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, 2007
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.)
This current report on Form 6-K is hereby incorporated by reference into
the
registration statement on Form F-4 of Grupo Televisa, S.A.B., as amended
(File
No. 333-144460) filed on July 10, 2007.
Third-Quarter
2007 Results
FOR
IMMEDIATE
RELEASE
Highlights
|
Ø
|
Consolidated
net sales increased 8.9%, and consolidated operating income
increased
4.2%
|
|
Ø
|
Television
Broadcasting sales increased 3.4%, and operating segment income
increased
5.9%, reaching a record third-quarter margin of
51.9%
|
|
Ø
|
During
the first nine months of the year, the Company repurchased
54 million CPOs
for approximately Ps.3,271
million
|
Consolidated
Results
Mexico
City, D.F., October 18, 2007—Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO;
“Televisa” or “the Company”) today announced results for third quarter 2007. The
results have been prepared in accordance with Mexican Financial Reporting
Standards and are adjusted in millions of Mexican pesos in purchasing
power as
of September 30, 2007.
The
following table sets forth a condensed consolidated statement of income
for the
three months ended September 30, 2007 and 2006, in millions of Mexican
pesos, as
well as the percentage of net sales that each line represents, and the
percentage change when comparing third quarter 2007 with third quarter
2006:
|
3Q
2007
|
Margin
%
|
3Q
2006
|
Margin%
|
Change%
|
|
|
Net
sales
|
10,422.4
|
100.0
|
9,569.7
|
100.0
|
8.9
|
|
Operating
income
|
3,801.4
|
36.5
|
3,649.8
|
38.1
|
4.2
|
|
Consolidated
net income
|
2,619.9
|
25.1
|
2,819.5
|
29.5
|
(7.1)
|
|
Majority
interest net income
|
2,363.9
|
22.7
|
2,580.6
|
27.0
|
(8.4)
|
Consolidated
net sales increased 8.9% to Ps.10,422.4 million in third quarter 2007
compared
with Ps.9,569.7 million in third quarter 2006. This increase reflected
higher
sales in our Other Businesses, Television Broadcasting, Pay Television
Networks,
Publishing, Sky Mexico, Cable Television, and Publishing Distribution
segments
that were partially offset by lower sales in our Programming Exports
segment.
Consolidated
operating income increased 4.2% to Ps.3,801.4 million in third quarter
2007
compared with Ps.3,649.8 million in third quarter 2006. This increase
was
attributable to higher sales that were partially offset by higher cost
of sales
and operating expenses.
Majority
interest net income decreased 8.4% to Ps.2,363.9 million in third quarter
2007
compared with Ps.2,580.6 million in third quarter 2006. The net decrease
of
Ps.216.7 million reflected i) a Ps.6.6 million increase in equity in
losses of
affiliates, net; ii) a Ps.1,040.1 million increase in income taxes; and
iii) a
Ps.17.1 million increase in minority interest net income. These unfavorable
changes were partially offset by i) a Ps.151.6 million increase in operating
income; ii) a Ps.26.6 million decrease in other expense, net; and iii)
a
Ps.668.9 million decrease in integral cost of financing.
Third-Quarter
Results by Business Segment
The
following table presents third-quarter results ended September 30, 2007
and
2006, for each of our business segments. Amounts are presented in millions
of
Mexican pesos in purchasing power as of September 30, 2007.
|
Net
Sales
|
3Q
2007
|
%
|
3Q
2006
|
%
|
Inc.
%
|
|
Television
Broadcasting
|
5,357.2
|
49.9
|
5,181.6
|
52.4
|
3.4
|
|
Pay
Television Networks
|
470.4
|
4.4
|
351.3
|
3.6
|
33.9
|
|
Programming
Exports
|
585.5
|
5.4
|
597.2
|
6.0
|
(2.0)
|
|
Publishing
|
811.8
|
7.6
|
703.8
|
7.1
|
15.3
|
|
Publishing
Distribution
|
111.5
|
1.0
|
103.5
|
1.1
|
7.7
|
|
Sky
Mexico
|
2,059.7
|
19.2
|
1,952.1
|
19.7
|
5.5
|
|
Cable
Television
|
605.1
|
5.6
|
516.3
|
5.2
|
17.2
|
|
Other
Businesses
|
744.6
|
6.9
|
485.2
|
4.9
|
53.5
|
|
Segment
Net Sales
|
10,745.8
|
100.0
|
9,891.0
|
100.0
|
8.6
|
|
Intersegment
Operations1
|
(323.4)
|
(321.8)
|
(0.5)
|
||
|
Disposed
Operations2
|
-
|
0.5
|
-
|
||
|
Consolidated
Net Sales
|
10,422.4
|
9,569.7
|
8.9
|
|
Operating
Segment Income (Loss)3
|
3Q
2007
|
Margin
%
|
3Q
2006
|
Margin
%
|
Inc.
