kr6kpress_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, 2016
 
GRUPO TELEVISA, S.A.B.
(Translation of registrant’s name into English)
 
 
Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico City, Mexico
(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 if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).)
 
Yes
 
No
  
x
 
 
(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).)
 
 
Yes
 
No
  
x
          
 
 




Quarterly Financial Information
   
[105000] Management commentary
2
[110000] General information about financial statements
12
[210000] Statement of financial position, current/non-current
14
[310000] Statement of comprehensive income, profit or loss, by function of expense
16
[410000] Statement of comprehensive income, OCI components presented net of tax
17
[520000] Statement of cash flows, indirect method
19
[610000] Statement of changes in equity - Year Current
21
[610000] Statement of changes in equity - Year Previous
24
[700000] Informative data about the Statement of financial position
27
[700002] Informative data about the Income statement
28
[700003] Informative data - Income statement for 12 months
29
[800001] Breakdown of credits
30
[800003] Annex - Monetary foreign currency position
32
[800005] Annex - Distribution of income by product
33
[800007] Annex - Financial derivate instruments
34
[800100] Notes - Subclassifications of assets, liabilities and equities
40
[800200] Notes - Analysis of income and expense
44
[800500] Notes - List of notes
45
[800600] Notes - List of accounting policies
46
[813000] Notes - Interim financial reporting
47
 
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[105000] Management commentary
 
Management commentary
Mexico City, July 5, 2016 — Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “Televisa” or “the Company”), today announced results for second-quarter 2016. The results have been prepared in accordance with International Financial Reporting Standards (“IFRS”).
 
The following table sets forth condensed consolidated statements of income for the quarters ended June 30, 2016 and 2015, in millions of Mexican pesos:
 
 
2Q’16
Margin %
2Q’15
Margin %
Change %
Net sales
23,523.5
100.0
20,985.7
100.0
12.1
Net income
1,765.8
7.5
1,749.4
8.3
0.9
Net income attributable to stockholders of the Company
1,415.9
6.0
1,328.7
6.3
6.6
           
Segment net sales
24,220.5
100.0
21,453.7
100.0
12.9
Operating segment income (1)
9,680.0
40.0
8,545.6
39.8
13.3
 
(1) The operating segment income margin is calculated as a percentage of segment net sales.
 
Net sales increased by 12.1% to Ps.23,523.5 million in second-quarter 2016 compared with Ps.20,985.7 million in second-quarter 2015. This increase was mainly attributable to revenue growth in all of our business segments. Operating segment income increased by 13.3%, reaching Ps.9,680.0 million with a margin of 40.0%.
 
Net income attributable to stockholders of the Company increased to Ps.1,415.9 million, or 6.6%, in second-quarter 2016 compared to Ps.1,328.7 million in second-quarter 2015. The net increase of Ps.87.2 million reflected (i) a Ps.1,096.7 million increase in operating income before depreciation and amortization; (ii) a Ps.290.0 million increase in share of income of associates and joint ventures, net; and (iii) a Ps.70.8 million decrease in net income attributable to non-controlling interests. These favorable variances were partially offset by (i) a Ps.662.2 million increase in depreciation and amortization; (ii) a Ps.501.5 million increase in other expense, net; (iii) a Ps.112.4 million increase in finance expense, net; and (iv) a Ps.94.2 million increase in income taxes.
 

Disclosure of nature of business
Televisa is a leading media company in the Spanish-speaking world, an important cable operator in Mexico and a leading direct-to-home satellite pay television system in Mexico. Televisa distributes the content it produces through several broadcast channels in Mexico and in over 50 countries through 26 pay-tv brands, and television networks, cable operators and over-the-top or “OTT” services. In the United States, Televisa's audiovisual content is distributed through Univision Communications Inc. ("Univision") the leading media company serving the Hispanic market. Univision broadcasts Televisa's audiovisual content through multiple platforms in exchange for a royalty payment. In addition, Televisa has equity and warrants which upon their exercise and subject to any necessary approval from the Federal Communications Commission of the United States would represent approximately 36% on a fully-diluted, as-converted basis of the equity capital in Univision Holdings Inc., the controlling company of Univision. Televisa’s cable business offers integrated services, including video, high-speed data and voice services to residential and commercial customers as well as managed services to domestic and international carriers through five cable Multiple System Operators in Mexico. Televisa owns a majority interest in Sky, a leading direct-to-home satellite pay television system in Mexico, operating also in the Dominican Republic and Central America. Televisa also has interests in magazine publishing and distribution, radio production and broadcasting, professional sports and live entertainment, feature-film production and distribution, and gaming.
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Disclosure of management's objectives and its strategies for meeting those objectives
We intend to leverage our position as a leading media company in the Spanish-speaking world to continue expanding our business while maintaining profitability and financial discipline. We intend to do so by maintaining our leading position in the Mexican television market, by continuing to produce high quality programming and by improving our sales and marketing efforts while maintaining high operating margins and expanding our cable business.
 
By leveraging all our business segments and capitalizing on their synergies to extract maximum value from our content and our distribution channels, we also intend to continue expanding our cable business, increasing our international programming sales worldwide and strengthening our position in the growing U.S.-Hispanic market. We also intend to continue developing and expanding Sky, our DTH platform, and our cable businesses. We will continue to strengthen our position and will continue making additional investments, which could be substantial in size, in the DTH and cable industry in accordance with the consolidation of the cable market in Mexico, and we will also continue developing our publishing business and maintain our efforts to become an important player in the gaming industry.
 
We intend to continue to expand our business by developing new business initiatives and/or through business acquisitions and investments in Mexico, the United States and elsewhere.

Disclosure of entity's most significant resources, risks and relationships
We expect to fund our operating cash needs during 2016, other than cash needs in connection with any potential investments and acquisitions, through a combination of cash from operations and cash on hand. We intend to finance our potential investments or acquisitions in 2016 through available cash from operations, cash on hand and/or borrowings. The amount of borrowings required to fund these cash needs in 2016 will depend upon the timing of such transactions and the timing of cash payments from advertisers under our advertising sales plan.
 
The investing public should consider the risk described as follows, as well as the risks described in “Item 3. Key Information–Risk Factors” in the Company’s Annual Report on Form 20-F, which are not the only risks the Company faces. Risks and uncertainties unknown by the Company, as well as those that the Company currently considers as not relevant, could affect its operations and activities.
 
Risk Factors Related with Political Developments:
 
• Imposition of fines by regulators and other authorities could adversely affect our financial condition and results of operations
• Social Security Law
• Federal Labor Law
• Mexican tax laws
• Elimination of the tax consolidation regime
• Limitation of the deduction of non-taxable employee benefits
• Increase to the border Value Added Tax rate
• The amendment to the regulations of the General Health Law on advertising could materially affect our business, results of operations and financial condition
• Mexican Securities Market Law
• The operation of our business may be adversely affected if the Mexican government does not renew or revokes our broadcast or other concessions
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Risk Factors Related to our Business:
 
• Control of a stockholder
• Measures for the prevention of the taking of control
• Competition
• The seasonal nature of our business
• Loss of transmission or loss of the use of satellite transponders could cause a business interruption in Innova, which would adversely affect our net income
• Any incidents affecting our network and information systems or other technologies could have an adverse impact on our business, reputation and results of operations
• The results of operations of Univision Holdings, Inc. may affect our results of operations and the value of our investment in that Company
• Uncertainty in global financial markets could adversely affect our financing costs and exposure to our customers and counterparties
• Political events in Mexico could affect Mexican economic policy and our business, financial condition and results of operations
Disclosure of results of operations and prospects
 
The following table presents second-quarter consolidated results ended June 30, 2016 and 2015, for each of our business segments. Consolidated results for 2016 and 2015 are presented in millions of Mexican pesos.
 
