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 October, 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:     03
YEAR:   2011
GRUPO TELEVISA, S.A.B.
  
 
 
BALANCE SHEETS
AS OF SEPTEMBER 30, 2011 AND 2010
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
       
REF
CONCEPTS
CURRENT YEAR
  PREVIOUS YEAR
S
  
Amount
%
Amount
%
           
s01
TOTAL ASSETS
144,473,384
100
119,485,350
100
           
s02
CURRENT ASSETS
45,523,058
32
58,327,222
49
s03
CASH AND AVAILABLE INVESTMENTS
17,154,163
12
31,288,728
26
s04
ACCOUNTS AND NOTES RECEIVABLE (NET)
10,664,266
7
10,065,775
8
s05
OTHER ACCOUNTS AND NOTES RECEIVABLE (NET)
4,601,800
3
4,651,964
4
s06
INVENTORIES
5,461,733
4
5,589,271
5
s07
OTHER CURRENT ASSETS
7,641,096
5
6,731,484
6
s08
LONG-TERM ASSETS
40,599,339
28
6,152,886
5
s09
ACCOUNTS AND NOTES RECEIVABLE (NET)
0
0
0
0
s10
INVESTMENTS IN SHARES OF NON-CONSOLIDATED
        
 
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
3,578,906
2
2,189,702
2
s11
OTHER INVESTMENTS
37,020,433
26
3,963,184
3
s12
PROPERTY, PLANT AND EQUIPMENT (NET)
39,730,360
28
37,441,998
31
s13
LAND AND BUILDINGS
16,574,496
11
17,109,793
14
s14
MACHINERY AND INDUSTRIAL EQUIPMENT
52,801,480
37
46,175,693
39
s15
OTHER EQUIPMENT
7,074,154
5
6,783,198
6
s16
ACCUMULATED DEPRECIATION
40,852,895
28
35,011,844
29
s17
CONSTRUCTION IN PROGRESS
4,133,125
3
2,385,158
2
           
s18
INTANGIBLE ASSETS AND DEFERRED CHARGES (NET)
11,970,045
8
10,565,374
9
           
s19
OTHER ASSETS
6,650,582
5
6,997,870
6
           
s20
TOTAL LIABILITIES
90,436,626
100
70,371,361
100
           
s21
CURRENT LIABILITIES
20,963,000
23
15,033,754
21
s22
SUPPLIERS
7,437,905
8
8,234,224
12
s23
BANK LOANS
1,020,000
1
870,000
1
s24
STOCK MARKET LOANS
0
0
907,388
1
s103
OTHER LOANS WITH COST
553,045
1
430,186
1
s25
TAXES PAYABLE
1,172,260
1
874,320
1
s26
OTHER CURRENT LIABILITIES WITHOUT COST
10,779,790
12
3,717,636
5
s27
LONG-TERM LIABILITIES
55,713,528
62
40,318,212
57
s28
BANK LOANS
13,200,000
15
7,968,080
11
s29
STOCK MARKET LOANS
42,276,800
47
31,925,577
45
s30
OTHER LOANS WITH COST
236,728
0
424,555
1
s31
DEFERRED LIABILITIES
9,870,231
11
9,870,390
14
s32
OTHER NON-CURRENT LIABILITIES WITHOUT COST
3,889,867
4
5,149,005
7
           
s33
STOCKHOLDERS' EQUITY
54,036,758
100
49,113,989
100
           
s34
NON-CONTROLLING INTEREST
6,807,294
13
6,708,614
14
           
s35
CONTROLLING INTEREST
47,229,464
87
42,405,375
86
           
s36
CONTRIBUTED CAPITAL
16,332,195
30
14,567,803
30
s79
CAPITAL STOCK
10,118,099
19
10,019,859
20
s39
PREMIUM ON  ISSUANCE OF SHARES
6,214,096
11
4,547,944
9
s40
CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
0
0
0
0
s41
EARNED CAPITAL
30,897,269
57
27,837,572
57
s42
RETAINED EARNINGS AND CAPITAL RESERVES
37,633,848
70
32,795,402
67
s44
OTHER ACCUMULATED COMPREHENSIVE RESULT
-506,245
0
935,440
2
s80
SHARES REPURCHASED
-6,230,334
-12
-5,893,270
-12
           
 
 
 
 
 
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
17,154,163
100
31,288,728
100
s46
CASH
17,154,163
100
31,288,728
100
s47
AVAILABLE INVESTMENTS
0
0
0
0
           
s07
OTHER CURRENT ASSETS
7,641,096
100
6,731,484
100
s81
DERIVATIVE FINANCIAL INSTRUMENTS
135,713
2
1,521
0
s82
DISCONTINUED OPERATIONS
0
0
0
0
s83
OTHER
7,505,383
98
6,729,963
100
           
s18
INTANGIBLE ASSETS AND DEFERRED CHARGES (NET)
11,970,045
100
10,565,374
100
           
s48
DEFERRED EXPENSES (NET)
9,329,919
78
7,815,263
74
s49
GOODWILL
2,640,126
22
2,750,111
26
s51
OTHER
0
0
0
0
           
s19
OTHER ASSETS
6,650,582
100
6,997,870
100
s85
DERIVATIVE FINANCIAL INSTRUMENTS
0
0
956,577
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
6,650,582
100
6,041,293
86
           
s21
CURRENT LIABILITIES
20,963,000
100
15,033,754
100
s52
FOREIGN CURRENCY LIABILITIES
5,555,999
27
6,776,603
45
s53
MEXICAN PESOS LIABILITIES
15,407,001
73
8,257,151
55
           
s26
OTHER CURRENT LIABILITIES WITHOUT COST
10,779,790
100
3,717,636
100
s88
DERIVATIVE FINANCIAL INSTRUMENTS
0
0
54,662
1
s89
ACCRUED INTEREST
813,301
8
530,288
14
s68
PROVISIONS
0
0
0
0
s90
DISCONTINUED OPERATIONS
0
0
0
0
s58
OTHER CURRENT LIABILITIES
9,477,197
88
2,667,187
72
s105
BENEFITS TO EMPLOYEES
489,292
5
465,499
13
           
s27
LONG-TERM LIABILITIES
55,713,528
100
40,318,212
100
s59
FOREIGN CURRENCY LIABILITIES
27,891,341
50
31,253,227
78
s60
MEXICAN PESOS LIABILITIES
27,822,187
50
9,064,985
22
           
s31
DEFERRED LIABILITIES
9,870,231
100
9,870,390
100
s65
NEGATIVE GOODWILL
0
0
0
0
s67
OTHER
9,870,231
100
9,870,390
100
           
s32
OTHER NON-CURRENT LIABILITIES WITHOUT COST
3,889,867
100
5,149,005
100
s66
DEFERRED TAXES
311,954
8
1,593,955
31
s91
OTHER LIABILITIES IN RESPECT OF SOCIAL  INSURANCE
534,371
14
455,013
9
s92
DISCONTINUED OPERATIONS
0
0
0
0
s69
OTHER LIABILITIES
3,043,542
78
3,100,037
60
           
s79
CAPITAL STOCK
10,118,099
100
10,019,859
100
s37
CAPITAL STOCK (NOMINAL)
2,405,032
24
2,368,792
24
s38
RESTATEMENT OF CAPITAL STOCK
7,713,067
76
7,651,067
76
           
s42
RETAINED EARNINGS AND CAPITAL RESERVES
37,633,848
100
32,795,402
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
82
25,601,085
78
s45
NET INCOME FOR THE YEAR
4,719,508
13
5,058,894
15
           
s44
OTHER ACCUMULATED COMPREHENSIVE RESULT
-506,245
100
935,440
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
-1,188,504
235
-1,294,708
-138
s97
CUMULATIVE RESULT FROM DERIVATIVE FINANCIAL INSTRUMENTS
-46,130
9
-96,264
-10
s98
CUMULATIVE EFFECT OF DEFERRED INCOME TAXES
0
0
0
0
s100
OTHER
728,389
-144
2,326,412
249
           
 
 
 
 
 
BALANCE SHEETS
OTHER CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
S
  
Amount
Amount
       
s72
WORKING CAPITAL
24,560,058
43,293,468
s73
PENSIONS  AND SENIORITY PREMIUMS
1,775,094
1,659,904
s74
EXECUTIVES (*)
39
41
s75
EMPLOYEES (*)
25,798
24,437
s76
WORKERS (*)
0
0
s77
OUTSTANDING SHARES (*)
349,443,544,086
325,571,448,306
s78
REPURCHASED SHARES (*)
18,585,428,316
20,970,377,025
s101
RESTRICTED CASH
0
0
s102
NET DEBT OF NON-CONSOLIDATED COMPANIES
145,342,109
223
       
(*) THESE CONCEPTS ARE STATED IN UNITS.
 
