The following table sets forth condensed consolidated statements of income for the years ended December 31, 2021 and 2020, in millions of Mexican pesos.
Net sales, increased by 6.3% to Ps.103,521.8 million in 2021 compared with Ps.97,361.6 million in 2020. This increased was due to revenue growth in the Content, Cable
and Other Businesses segments. Operating segment income increased by 7.3%, translating into a 39.2% margin.
The following table sets forth condensed consolidated statements of income for the years ended December 31, 2021 and 2020, in millions of Mexican pesos:
Net income or loss attributable to stockholders of the Company amounted to a net income of Ps.5,386.5 million for 2021, compared with a net loss of Ps.1,250.3 million
for 2020. The favorable net change of Ps.6,636.8 million, reflected (i) a Ps.9,298.5 million favorable change in share of income or loss of associates and joint ventures, net; (ii) a Ps.2,655.1 million increase in income before depreciation and
amortization; (iii) a Ps.2,160.3 million increase in other income, net; and (iv) a Ps.361.4 million decrease in net income attributable to non-controlling interests.
These favorable changes were partially offset by (i) a Ps.5,415.0 million increase in finance expense, net; (ii) a Ps.2,266.0 million increase in income taxes; and
(iii) a Ps.157.5 million increase in depreciation and amortization.
The Company’s Board of Directors 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. This dividend is subject to the approval of the Company’s stockholders.
The following table presents full year consolidated results ended December 31, 2021 and 2020, for each of our business segments, in millions of Mexican pesos.
The following table presents fourth quarter consolidated results ended December 31, 2021 and 2020, for each of our business segments. Fourth quarter consolidated
results for 2021 and 2020 are presented in millions of Mexican pesos.
The following tables set forth the breakdown of revenues and operating segment income, excluding consolidation adjustments, for our MSO and Enterprise operations for
the fourth quarter of 2021 and 2020, and for the full year of 2021 and 2020.
The number of net active subscribers decreased by 72.8 thousand during the quarter to 8.2 million as of December 31, 2021. Quarterly decline was mainly driven by 80.2
thousand video disconnections partially offseted by net additions in broadband and mobile subscribers.
The following table sets forth the breakdown of RGUs per service type for Sky as of December 31, 2021 and 2020.
Content
Fourth quarter sales increased by 4.0% to Ps.11,559.3 million compared with Ps.11,111.5 million in the fourth quarter of 2020.
Full year sales increased by 10.2% to Ps.35,941.9 million compared with Ps.32,613.0 million in 2020.
Millions of Mexican pesos
|
2021
|
%
|
2020
|
%
|
Change
%
|
Advertising
|
19,162.0
|
53.3
|
16,349.8
|
50.1
|
17.2
|
Network Subscription
|
5,390.8
|
15.0
|
5,466.2
|
16.8
|
(1.4)
|
Licensing and Syndication
|
11,389.1
|
31.7
|
10,797.0
|
33.1
|
5.5
|
Net Sales
|
35,941.9
|
|
32,613.0
|
|
10.2
|
Advertising
Fourth quarter advertising sales were Ps.7,103.2 million, increasing by 7.2% compared with Ps.6,628.1 million in the fourth
quarter of 2020 as most of our private sector clients are looking to position their brands, products and services in front of consumers.
Full year advertising sales increased by 17.2% as the
economic rebound has been driving marketing activity and advertising spending across all major categories.
Forecasted advertising customer deposits for 2022 increased by 12.8%, representing the best upfront performance on Televisa’s history.
Network Subscription
Fourth quarter Network Subscription revenues were Ps.1,392.5 million, relatively flat compared with Ps.1,401.7 million in the
fourth quarter of 2020.
Full year Network Subscription revenue decreased by 1.4% compared to 2020.
Licensing and Syndication
Fourth quarter Licensing and Syndication sales decreased by 0.6% to Ps.3,063.6 million from Ps.3,081.7 million in the fourth
quarter of 2020. Royalties from Univision remained flat, reaching U.S.$110.0 million in the fourth quarter of 2021, notwithstanding the decrease of political ad spending compared to the same period of 2020. For the full
year 2021 royalties from Univision increased by 10.1%, reaching an all-time-high of U.S.$417.8 million.
Fourth quarter operating segment income, increased by 1.3% to Ps.5,443.7 compared with Ps.5,371.4 million in the fourth quarter
of 2020. The margin was 47.1%.
