•
|
Revenue and Operating Segment Income ("OSI") grew by 9.1% and 4.2%, respectively.
|
•
|
Revenue and OSI increased by 5.8% and 5.6%, respectively.
|
•
|
Net-adds of 52.0 thousand Revenue Generating Units ("RGUs"), reaching 14.4 million.
|
•
|
Plan to pass 2 million homes with FTTH this year is on track, with a 65% completion.
|
•
|
Added 26.8 thousand RGUs, closing the quarter with 8.2 million.
|
•
|
Revenue fell by 2.5%, with a lower margin due to the amortization of sporting events.
|
•
|
Revenue and OSI increased by 13.4% and 2.9%, respectively, driven by strong advertising activity by the private sector.
|
•
|
Our flagship network, Las Estrellas, had 2.7x the average ratings1 of its closest competitor.
|
From the U.S.: +1 (833) 353 0403
|
From Mexico: 800 926 9147
|
International callers: +1 (630) 652 5765
|
Rebroadcast: +1 (855) 859-2056
|
3Q'21
|
Margin
%
|
3Q'20
|
Margin
%
|
Change
%
| |
Net sales
|
26,127.9
|
100.0
|
23,943.0
|
100.0
|
9.1
|
Net income
|
1,067.7
|
4.1
|
3,639.6
|
15.2
|
(70.7)
|
Net income attributable to stockholders of the Company
|
760.6
|
2.9
|
3,349.7
|
14.0
|
(77.3)
|
Segment net sales
|
28,044.9
|
100.0
|
25,821.7
|
100.0
|
8.6
|
Operating segment income (1) |
10,969.0
|
39.1
|
10,531.4
|
40.8
|
4.2
|
Net Sales
|
3Q'21
|
%
|
3Q'20
|
%
|
Change
%
|
Cable
|
12,066.6
|
43.0
|
11,407.9
|
44.2
|
5.8
|
Sky
|
5,459.4
|
19.5
|
5,597.9
|
21.7
|
(2.5)
|
Content
|
9,109.8
|
32.5
|
8,033.4
|
31.1
|
13.4
|
Other Businesses
|
1,409.1
|
5.0
|
782.5
|
3.0
|
80.1
|
Segment Net Sales
|
28,044.9
|
100.0
|
25,821.7
|
100.0
|
8.6
|
Intersegment Operations1 |
(1,917.0)
|
(1,878.7)
| |||
Net Sales
|
26,127.9
|
23,943.0
|
9.1
|
Operating Segment Income2 |
3Q'21
|
Margin
%
|
3Q'20
|
Margin
%
|
Change
%
|
Cable
|
5,064.5
|
42.0
|
4,796.7
|
42.0
|
5.6
|
Sky
|
2,261.7
|
41.4
|
2,436.7
|
43.5
|
(7.2)
|
Content
|
3,389.6
|
37.2
|
3,294.7
|
41.0
|
2.9
|
Other Businesses
|
253.2
|
18.0
|
3.3
|
0.4
|
n/a
|
Operating Segment Income
|
10,969.0
|
39.1
|
10,531.4
|
40.8
|
4.2
|
Corporate Expenses
|
(480.7)
|
(1.7)
|
(374.9)
|
(1.5)
|
28.2
|
Depreciation and Amortization
|
(5,347.8)
|
(20.5)
|
(5,235.9)
|
(21.9)
|
2.1
|
Other (Expense) Income, net
|
(293.7)
|
(1.1)
|
666.0
|
2.8
|
n/a
|
Intersegment Operations
|
(15.6)
|
(0.1)
|
(17.5)
|
(0.1)
|
(10.9)
|
Operating Income
|
4,831.2
|
18.5
|
5,569.1
|
23.3
|
(13.2)
|
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) income, net.
