kr6k-auditedfinan_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 May, 2011
 
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:     04
YEAR:   2010
GRUPO TELEVISA, S.A.B.
  
 
 
BALANCE SHEETS
AS OF DECEMBER 31, 2010 AND 2009
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
REF      
 
CONCEPTS
CURRENT YEAR
  PREVIOUS YEAR
S
  
Amount
%
Amount
%
           
s01
TOTAL ASSETS
136,470,627
100
126,568,376
100
           
s02
CURRENT ASSETS
59,843,730
44
68,382,457
54
s03
CASH AND AVAILABLE INVESTMENTS
20,942,531
15
29,941,488
24
s04
ACCOUNTS AND NOTES RECEIVABLE (NET)
17,701,125
13
18,399,183
15
s05
OTHER ACCOUNTS AND NOTES RECEIVABLE (NET)
4,376,543
3
3,659,551
3
s06
INVENTORIES
5,258,951
4
6,038,090
5
s07
OTHER CURRENT ASSETS
11,564,580
8
10,344,145
8
s08
LONG-TERM ASSETS
21,837,453
16
6,720,636
5
s09
ACCOUNTS AND NOTES RECEIVABLE (NET)
0
0
0
0
s10
INVESTMENTS IN SHARES OF NON-CONSOLIDATED
        
 
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
3,332,637
2
2,382,239
2
s11
OTHER INVESTMENTS
18,504,816
14
4,338,397
3
s12
PROPERTY, PLANT AND EQUIPMENT (NET)
38,651,847
28
33,071,464
26
s13
LAND AND BUILDINGS
16,554,768
12
17,126,534
14
s14
MACHINERY AND INDUSTRIAL EQUIPMENT
49,113,893
36
40,628,371
32
s15
OTHER EQUIPMENT
7,022,554
5
5,485,816
4
s16
ACCUMULATED DEPRECIATION
36,900,013
27
32,145,471
25
s17
CONSTRUCTION IN PROGRESS
2,860,645
2
1,976,214
2
s18
INTANGIBLE ASSETS AND DEFERRED CHARGES (NET)
10,241,007
8
10,859,251
9
s19
OTHER ASSETS
5,896,590
4
7,534,568
6
           
s20
TOTAL LIABILITIES
84,612,866
100
82,096,229
100
           
s21
CURRENT LIABILITIES
14,721,191
17
12,319,040
15
s22
SUPPLIERS
7,472,253
9
6,432,906
8
s23
BANK LOANS
430,000
1
1,433,015
2
s24
STOCK MARKET LOANS
889,142
1
0
0
s103
OTHER LOANS WITH COST
430,137
1
235,271
0
s25
TAXES PAYABLE
1,443,887
2
940,975
1
s26
OTHER CURRENT LIABILITIES WITHOUT COST
4,055,772
5
3,276,873
4
s27
LONG-TERM LIABILITIES
46,845,334
55
43,149,657
53
s28
BANK LOANS
7,280,460
9
8,097,000
10
s29
STOCK MARKET LOANS
39,215,200
46
33,886,195
41
s30
OTHER LOANS WITH COST
349,674
0
1,166,462
1
s31
DEFERRED LIABILITIES
19,083,379
23
20,913,122
25
s32
OTHER NON-CURRENT LIABILITIES WITHOUT COST
3,962,962
5
5,714,410
7
           
s33
STOCKHOLDERS' EQUITY
51,857,761
100
44,472,147
100
           
s34
NON-CONTROLLING INTEREST
6,793,278
13
6,302,352
14
s35
CONTROLLING INTEREST
45,064,483
87
38,169,795
86
s36
CONTRIBUTED CAPITAL
14,567,803
28
14,567,803
33
s79
CAPITAL STOCK
10,019,859
19
10,019,859
23
s39
PREMIUM ON ISSUANCE OF SHARES
4,547,944
9
4,547,944
10
s40
CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
0
0
0
0
s41
EARNED CAPITAL
30,496,680
59
23,601,992
53
s42
RETAINED EARNINGS AND CAPITAL RESERVES
35,533,148
69
27,770,432
62
s44
OTHER ACCUMULATED COMPREHENSIVE RESULT
1,120,157
2
1,018,633
2
s80
SHARES REPURCHASED
(6,156,625)
(12)
(5,187,073)
(12)
           
 
 
 
 
 
BALANCE SHEETS
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
REF
      
 
CONCEPTS
CURRENT YEAR
  PREVIOUS YEAR
S
  
Amount
%
Amount
%
s03
CASH AND SHORT-TERM INVESTMENTS
20,942,531
100
29,941,488
100
s46
CASH
20,942,531
100
29,941,488
100
s47
AVAILABLE INVESTMENTS
0
0
0
0
           
s07
OTHER CURRENT ASSETS
11,564,580
100
10,344,145
100
s81
DERIVATIVE FINANCIAL INSTRUMENTS
0
0
6,718
0
s82
DISCONTINUED OPERATIONS
0
0
0
0
s83
OTHER
11,564,580
100
10,337,427
100
           
s18
INTANGIBLE ASSETS AND DEFERRED CHARGES (NET)
10,241,007
100
10,859,251
100
s48
DEFERRED EXPENSES (NET)
7,711,413
75
8,085,062
74
s49
GOODWILL
2,529,594
25
2,774,189
26
s51
OTHER
0
0
0
0
           
s19
OTHER ASSETS
5,896,590
100
7,534,568
100
s85
DERIVATIVE FINANCIAL INSTRUMENTS
189,400
3
1,538,678
20
s50
DEFERRED TAXES
0
0
0
0
s104
BENEFITS TO EMPLOYEES
0
0
0
0
s86
DISCONTINUED OPERATIONS
0
0
0
0
s87
OTHER
5,707,190
97
5,995,890
80
           
s21
CURRENT LIABILITIES
14,721,191
100
12,319,040
100
s52
FOREIGN CURRENCY LIABILITIES
7,027,829
48
4,661,673
38
s53
MEXICAN PESOS LIABILITIES
7,693,362
52
7,657,367
62
           
s26
OTHER CURRENT LIABILITIES WITHOUT COST
4,055,772
100
3,276,873
100
s88
DERIVATIVE FINANCIAL INSTRUMENTS
74,329
2
0
0
s89
ACCRUED INTEREST
750,743
19
464,621
14
s68
PROVISIONS
0
0
0
0
s90
DISCONTINUED OPERATIONS
0
0
0
0
s58
OTHER CURRENT LIABILITIES
3,031,062
75
2,612,037
80
s105
BENEFITS TO EMPLOYEES
199,638
5
200,215
6
           
s27
LONG-TERM LIABILITIES
46,845,334
100
43,149,657
100
s59
FOREIGN CURRENCY LIABILITIES
27,790,401
59
34,055,005
79
s60
MEXICAN PESOS LIABILITIES
19,054,933
41
9,094,652
21
           
s31
DEFERRED LIABILITIES
19,083,379
100
20,913,122
100
s65
NEGATIVE GOODWILL
0
0
0
0
s67
OTHER
19,083,379
100
20,913,122
100
           
s32
OTHER NON-CURRENT LIABILITIES WITHOUT COST
3,962,962
100
5,714,410
100
s66
DEFERRED TAXES
681,797
17
1,765,381
31
s91
OTHER LIABILITIES IN RESPECT OF SOCIAL  INSURANCE
430,143
11
346,990
6
s92
DISCONTINUED OPERATIONS
0
0
0
0
s69
OTHER LIABILITIES
2,851,022
72
3,602,039
63
           
s79
CAPITAL STOCK
10,019,859
100
10,019,859
100
s37
CAPITAL STOCK (NOMINAL)
2,368,792
24
2,368,792
24
s38
RESTATEMENT OF CAPITAL STOCK
7,651,067
76
7,651,067
76
           
s42
RETAINED EARNINGS AND CAPITAL RESERVES
35,533,148
100
27,770,432
100
s93
LEGAL RESERVE
2,135,423
6
2,135,423
8
s43
RESERVE FOR REPURCHASE OF SHARES
0
0
0
0
s94
OTHER RESERVES
0
0
0
0
s95
RETAINED EARNINGS
25,714,336
72
19,627,866
71
s45
NET INCOME FOR THE YEAR
7,683,389
22
6,007,143
22
           
s44
OTHER ACCUMULATED COMPREHENSIVE RESULT
1,120,157
100
1,018,633
100
s70
ACCUMULATED MONETARY RESULT
0
0
0
0
s71
RESULT FROM HOLDING NON-MONETARY ASSETS
0
0
0
0
s96
CUMULATIVE RESULT FROM FOREIGN CURRENCY TRANSLATION
(1,370,181)
(122)
(1,150,335)
(113)
s97
CUMULATIVE RESULT FROM DERIVATIVE FINANCIAL INSTRUMENTS
(103,519)
(9)
(5,187)
0
s98
CUMULATIVE EFFECT OF DEFERRED INCOME TAXES
0
0
0
0
s100
OTHER
2,593,857
232
2,174,155
213
           
 
 
 
 
 
BALANCE SHEETS
OTHER CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
REF
      
 
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
S
  
Amount
Amount
       
s72
WORKING CAPITAL
45,122,539
56,063,417
s73
PENSIONS AND SENIORITY PREMIUMS
1,807,340
1,749,593
s74
EXECUTIVES (*)
41
39
s75
EMPLOYEES (*)
24,698
24,323
s76
WORKERS (*)
0
0
s77
OUTSTANDING SHARES (*)
325,023,045,906
327,230,629,635
s78
REPURCHASED SHARES (*)
21,518,779,425
19,311,195,696
s101
RESTRICTED CASH
0
0
s102
NET DEBT OF NON CONSOLIDATED COMPANIES
53,310
633,754
       
(*) THESE CONCEPTS ARE STATED IN UNITS.
 
