[105000] Management commentary |
2 |
[110000] General information about financial statements | 11 |
[210000] Statement of financial position, current/non-current | 13 |
[310000] Statement of comprehensive income, profit or loss, by function of expense | 15 |
[410000] Statement of comprehensive income, OCI components presented net of tax | 16 |
[520000] Statement of cash flows, indirect method | 18 |
[610000] Statement of changes in equity - Accumulated Current | 20 |
[610000] Statement of changes in equity - Accumulated Previous | 23 |
[700000] Informative data about the Statement of financial position | 26 |
[700002] Informative data about the Income statement | 27 |
[700003] Informative data - Income statement for 12 months | 28 |
[800001] Breakdown of credits | 29 |
[800003] Annex - Monetary foreign currency position | 31 |
[800005] Annex - Distribution of income by product | 32 |
[800007] Annex - Financial derivative instruments | 33 |
[800100] Notes - Subclassifications of assets, liabilities and equities | 39 |
[800200] Notes - Analysis of income and expense | 43 |
[800500] Notes - List of notes | 44 |
[800600] Notes - List of accounting policies | 62 |
[813000] Notes - Interim financial reporting | 80 |
Footnotes | 99 |
2Q'23
|
Margin
|
2Q'22
|
Margin
|
Change
| |
%
|
%
|
%
| |||
Revenues
|
18,520.2
|
100.0
|
18,533.5
|
100.0
|
(0.1)
|
Operating segment income(1) |
6,814.0
|
36.5
|
7,045.7
|
37.8
|
(3.3)
|
(1) The operating segment income margin is calculated as a percentage of segment revenues.
|
2Q'23
|
Margin
|
2Q'22
|
Margin
|
Change
| |
%
|
%
|
%
| |||
Revenues
|
18,520.2
|
100.0
|
18,533.5
|
100.0
|
(0.1)
|
Net income
|
172.5
|
0.9
|
3,289.4
|
17.7
|
n/a
|
Net income attributable to stockholders of the
Company
|
133.5
|
0.7
|
3,140.4
|
16.9
|
n/a
|
Segment revenues
|
18,658.6
|
100.0
|
18,632.8
|
100.0
|
0.1
|
Operating segment income (1) |
6,814.0
|
36.5
|
7,045.7
|
37.8
|
(3.3)
|
(1) The operating segment income margin is calculated as a percentage of segment revenues.
|
•
|
COVID-19 Pandemic may have a material adverse effect on our business, financial position and results of operations.
|
•
|
Imposition of fines by regulators and other authorities could adversely affect our financial condition and results of operations
|
•
|
Social Security Law
|
•
|
Federal Labor Law
|
•
|
Mexican tax laws
|
•
|
Regulations of the General Health Law on advertising
|
•
|
Changes in U.S. tax law
|
•
|
Mexican Securities Market Law
|
•
|
Renewal or revocation of our concessions
|
•
|
Control of a stockholder
|
•
|
Measures for the prevention of the taking of control
|
•
|
Competition
|
•
|
Loss of transmission or loss of the use of satellite transponders
|
•
|
Incidents affecting our network and information systems or other technologies
|
•
|
Weaknesses in internal controls over financial reporting
|
•
|
Uncertainty in global financial markets
|
•
|
Currency fluctuations or the devaluation and depreciation of the Mexican peso
|
•
|
Renegotiation of the Trade Agreements or other changes in foreign policy by the new or currency presidential administration in the United States
|
•
|
Following the Consummation of the TelevisaUnivision Transaction, Our Continuing Operations Are Less Diversified, Primarily Focused On Our Cable, Sky and Other Businesses Segments
|
•
|
Inflation Rates and High Interest Rates in Mexico
|
•
|
Political events in Mexico
|
•
|
We are subject to a variety of global laws, regulations, and rules related to privacy and personal data protection
|
•
|
The Results of Operations of TelevisaUnivision May Affect Our Financial Performance and the Value of Our Investment in that Company
|
•
|
The Performance of TelevisaUnivision May Affect the Market Price of Our Shares and of Our CPOs or GDSs
|
•
|
Although We Have a Large Equity Interest in TelevisaUnivision, We Do Not Control TelevisaUnivision
|
Revenues
|
2Q'23
|
%
|
2Q'22
|
%
|
Change
%
|
Cable
|
12,291.5
|
65.9
|
11,750.0
|
63.1
|
4.6
|
Sky
|
4,449.5
|
23.8
|
5,140.1
|
27.6
|
(13.4)
|
Other Businesses
|
1,917.6
|
10.3
|
1,742.7
|
9.3
|
10.0
|
Segment Revenues
|
18,658.6
|
100.0
|
18,632.8
|
100.0
|
0.1
|
Intersegment Operations (1) |
(138.4)
|
(99.3)
| |||
Revenues
|
18,520.2
|
18,533.5
|
(0.1)
|
Operating Segment Income (2) |
2Q'23
|
Margin
%
|
2Q'22
|
Margin
%
|
Change
%
|
Cable
|
4,841.4
|
39.4
|
4,951.8
|
42.1
|
(2.2)
|
Sky
|
1,448.4
|
32.6
|
1,702.3
|
33.1
|
(14.9)
|
Other Businesses
|
524.2
|
27.3
|
391.6
|
22.5
|
33.9
|
Operating Segment Income
|
6,814.0
|
36.5
|
7,045.7
|
37.8
|
(3.3)
|
Corporate Expenses
|
(238.3)
|
(1.3)
|
(285.2)
|
(1.5)
|
16.4
|
Depreciation and Amortization
|
(5,354.7)
|
(28.9)
|
(5,167.5)
|
(27.9)
|
(3.6)
|
Other expense, net
|
(181.2)
|
(1.0)
|
(40.9)
|
(0.2)
|
n/a
|
Intersegment Operations (1) |
(47.6)
|
(0.3)
|
(0.4)
|
(0.0)
|
n/a
|
Operating Income
|
992.2
|
5.4
|
1,551.7
|
8.4
|
(36.1)
|
(1) For segment reporting purposes, intersegment operations are included in each of the segment operations.
| |||||
(2) Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other expense, net.
|
RGUs
|
2Q'23 Net
Adds
|
2Q'23
|
2Q'22
|
Video
|
(46,190)
|
4,442,900
|
4,334,648
|
Broadband
|
(37,763)
|
6,031,099
|
5,809,590
|
Voice
|
57,474
|
5,466,034
|
4,911,727
|
Mobile
|
21,085
|
285,398
|
194,354
|
Total RGUs
|
(5,394)
|
16,225,431
|
15,250,319
|
MSO Operations(1)
Millions of Mexican pesos
|
2Q'23
|
2Q'22
|
Change %
|
Revenue
|
11,438.8
|
10,965.6
|
4.3
|
Operating Segment Income
|
4,630.3
|
4,697.7
|
(1.4)
|
Margin (%)
|
40.5
|
42.8
|
Enterprise Operations (1)
Millions of Mexican pesos
|
2Q'23
|
2Q'22
|
Change %
|
Revenue
|
1,394.0
|
1,515.2
|
(8.0)
|
Operating Segment Income
|
357.8
|
492.3
|
(27.3)
|
Margin (%)
|
25.7
|
32.5
|
(1) |
These results do not include consolidation adjustments of Ps.541.3 million in revenue nor Ps146.7 million in Operating Segment Income for the second quarter of 2023, neither the consolidation adjustments of Ps.730.8 million in revenue nor Ps.238.2 million in Operating Segment Income for the second quarter of 2022. Consolidation adjustments are considered in the consolidated results of the Cable segment.
|
RGUs
|
2Q'23 Net
Adds
|
2Q'23
|
2Q'22
|
Video
|
(164,094)
|
5,909,228
|
7,019,369
|
Broadband
|
(32,860)
|
575,262
|
692,767
|
Voice
|
(29)
|
398
|
531
|
Mobile
|
6,014
|
22,395
|
22,331
|
Total RGUs
|
(190,969)
|
6,507,283
|
7,734,998
|
Other (Expense) Income, Net
|
2Q'23
|
2Q'22
|
Cash
|
(185.9)
|
94.8
|
Non-cash
|
4.7
|
(135.7)
|
Total
|
(181.2)
|
(40.9)
|
2Q'23
|
2Q'22
|
Favorable
(Unfavorable)
change
| |
Interest expense
|
(2,023.1)
|
(2,214.9)
|
191.8
|
Interest income
|
889.3
|
529.3
|
360.0
|
Foreign exchange gain, net
|
429.0
|
552.2
|
(123.2)
|
Other finance (expense) income, net
|
(46.7)
|
64.5
|
(111.2)
|
Finance expense, net
|
(751.5)
|
(1,068.9)
|
317.4
|
(i)
|
a Ps.360.0 million increase in interest income explained primarily by higher interest rates in the second quarter of 2023, which effect was partially offset by a lower average amount of cash equivalents in the second quarter of 2023; and
|
(ii)
|
a Ps.191.8 million decrease in interest expense, primarily in connection with a lower average principal amount of debt in the second quarter of 2023, as well as the absence in the second quarter of 2023 of finance expense related to prepayment of long-term debt.
|
Capital Expenditures
(Millions of U.S. Dollars)
|
2Q'23
|
2Q'22
|
Cable
|
152.3
|
183.9
|
Sky
|
40.6
|
54.9
|
Other Businesses
|
11.3
|
0.1
|
Total
|
204.2
|
238.9
|
June 30, 2023
|
December 31, 2022
|
Increase (Decrease)
| |
Current portion of long-term debt
|
9,977.6
|
1,000.0
|
8,977.6
|
Long-term debt, net of current portion
|
85,442.4
|
104,240.7
|
(18,798.3)
|
Total debt (1) |
95,420.0
|
105,240.7
|
(9,820.7)
|
Current portion of long-term lease liabilities
|
1,289.5
|
1,373.2
|
(83.7)
|
Long-term lease liabilities, net of current portion
|
6,440.9
|
6,995.8
|
(554.9)
|
Total lease liabilities
|
7,730.4
|
8,369.0
|
(638.6)
|
Total debt and lease liabilities
|
103,150.4
|
113,609.7
|
(10,459.3)
|
(1) |
As of June 30, 2023 and December 31, 2022, total debt is presented net of finance costs in the amount of Ps.950.1 million and Ps.994.7 million, respectively.
|
2Q'23
|
Margin
|
2Q'22
|
Margin
|
Change
| |
%
|
%
|
%
| |||
Revenues
|
18,520.2
|
100.0
|
18,533.5
|
100.0
|
(0.1)
|
Operating segment income(1) |
6,814.0
|
36.5
|
7,045.7
|
37.8
|
(3.3)
|
(1) The operating segment income margin is calculated as a percentage of segment revenues. |
2Q'23
|
Margin
|
2Q'22
|
Margin
|
Change
| |
%
|
%
|
%
| |||
Revenues
|
18,520.2
|
100.0
|
18,533.5
|
100.0
|
(0.1)
|
Net income
|
172.5
|
0.9
|
3,289.4
|
17.7
|
n/a
|
Net income attributable to stockholders of
the Company
|
133.5
|
0.7
|
3,140.4
|
16.9
|
n/a
|
Segment revenues
|
18,658.6
|
100.0
|
18,632.8
|
100.0
|
0.1
|
Operating segment income (1) |
6,814.0
|
36.5
|
7,045.7
|
37.8
|
(3.3)
|
(1) The operating segment income margin is calculated as a percentage of segment revenues.
|
Revenues
|
2Q'23
|
%
|
2Q'22
|
%
|
Change
%
|
Cable
|
12,291.5
|
65.9
|
11,750.0
|
63.1
|
4.6
|
Sky
|
4,449.5
|
23.8
|
5,140.1
|
27.6
|
(13.4)
|
Other Businesses
|
1,917.6
|
10.3
|
1,742.7
|
9.3
|
10.0
|
Segment Revenues
|
18,658.6
|
100.0
|
18,632.8
|
100.0
|
0.1
|
Intersegment Operations (1) |
(138.4)
|
(99.3)
| |||
Revenues
|
18,520.2
|
18,533.5
|
(0.1)
|
Operating Segment Income (2) |
2Q'23
|
Margin
%
|
2Q'22
|
Margin
%
|
Change
%
|
Cable
|
4,841.4
|
39.4
|
4,951.8
|
42.1
|
(2.2)
|
Sky
|
1,448.4
|
32.6
|
1,702.3
|
33.1
|
(14.9)
|
Other Businesses
|
524.2
|
27.3
|
391.6
|
22.5
|
33.9
|
Operating Segment Income
|
6,814.0
|
36.5
|
7,045.7
|
37.8
|
(3.3)
|
Corporate Expenses
|
(238.3)
|
(1.3)
|
(285.2)
|
(1.5)
|
16.4
|
Depreciation and Amortization
|
(5,354.7)
|
(28.9)
|
(5,167.5)
|
(27.9)
|
(3.6)
|
Other expense, net
|
(181.2)
|
(1.0)
|
(40.9)
|
(0.2)
|
n/a
|
Intersegment Operations (1) |
(47.6)
|
(0.3)
|
(0.4)
|
(0.0)
|
n/a
|
Operating Income
|
992.2
|
5.4
|
1,551.7
|
8.4
|
(36.1)
|
(1) |
For segment reporting purposes, intersegment operations are included in each of the segment operations.
|
(2) |
Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other expense, net.
|
Ticker:
|
TLEVISA
|
Period covered by financial statements:
|
2023-01-01 TO 2023-06-30
|
Date of end of reporting period:
|
2023-06-30
|
Name of reporting entity or other means of identification:
|
TLEVISA
|
Description of presentation currency:
|
MXN
|
Level of rounding used in financial statements:
|
THOUSANDS OF MEXICAN PESOS
|
Consolidated:
|
YES
|
Number of quarter:
|
2
|
Type of issuer:
|
ICS
|
Explanation of change in name of reporting entity or other means of identification from end of preceding reporting period:
| |
Description of nature of financial statements:
|
Concept
|
Close Current
Quarter
2023-06-30
|
Close Previous
Exercise
2022-12-31
|
Statement of financial position
| ||
Assets
| ||
Current assets
| ||
Cash and cash equivalents
|
38,903,299,000
|
51,130,992,000
|
Trade and other current receivables
|
19,681,712,000
|
19,488,319,000
|
Current tax assets, current
|
6,369,161,000
|
6,691,366,000
|
Other current financial assets
|
0
|
11,237,000
|
Current inventories
|
1,369,245,000
|
1,448,278,000
|
Current biological assets
|
0
|
0
|
Other current non-financial assets
| [1] 2,624,951,000
|
2,806,631,000
|
Total current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
68,948,368,000
|
81,576,823,000
|
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
0
|
0
|
Total current assets
|
68,948,368,000
|
81,576,823,000
|
Non-current assets
| ||
Trade and other non-current receivables
|
7,297,449,000
|
6,803,414,000
|
Current tax assets, non-current
|
0
|
0
|
Non-current inventories
|
0
|
0
|
Non-current biological assets
|
0
|
0
|
Other non-current financial assets
|
3,097,577,000
|
3,921,829,000
|
Investments accounted for using equity method
|
0
|
0
|
Investments in subsidiaries, joint ventures and associates
|
48,380,486,000
|
50,450,949,000
|
Property, plant and equipment
|
80,732,275,000
|
82,236,399,000
|
Investment property
|
2,831,789,000
|
2,873,165,000
|
Right-of-use assets that do not meet definition of investment property
|
6,402,969,000
|
6,670,298,000
|
Goodwill
|
13,904,998,000
|
13,904,998,000
|
Intangible assets other than goodwill
|
26,847,467,000
|
27,218,589,000
|
Deferred tax assets
|
19,771,471,000
|
18,769,968,000
|
Other non-current non-financial assets
| [2] 5,232,752,000
|
4,681,099,000
|
Total non-current assets
|
214,499,233,000
|
217,530,708,000
|
Total assets
|
283,447,601,000
|
299,107,531,000
|
Equity and liabilities
| ||
Liabilities
| ||
Current liabilities
| ||
Trade and other current payables
|
24,835,466,000
|
23,855,919,000
|
Current tax liabilities, current
|
916,530,000
|
4,457,904,000
|
Other current financial liabilities
|
11,753,767,000
|
2,832,470,000
|
Current lease liabilities
|
1,289,469,000
|
1,373,233,000
|
Other current non-financial liabilities
|
0
|
0
|
Current provisions
| ||
Current provisions for employee benefits
|
0
|
0
|
Other current provisions
|
1,026,000
|
1,851,392,000
|
Total current provisions
|
1,026,000
|
1,851,392,000
|
Total current liabilities other than liabilities included in disposal groups classified as held for sale
|
38,796,258,000
|
34,370,918,000
|
Liabilities included in disposal groups classified as held for sale
|
0
|
0
|
Total current liabilities
|
38,796,258,000
|
34,370,918,000
|
Non-current liabilities
| ||
Trade and other non-current payables
|
5,584,868,000
|
5,658,822,000
|
Current tax liabilities, non-current
|
0
|
0
|
Concept
|
Close Current
Quarter
2023-06-30
|
Close Previous
Exercise
2022-12-31
|
Other non-current financial liabilities
|
85,442,364,000
|
104,240,650,000
|
Non-current lease liabilities
|
6,440,920,000
|
6,995,839,000
|
Other non-current non-financial liabilities
|
0
|
0
|
Non-current provisions
| ||
Non-current provisions for employee benefits
|
817,799,000
|
771,468,000
|
Other non-current provisions
|
1,731,169,000
|
1,690,454,000
|
Total non-current provisions
|
2,548,968,000
|
2,461,922,000
|
Deferred tax liabilities
|
1,105,394,000
|
1,249,475,000
|
Total non-current liabilities
|
101,122,514,000
|
120,606,708,000
|
Total liabilities
|
139,918,772,000
|
154,977,626,000
|
Equity
| ||
Issued capital
|
4,722,776,000
|
4,836,708,000
|
Share premium
|
15,889,819,000
|
15,889,819,000
|
Treasury shares
|
11,349,338,000
|
12,648,558,000
|
Retained earnings
|
127,670,674,000
|
131,053,859,000
|
Other reserves
|
(9,294,189,000)
|
(10,823,878,000)
|
Total equity attributable to owners of parent
|
127,639,742,000
|
128,307,950,000
|
Non-controlling interests
|
15,889,087,000
|
15,821,955,000
|
Total equity
|
143,528,829,000
|
144,129,905,000
|
Total equity and liabilities
|
283,447,601,000
|
299,107,531,000
|
Concept
|
Accumulated Current Year
2023-01-01 - 2023-06-30
|
Accumulated Previous Year
2022-01-01 - 2022-06-30
|
Quarter Current Year
2023-04-01 - 2023-06-30
|
Quarter Previous Year
2022-04-01 - 2022-06-30
|
Profit or loss
| ||||
Profit (loss)
| ||||
Revenue
|
37,039,859,000
|
37,142,668,000
|
18,520,226,000
|
18,533,455,000
|
Cost of sales
|
24,205,770,000
|
23,675,060,000
|
12,123,799,000
|
11,848,196,000
|
Gross profit
|
12,834,089,000
|
13,467,608,000
|
6,396,427,000
|
6,685,259,000
|
Distribution costs
|
4,451,411,000
|
4,230,971,000
|
2,212,923,000
|
2,097,748,000
|
Administrative expenses
|
5,823,367,000
|
5,838,379,000
|
3,010,120,000
|
2,994,942,000
|
Other income
|
0
|
0
|
0
|
0
|
Other expense
|
363,345,000
|
209,243,000
|
181,165,000
|
40,915,000
|
Profit (loss) from operating activities
|
2,195,966,000
|
3,189,015,000
|
992,219,000
|
1,551,654,000
|
Finance income
|
1,772,702,000
|
868,214,000
|
1,318,262,000
|
1,145,989,000
|
Finance costs
|
4,722,833,000
|
6,826,766,000
|
2,069,818,000
|
2,214,872,000
|
Share of profit (loss) of associates and joint ventures accounted for using equity method
|
121,618,000
|
4,684,027,000
|
24,862,000
|
4,218,678,000
|
Profit (loss) before tax
|
(632,547,000)
|
1,914,490,000
|
265,525,000
|
4,701,449,000
|
Tax income (expense)
|
(94,882,000)
|
632,846,000
|
93,083,000
|
1,510,972,000
|
Profit (loss) from continuing operations
|
(537,665,000)
|
1,281,644,000
|
172,442,000
|
3,190,477,000
|
Profit (loss) from discontinued operations
|
0
|
54,864,309,000
|
0
|
98,906,000
|
Profit (loss)
|
(537,665,000)
|
56,145,953,000
|
172,442,000
|
3,289,383,000
|
Profit (loss), attributable to
| ||||
Profit (loss), attributable to owners of parent
|
(655,385,000)
|
55,782,453,000
|
133,475,000
|
3,140,368,000
|
Profit (loss), attributable to non-controlling interests
|
117,720,000
|
363,500,000
|
38,967,000
|
149,015,000
|
Earnings per share
| ||||
Earnings per share
| ||||
Earnings per share
| ||||
Basic earnings per share
| ||||
Basic earnings (loss) per share from continuing operations
|
(0.23)
|
0.33
|
0.05
|
1.04
|
Basic earnings (loss) per share from discontinued operations
|
0
|
19.38
|
0
|
0.07
|
Total basic earnings (loss) per share
| [3] (0.23)
|
19.71
|
0.05
|
1.11
|
Diluted earnings per share
| ||||
Diluted earnings (loss) per share from continuing operations
|
(0.23)
|
0.31
|
0.05
|
0.98
|
Diluted earnings (loss) per share from discontinued operations
|
0
|
18.23
|
0
|
0.07
|
Total diluted earnings (loss) per share
| [4] (0.23)
|
18.54
|
0.05
|
1.05
|
Concept
|
Accumulated
Current Year
2023-01-01 - 2023-06-30
|
Accumulated
Previous Year
2022-01-01 - 2022-06-30
|
Quarter Current
Year
2023-04-01 - 2023-06-30
|
Quarter Previous
Year
2022-04-01 - 2022-06-30
|
Statement of comprehensive income
| ||||
Profit (loss)
|
(537,665,000)
|
56,145,953,000
|
172,442,000
|
3,289,383,000
|
Other comprehensive income
| ||||
Components of other comprehensive income that will not be reclassified to profit or loss, net of tax
| ||||
Other comprehensive income, net of tax, gains (losses) from investments in equity instruments
|
(557,319,000)
|
(790,717,000)
|
(350,269,000)
|
(386,338,000)
|
Other comprehensive income, net of tax, gains (losses) on revaluation
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, change in fair value of financial liability attributable to change in credit risk of liability
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, gains (losses) on hedging instruments that hedge investments in equity instruments
|
0
|
0
|
0
|
0
|
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profit or loss, net of tax
|
0
|
0
|
0
|
0
|
Total other comprehensive income that will not be reclassified to profit or loss, net of tax
|
(557,319,000)
|
(790,717,000)
|
(350,269,000)
|
(386,338,000)
|
Components of other comprehensive income that will be reclassified to profit or loss, net of tax
| ||||
Exchange differences on translation
| ||||
Gains (losses) on exchange differences on translation, net of tax
|
(2,164,195,000)
|
(495,849,000)
|
(866,251,000)
|
266,184,000
|
Reclassification adjustments on exchange differences on translation, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, exchange differences on translation
|
(2,164,195,000)
|
(495,849,000)
|
(866,251,000)
|
266,184,000
|
Available-for-sale financial assets
| ||||
Gains (losses) on remeasuring available-for-sale financial assets, net of tax
|
0
|
0
|
0
|
0
|
Reclassification adjustments on available-for-sale financial assets, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, available-for-sale financial assets
|
0
|
0
|
0
|
0
|
Cash flow hedges
| ||||
Gains (losses) on cash flow hedges, net of tax
|
(74,131,000)
|
322,706,000
|
(72,426,000)
|
110,099,000
|
Reclassification adjustments on cash flow hedges, net of tax
|
0
|
0
|
0
|
0
|
Amounts removed from equity and included in carrying amount of non-financial asset (liability) whose acquisition or incurrence was hedged highly probable forecast transaction, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, cash flow hedges
|
(74,131,000)
|
322,706,000
|
(72,426,000)
|
110,099,000
|
Hedges of net investment in foreign operations
| ||||
Gains (losses) on hedges of net investments in foreign operations, net of tax
|
0
|
0
|
0
|
0
|
Reclassification adjustments on hedges of net investments in foreign operations, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, hedges of net investments in foreign operations
|
0
|
0
|
0
|
0
|
Change in value of time value of options
|
Concept
|
Accumulated
Current Year
2023-01-01 - 2023-06-30
|
Accumulated
Previous Year
2022-01-01 - 2022-06-30
|
Quarter Current
Year
2023-04-01 - 2023-06-30
|
Quarter Previous
Year
2022-04-01 - 2022-06-30
|
Gains (losses) on change in value of time value of options, net of tax
|
0
|
0
|
0
|
0
|
Reclassification adjustments on change in value of time value of options, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, change in value of time value of options
|
0
|
0
|
0
|
0
|
Change in value of forward elements of forward contracts
| ||||
Gains (losses) on change in value of forward elements of forward contracts, net of tax
|
0
|
0
|
0
|
0
|
Reclassification adjustments on change in value of forward elements of forward contracts, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, change in value of forward elements of forward contracts
|
0
|
0
|
0
|
0
|
Change in value of foreign currency basis spreads
| ||||
Gains (losses) on change in value of foreign currency basis spreads, net of tax
|
0
|
0
|
0
|
0
|
