Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210, Mexico City,
Mexico
|
(Address of principal executive offices)
|
Form 20-F
|
x
|
Form 40-F
|
Yes
|
|
No
|
x
|
Yes
|
|
No
|
x
|
TLEVISA |
Consolidated |
Ticker: TLEVISA |
Quarter: 1 Year: 2019 |
2
|
|
12
|
|
14
|
|
16
|
|
17
|
|
19
|
|
21
|
|
24
|
|
27
|
|
28
|
|
29
|
|
30
|
|
32
|
|
33
|
|
34
|
|
40
|
|
44
|
|
45
|
|
61
|
|
76
|
|
96
|
|
1Q’19
|
Margin %
|
1Q’18
|
Margin %
|
Change %
|
Net sales
|
23,395.2
|
100.0
|
22,812.0
|
100.0
|
2.6
|
Net income
|
858.1
|
3.7
|
994.9
|
4.4
|
(13.8)
|
Net income attributable to stockholders of the Company
|
541.7
|
2.3
|
677.6
|
3.0
|
(20.1)
|
Segment net sales
|
24,624.9
|
100.0
|
23,821.7
|
100.0
|
3.4
|
Operating segment income
(1)
|
9,406.4
|
38.2
|
9,130.8
|
38.3
|
3.0
|
We intend to leverage our position as a leading media company in the Spanish-speaking world to continue expanding our business while maintaining profitability and financial
discipline. We intend to do so by maintaining our leading position in the Mexican television market, by continuing to produce high quality programming and by improving our sales and marketing efforts while maintaining high operating margins
and expanding our cable business.
By leveraging all our business segments and capitalizing on their synergies to extract maximum value from our content and our distribution channels, we also intend to continue expanding our cable business, increasing our international programming sales worldwide and strengthening our position in the growing U.S.-Hispanic market. We also intend to continue developing and expanding Sky, our DTH platform, and our cable businesses. We will continue to strengthen our position and will continue making additional investments, which could be substantial in size, in the DTH and cable industry in accordance with the consolidation of the cable market in Mexico, and we will also continue developing our publishing business and maintain our efforts to become an important player in the gaming industry.
We intend to continue to expand our business by developing new business initiatives and/or through business acquisitions and investments in Mexico, the United States and elsewhere. However, we continue to evaluate our portfolio of assets, in order to determine whether to continue plans to dispose of select non-core 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
|
● |
Weaknesses in internal controls over financial reporting
|
● |
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
|
● |
Seasonal nature of our business
|
● |
Loss of transmission or loss of the use of satellite transponders
|
● |
Incidents affecting our network and information systems or other technologies
|
● |
Results of operations of UHI
|
● |
Uncertainty in global financial markets
|
● |
Renegotiation of Trade Agreements or other changes in foreign policy by the presidential administration in the United States
|
● |
Inflation Rates and High Interest Rates in Mexico
|
● |
Political events in Mexico
|
Operating Segment Income
2
|
1Q’19
|
Margin %
|
1Q’18
|
Margin %
|
Change %
|
Cable
|
4,297.1
|
43.4
|
3,664.9
|
42.3
|
17.3
|
Sky
|
2,306.9
|
43.7
|
2,441.9
|
44.6
|
(5.5)
|
Content
|
2,267.3
|
31.6
|
2,820.1
|
35.7
|
(19.6)
|
Other Businesses
|
535.1
|
23.7
|
203.9
|
11.5
|
162.4
|
Operating Segment Income
|
9,406.4
|
38.2
|
9,130.8
|
38.3
|
3.0
|
Corporate Expenses
|
(516.1)
|
(2.1)
|
(551.7)
|
(2.3)
|
6.5
|
Depreciation and Amortization
|
(5,216.0)
|
(22.3)
|
(4,800.8)
|
(21.0)
|
(8.6)
|
Other Expense, net
|
(188.9)
|
(0.8)
|
(154.1)
|
(0.7)
|
(22.6)
|
Intersegment Operations
3
|
(15.0)
|
-
|
-
|
n/a
|
|
Operating Income
|
3,470.4
|
14.8
|
3,624.2
|
15.9
|
(4.2)
|
RGUs
|
1Q’19
|
1Q’18
|
Video
|
4,375,626
|
4,237,862
|
Broadband
|
4,567,517
|
3,970,473
|
Voice
|
3,183,248
|
2,158,238
|
Total RGUs
|
12,126,391
|
10,366,573
|
MSO Operations
(1)
Millions of Mexican pesos
|
1Q’19
|
1Q’18
|
Change %
|
Revenue
|
8,874.2
|
7,691.4
|
15.4
|
Operating Segment Income
|
3,917.6
|
3,338.0
|
17.4
|
Margin (%)
|
44.1%
|
43.4%
|
|
Enterprise Operations
(1)
Millions of Mexican pesos
|
1Q’19
|
1Q’18
|
Change %
|
Revenue
|
1,393.1
|
1,273.8
|
9.4
|
Operating Segment Income
|
497.0
|
433.9
|
14.5
|
Margin (%)
|
35.7%
|
34.1%
|
-
|
(1) These results do not include consolidation adjustments of Ps.369.2 million in revenues nor Ps.117.5 million in Operating Segment Income for first quarter 2019, neither the consolidation adjustments of Ps.295.5 million in revenues nor Ps.107.0 million in Operating Segment Income for first quarter 2018. Consolidation adjustments are considered in the consolidated results of the Cable segment. |
RGUs
|
1Q’19
|
1Q’18
|
Video
|
7,386,347
|
7,910,225
|
Broadband
|
165,262
|
n/a
|
Voice
|
1,493
|
n/a
|
Total RGUs
|
7,553,102
|
7,910,225
|
Millions of Mexican pesos
|
1Q’19
|
%
|
1Q’18
|
%
|
Change %
|
Advertising
|
3,681.9
|
51.2
|
4,272.7
|
54.1
|
(13.8)
|
Network Subscription
|
1,218.3
|
17.0
|
1,179.1
|
14.9
|
3.3
|
Licensing and Syndication
|
2,284.7
|
31.8
|
2,447.6
|
31.0
|
(6.7)
|
Net Sales
|
7,184.9
|
100.0
|
7,899.4
|
100.0
|
(9.0)
|
1Q 2019
|
1Q 2018
|
(Increase) decrease
|
|
Interest expense
|
(2,406.8)
|
(2,289.2)
|
(117.6)
|
Interest income
|
296.5
|
304.0
|
(7.5)
|
Foreign exchange gain, net
|
139.0
|
993.8
|
(854.8)
|
Other finance expense, net
|
(302.8)
|
(1,209.3)
|
906.5
|
Finance expense, net
|
(2,274.1)
|
(2,200.7)
|
(73.4)
|
Capital Expenditures
Millions of U.S.$
|
1Q 2019
|
1Q 2018
|
Cable
|
169.7
|
106.1
|
Sky
|
47.1
|
40.0
|
Content and Other Businesses
|
6.1
|
12.6
|
Total
|
222.9
|
158.7
|
IFRS 16 Adoption
Long-term Lease Agreements
|
March 31, 2019
Assets (Liabilities)
|
January 1, 2019
Assets (Liabilities)
|
Right-to-use assets
|
4,699.4
|
4,817.8
|
Lease liabilities
|
(4,739.4)
1
|
(4,817.8)
1
|
Net effect
|
(40.0)
|
1 Current portion, as of March 31, 2019 and January 1, 2019, were Ps.465.8 million and Ps.438.8 million, respectively |
IFRS 16 Adoption
Reclassification
|
March 31, 2019
Assets (Liabilities)
|
January 1, 2019
Assets (Liabilities)
|
Right-to-use assets
|
3,289.1
|
3,402.9
|
Lease liabilities
|
(5,158.1)
1
|
(5,317.9)
1
|
Net effect
|
(1,869.0)
|
(1,915.0)
|
1 Current portion, as of March 31, 2019 and January 1, 2019, were Ps.650.7 million and Ps.651.8 million, respectively |
March 31, 2019
|
December 31, 2018
|
(decrease) Increase
|
|
Current portion of long-term debt
|
972.3
|
988.4
|
(16.1)
|
Long-term debt, net of current portion
|
120,029.7
|
120,983.6
|
(953.9)
|
Total debt
1
|
121,002.0
|
121,972.0
|
(970.0)
|
Current portion of lease liabilities
|
1,116.5
|
651.8
|
464.7
|
Long-term lease liabilities, net of current portion
|
8,781.0
|
4,666.1
|
4,114.9
|
Total lease liabilities
2
|
9,897.5
|
5,317.9
|
4,579.6
|
Current portion of other notes payable
|
1,297.3
|
1,288.4
|
8.9
|
Other notes payable, net of current portion
|
-
|
1,288.4
|
(1,288.4)
|
Total other notes payable
3
|
1,297.3
|
2,576.8
|
(1,279.5)
|
|
1Q’19
|
Margin %
|
1Q’18
|
Margin %
|
Change %
|
Net sales
|
23,395.2
|
100.0
|
22,812.0
|
100.0
|
2.6
|
Net income
|
858.1
|
3.7
|
994.9
|
4.4
|
(13.8)
|
Net income attributable to stockholders of the Company
|
541.7
|
2.3
|
677.6
|
3.0
|
(20.1)
|
Segment net sales
|
24,624.9
|
100.0
|
23,821.7
|
100.0
|
3.4
|
Operating segment income
(1)
|
9,406.4
|
38.2
|
9,130.8
|
38.3
|
3.0
|
Operating Segment Income
2
|
1Q’19
|
Margin %
|
1Q’18
|
Margin %
|
Change %
|
Cable
|
4,297.1
|
43.4
|
3,664.9
|
42.3
|
17.3
|
Sky
|
2,306.9
|
43.7
|
2,441.9
|
44.6
|
(5.5)
|
Content
|
2,267.3
|
31.6
|
2,820.1
|
35.7
|
(19.6)
|
Other Businesses
|
535.1
|
23.7
|
203.9
|
11.5
|
162.4
|
Operating Segment Income
|
9,406.4
|
38.2
|
9,130.8
|
38.3
|
3.0
|
Corporate Expenses
|
(516.1)
|
(2.1)
|
(551.7)
|
(2.3)
|
6.5
|
Depreciation and Amortization
|
(5,216.0)
|
(22.3)
|
(4,800.8)
|
(21.0)
|
(8.6)
|
Other Expense, net
|
(188.9)
|
(0.8)
|
(154.1)
|
(0.7)
|
(22.6)
|
Intersegment Operations
3
|
(15.0)
|
-
|
-
|
n/a
|
|
Operating Income
|
3,470.4
|
14.8
|
3,624.2
|
15.9
|
(4.2)
|
Ticker:
|
TLEVISA
|
Period covered by financial statements:
|
2019-01-01 TO 2019-03-31
|
Date of end of reporting period:
|
2019-03-31
|
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:
|
1
|
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
2019-03-31
|
Close Previous Exercise
2018-12-31
|
Statement of financial position
|
||
Assets
|
||
Current assets
|
||
Cash and cash equivalents
|
23,563,014,000
|
32,068,291,000
|
Trade and other current receivables
|
35,155,920,000
|
27,693,929,000
|
Current tax assets, current
|
3,021,105,000
|
2,188,870,000
|
Other current financial assets
|
45,759,000
|
146,671,000
|
Current inventories
|
1,042,466,000
|
1,026,428,000
|
Current biological assets
|
0
|
0
|
Other current non-financial assets
|
[1]
9,668,239,000
|
8,928,679,000
|
Total current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
72,496,503,000
|
72,052,868,000
|
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
0
|
0
|
Total current assets
|
72,496,503,000
|
72,052,868,000
|
Non-current assets
|
||
Trade and other non-current receivables
|
0
|
0
|
Current tax assets, non-current
|
0
|
0
|
Non-current inventories
|
0
|
0
|
Non-current biological assets
|
0
|
0
|
Other non-current financial assets
|
49,352,929,000
|
50,123,273,000
|
Investments accounted for using equity method
|
0
|
0
|
Investments in subsidiaries, joint ventures and associates
|
10,577,650,000
|
10,546,728,000
|
Property, plant and equipment
|
83,691,784,000
|
83,939,661,000
|
Investment property
|
0
|
0
|
Right-of-use assets that do not meet definition of investment property
|
7,988,523,000
|
3,402,869,000
|
Goodwill
|
14,113,626,000
|
14,113,626,000
|
Intangible assets other than goodwill
|
28,587,140,000
|
28,949,890,000
|
Deferred tax assets
|
22,567,059,000
|
22,181,779,000
|
Other non-current non-financial assets
|
[2]
11,755,308,000
|
11,859,899,000
|
Total non-current assets
|
228,634,019,000
|
225,117,725,000
|
Total assets
|
301,130,522,000
|
297,170,593,000
|
Equity and liabilities
|
||
Liabilities
|
||
Current liabilities
|
||
Trade and other current payables
|
45,924,301,000
|
41,278,310,000
|
Current tax liabilities, current
|
2,139,959,000
|
3,054,790,000
|
Other current financial liabilities
|
4,623,271,000
|
3,544,869,000
|
Current lease liabilities
|
1,116,399,000
|
651,832,000
|
Other current non-financial liabilities
|
0
|
0
|
Current provisions
|
||
Current provisions for employee benefits
|
0
|
0
|
Other current provisions
|
1,655,000
|
1,642,000
|
Total current provisions
|
1,655,000
|
1,642,000
|
Total current liabilities other than liabilities included in disposal groups classified as held for sale
|
53,805,585,000
|
48,531,443,000
|
Liabilities included in disposal groups classified as held for sale
|
0
|
0
|
Total current liabilities
|
53,805,585,000
|
48,531,443,000
|
Non-current liabilities
|
||
Trade and other non-current payables
|
4,076,751,000
|
4,621,644,000
|
Current tax liabilities, non-current
|
1,718,109,000
|
3,141,394,000
|
Concept
|
Close Current Quarter
2019-03-31
|
Close Previous Exercise
2018-12-31
|
Other non-current financial liabilities
|
120,029,693,000
|
122,272,052,000
|
Non-current lease liabilities
|
8,781,067,000
|
4,666,112,000
|
Other non-current non-financial liabilities
|
0
|
0
|
Non-current provisions
|
||
Non-current provisions for employee benefits
|
988,041,000
|
962,497,000
|
Other non-current provisions
|
54,098,000
|
54,238,000
|
Total non-current provisions
|
1,042,139,000
|
1,016,735,000
|
Deferred tax liabilities
|
7,912,382,000
|
8,390,522,000
|
Total non-current liabilities
|
143,560,141,000
|
144,108,459,000
|
Total liabilities
|
197,365,726,000
|
192,639,902,000
|
Equity
|
||
Issued capital
|
4,907,765,000
|
4,907,765,000
|
Share premium
|
15,889,819,000
|
15,889,819,000
|
Treasury shares
|
14,182,413,000
|
14,219,060,000
|
Retained earnings
|
79,327,840,000
|
78,510,909,000
|
Other reserves
|
4,066,732,000
|
4,427,487,000
|
Total equity attributable to owners of parent
|
90,009,743,000
|
89,516,920,000
|
Non-controlling interests
|
13,755,053,000
|
15,013,771,000
|
Total equity
|
103,764,796,000
|
104,530,691,000
|
Total equity and liabilities
|
301,130,522,000
|
297,170,593,000
|
Concept
|
Accumulated Current Year
2019-01-01 - 2019-03-31
|
Accumulated Previous Year
2018-01-01 - 2018-03-31
|
Profit or loss
|
||
Profit (loss)
|
||
Revenue
|
23,395,245,000
|
22,812,003,000
|
Cost of sales
|
13,264,015,000
|
13,060,608,000
|
Gross profit
|
10,131,230,000
|
9,751,395,000
|
Distribution costs
|
2,764,384,000
|
2,581,370,000
|
Administrative expenses
|
3,707,540,000
|
3,391,751,000
|
Other income
|
0
|
0
|
Other expense
|
188,910,000
|
154,086,000
|
Profit (loss) from operating activities
|
3,470,396,000
|
3,624,188,000
|
Finance income
|
435,445,000
|
1,297,850,000
|
Finance costs
|
2,709,535,000
|
3,498,519,000
