UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of May, 2004
GRUPO TELEVISA, S.A.
-------------------------------------------------
(Translation of registrant's name into English)
Av. Vasco de Quiroga No. 2000, Colonia Sante Fe 01210 Mexico, D.F.
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(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file
annual reports under cover Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
------- -------
(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act
of 1934.)
Yes No X
----- -----
(If "Yes" is marked indicate below the file number assigned to the
registrant in connection with Rule 12g-3-2(b): 82 .)
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
AT MARCH 31 OF 2004 AND 2003
(Thousands of Pesos)
Final Printing
------------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
S Amount % Amount %
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1 TOTAL ASSETS 62,694,807 100 58,276,724 100
2 CURRENT ASSETS 26,298,806 42 23,389,141 40
3 ACCOUNTS AND DOCUMENTS RECEIVABLE (NET) 15,013,153 24 10,682,113 18
4 OTHER ACCOUNTS AND DOCUMENTS RECEIVABLE 5,763,598 9 6,630,142 11
5 OTHER ACCOUNTS AND NOTES RECEIVABLE (NET) 1,014,543 2 1,337,311 2
6 INVENTORIES 3,823,208 6 4,197,985 7
7 OTHER CURRENT ASSETS 684,304 1 541,590 1
8 LONG-TERM 6,562,429 10 3,366,242 6
9 ACCOUNTS AND DOCUMENTS RECEIVABLE (NET) 0 0 6,143 0
10 INVESTMENT IN SHARES OF SUBSIDIARIES
AND NON-CONSOLIDATED 6,227,539 10 3,186,000 5
11 OTHER INVESTMENTS 334,890 1 174,099 0
12 PROPERTY, PLANT AND EQUIPMENT 15,580,176 25 16,125,255 28
13 PROPERTY 12,529,066 20 12,247,427 21
14 MACHINERY AND INDUSTRIAL 11,396,782 18 10,408,647 18
15 OTHER EQUIPMENT 2,590,676 4 2,406,302 4
16 ACCUMULATED DEPRECIATION 11,575,115 18 10,080,965 17
17 CONSTRUCTION IN PROGRESS 638,767 1 1,143,844 2
18 DEFERRED ASSETS (NET) 9,253,810 15 9,814,928 17
19 OTHER ASSETS 4,999,586 8 5,581,158 10
20 TOTAL LIABILITIES 34,447,643 100 35,589,059 100
21 CURRENT LIABILITIES 4,236,522 12 5,509,736 15
22 SUPPLIERS 1,847,843 5 2,145,120 6
23 BANK LOANS 248,463 1 542,712 2
24 STOCK MARKET LOANS 0 0 774,431 2
25 TAXES TO BE PAID 654,283 2 782,764 2
26 OTHER CURRENT LIABILITIES 1,485,933 4 1,264,709 4
27 LONG-TERM LIABILITIES 15,404,858 45 15,067,313 42
28 BANK LOANS 2,004,453 6 1,448,975 4
29 STOCK MARKET LOANS 12,700,568 37 12,752,432 36
30 OTHER LOANS 699,837 2 865,906 2
31 DEFERRED LOANS 13,548,295 39 13,164,685 37
32 OTHER LIABILITIES 1,257,968 4 1,847,325 5
33 CONSOLIDATED STOCK HOLDERS' EQUITY 28,247,164 100 22,687,665 100
34 MINORITY INTEREST 1,128,424 4 1,172,294 5
35 MAJORITY INTEREST 27,118,740 96 21,515,371 95
36 CONTRIBUTED CAPITAL 11,672,741 41 7,981,185 35
37 PAID-IN CAPITAL STOCK (NOMINAL) 1,501,717 5 1,506,426 7
38 RESTATEMENT OF PAID-IN CAPITAL STOCK 6,234,903 22 6,246,168 28
39 PREMIUM ON SALES OF SHARES 3,936,121 14 228,591 1
40 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 0 0 0 0
41 CAPITAL INCREASE (DECREASE) 15,445,999 55 13,534,186 60
42 RETAINED EARNINGS AND CAPITAL RESERVE 15,939,591 56 13,543,851 60
43 REPURCHASE FUNDS OF SHARES 5,367,759 19 5,701,872 25
44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK
HOLDERS' EQUITY (6,333,392) (22) (5,972,196) (26)
45 NET INCOME FOR THE YEAR 472,041 2 260,659 1
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MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED FINANCIAL STATEMENT
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Pesos)
Final Printing
------------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
S Amount % Amount %
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3 CASH AND SHORT-TERM INVESTMENTS 15,013,153 100 10,682,113 100
46 CASH 198,652 1 202,101 2
47 SHORT-TERM INVESTMENTS 14,814,501 99 10,480,012 98
18 DEFERRED ASSETS (NET) 9,253,810 100 9,814,928 100
48 AMORTIZED OR REDEEMED EXPENSES 1,621,935 18 1,812,167 18
49 GOODWILL 7,631,875 82 8,002,761 82
50 DEFERRED TAXES 0 0 0 0
51 OTHERS 0 0 0 0
21 CURRENT LIABILITIES 4,236,522 100 5,509,736 100
52 FOREIGN CURRENCY LIABILITIES 1,854,370 44 3,190,119 58
53 MEXICAN PESOS LIABILITIES 2,382,152 56 2,319,617 42
24 STOCK MARKET LOANS 0 100 774,431 100
54 COMMERCIAL PAPER 0 0 774,431 100
55 CURRENT MATURITIES OF MEDIUM-TERM NOTES 0 0 0 0
56 CURRENT MATURITIES OF BONDS 0 0 0 0
26 OTHER CURRENT LIABILITIES 1,485,933 100 1,264,709 100
57 OTHER CURRENT LIABILITIES WITH COST 0 0 17,711 1
58 OTHER CURRENT LIABILITIES WITHOUT COST 1,485,933 100 1,246,998 99
27 LONG-TERM LIABILITIES 15,404,858 100 15,067,313 100
59 FOREIGN CURRENCY LIABILITIES 10,822,578 70 10,993,696 73
60 MEXICAN PESOS LIABILITIES 4,582,280 30 4,073,617 27
29 STOCK MARKET LOANS 12,700,568 100 12,752,432 100
61 BONDS 12,700,568 100 12,752,432 100
62 MEDIUM-TERM NOTES 0 0 0 0
30 OTHER LOANS 699,837 100 865,906 100
63 OTHER LOANS WITH COST 0 0 0 0
64 OTHER LOANS WITHOUT COST 699,837 100 865,906 100
31 DEFERRED LOANS 13,548,295 100 13,164,685 100
65 NEGATIVE GOODWILL 0 0 0 0
66 DEFERRED TAXES 1,177,439 9 1,905,187 14
67 OTHERS 12,370,856 91 11,259,498 86
32 OTHER LIABILITIES 1,257,968 100 1,847,325 100
68 RESERVES 0 0 95,899 5
69 OTHERS LIABILITIES 1,257,968 100 1,751,426 95
44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK- (6,333,392) 100 (5,972,196) 100
HOLDERS' EQUITY
70 ACCUMULATED INCOME DUE TO MONETARY POSITION (30,453) (0) (30,453) (1)
71 INCOME FROM NON-MONETARY POSITION ASSETS (6,302,939) (100) (5,941,743) (99)
72 WORKING CAPITAL 22,062,284 17,879,405
73 PENSION PLANS AND SENIORITY PREMIUMS 956,230 721,307
74 EXECUTIVES (*) 35 36
75 EMPLOYERS (*) 12,193 12,433
76 WORKERS (*) 0
77 CIRCULATION SHARES (*) 8,787,732,965 8,815,292,674
78 REPURCHASED SHARES (*) 680,814,994 317,750,443
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* THESE CONCEPTS SHOULD BE EXPRESSED IN UNITS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
FROM JANUARY 1 TO MARCH 31, 2004 AND 2003
(Thousands of Pesos)
Final Printing
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REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
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R Amount % Amount %
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1 NET SALES 5,230,785 100 5,015,378 100
2 COST OF SALES 3,226,204 62 3,196,005 64
3 GROSS INCOME 2,004,581 38 1,819,373 36
4 OPERATING 844,271 16 853,232 17
5 OPERATING INCOME 1,160,310 22 966,141 19
6 TOTAL FINANCING COST 369,292 7 188,961 4
7 INCOME AFTER FINANCING COST 791,018 15 777,180 15
8 OTHER FINANCIAL OPERATIONS 222,945 4 215,538 4
9 INCOME BEFORE TAXES AND WORKERS' PROFIT
SHARING 568,073 11 561,642 11
10 RESERVE FOR TAXES AND WORKERS' PROFIT
SHARING 159,761 3 192,700 4
11 NET INCOME AFTER TAXES AND WORKERS' PROFIT
SHARING 408,312 8 368,942 7
12 SHARE IN NET INCOME OF SUBSIDIARIES AND
NON-CONSOLIDATED ASSOCIATES 44,481 1 (128,326) (3)
13 CONSOLIDATED NET INCOME OF CONTINUOUS
OPERATIONS 452,793 9 240,616 5
14 INCOME OF DISCONTINUED OPERATIONS 0 0 0
15 CONSOLIDATED NET INCOME BEFORE
EXTRAORDINARY ITEMS 452,793 9 240,616 5
16 EXTRAORDINARY ITEMS NET EXPENSES (INCOME) 0 0 0 0
17 NET EFFECT AT THE BEGINNING OF THE YEAR BY
CHANGES IN ACCOUNTING PRINCIPLES 0 0 0 0
18 NET CONSOLIDATED INCOME 452,793 9 240,616 5
19 NET INCOME OF MINORITY INTEREST (19,248) (0) (20,043) (0)
20 NET INCOME OF MAJORITY INTEREST 472,041 9 260,659 5
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MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Pesos)
Final Printing
---------------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
R Amount % Amount %
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1 NET SALES 5,230,785 100 5,015,378 100
21 DOMESTIC 4,167,092 80 4,091,915 82
22 FOREIGN 1,063,693 20 923,463 18
23 TRANSLATED INTO DOLLARS (***) 95,194 2 82,096 2
6 TOTAL FINANCING COST 369,292 100 188,961 100
24 INTEREST PAID 293,186 79 320,803 170
25 EXCHANGE LOSSES 7,360 2 0
26 INTEREST EARNED 151,591 41 173,324 92
27 EXCHANGE PROFITS 0 95,198 50
28 GAIN DUE TO MONETARY POSITION 158,733 43 94,470 50
42 LOSS ON RESTATEMENT OF UDI'S 61,604 17 42,210 22
43 GAIN ON RESTATEMENT OF UDI'S 0 0 0 0
8 OTHER FINANCIAL OPERATIONS 222,945 100 215,538 100
29 OTHER NET EXPENSES (INCOME) NET 222,945 100 215,538 100
30 (PROFIT) LOSS ON SALE OF OWN SHARES 0 0 0 0
31 (PROFIT) LOSS ON SALE OF SHORT-TERM INVESTMENTS 0 0 0 0
10 RESERVE FOR TAXES AND WORKERS' PROFIT SHARING 159,761 100 192,700 100
32 INCOME TAX 195,086 122 463,310 240
33 DEFERRED INCOME TAX (36,026) (23) (272,351) (141)
34 WORKERS' PROFIT SHARING 701 0 1,741 1
35 DEFERRED WORKERS' PROFIT SHARING 0 0
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(***) THOUSANDS OF DOLLARS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF INCOME
OTHER CONCEPTS
(Thousands of Pesos)
Final Printing
---------------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
R Amount Amount
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36 TOTAL SALES 5,626,357 5,486,299
37 NET INCOME OF THE YEAR - 345,955
38 NET SALES (**) 24,147,714 22,996,050
39 OPERATION INCOME (**) 6,334,810 5,069,457
40 NET INCOME OF MAJORITY INTEREST (**) 3,864,322 966,751
41 NET CONSOLIDATED INCOME (**) 3,742,171 861,585
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(**) THE RESTATED INFORMATION ON THE LAST TWELVE MONTHS SHOULD BE USED
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
FROM JANUARY 1 TO MARCH 31, 2004 AND 2003
(Thousands of Pesos)
Final Printing
---------------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
R Amount % Amount %
---------------------------------------------------------------------------------------------------------------------------------
1 NET SALES 5,230,785 100 5,015,378 100
2 COST OF SALES 3,226,204 62 3,196,005 64
3 GROSS INCOME 2,004,581 38 1,819,373 36
4 OPERATING 844,271 16 853,232 17
5 OPERATING INCOME 1,160,310 22 966,141 19
6 TOTAL FINANCING COST 369,292 7 188,961 4
7 INCOME AFTER FINANCING COST 791,018 15 777,180 15
8 OTHER FINANCIAL OPERATIONS 222,945 4 215,538 4
9 INCOME BEFORE TAXES AND WORKERS' PROFIT
SHARING 568,073 11 561,642 11
10 RESERVE FOR TAXES AND WORKERS' PROFIT
SHARING 159,761 3 192,700 4
11 NET INCOME AFTER TAXES AND WORKERS' PROFIT
SHARING 408,312 8 368,942 7
12 SHARE IN NET INCOME OF SUBSIDIARIES AND
NON-CONSOLIDATED ASSOCIATES 44,481 1 (128,326) (3)
13 CONSOLIDATED NET INCOME OF CONTINUOUS
OPERATIONS 452,793 9 240,616 5
14 INCOME OF DISCONTINUED OPERATIONS 0 0 0
15 CONSOLIDATED NET INCOME BEFORE
EXTRAORDINARY ITEMS 452,793 9 240,616 5
16 EXTRAORDINARY ITEMS NET EXPENSES (INCOME) 0 0 0 0
17 NET EFFECT AT THE BEGINNING OF THE YEAR BY
CHANGES IN ACCOUNTING PRINCIPLES 0 0 0 0
18 NET CONSOLIDATED INCOME 452,793 9 240,616 5
19 NET INCOME OF MINORITY INTEREST (19,248) (0) (20,043) (0)
20 NET INCOME OF MAJORITY INTEREST 472,041 9 260,659 5
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MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
QUARTERLY CONSOLIDATED STATEMENTS OF INCOME
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Pesos)
Final Printing
---------------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
R Amount % Amount %
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1 NET SALES 5,230,785 100 5,015,378 100
21 DOMESTIC 4,167,092 80 4,091,915 82
22 FOREIGN 1,063,693 20 923,463 18
23 TRANSLATED INTO DOLLARS (***) 95,194 2 82,096 2
6 TOTAL FINANCING COST 369,292 100 188,961 100
24 INTEREST PAID 293,186 79 320,803 170
25 EXCHANGE LOSSES 7,360 2 0
26 INTEREST EARNED 151,591 41 173,324 92
27 EXCHANGE PROFITS 0 95,198 50
28 GAIN DUE TO MONETARY POSITION 158,733 43 94,470 50
42 LOSS ON RESTATEMENT OF UDI'S 61,604 17 42,210 22
43 GAIN ON RESTATEMENT OF UDI'S 0 0 0 0
8 OTHER FINANCIAL OPERATIONS 222,945 100 215,538 100
29 OTHER NET EXPENSES (INCOME) NET 222,945 100 215,538 100
30 (PROFIT) LOSS ON SALE OF OWN SHARES 0 0 0 0
31 (PROFIT) LOSS ON SALE OF SHORT-TERM INVESTMENTS 0 0 0 0
10 RESERVE FOR TAXES AND WORKERS' PROFIT SHARING 159,761 100 192,700 100
32 INCOME TAX 195,086 122 463,310 240
33 DEFERRED INCOME TAX (36,026) (23) (272,351) (141)
34 WORKERS' PROFIT SHARING 701 0 1,741 1
35 DEFERRED WORKERS' PROFIT SHARING 0 0 0 0
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(***) THOUSANDS OF DOLLARS
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
FROM JANUARY 1 TO MARCH 31, 2004 AND 2003
(Thousands of Pesos)
Final Printing
---------------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
C Amount Amount
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1 CONSOLIDATED NET INCOME 452,793 240,616
2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT
REQUIRE USING CASH 267,022 370,043
3 CASH FLOW FROM NET INCOME OF THE YEAR 719,815 610,659
4 CASH FLOW FROM CHANGE IN WORKING CAPITAL 2,095,468 1,958,597
5 CASH GENERATED (USED) IN OPERATING ACTIVITIES 2,815,283 2,569,256
6 CASH FLOW FROM EXTERNAL FINANCING (267,924) 69,193
7 CASH FLOW FROM INTERNAL FINANCING 162,748 (153,356)
8 CASH FLOW GENERATED (USED) BY FINANCING (105,176) (84,163)
9 CASH FLOW GENERATED (USED) IN INVESTMENT
ACTIVITIES (152,578) (1,082,306)
10 NET INCREASE (DECREASE) IN CASH AND SHORT-TERM
INVESTMENTS 2,557,529 1,402,787
11 CASH AND SHORT-TERM INVESTMENTS AT THE
BEGINNING OF PERIOD 12,455,624 9,279,326
12 CASH AND SHORT-TERM INVESTMENTS AT THE END
