kr6k-auditedfinan_grupo.htm
 
 
 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 6-K
 
REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 or 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of May, 2011
 
GRUPO TELEVISA, S.A.B.
(Translation of registrant’s name into English)
 
 
Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico, D.F.
(Address of principal executive offices)
 
 
(Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.)
 
Form 20-F
x
Form 40-F
    
 
 
(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
 
Yes
 
No
  
x
 
 
(If “Yes” is marked indicate below the file number assigned to the registrant in connection with Rule 12g-3-2(b): 82.)
 
          
 
 
 
 
 
 
 
MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA
QUARTER:     04
YEAR:   2010
GRUPO TELEVISA, S.A.B.
  
 
 
BALANCE SHEETS
AS OF DECEMBER 31, 2010 AND 2009
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
REF      
 
CONCEPTS
CURRENT YEAR
  PREVIOUS YEAR
S
  
Amount
%
Amount
%
           
s01
TOTAL ASSETS
136,470,627
100
126,568,376
100
           
s02
CURRENT ASSETS
59,843,730
44
68,382,457
54
s03
CASH AND AVAILABLE INVESTMENTS
20,942,531
15
29,941,488
24
s04
ACCOUNTS AND NOTES RECEIVABLE (NET)
17,701,125
13
18,399,183
15
s05
OTHER ACCOUNTS AND NOTES RECEIVABLE (NET)
4,376,543
3
3,659,551
3
s06
INVENTORIES
5,258,951
4
6,038,090
5
s07
OTHER CURRENT ASSETS
11,564,580
8
10,344,145
8
s08
LONG-TERM ASSETS
21,837,453
16
6,720,636
5
s09
ACCOUNTS AND NOTES RECEIVABLE (NET)
0
0
0
0
s10
INVESTMENTS IN SHARES OF NON-CONSOLIDATED
        
 
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
3,332,637
2
2,382,239
2
s11
OTHER INVESTMENTS
18,504,816
14
4,338,397
3
s12
PROPERTY, PLANT AND EQUIPMENT (NET)
38,651,847
28
33,071,464
26
s13
LAND AND BUILDINGS
16,554,768
12
17,126,534
14
s14
MACHINERY AND INDUSTRIAL EQUIPMENT
49,113,893
36
40,628,371
32
s15
OTHER EQUIPMENT
7,022,554
5
5,485,816
4
s16
ACCUMULATED DEPRECIATION
36,900,013
27
32,145,471
25
s17
CONSTRUCTION IN PROGRESS
2,860,645
2
1,976,214
2
s18
INTANGIBLE ASSETS AND DEFERRED CHARGES (NET)
10,241,007
8
10,859,251
9
s19
OTHER ASSETS
5,896,590
4
7,534,568
6
           
s20
TOTAL LIABILITIES
84,612,866
100
82,096,229
100
           
s21
CURRENT LIABILITIES
14,721,191
17
12,319,040
15
s22
SUPPLIERS
7,472,253
9
6,432,906
8
s23
BANK LOANS
430,000
1
1,433,015
2
s24
STOCK MARKET LOANS
889,142
1
0
0
s103
OTHER LOANS WITH COST
430,137
1
235,271
0
s25
TAXES PAYABLE
1,443,887
2
940,975
1
s26
OTHER CURRENT LIABILITIES WITHOUT COST
4,055,772
5
3,276,873
4
s27
LONG-TERM LIABILITIES
46,845,334
55
43,149,657
53
s28
BANK LOANS
7,280,460
9
8,097,000
10
s29
STOCK MARKET LOANS
39,215,200
46
33,886,195
41
s30
OTHER LOANS WITH COST
349,674
0
1,166,462
1
s31
DEFERRED LIABILITIES
19,083,379
23
20,913,122
25
s32
OTHER NON-CURRENT LIABILITIES WITHOUT COST
3,962,962
5
5,714,410
7
           
s33
STOCKHOLDERS' EQUITY
51,857,761
100
44,472,147
100
           
s34
NON-CONTROLLING INTEREST
6,793,278
13
6,302,352
14
s35
CONTROLLING INTEREST
45,064,483
87
38,169,795
86
s36
CONTRIBUTED CAPITAL
14,567,803
28
14,567,803
33
s79
CAPITAL STOCK
10,019,859
19
10,019,859
23
s39
PREMIUM ON ISSUANCE OF SHARES
4,547,944
9
4,547,944
10
s40
CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
0
0
0
0
s41
EARNED CAPITAL
30,496,680
59
23,601,992
53
s42
RETAINED EARNINGS AND CAPITAL RESERVES
35,533,148
69
27,770,432
62
s44
OTHER ACCUMULATED COMPREHENSIVE RESULT
1,120,157
2
1,018,633
2
s80
SHARES REPURCHASED
(6,156,625)
(12)
(5,187,073)
(12)
           
 
 
 
 
 
BALANCE SHEETS
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
REF
      
 
CONCEPTS
CURRENT YEAR
  PREVIOUS YEAR
S
  
Amount
%
Amount
%
s03
CASH AND SHORT-TERM INVESTMENTS
20,942,531
100
29,941,488
100
s46
CASH
20,942,531
100
29,941,488
100
s47
AVAILABLE INVESTMENTS
0
0
0
0
           
s07
OTHER CURRENT ASSETS
11,564,580
100
10,344,145
100
s81
DERIVATIVE FINANCIAL INSTRUMENTS
0
0
6,718
0
s82
DISCONTINUED OPERATIONS
0
0
0
0
s83
OTHER
11,564,580
100
10,337,427
100
           
s18
INTANGIBLE ASSETS AND DEFERRED CHARGES (NET)
10,241,007
100
10,859,251
100
s48
DEFERRED EXPENSES (NET)
7,711,413
75
8,085,062
74
s49
GOODWILL
2,529,594
25
2,774,189
26
s51
OTHER
0
0
0
0
           
s19
OTHER ASSETS
5,896,590
100
7,534,568
100
s85
DERIVATIVE FINANCIAL INSTRUMENTS
189,400
3
1,538,678
20
s50
DEFERRED TAXES
0
0
0
0
s104
BENEFITS TO EMPLOYEES
0
0
0
0
s86
DISCONTINUED OPERATIONS
0
0
0
0
s87
OTHER
5,707,190
97
5,995,890
80
           
s21
CURRENT LIABILITIES
14,721,191
100
12,319,040
100
s52
FOREIGN CURRENCY LIABILITIES
7,027,829
48
4,661,673
38
s53
MEXICAN PESOS LIABILITIES
7,693,362
52
7,657,367
62
           
s26
OTHER CURRENT LIABILITIES WITHOUT COST
4,055,772
100
3,276,873
100
s88
DERIVATIVE FINANCIAL INSTRUMENTS
74,329
2
0
0
s89
ACCRUED INTEREST
750,743
19
464,621
14
s68
PROVISIONS
0
0
0
0
s90
DISCONTINUED OPERATIONS
0
0
0
0
s58
OTHER CURRENT LIABILITIES
3,031,062
75
2,612,037
80
s105
BENEFITS TO EMPLOYEES
199,638
5
200,215
6
           
s27
LONG-TERM LIABILITIES
46,845,334
100
43,149,657
100
s59
FOREIGN CURRENCY LIABILITIES
27,790,401
59
34,055,005
79
s60
MEXICAN PESOS LIABILITIES
19,054,933
41
9,094,652
21
           
s31
DEFERRED LIABILITIES
19,083,379
100
20,913,122
100
s65
NEGATIVE GOODWILL
0
0
0
0
s67
OTHER
19,083,379
100
20,913,122
100
           
s32
OTHER NON-CURRENT LIABILITIES WITHOUT COST
3,962,962
100
5,714,410
100
s66
DEFERRED TAXES
681,797
17
1,765,381
31
s91
OTHER LIABILITIES IN RESPECT OF SOCIAL  INSURANCE
430,143
11
346,990
6
s92
DISCONTINUED OPERATIONS
0
0
0
0
s69
OTHER LIABILITIES
2,851,022
72
3,602,039
63
           
s79
CAPITAL STOCK
10,019,859
100
10,019,859
100
s37
CAPITAL STOCK (NOMINAL)
2,368,792
24
2,368,792
24
s38
RESTATEMENT OF CAPITAL STOCK
7,651,067
76
7,651,067
76
           
s42
RETAINED EARNINGS AND CAPITAL RESERVES
35,533,148
100
27,770,432
100
s93
LEGAL RESERVE
2,135,423
6
2,135,423
8
s43
RESERVE FOR REPURCHASE OF SHARES
0
0
0
0
s94
OTHER RESERVES
0
0
0
0
s95
RETAINED EARNINGS
25,714,336
72
19,627,866
71
s45
NET INCOME FOR THE YEAR
7,683,389
22
6,007,143
22
           
s44
OTHER ACCUMULATED COMPREHENSIVE RESULT
1,120,157
100
1,018,633
100
s70
ACCUMULATED MONETARY RESULT
0
0
0
0
s71
RESULT FROM HOLDING NON-MONETARY ASSETS
0
0
0
0
s96
CUMULATIVE RESULT FROM FOREIGN CURRENCY TRANSLATION
(1,370,181)
(122)
(1,150,335)
(113)
s97
CUMULATIVE RESULT FROM DERIVATIVE FINANCIAL INSTRUMENTS
(103,519)
(9)
(5,187)
0
s98
CUMULATIVE EFFECT OF DEFERRED INCOME TAXES
0
0
0
0
s100
OTHER
2,593,857
232
2,174,155
213
           
 
 
 
 
 
BALANCE SHEETS
OTHER CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
REF
      
 
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
S
  
Amount
Amount
       
s72
WORKING CAPITAL
45,122,539
56,063,417
s73
PENSIONS AND SENIORITY PREMIUMS
1,807,340
1,749,593
s74
EXECUTIVES (*)
41
39
s75
EMPLOYEES (*)
24,698
24,323
s76
WORKERS (*)
0
0
s77
OUTSTANDING SHARES (*)
325,023,045,906
327,230,629,635
s78
REPURCHASED SHARES (*)
21,518,779,425
19,311,195,696
s101
RESTRICTED CASH
0
0
s102
NET DEBT OF NON CONSOLIDATED COMPANIES
53,310
633,754
       
(*) THESE CONCEPTS ARE STATED IN UNITS.
 
 
 
 
 
STATEMENTS OF INCOME
FROM JANUARY 1 TO DECEMBER 31, 2010 AND 2009
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
Amount
%
Amount
%
           
r01
NET SALES
57,856,828
100
52,352,501
100
r02
COST OF SALES
30,848,754
53
27,556,757
53
r03
GROSS PROFIT
27,008,074
47
24,795,744
47
r04
GENERAL EXPENSES
11,425,465
20
9,638,876
18
r05
OPERATING INCOME (LOSS)
15,582,609
27
15,156,868
29
r08
OTHER INCOME AND (EXPENSE), NET
(567,121)
0
(1,764,846)
(3)
r06
INTEGRAL RESULT OF FINANCING
(3,028,645)
(5)
(2,973,254)
(6)
r12
EQUITY IN NET INCOME OF NON-CONSOLIDATED
        
 
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
(211,930)
(0)
(715,327)
(1)
r48
NON-ORDINARY ITEMS
0
0
0
0
r09
INCOME BEFORE INCOME TAXES
11,774,913
20
9,703,441
19
r10
INCOME TAXES
3,258,986
6
3,120,744
6
r11
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS
8,515,927
15
6,582,697
13
r14
DISCONTINUED OPERATIONS
0
0
0
0
r18
CONSOLIDATED NET INCOME
8,515,927
15
6,582,697
13
r19
NONCONTROLLING INTEREST NET INCOME
832,538
1
575,554
1
r20
CONTROLLING INTEREST NET INCOME
7,683,389
13
6,007,143
11
           
 
 
 
 
 
STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
Amount
%
Amount
%
           
r01
NET SALES
57,856,828
100
52,352,501
100
r21
DOMESTIC
50,203,485
87
44,574,144
85
r22
FOREIGN
7,653,343
13
7,778,357
15
r23
TRANSLATED INTO DOLLARS (***)
619,323
1
594,676
1
           
r08
OTHER INCOME AND (EXPENSE), NET
(567,121)
100
(1,764,846)
100
r49
OTHER INCOME AND (EXPENSE), NET
(541,530)
95
(1,727,813)
98
r34
EMPLOYEES' PROFIT SHARING, CURRENT
31,448
(6)
40,877
(2)
r35
EMPLOYEES' PROFIT SHARING, DEFERRED
(5,857)
1
(3,844)
0
           
r06
INTEGRAL RESULT OF FINANCING
(3,028,645)
100
(2,973,254)
100
r24
INTEREST EXPENSE
3,615,276
(119)
3,136,411
(105)
r42
GAIN (LOSS) ON RESTATEMENT OF UDI'S
0
0
0
0
r45
OTHER FINANCE COSTS
0
0
0
0
r26
INTEREST INCOME
1,047,505
(35)
1,053,411
(35)
r46
OTHER FINANCIAL PRODUCTS
0
0
0
0
r25
FOREIGN EXCHANGE GAIN (LOSS), NET
(460,874)
15
(890,254)
30
r28
RESULT FROM MONETARY POSITION
0
0
0
0
           
r10
INCOME TAXES
3,258,986
100
3,120,744
100
r32
INCOME TAX, CURRENT
3,967,007
122
4,040,332
129
r33
INCOME TAX, DEFERRED
(708,021)
(22)
(919,588)
(29)
           
(***) FIGURES IN THOUSANDS OF U.S. DOLLARS AT THE EXCHANGE RATE AS OF THE END OF THE LAST REPORTED QUARTER.
 
 
 
 
 
STATEMENTS OF INCOME
OTHER CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
Amount
Amount
       
       
r36
TOTAL SALES
70,649,821
66,036,285
r37
TAX RESULT FOR THE YEAR
8,306,596
11,815,267
r38
NET SALES (**)
57,856,828
52,352,501
r39
OPERATING INCOME (**)
15,582,609
15,156,868
r40
CONTROLLING INTEREST NET INCOME (**)
7,683,389
6,007,143
r41
NET CONSOLIDATED INCOME (**)
8,515,927
6,582,697
r47
OPERATIVE DEPRECIATION AND AMORTIZATION
6,579,325
4,929,589
       
(**)  RESTATED INFORMATION FOR THE LAST TWELVE MONTHS.
 
 
 
 
 
 
 
QUARTERLY STATEMENTS OF INCOME
FROM OCTOBER 1 TO DECEMBER 31, 2010 AND 2009
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
RT
  
Amount
%
Amount
%
           
           
rt01
NET SALES
16,491,059
100
15,163,434
100
rt02
COST OF SALES
8,499,223
52
7,979,263
53
rt03
GROSS PROFIT
7,991,836
48
7,184,171
47
rt04
GENERAL EXPENSES
3,321,013
20
2,889,051
19
rt05
INCOME (LOSS) AFTER GENERAL EXPENSES
4,670,823
28
4,295,120
28
rt08
OTHER INCOME AND (EXPENSE), NET
(659,022)
(4)
(1,408,494)
(9)
rt06
INTEGRAL RESULT OF FINANCING
(704,267)
(4)
(916,871)
(6)
rt12
EQUITY IN NET INCOME OF NON-CONSOLIDATED
        
 
SUBSIDIARIES AND ASSOCIATES
(23,709)
(0)
(124,586)
0
rt48
NON-ORDINARY ITEMS
0
0
0
0
rt09
INCOME BEFORE INCOME TAXES
3,283,825
20
1,845,169
12
rt10
INCOME TAXES
565,457
3
880,684
6
rt11
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS
2,718,368
16
964,485
6
rt14
DISCONTINUED OPERATIONS
0
0
0
0
rt18
NET CONSOLIDATED INCOME
2,718,368
16
964,485
6
rt19
NET INCOME OF MINORITY INTEREST
93,873
1
(223,652)
(1)
rt20
NET INCOME OF MAJORITY INTEREST
2,624,495
16
1,188,137
8
           
 
 
 
 
 
QUARTERLY STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
 
REF
 
CONCEPTS
 
CURRENT YEAR
 
PREVIOUS YEAR
RT
  
Amount
%
Amount
%
           
           
rt01
NET SALES
16,491,059
100
15,163,434
100
rt21
DOMESTIC
14,258,944
86
13,198,341
87
rt22
FOREIGN
2,232,115
14
1,965,093
13
rt23
TRANSLATED INTO DOLLARS (***)
189,449
1
164,096
1
           
rt08
OTHER INCOME AND (EXPENSE), NET
(659,022)
100
(1,408,494)
100
rt49
OTHER INCOME AND (EXPENSE), NET
(644,362)
98
(1,378,626)
98
rt34
EMPLOYEES' PROFIT SHARING, CURRENT
21,036
(3)
32,874
(2)
rt35
EMPLOYEES' PROFIT SHARING, DEFERRED
(6,376)
1
(3,006)
0
           
rt06
INTEGRAL RESULT OF FINANCING
(704,267)
100
(916,871)
100
rt24
INTEREST EXPENSE
925,009
(131)
796,514
(87)
rt42
GAIN (LOSS) ON RESTATEMENT OF UDI'S
0
0
0
0
rt45
OTHER FINANCE COSTS
0
0
0
0
rt26
INTEREST INCOME
305,970
(43)
272,409
(30)
rt46
OTHER FINANCIAL PRODUCTS
0
0
0
0
rt25
FOREIGN EXCHANGE GAIN (LOSS), NET
(85,228)
12
(392,766)
43
rt28
RESULT FROM MONETARY POSITION
0
0
0
0
           
rt10
INCOME TAXES
565,457
100
880,684
100
rt32
INCOME TAX, CURRENT
1,416,832
251
1,821,183
207
rt33
INCOME TAX, DEFERRED
(851,375)
(151)
(940,499)
(107)
           
(***) FIGURES IN THOUSANDS OF U.S. DOLLARS AT THE EXCHANGE RATE AS OF THE END OF THE LAST REPORTED QUARTER.
 
 
 
 
 
QUARTERLY STATEMENTS OF INCOME
OTHER CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
RT
  
Amount
Amount
       
rt47
OPERATIVE DEPRECIATION AND AMORTIZATION
1,939,091
1,372,334
       
 
 
 
 
 
STATEMENTS OF CASH FLOWS (INDIRECT METHOD)
MAIN CONCEPTS
(Thousands of Mexican Pesos)
Final Printing
AUDITED INFORMATION CONSOLIDATED
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
E
  
Amount
Amount
 
OPERATING ACTIVITIES
    
e01
INCOME (LOSS) BEFORE INCOME TAXES
11,774,913
9,703,441
e02
 + (-) ITEMS NOT REQUIRING CASH
774,326
955,358
e03
 + (-) ITEMS RELATED TO INVESTING ACTIVITIES
6,032,686
6,759,270
e04
 + (-) ITEMS RELATED TO FINANCING ACTIVITIES
3,291,578
2,845,877
e05
CASH FLOW BEFORE INCOME TAX
21,873,503
20,263,946
e06
CASH FLOWS PROVIDED OR USED IN OPERATION
(5,008,595)
(5,128,371)
e07
NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
16,864,908
15,135,575
       
 
INVESTING ACTIVITIES
    
e08
NET CASH FLOWS FROM INVESTING ACTIVITIES
(27,273,868)
(11,052,228)
e09
CASH IN EXCESS (REQUIRED) FOR FINANCING ACTIVITIES
(10,408,960)
4,083,347
       
 
FINANCING ACTIVITIES
    
e10
NET CASH FLOWS FROM FINANCING ACTIVITIES
1,435,464
(7,640,883)
e11
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(8,973,496)
(3,557,536)
e12
TRANSLATION DIFFERENCES IN CASH AND CASH EQUIVALENTS
(44,115)
(105,530)
e13
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
29,960,142
33,604,554
e14
CASH AND CASH EQUIVALENTS AT END OF PERIOD
20,942,531
29,941,488
  
 
 
 
 
STATEMENTS OF CASH FLOWS (INDIRECT METHOD)
ANALYSIS OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
Final Printing
AUDITED INFORMATION CONSOLIDATED
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
E
  
Amount
Amount
       
e02
 + (-) ITEMS NOT REQUIRING CASH
774,326
955,358
e15
 + ESTIMATES FOR THE PERIOD
675,929
897,162
e16
 + PROVISIONS FOR THE PERIOD
-
-
e17
 + (-) OTHER UNREALIZED ITEMS
98,397
58,196
       
e03
 + (-) ITEMS RELATED TO INVESTING ACTIVITIES
6,032,686
6,759,270
e18
 + DEPRECIATION AND AMORTIZATION FOR THE PERIOD *
6,579,325
4,929,589
e19
 (-) + GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND
    
 
            EQUIPMENT
-
-
e20
 + IMPAIRMENT LOSS
250,581
1,160,094
e21
 (-) + EQUITY IN RESULTS OF ASSOCIATES AND JOINT VENTURES
211,930
715,327
e22
 (-) DIVIDENDS RECEIVED
-
-
e23
 (-) INTEREST INCOME
-
(19,531)
e24
 (-) + OTHER ITEMS
(1,009,150)
(26,209)
       
e04
 + (-) ITEMS RELATED TO FINANCING ACTIVITIES
3,291,578
2,845,877
e25
 + ACCRUED INTEREST
3,289,198
2,832,675
e26
 + (-) OTHER ITEMS
2,380
13,202
       
e06
CASH FLOWS PROVIDED OR USED IN OPERATION
(5,008,595)
(5,128,371)
e27
 + (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE
54,958
(1,082,292)
e28
 + (-) DECREASE (INCREASE) IN INVENTORIES
1,057,717
(719,793)
e29
 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE
(308,295)
(1,347,376)
e30
 + (-) INCREASE (DECREASE) IN SUPPLIERS
(230,648)
(80,920)
e31
 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES
(1,178,934)
2,384,052
e32
 + (-) INCOME TAXES PAID OR RETURNED
(4,403,393)
(4,282,042)
       
e08
NET CASH FLOWS FROM INVESTING ACTIVITIES
(27,273,868)
(11,052,228)
e33
 - PERMANENT INVESTMENT IN SHARES
(2,418,502)
(809,625)
e34
 + DISPOSITION OF PERMANENT INVESTMENT IN SHARES
1,807,419
57,800
e35
 -  INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT
(11,306,013)
(6,410,869)
e36
 + SALE OF PROPERTY, PLANT AND EQUIPMENT
915,364
248,148
e37
 -  INVESTMENT IN INTANGIBLE ASSETS
(712,070)
(569,601)
e38
 + DISPOSITION OF INTANGIBLE ASSETS
-
-
e39
 - OTHER PERMANENT INVESTMENTS
-
-
e40
 + DISPOSITION OF OTHER PERMANENT INVESTMENTS
-
-
e41
 + DIVIDEND RECEIVED
-
-
e42
 + INTEREST RECEIVED
-
-
e43
 + (-) DECREASE (INCREASE) ADVANCES AND LOANS TO
    
 
           THIRD PARTS
-
-
e44
 + (-) OTHER ITEMS
(15,560,066)
(3,568,081)
       
e10
NET CASH FLOWS FROM FINANCING ACTIVITIES
1,435,464
(7,640,883)
e45
 + BANK FINANCING
80,000
50,000
e46
 + STOCK MARKET FINANCING
10,000,000
7,612,055
e47
 + OTHER FINANCING
150,000
-
e48
(-) BANK FINANCING AMORTIZATION
(1,704,299)
(2,372,115)
e49
(-) STOCK MARKET FINANCING AMORTIZATION
(2,255,033)
-
e50
(-) OTHER FINANCING AMORTIZATION
(262,013)
(151,506)
e51
 + (-) INCREASE (DECREASE) IN CAPITAL STOCK
-
-
e52
(-) DIVIDENDS PAID
-
(9,163,857)
e53
 + PREMIUM ON ISSUANCE OF SHARES
-
-
e54
 + CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
-
-
e55
 - INTEREST EXPENSE
(3,003,076)
(2,807,843)
e56
 - REPURCHASE OF SHARES
(1,274,022)
(677,185)
e57
 + (-) OTHER ITEMS
(296,093)
(130,432)
  
* IN CASE THIS AMOUNT IS DIFFERENT FROM THE R47 ACCOUNT, IT WILL HAVE TO EXPLAIN IN NOTES.
 