|
Share of profit (loss) of associates and joint ventures accounted for using equity method
|
165,821,000
|
107,096,000
|
Profit (loss) before tax
|
1,362,127,000
|
1,530,615,000
|
Tax income (expense)
|
503,987,000
|
535,715,000
|
Profit (loss) from continuing operations
|
858,140,000
|
994,900,000
|
Profit (loss) from discontinued operations
|
0
|
0
|
Profit (loss)
|
858,140,000
|
994,900,000
|
Profit (loss), attributable to
|
||
Profit (loss), attributable to owners of parent
|
541,718,000
|
677,558,000
|
Profit (loss), attributable to non-controlling interests
|
316,422,000
|
317,342,000
|
Earnings per share
|
||
Earnings per share
|
||
Earnings per share
|
||
Basic earnings per share
|
||
Basic earnings (loss) per share from continuing operations
|
0.19
|
0.23
|
Basic earnings (loss) per share from discontinued operations
|
0
|
0
|
Total basic earnings (loss) per share
|
[3]
0.19
|
0.23
|
Diluted earnings per share
|
||
Diluted earnings (loss) per share from continuing operations
|
0.18
|
0.22
|
Diluted earnings (loss) per share from discontinued operations
|
0
|
0
|
Total diluted earnings (loss) per share
|
[4]
0.18
|
0.22
|
Concept
|
Accumulated Current Year
2019-01-01 - 2019-03-31
|
Accumulated Previous Year
2018-01-01 - 2018-03-31
|
Statement of comprehensive income
|
||
Profit (loss)
|
858,140,000
|
994,900,000
|
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
|
100,330,000
|
(280,139,000)
|
Other comprehensive income, net of tax, gains (losses) on revaluation
|
0
|
0
|
Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans
|
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
|
Other comprehensive income, net of tax, gains (losses) on hedging instruments that hedge investments in equity instruments
|
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
|
Total other comprehensive income that will not be reclassified to profit or loss, net of tax
|
100,330,000
|
(280,139,000)
|
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
|
(58,578,000)
|
(681,899,000)
|
Reclassification adjustments on exchange differences on translation, net of tax
|
0
|
0
|
Other comprehensive income, net of tax, exchange differences on translation
|
(58,578,000)
|
(681,899,000)
|
Available-for-sale financial assets
|
||
Gains (losses) on remeasuring available-for-sale financial assets, net of tax
|
0
|
0
|
Reclassification adjustments on available-for-sale financial assets, net of tax
|
0
|
0
|
Other comprehensive income, net of tax, available-for-sale financial assets
|
0
|
0
|
Cash flow hedges
|
||
Gains (losses) on cash flow hedges, net of tax
|
(347,592,000)
|
(412,468,000)
|
Reclassification adjustments on cash flow hedges, net of tax
|
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
|
Other comprehensive income, net of tax, cash flow hedges
|
(347,592,000)
|
(412,468,000)
|
Hedges of net investment in foreign operations
|
||
Gains (losses) on hedges of net investments in foreign operations, net of tax
|
0
|
0
|
Reclassification adjustments on hedges of net investments in foreign operations, net of tax
|
0
|
0
|
Other comprehensive income, net of tax, hedges of net investments in foreign operations
|
0
|
0
|
Change in value of time value of options
|
||
Gains (losses) on change in value of time value of options, net of tax
|
0
|
0
|
Reclassification adjustments on change in value of time value of options, net of tax
|
0
|
0
|
Other comprehensive income, net of tax, change in value of time value of options
|
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
|
Reclassification adjustments on change in value of forward elements of forward contracts, net of tax
|
0
|
0
|
Other comprehensive income, net of tax, change in value of forward elements of forward contracts
|
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
|
Reclassification adjustments on change in value of foreign currency basis spreads, net of tax
|
0
|
0
|
Other comprehensive income, net of tax, change in value of foreign currency basis spreads
|
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
|
(388,000)
|
0
|
Concept
|
Accumulated Current Year
2019-01-01 - 2019-03-31
|
Accumulated Previous Year
2018-01-01 - 2018-03-31
|
Reclassification adjustments on financial assets measured at fair value through other comprehensive income, net of tax
|
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
|
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income
|
(388,000)
|
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
|
(56,045,000)
|
(13,356,000)
|
Total other comprehensive income that will be reclassified to profit or loss, net of tax
|
(462,603,000)
|
(1,107,723,000)
|
Total other comprehensive income
|
(362,273,000)
|
(1,387,862,000)
|
Total comprehensive income
|
495,867,000
|
(392,962,000)
|
Comprehensive income attributable to
|
||
Comprehensive income, attributable to owners of parent
|
180,963,000
|
(660,585,000)
|
Comprehensive income, attributable to non-controlling interests
|
314,904,000
|
267,623,000
|
Concept
|
Accumulated Current Year
2019-01-01 - 2019-03-31
|
Accumulated Previous Year
2018-01-01 - 2018-03-31
|
Statement of cash flows
|
||
Cash flows from (used in) operating activities
|
||
Profit (loss)
|
858,140,000
|
994,900,000
|
Adjustments to reconcile profit (loss)
|
||
+ Discontinued operations
|
0
|
0
|
+ Adjustments for income tax expense
|
503,987,000
|
535,715,000
|
+ (-) Adjustments for finance costs
|
0
|
0
|
+ Adjustments for depreciation and amortisation expense
|
5,215,951,000
|
4,800,801,000
|
+ Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss
|
16,893,000
|
0
|
+ Adjustments for provisions
|
456,025,000
|
396,507,000
|
+ (-) Adjustments for unrealised foreign exchange losses (gains)
|
(360,315,000)
|
(2,176,556,000)
|
+ Adjustments for share-based payments
|
317,248,000
|
375,806,000
|
+ (-) Adjustments for fair value losses (gains)
|
302,809,000
|
1,209,269,000
|
- Adjustments for undistributed profits of associates
|
0
|
0
|
+ (-) Adjustments for losses (gains) on disposal of non-current assets
|
78,352,000
|
180,103,000
|
(165,821,000)
|
(107,096,000)
|
|
+ (-) Adjustments for decrease (increase) in inventories
|
(742,768,000)
|
(1,599,793,000)
|
+ (-) Adjustments for decrease (increase) in trade accounts receivable
|
(4,859,621,000)
|
1,867,433,000
|
+ (-) Adjustments for decrease (increase) in other operating receivables
|
(1,358,316,000)
|
(50,743,000)
|
+ (-) Adjustments for increase (decrease) in trade accounts payable
|
(771,272,000)
|
(969,775,000)
|
+ (-) Adjustments for increase (decrease) in other operating payables
|
3,296,257,000
|
1,243,824,000
|
+ Other adjustments for non-cash items
|
0
|
0
|
+ Other adjustments for which cash effects are investing or financing cash flow
|
84,000
|
(85,000,000)
|
+ Straight-line rent adjustment
|
0
|
0
|
+ Amortization of lease fees
|
0
|
0
|
+ Setting property values
|
0
|
0
|
+ (-) Other adjustments to reconcile profit (loss)
|
151,206,000
|
93,009,000
|
+ (-) Total adjustments to reconcile profit (loss)
|
2,080,699,000
|
5,713,504,000
|
Net cash flows from (used in) operations
|
2,938,839,000
|
6,708,404,000
|
- Dividends paid
|
0
|
0
|
0
|
0
|
|
- Interest paid
|
(2,406,726,000)
|
(2,289,250,000)
|
+ Interest received
|
(25,533,000)
|
(25,267,000)
|
+ (-) Income taxes refund (paid)
|
4,463,085,000
|
2,715,804,000
|
+ (-) Other inflows (outflows) of cash
|
0
|
0
|
Net cash flows from (used in) operating activities
|
856,947,000
|
6,256,583,000
|
Cash flows from (used in) investing activities
|
||
+ Cash flows from losing control of subsidiaries or other businesses
|
0
|
85,000,000
|
- 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
|
0
|
- 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
|
0
|
- Other cash payments to acquire interests in joint ventures
|
0
|
0
|
+ Proceeds from sales of property, plant and equipment
|
161,542,000
|
125,405,000
|
- Purchase of property, plant and equipment
|
4,279,827,000
|
2,971,881,000
|
+ Proceeds from sales of intangible assets
|
0
|
0
|
- Purchase of intangible assets
|
477,957,000
|
379,967,000
|
+ Proceeds from sales of other long-term assets
|
0
|
0
|
- Purchase of other long-term assets
|
0
|
0
|
Concept
|
Accumulated Current Year
2019-01-01 - 2019-03-31
|
Accumulated Previous Year
2018-01-01 - 2018-03-31
|
+ 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
|
0
|
0
|
|
+ (-) Other inflows (outflows) of cash
|
(8,000)
|
293,163,000
|
Net cash flows from (used in) investing activities
|
(4,596,250,000)
|
(2,848,280,000)
|
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
|
1,294,375,000
|
1,184,020,000
|
+ Proceeds from issuing shares
|
0
|
0
|
+ Proceeds from issuing other equity instruments
|
0
|
0
|
- Payments to acquire or redeem entity's shares
|
0
|
562,036,000
|
- Payments of other equity instruments
|
0
|
0
|
+ Proceeds from borrowings
|
0
|
0
|
- Repayments of borrowings
|
76,872,000
|
76,872,000
|
- Payments of finance lease liabilities
|
114,746,000
|
101,634,000
|
- Payments of lease liabilities
|
210,932,000
|
0
|
+ Proceeds from government grants
|
0
|
0
|
- Dividends paid
|
0
|
0
|
- Interest paid
|
1,467,990,000
|
2,360,314,000
|
+ (-) Income taxes refund (paid)
|
0
|
0
|
+ (-) Other inflows (outflows) of cash
|
(1,585,479,000)
|
(5,250,000)
|
Net cash flows from (used in) financing activities
|
(4,750,394,000)
|
(4,290,126,000)
|
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes
|
(8,489,697,000)
|
(881,823,000)
|
Effect of exchange rate changes on cash and cash equivalents
|
||
Effect of exchange rate changes on cash and cash equivalents
|
(15,580,000)
|
(147,673,000)
|
Net increase (decrease) in cash and cash equivalents
|
(8,505,277,000)
|
(1,029,496,000)
|
Cash and cash equivalents at beginning of period
|
32,068,291,000
|
38,734,949,000
|
Cash and cash equivalents at end of period
|
23,563,014,000
|
37,705,453,000
|
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
|
4,907,765,000
|
15,889,819,000
|
14,219,060,000
|
78,510,909,000
|
0
|
1,461,495,000
|
683,585,000
|
0
|
0
|
Changes in equity
|
|||||||||
Comprehensive income
|
|||||||||
Profit (loss)
|
0
|
0
|
0
|
541,718,000
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
0
|
0
|
0
|
(57,060,000)
|
(347,592,000)
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
0
|
541,718,000
|
0
|
(57,060,000)
|
(347,592,000)
|
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
|
(36,647,000)
|
275,213,000
|
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
|
(36,647,000)
|
816,931,000
|
0
|
(57,060,000)
|
(347,592,000)
|
0
|
0
|
Equity at end of period
|
4,907,765,000
|
15,889,819,000
|
14,182,413,000
|
79,327,840,000
|
0
|
1,404,435,000
|
335,993,000
|
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
|
2,654,866,000
|
0
|
0
|
(533,203,000)
|
0
|
0
|
0
|
Changes in equity
|
|||||||||
Comprehensive income
|
|||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
99,942,000
|
0
|
0
|
0
|
0
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
99,942,000
|
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
|
99,942,000
|
0
|
0
|
0
|
0
|
0
|
0
|
Equity at end of period
|
0
|
0
|
2,754,808,000
|
0
|
0
|
(533,203,000)
|
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
|
160,744,000
|
4,427,487,000
|
89,516,920,000
|
15,013,771,000
|
104,530,691,000
|
Changes in equity
|
||||||||
Comprehensive income
|
||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
541,718,000
|
316,422,000
|
858,140,000
|
Other comprehensive income
|
0
|
0
|
0
|
(56,045,000)
|
(360,755,000)
|
(360,755,000)
|
(1,518,000)
|
(362,273,000)
|
Total comprehensive income
|
0
|
0
|
0
|
(56,045,000)
|
(360,755,000)
|
180,963,000
|
314,904,000
|
495,867,000
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
0
|
1,573,622,000
|
1,573,622,000
|
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
|
311,860,000
|
0
|
311,860,000
|
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
|
(56,045,000)
|
(360,755,000)
|
492,823,000
|
(1,258,718,000)
|
(765,895,000)
|
Equity at end of period
|
0
|
0
|
0
|
104,699,000
|
4,066,732,000
|
90,009,743,000
|
13,755,053,000
|
103,764,796,000
|
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
|
4,978,126,000
|
15,889,819,000
|
14,788,984,000
|
74,983,656,000
|
0
|
2,298,822,000
|
561,412,000
|
0
|
0
|
Changes in equity
|
|||||||||
Comprehensive income
|
|||||||||
Profit (loss)
|
0
|
0
|
0
|
677,558,000
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
0
|
0
|
0
|
(632,180,000)
|
(412,468,000)
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
0
|
677,558,000
|
0
|
(632,180,000)
|
(412,468,000)
|
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
|
1,471,967,000
|
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
|
271,633,000
|
80,015,000
|
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
|
271,633,000
|
2,229,540,000
|
0
|
(632,180,000)
|
(412,468,000)
|
0
|
0
|
