(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: 4D Year: 2020 |
|
2
|
|
|
17
|
|
|
21
|
|
|
23
|
|
|
24
|
|
|
26
|
|
|
28
|
|
|
31
|
|
|
34
|
|
|
35
|
|
|
36
|
|
|
37
|
|
|
39
|
|
|
40
|
|
|
41
|
|
|
48
|
|
|
52
|
|
|
53
|
|
|
69
|
|
|
84
|
|
|
107
|
|
2020
|
Margin
|
2019
|
Margin
|
Change
|
|
|
%
|
%
|
%
|
|||
|
Net sales
|
97,361.6
|
100.0
|
101,757.2
|
100.0
|
(4.3)
|
|
Operating segment income(1)
|
40,510.9
|
38.8
|
41,032.1
|
38.6
|
(1.3)
|
|
(1)
|
The operating segment income margin is calculated as a percentage of segment net sales.
|
|
|
2020
|
Margin
|
2019
|
Margin
|
Change
|
|
%
|
%
|
%
|
|||
|
Net sales
|
97,361.6
|
100.0
|
101,757.2
|
100.0
|
(4.3)
|
|
Net income
|
302.8
|
0.3
|
6,106.8
|
6.0
|
(95.0)
|
|
Net (loss) income attributable to stockholders of the Company
|
(1,250.3)
|
(1.3)
|
4,626.1
|
4.5
|
n/a
|
|
Segment net sales
|
104,390.8
|
100.0
|
106,309.9
|
100.0
|
(1.8)
|
|
Operating segment income (1)
|
40,510.9
|
38.8
|
41,032.1
|
38.6
|
(1.3)
|
|
(1)
|
The operating segment income margin is calculated as a percentage of segment net sales.
|
|
•
|
COVID-19 Pandemic may have a material adverse effect on our business, financial position and results of operations.
|
|
•
|
We cannot predict what effects the COVID-19 relief plan announced by the Mexican Federal Government will have in our results of operations and the overall economy.
|
|
•
|
Imposition of fines by regulators and other authorities could adversely affect our financial condition and results of operations
|
|
•
|
Social Security Law
|
|
•
|
Federal Labor Law
|
|
•
|
Mexican tax laws
|
|
•
|
Regulations of the General Health Law on advertising
|
|
•
|
Changes in U.S. tax law
|
|
•
|
Mexican Securities Market Law
|
|
•
|
Renewal or revocation of our concessions
|
|
•
|
Control of a stockholder
|
|
•
|
Measures for the prevention of the taking of control
|
|
•
|
Competition
|
|
•
|
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
|
|
•
|
Weaknesses in internal controls over financial reporting
|
|
•
|
Results of operations of UHI
|
|
•
|
The Pendency of the 2021 Transaction
|
|
•
|
Uncertainty in global financial markets
|
|
•
|
Currency fluctuations or the devaluation and depreciation of the Mexican peso
|
|
•
|
Renegotiation of the Trade Agreements or other changes in foreign policy by the new or currency presidential administration in the United States
|
|
•
|
Inflation Rates and High Interest Rates in Mexico
|
|
•
|
Political events in Mexico
|
|
Net Sales
|
2020
|
%
|
2019
|
%
|
Change
%
|
|
Cable
|
45,367.1
|
43.5
|
41,702.0
|
39.2
|
8.8
|
|
Sky
|
22,134.7
|
21.2
|
21,347.1
|
20.1
|
3.7
|
|
Content
|
32,613.0
|
31.2
|
35,060.5
|
33.0
|
(7.0)
|
|
Other Businesses
|
4,276.0
|
4.1
|
8,200.3
|
7.7
|
(47.9)
|
|
Segment Net Sales
|
104,390.8
|
100.0
|
106,309.9
|
100.0
|
(1.8)
|
|
Intersegment Operations(1)
|
(7,252.5)
|
(5,394.1)
|
|||
|
Net Sales
|
97,138.3
|
|
100,915.8
|
|
(3.7)
|
|
Disposed Operations (2)
|
223.3
|
n/a
|
841.4
|
n/a
|
n/a
|
|
Consolidated Net Sales
|
97,361.6
|
|
101,757.2
|
|
(4.3)
|
|
Operating Segment Income(3)
|
2020
|
Margin
%
|
2019
|
Margin
%
|
Change
%
|
|
Cable
|
18,898.3
|
41.7
|
17,797.6
|
42.7
|
6.2
|
|
Sky
|
9,135.3
|
41.3
|
9,121.2
|
42.7
|
0.2
|
|
Content
|
12,360.8
|
37.9
|
12,649.1
|
36.1
|
(2.3)
|
|
Other Businesses
|
116.5
|
2.7
|
1,464.2
|
17.9
|
(92.0)
|
|
Operating Segment Income
|
40,510.9
|
38.8
|
41,032.1
|
38.6
|
(1.3)
|
|
Corporate Expenses
|
(1,882.9)
|
(1.8)
|
(1,888.4)
|
(1.8)
|
0.3
|
|
Depreciation and Amortization
|
(21,260.8)
|
(21.8)
|
(21,008.8)
|
(20.6)
|
(1.2)
|
|
Other Income (Expense), net
|
233.7
|
0.2
|
(1,316.6)
|
(1.3)
|
n/a
|
|
Intersegment Operations(1)
|
(71.5)
|
(0.1)
|
(72.2)
|
(0.1)
|
1.0
|
|
Disposed Operations (2)
|
(4.0)
|
n/a
|
258.9
|
n/a
|
n/a
|
|
Operating Income
|
17,525.4
|
18.0
|
17,005.0
|
16.7
|
3.1
|
|
(1)
|
For segment reporting purposes, intersegment operations are included in each of the segment operations.
|
|
(2)
|
The sale of the Company’s Radio business was concluded on July 2nd, 2020. Accordingly, the net sales and the operating segment income associated
with the Radio business, which was part of the Company’s Other Businesses segment, are presented separately as disposed operations for the years ended December 31, 2020 and 2019.
|
|
(3) Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other income
(expense), net.
|
|
|
Net Sales
|
4Q’20
|
%
|
4Q’19
|
%
|
Change
%
|
|
Cable
|
11,825.7
|
39.8
|
11,016.1
|
37.3
|
7.3
|
|
Sky
|
5,616.7
|
18.9
|
5,379.1
|
18.2
|
4.4
|
|
Content
|
11,111.5
|
37.4
|
11,166.6
|
37.9
|
(0.5)
|
|
Other Businesses
|
1,170.0
|
3.9
|
1,933.9
|
6.6
|
(39.5)
|
|
Segment Net Sales
|
29,723.9
|
100.0
|
29,495.7
|
100.0
|
0.8
|
|
Intersegment Operations(1)
|
(1,941.2)
|
(1,495.3)
|
|||
|
Net Sales
|
27,782.7
|
|
28,000.4
|
|
(0.8)
|
|
Disposed operations (2)
|
-
|
n/a
|
267.8
|
n/a
|
n/a
|
|
Consolidated Net Sales
|
27,782.7
|
|
28,268.2
|
|
(1.7)
|
|
Operating Segment Income(3)
|
4Q’20
|
Margin
%
|
4Q’19
|
Margin
%
|
Change
%
|
|
Cable
|
4,954.8
|
41.9
|
4,545.0
|
41.3
|
9.0
|
|
Sky
|
2,143.2
|
38.2
|
2,108.9
|
39.2
|
1.6
|
|
Content
|
5,371.4
|
48.3
|
4,341.2
|
38.9
|
23.7
|
|
Other Businesses
|
164.6
|
14.1
|
96.7
|
5.0
|
70.2
|
|
Operating Segment Income
|
12,634.0
|
42.5
|
11,091.8
|
37.6
|
13.9
|
|
Corporate Expenses
|
(718.2)
|
(2.4)
|
(496.7)
|
(1.7)
|
(44.6)
|
|
Depreciation and Amortization
|
(5,639.3)
|
(20.3)
|
(5,392.4)
|
(19.1)
|
(4.6)
|
|
Other Expense, net
|
(423.7)
|
(1.5)
|
(455.3)
|
(1.6)
|
6.9
|
|
Intersegment Operations(1)
|
(16.3)
|
(0.1)
|
(18.8)
|
(0.1)
|
13.3
|
|
Disposed operations (2)
|
-
|
n/a
|
100.3
|
n/a
|
n/a
|
|
Operating Income
|
5,836.5
|
21.0
|
4,828.9
|
17.1
|
20.9
|
|
(1)
|
For segment reporting purposes, intersegment operations are included in each of the segment operations.
|
|
(2)
|
The sale of the Company’s Radio business was concluded on July 2nd, 2020. Accordingly, the net sales and the operating segment income associated
with the Radio business, which was part of the Company’s Other Businesses segment, are presented separately as disposed operations for the quarter ended December 31, 2020 and 2019.
|
|
(3 Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other expense, net.
|
|
|
RGUs
|
4Q’20 Net
Adds
|
2020 Net
Adds
|
2020
|
2019
|
|
Video
|
(49,226)
|
(34,181)
|
4,284,682
|
4,318,863
|
|
Broadband
|
127,614
|
734,805
|
5,430,859
|
4,696,054
|
|
Voice
|
109,266
|
658,538
|
4,296,530
|
3,637,992
|
|
Mobile
|
35,401
|
75,515
|
75,515
|
-
|
|
Total RGUs
|
223,055
|
1,434,677
|
14,087,586
|
12,652,909
|
|
MSO Operations (1)
Millions of Mexican pesos
|
2020
|
2019
|
Change %
|
4Q’20
|
4Q’19
|
Change %
|
|
Revenue
|
40,441.4
|
37,495.8
|
7.9
|
10,529.4
|
9,800.9
|
7.4
|
|
Operating Segment Income
|
17,091.4
|
16,248.0
|
5.2
|
4,471.4
|
4,151.1
|
7.7
|
|
Margin (%)
|
42.3
|
43.3
|
|
42.5
|
42.4
|
|
|
Enterprise Operations (1)
Millions of Mexican pesos
|
2020
|
2019
|
Change %
|
4Q’20
|
4Q’19
|
Change %
|
|
Revenue
|
6,783.3
|
5,874.5
|
15.5
|
1,778.1
|
1,631.0
|
9.0
|
|
Operating Segment Income
|
2,388.3
|
2,051.1
|
16.4
|
645.8
|
527.9
|
22.3
|
|
Margin (%)
|
35.2
|
34.9
|
|
36.3
|
32.4
|
|
|
(1)
|
Full year results do not include the consolidation adjustments of Ps.1,857.6 million in revenues nor Ps.581.4 million in Operating Segment Income for 2020, neither the
consolidation adjustments of Ps.1,668.3 million in revenues nor Ps.501.5 million in Operating Segment Income for 2019. Likewise, fourth quarter results do not include the consolidation adjustments of Ps.481.8 million in
revenues nor Ps.162.4 million in Operating Segment Income for fourth quarter 2020, neither the consolidation adjustments of Ps.415.8 million in revenues nor Ps.134.0 million in Operating Segment Income for fourth quarter 2019.
Consolidation adjustments are considered in the consolidated results of the Cable segment.
|
|
RGUs
|
4Q’20 Net
Adds
|
2020 Net
Adds
|
2020
|
2019
|
|
Video
|
4,944
|
47,943
|
7,477,294
|
7,429,351
|
|
Broadband
|
71,896
|
279,793
|
665,907
|
386,114
|
|
Voice
|
55
|
(253)
|
892
|
1,145
|
|
Total RGUs
|
76,895
|
327,483
|
8,144,093
|
7,816,610
|
|
Millions of Mexican pesos
|
2020
|
%
|
2019
|
%
|
Change
%
|
|
Advertising
|
16,349.8
|
50.1
|
19,459.4
|
55.5
|
(16.0)
|
|
Network Subscription
|
5,466.2
|
16.8
|
4,993.2
|
14.2
|
9.5
|
|
Licensing and Syndication
|
10,797.0
|
33.1
|
10,607.9
|
30.3
|
1.8
|
|
Net Sales
|
32,613.0
|
|
35,060.5
|
|
(7.0)
|
|
(i)
|
a pre-tax gain on disposition of our 50% equity stake in our former Radio business, which sale was concluded in July 2020;
|
|
(ii)
|
a non-recurring income related to the cancellation of a related-party provision in the fourth quarter of 2020; and
|
|
(iii)
|
a lower non-recurring severance expense in connection with dismissals of personnel in our Content segment.
|
|
(i)
|
a higher expense related to legal and financial advisory and professional services; and
|
|
(ii)
|
a loss on disposition of investment.
|
|
Other income (expense), net
|
2020
|
2019
|
|
Cash
|
197.8
|
(765.0)
|
|
Non-cash
|
35.9
|
(551.6)
|
|
Total
|
233.7
|
(1,316.6)
|
|
2020
|
2019
|
(Unfavorable)
Favorable
change
|
|
|
Interest expense
|
(10,482.2)
|
(10,402.0)
|
(80.2)
|
|
Interest income
|
1,333.0
|
1,529.1
|
(396.1)
|
|
Foreign exchange gain, net
|
3,004.9
|
935.3
|
2,069.6
|
|
Other finance income (expense), net
|
89.3
|
(873.2)
|
962.5
|
|
Finance expense, net
|
(6,255.0)
|
(8,810.8)
|
2,555.8
|
|
(i)
|
a Ps.2,069.6 million increase in foreign exchange gain, net, resulting primarily from a higher U.S. dollar average net liability position beginning in March 31,
2020, in conjunction with a decrease in the carrying value of our hedged investments in shares and warrants of UHI, and a 16.4% appreciation of the Mexican pesos against the U.S. dollar from that date through December 31, 2020,
which effect was partially offset by a 5.6 % depreciation of the Mexican peso against the U.S. dollar for the year ended December 31, 2020, in comparison with a 4.0% appreciation for the year ended December 31, 2019; and
|
|
(ii)
|
a Ps.962.5 million favorable change in other finance income or expense, net, resulting primarily from changes in fair value of our derivative contracts.
|
|
(i)
|
a Ps.80.2 million increase in interest expense, primarily due to a higher average principal amount of long-term debt in 2020; and
|
|
(ii)
|
a Ps.396.1 million decrease in interest income, primarily explained by a lower average amount of cash equivalents as well as a reduction in interest rates.
|
|
Capital Expenditures
Millions of U.S. Dollars
|
2020
|
2019
|
|
Cable
|
662.5
|
675.3
|
|
Sky
|
250.2
|
209.1
|
|
Content and Other Businesses
|
26.7
|
107.8
|
|
Total
|
939.4
|
992.2
|
|
December 31, 2020
|
December 31, 2019
|
Increase
(Decrease)
|
|
|
Current portion of long-term debt
|
617.0
|
491.9
|
125.1
|
|
Long-term debt, net of current portion
|
121,936.0
|
120,444.7
|
1,491.3
|
|
Total debt (1)
|
122,553.0
|
120,936.6
|
1,616.4
|
|
Current portion of long-term lease liabilities
|
1,277.7
|
1,257.8
|
19.9
|
|
Long-term lease liabilities, net of current portion
|
8,014.6
|
8,105.8
|
(91.2)
|
|
Total lease liabilities
|
9,292.3
|
9,363.6
|
(71.3)
|
|
Current portion of other notes payable
|
-
|
1,324.1
|
(1,324.1)
|
|
Total other notes payable
|
-
|
1,324.1
|
(1,324.1)
|
|
Total debt, lease liabilities and other notes payable
|
131,845.3
|
131,624.3
|
221.0
|
|
(1)
|
As of December 31, 2020 and 2019, total debt is presented net of finance costs in the amount of Ps.1,324.3 million and Ps.1,441.6 million, respectively.
|
|
•
|
Control environment: issuance of senior management pronouncements in the areas of risks and internal control, the issuance of
the Ethics Code, the communication and trainning on risk and control matters, and the update of the general model of responsibilities and capacities
|
|
•
|
Risk assessment: systematization of the process to identify, manage and control risks
|
|
•
|
Control Activities: coordination of internal control procedures and activities with supervisory processes
|
|
|
2020
|
Margin
|
2019
|
Margin
|
Change
|
|
%
|
%
|
%
|
|||
|
Net sales
|
97,361.6
|
100.0
|
101,757.2
|
100.0
|
(4.3)
|
|
Net income
|
302.8
|
0.3
|
6,106.8
|
6.0
|
(95.0)
|
|
Net (loss) income attributable to stockholders of the Company
|
(1,250.3)
|
(1.3)
|
4,626.1
|
4.5
|
n/a
|
|
Segment net sales
|
104,390.8
|
100.0
|
106,309.9
|
100.0
|
(1.8)
|
|
Operating segment income (1)
|
40,510.9
|
38.8
|
41,032.1
|
38.6
|
(1.3)
|
|
(1)
|
The operating segment income margin is calculated as a percentage of segment net sales.
|
|
Net Sales
|
2020
|
%
|
2019
|
%
|
Change
%
|
|
Cable
|
45,367.1
|
43.5
|
41,702.0
|
39.2
|
8.8
|
|
Sky
|
22,134.7
|
21.2
|
21,347.1
|
20.1
|
3.7
|
|
Content
|
32,613.0
|
31.2
|
35,060.5
|
33.0
|
(7.0)
|
|
Other Businesses
|
4,276.0
|
4.1
|
8,200.3
|
7.7
|
(47.9)
|
|
Segment Net Sales
|
104,390.8
|
100.0
|
106,309.9
|
100.0
|
(1.8)
|
|
Intersegment Operations(1)
|
(7,252.5)
|
(5,394.1)
|
|||
|
Net Sales
|
97,138.3
|
|
100,915.8
|
|
(3.7)
|
|
Disposed Operations (2)
|
223.3
|
n/a
|
841.4
|
n/a
|
n/a
|
|
Consolidated Net Sales
|
97,361.6
|
|
101,757.2
|
|
(4.3)
|
|
Operating Segment Income3
|
2020
|
Margin
%
|
2019
|
Margin
%
|
Change
%
|
|
Cable
|
18,898.3
|
41.7
|
17,797.6
|
42.7
|
6.2
|
|
Sky
|
9,135.3
|
41.3
|
9,121.2
|
42.7
|
0.2
|
|
Content
|
12,360.8
|
37.9
|
12,649.1
|
36.1
|
(2.3)
|
|
Other Businesses
|
116.5
|
2.7
|
1,464.2
|
17.9
|
(92.0)
|
|
Operating Segment Income
|
40,510.9
|
38.8
|
41,032.1
|
38.6
|
(1.3)
|
|
Corporate Expenses
|
(1,882.9)
|
(1.8)
|
(1,888.4)
|
(1.8)
|
0.3
|
|
Depreciation and Amortization
|
(21,260.8)
|
(21.8)
|
(21,008.8)
|
(20.6)
|
(1.2)
|
|
Other Income (Expense), net
|
233.7
|
0.2
|
(1,316.6)
|
(1.3)
|
n/a
|
|
Intersegment Operations(1)
|
(71.5)
|
(0.1)
|
(72.2)
|
(0.1)
|
1.0
|
|
Disposed Operations (2)
|
(4.0)
|
n/a
|
258.9
|
n/a
|
n/a
|
|
Operating Income
|
17,525.4
|
18.0
|
17,005.0
|
16.7
|
3.1
|
|
(1)
|
For segment reporting purposes, intersegment operations are included in each of the segment operations.
|
|
(2)
|
The sale of the Company’s Radio business was concluded on July 2nd, 2020. Accordingly, the net sales and the operating segment income associated with the Radio business,
which was part of the Company’s Other Businesses segment, are presented separately as disposed operations for the years ended December 31, 2020 and 2019.
|
|
(3)
|
Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other income (expense), net.
