(Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.)
Form 20-F ☒ Form 40-F ☐
(Indicate by check mark whether the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).)
Yes ☐ No ☒
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).)
Yes ☐ No ☒
|
TLEVISA |
Consolidated |
|
Ticker: TLEVISA |
Quarter: 3 Year: 2019 |
|
2
|
|
|
13
|
|
|
15
|
|
|
17
|
|
|
18
|
|
|
20
|
|
|
22
|
|
|
25
|
|
|
28
|
|
|
29
|
|
|
30
|
|
|
31
|
|
|
33
|
|
|
34
|
|
|
35
|
|
|
42
|
|
|
46
|
|
|
47
|
|
|
63
|
|
|
78
|
|
|
98
|
|
Excluding non-recurring licensing revenue for 3Q’18
|
3Q’19
|
Margin %
|
3Q’18
|
Margin %
|
Change %
|
|
Net sales
|
25,786.1
|
100.0
|
24,023.1
|
100.0
|
7.3
|
|
Operating segment income1
|
10,764.4
|
39.6
|
9,714.8
|
38.4
|
10.8
|
|
|
3Q’19
|
Margin %
|
3Q’18
|
Margin %
|
Change %
|
|
Net sales
|
25,786.1
|
100.0
|
25,033.2
|
100.0
|
3.0
|
|
Net income
|
1,158.6
|
4.5
|
1,479.6
|
5.9
|
(21.7)
|
|
Net income attributable to stockholders of the Company
|
755.2
|
2.9
|
978.0
|
3.9
|
(22.8)
|
|
Segment net sales
|
27,202.5
|
100.0
|
26,283.8
|
100.0
|
3.5
|
|
Operating segment income (1)
|
10,764.4
|
39.6
|
10,308.1
|
39.2
|
4.4
|
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
|
|
Net Sales
|
3Q’19
|
%
|
3Q’18
|
%
|
Change %
|
|
Cable
|
10,572.1
|
38.9
|
9,219.9
|
35.1
|
14.7
|
|
Sky
|
5,338.3
|
19.6
|
5,407.3
|
20.6
|
(1.3)
|
|
Content1
|
8,659.0
|
31.8
|
8,700.0
|
33.1
|
(0.5)
|
|
Other Businesses
|
2,633.1
|
9.7
|
1,946.5
|
7.4
|
35.3
|
|
Segment Net Sales1
|
27,202.5
|
100.0
|
25,273.7
|
96.2
|
7.6
|
|
Intersegment Operations2
|
(1,416.4)
|
(1,250.6)
|
|||
|
Net Sales1
|
25,786.1
|
|
24,023.1
|
|
7.3
|
|
Non-recurring licensing revenue
|
n/a
|
1,010.1
|
3.8
|
n/a
|
|
|
Net Sales
|
25,786.1
|
|
25,033.2
|
|
3.0
|
|
Operating Segment Income3
|
3Q’19
|
Margin %
|
3Q’18
|
Margin %
|
Change %
|
|
Cable
|
4,481.7
|
42.4
|
3,907.5
|
42.4
|
14.7
|
|
Sky
|
2,399.9
|
45.0
|
2,569.9
|
47.5
|
(6.6)
|
|
Content1
|
3,112.3
|
35.9
|
3,110.7
|
35.8
|
0.1
|
|
Other Businesses
|
770.5
|
29.3
|
126.7
|
6.5
|
508.1
|
|
Operating Segment Income1
|
10,764.4
|
39.6
|
9,714.8
|
38.4
|
10.8
|
|
Non-recurring licensing income
|
n/a
|
n/a
|
593.3
|
58.7
|
n/a
|
|
Operating Segment Income
|
10,764.4
|
39.6
|
10,308.1
|
39.2
|
4.4
|
|
Corporate Expenses
|
(436.3)
|
(1.6)
|
(496.0)
|
(1.9)
|
12.0
|
|
Depreciation and Amortization
|
(5,321.3)
|
(20.6)
|
(5,037.8)
|
(20.1)
|
(5.6)
|
|
Other (Expense) Income, net
|
(389.4)
|
(1.5)
|
(432.5)
|
(1.7)
|
10.0
|
|
Intersegment Operations4
|
(21.7)
|
(0.1)
|
n/a
|
n/a
|
n/a
|
|
Operating Income
|
4,595.7
|
17.8
|
4,341.8
|
17.3
|
5.8
|
1 Excludes the non-recurring licensing revenue.
2 For segment reporting purposes, intersegment operations are included in each of the segment operations.
3 Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other expense, net.
4 As a result of IFRS 16 adoption, intersegment operations related to intercompany leases were not eliminated on the Operating Segment Income level as in prior years.
|
RGUs
|
3Q’19
|
3Q’18
|
|
Video
|
4,345,020
|
4,281,125
|
|
Broadband
|
4,658,764
|
4,168,248
|
|
Voice
|
3,534,461
|
2,519,972
|
|
Total RGUs
|
12,538,245
|
10,969,345
|
|
MSO Operations (1)
Millions of Mexican pesos
|
3Q’19
|
3Q’18
|
Change %
|
|
Revenue
|
9,603.8
|
8,220.9
|
16.8
|
|
Operating Segment Income
|
4,119.7
|
3,548.5
|
16.1
|
|
Margin (%)
|
42.9
|
43.2
|
|
|
Enterprise Operations (1)
Millions of Mexican pesos
|
3Q’19
|
3Q’18
|
Change %
|
|
Revenue
|
1,437.7
|
1,358.2
|
5.9
|
|
Operating Segment Income
|
504.0
|
492.3
|
2.4
|
|
Margin (%)
|
35.1
|
36.2
|
|
| (1)These results do not include consolidation adjustments of Ps.469.4 million in revenues nor Ps.142.0 million in Operating Segment Income for third quarter 2019, neither the consolidation adjustments of Ps.359.2 million in revenues nor Ps.133.3 million in Operating Segment Income for third quarter 2018. Consolidation adjustments are considered in the consolidated results of the Cable segment. | |||
|
RGUs
|
3Q’19
|
3Q’18
|
|
Video
|
7,412,728
|
7,835,657
|
|
Broadband
|
318,977
|
51,246
|
|
Voice
|
1,252
|
n/a
|
|
Total RGUs
|
7,732,957
|
7,886,903
|
|
Millions of Mexican pesos
|
3Q’19
|
%
|
3Q’18
|
%
|
Change %
|
|
Advertising
|
4,786.6
|
55.3
|
5,051.2
|
58.1
|
(5.2)
|
|
Network Subscription
|
1,238.9
|
14.3
|
1,182.8
|
13.6
|
4.7
|
|
Licensing and Syndication
|
2,633.5
|
30.4
|
2,466.0
|
28.3
|
6.8
|
|
Net Sales
|
8,659.0
|
100.0
|
8,700.0
|
100.0
|
(0.5)
|
|
Non-recurring licensing revenue
|
n/a
|
1,010.1
|
n/a
|
||
|
Net Sales
|
8,659.0
|
|
9,710.1
|
|
(10.8)
|
|
Other expense, net
|
3Q’19
|
3Q’18
|
|
Cash expenses, net
|
183.9
|
245.2
|
|
Non-cash expenses, net
|
205.5
|
187.3
|
|
Total
|
389.4
|
432.5
|
|
3Q’19
|
3Q’18
|
(Increase) Decrease
|
|
|
Interest expense
|
(2,861.5)
|
(2,395.1)
|
(466.4)
|
|
Interest income
|
565.4
|
419.3
|
146.1
|
|
Foreign exchange (loss) gain, net
|
(929.5)
|
17.0
|
(946.5)
|
|
Other finance income (expense), net
|
355.4
|
(530.5)
|
885.9
|
|
Finance expense, net
|
(2,870.2)
|
(2,489.3)
|
(380.9)
|
| I. |
a Ps.946.5 million unfavorable change in foreign exchange gain or loss, net, resulting primarily from a 2.9% depreciation of the Mexican peso against the U.S. dollar in
comparison to a 5.7% appreciation in third-quarter 2018, on a higher average net U.S. dollar liability position in third-quarter 2019; and
|
| II. |
a Ps.466.4 million increase in interest expense, primarily due to a higher average principal amount of debt in third-quarter 2019, as well as a Ps.106.8 million interest
expense related to lease liabilities recognized on January 1, 2019, in connection with the adoption of IFRS 16 Leases, which became effective on that date.
|
| I. |
the absence of share of income of Ocesa Entretenimiento, S.A. de C.V. (“OCEN”), a live entertainment company with operations in Mexico, Central America and Colombia, where
we maintain a 40% stake, as we classified this investment as held for sale as of July 31, 2019, and discontinued the recognition of share of income of OCEN beginning on August 1, 2019, in connection with an agreement to dispose of
this associate, subject to certain customary closing conditions; and
|
| II. |
a lower share of income of Univision Holdings, Inc. (“UHI”), the controlling company of Univision Communications Inc.
|
|
Capital Expenditures
Millions of U.S. Dollars
|
3Q’19
|
3Q’18
|
|
Cable
|
178.1
|
207.6
|
|
Sky
|
50.5
|
45.3
|
|
Content and Other Businesses
|
22.3
|
36.7
|
|
Total
|
250.9
|
289.6
|
|
September 30, 2019
|
December 31, 2018
|
Increase (Decrease)
|
|
|
Current portion of long-term debt
|
10,484.4
|
988.4
|
9,496.0
|
|
Long-term debt, net of current portion
|
124,283.3
|
120,983.6
|
3,299.7
|
|
Total debt 1
|
134,767.7
|
121,972.0
|
12,795.7
|
|
Current portion of long-term lease liabilities
|
1,213.8
|
651.8
|
562.0
|
|
Long-term lease liabilities, net of current portion
|
8,442.8
|
4,666.1
|
3,776.7
|
|
Total lease liabilities
|
9,656.6
|
5,317.9
|
4,338.7
|
|
Current portion of other notes payable
|
1,315.2
|
1,288.4
|
26.8
|
|
Other notes payable, net of current portion
|
-
|
1,288.4
|
(1,288.4)
|
|
Total other notes payable2
|
1,315.2
|
2,576.8
|
(1,261.6)
|
|
Total debt, lease liabilities and other notes payable
|
145,739.5
|
129,866.7
|
15,872.8
|
|
|
3Q’19
|
Margin %
|
3Q’18
|
Margin %
|
Change %
|
|
Net sales
|
25,786.1
|
100.0
|
25,033.2
|
100.0
|
3.0
|
|
Net income
|
1,158.6
|
4.5
|
1,479.6
|
5.9
|
(21.7)
|
|
Net income attributable to stockholders of the Company
|
755.2
|
2.9
|
978.0
|
3.9
|
(22.8)
|
|
Segment net sales
|
27,202.5
|
100.0
|
26,283.8
|
100.0
|
3.5
|
|
Operating segment income (1)
|
10,764.4
|
39.6
|
10,308.1
|
39.2
|
4.4
|
|
Net Sales
|
3Q’19
|
%
|
3Q’18
|
%
|
Change %
|
|
Cable
|
10,572.1
|
38.9
|
9,219.9
|
35.1
|
14.7
|
|
Sky
|
5,338.3
|
19.6
|
5,407.3
|
20.6
|
(1.3)
|
|
Content1
|
8,659.0
|
31.8
|
8,700.0
|
33.1
|
(0.5)
|
|
Other Businesses
|
2,633.1
|
9.7
|
1,946.5
|
7.4
|
35.3
|
|
Segment Net Sales1
|
27,202.5
|
100.0
|
25,273.7
|
96.2
|
7.6
|
|
Intersegment Operations2
|
(1,416.4)
|
(1,250.6)
|
|||
|
Net Sales1
|
25,786.1
|
|
24,023.1
|
|
7.3
|
|
Non-recurring licensing revenue
|
n/a
|
1,010.1
|
3.8
|
n/a
|
|
|
Net Sales
|
25,786.1
|
|
25,033.2
|
|
3.0
|
|
Operating Segment Income3
|
3Q’19
|
Margin %
|
3Q’18
|
Margin %
|
Change %
|
|
Cable
|
4,481.7
|
42.4
|
3,907.5
|
42.4
|
14.7
|
|
Sky
|
2,399.9
|
45.0
|
2,569.9
|
47.5
|
(6.6)
|
|
Content1
|
3,112.3
|
35.9
|
3,110.7
|
35.8
|
0.1
|
|
Other Businesses
|
770.5
|
29.3
|
126.7
|
6.5
|
508.1
|
|
Operating Segment Income1
|
10,764.4
|
39.6
|
9,714.8
|
38.4
|
10.8
|
|
Non-recurring licensing income
|
n/a
|
n/a
|
593.3
|
58.7
|
n/a
|
|
Operating Segment Income
|
10,764.4
|
39.6
|
10,308.1
|
39.2
|
4.4
|
|
Corporate Expenses
|
(436.3)
|
(1.6)
|
(496.0)
|
(1.9)
|
12.0
|
|
Depreciation and Amortization
|
(5,321.3)
|
(20.6)
|
(5,037.8)
|
(20.1)
|
(5.6)
|
|
Other (Expense) Income, net
|
(389.4)
|
(1.5)
|
(432.5)
|
(1.7)
|
10.0
|
|
Intersegment Operations4
|
(21.7)
|
(0.1)
|
n/a
|
n/a
|
n/a
|
|
Operating Income
|
4,595.7
|
17.8
|
4,341.8
|
17.3
|
5.8
|
|
Ticker:
|
TLEVISA
|
|
Period covered by financial statements:
|
2019-01-01 TO 2019-09-30
|
|
Date of end of reporting period:
|
2019-09-30
|
|
Name of reporting entity or other means of identification:
|
TLEVISA
|
|
Description of presentation currency:
|
MXN
|
|
Level of rounding used in financial statements:
|
THOUSANDS OF MEXICAN PESOS
|
|
Consolidated:
|
YES
|
|
Number of quarter:
|
3
|
|
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
2019-09-30
|
Close Previous Exercise
2018-12-31
|
|
Statement of financial position
|
||
|
Assets
|
||
|
Current assets
|
||
|
Cash and cash equivalents
|
38,710,917,000
|
32,068,291,000
|
|
Trade and other current receivables
|
28,440,722,000
|
27,693,929,000
|
|
Current tax assets, current
|
3,853,309,000
|
2,188,870,000
|
|
Other current financial assets
|
15,263,000
|
146,671,000
|
|
Current inventories
|
1,354,241,000
|
1,026,428,000
|
|
Current biological assets
|
0
|
0
|
|
Other current non-financial assets
|
[1] 8,112,193,000
|
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
|
80,486,645,000
|
72,052,868,000
|
|
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
1,094,596,000
|
0
|
|
Total current assets
|
81,581,241,000
|
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
|
47,283,359,000
|
50,123,273,000
|
|
Investments accounted for using equity method
|
0
|
0
|
|
Investments in subsidiaries, joint ventures and associates
|
9,352,183,000
|
10,546,728,000
|
|
Property, plant and equipment
|
83,368,358,000
|
87,342,530,000
|
|
Investment property
|
0
|
0
|
|
Right-of-use assets that do not meet definition of investment property
|
7,676,159,000
|
0
|
|
Goodwill
|
14,113,626,000
|
14,113,626,000
|
|
Intangible assets other than goodwill
|
28,806,444,000
|
28,949,890,000
|
|
Deferred tax assets
|
24,293,376,000
|
22,181,779,000
|
|
Other non-current non-financial assets
|
[2] 12,164,968,000
|
11,859,899,000
|
|
Total non-current assets
|
227,058,473,000
|
225,117,725,000
|
|
Total assets
|
308,639,714,000
|
297,170,593,000
|
|
Equity and liabilities
|
||
|
Liabilities
|
||
|
Current liabilities
|
||
|
Trade and other current payables
|
39,705,067,000
|
41,278,310,000
|
|
Current tax liabilities, current
|
2,385,698,000
|
3,054,790,000
|
|
Other current financial liabilities
|
14,141,701,000
|
4,196,701,000
|
|
Current lease liabilities
|
1,213,763,000
|
0
|
|
Other current non-financial liabilities
