kr6kfinan_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 October, 2011
 
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 whether the registrant by furnishing the information contained in this Form is also furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
 
Yes
 
No
  
x
 
 
(If “Yes” is marked indicate below the file number assigned to the registrant in connection with Rule 12g-3-2(b): 82.)
 
          
 
 
 
 
 
 
MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA
QUARTER:     03
YEAR:   2011
GRUPO TELEVISA, S.A.B.
  
 
 
BALANCE SHEETS
AS OF SEPTEMBER 30, 2011 AND 2010
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
       
REF
CONCEPTS
CURRENT YEAR
  PREVIOUS YEAR
S
  
Amount
%
Amount
%
           
s01
TOTAL ASSETS
144,473,384
100
119,485,350
100
           
s02
CURRENT ASSETS
45,523,058
32
58,327,222
49
s03
CASH AND AVAILABLE INVESTMENTS
17,154,163
12
31,288,728
26
s04
ACCOUNTS AND NOTES RECEIVABLE (NET)
10,664,266
7
10,065,775
8
s05
OTHER ACCOUNTS AND NOTES RECEIVABLE (NET)
4,601,800
3
4,651,964
4
s06
INVENTORIES
5,461,733
4
5,589,271
5
s07
OTHER CURRENT ASSETS
7,641,096
5
6,731,484
6
s08
LONG-TERM ASSETS
40,599,339
28
6,152,886
5
s09
ACCOUNTS AND NOTES RECEIVABLE (NET)
0
0
0
0
s10
INVESTMENTS IN SHARES OF NON-CONSOLIDATED
        
 
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
3,578,906
2
2,189,702
2
s11
OTHER INVESTMENTS
37,020,433
26
3,963,184
3
s12
PROPERTY, PLANT AND EQUIPMENT (NET)
39,730,360
28
37,441,998
31
s13
LAND AND BUILDINGS
16,574,496
11
17,109,793
14
s14
MACHINERY AND INDUSTRIAL EQUIPMENT
52,801,480
37
46,175,693
39
s15
OTHER EQUIPMENT
7,074,154
5
6,783,198
6
s16
ACCUMULATED DEPRECIATION
40,852,895
28
35,011,844
29
s17
CONSTRUCTION IN PROGRESS
4,133,125
3
2,385,158
2
           
s18
INTANGIBLE ASSETS AND DEFERRED CHARGES (NET)
11,970,045
8
10,565,374
9
           
s19
OTHER ASSETS
6,650,582
5
6,997,870
6
           
s20
TOTAL LIABILITIES
90,436,626
100
70,371,361
100
           
s21
CURRENT LIABILITIES
20,963,000
23
15,033,754
21
s22
SUPPLIERS
7,437,905
8
8,234,224
12
s23
BANK LOANS
1,020,000
1
870,000
1
s24
STOCK MARKET LOANS
0
0
907,388
1
s103
OTHER LOANS WITH COST
553,045
1
430,186
1
s25
TAXES PAYABLE
1,172,260
1
874,320
1
s26
OTHER CURRENT LIABILITIES WITHOUT COST
10,779,790
12
3,717,636
5
s27
LONG-TERM LIABILITIES
55,713,528
62
40,318,212
57
s28
BANK LOANS
13,200,000
15
7,968,080
11
s29
STOCK MARKET LOANS
42,276,800
47
31,925,577
45
s30
OTHER LOANS WITH COST
236,728
0
424,555
1
s31
DEFERRED LIABILITIES
9,870,231
11
9,870,390
14
s32
OTHER NON-CURRENT LIABILITIES WITHOUT COST
3,889,867
4
5,149,005
7
           
s33
STOCKHOLDERS' EQUITY
54,036,758
100
49,113,989
100
           
s34
NON-CONTROLLING INTEREST
6,807,294
13
6,708,614
14
           
s35
CONTROLLING INTEREST
47,229,464
87
42,405,375
86
           
s36
CONTRIBUTED CAPITAL
16,332,195
30
14,567,803
30
s79
CAPITAL STOCK
10,118,099
19
10,019,859
20
s39
PREMIUM ON  ISSUANCE OF SHARES
6,214,096
11
4,547,944
9
s40
CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
0
0
0
0
s41
EARNED CAPITAL
30,897,269
57
27,837,572
57
s42
RETAINED EARNINGS AND CAPITAL RESERVES
37,633,848
70
32,795,402
67
s44
OTHER ACCUMULATED COMPREHENSIVE RESULT
-506,245
0
935,440
2
s80
SHARES REPURCHASED
-6,230,334
-12
-5,893,270
-12
           
 
 
 
 
 
BALANCE SHEETS
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
       
  REF
CONCEPTS
CURRENT YEAR
  PREVIOUS YEAR
S
  
Amount
%
Amount
%
           
s03
CASH AND SHORT-TERM INVESTMENTS
17,154,163
100
31,288,728
100
s46
CASH
17,154,163
100
31,288,728
100
s47
AVAILABLE INVESTMENTS
0
0
0
0
           
s07
OTHER CURRENT ASSETS
7,641,096
100
6,731,484
100
s81
DERIVATIVE FINANCIAL INSTRUMENTS
135,713
2
1,521
0
s82
DISCONTINUED OPERATIONS
0
0
0
0
s83
OTHER
7,505,383
98
6,729,963
100
           
s18
INTANGIBLE ASSETS AND DEFERRED CHARGES (NET)
11,970,045
100
10,565,374
100
           
s48
DEFERRED EXPENSES (NET)
9,329,919
78
7,815,263
74
s49
GOODWILL
2,640,126
22
2,750,111
26
s51
OTHER
0
0
0
0
           
s19
OTHER ASSETS
6,650,582
100
6,997,870
100
s85
DERIVATIVE FINANCIAL INSTRUMENTS
0
0
956,577
14
s50
DEFERRED TAXES
0
0
0
0
s104
BENEFITS TO EMPLOYEES
0
0
0
0
s86
DISCONTINUED OPERATIONS
0
0
0
0
s87
OTHER
6,650,582
100
6,041,293
86
           
s21
CURRENT LIABILITIES
20,963,000
100
15,033,754
100
s52
FOREIGN CURRENCY LIABILITIES
5,555,999
27
6,776,603
45
s53
MEXICAN PESOS LIABILITIES
15,407,001
73
8,257,151
55
           
s26
OTHER CURRENT LIABILITIES WITHOUT COST
10,779,790
100
3,717,636
100
s88
DERIVATIVE FINANCIAL INSTRUMENTS
0
0
54,662
1
s89
ACCRUED INTEREST
813,301
8
530,288
14
s68
PROVISIONS
0
0
0
0
s90
DISCONTINUED OPERATIONS
0
0
0
0
s58
OTHER CURRENT LIABILITIES
9,477,197
88
2,667,187
72
s105
BENEFITS TO EMPLOYEES
489,292
5
465,499
13
           
s27
LONG-TERM LIABILITIES
55,713,528
100
40,318,212
100
s59
FOREIGN CURRENCY LIABILITIES
27,891,341
50
31,253,227
78
s60
MEXICAN PESOS LIABILITIES
27,822,187
50
9,064,985
22
           
s31
DEFERRED LIABILITIES
9,870,231
100
9,870,390
100
s65
NEGATIVE GOODWILL
0
0
0
0
s67
OTHER
9,870,231
100
9,870,390
100
           
s32
OTHER NON-CURRENT LIABILITIES WITHOUT COST
3,889,867
100
5,149,005
100
s66
DEFERRED TAXES
311,954
8
1,593,955
31
s91
OTHER LIABILITIES IN RESPECT OF SOCIAL  INSURANCE
534,371
14
455,013
9
s92
DISCONTINUED OPERATIONS
0
0
0
0
s69
OTHER LIABILITIES
3,043,542
78
3,100,037
60
           
s79
CAPITAL STOCK
10,118,099
100
10,019,859
100
s37
CAPITAL STOCK (NOMINAL)
2,405,032
24
2,368,792
24
s38
RESTATEMENT OF CAPITAL STOCK
7,713,067
76
7,651,067
76
           
s42
RETAINED EARNINGS AND CAPITAL RESERVES
37,633,848
100
32,795,402
100
s93
LEGAL RESERVE
2,139,007
6
2,135,423
7
s43
RESERVE FOR REPURCHASE OF SHARES
0
0
0
0
s94
OTHER RESERVES
0
0
0
0
s95
RETAINED EARNINGS
30,775,333
82
25,601,085
78
s45
NET INCOME FOR THE YEAR
4,719,508
13
5,058,894
15
           
s44
OTHER ACCUMULATED COMPREHENSIVE RESULT
-506,245
100
935,440
100
s70
ACCUMULATED MONETARY RESULT
0
0
0
0
s71
RESULT FROM HOLDING NON-MONETARY ASSETS
0
0
0
0
s96
CUMULATIVE RESULT FROM FOREIGN CURRENCY TRANSLATION
-1,188,504
235
-1,294,708
-138
s97
CUMULATIVE RESULT FROM DERIVATIVE FINANCIAL INSTRUMENTS
-46,130
9
-96,264
-10
s98
CUMULATIVE EFFECT OF DEFERRED INCOME TAXES
0
0
0
0
s100
OTHER
728,389
-144
2,326,412
249
           
 
 
 
 
 
BALANCE SHEETS
OTHER CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
S
  
Amount
Amount
       
s72
WORKING CAPITAL
24,560,058
43,293,468
s73
PENSIONS  AND SENIORITY PREMIUMS
1,775,094
1,659,904
s74
EXECUTIVES (*)
39
41
s75
EMPLOYEES (*)
25,798
24,437
s76
WORKERS (*)
0
0
s77
OUTSTANDING SHARES (*)
349,443,544,086
325,571,448,306
s78
REPURCHASED SHARES (*)
18,585,428,316
20,970,377,025
s101
RESTRICTED CASH
0
0
s102
NET DEBT OF NON-CONSOLIDATED COMPANIES
145,342,109
223
       
(*) THESE CONCEPTS ARE STATED IN UNITS.
 
 
 
 
 
STATEMENTS OF INCOME
FROM JANUARY 1 TO SEPTEMBER 30, 2011 AND 2010
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
Amount
%
Amount
%
           
r01
NET SALES
44,288,771
100
41,365,769
100
r02
COST OF SALES
24,031,333
54
22,349,531
54
r03
GROSS PROFIT
20,257,438
46
19,016,238
46
r04
GENERAL EXPENSES
8,863,494
20
8,104,452
20
r05
OPERATING INCOME (LOSS)
11,393,944
26
10,911,786
26
r08
OTHER INCOME AND (EXPENSE), NET
-386,429
0
91,901
0
r06
INTEGRAL RESULT OF FINANCING
-3,057,922
-7
-2,324,378
-6
r12
EQUITY  IN NET INCOME OF NON-CONSOLIDATED
        
 
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
-318,155
0
-188,221
0
r48
NON-ORDINARY ITEMS
0
0
0
0
r09
INCOME BEFORE INCOME TAXES
7,631,438
17
8,491,088
21
r10
INCOME TAXES
2,006,528
5
2,693,529
7
r11
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS
5,624,910
13
5,797,559
14
r14
DISCONTINUED OPERATIONS
0
0
0
0
r18
CONSOLIDATED NET INCOME
5,624,910
13
5,797,559
14
r19
NON-CONTROLLING INTEREST NET INCOME
905,402
2
738,665
2
r20
CONTROLLING INTEREST NET INCOME
4,719,508
11
5,058,894
12
           
 
 
 
 
 
STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
Amount
%
Amount
%
           
r01
NET SALES
44,288,771
100
41,365,769
100
r21
DOMESTIC
38,604,622
87
35,944,541
87
r22
FOREIGN
5,684,149
13
5,421,228
13
r23
TRANSLATED INTO DOLLARS (***)
409,273
1
429,874
1
           
r08
OTHER INCOME AND (EXPENSE), NET
-386,429
100
91,901
100
r49
OTHER INCOME AND (EXPENSE), NET
-370,291
96
102,832
112
r34
EMPLOYEES' PROFIT SHARING, CURRENT
17,087
-4
10,412
11
r35
EMPLOYEES' PROFIT SHARING, DEFERRED
-949
0
519
1
           
r06
INTEGRAL RESULT OF FINANCING
-3,057,922
100
-2,324,378
100
r24
INTEREST EXPENSE
3,143,883
-103
2,690,267
-116
r42
GAIN (LOSS) ON RESTATEMENT OF UDI'S
0
0
0
0
r45
OTHER FINANCE COSTS
0
0
0
0
r26
INTEREST INCOME
724,952
-24
741,535
-32
r46
OTHER FINANCIAL PRODUCTS
0
0
0
0
r25
FOREIGN EXCHANGE GAIN (LOSS), NET
-638,991
21
-375,646
16
r28
RESULT FROM MONETARY POSITION
0
0
0
0
           
r10
INCOME TAXES
2,006,528
100
2,693,529
100
r32
INCOME TAX, CURRENT
2,301,340
115
2,550,175
95
r33
INCOME TAX, DEFERRED
-294,812
-15
143,354
5
           
(***) FIGURES IN THOUSANDS OF U.S. DOLLARS AT THE EXCHANGE RATE AS OF THE END OF THE LAST REPORTED QUARTER.
 
 
 
 
 
STATEMENTS OF INCOME
OTHER CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
Amount
Amount
       
r36
TOTAL SALES
53,366,791
50,645,130
r37
TAX RESULT FOR THE YEAR
5,878,827
8,522,670
r38
NET SALES (**)
60,779,830
56,529,203
r39
OPERATING INCOME (**)
16,064,767
15,206,906
r40
CONTROLLING INTEREST NET INCOME (**)
7,344,003
6,247,031
r41
NET CONSOLIDATED INCOME (**)
8,343,278
6,762,044
r47
OPERATIVE DEPRECIATION AND AMORTIZATION
5,429,850
4,640,234
       
(**)  RESTATED INFORMATION FOR THE LAST TWELVE MONTHS.
 
 
 
 
 
QUARTERLY STATEMENTS OF INCOME
FROM JULY 1 TO SEPTEMBER 30, 2011 AND 2010
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
 
REF
 
CONCEPTS
 
CURRENT YEAR
 
PREVIOUS YEAR
RT
  
Amount
%
Amount
%
           
rt01
NET SALES
15,963,451
100
14,771,015
100
rt02
COST OF SALES
8,273,833
52
7,846,780
53
rt03
GROSS PROFIT
7,689,618
48
6,924,235
47
rt04
GENERAL EXPENSES
3,051,487
19
2,772,775
19
rt05
INCOME (LOSS) AFTER GENERAL EXPENSES
4,638,131
29
4,151,460
28
rt08
OTHER INCOME AND (EXPENSE), NET
-200,799
-1
311,687
2
rt06
INTEGRAL RESULT OF FINANCING
-1,316,329
-8
-650,161
-4
rt12
EQUITY  IN NET INCOME OF NON-CONSOLIDATED
        
 
SUBSIDIARIES AND ASSOCIATES
-86,529
0
-120,681
0
rt48
NON-ORDINARY ITEMS
0
0
0
0
rt09
INCOME BEFORE INCOME TAXES
3,034,474
19
3,692,305
25
rt10
INCOME TAXES
784,429
5
1,233,632
8
rt11
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS
2,250,045
14
2,458,673
17
rt14
DISCONTINUED OPERATIONS
0
0
0
0
rt18
NET CONSOLIDATED INCOME
2,250,045
14
2,458,673
17
rt19
NET INCOME OF MINORITY INTEREST
204,897
1
263,460
2
rt20
NET INCOME OF MAJORITY INTEREST
2,045,148
13
2,195,213
15
           
 
 
 
 
 
QUARTERLY STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
 
REF
 
CONCEPTS
 
CURRENT YEAR
 
PREVIOUS YEAR
RT
  
Amount
%
Amount
%
           
rt01
NET SALES
15,963,451
100
14,771,015
100
rt21
DOMESTIC
13,901,298
87
12,812,842
87
rt22
FOREIGN
2,062,153
13
1,958,173
13
rt23
TRANSLATED INTO DOLLARS (***)
148,480
1
155,273
1
           
rt08
OTHER INCOME AND (EXPENSE), NET
-200,799
100
311,687
100
rt49
OTHER INCOME AND (EXPENSE), NET
-193,975
97
315,714
101
rt34
EMPLOYEES' PROFIT SHARING, CURRENT
6,110
-3
4,232
1
rt35
EMPLOYEES' PROFIT SHARING, DEFERRED
714
0
-205
-0
           
rt06
INTEGRAL RESULT OF FINANCING
-1,316,329
100
-650,161
100
rt24
INTEREST EXPENSE
1,196,849
-91
920,717
-142
rt42
GAIN (LOSS) ON RESTATEMENT OF UDI'S
0
0
0
0
rt45
OTHER FINANCE COSTS
0
0
0
0
rt26
INTEREST INCOME
269,079
-20
183,307
-28
rt46
OTHER FINANCIAL PRODUCTS
0
0
0
0
rt25
FOREIGN EXCHANGE GAIN (LOSS), NET
-388,559
30
87,249
-13
rt28
RESULT FROM MONETARY POSITION
0
0
0
0
           
rt10
INCOME TAXES
784,429
100
1,233,632
100
rt32
INCOME TAX, CURRENT
966,509
123
1,206,516
98
rt33
INCOME TAX, DEFERRED
-182,080
-23
27,116
2
           
(***) FIGURES IN THOUSANDS OF U.S. DOLLARS AT THE EXCHANGE RATE AS OF THE END OF THE LAST REPORTED QUARTER.
 