OF PERIOD 15,013,153 10,682,113
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MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
BREAKDOWN OF MAIN CONCEPTS
(Thousands of Pesos)
Final Printing
---------------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
C Amount Amount
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2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT
REQUIRE USING CASH 267,022 370,043
13 DEPRECIATION AND AMORTIZATION FOR THE YEAR 340,535 393,763
14 + (-) NET INCREASE (DECREASE) IN PENSION PLANS
AND SENIORITY PREMIUMS
15 + (-) NET LOSS (PROFIT) IN MONEY EXCHANGE
16 + (-) NET LOSS (PROFIT) IN ASSETS AND LIABILITIES
ACTUALIZATION
17 + (-) OTHER ITEMS
40 + (-) OTHER NON-EBITDA ITEMS (73,513) (23,720)
4 CASH FLOW FROM CHANGE IN WORKING CAPITAL 2,095,468 1,958,597
18 + (-) DECREASE (INCREASE) IN ACCOUNTING RECEIVABLE 5,005,542 3,391,875
19 + (-) DECREASE (INCREASE) IN INVENTORIES (9,169) (82,037)
20 + (-) DECREASE (INCREASE) IN OTHER ACCOUNT
RECEIVABLE 104,525 (9,353)
21 + (-) INCREASE (DECREASE) IN SUPPLIER ACCOUNT (537,524) (221,820)
22 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES (2,467,906) (1,120,068)
6 CASH FLOW FROM EXTERNAL FINANCING (267,924) 69,193
23 + SHORT-TERM BANK AND STOCK MARKET FINANCING 32,164
24 + LONG-TERM BANK AND STOCK MARKET FINANCING 20,291 317,367
25 + DIVIDEND RECEIVED
26 + OTHER FINANCING
27 (-) BANK FINANCING AMORTIZATION (56,222) (25,771)
28 (-) STOCK MARKET AMORTIZATION
29 (-) OTHER FINANCING AMORTIZATION (231,993) (254,567)
7 CASH FLOW FROM INTERNAL FINANCING 162,748 (153,356)
30 + (-) INCREASE (DECREASE) IN CAPITAL STOCKS 162,748 (153,356)
31 (-) DIVIDENDS PAID
32 + PREMIUM ON SALE OF SHARES
33 + CONTRIBUTION FOR FUTURE CAPITAL INCREASES
9 CASH FLOW GENERATED (UTILIZED) IN INVESTMENT
ACTIVITIES (152,578) (1,082,306)
34 + (-) DECREASE (INCREASE) IN STOCK INVESTMENTS
OF A PERMANENT NATURE (149,238) (270,827)
35 (-) ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT (138,297) (163,942)
36 (-) INCREASE IN CONSTRUCTIONS IN PROGRESS
37 + SALE OF OTHER PERMANENT INVESTMENTS
38 + SALE OF TANGIBLE FIXED ASSETS 25,324 9,185
39 + (-) OTHER ITEMS 109,633 (656,722)
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MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
RATIOS
CONSOLIDATED
Final Printing
---------------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
P
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YIELD
1 NET INCOME TO NET SALES 8.66 % 4.80 %
2 NET INCOME TO STOCKHOLDERS' EQUITY (**) 14.25 % 4.49 %
3 NET INCOME TO TOTAL ASSETS (**) 5.97 % 1.48 %
4 CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME 0.00 % 0.00 %
5 INCOME DUE TO MONETARY POSITION TO NET INCOME (35.06) % (39.26) %
ACTIVITY
6 NET SALES TO NET ASSETS (**) 0.39 times 0.39 times
7 NET SALES TO FIXED ASSETS (**) 1.55 times 1.43 times
8 INVENTORIES ROTATION (**) 3.74 times 3.39 times
9 ACCOUNTS RECEIVABLE IN DAYS OF SALES 86 days 104 days
10 PAID INTEREST TO TOTAL LIABILITIES WITH COST (**) 8.21 % 8.33 %
LEVERAGE
11 TOTAL LIABILITIES TO TOTAL ASSETS 54.94 % 61.07 %
12 TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY 1.22 times 1.57 times
13 FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES 36.80 % 39.85 %
14 LONG-TERM LIABILITIES TO FIXED ASSETS 98.87 % 93.44 %
15 OPERATING INCOME TO INTEREST PAID 3.96 times 3.01 times
16 NET SALES TO TOTAL LIABILITIES (**) 0.70 times 0.65 times
LIQUIDITY
17 CURRENT ASSETS TO CURRENT LIABILITIES 6.21 times 4.25 times
18 CURRENT ASSETS LESS INVENTORY TO CURRENT
LIABILITIES 5.31 times 3.48 times
19 CURRENT ASSETS TO TOTAL LIABILITIES 0.76 times 0.66 times
20 AVAILABLE ASSETS TO CURRENT LIABILITIES 354.37 % 193.88 %
CASH FLOW
21 CASH FLOW FROM NET INCOME TO NET SALES 13.76 % 12.18 %
22 CASH FLOW FROM CHANGES IN WORKING CAPITAL
TO NET SALES 40.06 % 39.05 %
23 CASH GENERATED (USED) IN OPERATING TO
INTEREST PAID 9.60 times 8.01 times
24 EXTERNAL FINANCING TO CASH GENERATED (USED)
IN FINANCING 254.74 % (82.21) %
25 INTERNAL FINANCING TO CASH GENERATED (USED)
IN FINANCING (154.74) % 182.21 %
26 ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT
TO CASH GENERATED (USED) IN INVESTMENT
ACTIVITIES 90.64 % 15.15 %
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(**) IN THESE RATIOS FOR THE DATA TAKE INTO CONSIDERATION THE LAST TWELVE MONTHS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
DATA PER SHARE
CONSOLIDATED FINANCIAL STATEMENT
Final Printing
---------------------------------------------------------------------------------------------------------------------------------
REF QUARTER OF PRESENT QUARTER OF PREVIOUS
CONCEPTS FINANCIAL YEAR FINANCIAL YEAR
------------------------------------------------------------
D Amount Amount
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1 BASIC PROFIT PER ORDINARY SHARE (**) $ .44 $ .11
2 BASIC PROFIT PER PREFERRED SHARE (**) $ .44 $ .11
3 DILUTED PROFIT PER ORDINARY SHARE (**) $ .00 $ .00
4 CONTINUOUS OPERATING PROFIT PER COMMON
SHARE (**) $ .43 $ (.04)
5 EFFECT OF DISCONTINUED OPERATING ON
CONTINUOUS OPERATING PROFIT PER SHARE (**) $ (.01) $ .13
6 EFFECT OF EXTRAORDINARY PROFIT AND LOSS ON
CONTINUOUS OPERATING PROFIT PER SHARE (**) $ .00 $ .00
7 EFFECT BY CHANGES IN ACCOUNTING POLICIES ON
CONTINUOUS OPERATING PROFIT PER SHARE (**) $ .00 $ .00
8 CARRYING VALUE PER SHARE $ 3.09 $ 2.44
9 CASH DIVIDEND ACUMULATED PER SHARE $ .00 $ .00
10 DIVIDEND IN SHARES PER SHARE .00 shares .00 shares
11 MARKET PRICE TO CARRYING VALUE 2.86 times 1.85 times
12 MARKET PRICE TO BASIC PROFIT PER ORDINARY
SHARE (**) 20.07 times 41.29 times
13 MARKET PRICE TO BASIC PROFIT PER PREFERRED
SHARE (**) 19.88 times 40.99 times
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(**) TO CALCULATE THE DATA PER SHARE USE THE NET INCOME FOR THE LAST TWELVE
MONTHS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES (1)
CONSOLIDATED
Final Printing
-------------------------------------------------------------------------------
CONSOLIDATED FINANCIAL STATEMENTS - BREAKDOWN OF MAIN CONCEPTS -
S 53 MEXICAN PESOS LIABILITIES. THIS CAPTION INCLUDES, IN
THE FIRST QUARTER OF 2004, LIABILITIES IN FOREIGN CURRENCY
(TAXES PAYABLE) FOR AN AMOUNT OF PS.37,276, WHICH CANNOT BE
PRESENTED IN S 52 (FOREIGN CURRENCY LIABILITIES) SINCE THE
SYSTEM DOES NOT ALLOW A RELATED VALIDATION WITH ANNEX 5
(ANALYSIS OF CREDITS).
-------------------------------------------------------------------------------
(1 ) THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL STATEMENT
AMOUNTS, INCLUDING THEIR BREAKDOWN OF MAIN CONCEPTS AND OTHER CONCEPTS.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
CONSOLIDATED
Final Printing
INTEGRATION OF THE PAID SOCIAL CAPITAL STOCK
CHARACTERISTICS OF THE SHARES
-------------------------------------------------------------------------------------------- --------------------------
CAPITAL STOCK
NUMBER OF SHARES (Thousands of Pesos)
------------------------------------------------------- --------------------------
NOMINAL VALID FIXED VARIABLE
SERIES VALUE COUPON PORTION PORTION MEXICAN SUBSCRIPTION FIXED VARIABLE
-------------------------------------------------------------------------------------------- -------------------------
A - 4,459,562,241 4,459,562,241 762,085
----------------------------------------------------------------------------------------------------------------------
D - 2,164,085,362 2,164,085,362 369,816
----------------------------------------------------------------------------------------------------------------------
L - 2,164,085,362 2,164,085,362 369,816
----------------------------------------------------------------------------------------------------------------------
TOTAL - 8,787,732,965 - 6,623,647,603 2,164,085,362 1,501,717 -
----------------------------------------------------------------------------------------------------------------------
TOTAL NUMBER OF SHARES REPRESENTING THE PAID-IN CAPITAL STOCK ON THE DATE OF SENDING THE INFORMATION
8,787,732,965
SHARES REPRESENTED BY:
CPO's : THREE SHARES (ONE SERIES A, ONE SERIES D AND ONE SERIES L)
UNITS :
ADRS's :
GDRS's :
ADS's :
GDS's : TWENTY CPO's
REPURCHASED OWN SHARES
NUMBER OF MARKET VALUE OF THE SHARE
SERIES SHARES AT REPURCHASE AT QUARTER
-----------------------------------------------------------------------------------
A 430,307,554 6.35934 8.81628
D 75,463,734 6.35934 8.81628
L 75,463,734 6.35934 8.81628
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A. CONSOLIDATED
Final Printing
-------------------------------------------------------------------------------
THE SHARES REPRESENTING THE COMPANY'S CAPITAL STOCK CONSISTED OF:
ISSUED 9,468,547,959
REPURCHASED (680,814,994)
-----------------
8,787,732,965
OUTSTANDING =================
THE COMPANY'S SHARES REPURCHASED BY THE GROUP CONSISTED OF:
SHARES REPURCHASED BY GRUPO TELEVISA, S.A. 192,663,300
REPURCHASE OF SERIES "A" SHARES (ESPECIAL PURPOSE TRUST) 430,307,554
SHARES ACQUIRED BY TELEVISA, S.A. DE C.V. 511,765,937
RESALE OF SHARES (42,000)
CANCELATION OF SHARES (404,725,037)
SALE UNDER THE STOCK OPTION PLAN (49,154,760)
-----------------
680,814,994
=================
NOTE: THE AVERAGE REPURCHASE AND THE MARKET VALUE OF THE SHARE
AT QUARTER ARE HISTORICAL.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA
GRUPO TELEVISA, S.A.
DECLARATION OF THE REGISTRANT'S OFFICERS, RESPONSIBLE FOR THE INFORMATION.
WE HEREBY DECLARE THAT, TO THE EXTENT OF OUR FUNCTIONS, WE PREPARED THE
INFORMATION RELATED TO THE REGISTRANT CONTAINED IN THIS QUARTERLY REPORT,
AND BASED ON OUR KNOWLEDGE, THIS INFORMATION FAIRLY PRESENTS THE
REGISTRANT'S CONDITION. WE ALSO DECLARE THAT WE ARE NOT AWARE OF ANY
RELEVANT INFORMATION WHICH HAS BEEN OMITTED OR UNTRUE IN THIS QUARTERLY
REPORT, OR WHICH CONTAINS ANY INFORMATION THAT MAY BE MISLEADING TO
INVESTORS.
----------------------------- ------------------------------
EMILIO AZCARRAGA JEAN SALVI FOLCH VIADERO
PRESIDENT AND CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER
OFFICER
MEXICO, D.F., APRIL 28, 2004
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
ANNEX 1
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
MEXICO CITY, D.F., APRIL 28, 2004 -- GRUPO TELEVISA, S.A. (NYSE:TV; BMV:
TLEVISA CPO) TODAY ANNOUNCED RESULTS FOR THE FIRST QUARTER 2004. THE
RESULTS ARE IN MILLIONS OF MEXICAN PESOS, HAVE BEEN PREPARED IN ACCORDANCE
WITH MEXICAN GAAP AND ARE ADJUSTED TO PESOS IN PURCHASING POWER AS OF MARCH
31, 2004.
NET SALES
NET SALES FOR THE FIRST QUARTER OF 2004 REACHED PS.5,230.8 MILLION, A 4.3%
INCREASE COMPARED TO PS.5,015.4 MILLION FROM LAST YEAR'S FIRST QUARTER.
THIS INCREASE WAS DRIVEN BY HIGHER REVENUES IN THE TELEVISION BROADCASTING,
PUBLISHING DISTRIBUTION, OTHER BUSINESSES, CABLE TELEVISION, PROGRAMMING
FOR PAY TELEVISION AND PUBLISHING SEGMENTS. THESE INCREASES WERE PARTIALLY
OFFSET BY LOWER REVENUES IN THE PROGRAM LICENSING AND RADIO SEGMENTS.
EBITDA
EBITDA IS DEFINED AS OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION.
CONSOLIDATED EBITDA INCREASED 10.4% TO PS.1,500.8 MILLION IN THE FIRST
QUARTER OF 2004 FROM PS.1,359.9 MILLION REPORTED IN THE SAME PERIOD OF
2003. CONSOLIDATED EBITDA MARGIN INCREASED TO A FIRST-QUARTER RECORD OF
28.7% FROM 27.1% IN THE SAME PERIOD OF 2003. ADDITIONALLY, OPERATING INCOME
INCREASED 20.1% TO PS.1,160.3 MILLION IN THE FIRST QUARTER OF 2004 FROM
PS.966.1 MILLION REPORTED IN THE SAME PERIOD OF 2003. THESE INCREASES
PRIMARILY RESULTED FROM REVENUE GROWTH, AND WERE PARTIALLY OFFSET BY HIGHER
COST OF SALES AND OPERATING EXPENSES.
THE CHARGE FOR OPERATING DEPRECIATION AND AMORTIZATION WAS PS.340.5 MILLION
AND PS.393.8 MILLION IN THE FIRST QUARTER OF 2004 AND 2003, RESPECTIVELY.
NET INCOME
THE COMPANY GENERATED NET INCOME OF PS.472.0 MILLION IN THE FIRST QUARTER
OF 2004 COMPARED TO NET INCOME OF PS.260.6 MILLION IN LAST YEAR'S FIRST
QUARTER. THE NET INCREASE OF PS.211.4 MILLION REFLECTED PRIMARILY A
PS.194.2 MILLION INCREASE IN OPERATING INCOME; A PS.39.0 MILLION DECREASE
IN OTHER EXPENSE-NET; A PS.32.9 MILLION DECREASE IN INCOME TAXES; AND A
PS.172.8 MILLION INCREASE IN EQUITY IN RESULTS FROM AFFILIATES. THESE
FAVORABLE CHANGES WERE PARTIALLY OFFSET BY A PS.180.3 MILLION INCREASE IN
INTEGRAL COST OF FINANCING AND A PS.46.4 MILLION INCREASE IN RESTRUCTURING
AND NON-RECURRING CHARGES.
RESULTS BY BUSINESS SEGMENTS
TELEVISION BROADCASTING
THE INCREASE OF 4.3% IN TELEVISION BROADCASTING SALES (PS.3,194.0 MILLION
AND PS.3,062.0 MILLION FOR THE FIRST QUARTER OF 2004 AND 2003,
RESPECTIVELY), WAS MAINLY ATTRIBUTABLE TO AN INCREASE IN ADVERTISING TIME
SOLD AND AN INCREASE OF 8.4% IN LOCAL SALES DRIVEN BY CHANNEL 4TV, OUR
LOCAL CHANNEL IN MEXICO CITY. EXCLUDING THE POLITICAL ADVERTISING RECEIVED
DURING THE FIRST QUARTER OF LAST YEAR, TELEVISION BROADCASTING SALES
INCREASED 9.9%.
TELEVISION BROADCASTING EBITDA INCREASED 15.0% TO PS.1,268.6 MILLION IN THE
FIRST QUARTER OF 2004 FROM PS.1,103.3 MILLION REPORTED IN THE SAME PERIOD
OF 2003, AND OPERATING INCOME ROSE 20.9% (PS.1,023.7 MILLION AND PS.846.9
MILLION FOR THE FIRST QUARTER OF 2004 AND 2003, RESPECTIVELY). THESE
INCREASES REFLECT HIGHER SALES, A 1.8% REDUCTION IN COST OF SALES, AND A
1.1% DECREASE IN OPERATING EXPENSES.