|
0
|
0
|
|
Current provisions
|
||
|
Current provisions for employee benefits
|
0
|
0
|
|
Other current provisions
|
1,673,000
|
1,642,000
|
|
Total current provisions
|
1,673,000
|
1,642,000
|
|
Total current liabilities other than liabilities included in disposal groups classified as held for sale
|
57,447,902,000
|
48,531,443,000
|
|
Liabilities included in disposal groups classified as held for sale
|
0
|
0
|
|
Total current liabilities
|
57,447,902,000
|
48,531,443,000
|
|
Concept
|
Close Current Quarter
2019-09-30
|
Close Previous Exercise
2018-12-31
|
|
Non-current liabilities
|
||
|
Trade and other non-current payables
|
3,601,877,000
|
4,621,644,000
|
|
Current tax liabilities, non-current
|
1,736,553,000
|
3,141,394,000
|
|
Other non-current financial liabilities
|
124,675,890,000
|
126,938,164,000
|
|
Non-current lease liabilities
|
8,442,755,000
|
0
|
|
Other non-current non-financial liabilities
|
0
|
0
|
|
Non-current provisions
|
||
|
Non-current provisions for employee benefits
|
1,051,874,000
|
962,497,000
|
|
Other non-current provisions
|
900,624,000
|
54,238,000
|
|
Total non-current provisions
|
1,952,498,000
|
1,016,735,000
|
|
Deferred tax liabilities
|
7,885,540,000
|
8,390,522,000
|
|
Total non-current liabilities
|
148,295,113,000
|
144,108,459,000
|
|
Total liabilities
|
205,743,015,000
|
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
|
14,618,864,000
|
14,219,060,000
|
|
Retained earnings
|
79,923,779,000
|
78,510,909,000
|
|
Other reserves
|
2,270,489,000
|
4,427,487,000
|
|
Total equity attributable to owners of parent
|
88,372,988,000
|
89,516,920,000
|
|
Non-controlling interests
|
14,523,711,000
|
15,013,771,000
|
|
Total equity
|
102,896,699,000
|
104,530,691,000
|
|
Total equity and liabilities
|
308,639,714,000
|
297,170,593,000
|
|
Concept
|
Accumulated Current Year
2019-01-01 - 2019-09-30
|
Accumulated Previous Year
2018-01-01 - 2018-09-30
|
Quarter Current Year
2019-07-01 - 2019-09-30
|
Quarter Previous Year
2018-07-01 - 2018-09-30
|
|
Profit or loss
|
||||
|
Profit (loss)
|
||||
|
Revenue
|
73,488,981,000
|
74,547,082,000
|
25,786,149,000
|
25,033,234,000
|
|
Cost of sales
|
42,025,942,000
|
42,348,862,000
|
14,946,510,000
|
14,208,501,000
|
|
Gross profit
|
31,463,039,000
|
32,198,220,000
|
10,839,639,000
|
10,824,733,000
|
|
Distribution costs
|
8,344,187,000
|
8,037,409,000
|
2,797,238,000
|
2,609,679,000
|
|
Administrative expenses
|
10,081,472,000
|
10,223,839,000
|
3,057,286,000
|
3,440,751,000
|
|
Other income
|
0
|
2,651,374,000
|
0
|
0
|
|
Other expense
|
861,266,000
|
0
|
389,362,000
|
432,463,000
|
|
Profit (loss) from operating activities
|
12,176,114,000
|
16,588,346,000
|
4,595,753,000
|
4,341,840,000
|
|
Finance income
|
1,210,822,000
|
1,685,154,000
|
920,723,000
|
436,195,000
|
|
Finance costs
|
8,623,588,000
|
8,150,386,000
|
3,790,923,000
|
2,925,538,000
|
|
Share of profit (loss) of associates and joint ventures accounted for using equity method
|
489,556,000
|
910,893,000
|
159,917,000
|
326,609,000
|
|
Profit (loss) before tax
|
5,252,904,000
|
11,034,007,000
|
1,885,470,000
|
2,179,106,000
|
|
Tax income (expense)
|
1,972,735,000
|
3,798,702,000
|
726,784,000
|
699,487,000
|
|
Profit (loss) from continuing operations
|
3,280,169,000
|
7,235,305,000
|
1,158,686,000
|
1,479,619,000
|
|
Profit (loss) from discontinued operations
|
0
|
0
|
0
|
0
|
|
Profit (loss)
|
3,280,169,000
|
7,235,305,000
|
1,158,686,000
|
1,479,619,000
|
|
Profit (loss), attributable to
|
||||
|
Profit (loss), attributable to owners of parent
|
2,216,037,000
|
5,952,941,000
|
755,222,000
|
978,011,000
|
|
Profit (loss), attributable to non-controlling interests
|
1,064,132,000
|
1,282,364,000
|
403,464,000
|
501,608,000
|
|
Earnings per share
|
||||
|
Earnings per share
|
||||
|
Earnings per share
|
||||
|
Basic earnings per share
|
||||
|
Basic earnings (loss) per share from continuing operations
|
0.77
|
2.05
|
0.26
|
0.34
|
|
Basic earnings (loss) per share from discontinued operations
|
0
|
0
|
0
|
0
|
|
Total basic earnings (loss) per share
|
[3] 0.77
|
2.05
|
0.26
|
0.34
|
|
Diluted earnings per share
|
||||
|
Diluted earnings (loss) per share from continuing operations
|
0.73
|
1.94
|
0.25
|
0.32
|
|
Diluted earnings (loss) per share from discontinued operations
|
0
|
0
|
0
|
0
|
|
Total diluted earnings (loss) per share
|
[4] 0.73
|
1.94
|
0.25
|
0.32
|
|
Concept
|
Accumulated Current Year
2019-01-01 - 2019-09-30
|
Accumulated Previous Year
2018-01-01 - 2018-09-30
|
Quarter Current Year
2019-07-01 - 2019-09-30
|
Quarter Previous Year
2018-07-01 - 2018-09-30
|
|
Statement of comprehensive income
|
||||
|
Profit (loss)
|
3,280,169,000
|
7,235,305,000
|
1,158,686,000
|
1,479,619,000
|
|
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
|
(1,045,805,000)
|
576,930,000
|
(796,155,000)
|
1,040,243,000
|
|
Other comprehensive income, net of tax, gains (losses) on revaluation
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, change in fair value of financial liability attributable to change in credit risk of liability
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, gains (losses) on hedging instruments that hedge investments in equity instruments
|
0
|
0
|
0
|
0
|
|
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profit or loss,
net of tax
|
0
|
0
|
0
|
0
|
|
Total other comprehensive income that will not be reclassified to profit or loss, net of tax
|
(1,045,805,000)
|
576,930,000
|
(796,155,000)
|
1,040,243,000
|
|
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
|
107,772,000
|
(1,135,041,000)
|
175,171,000
|
(479,229,000)
|
|
Reclassification adjustments on exchange differences on translation, net of tax
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, exchange differences on translation
|
107,772,000
|
(1,135,041,000)
|
175,171,000
|
(479,229,000)
|
|
Available-for-sale financial assets
|
||||
|
Gains (losses) on remeasuring available-for-sale financial assets, net of tax
|
0
|
0
|
0
|
0
|
|
Reclassification adjustments on available-for-sale financial assets, net of tax
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, available-for-sale financial assets
|
0
|
0
|
0
|
0
|
|
Cash flow hedges
|
||||
|
Gains (losses) on cash flow hedges, net of tax
|
(1,001,205,000)
|
(215,390,000)
|
(422,633,000)
|
(266,420,000)
|
|
Reclassification adjustments on cash flow hedges, net of tax
|
0
|
0
|
0
|
0
|
|
Amounts removed from equity and included in carrying amount of non-financial asset (liability) whose acquisition or incurrence was hedged highly probable
forecast transaction, net of tax
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, cash flow hedges
|
(1,001,205,000)
|
(215,390,000)
|
(422,633,000)
|
(266,420,000)
|
|
Hedges of net investment in foreign operations
|
||||
|
Gains (losses) on hedges of net investments in foreign operations, net of tax
|
0
|
0
|
0
|
0
|
|
Reclassification adjustments on hedges of net investments in foreign operations, net of tax
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, hedges of net investments in foreign operations
|
0
|
0
|
0
|
0
|
|
Concept
|
Accumulated Current Year
2019-01-01 - 2019-09-30
|
Accumulated Previous Year
2018-01-01 - 2018-09-30
|
Quarter Current Year
2019-07-01 - 2019-09-30
|
Quarter Previous Year
2018-07-01 - 2018-09-30
|
|
Change in value of time value of options
|
||||
|
Gains (losses) on change in value of time value of options, net of tax
|
0
|
0
|
0
|
0
|
|
Reclassification adjustments on change in value of time value of options, net of tax
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, change in value of time value of options
|
0
|
0
|
0
|
0
|
|
Change in value of forward elements of forward contracts
|
||||
|
Gains (losses) on change in value of forward elements of forward contracts, net of tax
|
0
|
0
|
0
|
0
|
|
Reclassification adjustments on change in value of forward elements of forward contracts, net of tax
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, change in value of forward elements of forward contracts
|
0
|
0
|
0
|
0
|
|
Change in value of foreign currency basis spreads
|
||||
|
Gains (losses) on change in value of foreign currency basis spreads, net of tax
|
0
|
0
|
0
|
0
|
|
Reclassification adjustments on change in value of foreign currency basis spreads, net of tax
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, change in value of foreign currency basis spreads
|
0
|
0
|
0
|
0
|
|
Financial assets measured at fair value through other comprehensive income
|
||||
|
Gains (losses) on financial assets measured at fair value through other comprehensive income, net of tax
|
(612,000)
|
(57,000)
|
(179,000)
|
(57,000)
|
|
Reclassification adjustments on financial assets measured at fair value through other comprehensive income, net of tax
|
0
|
0
|
0
|
0
|
|
Amounts removed from equity and adjusted against fair value of financial assets on reclassification out of fair value through other comprehensive income
measurement category, net of tax
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income
|
(612,000)
|
(57,000)
|
(179,000)
|
(57,000)
|
|
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
|
(196,952,000)
|
64,068,000
|
(79,259,000)
|
20,215,000
|
|
Total other comprehensive income that will be reclassified to profit or loss, net of tax
|
(1,090,997,000)
|
(1,286,420,000)
|
(326,900,000)
|
(725,491,000)
|
|
Total other comprehensive income
|
(2,136,802,000)
|
(709,490,000)
|
(1,123,055,000)
|
314,752,000
|
|
Total comprehensive income
|
1,143,367,000
|
6,525,815,000
|
35,631,000
|
1,794,371,000
|
|
Comprehensive income attributable to
|
||||
|
Comprehensive income, attributable to owners of parent
|
59,039,000
|
5,287,383,000
|
(387,832,000)
|
1,396,783,000
|
|
Comprehensive income, attributable to non-controlling interests
|
1,084,328,000
|
1,238,432,000
|
423,463,000
|
397,588,000
|
|
Concept
|
Accumulated Current Year
2019-01-01 - 2019-09-30
|
Accumulated Previous Year
2018-01-01 - 2018-09-30
|
|
Statement of cash flows
|
||
|
Cash flows from (used in) operating activities
|
||
|
Profit (loss)
|
3,280,169,000
|
7,235,305,000
|
|
Adjustments to reconcile profit (loss)
|
||
|
+ Discontinued operations
|
0
|
0
|
|
+ Adjustments for income tax expense
|
1,972,735,000
|
3,798,702,000
|
|
+ (-) Adjustments for finance costs
|
0
|
0
|
|
+ Adjustments for depreciation and amortisation expense
|
15,616,424,000
|
14,686,728,000
|
|
+ Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss
|
50,680,000
|
34,564,000
|
|
+ Adjustments for provisions
|
1,261,611,000
|
1,285,309,000
|
|
+ (-) Adjustments for unrealised foreign exchange losses (gains)
|
569,092,000
|
(1,585,924,000)
|
|
+ Adjustments for share-based payments
|
820,774,000
|
1,010,302,000
|
|
+ (-) Adjustments for fair value losses (gains)
|
313,625,000
|
1,113,426,000
|
|
- Adjustments for undistributed profits of associates
|
0
|
0
|
|
+ (-) Adjustments for losses (gains) on disposal of non-current assets
|
120,226,000
|
676,356,000
|
| Share of income of associates and joint ventures |
(489,556,000)
|
(910,893,000)
|
|
+ (-) Adjustments for decrease (increase) in inventories
|
230,961,000
|
(734,812,000)
|
|
+ (-) Adjustments for decrease (increase) in trade accounts receivable
|
1,444,993,000
|
8,270,566,000
|
|
+ (-) Adjustments for decrease (increase) in other operating receivables
|
(1,975,166,000)
|
(2,516,177,000)
|
|
+ (-) Adjustments for increase (decrease) in trade accounts payable