 
 
 
 
QUARTERLY STATEMENTS OF INCOME
OTHER CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
RT
  
Amount
Amount
       
rt47
OPERATIVE DEPRECIATION AND AMORTIZATION
1,841,188
1,636,748
       
 
 
 
 
 
STATEMENTS OF CASH FLOWS (INDIRECT METHOD)
MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
 
REF
 
CONCEPTS
 
CURRENT YEAR
 
PREVIOUS YEAR
E
  
Amount
Amount
 
OPERATING ACTIVITIES
    
e01
INCOME (LOSS) BEFORE INCOME TAXES
7,631,438
8,491,088
e02
 + (-) ITEMS NOT REQUIRING CASH
693,751
581,534
e03
 + (-) ITEMS RELATED TO INVESTING ACTIVITIES
5,620,079
4,359,853
e04
 + (-) ITEMS RELATED TO FINANCING ACTIVITIES
4,446,763
2,280,178
e05
CASH FLOW BEFORE INCOME TAX
18,392,031
15,712,653
e06
CASH FLOWS PROVIDED OR USED IN OPERATION
(6,450,017)
(5,764,291)
e07
NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
11,942,014
9,948,362
       
 
INVESTING ACTIVITIES
    
e08
NET CASH FLOWS FROM INVESTING ACTIVITIES
(14,461,779)
(4,094,462)
e09
CASH IN EXCESS (REQUIRED) FOR FINANCING ACTIVITIES
(2,519,765)
5,853,900
       
 
FINANCING ACTIVITIES
    
e10
NET CASH FLOWS FROM FINANCING ACTIVITIES
(1,223,319)
(4,518,194)
e11
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(3,743,084)
1,335,706
e12
TRANSLATION DIFFERENCES IN CASH AND CASH EQUIVALENTS
(54,706)
(51,428)
e13
CASH AND CASH EQUIVALENTS AT BEGINING OF PERIOD
20,951,953
30,004,450
e14
CASH AND CASH EQUIVALENTS AT END OF PERIOD
17,154,163
31,288,728
 
 
 
 
 
STATEMENTS OF CASH FLOWS (INDIRECT METHOD)
ANALYSIS OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
E
  
Amount
Amount
       
e02
 + (-) ITEMS NOT REQUIRING CASH
693,751
581,534
e15
 + ESTIMATES FOR THE PERIOD
561,142
461,111
e16
 + PROVISIONS FOR THE PERIOD
-
-
e17
 + (-) OTHER UNREALIZED ITEMS
132,609
120,423
       
e03
 + (-) ITEMS RELATED TO INVESTING ACTIVITIES
5,620,079
4,359,853
e18
 + DEPRECIATION AND AMORTIZATION FOR THE PERIOD *
5,429,850
4,640,234
e19
 (-) + GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND
    
 
            EQUIPMENT
-
-
e20
 + IMPAIRMENT LOSS
37,425
-
e21
 (-) + EQUITY IN RESULTS OF ASSOCIATES AND JOINT VENTURES
318,155
188,221
e22
 (-) DIVIDENDS RECEIVED
-
-
e23
 (-) INTEREST INCOME
(222,911)
-
e24
 (-) + OTHER ITEMS
57,560
(468,602)
       
e04
 + (-) ITEMS RELATED TO FINANCING ACTIVITIES
4,446,763
2,280,178
e25
 + ACCRUED INTEREST
2,981,805
2,417,758
e26
 + (-) OTHER ITEMS
1,464,958
(137,580)
       
e06
CASH FLOWS PROVIDED OR USED IN OPERATION
(6,450,017)
(5,764,291)
e27
 + (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE
6,577,327
7,926,250
e28
 + (-) DECREASE (INCREASE) IN INVENTORIES
(1,101,871)
388,456
e29
 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE
(300,911)
(778,083)
e30
 + (-) INCREASE (DECREASE) IN SUPPLIERS
(172,049)
457,951
e31
 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES
(9,276,780)
(11,079,569)
e32
 + (-) INCOME TAXES PAID OR RETURNED
(2,175,733)
(2,679,296)
       
e08
NET CASH FLOWS FROM INVESTING ACTIVITIES
(14,461,779)
(4,094,462)
e33
 - PERMANENT INVESTMENT IN SHARES
(643,999)
(438,129)
e34
 + DISPOSITION OF PERMANENT INVESTMENT IN SHARES
-
1,120,212
e35
 -  INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT
(6,313,045)
(7,587,958)
e36
 + SALE OF PROPERTY, PLANT AND EQUIPMENT
694,862
143,679
e37
 -  INVESTMENT IN INTANGIBLE ASSETS
(49,803)
(446,499)
e38
 + DISPOSITION OF INTANGIBLE ASSETS
-
-
e39
 - OTHER PERMANENT INVESTMENTS
-
-
e40
 + DISPOSITION OF OTHER PERMANENT INVESTMENTS
-
-
e41
 + DIVIDEND RECEIVED
66,310
-
e42
 + INTEREST RECEIVED
-
-
e43
 + (-) DECREASE (INCREASE) ADVANCES AND LOANS TO
    
 
           THIRD PARTIES
-
(64,894)
e44
 + (-) OTHER ITEMS
(8,216,104)
3,179,127
       
e10
NET CASH FLOWS FROM FINANCING ACTIVITIES
(1,223,319)
(4,518,194)
e45
 + BANK FINANCING
9,700,000
20,000
e46
 + STOCK MARKET FINANCING
-
-
e47
 + OTHER FINANCING
-
150,000
e48
(-) BANK FINANCING AMORTIZATION
(3,110,135)
(643,333)
e49
(-) STOCK MARKET FINANCING AMORTIZATION
(898,776)
-
e50
(-) OTHER FINANCING AMORTIZATION
(238,048)
(116,111)
e51
 + (-) INCREASE (DECREASE) IN CAPITAL STOCK
-
-
e52
(-) DIVIDENDS PAID
(3,202,762)
-
e53
 + PREMIUM ON ISSUANCE OF SHARES
-
-
e54
 + CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
-
-
e55
 - INTEREST EXPENSE
(2,919,247)
(2,352,091)
e56
 - REPURCHASE OF SHARES
(12,623)
(1,004,369)
e57
 + (-) OTHER ITEMS
(541,728)
(572,290)
* IN CASE THAT THIS AMOUNT IS DIFFERENT FROM THE R47 ACCOUNT IT WILL HAVE TO BE EXPLAINED IN THE NOTES.
 
 
 
 
 
DATA PER SHARE
CONSOLIDATED
Final Printing
 
REF
 
CONCEPTS
 
CURRENT YEAR
 
PREVIOUS YEAR
D
  
 
 Amount
 
 
Amount
               
d01
BASIC PROFIT PER ORDINARY SHARE (**)
$
0.02
  
$
0.02
  
               
d02
BASIC PROFIT PER PREFERRED SHARE (**)
$
0.00
  
$
0.00
  
               
d03
DILUTED PROFIT PER ORDINARY SHARE (**)
$
0.00
  
$
0.00
  
               
d04 
EARNINGS (LOSS) BEFORE DISCONTINUED OPERATIONS PER COMMON SHARE (**)
$
0.03
  
$
0.02
  
               
d05 
DISCONTINUED OPERATION EFFECT ON EARNINGS (LOSS) PER SHARE (**)
$
0.00
  
$
0.00
  
               
d08
CARRYING VALUE PER SHARE
$
0.14
  
$
0.13
  
               
d09
CASH DIVIDEND ACCUMULATED PER SHARE
$
0.00
  
$
0.00
  
               
d10
DIVIDEND IN SHARES PER SHARE
  
0.00
shares
  
0.00
shares
               
d11
MARKET PRICE TO CARRYING VALUE
  
3.05
times
  
3.14
times
               
d12
MARKET PRICE TO BASIC PROFIT PER ORDINARY SHARE (**)
  
19.46
times
  
21.38
times
               
d13
MARKET PRICE TO BASIC PROFIT PER PREFERENT SHARE (**)
  
0.00
times
  
0.00
times
               

(**) TO CALCULATE THE DATA PER SHARE, USE THE NET INCOME FOR THE LAST TWELVE MONTHS.
 
 
 
 
 
RATIOS
CONSOLIDATED
Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
P
      
           
 
YIELD
        
p01
NET INCOME TO NET SALES
12.70
%
14.02
%
p02
NET INCOME TO STOCKHOLDERS' EQUITY (**)
15.44
%
13.77
%
p03
NET INCOME TO TOTAL ASSETS (**)
5.77
%
5.66
%
p04
CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME
13.31
%
0.00
%
p05
RESULT FROM MONETARY POSITION TO NET INCOME
0.00
%
0.00
%
           
 
ACTIVITY
        
p06
NET SALES TO NET ASSETS (**)
0.42
times
0.47
times
p07
NET SALES TO FIXED ASSETS (**)
1.53
times
1.51
times
p08
INVENTORIES TURNOVER (**)
5.96
times
5.43
times
p09
ACCOUNTS RECEIVABLE IN DAYS OF SALES
56
days
57
days
p10
PAID INTEREST TO TOTAL LIABILITIES WITH COST (**)
7.10
%
8.20
%
           
 
LEVERAGE
        
p11
TOTAL LIABILITIES TO TOTAL ASSETS
62.60
%
58.90
%
p12
TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY
1.67
times
1.43
times
p13
FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES
36.98
%
54.04
%
p14
LONG-TERM LIABILITIES TO FIXED ASSETS
140.23
%
107.68
%
p15
OPERATING INCOME TO INTEREST PAID
3.62
times
4.06
times
p16
NET SALES TO TOTAL LIABILITIES (**)
0.67
times
0.80
times
           
 
LIQUIDITY
        
p17
CURRENT ASSETS TO CURRENT LIABILITIES
2.17
times
3.88
times
p18
CURRENT ASSETS LESS INVENTORY TO CURRENT
        
 
LIABILITIES
1.91
times
3.51
times
p19
CURRENT ASSETS TO TOTAL LIABILITIES
0.50
times
0.83
times
p20
AVAILABLE ASSETS TO CURRENT LIABILITIES
81.83
%
208.12
%
           
 (**) DATA FROM THE LAST TWELVE MONTHS.
 
 
 
 
 
 
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
   
 
 CONSOLIDATED
Final Printing
MEXICO CITY, D.F., OCTOBER 19, 2011—GRUPO TELEVISA, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “TELEVISA” OR “THE COMPANY”), TODAY ANNOUNCED RESULTS FOR THIRD QUARTER 2011. THE RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH MEXICAN FINANCIAL REPORTING STANDARDS (MEXICAN FRS).

THE FOLLOWING INFORMATION SETS FORTH A CONDENSED CONSOLIDATED STATEMENT OF INCOME FOR THE QUARTERS ENDED SEPTEMBER 30, 2011 AND 2010, IN MILLIONS OF MEXICAN PESOS, AS WELL AS THE PERCENTAGE THAT EACH LINE REPRESENTS OF NET SALES AND THE PERCENTAGE CHANGE WHEN COMPARING 2011 WITH 2010:

CONSOLIDATED NET SALES

CONSOLIDATED NET SALES INCREASED 8.1% TO PS.15,963.5 MILLION IN THIRD QUARTER 2011 COMPARED WITH PS.14,771 MILLION IN THIRD QUARTER 2010. THIS INCREASE WAS ATTRIBUTABLE TO GROWTH ACROSS ALL OF OUR BUSINESS SEGMENTS, BUT IN PARTICULAR IN OUR CABLE AND TELECOM, SKY AND PROGRAMMING EXPORTS SEGMENTS. OPERATING SEGMENT INCOME INCREASED 12.5%, REACHING PS.6,743.1 MILLION WITH A MARGIN OF 41.3%.

CONTROLLING INTEREST NET INCOME

CONTROLLING INTEREST NET INCOME DECREASED 6.8% TO PS.2,045.1 MILLION IN THIRD QUARTER 2011 COMPARED WITH PS.2,195.2 MILLION IN THIRD QUARTER 2010. THE NET DECREASE OF PS.150.1 MILLION REFLECTED PRIMARILY A PS.666.1 MILLION INCREASE IN INTEGRAL COST OF FINANCING, OF WHICH PS.475.9 MILLION WERE DUE TO A NON-CASH FOREIGN-EXCHANGE LOSS. THIS EXPENSE RESULTED PRIMARILY FROM A NET AVERAGE US DOLLAR LIABILITY POSITION DURING THE QUARTER IN COMBINATION WITH THE DEPRECIATION OF THE PESO. THE DECREASE IN CONTROLLING INTEREST NET INCOME ALSO REFLECTED A PS.512.5 MILLION VARIATION IN OTHER EXPENSE, NET, WHICH IS MAINLY EXPLAINED BY THE ABSENCE OF A NON-RECURRING GAIN ON THE SALE OF OUR INVESTMENT IN AN AIRLINE CARRIER, VOLARIS, DURING THE SAME QUARTER OF LAST YEAR.

THESE UNFAVORABLE VARIANCES WERE PARTIALLY OFFSET BY I) A PS.486.6 MILLION INCREASE IN OPERATING INCOME; II) A PS.449.2 MILLION DECREASE IN INCOME TAXES; III) A PS.58.6 MILLION DECREASE IN NON-CONTROLLING INTEREST NET INCOME; AND IV) A PS.34.1 MILLION DECREASE IN EQUITY IN LOSSES OF AFFILIATES, NET.

THIRD QUARTER RESULTS BY BUSINESS SEGMENT

THE FOLLOWING INFORMATION PRESENTS THIRD-QUARTER RESULTS ENDED SEPTEMBER 30, 2011 AND 2010, FOR EACH OF OUR BUSINESS SEGMENTS. RESULTS FOR THE THIRD QUARTER 2011 AND 2010 ARE PRESENTED IN MILLIONS OF MEXICAN PESOS:

TELEVISION BROADCASTING

THIRD-QUARTER SALES INCREASED 2.4% TO PS.6,001.2 MILLION COMPARED WITH PS.5,860.5 MILLION IN THIRD QUARTER 2010. THIS INCREASE REFLECTS STRONG RATINGS AND SOLID AUDIENCE SHARE AS A RESULT OF THE PRODUCTION AND BROADCAST OF SUCCESSFUL SHOWS SUCH AS LA VOZ…MÉXICO WHICH WAS THE HIGHEST RATED SHOW IN MEXICO DURING THE QUARTER. ADDITIONALLY, THE FINAL EPISODE OF THE NOVELA LA FUERZA DEL DESTINO WAS THE SECOND HIGHEST RATED SHOW IN THE QUARTER GARNERING AN AUDIENCE SHARE OF 40.7%. ALL OF THE TOP-TEN RATED PROGRAMS IN MEXICO DURING THE QUARTER WERE TRANSMITTED BY TELEVISA.

UPFRONT DEPOSITS REPRESENTED 80.6% OF REVENUES DURING THE QUARTER AND THE BALANCE WERE SALES IN THE SPOT MARKET. THIS FIGURE COMPARES WITH 80.8% IN THIRD QUARTER 2010.

THIRD-QUARTER OPERATING SEGMENT INCOME INCREASED 4% TO PS.2,917.5 MILLION COMPARED WITH PS.2,805.2 MILLION IN THIRD QUARTER 2010; THE MARGIN INCREASED TO 48.6%. THE INCREASE IN MARGIN OF 70 BASIS POINTS IS A CONSEQUENCE OF A HIGHER REVENUE BASE, BUT ALSO REFLECTS A STRICT CONTROL ON PROGRAMMING EXPENSES.

PAY TELEVISION NETWORKS

THIRD-QUARTER SALES INCREASED 15% TO PS.931.3 MILLION COMPARED WITH PS.809.6 MILLION IN THIRD QUARTER 2010. THE INCREASE WAS DRIVEN BY I) THE SUSTAINED ADDITION OF PAY-TV SUBSCRIBERS IN THE LAST TWELVE MONTHS, MOSTLY IN MEXICO; II) BY NEW AFFILIATION AGREEMENTS IN LATIN AMERICA; AND III) STRONG ADVERTISING SALES THAT REPRESENTED 24.6% OF SEGMENT REVENUE DURING THE QUARTER. IN SEPTEMBER WE LAUNCHED A NEW NETWORK CALLED “TIIN”, WHICH TRANSMITS IN-HOUSE AS WELL AS THIRD-PARTY PRODUCED CONTENT, TARGETING YOUNG TEENAGERS. THIS CHANNEL COMPLEMENTS OUR EXISTING PAY-TV NETWORK PORTFOLIO SERVICING A NEW DEMOGRAPHIC. THESE RESULTS WERE ACHIEVED IN SPITE OF NO LONGER CONSOLIDATING TUTV, WHICH WAS SOLD TO UNIVISION AS PART OF THE RECENTLY CLOSED DEAL. EXCLUDING THE CONTRIBUTION TO REVENUES OF TUTV IN 2010 RESULTS, GROWTH IN OUR PAY TELEVISION NETWORKS SEGMENT WAS 22.6% DURING THE QUARTER.

THIRD-QUARTER OPERATING SEGMENT INCOME INCREASED 20.8% TO PS.498.8 MILLION COMPARED WITH PS.412.9 MILLION IN THIRD QUARTER 2010, AND THE MARGIN REACHED 53.6%. THIS RESULT REFLECTS HIGHER SALES AS WELL AS THE ABSENCE OF COSTS AND EXPENSES RELATED TO I) FORO TV THAT IS NOW RECOGNIZED IN TELEVISION BROADCASTING; AND II) TUTV, WHICH IS NO LONGER CONSOLIDATED.

PROGRAMMING EXPORTS

THIRD-QUARTER SALES INCREASED 29.6% TO PS.999.7 MILLION COMPARED WITH PS.771.1 MILLION IN THIRD QUARTER 2010. THE GROWTH WAS ATTRIBUTABLE TO AN INCREASE IN ROYALTIES FROM UNIVISION, FROM US$42.3 MILLION IN THIRD QUARTER 2010 TO US$58.2 MILLION IN THIRD QUARTER 2011. THIS REFLECTS THE ONGOING RATINGS SUCCESS OF UNIVISION AS WELL AS THE FAVORABLE IMPACT OF THE NEW ROYALTY STRUCTURE REACHED UNDER THE REVISED PROGRAMMING LICENSE AGREEMENT WITH UNIVISION. SALES TO THE REST OF THE WORLD GREW BY 21.1% TO PS.264.2 MILLION. THIS IS THE FIRST QUARTER WE RECEIVE REVENUES FROM THE RECENTLY-SIGNED AGREEMENT WITH NETFLIX. THESE POSITIVE VARIANCES WERE PARTIALLY OFFSET BY A NEGATIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES AMOUNTING TO PS.18.1 MILLION. THIS TRANSLATION EFFECT IS DETERMINED COMPARING THE AVERAGE EXCHANGE RATE OF THE PESO AGAINST THE US DOLLAR DURING THIS QUARTER WITH THE AVERAGE EXCHANGE RATE DURING THE SAME QUARTER OF THE YEAR BEFORE, WHICH RESULTED IN A 3.6% APPRECIATION OF THE PESO.

THIRD-QUARTER OPERATING SEGMENT INCOME INCREASED 47.6% TO PS.548 MILLION COMPARED WITH PS.371.2 MILLION IN THIRD QUARTER 2010, AND THE MARGIN INCREASED TO 54.8%. THESE RESULTS REFLECT HIGHER SALES THAT WERE PARTIALLY OFFSET BY AMORTIZATIONS OF COPRODUCED AND EXPORTABLE PROGRAMMING.

PUBLISHING

THIRD-QUARTER SALES INCREASED 2.9% TO PS.810.9 MILLION COMPARED WITH PS.787.7 MILLION IN THIRD QUARTER 2010. MOST OF THE GROWTH WAS DRIVEN BY AN INCREASE IN ADVERTISING AND CIRCULATION REVENUES ABROAD, AND TO A LESSER EXTENT IN MEXICO. THESE POSITIVE VARIANCES WERE NEGATIVELY IMPACTED BY THE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES OF PS.14.3 MILLION.

THIRD-QUARTER OPERATING SEGMENT INCOME INCREASED 33.2% TO PS.121.9 MILLION COMPARED WITH PS.91.5 MILLION IN THIRD QUARTER 2010, AND THE MARGIN REACHED 15%. THIS INCREASE REFLECTS HIGHER SALES AND A POSITIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED COSTS AND EXPENSES. THIS FAVORABLE VARIANCE WAS PARTIALLY OFFSET BY HIGHER PAPER, PRINTING AND EDITING COSTS.

SKY

THIRD-QUARTER SALES GREW BY 8.2% TO PS.3,131.7 MILLION COMPARED WITH PS.2,894.9 MILLION IN THIRD QUARTER 2010. THE INCREASE WAS DRIVEN BY SOLID GROWTH IN THE SUBSCRIBER BASE IN MEXICO, EXPLAINED BY THE CONTINUED SUCCESS OF SKY’S LOW-COST OFFERINGS. THE NUMBER OF GROSS ACTIVE SUBSCRIBERS INCREASED BY 238,205 DURING THE QUARTER TO 3,824,278 (INCLUDING 155,608 COMMERCIAL SUBSCRIBERS) AS OF SEPTEMBER 30, 2011, COMPARED WITH 2,753,047 (INCLUDING 149,057 COMMERCIAL SUBSCRIBERS) AS OF SEPTEMBER 30, 2010. SKY ENDED THE QUARTER WITH 154,964 SUBSCRIBERS IN CENTRAL AMERICA AND THE DOMINICAN REPUBLIC. SEGMENT RESULTS WERE PARTIALLY OFFSET BY LOWER ADVERTISING AND PAY-PER-VIEW REVENUE DUE TO THE ABSENCE OF THE 2010 SOCCER WORLD CUP AS WELL AS A NEGATIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES.

THIRD-QUARTER OPERATING SEGMENT INCOME INCREASED 4.2% TO PS.1,457.4 MILLION COMPARED WITH PS.1,398.3 MILLION IN THIRD QUARTER 2010, AND THE MARGIN WAS 46.5%. THESE RESULTS REFLECT AN INCREASE IN SALES THAT WAS PARTIALLY OFFSET BY HIGHER PROGRAMMING COSTS DUE TO THE TRANSMISSION OF SPECIAL SPORT EVENTS SUCH AS: COPA AMÉRICA, COPA DE ORO AND FIFA U-17 WORLD CUP, AMONG OTHERS.

