Edgar Filing: GRUPO TELEVISA, S.A.B.

kr6kfinan_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 July, 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

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

(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: 02	YEAR: 2011
GRUPO TELEVISA, S.A.B.

BALANCE SHEETS

AS OF JUNE 30, 2011 AND 2010

(Thousands of Mexican Pesos)

CONSOLIDATED

Final Printing


REF	CONCEPTS	CURRENT YEAR		PREVIOUS YEAR
S		Amount	%	Amount	%
s01	TOTAL ASSETS	144,813,851	100	122,961,469	100

s02	CURRENT ASSETS	48,952,733	34	62,633,990	51
s03	CASH AND AVAILABLE INVESTMENTS	18,508,931	13	33,109,960	27
s04	ACCOUNTS AND NOTES RECEIVABLE (NET)	13,264,638	9	12,550,223	10
s05	OTHER ACCOUNTS AND NOTES RECEIVABLE (NET)	4,614,245	3	4,481,898	4
s06	INVENTORIES	5,372,140	4	5,758,711	5
s07	OTHER CURRENT ASSETS	7,192,779	5	6,733,198	5
s08	LONG-TERM ASSETS	38,666,991	27	6,634,837	5
s09	ACCOUNTS AND NOTES RECEIVABLE (NET)	0	0	0	0
s10	INVESTMENTS IN SHARES OF NON-CONSOLIDATED
	SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES	3,765,936	3	2,349,208	2
s11	OTHER INVESTMENTS	34,901,055	24	4,285,629	3
s12	PROPERTY, PLANT AND EQUIPMENT (NET)	38,859,870	27	36,600,407	30
s13	LAND AND BUILDINGS	16,561,692	11	17,060,086	14
s14	MACHINERY AND INDUSTRIAL EQUIPMENT	51,036,052	35	44,201,277	36
s15	OTHER EQUIPMENT	6,847,772	5	6,583,173	5
s16	ACCUMULATED DEPRECIATION	39,457,207	27	33,720,621	27
s17	CONSTRUCTION IN PROGRESS	3,871,561	3	2,476,492	2

s18	INTANGIBLE ASSETS AND DEFERRED CHARGES (NET)	12,079,390	8	10,515,744	9

s19	OTHER ASSETS	6,254,867	4	6,576,491	5

s20	TOTAL LIABILITIES	91,213,726	100	76,108,185	100

s21	CURRENT LIABILITIES	22,178,002	24	15,245,071	20
s22	SUPPLIERS	7,258,772	8	8,823,872	12
s23	BANK LOANS	1,020,000	1	900,000	1
s24	STOCK MARKET LOANS	842,654	1	0	0
s103	OTHER LOANS WITH COST	490,984	1	284,138	0
s25	TAXES PAYABLE	1,131,503	1	783,397	1
s26	OTHER CURRENT LIABILITIES WITHOUT COST	11,434,089	13	4,453,664	6
s27	LONG-TERM LIABILITIES	51,286,355	56	41,959,338	55
s28	BANK LOANS	13,080,000	14	8,039,965	11
s29	STOCK MARKET LOANS	37,923,000	42	33,420,240	44
s30	OTHER LOANS WITH COST	283,355	0	499,133	1
s31	DEFERRED LIABILITIES	14,626,248	16	14,146,723	19
s32	OTHER NON-CURRENT LIABILITIES WITHOUT COST	3,123,121	3	4,757,053	6

s33	STOCKHOLDERS' EQUITY	53,600,125	100	46,853,284	100

s34	NON-CONTROLLING INTEREST	6,819,727	13	6,411,175	14

s35	CONTROLLING INTEREST	46,780,398	87	40,442,109	86

s36	CONTRIBUTED CAPITAL	16,332,124	30	14,567,803	31
s79	CAPITAL STOCK	10,118,098	19	10,019,859	21
s39	PREMIUM ON ISSUANCE OF SHARES	6,214,026	12	4,547,944	10
s40	CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES	0	0	0	0
s41	EARNED CAPITAL	30,448,274	57	25,874,306	55
s42	RETAINED EARNINGS AND CAPITAL RESERVES	35,588,700	66	30,600,189	65
s44	OTHER ACCUMULATED COMPREHENSIVE RESULT	1,072,909	2	648,436	1
s80	SHARES REPURCHASED	-6,213,335	-12	-5,374,319	-11

BALANCE SHEETS

BREAKDOWN OF MAIN CONCEPTS

(Thousands of Mexican Pesos)

CONSOLIDATED

Final Printing


REF	CONCEPTS	CURRENT YEAR		PREVIOUS YEAR
S		Amount	%	Amount	%
s03	CASH AND SHORT-TERM INVESTMENTS	18,508,931	100	33,109,960	100
s46	CASH	18,508,931	100	33,109,960	100
s47	AVAILABLE INVESTMENTS	0	0	0	0

s07	OTHER CURRENT ASSETS	7,192,779	100	6,733,198	100
s81	DERIVATIVE FINANCIAL INSTRUMENTS	0	0	0	0
s82	DISCONTINUED OPERATIONS	0	0	0	0
s83	OTHER	7,192,779	100	6,733,198	100

s18	INTANGIBLE ASSETS AND DEFERRED CHARGES (NET)	12,079,390	100	10,515,744	100

s48	DEFERRED EXPENSES (NET)	9,426,789	78	7,741,195	74
s49	GOODWILL	2,652,601	22	2,774,549	26
s51	OTHER	0	0	0	0

s19	OTHER ASSETS	6,254,867	100	6,576,491	100
s85	DERIVATIVE FINANCIAL INSTRUMENTS	0	0	923,896	14
s50	DEFERRED TAXES	0	0	0	0
s104	BENEFITS TO EMPLOYEES	0	0	0	0
s86	DISCONTINUED OPERATIONS	0	0	0	0
s87	OTHER	6,254,867	100	5,652,595	86

s21	CURRENT LIABILITIES	22,178,002	100	15,245,071	100
s52	FOREIGN CURRENCY LIABILITIES	5,760,091	26	6,792,472	45
s53	MEXICAN PESOS LIABILITIES	16,417,911	74	8,452,599	55

s26	OTHER CURRENT LIABILITIES WITHOUT COST	11,434,089	100	4,453,664	100
s88	DERIVATIVE FINANCIAL INSTRUMENTS	89,511	1	53,067	1
s89	ACCRUED INTEREST	721,353	6	717,275	16
s68	PROVISIONS	0	0	0	0
s90	DISCONTINUED OPERATIONS	0	0	0	0
s58	OTHER CURRENT LIABILITIES	10,135,063	89	3,275,319	74
s105	BENEFITS TO EMPLOYEES	488,162	4	408,003	9

s27	LONG-TERM LIABILITIES	51,286,355	100	41,959,338	100
s59	FOREIGN CURRENCY LIABILITIES	23,584,896	46	32,883,140	78
s60	MEXICAN PESOS LIABILITIES	27,701,459	54	9,076,198	22

s31	DEFERRED LIABILITIES	14,626,248	100	14,146,723	100
s65	NEGATIVE GOODWILL	0	0	0	0
s67	OTHER	14,626,248	100	14,146,723	100

s32	OTHER NON-CURRENT LIABILITIES WITHOUT COST	3,123,121	100	4,757,053	100
s66	DEFERRED TAXES	335,763	11	1,510,878	32
s91	OTHER LIABILITIES IN RESPECT OF SOCIAL INSURANCE	497,970	16	418,439	9
s92	DISCONTINUED OPERATIONS	0	0	0	0
s69	OTHER LIABILITIES	2,289,388	73	2,827,736	59

s79	CAPITAL STOCK	10,118,098	100	10,019,859	100
s37	CAPITAL STOCK (NOMINAL)	2,405,031	24	2,368,792	24
s38	RESTATEMENT OF CAPITAL STOCK	7,713,067	76	7,651,067	76

s42	RETAINED EARNINGS AND CAPITAL RESERVES	35,588,700	100	30,600,189	100
s93	LEGAL RESERVE	2,139,007	6	2,135,423	7
s43	RESERVE FOR REPURCHASE OF SHARES	0	0	0	0
s94	OTHER RESERVES	0	0	0	0
s95	RETAINED EARNINGS	30,775,333	86	25,601,085	84
s45	NET INCOME FOR THE YEAR	2,674,360	8	2,863,681	9

s44	OTHER ACCUMULATED COMPREHENSIVE RESULT	1,072,909	100	648,436	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	-1,470,392	-137	-1,381,787	-213
s97	CUMULATIVE RESULT FROM DERIVATIVE FINANCIAL INSTRUMENTS	-132,121	-12	-113,830	-18
s98	CUMULATIVE EFFECT OF DEFERRED INCOME TAXES	0	0	0	0
s100	OTHER	2,675,422	249	2,144,053	331

BALANCE SHEETS

OTHER CONCEPTS

(Thousands of Mexican Pesos)

CONSOLIDATED

Final Printing


REF	CONCEPTS	CURRENT YEAR	PREVIOUS YEAR
S		Amount	Amount

s72	WORKING CAPITAL	26,774,731	47,388,919
s73	PENSIONS AND SENIORITY PREMIUMS	1,809,330	1,629,336
s74	EXECUTIVES (*)	39	40
s75	EMPLOYEES (*)	25,271	24,320
s76	WORKERS (*)	0	0
s77	OUTSTANDING SHARES (*)	330,963,297,015	326,839,962,306
s78	REPURCHASED SHARES (*)	18,480,128,316	19,701,863,025
s101	RESTRICTED CASH	0	0
s102	NET DEBT OF NON-CONSOLIDATED COMPANIES	202,293	837,585

(*) THESE CONCEPTS ARE STATED IN UNITS.

