kr6k2_grupo.htm
 
 
 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 6-K
 
REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 or 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
 
For the month of April, 2009
 
GRUPO TELEVISA, S.A.B.
(Translation of registrant’s name into English)
 
 
Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico, D.F.
(Address of principal executive offices)

 

 
(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
x
Form 40-F
    
 
 
(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)
 
 
Yes
 
No
  
x
 
 
(If “Yes” is marked indicate below the file number assigned to the registrant in connection with Rule 12g-3-2(b): 82.)
           
 

 
 
 
 
MEXICAN STOCK EXCHANGE
 
STOCK EXCHANGE CODE: TLEVISA
QUARTER:       01
            YEAR:   2009
GRUPO TELEVISA, S.A.B.

BALANCE SHEETS
 AS OF MARCH 31,  2009 AND 2008
  
CONSOLIDATED
(Thousands of Mexican Pesos)
       
 
Final Printing
REF
      
 
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
S
  
                  Amount
                 %
                  Amount
                   %
 
s01
TOTAL ASSETS
       122,144,201
          100
          97,263,751
          100
           
s02
CURRENT ASSETS
          67,291,429
            55
          50,159,933
            52
s03
CASH AND SHORT-TERM INVESTMENTS
          42,632,970
            35
          30,572,128
            31
s04
ACCOUNTS AND NOTES RECEIVABLE (NET)
          14,665,233
            12
          12,635,769
            13
s05
OTHER ACCOUNTS AND NOTES RECEIVABLE (NET)
            3,368,523
              3
            2,032,956
              2
s06
INVENTORIES
            5,217,502
              4
            4,022,886
              4
s07
OTHER CURRENT ASSETS
            1,407,201
              1
               896,194
              1
s08
LONG-TERM ASSETS
            3,578,281
              3
            8,424,397
              9
s09
ACCOUNTS AND NOTES RECEIVABLE (NET)
0
0
0
0
s10
INVESTMENT IN SHARES OF NON-CONSOLIDATED
      
 
SUBSIDIARIES AND ASSOCIATES
            2,024,650
              2
            6,579,734
              7
s11
OTHER INVESTMENTS
            1,553,631
              1
            1,844,663
              2
s12
PROPERTY, PLANT AND EQUIPMENT (NET)
          30,545,434
            25
          25,748,228
            26
s13
LAND AND BUILDINGS
          16,949,662
            14
          16,071,218
            17
s14
MACHINERY AND INDUSTRIAL EQUIPMENT
          36,467,043
            30
          28,322,779
            29
s15
OTHER EQUIPMENT
            4,991,963
              4
            4,327,935
              4
s16
ACCUMULATED DEPRECIATION
          29,396,501
            24
          23,718,895
            24
s17
CONSTRUCTION IN PROGRESS
            1,533,267
              1
               745,191
              1
s18
INTANGIBLE ASSETS AND DEFERRED CHARGES (NET)
          11,461,596
              9
            7,345,626
              8
s19
OTHER ASSETS
            9,267,461
              8
            5,585,567
              6
           
s20
TOTAL LIABILITIES
          74,191,371
          100
          55,903,284
          100
           
s21
CURRENT LIABILITIES
          11,867,095
            16
            8,783,357
            16
s22
SUPPLIERS
            6,839,111
              9
            5,283,198
              9
s23
BANK LOANS
            1,214,173
              2
               248,933
              0
s24
STOCK MARKET LOANS
0
0
0
             -
s103
OTHER LOANS WITH COST
146,488
              0
97,994
              0
s25
TAXES PAYABLE
               602,639
              1
               524,296
              1
s26
OTHER CURRENT LIABILITIES WITHOUT COST
            3,064,684
              4
            2,628,936
              5
s27
LONG-TERM LIABILITIES
          38,488,615
            52
          25,085,634
            45
s28
BANK LOANS
            9,451,575
            13
            9,134,528
            16
s29
STOCK MARKET LOANS
          27,872,400
            38
          14,967,661
            27
s30
OTHER LOANS WITH COST
            1,164,640
              2
               983,445
              2
s31
DEFERRED LIABILITIES
          17,043,287
            23
          18,239,466
            33
s32
OTHER NON-CURRENT LIABILITIES WITHOUT COST
            6,792,374
              9
            3,794,827
              7
           