 
 
 
 
STATEMENTS OF INCOME
FROM JANUARY 1 TO DECEMBER 31, 2010 AND 2009
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
Amount
%
Amount
%
           
r01
NET SALES
57,856,828
100
52,352,501
100
r02
COST OF SALES
30,848,754
53
27,556,757
53
r03
GROSS PROFIT
27,008,074
47
24,795,744
47
r04
GENERAL EXPENSES
11,425,465
20
9,638,876
18
r05
OPERATING INCOME (LOSS)
15,582,609
27
15,156,868
29
r08
OTHER INCOME AND (EXPENSE), NET
(567,121)
0
(1,764,846)
(3)
r06
INTEGRAL RESULT OF FINANCING
(3,028,645)
(5)
(2,973,254)
(6)
r12
EQUITY IN NET INCOME OF NON-CONSOLIDATED
        
 
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
(211,930)
(0)
(715,327)
(1)
r48
NON-ORDINARY ITEMS
0
0
0
0
r09
INCOME BEFORE INCOME TAXES
11,774,913
20
9,703,441
19
r10
INCOME TAXES
3,258,986
6
3,120,744
6
r11
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS
8,515,927
15
6,582,697
13
r14
DISCONTINUED OPERATIONS
0
0
0
0
r18
CONSOLIDATED NET INCOME
8,515,927
15
6,582,697
13
r19
NONCONTROLLING INTEREST NET INCOME
832,538
1
575,554
1
r20
CONTROLLING INTEREST NET INCOME
7,683,389
13
6,007,143
11
           
 
 
 
 
 
STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
Amount
%
Amount
%
           
r01
NET SALES
57,856,828
100
52,352,501
100
r21
DOMESTIC
50,203,485
87
44,574,144
85
r22
FOREIGN
7,653,343
13
7,778,357
15
r23
TRANSLATED INTO DOLLARS (***)
619,323
1
594,676
1
           
r08
OTHER INCOME AND (EXPENSE), NET
(567,121)
100
(1,764,846)
100
r49
OTHER INCOME AND (EXPENSE), NET
(541,530)
95
(1,727,813)
98
r34
EMPLOYEES' PROFIT SHARING, CURRENT
31,448
(6)
40,877
(2)
r35
EMPLOYEES' PROFIT SHARING, DEFERRED
(5,857)
1
(3,844)
0
           
r06
INTEGRAL RESULT OF FINANCING
(3,028,645)
100
(2,973,254)
100
r24
INTEREST EXPENSE
3,615,276
(119)
3,136,411
(105)
r42
GAIN (LOSS) ON RESTATEMENT OF UDI'S
0
0
0
0
r45
OTHER FINANCE COSTS
0
0
0
0
r26
INTEREST INCOME
1,047,505
(35)
1,053,411
(35)
r46
OTHER FINANCIAL PRODUCTS
0
0
0
0
r25
FOREIGN EXCHANGE GAIN (LOSS), NET
(460,874)
15
(890,254)
30
r28
RESULT FROM MONETARY POSITION
0
0
0
0
           
r10
INCOME TAXES
3,258,986
100
3,120,744
100
r32
INCOME TAX, CURRENT
3,967,007
122
4,040,332
129
r33
INCOME TAX, DEFERRED
(708,021)
(22)
(919,588)
(29)
           
(***) 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
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
Amount
Amount
       
       
r36
TOTAL SALES
70,649,821
66,036,285
r37
TAX RESULT FOR THE YEAR
8,306,596
11,815,267
r38
NET SALES (**)
57,856,828
52,352,501
r39
OPERATING INCOME (**)
15,582,609
15,156,868
r40
CONTROLLING INTEREST NET INCOME (**)
7,683,389
6,007,143
r41
NET CONSOLIDATED INCOME (**)
8,515,927
6,582,697
r47
OPERATIVE DEPRECIATION AND AMORTIZATION
6,579,325
4,929,589
       
(**)  RESTATED INFORMATION FOR THE LAST TWELVE MONTHS.
 
 
 
 
 
 
 
QUARTERLY STATEMENTS OF INCOME
FROM OCTOBER 1 TO DECEMBER 31, 2010 AND 2009
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
RT
  
Amount
%
Amount
%
           
           
rt01
NET SALES
16,491,059
100
15,163,434
100
rt02
COST OF SALES
8,499,223
52
7,979,263
53
rt03
GROSS PROFIT
7,991,836
48
7,184,171
47
rt04
GENERAL EXPENSES
3,321,013
20
2,889,051
19
rt05
INCOME (LOSS) AFTER GENERAL EXPENSES
4,670,823
28
4,295,120
28
rt08
OTHER INCOME AND (EXPENSE), NET
(659,022)
(4)
(1,408,494)
(9)
rt06
INTEGRAL RESULT OF FINANCING
(704,267)
(4)
(916,871)
(6)
rt12
EQUITY IN NET INCOME OF NON-CONSOLIDATED
        
 
SUBSIDIARIES AND ASSOCIATES
(23,709)
(0)
(124,586)
0
rt48
NON-ORDINARY ITEMS
0
0
0
0
rt09
INCOME BEFORE INCOME TAXES
3,283,825
20
1,845,169
12
rt10
INCOME TAXES
565,457
3
880,684
6
rt11
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS
2,718,368
16
964,485
6
rt14
DISCONTINUED OPERATIONS
0
0
0
0
rt18
NET CONSOLIDATED INCOME
2,718,368
16
964,485
6
rt19
NET INCOME OF MINORITY INTEREST
93,873
1
(223,652)
(1)
rt20
NET INCOME OF MAJORITY INTEREST
2,624,495
16
1,188,137
8
           
 
 
 
 
 
QUARTERLY STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
 
REF
 
CONCEPTS
 
CURRENT YEAR
 
PREVIOUS YEAR
RT
  
Amount
%
Amount
%
           
           
rt01
NET SALES
16,491,059
100
15,163,434
100
rt21
DOMESTIC
14,258,944
86
13,198,341
87
rt22
FOREIGN
2,232,115
14
1,965,093
13
rt23
TRANSLATED INTO DOLLARS (***)
189,449
1
164,096
1
           
rt08
OTHER INCOME AND (EXPENSE), NET
(659,022)
100
(1,408,494)
100
rt49
OTHER INCOME AND (EXPENSE), NET
(644,362)
98
(1,378,626)
98
rt34
EMPLOYEES' PROFIT SHARING, CURRENT
21,036
(3)
32,874
(2)
rt35
EMPLOYEES' PROFIT SHARING, DEFERRED
(6,376)
1
(3,006)
0
           
rt06
INTEGRAL RESULT OF FINANCING
(704,267)
100
(916,871)
100
rt24
INTEREST EXPENSE
925,009
(131)
796,514
(87)
rt42
GAIN (LOSS) ON RESTATEMENT OF UDI'S
0
0
0
0
rt45
OTHER FINANCE COSTS
0
0
0
0
rt26
INTEREST INCOME
305,970
(43)
272,409
(30)
rt46
OTHER FINANCIAL PRODUCTS
0
0
0
0
rt25
FOREIGN EXCHANGE GAIN (LOSS), NET
(85,228)
12
(392,766)
43
rt28
RESULT FROM MONETARY POSITION
0
0
0
0
           
rt10
INCOME TAXES
565,457
100
880,684
100
rt32
INCOME TAX, CURRENT
1,416,832
251
1,821,183
207
rt33
INCOME TAX, DEFERRED
(851,375)
(151)
(940,499)
(107)
           
(***) 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
(Thousands of Mexican Pesos)
CONSOLIDATED
AUDITED INFORMATION Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
RT
  
Amount
Amount
       
rt47
OPERATIVE DEPRECIATION AND AMORTIZATION
1,939,091
1,372,334
       
 
 
 
 
 
STATEMENTS OF CASH FLOWS (INDIRECT METHOD)
MAIN CONCEPTS
(Thousands of Mexican Pesos)
Final Printing
AUDITED INFORMATION CONSOLIDATED
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
E
  
Amount
Amount
 
OPERATING ACTIVITIES
    
e01
INCOME (LOSS) BEFORE INCOME TAXES
11,774,913
9,703,441
e02
 + (-) ITEMS NOT REQUIRING CASH
774,326
955,358
e03
 + (-) ITEMS RELATED TO INVESTING ACTIVITIES
6,032,686
6,759,270
e04
 + (-) ITEMS RELATED TO FINANCING ACTIVITIES
3,291,578
2,845,877
e05
CASH FLOW BEFORE INCOME TAX
21,873,503
20,263,946
e06
CASH FLOWS PROVIDED OR USED IN OPERATION
(5,008,595)
(5,128,371)
e07
NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
16,864,908
15,135,575
       
 
INVESTING ACTIVITIES
    
e08
NET CASH FLOWS FROM INVESTING ACTIVITIES
(27,273,868)
(11,052,228)
e09
CASH IN EXCESS (REQUIRED) FOR FINANCING ACTIVITIES
(10,408,960)
4,083,347
       
 
FINANCING ACTIVITIES
    
e10
NET CASH FLOWS FROM FINANCING ACTIVITIES
1,435,464
(7,640,883)
e11
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(8,973,496)
(3,557,536)
e12
TRANSLATION DIFFERENCES IN CASH AND CASH EQUIVALENTS
(44,115)
(105,530)
e13
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
29,960,142
33,604,554
e14
CASH AND CASH EQUIVALENTS AT END OF PERIOD
20,942,531
29,941,488
  
 
 
 
 
STATEMENTS OF CASH FLOWS (INDIRECT METHOD)
ANALYSIS OF MAIN CONCEPTS
(Thousands of Mexican Pesos)
Final Printing
AUDITED INFORMATION CONSOLIDATED
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
E
  
Amount
Amount
       
e02
 + (-) ITEMS NOT REQUIRING CASH
774,326
955,358
e15
 + ESTIMATES FOR THE PERIOD
675,929
897,162
e16
 + PROVISIONS FOR THE PERIOD
-
-
e17
 + (-) OTHER UNREALIZED ITEMS
98,397
58,196
       
e03
 + (-) ITEMS RELATED TO INVESTING ACTIVITIES
6,032,686
6,759,270
e18
 + DEPRECIATION AND AMORTIZATION FOR THE PERIOD *
6,579,325
4,929,589
e19
 (-) + GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND
    
 
            EQUIPMENT
-
-
e20
 + IMPAIRMENT LOSS
250,581
1,160,094
e21
 (-) + EQUITY IN RESULTS OF ASSOCIATES AND JOINT VENTURES
211,930
715,327
e22
 (-) DIVIDENDS RECEIVED
-
-
e23
 (-) INTEREST INCOME
-
(19,531)
e24
 (-) + OTHER ITEMS
(1,009,150)
(26,209)
       
e04
 + (-) ITEMS RELATED TO FINANCING ACTIVITIES
3,291,578
2,845,877
e25
 + ACCRUED INTEREST
3,289,198
2,832,675
e26
 + (-) OTHER ITEMS
2,380
13,202
       
e06
CASH FLOWS PROVIDED OR USED IN OPERATION
(5,008,595)
(5,128,371)
e27
 + (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE
54,958
(1,082,292)
e28
 + (-) DECREASE (INCREASE) IN INVENTORIES
1,057,717
(719,793)
e29
 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE
(308,295)
(1,347,376)
e30
 + (-) INCREASE (DECREASE) IN SUPPLIERS
(230,648)
(80,920)
e31
 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES
(1,178,934)
2,384,052
e32
 + (-) INCOME TAXES PAID OR RETURNED
(4,403,393)
(4,282,042)
       
e08
NET CASH FLOWS FROM INVESTING ACTIVITIES
(27,273,868)
(11,052,228)
e33
 - PERMANENT INVESTMENT IN SHARES
(2,418,502)
(809,625)
e34
 + DISPOSITION OF PERMANENT INVESTMENT IN SHARES
1,807,419
57,800
e35
 -  INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT
(11,306,013)
(6,410,869)
e36
 + SALE OF PROPERTY, PLANT AND EQUIPMENT
915,364
248,148
e37
 -  INVESTMENT IN INTANGIBLE ASSETS
(712,070)
(569,601)
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 PARTS
-
-
e44
 + (-) OTHER ITEMS
(15,560,066)
(3,568,081)
       
e10
NET CASH FLOWS FROM FINANCING ACTIVITIES
1,435,464
(7,640,883)
e45
 + BANK FINANCING
80,000
50,000
e46
 + STOCK MARKET FINANCING
10,000,000
7,612,055
e47
 + OTHER FINANCING
150,000
-
e48
(-) BANK FINANCING AMORTIZATION
(1,704,299)
(2,372,115)
e49
(-) STOCK MARKET FINANCING AMORTIZATION
(2,255,033)
-
e50
(-) OTHER FINANCING AMORTIZATION
(262,013)
(151,506)
e51
 + (-) INCREASE (DECREASE) IN CAPITAL STOCK
-
-
e52
(-) DIVIDENDS PAID
-
(9,163,857)
e53
 + PREMIUM ON ISSUANCE OF SHARES
-
-
e54
 + CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
-
-
e55
 - INTEREST EXPENSE
(3,003,076)
(2,807,843)
e56
 - REPURCHASE OF SHARES
(1,274,022)
(677,185)
e57
 + (-) OTHER ITEMS
(296,093)
(130,432)
  
* IN CASE THIS AMOUNT IS DIFFERENT FROM THE R47 ACCOUNT, IT WILL HAVE TO EXPLAIN IN NOTES.
 