%
|
|
Television
Broadcasting
|
2,782.0
|
51.9
|
2,626.3
|
50.7
|
5.9
|
|
Pay
Television Networks
|
301.7
|
64.1
|
186.5
|
53.1
|
61.8
|
|
Programming
Exports
|
283.4
|
48.4
|
289.0
|
48.4
|
(1.9)
|
|
Publishing
|
155.5
|
19.2
|
146.2
|
20.8
|
6.4
|
|
Publishing
Distribution
|
5.5
|
4.9
|
3.2
|
3.1
|
71.9
|
|
Sky
Mexico
|
988.6
|
48.0
|
975.5
|
50.0
|
1.3
|
|
Cable
Television
|
219.9
|
36.3
|
216.4
|
41.9
|
1.6
|
|
Other
Businesses
|
(16.9
)
|
(2.3)
|
(16.0
)
|
(3.3)
|
(5.6)
|
|
Operating
Segment Income
|
4,719.7
|
43.9
|
4,427.1
|
44.8
|
6.6
|
|
Disposed
Operations2
|
-
|
-
|
(24.4)
|
(0.3)
|
-
|
|
Corporate
Expenses
|
(86.0)
|
(0.8)
|
(85.8)
|
(0.9)
|
(0.2)
|
|
Depreciation
and Amortization
|
832.3
|
8.0
|
667.1
|
7.0
|
24.8
|
|
Consolidated
Operating Income
|
3,801.4
|
36.5
|
3,649.8
|
38.1
|
4.2
|
|
|
1
For
segment
reporting purposes, intersegment operations are included in
each of the
segment operations.
|
|
|
2
Reflects the
results of operations of one of the Company’s soccer
teams.
|
|
|
3
Operating
segment income (loss) is defined as segment operating income
(loss) before
depreciation and amortization, corporate expenses, and disposed
operations.
|
|
Television
Broadcasting
|
Third-quarter
sales increased 3.4% to Ps.5,357.2 million compared with
Ps.5,181.6 million in third quarter 2006. This increase was
driven by
higher advertising sales, which was partially offset by an
unfavorable
comparison resulting from the transmission of certain games
of the FIFA
World Cup in the third quarter of
2006.
|
|
Third-quarter
operating segment income increased 5.9% to Ps.2,782 million
compared with Ps.2,626.3 million in third quarter 2006, and
the margin
increased to 51.9%. These results reflect higher sales that
were partially
offset by higher cost of sales and operating
expenses.
|
|
Pay
Television Networks
|
Third-quarter
sales increased 33.9% to Ps.470.4 million compared with
Ps.351.3
million in third quarter 2006. This increase reflects i) higher
revenues
from channels sold in Mexico and Latin America; ii) higher
advertising
sales; and iii) higher sales in TuTV, our pay-television joint
venture
with Univision.
|
|
Third-quarter
operating segment income increased 61.8% to Ps.301.7 million
compared with Ps.186.5 million in third quarter 2006, and the
margin
increased to 64.1%. These results were driven by higher sales
and lower
operating expenses that were partially offset by an increase
in cost of
sales.
|
|
Programming
Exports
|
Third-quarter
sales decreased 2% to Ps.585.5 million compared with Ps.597.2
million in third quarter 2006. This decrease reflects a negative
translation effect on foreign-currency-denominated sales amounting
to
Ps.12.5 million. This decrease was partially offset by i) a
3.5% increase
in royalties from Univision; and ii) higher programming sales
to Asia and
Africa.
|
|
Third-quarter
operating segment income decreased 1.9% to Ps.283.4 million
compared with Ps.289 million in third quarter 2006, and the
margin
remained at 48.4%. These results were driven by lower sales
that were
partially offset by lower cost of sales and operating
expenses.
|
|
Publishing
|
Third-quarter
sales increased 15.3% to Ps.811.8 million compared with
Ps.703.8
million in third quarter 2006. This increase reflects a greater
number of
advertising pages sold as well as higher revenues from magazine
circulation in Mexico and abroad. Additionally, as of September
1, 2007,
we began consolidating in our financial statements the operations
of
Editorial Atlántida, which represented incremental sales of Ps.43.3
million.