Equity at end of period
|
4,978,126,000
|
15,889,819,000
|
15,060,617,000
|
77,213,196,000
|
0
|
1,666,642,000
|
148,944,000
|
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
|
2,196,595,000
|
0
|
0
|
(665,739,000)
|
0
|
0
|
0
|
Changes in equity
|
|||||||||
Comprehensive income
|
|||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Other comprehensive income
|
0
|
0
|
(280,139,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Total comprehensive income
|
0
|
0
|
(280,139,000)
|
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
|
(280,139,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
Equity at end of period
|
0
|
0
|
1,916,456,000
|
0
|
0
|
(665,739,000)
|
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
|
208,057,000
|
4,599,147,000
|
85,661,764,000
|
13,995,150,000
|
99,656,914,000
|
Changes in equity
|
||||||||
Comprehensive income
|
||||||||
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
677,558,000
|
317,342,000
|
994,900,000
|
Other comprehensive income
|
0
|
0
|
0
|
(13,356,000)
|
(1,338,143,000)
|
(1,338,143,000)
|
(49,719,000)
|
(1,387,862,000)
|
Total comprehensive income
|
0
|
0
|
0
|
(13,356,000)
|
(1,338,143,000)
|
(660,585,000)
|
267,623,000
|
(392,962,000)
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
0
|
5,899,000
|
5,899,000
|
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
|
1,471,967,000
|
777,628,000
|
2,249,595,000
|
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
|
(191,618,000)
|
0
|
(191,618,000)
|
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
|
(13,356,000)
|
(1,338,143,000)
|
619,764,000
|
1,039,352,000
|
1,659,116,000
|
Equity at end of period
|
0
|
0
|
0
|
194,701,000
|
3,261,004,000
|
86,281,528,000
|
15,034,502,000
|
101,316,030,000
|
Concept
|
Close Current Quarter
2019-03-31
|
Close Previous Exercise
2018-12-31
|
Informative data of the Statement of Financial Position
|
||
Capital stock (nominal)
|
2,459,154,000
|
2,459,154,000
|
Restatement of capital stock
|
2,448,611,000
|
2,448,611,000
|
Plan assets for pensions and seniority premiums
|
1,444,155,000
|
1,461,902,000
|
Number of executives
|
67
|
67
|
Number of employees
|
38,640
|
39,098
|
Number of workers
|
0
|
0
|
Outstanding shares
|
338,239,570,890
|
338,329,119,531
|
Repurchased shares
|
19,067,700,912
|
18,978,152,271
|
Restricted cash
|
0
|
0
|
Guaranteed debt of associated companies
|
0
|
0
|
Concept
|
Accumulated Current Year
2019-01-01 - 2019-03-31
|
Accumulated Previous Year
2018-01-01 - 2018-03-31
|
Informative data of the Income Statement
|
||
Operating depreciation and amortization
|
5,215,951,000
|
4,800,801,000
|
Concept
|
Current Year
2018-04-01 - 2019-03-31
|
Previous Year
2017-04-01 - 2018-03-31
|
Informative data - Income Statement for 12 months
|
||
Revenue
|
101,865,575,000
|
94,443,866,000
|
Profit (loss) from operating activities
|
20,098,766,000
|
14,837,207,000
|
Profit (loss)
|
7,478,510,000
|
5,225,368,000
|
Profit (loss), attributable to owners of parent
|
5,873,574,000
|
3,373,233,000
|
Operating depreciation and amortization
|
20,249,352,000
|
18,761,733,000
|
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
|
||||||||||||||||
BANORTE1
|
NO
|
2015-05-15
|
2022-04-30
|
TIIE+1.0
|
181,635,000
|
60,544,000
|
242,173,000
|
242,174,000
|
549,066,000
|
|||||||
HSBC 2
|
NO
|
2013-05-29
|
2019-05-30
|
TIIE+1.25
|
180,382,000
|
|||||||||||
HSBC 3
|
NO
|
2014-07-04
|
2019-07-04
|
TIIE+1.25
|
299,902,000
|
|||||||||||
BANCO SANTANDER 4
|
NO
|
2015-03-12
|
2020-05-07
|
TIIE+1.25
|
249,883,000
|
|||||||||||
BANCO SANTANDER 5
|
NO
|
2015-01-08
|
2019-09-10
|
TIIE+1.25
|
249,870,000
|
|||||||||||
HSBC 6
|
NO
|
2016-03-08
|
2023-03-08
|
7.13
|
1,250,000,000
|
1,250,000,000
|
||||||||||
SCOTIABANK INVERLAT 7
|
NO
|
2016-03-08
|
2023-03-08
|
7
|
1,500,000,000
|
1,500,000,000
|
||||||||||
BANCO SANTANDER 8
|
NO
|
2017-11-23
|
2022-10-21
|
TIIE+1.25
|
1,493,400,000
|
|||||||||||
HSBC9
|
NO
|
2017-11-23
|
2022-11-22
|
TIIE+1.30
|
1,991,254,000
|
|||||||||||
SCOTIABANK INVERLAT10
|
NO
|
2017-12-07
|
2023-02-03
|
TIIE+1.30
|
2,488,629,000
|
|||||||||||
TOTAL
|
911,789,000
|
60,544,000
|
492,056,000
|
2,992,174,000
|
9,272,349,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Other banks
|
||||||||||||||||
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Total banks
|
||||||||||||||||
TOTAL
|
911,789,000
|
60,544,000
|
492,056,000
|
2,992,174,000
|
9,272,349,000
|
0
|
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
|
4,486,828,000
|
|||||||||||
NOTES 2
|
NO
|
2010-10-14
|
2020-10-01
|
7.38
|
9,988,833,000
|
|||||||||||
SENIOR NOTES 3
|
YES
|
2013-05-14
|
2043-05-14
|
7.62
|
6,442,764,000
|
|||||||||||
NOTES 4
|
NO
|
2014-04-07
|
2021-04-01
|
TIIE+0.35
|
5,995,690,000
|
|||||||||||
NOTES 5
|
NO
|
2015-05-11
|
2022-05-02
|
TIIE+0.35
|
4,994,542,000
|
|||||||||||
NOTES 6
|
NO
|
2017-10-09
|
2027-10-09
|
8.79
|
4,479,750,000
|
|||||||||||
SENIOR NOTES 7
|
YES
|
2005-03-18
|
2025-03-18
|
6.97
|
11,425,143,000
|
|||||||||||
SENIOR NOTES 8
|
YES
|
2002-03-11
|
2032-03-11
|
8.94
|
5,804,539,000
|
|||||||||||
SENIOR NOTES 9
|
YES
|
2009-11-23
|
2040-01-15
|
6.97
|
11,523,370,000
|
|||||||||||
SENIOR NOTES 10
|
YES
|
2014-05-13
|
2045-05-13
|
5.26
|
18,982,435,000
|
|||||||||||
SENIOR NOTES 11
|
YES
|
2015-11-24
|
2026-01-30
|
4.86
|
5,794,382,000
|
|||||||||||
SENIOR NOTES 12
|
YES
|
2015-11-24
|
2046-01-31
|
6.44
|
17,354,838,000
|
|||||||||||
TOTAL
|
0
|
0
|
9,988,833,000
|
5,995,690,000
|
4,994,542,000
|
15,409,342,000
|
0
|
0
|
0
|
0
|
0
|
70,884,707,000
|
||||
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
|
9,988,833,000
|
5,995,690,000
|
4,994,542,000
|
15,409,342,000
|
0
|
0
|
0
|
0
|
0
|
[5]
70,884,707,000
|
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
|
|||||
Other current and non-current liabilities with cost
|
||||||||||||||||
Other current and non-current liabilities with cost
|
||||||||||||||||
NOTES PAYABLE TRANSFERRED TO BBVA BANCOMER BY ORIGINAL CREDITOR 1
|
NO
|
2016-03-01
|
2020-03-04
|
1,297,344,000
|
||||||||||||
TOTAL
|
0
|
1,297,344,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Total other current and non-current liabilities with cost
|
||||||||||||||||
TOTAL
|
0
|
[6]
1,297,344,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Suppliers
|
||||||||||||||||
Suppliers
|
||||||||||||||||
SUPPLIERS 1
|
NO
|
2019-03-30
|
2020-03-30
|
11,875,745,000
|
5,330,694,000
|
|||||||||||
TRANSMISSION RIGHTS 2
|
NO
|
2012-05-07
|
2026-12-29
|
1,187,230,000
|
981,815,000
|
144,454,000
|
68,107,000
|
98,343,000
|
2,863,742,000
|
1,190,581,000
|
474,390,000
|
257,194,000
|
861,867,000
|
|||
TOTAL
|
0
|
13,062,975,000
|
981,815,000
|
144,454,000
|
68,107,000
|
98,343,000
|
0
|
8,194,436,000
|
1,190,581,000
|
474,390,000
|
257,194,000
|
861,867,000
|
||||
Total suppliers
|
||||||||||||||||
TOTAL
|
0
|
13,062,975,000
|
981,815,000
|
144,454,000
|
68,107,000
|
98,343,000
|
0
|
8,194,436,000
|
1,190,581,000
|
474,390,000
|
257,194,000
|
861,867,000
|
||||
Other current and non-current liabilities
|
||||||||||||||||
Other current and non-current liabilities
|
||||||||||||||||
DERIVATIVE FINANCIAL INSTRUMENTS 1
|
455,744,000
|
|||||||||||||||
TOTAL
|
0
|
455,744,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Total other current and non-current liabilities
|
||||||||||||||||
TOTAL
|
0
|
455,744,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
Total credits
|
||||||||||||||||
TOTAL
|
911,789,000
|
14,876,607,000
|
11,462,704,000
|
9,132,318,000
|
14,334,998,000
|
15,507,685,000
|
0
|
8,194,436,000
|
1,190,581,000
|
474,390,000
|
257,194,000
|
71,746,574,000
|
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
|
1,128,936,000
|
21,929,582,000
|
63,200,000
|
1,227,660,000
|
23,157,242,000
|
Non-current monetary assets
|
0
|
0
|
0
|
0
|
0
|
Total monetary assets
|
1,128,936,000
|
21,929,582,000
|
63,200,000
|
1,227,660,000
|
23,157,242,000
|
Liabilities position
|
|||||
Current liabilities
|
544,639,000
|
10,579,613,000
|
19,354,000
|
375,951,000
|
10,955,564,000
|
Non-current liabilities
|
4,084,235,000
|
79,336,265,000
|
0
|
0
|
79,336,265,000
|
Total liabilities
|
4,628,874,000
|
89,915,878,000
|
19,354,000
|
375,951,000
|
90,291,829,000
|
Net monetary assets (liabilities)
|
(3,499,938,000)
|
(67,986,296,000)
|
43,846,000
|
851,709,000
|
[7]
(67,134,587,000)
|
Income type
|
||||
National income
|
Export income
|
Income of subsidiaries abroad
|
Total income
|
|
CONTENT:
|
||||
CONTENT:
|
0
|
0
|
0
|
0
|
TELEVISA
|
||||
CONTENT – ADVERTISING
|
3,616,434,000
|
65,510,000
|
0
|
3,681,944,000
|
CONTENT – NETWORK SUBSCRIPTION REVENUE
|
910,650,000
|
307,658,000
|
0
|
1,218,308,000
|
CONTENT - LICENSING AND SYNDICATION
|
292,523,000
|
1,992,147,000
|
0
|
2,284,670,000
|
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
|
4,734,693,000
|
0
|
342,445,000
|
5,077,138,000
|
SKY – PAY PER VIEW
|
8,755,000
|
0
|
844,000
|
9,599,000
|
SKY – ADVERTISING
|
194,860,000
|
0
|
0
|
194,860,000
|
CABLE (INCLUDES LEASING OF SET-TOP EQUIPMENT):
|
||||
CABLE (INCLUDES LEASING OF SET-TOP EQUIPMENT):
|
0
|
0
|
0
|
0
|
CABLEVISIÓN, CABLEMÁS, TVI, CABLECOM, IZZI, TELECABLE
|
||||
CABLE – DIGITAL TV SERVICE
|
3,869,808,000
|
0
|
0
|
3,869,808,000
|
CABLE – BROADBAND SERVICES
|
3,540,593,000
|
0
|
0
|
3,540,593,000
|
CABLE - SERVICE INSTALLATION
|
75,406,000
|
0
|
0
|
75,406,000
|
CABLE - ADVERTISING
|
257,617,000
|
0
|
0
|
257,617,000
|
CABLE - TELEPHONY
|
916,454,000
|
0
|
0
|
916,454,000
|
CABLE – OTHER INCOME
|
59,952,000
|
0
|
0
|
59,952,000
|
BESTEL, METRORED
|
||||
CABLE - ENTERPISE OPERATIONS
|
1,100,392,000
|
0
|
77,858,000
|
1,178,250,000
|
OTHER BUSINESSES:
|
||||
OTHER BUSINESSES:
|
0
|
0
|
0
|
0
|
TV Y NOVELAS, MUY INTERESANTE JUNIOR, VANIDADES, COSMOPOLITAN, NATIONAL GEOGRAPHIC, MUY INTERESANTE, TÚ, SKY VIEW
|
||||
PUBLISHING – MAGAZINE CIRCULATION
|
97,942,000
|
0
|
11,626,000
|
109,568,000
|
PUBLISHING – ADVERTISING
|
65,359,000
|
0
|
11,897,000
|
77,256,000
|
PUBLISHING – OTHER INCOME
|
1,384,000
|
0
|
0
|
1,384,000
|
VIDEOCINE, PANTELION
|
||||
DISTRIBUTION, RENTALS AND SALE OF MOVIE RIGHTS
|
235,923,000
|
937,000
|
0
|
236,860,000
|
CLUB DE FÚTBOL AMÉRICA, ESTADIO AZTECA
|
||||
SPECIAL EVENTS AND SHOW PROMOTION
|
419,662,000
|
430,015,000
|
0
|
849,677,000
|
PLAY CITY
|
||||
GAMING
|
753,195,000
|
0
|
0
|
753,195,000
|
TELEVISA RADIO
|
||||
RADIO - ADVERTISING
|
155,906,000
|
0
|
0
|
155,906,000
|
CORTOON NETWORK, MINI REVISTA MINA, ENTREPRENEUR, SELECCIONES, GUÍA DE BIENESTAR SELECCIONES, ALGARABIA, VOGUE
MEXICO
|
||||
PUBLISHING DISTRIBUTION
|
76,441,000
|
0
|
0
|
76,441,000
|
INTERSEGMENT ELIMINATIONS
|
||||
INTERSEGMENT ELIMINATIONS
|
(1,228,150,000)
|
0
|
(1,491,000)
|
(1,229,641,000)
|
TOTAL
|
20,155,799,000
|
2,796,267,000
|
443,179,000
|
23,395,245,000
|
|
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. $230,300,000.00 (Two
hundred and thirty million three hundred thousand U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $65,900,037.49 (Sixty-five million nine hundred thousand thirty-seven Mexican pesos 49/100) was incurred in
the quarter.
|
|
2. |
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. $20,000,000.00 (Twenty million U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $8,233,200.00 (Eight million two hundred thirty-three thousand two hundred Mexican pesos 00/100) was incurred in the
quarter.
|
|
3. |
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. $26,000,000.00 (Twenty-six million U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $ 9,399,900.00 (Nine million three hundred ninety-nine thousand nine hundred Mexican pesos 00/100) 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. $16,600,000.00 (Sixteen million six hundred thousand U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $18,737,250.00 (Eighteen million seven hundred thirty-seven thousand two hundred fifty
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
|
Maturing per Year
|
Collateral/Lines of Credit/ Securities Pledged
|
||
Current Quarter (5)
|
Previous Quarter (6)
|
Current Quarter Dr (Cr) (5)
|
Previous Quarter Dr (Cr)
(6)
|
|||||
Interest Rate Swap (1)
|
Hedging
|
Ps.6,000,000
|
TIIE 28 days / 5.9351%
|
TIIE 28 days / 5.9351%
|
245,487
|
340,153
|
Monthly interest
2019-2021
|
Does not exist (7)
|
Interest Rate Swap (1)
|
Hedging
|
Ps.5,000,000
|
TIIE 28 days / 6.5716%
|
TIIE 28 days / 6.5716%
|
183,253
|
299,560
|
Monthly interest
2019-2022
|
Does not exist (7)
|
Interest Rate Swap (1)
|
Hedging
|
Ps.2,000,000
|
TIIE 28 days / 7.3275%
|
TIIE 28 days / 7.3275%
|
32,088
|
85,073
|
Monthly interest
2019-2022
|
Does not exist (7)
|
Interest Rate Swap (1)
|
Hedging
|
Ps.1,500,000
|
TIIE 28 days / 7.3500%
|
TIIE 28 days / 7.3500%
|
22,961
|
63,420
|
Monthly interest
2019-2022
|
Does not exist (7)
|
(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 March 31, 2019, is as follows
:
|
Other financial assets
|
Ps.