 
 
 
 
STATEMENTS OF INCOME
FROM JANUARY 1 TO SEPTEMBER 30, 2011 AND 2010
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
       
REF
CONCEPTS
CURRENT YEAR
PREVIOUS YEAR
R
  
Amount
%
Amount
%
           
r01
NET SALES
44,288,771
100
41,365,769
100
r02
COST OF SALES
24,031,333
54
22,349,531
54
r03
GROSS PROFIT
20,257,438
46
19,016,238
46
r04
GENERAL EXPENSES
8,863,494
20
8,104,452
20
r05
OPERATING INCOME (LOSS)
11,393,944
26
10,911,786
26
r08
OTHER INCOME AND (EXPENSE), NET
-386,429
0
91,901
0
r06
INTEGRAL RESULT OF FINANCING
-3,057,922
-7
-2,324,378
-6
r12
EQUITY  IN NET INCOME OF NON-CONSOLIDATED
        
 
SUBSIDIARIES, JOINT VENTURES AND ASSOCIATES
-318,155
0
-188,221
0
r48
NON-ORDINARY ITEMS
0
0
0
0
r09
INCOME BEFORE INCOME TAXES
7,631,438
17
8,491,088
21
r10
INCOME TAXES
2,006,528
5
2,693,529
7
r11
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS
5,624,910
13
5,797,559
14
r14
DISCONTINUED OPERATIONS
0
0
0
0
r18
CONSOLIDATED NET INCOME
5,624,910
13
5,797,559
14
r19
NON-CONTROLLING INTEREST NET INCOME
905,402
2
738,665
2
r20
CONTROLLING INTEREST NET INCOME
4,719,508
11
5,058,894
12
           
 
 
 
 
 
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
44,288,771
100
41,365,769
100
r21
DOMESTIC
38,604,622
87
35,944,541
87
r22
FOREIGN
5,684,149
13
5,421,228
13
r23
TRANSLATED INTO DOLLARS (***)
409,273
1
429,874
1
           
r08
OTHER INCOME AND (EXPENSE), NET
-386,429
100
91,901
100
r49
OTHER INCOME AND (EXPENSE), NET
-370,291
96
102,832
112
r34
EMPLOYEES' PROFIT SHARING, CURRENT
17,087
-4
10,412
11
r35
EMPLOYEES' PROFIT SHARING, DEFERRED
-949
0
519
1
           
r06
INTEGRAL RESULT OF FINANCING
-3,057,922
100
-2,324,378
100
r24
INTEREST EXPENSE
3,143,883
-103
2,690,267
-116
r42
GAIN (LOSS) ON RESTATEMENT OF UDI'S
0
0
0
0
r45
OTHER FINANCE COSTS
0
0
0
0
r26
INTEREST INCOME
724,952
-24
741,535
-32
r46
OTHER FINANCIAL PRODUCTS
0
0
0
0
r25
FOREIGN EXCHANGE GAIN (LOSS), NET
-638,991
21
-375,646
16
r28
RESULT FROM MONETARY POSITION
0
0
0
0
           
r10
INCOME TAXES
2,006,528
100
2,693,529
100
r32
INCOME TAX, CURRENT
2,301,340
115
2,550,175
95
r33
INCOME TAX, DEFERRED
-294,812
-15
143,354
5
           
(***) 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
53,366,791
50,645,130
r37
TAX RESULT FOR THE YEAR
5,878,827
8,522,670
r38
NET SALES (**)
60,779,830
56,529,203
r39
OPERATING INCOME (**)
16,064,767
15,206,906
r40
CONTROLLING INTEREST NET INCOME (**)
7,344,003
6,247,031
r41
NET CONSOLIDATED INCOME (**)
8,343,278
6,762,044
r47
OPERATIVE DEPRECIATION AND AMORTIZATION
5,429,850
4,640,234
       
(**)  RESTATED INFORMATION FOR THE LAST TWELVE MONTHS.
 
 
 
 
 
QUARTERLY STATEMENTS OF INCOME
FROM JULY 1 TO SEPTEMBER 30, 2011 AND 2010
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
 
REF
 
CONCEPTS
 
CURRENT YEAR
 
PREVIOUS YEAR
RT
  
Amount
%
Amount
%
           
rt01
NET SALES
15,963,451
100
14,771,015
100
rt02
COST OF SALES
8,273,833
52
7,846,780
53
rt03
GROSS PROFIT
7,689,618
48
6,924,235
47
rt04
GENERAL EXPENSES
3,051,487
19
2,772,775
19
rt05
INCOME (LOSS) AFTER GENERAL EXPENSES
4,638,131
29
4,151,460
28
rt08
OTHER INCOME AND (EXPENSE), NET
-200,799
-1
311,687
2
rt06
INTEGRAL RESULT OF FINANCING
-1,316,329
-8
-650,161
-4
rt12
EQUITY  IN NET INCOME OF NON-CONSOLIDATED
        
 
SUBSIDIARIES AND ASSOCIATES
-86,529
0
-120,681
0
rt48
NON-ORDINARY ITEMS
0
0
0
0
rt09
INCOME BEFORE INCOME TAXES
3,034,474
19
3,692,305
25
rt10
INCOME TAXES
784,429
5
1,233,632
8
rt11
INCOME (LOSS) BEFORE DISCONTINUED OPERATIONS
2,250,045
14
2,458,673
17
rt14
DISCONTINUED OPERATIONS
0
0
0
0
rt18
NET CONSOLIDATED INCOME
2,250,045
14
2,458,673
17
rt19
NET INCOME OF MINORITY INTEREST
204,897
1
263,460
2
rt20
NET INCOME OF MAJORITY INTEREST
2,045,148
13
2,195,213
15
           
 
 
 
 
 
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
15,963,451
100
14,771,015
100
rt21
DOMESTIC
13,901,298
87
12,812,842
87
rt22
FOREIGN
2,062,153
13
1,958,173
13
rt23
TRANSLATED INTO DOLLARS (***)
148,480
1
155,273
1
           
rt08
OTHER INCOME AND (EXPENSE), NET
-200,799
100
311,687
100
rt49
OTHER INCOME AND (EXPENSE), NET
-193,975
97
315,714
101
rt34
EMPLOYEES' PROFIT SHARING, CURRENT
6,110
-3
4,232
1
rt35
EMPLOYEES' PROFIT SHARING, DEFERRED
714
0
-205
-0
           
rt06
INTEGRAL RESULT OF FINANCING
-1,316,329
100
-650,161
100
rt24
INTEREST EXPENSE
1,196,849
-91
920,717
-142
rt42
GAIN (LOSS) ON RESTATEMENT OF UDI'S
0
0
0
0
rt45
OTHER FINANCE COSTS
0
0
0
0
rt26
INTEREST INCOME
269,079
-20
183,307
-28
rt46
OTHER FINANCIAL PRODUCTS
0
0
0
0
rt25
FOREIGN EXCHANGE GAIN (LOSS), NET
-388,559
30
87,249
-13
rt28
RESULT FROM MONETARY POSITION
0
0
0
0
           
rt10
INCOME TAXES
784,429
100
1,233,632
100
rt32
INCOME TAX, CURRENT
966,509
123
1,206,516
98
rt33
INCOME TAX, DEFERRED
-182,080
-23
27,116
2
           
(***) 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
1,841,188
1,636,748
       
 
 
 
 
 
STATEMENTS OF CASH FLOWS (INDIRECT METHOD)
MAIN CONCEPTS
(Thousands of Mexican Pesos)
CONSOLIDATED
Final Printing
 
REF
 
CONCEPTS
 
CURRENT YEAR
 
PREVIOUS YEAR
E
  
Amount
Amount
 
OPERATING ACTIVITIES
    
e01
INCOME (LOSS) BEFORE INCOME TAXES
7,631,438
8,491,088
e02
 + (-) ITEMS NOT REQUIRING CASH
693,751
581,534
e03
 + (-) ITEMS RELATED TO INVESTING ACTIVITIES
5,620,079
4,359,853
e04
 + (-) ITEMS RELATED TO FINANCING ACTIVITIES
4,446,763
2,280,178
e05
CASH FLOW BEFORE INCOME TAX
18,392,031
15,712,653
e06
CASH FLOWS PROVIDED OR USED IN OPERATION
(6,450,017)
(5,764,291)
e07
NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES
11,942,014
9,948,362
       
 
INVESTING ACTIVITIES
    
e08
NET CASH FLOWS FROM INVESTING ACTIVITIES
(14,461,779)
(4,094,462)
e09
CASH IN EXCESS (REQUIRED) FOR FINANCING ACTIVITIES
(2,519,765)
5,853,900
       
 
FINANCING ACTIVITIES
    
e10
NET CASH FLOWS FROM FINANCING ACTIVITIES
(1,223,319)
(4,518,194)
e11
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
(3,743,084)
1,335,706
e12
TRANSLATION DIFFERENCES IN CASH AND CASH EQUIVALENTS
(54,706)
(51,428)
e13
CASH AND CASH EQUIVALENTS AT BEGINING OF PERIOD
20,951,953
30,004,450
e14
CASH AND CASH EQUIVALENTS AT END OF PERIOD
17,154,163
31,288,728
 
 
 
 
 
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
693,751
581,534
e15
 + ESTIMATES FOR THE PERIOD
561,142
461,111
e16
 + PROVISIONS FOR THE PERIOD
-
-
e17
 + (-) OTHER UNREALIZED ITEMS
132,609
120,423
       
e03
 + (-) ITEMS RELATED TO INVESTING ACTIVITIES
5,620,079
4,359,853
e18
 + DEPRECIATION AND AMORTIZATION FOR THE PERIOD *
5,429,850
4,640,234
e19
 (-) + GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND
    