|
331,878,000
|
(248,312,000)
|
|
+ (-) Adjustments for increase (decrease) in other operating payables
|
(3,729,732,000)
|
(7,335,641,000)
|
|
+ Other adjustments for non-cash items
|
0
|
0
|
|
+ Other adjustments for which cash effects are investing or financing cash flow
|
(62,000)
|
(3,582,681,000)
|
|
+ Straight-line rent adjustment
|
0
|
0
|
|
+ Amortization of lease fees
|
0
|
0
|
|
+ Setting property values
|
0
|
0
|
|
+ (-) Other adjustments to reconcile profit (loss)
|
378,590,000
|
301,347,000
|
|
+ (-) Total adjustments to reconcile profit (loss)
|
16,917,073,000
|
14,262,860,000
|
|
Net cash flows from (used in) operations
|
20,197,242,000
|
21,498,165,000
|
|
- Dividends paid
|
0
|
0
|
|
0
|
0
|
|
|
- Interest paid
|
(7,844,528,000)
|
(7,036,960,000)
|
|
+ Interest received
|
(44,936,000)
|
(95,395,000)
|
|
+ (-) Income taxes refund (paid)
|
7,535,422,000
|
5,396,951,000
|
|
+ (-) Other inflows (outflows) of cash
|
0
|
0
|
|
Net cash flows from (used in) operating activities
|
20,461,412,000
|
23,042,779,000
|
|
Cash flows from (used in) investing activities
|
||
|
+ Cash flows from losing control of subsidiaries or other businesses
|
667,000
|
0
|
|
- Cash flows used in obtaining control of subsidiaries or other businesses
|
(107,883,000)
|
0
|
|
+ Other cash receipts from sales of equity or debt instruments of other entities
|
0
|
5,890,520,000
|
|
- Other cash payments to acquire equity or debt instruments of other entities
|
0
|
0
|
|
+ Other cash receipts from sales of interests in joint ventures
|
0
|
95,161,000
|
|
- Other cash payments to acquire interests in joint ventures
|
0
|
0
|
|
+ Proceeds from sales of property, plant and equipment
|
1,967,674,000
|
956,727,000
|
|
- Purchase of property, plant and equipment
|
13,736,986,000
|
12,740,872,000
|
|
+ Proceeds from sales of intangible assets
|
0
|
0
|
|
- Purchase of intangible assets
|
2,130,320,000
|
1,540,012,000
|
|
+ Proceeds from sales of other long-term assets
|
0
|
0
|
|
Concept
|
Accumulated Current Year
2019-01-01 - 2019-09-30
|
Accumulated Previous Year
2018-01-01 - 2018-09-30
|
|
- Purchase of other long-term assets
|
0
|
0
|
|
+ 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
|
452,400,000
|
0
|
|
- Interest paid
|
0
|
0
|
|
+ Interest received
|
0
|
0
|
|
0
|
0
|
|
|
+ (-) Other inflows (outflows) of cash
|
1,216,055,000
|
416,189,000
|
|
Net cash flows from (used in) investing activities
|
(12,122,627,000)
|
(6,922,287,000)
|
|
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
|
2,091,551,000
|
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
|
1,385,750,000
|
1,541,180,000
|
|
- Payments of other equity instruments
|
0
|
0
|
|
+ Proceeds from borrowings
|
24,006,712,000
|
0
|
|
- Repayments of borrowings
|
11,928,534,000
|
230,617,000
|
|
- Payments of finance lease liabilities
|
692,660,000
|
334,638,000
|
|
- Payments of lease liabilities
|
612,887,000
|
0
|
|
+ Proceeds from government grants
|
0
|
0
|
|
- Dividends paid
|
1,066,187,000
|
1,068,868,000
|
|
- Interest paid
|
5,991,238,000
|
7,014,365,000
|
|
+ (-) Income taxes refund (paid)
|
0
|
0
|
|
+ (-) Other inflows (outflows) of cash
|
(1,938,058,000)
|
(952,377,000)
|
|
Net cash flows from (used in) financing activities
|
(1,700,153,000)
|
(12,326,065,000)
|
|
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes
|
6,638,632,000
|
3,794,427,000
|
|
Effect of exchange rate changes on cash and cash equivalents
|
||
|
Effect of exchange rate changes on cash and cash equivalents
|
3,994,000
|
(102,619,000)
|
|
Net increase (decrease) in cash and cash equivalents
|
6,642,626,000
|
3,691,808,000
|
|
Cash and cash equivalents at beginning of period
|
32,068,291,000
|
38,734,949,000
|
|
Cash and cash equivalents at end of period
|
38,710,917,000
|
42,426,757,000
|
|
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
|
2,216,037,000
|
0
|
0
|
0
|
0
|
0
|
|
Other comprehensive income
|
0
|
0
|
0
|
0
|
0
|
87,576,000
|
(1,001,205,000)
|
0
|
0
|
|
Total comprehensive income
|
0
|
0
|
0
|
2,216,037,000
|
0
|
87,576,000
|
(1,001,205,000)
|
0
|
0
|
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
1,066,187,000
|
0
|
0
|
0
|
0
|
0
|
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
443,589,000
|
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
|
766,000
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
399,804,000
|
(181,335,000)
|
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
|
399,804,000
|
1,412,870,000
|
0
|
87,576,000
|
(1,001,205,000)
|
0
|
0
|
|
Equity at end of period
|
4,907,765,000
|
15,889,819,000
|
14,618,864,000
|
79,923,779,000
|
0
|
1,549,071,000
|
(317,620,000)
|
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
|
(1,046,417,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total comprehensive income
|
0
|
0
|
(1,046,417,000)
|
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
|
(1,046,417,000)
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Equity at end of period
|
0
|
0
|
1,608,449,000
|
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
|
2,216,037,000
|
1,064,132,000
|
3,280,169,000
|
|
Other comprehensive income
|
0
|
0
|
0
|
(196,952,000)
|
(2,156,998,000)
|
(2,156,998,000)
|
20,196,000
|
(2,136,802,000)
|
|
Total comprehensive income
|
0
|
0
|
0
|
(196,952,000)
|
(2,156,998,000)
|
59,039,000
|
1,084,328,000
|
1,143,367,000
|
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
1,066,187,000
|
1,573,622,000
|
2,639,809,000
|
|
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
|
443,589,000
|
0
|
443,589,000
|
|
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
|
766,000
|
(766,000)
|
0
|
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
(581,139,000)
|
0
|
(581,139,000)
|
|
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
|
(196,952,000)
|
(2,156,998,000)
|
(1,143,932,000)
|
(490,060,000)
|
(1,633,992,000)
|
|
Equity at end of period
|
0
|
0
|
0
|
(36,208,000)
|
2,270,489,000
|
88,372,988,000
|
14,523,711,000
|
102,896,699,000
|
|
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
|
74,155,724,000
|
0
|
2,298,822,000
|
561,412,000
|
0
|
0
|
|
Changes in equity
|
|||||||||
|
Comprehensive income
|
|||||||||
|
Profit (loss)
|
0
|
0
|
0
|
5,952,941,000
|
0
|
0
|
0
|
0
|
0
|
|
Other comprehensive income
|
0
|
0
|
0
|
0
|
0
|
(1,091,109,000)
|
(215,390,000)
|
0
|
0
|
|
Total comprehensive income
|
0
|
0
|
0
|
5,952,941,000
|
0
|
(1,091,109,000)
|
(215,390,000)
|
0
|
0
|
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
1,068,868,000
|
0
|
0
|
0
|
0
|
0
|
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
1,480,774,000
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through treasury share transactions, equity
|
(70,361,000)
|
0
|
(2,764,562,000)
|
(2,694,201,000)
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
931,347,000
|
384,306,000
|
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
|
(70,361,000)
|
0
|
(1,833,215,000)
|
4,054,952,000
|
0
|
(1,091,109,000)
|
(215,390,000)
|
0
|
0
|
|
Equity at end of period
|
4,907,765,000
|
15,889,819,000
|
12,955,769,000
|
78,210,676,000
|
0
|
1,207,713,000
|
346,022,000
|
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
|
3,024,527,000
|
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
|
576,873,000
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Total comprehensive income
|
0
|
0
|
576,873,000
|
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
|
576,873,000
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Equity at end of period
|
0
|
0
|
3,601,400,000
|
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
|
5,427,079,000
|
85,661,764,000
|
13,995,150,000
|
99,656,914,000
|
|
Changes in equity
|
||||||||
|
Comprehensive income
|
||||||||
|
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
5,952,941,000
|
1,282,364,000
|
7,235,305,000
|
|
Other comprehensive income
|
0
|
0
|
0
|
64,068,000
|
(665,558,000)
|
(665,558,000)
|
(43,932,000)
|
(709,490,000)
|
|
Total comprehensive income
|
0
|
0
|
0
|
64,068,000
|
(665,558,000)
|
5,287,383,000
|
1,238,432,000
|
6,525,815,000
|
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
1,068,868,000
|
1,265,512,000
|
2,334,380,000
|
|
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
|
1,480,774,000
|
783,832,000
|
2,264,606,000
|
|
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
|
(547,041,000)
|
0
|
(547,041,000)
|
|
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
|
64,068,000
|
(665,558,000)
|
5,152,248,000
|
756,752,000
|
5,909,000,000
|
|
Equity at end of period
|
0
|
0
|
0
|
272,125,000
|
4,761,521,000
|
90,814,012,000
|
14,751,902,000
|
105,565,914,000
|
|
Concept
|
Close Current Quarter
2019-09-30
|
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
|
1,374,496,000
|
1,461,902,000
|
|
Number of executives
|
68
|
67
|
|
Number of employees
|
42,009
|
39,098
|
|
Number of workers
|
0
|
0
|
|
Outstanding shares
|
337,244,259,846
|
338,329,119,531
|
|
Repurchased shares
|
20,063,011,956
|
18,978,152,271
|
|
Restricted cash
|
0
|
0
|
|
Guaranteed debt of associated companies
|
0
|
0
|
|
Concept
|
Accumulated Current Year
2019-01-01 - 2019-09-30
|
Accumulated Previous Year
2018-01-01 - 2018-09-30
|
Quarter Current Year
2019-07-01 - 2019-09-30
|
Quarter Previous Year
2018-07-01 - 2018-09-30
|
|
Informative data of the Income Statement
|
||||
|
Operating depreciation and amortization
|
15,616,424,000
|
14,686,728,000
|
5,321,251,000
|
5,037,803,000
|
|
Concept
|
Current Year
2018-10-01 - 2019-09-30
|
Previous Year
2017-10-01 - 2018-09-30
|
|
Informative data - Income Statement for 12 months
|
||
|
Revenue
|
100,224,232,000
|
100,540,085,000
|
|
Profit (loss) from operating activities
|
15,840,326,000
|
20,218,068,000
|
|
Profit (loss)
|
3,660,134,000
|
8,145,381,000
|
|
Profit (loss), attributable to owners of parent
|
2,272,510,000
|
6,296,277,000
|
|
Operating depreciation and amortization
|
20,763,898,000
|
19,459,813,000
|
|
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
|
60,549,000
|
181,645,000
|
242,194,000
|
670,208,000
|
||||||||
|
BANCO SANTANDER 2
|
NO
|
2015-03-12
|
2020-07-07
|
TIIE+1.25
|
249,863,000
|
|||||||||||
|
HSBC 3
|
NO
|
2016-03-08
|
2023-03-08
|
7.13
|
1,875,000,000
|
625,000,000
|
||||||||||
|
SCOTIABANK INVERLAT 4
|
NO
|
2016-03-08
|
2023-03-08
|
7
|
750,000,000
|
1,500,000,000
|
750,000,000
|
|||||||||
|
BANCO SANTANDER 5
|
NO
|
2017-11-23
|
2022-10-21
|
TIIE+1.25
|
1,494,300,000
|
|||||||||||
|
HSBC6
|
NO
|
2017-11-23
|
2022-11-22
|
TIIE+1.30
|
1,992,474,000
|
|||||||||||
|
SCOTIABANK INVERLAT7
|
NO
|
2017-12-07
|
2023-02-03
|
TIIE+1.30
|
2,490,081,000
|
|||||||||||
|
SINDICADO8
|
NO
|
2019-06-05
|
2024-06-24
|
TIIE+1.05
|
9,900,004,000
|
|||||||||||
|
TOTAL
|
60,549,000
|
431,508,000
|
2,867,194,000
|
2,170,208,000
|
7,351,855,000
|
9,900,004,000
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Other banks
|
||||||||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Total banks
|
||||||||||||||||
|
TOTAL
|
60,549,000
|
431,508,000
|
2,867,194,000
|
2,170,208,000
|
7,351,855,000
|
9,900,004,000
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Stock market
|
||||||||||||||||
|
Listed on stock exchange - unsecured
|
||||||||||||||||
|
SENIOR NOTES 1
|
YES
|
2007-05-09
|
2037-05-11
|
8.93
|
4,487,191,000
|
|||||||||||
|
NOTES 2
|
NO
|
2010-10-14
|
2020-10-01
|
7.38
|
9,992,359,000
|
|||||||||||
|
SENIOR NOTES 3
|
YES
|
2013-05-14
|
2043-05-14
|
7.62
|
6,443,948,000
|
|||||||||||
|
NOTES 4
|
NO
|
2017-10-09