 
 
 
 
STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
CONSOLIDATED
AUDITED INFORMATION Final Printing
CONCEPTS
CONTRIBUTED CAPITAL
EARNED CAPITAL
NON-CONTROLLING INTEREST
TOTAL STOCKHOLDERS' EQUITY
CAPITAL STOCK ISSUED
ADDITIONAL PAID-IN CAPITAL
RETAINED EARNINGS
ACCUMULATED OTHER COMPREHENSIVE RESULT
TOTAL CONTROLLING INTEREST
RESERVES
EARNINGS (LOSSES) TO APPLY
RESULT FROM HOLDING NON-MONETARY ASSETS AND DEFERRED INCOME TAXES
OTHER COMPREHENSIVE RESULT
BALANCE AT DECEMBER 31, 2008
10,060,950
4,547,944
2,135,423
22,090,482
0
3,184,043
42,018,842
5,232,834
47,251,676
APPLICATION OF THE RESULT OF THE EXERCISE TO ACCUMULATED RESULTS
0
0
0
(7,803,652)
0
0
(7,803,652)
0
(7,803,652)
                   
CONSTITUTION OF RESERVES
0
0
0
0
0
0
0
0
0
                   
DIVIDENDS
0
0
0
(9,163,857)
0
0
(9,163,857)
0
(9,163,857)
                   
SHARE CANCELLATION
(41,091)
0
0
0
0
0
(41,091)
0
(41,091)
                   
REPURCHASE OF SHARES
0
0
0
121,356
0
0
121,356
0
121,356
                   
RESERVE FOR THE ACQUISITION OF SHARES
0
0
0
0
0
0
0
0
0
                   
(DECREASE) INCREASE IN PREMIUM ON ISSUANCE OF SHARES
0
0
0
0
0
0
0
0
0
                   
(DECREASE) INCREASE IN NON-CONTROLLING INTEREST
0
0
0
0
0
0
0
1,069,518
1,069,518
                   
COMPREHENSIVE INCOME (*)
0
0
0
12,820,415
-
217,782
13,038,197
0
13,038,197
BALANCE AT DECEMBER 31, 2009
10,019,859
4,547,944
2,135,423
18,064,744
0
3,401,825
38,169,795
6,302,352
44,472,147
RECLASSIFICATION INITIAL BALANCES RESULT FOR HOLDING OF MONETARY ASSETS AND DEFERRED TAX ON INCOME
0
0
0
0
0
0
0
0
0
                   
APPLICATION  OF THE RESULT OF THE EXERCISE TO ACCUMULATED RESULTS
0
0
0
(6,007,143)
0
0
(6,007,143)
0
(6,007,143)
                   
CONSTITUTION OF RESERVES
0
0
0
0
0
0
0
0
0
                   
DIVIDENDS
0
0
0
0
0
0
0
0
0
                   
SHARE CANCELLATION
0
0
0
0
0
0
0
0
0
                   
REPURCHASE OF SHARES
0
0
0
(969,552)
0
0
(969,552)
0
(969,552)
                   
RESERVE FOR THE ACQUISITION OF SHARES
0
0
0
0
0
0
0
0
0
                   
(DECREASE) INCREASE IN PREMIUM ON ISSUANCE OF SHARES
0
0
0
0
0
0
0
0
0
                   
(DECREASE) INCREASE IN NON-CONTROLLING INTEREST
0
0
0
0
0
0
0
490,926
490,926
                   
COMPREHENSIVE INCOME (*)
0
0
0
14,022,099
0
(150,716)
13,871,383
0
13,871,383
BALANCE AT DECEMBER 31, 2010
10,019,859
4,547,944
2,135,423
25,110,148
0
3,251,109
45,064,483
6,793,278
51,857,761
 
(*) INCLUDES EARNED AND RECYCLED
 
 
 
 
 
DATA PER SHARE
CONSOLIDATED
AUDITED INFORMATION Final Printing
           
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
D
  
Amount
Amount
               
d01
BASIC PROFIT PER ORDINARY SHARE (**)
$
0.02
  
$
0.02
  
               
d02
BASIC PROFIT PER PREFERRED SHARE (**)
$
0.00
  
$
0.00
  
               
d03
DILUTED PROFIT PER ORDINARY SHARE (**)
$
0.00
  
$
0.00
  
               
d04
EARNINGS (LOSS) BEFORE DISCONTINUED OPERATIONS
            
 
PER COMMON SHARE (**)
$
0.03
  
$
0.02
  
               
d05
DISCONTINUED OPERATION EFFECT ON EARNING (LOSS)
            
 
PER SHARE (**)
$
0.00
  
$
0.00
  
               
d08
CARRYING VALUE PER SHARE
$
0.14
  
$
0.12
  
               
d09
CASH DIVIDEND ACCUMULATED PER SHARE
$
0.00
  
$
0.02
  
               
d10
DIVIDEND IN SHARES PER SHARE
  
0.00
shares
  
0.00
shares
               
d11
MARKET PRICE TO CARRYING VALUE
  
3.94
times
  
3.98
times
               
d12
MARKET PRICE TO BASIC PROFIT PER ORDINARY SHARE (**)
  
23.24
times
  
25.48
times
               
d13
MARKET PRICE TO BASIC PROFIT PER PREFERRED SHARE (**)
  
0.00
times
  
0.00
times
               

(**) TO CALCULATE THE DATA PER SHARE, USE THE NET INCOME FOR THE LAST TWELVE MONTHS.
 
 
 
 
 
RATIOS
CONSOLIDATED
AUDITED INFORMATION Final Printing
REF
      
 
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
P
      
           
 
YIELD
        
p01
NET INCOME TO NET SALES
14.72
%
12.57
%
p02
NET INCOME TO STOCKHOLDERS' EQUITY (**)
16.42
%
14.80
%
p03
NET INCOME TO TOTAL ASSETS (**)
6.24
%
5.20
%
p04
CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME
0.00
%
117.43
%
p05
RESULT FROM MONETARY POSITION TO NET INCOME
0.00
%
0.00
%
           
 
ACTIVITY
        
p06
NET SALES TO NET ASSETS (**)
0.42
times
0.41
times
p07
NET SALES TO FIXED ASSETS (**)
1.50
times
1.58
times
p08
INVENTORIES TURNOVER (**)
5.87
times
4.56
times
p09
ACCOUNTS RECEIVABLE IN DAYS OF SALES
95
days
109
days
p10
PAID INTEREST TO TOTAL LIABILITIES WITH COST (**)
7.44
%
7.00
%
           
 
LEVERAGE
        
p11
TOTAL LIABILITIES TO TOTAL ASSETS
62.00
%
64.86
%
p12
TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY
1.63
times
1.85
times
p13
FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES
41.15
%
47.16
%
p14
LONG-TERM LIABILITIES TO FIXED ASSETS
121.20
%
130.47
%
p15
OPERATING INCOME TO INTEREST PAID
4.31
times
4.83
times
p16
NET SALES TO TOTAL LIABILITIES (**)
0.68
times
0.64
times
           
 
LIQUIDITY
        
p17
CURRENT ASSETS TO CURRENT LIABILITIES
4.07
times
5.55
times
p18
CURRENT ASSETS LESS INVENTORY TO CURRENT
        
 
LIABILITIES
3.71
times
5.06
times
p19
CURRENT ASSETS TO TOTAL LIABILITIES
0.71
times
0.83
times
p20
AVAILABLE ASSETS TO CURRENT LIABILITIES
142.26
%
243.05
%
           

 (**) FOR THESE RATIOS, THE DATA TAKE INTO CONSIDERATION THE LAST TWELVE MONTHS.
 
 
 
 
 
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
 
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
MEXICO CITY, D.F., MAY 3, 2011—GRUPO TELEVISA, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “TELEVISA” OR “THE COMPANY”), TODAY ANNOUNCED AUDITED RESULTS FOR FOURTH QUARTER AND FULL YEAR 2010. THE RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH MEXICAN FINANCIAL REPORTING STANDARDS (MEXICAN FRS).

THE FOLLOWING INFORMATION SETS FORTH A CONDENSED CONSOLIDATED STATEMENT OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009, IN MILLIONS OF MEXICAN PESOS, AS WELL AS THE PERCENTAGE OF NET SALES THAT EACH LINE REPRESENTS AND THE PERCENTAGE CHANGE WHEN COMPARING 2010 WITH 2009:

CONSOLIDATED NET SALES

CONSOLIDATED NET SALES INCREASED 10.5% TO PS.57,856.8 MILLION IN 2010 COMPARED WITH PS.52,352.5 MILLION IN 2009. THIS INCREASE WAS ATTRIBUTABLE TO REVENUE GROWTH ACROSS ALL OUR BUSINESS SEGMENTS WITH THE EXCEPTION OF PUBLISHING THAT UNDERWENT A RESTRUCTURING PROCESS. GROWTH WAS ESPECIALLY STRONG IN OUR TELECOM BUSINESSES.

CONTROLLING INTEREST NET INCOME

CONTROLLING INTEREST NET INCOME INCREASED 27.9% TO PS.7,683.4 MILLION IN 2010 COMPARED WITH PS.6,007.1 MILLION IN 2009. THE NET INCREASE OF PS.1,676.3 MILLION PRIMARILY REFLECTED I) A PS.425.7 MILLION INCREASE IN OPERATING INCOME; II) A PS.1,197.7 MILLION DECREASE IN OTHER EXPENSE, NET; AND III) A PS.503.4 MILLION DECREASE IN EQUITY IN LOSSES OF AFFILIATES, NET. THESE FAVORABLE VARIANCES WERE OFFSET BY I) A PS.55.3 MILLION INCREASE IN INTEGRAL COST OF FINANCING; II) A PS.138.3 MILLION INCREASE IN INCOME TAXES; AND III) A PS.256.9 MILLION INCREASE IN NON-CONTROLLING INTEREST NET INCOME.

FOURTH-QUARTER RESULTS AND FULL-YEAR RESULTS BY BUSINESS SEGMENT
 
THE FOLLOWING INFORMATION PRESENTS FOURTH-QUARTER RESULTS ENDED DECEMBER 31, 2010 AND 2009, AND FULL-YEAR RESULTS ENDED DECEMBER 31, 2010 AND 2009, FOR EACH OF OUR BUSINESS SEGMENTS. RESULTS FOR THE FOURTH QUARTER 2010 AND 2009 AND FULL YEAR 2010 AND 2009 ARE PRESENTED IN MILLIONS OF MEXICAN PESOS.

TELEVISION BROADCASTING

FOURTH-QUARTER SALES INCREASED 2.1% TO PS.6,889.4 MILLION COMPARED WITH PS.6,746.5 MILLION IN THE SAME PERIOD OF 2009. FOUR OF THE TOP-FIVE RATED SHOWS TRANSMITTED IN MEXICO THROUGH BROADCAST TELEVISION DURING THE QUARTER WERE TRANSMITTED AND PRODUCED BY TELEVISA.