PROGRAMMING FOR PAY TELEVISION
THE 3.6% INCREASE IN PROGRAMMING FOR PAY TELEVISION SALES (PS.168.4 MILLION
AND PS.162.6 MILLION FOR THE FIRST QUARTER OF 2004 AND 2003, RESPECTIVELY),
RESULTED FROM HIGHER REVENUES FROM SIGNALS SOLD TO PAY TELEVISION SYSTEMS
IN MEXICO, AND WAS PARTIALLY OFFSET BY LOWER REVENUES FROM SIGNALS SOLD TO
PAY TELEVISION SYSTEMS IN LATIN AMERICA.
OPERATING INCOME INCREASED 63.1% (PS.39.3 MILLION AND PS.24.1 MILLION FOR
THE FIRST QUARTER OF 2004 AND 2003, RESPECTIVELY), DUE TO HIGHER SALES AND
LOWER OPERATING EXPENSES, AND WAS PARTIALLY OFFSET BY HIGHER SIGNAL COSTS.
PROGRAMMING LICENSING
THE 2.3% DECREASE IN PROGRAMMING LICENSING SALES (PS.414.3 MILLION AND
PS.423.9 MILLION FOR THE FIRST QUARTER OF 2004 AND 2003, RESPECTIVELY), IS
ATTRIBUTABLE TO LOWER EXPORT SALES IN EUROPE AND ASIA, AS WELL AS BY A
NEGATIVE TRANSLATION EFFECT OF FOREIGN CURRENCY DENOMINATED SALES, WHICH
AMOUNTED TO PS.11.7 MILLION. THIS DECREASE WAS PARTIALLY OFFSET BY AN 8.7%
INCREASE IN ROYALTIES PAID TO THE COMPANY BY UNIVISION UNDER THE UNIVISION
PROGRAM LICENSE AGREEMENT, WHICH AMOUNTED TO U.S.$22.9 MILLION AND HIGHER
EXPORT SALES TO LATIN AMERICA.
OPERATING INCOME DECREASED 4.0% (PS.122.2 MILLION AND PS.127.3 MILLION FOR
THE FIRST QUARTER OF 2004 AND 2003, RESPECTIVELY), REFLECTING LOWER SALES
AND A MARGINAL INCREASE IN COST OF SALES, PARTIALLY OFFSET BY A DECREASE IN
OPERATING EXPENSES.
PUBLISHING
THE 3.8% INCREASE IN PUBLISHING SALES (PS.370.9 MILLION AND PS.357.2
MILLION FOR THE FIRST QUARTER OF 2004 AND 2003, RESPECTIVELY), WAS RELATED
TO HIGHER ADVERTISING PAGES SOLD IN MEXICO AND ABROAD. THIS INCREASE WAS
PARTIALLY OFFSET BY A DECREASE IN THE NUMBER OF MAGAZINES SOLD IN MEXICO.
PUBLISHING OPERATING INCOME DECREASED MARGINALLY (PS.25.3 MILLION AND
PS.25.4 MILLION FOR THE FIRST QUARTER OF 2004 AND 2003, RESPECTIVELY),
REFLECTING HIGHER OPERATING EXPENSES AND DEPRECIATION AND AMORTIZATION
COSTS THAT WERE PARTIALLY OFFSET BY HIGHER SALES AND A REDUCTION IN COST OF
SALES.
PUBLISHING DISTRIBUTION
PUBLISHING DISTRIBUTION SALES INCREASED BY 16.6% (PS.445.1 MILLION AND
PS.381.6 MILLION FOR THE FIRST QUARTER OF 2004 AND 2003, RESPECTIVELY), DUE
TO HIGHER DISTRIBUTION SALES ABROAD PARTIALLY OFFSET BY LOWER CIRCULATION
OF MAGAZINES IN MEXICO PUBLISHED BY THIRD PARTIES.
OPERATING LOSS INCREASED TO PS.8.6 MILLION IN THE FIRST QUARTER OF 2004
FROM OPERATING LOSS OF PS.3.7 MILLION IN LAST YEAR'S FIRST QUARTER, DUE TO
HIGHER COST OF SALES AND OPERATING EXPENSES THAT WERE PARTIALLY OFFSET BY
HIGHER SALES.
CABLE TELEVISION
AFTER NINE CONSECUTIVE QUARTERS OF SUBSCRIBER LOSSES, CABLEVISION ADDED
1,500 NEW SUBSCRIBERS DURING THE FIRST QUARTER REACHING A TOTAL OF 365,900
GROSS ACTIVE SUBSCRIBERS, OF WHICH OVER 68,000 ARE DIGITAL SUBSCRIBERS.
SALES INCREASED 7.6% (PS.269.6 MILLION AND PS.250.6 MILLION FOR THE FIRST
QUARTER OF 2004 AND 2003, RESPECTIVELY), REFLECTING MAINLY THE POSITIVE
EFFECT OF THE ELIMINATION OF THE EXCISE TAX ON TELECOMMUNICATION SERVICES.
OPERATING INCOME INCREASED 24.9% (PS.38.1 MILLION AND PS.30.5 MILLION FOR
THE FIRST QUARTER OF 2004 AND 2003, RESPECTIVELY), DUE TO HIGHER SALES AND
LOWER COST OF SALES THAT WERE PARTIALLY OFFSET BY HIGHER OPERATING
EXPENSES.
RADIO
RADIO SALES DECREASED 9.0% (PS.52.8 MILLION AND PS.58.0 MILLION FOR THE
FIRST QUARTER OF 2004 AND 2003, RESPECTIVELY), DUE TO LOWER ADVERTISING
TIME SOLD, REFLECTING THE ABSENCE OF POLITICAL ADVERTISING RECEIVED DURING
THE FIRST QUARTER OF 2003.
OPERATING LOSS INCREASED TO PS.7.1 MILLION IN THE FIRST QUARTER OF 2004
COMPARED WITH AN OPERATING LOSS OF PS.2.5 MILLION IN THE FIRST QUARTER OF
2003, ATTRIBUTABLE TO LOWER SALES, AND WAS PARTIALLY OFFSET BY LOWER COST
OF SALES AND OPERATING EXPENSES.
OTHER BUSINESSES
OTHER BUSINESSES' SALES INCREASED 8.5% (PS.351.9 MILLION AND PS.324.2
MILLION FOR THE FIRST QUARTER OF 2004 AND 2003, RESPECTIVELY), DUE TO
HIGHER SALES IN THE DISTRIBUTION OF FEATURE FILMS AND SPORT BUSINESSES,
WHICH WERE PARTIALLY OFFSET BY LOWER SALES IN THE INTERNET PORTAL BUSINESS.
OPERATING LOSS DECREASED TO PS.39.1 MILLION FROM A LOSS OF PS.62.3 MILLION
IN LAST YEAR'S COMPARABLE PERIOD. THIS FAVORABLE VARIANCE WAS LED BY HIGHER
REVENUES AND LOWER DEPRECIATION AND AMORTIZATION COSTS, AND WAS PARTIALLY
OFFSET BY AN INCREASE IN COST OF SALES AND OPERATING EXPENSES.
INTERSEGMENT SALES
INTERSEGMENT SALES FOR THE FIRST QUARTER OF 2004 AND 2003, AMOUNTED TO
PS.82.1 MILLION AND PS.85.6 MILLION, RESPECTIVELY.
CORPORATE EXPENSES
CORPORATE EXPENSES FOR THE FIRST QUARTER OF 2004 AND 2003, AMOUNTED TO
PS.32.1 MILLION AND PS.31.8 MILLION, RESPECTIVELY.
SKY
INNOVA, S. DE R.L. DE C.V., A NON-CONSOLIDATED BUSINESS OF GRUPO TELEVISA,
IS THE PAY-TV MARKET LEADER IN MEXICO. IT PROVIDES DIRECT-TO-HOME SATELLITE
TELEVISION SERVICES UNDER THE SKY BRAND NAME. FINANCIAL AND OPERATING
UNAUDITED HIGHLIGHTS OF INNOVA, OF WHICH TELEVISA OWNS 60%, NEWS CORP. 30%,
AND LIBERTY MEDIA 10%, ARE AS FOLLOWS:
- AS OF MARCH 31, 2004, THE NUMBER OF GROSS ACTIVE SUBSCRIBERS INCREASED
TO 886,100, INCLUDING 50,200 COMMERCIAL SUBSCRIBERS. THIS REPRESENTS A
13.6% INCREASE FROM 779,700, INCLUDING 41,400 COMMERCIAL SUBSCRIBERS
REGISTERED AS OF MARCH 31, 2003, OR AN INCREASE OF APPROXIMATELY 106,400
GROSS ACTIVE SUBSCRIBERS.
- NET REVENUES INCREASED 19.1% TO PS.1,093.1 MILLION IN THE FIRST QUARTER
OF 2004 COMPARED TO THE SAME PERIOD OF LAST YEAR. THIS INCREASE REFLECTS
THE SUBSCRIBER GROWTH, THE ELIMINATION OF THE 10% EXCISE TAX ON
TELECOMMUNICATIONS SERVICES AND ADDITIONAL PAY-PER-VIEW REVENUES RELATED
TO SPECIAL EVENTS.
- EBITDA INCREASED 42.6% IN THE FIRST QUARTER OF 2004 TO PS.387.1 MILLION
COMPARED WITH THE FIRST QUARTER OF 2003. AS A RESULT, EBITDA MARGIN
INCREASED TO A RECORD OF 35.4% FROM 29.6% REPORTED IN THE FIRST QUARTER
OF LAST YEAR.
- EBIT INCREASED 213.4% TO PS.196.3 MILLION IN THE FIRST QUARTER OF 2004.
- INNOVA REPORTED A NET INCOME OF PS.147.0 MILLION IN THE FIRST QUARTER OF
2004 COMPARED TO A NET LOSS OF PS.388.5 MILLION IN LAST YEAR'S
COMPARABLE PERIOD. THIS POSITIVE RESULT REFLECTS HIGHER OPERATING
INCOME, LOWER INTEREST EXPENSE AND A POSITIVE FOREIGN EXCHANGE RESULT.
INTEGRAL COST OF FINANCING
INTEGRAL COST OF FINANCING INCREASED BY PS.180.3 MILLION, OR 95.4%, TO
PS.369.3 MILLION IN THE FIRST QUARTER OF 2004 FROM PS.189.0 MILLION IN THE
FIRST QUARTER OF 2003. THIS INCREASE REFLECTS THREE PRIMARY FACTORS: I) AN
UNFAVORABLE PS.239.5 MILLION HEDGE EFFECT ON THE U.S.$600 MILLION LONG-TERM
DEBT HEDGED BY THE COMPANY'S NET INVESTMENT IN UNIVISION IN THE FIRST
QUARTER OF 2004 COMPARED TO A FAVORABLE HEDGED EFFECT IN THE FIRST QUARTER
OF 2003, DRIVEN BY A 0.45% APPRECIATION OF THE MEXICAN PESO COMPARED TO THE
U.S. DOLLAR DURING THE FIRST QUARTER OF 2004, COMPARED TO A 3.13%
DEPRECIATION OF THE MEXICAN PESO COMPARED TO THE U.S. DOLLAR DURING THE
FIRST QUARTER OF 2003; II) A PS.64.2 MILLION INCREASE IN LOSS FROM MONETARY
POSITION PRIMARILY AS A RESULT OF A HIGHER NET MONETARY ASSET POSITION
DURING THE FIRST QUARTER OF 2004 COMPARED TO THE FIRST QUARTER OF 2003; AND
III) A PS.21.7 MILLION DECREASE IN INTEREST INCOME IN THE FIRST QUARTER OF
2004 COMPARED TO LAST YEAR'S FIRST QUARTER REFLECTING INNOVA'S
CAPITALIZATION IN SEPTEMBER 2003 OF ALL OF THE AMOUNTS DUE TO THE COMPANY
IN CONNECTION WITH CERTAIN FINANCING PROVIDED BY THE COMPANY, WHICH EFFECT
WAS PARTIALLY OFFSET BY AN INCREASE IN INTEREST INCOME IN CONNECTION WITH A
HIGHER AVERAGE AMOUNT OF TEMPORARY INVESTMENTS DURING THE FIRST QUARTER OF
2004 COMPARED TO THE FIRST QUARTER OF 2003. THESE UNFAVORABLE VARIANCES
WERE OFFSET BY A PS.136.9 MILLION FAVORABLE CHANGE RESULTING FROM A NET
FOREIGN EXCHANGE GAIN DUE TO THE MEXICAN PESO APPRECIATION DURING THE FIRST
QUARTER OF 2004 COMPARED TO A NET FOREIGN EXCHANGE LOSS DUE TO THE MEXICAN
PESO DEPRECIATION IN THE FIRST QUARTER OF 2003; AND A PS.8.2 MILLION
DECREASE IN INTEREST EXPENSE, PRIMARILY AS A RESULT OF A MARGINAL REDUCTION
IN THE AVERAGE AMOUNT OF TOTAL DEBT DURING THE FIRST QUARTER OF 2004
COMPARED TO THE FIRST QUARTER OF 2003, WHICH WAS PARTIALLY OFFSET BY AN
INCREASE IN THE RESTATEMENT OF THE COMPANY'S UDI DENOMINATED DEBT AS
INFLATION INCREASED 1.57% DURING THE FIRST QUARTER OF 2004 COMPARED TO
1.32% IN THE FIRST QUARTER OF 2003.
RESTRUCTURING AND NON-RECURRING CHARGES
RESTRUCTURING AND NON-RECURRING CHARGES INCREASED BY PS.46.4 MILLION, OR
85.0%, TO PS.101.0 MILLION FOR THE FIRST QUARTER OF 2004 COMPARED TO
PS.54.6 MILLION FOR THE FIRST QUARTER OF 2003. THIS INCREASE PRIMARILY
REFLECTS HIGHER RESTRUCTURING CHARGES IN CONNECTION WITH WORK FORCE
REDUCTIONS FOR THE FIRST QUARTER OF 2004 COMPARED TO THE FIRST QUARTER OF
2003.
OTHER EXPENSE-NET
OTHER EXPENSE DECREASED BY PS.39.0 MILLION, OR 24.2%, TO PS.121.9 MILLION
FOR THE FIRST QUARTER OF 2004 COMPARED TO PS.160.9 MILLION FOR THE FIRST
QUARTER OF 2003. THIS DECREASE PRIMARILY REFLECTS A REDUCTION IN
AMORTIZATION OF GOODWILL AS THE COMPANY CEASED AMORTIZING THIS INTANGIBLE
ASSET BEGINNING JANUARY 1, 2004, IN ACCORDANCE WITH BULLETIN B-7 RELATED TO
BUSINESS ACQUISITIONS. THIS WAS PARTIALLY OFFSET BY A DECREASE IN OTHER
NON-OPERATING INCOME FOR THE FIRST QUARTER OF 2004 COMPARED TO THE FIRST
QUARTER OF 2003.
INCOME TAX AND ASSETS TAX
THE EFFECTIVE INCOME TAX RATE DECREASED IN THE FIRST QUARTER OF 2004
COMPARED TO THE FIRST QUARTER OF 2003, PRIMARILY AS A RESULT OF A LOWER
THAN EXPECTED EFFECTIVE INCOME TAX RATE FOR 2004 COMPARED TO THAT EXPECTED
FOR 2003 AT THE END OF THE FIRST QUARTER OF LAST YEAR.
EQUITY IN RESULTS OF AFFILIATES
EQUITY IN RESULTS OF AFFILIATES INCREASED BY PS.172.8 MILLION TO AN EQUITY
INCOME OF PS.44.5 MILLION FOR THE FIRST QUARTER OF 2004 FROM AN EQUITY LOSS
OF PS.128.3 MILLION IN THE FIRST QUARTER OF 2003. THIS INCREASE PRIMARILY
REFLECTS A REDUCTION IN THE LIABILITY POSITION OF INNOVA AND SKY
MULTI-COUNTRY PARTNERS IN THE FIRST QUARTER OF 2004 COMPARED TO THE FIRST
QUARTER OF 2003, PRIMARILY AS A RESULT OF THE APPRECIATION OF THE MEXICAN
PESO COMPARED TO THE U.S. DOLLAR IN THE FIRST QUARTER OF 2004 VERSUS A
DEPRECIATION OF THE MEXICAN PESO COMPARED TO THE U.S. DOLLAR IN THE SAME
PERIOD OF 2003, AS WELL AS AN INCREASE IN THE EQUITY INCOME OF UNIVISION IN
THE FIRST QUARTER OF 2004 COMPARED TO THE FIRST QUARTER OF 2003.
OTHER RELEVANT INFORMATION
CAPITAL EXPENDITURES, ACQUISITIONS AND INVESTMENTS
IN THE FIRST QUARTER OF 2004, THE COMPANY INVESTED APPROXIMATELY U.S.$12.4
MILLION IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES, OF WHICH
APPROXIMATELY U.S.$4.7 MILLION IS RELATED TO THE CABLE TELEVISION SEGMENT.
