|
2022
|
Margin
|
2021
|
Margin
|
Change
|
|
|
%
|
%
|
%
|
|||
|
Revenues
|
75,526.6
|
100.0
|
73,915.4
|
100.0
|
2.2
|
|
Operating segment income1
|
28,010.1
|
36.8
|
29,378.9
|
39.5
|
(4.7)
|
|
|
2022
|
Margin
|
2021
|
Margin
|
Change
|
|
%
|
%
|
%
|
|||
|
Revenues
|
75,526.6
|
100.0
|
73,915.4
|
100.0
|
2.2
|
|
Net income
|
45,283.9
|
60.0
|
7,354.8
|
10.0
|
515.7
|
|
Net income attributable to stockholders of the Company
|
44,712.2
|
59.2
|
6,055.8
|
8.2
|
638.3
|
|
Segment Revenues
|
76,089.6
|
100.0
|
74,435.7
|
100.0
|
2.2
|
|
Operating segment income (1)
|
28,010.1
|
36.8
|
29,378.9
|
39.5
|
(4.7)
|
|
(1)
|
The operating segment income margin is calculated as a percentage of segment revenues.
|
|
•
|
COVID-19 Pandemic may have a material adverse effect on our business, financial position and results of operations.
|
|
•
|
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
|
|
•
|
Regulations of the General Health Law on advertising
|
|
•
|
Changes in U.S. tax law
|
|
•
|
Mexican Securities Market Law
|
|
•
|
Renewal or revocation of our concessions
|
|
•
|
Control of a stockholder
|
|
•
|
Measures for the prevention of the taking of control
|
|
•
|
Competition
|
|
•
|
Loss of transmission or loss of the use of satellite transponders
|
|
•
|
Incidents affecting our network and information systems or other technologies
|
|
•
|
Weaknesses in internal controls over financial reporting
|
|
•
|
Uncertainty in global financial markets
|
|
•
|
Currency fluctuations or the devaluation and depreciation of the Mexican peso
|
|
•
|
Renegotiation of the Trade Agreements or other changes in foreign policy by the new or currency presidential administration in the United States
|
|
•
|
Following the Consummation of the TelevisaUnivision Transaction, Our Continuing Operations Are Less Diversified, Primarily Focused
On Our Cable, Sky and Other Businesses Segments
|
|
•
|
Inflation Rates and High Interest Rates in Mexico
|
|
•
|
Political events in Mexico
|
|
•
|
We are subject to a variety of global laws, regulations, and rules related to privacy and personal data protection
|
|
•
|
The Results of Operations of TelevisaUnivision May Affect Our Financial Performance and the Value of Our Investment in that Company
|
|
•
|
The Performance of TelevisaUnivision May Affect the Market Price of Our Shares and of Our CPOs or GDSs
|
|
•
|
Although We Have a Large Equity Interest in TelevisaUnivision, We Do Not Control TelevisaUnivision
|
|
Revenues
|
2022
|
%
|
2021
|
%
|
Change
%
|
|
Cable
|
48,411.8
|
63.6
|
48,020.9
|
64.5
|
0.8
|
|
Sky
|
20,339.0
|
26.7
|
22,026.6
|
29.6
|
(7.7)
|
|
Other Businesses
|
7,338.8
|
9.7
|
4,388.2
|
5.9
|
67.2
|
|
Segment Revenues
|
76,089.6
|
100.0
|
74,435.7
|
100.0
|
2.2
|
|
Intersegment Operations1
|
(563.0)
|
(520.3)
|
|||
|
Revenues
|
75,526.6
|
|
73,915.4
|
|
2.2
|
|
Operating Segment Income2
|
2022
|
Margin
%
|
2021
|
Margin
%
|
Change
%
|
|
Cable
|
19,902.8
|
41.1
|
20,285.0
|
42.2
|
(1.9)
|
|
Sky
|
6,416.3
|
31.5
|
8,504.2
|
38.6
|
(24.6)
|
|
Other Businesses
|
1,691.0
|
23.0
|
589.7
|
13.4
|
186.8
|
|
Operating Segment Income2
|
28,010.1
|
36.8
|
29,378.9
|
39.5
|
(4.7)
|
|
Corporate Expenses
|
(1,538.1)
|
(2.0)
|
(2,351.3)
|
(3.2)
|
34.6
|
|
Depreciation and Amortization
|
(21,117.4)
|
(28.0)
|
(20,053.3)
|
(27.1)
|
(5.3)
|
|
Other (expense) income, net
|
(815.6)
|
(1.1)
|
3,716.2
|
5.0
|
n/a
|
|
Intersegment Operations1
|
(120.4)
|
(0.2)
|
(1.6)
|
(0.0)
|
n/a
|
|
Operating Income
|
4,418.6
|
5.9
|
10,688.9
|
14.5
|
(58.7)
|
| (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) income or, net.
|
|
Revenues
|
4Q’22
|
%
|
4Q’21
|
%
|
Change
%
|
|
Cable
|
12,463.3
|
64.2
|
12,296.2
|
64.8
|
1.4
|
|
Sky
|
4,936.6
|
25.5
|
5,372.3
|
28.3
|
(8.1)
|
|
Other Businesses
|
2,002.3
|
10.3
|
1,303.3
|
6.9
|
53.6
|
|
Segment Revenues
|
19,402.2
|
100.0
|
18,971.8
|
100.0
|
2.3
|
|
Intersegment Operations1
|
(269.9)
|
(142.7)
|
|||
|
Revenues
|
19,132.3
|
|
18,829.1
|
|
1.6
|
|
Operating Segment Income2
|
4Q’22
|
Margin
%
|
4Q’21
|
Margin
%
|
Change
%
|
|
Cable
|
5,059.3
|
40.6
|
5,365.8
|
43.6
|
(5.7)
|
|
Sky
|
1,151.6
|
23.3
|
1,845.4
|
34.4
|
(37.6)
|
|
Other Businesses
|
499.2
|
24.9
|
237.8
|
18.2
|
109.9
|
|
Operating Segment Income2
|
6,710.1
|
34.6
|
7,449.0
|
39.3
|
(9.9)
|
|
Corporate Expenses
|
(705.7)
|
(3.6)
|
(1,125.6)
|
(5.9)
|
37.3
|
|
Depreciation and Amortization
|
(5,702.7)
|
(29.8)
|
(5,262.6)
|
(27.9)
|
(8.4)
|
|
Other (expense) income, net
|
(315.2)
|
(1.6)
|
4,304.4
|
22.9
|
n/a
|
|
Intersegment Operations1
|
(119.3)
|
(0.6)
|
(0.4)
|
(0.0)
|
n/a
|
|
Operating (loss) Income
|
(132.8)
|
(0.7)
|
5,364.8
|
28.5
|
n/a
|
| 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) income or, net.
|
|
RGUs
|
4Q’22 Net
Adds
|
2022 Net
Adds
|
2022
|
2021
|
|
Video
|
52,525
|
291,760
|
4,458,220
|
4,166,460
|
|
Broadband
|
78,327
|
335,049
|
5,984,151
|
5,649,102
|
|
Voice
|
169,649
|
616,459
|
5,233,724
|
4,617,265
|
|
Mobile
|
26,680
|
84,156
|
240,207
|
156,051
|
|
Total RGUs
|
327,181
|
1,327,424
|
15,916,302
|
14,588,878
|
|
MSO Operations (1)
Millions of Mexican pesos
|
2022
|
2021
|
Change %
|
4Q’22
|
4Q’21
|
Change %
|
|
Revenue
|
43,958.9
|
42,890.0
|
2.5
|
11,138.2
|
11,036.9
|
0.9
|
|
Operating Segment Income
|
18,865.1
|
18,387.5
|
2.6
|
4,896.2
|
4,846.1
|
1.0
|
|
Margin (%)
|
42.9
|
42.9
|
|
44.0
|
43.9
|
|
|
Enterprise Operations (1)
Millions of Mexican pesos
|
2022
|
2021
|
Change %
|
4Q’22
|
4Q’21
|
Change %
|
|
Revenue
|
6,721.9
|
7,272.1
|
(7.6)
|
1,867.1
|
1,962.3
|
(4.9)
|
|
Operating Segment Income
|
1,805.9
|
2,535.2
|
(28.8)
|
358.9
|
703.4
|
(49.0)
|
|
Margin (%)
|
26.9
|
34.9
|
|
19.2
|
35.8
|
|
| (1) |
Full year results do not include the consolidation adjustments of Ps.2,269.0 million in revenues nor Ps.768.2 million in Operating Segment Income
for 2022, neither the consolidation adjustments of Ps.2,141.2 million in revenues nor Ps.637.7 million in Operating Segment Income for 2021. Likewise, fourth quarter results do not include the consolidation adjustments of
Ps.542.0 million in revenues nor Ps.195.8 million in Operating Segment Income for fourth quarter 2022, neither the consolidation adjustments of Ps.703.0 million in revenues nor Ps.183.7 million in Operating Segment Income for
fourth quarter 2021. Consolidation adjustments are considered in the consolidated results of the Cable segment.
|
|
RGUs
|
4Q’22 Net
Adds
|
2022 Net
Adds
|
2022
|
2021
|
|
Video
|
(381,543)
|
(1,151,016)
|
6,257,059
|
7,408,075
|
|
Broadband
|
(26,719)
|
(86,932)
|
640,294
|
727,226
|
|
Voice
|
(36)
|
(148)
|
453
|
601
|
|
Mobile
|
(2,103)
|
(14,664)
|
15,602
|
30,266
|
|
Total RGUs
|
(410,401)
|
(1,252,760)
|
6,913,408
|
8,166,168
|
|
(i)
|
the absence in 2022 of a Ps.4,547.0 million gain on disposition of our 40% equity stake in OCESA Entretenimiento, S.A. de C.V.,
a live entertainment company, which sale was concluded in December 2021; and
|
|
(ii)
|
a Ps.425.8 million (U.S.$21.5 million) expense incurred in the fourth quarter of 2022, in connection with a provision for a
lawsuit settlement agreement, net of a related insurance reimbursement.
|
|
Other (expense) income, net
|
2022
|
2021
|
|
Cash
|
(736.5)
|
3,960.5
|
|
Non-cash
|
(79.1)
|
(244.3)
|
|
Total
|
(815.6)
|
3,716.2
|
|
2022
|
2021
|
(Unfavorable)
Favorable
Change
|
|
|
Interest expense(1)
|
(9,455.6)
|
(9,106.0)
|
(349.6)
|
|
Interest income
|
2,151.1
|
560.0
|
1,591.1
|
|
Foreign exchange loss, net
|
(1,791.0)
|
(2,188.8)
|
397.8
|
|
Other finance expense, net
|
(110.7)
|
(1,183.2)
|
1,072.5
|
|
Finance expense, net
|
(9,206.2)
|
(11,918.0)
|
2,711.8
|
| (1) |
Interest expense for the year ended December 31, 2022 and 2021, included (i) amortization of finance costs in the amount of Ps.292.1 million and Ps.179.2 million, respectively; and (ii) finance expense of Ps.490.4 million
in connection with prepayments of long-term debt for the year ended December 31, 2022.
|
|
(i)
|
a Ps.1,591.1 million increase in interest income, primarily explained by a higher average amount of cash and cash equivalents during 2022;
|
|
(ii)
|
a Ps.1,072.5 million decrease in other finance expense, net, resulting primarily from a lower loss in fair value of our derivative contracts in
2022; and
|
|
(iii)
|
a Ps.397.8 million decrease in foreign exchange loss, net, resulting primarily from a 5.0% appreciation of the Mexican peso against the U.S.
dollar on an average net U.S. dollar asset position for the year ended December 31, 2022, compared with a 2.5% depreciation of the Mexican peso against the U.S. dollar on an average net U.S. dollar liability position for the
year ended December 31, 2021.
|
|
Capital Expenditures
(Millions of U.S. Dollars)
|
2022
|
2021
|
|
Cable
|
645.9
|
854.5
|
|
Sky
|
193.1
|
244.1
|
|
Other Businesses
|
17.4
|
22.6
|
|
Continuing Operations
|
856.4
|
1,121.2
|
|
Discontinued Operations
|
3.4
|
27.9
|
|
Total
|
859.8
|
1,149.1
|
|
December 31,
2022
|
December 31,
2021
|
Decrease
|
|
|
Current portion of long-term debt
|
1,000.0
|
4,106.4
|
(3,106.4)
|
|
Long-term debt, net of current portion
|
104,240.7
|
121,685.7
|
(17,445.0)
|
|
Total debt (1)
|
105,240.7
|
125,792.1
|
(20,551.4)
|
|
Current portion of long-term lease liabilities
|
1,373.2
|
1,478.4
|
(105.2)
|
|
Long-term lease liabilities, net of current portion
|
6,995.8
|
8,202.2
|
(1,206.4)
|
|
Total lease liabilities
|
8,369.0
|
9,680.6
|
(1,311.6)
|
|
Total debt and lease liabilities
|
113,609.7
|
135,472.7
|
(21,863.0)
|
|
(1)
|
As of December 31, 2022 and 2021, total debt is presented net of finance costs in the amount of Ps.994.7 million and Ps.1,207.1 million, respectively.
|
|
•
|
Control environment: issuance of senior management pronouncements in the areas of risks and
internal control, the issuance of the Ethics Code, the communication and training on risk and control matters, and the update of the general model of responsibilities and capacities
|
|
•
|
Risk assessment: systematization of the process to identify, manage and control risks
|
|
•
|
Control Activities: coordination of internal control procedures and activities with supervisory
processes
|
|
2022
|
Margin
|
2021
|
Margin
|
Change
|
|
|
%
|
%
|
%
|
|||
|
Revenues
|
75,526.6
|
100.0
|
73,915.4
|
100.0
|
2.2
|
|
Operating segment income1
|
28,010.1
|
36.8
|
29,378.9
|
39.5
|
(4.7)
|
| (1) |
The operating segment income margin is calculated as a percentage of segment revenues.
|
|
|
2022
|
Margin
|
2021
|
Margin
|
Change
|
|
%
|
%
|
%
|
|||
|
Revenues
|
75,526.6
|
100.0
|
73,915.4
|
100.0
|
2.2
|
|
Net income
|
45,283.9
|
60.0
|
7,354.8
|
10.0
|
515.7
|
|
Net income attributable to stockholders of the Company
|
44,712.2
|
59.2
|
6,055.8
|
8.2
|
638.3
|
|
Segment Revenues
|
76,089.6
|
100.0
|
74,435.7
|
100.0
|
2.2
|
|
Operating segment income (1)
|
28,010.1
|
36.8
|
29,378.9
|
39.5
|
(4.7)
|
| (1) |
The operating segment income margin is calculated as a percentage of segment revenues.
|
|
Revenues
|
2022
|
%
|
2021
|
%
|
Change
%
|
|
Cable
|
48,411.8
|
63.6
|
48,020.9
|
64.5
|
0.8
|
|
Sky
|
20,339.0
|
26.7
|
22,026.6
|
29.6
|
(7.7)
|
|
Other Businesses
|
7,338.8
|
9.7
|
4,388.2
|
5.9
|
67.2
|
|
Segment Revenues
|
76,089.6
|
100.0
|
74,435.7
|
100.0
|
2.2
|
|
Intersegment Operations1
|
(563.0)
|
(520.3)
|
|||
|
Revenues
|
75,526.6
|
|
73,915.4
|
|
2.2
|
|
Operating Segment Income2
|
2022
|
Margin
%
|
2021
|
Margin
%
|
Change
%
|
|
Cable
|
19,902.8
|
41.1
|
20,285.0
|
42.2
|
(1.9)
|
|
Sky
|
6,416.3
|
31.5
|
8,504.2
|
38.6
|
(24.6)
|
|
Other Businesses
|
1,691.0
|
23.0
|
589.7
|
13.4
|
186.8
|
|
Operating Segment Income2
|
28,010.1
|
36.8
|
29,378.9
|
39.5
|
(4.7)
|
|
Corporate Expenses
|
(1,538.1)
|
(2.0)
|
(2,351.3)
|
(3.2)
|
34.6
|
|
Depreciation and Amortization
|
(21,117.4)
|
(28.0)
|
(20,053.3)
|
(27.1)
|
(5.3)
|
|
Other (expense) income, net
|
(815.6)
|
(1.1)
|
3,716.2
|
5.0
|
n/a
|
|
Intersegment Operations1
|
(120.4)
|
(0.2)
|
(1.6)
|
(0.0)
|
n/a
|
|
Operating Income
|
4,418.6
|
5.9
|
10,688.9
|
14.5
|
(58.7)
|
| (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 income or expense, net.
|
|
Revenues
|
4Q’22
|
%
|
4Q’21
|
%
|
Change
%
|
|
Cable
|
12,463.3
|
64.2
|
12,296.2
|
64.8
|
1.4
|
|
Sky
|
4,936.6
|
25.5
|
5,372.3
|
28.3
|
(8.1)
|
|
Other Businesses
|
2,002.3
|
10.3
|
1,303.3
|
6.9
|
53.6
|
|
Segment Revenues
|
19,402.2
|
100.0
|
18,971.8
|
100.0
|
2.3
|
|
Intersegment Operations1
|
(269.9)
|
(142.7)
|
|||
|
Revenues
|
19,132.3
|
|
18,829.1
|
|
1.6
|
|
Operating Segment Income2
|
4Q’22
|
Margin
%
|
4Q’21
|
Margin
%
|
Change
%
|
|
Cable
|
5,059.3
|
40.6
|
5,365.8
|
43.6
|
(5.7)
|
|
Sky
|
1,151.6
|
23.3
|
1,845.4
|
34.4
|
(37.6)
|
|
Other Businesses
|
499.2
|
24.9
|
237.8
|
18.2
|
109.9
|
|
Operating Segment Income2
|
6,710.1
|
34.6
|
7,449.0
|
39.3
|
(9.9)
|
|
Corporate Expenses
|
(705.7)
|
(3.6)
|
(1,125.6)
|
(5.9)
|
37.3
|
|
Depreciation and Amortization
|
(5,702.7)
|
(29.8)
|
(5,262.6)
|
(27.9)
|
(8.4)
|
|
Other (expense) income, net
|
(315.2)
|
(1.6)
|
4,304.4
|
22.9
|
n/a
|
|
Intersegment Operations1
|
(119.3)
|
(0.6)
|
(0.4)
|
(0.0)
|
n/a
|
|
Operating (loss) Income
|
(132.8)
|
(0.7)
|
5,364.8
|
28.5
|
n/a
|
|
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 income or expense, net.
|
|
Ticker:
|
TLEVISA
|
|
Period covered by financial statements:
|
2022-01-01 TO 2022-12-31
|
|
Date of end of reporting period:
|
2022-12-31
|
|
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:
|
4D
|
|
Type of issuer:
|
ICS
|
|
Explanation of change in name of reporting entity or other means of identification from end of preceding reporting period:
|
|
|
Description of nature of financial statements:
|
|
Concept
|
Close Current Quarter
2022-12-31
|
Close Previous Exercise
2021-12-31
|
|
Statement of financial position
|
||
|
Assets
|
||
|
Current assets
|
||
|
Cash and cash equivalents
|
51,130,992,000
|
25,828,215,000
|
|
Trade and other current receivables
|
19,488,319,000
|
28,581,358,000
|
|
Current tax assets, current
|
6,691,366,000
|
7,261,999,000
|
|
Other current financial assets
|
11,237,000
|
127,000
|
|
Current inventories
|
1,448,278,000
|
2,212,859,000
|
|
Current biological assets
|
0
|
0
|
|
Other current non-financial assets
|
[1] 2,806,631,000
|
9,374,392,000
|
|
Total current assets other than non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
81,576,823,000
|
73,258,950,000
|
|
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
0
|
0
|
|
Total current assets
|
81,576,823,000
|
73,258,950,000
|
|
Non-current assets
|
||
|
Trade and other non-current receivables
|
6,803,414,000
|
385,060,000
|
|
Current tax assets, non-current
|
0
|
0
|
|
Non-current inventories
|
0
|
0
|
|
Non-current biological assets
|
0
|
0
|
|
Other non-current financial assets
|
3,921,829,000
|
6,209,276,000
|
|
Investments accounted for using equity method
|
0
|
0
|
|
Investments in subsidiaries, joint ventures and associates
|
50,450,949,000
|
26,704,235,000
|
|
Property, plant and equipment
|
82,236,399,000
|
87,922,126,000
|
|
Investment property
|
2,873,165,000
|
0
|
|
Right-of-use assets that do not meet definition of investment property
|
6,670,298,000
|
7,604,567,000
|
|
Goodwill
|
13,904,998,000
|
14,036,657,000
|
|
Intangible assets other than goodwill
|
27,218,589,000
|
28,219,224,000
|
|
Deferred tax assets
|
18,769,968,000
|
33,173,148,000
|
|
Other non-current non-financial assets
|
[2] 4,681,099,000
|
16,228,838,000
|
|
Total non-current assets
|
217,530,708,000
|
220,483,131,000
|
|
Total assets
|
299,107,531,000
|
293,742,081,000
|
|
Equity and liabilities
|
||
|
Liabilities
|
||
|
Current liabilities
|
||
|
Trade and other current payables
|
23,855,919,000
|
41,219,137,000
|
|
Current tax liabilities, current
|
4,457,904,000
|
7,680,800,000
|
|
Other current financial liabilities
|
2,832,470,000
|
6,290,096,000
|
|
Current lease liabilities
|
1,373,233,000
|
1,478,382,000
|
|
Other current non-financial liabilities
|
0
|
0
|
|
Current provisions
|
||
|
Current provisions for employee benefits
|
0
|
0
|
|
Other current provisions
|
1,851,392,000
|
1,107,000
|
|
Total current provisions
|
1,851,392,000
|
1,107,000
|
|
Total current liabilities other than liabilities included in disposal groups classified as held for sale
|
34,370,918,000
|
56,669,522,000
|
|
Liabilities included in disposal groups classified as held for sale
|
0
|
0
|
|
Total current liabilities
|
34,370,918,000
|
56,669,522,000
|
|
Non-current liabilities
|
||
|
Trade and other non-current payables
|
5,658,822,000
|
5,328,025,000
|
|
Current tax liabilities, non-current
|
0
|
104,825,000
|
|
Concept
|
Close Current Quarter
2022-12-31
|
Close Previous Exercise
2021-12-31
|
|
Other non-current financial liabilities
|
104,240,650,000
|
121,709,508,000
|
|
Non-current lease liabilities
|
6,995,839,000
|
8,202,177,000
|
|
Other non-current non-financial liabilities
|
0
|
0
|
|
Non-current provisions
|
||
|
Non-current provisions for employee benefits
|
771,468,000
|
1,913,680,000
|
|
Other non-current provisions
|
1,690,454,000
|
1,079,671,000
|
|
Total non-current provisions
|
2,461,922,000
|
2,993,351,000
|
|
Deferred tax liabilities
|
1,249,475,000
|
2,210,609,000
|
|
Total non-current liabilities
|
120,606,708,000
|
140,548,495,000
|
|
Total liabilities
|
154,977,626,000
|
197,218,017,000
|
|
Equity
|
||
|
Issued capital
|
4,836,708,000
|
4,836,708,000
|
|
Share premium
|
15,889,819,000
|
15,889,819,000
|
|
Treasury shares
|
12,648,558,000
|
14,205,061,000
|
|
Retained earnings
|
131,053,859,000
|
88,218,188,000
|
|
Other reserves
|
(10,823,878,000)
|
(13,621,992,000)
|
|
Total equity attributable to owners of parent
|
128,307,950,000
|
81,117,662,000
|
|
Non-controlling interests
|
15,821,955,000
|
15,406,402,000
|
|
Total equity
|
144,129,905,000
|
96,524,064,000
|
|
Total equity and liabilities
|
299,107,531,000
|
293,742,081,000
|
|
Concept
|
Accumulated Current Year
2022-01-01 - 2022-12-31
|
Accumulated Previous Year
2021-01-01 - 2021-12-31
|
Quarter Current Year
2022-10-01 - 2022-12-31
|
Quarter Previous Year
2021-10-01 - 2021-12-31
|
|
Profit or loss
|
||||
|
Profit (loss)
|
||||
|
Revenue
|
75,526,609,000
|
73,915,432,000
|
19,132,267,000
|
18,829,095,000
|
|
Cost of sales
|
48,807,606,000
|
46,653,598,000
|
12,903,452,000
|
11,864,627,000
|
|
Gross profit
|
26,719,003,000
|
27,261,834,000
|
6,228,815,000
|
6,964,468,000
|
|
Distribution costs
|
9,422,916,000
|
8,099,607,000
|
2,729,557,000
|
2,117,451,000
|
|
Administrative expenses
|
12,061,932,000
|
12,189,542,000
|
3,316,832,000
|
3,786,615,000
|
|
Other income
|
0
|
0
|
0
|
0
|
|
Other expense
|
815,565,000
|
(3,716,237,000)
|
315,161,000
|
(4,304,420,000)
|
|
Profit (loss) from operating activities
|
4,418,590,000
|
10,688,922,000
|
(132,735,000)
|
5,364,822,000
|
|
Finance income
|
2,151,109,000
|
560,026,000
|
594,366,000
|
30,229,000
|
|
Finance costs
|
11,357,273,000
|
12,478,039,000
|
2,818,811,000
|
2,827,186,000
|
|
Share of profit (loss) of associates and joint ventures accounted for using equity method
|
(7,378,249,000)
|
3,671,030,000
|
(12,637,978,000)
|
1,490,611,000
|
|
Profit (loss) before tax
|
(12,165,823,000)
|
2,441,939,000
|
(14,995,158,000)
|
4,058,476,000
|
|
Tax income (expense)
|
(1,227,462,000)
|
1,673,054,000
|
(2,211,760,000)
|
2,011,346,000
|
|
Profit (loss) from continuing operations
|
(10,938,361,000)
|
768,885,000
|
(12,783,398,000)
|
2,047,130,000
|
|
Profit (loss) from discontinued operations
|
56,222,185,000
|
6,585,900,000
|
618,525,000
|
2,144,259,000
|
|
Profit (loss)
|
45,283,824,000
|
7,354,785,000
|
(12,164,873,000)
|
4,191,389,000
|
|
Profit (loss), attributable to
|
||||
|
Profit (loss), attributable to owners of parent
|
44,712,180,000
|
6,055,826,000
|
(12,188,710,000)
|
3,697,936,000
|
|
Profit (loss), attributable to non-controlling interests
|
571,644,000
|
1,298,959,000
|
23,837,000
|
493,453,000
|
|
Earnings per share [text block]
|
||||
|
Earnings per share
|
||||
|
Earnings per share
|
||||
|
Basic earnings per share
|
||||
|
Basic earnings (loss) per share from continuing operations
|
(4.06)
|
(0.16)
|
(4.53)
|
0.57
|
|
Basic earnings (loss) per share from discontinued operations
|
19.86
|
2.33
|
0.23
|
0.75
|
|
Total basic earnings (loss) per share
|
[3] 15.8
|
2.17
|
(4.3)
|
1.32
|
|
Diluted earnings per share
|
||||
|
Diluted earnings (loss) per share from continuing operations
|
(4.06)
|
(0.16)
|
(4.53)
|
0.57
|
|
Diluted earnings (loss) per share from discontinued operations
|
19.86
|
2.33
|
0.23
|
0.75
|
|
Total diluted earnings (loss) per share
|
[4] 15.8
|
2.17
|
(4.3)
|
1.32
|
|
Concept
|
Accumulated Current Year
2022-01-01 - 2022-12-31
|
Accumulated Previous Year
2021-01-01 - 2021-12-31
|
Quarter Current Year
2022-10-01 - 2022-12-31
|
Quarter Previous Year
2021-10-01 - 2021-12-31
|
|
Statement of comprehensive income
|
||||
|
Profit (loss)
|
45,283,824,000
|
7,354,785,000
|
(12,164,873,000)
|
4,191,389,000
|
|
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
|
(727,031,000)
|
(100,154,000)
|
455,999,000
|
(1,401,909,000)
|
|
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
|
110,683,000
|
195,878,000
|
110,683,000
|
195,878,000
|
|
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
|
(616,348,000)
|
95,724,000
|
566,682,000
|
(1,206,031,000)
|
|
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
|
(1,121,683,000)
|
244,110,000
|
(634,203,000)
|
(161,093,000)
|
|
Reclassification adjustments on exchange differences on translation, net of tax
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, exchange differences on translation
|
(1,121,683,000)
|
244,110,000
|
(634,203,000)
|
(161,093,000)
|
|
Available-for-sale financial assets
|
||||
|
Gains (losses) on remeasuring available-for-sale financial assets, net of tax
|
0
|
0
|
0
|
0
|
|
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
|
0
|
0
|
0
|
0
|
|
Cash flow hedges
|
||||
|
Gains (losses) on cash flow hedges, net of tax
|
277,065,000
|
1,349,321,000
|
(40,148,000)
|
212,324,000
|
|
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
|
277,065,000
|
1,349,321,000
|
(40,148,000)
|
212,324,000
|
|
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
|
|
Change in value of time value of options
|
|
Concept
|
Accumulated Current Year
2022-01-01 - 2022-12-31
|
Accumulated Previous Year
2021-01-01 - 2021-12-31
|
Quarter Current Year
2022-10-01 - 2022-12-31
|
Quarter Previous Year
2021-10-01 - 2021-12-31
|
|
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
|
|
Financial assets measured at fair value through other comprehensive income
|
||||
|
Gains (losses) on financial assets measured at fair value through other comprehensive income, net of tax
|
0
|
0
|
0
|
0
|
|
Reclassification adjustments on financial assets measured at fair value through other comprehensive income, net of tax
|
0
|
0
|
0
|
0
|
|
Amounts removed from equity and adjusted against fair value of financial assets on reclassification out of fair value through other comprehensive income
measurement category, net of tax
|
0
|
0
|
0
|
0
|
|
Other comprehensive income, net of tax, financial assets measured at fair value through other comprehensive income
|
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
|
4,245,546,000
|
245,714,000
|
2,054,394,000
|
106,558,000
|
|