|
RGUs
|
3Q'21 Net
Adds
|
3Q'21
|
3Q'20
|
Video
|
(59,067)
|
4,155,529
|
4,333,908
|
Broadband
|
24,595
|
5,590,783
|
5,303,245
|
Voice
|
68,300
|
4,485,738
|
4,187,264
|
Mobile
|
18,202
|
138,979
|
40,114
|
Total RGUs
|
52,030
|
14,371,029
|
13,864,531
|
MSO Operations(1)
Millions of Mexican pesos
|
3Q'21
|
3Q'20
|
Change %
|
Revenue
|
10,823.0
|
10,227.4
|
5.8
|
Operating Segment Income
|
4,583.4
|
4,323.1
|
6.0
|
Margin (%)
|
42.3
|
42.3
|
Enterprise Operations(1)
Millions of Mexican pesos
|
3Q'21
|
3Q'20
|
Change %
|
Revenue
|
1,744.4
|
1,734.0
|
0.6
|
Operating Segment Income
|
629.9
|
611.3
|
3.0
|
Margin (%)
|
36.1
|
35.3
|
(1) |
These results do not include consolidation adjustments of Ps.500.8 million in revenues nor Ps.148.8 million in operating segment income for the third-quarter of 2021, neither the consolidation adjustments of Ps.553.5 million in revenues nor Ps.137.7 million in operating segment income for the third-quarter of 2020. Consolidation adjustments are considered in the consolidated results of the Cable segment. |
RGUs
|
3Q'21 Net
Adds
|
3Q'21
|
3Q'20
|
Video
|
(1,598)
|
7,488,278
|
7,472,350
|
Broadband
|
15,366
|
722,481
|
594,011
|
Voice
|
(36)
|
649
|
837
|
Mobile
|
13,023
|
27,555
|
-
|
Total RGUs
|
26,755
|
8,238,963
|
8,067,198
|
Millions of Mexican pesos
|
3Q'21
|
%
|
3Q'20
|
%
|
Change
%
|
Advertising
|
4,823.8
|
53.0
|
4,164.4
|
51.8
|
15.8
|
Network Subscription
|
1,323.9
|
14.5
|
1,331.7
|
16.6
|
(0.6)
|
Licensing and Syndication
|
2,962.1
|
32.5
|
2,537.3
|
31.6
|
16.7
|
Net Sales
|
9,109.8
|
8,033.4
|
13.4
|
Other (Expense) Income, net
|
3Q'21
|
3Q'20
|
Cash
|
(379.1)
|
786.2
|
Non-cash
|
85.4
|
(120.2)
|
Total
|
(293.7)
|
666.0
|
3Q'21
|
3Q'20
|
Favorable
(Unfavorable)
Change
| |
Interest expense
|
(2,274.1)
|
(2,788.9)
|
514.8
|
Interest income
|
186.0
|
275.3
|
(89.3)
|
Foreign exchange (loss) gain, net
|
(2,560.0)
|
3,077.8
|
(5,637.8)
|
Other finance expense, net
|
(244.3)
|
(254.6)
|
10.3
|
Finance (expense) income, net
|
(4,892.4)
|
309.6
|
(5,202.0)
|
I. |
a Ps.5,637.8 million unfavorable change in foreign exchange gain or loss, net, resulting primarily from a 3.7% depreciation of the Mexican peso against the U.S. dollar on a higher average net U.S. dollar liability position in the third quarter of 2021, in comparison to a 4.0% appreciation in the third quarter of 2020; and
|
II. |
a Ps.89.3 million decrease in interest income, explained primarily by a lower average of cash and cash equivalents in the third quarter of 2021.
|
I. |
a Ps.514.8 million decrease in interest expense, primarily by a lower average of principal amount of debt in the third quarter of 2021; and
|
II. |
a Ps.10.3 million decrease in other finance expense, net, resulting primarily from a lower loss in fair value of our derivative contracts in the third quarter of 2021.
|
Capital Expenditures
Millions of U.S. Dollars
|
3Q'21
|
3Q'20
|
Cable
|
274.0
|
172.6
|
Sky
|
63.3
|
64.9
|
Content and Other Businesses
|
25.3
|
13.8
|
Total
|
362.6
|
251.3
|
September
30, 2021
|
December 31,
2020
|
Increase
(decrease)
| |
Current portion of long-term debt
|
2,045.6
|
617.0
|
1,428.6 |
Long-term debt, net of current portion
|
123,389.1 |
121,936.0
|
1,453.1
|
Total debt 1 |
125,434.7 |
122,553.0
|
2,881.7 |
Current portion of long-term lease liabilities
|
1,341.5 |
1,277.7
|
63.8 |
Long-term lease liabilities, net of current portion
|
7,867.0 |
8,014.6
|
(147.6) |
Total lease liabilities
|
9,208.5
|
9,292.3
|
(83.8)
|
Total debt and lease liabilities |
134,643.2
|
131,845.3
|
2,797.9 |
(1) As of September 30, 2021 and December 31, 2020, total debt is presented net of finance costs in the amount of Ps.1,236.4 million and Ps.1,324.3 million, respectively. |
September 30,
|
December 31,
| ||||||
2021
|
2020
| ||||||
ASSETS
|
(Unaudited)
|
(Audited)
| |||||
Current assets:
| |||||||
Cash and cash equivalents
|
Ps.