ADDITIONALLY, THE COMPANY INVESTED APPROXIMATELY U.S.$6.3 MILLION IN
LONG-TERM LOANS TO ITS LATIN AMERICAN DTH JOINT-VENTURES, AND U.S.$1.0
MILLION IN CAPITAL CONTRIBUTIONS TO "TUTV," A 50% JOINT VENTURE WITH
UNIVISION FOR DISTRIBUTION OF THE COMPANY'S PAY-TELEVISION CHANNELS IN THE
UNITED STATES.
DEBT
AS OF MARCH 31, 2004, THE COMPANY'S LONG-TERM DEBT AMOUNTED TO PS.14,705.0
MILLION, AND ITS SHORT-TERM DEBT WAS PS.248.5 MILLION COMPARED TO
PS.14,201.4 MILLION AND PS.1,334.9 MILLION, RESPECTIVELY, AS OF MARCH 31,
2003.
TELEVISION RATINGS AND AUDIENCE SHARE
NATIONAL URBAN RATINGS AND AUDIENCE SHARE REPORTED BY IBOPE CONFIRM THAT IN
THE FIRST QUARTER OF 2004 TELEVISA CONTINUES TO DELIVER STRONG RATINGS AND
AUDIENCE SHARES. DURING WEEKDAY PRIME TIME (19:00 TO 23:00 - MONDAY TO
FRIDAY), AUDIENCE SHARE AMOUNTED TO 69.8%; IN PRIME TIME (16:00 TO 23:00 -
MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 68.8%; AND IN SIGN-ON TO
SIGN-OFF (6:00 TO 24:00 - MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO
71.1%.
OUTLOOK FOR 2004
DURING THE SECOND QUARTER OF 2004, WE WILL FACE A DIFFICULT COMPARISON DUE
TO THE ABSENCE OF THE SUBSTANTIAL AMOUNT OF POLITICAL ADVERTISING THAT WE
RECEIVED LAST YEAR. HOWEVER, FOR THE FULL YEAR 2004, WE BELIEVE THAT OUR
2004 UP-FRONT SALES, OUR FIRST QUARTER RESULTS, THE CURRENT ADVERTISING
MOMENTUM, AND THE SPECIAL EVENTS SCHEDULED IN THE CALENDAR FOR THIS YEAR,
WILL ALLOW US TO MAKE UP THE POLITICAL ADVERTISING SHORTFALL AND ACHIEVE A
MARGINAL REVENUE INCREASE IN OUR TELEVISION BROADCASTING BUSINESS. IN
ADDITION, WE EXPECT TO KEEP CONSOLIDATED COST AND EXPENSES FLAT THROUGHOUT
THE YEAR, WHICH SHOULD ALLOW US TO MAINTAIN OUR TELEVISION BROADCASTING AND
CONSOLIDATED EBITDA MARGINS AT 2003 LEVELS.
GRUPO TELEVISA S.A., IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING
WORLD, AND A MAJOR PLAYER IN THE INTERNATIONAL ENTERTAINMENT BUSINESS. IT
HAS INTERESTS IN TELEVISION PRODUCTION AND BROADCASTING, PROGRAMMING FOR
PAY TELEVISION, INTERNATIONAL DISTRIBUTION OF TELEVISION PROGRAMMING,
DIRECT-TO-HOME SATELLITE SERVICES, PUBLISHING AND PUBLISHING DISTRIBUTION,
CABLE TELEVISION, RADIO PRODUCTION AND BROADCASTING, PROFESSIONAL SPORTS
AND SHOW BUSINESS PROMOTIONS, FEATURE FILM PRODUCTION AND DISTRIBUTION, AND
THE OPERATION OF A HORIZONTAL INTERNET PORTAL. GRUPO TELEVISA ALSO HAS AN
UNCONSOLIDATED EQUITY STAKE IN UNIVISION, THE LEADING SPANISH-LANGUAGE
TELEVISION COMPANY IN THE UNITED STATES.
THIS ANNEX CONTAINS FORWARD-LOOKING STATEMENTS REGARDING THE COMPANY'S
RESULTS AND PROSPECTS. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THESE
STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS ANNEX SHOULD BE READ IN
CONJUNCTION WITH THE FACTORS DESCRIBED IN "ITEM 3. KEY INFORMATION -
FORWARD-LOOKING STATEMENTS" IN THE COMPANY'S ANNUAL REPORT ON FORM 20-F,
WHICH, AMONG OTHERS, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM
THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS MADE IN THIS ANNEX AND IN
ORAL STATEMENTS MADE BY AUTHORIZED OFFICERS OF THE COMPANY. READERS ARE
CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS,
WHICH SPEAK ONLY AS OF THEIR DATES. THE COMPANY UNDERTAKES NO OBLIGATION TO
PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A
RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
FINANCIAL STATEMENT NOTES (1)
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
GRUPO TELEVISA, S.A.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003
(IN THOUSANDS OF MEXICAN PESOS IN PURCHASING POWER AS
OF MARCH 31, 2004, EXCEPT PER SHARE, PER CPO AND PER UDI VALUES)
1. ACCOUNTING POLICIES:
THE CONDENSED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A. (THE
"COMPANY") AND ITS CONSOLIDATED SUBSIDIARIES (COLLECTIVELLY, THE "GROUP"),
AS OF MARCH 31, 2004 AND 2003, AND FOR THE THREE MONTHS ENDED ON THOSE
DATES, ARE UNAUDITED. IN THE OPINION OF MANAGEMENT, ALL ADJUSTMENTS
(CONSISTING PRINCIPALLY OF NORMAL RECURRING ADJUSTMENTS) NECESSARY FOR A
FAIR PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE
BEEN INCLUDED THEREIN.
FOR PURPOSES OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS,
CERTAIN INFORMATION AND DISCLOSURES, NORMALLY INCLUDED IN FINANCIAL
STATEMENTS PREPARED IN ACCORDANCE WITH MEXICAN GENERALLY ACCEPTED
ACCOUNTING PRINCIPLES ("MEXICAN GAAP"), HAVE BEEN CONDENSED OR OMITTED.
THESE CONDENSED CONSOLIDATED STATEMENTS SHOULD BE READ IN CONJUNCTION WITH
THE GROUP'S CONSOLIDATED AND AUDITED FINANCIAL STATEMENTS AND NOTES THERETO
FOR THE YEARS ENDED DECEMBER 31, 2003 AND 2002, WHICH INCLUDE, AMONG OTHER
DISCLOSURES, THE GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES, WHICH HAVE
BEEN APPLIED ON A CONSISTENT BASIS FOR THE THREE MONTHS ENDED MARCH 31,
2004, EXCEPT FOR THE MATTER DISCUSSED IN THE FOLLOWING PARAGRAPH.
EFFECTIVE JANUARY 1, 2004, GOODWILL IS DEEMED BY THE GROUP AS AN
INTANGIBLE ASSET WITH AN INDEFINITE USEFUL LIVE, AND ACCORDINGLY, CEASED
BEING AMORTIZED AFTER DECEMBER 31, 2003. BEFORE 2004, GOODWILL WAS
AMORTIZED OVER A PERIOD OF 20 YEARS.
2. PROPERTY, PLANT AND EQUIPMENT:
PROPERTY, PLANT AND EQUIPMENT AS OF MARCH 31, CONSISTED OF:
2004 2003
------------------------ ----------------------
Ps. 7,284,060 Ps. 6,891,735
BUILDING IMPROVEMENTS 1,659,146 1,705,585
TECHNICAL EQUIPMENT 11,396,782 10,408,647
FURNITURE AND FIXTURES 579,733 556,057
TRANSPORTATION EQUIPMENT 1,069,161 1,019,142
COMPUTER EQUIPMENT 941,782 831,103
------------------------ ----------------------
22,930,664 21,412,269
ACCUMULATED DEPRECIATION (11,575,115) (10,080,965)
------------------------ ----------------------
11,355,549 11,331,304
LAND 3,585,860 3,650,107
CONSTRUCTION IN PROGRESS 638,767 1,143,844
------------------------ ----------------------
Ps. 15,580,176 Ps. 16,125,255
======================== ======================
DEPRECIATION CHARGED TO INCOME FOR THE THREE MONTHS ENDED MARCH 31,
2004 AND 2003, WAS PS.289,833 AND PS.305,875, RESPECTIVELY.
3. LONG-TERM DEBT SECURITIES:
AS OF MARCH 31, THE COMPANY'S LONG-TERM DEBT SECURITIES OUTSTANDING
WERE AS FOLLOWS:
2004 2003
------------------------------------- -----------------------------------
U.S. DOLLAR U.S. DOLLAR
PRINCIPAL PRINCIPAL
AMOUNTS MEXICAN AMOUNTS MEXICAN
(THOUSANDS) PESOS (THOUSANDS) PESOS
--------------- -------------------- --------------- ------------------
11.375% SERIES "A" SENIOR NOTES DUE 2003
(SEE NOTE 13) $ - Ps. - $ 68,847 Ps. 774,431
11.875% SERIES "B" SENIOR NOTES DUE 2006
(A) 5,343 59,703 5,343 60,102
8.625% SENIOR NOTES DUE 2005 (B) 200,000 2,234,800 200,000 2,249,715
8.000% SENIOR NOTES DUE 2011 (C) 300,000 3,352,200 300,000 3,374,573
8.500% SENIOR NOTES DUE 2032 (D) 300,000 3,352,200 300,000 3,374,573
--------------- -------------------- --------------- ------------------
$ 805,343 8,998,903 $ 874,190 9,833,394
=============== ===============
UDI-DENOMINATED NOTES DUE 2007 (E) 3,701,665 3,693,469
-------------------- ------------------
Ps. 12,700,568 Ps. 13,526,863
==================== ==================
(A) INTEREST ON THE SERIES "B" SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS
PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 12.49% PER
ANNUM, AND IS PAYABLE SEMI-ANNUALLY. THESE SECURITIES ARE UNSECURED,
UNSUBORDINATED OBLIGATIONS OF THE COMPANY, RANK PARI PASSU IN RIGHT OF
PAYMENT WITH ALL EXISTING AND FUTURE UNSECURED, UNSUBORDINATED
OBLIGATIONS OF THE COMPANY, AND ARE SENIOR IN RIGHT OF PAYMENT TO ALL
FUTURE SUBORDINATED INDEBTEDNESS OF THE COMPANY, AND ARE EFFECTIVELY
SUBORDINATED TO ALL EXISTING AND FUTURE LIABILITIES OF THE COMPANY'S
SUBSIDIARIES.
(B) INTEREST ON THESE SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS PAYABLE
IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 9.07% PER ANNUM,
AND IS PAYABLE SEMI-ANNUALLY.
(C) INTEREST ON THESE SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS
PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 8.41% PER
ANNUM, AND IS PAYABLE SEMI-ANNUALLY.
(D) INTEREST ON THESE SENIOR NOTES, INCLUDING ADDITIONAL AMOUNTS PAYABLE
IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 8.94% PER ANNUM,
AND IS PAYABLE SEMI-ANNUALLY.
(E) NOTES DENOMINATED IN MEXICAN INVESTMENT UNITS ("UNIDADES DE INVERSION"
OR "UDIS") FOR A NOMINAL AMOUNT OF PS.3,000,000, REPRESENTING
1,086,007,800 UDIS, WITH AN ANNUAL INTEREST RATE OF 8.15% AND MATURITY
IN 2007. INTEREST ON THESE NOTES IS PAYABLE SEMI-ANNUALLY. THE BALANCE
AS OF MARCH 31, 2004 AND 2003 INCLUDES RESTATEMENT OF PS.701,665 AND
PS.566,548, RESPECTIVELY. THE UDI VALUE AS OF MARCH 31, 2004, WAS OF
PS. 3.408507 PER ONE UDI.
THE SENIOR NOTES DUE IN 2005, 2006, 2011 AND 2032 MAY NOT BE REDEEMED PRIOR
TO MATURITY, EXCEPT IN THE EVENT OF CERTAIN CHANGES IN LAW AFFECTING THE
MEXICAN WITHHOLDING TAX TREATMENT OF CERTAIN PAYMENTS ON THE SECURITIES, IN
WHICH CASE THE SECURITIES WILL BE REDEEMABLE, AS A WHOLE BUT NOT IN PART,
AT THE OPTION OF THE COMPANY.
THE SENIOR NOTES DUE IN 2005, 2011 AND 2032 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.
THE AGREEMENT OF THE SENIOR NOTES DUE 2005, 2011 AND 2032 CONTAINS
CERTAIN COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND ITS RESTRICTED
SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PROGRAMMING FOR PAY
TELEVISION AND PROGRAMMING LICENSING, TO INCUR OR ASSUME LIENS, PERFORM
SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS,
CONSOLIDATIONS AND SIMILAR TRANSACTIONS. SUBSTANTALLY ALL OF THE SENIOR
NOTES DUE 2005, 2011 AND 2032 ARE REGISTERED WITH THE U.S. SECURITIES AND
EXCHANGE COMMISSION.
EFFECTIVE MARCH 1, 2002, THE GROUP DESIGNATED ITS NET INVESTMENT IN
UNIVISION AS AN EFFECTIVE HEDGE OF ITS U.S.$300 MILLION SENIOR NOTES DUE IN
2011 AND ITS U.S.$300 MILLION SENIOR NOTES DUE IN 2032. CONSEQUENTLY,
BEGINNING MARCH 2002, ANY FOREIGN EXCHANGE GAIN OR LOSS ATTRIBUTABLE TO
THIS U.S. DOLLAR LONG-TERM DEBT, BEING HEDGED BY THE GROUP'S NET INVESTMENT
IN UNIVISION, IS CREDITED OR CHARGED DIRECTLY TO EQUITY (OTHER
COMPREHENSIVE INCOME OR LOSS ) (SEE NOTE 7).
4. CONTINGENCIES:
PAYMENTS TO BE MADE BY CERTAIN MEXICAN COMPANIES IN THE GROUP TO
EMPLOYEES IN CASE OF DISMISSAL AND UNDER CERTAIN CIRCUMSTANCES PROVIDED BY
THE MEXICAN LABOR LAW ARE EXPENSED AS INCURRED.
IN CONJUNCTION WITH THE GROUP'S DISPOSAL OF ITS FORMER MUSIC RECORDING
BUSINESS IN 2002, THE GROUP MAY HAVE TO PAY CERTAIN ADJUSTMENTS TO
UNIVISION IN CONNECTION WITH AN AUDIT OF THE MUSIC RECORDING BUSINESS BY
UNIVISION, WHICH IS EXPECTED TO BE RESOLVED BY THE PARTIES IN 2004. WHILE
THE GROUP'S MANAGEMENT BELIEVES THAT THE OUTCOME OF THIS AUDIT WILL NOT
HAVE A MATERIAL ADVERSE EFFECT ON ITS FINANCIAL POSITION OR FUTURE
OPERATING RESULTS, NO ASSSURANCE CAN BE GIVEN IN THIS REGARD.
IN JUNE 2003, THE COMPANY WAS NOTIFIED BY THE MEXICAN TAX AUTHORITY OF
A FEDERAL TAX CLAIM MADE AGAINST THE COMPANY FOR APPROXIMATELY PS.302,000
PLUS PENALTIES AND SURCHARGES (A GROSS AMOUNT OF APPROXIMATELY PS.960,700).
THE CLAIM, WHICH RELATES TO AN ALLEGED ASSETS TAX LIABILITY FOR THE YEAR
ENDED DECEMBER 31, 1994, WAS ORIGINALLY BROUGHT BY THE MEXICAN TAX
AUTHORITY IN 1999, BUT WAS DISMISSED IN 2002 ON PROCEDURAL GROUNDS. THE
COMPANY BELIEVES THAT THIS CLAIM IS WITHOUT MERIT, AND INTENDS TO
VIGOROUSLY DEFEND THIS CLAIM, ALTHOUGH NO ASSURANCES CAN BE GIVEN AS TO THE
OUTCOME OF THIS DISPUTE.
THERE ARE VARIOUS LEGAL ACTIONS AND OTHER CLAIMS PENDING AGAINST THE
GROUP INCIDENTAL TO ITS BUSINESSES AND OPERATIONS. IN THE OPINION OF THE
GROUP'S MANAGEMENT, NONE OF THESE PROCEEDINGS WILL HAVE A MATERIAL ADVERSE
EFFECT ON THE GROUP'S FINANCIAL POSITION OR RESULTS OF OPERATIONS.