s33
STOCKHOLDERS' EQUITY
          47,952,830
          100
          41,360,467
          100
           
s34
MINORITY INTEREST
            5,078,816
            11
            3,694,098
              9
s35
MAJORITY INTEREST
          42,874,014
            89
          37,666,369
            91
s36
CONTRIBUTED CAPITAL
          14,608,894
            30
          14,815,514
            36
s79
CAPITAL STOCK
          10,060,950
            21
          10,267,570
            25
s39
PREMIUM ON  ISSUANCE OF SHARES
            4,547,944
              9
            4,547,944
            11
s40
CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
0
0
0
0
s41
EARNED CAPITAL
          28,265,120
            59
          22,850,855
            55
s42
RETAINED EARNINGS AND CAPITAL RESERVES
          33,051,356
            69
          30,828,226
            75
s44
OTHER ACCUMULATED COMPREHENSIVE RESULT
               355,901
              1
               220,632
              1
s80
SHARES REPURCHASED
         (5,142,137)
          (11)
         (8,198,003)
          (20)
           
 
 
 
BALANCE SHEETS
 BREAKDOWN OF MAIN CONCEPTS
  
CONSOLIDATED
(Thousands of Mexican Pesos)
       
 
Final Printing
REF
      
 
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
S
  
                    Amount
                 %
                       Amount
                        %
           
 
s03
CASH AND SHORT-TERM INVESTMENTS
         42,632,970
         100
         30,572,128
         100
s46
CASH
         33,313,529
           78
              727,830
            2
s47
SHORT-TERM INVESTMENTS
           9,319,441
           22
         29,844,298
           98
           
s07
OTHER CURRENT ASSETS
           1,407,201
         100
              896,194
         100
s81
DERIVATIVE FINANCIAL INSTRUMENTS
10,028
1
0
0
s82
DISCONTINUED OPERATIONS
0
0
0
0
s83
OTHER
           1,397,173
99
              896,194
100
           
s18
INTANGIBLE ASSETS AND DEFERRED CHARGES (NET)
         11,461,596
         100
           7,345,626
         100
s48
DEFERRED EXPENSES (NET)
           5,123,136
           45
           3,338,890
           45
s49
GOODWILL
           6,338,460
           55
           4,006,736
           55
s51
OTHER
0
0
0
0
           
s19
OTHER ASSETS
           9,267,461
100
           5,585,567
         100
s85
DERIVATIVE FINANCIAL INSTRUMENTS
2,309,372
25
0
0
s50
DEFERRED TAXES
0
0
0
0
s104
BENEFITS TO EMPLOYEES
0
0
0
0
s86
DISCONTINUED OPERATIONS
0
0
0
0
s87
OTHER
           6,958,089
75
           5,585,567
         100
           
s21
CURRENT LIABILITIES
         11,867,095
         100
           8,783,357
         100
s52
FOREIGN CURRENCY LIABILITIES
           5,669,910
           48
           3,286,745
           37
s53
MEXICAN PESOS LIABILITIES
           6,197,185
           52
           5,496,612
63
           
s26
OTHER CURRENT LIABILITIES WITHOUT COST
           3,064,684
         100
           2,628,936
         100
s88
DERIVATIVE FINANCIAL INSTRUMENTS
                      -
           -
              245,748
            9
s89
ACCRUED INTEREST
              463,876
           15
              212,056
            8
s68
PROVISIONS
0
0
0
0
s90
DISCONTINUED OPERATIONS
0
0
0
0
s58
OTHER CURRENT LIABILITIES
           2,283,246
           75
           1,915,229
           73
s105
BENEFITS TO EMPLOYEES
317,562
10
255,903
10
           