FULL-YEAR SALES INCREASED 5.5% TO PS.22,750.1 MILLION COMPARED WITH PS.21,561.6 MILLION IN 2009, WHICH IS IN LINE WITH OUR GUIDANCE FOR THE YEAR. TELEVISA’S CONTENT CONTINUED TO OUTPERFORM WITH THE FINAL EPISODE OF THE NOVELA “SOY TU DUEÑA” BEING THE HIGHEST RATED PROGRAM TRANSMITTED IN MEXICO THROUGH BROADCAST TELEVISION DURING THE YEAR. ADDITIONALLY, NINE OF THE TOP-TEN RATED SHOWS ON OVER-THE-AIR TELEVISION IN MEXICO WERE TRANSMITTED BY TELEVISA. UPFRONT DEPOSITS REPRESENTED 78.3% OF REVENUES DURING THE YEAR AND THE REMAINING WERE SALES IN THE SPOT MARKET. THIS FIGURE COMPARES WITH 78.9% IN 2009.
 
FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 2.8% TO PS.3,438.2 MILLION COMPARED WITH PS.3,345 MILLION IN THE SAME PERIOD OF 2009, AND THE MARGIN WAS 49.9%.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 3.8% TO PS.10,714.3 MILLION COMPARED WITH PS.10,323.9 MILLION IN 2009; THE MARGIN WAS 47.1%. THE DECREASE IN MARGIN OF 80 BASIS POINTS WAS IN LINE WITH GUIDANCE AND IS PRIMARILY EXPLAINED BY THE TRANSMISSION DURING THE YEAR OF PROGRAMS PRODUCED AROUND THE SOCCER WORLD CUP AND THE SOCCER MATCHES, WHICH ARE LESS PROFITABLE THAN TELEVISA’S REGULAR PROGRAMMING.

PAY TELEVISION NETWORKS

FOURTH-QUARTER SALES INCREASED 15.7% TO PS.858 MILLION COMPARED WITH PS.741.8 MILLION IN THE SAME PERIOD OF 2009, MAINLY DRIVEN BY THE SUCCESS OF OUR PAY-TV CHANNELS AND THE GROWTH IN PAY-TV PENETRATION IN MEXICO.

FULL-YEAR SALES INCREASED 15% TO PS.3,146.2 MILLION COMPARED WITH PS.2,736.6 MILLION IN 2009. THE ANNUAL INCREASE WAS ACHIEVED IN SPITE OF A NEGATIVE TRANSLATION EFFECT OF FOREIGN-CURRENCY-DENOMINATED SALES; AND WAS DRIVEN BY HIGHER REVENUES FROM CHANNELS SOLD IN MEXICO AS WELL AS HIGHER ADVERTISING SALES, WHICH REPRESENTED IN 2010 22.7% OF SEGMENT REVENUE. AS OF DECEMBER 31, 2010, AND THROUGH OUR CABLE AND DTH AFFILIATES WORLDWIDE, OUR PAY TELEVISION NETWORKS BUSINESS REACHED 26 MILLION SUBSCRIBERS. SUBSCRIBERS ABROAD CARRY AN AVERAGE OF 3 TELEVISA PAY-TV CHANNELS EACH, WHILE SUBSCRIBERS IN MEXICO CARRY AN AVERAGE OF 11.4 TELEVISA PAY-TV CHANNELS EACH. SOME OF THE MOST SUCCESSFUL CHANNELS DURING THE YEAR INCLUDED “CLÁSICO TV” AND THE 2-HOUR DELAYED VERSION OF CHANNEL 2. ADDITIONALLY, DURING THE YEAR, TELEVISA SUCCESSFULLY ADDED TO ITS PORTFOLIO OF HIGH-DEFINITION CHANNELS “GOLDEN” AND “AMERICAN NETWORK”, AND LAUNCHED THE “TL NOVELA” CHANNEL IN BRAZIL.

FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 27.6% TO PS.514.2 MILLION COMPARED WITH PS.403 MILLION IN THE SAME PERIOD OF 2009, AND THE MARGIN INCREASED TO 59.9% MAINLY DUE TO THE ABSENCE OF AMORTIZATION COSTS RELATED TO THE TRANSMISSION OF THE 2010 SOCCER WORLD CUP.

FULL-YEAR OPERATING SEGMENT INCOME DECREASED MARGINALLY 2.3% TO PS.1,622 MILLION COMPARED WITH PS.1,660.4 MILLION IN 2009, AND THE MARGIN WAS 51.6%. THIS DECREASE REFLECTS AN INCREASE IN COST OF SALES AND OPERATING EXPENSES, DRIVEN MAINLY BY INVESTMENTS MADE IN THE PRODUCTION AND LAUNCH OF TWO NEW CHANNELS. IN AUGUST 2009 WE LAUNCHED OUR SPORTS PAY-TV CHANNEL, TELEVISA DEPORTES NETWORK (“TDN”), WHICH CARRIED ON AN EXCLUSIVE BASIS TEN OF THE 64 GAMES OF THE 2010 SOCCER WORLD CUP. ADDITIONALLY, IN FEBRUARY 2010 WE LAUNCHED FORO TV, OUR 24-HOURS NEWS PAY-TV CHANNEL, WHICH AS OF SEPTEMBER 2010 IS BROADCAST ON OUR FREE-TO-AIR CHANNEL 4.

PROGRAMMING EXPORTS

FOURTH-QUARTER SALES INCREASED 32% TO PS.1,010.2 MILLION COMPARED WITH PS.765.4 MILLION IN THE SAME PERIOD OF 2009. THE ROYALTY FROM UNIVISION INCREASED 12.6% QUARTER OVER QUARTER. THE REST OF THE GROWTH WAS DRIVEN BY HIGHER REVENUE ABROAD, SPECIFICALLY IN BRAZIL.

FULL-YEAR SALES INCREASED 8% TO PS.3,074.8 MILLION COMPARED WITH PS.2,845.9 MILLION IN 2009. THE ANNUAL INCREASE WAS ATTRIBUTABLE TO I) AN INCREASE IN ROYALTIES FROM UNIVISION, FROM US$143 MILLION IN 2009 TO US$156.1 MILLION IN 2010; AND II)  HIGHER PROGRAMMING SALES MAINLY IN EUROPE AS WELL AS HIGHER REVENUE FROM CO-PRODUCTIONS ABROAD. THIS INCREASE WAS PARTIALLY OFFSET BY A NEGATIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES AMOUNTING TO PS.160.2 MILLION.
 
FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 43.5% TO PS.543.9 MILLION COMPARED WITH PS.379.1 MILLION IN THE SAME PERIOD OF 2009, AND THE MARGIN REACHED A FOURTH-QUARTER RECORD HIGH OF 53.8%.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 4.6% TO PS.1,503.6 MILLION COMPARED WITH PS.1,437.2 MILLION IN 2009, AND THE MARGIN WAS 48.9%. THESE RESULTS REFLECT HIGHER SALES THAT WERE PARTIALLY OFFSET BY HIGHER COST OF SALES AND OPERATING EXPENSES.

PUBLISHING

FOURTH-QUARTER SALES REACHED THE SAME LEVEL OF SALES AS IN 2009, TO PS.944.4 MILLION IN 2010 COMPARED WITH PS.945.3 MILLION IN 2009.

FULL-YEAR SALES DECREASED 3.8% TO PS.3,229.6 MILLION COMPARED WITH PS.3,356.1 MILLION IN 2009. ADVERTISING SALES ABROAD INCREASED, BUT WERE IMPACTED BY A NEGATIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES WHICH PARTLY EXPLAINS THE DECREASE IN REVENUE. AS PART OF THE RESTRUCTURING OF THE BUSINESS, WHICH INCLUDED TAKING SOME MAGAZINES OFF THE MARKET, MAGAZINE CIRCULATION IN MEXICO WAS LOWER AND CONSEQUENTLY SO WAS ADVERTISING REVENUE.

FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED PS.175.1 MILLION TO PS.176.2 MILLION COMPARED WITH PS.1.1 MILLION IN THE SAME PERIOD OF 2009, AND THE MARGIN REACHED 18.7%.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 123% TO PS.425.3 MILLION COMPARED WITH PS.190.7 MILLION IN 2009, AND THE MARGIN IMPROVED TO 13.2%. THIS INCREASE REFLECTS I) LOWER PAPER AND PRINTING COSTS IN CONNECTION WITH THE RESTRUCTURING PROCESS; AND II) LOWER OPERATING EXPENSES DUE TO NON-RECURRENT CHARGES SUCH AS A DECREASE IN ALLOWANCES AND DOUBTFUL ACCOUNTS.

SKY

FOURTH-QUARTER SALES INCREASED 9% TO PS.2,874.7 MILLION COMPARED WITH PS.2,637.5 MILLION IN THE SAME PERIOD OF 2009. DURING THE QUARTER, SKY ADDED A TOTAL OF 291 THOUSAND SUBSCRIBERS MAINLY IN MEXICO.

FULL-YEAR SALES INCREASED 12.4% TO PS.11,248.2 MILLION COMPARED WITH PS.10,005.2 MILLION IN 2009. THE ANNUAL INCREASE WAS DRIVEN BY SOLID GROWTH IN THE SUBSCRIBER BASE IN MEXICO EXPLAINED MAINLY BY THE SUCCESS OF SKY´S NEW LOW-COST OFFERINGS. ADDITIONALLY, SKY TRANSMITTED EXCLUSIVELY 24 MATCHES OF THE 2010 SOCCER WORLD CUP AND IN SOME PACKAGES SOLD IT AS A PAY-PER-VIEW EVENT. AS OF DECEMBER 31, 2010, THE NUMBER OF GROSS ACTIVE SUBSCRIBERS INCREASED TO 3,044,028 (INCLUDING 149,899 COMMERCIAL SUBSCRIBERS), COMPARED WITH 1,959,722 (INCLUDING 144,326 COMMERCIAL SUBSCRIBERS) AS OF DECEMBER 31, 2009. SKY CLOSED THE QUARTER WITH MORE THAN 145 THOUSAND SUBSCRIBERS IN CENTRAL AMERICA AND THE DOMINICAN REPUBLIC.

FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 11.3% TO PS.1,273.9 MILLION COMPARED WITH PS.1,144.3 MILLION IN THE SAME PERIOD OF 2009, AND THE MARGIN INCREASED TO 44.3% MAINLY DUE TO THE ABSENCE OF COSTS AMORTIZED RELATED TO THE EXCLUSIVE TRANSMISSION OF CERTAIN MATCHES OF THE 2010 SOCCER WORLD CUP.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 13.3% TO PS.5,074.5 MILLION COMPARED WITH PS.4,478.8 MILLION IN 2009, AND THE MARGIN INCREASED TO 45.1%. THIS INCREASE REFLECTS HIGHER SALES AS WELL AS A REDUCTION IN THE AMOUNT OF COSTS AMORTIZED RELATED TO THE EXCLUSIVE TRANSMISSION OF CERTAIN 2010 WORLD CUP MATCHES. THESE VARIANCES WERE PARTIALLY OFFSET BY HIGHER OPERATING EXPENSES.

CABLE AND TELECOM

FOURTH-QUARTER SALES INCREASED 19.4% TO PS.3,171.2 MILLION COMPARED WITH PS.2,655 MILLION IN THE SAME PERIOD OF 2009 DRIVEN BY THE GROWTH IN ALL OUR CABLE PLATFORMS.