5. STOCKHOLDERS' EQUITY:
THE MAJORITY STOCKHOLDERS' EQUITY AS OF MARCH 31, IS ANALYZED AS
FOLLOWS:
2004 2003
----------------------------------- ------------------------------------
NOMINAL PESOS RESTATED PESOS NOMINAL PESOS RESTATED PESOS
--------------- ------------------ ------------------ ---------------
CAPITAL STOCK Ps. 1,501,717 Ps. 7,736,620 Ps. 1,506,426 Ps. 7,752,624
ADDITIONAL PAID-IN CAPITAL 3,841,793 3,936,121 191,413 228,561
LEGAL RESERVE 622,401 1,289,372 585,509 1,250,412
RESERVE FOR REPURCHASE OF SHARES 2,255,655 5,367,759 2,577,071 5,701,872
UNAPPROPRIATED EARNINGS FROM PRIOR
YEARS 10,288,617 18,205,861 7,278,906 15,172,710
RESULTS FROM REPURCHASE OF SHARES (6,482,376) (7,244,664) (2,931,168) (3,637,290)
OTHER ACCUMULATED RESULTS 2,880 12,297 2,880 12,297
CUMULATIVE GAIN ON ISSUANCE OF SHARES OF ASSOCIATES 3,467,848 3,676,725 582,008 745,722
CUMULATIVE EFFECT OF DEFERRED TAXES (2,197,681) (2,790,661) (2,197,681) (2,790,661)
NET INCOME FOR THE PERIOD -- 472,041 250,079 260,659
DEFICIT FROM RESTATEMENT -- (3,542,731) -- (3,181,535)
---------------- -------------
TOTAL MAJORITY STOCKHOLDERS' EQUITY Ps. 27,118,740 Ps.21,515,371
================== ================
IN DECEMBER 2003 THE COMPANY INCREASED ITS CAPITAL STOCK IN THE AMOUNT
OF PS. 4,086,398 BY ISSUING 430,307,554, SERIES "A" SHARES, AS A RESULT OF
THIS CAPITAL INCREASE, THE COMPANY RECOGNIZED AN ADDITIONAL PAID-CAPITAL
OF PS.3,707,560. THE 430,307,554 SERIES "A" SHARES ACQUIRED IN DECEMBER
2003 BY A COMPANY'S TRUST TO IMPLEMENT A COMPANY'S LONG-TERM RETENTION
PLAN FOR PARTICIPANT EMPLOYEES.
ON APRIL 30, 2003, THE COMPANY'S STOCKHOLDERS APPROVED (I) A PAYMENT
OF DIVIDENDS FOR A NOMINAL AMOUNT OF PS.550,000, WHICH WERE PAID ON JUNE
30, 2003 AS FOLLOWS: A DIVIDEND OF PS.0.18936541 PER CPO AND A DIVIDEND OF
PS.0.05260150265 PER SERIES "A" SHARE (NOT IN THE FORM OF A CPO UNIT); AND
(II) THE CANCELLATION OF 33,131,712 SHARES OF CAPITAL STOCK IN THE FORM OF
11,043,904 CPOS, WHICH WERE PART OF THE REPURCHASES OF SHARES MADE BY THE
COMPANY'S SHAREHOLDERS APPROVED THE CANCELLATION OF 61,671,000 SHARES OF
CAPITAL STOCK IN THE FORM OF 20,557,000 CPOS, WHICH WERE REPURCHASES OF
SHARES MADE BY THE COMPANY FROM MAY THROUGH DECEMBER 2003.
AS OF MARCH 31, 2004 AND 2003, CAPITAL STOCK IS NET OF SHARES
REPURCHASED OF PS.599,382 (NOMINAL PS.116,343) AND PS.279,744 (NOMINAL
PS.54,300), RESPECTIVELY.
AT MARCH 31, 2004, THE COMPANY'S NUMBER OF SHARES OF CAPITAL STOCK
AUTHORIZED AND ISSUED, REPURCHASED AND OUTSTANDING CONSISTED OF:
AUTHORIZED
SHARES AND ISSUED REPURCHASED (*) OUTSTANDING
-------------------------- ---------------------- ------------------------ ----------------------
SERIES "A" 4,989,449,767 529,887,526 4,459,562,241
SERIES "L" 2,239,549,096 75,463,734 2,164,085,362
SERIES "D" 2,239,549,096 75,463,734 2,164,085,362
---------------------- ------------------------ ----------------------
9,468,547,959 680,814,994 8,787,732,965
====================== ======================== ======================
(*) SHARES REPURCHASED INCLUDE 226,391,202 SHARES IN THE FORM OF 75,463,734
CPOS AND ADDITIONAL 24,116,238 SERIES "A" SHARES (NOT IN THE FORM OF CPOS)
THAT ARE BENEFITIALLY OWNED BY ONE OF THE COMPANY'S WHOLLY-OWNED
SUBSIDIARIES. AS WELL AS 430,307,554 SERIES "A" SHARES (NOT IN THE FORM OF
CPOS) THAT ARE HELD BY A COMPANY'S TRUST.
6. REPURCHASE OF SHARES:
AS OF MARCH 31, 2004, THE COMPANY'S STOCKHOLDERS HAD APPROVED
APPROPRIATING FROM RETAINED EARNINGS A RESERVE AMOUNTING TO PS.6,720,041,
FOR THE REPURCHASE OF SHARES AT THE DISCRETION OF MANAGEMENT. THE RESERVE
FOR REPURCHASE OF SHARES WAS USED IN 1999, 2000 AND 2003 FOR AN AMOUNT OF
PS.276,305, PS.617,651 AND PS.458,326, RESPECTIVELY, IN CONNECTION WITH
REPURCHASES OF SHARES IN THOSE YEARS.
IN ACCORDANCE WITH THE MEXICAN SECURITIES LAW, ANY AMOUNT OF SHARES
REPURCHASED AND HELD BY THE COMPANY IS RECOGNIZED AS A CHARGE TO
STOCKHOLDERS' EQUITY, AND ANY CANCELLATION OF SHARES REPURCHASED IS
RECOGNIZED AS A REDUCTION OF THE COMPANY'S CAPITAL STOCK ISSUED FOR AN
AMOUNT PROPORTIONATE TO THE SHARES CANCELLED.
THE 680,814,994 SHARES REPURCHASED AND HELD BY THE GROUP AS OF MARCH
31, 2004, ARE REFLECTED AS A CHARGE TO THE STOCKHOLDERS' EQUITY, AS
FOLLOWS:
SHARES SHARES OWNED
ACQUIRED BY A BY ONE SHARES
COMPANY'S COMPANY'S REPURCHASED
STOCKHOLDERS' EQUITY TRUST SUBSIDIARY BY THE GROUP
------------------------------------------------------------------------------- ---------------------- ---------------------
CAPITAL STOCK Ps. 378,838 Ps. 220,544 Ps. 599,382
UNAPPROPRIATED EARNINGS 3,707,560 1,862,273 5,569,833
---------------------- ---------------------- ---------------------
TOTAL Ps. 4,086,398 Ps. 2,082,817 Ps. 6,169,215
===================== ======================= =====================
IN SEPTEMBER 2002, THE COMPANY ANNOUNCED A SHARE REPURCHASE PROGRAM OF
UP TO U.S.$400 MILLION OVER THE NEXT THREE YEARS. THE COMPANY STARTED
REPURCHASING SHARES IN 2003 UNDER THIS REPURCHASE PROGRAM, AND FROM JANUARY
1, THROUGH MARCH 31, 2004, THE COMPANY HAD REPURCHASED 94,812,300 SHARES IN
THE FORM OF 31,604,100 CPOS FOR PS.541,260 (PS.520,260 NOMINAL), AND RESOLD
12,000 SHARES IN THE FORM OF 4,000 CPOS FOR PS.97.
IN THE THIRD QUARTER OF 2003, AND FIRST QUARTER OF 2004, THE GROUP
SOLD 15,000,000 AND 34,154,760 SHARES OF THE COMPANY, RESPECTIVELY, IN THE
FORM OF 5,000,000 AND 11,384,920 CPOS, RESPECTIVELY, FOR AN AMOUNT OF
PS.72,822 AND PS.162,925, RESPECTIVELY, IN CONNECTION WITH ITS STOCK OPTION
PLAN.
7. INTEGRAL COST OF FINANCING:
INTEGRAL COST OF FINANCING FOR THE THREE MONTHS ENDED MARCH 31,
CONSISTED OF:
2004 2003
------------------ -----------------
INTEREST EXPENSE (1) Ps. 354,790 Ps. 363,013
INTEREST INCOME (151,591) (173,324)
FOREIGN EXCHANGE LOSS (GAIN), NET (2) 7,360 (95,198)
LOSS FROM MONETARY POSITION (3) 158,733 94,470
------------------ -----------------
Ps. 369,292 Ps. 188,961
================== =================
(1) INCLUDES RESTATEMENT OF UDIS OF PS.61,604 AND PS.42,210 IN 2004 AND
2003, RESPECTIVELY.
(2) NET OF THE LOSS OF PS.31,664 IN 2004 AND THE GAIN OF PS.207,815 IN
2003 RESULTING FROM THE FOREIGN EXCHANGE RESULT ATTRIBUTABLE TO
CERTAIN LONG-TERM DEBT SECURITIES WHICH ARE HEDGED BY THE GROUP'S NET
INVESTMENT IN UNIVISION.
(3) THE GAIN OR LOSS FROM MONETARY POSITION REPRESENTS THE EFFECTS OF
INFLATION, AS MEASURED BY THE NPCI IN THE CASE OF MEXICAN COMPANIES,
OR THE GENERAL INFLATION INDEX OF EACH COUNTRY IN THE CASE OF FOREIGN
SUBSIDIARIES, ON THE MONETARY ASSETS AND LIABILITIES AT THE BEGINNING
OF EACH MONTH. INCLUDES MONETARY LOSS IN 2004 AND 2003 OF PS.59,010
AND PS.55,547, RESPECTIVELY, ARISING FROM TEMPORARY DEFFERENCES OF
NON-MONETARY ITEMS IN CALCULATING DEFERRED INCOME TAX.
8. DEFERRED TAXES:
THE DEFERRED INCOME TAX LIABILITY AS OF MARCH 31, WAS DERIVED FROM:
2004 2003
----------------- ----------------
ASSETS:
ACCRUED LIABILITIES Ps. 524,615 Ps. 658,574
GOODWILL 833,197 888,410
TAX LOSS CARRYFORWARDS 856,810 297,863
ALLOWANCE FOR DOUBTFUL ACCOUNTS 370,439 311,045
CUSTOMER ADVANCES 1,564,020 1,302,921
----------------- -----------------
4,149,081 3,458,813
----------------- -----------------
LIABILITIES:
INVENTORIES (1,452,200) (1,775,522)
PROPERTY, PLANT AND EQUIPMENT - NET (1,257,968) (1,198,553)
OTHER ITEMS (347,930) (474,480)
INNOVA (1,579,306) (1,373,549)
----------------- -----------------
(4,637,404) (4,822,104)
----------------- -----------------
DEFERRED-INCOME TAXES OF MEXICAN
COMPANIES (488,323) (1,363,291)
DEFERRED TAX OF FOREIGN SUBSIDIARIES (370,984) (371,345)
ASSETS TAX 1,855,702 1,610,475
VALUATION ALLOWANCE (2,262,613) (2,061,384)
----------------- -----------------
DEFERRED INCOME TAX LIABILITY (1,266,218) (2,185,545)
EFFECT ON CHANGE OF INCOME TAX RATES 88,779 280,358
----------------- -----------------
DEFERRED TAX LIABILITY OF Ps. (1,177,439) Ps. (1,905,187)
CONTINUING OPERATIONS ================= ==================
9. EXTRAORDINARY ITEMS:
NO EXTRAORDINARY ITEMS, AS DEFINED BY MEXICAN GAAP BULLETIN A-7
"COMPARABILITY", WERE RECOGNIZED IN INCOME FOR THE THREE MONTHS ENDED MARCH
31, 2004 AND 2003.
10. DISCONTINUED OPERATIONS:
NO DISCONTINUED OPERATIONS, AS DEFINED BY MEXICAN GAAP BULLETIN A-7
"COMPARABILITY", WERE RECOGNIZED IN INCOME FOR THE THREE MONTHS ENDED MARCH
31, 2004 AND 2003.
11. CUMULATIVE EFFECT OF ACCOUNTING CHANGES:
NO CUMULATIVE EFFECT OF ACCOUNTING CHANGE WAS RECOGNIZED IN INCOME FOR
THE THREE MONTHS ENDED MARCH 31, 2004 AND 2003.
12. QUARTERLY NET RESULTS (HISTORICAL AND RESTATED):
THE QUARTERLY NET RESULTS FOR THE FOUR QUARTERS ENDED MARCH 31, 2004,
ARE AS FOLLOWS:
HISTORICAL NET RESULT (1) RESTATED NET RESULT
------------------------ -------------------
INDEX AT END
QUARTER ACCUMULATED QUARTER OF PERIOD ACCUMULATED QUARTER
------------------------ --------------------- ----------------- ------------------ ------------------ -------------------
2 (degree)/ 03 P.S. 1,515,190 PS. 1,265,286 104.188 Ps. 1,580,399 Ps. 1,319,740
3 (degree)/ 03 2,217,022 686,024 105.275 2,288,559 708,160
4 (degree)/ 03 3,596,603 1,343,339 106.996 3,652,940 1,364,381
1 (degree)/ 04 472,041 472,041 108.672 472,041 472,041
(1) AS REPORTED IN EACH QUARTER.
13. INFORMATION BY SEGMENTS FOR THREE MONTHS ENDED MARCH 31, 2004 AND
2003, WERE AS FOLLOWS: WERE AS FOLLOWS:
TOTAL REVENUES INTERSEGMENT CONSOLIDATED OPERATING INCOME
REVENUES REVENUES (LOSS)
--------------- ----------------- ----------------- ------------------
2004:
TELEVISION BROADCASTING PS. 3,194,049 PS. 16,377 PS. 3,177,672 PS. 1,023,762
PROGRAMMING FOR PAY TELEVISION 168,325 10,918 157,407 39,387
PROGRAMMING LICENSING 414,380 - 414,380 122,170
PUBLISHING 370,898 16 370,882 25,272
PUBLISHING DISTRIBUTION 445,065 1,754 443,311 (8,705)
CABLE TELEVISION 269,605 842 268,763 38,122
RADIO 52,776 11,776 41,000 (7,061)
OTHER BUSINESSES 397,796 40,426 357,370 (40,488)
ELIMINATIONS AND CORPORATE EXPENSES (82,109) (82,109) - (32,149)
--------------- ----------------- ----------------- ------------------
CONSOLIDATED TOTAL PS. 5,230,785 PS. - PS. 5,230,785 PS. 1,160,310
=============== ================= ================= ==================
2003:
TELEVISION BROADCASTING PS. 3,061,993 PS. 15,452 PS. 3,046,541 PS. 846,929
PROGRAMMING FOR PAY TELEVISION 162,555 14,368 148,187 24,082
PROGRAMMING LICENSING 423,883 - 423,883 127,322
PUBLISHING 357,209 147 357,062 25,345
PUBLISHING DISTRIBUTION 381,619 1,661 379,958 (3,785)
CABLE TELEVISION 250,624 1,506 249,118 30,450
RADIO 58,002 12,170 45,832 (2,444)
OTHER BUSINESSES 405,047 40,250 364,797 (49,976)
ELIMINATIONS AND CORPORATE EXPENSES (85,554) (85,554) - (31,782)
--------------- ----------------- ----------------- ------------------
CONSOLIDATED TOTAL PS. 5,015,378 PS. - PS. 5,015,378 PS. 966,141
=============== ================= ================= ==================
14. SUBSEQUENT EVENT:
ON APRIL 16, 2004, THE SHAREHOLDERS OF THE COMPANY APPROVED, AMONG
OTHER MATTERS, A CASH DIVIDEND FOR AN AGGREGATE AMOUNT OF PS.3,850,000,
PAYABLE IN MAY 2004, AS WELL AS A SERIES OF TRANSACTIONS TO UNDERTAKE A
SHARE RECAPITALIZATION WHICH INCLUDES A 25-FOR-ONE SPLIT OF THE OUTSTANDING
COMPANY'S SHARES AND A SHARE DIVIDEND FOR AN AGGREGATE AMOUNT OF
PS.906,114.