STATEMENTS OF INCOME

FROM JANUARY 1 TO JUNE 30, 2011 AND 2010

(Thousands of Mexican Pesos)

CONSOLIDATED

Final Printing


REF	CONCEPTS	CURRENT YEAR		PREVIOUS YEAR
R		Amount	%	Amount	%

r01	NET SALES	28,325,320	100	26,594,754	100
r02	COST OF SALES	15,757,500	56	14,502,751	55
r03	GROSS PROFIT	12,567,820	44	12,092,003	45
r04	GENERAL EXPENSES	5,812,007	21	5,331,677	20
r05	OPERATING INCOME (LOSS)	6,755,813	24	6,760,326	25
r08	OTHER INCOME AND (EXPENSE), NET	-185,630	0	-219,786	0
r06	INTEGRAL RESULT OF FINANCING	-1,741,593	-6	-1,674,217	-6
r12	EQUITY IN NET INCOME OF NON-CONSOLIDATED
	SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES	-231,626	0	-67,540	-0
r48	NON-ORDINARY ITEMS	0	0	0	0
r09	INCOME BEFORE INCOME TAXES	4,596,964	16	4,798,783	18
r10	INCOME TAXES	1,222,099	4	1,459,897	5
r11	INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS	3,374,865	12	3,338,886	13
r14	DISCONTINUED OPERATIONS	0	0	0	0
r18	CONSOLIDATED NET INCOME	3,374,865	12	3,338,886	13
r19	NONCONTROLLING INTEREST NET INCOME	700,505	2	475,205	2
r20	CONTROLLING INTEREST NET INCOME	2,674,360	9	2,863,681	11

STATEMENTS OF INCOME

BREAKDOWN OF MAIN CONCEPTS

(Thousands of Mexican Pesos)

CONSOLIDATED

Final Printing


REF	CONCEPTS	CURRENT YEAR		PREVIOUS YEAR
R		Amount	%	Amount	%

r01	NET SALES	28,325,320	100	26,594,754	100
r21	DOMESTIC	24,703,324	87	23,131,699	87
r22	FOREIGN	3,621,996	13	3,463,055	13
r23	TRANSLATED INTO DOLLARS (***)	309,268	1	273,508	1

r08	OTHER INCOME AND (EXPENSE), NET	-185,630	100	-219,786	100
r49	OTHER INCOME AND (EXPENSE), NET	-176,316	95	-212,882	97
r34	EMPLOYEES' PROFIT SHARING, CURRENT	10,977	-6	6,180	-3
r35	EMPLOYEES' PROFIT SHARING, DEFERRED	-1,663	1	724	0

r06	INTEGRAL RESULT OF FINANCING	-1,741,593	100	-1,674,217	100
r24	INTEREST EXPENSE	1,947,034	-112	1,769,550	-106
r42	GAIN (LOSS) ON RESTATEMENT OF UDI'S	0	0	0	0
r45	OTHER FINANCE COSTS	0	0	0	0
r26	INTEREST INCOME	455,873	-26	558,228	-33
r46	OTHER FINANCIAL PRODUCTS	0	0	0	0
r25	FOREIGN EXCHANGE GAIN (LOSS), NET	-250,432	14	-462,895	28
r28	RESULT FROM MONETARY POSITION	0	0	0	0

r10	INCOME TAXES	1,222,099	100	1,459,897	100
r32	INCOME TAX, CURRENT	1,334,831	109	1,343,659	92
r33	INCOME TAX, DEFERRED	-112,732	-9	116,238	8

(***) 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

Final Printing


REF	CONCEPTS	CURRENT YEAR	PREVIOUS YEAR
R		Amount	Amount

r36	TOTAL SALES	34,073,082	32,863,822
r37	TAX RESULT FOR THE YEAR	7,093,442	5,563,331
r38	NET SALES (**)	59,587,394	54,907,945
r39	OPERATING INCOME (**)	15,578,096	15,051,192
r40	CONTROLLING INTEREST NET INCOME (**)	7,494,068	6,065,872
r41	NET CONSOLIDATED INCOME (**)	8,551,906	6,672,537
r47	OPERATIVE DEPRECIATION AND AMORTIZATION	3,588,662	3,003,486

(**) RESTATED INFORMATION FOR THE LAST TWELVE MONTHS.

QUARTERLY STATEMENTS OF INCOME

FROM APRIL 1 TO JUNE 30, 2011 AND 2010

(Thousands of Mexican Pesos)

CONSOLIDATED

Final Printing

REF	CONCEPTS	CURRENT YEAR		PREVIOUS YEAR
RT		Amount	%	Amount	%

rt01	NET SALES	15,125,707	100	14,447,709	100
rt02	COST OF SALES	8,011,096	53	7,487,268	52
rt03	GROSS PROFIT	7,114,611	47	6,960,441	48
rt04	GENERAL EXPENSES	2,906,237	19	2,728,439	19
rt05	INCOME (LOSS) AFTER GENERAL EXPENSES	4,208,374	28	4,232,002	29
rt08	OTHER INCOME AND (EXPENSE), NET	-150,757	0	-201,362	-1
rt06	INTEGRAL RESULT OF FINANCING	-960,972	-6	-1,146,646	-8
rt12	EQUITY IN NET INCOME OF NON-CONSOLIDATED
	SUBSIDIARIES AND ASSOCIATES	-133,403	0	48,115	0
rt48	NON-ORDINARY ITEMS	0	0	0	0
rt09	INCOME BEFORE INCOME TAXES	2,963,242	20	2,932,109	20
rt10	INCOME TAXES	807,991	5	865,198	6
rt11	INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS	2,155,251	14	2,066,911	14
rt14	DISCONTINUED OPERATIONS	0	0	0	0
rt18	NET CONSOLIDATED INCOME	2,155,251	14	2,066,911	14
rt19	NET INCOME OF MINORITY INTEREST	351,604	2	262,610	2
rt20	NET INCOME OF MAJORITY INTEREST	1,803,647	12	1,804,301	12

QUARTERLY STATEMENTS OF INCOME

BREAKDOWN OF MAIN CONCEPTS

(Thousands of Mexican Pesos)

CONSOLIDATED

Final Printing

REF	CONCEPTS	CURRENT YEAR		PREVIOUS YEAR
RT		Amount	%	Amount	%

rt01	NET SALES	15,125,707	100	14,447,709	100
rt21	DOMESTIC	13,192,334	87	12,704,412	88
rt22	FOREIGN	1,933,373	13	1,743,297	12
rt23	TRANSLATED INTO DOLLARS (***)	168,112	1	134,498	1

rt08	OTHER INCOME AND (EXPENSE), NET	-150,757	100	-201,362	100
rt49	OTHER INCOME AND (EXPENSE), NET	-146,021	97	-199,114	99
rt34	EMPLOYEES' PROFIT SHARING, CURRENT	5,309	-4	3,458	-2
rt35	EMPLOYEES' PROFIT SHARING, DEFERRED	-573	0	-1,210	1

rt06	INTEGRAL RESULT OF FINANCING	-960,972	100	-1,146,646	100
rt24	INTEREST EXPENSE	1,071,530	-112	879,117	-77
rt42	GAIN (LOSS) ON RESTATEMENT OF UDI'S	0	0	0	0
rt45	OTHER FINANCE COSTS	0	0	0	0
rt26	INTEREST INCOME	158,923	-17	192,947	-17
rt46	OTHER FINANCIAL PRODUCTS	0	0	0	0
rt25	FOREIGN EXCHANGE GAIN (LOSS), NET	-48,365	5	-460,476	40
rt28	RESULT FROM MONETARY POSITION	0	0	0	0

rt10	INCOME TAXES	807,991	100	865,198	100
rt32	INCOME TAX, CURRENT	889,171	110	815,360	94
rt33	INCOME TAX, DEFERRED	-81,180	-10	49,838	6