Reclassification adjustments on change in value of foreign currency basis spreads, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, change in value of foreign currency basis spreads
|
0
|
0
|
0
|
0
|
Financial assets measured at fair value through other comprehensive income
| ||||
Gains (losses) on financial assets measured at fair value through other comprehensive income, net of tax
|
0
|
0
|
0
|
0
|
Reclassification adjustments on financial assets measured at fair value through other comprehensive income, net of tax
|
0
|
0
|
0
|
0
|
Amounts removed from equity and adjusted against fair value of financial assets on reclassification out of fair value through other comprehensive income measurement category, net of tax
|
0
|
0
|
0
|
0
|
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income
|
0
|
0
|
0
|
0
|
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax
|
4,274,746,000
|
3,030,376,000
|
1,830,338,000
|
2,860,432,000
|
Total other comprehensive income that will be reclassified to profit or loss, net of tax
|
2,036,420,000
|
2,857,233,000
|
891,661,000
|
3,236,715,000
|
Total other comprehensive income
|
1,479,101,000
|
2,066,516,000
|
541,392,000
|
2,850,377,000
|
Total comprehensive income
|
941,436,000
|
58,212,469,000
|
713,834,000
|
6,139,760,000
|
Comprehensive income attributable to
| ||||
Comprehensive income, attributable to owners of parent
|
874,304,000
|
57,886,355,000
|
706,184,000
|
6,029,249,000
|
Comprehensive income, attributable to non-controlling interests
|
67,132,000
|
326,114,000
|
7,650,000
|
110,511,000
|
Concept
|
Accumulated
Current Year
2023-01-01 - 2023-06-30
|
Accumulated
Previous Year
2022-01-01 - 2022-06-30
|
Statement of cash flows
| ||
Cash flows from (used in) operating activities
| ||
Profit (loss)
|
(537,665,000)
|
56,145,953,000
|
Adjustments to reconcile profit (loss)
| ||
+ Discontinued operations
|
0
|
(54,707,654,000)
|
+ Adjustments for income tax expense
|
(94,882,000)
|
699,984,000
|
+ (-) Adjustments for finance costs
|
0
|
0
|
+ Adjustments for depreciation and amortisation expense
|
10,666,394,000
|
10,244,923,000
|
+ Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss
|
(9,189,000)
|
0
|
+ Adjustments for provisions
|
670,260,000
|
710,325,000
|
+ (-) Adjustments for unrealised foreign exchange losses (gains)
|
(5,414,255,000)
|
745,124,000
|
+ Adjustments for share-based payments
|
395,778,000
|
1,543,218,000
|
+ (-) Adjustments for fair value losses (gains)
|
353,328,000
|
50,822,000
|
- Adjustments for undistributed profits of associates
|
0
|
0
|
+ (-) Adjustments for losses (gains) on disposal of non-current assets
|
118,216,000
|
(17,434,000)
|
+ Share of income of associates and joint ventures
|
(121,618,000)
|
(4,684,027,000)
|
+ (-) Adjustments for decrease (increase) in inventories
|
(388,240,000)
|
(1,084,808,000)
|
+ (-) Adjustments for decrease (increase) in trade accounts receivable
|
404,158,000
|
(4,251,305,000)
|
+ (-) Adjustments for decrease (increase) in other operating receivables
|
(695,425,000)
|
(3,522,550,000)
|
+ (-) Adjustments for increase (decrease) in trade accounts payable
|
42,893,000
|
2,036,060,000
|
+ (-) Adjustments for increase (decrease) in other operating payables
|
(72,166,000)
|
2,527,470,000
|
+ Other adjustments for non-cash items
|
0
|
0
|
+ Other adjustments for which cash effects are investing or financing cash flow
|
0
|
0
|
+ Straight-line rent adjustment
|
0
|
0
|
+ Amortization of lease fees
|
0
|
0
|
+ Setting property values
|
0
|
0
|
+ (-) Other adjustments to reconcile profit (loss)
|
209,425,000
|
162,046,000
|
+ (-) Total adjustments to reconcile profit (loss)
|
6,064,677,000
|
(49,547,806,000)
|
Net cash flows from (used in) operations
|
5,527,012,000
|
6,598,147,000
|
- Dividends paid
|
0
|
0
|
+ Dividends received
|
0
|
0
|
- Interest paid
|
(4,134,286,000)
|
(5,024,524,000)
|
+ Interest received
|
(417,706,000)
|
(309,181,000)
|
+ (-) Income taxes refund (paid)
|
5,844,376,000
|
14,763,292,000
|
+ (-) Other inflows (outflows) of cash
|
0
|
0
|
Net cash flows from (used in) operating activities
|
3,399,216,000
|
(3,449,802,000)
|
Cash flows from (used in) investing activities
| ||
+ Cash flows from losing control of subsidiaries or other businesses
|
8,000,000
|
0
|
- Cash flows used in obtaining control of subsidiaries or other businesses
|
0
|
0
|
+ Other cash receipts from sales of equity or debt instruments of other entities
|
0
|
65,174,953,000
|
- Other cash payments to acquire equity or debt instruments of other entities
|
0
|
0
|
+ Other cash receipts from sales of interests in joint ventures
|
0
|
364,420,000
|
- Other cash payments to acquire interests in joint ventures
|
0
|
0
|
+ Proceeds from sales of property, plant and equipment
|
24,700,000
|
221,937,000
|
- Purchase of property, plant and equipment
|
7,534,897,000
|
9,479,476,000
|
+ Proceeds from sales of intangible assets
|
0
|
0
|
- Purchase of intangible assets
|
845,528,000
|
828,100,000
|
+ Proceeds from sales of other long-term assets
|
0
|
0
|
- Purchase of other long-term assets
|
0
|
0
|
Concept
|
Accumulated Current Year
2023-01-01 - 2023-06-30
|
Accumulated Previous Year
2022-01-01 - 2022-06-30
|
+ Proceeds from government grants
|
0
|
0
|
- Cash advances and loans made to other parties
|
0
|
0
|
+ Cash receipts from repayment of advances and loans made to other parties
|
0
|
0
|
- Cash payments for futures contracts, forward contracts, option contracts and swap contracts
|
0
|
0
|
+ Cash receipts from futures contracts, forward contracts, option contracts and swap contracts
|
0
|
0
|
+ Dividends received
|
0
|
0
|
- Interest paid
|
0
|
0
|
+ Interest received
|
0
|
0
|
+ (-) Income taxes refund (paid)
|
0
|
0
|
+ (-) Other inflows (outflows) of cash
|
378,306,000
|
315,567,000
|
Net cash flows from (used in) investing activities
|
(7,969,419,000)
|
55,769,301,000
|
Cash flows from (used in) financing activities
| ||
+ Proceeds from changes in ownership interests in subsidiaries that do not result in loss of control
|
0
|
0
|
- Payments from changes in ownership interests in subsidiaries that do not result in loss of control
|
0
|
0
|
+ Proceeds from issuing shares
|
0
|
0
|
+ Proceeds from issuing other equity instruments
|
0
|
0
|
- Payments to acquire or redeem entity's shares
|
910,936,000
|
646,242,000
|
- Payments of other equity instruments
|
0
|
0
|
+ Proceeds from borrowings
|
370,621,000
|
(10,177,581,000)
|
- Repayments of borrowings
|
1,000,000,000
|
610,403,000
|
- Payments of finance lease liabilities
|
328,269,000
|
326,719,000
|
- Payments of lease liabilities
|
550,046,000
|
455,890,000
|
+ Proceeds from government grants
|
0
|
0
|
- Dividends paid
|
1,027,354,000
|
1,053,392,000
|
- Interest paid
|
3,804,000,000
|
4,702,077,000
|
+ (-) Income taxes refund (paid)
|
0
|
0
|
+ (-) Other inflows (outflows) of cash
|
(238,307,000)
|
(246,020,000)
|
Net cash flows from (used in) financing activities
|
(7,488,291,000)
|
(18,218,324,000)
|
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes
|
(12,058,494,000)
|
34,101,175,000
|
Effect of exchange rate changes on cash and cash equivalents
| ||
Effect of exchange rate changes on cash and cash equivalents
|
(169,199,000)
|
(37,193,000)
|
Net increase (decrease) in cash and cash equivalents
|
(12,227,693,000)
|
34,063,982,000
|
Cash and cash equivalents at beginning of period
|
51,130,992,000
|
25,828,215,000
|
Cash and cash equivalents at end of period
|
38,903,299,000
|
59,892,197,000
|
Components of equity
| |||||||||
Sheet 1 of 3
|
Issued capital
|
Share premium
|
Treasury shares
|
Retained earnings
|
Revaluation surplus
|
Reserve of exchange differences on translation
|
Reserve of cash flow hedges
|
Reserve of gains and losses on hedging instruments that hedge investments in equity instruments
|
Reserve of change in value of time value of options
|
Statement of changes in equity
| |||||||||
Equity at beginning of period
|
4,836,708,000
|
15,889,819,000
|
12,648,558,000
|
131,053,859,000
|
0
|
937,408,000
|
285,532,000
|
0
|
0
|
Changes in equity
| |||||||||
Comprehensive income
| |||||||||
Profit (loss)
|
0
|
0
|
0
|
(655,385,000)
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
0
|
0
|
0
|
(2,113,607,000)
|
(74,131,000)
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
0
|
(655,385,000)
|
0
|
(2,113,607,000)
|
(74,131,000)
|
0
|
0
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
1,027,354,000
|
0
|
0
|
0
|
0
|
0
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through treasury share transactions, equity
|
(113,932,000)
|
0
|
(1,453,039,000)
|
(1,339,107,000)
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
153,819,000
|
(361,339,000)
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total increase (decrease) in equity
|
(113,932,000)
|
0
|
(1,299,220,000)
|
(3,383,185,000)
|
0
|
(2,113,607,000)
|
(74,131,000)
|
0
|
0
|
Equity at end of period
|
4,722,776,000
|
15,889,819,000
|
11,349,338,000
|
127,670,674,000
|
0
|
(1,176,199,000)
|
211,401,000
|
0
|
0
|
Components of equity
| |||||||||
Sheet 2 of 3
|
Reserve of change in value of forward elements of forward contracts
|
Reserve of change in value of foreign currency basis spreads
|
Reserve of gains and losses on financial assets measured at fair value through other comprehensive income
|
Reserve of gains and losses on remeasuring available-for-sale financial assets
|
Reserve of share-based payments
|
Reserve of remeasurements of defined benefit plans
|
Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale
|
Reserve of gains and losses from investments in equity instruments
|
Reserve of change in fair value of financial liability attributable to change in credit risk of liability
|
Statement of changes in equity
| |||||||||
Equity at beginning of period
|
0
|
0
|
(15,767,224,000)
|
0
|
0
|
(634,406,000)
|
0
|
0
|
0
|
Changes in equity
| |||||||||
Comprehensive income
| |||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
(557,319,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
(557,319,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through treasury share transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total increase (decrease) in equity
|
0
|
0
|
(557,319,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Equity at end of period
|
0
|
0
|
(16,324,543,000)
|
0
|
0
|
(634,406,000)
|
0
|
0
|
0
|
Components of equity
| ||||||||
Sheet 3 of 3
|
Reserve for catastrophe
|
Reserve for equalisation
|
Reserve of discretionary participation features
|
Other comprehensive income
|
Other reserves
|
Equity attributable to owners of parent
|
Non-controlling interests
|
Equity
|
Statement of changes in equity
| ||||||||
Equity at beginning of period
|
0
|
0
|
0
|
4,354,812,000
|
(10,823,878,000)
|
128,307,950,000
|
15,821,955,000
|
144,129,905,000
|
Changes in equity
| ||||||||
Comprehensive income
| ||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
(655,385,000)
|
117,720,000
|
(537,665,000)
|
Other comprehensive income
|
0
|
0
|
0
|
4,274,746,000
|
1,529,689,000
|
1,529,689,000
|
(50,588,000)
|
1,479,101,000
|
Total comprehensive income
|
0
|
0
|
0
|
4,274,746,000
|
1,529,689,000
|
874,304,000
|
67,132,000
|
941,436,000
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
1,027,354,000
|
0
|
1,027,354,000
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through treasury share transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
(515,158,000)
|
0
|
(515,158,000)
|
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total increase (decrease) in equity
|
0
|
0
|
0
|
4,274,746,000
|
1,529,689,000
|
(668,208,000)
|
67,132,000
|
(601,076,000)
|
Equity at end of period
|
0
|
0
|
0
|
8,629,558,000
|
(9,294,189,000)
|
127,639,742,000
|
15,889,087,000
|
143,528,829,000
|
Components of equity
| |||||||||
Sheet 1 of 3
|
Issued capital
|
Share premium
|
Treasury shares
|
Retained earnings
|
Revaluation surplus
|
Reserve of exchange differences on translation
|
Reserve of cash flow hedges
|
Reserve of gains and losses on hedging instruments that hedge investments in equity instruments
|
Reserve of change in value of time value of options
|
Statement of changes in equity
| |||||||||
Equity at beginning of period
|
4,836,708,000
|
15,889,819,000
|
14,205,061,000
|
88,218,188,000
|
0
|
2,040,114,000
|
8,467,000
|
0
|
0
|
Changes in equity
| |||||||||
Comprehensive income
| |||||||||
Profit (loss)
|
0
|
0
|
0
|
55,782,453,000
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
0
|
0
|
0
|
(458,463,000)
|
322,706,000
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
0
|
55,782,453,000
|
0
|
(458,463,000)
|
322,706,000
|
0
|
0
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
1,053,392,000
|
0
|
0
|
0
|
0
|
0
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through treasury share transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
(1,803,853,000)
|
(906,877,000)
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total increase (decrease) in equity
|
0
|
0
|
(1,803,853,000)
|
53,822,184,000
|
0
|
(458,463,000)
|
322,706,000
|
0
|
0
|
Equity at end of period
|
4,836,708,000
|
15,889,819,000
|
12,401,208,000
|
142,040,372,000
|
0
|
1,581,651,000
|
331,173,000
|
0
|
0
|
Components of equity
| |||||||||
Sheet 2 of 3
|
Reserve of change in value of forward elements of forward contracts
|
Reserve of change in value of foreign currency basis spreads
|
Reserve of gains and losses on financial assets measured at fair value through other comprehensive income
|
Reserve of gains and losses on remeasuring available-for-sale financial assets
|
Reserve of share-based payments
|
Reserve of remeasurements of defined benefit plans
|
Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale
|
Reserve of gains and losses from investments in equity instruments
|
Reserve of change in fair value of financial liability attributable to change in credit risk of liability
|
Statement of changes in equity
| |||||||||
Equity at beginning of period
|
0
|
0
|
(15,040,193,000)
|
0
|
0
|
(739,646,000)
|
0
|
0
|
0
|
Changes in equity
| |||||||||
Comprehensive income
| |||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
(790,717,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
(790,717,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through treasury share transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total increase (decrease) in equity
|
0
|
0
|
(790,717,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Equity at end of period
|
0
|
0
|
(15,830,910,000)
|
0
|
0
|
(739,646,000)
|
0
|
0
|
0
|
Components of equity
| ||||||||
Sheet 3 of 3
|
Reserve for catastrophe
|
Reserve for equalisation
|
Reserve of discretionary participation features
|
Other comprehensive income
|
Other reserves
|
Equity attributable to owners of parent
|
Non-controlling interests
|
Equity
|
Statement of changes in equity
| ||||||||
Equity at beginning of period
|
0
|
0
|
0
|
109,266,000
|
(13,621,992,000)
|
81,117,662,000
|
15,406,402,000
|
96,524,064,000
|
Changes in equity
| ||||||||
Comprehensive income
| ||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
55,782,453,000
|
363,500,000
|
56,145,953,000
|
Other comprehensive income
|
0
|
0
|
0
|
3,030,376,000
|
2,103,902,000
|
2,103,902,000
|
(37,386,000)
|
2,066,516,000
|
Total comprehensive income
|
0
|
0
|
0
|
3,030,376,000
|
2,103,902,000
|
57,886,355,000
|
326,114,000
|
58,212,469,000
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
1,053,392,000
|
108,700,000
|
1,162,092,000
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through treasury share transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
(141,134,000)
|
(141,134,000)
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
896,976,000
|
0
|
896,976,000
|
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Total increase (decrease) in equity
|
0
|
0
|
0
|
3,030,376,000
|
2,103,902,000
|
57,729,939,000
|
76,280,000
|
57,806,219,000
|
Equity at end of period
|
0
|
0
|
0
|
3,139,642,000
|
(11,518,090,000)
|
138,847,601,000
|
15,482,682,000
|
154,330,283,000
|
Concept
|
Close Current Quarter
2023-06-30
|
Close Previous Exercise
2022-12-31
|
Informative data of the Statement of Financial Position
| ||
Capital stock (nominal)
|
2,366,461,000
|
2,423,549,000
|
Restatement of capital stock
|
2,356,315,000
|
2,413,159,000
|
Plan assets for pensions and seniority premiums
|
478,200,000
|
500,905,000
|
Number of executives
|
36
|
35
|
Number of employees
|
36,363
|
37,339
|
Number of workers
|
0
|
0
|
Outstanding shares
|
327,749,769,633
|
330,739,720,779
|
Repurchased shares
|
16,089,528,624
|
21,394,315,059
|
Restricted cash
|
0
|
0
|
Guaranteed debt of associated companies
|
0
|
0
|
Concept
|
Accumulated Current Year
2023-01-01 - 2023-06-30
|
Accumulated Previous Year
2022-01-01 - 2022-06-30
|
Quarter Current Year
2023-04-01 - 2023-06-30
|
Quarter Previous Year
2022-04-01 - 2022-06-30
|
Informative data of the Income Statement
| ||||
Operating depreciation and amortization
|
10,666,394,000
|
10,244,923,000
|
5,354,735,000
|
5,167,539,000
|
Concept
|
Current Year
2022-07-01 - 2023-06-30
|
Previous Year
2021-07-01 - 2022-06-30
|
Informative data - Income Statement for 12 months
| ||
Revenue
|
75,423,800,000
|
74,561,865,000
|
Profit (loss) from operating activities
|
3,425,541,000
|
10,664,630,000
|
Profit (loss)
|
(11,399,794,000)
|
61,405,015,000
|
Profit (loss), attributable to owners of parent
|
(11,725,658,000)
|
60,240,993,000
|
Operating depreciation and amortization
|
21,538,903,000
|
20,546,977,000
|
Institution
|
Foreign institution (yes/no)
|
Contract signing date
|
Expiration date
|
Interest rate
|
Denomination
| |||||||||||
Domestic currency
|
Foreign currency
| |||||||||||||||
Time interval
|
Time interval
| |||||||||||||||
Current year
|
Until 1 year
|
Until 2 years
|
Until 3 years
|
Until 4 years
|
Until 5 years or more
|
Current year
|
Until 1 year
|
Until 2 years
|
Until 3 years
|
Until 4 years
|
Until 5 years or more
| |||||
Banks
| ||||||||||||||||
Foreign trade
| ||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
| ||||
Banks - secured
| ||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
| ||||
Commercial banks
| ||||||||||||||||
SYNDICATED LOAN 1
|
NO
|
2019-06-05
|
2024-06-28
|
TIIE+1.05
|
9,977,587,000
| |||||||||||
SCOTIABANK INVERLAT 2
|
NO
|
2022-12-03
|
2026-12-03
|
8.13 y TIIE+.90
|
2,650,000,000
| |||||||||||
BBVA BANCOMER 3
|
NO
|
2023-03-07
|
2028-02-15
|
TIIE+.85
|
400,000,000
| |||||||||||
TOTAL
|
0
|
9,977,587,000
|
0
|
0
|
2,650,000,000
|
400,000,000
|
0
|
0
|
0
|
0
|
0
|
0
| ||||
Other banks
| ||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
| ||||
Total banks
| ||||||||||||||||
TOTAL
|
0
|
9,977,587,000
|
0
|
0
|
2,650,000,000
|
400,000,000
|
0
|
0
|
0
|
0
|
0
|
0
| ||||
Stock market
| ||||||||||||||||
Listed on stock exchange - unsecured
| ||||||||||||||||
SENIOR NOTES 1
|
YES
|
2007-05-09
|
2037-05-11
|
8.93
|
4,489,910,000
| |||||||||||
SENIOR NOTES 2
|
YES
|
2013-05-14
|
2043-05-14
|
7.62
|
6,409,140,000
| |||||||||||
NOTES 3
|
NO
|
2017-10-09
|
2027-09-27
|
8.79
|
4,489,776,000
| |||||||||||
SENIOR NOTES 4
|
YES
|
2005-03-18
|
2025-03-18
|
6.97
|
4,532,202,000
| |||||||||||
SENIOR NOTES 5
|
YES
|
2002-03-11
|
2032-03-11
|
8.94
|
5,128,376,000
| |||||||||||
SENIOR NOTES 6
|
YES
|
2009-11-23
|
2040-01-16
|
6.97
|
10,183,098,000
| |||||||||||
SENIOR NOTES 7
|
YES
|
2014-05-13
|
2045-05-15
|
5.26
|
14,932,370,000
| |||||||||||
SENIOR NOTES 8
|
YES
|
2015-11-24
|
2026-01-30
|
4.86
|
5,131,825,000
| |||||||||||
SENIOR NOTES 9
|
YES
|
2015-11-24
|
2046-01-31
|
6.44
|
15,324,174,000
| |||||||||||
SENIOR NOTES 10
|
YES
|
2019-05-21
|
2049-05-24
|
5.52
|
11,771,493,000
| |||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
15,388,826,000
|
0
|
0
|
4,532,202,000
|
5,131,825,000
|
0
|
57,339,511,000
| ||||
Listed on stock exchange - secured
| ||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
| ||||
Private placements - unsecured
| ||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
| ||||
Private placements - secured
| ||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
| ||||
Total listed on stock exchanges and private placements
| ||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
15,388,826,000
|
0
|
0
|
4,532,202,000
|
5,131,825,000
|
0
| [5] 57,339,511,000
| ||||
Other current and non-current liabilities with cost
| ||||||||||||||||
Other current and non-current liabilities with cost
| ||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
| ||||
Total other current and non-current liabilities with cost
| ||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
| ||||
Suppliers
| ||||||||||||||||
Suppliers
| ||||||||||||||||
SUPPLIERS 1
|
NO
|
2023-06-01
|
2028-06-30
|
13,543,717,000
|
466,174,000
|
84,513,000
|
2,569,034,000
| |||||||||
TOTAL
|
0
|
13,543,717,000
|
466,174,000
|
0
|
0
|
84,513,000
|
0
|
2,569,034,000
|
0
|
0
|
0
|
0
|
Institution
|
Foreign institution (yes/no)
|
Contract signing date
|
Expiration date
|
Interest rate
|
Denomination
| |||||||||||
Domestic currency
|
Foreign currency
| |||||||||||||||
Time interval
|
Time interval
| |||||||||||||||
Current year
|
Until 1 year
|
Until 2 years
|
Until 3 years
|
Until 4 years
|
Until 5 years or more
|
Current year
|
Until 1 year
|
Until 2 years
|
Until 3 years
|
Until 4 years
|
Until 5 years or more
| |||||
Total suppliers
| ||||||||||||||||
TOTAL
|
0
|
13,543,717,000
|
466,174,000
|
0
|
0
|