|
21,704.8
|
Ps.
|
29,058.1
| |||
Temporary investments
|
9.7
|
-
| |||||
Trade notes and accounts receivable, net
|
15,414.3
|
12,343.8
| |||||
Other accounts and notes receivable, net
|
15,443.0
|
12,655.5
| |||||
Due from related parties
|
684.0
|
787.0
| |||||
Transmission rights and programming
|
7,358.8
|
6,396.2
| |||||
Inventories
|
2,272.0
|
1,641.3
| |||||
Contract costs
|
1,570.9
|
1,598.4
| |||||
Assets held for sale
|
503.4
|
-
| |||||
Other current assets
|
4,489.1
|
4,580.8
| |||||
Total current assets
|
69,450.0
|
69,061.1
| |||||
Non-current assets:
| |||||||
Transmission rights and programming
|
10,964.6
|
7,982.8
| |||||
Investments in financial instruments
|
7,721.6
|
7,002.7
| |||||
Investments in associates and joint ventures
|
25,374.8
|
22,813.5
| |||||
Property, plant and equipment, net
|
87,078.8
|
83,281.6
| |||||
Right-of-use assets, net
|
7,122.6
|
7,212.2
| |||||
Intangible assets, net
|
42,667.9
|
42,724.2
| |||||
Deferred income tax assets
|
31,410.3
|
27,999.7
| |||||
Contract costs
|
3,364.0
|
2,943.1
| |||||
Other assets
|
447.0
|
225.4
| |||||
Total non-current assets
|
216,151.6
|
202,185.2
| |||||
Total assets
|
Ps.
|
285,601.6
|
Ps.
|
271,246.3
| |||
September 30,
|
December 31,
| ||||||
2021
|
2020
| ||||||
LIABILITIES
|
(Unaudited)
|
(Audited)
| |||||
Current liabilities:
| |||||||
Current portion of long-term debt
|
Ps.
|
2,045.6
|
Ps.
|
617.0
| |||
Interest payable
|
1,909.9
|
1,934.7
| |||||
Current portion of lease liabilities
|
1,341.5
|
1,277.7
| |||||
Derivative financial instruments
|
432.8
|
2,017.0
| |||||
Trade accounts payable and accrued expenses
|
23,038.5
|
21,943.2
| |||||
Customer deposits and advances
|
12,723.2
|
5,935.9
| |||||
Income taxes payable
|
1,488.4
|
2,013.5
| |||||
Other taxes payable
|
4,111.7
|
4,463.3
| |||||
Employee benefits
|
1,450.8
|
1,262.6
| |||||
Due to related parties
|
67.8
|
83.0
| |||||
Other current liabilities
|
2,947.6
|
2,161.6
| |||||
Total current liabilities
|
51,557.8
|
43,709.5
| |||||
Non-current liabilities:
| |||||||
Long-term debt, net of current portion
|
123,389.1
|
121,936.0
| |||||
Lease liabilities, net of current portion
|
7,867.0
|
8,014.6
| |||||
Derivative financial instruments
|
156.0
|
1,459.3
| |||||
Income taxes payable
|
129.8
|
767.1
| |||||
Deferred income tax liabilities
|
3,006.0
|
1,786.3
| |||||
Post-employment benefits
|
2,199.3
|
2,080.7
| |||||
Other long-term liabilities
|
3,890.0
|
3,553.7
| |||||
Total non-current liabilities
|
140,637.2
|
139,597.7
| |||||
Total liabilities
|
192,195.0
|
183,307.2
| |||||
EQUITY
| |||||||
Capital stock
|
4,836.7
|
4,907.8
| |||||
Additional paid-in-capital
|
15,889.8
|
15,889.8
| |||||
20,726.5
|
20,797.6
| ||||||
Retained earnings:
| |||||||
Legal reserve
|
2,139.0
|
2,139.0
| |||||
Unappropriated earnings
|
80,334.1
|
83,391.7
| |||||
Net income (loss) for the period
|
2,357.9
|
(1,250.3
|
)
| ||||
84,831.0
|
84,280.4
| ||||||
Accumulated other comprehensive loss, net
|
(12,597.8
|
)
|
(15,556.8
|
)
| |||
Shares repurchased
|
(14,567.3
|
)
|
(16,079.1
|
)
| |||
57,665.9
|
52,644.5
| ||||||
Equity attributable to stockholders of the Company
|
78,392.4
|
73,442.1
| |||||
Non-controlling interests
|
15,014.2
|
14,497.0
| |||||
Total equity
|
93,406.6
|
87,939.1
| |||||
Total liabilities and equity
|
Ps.