 
 
 
 
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
CONSOLIDATED
AUDITED INFORMATION Final Printing
CONCEPTS
CONTRIBUTED CAPITAL
EARNED CAPITAL
NON-CONTROLLING INTEREST
TOTAL STOCKHOLDERS' EQUITY
CAPITAL STOCK ISSUED
ADDITIONAL PAID-IN CAPITAL
RETAINED EARNINGS
ACCUMULATED OTHER COMPREHENSIVE RESULT
TOTAL CONTROLLING INTEREST
RESERVES
EARNINGS (LOSSES) TO APPLY
RESULT FROM HOLDING NON-MONETARY ASSETS AND DEFERRED INCOME TAXES
OTHER COMPREHENSIVE RESULT
BALANCE AT DECEMBER 31, 2008
10,060,950
4,547,944
2,135,423
22,090,482
0
3,184,043
42,018,842
5,232,834
47,251,676
APPLICATION OF THE RESULT OF THE EXERCISE TO ACCUMULATED RESULTS
0
0
0
(7,803,652)
0
0
(7,803,652)
0
(7,803,652)
                   
CONSTITUTION OF RESERVES
0
0
0
0
0
0
0
0
0
                   
DIVIDENDS
0
0
0
(9,163,857)
0
0
(9,163,857)
0
(9,163,857)
                   
SHARE CANCELLATION
(41,091)
0
0
0
0
0
(41,091)
0
(41,091)
                   
REPURCHASE OF SHARES
0
0
0
121,356
0
0
121,356
0
121,356
                   
RESERVE FOR THE ACQUISITION OF SHARES
0
0
0
0
0
0
0
0
0
                   
(DECREASE) INCREASE IN PREMIUM ON ISSUANCE OF SHARES
0
0
0
0
0
0
0
0
0
                   
(DECREASE) INCREASE IN NON-CONTROLLING INTEREST
0
0
0
0
0
0
0
1,069,518
1,069,518
                   
COMPREHENSIVE INCOME (*)
0
0
0
12,820,415
-
217,782
13,038,197
0
13,038,197
BALANCE AT DECEMBER 31, 2009
10,019,859
4,547,944
2,135,423
18,064,744
0
3,401,825
38,169,795
6,302,352
44,472,147
RECLASSIFICATION INITIAL BALANCES RESULT FOR HOLDING OF MONETARY ASSETS AND DEFERRED TAX ON INCOME
0
0
0
0
0
0
0
0
0
                   
APPLICATION  OF THE RESULT OF THE EXERCISE TO ACCUMULATED RESULTS
0
0
0
(6,007,143)
0
0
(6,007,143)
0
(6,007,143)
                   
CONSTITUTION OF RESERVES
0
0
0
0
0
0
0
0
0
                   
DIVIDENDS
0
0
0
0
0
0
0
0
0
                   
SHARE CANCELLATION
0
0
0
0
0
0
0
0
0
                   
REPURCHASE OF SHARES
0
0
0
(969,552)
0
0
(969,552)
0
(969,552)
                   
RESERVE FOR THE ACQUISITION OF SHARES
0
0
0
0
0
0
0
0
0
                   
(DECREASE) INCREASE IN PREMIUM ON ISSUANCE OF SHARES
0
0
0
0
0
0
0
0
0
                   
(DECREASE) INCREASE IN NON-CONTROLLING INTEREST
0
0
0
0
0
0
0
490,926
490,926
                   
COMPREHENSIVE INCOME (*)
0
0
0
14,022,099
0
(150,716)
13,871,383
0
13,871,383
BALANCE AT DECEMBER 31, 2010
10,019,859
4,547,944
2,135,423
25,110,148
0
3,251,109
45,064,483
6,793,278
51,857,761
 
(*) INCLUDES EARNED AND RECYCLED
 
 
 
 
 
DATA PER SHARE
CONSOLIDATED
AUDITED INFORMATION Final Printing
           
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
D
  
Amount
Amount
               
d01
BASIC PROFIT PER ORDINARY SHARE (**)
$
0.02
  
$
0.02
  
               
d02
BASIC PROFIT PER PREFERRED SHARE (**)
$
0.00
  
$
0.00
  
               
d03
DILUTED PROFIT PER ORDINARY SHARE (**)
$
0.00
  
$
0.00
  
               
d04
EARNINGS (LOSS) BEFORE DISCONTINUED OPERATIONS
            
 
PER COMMON SHARE (**)
$
0.03
  
$
0.02
  
               
d05
DISCONTINUED OPERATION EFFECT ON EARNING (LOSS)
            
 
PER SHARE (**)
$
0.00
  
$
0.00
  
               
d08
CARRYING VALUE PER SHARE
$
0.14
  
$
0.12
  
               
d09
CASH DIVIDEND ACCUMULATED PER SHARE
$
0.00
  
$
0.02
  
               
d10
DIVIDEND IN SHARES PER SHARE
  
0.00
shares
  
0.00
shares
               
d11
MARKET PRICE TO CARRYING VALUE
  
3.94
times
  
3.98
times
               
d12
MARKET PRICE TO BASIC PROFIT PER ORDINARY SHARE (**)
  
23.24
times
  
25.48
times
               
d13
MARKET PRICE TO BASIC PROFIT PER PREFERRED SHARE (**)
  
0.00
times
  
0.00
times
               

(**) TO CALCULATE THE DATA PER SHARE, USE THE NET INCOME FOR THE LAST TWELVE MONTHS.
 
 
 
 
 
RATIOS
CONSOLIDATED
AUDITED INFORMATION Final Printing
REF
      
 
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
P
      
           
 
YIELD
        
p01
NET INCOME TO NET SALES
14.72
%
12.57
%
p02
NET INCOME TO STOCKHOLDERS' EQUITY (**)
16.42
%
14.80
%
p03
NET INCOME TO TOTAL ASSETS (**)
6.24
%
5.20
%
p04
CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME
0.00
%
117.43
%
p05
RESULT FROM MONETARY POSITION TO NET INCOME
0.00
%
0.00
%
           
 
ACTIVITY
        
p06
NET SALES TO NET ASSETS (**)
0.42
times
0.41
times
p07
NET SALES TO FIXED ASSETS (**)
1.50
times
1.58
times
p08
INVENTORIES TURNOVER (**)
5.87
times
4.56
times
p09
ACCOUNTS RECEIVABLE IN DAYS OF SALES
95
days
109
days
p10
PAID INTEREST TO TOTAL LIABILITIES WITH COST (**)
7.44
%
7.00
%
           
 
LEVERAGE
        
p11
TOTAL LIABILITIES TO TOTAL ASSETS
62.00
%
64.86
%
p12
TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY
1.63
times
1.85
times
p13
FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES
41.15
%
47.16
%
p14
LONG-TERM LIABILITIES TO FIXED ASSETS
121.20
%
130.47
%
p15
OPERATING INCOME TO INTEREST PAID
4.31
times
4.83
times
p16
NET SALES TO TOTAL LIABILITIES (**)
0.68
times
0.64
times
           
 
LIQUIDITY
        
p17
CURRENT ASSETS TO CURRENT LIABILITIES
4.07
times
5.55
times
p18
CURRENT ASSETS LESS INVENTORY TO CURRENT
        
 
LIABILITIES
3.71
times
5.06
times
p19
CURRENT ASSETS TO TOTAL LIABILITIES
0.71
times
0.83
times
p20
AVAILABLE ASSETS TO CURRENT LIABILITIES
142.26
%
243.05
%
           

 (**) FOR THESE RATIOS, THE DATA TAKE INTO CONSIDERATION THE LAST TWELVE MONTHS.
 
 
 
 
 
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
 
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
MEXICO CITY, D.F., MAY 3, 2011—GRUPO TELEVISA, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “TELEVISA” OR “THE COMPANY”), TODAY ANNOUNCED AUDITED RESULTS FOR FOURTH QUARTER AND FULL YEAR 2010. THE RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH MEXICAN FINANCIAL REPORTING STANDARDS (MEXICAN FRS).

THE FOLLOWING INFORMATION SETS FORTH A CONDENSED CONSOLIDATED STATEMENT OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009, IN MILLIONS OF MEXICAN PESOS, AS WELL AS THE PERCENTAGE OF NET SALES THAT EACH LINE REPRESENTS AND THE PERCENTAGE CHANGE WHEN COMPARING 2010 WITH 2009:

CONSOLIDATED NET SALES

CONSOLIDATED NET SALES INCREASED 10.5% TO PS.57,856.8 MILLION IN 2010 COMPARED WITH PS.52,352.5 MILLION IN 2009. THIS INCREASE WAS ATTRIBUTABLE TO REVENUE GROWTH ACROSS ALL OUR BUSINESS SEGMENTS WITH THE EXCEPTION OF PUBLISHING THAT UNDERWENT A RESTRUCTURING PROCESS. GROWTH WAS ESPECIALLY STRONG IN OUR TELECOM BUSINESSES.

CONTROLLING INTEREST NET INCOME

CONTROLLING INTEREST NET INCOME INCREASED 27.9% TO PS.7,683.4 MILLION IN 2010 COMPARED WITH PS.6,007.1 MILLION IN 2009. THE NET INCREASE OF PS.1,676.3 MILLION PRIMARILY REFLECTED I) A PS.425.7 MILLION INCREASE IN OPERATING INCOME; II) A PS.1,197.7 MILLION DECREASE IN OTHER EXPENSE, NET; AND III) A PS.503.4 MILLION DECREASE IN EQUITY IN LOSSES OF AFFILIATES, NET. THESE FAVORABLE VARIANCES WERE OFFSET BY I) A PS.55.3 MILLION INCREASE IN INTEGRAL COST OF FINANCING; II) A PS.138.3 MILLION INCREASE IN INCOME TAXES; AND III) A PS.256.9 MILLION INCREASE IN NON-CONTROLLING INTEREST NET INCOME.

FOURTH-QUARTER RESULTS AND FULL-YEAR RESULTS BY BUSINESS SEGMENT
 
THE FOLLOWING INFORMATION PRESENTS FOURTH-QUARTER RESULTS ENDED DECEMBER 31, 2010 AND 2009, AND FULL-YEAR RESULTS ENDED DECEMBER 31, 2010 AND 2009, FOR EACH OF OUR BUSINESS SEGMENTS. RESULTS FOR THE FOURTH QUARTER 2010 AND 2009 AND FULL YEAR 2010 AND 2009 ARE PRESENTED IN MILLIONS OF MEXICAN PESOS.

TELEVISION BROADCASTING

FOURTH-QUARTER SALES INCREASED 2.1% TO PS.6,889.4 MILLION COMPARED WITH PS.6,746.5 MILLION IN THE SAME PERIOD OF 2009. FOUR OF THE TOP-FIVE RATED SHOWS TRANSMITTED IN MEXICO THROUGH BROADCAST TELEVISION DURING THE QUARTER WERE TRANSMITTED AND PRODUCED BY TELEVISA.

FULL-YEAR SALES INCREASED 5.5% TO PS.22,750.1 MILLION COMPARED WITH PS.21,561.6 MILLION IN 2009, WHICH IS IN LINE WITH OUR GUIDANCE FOR THE YEAR. TELEVISA’S CONTENT CONTINUED TO OUTPERFORM WITH THE FINAL EPISODE OF THE NOVELA “SOY TU DUEÑA” BEING THE HIGHEST RATED PROGRAM TRANSMITTED IN MEXICO THROUGH BROADCAST TELEVISION DURING THE YEAR. ADDITIONALLY, NINE OF THE TOP-TEN RATED SHOWS ON OVER-THE-AIR TELEVISION IN MEXICO WERE TRANSMITTED BY TELEVISA. UPFRONT DEPOSITS REPRESENTED 78.3% OF REVENUES DURING THE YEAR AND THE REMAINING WERE SALES IN THE SPOT MARKET. THIS FIGURE COMPARES WITH 78.9% IN 2009.
 
FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 2.8% TO PS.3,438.2 MILLION COMPARED WITH PS.3,345 MILLION IN THE SAME PERIOD OF 2009, AND THE MARGIN WAS 49.9%.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 3.8% TO PS.10,714.3 MILLION COMPARED WITH PS.10,323.9 MILLION IN 2009; THE MARGIN WAS 47.1%. THE DECREASE IN MARGIN OF 80 BASIS POINTS WAS IN LINE WITH GUIDANCE AND IS PRIMARILY EXPLAINED BY THE TRANSMISSION DURING THE YEAR OF PROGRAMS PRODUCED AROUND THE SOCCER WORLD CUP AND THE SOCCER MATCHES, WHICH ARE LESS PROFITABLE THAN TELEVISA’S REGULAR PROGRAMMING.

PAY TELEVISION NETWORKS

FOURTH-QUARTER SALES INCREASED 15.7% TO PS.858 MILLION COMPARED WITH PS.741.8 MILLION IN THE SAME PERIOD OF 2009, MAINLY DRIVEN BY THE SUCCESS OF OUR PAY-TV CHANNELS AND THE GROWTH IN PAY-TV PENETRATION IN MEXICO.

FULL-YEAR SALES INCREASED 15% TO PS.3,146.2 MILLION COMPARED WITH PS.2,736.6 MILLION IN 2009. THE ANNUAL INCREASE WAS ACHIEVED IN SPITE OF A NEGATIVE TRANSLATION EFFECT OF FOREIGN-CURRENCY-DENOMINATED SALES; AND WAS DRIVEN BY HIGHER REVENUES FROM CHANNELS SOLD IN MEXICO AS WELL AS HIGHER ADVERTISING SALES, WHICH REPRESENTED IN 2010 22.7% OF SEGMENT REVENUE. AS OF DECEMBER 31, 2010, AND THROUGH OUR CABLE AND DTH AFFILIATES WORLDWIDE, OUR PAY TELEVISION NETWORKS BUSINESS REACHED 26 MILLION SUBSCRIBERS. SUBSCRIBERS ABROAD CARRY AN AVERAGE OF 3 TELEVISA PAY-TV CHANNELS EACH, WHILE SUBSCRIBERS IN MEXICO CARRY AN AVERAGE OF 11.4 TELEVISA PAY-TV CHANNELS EACH. SOME OF THE MOST SUCCESSFUL CHANNELS DURING THE YEAR INCLUDED “CLÁSICO TV” AND THE 2-HOUR DELAYED VERSION OF CHANNEL 2. ADDITIONALLY, DURING THE YEAR, TELEVISA SUCCESSFULLY ADDED TO ITS PORTFOLIO OF HIGH-DEFINITION CHANNELS “GOLDEN” AND “AMERICAN NETWORK”, AND LAUNCHED THE “TL NOVELA” CHANNEL IN BRAZIL.

FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 27.6% TO PS.514.2 MILLION COMPARED WITH PS.403 MILLION IN THE SAME PERIOD OF 2009, AND THE MARGIN INCREASED TO 59.9% MAINLY DUE TO THE ABSENCE OF AMORTIZATION COSTS RELATED TO THE TRANSMISSION OF THE 2010 SOCCER WORLD CUP.

FULL-YEAR OPERATING SEGMENT INCOME DECREASED MARGINALLY 2.3% TO PS.1,622 MILLION COMPARED WITH PS.1,660.4 MILLION IN 2009, AND THE MARGIN WAS 51.6%. THIS DECREASE REFLECTS AN INCREASE IN COST OF SALES AND OPERATING EXPENSES, DRIVEN MAINLY BY INVESTMENTS MADE IN THE PRODUCTION AND LAUNCH OF TWO NEW CHANNELS. IN AUGUST 2009 WE LAUNCHED OUR SPORTS PAY-TV CHANNEL, TELEVISA DEPORTES NETWORK (“TDN”), WHICH CARRIED ON AN EXCLUSIVE BASIS TEN OF THE 64 GAMES OF THE 2010 SOCCER WORLD CUP. ADDITIONALLY, IN FEBRUARY 2010 WE LAUNCHED FORO TV, OUR 24-HOURS NEWS PAY-TV CHANNEL, WHICH AS OF SEPTEMBER 2010 IS BROADCAST ON OUR FREE-TO-AIR CHANNEL 4.

PROGRAMMING EXPORTS

FOURTH-QUARTER SALES INCREASED 32% TO PS.1,010.2 MILLION COMPARED WITH PS.765.4 MILLION IN THE SAME PERIOD OF 2009. THE ROYALTY FROM UNIVISION INCREASED 12.6% QUARTER OVER QUARTER. THE REST OF THE GROWTH WAS DRIVEN BY HIGHER REVENUE ABROAD, SPECIFICALLY IN BRAZIL.

FULL-YEAR SALES INCREASED 8% TO PS.3,074.8 MILLION COMPARED WITH PS.2,845.9 MILLION IN 2009. THE ANNUAL INCREASE WAS ATTRIBUTABLE TO I) AN INCREASE IN ROYALTIES FROM UNIVISION, FROM US$143 MILLION IN 2009 TO US$156.1 MILLION IN 2010; AND II)  HIGHER PROGRAMMING SALES MAINLY IN EUROPE AS WELL AS HIGHER REVENUE FROM CO-PRODUCTIONS ABROAD. THIS INCREASE WAS PARTIALLY OFFSET BY A NEGATIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES AMOUNTING TO PS.160.2 MILLION.
 
FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 43.5% TO PS.543.9 MILLION COMPARED WITH PS.379.1 MILLION IN THE SAME PERIOD OF 2009, AND THE MARGIN REACHED A FOURTH-QUARTER RECORD HIGH OF 53.8%.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 4.6% TO PS.1,503.6 MILLION COMPARED WITH PS.1,437.2 MILLION IN 2009, AND THE MARGIN WAS 48.9%. THESE RESULTS REFLECT HIGHER SALES THAT WERE PARTIALLY OFFSET BY HIGHER COST OF SALES AND OPERATING EXPENSES.

PUBLISHING

FOURTH-QUARTER SALES REACHED THE SAME LEVEL OF SALES AS IN 2009, TO PS.944.4 MILLION IN 2010 COMPARED WITH PS.945.3 MILLION IN 2009.

FULL-YEAR SALES DECREASED 3.8% TO PS.3,229.6 MILLION COMPARED WITH PS.3,356.1 MILLION IN 2009. ADVERTISING SALES ABROAD INCREASED, BUT WERE IMPACTED BY A NEGATIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES WHICH PARTLY EXPLAINS THE DECREASE IN REVENUE. AS PART OF THE RESTRUCTURING OF THE BUSINESS, WHICH INCLUDED TAKING SOME MAGAZINES OFF THE MARKET, MAGAZINE CIRCULATION IN MEXICO WAS LOWER AND CONSEQUENTLY SO WAS ADVERTISING REVENUE.

FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED PS.175.1 MILLION TO PS.176.2 MILLION COMPARED WITH PS.1.1 MILLION IN THE SAME PERIOD OF 2009, AND THE MARGIN REACHED 18.7%.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 123% TO PS.425.3 MILLION COMPARED WITH PS.190.7 MILLION IN 2009, AND THE MARGIN IMPROVED TO 13.2%. THIS INCREASE REFLECTS I) LOWER PAPER AND PRINTING COSTS IN CONNECTION WITH THE RESTRUCTURING PROCESS; AND II) LOWER OPERATING EXPENSES DUE TO NON-RECURRENT CHARGES SUCH AS A DECREASE IN ALLOWANCES AND DOUBTFUL ACCOUNTS.

SKY

FOURTH-QUARTER SALES INCREASED 9% TO PS.2,874.7 MILLION COMPARED WITH PS.2,637.5 MILLION IN THE SAME PERIOD OF 2009. DURING THE QUARTER, SKY ADDED A TOTAL OF 291 THOUSAND SUBSCRIBERS MAINLY IN MEXICO.

FULL-YEAR SALES INCREASED 12.4% TO PS.11,248.2 MILLION COMPARED WITH PS.10,005.2 MILLION IN 2009. THE ANNUAL INCREASE WAS DRIVEN BY SOLID GROWTH IN THE SUBSCRIBER BASE IN MEXICO EXPLAINED MAINLY BY THE SUCCESS OF SKY´S NEW LOW-COST OFFERINGS. ADDITIONALLY, SKY TRANSMITTED EXCLUSIVELY 24 MATCHES OF THE 2010 SOCCER WORLD CUP AND IN SOME PACKAGES SOLD IT AS A PAY-PER-VIEW EVENT. AS OF DECEMBER 31, 2010, THE NUMBER OF GROSS ACTIVE SUBSCRIBERS INCREASED TO 3,044,028 (INCLUDING 149,899 COMMERCIAL SUBSCRIBERS), COMPARED WITH 1,959,722 (INCLUDING 144,326 COMMERCIAL SUBSCRIBERS) AS OF DECEMBER 31, 2009. SKY CLOSED THE QUARTER WITH MORE THAN 145 THOUSAND SUBSCRIBERS IN CENTRAL AMERICA AND THE DOMINICAN REPUBLIC.

FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 11.3% TO PS.1,273.9 MILLION COMPARED WITH PS.1,144.3 MILLION IN THE SAME PERIOD OF 2009, AND THE MARGIN INCREASED TO 44.3% MAINLY DUE TO THE ABSENCE OF COSTS AMORTIZED RELATED TO THE EXCLUSIVE TRANSMISSION OF CERTAIN MATCHES OF THE 2010 SOCCER WORLD CUP.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 13.3% TO PS.5,074.5 MILLION COMPARED WITH PS.4,478.8 MILLION IN 2009, AND THE MARGIN INCREASED TO 45.1%. THIS INCREASE REFLECTS HIGHER SALES AS WELL AS A REDUCTION IN THE AMOUNT OF COSTS AMORTIZED RELATED TO THE EXCLUSIVE TRANSMISSION OF CERTAIN 2010 WORLD CUP MATCHES. THESE VARIANCES WERE PARTIALLY OFFSET BY HIGHER OPERATING EXPENSES.

CABLE AND TELECOM

FOURTH-QUARTER SALES INCREASED 19.4% TO PS.3,171.2 MILLION COMPARED WITH PS.2,655 MILLION IN THE SAME PERIOD OF 2009 DRIVEN BY THE GROWTH IN ALL OUR CABLE PLATFORMS.

FULL-YEAR SALES INCREASED 27.8% TO PS.11,814.2 MILLION COMPARED WITH PS.9,241.8 MILLION IN 2009. THIS INCREASE WAS ATTRIBUTABLE TO I) THE CONSOLIDATION OF CABLEVISION DE MONTERREY (“TVI”) STARTING OCTOBER 1, 2009, WHICH REPRESENTED INCREMENTAL SALES OF PS.1,463.5 MILLION; AND II) THE ADDITION OF MORE THAN 356,000 REVENUE GENERATING UNITS (RGUS) IN CABLEVISIÓN AND CABLEMÁS DURING THE YEAR DRIVEN MAINLY BY THE SUCCESS OF OUR COMPETITIVE TRIPLE-PLAY BUNDLES. DURING THE YEAR, CABLEVISIÓN, CABLEMÁS, AND BESTEL NET SALES INCREASED 15.7%, 11.3%, AND 15.4%, RESPECTIVELY.

THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF SUBSCRIBERS FOR EACH OF OUR THREE CABLE AND TELECOM SUBSIDIARIES AS OF DECEMBER 31, 2010:

THE SUBSCRIBER BASE OF CABLEVISIÓN FOR VIDEO, BROADBAND AND TELEPHONY AS OF DECEMBER 31, 2010, AMOUNTED TO 668,985, 299,157 AND 190,441, RESPECTIVELY.

THE SUBSCRIBER BASE OF CABLEMÁS FOR VIDEO, BROADBAND AND TELEPHONY AS OF DECEMBER 31, 2010, AMOUNTED TO 997,239, 360,049 AND 205,180, RESPECTIVELY.

THE SUBSCRIBER BASE OF TVI FOR VIDEO, BROADBAND AND TELEPHONY AS OF DECEMBER 31, 2010, AMOUNTED TO 301,698, 147,268 AND 106,129, RESPECTIVELY.

THE RGUS OF CABLEVISIÓN, CABLEMÁS AND TVI AS OF DECEMBER 31, 2010, AMOUNTED TO 1,158,583, 1,562,468 AND 555,095, RESPECTIVELY.

FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 39% TO PS.1,094 MILLION COMPARED WITH PS.787 MILLION IN THE SAME PERIOD OF 2009, AND THE MARGIN INCREASED TO 34.5%. BESTEL CONTRIBUTED TO THE MARGIN EXPANSION BY IMPROVING THE MIX OF THE SERVICES SOLD, DECREASING THE REVENUE SHARE OF LESS PROFITABLE SERVICES SUCH AS LONG DISTANCE CALLS. EXCLUDING BESTEL, THE MARGIN FOR THE CABLE OPERATIONS ALONE WAS, IN THE AGGREGATE, 37.7%, COMPARED WITH 33.7% DURING FOURTH-QUARTER 2009.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 31.5% TO PS.3,907.2 MILLION COMPARED WITH PS.2,971.9 MILLION IN 2009, AND THE MARGIN INCREASED TO 33.1%. THESE RESULTS REFLECT CONTINUED GROWTH IN THE CABLE PLATFORMS AS WELL AS A POSITIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED COSTS. THE MARGIN EXPANSION IS MAINLY EXPLAINED BY THE HOMOLOGATION OF ACCOUNTING CRITERIA BETWEEN TVI AND OUR OTHER CABLE PLATFORMS, RESULTING IN A POSITIVE EFFECT IN TVI’S MARGINS.

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

THE REVENUES OF 2010 OF CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.3,910.2 MILLION, PS.4,065.2 MILLION, PS.1,854.5 MILLION AND PS.2,280.3 MILLION, RESPECTIVELY.

THE OPERATING SEGMENT INCOME OF 2010 OF CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.1,505.1 MILLION, PS.1,523.2 MILLION, PS.764.4 MILLION AND PS.318 MILLION, RESPECTIVELY.

THESE RESULTS DO NOT INCLUDE CONSOLIDATION ADJUSTMENTS OF PS.296 MILLION IN REVENUES AND PS.203.5 MILLION IN OPERATING SEGMENT INCOME, WHICH ARE CONSIDERED IN THE CONSOLIDATED RESULTS OF CABLE AND TELECOM.

OTHER BUSINESSES

FOURTH-QUARTER SALES INCREASED 8.8% TO PS.1,043.8 MILLION COMPARED WITH PS.959.4 MILLION IN THE SAME PERIOD OF 2009 DRIVEN PRINCIPALLY BY OUR SOCCER AND GAMING BUSINESSES. THESE POSITIVE VARIANCES WERE PARTIALLY OFFSET BY LOWER REVENUES IN OUR FEATURE-FILM DISTRIBUTION BUSINESS.

FULL-YEAR SALES INCREASED MARGINALLY 1.1% TO PS.3,812.3 MILLION COMPARED WITH PS.3,771.4 MILLION IN 2009. BUSINESSES THAT PERFORMED WELL INCLUDE GAMING, SOCCER, AND RADIO. THE RESULTS OF GAMING WERE DRIVEN BY THE CONTINUED SUCCESS OF THE SOCCER-RELATED LOTTERY GAME LAUNCHED IN JANUARY AND THE RADIO BUSINESS BENEFITED FROM SOCCER WORLD CUP ADVERTISING REVENUES. THESE FAVORABLE VARIANCES WERE OFFSET BY THE TERMINATION OF A DISTRIBUTION AGREEMENT WITH WARNER BROTHERS PICTURES IN DECEMBER 2009.

FOURTH-QUARTER OPERATING SEGMENT LOSS DECREASED 50.9% TO A LOSS OF PS.107.1 MILLION COMPARED WITH A LOSS OF PS.218.2 MILLION IN THE SAME PERIOD OF 2009.

FULL-YEAR OPERATING SEGMENT LOSS DECREASED 42.2% TO PS.184 MILLION COMPARED WITH PS.318.2 MILLION IN 2009, REFLECTING A REDUCTION IN LOSSES IN OUR SOCCER, GAMING AND PUBLISHING DISTRIBUTION BUSINESSES, AS WELL AS AN INCREASE IN THE OPERATING INCOME OF OUR RADIO BUSINESS.

INTERSEGMENT OPERATIONS

INTERSEGMENT OPERATIONS FOR 2010 AND 2009 AMOUNTED TO PS.1,218.6 MILLION AND PS.1,166.1 MILLION, RESPECTIVELY.
 
CORPORATE EXPENSES

SHARE-BASED COMPENSATION EXPENSE IN 2010 AND 2009 AMOUNTED TO PS.560.6 MILLION AND PS.375.7 MILLION, RESPECTIVELY, AND WAS ACCOUNTED FOR AS CORPORATE EXPENSE. SHARE-BASED COMPENSATION EXPENSE IS MEASURED AT FAIR VALUE AT THE TIME THE EQUITY BENEFITS ARE GRANTED TO OFFICERS AND EMPLOYEES, AND IS RECOGNIZED OVER THE VESTING PERIOD.

NON-OPERATING RESULTS

OTHER EXPENSE, NET

OTHER EXPENSE, NET, IN THE YEAR ENDED DECEMBER 31, 2010, INCLUDED EXPENSES RELATED TO FINANCIAL ADVISORY AND PROFESSIONAL SERVICES MAINLY ASSOCIATED WITH THE UNIVISION TRANSACTION, LOSS ON DISPOSITION OF PROPERTY AND EQUIPMENT, NON-RECURRING EXPENSES IN CONNECTION WITH THE REFINANCING OF DEBT IN OUR CABLE AND TELECOM SEGMENT, AND AN IMPAIRMENT ADJUSTMENT TO THE CARRYING VALUE OF GOODWILL OF A BUSINESS WITHIN OUR PUBLISHING SEGMENT. THESE EXPENSES WERE PARTIALLY OFFSET BY A NET GAIN ON DISPOSITION OF INVESTMENTS.

OTHER EXPENSE, NET, DECREASED BY PS.1,197.7 MILLION, OR 67.9%, TO PS.567.2 MILLION FOR THE YEAR ENDED DECEMBER 31, 2010, COMPARED WITH PS.1,764.9 MILLION FOR THE YEAR ENDED DECEMBER 31, 2009. THIS DECREASE REFLECTED PRIMARILY A REDUCTION IN NON-CASH IMPAIRMENT ADJUSTMENTS TO THE CARRYING VALUE OF GOODWILL IN OUR CABLE AND TELECOM, TELEVISION BROADCASTING AND PUBLISHING SEGMENTS, AS WELL AS THE GAIN ON DISPOSITION OF INVESTMENTS IN SHARES, WHICH EFFECT WAS PARTIALLY OFFSET BY NON-RECURRING EXPENSES RELATED TO THE REFINANCING OF DEBT OF CABLEMÁS, AND INCREASES IN OTHER EXPENSES RELATED TO FINANCIAL ADVISORY AND PROFESSIONAL SERVICES AND THE DISPOSITION OF EQUIPMENT.

INTEGRAL COST OF FINANCING

THE NET EXPENSE ATTRIBUTABLE TO INTEGRAL COST OF FINANCING INCREASED BY PS.55.3 MILLION, OR 1.9%, TO PS.3,028.6 MILLION FOR THE YEAR ENDED DECEMBER 31, 2010 FROM PS.2,973.3 MILLION FOR THE YEAR ENDED DECEMBER 31, 2009. THIS VARIANCE PRIMARILY REFLECTED I) A PS.478.9 MILLION INCREASE IN INTEREST EXPENSE, DUE MAINLY TO A HIGHER AVERAGE PRINCIPAL AMOUNT OF LONG-TERM DEBT IN 2010; AND II) A PS.5.9 MILLION DECREASE IN INTEREST INCOME EXPLAINED PRIMARILY BY A REDUCTION OF INTEREST RATES APPLICABLE TO CASH EQUIVALENTS AND TEMPORARY INVESTMENTS IN 2010. THESE UNFAVORABLE VARIANCES WERE OFFSET BY A PS.429.5 MILLION DECREASE IN FOREIGN EXCHANGE LOSS RESULTING PRIMARILY FROM THE FAVORABLE EFFECT OF A 5.5% APPRECIATION OF THE MEXICAN PESO AGAINST THE US DOLLAR IN 2010 ON OUR AVERAGE NET US DOLLAR LIABILITY POSITION IN 2010, WHICH CHANGED FROM A NET US DOLLAR ASSET POSITION IN 2009.

EQUITY IN LOSSES OF AFFILIATES, NET

EQUITY IN LOSSES OF AFFILIATES, NET, DECREASED BY PS.503.4 MILLION, OR 70.4%, TO PS.211.9 MILLION IN 2010 COMPARED WITH PS.715.3 MILLION IN 2009. THIS DECREASE REFLECTED MAINLY A REDUCTION IN EQUITY IN LOSS OF LA SEXTA, OUR 40.5% INTEREST IN A FREE-TO-AIR TELEVISION CHANNEL IN SPAIN. THIS DECREASE WAS PARTIALLY OFFSET BY THE ABSENCE OF EQUITY IN EARNINGS OF I) VOLARIS, AS WE DISPOSED OF THIS INVESTMENT IN THE THIRD QUARTER OF 2010; AND II) TVI, AS WE BEGAN CONSOLIDATING ITS ASSETS, LIABILITIES AND RESULT OF OPERATIONS IN OUR CONSOLIDATED FINANCIAL STATEMENTS EFFECTIVE IN THE FOURTH QUARTER OF 2009. EQUITY IN LOSSES OF AFFILIATES, NET, FOR THE YEAR ENDED DECEMBER 31, 2010, IS COMPRISED FOR THE MOST PART OF THE EQUITY IN LOSS OF LA SEXTA, WHICH WAS PARTIALLY OFFSET BY THE EQUITY IN EARNINGS OF OTHER ASSOCIATES.

INCOME TAXES

INCOME TAXES INCREASED BY PS.138.3 MILLION, OR 4.4%, TO PS.3,259 MILLION IN 2010 FROM PS.3,120.7 MILLION IN 2009. THIS INCREASE REFLECTED PRIMARILY A HIGHER INCOME TAX BASE, WHICH WAS PARTIALLY OFFSET BY A LOWER EFFECTIVE INCOME TAX RATE.

NON-CONTROLLING INTEREST NET INCOME

NON-CONTROLLING INTEREST NET INCOME INCREASED BY PS.256.9 MILLION, OR 44.6%, TO PS.832.5 MILLION IN 2010, FROM PS.575.6 MILLION IN 2009. THIS INCREASE PRIMARILY REFLECTED A HIGHER PORTION OF CONSOLIDATED NET INCOME ATTRIBUTABLE TO INTERESTS HELD BY NON-CONTROLLING STOCKHOLDERS IN OUR CABLE AND TELECOM AND SKY SEGMENTS.

OTHER RELEVANT INFORMATION

CAPITAL EXPENDITURES AND INVESTMENTS

DURING 2010, WE INVESTED APPROXIMATELY US$1,011 MILLION IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES, INCLUDING APPROXIMATELY US$438.5 MILLION FOR OUR CABLE AND TELECOM SEGMENT, US$436.6 MILLION FOR OUR SKY SEGMENT, US$12.5 MILLION FOR OUR GAMING BUSINESS, AND US$123.4 MILLION FOR OUR TELEVISION BROADCASTING SEGMENT AND OTHER BUSINESSES. IN ADDITION, WE MADE LOANS IN THE FIRST HALF OF 2010 IN CONNECTION WITH OUR 40.5% INTEREST IN LA SEXTA IN THE AMOUNT OF €21.5 MILLION (PS.354.3 MILLION).

OUR INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT IN OUR CABLE AND TELECOM SEGMENT DURING 2010 INCLUDED APPROXIMATELY US$235.1 MILLION FOR CABLEVISIÓN, US$104.7 MILLION FOR CABLEMÁS, US$55.2 MILLION FOR TVI, AND US$43.5 MILLION FOR BESTEL.

INCLUDED IN OUR FULL-YEAR REPORTED CAPITAL EXPENDITURES ARE CERTAIN NON-RECURRENT ITEMS SUCH AS US$143.5 MILLION RELATED TO BUILDING AND LAUNCHING DURING FIRST-QUARTER 2010 A NEW 24-TRANSPONDER SATELLITE (“IS-16”). ADDITIONALLY, CABLEVISION’S CAPITAL EXPENDITURES INCLUDE INVESTMENTS RELATED TO AN EXPANSION PROJECT: GRAND SLAM.
 
ON DECEMBER 20, 2010, WE INVESTED US$1,255 MILLION IN CASH IN BROADCASTING MEDIA PARTNERS, INC. ("BMP"), THE CONTROLLING COMPANY OF UNIVISION, IN EXCHANGE FOR A 5% EQUITY STAKE OF THE OUTSTANDING COMMON STOCK OF BMP AND US$1,125 MILLION PRINCIPAL AMOUNT DEBENTURES DUE 2025 BEARING INTEREST AT AN ANNUAL RATE OF 1.5%, THAT ARE INITIALLY CONVERTIBLE INTO A 30% EQUITY STAKE IN THE COMMON STOCK OF BMP, SUBJECT TO APPLICABLE LAWS AND REGULATIONS OF THE UNITED STATES, AS WELL AS CERTAIN OTHER CONDITIONS AGREED AMONG THE PARTIES. WE ALSO HAVE THE OPTION TO ACQUIRE AN ADDITIONAL 5% EQUITY STAKE IN BMP AT FAIR MARKET VALUE, SUBJECT TO CERTAIN LIMITATIONS ON THE EXERCISE OF THE OPTION. IN CONNECTION WITH THE INVESTMENT, WE SOLD OUR 50% INTEREST IN TUTV TO UNIVISION FOR THE AMOUNT OF US$55 MILLION.

DEBT AND CAPITAL LEASE OBLIGATIONS

THE TOTAL CONSOLIDATED DEBT AMOUNTED TO PS.47,964.8 MILLION AND PS.43,416.2 MILLION AS OF DECEMBER 31, 2010 AND 2009, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF LONG-TERM DEBT IN THE AMOUNT OF PS.1,469.1 MILLION AND PS.1,433 MILLION, RESPECTIVELY.

ADDITIONALLY, WE HAD CAPITAL LEASE OBLIGATIONS IN THE AMOUNT OF PS.629.8 MILLION AND PS.1,401.8 MILLION AS OF DECEMBER 31, 2010 AND 2009, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF PS.280.1 MILLION AND PS.235.3 MILLION, RESPECTIVELY.

AS OF DECEMBER 31, 2010 AND 2009, OUR CONSOLIDATED NET DEBT POSITION (TOTAL DEBT LESS CASH AND CASH EQUIVALENTS, TEMPORARY INVESTMENTS, AND NONCURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS) WAS PS.12,717.3 MILLION AND PS.576.3 MILLION, RESPECTIVELY. THE AGGREGATE AMOUNT OF NON-CURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS AS OF DECEMBER 31, 2010 AND 2009, WAS PS.3,858.1 MILLION AND PS.3,996.1 MILLION, RESPECTIVELY.

IN OCTOBER 2010, WE ISSUED 7.38% NOTES (“CERTIFICADOS BURSÁTILES”) DUE 2020 THROUGH THE MEXICAN STOCK EXCHANGE (“BOLSA MEXICANA DE VALORES”) IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.10,000 MILLION, WITH INTEREST PAYABLE SEMI-ANNUALLY.

IN NOVEMBER 2010, CABLEMÁS, OUR MAJORITY-OWNED SUBSIDIARY, PREPAID ALL OF ITS OUTSTANDING GUARANTEED SENIOR NOTES AS WELL AS AN OUTSTANDING BANK LOAN FACILITY FOR AN AGGREGATE AMOUNT OF US$233 MILLION, INCLUDING ACCRUED INTEREST AND A PREMIUM. THIS REFINANCING OF THE DEBT OF CABLEMÁS WAS CARRIED OUT THROUGH A PS.2,500 MILLION LOAN FACILITY PROVIDED TO CABLEMÁS BY A SUBSIDIARY OF US, WITH AN INTEREST RATE OF 9.30%, AND IS DUE IN NOVEMBER 2020.

SHARES REPURCHASED AND OUTSTANDING

DURING 2010, WE REPURCHASED APPROXIMATELY 25.5 MILLION CPOS IN THE AGGREGATE AMOUNT OF PS.1,274 MILLION.

AS OF DECEMBER 31, 2010 AND 2009, OUR SHARES OUTSTANDING AMOUNTED TO 325,023 MILLION AND 327,230.6 MILLION SHARES, RESPECTIVELY, AND OUR CPO EQUIVALENTS OUTSTANDING AMOUNTED TO 2,778 MILLION AND 2,796.8 MILLION CPO EQUIVALENTS, RESPECTIVELY. NOT ALL OF OUR SHARES ARE IN THE FORM OF CPOS. THE NUMBER OF CPO EQUIVALENTS IS CALCULATED BY DIVIDING THE NUMBER OF SHARES OUTSTANDING BY 117.

AS OF DECEMBER 31, 2010 AND 2009, THE GDS (GLOBAL DEPOSITARY SHARES) EQUIVALENTS OUTSTANDING AMOUNTED TO 555.6 MILLION AND 559.4 MILLION GDS EQUIVALENTS, RESPECTIVELY. THE NUMBER OF GDS EQUIVALENTS IS CALCULATED BY DIVIDING THE NUMBER OF CPO EQUIVALENTS BY FIVE.
 
TELEVISION RATINGS AND AUDIENCE SHARE

NATIONAL URBAN RATINGS AND AUDIENCE SHARE REPORTED BY IBOPE CONFIRM THAT, IN 2010, 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 70.5%; IN PRIME TIME (16:00 TO 23:00, MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 68%; AND IN SIGN-ON TO SIGN-OFF (6:00 TO 24:00, MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 69.6%.

ABOUT TELEVISA

GRUPO TELEVISA, S.A.B., IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING WORLD BASED ON ITS MARKET CAPITALIZATION AND A MAJOR PARTICIPANT IN THE INTERNATIONAL ENTERTAINMENT BUSINESS. IT HAS INTERESTS IN TELEVISION PRODUCTION AND BROADCASTING, PRODUCTION OF PAY-TELEVISION NETWORKS, INTERNATIONAL DISTRIBUTION OF TELEVISION PROGRAMMING, DIRECT-TO-HOME SATELLITE SERVICES, CABLE TELEVISION AND TELECOMMUNICATION SERVICES, MAGAZINE PUBLISHING AND DISTRIBUTION, RADIO PRODUCTION AND BROADCASTING, PROFESSIONAL SPORTS AND LIVE ENTERTAINMENT, FEATURE-FILM PRODUCTION AND DISTRIBUTION, THE OPERATION OF A HORIZONTAL INTERNET PORTAL, AND GAMING. GRUPO TELEVISA ALSO OWNS AN UNCONSOLIDATED EQUITY STAKE IN LA SEXTA, A FREE-TO-AIR TELEVISION VENTURE IN SPAIN.

DISCLAIMER

THIS ANNEX CONTAINS FORWARD-LOOKING STATEMENTS REGARDING THE COMPANY’S RESULTS AND PROSPECTS. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THESE STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS ANNEX SHOULD BE READ IN CONJUNCTION WITH THE FACTORS DESCRIBED IN “ITEM 3. KEY INFORMATION – FORWARD-LOOKING STATEMENTS” IN THE COMPANY’S ANNUAL REPORT ON FORM 20-F, WHICH, AMONG OTHERS, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS MADE IN THIS ANNEX AND IN ORAL STATEMENTS MADE BY AUTHORIZED OFFICERS OF THE COMPANY. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THEIR DATES. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
 
 
 
 
 
FINANCIAL STATEMENT NOTES
 
 
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
 
GRUPO TELEVISA, S.A.B.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009
(IN THOUSANDS OF MEXICAN PESOS, EXCEPT PER CPO AND PER SHARE AMOUNTS)

1.         ACCOUNTING POLICIES:

THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A.B. (THE "COMPANY") AND ITS CONSOLIDATED ENTITIES (COLLECTIVELY, THE "GROUP"), AS OF DECEMBER 31, 2010 AND 2009, AND FOR THE YEARS ENDED ON THOSE DATES, ARE UNAUDITED. IN THE OPINION OF MANAGEMENT, ALL ADJUSTMENTS (CONSISTING PRINCIPALLY OF NORMAL RECURRING ADJUSTMENTS) NECESSARY FOR A FAIR PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN INCLUDED THEREIN.

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

            EFFECTIVE OCTOBER 1, 2009, THE GROUP BEGAN CONSOLIDATING THE ASSETS, LIABILITIES AND RESULTS OF OPERATIONS OF TELEVISIÓN INTERNACIONAL, S.A. DE C.V. AND SUBSIDIARIES (COLLECTIVELY, “TVI”) IN ITS CONSOLIDATED FINANCIAL STATEMENTS. BEFORE THAT DATE, THE GROUP ACCOUNTED FOR ITS INVESTMENT IN TVI BY APPLYING THE EQUITY METHOD.

2.         PROPERTY, PLANT AND EQUIPMENT:

PROPERTY, PLANT AND EQUIPMENT AS OF DECEMBER 31 CONSISTED OF:

   
2010
    
2009
  
    BUILDINGS
   Ps. 9,466,384     Ps. 9,424,738  
    BUILDING IMPROVEMENTS
     1,698,781       1,670,084  
    TECHNICAL EQUIPMENT
     45,520,020       38,838,481  
    SATELLITE TRANSPONDERS
     3,593,873       1,789,890  
    FURNITURE AND FIXTURES
     826,076       836,038  
    TRANSPORTATION EQUIPMENT
     2,525,029       1,559,816  
    COMPUTER EQUIPMENT
     3,671,449       3,089,962  
    LEASEHOLD IMPROVEMENTS
     1,303,689       1,383,541  
      68,605,301       58,592,550  
    ACCUMULATED DEPRECIATION
     (36,900,013 )     (32,145,471 )
      31,705,288       26,447,079  
    LAND
     4,085,914       4,648,171  
    CONSTRUCTION AND PROJECTS IN PROGRESS
     2,860,645       1,976,214  
    Ps. 38,651,847     Ps. 33,071,464  

DEPRECIATION CHARGED TO INCOME FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 WAS PS.5,697,642 AND PS.4,390,339, RESPECTIVELY.
 