84,513,000
|
0
|
2,569,034,000
|
0
|
0
|
0
|
0
| ||||
Other current and non-current liabilities
| ||||||||||||||||
Other current and non-current liabilities
| ||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS 1
|
183,406,000
| |||||||||||||||
TOTAL
|
183,406,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
| ||||
Total other current and non-current liabilities
| ||||||||||||||||
TOTAL
|
183,406,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
| ||||
Total credits
| ||||||||||||||||
TOTAL
|
183,406,000
|
23,521,304,000
|
466,174,000
|
0
|
2,650,000,000
|
15,873,339,000
|
0
|
2,569,034,000
|
4,532,202,000
|
5,131,825,000
|
0
|
57,339,511,000
|
Currencies
| |||||
Dollars
|
Dollar equivalent in pesos
|
Other currencies equivalent in dollars
|
Other currencies equivalent in pesos
|
Total pesos
| |
Foreign currency position
| |||||
Monetary assets
| |||||
Current monetary assets
|
1,766,954,000
|
30,296,370,000
|
48,165,000
|
825,842,000
|
31,122,212,000
|
Non-current monetary assets
|
0
|
0
|
0
|
0
|
0
|
Total monetary assets
|
1,766,954,000
|
30,296,370,000
|
48,165,000
|
825,842,000
|
31,122,212,000
|
Liabilities position
| |||||
Current liabilities
|
266,305,000
|
4,566,092,000
|
408,000
|
6,996,000
|
4,573,088,000
|
Non-current liabilities
|
4,068,011,000
|
69,750,524,000
|
0
|
0
|
69,750,524,000
|
Total liabilities
|
4,334,316,000
|
74,316,616,000
|
408,000
|
6,996,000
|
74,323,612,000
|
Net monetary assets (liabilities)
|
(2,567,362,000)
|
(44,020,246,000)
|
47,757,000
|
818,846,000
| [6] (43,201,400,000)
|
Income type
| ||||
National income
|
Export income
|
Income of subsidiaries abroad
|
Total income
| |
SKY (INCLUDES LEASING OF SET-TOP EQUIPMENT):
| ||||
SKY (INCLUDES LEASING OF SET-TOP EQUIPMENT):
|
0
|
0
|
0
|
0
|
SKY, VETV, BLUE TO GO, BLUE TELECOMM
| ||||
SKY - DTH BROADCAST SATELLITE TV
|
8,203,991,000
|
0
|
367,486,000
|
8,571,477,000
|
SKY - PAY PER VIEW
|
14,450,000
|
0
|
2,936,000
|
17,386,000
|
SKY - ADVERTISING
|
518,210,000
|
0
|
0
|
518,210,000
|
CABLE (INCLUDES LEASING OF SET-TOP EQUIPMENT):
| ||||
CABLE (INCLUDES LEASING OF SET-TOP EQUIPMENT):
|
0
|
0
|
0
|
0
|
IZZI, IZZI GO
| ||||
CABLE - DIGITAL TV SERVICE
|
7,896,740,000
|
0
|
0
|
7,896,740,000
|
CABLE - BROADBAND SERVICES
|
10,663,172,000
|
0
|
0
|
10,663,172,000
|
CABLE - SERVICE INSTALLATION
|
332,608,000
|
0
|
0
|
332,608,000
|
CABLE - ADVERTISING
|
1,027,712,000
|
0
|
0
|
1,027,712,000
|
CABLE - TELEPHONY
|
2,384,958,000
|
0
|
0
|
2,384,958,000
|
CABLE - OTHER INCOME
|
97,570,000
|
0
|
0
|
97,570,000
|
BESTEL, METRORED
| ||||
CABLE - ENTERPRISE OPERATIONS
|
1,758,804,000
|
0
|
252,697,000
|
2,011,501,000
|
OTHER BUSINESSES:
| ||||
OTHER BUSINESSES:
|
0
|
0
|
0
|
0
|
TV Y NOVELAS, VANIDADES, MUY INTERESANTE, COSMOPOLITAN, CARAS, HARPER´S BAZAR, MUY INTERESANTE TEMATICO, ESQUIRE, MUY INTERESANTE JR.
| ||||
PUBLISHING - MAGAZINE CIRCULATION
|
92,062,000
|
0
|
0
|
92,062,000
|
PUBLISHING - ADVERTISING
|
40,066,000
|
0
|
0
|
40,066,000
|
PUBLISHING - OTHER INCOME
|
2,412,000
|
0
|
0
|
2,412,000
|
CLUB DE FÚTBOL AMÉRICA, ESTADIO AZTECA
| ||||
SPECIAL EVENTS AND SHOW PROMOTION
|
1,123,887,000
|
67,675,000
|
0
|
1,191,562,000
|
PLAY CITY
| ||||
GAMING
|
1,441,969,000
|
0
|
0
|
1,441,969,000
|
GRUPO TELEVISA
| ||||
TRANSMISSION CONCESSIONS RIGHTS AND FACILITIES OF PRODUCTION
|
871,017,000
|
0
|
0
|
871,017,000
|
AUDIOCUENTOS DISNEY, IRON MAN, MAZINGER Z, STREET FIGHTER FIGURAS, AGATHA CHRISTIE, DODGE F&F, BATMAN
| ||||
PUBLISHING DISTRIBUTION
|
128,850,000
|
0
|
0
|
128,850,000
|
INTERSEGMENT ELIMINATIONS
| ||||
INTERSEGMENT ELIMINATIONS
|
(249,413,000)
|
0
|
0
|
(249,413,000)
|
TOTAL
|
36,349,065,000
|
67,675,000
|
623,119,000
|
37,039,859,000
|
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.
|
1.
|
During the relevant quarter, forwards through which the Company hedged against a possible Mexican Peso depreciation with a notional amount of U.S. $56,693,916.00 (Fifty Six Million Six Hundred Ninety Three Thousand Nine Hundred Sixteen U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $137,430,928.06 (One Hundred Thrirty Seven Million Four Hundred Thirty Thousand Nine Hundred Twenty EightMexican pesos 06/100) was incurred in the quarter.
|
2.
|
During the relevant quarter, forwards through which Empresas Cablevisión, S.A.B. de C.V. hedged against a possible Mexican Peso depreciation with a notional amount of U.S. $19,324,437.00 (Nineteen Million Three Hundred Twenty Four Thousand Four Hundred Thirty Seven U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $46,557,399.84 (Forty Six Million Five Hundred Fifty Seven Thousand Three Hundred Ninety Nine Mexican pesos 84/100) was incurred in the quarter.
|
3.
|
During the relevant quarter, forwards through which Televisión Internacional, S.A. de C.V. hedged against a possible Mexican Peso depreciation with a notional amount of U.S. $13,981,647.00 (Thirteen Million Nine Hundred Eighty One Thousand Six Hundred Forty Seven U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $33,685,283.03 (Thirty Three Million Six Hundred Eighty Five Thousand Two Hundred Eighty Three Mexican pesos 03/100) was incurred in the quarter.
|
4.
|
During the relevant quarter, forwards through which Corporación Novavisión S. de R.L. de C.V. hedged against a possible Mexican Peso depreciation with a notional amount of U.S. $29,000,000.00 (Twenty Nine Million U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $69,345,200.00 (Sixty Nine Million Three Hundred Forty Five Thousand Two Hundred Mexican pesos 00/100) was incurred in the quarter.
|
Type of Derivative, Securities or Contract
|
Purpose (e.g., hedging, trading or other)
|
Notional Amount/Face Value
|
Value of the Underlying Asset / Reference Variable
|
Fair Value
|
Collateral/
Lines of Credit/
Securities Pledged
| |||
Current Quarter (5)
|
Previous Quarter (6)
|
Current Quarter Dr (Cr) (5)
|
Previous Quarter Dr (Cr)(6)
|
Maturing per Year
| ||||
Interest Rate Swap (1)
|
Hedging
|
Ps.10,000,000
|
TIIE 28 días / 6.7620%
|
TIIE 28 days / 6.7620%
|
434,664
|
536,636
|
Monthly interest
2024
|
Does not exist (7)
|
Forward (1)
|
Hedging
|
U.S.$37,796 / Ps.738,603
|
U.S.$37,796 / Ps.738,603
|
U.S.$94,490/ Ps.1,876,044
|
(87,461)
|
(146,073)
|
2023
|
Does not exist (7)
|
Forward (2)
|
Hedging
|
U.S.$9,321 / Ps.181,948
|
U.S.$9,321 / Ps.181,948
|
U.S.$23,303/ Ps.462,252
|
(21,102)
|
(35,542)
|
2023
|
Does not exist (7)
|
Forward (3)
|
Hedging
|
U.S.$12,883 / Ps.251,749
|
U.S.$12,883 / Ps.251,749
|
U.S.$32,207/ Ps.639,165
|
(29,438)
|
(49,387)
|
2023
|
Does not exist (7)
|
Forward (4)
|
Hedging
|
U.S.$20,000 / Ps.389,941
|
U.S.$20,000 / Ps.389,941
|
U.S.$49,000/ Ps.971,208
|
(45,405)
|
(74,017)
|
2023
|
Does not exist (7)
|
Total
|
251,258
|
231,617
|
(1)
|
Acquired by Grupo Televisa, S.A.B.
|
(2)
|
Acquired by Televisión Internacional, S.A. de C.V.
|
(3)
|
Acquired by Empresas Cablevisión, S.A.B. de C.V.
|
(4)
|
Acquired by Corporación Novavisión S. de R.L. de C.V.
|
(5)
|
The aggregate amount of the derivatives reflected in the consolidated statement of financial position of Grupo Televisa, S.A.B. as of June 30, 2023, is as follows:
|
Other non-current financial assets
|
Ps.
|
434,664
| ||
Other financial liabilities
|
(183,406)
| |||
Ps.
|
251,258
|
(6)
|
Information as of March 31, 2023.
|
(7)
|
Applies only to implicit financing in the ISDA ancillary agreements identified as "Credit Support".
|
Concept
|
Close Current
Quarter
2023-06-30
|
Close Previous
Exercise
2022-12-31
|
Subclassifications of assets, liabilities and equities
| ||
Cash and cash equivalents
| ||
Cash
| ||
Cash on hand
|
52,048,000
|
53,697,000
|
Balances with banks
|
1,940,460,000
|
1,988,185,000
|
Total cash
|
1,992,508,000
|
2,041,882,000
|
Cash equivalents
| ||
Short-term deposits, classified as cash equivalents
|
36,910,791,000
|
49,089,110,000
|
Short-term investments, classified as cash equivalents
|
0
|
0
|
Other banking arrangements, classified as cash equivalents
|
0
|
0
|
Total cash equivalents
|
36,910,791,000
|
49,089,110,000
|
Other cash and cash equivalents
|
0
|
0
|
Total cash and cash equivalents
|
38,903,299,000
|
51,130,992,000
|
Trade and other current receivables
| ||
Current trade receivables
|
8,629,264,000
|
8,457,302,000
|
Current receivables due from related parties
|
761,230,000
|
311,224,000
|
Current prepayments
| ||
Current advances to suppliers
|
0
|
0
|
Current prepaid expenses
|
1,938,182,000
|
1,431,137,000
|
Total current prepayments
|
1,938,182,000
|
1,431,137,000
|
Current receivables from taxes other than income tax
|
6,791,604,000
|
6,594,730,000
|
Current value added tax receivables
|
6,773,894,000
|
6,531,893,000
|
Current receivables from sale of properties
|
0
|
0
|
Current receivables from rental of properties
|
0
|
0
|
Other current receivables
|
1,561,432,000
|
2,693,926,000
|
Total trade and other current receivables
|
19,681,712,000
|
19,488,319,000
|
Classes of current inventories
| ||
Current raw materials and current production supplies
| ||
Current raw materials
|
0
|
0
|
Current production supplies
|
0
|
0
|
Total current raw materials and current production supplies
|
0
|
0
|
Current merchandise
|
0
|
0
|
Current work in progress
|
0
|
0
|
Current finished goods
|
0
|
0
|
Current spare parts
|
0
|
0
|
Property intended for sale in ordinary course of business
|
0
|
0
|
Other current inventories
|
1,369,245,000
|
1,448,278,000
|
Total current inventories
|
1,369,245,000
|
1,448,278,000
|
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners
| ||
Non-current assets or disposal groups classified as held for sale
|
0
|
0
|
Non-current assets or disposal groups classified as held for distribution to owners
|
0
|
0
|
Total non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
0
|
0
|
Trade and other non-current receivables
| ||
Non-current trade receivables
|
591,015,000
|
438,376,000
|
Non-current receivables due from related parties
|
6,706,434,000
|
6,365,038,000
|
Non-current prepayments
|
0
|
0
|
Non-current lease prepayments
|
0
|
0
|
Non-current receivables from taxes other than income tax
|
0
|
0
|
Non-current value added tax receivables
|
0
|
0
|
Concept
|
Close Current
Quarter
2023-06-30
|
Close Previous
Exercise
2022-12-31
|
Non-current receivables from sale of properties
|
0
|
0
|
Non-current receivables from rental of properties
|
0
|
0
|
Revenue for billing
|
0
|
0
|
Other non-current receivables
|
0
|
0
|
Total trade and other non-current receivables
|
7,297,449,000
|
6,803,414,000
|
Investments in subsidiaries, joint ventures and associates
| ||
Investments in subsidiaries
|
0
|
0
|
Investments in joint ventures
|
989,537,000
|
952,736,000
|
Investments in associates
|
47,390,949,000
|
49,498,213,000
|
Total investments in subsidiaries, joint ventures and associates
|
48,380,486,000
|
50,450,949,000
|
Property, plant and equipment
| ||
Land and buildings
| ||
Land
|
4,061,574,000
|
4,064,386,000
|
Buildings
|
2,940,721,000
|
2,888,775,000
|
Total land and buildings
|
7,002,295,000
|
6,953,161,000
|
Machinery
|
57,915,530,000
|
60,014,208,000
|
Vehicles
| ||
Ships
|
0
|
0
|
Aircraft
|
494,461,000
|
500,338,000
|
Motor vehicles
|
495,111,000
|
557,127,000
|
Total vehicles
|
989,572,000
|
1,057,465,000
|
Fixtures and fittings
|
387,862,000
|
414,411,000
|
Office equipment
|
1,568,992,000
|
1,564,859,000
|
Tangible exploration and evaluation assets
|
0
|
0
|
Mining assets
|
0
|
0
|
Oil and gas assets
|
0
|
0
|
Construction in progress
|
12,172,724,000
|
11,570,777,000
|
Construction prepayments
|
0
|
0
|
Other property, plant and equipment
|
695,300,000
|
661,518,000
|
Total property, plant and equipment
|
80,732,275,000
|
82,236,399,000
|
Investment property
| ||
Investment property completed
|
2,831,789,000
|
2,873,165,000
|
Investment property under construction or development
|
0
|
0
|
Investment property prepayments
|
0
|
0
|
Total investment property
|
2,831,789,000
|
2,873,165,000
|
Intangible assets and goodwill
| ||
Intangible assets other than goodwill
| ||
Brand names
|
108,290,000
|
144,354,000
|
Intangible exploration and evaluation assets
|
0
|
0
|
Mastheads and publishing titles
|
0
|
0
|
Computer software
|
4,034,553,000
|
4,159,246,000
|
Licences and franchises
|
0
|
0
|
Copyrights, patents and other industrial property rights, service and operating rights
|
0
|
0
|
Recipes, formulae, models, designs and prototypes
|
0
|
0
|
Intangible assets under development
|
0
|
0
|
Other intangible assets
|
22,704,624,000
|
22,914,989,000
|
Total intangible assets other than goodwill
|
26,847,467,000
|
27,218,589,000
|
Goodwill
|
13,904,998,000
|
13,904,998,000
|
Total intangible assets and goodwill
|
40,752,465,000
|
41,123,587,000
|
Trade and other current payables
| ||
Current trade payables
|
16,112,751,000
|
16,083,858,000
|
Current payables to related parties
|
795,876,000
|
88,324,000
|
Accruals and deferred income classified as current
|
Concept
|
Close Current
Quarter
2023-06-30
|
Close Previous
Exercise
2022-12-31
|
Deferred income classified as current
|
2,298,431,000
|
2,128,764,000
|
Rent deferred income classified as current
|
0
|
0
|
Accruals classified as current
|
2,963,595,000
|
2,893,763,000
|
Short-term employee benefits accruals
|
1,208,732,000
|
1,384,808,000
|
Total accruals and deferred income classified as current
|
5,262,026,000
|
5,022,527,000
|
Current payables on social security and taxes other than income tax
|
2,414,107,000
|
2,388,130,000
|
Current value added tax payables
|
1,954,113,000
|
1,846,542,000
|
Current retention payables
|
250,706,000
|
273,080,000
|
Other current payables
|
0
|
0
|
Total trade and other current payables
|
24,835,466,000
|
23,855,919,000
|
Other current financial liabilities
| ||
Bank loans current
|
9,977,587,000
|
1,000,000,000
|
Stock market loans current
|
0
|
0
|
Other current liabilities at cost
|
0
|
0
|
Other current liabilities at no cost
|
183,406,000
|
71,401,000
|
Other current financial liabilities
|
1,592,774,000
|
1,761,069,000
|
Total Other current financial liabilities
|
11,753,767,000
|
2,832,470,000
|
Trade and other non-current payables
| ||
Non-current trade payables
|
550,687,000
|
480,808,000
|
Non-current payables to related parties
|
0
|
0
|
Accruals and deferred income classified as non-current
| ||
Deferred income classified as non-current
|
5,034,181,000
|
5,178,014,000
|
Rent deferred income classified as non-current
|
0
|
0
|
Accruals classified as non-current
|
0
|
0
|
Total accruals and deferred income classified as non-current
|
5,034,181,000
|
5,178,014,000
|
Non-current payables on social security and taxes other than income tax
|
0
|
0
|
Non-current value added tax payables
|
0
|
0
|
Non-current retention payables
|
0
|
0
|
Other non-current payables
|
0
|
0
|
Total trade and other non-current payables
|
5,584,868,000
|
5,658,822,000
|
Other non-current financial liabilities
| ||
Bank loans non-current
|
3,050,000,000
|
12,617,243,000
|
Stock market loans non-current
|
82,392,364,000
|
91,623,407,000
|
Other non-current liabilities at cost
|
0
|
0
|
Other non-current liabilities at no cost
|
0
|
0
|
Other non-current financial liabilities
|
0
|
0
|
Total Other non-current financial liabilities
|
85,442,364,000
|
104,240,650,000
|
Other provisions
| ||
Other non-current provisions
|
1,731,169,000
|
1,690,454,000
|
Other current provisions
|
1,026,000
|
1,851,392,000
|
Total other provisions
|
1,732,195,000
|
3,541,846,000
|
Other reserves
| ||
Revaluation surplus
|
0
|
0
|
Reserve of exchange differences on translation
|
(1,176,199,000)
|
937,408,000
|
Reserve of cash flow hedges
|
211,401,000
|
285,532,000
|
Reserve of gains and losses on hedging instruments that hedge investments in equity instruments
|
0
|
0
|
Reserve of change in value of time value of options
|
0
|
0
|
Reserve of change in value of forward elements of forward contracts
|
0
|
0
|
Reserve of change in value of foreign currency basis spreads
|
0
|
0
|
Reserve of gains and losses on financial assets measured at fair value through other comprehensive income
|
(16,324,543,000)
|
(15,767,224,000)
|
Reserve of gains and losses on remeasuring available-for-sale financial assets
|
0
|
0
|
Reserve of share-based payments
|
0
|
0
|
Reserve of remeasurements of defined benefit plans
|
(634,406,000)
|
(634,406,000)
|
Concept
|
Close Current
Quarter
2023-06-30
|
Close Previous
Exercise
2022-12-31
|
Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale
|
0
|
0
|
Reserve of gains and losses from investments in equity instruments
|
0
|
0
|
Reserve of change in fair value of financial liability attributable to change in credit risk of liability
|
0
|
0
|
Reserve for catastrophe
|
0
|
0
|
Reserve for equalisation
|
0
|
0
|
Reserve of discretionary participation features
|
0
|
0
|
Reserve of equity component of convertible instruments
|
0
|
0
|
Capital redemption reserve
|
0
|
0
|
Merger reserve
|
0
|
0
|
Statutory reserve
|
0
|
0
|
Other comprehensive income
|
8,629,558,000
|
4,354,812,000
|
Total other reserves
|
(9,294,189,000)
|
(10,823,878,000)
|
Net assets (liabilities)
| ||
Assets
|
283,447,601,000
|
299,107,531,000
|
Liabilities
|
139,918,772,000
|
154,977,626,000
|
Net assets (liabilities)
|
143,528,829,000
|
144,129,905,000
|
Net current assets (liabilities)
| ||
Current assets
|
68,948,368,000
|
81,576,823,000
|
Current liabilities
|
38,796,258,000
|
34,370,918,000
|
Net current assets (liabilities)
|
30,152,110,000
|
47,205,905,000
|
Concept
|
Accumulated Current Year
2023-01-01 - 2023-06-30
|
Accumulated Previous Year
2022-01-01 - 2022-06-30
|
Quarter Current Year
2023-04-01 - 2023-06-30
|
Quarter Previous Year
2022-04-01 - 2022-06-30
|
Analysis of income and expense
| ||||
Revenue
| ||||
Revenue from rendering of services
|
29,730,283,000
|
29,466,154,000
|
15,026,879,000
|
14,904,162,000
|
Revenue from sale of goods
|
298,048,000
|
345,402,000
|
143,834,000
|
162,794,000
|
Interest income
|
0
|
0
|
0
|
0
|
Royalty income
|
469,159,000
|
293,482,000
|
105,640,000
|
9,346,000
|
Dividend income
|
0
|
0
|
0
|
0
|
Rental income
|
6,542,369,000
|
7,037,630,000
|
3,243,873,000
|
3,457,153,000
|
Revenue from construction contracts
|
0
|
0
|
0
|
0
|
Other revenue
|
0
|
0
|
0
|
0
|
Total revenue
|
37,039,859,000
|
37,142,668,000
|
18,520,226,000
|
18,533,455,000
|
Finance income
| ||||
Interest income
|
1,772,702,000
|
868,214,000
|
889,282,000
|
529,294,000
|
Net gain on foreign exchange
|
0
|
0
|
428,980,000
|
552,214,000
|
Gains on change in fair value of derivatives
|
0
|
0
|
0
|
64,481,000
|
Gain on change in fair value of financial instruments
|
0
|
0
|
0
|
0
|
Other finance income
|
0
|
0
|
0
|
0
|
Total finance income
|
1,772,702,000
|
868,214,000
|
1,318,262,000
|
1,145,989,000
|
Finance costs
| ||||
Interest expense
|
4,134,286,000
|
5,020,725,000
|
2,023,087,000
|
2,214,872,000
|
Net loss on foreign exchange
|
235,219,000
|
1,755,219,000
|
0
|
0
|
Losses on change in fair value of derivatives
|
353,328,000
|
50,822,000
|
46,731,000
|
0
|
Loss on change in fair value of financial instruments
|
0
|
0
|
0
|
0
|
Other finance cost
|
0
|
0
|
0
|
0
|
Total finance costs
|
4,722,833,000
|
6,826,766,000
|
2,069,818,000
|
2,214,872,000
|
Tax income (expense)
| ||||
Current tax
|
780,081,000
|
895,998,000
|
473,653,000
|
674,558,000
|
Deferred tax
|
(874,963,000)
|
(263,152,000)
|
(380,570,000)
|
836,414,000
|
Total tax income (expense)
|
(94,882,000)
|
632,846,000
|
93,083,000
|
1,510,972,000
|
(a)
|
Basis of Presentation
|
(b)
|
Consolidation
|
Subsidiaries
|
Company's Ownership Interest (1) |
Business Segment (2) | |
Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, "Empresas Cablevisión") (3) |
51.2
|
%
|
Cable
|
Subsidiaries engaged in the Cablemás business (collectively, "Cablemás") (4) |
100
|
%
|
Cable
|
Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, "TVI") (5) |
100
|
%
|
Cable
|
Cablestar, S.A. de C.V. and subsidiaries (collectively, "Bestel") (6) |
66.2
|
%
|
Cable
|
Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, "Cablecom") (7) |
100
|
%
|
Cable
|
Subsidiaries engaged in the Telecable business (collectively, "Telecable") (8) |
100
|
%
|
Cable
|
FTTH de México, S.A. de C.V. (9) |
100
|
%
|
Cable
|
Corporativo Vasco de Quiroga, S.A. de C.V. ("CVQ") and subsidiaries (10) |
100
|
%
|
Cable and Sky
|
Innova, S. de R.L. de C.V. ("Innova") and subsidiaries (collectively, "Sky") (11) |
58.7
|
%
|
Sky
|
Grupo Telesistema, S.A. de C.V. ("Grupo Telesistema") and subsidiaries (13) |
100
|
%
|
Content and Other Businesses (2) |
Televisa, S. de R. L. de C.V. (Televisa, S.A. de C.V. through May 2021) ("Televisa") (12) |
100
|
%
|
Content (2) |
Televisión Independiente de México, S.A. de C.V. ("TIM") (12) |
100
|
%
|
Content (2) |
G.Televisa-D, S.A. de C.V. (12) |
100
|
%
|
Content (2) |
Multimedia Telecom, S.A. de C.V. ("Multimedia Telecom") and subsidiary (13) |
100
|
%
|
Content (2) |
Ulvik, S.A. de C.V. (14) |
100
|
%
|
Content and Other Businesses (2) |
Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries
|
100
|
%
|
Other Businesses
|
Editorial Televisa, S.A. de C.V. and subsidiaries
|
100
|
%
|
Other Businesses
|
Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries
|
100
|
%
|
Other Businesses
|
Villacezán, S.A. de C.V. ("Villacezán") and subsidiaries (13) |
100
|
%
|
Content and Other Businesses (2) |
(1) |
Percentage of equity interest directly or indirectly held by the Company.