|
285,601.6
|
Ps.
|
271,246.3
| |||
Three months ended September 30,
|
Nine months ended September 30,
| |||||||||||||||
2021
|
2020
|
2021
|
2020
| |||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
| |||||||||||||
Net sales
|
Ps.
|
26,127.9
|
Ps.
|
23,943.0
|
Ps.
|
74,710.0
|
Ps.
|
69,579.0
| ||||||||
Cost of sales
|
15,358.2
|
13,871.0
|
43,788.1
|
41,550.8
| ||||||||||||
Selling expenses
|
2,642.4
|
2,312.3
|
7,736.9
|
7,568.7
| ||||||||||||
Administrative expenses
|
3,002.4
|
2,856.6
|
9,982.2
|
9,428.0
| ||||||||||||
Income before other expense
|
5,124.9
|
4,903.1
|
13,202.8
|
11,031.5
| ||||||||||||
Other (expense) income, net
|
(293.7
|
)
|
666.0
|
(845.5
|
) |
657.4
| ||||||||||
Operating income
|
4,831.2
|
5,569.1
|
12,357.3
|
11,688.9
| ||||||||||||
Finance expense
|
(5,078.4
|
)
|
(3,043.5
|
)
|
(10,140.4
|
)
|
(11,374.6
|
)
| ||||||||
Finance income
|
186.0
|
3,353.1
|
573.1
|
2,887.7
| ||||||||||||
Finance (expense) income, net
|
(4,892.4
| ) |
309.6
|
(9,567.3
|
)
|
(8,486.9
|
)
| |||||||||
Share of income (loss) of associates and joint
ventures, net
|
1,240.3
|
(119.9
|
) |
2,181.3
|
(5,330.9
|
)
| ||||||||||
Income (loss) before income taxes
|
1,179.1
|
5,758.8
|
4,971.3
|
(2,128.9
|
)
| |||||||||||
Income taxes
|
(111.4
|
) |
(2,119.2
|
)
|
(1,807.9
|
)
|
(1,145.8
|
)
| ||||||||
Net income (loss)
|
Ps.
|
1,067.7
|
Ps.
|
3,639.6
|
Ps.
|
3,163.4
|
Ps.
|
(3,274.7
|
)
| |||||||
Net income (loss) attributable to:
| ||||||||||||||||
Stockholders of the Company
|
Ps.
|
760.6
|
Ps.
|
3,349.7
|
Ps.
|
2,357.9
|
Ps.
|
(4,562.7
|
)
| |||||||
Non-controlling interests
|
307.1
|
289.9
|
805.5
|
1,288.0
| ||||||||||||
Net income (loss)
|
Ps.
|
1,067.7
|
Ps.
|
3,639.6
|
Ps.
|
3,163.4
|
Ps.
|
(3,274.7
|
)
| |||||||
Basic earnings (loss) per CPO attributable to
stockholders of the Company
|
Ps.
|
0.28
|
Ps.
|
1.17
|
Ps.
|
0.85
|
Ps.
|
(1.61
|
)
|
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Disclaimer
Grupo Televisa SAB published this content on 26 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2021 20:47:02 UTC.