|
|
Net Sales
|
4Q’20
|
%
|
4Q’19
|
%
|
Change
%
|
|
Cable
|
11,825.7
|
39.8
|
11,016.1
|
37.3
|
7.3
|
|
Sky
|
5,616.7
|
18.9
|
5,379.1
|
18.2
|
4.4
|
|
Content
|
11,111.5
|
37.4
|
11,166.6
|
37.9
|
(0.5)
|
|
Other Businesses
|
1,170.0
|
3.9
|
1,933.9
|
6.6
|
(39.5)
|
|
Segment Net Sales
|
29,723.9
|
100.0
|
29,495.7
|
100.0
|
0.8
|
|
Intersegment Operations(1)
|
(1,941.2)
|
(1,495.3)
|
|||
|
Net Sales
|
27,782.7
|
|
28,000.4
|
|
(0.8)
|
|
Disposed operations (2)
|
-
|
n/a
|
267.8
|
n/a
|
n/a
|
|
Consolidated Net Sales
|
27,782.7
|
|
28,268.2
|
|
(1.7)
|
|
Operating Segment Income(3)
|
4Q’20
|
Margin
%
|
4Q’19
|
Margin
%
|
Change
%
|
|
Cable
|
4,954.8
|
41.9
|
4,545.0
|
41.3
|
9.0
|
|
Sky
|
2,143.2
|
38.2
|
2,108.9
|
39.2
|
1.6
|
|
Content
|
5,371.4
|
48.3
|
4,341.2
|
38.9
|
23.7
|
|
Other Businesses
|
164.6
|
14.1
|
96.7
|
5.0
|
70.2
|
|
Operating Segment Income
|
12,634.0
|
42.5
|
11,091.8
|
37.6
|
13.9
|
|
Corporate Expenses
|
(718.2)
|
(2.4)
|
(496.7)
|
(1.7)
|
(44.6)
|
|
Depreciation and Amortization
|
(5,639.3)
|
(20.3)
|
(5,392.4)
|
(19.1)
|
(4.6)
|
|
Other Expense, net
|
(423.7)
|
(1.5)
|
(455.3)
|
(1.6)
|
6.9
|
|
Intersegment Operations(1)
|
(16.3)
|
(0.1)
|
(18.8)
|
(0.1)
|
13.3
|
|
Disposed operations (2)
|
-
|
n/a
|
100.3
|
n/a
|
n/a
|
|
Operating Income
|
5,836.5
|
21.0
|
4,828.9
|
17.1
|
20.9
|
|
(1)
|
For segment reporting purposes, intersegment operations are included in each of the segment operations.
|
|
(2)
|
The sale of the Company’s Radio business was concluded on July 2nd, 2020. Accordingly, the net sales and the operating segment income associated with the Radio business,
which was part of the Company’s Other Businesses segment, are presented separately as disposed operations for the quarter ended December 31, 2020 and 2019.
|
|
(3)
|
Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other expense, net.
|
|
Ticker:
|
TLEVISA
|
|
Period covered by financial statements:
|
2020-01-01 TO 2020-12-31 |
|
Date of end of reporting period:
|
2020-12-31
|
|
Name of reporting entity or other means of identification:
|
TLEVISA
|
|
Description of presentation currency:
|
MXN
|
|
Level of rounding used in financial statements:
|
THOUSANDS OF MEXICAN PESOS
|
|
Consolidated:
|
YES
|
|
Number of quarter:
|
4D
|
|
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
2020-12-31
|
Close Previous Exercise
2019-12-31
|
|
Statement of financial position
|
||
|
Assets
|
||
|
Current assets
|
||
|
Cash and cash equivalents
|
29,058,093,000
|
27,452,265,000
|
|
Trade and other current receivables
|
25,312,941,000
|
25,491,160,000
|
|
Current tax assets, current
|
5,054,080,000
|
3,800,379,000
|
|
Other current financial assets
|
0
|
1,715,000
|
|
Current inventories
|
1,641,300,000
|
1,151,421,000
|
|
Current biological assets
|
0
|
0
|
|
Other current non-financial assets
|
[1] 7,994,661,000
|
7,858,658,000
|
|
Total current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
69,061,075,000
|
65,755,598,000
|
|
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
0
|
1,675,426,000
|
|
Total current assets
|
69,061,075,000
|
67,431,024,000
|
|
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
|
7,002,712,000
|
44,268,776,000
|
|
Investments accounted for using equity method
|
0
|
0
|
|
Investments in subsidiaries, joint ventures and associates
|
22,813,531,000
|
9,762,432,000
|
|
Property, plant and equipment
|
83,281,627,000
|
83,329,232,000
|
|
Investment property
|
0
|
0
|
|
Right-of-use assets that do not meet definition of investment property
|
7,212,165,000
|
7,553,052,000
|
|
Goodwill
|
14,113,626,000
|
14,113,626,000
|
|
Intangible assets other than goodwill
|
28,610,592,000
|
29,215,328,000
|
|
Deferred tax assets
|
27,999,693,000
|
24,185,148,000
|
|
Other non-current non-financial assets
|
[2] 11,151,311,000
|
10,485,274,000
|
|
Total non-current assets
|
202,185,257,000
|
222,912,868,000
|
|
Total assets
|
271,246,332,000
|
290,343,892,000
|
|
Equity and liabilities
|
||
|
Liabilities
|
||
|
Current liabilities
|
||
|
Trade and other current payables
|
35,846,673,000
|
33,673,040,000
|
|
Current tax liabilities, current
|
2,013,648,000
|
2,470,249,000
|
|
Other current financial liabilities
|
4,568,599,000
|
4,328,652,000
|
|
Current lease liabilities
|
1,277,754,000
|
1,257,766,000
|
|
Other current non-financial liabilities
|
0
|
0
|
|
Current provisions
|
||
|
Current provisions for employee benefits
|
0
|
0
|
|
Other current provisions
|
2,992,000
|
2,423,000
|
|
Total current provisions
|
2,992,000
|
2,423,000
|
|
Total current liabilities other than liabilities included in disposal groups classified as held for sale
|
43,709,666,000
|
41,732,130,000
|
|
Liabilities included in disposal groups classified as held for sale
|
0
|
432,812,000
|
|
Total current liabilities
|
43,709,666,000
|
42,164,942,000
|
|
Non-current liabilities
|
||
|
Trade and other non-current payables
|
2,588,580,000
|
2,459,157,000
|
|
Current tax liabilities, non-current
|
767,115,000
|
1,759,719,000
|
|
Concept
|
Close Current Quarter
2020-12-31
|
Close Previous Exercise
2019-12-31
|
|
Other non-current financial liabilities
|
123,395,251,000
|
120,791,259,000
|
|
Non-current lease liabilities
|
8,014,597,000
|
8,105,754,000
|
|
Other non-current non-financial liabilities
|
0
|
0
|
|
Non-current provisions
|
||
|
Non-current provisions for employee benefits
|
2,080,651,000
|
1,468,112,000
|
|
Other non-current provisions
|
965,128,000
|
917,483,000
|
|
Total non-current provisions
|
3,045,779,000
|
2,385,595,000
|
|
Deferred tax liabilities
|
1,786,311,000
|
7,052,233,000
|
|
Total non-current liabilities
|
139,597,633,000
|
142,553,717,000
|
|
Total liabilities
|
183,307,299,000
|
184,718,659,000
|
|
Equity
|
||
|
Issued capital
|
4,907,765,000
|
4,907,765,000
|
|
Share premium
|
15,889,819,000
|
15,889,819,000
|
|
Treasury shares
|
16,079,124,000
|
14,018,847,000
|
|
Retained earnings
|
84,280,397,000
|
82,652,278,000
|
|
Other reserves
|
(15,556,848,000)
|
1,320,451,000
|
|
Total equity attributable to owners of parent
|
73,442,009,000
|
90,751,466,000
|
|
Non-controlling interests
|
14,497,024,000
|
14,873,767,000
|
|
Total equity
|
87,939,033,000
|
105,625,233,000
|
|
Total equity and liabilities
|
271,246,332,000
|
290,343,892,000
|
|
Concept
|
Accumulated Current Year
2020-01-01 - 2020-12-31
|
Accumulated Previous Year
2019-01-01 - 2019-12-31
|
Quarter Current Year
2020-10-01 - 2020-12-31
|
Quarter Previous Year
2019-10-01 - 2019-12-31
|
|
Profit or loss
|
||||
|
Profit (loss)
|
||||
|
Revenue
|
97,361,634,000
|
101,757,181,000
|
27,782,661,000
|
28,268,200,000
|
|
Cost of sales
|
56,989,655,000
|
59,067,362,000
|
15,438,815,000
|
17,041,420,000
|
|
Gross profit
|
40,371,979,000
|
42,689,819,000
|
12,343,846,000
|
11,226,780,000
|
|
Distribution costs
|
10,366,582,000
|
11,099,011,000
|
2,797,947,000
|
2,754,824,000
|
|
Administrative expenses
|
12,713,657,000
|
13,269,191,000
|
3,285,666,000
|
3,187,719,000
|
|
Other income
|
233,628,000
|
0
|
0
|
0
|
|
Other expense
|
0
|
1,316,587,000
|
423,733,000
|
455,321,000
|
|
Profit (loss) from operating activities
|
17,525,368,000
|
17,005,030,000
|
5,836,500,000
|
4,828,916,000
|
|
Finance income
|
4,227,192,000
|
2,464,403,000
|
6,359,286,000
|
1,719,016,000
|
|
Finance costs
|
10,482,168,000
|
11,275,198,000
|
4,127,391,000
|
3,117,045,000
|
|
Share of profit (loss) of associates and joint ventures accounted for using equity method
|
(5,739,668,000)
|
581,023,000
|
(408,807,000)
|
91,467,000
|
|
Profit (loss) before tax
|
5,530,724,000
|
8,775,258,000
|
7,659,588,000
|
3,522,354,000
|
|
Tax income (expense)
|
5,227,900,000
|
2,668,445,000
|
4,082,115,000
|
695,710,000
|
|
Profit (loss) from continuing operations
|
302,824,000
|
6,106,813,000
|
3,577,473,000
|
2,826,644,000
|
|
Profit (loss) from discontinued operations
|
0
|
0
|
0
|
0
|
|
Profit (loss)
|
302,824,000
|
6,106,813,000
|
3,577,473,000
|
2,826,644,000
|
|
Profit (loss), attributable to
|
||||
|
Profit (loss), attributable to owners of parent
|
(1,250,342,000)
|
4,626,139,000
|
3,312,309,000
|
2,410,102,000
|
|
Profit (loss), attributable to non-controlling interests
|
1,553,166,000
|
1,480,674,000
|
265,164,000
|
416,542,000
|
|
Earnings per share
|
||||
|
Earnings per share
|
||||
|
Earnings per share
|
||||
|
Basic earnings per share
|
||||
|
Basic earnings (loss) per share from continuing operations
|
(0.44)
|
1.6
|
1.17
|
0.83
|
|
Basic earnings (loss) per share from discontinued operations
|
0
|
0
|
0
|
0
|
|
Total basic earnings (loss) per share
|
[3] (0.44)
|
1.6
|
1.17
|
0.83
|
|
Diluted earnings per share
|
||||
|
Diluted earnings (loss) per share from continuing operations
|
(0.41)
|
1.53
|
1.1
|
0.8
|
|
Diluted earnings (loss) per share from discontinued operations
|
0
|
0
|
0
|
0
|
|
Total diluted earnings (loss) per share
|
[4] (0.41)
|
1.53
|
1.1
|
0.8
|
|
Concept
|
Accumulated Current Year
2020-01-01 - 2020-12-31
|
Accumulated Previous Year
2019-01-01 - 2019-12-31
|
Quarter Current Year
2020-10-01 - 2020-12-31
|
Quarter Previous Year
2019-10-01 - 2019-12-31
|
|
Statement of comprehensive income
|
||||
|
Profit (loss)
|
302,824,000
|
6,106,813,000
|
3,577,473,000
|
2,826,644,000
|
|
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
|
(16,142,728,000)
|
(614,735,000)
|
914,572,000
|
431,070,000
|
|
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
|
(241,019,000)
|
(175,376,000)
|
(241,019,000)
|
(175,376,000)
|
|
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
|
(16,383,747,000)
|
(790,111,000)
|
673,553,000
|
255,694,000
|
|
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
|
541,743,000
|
(199,745,000)
|
(643,363,000)
|
(307,517,000)
|
|
Reclassification adjustments on exchange differences on translation, net of tax
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, exchange differences on translation
|
541,743,000
|
(199,745,000)
|
(643,363,000)
|
(307,517,000)
|
|
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
|
(959,101,000)
|
(1,065,338,000)
|
(344,950,000)
|
(64,133,000)
|
|
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
|
(959,101,000)
|
(1,065,338,000)
|
(344,950,000)
|
(64,133,000)
|
|
Hedges of net investment in foreign operations
|
||||
|
Gains (losses) on hedges of net investments in foreign operations, net of tax
|
0
|
0
|
0
|
0
|
|
Reclassification adjustments on hedges of net investments in foreign operations, net of tax
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, hedges of net investments in foreign operations
|
0
|
0
|
0
|
0
|
|
Change in value of time value of options
|
||||
|
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
|
|
Concept
|
Accumulated Current Year
2020-01-01 - 2020-12-31
|
Accumulated Previous Year
2019-01-01 - 2019-12-31
|
Quarter Current Year
2020-10-01 - 2020-12-31
|
Quarter Previous Year
2019-10-01 - 2019-12-31
|
|
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 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
|
0
|
78,000
|
0
|
690,000
|
|
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
|
0
|
78,000
|
0
|
690,000
|
|
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
|
(61,033,000)
|
(236,159,000)
|
34,860,000
|
(39,207,000)
|
|
Total other comprehensive income that will be reclassified to profit or loss, net of tax
|
(478,391,000)
|
(1,501,164,000)
|
(953,453,000)
|
(410,167,000)
|
|
Total other comprehensive income
|
(16,862,138,000)
|
(2,291,275,000)
|
(279,900,000)
|
(154,473,000)
|
|
Total comprehensive income
|
(16,559,314,000)
|
3,815,538,000
|
3,297,573,000
|
2,672,171,000
|
|
Comprehensive income attributable to
|
||||
|
Comprehensive income, attributable to owners of parent
|
(18,127,641,000)
|
2,356,623,000
|
3,141,503,000
|
2,297,584,000
|
|
Comprehensive income, attributable to non-controlling interests
|
1,568,327,000
|
1,458,915,000
|
156,070,000
|
374,587,000
|
|
Concept
|
Accumulated Current Year
2020-01-01 - 2020-12-31
|
Accumulated Previous Year
2019-01-01 - 2019-12-31
|
|
Statement of cash flows
|
||
|
Cash flows from (used in) operating activities
|
||
|
Profit (loss)
|
302,824,000
|
6,106,813,000
|
|
Adjustments to reconcile profit (loss)
|
||
|
+ Discontinued operations
|
0
|
0
|
|
+ Adjustments for income tax expense
|
5,227,900,000
|
2,668,445,000
|
|
+ (-) Adjustments for finance costs
|
0
|
0
|
|
+ Adjustments for depreciation and amortisation expense
|
21,260,787,000
|
21,008,796,000
|
|
+ Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss
|
40,803,000
|
67,574,000
|
|
+ Adjustments for provisions
|
2,513,254,000
|
1,764,832,000
|
|
+ (-) Adjustments for unrealised foreign exchange losses (gains)
|
(2,596,198,000)
|
(1,120,958,000)
|
|
+ Adjustments for share-based payments
|
984,356,000
|
1,129,644,000
|
|
+ (-) Adjustments for fair value losses (gains)
|
(89,323,000)
|
872,291,000
|
|
- Adjustments for undistributed profits of associates
|
0
|
0
|
|
+ (-) Adjustments for losses (gains) on disposal of non-current assets
|
(74,175,000)
|
270,381,000
|
|
+ Share of incomeof associatesand joint ventures
|
5,739,668,000
|
(581,023,000)
|
|
+ (-) Adjustments for decrease (increase) in inventories
|
(576,277,000)
|
2,504,369,000
|
|
+ (-) Adjustments for decrease (increase) in trade accounts receivable
|
634,108,000
|
4,785,389,000
|
|
+ (-) Adjustments for decrease (increase) in other operating receivables
|
(2,863,355,000)
|
(2,585,645,000)
|
|
+ (-) Adjustments for increase (decrease) in trade accounts payable
|
1,065,101,000
|
(1,885,865,000)
|
|
+ (-) Adjustments for increase (decrease) in other operating payables
|
415,203,000
|
(9,749,473,000)
|
|
+ Other adjustments for non-cash items
|
0
|
0
|
|
+ Other adjustments for which cash effects are investing or financing cash flow
|
(932,449,000)
|
(627,000)
|
|
+ Straight-line rent adjustment
|
0
|
0
|
|
+ Amortization of lease fees
|
0
|
0
|
|
+ Setting property values
|
0
|
0
|
|
+ (-) Other adjustments to reconcile profit (loss)
|
380,863,000
|
531,426,000
|
|
+ (-) Total adjustments to reconcile profit (loss)
|
31,130,266,000
|
19,679,556,000
|
|
Net cash flows from (used in) operations
|
31,433,090,000
|
25,786,369,000
|
|
- Dividends paid
|
0
|
0
|
|
+ Dividends received
|
0
|
0
|
|
- Interest paid
|
(10,482,168,000)
|
(10,402,021,000)
|
|
+ Interest received
|
(72,861,000)
|
(102,675,000)
|
|
+ (-) Income taxes refund (paid)
|
8,681,478,000
|
8,816,632,000
|
|
+ (-) Other inflows (outflows) of cash
|
0
|
0
|
|
Net cash flows from (used in) operating activities
|
33,160,919,000
|
27,269,083,000
|
|
Cash flows from (used in) investing activities
|
||
|
+ Cash flows from losing control of subsidiaries or other businesses
|
0
|
(25,741,000)
|
|
- Cash flows used in obtaining control of subsidiaries or other businesses
|
0
|
(107,883,000)
|
|
+ Other cash receipts from sales of equity or debt instruments of other entities
|
0
|
0
|
|
- Other cash payments to acquire equity or debt instruments of other entities
|
0
|
0
|
|
+ Other cash receipts from sales of interests in joint ventures
|
0
|
0
|
|
- Other cash payments to acquire interests in joint ventures
|
0
|
0
|
|
+ Proceeds from sales of property, plant and equipment
|
1,520,417,000
|
981,503,000
|
|
- Purchase of property, plant and equipment
|
20,131,738,000
|
19,108,284,000
|
|
+ Proceeds from sales of intangible assets
|
0
|
0
|
|
- Purchase of intangible assets
|
1,235,177,000
|
2,106,750,000
|
|
+ Proceeds from sales of other long-term assets
|
0
|
0
|
|
- Purchase of other long-term assets
|
0
|
0
|
|
Concept
|
Accumulated Current Year
2020-01-01 - 2020-12-31
|
Accumulated Previous Year
2019-01-01 - 2019-12-31
|
|
+ Proceeds from government grants
|
0
|
0
|
|
- Cash advances and loans made to other parties
|
0
|
0
|
|
+ Cash receipts from repayment of advances and loans made to other parties
|
0
|
0
|
|
- Cash payments for futures contracts, forward contracts, option contracts and swap contracts
|
0
|
0
|
|
+ Cash receipts from futures contracts, forward contracts, option contracts and swap contracts
|
0
|
0
|
|
+ Dividends received
|
0
|
772,400,000
|
|
- Interest paid
|
0
|
0
|
|
+ Interest received
|
0
|
0
|
|
+(-) Income taxes refund (paid)
|
0
|
0
|
|
+ (-) Other inflows (outflows) of cash
|
4,498,139,000
|
1,856,225,000
|
|
Net cash flows from (used in) investing activities
|
(15,348,359,000)
|
(17,522,764,000)
|
|
Cash flows from (used in) financing activities
