UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of April, 2003
GRUPO TELEVISA, S.A.
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(Translation of registrant's name into English)
Av. Vasco de Quiroga No. 2000, Colonia Sante Fe 01210 Mexico, D.F.
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(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
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(Indicate by check mark whether the registrant by furnishing
the information contained in this Form is also furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.)
Yes No X
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(If "Yes" is marked indicate below the file number assigned to
the registrant in connection with Rule 12g-3-2(b): 82 .)
[TELEVISA LOGO]
FIRST QUARTER 2003 RESULTS
FOR IMMEDIATE RELEASE
GRUPO TELEVISA REPORTS FIRST QUARTER 2003 RESULTS
HIGHLIGHTS
>> NET SALES INCREASED 4.8% AND EBITDA GREW 14.9%.
>> OPERATING INCOME INCREASED 19.6%.
>> NET INCOME INCREASED 256.8%.
>> RATINGS AND AUDIENCE SHARE CONTINUE TO BE STRONG.
CONSOLIDATED RESULTS
Mexico City, D.F., April 29, 2003 -- Grupo Televisa, S.A. (NYSE:TV; BMV:
TLEVISA CPO) today announced results for the first quarter of 2003.
Results, which are attached, are in millions of Mexican pesos and have been
prepared in accordance with Mexican GAAP, and adjusted to pesos in
purchasing power as of March 31, 2003.
The following table sets forth a condensed Statement of Income in millions
of Mexican pesos, the percentage that each line represents from net sales,
and the percentage change for the first quarter of 2003 as compared with
the first quarter of 2002.
1Q MARGIN 1Q MARGIN CHANGE
2003 % 2002 % %
---------------------------------------------------------------
Net Sales(1) 4,811.8 100.0 4,592.7 100.0 4.8
EBITDA(2) 1,304.7 27.1 1,135.1 24.7 14.9
Operating Income 926.9 19.3 774.9 16.9 19.6
Net Income 250.1 5.2 70.1 1.5 256.8
(1) See "Results by Business Segment" for information regarding segment
results.
(2) EBITDA is defined as operating income before depreciation and
amortization
The increase in net sales was led by: i) higher revenues in the Television
Broadcasting segment mainly due to an increase in advertising time sold, as
well as the political advertising campaigns for the mid-term elections in
Mexico; ii) double digit revenue growth in the Programming Licensing
segment, reflecting higher royalties paid to the Company by Univision under
the Univision Programming Licensing Agreement; iii) higher sales in the
Programming for Pay Television segment; and iv) an increase in sales in the
Publishing and Publishing Distribution segments, the latter of which is
mainly due to the acquisition of a distribution company in Chile during the
second quarter of 2002. These increases were partially offset by lower
revenues in the Cable Television, Other Businesses and Radio segments.
The Company's EBITDA in the first quarter of 2003 increased 14.9% and
EBITDA margin increased to 27.1%. Additionally, operating income increased
19.6%. These increases primarily resulted from revenue growth and lower
operating expenses, partially offset by higher costs of sales, mainly from
the acquisition of the distribution company in Chile, as well as higher
depreciation and amortization costs.
The Company generated net income in the amount of Ps.250.1 million in the
first quarter of 2003, as compared to a net income of Ps.70.1 million in
last year's comparable period. The net increase of Ps.180.0 million
reflected a Ps.152.0 million increase in operating income; a Ps.50.5
million decrease in restructuring and non-recurring charges; a Ps.2.8
million decrease in other expense-net; a Ps.58.2 million decrease in loss
from discontinued operations; and a decrease of Ps.31.1 million in minority
interest. These favorable changes were partially offset by a Ps.30.1
million increase in integral cost of financing; a Ps.64.1 million increase
in income taxes and a Ps.20.4 million increase in equity in results from
affiliates.