- - - - - - - - -
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
RELATION OF SHARES INVESTMENTS
ANNEX 3 CONSOLIDATED
FINAL PRINTING
------------------------------------------------------------------------------------------------------------------------------
% TOTAL AMOUNT
NUMBER OWNERSHIP (THOUSANDS OF PESOS)
-----------------------------
COMPANY NAME (1) MAIN ACTIVITIES OF SHARES (2) ACQUISITION PRESENT
COST VALUE (3)
------------------------------------------------------------------------------------------------------------------------------
SUBSIDIARIES
1 CORPORATIVO VASCO DE QUIROGA, PROMOTION AND 19,509,544 100.00 1,836,819 1,794,175
S.A. DE C.V. DEVELOPMENT OF
COMPANIES
2 CVQ ESPECTACULOS, S.A. DE C.V. PROMOTION AND 10,660,871 100.00 1,367,744 560,768
DEVELOPMENT OF
COMPANIES
3 DTH EUROPA, S.A. PROMOTION AND 465,711 79.95 264,460 (627,167)
DEVELOPMENT OF
COMPANIES
4 EDITORA FACTUM, S.A. DE C.V. PROMOTION AND 527,908,167 100.00 1,734,960 1,634,341
DEVELOPMENT OF
COMPANIES
5 EDITORIAL TELEVISA, S.A. DE C.V. PROMOTION AND 1,037,498 100.00 823,582 1,544,940
DEVELOPMENT OF
COMPANIES
6 FACTUM MAS, S.A. DE C.V. PROMOTION AND 5,271,100,701 100.00 4,585,127 (376,631)
DEVELOPMENT OF
COMPANIES
7 GRUPO DISTRIBUIDORAS INTERMEX, DISTRIBUTION OF BOOKS 349,470,905 100.00 822,778 715,129
S.A. DE C.V. AND MAGAZINES
8 GRUPO RADIOPOLIS, S.A. DE C.V. PROMOTION AND 418,881,301 100.00 342,274 7,958,998
DEVELOPMENT OF
COMPANIES
9 PROMO-INDUSTRIAS PROMOTION AND 515,523 100.00 102 59,490
METROPOLITANAS, S.A. DE C.V. DEVELOPMENT OF
COMPANIES
10 SISTEMA RADIOPOLIS, S.A. DE C.V. COMMERCIALIZATION OF 76,070,313 50.00 764,739 198,703
RADIO PROGRAMMING
11 TELEPARABOLAS, S.L. MAINTENANCE OF 1,500 100.00 750 809
PARABOLIC DISHES
12 TELESISTEMA MEXICANO, S.A. DE C.V. COMMERCIALIZATION OF 160,721,725 100.00 11,901,180 17,602,035
TELEVISION
13 TELEVISA ARGENTINA, S.A. COMMERCIAL OPERATION 6,920,920 100.00 115,371 44,748
OF TELEVISION
14 TELEVISA, S.A. DE C.V. PRODUCTION AND 6,800,750 36.34 7,555,759 9,057,269
BROADCASTING OF T.V.
PROGRAMMING
15 TELEVISION INDEPENDIENTE DE PROMOTION AND 16,997,306 99.96 1,265,724 4,950,571
MEXICO, S.A. DE C.V. DEVELOPMENT OF
COMPANIES
16 CAPITALIZED INTEGRAL COST OF 1 214,747
FINANCING, 1994
17 CAPITALIZED INTEGRAL COST OF 1 391,660
FINANCING, 1995
18 CAPITALIZED INTEGRAL COST OF 1 27,125
FINANCING, 1996
19 CAPITALIZED INTEGRAL COST OF 1 22,065
FINANCING, 1998
------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN SUBSIDIARIES 33,381,369 45,773,775
------------------------------------------------------------------------------------------------------------------------------
ASSOCIATEDS
1 ARGOS COMUNICACION, S.A. DE C.V. OPERATION AND/OR 33,000,000 15.30 137,000 22,506
BROADCASTING OF T.V.
2 DIBUJOS ANIMADOS MEXICANOS PRODUCTION OF 1,735,560 49.00 4,384 740
DIAMEX, S.A. DE C.V. ANIMATED CARTOONS
3 DTH TECHCO PARTNERS SERVICES FOR SATELLITE 1 30.00 117,900 157,556
PAY TELEVISION
4 EDITORIAL CLIO, LIBROS Y VIDEOS, PUBLISHING AND PRINTING 2,627,050 30.00 26,270 13,912
S.A. DE C.V. OF BOOKS AND
MAGAZINES
5 ENDEMOL MEXICO, S.A. DE C.V. COMMERCIALIZATION OF 1,635,000 50.00 1,635 8,278
TELEVISION
PROGRAMMING
6 EN VIVO ESPECTACULOS, S. DE R.L. LIVE ENTERTAINMENT IN 2 100.00 25 (4,279)
DE C.V. MEXICO
7 GRUPO EUROPRODUCCIONES, S.A. PROMOTION AND 7,275 30.00 93,407 113,380
DEVELOPMENT OF
COMPANIES
8 OCESA ENTRETENIMIENTO, S.A. DE LIVE ENTERTAINMENT IN 14,100,000 40.00 1,095,581 478,709
C.V. MEXICO
9 SKY LATIN AMERICA PARTNERS ADMINISTRATIVE SERV. 1 30.00 1,974 10,584
FOR THE DTH VENTURES
10 TELEVISORA DEL YAQUI, S.A. DE C.V. OPERATION AND/OR 4,124,986 15.00 412 6,051
BROADCASTING OF T.V.
11 TUTV, LLC COMMERCIALIZATION OF 1 50.00 25,752 19,997
TELEVISION PROGRAMMING
12 UNIVISION COMMUNICATIONS, INC. BROADCASTING OF T.V. 30,187,534 9.37 5,602,976 5,400,105
SPANISH PROGRAMS
------------------------------------------------------------------------------------------------------------------------------
TOTAL INVESTMENT IN ASSOCIATEDS 7,107,316 6,227,539
------------------------------------------------------------------------------------------------------------------------------
OTHER PERMANENT INVESTMENTS 334,890
------------------------------------------------------------------------------------------------------------------------------
TOTAL 52,336,204
------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA ANNEX 5 QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
CREDITS BREAK DOWN
(Thousands of Pesos)
CONSOLIDATED
FINAL PRINTING
------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
Denominated
In Pesos
-------------------------
Credit Type / Institution Amortization Rate of Until 1 More Than
Date Interest Year 1 Year
---------------------------------------------------------------------------------------------
BANKS
---------------------------------------------------------------------------------------------
OTHER FINANCIAL ENTITIES
SYNDICATED 12/21/2006 2.04
BANAMEX, S.A. 5/1/2008 8.93 80,000 720,000
BANCA SERFIN, S.A. 5/15/2006 6.59 64,000 80,000
BANAMEX, S.A. 7/24/2004 6.70 76,313
BNP PARIBAS 1/20/2009 1.51
BANK OF AMERICA 3/31/2010 2.34
SUNTRUST BANK MIAMI, NATIONAL 4/1/2008 4.53
INBURSA, S.A. 11/1/2006 7.15 7,631 9,512
BANCO DE BILBAO VIZCAYA, S.A. 1/30/2006 5.86
LEASING DE COLOMBIA 9/23/2006 13.16
LEASING DE OCCIDENTE 3/19/2005 13.87
SANTANDER CENTRAL HISPANO LEASING, S.A. 1/24/2006 14.74
LEASING DEL VALLE 2/8/2004 14.42
---------------------------------------------------------------------------------------------
TOTAL BANKS 227,944 809,512
---------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
---------------------------------------------------------------------------------------------
UNSECURED DEBT
-----------------------------------------
HOLDERS 5/13/2006 12.49
HOLDERS 8/8/2005 9.07
HOLDERS 9/13/2011 8.41
HOLDERS 3/11/2032 8.94
UDI DENOMINATED-NOTES 4/13/2007 8.15 3,701,665
---------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - 3,701,665
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
SUPPLIERS
---------------------------------------------------------------------------------------------
VARIOUS 526,171
---------------------------------------------------------------------------------------------
TOTAL SUPPLIERS 526,171 -
---------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
---------------------------------------------------------------------------------------------
VARIOUS 973,754 71,103
---------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT LIABILITIES
AND OTHER CREDITS 973,754 71,103
---------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------
1,727,869 4,582,280
---------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
Amortization of Credits in Foreign Currency With National
Entities (Thousands of $)
--------------------------------------------------------------
Time Interval
--------------------------------------------------------------
Credit Type / Institution Current Until 1 Until 2 Until 3 Until 4 Until 5
Year Year Year Year Year Year
------------------------------------------------------------------------------------------------------------
BANKS
------------------------------------------------------------------------------------------------------------
OTHER FINANCIAL ENTITIES
SYNDICATED
BANAMEX, S.A.
BANCA SERFIN, S.A.
BANAMEX, S.A.
BNP PARIBAS
BANK OF AMERICA
SUNTRUST BANK MIAMI, NATIONAL
INBURSA, S.A.
BANCO DE BILBAO VIZCAYA, S.A.
LEASING DE COLOMBIA
LEASING DE OCCIDENTE
SANTANDER CENTRAL HISPANO LEASING, S.A.
LEASING DEL VALLE
------------------------------------------------------------------------------------------------------------
TOTAL BANKS
- - - - - -
------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
-----------------------------------------------
HOLDERS
HOLDERS
HOLDERS
HOLDERS
UDI DENOMINATED-NOTES
------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE
- - - - - -
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
SUPPLIERS
------------------------------------------------------------------------------------------------------------
VARIOUS 971,624
------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS - 971,624 - - - -
------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
------------------------------------------------------------------------------------------------------------
VARIOUS 434,508 526,101
------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT LIABILITIES
AND OTHER CREDITS 434,508 526,101
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------
- 1,406,132 526,101 - - -
------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
Amortization of Credits in Foreign Currency With Foreign Entities
(Thousands of $)
--------------------------------------------------------------------
Time Interval
--------------------------------------------------------------------
Credit Type / Institution Current Until 1 Until 2 Until 3 Until 4 Until 5
Year Year Year Year Year Year
------------------------------------------------------------------------------------------------------------------
BANKS
------------------------------------------------------------------------------------------------------------------
OTHER FINANCIAL ENTITIES
SYNDICATED 446,960 670,440
BANAMEX, S.A.
BANCA SERFIN, S.A.
BANAMEX, S.A.
BNP PARIBAS 7,652 2,127 9,791 8,588 6,269 2,188
BANK OF AMERICA 420 139 560 560 560 29,183
SUNTRUST BANK MIAMI, NATIONAL 4,679 4,470 4,470 4,470 4,364
INBURSA, S.A.
BANCO DE BILBAO VIZCAYA, S.A. 3,106 1,179 1,010 377
LEASING DE COLOMBIA 342 111 443 174
LEASING DE OCCIDENTE 419 285
SANTANDER CENTRAL HISPANO LEASING, S.A. 29 9 64
LEASING DEL VALLE 18 4
-------------------------------------------------------------------------------------------------------------------
TOTAL BANKS 16,665 3,854 463,298 684,609 11,299 35,735
------------------------------------------------------------------------------------------------------------------
STOCK EXCHANGE
PRIVATE PLACEMENTS
------------------------------------------------------------------------------------------------------------------
UNSECURED DEBT
---------------------------------------
HOLDERS 59,703
HOLDERS 2,234,800
HOLDERS 3,352,200
HOLDERS 3,352,200
UDI DENOMINATED-NOTES
-------------------------------------------------------------------------------------------------------------------
TOTAL STOCK EXCHANGE - - 2,294,503 0 0 6,704,400
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
SUPPLIERS
------------------------------------------------------------------------------------------------------------------
VARIOUS 350,048
-------------------------------------------------------------------------------------------------------------------
TOTAL SUPPLIERS - 350,048 - - - -
------------------------------------------------------------------------------------------------------------------
OTHER CURRENT LIABILITIES
AND OTHER CREDITS
------------------------------------------------------------------------------------------------------------------
VARIOUS - 77,671 102,633
------------------------------------------------------------------------------------------------------------------
TOTAL OTHER CURRENT LIABILITIES
AND OTHER CREDITS - 77,671 102,633 -
------------------------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------------------------
16,665 431,573 2,860,434 684,609 11,299 6,740,135
------------------------------------------------------------------------------------------------------------------
NOTES
THE BANCO NACIONAL DE MEXICO LOAN WAS REFINACED IN JULY 2000, AND THE
MATURITY OF SUCH LOAN AND INTEREST PAYABLE WERE CHANGED AS REFLECTED
IN THIS SCHEDULE.
THE EXCHANGE RATES FOR THE CREDITS DENOMINATED IN FOREIGN CURRENCY
WERE AS FOLLOWS :
$ 11.1740 PESOS PER U.S. DOLLAR
0.0041 PESOS PER COLOMBIAN PESO
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
MONETARY FOREIGN CURRENCY POSITION
(Thousands of Pesos)
ANNEX 6 CONSOLIDATED
FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------------
DOLLARS (1) OTHER CURRENCIES TOTAL
----------------------------------------------------------------------
TRADE BALANCE THOUSANDS THOUSANDS THOUSANDS THOUSANDS THOUSANDS
OF DOLLARS OF PESOS OF DOLLARS OF PESOS OF PESOS
--------------------------------------------------------------------------------------------------------------------------------
TOTAL ASSETS 630,807 7,048,637 29,230 326,616 7,375,253
LIABILITIES POSITION 1,111,871 12,424,046 25,969 290,178 12,714,224
SHORT-TERM LIABILITIES POSITION 143,570 1,604,251 25,720 287,395 1,891,646
LONG-TERM LIABILITIES POSITION 968,301 10,819,795 249 2,783 10,822,578
---------------------------------------------------------------------------------------------------------------------------------
NET BALANCE (481,064) (5,375,409) 3,261 36,438 (5,338,971)
---------------------------------------------------------------------------------------------------------------------------------
NOTES
THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS :
$ 11.1740 PESOS PER U.S. DOLLAR
13.9000 PESOS PER EURO
3.8531 PESOS PER ARGENTINEAN PESO
0.0181 PESOS PER CHILEAN PESO
0.0041 PESOS PER COLOMBIAN PESO
3.2238 PESOS PER PERUVIAN NUEVO SOL
20.6000 PESOS PER POUNDS STERLING
11.1740 PESOS PER ECUADORIAN SUCRE
THIS INFORMATION IS REPRESENTED ON A CONSOLIDATED BASIS AND INCLUDES,
ACCORDINGLY, INFORMATION OF FOREIGN SUBSIDIARIES.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
INTEGRATION AND INCOME
CALCULATION BY MONETARY POSITION (1)
(Thousands of Pesos)
ANNEX 7 CONSOLIDATED
FINAL PRINTING
------------------------------------------------------------------------------------------------------------------------------
(ASSET)
LIABILITIES MONTHLY
MONETARY MONETARY MONETARY MONTHLY (PROFIT)
MONTH ASSETS LIABILITIES POSITION INFLATION AND LOSS
------------------------------------------------------------------------------------------------------------------------------
JANUARY 28,435,606 22,176,571 (6,259,035) 0.01 (38,900)
FEBRUARY 27,713,141 20,084,504 (7,628,637) 0.01 (45,627)
MARCH 26,256,111 21,431,109 (4,825,002) 0.00 (14,567)
ACTUALIZATION: - (489)
CAPITALIZATION: - -
FOREIGN CORP.: - 657
OTHER - (59,807)
-------------------------------------------------------------------------------------------------------------------------
TOTAL (158,733)
-------------------------------------------------------------------------------------------------------------------------
NOTES
THE AMOUNT REFLECTED IN "OTHER" INCLUDES A GAIN FROM MONETARY
POSITION DERIVED FROM DEFERRED TAXES FOR PS. 59,010 WHICH
WAS CLASSIFIED IN THE DEFERRED INCOME TAX PROVISION IN
ACCORDANCE WITH THE GUIDELINES PROVIDED BY BULLETIN D-4 FOR
DEFERRED TAXES.
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
CONVENANTS ON BONDS AND MEDIUM TERM NOTES LISTED IN STOCK MARKET
ANNEX 8
CONSOLIDATED
FINAL PRINTING
------------------------------------------------------------------------------
FINANCIAL LIMITED BASED IN ISSUED DEED AND/OR TITLE
------------------------------------------------------------------------------
THE AGREEMENTS OF THE U.S.$200 MILLION, U.S.$300 MILLION AND U.S.$300
MILLION SENIOR NOTES WITH MATURITY IN 2005, 2011 AND 2032, RESPECTIVELY,
CONTAIN CERTAIN COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND ITS
SUBSIDIARIES ENGAGED IN TELEVISION OPERATIONS TO INCUR OR ASSUME LIENS,
PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS,
CONSOLIDATIONS OR SIMILAR TRANSACTIONS.
------------------------------------------------------------------------------
CONVENANT COMPLIANCE REPRESENTATION
------------------------------------------------------------------------------
AT MARCH 31, 2004, THE GROUP WAS IN COMPLIANCE WITH THE FINANCIAL
RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM SENIOR NOTES
DESCRIBED ABOVE.
