UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of July, 2003
GRUPO TELEVISA, S.A.
-------------------------------------------------
(Translation of registrant's name into English)
Av. Vasco de Quiroga No. 2000, Colonia Sante 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
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 2 Year: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
AT JUNE 30 OF 2003 AND 2002
(Thousands of Pesos)
JUDGED INFORMATION FINAL PRINTING
-------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
--------------------------------------------------------
S AMOUNT % AMOUNT %
-------------------------------------------------------------------------------------------------------------
1 TOTAL ASSETS 52,947,533 100 52,060,624 100
2 CURRENT ASSETS 19,649,501 37 17,954,814 34
3 ACCOUNTS AND DOCUMENTS RECEIVABLE (NET) 10,033,617 19 6,977,746 13
4 OTHER ACCOUNTS AND DOCUMENTS RECEIVABLE 4,524,469 9 4,543,400 9
5 OTHER ACCOUNTS AND NOTES RECEIVABLE (NET) 656,696 1 1,654,095 3
6 INVENTORIES 4,017,139 8 3,977,556 8
7 OTHER CURRENT ASSETS 417,580 1 802,017 2
8 LONG-TERM 3,292,662 6 3,648,599 7
9 ACCOUNTS AND DOCUMENTS RECEIVABLE (NET) 0 0 6,677 0
10 INVESTMENT IN SHARES OF SUBSIDIARIES
AND NON-CONSOLIDATED 3,141,259 6 2,736,667 5
11 OTHER INVESTMENTS 151,403 0 905,255 2
12 PROPERTY, PLANT AND EQUIPMENT 15,329,167 29 15,425,898 30
13 PROPERTY 11,647,050 22 11,800,855 23
14 MACHINERY AND INDUSTRIAL 9,997,332 19 9,561,293 18
15 OTHER EQUIPMENT 2,316,443 4 1,730,861 3
16 ACCUMULATED DEPRECIATION 9,886,699 19 8,831,735 17
17 CONSTRUCTION IN PROGRESS 1,255,041 2 1,164,624 2
18 DEFERRED ASSETS (NET) 9,062,994 17 9,594,001 18
19 OTHER ASSETS 5,613,209 11 5,437,312 10
20 TOTAL LIABILITIES 30,667,872 100 29,731,923 100
21 CURRENT LIABILITIES 4,476,811 15 5,282,227 18
22 SUPPLIERS 1,912,142 6 2,503,507 8
23 BANK LOANS 282,393 1 538,498 2
24 STOCK MARKET LOANS 0 0 714,668 2
25 TAXES TO BE PAID 436,589 1 318,008 1
26 OTHER CURRENT LIABILITIES 1,845,687 6 1,207,546 4
27 LONG-TERM LIABILITIES 15,194,208 50 14,090,221 47
28 BANK LOANS 2,053,072 7 1,521,013 5
29 STOCK MARKET LOANS 11,959,371 39 11,903,008 40
30 OTHER LOANS 1,181,765 4 666,200 2
31 DEFERRED LOANS 9,279,892 30 9,225,173 31
32 OTHER LIABILITIES 1,716,961 6 1,134,302 4
33 CONSOLIDATED STOCK HOLDERS' EQUITY 22,279,661 100 22,328,701 100
34 MINORITY INTEREST 1,165,873 5 1,084,060 5
35 MAJORITY INTEREST 21,113,788 95 21,244,641 95
36 CONTRIBUTED CAPITAL 7,633,204 34 7,686,058 34
37 PAID-IN CAPITAL STOCK (NOMINAL) 1,501,045 7 1,513,427 7
38 RESTATEMENT OF PAID-IN CAPITAL STOCK 5,913,001 27 5,953,881 27
39 PREMIUM ON SALES OF SHARES 219,158 1 218,750 1
40 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 0 0 0 0
41 CAPITAL INCREASE (DECREASE) 13,480,584 61 13,558,583 61
42 RETAINED EARNINGS AND CAPITAL RESERVE 12,399,732 56 11,837,007 53
43 REPURCHASE FUNDS OF SHARES 5,340,797 24 5,585,689 25
44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK
HOLDERS' EQUITY (5,775,135) (26) (5,171,228) (23)
45 NET INCOME FOR THE YEAR 1,515,190 7 1,307,115 6
-------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 2 Year: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Pesos)
JUDGED INFORMATION FINAL PRINTING
----------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
--------------------------------------------------------
S Amount % Amount %
----------------------------------------------------------------------------------------------------------------
3 CASH AND SHORT-TERM INVESTMENTS 10,033,617 100 6,977,746 100
46 CASH 283,530 3 463,148 7
47 SHORT-TERM INVESTMENTS 9,750,087 97 6,514,598 93
18 DEFERRED ASSETS (NET) 9,062,994 100 9,594,001 100
48 AMORTIZED OR REDEEMED EXPENSES 1,618,797 18 1,978,676 21
49 GOODWILL 7,444,197 82 7,615,325 79
50 DEFERRED TAXES 0 0 0 0
51 OTHERS 0 0 0 0
21 CURRENT LIABILITIES 4,476,811 100 5,282,227 100
52 FOREIGN CURRENCY LIABILITIES 1,951,989 44 3,375,939 64
53 MEXICAN PESOS LIABILITIES 2,524,822 56 1,906,288 36
24 STOCK MARKET LOANS 0 0 714,668 100
54 COMMERCIAL PAPER 0 0 714,668 100
55 CURRENT MATURITIES OF MEDIUM TERM NOTES 0 0 0 0
56 CURRENT MATURITIES OF BONDS 0 0 0 0
26 OTHER CURRENT LIABILITIES 1,845,687 100 1,207,546 100
57 OTHER CURRENT LIABILITIES WITH COST 0 0 14,030 1
58 OTHER CURRENT LIABILITIES WITHOUT COST 1,845,687 100 1,193,516 99
27 LONG-TERM LIABILITIES 15,194,208 100 14,090,221 100
59 FOREIGN CURRENCY LIABILITIES 10,591,961 70 10,017,883 71
60 MEXICAN PESOS LIABILITIES 4,602,247 30 4,072,338 29
29 STOCK MARKET LOANS 11,959,371 100 11,903,008 100
61 BONDS 11,959,371 100 11,903,008 100
62 MEDIUM TERM NOTES 0 0 0 0
30 OTHER LOANS 1,181,765 100 666,200 100
63 OTHER LOANS WITH COST 0 0 0 0
64 OTHER LOANS WITHOUT COST 1,181,765 100 666,200 100
31 DEFERRED LOANS 9,279,892 100 9,225,173 100
65 NEGATIVE GOODWILL 0 0 0 0
66 DEFERRED TAXES 1,033,725 11 1,901,386 21
67 OTHERS 8,246,167 89 7,323,787 79
32 OTHER LIABILITIES 1,716,961 100 1,134,302 100
68 RESERVES 110,196 6 48,373 4
69 OTHER LIABILITIES 1,606,765 94 1,085,929 96
44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK (5,775,135) 100 (5,171,228) 100
HOLDERS' EQUITY
70 ACCUMULATED INCOME DUE TO MONETARY POSITION (29,197) (1) (29,197) (1)
71 INCOME FROM NON-MONETARY POSITION ASSETS (5,745,938) (99) (5,142,031) (99)
----------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 2 Year: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
OTHER CONCEPTS
(Thousands of Pesos)
JUDGED INFORMATION FINAL PRINTING
------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
S Amount Amount
------------------------------------------------------------------------------------------------------------------------
72 WORKING CAPITAL 15,172,690 12,672,587
73 PENSIONS FUND AND SENIORITY PREMIUMS 800,401 784,322
74 EXECUTIVES (*) 36 47
75 EMPLOYERS (*) 12,350 12,853
76 WORKERS (*) 0
77 CIRCULATION SHARES (*) 8,783,804,425 8,856,259,557
78 REPURCHASED SHARES (*) 316,106,980 276,740,433
------------------------------------------------------------------------------------------------------------------------
(*) THESE CONCEPTS SHOULD BE EXPRESSED IN UNITS.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 2 Year: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED EARNING STATEMENT
FROM JANUARY THE 1st TO JUNE 30 OF 2003 AND 2002
(Thousands of Pesos)
FINAL PRINTING
----------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
R Amount % Amount %
----------------------------------------------------------------------------------------------------------------------------
1 NET SALES 10,536,258 100 9,998,072 100
2 COST OF SALES 6,299,037 60 6,392,717 64
3 GROSS INCOME 4,237,221 40 3,605,355 36
4 OPERATING 1,686,376 16 1,694,812 17
5 OPERATING INCOME 2,550,845 24 1,910,543 19
6 TOTAL FINANCING COST 353,552 3 376,738 4
7 INCOME AFTER FINANCING COST 2,197,293 21 1,533,805 15
8 OTHER FINANCIAL OPERATIONS 108,115 1 914,420 9
9 INCOME BEFORE TAXES AND WORKERS' PROFIT
SHARING 2,089,178 20 619,385 6
10 RESERVE FOR TAXES AND WORKERS' PROFIT
SHARING 588,051 6 12,139 0
11 NET INCOME AFTER TAXES AND WORKERS' PROFIT
SHARING 1,501,127 14 607,246 6
12 SHARE IN NET INCOME OF SUBSIDIARIES AND
NON-CONSOLIDATED ASSOCIATES 6,539 0 (390,562) (4)
13 CONSOLIDATED NET INCOME OF CONTINUOUS
OPERATIONS 1,507,666 14 216,684 2
14 INCOME OF DISCONTINUOUS OPERATIONS 0 0 (1,103,235) (11)
15 CONSOLIDATED NET INCOME BEFORE
EXTRAORDINARY ITEMS 1,507,666 14 1,319,919 13
16 EXTRAORDINARY ITEMS NET EXPENSES (INCOME) 0 0 0 0
17 NET EFFECT AT THE BEGINNING OF THE YEAR BY
CHANGES IN ACCOUNTING PRINCIPLES 0 0 0 0
18 NET CONSOLIDATED INCOME 1,507,666 14 1,319,919 13
19 NET INCOME OF MINORITY INTEREST (7,524) (0) 12,804 0
20 NET INCOME OF MAJORITY INTEREST 1,515,190 14 1,307,115 13
----------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 2 Year: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED EARNING STATEMENT
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Pesos)
FINAL PRINTING
----------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
---------------------------------------------------------
R Amount % Amount %
----------------------------------------------------------------------------------------------------------------------
1 NET SALES 10,536,258 100 9,998,072 100
21 DOMESTIC 8,715,222 83 8,457,943 85
22 FOREIGN 1,821,036 17 1,540,129 15
23 TRANSLATED INTO DOLLARS (***) 174,462 2 147,550 1
6 TOTAL FINANCING COST 353,552 100 376,738 100
24 INTEREST PAID 650,882 184 659,625 175
25 EXCHANGE LOSSES 370,790 105 733,231 195
26 INTEREST EARNED 354,864 100 322,477 86
27 EXCHANGE PROFITS 363,151 103 832,082 221
28 GAIN DUE TO MONETARY POSITION 49,895 14 138,441 37
8 OTHER FINANCIAL OPERATIONS 108,115 100 914,420 100
29 OTHER NET EXPENSES (INCOME) NET 108,115 100 914,420 100
30 (PROFIT) LOSS ON SALE OF OWN SHARES 0 0 0 0
31 (PROFIT) LOSS ON SALE OF SHORT-TERM INVESTMENTS 0 0 0 0
10 RESERVE FOR TAXES AND WORKERS' PROFIT SHARING 588,051 100 12,139 100
32 INCOME TAX 809,817 138 513,642 4,231
33 DEFERRED INCOME TAX (224,847) (38) (516,766) (4,257)
34 WORKERS' PROFIT SHARING 3,081 1 15,263 126
35 DEFERRED WORKERS' PROFIT SHARING 0 0 0 0
----------------------------------------------------------------------------------------------------------------------
(***) THOUSANDS OF DOLLARS
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 2 Year: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED EARNING STATEMENT
OTHER CONCEPTS
(Thousands of Pesos)
FINAL PRINTING
---------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
R Amount Amount
---------------------------------------------------------------------------------------------------------------
36 TOTAL SALES 11,449,808 10,749,051
37 NET INCOME OF THE YEAR 1,076,495 (169,458)
38 NET SALES (**) 22,366,450 21,468,094
39 OPERATION INCOME (**) 5,348,656 4,611,019
40 NET INCOME OF MAJORITY INTEREST (**) 955,120 2,626,330
41 NET CONSOLIDATED INCOME (**) 865,101 2,628,757
---------------------------------------------------------------------------------------------------------------
(**) THE RESTATED INFORMATION ON THE LAST TWELVE MONTHS SHOULD BE USED
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 2 Year: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
FROM JANUARY THE 1st TO JUNE 30 OF 2003 AND 2002
(Thousands of Pesos)
FINAL PRINTING
------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
C Amount Amount
------------------------------------------------------------------------------------------------------------------------
1 CONSOLIDATED NET INCOME 1,507,666 1,319,919
2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT
REQUIRE USING CASH 561,135 - 21,149
3 CASH FLOW FROM NET INCOME OF THE YEAR 2,068,801 1,298,770
4 CASH FLOW FROM CHANGE IN WORKING CAPITAL 242,845 894,372
5 CASH GENERATED (USED) IN OPERATING ACTIVITIES 2,311,646 2,193,142
6 CASH FLOW FROM EXTERNAL FINANCING (455,173) 1,023,745
7 CASH FLOW FROM INTERNAL FINANCING (875,599) 65,393
8 CASH FLOW GENERATED (USED) BY FINANCING (1,330,772) 1,089,138
9 CASH FLOW GENERATED (USED) IN INVESTMENT
ACTIVITIES 156,301 (2,324,484)
10 NET INCREASE (DECREASE) IN CASH AND SHORT-TERM
INVESTMENTS 1,137,175 957,796
11 CASH AND SHORT-TERM INVESTMENTS AT THE
BEGINNING OF PERIOD 8,896,442 6,019,950
12 CASH AND SHORT-TERM INVESTMENTS AT THE END
OF PERIOD 10,033,617 6,977,746
------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 2 Year: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Pesos)
FINAL PRINTING
-----------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
C Amount Amount
-----------------------------------------------------------------------------------------------------------------------------
2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT
REQUIRE USING CASH 561,135 (21,149)
13 DEPRECIATION AND AMORTIZATION FOR THE YEAR 959,477 870,916
14 + (-) NET INCREASE (DECREASE) IN PENSIONS FUND
AND SENIORITY PREMIUMS
15 + (-) NET LOSS (PROFIT) IN MONEY EXCHANGE
16 + (-) NET LOSS (PROFIT) IN ASSETS AND LIABILITIES
ACTUALIZATION
17 + (-) OTHER ITEMS (398,342) (892,065)
4 CASH FLOW FROM CHANGE IN WORKING CAPITAL 242,845 894,372
18 + (-) DECREASE (INCREASE) IN ACCOUNTING RECEIVABLE 5,028,367 4,659,166
19 + (-) DECREASE (INCREASE) IN INVENTORIES (380,859) (300,831)
20 + (-) DECREASE (INCREASE) IN OTHER ACCOUNT
RECEIVABLE 235,310 (198,665)
21 + (-) INCREASE (DECREASE) IN SUPPLIER ACCOUNT (344,170) 393,943
22 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES (4,295,803) (3,659,241)
6 CASH FLOW FROM EXTERNAL FINANCING (455,173) 1,023,745
23 + SHORT-TERM BANK AND STOCK MARKET FINANCING 638,186 917,411
24 + LONG-TERM BANK AND STOCK MARKET FINANCING 29,042 2,947,950
25 + DIVIDEND RECEIVED -
26 + OTHER FINANCING -
27 (-) BANK FINANCING AMORTIZATION (230,014) (2,885,172)
28 (-) STOCK MARKET AMORTIZATION (720,415) -
29 (-) OTHER FINANCING AMORTIZATION (171,972) 43,556
7 CASH FLOW FROM INTERNAL FINANCING (875,599) 65,393
30 + (-) INCREASE (DECREASE) IN CAPITAL STOCKS (318,737) 65,393
31 (-) DIVIDENDS PAID (556,862)
32 + PREMIUM ON SALE OF SHARES
33 + CONTRIBUTION FOR FUTURE CAPITAL INCREASES
9 CASH FLOW GENERATED (UTILIZED) IN INVESTMENT
ACTIVITIES 156,301 (2,324,484)
34 + (-) DECREASE (INCREASE) IN STOCK INVESTMENTS
OF A PERMANENT NATURE 45,174 (2,080,636)
35 (-) ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT (447,305) (803,317)
36 (-) INCREASE IN CONSTRUCTIONS IN PROGRESS
37 + SALE OF OTHER PERMANENT INVESTMENTS
38 + SALE OF TANGIBLE FIXED ASSETS 101,318 55,898
39 + (-) OTHER ITEMS 457,114 503,571
-----------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 2 Year: 2003
GRUPO TELEVISA, S.A.
RATIOS
CONSOLIDATED
JUDGED INFORMATION FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
P
--------------------------------------------------------------------------------------------------------------------------
YIELD
1 NET INCOME TO NET SALES 14.31 % 13.20 %
2 NET INCOME TO STOCK HOLDERS' EQUITY (**) 4.52 % 12.36 %
3 NET INCOME TO TOTAL ASSETS (**) 1.63 % 5.05 %
4 CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME 0.00 % 0.00 %
5 INCOME DUE TO MONETARY POSITION TO NET INCOME (3.31) % (10.49) %
ACTIVITY
6 NET SALES TO NET ASSETS (**) 0.42 times 0.41 times
7 NET SALES TO FIXED ASSETS (**) 1.46 times 1.39 times
8 INVENTORIES ROTATION (**) 3.36 times 3.36 times
9 ACCOUNTS RECEIVABLE IN DAYS OF SALES 67 days 71 days
10 PAID INTEREST TO TOTAL LIABILITIES WITH COST (**) 9.65 % 8.63 %
LEVERAGE
11 TOTAL LIABILITIES TO TOTAL ASSETS 57.92 % 57.11 %
12 TOTAL LIABILITIES TO STOCK HOLDERS' EQUITY 1.38 times 1.33 times
13 FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES 40.90 % 45.05 %
14 LONG-TERM LIABILITIES TO FIXED ASSETS 99.12 % 91.34 %
15 OPERATING INCOME TO INTEREST PAID 3.92 times 2.90 times
16 NET SALES TO TOTAL LIABILITIES (**) 0.73 times 0.72 times
LIQUIDITY
17 CURRENT ASSETS TO CURRENT LIABILITIES 4.39 times 3.40 times
18 CURRENT ASSETS LESS INVENTORY TO CURRENT
LIABILITIES 3.49 times 2.65 times
19 CURRENT ASSETS TO TOTAL LIABILITIES 0.64 times 0.60 times
20 AVAILABLE ASSETS TO CURRENT LIABILITIES 224.12 % 132.10 %
CASH FLOW
21 CASH FLOW FROM NET INCOME TO NET SALES 19.64 % 12.99 %
22 CASH FLOW FROM CHANGES IN WORKING CAPITAL
TO NET SALES 2.30 % 8.95 %
23 CASH GENERATED (USED) IN OPERATING TO
INTEREST PAID 3.55 times 3.32 times
24 EXTERNAL FINANCING TO CASH GENERATED (USED)
IN FINANCING 34.20 % 94.00 %
25 INTERNAL FINANCING TO CASH GENERATED (USED)
IN FINANCING 65.80 % 6.00 %
26 ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT
TO CASH GENERATED (USED) IN INVESTMENT
ACTIVITIES (286.18) % 34.56 %
--------------------------------------------------------------------------------------------------------------------------
(**) IN THESE RATIOS FOR THE DATA TAKE INTO CONSIDERATION THE LAST TWELVE
MONTHS.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 2 Year: 2003
GRUPO TELEVISA, S.A.