RESULTS BY BUSINESS SEGMENTS
The following tables set forth the net sales, EBITDA and operating income
(loss) in millions of Mexican pesos for each of the Company's business
segments for the first quarters ended March 31, 2003 and 2002:
NET SALES 1Q % 1Q % CHANGE
2003 2002 %
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Television Broadcasting 2,937.7 60.0 2,874.5 62.1 2.2
Programming for Pay Television 156.0 3.2 137.7 3.0 13.3
Programming Licensing 406.7 8.3 321.1 6.9 26.7
Publishing 342.7 7.0 311.5 6.7 10.0
Publishing Distribution 366.1 7.5 202.9 4.4 80.4
Cable Television 240.5 4.9 292.9 6.3 (17.9)
Radio 55.6 1.1 58.5 1.3 (5.0)
Other Businesses 388.6 8.0 433.0 9.3 (10.3)
SEGMENT REVENUES 4,893.9 100.0 4,632.1 100.0 5.7
Intersegment Operations(1) (82.1) (107.5) N/A
Disposed Operations(2) - 68.1 N/A
CONSOLIDATED REVENUES 4,811.8 4,592.7 4.8
EBITDA 1Q MARGIN 1Q MARGIN CHANGE
2003 % 2002 % %
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Television Broadcasting 1,058.5 36.0 983.2 34.2 7.7
Programming for Pay Television 34.0 21.8 24.5 17.8 38.8
Programming Licensing 124.0 30.5 40.2 12.5 208.5
Publishing 29.0 8.5 28.1 9.0 3.2
Publishing Distribution 1.1 0.3 3.5 1.7 (68.6)
Cable Television 70.9 29.5 95.0 32.4 (25.4)
Radio 1.3 2.3 0.9 1.5 44.4
Other Businesses 16.4 4.2 (6.7) (1.5) N/A
Corporate Expenses (30.5) (0.6) (34.8) (0.8) N/A
SEGMENT EBITDA 1,304.7 26.7 1,133.9 24.5 15.1
Disposed Operations(2) - - 1.2 1.8 N/A
CONSOLIDATED EBITDA 1,304.7 27.1 1,135.1 24.7 14.9
OPERATING INCOME (LOSS) 1Q MARGIN 1Q MARGIN CHANGE
2003 % 2002 % %
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Television Broadcasting 812.6 27.7 760.5 26.5 6.9
Programming for Pay Television 23.1 14.8 13.9 10.1 66.2
Programming Licensing 122.1 30.0 36.9 11.5 230.9
Publishing 24.3 7.1 21.1 6.8 15.2
Publishing Distribution (3.7) (1.0) 0.1 - N/A
Cable Television 29.2 12.1 64.5 22.0 (54.7)
Radio (2.3) (4.1) (2.8) (4.8) N/A
Other Businesses (47.9) (12.3) (85.7) (19.8) N/A
Corporate Expenses (30.5) (0.6) (34.8) (0.8) N/A
SEGMENT OPERATING INCOME 926.9 18.9 773.7 16.7 19.8
Disposed Operations(2) - - 1.2 1.8 N/A
CONSOLIDATED OPERATING INCOME 926.9 19.3 774.9 16.9 19.6
(1) Intersegment operations: For segment reporting purposes, intersegment
operations are included in each of the segment operations.
(2) Disposed operations primarily reflect the results of operations of En
Vivo in 2002.
TELEVISION The increase of 2.2% in Television Broadcasting
BROADCASTING sales is mainly attributable to four factors: i)
an increase in advertising time sold; ii) the
political advertising campaigns for the mid-term
elections in Mexico; iii) the great success of
the program Big Brother II; and iv) an increase
of 17% in local sales driven by Channel 4TV, our
local channel in Mexico City and the surrounding
area. These factors contributed to a low single
digit increase in sales for this segment for the
first quarter of 2003, in line with our
expectations.
Television Broadcasting EBITDA increased 7.7%
related to higher sales, a 2.5% reduction in
operating expenses and a marginal decrease in
cost of sales. Operating income increased 6.9%
due to the increase in EBITDA, partially offset
by higher depreciation and amortization costs.
PROGRAMMING The 13.3% increase in Programming for Pay
FOR PAY TELEVISION Television sales resulted from higher revenues
from signals sold to pay television systems in
Mexico, as well as a marginal sales increase in
Latin America, partially offset by lower revenues
from signals sold to pay television systems in
Spain.
Operating income increased 66.2% due to higher
sales and lower operating expenses, partially
offset by higher signal costs.