FULL-YEAR SALES INCREASED 27.8% TO PS.11,814.2 MILLION COMPARED WITH PS.9,241.8 MILLION IN 2009. THIS INCREASE WAS ATTRIBUTABLE TO I) THE CONSOLIDATION OF CABLEVISION DE MONTERREY (“TVI”) STARTING OCTOBER 1, 2009, WHICH REPRESENTED INCREMENTAL SALES OF PS.1,463.5 MILLION; AND II) THE ADDITION OF MORE THAN 356,000 REVENUE GENERATING UNITS (RGUS) IN CABLEVISIÓN AND CABLEMÁS DURING THE YEAR DRIVEN MAINLY BY THE SUCCESS OF OUR COMPETITIVE TRIPLE-PLAY BUNDLES. DURING THE YEAR, CABLEVISIÓN, CABLEMÁS, AND BESTEL NET SALES INCREASED 15.7%, 11.3%, AND 15.4%, RESPECTIVELY.

THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF SUBSCRIBERS FOR EACH OF OUR THREE CABLE AND TELECOM SUBSIDIARIES AS OF DECEMBER 31, 2010:

THE SUBSCRIBER BASE OF CABLEVISIÓN FOR VIDEO, BROADBAND AND TELEPHONY AS OF DECEMBER 31, 2010, AMOUNTED TO 668,985, 299,157 AND 190,441, RESPECTIVELY.

THE SUBSCRIBER BASE OF CABLEMÁS FOR VIDEO, BROADBAND AND TELEPHONY AS OF DECEMBER 31, 2010, AMOUNTED TO 997,239, 360,049 AND 205,180, RESPECTIVELY.

THE SUBSCRIBER BASE OF TVI FOR VIDEO, BROADBAND AND TELEPHONY AS OF DECEMBER 31, 2010, AMOUNTED TO 301,698, 147,268 AND 106,129, RESPECTIVELY.

THE RGUS OF CABLEVISIÓN, CABLEMÁS AND TVI AS OF DECEMBER 31, 2010, AMOUNTED TO 1,158,583, 1,562,468 AND 555,095, RESPECTIVELY.

FOURTH-QUARTER OPERATING SEGMENT INCOME INCREASED 39% TO PS.1,094 MILLION COMPARED WITH PS.787 MILLION IN THE SAME PERIOD OF 2009, AND THE MARGIN INCREASED TO 34.5%. BESTEL CONTRIBUTED TO THE MARGIN EXPANSION BY IMPROVING THE MIX OF THE SERVICES SOLD, DECREASING THE REVENUE SHARE OF LESS PROFITABLE SERVICES SUCH AS LONG DISTANCE CALLS. EXCLUDING BESTEL, THE MARGIN FOR THE CABLE OPERATIONS ALONE WAS, IN THE AGGREGATE, 37.7%, COMPARED WITH 33.7% DURING FOURTH-QUARTER 2009.

FULL-YEAR OPERATING SEGMENT INCOME INCREASED 31.5% TO PS.3,907.2 MILLION COMPARED WITH PS.2,971.9 MILLION IN 2009, AND THE MARGIN INCREASED TO 33.1%. THESE RESULTS REFLECT CONTINUED GROWTH IN THE CABLE PLATFORMS AS WELL AS A POSITIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED COSTS. THE MARGIN EXPANSION IS MAINLY EXPLAINED BY THE HOMOLOGATION OF ACCOUNTING CRITERIA BETWEEN TVI AND OUR OTHER CABLE PLATFORMS, RESULTING IN A POSITIVE EFFECT IN TVI’S MARGINS.

THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF REVENUES AND OPERATING SEGMENT INCOME, EXCLUDING CONSOLIDATION ADJUSTMENTS, FOR OUR FOUR CABLE AND TELECOM SUBSIDIARIES FOR THE YEAR:

THE REVENUES OF 2010 OF CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.3,910.2 MILLION, PS.4,065.2 MILLION, PS.1,854.5 MILLION AND PS.2,280.3 MILLION, RESPECTIVELY.

THE OPERATING SEGMENT INCOME OF 2010 OF CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.1,505.1 MILLION, PS.1,523.2 MILLION, PS.764.4 MILLION AND PS.318 MILLION, RESPECTIVELY.

THESE RESULTS DO NOT INCLUDE CONSOLIDATION ADJUSTMENTS OF PS.296 MILLION IN REVENUES AND PS.203.5 MILLION IN OPERATING SEGMENT INCOME, WHICH ARE CONSIDERED IN THE CONSOLIDATED RESULTS OF CABLE AND TELECOM.

OTHER BUSINESSES

FOURTH-QUARTER SALES INCREASED 8.8% TO PS.1,043.8 MILLION COMPARED WITH PS.959.4 MILLION IN THE SAME PERIOD OF 2009 DRIVEN PRINCIPALLY BY OUR SOCCER AND GAMING BUSINESSES. THESE POSITIVE VARIANCES WERE PARTIALLY OFFSET BY LOWER REVENUES IN OUR FEATURE-FILM DISTRIBUTION BUSINESS.

FULL-YEAR SALES INCREASED MARGINALLY 1.1% TO PS.3,812.3 MILLION COMPARED WITH PS.3,771.4 MILLION IN 2009. BUSINESSES THAT PERFORMED WELL INCLUDE GAMING, SOCCER, AND RADIO. THE RESULTS OF GAMING WERE DRIVEN BY THE CONTINUED SUCCESS OF THE SOCCER-RELATED LOTTERY GAME LAUNCHED IN JANUARY AND THE RADIO BUSINESS BENEFITED FROM SOCCER WORLD CUP ADVERTISING REVENUES. THESE FAVORABLE VARIANCES WERE OFFSET BY THE TERMINATION OF A DISTRIBUTION AGREEMENT WITH WARNER BROTHERS PICTURES IN DECEMBER 2009.

FOURTH-QUARTER OPERATING SEGMENT LOSS DECREASED 50.9% TO A LOSS OF PS.107.1 MILLION COMPARED WITH A LOSS OF PS.218.2 MILLION IN THE SAME PERIOD OF 2009.

FULL-YEAR OPERATING SEGMENT LOSS DECREASED 42.2% TO PS.184 MILLION COMPARED WITH PS.318.2 MILLION IN 2009, REFLECTING A REDUCTION IN LOSSES IN OUR SOCCER, GAMING AND PUBLISHING DISTRIBUTION BUSINESSES, AS WELL AS AN INCREASE IN THE OPERATING INCOME OF OUR RADIO BUSINESS.

INTERSEGMENT OPERATIONS

INTERSEGMENT OPERATIONS FOR 2010 AND 2009 AMOUNTED TO PS.1,218.6 MILLION AND PS.1,166.1 MILLION, RESPECTIVELY.
 
CORPORATE EXPENSES

SHARE-BASED COMPENSATION EXPENSE IN 2010 AND 2009 AMOUNTED TO PS.560.6 MILLION AND PS.375.7 MILLION, RESPECTIVELY, AND WAS ACCOUNTED FOR AS CORPORATE EXPENSE. SHARE-BASED COMPENSATION EXPENSE IS MEASURED AT FAIR VALUE AT THE TIME THE EQUITY BENEFITS ARE GRANTED TO OFFICERS AND EMPLOYEES, AND IS RECOGNIZED OVER THE VESTING PERIOD.

NON-OPERATING RESULTS

OTHER EXPENSE, NET

OTHER EXPENSE, NET, IN THE YEAR ENDED DECEMBER 31, 2010, INCLUDED EXPENSES RELATED TO FINANCIAL ADVISORY AND PROFESSIONAL SERVICES MAINLY ASSOCIATED WITH THE UNIVISION TRANSACTION, LOSS ON DISPOSITION OF PROPERTY AND EQUIPMENT, NON-RECURRING EXPENSES IN CONNECTION WITH THE REFINANCING OF DEBT IN OUR CABLE AND TELECOM SEGMENT, AND AN IMPAIRMENT ADJUSTMENT TO THE CARRYING VALUE OF GOODWILL OF A BUSINESS WITHIN OUR PUBLISHING SEGMENT. THESE EXPENSES WERE PARTIALLY OFFSET BY A NET GAIN ON DISPOSITION OF INVESTMENTS.

OTHER EXPENSE, NET, DECREASED BY PS.1,197.7 MILLION, OR 67.9%, TO PS.567.2 MILLION FOR THE YEAR ENDED DECEMBER 31, 2010, COMPARED WITH PS.1,764.9 MILLION FOR THE YEAR ENDED DECEMBER 31, 2009. THIS DECREASE REFLECTED PRIMARILY A REDUCTION IN NON-CASH IMPAIRMENT ADJUSTMENTS TO THE CARRYING VALUE OF GOODWILL IN OUR CABLE AND TELECOM, TELEVISION BROADCASTING AND PUBLISHING SEGMENTS, AS WELL AS THE GAIN ON DISPOSITION OF INVESTMENTS IN SHARES, WHICH EFFECT WAS PARTIALLY OFFSET BY NON-RECURRING EXPENSES RELATED TO THE REFINANCING OF DEBT OF CABLEMÁS, AND INCREASES IN OTHER EXPENSES RELATED TO FINANCIAL ADVISORY AND PROFESSIONAL SERVICES AND THE DISPOSITION OF EQUIPMENT.

INTEGRAL COST OF FINANCING

THE NET EXPENSE ATTRIBUTABLE TO INTEGRAL COST OF FINANCING INCREASED BY PS.55.3 MILLION, OR 1.9%, TO PS.3,028.6 MILLION FOR THE YEAR ENDED DECEMBER 31, 2010 FROM PS.2,973.3 MILLION FOR THE YEAR ENDED DECEMBER 31, 2009. THIS VARIANCE PRIMARILY REFLECTED I) A PS.478.9 MILLION INCREASE IN INTEREST EXPENSE, DUE MAINLY TO A HIGHER AVERAGE PRINCIPAL AMOUNT OF LONG-TERM DEBT IN 2010; AND II) A PS.5.9 MILLION DECREASE IN INTEREST INCOME EXPLAINED PRIMARILY BY A REDUCTION OF INTEREST RATES APPLICABLE TO CASH EQUIVALENTS AND TEMPORARY INVESTMENTS IN 2010. THESE UNFAVORABLE VARIANCES WERE OFFSET BY A PS.429.5 MILLION DECREASE IN FOREIGN EXCHANGE LOSS RESULTING PRIMARILY FROM THE FAVORABLE EFFECT OF A 5.5% APPRECIATION OF THE MEXICAN PESO AGAINST THE US DOLLAR IN 2010 ON OUR AVERAGE NET US DOLLAR LIABILITY POSITION IN 2010, WHICH CHANGED FROM A NET US DOLLAR ASSET POSITION IN 2009.