|
14,759
|
|||
Other non-current financial assets
|
543,901
|
||||
Other financial liabilities
|
(455,744
|
)
|
|||
Ps. |
102 ,916
|
(6) |
Information as of December 31, 2018.
|
(7) |
Applies only to implicit financing in the ISDA ancillary agreements identified as “Credit Support Annex”.
|
Concept
|
Close Current Quarter
2019-03-31
|
Close Previous Exercise
2018-12-31
|
Subclassifications of assets, liabilities and equities
|
||
Cash and cash equivalents
|
||
Cash
|
||
Cash on hand
|
65,759,000
|
46,852,000
|
Balances with banks
|
775,993,000
|
1,914,254,000
|
Total cash
|
841,752,000
|
1,961,106,000
|
Cash equivalents
|
||
Short-term deposits, classified as cash equivalents
|
22,721,262,000
|
30,107,185,000
|
Short-term investments, classified as cash equivalents
|
0
|
0
|
Other banking arrangements, classified as cash equivalents
|
0
|
0
|
Total cash equivalents
|
22,721,262,000
|
30,107,185,000
|
Other cash and cash equivalents
|
0
|
0
|
Total cash and cash equivalents
|
23,563,014,000
|
32,068,291,000
|
Trade and other current receivables
|
||
Current trade receivables
|
24,272,017,000
|
19,748,850,000
|
Current receivables due from related parties
|
656,682,000
|
1,078,327,000
|
Current prepayments
|
||
Current advances to suppliers
|
0
|
0
|
Current prepaid expenses
|
2,411,505,000
|
1,680,905,000
|
Total current prepayments
|
2,411,505,000
|
1,680,905,000
|
Current receivables from taxes other than income tax
|
6,024,116,000
|
3,593,417,000
|
Current value added tax receivables
|
5,896,201,000
|
3,468,261,000
|
Current receivables from sale of properties
|
0
|
0
|
Current receivables from rental of properties
|
0
|
0
|
Other current receivables
|
1,791,600,000
|
1,592,430,000
|
Total trade and other current receivables
|
35,155,920,000
|
27,693,929,000
|
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
|
1,042,466,000
|
1,026,428,000
|
Total current inventories
|
1,042,466,000
|
1,026,428,000
|
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
|
0
|
0
|
Non-current receivables due from related parties
|
0
|
0
|
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
2019-03-31
|
Close Previous Exercise
2018-12-31
|
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
|
0
|
0
|
Investments in subsidiaries, joint ventures and associates
|
||
Investments in subsidiaries
|
0
|
0
|
Investments in joint ventures
|
789,715,000
|
764,217,000
|
Investments in associates
|
9,787,935,000
|
9,782,511,000
|
Total investments in subsidiaries, joint ventures and associates
|
10,577,650,000
|
10,546,728,000
|
Property, plant and equipment
|
||
Land and buildings
|
||
Land
|
4,965,289,000
|
4,967,965,000
|
Buildings
|
4,669,063,000
|
4,728,443,000
|
Total land and buildings
|
9,634,352,000
|
9,696,408,000
|
Machinery
|
55,469,609,000
|
56,774,004,000
|
Vehicles
|
||
Ships
|
0
|
0
|
Aircraft
|
528,267,000
|
529,158,000
|
Motor vehicles
|
832,185,000
|
905,936,000
|
Total vehicles
|
1,360,452,000
|
1,435,094,000
|
Fixtures and fittings
|
538,950,000
|
555,678,000
|
Office equipment
|
2,483,232,000
|
2,656,206,000
|
Tangible exploration and evaluation assets
|
0
|
0
|
Mining assets
|
0
|
0
|
Oil and gas assets
|
0
|
0
|
Construction in progress
|
13,107,880,000
|
11,683,180,000
|
Construction prepayments
|
0
|
0
|
Other property, plant and equipment
|
1,097,309,000
|
1,139,091,000
|
Total property, plant and equipment
|
83,691,784,000
|
83,939,661,000
|
Investment property
|
||
Investment property completed
|
0
|
0
|
Investment property under construction or development
|
0
|
0
|
Investment property prepayments
|
0
|
0
|
Total investment property
|
0
|
0
|
Intangible assets and goodwill
|
||
Intangible assets other than goodwill
|
||
Brand names
|
665,829,000
|
800,929,000
|
Intangible exploration and evaluation assets
|
0
|
0
|
Mastheads and publishing titles
|
0
|
0
|
Computer software
|
2,928,821,000
|
3,130,935,000
|
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
|
24,992,490,000
|
25,018,026,000
|
Total intangible assets other than goodwill
|
28,587,140,000
|
28,949,890,000
|
Goodwill
|
14,113,626,000
|
14,113,626,000
|
Total intangible assets and goodwill
|
42,700,766,000
|
43,063,516,000
|
Trade and other current payables
|
||
Current trade payables
|
21,257,411,000
|
22,029,548,000
|
Current payables to related parties
|
744,286,000
|
714,450,000
|
Accruals and deferred income classified as current
|
Concept
|
Close Current Quarter
2019-03-31
|
Close Previous Exercise
2018-12-31
|
Deferred income classified as current
|
17,921,121,000
|
13,637,580,000
|
Rent deferred income classified as current
|
0
|
0
|
Accruals classified as current
|
3,173,222,000
|
3,616,398,000
|
Short-term employee benefits accruals
|
649,211,000
|
1,067,245,000
|
Total accruals and deferred income classified as current
|
21,094,343,000
|
17,253,978,000
|
Current payables on social security and taxes other than income tax
|
2,182,655,000
|
675,662,000
|
Current value added tax payables
|
1,526,538,000
|
44,088,000
|
Current retention payables
|
645,606,000
|
604,672,000
|
Other current payables
|
0
|
0
|
Total trade and other current payables
|
45,924,301,000
|
41,278,310,000
|
Other current financial liabilities
|
||
Bank loans current
|
972,333,000
|
988,362,000
|
Stock market loans current
|
0
|
0
|
Other current liabilities at cost
|
1,297,344,000
|
1,288,437,000
|
Other current liabilities at no cost
|
455,744,000
|
148,061,000
|
Other current financial liabilities
|
1,897,850,000
|
1,120,009,000
|
Total Other current financial liabilities
|
4,623,271,000
|
3,544,869,000
|
Trade and other non-current payables
|
||
Non-current trade payables
|
4,076,751,000
|
4,621,644,000
|
Non-current payables to related parties
|
0
|
0
|
Accruals and deferred income classified as non-current
|
||
Deferred income classified as non-current
|
0
|
0
|
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
|
0
|
0
|
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
|
4,076,751,000
|
4,621,644,000
|
Other non-current financial liabilities
|
||
Bank loans non-current
|
12,756,579,000
|
12,815,254,000
|
Stock market loans non-current
|
107,273,114,000
|
108,168,361,000
|
Other non-current liabilities at cost
|
0
|
1,288,437,000
|
Other non-current liabilities at no cost
|
0
|
0
|
Other non-current financial liabilities
|
0
|
0
|
Total Other non-current financial liabilities
|
120,029,693,000
|
122,272,052,000
|
Other provisions
|
||
Other non-current provisions
|
54,098,000
|
54,238,000
|
Other current provisions
|
1,655,000
|
1,642,000
|
Total other provisions
|
55,753,000
|
55,880,000
|
Other reserves
|
||
Revaluation surplus
|
0
|
0
|
Reserve of exchange differences on translation
|
1,404,435,000
|
1,461,495,000
|
Reserve of cash flow hedges
|
335,993,000
|
683,585,000
|
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
|
2,754,808,000
|
2,654,866,000
|
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
|
(533,203,000)
|
(533,203,000)
|
Concept
|
Close Current Quarter
2019-03-31
|
Close Previous Exercise
2018-12-31
|
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
|
104,699,000
|
160,744,000
|
Total other reserves
|
4,066,732,000
|
4,427,487,000
|
Net assets (liabilities)
|
||
Assets
|
301,130,522,000
|
297,170,593,000
|
Liabilities
|
197,365,726,000
|
192,639,902,000
|
Net assets (liabilities)
|
103,764,796,000
|
104,530,691,000
|
Net current assets (liabilities)
|
||
Current assets
|
72,496,503,000
|
72,052,868,000
|
Current liabilities
|
53,805,585,000
|
48,531,443,000
|
Net current assets (liabilities)
|
18,690,918,000
|
23,521,425,000
|
Concept
|
Accumulated Current Year
2019-01-01 - 2019-03-31
|
Accumulated Previous Year
2018-01-01 - 2018-03-31
|
Analysis of income and expense
|
||
Revenue
|
||
Revenue from rendering of services
|
17,443,178,000
|
16,635,280,000
|
Revenue from sale of goods
|
230,969,000
|
281,180,000
|
Interest income
|
0
|
0
|
Royalty income
|
2,120,680,000
|
2,235,830,000
|
Dividend income
|
0
|
0
|
Rental income
|
3,600,418,000
|
3,659,713,000
|
Revenue from construction contracts
|
0
|
0
|
Other revenue
|
0
|
0
|
Total revenue
|
23,395,245,000
|
22,812,003,000
|
Finance income
|
||
Interest income
|
296,483,000
|
304,073,000
|
Net gain on foreign exchange
|
138,962,000
|
993,777,000
|
Gains on change in fair value of derivatives
|
0
|
0
|
Gain on change in fair value of financial instruments
|
0
|
0
|
Other finance income
|
0
|
0
|
Total finance income
|
435,445,000
|
1,297,850,000
|
Finance costs
|
||
Interest expense
|
2,406,726,000
|
2,289,250,000
|
Net loss on foreign exchange
|
0
|
0
|
Losses on change in fair value of derivatives
|
302,809,000
|
1,209,269,000
|
Loss on change in fair value of financial instruments
|
0
|
0
|
Other finance cost
|
0
|
0
|
Total finance costs
|
2,709,535,000
|
3,498,519,000
|
Tax income (expense)
|
||
Current tax
|
1,261,269,000
|
1,865,136,000
|
Deferred tax
|
(757,282,000)
|
(1,329,421,000)
|
Total tax income (expense)
|
503,987,000
|
535,715,000
|
Entity
|
Company’s
Ownership Interest (1) |
Business Segment
(2)
|
|||
Grupo Telesistema, S.A. de C.V. and subsidiaries
|
100%
|
Content and Other Businesses
|
|||
Televisa, S.A. de C.V. (“Televisa”)
(3)
|
100%
|
Content
|
|||
G.Televisa-D, S.A. de C.V.
(3)
|
100%
|
Content
|
|||
Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary
(4)
|
100%
|
Content
|
|||
Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively,
“Sky”)
(5)
|
58.7%
|
Sky
|
|||
Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries
(6)
|
100%
|
Cable and Sky
|
|||
Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively,
“Empresas Cablevisión”)
(7)
|
51%
|
Cable
|
|||
Subsidiaries engaged in the Cablemás business (collectively,
“Cablemás”)
(8)
|
100%
|
Cable
|
|||
Televisión Internacional, S.A. de C.V. and subsidiaries (collectively,
“TVI”)
(9)
|
100%
|
Cable
|
|||
Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”)
(10)
|
66.1%
|
Cable
|
|||
Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”)
(11)
|
100%
|
Cable
|
|||
Subsidiaries engaged in the Telecable business
(collectively, “Telecable”)
(12)
|
100%
|
Cable
|
|||
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
|
|||
Sistema Radiópolis, S.A. de C.V. (“Radiópolis”) and subsidiaries
(13)
|
50%
|
Other Businesses
|
|||
Controladora de Juegos y Sorteos de México, S.A. de C.V. and
subsidiaries
|
100%
|
Other Businesses
|
|||
Villacezán, S.A. de C.V. (“Villacezán”) and subsidiaries
(14)
|
100%
|
Other Businesses
|
(1)
|
Percentage of equity interest directly or indirectly held by the Company.
|
(2)
|
See Note 25 for a description of each of the Group’s business segments.
|
(3)
|
Televisa and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema, S.A. de C.V.
|
(4)
|
Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), are wholly-owned subsidiaries of the Company
through which it owns shares of the capital stock of UHI and maintains an investment in warrants that are exercisable for shares of common stock of UHI. As of December 31, 2018 and 2017, Multimedia Telecom and Tieren have
investments representing 95.3% and 4.7%, respectively, of the Group’s aggregate investment in shares of common stock and share warrants issued by UHI (see Notes 9, 10 and 19).
|
(5)
|
Innova is an indirect majority-owned subsidiary of the Company 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.
|
(6)
|
CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and
Innova. In September 2016, Factum Más Telecom, S.A. de C.V., a former direct subsidiary of the Company and the former parent company of Sky DTH, Innova Holdings and Innova, was merged into CVQ. At the consolidated level, this merger
had no effect (see Note 3).
|
(7)
|
Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ.
|
(8)
|
Some Cablemás subsidiaries are directly owned by CVQ and some other Cablemás subsidiaries are indirectly owned by CVQ. In June 2016, three
former Cablecom subsidiaries were merged into a Cablemás subsidiary. At the consolidated level, the mergers had no effect.
|
(9)
|
Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ. Through February 2016, the Company had a 50% ownership interest in
TVI, and consolidated this subsidiary because it appointed the majority of the members of the Board of Directors of TVI. In March 2016, the Company acquired the remaining 50% non-controlling interest in TVI (see Note 3).
|
(10)
|
Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V.
|
(11)
|
Through the third quarter of 2016, Grupo Cable TV, S.A. de C.V. (“Grupo Cable TV”), was an indirect subsidiary of CVQ. In June 2016, three
former subsidiaries of Grupo Cable TV were merged into a Cablemás subsidiary. In the fourth quarter of 2016, Grupo Cable TV merged into Arretis, S.A.P.I. de C.V., a direct subsidiary of CVQ. At the consolidated level, the mergers
had no effect.
|
(12)
|
The Telecable subsidiaries are directly owned by CVQ.
|
(13)
|
Radiópolis is a direct subsidiary of the Company. The Company controls Radiópolis as it has the right to appoint the majority of the members
of the Board of Directors of Radiópolis.
|
(14)
|
Villacezán is an indirect subsidiary of Grupo Telesistema, S.A. de C.V.
|
Segments
|
Expiration Dates
|
|
Content (broadcasting concessions)
(1)
|
In 2021 and the relevant renewals start in 2022 ending in 2042
|
|
Sky
(2)
|
Various from 2020 to 2027
|
|
Cable
|
Various from 2020 to 2046
|
|
Other Businesses:
|
||
Radio
(3)
|
Various from 2019 to 2039
|
|
Gaming
|
In 2030
|
(1) |
In November 2018, the IFT approved the renewal of the Group’s broadcasting concessions for all of its television stations in Mexico, for a term of 20 years after the
existing expiration date in 2021. In November 2018, the Group paid in cash for such renewal an aggregate amount of Ps.5,754,543, which includes a payment of Ps.1,194 for administrative expenses and recognized this cost as an
intangible asset in its consolidated statement of financial position. This amount will be amortized in a period of 20 years beginning on January 1, 2022, by using the straight-line method (see Note 12).
|
(2) |
Sky made timely requests to renew its concessions in Panama and Honduras during 2018.
|
(3) |
The costs paid by the Group for renewal of certain Radio concessions in 2017 and 2016 amounted to an aggregate of Ps.37,848 and Ps.111,636, respectively. In
addition, IFT granted in 2017 two new concessions to the Group in Ensenada and Puerto Vallarta. The cost paid by the Group for obtaining these concessions amounted to an aggregate of Ps.85,486. The Group recognized the amounts for
renewal and obtaining these concessions as intangible assets in its consolidated statement of financial position, and are amortized in a period of 20 years by using the straight-line method (see Note 12).
|
Estimated
Useful Lives |
||
Buildings
|
20-65 years
|
|
Building improvements
|
5-20 years
|
|
Technical equipment
|
3-30 years
|
|
Satellite transponders
|
15 years
|
|
Furniture and fixtures
|
3-10 years
|
|
Transportation equipment
|
4-8 years
|
|
Computer equipment
|
3-6 years
|
|
Leasehold improvements
|
5-30 years
|
Estimated
Useful Lives |
||
Trademarks
|
4 years
|
|
Licenses
|
3-14 years
|
|
Subscriber lists
|
4-10 years
|
|
Payments for renewal of concessions
|
20 years
|
|
Other intangible assets
|
3-20 years
|
● |
Advertising revenues, including deposits and advances from customers for future advertising, are recognized at the time the advertising services are rendered.
|
● |
Revenues from program services for network subscription and licensed and syndicated television programs are recognized when the programs are sold and become
available for broadcast.
|
● |
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. Through December 31, 2017, commissions for obtaining contracts with customers in the Group’s Sky segment were accounted for as they were incurred. Beginning on January 1, 2018, in accordance with IFRS 15, certain
incremental costs for obtaining contracts with customers, primarily commissions, are recognized as assets in the Group’s consolidated statement of financial position and amortized in the expected life of contracts with
customers.
|
● |
Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the period in which the services are rendered.