(***) 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

Final Printing


REF	CONCEPTS	CURRENT YEAR	PREVIOUS YEAR
RT		Amount	Amount

rt47	OPERATIVE DEPRECIATION AND AMORTIZATION	1,813,188	1,522,311

STATEMENTS OF CASH FLOWS (INDIRECT METHOD)

MAIN CONCEPTS

(Thousands of Mexican Pesos)

CONSOLIDATED

Final Pringing

REF	CONCEPTS	CURRENT YEAR	PREVIOUS YEAR
E		Amount	Amount
	OPERATING ACTIVITIES
e01	INCOME (LOSS) BEFORE INCOME TAXES	4,596,964	4,798,783
e02	+ (-) ITEMS NOT REQUIRING CASH	480,295	408,868
e03	+ (-) ITEMS RELATED TO INVESTING ACTIVITIES	3,870,090	3,171,783
e04	+ (-) ITEMS RELATED TO FINANCING ACTIVITIES	1,937,677	1,643,283
e05	CASH FLOW BEFORE INCOME TAX	10,885,026	10,022,717
e06	CASH FLOWS PROVIDED OR USED IN OPERATION	(3,751,990)	(1,815,237)
e07	NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES	7,133,036	8,207,480

	INVESTING ACTIVITIES
e08	NET CASH FLOWS FROM INVESTING ACTIVITIES	(10,464,390)	(2,215,103)
e09	CASH IN EXCESS (REQUIRED) FOR FINANCING ACTIVITIES	(3,331,354)	5,992,377

	FINANCING ACTIVITIES
e10	NET CASH FLOWS FROM FINANCING ACTIVITIES	940,511	(2,840,339)
e11	NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	(2,390,843)	3,152,038
e12	TRANSLATION DIFFERENCES IN CASH AND CASH EQUIVALENTS	(52,179)	(46,528)
e13	CASH AND CASH EQUIVALENTS AT BEGINING OF PERIOD	20,951,953	30,004,450
e14	CASH AND CASH EQUIVALENTS AT END OF PERIOD	18,508,931	33,109,960

STATEMENTS OF CASH FLOWS (INDIRECT METHOD)

ANALYSIS OF MAIN CONCEPTS

(Thousands of Mexican Pesos)

CONSOLIDATED

Final Printing


REF	CONCEPTS	CURRENT YEAR	PREVIOUS YEAR
E		Amount	Amount

e02	+ (-) ITEMS NOT REQUIRING CASH	480,295	408,868
e15	+ ESTIMATES FOR THE PERIOD	391,889	328,586
e16	+ PROVISIONS FOR THE PERIOD	-	-
e17	+ (-) OTHER UNREALIZED ITEMS	88,406	80,282

e03	+ (-) ITEMS RELATED TO INVESTING ACTIVITIES	3,870,090	3,171,783
e18	+ DEPRECIATION AND AMORTIZATION FOR THE PERIOD *	3,588,662	3,003,486
e19	(-) + GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND
	EQUIPMENT	-	-
e20	+ IMPAIRMENT LOSS	24,950	-
e21	(-) + EQUITY IN RESULTS OF ASSOCIATES AND JOINT VENTURES	231,626	67,540
e22	(-) DIVIDENDS RECEIVED	-	-
e23	(-) INTEREST INCOME	(14,961)	-
e24	(-) + OTHER ITEMS	39,813	100,757

e04	+ (-) ITEMS RELATED TO FINANCING ACTIVITIES	1,937,677	1,643,283
e25	+ ACCRUED INTEREST	1,873,879	1,553,305
e26	+ (-) OTHER ITEMS	63,798	89,978

e06	CASH FLOWS PROVIDED OR USED IN OPERATION	(3,751,990)	(1,815,237)
e27	+ (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE	4,036,702	5,453,151
e28	+ (-) DECREASE (INCREASE) IN INVENTORIES	(668,562)	583,605
e29	+ (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE	(412,796)	(1,006,730)
e30	+ (-) INCREASE (DECREASE) IN SUPPLIERS	(174,285)	1,057,219
e31	+ (-) INCREASE (DECREASE) IN OTHER LIABILITIES	(4,916,575)	(6,553,082)
e32	+ (-) INCOME TAXES PAID OR RETURNED	(1,616,474)	(1,349,400)

e08	NET CASH FLOWS FROM INVESTING ACTIVITIES	(10,464,390)	(2,215,103)
e33	- PERMANENT INVESTMENT IN SHARES	(385,458)	(353,102)
e34	+ DISPOSITION OF PERMANENT INVESTMENT IN SHARES	-	63,026
e35	- INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT	(3,872,824)	(5,200,268)
e36	+ SALE OF PROPERTY, PLANT AND EQUIPMENT	528,983	49,455
e37	- INVESTMENT IN INTANGIBLE ASSETS	(93,605)	(203,235)
e38	+ DISPOSITION OF INTANGIBLE ASSETS	-	-
e39	- OTHER PERMANENT INVESTMENTS	-	-
e40	+ DISPOSITION OF OTHER PERMANENT INVESTMENTS	-	-
e41	+ DIVIDEND RECEIVED	66,417	-
e42	+ INTEREST RECEIVED	-	-
e43	+ (-) DECREASE (INCREASE) ADVANCES AND LOANS TO
	THIRD PARTS	-	-
e44	+ (-) OTHER ITEMS	(6,707,903)	3,429,021

e10	NET CASH FLOWS FROM FINANCING ACTIVITIES	940,511	(2,840,339)
e45	+ BANK FINANCING	9,580,000	-
e46	+ STOCK MARKET FINANCING	-	-
e47	+ OTHER FINANCING	-	-
e48	(-) BANK FINANCING AMORTIZATION	(3,110,135)	(569,755)
e49	(-) STOCK MARKET FINANCING AMORTIZATION	-	-
e50	(-) OTHER FINANCING AMORTIZATION	(151,569)	(73,804)
e51	+ (-) INCREASE (DECREASE) IN CAPITAL STOCK	-	-
e52	(-) DIVIDENDS PAID	(2,954,762)	-
e53	+ PREMIUM ON ISSUANCE OF SHARES	-	-
e54	+ CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES	-	-
e55	- INTEREST EXPENSE	(1,903,269)	(1,300,651)
e56	- REPURCHASE OF SHARES	(12,623)	(485,178)
e57	+ (-) OTHER ITEMS	(507,131)	(410,951)

* IN CASE THAT THIS AMOUNT IS DIFFERENT FROM THE R47 ACCOUNT IT WILL HAVE TO EXPLAIN IN NOTES.

DATA PER SHARE

CONSOLIDATED

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		$	0.00

d10	DIVIDEND IN SHARES PER SHARE		0.00	shares		0.00	shares

d11	MARKET PRICE TO CARRYING VALUE		3.48	times		3.16	times

d12	MARKET PRICE TO BASIC PROFIT PER ORDINARY SHARE (**)		21.54	times		21.13	times

d13	MARKET PRICE TO BASIC PROFIT PER PREFERENT SHARE (**)		0.00	times		0.00	times

(**) TO CALCULATE THE DATA PER SHARE, USE THE NET INCOME FOR THE LAST TWELVE MONTHS.