CABLE AND TELECOM

THIRD-QUARTER SALES INCREASED 13.1% TO PS.3,394.8 MILLION COMPARED WITH PS.3,002.5 MILLION IN THIRD QUARTER 2010. THIS INCREASE WAS ATTRIBUTABLE MAINLY TO THE ADDITION OF 542,469 REVENUE GENERATING UNITS (RGUS) IN CABLEVISIÓN, CABLEMÁS AND TVI DURING THE LAST TWELVE MONTHS AS A RESULT OF THE SUCCESS OF OUR COMPETITIVE TRIPLE-PLAY BUNDLES AS WELL AS THE SUSTAINED DEMAND FOR NEW PACKAGES LAUNCHED DURING THE QUARTER.

THE INCREASE IS ALSO EXPLAINED BY AN IMPROVED SALES MIX IN BESTEL, WHICH INCREASED REVENUE DERIVED FROM LOCAL TELEPHONY AND BROADBAND SERVICES. YEAR-OVER-YEAR, CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL NET SALES INCREASED 11.5%, 13.8%, 15.3%, AND 16.5%, RESPECTIVELY.
 
THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF SUBSCRIBERS FOR EACH OF OUR THREE CABLE AND TELECOM SUBSIDIARIES AS OF SEPTEMBER 30, 2011:

THE SUBSCRIBER BASE OF CABLEVISIÓN OF VIDEO, BROADBAND AND TELEPHONY AS OF SEPTEMBER 30, 2011, AMOUNTED TO 704,580, 367,520 AND 231,700, RESPECTIVELY.

THE SUBSCRIBER BASE OF CABLEMÁS OF VIDEO, BROADBAND AND TELEPHONY AS OF SEPTEMBER 30, 2011, AMOUNTED TO 1,050,415, 425,389 AND 248,713, RESPECTIVELY.

THE SUBSCRIBER BASE OF TVI OF VIDEO, BROADBAND AND TELEPHONY AS OF SEPTEMBER 30, 2011, AMOUNTED TO 367,164, 182,175 AND 129,419, RESPECTIVELY.

THE RGUS OF CABLEVISIÓN, CABLEMÁS AND TVI AS OF SEPTEMBER 30, 2011, AMOUNTED TO 1,303,800, 1,724,517 AND 678,758, RESPECTIVELY.

THIRD-QUARTER OPERATING SEGMENT INCOME INCREASED 26.5% TO PS.1,197.5 MILLION COMPARED WITH PS.946.5 MILLION IN THIRD QUARTER 2010, AND THE MARGIN REACHED 35.3%. THESE RESULTS REFLECT CONTINUED GROWTH IN THE CABLE PLATFORMS AS WELL AS A POSITIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED COSTS. SPECIFICALLY IN BESTEL THE MARGINS WERE STRONG. THIS INCREASE WAS DRIVEN BY LOWER INTERCONNECTION RATES AND A LARGER CUSTOMER BASE.

THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF REVENUES AND OPERATING SEGMENT INCOME, EXCLUDING CONSOLIDATION ADJUSTMENTS, FOR OUR FOUR CABLE AND TELECOM SUBSIDIARIES FOR THE QUARTER:

THIRD-QUARTER REVENUES OF CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.1,106.9 MILLION, PS.1,158.8 MILLION, PS.555.2 MILLION AND PS.693.2 MILLION, RESPECTIVELY.

THIRD-QUARTER OPERATING SEGMENT INCOME OF CABLEVISION, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.427.1 MILLION, PS.442.8 MILLION, PS.199.6 MILLION AND PS.182.4 MILLION, RESPECTIVELY.

THESE RESULTS DO NOT INCLUDE CONSOLIDATION ADJUSTMENTS OF PS.119.3 MILLION IN REVENUES NOR PS.54.4 MILLION IN OPERATING SEGMENT INCOME, WHICH ARE CONSIDERED IN THE CONSOLIDATED RESULTS OF CABLE AND TELECOM.

OTHER BUSINESSES

THIRD-QUARTER SALES INCREASED 6.7% TO PS.1,046.5 MILLION COMPARED WITH PS.981.1 MILLION IN THIRD QUARTER 2010. THE GAMING BUSINESS PERFORMED WELL DURING THE QUARTER, MOST OF THE GROWTH DRIVEN BY BINGO PARLORS AND OUR SOCCER LOTTERY GAME GANAGOL.

THIRD-QUARTER OPERATING SEGMENT INCOME REACHED PS.2 MILLION COMPARED WITH A LOSS OF PS.32.2 MILLION IN THIRD QUARTER 2010, MAINLY REFLECTING AN INCREASE IN PROFITABILITY IN THE RADIO, INTERNET AND GAMING BUSINESSES.
 
INTERSEGMENT OPERATIONS

INTERSEGMENT OPERATIONS FOR THE THIRD QUARTER 2011 AND 2010 AMOUNTED TO PS.352.6  MILLION AND PS.336.4 MILLION, RESPECTIVELY.

CORPORATE EXPENSES

SHARE-BASED COMPENSATION EXPENSE IN THIRD QUARTER 2011 AND 2010 AMOUNTED TO PS.161.9 MILLION AND PS.135.4 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 GRANTED TO OFFICERS AND EMPLOYEES, AND IS RECOGNIZED OVER THE VESTING PERIOD.

NON-OPERATING RESULTS

OTHER EXPENSE, NET

OTHER EXPENSE, NET, AMOUNTED TO PS.200.8 MILLION FOR THIRD QUARTER 2011, COMPARED WITH OTHER INCOME, NET, OF PS.311.7 MILLION FOR THIRD QUARTER 2010. THE VARIANCE OF PS.512.5 REFLECTED PRIMARILY THE ABSENCE OF A GAIN ON DISPOSITION OF SHARES OF VOLARIS, A LOW-COST CARRIER AIRLINE, IN THIRD QUARTER 2010.

OTHER EXPENSE FOR THIRD QUARTER 2011 AND 2010 INCLUDED PRIMARILY LOSS ON DISPOSITION OF PROPERTY AND EQUIPMENT, FINANCIAL ADVISORY AND PROFESSIONAL SERVICES, AND DONATIONS.

INTEGRAL COST OF FINANCING

THE NET EXPENSE ATTRIBUTABLE TO INTEGRAL COST OF FINANCING INCREASED BY PS.666.1 MILLION TO PS.1,316.3 MILLION IN THIRD QUARTER 2011 FROM PS.650.2 MILLION IN THIRD QUARTER 2010. THIS INCREASE REFLECTED PRIMARILY I) A PS.475.9 MILLION INCREASE IN NON-CASH FOREIGN EXCHANGE LOSS RESULTING PRIMARILY FROM THE EFFECT OF A 18.6% DEPRECIATION OF THE MEXICAN PESO AGAINST THE US DOLLAR IN THIRD QUARTER 2011 ON OUR NET AVERAGE US DOLLAR LIABILITY POSITION COMPARED WITH A 2.0% APPRECIATION IN THIRD QUARTER 2010 ON OUR NET US DOLLAR LIABILITY POSITION; AND II) A PS.276 MILLION INCREASE IN INTEREST EXPENSE, DUE PRIMARILY TO A HIGHER PRINCIPAL AMOUNT OF LONG-TERM DEBT IN THIRD QUARTER 2011. THESE UNFAVORABLE VARIANCES WERE PARTIALLY OFFSET BY AN PS.85.8 MILLION INCREASE IN INTEREST INCOME DURING THIRD QUARTER 2011.

EQUITY IN LOSSES OF AFFILIATES, NET

EQUITY IN LOSSES OF AFFILIATES, NET, DECREASED BY PS.34.1 MILLION, OR 28.3%, TO PS.86.6 MILLION IN THIRD QUARTER 2011 COMPARED WITH PS.120.7 MILLION IN THIRD QUARTER 2010. THIS DECREASE REFLECTED MAINLY AN INCREASE IN EQUITY IN EARNINGS OF BMP, THE CONTROLLING COMPANY OF UNIVISION, AND OCEN, A LIVE-ENTERTAINMENT VENTURE IN MEXICO, WHICH EFFECT WAS PARTIALLY OFFSET BY AN INCREASE IN EQUITY IN LOSS OF LA SEXTA, A FREE-TO-AIR TELEVISION CHANNEL IN SPAIN.
 
INCOME TAXES

INCOME TAXES DECREASED BY PS.449.2 MILLION, OR 36.4%, TO PS.784.4 MILLION IN THIRD QUARTER 2011 FROM PS.1,233.6 MILLION IN THIRD QUARTER 2010. THIS DECREASE REFLECTED BOTH A LOWER INCOME TAX BASE AND A LOWER EFFECTIVE INCOME TAX RATE.

NON-CONTROLLING INTEREST NET INCOME

NON-CONTROLLING INTEREST NET INCOME DECREASED BY PS.58.6 MILLION, OR 22.2%, TO PS.204.9 MILLION IN THIRD QUARTER 2011, FROM PS.263.5 MILLION IN THIRD QUARTER 2010. THIS DECREASE REFLECTED PRIMARILY A LOWER PORTION OF CONSOLIDATED NET INCOME ATTRIBUTABLE TO INTERESTS HELD BY NON-CONTROLLING EQUITY OWNERS IN OUR SKY AND CABLE AND TELECOM SEGMENTS.

OTHER RELEVANT INFORMATION

CAPITAL EXPENDITURES AND INVESTMENTS

DURING THIRD QUARTER 2011, WE INVESTED APPROXIMATELY US$194.4 MILLION IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES, INCLUDING APPROXIMATELY US$102 MILLION FOR OUR CABLE AND TELECOM SEGMENT, US$62.8 MILLION FOR OUR SKY SEGMENT, AND US$29.6 MILLION FOR OUR TELEVISION BROADCASTING SEGMENT AND OTHER BUSINESSES.

OUR INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT IN OUR CABLE AND TELECOM SEGMENT DURING THIRD QUARTER 2011 INCLUDED APPROXIMATELY US$32.3 MILLION FOR CABLEVISIÓN, US$37.2 MILLION FOR CABLEMÁS, US$19.7 MILLION FOR TVI, AND US$12.8 MILLION FOR BESTEL.

DURING THIRD QUARTER 2011, WE MADE CASH PAYMENTS IN THE AMOUNT OF US$150 MILLION (PS.1,797.1 MILLION) IN CONNECTION WITH OUR INVESTMENT IN GSF, THE CONTROLLING COMPANY OF IUSACELL, IN THE FORM OF US$1,565 MILLION (PS.19,390.9 MILLION) OF DEBENTURES ISSUED BY GSF THAT ARE MANDATORILY CONVERTIBLE INTO SHARES OF STOCK OF GSF. UPON CONVERSION OF THE DEBENTURES OF GSF, WHICH IS SUBJECT TO REGULATORY APPROVAL AND OTHER CUSTOMARY CLOSING CONDITIONS, OUR EQUITY PARTICIPATION IN GSF AND IUSACELL WILL BE 50%.

ADDITIONALLY, ON OCTOBER 7, 2011, TELEVISA ENTERED INTO AN AGREEMENT TO BUY FROM EXISTING SHAREHOLDERS AN ADDITIONAL 158,258 SHARES OF BMP WHICH, ON A FULLY DILUTED BASIS, REPRESENT APPROXIMATELY 1% OF BMP’S TOTAL EQUITY CAPITAL. THE TRANSACTION IS SUBJECT TO CUSTOMARY CLOSING CONDITIONS.

DEBT AND CAPITAL LEASE OBLIGATIONS

THE TOTAL CONSOLIDATED DEBT AMOUNTED TO PS.56,646.8 MILLION AND PS.47,964.8 MILLION AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010, RESPECTIVELY, WHICH INCLUDED A SHORT-TERM DEBT AND CURRENT PORTION  OF LONG-TERM DEBT IN THE AMOUNT OF PS.1,170 MILLION AND PS.1,469.1 MILLION, RESPECTIVELY.

ADDITIONALLY, WE HAD CAPITAL LEASE OBLIGATIONS IN THE AMOUNT OF PS.639.7 MILLION AND PS.629.8 MILLION AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF PS.403 MILLION  AND PS.280.1 MILLION, RESPECTIVELY.

AS OF SEPTEMBER 30, 2011, 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.30,328.8 MILLION. THE AGGREGATE AMOUNT OF NONCURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS AS OF SEPTEMBER 30, 2011 AMOUNTED TO PS.3,146.8 MILLION.

SHARES OUTSTANDING

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010, OUR SHARES OUTSTANDING AMOUNTED TO 330,858.1 MILLION AND 325,023 MILLION SHARES, RESPECTIVELY, AND OUR CPO EQUIVALENTS OUTSTANDING AMOUNTED TO 2,827.8 MILLION AND 2,778 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 SEPTEMBER 30, 2011 AND DECEMBER 31, 2010, THE GDS (GLOBAL DEPOSITARY SHARES) EQUIVALENTS OUTSTANDING AMOUNTED TO 565.6 MILLION AND 555.6 MILLION GDS EQUIVALENTS, RESPECTIVELY. THE NUMBER OF GDS EQUIVALENTS IS CALCULATED BY DIVIDING THE NUMBER OF CPO EQUIVALENTS BY FIVE.

ABOUT TELEVISA

GRUPO TELEVISA, S.A.B., 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 HAS INTERESTS IN TELEVISION PRODUCTION AND BROADCASTING, PRODUCTION OF PAY-TELEVISION NETWORKS, INTERNATIONAL DISTRIBUTION OF TELEVISION PROGRAMMING, DIRECT-TO-HOME SATELLITE SERVICES, CABLE TELEVISION AND TELECOMMUNICATION SERVICES, 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. GRUPO TELEVISA ALSO OWNS AN UNCONSOLIDATED EQUITY STAKE IN LA SEXTA, A FREE-TO-AIR TELEVISION VENTURE IN SPAIN.

DISCLAIMER

THIS ANNEX CONTAINS FORWARD-LOOKING STATEMENTS REGARDING THE COMPANY’S RESULTS AND PROSPECTS. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THESE STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS ANNEX SHOULD BE READ IN CONJUNCTION WITH THE FACTORS DESCRIBED IN “ITEM 3. KEY INFORMATION – FORWARD-LOOKING STATEMENTS” IN THE COMPANY’S ANNUAL REPORT ON FORM 20-F, WHICH, AMONG OTHERS, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS MADE IN THIS ANNEX AND IN ORAL STATEMENTS MADE BY AUTHORIZED OFFICERS OF THE COMPANY. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THEIR DATES. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
 
 
 
 
 
FINANCIAL STATEMENT NOTES
 
  CONSOLIDATED
  Final Printing
 
GRUPO TELEVISA, S.A.B.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010
(IN THOUSANDS OF MEXICAN PESOS, EXCEPT PER CPO AND PER SHARE AMOUNTS)

1.        ACCOUNTING POLICIES:

THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A.B. (THE "COMPANY") AND ITS CONSOLIDATED ENTITIES (COLLECTIVELY, THE "GROUP"), AS OF SEPTEMBER 30, 2011 AND 2010, AND FOR THE NINE MONTHS ENDED ON THOSE DATES, ARE UNAUDITED. IN THE OPINION OF MANAGEMENT, ALL ADJUSTMENTS (CONSISTING PRINCIPALLY OF NORMAL RECURRING ADJUSTMENTS) NECESSARY FOR A FAIR PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN INCLUDED THEREIN.

FOR PURPOSES OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, CERTAIN INFORMATION AND DISCLOSURES, NORMALLY INCLUDED IN FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH MEXICAN FINANCIAL REPORTING STANDARDS (“MEXICAN FRS”), HAVE BEEN CONDENSED OR OMITTED. THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SHOULD BE READ IN CONJUNCTION WITH THE GROUP'S CONSOLIDATED AND AUDITED FINANCIAL STATEMENTS AND NOTES THERETO FOR THE YEAR ENDED DECEMBER 31, 2010, WHICH INCLUDE, AMONG OTHER DISCLOSURES, THE GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES, WHICH HAVE BEEN APPLIED ON A CONSISTENT BASIS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011.

2.         PROPERTY, PLANT AND EQUIPMENT:

PROPERTY, PLANT AND EQUIPMENT AS OF SEPTEMBER 30  CONSISTED OF:

   
2011
    
2010
  
BUILDINGS
   Ps. 9,518,086     Ps. 9,421,014  
BUILDING IMPROVEMENTS
     1,632,473       1,688,870  
TECHNICAL EQUIPMENT
     49,207,607       42,581,820  
SATELLITE TRANSPONDERS
     3,593,873       3,593,873  
FURNITURE AND FIXTURES
     871,151       859,747  
TRANSPORTATION EQUIPMENT
     2,122,180       2,454,046  
COMPUTER EQUIPMENT
     4,080,823       3,469,405  
LEASEHOLD IMPROVEMENTS
     1,320,281       1,348,121  
      72,346,474       65,416,896  
ACCUMULATED DEPRECIATION
     (40,852,895 )     (35,011,844 )
      31,493,579       30,405,052  
LAND
     4,103,656       4,651,788  
CONSTRUCTION AND PROJECTS IN PROGRESS
     4,133,125       2,385,158  
    Ps. 39,730,360     Ps. 37,441,998  
 
DEPRECIATION CHARGED TO INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 WAS PS.4,676,189 AND PS.3,986,784, RESPECTIVELY.
  
3.        LONG-TERM DEBT SECURITIES:
 
AS OF SEPTEMBER 30, THE GROUP'S CONSOLIDATED SHORT-TERM AND LONG-TERM DEBT SECURITIES OUTSTANDING WERE AS FOLLOWS:
 

 
   
2011
    
2010
  
 
 
LONG-TERM DEBT SECURITIES
  
THOUSANDS
OF
 U.S. DOLLARS
    
MEXICAN
PESOS
    
THOUSANDS
OF
 U.S. DOLLARS
    
MEXICAN
PESOS
  
8.0% SENIOR NOTES DUE 2011 (A)
   U.S.$ -     Ps. -     U.S.$  71,951     Ps.
907,388
  
6.0% SENIOR NOTES DUE 2018 (A)
     500,000      
6,944,200
       500,000      
6,305,600
  
6.625% SENIOR NOTES DUE 2025 (A)
     600,000      
8,333,040
       600,000      
7,566,720
  
8.5% SENIOR NOTES DUE 2032 (A)
     300,000      
4,166,520
       300,000      
3,783,360
  
8.49% SENIOR NOTES DUE 2037 (A)
     -       4,500,000       -      
4,500,000
  
9.375% SENIOR GUARANTEED NOTES DUE 2015 (B)
     -       -        174,700      
2,203,177
  
6.625% SENIOR NOTES DUE 2040 (A)     600,000      
8,333,040
       600,000      
7,566,720
  
7.38%  NOTES DUE 2020 (C)
     -       10,000,000       -       -  
    U.S.$ 2,000,000     Ps.    42,276,800     U.S.$  2,246,651     Ps.   
32,832,965
  

(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 2011, 2018, 2025, 2032, 2037 AND 2040, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 8.41%, 6.31%, 6.97%, 8.94%, 8.93% AND 6.97% 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 REDDEM THE SECURITIES AT 101% OF THEIR PRINCIPAL AMOUNT. ALSO, THE COMPANY MAY, AT ITS OWN OPTION, REDEEM THE SENIOR NOTES DUE 2018, 2025, 2037 AND 2040, 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 TELEVISION BROADCASTING, PAY TELEVISION NETWORKS AND PROGRAMMING EXPORTS TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS. THE SENIOR NOTES DUE 2011, 2018, 2025, 2032, 2037 AND 2040 ARE REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. IN SEPTEMBER 2011, THE COMPANY PAID AT ITS MATURITY THE REMAINING AMOUNT OF ITS 8.00% SENIOR NOTES DUE 2011 FOR A PRINCIPAL AMOUNT OF U.S.$72 MILLION (PS.898,776).