s27
LONG-TERM LIABILITIES
         38,488,615
         100
         25,085,634
         100
s59
FOREIGN CURRENCY LIABILITIES
         28,488,615
           74
         13,923,174
           56
s60
MEXICAN PESOS LIABILITIES
         10,000,000
           26
         11,162,460
           44
           
s31
DEFERRED LIABILITIES
         17,043,287
         100
         18,239,466
         100
s65
NEGATIVE GOODWILL
0
0
0
0
s67
OTHER
         17,043,287
         100
         18,239,466
         100
           
s32
OTHER NON-CURRENT LIABILITIES WITHOUT COST
           6,792,374
         100
           3,794,827
         100
s66
DEFERRED TAXES
           2,364,630
           35
              602,577
           16
s91
OTHER LIABILITIES IN RESPECT OF SOCIAL  INSURANCE
              371,085
            5
              271,400
            7
s92
DISCONTINUED OPERATIONS
0
0
0
0
s69
OTHER LIABILITIES
           4,056,659
           60
           2,920,850
           77
           
s79
CAPITAL STOCK
         10,060,950
         100
         10,267,570
         100
s37
CAPITAL STOCK (NOMINAL)
           2,378,506
           24
           2,427,353
           24
s38
RESTATEMENT OF CAPITAL STOCK
           7,682,444
           76
           7,840,217
           76
           
s42
RETAINED EARNINGS AND CAPITAL RESERVES
         33,051,356
         100
         30,828,226
         100
s93
LEGAL RESERVE
           2,135,423
            6
           2,135,423
            7
s43
RESERVE FOR REPURCHASE OF SHARES
0
0
           1,240,869
            4
s94
OTHER RESERVES
0
0
0
0
s95
RETAINED EARNINGS
         29,937,902
           91
         26,398,386
           6
s45
NET INCOME FOR THE YEAR
              978,031
            3
           1,053,548
            3
           
s44
OTHER ACCUMULATED COMPREHENSIVE RESULT
              355,901
         100
              220,632
         100
s70
ACCUMULATED MONETARY RESULTS
0
0
                      -
           -
s71
RESULTS FROM HOLDING NON-MONETARY ASSETS
0
0
                      -
           -
s96
CUMULATIVE RESULTS FROM FOREIGN CURRENCY TRANSLATION
         (1,077,129)
        (303)
         (1,299,796)
        589
s97
CUMULATIVE RESULTS FROM DERIVATIVE FINANCIAL INSTRUMENTS
             (90,926)
(26)
0
0
s98
CUMULATIVE EFFECTS OF DEFERRED INCOME TAXES
0
0
                      -
           -
s100
OTHER
           1,523,956
         428
           1,520,428
         689
           
 
 
 
BALANCE SHEETS
OTHER CONCEPTS  
 
CONSOLIDATED 
(Thousands of Mexican Pesos)
Final Printing
REF
      
 
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
S
  
Amount         
Amount         
       
 
s72
WORKING CAPITAL
                 55,424,334
  
                41,376,576
  
s73
PENSIONS  AND SENIORITY PREMIUMS
                      929,404
  
                  1,627,213
  
s74
EXECUTIVES (*)
                                39
  
                               33
  
s75
EMPLOYEES (*)
                         22,356
  
                       17,748
  
s76
WORKERS (*)
0
  
0
  
s77
OUTSTANDING SHARES (*)
       329,704,570,767
  
      330,168,129,096
  
s78
REPURCHASED SHARES (*)
         18,258,441,864
  
        24,940,951,035
  
s101
RESTRICTED CASH
0
  
0
  
s102
NET DEBT OF NON-CONSOLIDATED COMPANIES
                   1,462,707
  
                  1,062,421
  
           
(*) THESE CONCEPTS ARE STATED IN UNITS.        
 