Total other comprehensive income that will be reclassified to profit or loss, net of tax
|
3,400,928,000
|
1,839,145,000
|
1,380,043,000
|
157,789,000
|
|
Total other comprehensive income
|
2,784,580,000
|
1,934,869,000
|
1,946,725,000
|
(1,048,242,000)
|
|
Total comprehensive income
|
48,068,404,000
|
9,289,654,000
|
(10,218,148,000)
|
3,143,147,000
|
|
Comprehensive income attributable to
|
||||
|
Comprehensive income, attributable to owners of parent
|
47,510,294,000
|
7,990,682,000
|
(10,239,344,000)
|
2,673,808,000
|
|
Comprehensive income, attributable to non-controlling interests
|
558,110,000
|
1,298,972,000
|
21,196,000
|
469,339,000
|
|
Concept
|
Accumulated Current Year
2022-01-01 - 2022-12-31
|
Accumulated Previous Year
2021-01-01 - 2021-12-31
|
|
Statement of cash flows
|
||
|
Cash flows from (used in) operating activities
|
||
|
Profit (loss)
|
45,283,824,000
|
7,354,785,000
|
|
Adjustments to reconcile profit (loss)
|
||
|
+ Discontinued operations
|
(56,065,531,000)
|
0
|
|
+ Adjustments for income tax expense
|
(1,160,324,000)
|
6,745,778,000
|
|
+ (-) Adjustments for finance costs
|
0
|
0
|
|
+ Adjustments for depreciation and amortisation expense
|
21,239,306,000
|
21,418,369,000
|
|
+ Adjustments for impairment loss (reversal of impairment loss) recognised in profit or loss
|
0
|
225,136,000
|
|
+ Adjustments for provisions
|
1,742,678,000
|
1,560,859,000
|
|
+ (-) Adjustments for unrealised foreign exchange losses (gains)
|
(999,499,000)
|
1,700,514,000
|
|
+ Adjustments for share-based payments
|
1,665,909,000
|
1,088,413,000
|
|
+ (-) Adjustments for fair value losses (gains)
|
110,739,000
|
1,183,180,000
|
|
- Adjustments for undistributed profits of associates
|
0
|
0
|
|
+ (-) Adjustments for losses (gains) on disposal of non-current assets
|
(131,683,000)
|
(279,593,000)
|
|
+ Share of income of associates and joint ventures
|
7,378,249,000
|
(3,671,877,000)
|
|
+ (-) Adjustments for decrease (increase) in inventories
|
652,614,000
|
(6,620,795,000)
|
|
+ (-) Adjustments for decrease (increase) in trade accounts receivable
|
(4,229,954,000)
|
(2,024,974,000)
|
|
+ (-) Adjustments for decrease (increase) in other operating receivables
|
2,823,195,000
|
(2,863,863,000)
|
|
+ (-) Adjustments for increase (decrease) in trade accounts payable
|
(122,945,000)
|
850,760,000
|
|
+ (-) Adjustments for increase (decrease) in other operating payables
|
(3,324,330,000)
|
6,861,117,000
|
|
+ Other adjustments for non-cash items
|
0
|
0
|
|
+ Other adjustments for which cash effects are investing or financing cash flow
|
0
|
(4,547,029,000)
|
|
+ Straight-line rent adjustment
|
0
|
0
|
|
+ Amortization of lease fees
|
0
|
0
|
|
+ Setting property values
|
0
|
0
|
|
+ (-) Other adjustments to reconcile profit (loss)
|
353,232,000
|
329,144,000
|
|
+ (-) Total adjustments to reconcile profit (loss)
|
(30,068,344,000)
|
21,955,139,000
|
|
Net cash flows from (used in) operations
|
15,215,480,000
|
29,309,924,000
|
|
- Dividends paid
|
0
|
0
|
|
+ Dividends received
|
0
|
0
|
|
- Interest paid
|
(9,459,377,000)
|
(9,135,531,000)
|
|
+ Interest received
|
(89,268,000)
|
(60,174,000)
|
|
+ (-) Income taxes refund (paid)
|
12,118,014,000
|
9,166,602,000
|
|
+ (-) Other inflows (outflows) of cash
|
0
|
0
|
|
Net cash flows from (used in) operating activities
|
12,467,575,000
|
29,218,679,000
|
|
Cash flows from (used in) investing activities
|
||
|
+ Cash flows from losing control of subsidiaries or other businesses
|
10,000,000
|
10,000,000
|
|
- Cash flows used in obtaining control of subsidiaries or other businesses
|
0
|
0
|
|
+ Other cash receipts from sales of equity or debt instruments of other entities
|
66,095,454,000
|
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
|
364,420,000
|
0
|
|
- Other cash payments to acquire interests in joint ventures
|
0
|
0
|
|
+ Proceeds from sales of property, plant and equipment
|
264,163,000
|
672,424,000
|
|
- Purchase of property, plant and equipment
|
17,315,387,000
|
23,267,847,000
|
|
+ Proceeds from sales of intangible assets
|
0
|
0
|
|
- Purchase of intangible assets
|
1,807,183,000
|
1,899,464,000
|
|
+ Proceeds from sales of other long-term assets
|
0
|
0
|
|
- Purchase of other long-term assets
|
0
|
0
|
|
Concept
|
Accumulated Current Year
2022-01-01 - 2022-12-31
|
Accumulated Previous Year
2021-01-01 - 2021-12-31
|
|
+ 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 futures contracts, forward contracts, option contracts and swap contracts
|
0
|
0
|
|
+ Cash receipts from futures 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
|
(4,906,535,000)
|
5,745,182,000
|
|
Net cash flows from (used in) investing activities
|
42,704,932,000
|
(18,739,705,000)
|
|
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
|
1,277,568,000
|
328,500,000
|
|
- Payments of other equity instruments
|
0
|
0
|
|
+ Proceeds from borrowings
|
(16,099,581,000)
|
2,650,000,000
|
|
- Repayments of borrowings
|
610,403,000
|
1,992,489,000
|
|
- Payments of finance lease liabilities
|
699,263,000
|
646,527,000
|
|
- Payments of lease liabilities
|
991,048,000
|
1,082,226,000
|
|
+ Proceeds from government grants
|
0
|
0
|
|
- Dividends paid
|
1,053,392,000
|
1,053,392,000
|
|
- Interest paid
|
8,893,000,000
|
8,258,243,000
|
|
+ (-) Income taxes refund (paid)
|
0
|
0
|
|
+ (-) Other inflows (outflows) of cash
|
(145,131,000)
|
(3,021,015,000)
|
|
Net cash flows from (used in) financing activities
|
(29,769,386,000)
|
(13,732,392,000)
|
|
Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes
|
25,403,121,000
|
(3,253,418,000)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
||
|
Effect of exchange rate changes on cash and cash equivalents
|
(100,344,000)
|
23,540,000
|
|
Net increase (decrease) in cash and cash equivalents
|
25,302,777,000
|
(3,229,878,000)
|
|
Cash and cash equivalents at beginning of period
|
25,828,215,000
|
29,058,093,000
|
|
Cash and cash equivalents at end of period
|
51,130,992,000
|
25,828,215,000
|
|
Components of equity
|
|||||||||
|
Sheet 1 of 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
|
|
Statement of changes in equity
|
|||||||||
|
Equity at beginning of period
|
4,836,708,000
|
15,889,819,000
|
14,205,061,000
|
88,218,188,000
|
0
|
2,040,114,000
|
8,467,000
|
0
|
0
|
|
Changes in equity
|
|||||||||
|
Comprehensive income
|
|||||||||
|
Profit (loss)
|
0
|
0
|
0
|
44,712,180,000
|
0
|
0
|
0
|
0
|
0
|
|
Other comprehensive income
|
0
|
0
|
0
|
0
|
0
|
(1,102,706,000)
|
277,065,000
|
0
|
0
|
|
Total comprehensive income
|
0
|
0
|
0
|
44,712,180,000
|
0
|
(1,102,706,000)
|
277,065,000
|
0
|
0
|
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
1,053,392,000
|
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
|
1,650,000
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
(1,556,503,000)
|
(824,767,000)
|
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
|
(1,556,503,000)
|
42,835,671,000
|
0
|
(1,102,706,000)
|
277,065,000
|
0
|
0
|
|
Equity at end of period
|
4,836,708,000
|
15,889,819,000
|
12,648,558,000
|
131,053,859,000
|
0
|
937,408,000
|
285,532,000
|
0
|
0
|
|
Components of equity
|
|||||||||
|
Sheet 2 of 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 financial assets measured at fair value through other comprehensive income
|
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
|
|
Statement of changes in equity
|
|||||||||
|
Equity at beginning of period
|
0
|
0
|
(15,040,193,000)
|
0
|
0
|
(739,646,000)
|
0
|
0
|
0
|
|
Changes in equity
|
|||||||||
|
Comprehensive income
|
|||||||||
|
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Other comprehensive income
|
0
|
0
|
(727,031,000)
|
0
|
0
|
105,240,000
|
0
|
0
|
0
|
|
Total comprehensive income
|
0
|
0
|
(727,031,000)
|
0
|
0
|
105,240,000
|
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
|
(727,031,000)
|
0
|
0
|
105,240,000
|
0
|
0
|
0
|
|
Equity at end of period
|
0
|
0
|
(15,767,224,000)
|
0
|
0
|
(634,406,000)
|
0
|
0
|
0
|
|
Components of equity
|
||||||||
|
Sheet 3 of 3
|
Reserve for catastrophe
|
Reserve for equalisation
|
Reserve of discretionary participation features
|
Other comprehensive income
|
Other reserves
|
Equity attributable to owners of parent
|
Non-controlling interests
|
Equity
|
|
Statement of changes in equity
|
||||||||
|
Equity at beginning of period
|
0
|
0
|
0
|
109,266,000
|
(13,621,992,000)
|
81,117,662,000
|
15,406,402,000
|
96,524,064,000
|
|
Changes in equity
|
||||||||
|
Comprehensive income
|
||||||||
|
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
44,712,180,000
|
571,644,000
|
45,283,824,000
|
|
Other comprehensive income
|
0
|
0
|
0
|
4,245,546,000
|
2,798,114,000
|
2,798,114,000
|
(13,534,000)
|
2,784,580,000
|
|
Total comprehensive income
|
0
|
0
|
0
|
4,245,546,000
|
2,798,114,000
|
47,510,294,000
|
558,110,000
|
48,068,404,000
|
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
1,053,392,000
|
0
|
1,053,392,000
|
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through treasury share transactions, equity
|
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
|
1,650,000
|
(142,557,000)
|
(140,907,000)
|
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
731,736,000
|
0
|
731,736,000
|
|
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
|
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
|
|
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
|
|
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
|
|
Total increase (decrease) in equity
|
0
|
0
|
0
|
4,245,546,000
|
2,798,114,000
|
47,190,288,000
|
415,553,000
|
47,605,841,000
|
|
Equity at end of period
|
0
|
0
|
0
|
4,354,812,000
|
(10,823,878,000)
|
128,307,950,000
|
15,821,955,000
|
144,129,905,000
|
|
Components of equity
|
|||||||||
|
Sheet 1 of 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
|
|
Statement of changes in equity
|
|||||||||
|
Equity at beginning of period
|
4,907,765,000
|
15,889,819,000
|
16,079,124,000
|
84,280,397,000
|
0
|
1,804,327,000
|
(1,340,854,000)
|
0
|
0
|
|
Changes in equity
|
|||||||||
|
Comprehensive income
|
|||||||||
|
Profit (loss)
|
0
|
0
|
0
|
6,055,826,000
|
0
|
0
|
0
|
0
|
0
|
|
Other comprehensive income
|
0
|
0
|
0
|
0
|
0
|
235,787,000
|
1,349,321,000
|
0
|
0
|
|
Total comprehensive income
|
0
|
0
|
0
|
6,055,826,000
|
0
|
235,787,000
|
1,349,321,000
|
0
|
0
|
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
1,053,392,000
|
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
|
(71,057,000)
|
0
|
(1,581,347,000)
|
(1,510,290,000)
|
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
|
(292,716,000)
|
445,647,000
|
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
|
(71,057,000)
|
0
|
(1,874,063,000)
|
3,937,791,000
|
0
|
235,787,000
|
1,349,321,000
|
0
|
0
|
|
Equity at end of period
|
4,836,708,000
|
15,889,819,000
|
14,205,061,000
|
88,218,188,000
|
0
|
2,040,114,000
|
8,467,000
|
0
|
0
|
|
Components of equity
|
|||||||||
|
Sheet 2 of 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 financial assets measured at fair value through other comprehensive income
|
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
|
|
Statement of changes in equity
|
|||||||||
|
Equity at beginning of period
|
0
|
0
|
(14,940,039,000)
|
0
|
0
|
(943,834,000)
|
0
|
0
|
0
|
|
Changes in equity
|
|||||||||
|
Comprehensive income
|
|||||||||
|
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Other comprehensive income
|
0
|
0
|
(100,154,000)
|
0
|
0
|
204,188,000
|
0
|
0
|
0
|
|
Total comprehensive income
|
0
|
0
|
(100,154,000)
|
0
|
0
|
204,188,000
|
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
|
(100,154,000)
|
0
|
0
|
204,188,000
|
0
|
0
|
0
|
|
Equity at end of period
|
0
|
0
|
(15,040,193,000)
|
0
|
0
|
(739,646,000)
|
0
|
0
|
0
|
|
Components of equity
|
||||||||
|
Sheet 3 of 3
|
Reserve for catastrophe
|
Reserve for equalisation
|
Reserve of discretionary participation features
|
Other comprehensive income
|
Other reserves
|
Equity attributable to owners of parent
|
Non-controlling interests
|
Equity
|
|
Statement of changes in equity
|
||||||||
|
Equity at beginning of period
|
0
|
0
|
0
|
(136,448,000)
|
(15,556,848,000)
|
73,442,009,000
|
14,497,024,000
|
87,939,033,000
|
|
Changes in equity
|
||||||||
|
Comprehensive income
|
||||||||
|
Profit (loss)
|
0
|
0
|
0
|
0
|
0
|
6,055,826,000
|
1,298,959,000
|
7,354,785,000
|
|
Other comprehensive income
|
0
|
0
|
0
|
245,714,000
|
1,934,856,000
|
1,934,856,000
|
13,000
|
1,934,869,000
|
|
Total comprehensive income
|
0
|
0
|
0
|
245,714,000
|
1,934,856,000
|
7,990,682,000
|
1,298,972,000
|
9,289,654,000
|
|
Issue of equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Dividends recognised as distributions to owners
|
0
|
0
|
0
|
0
|
0
|
1,053,392,000
|
405,928,000
|
1,459,320,000
|
|
Increase through other contributions by owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Decrease through other distributions to owners, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through other changes, equity
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
Increase (decrease) through treasury share transactions, equity
|
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
|
16,334,000
|
16,334,000
|
|
Increase (decrease) through share-based payment transactions, equity
|
0
|
0
|
0
|
0
|
0
|
738,363,000
|
0
|
738,363,000
|
|
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
|
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
|
|
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
|
|
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
|
|
Total increase (decrease) in equity
|
0
|
0
|
0
|
245,714,000
|
1,934,856,000
|
7,675,653,000
|
909,378,000
|
8,585,031,000
|
|
Equity at end of period
|
0
|
0
|
0
|
109,266,000
|
(13,621,992,000)
|
81,117,662,000
|
15,406,402,000
|
96,524,064,000
|
|
Concept
|
Close Current Quarter
2022-12-31
|
Close Previous Exercise
2021-12-31
|
|
Informative data of the Statement of Financial Position
|
||
|
Capital stock (nominal)
|
2,423,549,000
|
2,423,549,000
|
|
Restatement of capital stock
|
2,413,159,000
|
2,413,159,000
|
|
Plan assets for pensions and seniority premiums
|
500,905,000
|
1,312,596,000
|
|
Number of executives
|
35
|
69
|
|
Number of employees
|
37,339
|
46,717
|
|
Number of workers
|
0
|
0
|
|
Outstanding shares
|
330,739,720,779
|
329,295,860,166
|
|
Repurchased shares
|
21,394,315,059
|
22,838,175,672
|
|
Restricted cash
|
0
|
0
|
|
Guaranteed debt of associated companies
|
0
|
0
|
|
Concept
|
Accumulated Current Year
2022-01-01 - 2022-12-31
|
Accumulated Previous Year
2021-01-01 - 2021-12-31
|
Quarter Current Year
2022-10-01 - 2022-12-31
|
Quarter Previous Year
2021-10-01 - 2021-12-31
|
|
Informative data of the Income Statement
|
||||
|
Operating depreciation and amortization
|
21,117,432,000
|
20,053,302,000
|
5,702,637,000
|
5,262,613,000
|
|
Concept
|
Current Year
2022-01-01 - 2022-12-31
|
Previous Year
2021-01-01 - 2021-12-31
|
|
Informative data - Income Statement for 12 months
|
||
|
Revenue
|
75,526,609,000
|
73,915,432,000
|
|
Profit (loss) from operating activities
|
4,418,590,000
|
10,688,922,000
|
|
Profit (loss)
|
45,283,824,000
|
7,354,785,000
|
|
Profit (loss), attributable to owners of parent
|
44,712,180,000
|
6,055,826,000
|
|
Operating depreciation and amortization
|
21,117,432,000
|
20,053,302,000
|
|
Institution
|
Foreign institution (yes/no)
|
Contract signing 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 years or more
|
Current year
|
Until 1 year
|
Until 2 years
|
Until 3 years
|
Until 4 years
|
Until 5 years or more
|
|||||
|
Banks
|
||||||||||||||||
|
Foreign trade
|
||||||||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Banks - secured
|
||||||||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Commercial banks
|
||||||||||||||||
|
HSBC 1
|
NO
|
2016-03-08
|
2023-03-08
|
7.13
|
625,000,000
|
|||||||||||
|
SCOTIABANK INVERLAT 2
|
NO
|
2016-03-08
|
2023-03-08
|
7
|
375,000,000
|
|||||||||||
|
SCOTIABANK INVERLAT 3
|
NO
|
2022-12-03
|
2026-12-03
|
8.13 and TIIE+.90
|
2,650,000,000
|
|||||||||||
|
SYNDICATE 4
|
NO
|
2019-06-05
|
2024-06-28
|
TIIE+1.05
|
9,967,243,000
|
|||||||||||
|
TOTAL
|
0
|
1,000,000,000
|
9,967,243,000
|
0
|
2,650,000,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Other banks
|
||||||||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Total banks
|
||||||||||||||||
|
TOTAL
|
0
|
1,000,000,000
|
9,967,243,000
|
0
|
2,650,000,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Stock market
|
||||||||||||||||
|
Listed on stock exchange - unsecured
|
||||||||||||||||
|
SENIOR NOTES 1
|
YES
|
2007-05-09
|
2037-05-11
|
8.93
|
4,489,547,000
|
|||||||||||
|
SENIOR NOTES 2
|
YES
|
2013-05-14
|
2043-05-14
|
7.62
|
6,451,645,000
|
|||||||||||
|
NOTES 3
|
NO
|
2017-10-09
|
2027-09-27
|
8.79
|
4,488,597,000
|
|||||||||||
|
SENIOR NOTES 4
|
YES
|
2005-03-18
|
2025-03-18
|
6.97
|
5,142,689,000
|
|||||||||||
|
SENIOR NOTES 5
|
YES
|
2002-03-11
|
2032-03-11
|
8.94
|
5,826,463,000
|
|||||||||||
|
SENIOR NOTES
|
YES
|
2009-11-23
|
2040-01-16
|
6.97
|
11,577,854,000
|
|||||||||||
|
SENIOR NOTES 7
|
YES
|
2014-05-13
|
2045-05-15
|
5.26
|
16,997,261,000
|
|||||||||||
|
SENIOR NOTES 8
|
YES
|
2015-11-24
|
2026-01-30
|
4.86
|
5,828,311,000
|
|||||||||||
|
SENIOR NOTES 9
|
YES
|
2015-11-24
|
2046-01-31
|
6.44
|
17,418,690,000
|
|||||||||||
|
SENIOR NOTES 10
|
YES
|
2019-05-21
|
2049-05-24
|
5.52
|
13,402,350,000
|
|||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
15,429,789,000
|
0
|
0
|
0
|
5,142,689,000
|
5,828,311,000
|
65,222,618,000
|
||||
|
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 private placements
|
||||||||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
15,429,789,000
|
0
|
0
|
0
|
5,142,689,000
|
5,828,311,000
|
[5] 65,222,618,000
|
||||
|
Other current and non-current liabilities with cost
|
||||||||||||||||
|
Other current and non-current liabilities with cost
|
||||||||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Total other current and non-current liabilities with cost
|
||||||||||||||||
|
TOTAL
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Suppliers
|
||||||||||||||||
|
Suppliers
|
||||||||||||||||
|
SUPPLIERS 1
|
NO
|
2022-12-30
|
2023-12-30
|
12,642,663,000
|
337,450,000
|
143,358,000
|
3,441,195,000
|
|||||||||
|
Institution
|
Foreign institution (yes/no)
|
Contract signing 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 years or more
|
Current year
|
Until 1 year
|
Until 2 years
|
Until 3 years
|
Until 4 years
|
Until 5 years or more
|
|||||
|
TOTAL
|
0
|
12,642,663,000
|
0
|
337,450,000
|
0
|
143,358,000
|
0
|
3,441,195,000
|
0
|
0
|
0
|
0
|
||||
|
Total suppliers
|
||||||||||||||||
|
TOTAL
|
0
|
12,642,663,000
|
0
|
337,450,000
|
0
|
143,358,000
|
0
|
3,441,195,000
|
0
|
0
|
0
|
0
|
||||
|
Other current and non-current liabilities
|
||||||||||||||||
|
Other current and non-current liabilities
|
||||||||||||||||
|
DERIVATIVE FINANCIAL NSTRUMENTS 1
|
71,401,000
|
|||||||||||||||
|
TOTAL
|
0
|
71,401,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Total other current and non-current liabilities
|
||||||||||||||||
|
TOTAL
|
0
|
71,401,000
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
||||
|
Total credits
|
||||||||||||||||
|
TOTAL
|
0
|
13,714,064,000
|
9,967,243,000
|
337,450,000
|
2,650,000,000
|
15,573,147,000
|
0
|
3,441,195,000
|
0
|
5,142,689,000
|
5,828,311,000
|
65,222,618,000
|
||||
|
Currencies
|
|||||
|
Dollars
|
Dollar equivalent in pesos
|
Other currencies equivalent in dollars
|
Other currencies equivalent in pesos
|
Total pesos
|
|
|
Foreign currency position
|
|||||
|
Monetary assets
|
|||||
|
Current monetary assets
|
2,372,570,000
|
46,208,173,000
|
24,557,000
|
478,272,000
|
46,686,445,000
|
|
Non-current monetary assets
|
0
|
0
|
0
|
0
|
0
|
|
Total monetary assets
|
2,372,570,000
|
46,208,173,000
|
24,557,000
|
478,272,000
|
46,686,445,000
|
|
Liabilities position
|
|||||
|
Current liabilities
|
329,054,000
|
6,408,656,000
|
25,511,000
|
496,852,000
|
6,905,508,000
|
|
Non-current liabilities
|
4,082,530,000
|
79,511,354,000
|
0
|
0
|
79,511,354,000
|
|
Total liabilities
|
4,411,584,000
|
85,920,010,000
|
25,511,000
|
496,852,000
|
86,416,862,000
|
|
Net monetary assets (liabilities)
|
(2,039,014,000)
|
(39,711,837,000)
|
(954,000)
|
(18,580,000)
|
[6] (39,730,417,000)
|
|
Income type
|
||||
|
National income
|
Export income
|
Income of subsidiaries abroad
|
Total income
|
|
|
SKY (INCLUDES LEASING OF SET-TOP EQUIPMENT):
|
||||
|
SKY (INCLUDES LEASING OF SET-TOP EQUIPMENT):
|
0
|
0
|
0
|
0
|
|
SKY, VETV, BLUE TO GO, BLUE TELECOMM
|
||||
|
SKY - DTH BROADCAST SATELLITE TV
|
17,970,812,000
|
0
|
1,101,419,000
|
19,072,231,000
|
|
SKY - PAY PER VIEW
|
71,003,000
|
0
|
12,309,000
|
83,312,000
|
|
SKY - ADVERTISING
|
1,183,495,000
|
0
|
0
|
1,183,495,000
|
|
CABLE (INCLUDES LEASING OF SET-TOP EQUIPMENT):
|
||||
|
CABLE (INCLUDES LEASING OF SET-TOP EQUIPMENT):
|
0
|
0
|
0
|
0
|
|
IZZI, IZZI GO
|
||||
|
CABLE - DIGITAL TV SERVICE
|
16,054,150,000
|
0
|
0
|
16,054,150,000
|
|
CABLE - BROADBAND SERVICES
|
19,197,699,000
|
0
|
0
|
19,197,699,000
|
|
CABLE - SERVICE INSTALLATION
|
581,626,000
|
0
|
0
|
581,626,000
|
|
CABLE - ADVERTISING
|
2,073,346,000
|
0
|
0
|
2,073,346,000
|
|
CABLE - TELEPHONY
|
5,259,768,000
|
0
|
0
|
5,259,768,000
|
|
CABLE - OTHER INCOME
|
45,677,000
|
0
|
0
|
45,677,000
|
|
BESTEL, METRORED
|
||||
|
CABLE - ENTERPRISE OPERATIONS
|
4,940,564,000
|
0
|
258,946,000
|
5,199,510,000
|
|
OTHER BUSINESSES:
|
||||
|
OTHER BUSINESSES:
|
0
|
0
|
0
|
0
|
|
TV Y NOVELAS, VANIDADES, TÚ, COSMOPOLITAN, COCINA FÁCIL,CARAS, HARPER´S BAZAR, NATIONAL GEOGRAPHIC, ESQUIRE, MUY INTERESANTE
|
||||
|
PUBLISHING - MAGAZINE CIRCULATION
|
269,817,000
|
0
|
0
|
269,817,000
|
|
PUBLISHING - ADVERTISING
|
152,820,000
|
0
|
0
|
152,820,000
|
|
PUBLISHING - OTHER INCOME
|
5,938,000
|
0
|
0
|
5,938,000
|
|
VIDEOCINE, PANTELION
|
||||
|
DISTRIBUTION, RENTALS AND SALE OF MOVIE RIGHTS
|
0
|
0
|
0
|
0
|
|
CLUB DE FÚTBOL AMÉRICA, ESTADIO AZTECA
|
||||
|
SPECIAL EVENTS AND SHOW PROMOTION
|
2,189,093,000
|
308,194,000
|
0
|
2,497,287,000
|
|
PLAY CITY
|
||||
|
GAMING
|
2,493,534,000
|
0
|
0
|
2,493,534,000
|
|
GRUPO TELEVISA
|
||||
|
TRANSMISSION CONCESSIONS RIGHTS AND FACILITIES OF PRODUCTION
|
1,658,317,000
|
0
|
0
|
1,658,317,000
|
|
VOLKSWAGEN SEDAN, AUDIOCUENTOS DISNEY, IRON MAN,BIBLIOTECA DE CRIMEN Y MISTERIO, AUTOS INOLVIDABLES,TERMINATOR
|
||||
|
PUBLISHING DISTRIBUTION
|
261,077,000
|
0
|
0
|
261,077,000
|
|
INTERSEGMENT ELIMINATIONS
|
||||
|
INTERSEGMENT ELIMINATIONS
|
(562,995,000)
|
0
|
0
|
(562,995,000)
|
|
TOTAL
|
73,845,741,000
|
308,194,000
|
1,372,674,000
|
75,526,609,000
|
|
1.
|
Cross-currency interest rate swaps (i.e., coupon swaps);
|
|
2.
|
Interest rate and inflation-indexed swaps;
|
|
3.
|
Cross-currency principal and interest rate swaps;
|
|
4.
|
Swaptions;
|
|
5.
|
Forward exchange rate contracts;
|
|
6.
|
FX options;
|
|
7.
|
Interest Rate Caps and Floors contracts;
|
|
8.
|
Fixed-price contracts for the acquisition of government securities (i.e., Treasury locks); and
|
|
9.
|
Credit Default Swaps.
|
|
1.
|
During the relevant quarter, forwards through which the Company hedged against a possible Mexican Peso depreciation with a notional amount of U.S.