DATA PER SHARE
CONSOLIDATED FINANCIAL STATEMENT
FINAL PRINTING
------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
--------------------------------------------------------------
D AMOUNT AMOUNT
------------------------------------------------------------------------------------------------------------------------
1 BASIC PROFIT PER ORDINARY SHARE (**) $ .11 $ .30
2 BASIC PROFIT PER PREFERRED SHARE (**) $ .11 $ .30
3 DILUTED PROFIT PER ORDINARY SHARE (**) $ .00 $ .00
4 CONTINUOUS OPERATING PROFIT PER COMUN
SHARE (**) $ .10 $ .17
5 EFFECT OF DISCONTINUOUS OPERATING ON
CONTINUOUS OPERATING PROFIT PER SHARE (**) $ .00 $ .12
6 EFFECT OF EXTRAORDINARY PROFIT AND LOSS ON
CONTINUOUS OPERATING PROFIT PER SHARE (**) $ .00 $ .00
7 EFFECT BY CHANGES IN ACCOUNTING POLICIES ON
CONTINUOUS OPERATING PROFIT PER SHARE (**) $ .00 $ .00
8 CARRYING VALUE PER SHARE $ 2.40 $ 2.40
9 CASH DIVIDEND ACCUMULATED PER SHARE $ .00 $ .00
10 DIVIDEND IN SHARES PER SHARE .00 shares .00 shares
11 MARKET PRICE TO CARRYING VALUE 2.50 times 2.61 times
12 MARKET PRICE TO BASIC PROFIT PER ORDINARY
SHARE (**) 55.34 times 21.17 times
13 MARKET PRICE TO BASIC PROFIT PER PREFERENT
SHARE (**) 54.82 times 20.99 times
------------------------------------------------------------------------------------------------------------------------
(**) TO CALCULATE THE DATA PER SHARE USE THE NET INCOME FOR THE LAST TWELVE
MONTHS.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 2 Year: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES (1)
CONSOLIDATED
FINAL PRINTING
------------------------------------------------------------------------------
CONSOLIDATED FINANCIAL STATEMENTS - BREAKDOWN OF MAIN CONCEPTS -
S 53 MEXICAN PESOS LIABILITIES. THIS CAPTION INCLUDES, IN THE SECOND
QUARTER OF 2003, LIABILITIES IN FOREIGN CURRENCY (TAXES PAYABLE) FOR
AN AMOUNT OF PS.48,005, WHICH CANNOT BE PRESENTED IN S 52 (FOREIGN
CURRENCY LIABILITIES) SINCE THE SYSTEM DOES NOT ALLOW A RELATED
VALIDATION WITH ANNEX 5 (ANALYSIS OF CREDITS).
BOARD OF DIRECTORS
OTHER ALTERNATE DIRECTORS OF THE COMPANY'S BOARD OF DIRECTORS ARE AS
FOLLOWS:
SERIES "A"
----------
JOAQUIN BALCARCEL SANTA CRUZ
JUAN PABLO ANDRADE FRICH
JUAN SEBASTIAN MIJARES ORTEGA
JORGE LUTTEROTH ECHEGOYEN
RAFAEL CARABIAS PRINCIPE
SALVI RAFAEL FOLCH VIADERO
LUCRECIA ARAMBURUZABALA LARREGUI
LEOPOLDO GOMEZ GONZALEZ BLACO
GUILLERMO NAVA GOMEZ-TAGLE
MAXIMILIANO ARTEAGA CARLEBACH
FELIX ARAUJO RAMIREZ
FRANCISCO JOSE CHEVEZ ROBELO
JUAN FERNANDO CALVILLO ARMENDARIZ
ALEXANDRE MOREIRA PENNA DA SILVA
JOSE ANTONIO LARA DEL OLMO
SERIES "D"
----------
JOSE LUIS FERNANDEZ FERNANDEZ
HERBERT ALLEN III
SERIES "L"
----------
RAUL MORALES MEDRANO
ALBERTO MONTIEL CASTELLANOS
ALSO,THE COMPANY'S BOARD OF DIRECTORS HAS ONE SECRETARY AND TWO
PROSECRETARIES, AS FOLLOWS:
SECRETARY: JUAN SEBASTIAN MIJARES ORTEGA
PRO-SECRETARY: ALFONSO DE ANGOITIA NORIEGA
PRO-SECRETARY: RICARDO MALDONADO YANEZ
-------------------------------------------------------------------------------
(1 ) THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL
STATEMENT AMOUNTS, INCLUDING THEIR BREAKDOWN OF MAIN CONCEPTS AND
OTHER CONCEPTS.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 2 Year: 2003
GRUPO TELEVISA, S.A.
CONSOLIDATED
FINAL PRINTING
INTEGRATION OF THE PAID SOCIAL CAPITAL STOCK
CHARACTERISTICS OF THE SHARES
-----------------------------------------------------------------------------------------------------------------------------
CAPITAL STOCK
NUMBER OF SHARES (Thousands of Pesos)
-------------------------------------------------------------------------------------------
NOMINAL VALID FIXED VARIABLE
SERIES VALUE COUPON PORTION PORTION MEXICAN SUBSCRIPTION FIXED VARIABLE
-----------------------------------------------------------------------------------------------------------------------------
A - 4,458,269,541 4,458,269,541 761,863
-----------------------------------------------------------------------------------------------------------------------------
D - 2,162,767,442 2,162,767,442 369,591
-----------------------------------------------------------------------------------------------------------------------------
L - 2,162,767,442 2,162,767,442 369,591
-----------------------------------------------------------------------------------------------------------------------------
TOTAL - 8,783,804,425 - 6,621,036,983 2,162,767,442 1,501,045 -
-----------------------------------------------------------------------------------------------------------------------------
TOTAL NUMBER OF SHARES REPRESENTING THE PAID-IN CAPITAL STOCK ON THE DATE OF
SENDING THE INFORMATION
8,783,804,425
SHARES PROPORTION BY :
CPO'S: THREE SHARES (ONE SERIES A, ONE SERIES D AND ONE SERIES L)
UNITS:
ADRS'S:
GDRS'S:
ADS'S:
GDS'S: TWENTY CPO's
REPURCHASED OWN SHARES
NUMBER OF MARKET VALUE OF THE SHARE
SERIES SHARES AT REPURCHASE AT QUARTER
------------------------------------------------------------------
A 121,429,672 6.35300 6.00185
D 97,338,654 6.35300 6.00185
L 97,338,654 6.35300 6.00185
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 2 Year: 2003
GRUPO TELEVISA, S.A. CONSOLIDATED
FINAL PRINTING
THE SHARES REPRESENTING THE COMPANY'S CAPITAL STOCK CONSISTED OF:
ISSUED 9,099,911,405
REPURCHASED (316,106,980)
----------------
OUTSTANDING 8,783,804,425
================
THE COMPANY'S SHARES REPURCHASED BY THE GROUP CONSISTED OF:
SHARES REPURCHASED BY GRUPO TELEVISA, S.A. 157,667,100
SHARES ACQUIRED BY TELEVISA COMERCIAL, S.A. DE C.V. 496,750,068
SHARES ACQUIRED BY TELESPECIALIDADES, S.A. DE C.V. 4,773,849
RESALE OF SHARES (30,000)
CANCELLATION OF SHARES (343,054,037)
----------------
316,106,980
================
NOTE: THE AVERAGE REPURCHASE AND THE MARKET VALUE OF THE SHARE
AT QUARTER ARE HISTORICAL.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA Quarter: 2 Year: 2003
GRUPO TELEVISA, S.A. CONSOLIDATED
FINAL PRINTING
DECLARATION FROM THE COMPANY OFFICIALS RESPONSIBLE FOR THE
INFORMATION.
I HEREBY SWEAR THAT THE FINANCIAL INFORMATION HERE IN SUPPLIED TO THIS
STOCK EXCHANGE, CORRESPONDING TO THE PERIOD FROM 1 OF JANUARY TO 30 OF
JUNE OF 2003 AND 2002 IS THAT OBTAINED FROM OUR AUTHORIZED ACCOUNTING
REGISTERS AND IS THE RESULT OF THE APPLICATION OF THE ACCOUNTING
PRINCIPLES AND NORMS ACCEPTED AND STATED BY THE MEXICAN INSTITUTE OF
PUBLIC ACCOUNTANTS AND IN THE PROVISIONS OF THE MEXICAN NATIONAL BANK
AND STOCK COMMISSION (COMISION NACIONAL BANCARIA Y DE VALORES).
THE ACCOUNTING PRINCIPLES USED BY THIS COMPANY AND THE PROCESSING OF
DATA FOR THE PERIOD TO WHICH THE SAID INFORMATION REFERS WERE APPLIED
USING THE SAME BASES AS FOR THE SIMILAR PERIOD OF THE PREVIOUS YEAR.
-------------------------------------------------
C.P. JORGE LUTTEROTH ECHEGOYEN
Controller, Vice-president
MEXICO, D.F. AT JULE 16, 2003
MEXICAN STOCK EXCHANGE ("BMV")
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA DATE: 7/18/2003
GENERAL DATA OF ISSUER
-------------------------------------------------------------------------------
COMPANY'S NAME: GRUPO TELEVISA, S.A.
ADDRESS: AV. VASCO DE QUIROGA # 2000
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-20-00
FAX: 5261-24-94 AUTOMATICO
E-MAIL: ir@televisa.com.mx
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: O1210
CITY AND STATE: MEXICO, D.F.
RESPONSIBLE FOR PAYMENT
-------------------------------------------------------------------------------
NAME: C.P. JOSE RAUL GONZALEZ LIMA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-77
FAX: 5261-20-43
EXECUTIVES DATA
-------------------------------------------------------------------------------
BMV POSITION: CHAIRMAN OF THE BOARD
POSITION: CHAIRMAN OF THE BOARD
NAME: SR. EMILIO FERNANDO AZCARRAGA JEAN
ADDRESS: AV. CHAPULTEPEC # 28 PISO 1
NEIGHBORHOOD: DOCTORES
ZIP CODE: O6724
CITY AND STATE: MEXICO D.F.
TELEPHONE: 5709-42-89
FAX: 5709-39-88
E-MAIL: emilio@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: GENERAL DIRECTOR
POSITION: PRESIDENT AND CHIEF EXECUTIVE OFFICER
NAME: SR. EMILIO FERNANDO AZCARRAGA JEAN
ADDRESS: AV. CHAPULTEPEC # 28 PISO 1
NEIGHBORHOOD: DOCTORES
ZIP CODE: O6724
CITY AND STATE: MEXICO D.F.
TELEPHONE: 5709-42-89
FAX: 5709-39-88
E-MAIL: emilio@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: FINANCE DIRECTOR
POSITION: EXECUTIVE VICE PRESIDENT AND CHIEF
FINANCIAL OFFICER
NAME: LIC. ALFONSO DE ANGOITIA NORIEGA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO D.F.
TELEPHONE: 5261-24-52
FAX: 5261-24-54
E-MAIL: aangoitia@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR SENDING QUARTERLY
FINANCIAL INFORMATION
POSITION: DIRECTOR OF CORPORATE FINANCIAL INFORMATION
NAME: C.P. JOSE RAUL GONZALEZ LIMA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-77
FAX: 5261-20-43
E-MAIL: rglima@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR LEGAL MATTERS
POSITION: VICE PRESIDENT - LEGAL AND GENERAL COUNSEL
OF GRUPO TELEVISA
NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: SECRETARY OF THE BOARD OF DIRECTORS
POSITION: SECRETARY OF THE BOARD OF DIRECTORS
NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: PROSECRETARY OF THE BOARD OF DIRECTORS
POSITION: EXTERNAL GENERAL COUNSEL
NAME: LIC. RICARDO MALDONADO YANEZ
ADDRESS: MONTES URALES 505, PISO 3
NEIGHBORHOOD: LOMAS DE CHAPULTEPEC
ZIP CODE: 11000
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5201-74-47
FAX: 5520-10-65
E-MAIL: rmaldonado@macf.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE OF INFORMATION TO INVESTORS
POSITION: DIRECTOR OF INVESTOR RELATIONS
NAME: LIC. MICHEL BOYANCE BALDWIN
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-24-46
FAX: 5261-24-46
E-MAIL: aislast@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR SENDING INFORMATION
THROUGH EMISNET
POSITION: SECRETARY OF THE BOARD OF DIRECTORS
NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
-------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR SENDING RELEVANT EVENTS
THROUGH EMISNET
POSITION: DIRECTOR OF INVESTOR RELATIONS
NAME: LIC. ALBERTO ISLAS TORRES
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: O1210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-20-42
FAX: 5261-24-94
E-MAIL: aislast@televisa.com.mx
-------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE ("BMV")
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA DATE: 7/18/2003
GRUPO TELEVISA, S.A.
BOARD OF DIRECTORS
-------------------------------------------------------------------------------
SERIES A
-------------------------------------------------------------------------------
POSITION: PRESIDENT(S)
FROM: 5/1/2003 TO: 4/30/2004
NAME: EMILIO FERNANDO AZCARRAGA JEAN
-------------------------------------------------------------------------------
POSITION: VICE PRESIDENT(S)
FROM: 5/1/2003 TO: 4/30/2004
NAME: MARIA ASUNCION ARAMBURUZABALA LARREGUI
-------------------------------------------------------------------------------
POSITION: DIRECTOR (S)
FROM: 5/1/2003 TO: 4/30/2004
NAME: MARIA ASUNCION ARAMBURUZABALA LARREGUI
FROM: 5/1/2003 TO: 4/30/2004
NAME: EMILIO FERNANDO AZCARRAGA JEAN
FROM: 5/1/2003 TO: 4/30/2004
NAME: JULIO BARBA HURTADO
FROM: 5/1/2003 TO: 4/30/2004
NAME: JOSE ANTONIO BASTON PATINO
FROM: 5/1/2003 TO: 4/30/2004
NAME: MANUEL JORGE CUTILLAS COVANI
FROM: 5/1/2003 TO: 4/30/2004
NAME: ALFONSO DE ANGOITIA NORIEGA
FROM: 5/1/2003 TO: 4/30/2004
NAME: CARLOS FERNANDEZ GONZALEZ
FROM: 5/1/2003 TO: 4/30/2004
NAME: BERNARDO GOMEZ MARTINEZ
FROM: 5/1/2003 TO: 4/30/2004
NAME: CLAUDIO X. GOZALEZ LAPORTE
FROM: 5/1/2003 TO: 4/30/2004
NAME: ENRIQUE KRAUZE KLEINBORT
FROM: 5/1/2003 TO: 4/30/2004
NAME: GILBERTO PEREZALONSO CIFUENTES
FROM: 5/1/2003 TO: 4/30/2004
NAME: ALEJANDRO QUINTERO INIGUEZ
FROM: 5/1/2003 TO: 4/30/2004
NAME: FERNANDO SENDEROS MESTRE
FROM: 5/1/2003 TO: 4/30/2004
NAME: LORENZO H. ZAMBRANO TREVINO
FROM: 5/1/2003 TO: 4/30/2004
NAME: PEDRO ASPE ARMELLA
-------------------------------------------------------------------------------
POSITION : ALTERNATE DIRECTOR (S)
FROM: 5/1/2003 TO: 4/30/2004
NAME: JUAN PABLO ANDRADE FRICH
FROM: 5/1/2003 TO: 4/30/2004
NAME: JOAQUIN BALCARCEL SANTA CRUZ
FROM: 5/1/2003 TO: 4/30/2004
NAME: JORGE LUTTEROTH ECHEGOYEN
FROM: 5/1/2003 TO: 4/30/2004
NAME: RAFAEL CARABIAS PRINCIPE
FROM: 5/1/2003 TO: 4/30/2004
NAME: SALVI FOLCH VIADERO
FROM: 5/1/2003 TO: 4/30/2004
NAME: JUAN SEBASTIAN MIJARES ORTEGA
FROM: 5/1/2003 TO: 4/30/2004
NAME: LUCRECIA ARAMBURUZABALA LARREGUI
FROM: 5/1/2003 TO: 4/30/2004
NAME: LEOPOLDO GOMEZ GONZALEZ BLANCO
FROM: 5/1/2003 TO: 4/30/2004
NAME: GUILLERMO NAVA GOMEZ-TAGLE
FROM: 5/1/2003 TO: 4/30/2004
NAME: MAXIMILIANO ARTEAGA CARLEBACH
FROM: 5/1/2003 TO: 4/30/2004
NAME: FRANCISCO JOSE CHEVEZ ROBELO
-------------------------------------------------------------------------------
POSITION: STATUTORY AUDITOR (S)
FROM: 5/1/2003 TO: 4/30/2004
NAME: MARIO SALAZAR ERDMANN
-------------------------------------------------------------------------------
POSITION: ALTERNATE STATUTORY AUDITOR (S)
FROM: 5/1/2003 TO: 4/30/2004
NAME: JOSE MIGUEL ARRIETA MENDEZ
-------------------------------------------------------------------------------
POSITION: SECRETARY (IES) OF THE BOARD
FROM: 5/1/2003 TO: 4/30/2004
NAME: JUAN SEBASTIAN MIJARES ORTEGA
-------------------------------------------------------------------------------
SERIES D
-------------------------------------------------------------------------------
POSITION: DIRECTOR (S)
FROM: 5/1/2003 TO: 4/30/2004
NAME: GERMAN LARREA MOTA VELASCO
FROM: 5/1/2003 TO: 4/30/2004
NAME: ENRIQUE FRANCISCO JOSE SENIOR HERNANDEZ
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR (S)
FROM: 5/1/2003 TO: 4/30/2004
NAME: JOSE LUIS FERNANDEZ FERNANDEZ
-------------------------------------------------------------------------------
POSITION: STATUTORY AUDITOR (S)
FROM: 5/1/2003 TO: 4/30/2004
NAME: MARIO SALAZAR ERDMANN
-------------------------------------------------------------------------------
POSITION: ALTERNATE STATUTORY AUDITOR (S)
FROM: 5/1/2003 TO: 4/30/2004
NAME: JOSE MIGUEL ARRIETA MENDEZ
-------------------------------------------------------------------------------
POSITION: SECRETARY (IES) OF THE BOARD
FROM: 5/1/2003 TO: 4/30/2004
NAME: JUAN SEBASTIAN MIJARES ORTEGA (SECRETARY)
FROM: 5/1/2003 TO: 4/30/2004
NAME: ALFONSO DE ANGOITIA NORIEGA
(PRO-SECRETARY)
-------------------------------------------------------------------------------
SERIES L
-------------------------------------------------------------------------------
POSITION: DIRECTOR (S)
FROM: 5/1/2003 TO: 4/30/2004
NAME: ANA PATRICIA BOTIN O'SHEA
FROM: 5/1/2003 TO: 4/30/2004
NAME: ROBERTO HERNANDEZ RAMIREZ
-------------------------------------------------------------------------------
POSITION: ALTERNATE DIRECTOR (S)
FROM: 5/1/2003 TO: 4/30/2004
NAME: RAUL MORALES MEDRANO
-------------------------------------------------------------------------------
POSITION: STATUTORY AUDITOR (S)
FROM: 5/1/2003 TO: 4/30/2004
NAME: MARIO SALAZAR ERDMANN
-------------------------------------------------------------------------------
POSITION: ALTERNATE STATUTORY AUDITOR (S)
FROM: 5/1/2003 TO: 4/30/2004
NAME: JOSE MIGUEL ARRIETA MENDEZ
-------------------------------------------------------------------------------
POSITION: SECRETARY (IES) OF THE BOARD
FROM: 5/1/2003 TO: 4/30/2004
NAME: JUAN SEBASTIAN MIJARES ORTEGA (SECRETARY)
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
DIRECTOR REPORT (1)
ANNEX 1
PAGE 1
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
MEXICO CITY, D.F., JULY 16, 2003 -- GRUPO TELEVISA, S.A. (NYSE:TV; BMV: TLEVISA
CPO) TODAY ANNOUNCED RESULTS FOR THE SECOND QUARTER OF 2003. RESULTS, WHICH ARE
ATTACHED, ARE IN MILLIONS OF MEXICAN PESOS AND HAVE BEEN PREPARED IN ACCORDANCE
WITH MEXICAN GAAP, AND ADJUSTED TO PESOS IN PURCHASING POWER AS OF JUNE 30,
2003.