3.        LONG-TERM DEBT SECURITIES:
 
AS OF DECEMBER 31, THE GROUP'S CONSOLIDATED SHORT-TERM AND LONG-TERM DEBT SECURITIES OUTSTANDING WERE AS FOLLOWS:

   
2010
    
2009
  
 
 
LONG-TERM DEBT SECURITIES
  
THOUSANDS
OF
 U.S. DOLLARS
    
MEXICAN
PESOS
    
THOUSANDS
OF
 U.S. DOLLARS
    
MEXICAN
PESOS
  
8.0% SENIOR NOTES DUE 2011 (A)
   U.S.$ 71,951     Ps. 889,142     U.S.$ 71,951     Ps. 941,119  
6.0% SENIOR NOTES DUE 2018 (A)
     500,000       6,178,800       500,000       6,540,000  
6.625% SENIOR NOTES DUE 2025 (A)
     600,000       7,414,560       600,000       7,848,000  
8.5% SENIOR NOTES DUE 2032 (A)
     300,000       3,707,280       300,000       3,924,000  
8.49% SENIOR NOTES DUE 2037 (A)
     -       4,500,000       -       4,500,000  
9.375% SENIOR GUARANTEED NOTES DUE 2015 (B)
     -       -        174,700       2,285,076  
6.625% SENIOR NOTES DUE 2040 (A)     600,000       7,414,560       600,000       7,848,000  
7.38% CEBUR DUE 2020 (C)
      -        10,000,000        -        -  
    U.S.$ 2,071,951     Ps. 40,104,342     U.S.$ 2,246,651     Ps. 33,886,195  

(A)  
THESE SENIOR NOTES ARE UNSECURED OBLIGATIONS OF THE COMPANY, RANK EQUALLY IN RIGHT OF PAYMENT WITH ALL EXISTING AND FUTURE UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF THE COMPANY, AND ARE JUNIOR IN RIGHT OF PAYMENT TO ALL OF THE EXISTING AND FUTURE LIABILITIES OF THE COMPANY’S SUBSIDIARIES. INTEREST ON THE SENIOR NOTES DUE 2011, 2018, 2025, 2032, 2037 AND 2040, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 8.41%, 6.31%, 6.97%, 8.94%, 8.93% AND 6.97% PER ANNUM, RESPECTIVELY, AND IS PAYABLE SEMI-ANNUALLY. THESE SENIOR NOTES MAY NOT BE REDEEMED PRIOR TO MATURITY, EXCEPT (I) IN THE EVENT OF CERTAIN CHANGES IN LAW AFFECTING THE MEXICAN WITHHOLDING TAX TREATMENT OF CERTAIN PAYMENTS ON THE SECURITIES, IN WHICH CASE THE SECURITIES WILL BE REDEEMABLE, AS A WHOLE BUT NOT IN PART, AT THE OPTION OF THE COMPANY; AND (II) IN THE EVENT OF A CHANGE OF CONTROL, IN WHICH CASE THE COMPANY MAY BE REQUIRED TO REDEEM THE SECURITIES AT 101% OF THEIR PRINCIPAL AMOUNT. ALSO, THE COMPANY MAY, AT ITS OWN OPTION, REDEEM THE SENIOR NOTES DUE 2018, 2025, 2037 AND 2040, IN WHOLE OR IN PART, AT ANY TIME AT A REDEMPTION PRICE EQUAL TO THE GREATER OF THE PRINCIPAL AMOUNT OF THESE SENIOR NOTES OR THE PRESENT VALUE OF FUTURE CASH FLOWS, AT THE REDEMPTION DATE, OF PRINCIPAL AND INTEREST AMOUNTS OF THE SENIOR NOTES DISCOUNTED AT A FIXED RATE OF COMPARABLE U.S. OR MEXICAN SOVEREIGN BONDS. THE AGREEMENT OF THESE SENIOR NOTES CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PAY TELEVISION NETWORKS AND PROGRAMMING EXPORTS TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS. ALL OF THESE SENIOR NOTES DUE 2011, 2018, 2025, 2032, 2037 AND 2040 ARE REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION.

(B)  
THESE SENIOR GUARANTEED NOTES WERE UNSECURED OBLIGATIONS OF CABLEMÁS AND ITS RESTRICTED SUBSIDIARIES AND WERE GUARANTEED BY SUCH RESTRICTED SUBSIDIARIES, RANKED EQUALLY IN RIGHT OF PAYMENT WITH ALL EXISTING AND FUTURE UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF CABLEMÁS AND ITS RESTRICTED SUBSIDIARIES, AND WERE JUNIOR IN RIGHT OF PAYMENT TO ALL OF THE EXISTING AND FUTURE SECURED INDEBTEDNESS OF CABLEMÁS AND ITS RESTRICTED SUBSIDIARIES TO THE EXTENT OF THE VALUE OF THE ASSETS SECURING SUCH INDEBTEDNESS. INTEREST ON THESE SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, WAS 9.858%, AND WAS PAYABLE SEMI-ANNUALLY.  IN NOVEMBER 2010, THESE GUARANTEED SENIOR NOTES WERE PREPAID BY CABLEMÁS AT A REDEMPTION PRICE OF 104.688% PLUS ACCRUED INTEREST IN THE AGGREGATE AMOUNT OF U.S.$183 MILLION (PS.2,256,716) (SEE NOTE 14).

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

IN DECEMBER 2010, THE COMPANY AND UNIVISION COMMUNICATIONS INC. (“UNIVISION”) ANNOUNCED THE COMPLETION OF CERTAIN AGREEMENTS BY WHICH, AMONG OTHER TRANSACTIONS, THE GROUP MADE AN INVESTMENT IN BROADCASTING MEDIA PARTNERS, INC. (“BMP”), THE CONTROLLING COMPANY OF UNIVISION, AND THE PROGRAM LICENSE AGREEMENT (“PLA”) BETWEEN TELEVISA AND UNIVISION WAS AMENDED AND EXTENDED. AS A RESULT OF THESE AGREEMENTS, A COUNTERCLAIM FILED BY UNIVISION IN OCTOBER 2006, WHEREBY IT SOUGHT A JUDICIAL DECLARATION THAT ON OR AFTER DECEMBER 19, 2006, PURSUANT TO THE PLA, TELEVISA MAY NOT TRANSMIT OR PERMIT OTHERS TO TRANSMIT ANY TELEVISION PROGRAMMING INTO THE UNITED STATES BY MEANS OF THE INTERNET, WAS DISMISSED.

THERE ARE OTHER LEGAL ACTIONS AND CLAIMS PENDING AGAINST THE COMPANY, WHICH ARE FILED IN THE ORDINARY COURSE OF BUSINESS. IN THE OPINION OF THE COMPANY’S MANAGEMENT, NONE OF THESE ACTIONS ARE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT ON THE COMPANY’S FINANCIAL POSITION OR RESULTS OF OPERATIONS; HOWEVER, WE ARE UNABLE TO PREDICT THE OUTCOME OF ANY OF THESE LEGAL ACTIONS.

5.        STOCKHOLDERS' EQUITY:

THE COMPANY’S CAPITAL STOCK AS OF DECEMBER 31 IS ANALYZED AS FOLLOWS:


   
2010
    
2009
  
NOMINAL
   Ps. 2,368,792     Ps. 2,368,792  
CUMULATIVE INFLATION ADJUSTMENT (A)
     7,651,067       7,651,067  
TOTAL CAPITAL STOCK
   Ps. 10,019,859     Ps. 10,019,859  

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

IN APRIL 2009, THE COMPANY’S STOCKHOLDERS APPROVED (I) THE PAYMENT OF A DIVIDEND FOR AN AGGREGATE AMOUNT OF UP TO PS.5,204,575, WHICH CONSISTED OF PS.1.75 PER CPO AND PS.0.014957264957 PER SHARE, NOT IN THE FORM OF A CPO, WHICH WAS PAID IN CASH IN MAY 2009 IN THE AGGREGATE AMOUNT OF PS.5,183,020; AND (II) THE CANCELLATION OF APPROXIMATELY 1,421.2 MILLION SHARES OF CAPITAL STOCK IN THE FORM OF APPROXIMATELY 12.1 MILLLION CPOS, WHICH WERE REPURCHASED BY THE COMPANY IN 2008.

IN DECEMBER 2009, THE COMPANY’S STOCKHOLDERS APPROVED THE PAYMENT OF A DIVIDEND FOR AN AGGREGATE AMOUNT OF UP TO PS.4,000,000, WHICH CONSISTED OF PS.1.35 PER CPO AND PS.0.011538461538 PER SHARE, NOT IN THE FORM OF A CPO, WHICH WAS PAID IN CASH IN DECEMBER 2009 IN THE AGGREGATE AMOUNT OF PS.3,980,837.

AS OF DECEMBER 31, 2010, THE NUMBER OF SHARES ISSUED, REPURCHASED AND OUTSTANDING IS PRESENTED AS FOLLOWS:
   
 
 ISSUED
  
 
REPURCHASED
  
 
OUTSTANDING
    SERIES “A” SHARES
  
119,879,076,425
  
8,820,805,810
  
111,058,270,615
    SERIES “B” SHARES
  
55,995,375,176
  
4,829,857,587
  
51,165,517,589
    SERIES “D” SHARES
  
85,333,686,865
  
3,934,058,014
  
81,399,628,851
    SERIES “L” SHARES
  
85,333,686,865
  
3,934,058,014
  
81,399,628,851
   
346,541,825,331
  
21,518,779,425
  
325,023,045,906

     THE COMPANY’S SHARES REPURCHASED BY THE COMPANY, AND THE COMPANY’S SHARES HELD BY A TRUST IN CONNECTION WITH THE COMPANY’S LONG-TERM RETENTION PLAN, ARE PRESENTED AS A CHARGE TO THE CONTROLLING INTEREST STOCKHOLDERS’ EQUITY, AS OF DECEMBER 31, 2010,  AS FOLLOWS:

   
SERIES “A”, “B”, “D”, AND “L” SHARES
        
   
IN THE FORM
OF CPOS
    
NOT IN THE
FORM OF CPOS
    
TOTAL
    
NET COST
  
REPURCHASE PROGRAM (1)
     4,540,138,200       -       4,540,138,200     PS. 1,979,090  
HELD BY A COMPANY’S SUBSIDIARY TRUST  (2)
     3,072,613,869       537,563,559       3,610,177,428       926,282  
HELD BY A COMPANY’S TRUST (3)
     5,538,241,683       7,830,222,114       13,368,463,797       3,109,902  
ADVANCES FOR ACQUISITION OF SHARES (4)
     -       -       -       141,351  
      13,150,993,752       8,367,785,673       21,518,779,425     PS. 6,156,625  

(1)  
DURING THE YEAR ENDED DECEMBER 31, 2010, THE COMPANY REPURCHASED 2,986,635,600 SHARES IN THE FORM OF 25,526,800 CPOS, IN THE AGGREGATE AMOUNT OF PS.1,274,022.
(2)  
IN THE SECOND QUARTER 2009, THIS SPECIAL PURPOSE TRUST WAS DESIGNATED, TOGETHER WITH ALL OF ITS REMAINING COMPANY SHARES, AS AN ADDITIONAL TRUST FOR THE COMPANY’S LONG-TERM RETENTION PLAN.
(3)  
IN JANUARY 2010 THIS TRUST RELEASED 1,608,102,171 SHARES IN THE FORM OF 13,744,463 CPOS IN CONNECTION WITH THE COMPANY’S LONG-TERM RETENTION PLAN, IN THE AMOUNT OF PS.88,652. DURING THE YEAR ENDED DECEMBER 31, 2010,  THIS TRUST ACQUIRED 829,050,300 COMPANY SHARES IN THE FORM OF 7,085,900 CPOS, IN THE AMOUNT OF PS.355,357.
(4)  
IN CONNECTION WITH THE COMPANY’S LONG-TERM RETENTION PLAN.

THE GROUP ACCRUED IN THE CONTROLLING INTEREST STOCKHOLDERS’ EQUITY A SHARE-BASED COMPENSATION EXPENSE OF PS.556,711 FOR THE YEAR ENDED DECEMBER 31, 2010, WHICH AMOUNT WAS REFLECTED IN CONSOLIDATED OPERATING INCOME AS ADMINISTRATIVE EXPENSE (SEE NOTE 11).

6.         REPURCHASE OF SHARES:

NO RESERVE FOR REPURCHASE OF SHARES WAS OUTSTANDING AS OF DECEMBER 31, 2010.
 
            IN ACCORDANCE WITH THE MEXICAN SECURITIES LAW, ANY AMOUNT OF SHARES REPURCHASED AND HELD BY THE COMPANY SHOULD BE RECOGNIZED AS A CHARGE TO STOCKHOLDERS' EQUITY, AND ANY CANCELLATION OF SHARES REPURCHASED SHOULD BE RECOGNIZED AS A REDUCTION OF THE COMPANY'S CAPITAL STOCK ISSUED FOR AN AMOUNT PROPORTIONATE TO THE SHARES CANCELLED.

7.         INTEGRAL RESULT OF FINANCING:

INTEGRAL RESULT OF FINANCING FOR THE YEARS ENDED DECEMBER 31 CONSISTED OF:

   
2010
    
2009
  
INTEREST EXPENSE (1)
   Ps. 3,615,276     Ps. 3,136,411  
INTEREST INCOME
     (1,047,505 )     (1,053,411 )
FOREIGN EXCHANGE LOSS, NET (2)
     460,874       890,254  
    Ps. 3,028,645      Ps. 2,973,254  

(1)  
INTEREST EXPENSE INCLUDES IN 2010 AND 2009 A NET LOSS FROM RELATED DERIVATIVE CONTRACTS OF PS.255,420 AND PS.123,242, RESPECTIVELY.
(2)  
FOREIGN EXCHANGE LOSS, NET, INCLUDES IN 2010 AND 2009 A NET LOSS FROM FOREIGN CURRENCY DERIVATIVE CONTRACTS OF PS.516,381 AND PS.529,621, RESPECTIVELY.

8.        DEFERRED TAXES:
 
           THE DEFERRED INCOME TAX LIABILITY AS OF DECEMBER 31 WAS DERIVED FROM:

   
2010
    
2009
  
ASSETS:
            
ACCRUED LIABILITIES
   Ps. 1,369,786     Ps. 884,255  
GOODWILL
     1,468,497       1,396,040  
TAX LOSS CARRYFORWARDS
     944,406       897,152  
ALLOWANCE FOR DOUBTFUL ACCOUNTS
     456,326       428,605  
CUSTOMER ADVANCES
     834,743       839,012  
OTHER ITEMS
     542,337       447,936  
      5,616,095       4,893,000  
LIABILITIES:
                
INVENTORIES
     (400,173 )     (379,286 )
PROPERTY, PLANT AND EQUIPMENT, NET
     (1,389,794 )     (1,365,307 )
OTHER ITEMS
     (1,503,034 )     (1,619,263 )
TAX LOSSES OF SUBSIDIARIES, NET
     (49,911 )     (161,686 )
      (3,342,912 )     (3,525,542 )
DEFERRED INCOME TAX OF MEXICAN COMPANIES
     2,273,183       1,367,458  
DEFERRED TAX OF FOREIGN SUBSIDIARIES
     640,184       160,462  
ASSETS TAX
     1,444,041       925,496  
VALUATION ALLOWANCE
     (4,837,579 )     (3,826,622 )
FLAT RATE BUSINESS TAX
     28,735       23,097  
DIVIDENDS DISTRIBUTED AMONG GROUP’S ENTITIES
     (413,454 )     (548,503 )
DEFERRED TAX LIABILITY
   Ps. (864,890 )   Ps. (1,898,612 )

DEFERRED TAX LIABILITY  CURRENT PORTION
   Ps. (183,093 )   Ps. (133,231 )
DEFERRED TAX LIABILITY  LONG-TERM
     (681,797 )     (1,765,381 )
      (864,890 )     (1,898,612 )
 
9.         DISCONTINUED OPERATIONS:

NO DISCONTINUED OPERATIONS, AS DEFINED BY MEXICAN FRS BULLETIN C-15, IMPAIRMENT IN THE VALUE OF LONG-LIVED ASSETS AND THEIR DISPOSAL, WERE RECOGNIZED IN INCOME FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009.
 
10.       QUARTERLY NET RESULTS:

THE QUARTERLY NET RESULTS FOR THE YEAR ENDED DECEMBER 31, 2010 ARE AS FOLLOWS:

 
QUARTER
  
ACCUMULATED
    
QUARTER
  
             
             
1 / 10
   Ps. 1,059,380     Ps. 1,059,380  
2 / 10
     2,863,681       1,804,301  
3 / 10
     5,058,894       2,195,213  
4 / 10
     7,683,389       2,624,495  


11. INFORMATION BY SEGMENTS:

 INFORMATION BY SEGMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 IS PRESENTED AS FOLLOWS:

 
   
TOTAL REVENUES
    
INTERSEGMENT REVENUES
    
CONSOLIDATED REVENUES
    
SEGMENT INCOME (LOSS)
        
2010:
                              
TELEVISION BROADCASTING
   Ps. 22,750,082     Ps. 396,300     Ps. 22,353,782     Ps. 10,714,296        
PAY TELEVISION NETWORKS
     3,146,172       504,360       2,641,812       1,622,022        
PROGRAMMING EXPORTS
     3,074,766       6,639       3,068,127       1,503,640        
PUBLISHING
     3,229,588       66,795       3,162,793       425,296        
SKY
     11,248,160       50,116       11,198,044       5,074,517        
CABLE AND TELECOM
     11,814,196       61,654       11,752,542       3,907,172        
OTHER BUSINESSES
     3,812,476       132,748       3,679,728       (184,038 )      
SEGMENTS TOTALS
     59,075,440       1,218,612       57,856,828       23,062,905        
RECONCILIATION TO CONSOLIDATED
AMOUNTS:
                                      
ELIMINATIONS AND CORPORATE EXPENSES
     (1,218,612 )     (1,218,612 )     -       (900,971 )      
DEPRECIATION AND AMORTIZATION EXPENSE
     -       -       -       (6,579,325 )      
CONSOLIDATED TOTAL
   Ps. 57,856,828     Ps. -     Ps. 57,856,828     Ps. 15,582,609    (1)      
                                         
2009:
                                        
TELEVISION BROADCASTING
   Ps. 21,561,636     Ps. 163,054     Ps. 21,398,582     Ps. 10,323,899          
PAY TELEVISION NETWORKS
     2,736,579       795,139       1,941,440       1,660,364          
PROGRAMMING EXPORTS
     2,845,918       16,915       2,829,003       1,437,220          
PUBLISHING
     3,356,056       15,510       3,340,546       190,709          
SKY
     10,005,216       15,227       9,989,989       4,478,847          
CABLE AND TELECOM
     9,241,787       65,174       9,176,613       2,971,868          
OTHER BUSINESSES
     3,771,444       95,116       3,676,328       (318,201 )        
SEGMENT TOTALS
     53,518,636       1,166,135       52,352,501       20,744,706          
RECONCILIATION TO CONSOLIDATED AMOUNTS:
                                        
ELIMINATIONS AND CORPORATE EXPENSES
     (1,166,135 )     (1,166,135 )     -       (658,249 )        
DEPRECIATION AND AMORTIZATION EXPENSE
     -       -       -       (4,929,589 )        
CONSOLIDATED TOTAL
   Ps. 52,352,501     Ps. -     Ps. 52,352,501     Ps. 15,156,868   (1)      

(1)  
CONSOLIDATED TOTALS REPRESENT CONSOLIDATED OPERATING INCOME.
 
12.       INVESTMENT AND DISPOSITION:

            IN THE FIRST HALF OF 2010, THE GROUP MADE SHORT-TERM LOANS IN CONNECTION WITH ITS 40.5% INTEREST IN LA SEXTA IN THE AGGREGATE AMOUNT OF €21.5 MILLION (PS.354,942). IN FEBRUARY 2011, THESE LOANS WERE CAPITALED BY THE COMPANY AS INVESTMENT IN LA SEXTA AND THE COMPANY’S PERCENTAGE OWNERSHIP IN LA SEXTA INCREASED FROM 40.5% TO 40.8%.

            IN JULY 2010, THE GROUP SOLD ITS 25% INTEREST IN VOLARIS FOR A TOTAL CONSIDERATION IN CASH OF U.S.$80.6 MILLION (PS.1,042,836). THE GROUP’S TOTAL CAPITAL CONTRIBUTIONS MADE IN VOLARIS SINCE OCTOBER 2005 AMOUNTED TO U.S.$49.5 MILLION (PS.574,884).
 
13.       OTHER STOCKHOLDERS TRANSACTIONS:

            IN FEBRUARY 2009, THE GROUP’S CONTROLLING INTEREST IN THE OUTSTANDING EQUITY OF CABLEMÁS INCREASED FROM 54.5% TO 58.3%, AS A RESULT OF A CAPITAL CONTRIBUTION MADE BY A COMPANY SUBSIDIARY AND THE DILUTION OF THE NONCONTROLLING INTEREST IN CABLEMÁS.

            IN APRIL 2009, THE HOLDING COMPANIES OF THE SKY SEGMENT PAID A DIVIDEND TO ITS EQUITY OWNERS IN THE AGGREGATE AMOUNT OF Ps.2,000,000, OF WHICH PS.826,669 WAS PAID TO ITS NONCONTROLLING EQUITY OWNERS.

            IN JUNE 2009, THE STOCKHOLDERS OF EMPRESAS CABLEVISIÓN, S.A.B. DE C.V. MADE A CAPITAL CONTRIBUTION IN CASH TO INCREASE THE CAPITAL STOCK OF THIS COMPANY SUBSIDIARY IN THE AGGREGATE AMOUNT OF PS.3,699,652, OF WHICH PS.1,811,800 WAS CONTRIBUTED BY NONCONTROLLING STOCKHOLDERS.

           IN NOVEMBER 2009, THE HOLDING COMPANIES OF THE SKY SEGMENT PAID A DIVIDEND TO ITS EQUITY OWNERS IN THE AGGREGATE AMOUNT OF Ps.750,000, OF WHICH PS.310,000 WAS PAID TO ITS NONCONTROLLING EQUITY OWNERS.

           IN FEBRUARY 2010, THE HOLDING COMPANIES OF THE SKY SEGMENT PAID A DIVIDEND TO ITS EQUITY OWNERS IN THE AGGREGATE AMOUNT OF PS.500,000, OF WHICH PS.206,667 WAS PAID TO ITS NONCONTROLLING EQUITY OWNERS.

           IN MARCH 2011, THE GROUP INCREASED ITS INTEREST IN CABLEMÁS FROM 58.3% TO 90.8% AS A RESULT OF A CAPITAL CONTRIBUTION MADE  BY A SUBSIDIARY OF THE COMPANY, AND THE DILUTION OF THE NON-CONTROLLING INTEREST IN CABLEMÁS.

14.      FINANCING TRANSACTIONS:

          IN MARCH 2009, THE COMPANY ENTERED INTO A PURCHASE AGREEMENT WITH THE HOLDER OF A U.S.$80 MILLION NON-INTEREST BEARING PROMISSORY NOTE PAYABLE ISSUED BY A COMPANY SUBSIDIARY WITH A MATURITY IN AUGUST 2009.

          IN MAY 2009, THE COMPANY REPAID A BANK LOAN AT ITS MATURITY IN THE PRINCIPAL AMOUNT OF PS.1,162,460.

          IN NOVEMBER 2009, THE COMPANY ISSUED 6.625% SENIOR NOTES DUE 2040 IN THE PRINCIPAL AMOUNT OF U.S.$600 MILLION (SEE NOTE 3).

          IN APRIL AND OCTOBER 2010, THE COMPANY REPAID AT ITS MATURITY A PORTION OF A BANK LOAN IN THE PRINCIPAL AMOUNT OF PS.1,000,000.