Net Sales
2Q’16
%
2Q’15
 %
Change %
Content
8,793.0
36.3
7,923.0
36.9
11.0
Sky
5,580.7
23.0
4,724.5
22.0
18.1
Cable
7,802.1
32.2
6,909.7
32.2
12.9
Other Businesses
2,044.7
8.5
1,896.5
8.9
7.8
Segment Net Sales
24,220.5
100.0
21,453.7
100.0
12.9
Intersegment Operations(1)
(697.0)
  
(468.0)
  
(48.9)
Net Sales
23,523.5
  
20,985.7
  
12.1


Operating Segment Income (2)
2Q’16
Margin %
2Q’15
Margin %
Change %
Content
3,682.6
41.9
3,378.5
42.6
9.0
Sky
2,531.2
45.4
2,273.9
48.1
11.3
Cable
3,294.2
42.2
2,764.2
40.0
19.2
Other Businesses
172.0
8.4
129.0
6.8
33.3
Operating Segment Income
9,680.0
40.0
8,545.6
39.8
13.3
Corporate Expenses
(551.9)
(2.3)
(514.2)
(2.4)
(7.3)
Depreciation and Amortization
(4,274.9)
(18.2)
(3,612.7)
(17.2)
(18.3)
Other Expense, net
(699.3)
(3.0)
(197.8)
(0.9)
(253.5)
Operating Income
4,153.9
17.7
4,220.9
20.1
(1.6)
 
(1) For segment reporting purposes, intersegment operations are included in each of the segment operations.
(2) Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other expense, net.


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Content
Second-quarter sales increased by 11.0% to Ps.8,793.0 million compared with Ps.7,923.0 million in second-quarter 2015.
 
 
Millions of Mexican pesos
2Q’16
%
2Q’15
%
Change %
 
Advertising
5,351.0
60.8
5,238.5
66.1
2.1
 
Network Subscription Revenue
1,150.3
13.1
854.1
10.8
34.7
 
Licensing and Syndication
2,291.7
26.1
1,830.4
23.1
25.2
 
Net Sales
8,793.0
100.0
7,923.0
100.0
11.0
 
 
Advertising
Advertising revenue increased by 2.1% to Ps.5,351.0 million compared with Ps.5,238.5 million in second-quarter 2015. During the quarter we continued with our efforts to restructure our advertising sales business, which consist among other measures, on repricing our advertising inventory.
 
 
Network Subscription Revenue
Second-quarter Network Subscription Revenue increased by 34.7% to Ps.1,150.3 million compared with Ps.854.1 million in second-quarter 2015. The growth was driven both by the sustained addition of pay-TV subscribers, both in Mexico and Latin America and by a positive translation effect on foreign-currency denominated revenues. During the quarter, Televisa continued to produce and transmit several of the leading pay-TV networks in Mexico in key categories, including general entertainment, sports, music and lifestyle, and movies.
 
Licensing and Syndication
Second-quarter Licensing and Syndication revenue increased by 25.2% to Ps.2,291.7 million compared with Ps.1,830.4 million in second-quarter 2015. The increase is explained both by a positive translation effect on foreign-currency denominated revenues and by higher royalties from Univision, which increased by 11.1% to US$83.3 million in second-quarter 2016 from US$75.0 million in second-quarter 2015. The other revenue components of Licensing and Syndication remained relatively stable.
 
 
Second-quarter operating segment income increased by 9.0% to Ps.3,682.6 million compared with Ps.3,378.5 million in second-quarter 2015. The margin was 41.9%. The decline in the margin of 70 basis points from same quarter last year is mainly explained by higher costs related to the production of new shows and formats, as well as costs associated to blim, our over-the-top platform.
 
Sky
Second-quarter sales increased by 18.1% to Ps.5,580.7 million compared with Ps.4,724.5 million in second-quarter 2015. The increase was driven by accelerated growth in the subscriber base in Mexico. The number of net active subscribers increased by 121,235 during the quarter to 7,803,614 as of June 30, 2016, compared with 6,887,428 as of June 30, 2015. Sky ended the quarter with 201,356 subscribers in Central America and the Dominican Republic.
 
For the first six months of the year, Sky added 519,452 net subscribers, more than double the 249,396 net subscribers added in the first six months of 2015.
 
 
Second-quarter operating segment income increased by 11.3% to Ps.2,531.2 million compared with Ps.2,273.9 million in second-quarter 2015, and the margin was 45.4%. The decline in the margin of 270 basis points from same quarter last year is mainly explained by higher programming costs mostly as a result of the depreciation of the Mexican peso, as well as higher costs associated with exclusive sports related programming, marketing costs and promotional expenses.
 
 
 
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Cable
Second-quarter sales increased by 12.9% to Ps.7,802.1 million compared with Ps.6,909.7 million in second-quarter 2015 driven by growth in all of our cable platforms. Voice and data revenue generating units, or RGUs, grew 28.6% and 18.5% compared with second-quarter 2015, respectively, and video RGUs grew 7.7%.
 
 
The following table sets forth the breakdown of RGUs per service type for our Cable segment as of June 30, 2016 and 2015.
 
 
 
RGUs
2Q’16
2Q’15
 
 
 
Video
4,219,906
3,916,512
 
 
 
Broadband
3,258,061
2,748,401
 
 
 
Voice
2,051,434
1,595,761
 
 
 
Total RGUs
9,529,401
8,260,674
 
 
 
Second-quarter operating segment income increased by 19.2% to Ps.3,294.2 million compared with Ps.2,764.2 million in second-quarter 2015, and the margin was 42.2%, an increase of 220 basis points from same quarter last year. These results reflect primarily (i) an increase in the revenues of our cable platforms; (ii) the results of an aggressive cost reduction plan; and (iii) lower leasing and advertising expenses. These effects were partially compensated by an increase in personnel costs and expenses, call center costs, leasing costs, and maintenance costs.
 
The following tables set forth the breakdown of revenues and operating segment income, excluding consolidation adjustments, for our cable and network operations for second-quarter 2016 and 2015.
 
Our cable operations include the video, voice and data services provided by Cablevisión, Cablemás, TVI, Cablecom and Telecable. Our network operations include the services offered by Bestel and the network operations of Cablecom.
 
 
 
2Q’16
Millions of Mexican pesos
Cable Operations (1)
Network Operations (1)
Total Cable
 
Revenue
6,773.6
1,321.7
7,802.1
 
Operating Segment Income
2,877.9
500.4
3,294.2
 
Margin
42.5%
37.9%
42.2%
 
(1) These results do not include consolidation adjustments of Ps.293.2 million in revenues nor Ps.84.1 million in Operating Segment Income, which are considered in the consolidated results of the Cable segment.
 
 
 
2Q’15
Millions of Mexican pesos
Cable Operations (2)
Network Operations (2)
Total Cable
 
Revenue
5,912.4
1,222.8
6,909.7
 
Operating Segment Income
2,372.4
473.1
2,764.2
 
Margin
40.1%
38.7%
40.0%
 
(2) These results do not include consolidation adjustments of Ps.225.5 million in revenues nor Ps.81.3 million in Operating Segment Income, which are considered in the consolidated results of the Cable segment.
 
 
 
 
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Other Businesses
Second-quarter sales increased by 7.8% to Ps.2,044.7 million compared with Ps.1,896.5 million in second-quarter 2015. Businesses that posted higher sales include soccer, gaming, radio and feature-film distribution. The soccer business benefited from player related transactions, the gaming business benefited from an increase in the number of electronic gaming machines, while the radio business benefited from higher advertising revenues. This effect was partially compensated by lower revenues in our publishing business.
 
 
Second-quarter operating segment income increased by 33.3% to Ps.172.0 million compared with Ps.129.0 million in second-quarter 2015, reflecting i) an increase in the operating segment income of our gaming and radio businesses; and ii) a smaller operating segment loss in our soccer and publishing distribution businesses. This effect was partially compensated by a change from operating segment income to operating segment loss in our publishing and feature-film distribution businesses.
 
Corporate Expense

Corporate expense increased by Ps.37.7 million, or 7.3%, to Ps.551.9 million in second-quarter 2016, from Ps.514.2 million in second-quarter 2015. The increase reflected primarily a higher share-based compensation expense.

