMATION TO INVESTORS
LIC.
CARLOS
MADRAZO VILLASEÑOR
RESPONSIBLE FOR PAYMENT
C.P.C.
JOSÉ RAÚL
GONZÁLEZ LIMA
RESPONSIBLE FOR SENDING FINANCIAL INFORMATION
C.P.C.
JOSÉ RAÚL
GONZÁLEZ LIMA
RESPONSIBLE FOR SENDING RELEVANT EVENTS
LIC.
CARLOS
MADRAZO VILLASEÑOR
RESPONSIBLE FOR LEGAL MATTERS
LIC.
JOAQUÍN
BALCÁRCEL SANTA CRUZ

BOARD OF DIRECTORS

POSITION
TYPE
MR./MS.
FIRST NAME
LAST NAME
PRESIDENT
RELATED
MR.
EMILIO FERNANDO
AZCÁRRAGA JEAN
DIRECTOR
INDEPENDENT
MR.
ALBERTO
BAILLERES GONZÁLEZ
DIRECTOR
RELATED
MR.
JULIO
BARBA HURTADO
DIRECTOR
RELATED
MR.
JOSÉ ANTONIO
BASTÓN PATIÑO
DIRECTOR
INDEPENDENT
MR.
FRANCISCO JOSÉ
CHÉVEZ ROBELO
DIRECTOR
RELATED
MR.
ALFONSO
DE ANGOITIA NORIEGA
DIRECTOR
INDEPENDENT
MR.
JON
FELTHEIMER
DIRECTOR
INDEPENDENT
MR.
JOSÉ ANTONIO VICENTE
FERNÁNDEZ CARBAJAL
DIRECTOR
INDEPENDENT
MR.
JOSÉ LUIS
FERNÁNDEZ FERNÁNDEZ
 DIRECTOR
RELATED
MR.
SALVI RAFAEL
FOLCH VIADERO
DIRECTOR
INDEPENDENT
MR.
MICHAEL T.
FRIES
DIRECTOR
RELATED
MR.
BERNARDO
GÓMEZ MARTÍNEZ
DIRECTOR
INDEPENDENT
MR.
ROBERTO
HERNÁNDEZ RAMÍREZ
DIRECTOR
RELATED
MR.
ENRIQUE
KRAUZE KLEINBORT
DIRECTOR
RELATED
MR.
JORGE AGUSTÍN
LUTTEROTH ECHEGOYEN
DIRECTOR
INDEPENDENT
MR.
LORENZO ALEJANDRO
MENDOZA GIMÉNEZ
DIRECTOR
INDEPENDENT
MR.
FERNANDO
SENDEROS MESTRE
DIRECTOR
INDEPENDENT
MR.
ENRIQUE    FRANCISCO JOSÉ
SENIOR HERNÁNDEZ
DIRECTOR
INDEPENDENT
MR.
EDUARDO
TRICIO HARO
DIRECTOR
INDEPENDENT
MR.
DAVID M.
ZASLAV
ALTERNATE DIRECTOR
INDEPENDENT
MR.
HERBERT
ALLEN III
ALTERNATE DIRECTOR
RELATED
MR.
FÉLIX JOSÉ
ARAUJO RAMÍREZ
ALTERNATE DIRECTOR
RELATED
MR.
JOAQUÍN
BALCÁRCEL SANTA CRUZ
ALTERNATE DIRECTOR
RELATED
MR.
LEOPOLDO
GÓMEZ GONZÁLEZ BLANCO
ALTERNATE DIRECTOR
INDEPENDENT
MR.
ALBERTO JAVIER
MONTIEL CASTELLANOS
ALTERNATE DIRECTOR
INDEPENDENT
MR.
RAÚL
MORALES MEDRANO
ALTERNATE DIRECTOR
RELATED
MS.
GUADALUPE
PHILLIPS MARGAIN
SECRETARY OF THE BOARD OF DIRECTORS
NA
MR.
RICARDO
MALDONADO YAÑEZ
 
COMPANY HISTORY

TELEVISA IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING WORLD BASED ON ITS MARKET CAPITALIZATION AND A MAJOR PARTICIPANT IN THE INTERNATIONAL ENTERTAINMENT BUSINESS. IT OPERATES FOUR BROADCAST CHANNELS IN MEXICO CITY, PRODUCES AND DISTRIBUTES 25 PAY-TV BRANDS FOR DISTRIBUTION IN MEXICO AND THE REST OF THE WORLD, AND EXPORTS ITS PROGRAMS AND FORMATS TO THE U.S. THROUGH UNIVISION COMMUNICATIONS INC. (“UNIVISION”) AND TO OTHER TELEVISION NETWORKS IN OVER 50 COUNTRIES. TELEVISA IS ALSO AN ACTIVE PARTICIPANT IN MEXICO’S TELECOMMUNICATIONS INDUSTRY. IT HAS A MAJORITY INTEREST IN SKY, A LEADING DIRECT-TO-HOME SATELLITE TELEVISION SYSTEM OPERATING IN MEXICO, THE DOMINICAN REPUBLIC AND CENTRAL AMERICA. TELEVISA ALSO PARTICIPATES IN MEXICO´S TELECOMMUNICATIONS INDUSTRY IN MANY REGIONS OF THE COUNTRY WHERE IT OFFERS VIDEO, VOICE, AND BROADBAND SERVICES. TELEVISA ALSO HAS INTERESTS IN MAGAZINE PUBLISHING AND DISTRIBUTION, RADIO PRODUCTION AND BROADCASTING, PROFESSIONAL SPORTS AND LIVE ENTERTAINMENT, FEATURE-FILM PRODUCTION AND DISTRIBUTION, THE OPERATION OF A HORIZONTAL INTERNET PORTAL, AND GAMING. IN THE UNITED STATES, TELEVISA HAS EQUITY AND DEBENTURES THAT, UPON CONVERSION AND SUBJECT TO ANY NECESSARY APPROVAL FROM THE FEDERAL COMMUNICATIONS COMMISSION (“FCC”) IN THE UNITED STATES, WOULD REPRESENT APPROXIMATELY 36% ON A FULLY DILUTED, AS-CONVERTED BASIS OF THE EQUITY CAPITAL IN UNIVISION HOLDINGS INC. (FORMERLY, BROADCASTING MEDIA PARTNERS, INC.), THE CONTROLLING COMPANY OF UNIVISION, THE LEADING MEDIA COMPANY SERVING THE UNITED STATES HISPANIC MARKET.
 
 

 
 
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.B.
 
(Registrant)
     
     
Dated: July 9, 2015
By:
/s/  Joaquín Balcárcel Santa Cruz
 
Name:
Joaquín Balcárcel Santa Cruz
 
Title:
General Counsel