          IN THE THIRD QUARTER OF 2010 A SUBSIDIARY OF THE COMPANY ENTERED INTO A SHORT-TERM LOAN WITH A MEXICAN FINANCIAL INSTITUTION IN THE PRINCIPAL AMOUNT OF PS.150,000, AND REPAID A BANK LOAN IN THE PRINCIPAL AMOUNT OF PS.50,000.

          IN OCTOBER 2010, THE COMPANY ISSUED  PS.10,000,000  AGGREGATE PRINCIPAL AMOUNT OF 7.38% NOTES DUE 2020, THROUGH THE MEXICAN STOCK EXCHANGE (SEE NOTE 3).

          IN NOVEMBER 2010, CABLEMÁS, A MAJORITY-OWNED SUBSIDIARY OF THE COMPANY, PREPAID ALL OF ITS OUTSTANDING GUARANTEED SENIOR NOTES AS WELL AS AN OUTSTANDING BANK LOAN FACILITY FOR AN AGGREGATE AMOUNT OF U.S.$233 MILLION, INCLUDING ACCRUED INTEREST AND A PREMIUM. THIS REFINANCING OF THE DEBT OF CABLEMÁS WAS CARRIED OUT THROUGH A PS.2,500,000 LOAN FACILITY PROVIDED TO CABLEMÁS BY A SUBSIDIARY OF THE COMPANY, WITH AN INTEREST RATE OF 9.30% AND IS DUE IN NOVEMBER 2020 (SEE NOTE 3).

15.     UNIVISION:

          ON DECEMBER 20, 2010, THE GROUP INVESTED U.S.$1,255 MILLION IN CASH IN BROADCASTING MEDIA PARTNERS, INC. (“BMP”), THE CONTROLLING COMPANY OF UNIVISION, IN EXCHANGE FOR A 5% EQUITY STAKE OF THE OUTSTANDING COMMON STOCK OF BMP AND U.S.$1,125 MILLION PRINCIPAL AMOUNT DEBENTURES DUE 2025 BEARING INTEREST AT ANNUAL RATE OF 1.5%, THAT ARE INITIALLY CONVERTIBLE INTO A 30% EQUITY STAKE IN THE COMMON STOCK OF BMP, SUBJECT TO APPLICABLE LAWS AND REGULATIONS OF THE UNITED STATES, AS WELL AS CERTAIN OTHER CONDITIONS AGREED AMONG THE PARTIES. THE GROUP HAS THE OPTION TO ACQUIRE AN ADDITIONAL 5% EQUITY STAKE IN BMP AT FAIR MARKET VALUE, SUBJECT TO CERTAIN LIMITATIONS ON THE EXERCISE OF THE OPTION. IN CONNECTION WITH THE INVESTMENT, THE GROUP SOLD ITS 50% INTEREST IN TUTV TO UNIVISION FOR THE AMOUNT OF U.S.$55 MILLION.

16.     OTHER TRANSACTIONS:

          ON FEBRUARY 15, 2010, THE COMPANY AND NII HOLDINGS, INC. ANNOUNCED THAT THEY SIGNED AN AGREEMENT UNDER WHICH, AMONG OTHER TRANSACTIONS, THE GROUP WOULD INVEST U.S.$1,440 MILLION IN CASH FOR A 30% EQUITY STAKE IN COMUNICACIONES NEXTEL DE MÉXICO, S.A. DE C.V. (“NEXTEL MEXICO”), AS FOLLOWS: U.S.$1,140 MILLION IN 2010 AND THE REMAINING INVESTMENT IN THREE EQUAL ANNUAL INSTALLMENTS. THE GROUP’S INVESTMENT AND OTHER TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT WERE CONDITIONED UPON NEXTEL MEXICO AND THE GROUP CONSORTIUM BEING AWARDED LICENSES TO USE SPECIFIED AMOUNTS OF SPECTRUM IN THE UPCOMING SPECTRUM AUCTIONS IN MEXICO, AND OTHER CUSTOMARY CLOSING CONDITIONS. IN OCTOBER, 2010, THE COMPANY AND NII HOLDINGS, INC. ANNOUNCED THAT THEY HAD MUTUALLY AGREED TO TERMINATE THIS AGREEMENT.

        IN MARCH 2010, SKY REACHED AN AGREEMENT WITH A SUBSIDIARY OF INTELSAT, S.A. TO LEASE 24 TRANSPONDERS ON INTELSAT IS-21 SATELLITE WHICH WILL BE MAINLY USED FOR SIGNAL RECEPTION AND RETRANSMISSION SERVICES OVER THE SATELLITE’S ESTIMATED 15-YEAR SERVICE LIFE. IS-21 SATELLITE IS INTENDED TO REPLACE INTELSAT IS-9 AS SKY’S PRIMARY TRANSMISSION SATELLITE AND IS CURRENTLY EXPECTED TO START SERVICE IN THE FOURTH QUARTER OF 2012.

    IN JUNE, 2010, THE MEXICAN COMMUNICATIONS AND TRANSPORTATION MINISTRY (“SECRETARÍA DE COMUNICACIONES Y TRANSPORTES”) GRANTED TO THE CONSORTIUM FORMED BY TELEFÓNICA MÓVILES DE MÉXICO, S.A. DE C.V. (“TELEFÓNICA”), THE GROUP AND MEGACABLE HOLDINGS, S.A.B. DE C.V. (“MEGACABLE”), A FAVORABLE AWARD IN THE BIDDING PROCESS FOR A 20-YEAR CONTRACT FOR THE LEASE OF A PAIR OF DARK FIBER WIRES HELD BY THE MEXICAN FEDERAL ELECTRICITY COMMISSION (“COMISIÓN FEDERAL DE ELECTRICIDAD”) OR “CFE”. THE CONSORTIUM, GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD, S.A.P.I. DE C.V., OR “GTAC”, IN WHICH A SUBSIDIARY OF TELEFÓNICA, A SUBSIDIARY OF THE COMPANY AND A SUBSIDIARY OF MEGACABLE HAVE AN EQUAL EQUITY PARTICIPATION, BECAME A BENEFICIARY OF A CONTRACT TO LEASE 19,457 KILOMETERS OF DARK FIBER-OPTIC CAPACITY FROM THE CFE, ALONG WITH THE CORRESPONDING CONCESSION TO OPERATE A PUBLIC TELECOMMUNICATIONS NETWORK. AS CONSIDERATION FOR THE CONTRACT, GTAC PAID PS.883,800. GTAC PLANS TO HAVE THE NETWORK READY TO OFFER COMMERCIAL SERVICES IN THE THIRD QUARTER OF 2011.


------------
 
 
 
 
 
ANALYSIS OF INVESTMENTS IN SHARES
SUBSIDIARIES
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
         
      NUMBER %
 COMPANY NAME MAIN ACTIVITIES OF SHARES OWNERSHIP
         
         
1 
ALEKTIS CONSULTORES, S. DE R.L. DE C.V. 
PROMOTION AND DEVELOPMENT OF COMPANIES
1
100.00
2 
CABLESTAR, S.A. DE C.V. 
PROMOTION AND DEVELOPMENT OF COMPANIES
57,195,341
15.40
3 
CORPORATIVO VASCO DE QUIROGA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
110,639,433
100.00
4 
DTH EUROPA, S.A. 
PROMOTION AND DEVELOPMENT OF COMPANIES
1,080,182
90.25
5 
EDITORA FACTUM, S.A. DE C.V. 
PROMOTION AND DEVELOPMENT OF COMPANIES
3,218,956
100.00
6 EDITORIAL TELEVISA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
2,474,969
99.52
7 
EN VIVO US HOLDING, LLC 
PROMOTION AND DEVELOPMENT OF COMPANIES
1
100.00
8 
FACTUM MAS, S.A. DE C.V. 
PROMOTION AND DEVELOPMENT OF COMPANIES
1,313,594
91.18
9 
GRUPO DISTRIBUIDORAS INTERMEX, S.A. DE C.V.
DISTRIBUTION OF BOOKS AND MAGAZINES
670,303
100.00
10 
GRUPO TELESISTEMA, S.A. DE C.V. 
PROMOTION AND DEVELOPMENT OF COMPANIES
28,013,527
100.00
11 
KAPA CAPITAL, S.A. DE C.V. SOFOM E.N.R.
PROMOTION AND DEVELOPMENT OF COMPANIES
1,959,228
100.00
12 
KASITUM, S.A. DE C.V. 
PROMOTION AND DEVELOPMENT OF COMPANIES
999
99.90
13 
MULTIMEDIA TELECOM, S.A. DE C.V. 
PROMOTION AND DEVELOPMENT OF COMPANIES
3,031,390
100.00
14 
MULTIMEDIA CTI, S.A. DE C.V. 
PROMOTION AND DEVELOPMENT OF COMPANIES
999
99.90
15 
PROMO-INDUSTRIAS METROPOLITANAS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
4,389,397
100.00
16 
SOMOS TELEVISA, S.A. DE C.V. 
PROMOTION AND DEVELOPMENT OF COMPANIES
999
99.90
17 
SISTEMA RADIOPOLIS, S.A. DE C.V. 
COMMERCIALIZATION OF RADIO PROGRAMMING
76,070,313
50.00
18
TELEPARABOLAS, S.L.
TV CABLE COMMERCIALIZATION
1,500
100.00
19 
TELESISTEMA MEXICANO, S.A. DE C.V. 
PROMOTION AND DEVELOPMENT OF COMPANIES
497
99.40
20
TELEVISA ARGENTINA, S.A.
COMMERCIAL OPERATION OF TELEVISION
1,677,000
95.72
21 
TELEVISA ENTRETENIMIENTO, S.A. DE C.V. 
PROMOTION AND DEVELOPMENT OF COMPANIES
1,078,934
100.00
22 
TELEVISA JUEGOS, S.A. DE C.V. 
PROMOTION AND DEVELOPMENT OF COMPANIES
4,390,572
100.00
23 
TELEVISA USA, S.A. DE C.V. 
PROMOTION AND DEVELOPMENT OF COMPANIES
49
98.00
24 
TSM CAPITAL, S.A. DE C.V. SOFOM E.N.R.
PROMOTION AND DEVELOPMENT OF COMPANIES
1,069,791
100.00
         
         
 
 
 
 
 
ANALYSIS OF INVESTMENTS IN SHARES
ASSOCIATES
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
         
TOTAL AMOUNT
     
NUMBER
%
(Thousands of Mexican Pesos)
COMPANY NAME
MAIN ACTIVITIES
OF SHARES
OWNERSHIP
ACQUISITION
BOOK
         
COST
VALUE
             
1 
ARGOS COMUNICACION, S.A. DE C.V. 
OPERATION AND/OR BROADCASTING OF T.V.
33,000,000
30.00
137,000
49,281
2 
BROADCASTING MEDIA PARTNERS, INC. 
PROMOTION AND DEVELOPMENT OF COMPANIES
526,074
5.00
15,518,514
1,613,892
3 
CENTROS DE CONOCIMIENTO TECNOLOGICO, S.A. DE C.V.
EDUCATION
5,317,900
15.07
55,000
20,633
4
COMUNICABLE, S.A. DE C.V.
CABLE TV TRANSMITION
1
50.00
16,918
20,437
5 
COMUNICABLE DE VALLE HERMOSO, S.A. DE C.V.
CABLE TV TRANSMITION
1
50.00
4,019
3,522
6 
CORPORATIVO TD SPORTS, S.A. DE C.V.
COMMERCIALIZATION OF TELEVISION PROGRAMMING
47,839
49.00
47,839
23,599
7 
DIBUJOS ANIMADOS MEXICANOS DIAMEX, S.A. DE C.V.
PRODUCTION OF ANIMATED CARTOONS
1,735,560
49.00
4,384
825
8 
EDITORIAL CLIO, LIBROS Y VIDEOS, S.A. DE C.V.
PUBLISHING AND PRINTING OF BOOKS AND MAGAZINES
3,227,050
30.00
32,270
9,045
9 
ENDEMOL LATINO, N.A., LLC
COMMERCIALIZATION OF TELEVISION PROGRAMMING
1
49.00
6,335
6,055
10 
ENDEMOL MEXICO, S.A. DE C.V. 
COMMERCIALIZATION OF TELEVISION PROGRAMMING
25,000
50.00
25
1,046
11 
GESTORA DE INVERSIONES AUDIOVISUALES LA SEXTA, S.A.
COMMERCIALIZATION OF TELEVISION PROGRAMMING
11,243,896
40.52
3,854,629
722,752
12 
GRUPO TELECOMUNICACIONES DE ALTA CAPACIDAD, S.A.P.I. DE C.V.
TELECOM
54,666,667
33.33
427,000
34,645
13 
OCESA ENTRETENIMIENTO, S.A. DE C.V.
LIVE ENTERTAINMENT IN MEXICO
14,100,000
40.00
1,062,811
819,913
14 
TELEVISORA DEL YAQUI, S.A. DE C.V. 
OPERATION AND/OR BROADCASTING OF T.V.
4,124,986
15.00
412
6,680
15  T&V S.A.S.  COMMERCIALIZATION OF TELEVISION PROGRAMMING  1,849     49.97     305     312   
 
TOTAL INVESTMENT IN ASSOCIATES
21,167,461
3,332,637
 
OTHER PERMANENT INVESTMENTS
18,504,816
 
TOTAL
21,167,461
21,837,453
 
OBSERVATIONS:
THE INDICATED PERCENTAGE REPRESENTS THE DIRECT SHARE OF GRUPO TELEVISA S.A.B. IN EACH COMPANY.
 
OTHER PERMANENT INVESTMENTS INCLUDES FINANCIAL INSTRUMENTS FOR AN AGGREGATE AMOUNT OF PS.18,501,346.
 
 
 
 
 
CREDITS BREAKDOWN
(Thousands of Mexican Pesos)
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
         
AMORTIZATION OF CREDITS DENOMINATED IN PESOS (Thousands of $)
AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (Thousands of $)
CREDIT TYPE/INSTITUTION
WITH FOREIGN
DATE OF
AMORTIZATION
INTEREST
TIME INTERVAL
TIME INTERVAL
  INSTITUTION CONTRACT DATE RATE
CURRENT YEAR
UNTIL 1 YEAR
UNTIL 2 YEAR
UNTIL 3 YEAR
UNTIL 4 YEAR
UNTIL 5 YEAR
CURRENT YEAR
UNTIL 1 YEAR
UNTIL 2 YEAR
UNTIL 3 YEAR
UNTIL 4 YEAR
UNTIL 5 YEAR
BANKS
                                
FOREIGN TRADE
                                
SECURED
                                
COMMERCIAL BANKS
                                
BANAMEX, S.A.
NA
4/20/2006
4/20/2016
8.74%
          
2,100,000
            
INBURSA, S.A.
NA
10/22/2004
4/23/2012
10.35%
    
1,000,000
                  
SANTANDER SERFIN
NA
4/21/2006
4/21/2016
TIIE+.24
          
1,400,000
            
BANCO MERCANTIL DEL NORTE,  S.A.
NA
1/16/2005
10/14/2010
7.10%
  
50,000
                    
BANCO MERCANTIL DEL NORTE,  S.A.
NA
8/16/2005
10/14/2010
7.10%
  
300,000
                    
JP MORGAN CHASE BANK, NA.
SI
12/21/2007
12/21/2012
3MLIBOR+525
                
2,780,460
      
AF BANREGIO, S.A. DE C.V.
NA
8/23/2010
11/19/2010
7.84%
  
20,000
                    
BANAMEX, S.A.
NA
12/27/2010
3/25/2011
7.08%
  
60,000
                    
                                 
OTHER
                                
TOTAL BANKS
        
-
430,000
1,000,000
-
-
3,500,000
-
-
2,780,460
-
-
-
STOCK MARKET
                                
LISTED STOCK EXCHANGE
                                
UNSECURED
                                
SECURED
                                
PRIVATE PLACEMENTS
                                
UNSECURED
                                
HOLDERS
NA
5/9/2007
5/11/2037
8.93
          
4,500,000
            
HOLDERS
NA
10/14/2010
10/1/2020
7.38
          
10,000,000
            
HOLDERS
YES
9/14/2001
9/13/2011
8.41
              
889,142
        
HOLDERS
YES
3/11/2002
3/11/2032
8.94
                      
3,707,280
HOLDERS
YES
3/18/2005
3/18/2025
6.97
                      
7,414,560
HOLDERS
YES
5/6/2008
5/15/2018
6.31
                      
6,178,800
HOLDERS
YES
11/23/2009
1/15/2040
6.97
                      
7,414,560
SECURED
                                
TOTAL STOCK MARKET
        
0
0
0
0
0
14,500,000
0
889,142
0
0
0
24,715,200
SUPPLIERS
                                
VARIOUS
NA
12/31/2010
12/31/2011
  
0
2,798,498
0
0
0
0
            
VARIOUS
YES
12/31/2010
12/31/2011
              
0
4,673,755
0
0
0
0
TOTAL SUPPLIERS
        
0
2,798,498
0
0
0
0
0
4,673,755
0
0
0
0
                                 
OTHER LOANS WITH COST
                                
(S103 AND S30)
                                
                                 
VARIOUS
NA
6/1/2009
8/1/2013
VARIOUS
  
200,628
38,935
15,998
0
0
            
VARIOUS
YES
5/1/2007
11/15/2022
VARIOUS
              
229,509
214,227
16,534
17,381
46,599
TOTAL OTHER LOANS WITH COST
        
0
200,628
38,935
15,998
-
0
0
229,509
214,227
16,534
17,381
46,599
                                 
OTHER CURRENT
LIABILITIES WITHOUT
                                
COST (S26)
                                
VARIOUS
NA
      
0
3,211,813
                    
VARIOUS
YES
                  
0
843,959
        
TOTAL CURRENT LIABILITIES WITHOUT COST
        
0
3,211,813
-
-
-
-
-
843,959
-
-
-
-
                                 
TOTAL
        
-
6,640,939
1,038,935
15,998
-
18,000,000
-
6,636,365
2,994,687
16,534
17,381
24,761,799
 
 
NOTES
THE EXCHANGE RATES FOR THE CREDITS DENOMINATED  IN FOREIGN CURRENCY WERE AS FOLLOWS:

 
$
12.3576
  
PESOS PER U.S. DOLLAR
   
0.0264
  
PESOS PER CHILEAN PESO

IT DOESN'T INCLUDE LIABILITIES OF TAXES PAYABLE IN FOREIGN CURRENCY AND MEXICAN PESOS (REF S25 TAXES PAYABLE) OF PS.391,464 AND PS.1,052,423, RESPECTIVELY, FOR EFFECTS OF VALIDATION OF THE SYSTEM.
 
 
 
 
 
MONETARY FOREIGN CURRENCY POSITION
(Thousands of Mexican Pesos)
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
 
DOLLARS (1)
OTHER CURRENCIES (1)
TOTAL
TRADE BALANCE
THOUSANDS OF DOLLARS
THOUSANDS OF PESOS
THOUSANDS OF DOLLARS
THOUSANDS OF PESOS
THOUSANDS OF PESOS
           
MONETARY ASSETS
2,705,002
33,427,333
198,286
2,450,339
35,877,672
           
LIABILITIES POSITION
2,934,741
36,266,355
80,141
990,351
37,256,706
           
        SHORT-TERM LIABILITIES POSITION
493,824
6,102,479
74,881
925,350
7,027,829
           
        LONG-TERM LIABILITIES POSITION
2,440,917
30,163,876
5,260
65,001
30,228,877
           
NET BALANCE
(229,739)
(2,839,022)
118,145
1,459,988
(1,379,034)

 
NOTES
 
THE MONETARY ASSETS INCLUDE U.S.$236,504 THOUSAND OF LONG-TERM AVAILABLE-FOR-SALE INVESTMENTS, OF WHICH FOREIGN EXCHANGE GAIN OR LOSS RELATED TO THE CHANGES IN FAIR VALUE OF THESE FINANCIAL INSTRUMENTS IS ACCOUNTED FOR AS OTHER COMPREHENSIVE INCOME .  THE LONG-TERM LIABILITIES INCLUDE A U.S.$225,000 THOUSAND BANK LOAN, WHICH FOREIGN EXCHANGE GAIN OR LOSS IS ACCOUNTED FOR AS OTHER COMPREHENSIVE INCOME.
 
(1)   THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS :
 
 
PS.
12.3576
  
PESOS PER U.S. DOLLAR
   
16.4838
  
PESOS PER EURO
   
12.4164
  
PESOS PER CANADIAN DOLLAR
   
3.1080
  
PESOS PER ARGENTINEAN PESO
   
0.6147
  
PESOS PER URUGUAYAN PESO
   
0.0264
  
PESOS PER CHILEAN PESO
   
0.0064
  
PESOS PER COLOMBIAN PESO
   
4.3992
  
PESOS PER PERUVIAN NUEVO SOL
   
13.2113
  
PESOS PER SWISS FRANC
   
2.8738
  
PESOS PER STRONG BOLIVAR
   
7.4475
  
PESOS PER BRAZILIAN REAL
   
19.2426
  
PESOS PER STERLING LIBRA
    1.8749  
PESOS PER CHINESE YUAN
 
THE FOREIGN CURRENCY OF LONG-TERM LIABILITIES FOR PS.30,228,877 IS REPORTED AS FOLLOWS:
 
REF. S27
LONG-TERM LIABILITIES
 PS. 27,790,401  
REF. S69
OTHER LONG-TERM LIABILITIES
 PS.  2,438,476  
 
 
 
 
 
DEBT INSTRUMENTS
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
 
FINANCIAL RESTRICTIONS OF LONG - TERM DEBT SECURITIES

THE AGREEMENTS OF THE U.S.$300 MILLION (OF WHICH APPROXIMATELY U.S.$71.9 MILLION ARE OUTSTANDING AS OF DECEMBER 31, 2010), U.S.$500 MILLION, U.S.$600 MILLION, U.S.$300 MILLION, PS. 4,500 MILLION, AND U.S.$600 MILLION SENIOR NOTES ISSUED BY GRUPO TELEVISA, S.A.B. WITH MATURITY IN 2011, 2018, 2025, 2032, 2037 AND 2040, RESPECTIVELY, CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PAY TELEVISION NETWORKS AND PROGRAMMING EXPORTS, TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.
 
THE AGREEMENT OF NOTES ("CERTIFICADOS BURSÁTILES") DUE 2020 IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.10,000 MILLION, CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PAY TELEVISION NETWORKS AND PROGRAMMING EXPORTS, TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.


COMPLIANCE OF FINANCIAL RESTRICTIONS

AT DECEMBER 31, 2010, THE GROUP WAS IN COMPLIANCE WITH THE FINANCIAL RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM SENIOR NOTES DESCRIBED ABOVE.
 