Full-year operating segment income increased by 11.5% to Ps.13,779.0 million compared with Ps. 12,360.8 million in 2020, while
the margin was 40 bps higher than that of 2020, reaching 38.3%.
Other Businesses
Fourth quarter sales increased by 23.8% to Ps.1,448.2 million compared with Ps.1,170.0 million in the fourth quarter of 2020.
Full year sales increased by 17.6% to Ps.5,029.1 million compared with Ps.4,276.0 million in 2020.
Fourth quarter operating segment income increased by 123.9% to Ps.368.5 million compared with Ps.164.6 million in the fourth
quarter of 2020. Full year operating segment income increased by 678.9% to Ps.907.3 million compared with Ps.116.5 million in 2020.
Corporate Expense
Corporate expense increased by Ps.320.6 million, or 17.0%, to Ps.2,203.5 million in 2021, from Ps.1,882.9 million in 2020. This increase is due to a higher employee
profit sharing expense. In addition, share-based compensation expense in 2021 and 2020, amounted to Ps.1,088.4 million and Ps.984.4 million, respectively, and was accounted for as corporate expense. Share-based compensation expense is measured at
fair value at the time the equity benefits are conditionally sold to officers and employees, and is recognized over the vesting period.
Other Income or Expense, Net
Other income, net, increased by Ps.2,160.3 million, to Ps.2,394.0 million in 2021, from Ps.233.7 million in 2020. This increase reflected primarily (i) a Ps.4,547.0
million pre-tax gain on disposition of our former 40% equity stake in Ocesa Entretenimiento, S.A. de C.V. (“OCEN”), a live entertainment company with operations primarily in Mexico, which sale was concluded in December 2021. This pre-tax gain was
partially offset by (i) a higher expense related to a legal and financial advisory and professional services;(ii) accrued expense related to the combination with Univision of our Content business operations and other net assets in the first quarter
of 2022; (iii) surcharges resulting from payments made in 2021 by three companies in our Cable, Sky and Content segments for income taxes of prior years; (iv) an increase in impairment adjustments primarily in connection with goodwill, intangible
assets and property and equipment in our Other Businesses segment; (v) a higher non-recurring severance expense in connection with dismissals of personnel in the Content and Cable segments; (vi) the absence in 2021 of a Ps.932.4 million pre-tax
gain on disposition of our 50% equity stake in our former Radio business, which sale was concluded in July, 2020; and (vii) the absence in 2021 of a Ps.167.6 million one-time cash reimbursement in the second quarter of 2020, in connection with a
legal outcome favorable to our former associate, Imagina Media Audiovisual, S.L.
The following table sets forth the breakdown of cash and non-cash other income (expense), net, stated in millions of Mexican pesos, for the years ended December 31,
2021 and 2020.
Other income (expense), net
|
2021
|
2020
|
Cash
|
2,811.0
|
197.9
|
Non-cash
|
(417.0)
|
35.8
|
Total
|
2,394.0
|
233.7
|
Finance Expense, Net
The following table sets forth the finance (expense) income, net, stated in millions of Mexican pesos for the years ended December 31, 2021 and 2020.
|
2021
|
2020
|
Favorable
(Unfavorable)
change
|
Interest expense
|
(9,162.4)
|
(10,482.2)
|
1,319.8
|
Interest income
|
620.2
|
1,133.0
|
(512.8)
|
Foreign exchange (loss) gain, net
|
(1,944.6)
|
3,004.9
|
(4,949.5)
|
Other finance (expense) income, net
|
(1,183.2)
|
89.3
|
(1,272.5)
|
Finance expense, net
|
(11,670.0)
|
(6,255.0)
|
(5,415.0)
|
Finance expense, net, increased by Ps.5,415.0 million, or 86.6%, to Ps.11,670.0 million in 2021, from Ps.6,255.0 million in 2020.
This increase reflected:
(i)
|
a Ps.4,949.5 million unfavorable change in foreign exchange gain or loss, net, resulting primarily from a 2.8% depreciation of the Mexican peso against the
U.S. dollar for the year ended December 31, 2021, on a higher U.S. dollar average net liability position in 2021; compared with an average appreciation of the Mexican peso against the U.S. dollar during the year ended December 31, 2020;
|
(ii)
|
a Ps.512.8 million decrease in interest income, primarily explained by a lower average amount of cash equivalents; and
|
(iii)
|
a Ps.1,272.5 million unfavorable change in other finance income or expense, net, resulting primarily from changes in fair value of our derivative contracts.
|
These unfavorable variances were partially offset by a Ps.1,319.8 million decrease in interest expense, primarily due to a lower average principal
amount of long-term debt in 2021.