Through December 31, 2017, commissions for obtaining contracts with customers in the Group’s Cable segment were accounted for as they were incurred. Beginning on January 1, 2018, in accordance with IFRS 15, incremental costs for
obtaining contracts with customers, primarily commissions, are recognized as assets in the Group’s consolidated statement of financial position and amortized in the expected life of contracts with customers.
|
● |
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.
|
● |
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 are recognized as the films are exhibited.
|
● |
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.
|
● |
The determination of whether an arrangement was, or contained, a lease was based on the substance of the arrangement and required an assessment of whether the
fulfillment of the arrangement was dependent on the use of a specific asset or assets and whether the arrangement conveyed the right to use the asset.
|
● |
Leases of property, plant and equipment and other assets where the Group held substantially all the risks and rewards of ownership were classified as finance leases.
Finance lease assets were capitalized at the commencement of the lease term at the lower of the present value of the minimum lease payments or the fair value of the lease asset. The obligations relating to finance leases, net of
finance charges in respect of future periods, were recognized as liabilities. The interest element of the finance cost was charged to the consolidated statement of income over the lease period so as to produce a constant periodic
rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases was depreciated over the shorter of the useful life of the asset and the lease term.
|
● |
Leases where a significant portion of the risks and rewards were held by the lessor were classified as operating leases. Rentals were charged to the consolidated
statement of income on a straight line basis over the period of the lease.
|
● |
Leasehold improvements were depreciated at the lesser of its useful life or contract term.
|
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
(1)
|
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
|
Postponed
|
||
IFRS 16
|
Leases
|
January 1, 2019
|
||
Amendments to IFRS 4
(2)
|
Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
|
No earlier than 2020
|
||
IFRS 17
(2)
|
Insurance Contracts
|
January 1, 2021
|
||
IFRIC 23
(1)
|
Uncertainty over Income Tax Treatments
|
January 1, 2019
|
||
Annual Improvements
(1)
|
Annual Improvements to IFRS Standards 2015-2017 Cycle
|
January 1, 2019
|
||
Amendments to IAS 28
(1)
|
Long-term Interests in Associates and Joint Ventures
|
January 1, 2019
|
||
Amendments to IFRS 9
(1)
|
Prepayment Features with Negative Compensation
|
January 1, 2019
|
||
Amendments to IAS 19
(1)
|
Plan Amendment, Curtailment or Settlement
|
January 1, 2019
|
||
IFRS Conceptual Framework
|
Conceptual Framework for Financial Reporting
|
January 1, 2020
|
||
Amendments to IFRS 3
(1)
|
Definition of a Business
|
January 1, 2020
|
||
Amendments to IAS 1 and IAS 8
(1)
|
Definition of Material
|
January 1, 2020
|
(1) |
This new or amended IFRS Standard is not expected to have a significant impact on the Group’s consolidated financial statements.
|
(2) |
This new or amended IFRS Standard is not expected to be applicable to the Group’s consolidated financial statements.
|
Standard
|
Subject of Amendment
|
|
IFRS 3
Business Combinations
|
Previously held interest in a joint operation.
|
|
IFRS 11
Joint Arrangements
|
Previously held interest in a joint operation.
|
|
IAS 12
Income Taxes
|
Income tax consequences of payments on financial instruments classified as equity.
|
|
IAS 23
Borrowing Costs
|
Borrowing costs eligible for capitalization.
|
Entity
|
Company’s
Ownership Interest (1) |
Business Segment
(2)
|
||
Grupo Telesistema, S.A. de C.V. and subsidiaries
|
100%
|
Content and Other Businesses
|
||
Televisa, S.A. de C.V. (“Televisa”)
(3)
|
100%
|
Content
|
||
G.Televisa-D, S.A. de C.V.
(3)
|
100%
|
Content
|
||
Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary
(4)
|
100%
|
Content
|
||
Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”)
(5)
|
58.7%
|
Sky
|
||
Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries
(6)
|
100%
|
Cable and Sky
|
||
Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”)
(7)
|
51%
|
Cable
|
||
Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”)
(8)
|
100%
|
Cable
|
||
Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”)
(9)
|
100%
|
Cable
|
||
Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”)
(10)
|
66.1%
|
Cable
|
||
Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”)
(11)
|
100%
|
Cable
|
||
Subsidiaries engaged in the Telecable business (collectively, “Telecable”)
(12)
|
100%
|
Cable
|
||
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
|
||
Sistema Radiópolis, S.A. de C.V. (“Radiópolis”) and subsidiaries
(13)
|
50%
|
Other Businesses
|
||
Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries
|
100%
|
Other Businesses
|
||
Villacezán, S.A. de C.V. (“Villacezán”) and subsidiaries
(14)
|
100%
|
Other Businesses
|
(1)
|
Percentage of equity interest directly or indirectly held by the Company.
|
(2)
|
See Note 25 for a description of each of the Group’s business segments.
|
(3)
|
Televisa and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema, S.A. de C.V.
|
(4)
|
Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), are wholly-owned subsidiaries of the Company through which it
owns shares of the capital stock of UHI and maintains an investment in warrants that are exercisable for shares of common stock of UHI. As of December 31, 2018 and 2017, Multimedia Telecom and Tieren have investments representing
95.3% and 4.7%, respectively, of the Group’s aggregate investment in shares of common stock and share warrants issued by UHI (see Notes 9, 10 and 19).
|
(5)
|
Innova is an indirect majority-owned subsidiary of the Company 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.
|
(6)
|
CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova. In
September 2016, Factum Más Telecom, S.A. de C.V., a former direct subsidiary of the Company and the former parent company of Sky DTH, Innova Holdings and Innova, was merged into CVQ. At the consolidated level, this merger had no
effect (see Note 3).
|
(7)
|
Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ.
|
(8)
|
Some Cablemás subsidiaries are directly owned by CVQ and some other Cablemás subsidiaries are indirectly owned by CVQ. In June 2016, three former Cablecom
subsidiaries were merged into a Cablemás subsidiary. At the consolidated level, the mergers had no effect.
|
(9)
|
Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ. Through February 2016, the Company had a 50% ownership interest in TVI, and
consolidated this subsidiary because it appointed the majority of the members of the Board of Directors of TVI. In March 2016, the Company acquired the remaining 50% non-controlling interest in TVI (see Note 3).
|
(10)
|
Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V.
|
(11)
|
Through the third quarter of 2016, Grupo Cable TV, S.A. de C.V. (“Grupo Cable TV”), was an indirect subsidiary of CVQ. In June 2016, three former
subsidiaries of Grupo Cable TV were merged into a Cablemás subsidiary. In the fourth quarter of 2016, Grupo Cable TV merged into Arretis, S.A.P.I. de C.V., a direct subsidiary of CVQ. At the consolidated level, the mergers had no
effect.
|
(12)
|
The Telecable subsidiaries are directly owned by CVQ.
|
(13)
|
Radiópolis is a direct subsidiary of the Company. The Company controls Radiópolis as it has the right to appoint the majority of the members of the Board of
Directors of Radiópolis.
|
(14)
|
Villacezán is an indirect subsidiary of Grupo Telesistema, S.A. de C.V.
|
Segments
|
Expiration Dates
|
|
Content (broadcasting concessions)
(1)
|
In 2021 and the relevant renewals start in 2022 ending in 2042
|
|
Sky
(2)
|
Various from 2020 to 2027
|
|
Cable
|
Various from 2020 to 2046
|
|
Other Businesses:
|
||
Radio
(3)
|
Various from 2019 to 2039
|
|
Gaming
|
In 2030
|
(1) |
In November 2018, the IFT approved the renewal of the Group’s broadcasting concessions for all of its television stations in Mexico, for a term of 20 years after the
existing expiration date in 2021. In November 2018, the Group paid in cash for such renewal an aggregate amount of Ps.5,754,543, which includes a payment of Ps.1,194 for administrative expenses and recognized this cost as an
intangible asset in its consolidated statement of financial position. This amount will be amortized in a period of 20 years beginning on January 1, 2022, by using the straight-line method (see Note 12).
|
(2) | Sky made timely requests to renew its concessions in Panama and Honduras during 2018. |
(3) | The costs paid by the Group for renewal of certain Radio concessions in 2017 and 2016 amounted to an aggregate of Ps.37,848 and Ps.111,636, respectively. In addition, IFT granted in 2017 two new concessions to the Group in Ensenada and Puerto Vallarta. The cost paid by the Group for obtaining these concessions amounted to an aggregate of Ps.85,486. The Group recognized the amounts for renewal and obtaining these concessions as intangible assets in its consolidated statement of financial position, and are amortized in a period of 20 years by using the straight-line method (see Note 12). |
Estimated
Useful Lives |
||
Buildings
|
20-65 years
|
|
Building improvements
|
5-20 years
|
|
Technical equipment
|
3-30 years
|
|
Satellite transponders
|
15 years
|
|
Furniture and fixtures
|
3-10 years
|
|
Transportation equipment
|
4-8 years
|
|
Computer equipment
|
3-6 years
|
|
Leasehold improvements
|
5-30 years
|
Estimated
Useful Lives |
||
Trademarks
|
4 years
|
|
Licenses
|
3-14 years
|
|
Subscriber lists
|
4-10 years
|
|
Payments for renewal of concessions
|
20 years
|
|
Other intangible assets
|
3-20 years
|
● |
Advertising revenues, including deposits and advances from customers for future advertising, are recognized at the time the advertising services are rendered.
|
● |
Revenues from program services for network subscription and licensed and syndicated television programs are recognized when the programs are sold and become
available for broadcast.
|
● |
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. Through December 31, 2017, commissions for obtaining contracts with customers in the Group’s Sky segment were accounted for as they were incurred. Beginning on January 1, 2018, in accordance with IFRS 15, certain
incremental costs for obtaining contracts with customers, primarily commissions, are recognized as assets in the Group’s consolidated statement of financial position and amortized in the expected life of contracts with
customers.
|
● |
Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the period in which the services are rendered.
Through December 31, 2017, commissions for obtaining contracts with customers in the Group’s Cable segment were accounted for as they were incurred. Beginning on January 1, 2018, in accordance with IFRS 15, incremental costs for
obtaining contracts with customers, primarily commissions, are recognized as assets in the Group’s consolidated statement of financial position and amortized in the expected life of contracts with customers.
|
● |
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.
|
● |
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 are recognized as the films are exhibited.
|
● |
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.
|
● |
The determination of whether an arrangement was, or contained, a lease was based on the substance of the arrangement and required an assessment of whether the
fulfillment of the arrangement was dependent on the use of a specific asset or assets and whether the arrangement conveyed the right to use the asset.
|
● |
Leases of property, plant and equipment and other assets where the Group held substantially all the risks and rewards of ownership were classified as finance leases.
Finance lease assets were capitalized at the commencement of the lease term at the lower of the present value of the minimum lease payments or the fair value of the lease asset. The obligations relating to finance leases, net of
finance charges in respect of future periods, were recognized as liabilities. The interest element of the finance cost was charged to the consolidated statement of income over the lease period so as to produce a constant
periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases was depreciated over the shorter of the useful life of the asset and the lease
term.
|
● |
Leases where a significant portion of the risks and rewards were held by the lessor were classified as operating leases. Rentals were charged to the consolidated
statement of income on a straight line basis over the period of the lease.
|
● |
Leasehold improvements were depreciated at the lesser of its useful life or contract term.
|
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
(1)
|
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
|
Postponed
|
||
IFRS 16
|
Leases
|
January 1, 2019
|
||
Amendments to IFRS 4
(2)
|
Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts
|
No earlier than 2020
|
||
IFRS 17
(2)
|
Insurance Contracts
|
January 1, 2021
|
||
IFRIC 23
(1)
|
Uncertainty over Income Tax Treatments
|
January 1, 2019
|
||
Annual Improvements
(1)
|
Annual Improvements to IFRS Standards 2015-2017 Cycle
|
January 1, 2019
|
||
Amendments to IAS 28
(1)
|
Long-term Interests in Associates and Joint Ventures
|
January 1, 2019
|
||
Amendments to IFRS 9
(1)
|
Prepayment Features with Negative Compensation
|
January 1, 2019
|
||
Amendments to IAS 19
(1)
|
Plan Amendment, Curtailment or Settlement
|
January 1, 2019
|
||
IFRS Conceptual Framework
|
Conceptual Framework for Financial Reporting
|
January 1, 2020
|
||
Amendments to IFRS 3
(1)
|
Definition of a Business
|
January 1, 2020
|
||
Amendments to IAS 1 and IAS 8
(1)
|
Definition of Material
|
January 1, 2020
|
(1) |
This new or amended IFRS Standard is not expected to have a significant impact on the Group’s consolidated financial statements.
|
(2) |
This new or amended IFRS Standard is not expected to be applicable to the Group’s consolidated financial statements.
|
Standard
|
Subject of Amendment
|
|
IFRS 3
Business Combinations
|
Previously held interest in a joint operation.
|
|
IFRS 11
Joint Arrangements
|
Previously held interest in a joint operation.
|
|
IAS 12
Income Taxes
|
Income tax consequences of payments on financial instruments classified as equity.
|
|
IAS 23
Borrowing Costs
|
Borrowing costs eligible for capitalization.
|
|
1. |
Corporate Information
|
|
2. |
Basis of Preparation and
Accounting Policies
|
IFRS 16 Adoption
Long-term Lease Agreements
|
March 31, 2019
Assets (Liabilities)
|
January 1, 2019
Assets (Liabilities)
|
||||||
Right-to-use assets
|
Ps.
|
4,699.4
|
Ps.