RATIOS

CONSOLIDATED

Final Printing


REF	CONCEPTS	CURRENT YEAR		PREVIOUS YEAR
P

	YIELD
p01	NET INCOME TO NET SALES	11.91	%	12.55	%
p02	NET INCOME TO STOCKHOLDERS' EQUITY (**)	15.96	%	14.24	%
p03	NET INCOME TO TOTAL ASSETS (**)	5.91	%	5.43	%
p04	CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME	13.31	%	0.00	%
p05	RESULT FROM MONETARY POSITION TO NET INCOME	0.00	%	0.00	%

	ACTIVITY
p06	NET SALES TO NET ASSETS (**)	0.41	times	0.45	times
p07	NET SALES TO FIXED ASSETS (**)	1.53	times	1.50	times
p08	INVENTORIES TURNOVER (**)	5.98	times	5.06	times
p09	ACCOUNTS RECEIVABLE IN DAYS OF SALES	73	days	73	days
p10	PAID INTEREST TO TOTAL LIABILITIES WITH COST (**)	7.07	%	7.62	%

	LEVERAGE
p11	TOTAL LIABILITIES TO TOTAL ASSETS	62.99	%	61.90	%
p12	TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY	1.70	times	1.62	times
p13	FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES	32.17	%	52.13	%
p14	LONG-TERM LIABILITIES TO FIXED ASSETS	131.98	%	114.64	%
p15	OPERATING INCOME TO INTEREST PAID	3.47	times	3.82	times
p16	NET SALES TO TOTAL LIABILITIES (**)	0.65	times	0.72	times

	LIQUIDITY
p17	CURRENT ASSETS TO CURRENT LIABILITIES	2.21	times	4.11	times
p18	CURRENT ASSETS LESS INVENTORY TO CURRENT
	LIABILITIES	1.97	times	3.73	times
p19	CURRENT ASSETS TO TOTAL LIABILITIES	0.54	times	0.82	times
p20	AVAILABLE ASSETS TO CURRENT LIABILITIES	83.46	%	217.18	%

(**) IN THESE RATIOS, THE DATA TAKE INTO CONSIDERATION THE LAST TWELVE MONTHS.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

	CONSOLIDATED Final Printing

MEXICO CITY, D.F., JULY 11, 2011—GRUPO TELEVISA, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “TELEVISA” OR “THE COMPANY”), TODAY ANNOUNCED RESULTS FOR SECOND QUARTER 2011. 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 QUARTERS ENDED JUNE 30, 2011 AND 2010, IN MILLIONS OF MEXICAN PESOS, AS WELL AS THE PERCENTAGE THAT EACH LINE REPRESENTS OF NET SALES AND THE PERCENTAGE CHANGE WHEN COMPARING 2011 WITH 2010:

CONSOLIDATED NET SALES

CONSOLIDATED NET SALES INCREASED 4.7% TO PS.15,125.7 MILLION IN SECOND QUARTER 2011 COMPARED WITH PS.14,447.7 MILLION IN SECOND QUARTER 2010. THIS INCREASE WAS ATTRIBUTABLE TO GROWTH ACROSS MOST OF OUR BUSINESS SEGMENTS, BUT IN PARTICULAR IN OUR PROGRAMMING EXPORTS, SKY AND CABLE AND TELECOM SEGMENTS. OPERATING SEGMENT INCOME INCREASED 5.2%, REACHING PS.6,262.7 MILLION WITH A MARGIN OF 40.5%.

CONTROLLING INTEREST NET INCOME

CONTROLLING INTEREST NET INCOME REMAINED PRACTICALLY FLAT, REACHING PS.1,803.6 MILLION IN SECOND QUARTER 2011 COMPARED WITH PS.1,804.3 MILLION IN SECOND QUARTER 2010. CONTROLLING INTEREST NET INCOME WAS NEGATIVELY IMPACTED BY I) A PS.290.9 MILLION INCREASE IN DEPRECIATION AND AMORTIZATION WHICH RESULTED FROM THE ONGOING GROWTH IN OUR SUBSCRIBER BASE; II) A PS.181.6 MILLION INCREASE IN EQUITY IN LOSSES OF AFFILIATES, NET; AND III) A PS.89 MILLION INCREASE IN NON-CONTROLLING INTEREST NET INCOME. THESE UNFAVORABLE VARIANCES WERE OFFSET BY I) A PS.267.3 MILLION INCREASE IN OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION; II) A PS.185.6 MILLION DECREASE IN INTEGRAL COST OF FINANCING; III) A PS.57.2 MILLION DECREASE IN INCOME TAXES; AND IV) A PS.50.7 MILLION DECREASE IN OTHER EXPENSE, NET.

SECOND QUARTER RESULTS BY BUSINESS SEGMENT

THE FOLLOWING INFORMATION PRESENTS SECOND-QUARTER RESULTS ENDED JUNE 30, 2011 AND 2010, FOR EACH OF OUR BUSINESS SEGMENTS. RESULTS FOR THE SECOND QUARTER 2011 AND 2010 ARE PRESENTED IN MILLIONS OF MEXICAN PESOS:

TELEVISION BROADCASTING

SECOND-QUARTER SALES DECREASED 5.9% TO PS.5,478.7 MILLION COMPARED WITH PS.5,821 MILLION IN SECOND QUARTER 2010. THIS DECREASE IS EXPLAINED BY THE DIFFICULT COMPARISON DUE TO THE ABSENCE OF GRUPO CARSO AS A CLIENT DURING THE SECOND QUARTER, AND THE CONTRIBUTION TO REVENUES FROM THE 2010 SOCCER WORLD CUP. EXCLUDING THE CONTRIBUTION OF GRUPO CARSO TO 2010 REVENUES, SALES DROPPED BY ONLY 1%. LOCAL ADVERTISING REVENUE HELPED SUPPORT SOLID ORGANIC GROWTH.

TELEVISA’S CONTENT CONTINUES TO DELIVER STRONG RESULTS. THE FINAL EPISODE OF THE NOVELA TRIUNFO DEL AMOR WAS THE HIGHEST RATED SHOW IN THE QUARTER WITH AN AUDIENCE SHARE OF 39.7%. IN ADDITION, NINE OF THE TOP-TEN RATED SHOWS ON OVER-THE-AIR TELEVISION IN MEXICO WERE TRANSMITTED BY TELEVISA. UPFRONT DEPOSITS REPRESENTED 82.8% OF REVENUES DURING THE QUARTER AND THE BALANCE WERE SALES IN THE SPOT MARKET. THIS FIGURE COMPARES WITH 82.1% IN SECOND QUARTER 2010.

SECOND-QUARTER OPERATING SEGMENT INCOME DECREASED 8.7% TO PS.2,618.7 MILLION COMPARED WITH PS.2,866.7 MILLION IN SECOND QUARTER 2010; THE MARGIN WAS 47.8%. THE DECREASE IN MARGIN OF 140 BASIS POINTS IS A CONSEQUENCE OF THE LOWER REVENUE BASE, AS EXPLAINED ABOVE, COMPENSATED BY A STRICT CONTROL ON PROGRAMMING EXPENSES AND THE ABSENCE OF SPECIAL PROGRAMMING.

PAY TELEVISION NETWORKS

SECOND-QUARTER SALES INCREASED 6.4% TO PS.826.9 MILLION COMPARED WITH PS.777.1 MILLION IN SECOND QUARTER 2010. THE INCREASE WAS DRIVEN BY THE ADDITION OF 3.8 MILLION PAY-TV SUBSCRIBERS IN THE LAST TWELVE MONTHS, MOSTLY IN MEXICO, AS WELL AS STRONG ADVERTISING SALES GROWTH, WHICH REPRESENTED 24.9% OF SEGMENT REVENUE DURING THE QUARTER. THESE RESULTS NO LONGER INCLUDE THE CONSOLIDATION OF TUTV, WHICH WAS SOLD TO UNIVISION AS PART OF THE RECENTLY CLOSED DEAL. EXCLUDING THE CONTRIBUTION TO REVENUES OF TUTV IN 2010 RESULTS, GROWTH IN OUR PAY TELEVISION NETWORKS SEGMENT WAS 15% DURING THE QUARTER. ADDITIONALLY, THE SEGMENT WAS IMPACTED BY A NEGATIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES AMOUNTING TO PS.35 MILLION.

SECOND-QUARTER OPERATING SEGMENT INCOME INCREASED 13.2% TO PS.413.8 MILLION COMPARED WITH PS.365.4 MILLION IN SECOND QUARTER 2010, AND THE MARGIN INCREASED TO 50%. THIS RESULT REFLECTS HIGHER SALES AS WELL AS THE ABSENCE OF COSTS AND EXPENSES RELATED TO I) FOROTV, WHICH IS NOW PART OF TELEVISION BROADCASTING; II) THE TRANSMISSION OF THE WORLD CUP BY TDN IN 2010; AND III) TUTV, WHICH IS NO LONGER CONSOLIDATED.