Share of Income or Loss of Associates and Joint Ventures, Net
Share of income or loss of associates and joint ventures, net, changed by Ps.9,298.5 million, to a share of income of Ps.3,558.8 million in 2021, from a share of loss
of Ps.5,739.7 million in 2020. This favorable change reflected mainly (i) the absence of a Ps.5,455.4 million impairment adjustment to the carrying value of our investment in shares of Univision Holdings, Inc. (“UHI”) as of March 31 of 2020; (ii) a
higher share of income of Univision Holdings II, Inc. (“UH II”, currently TelevisaUnivision, Inc.), the successor company of UHI, and the controlling company of Univision Communications Inc. (“UCI” and jointly with UHI, UH II, “Univision”); and
(iii) a lower share of loss of OCEN, in which we mantained a 40% interest and disposed of in December, 2021, as discussed below.
Income Taxes
Income taxes increased by Ps.2,266.0 million, or 43.3%, to Ps.7,493.9 million in 2021, compared with Ps.5,227.9 million in 2020. This increase reflected mainly a
higher effective income tax rate, primarily in connection with (i) an inflationary tax gain in some of our companies resulting primarily from a higher inflation in 2021 (7.4% in 2021 compared to 3.2% in 2020); (ii) additional income taxes from
prior years paid by three of our companies, resulting from assessments made by the Mexican tax authority in the second and third quarters of 2021; (iii) a partial write-off of a deferred income tax asset recognized in 2014, as result of an
assessment made by the Mexican tax authority in the first quarter of 2022; and (iv) income taxes paid in 2021 from gains on sales of shares and property among some of our companies in conjunction with reorganization activities contemplated by the
Transaction Agreement entered into by Televisa and UHI in April 2021.
Net Income Attributable to Non-controlling Interests
Net income attributable to non-controlling interests decreased by Ps.361.4 million, or 23.3%, to Ps.1,191.7 million in 2021, compared with Ps.1,553.1 million in 2020.
This decrease reflected primarily a lower portion of net income attributable to non-controlling interests in our Sky and Cable segments.
Capital Expenditures
During 2021, we invested approximately U.S.$1,149.1 million in property, plant and equipment as capital expenditures. The following table sets forth the breakdown by
segment of capital expenditures for 2021 and 2020.
Capital Expenditures
Millions of U.S. Dollars
|
2021
|
2020
|
Cable
|
854.5
|
662.5
|
Sky
|
244.1
|
250.2
|
Content and Other Businesses
|
50.5
|
26.7
|
Total
|
1,149.1
|
939.4
|
Closing of the Transaction with TelevisaUnivision
After receiving all required regulatory approvals, on January 31, 2022, Televisa and TelevisaUnivision, Inc. (“TelevisaUnivision”, formerly UH II) announced that the
combination of the Group’s media, content and production assets with Univision was concluded on that date. As a result, in the first quarter of 2022, Televisa expects to (i) increase its cash and cash equivalents in the amount of approximately
U.S.$3,220 million; (ii) increase its investment in common and preferred shares of TelevisaUnivision in the amount of U.S.$1,500 million; (iii) recognize a net gain on the disposal with Univision of its former Content business and other net assets
in the consolidated statement of income for the first quarter of 2022; (iv) increase its share of income or loss in associates derived from a larger ownership in TelevisaUnivision; and (v) increase its consolidated finance income derived from
returns from the investment in preferred shares issued by TelevisaUnivision. The expected results of this transaction will be partially offset in the consolidated statement of income for the first quarter of 2022, by a reduction in the consolidated
operating income resulting primarily from the disposal of the former Content business. Also, beginning in the first quarter of 2022, Televisa will present the results of operations from the disposed businesses as discontinued operations in the
consolidated statements of income for any prior period presented for comparative purposes and for the month ended January 31, 2022.
Disposal of OCEN
In December, 2021, Televisa announced the closing of the sale of the unconsolidated 40% equity participation in OCEN to Live Nation Entertainment, Inc. (“Live
Nation”). Televisa received approximately Ps.5.2 billion for the equity interest in OCEN, and Live Nation held back and retained 7% of the total amount of the transaction to cover OCEN potential operating losses, if any, for a period of time
following closing, in addition to certain customary closing adjustments.