$56,693,916.00 (Fifty Six Millions Six Hundred Ninety Three Thousand Nine Hundred Sixteen U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $24,392,557.36 (Twenty Four Millions Three Hundred Ninety Two Thousand
Five Hundred Fifty Seven Mexican pesos 36/100) was incurred in the quarter.
|
|
2.
|
During the relevant quarter, interest rate swaps through which the Company hedged against a possible change on the Interest Rates with a notional amount
of MXN $3,500,000,000.00 (Three Billion Five Hundred Million Mexican pesos 00/100), expired. As a result of this hedge, a gain of MXN $7,240,138.89 (Seven million two hundred Forty thousand one hundred thirty eight Mexican pesos
89/100)
|
|
3.
|
During the relevant quarter, forwards through which Empresas Cablevisión, S.A.B. de C.V. hedged against a possible Mexican Peso depreciation with a
notional amount of U.S. $19,324,437.00 (Nineteen Million Three Hundred Twenty Four Thousand Four Hundred Thirty Seven U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $7,895,642.88 (Seven Millions Eight
Hundred Ninety Five Thousand Six Hundred Forty Two Mexican pesos 88/100) was incurred in the quarter.
|
|
4.
|
During the relevant quarter, forwards through which Televisión Internacional, S.A. de C.V. hedged against a possible Mexican Peso depreciation with a
notional amount of U.S. $13,981,647.00 (Thirteen Million Nine Hundred Eighty One Thousand Six Hundred Forty Seven U.S. Dollars 00/100), expired. As a result of this hedge, a loss of MXN $5,712,997.94 (Five Million Seven Hundred
Twelve Thousand Nine Hundred Ninety Seven Mexican pesos 94/100) was incurred in the quarter.
|
|
Type of Derivative, Securities or Contract
|
Purpose (e.g., hedging, trading or other)
|
Notional Amount/Face Value
|
Value of the Underlying Asset / Reference Variable
|
Fair Value
|
Collateral/
Lines of Credit/
Securities Pledged
|
|||
|
Current Quarter (5)
|
Previous Quarter (6)
|
Current Quarter Dr (Cr) (5)
|
Previous Quarter Dr (Cr) (6)
|
Maturing per Year
|
||||
|
Interest Rate Swap (1)
|
Hedging
|
-
|
-
|
TIIE 28 días / 7.3275%
|
-
|
2,493
|
Monthly interest
2022
|
Does not exist (7)
|
|
Interest Rate Swap (1)
|
Hedging
|
-
|
-
|
TIIE 28 días / 7.3500%
|
-
|
4,872
|
Monthly interest
2022
|
Does not exist (7)
|
|
Interest Rate Swap (1)
|
Hedging
|
Ps.2,500,000
|
TIIE 28 days / 7.7485%
|
TIIE 28 days / 7.7485%
|
11,237
|
21,012
|
Monthly interest
2022-2023
|
Does not exist (7)
|
|
Interest Rate Swap (1)
|
Hedging
|
Ps.10,000,000
|
TIIE 28 days / 6.7620%
|
TIIE 28 days / 6.7620%
|
532,344
|
579,293
|
Monthly interest
2022-2024
|
Does not exist (7)
|
|
Forward (1)
|
Hedging
|
U.S.$113,388/ Ps.2,282,376
|
U.S.$113,388/ Ps.2,282,376
|
U.S.$56,694/ Ps.1,143,620
|
(34,801)
|
4,749
|
2022
|
Does not exist (7)
|
|
Forward (2)
|
Hedging
|
U.S.$27,963/ Ps.561,992
|
U.S.$27,963/ Ps.561,992
|
U.S.$13,982/ Ps.281,733
|
(7,650)
|
1,744
|
2022
|
Does not exist (7)
|
|
Forward (3)
|
Hedging
|
U.S.$38,649/ Ps.778,253
|
U.S.$38,649/ Ps.778,253
|
U.S.$19,324/ Ps.389,391
|
(12,047)
|
2,411
|
2022
|
Does not exist (7)
|
|
Forward (4)
|
Hedging
|
U.S.$58,000/ Ps.1,166,786
|
U.S.$58,000/ Ps.1,166,786
|
-
|
(16,903)
|
-
|
2022
|
Does not exist (7)
|
|
Total
|
472,180
|
616,574
|
||||||
|
(1)
|
Acquired by Grupo Televisa, S.A.B.
|
|
(2)
|
Acquired by Televisión Internacional, S.A. de C.V.
|
|
(3)
|
Acquired by Empresas Cablevisión, S.A.B. de C.V.
|
|
(4)
|
Acquired by Corporación Novavisión S. de R.L. de C.V.
|
|
(5)
|
The aggregate amount of the derivatives reflected in the consolidated statement of financial position of Grupo Televisa, S.A.B.
as of December 31, 2022, is as follows:
|
|
|
||||
|
Other financial assets
|
Ps.
|
11,237
|
||
|
Other non-current financial assets
|
532,344
|
|||
|
Other financial liabilities
|
(71,401)
|
|||
|
Ps.
|
472,180
|
|
(6)
|
Information as of September 30, 2022.
|
|
(7)
|
Applies only to implicit financing in the ISDA ancillary agreements identified as “Credit Support”
|
|
Concept
|
Close Current Quarter
2022-12-31
|
Close Previous Exercise
2021-12-31
|
|
Subclassifications of assets, liabilities and equities
|
||
|
Cash and cash equivalents
|
||
|
Cash
|
||
|
Cash on hand
|
53,697,000
|
53,176,000
|
|
Balances with banks
|
1,988,185,000
|
1,127,641,000
|
|
Total cash
|
2,041,882,000
|
1,180,817,000
|
|
Cash equivalents
|
||
|
Short-term deposits, classified as cash equivalents
|
49,089,110,000
|
24,647,398,000
|
|
Short-term investments, classified as cash equivalents
|
0
|
0
|
|
Other banking arrangements, classified as cash equivalents
|
0
|
0
|
|
Total cash equivalents
|
49,089,110,000
|
24,647,398,000
|
|
Other cash and cash equivalents
|
0
|
0
|
|
Total cash and cash equivalents
|
51,130,992,000
|
25,828,215,000
|
|
Trade and other current receivables
|
||
|
Current trade receivables
|
8,457,302,000
|
13,093,011,000
|
|
Current receivables due from related parties
|
311,224,000
|
874,852,000
|
|
Current prepayments
|
||
|
Current advances to suppliers
|
0
|
0
|
|
Current prepaid expenses
|
1,431,137,000
|
3,031,233,000
|
|
Total current prepayments
|
1,431,137,000
|
3,031,233,000
|
|
Current receivables from taxes other than income tax
|
6,594,730,000
|
9,417,978,000
|
|
Current value added tax receivables
|
6,531,893,000
|
9,337,972,000
|
|
Current receivables from sale of properties
|
0
|
0
|
|
Current receivables from rental of properties
|
0
|
0
|
|
Other current receivables
|
2,693,926,000
|
2,164,284,000
|
|
Total trade and other current receivables
|
19,488,319,000
|
28,581,358,000
|
|
Classes of current inventories
|
||
|
Current raw materials and current production supplies
|
||
|
Current raw materials
|
0
|
0
|
|
Current production supplies
|
0
|
0
|
|
Total current raw materials and current production supplies
|
0
|
0
|
|
Current merchandise
|
0
|
0
|
|
Current work in progress
|
0
|
0
|
|
Current finished goods
|
0
|
0
|
|
Current spare parts
|
0
|
0
|
|
Property intended for sale in ordinary course of business
|
0
|
0
|
|
Other current inventories
|
1,448,278,000
|
2,212,859,000
|
|
Total current inventories
|
1,448,278,000
|
2,212,859,000
|
|
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
||
|
Non-current assets or disposal groups classified as held for sale
|
0
|
0
|
|
Non-current assets or disposal groups classified as held for distribution to owners
|
0
|
0
|
|
Total non-current assets or disposal groups classified as held for sale or as held for distribution to owners
|
0
|
0
|
|
Trade and other non-current receivables
|
||
|
Non-current trade receivables
|
438,376,000
|
385,060,000
|
|
Non-current receivables due from related parties
|
6,365,038,000
|
0
|
|
Non-current prepayments
|
0
|
0
|
|
Non-current lease prepayments
|
0
|
0
|
|
Non-current receivables from taxes other than income tax
|
0
|
0
|
|
Concept
|
Close Current Quarter
2022-12-31
|
Close Previous Exercise
2021-12-31
|
|
Non-current value added tax receivables
|
0
|
0
|
|
Non-current receivables from sale of properties
|
0
|
0
|
|
Non-current receivables from rental of properties
|
0
|
0
|
|
Revenue for billing
|
0
|
0
|
|
Other non-current receivables
|
0
|
0
|
|
Total trade and other non-current receivables
|
6,803,414,000
|
385,060,000
|
|
Investments in subsidiaries, joint ventures and associates
|
||
|
Investments in subsidiaries
|
0
|
0
|
|
Investments in joint ventures
|
952,736,000
|
817,793,000
|
|
Investments in associates
|
49,498,213,000
|
25,886,442,000
|
|
Total investments in subsidiaries, joint ventures and associates
|
50,450,949,000
|
26,704,235,000
|
|
Property, plant and equipment
|
||
|
Land and buildings
|
||
|
Land
|
4,064,386,000
|
4,891,626,000
|
|
Buildings
|
2,888,775,000
|
4,767,765,000
|
|
Total land and buildings
|
6,953,161,000
|
9,659,391,000
|
|
Machinery
|
60,014,208,000
|
58,966,115,000
|
|
Vehicles
|
||
|
Ships
|
0
|
0
|
|
Aircraft
|
500,338,000
|
507,644,000
|
|
Motor vehicles
|
557,127,000
|
734,360,000
|
|
Total vehicles
|
1,057,465,000
|
1,242,004,000
|
|
Fixtures and fittings
|
414,411,000
|
521,800,000
|
|
Office equipment
|
1,564,859,000
|
2,117,027,000
|
|
Tangible exploration and evaluation assets
|
0
|
0
|
|
Mining assets
|
0
|
0
|
|
Oil and gas assets
|
0
|
0
|
|
Construction in progress
|
11,570,777,000
|
14,535,546,000
|
|
Construction prepayments
|
0
|
0
|
|
Other property, plant and equipment
|
661,518,000
|
880,243,000
|
|
Total property, plant and equipment
|
82,236,399,000
|
87,922,126,000
|
|
Investment property
|
||
|
Investment property completed
|
2,873,165,000
|
0
|
|
Investment property under construction or development
|
0
|
0
|
|
Investment property prepayments
|
0
|
0
|
|
Total investment property
|
2,873,165,000
|
0
|
|
Intangible assets and goodwill
|
||
|
Intangible assets other than goodwill
|
||
|
Brand names
|
144,354,000
|
218,896,000
|
|
Intangible exploration and evaluation assets
|
0
|
0
|
|
Mastheads and publishing titles
|
0
|
0
|
|
Computer software
|
4,159,246,000
|
5,158,928,000
|
|
Licences and franchises
|
0
|
0
|
|
Copyrights, patents and other industrial property rights, service and operating rights
|
0
|
0
|
|
Recipes, formulae, models, designs and prototypes
|
0
|
0
|
|
Intangible assets under development
|
0
|
0
|
|
Other intangible assets
|
22,914,989,000
|
22,841,400,000
|
|
Total intangible assets other than goodwill
|
27,218,589,000
|
28,219,224,000
|
|
Goodwill
|
13,904,998,000
|
14,036,657,000
|
|
Total intangible assets and goodwill
|
41,123,587,000
|
42,255,881,000
|
|
Trade and other current payables
|
||
|
Current trade payables
|
16,083,858,000
|
22,874,341,000
|
|
Current payables to related parties
|
88,324,000
|
82,070,000
|
|
Concept
|
Close Current Quarter
2022-12-31
|
Close Previous Exercise
2021-12-31
|
|
Accruals and deferred income classified as current
|
||
|
Deferred income classified as current
|
2,128,764,000
|
8,998,556,000
|
|
Rent deferred income classified as current
|
0
|
0
|
|
Accruals classified as current
|
2,893,763,000
|
4,847,210,000
|
|
Short-term employee benefits accruals
|
1,384,808,000
|
2,332,260,000
|
|
Total accruals and deferred income classified as current
|
5,022,527,000
|
13,845,766,000
|
|
Current payables on social security and taxes other than income tax
|
2,388,130,000
|
3,900,861,000
|
|
Current value added tax payables
|
1,846,542,000
|
3,143,958,000
|
|
Current retention payables
|
273,080,000
|
516,099,000
|
|
Other current payables
|
0
|
0
|
|
Total trade and other current payables
|
23,855,919,000
|
41,219,137,000
|
|
Other current financial liabilities
|
||
|
Bank loans current
|
1,000,000,000
|
4,106,432,000
|
|
Stock market loans current
|
0
|
0
|
|
Other current liabilities at no cost
|
0
|
0
|
|
Other current liabilities no cost
|
71,401,000
|
149,087,000
|
|
Other current financial liabilities
|
1,761,069,000
|
2,034,577,000
|
|
Total Other current financial liabilities
|
2,832,470,000
|
6,290,096,000
|
|
Trade and other non-current payables
|
||
|
Non-current trade payables
|
480,808,000
|
5,328,025,000
|
|
Non-current payables to related parties
|
0
|
0
|
|
Accruals and deferred income classified as non-current
|
||
|
Deferred income classified as non-current
|
5,178,014,000
|
0
|
|
Rent deferred income classified as non-current
|
0
|
0
|
|
Accruals classified as non-current
|
0
|
0
|
|
Total accruals and deferred income classified as non-current
|
5,178,014,000
|
0
|
|
Non-current payables on social security and taxes other than income tax
|
0
|
0
|
|
Non-current value added tax payables
|
0
|
0
|
|
Non-current retention payables
|
0
|
0
|
|
Other non-current payables
|
0
|
0
|
|
Total trade and other non-current payables
|
5,658,822,000
|
5,328,025,000
|
|
Other non-current financial liabilities
|
||
|
Bank loans non-current
|
12,617,243,000
|
16,093,167,000
|
|
Stock market loans non-current
|
91,623,407,000
|
105,592,543,000
|
|
Other non-current liabilities at no cost
|
0
|
0
|
|
Other non-current liabilities no cost
|
0
|
23,798,000
|
|
Other non-current financial liabilities
|
0
|
0
|
|
Total Other non-current financial liabilities
|
104,240,650,000
|
121,709,508,000
|
|
Other provisions
|
||
|
Other non-current provisions
|
1,690,454,000
|
1,079,671,000
|
|
Other current provisions
|
1,851,392,000
|
1,107,000
|
|
Total other provisions
|
3,541,846,000
|
1,080,778,000
|
|
Other reserves
|
||
|
Revaluation surplus
|
0
|
0
|
|
Reserve of exchange differences on translation
|
937,408,000
|
2,040,114,000
|
|
Reserve of cash flow hedges
|
285,532,000
|
8,467,000
|
|
Reserve of gains and losses on hedging instruments that hedge investments in equity instruments
|
0
|
0
|
|
Reserve of change in value of time value of options
|
0
|
0
|
|
Reserve of change in value of forward elements of forward contracts
|
0
|
0
|
|
Reserve of change in value of foreign currency basis spreads
|
0
|
0
|
|
Reserve of gains and losses on financial assets measured at fair value through other comprehensive income
|
(15,767,224,000)
|
(15,040,193,000)
|
|
Reserve of gains and losses on remeasuring available-for-sale financial assets
|
0
|
0
|
|
Reserve of share-based payments
|
0
|
0
|
|
Concept
|
Close Current Quarter
2022-12-31
|
Close Previous Exercise
2021-12-31
|
|
Reserve of remeasurements of defined benefit plans
|
(634,406,000)
|
(739,646,000)
|
|
Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale
|
0
|
0
|
|
Reserve of gains and losses from investments in equity instruments
|
0
|
0
|
|
Reserve of change in fair value of financial liability attributable to change in credit risk of liability
|
0
|
0
|
|
Reserve for catastrophe
|
0
|
0
|
|
Reserve for equalisation
|
0
|
0
|
|
Reserve of discretionary participation features
|
0
|
0
|
|
Reserve of equity component of convertible instruments
|
0
|
0
|
|
Capital redemption reserve
|
0
|
0
|
|
Merger reserve
|
0
|
0
|
|
Statutory reserve
|
0
|
0
|
|
Other comprehensive income
|
4,354,812,000
|
109,266,000
|
|
Total other reserves
|
(10,823,878,000)
|
(13,621,992,000)
|
|
Net assets (liabilities)
|
||
|
Assets
|
299,107,531,000
|
293,742,081,000
|
|
Liabilities
|
154,977,626,000
|
197,218,017,000
|
|
Net assets (liabilities)
|
144,129,905,000
|
96,524,064,000
|
|
Net current assets (liabilities)
|
||
|
Current assets
|
81,576,823,000
|
73,258,950,000
|
|
Current liabilities
|
34,370,918,000
|
56,669,522,000
|
|
Net current assets (liabilities)
|
47,205,905,000
|
16,589,428,000
|
|
Concept
|
Accumulated Current Year
2022-01-01 - 2022-12-31
|
Accumulated Previous Year
2021-01-01 - 2021-12-31
|
Quarter Current Year
2022-10-01 - 2022-12-31
|
Quarter Previous Year
2021-10-01 - 2021-12-31
|
|
Analysis of income and expense
|
||||
|
Revenue [abstract]
|
||||
|
Revenue from rendering of services
|
59,788,397,000
|
57,331,417,000
|
15,142,976,000
|
14,725,807,000
|
|
Revenue from sale of goods
|
683,740,000
|
775,318,000
|
163,702,000
|
156,571,000
|
|
Interest income
|
0
|
0
|
0
|
0
|
|
Royalty income
|
1,187,135,000
|
689,870,000
|
393,436,000
|
213,520,000
|
|
Dividend income
|
0
|
0
|
0
|
0
|
|
Rental income
|
13,867,337,000
|
15,118,827,000
|
3,432,153,000
|
3,733,197,000
|
|
Revenue from construction contracts
|
0
|
0
|
0
|
0
|
|
Other revenue
|
0
|
0
|
0
|
0
|
|
Total revenue
|
75,526,609,000
|
73,915,432,000
|
19,132,267,000
|
18,829,095,000
|
|
Finance income
|
||||
|
Interest income
|
2,151,109,000
|
560,026,000
|
594,366,000
|
30,229,000
|
|
Net gain on foreign exchange
|
0
|
0
|
0
|
0
|
|
Gains on change in fair value of derivatives
|
0
|
0
|
0
|
0
|
|
Gain on change in fair value of financial instruments
|
0
|
0
|
0
|
0
|
|
Other finance income
|
0
|
0
|
0
|
0
|
|
Total finance income
|
2,151,109,000
|
560,026,000
|
594,366,000
|
30,229,000
|
|
Finance costs
|
||||
|
Interest expense
|
9,455,578,000
|
9,105,998,000
|
2,134,791,000
|
2,332,561,000
|
|
Net loss on foreign exchange
|
1,790,956,000
|
2,188,861,000
|
630,626,000
|
276,708,000
|
|
Losses on change in fair value of derivatives
|
110,739,000
|
1,183,180,000
|
53,394,000
|
217,917,000
|
|
Loss on change in fair value of financial instruments
|
0
|
0
|
0
|
0
|
|
Other finance cost
|
0
|
0
|
0
|
0
|
|
Total finance costs
|
11,357,273,000
|
12,478,039,000
|
2,818,811,000
|
2,827,186,000
|
|
Tax income (expense)
|
||||
|
Current tax
|
2,384,491,000
|
1,356,052,000
|
1,890,619,000
|
(1,461,042,000)
|
|
Deferred tax
|
(3,611,953,000)
|
317,002,000
|
(4,102,379,000)
|
3,472,388,000
|
|
Total tax income (expense)
|
(1,227,462,000)
|
1,673,054,000
|
(2,211,760,000)
|
2,011,346,000
|
|
(a)
|
Basis of Presentation
|
|
(b)
|
Consolidation
|
|
Subsidiaries
|
|
Company’s
Ownership Interest (1) |
|
|
Business Segment (2)
|
|
|
Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”) (3)
|
|
51.2
|
%
|
|
|
Cable
|
|
Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”) (4)
|
|
100
|
%
|
|
|
Cable
|
|
Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”) (5)
|
|
100
|
%
|
|
|
Cable
|
|
Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”) (6)
|
|
66.2
|
%
|
|
|
Cable
|
|
Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”) (7)
|
|
100
|
%
|
|
|
Cable
|
|
Subsidiaries engaged in the Telecable business (collectively, “Telecable”) (8)
|
|
100
|
%
|
|
|
Cable
|
|
FTTH de México, S.A. de C.V. (9)
|
|
100
|
%
|
|
|
Cable
|
|
Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries (10)
|
|
100
|
%
|
|
|
Cable and Sky
|
|
Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”) (11)
|
|
58.7
|
%
|
|
|
Sky
|
|
Grupo Telesistema, S.A. de C.V. (“Grupo Telesistema”) and subsidiaries (13)
|
|
100
|
%
|
|
|
Content and Other Businesses (2)
|
|
Televisa, S. de R. L. de C.V. (Televisa, S.A. de C.V. through May 2021) (“Televisa”) (12)
|
|
100
|
%
|
|
|
Content (2)
|
|
Televisión Independiente de México, S.A. de C.V. (“TIM”) (12)
|
|
100
|
%
|
|
|
Content (2)
|
|
G.Televisa-D, S.A. de C.V. (12)
|
|
100
|
%
|
|
|
Content (2)
|
|
Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary (13)
|
|
100
|
%
|
|
|
Content (2)
|
|
Ulvik, S.A. de C.V. (14)
|
|
100
|
%
|
|
|
Content and Other Businesses (2)
|
|
Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries
|
|
100
|
%
|
|
|
Other Businesses
|
|
Editorial Televisa, S.A. de C.V. and subsidiaries
|
|
100
|
%
|
|
|
Other Businesses
|
|
Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries
|
|
100
|
%
|
|
|
Other Businesses
|
|
Villacezán, S.A. de C.V. (“Villacezán”) and subsidiaries (13)
|
|
100
|
%
|
|
|
Content and Other Businesses (2)
|
|
|
|
|
||||
|
(1)
|
Percentage of equity interest directly or indirectly held by the Company.
|
|
(2)
|
See Note 26 for a description of each of the Group’s business segments. The Group’s operations of the Content segment were discontinued following the
closing of the TelevisaUnivision Transaction on January 31, 2022 (see Note 3).
|
|
(3)
|
Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ.
|
|
(4)
|
The subsidiaries in the Cablemás business are directly and indirectly owned by CVQ.
|
|
(5)
|
Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ.
|
|
(6)
|
Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V.
|
|
(7)
|
Arretis, S.A.P.I. de C.V., is a direct subsidiary of CVQ.
|
|
(8)
|
The subsidiaries in the Telecable business are directly owned by CVQ.
|
|
(9)
|
FTTH de México, S. A. de C.V., is an indirect subsidiary of CVQ.
|
|
(10)
|
CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova.
|
|
(11)
|
Innova is an indirect majority-owned subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. (“Sky DTH”), and a direct majority-owned subsidiary of Innova
Holdings, S. de R.L. de C.V. (“Innova Holdings”). Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Although the Company holds a majority of Innova’s equity and designates a majority of the
members of Innova’s Board of Directors, the non-controlling interest has certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto rights are
protective in nature and do not affect decisions about relevant business activities of Innova.
|
|
(12)
|
TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema, and through January 31, 2022, were part of the Group’s former Content
business. Televisa was a direct subsidiary of Grupo Telesistema through January 31, 2022.
|
|
(13)
|
Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), and Villacezán are indirect wholly-owned subsidiaries of Grupo
Telesistema. As of December 31, 2022, Multimedia Telecom, Grupo Telesistema, Tieren, Villacezán, and Corporativo TD Sports, S.A. de C.V., a direct subsidiary of Grupo Telesistema, are the subsidiaries through which the Company owns
shares of the capital stock of TelevisaUnivision (formerly known as Univision Holdings II, Inc. or UH II), the successor company of Univision Holdings, Inc. (“UHI”) and the parent company of Univision Communications Inc. (“Univision”),
representing 43.8%, 49.7%, 2.1%, 3.7% and 0.7% , respectively, of the Group’s aggregate investment in shares of common stock issued by TelevisaUnivision as of December 31, 2022. Multimedia Telecom and Tieren were the subsidiaries
through which the Company owned shares of the capital stock of UH II, representing 95.3% and 4.7%, respectively, of the Group’s aggregate investment in shares of common stock issued by UH II as of December 31, 2021 (see Notes 3, 10 and
20).
|
|
(14)
|
A direct subsidiary of the company and the parent company of Televisa Corporación, S.A. de C.V., an indirect subsidiary of the company that provides
services to certain companies in the Group’s Other Businesses segment and, through January 31, 2022, provided services to certain companies in the Group’s former Content segment.
|
|
Segments
|
Expiration Dates
|
|
|
Cable
|
|
Various from 2026 to 2056
|
|
Sky
|
|
Various from 2024 to 2056
|
|
Other Businesses:
Broadcasting concessions (1)
|
|
In 2042 and 2052
|
|
Gaming
|
|
In 2030
|
|
(1)
|
In November 2018, the IFT approved (i) 23 concessions for the use of spectrum that comprise the Company’s 225 TV stations, for a term of 20 years,
starting in January 2022 and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years, starting in January
2022 and ending in January 2052. In November 2018, the Group paid for such renewal an aggregate amount of Ps.5,754,543 in cash, which included a payment of Ps.1,194 for administrative expenses and recognized this payment as an
intangible asset in its consolidated statement of financial position. This amount is being amortized over a period of 20 years beginning on January 1, 2022, by using the straight-line method. Through January 31, 2022, these
broadcasting concessions were part of the Group’s former Content segment, and after the TelevisaUnivision Transaction closed on that date, these concessions became part of the Group’s Other Businesses segment (see Notes 3, 13 and
26).