PROGRAMMING EXPORTS

SECOND-QUARTER SALES INCREASED 40.5% TO PS.890 MILLION COMPARED WITH PS.633.4 MILLION IN SECOND QUARTER 2010. THE GROWTH WAS ATTRIBUTABLE TO AN INCREASE IN ROYALTIES FROM UNIVISION, FROM US$37 MILLION IN SECOND QUARTER 2010 TO US$60.2 MILLION IN SECOND QUARTER 2011. THIS REFLECTS THE ONGOING RATINGS SUCCESS OF UNIVISION, AND THE FAVORABLE IMPACT OF THE REVISED ROYALTY STRUCTURE. SALES TO THE REST OF THE WORLD GREW BY 20.1% TO PS.31.6 MILLION. THIS GROWTH WAS PARTIALLY OFFSET BY A NEGATIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES AMOUNTING TO PS.43.5 MILLION. EXCLUDING THIS EFFECT, PROGRAMMING EXPORTS GREW BY 47.4%.

SECOND-QUARTER OPERATING SEGMENT INCOME INCREASED 58.7% TO PS.466 MILLION COMPARED WITH PS.293.6 MILLION IN SECOND QUARTER 2010, AND THE MARGIN INCREASED TO 52.4%. THESE RESULTS REFLECT HIGHER SALES THAT WERE PARTIALLY OFFSET BY ADDITIONAL AMORTIZATIONS OF COPRODUCED AND EXPORTABLE PROGRAMMING.

PUBLISHING

SECOND-QUARTER SALES DECREASED 2% TO PS.795.8 MILLION COMPARED WITH PS.812 MILLION IN SECOND QUARTER 2010. ADVERTISING AND CIRCULATION REVENUES WERE MARGINALLY LOWER IN MEXICO, BUT STRONGER ABROAD. EXCLUDING THE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES, APPROXIMATELY PS.30.9 MILLION, REVENUES GREW BY 1.8%.

SECOND-QUARTER OPERATING SEGMENT INCOME INCREASED 14.3% TO PS.151.8 MILLION COMPARED WITH PS.132.8 MILLION IN SECOND QUARTER 2010, AND THE MARGIN INCREASED TO 19.1%. THIS INCREASE REFLECTS LOWER COSTS AND EXPENSES MAINLY DUE TO A POSITIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED COSTS, AS WELL AS A REDUCTION IN EDITORIAL EXPENSES.

SKY

SECOND-QUARTER SALES GREW BY 10.2% TO PS.3,122.4 MILLION COMPARED WITH PS.2,832.6 MILLION IN SECOND QUARTER 2010. THE INCREASE WAS DRIVEN BY SOLID GROWTH IN THE SUBSCRIBER BASE IN MEXICO, AS EXPLAINED BY THE CONTINUED SUCCESS OF SKY’S LOW-COST OFFERINGS. THE NUMBER OF GROSS ACTIVE SUBSCRIBERS INCREASED BY 273,967 DURING THE QUARTER TO 3,586,073 (INCLUDING 153,983 COMMERCIAL SUBSCRIBERS) AS OF JUNE 30, 2011, COMPARED WITH 2,448,776 (INCLUDING 147,297 COMMERCIAL SUBSCRIBERS) AS OF JUNE 30, 2010. SKY ENDED THE QUARTER WITH 153,517 SUBSCRIBERS IN CENTRAL AMERICA AND THE DOMINICAN REPUBLIC. SEGMENT RESULTS WERE PARTIALLY OFFSET BY LOWER ADVERTISING AND PAY-PER-VIEW REVENUE DUE TO THE ABSENCE OF THE 2010 SOCCER WORLD CUP.

SECOND-QUARTER OPERATING SEGMENT INCOME INCREASED 16.4% TO PS.1,496.4 MILLION COMPARED WITH PS.1,285.4 MILLION IN SECOND QUARTER 2010, AND THE MARGIN INCREASED TO 47.9%. THIS INCREASE REFLECTS HIGHER SALES, STRONG OPERATING LEVERAGE, AND A STRICT CONTROL OF EXPENSES IN SPITE OF THE ACCELERATED SUBSCRIBER GROWTH. IT ALSO REFLECTS THE ABSENCE OF PS.48 MILLION IN AMORTIZED COSTS RELATED TO THE EXCLUSIVE TRANSMISSION OF CERTAIN 2010 WORLD CUP MATCHES.

CABLE AND TELECOM

SECOND-QUARTER SALES INCREASED 14.9% TO PS.3,332.7 MILLION COMPARED WITH PS.2,900.1 MILLION IN SECOND QUARTER 2010. THIS INCREASE WAS ATTRIBUTABLE MAINLY TO THE ADDITION OF 483,675 REVENUE GENERATING UNITS (RGUS) IN CABLEVISIÓN, CABLEMÁS, AND TVI DURING THE LAST TWELVE MONTHS AS A RESULT OF THE SUCCESS OF OUR COMPETITIVE TRIPLE-PLAY BUNDLES.

THE INCREASE IS ALSO EXPLAINED BY AN IMPROVED SALES MIX IN BESTEL. YEAR-OVER-YEAR, CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL NET SALES INCREASED 11.7%, 13.8%, 15.2%, AND 19.7% RESPECTIVELY.

THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF SUBSCRIBERS FOR EACH OF OUR THREE CABLE AND TELECOM SUBSIDIARIES AS OF JUNE 30, 2011:

THE SUBSCRIBER BASE OF CABLEVISION OF VIDEO, BROADBAND AND TELEPHONY AS OF JUNE 30, 2011, AMOUNTED TO 695,352, 328,725 AND 219,426, RESPECTIVELY.

THE SUBSCRIBER BASE OF CABLEMÁS OF VIDEO, BROADBAND AND TELEPHONY AS OF JUNE 30, 2011, AMOUNTED TO 1,026,826, 396,819 AND 232,221, RESPECTIVELY.

THE SUBSCRIBER BASE OF TVI OF VIDEO, BROADBAND AND TELEPHONY AS OF JUNE 30, 2011, AMOUNTED TO 366,134, 172,918 AND 125,894, RESPECTIVELY.

THE RGUS OF CABLEVISION, CABLEMÁS AND TVI AS OF JUNE 30, 2011, AMOUNTED TO 1,243,503, 1,655,866 AND 664,946, RESPECTIVELY.

SECOND-QUARTER OPERATING SEGMENT INCOME INCREASED 15.1% TO PS.1,104.5 MILLION COMPARED WITH PS.959.6 MILLION IN SECOND QUARTER 2010, AND THE MARGIN WAS 33.1%. THESE RESULTS REFLECT CONTINUED GROWTH IN THE CABLE PLATFORMS AS WELL AS A POSITIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED COSTS.

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 QUARTER:

SECOND-QUARTER REVENUES OF CABLEVISION, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.1,079.5 MILLION, PS.1,136.4 MILLION, PS.517.6 MILLION AND PS.669.7 MILLION, RESPECTIVELY.

SECOND-QUARTER OPERATING SEGMENT INCOME OF CABLEVISION, CABLEMÁS, TVI AND BESTEL, AMOUNTED TO PS.404.6 MILLION, PS.428.1 MILLION, PS.228.8 MILLION AND PS.85.9 MILLION, RESPECTIVELY.

THESE RESULTS DO NOT INCLUDE CONSOLIDATION ADJUSTMENTS OF PS.70.5 MILLION IN REVENUES AND PS.42.9 MILLION IN OPERATING SEGMENT INCOME, WHICH ARE CONSIDERED IN THE CONSOLIDATED RESULTS OF CABLE AND TELECOM.

OTHER BUSINESSES

SECOND-QUARTER SALES INCREASED 2.2% TO PS.1,005.3 MILLION COMPARED WITH PS.983.7 MILLION IN SECOND QUARTER 2010. THE SOCCER BUSINESS BENEFITED FROM THE CONSOLIDATION OF THE SOCCER TEAMS NECAXA AND SAN LUIS. THE RESULTS OF FEATURE-FILM DISTRIBUTION WERE DRIVEN BY THE DISTRIBUTION OF MORE BLOCKBUSTER MOVIES DURING THE QUARTER.

SECOND-QUARTER OPERATING SEGMENT INCOME DECREASED 76.1% TO PS.11.5 MILLION COMPARED WITH PS.48.1 MILLION IN SECOND QUARTER 2010, MAINLY REFLECTING AN INCREASE IN COSTS AND EXPENSES RELATED TO THE CONSOLIDATION OF THE SOCCER TEAMS NECAXA AND SAN LUIS.