Debt and Lease Liabilities
The following table sets forth the total debt and lease liabilities as of December 31, 2021 and 2020. Amounts are stated in millions of Mexican pesos.
|
December 31,
2021
|
December 31,
2020
|
Increase
(Decrease)
|
Current portion of long-term debt
|
4,106.4
|
617.0
|
3,489.4
|
|
|
|
|
Long-term debt, net of current portion
|
121,685.7
|
121,936.0
|
(250.3)
|
|
|
|
|
Total debt (1)
|
125,792.1
|
122,553.0
|
3,239.1
|
|
|
|
|
Current portion of long-term lease liabilities
|
1,478.4
|
1,277.7
|
200.7
|
|
|
|
|
Long-term lease liabilities, net of current portion
|
8,202.2
|
8,014.6
|
187.6
|
|
|
|
|
Total lease liabilities
|
9,680.6
|
9,292.3
|
388.3
|
|
|
|
|
Total debt and lease liabilities
|
135,472.7
|
131,845.3
|
3,627.4
|
|
|
|
|
(1) As of December 31of 2021 and 2020, total debt is presented net of finance costs in the amount of Ps.1,207.1million and Ps.1,324.3 million, respectively.
|
As of December 31, 2021, the consolidated net debt position (total debt and lease liabilities, less cash and cash equivalents, temporary
investments and certain non-current investments in financial instruments) was Ps.105,219.9 million. The aggregate amount of non-current investments in financial instruments included in the consolidated net debt position as of December 31, 2021,
amounted to Ps.4,462.9 million.
Shares Outstanding
As of December 31, 2021 and 2020, our shares outstanding amounted to 329,295.9 million and 325,992.5 million shares, respectively, and our CPO equivalents outstanding
amounted to 2,814.5 million and 2,786.3 million CPO equivalents, respectively. Not all of our shares are in the form of CPOs. The number of CPO equivalents is calculated by dividing the number of shares outstanding by 117.
As of December 31, 2021 and 2020, the GDS (Global Depositary Shares) equivalents outstanding amounted to 562.9 million and 557.3 million GDS equivalents, respectively.
The number of GDS equivalents is calculated by dividing the number of CPO equivalents by five.
Sustainability
During the fourth quarter, MSCI upgraded Televisa rating to BBB after being at B for a year. MSCI is a leading provider of critical decision support tools and services
for the global investment community.
Also, for the fifth consecutive year, the Company has been selected as a member of the 2021 Dow Jones Sustainability MILA Pacific Alliance Index, which measures
best-inclass companies among members of the S&P MILA Pacific Alliance Composite that fulfill certain sustainability criteria better than the majority of their peers within a given industry. In addition, Televisa was selected as one of only four
Mexican companies in the 2021 Dow Jones Sustainability Emerging Markets Index. This year, Televisa’s Corporate Sustainability Assessment score increased, demonstrating the Company’s strong commitment to making sustainability an important component
in the formulation of its business strategy.
The Dow Jones Sustainability Indices are a family of best-in-class benchmarks for investors who recognize that sustainable business practices are critical to
generating long-term shareholder value and wish to reflect their sustainability convictions in their investment portfolios.
Throughout 2021, Televisa's many sustainability efforts continued to be recognized globally. For example, the Company was included in three FTSE4Good Index Series:
FTSE4Good Emerging Markets, FTSE4Good Emerging Latin America, and FTSE4Good BIVA. Also, Televisa was selected as a constituent of the ESG index, launched by S&P, Dow Jones, and the Mexican Stock Exchange. Finally, Televisa was confirmed as a
United Nations Global Compact signatory, the world's largest corporate sustainability initiative.
COVID-19 Impact
For the quarter ended December 31, 2021, the financial crisis caused by the COVID-19 pandemic still had a negative effect on our business, financial position and
results of operations, and it is currently difficult to predict the degree of the impact in the future.
We cannot guarantee that conditions in the bank lending, capital and other financial markets will not continue to deteriorate as a result of the pandemic, or that our
access to capital and other sources of funding will not become constrained, which could adversely affect the availability and terms of future borrowings, renewals or refinancings. In addition, the deterioration of global economic conditions as a
result of the pandemic may ultimately reduce the demand for our products across our segments as our clients and customers reduce or defer their spending.