 
 
 
STATEMENTS OF INCOME
 FROM JANUARY 1st TO MARCH 31, 2009 AND 2008 
 
CONSOLIDATED 
(Thousands of Mexican Pesos)
        Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
                            Amount
              %
                             Amount
           %
           
 
r01
NET SALES
          11,362,421
100
            9,538,118
100
r02
COST OF SALES
            6,558,495
58
            5,601,070
59
r03
GROSS PROFIT
            4,803,926
42
            3,937,048
41
r04
GENERAL EXPENSES
            2,074,468
18
            1,552,529
16
r05
INCOME (LOSS) AFTER GENERAL EXPENSES
            2,729,458
24
            2,384,519
25
r08
OTHER INCOME AND (EXPENSE), NET
               (92,740)
0
               (24,925)
(0)
r06
INTEGRAL RESULT OF FINANCING
             (711,546)
(6)
             (527,994)
(6)
r12
EQUITY  IN NET INCOME OF NON-CONSOLIDATED
      
 
SUBSIDIARIES AND ASSOCIATES
             (312,890)
(3)
             (185,261)
(2)
r48
NON-ORDINARY ITEMS
0
0
0
0
r09
INCOME BEFORE INCOME TAXES
            1,612,282
15
            1,646,339
17
r10
INCOME TAXES
               510,200
4
               476,216
5
r11
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS
            1,102,082
11
            1,170,123
12
r14
DISCONTINUED OPERATIONS
0
0
0
0
r18
NET CONSOLIDATED INCOME
            1,102,082
11
            1,170,123
12
r19
NET INCOME OF MINORITY INTEREST
               124,051
1
               116,575
1
r20
NET INCOME OF MAJORITY INTEREST
               978,031
9
            1,053,548
11
           
 
 
 
STATEMENTS OF INCOME
 BREAKDOWN OF MAIN CONCEPTS 
  
CONSOLIDATED
(Thousands of Mexican Pesos)
       
 
Final Printing
           
REF
CONCEPTS
CURRENT YEAR
  
PREVIOUS YEAR
  
R
  
               Amount
                   %
                     Amount
                    %
           
 
r01
NET SALES
            11,362,421
100
               9,538,118
100
r21
DOMESTIC
               9,412,288
83
               8,038,383
84
r22
FOREIGN
               1,950,133
17
               1,499,735
16
r23
TRANSLATED INTO DOLLARS (***)
                  137,392
1
                  140,866
1
           
r08
OTHER INCOME AND (EXPENSE), NET
(92,740)
100
(24,925)
100
r49
OTHER INCOME AND (EXPENSE), NET
(90,963)
98
(24,740)
99
r34
EMPLOYEES' PROFIT SHARING, CURRENT
                      3,219
(3)
                          185
0
r35
EMPLOYEES' PROFIT SHARING, DEFERRED
(1,442)
2
0
0
           
r06
INTEGRAL RESULT OF FINANCING
(711,546)
100
(527,994)
100
r24
INTEREST EXPENSE
                  858,439
(121)
                  649,167
(123)
r42
GAIN (LOSS) ON RESTATEMENT OF UDI'S
0
0
0
0
r45
OTHER FINANCE COSTS
0
0
0
0
r26
INTEREST INCOME
                  346,063
(49)
                  423,186
(80)
r46
OTHER FINANCIAL PRODUCTS
0
0
0
0
r25
FOREIGN EXCHANGE GAIN (LOSS), NET
(199,170)
28
(302,013)
57
r28
RESULTS FROM MONETARY POSITION
0
0
0
0
           
r10
INCOME TAXES
                  510,200
100
                  476,216
100
r32
INCOME TAX, CURRENT
                  376,586
74
               1,118,262
235
r33
INCOME TAX, DEFERRED
                  133,614
26
(642,046)
(135)
           
(***) FIGURES IN THOUSANDS OF U.S. DOLLARS AT THE EXCHANGE RATE AS OF THE END OF THE LAST REPORTED QUARTER.    
 