(B)  
THESE SENIOR GUARANTEED NOTES WERE UNSECURED OBLIGATIONS OF CABLEMÁS AND ITS RESTRICTED SUBSIDIARIES AND WERE GUARANTEED BY SUCH RESTRICTED SUBSIDIARIES. INTEREST ON THESE SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, WAS 9.858%, AND WAS PAYABLE SEMI-ANNUALLY. IN NOVEMBER 2010, CABLEMÁS PREPAID ALL OF ITS GUARANTEED SENIOR NOTES FOR AN AGGREGATE AMOUNT OF U.S.$183 MILLION (PS.2,256,716), INCLUDING ACCRUED INTEREST AND A PREMIUM (SEE NOTE 14).

(C)  
    IN OCTOBER 2010, THE COMPANY ISSUED 7.38% NOTES (“CERTIFICADOS BURSÁTILES”) DUE 2020 THROUGH THE MEXICAN STOCK EXCHANGE (“BOLSA MEXICANA DE VALORES”) IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.10,000,000. INTEREST ON THESE NOTES IS PAYABLE SEMI-ANNUALLY. THE COMPANY MAY, AT ITS OWN OPTION, REDEEM THESE NOTES, IN WHOLE OR IN PART, AT ANY SEMI-ANNUAL INTEREST PAYMENT DATE AT A REDEMPTION PRICE EQUAL TO THE GREATER OF THE PRINCIPAL AMOUNT OF THE OUTSTANDING NOTES AND THE PRESENT VALUE OF FUTURE CASH FLOWS, AT THE REDEMPTION DATE, OF PRINCIPAL AND INTEREST AMOUNTS OF THE NOTES DISCOUNTED AT A FIXED RATE OF COMPARABLE MEXICAN SOVEREIGN BONDS. THE AGREEMENT OF 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 TELEVISION BROADCASTING, PAY TELEVISION NETWORKS AND PROGRAMMING EXPORTS, TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.
 
4.        CONTINGENCIES:

IN DECEMBER 2010, THE COMPANY AND UNIVISION COMMUNICATIONS INC. (“UNIVISION”) ANNOUNCED THE COMPLETION OF CERTAIN AGREEMENTS AMONG RELATED PARTIES BY WHICH, AMONG OTHER TRANSACTIONS, THE GROUP MADE AN INVESTMENT IN BROADCASTING MEDIA PARTNERS, INC. (“BMP”), THE CONTROLLING COMPANY OF UNIVISION, AND THE PROGRAM LICENSE AGREEMENT (“PLA”) BETWEEN TELEVISA AND UNIVISION WAS AMENDED AND EXTENDED THROUGH THE LATER OF 2025 OR SEVEN AND ONE-HALF YEARS AFTER TELEVISA HAS SOLD TWO-THIRDS OF ITS INITIAL INVESTMENT IN BMP. IN CONNECTION WITH THESE AGREEMENTS, A COUNTERCLAIM FILED BY UNIVISION IN OCTOBER 2006, WHEREBY IT SOUGHT A JUDICIAL DECLARATION THAT ON OR AFTER DECEMBER 19, 2006, PURSUANT TO THE PLA, TELEVISA MAY NOT TRANSMIT OR PERMIT OTHERS TO TRANSMIT ANY TELEVISION PROGRAMMING INTO THE UNITED STATES BY MEANS OF THE INTERNET, WAS DISMISSED.

THERE ARE VARIOUS OTHER LEGAL ACTIONS AND CLAIMS PENDING AGAINST THE COMPANY, WHICH ARE FILED IN THE ORDINARY COURSE OF BUSINESS. IN THE OPINION OF THE COMPANY’S MANAGEMENT, NONE OF THESE ACTIONS AND CLAIMS ARE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT ON THE GROUP’S FINANCIAL STATEMENTS AS A WHOLE; HOWEVER, THE COMPANY IS UNABLE TO PREDICT THE OUTCOME OF ANY OF THESE LEGAL ACTIONS AND CLAIMS.

5.        STOCKHOLDERS' EQUITY:

THE COMPANY’S CAPITAL STOCK AS OF SEPTEMBER 30, IS ANALYZED AS FOLLOWS:

   
2011
    
2010
  
NOMINAL
   Ps.
2,405,032
     Ps.  
2,368,792
  
CUMULATIVE INFLATION ADJUSTMENT (A)
    
7,713,067
      
7,651,067
  
TOTAL CAPITAL STOCK
   Ps.  
10,118,099
     Ps.
10,019,859
  

            (A) THE COMPANY DISCONTINUED RECOGNIZING THE EFFECTS OF INFLATION ON FINANCIAL INFORMATION ON JANUARY 1, 2008, IN ACCORDANCE WITH MEXICAN FRS.

            ON APRIL 29, 2011, THE COMPANY’S STOCKHOLDERS APPROVED (I) THE PAYMENT OF A DIVIDEND FOR AN AGGREGATE AMOUNT OF UP TO PS.1,036,664, WHICH CONSISTED OF PS.0.35 PER CPO AND PS.0.00299145299 PER SHARE, NOT IN THE FORM OF A CPO, WHICH WAS PAID IN CASH IN MAY 2011 IN THE AGGREGATE AMOUNT OF PS.1,023,012; (II) THE MERGER OF CABLEMÁS INTO THE COMPANY ON APRIL 29, 2011, FOR WHICH REGULATORY APPROVALS WERE OBTAINED IN FEBRUARY AND JUNE 2011; (III) AN INCREASE IN THE CAPITAL STOCK OF THE COMPANY, WHICH CONSISTED OF 2,901,600,000 SHARES IN THE FORM OF 24,800,000 CPOS, IN CONNECTION WITH THE MERGER OF CABLEMÁS INTO THE COMPANY, BY WHICH THE COMPANY INCREASED ITS INTEREST IN THE CABLEMAS BUSINESS FROM 90.8% TO 100%; AND (IV) AN ADDITIONAL ISSUANCE OF 17,550,000,000 SHARES OF THE CAPITAL STOCK OF THE COMPANY IN THE FORM OF 150,000,000 CPOS, SUBJECT TO THE PREEMPTIVE RIGHTS OF EXISTING STOCKHOLDERS, WHICH ARE EXPECTED TO BE PAID IN CASH BY THE SPECIAL PURPOSE TRUST OF THE COMPANY’S STOCK PURCHASE PLAN AND LONG-TERM RETENTION PLAN IN THE FOURTH QUARTER OF 2011 (SEE NOTE 13).
 
    IN AUGUST 2011, A NUMBER OF 118,755 SHARES OF THE CAPITAL STOCK OF THE COMPANY, IN THE FORM OF 1,015 CPOS, WAS SUSCRIBED AND PAID BY EXISTING STOCKHOLDERS UNDER PREEMPTIVE RIGHTS IN THE AMOUNT OF PS.71.

AS OF SEPTEMBER 30, 2011, THE NUMBER OF SHARES ISSUED, REPURCHASED AND OUTSTANDING IS PRESENTED AS FOLLOWS:
 
   
 
 ISSUED
  
 
REPURCHASED
  
 
OUTSTANDING
SERIES “A” SHARES
  
120,499,101,800
  
7,890,421,385
  
112,608,680,415
SERIES “B” SHARES
  
56,540,997,506
  
4,350,887,293
  
52,190,110,213
SERIES “D” SHARES
  
86,201,722,390
  
3,172,059,819
  
83,029,662,571
SERIES “L” SHARES
  
86,201,722,390
  
3,172,059,819
  
83,029,662,571
   
349,443,544,086
  
18,585,428,316
  
330,858,115,770
 
 
     AS OF SEPTEMBER 30, 2011, THE COMPANY’S SHARES REPURCHASED BY THE COMPANY, AND THE COMPANY’S SHARES HELD BY SPECIAL TRUSTS IN CONNECTION WITH THE COMPANY’S STOCK PURCHASE PLAN AND LONG-TERM RETENTION PLAN, ARE PRESENTED AS A CHARGE TO THE CONTROLLING INTEREST STOCKHOLDERS’ EQUITY,  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)
    
4,563,538,200
       -      
4,563,538,200
     Ps.  
1,991,713
  
HELD BY A COMPANY’S TRUST  (2)
    
6,040,204,443
      
7,981,685,673
      
14,021,890,116
      
3,363,834
  
ADVANCES FOR ACQUISITION OF SHARES (3)
     -       -       -      
874,787
  
     
10,603,742,643
      
7,981,685,673
      
18,585,428,316
     Ps.  
6,230,334
  

(1)  
DURING THE NINE MONTHS ENDED SEPTEMBER 30, 2011, THE COMPANY REPURCHASED 23,400,000 SHARES IN THE FORM OF 200,000 CPOS, IN THE AGGREGATE AMOUNT OF PS.12,623.
(2)  
IN OCTOBER 2010, THE COMPANY’S STOCK PURCHASE PLAN AND LONG-TERM RETENTION PLAN WERE CONSOLIDATED UNDER A SINGLE SPECIAL PURPOSE TRUST. DURING THE FIRST HALF OF 2011, THE COMPANY RELEASED 320,443,695 SHARES IN THE FORM OF 2,738,835 CPOS, IN THE AMOUNT OF PS.35,974, IN CONNECTION WITH THE STOCK PURCHASE PLAN. IN JANUARY 2011, THE COMPANY RELEASED 232,743,888 SHARES, IN THE FORM OF 1,989,264 CPOS, IN THE AMOUNT OF PS.19,097, IN CONNECTION WITH THE LONG-TERM RETENTION PLAN. ALSO, IN APRIL 2011, THE COMPANY RELEASED 2,418,188,526 SHARES, IN THE FORM OF 20,668,278 CPOS, AND 386,100,000 SHARES, NOT IN THE FORM OF CPOS, IN THE AMOUNT OF PS.640,303 AND PS.102,234, RESPECTIVELY, IN CONNECTION WITH THE LONG-TERM RETENTION PLAN. IN ADDITION, DURING THE NINE MONTHS ENDED SEPTEMBER 30 2011, THIS TRUST ACQUIRED 400,725,000 COMPANY’S SHARES, IN THE FORM OF 3,425,000 CPOS, IN THE AMOUNT OF PS.184,757.
(3)  
IN CONNECTION WITH THE COMPANY’S STOCK PURCHASE PLAN AND LONG-TERM RETENTION PLAN.
 
THE GROUP ACCRUED IN THE STOCKHOLDERS’ EQUITY ATRIBUTABLE TO THE CONTROLLING INTEREST A SHARE-BASED COMPENSATION EXPENSE OF PS.488,399 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011, WHICH AMOUNT WAS REFLECTED IN CONSOLIDATED OPERATING INCOME AS ADMINISTRATIVE EXPENSE (SEE NOTE 11).
 
6.        RESERVE FOR REPURCHASE OF SHARES:

NO RESERVE FOR REPURCHASE OF SHARES WAS OUTSTANDING AS OF SEPTEMBER 30, 2011.

 IN ACCORDANCE WITH THE MEXICAN SECURITIES LAW, ANY AMOUNT OF SHARES REPURCHASED AND HELD BY THE COMPANY SHOULD BE RECOGNIZED AS A CHARGE TO STOCKHOLDERS' EQUITY, AND ANY CANCELLATION OF SHARES REPURCHASED SHOULD BE RECOGNIZED AS A REDUCTION OF THE COMPANY'S CAPITAL STOCK ISSUED FOR AN AMOUNT PROPORTIONATE TO THE SHARES CANCELLED.
 
7.         INTEGRAL RESULT OF FINANCING:
 
INTEGRAL RESULT OF FINANCING FOR THE NINE MONTHS ENDED SEPTEMBER 30 CONSISTED OF:
 
   
2011
    
2010
  
INTEREST EXPENSE (1)
   Ps.  
3,143,883
     Ps.  
2,690,267
  
INTEREST INCOME
    
(724,952
 )    
(741,535
 )
FOREIGN EXCHANGE LOSS, NET (2)
    
638,991
      
375,646
  
    Ps.
3,057,922
     Ps.  
2,324,378
  
                 
(1)  
INTEREST EXPENSE INCLUDES IN 2011 AND 2010 A NET LOSS FROM RELATED DERIVATIVE CONTRACTS OF PS.108,994 AND PS.219,968, RESPECTIVELY.
(2)  
FOREIGN EXCHANGE LOSS, NET, INCLUDES IN 2011 AND 2010 A NET LOSS FROM FOREIGN CURRENCY DERIVATIVE CONTRACTS OF PS.249,621 AND PS.278,660, RESPECTIVELY.

8.        DEFERRED TAXES:
 
THE DEFERRED INCOME TAX LIABILITY AS OF SEPTEMBER 30 WAS DERIVED FROM:
 
   
2011
    
2010
  
ASSETS:
            
ACCRUED LIABILITIES
   Ps. 1,389,925     Ps. 917,545  
GOODWILL
     1,468,497       1,396,040  
TAX LOSS CARRYFORWARDS
     944,406       897,152  
ALLOWANCE FOR DOUBTFUL ACCOUNTS
     466,626       423,355  
CUSTOMER ADVANCES
     795,638       824,047  
OTHER ITEMS
     575,083       451,220  
      5,640,175       4,909,359  
LIABILITIES:
                
INVENTORIES
     (356,404 )     (430,752 )
PROPERTY, PLANT AND EQUIPMENT, NET
     (1,253,259 )     (1,381,304 )
OTHER ITEMS
     (1,328,233 )     (1,635,231 )
TAX LOSSES OF SUBSIDIARIES, NET
     -       (49,862 )
      (2,937,896 )     (3,497,149 )
DEFERRED INCOME TAX OF MEXICAN COMPANIES
     2,702,279       1,412,210  
DEFERRED TAX OF FOREIGN SUBSIDIARIES
     493,924       160,462  
ASSETS TAX
     1,444,041       925,496  
VALUATION ALLOWANCE
     (4,837,579 )     (3,826,622 )
FLAT RATE BUSINESS TAX
     28,735       23,097  
DIVIDENDS DISTRIBUTED AMONG GROUP’S ENTITIES
     (278,305 )     (471,691 )
DEFERRED TAX LIABILITY
   Ps. (446,905 )   Ps. (1,777,048 )
 
DEFERRED TAX LIABILITY  CURRENT PORTION
   Ps. (134,951 )   Ps. (183,093 )
DEFERRED TAX LIABILITY  LONG-TERM
     (311,954 )     (1,593,955 )
    Ps. (446,905 )   Ps. (1,777,048 )
 
 
9.        DISCONTINUED OPERATIONS:

NO DISCONTINUED OPERATIONS, AS DEFINED BY MEXICAN FRS BULLETIN C-15, IMPAIRMENT IN THE VALUE OF LONG-LIVED ASSETS AND THEIR DISPOSAL, WERE RECOGNIZED IN INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010.
 
10.       QUARTERLY NET RESULTS:

THE QUARTERLY NET RESULTS FOR THE FOUR QUARTERS ENDED SEPTEMBER 30, 2011 ARE AS FOLLOWS:
 
 
QUARTER
  
 
ACCUMULATED
  
 
QUARTER
4 / 10
  
Ps.   7,683,389
  
Ps.   2,624,495
1 / 11
  
1,219,614
  
1,219,614
2 / 11
  
  3,374,865
  
2,155,251
3 / 11
  
  4,719,508
  
1,344,643
 
11.       INFORMATION BY SEGMENTS:

INFORMATION BY SEGMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010, IS PRESENTED AS FOLLOWS:
 
   
TOTAL REVENUES
    
INTERSEGMENT REVENUES
    
CONSOLIDATED REVENUES
    
SEGMENT PROFIT (LOSS)
  
2011:
                        
TELEVISION BROADCASTING
   Ps. 15,585,592     Ps. 435,311     Ps. 15,150,281     Ps. 6,964,069  
PAY TELEVISION NETWORKS
     2,526,568       234,540       2,292,028       1,273,838  
PROGRAMMING EXPORTS
     2,679,879       3,186       2,676,693       1,381,382  
PUBLISHING
     2,216,365       50,484       2,165,881       293,576  
SKY
     9,283,013       32,559       9,250,454       4,379,347  
CABLE AND TELECOM
     9,957,208       28,594       9,928,614       3,370,174  
OTHER BUSINESSES
     3,001,215       176,395       2,824,820       (52,043 )
SEGMENTS TOTALS
     45,249,840       961,069       44,288,771       17,610,343  
RECONCILIATION TO CONSOLIDATED
AMOUNTS:
                                
ELIMINATIONS AND CORPORATE EXPENSES
     (961,069 )     (961,069 )     -       (786,549 )
DEPRECIATION AND AMORTIZATION EXPENSE
     -       -       -       (5,429,850 )
CONSOLIDATED TOTAL
   Ps. 44,288,771     Ps. -     Ps. 44,288,771     Ps. 11,393,944  (1)
                                 
2010:
                                
TELEVISION BROADCASTING
   Ps. 15,860,652     Ps. 306,683     Ps. 15,553,969     Ps. 7,276,098  
PAY TELEVISION NETWORKS
     2,288,168       413,123       1,875,045       1,107,864  
PROGRAMMING EXPORTS
     2,064,615       5,019       2,059,596       959,732  
PUBLISHING
     2,285,186       51,283       2,233,903       249,073  
SKY
     8,373,426       19,807       8,353,619       3,800,603  
CABLE AND TELECOM
     8,642,958       46,135       8,596,823       2,813,185  
OTHER BUSINESSES
     2,768,735       75,921       2,692,814       (76,965 )
SEGMENT TOTALS
     42,283,740       917,971       41,365,769       16,129,590  
RECONCILIATION TO CONSOLIDATED AMOUNTS:
                                
ELIMINATIONS AND CORPORATE EXPENSES
     (917,971 )     (917,971 )     -       (577,570 )
DEPRECIATION AND AMORTIZATION EXPENSE
     -       -       -       (4,640,234 )
CONSOLIDATED TOTAL
   Ps. 41,365,769     Ps. -     Ps. 41,365,769     Ps. 10,911,786  (1)
 
(1)  
CONSOLIDATED TOTALS REPRESENT CONSOLIDATED OPERATING INCOME.
 
12.       INVESTMENTS:

      IN APRIL 2011, THE COMPANY MADE, THROUGH A WHOLLY-OWNED SUBSIDIARY,  AN INVESTMENT OF (I) U.S.$37.5 MILLION IN EQUITY, REPRESENTING 1.093875% OF THE OUTSTANDING SHARES OF GSF TELECOM HOLDINGS, S.A.P.I. DE C.V. (“GSF”), THE CONTROLLING COMPANY OF GRUPO IUSACELL, S.A. DE C.V. (“IUSACELL”), A PROVIDER OF TELECOMMUNICATIONS SERVICES, PRIMARILY ENGAGED IN PROVIDING MOBILE SERVICES THROUGHOUT MEXICO; AND (II) U.S.$1,565 MILLION (PS.19,390,856) IN UNSECURED  DEBENTURES ISSUED BY GSF THAT ARE MANDATORILY CONVERTIBLE INTO SHARES OF STOCK OF GSF, SUBJECT TO REGULATORY APPROVAL AND OTHER CUSTOMARY CLOSING CONDITIONS. UPON CONVERSION OF THE DEBENTURES, THE EQUITY PARTICIPATION OF THE COMPANY IN GSF AND IUSACELL WILL BE 50%. IN ADDITION, THE COMPANY AGREED TO MAKE AN ADDITIONAL PAYMENT OF U.S.$400 MILLION TO GSF IF CUMULATIVE EBITDA, AS DEFINED, REACHES U.S.$3,472 MILLION AT ANY TIME BETWEEN 2011 AND 2015. UNDER THE TERMS OF THE TRANSACTION, THE COMPANY AND THE OTHER OWNER OF GSF WILL HAVE EQUAL CORPORATE GOVERNANCE RIGHTS. IN CONNECTION WITH THIS INVESTMENT, THE GROUP MADE CASH PAYMENTS DURING THE SECOND AND THIRD QUARTERS OF 2011, IN THE AGGREGATE AMOUNT OF U.S.$1,152.5 MILLION (PS.13,583,077), AND IN OCTOBER 2011, IN THE AMOUNT OF U.S.$450 MILLION (PS.6,249,780).
 