|
|
(c)
|
Investments in Associates and Joint Ventures
|
|
(d)
|
Segment Reporting
|
|
(e)
|
Foreign Currency Translation
|
|
(f)
|
Cash and Cash Equivalents and Temporary Investment
|
|
(g)
|
Transmission Rights and Programming
|
|
(h)
|
Inventories
|
|
(i)
|
Financial Assets
|
|
(j)
|
Property, Plant and Equipment, and Investment Property
|
|
|
|
|
Estimated
Useful Lives |
|
|
Buildings
|
|
|
20-50 years
|
|
|
Technical equipment
|
|
|
3-30 years
|
|
|
Satellite transponders
|
|
|
15 years
|
|
|
Furniture and fixtures
|
|
|
10-15 years
|
|
|
Transportation equipment
|
|
|
4-8 years
|
|
|
Computer equipment
|
|
|
3-6 years
|
|
|
Leasehold improvements
|
|
|
5-30 years
|
|
|
|
|
|
Estimated
Useful Lives |
|
|
|
|
|
|
|
|
Buildings
|
|
|
20-65 years
|
|
|
(k)
|
Lease Agreements
|
|
(l)
|
Intangible Assets and Goodwill
|
|
|
|
|
Estimated
Useful Lives |
|
|
Trademarks with finite useful lives
|
|
|
4 years
|
|
|
Licenses
|
|
|
3-10 years
|
|
|
Subscriber lists
|
|
|
4-5 years
|
|
|
Payments for renewal of concessions
|
|
|
20 years
|
|
|
Other intangible assets
|
|
|
3-20 years
|
|
|
(m)
|
Impairment of Long-lived Assets
|
|
(n)
|
Trade Accounts Payable and Accrued Expenses
|
|
(o)
|
Debt
|
|
(p)
|
Customer Deposits and Advances |
|
(q)
|
Provisions
|
|
(r)
|
Equity
|
|
(s)
|
Revenue Recognition and Contract Costs
|
|
•
|
Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the period in which
the services are rendered.
|
|
•
|
Revenues from other telecommunications and data services are recognized in the period in which these services are provided. Other telecommunications
services include long distance and local telephony, as well as leasing and maintenance of telecommunications facilities.
|
|
•
|
Sky program service revenues, including advances from customers for future direct-to-home (“DTH”) program services, are recognized at the time the
service is provided.
|
|
•
|
Advertising revenues, including deposits and advances from customers for future advertising, were recognized at the time the advertising services
were rendered. The advertising revenues of the Group’s Content segment operations were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
|
•
|
Revenues from program services for network subscription and licensed and syndicated television programs were recognized when the programs were sold
and became available for broadcast. These revenues were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
|
•
|
Revenues from magazine subscriptions are initially deferred and recognized proportionately as products are delivered to subscribers. Revenues from
the sales of magazines are recognized on the date of circulation of delivered merchandise, net of a provision for estimated returns.
|
|
•
|
Revenues from publishing distribution are recognized upon distribution of the products.
|
|
•
|
Revenues from attendance to soccer games, including revenues from advance ticket sales for soccer games and other promotional events, are recognized
on the date of the relevant event.
|
|
•
|
Motion picture production and distribution revenues were recognized as the films were exhibited. These revenues were discontinued on January 31,
2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
|
•
|
Gaming revenues consist of the net win from gaming activities, which is the difference between amounts wagered and amounts paid to winning patrons
and are recognized at the time of such net win.
|
|
Cable
|
Sky
|
Total
|
||||||||
|
Contract costs:
|
||||||||||
|
At January 1, 2022
|
Ps.
|
2,498,124
|
Ps.
|
2,500,190
|
Ps.
|
4,998,314
|
||||
|
Additions
|
1,764,989
|
580,042
|
2,345,031
|
|||||||
|
Amount recognized in income
|
(965,677
|
)
|
(1,059,442
|
)
|
(2,025,119
|
)
|
||||
|
Total Contract Costs at December 31, 2022
|
3,297,436
|
2,020,790
|
5,318,226
|
|||||||
|
Less:
|
||||||||||
|
Current Contract Costs
|
1,077,417
|
840,870
|
1,918,287
|
|||||||
|
Total Non-current Contract Costs
|
Ps.
|
2,220,019
|
Ps.
|
1,179,920
|
Ps.
|
3,399,939
|
||||
|
Cable
|
Sky
|
Total
|
||||||||
|
Contract costs:
|
||||||||||
|
At January 1, 2021
|
Ps.
|
2,027,691
|
Ps.
|
2,513,866
|
Ps.
|
4,541,557
|
||||
|
Additions
|
1,209,894
|
1,088,956
|
2,298,850
|
|||||||
|
Amount recognized in income
|
(739,461
|
)
|
(1,102,632
|
)
|
(1,842,093
|
)
|
||||
|
Total Contract Costs at December 31, 2021
|
2,498,124
|
2,500,190
|
4,998,314
|
|||||||
|
Less:
|
||||||||||
|
Current Contract Costs
|
797,273
|
985,450
|
1,782,723
|
|||||||
|
Total Non-current Contract Costs
|
Ps.
|
1,700,851
|
Ps.
|
1,514,740
|
Ps.
|
3,215,591
|
||||
|
(t)
|
Interest Income
|
|
(u)
|
Employee Benefits
|
|
(v)
|
Income Taxes
|
|
(w)
|
Derivative Financial Instruments |
|
(x)
|
Comprehensive Income
|
|
(y)
|
Share-based Payment Agreements
|
|
(z)
|
New and Amended IFRS Standards
|
|
New or Amended IFRS Standard
|
|
Title of the IFRS Standard
|
|
|
Effective for Annual
Periods Beginning On or After |
|
|
|
|
|
|
|
|
|
|
Amendments to IFRS 10 and
IAS 28 |
|
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
|
|
|
Postponed
|
|
|
IFRS 17 (1)
|
|
Insurance Contracts
|
|
|
January 1, 2023
|
|
|
Amendments to IAS 1 (1)
|
|
Classification of Liabilities as Current or Non-current
|
|
|
January 1, 2023
|
|
|
Amendments to IAS 8 (1)
|
|
Definition of Accounting Estimates
|
|
|
January 1, 2023
|
|
|
Amendments to IAS 1 and IFRS Practice Statement 2 (1)
|
|
Disclosure of Accounting Policies
|
|
|
January 1, 2023
|
|
|
Amendments to IAS 12 (1)
|
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
|
January 1, 2023
|
||||
|
Amendment to IFRS 17 (1)
|
Initial Application of IFRS 17 and IFRS 9 – Comparative Information
|
January 1, 2023
|
||||
|
Amendments to IFRS 16 (1)
|
|
Lease Liability in a Sale and Leaseback
|
|
|
January 1, 2024
|
|
|
Amendments to IAS 1 (1)
|
Non-current Liabilities with Covenants
|
January 1, 2024
|
|
(a)
|
Basis of Presentation
|
|
(b)
|
Consolidation
|
|
Subsidiaries
|
|
Company’s
Ownership Interest (1) |
|
|
Business Segment (2)
|
|
|
Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”) (3)
|
|
51.2
|
%
|
|
|
Cable
|
|
Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”) (4)
|
|
100
|
%
|
|
|
Cable
|
|
Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”) (5)
|
|
100
|
%
|
|
|
Cable
|
|
Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”) (6)
|
|
66.2
|
%
|
|
|
Cable
|
|
Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”) (7)
|
|
100
|
%
|
|
|
Cable
|
|
Subsidiaries engaged in the Telecable business (collectively, “Telecable”) (8)
|
|
100
|
%
|
|
|
Cable
|
|
FTTH de México, S.A. de C.V. (9)
|
|
100
|
%
|
|
|
Cable
|
|
Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries (10)
|
|
100
|
%
|
|
|
Cable and Sky
|
|
Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”) (11)
|
|
58.7
|
%
|
|
|
Sky
|
|
Grupo Telesistema, S.A. de C.V. (“Grupo Telesistema”) and subsidiaries (13)
|
|
100
|
%
|
|
|
Content and Other Businesses (2)
|
|
Televisa, S. de R. L. de C.V. (Televisa, S.A. de C.V. through May 2021) (“Televisa”) (12)
|
|
100
|
%
|
|
|
Content (2)
|
|
Televisión Independiente de México, S.A. de C.V. (“TIM”) (12)
|
|
100
|
%
|
|
|
Content (2)
|
|
G.Televisa-D, S.A. de C.V. (12)
|
|
100
|
%
|
|
|
Content (2)
|
|
Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary (13)
|
|
100
|
%
|
|
|
Content (2)
|
|
Ulvik, S.A. de C.V. (14)
|
|
100
|
%
|
|
|
Content and Other Businesses (2)
|
|
Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries
|
|
100
|
%
|
|
|
Other Businesses
|
|
Editorial Televisa, S.A. de C.V. and subsidiaries
|
|
100
|
%
|
|
|
Other Businesses
|
|
Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries
|
|
100
|
%
|
|
|
Other Businesses
|
|
Villacezán, S.A. de C.V. (“Villacezán”) and subsidiaries (13)
|
|
100
|
%
|
|
|
Content and Other Businesses (2)
|
|
(1)
|
Percentage of equity interest directly or indirectly held by the Company.
|
|
(2)
|
See Note 26 for a description of each of the Group’s business segments. The Group’s operations of the Content segment were discontinued following the
closing of the TelevisaUnivision Transaction on January 31, 2022 (see Note 3).
|
|
(3)
|
Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ.
|
|
(4)
|
The subsidiaries in the Cablemás business are directly and indirectly owned by CVQ.
|
|
(5)
|
Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ.
|
|
(6)
|
Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V.
|
|
(7)
|
Arretis, S.A.P.I. de C.V., is a direct subsidiary of CVQ.
|
|
(8)
|
The subsidiaries in the Telecable business are directly owned by CVQ.
|
|
(9)
|
FTTH de México, S. A. de C.V., is an indirect subsidiary of CVQ.
|
|
(10)
|
CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova.
|
|
(11)
|
Innova is an indirect majority-owned subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. (“Sky DTH”), and a direct majority-owned subsidiary of
Innova Holdings, S. de R.L. de C.V. (“Innova Holdings”). Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Although the Company holds a majority of Innova’s equity and designates a majority
of the members of Innova’s Board of Directors, the non-controlling interest has certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto
rights are protective in nature and do not affect decisions about relevant business activities of Innova.
|
|
(12)
|
TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema, and through January 31, 2022, were part of the Group’s former Content
business. Televisa was a direct subsidiary of Grupo Telesistema through January 31, 2022.
|
|
(13)
|
Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), and Villacezán are indirect wholly-owned subsidiaries of
Grupo Telesistema. As of December 31, 2022, Multimedia Telecom, Grupo Telesistema, Tieren, Villacezán, and Corporativo TD Sports, S.A. de C.V., a direct subsidiary of Grupo Telesistema, are the subsidiaries through which the Company
owns shares of the capital stock of TelevisaUnivision (formerly known as Univision Holdings II, Inc. or UH II), the successor company of Univision Holdings, Inc. (“UHI”) and the parent company of Univision Communications Inc.
(“Univision”), representing 43.8%, 49.7%, 2.1%, 3.7% and 0.7% , respectively, of the Group’s aggregate investment in shares of common stock issued by TelevisaUnivision as of December 31, 2022. Multimedia Telecom and Tieren were the
subsidiaries through which the Company owned shares of the capital stock of UH II, representing 95.3% and 4.7%, respectively, of the Group’s aggregate investment in shares of common stock issued by UH II as of December 31, 2021 (see
Notes 3, 10 and 20).
|
|
(14)
|
A direct subsidiary of the company and the parent company of Televisa Corporación, S.A. de C.V., an indirect subsidiary of the company that provides
services to certain companies in the Group’s Other Businesses segment and, through January 31, 2022, provided services to certain companies in the Group’s former Content segment.
|
|
Segments
|
Expiration Dates
|
|
|
Cable
|
|
Various from 2026 to 2056
|
|
Sky
|
|
Various from 2024 to 2056
|
|
Other Businesses:
Broadcasting concessions (1)
|
|
In 2042 and 2052
|
|
Gaming
|
|
In 2030
|
|
(1)
|
In November 2018, the IFT approved (i) 23 concessions for the use of spectrum that comprise the Company’s 225 TV stations, for a term of 20 years,
starting in January 2022 and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years, starting in January 2022
and ending in January 2052. In November 2018, the Group paid for such renewal an aggregate amount of Ps.5,754,543 in cash, which included a payment of Ps.1,194 for administrative expenses and recognized this payment as an intangible
asset in its consolidated statement of financial position. This amount is being amortized over a period of 20 years beginning on January 1, 2022, by using the straight-line method. Through January 31, 2022, these broadcasting
concessions were part of the Group’s former Content segment, and after the TelevisaUnivision Transaction closed on that date, these concessions became part of the Group’s Other Businesses segment (see Notes 3, 13 and 26).
|
|
(c)
|
Investments in Associates and Joint Ventures
|
|
(d)
|
Segment Reporting
|
|
(e)
|
Foreign Currency Translation
|
|
(f)
|
Cash and Cash Equivalents and Temporary Investments
|
|
(g)
|
Transmission Rights and Programming
|
|
(h)
|
Inventories
|
|
(i)
|
Financial Assets
|
|
(j)
|
Property, Plant and Equipment, and Investment Property
|
|
|
|
|
Estimated
Useful Lives |
|
|
Buildings
|
|
|
20-50 years
|
|
|
Technical equipment
|
|
|
3-30 years
|
|
|
Satellite transponders
|
|
|
15 years
|
|
|
Furniture and fixtures
|
|
|
10-15 years
|
|
|
Transportation equipment
|
|
|
4-8 years
|
|
|
Computer equipment
|
|
|
3-6 years
|
|
|
Leasehold improvements
|
|
|
5-30 years
|
|
|
|
|
|
Estimated
Useful Lives |
|
|
|
|
|
|
|
|
Buildings
|
|
|
20-65 years
|
|
|
(k)
|
Lease Agreements
|
|
(l)
|
Intangible Assets and Goodwill
|
|
|
|
|
Estimated
Useful Lives |
|
|
Trademarks with finite useful lives
|
|
|
4 years
|
|
|
Licenses
|
|
|
3-10 years
|
|
|
Subscriber lists
|
|
|
4-5 years
|
|
|
Payments for renewal of concessions
|
|
|
20 years
|
|
|
Other intangible assets
|
|
|
3-20 years
|
|
|
(m)
|
Impairment of Long-lived Assets
|
|
(n)
|
Trade Accounts Payable and Accrued Expenses
|
|
(o)
|
Debt
|
|
(p)
|
Customer Deposits and Advances
|
|
(q)
|
Provisions
|
|
(r)
|
Equity
|
|
(s)
|
Revenue Recognition and Contract Costs
|
|
•
|
Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the period in which
the services are rendered.
|
|
•
|
Revenues from other telecommunications and data services are recognized in the period in which these services are provided. Other telecommunications
services include long distance and local telephony, as well as leasing and maintenance of telecommunications facilities.
|
|
•
|
Sky program service revenues, including advances from customers for future direct-to-home (“DTH”) program services, are recognized at the time the
service is provided.
|
|
•
|
Advertising revenues, including deposits and advances from customers for future advertising, were recognized at the time the advertising services were
rendered. The advertising revenues of the Group’s Content segment operations were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
|
•
|
Revenues from program services for network subscription and licensed and syndicated television programs were recognized when the programs were sold
and became available for broadcast. These revenues were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3).
|
|
•
|
Revenues from magazine subscriptions are initially deferred and recognized proportionately as products are delivered to subscribers. Revenues from the
sales of magazines are recognized on the date of circulation of delivered merchandise, net of a provision for estimated returns.
|
|
•
|
Revenues from publishing distribution are recognized upon distribution of the products.
|
|
•
|
Revenues from attendance to soccer games, including revenues from advance ticket sales for soccer games and other promotional events, are recognized
on the date of the relevant event.
|
|
•
|
Motion picture production and distribution revenues were recognized as the films were exhibited. These revenues were discontinued on January 31, 2022,
in connection with the TelevisaUnivision Transaction (see Note 3).
|
|
•
|
Gaming revenues consist of the net win from gaming activities, which is the difference between amounts wagered and amounts paid to winning patrons and
are recognized at the time of such net win.
|
|
Cable
|
Sky
|
Total
|
||||||||
|
Contract costs:
|
||||||||||
|
At January 1, 2022
|
Ps.
|
2,498,124
|
Ps.
|
2,500,190
|
Ps.
|
4,998,314
|
||||
|
Additions
|
1,764,989
|
580,042
|
2,345,031
|
|||||||
|
Amount recognized in income
|
(965,677
|
)
|
(1,059,442
|
)
|
(2,025,119
|
)
|
||||
|
Total Contract Costs at December 31, 2022
|
3,297,436
|
2,020,790
|
5,318,226
|
|||||||
|
Less:
|
||||||||||
|
Current Contract Costs
|
1,077,417
|
840,870
|
1,918,287
|
|||||||
|
Total Non-current Contract Costs
|
Ps.
|
2,220,019
|
Ps.
|
1,179,920
|
Ps.
|
3,399,939
|
||||
|
Cable
|
Sky
|
Total
|
||||||||
|
Contract costs:
|
||||||||||
|
At January 1, 2021
|
Ps.
|
2,027,691
|
Ps.
|
2,513,866
|
Ps.
|
4,541,557
|
||||
|
Additions
|
1,209,894
|
1,088,956
|
2,298,850
|
|||||||
|
Amount recognized in income
|
(739,461
|
)
|
(1,102,632
|
)
|
(1,842,093
|
)
|
||||
|
Total Contract Costs at December 31, 2021
|
2,498,124
|
2,500,190
|
4,998,314
|
|||||||
|
Less:
|
||||||||||
|
Current Contract Costs
|
797,273
|
985,450
|
1,782,723
|
|||||||
|
Total Non-current Contract Costs
|
Ps.
|
1,700,851
|
Ps.
|
1,514,740
|
Ps.
|
3,215,591
|
||||
|
(t)
|
Interest Income
|
|
(u)
|
Employee Benefits
|
|
(v)
|
Income Taxes
|
|
(w)
|
Derivative Financial Instruments
|
|
(x)
|
Comprehensive Income
|
|
(y)
|
Share-based Payment Agreements
|
|
(z)
|
New and Amended IFRS Standards
|
|
New or Amended IFRS Standard
|
|
Title of the IFRS Standard
|
|
|
Effective for Annual
Periods Beginning On or After |
|
|
|
|
|
|
|
|
|
|
Amendments to IFRS 10 and
IAS 28 |
|
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
|
|
|
Postponed
|
|
|
IFRS 17 (1)
|
|
Insurance Contracts
|
|
|
January 1, 2023
|
|
|
Amendments to IAS 1 (1)
|
|
Classification of Liabilities as Current or Non-current
|
|
|
January 1, 2023
|
|
|
Amendments to IAS 8 (1)
|
|
Definition of Accounting Estimates
|
|
|
January 1, 2023
|
|
|
Amendments to IAS 1 and IFRS Practice Statement 2 (1)
|
|
Disclosure of Accounting Policies
|
|
|
January 1, 2023
|
|
|
Amendments to IAS 12 (1)
|
Deferred Tax related to Assets and Liabilities arising from a Single Transaction
|
January 1, 2023
|
||||
|
Amendment to IFRS 17 (1)
|
Initial Application of IFRS 17 and IFRS 9 – Comparative Information
|
January 1, 2023
|
||||
|
Amendments to IFRS 16 (1)
|
|
Lease Liability in a Sale and Leaseback
|
|
|
January 1, 2024
|
|
|
Amendments to IAS 1 (1)
|
Non-current Liabilities with Covenants
|
January 1, 2024
|
| 1. |
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” or “BMV”) 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 Av. Vasco de Quiroga No. 2000, Colonia Santa Fe, 01210 Mexico City, Mexico.
|
|
|
|
|
|
Grupo Televisa, S.A.B. together with its subsidiaries (collectively, the “Group”) is a major telecommunications corporation which owns and operates one
of the most significant cable companies as well as a leading direct-to-home (“DTH”) satellite pay television system in Mexico. The Group’s cable business offers integrated services, including video, high-speed data and voice to
residential and commercial customers, as well as managed services to domestic and international carriers. The Group owns a majority interest in Sky, a leading DTH satellite pay television system and broadband provider in Mexico,
operating also in the Dominican Republic and Central America. The Group holds a number of concessions by the Mexican government that authorizes it to broadcast programming over television stations for the signals of TelevisaUnivision,
Inc. (“TelevisaUnivision”), and the Group’s cable and DTH systems. In addition, the Group is the largest shareholder of TelevisaUnivision, a leading media company producing, creating, and distributing Spanish-speaking content through
several broadcast channels in Mexico, the U.S. and over 50 countries through television networks, cable operators and over-the-top or OTT services. The Group also has interests in magazine publishing and distribution, professional
sports and live entertainment, and gaming.
|
|
|
|
|
|
On January 31, 2022 the Company and TelevisaUnivision announced the closing of the transaction between the Group's media content and production assets
and TelevisaUnivision (the "TelevisaUnivision Transaction") (see Note 3).
|
|
|
|
| 2. |
Basis of Preparation and Accounting Policies
|
|
|
|
|
The condensed consolidated financial statements of the Group, as of December 31, 2022 and 2021, and for the years ended December 31, 2022 and 2021, 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.
|
|
|
These 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, 2022, 2021 and 2020, which have been prepared in accordance with International Financial Reporting Standards (“IFRS Standards”) as issued by the International Accounting Standards Board
(“IASB”), and include, among other disclosures, the Group’s most significant accounting policies, which were applied on a consistent basis as of December 31, 2022.
|
|
|
These unaudited condensed consolidated financial statements do not include all financial risk management information and disclosures required in the
annual financial statements; they should be read in conjunction with the Group’s audited consolidated financial statements for the years ended December 31, 2021, 2020 and 2019. There have been no significant changes in the Corporate
Finance Department of the Company or in any risk management policies since the year end.
|
|
|
These unaudited condensed consolidated financial statements were authorized for issuance on February 21, 2023, and were also authorized for issuance on
April 26, 2023, including the events disclosed in Note 24, by the Group’s Corporate Vice President of Finance.
|
|
|
The preparation of unaudited condensed consolidated financial statements requires management to make judgments, estimates and assumptions that affect
the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates.
|
|
|
In preparing these unaudited condensed consolidated financial statements, the significant judgments made by management in applying the Group’s
accounting policies and the key sources of estimation uncertainty were the same as those that applied to the audited consolidated financial statements for the year ended December 31, 2021.
|
|
|
The condensed consolidated statements of income of the Group for the years ended December 31, 2022 and 2021, have been prepared to present the
discontinued operations following the TelevisaUnivision Transaction closed on January 31, 2022. Accordingly, the condensed consolidated statement of income of the Group for the year ended December 31, 2021, has been re-presented from
that previously reported by the Company, to present in that period the results from discontinued operations for the businesses disposed of by the Group on January 31, 2022 (see Notes 3 and 20).
|
|
| 3. |
Disposition of OCEN, Closing of the TelevisaUnivision Transaction and Reorganization Proposal
|
|
On September 13, 2021, the Company announced that it had reached an agreement with
Live Nation Entertainment, Inc. (“Live Nation”) to move forward with the previously announced acquisition by Live Nation of the Group’s unconsolidated 40% equity participation in OCEN, a live entertainment company with operations
primarily in Mexico. OCEN was a direct associate of OISE Entretenimiento, S.A. de C.V. (“OISE Entretenimiento”), which was a wholly-owned subsidiary of the Company. As a result, the Group classified the assets of OISE Entretenimiento, including the carrying amount of its investment in OCEN, as current assets held for sale in its consolidated statement of financial
position, and discontinued recognizing its share of income or loss from October 1 through November 30, 2021. On December 6, 2021, the Company announced the closing of the sale of its consolidated 40% equity participation in OCEN to
Live Nation. In December 2021, the Company concluded this transaction and received a payment in cash of Ps.4,806,549; recognized an account receivable of Ps.364,420 in connection with a 7% retention of the total amount of the
transaction to cover OCEN potential operating losses, if any, for a period of time following closing; and accounted for a pretax income of Ps.4,547,029 for the disposal of this investee in other consolidated income for the year ended
December 31, 2021. In the second quarter of 2022, Live Nation paid to the Company the holdback amount of Ps.364,420, and a purchase price adjustment of Ps.35,950 in connection with this transaction (see Note 15).
|
|
|
On April 13, 2021, the Group and Univision Holdings, Inc. ("UHI") announced a transaction agreement (the "Transaction Agreement") in which the Group's
content and media assets would be combined with Univision Holdings 11, Inc. ("UH II," the successor company of UHI), and the Group would continue to participate in UH II, with an equity stake of approximately 45% following the closing
of the transaction. The Group would also retain ownership of its Cable, Sky and Other Businesses segments, as well as the main real estate associated with the production facilities, the broadcasting concessions and transmission
infrastructure in Mexico. The Group would contribute to UH II the assets specified in the Transaction Agreement, including, subject to certain exceptions, its Content business, for a total value of U.S.$4,500 million, comprised of
U.S.$3,000 million in cash, U.S.$750 million in common stock of UH II and U.S. $750 million in preferred stock of UH II, with an annual dividend of 5.5%. In connection with this transaction, UH II would receive all assets, intellectual
property and library related to the News division of the Group's Content business but would outsource production of news content for Mexico to a company owned by the Azcárraga family. The combination was approved by each of the Board of
Directors of the Company, the Board of Directors of UHi, and the Stockholders of the Company in the first half of 2021. The transaction was subject to customary closing conditions, including receipt of regulatory approvals in primarily
in the United States and Mexico, among others. On September 14, 2021, the Mexican Institute of Telecomunications (lnstituto Federal de Telecomunicaciones or "IFT") announced its approval of this transaction. As of December 31, 2021, the
Group consolidated the results of its Content business as the Group had not ceased to exercise control of this business segment as of that date; and presented its Content business as a reportable segment of continuing operations, as all
the required regulatory approvals had not been obtained by the parties as of that date, and those approvals were considered substantive. On January 24, 2022, the Company and UH II announced that all required regulatory approvals for the
transaction had been already received by that date. As a result, the transaction announced on April 13, 2021, was closed by the parties on January 31, 2022 (the "TelevisaUnivision Transaction"). In connection with the TelevisaUnivision
Transaction, the Group recognized an income from disposition of discontinued operations in the aggregate amount of Ps.93,066,741 in its consolidated statement of income for the year ended December 31, 2022, comprising a consideration in
cash received from Televisa Univision in the aggregate amount of U.S.$2,971.3 million (Ps.61,214,741), a consideration in common and preferred stock of TelevisaUnivision, in the aggregate amount of U.S.$1,500.0 million (Ps.30,912,000),
and a cash consideration received from Tritón Comunicaciones, S.A. de C.V. ("Tritón," a company of the Azcárraga family) in the amount of Ps.940,000, related to the rights for the production of news content for Mexico. Also, in
connection with the TelevisaUnivision Transaction, the Group (i) began to present and disclose the results of operations of its disposed businesses as discontinued operations in its consolidated statements of income for any comparative
prior period and for the month ended January 31, 2022; (ii) recognized a net gain on disposition of discontinued operations of Ps.56,065,530, for the year ended December 31, 2022, and a net loss on disposition of discontinued operations
of Ps.1,943,647 for the year ended December 31, 2021; and (iii) recognized as deferred income a prepayment made by TelevisaUnivision in the aggregate amount of U.S.$276.2 million (Ps.5,729,377), for the use of concession rights owned by
the Group, which was classified as current and non-current liabilities in the Group's consolidated statement of financial position, and amounted to Ps.287,667 and Ps.5,178,014, respectively, as of December 31, 2022. In the fourth
quarter of 2022, the Group concluded the disposition of certain assets and liabilities that were classified as held for sale in the Group's consolidated statement of financial position in connection with the TelevisaUnivision
Transaction (see Notes 2, 5 and 20).