 
 
STATEMENTS OF INCOME
OTHER CONCEPTS  
 
CONSOLIDATED       
(Thousands of Mexican Pesos)
     
Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
      Amount
     Amount
       
 
r36
TOTAL SALES
                  13,817,607
                     10,292,966
r37
TAX RESULT FOR THE YEAR
                     1,244,399
                       6,024,704
r38
NET SALES (**)
                  49,796,581
                     42,644,157
r39
OPERATING INCOME (**)
                  15,472,745
                     14,433,233
r40
NET INCOME OF MAJORITY INTEREST (**)
                     7,728,134
                       8,382,460
r41
NET CONSOLIDATED INCOME (**)
                     8,662,615
                       9,187,020
r47
OPERATIVE DEPRECIATION AND AMORTIZATION
                     1,207,151
                          993,268
       
(**)  RESTATED INFORMATION FOR THE LAST TWELVE MONTHS.    
 
 
 
QUARTERLY STATEMENTS OF INCOME
FROM JANUARY 1 TO  MARCH 31,  2009 AND 2008  
 
CONSOLIDATED
(Thousands of Mexican Pesos)
  Final Printing
           
REF
CONCEPTS
CURRENT YEAR
  
PREVIOUS YEAR
  
RT
  
             Amount
              %
                Amount
           %
           
 
rt01
NET SALES
          11,362,421
100
            9,538,118
100
rt02
COST OF SALES
            6,558,495
58
            5,601,070
59
rt03
GROSS PROFIT
            4,803,926
42
            3,937,048
41
rt04
GENERAL EXPENSES
            2,074,468
18
            1,552,529
16
rt05
INCOME (LOSS) AFTER GENERAL EXPENSES
            2,729,458
24
            2,384,519
25
rt08
OTHER INCOME AND (EXPENSE), NET
               (92,740)
0
               (24,925)
(0)
rt06
INTEGRAL RESULT OF FINANCING
             (711,546)
(6)
             (527,994)
(6)
rt12
EQUITY  IN NET INCOME OF NON-CONSOLIDATED
      
 
SUBSIDIARIES AND ASSOCIATES
             (312,890)
(3)
             (185,261)
(2)
rt48
NON-ORDINARY ITEMS
0
0
0
0
rt09
INCOME BEFORE INCOME TAXES
            1,612,282
14
            1,646,339
17
rt10
INCOME TAXES
               510,200
4
               476,216
5
rt11
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS
            1,102,082
10
            1,170,123
12
rt14
DISCONTINUED OPERATIONS
0
0
0
0
rt18
NET CONSOLIDATED INCOME
            1,102,082
10
            1,170,123
12
rt19
NET INCOME OF MINORITY INTEREST
               124,051
1
               116,575
1
rt20
NET INCOME OF MAJORITY INTEREST
               978,031
8
            1,053,548
11
 
 
 
QUARTERLY STATEMENTS OF INCOME
 BREAKDOWN OF MAIN CONCEPTS
 
CONSOLIDATED
(Thousands of Mexican Pesos)
         
Final Printing
           
REF
CONCEPTS
CURRENT YEAR
  
PREVIOUS YEAR
  
RT
  
              Amount
              %
                 Amount
                 %
           
 
rt01
NET SALES
            11,362,421
100
               9,538,118
100
rt21
DOMESTIC
               9,412,288
83
               8,038,383
84
rt22
FOREIGN
               1,950,133
17
               1,499,735
16
rt23
TRANSLATED INTO DOLLARS (***)
                  137,392
1
                  140,866
1
           
rt08
OTHER INCOME AND (EXPENSE), NET
(92,740)
100
(24,925)
100
rt49
OTHER INCOME AND (EXPENSE), NET
(90,963)
98
(24,740)
99
rt34
EMPLOYEES' PROFIT SHARING, CURRENT
                      3,219
(3)
                          185
0
rt35
EMPLOYEES' PROFIT SHARING, DEFERRED
(1,442)
2
0
0
           
rt06
INTEGRAL RESULTS OF FINANCING
(711,546)
100
(527,994)
100
rt24
INTEREST EXPENSE
                  858,439
(121)
                  649,167
(123)
rt42
GAIN (LOSS) ON RESTATEMENT OF UDI'S
0
0
0
0
rt45
OTHER FINANCE COSTS
0
0
0
0
rt26
INTEREST INCOME
                  346,063
(49)
                  423,186
(80)
rt46
OTHER FINANCIAL PRODUCTS
0
0
0
0
rt25
FOREIGN EXCHANGE GAIN (LOSS), NET
(199,170)
28
(302,013)
57
rt28
RESULTS FROM MONETARY POSITION
0
0
                             -
0
           
rt10
INCOME TAXES
                  510,200
100
                  476,216
100
rt32
INCOME TAX, CURRENT
                  376,586
74
               1,118,262
235
rt33
INCOME TAX, DEFERRED
                  133,614
26
(642,046)
(135)
           