|
(2) |
See Note 26 for a description of each of the Group's business segments. The Group's operations of the Content segment were discontinued following the closing of the TelevisaUnivision Transaction on January 31, 2022 (see Note 3).
|
(3) |
Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ.
|
(4) |
The subsidiaries in the Cablemás business are directly and indirectly owned by CVQ.
|
(5) |
Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ.
|
(6) |
Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V.
|
(7) |
Arretis, S.A.P.I. de C.V., is a direct subsidiary of CVQ.
|
(8) |
The subsidiaries in the Telecable business are directly owned by CVQ.
|
(9) |
FTTH de México, S. A. de C.V., is an indirect subsidiary of CVQ.
|
(10) |
CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova.
|
(11) |
Innova is an indirect majority-owned subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. ("Sky DTH"), and a direct majority-owned subsidiary of Innova Holdings, S. de R.L. de C.V. ("Innova Holdings"). Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Although the Company holds a majority of Innova's equity and designates a majority of the members of Innova's Board of Directors, the non-controlling interest has certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto rights are protective in nature and do not affect decisions about relevant business activities of Innova.
|
(12) |
TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema, and through January 31, 2022, were part of the Group's former Content business. Televisa was a direct subsidiary of Grupo Telesistema through January 31, 2022.
|
(13) |
Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. ("Tieren"), and Villacezán are indirect wholly-owned subsidiaries of Grupo Telesistema. As of December 31, 2022, Multimedia Telecom, Grupo Telesistema, Tieren, Villacezán, and Corporativo TD Sports, S.A. de C.V., a direct subsidiary of Grupo Telesistema, are the subsidiaries through which the Company owns shares of the capital stock of TelevisaUnivision (formerly known as Univision Holdings II, Inc. or UH II), the successor company of Univision Holdings, Inc. ("UHI") and the parent company of Univision Communications Inc. ("Univision"), representing 43.8%, 49.7%, 2.1%, 3.7% and 0.7% , respectively, of the Group's aggregate investment in shares of common stock issued by TelevisaUnivision as of December 31, 2022. Multimedia Telecom and Tieren were the subsidiaries through which the Company owned shares of the capital stock of UH II, representing 95.3% and 4.7%, respectively, of the Group's aggregate investment in shares of common stock issued by UH II as of December 31, 2021 (see Notes 3, 10 and 20).
|
(14) |
A direct subsidiary of the company and the parent company of Televisa Corporación, S.A. de C.V., an indirect subsidiary of the company that provides services to certain companies in the Group's Other Businesses segment and, through January 31, 2022, provided services to certain companies in the Group's former Content segment.
|
Segments
|
Expiration Dates
|
Cable
|
Various from 2026 to 2056
|
Sky
|
Various from 2024 to 2056
|
Other Businesses:
Broadcasting concessions (1) |
In 2042 and 2052
|
Gaming
|
In 2030
|
(1) |
In November 2018, the IFT approved (i) 23 concessions for the use of spectrum that comprise the Company's 225 TV stations, for a term of 20 years, starting in January 2022 and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years, starting in January 2022 and ending in January 2052. In November 2018, the Group paid for such renewal an aggregate amount of Ps.5,754,543 in cash, which included a payment of Ps.1,194 for administrative expenses and recognized this payment as an intangible asset in its consolidated statement of financial position. This amount is being amortized over a period of 20 years beginning on January 1, 2022, by using the straight-line method. Through January 31, 2022, these broadcasting concessions were part of the Group's former Content segment, and after the TelevisaUnivision Transaction closed on that date, these concessions became part of the Group's Other Businesses segment (see Notes 3, 13 and 26).
|
(c)
|
Investments in Associates and Joint Ventures
|
(d)
|
Segment Reporting
|
(e)
|
Foreign Currency Translation
|
(f)
|
Cash and Cash Equivalents and Temporary Investments
|
(g)
|
Transmission Rights and Programming
|
(h)
|
Inventories
|
(i)
|
Financial Assets
|
(j)
|
Property, Plant and Equipment, and Investment Property
|
Estimated Useful Lives | ||
Buildings
|
20-50 years
| |
Technical equipment
|
3-30 years
| |
Satellite transponders
|
15 years
| |
Furniture and fixtures
|
10-15 years
| |
Transportation equipment
|
4-8 years
| |
Computer equipment
|
3-6 years
| |
Leasehold improvements
|
5-30 years
|
Estimated Useful Lives | |
Buildings
|
20-65 years
|
(k)
|
Lease Agreements
|
(l)
|
Intangible Assets and Goodwill
|
Estimated Useful Lives | ||
Trademarks with finite useful lives
|
4 years
| |
Licenses
|
3-10 years
| |
Subscriber lists
|
4-5 years
| |
Payments for renewal of concessions
|
20 years
| |
Other intangible assets
|
3-20 years
|
(m)
|
Impairment of Long-lived Assets
|
(n)
|
Trade Accounts Payable and Accrued Expenses
|
(o)
|
Debt |
(p)
| Customer Deposits and Advances |
(q)
|
Provisions
|
(r)
|
Equity
|
(s)
|
Revenue Recognition and Contract Costs
|
• |
Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the period in which the services are rendered.
|
• |
Revenues from other telecommunications and data services are recognized in the period in which these services are provided. Other telecommunications services include long distance and local telephony, as well as leasing and maintenance of telecommunications facilities.
|
• |
Sky program service revenues, including advances from customers for future direct-to-home ("DTH") program services, are recognized at the time the service is provided.
|
• |
Advertising revenues, including deposits and advances from customers for future advertising, were recognized at the time the advertising services were rendered. The advertising revenues of the Group's Content segment operations were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
• |
Revenues from program services for network subscription and licensed and syndicated television programs were recognized when the programs were sold and became available for broadcast. These revenues were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
• |
Revenues from magazine subscriptions are initially deferred and recognized proportionately as products are delivered to subscribers. Revenues from the sales of magazines are recognized on the date of circulation of delivered merchandise, net of a provision for estimated returns.
|
• |
Revenues from publishing distribution are recognized upon distribution of the products.
|
• |
Revenues from attendance to soccer games, including revenues from advance ticket sales for soccer games and other promotional events, are recognized on the date of the relevant event.
|
• |
Motion picture production and distribution revenues were recognized as the films were exhibited. These revenues were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
• |
Gaming revenues consist of the net win from gaming activities, which is the difference between amounts wagered and amounts paid to winning patrons and are recognized at the time of such net win.
|
Cable
|
Sky
|
Total
| |||||||
Contract costs:
| |||||||||
At January 1, 2022
|
Ps.
|
2,498,124
|
Ps.
|
2,500,190
|
Ps.
|
4,998,314
| |||
Additions
|
1,764,989
|
580,042
|
2,345,031
| ||||||
Amount recognized in income
|
(965,677
|
)
|
(1,059,442
|
)
|
(2,025,119
|
)
| |||
Total Contract Costs at December 31, 2022
|
3,297,436
|
2,020,790
|
5,318,226
| ||||||
Less:
| |||||||||
Current Contract Costs
|
1,077,417
|
840,870
|
1,918,287
| ||||||
Total Non-current Contract Costs
|
Ps.
|
2,220,019
|
Ps.
|
1,179,920
|
Ps.
|
3,399,939
|
Cable
|
Sky
|
Total
| |||||||
Contract costs:
| |||||||||
At January 1, 2021
|
Ps.
|
2,027,691
|
Ps.
|
2,513,866
|
Ps.
|
4,541,557
| |||
Additions
|
1,209,894
|
1,088,956
|
2,298,850
| ||||||
Amount recognized in income
|
(739,461
|
)
|
(1,102,632
|
)
|
(1,842,093
|
)
| |||
Total Contract Costs at December 31, 2021
|
2,498,124
|
2,500,190
|
4,998,314
| ||||||
Less:
| |||||||||
Current Contract Costs
|
797,273
|
985,450
|
1,782,723
| ||||||
Total Non-current Contract Costs
|
Ps.
|
1,700,851
|
Ps.
|
1,514,740
|
Ps.
|
3,215,591
|
(t)
|
Interest Income
|
(u)
|
Employee Benefits
|
(v)
|
Income Taxes
|
(w)
|
Derivative Financial Instruments
|
(x)
|
Comprehensive Income
|
(y)
|
Share-based Payment Agreements
|
(z)
|
New and Amended IFRS Standards
|
New or Amended IFRS Standard
|
Title of the IFRS Standard
|
Effective for Annual Periods Beginning On or After | |
Amendments to IFRS 10 and IAS 28 |
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
|
Postponed
| |
IFRS 17 (1) |
Insurance Contracts
|
January 1, 2023
| |
Amendments to IAS 1 (1) |
Classification of Liabilities as Current or Non-current
|
January 1, 2023
| |
Amendments to IAS 8 (1) |
Definition of Accounting Estimates
|
January 1, 2023
| |
Amendments to IAS 1 and IFRS
Practice Statement 2 (1) |
Disclosure of Accounting Policies
|
January 1, 2023
| |
Amendments to IAS 12 (1) |
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
|
January 1, 2023
| |
Amendment to IFRS 17 (1) |
Initial Application of IFRS 17 and IFRS 9 - Comparative Information
|
January 1, 2023
| |
Amendments to IFRS 16 (1) |
Lease Liability in a Sale and Leaseback
|
January 1, 2024
| |
Amendments to IAS 1 (1) |
Non-current Liabilities with Covenants
|
January 1, 2024
|
(a)
|
Basis of Presentation
|
(b)
|
Consolidation
|
Subsidiaries
|
Company's Ownership Interest (1) |
Business Segment (2) | |
Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, "Empresas Cablevisión") (3) |
51.2
|
%
|
Cable
|
Subsidiaries engaged in the Cablemás business (collectively, "Cablemás") (4) |
100
|
%
|
Cable
|
Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, "TVI") (5) |
100
|
%
|
Cable
|
Cablestar, S.A. de C.V. and subsidiaries (collectively, "Bestel") (6) |
66.2
|
%
|
Cable
|
Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, "Cablecom") (7) |
100
|
%
|
Cable
|
Subsidiaries engaged in the Telecable business (collectively, "Telecable") (8) |
100
|
%
|
Cable
|
FTTH de México, S.A. de C.V. (9) |
100
|
%
|
Cable
|
Corporativo Vasco de Quiroga, S.A. de C.V. ("CVQ") and subsidiaries (10) |
100
|
%
|
Cable and Sky
|
Innova, S. de R.L. de C.V. ("Innova") and subsidiaries (collectively, "Sky") (11) |
58.7
|
%
|
Sky
|
Grupo Telesistema, S.A. de C.V. ("Grupo Telesistema") and subsidiaries (13) |
100
|
%
|
Content and Other Businesses (2) |
Televisa, S. de R. L. de C.V. (Televisa, S.A. de C.V. through May 2021) ("Televisa") (12) |
100
|
%
|
Content (2) |
Televisión Independiente de México, S.A. de C.V. ("TIM") (12) |
100
|
%
|
Content (2) |
G.Televisa-D, S.A. de C.V. (12) |
100
|
%
|
Content (2) |
Multimedia Telecom, S.A. de C.V. ("Multimedia Telecom") and subsidiary (13) |
100
|
%
|
Content (2) |
Ulvik, S.A. de C.V. (14) |
100
|
%
|
Content and Other Businesses (2) |
Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries
|
100
|
%
|
Other Businesses
|
Editorial Televisa, S.A. de C.V. and subsidiaries
|
100
|
%
|
Other Businesses
|
Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries
|
100
|
%
|
Other Businesses
|
Villacezán, S.A. de C.V. ("Villacezán") and subsidiaries (13) |
100
|
%
|
Content and Other Businesses (2) |
(1) |
Percentage of equity interest directly or indirectly held by the Company.
|
(2) |
See Note 26 for a description of each of the Group's business segments. The Group's operations of the Content segment were discontinued following the closing of the TelevisaUnivision Transaction on January 31, 2022 (see Note 3).
|
(3) |
Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ.
|
(4) |
The subsidiaries in the Cablemás business are directly and indirectly owned by CVQ.
|
(5) |
Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ.
|
(6) |
Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V.
|
(7) |
Arretis, S.A.P.I. de C.V., is a direct subsidiary of CVQ.
|
(8) |
The subsidiaries in the Telecable business are directly owned by CVQ.
|
(9) |
FTTH de México, S. A. de C.V., is an indirect subsidiary of CVQ.
|
(10) |
CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova.
|
(11) |
Innova is an indirect majority-owned subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. ("Sky DTH"), and a direct majority-owned subsidiary of Innova Holdings, S. de R.L. de C.V. ("Innova Holdings"). Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Although the Company holds a majority of Innova's equity and designates a majority of the members of Innova's Board of Directors, the non-controlling interest has certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto rights are protective in nature and do not affect decisions about relevant business activities of Innova.
|
(12) |
TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema, and through January 31, 2022, were part of the Group's former Content business. Televisa was a direct subsidiary of Grupo Telesistema through January 31, 2022.
|
(13) |
Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. ("Tieren"), and Villacezán are indirect wholly-owned subsidiaries of Grupo Telesistema. As of December 31, 2022, Multimedia Telecom, Grupo Telesistema, Tieren, Villacezán, and Corporativo TD Sports, S.A. de C.V., a direct subsidiary of Grupo Telesistema, are the subsidiaries through which the Company owns shares of the capital stock of TelevisaUnivision (formerly known as Univision Holdings II, Inc. or UH II), the successor company of Univision Holdings, Inc. ("UHI") and the parent company of Univision Communications Inc. ("Univision"), representing 43.8%, 49.7%, 2.1%, 3.7% and 0.7% , respectively, of the Group's aggregate investment in shares of common stock issued by TelevisaUnivision as of December 31, 2022. Multimedia Telecom and Tieren were the subsidiaries through which the Company owned shares of the capital stock of UH II, representing 95.3% and 4.7%, respectively, of the Group's aggregate investment in shares of common stock issued by UH II as of December 31, 2021 (see Notes 3, 10 and 20).
|
(14) |
A direct subsidiary of the company and the parent company of Televisa Corporación, S.A. de C.V., an indirect subsidiary of the company that provides services to certain companies in the Group's Other Businesses segment and, through January 31, 2022, provided services to certain companies in the Group's former Content segment.
|
Segments
|
Expiration Dates
|
Cable
|
Various from 2026 to 2056
|
Sky
|
Various from 2024 to 2056
|
Other Businesses:
Broadcasting concessions (1) |
In 2042 and 2052
|
Gaming
|
In 2030
|
(1) |
In November 2018, the IFT approved (i) 23 concessions for the use of spectrum that comprise the Company's 225 TV stations, for a term of 20 years, starting in January 2022 and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years, starting in January 2022 and ending in January 2052. In November 2018, the Group paid for such renewal an aggregate amount of Ps.5,754,543 in cash, which included a payment of Ps.1,194 for administrative expenses and recognized this payment as an intangible asset in its consolidated statement of financial position. This amount is being amortized over a period of 20 years beginning on January 1, 2022, by using the straight-line method. Through January 31, 2022, these broadcasting concessions were part of the Group's former Content segment, and after the TelevisaUnivision Transaction closed on that date, these concessions became part of the Group's Other Businesses segment (see Notes 3, 13 and 26).
|
(c)
|
Investments in Associates and Joint Ventures
|
(d)
|
Segment Reporting
|
(e)
|
Foreign Currency Translation
|
(f)
|
Cash and Cash Equivalents and Temporary Investments
|
(g)
|
Transmission Rights and Programming
|
(h)
|
Inventories
|
(i)
|
Financial Assets
|
(j)
|
Property, Plant and Equipment, and Investment Property
|
Estimated Useful Lives | ||
Buildings
|
20-50 years
| |
Technical equipment
|
3-30 years
| |
Satellite transponders
|
15 years
| |
Furniture and fixtures
|
10-15 years
| |
Transportation equipment
|
4-8 years
| |
Computer equipment
|
3-6 years
| |
Leasehold improvements
|
5-30 years
|
Estimated Useful Lives | ||
Buildings
|
20-65 years
|
(k)
|
Lease Agreements
|
(l)
|
Intangible Assets and Goodwill
|
Estimated Useful Lives | ||
Trademarks with finite useful lives
|
4 years
| |
Licenses
|
3-10 years
| |
Subscriber lists
|
4-5 years
| |
Payments for renewal of concessions
|
20 years
| |
Other intangible assets
|
3-20 years
|
(m)
|
Impairment of Long-lived Assets
|
(n)
|
Trade Accounts Payable and Accrued Expenses
|
(o)
|
Debt
|
(q)
|
Provisions
|
(r)
|
Equity
|
(s)
|
Revenue Recognition and Contract Costs
|
• |
Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the period in which the services are rendered.