|
|
On October 27, 2022, the Board of Directors of the Company approved a reorganization proposal to separate from the Group some businesses that are part
of its Other Businesses segment, including its interests in professional sports and live entertainment, gaming, and magazine publishing and distribution, as well as certain related assets and real estate (the "Spin-off Businesses"). It
is expected that this proposed reorganization will be carried out through a spin-off (escisión) from the Company, creating a new controlling entity listed on the Mexican Stock Exchange that would
hold the Spin-off Businesses, and that would have the same shareholding structure as the Company. The Company's management considers that this plan will allow both the Group and the new entity resulting from the spin-off, to focus on
their respective business models and growth opportunities, thereby enhancing their ability to generate better conditions for access to capital, financing sources and investors, that are aligned with each business. It is expected that
the reorganization will be completed in the first half of 2023. The reorganization will be subject to several conditions, including compliance with applicable law, as well as obtaining all required corporate and regulatory
authorizations, and the approval of the spin-off at the Company's shareholder's meeting. As of December 31, 2022, the Group continued to present its Other Businesses segment as a reportable segment of continuing operations, and the
Spin-off Businesses as part of the Group's Other Businesses segment, as the required Company's stockholders and regulatory approvals had not been obtained by the Group as of that date, and those approvals are considered substantive.
|
|
| 4. |
Investments in Financial Instruments
|
|
At December 31, 2022 and 2021, the Group had the following investments in financial instruments:
|
|
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|
|
Equity instruments measured at fair value through other
comprehensive income:
|
|
|
|
|
|
|
|
|
Open-Ended Fund (1)
|
Ps.
|
773,209
|
|
Ps.
|
945,176
|
|
|
|
Publicly traded equity instruments (2)
|
|
2,611,053
|
|
|
3,517,711
|
|
|
|
Other equity instruments (3)
|
|
-
|
|
|
1,607,969
|
|
|
|
|
|
3,384,262
|
|
|
6,070,856
|
|
|
|
Other
|
|
5,223
|
|
|
5,223
|
|
|
|
|
Ps.
|
3,389,485
|
|
Ps.
|
6,076,079
|
|
|
|
(1) |
The Group has an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through investments in securities, including
without limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments, in telecom, media and other sectors across global markets, including Latin America and other
emerging markets. Shares may be redeemed on a quarterly basis at the Net Asset Value ("NAV") per share as of such redemption date. The fair value of this fund is determined by using the NAV per share. The NAV per share is calculated
by determining the value of the fund assets, all of which are measured at fair value,and subtracting all of the fund liabilities and dividing the result by the total number of issued shares. In March 2021, the Company redeemed a
portion of its investment in Open-Ended Fund at the aggregate fair value amount of U.S.$10.0 million (Ps.258,956) and recognized cash proceeds from this redemption for such aggregate amount.
|
|
|
(2) |
The fair value of publicly traded equity instruments is determined by using quoted market prices at the measurement date. In the first half of 2021, the Company disposed of a portion of these publicly
traded equity instruments and recognized cash proceeds from this disposition in the aggregate amount of Ps.1,755,415.
|
|
|
(3) |
As of December 31, 2021, other equity instruments included unquoted equity investments, which were initially recognized at cost with any subsequent changes in fair value recognized through other
comprehensive income or loss. The Group disposed of these investments on January 31, 2022, in connection with the closing of the TelevisaUnivision Transaction (see Note 3).
|
|
|
A roll-forward of investments in financial assets at fair value through other comprehensive income or loss for the years ended
December 31, 2022 and 2021, is presented as follows:
|
|
|
|
Open-Ended
Fund (1)
|
|
|
Publicly
Traded
Equity
Instruments
|
|
|
Other Equity Instruments
|
|
|
Total
|
|
|
|
At January 1, 2022
|
Ps.
|
945,176
|
|
Ps.
|
3,517,711
|
|
Ps.
|
1,607,969
|
|
Ps.
|
6,070,856
|
|
|
|
Disposition of investments
|
|
-
|
|
|
-
|
|
|
(1,607,969
|
)
|
|
(1,607,969
|
)
|
|
|
Change in fair value in other comprehensive loss
|
|
(171,967
|
)
|
|
(906,658
|
)
|
|
-
|
|
|
(1,078,625
|
)
|
|
|
At December 31, 2022
|
Ps.
|
773,209
|
|
Ps.
|
2,611,053
|
|
Ps.
|
-
|
|
Ps.
|
3,384,262
|
|
|
|
|
Open-Ended
Fund (1)
|
|
|
Publicly
Traded
Equity
Instruments
|
|
|
Other Equity Instruments
|
|
|
Total
|
|
|
|
At January 1, 2021
|
Ps.
|
1,135,803
|
|
Ps.
|
5,397,504
|
|
Ps.
|
468,552
|
|
Ps.
|
7,001,859
|
|
|
|
Investments
|
|
-
|
|
|
-
|
|
|
1,118,178
|
|
|
1,118,178
|
|
|
|
Disposition of investments
|
|
(258,956
|
)
|
|
(1,756,434
|
)
|
|
-
|
|
|
(2,015,390
|
)
|
|
|
Change in fair value in other comprehensive income (loss)
|
|
68,329
|
|
|
(123,359
|
)
|
|
21,239
|
|
|
(33,791
|
)
|
|
|
At December 31, 2021
|
Ps.
|
945,176
|
|
Ps.
|
3,517,711
|
|
Ps.
|
1,607,969
|
|
Ps.
|
6,070,856
|
|
|
|
(1) |
The foreign exchange loss and gain derived from the investment in the Open-Ended Fund for the years ended December 31, 2022 and 2021, respectively, was hedged by a foreign exchange gain and loss
derived from Senior Notes designated as hedging instruments for the years ended December 31, 2022 and 2021, respectively, in the amount of Ps.114,046 and Ps.99,673, respectively (see Notes 9 and 16).
|
| 5. |
Investments in Associates and Joint Ventures
|
|
At December 31, 2022 and 2021, the Group had the following investments in associates and joint ventures accounted for by the equity method:
|
|
|
|
Ownership as of
December 31,
2022
|
|
|
|
December 31,
2022
|
|
|
December 31, 2021
|
|
|
|
Associates:
|
|
|
|
|
|
|
|
|
|
|
|
|
TelevisaUnivision and subsidiaries
|
|
44.4
|
%
|
|
Ps.
|
49,446,349
|
|
Ps.
|
25,721,539
|
|
|
|
Other
|
|
|
|
|
|
51,864
|
|
|
164,903
|
|
|
|
Joint ventures:
|
|
|
|
|
|
|
|
|
|
|
|
|
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I.
de C.V. and subsidiaries (collectively “GTAC”) (1)
|
|
33.3
|
%
|
|
|
750,169
|
|
|
614,147
|
|
|
|
Periódico Digital Sendero, S.A.P.I. de C.V. and subsidiary
(collectively “PDS”) (2)
|
|
50.0
|
%
|
|
|
202,567
|
|
|
203,646
|
|
|
|
|
|
|
|
|
Ps.
|
50,450,949
|
|
Ps.
|
26,704,235
|
|
|
|
(1) |
GTAC was granted a 20-year contract for the lease of a pair of dark fiber wires held by the Mexican Federal Electricity Commission and a concession to operate a public telecommunications network in
Mexico with an expiration date in 2030. GTAC is a joint venture in which a subsidiary of the Company, a subsidiary of Grupo de Telecomunicaciones Mexicanas, S.A. de C.V., and a subsidiary of Megacable, S.A. de C.V., have an equal
equity participation of 33.3%. In June 2010, a subsidiary of the Company entered into a long-term credit facility agreement to provide financing to GTAC for up to Ps.688,217, with an annual interest rate of the Mexican Interbank
Interest Rate ("Tasa de Interés Interbancaria de Equilibrio" or "TIIE") plus 200 basis points. Under the terms of this agreement, principal and interest were paid at dates agreed by the parties, between 2013 and 2021. During the
year ended December 31, 2021, GTAC paid principal and interest to the Group in connection with these supplementary loans in the aggregate principal amount of Ps.97,342. Also, a subsidiary of the Company entered into supplementary
long-term loans to provide additional financing to GTAC for an aggregate principal amount of Ps.1,243,955, with an annual interest of TIIE plus 200 basis points computed on a monthly basis and payable on an annual basis or at
dates agreed by the parties. Under the terms of these supplementary loans, principal amounts can be prepaid at dates agreed by the parties before their maturities between 2023 and 2032. During the year ended December 31, 2022 and
2021, GTAC paid principal and interest to the Group in connection with these supplementary loans in the aggregate principal amount of Ps.146,386 and Ps.147,413, respectively. The net investment in GTAC as of December 31, 2022 and
2021, included amounts receivable in connection with these supplementary loans to GTAC in the aggregate amount of Ps.853,163 and Ps.755,973, respectively. These amounts receivable are in substance a part of the Group's net
investment in this investee (see Note 9).
|
| (2) |
The Group accounts for its investment in PDS under the equity method, due to its 50% interest in this joint venture. As of December 31, 2022 and 2021, the Group's investment in PDS included intangible assets and goodwill
in the aggregate amount of Ps.113,837.
|
|
TelevisaUnivision
|
|
|
The Group accounts for its investment in common stock of TelevisaUnivision (formerly known as UH II), the parent company of Univision Communications
Inc. ("Univision"), under the equity method due to the Group's ability to exercise significant influence, as defined under IFRS Standards, over TelevisaUnivision operations. The Group has the ability to exercise significant
influence over the operating and financial policies of TelevisaUnivision because (i) it owned 9,290,999 and 5,701,335 shares of Class A Common Stock shares of TelevisaUnivision as of December 31, 2022 and 2021, respectively, and
750,000 Series B Preferred shares of TelevisaUnivision as of December 31, 2022 and 2021 representing 44.4% and 35.5% of the outstanding common and preferred shares of TelevisaUnivision on an as-converted basis (excluding unvested
and/or unsettled stock, restricted stock units and options of TelevisaUnivision), respectively, and 45.1% and 40.1% of the outstanding voting common shares TelevisaUnivision, respectively; and (ii) it has designated three members of
the Board of Directors of TelevisaUnivision, one of which serves as the Chairman. The Chairman does not presently have a tie-breaking vote or other similar power in connection with any decisions of the Board. The governing documents
of TelevisaUnivision provide for a 13-member Board of Directors; however, the Board of Directors currently consists of 11 members, and the Group has the right to appoint two additional members. Until January 31, 2022, the Group was
also a party to a Program Licensing Agreement ("PLA"), as amended, with Univision, pursuant to which Univision had the right to broadcast certain Televisa content in the United States, and to another program license agreement
pursuant to which the Group had the right to broadcast certain Univision content in Mexico.
|
|
|
On April 13, 2021, the Group and UHI announced a transaction agreement in which the Group's content and media assets would be combined with UH II,
the successor company of UHI, and the Group would continue to participate in UH II, with an equity stake of approximately 45% following the closing of the transaction. On May 18, 2021, UHI concluded a reorganization through a series
of transactions (the "Reorganization") pursuant to which, among other things, UH II acquired a controlling financial interest in UHI on that date. As a result of the Reorganization of UHI: (i) the Group and other existing
stockholders of UHI exchanged their shares of the capital stock of UHI for the same number and class of newly issued shares of UH II; (ii) UHI issued common stock to a new investor and then these shares were exchanged for shares in
UH II; (iii) the Group held an equity interest in the capital stock of UH II of 35.5% on an as-converted basis; and (iv) UH II became a successor company of UHI. In connection with the Reorganization of UHI, and other observable
indications that the value of the Group's net investment in UH II increased significantly during 2021 (including internal and external valuations of the recoverable amount of UH II), in the second half of 2021 the Group's management
assessed whether there was any indication that the impairment loss recognized by the Group in the first quarter of 2020 in the amount of U.S.$228.6 million (Ps.5,455,356) for its net investment in shares of UHI might no longer exist
or might have decreased. As a result, of this assessment, the Group's management concluded that there had been a change in the estimates used to determine the recoverable amount of the Group's net investment in UH II since the last
impairment loss was recognized, and the carrying amount of such net investment was increased to its recoverable amount. The reversal of the impairment loss amounted to U.S.$199.1 million (Ps.4,161,704) and was recognized in share of
income of associates and joint ventures in the Group's consolidated statement of income for the year ended December 31, 2021.
|
|
|
On January 31, 2022, the Group increased its investment in shares of TelevisaUnivision in the aggregate fair value amount of U.S.$1,500 million
(Ps.30,912,000) comprised 3,589,664 Class A Common Stock shares of TelevisaUnivsion, in the amount of U.S.$750 million (Ps.15,456,000), and 750,000 Series B Cumulative Convertible Preferred Stock shares ("Series B Preferred Shares")
of TelevisaUnivision, with an annual preferred dividend of 5.5% payable on a quarterly basis, in the amount of U.S.$750 million (Ps.15,456,000). The Series B Preferred Shares are entitled or permitted to vote on any matter required
or permitted to be voted upon by the stockholders of TelevisaUnivision. The investment in Series B Preferred Shares of TelevisaUnivision has been classified by the Group as investments in associates and joint ventures because this
investment has in substance potential voting rights and gives access to the returns associated with an ownership in TelevisaUnivision. For the year ended December 31, 2022, the Group received from TelevisaUnivision a preferred
dividend in cash in the aggregate amount of U.S.$37.8 million (Ps.752,556), which was accounted for in share of income of associates in the Group's consolidated statement of income for the year ended December 31, 2022. In connection
with the TelevisaUnivision Transaction, and other observable indications that the value of the Group's net investment in TelevisaUnivision increased significantly during 2022 (including internal valuations of the recoverable amount
of TelevisaUnivision), in the second quarter of 2022, the Group's management assessed whether there was any indication that the remaining impairment loss recognized by the Group in the first quarter of 2020 for its net investment in
shares of TelevisaUnivision might no longer exist or might have decreased. As a result of this assessment, the Group's management concluded that there had been a change in the estimates used to determine the recoverable amount of
the Group's net investment in TelevisaUnivision since the last impairment loss was recognized, and the carrying amount of such net investment was increased to an amount lower than its recoverable amount. The reversal of the
impairment loss amounted to U.S. $29.5 million (Ps.593,838) and was recognized in share of income of associates and joint ventures in the Group's consolidated statement of income for the year ended December 31, 2022. The Group
recognized a share in loss of TelevisaUnivision for the year ended December 31, 2022, primarily in connection with a goodwill impairment loss recognized by TelevisaUnivision in the fourth quarter of 2022 (see Notes 1, 3, 4, and 14).
|
| 6. |
Property, Plant and Equipment, Net, and Investment Property, Net
|
|
Property, plant and equipment as of December 31, 2022 and 2021, consisted of:
|
|
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|
|
Buildings
|
Ps.
|
7,212,219
|
|
Ps.
|
10,127,239
|
|
|
|
Building improvements
|
|
182,982
|
|
|
183,735
|
|
|
|
Technical equipment
|
|
186,550,056
|
|
|
172,795,206
|
|
|
|
Satellite transponders
|
|
6,026,094
|
|
|
6,026,094
|
|
|
|
Furniture and fixtures
|
|
1,214,427
|
|
|
1,298,803
|
|
|
|
Transportation equipment
|
|
3,026,747
|
|
|
3,407,907
|
|
|
|
Computer equipment
|
|
9,241,759
|
|
|
9,514,099
|
|
|
|
Leasehold improvements
|
|
3,549,060
|
|
|
3,728,496
|
|
|
|
|
|
217,003,344
|
|
|
207,081,579
|
|
|
|
Accumulated depreciation
|
|
(150,402,108
|
)
|
|
(138,586,625
|
)
|
|
|
|
|
66,601,236
|
|
|
68,494,954
|
|
|
|
Land
|
|
4,064,386
|
|
|
4,891,626
|
|
|
|
Construction and projects in progress
|
|
11,570,777
|
|
|
14,535,546
|
|
|
|
|
Ps.
|
82,236,399
|
|
Ps.
|
87,922,126
|
|
|
As of December 31, 2022, technical equipment included Ps.1,133,071, net of related accumulated depreciation of Ps.522,651, in connection with costs of
dismantling certain equipment of the cable networks in the Group’s Cable segment.
|
|
|
Depreciation charged to income for the year ended December 31, 2022 and 2021, was Ps.17,579,713 and Ps.17,730,550, respectively, which included
Ps.73,473 and Ps.884,103, corresponding to the depreciation of discontinued operations, respectively.
|
|
|
During the year ended December 31, 2022 and 2021, the Group invested Ps.17,315,387 and Ps.23,267,847, respectively, in property, plant and equipment
as capital expenditures.
|
|
|
Investment Property, Net
|
|
|
Beginning in the first quarter of 2022, in connection with the TelevisaUnivision Transaction, the Group leases some of its buildings and land to
TelevisaUnivision under operating lease agreements. As of December 31, 2022, buildings and land subject to these operating leases, were as follows:
|
|
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|
|
Buildings
|
Ps.
|
2,151,338
|
|
Ps.
|
-
|
|
|
|
Building improvements
|
|
225,801
|
|
|
-
|
|
|
|
|
|
2,377,139
|
|
|
-
|
|
|
|
Accumulated depreciation
|
|
(993,973
|
)
|
|
-
|
|
|
|
|
|
1,383,166
|
|
|
-
|
|
|
|
Land
|
|
1,489,999
|
|
|
-
|
|
|
|
|
Ps.
|
2,873,165
|
|
Ps.
|
-
|
|
|
Depreciation charged to income for the year ended December 31, 2022, was Ps.83,709.
|
| 7. |
Right-of-use Assets, Net
|
|
Right-of-use assets, net, as of December 31, 2022 and 2021, consisted of:
|
|
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|
|
Buildings
|
Ps.
|
5,939,460
|
|
Ps.
|
6,289,224
|
|
|
|
Satellite transponders
|
|
4,275,619
|
|
|
4,275,619
|
|
|
|
Technical equipment
|
|
2,098,782
|
|
|
1,999,573
|
|
|
|
Computer equipment
|
|
118,648
|
|
|
437,361
|
|
|
|
Others
|
|
531,005
|
|
|
321,460
|
|
|
|
|
|
12,963,514
|
|
|
13,323,237
|
|
|
|
Accumulated depreciation
|
|
(6,293,216
|
)
|
|
(5,718,670
|
)
|
|
|
|
Ps.
|
6,670,298
|
|
Ps.
|
7,604,567
|
|
|
Depreciation charged to income for the years ended December 31, 2022 and 2021, was Ps.1,157,014 and Ps.1,148,048, respectively, which included
Ps.16,978 and Ps.84,310, corresponding to the depreciation of discontinued operations, respectively.
|
|
| 8. |
Intangible Assets and Goodwill, Net
|
|
The balances of intangible assets and goodwill, net, as of December 31, 2022 and 2021, were as follows:
|
|
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|||||||||||||
|
|
|
Cost
|
|
|
Accumulated Amortization
|
|
|
Carrying Amount
|
|
|
Cost
|
|
|
Accumulated Amortization
|
|
|
Carrying Amount
|
|
|
|
Intangible assets and goodwill with indefinite useful
lives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trademarks
|
Ps.
|
32,828
|
|
Ps.
|
-
|
|
Ps.
|
32,828
|
|
Ps.
|
35,242
|
|
Ps.
|
-
|
|
Ps.
|
35,242
|
|
|
|
Concessions
|
|
15,166,067
|
|
|
-
|
|
|
15,166,067
|
|
|
15,166,067
|
|
|
-
|
|
|
15,166,067
|
|
|
|
Goodwill
|
|
13,904,998
|
|
|
-
|
|
|
13,904,998
|
|
|
14,036,657
|
|
|
-
|
|
|
14,036,657
|
|
|
|
Intangible assets with finite useful lives:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Trademarks
|
|
2,227,096
|
|
|
(2,115,570
|
)
|
|
111,526
|
|
|
2,227,096
|
|
|
(2,043,442
|
)
|
|
183,654
|
|
|
|
Concessions
|
|
-
|
|
|
-
|
|
|
-
|
|
|
553,505
|
|
|
(553,505
|
)
|
|
-
|
|
|
|
Licenses and software
|
|
15,111,644
|
|
|
(10,952,399
|
)
|
|
4,159,245
|
|
|
14,831,874
|
|
|
(9,672,946
|
)
|
|
5,158,928
|
|
|
|
Subscriber lists
|
|
8,791,701
|
|
|
(7,874,480
|
)
|
|
917,221
|
|
|
8,806,951
|
|
|
(7,574,668
|
)
|
|
1,232,283
|
|
|
|
Payment for renewal of concessions
|
|
5,824,365
|
|
|
(287,668
|
)
|
|
5,536,697
|
|
|
5,825,559
|
|
|
-
|
|
|
5,825,559
|
|
|
|
Other intangible assets
|
|
6,252,593
|
|
|
(4,957,588
|
)
|
|
1,295,005
|
|
|
5,446,636
|
|
|
(4,829,145
|
)
|
|
617,491
|
|
|
|
|
Ps.
|
67,311,292
|
|
Ps.
|
(26,187,705
|
)
|
Ps.
|
41,123,587
|
|
Ps.
|
66,929,587
|
|
Ps.
|
(24,673,706
|
)
|
Ps.
|
42,255,881
|
|
|
|
Amortization charged to income for the years ended December 31, 2022 and 2021, was Ps.2,418,870 and Ps.2,539,771, respectively, which included
Ps.31,423 and Ps.396,654, corresponding to the amortization of discontinued operations, respectively. Additional amortization charged to income for the years ended December 31, 2022 and 2021, was Ps.353,232 and Ps.329,144,
respectively, primarily in connection with amortization of soccer player rights.
|
|
|
In November 2018, the IFT approved (i) a renewal for 23 concessions for the use of spectrum that comprise the Group´s 225 TV stations, for a term of
20 years, starting in January 2022 and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years, starting in
January 2022 and ending in January 2052. In November 2018, the Group paid in cash for such renewal an aggregate amount of Ps.5,754,543 in cash, which included a payment of Ps.1,194 for administrative expenses and recognized this
payment as an intangible asset in its consolidated statement of financial position. This amount is being amortized in a period of 20 years beginning on January 1, 2022, by using the straight-line method.
|
|
|
As of December 31, 2022 and 2021, there was no evidence of significant impairment indicators in connection with the Group’s intangible assets in the
Cable, Sky and Other Businesses segments.
|
| 9. |
Debt and Lease Liabilities
|
|
As of December 31, 2022 and 2021, debt and lease liabilities were as follows:
|
|
|
|
|
|
|
|
|
|
December 31,
2022
|
|
|
December 31,
2021
|
|
|
|
|
|
Principal
|
|
|
Finance Costs
|
|
|
Principal, Net
|
|
|
Principal, Net
|
|
|
|
U.S. dollar debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.625% Senior Notes due 2025 (1)
|
Ps.
|
5,188,796
|
|
Ps.
|
(46,107)
|
|
Ps.
|
5,142,689
|
|
Ps.
|
12,177,355
|
|
|
|
4.625% Senior Notes due 2026 (1)
|
|
5,842,800
|
|
|
(14,489)
|
|
|
5,828,311
|
|
|
6,131,473
|
|
|
|
8.5% Senior Notes due 2032 (1)
|
|
5,842,800
|
|
|
(16,337)
|
|
|
5,826,463
|
|
|
6,132,826
|
|
|
|
6.625% Senior Notes due 2040 (1)
|
|
11,685,600
|
|
|
(107,746)
|
|
|
11,577,854
|
|
|
12,187,745
|
|
|
|
5% Senior Notes due 2045 (1)
|
|
17,321,136
|
|
|
(323,875)
|
|
|
16,997,261
|
|
|
20,107,046
|
|
|
|
6.125% Senior Notes due 2046 (1)
|
|
17,528,400
|
|
|
(109,710)
|
|
|
17,418,690
|
|
|
18,338,293
|
|
|
|
5.250% Senior Notes due 2049 (1)
|
|
13,675,853
|
|
|
(273,503)
|
|
|
13,402,350
|
|
|
15,093,468
|
|
|
|
Total U.S. dollar debt
|
Ps.
|
77,085,385
|
|
Ps.
|
(891,767)
|
|
Ps.
|
76,193,618
|
|
Ps.
|
90,168,206
|
|
|
|
Mexican peso debt:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8.79% Notes due 2027 (2)
|
|
4,500,000
|
|
|
(11,403)
|
|
|
4,488,597
|
|
|
4,486,238
|
|
|
|
8.49% Senior Notes due 2037 (1)
|
|
4,500,000
|
|
|
(10,453)
|
|
|
4,489,547
|
|
|
4,488,822
|
|
|
|
7.25% Senior Notes due 2043 (1)
|
|
6,500,000
|
|
|
(48,355)
|
|
|
6,451,645
|
|
|
6,449,277
|
|
|
|
Bank loans (3)
|
|
10,000,000
|
|
|
(32,757)
|
|
|
9,967,243
|
|
|
15,939,483
|
|
|
|
Bank loans (Sky) (4)
|
|
3,650,000
|
|
|
-
|
|
|
3,650,000
|
|
|
3,650,000
|
|
|
|
Bank loans (TVI) (5)
|
|
-
|
|
|
-
|
|
|
-
|
|
|
610,116
|
|
|
|
Total Mexican peso debt
|
Ps.
|
29,150,000
|
|
Ps.
|
(102,968)
|
|
Ps.
|
29,047,032
|
|
Ps.
|
35,623,936
|
|
|
|
Total debt (6)
|
|
106,235,385
|
|
|
(994,735)
|
|
|
105,240,650
|
|
|
125,792,142
|
|
|
|
Less: Current portion of long-term
debt
|
|
1,000,000
|
|
|
-
|
|
|
1,000,000
|
|
|
4,106,432
|
|
|
|
Long-term debt, net of current
portion
|
Ps.
|
105,235,385
|
|
Ps.
|
(994,735)
|
|
Ps.
|
104,240,650
|
|
Ps.
|
121,685,710
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2022
|
|
|
December 31,
2021
|
|
|
|
Lease liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Satellite transponder lease agreement (7)
|
|
|
|
|
|
|
Ps.
|
2,807,184
|
|
Ps.
|
3,457,524
|
|
|
|
Other lease agreement (8)
|
|
|
|
|
|
|
|
608,250
|
|
|
689,483
|
|
|
|
Lease liabilities (9)
|
|
|
|
|
|
|
|
4,953,638
|
|
|
5,533,552
|
|
|
|
Total lease liabilities
|
|
|
|
|
|
|
|
8,369,072
|
|
|
9,680,559
|
|
|
|
Less: Current portion
|
|
|
|
|
|
|
|
1,373,233
|
|
|
1,478,382
|
|
|
|
Lease liabilities, net of current
portion
|
|
|
|
|
|
|
Ps.
|
6,995,839
|
|
Ps.
|
8,202,177
|
|
|
|
(1) |
The Senior Notes due between 2025 and 2049, in the aggregate outstanding principal amount of U.S.$3,958 million as of December 31, 2022, and Ps.11,000,000 as of December 31, 2022 and, 2021,
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 rate on the Senior Notes due 2025, 2026, 2032, 2037, 2040, 2043, 2045, 2046, and 2049 including additional amounts payable in respect of certain Mexican
withholding taxes, is 6.97%, 4.86%, 8.94%, 8.93%, 6.97%, 7.62%, 5.26%, 6.44% and 5.52% 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, in whole or in part, at the option of the Company; and
(ii) in the event of a change of control, in which case the Company may be required to redeem the securities at 101% of their principal amount. Also, the Company may, at its own option, redeem the Senior Notes due 2025,
2026, 2037, 2040, 2043, 2046 and 2049, 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 Senior Notes due 2026, 2032, 2040, 2043, 2045, 2046 and 2049 were priced at 99.385%,
99.431%, 98.319%, 99.733%, 96.534%, 99.677% and 98.588%, respectively, for a yield to maturity of 4.70%, 8.553%, 6.755%, 7.27%, 5.227%, 6.147% and 5.345%, respectively. The Senior Notes due 2025 were issued in two
aggregate principal amounts of U.S.$400 million and U.S.$200 million, and were priced at 98.081% and 98.632%, respectively, for a yield to maturity of 6.802% and 6.787%, respectively. The terms of these Senior Notes
contain covenants that limit the ability of the Company and certain restricted subsidiaries, to incur or assume liens, perform sale and leaseback transactions, and consummate certain mergers, consolidations, and similar
transactions. The Senior Notes due 2025, 2026, 2032, 2037, 2040, 2045, 2046 and 2049 are registered with the U.S. Securities and Exchange Commission ("SEC"). The Senior Notes due 2043 are registered with both the SEC and
the Mexican Banking and Securities Commission ("Comisión Nacional Bancaria y de Valores" or "CNBV"). In March 2022, the Company completed a partial redemption of U.S.$200 million aggregate principal amount of its 6.625%
Senior Notes due 2025, in the aggregate amount of U.S.$221.3 million, including U.S.$220.9 million of the applicable redemption price and U.S.$0.4 million of accrued and unpaid interest on the redemption date. In August
2022, the Company concluded a tender offer to purchase in cash a principal amount of U.S.$133.6 million of its 6.625% Senior Notes due 2025, U.S.$110.6 million of its 5.000% Senior Notes due 2045, and U.S.$47.8 million of
its 5.250% Senior Notes due 2049, for an aggregate principal amount of U.S.$292.0 million. The aggregate tender consideration paid amounted to U.S.$294.8 million plus U.S.$5.5 million of accrued and unpaid interest on the
settlement date (see Note 16).
|
|
|
(2) |
In 2017, the Company issued Notes (Certificados Bursátiles) due 2027, through the BMV in the aggregate principal amount of Ps.4,500,000,
with interest payable semi-annually at an annual rate of 8.79%. The Company may, at its own option, redeem the Notes due 2027, 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 terms of the Notes due 2027 contain covenants that limit the ability of the Company and certain restricted subsidiaries appointed by the Company's Board of
Directors, to incur or assume liens, perform sale and leaseback transactions, and consummate certain mergers, consolidations, and similar transactions.
|
| (3) |
In 2017, the Company entered into long-term credit agreements with three Mexican banks, in the aggregate principal amount of Ps.6,000,000, with interest
payable on a monthly basis at a rate of 28-day TIIE plus a range between 125 and 130 basis points, and principal maturities in 2022 and 2023. In February and March 2022, the Company prepaid these outstanding long-term
loans with three Mexican banks, in the aggregate principal amount of Ps.6,000,000, and paid related accrued interest in the aggregate amount of Ps.37,057. In July 2019, the Company entered into a credit agreement for a
five-year term loan with a syndicate of banks in the aggregate principal amount of Ps.10,000,000. The funds from this loan were used for general corporate purposes, including the refinancing of the Company's indebtedness.