PROGRAMMING The 26.7% increase in Programming Licensing sales
LICENSING is attributable to: i) an increase in the
royalties paid to the Company by Univision under
the Univision Programming Licensing Agreement,
which amounted to U.S.$21.1 million, including
the royalty from the TeleFutura network, which
the company began receiving in the first quarter
of 2003; ii) higher export sales to Asia; and
iii) the translation effect of foreign currency
denominated sales of Ps.42.8 million. These
increases were partially offset by lower export
sales to Latin America because of the difficult
economic conditions in that region.
Operating income had an impressive increase of
230.9%, reflecting higher sales and lower costs
of sales, partially offset by an increase in
operating expenses.
PUBLISHING The 10.0% increase in Publishing sales was
related to a higher number of magazines and
advertising pages sold in Mexico, higher
advertising pages sold abroad, and the
translation effect on foreign-currency
denominated sales, which amounted to Ps.14.5
million. These increases were partially offset by
a decrease in the number of magazines sold
abroad.
Publishing EBITDA increased 3.2% attributable to
higher sales, partially offset by increases in
cost of sales and operating expenses related to
the new magazines launched, an increase in
promotion and advertising costs, as well as by
the translation effect on foreign-currency
denominated costs and expenses. Publishing
operating income increased 15.2% due to a
reduction in amortization and depreciation costs.
PUBLISHING Publishing Distribution sales increased by 80.4%
DISTRIBUTION due to the incremental revenue generated by the
acquisition of the distribution company in Chile
in the second quarter of 2002, in the amount of
Ps.183.1 million for the first quarter of 2003,
as well as by the translation effect on
foreign-currency denominated sales.
Operating result decreased to a loss of Ps.3.7
million due to higher operating expenses,
reflecting a provision for doubtful trade
accounts in Latin America, particularly in
Colombia, partially offset by higher sales.
CABLE Cable Television sales decreased 17.9% due to a
TELEVISION substantial decrease of subscribers as compared
to the first quarter of the previous year, driven
mostly by price increases derived from the 10%
telecommunication tax and the increase in
subscriber piracy resulting thereof. The
subscriber base decreased to approximately
403,000, of which over 64,000 subscribers have
digital service, as of the end of the first
quarter of 2003.
Operating income decreased due to lower sales and
higher depreciation and amortization costs,
driven by the upgrading process in the network
and the acquisition of computer equipment,
partially offset by lower cost of sales and
operating expenses.
RADIO Radio sales decreased 5.0% due to a decline in
advertising time sold. However, EBITDA amounted
to Ps.1.3 million (2.3% EBITDA margin),
reflecting last year's restructuring initiatives.
Operating loss decreased to Ps.2.3 million in the
first quarter of 2003 from a loss of Ps.2.8
million in last year's comparable period. This
favorable variance is attributable to lower cost
of sales and operating expenses, partially offset
by lower sales.
OTHER The decrease in Other Businesses sales was
BUSINESSES primarily due to lower sales in the nationwide
paging and distribution of feature film
businesses. These decreases were partially offset
by higher sales in the sports events business. In
the first quarter of 2003 Other Businesses EBITDA
amounted to Ps.16.4 million (4.2% EBITDA margin)
as compared to a negative Ps.6.7 million in the
first quarter of 2002, mainly reflecting a
reduction of cost of sales and operating expenses
in the Internet portal, sports events and
nationwide paging businesses.
Operating loss decreased to Ps.47.9 million in
the first quarter of 2003 from a loss of Ps.85.7
million in last year's comparable period. This
favorable variance was led by the substantial
decrease in cost of sales and operating expenses,
partially offset by lower revenues.