13.       OTHER STOCKHOLDERS TRANSACTIONS:
 
         IN FEBRUARY 2010, MARCH 2011 AND AUGUST 2011, THE HOLDING COMPANIES OF THE SKY SEGMENT PAID A DIVIDEND TO ITS EQUITY OWNERS IN THE AGGREGATE AMOUNT OF PS.500,000, PS.1,250,000 AND PS.600,000, RESPECTIVELY, OF WHICH PS.206,667, PS.516,667 AND PS.248,000, RESPECTIVELY,  WERE PAID TO ITS NON-CONTROLLING EQUITY OWNERS.

          IN MARCH 2011, THE STOCKHOLDERS OF A MAJORITY-OWNED SUBSIDIARY OF THE COMPANY, EMPRESAS CABLEVISIÓN, S.A.B. DE C.V., APPROVED A CAPITAL CONTRIBUTION TO INCREASE THE CAPITAL STOCK OF THIS COMPANY IN THE AMOUNT OF PS.3,000,000, OF WHICH PS.1,469,165 WAS CONTRIBUTED BY THE NON-CONTROLLING INTEREST.

          ON APRIL 1, 2011, THE COMPANY ANNOUNCED AN AGREEMENT WITH THE NON-CONTROLLING STOCKHOLDERS OF CABLEMÁS TO ACQUIRE A 41.7% EQUITY INTEREST IN THIS ENTITY. IN CONNECTION WITH THIS AGREEMENT, (I) THE STOCKHOLDERS OF CABLEMÁS APPROVED ON MARCH 31, 2011 A CAPITAL INCREASE IN CABLEMÁS, BY WHICH A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY INCREASED ITS EQUITY INTEREST IN CABLEMÁS FROM 58.3% TO 90.8%; (II) THE COMPANY’S STOCKHOLDERS APPROVED THE MERGER OF CABLEMÁS INTO THE COMPANY ON APRIL 29, 2011, BY WHICH THE COMPANY INCREASED ITS INTEREST IN THE CABLEMAS BUSINESS FROM 90.8% TO 100%; AND (III) A FINAL REGULATORY APPROVAL WAS OBTAINED BY THE COMPANY IN JUNE 2011. THIS TRANSACTION HAD A TOTAL VALUE OF APPROXIMATELY PS.4,700 MILLION, INCLUDING THE MERGER OF CABLEMÁS INTO THE COMPANY (SEE NOTE 5).
 
14.      FINANCING TRANSACTIONS:

           IN APRIL AND OCTOBER 2010, THE COMPANY REPAID AT ITS MATURITY A PORTION OF A BANK LOAN IN THE PRINCIPAL AMOUNT OF PS.1,000,000.
 
           IN OCTOBER 2010, THE COMPANY ISSUED PS.10,000,000 AGGREGATE PRINCIPAL AMOUNT OF 7.38% NOTES DUE 2020, THROUGH THE MEXICAN STOCK EXCHANGE (SEE NOTE 3).

           IN NOVEMBER 2010, CABLEMÁS, A MAJORITY-OWNED SUBSIDIARY OF THE COMPANY, PREPAID ALL OF ITS OUTSTANDING LOAN FACILITY FOR AN AGGREGATE AMOUNT OF U.S.$50 MILLION (PS.622,118), INCLUDING ACCRUED INTEREST (SEE NOTE 3).

           IN MARCH 2011, EMPRESAS CABLEVISIÓN, S.A.B. DE C.V. PREPAID ALL OF ITS OUTSTANDING LOAN FACILITY IN THE PRINCIPAL AMOUNT OF U.S.$225 MILLION, AND RECEIVED A CASH AMOUNT OF U.S.$7.6 MILLION FOR THE LIQUIDATION OF A DERIVATIVE CONTRACT RELATED TO THIS LOAN.

           IN MARCH 2011, THE COMPANY ENTERED INTO LONG-TERM CREDIT AGREEMENTS WITH FOUR MEXICAN BANKS IN THE AGGREGATE PRINCIPAL AMOUNT OF  PS.8,600,000, WITH AN ANNUAL INTEREST RATE BETWEEN  8.09% AND 9.4%, PAYABLE ON A MONTHLY BASIS, AND PRINCIPAL MATURITIES BETWEEN 2016 AND 2021. THE PROCEEDS OF THESE LOANS HAVE BEEN USED FOR GENERAL CORPORATE PURPOSES. UNDER THE TERMS OF THESE LOAN AGREEMENTS, THE COMPANY IS REQUIRED TO (A) MAINTAIN CERTAIN FINANCIAL COVERAGE RATIOS RELATED TO INDEBTEDNESS AND INTEREST EXPENSE; AND (B) COMPLY WITH THE RESTRICTIVE COVENANT ON SPIN-OFFS, MERGERS AND SIMILAR TRANSACTIONS.

          15.      OTHER TRANSACTIONS:
 
         IN CONNECTION WITH A 15-YEAR SERVICE AGREEMENT FOR 24 TRANSPONDERS ON INTELSAT’S SATELLITE IS-16 AMONG SKY, SKY BRASIL SERVICOS LTDA., INTELSAT AND AN AFFILIATE, THE GROUP RECORDED IN 2010 A ONE-TIME FIXED FEE IN THE AGGREGATE AMOUNT OF U.S.$138.6 MILLION (PS.1,697,711), OF WHICH U.S.$27.7 MILLION AND U.S.$110.9 MILLION WERE PAID IN THE FIRST QUARTER OF 2010 AND 2011, RESPECTIVELY.

        IN MARCH 2010, SKY REACHED AN AGREEMENT WITH A SUBSIDIARY OF INTELSAT TO LEASE 24 TRANSPONDERS ON INTELSAT IS-21 SATELLITE, WHICH WILL BE MAINLY USED FOR SIGNAL RECEPTION AND RETRANSMISSION SERVICES OVER THE SATELLITE’S ESTIMATED 15-YEAR SERVICE LIFE. IS-21 INTENDS TO REPLACE INTELSAT IS-9 AS SKY’S PRIMARY TRANSMISSION SATELLITE AND IS CURRENTLY EXPECTED TO START SERVICE IN THE THIRD QUARTER OF 2012. THE LEASE AGREEMENT FOR 24 TRANSPONDERS ON IS-21 CONTEMPLATES A MONTHLY PAYMENT OF U.S.$3.0 MILLION TO BE PAID BY SKY BEGINNING IN SEPTEMBER 2012.
 
------------
 
 
 
 
ANALYSIS OF INVESTMENTS IN SHARES
SUBSIDIARIES
 
CONSOLIDATED
Final Printing
         
     
NUMBER
%
COMPANY NAME
MAIN ACTIVITIES
OF SHARES
OWNERSHIP
         
         
1
ALEKTIS CONSULTORES, S DE RL. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
1
100
2
CABLESTAR, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
57,195,341
30.80
3
CABLE Y COMUNICACIÓN DE CAMPECHE, S.A. DE C.V.
TELECOM COMPANY
11,321
98.24
4
CABLE Y COMUNICACIÓN  DE MORELIA, S.A. DE C.V.
TELECOM COMPANY
66,770
100.00
5
CABLEMAS TELECOMUNICACIONES, S.A. DE C.V.
TELECOM COMPANY
718,404,028
92.63
6
CCC TECNO EQUIPOS, S.A. DE C.V.
LEASING COMPANY
4,374
98.24
7
CM EQUIPOS Y SOPORTE, S.A. DE C.V.
LEASING COMPANY
405,331,351
92.63
8
CORPORATIVO VASCO DE QUIROGA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
262,182,535
99.96
9
CONSORCIO NEKEAS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
43,040,851
99.77
10
CONSTRUCTORA CABLEMAS, S.A. DE C.V.
SERVICES COMPANY
3,289,999
100.00
11
DTH EUROPA, S.A.
PROMOTION AND DEVELOPMENT OF COMPANIES
1,080,182
90.25
12
EDITORA FACTUM, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
4,347,922
100.00
13
EDITORIAL TELEVISA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
2,474,969
99.52
14
FACTUM MAS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
564,225
91.18
15
GRUPO DISTRIBUIDORAS INTERMEX, S.A. DE C.V.
DISTRIBUTION OF BOOKS AND MAGAZINES
670,303
100.00
16
GRUPO LEGARIS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
82,358
91.17
17
GRUPO TELESISTEMA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
30,952,303
100.00
18
INMOBILIARIA CABLEMAS, S.A. DE C.V.
REAL ESTATE COMPANY
1,092,075
100.00
19
KAPA CAPITAL, S.A. DE C.V. SOFOM E.N.R.
PROMOTION AND DEVELOPMENT OF COMPANIES
1,959,228
100.00
20
KASITUM, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
42,405
100.00
21
MULTIMEDIA TELECOM, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
3,031,390
48.90
22
MULTIMEDIA CTI, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
999
100.00
23
PROFESIONALES EN VENTAS S.A. DE C.V.
SERVICES COMPANY
49
98.00
24
PROMO-INDUSTRIAS METROPOLITANAS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
10,368,038
100.00
25
SERVICIOS ADMINISTRATIVOS, S.A. DE C.V.
SERVICES COMPANY
1,341
93.00
26
SISTEMA RADIOPOLIS, S.A. DE C.V.
COMMERCIALIZATION OF RADIO PROGRAMMING
76,070,313
50.00
27
SOMOS TELEVISA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
1,696,115
100.00
28
TELEPARABOLAS, S.L.
TV CABLE COMMERCIALIZATION
1,500
100.00
29
TELEVISA JUEGOS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
4,478,622
100.00
30
TELESISTEMA MEXICANO, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
497
99.40
31
TELEVISA ARGENTINA, S.A.
COMMERCIAL OPERATION OF TELEVISION
1,677,000
95.72
32
TSM CAPITAL, S.A. DE C.V. SOFOM E.N.R.
PROMOTION AND DEVELOPMENT OF COMPANIES
1,069,791
100.00
33
TELEVISA ENTRETENIMIENTO, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
1,028,260
100.00
34
TV TRANSMISIONES DE CHIHUAHUA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
661,004
100.00
35
VILLACEZAN, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
221,029
100.00
         
 
 
 
 
 
 
ANALYSIS OF INVESTMENTS IN SHARES
ASSOCIATES
 
CONSOLIDATED
Final Printing
       
TOTAL AMOUNT
   
NUMBER
%
(Thousands of Mexican Pesos)
COMPANY NAME
MAIN ACTIVITIES
OF SHARES
OWNERSHIP
ACQUISITION
BOOK
       
COST
VALUE
1
ARGOS COMUNICACION, S.A. DE C.V.
 OPERATION AND/OR BROADCASTING OF T.V.
33,000,000
30.00
137,000
44,734
2
BROADCASTING MEDIA PARTNERS, INC
 PROMOTION AND DEVELOPMENT OF COMPANIES
526,074
5.00
1,607,450
1,836,810
3
CENTROS DE CONOCIMIENTO TECNOLOGICO, S.A. DE C.V.
 EDUCATION
5,317,900
15.07
55,000
20,099
4
COMUNICABLE, S.A. DE C.V.
 CABLE TV TRANSMISSION
1
50.00
16,918
24,063
5
COMUNICABLE DE VALLE HERMOSO, S.A. DE C.V.
 CABLE TV TRANSMISSION
1
50.00
4,019
3,756
6
CORPORATIVO TD SPORTS, S.A. DE C.V.
 COMMERCIALIZATION OF TELEVISION PROGRAMMING
47,839
49.00
47,839
45,089
7
DIBUJOS ANIMADOS MEXICANOS DIAMEX, S.A. DE C.V.
 PRODUCTION OF ANIMATED CARTOONS
1,735,560
49.00
4,384
699
8
EDITORIAL CLIO, LIBROS Y VIDEOS, S.A. DE C.V.
 PUBLISHING AND PRINTING OF BOOKS AND MAGAZINES
3,227,050
30.00
32,270
9,045
9
ENDEMOL LATINO, N.A., LLC
 COMMERCIALIZATION OF TELEVISION PROGRAMMING
1
49.00
6,335
6,805
10
ENDEMOL MEXICO, S.A. DE C.V.
 COMMERCIALIZATION OF TELEVISION PROGRAMMING
25,000
50.00
25
1,063
11
GESTORA DE INVERSIONES AUDIOVISUALES LA SEXTA, S.A.
 COMMERCIALIZATION OF TELEVISION PROGRAMMING
12,203,927
40.77
4,212,390
778,842
12
GRUPO TELECOMUNICACIONES DE ALTA CAPACIDAD, S.A.P.I.
 TELECOM
54,666,667
33.33
427,000
16,197
13
OCESA ENTRETENIMIENTO, S.A. DE C.V.
 LIVE ENTERTAINMENT IN MEXICO
14,100,000
40.00
1,062,811
785,763
14
TELEVISORA DEL YAQUI, S.A. DE C.V.
 OPERATION AND/OR BROADCASTING OF T.V.
4,124,986
15.00
412
5,941
 
TOTAL INVESTMENT IN ASSOCIATES
  
7,613,853
3,578,906
 
OTHER PERMANENT INVESTMENTS
  
37,020,433   
 
TOTAL
7,613,853
40,599,339
 
OBSERVATIONS
 
 
 
 
 
CREDITS BREAKDOWN
(Thousands of Mexican Pesos)
 
CONSOLIDATED
Final Printing
         
AMORTIZATION OF CREDITS DENOMINATED IN PESOS
AMORTIZATION OF CREDITS IN FOREIGN CURRENCY
 
WITH FOREIGN
DATE OF
AMORTIZATION
INTEREST
TIME INTERVAL
TIME INTERVAL
CREDIT TYPE / INSTITUTION
INSTITUTION
CONTRACT
DATE
RATE
CURRENT
UNTIL 1
UNTIL 2
UNTIL 3
UNTIL 4
UNTIL 5
CURRENT
UNTIL 1
UNTIL 2
UNTIL 3
UNTIL 4
UNTIL 5
         
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
YEAR
BANKS
                                
FOREIGN TRADE
                                
SECURED
                                
COMMERCIAL BANKS
                                
BANAMEX, S.A.
NA
4/20/2006
4/20/2016
8.74
0
0
0
0
0
2,100,000
            
INBURSA, S.A.
NA
10/22/2004
4/23/2012
10.35
0
1,000,000
0
0
0
0
            
SANTANDER
NA
4/21/2006
4/21/2016
TIIE+24
0
0
0
0
0
1,400,000
            
BANCO MERCANTIL DEL NORTE
NA
2/24/2011
2/21/2016
TIIE+215
0
0
131,670
225,720
225,720
516,890
            
SANTANDER
NA
3/30/2011
3/30/2016
8.12
0
0
0
0
0
2,000,000
            
BBVA BANCOMER
NA
3/30/2011
3/30/2016
8.095
0
0
0
0
0
2,500,000
            
BANAMEX, S.A.
NA
3/25/2011
3/23/2021
9.40
0
0
0
0
0
400,000
            
BANAMEX, S.A.
NA
3/25/2011
3/23/2021
9.06
0
0
0
0
0
800,000
            
BANAMEX, S.A.
NA
3/25/2011
3/23/2018
8.77
0
0
0
0
0
400,000
            
HSBC
NA
3/28/2011
3/30/2018
TIIE+117.5
0
0
0
0
0
2,500,000
            
AF BANREGIO, S.A. DE C.V.
NA
8/23/2010
8/24/2011
7.79
20,000
0
0
0
0
0
            
                                 
OTHER
                                
TOTAL BANKS
        
20,000
1,000,000
131,670
225,720
225,720
12,616,890
0
0
0
0
0
0
STOCK MARKET
                                
LISTED STOCK EXCHANGE
                                
UNSECURED
                                
SECURED
                                
PRIVATE PLACEMENTS
                                
UNSECURED
                                
HOLDERS
NA
5/9/2007
5/11/2037
8.93
0
0
0
0
0
4,500,000
            
HOLDERS
NA
10/14/2010
10/1/2020
7.38
0
0
0
0
0
10,000,000
            
HOLDERS
YES
3/11/2002
3/11/2032
8.94
            
0
0
0
0
0
4,166,520
HOLDERS
YES
3/18/2005
3/18/2025
6.97
            
0
0
0
0
0
8,333,040
HOLDERS
YES
5/6/2008
5/15/2018
6.31
            
0
0
0
0
0
6,944,200
HOLDERS
YES
11/23/2009
1/15/2040
6.97
            
0
0
0
0
0
8,333,040
SECURED
                                
TOTAL STOCK MARKET
        
0
0
0
0
0
14,500,000
0
0
0
0
0
27,776,800
SUPPLIERS
                                
VARIOUS
NA
9/30/2011
9/30/2012
  
0
3,147,972
0
0
0
0
            
VARIOUS
YES
9/30/2011
9/30/2012
              
0
4,289,933
0
0
0
0
TOTAL SUPPLIERS
        
0
3,147,972
0
0
0
0
0
4,289,933
0
0
0
0
                                 
OTHER LOANS WITH
COST (S103 AND S30)
                               
VARIOUS
NA
6/1/2009
3/1/2014
VARIOUS
181,648
91,329
107,971
14,216
0
0
            
VARIOUS
YES
5/1/2007
11/15/2022
VARIOUS
            
67,138
212,930
41,280
18,998
19,971
34,292
TOTAL OTHER LOANS WITH COST
        
181,648
91,329
107,971
14,216
-
0
67,138
212,930
41,280
18,998
19,971
34,292
                                 
OTHER CURRENT
LIABILITIES WITHOUT COST (S26)
                                
VARIOUS
NA
      
0
10,088,728
                    
VARIOUS
YES
                  
0
691,062
        
TOTAL CURRENT LIABILITIES WITHOUT COST
        
0
10,088,728
-
-
-
-
-
691,062
-
-
-
-
                                 
TOTAL
        
201,648
14,328,029
239,641
239,936
225,720
27,116,890
67,138
5,193,925
41,280
18,998
19,971
27,811,092
 
 
NOTES
THE EXCHANGE RATES FOR THE CREDITS DENOMINATED IN FOREIGN CURRENCY WERE AS FOLLOWS:

 
$
13.8884
  
PESOS PER U.S. DOLLAR
   
0.0267
  
PESOS PER CHILEAN PESO
 
IT DOES NOT INCLUDE LIABILITIES OF TAXES PAYABLE IN FOREIGN CURRENCY AND MEXICAN PESOS (REF S25 TAXES PAYABLE) OF PS.294,936 AND PS.877,324, RESPECTIVELY, FOR EFFECTS OF VALIDATION OF THE SYSTEM.
 
 
 
 
 
MONETARY FOREIGN CURRENCY POSITION
(Thousands of Mexican Pesos)
 
CONSOLIDATED
Final Printing
 
DOLLARS (1)
OTHER CURRENCIES (1)
TOTAL
TRADE BALANCE
THOUSANDS OF DOLLARS
THOUSANDS OF PESOS
THOUSANDS OF DOLLARS
THOUSANDS OF PESOS
THOUSANDS OF PESOS
           
MONETARY ASSETS
2,057,420
28,574,272
159,390
2,213,672
30,787,944
           
LIABILITIES POSITION
2,467,005
34,262,752
109,241
1,517,183
35,779,935
           
        SHORT-TERM LIABILITIES POSITION
300,563
4,174,339
99,483
1,381,660
5,555,999
           
        LONG-TERM LIABILITIES POSITION
2,166,442
30,088,413
9,758
135,523
30,223,936
           
NET BALANCE
(409,585)
(5,688,480)
50,149
696,489
(4,991,991)

 
NOTES
 
THE MONETARY ASSETS INCLUDE U.S.$192,262 THOUSAND OF LONG-TERM AVAILABLE-FOR-SALE INVESTMENTS, OF WHICH FOREIGN EXCHANGE GAIN OR LOSS RELATED TO THE CHANGES IN FAIR VALUE OF THESE FINANCIAL INSTRUMENTS IS ACCOUNTED FOR AS OTHER COMPREHENSIVE INCOME.
 