|
2027-10-09
|
8.79
|
4,480,930,000
|
|||||||||||
|
SENIOR NOTES 5
|
YES
|
2005-03-18
|
2025-03-18
|
6.97
|
11,632,938,000
|
|||||||||||
|
SENIOR NOTES 6
|
YES
|
2002-03-11
|
2032-03-11
|
8.94
|
5,899,742,000
|
|||||||||||
|
SENIOR NOTES 7
|
YES
|
2009-11-23
|
2040-01-15
|
6.97
|
11,715,194,000
|
|||||||||||
|
SENIOR NOTES 8
|
YES
|
2014-05-13
|
2045-05-13
|
5.26
|
19,305,291,000
|
|||||||||||
|
SENIOR NOTES 9
|
YES
|
2015-11-24
|
2026-01-30
|
4.86
|
5,891,186,000
|
|||||||||||
|
SENIOR NOTES 10
|
YES
|
2015-11-24
|
2046-01-31
|
6.44
|
17,640,192,000
|
|||||||||||
|
SENIOR NOTES 11
|
YES
|
2019-05-21
|
2049-05-24
|
5.52
|
14,497,398,000
|
|||||||||||
|
TOTAL
|
9,992,359,000
|
0
|
0
|
0
|
0
|
15,412,069,000
|
0
|
0
|
0
|
0
|
0
|
86,581,941,000
|
||||
|
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
|
9,992,359,000
|
0
|
0
|
0
|
0
|
15,412,069,000
|
0
|
0
|
0
|
0
|
0
|
[5] 86,581,941,000
|
||||
|
Other current and non-current liabilities with cost
|
||||||||||||||||
|
Other current and non-current liabilities with cost
|
||||||||||||||||
|
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
|
|||||
|
NOTES PAYABLE TRANSFERRED TO BBVA BANCOMER BY ORIGINAL CREDITOR 1
|
NO
|
2016-03-01
|
2020-03-04
|
1,315,156,000
|
||||||||||||
|
TOTAL
|
0
|
1,315,156,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Total other current and non-current liabilities with cost
|
||||||||||||||||
|
TOTAL
|
0
|
[6] 1,315,156,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Suppliers
|
||||||||||||||||
|
Suppliers
|
||||||||||||||||
|
SUPPLIERS 1
|
NO
|
2019-09-30
|
2020-09-30
|
13,937,136,000
|
4,951,977,000
|
|||||||||||
|
TRANSMISSION RIGHTS 1
|
NO
|
2012-05-07
|
2026-12-29
|
1,146,321,000
|
690,638,000
|
214,758,000
|
124,790,000
|
77,459,000
|
2,326,157,000
|
985,828,000
|
633,177,000
|
293,120,000
|
582,107,000
|
|||
|
TOTAL
|
0
|
15,083,457,000
|
690,638,000
|
214,758,000
|
124,790,000
|
77,459,000
|
0
|
7,278,134,000
|
985,828,000
|
633,177,000
|
293,120,000
|
582,107,000
|
||||
|
Total suppliers
|
||||||||||||||||
|
TOTAL
|
0
|
15,083,457,000
|
690,638,000
|
214,758,000
|
124,790,000
|
77,459,000
|
0
|
7,278,134,000
|
985,828,000
|
633,177,000
|
293,120,000
|
582,107,000
|
||||
|
Other current and non-current liabilities
|
||||||||||||||||
|
Other current and non-current liabilities
|
||||||||||||||||
|
DERIVATIVE FINANCIAL INSTRUMENTS 1
|
101,921,000
|
10,693,000
|
171,892,000
|
210,034,000
|
||||||||||||
|
TOTAL
|
0
|
101,921,000
|
0
|
10,693,000
|
171,892,000
|
210,034,000
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Total other current and non-current liabilities
|
||||||||||||||||
|
TOTAL
|
0
|
101,921,000
|
0
|
10,693,000
|
171,892,000
|
210,034,000
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Total credits
|
||||||||||||||||
|
TOTAL
|
10,052,908,000
|
16,932,042,000
|
3,557,832,000
|
2,395,659,000
|
7,648,537,000
|
25,599,566,000
|
0
|
7,278,134,000
|
985,828,000
|
633,177,000
|
293,120,000
|
87,164,048,000
|
||||
|
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
|
1,351,058,000
|
26,669,074,000
|
59,706,000
|
1,178,561,000
|
27,847,635,000
|
|
Non-current monetary assets
|
0
|
0
|
0
|
0
|
0
|
|
Total monetary assets
|
1,351,058,000
|
26,669,074,000
|
59,706,000
|
1,178,561,000
|
27,847,635,000
|
|
Liabilities position
|
|||||
|
Current liabilities
|
541,606,000
|
10,690,981,000
|
21,826,000
|
430,832,000
|
11,121,813,000
|
|
Non-current liabilities
|
4,817,529,000
|
95,095,123,000
|
0
|
0
|
95,095,123,000
|
|
Total liabilities
|
5,359,135,000
|
105,786,104,000
|
21,826,000
|
430,832,000
|
106,216,936,000
|
|
Net monetary assets (liabilities)
|
(4,008,077,000)
|
(79,117,030,000)
|
37,880,000
|
747,729,000
|
[7] (78,369,301,000)
|
|
Income type
|
||||
|
National income
|
Export income
|
Income of subsidiaries abroad
|
Total income
|
|
|
TELEVISA
|
||||
|
CONTENT – ADVERTISING
|
12,690,948,000
|
147,888,000
|
12,838,836,000
|
|
|
CONTENT - NETWORK SUBSCRIPTION REVENUE
|
2,766,069,000
|
897,115,000
|
0
|
3,663,184,000
|
|
CONTENT - LICENSING AND SYNDICATION
|
995,870,000
|
6,396,027,000
|
0
|
7,391,897,000
|
|
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
|
14,208,020,000
|
0
|
1,017,757,000
|
15,225,777,000
|
|
SKY - PAY PER VIEW
|
63,298,000
|
0
|
7,382,000
|
70,680,000
|
|
SKY - ADVERTISING
|
671,524,000
|
0
|
0
|
671,524,000
|
|
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
|
12,087,900,000
|
0
|
0
|
12,087,900,000
|
|
CABLE - BROADBAND SERVICES
|
10,783,739,000
|
0
|
0
|
10,783,739,000
|
|
CABLE - SERVICE INSTALLATION
|
309,635,000
|
0
|
0
|
309,635,000
|
|
CABLE - ADVERTISING
|
1,020,509,000
|
0
|
0
|
1,020,509,000
|
|
CABLE - TELEPHONY
|
2,697,541,000
|
0
|
0
|
2,697,541,000
|
|
CABLE - OTHER INCOME
|
303,481,000
|
0
|
0
|
303,481,000
|
|
BESTEL, METRORED
|
||||
|
CABLE - ENTERPRISE OPERATIONS
|
3,288,262,000
|
0
|
194,820,000
|
3,483,082,000
|
|
OTHER BUSINESSES:
|
||||
|
OTHER BUSINESSES:
|
0
|
0
|
0
|
0
|
|
TV Y NOVELAS, MUY INTERESANTE JUNIOR, VANIDADES, COCINA FACIL, NATIONAL GEOGRAPHIC, MUY INTERESANTE, TÚ, COSMOPOLITAN
|
||||
|
PUBLISHING - MAGAZINE CIRCULATION
|
275,497,000
|
0
|
13,903,000
|
289,400,000
|
|
PUBLISHING - ADVERTISING
|
180,982,000
|
0
|
21,995,000
|
202,977,000
|
|
PUBLISHING - OTHER INCOME
|
4,073,000
|
0
|
0
|
4,073,000
|
|
VIDEOCINE, PANTELION
|
||||
|
DISTRIBUTION, RENTALS AND SALE OF MOVIE RIGHTS
|
661,922,000
|
787,000
|
242,723,000
|
905,432,000
|
|
CLUB DE FÚTBOL AMÉRICA, ESTADIO AZTECA
|
||||
|
SPECIAL EVENTS AND SHOW PROMOTION
|
1,209,933,000
|
1,180,494,000
|
0
|
2,390,427,000
|
|
PLAY CITY
|
||||
|
GAMING
|
2,234,549,000
|
0
|
0
|
2,234,549,000
|
|
TELEVISA RADIO
|
||||
|
RADIO - ADVERTISING
|
573,673,000
|
0
|
0
|
573,673,000
|
|
CARTOON NETWORK, MINI REVISTA MINA, CINE PREMIERE, SELECCIONES, GUÍA DE BIENESTAR SELECCIONES, ALGARABIA, VOGUE MEXICO
|
||||
|
PUBLISHING DISTRIBUTION
|
239,413,000
|
0
|
239,413,000
|
|
|
INTERSEGMENT ELIMINATIONS
|
||||
|
INTERSEGMENT ELIMINATIONS
|
(3,894,605,000)
|
0
|
(4,143,000)
|
(3,898,748,000)
|
|
TOTAL
|
63,372,233,000
|
8,622,311,000
|
1,494,437,000
|
73,488,981,000
|
| 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.$245,500,000.00 (Two
hundred forty-five million and five hundred thousand U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $ 280,392,290.63 (Two hundred eighty million three hundred ninety two thousand two hundred and ninety
Mexican pesos 63/100) 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.$28,000,000.00 (Twenty-eight million U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN$37,351,300.00 (Thirty-seven million three hundred fifty-one thousand three hundred Mexican pesos 00/100) was incurred
in the quarter.
|
| 3. |
During the relevant quarter, IRS through which Televisión Internacional, S.A. de C.V. hedged against a possible change on the Interest Rates with a notional amount of
$250,000,000.00 (Two hundred and fifty million Mexican pesos 00/100), expired. As a result of this hedge, a profit of MXN $2,127,617.46 (Two million one hundred twenty-seven thousand six hundred seventeen Mexican pesos 46/100) was
incurred in the quarter.
|
| 4. |
During the relevant quarter, IRS through which Televisión Internacional, S.A. de C.V. hedged against a possible change on the Interest Rates with a notional amount of
$300,000,000.00 (Three hundred million Mexican pesos 00/100), expired. As a result of this hedge, a profit of MXN$714,326.67 (Seven hundred fourteen thousand three hundred twenty-six Mexican pesos 67/100) was incurred in the
quarter.
|
| 5. |
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.$25,000,000.00 (Twenty-five million U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $35,687,950.00 (Thirty-five million six hundred eighty-seven thousand nine hundred and fifty Mexican pesos 00/100) was
incurred in the quarter.
|
| 6. |
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.$22,000,000.00 (Twenty-two million U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $36,670,700.00 (Thirty-six million six hundred seventy thousand seven hundred Mexican pesos 00/100) was incurred in the
quarter.
|
| 7. |
During the relevant quarter the coverage done through IRS of Grupo Televisa, S.A.B. with expiration on April 5, 2021, which protected a notional amount of MXN
$6,000,000,000.00 (Six Billion Mexican Pesos 00/100) was canceled in advance. As a result of this a profit in the quarter was obtained for MXN $152,414,888.00 (One hundred fifty-two million four hundred fourteen thousand and eight
hundred eighty-eight Mexican pesos 00/100).
|
| 8. |
During the relevant quarter the coverage done through IRS of Grupo Televisa, S.A.B. with expiration on May 2, 2022, which protected a notional amount of MXN $5,000,000,000
(Five Billion Mexican Pesos 00/100) was canceled in advance. As a result of this a profit in the quarter was obtained for MXN $44,333,000.00 (Forty-four million three hundred thirty-three thousand Mexican pesos 00/100).
|
|
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
|
-
|
-
|
TIIE 28 days / 5.9351%
|
-
|
176,183
|
Monthly interest
2019-2021
|
Does not exist (7)
|
|
Interest Rate Swap (1)
|
Hedging
|
-
|
-
|
TIIE 28 days / 6.5716%
|
-
|
118,676
|
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%
|
(44,306)
|
4,133
|
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%
|
(35,125)
|
1,971
|
Monthly interest
2019-2022
|
Does not exist (7)
|
|
Interest Rate Swap (1)
|
Hedging
|
Ps.2,500,000
|
TIIE 28 days / 7.7485%
|
TIIE 28 days / 7.7485%
|
(92,461)
|
(29,018)
|
Monthly interest
2019-2023
|
Does not exist (7)
|
|
Interest Rate Swap (1)
|
Hedging
|
Ps.6,000,000
|
TIIE 28 days/ 7.3873%
|
TIIE 28 days/ 7.4450%
|
(210,034)
|
(14,398)
|
Monthly interest
2019-2024
|
Does not exist (7)
|
|
Forward (1)
|
Hedging
|
U.S.$112,000 / Ps. 2,258,108
|
U.S.$112,000 / Ps. 2,258,108
|
U.S.$199,000 / Ps.3,972,416
|
(8,348)
|
(71,297)
|
Semi-annual interest
2020
|
Does not exist (7)
|
|
Forward (1)
|
Hedging
|
U.S.$278,800 / Ps.5,664,318
|
U.S.$278,800 / Ps.5,664,318
|
U.S.$429,000 / Ps.8,805,593
|
(61,518)
|
(373,176)
|
2019-2020
|
Does not exist (7)
|
|
Interest Rate Swap (2)
|
Hedging
|
Ps. 415,900
|
TIIE 28 days / 5.508%
|
TIIE 28 days / 5.246%
|
6,197
|
16,067
|
Monthly Interest
2019-2022
|
Does not exist (7)
|
|
Interest Rate Swap (2)
|
Hedging
|
Ps. 990,104
|
TIIE 28 days / 7.2663%
|
TIIE 28 days / 7.2663%
|
(10,693)
|
6,672
|
Monthly Interest
2019-2022
|
Does not exist (7)
|
|
Forward (2)
|
Hedging
|
U.S.$62,000 / Ps. 1,259,937
|
U.S.$62,000 / Ps. 1,259,937
|
U.S.$90,000 / Ps.1,841,972
|
(15,864)
|
(71,010)
|
2019-2020
|
Does not exist (7)
|
|
Forward (3)
|
Hedging
|
U.S.$56,250 / Ps. 1,141,477
|
U.S.$56,250 / Ps. 1,141,477
|
U.S.$81,250 / Ps.1,661,770
|
(11,162)
|
(62,757)
|
2019-2020
|
Does not exist (7)
|
|
Forward (4)
|
Hedging
|
U.S.$49,500 / Ps. 1,005,692
|
U.S.$49,500 / Ps. 1,005,692
|
U.S.$71,500 / Ps.1,471,091
|
(5,029)
|
(57,719)
|
2020
|
Does not exist (7)
|
|
Total
|
(488,343)
|
(355,673)
|
||||||
|
(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 September 30, 2019, is
as follows:
|
|
Other financial assets
|
Ps.
|
2,999
|
||
|
Other non-current financial assets
|
3,198
|
|||
|
Other financial liabilities
|
(101,921)
|
|||
|
Other non-current financial liabilities
|
(392,619)
|
|||
|
Ps.
|
(488,343)
|
|
(6)
|
Information as of June 30, 2019.
|
|
(7)
|
Applies only to implicit financing in the ISDA ancillary agreements identified as “Credit Support Annex”.