Share-based compensation expense in second-quarter 2016 and 2015 amounted to Ps.361.6 million and Ps.325.0 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 conditionally sold to officers and employees, and is recognized over the vesting period.

Other Expense, net

Other expense, net, increased by Ps.501.5 million to Ps.699.3 million in second-quarter 2016, from Ps.197.8 million in second-quarter 2015. This increase reflected primarily a non-recurrent severance expense in connection with dismissals of personnel in our Content, Cable and Other Businesses segments, as part of a cost reduction plan, the disposition of assets in our Cable segment as the result of the upgrade of the infrastructure, and higher expense related to financial advisory and professional services.

Finance Expense, net

The following table sets forth the finance (expense) income, net, stated in millions of Mexican pesos for the quarters ended June 30, 2016 and 2015.

 
2Q’16
2Q’15
(Increase) decrease
Interest expense
(2,000.7)
(1,530.4)
(470.3)
Interest income
579.4
320.2
259.2
Foreign exchange loss, net
(415.4)
(683.9)
268.5
Other finance (expense) income, net
(36.4)
133.4
(169.8)
Finance expense, net
(1,873.1)
(1,760.7)
(112.4)

The finance expense, net, increased by Ps.112.4 million, or 6.4%, to Ps.1,873.1 million in second-quarter 2016 from Ps.1,760.7 million in second-quarter 2015. This increase reflected primarily (i) a Ps.470.3 million increase in interest expense, due primarily to a higher average principal amount of debt, finance lease obligations and other finance liabilities in second-quarter 2016; and (ii) a Ps.169.8 million unfavorable change in other finance income or expense, net, resulting primarily from the absence this quarter of a gain in fair value of an embedded derivative in our former investment in Convertible Debentures issued by Univision Holdings, Inc. (“UHI”), which we recognized in second-quarter 2015. These unfavorable variances were partially offset by (i) a Ps.259.2 million increase in interest income explained primarily by a higher average amount of cash and cash equivalents and temporary investments in second-quarter 2016; and (ii) a Ps.268.5 million decrease in foreign exchange loss resulting primarily from a depreciation of the Mexican peso against the US dollar on a lower average net US dollar liability position in second-quarter 2016.
 
 
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Share of Income of Associates and Joint Ventures, net

Share of income of associates and joint ventures, net, increased by Ps.290.0 million, to Ps.340.4 million in second-quarter 2016 from Ps.50.4 million in second-quarter 2015. This increase reflected mainly our share of income of Imagina Media Audiovisual, S.L., a communications company in Spain, which investment we began to account for under the equity method in third-quarter 2015, as well as higher share of income of UHI, the controlling company of Univision, and Ocesa Entretenimiento, S.A. de C.V., a live-entertainment venture in Mexico.

Income Taxes

Income taxes increased by Ps.94.2 million, or 12.4%, to Ps.855.4 million in second-quarter 2016 compared with Ps.761.2 million in second-quarter 2015. This increase reflected primarily a higher effective income tax rate.

Net Income Attributable to Non-controlling Interests

Net income attributable to non-controlling interests decreased by Ps.70.8 million, or 16.8%, to Ps.349.9 million in second-quarter 2016, compared with Ps.420.7 million in second-quarter 2015. This decrease reflected primarily a lower portion of net income attributable to non-controlling interests in our Sky segment, which was partially offset by a higher portion of net income attributable to non-controlling interests in our Cable segment.

Independent Investigation

As consequence of an anonymous letter, dated April 20th, 2016 (the “Letter”), which contains certain accusations of wrongdoing against certain executive officers of the Company, the Board of Directors, through the Audit Committee, commenced an investigation of the content of the Letter.

In this respect, the Company hired the law firm Wachtell, Lipton, Rosen & Katz (“Wachtell”) as its external legal advisors and the Audit Committee hired the law firm Kramer, Levin, Naftalis & Frankel (“Kramer”) as its independent external legal advisors (jointly Wachtell and Kramer, the “Lawyers”) in order to conduct the aforementioned investigation, being assisted by Alix Partners (a forensic accounting firm) and Nardello & Company (an independent investigation company).

The investigation has concluded, and the Lawyers submitted their findings and conclusions to the Audit Committee and to the Board of Directors of the Company, finding the falsity of each and every of such allegations. As a result of the findings of the investigation and conclusions resulting therefrom, the Audit Committee and the Board of Directors of the Company, unanimously, approved the conclusions that found, among others, that there is significant evidence that refutes each and every allegation of wrongdoing.

The Company has been informed by PricewaterhouseCoopers, S.C. that it is in the process of completing its integrated audit procedures of our consolidated Financial Statements for the year ended December 31, 2015 and the Company expects that such pending procedures will be completed shortly.
 
 
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Financial position, liquidity and capital resources
Capital Expenditures

During second-quarter 2016, we invested approximately US$358.2 million in property, plant and equipment as capital expenditures. These capital expenditures include approximately US$230.7 million for our Cable segment, US$101.2 million for our Sky segment, and US$26.3 million for our Content and Other Businesses segments.

Debt, Finance Lease Obligations and Other Finance Liabilities

The following table sets forth our total debt finance lease obligations and other finance liabilities as of June 30, 2016 and December 31, 2015. Amounts are stated in millions of Mexican pesos.
 
 
June 30, 2016
Dec 31, 2015
Increase (decrease)
Current portion of long-term debt 
115.0
2,979.8
(2,864.8)
 
 
 
 
Long-term debt, net of current portion 
116,658.5
107,430.8
9,227.7
 
 
 
 
    Total debt (1)
116,773.5
110,410.6
6,362.9
 
 
 
 
Current portion of long-term finance lease obligations
547.9
511.6
36.3
 
 
 
 
Long-term finance lease obligations, net of current portion
5,406.1
5,293.6
112.5
 
 
 
 
    Total finance lease obligations 
5,954.0
5,805.2
148.8
 
 
 
 
Current portion of other finance liabilities 
-
-
-
 
 
 
 
Long-term other finance liabilities 
3,526.9
-
3,526.9
 
 
 
 
    Total other finance liabilities (2)
3,526.9
-
3,526.9

 
(1) As of June 30, 2016 and December 31, 2015, total debt is presented net of finance costs in the amount of Ps.1,338.5 million and Ps.1,387.9 million, respectively, and does not include related accrued interest payable in the amount of Ps.1,888.6 million and Ps.1,184.2 million, respectively.
(2) In connection with the acquisition of a non-controlling interest in our Cable segment subsidiary, Televisión Internacional, S.A. de C.V.

As of June 30, 2016, our consolidated net debt position (total debt as stated in the table above less cash and cash equivalents, temporary investments, and non-current held-to-maturity and available-for-sale investments) was Ps.56,360.2 million. The aggregate amount of non-current held-to-maturity and available-for-sale investments as of June 30, 2016, amounted to Ps.7,193.1 million.

Dividend

In April 2016, our stockholders approved the payment of a dividend of Ps.0.35 per CPO and Ps.0.002991452991 per share of Series “A”, “B”, “D” and “L” Shares, not in the form of a CPO, which was paid in cash in May 2016 in the aggregate amount of Ps.1,084.2 million.

Shares Outstanding

As of June 30, 2016 and December 31, 2015, our shares outstanding amounted to 342,203.8 million and 338,468.3 million shares, respectively, and our CPO equivalents outstanding amounted to 2,924.8 million and 2,892.9 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, 2016 and December 31, 2015, the GDS (Global Depositary Shares) equivalents outstanding amounted to 585.0 million and 578.6 million GDS equivalents, respectively. The number of GDS equivalents is calculated by dividing the number of CPO equivalents by five.
 