NET SALES
NET SALES INCREASED 5.9% TO PS.5,727.8 MILLION IN THE SECOND QUARTER OF 2003
FROM PS.5,408.6 MILLION IN THE SECOND QUARTER OF 2002.
THE INCREASE IN NET SALES WAS ATTRIBUTABLE TO: I) AN 8.2% REVENUE GROWTH IN THE
TELEVISION BROADCASTING SEGMENT MAINLY DUE TO THE POLITICAL ADVERTISING
CAMPAIGNS FOR THE MID-TERM ELECTIONS IN MEXICO, THE SUCCESS OF BIG BROTHER II,
AND A 22.2% INCREASE IN LOCAL SALES; II) A 12.5% REVENUE GROWTH IN THE
PROGRAMMING LICENSING SEGMENT, REFLECTING HIGHER ROYALTIES PAID TO THE COMPANY
BY UNIVISION UNDER THE UNIVISION PROGRAM LICENSE AGREEMENT, III) HIGHER SALES IN
THE PROGRAMMING FOR PAY TELEVISION SEGMENT; AND IV) AN INCREASE IN SALES IN THE
OTHER BUSINESSES AND RADIO SEGMENTS. THESE INCREASES WERE PARTIALLY OFFSET BY
LOWER REVENUES IN THE CABLE TELEVISION, PUBLISHING AND PUBLISHING DISTRIBUTION
SEGMENTS.
EBITDA
EBITDA IS DEFINED AS OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION.
THE COMPANY'S EBITDA IN THE SECOND QUARTER OF 2003 INCREASED 34.0% TO PS.1,996.1
MILLION FROM PS.1,489.6 MILLION REPORTED IN THE SAME PERIOD OF 2002, AND EBITDA
MARGIN INCREASED TO 34.8% FROM 27.5% IN THE SAME PERIOD OF 2002. ADDITIONALLY,
OPERATING INCOME INCREASED 43.0% TO PS.1,624.6 MILLION IN THE SECOND QUARTER OF
2003 FROM PS.1,136.2 MILLION REPORTED IN THE SAME PERIOD OF 2002. THESE
INCREASES PRIMARILY RESULTED FROM REVENUE GROWTH AND LOWER COSTS OF SALES AND
OPERATING EXPENSES.
THE CHARGE FOR OPERATING DEPRECIATION AND AMORTIZATION WAS OF PS.371.5 MILLION
AND PS.353.4 MILLION IN THE SECOND QUARTER OF 2003 AND 2002, RESPECTIVELY.
THE COMPANY GENERATED INCOME FROM CONTINUING OPERATIONS IN THE AMOUNT OF
PS.1,277.0 MILLION IN THE SECOND QUARTER OF 2003 AS COMPARED TO AN INCOME FROM
CONTINUING OPERATIONS OF PS.76.5 MILLION IN LAST YEAR'S COMPARABLE PERIOD. THE
NET INCREASE OF PS.1,200.5 MILLION REFLECTED A PS.488.4 MILLION INCREASE IN
OPERATING INCOME; A PS.417.6 MILLION INCREASE IN EQUITY IN RESULTS OF
AFFILIATES; A PS. 408.0 MILLION INCREASE IN OTHER INCOME/EXPENSE-NET; A PS.345.1
MILLION DECREASE IN RESTRUCTURING AND NON-RECURRING CHARGES; AND A DECREASE IN
INTEGRAL COST OF FINANCING OF PS.53.2 MILLION.
NET INCOME
THE COMPANY GENERATED NET INCOME IN THE AMOUNT OF PS.1,265.3 MILLION IN THE
SECOND QUARTER OF 2003, AS COMPARED TO A NET INCOME OF PS.1,237.0 MILLION IN
LAST YEAR'S COMPARABLE PERIOD. THE NET INCREASE OF PS.28.3 MILLION REFLECTS A
PS.1,200.5 MILLION INCREASE IN INCOME FROM CONTINUING OPERATIONS, WHICH WAS
PARTIALLY OFFSET BY A PS.1,161.4 MILLION DECREASE IN INCOME FROM DISCONTINUED
OPERATIONS, REFLECTING THE DISPOSITION OF THE COMPANY'S MUSIC RECORDING BUSINESS
IN THE SECOND QUARTER OF 2002.
RESULTS BY BUSINESS SEGMENTS
TELEVISION BROADCASTING
THE INCREASE OF 8.2% IN TELEVISION BROADCASTING SALES (PS.3,726.5 MILLION AND
PS.3,444.0 MILLION FOR THE SECOND QUARTER OF 2003 AND 2002, RESPECTIVELY) IS
MAINLY ATTRIBUTABLE TO THREE FACTORS: I) THE POLITICAL ADVERTISING CAMPAIGNS FOR
THE MID-TERM ELECTIONS IN MEXICO; II) THE SUCCESS OF THE PROGRAM BIG BROTHER II;
AND III) AN INCREASE OF 22.2% IN LOCAL SALES DRIVEN MAINLY BY CHANNEL 4TV.
EXCLUDING REVENUES
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
DIRECTOR REPORT (1)
ANNEX 1
PAGE 2
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
GENERATED FROM BOTH THE WORLD CUP DURING THE SECOND QUARTER OF LAST YEAR AND
POLITICAL ADVERTISING CAMPAIGNS IN THE SECOND QUARTER OF 2003, TELEVISION
BROADCASTING SALES INCREASED 4.9%.
TELEVISION BROADCASTING EBITDA INCREASED 25.1% TO PS.1,681.2 MILLION IN THE
SECOND QUARTER OF 2003 FROM PS.1,343.8 MILLION REPORTED IN THE SAME PERIOD OF
2002. THIS INCREASE WAS DRIVEN BY HIGHER SALES AND A 4.2% REDUCTION IN COST OF
SALES, PARTIALLY OFFSET BY A 5.4% INCREASE IN OPERATING EXPENSES FROM SALES
COMMISSIONS. OPERATING INCOME INCREASED 29.9% (PS.1,452.6 MILLION AND PS.1,118.2
MILLION FOR THE SECOND QUARTER OF 2003 AND 2002, RESPECTIVELY) DUE TO HIGHER
SALES AND LOWER COSTS OF SALES, PARTIALLY OFFSET BY HIGHER OPERATING EXPENSES.
PROGRAMMING FOR PAY TELEVISION
THE 11.3% INCREASE IN PROGRAMMING FOR PAY TELEVISION SALES (PS.168.0 MILLION AND
PS.150.9 MILLION FOR THE SECOND QUARTER OF 2003 AND 2002, RESPECTIVELY) RESULTED
FROM HIGHER REVENUES FROM SIGNALS SOLD TO PAY TELEVISION SYSTEMS IN MEXICO. THIS
INCREASE WAS PARTIALLY OFFSET BY A REDUCTION IN ADVERTISING REVENUES IN MEXICO,
AS WELL AS A REDUCTION IN SIGNALS SOLD IN LATIN AMERICA.
OPERATING INCOME INCREASED 202.7% (PS.22.1 MILLION AND PS.7.3 MILLION FOR THE
SECOND QUARTER OF 2003 AND 2002, RESPECTIVELY) DUE TO HIGHER SALES AND LOWER
OPERATING EXPENSES PARTIALLY OFFSET BY HIGHER SIGNAL COSTS.
PROGRAMMING LICENSING
THE 12.5% INCREASE IN PROGRAMMING LICENSING SALES (PS.424.5 MILLION AND PS.377.4
MILLION FOR THE SECOND QUARTER OF 2003 AND 2002, RESPECTIVELY) IS ATTRIBUTABLE
TO AN INCREASE IN THE ROYALTIES PAID TO THE COMPANY BY UNIVISION UNDER THE
UNIVISION PROGRAM LICENSE AGREEMENT, WHICH AMOUNTED TO U.S.$24.9 MILLION,
INCLUDING THE ROYALTY FROM THE TELEFUTURA NETWORK. THIS INCREASE WAS PARTIALLY
OFFSET BY LOWER EXPORT SALES TO EUROPE AND ASIA.
OPERATING INCOME INCREASED 143.6% (PS.165.9 MILLION AND PS.68.1 MILLION FOR THE
SECOND QUARTER OF 2003 AND 2002, RESPECTIVELY), REFLECTING HIGHER SALES, LOWER
COST OF SALES AND A REDUCTION IN OPERATING EXPENSES, DUE TO A REDUCTION OF
DOUBTFUL TRADE ACCOUNTS IN LATIN AMERICA.
PUBLISHING
PUBLISHING SALES DECREASED MARGINALLY 1.9%, OR PS.8.4 MILLION (PS.436.3 MILLION
AND PS.444.7 MILLION FOR THE SECOND QUARTER OF 2003 AND 2002, RESPECTIVELY),
MAINLY FROM THE TRANSLATION EFFECT ON FOREIGN-CURRENCY DENOMINATED SALES, WHICH
AMOUNTED TO PS.12.8 MILLION, CONSIDERING DEPRECIATION OF LOCAL CURRENCIES IN
CHILE, ARGENTINA, VENEZUELA AND COLOMBIA; A 39.3% DECREASE IN VENEZUELAN SALES;
AND TO A LESSER DEGREE, A SMALL DECREASE IN CIRCULATION AND ADVERTISING SALES
ABROAD. THESE NEGATIVE EFFECTS WERE PARTIALLY OFFSET BY A HIGHER ADVERTISING
REVENUES IN MEXICO.
PUBLISHING OPERATING INCOME INCREASED 17.9% (PS.105.4 MILLION AND $89.4 MILLION
FOR THE SECOND QUARTER OF 2003 AND 2002, RESPECTIVELY) DUE TO A REDUCTION IN
COST OF SALES AND AN OPTIMIZATION IN THE NUMBER OF MAGAZINES PRINTED, PARTIALLY
OFFSET BY LOWER SALES AND HIGHER OPERATING EXPENSES.
PUBLISHING DISTRIBUTION
PUBLISHING DISTRIBUTION SALES DECREASED BY 4.5% (PS.369.6 MILLION AND PS.387.0
MILLION FOR THE SECOND QUARTER OF 2003 AND 2002, RESPECTIVELY) DUE TO A
REDUCTION OF MAGAZINES SOLD, AS WELL AS A REDUCTION IN THIRD PARTY OWNED
MAGAZINES SOLD, AS WELL AS BY THE TRANSLATION EFFECT ON FOREIGN-CURRENCY
DENOMINATED SALES, WHICH AMOUNTED TO PS.14.7 MILLION.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
DIRECTOR REPORT (1)
ANNEX 1
PAGE 3
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
OPERATING INCOME DECREASED BY PS.11.4 MILLION DUE TO LOWER SALES, PARTIALLY
OFFSET BY LOWER COST OF SALES.
CABLE TELEVISION
CABLE TELEVISION SALES DECREASED 19.7% (PS.239.4 MILLION AND PS.298.2 MILLION
FOR THE SECOND QUARTER OF 2003 AND 2002, RESPECTIVELY) DUE TO A DECREASE OF
SUBSCRIBERS AS COMPARED TO THE SECOND QUARTER OF THE PREVIOUS YEAR, DRIVEN
MOSTLY BY PRICE INCREASES DERIVED FROM THE 10% TELECOMMUNICATION TAX AND THE
RESULTING INCREASE IN SUBSCRIBER PIRACY. THE SUBSCRIBER BASE DECREASED TO
APPROXIMATELY 392,000, OF WHICH OVER 63,200 SUBSCRIBERS HAVE DIGITAL SERVICE, AS
OF THE END OF THE SECOND QUARTER OF 2003.
OPERATING INCOME DECREASED 35.3% (PS.26.8 MILLION AND PS.41.4 MILLION FOR THE
SECOND QUARTER OF 2003 AND 2002, RESPECTIVELY) DUE TO LOWER SALES AND HIGHER
DEPRECIATION AND AMORTIZATION COSTS, RELATING TO THE ACQUISITION OF COMPUTER
EQUIPMENT, PARTIALLY OFFSET BY LOWER COST OF SALES AND OPERATING EXPENSES.
RADIO
RADIO SALES INCREASED 35.2% (PS.62.2 MILLION AND PS.46.0 MILLION FOR THE SECOND
QUARTER OF 2003 AND 2002, RESPECTIVELY) RELATED TO IMPROVED PROGRAMMING AND
RATINGS AND POLITICAL ADVERTISING CAMPAIGNS FOR THE MID-TERM ELECTIONS IN
MEXICO.
OPERATING INCOME INCREASED TO PS.3.6 MILLION IN THE SECOND QUARTER OF 2003 FROM
A LOSS OF PS.16 MILLION IN LAST YEAR'S COMPARABLE PERIOD. THIS FAVORABLE
VARIANCE IS ATTRIBUTABLE TO HIGHER SALES, LOWER COST OF SALES AND OPERATING
EXPENSES.
OTHER BUSINESSES
THE 5.0% INCREASE IN OTHER BUSINESSES SALES (PS.355.6 MILLION AND PS.338.7
MILLION FOR THE SECOND QUARTER OF 2003 AND 2002, RESPECTIVELY) WAS PRIMARILY DUE
TO HIGHER SALES IN THE DISTRIBUTION OF FEATURE FILMS BUSINESS, PARTIALLY OFFSET
BY LOWER SALES IN THE SPORTS EVENTS AND NATIONWIDE PAGING BUSINESSES.
OPERATING LOSS DECREASED TO PS.106.6 MILLION IN THE SECOND QUARTER OF 2003 FROM
A LOSS OF PS.136.7 MILLION IN LAST YEAR'S COMPARABLE PERIOD. THIS FAVORABLE
VARIANCE WAS LED BY HIGHER SALES AND LOWER COST OF SALES.
INTERSEGMENT SALES
INTERSEGMENT SALES FOR THE SECOND QUARTER OF 2003 AND 2002, AMOUNTED TO PS.54.3
MILLION AND PS.78.3 MILLION, RESPECTIVELY.
CORPORATE EXPENSES
CORPORATE EXPENSES FOR THE SECOND QUARTER OF 2003 AND 2002, AMOUNTED TO PS.45.4
MILLION AND PS.47.1 MILLION, RESPECTIVELY.
SKY
INNOVA, S. DE R.L. DE C.V., IS A NON-CONSOLIDATED BUSINESS OF GRUPO TELEVISA AND
THE PAY-TV MARKET LEADER IN MEXICO. IT PROVIDES DIRECT-TO-HOME SATELLITE
TELEVISION SERVICES UNDER THE SKY BRAND NAME. FINANCIAL AND OPERATING UNAUDITED
HIGHLIGHTS OF INNOVA, OF WHICH TELEVISA OWNS 60%, NEWS CORP. 30%, AND LIBERTY
MEDIA 10%, ARE AS FOLLOWS:
- THE NUMBER OF GROSS ACTIVE SUBSCRIBERS INCREASED 11.9% TO 809,000,
INCLUDING 46,000 COMMERCIAL SUBSCRIBERS, AS OF JUNE 30, 2003, AS COMPARED
TO 723,200, INCLUDING 27,900 COMMERCIAL SUBSCRIBERS, IN THE SECOND QUARTER
OF 2002.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
DIRECTOR REPORT (1)
ANNEX 1
PAGE 4
CONSOLIDATED
FINAL PRINTING
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- REVENUES INCREASED 5.7% IN THE SECOND QUARTER OF 2003 AS COMPARED TO THE
SAME PERIOD OF 2002.
- EBITDA FOR THE SECOND QUARTER OF 2003 INCREASED 34.3% TO PS.297.3 MILLION
FROM PS.221.4 MILLION FOR THE SAME PERIOD OF 2002. AS A RESULT, EBITDA
MARGIN INCREASED 27.0% FROM 24.8% TO 31.5%.
- EBIT FOR THE SECOND QUARTER OF 2003 IMPROVED PS.126.9 MILLION TO AN
OPERATING INCOME OF PS.103.0 MILLION FROM AN OPERATING LOSS OF PS.24.0
MILLION FOR THE SAME PERIOD OF 2002. AS A RESULT, EBIT MARGIN INCREASED
FROM A NEGATIVE 2.7% TO A POSITIVE 10.9%.