|
• |
Revenues from other telecommunications and data services are recognized in the period in which these services are provided. Other telecommunications services include long distance and local telephony, as well as leasing and maintenance of telecommunications facilities.
|
• |
Sky program service revenues, including advances from customers for future direct-to-home ("DTH") program services, are recognized at the time the service is provided.
|
• |
Advertising revenues, including deposits and advances from customers for future advertising, were recognized at the time the advertising services were rendered. The advertising revenues of the Group's Content segment operations were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
• |
Revenues from program services for network subscription and licensed and syndicated television programs were recognized when the programs were sold and became available for broadcast. These revenues were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
• |
Revenues from magazine subscriptions are initially deferred and recognized proportionately as products are delivered to subscribers. Revenues from the sales of magazines are recognized on the date of circulation of delivered merchandise, net of a provision for estimated returns.
|
• |
Revenues from publishing distribution are recognized upon distribution of the products.
|
• |
Revenues from attendance to soccer games, including revenues from advance ticket sales for soccer games and other promotional events, are recognized on the date of the relevant event.
|
• |
Motion picture production and distribution revenues were recognized as the films were exhibited. These revenues were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
• |
Gaming revenues consist of the net win from gaming activities, which is the difference between amounts wagered and amounts paid to winning patrons and are recognized at the time of such net win.
|
Cable
|
Sky
|
Total
| |||||||
Contract costs:
| |||||||||
At January 1, 2022
|
Ps.
|
2,498,124
|
Ps.
|
2,500,190
|
Ps.
|
4,998,314
| |||
Additions
|
1,764,989
|
580,042
|
2,345,031
| ||||||
Amount recognized in income
|
(965,677
|
)
|
(1,059,442
|
)
|
(2,025,119
|
)
| |||
Total Contract Costs at December 31, 2022
|
3,297,436
|
2,020,790
|
5,318,226
| ||||||
Less:
| |||||||||
Current Contract Costs
|
1,077,417
|
840,870
|
1,918,287
| ||||||
Total Non-current Contract Costs
|
Ps.
|
2,220,019
|
Ps.
|
1,179,920
|
Ps.
|
3,399,939
|
Cable
|
Sky
|
Total
| |||||||
Contract costs:
| |||||||||
At January 1, 2021
|
Ps.
|
2,027,691
|
Ps.
|
2,513,866
|
Ps.
|
4,541,557
| |||
Additions
|
1,209,894
|
1,088,956
|
2,298,850
| ||||||
Amount recognized in income
|
(739,461
|
)
|
(1,102,632
|
)
|
(1,842,093
|
)
| |||
Total Contract Costs at December 31, 2021
|
2,498,124
|
2,500,190
|
4,998,314
| ||||||
Less:
| |||||||||
Current Contract Costs
|
797,273
|
985,450
|
1,782,723
| ||||||
Total Non-current Contract Costs
|
Ps.
|
1,700,851
|
Ps.
|
1,514,740
|
Ps.
|
3,215,591
|
(t)
|
Interest Income
|
(u)
|
Employee Benefits
|
(v)
|
Income Taxes
|
(x)
|
Comprehensive Income
|
(y)
|
Share-based Payment Agreements
|
(z)
|
New and Amended IFRS Standards
|
New or Amended IFRS Standard
|
Title of the IFRS Standard
|
Effective for Annual Periods Beginning On or After | |
Amendments to IFRS 10 and IAS 28 |
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
|
Postponed
| |
IFRS 17 (1) |
Insurance Contracts
|
January 1, 2023
| |
Amendments to IAS 1 (1) |
Classification of Liabilities as Current or Non-current
|
January 1, 2023
| |
Amendments to IAS 8 (1) |
Definition of Accounting Estimates
|
January 1, 2023
| |
Amendments to IAS 1 and IFRS
Practice Statement 2 (1) |
Disclosure of Accounting Policies
|
January 1, 2023
| |
Amendments to IAS 12 (1) |
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
|
January 1, 2023
| |
Amendment to IFRS 17 (1) |
Initial Application of IFRS 17 and IFRS 9 - Comparative Information
|
January 1, 2023
| |
Amendments to IFRS 16 (1) |
Lease Liability in a Sale and Leaseback
|
January 1, 2024
| |
Amendments to IAS 1 (1) |
Non-current Liabilities with Covenants
|
January 1, 2024
|
1. | Corporate Information |
Grupo Televisa, S.A.B. (the "Company") is a limited liability public stock corporation ("Sociedad Anónima Bursátil" or "S.A.B."), incorporated under the laws of Mexico. Pursuant to the terms of the Company's bylaws ("Estatutos Sociales") its corporate existence continues through 2106. The shares of the Company are listed and traded in the form of "Certificados de Participación Ordinarios" or "CPOs" on the Mexican Stock Exchange ("Bolsa Mexicana de Valores" or "BMV") under the ticker symbol TLEVISA CPO, and in the form of Global Depositary Shares or "GDSs", on the New York Stock Exchange, or "NYSE", under the ticker symbol TV. The Company's principal executive offices are located at Av. Vasco de Quiroga No. 2000, Colonia Santa Fe, 01210 Mexico City, Mexico.
| |
Grupo Televisa, S.A.B. together with its subsidiaries (collectively, the "Group") is a major telecommunications corporation which owns and operates one of the most significant cable companies as well as a leading direct-to-home ("DTH") satellite pay television system in Mexico. The Group's cable business offers integrated services, including video, high-speed data and voice to residential and commercial customers, as well as managed services to domestic and international carriers. The Group owns a majority interest in Sky, a leading DTH satellite pay television system and broadband provider in Mexico, operating also in the Dominican Republic and Central America. The Group holds a number of concessions by the Mexican government that authorizes it to broadcast programming over television stations for the signals of TelevisaUnivision, Inc. ("TelevisaUnivision"), and the Group's cable and DTH systems. In addition, the Group is the largest shareholder of TelevisaUnivision, a leading media company producing, creating, and distributing Spanish-speaking content through several broadcast channels in Mexico, the U.S. and over 50 countries through television networks, cable operators and over-the-top or OTT services. The Group also has interests in magazine publishing and distribution, professional sports and live entertainment, and gaming.
| |
On January 31, 2022, the Company and TelevisaUnivision announced the closing of the transaction between the Group's media content and production assets and TelevisaUnivision (the "TelevisaUnivision Transaction") (see Note 3).
| |
2. | Basis of Preparation and Accounting Policies |
These interim condensed consolidated financial statements of the Group, as of June 30, 2023 and December 31, 2022, and for the six months ended June 30, 2023 and 2022, are unaudited, and have been prepared in accordance with the guidelines provided by the International Accounting Standard 34 Interim Financial Reporting. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included herein.
| |
These interim unaudited condensed consolidated financial statements should be read in conjunction with the Group's audited consolidated financial statements and notes thereto for the years ended December 31, 2022, 2021 and 2020, which have been prepared in accordance with International Financial Reporting Standards ("IFRS Accounting Standards") as issued by the International Accounting Standards Board ("IASB"), and include, among other disclosures, the Group's most significant accounting policies, which were applied on a consistent basis as of June 30, 2023.
| |
These interim unaudited condensed consolidated financial statements do not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the Group's audited consolidated financial statements for the years ended December 31, 2022, 2021 and 2020. There have been no significant changes in the Corporate Finance Department of the Company or in any risk management policies since the year end.
| |
These interim unaudited condensed consolidated financial statements were authorized for issuance on July 21, 2023, by the Group's Corporate Vice President of Finance.
|
The preparation of interim unaudited condensed consolidated financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, and income and expense. Actual results may differ from these estimates.
| |
In preparing these interim unaudited condensed consolidated financial statements, the significant judgments made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Group's audited consolidated financial statements for the year ended December 31, 2022.
| |
3. |
Disposition of OCEN, TelevisaUnivision Transaction and Spin-off Proposal
|
In December 2021, the Company concluded the sale of its consolidated 40% equity participation in OCESA Entretenimiento, S.A. de C.V. ("OCEN") to Live Nation Entertainment, Inc. ("Live Nation") and accounted for a pretax gain of Ps.4,547,029 for the disposal of this investee in other consolidated income for the year ended December 31, 2021. In the second quarter of 2022, Live Nation paid to the Company a purchase price adjustment of Ps.35,950 in connection with this transaction (see Note 15).
| |
On January 31, 2022, the Company, Univision Holdings II, Inc. ("UH II"), and other parties, closed the transaction announced by the Company and Univision Holdings, Inc. (the predecessor company of UH II), on April 13, 2021, by which the Group's content and media assets were combined with UH II, and the Group continued to participate in TelevisaUnivision (formerly known as UH II) with an equity stake of approximately 45% following the closing of the transaction. The Group retained ownership of its Cable, Sky and Other Businesses segments, as well as the main real estate associated with the production facilities, the broadcasting concessions and transmission infrastructure in Mexico. In accordance with a related transaction agreement, the Group contributed, subject to certain exceptions, its Content business, for a total value of U.S.$4,500 million, comprised of U.S.$3,000 million in cash, U.S.$750 million in common stock of TelevisaUnivision and U.S.$750 million in preferred stock of TelevisaUnivision, with an annual dividend of 5.5%. In connection with this transaction, TelevisaUnivision received all assets, intellectual property and library related to the News division of the Group's former Content business but outsourcing production of news content for Mexico to a company owned by the Azcárraga family. In connection with this transaction (the "TelevisaUnivision Transaction"), the Group recognized an income from disposition of discontinued operations in the aggregate amount of Ps.93,066,741 in its consolidated statement of income for the year ended December 31, 2022, comprising a consideration in cash received from TelevisaUnivision in the aggregate amount of U.S.$2,971.3 million (Ps.61,214,741), a consideration in common and preferred stock of TelevisaUnivision, in the aggregate amount of U.S.$1,500.0 million (Ps.30,912,000), and a cash consideration received from Tritón Comunicaciones, S.A. de C.V. ("Tritón"), a company of the Azcárraga family, in the amount of Ps.940,000, related to the rights for the production of news content for Mexico. Also, in connection with the TelevisaUnivision Transaction, the Group (i) began to present and disclose the results of operations of its disposed businesses as discontinued operations in its consolidated statements of income for any comparative prior period and for the month ended January 31, 2022; (ii) recognized a net gain on disposition of discontinued operations of Ps.56,065,530, for the year ended December 31, 2022, and a net loss on disposition of discontinued operations of Ps.1,943,647 for the year ended December 31, 2021; and (iii) recognized as deferred income a prepayment made by TelevisaUnivision in the aggregate amount of U.S.$276.2 million (Ps.5,729,377), for the use of concession rights owned by the Group, which was classified as current and noncurrent liabilities in the Group's consolidated statement of financial position, and amounted to Ps.287,667 and Ps.5,178,014, respectively, as of December 31, 2022. In the fourth quarter of 2022, the Group concluded the disposition of certain assets and liabilities that were classified as held for sale in the Group's consolidated statement of financial position in connection with the TelevisaUnivision Transaction (see Notes 5 and 20).
| |
On October 27, 2022, the Board of Directors of the Company approved a proposal to separate from the Group some businesses that are part of its Other Businesses segment, including its interests in professional sports and live entertainment, gaming, and magazine publishing and distribution, as well as certain related assets and real estate (the "Spin-off Businesses"). It is expected that this proposal will be carried out through a spin-off (escisión) from the Company, creating a new controlling entity listed on the Mexican Stock Exchange that would hold the Spin-off Businesses, and that would have the same shareholding structure as the Company ("Spin-off Proposal"). The Company's management considers that this plan will allow both the Group and the new entity resulting from the Spin-off Proposal, to focus on their respective business models and growth opportunities, thereby enhancing their ability to generate better conditions for access to capital, financing sources and investors, that are aligned with each business. It is expected that the Spin-off Proposal will be completed in the second half of 2023. The Spin-off Proposal is subject to several conditions, including compliance with applicable law, as well as obtaining all required corporate and regulatory authorizations, including the approval of the Company's stockholders. In April 2023, the Company's stockholders approved the Spin-off Proposal. As of June 30, 2023, the Group continued to present the Spin-off Businesses as part of the Group's Other Businesses segment and their results of operations as part of the Group's continuing operations, as the required regulatory approvals had not been obtained as of that date, and those approvals were considered substantive.
|
4. |
Investments in Financial Instruments
|
At June 30, 2023 and December 31, 2022, the Group had the following investments in financial instruments:
|
June 30, 2023
|
December 31, 2022
| ||||||
Equity instruments measured at fair value through other
comprehensive income:
| |||||||
Open-Ended Fund (1) |
Ps.
|
672,098
|
Ps.
|
773,209
| |||
Publicly traded equity instruments (2) |
1,990,815
|
2,611,053
| |||||
2,662,913
|
3,384,262
| ||||||
Other
|
-
|
5,223
| |||||
Ps.
|
2,662,913
|
Ps.
|
3,389,485
|
(1) |
The Group has an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through investments in securities, including without limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments, in telecom, media and other sectors across global markets, including Latin America and other emerging markets. Shares may be redeemed on a quarterly basis at the Net Asset Value ("NAV") per share as of such redemption date. The fair value of this fund is determined by using the NAV per share. The NAV per share is calculated by determining the value of the fund assets, all of which are measured at fair value, and subtracting all of the fund liabilities and dividing the result by the total number of issued shares.
| |
(2) |
The fair value of publicly traded equity instruments is determined by using quoted market prices at the measurement date.
| |
A roll-forward of investments in financial assets at fair value through other comprehensive income or loss for the six months ended June 30, 2023 and 2022, is presented as follows:
|
Open-Ended
Fund (1) |
Publicly
Traded
Equity
Instruments
|
Other Equity
Instruments
|
Total
| ||||||||||
At January 1, 2023
|
Ps.
|
773,209
|
Ps.
|
2,611,053
|
Ps.
|
-
|
Ps.
|
3,384,262
| |||||
Disposition of investments
|
-
|
-
|
-
|
-
| |||||||||
Change in fair value in other comprehensive loss
|
(101,111
|
)
|
(620,238
|
)
|
-
|
(721,349
|
)
| ||||||
At June 30, 2023
|
Ps.
|
672,098
|
Ps.
|
1,990,815
|
Ps.
|
-
|
Ps.
|
2,662,913
|
Open-Ended
Fund (1) |
Publicly
Traded
Equity
Instruments
|
Other Equity
Instruments
|
Total
| ||||||||||
At January 1, 2022
|
Ps.
|
945,176
|
Ps.
|
3,517,711
|
Ps.
|
1,607,969
|
Ps.
|
6,070,856
| |||||
Disposition of investments
|
-
|
-
|
(1,607,969
|
)
|
(1,607,969
|
)
| |||||||
Change in fair value in other comprehensive loss
|
(93,377
|
)
|
(1,053,397
|
)
|
-
|
(1,146,774
|
)
| ||||||
At June 30, 2022
|
Ps.
|
851,799
|
Ps.
|
2,464,314
|
Ps.
|
-
|
Ps.
|
3,316,113
|
(1) |
The foreign exchange loss derived from the investment in the Open-Ended Fund for the six months ended June 30, 2023 and 2022, respectively, was hedged by a foreign exchange gain derived from Senior Notes designated as hedging instruments for the six months ended June 30, 2023 and 2022, respectively, in the amount of Ps.93,123 and Ps.41,947, respectively (see Notes 9 and 16).
|
5. |
Investments in Associates and Joint Ventures
|
At June 30, 2023 and December 31, 2022, the Group had the following investments in associates and joint ventures accounted for by the equity method:
|
Ownership as of
June 30, 2023
|
June 30,
2023
|
December 31,
2022
| ||||||||
Associates:
| ||||||||||
TelevisaUnivision and subsidiaries
|
44.0
|
%
|
Ps.
|
47,338,624
|
Ps.
|
49,446,349
| ||||
Other
|
-
|
52,325
|
51,864
| |||||||
Joint ventures:
| ||||||||||
Grupo de Telecomunicaciones de Alta Capacidad,
S.A.P.I. de C.V. and subsidiaries (collectively,
"GTAC") (1) |
33.3
|
%
|
799,088
|
750,169
| ||||||
Periódico Digital Sendero, S.A.P.I. de C.V. and
subsidiary (collectively,
"PDS") (2) |
50.0
|
%
|
190,449
|
202,567
| ||||||
Ps.
|
48,380,486
|
Ps.
|
50,450,949
|
(1) |
GTAC was granted a 20-year contract for the lease of a pair of dark fiber wires held by the Mexican Federal Electricity Commission and a concession to operate a public telecommunications network in Mexico with an expiration date in 2030. GTAC is a joint venture in which a subsidiary of the Company, a subsidiary of Grupo de Telecomunicaciones Mexicanas, S.A. de C.V., and a subsidiary of Megacable, S.A. de C.V., have an equal equity participation of 33.3%. A subsidiary of the Company entered into supplementary long-term loans to provide financing to GTAC for an aggregate principal amount of Ps.1,319,552, with an annual interest of the Mexican Interbank Interest Rate ("Tasa de Interés Interbancaria de Equilibrio" or "TIIE") plus 200 basis points computed on a monthly basis and payable on an annual basis or at dates agreed by the parties. Under the terms of these supplementary loans, principal amounts can be prepaid at dates agreed by the parties before their maturities between 2023 and 2032. During the six months ended June 30, 2023, and the year ended December 31, 2022, GTAC paid principal and interest to the Group in connection with these supplementary loans in the aggregate principal amount of Ps.79,742 and Ps.146,386, respectively. The net investment in GTAC as of June 30, 2023 and December 31, 2022, included amounts receivable in connection with these supplementary loans to GTAC in the aggregate amount of Ps.907,486 and Ps.853,163, respectively. These amounts receivable are in substance a part of the Group's net investment in this investee (see Note 9).
| |
(2) |
The Group accounts for its investment in PDS under the equity method, due to its 50% interest in this joint venture. As of June 30, 2023 and December 31, 2022, the Group's investment in PDS included intangible assets and goodwill in the aggregate amount of Ps.$113,837.
|
TelevisaUnivision
| |
The Group accounts for its investment in common stock of TelevisaUnivision, the parent company of Univision Communications Inc. ("Univision"), under the equity method due to the Group's ability to exercise significant influence, as defined under IFRS Accounting Standards, over TelevisaUnivision operations. The Group has the ability to exercise significant influence over the operating and financial policies of TelevisaUnivision because (i) it owned 9,290,999 Class A Common Stock shares and 750,000 Series B Preferred shares of TelevisaUnivision as of June 30, 2023 and December 31, 2022, representing 44.0% and 44.4% of the outstanding common and preferred shares of TelevisaUnivision on an as-converted basis (excluding unvested and/or unsettled stock, restricted stock units and options of TelevisaUnivision), respectively, and 44.4% and 45.1% of the outstanding voting common shares TelevisaUnivision as of June 30, 2023 and December 31, 2022, respectively; and (ii) it has designated three members of the Board of Directors of TelevisaUnivision, one of which serves as the Chairman. The Chairman does not presently have a tie-breaking vote or other similar power in connection with any decisions of the Board. The governing documents of TelevisaUnivision provide for a 13-member Board of Directors; however, the Board of Directors currently consists of 10 members, and the Group has the right to appoint two additional members. Until January 31, 2022, the Group was a party to a Program Licensing Agreement ("PLA"), as amended, with Univision, pursuant to which Univision had the right to broadcast certain Televisa content in the United States, and to another program license agreement pursuant to which the Group had the right to broadcast certain Univision content in Mexico.
| |
On January 31, 2022, the Group increased its investment in shares of TelevisaUnivision in the aggregate fair value amount of U.S.$1,500 million (Ps.30,912,000) comprised 3,589,664 Class A Common Stock shares of TelevisaUnivision, in the amount of U.S.$750 million (Ps.15,456,000), and 750,000 Series B Cumulative Convertible Preferred Stock shares ("Series B Preferred Shares") of TelevisaUnivision, with an annual preferred dividend of 5.5% payable on a quarterly basis, in the amount of U.S.$750 million (Ps.15,456,000). The Series B Preferred Shares are entitled or permitted to vote on any matter required or permitted to be voted upon by the stockholders of TelevisaUnivision. The investment in Series B Preferred Shares of TelevisaUnivision has been classified by the Group as investments in associates and joint ventures because this investment has in substance potential voting rights and gives access to the returns associated with an ownership in TelevisaUnivision. In connection with this investment, the Group received from TelevisaUnivision a preferred dividend in cash in the aggregate amount of U.S.$20.6 million (Ps.362,728) and U.S.$17.2 million (Ps.344,480), for the six months ended June 30, 2023 and 2022, respectively, which was accounted for in share of income of associates in the Group's consolidated statements of income for those periods.
| |
In conjuncction with the TelevisaUnivision Transaction, and other observable indications that the value of the Group's net investment in TelevisaUnivision increased significantly during 2022 (including internal valuations of the recoverable amount of TelevisaUnivision), in the second quarter of 2022, the Group's management assessed whether there was any indication that the remaining impairment loss recognized by the Group in the first quarter of 2020 for its net investment in shares of TelevisaUnivision might no longer exist or might have decreased. As a result of this assessment, the Group's management concluded that there had been a change in the estimates used to determine the recoverable amount of the Group's net investment in TelevisaUnivision since the last impairment loss was recognized, and the carrying amount of such net investment was increased to an amount lower than its recoverable amount. The reversal of the remaining impairment loss amounted to U.S.$29.5 million (Ps.593,838) and was recognized in share of income of associates and joint ventures in the Group's consolidated statement of income for the six months ended June 30, 2022.
| |
In March 2023, the Group recognized a dilution loss resulting from a decrease in its share in TelevisaUnivision from 44.4% to 44.0% on an as-converted basis (excluding unvested and/or unsettled stock, restricted stock units and options of TelevisaUnivision).
|
6. |
Property, Plant and Equipment, Net, and Investment Property, Net
|
Property, plant and equipment as of June 30, 2023 and December 31, 2022, consisted of:
|
June 30, 2023
|
December 31, 2022
| ||||||
Buildings
|
Ps.
|
7,368,026
|
Ps.