|
|
Third-quarter
operating segment income increased 6.4% to Ps.155.5 million,
compared with Ps.146.2 million in third quarter 2006; the margin
was
19.2%. These results were driven by higher sales that were
partially
offset by higher cost of sales and operating expenses, which
reflected
primarily the consolidation of Editorial
Atlántida.
|
|
Publishing
Distribution
|
Third-quarter
sales increased 7.7% to Ps.111.5 million compared with
Ps.103.5
million in third quarter 2006. This increase reflects higher
circulation
abroad of magazines published by the Company and by third
parties.
|
|
Third-quarter
operating segment income increased 71.9% to Ps.5.5 million
compared with Ps.3.2 million in third quarter 2006, and the margin
increased to 4.9%. These results reflect higher sales that were
partially
offset by an increase in cost of sales and operating
expenses.
|
|
Sky
Mexico
|
Third-quarter
sales increased 5.5% to Ps.2,059.7 million compared with
Ps.1,952.1 million in third quarter 2006, reflecting an increase
in the
subscriber base in Mexico and the launch of Sky operations in
Central
America, which was partially offset by an unfavorable comparison
resulting
from advertising and pay-per-view revenues related to the transmission
of
certain games of the FIFA World Cup in the third quarter of 2006.
As of
September 30, 2007, the number of gross active subscribers increased
to
1,542,466 (including 107,386 commercial subscribers), compared
with
1,411,618 (including 86,155 commercial subscribers) as of September
30,
2006.
|
|
Third-quarter
operating segment income increased 1.3% to Ps.988.6 million
compared with Ps.975.5 million in third quarter 2006, and the
margin
reached 48%. These results came from higher sales and lower operating
expenses that were partially offset by higher cost of sales related
mainly
to an increase in subscriber acquisition cost due to the high
number of
subscriber additions during the quarter, higher promotion expenses,
and
the start-up costs of the operations in Central America.
During
third quarter 2007 Sky started operations in Costa Rica and the
Dominican
Republic. Sky expects to launch operations in Nicaragua shortly
and in
Panama and Guatemala during first quarter
2008.
|
|
Cable
Television
|
Third-quarter
sales increased 17.2% to Ps.605.1 million compared with Ps.516.3
million in third quarter 2006. This increase was attributable
to i) a
13.2% increase in the number of subscribers, which, as of September
30,
2007, reached 538,073, all of which are digital subscribers,
compared with
475,506 subscribers (including 411,015 digital subscribers) reported
during third quarter 2006; ii) a 53.3% increase in broadband
subscribers
to 132,585 compared with 86,470 reported during third quarter
2006; iii) a
3% average rate increase effective March 1, 2007; and iv) higher
advertising sales.
|
|
Third-quarter
operating segment income increased 1.6% to Ps.219.9 million
compared with Ps.216.4 million in third quarter 2006, and the
margin
reached 36.3%. These results reflected higher sales that were
partially
offset by an increase in programming and advertising expenses
and the
start-up costs associated with the telephony
service.
|
|
Other
Businesses
|
Third-quarter
sales increased 53.5% to Ps.744.6 million compared with Ps.485.2
million in third quarter 2006. This increase was attributable
to higher
sales in our gaming, internet portal, feature-film distribution,
soccer,
and radio businesses.
|
|
Third-quarter
operating segment loss increased to Ps.16.9 million compared with
a loss of Ps.16 million in third quarter 2006, reflecting higher
cost of
sales and operating expenses that were partially offset by higher
sales.
|
Corporate
Expense
We
recognized a share-based compensation expense for the third quarter 2007
and
2006 of approximately Ps.37.3 million and Ps.43.1 million, respectively.
Share-based compensation expense is measured at fair value at the time
the
equity benefits are granted to our officers and employees and is recognized
as a
corporate expense over the related vesting period by accruing in majority
stockholders’ equity.
Non-operating
Results
Other
expense, net
Other
expense, net, decreased by Ps.26.6 million, or 44.7%, to Ps.32.9 million
in
third quarter 2007, compared with Ps.59.5 million in third quarter 2006.
This
decrease reflected primarily a gain on disposition of investment as well
as a
reduction in donations in third quarter 2007. These favorable variances
were
partially offset by an increase in advisory and professional legal
services.