 
 
 
 
PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
       
PLANT OR CENTER
ECONOMIC ACTIVITY
PLANT
UTILIZATION
   
CAPACITY
(%)
TELEVISION:
  
0
0
CORPORATIVO SANTA FE
HEADQUARTERS
0
0
TELEVISA SAN ANGEL
PRODUCTION AND BROADCASTING PROGRAMMING.
0
0
TELEVISA CHAPULTEPEC
PRODUCTION AND BROADCASTING PROGRAMMING.
0
0
REAL ESTATE
LAND AND UNOCCUPIED BUILDINGS,
0
0
 
PARKING LOTS, ADMINISTRATIVE
0
0
 
OFFICES, RADIO ANTENNAS,
0
0
 
TELEVISION STATIONS FACILITIES.
0
0
TRANSMISSION STATIONS
BROADCASTER STATIONS.
0
0
PUBLISHING:
 
0
0
EDITORIALS
ADMINISTRATION, SALES, PRODUCTION,
0
0
 
STORAGE AND DISTRIBUTION OF
0
0
 
MAGAZINES AND NEWSPAPERS.
0
0
RADIO:
 
0
0
SISTEMA RADIOPOLIS, S.A. DE C.V.
BROADCASTER STATIONS.
0
0
CABLE TELEVISION:
 
0
0
CABLEVISION, S.A. DE C.V.
CABLE TELEVISION, SIGNAL CONDUCTION
0
0
 
AND TRANSMISSION EQUIPMENT.
0
0
OTHER BUSINESSES:
 
0
0
IMPULSORA DEL DEPORTIVO -
SOCCER, SOCCER TEAMS, TRAINING
0
0
NECAXA, S.A. DE C.V. AND CLUB
FACILITIES, ADMINISTRATIVE OFFICES AND
0
0
DE FUTBOL AMERICA, S.A. DE C.V.
THE AZTECA STADIUM.
0
0
       
       
 
 
NOTES
 
 
 
 
 
MAIN RAW MATERIALS
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
MAIN RAW
MAIN SUPPLIERS
ORIGIN
DOM. SUBST.
COST PRODUCTION
(%)
         
PROGRAMS AND FILMS
CHURUBUSCO,
      
 
S.A.  DE
      
 
C.V.
DOMESTIC
    
 
CINEMATO
      
 
GRAFICA,
      
 
RODRIGUEZ,
      
 
S.A.  DE
      
 
C.V.
DOMESTIC
    
 
CIMA
      
 
FILMS, S.A.
      
 
DE C.V.
DOMESTIC
    
 
CINEMATO-
      
 
GRAFICA
      
 
CALDERON,
      
 
 S.A.
DOMESTIC
    
 
CINEMATOGRAFICA
      
 
FILMEX,
      
 
S.A.  DE
      
 
C.V.
DOMESTIC
    
 
DIRSOL
      
 
S.A. DE
      
 
C.V.
DOMESTIC
    
 
DISTRIBUI-
      
 
DORA
      
 
ROMARI,
      
 
S.A.  DE
      
 
C.V.
DOMESTIC
    
 
ESTUDIO
      
 
MEXICO
      
 
FILMS,
      
 
S.A. DE C.V.
DOMESTIC
    
 
FILMADORA
      
 
MEXICANA,
      
 
S.A.
DOMESTIC
    
 
GUSSI, S.A.
      
 
DE C.V.
DOMESTIC
    
 
PAEZ
      
 
CREATIVOS,
      
 
S.A. DE C.V.
DOMESTIC
    
 
PELICULAS
      
 
Y VIDEOS
      
 
INTERNACIO
      
 
NALES, S.A.
      
 
DE C.V.
DOMESTIC
    
 
PRODUCCIONES
      
 
MATOUK,
      
 
S.A.
      
 
C.V.
DOMESTIC
    
 
OTHER
      
 
ALFRED
      
 
HABER
      
 
DISTRIBUTION,
      
 
INC.
FOREIGN
NO
  
 
ALLIANCE ATLAN-
      
 
TIS INTERNATIONAL
      
 
DISTRIBUTION
FOREIGN
NO
  
 
BUENAVISTA
      
 
INTERNATIONAL,
      
 
INC.
FOREIGN
NO
  
 
CBS
      
 
STUDIOS,
      
 
INC.
FOREIGN
NO
  
 
DW
      
 
(NETHERLANDS)
      
 
BV
FOREIGN
NO
  
 
GUINNESS
      
 
WORLD
      
 
RECORDS
      
 
LIMITED
FOREIGN
NO
  
 
INDEPENDENT
      
 
INTERNATIONAL
      
 
TELEVISION, INC.
FOREIGN
NO
  
 
METRO GOLDWYN
      
 
MAYER INTERNATI
      
 
ONAL
FOREIGN
NO
  
 
MTV NETWORKS
      
 
A DIVISION OF
      
 
VIACOM, INT.
FOREIGN
NO
  
 
PARAMOUNT
      
 
PICTURES
      
 
GLOBAL
FOREIGN
NO
  
 
RCN
      
 
TELEVISION, INC.
FOREIGN
NO
  
 
SONY PICTURES
      
 
TELEVISION
      
 
INTERNATIONAL
FOREIGN
NO
  
 
TELEMUNDO
      
 
TELEVISION
      
 
STUDIOS, LLC.
FOREIGN
NO
  
 
TOEI
      
 
ANIMATION
      
 
CO, LTD.
FOREIGN
NO
  
 
TWENTIETH
      
 
CENTURY
      
 
FOX
      
 
INTERNATIONAL
FOREIGN
NO
  
 
UNIVERSAL
      
 
STUDIOS INTER-
      
 
NATIONAL, LLC.
FOREIGN
NO
  
 
WARNER BROS.
      
 
INTERNATIONAL
      
 
TELEVISION
FOREIGN
NO
  
 
OTHER
      
COAXIAL CABLE RG
        
MAYA 60
NACIONAL DE
      
 
CONDUCTORES,
      
 
S.A. DE C.V.
DOMESTIC
    
HILTI  BOLT
HILTI  MEXICANA,
      
 
S.A. DE C.V.
FOREIGN
NO
  
TWO OUTLET DEVICE AC 200
TVC CORPORATION
FOREIGN
YES
  
COUCHE PAPER
PAPELERA
      
 
LOZANO,
      
 
S.A.
DOMESTIC
    
 
PAPELES
      
 
PLANOS
DOMESTIC
    
 
POCHTECA
      
 
PAPEL, S.A
DOMESTIC
    
 
ABASTECE
      
 
DORA LUMEN,
      
 
S.A.
DOMESTIC
    
 
CELUPAL
      
 
INTERNACIONAL
DOMESTIC
    
 
PAPEL,
      
 
S.A.
DOMESTIC
    
 
PAPELERA
      
 
PROGRESO,
      
 
S.A.
DOMESTIC
    
 
STORAM ENSON
FOREIGN
NO
  
 
BULKLEY DUNTON
FOREIGN
NO
  
 
ALBACROME
FOREIGN
YES
  
 
CENTRAL
      
 
NATIONAL
      
 
GOTTESMAN
FOREIGN
NO
  
 
ABITIBI
      
 
BOWATER, INC.
FOREIGN
YES
  
PAPER AND IMPRESSION
SERVICIOS
      
 
PROFESIONALES
      
 
DE
      
 
IMPRESION
DOMESTIC
    
 
METROCOLOR,
      
 
S.A.
DOMESTIC
    
 
REPRODU-
      
 
CCIONES
      
 
FOTOME-
      
 
CANICAS,
      
 
S.A.
DOMESTIC
    
 
PRODUCTORA CO-
      
 
MERCIALIZADORA Y
      
 
EDITORES DE LI-
      
 
BROS , S.A. DE C.V.
DOMESTIC
    
 
LITOGRAFICA
      
 
MAGNO
      
 
GRAF,
      
 
S.A.
DOMESTIC
    
 
WORLD
      
 
COLOR
      
 
MEXICO, S.A.
DOMESTIC
    
 
OFFSET
      
 
MULTICOLOR,
      
 
S.A. DE C.V.
DOMESTIC
    
 
IMPRESORA
      
 
Y EDITORA
      
 
INFAGON,
      
 
S.A.
DOMESTIC
    
 
PRO-OFFSET EDI-
      
 
TORIAL, LTDA.
FOREIGN
YES
  
 
EDITORA
      
 
GEMINIS, S.A.
FOREIGN
YES
  
 
EDITORES, S.A.
FOREIGN
YES
  
 
EDITORIAL
      
 
LA PATRIA,
      
 
S.A.
FOREIGN
YES
  
 
PRINTER COLOM-
      
 
BIANA, S.A.
FOREIGN
YES
  
 
RR DONNELLEY
FOREIGN
NO
  
 
GRUPO
      
 
OP
      
 
GRAFICAS,
      
 
S.A.
FOREIGN
YES
  
 
AGSTROM
      
 
GRAPHICS
FOREIGN
YES
  
 
QUEBECOR
      
 
WORLD
      
 
BOGOTA,
      
 
S.A.
FOREIGN
YES
  
 
ALBACROME, INC.
FOREIGN
YES
  
 
MAHINA, LTDA.
FOREIGN
YES
  
         
         

NOTES
 
 
 
 
SALES DISTRIBUTION BY PRODUCT
 
SALES
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
 
NET SALES
MARKET
MAIN
MAIN PRODUCTS
VOLUME
AMOUNT
SHARE
TRADEMARKS
CUSTOMERS
 
(THOUSANDS)
  
(%)
    
DOMESTIC SALES
          
INTERSEGMENT ELIMINATIONS
  
(1,204,244)
      
           
TELEVISION BROADCASTING:
          
ADVERTISED TIME SOLD (HALF HOURS)
6
21,993,087
    
TELEFONOS DE MEXICO, S.A.B. DE C.V.
         
KIMBERLY CLARK  DE MEXICO, S. DE R. L. DE C.V.
         
BIMBO, S.A. DE C.V.
         
THE COCA-COLA EXPORT CORPORATION SUCURSAL EN MEXICO
         
UNILEVER DE MEXICO, S. DE R.L. DE C.V.
         
SERVICIOS INTEGRADOS DE ADMINISTRACION Y ALTA GERENCIA, S.A.
         
MARCAS NESTLE, S.A DE C.V.
         
MARKETING MODELO, S.A DE C.V.
         
GENOMMA LAB INTERNACIONAL, S.A. DE C.V.
OTHER INCOME
  
167,246
    
VARIOUS
PAY TELEVISION NETWORKS:
          
SALE OF SIGNALS
  
1,897,258
    
T.V. CABLE DE PROVINCIA, S.A. DE C.V.
         
CABLEVISION DE SALTILLO, S.A. DE C.V.
         
MEGA CABLE, S.A. DE C.V.
         
CABLEVISION RED, S.A.
         
TELECABLE DEL ESTADO DE MEXICO, S.A. DE C.V.
         
TVI NACIONAL, S.A. DE C.V.
         
TELEVICABLE DEL CENTRO, S.A. DE C.V.
ADVERTISED TIME SOLD
  
639,980
    
EL PALACIO DE HIERRO, S.A DE C.V.
         
TOYOTA MOTORS SALE DE MEXICO, S. DE R.L. DE C.V.
         
L.G. ELECTRONICS MEXICO, S.A DE C.V.
         
SUAVE Y FACIL, S.A. DE C.V.
         
HERSHEY MEXICO, S. DE R.L. DE C.V.
         
COMBE DE MEXICO, S. DE R.L. DE C.V.
         
MARCAS NESTLE, S.A. DE C.V.
         
ELI LILLY Y COMPAÑÍA DE MEXICO, S.A. DE C.V.
         
KELLOGG COMPANY MEXICO, S. DE R.L. DE C.V.
PUBLISHING:
          
MAGAZINE CIRCULATION
38,649
579,091
  
TV Y NOVELAS MAGAZINE,
GENERAL PUBLIC (AUDIENCE)
       
MEN´S HEALTH MAGAZINE,
DEALERS
       
VANIDADES MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
COSMOPOLITAN MAGAZINE
  
       
NATIONAL GEOGRAPHIC MAGAZINE
  
       
AUTOMOVIL PANAMERICANO MAGAZINE
  
       
TU MAGAZINE
  
       
SOY AGUILA MAGAZINE
  
       
MUY INTERESANTE MAGAZINE
  
       
DISNEY PRINCESAS
  
       
SKY VIEW MAGAZINE
  
       
DIBUJIN DIBUJADO NIÑAS MAGAZINE
  
       
COCINA FÁCIL MAGAZINE
  
PUBLISHING
  
746,578
    
FRABEL, S.A. DE C.V.
         
KIMBERLY CLARK DE MEXICO, S.A. DE C.V.
         
DILTEX, S.A. DE C.V.
         
WATA GROUP, S.A. DE C.V.
         
FORD MOTOR COMPANY, S.A. DE C.V.
         
FABRICAS DE CALZADO ANDREA, S.A. DE C.V.
         
MARY KAY COSMETICS DE MEXICO, S.A. DE C.V.
         
ACTIVE INTERNATIONAL MEXICO, S.A. DE C.V.
         
TELEFONOS DE MEXICO, S.A.B. DE C.V.
         
COMPAÑIA PROCTER & GAMBLE DE MEXICO, S. DE R.L. DE C.V.
OTHER INCOME
  
44,552
    
VARIOUS
SKY :
          
DTH BROADCAST SATELLITE
  
9,958,951
  
SKY
SUBSCRIBERS
PAY PER VIEW
  
231,403
      
CHANNEL COMMERCIALIZATION
  
189,298
    
KELLOGG COMPANY MEXICO, S. DE R.L. DE C.V.
         
HERSHEY MEXICO, S. DE R.L. DE C.V.
         
L.G. ELECTRONICS MEXICO, S.A. DE C.V.
         
SIGMA ALIMENTOS COMERCIAL, S.A. DE C.V.
CABLE AND TELECOM:
          
DIGITAL SERVICE
  
5,783,356
  
CABLEVISION, CABLEMAS Y TVI
SUBSCRIBERS
INTERNET SERVICES
  
1,973,253
      
SERVICE INSTALLATION
  
45,866
      
PAY PER VIEW
  
88,637
    
HERSHEY MEXICO, S. DE R.L. DE C.V.
CHANNEL COMMERCIALIZATION
  
288,994
    
KELLOGG COMPANY MEXICO, S. DE R.L. DE C.V.
TELEPHONY
  
1,506,342
    
L.G. ELECTRONICS MEXICO, S.A. DE C.V.
TELECOMMUNICATIONS
  
1,709,947
    
TELEFONOS DE MEXICO, S.A.B. DE C.V.
OTHER
  
133,614
      
OTHER BUSINESSES:
          
DISTRIBUTION, RENTALS, AND SALE
          
OF MOVIE RIGHTS
  
145,178
    
OPERADORA COMERCIAL DE DESARROLLO, S.A. DE C.V.
         
MULTIMUSIC, S.A. DE C.V.
         
OPERADORA DE CINEMAS, S.A. DE C.V.
         
ESTUDIO MEXICO FILMS, S.A. DE C.V.
         
QUALITY FILMS, S. DE R.L. DE C.V.
         
GENERAL PUBLIC (AUDIENCE)
SPECIAL EVENTS AND SHOW PROMOTION
  
721,293
  
CLUB DE FUTBOL AMERICA
GENERAL PUBLIC (AUDIENCE)
       
ESTADIO AZTECA
FEDERACION MEXICANA DE FUTBOL ASOCIACION, A.C.
INTERNET SERVICES
  
292,155
  
ESMAS.COM
RADIOMOVIL DIPSA, S.A. DE C.V.
         
PEGASO PCS, S.A. DE C.V.
         
UNILEVER DE MEXICO, S. DE R.L. DE C.V.
         
IUSACELL, S.A. DE C.V.
         
THE COCA-COLA EXPORT CORPORATION SUCURSAL EN MEXICO
GAMING
  
1,638,987
  
PLAY CITY
GENERAL PUBLIC (AUDIENCE)
       
MULTIJUEGOS
  
ADVERTISED TIME SOLD IN RADIO
  
490,322
    
PEGASO, PCS, S.A. DE C.V.
         
MARKETING MODELO, S.A. DE C.V.
         
PROPIMEX, S.A. DE C.V.
         
TIENDAS COMERCIAL MEXICANA, S.A. DE C.V.
         
BIMBO, S.A. DE C.V.
         
GENERAL MOTORS DE MEXICO, S. DE R.L. DE C.V.
         
CORPORACION NORTEAMERICANA, S.A. DE C.V.
PUBLISHING DISTRIBUTION:
8,617
142,341
  
HOLA MEXICO MAGAZINE
VARIOUS
       
EL SOLITARIO MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
WWE LUCHA LIBRE AMERICANA MAGAZINE
DEALERS
       
MAESTRA PREESCOLAR MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
MINIREVISTA MINA
  
       
TV NOTAS MAGAZINE
  
FOREIGN SALES
          
INTERSEGMENT ELIMINATIONS
  
(14,368)
      
           
TELEVISION BROADCASTING:
          
ADVERTISING TIME SOLD
  
289,151
    
INITIATIVE MEDIA, INC.
         
HORIZON MEDIA
         
GROUP MOTION
         
ZENITHGPE
OTHER INCOME
  
300,598
    
VARIOUS
PAY TELEVISION NETWORKS:
          
SALES OF SIGNALS
  
533,687
    
DIRECTV LATIN AMERICA
         
GALAXY ENTERTAINMENT DE VZLA, C.A. DIRECTV
         
DIRECTV CHILE TELEVISION
         
DIRECTV ARGENTINA TELEVISION
         
ECHOESTAR SATELLITE CORPORATION
ADVERTISING TIME SOLD
  
75,247
    
MERCURY MEDIA
         
BJ GLOBAL DIRECT. INC.
         
SPHERE MARKETING
         
CAPITAL MEDIA GROUP, INC.
PROGRAMMING EXPORT:
          
PROGRAMMING AND ROYALTIES
  
3,074,766
  
TELEVISA
CIA PERUANA DE RADIODIFUSIÓN
       
TELEVISA
TELEARTE, S.A.
       
TELEVISA
RCN TELEVISION, S.A.
PUBLISHING:
          
MAGAZINE CIRCULATION
48,738
912,732
  
T.V. Y NOVELAS MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
GENTE MAGAZINE
DEALERS
       
PAPARAZZI MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
VANIDADES MAGAZINE
  
       
COSMOPOLITAN MAGAZINE
  
       
TU  MAGAZINE
  
       
BILINKEN MAGAZINE
  
       
PARA TI MAGAZINE
  
       
CONDORITO MAGAZINE
  
PUBLISHING
  
946,635
    
PROCTER & GAMBLE
         
L´OREAL
         
UNILEVER ANDINA COLOMBIA LTDA
         
P & G PRESTIGE
SKY:
          
DTH BROADCAST SATELLITE
  
868,508
  
SKY
SUBSCRIBERS
CABLE AND TELECOM:
          
TELECOMMUNICATIONS
  
284,187
    
SUBSCRIBERS
           
OTHER BUSINESSES:
          
SPECIAL EVENTS AND SHOW PROMOTION
  
76,980
  
CLUB DE FUTBOL AMERICA
  
PUBLISHING DISTRIBUTION:
15,509
296,457
  
SELECCIONES MAGAZINE
GENERAL PUBLIC (AUDIENCE)
       
MAGALY TV MAGAZINE
DEALERS
       
HOLA MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
EL FEDERAL MAGAZINE
  
       
EL MUEBLE MAGAZINE
  
       
PUNTO Y MODA MAGAZINE
  
       
ABC
  
        MIS PRIMEROS PASOS MAGAZINE  
       
EL CUERPO HUMANO MAGAZINE
  
DISTRIBUTION, RENTALS, AND SALE
          
OF MOVIE RIGHTS
  
8,763
    
WARNER BROS ENTERTAINMENT, INC.
TOTAL
  
57,856,828
      
 
 
 
 
 
SALES DISTRIBUTION BY PRODUCT
FOREIGN SALES
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
 
NET SALES
  
MAIN
MAIN PRODUCTS
VOLUME
AMOUNT
DESTINATION
TRADEMARKS
CUSTOMERS
 
(THOUSANDS)
        
FOREIGN SALES
          
TELEVISION BROADCASTING:
          
ADVERTISING TIME SOLD
  
99,493
UNITED STATES OF AMERICA
  
INITIATIVE MEDIA, INC.
         
HORIZON MEDIA
         
GROUP MOTION
OTHER INCOME
  
295,461
UNITED STATES OF AMERICA
  
VARIOUS
PAY TELEVISION NETWORKS:
          
SALES OF SIGNALS
  
393,920
SPAIN
  
DIRECTV LATIN AMERICA
     
ARGENTINA
  
GALAXY ENTERTAINMENT DE VZLA, C.A. DIRECTV
     
CHILE
  
DIRECTV CHILE TELEVISION
     
GUATEMALA
  
DIRECTV ARGENTINA
     
COLOMBIA
  
ECHOSTAR SATELLITE CORPORATION
     
UNITED STATES OF AMERICA
    
PROGRAMMING EXPORT:
          
PROGRAMMING AND ROYALTIES
  
3,074,766
UNITED STATES OF AMERICA
TELEVISA
CIA PERUANA DE RADIODIFUSIÓN
     
CENTRAL AMERICA
TELEVISA
TELEARTE, S.A.
     
CARIBBEAN
TELEVISA
RCN TELEVISION, S.A.
     
EUROPE
TELEVISA
  
     
SOUTH AMERICA
TELEVISA
  
     
AFRICA
TELEVISA
  
     
ASIA
TELEVISA
  
OTHER BUSINESSES:
          
SPECIAL EVENTS AND SHOW PROMOTION
  
76,980
UNITED STATES OF AMERICA
CLUB DE FUTBOL AMERICA
  
DISTRIBUTION, RENTALS, AND SALE
          
OF MOVIE RIGHTS
  
8,763
UNITED STATES OF AMERICA
  
WARNER BROS ENTERTAINMENT, INC.
           
INTERSEGMENT ELIMINATIONS
  
(6,639)
      
SUBSIDIARIES ABROAD
          
TELEVISION BROADCASTING:
          
ADVERTISING TIME SOLD
  
189,658
UNITED STATES OF AMERICA
  
INITIATIVE MEDIA, INC.
         
HORIZON MEDIA
         
GROUP MOTION
OTHER
  
5,137
UNITED STATES OF AMERICA
    
PAY TELEVISION NETWORKS:
          
SALES OF SIGNALS
  
139,767
SPAIN
  
DIRECTV LATIN AMERICA
     
ARGENTINA
  
GALAXY ENTERTAINMENT DE VZLA, C.A. DIRECTV
     
CHILE
  
DIRECTV CHILE TELEVISION
     
GUATEMALA
  
DIRECTV ARGENTINA
     
COLOMBIA
  
ECHOSTAR SATELLITE CORPORATION
     
UNITED STATES OF AMERICA
    
ADVERTISING TIME SOLD
  
75,247
    
MERCURY MEDIA
         
BJ GLOBAL DIRECT, INC.
         