 
            EQUIPMENT
-
-
e20
 + IMPAIRMENT LOSS
37,425
-
e21
 (-) + EQUITY IN RESULTS OF ASSOCIATES AND JOINT VENTURES
318,155
188,221
e22
 (-) DIVIDENDS RECEIVED
-
-
e23
 (-) INTEREST INCOME
(222,911)
-
e24
 (-) + OTHER ITEMS
57,560
(468,602)
       
e04
 + (-) ITEMS RELATED TO FINANCING ACTIVITIES
4,446,763
2,280,178
e25
 + ACCRUED INTEREST
2,981,805
2,417,758
e26
 + (-) OTHER ITEMS
1,464,958
(137,580)
       
e06
CASH FLOWS PROVIDED OR USED IN OPERATION
(6,450,017)
(5,764,291)
e27
 + (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE
6,577,327
7,926,250
e28
 + (-) DECREASE (INCREASE) IN INVENTORIES
(1,101,871)
388,456
e29
 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE
(300,911)
(778,083)
e30
 + (-) INCREASE (DECREASE) IN SUPPLIERS
(172,049)
457,951
e31
 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES
(9,276,780)
(11,079,569)
e32
 + (-) INCOME TAXES PAID OR RETURNED
(2,175,733)
(2,679,296)
       
e08
NET CASH FLOWS FROM INVESTING ACTIVITIES
(14,461,779)
(4,094,462)
e33
 - PERMANENT INVESTMENT IN SHARES
(643,999)
(438,129)
e34
 + DISPOSITION OF PERMANENT INVESTMENT IN SHARES
-
1,120,212
e35
 -  INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT
(6,313,045)
(7,587,958)
e36
 + SALE OF PROPERTY, PLANT AND EQUIPMENT
694,862
143,679
e37
 -  INVESTMENT IN INTANGIBLE ASSETS
(49,803)
(446,499)
e38
 + DISPOSITION OF INTANGIBLE ASSETS
-
-
e39
 - OTHER PERMANENT INVESTMENTS
-
-
e40
 + DISPOSITION OF OTHER PERMANENT INVESTMENTS
-
-
e41
 + DIVIDEND RECEIVED
66,310
-
e42
 + INTEREST RECEIVED
-
-
e43
 + (-) DECREASE (INCREASE) ADVANCES AND LOANS TO
    
 
           THIRD PARTIES
-
(64,894)
e44
 + (-) OTHER ITEMS
(8,216,104)
3,179,127
       
e10
NET CASH FLOWS FROM FINANCING ACTIVITIES
(1,223,319)
(4,518,194)
e45
 + BANK FINANCING
9,700,000
20,000
e46
 + STOCK MARKET FINANCING
-
-
e47
 + OTHER FINANCING
-
150,000
e48
(-) BANK FINANCING AMORTIZATION
(3,110,135)
(643,333)
e49
(-) STOCK MARKET FINANCING AMORTIZATION
(898,776)
-
e50
(-) OTHER FINANCING AMORTIZATION
(238,048)
(116,111)
e51
 + (-) INCREASE (DECREASE) IN CAPITAL STOCK
-
-
e52
(-) DIVIDENDS PAID
(3,202,762)
-
e53
 + PREMIUM ON ISSUANCE OF SHARES
-
-
e54
 + CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES
-
-
e55
 - INTEREST EXPENSE
(2,919,247)
(2,352,091)
e56
 - REPURCHASE OF SHARES
(12,623)
(1,004,369)
e57
 + (-) OTHER ITEMS
(541,728)
(572,290)
* IN CASE THAT THIS AMOUNT IS DIFFERENT FROM THE R47 ACCOUNT IT WILL HAVE TO BE EXPLAINED IN THE 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 EARNINGS (LOSS) PER SHARE (**)
$
0.00
  
$
0.00
  
               
d08
CARRYING VALUE PER SHARE
$
0.14
  
$
0.13
  
               
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
  
3.05
times
  
3.14
times
               
d12
MARKET PRICE TO BASIC PROFIT PER ORDINARY SHARE (**)
  
19.46
times
  
21.38
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
12.70
%
14.02
%
p02
NET INCOME TO STOCKHOLDERS' EQUITY (**)
15.44
%
13.77
%
p03
NET INCOME TO TOTAL ASSETS (**)
5.77
%
5.66
%
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 (**)
0.42
times
0.47
times
p07
NET SALES TO FIXED ASSETS (**)
1.53
times
1.51
times
p08
INVENTORIES TURNOVER (**)
5.96
times
5.43
times
p09
ACCOUNTS RECEIVABLE IN DAYS OF SALES
56
days
57
days
p10
PAID INTEREST TO TOTAL LIABILITIES WITH COST (**)
7.10
%
8.20
%
           
 
LEVERAGE
        
p11
TOTAL LIABILITIES TO TOTAL ASSETS
62.60
%
58.90
%
p12
TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY
1.67
times
1.43
times
p13
FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES
36.98
%
54.04
%
p14
LONG-TERM LIABILITIES TO FIXED ASSETS
140.23
%
107.68
%
p15
OPERATING INCOME TO INTEREST PAID
3.62
times
4.06
times
p16
NET SALES TO TOTAL LIABILITIES (**)
0.67
times
0.80
times
           
 
LIQUIDITY
        
p17
CURRENT ASSETS TO CURRENT LIABILITIES
2.17
times
3.88
times
p18
CURRENT ASSETS LESS INVENTORY TO CURRENT
        
 
LIABILITIES
1.91
times
3.51
times
p19
CURRENT ASSETS TO TOTAL LIABILITIES
0.50
times
0.83
times
p20
AVAILABLE ASSETS TO CURRENT LIABILITIES
81.83
%
208.12
%
           
 (**) DATA FROM THE LAST TWELVE MONTHS.
 
 
 
 
 
 
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
   
 
 CONSOLIDATED
Final Printing
MEXICO CITY, D.F., OCTOBER 19, 2011—GRUPO TELEVISA, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “TELEVISA” OR “THE COMPANY”), TODAY ANNOUNCED RESULTS FOR THIRD 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 SEPTEMBER 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 8.1% TO PS.15,963.5 MILLION IN THIRD QUARTER 2011 COMPARED WITH PS.14,771 MILLION IN THIRD QUARTER 2010. THIS INCREASE WAS ATTRIBUTABLE TO GROWTH ACROSS ALL OF OUR BUSINESS SEGMENTS, BUT IN PARTICULAR IN OUR CABLE AND TELECOM, SKY AND PROGRAMMING EXPORTS SEGMENTS. OPERATING SEGMENT INCOME INCREASED 12.5%, REACHING PS.6,743.1 MILLION WITH A MARGIN OF 41.3%.

CONTROLLING INTEREST NET INCOME

CONTROLLING INTEREST NET INCOME DECREASED 6.8% TO PS.2,045.1 MILLION IN THIRD QUARTER 2011 COMPARED WITH PS.2,195.2 MILLION IN THIRD QUARTER 2010. THE NET DECREASE OF PS.150.1 MILLION REFLECTED PRIMARILY A PS.666.1 MILLION INCREASE IN INTEGRAL COST OF FINANCING, OF WHICH PS.475.9 MILLION WERE DUE TO A NON-CASH FOREIGN-EXCHANGE LOSS. THIS EXPENSE RESULTED PRIMARILY FROM A NET AVERAGE US DOLLAR LIABILITY POSITION DURING THE QUARTER IN COMBINATION WITH THE DEPRECIATION OF THE PESO. THE DECREASE IN CONTROLLING INTEREST NET INCOME ALSO REFLECTED A PS.512.5 MILLION VARIATION IN OTHER EXPENSE, NET, WHICH IS MAINLY EXPLAINED BY THE ABSENCE OF A NON-RECURRING GAIN ON THE SALE OF OUR INVESTMENT IN AN AIRLINE CARRIER, VOLARIS, DURING THE SAME QUARTER OF LAST YEAR.

THESE UNFAVORABLE VARIANCES WERE PARTIALLY OFFSET BY I) A PS.486.6 MILLION INCREASE IN OPERATING INCOME; II) A PS.449.2 MILLION DECREASE IN INCOME TAXES; III) A PS.58.6 MILLION DECREASE IN NON-CONTROLLING INTEREST NET INCOME; AND IV) A PS.34.1 MILLION DECREASE IN EQUITY IN LOSSES OF AFFILIATES, NET.

THIRD QUARTER RESULTS BY BUSINESS SEGMENT

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

TELEVISION BROADCASTING

THIRD-QUARTER SALES INCREASED 2.4% TO PS.6,001.2 MILLION COMPARED WITH PS.5,860.5 MILLION IN THIRD QUARTER 2010. THIS INCREASE REFLECTS STRONG RATINGS AND SOLID AUDIENCE SHARE AS A RESULT OF THE PRODUCTION AND BROADCAST OF SUCCESSFUL SHOWS SUCH AS LA VOZ…MÉXICO WHICH WAS THE HIGHEST RATED SHOW IN MEXICO DURING THE QUARTER. ADDITIONALLY, THE FINAL EPISODE OF THE NOVELA LA FUERZA DEL DESTINO WAS THE SECOND HIGHEST RATED SHOW IN THE QUARTER GARNERING AN AUDIENCE SHARE OF 40.7%. ALL OF THE TOP-TEN RATED PROGRAMS IN MEXICO DURING THE QUARTER WERE TRANSMITTED BY TELEVISA.

UPFRONT DEPOSITS REPRESENTED 80.6% OF REVENUES DURING THE QUARTER AND THE BALANCE WERE SALES IN THE SPOT MARKET. THIS FIGURE COMPARES WITH 80.8% IN THIRD QUARTER 2010.

THIRD-QUARTER OPERATING SEGMENT INCOME INCREASED 4% TO PS.2,917.5 MILLION COMPARED WITH PS.2,805.2 MILLION IN THIRD QUARTER 2010; THE MARGIN INCREASED TO 48.6%. THE INCREASE IN MARGIN OF 70 BASIS POINTS IS A CONSEQUENCE OF A HIGHER REVENUE BASE, BUT ALSO REFLECTS A STRICT CONTROL ON PROGRAMMING EXPENSES.