|
|
Concept
|
Close Current Quarter
2019-09-30
|
Close Previous Exercise
2018-12-31
|
|
Subclassifications of assets, liabilities and equities
|
||
|
Cash and cash equivalents
|
||
|
Cash
|
||
|
Cash on hand
|
100,693,000
|
46,852,000
|
|
Balances with banks
|
1,173,755,000
|
1,914,254,000
|
|
Total cash
|
1,274,448,000
|
1,961,106,000
|
|
Cash equivalents
|
||
|
Short-term deposits, classified as cash equivalents
|
37,436,469,000
|
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
|
37,436,469,000
|
30,107,185,000
|
|
Other cash and cash equivalents
|
0
|
0
|
|
Total cash and cash equivalents
|
38,710,917,000
|
32,068,291,000
|
|
Trade and other current receivables
|
||
|
Current trade receivables
|
17,204,560,000
|
19,748,850,000
|
|
Current receivables due from related parties
|
863,815,000
|
1,078,327,000
|
|
Current prepayments
|
||
|
Current advances to suppliers
|
0
|
0
|
|
Current prepaid expenses
|
1,983,560,000
|
1,680,905,000
|
|
Total current prepayments
|
1,983,560,000
|
1,680,905,000
|
|
Current receivables from taxes other than income tax
|
5,902,575,000
|
3,593,417,000
|
|
Current value added tax receivables
|
5,772,879,000
|
3,468,261,000
|
|
Current receivables from sale of properties
|
0
|
0
|
|
Current receivables from rental of properties
|
0
|
0
|
|
Other current receivables
|
2,486,212,000
|
1,592,430,000
|
|
Total trade and other current receivables
|
28,440,722,000
|
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
|
1,354,241,000
|
1,026,428,000
|
|
Total current inventories
|
1,354,241,000
|
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
|
1,094,596,000
|
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
|
1,094,596,000
|
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
|
|
Concept
|
Close Current Quarter
2019-09-30
|
Close Previous Exercise
2018-12-31
|
|
Non-current value added tax receivables
|
0
|
0
|
|
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
|
741,553,000
|
764,217,000
|
|
Investments in associates
|
8,610,630,000
|
9,782,511,000
|
|
Total investments in subsidiaries, joint ventures and associates
|
9,352,183,000
|
10,546,728,000
|
|
Property, plant and equipment
|
||
|
Land and buildings
|
||
|
Land
|
4,983,168,000
|
4,967,965,000
|
|
Buildings
|
4,557,114,000
|
4,728,443,000
|
|
Total land and buildings
|
9,540,282,000
|
9,696,408,000
|
|
Machinery
|
55,468,971,000
|
60,176,873,000
|
|
Vehicles
|
||
|
Ships
|
0
|
0
|
|
Aircraft
|
523,261,000
|
529,158,000
|
|
Motor vehicles
|
703,515,000
|
905,936,000
|
|
Total vehicles
|
1,226,776,000
|
1,435,094,000
|
|
Fixtures and fittings
|
521,975,000
|
555,678,000
|
|
Office equipment
|
2,388,752,000
|
2,656,206,000
|
|
Tangible exploration and evaluation assets
|
0
|
0
|
|
Mining assets
|
0
|
0
|
|
Oil and gas assets
|
0
|
0
|
|
Construction in progress
|
13,127,915,000
|
11,683,180,000
|
|
Construction prepayments
|
0
|
0
|
|
Other property, plant and equipment
|
1,093,687,000
|
1,139,091,000
|
|
Total property, plant and equipment
|
83,368,358,000
|
87,342,530,000
|
|
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
|
468,799,000
|
800,929,000
|
|
Intangible exploration and evaluation assets
|
0
|
0
|
|
Mastheads and publishing titles
|
0
|
0
|
|
Computer software
|
3,699,238,000
|
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
|
24,638,407,000
|
25,018,026,000
|
|
Total intangible assets other than goodwill
|
28,806,444,000
|
28,949,890,000
|
|
Goodwill
|
14,113,626,000
|
14,113,626,000
|
|
Total intangible assets and goodwill
|
42,920,070,000
|
43,063,516,000
|
|
Trade and other current payables
|
||
|
Current trade payables
|
22,361,591,000
|
22,029,548,000
|
|
Concept
|
Close Current Quarter
2019-09-30
|
Close Previous Exercise
2018-12-31
|
|
Current payables to related parties
|
649,749,000
|
714,450,000
|
|
Accruals and deferred income classified as current
|
||
|
Deferred income classified as current
|
10,920,812,000
|
13,637,580,000
|
|
Rent deferred income classified as current
|
0
|
0
|
|
Accruals classified as current
|
3,063,341,000
|
3,616,398,000
|
|
Short-term employee benefits accruals
|
869,859,000
|
1,067,245,000
|
|
Total accruals and deferred income classified as current
|
13,984,153,000
|
17,253,978,000
|
|
Current payables on social security and taxes other than income tax
|
2,387,910,000
|
675,662,000
|
|
Current value added tax payables
|
1,698,235,000
|
44,088,000
|
|
Current retention payables
|
321,664,000
|
604,672,000
|
|
Other current payables
|
0
|
0
|
|
Total trade and other current payables
|
39,705,067,000
|
41,278,310,000
|
|
Other current financial liabilities
|
||
|
Bank loans current
|
492,057,000
|
988,362,000
|
|
Stock market loans current
|
9,992,359,000
|
0
|
|
Other current liabilities at cost
|
1,315,156,000
|
1,940,269,000
|
|
Other current liabilities at no cost
|
101,921,000
|
148,061,000
|
|
Other current financial liabilities
|
2,240,208,000
|
1,120,009,000
|
|
Total Other current financial liabilities
|
14,141,701,000
|
4,196,701,000
|
|
Trade and other non-current payables
|
||
|
Non-current trade payables
|
3,601,877,000
|
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
|
3,601,877,000
|
4,621,644,000
|
|
Other non-current financial liabilities
|
||
|
Bank loans non-current
|
22,289,261,000
|
12,815,254,000
|
|
Stock market loans non-current
|
101,994,010,000
|
108,168,361,000
|
|
Other non-current liabilities at cost
|
0
|
5,954,549,000
|
|
Other non-current liabilities at no cost
|
392,619,000
|
0
|
|
Other non-current financial liabilities
|
0
|
0
|
|
Total Other non-current financial liabilities
|
124,675,890,000
|
126,938,164,000
|
|
Other provisions
|
||
|
Other non-current provisions
|
900,624,000
|
54,238,000
|
|
Other current provisions
|
1,673,000
|
1,642,000
|
|
Total other provisions
|
902,297,000
|
55,880,000
|
|
Other reserves
|
||
|
Revaluation surplus
|
0
|
0
|
|
Reserve of exchange differences on translation
|
1,549,071,000
|
1,461,495,000
|
|
Reserve of cash flow hedges
|
(317,620,000)
|
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
|
1,608,449,000
|
2,654,866,000
|
|
Concept
|
Close Current Quarter
2019-09-30
|
Close Previous Exercise
2018-12-31
|
|
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)
|
|
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
|
(36,208,000)
|
160,744,000
|
|
Total other reserves
|
2,270,489,000
|
4,427,487,000
|
|
Net assets (liabilities)
|
||
|
Assets
|
308,639,714,000
|
297,170,593,000
|
|
Liabilities
|
205,743,015,000
|
192,639,902,000
|
|
Net assets (liabilities)
|
102,896,699,000
|
104,530,691,000
|
|
Net current assets (liabilities)
|
||
|
Current assets
|
81,581,241,000
|
72,052,868,000
|
|
Current liabilities
|
57,447,902,000
|
48,531,443,000
|
|
Net current assets (liabilities)
|
24,133,339,000
|
23,521,425,000
|
|
Concept
|
Accumulated Current Year
2019-01-01 - 2019-09-30
|
Accumulated Previous Year
2018-01-01 - 2018-09-30
|
Quarter Current Year
2019-07-01 - 2019-09-30
|
Quarter Previous Year
2018-07-01 - 2018-09-30
|
|
Analysis of income and expense
|
||||
|
Revenue
|
||||
|
Revenue from rendering of services
|
54,625,059,000
|
52,578,242,000
|
19,085,316,000
|
17,719,723,000
|
|
Revenue from sale of goods
|
683,213,000
|
883,030,000
|
220,428,000
|
282,354,000
|
|
Interest income
|
0
|
0
|
0
|
0
|
|
Royalty income
|
7,133,417,000
|
10,012,770,000
|
2,761,603,000
|
3,374,292,000
|
|
Dividend income
|
0
|
0
|
0
|
0
|
|
Rental income
|
11,047,292,000
|
11,073,040,000
|
3,718,802,000
|
3,656,865,000
|
|
Revenue from construction contracts
|
0
|
0
|
0
|
0
|
|
Other revenue
|
0
|
0
|
0
|
0
|
|
Total revenue
|
73,488,981,000
|
74,547,082,000
|
25,786,149,000
|
25,033,234,000
|
|
Finance income
|
||||
|
Interest income
|
1,210,822,000
|
1,162,044,000
|
565,377,000
|
419,214,000
|
|
Net gain on foreign exchange
|
0
|
523,110,000
|
0
|
16,981,000
|
|
Gains on change in fair value of derivatives
|
0
|
0
|
355,346,000
|
0
|
|
Gain on change in fair value of financial instruments
|
0
|
0
|
0
|
0
|
|
Other finance income
|
0
|
0
|
0
|
0
|
|
Total finance income
|
1,210,822,000
|
1,685,154,000
|
920,723,000
|
436,195,000
|
|
Finance costs
|
||||
|
Interest expense
|
7,844,528,000
|
7,036,960,000
|
2,861,450,000
|
2,394,989,000
|
|
Net loss on foreign exchange
|
465,435,000
|
0
|
929,473,000
|
0
|
|
Losses on change in fair value of derivatives
|
313,625,000
|
1,113,426,000
|
0
|
530,549,000
|
|
Loss on change in fair value of financial instruments
|
0
|
0
|
0
|
0
|
|
Other finance cost
|
0
|
0
|
0
|
0
|
|
Total finance costs
|
8,623,588,000
|
8,150,386,000
|
3,790,923,000
|
2,925,538,000
|
|
Tax income (expense)
|
||||
|
Current tax
|
3,806,419,000
|
5,261,316,000
|
1,587,969,000
|
1,752,466,000
|
|
Deferred tax
|
(1,833,684,000)
|
(1,462,614,000)
|
(861,185,000)
|
(1,052,979,000)
|
|
Total tax income (expense)
|
1,972,735,000
|
3,798,702,000
|
726,784,000
|
699,487,000
|
|
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.
|
|
Long-term Lease Agreements
|
September 30, 2019
Assets (Liabilities)
|
January 1, 2019
Assets (Liabilities)
|
||||||
|
Right-of-use assets, net
|
Ps.
|
4,606,259
|
Ps.
|
4,814,852
|
||||
|
Lease liabilities 1
|
(4,743,244
|
)
|
(4,814,852
|
)
|
||||
|
Net effect
|
Ps.
|
(136,985
|
)
|
Ps.
|
—
|
|||
|
Long-term Lease Agreements
|
September 30, 2019
Assets (Liabilities)
|
January 1, 2019
Assets (Liabilities)
|
||||||
|
Right-of-use assets, net
|
Ps.
|
3,069,900
|
Ps.
|
3,402,900
|
||||
|
Lease liabilities 1
|
(4,913,274
|
)
|
(5,317,900
|
)
|
||||
|
Net effect
|
Ps.
|
(1,843,374
|
)
|
Ps.
|
(1,915,000
|
)
|
||
|
September 30, 2019
|
December 31, 2018
|
|||||||
|
Contract Costs, net:
|
||||||||
|
Cable
|
Ps.
|
1,355,575
|
Ps.
|
1,133,727
|
||||
|
Sky
|
2,221,021
|
2,236,932
|
||||||
|
Total Contract Costs, net
|
Ps.
|
3,576,596
|
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
|
|||||
|
Accumulated Loss
|
Income Tax Benefit
|
Net Accumulated Loss
|
||||||||||
|
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
|
)
|
||||
|
Accumulated Loss
|
Income Tax Benefit
|
Net Accumulated Loss
|
||||||||||
|
Effect on equity at January 1, 2018
|
Ps.
|
(1,182,760
|
)
|
Ps.
|
354,828
|
Ps.
|
(827,932
|
)
|
||||
| 3. |
Disposition, Acquisition and Assets Held for Sale
|
|
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
|
|
September 30, 2019
|
December 31, 2018
|
|||||||
|
Measured at fair value through other comprehensive income:
|
||||||||
|
Equity instruments:
|
||||||||
|
Warrants issued by UHI (1)
|
Ps.
|
35,257,735
|
Ps.
|
34,921,530
|
||||
|
Open Ended Fund (2)
|
6,041,800
|
7,662,726
|
||||||
|
Other equity instruments (3)
|
5,901,756
|
6,545,625
|
||||||
|
Other financial assets (4)
|
78,017
|
72,612
|
||||||
|
47,279,308
|
49,202,493
|
|||||||
|
Other
|
853
|
937
|
||||||
|
Ps.
|
47,280,161
|
Ps.
|
49,203,430
|
|||||
|
(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. The warrants do not bear interest. As of September 30, 2019 and
December 31, 2018, the number of warrants amounted to approximately 4,591 thousand, which upon their exercise would represent approximately 40% and 36%, respectively, on a fully-diluted, as-converted basis of the equity capital in UHI.