  (***) FIGURES IN THOUSANDS OF U.S. DOLLARS AT THE EXCHANGE RATE AS OF THE END OF THE LAST REPORTED QUARTER.
 
 
QUARTERLY STATEMENTS OF INCOME
OTHER CONCEPTS  
 
CONSOLIDATED
(Thousands of Mexican Pesos)
     
Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
RT
  
Amount
Amount
       
       
rt47
OPERATIVE DEPRECIATION AND AMORTIZATION
                         1,207,150        
                           993,268        
       
 
 
 
STATEMENTS OF CASH FLOWS (INDIRECT METHOD)
MAIN CONCEPTS
  
Final Printing
(Thousands of Mexican Pesos)
       
CONSOLIDATED
           
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
E
  
Amount   
 
Amount   
 
           
 
  OPERATING ACTIVITIES         
e01
INCOME (LOSS) BEFORE INCOME TAXES
          1,612,282
  
          1,646,339
  
e02
 + (-) ITEMS NOT REQUIRING CASH
             176,679
  
                  7,929
  
e03
 + (-) ITEMS RELATED TO INVESTING ACTIVITIES
          1,536,045
  
          1,190,944
  
e04
 + (-) ITEMS RELATED TO FINANCING ACTIVITIES
          1,340,800
  
             594,641
  
e05
CASH FLOW BEFORE INCOME TAX
          4,665,806
  
          3,439,853
  
e06
CASH FLOWS PROVIDED OR USED IN OPERATION
          (447,691)
  
          2,052,666
  
e07
NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
          4,218,115
  
          5,492,519
  
           
 
INVESTING ACTIVITIES
        
e08
NET CASH FLOWS FROM INVESTING ACTIVITIES
       (4,052,389)
  
        (2,266,022)
  
e09
CASH IN EXCESS (REQUIRED) FOR FINANCING ACTIVITIES
             165,726
  
          3,226,497
  
           
 
FINANCING ACTIVITIES
        
e10
NET CASH FLOWS FROM FINANCING ACTIVITIES
       (1,933,563)
  
        (1,575,856)
  
e11
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
       (1,767,837)
  
          1,650,641
  
e12
TRANSLATION DIFFERENCES IN CASH AND CASH EQUIVALENTS
             (24,694)
  
               (1,335)
  
e13
CASH AND CASH EQUIVALENTS AT BEGINING OF PERIOD
       35,106,060
  
        19,720,376
  
e14
CASH AND CASH EQUIVALENTS AT END OF PERIOD
       33,313,529
  
        21,369,682
  
 
 
 
 
 
 
STATEMENTS OF CASH FLOWS (INDIRECT METHOD)
 ANALYSIS OF MAIN CONCEPTS  
 
Final Printing
(Thousands of Mexican Pesos)
       
CONSOLIDATED
           
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
E
  
Amount   
 
Amount   
 
           
 
 
e02
  
 + (-) ITEMS NOT REQUIRING CASH
     176,679       7,929  
 
e15
  
 + ESTIMATES FOR THE PERIOD
     178,140       59,351  
 
e16
  
 + PROVISIONS FOR THE PERIOD
     -       -  
  e17  
 + (-) OTHER UNREALIZED ITEMS
     (1,461 )     (51,422 )
                       
  e03  
 + (-) ITEMS RELATED TO INVESTING ACTIVITIES
     1,536,045       1,190,944  
  e18  
 + DEPRECIATION AND AMORTIZATION FOR THE PERIOD *
     1,207,150       993,268  
  e19  
(-) + GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND
          