Although vaccination efforts continue, the Mexican Government is still implementing its plan to reactivate economic activities in accordance with color-based phases
determined in every state of the country. Most non-essential economic activities are open, and there are some limitations in place with respect to capacity and hours of operation. Notwithstanding the foregoing, during the quarter ended December 31,
2021, this has affected, and is still affecting the ability of our employees, suppliers and customers to conduct their functions and businesses in their typical manner.
We continued operating our media business (until its combination with Univision on January 31, 2022) and our telecommunications business uninterrupted to continue
benefiting the country with connectivity, entertainment and information, and during the quarter ended December 31, 2021, we continued with the production of new content in accordance with the requirements and health guidelines imposed by the
Mexican Government. The Content business continued to recover during the quarter ended December 31, 2021 as a result of the easing in lockdown restrictions in most jurisdictions in which our customers are located.
In our Other Businesses segment, sporting and other entertainment events for which we have broadcast rights, or which we produce, organize, promote and/or are located
in venues we own, are operating with some restrictions and taking the corresponding sanitary measures, and our casinos are operating with reduced capacity and hours of operation, with some casinos closing and reopening in regions with a high number
of COVID-19 cases, as mandated by the authorities. Local authorities may impose additional rules, including restrictions on capacity and operating hours, which may affect the results of our Other Businesses segment in the following months.
In addition, the authorities may impose restrictions on non-essential activities, including but not limited to temporary shutdowns or additional guidelines, which
could be expensive or burdensome to implement, and which may affect our operations.
The magnitude of the impact on our business will depend on the duration and extent of the COVID-19 pandemic and the impact of federal, state, local and foreign
governmental actions, including continued or future social distancing, and consumer behavior in response to the COVID-19 pandemic and such governmental actions. Due to the evolving and uncertain nature of this situation, we are not able to estimate
the full extent of the impact of the COVID-19 pandemic, but it may continue affecting our business, financial position and results of operations over the near, medium or long-term.
Additional Information Available on Website
The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company's Annual Report and on Form
20-F for the year ended December 31, 2020, which is posted on the “Reports and Filings” section of our investor relations website at televisair.com.
About Televisa
Grupo Televisa S.A.B. (“Televisa”) is a major telecommunications corporation which owns and operates one of the most significant cable companies as
well as a leading direct-to-home satellite pay television system in Mexico. Televisa’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. Televisa owns a majority interest in Sky, a leading direct-to-home satellite pay television system and broadband provider in Mexico, operating also in the Dominican Republic and Central America. Televisa 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 Televisa’s cable and DTH systems. In addition, Televisa is
the largest shareholder of TelevisaUnivision, a leading media company producing, creating, and distributing Spanish-speaking content through several broadcast channels in Mexico, the US and over 60 countries through television networks, cable
operators and over-the-top or “OTT” services. Televisa also has interests in magazine publishing and distribution, professional sports and live entertainment, and gaming.
Disclaimer
This press release contains forward-looking statements regarding the Company’s results and prospects. Actual results could differ materially from
these statements. The forward-looking statements in this press release should be read in conjunction with the factors described in “Item 3. Key Information – Forward-Looking Statements” in the Company’s Annual Report on Form 20-F, which, among
others, could cause actual results to differ materially from those contained in forward-looking statements made in this press release and in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
(Please see attached tables for financial information and ratings data)
###
Contact Information
Investor Relations
www.televisair.com.mx
Tel: (52 55) 5261 2445
Rodrigo Villanueva, VP, Head of Investor Relations rvillanuevab@televisa.com.mx
Andrés Audiffred, Investor Relations Director aaudiffreda@televisa.com.mx
Media Relations
Rubén Acosta / Tel: (52 55) 5224 6420 / racostamo@televisa.com.mx
Teresa Villa / Tel: (52 55) 4438 1205 / atvillas@televisa.com.mx
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF DECEMBER 31, 2021 AND 2020
(Millions of Mexican Pesos)
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
ASSETS
|
|
(Unaudited)
|
|
|
(Audited)
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
Ps.
|
25,593.3
|
|
|
Ps.