PAY TELEVISION NETWORKS

THIRD-QUARTER SALES INCREASED 15% TO PS.931.3 MILLION COMPARED WITH PS.809.6 MILLION IN THIRD QUARTER 2010. THE INCREASE WAS DRIVEN BY I) THE SUSTAINED ADDITION OF PAY-TV SUBSCRIBERS IN THE LAST TWELVE MONTHS, MOSTLY IN MEXICO; II) BY NEW AFFILIATION AGREEMENTS IN LATIN AMERICA; AND III) STRONG ADVERTISING SALES THAT REPRESENTED 24.6% OF SEGMENT REVENUE DURING THE QUARTER. IN SEPTEMBER WE LAUNCHED A NEW NETWORK CALLED “TIIN”, WHICH TRANSMITS IN-HOUSE AS WELL AS THIRD-PARTY PRODUCED CONTENT, TARGETING YOUNG TEENAGERS. THIS CHANNEL COMPLEMENTS OUR EXISTING PAY-TV NETWORK PORTFOLIO SERVICING A NEW DEMOGRAPHIC. THESE RESULTS WERE ACHIEVED IN SPITE OF NO LONGER CONSOLIDATING 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 22.6% DURING THE QUARTER.

THIRD-QUARTER OPERATING SEGMENT INCOME INCREASED 20.8% TO PS.498.8 MILLION COMPARED WITH PS.412.9 MILLION IN THIRD QUARTER 2010, AND THE MARGIN REACHED 53.6%. THIS RESULT REFLECTS HIGHER SALES AS WELL AS THE ABSENCE OF COSTS AND EXPENSES RELATED TO I) FORO TV THAT IS NOW RECOGNIZED IN TELEVISION BROADCASTING; AND II) TUTV, WHICH IS NO LONGER CONSOLIDATED.

PROGRAMMING EXPORTS

THIRD-QUARTER SALES INCREASED 29.6% TO PS.999.7 MILLION COMPARED WITH PS.771.1 MILLION IN THIRD QUARTER 2010. THE GROWTH WAS ATTRIBUTABLE TO AN INCREASE IN ROYALTIES FROM UNIVISION, FROM US$42.3 MILLION IN THIRD QUARTER 2010 TO US$58.2 MILLION IN THIRD QUARTER 2011. THIS REFLECTS THE ONGOING RATINGS SUCCESS OF UNIVISION AS WELL AS THE FAVORABLE IMPACT OF THE NEW ROYALTY STRUCTURE REACHED UNDER THE REVISED PROGRAMMING LICENSE AGREEMENT WITH UNIVISION. SALES TO THE REST OF THE WORLD GREW BY 21.1% TO PS.264.2 MILLION. THIS IS THE FIRST QUARTER WE RECEIVE REVENUES FROM THE RECENTLY-SIGNED AGREEMENT WITH NETFLIX. THESE POSITIVE VARIANCES WERE PARTIALLY OFFSET BY A NEGATIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES AMOUNTING TO PS.18.1 MILLION. THIS TRANSLATION EFFECT IS DETERMINED COMPARING THE AVERAGE EXCHANGE RATE OF THE PESO AGAINST THE US DOLLAR DURING THIS QUARTER WITH THE AVERAGE EXCHANGE RATE DURING THE SAME QUARTER OF THE YEAR BEFORE, WHICH RESULTED IN A 3.6% APPRECIATION OF THE PESO.

THIRD-QUARTER OPERATING SEGMENT INCOME INCREASED 47.6% TO PS.548 MILLION COMPARED WITH PS.371.2 MILLION IN THIRD QUARTER 2010, AND THE MARGIN INCREASED TO 54.8%. THESE RESULTS REFLECT HIGHER SALES THAT WERE PARTIALLY OFFSET BY AMORTIZATIONS OF COPRODUCED AND EXPORTABLE PROGRAMMING.

PUBLISHING

THIRD-QUARTER SALES INCREASED 2.9% TO PS.810.9 MILLION COMPARED WITH PS.787.7 MILLION IN THIRD QUARTER 2010. MOST OF THE GROWTH WAS DRIVEN BY AN INCREASE IN ADVERTISING AND CIRCULATION REVENUES ABROAD, AND TO A LESSER EXTENT IN MEXICO. THESE POSITIVE VARIANCES WERE NEGATIVELY IMPACTED BY THE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES OF PS.14.3 MILLION.

THIRD-QUARTER OPERATING SEGMENT INCOME INCREASED 33.2% TO PS.121.9 MILLION COMPARED WITH PS.91.5 MILLION IN THIRD QUARTER 2010, AND THE MARGIN REACHED 15%. THIS INCREASE REFLECTS HIGHER SALES AND A POSITIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED COSTS AND EXPENSES. THIS FAVORABLE VARIANCE WAS PARTIALLY OFFSET BY HIGHER PAPER, PRINTING AND EDITING COSTS.

SKY

THIRD-QUARTER SALES GREW BY 8.2% TO PS.3,131.7 MILLION COMPARED WITH PS.2,894.9 MILLION IN THIRD QUARTER 2010. THE INCREASE WAS DRIVEN BY SOLID GROWTH IN THE SUBSCRIBER BASE IN MEXICO, EXPLAINED BY THE CONTINUED SUCCESS OF SKY’S LOW-COST OFFERINGS. THE NUMBER OF GROSS ACTIVE SUBSCRIBERS INCREASED BY 238,205 DURING THE QUARTER TO 3,824,278 (INCLUDING 155,608 COMMERCIAL SUBSCRIBERS) AS OF SEPTEMBER 30, 2011, COMPARED WITH 2,753,047 (INCLUDING 149,057 COMMERCIAL SUBSCRIBERS) AS OF SEPTEMBER 30, 2010. SKY ENDED THE QUARTER WITH 154,964 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 AS WELL AS A NEGATIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED SALES.

THIRD-QUARTER OPERATING SEGMENT INCOME INCREASED 4.2% TO PS.1,457.4 MILLION COMPARED WITH PS.1,398.3 MILLION IN THIRD QUARTER 2010, AND THE MARGIN WAS 46.5%. THESE RESULTS REFLECT AN INCREASE IN SALES THAT WAS PARTIALLY OFFSET BY HIGHER PROGRAMMING COSTS DUE TO THE TRANSMISSION OF SPECIAL SPORT EVENTS SUCH AS: COPA AMÉRICA, COPA DE ORO AND FIFA U-17 WORLD CUP, AMONG OTHERS.

CABLE AND TELECOM

THIRD-QUARTER SALES INCREASED 13.1% TO PS.3,394.8 MILLION COMPARED WITH PS.3,002.5 MILLION IN THIRD QUARTER 2010. THIS INCREASE WAS ATTRIBUTABLE MAINLY TO THE ADDITION OF 542,469 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 AS WELL AS THE SUSTAINED DEMAND FOR NEW PACKAGES LAUNCHED DURING THE QUARTER.

THE INCREASE IS ALSO EXPLAINED BY AN IMPROVED SALES MIX IN BESTEL, WHICH INCREASED REVENUE DERIVED FROM LOCAL TELEPHONY AND BROADBAND SERVICES. YEAR-OVER-YEAR, CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL NET SALES INCREASED 11.5%, 13.8%, 15.3%, AND 16.5%, RESPECTIVELY.
 
THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF SUBSCRIBERS FOR EACH OF OUR THREE CABLE AND TELECOM SUBSIDIARIES AS OF SEPTEMBER 30, 2011:

THE SUBSCRIBER BASE OF CABLEVISIÓN OF VIDEO, BROADBAND AND TELEPHONY AS OF SEPTEMBER 30, 2011, AMOUNTED TO 704,580, 367,520 AND 231,700, RESPECTIVELY.

THE SUBSCRIBER BASE OF CABLEMÁS OF VIDEO, BROADBAND AND TELEPHONY AS OF SEPTEMBER 30, 2011, AMOUNTED TO 1,050,415, 425,389 AND 248,713, RESPECTIVELY.

THE SUBSCRIBER BASE OF TVI OF VIDEO, BROADBAND AND TELEPHONY AS OF SEPTEMBER 30, 2011, AMOUNTED TO 367,164, 182,175 AND 129,419, RESPECTIVELY.

THE RGUS OF CABLEVISIÓN, CABLEMÁS AND TVI AS OF SEPTEMBER 30, 2011, AMOUNTED TO 1,303,800, 1,724,517 AND 678,758, RESPECTIVELY.

THIRD-QUARTER OPERATING SEGMENT INCOME INCREASED 26.5% TO PS.1,197.5 MILLION COMPARED WITH PS.946.5 MILLION IN THIRD QUARTER 2010, AND THE MARGIN REACHED 35.3%. THESE RESULTS REFLECT CONTINUED GROWTH IN THE CABLE PLATFORMS AS WELL AS A POSITIVE TRANSLATION EFFECT ON FOREIGN-CURRENCY-DENOMINATED COSTS. SPECIFICALLY IN BESTEL THE MARGINS WERE STRONG. THIS INCREASE WAS DRIVEN BY LOWER INTERCONNECTION RATES AND A LARGER CUSTOMER BASE.

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:

THIRD-QUARTER REVENUES OF CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.1,106.9 MILLION, PS.1,158.8 MILLION, PS.555.2 MILLION AND PS.693.2 MILLION, RESPECTIVELY.

THIRD-QUARTER OPERATING SEGMENT INCOME OF CABLEVISION, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.427.1 MILLION, PS.442.8 MILLION, PS.199.6 MILLION AND PS.182.4 MILLION, RESPECTIVELY.