SKY Innova, S. de R.L. de C.V., is a non-consolidated
business of Grupo Televisa and the pay-TV market
leader in Mexico. It provides direct-to-home
satellite television services under the SKY brand
name. Financial and operating unaudited
highlights of Innova, of which Televisa owns 60%,
News Corp. 30%, and Liberty Media 10%, are as
follows:
o The number of gross active subscribers
increased 11.2% to 779,700 as of March 31,
2003 as compared to the first quarter of the
previous year.
o Revenues increased 2.1% due to the increase
in its subscriber base.
o EBITDA for the first quarter of 2003
increased 20.4% to Ps.260.5 million from
Ps.216.3 million for the same period of the
prior year. As a result, EBITDA margin
increased 17.9% from 25.1% to 29.6%.
o EBIT for the first quarter of 2003 improved
Ps.91.3 million to a positive Ps.60.1
million from Ps.(31.2) million for the same
period of the prior year. As a result, EBIT
margin substantially increased from a
negative 3.6% to a positive 6.8%.
o Sky did not require additional funding from
its shareholders during the last four
quarters.
o On March 19, 2003, the court issued a
resolution favorable to Innova that would
recover from the Mexican tax authorities a
portion of the taxes it paid during the 2001
and 2002 fiscal periods, as well as for
January and February 2003. Recovery of these
taxes would significantly reduce Innova's
need for additional capital contributions
during the year.
o Sky continues to offer the highest quality
content in the Mexican pay TV industry.
NON-OPERATING RESULTS
INTEGRAL COST OF FINANCING
The following table sets forth the Integral Cost of Financing for the three
months ended March 31, 2003 and 2002, in millions of Mexican pesos, which
consisted of:
1Q 1Q INCREASE CHANGE
2003 2002 (DECREASE) %
---------------------------------------------------------------------------
Interest expense 348.3 300.7 47.6 15.8
Interest income (166.3) (149.1) (17.2) 11.5
Foreign exchange loss (gain) - net 108.1 (104.7) 212.8 N/A
Hedged foreign exchange loss (199.4) 25.7 (225.1) N/A
Loss from monetary position - net 90.6 78.6 12.0 15.3
181.3 151.2 30.1 19.9
The expense attributable to integral cost of financing increased by Ps.30.1
million, or 19.9%, to Ps.181.3 million for the first quarter ended March
31, 2003 from Ps.151.2 million for last year's comparable period. This
variance reflects: i) a Ps.212.8 million increase in net foreign exchange
loss, primarily due to the 3.1% depreciation of the Mexican peso as
compared to the U.S. dollar during the first quarter ended March 31, 2003,
versus a 1.7% appreciation of the Mexican peso as compared to the U.S.
dollar during the first quarter ended March 31, 2002; ii) a Ps.47.6 million
increase in interest expense, primarily as a result of a higher level of
debt outstanding during the first quarter of 2003 as compared with last
year's comparable period, and partially offset by a net gain attributable
to interest swap contracts outstanding in the first quarter of 2003; and
iii) a Ps.12.0 million increase in loss from monetary position primarily as
a result of a marginal increase in the Company's net asset monetary
position during the first quarter of 2003 as compared to the first quarter
of 2002. These increases in the integral cost of financing were partially
offset by: i) a Ps.225.1 million decrease in net foreign exchange loss
resulting from the hedge of the Company's U.S.$600 million long-term debt
securities maturing in 2011 and 2032 with the Company's net investment in
Univision beginning March 1, 2002; and ii) a Ps.17.2 million increase in
interest income, primarily as a result of a higher average amount of
temporary investments during the first quarter of 2003 as compared with the
first quarter of 2002.
RESTRUCTURING AND NON-RECURRING CHARGES
Restructuring and non-recurring charges decreased by Ps.50.5 million, or
49.1%, to Ps.52.4 million for the first quarter of 2003 from Ps.102.9
million for last year's comparable period. This decrease primarily reflects
the non-recurring charge taken in the first quarter of 2002 in connection
with the write-off of exclusive rights letters for soccer players, as well
as a reduction in restructuring charges in connection with work force
lay-offs in the first quarter of 2003 as compared to the first quarter of
2002.
OTHER EXPENSE-NET
Other expense-net decreased by Ps.2.8 million, or 1.8%, to Ps.154.4 million
for the first quarter of 2003 from Ps.157.2 million in last year's
comparable period. This decrease primarily reflects a reduction in
disposition of assets, a reduction in the provision for doubtful non-trade
accounts, and a reduction in the amortization of expenses related to DTH
services. These reductions were partially offset by an increase in the
amortization of goodwill, primarily goodwill recognized in connection with
the Company's equity investment in shares of Univision common stock in
February and April 2002, and the acquisition of the 40% of the shares
outstanding of Ocesa Entretenimiento in October 2002.