|
||
|
+ Proceeds from changes in ownership interests in subsidiaries that do not result in loss of control
|
0
|
0
|
|
- Payments from changes in ownership interests in subsidiaries that do not result in loss of control
|
1,324,063,000
|
1,294,375,000
|
|
+ Proceeds from issuing shares
|
0
|
0
|
|
+ Proceeds from issuing other equity instruments
|
0
|
0
|
|
- Payments to acquire or redeem entity's shares
|
392,597,000
|
1,385,750,000
|
|
- Payments of other equity instruments
|
0
|
0
|
|
+ Proceeds from borrowings
|
0
|
24,247,544,000
|
|
- Repayments of borrowings
|
3,242,489,000
|
21,989,156,000
|
|
- Payments of finance lease liabilities
|
668,277,000
|
559,623,000
|
|
- Payments of lease liabilities
|
953,771,000
|
883,533,000
|
|
+ Proceeds from government grants
|
0
|
0
|
|
- Dividends paid
|
0
|
1,066,187,000
|
|
- Interest paid
|
9,455,387,000
|
9,180,141,000
|
|
+ (-) Income taxes refund (paid)
|
0
|
0
|
|
+ (-) Other inflows (outflows) of cash
|
(158,632,000)
|
(2,190,675,000)
|
|
Net cash flows from (used in) financing activities
|
(16,195,216,000)
|
(14,301,896,000)
|
|
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes
|
1,617,344,000
|
(4,555,577,000)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
||
|
Effect of exchange rate changes on cash and cash equivalents
|
(11,516,000)
|
(60,449,000)
|
|
Net increase (decrease) in cash and cash equivalents
|
1,605,828,000
|
(4,616,026,000)
|
|
Cash and cash equivalents at beginning of period
|
27,452,265,000
|
32,068,291,000
|
|
Cash and cash equivalents at end of period
|
29,058,093,000
|
27,452,265,000
|
|
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
|
14,018,847,000
|
82,652,278,000
|
0
|
1,280,541,000
|
(381,753,000)
|
0
|
0
|
|
Changes in equity
|
|||||||||
|
Comprehensive income
|
|||||||||
|
Profit (loss)
|
0
|
0
|
0
|
(1,250,342,000)
|
0
|
0
|
0
|
0
|
0
|
|
Other comprehensive income
|
0
|
0
|
0
|
0
|
0
|
523,786,000
|
(959,101,000)
|
0
|
0
|
|
Total comprehensive income
|
0
|
0
|
0
|
(1,250,342,000)
|
0
|
523,786,000
|
(959,101,000)
|
0
|
0
|
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
147,975,000
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through treasury share transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
2,060,277,000
|
2,730,486,000
|
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
|
2,060,277,000
|
1,628,119,000
|
0
|
523,786,000
|
(959,101,000)
|
0
|
0
|
|
Equity at end of period
|
4,907,765,000
|
15,889,819,000
|
16,079,124,000
|
84,280,397,000
|
0
|
1,804,327,000
|
(1,340,854,000)
|
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
|
1,202,689,000
|
0
|
0
|
(705,611,000)
|
0
|
0
|
0
|
|
Changes in equity
|
|||||||||
|
Comprehensive income
|
|||||||||
|
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Other comprehensive income
|
0
|
0
|
(16,142,728,000)
|
0
|
0
|
(238,223,000)
|
0
|
0
|
0
|
|
Total comprehensive income
|
0
|
0
|
(16,142,728,000)
|
0
|
0
|
(238,223,000)
|
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
|
(16,142,728,000)
|
0
|
0
|
(238,223,000)
|
0
|
0
|
0
|
|
Equity at end of period
|
0
|
0
|
(14,940,039,000)
|
0
|
0
|
(943,834,000)
|
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
|
(75,415,000)
|
1,320,451,000
|
90,751,466,000
|
14,873,767,000
|
105,625,233,000
|
|
Changes in equity
|
||||||||
|
Comprehensive income
|
||||||||
|
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
(1,250,342,000)
|
1,553,166,000
|
302,824,000
|
|
Other comprehensive income
|
0
|
0
|
0
|
(61,033,000)
|
(16,877,299,000)
|
(16,877,299,000)
|
15,161,000
|
(16,862,138,000)
|
|
Total comprehensive income
|
0
|
0
|
0
|
(61,033,000)
|
(16,877,299,000)
|
(18,127,641,000)
|
1,568,327,000
|
(16,559,314,000)
|
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
0
|
1,653,173,000
|
1,653,173,000
|
|
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
|
147,975,000
|
0
|
147,975,000
|
|
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
|
(291,897,000)
|
(291,897,000)
|
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
670,209,000
|
0
|
670,209,000
|
|
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
|
(61,033,000)
|
(16,877,299,000)
|
(17,309,457,000)
|
(376,743,000)
|
(17,686,200,000)
|
|
Equity at end of period
|
0
|
0
|
0
|
(136,448,000)
|
(15,556,848,000)
|
73,442,009,000
|
14,497,024,000
|
87,939,033,000
|
|
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
|
78,731,909,000
|
0
|
1,461,495,000
|
683,585,000
|
0
|
0
|
|
Changes in equity
|
|||||||||
|
Comprehensive income
|
|||||||||
|
Profit (loss)
|
0
|
0
|
0
|
4,626,139,000
|
0
|
0
|
0
|
0
|
0
|
|
Other comprehensive income
|
0
|
0
|
0
|
0
|
0
|
(180,954,000)
|
(1,065,338,000)
|
0
|
0
|
|
Total comprehensive income
|
0
|
0
|
0
|
4,626,139,000
|
0
|
(180,954,000)
|
(1,065,338,000)
|
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
|
837,520,000
|
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
|
(200,213,000)
|
(477,869,000)
|
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
|
(200,213,000)
|
3,920,369,000
|
0
|
(180,954,000)
|
(1,065,338,000)
|
0
|
0
|
|
Equity at end of period
|
4,907,765,000
|
15,889,819,000
|
14,018,847,000
|
82,652,278,000
|
0
|
1,280,541,000
|
(381,753,000)
|
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
|
(614,657,000)
|
0
|
0
|
(172,408,000)
|
0
|
0
|
0
|
|
Total comprehensive income
|
0
|
0
|
(614,657,000)
|
0
|
0
|
(172,408,000)
|
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
|
(837,520,000)
|
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
|
(1,452,177,000)
|
0
|
0
|
(172,408,000)
|
0
|
0
|
0
|
|
Equity at end of period
|
0
|
0
|
1,202,689,000
|
0
|
0
|
(705,611,000)
|
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
|
89,737,920,000
|
15,013,771,000
|
104,751,691,000
|
|
Changes in equity
|
||||||||
|
Comprehensive income
|
||||||||
|
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
4,626,139,000
|
1,480,674,000
|
6,106,813,000
|
|
Other comprehensive income
|
0
|
0
|
0
|
(236,159,000)
|
(2,269,516,000)
|
(2,269,516,000)
|
(21,759,000)
|
(2,291,275,000)
|
|
Total comprehensive income
|
0
|
0
|
0
|
(236,159,000)
|
(2,269,516,000)
|
2,356,623,000
|
1,458,915,000
|
3,815,538,000
|
|
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
|
1,598,153,000
|
2,664,340,000
|
|
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
|
(837,520,000)
|
0
|
0
|
0
|
|
Increase (decrease) through treasury share transactions, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
|
0
|
0
|
0
|
0
|
0
|
766,000
|
(766,000)
|
0
|
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
(277,656,000)
|
0
|
(277,656,000)
|
|
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
|
(236,159,000)
|
(3,107,036,000)
|
1,013,546,000
|
(140,004,000)
|
873,542,000
|
|
Equity at end of period
|
0
|
0
|
0
|
(75,415,000)
|
1,320,451,000
|
90,751,466,000
|
14,873,767,000
|
105,625,233,000
|
|
Concept
|
Close Current Quarter
2020-12-31
|
Close Previous Exercise
2019-12-31
|
|
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
|
1,240,864,000
|
1,369,379,000
|
|
Number of executives
|
72
|
73
|
|
Number of employees
|
43,215
|
42,875
|
|
Number of workers
|
0
|
0
|
|
Outstanding shares
|
325,992,461,925
|
337,244,259,846
|
|
Repurchased shares
|
31,314,809,877
|
20,063,011,956
|
|
Restricted cash
|
0
|
0
|
|
Guaranteed debt of associated companies
|
0
|
0
|
|
Concept
|
Accumulated Current Year
2020-01-01 - 2020-12-31
|
Accumulated Previous Year
2019-01-01 - 2019-12-31
|
Quarter Current Year
2020-10-01 - 2020-12-31
|
Quarter Previous Year
2019-10-01 - 2019-12-31
|
|
Informative data of the Income Statement
|
||||
|
Operating depreciation and amortization
|
21,260,787,000
|
21,008,796,000
|
5,639,288,000
|
5,392,372,000
|
|
Concept
|
Current Year
2020-01-01 - 2020-12-31
|
Previous Year
2019-01-01 - 2019-12-31
|
|
Informative data - Income Statement for 12 months
|
||
|
Revenue
|
97,361,634,000
|
101,757,181,000
|
|
Profit (loss) from operating activities
|
17,525,368,000
|
17,005,030,000
|
|
Profit (loss)
|
302,824,000
|
6,106,813,000
|
|
Profit (loss), attributable to owners of parent
|
(1,250,342,000)
|
4,626,139,000
|
|
Operating depreciation and amortization
|
21,260,787,000
|
21,008,796,000
|
|
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
|
NOT
|
2015-05-15
|
2022-04-30
|
TIIE+1.0
|
0
|
241,991,000
|
610,116,000
|
|||||||||
|
HSBC 2
|
NOT
|
2016-03-08
|
2023-03-08
|
7.13
|
250,000,000
|
625,000,000
|
||||||||||
|
SCOTIABANK INVERLAT 3
|
NOT
|
2016-03-08
|
2023-03-08
|
7
|
375,000,000
|
1,125,000,000
|
375,000,000
|
|||||||||
|
BANCO SANTANDER 4
|
NOT
|
2017-11-23
|
2022-11-22
|
TIIE+1.25
|
1,496,550,000
|
|||||||||||
|
HSBC 5
|
NOT
|
2017-11-23
|
2022-10-21
|
TIIE+1.30
|
1,995,525,000
|
|||||||||||
|
SCOTIABANK INVERLAT 6
|
NOT
|
2017-12-07
|
2023-02-03
|
TIIE+1.30
|
2,493,710,000
|
|||||||||||
|
SINDICATE 7
|
NOT
|
2019-06-05
|
2024-06-28
|
TIIE+1.05
|
9,925,865,000
|
|||||||||||
|
TOTAL
|
0
|
616,991,000
|
1,985,116,000
|
6,985,785,000
|
9,925,865,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Other banks
|
||||||||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Total banks
|
||||||||||||||||
|
TOTAL
|
0
|
616,991,000
|
1,985,116,000
|
6,985,785,000
|
9,925,865,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Stock market
|
||||||||||||||||
|
Listed on stock exchange - unsecured
|
||||||||||||||||
|
SENIOR NOTES 1
|
YES
|
2007-05-09
|
2037-05-11
|
8.93
|
4,488,097,000
|
|||||||||||
|
SENIOR NOTES 3
|
YES
|
2013-05-14
|
2043-05-14
|
7.62
|
6,446,909,000
|
|||||||||||
|
NOTES 4
|
NOT
|
2017-10-09
|
2027-09-27
|
8.79
|
4,483,878,000
|
|||||||||||
|
SENIOR NOTES 5
|
YES
|
2005-03-18
|
2025-03-18
|
6.97
|
11,806,765,000
|
|||||||||||
|
SENIOR NOTES 6
|
YES
|
2002-03-11
|
2032-03-11
|
8.94
|
5,964,920,000
|
|||||||||||
|
SENIOR NOTES 7
|
YES
|
2009-11-23
|
2040-01-16
|
6.97
|
11,849,095,000
|
|||||||||||
|
SENIOR NOTES 8
|
YES
|
2014-05-13
|
2045-05-15
|
5.26
|
19,536,333,000
|
|||||||||||
|
SENIOR NOTES 9
|
YES
|
2015-11-24
|
2026-01-30
|
4.86
|
5,960,366,000
|
|||||||||||
|
SENIOR NOTES 10
|
YES
|
2015-11-24
|
2046-01-31
|
6.44
|
17,835,086,000
|
|||||||||||
|
SENIOR NOTES 11
|
YES
|
2019-05-21
|
2049-05-24
|
5.52
|
14,667,765,000
|
|||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
15,418,884,000
|
0
|
0
|
0
|
0
|
0
|
87,620,330,000
|
||||
|
Listed on stock exchange - secured
|
||||||||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Private placements - unsecured
|
||||||||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Private placements - secured
|
||||||||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Total listed on stock exchanges and private placements
|
||||||||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
15,418,884,000
|
0
|
0
|
0
|
0
|
0
|
[5] 87,620,330,000
|
||||
|
Other current and non-current liabilities with cost
|
||||||||||||||||
|
Other current and non-current liabilities with cost
|
||||||||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Total other current and non-current liabilities with cost
|
||||||||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
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
|
|||||
|
Suppliers
|
||||||||||||||||
|
Suppliers
|
||||||||||||||||
|
SUPPLIERS 1
|
NOT
|
2020-12-31
|
2021-12-31
|
16,013,178,000
|
3,492,857,000
|
|||||||||||
|
TRANSMISSION RIGHTS 2
|
NOT
|
2012-05-07
|
2026-12-29
|
640,733,000
|
534,736,000
|
407,395,000
|
163,137,000
|
117,736,000
|
1,796,459,000
|
577,660,000
|
332,647,000
|
218,358,000
|
236,911,000
|
|||
|
TOTAL
|
0
|
16,653,911,000
|
534,736,000
|
407,395,000
|
163,137,000
|
117,736,000
|
0
|
5,289,316,000
|
577,660,000
|
332,647,000
|
218,358,000
|
236,911,000
|
||||
|
Total suppliers
|
||||||||||||||||
|
TOTAL
|
0
|
16,653,911,000
|
534,736,000
|
407,395,000
|
163,137,000
|
117,736,000
|
0
|
5,289,316,000
|
577,660,000
|
332,647,000
|
218,358,000
|
236,911,000
|
||||
|
Other current and non-current liabilities
|
||||||||||||||||
|
Other current and non-current liabilities
|
||||||||||||||||
|
DERIVATIVE FINANCIAL INSTRUMENTS
|
2,016,952,000
|
1,278,330,000
|
180,941,000
|
|||||||||||||
|
TOTAL
|
0
|
2,016,952,000
|
1,278,330,000
|
180,941,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Total other current and non-current liabilities
|
||||||||||||||||
|
TOTAL
|
0
|
2,016,952,000
|
1,278,330,000
|
180,941,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Total credits
|
||||||||||||||||
|
TOTAL
|
0
|
19,287,854,000
|
3,798,182,000
|
7,574,121,000
|
10,089,002,000
|
15,536,620,000
|
0
|
5,289,316,000
|
577,660,000
|
332,647,000
|
218,358,000
|
87,857,241,000
|
||||
|
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
|
1,154,453,000
|
23,030,529,000
|
25,666,000
|
512,019,000
|
23,542,548,000
|
|
Non-current monetary assets
|
0
|
0
|
0
|
0
|
0
|
|
Total monetary assets
|
1,154,453,000
|
23,030,529,000
|
25,666,000
|
512,019,000
|
23,542,548,000
|
|
Liabilities position
|
|||||
|
Current liabilities
|
410,369,000
|
8,186,574,000
|
5,562,000
|
110,958,000
|
8,297,532,000
|
|
Non-current liabilities
|
4,750,640,000
|
94,771,943,000
|
0
|
0
|
94,771,943,000
|
|
Total liabilities
|
5,161,009,000
|
102,958,517,000
|
5,562,000
|
110,958,000
|
103,069,475,000
|
|
Net monetary assets (liabilities)
|
(4,006,556,000)
|
(79,927,988,000)
|
20,104,000
|
401,061,000
|
[6] (79,526,927,000)
|
|
Income type
|
||||
|
National income
|
Export income
|
Income of subsidiaries abroad
|
Total income
|
|
|
CONTENT:
|
||||
|
CONTENT:
|
0
|
0
|
0
|
0
|
|
TELEVISA
|
||||
|
CONTENT - ADVERTISING
|
16,180,397,000
|
169,362,000
|
16,349,759,000
|
|
|
CONTENT - NETWORK SUBSCRIPTION REVENUE
|
4,322,535,000
|
1,143,657,000
|
0
|
5,466,192,000
|
|
CONTENT - LICENSING AND SYNDICATION
|
1,572,659,000
|
9,224,397,000
|
0
|
10,797,056,000
|
|
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
|
19,398,285,000
|
0
|
1,569,999,000
|
20,968,284,000
|
|
SKY - PAY PER VIEW
|
42,291,000
|
0
|
11,464,000
|
53,755,000
|
|
SKY - ADVERTISING
|
1,112,662,000
|
0
|
0
|
1,112,662,000
|
|
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
|
16,549,458,000
|
0
|
0
|
16,549,458,000
|
|
CABLE - BROADBAND SERVICES
|
16,540,687,000
|
0
|
0
|
16,540,687,000
|
|
CABLE - SERVICE INSTALLATION
|
437,939,000
|
0
|
0
|
437,939,000
|
|
CABLE - ADVERTISING
|
1,633,201,000
|
0
|
0
|
1,633,201,000
|
|
CABLE - TELEPHONY
|
4,382,964,000
|
0
|
0
|
4,382,964,000
|
|
CABLE - OTHER INCOME
|
264,084,000
|
0
|
0
|
264,084,000
|
|
BESTEL, METRORED
|
||||
|
CABLE - ENTERPRISE OPERATIONS
|
5,245,443,000
|
0
|
313,332,000
|
5,558,775,000
|
|
OTHER BUSINESSES:
|
||||
|
OTHER BUSINESSES:
|
0
|
0
|
0
|
0
|
|
TV Y NOVELAS, MUY INTERESANTE JUNIOR, VANIDADES, COCINA FACIL, NATIONAL GEOGRAPHIC, MUY INTERESANTE, COSMOPOLITAN,TÚ
|
||||
|
PUBLISHING - MAGAZINE CIRCULATION
|
268,344,000
|
0
|
942,000
|
269,286,000
|
|
PUBLISHING - ADVERTISING
|
173,645,000
|
0
|
0
|
173,645,000
|
|
PUBLISHING - OTHER INCOME
|
1,424,000
|
0
|
0
|
1,424,000
|
|
VIDEOCINE, PANTELION
|
||||
|
DISTRIBUTION, RENTALS AND SALE OF MOVIE RIGHTS
|
915,165,000
|
0
|
117,864,000
|
1,033,029,000
|
|
CLUB DE FÚTBOL AMÉRICA, ESTADIO AZTECA
|
||||
|
SPECIAL EVENTS AND SHOW PROMOTION
|
1,382,708,000
|
146,324,000
|
0
|
1,529,032,000
|
|
PLAY CITY
|
||||
|
GAMING
|
959,985,000
|
0
|
0
|
959,985,000
|
|
TELEVISA RADIO
|
||||
|
RADIO - ADVERTISING (DISPOSED OPERATIONS)
|
223,272,000
|
0
|
0
|
223,272,000
|
|
SELECCIONES,ALGARABIA, VOGUE MEXICO,CARTOON NETWORK, GUÍA DE BIENESTAR SELECCIONES, RELATOS E HISTORIAS DE MEXICO
|
||||
|
PUBLISHING DISTRIBUTION
|
309,673,000
|
0
|
0
|
309,673,000
|
|
INTERSEGMENT ELIMINATIONS
|
||||
|
INTERSEGMENT ELIMINATIONS
|
(7,252,528,000)
|
0
|
0
|
(7,252,528,000)
|
|
TOTAL
|
84,664,293,000
|
10,683,740,000
|
2,013,601,000
|
97,361,634,000
|
|
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. $28,600,000.00
(Twenty eight million six hundred thousand U.S. Dollars 00/100), expired. As a result of this hedge, a profit of MXN $37,810,190.00 (Thirty seven million eight hundred ten thousand one hundred and ninety Mexican pesos 00/100) 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. $6,000,000.00 (Six million U.S. Dollars 00/100), expired. As a result of this hedge, a profit of MXN $7,978,800.00 (Seven million nine hundred seventy eight thousand eight hundred Mexican pesos
00/100) was incurred in the quarter.
|
|
3.