|
29,058.1
|
|
Temporary investments
|
|
|
196.6
|
|
|
|
-
|
|
Trade notes and accounts receivable, net
|
|
|
13,312.9
|
|
|
|
12,343.8
|
|
Other accounts and notes receivable, net
|
|
|
17,746.2
|
|
|
|
12,655.5
|
|
Due from related parties
|
|
|
874.9
|
|
|
|
787.0
|
|
Transmission rights and programming
|
|
|
7,591.7
|
|
|
|
6,396.2
|
|
Inventories
|
|
|
2,212.9
|
|
|
|
1,641.3
|
|
Contract costs
|
|
|
1,782.7
|
|
|
|
1,598.4
|
|
Other current assets
|
|
|
3,647.5
|
|
|
|
4,580.8
|
|
Total current assets
|
|
|
72,958.7
|
|
|
|
69,061.1
|
|
|
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
|
|
|
Trade notes and accounts receivable, net of current portion
|
|
|
385.1
|
|
|
|
-
|
|
Derivative financial instruments
|
|
|
133.2
|
|
|
|
-
|
|
Transmission rights and programming
|
|
|
12,421.1
|
|
|
|
7,982.8
|
|
Investments in financial instruments
|
|
|
6,076.1
|
|
|
|
7,002.7
|
|
Investments in associates and joint ventures
|
|
|
26,704.2
|
|
|
|
22,813.5
|
|
Property, plant and equipment, net
|
|
|
87,922.1
|
|
|
|
83,281.6
|
|
Right-of-use assets, net
|
|
|
7,604.5
|
|
|
|
7,212.2
|
|
Intangible assets, net
|
|
|
42,255.9
|
|
|
|
42,724.2
|
|
Deferred income tax assets
|
|
|
32,542.9
|
|
|
|
27,999.7
|
|
Contract costs
|
|
|
3,215.6
|
|
|
|
2,943.1
|
|
Other assets
|
|
|
681.1
|
|
|
|
225.4
|
|
Total non-current assets
|
|
|
219,941.8
|
|
|
|
202,185.2
|
|
Total assets
|
|
Ps.
|
292,900.5
|
|
|
Ps.
|
271,246.3
|
|
|
|
|
|
|
|
|
|
|
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF DECEMBER 31, 2021 AND 2020
(Millions of Mexican Pesos)
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
LIABILITIES
|
|
(Unaudited)
|
|
|
(Audited)
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
Current portion of long-term debt
|
|
Ps.
|
4,106.4
|
|
|
Ps.
|
617.0
|
|
Interest payable
|
|
|
2,032.0
|
|
|
|
1,934.7
|
|
Current portion of lease liabilities
|
|
|
1,478.4
|
|
|
|
1,277.7
|
|
Derivative financial instruments
|
|
|
149.1
|
|
|
|
2,017.0
|
|
Trade accounts payable and accrued expenses
|
|
|
22,588.5
|
|
|
|
21,943.2
|
|
Customer deposits and advances
|
|
|
9,032.3
|
|
|
|
5,935.9
|
|
Income taxes payable
|
|
|
7,744.6
|
|
|
|
2,013.5
|
|
Other taxes payable
|
|
|
4,417.0
|
|
|
|
4,463.3
|
|
Employee benefits
|
|
|
2,322.0
|
|
|
|
1,262.6
|
|
Due to related parties
|
|
|
82.1
|
|
|
|
83.0
|
|
Other current liabilities
|
|
|
2,546.2
|
|
|
|
2,161.6
|
|
Total current liabilities
|
|
|
56,498.6
|
|
|
|
43,709.5
|
|
Non-current liabilities:
|
|
|
|
|
|
|
|
|
Long-term debt, net of current portion
|
|
|
121,685.7
|
|
|
|
121,936.0
|
|
Lease liabilities, net of current portion
|
|
|
8,202.2
|
|
|
|
8,014.6
|
|
Derivative financial instruments
|
|
|
23.8
|
|
|
|
1,459.3
|
|
Income taxes payable
|
|
|
104.8
|
|
|
|
767.1
|
|
Deferred income tax liabilities
|
|
|
2,249.2
|
|
|
|
1,786.3
|
|
Post-employment benefits
|
|
|
1,941.8
|
|
|
|
2,080.7
|
|
Other long-term liabilities
|
|
|
6,407.7
|
|
|
|
3,553.7
|
|
Total non-current liabilities
|
|
|
140,615.2
|
|
|
|
139,597.7
|
|
Total liabilities
|
|
|
197,113.8
|
|
|
|
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
|
|
|
80,023.4
|
|
|
|
83,391.7
|
|
Net income (loss) for the period
|
|
|
5,386.5
|
|
|
|
(1,250.3
|
)
|
|
|
|
87,548.9
|
|
|
|
84,280.4
|
|
Accumulated other comprehensive loss, net
|
|
|
(13,582.8
|
)
|
|
|
(15,556.8
|
)
|
Shares repurchased
|
|
|
(14,205.1
|
)
|
|
|
(16,079.1
|
)
|
|
|
|
59,761.0
|
|
|
|
52,644.5
|
|
Equity attributable to stockholders of the Company
|
|
|
80,487.5
|
|
|
|
73,442.1
|
|
Non-controlling interests
|
|
|
15,299.2
|
|
|
|
14,497.0
|
|
Total equity
|
|
|
95,786.7
|
|
|
|
87,939.1
|
|
Total liabilities and equity
|
|
Ps.