 
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Internal control
Disclosure of critical performance measures and indicators that management uses to evaluate entity's performance against stated objectives
 
 
2Q’16
Margin %
2Q’15
Margin %
Change %
Net sales
23,523.5
100.0
20,985.7
100.0
12.1
Net income
1,765.8
7.5
1,749.4
8.3
0.9
Net income attributable to stockholders of the Company
1,415.9
6.0
1,328.7
6.3
6.6
 
 
 
 
 
 
Segment net sales
24,220.5
100.0
21,453.7
100.0
12.9
Operating segment income (1)
9,680.0
40.0
8,545.6
39.8
13.3


Net Sales
2Q’16
%
2Q’15
 %
Change %
Content
8,793.0
36.3
7,923.0
36.9
11.0
Sky
5,580.7
23.0
4,724.5
22.0
18.1
Cable
7,802.1
32.2
6,909.7
32.2
12.9
Other Businesses
2,044.7
8.5
1,896.5
8.9
7.8
Segment Net Sales
24,220.5
100.0
21,453.7
100.0
12.9
Intersegment Operations(1)
(697.0)
 
(468.0)
 
(48.9)
Net Sales
23,523.5
 
20,985.7
 
12.1


Operating Segment Income (2)
2Q’16
Margin  %
2Q’15
Margin %
Change %
Content
3,682.6
41.9
3,378.5
42.6
9.0
Sky
2,531.2
45.4
2,273.9
48.1
11.3
Cable
3,294.2
42.2
2,764.2
40.0
19.2
Other Businesses
172.0
8.4
129.0
6.8
33.3
Operating Segment Income
9,680.0
40.0
8,545.6
39.8
13.3
Corporate Expenses
(551.9)
(2.3)
(514.2)
(2.4)
(7.3)
Depreciation and Amortization
(4,274.9)
(18.2)
(3,612.7)
(17.2)
(18.3)
Other Expense, net
(699.3)
(3.0)
(197.8)
(0.9)
(253.5)
Operating Income
4,153.9
17.7
4,220.9
20.1
(1.6)
 
 
10 of 78

Disclaimer

This management commentary contains forward-looking statements regarding the Company’s results and prospects. Actual results could differ materially from these statements. The forward-looking statements in these management commentary releases 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 management commentary 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.

 
11 of 78

[110000] General information about financial statements

Ticker:
TLEVISA
   
Period covered by financial statements:
2016-01-01 al 2016-06-30
   
Date of end of reporting period:
2016-06-30
   
Name of reporting entity or other means of identification:
TLEVISA
   
Description of presentation currency:
MXN
   
Level of rounding used in financial statements:
THOUSANDS OF MEXICAN PESOS
   
Consolidated:
Yes
   
Number of quarter:
2
   
Type of issuer:
ICS
   
Description of nature of financial statements:
  
 
Disclosure of general information about financial statements
Corporate Information
 
Grupo Televisa, S.A.B. (the “Company”) is a limited liability public stock corporation (“Sociedad Anónima Bursátil” or “S.A.B.”), incorporated under the laws of Mexico. Pursuant to the terms of the Company’s bylaws (“Estatutos Sociales”) its corporate existence continues through 2106. The shares of the Company are listed and traded in the form of “Certificados de Participación Ordinarios” or “CPOs” on the Mexican Stock Exchange (“Bolsa Mexicana de Valores”) under the ticker symbol TLEVISA CPO, and in the form of Global Depositary Shares or GDSs, on the New York Stock Exchange, or NYSE, under the ticker symbol TV. The Company’s principal executive offices are located at Avenida Vasco de Quiroga 2000, Colonia Santa Fe, 01210 Ciudad de México, México.
 
Basis of Preparation and Accounting Policies
 
The condensed consolidated financial statements of the Group, as of June 30, 2016 and December 31, 2015, and for the six months ended June 30, 2016 and 2015, are unaudited, and have been prepared in accordance with the guidelines provided by the International Accounting Standard 34, Interim Financial Reporting. In the opinion of management, all adjustments necessary for a fair presentation of the condensed consolidated financial statements have been included herein.
 
The unaudited condensed consolidated financial statements should be read in conjunction with the Group’s audited consolidated financial statements and notes thereto for the years ended December 31, 2015 and 2014, which have been prepared in accordance with International Financial Reporting Standards (“IFRSs”) as issued by the International Accounting Standards Board, and include, among other disclosures, the Group’s most significant accounting policies, which were applied on a consistent basis as of June 30, 2016.
 

 
12 of 78
 
Explanation of change in name of reporting entity or other means of identification from end of preceding reporting period
 
Follow-up of analysis
The financial institutions that perform financial analysis on the securities of Grupo Televisa, S.A.B., are as follows:
 
INSTITUTION:
   BARCLAYS  
   BBVA BANCOMER
   BTG PACTUAL
   CITI
   CREDIT SUISSE
   EVERCORE
   GABELLI & CO.
   GBM CASA DE BOLSA
   GOLDMAN SACHS
   HSBC
   INVEX
   ITAÚ SECURITIES
   JPMORGAN  
   MAXIM GROUP
   MERRILL LYNCH
   MORGAN STANLEY
   NEW STREET
   SANTANDER
   SCOTIABANK
   UBS

 
13 of 78

[210000] Statement of financial position, current/non-current
Close Current Quarter
2016-06-30
Close Previous Exercise
2015-12-31
Statement of financial position
   
Assets
   
Current assets
   
Cash and cash equivalents
47,352,612,000
49,397,126,000
Trade and other current receivables
23,437,139,000
26,230,384,000
Current tax assets, current
2,674,052,000
1,962,709,000
Other current financial assets
5,867,628,000
5,330,448,000
Current inventories
2,180,928,000
1,628,276,000
Current biological assets
0
0
Other current non-financial assets
6,206,157,000
5,389,133,000
Total current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners
87,718,516,000
89,938,076,000
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners
0
0
Total current assets
87,718,516,000
89,938,076,000
Non-current assets
   
Trade and other non-current receivables
0
0
Current tax assets, non-current
0
0
Non-current inventories
0
0
Non-current biological assets
0
0
Other non-current financial assets
44,330,269,000
41,081,474,000
Investments accounted for using equity method
0
0
Investments in subsidiaries, joint ventures and associates
10,545,929,000
9,271,901,000
Property, plant and equipment
80,960,718,000
76,089,277,000
Investment property
0
0
Goodwill
14,112,626,000
14,112,626,000
Intangible assets other than goodwill
23,356,856,000
23,993,699,000
Deferred tax assets
19,738,624,000
17,665,086,000
Other non-current non-financial assets
9,464,835,000
9,321,615,000
Total non-current assets
202,509,857,000
191,535,678,000
Total assets
290,228,373,000
281,473,754,000
Equity and liabilities
   
Liabilities
   
Current liabilities
   
Trade and other current payables
39,460,117,000
40,839,678,000
Current tax liabilities, current
1,640,258,000
1,632,795,000
Other current financial liabilities
2,551,478,000
4,677,026,000
Other current non-financial liabilities
0
0
Current provisions
   
Current provisions for employee benefits
0
0
Other current provisions
2,578,713,000
1,828,551,000
Total current provisions
2,578,713,000
1,828,551,000
Total current liabilities other than liabilities included in disposal groups classified as held for sale
46,230,566,000
48,978,050,000
Liabilities included in disposal groups classified as held for sale
0
0
Total current liabilities
46,230,566,000
48,978,050,000
 
 
14 of 78
 
Non-current liabilities
   
Trade and other non-current payables
3,319,799,000
3,225,755,000
Current tax liabilities, non-current
6,184,447,000
6,338,078,000
Other non-current financial liabilities
125,740,046,000
112,949,983,000
Other non-current non-financial liabilities
0
0
Non-current provisions
   
Non-current provisions for employee benefits
447,945,000
407,179,000
Other non-current provisions
53,671,000
52,884,000
Total non-current provisions
501,616,000
460,063,000
Deferred tax liabilities
10,266,336,000
10,000,048,000
Total non-current liabilities
146,012,244,000
132,973,927,000
Total liabilities
192,242,810,000
181,951,977,000
Equity
   
Issued capital
4,978,126,000
4,978,126,000
Share premium
15,889,819,000
15,889,819,000
Treasury shares
11,529,217,000
11,882,248,000
Retained earnings
69,673,828,000
73,139,684,000
Other reserves
6,375,379,000
5,257,554,000
Total equity attributable to owners of parent
85,387,935,000
87,382,935,000
Non-controlling interests
12,597,628,000
12,138,842,000
Total equity
97,985,563,000
99,521,777,000
Total equity and liabilities
290,228,373,000
281,473,754,000
15 of 78