--------------------------------------------
C.P. JORGE LUTTEROTH ECHEGOYEN
CONTROLLER, VICE-PRESIDENT
MEXICO, D.F. APRIL 28, 2004
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS
ANNEX 9 CONSOLIDATED
FINAL PRINTING
---------------------------------------------------------------------------------------------------------------------------------
PLANT OR CENTER ECONOMIC ACTIVITY PLANT UTILIZATION
CAPACITY (1) (%)
---------------------------------------------------------------------------------------------------------------------------------
TELEVISION: 0 0
CORPORATIVO SANTA FE HEADQUARTERS 0 0
TELEVISA SAN ANGEL PRODUCTION AND BROADCASTING PROGRAMMING. 0 0
TELEVISA CHAPULTEPEC PRODUCTION AND BROADCASTING PROGRAMMING. 0 0
REAL ESTATE LAND AND UNOCCUPIED, BUILDING, 0 0
PARKING LOTS, ADMINISTRATIVE 0 0
OFFICES, RADIO ANTENNAS, 0 0
TELEVISION STATIONS FACILITIES. 0 0
TRANSMISSION STATIONS BROADCASTER STATIONS. 0 0
PUBLISHING: 0 0
EDITORIALS ADMINISTRATION, SALES, PRODUCTION, 0 0
STORAGE AND DISTRIBUTION OF 0 0
MAGAZINES AND NEWSPAPERS. 0 0
AUDIO: 0 0
SISTEMA RADIOPOLIS, S.A. DE C BROADCASTER STATIONS. 0 0
CABLE TELEVISION: 0 0
CABLEVISION, S.A. DE C.V. CABLE TELEVISION, SIGNAL CONDUCTION 0 0
AND TRANSMISSION EQUIPMENT. 0 0
OTHER BUSINESSES: 0 0
IMPULSORA DEL DEPORTIVO SOCCER, SOCCER TEAMS, TRAINING 0 0
NECAXA, S.A. DE C.V. AND CLUB FACILITIES, ADMINISTRATIVE OFFICES AND 0 0
DE FUTBOL AMERICA, S.A. DE C. THE AZTECA STADIUM. 0 0
COMUNICACIONES MTEL, S.A. DE NATIONWIDE PAGING. 0 0
AUDIOMASTER 3000, S.A. DE C.V DUBBING, DUBBING EQUIPMENT AND 0 0
STUDIOS, AND ADMINISTRATIVE 0 0
OFFICES. 0 0
---------------------------------------------------------------------------------------------------------------------------------
NOTES
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
MAIN RAW MATERIALS
ANNEX 10 CONSOLIDATED
Final Printing
----------------------------------------------------------------------------------------------------------------------------------
MAIN MAIN DOM. COST
DOMESTIC SUPPLIERS FOREIGN SUPPLIERS SUBST. PRODUCTION
(%)
----------------------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------------
PROGRAMS AND FILMS CINEMATOGRAFICA
CALDERON, S.A. 0.11
CINEMATOGRAFICA
RODRIGUEZ, S.A. 0.25
CHURUBUSCO, S.A. 1.94
DISTRIBUIDORA RO
MARI, S.A. DE C.V. 1.36
FILMADORA MEXI
CANA,S.A. 0.21
GUIAS, S.A. DE C.V. 0.79
GUSSI, S.A. DE C.V. 3.07
NUVISION, S.A. 0.69
ORO FILMS,
S.A. DE C.V. 0.36
PELICULAS RODRI
GUEZ, S.A. 0.90
PELICULAS Y VI
DEOS INTERNACIO
NALES, S.A. 0.17
PRODUCCIONES
AGUILA,S.A. 0.41
PRODUCCIONES
GONZALO ELVIRA 0.20
QUALITY FILMS, S.A. 0.15
SECINE, S.A. DE C.V. 0.24
TELE ALIANZA,
S.A. DE C.V. 0.13
OTHER 0.64
PROGRAMS AND FILMS 4KIDS ENTERTAIN-
MENT NO 0.28
ABC DISTRIBUTION
COMPANY NO 1.04
ALFRED HABER
DISTRIBUTION, INC. NO 0.52
ALLIANCE
INTERNATIONAL NO 1.80
AMERICA PRO-
DUCCIONES, S.A. NO 3.04
BETAFILM GMBH
& CO. NO 0.47
BEVERLY HILLS
ENTERTAINMENT NO 0.56
BKN INTERNA-
CIONAL,INC. NO 0.25
BUENAVISTA
INTERNATIONAL
INC. NO 0.50
CANAL + DA NO 0.16
CARSEY WERNER
DISTRIBUTION,INC. NO 0.09
CBS BROADCAST
INTERNATIONAL NO 2.98
CDC UNITED
NETWORK NO 0.15
CINAR FILMS, INC. NO 0.09
CONSTELLATION
PICTURES, INC. NO 2.81
CROWN MEDIA
DISTRIBUTION NO 0.14
DREAMWORKS NO 0.99
FIREWORKS INTER-
NATIONAL NO 0.51
FREMANTLE INTER-
NATIONAL DISTRI-
BUTION, LTD. NO 0.13
GLOBAL PROGRA-
MMING NETWORK NO 0.61
GMD GLOBAL
MEDIA DISTRIBU-
TIONS NO 0.21
HARMONY GOLD
USA, INC. NO 0.42
HEARTS ENTER-
TAINMENT, INC. NO 1.10
HIT ENTERTAIN-
MENT PLC. NO 0.20
INDEPENDENT
INTERNATIONAL
T.V. INC. NO 2.76
ITSY BITSY
ENTERTAINMENT NO 0.40
KUSHNER-LOCKE
INTERNATIONAL NO 0.43
MATTEL EURO-
PA, BV. NO 0.19
MGM/UA TELECOM
MUNICATIONS, INC. NO 2.45
MOVIEMEX INTER-
NATIONAL, INC. NO 0.10
MTV NETWORKS A
DIVISION OF VIACOM
INT. NO 1.38
MULTIMEDIA GROUP
OF CANADA NO 0.72
NBC INTERNATIONAL NO 0.13
NEW LATIN IMAGE
CORPORATION NO 0.20
NGTV INTERNATIO-
NAL, LTD. NO 0.14
PARAMOUNT
PICTURES , CORP. NO 2.75
POKEMON USA,
INC. NO 0.20
RCN TELEVISION,
S.A. NO 1.13
REPRESENTA-
CIONES DE TELE-
VISION NO 0.21
ROSE ENTERTAIN-
MENT, INC. NO 0.16
RYSHER ENTER
TAINMENT, INC. NO 0.15
SALSA
DISTRIBUTION NO 0.29
SALSA ENTER-
TAINMENT,INC. NO 1.22
SONY CORPORA-
TION OF AMERICA NO 7.01
TELEVISION FILM
DISTRIBUTION NO 1.32
TEPUY INTER-
NATIONAL, INC. NO 0.58
TOEI ANIMATION
CO., LTD NO 0.53
TOP ENTERTAINMENT
PRODUCTS, INC. NO 0.10
TWENTIETH CEN-
TURY FOX, INC. NO 5.88
UNIVERSAL STUDIOS
INTERNATIONAL, B.V. NO 11.99
VENTURA FILM
DISTRIBUTORS BV NO 1.79
WARNER BROS.
INTERNATIONAL
TELEVISION NO 14.08
WHILAND COMPANY NO 5.08
WORDLDIVISION
ENTERPRISES, INC. NO 3.40
XYSTUS, LLC. NO 0.07
ZACH MOTION
PICTURES,INC. NO 0.08
OTHER NO 2.41
COAXIAL CABLE RG NACIONAL DE
CONDUCTORES,
S.A. DE C.V. 17.13
COAXIAL CABLE RG NACIONAL DE
MAYA 60 CONDUCTORES,
S.A. DE C.V. 0.02
SINGLE TELEGRIP CORPODISENO DE
HERRAJES, S.A. 0.01
IDENTIFICATION PLAQUE RIVANDI, S.A. DE C.V. 0.01
HILTI BOLT HILTI MEXICANA,
S.A. DE C.V. NO 0.05
SWITCH CABLENETWORK
MEXICO NO 0.02
SWITCH DISTRIBUIDORA Y
COMERCIALIZADORA YES 0.51
TWO OUTLET DEVICE AC 200 TVC CORPORATION YES 0.03
DECODER MOTOROLA, INC. NO 42.86
COUCHE PAPER PAPELERA MOHGA-
BBA, S.A. 0.53
SUMINISTROS Y
SERVICIOS BROM 0.44
PRESENTACIONES
MREAL 0.07
COUCHE PAPER BOWARWE,
INC. YES 0.25
STORAM ENSON YES 10.45
UPM KYMMENE SEAS YES 2.23
BULKLEY DUNKE YES 1.01
M REAL YES 1.04
MYLLIKOSKI
PAPEL YES 4.42
TEMBEC YES 0.68
BULKLEY DUNTON YES 15.19
FINNPAP YES 8.74
WEBSOURCE YES 0.58
BOWATER YES 0.93
NORKE CANADA YES 0.73
PAPER AND IMPRESSION PRODUCTORA CO-
MERCIALIZADORA Y
EDITORES DE LI-
BROS , S.A. DE C.V. 17.29
OFFSET
MULTICOLOR 17.88
IMPRESOS MOINO 0.70
PROCESOS IND
DE PAPEL, S.A. 1.42
GRAFICAS LA
PRENSA, SA DE CV 0.19
PAPER AND QUEBECOR
IMPRESSION CHILE, S.A. YES 3.45
GRUPO OP GRAFICAS
S.A. YES 0.19
PRINTER COLOMBIA
NA, S.A. YES 0.86
ST. IVES, INC. YES 6.16
BEST LITHO YES 0.36
EDITORES, S.A. YES 0.17
RR DONELLY YES 2.47
QUAD GRAPHICS YES 1.57
-----------------------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
SALES DISTRIBUTION BY PRODUCT
ANNEX 11
DOMESTIC SALES
CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------------------------------------------
TOTAL PRODUCTION NET SALES MARKET
----------------------------------------------------------
MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT SHARE
(%)
-------------------------------------------------------------------------------------------------------------------
TELEVISION:
-----------
PROGRAMMING HALF HOURS PRODUCED
(DOMESTIC) 26
ADVERTISED TIME SOLD (HALF HOURS) 1 2,775,633
OTHER INCOME 243,762
PROGRAMMING FOR PAY TELEVISION:
-------------------------------
SALE OF SIGNALS 117,201
ADVERTISED TIME SOLD 14,721
PUBLISHING:
-----------
MAGAZINE CIRCULATION 28,687 234,075 13,119 153,593
PUBLISHING 84,502
PUBLISHING DISTRIBUTION: 3,735 110,547
------------------------
CABLE TELEVISION:
-----------------
ANALOGIC AND DIGITAL SERVICE 251,468
SERVICE INSTALLATION 9,236
PAY PER VIEW 282
CHANNEL COMMERCIALIZATION 3,020
OTHER 4,757
RADIO:
-----
ADVERTISED TIME SOLD 41,000
OTHER BUSINESSES:
DISTRIBUTION, RENTALS, AND SALE
OF MOVIE RIGHTS 180,556
SPECIAL EVENTS AND SHOW PROMOTION 121,046
NATIONWIDE PAGING SERVICE 45,749
INTERNET SERVICES 10,019
-------------------------------------------------------------------------------------------------------------------
TOTAL 234,075 4,167,092
-------------------------------------------------------------------------------------------------------------------
----------------------------------------------------------------------------------------------------------------------------
MAIN
--------------------------------------------------------------------------------------
MAIN PRODUCTS TRADEMARKS CUSTOMERS
----------------------------------------------------------------------------------------------------------------------------
TELEVISION:
-----------
PROGRAMMING HALF HOURS PRODUCED
(DOMESTIC)
ADVERTISED TIME SOLD (HALF HOURS) PROCTER & GAMBLE DE MEXICO, S.A. DE C.V.
THE COCA-COLA EXPORT COMPANY.
UNILEVER DE MEXICO, S.A. DE C.V.
SABRITAS, S. DE R.L. DE C.V.
BIMBO, S.A. DE C.V.
PEPSI COLA MEXICANA, S.A DE C.V.
CERVECERIA MODELO, S.A. DE C.V.
TELEFONOS DE MEXICO, S.A. DE C.V.
DANONE DE MEXICO, S.A. DE C.V.
NESTLE MEXICO, S.A. DE C.V.
KIMBERLY CLARK DE MEXICO, S.A. DE C.V.
PRODUCCIONES INFOVISION, S.A. DE C.V.
KELLOGG COMPANY MEXICO, S. DE R.L. DE C.V.
GENERAL MOTORS DE MEXICO, S. DE R.L. DE C.V.
FRABEL, S.A. DE C.V.
OTHER INCOME
PROGRAMMING FOR PAY TELEVISION:
-------------------------------
SALE OF SIGNALS
ADVERTISED TIME SOLD
PUBLISHING:
MAGAZINE CIRCULATION TV Y NOVELAS MAGAZINE, GENERAL PUBLIC (AUDIENCE)
TELEGUIA MAGAZINE, DEALERS
VANIDADES MAGAZINE COMMERCIAL CENTERS (MALLS)
COSMOPOLITAN MAGAZINE
BIOGRAPHICAL BOOKS
SOCCERMANIA MAGAZINE
TU MAGAZINE
MEN'S HEALTH MAGAZINE
CARAS MAGAZINE
MUY INTERESANTE MAGAZINE
PUBLISHING VARIOUS
PUBLISHING DISTRIBUTION: MAGAZINE:
------------------------ "EL EGIPTO DE LOS FARAONES"
"ENTREPRENEUR"
"GRANDES NOVELAS DE LA
HISTORIA MEXICANA"
"MAESTRA PREESCOLAR"
"GRANDES OBRAS DE
LITERATURA"
CABLE TELEVISION:
-----------------
ANALOGIC AND DIGITAL SERVICE GENERAL PUBLIC
SERVICE INSTALLATION OPERADORA MEGACABLE, S.A. DE C.V.
PAY PER VIEW CERVECERIA MODELO, S.A. DE C.V.
CHANNEL COMMERCIALIZATION GRUPO WARNER LAMBERT MEXICO, S. DE R.L DE C.V.
OTHER TELEFONOS DE MEXICO, S.A. DE C.V.
DAIMLERCHRYSLER DE MEXICO, S.A. DE C.V.
FORD MOTOR COMPANY, S.A. DE C.V.
BRISTOL MYERS SQUIBB DE MEXICO, S. DE R.L. DE C.V.
KIMBERLY CLARK DE MEXICO, S.A. DE C.V.
BANCO NACIONAL DE MEXICO, S.A.
ARENA COMMUNICATIONS, S.A. DE C.V.
BAYER DE MEXICO, S.A. DE C.V.
SONY DE MEXICO, S.A. DE C.V.
RADIO:
-----
ADVERTISED TIME SOLD
CERVECERIA MODELO, S.A. DE C.V.
ARENA COMMUNICATIONS, S.A. DE C.V.
VENTAS Y SERVICIOS AL CONSUMIDOR, S.A. DE C.V.
PEGASO PCS, S.A. DE C.V.
GIGANTE, S.A. DE C.V.
NEXTEL DE MEXICO, S.A. DE C.V.
COMERCIAL MEXICANA
GENERAL MOTORS DE MEXICO, S. DE R.L. DE C.V.
ALESTRA, S. DE R.L. DE C.V.
DISTRIBUIDORA KROMA, S.A. DE C.V.
OTHER BUSINESSES:
-----------------
DISTRIBUTION, RENTALS, AND SALE CINEMAS DE LA REPUBLICA, S.A. DE C.V.
OF MOVIE RIGHTS CINEMEX, S.A. DE C.V.
CINEMARK DE MEXICO, S.A. DE C.V.
CINEPOLIS DEL PAIS, S.A. DE C.V.
MULTIMEDIOS CINEMAS, S.A. DE C.V.
GENERAL PUBLIC (AUDIENCE)
SPECIAL EVENTS AND SHOW PROMOTION AMERICA GENERAL PUBLIC (AUDIENCE)
NECAXA FEDERACION MEXICANA DE FUTBOL, A.C.
REAL SAN LUIS
NATIONWIDE PAGING SERVICE SKYTEL FERROCARRIL MEXICANO, S.A. DE C.V.
BANCO NACIONAL DE MEXICO, S.A.
HEWLETT PACKARD DE MEXICO, S. DE R.L. DE C.V.
COMISION FEDERAL DE ELECTRICIDAD
EDS DE MEXICO, S.A. DE C.V.
AVANTEL, S.A.
FERROSUR, S.A. DE C.V.
SECRETARIA DE GOBERNACION
SCHERING PLOUGH, S.A. DE C.V.
BBVA BANCOMER, S.A.
GRUPO NACIONAL PROVINCIAL, S.A.
I.B.M. DE MEXICO, S.A.
INTERNET SERVICES ESMAS.COM MEDIA CONTACTS, S.A. DE C.V.
TELEFONOS DE MEXICO, S.A. DE C.V.
MOTOROLA DE MEXICO, S.A.
NESTLE MEXICO, S.A. DE C.V.
--------------------------------------------------------------------------------------------------------------
TOTAL
--------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA
GRUPO TELEVISA, S.A.