(1)   THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS:
 
PS. 13.8884  
PESOS PER U.S. DOLLAR
  18.6410  
PESOS PER EURO
  13.2899  
PESOS PER CANADIAN DOLLAR
  3.3028  
PESOS PER ARGENTINEAN PESO
  0.6860  
PESOS PER URUGUAYAN PESO
  0.0267  
PESOS PER CHILEAN PESO
  0.0073  
PESOS PER COLOMBIAN PESO
  5.0030  
PESOS PER PERUVIAN NUEVO SOL
  15.3330  
PESOS PER SWISS FRANC
  3.2298  
PESOS PER STRONG BOLIVAR
  7.3639  
PESOS PER BRAZILIAN REAL
  21.7108  
PESOS PER STERLING LIBRA
  2.1775  
PESOS PER CHINESE YUAN
 
THE FOREIGN CURRENCY OF LONG-TERM LIABILITIES FOR PS.30,223,936 IS REPORTED AS FOLLOWS:
 
REF. S27
LONG-TERM LIABILITIES
 PS.
27,891,341
  
REF. S69
OTHER LONG-TERM LIABILITIES
 PS. 
2,332,595
  
 
 
 
 
 
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, AND U.S.$600 MILLION SENIOR NOTES ISSUED BY GRUPO TELEVISA, S.A.B. WITH MATURITY IN 2018, 2025, 2032, 2037 AND 2040, RESPECTIVELY, CONTAIN COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PAY TELEVISION NETWORKS AND PROGRAMMING EXPORTS TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.

THE AGREEMENT OF NOTES ("CERTIFICADOS BURSÁTILES") DUE 2020 IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.10,000 MILLION, CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PAY TELEVISION NETWORKS AND PROGRAMMING EXPORTS TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.

 
COMPLIANCE OF FINANCIAL RESTRICTIONS

AT SEPTEMBER 30, 2011, THE GROUP WAS IN COMPLIANCE WITH THE FINANCIAL RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM SENIOR NOTES DESCRIBED ABOVE.
 
 
 
 
 
PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS
 
CONSOLIDATED
Final Printing
       
PLANT OR CENTER
ECONOMIC ACTIVITY
PLANT
UTILIZATION
   
CAPACITY
(%)
TELEVISION:
  
0
0
CORPORATIVO SANTA FE
HEADQUARTERS
0
0
TELEVISA SAN ANGEL
PRODUCTION AND BROADCASTING PROGRAMMING.
0
0
TELEVISA CHAPULTEPEC
PRODUCTION AND BROADCASTING PROGRAMMING.
0
0
REAL ESTATE
LAND AND UNOCCUPIED BUILDINGS,
0
0
 
PARKING LOTS, ADMINISTRATIVE
0
0
 
OFFICES, RADIO ANTENNAS,
0
0
 
TELEVISION STATIONS FACILITIES.
0
0
TRANSMISSION STATIONS
BROADCASTER STATIONS.
0
0
PUBLISHING:
 
0
0
EDITORIALS
ADMINISTRATION, SALES, PRODUCTION,
0
0
 
STORAGE AND DISTRIBUTION OF
0
0
 
MAGAZINES AND NEWSPAPERS.
0
0
RADIO:
 
0
0
SISTEMA RADIOPOLIS, S.A. DE C.V.
BROADCASTER STATIONS.
0
0
CABLE TELEVISION:
 
0
0
CABLEVISION, S.A. DE C.V.
CABLE TELEVISION, SIGNAL CONDUCTION
0
0
 
AND TRANSMISSION EQUIPMENT.
0
0
OTHER BUSINESSES:
 
0
0
IMPULSORA DEL DEPORTIVO -
SOCCER, SOCCER TEAMS, TRAINING
0
0
NECAXA, S.A. DE C.V. AND CLUB
FACILITIES, ADMINISTRATIVE OFFICES AND
0
0
DE FUTBOL AMERICA, S.A. DE C.V.
THE AZTECA STADIUM.
0
0
       
 
NOTES
 
 
 
 
 
MAIN RAW MATERIALS
 
 
CONSOLIDATED
Final Printing
  MAIN   DOM. COST
MAIN RAW SUPPLIERS ORIGIN SUBST.
PRODUCTION
(%)
         
PROGRAMS AND FILMS
ESTUDIO MÉXICO
      
 
FILMS,
      
 
S.A. DE C.V.
DOMESTIC
    
 
DISTRIBUIDORA
      
 
ROMARI,
      
 
S.A. DE C.V.
DOMESTIC
    
 
GUSSI, S.A.
      
 
DE C.V.
DOMESTIC
    
 
CINEMATOGRÁFICA,
      
 
RA, S.A.
DOMESTIC
    
 
QUALITY
      
 
FILMS,
      
 
S. DE R.L. DE C.V.
DOMESTIC
    
 
PRODUCCIONES
      
 
POTOSI,
      
 
S.A.
DOMESTIC
    
 
PRODUCCIONES
      
 
MATOUK,
      
 
S.A.
DOMESTIC
    
 
PONS MORALES
      
 
MARIA
      
 
ANTONIETA
DOMESTIC
    
 
NARMEX,
      
 
S.A. DE C.V.
DOMESTIC
    
 
AGUIRRE
      
 
PRODUCCIONES,
      
 
S.A. DE C.V.
DOMESTIC
    
 
DISTRIBUIDORA
      
 
DE ENTRETENI-
      
 
MIENTO DE CINE,
      
 
S.A. DE C.V.
DOMESTIC
    
 
PRODUCCIONES
      
 
ALFA AUDIOVISUAL,
      
 
S.A. DE C.V.
DOMESTIC
    
 
UNIVERSAL STUDIOS
      
 
INTERNATIONAL
FOREIGN
NO
  
 
CHILE, S.A.
FOREIGN
NO
  
 
CPT HOLDINGS,
      
 
INC.
FOREIGN
NO
  
 
DW
      
 
(NETHERLANDS)
      
 
BV
FOREIGN
NO
  
 
METRO
      
 
GOLDWYN
      
 
MAYER
      
 
INTERNATIONAL
FOREIGN
NO
  
 
MTV NETWORKS
      
 
A DIVISION OF
      
 
VIACOM, INT.
FOREIGN
NO
  
 
PARAMOUNT PICTURES
      
 
GLOBAL A
      
 
DIVISION OF
      
 
VIACOM GLOBAL
      
 
NETHERLANDS BV
FOREIGN
NO
  
 
RCN TELEVISION,
      
 
S.A.
FOREIGN
NO
  
 
TELEMUNDO
      
 
TELEVISION
      
 
STUDIOS, LLC
FOREIGN
NO
  
 
TOEI
      
 
ANIMATION
      
 
INCORPORATED
FOREIGN
NO
  
 
TWENTIETH
      
 
CENTURY
      
 
FOX
      
 
INTERNATIONAL
FOREIGN
NO
  
 
UNIVERSAL
      
 
CITY STUDIOS
      
 
PRODUCTIONS, LLLP
FOREIGN
NO
  
 
WARNER
      
 
BROS.
      
 
INT. TELEVISION, INC.
FOREIGN
NO
  
 
OTHER
      
CABLE RG COAXIAL
        
MAYA 60
DICIMEX, S.A. DE C.V.
DOMESTIC
YES
  
CONECTOR HEMBRA
POWER & TELEPHONE
      
 
SUPPLY, S.A. DE C.V.
DOMESTIC
YES
  
DIVISOR DE LINEA
POWER &
      
2 SALIDAS
TELEPHONE SUPPLY,
      
 
S.A. DE C.V.
DOMESTIC
YES
  
COUCHE PAPER
PAPELERA
      
 
LOZANO, S.A.
DOMESTIC
YES
  
 
PAPEL,
      
 
S.A. DE C.V.
DOMESTIC
YES
  
 
PAPELERÍA
      
 
PROGRESO,
      
 
S.A. DE C.V.
DOMESTIC
YES
  
 
SUMINISTROS
      
 
Y SERVICIOS
      
 
BROOM
DOMESTIC
YES
  
 
STORAM ENSON
FOREIGN
NO
  
 
BULKLEY DUNTON
FOREIGN
NO
  
 
MILLYKOSKI
      
 
SALES GMBH
FOREIGN
NO
  
 
SAPPI DEUTSCHLAND
      
 
GMBH
FOREIGN
NO
  
 
ABITIBI
      
 
BOWATER, INC
FOREIGN
YES
  
PAPER AND IMPRESSION
SERVICIOS
      
 
PROFESIONALES
      
 
DE
      
 
IMPRESION
DOMESTIC
YES
  
 
QUAD/GRAPHICS
      
 
MÉXICO, S.A. DE C.V.
DOMESTIC
YES
  
 
REPRODUCCIONES
      
 
FOTOMECANICAS, S.A.
DOMESTIC
YES
  
 
OFFSET
      
 
MULTICOLOR, S.A.
DOMESTIC
YES
  
 
MOIÑO
      
 
IMPRESORES,
      
 
S.A. DE C.V.
DOMESTIC
YES
  
 
EDITORA
      
 
GEMINIS, S.A.
FOREIGN
YES
  
 
EDITORIAL
      
 
LA PATRIA,
      
 
S.A.
FOREIGN
YES
  
 
PRINTER
      
 
COLOMBIANA,
      
 
S.A.
FOREIGN
YES
  
 
RR DONNELLEY
FOREIGN
NO
  
 
GRUPO
      
 
OP
      
 
GRAFICAS,
      
 
S.A.
FOREIGN
YES
  
 
AGSTROM
      
 
GRAPHICS
FOREIGN
YES
  
 
CARGRAPHICS,
      
 
S.A.
FOREIGN
YES
  
 
QUAD GRAPHICS
      
 
COLOMBIA,
      
 
S.A.
FOREIGN
YES
  
         
 
NOTES
 
 
 
 
 
SALES DISTRIBUTION BY PRODUCT
 
SALES
 
CONSOLIDATED
Final Printing
 
NET SALES
MARKET
       MAIN
MAIN PRODUCTS
VOLUME
AMOUNT
SHARE
TRADEMARKS
CUSTOMERS
 
(THOUSANDS)
   (%)    
DOMESTIC SALES
          
INTERSEGMENT ELIMINATIONS
   (955,200)      
           
TELEVISION BROADCASTING:          
ADVERTISED TIME SOLD (HALF HOURS)
3
15,082,679
    
COMPAÑIA PROCTER & GAMBLE DE MÉXICO, S. DE R.L DE C.V.
         
KIMBERLY CLARK  DE MÉXICO, S.A.B. DE C.V.
         
BIMBO, S.A. DE C.V.
         
THE COCA-COLA EXPORT CORPORATION SUCURSAL EN MEXICO
         
UNILEVER DE MÉXICO, S. DE R.L. DE C.V.
         
FRABEL, S.A. DE C.V.
         
KELLOGG COMPANY MÉXICO, S. DE R.L. DE C.V.
         
MARCAS NESTLE, S.A DE C.V.
         
MARKETING MODELO, S.A DE C.V.
         
GENOMMA LAB INTERNACIONAL, S.A.B. DE C.V.
OTHER INCOME
  
168,358
    
VARIOUS
PAY TELEVISION NETWORKS:
          
SALE OF SIGNALS
  
1,633,520
    
CABLEMÁS TELECOMUNICACIONES, S.A. DE C.V.
         
MEGA CABLE, S.A. DE C.V.
         
CABLEVISION RED, S.A.
         
TELECABLE DEL ESTADO DE MÉXICO, S.A. DE C.V.
         
TELEVISION INTERNACIONAL, S.A. DE C.V.
         
TELE CABLE CENTRO OCCIDENTE, S.A. DE C.V.
ADVERTISED TIME SOLD
  
565,013
    
MEDIA PLANNING GROUP, S.A. DE C.V.
         
PROMOCION Y PUBLICIDAD FIESTA, S.A. DE C.V.
         
SUAVE Y FÁCIL, S.A. DE C.V.
         
MARCAS NESTLE, S.A DE C.V.
         
DIRECTRA, S.A. DE C.V.
PUBLISHING:
          
MAGAZINE CIRCULATION
26,276
419,233
  
TV Y NOVELAS MAGAZINE,
GENERAL PUBLIC (AUDIENCE)
       
MEN´S HEALTH MAGAZINE,
DEALERS
       
VANIDADES MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
COSMOPOLITAN MAGAZINE
  
       
NATIONAL GEOGRAPHIC MAGAZINE
  
       
AUTOMOVIL PANAMERICANO MAGAZINE
  
       
TU MAGAZINE
  
       
SOY AGUILA MAGAZINE
  
       
MUY INTERESANTE MAGAZINE
  
       
DISNEY PRINCESAS MAGAZINE
  
       
SKY VIEW MAGAZINE
  
       
DIBUJIN DIBUJADO NIÑAS MAGAZINE
  
       
COCINA FÁCIL MAGAZINE
  
PUBLISHING
  
477,336
    
FRABEL, S.A. DE C.V.
         
KIMBERLY CLARK DE MÉXICO, S.A.B. DE C.V.
         
DILTEX, S.A. DE C.V.
         
CHRYSLER DE MÉXICO, S.A. DE C.V.
         
BBVA BANCOMER, S.A.
         
FABRICAS DE CALZADO ANDREA, S.A. DE C.V.
         
FORD MOTOR COMPANY, S.A. DE C.V.
         
ACTIVE INTERNATIONAL MÉXICO, S.A. DE C.V.
         
INTERNACIONAL DE CERAMICA, S.A.B. DE C.V.
         
COMPAÑIA PROCTER & GAMBLE DE MÉXICO, S. DE R.L DE C.V.
OTHER INCOME
  
12,112
    
VARIOUS
SKY :
          
DTH BROADCAST SATELLITE
  
8,345,955
  
SKY
SUBSCRIBERS
PAY PER VIEW
  
152,890
      
CHANNEL COMMERCIALIZATION
  
148,114
    
SUAVE Y FÁCIL, S.A. DE C.V.
         
MEDIA PLANNING GROUP, S.A. DE C.V.
         
BBVA BANCOMER, S.A.
         
BANCO NACIONAL DE MÉXICO, S.A.
CABLE AND TELECOM:
          
DIGITAL SERVICE
  
4,710,377
  
CABLEVISION, CABLEMAS Y TVI
SUBSCRIBERS
INTERNET SERVICES
  
1,738,682
      
SERVICE INSTALLATION
  
43,386
      
PAY PER VIEW
  
33,104
    
MULTIMEDIOS, S.A. DE C.V.
CHANNEL COMMERCIALIZATION
  
222,467
    
SISTEMA GUERRERO AUDIOVISUAL, S.A. DE C.V.
TELEPHONY
  
1,307,896
    
SUAVE Y FÁCIL, S.A. DE C.V.
TELECOMMUNICATIONS
  
1,607,362
  
BESTEL
  
OTHER
  
124,705
      
OTHER BUSINESSES:
          
DISTRIBUTION, RENTALS, AND SALE
          
OF MOVIE RIGHTS
  
104,621
    
OPERADORA COMERCIAL DE DESARROLLO, S.A. DE C.V.
         
GUSSI, S.A.DE C.V.
         
OPERADORA DE CINEMAS, S.A. DE C.V.
         
CINEMARK DE MÉXICO, S.A. C.V.
         
CINEMAS LUMIERE, S.A. DE C.V.
         
GENERAL PUBLIC (AUDIENCE)
SPECIAL EVENTS AND SHOW PROMOTION
  
760,059
  
CLUB DE FUTBOL AMERICA
GENERAL PUBLIC (AUDIENCE)
       
ESTADIO AZTECA
AFICIÓN FÚTBOL, S.A. DE C.V.
INTERNET SERVICES
  
199,086
  
ESMAS.COM
RADIOMOVIL DIPSA, S.A. DE C.V.
         
PEGASO PCS, S.A. DE C.V.
         
COMPAÑIA PROCTER & GAMBLE DE MÉXICO, S. DE R.L DE C.V.
         
SAMSUNG ELECTRONICS DE MÉXICO, S.A. DE C.V.
         
ARMAKET, S.A. DE C.V.
GAMING
  
1,261,730
  
PLAY CITY
GENERAL PUBLIC (AUDIENCE)
       
MULTIJUEGOS
  
ADVERTISED TIME SOLD IN RADIO
  
333,233
    
PEGASO PCS, S.A. DE C.V.
         
MARKETING MODELO, S.A. DE C.V.
         
PROPIMEX, S.A. DE C.V.
         
TIENDAS COMERCIAL MEXICANA, S.A. DE C.V.
         
GENERAL MOTORS DE MÉXICO, S. DE R.L. DE C.V.
         
TIENDAS SORIANA, S.A. DE C.V.
         
CORPORACION NORTEAMERICANA, S.A. DE C.V.
PUBLISHING DISTRIBUTION:
6,459
107,904
  
HOLA MEXICO MAGAZINE
VARIOUS
       
EL SOLITARIO MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
WWE LUCHA LIBRE AMERICANA MAGAZINE
DEALERS
       
REVISTA DEL CONSUMIDOR MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
MINIREVISTA MINA MAGAZINE
  
       
TV NOTAS MAGAZINE
  
FOREIGN SALES
          
INTERSEGMENT ELIMINATIONS
  
(5,869)
      
           
TELEVISION BROADCASTING:
          
ADVERTISING TIME SOLD
  
190,947
    
INITIATIVE MEDIA, INC.
         
HORIZON MEDIA
         
GROUP MOTION
         
ZENITHGPE
OTHER INCOME
  
143,608
    
VARIOUS
PAY TELEVISION NETWORKS:
          
SALES OF SIGNALS
  
328,035
    
AMNET CABLE COSTA RICA, S.A.
         
GALAXY ENTERTAINMENT DE VZLA, C.A. DIRECTV
         
DIRECTV ARGENTINA SOCIEDAD ANONIMA
         
BBC WORLDWIDE, LTD.
         
INTERESES EN EL ITSMO, S.A.
PROGRAMMING EXPORT:
          
PROGRAMMING AND ROYALTIES
  
2,679,879
  
TELEVISA
COMPAÑIA PERUANA DE RADIODIFUSIÓN, S.A.
       
TELEVISA
CORPORACIÓN VENEZOLANA DE TELEVISIÓN
       
TELEVISA
ANTENA 3 DE TELEVISIÓN, S.A.
PUBLISHING:
          
MAGAZINE CIRCULATION
35,716
678,474
  
T.V. Y NOVELAS MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
GENTE MAGAZINE
DEALERS
       
PAPARAZZI MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
VANIDADES MAGAZINE
  
       
COSMOPOLITAN MAGAZINE
  
       
TU  MAGAZINE
  
       
BILINKEN MAGAZINE
  
       
PARA TI MAGAZINE
  
       
CONDORITO MAGAZINE
  
PUBLISHING
  
629,210
    
UNIVERSAL MCCANN SERVICIOS DE MEDIOS LTDA
         
PUBLICIS GROUPE MEDIA, S.A.
         
UNILEVER CHILE, S.A.
         