- SKY HAS NOT REQUIRED SHAREHOLDER FUNDING FOR THE PAST FIVE QUARTERS AND
DOES NOT EXPECT TO REQUIRE LOANS OR CASH EQUITY CONTRIBUTIONS FROM ITS
SHAREHOLDERS IN THE SECOND HALF OF 2003.
NON-OPERATING RESULTS
INTEGRAL COST OF FINANCING
THE EXPENSE ATTRIBUTABLE TO THE INTEGRAL COST OF FINANCING DECREASED BY PS.53.2
MILLION, OR 23.6%, TO PS.172.4 MILLION FOR THE SECOND QUARTER ENDED JUNE 30,
2003 FROM PS.225.6 MILLION FOR LAST YEAR'S COMPARABLE PERIOD. THIS VARIANCE
REFLECTS: I) A PS.56.3 MILLION DECREASE IN THE INTEREST EXPENSE, PRIMARILY AS
RESULT OF A DECREASE IN THE INTEREST RATES IN THE SECOND QUARTER OF 2003 AS
COMPARED TO SECOND QUARTER OF 2002, WHICH INCLUDES A DECREASE IN THE RESTATEMENT
OF THE UDIS, AS WELL AS A NET GAIN ATTRIBUTABLE TO INTEREST SWAP CONTRACTS
OUTSTANDING IN THE SECOND QUARTER OF 2003; II) A PS.15.1 MILLION INCREASE IN
INTEREST INCOME, PRIMARILY AS A RESULT OF A HIGHER AVERAGE AMOUNT OF TEMPORARY
INVESTMENTS DURING THE SECOND QUARTER OF 2003 AS COMPARED TO THE SECOND QUARTER
OF 2002, WHICH WAS PARTIALLY OFFSET BY A DECREASE IN THE INTEREST RATES
APPLICABLE TO THESE TEMPORARY INVESTMENTS IN THE SECOND QUARTER OF 2003 AS
COMPARED TO THE SECOND QUARTER OF 2002; III) A PS.612.4 MILLION FAVORABLE CHANGE
RESULTING FROM A NET FOREIGN EXCHANGE GAIN IN THE SECOND QUARTER OF 2003 VERSUS
A NET FOREIGN EXCHANGE LOSS IN THE SECOND QUARTER OF 2002, PRIMARILY DUE TO THE
3.3% APPRECIATION OF THE MEXICAN PESO AS COMPARED TO THE U.S. DOLLAR DURING THE
SECOND QUARTER ENDED JUNE 30, 2003, VERSUS A 10.4 % DEPRECIATION OF THE MEXICAN
PESO AS COMPARED TO THE U.S. DOLLAR DURING THE SECOND QUARTER ENDED JUNE 30,
2002; AND IV) A PS.100.6 MILLION FAVORABLE CHANGE RESULTING FROM A GAIN FROM
MONETARY POSITION IN THE SECOND QUARTER OF 2003 AS COMPARED TO A LOSS FROM
MONETARY POSITION IN THE SECOND QUARTER OF 2002, PRIMARILY AS A RESULT OF THE
COMPANY'S NET LIABILITY MONETARY POSITION DURING THE SECOND QUARTER OF 2003 AS
COMPARED TO THE COMPANY'S NET ASSET MONETARY POSITION DURING THE SECOND QUARTER
OF 2002. THESE DECREASES IN THE INTEGRAL COST OF FINANCING WERE PARTIALLY OFFSET
BY A PS.731.2 MILLION UNFAVORABLE CHANGE IN THE HEDGE EFFECT FROM THE FOREIGN
EXCHANGE GAIN OR LOSS DERIVED FROM THE COMPANY'S U.S.$600 MILLION LONG-TERM DEBT
SECURITIES MATURING IN 2011 AND 2032, WHICH IS BEING HEDGED BY THE COMPANY'S NET
INVESTMENT IN UNIVISION.
RESTRUCTURING AND NON-RECURRING CHARGES
RESTRUCTURING AND NON-RECURRING CHARGES DECREASED BY PS.345.1 MILLION, OR 88.9%,
TO PS.43.1 MILLION FOR THE SECOND QUARTER OF 2003 FROM PS.388.2 MILLION FOR LAST
YEAR'S COMPARABLE PERIOD. THIS DECREASE PRIMARILY REFLECTS THE NON-RECURRING
CHARGE TAKEN IN THE SECOND QUARTER OF 2002 IN CONNECTION WITH BOTH THE WRITE-OFF
OF EXCLUSIVE RIGHTS LETTERS FOR SOCCER PLAYERS AND THE DRAWDOWN BY DIRECTV UNDER
A LETTER OF CREDIT THAT THE COMPANY POSTED IN CONNECTION WITH CERTAIN
ARRANGEMENTS WITH DIRECTV RELATED TO OUR RIGHTS TO BROADCAST LAST'S YEARS WORLD
CUP. THE DECREASE IN RESTRUCTURING AND NON-RECURRING CHARGES ALSO REFLECTS A
DECREASE IN CHARGES RELATED TO WORK FORCE LAY-OFFS IN THE SECOND QUARTER OF 2003
AS COMPARED TO THE SECOND QUARTER OF 2002. THE ENTIRE AMOUNT REGISTERED IN THE
SECOND QUARTER OF 2003 IN RESTRUCTURING AND NON-RECURRING CHARGES REFERS ONLY TO
PERSONNEL LAYOFFS.
OTHER INCOME/EXPENSE-NET
OTHER INCOME-NET INCREASED BY PS.408.0 MILLION TO A NET INCOME OF PS.141.6
MILLION FOR THE SECOND QUARTER OF 2003 FROM A NET EXPENSE OF PS.266.4 MILLION IN
LAST YEAR'S COMPARABLE PERIOD. THIS INCREASE PRIMARILY REFLECTS AN INCREASE IN
GAIN ON DISPOSITION OF ASSETS, PRIMARILY IN CONNECTION WITH THE SALE
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
DIRECTOR REPORT (1)
ANNEX 1
PAGE 5
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FINAL PRINTING
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OF A PORTION OF THE COMPANY'S MINORITY INTEREST IN THE CAPITAL STOCK OF ITS DTH
VENTURE IN SPAIN, A REDUCTION IN A WRITE-OFF OF GOODWILL TAKEN IN THE SECOND
QUARTER OF 2002, AS WELL AS A DECREASE IN THE RESERVE FOR DOUBTFUL NON-TRADE
ACCOUNTS.
INCOME TAXES
INCOME TAX, ASSETS TAX AND EMPLOYEES' PROFIT SHARING INCREASED BY PS.511.8
MILLION TO A TAX PROVISION OF PS.403.3 MILLION FOR THE SECOND QUARTER OF 2003
FROM A TAX BENEFIT OF PS.108.5 MILLION FOR THE SECOND QUARTER OF 2002. THE
PROVISION FOR CURRENT INCOME TAXES PRIMARILY REFLECTED THE EFFECT OF RECOGNIZING
ASSETS TAX WHICH IS HIGHER THAN INCOME TAX, AS A CONSEQUENCE OF AN INCREASE IN
THE ASSETS TAX BASE FOR 2003 AS COMPARED TO 2002. IN ADDITION, THIS INCREASE WAS
HELPED BY A HIGHER MINORITY INCOME TAX, AND IN 2002 THE COMPANY RECOGNIZED A
DEFERRED INCOME TAX BENEFIT FROM AN ANNUAL DECREASE IN THE CORPORATE INCOME TAX
RATE FROM 35% STARTING IN 2003 AND CONTINUING THROUGH 2005 WHEN THE CORPORATE
RATE WILL BE 32%.
EQUITY IN INCOME/LOSSES OF AFFILIATES-NET
EQUITY IN INCOME/LOSSES OF AFFILIATES INCREASED BY PS.417.6 MILLION TO A NET
INCOME OF PS.129.6 MILLION FOR THE SECOND QUARTER OF 2003 FROM A NET LOSS OF
PS.288.0 MILLION IN LAST YEAR'S COMPARABLE PERIODS. THIS INCREASE PRIMARILY
REFLECTS THE DISCONTINUATION OF THE EQUITY METHOD IN RECOGNIZING ADDITIONAL
EQUITY LOSSES IN EXCESS OF THE COMPANY'S GUARANTEED COMMITMENT FOR CERTAIN
INDEBTEDNESS OF ITS DTH JOINT VENTURES IN LATIN AMERICA, AS WELL AS AN INCREASE
IN THE EQUITY INCOME OF UNIVISION.
MINORITY INTEREST
THE MINORITY INTEREST REFLECTS THE PORTION OF THE OPERATING RESULTS ATTRIBUTABLE
TO THE INTEREST HELD BY THIRD PARTIES IN THE BUSINESSES WHICH ARE NOT
WHOLLY-OWNED BY THE COMPANY, INCLUDING THE COMPANY'S CABLE TELEVISION, RADIO AND
NATIONWIDE PAGING BUSINESSES.
MINORITY INTEREST INCREASED BY PS.10.8 MILLION TO PS.11.7 MILLION FOR THE SECOND
QUARTER OF 2003 FROM PS.0.9 MILLION FOR THE SECOND QUARTER OF 2002. THIS
INCREASE PRIMARILY REFLECTS BOTH AN INCREASE IN THE NET INCOME OF THE COMPANY'S
CABLE TELEVISION SEGMENT AND A DECREASE IN THE NET LOSS OF THE COMPANY'S RADIO
SEGMENT FOR THE SECOND QUARTER OF 2003, AS COMPARED TO THE SECOND QUARTER OF
2002.
OTHER RELEVANT INFORMATION
CAPITAL EXPENDITURES, ACQUISITIONS AND INVESTMENTS
IN THE SECOND QUARTER OF 2003, THE COMPANY INVESTED APPROXIMATELY U.S.$27.9
MILLION IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES, OF WHICH
APPROXIMATELY U.S.$2.0 MILLION IS RELATED TO CABLEVISION. ADDITIONALLY, IN THE
SECOND QUARTER OF 2003 THE COMPANY INVESTED APPROXIMATELY U.S.$7.3 MILLION IN
LONG-TERM LOANS PROVIDED TO ITS MULTI-COUNTRY DTH JOINT VENTURE OPERATING IN
COLOMBIA AND CHILE (U.S.$1.8 MILLION) AND ITS DTH JOINT VENTURE PROVIDING
TECHNICAL SERVICES TO DTH VENTURES IN LATIN AMERICA (U.S.$5.5 MILLION). INNOVA
HAS NOT REQUIRED SHAREHOLDER FUNDING FOR THE PAST FIVE QUARTERS AND DOES NOT
EXPECT TO REQUIRE LOANS OR CASH EQUITY CONTRIBUTIONS FROM ITS SHAREHOLDERS IN
THE SECOND HALF OF 2003.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
DIRECTOR REPORT (1)
ANNEX 1
PAGE 6
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DEBT
AS OF JUNE 30, 2003, THE COMPANY'S LONG-TERM DEBT AMOUNTED TO PS.14,012.4
MILLION, AND ITS SHORT-TERM DEBT WAS PS.282.4 MILLION, AS COMPARED TO
PS.13,424.0 MILLION AND PS.1,267.2 MILLION, RESPECTIVELY, AS OF JUNE 30, 2002.
IN THE SECOND QUARTER OF 2003, THE COMPANY ENTERED INTO A LONG-TERM CREDIT
AGREEMENT WITH A MEXICAN BANK FOR AN AGGREGATE AMOUNT OF PS.800 MILLION WITH AN
ANNUAL INTEREST RATE OF 8.925% (WEIGHTED AVERAGE) PLUS ADDITIONAL BASIS POINTS
FROM 0 TO 45 BASED ON THE MAINTENANCE OF CERTAIN FINANCIAL COVERAGE RATIOS
RELATED TO INDEBTEDNESS. THE MATURITIES OF THIS INDEBTEDNESS ARE AS FOLLOWS:
PS.80 MILLION IN 2004, PS.240 MILLION IN 2006 AND PS.480 MILLION IN 2008. THE
NET PROCEEDS OF THIS INDEBTEDNESS WERE PRIMARILY USED TO PAY ALL OF THE AMOUNTS
OUTSTANDING UNDER THE SERIES "A" SENIOR NOTES, WHICH MATURED IN MAY 2003.
IN THE SECOND QUARTER OF 2003, THE COMPANY PAID ALL OF THE AMOUNTS OUTSTANDING
UNDER A BANK LOAN FOR APPROXIMATELY (euro)23.6 MILLION EUROS. THIS PAYMENT WAS
MADE WITH THE CASH PROCEEDS FROM THE SALE OF A PORTION OF THE COMPANY'S MINORITY
INTEREST IN THE CAPITAL STOCK OF DTS DISTRIBUIDORA DE TELEVISION DIGITAL, S.A.,
A DTH VENTURE IN SPAIN. THE NET CASH PROCEEDS FROM THIS DIVESTITURE AMOUNTED TO
APPROXIMATELY (euro)27.5 MILLION EUROS.
SHARE BUYBACK PROGRAM
SINCE THE IMPLEMENTATION OF OUR MOST RECENTLY ANNOUNCED SHARE REPURCHASE PROGRAM
THROUGH JULY 16, 2003, THE COMPANY HAD REPURCHASED APPROXIMATELY 69.6 MILLION
SHARES IN THE FORM OF 23.2 MILLION CPOS FOR APPROXIMATELY PS.352.3 MILLION.
TELEVISION RATINGS AND AUDIENCE SHARE
NATIONAL URBAN RATINGS AND AUDIENCE SHARE REPORTED BY IBOPE CONFIRM THAT IN THE
SECOND QUARTER OF 2003, TELEVISA CONTINUED TO DELIVER STRONG RATINGS AND
AUDIENCE SHARES. DURING WEEKDAY PRIME TIME (19:00 TO 23:00 - MONDAY TO FRIDAY),
AUDIENCE SHARE AMOUNTED TO 72.6%; IN PRIME TIME (16:00 TO 23:00 - MONDAY TO
SUNDAY), AUDIENCE SHARE AMOUNTED TO 69.6%; AND IN SIGN-ON TO SIGN-OFF (6:00 TO
24:00 - MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 71.6%.
ADDITIONALLY, DURING THE SECOND QUARTER OF 2003, TELEVISA AIRED 85 OF THE 100
MOST POPULAR PROGRAMS. CHANNEL 2 CONTINUES TO BE THE LEADER IN MEXICAN
TELEVISION LARGELY DUE TO THE SUCCESS OF THE TELENOVELAS: "LAS VIAS DEL AMOR,"
"NINA, AMADA MIA," "VELO DE NOVIA" AND "AMOR REAL."
OUTLOOK FOR 2003
CONSIDERING THE FIRST AND SECOND QUARTER RESULTS, THE COMPANY CONTINUES TO
BELIEVE IT IS ON TRACK TO DELIVER FOR THE FULL YEAR 2003: I) EBITDA MARGIN AT
40% IN THE TELEVISION BROADCASTING SEGMENT; AND II) CONSOLIDATED EBITDA MARGIN
AT 30%.
GRUPO TELEVISA S.A., IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING WORLD,
AND A MAJOR PLAYER IN THE INTERNATIONAL ENTERTAINMENT BUSINESS. IT HAS INTERESTS
IN TELEVISION PRODUCTION AND BROADCASTING, PROGRAMMING FOR PAY TELEVISION,
INTERNATIONAL DISTRIBUTION OF TELEVISION PROGRAMMING, DIRECT-TO-HOME SATELLITE
SERVICES, PUBLISHING AND PUBLISHING DISTRIBUTION, CABLE TELEVISION, RADIO
PRODUCTION AND BROADCASTING, PROFESSIONAL SPORTS AND SHOW BUSINESS PROMOTIONS,
PAGING SERVICES, FEATURE FILM PRODUCTION AND DISTRIBUTION, DUBBING, AND THE
OPERATION OF A HORIZONTAL INTERNET PORTAL. GRUPO TELEVISA ALSO HAS AN
UNCONSOLIDATED EQUITY STAKE IN UNIVISION, THE LEADING SPANISH-LANGUAGE
TELEVISION COMPANY IN THE UNITED STATES.
THIS DIRECTOR REPORT CONTAINS FORWARD-LOOKING STATEMENTS REGARDING THE COMPANY'S
RESULTS AND PROSPECTS. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THESE
STATEMENTS. THE FORWARD-LOOKING
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
DIRECTOR REPORT (1)
ANNEX 1
PAGE 7
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STATEMENTS IN THIS DIRECTOR REPORT 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 DIRECTOR REPORT 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.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2
PAGE 1
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FINAL PRINTING
-------------------------------------------------------------------------------
GRUPO TELEVISA, S.A.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND 2002
(IN THOUSANDS OF MEXICAN PESOS IN PURCHASING POWER AS
OF JUNE 30, 2003, EXCEPT PER SHARE, PER CPO AND PER UDI VALUES)
1. ACCOUNTING POLICIES:
THE CONDENSED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A. (THE "COMPANY")
AND ITS CONSOLIDATED SUBSIDIARIES (COLLECTIVELLY, THE "GROUP"), AS OF JUNE 30,
2003 AND 2002, AND FOR THE SIX 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 GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ("MEXICAN
GAAP"), HAVE BEEN CONDENSED OR OMITTED. THESE CONDENSED CONSOLIDATED STATEMENTS
SHOULD BE READ IN CONJUNCTION WITH THE GROUP'S CONSOLIDATED AND AUDITED
FINANCIAL STATEMENTS AND NOTES THERETO FOR THE YEARS ENDED DECEMBER 31, 2002 AND
2001, WHICH INCLUDE, AMONG OTHER DISCLOSURES, THE GROUP'S MOST SIGNIFICANT
ACCOUNTING POLICIES, WHICH HAVE BEEN APPLIED ON A CONSISTENT BASIS FOR THE
SIX-MONTH PERIOD ENDED JUNE 30, 2003.