This loan bears interest payable on a monthly basis at a floating rate based on a spread of 105 or 130 basis points over the 28-day TIIE rate depending on the Group's net leverage ratio. The credit agreement of this loan
requires the maintenance of financial ratios related to indebtedness and interest expense.
|
|
| (4) |
In March 2016, Sky entered into long-term credit agreements with two Mexican banks in the aggregate principal amount of Ps.5,500,000, with maturities between
2021 and 2023, and interest payable on a monthly basis with an annual interest rate in the range of 7.0% and 7.13%. In July 2020, Sky prepaid a portion of these loans in the aggregate cash amount of Ps.2,818,091, which
included a principal amount prepayment of Ps.2,750,000, and related accrued interest and transaction costs in the amount of Ps.68,091. In December 2021, Sky prepaid a portion of these loans in the aggregate cash amount of
Ps.1,750,365, which included a principal amount prepayment of Ps.1,750,000, and related accrued interest in the amount of Ps.365. In December 2021, Sky entered into a long-term credit agreement with a Mexican Bank in the
aggregate principal amount of Ps.2,650,000, with interest payable on a monthly basis and maturity in December 2026, which included a Ps.1,325,000 loan with an annual interest rate of 8.215%, and a Ps.1,325,000 loan with an
annual interest rate of 28-day TIIE plus 90 basis points. The funds from these loans were used for general corporate purposes, including the prepayment of Sky´s indebtedness. Under the terms of this credit agreement, Sky
is required to: (a) maintain certain financial coverage ratios related to indebtedness and interest expense; and (b) comply with a restrictive covenant on spin-offs, mergers and similar transactions (see Note 24).
|
|
| (5) |
As of December 31, 2021, included an outstanding balances in the aggregate principal amount of Ps.610,404, in connection with credit agreements entered into
by TVI with Mexican banks, with maturities between 2020 and 2022, bearing interest payable on a monthly basis at an annual rate of TIIE plus a range between 100 and 125 basis points. In the second quarter of 2022, TVI
repaid all of its outstanding indebtedness at maturity including a principal amount of Ps.549,781 and related accrued interest in the amount of Ps.3,569.
|
|
| (6) |
Principal amount of total debt as of December 31, 2021, is presented net of unamortized finance costs, in the aggregate amount of Ps.1,207,057.
|
|
| (7) |
In March 2010, Sky entered into a lease agreement with Intelsat Global Sales & Marketing Ltd. ("Intelsat") by which Sky is obligated to pay at an annual
interest rate of 7.30% a monthly fee through 2027 of U.S.$3.0 million for satellite signal reception and retransmission service from 24 KU-band transponders on satellite IS-21, which became operational in October 2012. The
service term for IS-21 will end at the earlier of: (a) the end of 15 years; or (b) the date IS-21 is taken out of service (see Note 7).
|
|
| (8) |
Lease agreement entered into by a subsidiary of the Company and GTAC, for the right to use certain capacity of a telecommunications network through 2030.
|
|
| (9) |
Lease liabilities recognized beginning on January 1, 2019 under IFRS 16 Leases ("IFRS 16") in the aggregate amount
of Ps.4,953,638 and Ps.5,533,552, as of December 31, 2022 and 2021, respectively. These lease liabilities have terms which expire at various dates between 2021 and 2051.
|
|
|
.
|
December 31, 2022
|
|
|
December 31, 2021
|
||||||||
|
Hedged items
|
|
Millions of
U.S.
dollars
|
|
|
Thousands
of Mexican
Pesos
|
|
|
Millions of
U.S.
dollars
|
|
|
Thousands
of Mexican
Pesos
|
||
|
Investment in shares of TelevisaUnivision (formerly known as UH II) (net investment hedge)
|
U.S.$
|
2,538.8
|
|
Ps.
|
49,446,349
|
|
U.S.$
|
1,254.5
|
|
Ps.
|
25,721,539
|
||
|
Open-Ended Fund (foreign currency fair value hedge)
|
|
39.7
|
|
|
773,209
|
|
|
46.1
|
|
|
945,176
|
||
|
Total
|
U.S.$
|
2,578.5
|
|
Ps.
|
50,219,558
|
|
U.S.$
|
1,300.6
|
|
Ps.
|
26,666,715
|
||
|
Foreign Exchange Gain or Loss Derived from Senior Notes Designated as Hedging Instruments
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|
|
Recognized in:
|
|
|
|
|
|
|
|
|
Comprehensive gain (loss)
|
Ps.
|
3,375,804
|
|
Ps.
|
(604,856
|
)
|
|
|
Total foreign exchange gain (loss) derived from hedging Senior Notes
|
Ps.
|
3,375,804
|
|
Ps.
|
(604,856
|
)
|
|
|
Offset against by:
|
|
|
|
|
|
|
|
|
Foreign currency translation (loss) gain derived from the hedged net investment in shares of
TelevisaUnivision
(formerly known as UH II)
|
Ps.
|
(3,261,758
|
)
|
Ps.
|
505,183
|
|
|
|
Foreign exchange (loss) gain derived from the hedged Open-Ended Fund
|
|
(114,046
|
)
|
|
99,673
|
|
|
|
Total foreign currency translation and foreign exchange (loss) gain
derived from hedged assets
|
Ps.
|
(3,375,804
|
)
|
Ps.
|
604,856
|
|
|
|
|
Less than 12
Months
January 1,
to December
31, 2023
|
|
|
12-36
Months
January 1,
2024 to
December
31, 2025
|
|
|
36-60
Months
January 1,
2026
to December
31, 2027
|
|
|
Maturities
Subsequent to
December
31, 2027
|
|
|
Total
|
|
|
|
Debt (1)
|
Ps.
|
1,000,000
|
|
Ps.
|
15,188,796
|
|
Ps.
|
12,992,800
|
|
Ps.
|
77,053,789
|
|
Ps.
|
106,235,385
|
|
|
|
Lease liabilities
|
|
1,373,233
|
|
|
2,902,742
|
|
|
2,752,640
|
|
|
1,340,457
|
|
|
8,369,072
|
|
|
|
Total debt and lease liabilities
|
Ps.
|
2,373,233
|
|
Ps.
|
18,091,538
|
|
Ps.
|
15,745,440
|
|
Ps.
|
78,394,246
|
|
Ps.
|
114,604,457
|
|
|
|
(1) |
The amounts of debt are disclosed on a principal amount basis.
|
|
Credit Facility
|
|
|
In February 2022, the Company executed a revolving credit facility with a syndicate of banks for up to an amount equivalent to
U.S.$650 million payable in Mexican pesos, which funds may be used for the repayment of existing indebtedness and other corporate purposes, with a maturity in February 2025. As of December 31, 2022, this credit
facility remained unused. Under the terms of this credit facility, the Company is required to comply with certain restrictive covenants and financial coverage ratios.
|
|
| 10. |
Financial Instruments
|
|
The Group’s financial instruments presented in the consolidated statements of financial position included cash and cash equivalents,
accounts and notes receivable, a long-term loan receivable from GTAC, non-current investments in debt and equity securities, and in securities in the form of an open-ended fund, accounts payable, outstanding debt,
lease liabilities, and derivative financial instruments. For cash and cash equivalents, accounts receivable, accounts payable, and the current portion of long-term debt and lease liabilities, the carrying amounts
approximate fair value due to the short maturity of these instruments. The fair value of the Group’s long-term debt securities is based on quoted market prices.
|
|
|
The fair value of long-term loans that the Group borrowed from leading Mexican banks (see Note 9) has been estimated using the
borrowing rates currently available to the Group for bank loans with similar terms and average maturities. The fair value of non-current investments in financial instruments, and currency option and interest rate swap
agreements were determined by using valuation techniques that maximize the use of observable market data.
|
|
The carrying amounts and estimated fair values of the Group’s non-derivative financial instruments as of December 31, 2022 and 2021, were as follows:
|
|
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|||||||
|
|
|
Carrying Amount
|
|
|
Fair Value
|
|
|
Carrying Amount
|
|
|
Fair Value
|
|
|
|
Assets:
Cash and cash equivalents
|
Ps.
|
51,130,992
|
|
Ps.
|
51,130,992
|
|
Ps.
|
25,828,215
|
|
Ps.
|
25,828,215
|
|
|
|
Trade notes and accounts receivable, net
|
|
8,457,302
|
|
|
8,457,302
|
|
|
13,093,011
|
|
|
13,093,011
|
|
|
|
Long-term loans and interest receivable from GTAC (see Note 5)
|
|
853,163
|
|
|
857,006
|
|
|
755,973
|
|
|
760,143
|
|
|
|
Open-Ended Fund (see Note 4)
|
|
773,209
|
|
|
773,209
|
|
|
945,176
|
|
|
945,176
|
|
|
|
Publicly traded equity instruments (see Note 4)
|
|
2,611,053
|
|
|
2,611,053
|
|
|
3,517,711
|
|
|
3,517,711
|
|
|
|
Other equity instruments (see Note 4)
|
|
-
|
|
|
-
|
|
|
1,607,969
|
|
|
1,607,969
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Senior Notes due 2025, 2032 and 2040
|
Ps.
|
22,717,196
|
|
Ps.
|
24,313,064
|
|
Ps.
|
30,754,650
|
|
Ps.
|
39,592,552
|
|
|
|
Senior Notes due 2045
|
|
17,321,136
|
|
|
14,975,508
|
|
|
20,503,100
|
|
|
24,205,140
|
|
|
|
Senior Notes due 2037 and 2043
|
|
11,000,000
|
|
|
8,087,840
|
|
|
11,000,000
|
|
|
8,722,100
|
|
|
|
Senior Notes due 2026 and 2046
|
|
23,371,200
|
|
|
23,287,882
|
|
|
24,603,720
|
|
|
31,714,380
|
|
|
|
Senior Notes due 2049
|
|
13,675,853
|
|
|
12,199,681
|
|
|
15,377,325
|
|
|
19,307,154
|
|
|
|
Notes due 2027
|
|
4,500,000
|
|
|
4,238,640
|
|
|
4,500,000
|
|
|
4,509,405
|
|
|
|
Long-term loans payable to Mexican banks
|
|
13,650,000
|
|
|
13,775,125
|
|
|
20,260,404
|
|
|
20,417,854
|
|
|
|
Lease liabilities
|
|
8,369,072
|
|
|
8,497,104
|
|
|
9,680,559
|
|
|
9,830,878
|
|
|
|
The carrying amounts (based on estimated fair values), notional amounts, and maturity dates of the Group’s derivative financial
instruments as of December 31, 2022 and 2021, were as follows:
|
|
December 31, 2022:
Derivative Financial Instruments
|
|
Carrying Amount
|
|
|
Notional Amount (U.S. Dollars in Thousands
|
)
|
Maturity Date
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives recorded as accounting hedges (cash flow hedges):
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
Ps.
|
11,237
|
|
Ps.
|
2,500,000
|
|
|
February 2023
|
|
|
|
Interest rate swaps
|
|
532,344
|
|
Ps.
|
10,000,000
|
|
|
June 2024
|
|
|
|
Total assets
|
Ps.
|
543,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives not recorded as accounting hedges:
|
|
|
|
|
|
|
|
|
|
|
|
TVI’s forwards
|
Ps.
|
7,650
|
|
U.S.$
|
27,963
|
|
|
January through June 2023
|
|
|
|
Empresas Cablevisión´s forwards
|
|
12,047
|
|
U.S.$
|
38,649
|
|
|
January through June 2023
|
|
|
|
Sky’s forwards
|
|
16,903
|
|
U.S.$
|
58,000
|
|
|
January through June 2023
|
|
|
|
Forwards
|
|
34,801
|
|
U.S.$
|
113,388
|
|
|
January through June 2023
|
|
|
|
Total liabilities
|
Ps.
|
71,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2021:
Derivative Financial Instruments
|
|
Carrying Amount
|
|
|
Notional Amount (U.S. Dollars in Thousands
|
)
|
|
Maturity Date
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives recorded as accounting hedges (cash flow hedges):
|
|
|
|
|
|
|
|
|
|
|
|
TVI’s interest rate swap
|
Ps.
|
127
|
|
Ps.
|
87,600
|
|
|
May 2022
|
|
|
|
Interest rate swaps
|
|
133,197
|
|
Ps.
|
10,000,000
|
|
|
June 2024
|
|
|
|
Total assets
|
Ps.
|
133,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives recorded as accounting hedges (cash flow hedges):
|
|
|
|
|
|
|
|
|
|
|
|
TVI’s interest rate swaps
|
Ps.
|
2,015
|
|
Ps.
|
522,804
|
|
|
April 2022
|
|
|
|
Interest rate swaps
|
|
9,749
|
|
Ps.
|
2,000,000
|
|
|
October 2022
|
|
|
|
Interest rate swaps
|
|
7,243
|
|
Ps.
|
1,500,000
|
|
|
October 2022
|
|
|
|
Interest rate swaps
|
|
23,798
|
|
Ps.
|
2,500,000
|
|
|
February 2023
|
|
|
|
Forwards
|
|
35,524
|
|
U.S.$
|
67,125
|
|
|
January 2022 through March 2022
|
|
|
|
Derivatives not recorded as accounting hedges:
|
|
|
|
|
|
|
|
|
|
|
|
Interest rate swaps
|
|
2,943
|
|
Ps.
|
9,385,347
|
|
|
March 2022
|
|
|
|
TVI’s forwards
|
|
10,057
|
|
U.S.$
|
12,600
|
|
|
January 2022 through February 2022
|
|
|
|
Empresas Cablevisión´s forwards
|
|
11,006
|
|
U.S.$
|
13,820
|
|
|
January 2022 through February 2022
|
|
|
|
Sky’s forwards
|
|
14,054
|
|
U.S.$
|
15,000
|
|
|
February 2022
|
|
|
|
Forwards
|
|
56,496
|
|
U.S.$
|
57,620
|
|
|
January 2022 through February 2022
|
|
|
|
Total liabilities
|
Ps.
|
172,885
|
|
|
|
|
|
|
|
| 11. |
Capital Stock and Long-Term Retention Plan
|
|
At December 31, 2022, shares of capital stock and CPOs consisted of (in millions):
|
|
|
|
Authorized and Issued (1)
|
|
|
Repurchased by the Company (2)
|
|
|
Held by a Company´s Trust (3)
|
|
|
Outstanding
|
|
|
|
Series “A” Shares
|
|
121,073.9
|
|
|
(717.4)
|
|
|
(5,606.3)
|
|
|
114,750.2
|
|
|
|
Series “B” Shares
|
|
57,046.9
|
|
|
(631.3)
|
|
|
(4,765.9)
|
|
|
51,649.7
|
|
|
|
Series “D” Shares
|
|
87,006.6
|
|
|
(1,004.3)
|
|
|
(3,832.4)
|
|
|
82,169.9
|
|
|
|
Series “L” Shares
|
|
87,006.6
|
|
|
(1,004.3)
|
|
|
(3,832.4)
|
|
|
82,169.9
|
|
|
|
Total
|
|
352,134.0
|
|
|
(3,357.3)
|
|
|
(18,037.0)
|
|
|
330,739.7
|
|
|
|
Shares in the form of CPOs
|
|
290,849.7
|
|
|
(3,357.3)
|
|
|
(12,811.0)
|
|
|
274,681.4
|
|
|
|
Shares not in the form of CPOs
|
|
61,284.3
|
|
|
-
|
|
|
(5,226.0)
|
|
|
56,058.3
|
|
|
|
Total
|
|
352,134.0
|
|
|
(3,357.3)
|
|
|
(18,037.0)
|
|
|
330,739.7
|
|
|
|
CPOs
|
|
2,485.9
|
|
|
(28.7)
|
|
|
(109.5)
|
|
|
2,347.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
As of December 31, 2022, the authorized and issued capital stock amounted to Ps.4,836,708 (nominal Ps.2,423,549).
|
| (2) |
In connection with a share repurchase program that was approved by the Company's stockholders and is exercised at the discretion of management. During the year ended December 31, 2022, the Company
repurchased 3,357.3 million shares, in the form of 28.7 million CPOs, in the amount of Ps.629,326, in connection with a share repurchase program that was approved by the Company's stockholders. In April 2021, the Company's
stockholders approved the cancellation of 5,173.2 million shares of capital stock in the form of 44.2 million CPOs which were repurchased by the Company in 2019 and 2020 under this program.
|
|
| (3) |
Primarily, in connection with the Company's Long-Term Retention Plan ("LTRP") described below.
|
|
A reconciliation of the number of shares and CPOs outstanding for the years ended December 31, 2022 and 2021, is presented as follows (in millions):
|
|
|
|
|
Series “A”
Shares
|
|
|
Series “B” Shares
|
|
|
Series “D” Shares
|
|
|
Series “L” Shares
|
|
|
Shares Outstanding
|
|
|
CPOs Outstanding
|
|
|
|
As of January 1, 2022
|
|
114,085.0
|
|
|
51,463.5
|
|
|
81,873.7
|
|
|
81,873.7
|
|
|
329,295.9
|
|
|
2,339.2
|
|
|
|
Acquired (1)
|
|
(598.0
|
)
|
|
(526.3
|
)
|
|
(837.3
|
)
|
|
(837.3
|
)
|
|
(2,798.9
|
)
|
|
(23.9
|
)
|
|
|
Forfeited (1)
|
|
(155.5
|
)
|
|
(136.9
|
)
|
|
(217.8
|
)
|
|
(217.8
|
)
|
|
(728.0
|
)
|
|
(6.2
|
)
|
|
|
Released (1)
|
|
2,136.1
|
|
|
1,480.7
|
|
|
2,355.6
|
|
|
2,355.6
|
|
|
8,328.0
|
|
|
67.3
|
|
|
|
Repurchased (2)
|
|
(717.4
|
)
|
|
(631.3
|
)
|
|
(1,004.3
|
)
|
|
(1,004.3
|
)
|
|
(3,357.3
|
)
|
|
(28.7
|
)
|
|
|
As of December 31, 2022
|
|
114,750.2
|
|
|
51,649.7
|
|
|
82,169.9
|
|
|
82,169.9
|
|
|
330,739.7
|
|
|
2,347.7
|
|
|
|
|
Series “A”
Shares
|
|
|
Series “B” Shares
|
|
|
Series “D” Shares
|
|
|
Series “L” Shares
|
|
|
Shares Outstanding
|
|
|
CPOs Outstanding
|
|
|
|
As of January 1, 2021
|
|
113,019.2
|
|
|
50,928.5
|
|
|
81,022.4
|
|
|
81,022.4
|
|
|
325,992.5
|
|
|
2,314.9
|
|
|
|
Acquired (1)
|
|
(429.8
|
)
|
|
(378.2
|
)
|
|
(601.7
|
)
|
|
(601.7
|
)
|
|
(2,011.4
|
)
|
|
(17.2
|
)
|
|
|
Forfeited (1)
|
|
(187.9
|
)
|
|
(165.4
|
)
|
|
(263.1
|
)
|
|
(263.1
|
)
|
|
(879.5
|
)
|
|
(7.5
|
)
|
|
|
Released (1)
|
|
1,683.5
|
|
|
1,078.6
|
|
|
1,716.1
|
|
|
1,716.1
|
|
|
6,194.3
|
|
|
49.0
|
|
|
|
As of December 31, 2021
|
|
114,085.0
|
|
|
51,463.5
|
|
|
81,873.7
|
|
|
81,873.7
|
|
|
329,295.9
|
|
|
2,339.2
|
|
|
|
(1) |
Acquired, released, or forfeited by a Company's trust in connection with the Company's LTRP.
|
| (2) |
Repurchased by the Company in connection with a share repurchase program.
|
|
Long-Term Retention Plan
|
|
|
During the year ended December 31, 2022, the trust for the LTRP increased the number of shares and CPOs held for the purposes of this Plan in the
amount of (i) 2,798.9 million shares of the Company in the form of 23.9 million CPOs, which were acquired in the amount of Ps.980,410; and (ii) 728.0 million shares of the Company in the form of 6.2 million CPOs, in connection with
forfeited rights under this Plan. Also, the trust for the LTRP released 7,874.4 million shares of the Company in the form of 67.3 million CPOs, and 453.6 million Series “A” Shares not in the form of CPOs.
|
|
|
In connection with the Company’s LTRP, the Group accrued in equity attributable to stockholders of the Company a share-based compensation expense of
Ps.968,628 and Ps.1,066,863 for the years ended December 31, 2022 and 2021, respectively, which amount was reflected in consolidated operating income as administrative expense.
|
|
Following the completion of the transaction with TelevisaUnivision, the Board of Directors of the Company approved: (i) to cancel certain sale
contracts for 10.8 million CPOs, corresponding to unvested conditional to sales under the LTRP to certain officers and employees of the Company in 2019, 2020 and 2021; and (ii) to release 8.0 million CPOs under the referred grants
to such individuals. The CPOs released under (ii) above were sold at Ps.1.60 per CPO. In connection with this approval, the Company cancelled 10.8 million CPOs under such contracts and recognized the release of 7.1 million CPOs in
the first half of 2022.
|
|
|
In addition to the LTRP, the Company entered into conditional sale contracts with certain officers of the Group, primarily in February 2022, for 24.7 million CPOs, of which 23.9 million of CPOs and
0.8 million of CPOs were released as a share-based expense in the first quarter and second quarter of 2022, respectively.
|
|
|
During the year ended December 31, 2021, the trust for the LTRP increased the number of shares and CPOs held for the purposes of this Plan in the amount of (i) 2,011.4 million shares of the Company in
the form of 17.2 million CPOs, which were acquired in the amount of Ps.774,073; and (ii) 879.5 million shares of the Company in the form of 7.5 million CPOs, in connection with forfeited rights under this Plan.
|
|
| 12. |
Retained Earnings
|
|
As of December 31, 2022 and 2021, the Company’s legal reserve amounted to Ps.2,139,007 and was classified into retained earnings in equity
attributable to stockholders of the Company.
|
|
|
In April 2021, the Company’s 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 unit, which was paid in cash in May 2021, in the aggregate amount of Ps.1,053,392.
|
|
|
In April 2022, the Company’s 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 unit, which was paid in cash in May 2022, in the aggregate amount of Ps.1,053,392.
|
|
| 13. |
Non-controlling Interests
|
|
In 2021, the holding companies of the Sky segment paid a dividend to its equity owners in the aggregate amount of Ps.750,000, of which Ps.309,174,
was paid to its non-controlling interests.
|
|
|
In 2021, Publicidad Virtual, S.A. de C.V. paid a dividend to its equity owners in the aggregate amount of Ps.40,000, of which Ps.19,600, was paid to
its non-controlling interests.
|
|
| 14. |
Transactions with Related Parties
|
|
The balances of receivables and payables between the Group and related parties as of December 31, 2022 and 2021, were as follows:
|
|
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|
|
Current receivables:
|
|
|
|
|
|
|
|
|
TelevisaUnivision (formerly known as UH II) (2)
|
Ps.
|
136,944
|
|
Ps.
|
819,355
|
|
|
|
Cadena de las Américas, S.A. de C.V. (1)
|
|
40,186
|
|
|
-
|
|
|
|
Televisa, S. de R.L. de C.V. (1)
|
|
22,650
|
|
|
-
|
|
|
|
Televisa Producciones, S.A. de C.V. (1)
|
|
15,535
|
|
|
-
|
|
|
|
Tritón Comunicaciones, S.A. de C.V. (1)
|
|
11,140
|
|
|
-
|
|
|
|
ECO Producciones, S.A. de C.V. (1)
|
|
10,792
|
|
|
-
|
|
|
|
Other
|
|
73,977
|
|
|
55,497
|
|
|
|
|
Ps.
|
311,224
|
|
Ps.
|
874,852
|
|
|
|
|
|
|
|
|
|
||
|
Non-current receivables:
|
|
|
|
|
-
|
|
|
|
Televisa, S. de R.L. de C.V. (1) (3)
|
Ps.
|
6,365,038
|
|
Ps.
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Current payables:
|
|
|
|
|
|
|
|
|
AT&T / DirecTV
|
Ps.
|
40,183
|
|
Ps.
|
54,598
|
|
|
|
Desarrollo Vista Hermosa, S.A. de C.V. (1)
|
|
15,189
|
|
|
-
|
|
|
|
Other
|
|
32,952
|
|
|
27,472
|
|
|
|
|
Ps.
|
88,324
|
|
Ps.
|
82,070
|
|
|
|
(1) |
An indirect subsidiary of TelevisaUnivision.
|
| (2) |
Receivables from TelevisaUnivision were related primarily to the PLA as of December 31, 2021.
|
|
| (3) |
In January 2022, Televisa, S. de R.L. de C.V. entered into a long-term credit agreement with the Company in the principal amount of Ps.5,738,832, with a fixed annual interest rate of 10.2%.