[310000] Statement of comprehensive income, profit or loss, by function of expense
Accumulated Current Year
2016-01-01 - 2016-06-30
Accumulated Previous Year
2015-01-01 - 2015-06-30
Quarter Current Year
2016-04-01 - 2016-06-30
Quarter Previous Year
2015-04-01 - 2015-06-30
Profit or loss
       
Profit (loss)
       
Revenue
45,264,456,000
40,845,094,000
23,523,477,000
20,985,731,000
Cost of sales
24,861,575,000
22,312,869,000
12,715,356,000
11,178,190,000
Gross profit
20,402,881,000
18,532,225,000
10,808,121,000
9,807,541,000
Distribution costs
5,167,813,000
4,529,523,000
2,585,663,000
2,345,696,000
Administrative expenses
6,577,575,000
5,700,260,000
3,369,233,000
3,043,153,000
Other income
0
728,709,000
0
0
Other expense
1,194,482,000
0
699,297,000
197,768,000
Profit (loss) from operating activities
7,463,011,000
9,031,151,000
4,153,928,000
4,220,924,000
Finance income
887,535,000
937,206,000
579,406,000
453,636,000
Finance costs
4,769,271,000
4,558,931,000
2,452,583,000
2,214,352,000
Share of profit (loss) of associates and joint ventures accounted for using equity method
526,680,000
-249,160,000
340,411,000
50,377,000
Profit (loss) before tax
4,107,955,000
5,160,266,000
2,621,162,000
2,510,585,000
Tax income (expense)
1,360,884,000
1,607,581,000
855,374,000
761,155,000
Profit (loss) from continuing operations
2,747,071,000
3,552,685,000
1,765,788,000
1,749,430,000
Profit (loss) from discontinued operations
0
0
0
0
Profit (loss)
2,747,071,000
3,552,685,000
1,765,788,000
1,749,430,000
Profit (loss), attributable to
       
Profit (loss), attributable to owners of parent
2,016,293,000
2,782,177,000
1,415,859,000
1,328,732,000
Profit (loss), attributable to non-controlling interests
730,778,000
770,508,000
349,929,000
420,698,000
Earnings per share
       
Earnings per share
       
Earnings per share
        
Basic earnings per share
       
Basic earnings (loss) per share from continuing operations
0.7
0.96
0.49
0.46
Basic earnings (loss) per share from discontinued operations
0
0
0
0
Total basic earnings (loss) per share
0.7
0.96
0.49
0.46
Diluted earnings per share
       
Diluted earnings (loss) per share from continuing operations
0.65
0.9
0.45
0.43
Diluted earnings (loss) per share from discontinued operations
0
0
0
0
Total diluted earnings (loss) per share
0.65
0.9
0.45
0.43
16 of 78

[410000] Statement of comprehensive income, OCI components presented net of tax
Accumulated Current Year
2016-01-01 - 2016-06-30
Accumulated Previous Year
2015-01-01 - 2015-06-30
Quarter Current Year
2016-04-01 - 2016-06-30
Quarter Previous Year
2015-04-01 - 2015-06-30
Statement of comprehensive income
       
Profit (loss)
2,747,071,000
3,552,685,000
1,765,788,000
1,749,430,000
Other comprehensive income
       
Components of other comprehensive income that will not be reclassified to profit or loss, net of tax
       
Other comprehensive income, net of tax, gains (losses) from investments in equity instruments
0
0
0
0
Other comprehensive income, net of tax, gains (losses) on revaluation
0
0
0
0
Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans
0
0
0
0
Other comprehensive income, net of tax, change in fair value of financial liability attributable to change in credit risk of liability
0
0
0
0
Other comprehensive income, net of tax, gains (losses) on hedging instruments that hedge investments in equity instruments
0
0
0
0
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will not be reclassified to profit or loss, net of tax
0
0
0
0
Total other comprehensive income that will not be reclassified to profit or loss, net of tax
0
0
0
0
Components of other comprehensive income that will be reclassified to profit or loss, net of tax
       
Exchange differences on translation
       
Gains (losses) on exchange differences on translation, net of tax
497,685,000
163,300,000
361,972,000
59,505,000
Reclassification adjustments on exchange differences on translation, net of tax
0
0
0
0
Other comprehensive income, net of tax, exchange differences on translation
497,685,000
163,300,000
361,972,000
59,505,000
Available-for-sale financial assets
       
Gains (losses) on remeasuring available-for-sale financial assets, net of tax
596,835,000
581,258,000
625,045,000
775,753,000
Reclassification adjustments on available-for-sale financial assets, net of tax
0
0
0
0
Other comprehensive income, net of tax, available-for-sale financial assets
596,835,000
581,258,000
625,045,000
775,753,000
Cash flow hedges
       
Gains (losses) on cash flow hedges, net of tax
61,417,000
-14,613,000
84,011,000
15,555,000
Reclassification adjustments on cash flow hedges, net of tax
0
0
0
0
Amounts removed from equity and included in carrying amount of non-financial asset (liability) whose acquisition or incurrence was hedged highly probable forecast transaction, net of tax
0
0
0
0
Other comprehensive income, net of tax, cash flow hedges
61,417,000
-14,613,000
84,011,000
15,555,000
Hedges of net investment in foreign operations
       
Gains (losses) on hedges of net investments in foreign operations, net of tax
0
0
0
0
Reclassification adjustments on hedges of net investments in foreign operations, net of tax
0
0
0
0
Other comprehensive income, net of tax, hedges of net investments in foreign operations
0
0
0
0
 
 
17 of 78
 
 
Change in value of time value of options
       
Gains (losses) on change in value of time value of options, net of tax
0
0
0
0
Reclassification adjustments on change in value of time value of options, net of tax
0
0
0
0
Other comprehensive income, net of tax, change in value of time value of options
0
0
0
0
Change in value of forward elements of forward contracts
       
Gains (losses) on change in value of forward elements of forward contracts, net of tax
0
0
0
0
Reclassification adjustments on change in value of forward elements of forward contracts, net of tax
0
0
0
0
Other comprehensive income, net of tax, change in value of forward elements of forward contracts
0
0
0
0
Change in value of foreign currency basis spreads
       
Gains (losses) on change in value of foreign currency basis spreads, net of tax
0
0
0
0
Reclassification adjustments on change in value of foreign currency basis spreads, net of tax
0
0
0
0
Other comprehensive income, net of tax, change in value of foreign currency basis spreads
0
0
0
0
Share of other comprehensive income of associates and joint ventures accounted for using equity method that will be reclassified to profit or loss, net of tax
-6,211,000
-11,440,000
-14,941,000
20,155,000
Total other comprehensive income that will be reclassified to profit or loss, net of tax
1,149,726,000
718,505,000
1,056,087,000
870,968,000
Total other comprehensive income
1,149,726,000
718,505,000
1,056,087,000
870,968,000
Total comprehensive income
3,896,797,000
4,271,190,000
2,821,875,000
2,620,398,000
Comprehensive income attributable to
       
Comprehensive income, attributable to owners of parent
3,134,118,000
3,476,669,000
2,442,903,000
2,199,706,000
Comprehensive income, attributable to non-controlling interests
762,679,000
794,521,000
378,972,000
420,692,000
18 of 78

[520000] Statement of cash flows, indirect method
Accumulated Current Year
2016-01-01 - 2016-06-30
Accumulated Previous Year
2015-01-01 - 2015-06-30
Statement of cash flows
   
Cash flows from (used in) operating activities
   
Profit (loss)
2,747,071,000
3,552,685,000
Adjustments to reconcile profit (loss)
   