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 through other comprehensive
income or loss in consolidated equity (see Notes 5 and 9).
|
|
(2)
|
The Company 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 at fair value through other comprehensive income or loss in consolidated equity (see Note 2).
|
|
(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
|
336,205
|
(1,620,926
|
)
|
(643,869
|
)
|
5,405
|
(1,923,185
|
)
|
||||||||||||
|
At September 30, 2019
|
Ps.
|
35,257,735
|
Ps.
|
6,041,800
|
Ps.
|
5,901,756
|
Ps.
|
78,017
|
Ps.
|
47,279,308
|
||||||||||
|
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
|
||||||||
|
This year investments
|
—
|
—
|
76,245
|
76,245
|
||||||||||||
|
Change in fair value in other comprehensive income
|
(2,885,038
|
)
|
501,196
|
1,208,323
|
(1,175,519
|
)
|
||||||||||
|
At September 30, 2018
|
Ps.
|
33,510,145
|
Ps.
|
7,798,773
|
Ps.
|
7,227,068
|
Ps.
|
48,535,986
|
||||||||
|
(1)
|
The foreign exchange gain for the nine months ended on September 30, 2019 derived from the hedged warrants issued by UHI and the investment in Open Ended
Fund was hedged by foreign exchange loss in the consolidated statement of income, in the amount of Ps.124,855 and Ps.1,118, respectively. The foreign exchange loss for the nine months ended on September 30, 2018 derived from the hedged
warrants issued by UHI and the investment in Open Ended Fund was hedged by foreign exchange gain in the consolidated statement of income, in the amount of Ps.1,903,147 and Ps.96,477, respectively (see Notes 8 and 15).
|
| 5. |
Investments in Associates and Joint Ventures
|
|
Ownership as of September 30, 2019
|
September 30, 2019
|
December 31, 2018
|
||||||||||
|
Associates:
|
||||||||||||
|
UHI (1)
|
10.0
|
%
|
Ps.
|
8,496,338
|
Ps.
|
8,285,286
|
||||||
|
OCEN (2)
|
40.0
|
%
|
—
|
1,385,622
|
||||||||
|
Other
|
—
|
114,292
|
111,603
|
|||||||||
|
Joint ventures:
|
||||||||||||
|
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. (“GTAC”) (3)
|
33.3
|
%
|
547,679
|
568,327
|
||||||||
|
Periódico Digital Sendero, S.A.P.I. de C.V.(“PDS”) (4)
|
50.0
|
%
|
193,874
|
195,890
|
||||||||
|
Ps.
|
9,352,183
|
Ps.
|
10,546,728
|
|||||||||
|
(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 September
30, 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 September 30, 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 September 30, 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 ( or 2030 upon consummation of a
qualified public equity offering of UHI) or 7.5 years after the Group has voluntarily sold two-thirds of its initial investment in UHI made in December 2010 (see Notes 4, 9, 13 and 15).
|
|
(2)
|
OCEN is a majority-owned subsidiary of Compañía Interamericana de Entretenimientos, S.A.B. de C.V., and is engaged in the live entertainment business in
Mexico, Central America and Colombia. In July 2019, the Group announced a proposed disposition of its 40% equity interest in OCEN, classified this investment as current assets held for sale as of July 31, 2019, and discontinued the use
of the equity method to account for this associate beginning on that date. As of September 30, 2019 and December 31, 2018, the investment in OCEN included goodwill of Ps.359,613 (see Notes 3 and 13).
|
|
(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 September 30, 2019 and December 31, 2018, GTAC had used a principal amount of Ps.688,183 under this credit facility. During the nine months ended September 30, 2019, GTAC paid principal and interest to the
Group in connection with this credit facility in the aggregate principal amount of Ps.86,739. 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.769,095, 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 nine months ended September 30, 2019, GTAC paid principal and interest to the Group in connection with this credit facility in the aggregate principal amount of Ps.51,912. 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 September 30, 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.840,936 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. As of September 30, 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
|
|
September 30, 2019
|
December 31, 2018
|
|||||||
|
Buildings
|
Ps.
|
9,385,055
|
Ps.
|
9,387,558
|
||||
|
Building improvements
|
280,138
|
280,081
|
||||||
|
Technical equipment
|
140,540,996
|
133,171,187
|
||||||
|
Satellite transponders
|
6,026,094
|
10,301,713
|
||||||
|
Furniture and fixtures
|
1,251,080
|
1,203,942
|
||||||
|
Transportation equipment
|
3,092,655
|
3,085,762
|
||||||
|
Computer equipment
|
9,043,016
|
8,848,455
|
||||||
|
Leasehold improvements
|
3,368,564
|
3,215,239
|
||||||
|
172,987,598
|
169,493,937
|
|||||||
|
Accumulated depreciation
|
(107,730,323
|
)
|
(98,802,552
|
)
|
||||
|
65,257,275
|
70,691,385
|
|||||||
|
Land
|
4,983,168
|
4,967,965
|
||||||
|
Construction and projects in progress
|
13,127,915
|
11,683,180
|
||||||
|
Ps.
|
83,368,358
|
Ps.
|
87,342,530
|
|||||
| 7. |
Intangible Assets and Goodwill, Net
|
|
September 30, 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
|
428,729
|
479,409
|
||||||||||||||||||||||
|
Concessions
|
15,166,067
|
15,166,067
|
||||||||||||||||||||||
|
Intangible assets with finite useful lives:
|
||||||||||||||||||||||||
|
Trademarks
|
Ps.
|
1,891,306
|
Ps.
|
(1,851,236
|
)
|
40,070
|
Ps.
|
1,891,306
|
Ps.
|
(1,569,786
|
)
|
321,520
|
||||||||||||
|
Concessions
|
553,505
|
(305,318
|
)
|
248,187
|
553,505
|
(221,402
|
)
|
332,103
|
||||||||||||||||
|
Payment for renewal of concessions
|
5,993,891
|
(21,290
|
)
|
5,972,601
|
5,993,891
|
(15,454
|
)
|
5,978,437
|
||||||||||||||||
|
Licenses and software
|
10,691,329
|
(6,992,091
|
)
|
3,699,238
|
9,065,582
|
(5,934,647
|
)
|
3,130,935
|
||||||||||||||||
|
Subscriber lists
|
8,786,898
|
(6,431,017
|
)
|
2,355,881
|
8,785,423
|
(6,108,251
|
)
|
2,677,172
|
||||||||||||||||
|
Other intangible assets
|
4,619,842
|
(3,724,171
|
)
|
895,671
|
4,099,750
|
(3,235,503
|
)
|
864,247
|
||||||||||||||||
|
Ps.
|
32,536,771
|
Ps.
|
(19,325,123
|
)
|
Ps.
|
42,920,070
|
Ps.
|
30,389,457
|
Ps.
|
(17,085,043
|
)
|
Ps.
|
43,063,516
|
|||||||||||
| 8. |
Debt, Lease Liabilities and Other Notes Payable
|
|
September 30, 2019
|
December 31, 2018
|
|||||||||||||||
|
Principal
|
Finance Costs
|
Total
|
Total
|
|||||||||||||
|
U.S. dollar debt:
|
||||||||||||||||
|
6.625% Senior Notes due 2025 (1)
|
Ps.
|
11,843,640
|
Ps.
|
(210,702
|
)
|
Ps.
|
11,632,938
|
Ps.
|
11,564,366
|
|||||||
|
4.625% Senior Notes due 2026 (1)
|
5,921,820
|
(30,634
|
)
|
5,891,186
|
5,867,541
|
|||||||||||
|
8.5% Senior Notes due 2032 (1)
|
5,921,820
|
(22,078
|
)
|
5,899,742
|
5,878,498
|
|||||||||||
|
6.625% Senior Notes due 2040 (1)
|
11,843,640
|
(128,446
|
)
|
11,715,194
|
11,670,577
|
|||||||||||
|
5% Senior Notes due 2045 (1)
|
19,739,400
|
(434,109
|
)
|
19,305,291
|
19,226,206
|
|||||||||||
|
6.125% Senior Notes due 2046 (1)
|
17,765,460
|
(125,268
|
)
|
17,640,192
|
17,576,841
|
|||||||||||
|
5.250% Senior Notes due 2049 (1)
|
14,804,550
|
(307,152
|
)
|
14,497,398
|
—
|
|||||||||||
|
Total U.S. dollar debt
|
Ps.
|
87,840,330
|
Ps.
|
(1,258,389
|
)
|
Ps.
|
86,581,941
|
Ps.
|
71,784,029
|
|||||||
|
Mexican peso debt:
|
||||||||||||||||
|
7.38% Notes due 2020 (2)
|
Ps.
|
10,000,000
|
Ps.
|
(7,641
|
)
|
Ps.
|
9,992,359
|
Ps.
|
9,987,069
|
|||||||
|
TIIE + 0.35% Notes due 2021 (2)
|
—
|
—
|
—
|
5,995,173
|
||||||||||||
|
TIIE + 0.35% Notes due 2022 (2)
|
—
|
—
|
—
|
4,994,111
|
||||||||||||
|
8.79% Notes due 2027 (2)
|
4,500,000
|
(19,070
|
)
|
4,480,930
|
4,479,160
|
|||||||||||
|
8.49% Senior Notes due 2037 (1)
|
4,500,000
|
(12,809
|
)
|
4,487,191
|
4,486,647
|
|||||||||||
|
7.25% Senior Notes due 2043 (1)
|
6,500,000
|
(56,052
|
)
|
6,443,948
|
6,442,172
|
|||||||||||
|
Bank loans (3)
|
6,000,000
|
(23,145
|
)
|
5,976,855
|
5,971,497
|
|||||||||||
|
Bank loans (4)
|
10,000,000
|
(99,996
|
)
|
9,900,004
|
—
|
|||||||||||
|
Bank loans (Sky) (5)
|
5,500,000
|
—
|
5,500,000
|
5,500,000
|
||||||||||||
|
Bank loans (TVI) (6)
|
1,406,004
|
(1,545
|
)
|
1,404,459
|
2,332,119
|
|||||||||||
|
Total Mexican peso debt
|
Ps.
|
48,406,004
|
Ps.
|
(220,258
|
)
|
Ps.
|
48,185,746
|
Ps.
|
50,187,948
|
|||||||
|
Total debt (7)
|
136,246,334
|
(1,478,647
|
)
|
134,767,687
|
121,971,977
|
|||||||||||
|
Less: Current portion of long-term debt
|
10,492,489
|
(8,073
|
)
|
10,484,416
|
988,362
|
|||||||||||
|
Long-term debt, net of current portion
|
Ps.
|
125,753,845
|
Ps.
|
(1,470,574
|
)
|
Ps.
|
124,283,271
|
Ps.
|
120,983,615
|
|||||||
|
Lease liabilities:
|
||||||||||||||||
|
Satellite transponder lease obligation (8)
|
Ps.
|
4,296,314
|
Ps.
|
—
|
Ps.
|
4,296,314
|
Ps.
|
4,569,773
|
||||||||
|
Leases (9)
|
5,360,204
|
—
|
5,360,204
|
748,171
|
||||||||||||
|
Total lease liabilities
|
9,656,518
|
—
|
9,656,518
|
5,317,944
|
||||||||||||
|
Less: Current portion
|
1,213,763
|
—
|
1,213,763
|
651,832
|
||||||||||||
|
Lease liabilities, net of current portion
|
Ps.
|
8,442,755
|
Ps.
|
—
|
Ps.
|
8,442,755
|
Ps.
|
4,666,112
|
||||||||
|
Other notes payable:
|
||||||||||||||||
|
Total other notes payable (10)
|
Ps.
|
1,315,156
|
Ps.
|
—
|
Ps.
|
1,315,156
|
Ps.
|
2,576,874
|
||||||||
|
Less: Current portion
|
1,315,156
|
—
|
1,315,156
|
1,288,437
|
||||||||||||
|
Other notes payable, net of current portion
|
Ps.
|
—
|
Ps.
|
—
|
Ps.
|
—
|
Ps.
|
1,288,437
|
||||||||
|
(1)
|
The Senior Notes due between 2025 and 2049, in the aggregate outstanding principal amount of U.S.$4,450,000 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 rate on the Senior Notes due 2025, 2026, 2032, 2037, 2040, 2043, 2045, 2046, and 2049 including additional amounts payable in respect of certain Mexican withholding taxes, is 6.97%, 4.86%, 8.94%,
8.93%, 6.97%, 7.62%, 5.26%, 6.44% and 5.52% per annum, respectively, and is payable semi-annually. These Senior Notes may not be redeemed prior to maturity, except (i) in the event of certain changes in law affecting the Mexican
withholding tax treatment of certain payments on the securities, in which case the securities will be redeemable, in whole 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, 2046 and 2049, in whole or in part, at any time at
a redemption price equal to the greater of the principal amount of these Senior Notes or the present value of future cash flows, at the redemption date, of principal and interest amounts of the Senior Notes discounted at a fixed rate
of comparable U.S. or Mexican sovereign bonds. The Senior Notes due 2026, 2032, 2040, 2043, 2045, 2046 and 2049 were priced at 99.385%, 99.431%, 98.319%, 99.733%, 96.534%, 99.677% and 98.588%, respectively, for a yield to maturity of
4.70%, 8.553%, 6.755%, 7.27%, 5.227%, 6.147% and 5.345%, respectively. The Senior Notes due 2025 were issued in two aggregate principal amounts of U.S.$400 million and U.S.$200 million, and were priced at 98.081% and 98.632%,
respectively, for a yield to maturity of 6.802% and 6.787%, respectively. The agreement of these Senior Notes contains covenants that limit the ability of the Company and certain restricted subsidiaries 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, 2046 and 2049 are registered
with the U.S. Securities and Exchange Commission (“SEC”). The Senior Notes due 2043 are registered with both the SEC and the Mexican Banking and Securities Commission (“Comisión Nacional Bancaria y de Valores” or “CNBV”).
|
|
(2)
|
In 2010, 2014, 2015 and 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. In July 2019, the Company prepaid all of the outstanding Notes due 2021 and 2022 in the aggregate principal amount of
Ps.11,000,000. On October 3, 2019, the Company prepaid all of the outstanding Notes due 2020 in the aggregate principal amount of Ps.10,000,000. Accordingly, the Company classified this debt as a current liability as of September 30,
2019, net of related finace costs, in the amount of Ps.9,992,359. Interest on the Notes due 2020 was 7.38% per annum and was payable semi-annually. Interest on the Notes due 2021 and 2022 was the TIIE plus 35 basis points per annum
and was 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 2027, in whole or in part, at any semi-annual interest payment
date at a redemption price equal to the greater of the principal amount of the outstanding Notes and the present value of future cash flows, at the redemption date, of principal and interest amounts of the Notes discounted at a fixed
rate of comparable Mexican sovereign bonds. The agreement of the Notes due 2027 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 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 July 2019, the Company entered into a credit agreement for a five-year term loan with a syndicate of banks in the aggregate principal amount of
Ps.10,000,000, The funds from this loan were used for general corporate purposes, including the refinancing of the Company’s indebtedness. This loan bears interest at a floating rate based on a spread of 105 or 130 basis points over
the 28-day TIIE rate depending on the Group’s net leverage ratio. The credit agreement of this loan requires the maintenance of financial ratios related to indebtedness and interest expense.
|
|
(5)
|
In March 2016, Sky entered into long-term credit agreements with two Mexican banks in the aggregate principal amount of Ps.5,500,000, with maturities
between 2021 and 2023, and interest payable on a monthly basis and an annual rate in the range of 7.0% and 7.13%. Under the terms of these credit 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.