THESE RESULTS DO NOT INCLUDE CONSOLIDATION ADJUSTMENTS OF PS.119.3 MILLION IN REVENUES NOR PS.54.4 MILLION IN OPERATING SEGMENT INCOME, WHICH ARE CONSIDERED IN THE CONSOLIDATED RESULTS OF CABLE AND TELECOM.

OTHER BUSINESSES

THIRD-QUARTER SALES INCREASED 6.7% TO PS.1,046.5 MILLION COMPARED WITH PS.981.1 MILLION IN THIRD QUARTER 2010. THE GAMING BUSINESS PERFORMED WELL DURING THE QUARTER, MOST OF THE GROWTH DRIVEN BY BINGO PARLORS AND OUR SOCCER LOTTERY GAME GANAGOL.

THIRD-QUARTER OPERATING SEGMENT INCOME REACHED PS.2 MILLION COMPARED WITH A LOSS OF PS.32.2 MILLION IN THIRD QUARTER 2010, MAINLY REFLECTING AN INCREASE IN PROFITABILITY IN THE RADIO, INTERNET AND GAMING BUSINESSES.
 
INTERSEGMENT OPERATIONS

INTERSEGMENT OPERATIONS FOR THE THIRD QUARTER 2011 AND 2010 AMOUNTED TO PS.352.6  MILLION AND PS.336.4 MILLION, RESPECTIVELY.

CORPORATE EXPENSES

SHARE-BASED COMPENSATION EXPENSE IN THIRD QUARTER 2011 AND 2010 AMOUNTED TO PS.161.9 MILLION AND PS.135.4 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, AMOUNTED TO PS.200.8 MILLION FOR THIRD QUARTER 2011, COMPARED WITH OTHER INCOME, NET, OF PS.311.7 MILLION FOR THIRD QUARTER 2010. THE VARIANCE OF PS.512.5 REFLECTED PRIMARILY THE ABSENCE OF A GAIN ON DISPOSITION OF SHARES OF VOLARIS, A LOW-COST CARRIER AIRLINE, IN THIRD QUARTER 2010.

OTHER EXPENSE FOR THIRD QUARTER 2011 AND 2010 INCLUDED PRIMARILY LOSS ON DISPOSITION OF PROPERTY AND EQUIPMENT, FINANCIAL ADVISORY AND PROFESSIONAL SERVICES, AND DONATIONS.

INTEGRAL COST OF FINANCING

THE NET EXPENSE ATTRIBUTABLE TO INTEGRAL COST OF FINANCING INCREASED BY PS.666.1 MILLION TO PS.1,316.3 MILLION IN THIRD QUARTER 2011 FROM PS.650.2 MILLION IN THIRD QUARTER 2010. THIS INCREASE REFLECTED PRIMARILY I) A PS.475.9 MILLION INCREASE IN NON-CASH FOREIGN EXCHANGE LOSS RESULTING PRIMARILY FROM THE EFFECT OF A 18.6% DEPRECIATION OF THE MEXICAN PESO AGAINST THE US DOLLAR IN THIRD QUARTER 2011 ON OUR NET AVERAGE US DOLLAR LIABILITY POSITION COMPARED WITH A 2.0% APPRECIATION IN THIRD QUARTER 2010 ON OUR NET US DOLLAR LIABILITY POSITION; AND II) A PS.276 MILLION INCREASE IN INTEREST EXPENSE, DUE PRIMARILY TO A HIGHER PRINCIPAL AMOUNT OF LONG-TERM DEBT IN THIRD QUARTER 2011. THESE UNFAVORABLE VARIANCES WERE PARTIALLY OFFSET BY AN PS.85.8 MILLION INCREASE IN INTEREST INCOME DURING THIRD QUARTER 2011.

EQUITY IN LOSSES OF AFFILIATES, NET

EQUITY IN LOSSES OF AFFILIATES, NET, DECREASED BY PS.34.1 MILLION, OR 28.3%, TO PS.86.6 MILLION IN THIRD QUARTER 2011 COMPARED WITH PS.120.7 MILLION IN THIRD QUARTER 2010. THIS DECREASE REFLECTED MAINLY AN INCREASE IN EQUITY IN EARNINGS OF BMP, THE CONTROLLING COMPANY OF UNIVISION, AND OCEN, A LIVE-ENTERTAINMENT VENTURE IN MEXICO, WHICH EFFECT WAS PARTIALLY OFFSET BY AN INCREASE IN EQUITY IN LOSS OF LA SEXTA, A FREE-TO-AIR TELEVISION CHANNEL IN SPAIN.
 
INCOME TAXES

INCOME TAXES DECREASED BY PS.449.2 MILLION, OR 36.4%, TO PS.784.4 MILLION IN THIRD QUARTER 2011 FROM PS.1,233.6 MILLION IN THIRD 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 DECREASED BY PS.58.6 MILLION, OR 22.2%, TO PS.204.9 MILLION IN THIRD QUARTER 2011, FROM PS.263.5 MILLION IN THIRD QUARTER 2010. THIS DECREASE REFLECTED PRIMARILY A LOWER PORTION OF CONSOLIDATED NET INCOME ATTRIBUTABLE TO INTERESTS HELD BY NON-CONTROLLING EQUITY OWNERS IN OUR SKY AND CABLE AND TELECOM SEGMENTS.

OTHER RELEVANT INFORMATION

CAPITAL EXPENDITURES AND INVESTMENTS

DURING THIRD QUARTER 2011, WE INVESTED APPROXIMATELY US$194.4 MILLION IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES, INCLUDING APPROXIMATELY US$102 MILLION FOR OUR CABLE AND TELECOM SEGMENT, US$62.8 MILLION FOR OUR SKY SEGMENT, AND US$29.6 MILLION FOR OUR TELEVISION BROADCASTING SEGMENT AND OTHER BUSINESSES.

OUR INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT IN OUR CABLE AND TELECOM SEGMENT DURING THIRD QUARTER 2011 INCLUDED APPROXIMATELY US$32.3 MILLION FOR CABLEVISIÓN, US$37.2 MILLION FOR CABLEMÁS, US$19.7 MILLION FOR TVI, AND US$12.8 MILLION FOR BESTEL.

DURING THIRD QUARTER 2011, WE MADE CASH PAYMENTS IN THE AMOUNT OF US$150 MILLION (PS.1,797.1 MILLION) IN CONNECTION WITH OUR INVESTMENT IN GSF, THE CONTROLLING COMPANY OF IUSACELL, IN THE FORM OF US$1,565 MILLION (PS.19,390.9 MILLION) OF DEBENTURES ISSUED BY GSF THAT ARE MANDATORILY CONVERTIBLE INTO SHARES OF STOCK OF GSF. 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%.

ADDITIONALLY, ON OCTOBER 7, 2011, TELEVISA ENTERED INTO AN AGREEMENT TO BUY FROM EXISTING SHAREHOLDERS AN ADDITIONAL 158,258 SHARES OF BMP WHICH, ON A FULLY DILUTED BASIS, REPRESENT APPROXIMATELY 1% OF BMP’S TOTAL EQUITY CAPITAL. THE TRANSACTION IS SUBJECT TO CUSTOMARY CLOSING CONDITIONS.

DEBT AND CAPITAL LEASE OBLIGATIONS

THE TOTAL CONSOLIDATED DEBT AMOUNTED TO PS.56,646.8 MILLION AND PS.47,964.8 MILLION AS OF SEPTEMBER 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.1,170 MILLION AND PS.1,469.1 MILLION, RESPECTIVELY.

ADDITIONALLY, WE HAD CAPITAL LEASE OBLIGATIONS IN THE AMOUNT OF PS.639.7 MILLION AND PS.629.8 MILLION AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF PS.403 MILLION  AND PS.280.1 MILLION, RESPECTIVELY.

AS OF SEPTEMBER 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.30,328.8 MILLION. THE AGGREGATE AMOUNT OF NONCURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS AS OF SEPTEMBER 30, 2011 AMOUNTED TO PS.3,146.8 MILLION.

SHARES OUTSTANDING

AS OF SEPTEMBER 30, 2011 AND DECEMBER 31, 2010, OUR SHARES OUTSTANDING AMOUNTED TO 330,858.1 MILLION AND 325,023 MILLION SHARES, RESPECTIVELY, AND OUR CPO EQUIVALENTS OUTSTANDING AMOUNTED TO 2,827.8 MILLION AND 2,778 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 SEPTEMBER 30, 2011 AND DECEMBER 31, 2010, THE GDS (GLOBAL DEPOSITARY SHARES) EQUIVALENTS OUTSTANDING AMOUNTED TO 565.6 MILLION AND 555.6 MILLION GDS EQUIVALENTS, RESPECTIVELY. THE NUMBER OF GDS EQUIVALENTS IS CALCULATED BY DIVIDING THE NUMBER OF CPO EQUIVALENTS BY FIVE.

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
  Final Printing
 
GRUPO TELEVISA, S.A.B.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010
(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 SEPTEMBER 30, 2011 AND 2010, AND FOR THE NINE MONTHS 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 NINE MONTHS ENDED SEPTEMBER 30, 2011.