     
            EQUIPMENT
     -       -  
  e20  
 + IMPAIRMENT LOSS
     -       -  
  e21  
 (-) + EQUITY IN RESULTS OF ASSOCIATES AND JOINT VENTURES
     312,890       185,261  
  e22  
 (-) DIVIDENDS RECEIVED
     -       -  
  e23  
 (-) INTEREST INCOME
     -       -  
  e24  
 (-) + OTHER ITEMS
     16,005       12,415  
                       
  e04  
 + (-) ITEMS RELATED TO FINANCING ACTIVITIES
     1,340,800       594,641  
  e25  
 + ACCRUED INTEREST
     723,654       649,167  
  e26  
 + (-) OTHER ITEMS
     617,146       (54,526 )
                       
  e06  
CASH FLOWS PROVIDED OR USED IN OPERATION
     (447,691 )     2,052,666  
  e27  
 + (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE
     3,359,698       4,611,709  
  e28  
 + (-) DECREASE (INCREASE) IN INVENTORIES
     (812,449 )     (323,219 )
  e29  
 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE
     (909,222 )     (1,267,999 )
  e30  
 + (-) INCREASE (DECREASE) IN SUPPLIERS
     476,370       814,706  
  e31  
 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES
     (1,790,755 )     (1,621,599 )
  e32  
 + (-) INCOME TAXES PAID OR RETURNED
     (771,333 )     (160,932 )
                       
  e08  
NET CASH FLOWS FROM INVESTING ACTIVITIES
     (4,052,389 )     (2,266,022 )
  e33  
 - PERMANENT INVESTMENT IN SHARES
     (89,490 )     (1,439,453 )
  e34  
 + DISPOSITION OF PERMANENT INVESTMENT IN SHARES
     -       -  
  e35  
 -  INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT
     (880,372 )     (865,864 )
  e36  
 + SALE OF PROPERTY, PLANT AND EQUIPMENT
     26,745       75,606  
  e37  
 -  INVESTMENT IN INTANGIBLE ASSETS
     (81,192 )     (36,311 )
  e38  
 + DISPOSITION OF INTANGIBLE ASSETS
     -       -  
  e39  
 - OTHER PERMANENT INVESTMENTS
     -       -  
  e40  
 + DISPOSITION OF OTHER PERMANENT INVESTMENTS
     -       -  
  e41  
 + DIVIDEND RECEIVED
     -       -  
  e42  
 + INTEREST RECEIVED
     -       -  
  e43  
+ (-) DECREASE (INCREASE) ADVANCES AND LOANS TO
          
     
           THIRD PARTIES
     -       -  
  e44  
 + (-) OTHER ITEMS
     (3,028,080 )     -  
                       
  e10  
NET CASH FLOWS FROM FINANCING ACTIVITIES
     (1,933,563 )     (1,575,856 )
  e45  
 + BANK FINANCING
     -       -  
  e46  
 + STOCK MARKET FINANCING
     -       -  
  e47  
 + OTHER FINANCING
     -       -  
  e48  
(-) BANK FINANCING AMORTIZATION
     (1,120,039 )     (242,166 )
  e49  
(-) STOCK MARKET FINANCING AMORTIZATION
     -       -  
  e50  
(-) OTHER FINANCING AMORTIZATION
     (33,226 )     (51,391 )
  e51  
 + (-) INCREASE (DECREASE) IN CAPITAL STOCK
     -       -  
  e52  
(-) DIVIDENDS PAID
     -       -  
  e53  
 + PREMIUM ON ISSUANCE OF SHARES
     -       -  
  e54  
 + CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
     -       -  
  e55  
 - INTEREST EXPENSE
     (699,555 )     (744,925 )
  e56  
 - REPURCHASE OF SHARES
     -       (503,710 )
  e57  
 + (-) OTHER ITEMS
     (80,743 )     (33,664 )
                       
*  IN CASE THAT THIS AMOUNT IS DIFFERENT FROM THE R47 ACCOUNT IT WILL HAVE TO EXPLAIN IN NOTES.  
 