P & G PRESTIGE
SKY:
          
DTH BROADCAST SATELLITE
  
636,054
  
SKY
SUBSCRIBERS
CABLE AND TELECOM:
          
TELECOMMUNICATIONS
  
169,229
  
BESTEL
SUBSCRIBERS
           
OTHER BUSINESSES:
          
SPECIAL EVENTS AND SHOW PROMOTION
  
46,813
  
CLUB DE FUTBOL AMERICA
  
INTERNET SERVICES
  
5,382
      
PUBLISHING DISTRIBUTION:
11,429
181,133
  
SELECCIONES MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
MAGALY TV MAGAZINE
DEALERS
       
HOLA MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
EL FEDERAL MAGAZINE
  
       
COLECCIÓN ASTERIX MAGAZINE
  
       
INSTRUMENTOS MUSICALES MAGAZINE
  
       
HELLO KITTY MAGAZINE
  
       
EL CUERPO HUMANO MAGAZINE
  
DISTRIBUTION, RENTALS, AND SALE
          
OF MOVIE RIGHTS
  
1,254
    
WARNER BROS ENTERTAINMENT, INC.
TOTAL
  
44,288,771
      
 
 
 
 
 
 
SALES DISTRIBUTION BY PRODUCT
FOREIGN SALES
 
CONSOLIDATED
Final Printing
 
NET SALES
  
       MAIN
MAIN PRODUCTS
VOLUME
AMOUNT
DESTINATION
TRADEMARKS
CUSTOMERS
  (THOUSANDS)        
FOREIGN SALES
          
TELEVISION BROADCASTING:
          
ADVERTISING TIME SOLD
  
68,804
UNITED STATES OF AMERICA
  
INITIATIVE MEDIA, INC.
         
HORIZON MEDIA
         
GROUP MOTION
         
ZENITHGPE
OTHER INCOME
  
140,863
UNITED STATES OF AMERICA
  
VARIOUS
PAY TELEVISION NETWORKS:
          
SALES OF SIGNALS
  
328,035
SPAIN
  
AMNET CABLE COSTA RICA, S.A.
     
ARGENTINA
  
GALAXY ENTERTAINMENT DE VZLA, C.A. DIRECTV
     
CHILE
  
DIRECTV ARGENTINA SOCIEDAD ANONIMA
     
GUATEMALA
  
BBC WORLDWIDE, LTD.
     
COLOMBIA
  
INTERESES EN EL ITSMO, S.A.
     
UNITED STATES OF AMERICA
    
PROGRAMMING EXPORT:
          
PROGRAMMING AND ROYALTIES
  
2,679,879
UNITED STATES OF AMERICA
TELEVISA
COMPAÑIA PERUANA DE RADIODIFUSIÓN, S.A.
     
CENTRAL AMERICA
TELEVISA
CORPORACION VENEZOLANA DE TELEVISIÓN
     
CARIBBEAN
TELEVISA
ANTENA 3 DE TELEVISIÓN, S.A.
     
EUROPE
TELEVISA
  
     
SOUTH AMERICA
TELEVISA
  
     
AFRICA
TELEVISA
  
     
ASIA
TELEVISA
  
OTHER BUSINESSES:
          
SPECIAL EVENTS AND SHOW PROMOTION
  
46,813
UNITED STATES OF AMERICA
CLUB DE FUTBOL AMERICA
  
INTERNET SERVICES
  
5,382
UNITED STATES OF AMERICA
    
DISTRIBUTION, RENTALS, AND SALE
          
OF MOVIE RIGHTS
  
1,254
UNITED STATES OF AMERICA
  
WARNER BROS ENTERTAINMENT, INC.
           
INTERSEGMENT ELIMINATIONS
  
(3,186)
      
SUBSIDIARIES ABROAD
          
TELEVISION BROADCASTING:
          
ADVERTISING TIME SOLD
  
124,888
UNITED STATES OF AMERICA
  
INITIATIVE MEDIA, INC.
         
HORIZON MEDIA
         
GROUP MOTION
         
ZENITHGPE
PUBLISHING:
          
MAGAZINE CIRCULATION
35,716
678,474
GUATEMALA AND COSTA RICA
T.V. Y NOVELAS MAGAZINE
GENERAL PUBLIC (AUDIENCE)
     
UNITED STATES OF AMERICA
GENTE MAGAZINE
DEALERS
     
PANAMA
PAPARAZZI MAGAZINE
COMMERCIAL CENTERS (MALLS)
     
SOUTH AMERICA
VANIDADES MAGAZINE
  
     
CENTRAL AMERICA
COSMOPOLITAN MAGAZINE
  
       
TU  MAGAZINE
  
       
BILINKEN MAGAZINE
  
       
PARA TI MAGAZINE
  
       
CONDORITO MAGAZINE
  
PUBLISHING
  
629,210
    
UNIVERSAL MCCANN SERVICIOS DE MEDIOS LTDA
         
PUBLICIS GROUPE MEDIA, S.A.
         
UNILEVER CHILE, S.A.
         
P & G PRESTIGE
SKY:
          
DTH BROADCAST SATELLITE
  
636,054
CENTRAL AMERICA
SKY
SUBSCRIBERS
CABLE AND TELECOM:
          
TELECOMMUNICATIONS
  
169,229
UNITED STATES OF AMERICA
BESTEL
SUBSCRIBERS
           
           
OTHER BUSINESSES:
          
PUBLISHING DISTRIBUTION
11,429
181,133
PANAMA
SELECCIONES MAGAZINE
GENERAL PUBLIC (AUDIENCE)
     
SOUTH AMERICA
MAGALY TV MAGAZINE
DEALERS
       
HOLA MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
COLECCIÓN ASTERIX MAGAZINE
  
       
INSTRUMENTOS MUSICALES MAGAZINE
  
       
HELLO KITTY MAGAZINE
  
       
EL CUERPO HUMANO MAGAZINE
  
       
EL FEDERAL MAGAZINE
  
INTERSEGMENT ELIMINATIONS
  
(2,683)
      
TOTAL
47,145
5,684,149
      
 
 
 
 
 
 
PROJECTS INFORMATION
(PROJECT, AMOUNT EXERCISED AND PROGRESS PERCENTAGE)
 
CONSOLIDATED
Final Printing
 
MAJOR INVESTMENT PROJECTS OF GRUPO TELEVISA, S.A.B. AND ITS SUBSIDIARIES AT SEPTEMBER 30, 2011 INCLUDE THE FOLLOWING (MILLIONS OF U.S. DOLLARS AND MEXICAN PESOS):
 
DESCRIPTION
  
AUTHORIZED AMOUNT
    
EXERCISED AMOUNT
    
PROGRESS %
                 
U.S. DOLLAR-DENOMINATED PROJECTS:
                  
                   
ACQUISITION AND IMPROVEMENT OF EQUIPMENT FOR THE NETWORK OF :
              
      - CABLEVISIÓN
   U.S.$ 430.8     U.S.$ 353.6       82 %         
                         
INFORMATION TECHNOLOGY PROJECTS
     39.3       18.7       48 %
                         
TRANSITION TO DIGITAL TELEVISION PROJECT
     15.9       5.8       36 %
                         
                         
MEXICAN PESO-DENOMINATED PROJECTS:
                        
                         
GAMING BUSINESS PROJECTS
   PS. 237.1     PS. 150.5       63 %
                         
ACQUISITION AND IMPROVEMENT OF EQUIPMENT FOR
                        
THE NETWORK OF:
                        
- CABLEMÁS
     134.9       110.6       82 %
- TVI
     63.8       33.2       52 %
                         
INFORMATION TECHNOLOGY PROJECTS (TVI)
     74.8       43.3       58 %
                         
TRANSITION TO DIGITAL TELEVISION PROJECT
     10.1       1.1       11 %
 
 
 
 
 
FOREIGN CURRENCY TRANSLATION
(INFORMATION RELATED TO BULLETIN B-15)
 
CONSOLIDATED
Final Printing
MONETARY ASSETS AND LIABILITIES OF MEXICAN COMPANIES DENOMINATED IN FOREIGN CURRENCIES ARE TRANSLATED AT THE PREVAILING EXCHANGE RATE AT THE BALANCE SHEET DATE. RESULTING EXCHANGE RATE DIFFERENCES ARE RECOGNIZED IN INCOME FOR THE YEAR, WITHIN INTEGRAL COST OF FINANCING.

ASSETS, LIABILITIES AND RESULTS OF OPERATIONS OF NON-MEXICAN SUBSIDIARIES AND AFFILIATES ARE FIRST CONVERTED TO MEXICAN FRS AND THEN TRANSLATED TO MEXICAN PESOS. ASSETS AND LIABILITIES OF NON-MEXICAN SUBSIDIARIES AND AFFILIATES OPERATING IN A LOCAL CURRENCY ENVIRONMENT ARE TRANSLATED INTO MEXICAN PESOS AT YEAR-END EXCHANGE RATES, AND RESULTS OF  OPERATIONS AND CASH FLOWS ARE TRANSLATED AT AVERAGE EXCHANGE RATES PREVAILING DURING THE YEAR. RESULTING TRANSLATION ADJUSTMENTS ARE ACCUMULATED AS A SEPARATE COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME OR LOSS IN CONSOLIDATED STOCKHOLDERS´ EQUITY. ASSETS AND LIABILITIES OF NON-MEXICAN SUBSIDIARIES THAT USE THE MEXICAN PESO AS A FUNCTIONAL CURRENCY ARE TRANSLATED INTO MEXICAN PESOS BY UTILIZING THE EXCHANGE RATE OF THE BALANCE SHEET DATE FOR MONETARY ASSETS AND LIABILITIES, AND HISTORICAL EXCHANGE RATES FOR NONMONETARY ITEMS, WITH THE RELATED ADJUSTMENT INCLUDED IN THE CONSOLIDATED STATEMENT OF INCOME AS INTEGRAL RESULT OF FINANCING.
 
 
 
 
 
ANALYSIS OF PAID CAPITAL STOCK
CONSOLIDATED
Final Printing
       
CAPITAL STOCK
     
NUMBER OF SHARES
(Thousands of Mexican Pesos)
 
NOMINAL
VALID
FIXED
VARIABLE
  
FREE
    
SERIES
VALUE
COUPON
PORTION
PORTION
MEXICAN
SUBSCRIPTION
FIXED
VARIABLE
A
0.00000
0
120,499,101,800
0
120,499,101,800
0
829,331
0
B
0.00000
0
56,540,997,506
0
56,540,997,506
0
389,141
0
D
0.00000
0
86,201,722,390
0
86,201,722,390
0
593,280
0
L
0.00000
0
86,201,722,390
0
0
86,201,722,390
593,280
0
TOTAL
    
349,443,544,086
0
263,241,821,696
86,201,722,390
2,405,032
0
 
TOTAL NUMBER OF SHARES REPRESENTING THE PAID CAPITAL STOCK ON THE DATE OF THE INFORMATION:            
349,443,544,086
  
 
 
NOTES:
  
 
ONLY 1,015 CPOS ARE SUBSCRIBED AND PAID OUT OF 150,000,000 CPOS (17,550,000,000 SHARES) AUTHORIZED BY THE COMPANY'S STOCKHOLDERS ON APRIL 29, 2011.  THE DIFFERENCE OF 149,998,985 CPOS IS NOT CONSIDERED IN THIS TABLE SINCE AS OF SEPTEMBER 2011 IT HAS NOT BEEN SUBSCRIBED AND PAID.
 
 
 
 
 
 
FINANCIAL STATEMENT NOTES
 
  CONSOLIDATED
  Final Printing
 
 
S03:  CASH AND AVAILABLE INVESTMENTS INCLUDES CASH AND CASH EQUIVALENTS FOR PS.16,417,417 AND PS.30,190,485 AS OF SEPTEMBER 30, 2011 AND 2010, RESPECTIVELY.

S07:  OTHER CURRENTS ASSETS INCLUDES TEMPORARY INVESTMENTS FOR PS.6,017,038 AND PS.5,411,349 AS OF SEPTEMBER 30, 2011 AND 2010, RESPECTIVELY.

S31:  DEFERRED LIABILITIES INCLUDES PS.9,306,723 AND PS.8,815,735 AS OF SEPTEMBER 30, 2011 AND 2010, RESPECTIVELY, OF A SHORT-TERM NATURE.

E44: INCLUDES AN INVESTMENT OF PS.13,583,077 IN DEBENTURES THAT ARE CONVERTIBLE IN SHARES OF GSF.
 
 
 
           
    (1)  
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 Finance and  Risk area 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 third quarter of 2011, no such financial derivatives were outstanding. Pursuant to the provisions of Bulletin C-10 of the Financial Reporting Standards issued by the Mexican Financial Reporting Standards Board, certain financial derivative transactions originally intended to serve as a hedge and in effect until September 30th, 2011, are not within the scope of hedge accounting as specified in such Bulletin and, consequently, are recognized in the accounting based in the standards included in the aforementioned Bulletin.
 
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 Mexico. 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 July to September 2011, 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 certain "Coupon Swap" agreements through which Grupo Televisa, S.A.B. ("Televisa") exchanged the payment of coupons denominated in U.S. Dollars for a notional amount of U.S.$ 1,500,000,000.00 (One Billion Five Hundred Million Dollars 00/100) of the Bonds maturing in 2025, 2032 and 2040 for coupons in Mexican Pesos for such notional amount in Pesos, expired. These instruments were hired in January and March 2011 and the last flows were conducted in July and September 2011, the months in which such instruments expired.
 
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 and Corporación Novavisión, S. de R.L. 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 the Financial Derivative Instruments as of
September 30, 2011.
(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
Previous Quarter(5)
Current Quarter D(H) (4)
Previous Quarter D(H) (5)
Maturing per Year
Coupon Swaps (1)
Hedging
Ps. 24,302,500 /
$2,000,000
$2,000,000
6.00% / 8.50%
$2,000,000
6.00% / 8.50%
 
112,350
 
(89,511)
Semiannual interest
  2011-2012
Does not exist (6)
Interest Rate
Swap (2)
Hedging
Ps. 1,400,000
TIIE 28 days +
24bps / 8.415%
TIIE 28 days +
24bps / 8.415%
(151,330)
(107,650)
Monthly interest
  2011-2016
Does not exist (6)
Interest Rate
Swap (1)
Hedging
Ps. 2,500,000
TIIE 28 days /
7.4325%
TIIE 28 days /
7.4325%
(173,298)
(96,476)
Monthly  interest
   2011-2018
Does not exist (6)
Forward (3)  Hedging BRL 15,339 /
$9,700 		  USD /
BRL 1.5813
 -
 23,363  -  December
2011 		 Does not exist (6) 
         Total (188,915)  (293,637)     
 
 
(1)
Acquired by Grupo Televisa, S.A.B.
(2)
Acquired by Corporación Novavisión, S. de R.L. de C.V.
(3)
The aggregate amount of the derivatives reflected in the consolidated balance sheet of Grupo Televisa, S.A.B. as of September 30, 2011, included in the relevant SIFIC, is as follows:
 
  S81  
FINANCIAL DERIVATIVE INSTRUMENTS
   Ps.   135,713  
  S69  
OTHER LIABILITIES
     (324,628 )
         
Ps.
 (188,915 )
 
 
The financial derivatives shown in the above table are those whose aggregate value could represent 5% of the consolidated assets, liabilities or capital, or 3% of the consolidated sales, of Grupo Televisa, S.A.B., for the most recent quarter.
(4)
Information for the second quarter of 2011.
(5)
Applies only to implicit financing in the ISDA ancillary agreements identified as "Credit Support Annex".
 
 
 
 
 
 
 
EXHIBIT 2
 
Status of the process of adopting International Financial Reporting Standards
("IFRS") in the preparation of the consolidated financial statements of Grupo
Televisa, S.A.B.
 
This Exhibit is presented to update the information which was filed with the Bolsa Mexicana de Valores ("Mexican Stock Exchange") by Grupo Televisa, S.A.B (the "Company") on April 29, 2010, July 12, 2010, October 21, 2010, February 17, 2011 and July 11, 2011. The IFRS adoption plan was approved by the Board of Directors and the Audit and Corporate Practices Committee of the Company in April 2010.
 
a) Identification of the Responsible Persons or Areas.
 
 
Name
Name of the responsible area or person:
Corporate Controllership
Members of the work team for the transition (mention the area to which each member corresponds):
Salvi Folch Viadero
Financial and Administration Vice-presidency;
Jorge Lutteroth Echegoyen
Corporate Controllership Vice-presidency;
José Antonio Garcia González
Corporate Administration Vice-presidency;
Michel Boyance
Administration and Financial Vice-presidency Sky; 
José Antonio Lara Del Olmo
Tax Vice-presidency; 
Raúl González Lima
Corporate Financial Reporting General Management;
David Magdaleno Cortes 
Controllership Management Television;
Carlos Ferreiro Rivas 
Telecommunications Vice-presidency;
Raúl González Ayala
Information Technology General Management;
Julio Cesar Chávez Hernández
Planning and Budgets General Management; 
Stephanie Guerra Ron
Corporate Financial Reporting Management.
Name of the coordinator (if applicable):
Jorge Lutteroth Echegoyen and Raúl González Lima
External audit firm:
PricewaterhouseCoopers, S.C.
Firm of the external advisors hired for the transition, other than the auditor (if applicable):
PricewaterhouseCoopers, S.C.
 
PricewaterhouseCoopers, S.C. ("PwC") was selected to provide consultancy to Grupo Televisa, S.A.B. (the "Company") in the IFRS adoption process, in the understanding that, as external auditors of the Company, PwC shall not participate in: (i) preparation of accounting registries, financial information related to or financial statements of the Company; (ii) the direct or indirect operation of financial information systems of the Company; (iii) operation, supervision, design or implementation of the technology systems of the Company related to the preparation of the financial statements or financial information; and (iv) the Company's administration or decision making in the project.
 
b)    Training.
 
Direct Participants in the Implementation
 
Issuer's Staff
Start date
In process
estimated
completion
date)
Completed
Not
applicable
(Reason)
Relevant directors and officers of  the issuer:
Chief Executive Officer
Chief Financial Officer (or equivalent)
Other relevant directors and officers: Controller and Administrator
August 2010
December 2011
    
Members of Committees of the Board of Directors:
Members of Auditing Committee 
Members of Corporate Practices Committee
Other Auxiliary Committee (specify)
August 2010
December 2011
    
Staff responsible for preparing and filing financial information under the IFRS:
Work team leader
Responsible staff
Auxiliary staff
Others (detail):
April 2010
December 2011
    
Others (detail):
Not  applicable
Not applicable
Not  applicable
  
 
Indirect Participants in the Implementation
 
 
Start date
In process
(estimated
completion date)
Completed
Not applicable
(Reason)
Area name:
 
        
Tax
June 2010
December 2011
    
Human Resources
June 2010
December 2011
    
Treasury
June 2010
December 2011
    
Legal
June 2010
December 2011
    
Policies and Procedures
June 2010
December 2011
    
Information Technology
        
Systems
June 2010
December 2011
    
Investor Relations
June 2010
December 2011
    
Budgets
June 2010
December 2011
 
 
    
Name of positions
within the Area:
 
        
Vice-presidents, Directors and Coordinators
 
        
 
Others (detail):
 
Not applicable
 
Not applicable
Not applicable
  

 
c)    Activity Timetable.
 
Phase
Activities
Start date
Finish
Date
Progress
Percentage
(%)
1
DIAGNOSIS
      
 
a) Review of accounting policies
April 2010
May 2010
100%
 
 
b) Preliminary evaluation of the impacts on the systems, processes and operations.
 
April 2010
 
May 2010
 
100%
 
 
c) Organizational awareness
April 2010
May 2010
100%
2
PROJECT DEFINITION AND
      
 
LAUNCHING / COMPONENTS
      
 
EVALUATION AND PROBLEM
      
 
SOLVING / INITIAL CONVERSION
      
2.1
a) Benchmarking
 
June 2010
December 2011
80%
 
b) Preliminary evaluation of the impacts on the information systems, internal controls, etc.
 
c) Documentation of differences between the Mexican Financial Reporting Standards ("Mexican FRS")
and IFRS
 
d) Transaction analysis.
 
e) Identification and evaluation of the impacts on other areas (such as legal, investor relations, etc.)
 
f) Training.
 
g) Quantify the impacts of the IFRS.
 
h) Review and evaluation of the preliminary definition impacts derived from the latest update
of bulletins and rules issuance.
 
i) Selection and definition of new accounting policies (including IFRS 1)
 
j) Preparation of the initial balance sheet (1-1-2011)
June 2010
 
June 2010
 
 
June 2010
 
June 2010
 
June 2010
 
June 2010
 
June 2010
 
 
June 2010
 
June 2010
December 2011
 
December 2011
 
 
December 2011
 
December 2011
 
December 2011
 
December 2011
 
December 2011
 
 
December 2011
 
December 2011
70%
 
90%
 
 
85%
 
80%
 
85%
 
85%
 
80%
 
 
80%
 
80%
 
2.2
a) Preparation of financial statements of 2011 and 2012 (intermediate and annuals)
 
b) Preparation of accounting policies handbook according to IFRS
 
c) Analysis update of the differences between IFRS and the Mexican FRS based on new accounting rules.
 
d) Quantify adjustments for 2011 and 2012
April 2011
 
April 2011
 
      April 2011
 
      April 2011
March 2013
 
December 2012
 
March 2013
 
March 2013
20%
 
40%
 
40%
 
40%
 
 
e) Implementation and design of processes and sustainable controls according to IFRS.
          April 2011
December 2012 
   30%
 
 
f) Evaluate SOX compliance.
 