2.         PROPERTY, PLANT AND EQUIPMENT:

PROPERTY, PLANT AND EQUIPMENT AS OF SEPTEMBER 30  CONSISTED OF:

   
2011
    
2010
  
BUILDINGS
   Ps. 9,518,086     Ps. 9,421,014  
BUILDING IMPROVEMENTS
     1,632,473       1,688,870  
TECHNICAL EQUIPMENT
     49,207,607       42,581,820  
SATELLITE TRANSPONDERS
     3,593,873       3,593,873  
FURNITURE AND FIXTURES
     871,151       859,747  
TRANSPORTATION EQUIPMENT
     2,122,180       2,454,046  
COMPUTER EQUIPMENT
     4,080,823       3,469,405  
LEASEHOLD IMPROVEMENTS
     1,320,281       1,348,121  
      72,346,474       65,416,896  
ACCUMULATED DEPRECIATION
     (40,852,895 )     (35,011,844 )
      31,493,579       30,405,052  
LAND
     4,103,656       4,651,788  
CONSTRUCTION AND PROJECTS IN PROGRESS
     4,133,125       2,385,158  
    Ps. 39,730,360     Ps. 37,441,998  
 
DEPRECIATION CHARGED TO INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010 WAS PS.4,676,189 AND PS.3,986,784, RESPECTIVELY.
  
3.        LONG-TERM DEBT SECURITIES:
 
AS OF SEPTEMBER 30, THE GROUP'S CONSOLIDATED SHORT-TERM AND LONG-TERM DEBT SECURITIES OUTSTANDING WERE AS FOLLOWS:
 

 
   
2011
    
2010
  
 
 
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.$ -     Ps. -     U.S.$  71,951     Ps.
907,388
  
6.0% SENIOR NOTES DUE 2018 (A)
     500,000      
6,944,200
       500,000      
6,305,600
  
6.625% SENIOR NOTES DUE 2025 (A)
     600,000      
8,333,040
       600,000      
7,566,720
  
8.5% SENIOR NOTES DUE 2032 (A)
     300,000      
4,166,520
       300,000      
3,783,360
  
8.49% SENIOR NOTES DUE 2037 (A)
     -       4,500,000       -      
4,500,000
  
9.375% SENIOR GUARANTEED NOTES DUE 2015 (B)
     -       -        174,700      
2,203,177
  
6.625% SENIOR NOTES DUE 2040 (A)     600,000      
8,333,040
       600,000      
7,566,720
  
7.38%  NOTES DUE 2020 (C)
     -       10,000,000       -       -  
    U.S.$ 2,000,000     Ps.    42,276,800     U.S.$  2,246,651     Ps.   
32,832,965
  

(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 REDDEM 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. THE SENIOR NOTES DUE 2011, 2018, 2025, 2032, 2037 AND 2040 ARE REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. IN SEPTEMBER 2011, THE COMPANY PAID AT ITS MATURITY THE REMAINING AMOUNT OF ITS 8.00% SENIOR NOTES DUE 2011 FOR A PRINCIPAL AMOUNT OF U.S.$72 MILLION (PS.898,776).

(B)  
THESE SENIOR GUARANTEED NOTES WERE UNSECURED OBLIGATIONS OF CABLEMÁS AND ITS RESTRICTED SUBSIDIARIES AND WERE GUARANTEED BY SUCH RESTRICTED SUBSIDIARIES. 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, CABLEMÁS PREPAID ALL OF ITS GUARANTEED SENIOR NOTES FOR AN AGGREGATE AMOUNT OF U.S.$183 MILLION (PS.2,256,716), INCLUDING ACCRUED INTEREST AND A PREMIUM (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 SEMI-ANNUAL INTEREST PAYMENT DATE AT A REDEMPTION PRICE EQUAL TO THE GREATER OF THE PRINCIPAL AMOUNT OF THE OUTSTANDING NOTES AND THE PRESENT VALUE OF FUTURE CASH FLOWS, AT THE REDEMPTION DATE, OF PRINCIPAL AND INTEREST AMOUNTS OF THE NOTES DISCOUNTED AT A FIXED RATE OF COMPARABLE MEXICAN SOVEREIGN BONDS. THE AGREEMENT OF THESE NOTES CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES APPOINTED BY THE COMPANY’S BOARD OF DIRECTORS, AND 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 AMONG RELATED PARTIES 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 THROUGH THE LATER OF 2025 OR SEVEN AND ONE-HALF YEARS AFTER TELEVISA HAS SOLD TWO-THIRDS OF ITS INITIAL INVESTMENT IN BMP. IN CONNECTION WITH 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 VARIOUS 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 AND CLAIMS ARE EXPECTED TO HAVE A MATERIAL ADVERSE EFFECT ON THE GROUP’S FINANCIAL STATEMENTS AS A WHOLE; HOWEVER, THE COMPANY IS UNABLE TO PREDICT THE OUTCOME OF ANY OF THESE LEGAL ACTIONS AND CLAIMS.

5.        STOCKHOLDERS' EQUITY:

THE COMPANY’S CAPITAL STOCK AS OF SEPTEMBER 30, IS ANALYZED AS FOLLOWS:

   
2011
    
2010
  
NOMINAL
   Ps.
2,405,032
     Ps.  
2,368,792
  
CUMULATIVE INFLATION ADJUSTMENT (A)
    
7,713,067
      
7,651,067
  
TOTAL CAPITAL STOCK
   Ps.  
10,118,099
     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.

            ON APRIL 29, 2011, THE COMPANY’S STOCKHOLDERS APPROVED (I) THE PAYMENT OF A DIVIDEND FOR AN AGGREGATE AMOUNT OF UP TO PS.1,036,664, WHICH CONSISTED OF PS.0.35 PER CPO AND PS.0.00299145299 PER SHARE, NOT IN THE FORM OF A CPO, WHICH WAS PAID IN CASH IN MAY 2011 IN THE AGGREGATE AMOUNT OF PS.1,023,012; (II) THE MERGER OF CABLEMÁS INTO THE COMPANY ON APRIL 29, 2011, FOR WHICH REGULATORY APPROVALS WERE OBTAINED IN FEBRUARY AND JUNE 2011; (III) AN INCREASE IN THE CAPITAL STOCK OF THE COMPANY, WHICH CONSISTED OF 2,901,600,000 SHARES IN THE FORM OF 24,800,000 CPOS, IN CONNECTION WITH THE MERGER OF CABLEMÁS INTO THE COMPANY, BY WHICH THE COMPANY INCREASED ITS INTEREST IN THE CABLEMAS BUSINESS FROM 90.8% TO 100%; AND (IV) AN ADDITIONAL ISSUANCE OF 17,550,000,000 SHARES OF THE CAPITAL STOCK OF THE COMPANY IN THE FORM OF 150,000,000 CPOS, SUBJECT TO THE PREEMPTIVE RIGHTS OF EXISTING STOCKHOLDERS, WHICH ARE EXPECTED TO BE PAID IN CASH BY THE SPECIAL PURPOSE TRUST OF THE COMPANY’S STOCK PURCHASE PLAN AND LONG-TERM RETENTION PLAN IN THE FOURTH QUARTER OF 2011 (SEE NOTE 13).
 
    IN AUGUST 2011, A NUMBER OF 118,755 SHARES OF THE CAPITAL STOCK OF THE COMPANY, IN THE FORM OF 1,015 CPOS, WAS SUSCRIBED AND PAID BY EXISTING STOCKHOLDERS UNDER PREEMPTIVE RIGHTS IN THE AMOUNT OF PS.71.

AS OF SEPTEMBER 30, 2011, THE NUMBER OF SHARES ISSUED, REPURCHASED AND OUTSTANDING IS PRESENTED AS FOLLOWS:
 
   
 
 ISSUED
  
 
REPURCHASED
  
 
OUTSTANDING
SERIES “A” SHARES
  
120,499,101,800
  
7,890,421,385
  
112,608,680,415
SERIES “B” SHARES
  
56,540,997,506
  
4,350,887,293
  
52,190,110,213
SERIES “D” SHARES
  
86,201,722,390
  
3,172,059,819
  
83,029,662,571
SERIES “L” SHARES
  
86,201,722,390
  
3,172,059,819
  
83,029,662,571
   
349,443,544,086
  
18,585,428,316
  
330,858,115,770
 
 
     AS OF SEPTEMBER 30, 2011, THE COMPANY’S SHARES REPURCHASED BY THE COMPANY, AND THE COMPANY’S SHARES HELD BY SPECIAL TRUSTS IN CONNECTION WITH THE COMPANY’S STOCK PURCHASE PLAN AND LONG-TERM RETENTION PLAN, ARE PRESENTED AS A CHARGE TO THE CONTROLLING INTEREST STOCKHOLDERS’ EQUITY,  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)
    
4,563,538,200
       -      
4,563,538,200
     Ps.  
1,991,713
  
HELD BY A COMPANY’S TRUST  (2)
    
6,040,204,443
      
7,981,685,673
      
14,021,890,116
      
3,363,834
  
ADVANCES FOR ACQUISITION OF SHARES (3)
     -       -       -      
874,787
  
     
10,603,742,643
      
7,981,685,673
      
18,585,428,316
     Ps.  
6,230,334
  

(1)  
DURING THE NINE MONTHS ENDED SEPTEMBER 30, 2011, THE COMPANY REPURCHASED 23,400,000 SHARES IN THE FORM OF 200,000 CPOS, IN THE AGGREGATE AMOUNT OF PS.12,623.
(2)  
IN OCTOBER 2010, THE COMPANY’S STOCK PURCHASE PLAN AND LONG-TERM RETENTION PLAN WERE CONSOLIDATED UNDER A SINGLE SPECIAL PURPOSE TRUST. DURING THE FIRST HALF OF 2011, THE COMPANY RELEASED 320,443,695 SHARES IN THE FORM OF 2,738,835 CPOS, IN THE AMOUNT OF PS.35,974, IN CONNECTION WITH THE STOCK PURCHASE PLAN. IN JANUARY 2011, THE COMPANY RELEASED 232,743,888 SHARES, IN THE FORM OF 1,989,264 CPOS, IN THE AMOUNT OF PS.19,097, IN CONNECTION WITH THE LONG-TERM RETENTION PLAN. ALSO, IN APRIL 2011, THE COMPANY RELEASED 2,418,188,526 SHARES, IN THE FORM OF 20,668,278 CPOS, AND 386,100,000 SHARES, NOT IN THE FORM OF CPOS, IN THE AMOUNT OF PS.640,303 AND PS.102,234, RESPECTIVELY, IN CONNECTION WITH THE LONG-TERM RETENTION PLAN. IN ADDITION, DURING THE NINE MONTHS ENDED SEPTEMBER 30 2011, THIS TRUST ACQUIRED 400,725,000 COMPANY’S SHARES, IN THE FORM OF 3,425,000 CPOS, IN THE AMOUNT OF PS.184,757.
(3)  
IN CONNECTION WITH THE COMPANY’S STOCK PURCHASE PLAN AND LONG-TERM RETENTION PLAN.
 