INTERSEGMENT OPERATIONS

INTERSEGMENT OPERATIONS FOR THE SECOND QUARTER 2011 AND 2010 AMOUNTED TO PS.326.1 MILLION AND PS.312.2 MILLION, RESPECTIVELY.

CORPORATE EXPENSES

SHARE-BASED COMPENSATION EXPENSE IN SECOND QUARTER 2011 AMOUNTED TO PS.161.9 MILLION, 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, DECREASED BY PS.50.7 MILLION, OR 25.2%, TO PS.150.7 MILLION FOR SECOND QUARTER 2011, COMPARED WITH PS.201.4 MILLION FOR SECOND QUARTER 2010, AND INCLUDED PRIMARILY FINANCIAL ADVISORY AND PROFESSIONAL SERVICES, DONATIONS AND LOSS ON DISPOSITION OF PROPERTY AND EQUIPMENT.

INTEGRAL COST OF FINANCING

THE NET EXPENSE ATTRIBUTABLE TO INTEGRAL COST OF FINANCING DECREASED BY PS.185.6 MILLION, OR 16.2%, TO PS.961.1 MILLION IN SECOND QUARTER 2011 FROM PS.1,146.7 MILLION IN SECOND QUARTER 2010. THIS DECREASE REFLECTED PRIMARILY A PS.412.1 MILLION DECREASE IN FOREIGN EXCHANGE LOSS RESULTING PRIMARILY FROM THE EFFECT OF A 1.5% APPRECIATION OF THE MEXICAN PESO AGAINST THE US DOLLAR IN SECOND QUARTER 2011 ON OUR NET US DOLLAR ASSET POSITION COMPARED WITH A 4.1% DEPRECIATION IN SECOND QUARTER 2010 ON OUR NET US DOLLAR LIABILITY POSITION. THIS FAVORABLE VARIANCE WAS PARTIALLY OFFSET BY I) A PS.192.5 MILLION INCREASE IN INTEREST EXPENSE, DUE PRIMARILY TO A HIGHER PRINCIPAL AMOUNT OF LONG-TERM DEBT IN SECOND QUARTER 2011; AND II) A PS.34 MILLION DECREASE IN INTEREST INCOME EXPLAINED PRIMARILY BY A LOWER AVERAGE AMOUNT OF CASH EQUIVALENTS IN SECOND QUARTER 2011.

EQUITY IN LOSSES OF AFFILIATES, NET

EQUITY IN LOSSES OF AFFILIATES, NET, REACHED PS.133.4 MILLION IN SECOND QUARTER 2011 COMPARED WITH AN EQUITY IN EARNINGS OF AFFILIATES OF PS.48.2 MILLION IN SECOND QUARTER 2010. THIS VARIANCE REFLECTED MAINLY AN INCREASE IN EQUITY IN LOSS OF LA SEXTA, OUR 40.8% INTEREST IN A FREE-TO-AIR TELEVISION CHANNEL IN SPAIN, AS WELL AS THE ABSENCE OF EQUITY IN INCOME OF VOLARIS, A LOW-COST CARRIER AIRLINE IN WHICH WE FORMERLY HELD A 25% INTEREST, WHICH INVESTMENT WE DISPOSED OF IN JULY 2010.

INCOME TAXES

INCOME TAXES DECREASED BY PS.57.2 MILLION, OR 6.6%, TO PS.808 MILLION IN SECOND QUARTER 2011 FROM PS.865.2 MILLION IN SECOND QUARTER 2010. THIS DECREASE REFLECTED BOTH A LOWER INCOME TAX BASE AND A LOWER EFFECTIVE INCOME TAX RATE.

NON-CONTROLLING INTEREST NET INCOME

NON-CONTROLLING INTEREST NET INCOME INCREASED BY PS.89 MILLION, OR 33.9%, TO PS.351.6 MILLION IN SECOND QUARTER 2011, FROM PS.262.6 MILLION IN SECOND QUARTER 2010. THIS INCREASE REFLECTED PRIMARILY A HIGHER PORTION OF CONSOLIDATED NET INCOME ATTRIBUTABLE TO INTERESTS HELD BY NON-CONTROLLING EQUITY OWNERS AND STOCKHOLDERS IN OUR SKY AND CABLE AND TELECOM SEGMENTS.

OTHER RELEVANT INFORMATION

ACQUISITION OF CABLEMÁS NON-CONTROLLING INTEREST

ON APRIL 1, 2011, WE ANNOUNCED AN AGREEMENT REACHED WITH THE NON-CONTROLLING STOCKHOLDERS OF CABLEMÁS TO OBTAIN THE 41.7% EQUITY INTEREST IN CABLEMÁS THAT WE DID NOT OWN. THE ACQUISITION OF THAT EQUITY STAKE CONCLUDED WITH THE MERGER OF CABLEMÁS INTO THE COMPANY, AS SURVIVING ENTITY, IN EXCHANGE FOR 24.8 MILLION CPOS WHICH WERE ISSUED IN CONNECTION WITH THIS TRANSACTION. THE EXECUTION OF THE MERGER AGREEMENT BETWEEN CABLEMÁS AND THE COMPANY WAS APPROVED BY OUR STOCKHOLDERS ON APRIL 29, 2011, AND REGULATORY APPROVAL FOR THE MERGER WAS OBTAINED ON JUNE 17, 2011. AS A RESULT OF THIS TRANSACTION, WHICH TOTAL VALUE AMOUNTED TO APPROXIMATELY PS.4,700 MILLION, WE OWN 100% OF THE CABLEMÁS BUSINESS.

CAPITAL EXPENDITURES AND INVESTMENTS

DURING SECOND QUARTER 2011, WE INVESTED APPROXIMATELY US$203.5 MILLION IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES, INCLUDING APPROXIMATELY US$117.3 MILLION FOR OUR CABLE AND TELECOM SEGMENT, US$52.9 MILLION FOR OUR SKY SEGMENT, AND US$33.3 MILLION FOR OUR TELEVISION BROADCASTING SEGMENT AND OTHER BUSINESSES.

OUR INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT IN OUR CABLE AND TELECOM SEGMENT DURING SECOND QUARTER 2011 INCLUDED APPROXIMATELY US$52.6 MILLION FOR CABLEVISIÓN, US$32.7 MILLION FOR CABLEMÁS, US$12.4 MILLION FOR TVI, AND US$19.6 MILLION FOR BESTEL.

DURING SECOND QUARTER 2011, WE MADE CASH PAYMENTS IN THE AMOUNT OF US$1,002.5 MILLION (PS.11,786 MILLION) IN CONNECTION WITH OUR INVESTMENT IN GSF TELECOM HOLDINGS, S.A.P.I. DE C.V. (“GSF”), THE CONTROLLING COMPANY OF GRUPO IUSACELL, S.A. DE C.V. (“IUSACELL”), IN THE FORM OF I) US$37.5 MILLION (PS.442 MILLION) IN EQUITY REPRESENTING 1.093875% OF THE OUTSTANDING SHARES OF GSF; AND II) US$1,565 MILLION (PS.18,370.9 MILLION) OF DEBENTURES ISSUED BY GSF THAT ARE MANDATORILY CONVERTIBLE INTO SHARES OF STOCK OF GSF, OF WHICH US$600 MILLION (PS.7,026.9 MILLION) REMAINS UNPAID AS OF JUNE 30, 2011, AND WILL BE PAID IN CASH BEFORE YEAR-END. UPON CONVERSION OF THE DEBENTURES OF GSF, WHICH IS SUBJECT TO REGULATORY APPROVAL AND OTHER CUSTOMARY CLOSING CONDITIONS, OUR EQUITY PARTICIPATION IN GSF AND IUSACELL WILL BE 50%.

DEBT AND CAPITAL LEASE OBLIGATIONS

THE TOTAL CONSOLIDATED DEBT AMOUNTED TO PS.53,015.7 MILLION AND PS.47,964.8 MILLION AS OF JUNE 30, 2011 AND DECEMBER 31, 2010, RESPECTIVELY, WHICH INCLUDED A SHORT-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT IN THE AMOUNT OF PS.2,012.7 MILLION AND PS.1,469.1 MILLION, RESPECTIVELY.

ADDITIONALLY, WE HAD CAPITAL LEASE OBLIGATION IN THE AMOUNT OF PS.624.4 MILLION AND PS.629.8 MILLION AS OF JUNE 30, 2011 AND DECEMBER 31, 2010, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF PS.341.0 MILLION AND PS.280.1 MILLION, RESPECTIVELY.