Discontinued operations
0
0
Adjustments for income tax expense
1,360,884,000
1,607,581,000
Adjustments for finance costs
0
0
Adjustments for depreciation and amortisation expense
8,284,805,000
6,955,893,000
Adjustments for impairment loss (reversal of impairment loss) recognized in profit or loss
0
0
Adjustments for provisions
1,096,307,000
650,154,000
Adjustments for unrealised foreign exchange losses (gains)
1,925,705,000
1,706,988,000
Adjustments for share-based payments
687,350,000
549,427,000
Adjustments for fair value losses (gains)
139,331,000
-301,464,000
Adjustments for undistributed profits of associates
0
0
Adjustments for losses (gains) on disposal of non-current assets
375,255,000
227,259,000
Participation in associates and joint ventures
-526,680,000
249,160,000
Adjustments for decrease (increase) in inventories
-1,439,570,000
-760,210,000
Adjustments for decrease (increase) in trade accounts receivable
3,842,667,000
3,554,859,000
Adjustments for decrease (increase) in other operating receivables
-1,728,356,000
9,771,784,000
Adjustments for increase (decrease) in trade accounts payable
5,443,892,000
2,604,821,000
Adjustments for increase (decrease) in other operating payables
-6,263,547,000
-5,423,230,000
Other adjustments for non-cash items
0
0
Other adjustments for which cash effects are investing or financing cash flow
312,000
0
Straight-line rent adjustment
0
0
Amortization of lease fees
0
0
Setting property values
0
0
Other adjustments to reconcile profit (loss)
165,843,000
149,167,000
Total adjustments to reconcile profit (loss)
13,364,198,000
21,542,189,000
Net cash flows from (used in) operations
16,111,269,000
25,094,874,000
Dividends paid
0
0
Dividends received
0
0
Interest paid
-3,984,009,000
-3,008,147,000
Interest received
-562,419,000
-207,469,000
Income taxes refund (paid)
4,208,497,000
3,482,618,000
Other inflows (outflows) of cash
0
0
Net cash flows from (used in) operating activities
15,324,362,000
24,412,934,000
Cash flows from (used in) investing activities
   
Cash flows from losing control of subsidiaries or other businesses
0
0
Cash flows used in obtaining control of subsidiaries or other businesses
2,000,000,000
9,803,761,000
Other cash receipts from sales of equity or debt instruments of other entities
0
0
Other cash payments to acquire equity or debt instruments of other entities
0
0
Other cash receipts from sales of interests in joint ventures
0
0
Other cash payments to acquire interests in joint ventures
0
0
Proceeds from sales of property, plant and equipment
345,498,000
114,342,000
Purchase of property, plant and equipment
12,438,334,000
10,094,752,000
Proceeds from sales of intangible assets
0
0
Purchase of intangible assets
873,334,000
156,062,000
Proceeds from sales of other long-term assets
0
0
Purchase of other long-term assets
0
0
Proceeds from government grants
0
0
Cash advances and loans made to other parties
0
0
Cash receipts from repayment of advances and loans made to other parties
0
0
Cash payments for future contracts, forward contracts, option contracts and swap contracts
0
0
Cash receipts from future contracts, forward contracts, option contracts and swap contracts
0
0
Dividends received
0
0
Interest paid
0
0
Interest received
0
0
Income taxes refund (paid)
0
0
Other inflows (outflows) of cash
-156,818,000
202,757,000
Net cash flows from (used in) investing activities
-15,122,988,000
-19,737,476,000
 
 
19 of 78
 
 
Cash flows from (used in) financing activities
   
Proceeds from changes in ownership interests in subsidiaries that do not result in loss of control
0
0
Payments from changes in ownership interests in subsidiaries that do not result in loss of control
0
0
Proceeds from issuing shares
0
0
Proceeds from issuing other equity instruments
0
0
Payments to acquire or redeem entity's shares
1,750,049,000
745,824,000
Payments of other equity instruments
0
0
Proceeds from borrowings
5,728,500,000
6,959,117,000
Repayments of borrowings
3,569,300,000
6,747,124,000
Payments of finance lease liabilities
123,023,000
195,774,000
Proceeds from government grants
0
0
Dividends paid
1,084,192,000
1,084,192,000
Interest paid
3,179,871,000
2,912,655,000
Income taxes refund (paid)
0
0
Other inflows (outflows) of cash
1,601,800,000
455,128,000
Net cash flows from (used in) financing activities
-2,376,135,000
-4,271,324,000
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes
-2,174,761,000
404,134,000
Effect of exchange rate changes on cash and cash equivalents
   
Effect of exchange rate changes on cash and cash equivalents
130,247,000
32,670,000
Net increase (decrease) in cash and cash equivalents
-2,044,514,000
436,804,000
Cash and cash equivalents at beginning of period
49,397,126,000
29,729,350,000
Cash and cash equivalents at end of period
47,352,612,000
30,166,154,000
20 of 78

[610000] Statement of changes in equity - Year Current

 
Components of equity
Page 1 to 3
Issued capital
 
Share premium
 
Treasury shares
 
Retained earnings
 
Revaluation surplus
 
Reserve of exchange differences on translation
 
Reserve of cash flow hedges
 
Reserve of gains and losses on hedging instruments that hedge investments in equity instruments
 
Reserve of change in value of time value of options
 
Retrospective application and retrospective restatement
                 
Statement of changes in equity
                 
Equity at beginning of period
4,978,126,000
15,889,819,000
11,882,248,000
73,139,684,000
0
972,154,000
-153,264,000
0
0
Changes in equity
                 
Comprehensive income
                 
Profit (loss)
0
0
0
2,016,293,000
0
0
0
0
0
Other comprehensive income
0
0
0
0
0
465,784,000
61,417,000
0
0
Total comprehensive income
0
0
0
2,016,293,000
0
465,784,000
61,417,000
0
0
Issue of equity
0
0
0
0
0
0
0
0
0
Dividends recognised as distributions to owners
0
0
0
1,084,192,000
0
0
0
0
0
Increase through other contributions by owners, equity
0
0
0
0
0
0
0
0
0
Decrease through other distributions to owners, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through other changes, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through treasury share transactions, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
0
0
0
-4,723,297,000
0
0
0
0
0
Increase (decrease) through share-based payment transactions, equity
0
0
-353,031,000
325,340,000
0
0
0
0
0
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Total increase (decrease) in equity
0
0
-353,031,000
-3,465,856,000
0
465,784,000
61,417,000
0
0
Equity at end of period
4,978,126,000
15,889,819,000
11,529,217,000
69,673,828,000
0
1,437,938,000
-91,847,000
0
0
21 of 78

 
Components of equity
Page 2 to 3
Reserve of change in value of forward elements of forward contracts
 
Reserve of change in value of foreign currency basis spreads
 
Reserve of gains and losses on remeasuring available-for-sale financial assets
 
Reserve of share-based payments
 
Reserve of remeasurements of defined benefit plans
 
Amount recognized in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale
 
Reserve of gains and losses from investments in equity instruments
 
Reserve of change in fair value of financial liability attributable to change in credit risk of liability
 
Reserve for catastrophe
 
Retrospective application and retrospective restatement
                 
Statement of changes in equity
                 
Equity at beginning of period
0
0
4,254,280,000
0
-126,845,000
0
0
0
0
Changes in equity
                 
Comprehensive income
                 
Profit (loss)
0
0
0
0
0
0
0
0
0
Other comprehensive income
0
0
596,835,000
0
0
0
0
0
0
Total comprehensive income
0
0
596,835,000
0
0
0
0
0
0
Issue of equity
0
0
0
0
0
0
0
0
0
Dividends recognised as distributions to owners
0
0
0
0
0
0
0
0
0
Increase through other contributions by owners, equity
0
0
0
0
0
0
0
0
0
Decrease through other distributions to owners, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through other changes, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through treasury share transactions, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through share-based payment transactions, equity
0
0
0
0
0
0
0
0
0
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Total increase (decrease) in equity
0
0
596,835,000
0
0
0
0
0
0
Equity at end of period
0
0
4,851,115,000
0
-126,845,000
0
0
0
0
22 of 78