THE GROUP ACCRUED IN THE STOCKHOLDERS’ EQUITY ATRIBUTABLE TO THE CONTROLLING INTEREST A SHARE-BASED COMPENSATION EXPENSE OF PS.488,399 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011, WHICH AMOUNT WAS REFLECTED IN CONSOLIDATED OPERATING INCOME AS ADMINISTRATIVE EXPENSE (SEE NOTE 11).
 
6.        RESERVE FOR REPURCHASE OF SHARES:

NO RESERVE FOR REPURCHASE OF SHARES WAS OUTSTANDING AS OF SEPTEMBER 30, 2011.

 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 NINE MONTHS ENDED SEPTEMBER 30 CONSISTED OF:
 
   
2011
    
2010
  
INTEREST EXPENSE (1)
   Ps.  
3,143,883
     Ps.  
2,690,267
  
INTEREST INCOME
    
(724,952
 )    
(741,535
 )
FOREIGN EXCHANGE LOSS, NET (2)
    
638,991
      
375,646
  
    Ps.
3,057,922
     Ps.  
2,324,378
  
                 
(1)  
INTEREST EXPENSE INCLUDES IN 2011 AND 2010 A NET LOSS FROM RELATED DERIVATIVE CONTRACTS OF PS.108,994 AND PS.219,968, RESPECTIVELY.
(2)  
FOREIGN EXCHANGE LOSS, NET, INCLUDES IN 2011 AND 2010 A NET LOSS FROM FOREIGN CURRENCY DERIVATIVE CONTRACTS OF PS.249,621 AND PS.278,660, RESPECTIVELY.

8.        DEFERRED TAXES:
 
THE DEFERRED INCOME TAX LIABILITY AS OF SEPTEMBER 30 WAS DERIVED FROM:
 
   
2011
    
2010
  
ASSETS:
            
ACCRUED LIABILITIES
   Ps. 1,389,925     Ps. 917,545  
GOODWILL
     1,468,497       1,396,040  
TAX LOSS CARRYFORWARDS
     944,406       897,152  
ALLOWANCE FOR DOUBTFUL ACCOUNTS
     466,626       423,355  
CUSTOMER ADVANCES
     795,638       824,047  
OTHER ITEMS
     575,083       451,220  
      5,640,175       4,909,359  
LIABILITIES:
                
INVENTORIES
     (356,404 )     (430,752 )
PROPERTY, PLANT AND EQUIPMENT, NET
     (1,253,259 )     (1,381,304 )
OTHER ITEMS
     (1,328,233 )     (1,635,231 )
TAX LOSSES OF SUBSIDIARIES, NET
     -       (49,862 )
      (2,937,896 )     (3,497,149 )
DEFERRED INCOME TAX OF MEXICAN COMPANIES
     2,702,279       1,412,210  
DEFERRED TAX OF FOREIGN SUBSIDIARIES
     493,924       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
     (278,305 )     (471,691 )
DEFERRED TAX LIABILITY
   Ps. (446,905 )   Ps. (1,777,048 )
 
DEFERRED TAX LIABILITY  CURRENT PORTION
   Ps. (134,951 )   Ps. (183,093 )
DEFERRED TAX LIABILITY  LONG-TERM
     (311,954 )     (1,593,955 )
    Ps. (446,905 )   Ps. (1,777,048 )
 
 
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 NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010.
 
10.       QUARTERLY NET RESULTS:

THE QUARTERLY NET RESULTS FOR THE FOUR QUARTERS ENDED SEPTEMBER 30, 2011 ARE AS FOLLOWS:
 
 
QUARTER
  
 
ACCUMULATED
  
 
QUARTER
4 / 10
  
Ps.   7,683,389
  
Ps.   2,624,495
1 / 11
  
1,219,614
  
1,219,614
2 / 11
  
  3,374,865
  
2,155,251
3 / 11
  
  4,719,508
  
1,344,643
 
11.       INFORMATION BY SEGMENTS:

INFORMATION BY SEGMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010, IS PRESENTED AS FOLLOWS:
 
   
TOTAL REVENUES
    
INTERSEGMENT REVENUES
    
CONSOLIDATED REVENUES
    
SEGMENT PROFIT (LOSS)
  
2011:
                        
TELEVISION BROADCASTING
   Ps. 15,585,592     Ps. 435,311     Ps. 15,150,281     Ps. 6,964,069  
PAY TELEVISION NETWORKS
     2,526,568       234,540       2,292,028       1,273,838  
PROGRAMMING EXPORTS
     2,679,879       3,186       2,676,693       1,381,382  
PUBLISHING
     2,216,365       50,484       2,165,881       293,576  
SKY
     9,283,013       32,559       9,250,454       4,379,347  
CABLE AND TELECOM
     9,957,208       28,594       9,928,614       3,370,174  
OTHER BUSINESSES
     3,001,215       176,395       2,824,820       (52,043 )
SEGMENTS TOTALS
     45,249,840       961,069       44,288,771       17,610,343  
RECONCILIATION TO CONSOLIDATED
AMOUNTS:
                                
ELIMINATIONS AND CORPORATE EXPENSES
     (961,069 )     (961,069 )     -       (786,549 )
DEPRECIATION AND AMORTIZATION EXPENSE
     -       -       -       (5,429,850 )
CONSOLIDATED TOTAL
   Ps. 44,288,771     Ps. -     Ps. 44,288,771     Ps. 11,393,944  (1)
                                 
2010:
                                
TELEVISION BROADCASTING
   Ps. 15,860,652     Ps. 306,683     Ps. 15,553,969     Ps. 7,276,098  
PAY TELEVISION NETWORKS
     2,288,168       413,123       1,875,045       1,107,864  
PROGRAMMING EXPORTS
     2,064,615       5,019       2,059,596       959,732  
PUBLISHING
     2,285,186       51,283       2,233,903       249,073  
SKY
     8,373,426       19,807       8,353,619       3,800,603  
CABLE AND TELECOM
     8,642,958       46,135       8,596,823       2,813,185  
OTHER BUSINESSES
     2,768,735       75,921       2,692,814       (76,965 )
SEGMENT TOTALS
     42,283,740       917,971       41,365,769       16,129,590  
RECONCILIATION TO CONSOLIDATED AMOUNTS:
                                
ELIMINATIONS AND CORPORATE EXPENSES
     (917,971 )     (917,971 )     -       (577,570 )
DEPRECIATION AND AMORTIZATION EXPENSE
     -       -       -       (4,640,234 )
CONSOLIDATED TOTAL
   Ps. 41,365,769     Ps. -     Ps. 41,365,769     Ps. 10,911,786  (1)
 
(1)  
CONSOLIDATED TOTALS REPRESENT CONSOLIDATED OPERATING INCOME.
 
12.       INVESTMENTS:

      IN APRIL 2011, THE COMPANY MADE, THROUGH A WHOLLY-OWNED SUBSIDIARY,  AN INVESTMENT OF (I) U.S.$37.5 MILLION IN EQUITY, REPRESENTING 1.093875% OF THE OUTSTANDING SHARES OF GSF TELECOM HOLDINGS, S.A.P.I. DE C.V. (“GSF”), THE CONTROLLING COMPANY OF GRUPO IUSACELL, S.A. DE C.V. (“IUSACELL”), A PROVIDER OF TELECOMMUNICATIONS SERVICES, PRIMARILY ENGAGED IN PROVIDING MOBILE SERVICES THROUGHOUT MEXICO; AND (II) U.S.$1,565 MILLION (PS.19,390,856) IN UNSECURED  DEBENTURES ISSUED BY GSF THAT ARE MANDATORILY CONVERTIBLE INTO SHARES OF STOCK OF GSF, SUBJECT TO REGULATORY APPROVAL AND OTHER CUSTOMARY CLOSING CONDITIONS. UPON CONVERSION OF THE DEBENTURES, THE EQUITY PARTICIPATION OF THE COMPANY IN GSF AND IUSACELL WILL BE 50%. IN ADDITION, THE COMPANY AGREED TO MAKE AN ADDITIONAL PAYMENT OF U.S.$400 MILLION TO GSF IF CUMULATIVE EBITDA, AS DEFINED, REACHES U.S.$3,472 MILLION AT ANY TIME BETWEEN 2011 AND 2015. UNDER THE TERMS OF THE TRANSACTION, THE COMPANY AND THE OTHER OWNER OF GSF WILL HAVE EQUAL CORPORATE GOVERNANCE RIGHTS. IN CONNECTION WITH THIS INVESTMENT, THE GROUP MADE CASH PAYMENTS DURING THE SECOND AND THIRD QUARTERS OF 2011, IN THE AGGREGATE AMOUNT OF U.S.$1,152.5 MILLION (PS.13,583,077), AND IN OCTOBER 2011, IN THE AMOUNT OF U.S.$450 MILLION (PS.6,249,780).
 