Under the terms of this agreement, principal and interest are payable at maturity on April 30, 2026, and prepayments of principal can be made by debtor at any time without any penalty. As of December 31, 2022, amounts
receivable from Televisa, S. de R. L. de C.V. in connection with this long-term credit amounted to Ps.6,365,038.
|
|
Royalty revenue from TelevisaUnivision (formerly known as UH II) amounted to Ps.660,842 and Ps.8,548,037, for the month ended January 31, 2022, and
for the year ended December 31, 2021, respectively, and was classified as discontinued operations in the Group’s consolidated statements of income for the year ended December 31, 2022 and 2021.
|
|
|
Interest income from the long-term credit receivable from Televisa, S. de R.L. de C.V. amounted to Ps.626,206 for the year ended December 31, 2022
and was classified as finance income in the Group’s consolidated statement of income for the year ended December 31, 2022.
|
|
| 15. |
Other Income or Expense, Net
|
|
Other (expense) income for year ended December 31, 2022 and 2021, is analyzed as follows:
|
|
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|
|
Gain on disposition of OCEN (1)
|
Ps.
|
35,950
|
|
Ps.
|
4,547,029
|
|
|
|
Donations
|
|
(27,233
|
)
|
|
(2,000
|
)
|
|
|
Legal and financial advisory and professional services (2)
|
|
(218,731
|
)
|
|
(191,609
|
)
|
|
|
Gain on disposition of property and equipment
|
|
76,579
|
|
|
38,665
|
|
|
|
Deferred compensation (3)
|
|
(129,810
|
)
|
|
(207,640
|
)
|
|
|
Dismissal severance expense (4)
|
|
(126,695
|
)
|
|
(194,187
|
)
|
|
|
Surcharges for payments of taxes of prior years (5)
|
|
—
|
|
|
(400,641
|
)
|
|
|
Impairment adjustments (6)
|
|
—
|
|
|
(97,293
|
)
|
|
|
Lawsuit settlement agreement, net (7)
|
|
(425,762
|
)
|
|
—
|
|
|
|
Other, net
|
|
137
|
|
|
223,913
|
|
|
|
|
Ps.
|
(815,565
|
)
|
Ps.
|
3,716,237
|
|
|
|
(1) |
In 2022, included a purchase price adjustment paid to the Company on disposal of OCEN in the second quarter of 2022. In 2021, included a payment in cash on disposal of OCEN in the amount of
Ps.4,806,549 (see Note 3).
|
| (2) |
Includes primarily advisory and professional services in connection with certain litigation, financial advisory, and other matters (see Note 3).
|
|
| (3) |
Includes the service cost of long-term deferred compensation plans for certain officers of the Group's Cable segment, which payment becomes payable when certain financial targets (as defined
in the plans) are met.
|
|
| (4) |
Includes severance expense in connection with the dismissals of personnel, as a part of a continued cost reduction plan.
|
|
| (5) |
In 2021 included surcharges for taxes paid by three subsidiaries of the Company in connection with tax assessments of prior years.
|
|
| (6) |
In 2021, included impairment adjustments in connection with long-lived assets in the Group's Other Business segment.
|
|
| (7) |
In the fourth quarter 2022, the Company announced a settlement agreement for a class action lawsuit and recognized an expense of U.S.$21.5 million (Ps.425,762) resulting from a related
provision for the amount to be paid by the Company, net of an expected insurance reimbursement (see Note 22).
|
| 16. |
Finance Expense, Net
|
|
Finance (expense) income for the year ended December 31, 2022 and 2021, included:
|
|
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|
|
Interest expense (1)
|
Ps.
|
(9,455,578
|
)
|
Ps.
|
(9,105,998
|
)
|
|
|
Other finance expense, net (2)
|
|
(110,739
|
)
|
|
(1,183,180
|
)
|
|
|
Foreign exchange loss, net (4)
|
|
(1,790,956
|
)
|
|
(2,188,861
|
)
|
|
|
Finance expense
|
|
(11,357,273
|
)
|
|
(12,478,039
|
)
|
|
|
Interest income (3)
|
|
2,151,109
|
|
|
560,026
|
|
|
|
Finance income
|
|
2,151,109
|
|
|
560,026
|
|
|
|
Finance expense, net
|
Ps.
|
(9,206,164
|
)
|
Ps.
|
(11,918,013
|
)
|
|
|
(1) |
Interest expense for the years ended December 31, 2022 and 2021 included: (i) interest related to lease liabilities that were recognized beginning on January 1, 2019, in accordance with the
guidelines of IFRS 16 Leases, in the aggregate amount of Ps.450,454 and Ps.431,419, respectively; (ii) interest related to satellite transponder lease agreement and other lease agreement
that were recognized in the aggregate amount of Ps.257,938 and Ps.275,371 respectively; (iii) interest related to dismantling obligations incurred primarily in connection with the Group's Cable segment networks, in the aggregate
amount of Ps.123,209 and Ps.48,624, respectively; and (iv) amortization of finance costs in the aggregate amount of Ps.292,189, and Ps.179,212, respectively; and finance expense related to prepayment of long-term debt in the
aggregate amount of Ps.490,430, for the year ended December 31, 2022.
|
| (2) |
Other finance expense, net, included a fair value net loss from derivative financial instruments.
|
|
| (3) |
This line item included primarily interest income from cash equivalents.
|
|
| (4) |
Foreign exchange loss, net, for the years ended December 31, 2022 and 2021, included: (i) foreign exchange net loss resulted primarily from the appreciation or depreciation of the Mexican peso
against the U.S. dollar on the Group's U.S. dollar-denominated monetary asset or liability position, excluding designated hedging long-term debt of the Group's investments in TelevisaUnivision (formerly known as UH II) and
Open-Ended Fund (see Note 9). The exchange rate of the Mexican peso against the U.S. dollar was of Ps.19.4760, Ps.20.5031 and Ps.19.9493 as of December 31, 2022, 2021 and 2020, respectively.
|
| 17. |
Income Taxes
|
|
As of December 31, 2022 and 2021, the effective income tax rate applicable to the consolidated income tax benefit or expense for the years ending
December 31, 2022 and 2021 was 10% and 69%, respectively.
|
|
| 18. |
Earnings per CPO/Share
|
|
Basic Earnings per CPO/Share
|
|
|
For the years ended December 31, 2022 and 2021, the weighted average for basic earnings per CPO/Share of outstanding total shares, CPOs and Series “A”,
Series “B”, Series “D” and Series “L” Shares (not in the form of CPO units), was as follows (in thousands):
|
|
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|
|
Total Shares
|
|
331,143,326
|
|
|
327,524,800
|
|
|
|
CPOs
|
|
2,353,417
|
|
|
2,326,366
|
|
|
|
Shares not in the form of CPO units:
|
|
|
|
|
|
|
|
|
Series “A” Shares
|
|
55,792,921
|
|
|
55,339,297
|
|
|
|
Series “B” Shares
|
|
187
|
|
|
187
|
|
|
|
Series “D” Shares
|
|
239
|
|
|
239
|
|
|
|
Series “L” Shares
|
|
239
|
|
|
239
|
|
|
Basic earnings (loss) per CPO and per each Series “A,” Series “B,” Series “D” and Series “L” Share (not in the form of a CPO unit) attributable to
stockholders of the Company for the years ended December 31, 2022 and 2021, are presented as follows:
|
|
|
|
2022
|
|
|
2021
|
|
|||||||
|
|
|
Per CPO
|
|
Per Share (*
|
)
|
|
Per CPO
|
|
|
Per Share (*
|
)
|
||
|
Continuing operations
|
Ps.
|
(4.06
|
)
|
Ps.
|
(0.03
|
)
|
Ps.
|
(0.16
|
)
|
Ps.
|
0.00
|
|
|
|
Discontinued operations
|
|
19.86
|
|
|
0.17
|
|
|
2.33
|
|
|
0.02
|
|
|
|
Basic earnings per CPO/Share attributable to stockholders of the Company
|
Ps.
|
15.80
|
|
Ps.
|
0.14
|
|
Ps.
|
2.17
|
|
Ps.
|
0.02
|
|
|
|
(*) Series “A”, “B”, “D” and “L” Shares, not in the form of CPO units.
|
|
|
Diluted Earnings per CPO/Share
|
|
|
Diluted earnings per CPO and per Share attributable to stockholders of the Company are calculated in connection with CPOs and shares in the LTRP.
|
|
For the years ended December 31, 2022 and 2021, the weighted average for diluted earnings per CPO/Share of outstanding total shares, CPOs and Series
“A,” Series “B,” Series “D,” and Series “L” Shares (not in the form of CPO units), was as follows (in thousands):
|
|
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|
|
Total Shares
|
|
351,466,191
|
|
|
352,134,036
|
|
|
|
CPOs
|
|
2,480,187
|
|
|
2,485,895
|
|
|
|
Shares not in the form of CPO units:
|
|
|
|
|
|
|
|
|
Series “A” Shares
|
|
58,926,613
|
|
|
58,926,613
|
|
|
|
Series “B” Shares
|
|
2,357,208
|
|
|
2,357,208
|
|
|
|
Series “D” Shares
|
|
239
|
|
|
239
|
|
|
|
Series “L” Shares
|
|
239
|
|
|
239
|
|
|
Diluted earnings (loss) per CPO and per each Series “A”, Series “B”, Series “D” and Series “L” Share (not in the form of a CPO unit) attributable to
stockholders of the Company for the years ended December 31, 2022 and 2021, are presented as follows:
|
|
|
|
2022
|
|
|
2021
|
|
||||||||
|
|
|
Per CPO
|
|
Per Share (*
|
)
|
|
Per CPO
|
|
|
Per Share (*
|
)
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Continuing operations
|
Ps.
|
(4.06
|
)
|
Ps.
|
(0.03
|
)
|
Ps.
|
(0.16
|
)
|
Ps.
|
0.00
|
|
||
|
Discontinued operations
|
|
19.86
|
|
|
0.17
|
|
|
2.33
|
|
|
0.02
|
|
||
|
Diluted earnings per CPO/Share attributable to
stockholders of the Company
|
Ps.
|
15.80
|
|
Ps.
|
0.14
|
|
Ps.
|
2.17
|
|
Ps.
|
0.02
|
|
||
|
(*) Series “A”, “B”, “D” and “L” Shares not in the form of CPO units.
|
|
| 19. |
Segment Information
|
|
The table below presents information by segment and a reconciliation to consolidated total of continuing operations for the years ended December 31,
2022 and 2021:
|
|
|
|
Total
Revenues
|
|
|
Intersegment
Revenues
|
|
|
Consolidated
Revenues
|
|
|
Segment
Income
|
|
|
|
Year ended December 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable
|
Ps.
|
48,411,776
|
|
Ps.
|
151,403
|
|
Ps.
|
48,260,373
|
|
Ps.
|
19,902,785
|
|
|
|
Sky
|
|
20,339,038
|
|
|
3,804
|
|
|
20,335,234
|
|
|
6,416,270
|
|
|
|
Other Businesses
|
|
7,338,790
|
|
|
407,788
|
|
|
6,931,002
|
|
|
1,691,041
|
|
|
|
Segment totals
|
|
76,089,604
|
|
|
562,995
|
|
|
75,526,609
|
|
|
28,010,096
|
|
|
|
Reconciliation to consolidated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(1,538,085
|
)
|
|
|
Intersegment operations
|
|
(562,995
|
)
|
|
(562,995
|
)
|
|
-
|
|
|
(120,424
|
)
|
|
|
Depreciation and amortization expense
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(21,117,432
|
)
|
|
|
Consolidated revenues and operating income before
other expense
|
|
75,526,609
|
|
|
-
|
|
|
75,526,609
|
|
|
5,234,155
|
(1)
|
|
|
Other expense, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(815,565
|
)
|
|
|
Consolidated revenues and operating income
|
Ps.
|
75,526,609
|
|
Ps.
|
-
|
|
Ps.
|
75,526,609
|
|
Ps.
|
4,418,590
|
(2)
|
|
|
|
Total
Revenues
|
|
|
Intersegment
Revenues
|
|
|
Consolidated
Revenues
|
|
|
Segment
Income
|
|
|
|
Year ended December 31, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable
|
Ps.
|
48,020,929
|
|
Ps.
|
54,919
|
|
Ps.
|
47,966,010
|
|
Ps.
|
20,285,023
|
|
|
|
Sky
|
|
22,026,616
|
|
|
1,858
|
|
|
22,024,758
|
|
|
8,504,169
|
|
|
|
Other Businesses
|
|
4,388,141
|
|
|
463,477
|
|
|
3,924,664
|
|
|
589,745
|
|
|
|
Segment totals
|
|
74,435,686
|
|
|
520,254
|
|
|
73,915,432
|
|
|
29,378,937
|
|
|
|
Reconciliation to consolidated amounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate expenses
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(2,351,342
|
)
|
|
|
Intersegment operations
|
|
(520,254
|
)
|
|
(520,254
|
)
|
|
-
|
|
|
(1,608
|
)
|
|
|
Depreciation and amortization expense
|
|
-
|
|
|
-
|
|
|
-
|
|
|
(20,053,302
|
)
|
|
|
Consolidated revenues and operating income before
other income
|
|
73,915,432
|
|
|
-
|
|
|
73,915,432
|
|
|
6,972,685
|
(1)
|
|
|
Other income, net
|
|
-
|
|
|
-
|
|
|
-
|
|
|
3,716,237
|
|
|
|
Consolidated revenues and operating income
|
Ps.
|
73,915,432
|
|
Ps.
|
-
|
|
Ps.
|
73,915,432
|
|
Ps.
|
10,688,922
|
(2)
|
|
|
(1) |
This amount represents operating income before other income or expense, net.
|
| (2) |
This amount represents consolidated operating income.
|
|
Disaggregation of Total Revenues
|
|
|
The table below present total revenues of continuing operations for each reportable segment disaggregated by major service/product lines and primary
geographical market for the year ended December 31, 2022 and 2021:
|
|
|
|
Domestic
|
|
|
Export
|
|
|
Abroad
|
|
|
Total
|
|
|
|
Year ended December 31, 2022:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital TV Service
|
Ps.
|
16,054,150
|
|
Ps.
|
-
|
|
Ps.
|
-
|
|
Ps.
|
16,054,150
|
|
|
|
Advertising
|
|
2,073,346
|
|
|
-
|
|
|
-
|
|
|
2,073,346
|
|
|
|
Broadband Services
|
|
19,197,699
|
|
|
-
|
|
|
-
|
|
|
19,197,699
|
|
|
|
Telephony
|
|
5,259,768
|
|
|
-
|
|
|
-
|
|
|
5,259,768
|
|
|
|
Other Services
|
|
627,303
|
|
|
-
|
|
|
-
|
|
|
627,303
|
|
|
|
Enterprise Operations
|
|
4,940,564
|
|
|
-
|
|
|
258,946
|
|
|
5,199,510
|
|
|
|
Sky:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTH Broadcast Satellite TV
|
|
17,970,812
|
|
|
-
|
|
|
1,101,419
|
|
|
19,072,231
|
|
|
|
Advertising
|
|
1,183,495
|
|
|
-
|
|
|
-
|
|
|
1,183,495
|
|
|
|
Pay-Per-View
|
|
71,003
|
|
|
-
|
|
|
12,309
|
|
|
83,312
|
|
|
|
Other Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
|
|
2,493,534
|
|
|
-
|
|
|
-
|
|
|
2,493,534
|
|
|
|
Soccer, Sports and Show Business Promotion
|
|
2,189,093
|
|
|
308,194
|
|
|
-
|
|
|
2,497,287
|
|
|
|
Publishing – Magazines
|
|
275,755
|
|
|
-
|
|
|
-
|
|
|
275,755
|
|
|
|
Publishing – Advertising
|
|
152,820
|
|
|
-
|
|
|
-
|
|
|
152,820
|
|
|
|
Publishing Distribution
|
|
261,077
|
|
|
-
|
|
|
-
|
|
|
261,077
|
|
|
|
Transmission Concessions and Facilities
|
|
1,658,317
|
|
|
-
|
|
|
-
|
|
|
1,658,317
|
|
|
|
Segment totals
|
|
74,408,736
|
|
|
308,194
|
|
|
1,372,674
|
|
|
76,089,604
|
|
|
|
Intersegment eliminations
|
|
(562,995
|
)
|
|
-
|
|
|
-
|
|
|
(562,995
|
)
|
|
|
Consolidated total revenues of continuing operations
|
Ps.
|
73,845,741
|
|
Ps.
|
308,194
|
|
Ps.
|
1,372,674
|
|
Ps.
|
75,526,609
|
|
|
|
|
Domestic
|
|
|
Export
|
|
|
Abroad
|
|
|
Total
|
|
|
|
Year ended December, 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cable:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Digital TV Service
|
Ps.
|
15,883,520
|
|
Ps.
|
-
|
|
Ps.
|
-
|
|
Ps.
|
15,883,520
|
|
|
|
Advertising
|
|
1,971,853
|
|
|
-
|
|
|
-
|
|
|
1,971,853
|
|
|
|
Broadband Services
|
|
18,648,098
|
|
|
-
|
|
|
-
|
|
|
18,648,098
|
|
|
|
Telephony
|
|
4,977,671
|
|
|
-
|
|
|
-
|
|
|
4,977,671
|
|
|
|
Other Services
|
|
598,890
|
|
|
-
|
|
|
-
|
|
|
598,890
|
|
|
|
Enterprise Operations
|
|
5,699,425
|
|
|
-
|
|
|
241,472
|
|
|
5,940,897
|
|
|
|
Sky:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTH Broadcast Satellite TV
|
|
19,210,652
|
|
|
-
|
|
|
1,514,377
|
|
|
20,725,029
|
|
|
|
Advertising
|
|
1,233,537
|
|
|
-
|
|
|
-
|
|
|
1,233,537
|
|
|
|
Pay-Per-View
|
|
56,883
|
|
|
-
|
|
|
11,167
|
|
|
68,050
|
|
|
|
Other Businesses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gaming
|
|
1,673,911
|
|
|
-
|
|
|
-
|
|
|
1,673,911
|
|
|
|
Soccer, Sports and Show Business Promotion
|
|
1,658,928
|
|
|
71,661
|
|
|
-
|
|
|
1,730,589
|
|
|
|
Publishing - Magazines
|
|
341,159
|
|
|
-
|
|
|
-
|
|
|
341,159
|
|
|
|
Publishing - Advertising
|
|
143,622
|
|
|
-
|
|
|
-
|
|
|
143,622
|
|
|
|
Publishing Distribution
|
|
286,454
|
|
|
-
|
|
|
-
|
|
|
286,454
|
|
|
|
Transmission Concessions and Facilities
|
|
212,406
|
|
|
-
|
|
|
-
|
|
|
212,406
|
|
|
|
Segment totals
|
|
72,597,009
|
|
|
71,661
|
|
|
1,767,016
|
|
|
74,435,686
|
|
|
|
Intersegment eliminations
|
|
(520,254
|
)
|
|
-
|
|
|
-
|
|
|
(520,254
|
)
|
|
|
Consolidated total revenues of continuing operations
|
Ps.
|
72,076,755
|
|
Ps.
|
71,661
|
|
Ps.
|
1,767,016
|
|
Ps.
|
73,915,432
|
|
|
Seasonality of Operations
|
|
|
The Group’s results of operations are not highly seasonal. In the years ended December 31, 2022 and 2021, the Group recognized 25.3% and 25.5%,
respectively, of its annual consolidated net income of continuing operations in the fourth quarter of the year. The Group’s costs are more evenly incurred throughout the year and generally do not correlate to the amount of income
sales.
|
|
| 20. |
Income from Discontinued Operations, Net
|
|
The operations of the Group’s former Content segment and feature-film production and distribution business were discontinued on January 31, 2022, in
connection with the TelevisaUnivision Transaction. As a result, the Group’s consolidated statements of income for the years ended December 31, 2022 and 2021, present the results of operations of the Group’s former Content segment
and feature-film production and distribution business as net income from discontinued operations for the month ended January 31, 2022, and for the year ended December 31, 2021. Also, in connection with the TelevisaUnivision
Transaction, the Group’s consolidated statements of income for the years ended December 31, 2022 and 2021, present a gain or loss on disposition of discontinued operations, net. Accordingly, the Group’s consolidated statement of
income for the year ended December 31, 2021, has been modified from that previously reported by the Company for that period to present the results from discontinued operations for the businesses disposed of by the Group on January
31, 2022 (see Notes 2 and 3).
|
|
|
Income from discontinued operations, net, for the years ended December 31, 2022 and 2021, is presented as follows:
|
|
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from discontinued operations
|
Ps.
|
156,655
|
|
Ps.
|
8,529,547
|
|
|
|
Gain (loss) on disposition of discontinued operations, net
|
|
56,065,530
|
|
|
(1,943,647
|
)
|
|
|
Income from discontinued operations, net
|
Ps.
|
56,222,185
|
|
Ps.
|
6,585,900
|
|
|
Net income from discontinued operations for the years ended December 31, 2022 and 2021, is presented as follows:
|
|
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
Ps.
|
2,302,875
|
|
Ps.
|
35,822,423
|
|
|
|
Cost of sales and operating expenses
|
|
1,922,035
|
|
|
22,818,205
|
|
|
|
Income before other expense
|
|
380,840
|
|
|
13,004,218
|
|
|
|
Other expense, net
|
|
19,796
|
|
|
397,584
|
|
|
|
Operating income
|
|
361,044
|
|
|
12,606,634
|
|
|
|
Finance (expense) income, net
|
|
(137,251
|
)
|
|
151,788
|
|
|
|
Share of income of associates, net
|
|
-
|
|
|
847
|
|
|
|
Income before income taxes
|
|
223,793
|
|
|
12,759,269
|
|
|
|
Income taxes
|
|
67,138
|
|
|
4,229,722
|
|
|
|
Net income from discontinued operations
|
Ps.
|
156,655
|
|
Ps.
|
8,529,547
|
|
|
In connection with the TelevisaUnivision Transaction, the Group recognized an income from disposition of discontinued operations in the aggregate
amount of Ps.93,066,741 in its consolidated statement of income for the year ended December 31, 2022, comprising a consideration in cash from TelevisaUnivision in the aggregate amount of U.S.$2,971.3 million (Ps.61,214,741);
consideration in the form of common and preferred stock of TelevisaUnivision, in the aggregate amount of U.S.$1,500.0 million (Ps.30,912,000); and a cash consideration received from Tritón Comunicaciones, S.A. de C.V., a company of
the Azcárraga family, in the amount of Ps.940,000, related to the purchase of the rights for the production of news content for Mexico. The gain on disposition of discontinued operations related to the TelevisaUnivision Transaction,
net of income taxes, amounted to Ps.56,065,530, for the year ended December 31, 2022, and a loss of Ps.1,943,647, for the year ended December, 2021, and consisted of the total consideration received by the Group for the shares of
those companies that were disposed of by the Group on January 31, 2022, and certain other net assets and rights that were transferred by the Group to TelevisaUnivision and Tritón, less the carrying amounts of these consolidated net
assets as of January 31, 2022, and related expenses and income taxes incurred by the Group in connection with the TelevisaUnivision Transaction for the years ended December 31, 2022 and 2021 (see Note 3).
|
|
|
Gain or (loss) on disposition of discontinued operations, net, for the years ended December 31, 2022 and 2021, is presented as follows:
|
|
|
|
December 31, 2022
|
|
|
December 31, 2021
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) on disposition of discontinued operations before income taxes
|
Ps.
|
75,192,421
|
|
Ps.
|
(1,100,645
|
)
|
|
|
Income taxes
|
|
19,126,891
|
|
|
843,002
|
|
|
|
Gain (loss) on disposition of discontinued operations, net
|
Ps.
|
56,065,530
|
|
Ps.
|
(1,943,647
|
)
|
| 21. |
Impact of COVID-19
|
|
On March 11, 2020, the World Health Organization declared the outbreak of Coronavirus (“COVID-19”) as a pandemic. Most governments in the world have
been implementing different restrictive measures to contain the spread of this pandemic. This situation is significantly affecting the global economy, including Mexico, due to the disruption or slowdown of supply chains and the
increase in economic uncertainty, as evidenced by the increase in volatility of asset prices, exchange rates and increases/decreases in long-term interest rates. For the year ended December 31, 2021, the financial crisis caused by
the COVID-19 pandemic still had a negative effect on the Group’s businesses, financial position, and results of operations, and it is currently difficult to predict the degree of the impact in the future. The Company’s management
will continue to assess the potential adverse impacts of COVID-19, including the monitoring of impairment indicators and testing, forecasts and budgets, fair values and/or estimated future cash flows related to the recoverability of
significant financial and non-financial assets of its business segments. As of the authorization date of these consolidated unaudited financial statements, the Company’s management cannot predict the adverse impact of COVID-19 in
the Group’s consolidated financial statements for the year ending December 31, 2022.
|
|
|
For the year ended December 31, 2022, the COVID-19 pandemic still had a negative effect on the Group’s business, financial position and results of
operations, and it is currently difficult to predict the degree of the impact in the future.
|
|
The Company´s management cannot guarantee that conditions in the bank lending, capital and other financial markets will not continue to deteriorate
as a result of the pandemic, or that its access to capital and other sources of funding will not become constrained, which could adversely affect the availability and terms of future borrowings, renewals or refinancings. In
addition, the deterioration of global economic conditions as a result of the pandemic may ultimately reduce the demand for the Group´s products across its segments, as its clients and customers reduce or defer their spending.
|
|
|
Substantially all non-essential economic activities are open. However, a resurgence of COVID-19, an increase in infection rates or the effect of new
variants could trigger a renewal of governmental restrictions on non- essential activities, including but not limited to temporary shutdowns or additional guideline, which could be expensive or burdensome to implement, and which may
affect the Group´s operations.
|
|
|
The magnitude of the continuing impact of COVID-19 and new and emerging variants on the Group’s businesses will depend on the duration and extent of
the COVID-19 pandemic and the impact of federal, state, local and foreign governmental actions, consumer behavior in response to the COVID-19 pandemic and such governmental actions, as well as economic and operating conditions in
the aftermath of COVID-19. Due to the evolving and uncertain nature of the COVID-19 pandemic and the risk of new variants, the Company´s management is not able to estimate the full extent of the impact that COVID-19 may have in the
Group´s businesses, financial position and results of operations over the near, medium or long-term.
|
|
| 22. |
Lawsuit Settlement Agreement and Contingencies
|
|
Lawsuit Settlement Agreement
|
|
|
On March 5, 2018, a purported stockholder class action lawsuit was filed in the United States District Court for the Southern District of New York
(the “District Court”), alleging securities law violations in connection with allegedly misleading statements and/or omissions in the Company’s public disclosures. The lawsuit alleges that the Company and two of its executives
failed to disclose alleged involvement in bribery activities relating to certain executives of Fédération Internationale de Football Association (“FIFA”), and wrongfully failed to disclose weaknesses in the Company’s internal
control over its financial reporting as of December 31, 2016.
|
|
|
On May 17, 2018, the District Court appointed a lead plaintiff for the putative stockholder class. On August 6, 2018, the lead plaintiff filed an
amended complaint. The Company thereupon filed a motion to dismiss the amended complaint. On March 25, 2019, the District Court issued a decision denying the Company’s motion to dismiss, holding that plaintiff’s allegations, if
true, were sufficient to support a claim. The parties began to exchange discovery materials, and the discovery process continued into 2022. On June 8, 2020, the District Court issued a decision denying class certification based on
the inadequacy of the proposed class representative. On June 29, 2020, the District Court issued a decision granting class certification to a new class representative. The Company sought permission for leave to appeal the District
Court’s order.
|
|
|
On October 6, 2020, the United States Court of Appeals for the Second Circuit (the “Court of Appeals”) denied the Company’s request for leave to
appeal the District Court’s class certification order.
|
|
|
On May 19, 2021, the District Court issued an order disqualifying class counsel and stayed the case for thirty days so the class representative
could identify replacement counsel. On June 17, 2021, the District Court granted a request from the class representative and disqualified counsel to extend the stay for an additional sixty days. On June 18, 2021, a petition for a
writ of mandamus was filed in the Court of Appeals, seeking reinstatement of disqualified counsel. On June 23, 2021, the Court of Appeals granted a request from the petitioners to stay proceedings in the District Court pending the
Court of Appeals’ decision on the petition. On August 24, 2021, the Court of Appeals denied the petition. On September 14, 2021, the case was returned to the District Court. On October 8, 2021, the District Court appointed new class
counsel. On October 22, 2021, the Company filed a motion to define the class period. On March 31, 2022, the discovery period concluded, with exceptions.
|
|
|
On July 20, 2022, the District Court issued a decision on the Company’s class definition motion, defining the class period as April 11, 2013 through
November 17, 2017, inclusive. On August 3, 2022, the Company filed a petition with the Court of Appeals seeking permission for leave to appeal the District Court’s order. On November 15, 2022, the Court of Appeals denied the
Company’s petition. On August 5, 2022, the Company filed a motion for summary judgment.
|
|
|
On November 23, 2022, the Company announced that it had reached an agreement in principle to settle the securities class
action. As set forth in that disclosure, the Company will be paying approximately U.S.$21.5 million of the total settlement amount of U.S.$95 million, with the remainder to be funded under the Company’s insurance policies. As
explained in the disclosure, while the Company continues to believe that the allegations in the case were without merit, it also believes that eliminating the distraction, expense, and risk of continued litigation is in the best
interests of the Company and its shareholders. On December 28, 2022, the parties executed a memorandum of understanding memorializing the agreement in principle. On February 28, 2023, the parties executed a settlement agreement to
fully resolve and settle the class’s claims, which the lead plaintiff filed with the District Court the same day, along with a motion for preliminary approval of the settlement. On March 17, 2023, the District Court
|
|
held a conference to discuss the motion for preliminary approval of the settlement. The District Court directed the parties to revise the
settlement agreement to clarify certain issues relating to a potential award of attorneys’ fees. The Company is working with lead plaintiff to submit to the District Court a revised settlement agreement that comports with the
District Court’s direction. The settlement is subject to approval by the District Court, notice to the class, and the satisfaction of customary conditions to effectiveness.
|
|
|
In the fourth quarter of 2022, the Company recognized a provision for the settlement of this class action lawsuit in the amount of U.S.$95.0
million (Ps.1,850,220), and a receivable for a related reimbursement in the amount of U.S.$73.5 million (Ps.1,431,486) to be funded by the Company’s insurance contracts, which were classified in current liabilities and assets,
respectively, in the Group’s consolidated statement of financial position as of December 31, 2022. The net amount of U.S.$21.5 million (Ps.425,762) was recognized in other expense in the Group’s consolidated statement of income for
the year ended December 31, 2022 (see Note 15).
|
|
|
Contingencies
|
|
|
On April 27, 2017, the tax authorities initiated a tax audit to the Company, with the purpose of verifying compliance with tax provisions for the
fiscal period from January 1 to December 31, 2011, regarding federal taxes as direct subject of Income Tax (Impuesto sobre la Renta or ISR), Flat tax (Impuesto Empresarial a Tasa Única) and
Value Added Tax (Impuesto al Valor Agregado). On April 25, 2018, the authorities informed the observations determined as a result of such audit, that could entail a default on the payment of
the abovementioned taxes. On May 25, 2018, by a document submitted before the authority, the Company asserted arguments and offered evidence to undermine the authority’s observations. On June 27, 2019, the Company was notified of
the outcome of the audit, in which a tax liability was determined for an amount of Ps.682 million for ISR, penalties, surcharges and inflation adjustments. On August 22, 2019, the Company filed an administrative proceeding (recurso de revocación) against such tax liability, before the Legal area of the Tax Authorities, which is in the process of being resolved. As of the date of this report, there are no elements to
determine if the outcome would be adverse to the Company’s interests.
|
|
|
On June 1, 2016, the tax authority initiated a tax audit to a Company’s indirect subsidiary that carries out operations in the Gaming business,
which is presented in the Other Businesses segment, with the purpose of verifying compliance with tax provisions for the period from January 1 to December 31, 2014, regarding federal taxes as direct subject, as well as withholder.