Integral
cost of financing
The
following table sets forth our integral cost of financing for the three
months
ended September 30, 2007 and 2006, in millions of Mexican pesos in purchasing
power as of September 30, 2007, which consisted of:
|
3Q
2007
|
3Q
2006
|
Increase
(decrease)
|
|
|
Interest
expense
|
523.7
|
498.1
|
25.6
|
|
Interest
income
|
(456.4)
|
(285.2)
|
(171.2)
|
|
Foreign
exchange (gain) loss, net
|
(198.8)
|
442.0
|
(640.8)
|
|
Loss
from monetary position, net
|
157.9
|
40.4
|
117.5
|
|
Integral
cost of financing, net
|
26.4
|
695.3
|
(668.9)
|
The
integral cost of financing, net, decreased by Ps.668.9 million, to Ps.26.4
million in third quarter 2007 from Ps.695.3 million in third quarter 2006.
This
decrease reflected primarily i) a Ps.640.8 million foreign exchange favorable
effect resulting primarily from our net monetary foreign currency asset
position, in conjunction with a 1.15% depreciation of the Mexican peso
against
the U.S. dollar in third quarter 2007 compared with a 3.26% appreciation
of the
Mexican peso against the U.S. dollar in third quarter 2006; and ii) a Ps.171.2
million increase in interest income primarily in connection with a higher
amount
of temporary investments in third quarter 2007 compared with last year’s third
quarter. These favorable variances were partially offset by i) a Ps.25.6
million
increase in interest expense, due primarily to a higher principal amount
of
long-term debt in third quarter 2007; and ii) a Ps.117.5 million increase
in
loss from monetary position resulting primarily from a higher average of
net
monetary asset position in third quarter 2007 compared with third quarter
2006.
Equity
in losses of affiliates, net
Equity
in
losses of affiliates, net, increased by Ps.6.6 million, or 4.6%, to Ps.149
million in third quarter 2007 compared with Ps.142.4 million in third quarter
2006. This increase reflected primarily a reduction of equity in income
of OCEN,
a live-entertainment venture in Mexico, and EMI Televisa Music, a music
joint-venture in the United States. These unfavorable variances were partially
offset by a reduction of equity in loss of La Sexta, a free-to-air television
channel in Spain.
Income
taxes
Income
taxes increased by Ps.1,040.1 million, to an income tax provision of Ps.973.2
million in third quarter 2007 from an income tax benefit of Ps.66.9 million
in
third quarter 2006 that resulted from a non-recurring tax
deduction.
Minority
interest net income
Minority
interest net income increased by Ps.17.1 million, or 7.2%, to Ps.256 million
in
third quarter 2007, from Ps.238.9 million in third quarter 2006. This increase
primarily reflected the portion of consolidated net income attributable
to
interests held by minority equity owners in our Sky Mexico
business.
Other
Relevant Information
Capital
expenditures and investments
In
third
quarter 2007, we invested approximately US$88.5 million as capital expenditures,
including approximately US$19.7 million for our Cable Television segment,
US$31
million for our Sky Mexico segment, US$10.7 million for our gaming business,
and
US$27.1 million for our Television Broadcasting segment and other businesses.
We
also made additional equity investments related to our 40% interest in
La Sexta
in the aggregate amount of €5.2 million.
In
third
quarter 2007, we acquired Editorial Atlántida, S.A., a leading magazine
publishing company in Argentina, for an aggregate amount of approximately
US$78.5 million. In addition, Cablestar, S.A. de C.V., a 70% owned-subsidiary
of
Empresas Cablevisión, S.A.B. (BMV: CABLE), in which Televisa owns a 51% equity
stake, signed an agreement to acquire the majority of the assets of Bestel,
a
privately held, facilities-based telecommunications company in Mexico,
for
US$256 million in cash plus an additional capital contribution of US$69
million,
for a total cash amount of US$325 million. The transaction is subject to
certain
conditions, including the approval of regulatory authorities in
Mexico.
Debt
and satellite transponder lease obligation
Our
total
consolidated debt and satellite transponder lease obligation as of September
30,
2007 and 2006, was (in millions of Mexican pesos):
|
3Q
2007
|
3Q
2006
|
Increase
(decrease)
|
|
|
Current
portion of long-term debt
|
487.2
|
1,128.6
|
(641.4)
|
|
Long-term
debt (excluding current portion)
|
21,944.1
|
18,649.0
|
3,295.1
|
|
22,431.3
|
19,777.6
|
2,653.7
|
|
|
Current
portion of satellite transponder lease obligation
|
95.0
|
88.3
|
6.7
|
|
Long-term
satellite transponder lease obligation (excluding current
portion)
|
1,061.1
|
1,205.3
|
(144.2)
|
|
1,156.1
|
1,293.6
|
(137.5)
|
As
of
September 30, 2007, our consolidated net cash position (cash and temporary
investments less total debt) was of Ps.4,815 million, compared with a
consolidated net debt position (total debt less cash and temporary investments)
of Ps.1,721.5 million, as of September 30, 2006. Temporary investments
include
Ps.2,912.2 million and Ps. 1,087 million of long-term temporary investments
in
2007 and 2006, respectively.