13.       OTHER STOCKHOLDERS TRANSACTIONS:
 
         IN FEBRUARY 2010, MARCH 2011 AND AUGUST 2011, THE HOLDING COMPANIES OF THE SKY SEGMENT PAID A DIVIDEND TO ITS EQUITY OWNERS IN THE AGGREGATE AMOUNT OF PS.500,000, PS.1,250,000 AND PS.600,000, RESPECTIVELY, OF WHICH PS.206,667, PS.516,667 AND PS.248,000, RESPECTIVELY,  WERE PAID TO ITS NON-CONTROLLING EQUITY OWNERS.

          IN MARCH 2011, THE STOCKHOLDERS OF A MAJORITY-OWNED SUBSIDIARY OF THE COMPANY, EMPRESAS CABLEVISIÓN, S.A.B. DE C.V., APPROVED A CAPITAL CONTRIBUTION TO INCREASE THE CAPITAL STOCK OF THIS COMPANY IN THE AMOUNT OF PS.3,000,000, OF WHICH PS.1,469,165 WAS CONTRIBUTED BY THE NON-CONTROLLING INTEREST.

          ON APRIL 1, 2011, THE COMPANY ANNOUNCED AN AGREEMENT WITH THE NON-CONTROLLING STOCKHOLDERS OF CABLEMÁS TO ACQUIRE A 41.7% EQUITY INTEREST IN THIS ENTITY. IN CONNECTION WITH THIS AGREEMENT, (I) THE STOCKHOLDERS OF CABLEMÁS APPROVED ON MARCH 31, 2011 A CAPITAL INCREASE IN CABLEMÁS, BY WHICH A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY INCREASED ITS EQUITY INTEREST IN CABLEMÁS FROM 58.3% TO 90.8%; (II) THE COMPANY’S STOCKHOLDERS APPROVED THE MERGER OF CABLEMÁS INTO THE COMPANY ON APRIL 29, 2011, BY WHICH THE COMPANY INCREASED ITS INTEREST IN THE CABLEMAS BUSINESS FROM 90.8% TO 100%; AND (III) A FINAL REGULATORY APPROVAL WAS OBTAINED BY THE COMPANY IN JUNE 2011. THIS TRANSACTION HAD A TOTAL VALUE OF APPROXIMATELY PS.4,700 MILLION, INCLUDING THE MERGER OF CABLEMÁS INTO THE COMPANY (SEE NOTE 5).
 
14.      FINANCING TRANSACTIONS:

           IN APRIL AND OCTOBER 2010, THE COMPANY REPAID AT ITS MATURITY A PORTION OF A BANK LOAN IN THE PRINCIPAL AMOUNT OF PS.1,000,000.
 
           IN OCTOBER 2010, THE COMPANY ISSUED PS.10,000,000 AGGREGATE PRINCIPAL AMOUNT OF 7.38% NOTES DUE 2020, THROUGH THE MEXICAN STOCK EXCHANGE (SEE NOTE 3).

           IN NOVEMBER 2010, CABLEMÁS, A MAJORITY-OWNED SUBSIDIARY OF THE COMPANY, PREPAID ALL OF ITS OUTSTANDING LOAN FACILITY FOR AN AGGREGATE AMOUNT OF U.S.$50 MILLION (PS.622,118), INCLUDING ACCRUED INTEREST (SEE NOTE 3).

           IN MARCH 2011, EMPRESAS CABLEVISIÓN, S.A.B. DE C.V. PREPAID ALL OF ITS OUTSTANDING LOAN FACILITY IN THE PRINCIPAL AMOUNT OF U.S.$225 MILLION, AND RECEIVED A CASH AMOUNT OF U.S.$7.6 MILLION FOR THE LIQUIDATION OF A DERIVATIVE CONTRACT RELATED TO THIS LOAN.

           IN MARCH 2011, THE COMPANY ENTERED INTO LONG-TERM CREDIT AGREEMENTS WITH FOUR MEXICAN BANKS IN THE AGGREGATE PRINCIPAL AMOUNT OF  PS.8,600,000, WITH AN ANNUAL INTEREST RATE BETWEEN  8.09% AND 9.4%, PAYABLE ON A MONTHLY BASIS, AND PRINCIPAL MATURITIES BETWEEN 2016 AND 2021. THE PROCEEDS OF THESE LOANS HAVE BEEN USED FOR GENERAL CORPORATE PURPOSES. UNDER THE TERMS OF THESE LOAN AGREEMENTS, THE COMPANY IS REQUIRED TO (A) MAINTAIN CERTAIN FINANCIAL COVERAGE RATIOS RELATED TO INDEBTEDNESS AND INTEREST EXPENSE; AND (B) COMPLY WITH THE RESTRICTIVE COVENANT ON SPIN-OFFS, MERGERS AND SIMILAR TRANSACTIONS.

          15.      OTHER TRANSACTIONS:
 
         IN CONNECTION WITH A 15-YEAR SERVICE AGREEMENT FOR 24 TRANSPONDERS ON INTELSAT’S SATELLITE IS-16 AMONG SKY, SKY BRASIL SERVICOS LTDA., INTELSAT AND AN AFFILIATE, THE GROUP RECORDED IN 2010 A ONE-TIME FIXED FEE IN THE AGGREGATE AMOUNT OF U.S.$138.6 MILLION (PS.1,697,711), OF WHICH U.S.$27.7 MILLION AND U.S.$110.9 MILLION WERE PAID IN THE FIRST QUARTER OF 2010 AND 2011, RESPECTIVELY.

        IN MARCH 2010, SKY REACHED AN AGREEMENT WITH A SUBSIDIARY OF INTELSAT TO LEASE 24 TRANSPONDERS ON INTELSAT IS-21 SATELLITE, WHICH WILL BE MAINLY USED FOR SIGNAL RECEPTION AND RETRANSMISSION SERVICES OVER THE SATELLITE’S ESTIMATED 15-YEAR SERVICE LIFE. IS-21 INTENDS TO REPLACE INTELSAT IS-9 AS SKY’S PRIMARY TRANSMISSION SATELLITE AND IS CURRENTLY EXPECTED TO START SERVICE IN THE THIRD QUARTER OF 2012. THE LEASE AGREEMENT FOR 24 TRANSPONDERS ON IS-21 CONTEMPLATES A MONTHLY PAYMENT OF U.S.$3.0 MILLION TO BE PAID BY SKY BEGINNING IN SEPTEMBER 2012.
 
------------
 
 
 
 
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
98.24
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
262,182,535
99.96
9
CONSORCIO NEKEAS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
43,040,851
99.77
10
CONSTRUCTORA CABLEMAS, S.A. DE C.V.
SERVICES COMPANY
3,289,999
100.00
11
DTH EUROPA, S.A.
PROMOTION AND DEVELOPMENT OF COMPANIES
1,080,182
90.25
12
EDITORA FACTUM, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
4,347,922
100.00
13
EDITORIAL TELEVISA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
2,474,969
99.52
14
FACTUM MAS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
564,225
91.18
15
GRUPO DISTRIBUIDORAS INTERMEX, S.A. DE C.V.
DISTRIBUTION OF BOOKS AND MAGAZINES
670,303
100.00
16
GRUPO LEGARIS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
82,358
91.17
17
GRUPO TELESISTEMA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
30,952,303
100.00
18
INMOBILIARIA CABLEMAS, S.A. DE C.V.
REAL ESTATE COMPANY
1,092,075
100.00
19
KAPA CAPITAL, S.A. DE C.V. SOFOM E.N.R.
PROMOTION AND DEVELOPMENT OF COMPANIES
1,959,228
100.00
20
KASITUM, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
42,405
100.00
21
MULTIMEDIA TELECOM, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
3,031,390
48.90
22
MULTIMEDIA CTI, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
999
100.00
23
PROFESIONALES EN VENTAS S.A. DE C.V.
SERVICES COMPANY
49
98.00
24
PROMO-INDUSTRIAS METROPOLITANAS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
10,368,038
100.00
25
SERVICIOS ADMINISTRATIVOS, S.A. DE C.V.
SERVICES COMPANY
1,341
93.00
26
SISTEMA RADIOPOLIS, S.A. DE C.V.
COMMERCIALIZATION OF RADIO PROGRAMMING
76,070,313
50.00
27
SOMOS TELEVISA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
1,696,115
100.00
28
TELEPARABOLAS, S.L.
TV CABLE COMMERCIALIZATION
1,500
100.00
29
TELEVISA JUEGOS, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
4,478,622
100.00
30
TELESISTEMA MEXICANO, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
497
99.40
31
TELEVISA ARGENTINA, S.A.
COMMERCIAL OPERATION OF TELEVISION
1,677,000
95.72
32
TSM CAPITAL, S.A. DE C.V. SOFOM E.N.R.
PROMOTION AND DEVELOPMENT OF COMPANIES
1,069,791
100.00
33
TELEVISA ENTRETENIMIENTO, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
1,028,260
100.00
34
TV TRANSMISIONES DE CHIHUAHUA, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
661,004
100.00
35
VILLACEZAN, S.A. DE C.V.
PROMOTION AND DEVELOPMENT OF COMPANIES
221,029
100.00
         
 
 
 
 
 
 
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