|
During the relevant quarter, forwards through which Empresas Cablevisión, S.A.B. de C.V. hedged against a possible Mexican Peso depreciation with a notional amount of
U.S. $6,750,000.00 (Six million seven hundred fifty thousand U.S. Dollars 00/100), expired. As a result of this hedge, a profit of MXN $8,950,500.00 (Eight million nine hundred fifty thousand five hundred Mexican pesos 00/100) was
incurred in the quarter.
|
|
4.
|
During the relevant quarter the coverage done through IRS of Grupo Televisa, S.A.B. with expiration on March 28, 2022, which protected a notional amount of MXN
$5,385,347,200.00 (Five billion three hundred eighty five million three hundred forty seven thousand two hundred Mexican Pesos 00/100) was canceled in advance. As a result of this MXN $0.00 was incurred (Zero 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
|
Collateral/
Lines of Credit/
Securities Pledged
|
|||
|
Current Quarter (5)
|
Previous Quarter (6)
|
Current Quarter Dr (Cr) (5)
|
Previous Quarter Dr (Cr) (6)
|
Maturing per Year
|
||||
|
Interest Rate Swap (1)
|
Hedging
|
Ps.2,000,000
|
TIIE 28 days / 7.3275%
|
TIIE 28 days / 7.3275%
|
(109,146)
|
(112,662)
|
Monthly interest
2021-2022
|
Does not exist (7)
|
|
Interest Rate Swap (1)
|
Hedging
|
Ps.1,500,000
|
TIIE 28 days / 7.3500%
|
TIIE 28 days / 7.3500%
|
(86,171)
|
(88,117)
|
Monthly interest
2021-2022
|
Does not exist (7)
|
|
Interest Rate Swap (1)
|
Hedging
|
Ps.2,500,000
|
TIIE 28 days / 7.7485%
|
TIIE 28 days / 7.7485%
|
(180,941)
|
(184,711)
|
Monthly interest
2021-2023
|
Does not exist (7)
|
|
Interest Rate Swap (1)
|
Hedging
|
Ps.10,000,000
|
TIIE 28 days / 6.7620%
|
TIIE 28 days / 7.3873%
|
(762,827)
|
(549,827)
|
Monthly interest
2021-2024
|
Does not exist (7)
|
|
Interest Rate Swap (1)
|
Hedging
|
Ps.9,385,347
|
TIIE 28 days / 6.0246%
|
TIIE 28 days / 6.0738%
|
(204,250)
|
(355,450)
|
Monthly interest
2021-2022
|
Does not exist (7)
|
|
Forward (1)
|
Hedging
|
U.S.$285,813/ Ps.6,460,489
|
U.S.$285,813/ Ps.6,460,489
|
U.S.$218,688/ Ps.5,041,246
|
(636,032)
|
(75,943)
|
Semi-annual interest
2021-2022
|
Does not exist (7)
|
|
Forward (1)
|
Hedging
|
U.S.$44,687 / Ps.1,004,151
|
U.S.$44,687 / Ps.1,004,151
|
U.S.$44,687 / Ps.1,004,151
|
(78,731)
|
31,946
|
Semi-annual interest
2021
|
Does not exist (7)
|
|
Forward (1)
|
Hedging
|
U.S.$284,898 / Ps.6,382,343
|
U.S.$284,898 / Ps.6,382,343
|
U.S.$ 245,852/ Ps.5,477,345
|
(547,943)
|
116,185
|
2021-2022
|
Does not exist (7)
|
|
Forward (1)
|
Hedging
|
U.S.$60,000 / Ps.1,373,434
|
U.S.$60,000 / Ps.1,373,434
|
U.S.$60,000 / Ps.1,373,434
|
(158,344)
|
(12,716)
|
2021
|
Does not exist (7)
|
|
Type of Derivative, Securities or Contract
|
Purpose (e.g., hedging, trading or other)
|
Notional Amount/Face Value
|
Value of the Underlying Asset / Reference Variable
|
Fair Value
|
Collateral/
Lines of Credit/
Securities Pledged
|
|||
|
Current Quarter (5)
|
Previous Quarter (6)
|
Current Quarter Dr (Cr) (5)
|
Previous Quarter Dr (Cr) (6)
|
Maturing per Year
|
||||
|
Interest Rate Swap (2)
|
Hedging
|
Ps.122,400
|
TIIE 28 days / 5.585%
|
TIIE 28 days / 5.508%
|
(1,759)
|
(1,809)
|
Monthly Interest
2021-2022
|
Does not exist (7)
|
|
Interest Rate Swap (2)
|
Hedging
|
Ps.730,493
|
TIIE 28 days / 7.2663%
|
TIIE 28 days / 7.2663%
|
(23,784)
|
(27,176)
|
Monthly Interest
2021-2022
|
Does not exist (7)
|
|
Forward (2)
|
Hedging
|
U.S.$ 88,353 / Ps.1,984,144
|
U.S.$ 88,353 / Ps.1,984,144
|
U.S.$ 79,802 / Ps.1,788,318
|
(176,868)
|
30,522
|
2021-2022
|
Does not exist (7)
|
|
Forward (3)
|
Hedging
|
U.S.$ 96,789/ Ps.2,169,066
|
U.S.$ 96,789/ Ps.2,169,066
|
U.S.$ 87,396/ Ps.1,955,226
|
(190,726)
|
34,769
|
2021-2022
|
Does not exist (7)
|
|
Forward (4)
|
Hedging
|
U.S.$90,000 / Ps.2,057,198
|
U.S.$90,000 / Ps.2,057,198
|
U.S.$75,000 / Ps.1,733,197
|
(224,301)
|
(29,228)
|
2021-2022
|
Does not exist (7)
|
|
Forward (4)
|
Hedging
|
U.S.$45,000 / Ps.1,026,352
|
U.S.$45,000 / Ps.1,026,352
|
U.S.$45,000 / Ps.1,026,352
|
(94,400)
|
16,182
|
2021
|
Does not exist (7)
|
|
Total
|
(3,476,223)
|
(1,208,035)
|
||||||
|
(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
December 31, 2020, is as follows:
|
|
Other financial liabilities
|
Ps.
|
(2,016,952)
|
|
|
Other non-current financial liabilities
|
(1,459,271)
|
||
|
Ps.
|
(3,476,223)
|
|
(6)
|
Information as of September 30, 2020.
|
|
(7)
|
Applies only to implicit financing in the ISDA ancillary agreements identified as “Credit Support Annex”.
|
|
Concept
|
Close Current Quarter
2020-12-31
|
Close Previous
Exercise
2019-12-31
|
|
Subclassifications of assets, liabilities and equities
|
||
|
Cash and cash equivalents
|
||
|
Cash
|
||
|
Cash on hand
|
1,081,511,000
|
93,445,000
|
|
Balances with banks
|
4,013,099,000
|
1,665,084,000
|
|
Total cash
|
5,094,610,000
|
1,758,529,000
|
|
Cash equivalents
|
||
|
Short-term deposits, classified as cash equivalents
|
23,963,483,000
|
25,693,736,000
|
|
Short-term investments, classified as cash equivalents
|
0
|
0
|
|
Other banking arrangements, classified as cash equivalents
|
0
|
0
|
|
Total cash equivalents
|
23,963,483,000
|
25,693,736,000
|
|
Other cash and cash equivalents
|
0
|
0
|
|
Total cash and cash equivalents
|
29,058,093,000
|
27,452,265,000
|
|
Trade and other current receivables
|
||
|
Current trade receivables
|
12,343,797,000
|
14,486,184,000
|
|
Current receivables due from related parties
|
786,952,000
|
814,427,000
|
|
Current prepayments
|
||
|
Current advances to suppliers
|
0
|
0
|
|
Current prepaid expenses
|
3,175,011,000
|
2,130,521,000
|
|
Total current prepayments
|
3,175,011,000
|
2,130,521,000
|
|
Current receivables from taxes other than income tax
|
6,829,294,000
|
6,527,449,000
|
|
Current value added tax receivables
|
6,783,231,000
|
6,406,301,000
|
|
Current receivables from sale of properties
|
0
|
0
|
|
Current receivables from rental of properties
|
0
|
0
|
|
Other current receivables
|
2,177,887,000
|
1,532,579,000
|
|
Total trade and other current receivables
|
25,312,941,000
|
25,491,160,000
|
|
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
|
1,641,300,000
|
1,151,421,000
|
|
Total current inventories
|
1,641,300,000
|
1,151,421,000
|
|
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
||
|
Non-current assets or disposal groups classified as held for sale
|
0
|
1,675,426,000
|
|
Non-current assets or disposal groups classified as held for distribution to owners
|
0
|
0
|
|
Total non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
0
|
1,675,426,000
|
|
Trade and other non-current receivables
|
||
|
Non-current trade receivables
|
0
|
0
|
|
Non-current receivables due from related parties
|
0
|
0
|
|
Non-current prepayments
|
0
|
0
|
|
Non-current lease prepayments
|
0
|
0
|
|
Non-current receivables from taxes other than income tax
|
0
|
0
|
|
Non-current value added tax receivables
|
0
|
0
|
|
Concept
|
Close Current
Quarter
2020-12-31
|
Close Previous
Exercise
2019-12-31
|
|
Non-current receivables from sale of properties
|
0
|
0
|
|
Non-current receivables from rental of properties
|
0
|
0
|
|
Revenue for billing
|
0
|
0
|
|
Other non-current receivables
|
0
|
0
|
|
Total trade and other non-current receivables
|
0
|
0
|
|
Investments in subsidiaries, joint ventures and associates
|
||
|
Investments in subsidiaries
|
0
|
0
|
|
Investments in joint ventures
|
719,195,000
|
763,639,000
|
|
Investments in associates
|
22,094,336,000
|
8,998,793,000
|
|
Total investments in subsidiaries, joint ventures and associates
|
22,813,531,000
|
9,762,432,000
|
|
Property, plant and equipment
|
||
|
Land and buildings
|
||
|
Land
|
4,886,600,000
|
4,891,094,000
|
|
Buildings
|
4,692,553,000
|
4,546,036,000
|
|
Total land and buildings
|
9,579,153,000
|
9,437,130,000
|
|
Machinery
|
56,068,343,000
|
54,987,042,000
|
|
Vehicles
|
||
|
Ships
|
0
|
0
|
|
Aircraft
|
515,630,000
|
521,241,000
|
|
Motor vehicles
|
575,336,000
|
674,077,000
|
|
Total vehicles
|
1,090,966,000
|
1,195,318,000
|
|
Fixtures and fittings
|
545,329,000
|
554,786,000
|
|
Office equipment
|
2,092,070,000
|
2,316,042,000
|
|
Tangible exploration and evaluation assets
|
0
|
0
|
|
Mining assets
|
0
|
0
|
|
Oil and gas assets
|
0
|
0
|
|
Construction in progress
|
12,873,670,000
|
13,714,368,000
|
|
Construction prepayments
|
0
|
0
|
|
Other property, plant and equipment
|
1,032,096,000
|
1,124,546,000
|
|
Total property, plant and equipment
|
83,281,627,000
|
83,329,232,000
|
|
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
|
291,024,000
|
403,954,000
|
|
Intangible exploration and evaluation assets
|
0
|
0
|
|
Mastheads and publishing titles
|
0
|
0
|
|
Computer software
|
4,692,574,000
|
4,015,219,000
|
|
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
|
23,626,994,000
|
24,796,155,000
|
|
Total intangible assets other than goodwill
|
28,610,592,000
|
29,215,328,000
|
|
Goodwill
|
14,113,626,000
|
14,113,626,000
|
|
Total intangible assets and goodwill
|
42,724,218,000
|
43,328,954,000
|
|
Trade and other current payables
|
||
|
Current trade payables
|
21,943,227,000
|
20,909,655,000
|
|
Current payables to related parties
|
83,007,000
|
644,251,000
|
|
Accruals and deferred income classified as current
|
|
Concept
|
Close Current
Quarter
2020-12-31
|
Close Previous
Exercise
2019-12-31
|
|
Deferred income classified as current
|
5,935,858,000
|
5,779,758,000
|
|
Rent deferred income classified as current
|
0
|
0
|
|
Accruals classified as current
|
3,421,245,000
|
2,891,367,000
|
|
Short-term employee benefits accruals
|
1,262,627,000
|
911,935,000
|
|
Total accruals and deferred income classified as current
|
9,357,103,000
|
8,671,125,000
|
|
Current payables on social security and taxes other than income tax
|
3,955,859,000
|
3,074,736,000
|
|
Current value added tax payables
|
2,984,239,000
|
2,223,598,000
|
|
Current retention payables
|
507,477,000
|
373,273,000
|
|
Other current payables
|
0
|
0
|
|
Total trade and other current payables
|
35,846,673,000
|
33,673,040,000
|
|
Other current financial liabilities
|
||
|
Bank loans current
|
616,991,000
|
491,951,000
|
|
Stock market loans current
|
0
|
0
|
|
Other current liabilities at cost
|
0
|
1,324,063,000
|
|
Other current liabilities at no cost
|
2,016,952,000
|
568,775,000
|
|
Other current financial liabilities
|
1,934,656,000
|
1,943,863,000
|
|
Total Other current financial liabilities
|
4,568,599,000
|
4,328,652,000
|
|
Trade and other non-current payables
|
||
|
Non-current trade payables
|
2,588,580,000
|
2,459,157,000
|
|
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
|
2,588,580,000
|
2,459,157,000
|
|
Other non-current financial liabilities
|
||
|
Bank loans non-current
|
18,896,766,000
|
22,235,924,000
|
|
Stock market loans non-current
|
103,039,214,000
|
98,208,820,000
|
|
Other non-current liabilities at cost
|
0
|
0
|
|
Other non-current liabilities at no cost
|
1,459,271,000
|
346,515,000
|
|
Other non-current financial liabilities
|
0
|
0
|
|
Total Other non-current financial liabilities
|
123,395,251,000
|
120,791,259,000
|
|
Other provisions
|
||
|
Other non-current provisions
|
965,128,000
|
917,483,000
|
|
Other current provisions
|
2,992,000
|
2,423,000
|
|
Total other provisions
|
968,120,000
|
919,906,000
|
|
Other reserves
|
||
|
Revaluation surplus
|
0
|
0
|
|
Reserve of exchange differences on translation
|
1,804,327,000
|
1,280,541,000
|
|
Reserve of cash flow hedges
|
(1,340,854,000)
|
(381,753,000)
|
|
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
|
(14,940,039,000)
|
1,202,689,000
|
|
Reserve of gains and losses on remeasuring available-for-sale financial assets
|
0
|
0
|
|
Reserve of share-based payments
|
0
|
0
|
|
Reserve of remeasurements of defined benefit plans
|
(943,834,000)
|
(705,611,000)
|
|
Concept
|
Close Current Quarter
2020-12-31
|
Close Previous
Exercise
2019-12-31
|
|
Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale
|
0
|
0
|
|
Reserve of gains and losses from investments in equity instruments
|
0
|
0
|
|
Reserve of change in fair value of financial liability attributable to change in credit risk of liability
|
0
|
0
|
|
Reserve for catastrophe
|
0
|
0
|
|
Reserve for equalisation
|
0
|
0
|
|
Reserve of discretionary participation features
|
0
|
0
|
|
Reserve of equity component of convertible instruments
|
0
|
0
|
|
Capital redemption reserve
|
0
|
0
|
|
Merger reserve
|
0
|
0
|
|
Statutory reserve
|
0
|
0
|
|
Other comprehensive income
|
(136,448,000)
|
(75,415,000)
|
|
Total other reserves
|
(15,556,848,000)
|
1,320,451,000
|
|
Net assets (liabilities)
|
||
|
Assets
|
271,246,332,000
|
290,343,892,000
|
|
Liabilities
|
183,307,299,000
|
184,718,659,000
|
|
Net assets (liabilities)
|
87,939,033,000
|
105,625,233,000
|
|
Net current assets (liabilities)
|
||
|
Current assets
|
69,061,075,000
|
67,431,024,000
|
|
Current liabilities
|
43,709,666,000
|
42,164,942,000
|
|
Net current assets (liabilities)
|
25,351,409,000
|
25,266,082,000
|
|
Concept
|
Accumulated
Current Year
2020-01-01 -
2020-12-31
|
Accumulated
Previous Year
2019-01-01 -
2019-12-31
|
Quarter Current
Year
2020-10-01 -
2020-12-31
|
Quarter Previous
Year
2019-10-01 -
2019-12-31
|
|
Analysis of income and expense
|
||||
|
Revenue
|
||||
|
Revenue from rendering of services
|
71,745,105,000
|
75,988,820,000
|
21,010,967,000
|
21,363,761,000
|
|
Revenue from sale of goods
|
805,690,000
|
932,198,000
|
191,521,000
|
248,985,000
|
|
Interest income
|
0
|
0
|
0
|
0
|
|
Royalty income
|
9,907,313,000
|
10,005,977,000
|
2,730,154,000
|
2,872,560,000
|
|
Dividend income
|
0
|
0
|
0
|
0
|
|
Rental income
|
14,903,526,000
|
14,830,186,000
|
3,850,019,000
|
3,782,894,000
|
|
Revenue from construction contracts
|
0
|
0
|
0
|
0
|
|
Other revenue
|
0
|
0
|
0
|
0
|
|
Total revenue
|
97,361,634,000
|
101,757,181,000
|
27,782,661,000
|
28,268,200,000
|
|
Finance income
|
||||
|
Interest income
|
1,132,935,000
|
1,529,112,000
|
181,947,000
|
318,290,000
|
|
Net gain on foreign exchange
|
3,004,934,000
|
935,291,000
|
6,177,339,000
|
1,400,726,000
|
|
Gains on change in fair value of derivatives
|
89,323,000
|
0
|
0
|
0
|
|
Gain on change in fair value of financial instruments
|
0
|
0
|
0
|
0
|
|
Other finance income
|
0
|
0
|
0
|
0
|
|
Total finance income
|
4,227,192,000
|
2,464,403,000
|
6,359,286,000
|
1,719,016,000
|
|
Finance costs
|
||||
|
Interest expense
|
10,482,168,000
|
10,402,021,000
|
2,280,028,000
|
2,557,493,000
|
|
Net loss on foreign exchange
|
0
|
0
|
0
|
0
|
|
Losses on change in fair value of derivatives
|
0
|
872,291,000
|
1,847,363,000
|
558,666,000
|
|
Loss on change in fair value of financial instruments
|
0
|
886,000
|
0
|
886,000
|
|
Other finance cost
|
0
|
0
|
0
|
0
|
|
Total finance costs
|
10,482,168,000
|
11,275,198,000
|
4,127,391,000
|
3,117,045,000
|
|
Tax income (expense)
|
||||
|
Current tax
|
6,802,510,000
|
5,267,157,000
|
2,194,183,000
|
1,460,738,000
|
|
Deferred tax
|
(1,574,610,000)
|
(2,598,712,000)
|
1,887,932,000
|
(765,028,000)
|
|
Total tax income (expense)
|
5,227,900,000
|
2,668,445,000
|
4,082,115,000
|
695,710,000
|
| (a) |
Basis of Presentation
|
| (b) |
Consolidation
|
|
Subsidiaries
|
|
Company’s
Ownership Interest (1) |
|
Business
Segment (2) |
|
|
Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”) (3)
|
|
51.2
|
%
|
|
Cable
|
|
Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”) (4)
|
|
100
|
%
|
|
Cable
|
|
Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”) (5)
|
|
100
|
%
|
|
Cable
|
|
Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”) (6)
|
|
66.2
|
%
|
|
Cable
|
|
Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”) (7)
|
|
100
|
%
|
|
Cable
|
|
Subsidiaries engaged in the Telecable business (collectively, “Telecable”) (8)
|
|
100
|
%
|
|
Cable
|
|
FTTH de México, S.A. de C.V. (9)
|
|
100
|
%
|
|
Cable
|
|
Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries (10)
|
|
100
|
%
|
|
Cable and Sky
|
|
Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”) (11)
|
|
58.7
|
%
|
|
Sky
|
|
Grupo Telesistema, S.A. de C.V. (“Grupo Telesistema”) and subsidiaries
|
|
100
|
%
|
|
Content and Other Businesses
|
|
Televisa, S.A. de C.V. (“Televisa”) (12)
|
|
100
|
%
|
|
Content
|
|
Televisión Independiente de México, S.A. de C.V. (“TIM”) (12)
|
|
100
|
%
|
|
Content
|
|
G.Televisa-D, S.A. de C.V. (12)
|
|
100
|
%
|
|
Content
|
|
Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary (13)
|
|
100
|
%
|
|
Content
|
|
Subsidiaries
|
|
Company’s
Ownership Interest (1) |
|
Business
Segment (2) |
|
|
Ulvik, S.A. de C.V. (14)
|
|
100
|
%
|
|
Content and Other Businesses
|
|
Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries
|
|
100
|
%
|
|
Other Businesses
|
|
Editorial Televisa, S.A. de C.V. and subsidiaries
|
|
100
|
%
|
|
Other Businesses
|
|
Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries
|
|
100
|
%
|
|
Other Businesses
|
|
Villacezán, S.A. de C.V. (“Villacezán”) and subsidiaries (15)
|
|
100
|
%
|
|
Other Businesses
|
|
Sistema Radiópolis, S.A. de C.V. (“Radiópolis”) and subsidiaries (16)
|
|
—
|
|
Disposed operations
|
|
|
(1)
|
Percentage of equity interest directly or indirectly held by the Company.