INCOME TAXES
Income tax, assets tax and employees' profit sharing increased by Ps.64.1
million to Ps.184.8 million for the first quarter of 2003 from a tax
provision of Ps.120.7 million for the first quarter of 2002. This increase
primarily reflects a higher income before taxes for the first quarter of
2003 as compared to the first quarter of 2002.
EQUITY IN RESULTS OF AFFILIATES
Equity in results of affiliates increased by Ps.20.4 million, or 19.9%, to
a loss of Ps.123.1 million for the first quarter of 2003 from a loss of
Ps.102.7 million in last year's comparable period. This increase primarily
reflects the Company's capital contributions in Sky Multi-Country Partners
("SMCP," the Company's DTH joint venture with operations in Colombia and
Chile) for the amount of approximately U.S.$5.0 million in the first
quarter of 2003, as well as the increase in the amount of the U.S. dollar
long-term notes and interest receivable from Innova (the Company's DTH
joint venture in Mexico), as a result of both the 3.1% depreciation of the
Mexican peso as compared to the U.S. dollar in the first quarter of 2003
and the related interest generated in the first quarter of 2003. The
Company's net investments in Innova and SMCP are represented by equity
losses recognized in excess of capital contributions made and long-term
loans provided by the Company but not in excess of the liabilities of these
DTH joint ventures being guaranteed by the Company. As of March 31, 2003,
the Company's guaranteed liabilities of Innova and SMCP amounted to
Ps.871.9 million and Ps. 808.4 million, respectively.
MINORITY INTEREST
The minority interest reflects the portion of the operating results
attributable to the interest held by third parties in the businesses which
are not wholly-owned by the Company, including the Company's cable
television, radio and nationwide paging businesses.
Minority interest decreased by Ps.31.1 million to a credit of Ps.19.2
million for the first quarter ended March 31, 2003 from a charge of Ps.11.9
million for the first quarter ended March 31, 2002. This decrease primarily
reflects a decrease in the net income of the Company's Cable Television
segment for the first quarter of 2003, as compared to the first quarter of
2002.
OTHER RELEVANT INFORMATION
CAPITAL EXPENDITURES, ACQUISITIONS AND INVESTMENTS
In the first quarter of 2003, the Company invested approximately U.S.$14.4
million in property, plant and equipment as capital expenditures, of which
approximately U.S.$2.4 million is related to Cablevision. Additionally, the
Company invested approximately U.S.$5.0 million in its Multi-Country DTH
venture in South America, and approximately U.S.$38 million for the
remaining balance of the acquisition of Ocesa Entretenimiento, the live
entertainment company in which the Company holds a 40% stake. Innova did
not require funding from Grupo Televisa or any of its other shareholders.
RELATED PARTY TRANSACTION
The Board of Directors approved a related party transaction, which involves
the acquisition by Televisa of a company which, upon the consummation of
such acquisition, will have no liabilities and its assets will consist
basically of 1,603,901 CPOs and net operating losses of approximately
Ps.6,457 million, which is the equivalent of U.S.$619 million. The total
consideration paid for such company will be approximately U.S.$83 million.
The terms of this acquisition have been approved by Televisa's Audit
Committee. The completion of this purchase is subject to a number of
conditions. This acquisition will strengthen the Company's cash flow
generation in the following years.
DEBT
As of March 31, 2003, the Company's long-term debt amounted to Ps.13,625.0
million, and its short-term debt was Ps.1,280.7 million, as compared to
Ps.13,574.1 million and Ps.344.4 million, respectively, as of March 31,
2002.
SHARE BUYBACK PROGRAM
As of April 29, 2003, the Company had repurchased approximately 33.1
million shares in the form of 11.0 million CPOs for approximately Ps.147.3
million, under its share repurchase program.