    April 2011
 
December 2012
    
            20%
 
3
CHANGE SYSTEMATIZATION /
2012
2013
 20%
 
SECURE OF CONTROLS AND
      
 
PROCEDURES
      

NOTE: The anticipated dates to the corresponding activities of each of the phases are subject to a continued evaluation of new rules issued by the International Accounting Standards Board ("IASB"), as well as to the possible retrospective application of the same.
 
The information contained herein was approved by the Board of Directors and the Audit and Corporate Practices Committee of the Company in April, 2010.
 
Estimated adoption date:
1/1/2012

 
Stage 1.    Communication
 
 
Activity
Scheduled
start date
Start
date
Scheduled
completion date
Finish
date
Progress
percentage
(%)
 
Comments
1. Coordination with issuer's Chief Executive Officer, with all the areas involved and related entities which shall be consolidated or  incorporated.
 
April 2010
April 2010
May 2010
April 2010
 100% 
Phase 1 of the
chronogram
2. Design and communication of a promotion and training plan.
 
April 2010
April 2010
May 2010
June 2011
100%
Phase 1 of the
chronogram
3. Others (specify).
Not
applicable
Not
applicable
Not
applicable
Not
applicable
Not
applicable
Not
applicable
 
Stage 2.    Assessment of Accounting and Business Impacts
 
Activity
Scheduled
start date
Start date
Scheduled
completion date
Finish
date
Progress
percentage
(%)
Comments
1. Preliminary identification of accounting impacts, which require specific actions (diagnosis of the main differences in valuation and disclosure).
April 2010
April 2010
May 2010
June 2010
100%
Phase 1 of  the
chronogram
2. Choosing between the options available in the IFRS 1 (first time application) and review of provisions and estimates.
June 2010
July 2010
December 2010
  
80%
Phase 2.1 of  the
chronogram
3. Definition of the new accounting policies according to the different alternatives set forth in the IFRS.
August 2010
September 2010
December  2011
  
80%
Phase 2.1 of  the
chronogram
4. Assessment of the impacts
on information systems, internal control, etc.
June 2010
July 2010
March 2011
  
60%
Phase 2.1 of  the
chronogram
5. Identification and evaluation of effects affecting the performance measures of the issuer (financial ratios, etc.).
June 2010
July 2010
March 2011
  
75%
Phase 2.1 of  the
chronogram
6. Identification and review of contracts and other
agreements subject to be modified given the transition to the IFRS, as well as possible violations to commitments or covenants.
June 2010
July 2010
March 2011
  
65%
Phase 2.1 of  the
chronogram
7. Detail of additional disclosures made in the notes to the financial statements due to the implementation of the IFRS. April 2011    March 2012    50% 
Phase 2.1 of  the
chronogram
 

NOTE: The anticipated dates to the corresponding activities phase are subject to a continued evaluation of new rules issued by the IASB, as well as to the possible retrospective application of the same.
 
Stage 3. Implementation and Parallel Formulation of Financial Statements under the IFRS and Current Accounting Standards
 
Activity
Scheduled
start date
Start
date
Scheduled
completion
date
Finish
date
Progress
percentage
(%)
Comments
1. Identification of the principal changes in the performance of the information technology systems required in the preparation of the financial statements under the IFRS, in the flow of
information as well as in the processes of preparing such statements.
June 2010
July 2010
December 2011
  
60%
Phase 2.1 of the chronogram
2. Identification of documents and new or supplementary reports to the current ones, issued given the changes in the information technology systems, as well as new concepts required under the IFRS.
June 2010
July 2010
December 2011
  
65%
Phase 2.1 of the chronogram
3. Analysis of the patrimonial situation and results of the issuer, identifying the necessary adjustments and assessments to convert the balances at the date of transition of the IFRS.
June 2010
July 2010
December 2011
  
70%
Phase 2.1 of the chronogram
4. Preparation of the opening balance sheet under the IFRS and conciliation of the results and shareholders' equity against the FRS.
March 2011
  
December 2011
  
70%
Phase 2.2 of the chronogram
5. Design and adjustment of the quality control processes in financial information to guarantee its reliability.
April 2011
  
December 2012
  
50%
Phase 2.2 of the chronogram

 
NOTE: The anticipated dates to the corresponding activities phase are subject to a continued evaluation of new rules issued by the IASB, as well as to the possible retrospective application of the same.
 
 
 
 
 
 
Completed Activities
 
Activities
Findings and/or performed
tasks
Decisions made
Preparation of the chronogram of the principal activities of the IFRS conversion project.
Presentation to the Board of Directors and the Audit and Corporate Practices Committee of the principal activities chronogram established in the IFRS conversion project.
Approval of the IFRS conversion project by the Board of Directors and the Audit and Corporate Practices Committee.
Presentation and official start of the IFRS conversion project by the Corporate Controllership Vice-presidency to the persons in charge of the financial information of the Company entities.
Awareness of the persons in charge of the financial information in the headquarters, subsidiaries and most significant associated entities, of the importance of the IFRS conversion project for the Company.
Governance of the IFRS conversion project, designation of the work teams for Phase 1 and start of work meetings under Phase 1.
Identification and preliminary analysis of the main differences between the existing Financial Reporting Standards in Mexico and IFRS and accounting impacts that will require more specific actions.
Weekly work meetings where we analyzed and documented the main differences between both standards and the most important items of the consolidated financial statements of the Company.
Based on preliminary differences identified, each significant subsidiary of the Company will make a more detailed analysis to facilitate the analysis, quantification and subsequent evaluation of the required adjustments in the preparation of the initial consolidated balance sheet under IFRS.
Beginning of Phase 2.1 of the schedule of activities.
 
Identifying business segments and/or most significant subsidiaries for purposes of adopting IFRS.
The following segments of significant business were identified: Television Broadcasting, Sky, Cable and Telecom and Publishing.
Preparation of workshops per business segment for the evaluation and definition of accounting policies under IFRS, as well as for identification and quantification of differences to the transition date.
Strategy for adoption of IFRS in nonsignificant businesses.
Initial workshops for properties, plant and equipment.
Consideration of appraisals and costs implicit to the item of property, plant and equipment to the transition date.
Considerations of financial leases and operating leases. Meetings with asset appraisers.
Accounting policies and identification of adjustments under IFRS 1 for the item of properties, plant and equipment. Valuations of certain fixed assets at the date of transition.
Initial workshops for revenue recognition.
Identifying policies and current proceedings for revenue recognition. Analysis of major revenue-generating contracts. Consideration on presentation of income.
Identification of potential impacts, resulting from the proposed new IFRS for revenue recognition.
Initial workshop for the item of employee benefits
Meeting with the actuaries of the companies having a pay­roll.
Evaluation of options under IFRS 1.
Accounting policies and identification of adjustments under IFRS 1 for the item of benefits to employees at the time of transition.
Definition of actuarial calculation reports on the transition date.
Additional workshops for property, plant and equipment, revenue recognition and employee benefits.
 
Workshops for the following items of the financial statements:
  • Capitalized costs
  • Financial instruments
  • Derivatives
  • Provisions
  • Currency Exchange
  • Intangibles
  • Consolidation and equity method
  • Income tax
  • Business combinations
Understanding of the IFRS applicable to the principal business segments of the Company.
 
Presentation by the responsible parties of the financial information on the principal business segments of the Company, of particular or relevant situations or considerations for the implementation of the IFRS.
 
Formal documentation of the application of the IFRS discussed in the workshops, for the principal business segments of the Company.
Accounting policies for foreign currency translation accumulated through December 31, 2010.
 
Accounting policies for business combinations prior to December 31, 2010.
 
Adjustment procedure for the restatement of intangible assets.
 
Determination of initial adjustment for liabilities resulting from employee indemnifications.
 
Identification of adjustments resulting from property valuations.
 
Preliminary evaluation of the anticipated adoption of the IFRS 9 (financial instruments, impairment and hedge accounting).
Preparation of a corporate chart of accounts for submission of financial statements in accordance with IFRS rules.
Modification of the corporate chart of accounts in order to comply with the requirements established by IFRS and the requirements of the Mexican Stock Exchange, through the Accounting and Financing Information System (SIFIC).
Identification and opening of required accounts and sub-accounts.
Determination of the general adjustments at the transition date to IFRS, as such adjustments were previously identified by the headquarters (those adjustments are the result of the Company's election of exceptions and exemptions set forth by IFRS 1).
Meeting with the personnel responsible of the financial information of the subsidiaries, as well as the most significant associated entities, in order to notify the adjustments of general application resulting from the initial conversion to IFRS, as well as the template to be used to send such information to the headquarters.
Review of the general adjustments proposed by individual entities, to determine their application as of January 1st, 2011.
Identification and analysis of the amendments required in the Company's standard reporting package, currently used to consolidate the accounting and statistical information of the Company's consolidated entities.
Redesign of the standard reporting package exhibits, in order to comply with the filing and disclosure requirements established by IFRS and the Mexican Stock Exchange.
Development of new templates, amendments to the existing templates, and review of the new standard reporting package of financial information under IFRS.
Quantification and analysis of the main accounting impacts resulting from IFRS adjustments.
Corporate review of adjustments in connection with the adoption of IFRS by the entities of the Company.
Summary of the initial adjustments and preparation of the opening consolidated balance sheet (unaudited) at January 1st, 2011).
Preparation of the note to explain the transition to IFRS, in accordance with Mexican FRS.
Identification of the required disclosures to explain the impact of the transition to IFRS.
First draft of the reconciliation of stockholders' equity at the IFRS transition date, and explanatory note.
 
 
 
 
 
DECLARATION OF THE REGISTRANT´S OFFICERS, RESPONSIBLE FOR THE INFORMATION.



WE HEREBY DECLARE THAT, TO THE EXTENT OF OUR FUNCTIONS, WE PREPARED THE INFORMATION RELATED TO THE REGISTRANT CONTAINED IN THIS QUARTERLY REPORT, AND BASED ON OUR KNOWLEDGE, THIS INFORMATION FAIRLY PRESENTS THE REGISTRANT´S CONDITION. WE ALSO DECLARE THAT WE ARE NOT AWARE  OF ANY RELEVANT INFORMATION THAT HAS BEEN OMITTED OR UNTRUE IN THIS QUARTERLY REPORT, OR INFORMATION CONTAINED IN SUCH REPORT THAT MAY BE MISLEADING TO INVESTORS.



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


 


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

 
 

 

MÉXICO, D.F., OCTOBER 20, 2011
 
 
 
 
 
 
GENERAL DATA OF ISSUER
  
   
   
COMPANY'S NAME:
GRUPO TELEVISA, S.A.B.
ADDRESS:
AV. VASCO DE QUIROGA # 2000
NEIGHBORHOOD:
SANTA FE
ZIP CODE:
01210
CITY AND STATE:
MÉXICO, D.F.
TELEPHONE:
5261-20-00
FAX:
5261-24-94
INTERNET ADDRESS:
www.televisa.com.mx
   
   
   
TAX DATA OF THE ISSUER
  
   
   
COMPANY TAX CODE:
GTE901219GK3
ADDRESS:
AV. VASCO DE QUIROGA # 2000
NEIGHBORHOOD:
SANTA FE
ZIP CODE:
01210
CITY AND STATE:
MÉXICO, D.F.
 
 
 
EXECUTIVES DATA
          
           
BMV POSITION:
CHAIRMAN OF THE BOARD
        
POSITION:
CHAIRMAN OF THE BOARD
        
NAME:
SR. EMILIO FERNANDO AZCÁRRAGA JEAN
      
ADDRESS:
AV. CHAPULTEPEC # 28 PISO 1
        
NEIGHBORHOOD:
DOCTORES
        
ZIP CODE:
06724
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-20-00
        
FAX:
5261-20-00
        
E-MAIL:
ir@televisa.com.mx
        
           
           
BMV POSITION:
GENERAL DIRECTOR
        
POSITION:
PRESIDENT AND CHIEF EXECUTIVE OFFICER
      
NAME:
SR. EMILIO FERNANDO AZCÁRRAGA JEAN
      
ADDRESS:
AV. CHAPULTEPEC # 28 PISO 1
        
NEIGHBORHOOD:
DOCTORES
        
ZIP CODE:
06724
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-20-00
        
FAX:
5261-20-00
        
E-MAIL:
ir@televisa.com.mx
        
           
           
BMV POSITION:
FINANCE DIRECTOR
        
POSITION:
CHIEF FINANCIAL OFFICER
        
NAME:
LIC. SALVI  FOLCH VIADERO
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-25-80
        
FAX:
5261-20-39
        
E-MAIL:
sfolch@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR SENDING CORPORATE INFORMATION
    
POSITION:
VICE PRESIDENT - LEGAL AND GENERAL COUNSEL
      
NAME:
LIC. JOAQUÍN BALCÁRCEL SANTA CRUZ
      
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-24-33
        
FAX:
5261-25-46
        
E-MAIL:
jbalcarcel@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR SENDING SHARE REPURCHASE INFORMATION
  
POSITION:
DIRECTOR FINANCIAL OFFICER
        
NAME:
LIC. GUADALUPE PHILLIPS MARGAIN
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 3
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-21-35
        
FAX:
5261-25-24
        
E-MAIL:
gphilips@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR LEGAL MATTERS
        
POSITION:
VICE PRESIDENT - LEGAL AND GENERAL COUNSEL
      
NAME:
LIC. JOAQUÍN BALCÁRCEL SANTA CRUZ
      
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-24-33
        
FAX:
5261-25-46
        
E-MAIL:
jbalcarcel@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR SENDING FINANCIAL INFORMATION
    
POSITION:
DIRECTOR OF CORPORATE FINANCIAL INFORMATION
      
NAME:
C.P.C. JOSÉ RAÚL GONZÁLEZ LIMA
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-25-77
        
FAX:
5261-20-43
        
E-MAIL:
rglima@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR SENDING RELEVANT EVENTS
      
POSITION:
DIRECTOR OF INVESTOR RELATIONS
        
NAME:
LIC. CARLOS MADRAZO VILLASEÑOR
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-24-45
        
FAX:
5261-24-94
        
E-MAIL:
cmadrazov@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR INFORMATION TO INVESTORS
      
POSITION:
DIRECTOR OF INVESTOR RELATIONS
        
NAME:
LIC. CARLOS MADRAZO VILLASEÑOR
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-24-45
        
FAX:
5261-24-94
        
E-MAIL:
cmadrazov@televisa.com.mx
        
           
           
BMV POSITION:
SECRETARY OF THE BOARD OF DIRECTORS
      
POSITION:
EXTERNAL GENERAL COUNSEL
        
NAME:
LIC. RICARDO MALDONADO YÁÑEZ
        
ADDRESS:
MONTES URALES # 505, PISO 3
        
NEIGHBORHOOD:
LOMAS DE CHAPULTEPEC
        
ZIP CODE:
11000
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5201-74-47
        
FAX:
5520-10-65
        
E-MAIL:
rmaldonado@macf.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR PAYMENT
        
POSITION:
DIRECTOR OF CORPORATE FINANCIAL INFORMATION
      
NAME:
C.P.C. JOSÉ RAÚL GONZÁLEZ LIMA
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-25-77
        
FAX:
5261-20-43
        
E-MAIL:
rglima@televisa.com.mx
        
           
 
 
 
 
 
BOARD OF DIRECTORS
   
   
POSITION:
PRESIDENT
NAME:
EMILIO FERNANDO AZCÁRRAGA JEAN
   
   
POSITION:
DIRECTOR
NAME:
ALFONSO DE ANGOITIA NORIEGA
   
   
POSITION:
DIRECTOR
NAME:
JULIO BARBA HURTADO
   
   
POSITION:
DIRECTOR
NAME:
JOSÉ ANTONIO BASTÓN PATIÑO
   
   
POSITION:
DIRECTOR
NAME:
MANUEL J. CUTILLAS COVANI (INDEPENDENT)
   
   
POSITION:
DIRECTOR
NAME:
MICHAEL LARSON (INDEPENDENT)
   
   
POSITION:
DIRECTOR
NAME:
FERNANDO SENDEROS MESTRE (INDEPENDENT)
   
   
POSITION:
DIRECTOR
NAME:
BERNARDO GÓMEZ MARTÍNEZ
   
   
POSITION:
DIRECTOR
NAME:
CLAUDIO X. GONZÁLEZ LAPORTE (INDEPENDENT)
   
   
POSITION:
DIRECTOR
NAME:
ENRIQUE KRAUZE KLEINBORT
   
   
POSITION:
DIRECTOR
NAME:
ALEJANDRO QUINTERO ÍÑIGUEZ
   
   
POSITION:
DIRECTOR
NAME:
FRANCISCO JOSÉ CHÉVEZ ROBELO (INDEPENDENT)
   
   
POSITION:
DIRECTOR
NAME:
CARLOS FERNÁNDEZ GONZÁLEZ (INDEPENDENT)
   
   
POSITION:
DIRECTOR
NAME:
JOSÉ ANTONIO VICENTE FERNÁNDEZ CARBAJAL (INDEPENDENT)
   
   
POSITION:
DIRECTOR
NAME:
LORENZO ALEJANDRO MENDOZA GIMÉNEZ (INDEPENDENT)
   
   
POSITION:
DIRECTOR
NAME:
PEDRO CARLOS ASPE ARMELLA (INDEPENDENT)
   
   
POSITION:
DIRECTOR
NAME:
ALBERTO BAILLERES GONZÁLEZ (INDEPENDENT)
   
   
POSITION:
DIRECTOR
NAME:
ROBERTO HERNÁNDEZ RAMÍREZ (INDEPENDENT)
   
   
POSITION:
DIRECTOR
NAME:
GERMÁN LARREA MOTA VELASCO (INDEPENDENT)
   
   
POSITION:
DIRECTOR
NAME:
ENRIQUE FRANCISCO J. SENIOR HERNÁNDEZ (INDEPENDENT)
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
JOAQUÍN BALCÁRCEL SANTA CRUZ
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
SALVI RAFAEL FOLCH VIADERO
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
JORGE AGUSTÍN LUTTEROTH ECHEGOYEN
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
RAFAEL CARABIAS PRÍNCIPE
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
LEOPOLDO GÓMEZ GONZÁLEZ BLANCO
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
FÉLIX JOSÉ ARAUJO RAMÍREZ
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
JOSÉ LUIS FERNÁNDEZ FERNÁNDEZ (INDEPENDENT)
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
RAÚL MORALES MEDRANO (INDEPENDENT)
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
ALBERTO JAVIER MONTIEL CASTELLANOS (INDEPENDENT)
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
HERBERT ALLEN III (INDEPENDENT)
   
   
POSITION:
SECRETARY OF THE BOARD OF DIRECTORS
NAME:
RICARDO MALDONADO YÁÑEZ
   
 
 

 
 
 
 
 
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: October 25, 2011
By:
/s/  Joaquín Balcárcel Santa Cruz
 
Name:
Joaquín Balcárcel Santa Cruz
 
Title:
General Counsel