|
|
(2)
|
See Note 26 for a description of each of the Group’s business segments.
|
|
(3)
|
Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ.
|
|
(4)
|
Some Cablemás subsidiaries are directly owned by CVQ and some other Cablemás subsidiaries are indirectly owned by CVQ.
|
|
(5)
|
Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ.
|
|
(6)
|
Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V.
|
|
(7)
|
Arretis, S.A.P.I. de C.V., is a direct subsidiary of CVQ.
|
|
(8)
|
The Telecable subsidiaries are directly owned by CVQ.
|
|
(9)
|
FTTH de México, S. A. de C.V., is an indirect subsidiary of CVQ.
|
|
(10)
|
CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova.
|
|
(11)
|
Innova is an indirect majority-owned subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. (“Sky DTH”), and a direct majority-owned subsidiary of Innova Holdings,
S. de R.L. de C.V. (“Innova Holdings”). Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Although the Company holds a majority of Innova’s equity and designates a majority of the members of
Innova’s Board of Directors, the non-controlling interest has certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto rights are protective
in nature and do not affect decisions about relevant business activities of Innova.
|
|
(12)
|
Televisa, TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema.
|
|
(13)
|
Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), are indirect wholly-owned subsidiaries of Grupo Telesistema, through
which the Company owns shares of the capital stock of UHI and maintained through December 29, 2020, an investment in warrants that were exercised for shares of common stock of UHI on that date. As of December 31, 2020 and 2019,
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/or share warrants issued by UHI (see Notes 9, 10 and 20).
|
|
(14)
|
Direct subsidiary through which we conduct certain operations of our Content segment and certain operations of our Other Businesses segments.
|
|
(15)
|
Villacezán is an indirect subsidiary of Grupo Telesistema.
|
|
(16)
|
In July 2020, the Company concluded the sale of its 50% equity interest in Radiópolis. Through June 2020, Radiópolis was a direct subsidiary of the Company through
which the Group conducted the operations of its former Radio business. The Company controlled Radiópolis as it had the right to appoint the majority of the members of the Board of Directors of Radiópolis. The Radio business was part
the of the Group’s Other Businesses segment through the third quarter of 2019. Beginning in the fourth quarter of 2019, the assets and related liabilities of the Radio Business, as well as its operating results, were classified as
held for sale in the Group’s consolidated financial statements through June 30, 2020 (see Notes 3 and 26).
|
|
Segments
|
|
Expiration Dates
|
|
Cable
|
|
Various from 2022 to 2048
|
|
Sky
|
|
Various from 2021 to 2030
|
|
Content (broadcasting concessions) (1)
|
|
In 2021 and the relevant renewals start in 2022 ending in 2042
|
|
Other Businesses:
|
|
|
|
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 for such renewal an aggregate amount of Ps.5,754,543 in cash, which included a payment of Ps.1,194 for administrative expenses and recognized this payment as
an intangible asset in its consolidated statement of financial position. This amount will be amortized in a period of 20 years beginning on January 1, 2022, by using the straight-line method (see Note 13).
|
|
(c)
|
Investments in Associates and Joint Ventures
|
|
(d)
|
Segment Reporting
|
|
(e)
|
Foreign Currency Translation
|
| (f) |
Cash and Cash Equivalents
|
| (g) |
Transmission Rights and Programming
|
| (h) |
Inventories
|
| (i) |
Financial Assets
|
| (j) |
Property, Plant and Equipment
|
|
|
|
|
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
|
|
| (k) |
Right-of-use Assets
|
| (l) |
Intangible Assets and Goodwill
|
|
|
|
|
Estimated
Useful Lives |
|
|
Trademarks with finite useful lives
|
|
|
4 years
|
|
|
Licenses
|
|
|
3-10 years
|
|
|
Subscriber lists
|
|
|
4-5 years
|
|
|
Payments for renewal of concessions
|
|
|
20 years
|
|
|
Other intangible assets
|
|
|
3-20 years
|
|
| (m) |
Impairment of Long-lived Assets
|
| (n) |
Trade Accounts Payable and Accrued Expenses
|
| (o) |
Debt
|
| (p) |
Customer Deposits and Advances
|
| (q) |
Provisions
|
| (r) |
Equity
|
| (s) |
Revenue Recognition
|
|
•
|
Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the period in which the services are rendered.
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.
|
|
•
|
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. 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.
|
|
•
|
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.
|
|
•
|
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.
|
| (t) |
Interest Income
|
| (u) |
Employee Benefits
|
| (v) |
Income Taxes
|
| (w) |
Derivative Financial Instruments
|
| (x) |
Comprehensive Income
|
| (y) |
Share-based Payment Agreements
|
| (z) |
Leases
|
|
•
|
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.
|
| (aa) |
New and Amended IFRS Standards
|
|
New or Amended IFRS Standard
|
|
Title of the IFRS Standard
|
|
|
Effective for Annual
Periods Beginning On or After |
|
|
Amendments to IFRS 10 and IAS 28 (1)
|
|
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
|
|
|
Postponed
|
|
|
IFRS 17 (2)
|
|
Insurance Contracts
|
|
|
January 1, 2023
|
|
|
Amendments to IAS 1 (1)
|
|
Classification of Liabilities as Current or Non-current
|
|
|
January 1, 2023
|
|
|
Annual Improvements (1)
|
Annual Improvements to IFRS Standards 2018-2020
|
January 1, 2022
|
||||
|
Amendments to IAS 16 (1)
|
Property, Plant and Equipment: Proceeds before Intended Use
|
January 1, 2022
|
||||
|
Amendments to IAS 37 (1)
|
Onerous Contracts – Cost of Fulfilling a Contract
|
January 1, 2022
|
||||
|
Amendments to IFRS 3 (1)
|
|
Reference to the Conceptual Framework
|
|
|
January 1, 2022
|
|
|
Amendment to IFRS 16 (1)
|
|
COVID-19-Related Rent Concessions
|
|
|
June 1, 2020
|
|
|
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (2)
|
Interest Rate Benchmark Reform – Phase 2
|
January 1, 2021
|
||||
|
Amendments to IAS 8
|
|
Definition of Accounting Estimates
|
|
|
January 1, 2023
|
|
|
Amendments to IAS 1 and IFRS Practice Statement 2
|
|
Disclosure of Accounting Policies
|
|
|
January 1, 2023
|
|
|
Standard
|
Subject of Amendment
|
|
IFRS 1 First-time Adoption of International Reporting Standards
|
Subsidiary as a First-time Adopter
|
|
IFRS 9 Financial Instruments
|
Fees in the “10 per cent” Test for Derecognition of Financial Liabilities
|
|
Illustrative Examples accompanying IFRS 16 Leases
|
Lease Incentives
|
|
IAS 41 Agriculture
|
Taxation in Fair Value Measurements
|
| (a) |
Basis of Presentation
|
| (b) |
Consolidation
|
|
Subsidiaries
|
|
Company’s
Ownership Interest (1) |
|
Business
Segment (2) |
|
|
Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”) (3)
|
|
51.2
|
%
|
|
Cable
|
|
Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”) (4)
|
|
100
|
%
|
|
Cable
|
|
Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”) (5)
|
|
100
|
%
|
|
Cable
|
|
Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”) (6)
|
|
66.2
|
%
|
|
Cable
|
|
Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”) (7)
|
|
100
|
%
|
|
Cable
|
|
Subsidiaries engaged in the Telecable business (collectively, “Telecable”) (8)
|
|
100
|
%
|
|
Cable
|
|
FTTH de México, S.A. de C.V. (9)
|
|
100
|
%
|
|
Cable
|
|
Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries (10)
|
|
100
|
%
|
|
Cable and Sky
|
|
Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”) (11)
|
|
58.7
|
%
|
|
Sky
|
|
Grupo Telesistema, S.A. de C.V. (“Grupo Telesistema”) and subsidiaries
|
|
100
|
%
|
|
Content and Other Businesses
|
|
Televisa, S.A. de C.V. (“Televisa”) (12)
|
|
100
|
%
|
|
Content
|
|
Televisión Independiente de México, S.A. de C.V. (“TIM”) (12)
|
|
100
|
%
|
|
Content
|
|
G.Televisa-D, S.A. de C.V. (12)
|
|
100
|
%
|
|
Content
|
|
Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary (13)
|
|
100
|
%
|
|
Content
|
|
Ulvik, S.A. de C.V. (14)
|
|
100
|
%
|
|
Content and Other Businesses
|
|
Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries
|
|
100
|
%
|
|
Other Businesses
|
|
Editorial Televisa, S.A. de C.V. and subsidiaries
|
|
100
|
%
|
|
Other Businesses
|
|
Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries
|
|
100
|
%
|
|
Other Businesses
|
|
Villacezán, S.A. de C.V. (“Villacezán”) and subsidiaries (15)
|
|
100
|
%
|
|
Other Businesses
|
|
Sistema Radiópolis, S.A. de C.V. (“Radiópolis”) and subsidiaries (16)
|
|
—
|
|
Disposed operations
|
|
|
(1)
|
Percentage of equity interest directly or indirectly held by the Company.
|
|
(2)
|
See Note 26 for a description of each of the Group’s business segments.
|
|
(3)
|
Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ.
|
|
(4)
|
Some Cablemás subsidiaries are directly owned by CVQ and some other Cablemás subsidiaries are indirectly owned by CVQ.
|
|
(5)
|
Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ.
|
|
(6)
|
Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V.
|
|
(7)
|
Arretis, S.A.P.I. de C.V., is a direct subsidiary of CVQ.
|
|
(8)
|
The Telecable subsidiaries are directly owned by CVQ.
|
|
(9)
|
FTTH de México, S. A. de C.V., is an indirect subsidiary of CVQ.
|
|
(10)
|
CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova.
|
|
(11)
|
Innova is an indirect majority-owned subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. (“Sky DTH”), and a direct majority-owned subsidiary of Innova
Holdings, S. de R.L. de C.V. (“Innova Holdings”). Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Although the Company holds a majority of Innova’s equity and designates a majority of
the members of Innova’s Board of Directors, the non-controlling interest has certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto
rights are protective in nature and do not affect decisions about relevant business activities of Innova.
|
|
(12)
|
Televisa, TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema.
|
|
(13)
|
Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), are indirect wholly-owned subsidiaries of Grupo Telesistema, through
which the Company owns shares of the capital stock of UHI and maintained through December 29, 2020, an investment in warrants that were exercised for shares of common stock of UHI on that date. As of December 31, 2020 and 2019,
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/or share warrants issued by UHI (see Notes 9, 10 and 20).
|
|
(14)
|
Direct subsidiary through which we conduct certain operations of our Content segment and certain operations of our Other Businesses segments.
|
|
(15)
|
Villacezán is an indirect subsidiary of Grupo Telesistema.
|
|
(16)
|
In July 2020, the Company concluded the sale of its 50% equity interest in Radiópolis. Through June 2020, Radiópolis was a direct subsidiary of the Company through
which the Group conducted the operations of its former Radio business. The Company controlled Radiópolis as it had the right to appoint the majority of the members of the Board of Directors of Radiópolis. The Radio business was part
the of the Group’s Other Businesses segment through the third quarter of 2019. Beginning in the fourth quarter of 2019, the assets and related liabilities of the Radio Business, as well as its operating results, were classified as
held for sale in the Group’s consolidated financial statements through June 30, 2020 (see Notes 3 and 26).
|
|
Segments
|
|
Expiration Dates
|
|
Cable
|
|
Various from 2022 to 2048
|
|
Sky
|
|
Various from 2021 to 2030
|
|
Content (broadcasting concessions) (1)
|
|
In 2021 and the relevant renewals start in 2022 ending in 2042
|
|
Other Businesses:
|
|
|
|
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 for such renewal an aggregate amount of Ps.5,754,543 in cash, which included a payment of Ps.1,194 for administrative expenses and recognized this payment as an
intangible asset in its consolidated statement of financial position. This amount will be amortized in a period of 20 years beginning on January 1, 2022, by using the straight-line method (see Note 13).
|
| (c) |
Investments in Associates and Joint Ventures
|
| (d) |
Segment Reporting
|
| (e) |
Foreign Currency Translation
|
| (f) |
Cash and Cash Equivalents
|
| (g) |
Transmission Rights and Programming
|
|
(h)
|
Inventories
|
| (i) |
Financial Assets
|
| (j) |
Property, Plant and Equipment
|
|
|
|
|
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
|
|
| (k) |
Right-of-use Assets
|
| (l) |
Intangible Assets and Goodwill
|
|
|
|
|
Estimated
Useful Lives |
|
|
Trademarks with finite useful lives
|
|
|
4 years
|
|
|
Licenses
|
|
|
3-10 years
|
|
|
Subscriber lists
|
|
|
4-5 years
|
|
|
Payments for renewal of concessions
|
|
|
20 years
|
|
|
Other intangible assets
|
|
|
3-20 years
|
|
| (m) |
Impairment of Long-lived Assets
|
| (n) |
Trade Accounts Payable and Accrued Expenses
|
|
(o)
|
Debt
|
| (p) |
Customer Deposits and Advances
|
| (q) |
Provisions
|
| (r) |
Equity
|
| (s) |
Revenue Recognition
|
|
•
|
Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the period in which the services are rendered.
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.
|
|
•
|
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. 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.
|
|
•
|
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.
|
|
•
|
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.
|
| (t) |
Interest Income
|
| (u) |
Employee Benefits
|
| (v) |
Income Taxes
|
| (w) |
Derivative Financial Instruments
|
| (x) |
Comprehensive Income
|
| (y) |
Share-based Payment Agreements
|
| (z) |
Leases
|
|
•
|
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.
|
| (aa) |
New and Amended IFRS Standards
|
|
New or Amended IFRS Standard
|
|
Title of the IFRS Standard
|
|
|
Effective for Annual
Periods Beginning On or After |
|
|
Amendments to IFRS 10 and IAS 28 (1)
|
|
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
|
|
|
Postponed
|
|
|
IFRS 17 (2)
|
|
Insurance Contracts
|
|
|
January 1, 2023
|
|
|
Amendments to IAS 1 (1)
|
|
Classification of Liabilities as Current or Non-current
|
|
|
January 1, 2023
|
|
|
Annual Improvements (1)
|
Annual Improvements to IFRS Standards 2018-2020
|
January 1, 2022
|
||||
|
Amendments to IAS 16 (1)
|
Property, Plant and Equipment: Proceeds before Intended Use
|
January 1, 2022
|
||||
|
Amendments to IAS 37 (1)
|
Onerous Contracts – Cost of Fulfilling a Contract
|
January 1, 2022
|
||||
|
Amendments to IFRS 3 (1)
|
|
Reference to the Conceptual Framework
|
|
|
January 1, 2022
|
|
|
Amendment to IFRS 16 (1)
|
|
COVID-19-Related Rent Concessions
|
|
|
June 1, 2020
|
|
|
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (2)
|
Interest Rate Benchmark Reform – Phase 2
|
January 1, 2021
|
||||
|
Amendments to IAS 8
|
|
Definition of Accounting Estimates
|
|
|
January 1, 2023
|
|
|
Amendments to IAS 1 and IFRS Practice Statement 2
|
|
Disclosure of Accounting Policies
|
|
|
January 1, 2023
|
|
|
Standard
|
Subject of Amendment
|
|
IFRS 1 First-time Adoption of International Reporting Standards
|
Subsidiary as a First-time Adopter
|
|
IFRS 9 Financial Instruments
|
Fees in the “10 per cent” Test for Derecognition of Financial Liabilities
|
|
Illustrative Examples accompanying IFRS 16 Leases
|
Lease Incentives
|
|
IAS 41 Agriculture
|
Taxation in Fair Value Measurements
|
| 1. |
Corporate Information
|
| 2. |
Basis of Preparation and Accounting Policies
|
|
Long-term Lease Agreements
|
|
December 31, 2020
Assets (Liabilities
|
)
|
|
December 31, 2019
Assets (Liabilities
|
)
|
|
January 1, 2019
Assets (Liabilities
|
)
|
|
Right-of-use assets, net
|
Ps.
|
4,392,420
|
|
Ps.
|
4,502,590
|
|
Ps.
|
4,797,312
|
|
|
Lease liabilities 1
|
|
(4,745,292
|
)
|
|
(4,641,705
|
)
|
|
(4,797,312
|
)
|
|
Net effect
|
Ps.
|
(352,872
|
)
|
Ps.
|
(139,115
|
)
|
Ps.
|
-
|
|
|
(1)
|
Current portion of lease liabilities as of December 31, 2020, December 31 and January 1, 2019, amounted to Ps.524,458, Ps.533,260 and Ps.462,513, respectively.
|
|
Long-term Lease Agreements
|
|
December 31, 2020
Assets (Liabilities
|
)
|
|
December 31, 2019
Assets (Liabilities
|
)
|
|
January 1, 2019
Assets (Liabilities
|
)
|
|
Right-of-use assets, net
|
Ps.
|
2,819,745
|
|
Ps.
|
3,050,462
|
|
Ps.
|
3,402,869
|
|
|
Lease liabilities 1
|
|
(4,547,059
|
)
|
|
(4,721,815
|
)
|
|
(5,317,944
|
)
|
|
Net effect
|
Ps.
|
(1,727,314
|
)
|
Ps.
|
(1,671,353
|
)
|
Ps.
|
(1,915,075
|
)
|
|
1
|
Current portion of lease liabilities as of December 31, 2020, December 31 and January 1, 2019, amounted to Ps.753,296, Ps.754,506 and Ps.651,800, respectively.
|
|
•
|
Applying a single discount rate to a portfolio of leases with reasonably similar characteristics
|
|
|
•
|
Relying on previous assessments on whether leases are onerous as an alternative to performing an impairment review – there were no onerous contracts as at January 1, 2019
|
|
|
•
|
Accounting for operating leases with a remaining lease term of less than 12 months as at January 1, 2019 as short-term leases
|
|
|
•
|
Excluding initial direct cost for the measurement of the right-of-use asset at the date of initial application, and
|
|
|
•
|
Using hindsight in determining the lease term where the contract contains options to extend or terminate the lease.
|
| 4. |
Investments in Financial Instruments
|
|
|
|
December 31, 2020
|
|
|
December 31, 2019
|
|
|
Equity instruments measured at fair value through other comprehensive income:
|
|
|
|
|
|
|
|
Warrants issued by UHI (1)
|
Ps.
|
-
|
|
Ps.
|
33,775,451
|
|
|
Open-Ended Fund (2)
|
|
1,135,803
|
|
|
4,688,202
|
|
|
Other equity instruments (3)
|
|
5,397,504
|
|
|
5,751,001
|
|
|
|
|
6,533,307
|
|
|
44,214,654
|
|
|
Other
|
|
469,405
|
|
|
51,245
|
|
|
|
Ps.
|
7,002,712
|
|
Ps.
|
44,265,899
|
|
|
(1)
|
Investment in warrants issued by UHI and exercisable for UHI’s common stock. The Group exercised these warrants for common stock of UHI on December 29, 2020, at an
exercise price of U.S.$0.01 per warrant. The warrants did not entitle the holder to any voting rights or other rights as a stockholder of UHI. The warrants did not bear interest. As of December 29, 2020 and December 31, 2019, the
Group owned 4,590,953 warrant shares, which upon their exercise and together with its investment in shares of UHI, represented 35.9% on a fully-diluted, as-converted basis of the equity capital in UHI. As of December 31, 2020, and
resulting from the exercise of the warrants, the Group owns a total of 35.9% of the equity of UHI, on a fully-diluted, as-converted basis. In January 2017, in a Declaratory Ruling, the U.S. Federal Communications Commission (“FCC”)
approved an increase in the authorized aggregate foreign ownership of UHI’s issued and outstanding shares of common stock from 25% to 49% and authorized the Group to hold up to 40% of the voting interest and 49% of the equity interest
of UHI.
|
|
In conjunction with the acquisition of the majority stock of UHI by a group of investors, which was announced on February 25, 2020, the Company’s management assessed
the implicit value of UHI’s shares in comparison to the fair value of its warrants and concluded that such implicit value did not constitute evidence of a condition that existed as of December 31, 2019, and reviewed the assumptions
and inputs related to its discounted cash flow model used to determine the fair value of its investment in warrants as of December 31, 2019, concluding that the fair value of the warrants at such date was appropriate.
|
|
|
During the first quarter of 2020, as a result of revised cashflow forecasts and increasing uncertainty due to the COVID-19 pandemic, the Company’s management
recognized: (i) a decline in the estimated fair value of the Group’s investment in warrants of UHI in the amount of Ps.21,937,152, which was accounted for in other comprehensive income or loss, net of income tax of Ps.6,581,146, for
the year ended December 31, 2020; and (ii) an impairment loss that decreased the carrying value of the Group’s investment in shares of UHI in the amount of Ps.5,455,356, which was accounted for in share of income or loss of associates
and joint ventures in the consolidated statement of income for the year ended December 31, 2020 (see Notes 5 and 10).
|
|
|
(2)
|
The Group has an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through
investments in securities, including without limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments in telecom, media and other sectors across global
markets, including Latin America and other emerging markets. Shares may be redeemed on a quarterly basis at the Net Asset Value (“NAV”) per share as of such redemption date. The fair value of this fund is determined by using the NAV
per share. The NAV per share is calculated by determining the value of the fund assets, all of which are measured at fair value, and subtracting all of the fund liabilities and dividing the result by the total number of issued shares.