|
|
(6)
|
As of September 30, 2019 and December 31, 2018, included outstanding balances in the aggregate principal amount of Ps.1,406,004 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. This TVI long- term debt indebtedness is guaranteed by the Company. Under the terms of these credit agreements, TVI is required to comply with certain restrictive covenants and financial coverage ratios.
|
|
(7)
|
Total debt is presented net of unamortized finance costs as of September 30, 2019 and December 31, 2018, in the aggregate amount of Ps.1,478,647 and
Ps.1,152,661, respectively, and does not include related interest payable in the aggregate amount of Ps.2,240,208 and Ps.1,120,009, respectively.
|
|
(8)
|
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).
|
|
(9)
|
In 2019, includes lease agreements recognized beginning on January 1, 2019 under IFRS 16 for an aggregate amount of Ps.4,743,244. Also, includes minimum
lease payments of property and equipment under leases that qualify as lease liabilities. In September 30, 2019 and December 31, 2018, includes Ps.603,326 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.
|
|
(10)
|
Notes payable issued by the Company in connection with the acquisition in 2016 of a non-controlling interest in TVI. As of September 30, 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.127,656 and Ps.201,875 as of September 30, 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.
|
|
September 30, 2019
|
December 31, 2018
|
|||||||||||||||
|
Hedged items
|
Millions of U.S. dollars
|
Thousands of Mexican Pesos
|
Millions of U.S. dollars
|
Thousandsof Mexican Pesos
|
||||||||||||
|
Investment in shares of UHI (net investment hedge)
|
U.S.$
|
430.4
|
Ps.
|
8,496,338
|
U.S.$
|
421.2
|
Ps.
|
8,285,286
|
||||||||
|
Warrants issued by UHI (foreign currency fair value hedge)
|
1,786.2
|
35,257,735
|
1,775.1
|
34,921,530
|
||||||||||||
|
Open Ended Fund (foreign currency fair value hedge) (1)
|
306.1
|
6,041,800
|
389.5
|
7,662,726
|
||||||||||||
|
Total
|
U.S.$
|
2,522.7
|
Ps.
|
49,795,873
|
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.
|
|
Foreign Exchange Gain or Loss Derived from Senior Notes Designated as Hedging Instruments
|
September 30, 2019
|
September 30, 2018
|
||||||
|
Recognized in:
|
||||||||
|
Comprehensive (loss) income
|
Ps.
|
(157,206
|
)
|
Ps.
|
2,441,199
|
|||
|
Total foreign exchange (loss) gain derived from hedging Senior Notes
|
Ps.
|
(157,206
|
)
|
Ps.
|
2,441,199
|
|||
|
Offset against by:
|
||||||||
|
Foreign currency translation gain (loss) derived from the hedged net investment in shares of UHI
|
Ps.
|
31,233
|
Ps.
|
(441,575
|
)
|
|||
|
Foreign exchange gain (loss) derived from hedged warrants issued by UHI
|
124,855
|
(1,903,147
|
)
|
|||||
|
Foreign exchange gain (loss) derived from the hedged Open Ended Fund
|
1,118
|
(96,477
|
)
|
|||||
|
Total foreign currency translation and foreign exchange gain (loss) derived from hedged assets
|
Ps.
|
157,206
|
Ps.
|
(2,441,199
|
)
|
|||
|
Less than 12 Months
October 1, 2019
to September 30, 2020
|
12-36
Months
October 1, 2020 to September 30, 2022
|
36-60
Months
October 1, 2022
to September 30, 2024
|
Maturities Subsequent to September 30, 2024
|
Total
|
||||||||||||||||
|
Debt (1)
|
Ps.
|
10,492,489
|
Ps.
|
5,038,515
|
Ps.
|
17,375,000
|
Ps.
|
103,340,330
|
Ps.
|
136,246,334
|
||||||||||
|
Lease obligations
|
1,213,763
|
2,058,020
|
2,134,356
|
4,250,379
|
9,656,518
|
|||||||||||||||
|
Other notes payable
|
1,315,156
|
—
|
—
|
—
|
1,315,156
|
|||||||||||||||
|
Total debt, lease liabilities and other notes payable
|
Ps.
|
13,021,408
|
Ps.
|
7,096,535
|
Ps.
|
19,509,356
|
Ps.
|
107,590,709
|
Ps.
|
147,218,008
|
||||||||||
|
(1)
|
The amounts of debt are disclosed on a principal amount basis.
|
| 9. |
Financial Instruments
|
|
September 30, 2019
|
December 31, 2018
|
|||||||||||||||
|
Carrying Value
|
Fair Value
|
Carrying Value
|
Fair Value
|
|||||||||||||
|
Assets:
Cash and cash equivalents
|
Ps.
|
38,710,917
|
Ps.
|
38,710,917
|
Ps.
|
32,068,291
|
Ps.
|
32,068,291
|
||||||||
|
Temporary investments
|
12,264
|
12,264
|
30,992
|
30,992
|
||||||||||||
|
Trade notes and accounts receivable, net
|
17,204,560
|
17,204,560
|
19,748,850
|
19,748,850
|
||||||||||||
|
Warrants issued by UHI (see Note 4)
|
35,257,735
|
35,257,735
|
34,921,530
|
34,921,530
|
||||||||||||
|
Long-term loans and interest receivable from GTAC (see Note 5)
|
840,936
|
833,037
|
817,605
|
824,540
|
||||||||||||
|
Open Ended Fund (see Note 4)
|
6,041,800
|
6,041,800
|
7,662,726
|
7,662,726
|
||||||||||||
|
Other Equity Instruments (see Note 4)
|
5,901,756
|
5,901,756
|
6,545,625
|
6,545,625
|
||||||||||||
|
Other Financial assets (see Note 4)
|
78,017
|
78,017
|
72,612
|
72,612
|
||||||||||||
|
Liabilities:
|
||||||||||||||||
|
Senior Notes due 2025, 2032 and 2040
|
Ps.
|
29,609,100
|
Ps.
|
36,686,978
|
Ps.
|
29,509,500
|
Ps.
|
33,110,013
|
||||||||
|
Senior Notes due 2045
|
19,739,400
|
20,985,351
|
19,673,000
|
17,317,748
|
||||||||||||
|
Senior Notes due 2037 and 2043
|
11,000,000
|
8,978,780
|
11,000,000
|
7,905,625
|
||||||||||||
|
Senior Notes due 2026 and 2046
|
23,687,280
|
28,020,335
|
23,607,600
|
24,051,128
|
||||||||||||
|
Senior Notes due 2049
|
14,804,550
|
16,221,049
|
—
|
—
|
||||||||||||
|
Notes due 2020
|
10,000,000
|
9,943,200
|
10,000,000
|
9,605,700
|
||||||||||||
|
Notes due 2021
|
—
|
—
|
6,000,000
|
5,956,506
|
||||||||||||
|
Notes due 2022
|
—
|
—
|
5,000,000
|
4,941,430
|
||||||||||||
|
Notes due 2027
|
4,500,000
|
4,508,325
|
4,500,000
|
4,027,275
|
||||||||||||
|
Short and long-term notes payable to Mexican banks
|
22,906,004
|
23,041,600
|
13,834,538
|
13,551,620
|
||||||||||||
|
Lease liabilities (1)
|
9,656,518
|
9,540,240
|
5,317,944
|
5,121,534
|
||||||||||||
|
Other notes payable
|
1,315,156
|
1,267,174
|
2,576,874
|
2,430,667
|
||||||||||||
|
September 30, 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.
|
6,197
|
Ps.
|
415,900
|
May 2022
|
|||||
|
Total assets
|
Ps.
|
6,197
|
||||||||
|
Liabilities:
|
||||||||||
|
Derivatives recorded as accounting hedges:
(cash flow hedges)
|
||||||||||
|
TVI’s interest rate swap
|
Ps.
|
10,693
|
Ps.
|
990,104
|
April 2022
|
|||||
|
Interest rate swap
|
44,306
|
Ps.
|
2,000,000
|
October 2022
|
||||||
|
Interest rate swap
|
35,125
|
Ps.
|
1,500,000
|
October 2022
|
||||||
|
Interest rate swap
|
92,461
|
Ps.
|
2,500,000
|
February 2023
|
||||||
|
Interest rate swap
|
210,034
|
Ps.
|
6,000,000
|
June 2024
|
||||||
|
Forward
|
8,348
|
U.S.$.
|
112,000
|
November 2019 through March 2020
|
||||||
|
Derivatives not recorded as accounting hedges:
|
||||||||||
|
TVI’s forward
|
15,864
|
U.S.$
|
62,000
|
October 2019 through April 2020
|
||||||
|
Empresas Cablevisión´s forward
|
11,162
|
U.S.$
|
56,250
|
October 2019 through April 2020
|
||||||
|
Sky’s forward
|
5,029
|
U.S.$
|
49,500
|
January 2020 through April 2020
|
||||||
|
Forward
|
61,518
|
U.S.$
|
278,800
|
October 2019 through May 2020
|
||||||
|
Total liabilities
|
Ps.
|
494,540
|
||||||||
|
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 2020 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) (3)
|
Repurchased by the
Company (2) (3)
|
Held by a Company´s
Trust (3) (4)
|
Outstanding
|
|||||||||||||
|
Series “A” Shares
|
122,179.4
|
(973.7
|
)
|
(4,981.8
|
)
|
116,223.9
|
||||||||||
|
Series “B” Shares
|
58,019.7
|
(856.9
|
)
|
(4,310.0
|
)
|
52,852.8
|
||||||||||
|
Series “D” Shares
|
88,554.1
|
(1,363.3
|
)
|
(3,107.0
|
)
|
84,083.8
|
||||||||||
|
Series “L” Shares
|
88,554.1
|
(1,363.3
|
)
|
(3,107.0
|
)
|
84,083.8
|
||||||||||
|
Total
|
357,307.3
|
(4,557.2
|
)
|
(15,505.8
|
)
|
337,244.3
|
||||||||||
|
Shares in the form of CPOs
|
296,023.0
|
(4,557.2
|
)
|
(10,386.3
|
)
|
281,079.5
|
||||||||||
|
Shares not in the form of CPOs
|
61,284.3
|
—
|
(5,119.5
|
)
|
56,164.8
|
|||||||||||
|
Total
|
357,307.3
|
(4,557.2
|
)
|
(15,505.8
|
)
|
337,244.3
|
||||||||||
|
CPOs
|
2,530.1
|
(38.9
|
)
|
(88.8
|
)
|
(2,402.4
|
)
|
|||||||||
|
(1)
|
As of September 30, 2019, the authorized and issued capital stock amounted to Ps.4,907,765 (nominal Ps.2,459,154).
|
|
(2)
|
During the nine months ended September 30, 2019, the Company repurchased 4,557.2 million shares, in the form of 38.9 million CPOs, in the amount of
Ps.1,385,750, in connection with a share repurchase program that was approved by the Company’s stockholders.
|
|
(3)
|
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 2018 and 2017.
|
|
(4)
|
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
|
|||||||||||||||||||||
|
Repurchased (1)
|
(973.7
|
)
|
(856.9
|
)
|
(1,363.3
|
)
|
(1,363.3
|
)
|
(4,557.2
|
)
|
(38.9
|
)
|
||||||||||||||||
|
Acquired (2)
|
(65.6
|
)
|
(57.7
|
)
|
(91.9
|
)
|
(91.9
|
)
|
(307.1
|
)
|
(2.7
|
)
|
||||||||||||||||
|
Released (2)
|
1,056.0
|
651.3
|
1,036.1
|
1,036.1
|
3,779.5
|
29.6
|
||||||||||||||||||||||
|
As of September 30, 2019
|
116,223.9
|
52,852.8
|
84,083.8
|
84,083.8
|
337,244.3
|
2,402.4
|
||||||||||||||||||||||
|
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)
|
(636.3
|
)
|
(559.9
|
)
|
(890.7
|
)
|
(890.7
|
)
|
(2,977.6
|
)
|
(25.5
|
)
|
||||||||||||
|
Acquired (2)
|
(627.9
|
)
|
(552.6
|
)
|
(879.1
|
)
|
(879.1
|
)
|
(2,938.7
|
)
|
(25.1
|
)
|
||||||||||||
|
Released (2)
|
1,130.0
|
685.5
|
1,090.6
|
1,090.6
|
3,996.7
|
31.2
|
||||||||||||||||||
|
As of September 30, 2018
|
116,653.5
|
53,508.8
|
85,127.6
|
85,127.6
|
340,417.5
|
2,432.2
|
||||||||||||||||||
|
(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. |
Non-controlling Interests
|
| 13. |
Transactions with Related Parties
|
|
September 30, 2019
|
December 31, 2018
|
|||||||
|
Current receivables:
|
||||||||
|
UHI, including Univision (1)
|
Ps.
|
786,882
|
Ps.
|
954,754
|
||||
|
OCEN (see Notes 3 and 5)
|
17,613
|
35,590
|
||||||
|
Editorial Clío, Libros y Videos, S.A. de C.V.
|
3,448
|
6,399
|
||||||
|
Others
|
55,872
|
81,584
|
||||||
|
Ps.
|
863,815
|
Ps.
|
1,078,327
|
|||||
|
Current payable:
|
||||||||
|
UHI, including Univision (1)
|
Ps.
|
620,533
|
Ps.
|
614,388
|
||||
|
AT&T/ DirecTV
|
29,097
|
70,187
|
||||||
|
Others
|
119
|
29,875
|
||||||
|
Ps.
|
649,749
|
Ps.
|
714,450
|
|
(1)
|
As of September 30, 2019 and December 31, 2018, the Group recognized a provision in the amount of Ps.620,533 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 provisioned. As of September 30, 2019 and December 31, 2018, receivables from UHI related primarily to the PLA amounted to Ps.786,882 and Ps.954,754, respectively.
|
|
September 30, 2019
|
September 30, 2018
|
|||||||
|
Net gain on disposition of investments (1)
|
Ps.
|
62
|
Ps.
|
3,582,681
|
||||
|
Donations
|
(23,045
|
)
|
(46,616
|
)
|
||||
|
Legal and financial advisory professional services (2)
|
(222,176
|
)
|
(85,858
|
)
|
||||
|
Loss on disposition of property and equipment
|
(211,472
|
)
|
(167,826
|
)
|
||||
|
Deferred compensation
|
(188,840
|
)
|
(188,840
|
)
|
||||
|
Dismissal severance expense (3)
|
(475,873
|
)
|
(359,922
|
)
|
||||
|
Impairment adjustments (4)
|
(50,680
|
)
|
(34,564
|
)
|
||||
|
Other, net
|
310,758
|
(47,681
|
)
|
|||||
|
Ps.