|
7,212,219
| |||
Building improvements
|
181,436
|
182,982
| |||||
Technical equipment
|
191,407,224
|
186,550,056
| |||||
Satellite transponders
|
6,026,094
|
6,026,094
| |||||
Furniture and fixtures
|
1,229,563
|
1,214,427
| |||||
Transportation equipment
|
3,019,727
|
3,026,747
| |||||
Computer equipment
|
9,458,047
|
9,241,759
| |||||
Leasehold improvements
|
3,682,324
|
3,549,060
| |||||
222,372,441
|
217,003,344
| ||||||
Accumulated depreciation
|
(157,874,464
|
)
|
(150,402,108
|
)
| |||
64,497,977
|
66,601,236
| ||||||
Land
|
4,061,574
|
4,064,386
| |||||
Construction and projects in progress
|
12,172,724
|
11,570,777
| |||||
Ps.
|
80,732,275
|
Ps.
|
82,236,399
|
As of June 30, 2023, technical equipment included Ps.1,133,071, net of related accumulated depreciation of Ps.573,600, in connection with costs of dismantling certain equipment of the cable networks in the Group's Cable segment.
| |
Depreciation charged to income for the six months ended June 30, 2023 and 2022, was Ps.8,873,926 and Ps.8,493,143, respectively, which included Ps.73,473, corresponding to the depreciation of discontinued operations in June 2022.
| |
During the six months ended June 30, 2023 and 2022, the Group invested Ps.7,534,897 and Ps.9,479,476, respectively, in property, plant and equipment as capital expenditures.
| |
Investment Property, Net
| |
Beginning in the first quarter of 2022, in connection with the TelevisaUnivision Transaction, the Group leases some of its buildings and land to TelevisaUnivision under operating lease agreements. As of June 30, 2023, buildings and land subject to these operating leases, were as follows:
|
June 30, 2023
|
December 31, 2022
| ||||||
Buildings
|
Ps.
|
2,151,338
|
Ps.
|
2,151,338
| |||
Building improvements
|
226,069
|
225,801
| |||||
2,377,407
|
2,377,139
| ||||||
Accumulated depreciation
|
(1,035,617
|
)
|
(993,973
|
)
| |||
1,341,790
|
1,383,166
| ||||||
Land
|
1,489,999
|
1,489,999
| |||||
Ps.
|
2,831,789
|
Ps.
|
2,873,165
|
Depreciation charged to income for the six months ended June 30, 2023, was Ps.41,644.
| |
7. |
Right-of-use Assets, Net
|
Right-of-use assets, net, as of June 30, 2023 and December 31, 2022, consisted of:
|
June 30, 2023
|
December 31, 2022
| ||||||
Buildings
|
Ps.
|
6,173,254
|
Ps.
|
5,939,460
| |||
Satellite transponders
|
4,275,619
|
4,275,619
| |||||
Technical equipment
|
2,129,161
|
2,098,782
| |||||
Computer equipment
|
130,585
|
118,647
| |||||
Others
|
561,622
|
531,005
| |||||
13,270,241
|
12,963,513
| ||||||
Accumulated depreciation
|
(6,867,272
|
)
|
(6,293,215
|
)
| |||
Ps.
|
6,402,969
|
Ps.
|
6,670,298
|
Depreciation charged to income for the six months ended June 30, 2023 and 2022, was Ps.606,378 and Ps.585,628, respectively, which included Ps.16,978, corresponding to the depreciation of discontinued operations in June 2022.
|
8. |
Intangible Assets and Goodwill, Net
|
The balances of intangible assets and goodwill, net, as of June 30, 2023 and December 31, 2022, were as follows:
|
June 30, 2023
|
December 31, 2022
| ||||||||||||||||||
Cost
|
Accumulated
Amortization
|
Carrying
Amount
|
Cost
|
Accumulated
Amortization
|
Carrying
Amount
| ||||||||||||||
Intangible assets and goodwill with indefinite useful lives:
| |||||||||||||||||||
Trademarks
|
Ps.
|
32,828
|
Ps.
|
-
|
Ps.
|
32,828
|
Ps.
|
32,828
|
Ps.
|
-
|
Ps.
|
32,828
| |||||||
Concessions
|
15,166,067
|
-
|
15,166,067
|
15,166,067
|
-
|
15,166,067
| |||||||||||||
Goodwill
|
13,904,998
|
-
|
13,904,998
|
13,904,998
|
-
|
13,904,998
| |||||||||||||
Intangible assets with finite useful lives:
| |||||||||||||||||||
Trademarks
|
2,227,096
|
(2,151,634
|
)
|
75,462
|
2,227,096
|
(2,115,570
|
)
|
111,526
| |||||||||||
Licenses and software
|
15,656,694
|
(11,622,141
|
)
|
4,034,553
|
15,111,644
|
(10,952,399
|
)
|
4,159,245
| |||||||||||
Subscriber lists
|
8,783,256
|
(8,023,566
|
)
|
759,690
|
8,791,701
|
(7,874,480
|
)
|
917,221
| |||||||||||
Payment for renewal of concessions
|
5,824,365
|
(432,148
|
)
|
5,392,217
|
5,824,365
|
(287,668
|
)
|
5,536,697
| |||||||||||
Other intangible assets
|
3,865,877
|
(2,479,227
|
)
|
1,386,650
|
6,252,593
|
(4,957,588
|
)
|
1,295,005
| |||||||||||
Ps.
|
65,461,181
|
Ps.
|
(24,708,716
|
)
|
Ps.
|
40,752,465
|
Ps.
|
67,311,292
|
Ps.
|
(26,187,705
|
)
|
Ps.
|
41,123,587
|
Amortization charged to income for the six months ended June 30, 2023 and 2022, was Ps.1,144,446 and Ps.1,214,553, respectively, which included Ps.31,423, corresponding to the depreciation of discontinued operations in June 2022. Additional amortization charged to income for the six months ended June 30, 2023 and 2022, was Ps.209,425 and Ps.162,046, respectively, primarily in connection with amortization of soccer player rights.
| |
In November 2018, the IFT approved (i) a renewal for 23 concessions for the use of spectrum that comprise the Group´s 225 TV stations, for a term of 20 years, starting in January 2022 and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years, starting in January 2022 and ending in January 2052. In November 2018, the Group paid for such renewal an aggregate amount of Ps.5,754,543 in cash, and recognized this payment as an intangible asset in its consolidated statement of financial position. This amount is being amortized in a period of 20 years beginning on January 1, 2022, by using the straight-line method. Through January 31, 2022, these broadcasting concessions were part of the Group's former Content segment, and after the TelevisaUnivision Transaction closed on that date, these concessions became part of the Group's Other Businesses segment (see Notes 3 and 8).
| |
As of June 30, 2023 and December 31, 2022, there was no evidence of significant impairment indicators in connection with the Group's intangible assets in the Cable, Sky and Other Businesses segments.
| |
9. |
Debt and Lease Liabilities
|
As of June 30, 2023 and December 31, 2022, debt and lease liabilities were as follows:
|
June 30,
2023
|
December 31, 2022
| ||||||||||||
Principal
|
Finance Costs
|
Principal, Net
|
Principal, Net
| ||||||||||
U.S. dollar debt:
| |||||||||||||
6.625% Senior Notes due 2025 (1) |
Ps.
|
4,568,064
|
Ps.
|
(35,862)
|
Ps.
|
4,532,202
|
Ps.
|
5,142,689
| |||||
4.625% Senior Notes due 2026 (1) |
5,143,830
|
(12,005)
|
5,131,825
|
5,828,311
| |||||||||
8.5% Senior Notes due 2032 (1) |
5,143,830
|
(15,454)
|
5,128,376
|
5,826,463
| |||||||||
6.625% Senior Notes due 2040 (1) |
10,287,660
|
(104,562)
|
10,183,098
|
11,577,854
| |||||||||
5% Senior Notes due 2045 (1) |
15,249,021
|
(316,651)
|
14,932,370
|
16,997,261
| |||||||||
6.125% Senior Notes due 2046 (1) |
15,431,490
|
(107,316)
|
15,324,174
|
17,418,690
| |||||||||
5.250% Senior Notes due 2049 (1) |
12,039,820
|
(268,327)
|
11,771,493
|
13,402,350
| |||||||||
Total U.S. dollar debt
|
Ps.
|
67,863,715
|
Ps.
|
(860,177)
|
Ps.
|
67,003,538
|
Ps.
|
76,193,618
| |||||
Mexican peso debt:
| |||||||||||||
8.79% Notes due 2027 (2) |
4,500,000
|
(10,224)
|
4,489,776
|
4,488,597
| |||||||||
8.49% Senior Notes due 2037 (1) |
4,500,000
|
(10,090)
|
4,489,910
|
4,489,547
| |||||||||
7.25% Senior Notes due 2043 (1) |
6,456,310
|
(47,170)
|
6,409,140
|
6,451,645
| |||||||||
Bank loans (3) |
10,000,000
|
(22,413)
|
9,977,587
|
9,967,243
| |||||||||
Bank loans (Sky) (4) |
3,050,000
|
- |
3,050,000
|
3,650,000
| |||||||||
Total Mexican peso debt
|
Ps.
|
28,506,310
|
Ps.
|
(89,897)
|
Ps.
|
28,416,413
|
Ps.
|
29,047,032
| |||||
Total debt (5) |
96,370,025
|
(950,074)
|
95,419,951
|
105,240,650
| |||||||||
Less: Current portion of long-term debt
|
10,000,000
|
(22,413)
|
9,977,587
|
1,000,000
| |||||||||
Long-term debt, net of current portion
|
Ps.
|
86,370,025
|
Ps.
|
(927,661)
|
Ps.
|
85,442,364
|
Ps.
|
104,240,650
|
June 30,
2023
|
December 31,
2022
| ||||||||||||
Lease liabilities:
| |||||||||||||
Satellite transponder lease agreement (6) |
Ps.
|
2,249,589
|
Ps.
|
2,807,184
| |||||||||
Telecommunications network lease agreement (7) |
564,932
|
608,250
| |||||||||||
Other lease liabilities (8) |
4,915,868
|
4,953,638
| |||||||||||
Total lease liabilities
|
7,730,389
|
8,369,072
| |||||||||||
Less: Current portion
|
1,289,469
|
1,373,233
| |||||||||||
Lease liabilities, net of current portion
|
Ps.
|
6,440,920
|
Ps.
|
6,995,839
|
(1) |
The Senior Notes due between 2025 and 2049, in the aggregate outstanding principal amount of U.S.$3,958 million as of June 30, 2023 and December 31, 2022, and Ps.10,956,310 and Ps.11,000,000, as of June 30, 2023 and December 31, 2022, respectively, 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 rate on the Senior Notes due 2025, 2026, 2032, 2037, 2040, 2043, 2045, 2046, and 2049 including additional amounts payable in respect of certain Mexican withholding taxes, is 6.97%, 4.86%, 8.94%, 8.93%, 6.97%, 7.62%, 5.26%, 6.44% and 5.52% 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, in whole or 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 2025, 2026, 2037, 2040, 2043, 2046 and 2049, 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 Senior Notes due 2026, 2032, 2040, 2043, 2045, 2046 and 2049 were priced at 99.385%, 99.431%, 98.319%, 99.733%, 96.534%, 99.677% and 98.588%, respectively, for a yield to maturity of 4.70%, 8.553%, 6.755%, 7.27%, 5.227%, 6.147% and 5.345%, respectively. The Senior Notes due 2025 were issued in two aggregate principal amounts of U.S.$400 million and U.S.$200 million, and were priced at 98.081% and 98.632%, respectively, for a yield to maturity of 6.802% and 6.787%, respectively. The agreement of these Senior Notes contains covenants that limit the ability of the Company and certain restricted subsidiaries, to incur or assume liens, perform sale and leaseback transactions, and consummate certain mergers, consolidations, and similar transactions. The Senior Notes due 2025, 2026, 2032, 2037, 2040, 2045, 2046 and 2049 are registered with the U.S. Securities and Exchange Commission ("SEC"). The Senior Notes due 2043 are registered with both the SEC and the Mexican Banking and Securities Commission ("Comisión Nacional Bancaria y de Valores" or "CNBV"). In March 2022, the Company completed a partial redemption of U.S.$200 million aggregate principal amount of its 6.625% Senior Notes due 2025, in the aggregate amount of U.S.$221.3 million, including U.S.$220.9 million of the applicable redemption price and U.S.$0.4 million of accrued and unpaid interest on the redemption date. In August 2022, the Company concluded a tender offer to purchase in cash a principal amount of U.S.$133.6 million of its 6.625% Senior Notes due 2025, U.S.$110.6 million of its 5.000% Senior Notes due 2045, and U.S.$47.8 million of its 5.250% Senior Notes due 2049, for an aggregate principal amount of U.S.$292.0 million. The aggregate tender consideration paid amounted to U.S.$294.8 million plus U.S.$5.5 million of accrued and unpaid interest on the settlement date. In March and June 2023, the Company repurchased a portion of its outstanding Senior Notes due 2043 in the aggregate principal amount of Ps.43,690 and recognized a gain on extinguishment of debt in the amount of Ps.14,311, which was recognized in finance expense, net, in the Group's consolidated statement of income for the six months ended June 30, 2023.
| |
(2) |
In 2017, the Company issued Notes (Certificados Bursátiles) due 2027, through the BMV in the aggregate principal amount of Ps.4,500,000, with interest payable semi-annually at an annual rate of 8.79%. The Company may, at its own option, redeem the Notes due 2027, in whole or in part, at any semi-annual interest payment date at a redemption price equal to the greater of the principal amount of the outstanding Notes and the present value of future cash flows, at the redemption date, of principal and interest amounts of the Notes discounted at a fixed rate of comparable Mexican sovereign bonds. The agreement of the Notes contains covenants that limit the ability of the Company and certain restricted subsidiaries appointed by the Company's Board of Directors, to incur or assume liens, perform sale and leaseback transactions, and consummate certain mergers, consolidations, and similar transactions.
| |
(3) |
In February and March 2022, the Company prepaid outstanding long-term bank loans with original maturities between 2022 and 2023, in the aggregate principal amount of Ps.6,000,000, and related accrued interest in the aggregate amount of Ps.37,057. In 2019, the Company entered into a credit agreement for a five-year term loan with a syndicate of banks in the aggregate principal amount of Ps.10,000,000. The funds from this loan were used for general corporate purposes, including the refinancing of the Company's indebtedness. This loan bears interest payable on a monthly basis at a floating rate based on a spread of 105 or 130 basis points over the 28-day TIIE rate depending on the Group's net leverage ratio. The credit agreement of this loan requires the maintenance of financial ratios related to indebtedness and interest expense.
| |
(4) |
In March 2016, Sky entered into long-term credit agreements with two Mexican banks in the aggregate principal amount of Ps.5,500,000, with maturities between 2021 and 2023, and interest payable on a monthly basis with an annual interest rate in the range of 7.0% and 7.13%. In 2020 and 2021, Sky prepaid a portion of these loans in the aggregate principal amount of Ps.4,500,000. In December 2021, Sky entered into a long-term credit agreement with a Mexican Bank in the aggregate principal amount of Ps.2,650,000, with interest payable on a monthly basis and maturity in December 2026, which included a Ps.1,325,000 loan with an annual interest rate of 8.215%, and a Ps.1,325,000 loan with an annual interest rate of 28-day TIIE plus 90 basis points. The funds from these loans were used for general corporate purposes, including the prepayment of Sky´s indebtedness. Under the terms of this credit agreement, Sky is required to: (a) maintain certain financial coverage ratios related to indebtedness and interest expense; and (b) comply with a restrictive covenant on spin-offs, mergers, and similar transactions. In March 2023, upon the maturity of loans with two Mexican banks, Sky repaid the remaining portions of these loans in the aggregate principal amount of Ps.1,000,000 with (i) available cash on hand in the amount of Ps.600,000 and (ii) funds from a revolving credit facility described below in the principal amount of Ps.400,000, plus interest payable on a monthly basis at the annual interest rate of TIIE plus 0.85%, with a maturity in 2028.
| |
(5) |
Principal amount of total debt as of December 31, 2022, is presented net of unamortized finance costs, in the aggregate amount of Ps.994,735.
| |
(6) |
In March 2010, Sky entered into a lease agreement with Intelsat Global Sales & Marketing Ltd. ("Intelsat") by which Sky is obligated to pay at an annual interest rate of 7.30% a monthly fee through 2027 of U.S.$3.0 million for satellite signal reception and retransmission service from 24 KU-band transponders on satellite IS-21, which became operational in October 2012. The service term for IS-21 will end at the earlier of: (a) the end of 15 years; or (b) the date IS-21 is taken out of service (see Note 7).
|
(7) |
Lease agreement entered into by a subsidiary of the Company and GTAC, for the right to use certain capacity of a telecommunications network through 2030.
| |
(8) |
Lease liabilities recognized beginning on January 1, 2019 under IFRS 16 Leases ("IFRS 16") in the aggregate amount of Ps.4,915,868 and Ps.4,953,638, as of June 30, 2023 and December 31, 2022, respectively. These lease liabilities have terms which expire at various dates between 2023 and 2051.
| |
As of June 30, 2023 and December 31, 2022, the outstanding principal amounts of Senior Notes of the Company that have been designated as hedging instruments of the Group's investment in TelevisaUnivision, and the investment in Open-Ended Fund (hedged items), were as follows:
|
.
|
June 30, 2023
|
December 31, 2022
| ||||||||||
Hedged items
|
Millions of
U.S.
dollars
|
Thousands
of Mexican
Pesos
|
Millions of
U.S.
dollars
|
Thousands
of Mexican
Pesos
| ||||||||
Investment in shares of TelevisaUnivision (net investment hedge)
|
U.S.$
|
2,760.9
|
Ps.
|
47,338,624
|
U.S.$
|
2,538.8
|
Ps.
|
49,446,349
| ||||
Open-Ended Fund (foreign currency fair value hedge)
|
39.2
|
672,098
|
39.7
|
773,209
| ||||||||
Total
|
U.S.$
|
2,800.1
|
Ps.
|
48,010,722
|
U.S.$
|
2,578.5
|
Ps.
|
50,219,558
|
The foreign exchange gain or loss derived from the Company's U.S. dollar denominated long-term debt designated as a hedge, for the six months ended June 30, 2023 and 2022, is analyzed as follows (see Notes 4 and 16):
|
Foreign Exchange Gain or Loss Derived from Senior Notes Designated as Hedging Instruments
|
June 30, 2023
|
June 30, 2022
| |||||
Recognized in:
| |||||||
Comprehensive gain
|
Ps.
|
6,243,545
|
Ps.
|
1,263,098
| |||
Total foreign exchange gain derived from hedging Senior Notes
|
Ps.
|
6,243,545
|
Ps.
|
1,263,098
| |||
Offset against by:
| |||||||
Foreign currency translation loss derived from the hedged net investment in shares of TelevisaUnivision
|
Ps.
|
(6,150,422)
|
Ps.
|
(1,221,151
|
)
| ||
Foreign exchange loss derived from the hedged Open-Ended Fund
|
(93,123)
|
(41,947
|
)
| ||||
Total foreign currency translation and foreign exchange loss derived from hedged assets
|
Ps.
|
(6,243,545)
|
Ps.
|
(1,263,098
|
)
|
The table below analyzes the Group's debt and lease liabilities into relevant maturity groupings based on the remaining period at June 30, 2023, to the contracted maturity date:
|
Less than 12
Months
July 1, 2023
to June 30,
2024
|
12-36
Months
July 1, 2024 to
June
30, 2026
|
36-60
Months
July 1, 2026
to June 30,
2028
|
Maturities
Subsequent
to June 30,
2028
|
Total
| ||||||||||||
Debt (1) |
Ps.
|
10,000,000
|
Ps.
|
9,711,894
|
Ps.
|
7,550,000
|
Ps.
|
69,108,131
|
Ps.
|
96,370,025
| ||||||
Satellite transponder lease agreement
|
468,509
|
1,045,796
|
735,284
|
-
|
2,249,589
| |||||||||||
Telecommunications network lease agreement
|
114,056
|
173,840
|
170,956
|
106,080
|
564,932
| |||||||||||
Other lease liabilities
|
706,904
|
1,311,231
|
1,146,083
|
1,751,650
|
4,915,868
| |||||||||||
Total debt and lease liabilities
|
Ps.
|
11,289,469
|
Ps.
|
12,242,761
|
Ps.
|
9,602,323
|
Ps.
|
70,965,861
|
Ps.
|
104,100,414
| ||||||
(1) The amounts of debt are disclosed on a principal amount basis.
|
Credit Facilities
| |
In February 2022, the Company executed a revolving credit facility with a syndicate of banks for up to an amount equivalent to U.S.$650 million payable in Mexican pesos, which funds may be used for the repayment of existing indebtedness and other corporate purposes, with a maturity in February 2025. Under the terms of this credit facility, the Company is required to comply with certain restrictive covenants and financial coverage ratios. As of June 30, 2023, this credit facility remained unused.
| |
In February 2023, Sky executed a revolving credit facility with a Mexican bank for up to an amount of Ps.1,000,000, which funds may be used for general corporate purposes, including the repayment of debt, with a maturity in 2028. Under the terms of this revolving credit facility, Sky is required to comply with certain restrictive covenants and financial coverage ratios. In March 2023, Sky repaid the remaining portions of two bank loans in the aggregate principal amount of Ps.1,000,000 with (i) available cash on hand in the amount of Ps.600,000 and (ii) funds from this revolving credit facility in the principal amount of Ps.400,000, plus interest payable on a monthly basis at the annual interest rate of TIIE plus 0.85%. As of June 30, 2023, the unused principal amount of this revolving credit facility amounted to Ps.600,000.
|
10. |
Financial Instruments
|
The Group's financial instruments presented in the consolidated statements of financial position included cash and cash equivalents, accounts and notes receivable, a long-term loan receivable from GTAC, non-current investments in debt and equity securities, and in securities in the form of an open-ended fund, accounts payable, outstanding debt, lease liabilities, and derivative financial instruments. For cash and cash equivalents, accounts receivable, accounts payable, and the current portion of long-term debt and lease liabilities, the carrying amounts approximate fair value due to the short maturity of these instruments. The fair value of the Group's long-term debt securities is based on quoted market prices.
| |
The fair value of long-term loans that the Group borrowed from leading Mexican banks (see Note 9) has been estimated using the borrowing rates currently available to the Group for bank loans with similar terms and average maturities. The fair value of non-current investments in financial instruments, and currency option and interest rate swap agreements were determined by using valuation techniques that maximize the use of observable market data.
| |
The carrying amounts and estimated fair values of the Group's non-derivative financial instruments as of June 30, 2023 and December 31, 2022, were as follows:
|
June 30, 2023
|
December 31, 2022
| ||||||||||||
Carrying
Amount
|
Fair Value
|
Carrying Amount |
Fair Value
| ||||||||||
Assets:
Cash and cash equivalents
|
Ps.
|
38,903,299
|
Ps.
|
38,903,299
|
Ps.
|
51,130,992
|
Ps.
|
51,130,992
| |||||
Trade accounts and notes receivable, net
|
8,629,264
|
8,629,264
|
8,457,302
|
8,457,302
| |||||||||
Long-term loans and interest receivable from GTAC (see Note 5)
|
907,486
|
914,800
|
853,163
|
857,006
| |||||||||
Open-Ended Fund (see Note 4)
|
672,098
|
672,098
|
773,209
|
773,209
| |||||||||
Publicly traded equity instruments (see Note 4)
|
1,990,815
|
1,990,815
|
2,611,053
|
2,611,053
| |||||||||
Liabilities:
| |||||||||||||
Senior Notes due 2025, 2032 and 2040
|
Ps.
|
19,999,554
|
Ps.
|
21,497,134
|
Ps.
|
22,717,196
|
Ps.
|
24,313,064
| |||||
Senior Notes due 2045
|
15,249,021
|
13,126,052
|
17,321,136
|
14,975,508
| |||||||||
Senior Notes due 2037 and 2043
|
10,956,310
|
8,354,839
|
11,000,000
|
8,087,840
| |||||||||
Senior Notes due 2026 and 2046
|
20,575,320
|
20,374,196
|
23,371,200
|
23,287,882
| |||||||||
Senior Notes due 2049
|
12,039,820
|
10,828,614
|
13,675,853
|
12,199,681
| |||||||||
Notes due 2027
|
4,500,000
|
4,266,990
|
4,500,000
|
4,238,640
| |||||||||
Long-term loans payable to Mexican banks
|
13,050,000
|
13,216,915
|
13,650,000
|
13,775,125
| |||||||||
Lease liabilities
|
7,730,389
|
7,685,655
|
8,369,072
|
8,497,104
|
The carrying amounts (based on estimated fair values), notional amounts, and maturity dates of the Group's derivative financial instruments as of June 30, 2023 and December 31, 2022, were as follows:
|
June 30, 2023:
Derivative Financial Instruments
|
Carrying Amount
|
Notional
Amount (U.S.