In July and November 2019, the Company redeemed a portion of its investment in Open-Ended Fund at the aggregate fair value amount of U.S.$121.6 million (Ps.2,301,682) and recognized cash proceeds from this redemption for such
aggregate amount. In September and December 2020, the Company redeemed a portion of its investment in Open-Ended Fund at the aggregate fair value amount of U.S.$153.7 million (Ps.3,155,643) and recognized cash proceeds from this
redemption for such aggregate amount.
|
|
(3)
|
Other equity instruments include publicly traded instruments, and their fair value is determined by using quoted market prices at the valuation date.
|
|
|
|
Warrants Issued by UHI
|
|
|
Open-Ended
Fund
|
|
|
Other Equity Instruments
|
|
|
Total
|
|
|
At January 1, 2020
|
Ps.
|
33,775,451
|
|
Ps.
|
4,688,202
|
|
Ps.
|
5,751,001
|
|
Ps.
|
44,214,654
|
|
|
Disposition of investments
|
|
-
|
|
|
(3,159,970
|
)
|
|
-
|
|
|
(3,159,970
|
)
|
|
Change in fair value in other comprehensive income (1)
|
|
(16,387,752
|
)
|
|
(392,429
|
)
|
|
(353,497
|
)
|
|
(17,133,678
|
)
|
|
Warrants exercised for common stock UHI
|
|
(17,387,699
|
)
|
|
-
|
|
|
-
|
|
|
(17,387,699
|
)
|
|
At December 31, 2020
|
Ps.
|
-
|
|
Ps.
|
1,135,803
|
|
Ps.
|
5,397,504
|
|
Ps.
|
6,533,307
|
|
|
|
|
Warrants Issued by UHI
|
|
|
Open-Ended
Fund
|
|
|
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
|
|
|
Disposition of investments
|
|
-
|
|
|
(2,331,785
|
)
|
|
-
|
|
|
(72,723
|
)
|
|
(2,404,508
|
)
|
|
Change in fair value in other comprehensive
income (1)
|
|
(1,146,079
|
)
|
|
(642,739
|
)
|
|
(794,624
|
)
|
|
111
|
|
|
(2,583,331
|
)
|
|
At December 31, 2019
|
Ps.
|
33,775,451
|
|
Ps.
|
4,688,202
|
|
Ps.
|
5,751,001
|
|
Ps.
|
-
|
|
Ps.
|
44,214,654
|
|
|
(1)
|
The foreign exchange gain in 2020, derived from the hedged warrants issued by UHI and the investment in an Open-Ended Fund, was hedged by foreign exchange loss in
the consolidated statement of income, for the year ended December 31, 2020, in the amount of Ps.5,511,412 and Ps.471,097, respectively. The foreign exchange loss in 2019, derived from the hedged warrants issued by UHI and the
investment in an Open-Ended Fund, was hedged by foreign exchange gain in the consolidated statement of income, for the year ended December 31, 2019, in the amount of Ps.1,403,384 and Ps.289,298, respectively (see Notes 9 and 16).
|
| 5. |
Investments in Associates and Joint Ventures
|
|
|
|
Ownership as of December 31, 2020
|
|
|
|
December 31,
2020
|
|
|
December 31, 2019
|
|
|
Associates:
|
|
|
|
|
|
|
|
|
|
|
|
UHI (1)
|
|
35.9
|
%
|
|
Ps.
|
21,424,180
|
|
Ps.
|
8,189,662
|
|
|
OCEN (2)
|
|
40.0
|
%
|
|
|
556,251
|
|
|
693,970
|
|
|
Other
|
|
|
|
|
|
113,905
|
|
|
115,161
|
|
|
Joint ventures:
|
|
|
|
|
|
|
|
|
|
|
|
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V.
and subsidiaries (“GTAC”) (3)
|
|
33.3
|
%
|
|
|
514,731
|
|
|
567,165
|
|
|
Periódico Digital Sendero, S.A.P.I. de C.V.(“PDS”) (4)
|
|
50.0
|
%
|
|
|
204,464
|
|
|
196,474
|
|
|
|
|
|
|
|
Ps.
|
22,813,531
|
|
Ps.
|
9,762,432
|
|
|
(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. Beginning on December 29, 2020, the Group had the ability to exercise significant influence over the operating and financial policies of UHI because (i)
it owns 5,701,335 Class “A” shares of common stock of UHI, representing 35.9% on a fully-dilluted of the outstanding shares of UHI, and 40.6% of the voting shares of UHI, as of December 31, 2020, as a result of exercising all of its
outstanding warrants for common stock of UHI on that date; and (ii) it has three officers of the Company designated as members of the Board of Directors of UHI, which is composed of nine directors. Before December 29, 2020, the
Group had the ability to exercise significant influence over the operating and financial policies of UHI because (i) it owned 1,110,382 Class “C” shares of common stock of UHI, representing 10% of the outstanding total shares of UHI
and 14% of the voting shares of UHI, and 4,590,953 warrants issued by UHI, which upon their exercise, and together with the current investment in shares of UHI, represented approximately 36% on a fully-diluted, as-converted basis of
the equity capital in UHI, subject to certain conditions, laws and regulations; and (ii) it had three officers and one director of the Company designated as members of the Board of Directors of UHI, which was composed of 19
directors, of 22 available board seats. The Group is also a party to a Program Licensing Agreement (“PLA”), as amended, with Univision, pursuant to which Univision has the right to broadcast certain Televisa content in the United
States, and to another program license agreement pursuant to which the Group has the right to broadcast certain Univision’s content in Mexico, in each case through 7.5 years after the Group has voluntarily sold two-thirds of its
initial investment made in UHI in December 2010. On February 25, 2020, UHI, Searchlight Capital Partners, LP (“Searchlight”), a global private investment firm, and ForgeLight LLC (“ForgeLight”), an operating and investment company
focused on the media and consumer technology sectors, announced a definitive agreement in which Searchlight and ForgeLight would acquire a majority ownership interest in UHI from all stockholders of UHI other than the Group. Terms
of the transaction were not disclosed. The Group elected to retain its approximately 36% stake in UHI’s equity upon exercise of its warrants on a fully-diluted, as-converted basis. Under the terms of the acquisition, Searchlight and
ForgeLight would purchase the remaining 64% ownership interest from the other stockholders of UHI. The transaction, which was subject to customary closing conditions including receipt of regulatory approvals, closed on December 29,
2020. In conjunction with this transaction and a related decline in the estimated fair value of the Group’s investment in warrants issued by UHI, the Company’s management recognized an impairment loss in the amount of Ps.5,455,356
that decreased the carrying value of the Group’s investment in shares of UHI in the first quarter of 2020. This impairment adjustment was accounted for in share of income or loss of associates and joint ventures in the Group’s
consolidated statement of income for the year ended December 31, 2020 (see Notes 1, 4, 9, 14 and 16).
|
|
(2)
|
OCEN is a majority-owned subsidiary of CIE, and is engaged in the live entertainment business in Mexico, Central America and Colombia. In July 2019, the Group
announced the sale of its 40% equity interest in OCEN to Live Nation Entertainment, Inc., and classified this non-current investment as current assets held for sale. As a result, the Group discontinued the use of the equity method to
account for the investment in this associate beginning on August 1, 2019. In 2019, the stockholders of OCEN approved the payment of dividends in the aggregate amount of Ps.1,931,000, of which Ps.772,400 were paid to the Group, as
well as a capital reduction in the amount of Ps.200,466, of which Ps.80,186 were paid to the Group. In 2020 the stockholders of OCEN did not pay any dividends. Beginning on May 31, 2020, the Company (i) ceased to classify the assets
of OISE Entretenimiento, including the investment in OCEN, as current assets held for sale; (ii) began to classify its equity interest in OCEN as an investment in associates and joint ventures in its consolidated statement of
financial position; (iii) recognized its share of income of OCEN, which was discontinued from August 1, through December 31, 2019, in consolidated retained earnings as of January 1, 2020, in the amount of Ps.147,975, (iv) began to
recognize its share of income or loss of OCEN for the year ended December 31, 2020; and (v) restated for comparison purposes its previously reported consolidated statement of financial position as of December 31, 2019, which included
its investment in OCEN as current assets held for sale, to conform with the current classification of this asset as investments in associates and joint ventures. As of December 31, 2020 and 2019, the investment in OCEN included
goodwill of Ps.359,613 (see Notes 3 and 14).
|
|
(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 December 31, 2020 and 2019, GTAC had used a principal amount of Ps.688,183 under this credit facility. During the year ended December 31, 2020, GTAC paid principal and interest to the Group in
connection with this credit facility in the aggregate principal amount of Ps.123,390. During the year ended December 31, 2019, GTAC paid principal and interest to the Group in connection with this credit facility in the aggregate
principal amount of Ps.114,574. 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.946,128, 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 2030. During the years ended December 31, 2020 and 2019, GTAC paid principal and interest to the Group in connection with this credit facility in the aggregate principal amount of Ps.122,656 and Ps.86,321,
respectively. The net investment in GTAC as of December 31, 2020 and 2019, included amounts receivable in connection with this long-term credit facility and supplementary loans to GTAC in the aggregate amount of Ps.821,253 and
Ps.872,317, 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 December 31, 2020 and 2019, 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
|
|
|
|
December 31, 2020
|
|
|
December 31, 2019
|
|
|
Buildings
|
Ps.
|
9,816,944
|
|
Ps.
|
9,435,452
|
|
|
Building improvements
|
|
183,368
|
|
|
182,660
|
|
|
Technical equipment
|
|
157,262,188
|
|
|
141,966,642
|
|
|
Satellite transponders
|
|
6,026,094
|
|
|
6,026,094
|
|
|
Furniture and fixtures
|
|
1,263,800
|
|
|
1,158,745
|
|
|
Transportation equipment
|
|
3,122,232
|
|
|
3,000,322
|
|
|
Computer equipment
|
|
9,198,382
|
|
|
8,548,265
|
|
|
Leasehold improvements
|
|
3,605,636
|
|
|
3,434,374
|
|
|
|
|
190,478,644
|
|
|
173,752,554
|
|
|
Accumulated depreciation
|
|
(124,957,287
|
)
|
|
(109,028,784
|
)
|
|
|
|
65,521,357
|
|
|
64,723,770
|
|
|
Land
|
|
4,886,600
|
|
|
4,891,094
|
|
|
Construction and projects in progress
|
|
12,873,670
|
|
|
13,714,368
|
|
|
|
Ps.
|
83,281,627
|
|
Ps.
|
83,329,232
|
|
| 7. |
Right-of-use Assets, Net
|
|
|
|
December 31, 2020
|
|
|
December 31, 2019
|
|
|
Buildings
|
Ps.
|
5,464,584
|
|
Ps.
|
5,085,242
|
|
|
Satellite transponders
|
|
4,275,619
|
|
|
4,275,619
|
|
|
Technical Equipment
|
|
1,883,982
|
|
|
1,688,829
|
|
|
Others
|
|
231,138
|
|
|
58,021
|
|
|
|
|
11,855,323
|
|
|
11,107,711
|
|
|
Accumulated depreciation
|
|
(4,643,158
|
)
|
|
(3,554,659
|
)
|
|
|
Ps.
|
7,212,165
|
|
Ps.
|
7,553,052
|
|
| 8. |
Intangible Assets and Goodwill, Net
|
|
|
|
December 31, 2020
|
|
|
December 31, 2019
|
|
||||||||||||
|
|
|
Cost
|
|
|
Accumulated Amortization
|
|
|
Carrying Value
|
|
|
Cost
|
|
|
Accumulated Amortization
|
|
|
Carrying Value
|
|
|
Intangible assets and goodwill
with indefinite useful lives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trademarks
|
Ps.
|
35,242
|
|
Ps.
|
-
|
|
Ps.
|
35,242
|
|
Ps.
|
175,444
|
|
Ps.
|
-
|
|
Ps.
|
175,444
|
|
|
Concessions
|
|
15,166,067
|
|
|
-
|
|
|
15,166,067
|
|
|
15,166,067
|
|
|
-
|
|
|
15,166,067
|
|
|
Goodwill
|
|
14,113,626
|
|
|
-
|
|
|
14,113,626
|
|
|
14,113,626
|
|
|
-
|
|
|
14,113,626
|
|
|
Intangible assets with finite
useful lives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trademarks
|
|
2,227,096
|
|
|
(1,971,314
|
)
|
|
255,782
|
|
|
2,127,697
|
|
|
(1,899,187
|
)
|
|
228,510
|
|
|
Concessions
|
|
553,505
|
|
|
(442,804
|
)
|
|
110,701
|
|
|
553,505
|
|
|
(332,103
|
)
|
|
221,402
|
|
|
Licenses and software
|
|
13,139,480
|
|
|
(8,446,906
|
)
|
|
4,692,574
|
|
|
10,858,388
|
|
|
(6,843,169
|
)
|
|
4,015,219
|
|
|
Subscriber lists
|
|
8,804,334
|
|
|
(7,258,070
|
)
|
|
1,546,264
|
|
|
8,782,852
|
|
|
(6,632,419
|
)
|
|
2,150,433
|
|
|
Payment for renewal of concessions
|
|
5,825,559
|
|
|
-
|
|
|
5,825,559
|
|
|
5,821,828
|
|
|
-
|
|
|
5,821,828
|
|
|
Other intangible assets
|
|
5,169,795
|
|
|
(4,191,392
|
)
|
|
978,403
|
|
|
5,198,960
|
|
|
(3,762,535
|
)
|
|
1,436,425
|
|
|
|
Ps.
|
65,034,704
|
|
Ps.
|
(22,310,486
|
)
|
Ps.
|
42,724,218
|
|
Ps.
|
62,798,367
|
|
Ps.
|
(19,469,413
|
)
|
Ps.
|
43,328,954
|
|
| 9. |
Debt, Lease Liabilities and Other Notes Payable
|
|
|
|
|
|
|
|
|
|
December 31,
2020
|
|
|
December 31,
2019
|
|
|
|
|
Principal
|
|
|
Finance Costs
|
|
|
Total
|
|
|
Total
|
|
|
U.S. dollar debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.625% Senior Notes due 2025 (1)
|
Ps.
|
11,969,580
|
|
Ps.
|
(162,815)
|
|
Ps.
|
11,806,765
|
|
Ps.
|
11,129,156
|
|
|
4.625% Senior Notes due 2026 (1)
|
|
5,984,790
|
|
|
(24,424)
|
|
|
5,960,366
|
|
|
5,635,748
|
|
|
8.5% Senior Notes due 2032 (1)
|
|
5,984,790
|
|
|
(19,870)
|
|
|
5,964,920
|
|
|
5,643,504
|
|
|
6.625% Senior Notes due 2040 (1)
|
|
11,969,580
|
|
|
(120,485)
|
|
|
11,849,095
|
|
|
11,203,427
|
|
|
5% Senior Notes due 2045 (1)
|
|
19,949,300
|
|
|
(412,967)
|
|
|
19,536,333
|
|
|
18,453,920
|
|
|
6.125% Senior Notes due 2046 (1)
|
|
17,954,370
|
|
|
(119,284)
|
|
|
17,835,086
|
|
|
16,871,348
|
|
|
5.250% Senior Notes due 2049 (1)
|
|
14,961,975
|
|
|
(294,210)
|
|
|
14,667,765
|
|
|
13,858,286
|
|
|
Total U.S. dollar debt
|
Ps.
|
88,774,385
|
|
Ps.
|
(1,154,055)
|
|
Ps.
|
87,620,330
|
|
Ps.
|
82,795,389
|
|
|
Mexican peso debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.79% Notes due 2027 (2)
|
|
4,500,000
|
|
|
(16,122)
|
|
|
4,483,878
|
|
|
4,481,519
|
|
|
8.49% Senior Notes due 2037 (1)
|
|
4,500,000
|
|
|
(11,903)
|
|
|
4,488,097
|
|
|
4,487,372
|
|
|
7.25% Senior Notes due 2043 (1)
|
|
6,500,000
|
|
|
(53,091)
|
|
|
6,446,909
|
|
|
6,444,540
|
|
|
Bank loans (3)
|
|
16,000,000
|
|
|
(88,350)
|
|
|
15,911,650
|
|
|
15,883,817
|
|
|
Bank loans (Sky) (4)
|
|
2,750,000
|
|
|
-
|
|
|
2,750,000
|
|
|
5,500,000
|
|
|
Bank loans (TVI) (5)
|
|
852,893
|
|
|
(786)
|
|
|
852,107
|
|
|
1,344,058
|
|
|
Total Mexican peso debt
|
Ps.
|
35,102,893
|
|
Ps.
|
(170,252)
|
|
Ps.
|
34,932,641
|
|
Ps.
|
38,141,306
|
|
|
Total debt (6)
|
|
123,877,278
|
|
|
(1,324,307)
|
|
|
122,552,971
|
|
|
120,936,695
|
|
|
Less: Current portion of long-term debt
|
|
617,489
|
|
|
(498)
|
|
|
616,991
|
|
|
491,951
|
|
|
Long-term debt, net of current portion
|
Ps.
|
123,259,789
|
|
Ps.
|
(1,323,809)
|
|
Ps.
|
121,935,980
|
|
Ps.
|
120,444,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lease liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Satellite transponder lease obligation (7)
|
Ps.
|
3,818,559
|
|
Ps.
|
-
|
|
Ps.
|
3,818,559
|
|
Ps.