TELEVISION RATINGS AND AUDIENCE SHARE
National urban ratings and audience share reported by IBOPE confirm that in
the first quarter of 2003, Televisa continue to deliver strong ratings and
audience share. During weekday prime time (19:00 to 23:00 - Monday to
Friday), audience share amounted to 72.8%; in prime time (16:00 to 23:00 -
Monday to Sunday), audience share amounted to 70.5%; and in sign-on to
sign-off (6:00 to 24:00 - Monday to Sunday), audience share amounted to
71.7%.
Additionally, during the first quarter of 2003, Televisa aired 93 of the
100 most popular programs. Channel 2 continues to be the leader in Mexican
television largely due to the success of the following telenovelas: "Las
Vias del Amor," "Nina, Amada Mia," "Clase 406" and "Asi son Ellas."
OUTLOOK FOR 2003
Considering our first quarter results and the political advertising that we
expect to receive during the second quarter, the Company continues to
believe it is on track to deliver for the full year 2003: i) low single
digit revenue growth and EBITDA margin at 40% in the Television
Broadcasting segment; and ii) Consolidated EBITDA margin at 30%.
Grupo Televisa S.A., is the largest media company in the Spanish-speaking
world, and a major player in the international entertainment business. It
has interests in television production and broadcasting, programming for
pay television, international distribution of television programming,
direct-to-home satellite services, publishing and publishing distribution,
cable television, radio production and broadcasting, professional sports
and show business promotions, paging services, feature film production and
distribution, dubbing, and the operation of a horizontal Internet portal.
Grupo Televisa also has an unconsolidated equity stake in Univision, the
leading Spanish-language television company in the United States.
This press release 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 press release
should be read in conjunction with the factors described in "Item 1.
Description of Business - Cautionary Statement" in the Company's Annual
Report on Form 20-F, which, among others, could cause actual results to
differ materially for those contained in forward-looking statements made in
this press release 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.
(Please see attached tables for financial information and ratings data)
###
CONTACTS:
IN MEXICO: IN U.S. & EUROPE:
Michel Boyance / Alejandro Eguiluz Adam Miller / Robert Malin
Grupo Televisa, S.A. The Abernathy MacGregor Group
Av. Vasco de Quiroga No. 2000 501 Madison Avenue
Colonia Santa Fe New York, NY 10022
01210 Mexico, D.F. (212) 371-5999
(5255) 5261-2000
GRUPO TELEVISA, S. A.
CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2003 AND DECEMBER 31, 2002
(MILLIONS OF MEXICAN PESOS IN PURCHASING POWER AS OF MARCH 31, 2003)
ASSETS
March 31, December 31,
2003 2002
(Unaudited) (Audited)
--------------------- ---------------------
Current:
Available:
Cash Ps. 193.9 Ps. 1,634.5
Temporary investments 10,054.6 7,268.2
--------------------- ---------------------
10,248.5 8,902.7
Trade notes and accounts receivable-net 6,435.6 9,689.8
Other accounts and notes receivable-net 804.5 879.3
Due from affiliated companies-net 404.0 -
Transmission rights, programs,
production talent advances and films 3,470.5 3,465.2
Inventories 557.1 515.4
Other current assets 519.6 435.8
--------------------- ---------------------
Total current assets 22,439.8 23,888.2
Transmission rights, programs, literary works and films 5,001.5 4,901.2
Investments 3,223.7 3,073.1
Property, plant and equipment-net 15,470.7 15,545.6
Goodwill and trademarks-net 8,098.8 8,071.2
Deferred costs-net 1,317.8 1,375.6
Other assets 359.0 363.3
--------------------- ---------------------
Total assets Ps. 55,911.3 Ps. 57,218.2
===================== =====================
GRUPO TELEVISA, S. A.