2. PROPERTY, PLANT AND EQUIPMENT:
PROPERTY, PLANT AND EQUIPMENT AS OF JUNE 30, CONSISTED OF:
2003 2002
------------------- ------------------
BUILDINGS Ps. 6,610,644 Ps. 6,652,421
BUILDINGS IMPROVEMENTS 1,588,980 1,631,930
TECHNICAL EQUIPMENT 9,997,332 9,561,293
FURNITURE AND FIXTURES 536,459 529,177
TRANSPORTATION EQUIPMENT 986,263 493,590
COMPUTER EQUIPMENT 793,721 708,094
------------------- ------------------
20,513,399 19,576,505
ACCUMULATED DEPRECIATION (9,886,699) (8,831,735)
------------------- ------------------
10,626,700 10,744,770
LAND 3,447,426 3,516,504
CONSTRUCTION IN PROGRESS 1,255,041 1,164,624
------------------- ------------------
Ps. 15,329,167 Ps. 15,425,898
=================== ==================
DEPRECIATION CHARGED TO INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2003 AND
2002, WAS PS.549,809 AND PS.513,537, RESPECTIVELY.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2
PAGE 2
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3. LONG-TERM DEBT SECURITIES:
AS OF JUNE 30, THE COMPANY'S LONG-TERM DEBT SECURITIES OUTSTANDING WERE AS
FOLLOWS:
2003 2002
------------------------------------- -----------------------------------
U.S. DOLLAR U.S. DOLLAR
PRINCIPAL PRINCIPAL
AMOUNTS MEXICAN AMOUNTS MEXICAN
(THOUSANDS) PESOS (THOUSANDS) PESOS
--------------- -------------------- --------------- ------------------
11.375% SERIES "A" SENIOR NOTES DUE 2003
(SEE NOTE 13) $ - Ps. - $ 68,847 Ps. 714,668
11.875% SERIES "B" SENIOR NOTES DUE 2006
(A) 5,343 55,770 5,343 55,463
8.625% SENIOR NOTES DUE 2005 (B) 200,000 2,087,600 200,000 2,076,105
8.000% SENIOR NOTES DUE 2011 (C) 300,000 3,131,400 300,000 3,114,158
8.500% SENIOR NOTES DUE 2032 (D) 300,000 3,131,400 300,000 3,114,158
--------------- -------------------- --------------- ----------------
$ 805,343 8,406,170 $ 874,190 9,074,552
=============== ===============
UDI-DENOMINATED NOTES DUE 2007 (E) 3,553,201 3,543,124
-------------------- ----------------
Ps. 11,959,371 Ps. 12,617,676
==================== ================
(A) INTEREST ON THE SERIES "B" SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS
PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 12.49% PER
ANNUM, AND IS PAYABLE SEMI-ANNUALLY. THESE SECURITIES ARE UNSECURED,
UNSUBORDINATED OBLIGATIONS OF THE COMPANY, RANK PARI PASSU IN RIGHT OF
PAYMENT WITH ALL EXISTING AND FUTURE UNSECURED, UNSUBORDINATED OBLIGATIONS
OF THE COMPANY, AND ARE SENIOR IN RIGHT OF PAYMENT TO ALL FUTURE
SUBORDINATED INDEBTEDNESS OF THE COMPANY, AND ARE EFFECTIVELY SUBORDINATED
TO ALL EXISTING AND FUTURE LIABILITIES OF THE COMPANY'S SUBSIDIARIES.
(B) INTEREST ON THESE SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN
RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 9.07% PER ANNUM, AND IS
PAYABLE SEMI-ANNUALLY.
(C) INTEREST ON THESE SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN
RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 8.41% PER ANNUM, AND IS
PAYABLE SEMI-ANNUALLY.
(D) IN MARCH 2002, THE COMPANY ISSUED U.S.$300 MILLION 30-YEAR SENIOR NOTES
WITH A COUPON RATE OF 8.5%. THE SENIOR NOTES WERE PRICED AT 99.431% FOR A
YIELD TO MATURITY OF 8.553%. A PORTION OF THE NET PROCEEDS OF THIS OFFERING
WERE USED TO REPAY ALL OF THE AMOUNTS THEN OUTSTANDING UNDER A U.S.$276
MILLION BRIDGE LOAN FACILITY WITH AN ORIGINAL MATURITY IN DECEMBER 2002.
INTEREST ON THESE SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN
RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 8.94% PER ANNUM, AND IS
PAYABLE SEMI-ANNUALLY.
(E) NOTES DENOMINATED IN MEXICAN INVESTMENT UNITS ("UNIDADES DE INVERSION" OR
"UDIS") FOR A NOMINAL AMOUNT OF PS.3,000,000, REPRESENTING 1,086,007,800
UDIS, WITH AN ANNUAL INTEREST RATE OF 8.15% AND MATURITY IN 2007. INTEREST
ON THESE NOTES IS PAYABLE SEMI-ANNUALLY. THE BALANCE AS OF JUNE 30, 2003
AND 2002 INCLUDES RESTAMENT OF PS.553,201 AND PS.414,889, RESPECTIVELY. THE
UDI VALUE AS OF JUNE 30, 2003, WAS OF PS. 3.271800 PER ONE UDI.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2
PAGE 3
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-------------------------------------------------------------------------------
THE SENIOR NOTES DUE IN 2005, 2006, 2011 AND 2032 MAY NOT BE REEDEMED PRIOR
TO MATURITY, EXCEPT IN THE EVENT OF CERTAIN CHANGES IN LAW AFFECTING THE MEXICAN
WITHHOLDING TAX TREATMENT OF CERTAIN PAYMENTS ON THE SECURITIES, IN WHICH CASE
THE SECURITIES WILL BE REDEEMABLE, AS A WHOLE BUT NOT IN PART, AT THE OPTION OF
THE COMPANY.
THE SENIOR NOTES DUE IN 2005, 2011 AND 2032 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.
THE AGREEMENT OF THE SENIOR NOTES DUE 2005, 2011 AND 2032 CONTAINS CERTAIN
COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND ITS RESTRICTED SUBSIDIARIES
ENGAGED IN TELEVISION BROADCASTING, PROGRAMMING FOR PAY TELEVISION AND
PROGRAMMING LICENSING, TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK
TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR
TRANSACTIONS. SUBSTANTALLY ALL OF THE SENIOR NOTES DUE 2005, 2011 AND 2032 ARE
REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION.
EFFECTIVE MARCH 1, 2002, THE GROUP DESIGNATED ITS NET INVESTMENT IN
UNIVISION AS AN EFFECTIVE HEDGE OF ITS U.S.$300 MILLION SENIOR NOTES DUE IN 2011
AND ITS U.S.$300 MILLION SENIOR NOTES DUE IN 2032. CONSEQUENTLY, BEGINNING MARCH
2002, ANY FOREIGN EXCHANGE GAIN OR LOSS ATTRIBUTABLE TO THIS U.S. DOLLAR
LONG-TERM DEBT, BEING HEDGED BY THE GROUP'S NET INVESTMENT IN UNIVISION, IS
CREDITED OR CHARGED DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR LOSS )
(SEE NOTE 7).
4. CONTINGENCIES:
PAYMENTS TO BE MADE BY CERTAIN MEXICAN COMPANIES IN THE GROUP TO EMPLOYEES
IN CASE OF DISMISSAL AND UNDER CERTAIN CIRCUMSTANCES PROVIDED BY THE MEXICAN
LABOR LAW ARE EXPENSED AS INCURRED.
IN CONJUNCTION WITH THE GROUP'S DISPOSAL OF ITS FORMER MUSIC RECORDING
BUSINESS IN 2002, THE GROUP MAY HAVE TO PAY CERTAIN ADJUSTMENTS TO UNIVISION IN
CONNECTION WITH AN AUDIT OF THE MUSIC RECORDING BUSINESS BY UNIVISION, WHICH IS
EXPECTED TO BE RESOLVED BY THE PARTIES IN 2003. WHILE THE GROUP'S MANAGEMENT
BELIEVES THAT THE OUTCOME OF THIS AUDIT WILL NOT HAVE A MATERIAL ADVERSE EFFECT
ON ITS FINANCIAL POSITION OR FUTURE OPERATING RESULTS, NO ASSSURANCE CAN BE
GIVEN IN THIS REGARD.
IN JUNE 2003, THE COMPANY WAS NOTIFIED BY THE MEXICAN TAX AUTHORITY OF A
FEDERAL TAX CLAIM MADE AGAINST THE COMPANY FOR APPROXIMATELY PS.302,000 PLUS
PANALTIES AND SURCHARGES (A GROSS AMOUNT OF APPROXIMATELY PS.960,700). THE
CLAIM, WHICH RELATES TO AN ALLEGED ASSETS TAX LIABILITY FOR THE YEAR ENDED
DECEMBER 31, 1994, WAS ORIGINALLY BROUGHT BY THE MEXICAN TAX AUTHORITY IN 1999,
BUT WAS DISMISSED IN 2002 ON PROCEDURAL GROUNDS. THE COMPANY BELIEVES THAT THIS
CLAIM IS WITHOUT MERIT, AND INTENDS TO VIGOROUSLY DEFEND THIS CLAIM, ALTHOUGH NO
ASSURANCES CAN BE GIVEN AS TO THE OUTCOME OF THIS DISPUTE.
THERE ARE VARIOUS LEGAL ACTIONS AND OTHER CLAIMS PENDING AGAINST THE GROUP
INCIDENTAL TO ITS BUSINESSES AND OPERATIONS. IN THE OPINION OF THE GROUP'S
MANAGEMENT, NONE OF THESE PROCEEDINGS WILL HAVE A MATERIAL ADVERSE EFFECT ON THE
GROUP'S FINANCIAL POSITION OR RESULTS OF OPERATIONS.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2
PAGE 4
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
5. STOCKHOLDERS' EQUITY:
THE MAJORITY STOCKHOLDERS' EQUITY AS OF JUNE 30, IS ANALYZED AS FOLLOWS:
2003 2002
----------------------------------- -----------------------------------
NOMINAL PESOS RESTATED PESOS NOMINAL PESOS RESTATED PESOS
--------------- ------------------ ----------------- ----------------
CAPITAL STOCK Ps. 1,501,045 Ps. 7,414,046 Ps. 1,513,427 Ps. 7,467,308
--------------- -----------------
ADDITIONAL PAID-IN CAPITAL 187,824 219,158 187,428 218,750
--------------- -----------------
LEGAL RESERVE 621,921 1,236,170 585,029 1,198,818
--------------- -----------------
RESERVE FOR REPURCHASE OF SHARES 2,451,331 5,340,797 2,695,761 5,585,689
--------------- -----------------
UNAPPROPRIATED EARNINGS 6,220,481 11,163,562 6,094,422 10,638,189
--------------- -----------------
CUMULATIVE EFFECT OF DEFERRED TAXES (2,197,681) (2,675,513) (2,197,681) (2,675,513)
--------------- -----------------
NET INCOME FOR THE PERIOD -- 1,515,190 1,253,533 1,307,115
--------------- -----------------
DEFICIT FROM RESTATEMENT -- (3,099,622) -- (2,495,715)
--------------- ------------------ ----------------- ----------------
TOTAL MAJORITY STOCKHOLDERS' EQUITY Ps. 21,113,788 Ps. 21,244,641
================== ================
IN SEPTEMBER 2002, IN CONNECTION WITH THE APPROVAL OF THE COMPANY'S
SHAREHOLDERS TO ISSUE ADDITIONAL SERIES "A" SHARES IN AN AGGREGATE AMOUNT OF UP
TO 4.5% OF THE COMPANY'S OUTSTANDING CAPITAL STOCK (430,350,671 SERIES "A"
SHARES) ON APRIL 30, 2002, AND IN CONJUNCTION WITH PREEMPTIVE RIGHTS EXERCISED
BY CERTAIN EXISTING HOLDERS OF SERIES "A" SHARES, THE COMPANY INCREASED ITS
CAPITAL STOCK IN THE AMOUNT OF PS.415 BY ISSUING ADDITIONAL 43,117 SERIES "A"
SHARES (NOT IN THE FORM OF CPOS), OF WHICH PS.408 WERE RECOGNIZED AS ADDITIONAL
PAID-IN CAPITAL. FOLLOWING THIS CAPITAL STOCK INCREASE, A REMAINING OF
430,307,554 UNISSUED AUTHORIZED SERIES "A" MAY BE USED BY THE COMPANY FOR ONE OR
TWO SPECIAL PURPOSE TRUSTS.
ON APRIL 30, 2003, THE COMPANY'S STOCKHOLDERS APPROVED (I) A PAYMENT OF
DIVIDENDS FOR AN AMOUNT OF PS.550,000, WHICH ARE PAYABLE BEGINNING JUNE 30, 2003
AS FOLLOWS: A DIVIDEND OF PS.0.18936540977 PER CPO AND A DIVIDEND OF
PS.0.05260150265 PER SERIES "A" SHARE (NOT IN THE FORM OF A CPO UNIT); AND (II)
THE CANCELLATION OF 33,131,712 SHARES OF CAPITAL STOCK IN THE FORM OF 11,043,904
CPOS, WHICH WERE PART OF THE REPURCHASES OF SHARES MADE BY THE COMPANY IN 2000
AND 2003.
AS OF JUNE 30, 2003 AND 2002, CAPITAL STOCK IS NET OF SHARES REPURCHASED OF
PS.556,399 (NOMINAL PS.83,085) AND PS.495,205 (NOMINAL PS.70,703), RESPECTIVELY.
AT JUNE 30, 2003, THE COMPANY'S NUMBER OF SHARES OF CAPITAL STOCK
AUTHORIZED, ISSUED, REPURCHASED AND OUTSTANDING CONSISTED OF:
SHARES AUTHORIZED ISSUED REPURCHASED (*) OUTSTANDING
------------------------------------- ------------------------- --------------------- ----------------------
SERIES "A" 5,010,006,767 4,579,699,213 121,429,672 4,458,269,541
SERIES "L" 2,260,106,096 2,260,106,096 97,338,654 2,162,767,442
SERIES "D" 2,260,106,096 2,260,106,096 97,338,654 2,162,767,442
---------------------- ---------------------- --------------------- ----------------------
9,530,218,959 9,099,911,405 316,106,980 8,783,804,425
====================== ====================== ===================== ======================
(*) SHARES REPURCHASED INCLUDE 265,329,162 SHARES IN THE FORM OF 88,443,054
CPOS AND ADDITIONAL 24,091,018 SERIES "A" SHARES (NOT IN THE FORM OF CPOS)
THAT ARE BENEFITIALLY OWNED BY TWO OF THE COMPANY'S WHOLLY-OWNED
SUBSIDIARIES (SEE NOTE 14).
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2
PAGE 5
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
6. REPURCHASE OF SHARES:
AS OF JUNE 30, 2003, THE COMPANY'S STOCKHOLDERS HAD APPROVED APPROPRIATING
FROM RETAINED EARNINGS A RESERVE AMOUNTING TO PS.6,442,755, FOR THE REPURCHASE
OF SHARES AT THE DISCRETION OF MANAGEMENT. THE RESERVE FOR REPURCHASE OF SHARES
WAS USED IN 1999, 2000 AND THE SIX MONTHS ENDED JUNE 30, 2003 IN CONNECTION WITH
REPURCHASES OF SHARES IN THOSE PERIODS.
IN ACCORDANCE WITH THE MEXICAN SECURITIES LAW, ANY AMOUNT OF SHARES
REPURCHASED AND HELD BY THE COMPANY ARE RECOGNIZED AS A CHARGE TO STOCKHOLDERS'
EQUITY, AND ANY CANCELLATION OF SHARES REPURCHASED ARE RECOGNIZED BY REDUCING
THE COMPANY'S CAPITAL STOCK ISSUED FOR AN AMOUNT PROPORTIONATE TO THE SHARES
CANCELLED.
DURING THE SIX MONTHS ENDED JUNE 30, 2003, THE COMPANY REPURCHASED SHARES
FOR THE AMOUNT OF PS.295,380, OF WHICH PS.244,891 WERE CHARGED TO THE RESERVE
FOR REPURCHASED OF SHARES.
THE 316,106,980 SHARES REPURCHASED AND HELD BY THE GROUP AS OF JUNE 30,
2003, ARE REFLECTED AS A CHARGE TO THE STOCKHOLDERS' EQUITY, AS FOLLOWS:
SHARES REPURCHASED SHARES REPURCHASED
BY THE COMPANY BY TWO COMPANY'S SHARES REPURCHASED
STOCKHOLDERS' EQUITY SUBSIDIARIES BY THE GROUP
------------------------------------------------------------ ---------------------- ---------------------
CAPITAL STOCK Ps. 105,115 Ps. 161,702 Ps. 266,817
RESERVE FOR REPURCHASE OF SHARES 1,101,958 -- 1,101,958
UNAPPROPRIATED EARNINGS -- 1,947,575 1,947,575
---------------------- ---------------------- ---------------------
TOTAL Ps. 1,207,073 Ps. 2,109,277 Ps. 3,316,350
====================== ====================== =====================
IN SEPTEMBER 2002, THE COMPANY ANNOUNCED A SHARE REPURCHASE PROGRAM OF UP
TO U.S.$400 MIILION (PS.4,175,200) OVER THE NEXT THREE YEARS. THE COMPANY
STARTED REPURCHASING SHARES IN 2003 UNDER THIS REPURCHASE PROGRAM, AND FROM
JANUARY 1, THROUGH JUNE 30, 2003, THE COMPANY REPURCHASED 59,816,100 SHARES IN
THE FORM OF 19,938,700 CPOS FOR PS.295,380, OF WHICH 26,686,800 SHARES IN THE
FORM OF 8,895,600 CPOS WERE HELD IN TREASURY AS OF JUNE 30, 2003 (SEE NOTE 5).
7. INTEGRAL COST OF FINANCING:
INTEGRAL COST OF FINANCING FOR THE SIX MONTHS ENDED JUNE 30, CONSISTED OF:
2003 2002
------------------ -----------------
INTEREST EXPENSE (1) Ps. 650,882 Ps. 659,625
INTEREST INCOME (354,864) (322,477)
FOREIGN EXCHANGE GAIN, NET (2) 7,639 (98,851)
LOSS FROM MONETARY POSITION (3) 49,895 138,441
------------------ -----------------
Ps. 353,552 Ps. 376,738
================== =================
(1) INCLUDES RESTATEMENT OF UDIS OF PS.50,075 AND PS.84,112 IN 2003 AND 2002,
RESPECTIVELY.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2
PAGE 6
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
(2) NET OF THE LOSS OF PS.12,071 IN 2003 AND THE GAIN OF PS.494,196 IN 2002
RESULTING FROM THE FOREIGN EXCHANGE RESULT ATTRIBUTABLE TO CERTAIN
LONG-TERM DEBT SECURITIES WHICH ARE HEDGED BY THE GROUP'S NET INVESTMENT IN
UNIVISION.
(3) THE GAIN OR LOSS FROM MONETARY POSITION REPRESENTS THE EFFECTS OF
INFLATION, AS MEASURED BY THE NPCI IN THE CASE OF MEXICAN COMPANIES, OR THE
GENERAL INFLATION INDEX OF EACH COUNTRY IN THE CASE OF FOREING
SUBSIDIARIES, ON THE MONETARY ASSETS AND LIABILITIES AT THE BEGINNING OF
EACH MONTH. INCLUDES MONETARY LOSS IN 2003 AND 2002 OF PS.50,423 AND
PS.90,530, RESPECTIVELY, ARISING FROM TEMPORARY DEFFERENCES OF NON-MONETARY
ITEMS IN CALCULATING DEFERRED INCOME TAX.