EQUITY IN LOSSES OF AFFILIATES, NET

EQUITY IN LOSSES OF AFFILIATES, NET, DECREASED BY PS.503.4 MILLION, OR 70.4%, TO PS.211.9 MILLION IN 2010 COMPARED WITH PS.715.3 MILLION IN 2009. THIS DECREASE REFLECTED MAINLY A REDUCTION IN EQUITY IN LOSS OF LA SEXTA, OUR 40.5% INTEREST IN A FREE-TO-AIR TELEVISION CHANNEL IN SPAIN. THIS DECREASE WAS PARTIALLY OFFSET BY THE ABSENCE OF EQUITY IN EARNINGS OF I) VOLARIS, AS WE DISPOSED OF THIS INVESTMENT IN THE THIRD QUARTER OF 2010; AND II) TVI, AS WE BEGAN CONSOLIDATING ITS ASSETS, LIABILITIES AND RESULT OF OPERATIONS IN OUR CONSOLIDATED FINANCIAL STATEMENTS EFFECTIVE IN THE FOURTH QUARTER OF 2009. EQUITY IN LOSSES OF AFFILIATES, NET, FOR THE YEAR ENDED DECEMBER 31, 2010, IS COMPRISED FOR THE MOST PART OF THE EQUITY IN LOSS OF LA SEXTA, WHICH WAS PARTIALLY OFFSET BY THE EQUITY IN EARNINGS OF OTHER ASSOCIATES.

INCOME TAXES

INCOME TAXES INCREASED BY PS.138.3 MILLION, OR 4.4%, TO PS.3,259 MILLION IN 2010 FROM PS.3,120.7 MILLION IN 2009. THIS INCREASE REFLECTED PRIMARILY A HIGHER INCOME TAX BASE, WHICH WAS PARTIALLY OFFSET BY A LOWER EFFECTIVE INCOME TAX RATE.

NON-CONTROLLING INTEREST NET INCOME

NON-CONTROLLING INTEREST NET INCOME INCREASED BY PS.256.9 MILLION, OR 44.6%, TO PS.832.5 MILLION IN 2010, FROM PS.575.6 MILLION IN 2009. THIS INCREASE PRIMARILY REFLECTED A HIGHER PORTION OF CONSOLIDATED NET INCOME ATTRIBUTABLE TO INTERESTS HELD BY NON-CONTROLLING STOCKHOLDERS IN OUR CABLE AND TELECOM AND SKY SEGMENTS.

OTHER RELEVANT INFORMATION

CAPITAL EXPENDITURES AND INVESTMENTS

DURING 2010, WE INVESTED APPROXIMATELY US$1,011 MILLION IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES, INCLUDING APPROXIMATELY US$438.5 MILLION FOR OUR CABLE AND TELECOM SEGMENT, US$436.6 MILLION FOR OUR SKY SEGMENT, US$12.5 MILLION FOR OUR GAMING BUSINESS, AND US$123.4 MILLION FOR OUR TELEVISION BROADCASTING SEGMENT AND OTHER BUSINESSES. IN ADDITION, WE MADE LOANS IN THE FIRST HALF OF 2010 IN CONNECTION WITH OUR 40.5% INTEREST IN LA SEXTA IN THE AMOUNT OF €21.5 MILLION (PS.354.3 MILLION).

OUR INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT IN OUR CABLE AND TELECOM SEGMENT DURING 2010 INCLUDED APPROXIMATELY US$235.1 MILLION FOR CABLEVISIÓN, US$104.7 MILLION FOR CABLEMÁS, US$55.2 MILLION FOR TVI, AND US$43.5 MILLION FOR BESTEL.

INCLUDED IN OUR FULL-YEAR REPORTED CAPITAL EXPENDITURES ARE CERTAIN NON-RECURRENT ITEMS SUCH AS US$143.5 MILLION RELATED TO BUILDING AND LAUNCHING DURING FIRST-QUARTER 2010 A NEW 24-TRANSPONDER SATELLITE (“IS-16”). ADDITIONALLY, CABLEVISION’S CAPITAL EXPENDITURES INCLUDE INVESTMENTS RELATED TO AN EXPANSION PROJECT: GRAND SLAM.
 
ON DECEMBER 20, 2010, WE INVESTED US$1,255 MILLION IN CASH IN BROADCASTING MEDIA PARTNERS, INC. ("BMP"), THE CONTROLLING COMPANY OF UNIVISION, IN EXCHANGE FOR A 5% EQUITY STAKE OF THE OUTSTANDING COMMON STOCK OF BMP AND US$1,125 MILLION PRINCIPAL AMOUNT DEBENTURES DUE 2025 BEARING INTEREST AT AN ANNUAL RATE OF 1.5%, THAT ARE INITIALLY CONVERTIBLE INTO A 30% EQUITY STAKE IN THE COMMON STOCK OF BMP, SUBJECT TO APPLICABLE LAWS AND REGULATIONS OF THE UNITED STATES, AS WELL AS CERTAIN OTHER CONDITIONS AGREED AMONG THE PARTIES. WE ALSO HAVE THE OPTION TO ACQUIRE AN ADDITIONAL 5% EQUITY STAKE IN BMP AT FAIR MARKET VALUE, SUBJECT TO CERTAIN LIMITATIONS ON THE EXERCISE OF THE OPTION. IN CONNECTION WITH THE INVESTMENT, WE SOLD OUR 50% INTEREST IN TUTV TO UNIVISION FOR THE AMOUNT OF US$55 MILLION.

DEBT AND CAPITAL LEASE OBLIGATIONS

THE TOTAL CONSOLIDATED DEBT AMOUNTED TO PS.47,964.8 MILLION AND PS.43,416.2 MILLION AS OF DECEMBER 31, 2010 AND 2009, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF LONG-TERM DEBT IN THE AMOUNT OF PS.1,469.1 MILLION AND PS.1,433 MILLION, RESPECTIVELY.

ADDITIONALLY, WE HAD CAPITAL LEASE OBLIGATIONS IN THE AMOUNT OF PS.629.8 MILLION AND PS.1,401.8 MILLION AS OF DECEMBER 31, 2010 AND 2009, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF PS.280.1 MILLION AND PS.235.3 MILLION, RESPECTIVELY.

AS OF DECEMBER 31, 2010 AND 2009, OUR CONSOLIDATED NET DEBT POSITION (TOTAL DEBT LESS CASH AND CASH EQUIVALENTS, TEMPORARY INVESTMENTS, AND NONCURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS) WAS PS.12,717.3 MILLION AND PS.576.3 MILLION, RESPECTIVELY. THE AGGREGATE AMOUNT OF NON-CURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS AS OF DECEMBER 31, 2010 AND 2009, WAS PS.3,858.1 MILLION AND PS.3,996.1 MILLION, RESPECTIVELY.

IN OCTOBER 2010, WE ISSUED 7.38% NOTES (“CERTIFICADOS BURSÁTILES”) DUE 2020 THROUGH THE MEXICAN STOCK EXCHANGE (“BOLSA MEXICANA DE VALORES”) IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.10,000 MILLION, WITH INTEREST PAYABLE SEMI-ANNUALLY.

IN NOVEMBER 2010, CABLEMÁS, OUR MAJORITY-OWNED SUBSIDIARY, PREPAID ALL OF ITS OUTSTANDING GUARANTEED SENIOR NOTES AS WELL AS AN OUTSTANDING BANK LOAN FACILITY FOR AN AGGREGATE AMOUNT OF US$233 MILLION, INCLUDING ACCRUED INTEREST AND A PREMIUM. THIS REFINANCING OF THE DEBT OF CABLEMÁS WAS CARRIED OUT THROUGH A PS.2,500 MILLION LOAN FACILITY PROVIDED TO CABLEMÁS BY A SUBSIDIARY OF US, WITH AN INTEREST RATE OF 9.30%, AND IS DUE IN NOVEMBER 2020.

SHARES REPURCHASED AND OUTSTANDING

DURING 2010, WE REPURCHASED APPROXIMATELY 25.5 MILLION CPOS IN THE AGGREGATE AMOUNT OF PS.1,274 MILLION.

AS OF DECEMBER 31, 2010 AND 2009, OUR SHARES OUTSTANDING AMOUNTED TO 325,023 MILLION AND 327,230.6 MILLION SHARES, RESPECTIVELY, AND OUR CPO EQUIVALENTS OUTSTANDING AMOUNTED TO 2,778 MILLION AND 2,796.8 MILLION CPO EQUIVALENTS, RESPECTIVELY. NOT ALL OF OUR SHARES ARE IN THE FORM OF CPOS. THE NUMBER OF CPO EQUIVALENTS IS CALCULATED BY DIVIDING THE NUMBER OF SHARES OUTSTANDING BY 117.

AS OF DECEMBER 31, 2010 AND 2009, THE GDS (GLOBAL DEPOSITARY SHARES) EQUIVALENTS OUTSTANDING AMOUNTED TO 555.6 MILLION AND 559.4 MILLION GDS EQUIVALENTS, RESPECTIVELY. THE NUMBER OF GDS EQUIVALENTS IS CALCULATED BY DIVIDING THE NUMBER OF CPO EQUIVALENTS BY FIVE.
 
TELEVISION RATINGS AND AUDIENCE SHARE

NATIONAL URBAN RATINGS AND AUDIENCE SHARE REPORTED BY IBOPE CONFIRM THAT, IN 2010, TELEVISA CONTINUED TO DELIVER STRONG RATINGS AND AUDIENCE SHARES. DURING WEEKDAY PRIME TIME (19:00 TO 23:00, MONDAY TO FRIDAY), AUDIENCE SHARE AMOUNTED TO 70.5%; IN PRIME TIME (16:00 TO 23:00, MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 68%; AND IN SIGN-ON TO SIGN-OFF (6:00 TO 24:00, MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 69.6%.

ABOUT TELEVISA

GRUPO TELEVISA, S.A.B., IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING WORLD BASED ON ITS MARKET CAPITALIZATION AND A MAJOR PARTICIPANT IN THE INTERNATIONAL ENTERTAINMENT BUSINESS. IT HAS INTERESTS IN TELEVISION PRODUCTION AND BROADCASTING, PRODUCTION OF PAY-TELEVISION NETWORKS, INTERNATIONAL DISTRIBUTION OF TELEVISION PROGRAMMING, DIRECT-TO-HOME SATELLITE SERVICES, CABLE TELEVISION AND TELECOMMUNICATION SERVICES, MAGAZINE PUBLISHING AND DISTRIBUTION, RADIO PRODUCTION AND BROADCASTING, PROFESSIONAL SPORTS AND LIVE ENTERTAINMENT, FEATURE-FILM PRODUCTION AND DISTRIBUTION, THE OPERATION OF A HORIZONTAL INTERNET PORTAL, AND GAMING. GRUPO TELEVISA ALSO OWNS AN UNCONSOLIDATED EQUITY STAKE IN LA SEXTA, A FREE-TO-AIR TELEVISION VENTURE IN SPAIN.

DISCLAIMER

THIS ANNEX CONTAINS FORWARD-LOOKING STATEMENTS REGARDING THE COMPANY’S RESULTS AND PROSPECTS. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THESE STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS ANNEX SHOULD BE READ IN CONJUNCTION WITH THE FACTORS DESCRIBED IN “ITEM 3. KEY INFORMATION – FORWARD-LOOKING STATEMENTS” IN THE COMPANY’S ANNUAL REPORT ON FORM 20-F, WHICH, AMONG OTHERS, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS MADE IN THIS ANNEX AND IN ORAL STATEMENTS MADE BY AUTHORIZED OFFICERS OF THE COMPANY. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THEIR DATES. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
 
 
 
 
 
FINANCIAL STATEMENT NOTES
 
 
 
CONSOLIDATED
AUDITED INFORMATION Final Printing
 
GRUPO TELEVISA, S.A.B.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009
(IN THOUSANDS OF MEXICAN PESOS, EXCEPT PER CPO AND PER SHARE AMOUNTS)

1.         ACCOUNTING POLICIES:

THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A.B. (THE "COMPANY") AND ITS CONSOLIDATED ENTITIES (COLLECTIVELY, THE "GROUP"), AS OF DECEMBER 31, 2010 AND 2009, AND FOR THE YEARS ENDED ON THOSE DATES, ARE UNAUDITED. IN THE OPINION OF MANAGEMENT, ALL ADJUSTMENTS (CONSISTING PRINCIPALLY OF NORMAL RECURRING ADJUSTMENTS) NECESSARY FOR A FAIR PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN INCLUDED THEREIN.