CONSOLIDATED BALANCE SHEETS AS OF MARCH 31, 2003 AND DECEMBER 31, 2002
(MILLIONS OF MEXICAN PESOS IN PURCHASING POWER AS OF MARCH 31, 2003)
LIABILITIES
March 31, December 31,
2003 2002
(Unaudited) (Audited)
--------------------- --------------------
Current:
Current portion of long-term debt Ps. 1,280.7 Ps. 1,256.2
Trade accounts payable 2,045.1 2,257.9
Customer deposits and advances 10,598.8 11,701.7
Taxes payable 751.0 898.1
Accrued interest 229.0 311.5
Other accrued liabilities 980.3 828.1
Due to affiliated companies - net - 59.5
--------------------- --------------------
Total current liabilities 15,884.9 17,313.0
Long-term debt 13,625.0 13,521.2
Customer deposits and advances 203.7 206.4
Other long-term liabilities 830.8 770.5
Deferred taxes 1,827.8 2,062.7
DTH joint ventures 1,680.3 1,666.9
Pension plans and seniority premiums 92.0 71.8
--------------------- --------------------
Total liabilities 34,144.5 35,612.5
--------------------- --------------------
STOCKHOLDERS' EQUITY
Contributed capital:
Capital stock, no par value:
Issued 7,714.2 7,714.2
Repurchased (276.3) (248.3)
--------------------- --------------------
Outstanding 7,437.9 7,465.9
Additional paid-in capital 219.3 219.3
--------------------- --------------------
7,657.2 7,685.2
--------------------- --------------------
Earned capital:
Retained earnings:
Legal reserve 1,199.7 1,199.7
Reserve for repurchase of shares 5,470.4 5,589.6
Unappropiated earnings 11,079.0 10,331.4
Accumulated other comprehensive loss (5,014.3) (5,102.4)
Net income for the period 250.1 747.6
--------------------- --------------------
12,984.9 12,765.9
--------------------- --------------------
Total majority interest 20,642.1 20,451.1
Minority interest 1,124.7 1,154.6
--------------------- --------------------
Total stockholders' equity 21,766.8 21,605.7
--------------------- --------------------
Total liabilities and stockholders' equity Ps. 55,911.3 Ps. 57,218.2
===================== ====================
GRUPO TELEVISA, S. A.
CONSOLIDATED STATEMENTS OF INCOME FOR THE
THREE MONTHS ENDED MARCH 31, 2003 AND 2002
(MILLIONS OF MEXICAN PESOS IN PURCHASING POWER AS OF MARCH 31, 2003)
Three months ended March 31,
2003 2002
(Unaudited) (Unaudited)
--------------------- --------------------
Net sales Ps. 4,811.8 Ps. 4,592.7
Cost of sales 2,811.8 2,751.6
--------------------- --------------------
Gross profit 2,000.0 1,841.1
--------------------- --------------------
Operating expenses:
Selling 355.5 366.1
Administrative 339.8 339.9
--------------------- --------------------
695.3 706.0
--------------------- --------------------
EBITDA(1) 1,304.7 1,135.1
Depreciation and amortization 377.8 360.2
--------------------- --------------------
Operating income 926.9 774.9
--------------------- --------------------
Integral cost of financing:
Interest expense 348.3 300.7
Interest income (166.3) (149.1)
Foreign exchange loss (gain)-net 108.1 (104.7)
Foreign exchange (gain) loss hedged (199.4) 25.7
Loss from monetary position-net 90.6 78.6
--------------------- --------------------
181.3 151.2
Restructuring and non-recurring charges 52.4 102.9
Other expense-net 154.4 157.2
--------------------- --------------------
Income before taxes 538.8 363.6
--------------------- --------------------
Income tax and assets tax-current 444.5 284.7
Employees' profit sharing-current 1.7 7.8
Deferred income taxes (261.4) (171.8)
--------------------- --------------------
184.8 120.7
--------------------- --------------------
Income before equity in losses of affiliates,
loss from discontinued operations
and minority interest 354.0 242.9
Equity in losses of affiliates-net (123.1) (102.7)
Loss from discontinued operations-net - (58.2)
Minority interest 19.2 (11.9)
--------------------- --------------------
Net income Ps. 250.1 Ps. 70.1
===================== ====================
(1) EBITDA is defined as operating income before depreciation and
amortization.