|
4,014,567
|
|
|
Lease liabilities(8)
|
|
5,473,792
|
|
|
-
|
|
|
5,473,792
|
|
|
5,348,953
|
|
|
Total lease liabilities
|
|
9,292,351
|
|
|
-
|
|
|
9,292,351
|
|
|
9,363,520
|
|
|
Less: Current portion
|
|
1,277,754
|
|
|
-
|
|
|
1,277,754
|
|
|
1,257,766
|
|
|
Lease liabilities, net of current portion
|
Ps.
|
8,014,597
|
|
Ps.
|
-
|
|
Ps.
|
8,014,597
|
|
Ps.
|
8,105,754
|
|
|
Other notes payable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other notes payable (9)
|
Ps.
|
-
|
|
Ps.
|
-
|
|
Ps.
|
-
|
|
Ps.
|
1,324,063
|
|
|
Less: Current portion
|
|
-
|
|
|
-
|
|
|
-
|
|
|
1,324,063
|
|
|
Other notes payable, net of current portion
|
Ps.
|
-
|
|
Ps.
|
-
|
|
Ps.
|
-
|
|
Ps.
|
-
|
|
|
(1)
|
The Senior Notes due between 2025 and 2049, in the aggregate outstanding principal amount of U.S.$4,450 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 or in part, at the option of the Company; and (ii) in the event of a change of control, in which case the Company may be
required to redeem the securities at 101% of their principal amount. Also, the Company may, at its own option, redeem the Senior Notes due 2025, 2026, 2037, 2040, 2043, 2046 and 2049, in whole or in part, at any time at a redemption
price equal to the greater of the principal amount of these Senior Notes or the present value of future cash flows, at the redemption date, of principal and interest amounts of the Senior Notes discounted at a fixed rate of
comparable U.S. or Mexican sovereign bonds. The Senior Notes due 2026, 2032, 2040, 2043, 2045, 2046 and 2049 were priced at 99.385%, 99.431%, 98.319%, 99.733%, 96.534%, 99.677% and 98.588%, respectively, for a yield to maturity of
4.70%, 8.553%, 6.755%, 7.27%, 5.227%, 6.147% and 5.345%, respectively. The Senior Notes due 2025 were issued in two aggregate principal amounts of U.S.$400 million and U.S.$200 million, and were priced at 98.081% and 98.632%,
respectively, for a yield to maturity of 6.802% and 6.787%, respectively. The agreement of these Senior Notes contains covenants that limit the ability of the Company and certain restricted subsidiaries 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 2017, the Company issued Notes (“Certificados Bursátiles”) due 2027, respectively, through the BMV in the aggregate principal amount of Ps.4,500,000. 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. In October 2019, the Company prepaid all of the outstanding Notes due 2020 in the aggregate principal
amount of Ps.10,000,000. Interest rate on the Notes due 2027 was 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, with 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
certain spin-offs, mergers and similar transactions. 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. During 2018, the Company executed a revolving credit
facility with a syndicate of banks, for up to an amount equivalent to U.S.$618 million payable in Mexican pesos, which funds may be used for the repayment of existing indebtedness and other general corporate purposes. In March
2020, the Company drew down Ps.14,770,694 under this revolving credit facility, with a maturity in the first quarter of 2022, and interest payable on a monthly basis at a floating rate based on a spread of 87.5 or 112.5 basis
points over the 28-day TIIE rate depending on the Group’s net leverage ratio. This facility was used by the Company as a prudent and precautionary measure to increase the Group’s cash position and preserve financial flexibility in
light of uncertainty in the global and local markets resulting from the COVID-19 outbreak. On October 6, 2020, the Company prepaid in full without penalty the principal amount of Ps.14,770,694 under this revolving credit facility.
The Company retained the right to reborrow the facility in an amount of up to the Mexican peso equivalent of U.S.$618 million, and the facility remains available through March 2022.
|
|
(4)
|
In March 2016, Sky entered into long-term credit agreements with two Mexican banks in the aggregate principal amount of Ps.5,500,000, with maturities between 2021
and 2023, and interest payable on a monthly basis with an annual interest rate in the range of 7.0% and 7.13%. In July 2020, Sky prepaid a portion of these loans in the aggregate cash amount of Ps.2,818,091, which included
principal amounts prepayment of Ps.2,750,000, and related interest and transaction costs in the amount of Ps.68,091. 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.
|
|
(5)
|
As of December 31, 2020 and 2019, included outstanding balances in the aggregate principal amount of Ps.852,893 and Ps.1,345,382, respectively, in connection with
credit agreements entered into by TVI with Mexican banks, with maturities between 2019 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 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.
|
|
(6)
|
Total debt is presented net of unamortized finance costs as of December 31, 2020 and 2019, in the aggregate amount of Ps.1,324,307 and Ps.1,441,597, respectively,
and does not include related interest payable in the aggregate amount of Ps.1,934,656 and Ps.1,943,863, respectively.
|
|
(7)
|
Under a capital lease agreement entered into with Intelsat Global Sales & Marketing Ltd. (“Intelsat”) in March 2010, Sky is obligated to pay at an annual
interest rate of 7.30% a monthly fee through 2027 of U.S.$3.0 million for satellite signal reception and retransmission service from 24 KU-band transponders on satellite IS-21, which became operational in October 2012. The service
term for IS-21 will end at the earlier of: (a) the end of 15 years or; (b) the date IS-21 is taken out of service (see Note 7).
|
|
(8)
|
In 2020, includes lease liabilities recognized beginning on January 1, 2019 under IFRS 16 for an aggregate amount of Ps.4,745,292. Also, includes minimum lease
payments of property and equipment under leases that qualify as lease liabilities. As of December 31, 2020 and 2019, includes Ps.728,500 and Ps.699,066, respectively, in connection with a lease agreement entered into by a
subsidiary of the Company and GTAC, for the right to use certain capacity of a telecommunications network through 2029. This lease agreement provides for annual payments through 2029. Other finance liabilities had terms, which
expired at various dates between 2019 and 2020.
|
|
(9)
|
Notes payable issued by the Company in connection with the acquisition in 2016 of a non-controlling interest in TVI. As of December 31, 2019, cash payments to be
made in 2020 related to these notes payable amounted to an aggregate of Ps.1,330,000, including implicit interest of Ps.142,500. Accumulated accrued interest for this transaction amounted to Ps.136,563 as of December 31, 2019.
This was regarded as a Level 2 debt, which was fair valued using a discounted cash flow approach, which discounts the contractual cash flows using discount rates derived from observable market price of other quoted debt
instruments. In February 2020, the Group repaid all of its outstanding other notes payable as of December 31, 2019.
|
|
|
.
|
December 31, 2020
|
|
|
December 31, 2019
|
||||||
|
Hedged items
|
|
Millions of U.S. dollars
|
|
|
Thousands of Mexican Pesos
|
|
|
Millions of U.S. dollars
|
|
|
Thousands of Mexican Pesos
|
|
Investment in shares of UHI (net investment hedge)
|
U.S.$
|
1,074.0
|
|
Ps.
|
21,424,180
|
|
U.S.$
|
433.7
|
|
Ps.
|
8,189,662
|
|
Warrants issued by UHI (foreign currency fair value hedge)
|
|
-
|
|
|
-
|
|
|
1,788.6
|
|
|
33,775,451
|
|
Open-Ended Fund (foreign currency fair value hedge)
|
|
56.9
|
|
|
1,135,803
|
|
|
248.3
|
|
|
4,688,202
|
|
Total
|
U.S.$
|
1,130.9
|
|
Ps.
|
22,559,983
|
|
U.S.$
|
2,470.6
|
|
Ps.
|
46,653,315
|
|
Foreign Exchange Gain or Loss Derived from Senior Notes Designated as Hedging Instruments
|
|
December 31, 2020
|
|
|
December 31, 2019
|
|
|
Recognized in:
|
|
|
|
|
|
|
|
Comprehensive (loss) gain
|
Ps.
|
(7,343,244
|
)
|
Ps.
|
2,030,424
|
|
|
Total foreign exchange (loss) gain derived from hedging Senior Notes
|
Ps.
|
(7,343,244
|
)
|
Ps.
|
2,030,424
|
|
|
Offset against by:
|
|
|
|
|
|
|
|
Foreign currency translation gain (loss) derived from the hedged net investment in shares of UHI
|
Ps.
|
1,360,735
|
|
Ps.
|
(337,742
|
)
|
|
Foreign exchange gain (loss) derived from hedged warrants issued by UHI
|
|
5,511,412
|
|
|
(1,403,384
|
)
|
|
Foreign exchange gain (loss) derived from the hedged Open-Ended Fund
|
|
471,097
|
|
|
(289,298
|
)
|
|
Total foreign currency translation and foreign exchange gain (loss) derived from hedged assets
|
Ps.
|
7,343,244
|
|
Ps.
|
(2,030,424
|
)
|
|
|
|
Less than 12 Months
January 1, 2021
to December 31, 2021
|
|
|
12-36
Months
January 1, 2022 to December
31, 2023
|
|
|
36-60
Months
January 1, 2024
to December 31, 2025
|
|
|
Maturities Subsequent to December 31, 2025
|
|
|
Total
|
|
|
Debt (1)
|
Ps.
|
617,489
|
|
Ps.
|
8,985,404
|
|
Ps.
|
21,969,580
|
|
Ps.
|
92,304,805
|
|
Ps.
|
123,877,278
|
|
|
Lease liabilities
|
|
1,277,754
|
|
|
2,184,098
|
|
|
2,240,777
|
|
|
3,589,722
|
|
|
9,292,351
|
|
|
Total debt and lease liabilities
|
Ps.
|
1,895,243
|
|
Ps.
|
11,169,502
|
|
Ps.
|
24,210,357
|
|
Ps.
|
95,894,527
|
|
Ps.
|
133,169,629
|
|
|
(1)
|
The amounts of debt are disclosed on a principal amount basis.
|
| 10. |
Financial Instruments
|
|
|
|
December 31, 2020
|
|
|
December 31, 2019
|
|
||||||
|
|
|
Carrying Value
|
|
|
Fair Value
|
|
|
Carrying Value
|
|
|
Fair Value
|
|
|
Assets:
Cash and cash equivalents
|
Ps.
|
29,058,093
|
|
Ps.
|
29,058,093
|
|
Ps.
|
27,452,265
|
|
Ps.
|
27,452,265
|
|
|
Trade notes and accounts receivable, net
|
|
12,343,797
|
|
|
12,343,797
|
|
|
14,486,184
|
|
|
14,486,184
|
|
|
Warrants issued by UHI (see Note 4)
|
|
-
|
|
|
-
|
|
|
33,775,451
|
|
|
33,775,451
|
|
|
Long-term loans and interest receivable from GTAC
(see Note 5)
|
|
821,253
|
|
|
824,092
|
|
|
872,317
|
|
|
875,585
|
|
|
Open-Ended Fund (see Note 4)
|
|
1,135,803
|
|
|
1,135,803
|
|
|
4,688,202
|
|
|
4,688,202
|
|
|
Other equity instruments (see Note 4)
|
|
5,397,504
|
|
|
5,397,504
|
|
|
5,751,001
|
|
|
5,751,001
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Notes due 2025, 2032 and 2040
|
Ps.
|
29,923,950
|
|
Ps.
|
40,584,237
|
|
Ps.
|
28,325,700
|
|
Ps.
|
34,954,254
|
|
|
Senior Notes due 2045
|
|
19,949,300
|
|
|
24,282,886
|
|
|
18,883,800
|
|
|
19,739,047
|
|
|
Senior Notes due 2037 and 2043
|
|
11,000,000
|
|
|
9,238,435
|
|
|
11,000,000
|
|
|
8,986,870
|
|
|
Senior Notes due 2026 and 2046
|
|
23,939,160
|
|
|
31,811,792
|
|
|
22,660,560
|
|
|
26,645,193
|
|
|
Senior Notes due 2049
|
|
14,961,975
|
|
|
18,978,667
|
|
|
14,162,850
|
|
|
15,364,426
|
|
|
Notes due 2027
|
|
4,500,000
|
|
|
5,035,860
|
|
|
4,500,000
|
|
|
4,656,375
|
|
|
Long-term notes payable to Mexican banks
|
|
19,602,893
|
|
|
19,801,142
|
|
|
22,845,382
|
|
|
23,012,707
|
|
|
Lease liabilities (1)
|
|
9,292,351
|
|
|
9,343,100
|
|
|
9,363,520
|
|
|
9,120,903
|
|
|
Other notes payable
|
|
-
|
|
|
-
|
|
|
1,324,063
|
|
|
1,295,780
|
|
|
(1)
|
In 2020, includes lease agreements recognized beginning on January 1, 2019 under IFRS 16 for an aggregate amount of Ps.4,745,292.
|
|
December 31, 2020:
Derivative Financial Instruments
|
|
Carrying Value
|
|
|
Notional Amount (U.S. Dollars in Thousands
|
)
|
|
Maturity Date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
Derivatives recorded as accounting hedges:
(cash flow hedges)
|
|
|
|
|
|
|
|
|
|
|
TVI’s interest rate swap
|
Ps.
|
1,759
|
|
Ps.
|
122,400
|
|
|
May 2022
|
|
|
TVI’s interest rate swap
|
|
23,784
|
|
Ps.
|
730,493
|
|
|
April 2022
|
|
|
Interest rate swap
|
|
109,146
|
|
Ps.
|
2,000,000
|
|
|
October 2022
|
|
|
Interest rate swap
|
|
86,171
|
|
Ps.
|
1,500,000
|
|
|
October 2022
|
|
|
Interest rate swap
|
|
180,941
|
|
Ps.
|
2,500,000
|
|
|
February 2023
|
|
|
Interest rate swap
|
|
762,827
|
|
Ps.
|
10,000,000
|
|
|
June 2024
|
|
|
Forward
|
|
714,763
|
|
U.S.$
|
330,500
|
|
|
January 2021 through March 2022
|
|
|
Derivatives not recorded as accounting hedges:
|
|
|
|
|
|
|
|
|
|
|
Interest rate swap
|
|
204,250
|
|
Ps.
|
9,385,347
|
|
|
March 2022
|
|
|
TVI’s forward
|
|
176,868
|
|
U.S.$
|
88,353
|
|
|
January 2021 through February 2022
|
|
|
Empresas Cablevisión´s forward
|
|
190,726
|
|
U.S.$
|
96,789
|
|
|
January 2021 through February 2022
|
|
|
Sky’s forward
|
|
318,701
|
|
U.S.$
|
135,000
|
|
|
February 2021 through February 2022
|
|
|
Forward
|
|
706,287
|
|
U.S.$
|
344,898
|
|
|
January 2021 through February 2022
|
|
|
Total liabilities
|
Ps.
|
3,476,223
|
|
|
|
|
|
|
|
|
December 31, 2019:
Derivative Financial Instruments
|
|
Carrying Value
|
|
|
Notional Amount (U.S. Dollars in Thousands
|
)
|
|
Maturity Date
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
Derivatives recorded as accounting hedges:
(cash flow hedges)
|
|
|
|
|
|
|
|
|
|
|
TVI’s interest rate swap
|
Ps.
|
4,592
|
|
Ps.
|
407,200
|
|
|
May 2020 through May 2022
|
|
|
Total assets
|
Ps.
|
4,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
Derivatives recorded as accounting hedges:
(cash flow hedges)
|
|
|
|
|
|
|
|
|
|
|
TVI’s interest rate swap
|
Ps.
|
8,943
|
|
Ps.
|
938,182
|
|
|
April 2022
|
|
|
Interest rate swap
|
|
38,543
|
|
Ps.
|
2,000,000
|
|
|
October 2022
|
|
|
Interest rate swap
|
|
30,702
|
|
Ps.
|
1,500,000
|
|
|
October 2022
|
|
|
Interest rate swap
|
|
83,122
|
|
Ps.
|
2,500,000
|
|
|
February 2023
|
|
|
Interest rate swap
|
|
185,205
|
|
Ps.
|
6,000,000
|
|
|
June 2024
|
|
|
Forward
|
|
144,466
|
|
U.S.$
|
218,688
|
|
|
January 2020 through September 2020
|
|
|
Derivatives not recorded as accounting hedges:
|
|
|
|
|
|
|
|
|
|
|
TVI’s forward
|
|
45,968
|
|
U.S.$
|
66,000
|
|
|
January 2020 through October 2020
|
|
|
Empresas Cablevisión´s forward
|
|
48,474
|
|
U.S.$
|
73,000
|
|
|
January 2020 through October 2020
|
|
|
Sky’s forward
|
|
87,090
|
|
U.S.$
|
127,850
|
|
|
January 2020 through September 2020
|
|
|
Forward
|
|
242,777
|
|
U.S.$
|
361,550
|
|
|
January 2020 through October 2020
|
|
|
Total liabilities
|
Ps.
|
915,290
|
|
|
|
|
|
|
|
| 11. |
Capital Stock and Long-Term Retention Plan
|
|
|
|
Authorized and Issued(1)
|
|
|
Repurchased by the Company (2)
|
|
|
Held by a Company´s Trust (3)
|
|
|
Outstanding
|
|
|
Series “A” Shares
|
|
122,179.4
|
|
|
(1,105.4
|
)
|
|
(8,054.8
|
)
|
|
113,019.2
|
|
|
Series “B” Shares
|
|
58,019.7
|
|
|
(972.8
|
)
|
|
(6,118.4
|
)
|
|
50,928.5
|
|
|
Series “D” Shares
|
|
88,554.1
|
|
|
(1,547.5
|
)
|
|
(5,984.2
|
)
|
|
81,022.4
|
|
|
Series “L” Shares
|
|
88,554.1
|
|
|
(1,547.5
|
)
|
|
(5,984.2
|
)
|
|
81,022.4
|
|
|
Total
|
|
357,307.3
|
|
|
(5,173.2
|
)
|
|
(26,141.6
|
)
|
|
325,992.5
|
|
|
Shares in the form of CPOs
|
|
296,023.0
|
|
|
(5,173.2
|
)
|
|
(20,004.2
|
)
|
|
270,845.6
|
|
|
Shares not in the form of CPOs
|
|
61,284.3
|
|
|
-
|
|
|
(6,137.4
|
)
|
|
55,146.9
|
|
|
Total
|
|
357,307.3
|
|
|
(5,173.2
|
)
|
|
(26,141.6
|
)
|
|
325,992.5
|
|
|
CPOs
|
|
2,530.1
|
|
|
(44.2
|
)
|
|
(171.0
|
)
|
|
2,314.9
|
|
|
(1)
|
As of December 31, 2020, the authorized and issued capital stock amounted to Ps.4,907,765 (nominal Ps.2,459,154)
|
|
(2)
|
During the year ended December 31, 2020, the Company repurchased 616.0 million shares, in the form of 5.3 million CPOs, in the amount of Ps.195,597, in connection with a share
repurchase program that was approved by the Company’s stockholders.
|
|
(3)
|
In connection with the Company’s Long-Term Retention Plan (“LTRP”) described below.
|
|
|
|
Series “A” Shares
|
|
|
Series “B” Shares
|
|
|
Series “D” Shares
|
|
|
Series “L” Shares
|
|
|
Shares Outstanding
|
|
|
CPOs Outstanding
|
|
|
As of January 1, 2020
|
|
116,223.9
|
|
|
52,852.8
|
|
|
84,083.8
|
|
|
84,083.8
|
|
|
337,244.3
|
|
|
2,402.4
|
|
|
Repurchased (1)
|
|
(131.6
|
)
|
|
(115.8
|
)
|
|
(184.3
|
)
|
|
(184.3
|
)
|
|
(616.0
|
)
|
|
(5.3
|
)
|
|
Cancelled and forfeited (2)
|
|
(3,097.4
|
)
|
|
(1,830.0
|
)
|
|
(2,911.3
|
)
|
|
(2,911.3
|
)
|
|
(10,750.0
|
)
|
|
(83.2
|
)
|
|
Acquired
|
|
(86.0
|
)
|
|
(75.6
|
)
|
|
(120.3
|
)
|
|
(120.3
|
)
|
|
(402.2
|
)
|
|
(3.4
|
)
|
|
Released
|
|
110.3
|
|
|
97.1
|
|
|
154.5
|
|
|
154.5
|
|
|
516.4
|
|
|
4.4
|
|
|
As of December 31, 2020
|
|
113,019.2
|
|
|
50,928.5
|
|
|
81,022.4
|
|
|
81,022.4
|
|
|
325,992.5
|
|
|
2,314.9
|
|
|
|
|
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 (3)
|
|
(65.6
|
)
|
|
(57.7
|
)
|
|
(91.9
|
)
|
|
(91.9
|
)
|
|
(307.1
|
)
|
|
(2.7
|
)
|
|
Released
|
|
1,056.0
|
|
|
651.3
|
|
|
1,036.1
|
|
|
1,036.1
|
|
|
3,779.5
|
|
|
29.6
|
|
|
As of December 31, 2019
|
|
116,223.9
|
|
|
52,852.8
|
|
|
84,083.8
|
|
|
84,083.8
|
|
|
337,244.3
|
|
|
2,402.4
|
|
|
(1)
|
Repurchased by the Company in connection with a share repurchase program.