SPHERE MARKETING
         
CAPITAL MEDIA GROUP, INC.
PUBLISHING:
          
MAGAZINE CIRCULATION
48,738
912,732
GUATEMALA AND COSTA RICA
T.V. Y NOVELAS MAGAZINE
GENERAL PUBLIC (AUDIENCE)
     
UNITED STATES OF AMERICA
GENTE MAGAZINE
DEALERS
     
PANAMA
PAPARAZZI MAGAZINE
COMMERCIAL CENTERS (MALLS)
     
SOUTH AMERICA
VANIDADES MAGAZINE
  
     
CENTRAL AMERICA
COSMOPOLITAN MAGAZINE
  
       
TU  MAGAZINE
  
       
BILINKEN MAGAZINE
  
       
PARA TI MAGAZINE
  
       
CONDORITO MAGAZINE
  
PUBLISHING
  
946,635
    
PROCTER & GAMBLE
         
L´OREAL
         
UNILEVER ANDINA COLOMBIA LTDA
         
P & G PRESTIGE
SKY:
          
DTH BROADCAST SATELLITE
  
868,508
CENTRAL AMERICA
SKY
SUBSCRIBERS
CABLE AND TELECOM:
          
TELECOMMUNICATIONS
  
284,187
UNITED STATES OF AMERICA
  
SUBSCRIBERS
           
           
OTHER BUSINESSES:
          
PUBLISHING DISTRIBUTION
15,509
296,457
PANAMA
SELECCIONES MAGAZINE
GENERAL PUBLIC (AUDIENCE)
     
SOUTH AMERICA
MAGALY TV MAGAZINE
DEALERS
       
HOLA MAGAZINE
COMMERCIAL CENTERS (MALLS)
       
EL MUEBLE MAGAZINE
  
       
PUNTO Y MODA MAGAZINE
  
       
ABC
  
        MIS PRIMEROS PASOS MAGAZINE  
       
EL CUERPO HUMANO MAGAZINE
  
INTERSEGMENT ELIMINATIONS
  
(7,729)
      
TOTAL
64,247
7,653,343
      
 
 
 
 
 
 
 
PROJECTS INFORMATION
(PROJECT, AMOUNT EXERCISED AND PROGRESS PERCENTAGE)
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
 
MAJOR INVESTMENT PROJECTS OF GRUPO TELEVISA, S.A.B. AND ITS SUBSIDIARIES AT SEPTEMBER 30, 2010 INCLUDE THE FOLLOWING (MILLIONS OF U.S. DOLLARS AND MEXICAN PESOS):
 
DESCRIPTION
  
AUTHORIZED AMOUNT
  
EXERCISED AMOUNT
  
PROGRESS %
                   
U.S. DOLLAR-DENOMINATED PROJECTS:
                
                   
EQUIPMENT OF THE CABLE TELEVISION
                
NETWORK
  
U.S.$
426.5
  
U.S.$
313.1  
 
73%
                   
INFORMATION TECHNOLOGY PROJECTS
    
24.1
    
10.5   
 
44%
                   
                   
                   
                   
MEXICAN PESO-DENOMINATED PROJECTS:
                
                   
GAMING BUSINESS PROJECTS
  
PS.
76.4
  
PS.
26.6   
 
35%
 
 
 
 
 
FOREIGN CURRENCY TRANSLATION
(INFORMATION RELATED TO BULLETIN B-15)
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
MONETARY ASSETS AND LIABILITIES OF MEXICAN COMPANIES DENOMINATED IN FOREIGN CURRENCIES ARE TRANSLATED AT THE PREVAILING EXCHANGE RATE AT THE BALANCE SHEET DATE. RESULTING EXCHANGE RATE DIFFERENCES ARE RECOGNIZED IN INCOME FOR THE YEAR, WITHIN INTEGRAL COST OF FINANCING.

ASSETS, LIABILITIES AND RESULTS OF OPERATIONS OF NON-MEXICAN SUBSIDIARIES AND AFFILIATES ARE FIRST CONVERTED TO MEXICAN FRS AND THEN TRANSLATED TO MEXICAN PESOS. ASSETS AND LIABILITIES OF NON-MEXICAN SUBSIDIARIES AND AFFILIATES OPERATING IN A LOCAL CURRENCY ENVIRONMENT ARE TRANSLATED INTO MEXICAN PESOS AT YEAR-END EXCHANGE RATES, AND RESULTS OF OPERATIONS AND CASH FLOWS ARE TRANSLATED AT AVERAGE EXCHANGE RATES PREVAILING DURING THE YEAR. RESULTING TRANSLATION ADJUSTMENTS ARE ACCUMULATED AS A SEPARATE COMPONENT OF ACCUMULATED OTHER COMPREHENSIVE INCOME OR LOSS IN CONSOLIDATED STOCKHOLDERS´ EQUITY. ASSETS AND LIABILITIES OF NON-MEXICAN SUBSIDIARIES THAT USE THE MEXICAN PESO AS A FUNCTIONAL CURRENCY ARE TRANSLATED INTO MEXICAN PESOS BY UTILIZING THE EXCHANGE RATE OF THE BALANCE SHEET DATE FOR MONETARY ASSETS AND LIABILITIES, AND HISTORICAL EXCHANGE RATES FOR NONMONETARY ITEMS, WITH THE RELATED ADJUSTMENT INCLUDED IN THE CONSOLIDATED STATEMENT OF INCOME AS INTEGRAL RESULT OF FINANCING.
 
 
 
 
 
ANALYSIS OF PAID CAPITAL STOCK
CONSOLIDATED
AUDITED INFORMATION Final Printing
       
CAPITAL STOCK
     
NUMBER OF SHARES
(Thousands of Mexican Pesos)
 
NOMINAL
VALID
FIXED
VARIABLE
  
FREE
    
SERIES
VALUE
COUPON
PORTION
PORTION
MEXICAN
SUBSCRIPTION
FIXED
VARIABLE
A
0.00000
0
111,058,270,615
0
111,058,270,615
0
819,434
0
B
0.00000
0
51,165,517,589
0
51,165,517,589
0
382,758
0
D
0.00000
0
81,399,628,851
0
81,399,628,851
0
583,300
0
L
0.00000
0
81,399,628,851
0
0
81,399,628,851
583,300
0
TOTAL
    
325,023,045,906
0
243,623,417,055
81,399,628,851
2,368,792
0
 
 TOTAL NUMBER OF SHARES REPRESENTING THE PAID CAPITAL STOCK ON THE DATE OF THE INFORMATION:            
325,023,045,906
  
 
 
NOTES:
  
 
THE TABLE ABOVE REFLECTS OUTSTANDING SHARES PLUS THE SHARES REPURCHASED REPRESENT THE TOTAL NUMBER OF SHARES ISSUED. SEE NOTE 5 TO CONSOLIDATED FINANCIAL STATEMENTS.
 
EFFECTIVE MARCH 22, 2006, CHANGE OF 20 TO 5 CPOS, REPRESENTING EACH GDS.
  
 
 
 
 
FINANCIAL STATEMENT NOTES(1)
CONSOLIDATED
AUDITED INFORMATION Final Printing
 
S03:  CASH AND AVAILABLE INVESTMENTS
INCLUDES CASH AND CASH EQUIVALENTS FOR PS.19,900,520 AND PS.28,718,328 AS OF DECEMBER 31, 2010 AND 2009, RESPECTIVELY.
 
S07:  OTHER CURRENTS ASSETS
INCLUDES TEMPORARY INVESTMENTS FOR PS.10,446,840 AND PS.8,902,346 AS OF DECEMBER 31, 2010 AND 2009, RESPECTIVELY.
 
S31:  DEFERRED LIABILITIES
INCLUDES PS.18,587,871 AND PS.19,858,290 AS OF DECEMBER 31, 2010 AND 2009, RESPECTIVELY, OF A SHORT-TERM NATURE.
 
E44:   OTHER ITEMS
INCLUDES U.S.$1,125,000 (PS. 13,966,369) OF CONVERTIBLE DEBENTURES.
 
(1)   THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL STATEMENT AMOUNTS, INCLUDING THEIR BREAKDOWN OF MAIN CONCEPTS AND OTHER CONCEPTS.
 
 
 
 
 
 
EXHIBIT 1
TO THE ELECTRONIC FORM TITLED "PREPARATION, FILING, DELIVERY
AND DISCLOSURE OF QUARTERLY ECONOMIC, ACCOUNTING AND
ADMINISTRATIVE INFORMATION BY ISSUERS"
 
III. QUALITATIVE AND QUANTITATIVE INFORMATION
 
i.    Management's discussion of the policies concerning the use of financial derivative instruments, and explanation as to whether such policies permit the use  of said instruments solely for hedging or also for trading or other purposes. The  discussion must include a general description of the objectives sought in the execution  of financial derivative transactions; the relevant instruments; the hedging or trading  strategies implemented in connection therewith; the relevant trading markets; the  eligible counterparties; the policies for the appointment of calculation or valuation  agents; the principal terms and conditions of the relevant contracts; the policies as  to margins, collateral and lines of credit; the authorization process and levels of authorization required by type of transaction (e.g., full hedging, partial hedging,  speculation), stating whether the transactions were previously approved by the  committee(s) responsible for the development of corporate and auditing practices;  the internal control procedures applicable to the management of the market and  liquidity risks associated with the positions; and the existence of an independent third party responsible for the review of such procedures and, as the case may be,  the observations raised or deficiencies identified by such third party. If applicable,  provide information concerning the composition of the overall risk management committee, its operating rules, and the existence of an overall risk management manual.
 
Management's discussion of the policies concerning the use of financial derivative instruments, and explanation as to whether such policies permit the use of said instruments solely for hedging or also for trading or other purposes.
 
In accordance with the policies and procedures implemented by the Finance and Risk area and the Vice President and Corporate Controller, along with the Vice President of Internal Audit, the Company has entered into certain financial derivative transactions for hedging purposes in both the Mexican and international markets so as to manage its exposure to the market risks associated with the changes in interest and foreign exchange rates and inflation. In addition, the Company's Investments Committee has established guidelines for the investment in structured notes or deposits associated with other derivatives, which by their nature may be considered as derivative transactions for trading purposes. It should be noted that in the fourth quarter of 2010, no such financial derivatives were outstanding. Pursuant to the provisions of Bulletin C-10 of the Financial Reporting Standards issued by the Mexican Board for Research and Development of Financial Reporting Standards, certain financial derivative transactions originally intended to serve as a hedge and in effect until December 31st, 2010, are not within the scope of hedge accounting as specified in such Bulletin and, consequently, are recognized in the accounting based on the standards included in the aforementioned Bulletin.
 
General description of the objectives sought in the execution of financial derivative transactions; the relevant instruments; the hedging or trading strategies implemented in connection therewith; the relevant trading markets; the eligible counterparties; the policies for the appointment of calculation or valuation agents; the principal terms and conditions of the relevant contracts; the policies as to margins, collateral and lines of credit; the authorization process and levels of authorization required by type of transaction (e.g., full hedging, partial hedging, speculation), stating whether the transactions were previously approved by the committee(s) responsible for the development of corporate and auditing practices; the internal control procedures applicable to the management of the market and liquidity risks associated with the positions; and the existence of an independent third party responsible for the review of such procedures and, as the case may be, the observations raised or deficiencies identified by such third party.
 
The Company's principal objective when entering into financial derivative transactions is to mitigate the effects of unforeseen changes in interest and foreign exchange rates and inflation, so as to reduce the volatility in its results and cash flows as a result of such changes.
 
The Company monitors its exposure to the interest rate risk by: (i) assessing the difference between the interest rates applicable to its debt and temporary investments, and the prevailing market rates for similar instruments; (ii) reviewing its cash flow requirements and financial ratios (interest coverage); (iii) assessing the actual and budgeted-for trends in the principal markets; and (iv) assessing the prevailing industry practices and other similar companies. This approach enables the Company to determine the optimum mix between fixed- and variable-rate interest for its debt.
 
Foreign exchange risk is monitored by assessing the Company's monetary position in U.S. dollars and its budgeted cash flow requirements for investments anticipated to be denominated in U.S. dollars and the service of its U.S. dollar-denominated debt.
 
Financial derivative transactions are reported from time to time to the Audit and Corporate Practices Committee.
 
The Company has entered into master derivatives agreements with both domestic and foreign financial institutions that are internationally recognized institutions with which the Company, from time to time, has entered into financial transactions involving corporate and investment banking, as well as treasury services. The form agreement used in connection with financial derivatives transactions with foreign financial institutions is the Master Agreement published by the International Swaps and Derivatives Association, Inc. ("ISDA") and with local institutions is the Master Agreement published by ISDA and the form agreement recommended by Banco de Mexico. In both cases, the main terms and conditions are standard for these types of transactions and include mechanisms for the appointment of calculation or valuation agents.
 
In addition, the Company enters into standard guaranty agreements that set forth the margins, collateral and lines of credit applicable in each instance. These agreements establish the credit limits granted by the financial institutions with whom the Company enters into master financial derivative agreements, which specify the margin implications in the case of potential negative changes in the market value of its open financial derivative positions. Pursuant to the agreements entered into by the Company, financial institutions are entitled to make margin calls if certain thresholds are exceeded. In the event of a change in the credit rating issued to the Company by a recognized credit rating agency, the credit limit granted by each counterparty would be modified.
 
As of the date hereof, the Company has never experienced a margin call with respect to its financial derivative transactions.
 
In compliance with its risk management objectives and hedging strategies, the Company generally utilizes the following financial derivative transactions:
 
1.
Cross-currency interest rate swaps (i.e., coupon swaps);
   
2.
Interest rate and inflation-indexed swaps;
   
3.
Cross-currency principal and interest rate swaps;
   
4.
Swaptions;
   
5.
Forward exchange rate contracts;
   
6.
FX options;
   
7.
Interest Rate Caps and Floors contracts;
   
8.
Fixed-price contracts for the acquisition of government securities (i.e.,  Treasury locks); and
   
9.
Credit Default Swaps.
 
The strategies for the acquisition of financial derivative transactions are approved by the Risk Management Committee in accordance with the Policies and Objectives for the Use of Financial Derivatives.  During the quarter from October to December 2010, there were no defaults or margin calls under the aforementioned financial derivative transactions.
 
The Company monitors on a weekly basis the flows generated by, the fair market value of and the potential for margin calls under its open financial derivative transactions. The calculation or valuation agent designated in the relevant Master Agreement, which is always the counterparty, issues monthly reports as to the fair market value of the Company's open positions.
 
The Risk Management area is responsible for measuring, at least once a month, the Company's exposure to the financial market risks associated with its financings and investments, and for submitting a report with respect to the Company's risk position and the valuation of its financial derivatives to the Finance Committee on a monthly basis, and to the Risk Management Committee on a quarterly basis. The Company monitors the credit rating assigned to its counterparties in its outstanding financial derivative transactions on a regular basis .
 
The office of the Comptroller is responsible for the validation of the Company's accounting records as related to its financial derivative transactions, based upon the confirmations received from the relevant financial intermediaries, and for obtaining from such intermediaries, on a monthly basis, confirmations or account statements supporting the market valuation of its open financial derivative positions.
 
As a part of the yearly audit on the Company, the aforementioned procedures are reviewed by the Company's external auditors. As of the date hereof, the Company's auditors have not raised any observation or identified any deficiency therein.
 
Information concerning the composition of the overall risk management committee, its operating rules, and the existence of an overall risk management manual.
 
The Company has a Risk Management Committee, which is responsible for monitoring the Company's risk management activities and approving the hedging strategies used to mitigate the financial market risks to which the Company is exposed. The assessment and hedging of the financial market risks are subject to the policies and procedures applicable to the Company's Risk Management Committee, the Finance and Risk Management areas and the Comptroller, that form the Risk Management Manual of the Company. In general terms, the Risk Management Committee is comprised of members of the Corporate Management, Corporate Comptroller, Tax Control and Advice, Information to the Stock Exchange, Finance and Risk, Legal, Administration and Finance, Financial Planning and Corporate Finance areas.
 
ii.   General description of the valuation methods, indicating whether the instruments are valued at cost or at their fair value pursuant to the applicable  accounting principles, the relevant reference valuation methods and techniques,  and the events taken into consideration. Describe the policies for and frequency of the valuation, as well as the actions taken in light of the values obtained therefrom.  Clarify whether the valuation is performed by an independent third party, and  indicate if such third party is the structurer, seller or counterparty of the financial  instrument. As with respect to financial derivative transactions for hedging  purposes, explain the method used to determine the effectiveness thereof and  indicate the level of coverage provided thereby.
 
The Company values its financial derivative instruments based upon the standard models and calculators provided by recognized market makers. In addition, the Company uses the relevant market variables available from online sources. The financial derivative instruments are valued at a reasonable value pursuant to the applicable accounting provisions.
 
In the majority of cases, the valuation at a reasonable value is carried out on a monthly basis based on valuations of the counterparties and the verification of such reasonable value with internal valuations prepared by the Risk Management area of the Company. Accounting wise, the valuation of the counterparty is registered.
 
The Company performs its valuations without the participation of any independent third party.
 
The method used by the Company to determine the effectiveness of an instrument depends on the hedging strategy and on whether the relevant transaction is intended as a fair-value hedge or a cash-flow hedge. The Company's methods take into consideration the prospective cash flows generated by or the changes in the fair value of the financial derivative, and the cash flows generated by or the changes in the fair value of the underlying position that it seeks to hedge to determine, in each case, the hedging ratio.
 
iii.    Management's discussion of the internal and external sources of liquidity that could be used to satisfy the Company's requirements in connection with its  financial derivatives.
 
As of the date hereof, the Company's management has not discussed internal and external sources of liquidity so as to satisfy its requirements in connection with its financial derivatives since, based upon the aggregate amount of the Company's financial derivative transactions, management is of the opinion that the Company's significant positions of cash, cash equivalents and temporary investments, and the substantial cash flows generated by the Company, would enable the Company to respond adequately to any such requirements.
 
iv.    Explanation as to any change in the issuer's exposure to the principal risks  identified thereby and in their management, and any contingency or event known  to or anticipated by the issuer's management, which could affect any future report.  Description of any circumstance or event, such as any change in the value of the  underlying assets or reference variables, resulting in a financial derivative being  used other than as originally intended, or substantially altering its structure, or resulting in the partial or total loss of the hedge, thereby forcing the Issuer to  assume new obligations, commitments or changes in its cash flows in a manner that affects its liquidity (e.g., margin calls.) Description of the impact of such  financial derivative transactions on the issuer's results or cash flows. Description  and number of financial derivatives maturing during the quarter, any closed  positions and, if applicable, number and amount of margin calls experienced during  the quarter. Disclosure as to any default under the relevant contracts.
 
Changes in the Company's exposure to the principal risks identified thereby and in their management, and contingencies or events known to or anticipated by the Company's management, which could affect any future report.
 
Since a significant portion of the Company's debt and costs are denominated in U.S. dollars, while its revenues are primarily denominated in Mexican pesos, depreciation in the value of the Mexican peso against the U.S. dollar in 2008 and any future depreciation could have a negative effect on the Company's results due to exchange rate losses. However, the significant amount of U.S. dollars in the Company's treasury, and the hedging strategies adopted by the Company in recent years, have enabled it to avoid significant foreign exchange losses.
 
Circumstances or events, such as changes in the value of the underlying assets or reference variables, resulting in a financial derivative being used other than as originally intended, or substantially altering its structure, or resulting in the partial or total loss of the hedge, thereby forcing the Company to assume new obligations, commitments or changes in its cash flows in a manner that affects its liquidity (e.g., margin calls.) Description of the impact of such financial derivative transactions on the Company's results or cash flows.
 
As of the date hereof, no circumstance or event has given rise to a significant change in the structure of a financial derivative transaction, caused it to be used other than as originally intended, or resulted in a partial or total loss of the relevant hedge requiring that the Company assume new obligations, commitments or variations in its cash flow such that its liquidity is affected.
 
Description and number of financial derivatives maturing during the quarter, any closed positions and, if applicable, number and amount of margin calls experienced during the quarter. Disclosure as to any default under the relevant contracts.
 
 
1.
During the relevant quarter, Cablemás, S.A. de C.V. ("Cablemás") called the Senior Notes due 2015, and as a consequence Cablemás early terminated a related "Cross-Currency Swap" with a notional amount of U.S.$175.0 million and a related "Interest Rate Swap". Under these swap agreements, Cablemás exchanged the payment of coupons and the notional amount in US dollars for fixed rate coupons in pesos and a notional amount in pesos.
     
 
2.
Likewise, a related "Swaption" expired unexercised. This agreement allowed the counterparty to Cablemás to float the coupon payments in the above mentioned "Cross Currency Swap" and "Interest Rate Swap" through 2015.
     
 
3.
Finally, in connection with the Cablemás variable rate loan denominated in U.S. dollars and due 2012 which was prepaid during the quarter, we early terminated the cross-currency swap agreement on a notional amount of U.S.$50.0 million. This agreement involved the exchange of variable rate coupon payments in U.S. dollars for fixed rate coupon payments in pesos, and the principal amount in U.S. dollars for a principal amount in pesos.
 
Likewise there were no defaults or margin calls under financial derivative transactions.
 
v.   Quantitative Information. Attached hereto as Table 1 is a summary of the financial derivative instruments purchased by Empresas Cablevisión, S.A.B. de C.V. and Cablemas, S.A. de C.V., whose aggregate fair value represents or could represent one of the reference percentages set forth in Section III (v) of the Official Communication.
 
IV. SENSITIVITY ANALYSIS
 
Considering that the Company has entered into financial derivative transactions for hedging purposes, and given the low amount of the financial derivative instruments that proved ineffective as a hedge, the Company has determined that such transactions are not material and, accordingly, the sensitivity analysis referred to in Section IV of the Official Communication is not applicable.
 
In those cases where the derivative instruments of the Company are for hedging purposes, for a material amount and where the effectiveness measures were sufficient, the measures are justified when the standard deviation of the changes in cash flow as a result of changes in the variables of exchange rate and interest rates of the derivative instruments used jointly with the underlying position is lower than the standard deviation of the changes in cash flow of the underlying position valued in pesos and the effective measures, are defined by the correlation coefficient between both positions for the effective measures to be sufficient.
 
 
 
 
 
TABLE 1
GRUPO TELEVISA, S.A.B.
Summary of the Financial Derivative Instruments as of
December 31, 2010
(In thousands of pesos/dollars)
 
Type of Derivative, Securities or Contract
Purpose (e.g., hedging, trading or other)
Notional Amount/Face Value
Value of the Underlying Asset /
Reference Variable
Fair Value
Maturing per Year
Collateral/
Lines of Credit/
Securities Pledged
Current Quarter
Previous Quarter(6)
Current Quarter D(H)(5)
Previous Quarter D(H)(6)
Cross Currency Swap(1)
Hedging
Ps.2,435,040 /
$225,000
$225,000/
3MLIBOR+42.5 BPS%
$225,000 /
3MLIBOR+42.5B PS%
189,400 
225,909 
$225,000
2012
Does not exist
(7)
Cross Currency Swap(2)
Hedging
Ps.541,275 /
$50,000
$50,000 /
3MLIBOR%+52.5 BPS
$50,000 /
3MLIBOR+52.5B PS%
- 
48,657 
$50,000
2012
Does not exist
(7)
Cross Currency Swap(2)
Hedgin g
Ps.1,880,375 /
$175,000
$175,000 /
6.4450%
$175,000 /
6.4450 %
- 
682,011 
$175,000
2015
Does not exist
(7)
Interest rate Swap(2)
Hedging
Ps.1,880,375 /
Ps.1,914,850
Ps.1,880,375 /
TIIE+182.3BSP%
Ps.1,880,375 /
TIIE+182.3BSP%
- 
(139,184) 
Ps.1,880,375
2015
Does not exist
(7)
Swaption (TIIE)(2)
Trading
Ps.1,914,850
Ps.1,914,850 /
7.570%
Ps.1,914,850 /
7.570%
- 
(6) 
Ps.1,914,850
2015
Does not exist
(7)
Coupon Swaps(3)
Hedging
Ps.25,727,550 /
$2,000,000
$2,000,000 /
6.00% / 8.50%
$2,000,000 /
6.00% / 8.50%
(74,329) 
(54,662) 
Semiannual interest
2011
Does not exist
(7)
Interest Rate Swap(4)
Hedging
Ps.1,400,000
Ps.1,400,000 /
8.37% / 8.47%
Ps.1,400,000 /
8.37% / 8.47%
(102,485) 
(156,036) 
Semiannual interest
2011-2016
Does not exist
(7)
 
 
(1)
Acquired by Empresas Cablevisión, S.A.B. de C.V.
 
(2)
Acquired by Cablemás, S.A. de C.V. The derivative agreements were duly liquidated by debt refinancing in the fourth quarter.
 
(3)
Acquired by Grupo Televisa, S.A.B.
 
(4)
Acquired by Corporación Novavisión, S. de R.L. de C.V.
 