AS OF JUNE 30, 2011, 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.25,910 MILLION. THE AGGREGATE AMOUNT OF NONCURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS AS OF JUNE 30, 2011 AMOUNTED TO PS.3,029 MILLION.

SHARES OUTSTANDING

AS OF JUNE 30, 2011 AND DECEMBER 31, 2010, OUR SHARES OUTSTANDING AMOUNTED TO 330,963.3 MILLION AND 325,023.0 MILLION SHARES, RESPECTIVELY, AND OUR CPO EQUIVALENTS OUTSTANDING AMOUNTED TO 2,828.8 MILLION AND 2,778.0 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 JUNE 30, 2011 AND DECEMBER 31, 2010, THE GDS (GLOBAL DEPOSITARY SHARES) EQUIVALENTS OUTSTANDING AMOUNTED TO 565.8 MILLION AND 555.6 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 SECOND QUARTER 2011, 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 65.9%; IN PRIME TIME (16:00 TO 23:00, MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 66.5%; AND IN SIGN-ON TO SIGN-OFF (6:00 TO 24:00, MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 68.1%.

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(1)

CONSOLIDATED

Final Printing

S03: CASH AND AVAILABLE INVESTMENTS

INCLUDES CASH AND CASH EQUIVALENTS FOR PS.17,591,319 AND PS.32,224,798 AS OF JUNE 30, 2011 AND 2010, RESPECTIVELY.

S07: OTHER CURRENTS ASSETS

INCLUDES TEMPORARY INVESTMENTS FOR PS.5,567,812 AND PS.5,253,923 AS OF JUNE 30, 2011 AND 2010, RESPECTIVELY.

S31: DEFERRED LIABILITIES

INCLUDES PS.14,062,740 AND PS.13,091,891 AS OF JUNE 30, 2011 AND 2010, RESPECTIVELY, OF A SHORT-TERM NATURE.

E44: INCLUDES AN INVESTMENT OF U.S.$11,786,011 IN DEBENTURES THAT ARE CONVERTIBLE IN SHARES OF GSF.

_________________________

(1) THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL STATEMENT AMOUNTS, INCLUDING THEIR BREAKDOWN OF MAIN CONCEPTS AND OTHER CONCEPTS.

ANALYSIS OF INVESTMENTS IN SHARES

SUBSIDIARIES

CONSOLIDATED

Final Printing


			NUMBER	%
COMPANY NAME		MAIN ACTIVITIES	OF SHARES	OWNERSHIP


1	ALEKTIS CONSULTORES, S DE RL. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	1	100
2	CABLESTAR, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	57,195,341	30.80
3	CABLE Y COMUNICACIÓN DE CAMPECHE, S.A. DE C.V.	TELECOM COMPANY	11,321	98.40
4	CABLE Y COMUNICACIÓN DE MORELIA, S.A. DE C.V.	TELECOM COMPANY	66,770	100.00
5	CABLEMAS TELECOMUNICACIONES, S.A. DE C.V.	TELECOM COMPANY	718,404,028	92.63
6	CCC TECNO EQUIPOS, S.A. DE C.V.	LEASING COMPANY	4,374	98.24
7	CM EQUIPOS Y SOPORTE, S.A. DE C.V.	LEASING COMPANY	405,331,351	92.63
8	CORPORATIVO VASCO DE QUIROGA, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	110,639,433	100.00
9	CONSTRUCTORA CABLEMAS, S.A. DE C.V.	SERVICES COMPANY	3,289,999	100.00
10	DTH EUROPA, S.A.	PROMOTION AND DEVELOPMENT OF COMPANIES	1,080,182	90.25
11	EDITORA FACTUM, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	4,568,954	100.00
12	EDITORIAL TELEVISA, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	2,474,969	100.00
13	FACTUM MAS, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	646,586	91.18
14	GRUPO DISTRIBUIDORAS INTERMEX, S.A. DE C.V.	DISTRIBUTION OF BOOKS AND MAGAZINES	670,303	100.00
15	GRUPO TELESISTEMA, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	30,897,303	100.00
16	INMOBILIARIA CABLEMAS, S.A. DE C.V.	REAL ESTATE COMPANY	1,092,075	100.00
17	KAPA CAPITAL, S.A. DE C.V. SOFOM E.N.R.	PROMOTION AND DEVELOPMENT OF COMPANIES	1,959,228	100.00
18	KASITUM, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	42,405	100.00
19	MULTIMEDIA TELECOM, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	3,031,390	100.00
20	MULTIMEDIA CTI, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	999	100.00
21	PROFESIONALES EN VENTAS S.A. DE C.V.	SERVICES COMPANY	49	98.00
22	PROMO-INDUSTRIAS METROPOLITANAS, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	4,389,397	100.00
23	SERVICIOS ADMINISTRATIVOS, S.A. DE C.V.	SERVICES COMPANY	1,341	93.00
24	SISTEMA RADIOPOLIS, S.A. DE C.V.	COMMERCIALIZATION OF RADIO PROGRAMMING	76,070,313	50.00
25	SOMOS TELEVISA, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	1,561,158	100.00
26	TELEPARABOLAS, S.L.	TV CABLE COMMERCIALIZATION	1,500	100.00
27	TELEVISA JUEGOS, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	4,455,225	100.00
28	TELESISTEMA MEXICANO, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	497	99.40
29	TELEVISA ARGENTINA, S.A.	COMMERCIAL OPERATION OF TELEVISION	1,677,000	95.72
30	TELEVISA USA, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	49	98.00
31	TSM CAPITAL, S.A. DE C.V. SOFOM E.N.R.	PROMOTION AND DEVELOPMENT OF COMPANIES	1,069,791	100.00
32	TELEVISA ENTRETENIMIENTO, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	1,078,934	100.00
33	TV TRANSMISIONES DE CHIHUAHUA, S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	661,004	100.00

OBSERVATIONS: THE INDICATED PERCENTAGE REPRESENTS THE DIRECT SHARE OF GRUPO TELEVISA, S.A.B. IN EACH COMPANY.

ANALYSIS OF INVESTMENTS IN SHARES

ASSOCIATES

CONSOLIDATED

Final Printing

					TOTAL AMOUNT
			NUMBER	%	(Thousands of Mexican Pesos)
COMPANY NAME		MAIN ACTIVITIES	OF SHARES	OWNERSHIP	ACQUISITION	BOOK
					COST	VALUE
1	ARGOS COMUNICACION, S.A. DE C.V.	OPERATION AND/OR BROADCASTING OF T.V.	33,000,000	30.00	137,000	44,734
2	BROADCASTING MEDIA PARTNERS, INC	PROMOTION AND DEVELOPMENT OF COMPANIES	526,074	5.00	15,518,514	1,488,122
3	CENTROS DE CONOCIMIENTO TECNOLOGICO, S.A. DE C.V.	EDUCATION	5,317,900	15.07	55,000	20,764
4	COMUNICABLE, S.A. DE C.V.	CABLE TV TRANSMISSION	1	50.00	16,918	22,930
5	COMUNICABLE DE VALLE HERMOSO, S.A. DE C.V.	CABLE TV TRANSMISSION	1	50.00	4,019	3,681
6	CORPORATIVO TD SPORTS, S.A. DE C.V.	COMMERCIALIZATION OF TELEVISION PROGRAMMING	47,839	49.00	47,839	32,741
7	DIBUJOS ANIMADOS MEXICANOS DIAMEX, S.A. DE C.V.	PRODUCTION OF ANIMATED CARTOONS	1,735,560	49.00	4,384	692
8	EDITORIAL CLIO, LIBROS Y VIDEOS, S.A. DE C.V.	PUBLISHING AND PRINTING OF BOOKS AND MAGAZINES	3,227,050	30.00	32,270	9,045
9	ENDEMOL LATINO, N.A., LLC	COMMERCIALIZATION OF TELEVISION PROGRAMMING	1	49.00	6,335	5,764
10	ENDEMOL MEXICO, S.A. DE C.V.	COMMERCIALIZATION OF TELEVISION PROGRAMMING	25,000	50.00	25	1,056
11	GESTORA DE INVERSIONES AUDIOVISUALES LA SEXTA, S.A.	COMMERCIALIZATION OF TELEVISION PROGRAMMING	12,203,927	40.77	4,212,390	872,756
12	GRUPO TELECOMUNICACIONES DE ALTA CAPACIDAD, S.A.P.I.	TELECOM	54,666,667	33.33	427,000	34,288
13	GSF TELECOM HOLDINGS, S.A.P.I. S.A. DE C.V.	PROMOTION AND DEVELOPMENT OF COMPANIES	1,658,960	1.09	11,786,012	442,001
14	OCESA ENTRETENIMIENTO, S.A. DE C.V.	LIVE ENTERTAINMENT IN MEXICO	14,100,000	40.00	1,062,811	781,421
15	TELEVISORA DEL YAQUI, S.A. DE C.V.	OPERATION AND/OR BROADCASTING OF T.V.	4,124,986	15.00	412	5,941
	TOTAL INVESTMENT IN ASSOCIATES				33,310,929	3,765,936
	OTHER PERMANENT INVESTMENTS					34,901,055
	TOTAL				33,310,929	38,666,991

OBSERVATIONS:

THE INDICATED PERCENTAGE REPRESENTS THE DIRECT SHARE OF GRUPO TELEVISA, S.A.B. IN EACH COMPANY. OTHER PERMANENT INVESTMENTS AMOUNT PRINCIPALLY INCLUDES FINANCIAL INSTRUMENTS.