FOR PURPOSES OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, CERTAIN INFORMATION AND DISCLOSURES, NORMALLY INCLUDED IN FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH MEXICAN FINANCIAL REPORTING STANDARDS (“MEXICAN FRS”), HAVE BEEN CONDENSED OR OMITTED. THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SHOULD BE READ IN CONJUNCTION WITH THE GROUP'S CONSOLIDATED AND AUDITED FINANCIAL STATEMENTS AND NOTES THERETO FOR THE YEAR ENDED DECEMBER 31, 2010, WHICH INCLUDE, AMONG OTHER DISCLOSURES, THE GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES, WHICH HAVE BEEN APPLIED ON A CONSISTENT BASIS FOR THE YEAR ENDED DECEMBER 31, 2010.

            EFFECTIVE OCTOBER 1, 2009, THE GROUP BEGAN CONSOLIDATING THE ASSETS, LIABILITIES AND RESULTS OF OPERATIONS OF TELEVISIÓN INTERNACIONAL, S.A. DE C.V. AND SUBSIDIARIES (COLLECTIVELY, “TVI”) IN ITS CONSOLIDATED FINANCIAL STATEMENTS. BEFORE THAT DATE, THE GROUP ACCOUNTED FOR ITS INVESTMENT IN TVI BY APPLYING THE EQUITY METHOD.

2.         PROPERTY, PLANT AND EQUIPMENT:

PROPERTY, PLANT AND EQUIPMENT AS OF DECEMBER 31 CONSISTED OF:

   
2010
    
2009
  
    BUILDINGS
   Ps. 9,466,384     Ps. 9,424,738  
    BUILDING IMPROVEMENTS
     1,698,781       1,670,084  
    TECHNICAL EQUIPMENT
     45,520,020       38,838,481  
    SATELLITE TRANSPONDERS
     3,593,873       1,789,890  
    FURNITURE AND FIXTURES
     826,076       836,038  
    TRANSPORTATION EQUIPMENT
     2,525,029       1,559,816  
    COMPUTER EQUIPMENT
     3,671,449       3,089,962  
    LEASEHOLD IMPROVEMENTS
     1,303,689       1,383,541  
      68,605,301       58,592,550  
    ACCUMULATED DEPRECIATION
     (36,900,013 )     (32,145,471 )
      31,705,288       26,447,079  
    LAND
     4,085,914       4,648,171  
    CONSTRUCTION AND PROJECTS IN PROGRESS
     2,860,645       1,976,214  
    Ps. 38,651,847     Ps. 33,071,464  

DEPRECIATION CHARGED TO INCOME FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 WAS PS.5,697,642 AND PS.4,390,339, RESPECTIVELY.
 
3.        LONG-TERM DEBT SECURITIES:
 
AS OF DECEMBER 31, THE GROUP'S CONSOLIDATED SHORT-TERM AND LONG-TERM DEBT SECURITIES OUTSTANDING WERE AS FOLLOWS:

   
2010
    
2009
  
 
 
LONG-TERM DEBT SECURITIES
  
THOUSANDS
OF
 U.S. DOLLARS
    
MEXICAN
PESOS
    
THOUSANDS
OF
 U.S. DOLLARS
    
MEXICAN
PESOS
  
8.0% SENIOR NOTES DUE 2011 (A)
   U.S.$ 71,951     Ps. 889,142     U.S.$ 71,951     Ps. 941,119  
6.0% SENIOR NOTES DUE 2018 (A)
     500,000       6,178,800       500,000       6,540,000  
6.625% SENIOR NOTES DUE 2025 (A)
     600,000       7,414,560       600,000       7,848,000  
8.5% SENIOR NOTES DUE 2032 (A)
     300,000       3,707,280       300,000       3,924,000  
8.49% SENIOR NOTES DUE 2037 (A)
     -       4,500,000       -       4,500,000  
9.375% SENIOR GUARANTEED NOTES DUE 2015 (B)
     -       -        174,700       2,285,076  
6.625% SENIOR NOTES DUE 2040 (A)     600,000       7,414,560       600,000       7,848,000  
7.38% CEBUR DUE 2020 (C)
      -        10,000,000        -        -  
    U.S.$ 2,071,951     Ps. 40,104,342     U.S.$ 2,246,651     Ps. 33,886,195  

(A)  
THESE SENIOR NOTES ARE UNSECURED OBLIGATIONS OF THE COMPANY, RANK EQUALLY IN RIGHT OF PAYMENT WITH ALL EXISTING AND FUTURE UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF THE COMPANY, AND ARE JUNIOR IN RIGHT OF PAYMENT TO ALL OF THE EXISTING AND FUTURE LIABILITIES OF THE COMPANY’S SUBSIDIARIES. INTEREST ON THE SENIOR NOTES DUE 2011, 2018, 2025, 2032, 2037 AND 2040, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 8.41%, 6.31%, 6.97%, 8.94%, 8.93% AND 6.97% 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, AS A WHOLE BUT NOT IN PART, AT THE OPTION OF THE COMPANY; AND (II) IN THE EVENT OF A CHANGE OF CONTROL, IN WHICH CASE THE COMPANY MAY BE REQUIRED TO REDEEM THE SECURITIES AT 101% OF THEIR PRINCIPAL AMOUNT. ALSO, THE COMPANY MAY, AT ITS OWN OPTION, REDEEM THE SENIOR NOTES DUE 2018, 2025, 2037 AND 2040, 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 AGREEMENT OF THESE SENIOR NOTES CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PAY TELEVISION NETWORKS AND PROGRAMMING EXPORTS TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS. ALL OF THESE SENIOR NOTES DUE 2011, 2018, 2025, 2032, 2037 AND 2040 ARE REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION.

(B)  
THESE SENIOR GUARANTEED NOTES WERE UNSECURED OBLIGATIONS OF CABLEMÁS AND ITS RESTRICTED SUBSIDIARIES AND WERE GUARANTEED BY SUCH RESTRICTED SUBSIDIARIES, RANKED EQUALLY IN RIGHT OF PAYMENT WITH ALL EXISTING AND FUTURE UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF CABLEMÁS AND ITS RESTRICTED SUBSIDIARIES, AND WERE JUNIOR IN RIGHT OF PAYMENT TO ALL OF THE EXISTING AND FUTURE SECURED INDEBTEDNESS OF CABLEMÁS AND ITS RESTRICTED SUBSIDIARIES TO THE EXTENT OF THE VALUE OF THE ASSETS SECURING SUCH INDEBTEDNESS. INTEREST ON THESE SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, WAS 9.858%, AND WAS PAYABLE SEMI-ANNUALLY.  IN NOVEMBER 2010, THESE GUARANTEED SENIOR NOTES WERE PREPAID BY CABLEMÁS AT A REDEMPTION PRICE OF 104.688% PLUS ACCRUED INTEREST IN THE AGGREGATE AMOUNT OF U.S.$183 MILLION (PS.2,256,716) (SEE NOTE 14).

(C)  
IN OCTOBER 2010, THE COMPANY ISSUED 7.38% NOTES (“CERTIFICADOS BURSÁTILES”) DUE 2020 THROUGH THE MEXICAN STOCK EXCHANGE (“BOLSA MEXICANA DE VALORES”) IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.10,000,000. INTEREST ON THESE NOTES IS PAYABLE SEMI-ANNUALLY. THE COMPANY MAY, AT ITS OWN OPTION, REDEEM THESE NOTES, IN WHOLE OR IN PART, AT ANY INTEREST PAYMENT DATE AT A REDEMPTION PRICE EQUAL TO THE GREATER OF THE PRINCIPAL AMOUNT OF THE OUTSTANDING NOTES OR 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 THESE NOTES CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PAY TELEVISION NETWORKS AND PROGRAMMING EXPORTS TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.
      
4.        CONTINGENCIES:

IN DECEMBER 2010, THE COMPANY AND UNIVISION COMMUNICATIONS INC. (“UNIVISION”) ANNOUNCED THE COMPLETION OF CERTAIN AGREEMENTS BY WHICH, AMONG OTHER TRANSACTIONS, THE GROUP MADE AN INVESTMENT IN BROADCASTING MEDIA PARTNERS, INC. (“BMP”), THE CONTROLLING COMPANY OF UNIVISION, AND THE PROGRAM LICENSE AGREEMENT (“PLA”) BETWEEN TELEVISA AND UNIVISION WAS AMENDED AND EXTENDED. AS A RESULT OF THESE AGREEMENTS, A COUNTERCLAIM FILED BY UNIVISION IN OCTOBER 2006, WHEREBY IT SOUGHT A JUDICIAL DECLARATION THAT ON OR AFTER DECEMBER 19, 2006, PURSUANT TO THE PLA, TELEVISA MAY NOT TRANSMIT OR PERMIT OTHERS TO TRANSMIT ANY TELEVISION PROGRAMMING INTO THE UNITED STATES BY MEANS OF THE INTERNET, WAS DISMISSED.

THERE ARE OTHER LEGAL ACTIONS AND CLAIMS PENDING AGAINST THE COMPANY, WHICH ARE FILED IN THE ORDINARY COURSE OF BUSINESS. IN THE OPINION OF THE COMPANY’S MANAGEMENT, NONE OF THESE ACTIONS ARE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT ON THE COMPANY’S FINANCIAL POSITION OR RESULTS OF OPERATIONS; HOWEVER, WE ARE UNABLE TO PREDICT THE OUTCOME OF ANY OF THESE LEGAL ACTIONS.

5.        STOCKHOLDERS' EQUITY:

THE COMPANY’S CAPITAL STOCK AS OF DECEMBER 31 IS ANALYZED AS FOLLOWS:


   
2010
    
2009
  
NOMINAL
   Ps. 2,368,792     Ps. 2,368,792  
CUMULATIVE INFLATION ADJUSTMENT (A)
     7,651,067       7,651,067  
TOTAL CAPITAL STOCK
   Ps. 10,019,859     Ps. 10,019,859  

            (A) THE COMPANY DISCONTINUED RECOGNIZING THE EFFECTS OF INFLATION ON FINANCIAL INFORMATION ON JANUARY 1, 2008, IN ACCORDANCE WITH MEXICAN FRS.

IN APRIL 2009, THE COMPANY’S STOCKHOLDERS APPROVED (I) THE PAYMENT OF A DIVIDEND FOR AN AGGREGATE AMOUNT OF UP TO PS.5,204,575, WHICH CONSISTED OF PS.1.75 PER CPO AND PS.0.014957264957 PER SHARE, NOT IN THE FORM OF A CPO, WHICH WAS PAID IN CASH IN MAY 2009 IN THE AGGREGATE AMOUNT OF PS.5,183,020; AND (II) THE CANCELLATION OF APPROXIMATELY 1,421.2 MILLION SHARES OF CAPITAL STOCK IN THE FORM OF APPROXIMATELY 12.1 MILLLION CPOS, WHICH WERE REPURCHASED BY THE COMPANY IN 2008.