 
Components of equity
Page 3 to 3
Reserve for equalisation
 
Reserve of discretionary participation features
 
Other comprehensive income
 
Other reserves
 
Equity attributable to owners of parent
 
Non-controlling interests
 
Equity
 
Retrospective application and retrospective restatement
             
Statement of changes in equity
             
Equity at beginning of period
0
0
311,229,000
5,257,554,000
87,382,935,000
12,138,842,000
99,521,777,000
Changes in equity
             
Comprehensive income
             
Profit (loss)
0
0
0
0
2,016,293,000
730,778,000
2,747,071,000
Other comprehensive income
0
0
-6,211,000
1,117,825,000
1,117,825,000
31,901,000
1,149,726,000
Total comprehensive income
0
0
-6,211,000
1,117,825,000
3,134,118,000
762,679,000
3,896,797,000
Issue of equity
0
0
0
0
0
0
0
Dividends recognised as distributions to owners
0
0
0
0
1,084,192,000
12,799,000
1,096,991,000
Increase through other contributions by owners, equity
0
0
0
0
0
0
0
Decrease through other distributions to owners, equity
0
0
0
0
0
0
0
Increase (decrease) through other changes, equity
0
0
0
0
0
165,000
165,000
Increase (decrease) through treasury share transactions, equity
0
0
0
0
0
0
0
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
0
0
0
0
-4,723,297,000
-291,259,000
-5,014,556,000
Increase (decrease) through share-based payment transactions, equity
0
0
0
0
678,371,000
0
678,371,000
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
Total increase (decrease) in equity
0
0
-6,211,000
1,117,825,000
-1,995,000,000
458,786,000
-1,536,214,000
Equity at end of period
0
0
305,018,000
6,375,379,000
85,387,935,000
12,597,628,000
97,985,563,000
23 of 78

[610000] Statement of changes in equity - Year Previous

 
Components of equity
Page 1 to 3
Issued capital
 
Share premium
 
Treasury shares
 
Retained earnings
 
Revaluation surplus
 
Reserve of exchange differences on translation
 
Reserve of cash flow hedges
 
Reserve of gains and losses on hedging instruments that hedge investments in equity instruments
 
Reserve of change in value of time value of options
 
Retrospective application and retrospective restatement
                 
Statement of changes in equity
                 
Equity at beginning of period
4,978,126,000
15,889,819,000
12,647,475,000
62,905,444,000
0
348,429,000
-171,351,000
0
0
Changes in equity
                 
Comprehensive income
                 
Profit (loss)
0
0
0
2,782,177,000
0
0
0
0
0
Other comprehensive income
0
0
0
0
0
139,287,000
-14,613,000
0
0
Total comprehensive income
0
0
0
2,782,177,000
0
139,287,000
-14,613,000
0
0
Issue of equity
0
0
0
0
0
0
0
0
0
Dividends recognised as distributions to owners
0
0
0
1,084,192,000
0
0
0
0
0
Increase through other contributions by owners, equity
0
0
0
0
0
0
0
0
0
Decrease through other distributions to owners, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through other changes, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through treasury share transactions, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through share-based payment transactions, equity
0
0
-745,531,000
-203,586,000
0
0
0
0
0
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Total increase (decrease) in equity
0
0
-745,531,000
1,494,399,000
0
139,287,000
-14,613,000
0
0
Equity at end of period
4,978,126,000
15,889,819,000
11,901,944,000
64,399,843,000
0
487,716,000
-185,964,000
0
0
24 of 78

 
Components of equity
Page 2 to 3
Reserve of change in value of forward elements of forward contracts
 
Reserve of change in value of foreign currency basis spreads
 
Reserve of gains and losses on remeasuring available-for-sale financial assets
 
Reserve of share-based payments
 
Reserve of remeasurements of defined benefit plans
 
Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale
 
Reserve of gains and losses from investments in equity instruments
 
Reserve of change in fair value of financial liability attributable to change in credit risk of liability
 
Reserve for catastrophe
 
Retrospective application and retrospective restatement
                 
Statement of changes in equity
                 
Equity at beginning of period
0
0
5,175,039,000
0
35,422,000
0
0
0
0
Changes in equity
                 
Comprehensive income
                 
Profit (loss)
0
0
0
0
0
0
0
0
0
Other comprehensive income
0
0
581,258,000
0
0
0
0
0
0
Total comprehensive income
0
0
581,258,000
0
0
0
0
0
0
Issue of equity
0
0
0
0
0
0
0
0
0
Dividends recognised as distributions to owners
0
0
0
0
0
0
0
0
0
Increase through other contributions by owners, equity
0
0
0
0
0
0
0
0
0
Decrease through other distributions to owners, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through other changes, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through treasury share transactions, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
0
0
0
0
0
0
0
0
0
Increase (decrease) through share-based payment transactions, equity
0
0
0
0
0
0
0
0
0
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
0
0
Total increase (decrease) in equity
0
0
581,258,000
0
0
0
0
0
0
Equity at end of period
0
0
5,756,297,000
0
35,422,000
0
0
0
0
25 of 78

 
Components of equity
Page 3 to 3
Reserve for equalisation
 
Reserve of discretionary participation features
 
Other comprehensive income
 
Other reserves
 
Equity attributable to owners of parent
 
Non-controlling interests
 
Equity
 
Retrospective application and retrospective restatement
             
Statement of changes in equity
             
Equity at beginning of period
0
0
291,524,000
5,679,063,000
76,804,977,000
11,110,104,000
87,915,081,000
Changes in equity
             
Comprehensive income
             
Profit (loss)
0
0
0
0
2,782,177,000
770,508,000
3,552,685,000
Other comprehensive income
0
0
-11,440,000
694,492,000
694,492,000
24,013,000
718,505,000
Total comprehensive income
0
0
-11,440,000
694,492,000
3,476,669,000
794,521,000
4,271,190,000
Issue of equity
0
0
0
0
0
-95,500,000
-95,500,000
Dividends recognised as distributions to owners
0
0
0
0
1,084,192,000
7,702,000
1,091,894,000
Increase through other contributions by owners, equity
0
0
0
0
0
0
0
Decrease through other distributions to owners, equity
0
0
0
0
0
0
0
Increase (decrease) through other changes, equity
0
0
0
0
0
55,000
55,000
Increase (decrease) through treasury share transactions, equity
0
0
0
0
0
0
0
Increase (decrease) through changes in ownership interests in subsidiaries that do not result in loss of control, equity
0
0
0
0
0
0
0
Increase (decrease) through share-based payment transactions, equity
0
0
0
0
541,945,000
0
541,945,000
Amount removed from reserve of cash flow hedges and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
Amount removed from reserve of change in value of time value of options and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
Amount removed from reserve of change in value of forward elements of forward contracts and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
Amount removed from reserve of change in value of foreign currency basis spreads and included in initial cost or other carrying amount of non-financial asset (liability) or firm commitment for which fair value hedge accounting is applied
0
0
0
0
0
0
0
Total increase (decrease) in equity
0
0
-11,440,000
694,492,000
2,934,422,000
691,374,000
3,625,796,000
Equity at end of period
0
0
280,084,000
6,373,555,000
79,739,399,000
11,801,478,000
91,540,877,000
26 of 78

[700000] Informative data about the Statement of financial position
Close Current Quarter
2016-06-30
Close Previous Exercise
2015-12-31
Informative data of the Statement of Financial Position
   
Capital stock (nominal)
2,494,410,000
2,494,410,000
Restatement of capital stock
2,483,716,000
2,483,716,000
Plan assets for pensions and seniority premiums
2,003,431,000
2,035,168,000
Number of executives
79
77
Number of employees
43257
43887
Number of workers
0
0
Outstanding shares
342,203,813,679
338,468,382,759
Repurchased shares
20,226,073,452
23,961,504,372
Restricted cash
0
0
Guaranteed debt of associated companies
0
0
27 of 78

[700002] Informative data about the Income statement
Accumulated Current Year
2016-01-01 - 2016-06-30
Accumulated Previous Year
2015-01-01 - 2015-06-30
Quarter Current Year
2016-04-01 - 2016-06-30
Quarter Previous Year
2015-04-01 - 2015-06-30
Informative data of the Income Statement
       