Registration
of 8.49% Senior Notes due 2037
In
September 2007, we concluded the exchange of unregistered 8.49% Senior
Notes due
2037 for registered 8.49% Senior Notes due 2037. As a result, approximately
99.3% of the Senior Notes issued in second quarter 2007 for an aggregate
principal amount of Ps.4,500 million, were registered with the U.S. Securities
and Exchange Commission.
Share
buyback program
During
third quarter 2007, we repurchased approximately 13 million CPOs in the
aggregate nominal amount of approximately Ps.728.1 million.
Television
ratings and audience share
National
urban ratings and audience share reported by IBOPE confirm that Televisa
continued to deliver strong ratings and audience shares in third quarter
2007.
During weekday prime time (19:00 to 23:00, Monday to Friday), audience
share
amounted to 69.3%; in prime time (16:00 to 23:00, Monday to Sunday), audience
share amounted to 69.7%; and in sign-on to sign-off (6:00 to 24:00, Monday
to
Sunday), audience share amounted to 71.3%.
Outlook
for 2007
We
expect
Television Broadcasting sales to decrease by approximately 3% during the
year
and we expect our full-year operating segment income margin to be close
to 50%.
About
Televisa
Grupo
Televisa, S.A.B., is the largest media company in the Spanish-speaking
world and
a major participant in the international entertainment business. It has
interests in television production and broadcasting, production of pay
television networks, international distribution of television programming,
direct-to-home satellite services, publishing and publishing distribution,
cable
television, radio production and broadcasting, professional sports and
live
entertainment, feature film production and distribution, gaming, and
the
operation of a horizontal internet portal. Grupo Televisa also owns an
unconsolidated equity stake in La Sexta, a free-to-air television venture
in
Spain.
Disclaimer
This
press release contains forward-looking statements regarding the Company’s
results and prospects. Actual results could differ materially from these
statements. The forward-looking statements in this press release should
be read
in conjunction with the factors described in “Item 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 press release and
in oral
statements made by authorized officers of the Company. Readers are cautioned
not
to place undue reliance on these forward-looking statements, which speak
only as
of their dates. The Company undertakes no obligation to publicly update
or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
|
|
(Please
see attached tables for financial information and ratings
data)
|
|
|
###
|
|
Televisa
Investor Relations Contacts:
|
Televisa
Media Relations Contacts:
|
|
Michel
Boyance
María
José Cevallos
Tel:
(5255) 5261-2445
Fax:
(5255)5261-2494
ir@televisa.com.mx
http://www.televisa.com
http://www.televisair.com
|
Manuel
Compeán
Tel:
(5255) 5728 3815
Fax:
(5255) 5728 3632
mcompean@televisa.com.mx
http://www.televisa.com
|
GRUPO
TELEVISA, S.A.B.
CONDENSED
CONSOLIDATED BALANCE SHEETS
AS
OF SEPTEMBER 30, 2007, AND DECEMBER 31, 2006
(Millions
of Mexican pesos in purchasing power as of September 30,
2007)
|
ASSETS
|
September 30,
2007
(Unaudited)
|
December
31, 2006
(Audited)1
|
|||||||||||
| Current: | |||||||||||||
| Cash | Ps. |
640.1
|
Ps. |
690.8
|
|||||||||
| Temporary investments |
23,694.0
|
15,469.3
|
|||||||||||
|
24,334.1
|
16,160.1
|
||||||||||||
|
|
|
|
|||||||||||
| Trade notes and accounts receivable, net |
6,914.1
|
13,898.0
|
|||||||||||
|
Other
accounts and notes receivable, net
|
2,234.2
|
1,521.2
|
|||||||||||
|
Due
from affiliated companies
|
254.0
|
188.9
|
|||||||||||
|
Transmission
rights and programming
|
3,117.0
|
3,120.6
|
|||||||||||
|
Inventories
|
680.7
|
790.0
|
|||||||||||
|
Available-for-sale
investment
|
-
|
12,083.2
|
|||||||||||
|
Other
current assets
|
907.1
|
788.1
|
|||||||||||
|
Total
current assets
|
37,716.0
|
48,550.1
|
|||||||||||
|
Transmission
rights and programming, noncurrent
|
3,653.4
|
3,504.6
|
|||||||||||
|
Investments
|
8,061.4
|
5,836.8
|
|||||||||||
|
Property,
plant, and equipment, net
|
21,533.1
|
21,439.4
|
|||||||||||
|
Intangible
assets and deferred charges, net
|
6,567.0
|
5,509.2
|
|||||||||||
|
Other
assets
|
31.8
|
25.0
|
|||||||||||
|
Total
assets
|
|
Ps.