8. DEFERRED TAXES:
THE DEFERRED INCOME TAX LIABILITY AS OF JUNE 30, WAS DERIVED FROM:
2003 2002
----------------- -------------------
ASSETS:
ACCRUED LIABILITIES Ps. 587,023 Ps. 500,330
GOODWILL 834,182 185,921
TAX LOSS CARRYFORWARDS 1,124,635 605,946
ALLOWANCE FOR DOUBTFUL ACCOUNTS 254,835 63,596
CUSTOMER ADVANCES 1,188,460 856,742
OTHER ITEMS - 366
----------------- -------------------
3,989,135 2,212,901
----------------- -------------------
LIABILITIES:
INVENTORIES (1,815,523) (1,908,750)
PROPERTY, PLANT AND EQUIPMENT - NET (976,329) (916,808)
OTHER ITEMS (382,987) (125,282)
INNOVA (1,332,830) (1,095,058)
----------------- -------------------
(4,507,669) (4,045,898)
----------------- -------------------
DEFERRED-INCOME TAXS OF MEXICAN COMPANIES (518,534) (1,832,997)
DEFERRED TAX OF FOREINGN SUBSIDIARIES (360,717) 183,507
ASSETS TAX 1,564,384 1,387,281
VALUATION ALLOWANCE (1,987,836) (1,089,958)
----------------- -------------------
DEFERRED INCOME TAX LIABILITY (1,302,703) (1,352,167)
DEFERRED TAX ASSETS OF DISCONTINUED OPERATIONS - 549,219
EFFECT ON CHANGE OF INCOME TAX RATES 268,978 -
----------------- -------------------
DEFERRED TAX LIABILITY OF CONTINUING OPERATIONS Ps. (1,033,725) Ps. (1,901,386)
================= ===================
9. EXTRAORDINARY ITEMS:
NO EXTRAORDINARY ITEMS, AS DEFINED BY MEXICAN GAAP BULLETIN A-7
"COMPARABILITY", WERE RECOGNIZED IN INCOME FOR THE SIX MONTHS ENDED JUNE 30,
2003 AND 2002.
10. DISCONTINUED OPERATIONS:
IN DECEMBER 2001, IN CONNECTION WITH A SERIES OF TRANSACTIONS THE GROUP
REACHED AN AGREEMENT WITH UNIVISION TO SELL ITS MUSIC RECORDING BUSINESS IN THE
UNITED STATES AND LATIN AMERICA, WHICH SALE WAS CONSUMMATED IN APRIL 2002.
ACCORDINGLY, THE RESULTS OF OPERATIONS OF THE MUSIC RECORDING BUSINESS ARE
REPORTED AS DISCONTINUED OPERATIONS FOR 2002.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2
PAGE 7
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
DISCONTINUED OPERATIONS OF THE MUSIC RECORDING SEGMENT FOR THE SIX MONTHS
ENDED JUNE 30, 2002, ARE PRESENTED AS FOLLOWS:
2002
--------------------
LOSS FROM MUSIC RECORDING OPERATIONS FOR THE SIX
MONTHS ENDED JUNE 30, 2002 Ps. (36,613)
GAIN ON DISPOSAL OF MUSIC RECORDING OPERATIONS,
NET OF INCOME TAXES OF Ps.518,666. 1,139,848
--------------------
Ps. 1,103,235
====================
SUMMARIZED INFORMATION ON RESULTS OF THE DISCONTINUED MUSIC RECORDING
OPERATIONS FOR THE PERIOD FROM JANUARY 1, THROUGH JUNE 30, 2002, IS AS FOLLOWS:
2002
------------------
NET SALES Ps. 187,232
COST OF SALES 141,189
OPERATING EXPENSES 38,835
DEPRECIATION AND AMORTIZATION 788
OPERATING INCOME 6,420
INCOME BEFORE INCOME TAX (25,857)
INCOME TAXES 10,756
NET LOSS FROM DISCONTINUED OPERATIONS (36,613)
NO DISCONTINUED OPERATIONS, AS DEFINED BY MEXICAN GAAP BULLETIN A-7
"COMPARABILITY", WERE RECOGNIZED IN INCOME FOR THE SIX MONTHS ENDED JUNE 30,
2003.
11. CUMULATIVE EFFECT OF ACCOUNTING CHANGES:
NO CUMULATIVE EFFECT OF ACCOUNTING CHANGE WAS RECOGNIZED IN INCOME FOR THE
SIX MONTHS ENDED JUNE 30, 2003 AND 2002.
12. QUARTERLY NET RESULTS (HISTORICAL AND RESTATED):
THE QUARTERLY NET RESULTS FOR THE FOUR QUARTERS ENDED JUNE 30, 2003, ARE AS
FOLLOWS:
INDEX AT END
QUARTER ACCUMULATED QUARTER OF PERIOD ACCUMULATED QUARTER
------------------------ --------------------- ----------------- ------------------ ------------------ -------------------
3(degree)/ 02 Ps. 1,647,761 Ps. 378,258 101.190 Ps. 1,696,579 Ps. 389,465
4(degree)/ 02 737,836 (937,835) 102.904 747,042 (949,536)
1(degree)/ 03 250,079 250,079 104.261 249,904 249,904
2(degree)/ 03 1,515,190 1,265,286 104.188 1,515,190 1,265,286
(1) AS REPORTED IN EACH QUARTER.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES(1)
ANNEX 2
PAGE 8
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
13. REFINANCING
ON MAY 7, 2003 THE COMPANY ENTERED INTO A LONG-TERM CREDIT AGGREEMENT WITH
A MEXICAN BANK FOR AN AGGREGATE AMOUNT OF PS.800,000, WITH TWO TRANCHES OF
PS.400,000 EACH. THE ANNUAL INTEREST RATE FOR THE FIRST TRANCHE EQUALS 9.35%
PLUS ADDITIONAL BASIS POINTS FROM 0 TO 45 BASED ON THE MAINTENANCE OF CERTAIN
FINANCIAL COVERAGE RATIOS RELATED TO INDEBTEDNESS (THE "ADDITIONAL BASIS
POINTS"), AND AN ANNUAL INTEREST RATE FOR THE SECOND TRANCHE EQUAL TO THE
MEXICAN INTERBANK RATE PLUS 40 BASIS POINTS PLUS ADDITIONAL BASIS POINTS.
INTEREST DUE IN CONNECTION WITH THIS CREDIT AGREEMENT IS PAYABLE ON A 28-DAY
BASIS. THIS INDEBTEDNESS HAS TWO SEMIANNUAL MATURITIES OF PS.40,000 EACH IN
2004, TWO SEMIANNUAL MATURITIES OF PS.120,000 EACH IN 2006 AND TWO QUARTELY
MATURITIES OF PS.240,000 EACH IN 2008. THE NET PROCEEDS OF THIS CREDIT AGREEMENT
WERE PRIMARILY USED TO PAY AMOUNTS OUTSTANDING UNDER THE SERIES "A" SENIOR NOTES
WHICH MATYRED ON MAY 15, 2003. UNDER THE TERMS OF THIS CREDIT AGREEMENT, THE
COMPANY AND ITS RESTRICTED SUBSIDIARIES EBGAGED IN TELEVISION BROADCASTING,
PROGRAMMING FOR PAY TELEVISION AND PROGRAMMING LICENSING ARE REQUIRED TO
MAINTAIN CERTAIN FINANCIAL COVERAGE RATIOS AND ARE SUBJECT TO CERTAIN
RESTRICTIVE COVENANTS SIMILAR TO THE RATIOS AND COVENANTS OF THE U.S.$100
MILLION SYNDICATED TERM LOAN. THIS CREDIT AGREEMENT WAS SUBSEQUENTLY AMENDED TO
REFLECT A FIXED ANNUAL INTEREST RATE OF 8.50% PLUS ADDITIONAL BASIS POINTS FOR
THE SECOND TRANCHE BEGINNING IN THE THIRD QUARTER OF 2003.
14. ACQUISITION OF TELESPECIALIDADES AND PARTIAL DISPOSAL OF VIA DIGITAL
IN JUNE 2003, THE COMPANY SUBSTANTIALLY COMPLETED THE ACQUISITION OF ALL
THE OUTSTANDING EQUITY OF TELESPECIALIDADES, S.A. DE C.V. ("TELESPECIALIDADES"),
A COMPANY WHICH WAS OWNED BY ALL OF THE SHAREHOLDERS OF GRUPO TELEVICENTRO, S.A.
DE C.V. ("TELEVICENTRO"), THE GROUP'S CONTROLLING COMPANY. THE TOTAL
CONSIDERATION TO BE PAID IN THE THIRD QUARTER OF 2003 IN CONNECTION WITH THIS
ACQUISITION WILL BE APPROXIMATELY U.S.$83 MILLION (PS.871,500), WHICH WILL BE
FINANCED WITH CASH ON HAND. AT THE TIME OF THE ACQUISITION, TELESPECIALIDADES'S
NET ASSETS CONSISTED PRICIPALLY OF 4,773,849 SHARES OF THE COMPANY'S CAPITAL
STOCK IN THE FORM OF 1,591,283 CPOS, WHICH SECURITIES WERE PREVIOUSLY OWNED BY
TELEVICENTRO, AND TAX LOSS CARRYFORWARDS FOR APPROXIMATELY PS.6,457,000. THE
TERMS OF THIS ACQUISITION WERE APPROVED BY THE COMPANY'S BOARD OF DIRECTORS AND
AUDIT COMMITTEE. BEGINNING JUNE 30, 2003, THE GROUP RECOGNIZED THE ACQUISITION
OF SHARES OF THE COMPANY IN CONNECTION WITH THE TELESPECIALIDADES ACQUISITION AS
A SHARE REPURCHASE.
IN APRIL 2003, THE GROUP SOLD A PORTION OF ITS MINORITY INTEREST IN THE
CAPITAL STOCK OF DTS DISTRIBUIDORA DE TELEVISION DIGITAL, S.A. ("VIA DIGITAL"),
A DTH VENTURE IN SPAIN. FOR AN AGGREGATE AMOUNT OF APPROXIMATELY 27.5 MILLION
EUROS (PS.338,812) IN CASH. THE GROUP RECOGNIZED A PRE-TAX GAIN OF SUCH AMOUNT
ON THIS SALE, WHICH REPRESENTED THE EXCESS OF THE CASH PROCEEDS OVER THE
CARRYING VALUE OF THE RELATED NET INVESTMENT IN VIA DIGITAL AT THE TRANSACTION
DATE. A PORTION OF THE NET PROCEEDS FROM THIS DIVESTITURE WERE USED TO PREPAY
ALL OF THE AMOUNTS THEN OUTSTANDING UNDER A LONG-TERM LOAN FOR APPROXIMATELY
23.6 MILLION EUROS WITH AN ORIGINAL MATURITY IN JUNE 2003
- - - - - - - - -
--
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
RELATION OF SHARES INVESTMENTS
ANNEX 3
CONSOLIDATED
FINAL PRINTING
---------------------------------------------------------------------------------------------------------------------------------
% TOTAL AMOUNT
NUMBER OWNERSHIP (THOUSANDS OF PESOS)
COMPANY NAME (1) MAIN ACTIVITIES OF SHARES (2) ACQUISITION PRESENT
COST VALUE (3)
---------------------------------------------------------------------------------------------------------------------------------
SUBSIDIARIES
1 CORPORATIVO VASCO DE QUIROGA, PROMOTION AND 19,509,544 100.00 1,836,820 1,838,417
S.A. DE C.V. DEVELOPMENT OF
COMPANIES
2 CVQ ESPECTACULOS, S.A. DE C.V. PROMOTION AND 10,175,900 100.00 1,319,247 1,211,767
DEVELOPMENT OF
COMPANIES
3 DTH EUROPA, S.A. PROMOTION AND 465,711 79.95 264,460 (562,019)
DEVELOPMENT OF
COMPANIES
4 EDITORA FACTUM, S.A. DE C.V. PROMOTION AND 440,289,567 100.00 1,646,178 1,950,389
DEVELOPMENT OF
COMPANIES
5 EDITORIAL TELEVISA, S.A. DE C.V. PROMOTION AND 1,037,498 100.00 823,582 1,505,591
DEVELOPMENT OF
COMPANIES
6 FACTUM MAS, S.A. DE C.V. PROMOTION AND 2,710,159,002 100.00 2,024,185 (2,569,326)
DEVELOPMENT OF
COMPANIES
7 GRUPO DISTRIBUIDORAS INTERMEX, DISTRIBUTION OF BOOKS 349,470,905 100.00 822,778 702,640
S.A. DE C.V. AND MAGAZINES
8 GRUPO RADIOPOLIS, S.A. DE C.V. PROMOTION AND 418,881,301 100.00 342,274 1,782,681
DEVELOPMENT OF
COMPANIES
9 PROMO-INDUSTRIAS PROMOTION AND 515,523 100.00 102 60,934
METROPOLITANAS, S.A. DE C.V. DEVELOPMENT OF
COMPANIES
10 SISTEMA RADIOPOLIS, S.A. DE C.V. COMMERCIALIZATION OF 76,070,313 50.00 764,739 171,279
RADIO PROGRAMMING
11 TELEPARABOLAS, S.L. MAINTENANCE OF 1,500 100.00 750 775
PARABOLIC DISHES
12 TELESISTEMA MEXICANO, S.A. DE C.V. COMMERCIALIZATION OF 132,009,215 100.00 9,901,180 20,070,096
TELEVISION
13 TELEVISA ARGENTINA, S.A. COMMERCIAL OPERATION 6,920,920 100.00 115,371 43,581
OF TELEVISION
14 TELEVISA, S.A. DE C.V. PRODUCTION AND 7,555,759 37.67 7,555,759 7,973,126
BROADCASTING OF T.V.
PROGRAMMING
15 TELEVISION INDEPENDIENTE DE PROMOTION AND 16,997,306 99.96 1,265,724 4,826,530
MEXICO, S.A. DE C.V. DEVELOPMENT OF
COMPANIES
16 CAPITALIZED INTEGRAL COST OF 1 217,282
FINANCING, 1994
17 CAPITALIZED INTEGRAL COST OF 1 383,026
FINANCING, 1995
18 CAPITALIZED INTEGRAL COST OF 1 26,558
FINANCING, 1996
19 CAPITALIZED INTEGRAL COST OF 1 22,326
FINANCING, 1998
----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SUBSIDIARIES 28,683,149 39,655,653
----------------------------------------------------------------------------------------------------------------------------------
ASSOCIATEDS
1 ARGOS COMUNICACION, S.A. DE C.V. OPERATION AND/OR 33,000,000 15.30 137,000 13,972
BROADCASTING OF T.V.
2 BOUNCYNET, INC. INTERNET PORTAL 4,700 44.76 158,265 25,004
3 CARDENAS FERNANDEZ & ASSOCIATES, LIVE ENTERTAINMENT IN 1 50.00 36,688 (20,876)
INC. U.S.A.
4 DIBUJOS ANIMADOS MEXICANOS PRODUCTION OF 1,735,560 49.00 4,384 530
DIAMEX, S.A. DE C.V. ANIMATED CARTOONS
5 DTH TECHCO PARTNERS SERVICES FOR SATELLITE 1 30.00 117,900 239,530
PAY TELEVISION
6 EDITORIAL CLIO, LIBROS Y VIDEOS, PUBLISHING AND PRINTING 2,627,050 30.00 26,270 12,164
S.A. DE C.V. OF BOOKS AND
MAGAZINES.
7 ENDEMOL MEXICO, S.A. DE C.V. COMMERCIALIZATION OF 1,635,000 50.00 1,635 6,381
TELEVISION
PROGRAMMING
8 EN VIVO ESPECTACULOS, S. DE R.L. LIVE ENTERTAINMENT IN 2 100.00 25 (1,856)
DE C.V. MEXICO
9 GRUPO EUROPRODUCCIONES, S.A. PROMOTION AND 7,275 30.00 93,407 107,328
DEVELOPMENT OF
COMPANIES
10 OCESA ENTRETENIMIENTO, S.A. DE LIVE ENTERTAINMENT IN 14,100,000 40.00 1,095,581 477,618
C.V. MEXICO
11 SKY LATIN AMERICA, PARTNERS ADMINISTRATIVE SERV. 1 30.00 1,974 9,734
FOR THE DTH VENTURES
12 TELEVISORA DEL YAQUI, S.A. DE C.V. OPERATION AND/OR 4,124,986 15.00 412 5,807
BROADCASTING OF T.V.