NATIONAL URBAN RATINGS AND AUDIENCE SHARE FOR 1ST, 2ND, 3RD AND 4TH
QUARTERS OF 2002 AND 1ST QUARTER OF 2003(1):
SIGN-ON TO SIGN-OFF -- 6:00 TO 24:00, MONDAY TO SUNDAY
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2002 JAN FEB MAR 1Q03
------------------------------------------------------------------------------------------------------------------------
CHANNEL 2
Rating 12.8 12.3 11.6 12.2 12.0 12.3 12.2 11.8 11.6 11.5 11.3 10.5 11.8 11.5 11.3 11.8 11.5
Share (%) 33.2 32.5 30.8 32.4 32.3 33.1 31.8 31.3 31.0 30.8 29.7 29.6 31.5 30.9 30.1 30.6 30.5
TOTAL TELEVISA(2)
Rating 28.2 28.1 28.3 28.7 29.1 28.4 29.7 27.6 27.3 26.9 27.3 25.6 27.9 27.0 26.7 27.5 27.1
Share (%) 73.0 74.2 75.0 76.5 78.0 76.1 77.6 73.5 72.9 72.1 71.5 72.3 74.4 72.6 70.9 71.5 71.7
PRIME TIME - 16:00 TO 23:00, MONDAY TO SUNDAY(3)
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2002 JAN FEB MAR 1Q03
------------------------------------------------------------------------------------------------------------------------
CHANNEL 2
Rating 20.0 18.9 17.3 17.6 18.2 18.3 18.2 17.9 17.8 17.5 17.6 15.6 17.9 18.1 17.7 17.9 17.9
Share (%) 35.0 34.2 31.4 32.2 33.6 34.7 33.0 33.1 32.6 31.6 30.9 30.1 32.7 32.7 32.0 32.1 32.2
TOTAL TELEVISA(2)
Rating 40.1 39.8 39.8 40.9 41.6 39.7 42.3 38.4 38.5 38.2 39.5 36.5 39.6 39.9 38.8 38.7 39.2
Share (%) 70.3 71.9 72.5 74.6 76.9 75.2 76.5 71.3 70.7 69.2 69.2 70.6 72.4 72.0 69.9 69.6 70.5
WEEKDAY PRIME TIME--19:00 TO 23:00, MONDAY TO FRIDAY(3)
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC 2002 JAN FEB MAR 1Q03
------------------------------------------------------------------------------------------------------------------------
CHANNEL 2
Rating 24.5 23.7 21.1 21.5 21.6 21.9 20.8 22.3 22.8 21.4 21.0 19.4 21.8 22.0 23.0 24.2 23.1
Share (%) 37.2 36.8 33.4 34.1 35.2 36.7 33.6 37.2 37.2 34.7 32.6 33.2 35.2 34.6 35.7 37.6 36.0
TOTAL TELEVISA(2)
Rating 44.9 44.9 45.0 46.5 47.9 45.5 48.0 43.5 43.7 42.3 45.2 42.6 45.0 47.2 46.6 46.2 46.7
Share (%) 68.1 69.9 71.3 73.9 77.9 76.4 77.5 72.5 71.2 68.4 70.1 73.0 72.5 74.4 72.2 71.8 72.8
NOTES:
1) National urban ratings and audience share are certified by IBOPE and
are based upon IBOPE's national surveys, which are calculated, seven
days a week, in Mexico City, Guadalajara, Monterrey and 24 other cities
with a population of over 400,000 people. "Ratings" for a period refers
to the number of television sets tuned into the Company's programs as a
percentage of the total number of all television households. "Audience
share" is the number of television sets tuned into the Company's
programs as a percentage of the number of households watching
conventional over-the-air television during that period, without regard
to the number of viewers.
2) "Total Televisa" includes the Company's four networks as well as all
local affiliates (including affiliates of Channel 4, most of which
receive only a portion of their daily programming from Channel 4).
Programming on affiliates of Channel 4 is generally broadcast in 12 of
the 27 cities that are covered by national surveys. Programming on
Channel 9 affiliates is broadcast in 27 of the 27 cities that are
covered by national surveys.
3) "Televisa Prime Time" is the time during which the Company generally
charges its highest rates for its networks.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GRUPO TELEVISA, S.A.
--------------------------------
(Registrant)
Dated: April 30, 2003 By /s/ Jorge Lutteroth Echegoyen
------------------------------
Name: Jorge Lutteroth Echegoyen
Title: Controller, Vice-President