|
77,562.7
|
|
Ps. |
84,865.1
|
|||||||
1
The
December 31, 2006, amounts were taken from our audited consolidated
financial
statements as of December 31, 2006, and restated to September 30, 2007,
constant Mexican pesos.
GRUPO
TELEVISA, S.A.B.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2007, AND DECEMBER 31, 2006
(Millions of Mexican pesos in purchasing power as of September 30, 2007)
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2007, AND DECEMBER 31, 2006
(Millions of Mexican pesos in purchasing power as of September 30, 2007)
|
LIABILITIES
|
September 30,
2007 (Unaudited)
|
December
31,
2006 (Audited1)
|
|||||
|
Current:
|
|||||||
|
Current
portion of long-term debt
|
Ps. |
487.2
|
Ps. |
1,008.2
|
|||
|
Current
portion of satellite transponder lease obligation
|
95.0
|
88.1
|
|||||
|
Trade
accounts payable
|
3,570.9
|
3,527.0
|
|||||
|
Customer
deposits and advances
|
8,922.2
|
17,266.9
|
|||||
|
Taxes
payable
|
568.0
|
1,205.5
|
|||||
|
Accrued
interest
|
213.0
|
267.8
|
|||||
|
Due
to affiliated companies
|
90.4
|
38.9
|
|||||
|
Other
accrued liabilities
|
2,015.3
|
2,093.0
|
|||||
|
Total
current liabilities
|
15,962.0 | 25,495.4 | |||||
|
Long-term
debt, net of current portion
|
21,944.1
|
18,188.5
|
|||||
|
Satellite
transponder lease obligation, net of current portion
|
1,061.1
|
1,145.2
|
|||||
|
Customer
deposits and advances, noncurrent
|
67.0
|
274.1
|
|||||
|
Other
long-term liabilities
|
461.8
|
533.6
|
|||||
|
Deferred
taxes
|
1,225.0
|
1,521.7
|
|||||
|
Pension
plans, seniority premiums, and severance indemnities
|
311.7
|
293.4
|
|||||
|
Total
liabilities
|
41,032.7
|
47,451.9
|
|||||
|
STOCKHOLDERS'
EQUITY
|
|||||||
|
Capital
stock issued, no par value
|
10,114.3
|
10,350.0
|
|||||
|
Additional
paid-in capital
|
4,480.0 | 4,480.0 | |||||
|
|
14,594.3
|
14,830.0
|
|||||
|
Retained
earnings:
|
|||||||
|
Legal
reserve
|
2,103.5
|
2,103.5
|
|||||
|
Reserve
for repurchase of shares
|
1,222.3
|
4,557.8
|
|||||
|
Unappropriated
earnings
|
21,355.1
|
17,084.6
|
|||||
|
Majority
interest net income for the period
|
5,169.6
|
8,775.9
|
|||||
| 29,850.5 |
32,521.8
|
||||||
|
Accumulated
other comprehensive loss, net
|
(3,062.4
|
) |
(3,785.5
|
) | |||
|
Shares
repurchased
|
(7,147.0
|
) |
(7,771.2
|
) | |||
| 19,641.1 | 20,965.1 | ||||||
|
Total
majority interest
|
34,235.4
|
35,795.1
|
|||||
|
Minority
interest
|
2,294.6
|
1,618.1
|
|||||
|
Total
stockholders' equity
|
36,530.0
|
37,413.2
|
|||||
|
Total
liabilities and stockholders' equity
|
Ps. |
77,562.7
|
Ps. |
84,865.1
|
|||
|
1
|
The
December 31, 2006, amounts were taken from our audited
consolidated
financial statements as of December 31, 2006, and restated
to September 30, 2007, constant Mexican
pesos.
|
|
GRUPO
TELEVISA, S. A. B.