|
4,817.8
|
||||
Lease liabilities
1
|
(4,739.4
|
)
|
(4,817.8
|
)
|
||||
Net effect
|
(40.0
|
)
|
-
|
1
Current portion, as of March 31 and January
1, 2019, were Ps.465.8 million and Ps.438.8 million, respectively.
|
IFRS 16 Adoption
Reclassification
|
March 31, 2019
Assets (Liabilities)
|
January 1, 2019
Assets (Liabilities)
|
||||||
Right-to-use assets
|
Ps.
|
3,289.1
|
Ps.
|
3,402.9
|
||||
Lease liabilities
1
|
(5,158.1
|
)
|
(5,317.9
|
)
|
||||
Net effect
|
(1,869.0
|
)
|
(1,912.0
|
)
|
1
Current portion, as of March 31 and January 1, 2019, were Ps.650.7 million and Ps.651.8 million,
respectively.
|
March 31, 2019
|
December 31, 2018
|
|||||||
Contract Costs, net:
|
||||||||
Cable
|
Ps.
|
1,215,702
|
Ps.
|
1,133,727
|
||||
Sky
|
2,213,673
|
2,236,932
|
||||||
Total Contract Costs, net
|
Ps.
|
3,429,375
|
Ps.
|
3,370,659
|
Retained Earnings
|
Income Taxes
|
Net
|
||||||||||
Controlling interest
|
Ps.
|
2,272,350
|
Ps.
|
(672,898
|
)
|
Ps.
|
1,599,452
|
|||||
Non-controlling interests
|
1,112,854
|
(327,651
|
)
|
785,203
|
||||||||
Effect on Equity at January 1, 2018
|
Ps.
|
3,385,204
|
Ps.
|
(1,000,549
|
)
|
Ps.
|
2,384,655
|
Earnings (Losses)
|
Income Tax
Benefit
|
Net
|
||||||||||
Controlling interest
|
Ps.
|
(234,129
|
)
|
Ps.
|
67,101
|
Ps.
|
(167,028
|
)
|
||||
Non-controlling interests
|
(47,465
|
)
|
12,029
|
(35,436
|
)
|
|||||||
Effect on Equity at January 1, 2018
|
Ps.
|
(281,594
|
)
|
Ps.
|
79,130
|
Ps.
|
(202,464
|
)
|
Earnings
(Losses)
|
Income Tax
Benefit
|
Net
|
||||||||||
Effect on Equity at January 1, 2018
|
Ps.
|
(1,182,760
|
)
|
Ps.
|
354,828
|
Ps.
|
(827,932
|
)
|
|
3. |
Acquisitions and Dispositions
|
December 17, 2018
|
||||
Cash and cash equivalents
|
Ps.
|
1,000
|
||
Trade notes and accounts receivables
|
169,036
|
|||
Other accounts receivable primarily value-added tax
|
875,331
|
|||
Total current assets
|
1,045,367
|
|||
Property and equipment
|
2,130,108
|
|||
Intangible assets and goodwill
|
2,582,713
|
|||
Total assets
|
5,758,188
|
|||
Other current liabilities
|
291,316
|
|||
Total liabilities
|
291,316
|
|||
Total net assets
|
Ps.
|
5,466,872
|
|
4. |
Investments in financial instruments
|
|
(1) |
The Group’s warrants are exercisable for UHI’s common stock, in whole or in part, at an exercise price of U.S.$0.01 per warrant share. The warrants do not entitle the
holder to any voting rights as a stockholder of UHI. The warrants shall expire and no longer be exercisable after the tenth anniversary of the date of issuance (the “Expiration Date”); provided, however, the Expiration Date shall
automatically be extended for nine successive ten-year periods unless the Group provides written notice to UHI of its election not to so extend the Expiration Date. As of March 31, 2019 and December 31, 2018, the number of
warrants amounted to approximately 4,591 thousand, which upon their exercise would represent approximately 36% on a fully-diluted, as-converted basis of the equity capital in UHI.The Warrants do not bear interest. Beginning on
January 1, 2018, in connection with the adoption of IFRS 9, which became effective on that date, these warrants are classified as equity instruments (financial assets) and measured at fair value with changes in fair value
recognized in other comprehensive income or loss in consolidated equity (see Notes 5 and 9).
|
|
(2) |
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 and subtracting all of the fund liabilities and dividing the result by the total number of issued shares.
Beginning on January 1, 2018, in connection with the adoption of IFRS 9, which became effective on that date, this Open Ended Fund is classified as an equity instrument measured at
fair value through other comprehensive income or loss in consolidated equity
|
|
(3) |
Other equity instruments (publicly traded instruments) and the fair value is based on quoted market prices. In connection with these equity instruments, for which an
irrevocable election was made by the Group under the guidelines of IFRS 9 to recognize any changes in fair value in other comprehensive income or loss in consolidated equity.
|
|
(4) |
In the fourth quarter of 2018, the Company invested in corporate fixed income securities with long-term maturities, which were classified as other financial assets
with changes in fair value in other comprehensive income or loss in consolidated equity, in accordance with the Group’s business model to manage these financial instruments and their contractual cash flows characteristics.
|
Warrants Issued by UHI
(1)
|
Open Ended Fund
(1)
|
Other equity instruments
|
Other Financial Assets
|
Total
|
||||||||||||||||
At January 1, 2019
|
Ps.
|
34,921,530
|
Ps.
|
7,662,726
|
Ps.
|
6,545,625
|
Ps.
|
72,612
|
Ps.
|
49,202,493
|
||||||||||
Change in fair value in other comprehensive income
|
(440,225
|
)
|
(96,597
|
)
|
143,329
|
(555
|
)
|
(394,048
|
)
|
|||||||||||
At March 31, 2019
|
Ps.
|
34,481,305
|
Ps.
|
7,566,129
|
Ps.
|
6,688,954
|
Ps.
|
72,057
|
Ps.
|
48,808,445
|
Warrants Issued by UHI
(1)
|
Open Ended
Fund
(1)
|
Other Financial Assets
|
Total
|
|||||||||||||
At January 1, 2018
|
Ps.
|
36,395,183
|
Ps.
|
7,297,577
|
Ps.
|
5,942,500
|
Ps.
|
49,635,260
|
||||||||
Change in fair value in other comprehensive income
|
(3,523,683
|
)
|
(72,882
|
)
|
294,117
|
(3,302,448
|
)
|
|||||||||
At March 31, 2018
|
Ps.
|
32,871,500
|
Ps.
|
7,224,695
|
Ps.
|
6,236,617
|
Ps.
|
46,332,812
|
|
(1) |
The foreign exchange loss or gain for the three months ended March 31, 2019 and 2018, derived from the hedged warrants issued by UHI and the investment in Open Ended
Fund was hedged by foreign exchange gain (loss) in the consolidated statement of income in the amount of Ps.440,225, Ps.96,597 and Ps.2,644,525, Ps.257,724, respectively (see Notes 8 and 14).
|
|
5. |
Investments in Associates and Joint Ventures
|
(1)
|
The Group accounts for its investment in common stock of UHI, the parent company of Univision, under the equity method due to the Group’s
ability to exercise significant influence, as defined under IFRS standards, over UHI’s operations. The Group has the ability to exercise significant influence over the operating and financial policies of UHI because the Group (i) as
of March 31, 2019 and December 31, 2018, owned 1,110,382 Class “C” shares of common stock of UHI, representing approximately 10% of the outstanding total shares of UHI as of each of those dates; (ii) as of March 31, 2019 and
December 31, 2018, held Warrants exercisable for common stock of UHI equivalent to approximately 26% equity stake of UHI on a fully-diluted, as-converted basis, subject to certain conditions, laws and regulations; (iii) as of March
31, 2019 and December 31, 2018, had three officers and one director of the Company designated as members of the Board of Directors of UHI, which was composed of 18 directors, of 22 available board seats; and (iv) was party to a
Program License Agreement (“PLA”), as amended, with Univision, an indirect wholly-owned subsidiary of UHI, pursuant to which Univision has the right to broadcast certain Televisa content in the United States (“Program License
Agreement”), and to another program license agreement pursuant to which the Group has the right to broadcast certain Univision’s content in Mexico (“Mexican License Agreement”), in each case through the later of 2025 (2030 upon
consummation of a qualified public equity offering of UHI) or 7.5 years after the Group has sold two-thirds of its initial investment in UHI made in December 2010 (see Notes 4, 9, 12 and 14).
|
(2)
|
OCEN is a
majority-owned subsidiary of Corporación Interamericana de Entretenimiento, S.A.B. de C.V., and is engaged in the live entertainment business in Mexico. In 2017, the stockholders of OCEN approved the payment of a dividend in the
amount of Ps.340,000, of which Ps.136,000 was paid to the Group. In 2018, the stockholders of OCEN did not pay any dividends, the investment in OCEN included goodwill of Ps.359,613.
|
(3)
|
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%. In June 2010, a subsidiary of the Company entered into a long-term credit facility agreement to provide financing to GTAC for up to
Ps.688,217, with an annual interest rate of the Mexican Interbank Interest Rate (“Tasa de Interés Interbancaria de Equilibrio” or “TIIE”) plus 200 basis points. Under the terms of this agreement, principal and interest are payable
at dates agreed by the parties, between 2013 and 2021. As of March 31, 2019 and December 31, 2018, GTAC had used a principal amount of Ps.688,183, under this credit facility. During the three months ended March 31, 2019, GTAC did
not paid any amount of principal noir interest to the Group in connection with this credit facility. During the year ended December 31, 2018, GTAC paid principal and interest to the Group in connection with this credit facility in
the aggregate principal amount of Ps.112,293. Also, a subsidiary of the Company entered into supplementary long-term loans to provide additional financing to GTAC for an aggregate principal amount of Ps.640,978, with an annual
interest of 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 2028. During the three months ended March 31, 2019 GTAC did not paid any amount of principal noir interest to the Group in connection with this credit facility. During the year
ended December 31, 2018, GTAC paid principal and interest to the Group in connection with this credit facility in the aggregate principal amount of Ps.139,541. The net investment in GTAC as of March 31, 2019 and December 31, 2018,
included amounts receivable in connection with this long-term credit facility and supplementary loans to GTAC in the aggregate amount of Ps.841,524 and Ps. 817,605, respectively. These amounts receivable are in substance a part of
the Group’s net investment in this investee (see Note 9).
|
(4)
|
The Group accounts for its investment in PDS under the equity method, due to its 50% interest in this joint venture. In September 2017, PDS
acquired substantially all of the equity interest in Now New Media, S.A.P.I. de C.V. an online news website in Mexico City, in the aggregate amount of Ps.81,749. As of March 31, 2019 and December 31, 2018, the Group’s investment in
PDS included intangible assets and goodwill in the aggregate amount of Ps.113,837.
|
|
6. |
Property, Plant and Equipment, Net
|
March 31, 2019
|
December 31, 2018
|
|||||||
Buildings
|
Ps.
|
9,386,482
|
Ps.
|
9,387,558
|
||||
Building improvements
|
279,869
|
280,081
|
||||||
Technical equipment
|
133,821,026
|
131,274,505
|
||||||
Satellite transponders
|
6,026,094
|
6,026,094
|
||||||
Furniture and fixtures
|
1,215,323
|
1,203,942
|
||||||
Transportation equipment
|
3,013,160
|
3,085,762
|
||||||
Computer equipment
|
8,711,549
|
8,848,455
|
||||||
Leasehold improvements
|
3,242,129
|
3,215,239
|
||||||
165,695,632
|
163,321,636
|
|||||||
Accumulated depreciation
|
(100,077,017
|
)
|
(96,033,120
|
)
|
||||
65,618,615
|
67,288,516
|
|||||||
Land
|
4,965,289
|
4,967,965
|
||||||
Construction and projects in progress
|
13,107,880
|
11,683,180
|
||||||
Ps.
|
83,691,784
|
Ps.
|
83,939,661
|
|
7. |
Intangible Assets and Goodwill, Net
|
March 31,
2019
|
December
31, 2018
|
|||||||||||||||||||||||
Gross Carrying Amount
|
Accumulated Amortization
|
Net Carrying Amount
|
Gross Carrying Amount
|
Accumulated Amortization
|
Net Carrying Amount
|
|||||||||||||||||||
Intangible assets and goodwill with indefinite useful lives:
|
||||||||||||||||||||||||
Goodwill
|
Ps.
|
14,113,626
|
Ps.
|
14,113,626
|
||||||||||||||||||||
Trademarks
|
462,515
|
479,409
|
||||||||||||||||||||||
Concessions
|
15,166,067
|
15,166,067
|
||||||||||||||||||||||
Intangible assets with finite useful lives:
|
||||||||||||||||||||||||
Trademarks
|
Ps.
|
1,891,306
|
Ps.
|
(1,687,992
|
)
|
203,314
|
Ps.
|
1,891,306
|
Ps.
|
(1,569,786
|
)
|
321,520
|
||||||||||||
Concessions
|
553,505
|
(249,078
|
)
|
304,427
|
553,505
|
(221,402
|
)
|
332,103
|
||||||||||||||||
Payment for renewal of concessions
|
5,993,891
|
(17,414
|
)
|
5,976,477
|
5,993,891
|
(15,454
|
)
|
5,978,437
|
||||||||||||||||
Licenses and software
|
9,275,841
|
(6,347,020
|
)
|
2,928,821
|
9,065,582
|
(5,934,647
|
)
|
3,130,935
|
||||||||||||||||
Subscriber lists
|
8,784,246
|
(6,200,429
|
)
|
2,583,817
|
8,785,423
|
(6,108,251
|
)
|
2,677,172
|
||||||||||||||||
Other intangible assets
|
4,363,798
|
(3,402,096
|
)
|
961,702
|
4,099,750
|
(3,235,503
|
)
|
864,247
|
||||||||||||||||
Ps.
|
30,862,587
|
Ps.
|
(17,904,029
|
)
|
Ps.
|
42,700,766
|
Ps.
|
30,389,457
|
Ps.
|
(17,085,043
|
)
|
Ps.
|
43,063,516
|
|
8. |
Debt, Lease Liabilities and Other Notes Payable
|
(1)
|
The Senior Notes due between 2025 and 2046, in the aggregate outstanding principal amount of U.S.$3,700 million and Ps.11,000,000, are
unsecured obligations of the Company, rank equally in right of payment with all existing and future unsecured and unsubordinated indebtedness of the Company, and are junior in right of payment to all of the existing and future
liabilities of the Company’s subsidiaries. Interest on the Senior Notes due 2025, 2026, 2032, 2037, 2040, 2043, 2045 and 2046, 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% and 6.44% 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 but not in part, at the option of the Company; and (ii) in the event of a change of control, in which case
the Company may be required to redeem the securities at 101% of their principal amount. Also, the Company may, at its own option, redeem the Senior Notes due 2025, 2026, 2037, 2040, 2043 and 2046, 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 and 2046 were priced at 99.385%, 99.431%, 98.319%, 99.733%, 96.534%, and 99.677%, respectively, for a yield to maturity of 4.70%,
8.553%, 6.755%, 7.27%, 5.227% and 6.147%, 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 engaged in the Group’s Content segment, 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 and 2046 are registered with SEC. The Senior
Notes due 2043 are registered with both the SEC and the CNBV. In December 2017, the Company prepaid the principal outstanding amount of U.S.$500 million Senior Notes due 2018 at an aggregate redemption price of Ps.9,841,716
(U.S.$511.7 million), which included related fees and accrued and unpaid interest at the redemption date (see Note 14).