CREDITS BREAKDOWN

(Thousands of Mexican Pesos)

CONSOLIDATED

Final Printing

					AMORTIZATION OF CREDITS DENOMINATED IN PESOS (Thousands of Pesos)						AMORTIZATION OF CREDITS IN FOREIGN CURRENCY (Thousands of $)
	WITH FOREIGN	DATE OF	AMORTIZATION	INTEREST	TIME INTERVAL						TIME INTERVAL
CREDIT TYPE / INSTITUTION	INSTITUTION	CONTRACT	DATE	RATE	CURRENT	UNTIL 1	UNTIL 2	UNTIL 3	UNTIL 4	UNTIL 5	CURRENT	UNTIL 1	UNTIL 2	UNTIL 3	UNTIL 4	UNTIL 5
					YEAR	YEAR	YEAR	YEAR	YEAR	YEAR	YEAR	YEAR	YEAR	YEAR	YEAR	YEAR
BANKS
FOREIGN TRADE
SECURED
COMMERCIAL BANKS
BANAMEX, S.A.	NA	4/20/2006	4/20/2016	8.74	0	0	0	0	0	2,100,000
INBURSA, S.A.	NA	10/22/2004	4/23/2012	10.35	0	1,000,000	0	0	0	0
SANTANDER	NA	4/21/2006	4/21/2016	TIIE+24	0	0	0	0	0	1,400,000
BANCO MERCANTIL DEL NORTE	NA	2/24/2011	2/21/2016	TIIE+215	0	0	67,032	201,096	201,096	510,776
SANTANDER	NA	3/30/2011	3/30/2016	8.12	0	0	0	0	0	2,000,000
BBVA BANCOMER	NA	3/30/2011	3/30/2016	8.095	0	0	0	0	0	2,500,000
BANAMEX, S.A.	NA	3/25/2011	3/23/2021	9.40	0	0	0	0	0	400,000
BANAMEX, S.A.	NA	3/25/2011	3/23/2021	9.06	0	0	0	0	0	800,000
BANAMEX, S.A.	NA	3/25/2011	3/23/2018	8.77	0	0	0	0	0	400,000
HSBC	NA	3/28/2011	3/30/2018	TIIE+117.5	0	0	0	0	0	2,500,000
AF BANREGIO, S.A. DE C.V.	NA	8/23/2010	8/24/2011	7.84	20,000	0	0	0	0	0

OTHER
TOTAL BANKS					20,000	1,000,000	67,032	201,096	201,096	12,610,776	0	0	0	0	0	0
STOCK MARKET
LISTED STOCK EXCHANGE
UNSECURED
SECURED
PRIVATE PLACEMENTS
UNSECURED
HOLDERS	NA	5/9/2007	5/11/2037	8.93	0	0	0	0	0	4,500,000
HOLDERS	NA	10/14/2010	10/1/2020	7.38	0	0	0	0	0	10,000,000
HOLDERS	YES	9/14/2001	9/13/2011	8.41							842,654	0	0	0	0	0
HOLDERS	YES	3/11/2002	3/11/2032	8.94							0	0	0	0	0	3,513,450
HOLDERS	YES	3/18/2005	3/18/2025	6.97							0	0	0	0	0	7,026,900
HOLDERS	YES	5/6/2008	5/15/2018	6.31							0	0	0	0	0	5,855,750
HOLDERS	YES	11/23/2009	1/15/2040	6.97							0	0	0	0	0	7,026,900
SECURED
TOTAL STOCK MARKET					0	0	0	0	0	14,500,000	842,654	0	0	0	0	23,423,000
SUPPLIERS
VARIOUS	NA	6/30/2011	6/30/2012		0	3,767,388	0	0	0	0
VARIOUS	YES	6/30/2011	6/30/2012								0	3,491,384	0	0	0	0
TOTAL SUPPLIERS					0	3,767,388	0	0	0	0	0	3,491,384	0	0	0	0

OTHER LOANS WITH COST
(S103 AND S30)
VARIOUS	NA	6/1/2009	8/1/2013	VARIOUS	207,438	53,638	99,473	21,986	0	0
VARIOUS	YES	5/1/2007	11/15/2022	VARIOUS							111,775	118,133	92,693	16,119	16,946	36,138
TOTAL OTHER LOANS WITH COST					207,438	53,638	99,473	21,986	-	0	111,775	118,133	92,693	16,119	16,946	36,138

OTHER CURRENT LIABILITIES
WITHOUT COST (S26)
VARIOUS	NA				0	10,590,002
VARIOUS	YES										0	844,087
TOTAL CURRENT LIABILITIES WITHOUT COST					0	10,590,002	-	-	-	-	-	844,087	-	-	-	-

TOTAL					227,438	15,411,028	166,505	223,082	201,096	27,110,776	954,429	4,453,604	92,693	16,119	16,946	23,459,138

NOTES

THE EXCHANGE RATES FOR THE CREDITS DENOMINATED IN FOREIGN CURRENCY WERE AS FOLLOWS:

	$	11.7115		PESOS PER U.S. DOLLAR
		0.0249		PESOS PER CHILEAN PESO

IT DOESN'T INCLUDE LIABILITIES OF TAXES PAYABLE IN FOREIGN CURRENCY AND MEXICAN PESOS (REF S25 TAXES PAYABLE) OF PS.779,445 AND PS.352,058, RESPECTIVELY, FOR EFFECTS OF VALIDATION OF THE SYSTEM.

MONETARY FOREIGN CURRENCY POSITION

(Thousands of Mexican Pesos)

CONSOLIDATED

Final Printing

	DOLLARS (1)		OTHER CURRENCIES (1)		TOTAL
TRADE BALANCE	THOUSANDS OF DOLLARS	THOUSANDS OF PESOS	THOUSANDS OF DOLLARS	THOUSANDS OF PESOS	THOUSANDS OF PESOS

MONETARY ASSETS	2,540,365	29,751,485	175,936	2,060,474	31,811,959

LIABILITIES POSITION	2,587,411	30,302,464	88,162	1,032,510	31,334,974

SHORT-TERM LIABILITIES POSITION	413,758	4,845,727	78,074	914,364	5,760,091

LONG-TERM LIABILITIES POSITION	2,173,653	25,456,737	10,088	118,146	25,574,883

NET BALANCE	(47,046)	(550,979)	87,774	1,027,964	476,985

NOTES

THE MONETARY ASSETS INCLUDE U.S.$215,324 THOUSAND OF LONG-TERM AVAILABLE-FOR-SALE INVESTMENTS, OF WHICH FOREIGN EXCHANGE GAIN OR LOSS RELATED TO THE CHANGES IN FAIR VALUE OF THESE FINANCIAL INSTRUMENTS IS ACCOUNTED FOR AS OTHER COMPREHENSIVE INCOME.

(1) THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS :

PS.	11.7115	PESOS PER U.S. DOLLAR
	17.0028	PESOS PER EURO
	12.1484	PESOS PER CANADIAN DOLLAR
	2.8725	PESOS PER ARGENTINEAN PESO
	0.6338	PESOS PER URUGUAYAN PESO
	0.0249	PESOS PER CHILEAN PESO
	0.0065	PESOS PER COLOMBIAN PESO
	4.2589	PESOS PER PERUVIAN NUEVO SOL
	13.9436	PESOS PER SWISS FRANC
	2.7356	PESOS PER STRONG BOLIVAR
	7.5074	PESOS PER BRAZILIAN REAL
	18.8227	PESOS PER STERLING LIBRA