|
||||||||||||||
|
CONDENSED
CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE
AND
|
||||||||||||||
|
NINE
MONTHS ENDED SEPTEMBER 30, 2007 AND 2006
|
||||||||||||||
|
(Millions
of Mexican pesos in purchasing power as of September 30,
2007)
|
||||||||||||||
|
Three
months ended
September 30, |
Nine
months ended
September 30, |
|||||||||||||
|
2007
|
2006
|
2007
|
2006
|
|||||||||||
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||
|
Net
sales
|
Ps.
|
10,422.4
|
Ps.
|
9,569.7
|
Ps.
|
28,718.8
|
Ps.
|
27,791.9
|
||||||
|
Cost
of sales1
|
4,406.2
|
3,984.6
|
12,682.1
|
11,924.5
|
||||||||||
|
Operating
expenses:
|
||||||||||||||
|
Selling1
|
803.1
|
737.3
|
2,258.2
|
2,243.0
|
||||||||||
|
Administrative1
|
579.4
|
530.9
|
1,755.0
|
1,648.0
|
||||||||||
|
Depreciation
and amortization
|
|
832.3
|
|
667.1
|
|
2,293.5
|
|
2,024.2
|
||||||
|
Operating
income 2
|
|
3,801.4
|
|
3,649.8
|
|
9,730.0
|
|
9,952.2
|
||||||
|
Others
expense, net
|
|
32.9
|
|
59.5
|
|
817.2
|
|
723.0
|
||||||
|
Integral
cost of financing:
|
||||||||||||||
|
Interest
expense
|
523.7
|
498.1
|
1,453.7
|
1,510.1
|
||||||||||
|
Interest
income
|
(456.4)
|
(285.2)
|
(1,294.9)
|
(887.1)
|
||||||||||
|
Foreign
exchange (gain) loss, net
|
(198.8)
|
442.0
|
(227.7)
|
(15.4)
|
||||||||||
|
Loss
from monetary position, net
|
157.9
|
40.4
|
166.5
|
105.8
|
||||||||||
|
|
26.4
|
|
695.3
|
|
97.6
|
|
713.4
|
|||||||
|
Equity
in losses of affiliates, net
|
|
149.0
|
|
142.4
|
|
515.3
|
|
338.8
|
||||||
|
Income
before income taxes
|
|
3,593.1
|
|
2,752.6
|
|
8,299.9
|
|
8,177.0
|
||||||
|
Income
taxes
|
|
973.2
|
|
(66.9)
|
|
2,409.7
|
|
1,455.7
|
||||||
|
Consolidated
net income
|
2,619.9
|
2,819.5
|
5,890.2
|
6,721.3
|
||||||||||
|
Minority
interest net income (loss)
|
256.0
|
238.9
|
720.6
|
338.6
|
||||||||||
|
Majority
interest net income
|
Ps.
|
2,363.9
|
Ps.
|
2,580.6
|
Ps.
|
5,169.6
|
Ps.
|
6,382.7
|
||||||
|
1
Excluding
depreciation and amortization.
|
||||||||||||||
|
2
Operating
income is an additional income level permitted by the Mexican
Financial
Reporting Standards in the presentation of an income
statement.
|
||||||||||||||
NATIONAL
URBAN RATINGS AND AUDIENCE SHARE FOR THIRD AND FOURTH QUARTERS OF 2006
AND
FIRST, SECOND AND THIRD QUARTERS OF 20071:
SIGN-ON
TO SIGN-OFF – 6:00 TO 24:00, MONDAY TO SUNDAY
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2006
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
June
|
Jul
|
Aug
|
Sep
|
3Q07
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
11.2
|
11.7
|
11.8
|
11.8
|
12.1
|
11.0
|
11.6
|
11.5
|
11.7
|
10.8
|
10.2
|
10.1
|
10.0
|
10.1
|
10.6
|
10.3
|
10.3
|
|
Share
(%)
|
31.3
|
32.5
|
33.3
|
33.6
|
33.2
|
33.0
|
31.8
|
32.4
|
33.4
|
30.7
|
29.8
|
28.8
|
28.5
|
28.6
|
29.7
|
29.5
|
29.3
|
|
Total
Televisa(2)
|
|||||||||||||||||
|
Rating
|
25.7
|
26.1
|
25.3
|
25.2
|
26.1
|
24.0
|
25.9
|
25.2
|
25.0
|
24.5
|
23.8
|
24.8
|
24.8
|
25.0
|
25.5
|
25.0
|
25.2
|
|
Share
(%)
|
71.6
|
72.1
|
71.5
|
71.4
|
71.5
|
71.6
|
71.0
|
71.2
|
71.1
|
69.9
|
69.3
|
70.6
|
70.3
|
71.0
|