|
(861,266
|
)
|
Ps.
|
2,651,374
|
||||
|
(1)
|
In 2018, included a gain of Ps.3,547,387 on disposition of the Group’s equity stake in Imagina, and a gain of Ps.85,000 on disposition of the Group’s 50%
equity in Televisa CJ Grand, a joint venture for a home shopping channel in Mexico (see Note 3).
|
|
(2)
|
Includes primarily legal, financial advisory and professional services in connection with certain litigation and other matters.
|
|
(3)
|
Includes severance expense in connection with dismissals of personnel, as part of a cost reduction plan.
|
|
(4)
|
In 2019 and 2018, the Group recognized impairment adjustments in connection with trademarks in its Publishing business.
|
| 15. |
Finance Expense, Net
|
|
September 30, 2019
|
September 30, 2018
|
|||||||
|
Interest expense (1)
|
Ps.
|
(7,844,528
|
)
|
Ps.
|
(7,036,960
|
)
|
||
|
Other finance expense, net (2)
|
(313,625
|
)
|
(1,113,426
|
)
|
||||
|
Foreign Exchange loss, net (4)
|
(465,435
|
)
|
—
|
|||||
|
Finance expense, net
|
(8,623,588
|
)
|
(8,150,386
|
)
|
||||
|
Interest income (3)
|
1,210,822
|
1,162,044
|
||||||
|
Foreign Exchange gain, net (4)
|
—
|
523,110
|
||||||
|
Finance income, net
|
1,210,822
|
1,685,154
|
||||||
|
Finance expense, net
|
Ps.
|
(7,412,766
|
)
|
Ps.
|
(6,465,232
|
)
|
||
|
(1)
|
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.313,666.
|
|
(2)
|
In 2019 and 2018, other finance income or expense, net, included gain or loss from derivative financial instruments.
|
|
(3)
|
In 2019 and 2018, this line item included primarily gains from cash equivalents and instruments held for trading.
|
|
(4)
|
Foreign exchange loss or 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 nine months ended September 30, 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 nine months ended September 30, 2019 (see Note
8). The exchange rate of the Mexican peso against the U.S dollar was of Ps. 19.7394, Ps.19.6730, Ps.18.6822 and Ps.19.7051 as of September 30, 2019, December 31, 2018, September 30, 2018 and December 31, 2017, respectively.
|
| 16. |
Income Taxes
|
| 17. |
Earnings per CPO/Share
|
|
September 30, 2019
|
September 30, 2018
|
|||||||
|
Total Shares
|
Ps.
|
338,756,313
|
Ps.
|
340,766,999
|
||||
|
CPOs
|
2,416,301
|
2,436,296
|
||||||
|
Shares not in the form of CPO units:
|
||||||||
|
Series “A” Shares
|
56,048,418
|
55,719,661
|
||||||
|
Series “B” Shares
|
187
|
187
|
||||||
|
Series “D” Shares
|
239
|
239
|
||||||
|
Series “L” Shares
|
239
|
239
|
||||||
|
2019
|
2018
|
|||||||||||||||
|
Per CPO
|
Per Share (*)
|
Per CPO
|
Per Share (*)
|
|||||||||||||
|
Net income attributable to stockholders of the Company
|
Ps.
|
0.77
|
Ps.
|
0.01
|
Ps.
|
2.05
|
Ps.
|
0.02
|
||||||||
|
September 30, 2019
|
September 30, 2018
|
|||||||
|
Total Shares
|
Ps.
|
355,527,506
|
Ps.
|
358,998,776
|
||||
|
CPOs
|
2,514,899
|
2,544,568
|
||||||
|
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 Share (*)
|
Per CPO
|
Per Share (*)
|
|||||||||||||
|
Net income attributable to stockholders of the Company
|
Ps.
|
0.73
|
Ps.
|
0.01
|
Ps.
|
1.94
|
Ps.
|
0.02
|
||||||||
| 18. |
Segment Information
|
|
Total Revenues
|
Intersegment Revenues
|
Consolidated Revenues
|
Segment Income
|
||||||||||||||
|
2019:
|
|||||||||||||||||
|
Content
|
Ps.
|
23,893,917
|
Ps.
|
2,641,272
|
Ps.
|
21,252,645
|
Ps.
|
8,307,930
|
|||||||||
|
Sky
|
15,967,981
|
299,355
|
15,668,626
|
7,012,360
|
|||||||||||||
|
Cable
|
30,685,887
|
382,966
|
30,302,921
|
13,252,577
|
|||||||||||||
|
Other Businesses
|
6,839,944
|
575,155
|
6,264,789
|
1,526,017
|
|||||||||||||
|
Segment total
|
77,387,729
|
3,898,748
|
73,488,981
|
30,098,884
|
|||||||||||||
|
Reconciliation to consolidated amounts:
|
|||||||||||||||||
|
Eliminations and corporate expenses
|
(3,898,748
|
)
|
(3,898,748
|
)
|
—
|
(1,445,080
|
)
|
||||||||||
|
Depreciation and amortization
|
—
|
—
|
—
|
(15,616,424
|
)
|
||||||||||||
|
Consolidated total before other expense
|
73,488,981
|
—
|
73,488,981
|
13,037,380
|
(1) |
||||||||||||
|
Other expense, net
|
—
|
—
|
—
|
(861,266
|
)
|
||||||||||||
|
Consolidated total
|
Ps.
|
73,488,981
|
Ps.
|
—
|
Ps.
|
73,488,981
|
Ps.
|
12,176,114
|
(2) |
||||||||
|
Total Revenues
|
Intersegment Revenues
|
Consolidated Revenues
|
Segment Income
|
||||||||||||||
|
2018:
|
|||||||||||||||||
|
Contenidos
|
Ps.
|
28,580,862
|
Ps.
|
2,126,551
|
Ps.
|
26,454,311
|
Ps.
|
10,818,400
|
|||||||||
|
Sky
|
16,540,325
|
322,191
|
16,218,134
|
7,552,707
|
|||||||||||||
|
Cable
|
26,715,314
|
422,795
|
26,292,519
|
11,296,829
|
|||||||||||||
|
Other Businesses
|
6,037,561
|
455,443
|
5,582,118
|
523,699
|
|||||||||||||
|
Segment total
|
77,874,062
|
3,326,980
|
74,547,082
|
30,191,635
|
|||||||||||||
|
Reconciliation to consolidated amounts:
|
|||||||||||||||||
|
Eliminations and corporate expenses
|
(3,326,980
|
)
|
(3,326,980
|
)
|
—
|
(1,567,935
|
)
|
||||||||||
|
Depreciation and amortization
|
—
|
—
|
—
|
(14,686,728
|
)
|
||||||||||||
|
Consolidated total before other income
|
74,547,082
|
—
|
74,547,082
|
13,936,972
|
(1) |
||||||||||||
|
Other income, net
|
—
|
—
|
—
|
2,651,374
|
|||||||||||||
|
Consolidated total
|
Ps.
|
74,547,082
|
Ps.
|
—
|
Ps.
|
74,547,082
|
Ps.
|
16,588,346
|
(2) |
||||||||
|
(1)
|
This amount represents operating income before other income or expense, net.
|
|
(2)
|
This amount represents consolidated operating income.
|
|
Domestic
|
Export
|
Abroad
|
Total
|
|||||||||||||
|
September 30, 2019:
|
||||||||||||||||
|
Content:
|
||||||||||||||||
|
Advertising
|
Ps.
|
12,690,948
|
Ps.
|
147,888
|
Ps.
|
—
|
Ps.
|
12,838,836
|
||||||||
|
Network Subscription Revenue
|
2,766,069
|
897,115
|
—
|
3,663,184
|
||||||||||||
|
Licensing and Syndication
|
995,870
|
6,396,027
|
—
|
7,391,897
|
||||||||||||
|
Sky:
|
||||||||||||||||
|
DTH Broadcast Satellite TV
|
14,208,020
|
—
|
1,017,757
|
15,225,777
|
||||||||||||
|
Advertising
|
671,524
|
—
|
—
|
671,524
|
||||||||||||
|
Pay-Per-View
|
63,298
|
—
|
7,382
|
70,680
|
||||||||||||
|
Cable:
|
||||||||||||||||
|
Digital TV Service
|
12,087,900
|
—
|
—
|
12,087,900
|
||||||||||||
|
Advertising
|
1,020,509
|
—
|
—
|
1,020,509
|
||||||||||||
|
Broadband Services
|
10,783,739
|
—
|
—
|
10,783,739
|
||||||||||||
|
Telephony
|
2,697,541
|
—
|
—
|
2,697,541
|
||||||||||||
|
Other Services
|
613,116
|
—
|
—
|
613,116
|
||||||||||||
|
Enterprise Operations
|
3,288,262
|
—
|
194,820
|
3,483,082
|
||||||||||||
|
Other Businesses:
|
||||||||||||||||
|
Gaming
|
2,234,549
|
—
|
—
|
2,234,549
|
||||||||||||
|
Soccer, Sports and Show Business Promotion
|
1,209,933
|
1,180,494
|
—
|
2,390,427
|
||||||||||||
|
Publishing - Magazines
|
279,570
|
—
|
13,903
|
293,473
|
||||||||||||
|
Publishing - Advertising
|
180,982
|
—
|
21,995
|
202,977
|
||||||||||||
|
Publishing Distribution
|
239,413
|
—
|
—
|
239,413
|
||||||||||||
|
Radio - Advertising
|
573,673
|
—
|
—
|
573,673
|
||||||||||||
|
Feature Film Production and Distribution
|
661,922
|
787
|
242,723
|
905,432
|
||||||||||||
|
Segment total
|
67,266,838
|
8,622,311
|
1,498,580
|
77,387,729
|
||||||||||||
|
Intersegment eliminations
|
(3,894,605
|
)
|
—
|
(4,143
|
)
|
(3,898,748
|
)
|
|||||||||
|
Consolidated total revenues
|
Ps.
|
63,372,233
|
Ps.
|
8,622,311
|
Ps.
|
1,494,437
|
Ps.
|
73,488,981
|
||||||||
|
Domestic
|
Export
|
Abroad
|
Total
|
|||||||||||||
|
September 30 2018:
|
||||||||||||||||
|
Content:
|
||||||||||||||||
|
Advertising
|
Ps.
|
14,411,454
|
Ps.
|
178,287
|
Ps.
|
—
|
Ps.
|
14,589,741
|
||||||||
|
Network Subscription Revenue
|
2,584,667
|
978,034
|
—
|
3,562,701
|
||||||||||||
|
Licensing and Syndication
|
841,081
|
9,587,339
|
—
|
10,428,420
|
||||||||||||
|
Sky:
|
||||||||||||||||
|
DTH Broadcast Satellite TV
|
14,686,181
|
—
|
1,044,607
|
15,730,788
|
||||||||||||
|
Advertising
|
690,366
|
—
|
—
|
690,366
|
||||||||||||
|
Pay-Per-View
|
109,438
|
—
|
9,733
|
119,171
|
||||||||||||
|
Cable:
|
||||||||||||||||
|
Digital TV Service
|
10,535,117
|
—
|
—
|
10,535,117
|
||||||||||||
|
Advertising
|
871,429
|
—
|
—
|
871,429
|
||||||||||||
|
Broadband Services
|
9,674,544
|
—
|
—
|
9,674,544
|
||||||||||||
|
Telephony
|
1,884,554
|
—
|
—
|
1,884,554
|
||||||||||||
|
Other Services
|
416,459
|
—
|
—
|
416,459
|
||||||||||||
|
Enterprise Operations
|
3,220,518
|
—
|
112,693
|
3,333,211
|
||||||||||||
|
Other Businesses:
|
||||||||||||||||
|
Gaming
|
1,934,910
|
—
|
—
|
1,934,910
|
||||||||||||
|
Soccer, Sports and Show Business Promotion
|
1,094,579
|
92,721
|
—
|
1,187,300
|
||||||||||||
|
Publishing - Magazines
|
410,906
|
—
|
83,514
|
494,420
|
||||||||||||
|
Publishing - Advertising
|
338,120
|
—
|
130,244
|
468,364
|
||||||||||||
|
Publishing Distribution
|
208,935
|
—
|
27,602
|
236,537
|
||||||||||||
|
Radio – Advertising
|
665,972
|
—
|
—
|
665,972
|
||||||||||||
|
Feature Film Production and Distribution
|
607,133
|
3,261
|
439,664
|
1,050,058
|
||||||||||||
|
Segment total
|
65,186,363
|
10,839,642
|
1,848,057
|
77,874,062
|
||||||||||||
|
Intersegment eliminations
|
(3,320,478
|
)
|
—
|
(6,502
|
)
|
(3,326,980
|
)
|
|||||||||
|
Consolidated total revenues
|
Ps.
|
61,865,885
|
Ps.
|
10,839,642
|
Ps.
|
1,841,555
|
Ps.
|
74,547,082
|
||||||||
| 19. |
Contingencies
|
|
Dividends paid, ordinary shares:
|
[8] 1,066,187,000
|
|
Dividends paid, other shares:
|
0
|
|
Dividends paid, ordinary shares per share:
|
[9] 0.002991453
|
|
Dividends paid, other shares per share:
|
0
|
|
Ps.
|
19.7394
|
|
pesos per US dollar
|
|
|
21.5299
|
|
pesos per euro
|
|
|
14.9185
|
|
pesos per canadian dollar
|
|
|
0.3450
|
|
pesos per argentinean peso
|
|
|
0.0271
|
|
pesos per chilean peso
|
|
|
0.0057
|
|
pesos per colombian peso
|
|
|
5.8338
|
|
pesos per peruvian nuevo sol
|
|
|
19.7783
|
|
pesos per swiss franc
|
|
|
4.7575
|
|
pesos per brazilian real
|
|
|
24.2836
|
|
pesos per pound sterling
|
|
|
2.0062
|
|
pesos per swedish krona
|
|
STOCK EXCHANGE CODE: TLEVISA
|
QUARTER: 03
|
YEAR: 2019
|
|
GRUPO TELEVISA, S.A.B.
|
|
/s/ Alfonso 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: November 1, 2019
|
By:
|
/s/ Luis Alejandro Bustos Olivares
|
|
| Name: |
Luis Alejandro Bustos Olivares
|
||
|
Title:
|
Legal Vice President and General Counsel
|
||