On April 24, 2017, the authorities informed the facts and omissions detected during the development of the verification process, that could entail a default on the payment of the abovementioned taxes. On May 30, 2017, by a document
submitted before the authorities, the Company’s subsidiary asserted arguments and offered evidence to undermine the facts and omissions included in the authority’s last partial record. On June 21, 2019, such entity was notified of
the outcome of the audit, in which a tax liability was determined for an amount of Ps.1,334 million, essentially related to IEPS (Impuesto Especial sobre Producción y Servicios or Excise
Tax); on August 16, 2019, an administrative proceeding (recurso de revocación) was filed before the Legal area of the Tax Authorities. On January 7, 2021, the resolution to the administrative
proceeding was notified, in which the appealed resolution was confirmed. On February 19, 2021 a claim (juicio de nulidad) against the resolution issued in the referred administrative
proceeding was filed in the Second Regional Court of Puebla of the Federal Court of Administrative Justice (Tribunal Federal de Justicia Administrativa), which is still pending of resolution.
As of the date of this report, there are no elements to determine if the outcome would be adverse to the Company’s interests.
|
|
|
On August 12, 2019, the tax authority initiated a Foreign Trade Audit of one of the Company’s indirect subsidiaries (Cablebox. S.A. de C.V.), with
the purpose of verifying the correct payment of the contributions and levies on the import of the merchandise, as well as compliance with non-customs regulations and restrictions applicable to 26 foreign trade operations carried out
during fiscal year 2016. On April 30, 2020, the tax authority released the observations determined as a result of the aforementioned review, which could lead to non-compliance with the payment of the referred contributions. On April
30, 2020, the tax authority informed the facts and omissions detected during the development of the verification process, that could entail a default on several provisions of the Customs Act (Ley
Aduanera). On June 2 and 29, 2020, by several documents submitted before the authorities, the Company’s subsidiary asserted arguments and offered evidence to undermine the facts and omissions included in the tax authority’s
last partial record. On July 16, 2020 such entity was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.290 million for a fine consisting of 70% of the commercial value of the
merchandise subject to review, due to the alleged failure to comply with the Norma Oficial Mexicana, or Official Mexican Standards (NOM-019-SCFI-1998), as well as on the amount of the commercial value of the merchandise due to the
material impossibility of the merchandise becoming property of the Federal Treasury. On August 27, 2020, an administrative proceeding (recurso de revocación) was filed before the Legal
department of the Tax Authority, which is in the process of being resolved. As of the date of this report, it is not possible to determine if the outcome would be adverse or favorable to the Company’s interests.
|
|
|
On July 29, 2019, the tax authority initiated a Foreign Trade Audit of one of the Company’s indirect subsidiaries (CM Equipos y Soporte, S.A. de
C.V.), with the purpose of verifying the correct payment of the contributions and levies on the import of the merchandise, as well as compliance with non-customs regulations and restrictions applicable to 32 foreign trade operations
carried out during fiscal year 2016. On July 10, 2020, the tax authority released the observations determined as a result of the aforementioned review, which could lead to a determination of non-compliance with the payment of the
referred contributions. On August 21, 2020, through several documents submitted to the authorities, the Company’s subsidiary asserted arguments and offered evidence to undermine the facts and omissions included in the tax
authority’s most recent partial record. On May 28, 2021, the subsidiary was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.256.3 million for a fine consisting of 70% of the
commercial value of the merchandise subject to review, due to the alleged failure to comply with the Normas Oficiales Mexicanas, or Official Mexican Standards
(NOM-019- SCFI-1998, NOM-EM-015-SCFI-2015 and NOM-024-SCFI-2013), as well as on the amount of the commercial value of the merchandise due to the material impossibility of the merchandise becoming property of the Federal Treasury. On
July 12, 2021, an administrative proceeding (recurso de revocación) was filed before the Legal department of the Tax Authority, which is in the process of being
resolved. As of the date these financial statements, it is not possible to determine if the outcome would be adverse or favorable to the Company.
|
|
On June 19, 2020, the tax authority initiated a tax audit of an indirect subsidiary of the Company that carries out operations in the soccer
business. The purpose of the tax audit was to verify compliance with tax provisions for the period from January 1 to December 31, 2014, regarding federal taxes as direct subject, as well as its withholding of income tax and value
added tax. On August 9, 2022, the authorities informed the subsidiary of the facts and omissions detected during the development of the verification process, that could entail a default on the payment of the abovementioned taxes. On
December 8, 2022, such entity was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.575 million, for income tax of the abovementioned fiscal year. On January 31, 2023, an
administrative proceeding (recurso de revocación) was filed before the Legal department of the Tax Authority against such tax liability, which is in process of being resolved. As of the date
these financial statements, the Company has not determined whether the outcome would be adverse to the Company’s interests.
|
|
|
The matters discussed in the previous paragraphs did not require the recognition of a provision as of December 31, 2022.
|
|
|
There are several legal actions and claims pending against the Group, which are filed in the ordinary course of business. In the opinion of the
Company’s management, none of these actions and claims is expected now to have a material adverse effect on the Group’s financial statements as a whole; however, the Company’s management is unable to predict the outcome of any of
these legal actions and claims.
|
|
| 23. |
Proforma Financial Information
|
|
The unaudited proforma condensed consolidated financial information is comprised of the Group´s unaudited proforma condensed consolidated statement
of financial position as of December 31, 2021, and the Group’s unaudited proforma condensed consolidated statement of income for the year ended December 31, 2021. This proforma financial information has been prepared by the Group in
accordance with the requirements of the Comisión Nacional Bancaria y de Valores ("CNBV") and IFRS Standards, as issued by the IASB, in connection with the transaction closed by the Group and
TelevisaUnivision on January 31, 2022, as if this transaction had been closed on January 1, 2021 (see Notes 3 and 20).
|
|
|
Grupo Televisa, S.A.B. and Subsidiaries
Unaudited Proforma Condensed Consolidated Statement of Income
For the Year Ended December 31, 2021
|
|
(Thousands of Mexican Pesos)
|
|
Base Figures
(Unaudited)
|
|
|
|
Proforma
Adjustments
(Unaudited)
|
|
|
Proforma
Figures
(Unaudited)
|
|
|
|
Net Sales
|
Ps.
|
73,915,432
|
|
|
Ps.
|
-
|
|
Ps.
|
73,915,432
|
|
|
|
Operating income
|
Ps.
|
10,688,922
|
|
|
Ps.
|
451,373
|
|
Ps.
|
11,140,295
|
|
|
|
Finance expense
|
|
(12,478,039
|
)
|
|
|
2,608,947
|
|
|
(9,869,092
|
)
|
|
|
Finance income
|
|
560,026
|
|
|
|
45,404
|
|
|
605,430
|
|
|
|
Share in income of associates and joint ventures, net
|
|
3,671,030
|
|
|
|
2,989,859
|
|
|
6,660,889
|
|
|
|
Income before income taxes
|
|
2,441,939
|
|
|
|
6,095,583
|
|
|
8,537,522
|
|
|
|
Loss tax benefit
|
|
(1,673,054
|
)
|
|
|
(1,210,095
|
)
|
|
(2,883,149
|
)
|
|
|
Income from continuing operations
|
|
768,885
|
|
|
|
4,885,488
|
|
|
5,654,373
|
|
|
|
Income from discontinued operations
|
|
6,585,900
|
|
|
|
43,917,159
|
|
|
50,503,059
|
|
|
|
Net income
|
Ps.
|
7,354,785
|
|
|
Ps.
|
48,802,647
|
|
Ps.
|
56,157,432
|
|
|
Grupo Televisa, S.A.B. and Subsidiaries
Unaudited Proforma Condensed Consolidated Statement of Financial Position
As of December 31, 2021
|
|
(Thousands of Mexican Pesos)
|
|
Base Figures
(Unaudited)
|
|
|
|
Proforma
Adjustments
(Unaudited)
|
|
|
Proforma
Figures
(Unaudited)
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
Ps.
|
25,828,215
|
|
|
Ps.
|
60,265,932
|
|
Ps.
|
86,094,147
|
|
|
|
Trade notes and accounts receivable, net
|
|
13,093,011
|
|
|
|
(3,273,017
|
)
|
|
9,819,994
|
|
|
|
Other accounts, taxes, and trade payables,net
|
|
1,026,218
|
|
|
|
(156,988
|
)
|
|
869,230
|
|
|
|
Due to related parties
|
|
874,852
|
|
|
|
(874,852
|
)
|
|
-
|
|
|
|
Transmission rights and programming
|
|
7,591,669
|
|
|
|
(7,141,714
|
)
|
|
449,955
|
|
|
|
Other current assets
|
|
24,844,985
|
|
|
|
(1,771,252
|
)
|
|
23,073,733
|
|
|
|
Total current assets
|
|
73,258,950
|
|
|
|
47,048,109
|
|
|
120,307,059
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Due to related parties
|
|
-
|
|
|
|
5,738,832
|
|
|
5,738,832
|
|
|
|
Transmission rights and programming
|
|
12,841,026
|
|
|
|
(11,883,833
|
)
|
|
957,193
|
|
|
|
Investments in financial instruments
|
|
6,076,079
|
|
|
|
(1,607,969
|
)
|
|
4,468,110
|
|
|
|
Investment in associates and joint ventures
|
|
26,704,235
|
|
|
|
32,851,344
|
|
|
59,555,579
|
|
|
|
Property, plant and equipment, net
|
|
87,922,126
|
|
|
|
(2,569,697
|
)
|
|
85,352,429
|
|
|
|
Right-of-use assets, net
|
|
7,604,567
|
|
|
|
(416,725
|
)
|
|
7,187,842
|
|
|
|
Intangible assets and goodwill, net
|
|
42,255,881
|
|
|
|
(765,083
|
)
|
|
41,490,798
|
|
|
|
Deferred income tax assets
|
|
33,173,148
|
|
|
|
(16,715,700
|
)
|
|
16,457,448
|
|
|
|
Other non-current assets
|
|
3,906,069
|
|
|
|
(9,286
|
)
|
|
3,896,783
|
|
|
|
Total non-current assets
|
|
220,483,131
|
|
|
|
4,621,883
|
|
|
225,105,014
|
|
|
|
Total assets
|
Ps.
|
293,742,081
|
|
|
Ps.
|
51,669,992
|
|
Ps.
|
345,412,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Current portion of long-term debt
|
Ps.
|
4,106,432
|
|
|
Ps.
|
-
|
|
Ps.
|
4,106,432
|
|
|
|
Interest payable
|
|
2,034,577
|
|
|
|
-
|
|
|
2,034,577
|
|
|
|
Current portion of lease liabilities
|
|
1,478,382
|
|
|
|
(136,781
|
)
|
|
1,341,601
|
|
|
|
Derivative financial instruments
|
|
149,087
|
|
|
|
-
|
|
|
149,087
|
|
|
|
Accounts payable to suppliers and cumulative expenses
|
|
22,874,341
|
|
|
|
(5,849,917
|
)
|
|
17,024,424
|
|
|
|
Customer deposits and advances
|
|
8,998,556
|
|
|
|
(6,211,587
|
)
|
|
2,786,969
|
|
|
|
Taxes payable
|
|
12,097,760
|
|
|
|
2,344,216
|
|
|
14,441,976
|
|
|
|
Employee benefits
|
|
2,332,260
|
|
|
|
(1,096,684
|
)
|
|
1,235,576
|
|
|
|
Due to related parties
|
|
82,070
|
|
|
|
762,753
|
|
|
844,823
|
|
|
|
Other current liabilities
|
|
2,516,057
|
|
|
|
(702,222
|
)
|
|
1,813,835
|
|
|
|
Total current liabilities
|
|
56,669,522
|
|
|
|
(10,890,222
|
)
|
|
45,779,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-current liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
|
121,685,710
|
|
|
|
-
|
|
|
121,685,710
|
|
|
|
Lease liabilities
|
|
8,202,177
|
|
|
|
(256,363
|
)
|
|
7,945,814
|
|
|
|
Derivative financial instruments
|
|
23,798
|
|
|
|
-
|
|
|
23,798
|
|
|
|
Advance from TelevisaUnivision
|
|
-
|
|
|
|
5,509,807
|
|
|
5,509,807
|
|
|
|
Taxes payable
|
|
104,825
|
|
|
|
-
|
|
|
104,825
|
|
|
|
Deferred income tax liabilities
|
|
2,210,609
|
|
|
|
231,061
|
|
|
2,441,670
|
|
|
|
Post-employment benefits
|
|
1,913,680
|
|
|
|
(1,100,854
|
)
|
|
812,826
|
|
|
|
Other non-current liabilities
|
|
6,407,696
|
|
|
|
(4,658,922
|
)
|
|
1,748,774
|
|
|
|
Total non-current liabilities
|
|
140,548,495
|
|
|
|
(275,271
|
)
|
|
140,273,224
|
|
|
|
Total liabilities
|
|
197,218,017
|
|
|
|
(11,165,493
|
)
|
|
186,052,524
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
|
|
96,524,064
|
|
|
|
62,835,485
|
|
|
159,359,549
|
|
|
|
Total liabilities and equity
|
Ps.
|
293,742,081
|
|
|
Ps.
|
51,669,992
|
|
Ps.
|
345,412,073
|
|
|
Preparation basis of the Group's Proforma Condensed Consolidated Statements
|
|
|
The proforma adjustments considered in these unaudited consolidated condensed proforma financial statements are based on assumptions and estimates made by
the Company's management according to the information that is available.
|
|
|
The Group’s unaudited consolidated condensed proforma financial statements for the year ended December 31, 2022, have been prepared by management of the
Company by applying the Group’s accounting policies. These unaudited consolidated condensed proforma financial statements should be read in conjunction with the Group’s audited consolidated financial statements as of December 31, 2022 and
2021.
|
|
|
Proforma Adjustments
|
|
|
In accordance with the terms of the Transaction closed on January 31, 2022, the Group disposed of certain assets and liabilities of most of its Content
segment and other net assets and transferred certain rights and intangible assets related to these disposed businesses (see Note 3).
|
|
|
The main proforma adjustments are described as follows:
|
|
|
1. The disposition of the primary consolidated assets and liabilities of the Group’s Content business segment, the transfer of certain rights related to
this business segment, the disposition of the Group’s assets and liabilities of its feature film production and distribution business, and the disposition of certain Group’s investments in associates and equity financial instruments, were
accounted in the Group’s consolidated condensed proforma financial statements as if the disposition of all of these net assets had been carried out and completed on January 1, 2021, based on the carrying amount of the Group’s consolidated
net assets as of that date.
|
|
|
2. The aggregate consideration received by the Group in connection with the disposition of the net assets, and the transfer of rights and intangible
assets referred to in the above paragraph, was accounted for by the Group in its consolidated condensed proforma financial statements for the year ended December 31, 2021, as if this aggregate consideration had been received by the Group
on January 1, 2021. The aggregate consideration for this transaction includes cash in the amount of U.S.$3,222 million and common and preferred shares issued by TelevisaUnivision (formerly known as UH II) with a fair value assumed amount
of U.S.$1,500 million. Additionally, as part of this transaction, the Group also received a consideration of Ps.940,000 for the transfer of rights of news content production to a related party other than TelevisaUnivision.
|
|
|
3. The consideration in cash received by the Group in connection with this transaction was classified as cash and cash equivalents denominated in U.S.
dollars in the Group’s consolidated condensed proforma statement of financial position as of December 31, 2021, as if such consideration had been received on January 1, 2021. The interest income and the related foreign exchange gain or
loss from these U.S. dollar cash equivalents were accounted for by the Group in its consolidated condensed and proforma statement of income for the year ended December 31, 2021 as if the cash consideration had been received on January 1,
2021, and assuming that the aggregate amount of this consideration had been maintained as cash equivalents denominated in U.S. dollars during the year ended December 31, 2021. The annual interest rate applicable to these cash equivalents
in U.S. dollars was of 0.06% for the year ended December 31, 2021, and the related interest income was presented as proforma consolidated finance income for the year ended December 31, 2021.
|
|
|
4. The aggregate consideration referred to above included an amount of U.S.$276.2 million related to the right of use of the broadcasting television
concessions for 20 years beginning in 2022. This amount was accounted for as an advance from TelevisaUnivision in the Group’s consolidated condensed proforma statement of financial position as of December 31, 2021, as if the advance had
been received on January 1, 2021, and it will be recognized by the Group as income in future years in the same term required for amortizing the amount paid by the Group for these concessions. For tax purposes, this advance from
TelevisaUnivision was taxable on the payment date. As the Group will start to amortize the paid amount for these concessions and recognizing the related income for the advance received from TelevisaUnivision beginning in 2022, none
proforma adjustments were accounted for these effects in the Group’s consolidated condensed proforma statements of income for the year ended December 31, 2021.
|
|
|
5. As of result of the consideration received by the Group in connection with the disposition of the Group’s net assets and the transfer of rights and
intangible assets referred to above, the Group accounted for a related income tax expense in the aggregate amount of Ps.19,019,475, which represented an estimated effective rate of 26.2% similar to the actual paid rate.
|
|
|
6. The gain resulting from this transaction, net of related income taxes, for an amount of Ps.69,522,534, was classified as income of discontinued
operations in the Group’s consolidated condensed proforma statement of income for the year ended December 31, 2021, as if this transaction had been carried out on January 1, 2021. The proforma gain on disposition of discontinued
operations before and after income taxes, was as follows:
|
|
|
|
Proforma Gain on
Disposition of
Discontinued
Operations
|
|
|
Proforma Gain on
Discontinued
Operations, Net of
Income Taxes
|
|
|
|
Consolidated Condensed Proforma Statement of income for the year ended December 31, 2021
|
Ps.
|
69,522,534
|
|
Ps.
|
50,503,059
|
|
|
7. In connection with the common shares and preferred shares issued by TelevisaUnivision as consideration to the Group for this transaction, the
Group’s share in the capital of TelevisaUnivision increased from 35.5% to 44.4% on an as-converted basis. Therefore, the Group accounted for as a proforma adjustment in its consolidated condensed proforma financial statement of income
for the year ended December 31, 2021, a share of income or loss of 44.4% in the proforma income or loss of TelevisaUnivision for the year ended December 31, 2021. For purposes of recognizing its share in the consolidated results of
TelevisaUnivision, the Group used the proforma consolidated financial statement of income of TelevisaUnivision for the year ended December 31, 2021, which was prepared by management of TelevisaUnivision on an IFRS basis and
recognizing certain proforma adjustments, primarily in connection with the acquisition of the disposed businesses by the Group.
|
|
|
8. The consideration for the common and preferred shares issued by TelevisaUnivision and received by the Group as part of the transaction, included an
amount of U.S.$750 million related to common shares, issued by TelevisaUnivision and U.S.$750 million related to preferred shares issued by TelevisaUnivision with an annual dividend of 5.5%. The common and preferred shares issued by
TelevisaUnivision were classified under applicable IFRS Standards as investments in associates in the Group’s consolidated condensed proforma statement of financial position as of December 31, 2021, as if such investments had been
made on January 1, 2021.
|
|
|
9. The consideration received by the Group in the form of preferred shares issued by TelevisaUnivision, which have an annual dividend of 5.5%, and are
convertible in common shares of TelevisaUnivision, were considered for determining the Group’s share in the capital of TelevisaUnivision because they have features similar to common shares of TelevisaUnivision in accordance with the
guidelines of applicable IFRS Standards. The annual dividend of 5.5% on the U.S.$750 million fair value of these preferred shares at the acquisition date, was recognized as part of the share in income of TelevisaUnivision in the
Group’s consolidated condensed proforma statements of income for the year ended December 31, 2021, as if the transaction had been carried out and completed on January 1, 2021. These preferred shares were classified as investments in
associates in the Group’s consolidated condensed proforma statement of financial position as of December 31, 2021.
|
|
|
10. The proforma adjustments related to the income tax for taxable or deductible results recognized in the Group’s consolidated condensed statements
of income for the year ended December 31, 2021, were accounted for by using an income tax rate of 30%, which was the rate applicable in 2021 in accordance with the Mexican Income Tax Law. The Group’s base figures in its consolidated
condensed proforma financial statements include an effective income tax rate for the results of operations as applicable to those base figures.
|
|
| 24. |
Events after the Reporting Period
|
|
In February 2023, the Company’s Board of Directors approved a proposed dividend of Ps.0.35 per CPO payable in the second quarter of 2023, subject to
approval of the Company’s stockholders.
|
|
|
In February 2023, Sky executed a revolving credit facility with a Mexican bank for an amount up to Ps.1,000,000, and with a maturity in 2028. The
funds may be used for general corporate purposes, including the repayment of debt. Under the terms of this revolving credit facility, Sky is required to comply with certain restrictive covenants and financial coverage ratios. In March
2023, upon the maturity of loans with two Mexican banks, Sky repaid the remaining portions of these loans in the aggregate principal amount of Ps.1,000,000 with (i) available cash on hand in the amount of Ps.600,000 and (ii) funds
from this revolving credit facility in the principal amount of Ps.400,000, plus interest payable on a monthly basis at the annual interest rate of TIIE plus 0.85%. As of March 31, 2023, the unused principal amount of this revolving
credit facility amounted to Ps.600,000.
|
|
|
In March 2023, the Company received funds derived from insurance contracts in the amount of U.S.$73.5 million (Ps.1,325,600) in connection with a
provision for the settlement of a class action lawsuit (see Note 22).
|
|
|
On April 20, 2023, the District Court granted preliminary approval of the settlement agreement discussed in Note 22. The settlement remains subject to
notice to the class, final approval by the District Court, and the satisfaction of customary conditions to effectiveness. Within twenty business days of receiving of complete payment instructions, the Company must transfer the
settlement amount to the designated escrow account that was established for the administration of the settlement.
|
|
|
On April 26, 2023, the Company’s stockholders approved, among other resolutions, (i) the audited consolidated financial statements of the Company as
of December 31, 2022, and for the year ended on that date; (ii) 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 will be paid in May
2023; (iii) the cancellation in May 2023 of 8,294.7 million shares of the Company’s capital stock in the form of 70.9 million CPOs, which were repurchased by the Company in 2022 and 2023; and (iv) a reorganization to separate from the
Company certain businesses of the Group’s Other Businesses segment, including the soccer operations, the Azteca Stadium, gaming operations, and publishing and distribution of magazines. This reorganization will be implemented through
a partial spin-off (escisión) of the Company and the creation of a new holding company of the spun-off businesses, which will be listed on the Mexican Stock Exchange and will have conditions, including compliance with applicable law,
as well as obtaining all required corporate and regulatory authorizations (see Note 3).
|
|
Dividends paid, ordinary shares:
|
[7] 1,053,392,000
|
|
Dividends paid, other shares:
|
0
|
|
Dividends paid, ordinary shares per share:
|
[8] 0.002991453
|
|
Dividends paid, other shares per share:
|
0
|
|
STOCK EXCHANGE CODE: TLEVISA
GRUPO TELEVISA, S.A.B.
|
QUARTER: 04
|
YEAR: 2022
|
|
/s/ Alfonso de Angoitia Noriega
|
/s/ Bernardo Gómez Martínez
|
|
|
ALFONSO DE ANGOITIA NORIEGA
|
BERNARDO GÓMEZ MARTÍNEZ
|
|
|
CO-CHIEF EXECUTIVE OFFICER
|
CO-CHIEF EXECUTIVE OFFICER
|
|
|
/s/ Carlos Phillips Margain
|
/s/ Luis Alejandro Bustos Olivares
|
|
|
CARLOS PHILLIPS MARGAIN
|
LUIS ALEJANDRO BUSTOS OLIVARES
|
|
|
CORPORATE VICE PRESIDENT OF FINANCE
|
LEGAL VICE PRESIDENT AND
|
|
|
GENERAL COUNSEL
|
|
|
GRUPO TELEVISA, S.A.B.
|
|||
|
|
(Registrant)
|
|
||
|
|
|
|
|
|
|
|
|
|
|
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Dated: May 5, 2023
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By:
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/s/ Luis Alejandro Bustos Olivares |
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Name: | Luis Alejandro Bustos Olivares |
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Title:
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Legal Vice President and General Counsel |
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