|
292,900.5
|
|
|
Ps.
|
271,246.3
|
|
|
|
|
|
|
|
|
|
|
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE
THREE AND TWELVE MONTHS ENDED DECEMBER 31, 2021 AND 2020
(Millions of Mexican Pesos)
|
|
Three months ended
December 31,
|
|
|
Twelve months ended
December 31,
|
|
|
|
2021
|
|
|
2020
|
|
|
2021
|
|
|
2020
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
(Audited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
Ps.
|
28,811.8
|
|
|
Ps.
|
27,782.7
|
|
|
Ps.
|
103,521.8
|
|
|
Ps.
|
97,361.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales
|
|
|
15,773.5
|
|
|
|
15,438.9
|
|
|
|
59,561.5
|
|
|
|
56,989.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
|
2,723.3
|
|
|
|
2,797.9
|
|
|
|
10,460.2
|
|
|
|
10,366.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
|
3,728.6
|
|
|
|
3,285.7
|
|
|
|
13,710.8
|
|
|
|
12,713.7
|
|
Income before other expense
|
|
|
6,586.4
|
|
|
|
6,260.2
|
|
|
|
19,789.3
|
|
|
|
17,291.7
|
|
Other income (expense), net
|
|
|
3,239.5
|
|
|
|
(423.7
|
)
|
|
|
2,394.0
|
|
|
|
233.7
|
|
Operating income
|
|
|
9,825.9
|
|
|
|
5,836.5
|
|
|
|
22,183.3
|
|
|
|
17,525.4
|
|
Finance expense
|
|
|
(2,597.6
|
)
|
|
|
(4,127.4
|
)
|
|
|
(12,290.2
|
)
|
|
|
(10,482.2
|
)
|
Finance income
|
|
|
494.9
|
|
|
|
6,359.3
|
|
|
|
620.2
|
|
|
|
4,227.2
|
|
Finance (expense) income, net
|
|
|
(2,102.7
|
)
|
|
|
2,231.9
|
|
|
|
(11,670.0
|
)
|
|
|
(6,255.0
|
)
|
Share of income (loss) of associates and joint
ventures, net
|
|
|
1,377.6
|
|
|
|
(408.8
|
)
|
|
|
3,558.8
|
|
|
|
(5,739.7
|
)
|
Income before income taxes
|
|
|
9,100.8
|
|
|
|
7,659.6
|
|
|
|
14,072.1
|
|
|
|
5,530.7
|
|
Income taxes
|
|
|
(5,685.9
|
)
|
|
|
(4,082.1
|
)
|
|
|
(7,493.9
|
)
|
|
|
(5,227.9
|
)
|
Net income
|
|
Ps.
|
3,414.9
|
|
|
Ps.
|
3,577.5
|
|
|
Ps.
|
6,578.2
|
|
|
Ps.
|
302.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders of the Company
|
|
Ps.
|
3,028.7
|
|
|
Ps.
|
3,312.3
|
|
|
Ps.
|
5,386.5
|
|
|
Ps.
|
(1,250.3
|
)
|
Non-controlling interests
|
|
|
386.2
|
|
|
|
265.2
|
|
|
|
1,191.7
|
|
|
|
1,553.1
|
|
Net income
|
|
Ps.
|
3,414.9
|
|
|
Ps.
|
3,577.5
|
|
|
Ps.
|
6,578.2
|
|
|
Ps.
|
302.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings (loss) per CPO attributable to stockholders of the Company
|
|
Ps.
|
1.08
|
|
|
Ps.
|
1.17
|
|
|
Ps.
|
1.93
|
|
|
Ps.
|
(0.44
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|