(5)
The aggregate amount of the derivatives reflected in the consolidated balance sheet of Grupo Televisa, S.A.B. as December 31, 2010, included in the relevant SIFIC, is as follows:
   
S85
FINANCIAL DERIVATIVE INSTRUMENTS
 Ps.
189,400
  
   
S88
FINANCIAL DERIVATIVE INSTRUMENTS
  
(74,329)
  
   
S69
OTHER LIABILITIES
  
(103,528)
  
         Ps.
11,543
  
             
   
The financial derivatives shown in the above table are those whose aggregate value could represent 5% of the consolidated assets, liabilities or capital, or 3% of the consolidated sales, of Grupo Televisa, S.A.B., for the most recent quarter.
     
 
(6)
Information for the third quarter of 2010.
  (7) 
Applies only to implicit financing in the ISDA ancillary agreements identified as "Credit Support Annex".
 
 
 
 
 
EXHIBIT 2
 
Status of the process of adopting International Financial Reporting Standards
("IFRS") in the preparation of the consolidated financial statements of Grupo
Televisa, S.A.B.
 
This Exhibit is presented to update the information which was filed with the Bolsa Mexicana de Valores ("Mexican Stock Exchange") by Grupo Televisa, S.A.B (the "Company") on April 29, 2010, July 12, 2010 and October 21, 2010. The IFRS adoption plan was approved by the Board of Directors and the Audit and Corporate Practices Committee of the Company in April 2010.
 
a)     Identification of the Responsible Persons or Areas.
 
 
Name
Name of the responsible area or person:
Corporate Controllership
Members of the work team for the transition (mention the area to which each member corresponds):
Salvi Folch Viadero
Financial and Administration Vice-presidency;
Jorge Lutteroth Echegoyen
Corporate Controllership Vice-presidency;
José Antonio García González
Corporate Administration Vice-presidency;
Michel Boyance
Administration and Financial Vice-presidency Sky;
José Antonio Lara Del Olmo
Tax Vice-presidency;
Raúl González Lima
Corporate Financial  Reporting General Management;
David Magdaleno Cortes
Controllership Management Television;
Carlos Ferreiro Rivas
Telecommunications Vice-presidency;
Raúl González Ayala
Information Technology General Management;
Julio Cesar Chávez Hernández
Planning and Budgets General Management;
Stephanie Guerra Ron
Corporate Financial Reporting Management.
Name of the coordinator (if applicable):
Jorge Lutteroth Echegoyen and Raúl González Lima
External audit firm:
PricewaterhouseCoopers, S.C.
Firm of the external advisors hired for the transition, other than the auditor (if applicable):
PricewaterhouseCoopers, S.C.
 
PricewaterhouseCoopers, S.C. ("PwC") was selected to provide consultancy to Grupo Televisa, S.A.B. (the "Company") in the IFRS adoption process, in the understanding that, as external auditors of the Company, PwC shall not participate in: (i) preparation of accounting registries, financial information related to or financial statements of the Company; (ii) the direct or indirect operation of financial information systems of the Company; (iii) operation, supervision, design or implementation of the technology systems of the Company related to the preparation of the financial statements or financial information; and (iv) the Company's administration or decision makers of the project.
 
b)     Training.
 
Direct Participants in the Implementation
 
Issuer's Staff
Start date
In process
(estimated
completion
date)
Completed
Not
applicable
(Reason)
Relevant directors and officers of the issuer:
Chief Executive Officer
Chief Financial Officer (or equivalent)
Other relevant directors and officers: Controller and Administrator
August 2010
December 2011
    
Members of Committees of the Board of Directors:
Members of Auditing Committee
Members of Corporate Practices Committee
Other Auxiliary Committee (specify)
August 2010
December 2011
    
Staff responsible for preparing and filing financial information under the IFRS:
Work team leader
Responsible staff
Auxiliary staff
Others (detail):
April 2010
December 2011
    
Others (detail):
Not applicable
Not applicable
Not applicable
  
 
Indirect Participants in the Implementation
 
 
Start date
In process
(estimated
completion date)
Completed
Not applicable
(Reason)
Area name:
        
Tax
June 2010
December 2011
    
Human Resources
June 2010
December 2011
    
Treasury
June 2010
December 2011
    
Legal
June 2010
December 2011
    
Policies and Procedures
June 2010
December 2011
    
Information Technology Systems
June 2010
December 2011
    
Investor Relations
June 2010
December 2011
    
Budgets
June 2010
December 2011
    
    Name of positions
    within the Area:
 
Vice-Presidents, Directors
    and Coordinators
        
 
        
Others (detail):
Not applicable
Not applicable
Not applicable
  
 
c)    Activity Timetable.
 
Phase
Activities
Start date
Finish
Date
Progress
Percentage
(%)
1
DIAGNOSIS
 
      
 
a)       Review of accounting policies
 
April 2010
 
May 2010
 
100%
 
 
b)       Preliminary evaluation of the impacts on the systems, processes and operations.
 
April 2010
May 2010
100%
 
c)       Organizational awareness
April 2010
May 2010
100%
2
PROJECT DEFINITION AND
      
 
LAUNCHING / COMPONENTS
      
 
EVALUATION AND PROBLEM
      
 
SOLVING / INITIAL CONVERSION
      
2.1
a)       Benchmarking
June 2010
December 2011
60%
     
 
  
 
b)       Preliminary evaluation of the impacts on the information systems, internal controls, etc.
June 2010
December 2011
35%
 
c)      Difference between the Mexican Financial Reporting Standards ("Mexican FRS") and IFRS documentation
June 2010
December 2011
70%
 
 
      
 
d)      Transaction analysis.
June 2010
December 2011
60%
     
 
  
 
e)       Identification and evaluation in other areas (such as legal, investor relations, etc.)
 
June 2010
December 2011
50%
 
f)       Training.
June 2010
December 2011
70%
     
 
  
 
g)      Quantify the impacts of the IFRS.
June 2010
December 2011
70%
     
 
  
 
h)       Review and evaluation of the preliminary definition impacts derived from the latest update of bulletins and rules issuance.
 
June 2010
December 2011
50%
 
i)        Selection and definition of new accounting policies (including IFRS 1)
June 2010
December 2011
50%
 
 
      
 
j)        Preparation of the initial balance sheet (1-1-2011)
 
June 2010
December 2011
25%
2.2
a)       Preparation of financial statements of 2011 and 2012 (intermediate and annuals)
April 2011
March 2013
10%
 
 
      
 
b)       Preparation of accounting policies handbook according to IFRS
 
April 2011
December 2012
30%
 
c)       Analysis update of the differences between IFRS and the Mexican FRS based on new accounting rules.
April 2011
March 2013
20%
 
 
      
 
d)       Quantify adjustments for 2011 and 2012
 
April 2011
March 2013
25%
 
e)       Implementation and design of processes and controls sustainable according to IFRS.
 
April 2011
December 2012
0%
 
f)        Evaluate SOX compliance.
 
April 2011
December 2012
0%
3
CHANGE SYSTEMATIZATION / SECURE OF CONTROLS AND PROCEDURES
2012
2013
10%
 
NOTE: The anticipated dates to the corresponding activities of each of the phases are subject to a continued evaluation of new rules issued by the International Accounting Standards Board ("IASB"), as well as to the possible retrospective application of the same.
 
The information contained herein was approved by the Board of Directors and the Audit and Corporate Practices Committee of the Company in April, 2010.
 
 
Estimated adoption date:
  1/1/2012
 
Stage 1.  Communication
 
Activity
Scheduled
start date
Start
date
Scheduled
completion
date
Finish date
Progress
percentage
(%)
Comments
1.      Coordination with issuer's Chief Executive Officer, with all the areas involved and related entities which shall be consolidated or incorporated.
April 2010
April 2010
May 2010
April 2010
 100%
Phase 1 of the chronogram
2.      Design and communication of a promotion and training plan.
April 2010
April 2010
May 2010
  
90%
Phase 1 of the chronogram
3.      Others (detail).
Not applicable
Not applicable
Not applicable
Not applicable
Not applicable
Not applicable
 
Stage 2. Assessment of Accounting and Business Impacts
 
Activity
Scheduled
start date
Start date
Scheduled
completion date
Finish
date
Progress
percentage
(%)
Comments
1.      Preliminary identification of accounting impacts, which require specific actions (diagnosis of the main differences in valuation and disclosure).
April 2010
April 2010
May 2010
June 2010
100%
Phase 1 of the chronogram
2.      Choosing between the options available in the IFRS 1 (first time application) and review of provisions and estimates.
June 2010
July 2010
December 2010
  
50%
Phase 2.1 of the chronogram
3.      Definition of the new accounting policies according to the different alternatives set forth in the IFRS.
August 2010
September 2010
December 2011
  
50%
Phase 2.1 of the chronogram
4.      Assessment of the impacts on information systems, internal control, etc.
June 2010
July 2010
March 2011
  
35%
Phase 2.1 of the chronogram
5.      Identification and evaluation of effects affecting the performance measures of the issuer (financial ratios, etc.).
June 2010
July 2010
March 2011
  
50%
Phase 2.1 of the chronogram
6.      Identification and review of contracts and other agreements subject to be modified given the transition to the IFRS, as well as possible violations to commitments or covenants.
June 2010
July 2010
March 2011
  
50%
Phase 2.1 of the chronogram
7. Detail of additional disclosures made in the notes to the financial statements due to the implementation of the IFRS.
April 2011
  
March 2012
  
20%
Phase 2.2 of the chronogram
 
NOTE: The anticipated dates to the corresponding activities phase are subject to a continued evaluation of new rules issued by the IASB, as well as to the possible retrospective application of the same.
 
Stage 3. Implementation and Parallel Formulation of Financial Statements under the IFRS and Current Accounting Standards
 
Activity
Scheduled
start date
Start
date
Scheduled
completion
date
Finish
date
Progress
percentage
(%)
Comments
1.  Identification of the principal changes in the performance of the information technology systems required in the preparation of the financial statements under the IFRS, in the flow of information as well as in the processes of preparing such statements.
June 2010
July 2010
December 2011
  
35%
Phase 2.1 of the chronogram
2.      Identification of documents and new or supplementary reports to the current ones, issued given the changes in the information technology systems, as well as new concepts required under the IFRS.
June 2010
July 2010
December 2011
  
50%
Phase 2.1 of the chronogram
3.      Analysis of the patrimonial situation and results of the issuer, identifying the necessary adjustments and assessments to convert the balances at the date of transition of the IFRS.
June 2010
July 2010
December 2011
  
50%
Phase 2.1 of the chronogram
4.      Preparation of the opening balance sheet under the IFRS and conciliation of the results and shareholders' equity against the FRS.
March 2011
  
December 2011
  
25%
Phase 2.2 of the chronogram
5.      Design and adjustment of the quality control processes in financial information to guarantee its reliability.
April 2011
  
December 2012
  
30%
Phase 2.2 of the chronogram
 
NOTE: The anticipated dates to the corresponding activities phase are subject to a continued evaluation of new rules issued by the IASB, as well as to the possible retrospective application of the same.
 
Completed Activities
 
Activities
Findings and/or performed
tasks
Decisions made
Preparation of the chronogram of the principal activities of the IFRS conversion project.
Presentation to the Board of Directors and the Audit and Corporate Practices Committee of the principal activities chronogram established in the IFRS conversion project.
Approval of the IFRS conversion project by the Board of Directors and the Audit and Corporate Practices Committee.
Presentation and official start of the IFRS conversion project by the Corporate Controllership Vice-presidency to the persons in charge of the financial information of the Company entities.
Awareness of the persons in charge of the financial information in the headquarters, subsidiaries and most significant associated entities, of the importance of the IFRS conversion project for the Company.
Governance of the IFRS conversion project, designation of the teamwork's for Phase 1 and start of working meetings under Phase 1.
Identification and preliminary analysis of the main differences between the existing Financial Reporting
Standards in Mexico and IFRS and accounting impacts that will require more specific actions.
Weekly work meetings where we analyzed and documented the main differences between both standards and the most important items of the consolidated financial statements of the Company.
Based on preliminary differences identified, each significant subsidiary of the Company will make a more detailed analysis to facilitate the analysis, quantification and subsequent evaluation of the required adjustments in the preparation of the initial consolidated balance sheet under IFRS.
Beginning of Stage 2.1 of the schedule of activities. 
 
Identifying business segments and/or most significant subsidiaries for purposes of adopting IFRS.
The following segments of significant business were identified: television broadcasting, Sky, cable and telecom and Publishing.
Preparation of workshops per business segment for the evaluation and definition of accounting policies under IFRS, as well as for identification and quantification of differences to the transition date.  Strategy for adoption of IFRS in non-significant businesses.
Initial workshops for properties, plant and equipment.
Consideration of appraisals and costs implicit to the item of property, plant and equipment to the transition date.
Considerations of financial leases and operating leases.
Meetings with asset appraisers.
Accounting policies and identification of adjustments under IFRS 1 for the item of properties, plant and equipment. Valuations of certain fixed assets at the date of transition.
Initial workshops for revenue recognition.
Identifying policies and current proceedings for revenue recognition. Analysis of major revenue- generating contracts. Consideration on presentation of income.
Identification of potential impacts, resulting from the proposed new IFRS for revenue recognition.
Initial workshop for the item of employee benefits
Meeting with the actuaries of the companies having a payroll.
Evaluation of options under IFRS 1.
Accounting policies and identification of adjustments under IFRS 1 for the item of benefits to employees at the time of transition.
Definition of actuarial calculation reports on the transition date.
Additional workshops for property, plant and equipment, revenue recognition and employee benefits.
 
Workshops for the following items of the financial statements:
 
       ●    Capitalized costs
       ●    Financial instruments
       ●    Derivatives
       ●    Provisions
       ●    Foreign Currency Exchange
       ●    Intangibles
       ●    Consolidation and equity method
       ●    Income tax
       ●    Business combinations
 
Understanding of the IFRS applicable to the principal business segments of the Company.
 
Presentation by the responsible parties of the financial information on the principal business segments of the Company, of particular or relevant situations or considerations for the implementation of the IFRS.
 
Formal documentation of the application of the IFRS discussed in the workshops, for the principal business segments of the Company.
Accounting policies for foreign currency translation accumulated through December 31, 2010.
 
Accounting policies for business combinations prior to December 31, 2010.
 
Adjustment procedure for the restatement of intangible assets.
 
Determination of initial adjustment for liabilities resulting from employee indemnifications.
 
Identification of adjustments resulting from property valuations.
 
Preliminary evaluation of the anticipated adoption of the IFRS 9 (financial instruments, impairment and hedge accounting).
 
 
 
 
 
DECLARATION OF THE REGISTRANT´S OFFICERS RESPONSIBLE FOR THE INFORMATION.



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




 
       /s/ EMILIO AZCÁRRAGA JEAN     
EMILIO AZCÁRRAGA JEAN
PRESIDENT AND CHIEF EXECUTIVE OFFICER
      /s/ SALVI FOLCH VIADERO     
SALVI FOLCH VIADERO
CHIEF FINANCIAL OFFICER
 
 
 
 
  
       /s/ JOAQUIN BALCÁRCEL SANTA CRUZ     
JOAQUIN BALCÁRCEL SANTA CRUZ
 VICE PRESIDENT  -  LEGAL AND
GENERAL COUNSEL
   
   
   
 MÉXICO, D.F., MAY 3, 2011
                                                             
 
 
 
 
GENERAL DATA OF ISSUER
  
   
   
COMPANY'S NAME:
GRUPO TELEVISA, S.A.B.
ADDRESS:
AV. VASCO DE QUIROGA # 2000
NEIGHBORHOOD:
SANTA FE
ZIP CODE:
01210
CITY AND STATE:
MÉXICO, D.F.
TELEPHONE:
5261-20-00
FAX:
5261-24-94
INTERNET ADDRESS:
www.televisa.com.mx
   
   
   
TAX DATA OF THE ISSUER
  
   
   
COMPANY TAX CODE:
GTE901219GK3
ADDRESS:
AV. VASCO DE QUIROGA # 2000
NEIGHBORHOOD:
SANTA FE
ZIP CODE:
01210
CITY AND STATE:
MÉXICO, D.F.
 
EXECUTIVES DATA
          
           
BMV POSITION:
CHAIRMAN OF THE BOARD
        
POSITION:
CHAIRMAN OF THE BOARD
        
NAME:
SR. EMILIO FERNANDO AZCÁRRAGA JEAN
      
ADDRESS:
AV. CHAPULTEPEC # 28 PISO 1
        
NEIGHBORHOOD:
DOCTORES
        
ZIP CODE:
06724
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-20-00
        
FAX:
5261-20-00
        
E-MAIL:
ir@televisa.com.mx
        
           
           
BMV POSITION:
GENERAL DIRECTOR
        
POSITION:
PRESIDENT AND CHIEF EXECUTIVE OFFICER
      
NAME:
SR. EMILIO FERNANDO AZCÁRRAGA JEAN
      
ADDRESS:
AV. CHAPULTEPEC # 28 PISO 1
        
NEIGHBORHOOD:
DOCTORES
        
ZIP CODE:
06724
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-20-00
        
FAX:
5261-20-00
        
E-MAIL:
ir@televisa.com.mx
        
           
           
BMV POSITION:
FINANCE DIRECTOR
        
POSITION:
CHIEF FINANCIAL OFFICER
        
NAME:
LIC. SALVI  FOLCH VIADERO
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-25-80
        
FAX:
5261-20-39
        
E-MAIL:
sfolch@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR SENDING CORPORATE INFORMATION
    
POSITION:
VICE PRESIDENT - LEGAL AND GENERAL COUNSEL
      
NAME:
LIC. JOAQUÍN BALCÁRCEL SANTA CRUZ
      
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-24-33
        
FAX:
5261-25-46
        
E-MAIL:
jbalcarcel@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR SENDING SHARE REPURCHASE INFORMATION
  
POSITION:
DIRECTOR FINANCIAL OFFICER
        
NAME:
LIC. GUADALUPE PHILLIPS MARGAIN
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 3
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-21-35
        
FAX:
5261-25-24
        
E-MAIL:
gphilips@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR LEGAL MATTERS
        
POSITION:
VICE PRESIDENT - LEGAL AND GENERAL COUNSEL
      
NAME:
LIC. JOAQUÍN BALCÁRCEL SANTA CRUZ
      
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-24-33
        
FAX:
5261-25-46
        
E-MAIL:
jbalcarcel@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR SENDING FINANCIAL INFORMATION
    
POSITION:
DIRECTOR OF CORPORATE FINANCIAL INFORMATION
      
NAME:
C.P.C. JOSÉ RAÚL GONZÁLEZ LIMA
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-25-77
        
FAX:
5261-20-43
        
E-MAIL:
rglima@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR SENDING RELEVANT EVENTS
      
POSITION:
DIRECTOR OF INVESTOR RELATIONS
        
NAME:
LIC. CARLOS MADRAZO VILLASEÑOR
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-24-45
        
FAX:
5261-24-94
        
E-MAIL:
cmadrazov@televisa.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR INFORMATION TO INVESTORS
      
POSITION:
DIRECTOR OF INVESTOR RELATIONS
        
NAME:
LIC. CARLOS MADRAZO VILLASEÑOR
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-24-45
        
FAX:
5261-24-94
        
E-MAIL:
cmadrazov@televisa.com.mx
        
           
           
BMV POSITION:
SECRETARY OF THE BOARD OF DIRECTORS
      
POSITION:
EXTERNAL GENERAL COUNSEL
        
NAME:
LIC. RICARDO MALDONADO YÁÑEZ
        
ADDRESS:
MONTES URALES # 505, PISO 3
        
NEIGHBORHOOD:
LOMAS DE CHAPULTEPEC
        
ZIP CODE:
11000
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5201-74-47
        
FAX:
5520-10-65
        
E-MAIL:
rmaldonado@macf.com.mx
        
           
           
BMV POSITION:
RESPONSIBLE FOR PAYMENT
        
POSITION:
DIRECTOR OF CORPORATE FINANCIAL INFORMATION
      
NAME:
C.P.C. JOSÉ RAÚL GONZÁLEZ LIMA
        
ADDRESS:
AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
      
NEIGHBORHOOD:
SANTA FE
        
ZIP CODE:
01210
        
CITY AND STATE:
MÉXICO, D.F.
        
TELEPHONE:
5261-25-77
        
FAX:
5261-20-43
        
E-MAIL:
rglima@televisa.com.mx
        
           
 
 
 
 
 
BOARD OF DIRECTORS
   
   
POSITION:
PRESIDENT
NAME:
EMILIO FERNANDO AZCÁRRAGA JEAN
   
   
POSITION:
DIRECTOR
NAME:
EMILIO FERNANDO AZCÁRRAGA JEAN
   
   
POSITION:
DIRECTOR
NAME:
ALFONSO DE ANGOITIA NORIEGA
   
   
POSITION:
DIRECTOR
NAME:
JULIO BARBA HURTADO
   
   
POSITION:
DIRECTOR
NAME:
JOSÉ ANTONIO BASTÓN PATIÑO
   
   
POSITION:
DIRECTOR
NAME:
MANUEL J. CUTILLAS COVANI
   
   
POSITION:
DIRECTOR
NAME:
MICHAEL LARSON
   
   
POSITION:
DIRECTOR
NAME:
FERNANDO SENDEROS MESTRE
   
   
POSITION:
DIRECTOR
NAME:
BERNARDO GÓMEZ MARTÍNEZ
   
   
POSITION:
DIRECTOR
NAME:
CLAUDIO X. GONZÁLEZ LAPORTE
   
   
POSITION:
DIRECTOR
NAME:
ENRIQUE KRAUZE KLEINBORT
   
   
POSITION:
DIRECTOR
NAME:
ALEJANDRO QUINTERO ÍÑIGUEZ
   
   
POSITION:
DIRECTOR
NAME:
FRANCISCO JOSÉ CHÉVEZ ROBELO
   
   
POSITION:
DIRECTOR
NAME:
CARLOS FERNÁNDEZ GONZÁLEZ
   
   
POSITION:
DIRECTOR
NAME:
JOSÉ ANTONIO FERNÁNDEZ CARBAJAL
   
   
POSITION:
DIRECTOR
NAME:
LORENZO ALEJANDRO MENDOZA GIMÉNEZ
   
   
POSITION:
DIRECTOR
NAME:
PEDRO CARLOS ASPE ARMELLA
   
   
POSITION:
DIRECTOR
NAME:
ALBERTO BAILLERES GONZÁLEZ
   
   
POSITION:
DIRECTOR
NAME:
ROBERTO HERNÁNDEZ RAMÍREZ
   
   
POSITION:
DIRECTOR
NAME:
GERMÁN LARREA MOTA VELASCO
   
   
POSITION:
DIRECTOR
NAME:
ENRIQUE FRANCISCO J. SENIOR HERNÁNDEZ
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
JOAQUÍN BALCÁRCEL SANTA CRUZ
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
SALVI RAFAEL FOLCH VIADERO
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
JORGE AGUSTÍN LUTTEROTH ECHEGOYEN
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
RAFAEL CARABIAS PRÍNCIPE
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
LEOPOLDO GÓMEZ GONZÁLEZ BLANCO
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
FÉLIX JOSÉ ARAUJO RAMÍREZ
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
JOSÉ LUIS FERNÁNDEZ FERNÁNDEZ
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
RAÚL MORALES MEDRANO
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
ALBERTO MONTIEL CASTELLANOS
   
   
POSITION:
ALTERNATE DIRECTOR
NAME:
HERBERT ALLEN III
   
   
POSITION:
SECRETARY OF THE BOARD OF DIRECTORS
NAME:
RICARDO MALDONADO YÁÑEZ
   
 
 
 
 
 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
GRUPO TELEVISA, S.A.B.
 
(Registrant)
     
     
Dated: May 6, 2011
By:
/s/  Jorge Lutteroth Echegoyen
 
Name:
Jorge Lutteroth Echegoyen
 
Title:
Controller, Vice President