Dollars in
Thousands
|
)
|
Maturity Date
| ||||||
Assets:
| ||||||||||
Derivatives recorded as accounting hedges:
(cash flow hedges):
| ||||||||||
Interest rate swaps
|
Ps.
|
434,664
|
Ps.
|
10,000,000
|
June 2024
| |||||
Total assets
|
Ps.
|
434,664
| ||||||||
Liabilities:
| ||||||||||
Derivatives not recorded as accounting hedges:
| ||||||||||
TVI's forwards
|
Ps.
|
21,102
|
U.S.$
|
9,321
|
July and August 2023
| |||||
Empresas Cablevisión´s forwards
|
29,438
|
U.S.$
|
12,883
|
July and August 2023
| ||||||
Sky's forwards
|
45,405
|
U.S.$
|
20,000
|
July and August 2023
| ||||||
Forwards
|
87,461
|
U.S.$
|
37,796
|
July and August 2023
| ||||||
Total liabilities
|
Ps.
|
183,406
|
December 31, 2022:
Derivative Financial Instruments
|
Carrying Amount
|
Notional
Amount (U.S.
Dollars in
Thousands
|
)
|
Maturity Date
| ||||||
Assets:
| ||||||||||
Derivatives recorded as accounting hedges:
(cash flow hedges):
| ||||||||||
TVI's interest rate swap
|
Ps.
|
11,237
|
Ps.
|
2,500,000
|
February 2023
| |||||
Interest rate swaps
|
532,344
|
Ps.
|
10,000,000
|
June 2024
| ||||||
Total assets
|
Ps.
|
543,581
| ||||||||
Liabilities:
| ||||||||||
Derivatives not recorded as accounting hedges:
| ||||||||||
TVI's forwards
|
Ps.
|
7,650
|
U.S.$
|
27,963
|
January through June 2023
| |||||
Empresas Cablevisión´s forwards
|
12,047
|
U.S.$
|
38,649
|
January through June 2023
| ||||||
Sky's forwards
|
16,903
|
U.S.$
|
58,000
|
January through June 2023
| ||||||
Forwards
|
34,801
|
U.S.$
|
113,388
|
January through June 2023
| ||||||
Total liabilities
|
Ps.
|
71,401
|
11. |
Capital Stock and Long-Term Retention Plan
|
At June 30, 2023, shares of capital stock and CPOs consisted of (in millions):
|
Authorized and Issued (1) |
Repurchased by
the Company (2) |
Held by a
Company´s Trust (3) |
Outstanding
| ||||||||
Series "A" Shares
|
119,301.6
|
(125.0
|
)
|
(4,928.7
|
)
|
114,247.9
| |||||
Series "B" Shares
|
55,487.3
|
(110.0
|
)
|
(4,322.4
|
)
|
51,054.9
| |||||
Series "D" Shares
|
84,525.2
|
(175.0
|
)
|
(3,126.7
|
)
|
81,223.5
| |||||
Series "L" Shares
|
84,525.2
|
(175.0
|
)
|
(3,126.7
|
)
|
81,223.5
| |||||
Total
|
343,839.3
|
(585.0
|
)
|
(15,504.5
|
)
|
327,749.8
| |||||
Shares in the form of CPOs
|
282,555.0
|
(585.0
|
)
|
(10,452.2
|
)
|
271,517.8
| |||||
Shares not in the form of CPOs
|
61,284.3
|
0.0
|
(5,052.3
|
)
|
56,232.0
| ||||||
Total
|
343,839.3
|
(585.0
|
)
|
(15,504.5
|
)
|
327,749.8
| |||||
CPOs
|
2,415.0
|
(5.0
|
)
|
(89.3
|
)
|
2,320.7
|
(1) |
As of June 30, 2023, the authorized and issued capital stock amounted to Ps.4,722,776 (nominal Ps.2,366,461).
| |
(2) |
In connection with a share repurchase program that was approved by the Company's stockholders and is exercised at the discretion of management. During the six months ended June 30, 2023, the Company repurchased 5,522.4 million shares, in the form of 47.2 million CPOs, in the amount of Ps.910,936, in connection with a share repurchase program that was approved by the Company's stockholders. In April 2023, the Company´s stockholders approved the cancellation in May 2023 of 8,294.7 million shares of the Company's capital stock in the form of 70.9 million CPOs, which were repurchased by the Company in 2022 and 2023.
| |
(3) |
Primarily, in connection with the Company's Long-Term Retention Plan ("LTRP") described below.
| |
A reconciliation of the number of shares and CPOs outstanding for the six months ended June 30, 2023 and 2022, is presented as follows (in millions):
|
Series "A"
Shares
|
Series "B"
Shares
|
Series "D"
Shares
|
Series "L"
Shares
|
Shares
Outstanding
|
CPOs
Outstanding
| ||||||||||||||
As of January 1, 2023
|
114,750.2
|
51,649.7
|
82,169.9
|
82,169.9
|
330,739.7
|
2,347.7
| |||||||||||||
Acquired (1) |
(42.2
|
)
|
(37.1
|
)
|
(59.1
|
)
|
(59.1
|
)
|
(197.5
|
)
|
(1.7
|
)
| |||||||
Forfeited (1) |
(139.4
|
)
|
(122.7
|
)
|
(195.2
|
)
|
(195.2
|
)
|
(652.5
|
)
|
(5.6
|
)
| |||||||
Released (1) |
859.3
|
603.4
|
959.9
|
959.9
|
3,382.5
|
27.5
| |||||||||||||
Repurchased (2) |
(1,180.0
|
)
|
(1,038.4
|
)
|
(1,652.0
|
)
|
(1,652.0
|
)
|
(5,522.4
|
)
|
(47.2
|
)
| |||||||
As of June 30, 2023
|
114,247.9
|
51,054.9
|
81,223.5
|
81,223.5
|
327,749.8
|
2,320.7
|
Series "A"
Shares
|
Series "B" Shares |
Series "D"
Shares
|
Series "L"
Shares
|
Shares
Outstanding
|
CPOs
Outstanding
| ||||||||||||||
As of January 1, 2022
|
114,085.0
|
51,463.5
|
81,873.7
|
81,873.7
|
329,295.9
|
2,339.2
| |||||||||||||
Acquired (1) |
(583.3
|
)
|
(513.3
|
)
|
(816.6
|
)
|
(816.6
|
)
|
(2,729.8
|
)
|
(23.3
|
)
| |||||||
Forfeited (1) |
(155.5
|
)
|
(136.8
|
)
|
(217.7
|
)
|
(217.7
|
)
|
(727.7
|
)
|
(6.2
|
)
| |||||||
Released (1) |
1,537.3
|
1,169.8
|
1,861.1
|
1,861.1
|
6,429.3
|
53.2
| |||||||||||||
As of June 30, 2022
|
114,883.5
|
51,983.2
|
82,700.5
|
82,700.5
|
332,267.7
|
2,362.9
| |||||||||||||
(1) Acquired, released, or forfeited by a Company's trust in connection with the Company's LTRP.
(2) Repurchased by the Company in connection with a share repurchase program.
|
Long-Term Retention Plan
| |
During the six months ended June 30, 2023, the trust for the LTRP increased the number of shares and CPOs held for the purposes of this Plan in the amount of (i) 197.5 million shares of the Company in the form of 1.7 million CPOs, which were acquired in the amount of Ps.29,806; and (ii) 652.5 million shares of the Company in the form of 5.6 million CPOs, in connection with forfeited rights under this Plan. Also, the trust for the LTRP released 3,209 million shares of the Company in the form of 27.5 million CPOs and 173.5 million Serie "A" Shares not in the form of CPOs.
| |
During the six months ended June 30, 2022, the trust for the LTRP increased the number of shares and CPOs held for the purposes of this Plan in the amount of (i) 2,729.8 million shares of the Company in the form of 23.3 million CPOs, which were acquired in the amount of Ps.963,965; and (ii) 727.7 million shares of the Company in the form of 6.2 million CPOs, in connection with forfeited rights under this Plan. Also, the trust for the LTRP released 6,221.4 million shares of the Company in the form of 53.2 million CPOs and 207.9 million Serie "A" Shares not in the form of CPOs.
| |
In connection with the Company's LTRP, the Group accrued in equity attributable to stockholders of the Company a share-based compensation expense of Ps.395,778 and Ps.499,825 for the six months ended June 30, 2023 and 2022, respectively, which amount was reflected in consolidated operating income as administrative expense.
| |
Following the completion of the transaction with TelevisaUnivision, the Board of Directors of the Company approved: (i) to cancel certain sale contracts for 10.6 million CPOs, corresponding to unvested conditional to sales under the LTRP to certain officers and employees of the Company in 2019, 2020 and 2021; and (ii) to release 8.0 million CPOs under the corresponding grants to such individuals. The CPOs released under such grants were sold at Ps.1.60 per CPO. In connection with this approval, the Company cancelled 10.6 million CPOs under such contracts and recognized the release of 7.1 million CPOs in the first half of 2022.
| |
In addition to the LTRP, the Company entered into conditional sale contracts with certain officers of the Group, primarily in February 2022, for 24.7 million CPOs, of which 23.9 million of CPOs and 0.8 million of CPOs were released as a share-based expense in the first quarter of 2022 and second quarter of 2022, respectively.
| |
12. |
Retained Earnings
|
As of June 30, 2023 and December 31, 2022, the Company's legal reserve amounted to Ps.2,139,007 and was classified into retained earnings in equity attributable to stockholders of the Company.
| |
In April 2022, the Company's stockholders approved the payment of a dividend of Ps.0.35 per CPO and Ps.0.002991452991 per share of Series "A," "B," "D," and "L" Shares, not in the form of a CPO unit, which was paid in cash in May 2022, in the aggregate amount of Ps.1,053,392.
| |
In April 2023, the Company's stockholders approved the payment of a dividend of Ps.0.35 per CPO and Ps.0.002991452991 per share of Series "A," "B," "D," and "L" Shares, not in the form of a CPO unit, which was paid in cash in May 2023, in the aggregate amount of Ps.1,027,354.
| |
13. |
Retained Earnings
|
In the first half of 2023 and 2022, the Group did not pay dividends to its non-controlling interests.
| |
14. |
Transactions with Related Parties
|
The balances of receivables and payables between the Group and related parties as of June 30, 2023 and December 31, 2022, were as follows:
|
June 30, 2023
|
December 31, 2022
| ||||||
Current receivables:
| |||||||
Televisa, S. de R.L. de C.V. (1) |
Ps.
|
393,867
|
Ps.
|
22,650
| |||
TelevisaUnivision
|
138,837
|
136,944
| |||||
Televisa Producciones, S.A. de C.V. (1) |
75,089
|
15,535
| |||||
Cadena de las Américas, S.A. de C.V. (1) |
38,232
|
40,186
| |||||
Tritón Comunicaciones, S.A. de C.V.
|
19,227
|
11,140
| |||||
ECO Producciones, S.A. de C.V. (1) |
10,838
|
10,792
| |||||
Other
|
85,140
|
73,977
| |||||
Ps.
|
761,230
|
Ps.
|
311,224
| ||||
Non-current receivables:
| |||||||
Televisa, S. de R.L. de C.V. (1)(2) |
Ps.
|
6,706,434
|
Ps.
|
6,365,038
|
June 30, 2023
|
December 31, 2022
| ||||||
Current payables:
| |||||||
Televisa, S. de R.L. de C.V. (1) |
Ps.
|
711,148
|
Ps.
|
-
| |||
AT&T/ DirectTV
|
44,642
|
40,183
| |||||
Desarrollo Vista Hermosa, S.A. de C.V. (1) |
102
|
15,189
| |||||
Other
|
39,984
|
32,952
| |||||
Ps.
|
795,876
|
Ps.
|
88,324
|
(1) |
An indirect subsidiary of TelevisaUnivision.
| |
(2) |
In January 2022, Televisa, S. de R.L. de C.V. entered into a long-term credit agreement with the Company in the principal amount of Ps.5,738,832, with a fixed annual interest rate of 10.2%. Under the terms of this agreement, principal and interest are payable at maturity on April 30, 2026, and prepayments of principal can be made by debtor at any time without any penalty. As of June 30, 2023 and December 31, 2022, amounts receivable from Televisa, S. de R. L. de C.V. in connection with this long-term credit amounted to Ps.6,706,434 and Ps.6,365,038, respectively.
| |
Royalty revenue from TelevisaUnivision amounted to Ps.660,842, for the month ended January 31, 2022, and was classified as discontinued operations in the Group's consolidated statement of income for the six months ended June 30, 2022.
| ||
15. |
Other Expense, Net
| |
Other expense for the six months ended June 30, 2023 and 2022, is analyzed as follows:
|
June 30, 2023
|
June 30, 2022
| ||||||
Donations
|
Ps.
|
(22,500
|
)
|
Ps.
|
(19,672
|
)
| |
Legal and financial advisory and professional services (1) |
(39,275
|
)
|
33,735
| ||||
Gain (loss) on disposition of property and equipment
|
474
|
(9,424
|
)
| ||||
Deferred compensation (2) |
(70,815
|
)
|
(103,820
|
)
| |||
Dismissal severance expense (3) |
(155,916
|
)
|
(64,598
|
)
| |||
Gain on disposition of OCEN (4) |
-
|
35,950
| |||||
Expense related to COVID-19
|
(1,748
|
)
|
(21,295
|
)
| |||
Other, net
|
(73,565
|
)
|
(60,119
|
)
| |||
Ps.
|
(363,345
|
)
|
Ps.
|
(209,243
|
) |
(1) |
Includes primarily advisory and professional services in connection with certain litigation, financial advisory, and other matters (see Note 3).
| |
(2) |
Includes the service cost of a long-term deferred compensation plan for certain officers of the Group's Cable segment, which payment becomes payable when certain financial targets (as defined in the plan) are met.
| |
(3) |
Includes severance expense in connection with the dismissals of personnel, as a part of a continued cost reduction plan.
| |
(4) |
Gain derived from a purchase price adjustment paid to the Company in the second quarter of 2022, in connection with the disposition of the former Group's 40% equity stake in OCEN in December 2021 (see Note 3).
| |
16. |
Finance Expense, Net
| |
Finance (expense) income for the six months ended June 30, 2023 and 2022, included:
|
June 30, 2023
|
June 30, 2022
| ||||||
Interest expense (1) |
Ps.
|
(4,134,286
|
)
|
Ps.
|
(5,020,725
|
) | |
Other finance expense, net (2) |
(353,328
|
)
|
(50,822
|
) | |||
Foreign exchange loss, net (4) |
(235,219
|
)
|
(1,755,219
|
) | |||
Finance expense
|
(4,722,833
|
)
|
(6,826,766
|
) | |||
Interest income (3) |
1,772,702
|
868,214 | |||||
Finance income
|
1,772,702
|
868,214 | |||||
Finance expense, net
|
Ps.
|
(2,950,131
|
)
|
Ps.
|
(5,958,552
|
)
|
(1) |
Interest expense for the six months ended June 30, 2023 and 2022 included: (i) interest related to lease liabilities that were recognized beginning on January 1, 2019, in accordance with the guidelines of IFRS 16 Leases ("IFRS 16"), in the aggregate amount of Ps.225,396, and Ps.224,865, respectively; (ii) interest related to satellite transponder lease agreement and other lease agreement that were recognized before adoption of IFRS 16 in the aggregate amount of Ps.106,983, and Ps.133,884, respectively; (iii) interest related to dismantling obligations incurred primarily in connection with the Group's Cable segment networks, in the aggregate amount of Ps.31,413 and Ps.28,333, respectively; (iv) amortization of finance costs in the aggregate amount of Ps.60,815 and Ps.122,222, respectively; and finance (income) or expense related to repurchase and prepayment of long-term debt in the aggregate amount of Ps.(14,311) and Ps.433,331, respectively (see Note 9).
| |
(2) |
Other finance expense, net, included a fair value net loss from derivative financial instruments.
| |
(3) |
This line item included primarily interest income from cash equivalents, as well as interest income from a related party.
| |
(4) |
Foreign exchange loss, net, for the six months ended June 30, 2023 and 2022, included: foreign exchange net loss resulted primarily from the appreciation of the Mexican peso against the U.S. dollar on the Group's U.S. dollar-denominated monetary asset position, excluding designated hedging long-term debt of the Group's investments in TelevisaUnivision and Open-Ended Fund (see Note 9). The exchange rate of the Mexican peso against the U.S. dollar was of Ps.17.1461, Ps.19.4760, Ps.20.1595 and Ps.20.5031 as of June 30, 2023, December 31, 2022, June 30, 2022 and December 31, 2021, respectively.
|
17. |
Income Taxes
|
Income taxes in interim periods are accrued by using an estimated income tax rate that would be applicable to expected total annual income or loss before income taxes. As of June 30, 2023 and 2022, the estimated effective income tax rate applicable to the consolidated loss or income before income tax benefit or expense for the years ended December 31, 2023 and 2022 was 15.0% and 33.1%, respectively.
| |
18. |
Earnings per CPO/Share
|
Basic Earnings per CPO/Share
| |
For the six months ended June 30, 2023 and 2022, the weighted average for basic earnings per CPO/Share of outstanding total shares, CPOs and Series "A", Series "B", Series "D" and Series "L" Shares (not in the form of CPO units), was as follows (in thousands):
|
June 30, 2023
|
June 30, 2022
| ||||||
Total Shares
|
328,333,830
|
331,184,297
| |||||
CPOs
|
2,326,493
|
2,354,605
| |||||
Shares not in the form of CPO units:
| |||||||
Series "A" Shares
|
56,133,474
|
55,694,817
| |||||
Series "B" Shares
|
187
|
187
| |||||
Series "D" Shares
|
239
|
239
| |||||
Series "L" Shares
|
239
|
239
|
Basic (loss) earnings per CPO and per each Series "A," Series "B," Series "D" and Series "L" Share (not in the form of a CPO unit) attributable to stockholders of the Company for the six months ended June 30, 2023 and 2022, are presented as follows:
|
2023
|
2022
| ||||||||||||
Per CPO
|
Per Share (*
|
)
|
Per CPO
|
Per Share (*
|
)
| ||||||||
Continuing operations
|
Ps.
|
(0.23
|
)
|
Ps.
|
0.00
|
Ps.
|
0.33
|
Ps.
|
0.00
| ||||
Discontinued operations
|
0.00
|
0.00
|
19.38
|
0.17
| |||||||||
Basic (loss) earnings per CPO/Share attributable to stockholders of the Company
|
Ps.
|
(0.23
|
)
|
Ps.
|
0.00
|
Ps.
|
19.71
|
Ps.
|
0.17
|
(*) Series "A", "B", "D" and "L" Shares, not in the form of CPO units.
| |
Diluted Earnings per CPO/Share
| |
Diluted (loss) earnings per CPO and per Share attributable to stockholders of the Company are calculated in connection with CPOs and shares in the LTRP.
| |
For the six months ended June 30, 2023 and 2022, the weighted average for diluted earnings per CPO/Share of outstanding total shares, CPOs and Series "A," Series "B," Series "D," and Series "L" Shares (not in the form of CPO units), was as follows (in thousands):
|
June 30, 2023
|
June 30, 2022
| ||||||
Total Shares
|
345,106,389
|
352,134,036
| |||||
CPOs
|
2,425,830
|
2,485,895
| |||||
Shares not in the form of CPO units:
| |||||||
Series "A" Shares
|
58,926,613
|
58,926,613
| |||||
Series "B" Shares
|
2,357,208
|
2,357,208
| |||||
Series "D" Shares
|
239
|
239
| |||||
Series "L" Shares
|
239
|
239
|
Diluted (loss) earnings per CPO and per each Series "A", Series "B", Series "D" and Series "L" Share (not in the form of a CPO unit) attributable to stockholders of the Company for the six months ended June 30, 2023 and 2022, are presented as follows:
|
2023
|
2022
| ||||||||||||
Per CPO
|
Per Share (*
|
)
|
Per CPO
|
Per Share (*
|
)
| ||||||||
Continuing operations
|
Ps.
|
(0.23
|
)
|
Ps.
|
0.00
|
Ps.
|
0.31
|
Ps.
|
0.00
| ||||
Discontinued operations
|
0.00
|
0.00
|
18.23
|
0.16
| |||||||||
Diluted (loss) earnings per CPO/Share attributable to stockholders of the Company
|
Ps.
|
(0.23
|
)
|
Ps.
|
0.00
|
Ps.
|
18.54
|
Ps.
|
0.16
|
(*) Series "A", "B", "D" and "L" Shares not in the form of CPO units.