|
|
(2)
|
Cancelled and forfeited in connection with the Company’s LTRP.
|
|
(3)
|
Acquired by a Company’s trust in connection with the Company’s LTRP.
|
| 12. |
Retained Earnings
|
| 13. |
Non-controlling Interests
|
| 14. |
Transactions with Related Parties
|
|
|
|
December 31, 2020
|
|
|
December 31, 2019
|
|
|
Current receivables:
|
|
|
|
|
|
|
|
UHI, including Univision (1)
|
Ps.
|
692,282
|
|
Ps.
|
748,844
|
|
|
OCEN (see Notes 3 and 5)
|
|
34,137
|
|
|
3,968
|
|
|
Editorial Clío, Libros y Videos, S.A. de C.V.
|
|
2,308
|
|
|
2,933
|
|
|
Other
|
|
58,225
|
|
|
58,682
|
|
|
|
Ps.
|
786,952
|
|
Ps.
|
814,427
|
|
|
|
|
|
|
|
|
|
|
Current payable:
|
|
|
|
|
|
|
|
UHI, including Univision (1)
|
Ps.
|
-
|
|
Ps.
|
594,254
|
|
|
AT&T/ DirecTV
|
|
32,310
|
|
|
25,447
|
|
|
Other
|
|
50,697
|
|
|
24,550
|
|
|
|
Ps.
|
83,007
|
|
Ps.
|
644,251
|
|
|
(1)
|
As of December 31, 2020 and 2019, receivables from UHI related primarily to the PLA amounted to Ps.692,282 and Ps.748,844, respectively. Through December 29, 2020, the Group
recognized a provision associated with a consulting arrangement entered into by the Group, UHI and an entity controlled by the former 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 connection with the sale of shares by the former control stockholders of UHI, which was concluded on December 29, 2020, and the dissolution of the special-purpose entity for this arrangement, the Company
cancelled this provision on that date, and recognized a non-cash other income in the amount of Ps.691,221 in the statement of income for the year ended December 31, 2020 (see Note 15).
|
|
|
|
December 31, 2020
|
|
|
December 31, 2019
|
|
|
Net gain on disposition of Radiópolis (see Note 3)
|
Ps.
|
932,449
|
|
Ps.
|
-
|
|
|
Net gain on disposition of investments
|
|
-
|
|
|
627
|
|
|
Donations
|
|
(62,155
|
)
|
|
(27,786
|
)
|
|
Legal, financial, and accounting advisory and professional services (1)
|
|
(534,448
|
)
|
|
(353,937
|
)
|
|
Gain (loss) on disposition of property and equipment
|
|
57,949
|
|
|
(158,658
|
)
|
|
Impairment adjustments (3)
|
|
(40,803
|
)
|
|
(67,574
|
)
|
|
Deferred compensation
|
|
(225,804
|
)
|
|
(199,195
|
)
|
|
Dismissal severance expense (2)
|
|
(273,281
|
)
|
|
(533,233
|
)
|
|
Income for cash reimbursement received from Imagina (4)
|
|
167,619
|
|
|
-
|
|
|
Interest income for recovered Asset Tax from prior years
|
|
-
|
|
|
139,995
|
|
|
Other, net
|
|
212,102
|
|
|
(116,826
|
)
|
|
|
Ps.
|
233,628
|
|
Ps.
|
(1,316,587
|
)
|
|
(1)
|
Includes primarily advisory and professional services in connection with certain litigation and other matters.
|
|
(2)
|
Includes severance expense in connection with dismissals of personnel, as a part of a continued cost reduction plan. In 2019, included Ps.150,000 related to an accrual for restructuring certain administrative areas in the first
quarter of 2020.
|
|
(3)
|
In 2020 and 2019, includes impairment adjustments in connection with trademarks in the Group’s Publishing business.
|
|
(4)
|
In the second quarter of 2020, the Company received a cash reimbursement from Imagina Media Audiovisual, S.L. (“Imagina”), in connection with a legal outcome that was favorable to Imagina, a former associated company.
|
| 16. |
Finance Expense, Net
|
|
|
|
December 31, 2020
|
|
|
December 31, 2019
|
|
|
Interest expense (1)
|
Ps.
|
(10,482,168
|
)
|
Ps.
|
(10,402,021
|
)
|
|
Other finance expense, net (2)
|
|
-
|
|
|
(873,177
|
)
|
|
Finance expense
|
|
(10,482,168
|
)
|
|
(11,275,198
|
)
|
|
Interest income (3)
|
|
1,132,935
|
|
|
1,529,112
|
|
|
Other finance income, net (2)
|
|
89,323
|
|
|
-
|
|
|
Foreign Exchange gain, net (4)
|
|
3,004,934
|
|
|
935,291
|
|
|
Finance income
|
|
4,227,192
|
|
|
2,464,403
|
|
|
Finance expense, net
|
Ps.
|
(6,254,976
|
)
|
Ps.
|
(8,810,795
|
)
|
|
(1)
|
In the years ended December 31, 2020 and 2019, included interest expense related to lease liabilities that were recognized in connection with the initial adoption of IFRS 16 (see
Note 2) in the aggregate amount of Ps.426,672 and Ps.426,541, respectively.
|
|
(2)
|
Other finance income or expense, net, included gain or loss from derivative financial instruments and a loss from changes on fair value in other financial instruments in 2019.
|
|
(3)
|
This line item included primarily interest income from cash equivalents.
|
|
(4)
|
Foreign exchange gain or loss, net, included: (i) foreign exchange gain or loss resulted primarily from the appreciation or depreciation 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 Open-Ended Fund, during the years ended December 31,
2020 and 2019; and (ii) foreign exchange gain or loss resulted primarily from the appreciation or depreciation of the Mexican peso against the U.S. dollar on the Group’s U.S. dollar-denominated monetary asset position during
the years ended December 31, 2020 and 2019 (see Note 9). The exchange rate of the Mexican peso against the U.S dollar was of Ps.19.9493 and Ps.18.8838 as of December 31, 2020 and 2019, respectively.
|
| 17. |
Income Taxes
|
| 18. |
Earnings per CPO/Share
|
|
|
|
December 31, 2020
|
|
|
December 31, 2019
|
|
|
Total Shares
|
Ps.
|
330,685,559
|
|
Ps.
|
338,375,192
|
|
|
CPOs
|
|
2,351,464
|
|
|
2,412,794
|
|
|
Shares not in the form of CPO units:
|
|
|
|
|
|
|
|
Series “A” Shares
|
|
55,563,596
|
|
|
56,077,584
|
|
|
Series “B” Shares
|
|
187
|
|
|
187
|
|
|
Series “D” Shares
|
|
239
|
|
|
239
|
|
|
Series “L” Shares
|
|
239
|
|
|
239
|
|
|
|
|
2020
|
|
|
2019
|
|
||||||
|
|
|
Per CPO
|
|
|
Per Share (*
|
)
|
|
Per CPO
|
|
|
Per Share (*
|
)
|
|
Net income attributable to stockholders of the
Company
|
Ps.
|
(0.44)
|
|
Ps.
|
0.0
|
|
Ps.
|
1.60
|
|
Ps.
|
0.01
|
|
|
|
|
December 31, 2020
|
|
|
December 31, 2019
|
|
|
Total Shares
|
Ps.
|
352,237,926
|
|
Ps.
|
354,827,433
|
|
|
CPOs
|
|
2,486,783
|
|
|
2,508,916
|
|
|
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
|
|
|
|
|
2020
|
|
|
2019
|
|
|||||||
|
|
|
Per CPO
|
|
|
Per Share (*
|
)
|
|
Per CPO
|
|
|
Per Share (*
|
)
|
|
|
Net income attributable to stockholders of the
Company
|
Ps.
|
(0.41)
|
|
Ps.
|
0.0
|
|
Ps.
|
1.53
|
|
Ps.
|
0.01
|
|
|
| 19. |
Segment Information
|
|
|
|
Total Revenues
|
|
|
Intersegment Revenues
|
|
|
Consolidated Revenues
|
|
|
Segment Income
|
|
|
2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable
|
Ps.
|
45,367,108
|
|
Ps.
|
710,357
|
|
Ps.
|
44,656,751
|
|
Ps.
|
18,898,301
|
|
|
Sky
|
|
22,134,701
|
|
|
581,270
|
|
|
21,553,431
|
|
|
9,135,346
|
|
|
Content
|
|
32,613,007
|
|
|
4,679,805
|
|
|
27,933,202
|
|
|
12,360,797
|
|
|
Other Businesses
|
|
4,276,074
|
|
|
1,281,096
|
|
|
2,994,978
|
|
|
116,480
|
|
|
Segment total
|
|
104,390,890
|
|
|
7,252,528
|
|
|
97,138,362
|
|
|
40,510,924
|
|
|
Reconciliation to consolidated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disposed operations (see Note 3)
|
|
223,272
|
|
|
-
|
|
|
223,272
|
|
|
(3,991
|
)
|
|
Eliminations and corporate expenses
|
|
(7,252,528
|
)
|
|
(7,252,528
|
)
|
|
-
|
|
|
(1,954,406
|
)
|
|
Depreciation and amortization
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(21,260,787
|
)
|
|
Consolidated total before other income
|
|
97,361,634
|
|
|
-
|
|
|
97,361,634
|
|
|
17,291,740
|
(1)
|
|
Other income, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
233,628
|
|
|
Consolidated total
|
Ps.
|
97,361,634
|
|
Ps.
|
-
|
|
Ps.
|
97,361,634
|
|
Ps.
|
17,525,368
|
(2)
|
|
|
|
Total
Revenues
|
|
|
Intersegment Revenues
|
|
|
Consolidated Revenues
|
|
|
Segment Income
|
|
|
2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable
|
Ps.
|
41,701,982
|
|
Ps.
|
591,618
|
|
Ps.
|
41,110,364
|
|
Ps.
|
17,797,571
|
|
|
Sky
|
|
21,347,078
|
|
|
437,275
|
|
|
20,909,803
|
|
|
9,121,221
|
|
|
Content
|
|
35,060,534
|
|
|
3,589,407
|
|
|
31,471,127
|
|
|
12,649,135
|
|
|
Other Businesses
|
|
8,200,212
|
|
|
772,793
|
|
|
7,427,419
|
|
|
1,464,249
|
|
|
Segment total
|
|
106,309,806
|
|
|
5,391,093
|
|
|
100,918,713
|
|
|
41,032,176
|
|
|
Reconciliation to consolidated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Disposed operations (see Note 3)
|
|
841,437
|
|
|
2,969
|
|
|
838,468
|
|
|
258,885
|
|
|
Eliminations and corporate expenses
|
|
(5,394,062
|
)
|
|
(5,394,062
|
)
|
|
-
|
|
|
(1,960,648
|
)
|
|
Depreciation and amortization
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(21,008,796
|
)
|
|
Consolidated total before other expense
|
|
101,757,181
|
|
|
-
|
|
|
101,757,181
|
|
|
18,321,617
|
(1)
|
|
Other expense, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,316,587
|
)
|
|
Consolidated total
|
Ps.
|
101,757,181
|
|
Ps.
|
-
|
|
Ps.
|
101,757,181
|
|
Ps.
|
17,005,030
|
(2)
|
|
(1)
|
This amount represents income before other income or expense, net.
|
|
(2)
|
This amount represents consolidated operating income.
|
|
|
|
Domestic
|
|
|
Export
|
|
|
Abroad
|
|
|
Total
|
|
|
December 31, 2020:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital TV Service
|
Ps.
|
16,549,458
|
|
Ps.
|
-
|
|
Ps.
|
-
|
|
Ps.
|
16,549,458
|
|
|
Advertising
|
|
1,633,201
|
|
|
-
|
|
|
-
|
|
|
1,633,201
|
|
|
Broadband Services
|
|
16,540,687
|
|
|
-
|
|
|
-
|
|
|
16,540,687
|
|
|
Telephony
|
|
4,382,964
|
|
|
-
|
|
|
-
|
|
|
4,382,964
|
|
|
Other Services
|
|
702,023
|
|
|
-
|
|
|
-
|
|
|
702,023
|
|
|
Enterprise Operations
|
|
5,245,443
|
|
|
-
|
|
|
313,332
|
|
|
5,558,775
|
|
|
Sky:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTH Broadcast Satellite TV
|
|
19,398,285
|
|
|
-
|
|
|
1,569,999
|
|
|
20,968,284
|
|
|
Advertising
|
|
1,112,662
|
|
|
-
|
|
|
-
|
|
|
1,112,662
|
|
|
Pay-Per-View
|
|
42,291
|
|
|
-
|
|
|
11,464
|
|
|
53,755
|
|
|
Content:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
|
|
16,180,397
|
|
|
169,362
|
|
|
-
|
|
|
16,349,759
|
|
|
Network Subscription Revenue
|
|
4,322,535
|
|
|
1,143,657
|
|
|
-
|
|
|
5,466,192
|
|
|
Licensing and Syndication
|
|
1,572,659
|
|
|
9,224,397
|
|
|
-
|
|
|
10,797,056
|
|
|
Other Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
|
|
959,985
|
|
|
-
|
|
|
-
|
|
|
959,985
|
|
|
Soccer, Sports and Show Business Promotion
|
|
1,382,708
|
|
|
146,324
|
|
|
-
|
|
|
1,529,032
|
|
|
Publishing - Magazines
|
|
269,768
|
|
|
-
|
|
|
942
|
|
|
270,710
|
|
|
Publishing - Advertising
|
|
173,645
|
|
|
-
|
|
|
-
|
|
|
173,645
|
|
|
Publishing Distribution
|
|
309,673
|
|
|
-
|
|
|
-
|
|
|
309,673
|
|
|
Feature Film Production and Distribution
|
|
915,165
|
|
|
-
|
|
|
117,864
|
|
|
1,033,029
|
|
|
Segment total
|
|
91,693,549
|
|
|
10,683,740
|
|
|
2,013,601
|
|
|
104,390,890
|
|
|
Disposed operations (see Note 3)
|
|
223,272
|
|
|
-
|
|
|
-
|
|
|
223,272
|
|
|
Intersegment eliminations
|
|
(7,252,528
|
)
|
|
-
|
|
|
-
|
|
|
(7,252,528
|
)
|
|
Consolidated total revenues
|
Ps.
|
84,664,293
|
|
Ps.
|
10,683,740
|
|
Ps.
|
2,013,601
|
|
Ps.
|
97,361,634
|
|
|
|
|
Domestic
|
|
|
Export
|
|
|
Abroad
|
|
|
Total
|
|
|
December 31, 2019:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital TV Service
|
Ps.
|
16,298,079
|
|
Ps.
|
-
|
|
Ps.
|
-
|
|
Ps.
|
16,298,079
|
|
|
Advertising
|
|
1,507,831
|
|
|
-
|
|
|
-
|
|
|
1,507,831
|
|
|
Broadband Services
|
|
14,544,473
|
|
|
-
|
|
|
-
|
|
|
14,544,473
|
|
|
Telephony
|
|
3,658,121
|
|
|
-
|
|
|
-
|
|
|
3,658,121
|
|
|
Other Services
|
|
801,937
|
|
|
-
|
|
|
-
|
|
|
801,937
|
|
|
Enterprise Operations
|
|
4,626,396
|
|
|
-
|
|
|
265,145
|
|
|
4,891,541
|
|
|
Sky:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTH Broadcast Satellite TV
|
|
18,918,077
|
|
|
-
|
|
|
1,359,079
|
|
|
20,277,156
|
|
|
Advertising
|
|
953,634
|
|
|
-
|
|
|
-
|
|
|
953,634
|
|
|
Pay-Per-View
|
|
98,539
|
|
|
-
|
|
|
17,749
|
|
|
116,288
|
|
|
Content:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advertising
|
|
19,236,014
|
|
|
223,434
|
|
|
-
|
|
|
19,459,448
|
|
|
Network Subscription Revenue
|
|
3,832,716
|
|
|
1,160,459
|
|
|
-
|
|
|
4,993,175
|
|
|
Licensing and Syndication
|
|
1,794,636
|
|
|
8,813,275
|
|
|
-
|
|
|
10,607,911
|
|
|
Other Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
|
|
2,974,284
|
|
|
-
|
|
|
-
|
|
|
2,974,284
|
|
|
Soccer, Sports and Show Business Promotion
|
|
1,821,605
|
|
|
1,182,972
|
|
|
-
|
|
|
3,004,577
|
|
|
Publishing - Magazines
|
|
393,763
|
|
|
-
|
|
|
18,076
|
|
|
411,839
|
|
|
Publishing - Advertising
|
|
246,309
|
|
|
-
|
|
|
23,461
|
|
|
269,770
|
|
|
Publishing Distribution
|
|
337,685
|
|
|
-
|
|
|
-
|
|
|
337,685
|
|
|
Feature Film Production and Distribution
|
|
890,927
|
|
|
787
|
|
|
310,343
|
|
|
1,202,057
|
|
|
Segment Total
|
|
92,935,026
|
|
|
11,380,927
|
|
|
1,993,853
|
|
|
106,309,806
|
|
|
Disposed operations (see Note 3)
|
|
841,437
|
|
|
-
|
|
|
-
|
|
|
841,437
|
|
|
Intersegment eliminations
|
|
(5,387,894
|
)
|
|
-
|
|
|
(6,168
|
)
|
|
(5,394,062
|
)
|
|
Consolidated total revenues
|
Ps.
|
88,388,569
|
|
Ps.
|
11,380,927
|
|
Ps.
|
1,987,685
|
|
Ps.
|
101,757,181
|
|
| 20. |
Impact of COVID-19
|
| 21. |
Contingencies
|
|
Dividends paid, ordinary shares:
|
0
|
|
Dividends paid, other shares:
|
0
|
|
Dividends paid, ordinary shares per share:
|
0
|
|
Dividends paid, other shares per share:
|
0
|
|
STOCK EXCHANGE CODE: TLEVISA
|
QUARTER: 04
|
YEAR: 2020
|
|
GRUPO TELEVISA, S.A.B.
|
|
/s/Alfonso de Angoitia Noriega
|
/s/ Bernardo Gómez Martínez
|
|
|
ALFONSO DE ANGOITIA NORIEGA
|
BERNARDO GÓMEZ MARTÍNEZ
|
|
|
CO-CHIEF EXECUTIVE OFFICER
|
CO-CHIEF EXECUTIVE OFFICER
|
|
|
/s/ Carlos Ferreiro Rivas
|
/s/ Luis Alejandro Bustos Olivares
|
|
|
CARLOS FERREIRO RIVAS
|
LUIS ALEJANDRO BUSTOS OLIVARES
|
|
|
CORPORATE VICE PRESIDENT OF FINANCE
|
LEGAL VICE PRESIDENT AND
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GENERAL COUNSEL
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GRUPO TELEVISA, S.A.B.
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(Registrant)
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Dated: May 10, 2021
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By
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/s/ Luis Alejandro Bustos Olivares
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Luis Alejandro Bustos Olivares
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Title:
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Legal Vice President and General Counsel
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