 
 
 
RATIOS
CONSOLIDATED
Final Printing
REF
      
 
CONCEPTS
                      CURRENT YEAR                   PREVIOUS YEAR
P
          
 
 
YIELD
        
p01
NET INCOME TO NET SALES
                       9.70
 %
                     12.27
 %
p02
NET INCOME TO STOCKHOLDERS' EQUITY (**)
                     18.06
 %
                     22.21
 %
p03
NET INCOME TO TOTAL ASSETS (**)
                       7.09
 %
                       9.45
 %
p04
CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME
0.00
 %
0.00
 %
p05
RESULTS FROM MONETARY POSITION TO NET INCOME
0.00
 %
0.00
 %
           
 
ACTIVITY
        
p06
NET SALES TO NET ASSETS (**)
                       0.41
 times
                       0.44
 times
p07
NET SALES TO FIXED ASSETS (**)
                       1.63
 times
                       1.66
 times
p08
INVENTORIES TURNOVER (**)
                       5.01
 times
                       5.40
 times
p09
ACCOUNTS RECEIVABLE IN DAYS OF SALES
                        101
 days
                        104
 days
p10
PAID INTEREST TO TOTAL LIABILITIES WITH COST (**)
                       7.59
 %
                       9.23
 %
           
 
LEVERAGE
        
p11
TOTAL LIABILITIES TO TOTAL ASSETS
                     60.74
 %
                     57.48
 %
p12
TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY
                       1.55
 times
                       1.35
 times
p13
FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES
                     46.04
 %
                     30.79
 %
p14
LONG-TERM LIABILITIES TO FIXED ASSETS
                   126.00
 %
                     97.43
 %
p15
OPERATING INCOME TO INTEREST PAID
                       3.18
 times
                       3.67
 times
p16
NET SALES TO TOTAL LIABILITIES (**)
                       0.67
 times
                       0.76
 times
           
 
LIQUIDITY
        
p17
CURRENT ASSETS TO CURRENT LIABILITIES
                       5.67
 times
                       5.71
 times
p18
CURRENT ASSETS LESS INVENTORY TO CURRENT
      
 
LIABILITIES
                       5.23
 times
                       5.25
 times
p19
CURRENT ASSETS TO TOTAL LIABILITIES
                       0.91
 times
                       0.90
 times
p20
AVAILABLE ASSETS TO CURRENT LIABILITIES
                   359.25
 %
                   348.07
 %
           
  (**) FOR THESE RATIOS, THE DATA TAKE INTO CONSIDERATION THE LAST TWELVE MONTHS.      
           
 
 
 
 
 
 
 
DATA PER SHARE
CONSOLIDATED
Final Printing
 
REF
CONCEPTS
  
CURRENT YEAR
  
PREVIOUS YEAR
D
    
Amount
  
Amount
 
d01
BASIC PROFIT PER ORDINARY SHARE (**)
$
0.01
  
$
0.01
  
               
d02
BASIC PROFIT PER PREFERRED SHARE (**)
$
0
  
$
0
  
               
d03
DILUTED PROFIT PER ORDINARY SHARE (**)
$
0
  
$
0
  
               
d04
EARNINGS (LOSS) BEFORE DISCONTINUED OPERATIONS
        
 
PER COMMON SHARE (**)
$
0.01
  
$
0.01
  
               
d05
DISCONTINUED OPERATION EFFECT ON EARNING (LOSS)
        
 
PER SHARE (**)
$
0
  
$
0
  
               
d08
CARRYING VALUE PER SHARE
$
0.13
  
$
0.11
  
               
d09
CASH DIVIDEND ACCUMULATED PER SHARE
$
0.00
  
$
0.00
  
               
d10
DIVIDEND IN SHARES PER SHARE
  
0
 shares
  
0
 shares
               
d11
MARKET PRICE TO CARRYING VALUE
  
2.51
 times
  
3.88
 times
               
d12
MARKET PRICE TO BASIC PROFIT PER ORDINARY SHARE (**)
110.27
 times
  
139.08
 times