Operating depreciation and amortization
8,284,805,000
6,955,893,000
4,274,924,000
3,612,756,000
28 of 78

[700003] Informative data - Income statement for 12 months
Current Year
2015-07-01 - 2016-06-30
Previous Year
2014-07-01 - 2015-06-30
Informative data - Income Statement for 12 months
   
Revenue
92,471,191,000
84,694,992,000
Profit (loss) from operating activities
17,176,985,000
15,136,482,000
Profit (loss)
11,519,836,000
6,386,231,000
Profit (loss), attributable to owners of parent
10,133,251,000
5,103,630,000
Operating depreciation and amortization
15,989,841,000
13,186,655,000
29 of 78

[800001] Breakdown of credits

Credit Type / Institution
 
Foreign institution  (Yes/No)
Contract signin date
Expiration date
Interest rate
Denomination
Domestic currency
Foreign currency
Time interval
Time Interval
Current year  
Until 1 year
Until 2 years
Until 3 years
Until 4 years
Until 5 yeras or more
Current year  
Until 1 year
Until 2 years
Until 3 years
Until 4 years
Until 5 years or more
Banking
 
Foreign trade (banking )
  
TOTAL
NO
      
0
0
0
0
0
0
0
0
0
0
0
0
Banks – secured
  
TOTAL
NO
      
0
0
0
0
0
0
0
0
0
0
0
0
Commercial Banks
  
BANCO MERCANTIL DEL NORTE,  S.A.1
NO
2015-05-15
2022-04-30
TIIE+1.30
40,345,000
  
181,551,000
242,068,000
242,068,000
1,032,963,000
            
HSBC 2
NO
2011-03-28
2018-03-30
TIIE+117.5
    
1,249,156,000
                  
AF BANREGIO, S.A. DE C.V. 3
NO
2012-10-04
2017-10-02
TIIE+2.50
4,875,000
4,950,000
10,975,000
                  
HSBC 4
NO
2013-05-29
2019-05-29
TIIE+1.70
48,626,000
16,209,000
64,836,000
228,586,000
                
HSBC 5
NO
2014-07-04
2019-07-04
TIIE+1.40
        
298,819,000
              
BANCO SANTANDER 6
NO
2015-03-12
2021-05-11
TIIE+1.30
          
249,333,000
            
BANCO SANTANDER 7
NO
2015-01-08
2019-09-10
TIIE+1.40
        
249,540,000
              
HSBC 8
NO
2016-03-08
2023-03-08
7.13
          
2,500,000,000
            
SCOTIABANK 9
NO
2016-03-08
2023-03-08
7
          
3,000,000,000
            
TOTAL
NO
      
93,846,000
21,159,000
1,506,518,000
470,654,000
790,427,000
6,782,296,000
0
0
0
0
0
0
Other banks
  
TOTAL
NO
      
0
0
0
0
0
0
0
0
0
0
0
0
Total banks
  
TOTAL
NO
      
93,846,000
21,159,000
1,506,518,000
470,654,000
790,427,000
6,782,296,000
0
0
0
0
0
0
Stock market (abstract
  
Listed on stock Exchange – unsecured
  
SENIOR NOTES 1
YES
2007-05-09
2037-05-11
8.93
          
4,484,834,000
            
NOTES 1
NO
2010-10-14
2020-10-01
7.38
          
9,969,436,000
            
SENIOR NOTES 2
YES
2013-05-14
2043-05-14
7.25
          
6,436,251,000
            
NOTES 2
NO
2014-04-07
2021-04-01
TIIE+0.35
          
5,990,001,000
            
NOTES 3
NO
2015-05-11
2022-05-02
TIIE+0.35
          
4,989,803,000
            
SENIOR NOTES 3
YES
2008-05-06
2018-05-15
6.31
                
9,087,133,000
      
SENIOR NOTES 4
YES
2005-03-18
2025-03-18
6.97
                      
10,584,792,000
SENIOR NOTES 5
YES
2002-03-11
2032-03-11
8.94
                      
5,432,182,000
SENIOR NOTES 6
YES
2009-11-23
2040-01-15
6.97
                      
10,770,854,000
SENIOR NOTES 7
YES
2014-05-13
2045-05-13
5
                      
17,710,923,000
SENIOR NOTES 8
YES
2015-11-24
2026-01-30
4.625
                      
5,413,221,000
SENIOR NOTES 9
YES
2015-11-24
2046-01-31
6.125
                      
16,239,173,000
TOTAL
NO
      
0
0
0
0
0
31,870,325,000
0
0
9,087,133,000
0
0
66,151,145,000
Listed on stock exchange – secured
  
TOTAL
        
0
0
0
0
0
0
0
0
0
0
0
0
Private placements – unsecured
  
TOTAL
        
0
0
0
0
0
0
0
0
0
0
0
0
Private placements – secured
  
TOTAL
        
0
0
0
0
0
0
0
0
0
0
0
0
Total listed on stock exchanges and prívate placements
  
TOTAL
NO
      
0
0
0
0
0
31,870,325,000
0
0
9,087,133,000
0
0
66,151,145,000
 
 
30 of 78
 
 
Other current and non-current liabilities with cost 
 
Other currents and non-current liabilities with cost
  
GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD 1
NO
2012-08-08
2020-07-01
  
102,508,000
  
90,066,000
92,047,000
94,450,000
97,236,000
            
GE CAPITAL CFE  MÉXICO, S. DE R.L. DE C.V. 1
NO
2014-07-01
2019-08-01
  
13,481,000
13,255,000
25,861,000
25,045,000
4,956,000
              
ALD AUTOMOTIVE, S.A. DE C.V. 1
NO
2013-12-01
2016-04-01
  
1,769,000
                      
GE CAPITAL CFE  MÉXICO, S. DE R.L. DE C.V. 2
NO
2014-11-01
2017-11-01
  
16,479,000
18,182,000
30,512,000
20,047,000
33,723,000
              
GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD 2
NO
2012-08-01
2021-07-01
  
46,937,000
  
19,740,000
21,837,000
22,764,000
48,527,000
            
INTELSAT GLOBAL SALES 1
YES
2012-10-01
2027-09-01
              
146,679,000
152,115,000
321,351,000
345,610,000
371,701,000
3,679,965,000
GE CAPITAL CFE  MÉXICO, S. DE R.L. DE C.V. 3
NO
2013-05-29
2017-07-01
              
3,266,000
2,546,000
706,000
      
CISCO SYSTEMS CAPITAL CORPORATION 1
YES
2012-10-10
2016-08-27
              
4,824,000
          
GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD 3
NO
2014-11-01
2022-11-01
  
10,122,000
  
1,731,000
3,119,000
3,208,000
10,236,000
            
GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD 4
NO
2014-11-01
2022-01-01
  
10,436,000
5,290,000
5,448,000
5,590,000
5,740,000
24,872,000
            
CVQ 1
NO
2016-03-01
2020-03-04
      
1,151,920,000
1,187,500,000
1,187,500,000
              
TOTAL
NO
      
201,732,000
36,727,000
1,325,278,000
1,355,185,000
1,352,341,000
180,871,000
154,769,000
154,661,000
322,057,000
345,610,000
371,701,000
3,679,965,000
Total other current and non-current liabilities with cost
  
TOTAL
NO
      
201,732,000
36,727,000
1,325,278,000
1,355,185,000
1,352,341,000
180,871,000
154,769,000
154,661,000
322,057,000
345,610,000
371,701,000
3,679,965,000
Suppliers
 
Suppliers
  
PROVEEDORES 1
NO
2016-07-01
2017-06-30
    
15,260,831,000
          
5,236,123,000
        
DERECHOS DE TRANSMISION 1
NO
2012-05-07
2028-06-27
    
374,552,000
93,207,000
15,359,000
10,711,000
77,795,000
  
2,262,924,000
1,176,349,000
531,744,000
212,752,000
394,872,000
TOTAL
NO
      
0
15,635,383,000
93,207,000
15,359,000
10,711,000
77,795,000
0
7,499,047,000
1,176,349,000
531,744,000
212,752,000