13 UNIVISION COMMUNICATIONS, INC. BROADCASTING OF T.V. 30,187,534 13.23 5,602,976 2,265,923
SPANISH PROGRAMS
----------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN ASSOCIATEDS 7,276,517 3,141,259
----------------------------------------------------------------------------------------------------------------------------------
OTHER PERMANENT INVESTMENTS 151,403
----------------------------------------------------------------------------------------------------------------------------------
TOTAL 42,948,315
-------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
PROPERTY, PLANT AND EQUIPMENT
(Thousands of Pesos)
ANNEX 4 CONSOLIDATED
FINAL PRINTING
------------------------------------------------------------------------------------------------------------
CONCEPT REVALUATION DEPRECIATION CARRYING VALUE
ACQUISITION ACCUMULATED CARRYING ON (+) REVALUATION
COST DEPRECIATION VALUE REVALUATION (-) DEPRECIATION
------------------------------------------------------------------------------------------------------------
DEPRECIATION ASSETS
----------------------
PROPERTY 3,358,039 920,722 2,437,317 4,841,585 1,607,537 5,671,365
----------------------
MACHINERY 4,531,408 2,299,331 2,232,077 5,465,924 3,833,502 3,864,499
----------------------
TRANSPORT EQUIPMENT 698,307 183,114 515,193 287,956 195,588 607,561
----------------------
OFFICE EQUIPMENT 238,193 97,256 140,937 298,266 190,872 248,331
----------------------
COMPUTER EQUIPMENT 517,668 309,264 208,404 276,053 249,513 234,944
----------------------
OTHER - -
----------------------------------------------------------------------------------------------------------
DEPRECIABLES TOTAL 9,343,615 3,809,687 5,533,928 11,169,784 6,077,012 10,626,700
----------------------------------------------------------------------------------------------------------
NOT DEPRECIATION
ASSETS
----------------------
GROUNDS 471,717 471,717 2,975,709 3,447,426
----------------------
CONSTRUCTIONS IN
PROCESS 1,255,041 1,255,041 1,255,041
----------------------
OTHER - -
----------------------------------------------------------------------------------------------------------
NOT DEPRECIABLE 1,726,758 - 1,726,758 2,975,709 - 4,702,467
TOTAL
----------------------------------------------------------------------------------------------------------
TOTAL 11,070,373 3,809,687 7,260,686 14,145,493 6,077,012 15,329,167
----------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A. ANNEX 5
CREDITS BREAK DOWN
(Thousands of Pesos)
CONSOLIDATED
FINAL PRINTING
----------------------------------------------------------------------------------------------------------------------
Denominated Amortization of Credits in Foreign Currency
With National Entities (Thousands of $)
------------------------------------------------------------
In Pesos Time Interval
------------------------------------------------------------------------------
More
Credit Type / Amortization Rate of Until 1 Than Current Until 1 Until 2 Until 3 Until 4 Until 5
Institution Date Interest Year 1 Year Year Year Year Year Year Year
----------------------------------------------------------------------------------------------------------------------
BANKS
------------------------------------------------------------------------------------------------
OTHER FINANCIAL
ENTITIES
----------------------------------------------------------------------------------------------------------------------
SINDICADO 12/21/2006 2.09
----------------------------------------------------------------------------------------------------------------------
BANAMEX, S.A. 5/1/2008 8.93 40,000 760,000
----------------------------------------------------------------------------------------------------------------------
BANCA SERFIN, S.A. 5/15/2006 6.05 64,000 128,000
----------------------------------------------------------------------------------------------------------------------
BANAMEX, S.A. 7/24/2004 5.80 152,625 38,156
----------------------------------------------------------------------------------------------------------------------
BANK OF AMERICA 3/31/2010 2.37
----------------------------------------------------------------------------------------------------------------------
BNP PARIBAS 3/28/2008 1.47
----------------------------------------------------------------------------------------------------------------------
SUNTRUST BANK MIAMI,
NATIONAL 4/1/2008 4.58
----------------------------------------------------------------------------------------------------------------------
INBURSA, S.A. 11/1/2006 6.25 7,854 13,379
----------------------------------------------------------------------------------------------------------------------
BANCO DE BILBAO
VIZCAYA, S.A. 1/30/2006 5.86
----------------------------------------------------------------------------------------------------------------------
LEASING DE OCCIDENTE 3/19/2005 13.86
----------------------------------------------------------------------------------------------------------------------
LEASING DEL VALLE 2/8/2004 13.51
----------------------------------------------------------------------------------------------------------------------
LEASING DE COLOMBIA 3/21/2005 14.53
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
TOTAL BANKS 264,479 939,535 - - - - - -
----------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
------------------------------------------------------------------------------------------------
PRIVATE PLACEMENTS
UNSECURED DEBT
----------------------------------------------------------------------------------------------------------------------
HOLDERS 5/13/2006 12.486
----------------------------------------------------------------------------------------------------------------------
HOLDERS 8/8/2005 9.069
----------------------------------------------------------------------------------------------------------------------
HOLDERS 9/13/2011 8.41
----------------------------------------------------------------------------------------------------------------------
HOLDERS 3/11/2032 8.94
----------------------------------------------------------------------------------------------------------------------
UDI DENOMINATED-NOTES 4/13/2007 8.15 3,553,201
----------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - 3,553,201 - - - - - -
----------------------------------------------------------------------------------------------------------------------
SUPPLIERS
------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
VARIOUS 463,932 1,100,969
----------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS 463,932 - - 1,100,969 - - - -
----------------------------------------------------------------------------------------------------------------------
OTHER CURRENT
LIABILITIES AND
OTHER CREDITS
-------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
VARIOUS 1,359,822 109,511 283,861 978,218
----------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT
LIABILITIES AND OTHER
CREDITS 1,359,822 109,511 - 283,861 978,218 - - -
----------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------
2,088,2334,602,247 - 1,384,830978,218 - - -
----------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------
Amortization of Credits in Foreign Currency
with Foreign Entities (Thousands of $)
---------------------------------------------------------
Time Interval
---------------------------------------------------------
Credit Type / Current Until 1 Until 2 Until 3 Until 4 Until 5
Institution Year Year Year Year Year Year
------------------------------------------------------------------------------
BANKS
---------------------------------------------------------
OTHER FINANCIAL
ENTITIES
------------------------------------------------------------------------------
SINDICADO 417,520 626,280
------------------------------------------------------------------------------
BANAMEX, S.A.
------------------------------------------------------------------------------
BANCA SERFIN, S.A.
------------------------------------------------------------------------------
BANAMEX, S.A.
------------------------------------------------------------------------------
BANK OF AMERICA 261 262 522 522 522 27,656
------------------------------------------------------------------------------
BNP PARIBAS 2,693 2,693 5,386 5,386 5,386 2,321
------------------------------------------------------------------------------
SUNTRUST BANK MIAMI,
NATIONAL 2,267 1,973 4,294 4,293 4,293 4,294
------------------------------------------------------------------------------
INBURSA, S.A.
------------------------------------------------------------------------------
BANCO DE BILBAO
VIZCAYA, S.A. 3,478 3,478 3,100 1,172
------------------------------------------------------------------------------
LEASING DE OCCIDENTE 219 235 502
------------------------------------------------------------------------------
LEASING DEL VALLE 129 129 13
------------------------------------------------------------------------------
LEASING DE COLOMBIA 47 50 75
------------------------------------------------------------------------------
------------------------------------------------------------------------------
TOTAL BANKS 9,094 8,820 431,412 637,653 10,201 34,271
------------------------------------------------------------------------------
STOCK EXCHANGE
---------------------------------------------------------
PRIVATE PLACEMENTS
UNSECURED DEBT
------------------------------------------------------------------------------
HOLDERS 55,770
------------------------------------------------------------------------------
HOLDERS 2,087,600
------------------------------------------------------------------------------
HOLDERS 3,131,400
------------------------------------------------------------------------------
HOLDERS 3,131,400
------------------------------------------------------------------------------
UDI DENOMINATED-NOTES
------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - - 2,087,600 55,770 0 6,262,800
------------------------------------------------------------------------------
SUPPLIERS
---------------------------------------------------------
------------------------------------------------------------------------------
------------------------------------------------------------------------------
VARIOUS 347,241
------------------------------------------------------------------------------
TOTAL SUPPLIERS - 347,241 - - - -
------------------------------------------------------------------------------
OTHER CURRENT
LIABILITIES AND
OTHER CREDITS
--------------------------------------------------------
------------------------------------------------------------------------------
VARIOUS - 202,004 94,036
------------------------------------------------------------------------------
TOTAL OTHER CURRENT
LIABILITIES AND OTHER
CREDITS - 202,004 94,036 - - -
------------------------------------------------------------------------------
------------------------------------------------------------------------------
9,094 558,065 2,613,048 693,423 10,201 6,297,071
------------------------------------------------------------------------------
NOTES
THE BANCO NACIONAL DE MEXICO LOAN WAS REFINACED IN JULY 2000, AND THE
MATURITY OF SUCH LOAN AND INTEREST PAYABLE WERE CHANGED AS REFLECTED IN
THIS SCHEDULE.
THE EXCHANGE RATES FOR THE CREDITS DENOMINATED IN FOREIGN CURRENCY WERE AS
FOLLOWS :
$ 10.4380 PESOS PER U.S. DOLLAR
0.0036 PESOS PER COLOMBIAN PESO
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
TRADE BALANCE AND MONETARY POSITION IN FOREIGN EXCHANGE
(Thousands of Pesos)
ANNEX 6 CONSOLIDATED
FINAL PRINTING
--------------------------------------------------------------------------------------------------------
DOLLARS (1) OTHER CURRENCIES TOTAL
---------------------------------------------------------
TRADE BALANCE THOUSANDS THOUSANDS THOUSANDS THOUSANDS THOUSANDS
OF DOLLARS OF PESOS OF DOLLARS OF PESOS OF PESOS
--------------------------------------------------------------------------------------------------------
1. INCOME
---------------------------------
EXPORTS 151,741 1,583,873 52,832 551,460 2,135,333
OTHER 24,617 256,952 32,790 342,262 599,214
TOTAL 176,358 1,840,825 85,622 893,722 2,734,547
-----------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------
2. EXPENDITURE
---------------------------------
---------------------------------
IMPORT (RAW MATERIALS) 172,713 1,802,778 48,578 507,057 2,309,835
INVESTMENTS 19,043 198,771 574 5,991 204,762
OTHER 69,264 722,978 9,162 95,633 818,611
TOTAL 261,020 2,724,527 58,314 608,681 3,333,208
-----------------------------------------------------------------------------------------------------
NET BALANCE (84,662) (883,702) 27,308 285,041 (598,661)
-----------------------------------------------------------------------------------------------------
FOREIGN MONETARY POSITION
---------------------------------
TOTAL ASSETS 609,616 6,363,172 172,644 1,802,058 8,165,230
LIABILITIES POSITION 1,179,235 12,308,855 27,122 283,100 12,591,955
SHORT-TERM LIABILITIES POSITION 165,713 1,729,712 25,894 270,282 1,999,994
LONG-TERM LIABILITIES POSITION 1,013,522 10,579,143 1,228 12,818 10,591,961
-----------------------------------------------------------------------------------------------------
NET BALANCE (569,619) (5,945,683) 145,522 1,518,958 (4,426,725)
-----------------------------------------------------------------------------------------------------
NOTES
THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS :
$ 10.4380 PESOS PER U.S. DOLLAR
12.1900 PESOS PER EURO
3.7412 PESOS PER ARGENTINEAN PESO
10.4380 PESOS PER PANAMANIAN BALBOA
0.0147 PESOS PER CHILEAN PESO
0.0036 PESOS PER COLOMBIAN PESO
3.0063 PESOS PER PERUVIAN NUEVO SOL
1.8584 PESOS PER FRENCH FRANC
17.4000 PESOS PER POUNDS STERLING
1.3270 PESOS PER SWEDISH CROWN
10.4380 PESOS PER ECUADORIAN SUCRE
6.2326 PESOS PER GERMAN MARK
0.0890 PESOS PER JAPANESE YEN
7.6800 PESOS PER SWISS FRANC
THIS INFORMATION IS REPRESENTED ON A CONSOLIDATED BASIS AND INCLUDES,
ACCORDINGLY, INFORMATION OF FOREIGN SUBSIDIARIES.
THE ASSETS IN U.S. DOLLARS INCLUDES NON-CURRENT ASSETS OF U.S. $231,282
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
INTEGRATION AND INCOME
CALCULATION BY MONETARY POSITION (1)
(Thousands of Pesos)
ANNEX 7 CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------------------------------
(ASSET) LIABILITIES MONTHLY
MONTH MONETARY MONETARY MONETARY MONTHLY (PROFIT)
ASSETS LIABILITIES POSITION INFLATION AND LOSS
-------------------------------------------------------------------------------------------------------
JANUARY 20,429,156 20,993,316 564,160 0.00 2,280
FEBRUARY 20,797,035 19,270,603 (1,526,432) 0.00 (4,239)
MARCH 21,536,121 21,190,078 (346,043) 0.00 (2,184)
APRIL 18,782,879 21,528,691 2,745,812 0.00 4,687
MAY 17,744,873 21,311,377 3,566,504 0.00 (11,506)
JUNE 19,009,230 21,578,802 2,569,572 0.00 1,259
JULY - 0.00 -
AUGUST - 0.00 -
SEPTEMBER - 0.00 -
OCTOBER - 0.00 -
NOVEMBER - 0.00 -
DECEMBER - 0.00 -
ACTUALIZATION: - (20)
CAPITALIZATION: - -
FOREIGN CORP.: - 10,867
OTHER - (51,039)
----------------------------------------------------------------------------------------------------
TOTAL (49,895)
----------------------------------------------------------------------------------------------------
NOTES
THE AMOUNT REFLECTED IN "OTHER" INCLUDES A GAIN FROM MONETARY POSITION
DERIVED FROM DEFERRED TAXES FOR PS. 50,423 WHICH WAS CLASSIFIED IN THE
DEFERRED INCOME TAX PROVISION IN ACCORDANCE WITH THE GUIDELINES PROVIDED BY
BULLETIN D-4 FOR DEFERRED TAXES.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
BONDS AND MEDIUM TERM NOTES LISTING IN STOCK MARKET (1)
ANNEX 8 CONSOLIDATED
FINAL PRINTING
------------------------------------------------------------------------------
FINANCIAL LIMITED BASED IN ISSUED DEED AND/OR TITLE
------------------------------------------------------------------------------
THE AGREEMENTS OF THE U.S.$200 MILLION, U.S.$300 MILLION AND U.S.$300
MILLION SENIOR NOTES WITH MATURITY IN 2005, 2011 AND 2032, RESPECTIVELY,
CONTAIN CERTAIN COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND ITS
SUBSIDIARIES ENGAGED IN TELEVISION OPERATIONS TO INCUR OR ASSUME LIENS,
PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS,
CONSOLIDATIONS OR SIMILAR TRANSACTIONS.
------------------------------------------------------------------------------
------------------------------------------------------------------------------
ACTUAL SITUATION OF FINANCIAL LIMITED
------------------------------------------------------------------------------
AT JUNE 30, 2003, THE GROUP WAS IN COMPLIANCE WITH THE FINANCIAL
RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM SENIOR NOTES
DESCRIBED ABOVE.
-----------------------------------
C.P. JORGE LUTTEROTH ECHEGOYEN
CONTROLLER, VICE-PRESIDENT
MEXICO, D.F. JULE 16, 2003
------------------------------------------------------------------------------
------------------------------------------------------------------------------
BONDS AND/OR MEDIUM TERM NOTES CERTIFICATE
------------------------------------------------------------------------------
(1) THIS FORM MUST BE SIGNED BY THE COMPANY'S GENERAL DIRECTOR OR FINANCE
DIRECTOR, WITH THE EXPLANATION THAT THE FINANCIAL LIMITATIONS AGREED WERE
MET. IN THE CASE OF FAILING TO FULFILL SOME OF THE LIMITATIONS, INDICATE
THOSE LIMITATIONS AND A REGULATION PROGRAM SHOWING HOW THEY ARE GOING TO BE
SATISFIED. THIS FORM SHOULD ALSO BE PRESENTED ATTACHED TO THE DICTAMINATED
FINANCIAL STATEMENTS, SIGNED BY THE CORRESPONDING EXTERNAL AUDITORS.
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS
ANNEX 9 CONSOLIDATED
FINAL PRINTING
--------------------------------------------------------------------------------------------------------------
PLANT OR CENTER ECONOMIC ACTIVITY PLANT UTILIZATION
CAPACITY (1) (%)
--------------------------------------------------------------------------------------------------------------
TELEVISION: 0 0
CORPORATIVO SANTA FE HEADQUARTERS 0 0
TELEVISA SAN ANGEL PRODUCTION AND BROADCASTING PROGRAMMING. 0 0
TELEVISA CHAPULTEPEC PRODUCTION AND BROADCASTING PROGRAMMING. 0 0
REAL ESTATE LAND AND UNOCCUPIED, BUILDING, 0 0
PARKING LOTS, ADMINISTRATIVE 0 0
OFFICES, RADIO ANTENNAS, 0 0
TELEVISION STATIONS FACILITIES. 0 0
TRANSMISSION STATIONS BROADCASTER STATIONS. 0 0
PUBLISHING: 0 0
EDITORIALS ADMINISTRATION, SALES, PRODUCTION, 0 0
STORAGE AND DISTRIBUTION OF 0 0
MAGAZINES AND NEWSPAPERS. 0 0
AUDIO: 0 0
SISTEMA RADIOPOLIS, S.A. DE C 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. THE AZTECA STADIUM. 0 0
COMUNICACIONES MTEL, S.A. DE NATIONWIDE PAGING. 0 0
AUDIOMASTER 3000, S.A. DE C.V DUBBING, DUBBING EQUIPMENT AND 0 0
STUDIOS, AND ADMINISTRATIVE 0 0
OFFICES. 0 0
-----------------------------------------------------------------------------------------------------------------------
NOTES
MEXICAN STOCK EXCHANGE
SIFIC/ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
MAIN RAW MATERIALS
ANNEX 10 CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------------------------------------------------
MAIN MAIN DOM. COST
DOMESTIC SUPPLIERS FOREIGN SUPPLIERS SUBST. PRODUCTION
(%)
-------------------------------------------------------------------------------------------------------------------------
TAPES AND VIDEOCASSETTE HEWLETT PACKARD,
FOR RECORDING S.A. DE C.V. 0.22
FUJI FILM, S.A. DE C.V. 0.02
VIDEOCASSETTE
FOR RECORDING COLOR CASSETES YES 0.40
PROGRAMS AND FILMS CIMA FILMS, S.A.
DE C.V. 0.24
CINEMATOGRAFICA
CALDERON, S.A. 0.23
CINEMATOGRAFICA
FILMEX, S.A. DE C.V. 0.14
CINEMATOGRAFICA
RODRIGUEZ, S.A. 0.51
CHURUBUSCO, S.A. 0.57
DIANA INTERNACIO
NAL FILMS, S.A. 2.90
DISTRIBUIDORA RO
MARI, S.A. DE C.V. 0.87
GRUPO GALINDO,
S.A. DE C.V. 0.28
GUIAS, S.A. DE C.V. 0.34
GUSSI, S.A. DE C.V. 2.87
NUVISION, S.A. 0.23
PELICULAS RODRI
GUEZ, S.A. 0.65
PELICULAS Y VI
DEOS INTERNACIO
NALES, S.A. 0.53
PRODUCCIONES
ALFA AUDIOVISUAL
S.A. DE C.V.