|
(2)
|
In 2010, 2014, 2015 and October 2017, the Company issued Notes (“Certificados Bursátiles”) due 2020, 2021, 2022 and 2027, respectively,
through the BMV in the aggregate principal amount of Ps.10,000,000, Ps.6,000,000, Ps.5,000,000 and Ps.4,500,000, respectively. Interest on the Notes due 2020 is 7.38% per annum and is payable semi-annually. Interest on the Notes due
2021 and 2022 is the TIIE plus 35 basis points per annum and is payable every 28 days. Interest on the Notes due 2027 is 8.79% per annum and is payable semi-annually. The Company may, at its own option, redeem the Notes due 2020 and
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 Company may, at its own option, redeem the Notes due 2021 and 2022, in whole or in part, at any date at a redemption
price equal to the greater of the principal amount of the outstanding Notes and an average price calculated from prices to be provided at the redemption date by two Mexican financial pricing companies. The agreement of these Notes
contains covenants that limit the ability of the Company and certain restricted subsidiaries appointed by the Company’s Board of Directors, and engaged in the Group’s Content segment, to incur or assume liens, perform sale and
leaseback transactions, and consummate certain mergers, consolidations and similar transactions.
|
(3)
|
In November and December 2017, the Company entered into long-term credit agreements with three Mexican banks, in the aggregate principal
amount of Ps.6,000,000, and an annual interest rate payable on a monthly basis of 28-day TIIE plus a range between 125 and 130 basis points, and principal maturities between 2022 and 2023. The proceeds of these loans were used
primarily for the prepayment in full of the Senior Notes due 2018. Under the terms of these loan agreements, the Company is required to (a) maintain certain financial coverage ratios related to indebtedness and interest expense; and
(b) comply with the restrictive covenant on spin-offs, mergers and similar transactions. The Company prepaid the remaining of certain credit agreement with Mexican Bank with original maturity in 2018 principal amount of this credit
agreement in fourth quarter of 2017, in the aggregate amount of Ps.629,311, which included accrued and unpaid interest.
|
(4)
|
In March 2016, Sky (i) entered into long-term debt 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 and an annual rate in the range of 7.0% and 7.13%; and (ii) prepaid to the Company an outstanding amount in connection with a long-term loan in the principal
amount of Ps.3,500,000.
|
(5)
|
As of March 31, 2019 and December 31, 2018, included outstanding balances in the aggregate principal amount of Ps.2,257,666 and
Ps.2,334,538, respectively, in connection with certain credit agreements entered into by TVI with Mexican banks, with maturities between 2018 and 2022, bearing interest at an annual rate of TIIE plus a range between 100 and 125
basis points, which is payable on a monthly basis. Under the terms of these credit agreements, TVI is required to comply with certain restrictive covenants and financial coverage ratios.
|
(6)
|
Total debt is presented net of unamortized finance costs as of March 31, 2019 and December 31, 2018, in the aggregate amount of Ps.1,128,140
and Ps.1,152,661, respectively, and does not include related interest payable in the aggregate amount of Ps.1,897,850 and Ps.1,120,009, respectively.
|
(7)
|
Under a capital lease agreement entered into with Intelsat Global Sales & Marketing Ltd. (“Intelsat”) in March 2010, 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 6).
|
(8)
|
In 2019, includes lease agreements recognized beginning on January 1, 2019 under IFRS 16 for an aggregate amount of Ps.4,739,361. Also,
includes minimum lease payments of property and equipment under leases that qualify as finance liabilities. In March 31, 2019 and December 31, 2018, includes Ps.697,021 and Ps.691,591, respectively, in connection with a lease
agreement entered into by a subsidiary of the Company and GTAC, for the right to use certain capacity of a telecommunications network through 2029. This lease agreement provides for annual payments through 2028. Other finance
liabilities have terms, which expire at various dates between 2018 and 2020.
|
(9)
|
Notes payable issued by the Company in connection with the acquisition in 2016 of a non-controlling interest in TVI. As of March 31, 2019
and December 31, 2018, cash payments to be made between 2018 and 2020 related to these notes payable amounted to an aggregate of Ps.1,330,000 and Ps.2,624,375, respectively, including interest of Ps.142,500 and Ps. 249,375,
respectively. Accumulated accrued interest for this transaction amounted to Ps.109,844 and Ps. 201,875 as of March 31, 2019 and December 31, 2018, respectively. This was regarded as a Level 2 debt, which was fair valued using a
discount cash flow approach, which discounts the contractual cash flows using discount rates derived from observable market price of other quotes debt instruments. In March 2017, the Group prepaid a portion of the outstanding other
notes payable with original maturities in August 2017 and 2018, for an aggregate amount of Ps.1,292,438, which included accrued interest at the payment date.
|
March 31, 2019 | December 31, 2018 | |||||||||||||||
Hedged items
|
Millions of U.S. dollars
|
Thousands of Mexican pesos
|
Millions of U.S. dollars
|
Thousands of Mexican pesos
|
||||||||||||
Investment in shares of UHI (net investment hedge)
|
U.S.$
|
422.0
|
Ps.
|
8,197,061
|
U.S.$
|
421.2
|
Ps.
|
8,285,286
|
||||||||
Warrants issued by UHI (foreign currency fair value hedge)
|
1,775.1
|
34,481,305
|
1,775.1
|
34,921,530
|
||||||||||||
Open Ended Fund (foreign currency fair value hedge)
(1)
|
389.5
|
7,566,129
|
389.5
|
7,662,726
|
||||||||||||
Total
|
U.S.$
|
2,586.6
|
Ps.
|
50,244,495
|
U.S.$
|
2,585.8
|
Ps.
|
50,869,542
|
|
(1) |
Beginning in the second quarter of 2018, the Group has designated an additional portion of the outstanding principal amount of its U.S. dollar denominated long-term
debt as a fair value hedge of foreign exchange exposure related to its entire investment in Open Ended Fund. Through March 31, 2018, the designated U.S. dollar debt for this fair value hedge of foreign exchange exposure was
related to the initial investment in Open Ended Fund.
|
Less than 12 Months
April 1, 2019
to March 31, 2020
|
12-36 Months
April 1, 2020 to March 31, 2022
|
36-60 Months
April 1, 2022
to March 31, 2024
|
Maturities Subsequent to March 31, 2024
|
Total
|
||||||||||||||||
Debt
(1)
|
Ps.
|
972,906
|
Ps.
|
19,484,978
|
Ps.
|
14,299,782
|
Ps.
|
87,372,500
|
Ps.
|
122,130,166
|
||||||||||
Lease obligations
|
1,116,399
|
2,123,997
|
1,903,894
|
4,753,176
|
9,897,466
|
|||||||||||||||
Other notes payable
|
1,297,344
|
-
|
-
|
-
|
1,297,344
|
|||||||||||||||
Total debt, finance lease obligations and other notes payable
|
Ps.
|
3,386,649
|
Ps.
|
21,608,975
|
Ps.
|
16,203,676
|
Ps.
|
92,125,676
|
Ps.
|
133,324,976
|
|
(1) |
The amounts of debt are disclosed on a principal amount basis.
|
|
9. |
Financial Instruments
|
March 31, 2019
|
December 31, 2018
|
|||||||||||||||
Carrying Value
|
Fair Value
|
Carrying Value
|
Fair Value
|
|||||||||||||
Assets:
|
||||||||||||||||
Cash and cash equivalents
|
Ps.
|
23,563,014
|
Ps.
|
23,563,014
|
Ps.
|
32,068,291
|
Ps.
|
32,068,291
|
||||||||
Temporary investments
|
31,000
|
31,000
|
30,992
|
30,992
|
||||||||||||
Trade notes and accounts receivable, net
|
24,272,017
|
24,272,017
|
19,748,850
|
19,748,850
|
||||||||||||
Warrants issued by UHI (see Note 4)
|
34,481,305
|
34,481,305
|
34,921,530
|
34,921,530
|
||||||||||||
Long-term loans and interest receivable from GTAC (see Note 5)
|
841,524
|
847,801
|
817,605
|
824,540
|
||||||||||||
Open Ended Fund (see Note 4)
|
7,566,129
|
7,566,129
|
7,662,726
|
7,662,726
|
||||||||||||
Other Equity Instruments (see Note 4)
|
6,688,954
|
6,688,954
|
6,545,625
|
6,545,625
|
||||||||||||
Other Financial assets (see Note 4)
|
72,057
|
72,057
|
72,612
|
72,612
|
March 31, 2019 | December 31, 2018 | |||||||||||||||
Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Liabilities:
|
||||||||||||||||
Senior Notes due 2025, 2032 and 2040
|
Ps.
|
29,137,500
|
Ps.
|
34,503,637
|
Ps.
|
29,509,500
|
Ps.
|
33,110,013
|
||||||||
Senior Notes due 2045
|
19,425,000
|
19,054,760
|
19,673,000
|
17,317,748
|
||||||||||||
Senior Notes due 2037 and 2043
|
11,000,000
|
8,246,195
|
11,000,000
|
7,905,625
|
||||||||||||
Senior Notes due 2026 and 2046
|
23,310,000
|
25,918,855
|
23,607,600
|
24,051,128
|
||||||||||||
Notes due 2020
|
10,000,000
|
9,788,400
|
10,000,000
|
9,605,700
|
||||||||||||
Notes due 2021
|
6,000,000
|
5,964,396
|
6,000,000
|
5,956,506
|
||||||||||||
Notes due 2022
|
5,000,000
|
4,948,390
|
5,000,000
|
4,941,430
|
||||||||||||
Notes due 2027
|
4,500,000
|
4,238,595
|
4,500,000
|
4,027,275
|
||||||||||||
Short and long-term notes payable to Mexican banks
|
13,757,666
|
13,569,223
|
13,834,538
|
13,551,620
|
||||||||||||
Lease liabilities
(1)
|
9,897,466
|
9,707,858
|
5,317,944
|
5,121,534
|
||||||||||||
Other notes payable
|
1,297,344
|
1,196,384
|
2,576,874
|
2,430,667
|
March 31, 2019:
Derivative Financial Instruments
|
Carrying Value
|
Notional Amount (U.S. Dollars in Thousands)
|
Maturity Date
|
|||||||
Assets:
|
||||||||||
Derivatives recorded as accounting hedges:
(cash flow hedges)
|
||||||||||
TVI’s interest rate swap
|
Ps.
|
25,998
|
Ps.
|
1,172,033
|
April 2019 through May 2022
|
|||||
TVI’s interest rate swap
|
15,998
|
Ps.
|
1,111,256
|
April 2022
|
||||||
Interest rate swap
|
245,487
|
Ps.
|
6,000,000
|
April 2021
|
||||||
Interest rate swap
|
183,253
|
Ps.
|
5,000,000
|
May 2022
|
||||||
Interest rate swap
|
32,088
|
Ps.
|
2,000,000
|
October 2022
|
||||||
Interest rate swap
|
22,961
|
Ps.
|
1,500,000
|
October 2022
|
||||||
Interest rate swap
|
6,969
|
Ps.
|
2,500,000
|
February 2023
|
||||||
Forward
|
6,207
|
U.S.$
|
204,125
|
May 2019 through March 2020
|
||||||
Derivatives not recorded as accounting hedges:
|
|
|||||||||
TVI’s forward
|
3,090
|
U.S.
$
|
7,500
|
April 2020
|
||||||
Empresas Cablevisión´s forward
|
3,963
|
U.S.
$
|
8,250
|
April 2020
|
||||||
Sky’s forward
|
1,941
|
U.S.
$
|
16,500
|
April 2020
|
||||||
Forward
|
10,705
|
U.S.
$
|
33,800
|
April 2020
|
||||||
Total assets
|
Ps.
|
558,660
|
||||||||
Liabilities:
|
||||||||||
Derivatives not recorded as accounting hedges:
|
||||||||||
TVI’s forward
|
Ps.
|
46,822
|
U.S.
$
|
103,500
|
April 2019 through March 2020
|
|||||
Empresas Cablevisión´s forward
|
44,872
|
U.S.
$
|
100,000
|
April 2019 through March 2020
|
||||||
Sky’s forward
|
24,432
|
U.S.
$
|
55,000
|
August 2019 through March 2020
|
||||||
Forward
|
339,618
|
U.S.
$
|
561,200
|
April 2019 through March 2020
|
||||||
Total liabilities
|
Ps.
|
455,744
|
December 31, 2018:
Derivative Financial Instruments
|
Carrying Value
|
Notional Amount (U.S. Dollars in Thousands)
|
Maturity Date
|
|||||||
Assets:
|
||||||||||
Derivatives recorded as accounting hedges:
(cash flow hedges)
|
||||||||||
TVI’s interest rate swap
|
Ps.
|
37,251
|
Ps.
|
1,188,667
|
April 2019 through May 2022
|
|||||
TVI’s interest rate swap
|
32,267
|
Ps.
|
1,145,871
|
April 2022
|
||||||
Interest rate swap
|
340,153
|
Ps.
|
6,000,000
|
April 2021
|
||||||
Interest rate swap
|
299,560
|
Ps.
|
5,000,000
|
May 2022
|
||||||
Interest rate swap
|
85,073
|
Ps.
|
2,000,000
|
October 2022
|
||||||
Interest rate swap
|
63,420
|
Ps.
|
1,500,000
|
October 2022
|
||||||
Interest rate swap
|
76,876
|
Ps.
|
2,500,000
|
February 2023
|
||||||
Forward
|
100,922
|
U.S.$
|
224,000
|
January 2019 through November 2019
|
||||||
Total assets
|
Ps.
|
1,035,522
|
||||||||
Liabilities:
|
||||||||||
Derivatives not recorded as accounting hedges:
|
||||||||||
TVI’s forward
|
Ps.
|
10,255
|
U.S.
$
|
75,000
|
January 2019 through October 2019
|
|||||
Empresas Cablevisión´s forward
|
10,518
|
U.S.
$
|
82,000
|
January 2019 through October 2019
|
||||||
Sky’s forward
|
27,309
|
U.S.
$
|
38,600
|
January 2019 through August 2019
|
||||||
Forward
|
99,979
|
U.S.