IN DECEMBER 2009, THE COMPANY’S STOCKHOLDERS APPROVED THE PAYMENT OF A DIVIDEND FOR AN AGGREGATE AMOUNT OF UP TO PS.4,000,000, WHICH CONSISTED OF PS.1.35 PER CPO AND PS.0.011538461538 PER SHARE, NOT IN THE FORM OF A CPO, WHICH WAS PAID IN CASH IN DECEMBER 2009 IN THE AGGREGATE AMOUNT OF PS.3,980,837.

AS OF DECEMBER 31, 2010, THE NUMBER OF SHARES ISSUED, REPURCHASED AND OUTSTANDING IS PRESENTED AS FOLLOWS:
   
 
 ISSUED
  
 
REPURCHASED
  
 
OUTSTANDING
    SERIES “A” SHARES
  
119,879,076,425
  
8,820,805,810
  
111,058,270,615
    SERIES “B” SHARES
  
55,995,375,176
  
4,829,857,587
  
51,165,517,589
    SERIES “D” SHARES
  
85,333,686,865
  
3,934,058,014
  
81,399,628,851
    SERIES “L” SHARES
  
85,333,686,865
  
3,934,058,014
  
81,399,628,851
   
346,541,825,331
  
21,518,779,425
  
325,023,045,906

     THE COMPANY’S SHARES REPURCHASED BY THE COMPANY, AND THE COMPANY’S SHARES HELD BY A TRUST IN CONNECTION WITH THE COMPANY’S LONG-TERM RETENTION PLAN, ARE PRESENTED AS A CHARGE TO THE CONTROLLING INTEREST STOCKHOLDERS’ EQUITY, AS OF DECEMBER 31, 2010,  AS FOLLOWS:

   
SERIES “A”, “B”, “D”, AND “L” SHARES
        
   
IN THE FORM
OF CPOS
    
NOT IN THE
FORM OF CPOS
    
TOTAL
    
NET COST
  
REPURCHASE PROGRAM (1)
     4,540,138,200       -       4,540,138,200     PS. 1,979,090  
HELD BY A COMPANY’S SUBSIDIARY TRUST  (2)
     3,072,613,869       537,563,559       3,610,177,428       926,282  
HELD BY A COMPANY’S TRUST (3)
     5,538,241,683       7,830,222,114       13,368,463,797       3,109,902  
ADVANCES FOR ACQUISITION OF SHARES (4)
     -       -       -       141,351  
      13,150,993,752       8,367,785,673       21,518,779,425     PS. 6,156,625  

(1)  
DURING THE YEAR ENDED DECEMBER 31, 2010, THE COMPANY REPURCHASED 2,986,635,600 SHARES IN THE FORM OF 25,526,800 CPOS, IN THE AGGREGATE AMOUNT OF PS.1,274,022.
(2)  
IN THE SECOND QUARTER 2009, THIS SPECIAL PURPOSE TRUST WAS DESIGNATED, TOGETHER WITH ALL OF ITS REMAINING COMPANY SHARES, AS AN ADDITIONAL TRUST FOR THE COMPANY’S LONG-TERM RETENTION PLAN.
(3)  
IN JANUARY 2010 THIS TRUST RELEASED 1,608,102,171 SHARES IN THE FORM OF 13,744,463 CPOS IN CONNECTION WITH THE COMPANY’S LONG-TERM RETENTION PLAN, IN THE AMOUNT OF PS.88,652. DURING THE YEAR ENDED DECEMBER 31, 2010,  THIS TRUST ACQUIRED 829,050,300 COMPANY SHARES IN THE FORM OF 7,085,900 CPOS, IN THE AMOUNT OF PS.355,357.
(4)  
IN CONNECTION WITH THE COMPANY’S LONG-TERM RETENTION PLAN.

THE GROUP ACCRUED IN THE CONTROLLING INTEREST STOCKHOLDERS’ EQUITY A SHARE-BASED COMPENSATION EXPENSE OF PS.556,711 FOR THE YEAR ENDED DECEMBER 31, 2010, WHICH AMOUNT WAS REFLECTED IN CONSOLIDATED OPERATING INCOME AS ADMINISTRATIVE EXPENSE (SEE NOTE 11).

6.         REPURCHASE OF SHARES:

NO RESERVE FOR REPURCHASE OF SHARES WAS OUTSTANDING AS OF DECEMBER 31, 2010.
 
            IN ACCORDANCE WITH THE MEXICAN SECURITIES LAW, ANY AMOUNT OF SHARES REPURCHASED AND HELD BY THE COMPANY SHOULD BE RECOGNIZED AS A CHARGE TO STOCKHOLDERS' EQUITY, AND ANY CANCELLATION OF SHARES REPURCHASED SHOULD BE RECOGNIZED AS A REDUCTION OF THE COMPANY'S CAPITAL STOCK ISSUED FOR AN AMOUNT PROPORTIONATE TO THE SHARES CANCELLED.

7.         INTEGRAL RESULT OF FINANCING:

INTEGRAL RESULT OF FINANCING FOR THE YEARS ENDED DECEMBER 31 CONSISTED OF:

   
2010
    
2009
  
INTEREST EXPENSE (1)
   Ps. 3,615,276     Ps. 3,136,411  
INTEREST INCOME
     (1,047,505 )     (1,053,411 )
FOREIGN EXCHANGE LOSS, NET (2)
     460,874       890,254  
    Ps. 3,028,645      Ps. 2,973,254  

(1)  
INTEREST EXPENSE INCLUDES IN 2010 AND 2009 A NET LOSS FROM RELATED DERIVATIVE CONTRACTS OF PS.255,420 AND PS.123,242, RESPECTIVELY.
(2)  
FOREIGN EXCHANGE LOSS, NET, INCLUDES IN 2010 AND 2009 A NET LOSS FROM FOREIGN CURRENCY DERIVATIVE CONTRACTS OF PS.516,381 AND PS.529,621, RESPECTIVELY.

8.        DEFERRED TAXES:
 
           THE DEFERRED INCOME TAX LIABILITY AS OF DECEMBER 31 WAS DERIVED FROM:

   
2010
    
2009
  
ASSETS:
            
ACCRUED LIABILITIES
   Ps. 1,369,786     Ps. 884,255  
GOODWILL
     1,468,497       1,396,040  
TAX LOSS CARRYFORWARDS
     944,406       897,152  
ALLOWANCE FOR DOUBTFUL ACCOUNTS
     456,326       428,605  
CUSTOMER ADVANCES
     834,743       839,012  
OTHER ITEMS
     542,337       447,936  
      5,616,095       4,893,000  
LIABILITIES:
                
INVENTORIES
     (400,173 )     (379,286 )
PROPERTY, PLANT AND EQUIPMENT, NET
     (1,389,794 )     (1,365,307 )
OTHER ITEMS
     (1,503,034 )     (1,619,263 )
TAX LOSSES OF SUBSIDIARIES, NET
     (49,911 )     (161,686 )
      (3,342,912 )     (3,525,542 )
DEFERRED INCOME TAX OF MEXICAN COMPANIES
     2,273,183       1,367,458  
DEFERRED TAX OF FOREIGN SUBSIDIARIES
     640,184       160,462  
ASSETS TAX
     1,444,041       925,496  
VALUATION ALLOWANCE
     (4,837,579 )     (3,826,622 )
FLAT RATE BUSINESS TAX
     28,735       23,097  
DIVIDENDS DISTRIBUTED AMONG GROUP’S ENTITIES
     (413,454 )     (548,503 )
DEFERRED TAX LIABILITY
   Ps. (864,890 )   Ps. (1,898,612 )

DEFERRED TAX LIABILITY  CURRENT PORTION
   Ps. (183,093 )   Ps. (133,231 )
DEFERRED TAX LIABILITY  LONG-TERM
     (681,797 )     (1,765,381 )
      (864,890 )     (1,898,612 )
 
9.         DISCONTINUED OPERATIONS:

NO DISCONTINUED OPERATIONS, AS DEFINED BY MEXICAN FRS BULLETIN C-15, IMPAIRMENT IN THE VALUE OF LONG-LIVED ASSETS AND THEIR DISPOSAL, WERE RECOGNIZED IN INCOME FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009.
 
10.       QUARTERLY NET RESULTS:

THE QUARTERLY NET RESULTS FOR THE YEAR ENDED DECEMBER 31, 2010 ARE AS FOLLOWS:

 
QUARTER
  
ACCUMULATED
    
QUARTER
  
             
             
1 / 10
   Ps. 1,059,380     Ps. 1,059,380  
2 / 10
     2,863,681       1,804,301  
3 / 10
     5,058,894       2,195,213  
4 / 10
     7,683,389       2,624,495  


11. INFORMATION BY SEGMENTS:

 INFORMATION BY SEGMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 IS PRESENTED AS FOLLOWS:

 
   
TOTAL REVENUES
    
INTERSEGMENT REVENUES
    
CONSOLIDATED REVENUES
    
SEGMENT INCOME (LOSS)
        
2010:
                              
TELEVISION BROADCASTING
   Ps. 22,750,082     Ps. 396,300     Ps. 22,353,782     Ps. 10,714,296        
PAY TELEVISION NETWORKS
     3,146,172       504,360       2,641,812       1,622,022        
PROGRAMMING EXPORTS
     3,074,766       6,639       3,068,127       1,503,640        
PUBLISHING
     3,229,588       66,795       3,162,793       425,296        
SKY
     11,248,160       50,116       11,198,044       5,074,517        
CABLE AND TELECOM
     11,814,196       61,654       11,752,542       3,907,172        
OTHER BUSINESSES
     3,812,476       132,748       3,679,728       (184,038 )      
SEGMENTS TOTALS
     59,075,440       1,218,612       57,856,828       23,062,905        
RECONCILIATION TO CONSOLIDATED
AMOUNTS:
                                      
ELIMINATIONS AND CORPORATE EXPENSES
     (1,218,612 )     (1,218,612 )     -       (900,971 )      
DEPRECIATION AND AMORTIZATION EXPENSE
     -       -       -       (6,579,325 )      
CONSOLIDATED TOTAL
   Ps. 57,856,828     Ps. -     Ps. 57,856,828     Ps. 15,582,609    (1)      
                                         
2009:
                                        
TELEVISION BROADCASTING
   Ps. 21,561,636     Ps. 163,054     Ps. 21,398,582     Ps. 10,323,899          
PAY TELEVISION NETWORKS
     2,736,579       795,139       1,941,440       1,660,364          
PROGRAMMING EXPORTS
     2,845,918       16,915       2,829,003       1,437,220          
PUBLISHING
     3,356,056       15,510       3,340,546       190,709          
SKY
     10,005,216       15,227       9,989,989       4,478,847          
CABLE AND TELECOM
     9,241,787       65,174       9,176,613       2,971,868          
OTHER BUSINESSES
     3,771,444       95,116       3,676,328       (318,201 )        
SEGMENT TOTALS
     53,518,636       1,166,135       52,352,501       20,744,706          
RECONCILIATION TO CONSOLIDATED AMOUNTS:
                                        
ELIMINATIONS AND CORPORATE EXPENSES
     (1,166,135 )     (1,166,135 )     -       (658,249 )        
DEPRECIATION AND AMORTIZATION EXPENSE