SALES DISTRIBUTION BY PRODUCT
ANNEX 11 A
FOREIGN SALES
CONSOLIDATED
FINAL PRINTING
--------------------------------------------------------------------------------------------------------------------------
TOTAL PRODUCTION NET SALES
----------------------------------------------------
MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT DESTINATION
--------------------------------------------------------------------------------------------------------------------------
TELEVISION BROADCASTING:
------------------------
ADVERTISING TIME SOLD 127,712 UNITED STATES OF AMERICA
OTHER INCOME 30,565 UNITED STATES OF AMERICA
PROGRAMMING FOR PAY TELEVISION:
-------------------------------
SALES OF SIGNALS 25,485 SPAIN
ARGENTINA
CHILE
GUATEMALA
COLOMBIA
PROGRAM LICENSING:
------------------ 414,380 UNITED STATES OF AMERICA
PROGRAMMING AND ROYALTIES CENTRAL AMERICA
CARIBBEAN
EUROPE
SOUTH AMERICA
AFRICA
ASIA
PUBLISHING:
-----------
MAGAZINE CIRCULATION, BOOKS AND
ADVERTISING 5,952 90,635 GUATEMALA AND COSTA RICA
UNITED STATES OF AMERICA
PANAMA
SOUTH AMERICA
CENTRAL AMERICA
42,152
PUBLISHING
PUBLISHING DISTRIBUTION: 3,305 332,764 PANAMA
------------------------ SOUTH AMERICA
--------------------------------------------------------------------------------------------------------------------------
TOTAL 1,063,693
--------------------------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------------------------------
MAIN
--------------------------------------------------------------------------------------
MAIN PRODUCTS TRADEMARKS CUSTOMERS
--------------------------------------------------------------------------------------------------------------------------------
TELEVISION BROADCASTING:
------------------------
ADVERTISING TIME SOLD RCN TELEVISION
POWERCORP B.V.
THOMSON BROADCASTING AND MEDIA SOLUTIONS
MASTER CARD INTERNATIONAL GLOBAL MARKETING
CHEIL COMMUNICATIONS,INC.
REYNOLDS CONSUMER PRODUCTS
OTHER INCOME
PROGRAMMING FOR PAY TELEVISION:
-------------------------------
SALES OF SIGNALS
PROGRAM LICENSING:
------------------
PROGRAMMING AND ROYAL TIES TELEVISA MCCANN ERICKSON, INC.
TELEVISA MINDSHARE
TELEVISA DAILY AND ASSOCIATES
TELEVISA SPOTPLUS
TELEVISA CARAT, INC.
TELEVISA HORIZON MEDIA, INC.
TELEVISA GREY ADVERTISING, INC.
INITIATIVE MEDIA, INC.
GSD&M ADVERTISING
TBWA CHIAT
PUBLISHING:
-----------
MAGAZINE CIRCULATION, BOOKS AND
ADVERTISING T.V. Y NOVELAS MAGAZINE GENERAL PUBLIC (AUDIENCE)
BIOGRAPHICAL BOOKS DEALERS
VANIDADES MAGAZINE
COSMOPOLITAN MAGAZINE
TU MAGAZINE
PUBLISHING
PUBLISHING DISTRIBUTION: GANCHILLO ARTISTICO DE GENERAL PUBLIC (AUDIENCE)
------------------------ CHOISY MAGAZINE
LA NAVIDAD EN FIELTRO MAGAZINE
FUTBOL TOTAL MAGAZINE
BARNEY MAGAZINE
PEOPLE EN ESPANOL MAGAZINE
-------------------------------------------------------------------------------------------------------------------
TOTAL
-------------------------------------------------------------------------------------------------------------------
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
PROJECT, AMOUNT EXERCISED AND PROGRESS PERCENTAGE
ANNEX 13
CONSOLIDATED
FINAL PRINTING
---------------------------------------------------------------------------
MAJOR INVESTMENT PROJECTS OF GRUPO TELEVISA, S.A. AND ITS SUBSIDIARIES AT
MARCH 31, 2004, INCLUDE THE FOLLOWING (MILLIONS OF U.S. DOLLARS AND
MEXICAN PESOS):
DESCRIPTION AUTHORIZED AMOUNT EXERCISED AMOUNT PROGRESS %
----------- ----------------- ---------------- ----------
U.S. DOLLAR DENOMINATED PROJECTS:
---------------------------------
DIGITALIZATION OF THE CABLE
TELEVISION NETWORK U.S.$ 15.0 U.S.$ 8.6 57%
TECHNICAL EQUIPMENT FOR
T.V. STATIONS 13.4 7.2 54%
INFORMATION TECHNOLOGY
PROJECTS 11.3 3.0 26%
CAPITAL CONTRIBUTIONS TO
"TU TV", A JOINT VENTURE
WITH UNIVISION IN THE
UNITED STATES 5.0 3.5 70%
MEXICAN PESOS DENOMINATED PROJECTS:
-----------------------------------
INFORMATION TECHNOLOGY
PROJECTS PS. 33.3 PS. 19.2 58%
SOCCER FACILITIES AND
IMPROVEMENTS 22.0 11.0 50%
TECHNICAL EQUIPMENT FOR
T.V. STATIONS 17.1 13.4 78%
MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA QUARTER: 1 YEAR: 2004
GRUPO TELEVISA, S.A.
INFORMATION RELATED TO BULLETIN B-15 (FOREIGN CURRENCY TRANSLATION)
ANNEX 14 CONSOLIDATED
FINAL PRINTING
-------------------------------------------------------------------------------
INFORMATION RELATED TO BULLETIN B-15 (FOREIGN CURRENCY TRANSLATION)
-------------------------------------------------------------------------------
MONETARY ASSETS AND LIABILITIES OF MEXICAN COMPANIES DENOMINATED IN FOREIGN
CURRENCIES ARE TRANSLATED AT THE PREVAILING EXCHANGE RATE AT THE BALANCE
SHEET DATE. RESULTING EXCHANGE RATE DIFFERENCES ARE RECOGNIZED IN INCOME
FOR THE YEAR, WITHIN INTEGRAL COST OF FINANCING.
ASSETS, LIABILITIES AND RESULTS OF OPERATIONS OF NON - MEXICAN SUBSIDIARIES
ARE FIRST CONVERTED TO MEXICAN GAAP, INCLUDING RESTATING TO RECOGNIZE THE
EFFECTS OF INFLATION BASED ON THE INFLATION OF EACH FOREIGN COUNTRY, AND
THEN TRANSLATED TO MEXICAN PESOS UTILIZING THE EXCHANGE RATE AS OF THE
BALANCE SHEET DATE AT YEAR-END. RESULTING TRANSLATION DIFFERENCES ARE
RECOGNIZED IN EQUITY AS PART OF THE OTHER COMPREHENSIVE INCOME OR LOSS.
FINANCIAL STATEMENTS OF NON-MEXICAN OPERATIONS THAT ARE INTEGRAL TO MEXICAN
OPERATIONS ARE CONVERTED TO MEXICAN GAAP AND TRANSLATED TO MEXICAN PESOS BY
UTILIZING THE EXCHANGE RATE OF THE BALANCE SHEET DATE AT YEAR-END FOR
MONETARY ASSETS AND LIABILITIES, WITH THE RELATED ADJUSTMENT INCLUDED IN
NET INCOME, AND HISTORICAL EXCHANGE RATES FOR NON-MONETARY ITEMS.
EFFECTIVE MARCH, 2002, THE COMPANY DESIGNATED ITS NET INVESTMENT IN
UNIVISION AS AN EFFECTIVE HEDGE OF ITS SENIOR NOTES DUE 2011 AND ITS
U.S.$300 MILLION SENIOR NOTES DUE 2032 FOR AN AGGREGATE AMOUNT OF U.S.$600
MILLION (Ps.6,704,400). CONSEQUENTLY, BEGINNING MARCH 2002, ANY FOREIGN
EXCHANGE GAIN OR LOSS ATTRIBUTABLE TO THIS U.S. DOLLAR LONG-TERM DEBT,
BEING HEDGED BY THE COMPANY'S NET INVESTMENT IN SHARES OF UNIVISION, IS
CREDITED OR CHARGED DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR
LOSS).
THE GROUP'S FINANCIAL STATEMENTS FOR MARCH 31, 2003, HAVE BEEN RESTATED TO
MEXICAN PESOS IN PURCHASING POWER AS OF MARCH 31, 2004, BY USING A
RESTATEMENT FACTOR DERIVED FROM THE CHANGE IN THE NCPI, WHICH FOR 2004 WAS
1.0423. HAD THE ALTERNATIVE WEIGHTED AVERAGE FACTOR ALLOWED UNDER MEXICAN
GAAP BEEN APPLIED TO RESTATE THE GROUP'S FINANCIAL STATEMENTS FOR MARCH 31,
2003, WHICH INCLUDED THE RESULTS OF MEXICAN AND NON-MEXICAN SUBSIDIARIES,
THE RESTATEMENT FACTOR FOR 2003 WOULD HAVE BEEN 1.0524.
MEXICAN STOCK EXCHANGE ("BMV")
STOCK EXCHANGE CODE: TLEVISA DATE: 5/2/2004
GRUPO TELEVISA, S.A.
GENERAL DATA OF ISSUER
----------------------------------------------------------------------------------------------------------------------------------
COMPANY'S NAME: GRUPO TELEVISA, S.A.
ADDRESS: AV. VASCO DE QUIROGA # 2000
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-20-00
FAX: 5261-24-94
INTERNET ADDRESS: www.televisa.com.mx
-------------------
TAX DATA OF THE ISSUER
----------------------------------------------------------------------------------------------------------------------------------
COMPANY TAX CODE: GTE901219GK3
ADDRESS: AV. VASCO DE QUIROGA # 2000
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
RESPONSIBLE FOR PAYMENT
----------------------------------------------------------------------------------------------------------------------------------
NAME: C.P.C. JOSE RAUL GONZALEZ LIMA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-77
FAX: 5261-20-43
E-MAIL: rglima@televisa.com.mx
----------------------
EXECUTIVES DATA
----------------------------------------------------------------------------------------------------------------------------------
BMV POSITION: CHAIRMAN OF THE BOARD
POSITION: CHAIRMAN OF THE BOARD
NAME: SR. EMILIO FERNANDO AZCARRAGA JEAN
ADDRESS: AV. CHAPULTEPEC # 28 PISO 1
NEIGHBORHOOD: DOCTORES
ZIP CODE: 06724
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5709-42-89
FAX: 5709-39-88
E-MAIL: emilio@televisa.com.mx
----------------------
BMV POSITION: GENERAL DIRECTOR
POSITION: PRESIDENT AND CHIEF EXECUTIVE OFFICER
NAME: SR. EMILIO FERNANDO AZCARRAGA JEAN
ADDRESS: AV. CHAPULTEPEC # 28 PISO 1
NEIGHBORHOOD: DOCTORES
ZIP CODE: 06724
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5709-42-89
FAX: 5709-39-88
E-MAIL: emilio@televisa.com.mx
----------------------
----------------------------------------------------------------------------------------------------------------------------------
BMV POSITION: FINANCE DIRECTOR
POSITION: CHIEF FINANCIAL OFFICER
NAME: LIC. SALVI FOLCH VIADERO
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-80
FAX: 5261-20-39
E-MAIL: sfolch@televisa.com.mx
----------------------
----------------------------------------------------------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR SENDING CORPORATE INFORMATION THROUGH EMISNET
POSITION: DIRECTOR OF CORPORATE FINANCIAL INFORMATION
NAME: C.P.C. JOSE RAUL GONZALEZ LIMA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-77
FAX: 5261-20-43
E-MAIL: rglima@televisa.com.mx
----------------------
----------------------------------------------------------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR SENDING SHARE REPURCHASE INFORMATION THROUGH EMISNET
POSITION: VICE PRESIDENT OF CORPORATE FINANCE
NAME: LIC. ALEXANDRE MOREIRA PENNA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 3
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-24-58
FAX: 5261-25-24
E-MAIL: apenna@televisa.com.mx
----------------------
BMV POSITION: RESPONSIBLE FOR LEGAL MATTERS
POSITION: VICE PRESIDENT - LEGAL AND GENERAL COUNSEL OF GRUPO TELEVISA
NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
------------------------
----------------------------------------------------------------------------------------------------------------------------------
BMV POSITION: SECRETARY OF THE BOARD OF DIRECTORS
POSITION: SECRETARY OF THE BOARD OF DIRECTORS
NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
------------------------
----------------------------------------------------------------------------------------------------------------------------------
BMV POSITION: PROSECRETARY OF THE BOARD OF DIRECTORS
POSITION: EXTERNAL GENERAL COUNSEL
NAME: LIC. RICARDO MALDONADO YANEZ
ADDRESS: MONTES URALES # 505, PISO 3
NEIGHBORHOOD: LOMAS DE CHAPULTEPEC
ZIP CODE: 11000
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5201-74-47
FAX: 5520-10-65
E-MAIL: rmaldonado@macf.com.mx
----------------------
----------------------------------------------------------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE OF INFORMATION TO INVESTORS
POSITION: DIRECTOR OF INVESTOR RELATIONS
NAME: LIC. MICHEL BOYANCE BALDWIN
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-24-46
FAX: 5261-24-94
E-MAIL: mboyance@televisa.com.mx
------------------------
BMV POSITION: RESPONSIBLE FOR SENDING INFORMATION THROUGH EMISNET
POSITION: SECRETARY OF THE BOARD OF DIRECTORS
NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-25-85
FAX: 5261-25-46
E-MAIL: jmijares@televisa.com.mx
------------------------
----------------------------------------------------------------------------------------------------------------------------------
BMV POSITION: RESPONSIBLE FOR SENDING RELEVANT EVENTS THROUGH EMISNET
POSITION: DIRECTOR OF INVESTOR RELATIONS
NAME: LIC. MICHEL BOYANCE BALDWIN
ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4
NEIGHBORHOOD: SANTA FE
ZIP CODE: 01210
CITY AND STATE: MEXICO, D.F.
TELEPHONE: 5261-24-46
FAX: 5261-24-94
E-MAIL: mboyance@televisa.com.mx
------------------------
MEXICAN STOCK EXCHANGE ("BMV")
STOCK EXCHANGE TLEVISA DATE: 5/2/2004
GRUPO TELEVISA, S.A.
BOARD OF DIRECTORS
----------------------------------------------------------------------------------------------------------------
POSITION : PRESIDENT(S)
NAME : EMILIO FERNANDO AZCARRAGA JEAN
----------------------------------------------------------------------------------------------------------------
POSITION : VICE PRESIDENT(S)
NAME : MARIA ASUNCION ARAMBURUZABALA LARREGUI
----------------------------------------------------------------------------------------------------------------
POSITION : DIRECTOR(S)
NAME : PEDRO ASPE ARMELLA
NAME : JULIO BARBA HURTADO
NAME : JOSE ANTONIO BASTON PATINO
NAME : ANA PATRICIA BOTIN O'SHEA
NAME : MANUEL JORGE CUTILLAS COVANI
NAME : ALFONSO DE ANGOITIA NORIEGA
NAME : CARLOS FERNANDEZ GONZALEZ
NAME : BERNARDO GOMEZ MARTINEZ
NAME : CLAUDIO X. GOZALEZ LAPORTE
NAME : ROBERTO HERNANDEZ RAMIREZ
NAME : ENRIQUE KRAUZE KLEINBORT
NAME : GERMAN LARREA MOTA VELAZCO
NAME : GILBERTO PEREZALONSO CIFUENTES
NAME : ALEJANDRO QUINTERO INIGUEZ
NAME : FERNANDO SENDEROS MESTRE
NAME : ENRIQUE FRANCISCO J. SENIOR HERNANDEZ
NAME : LORENZO H. ZAMBRANO TREVINO
----------------------------------------------------------------------------------------------------------------
POSITION : ALTERNATE DIRECTOR(S)
NAME : HERBERT ALLEN III
NAME : JUAN PABLO ANDRADE FRICH
NAME : LUCRECIA ARAMBURUZABALA LARREGUI
NAME : FELIX ARAUJO RAMIREZ
NAME : MAXIMILIANO ARTEAGA CARLEBACH
NAME : JOAQUIN BALCARCEL SANTA CRUZ
NAME : JUAN FERNANDO CALVILLO ARMENDARIZ
NAME : RAFAEL CARABIAS PRINCIPE
NAME : FRANCISCO JOSE CHEVEZ ROBELO
NAME : JOSE LUIS FERNANDEZ FERNANDEZ
NAME : SALVI FOLCH VIADERO
NAME : LEOPOLDO GOMEZ GONZALEZ BLANCO
NAME : JOSE ANTONIO LARA DEL OLMO
NAME : JORGE LUTTEROTH ECHEGOYEN
NAME : ALBERTO MONTIEL CASTELLANOS
NAME : RAUL MORALES MEDRANO
NAME : ALEXANDRE MOREIRA PENNA DA SILVA
NAME : GUILLERMO NAVA GOMEZ-TAGLE
----------------------------------------------------------------------------------------------------------------
POSITION : STATUTORY AUDITOR(S)
NAME : MARIO SALAZAR ERDMANN
----------------------------------------------------------------------------------------------------------------
POSITION : ALTERNATE STATUTORY AUDITOR(S)
NAME : JOSE MIGUEL ARRIETA MENDEZ
----------------------------------------------------------------------------------------------------------------
POSITION : SECRETARY(IES) OF THE BOARD
NAME : JUAN SEBASTIAN MIJARES ORTEGA
------------------------------------------------------------------------------
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
GRUPO TELEVISA, S.A.
--------------------------------
(Registrant)
Dated: May 5, 2004 By /s/ Jorge Lutteroth Echegoyen
------------------------------
Name: Jorge Lutteroth Echegoyen
Title: Controller, Vice-President