$
|
491,400
|
January 2019 through October 2019
|
||||||
Total liabilities
|
Ps.
|
148,061
|
|
10. |
Capital Stock and Long-term Retention Plan
|
Authorized and Issued
(1)(2)
|
Held by a Company´s Trust
(3)
|
Outstanding
|
|
Series “A” Shares
|
122,179.4
|
(5,991.3)
|
116,188.1
|
Series “B” Shares
|
58,019.7
|
(4,920.4)
|
53,099.3
|
Series “D” Shares
|
88,554.1
|
(4,078.0)
|
84,476.1
|
Series “L” Shares
|
88,554.1
|
(4,078.0)
|
84,476.1
|
Total
|
357,307.3
|
(19,067.7)
|
338,239.6
|
Shares in the form of CPOs
|
296,023.0
|
(13,632.3)
|
282,390.7
|
Shares not in the form of CPOs
|
61,284.3
|
(5,435.4)
|
55,848.9
|
Total
|
357,307.3
|
(19,067.7)
|
338,239.6
|
CPOs
|
2,530.1
|
(116.5)
|
2,413.6
|
|
(1) |
As of March 31, 2019, the authorized and issued capital stock amounted to Ps. 4,907,765 (nominal Ps.2,459,154).
|
|
(2) |
On April 27, 2018, the Company’s stockholders approved to cancel in May 2018,5,122.6 million shares of the Company’s capital stock in the form of 43.8 million CPOs,
which were repurchased or acquired by the Company in 2017 and 2018.
|
|
(3) |
In connection with the Company’s Long-Term Retention Plan.
|
Series “A” Shares
|
Series “B” Shares
|
Series “D” Shares
|
Series “L” Shares
|
Shares Outstanding
|
CPOs Outstanding
|
|
As of January 1, 2019
|
116,207.2
|
53,116.1
|
84,502.9
|
84,502.9
|
338,329.1
|
2,414.4
|
Acquired
(2)
|
(19.1)
|
(16.8)
|
(26.8)
|
(26.8)
|
(89.5)
|
(0.8)
|
As of March 31, 2019
|
116,188.1
|
53,099.3
|
84,476.1
|
84,476.1
|
338,239.6
|
2,413.6
|
Series “A” Shares
|
Series “B” Shares
|
Series “D” Shares
|
Series “L” Shares
|
Shares Outstanding
|
CPOs Outstanding
|
|
As of January 1, 2018
|
116,787.7
|
53,935.8
|
85,806.8
|
85,806.8
|
342,337.1
|
2,451.6
|
Repurchased
(1)
|
(246.3)
|
(216.7)
|
(344.8)
|
(344.8)
|
(1,152.6)
|
(9.9)
|
Acquired
(2)
|
(478.0)
|
(420.6)
|
(669.0)
|
(669.0)
|
(2,236.6)
|
(19.1)
|
As of March 31, 2018
|
116,063.4
|
53,298.5
|
84,793.0
|
84,793.0
|
338,947.9
|
2,422.6
|
|
(1) |
In connection with a share repurchase program.
|
|
(2) |
By a Company’s trust in connection with the Company’s Long-Term Retention Plan.
|
|
11. |
Retained Earnings
|
|
12. |
Transactions with Related Parties
|
March 31, 2019
|
December 31, 2018
|
|||||||
Current receivables:
|
||||||||
UHI, including Univision
(1)
|
Ps.
|
563,444
|
Ps.
|
954,754
|
||||
Operadora de Centros de Espectáculos, S.A de C.V.
|
31,817
|
35,590
|
||||||
Editorial Clío, Libros y Videos, S.A. de C.V.
|
3,387
|
6,399
|
||||||
Other
|
58,034
|
81,584
|
||||||
Ps.
|
656,682
|
Ps.
|
1,078,327
|
|||||
Current payable:
|
||||||||
UHI, including Univision
(1)
|
Ps.
|
606,643
|
Ps.
|
614,388
|
||||
AT&T/ DirecTV
|
85,599
|
70,187
|
||||||
Other
|
52,044
|
29,875
|
||||||
Ps.
|
744,286
|
Ps.
|
714,450
|
|
(1) |
As of March 31, 2019 and December 31, 2018, the Group recognized a provision in the amount of Ps.606,643 and Ps.614,388, respectively, associated with a consulting
arrangement entered into by the Group, UHI and an entity controlled by the chairman of the Board of Directors of UHI, by which upon consummation of a qualified initial public offering of the shares of UHI or an alternative exit
plan for the main current investors in UHI, the Group would pay the entity a portion of a defined appreciation in excess of certain preferred returns and performance thresholds of UHI. In March 2018, UHI announced that it has
determined not to utilize the registration statement initially filed on July 2, 2015 for an initial public offering in the United States. Since the existing obligations contemplate other scenarios under which payment may be
required, and such scenarios remain probable, the Company has maintained this payment reserved. As of March 31, 2019 and December 31, 2018, receivables from UHI related primarily to the PLA amounted to Ps.563,444
and Ps.954,754, respectively.
|
|
13. |
Other Expense, Net
|
March 31, 2019
|
March 31, 2018
|
|||||||
(Loss) gain on disposition of investments
(1)
|
Ps.
|
(84
|
)
|
Ps.
|
85,000
|
|||
Donations
|
11,856
|
(10,467
|
)
|
|||||
Legal and financial advisory professional services
(2)
|
(67,535
|
)
|
(41,441
|
)
|
||||
Loss on disposition of property and equipment
|
(34,191
|
)
|
(77,116
|
)
|
||||
Deferred compensation
|
(62,947
|
)
|
(59,108
|
)
|
||||
Dismissal severance expense
(3)
|
(74,543
|
)
|
(114,011
|
)
|
||||
Impairment adjustment
(4)
|
(16,893
|
)
|
-
|
|||||
Other expense, net
|
55,427
|
63,057
|
||||||
Ps.
|
(188,910
|
)
|
Ps.
|
(154,086
|
)
|
|
14. |
Finance Expense, Net
|
March 31, 2019
|
March 31, 2018
|
|||||||
Interest expense
(3)
|
Ps.
|
(2,406,726
|
)
|
Ps.
|
(2,289,250
|
)
|
||
Other finance expense, net
(2)
|
(302,809
|
)
|
(1,209,269
|
)
|
||||
Finance expense
|
(2,709,535
|
)
|
(3,498,519
|
)
|
||||
Interest income
(4)
|
296,483
|
304,073
|
||||||
Foreign Exchange gain, net
(1)
|
138,962
|
993,777
|
||||||
Other finance income, net
|
435,445
|
1,297,850
|
||||||
Finance expense, net
|
Ps.
|
(2,274,090
|
)
|
Ps.
|
(2,200,669
|
)
|
|
(1) |
Foreign exchange gain, net, included (i) foreign exchange gain resulted primarily from the appreciation of the Mexican peso against the U.S. dollar on the Group’s
U.S. dollar-denominated monetary liability position, excluding long-term debt designated as a hedging instrument of the Group’s investments in UHI and the Open Ended Fund, during the three months ended March 31, 2019 and 2018; and
(ii) foreign exchange 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 during the three months ended March 31, 2019 and 2018
(see Note 8). The exchange rate of the Mexican peso against the U.S dollar was of Ps.19.4250, Ps.19.6730, Ps.18.2733 and Ps.19.7051 as of March 31, 2019, December 31, 2018, March 31, 2018 and December 31, 2017, respectively.
|
|
(2) |
In 2019 and 2018, other finance income or expense, net, included gain or loss from derivative financial instruments.
|
|
(3) |
In 2019 also included interest expense related to lease liabilities that were recognized for first time in connection with initial adoption of IFRS 16 in the aggregate
amount of Ps.102,073.
|
|
(4) |
In 2019 and 2018, this line item included primarily gains from cash equivalents and instruments held for trading.
|
15.
|
Income Taxes
|
Income taxes in the interim periods are accrued using the income tax rate that would be applicable to expected total annual earnings. As of
March 31, 2019 and 2018, the estimated effective income tax rate for the years ended December 31, 2019 and 2018 was 37% and 35%, respectively.
|
|
16.
|
Earnings per CPO/Share
|
At March 31, 2019 and 2018 the weighted average 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):
|
March 31, 2019
|
March 31, 2018
|
|
Total Shares
|
338,212,800
|
340,978,708
|
CPOs
|
2,414,221
|
2,440,007
|
Shares not in the form of CPO units:
|
||
Series “A” Shares
|
55,848,232
|
55,497,232
|
Series “B” Shares
|
187
|
187
|
Series “D” Shares
|
239
|
239
|
Series “L” Shares
|
239
|
239
|
2019
|
2018
|
|||||||||||||||
Per CPO
|
Per Shares(*)
|
Per CPO
|
Per Shares(*)
|
|||||||||||||
Net income attributable to stockholders of the Company
|
Ps.
|
0.19
|
Ps.
|
0.00
|
Ps.
|
0.23
|
Ps.
|
0.00
|
March 31, 2019
|
March 31, 2018
|
|
Total Shares
|
357,307,272
|
361,712,182
|
CPOs
|
2,530,111
|
2,567,760
|
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
|
2019
|
2018
|
|||||||||||||||
Per CPO
|
Per Shares(*)
|
Per CPO
|
Per Shares(*)
|
|||||||||||||
Net income attributable to stockholders of the Company
|
Ps.
|
0.18
|
Ps.
|
0.00
|
Ps.
|
0.22
|
Ps.
|
0.00
|
|
17. |
Segment Information
|
|
(1) |
This amount represents operating income before other expense, net.
|
|
(2) |
This amount represents consolidated operating income.
|
Domestic
|
Export
|
Abroad
|
Total
|
|||||||||||||
March 31, 2019:
|
||||||||||||||||
Content:
|
||||||||||||||||
Advertising
|
Ps.
|
3,616,434
|
Ps.
|
65,510
|
Ps.
|
-
|
Ps.
|
3,681,944
|
||||||||
Network Subscription Revenue
|
910,650
|
307,658
|
-
|
1,218,308
|
||||||||||||
Licensing and Syndication
|
292,523
|
1,992,147
|
-
|
2,284,670
|
||||||||||||
Sky:
|
||||||||||||||||
DTH Broadcast Satellite TV
|
4,734,693
|
-
|
342,445
|
5,077,138
|
||||||||||||
Advertising
|
194,860
|
-
|
-
|
194,860
|
||||||||||||
Pay-Per-View
|
8,755
|
-
|
844
|
9,599
|
||||||||||||
Cable:
|
||||||||||||||||
Digital TV Service
|
3,869,808
|
-
|
-
|
3,869,808
|
||||||||||||
Advertising
|
257,617
|
-
|
-
|
257,617
|
||||||||||||
Broadband Services
|
3,540,593
|
-
|
-
|
3,540,593
|
||||||||||||
Telephony
|
916,454
|
-
|
-
|
916,454
|
||||||||||||
Other Services
|
135,358
|
-
|
-
|
135,358
|
||||||||||||
Enterprise Operations
|
1,100,392
|
-
|
77,858
|
1,178,250
|
||||||||||||
Other Businesses:
|
||||||||||||||||
Gaming
|
753,195
|
-
|
-
|
753,195
|
||||||||||||
Soccer, Sports and Show Business Promotion
|
419,662
|
430,015
|
-
|
849,677
|
||||||||||||
Publishing - Magazines
|
99,326
|
-
|
11,626
|
110,952
|
||||||||||||
Publishing - Advertising
|
65,359
|
-
|
11,897
|
77,256
|
||||||||||||
Publishing Distribution
|
76,441
|
-
|
-
|
76,441
|
||||||||||||
Radio - Advertising
|
155,906
|
-
|
-
|
155,906
|
||||||||||||
Feature Film Production and Distribution
|
235,923
|
937
|
-
|
236,860
|
||||||||||||
Segment total
|
21,383,949
|
2,796,267
|
444,670
|
24,624,886
|
||||||||||||
Intersegment eliminations
|
(1,228,150
|
)
|
-
|
(1,491
|
)
|
(1,229,641
|
)
|
|||||||||
Consolidated total revenues
|
Ps.
|
20,155,799
|
Ps.
|
2,796,267
|
Ps.
|
443,179
|
Ps.
|
23,395,245
|
Domestic
|
Export
|
Abroad
|
Total
|
|||||||||||||
March 31, 2018:
|
||||||||||||||||
Content:
|
||||||||||||||||
Advertising
|
Ps.
|
4,213,441
|
Ps.
|
59,260
|
Ps.
|
-
|
Ps.
|
4,272,701
|
||||||||
Network Subscription Revenue
|
849,388
|
329,702
|
-
|
1,179,090
|
||||||||||||
Licensing and Syndication
|
216,925
|
2,230,705
|
-
|
2,447,630
|
||||||||||||
Sky:
|
||||||||||||||||
DTH Broadcast Satellite TV
|
4,887,231
|
-
|
342,049
|
5,229,280
|
||||||||||||
Advertising
|
220,805
|
-
|
-
|
220,805
|
||||||||||||
Pay-Per-View
|
21,852
|
-
|
2,254
|
24,106
|
||||||||||||
Cable:
|
||||||||||||||||
Digital TV Service
|
3,298,780
|
-
|
-
|
3,298,780
|
||||||||||||
Advertising
|
261,949
|
-
|
-
|
261,949
|
||||||||||||
Broadband Services
|
3,132,778
|
-
|
-
|
3,132,778
|
||||||||||||
Telephony
|
730,379
|
-
|
-
|
730,379
|
||||||||||||
Other Services
|
136,623
|
-
|
-
|
136,623
|
||||||||||||
Enterprise Operations
|
1,073,066
|
-
|
36,161
|
1,109,227
|
||||||||||||
Other Businesses:
|
||||||||||||||||
Gaming
|
633,632
|
-
|
-
|
633,632
|
||||||||||||
Soccer, Sports and Show Business Promotion
|
372,498
|
41,338
|
-
|
413,836
|
||||||||||||
Publishing - Magazines
|
114,058
|
-
|
33,585
|
147,643
|
||||||||||||
Publishing - Advertising
|
108,340
|
-
|
25,003
|
133,343
|
||||||||||||
Publishing Distribution
|
69,820
|
-
|
8,744
|
78,564
|
||||||||||||
Radio - Advertising
|
207,550
|
-
|
-
|
207,550
|
||||||||||||
Feature Film Production and Distribution
|
161,627
|
1,502
|
652
|
163,781
|
||||||||||||
Segment total
|
20,710,742
|
2,662,507
|
448,448
|
23,821,697
|
||||||||||||
Intersegment eliminations
|
(1,007,518
|
)
|
-
|
(2,176
|
)
|
(1,009,694
|
)
|
|||||||||
Consolidated total revenues
|
Ps.
|
19,703,224
|
Ps.
|
2,662,507
|
Ps.
|
446,272
|
Ps.
|
22,812,003
|
Quarter
|
Quarterly
|
Accumulated
|
2nd/18
|
4,297,372
|
4,974,930
|
3rd/18
|
978,011
|
5,952,941
|
4th/18
|
56,473
|
6,009,414
|
1st/19
|
541,718
|
541,718
|
|
18. |
Contingencies
|
Dividends paid, ordinary shares:
|
0
|
Dividends paid, other shares:
|
0
|
Dividends paid, ordinary shares per share:
|
0
|
Dividends paid, other shares per share:
|
0
|
Ps.
|
19.4250
|
pesos per US dollar
|
|
21.7814
|
pesos per euro
|
||
14.5307
|
pesos per canadian dollar
|
||
0.4427
|
pesos per argentinean peso
|
||
0.0286
|
pesos per chilean peso
|
||
0.0061
|
pesos per colombian peso
|
||
5.8774
|
pesos per peruvian nuevo sol
|
||
19.5086
|
pesos per swiss franc
|
||
4.9582
|
pesos per brazilian real
|
||
25.2839
|
pesos per pound sterling
|
||
2.0899
|
pesos per swedish krona
|
STOCK EXCHANGE CODE:
TLEVISA
|
QUARTER:
01
|
YEAR:
2019
|
GRUPO TELEVISA, S.A.B.
|
/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 FERREIRO RIVAS | /s/ LUIS ALEJANDRO BUSTOS OLIVARES | |
CARLOS FERREIRO RIVAS
|
LUIS ALEJANDRO BUSTOS OLIVARES
|
|
VICE PRESIDENT OF FINANCE
|
LEGAL VICE PRESIDENT AND
|
|
GENERAL COUNSEL
|
GRUPO TELEVISA, S.A.B.
|
|||
(Registrant)
|
|||
Dated: May 6, 2019
|
By:
|
/s/
Luis Alejandro Bustos Olivares
|
|
Name: |
Luis Alejandro Bustos Olivares
|
||
Title:
|
Legal Vice President and General Counsel
|