|
19. |
Segment Information
|
The table below presents information by segment and a reconciliation to consolidated total for the six months ended June 30, 2023 and 2022:
|
Total
Revenues
|
Intersegment
Revenues
|
Consolidated
Revenues
|
Segment
Income
| ||||||||||
Six months ended June 30, 2023:
| |||||||||||||
Cable
|
Ps.
|
24,414,261
|
Ps.
|
83,398
|
Ps.
|
24,330,863
|
Ps.
|
9,798,384
| |||||
Sky
|
9,107,073
|
1,643
|
9,105,430
|
3,057,346
| |||||||||
Other Businesses
|
3,767,938
|
164,372
|
3,603,566
|
928,142
| |||||||||
Segment totals
|
37,289,272
|
249,413
|
37,039,859
|
13,783,872
| |||||||||
Reconciliation to consolidated amounts:
| |||||||||||||
Corporate expenses
|
-
|
-
|
-
|
(480,677
|
)
| ||||||||
Intersegment operations
|
(249,413
|
)
|
(249,413
|
)
|
-
|
(77,490
|
)
| ||||||
Depreciation and amortization
|
-
|
-
|
-
|
(10,666,394
|
)
| ||||||||
Consolidated revenues and operating income before other expense
|
37,039,859
|
-
|
37,039,859
|
2,559,311
| (1) | ||||||||
Other expense, net
|
-
|
-
|
-
|
(363,345
|
)
| ||||||||
Consolidated revenues and operating income
|
Ps.
|
37,039,859
|
Ps.
|
-
|
Ps.
|
37,039,859
|
Ps.
|
2,195,966
| (2) |
Total
Revenues
|
Intersegment
Revenues
|
Consolidated
Revenues
|
Segment
Income
| ||||||||||
Six months ended June 30, 2022:
| |||||||||||||
Cable
|
Ps.
|
23,554,474
|
Ps.
|
25,804
|
Ps.
|
23,528,670
|
Ps.
|
9,931,072
| |||||
Sky
|
10,415,809
|
1,736
|
10,414,073
|
3,563,737
| |||||||||
Other Businesses
|
3,403,854
|
203,929
|
3,199,925
|
768,120
| |||||||||
Segment totals
|
37,374,137
|
231,469
|
37,142,668
|
14,262,929
| |||||||||
Reconciliation to consolidated amounts:
| |||||||||||||
Corporate expenses
|
-
|
-
|
-
|
(618,908
|
)
| ||||||||
Intersegment operations
|
(231,469
|
)
|
(231,469
|
)
|
-
|
(840
|
)
| ||||||
Depreciation and amortization
|
-
|
-
|
-
|
(10,244,923
|
)
| ||||||||
Consolidated revenues and operating income before other expense
|
37,142,668
|
-
|
37,142,668
|
3,398,258
| (1) | ||||||||
Other expense, net
|
-
|
-
|
-
|
(209,243
|
)
| ||||||||
Consolidated revenues and operating income
|
Ps.
|
37,142,668
|
Ps.
|
-
|
Ps.
|
37,142,668
|
Ps.
|
3,189,015
| (2) |
(1) |
This amount represents operating income before other expense, net.
| |
(2) |
This amount represents consolidated operating income of continuing operations
|
Disaggregation of Total Revenues
| |
The table below present total revenues for each reportable segment disaggregated by major service/product lines and primary geographical market for the six months ended June 30, 2023 and 2022:
|
Domestic
|
Export
|
Abroad
|
Total
| ||||||||||
Six months ended June 30, 2023:
| |||||||||||||
Cable:
| |||||||||||||
Broadband Services
|
Ps.
|
10,663,172
|
Ps.
|
-
|
Ps.
|
-
|
Ps.
|
10,663,172
| |||||
Digital TV Service
|
7,896,740
|
-
|
-
|
7,896,740
| |||||||||
Telephony
|
2,384,958
|
-
|
-
|
2,384,958
| |||||||||
Advertising
|
1,027,712
|
-
|
-
|
1,027,712
| |||||||||
Other Services
|
430,178
|
-
|
-
|
430,178
| |||||||||
Enterprise Operations
|
1,758,804
|
-
|
252,697
|
2,011,501
| |||||||||
Sky:
| |||||||||||||
DTH Broadcast Satellite TV
|
8,203,991
|
-
|
367,486
|
8,571,477
| |||||||||
Advertising
|
518,210
|
-
|
-
|
518,210
| |||||||||
Pay-Per-View
|
14,450
|
-
|
2,936
|
17,386
| |||||||||
Other Businesses:
| |||||||||||||
Gaming
|
1,441,969
|
-
|
-
|
1,441,969
| |||||||||
Soccer, Sports and Show Business Promotion
|
1,123,887
|
67,675
|
-
|
1,191,562
| |||||||||
Publishing - Magazines and Advertising
|
134,540
|
-
|
-
|
134,540
| |||||||||
Publishing Distribution
|
128,850
|
-
|
-
|
128,850
| |||||||||
Transmission Concessions and Facilities
|
871,017
|
-
|
-
|
871,017
| |||||||||
Segment totals
|
36,598,478
|
67,675
|
623,119
|
37,289,272
| |||||||||
Intersegment eliminations
|
(249,413
|
)
|
-
|
-
|
(249,413
|
) | |||||||
Consolidated total revenues
|
Ps.
|
36,349,065
|
Ps.
|
67,675
|
Ps.
|
623,119
|
Ps.
|
37,039,859
|
Domestic
|
Export
|
Abroad
|
Total
| ||||||||||
Six months ended June 30, 2022:
| |||||||||||||
Cable:
| |||||||||||||
Broadband Services
|
Ps.
|
9,623,612
|
Ps.
|
-
|
Ps.
|
-
|
Ps.
|
9,623,612
| |||||
Digital TV Service
|
7,923,533
|
-
|
-
|
7,923,533
| |||||||||
Telephony
|
2,585,539
|
-
|
-
|
2,585,539
| |||||||||
Advertising
|
982,626
|
-
|
-
|
982,626
| |||||||||
Other Services
|
294,937
|
-
|
-
|
294,937
| |||||||||
Enterprise Operations
|
2,034,615
|
-
|
109,612
|
2,144,227
| |||||||||
Sky:
| |||||||||||||
DTH Broadcast Satellite TV
|
9,232,768
|
-
|
606,460
|
9,839,228
| |||||||||
Advertising
|
531,416
|
-
|
-
|
531,416
| |||||||||
Pay-Per-View
|
40,724
|
-
|
4,441
|
45,165
| |||||||||
Other Businesses:
| |||||||||||||
Gaming
|
1,169,600
|
-
|
-
|
1,169,600
| |||||||||
Soccer, Sports and Show Business Promotion
|
1,031,049
|
158,811
|
-
|
1,189,860
| |||||||||
Publishing - Magazines and Advertising
|
197,066
|
-
|
-
|
197,066
| |||||||||
Publishing Distribution
|
130,611
|
-
|
-
|
130,611
| |||||||||
Transmission Concessions and Facilities
|
716,717
|
-
|
-
|
716,717
| |||||||||
Segment totals
|
36,494,813
|
158,811
|
720,513
|
37,374,137
| |||||||||
Intersegment eliminations
|
(231,469
|
)
|
-
|
-
|
(231,469
|
)
| |||||||
Consolidated total revenues
|
Ps.
|
36,263,344
|
Ps.
|
158,811
|
Ps.
|
720,513
|
Ps.
|
37,142,668
|
Seasonality of Operations
| |
The Group's results of operations are not highly seasonal. In the years ended December 31, 2022 and 2021, the Group recognized 25.3% and 25.5%, respectively, of its annual consolidated net sales of continuing operations in the fourth quarter of the year. The Group's costs are more evenly incurred throughout the year and generally do not correlate to the amount of net revenues.
| |
20. |
Income from Discontinued Operations, Net
|
The operations of the Group's former Content segment and feature-film production and distribution business were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction. As a result, the Group's consolidated statement of income for the six months ended June 30, 2022, present the results of operations of the Group's former Content segment and feature-film production and distribution business as net income from discontinued operations for the month ended January 31, 2022. Also, in connection with the TelevisaUnivision Transaction, the Group's consolidated statement of income for the six months ended June 30, 2022, present a gain on disposition of discontinued operations, net (see Notes 2 and 3).
| |
Income from discontinued operations, net, for the six months ended June 30, 2022, is presented as follows:
|
June 30, 2022
| ||||
Net income from discontinued operations
|
Ps.
|
156,655
| ||
Gain on disposition of discontinued operations, net
|
54,707,654
| |||
Income from discontinued operations, net
|
Ps.
|
54,864,309
|
Net income from discontinued operations for the six months ended June 30, 2022, is presented as follows:
|
June 30, 2022
| ||||
Net revenues
|
Ps.
|
2,302,875
| ||
Cost of revenues and operating expenses
|
1,922,035
| |||
Income before other expense
|
380,840
| |||
Other expense, net
|
(19,796
|
)
| ||
Operating income
|
361,044
| |||
Finance expense, net
|
(137,251
|
)
| ||
Share of income of associates, net
|
-
| |||
Income before income taxes
|
223,793
| |||
Income taxes
|
67,138
| |||
Net income from discontinued operations
|
Ps.
|
156,655
| ||
The gain on disposition of discontinued operations related to the TelevisaUnivision Transaction, net of income taxes, amounted to Ps.54,707,654, for the six months ended June 30, 2022, and consisted of the total consideration received by the Group for the shares of those companies that were disposed of by the Group on January 31, 2022, and other net assets and rights that were transferred by the Group to TelevisaUnivision and Tritón, less the carrying amounts of these consolidated net assets as of January 31, 2022, and related expenses and income taxes incurred by the Group in connection with the TelevisaUnivision Transaction for the six months ended June 30, 2022 (see Note 3).
| |
Gain on disposition of discontinued operations, net, for the six months ended June 30, 2022, is presented as follows:
|
June 30, 2022
| ||||
Gain on disposition of discontinued operations
before income taxes
|
Ps.
|
74,370,808
| ||
Income taxes
|
(19,663,154
|
)
| ||
Gain on disposition of discontinued operations, net
|
Ps.
|
54,707,654
|
21. |
Impact of COVID-19
|
The COVID-19 pandemic has had a negative effect on its business, financial position and results of operations.
| |
An increase in infection rates or the effect of new COVID-19 variants, or the emergence of a new pandemic, could trigger a renewal of governmental restrictions on non-essential activities, including but not limited to temporary shutdowns or additional guideline, which could be expensive or burdensome to implement, and which may affect the Group´s operations.
| |
Due to the evolving and uncertain nature of a pandemic such as COVID-19, the Company´s management is not able to estimate the full extent of the impact that an event of this nature may have in the Group´s businesses, financial position and results of operations over the near, medium or long-term.
|
22. |
Lawsuit Settlement Agreement and Contingencies
|
Lawsuit Settlement Agreement
| |
On March 5, 2018, a purported stockholder class action lawsuit was filed in the United States District Court for the Southern District of New York (the "District Court"), alleging securities law violations in connection with allegedly misleading statements and/or omissions in the Company's public disclosures. The lawsuit alleges that the Company and two of its executives failed to disclose alleged involvement in bribery activities relating to certain executives of Fédération Internationale de Football Association ("FIFA"), and wrongfully failed to disclose weaknesses in the Company's internal control over its financial reporting as of December 31, 2016.
| |
On May 17, 2018, the District Court appointed a lead plaintiff for the putative stockholder class. On August 6, 2018, the lead plaintiff filed an amended complaint. The Company thereupon filed a motion to dismiss the amended complaint. On March 25, 2019, the District Court issued a decision denying the Company's motion to dismiss, holding that plaintiff's allegations, if true, were sufficient to support a claim. The parties began to exchange discovery materials, and the discovery process continued into 2022. On June 8, 2020, the District Court issued a decision denying class certification based on the inadequacy of the proposed class representative. On June 29, 2020, the District Court issued a decision granting class certification to a new class representative. The Company sought permission for leave to appeal the District Court's order.
| |
On October 6, 2020, the United States Court of Appeals for the Second Circuit (the "Court of Appeals") denied the Company's request for leave to appeal the District Court's class certification order.
| |
On May 19, 2021, the District Court issued an order disqualifying class counsel and stayed the case for thirty days so the class representative could identify replacement counsel. On June 17, 2021, the District Court granted a request from the class representative and disqualified counsel to extend the stay for an additional sixty days. On June 18, 2021, a petition for a writ of mandamus was filed in the Court of Appeals, seeking reinstatement of disqualified counsel. On June 23, 2021, the Court of Appeals granted a request from the petitioners to stay proceedings in the District Court pending the Court of Appeals' decision on the petition. On August 24, 2021, the Court of Appeals denied the petition. On September 14, 2021, the case was returned to the District Court. On October 8, 2021, the District Court appointed new class counsel. On October 22, 2021, the Company filed a motion to define the class period. On March 31, 2022, the discovery period concluded, with exceptions.
| |
On July 20, 2022, the District Court issued a decision on the Company's class definition motion, defining the class period as April 11, 2013 through November 17, 2017, inclusive. On August 3, 2022, the Company filed a petition with the Court of Appeals seeking permission for leave to appeal the District Court's order. On November 15, 2022, the Court of Appeals denied the Company's petition. On August 5, 2022, the Company filed a motion for summary judgment.
| |
On November 23, 2022, the Company announced that it had reached an agreement in principle to settle the securities class action. As set forth in that disclosure, approximately U.S.$21.5 million of the total settlement amount of U.S.$95 million was to be provided by the Company, with the remainder to be funded under its insurance policies. On December 28, 2022, the parties executed a memorandum of understanding memorializing the agreement in principle. On February 28, 2023, the parties executed a settlement agreement to fully resolve and settle the class's claims, which the lead plaintiff filed with the District Court the same day, along with a motion for preliminary approval of the settlement. On April 20, 2023, the District Court granted preliminary approval of the settlement agreement. Prior funding from the insurance company of its portion of the settlement, on May 4, 2023 the Company paid the plaintiffs the total settlement amount. On July 3, 2023 plaintiffs filed a motion of final approval of the settlement, and the Court scheduled a hearing for August 8, 2023. As explained in the aforementioned disclosure, while the Company continues to believe that the allegations in the case were without merit, it also believes that eliminating the distraction, expense, and risk of continued litigation is in the best interests of the Company and its shareholders. The settlement remains subject to notice to the class, final approval by the District Court, and the satisfaction of customary conditions to effectiveness.
| |
In the fourth quarter of 2022, the Company recognized a provision for the settlement of this class action lawsuit in the amount of U.S.$95.0 million (Ps.1,850,220), and a receivable for a related reimbursement in the amount of U.S.$73.5 million (Ps.1,431,486) to be funded by the Company's insurance policies, which were classified in current liabilities and assets, respectively, in the Group's consolidated statement of financial position as of December 31, 2022. The net amount of U.S.$21.5 million (Ps.425,762) was recognized in other expense in the Group's consolidated statement of income for the year ended December 31, 2022.
|
Contingencies
| |
On April 27, 2017, the tax authorities initiated a tax audit to the Company, with the purpose of verifying compliance with tax provisions for the fiscal period from January 1 to December 31, 2011, regarding federal taxes as direct subject of Income Tax (Impuesto sobre la Renta or ISR), Flat tax (Impuesto Empresarial a Tasa Única) and Value Added Tax (Impuesto al Valor Agregado). On April 25, 2018, the authorities informed the observations determined as a result of such audit, that could entail a default on the payment of the abovementioned taxes. On May 25, 2018, by a document submitted before the authority, the Company asserted arguments and offered evidence to undermine the authority's observations. On June 27, 2019, the Company was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.682 million for ISR, penalties, surcharges and inflation adjustments. On August 22, 2019, the Company filed an administrative proceeding (recurso de revocación) against such tax liability, before the Legal area of the Tax Authorities. On July 7, 2023, the resolution to the administrative proceeding was notified, in which is in the process of being resolved.the appealed resolution was confirmed. Against that resolution a claim (juicio de nulidad) will be filed before September 5, 2023. As of the date of this report, there are no elements to determine if the outcome would be adverse to the Company's interests.
| |
On June 1, 2016, the tax authority initiated a tax audit to a Company's indirect subsidiary that carries out operations in the Gaming business, which is presented in the Other Businesses segment, with the purpose of verifying compliance with tax provisions for the period from January 1 to December 31, 2014, regarding federal taxes as direct subject, as well as withholder. On April 24, 2017, the authorities informed the facts and omissions detected during the development of the verification process, that could entail a default on the payment of the abovementioned taxes. On May 30, 2017, by a document submitted before the authorities, the Company's subsidiary asserted arguments and offered evidence to undermine the facts and omissions included in the authority's last partial record. On June 21, 2019, such entity was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.1,334 million, essentially related to IEPS (Impuesto Especial sobre Producción y Servicios or Excise Tax); on August 16, 2019, an administrative proceeding (recurso de revocación) was filed before the Legal area of the Tax Authorities. On January 7, 2021, the resolution to the administrative proceeding was notified, in which the appealed resolution was confirmed. On February 19, 2021 a claim (juicio de nulidad) against the resolution issued in the referred administrative proceeding was filed in the Second Regional Court of Puebla of the Federal Court of Administrative Justice (Tribunal Federal de Justicia Administrativa), which is still pending of resolution. As of the date of this report, there are no elements to determine if the outcome would be adverse to the Company's interests.
| |
On August 12, 2019, the tax authority initiated a Foreign Trade Audit of one of the Company's indirect subsidiaries (Cablebox. S.A. de C.V.), with the purpose of verifying the correct payment of the contributions and levies on the import of the merchandise, as well as compliance with non-customs regulations and restrictions applicable to 26 foreign trade operations carried out during fiscal year 2016. On April 30, 2020, the tax authority released the observations determined as a result of the aforementioned review, which could lead to non-compliance with the payment of the referred contributions. On April 30, 2020, the tax authority informed the facts and omissions detected during the development of the verification process, that could entail a default on several provisions of the Customs Act (Ley Aduanera). On June 2 and 29, 2020, by several documents submitted before the authorities, the Company's subsidiary asserted arguments and offered evidence to undermine the facts and omissions included in the tax authority's last partial record. On July 16, 2020 such entity was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.290 million for a fine consisting of 70% of the commercial value of the merchandise subject to review, due to the alleged failure to comply with the Norma Oficial Mexicana, or Official Mexican Standards (NOM-019-SCFI-1998), as well as on the amount of the commercial value of the merchandise due to the material impossibility of the merchandise becoming property of the Federal Treasury. On August 27, 2020, an administrative proceeding (recurso de revocación) was filed before the Legal department of the Tax Authority, which is in the process of being resolved. As of the date of this report, it is not possible to determine if the outcome would be adverse or favorable to the Company's interests.
| |
On July 29, 2019, the tax authority initiated a Foreign Trade Audit of one of the Company's indirect subsidiaries (CM Equipos y Soporte, S.A. de C.V.), with the purpose of verifying the correct payment of the contributions and levies on the import of the merchandise, as well as compliance with non-customs regulations and restrictions applicable to 32 foreign trade operations carried out during fiscal year 2016. On July 10, 2020, the tax authority released the observations determined as a result of the aforementioned review, which could lead to a determination of non-compliance with the payment of the referred contributions. On August 21, 2020, through several documents submitted to the authorities, the Company's subsidiary asserted arguments and offered evidence to undermine the facts and omissions included in the tax authority's most recent partial record. On May 28, 2021, the subsidiary was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.256.3 million for a fine consisting of 70% of the commercial value of the merchandise subject to review, due to the alleged failure to comply with the Normas Oficiales Mexicanas, or Official Mexican Standards (NOM-019- SCFI-1998, NOM-EM-015-SCFI-2015 and NOM-024-SCFI-2013), as well as on the amount of the commercial value of the merchandise due to the material impossibility of the merchandise becoming property of the Federal Treasury. On July 12, 2021, an administrative proceeding (recurso de revocación) was filed before the Legal department of the Tax Authority, which is in the process of being resolved. As of the date these financial statements, it is not possible to determine if the outcome would be adverse or favorable to the Company.
| |
On June 19, 2020, the tax authority initiated a tax audit of an indirect subsidiary of the Company that carries out operations in the soccer business. The purpose of the tax audit was to verify compliance with tax provisions for the period from January 1 to December 31, 2014, regarding federal taxes as direct subject, as well as its withholding of income tax and value added tax. On August 9, 2022, the authorities informed the subsidiary of the facts and omissions detected during the development of the verification process, that could entail a default on the payment of the abovementioned taxes. On December 8, 2022, such entity
|
was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.575 million, for income tax of the abovementioned fiscal year. On January 31, 2023, an administrative proceeding (recurso de revocación) was filed before the Legal department of the Tax Authority against such tax liability, which is in process of being resolved. As of the date these financial statements, the Company has not determined whether the outcome would be adverse to the Company's interests.
| |
The matters discussed as contingencies in the previous paragraphs did not require the recognition of a provision as of June 30, 2023.
| |
There are several legal actions and claims pending against the Group, which are filed in the ordinary course of business. In the opinion of the Company's management, none of these actions and claims is expected now to have a material adverse effect on the Group's financial statements as a whole; however, the Company's management is unable to predict the outcome of any of these legal actions and claims.
|
Dividends paid, ordinary shares:
| [7] 1,027,354,000
|
Dividends paid, other shares:
|
0
|
Dividends paid, ordinary shares per share:
| [8] 0.002991453
|
Dividends paid, other shares per share:
|
0
|
The Notes due in 2027 were contracted at a fixed rate.
The exchange rates for the credits denominated in foreign currency were as follows:
For more information on debt, see Note 9 Notes to the Unaudited Condensed Consolidated Financial Statements.
The exchange rates used for translation were as follows:
Ps.17.1461 pesos per US dollar
Long-term liabilities include debt in the amount of U.S.$2,800,096 thousand, which has been designated as hedging instrument of foreign currency investments.
STOCK EXCHANGE CODE: TLEVISA
GRUPO TELEVISA, S.A.B.
|
QUARTER: 02
|
YEAR: 2023
|
/s/ Alfonso de Angoitia Noriega
|
/s/ Bernardo Gómez Martínez
| |
ALFONSO DE ANGOITIA NORIEGA
|
BERNARDO GÓMEZ MARTÍNEZ
| |
CO-CHIEF EXECUTIVE OFFICER
|
CO-CHIEF EXECUTIVE OFFICER
| |
/s/ Carlos Phillips Margain
|
/s/ Luis Alejandro Bustos Olivares
| |
CARLOS PHILLIPS MARGAIN
|
LUIS ALEJANDRO BUSTOS OLIVARES
| |
CORPORATE VICE PRESIDENT OF FINANCE
|
LEGAL VICE PRESIDENT AND
| |
GENERAL COUNSEL
|
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Grupo Televisa SAB published this content on 01 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 August 2023 10:13:48 UTC.