71.5
|
71.6
|
71.3
|
PRIME
TIME – 16:00 TO 23:00, MONDAY TO SUNDAY3
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2006
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
June
|
Jul
|
Aug
|
Sep
|
3Q07
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
16.4
|
17.5
|
17.1
|
17.1
|
16.8
|
14.8
|
16.8
|
16.7
|
17.5
|
15.0
|
13.5
|
13.4
|
13.6
|
14.3
|
15.2
|
14.7
|
14.7
|
|
Share
(%)
|
33.2
|
34.4
|
34.4
|
34.4
|
32.4
|
31.8
|
32.8
|
33.4
|
35.2
|
31.0
|
28.7
|
28.0
|
28.3
|
29.7
|
31.2
|
30.6
|
30.5
|
|
Total
Televisa(2)
|
|||||||||||||||||
|
Rating
|
34.7
|
36.1
|
35.1
|
34.8
|
36.2
|
32.8
|
35.5
|
35.2
|
35.0
|
33.1
|
31.4
|
32.6
|
32.8
|
33.3
|
33.9
|
33.7
|
33.7
|
|
Share
(%)
|
70.3
|
71.0
|
70.5
|
69.9
|
69.9
|
70.5
|
69.5
|
70.4
|
70.4
|
68.4
|
67.0
|
68.1
|
68.3
|
69.2
|
69.7
|
70.1
|
69.7
|
WEEKDAY
PRIME TIME – 19:00 TO 23:00, MONDAY TO FRIDAY3
|
Jul
|
Aug
|
Sep
|
Oct
|
Nov
|
Dec
|
2006
|
Jan
|
Feb
|
Mar
|
Apr
|
May
|
June
|
Jul
|
Aug
|
Sep
|
3Q07
|
|
|
Channel
2
|
|||||||||||||||||
|
Rating
|
23.2
|
23.5
|
23.0
|
22.9
|
20.9
|
20.3
|
22.2
|
22.2
|
23.7
|
20.5
|
18.1
|
17.7
|
18.6
|
19.1
|
21.1
|
18.9
|
19.7
|
|
Share
(%)
|
40.2
|
39.7
|
40.1
|
39.5
|
35.2
|
36.4
|
37.3
|
38.1
|
41.1
|
36.3
|
33.7
|
32.4
|
33.1
|
34.4
|
37.4
|
33.8
|
35.2
|
|
Total
Televisa(2)
|
|||||||||||||||||
|
Rating
|
41.5
|
42.8
|
42.6
|
42.1
|
42.4
|
40.1
|
41.7
|
41.8
|
41.9
|
39.1
|
36.6
|
37.7
|
38.4
|
38.2
|
39.4
|
38.7
|
38.7
|
|
Share
(%)
|
72.0
|
72.2
|
74.1
|
72.8
|
71.3
|
72.0
|
70.1
|
71.9
|
72.5
|
69.5
|
68.1
|
68.9
|
68.3
|
68.7
|
70.0
|
69.2
|
69.3
|
1
National urban
ratings and audience share are certified by IBOPE and are based upon
IBOPE's
national surveys, which are calculated seven days a week, in Mexico
City,
Guadalajara, Monterrey, and 25 other cities with a population of more
than
500,000 people. “Ratings” for a period refers to the number of television sets
tuned into the Company’s programs as a percentage of the total number of all
television households. “Audience share” is the number of television sets tuned
into the Company's programs as a percentage of the number of households
watching
conventional over-the-air television during that period, without regard
to the
number of viewers.
2
"Total Televisa"
includes the Company's four networks as well as all local affiliates
(including
affiliates of Channel 4, most of which receive only a portion of their
daily
programming from Channel 4). Programming on affiliates of Channel 4
is generally
broadcast in 12 of the 28 cities covered by national surveys. Programming
on
Channel 9 affiliates is broadcast in all of the cities covered by national
surveys.
3
"Televisa Prime
Time" is the time during which the Company generally charges its highest
rates
for its networks.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned,
thereunto
duly authorized.
|
GRUPO
TELEVISA, S.A.B.
|
|||
|
(Registrant)
|
|||
|
Dated
October 24, 2007
|
By:
|
/s/
Jorge
Lutteroth
Echegoyen
|
|
|
Name:
|
Jorge
Lutteroth
Echegoyen
|
||
|
Title:
|
Controller,
Vice President
|
||