PRODUCCIONES 0.17
PRODUCCIONES
GALUBI, S.A. 0.14
QUALITY FILMS, S.A. 0.16
SECINE, S.A. DE C.V. 0.44
UNION INTERNACIONAL
S.A. DE C.V. 0.06
OTROS 1.97
PROGRAMS AND FILMS ABC DISTRIBUTION
COMPANY NO 1.19
ALFRED HABER
DISTRIBUTION, INC. NO 0.93
ALLIANCE
INTERNATIONAL NO 0.68
ARGENTINA SONO
FILMS, S.A. NO 0.09
B.R.B. INTERNA
CIONAL, S.A. NO 0.37
BKN TELEVISION
SALES,S.A. NO 0.42
BUENAVISTA
INTERNATIONAL
INC. NO 0.21
CANAL + DISTRI
BUTION NO 0.30
CARSEY WERNER
DISTRIBUTION,INC. NO 0.19
CBS BROADCAST
INTERNATIONAL NO 1.73
CINAR FILMS, INC. NO 0.68
CLOVERWAY, INC. NO 0.22
CONSTELLATION
PICTURES, INC. NO 2.26
DARGAUD MARINA NO 0.22
DREAMWORKS NO 1.20
ENOKI FILMS,
LTD. NO 0.57
EVERGREEN ENTER
TAINMENT CORP. NO 0.49
FIREWORKS INTER
NATIONAL NO 1.18
FREMANTLE INTER
NATIONAL DISTRI
BUTION, LTD. NO 0.61
HALLMARK ENTER
TAINMENT DISTRI
BUTION, CO. NO 0.16
HASBRO, INC. NO 0.15
HEARTS
ENTERTAINMENT,
INC. NO 0.38
HIGHPOINT
PRODUCTIONS INC. NO 0.52
INDEPENDENT
INTERNATIONAL
T.V. INC. NO 3.22
LUCASFILM, LTD. NO 1.13
MGM/UA TELECOM
MUNICATIONS, INC. NO 1.82
MORGAN CREEK
INTERNATIONAL NO 0.53
MTV NETWORKS A
DIVISION OF VIACOM
INT. NO 1.04
MULTIMEDIA GROUP
OF CANADA NO 0.36
NBC INTERNATIONAL NO 0.78
NELVANA INTERNA
TIONAL, LIMITED NO 0.30
NEW LATIN IMAGE
CORPORATION NO 0.63
NGTV INTERNATIO
NAL, LTD. NO 0.29
PARAMOUNT
PICTURES, CORP. NO 7.59
RCN TELEVISION,
S.A. NO 0.35
RYSHER ENTER
TAINMENT, INC. NO 0.60
SABAN INTERNA
TIONAL, N.V. NO 0.07
SALSA
DISTRIBUTION NO 0.52
SALSA
ENTERTAINMENT NO 0.41
SESAME WORKSHOP NO 0.17
SONY CORPORA
TION OF AMERICA NO 9.91
SPI INTERNATIO
NAL, INC. NO 0.63
STUDIOCANAL IMAGE NO 0.13
SUNBOW ENTER
TAINMENT NO 0.42
TELEVISION FILM
DISTRIBUTION NO 0.27
TELEVIX ENTERTAIN
MENT NO 0.19
TEPUY INTER
NATIONAL, INC. NO 2.94
TOEI ANIMATION
CO., LTD NO 1.00
TOP ENTERTAINMENT
PRODUCTS, INC. NO 0.35
TURNER INTER
NATIONAL,INC. NO 0.23
TWENTIETH CEN
TURY FOX, INC. NO 5.04
UNIVERSAL STUDIOS
INTERNATIONAL, B.V. NO 9.07
VENEVISION INTER
NATIONAL, LTD. NO 1.41
VENTURA FILM
DISTRIBUTORS BV NO 0.86
WARNER BROS.
INTERNATIONAL
TELEVISION NO 11.92
WHILAND COMPANY NO 1.77
WORLD EVENTS
LLC. NO 0.10
WORDLDIVISION
ENTERPRISES, INC. NO 2.51
XYSTUS, LLC. NO 0.53
ZACH MOTION
PICTURES,INC. NO 0.45
OTHERS 2.41
COAXIAL CABLE RG NACIONAL DE
CONDUCTORES,
S.A. DE C.V. 39.00
PLASTIC STAPLE TV CABLE DE
COLOTLAN, S.A. C.V. 0.10
SINGLE TELEGRIP CORPODISENO DE
HERRAJES, S.A. 0.63
IDENTIFICATION PLAQUE RIBANDI, S.A. DE C.V. 0.42
HILTI BOLT HILTI MEXICANA,
S.A. DE C.V. NO 0.23
SWITCH CABLENETWORK
MEXICO NO 0.14
SWITCH DISTRIBUIDORA Y
COMERCIALIZADORA YES 4.23
TWO OUTLET DEVICE AC TVC CORPORATION YES 0.53
200
COUCHE PAPER DISTRIBUIDORA DE
PAPEL 0.77
PRODUCTORA NAL.
DE PAPEL 0.41
COUCHE PAPER BOWATER INCOR
PORATED YES 1.44
WEB SOURCE YES 3.97
FINNIPAP YES 16.29
TEMBEC, INC. YES 7.00
BULKLEY DUNTON YES 21.77
FOREST QUEST INC YES 0.48
MYLLLIKOSKI
PAPEL YES 17.00
M REAL YES 3.00
NORKE CANADA YES 0.13
UPM KYMMENE SEAS YES 1.20
STORAENSO INTE YES 0.09
PAPER AND IMPRESSION PRODUCTORA CO
MERCIALIZADORA Y
EDITORES DE LI
BROS, S.A. DE C.V. 14.63
OFFSET
MULTICOLOR 14.44
GRAFICAS LA
PRENSA, SA DE CV 0.22
PAPER AND EDITORIAL ANTAR
IMPRESSION TICA QUEBEC, S.A. YES 3.53
GRUPO OP GRAFICAS
S.A. YES 0.28
PRINTER COLOMBIA
NA, S.A. YES 1.56
GRUPO EDITORIAL
MOLINA, S.A. YES 0.04
ST. IVES, INC. YES 7.82
BEST LITHO YES 0.49
EDITORES, S.A. YES 0.06
RR DONELLY YES 3.03
GUAD GRAPHICS YES 4.47
-------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
SIFIC/ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER 2 YEAR: 2003
GRUPO TELEVISA, S.A.
SALES DISTRIBUION BY PRODUCT
ANNEX 11
DOMESTIC SALES CONSOLIDATED
TOTAL PRODUCTION NET SALES MAIN
----------------- ----------------- MARKET -----------------------------
MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT SHARE % TRADEMARKS CUSTOMERS
------------- ------ ------ ------ ------ ------- ---------- ----------
TELEVISION:
----------
PROGRAMMING HALF HOURS
PRODUCED
(DOMESTIC) 50.000
ADVERTISED TIME SOLD (HALF 3 6,176,791 PROCTER & GAMBLE DE MEXICO, S.A.
HOURS) DE C.V.
THE COCA-COLA EXPORT COMPANY.
UNILEVER DE MEXICO, S.A. DE C.V.
SABRITAS, S. DE R.L. DE C.V.
GRUPO BIMBO, S.A. DE C.V.
PEPSI COLA MEXICANA, S.A DE C.V.
CERVECERIA MODELO, S.A. DE C.V.
TELEFONOS DE MEXICO, S.A. DE C.V.
DANONE DE MEXICO, S.A. DE C.V.
NESTLE MEXICO, S.A. DE C.V.
KIMBERLY CLARK DE MEXICO, S.A. DE
C.V.
CENTRAL IMPULSORA, S.A. DE C.V.
COSBEL, S.A. DE C.V.
FRUGOSA, S.A. DE C.V.
OTHER INCOME 277,465
PROGRAMMING FOR PAY TELEVISION:
------------------------------
SALE OF SIGNALS 223,100
ADVERTISED TIME SOLD 24,462
PUBLISHING:
-----------
MAGAZINE CIRCULATION 64,215 455,088 28,010 311,984 TV Y NOVELAS GENERAL PUBLIC (AUDIENCE)
MAGAZINE, DEALERS
TELEGUIA COMMERCIAL CENTERS (MALLS)
MAGAZINE
VANIDADES
MAGAZINE
COSMOPOLITAN
MAGAZINE
BIOGRAPHICAL
BOOKS
SOCCERMANIA
MAGAZINE
MEN'S HEALTH
MAGAZINE
TU MAGAZINE
MUY INTERESANTE
MAGAZINE
PUBLISHING
204,849 VARIOUS
PUBLISHING DISTRIBUTION: 9,506 251,875 MAGAZINE:
------------------------
"SELECCIONES"
"BIBLIOTECA
TOLKIEN" "PRINCESAS DE
PORCELANA" "GRANDES
PROTAGONISTAS DE LA
HISTORIA" "REVISTA DEL
CONSUMIDOR"
CABLE TELEVISION:
-----------------
ANALOGIC AND DIGITAL SERVICE 451,433 GENERAL PUBLIC
SERVICE INSTALLATION 4,511 OPERADORA MEGACABLE, S.A. DE C.V.
PAY PER VIEW 647 CERVECERIA MODELO, S.A. DE C.V.
CHANNEL COMMERCIALIZATION 9,482 GRUPO WARNER LAMBERT MEXICO, S. DE
R.L DE C.V.
OTHER 10,715 DAIMLERCHRYSLER DE MEXICO, S.A. DE
C.V.
FORD MOTOR COMPANY, S.A. DE C.V.
THE COCA COLA EXPORT COMPANY.
KIMBERLY CLARK DE MEXICO, S.A. DE
C.V.
BANCO NACIONAL DE MEXICO, S.A.
ARENA COMMUNICATIONS, S.A. DE C.V.
BAYER DE MEXICO, S.A. DE C.V.
BURGER KING MEXICANA, S.A. DE C.V.
EL PALACIO DE HIERRO, S.A. DE C.V.
RADIO:
------
ADVERTISED TIME SOLD 94,899 CERVECERIA MODELO, S.A. DE C.V.
ARENA COMMUNICATIONS, S.A. DE C.V.
VENTAS Y SERVICIOS AL CONSUMIDOR,
S.A. DE C.V.
PUBLICIDAD EN MASA, S.A. DE C.V.
GIGANTE, S.A. DE C.V.
PARTIDOS POLITICOS
COMERCIAL MEXICANA
EMBOTELLADORA MEXICANA, S.A. DE
C.V.
RR PRODUCCIONES, S.A. DE C.V.
BURGER KING MEXICANA, S.A. DE C.V.
OTHER BUSINESSES:
-----------------
DISTRIBUTION, RENTALS, AND SALE
OF MOVIE RIGHTS 305,749 VIDEOVISA, S.A. DE C.V.
CINEMEX, S.A. DE C.V.
CINEMARK DE MEXICO, S.A. DE C.V.
ORGANIZACION RAMIREZ, S.A. DE C.V.
COMPANIA OPERADORA DE TEATROS,
S.A. DE C.V.
GENERAL PUBLIC (AUDIENCE)
SPECIAL EVENTS AND SHOW 209,176 AMERICA GENERAL PUBLIC (AUDIENCE)
PROMOTION
NECAXA FEDERACION MEXICANA DE FUTBOL, A.C.
REAL SAN LUIS
NATIONWIDE PAGING SERVICE 127,209 SKYTEL FERROCARRILES NACIONALES DE
MEXICO, S.A.
BANCO NACIONAL DE MEXICO, S.A.
HEWLETT PACKARD DE MEXICO, S.A. DE
C.V.
COMISION FEDERAL DE ELECTRICIDAD
EDS DE MEXICO, S.A. DE C.V.
INTEGER, S.A. DE C.V.
FERROSUR, S.A. DE C.V.
SECRETARIA DE GOBERNACION
SCHERING PLOUGH, S.A. DE C.V..
BBVA BANCOMER, S.A.
UNILEVER, S.A. DE C.V.
I.B.M. DE MEXICO, S.A.
INTERNET SERVICES 28,065 ESMAS.COM MEDIA CONTACTS, S.A. DE C.V.
NIKE DE MEXICO, S.A. DE C.V.
MOTOROLA DE MEXICO, S.A. DE C.V.
TELEFONOS DE MEXICO, S.A. DE C.V.
DUBBING SERVICES 2,810 DISTRIBUIDORA ROMARI, S.A. DE C.V.
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL 455,088 8,715,222
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Annex 11A
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
SALES DISTRIBUTION BY PRODUCT
ANNEX 11
FOREIGN SALES CONSOLIDATED
TOTAL PRODUCTION NET SALES MAIN
----------------- ----------------- ----------------------------
MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT DESTINATION TRADEMARKS CUSTOMERS
------------- ------ ------ ------ ------ ---------- ---------- ----------
TELEVISION
BROADCASTING:
-----------
ADVERTISING
TIME SOLD 182,541 UNITED STATES CPIF VENTURE, INC.
OF AMERICA VISA INTERNATIONAL SERVICE
ASSOCIATION
NISSIN FOOD PRODUCTS, CO LTD.
MASTER CARD INTERNATIONAL GLOBAL
MARKETING
CHEIL COMMUNICATIONS,INC.
REYNOLDS CONSUMER PRODUCTS
PROGRAMMING FOR PAY
TELEVISION:
-------------------
SALES OF SIGNALS 48,645 SPAIN
ARGENTINA
CHILE
GUATEMALA
PROGRAM LICENSING: COLOMBIA
------------------
PROGRAMMING AND ROYALTIES 830,851 UNITED STATES TELEVISA MCCANN ERICKSON
OF AMERICA
CENTRAL AMERICA TELEVISA MINDSHARE
CARIBBEAN TELEVISA BBDO WORLDWIDE
EUROPE TELEVISA SPOTPLUS
SOUTH TELEVISA CARAT, INC.
AMERICA
AFRICA TELEVISA OPTIMUM MEDIA, INC.
ASIA TELEVISA GREY ADVERTISING, INC.
INITIATIVE MEDIA, INC.
GSD&M
DAILEY & ASSOCIATES
PUBLISHING:
-----------
MAGAZINE CIRCULATION,
BOOKS AND ADVERTISING 11,893 170,034 GUATEMALA AND T.V. Y NOVELAS GENERAL PUBLIC (AUDIENCE)
COSTA RICA MAGAZINE
UNITED STATES BIOGRAPHICAL DEALERS
OF AMERICA BOOKS
PANAMA VANIDADES
MAGAZINE
SOUTH AMERICA COSMOPOLITAN
MAGAZINE
CENTRAL AMERICA TU MAGAZINE
PUBLISHING 91,059
PUBLISHING DISTRIBUTION: 6,067 480,543 PANAMA SEMANA MAGAZINE GENERAL PUBLIC (AUDIENCE)
------------------------ SOUTH AMERICA SELECCIONES
MAGAGINE
CROMOS MAGAZINE
CAMBIO 16
MAGAZINE
HAGA FACIL
MAGAZINE
OTHER BUSINESSES:
-----------------
DUBBING SERVICES 17,363 UNITED STATES VIDEX INTERNATIONAL, S.A
OF AMERICA COLUMBIA TRISTAR INTERNATIONAL
TELEVISION
C.B.S. BROADCAST INTERNATIONAL
TWENTIETH CENTURY FOX
INTERNATIONAL TELEVISION
TELEVIX ENTERTAINMENT
-----------------------------------------------------------------------------------------------------------------------------------
TOTAL 1,821,036
-----------------------------------------------------------------------------------------------------------------------------------
Annex 12
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
ANNEX 12
SCHEDULE FOR THE DETERMINATION OF THE NET FISCAL EARNINGS ACCOUNT (NFEA)
(Thousands of Pesos)
-------------------------------------------------------------------------------
NFEA BALANCE FOR PREVIOUS PERIOD FOR WHICH IS DETERMINED
-------------------------------------------------------------------------------
NFEA BALANCE TO DECEMBER 31st OF: 2002 4,450,597
Number of shares Outstanding at the Date of the NFEA: 9,133,040,705
(Units)
____ ARE THE FIGURES FISCALLY AUDITED? ____ ARE FIGURES FISCALLY CONSOLIDATED?
-------------------------------------------------------------------------------
DIVIDENDS COLLECTED IN THE PERIOD
-------------------------------------------------------------------------------
NUMBER OF SHARES
QUARTER SERIES OUTSTANDING DATE OF SETTLEMENT AMOUNT
--------------------------------------------------------------------------------
0 0 0.00 0.00
-------------------------------------------------------------------------------
DETERMINATION OF THE NFEA OF THE PRESENT YEAR
-------------------------------------------------------------------------------
NFE FROM THE PERIOD FROM JANUARY 1 TO 31 OF DECEMBER, 2003
FISCAL EARNINGS 0
- DETERMINED INCOME 0
+ DEDUCTED WORKER'S PROFIT SHARING 0
- DETERMINED WORKER 0
- DETERMINED RFE 0
- NON DEDUCTIBLES 0
NFEA OF PERIOD: 0
-------------------------------------------------------------------------------
BALANCE OF THE NFEA AT THE END OF THE PERIOD
(Present Year Information)
-------------------------------------------------------------------------------
NFEA BALANCE TO 30 OF JUNE OF 2003 4,514,943
Number of Shares Outstanding at the Date of the NFEA: 9,073,224,605
(Units)
-------------------------------------------------------------------------------
MODIFICATION BY COMPLEMENTARY
-------------------------------------------------------------------------------
NFEA BALANCE TO: DECEMBER 31st OF: 0000 0
Number of Shares Outstanding at the Date of the NFEA: 0
(Units)
Annex 12-A
MEXICAN STOCK EXCHANGE
SIFIC / ICS
STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2003
GRUPO TELEVISA, S.A.
ANNEX 12-A
SCHEDULE FOR THE DETERMINATION OF THE NET FISCAL EARNINGS ACCOUNT (NFEA)
(Thousands of Pesos)
-------------------------------------------------------------------------------
NFEA BALANCE FOR PREVIOUS PERIOD FOR WHICH IS DETERMINED
-------------------------------------------------------------------------------
NFEA BALANCE TO DECEMBER 31st OF: 2002 287,406
Number of shares Outstanding at the Date of the NFEAR: 9,133,040,705
(Units)
____ ARE THE FIGURES FISCALLY AUDITED? ____ ARE FIGURES FISCALLY CONSOLIDATED?
-------------------------------------------------------------------------------
DIVIDENDS PAID OUT IN THE PERIOD THAT COMES FROM THE NFEAR
-------------------------------------------------------------------------------
NUMBER OF SHARES
QUARTER SERIES OUTSTANDING DATE OF SETTLEMENT AMOUNT
--------------------------------------------------------------------------------
0 0 0.00 0.00
-------------------------------------------------------------------------------
DETERMINATION OF THE NFEAR OF THE PRESENT YEAR
-------------------------------------------------------------------------------
NFEA FROM THE PERIOD FROM JANUARY 1 TO 31 OF DECEMBER, 2003
FISCAL EARNINGS
+ DEDUCTED WORKERS' PROFIT SHARING
- DETERMINED INCOME TAX:
- NON-DEDUCTIBLES
- (+) EARNINGS (LOSS) FROM FOREIGN OF PROFIT:
DETERMINED RFE OF THE FISCAL YEAR
- INCOME TAX (DEFERRED ISR):
* FACTOR TO DETERMINE THE NFEAR:
NFEA FROM THE PERIOD:
-------------------------------------------------------------------------------
BALANCE OF THE NFEA AT THE END OF THE PERIOD
-------------------------------------------------------------------------------
NFEAR BALANCE TO 30 OF JUNE OF 2003 200,015
Number of Shares Outstanding at the Date of the NFEA: 9,073,224,605
(Units)
-------------------------------------------------------------------------------
MODIFICATION BY COMPLEMENTARY
-------------------------------------------------------------------------------
NFEA BALANCE TO: DECEMBER 31st OF: 2002 0
Number of Shares Outstanding at the Date of the NFEA: 0
(Units)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GRUPO TELEVISA, S.A.
------------------------------------
(Registrant)
Dated: July 21, 2003 By /s/ Jorge Lutteroth Echegoyen
---------------------------------
Name: Jorge Lutteroth Echegoyen
Title: Controller, Vice-President