6-K
GRUPO TELEVISA, S.A.B. (TV)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULES 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of October, 2024
Commission File Number: 001-12610
GRUPO TELEVISA, S.A.B.
(Translation of registrant’s name intoEnglish)
Av. Vasco de Quiroga No. 2000, Colonia SantaFe 01210 Mexico City, Mexico
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.)
Form 20-F x Form 40-F ¨
| Investor<br>Relations<br><br>PRESS RELEASE |
|---|
Televisa Reports Third Quarter 2024 Results
Consolidated
| · | Revenue and Operating Segment Income (“OSI”)<br>declined by 6.4% and 4.7%, respectively, translating into a 37.1% margin. |
|---|---|
| · | During the third quarter of 2024, Operating Cash<br>Flow (“OCF”)^1^, increased by 6.8%, for a 21.5% margin. |
| --- | --- |
| · | During the first nine months of 2024, OCF grew<br>by 26.8%, representing a 24.1% margin. |
| --- | --- |
Cable
| · | Passed 86 thousand additional homes with fiber-to-the-home<br>(“FTTH”) during the quarter, reaching close to 19.9 million homes passed with our network. |
|---|---|
| · | Broadband subscribers of 5.7 million increased<br>by 11.3 thousand as we keep focusing on value customers and working on churn reduction. |
| --- | --- |
| · | Revenue fell by 3.9% mainly due to the decline<br>in our Enterprise Operations revenue. |
| --- | --- |
| · | OSI margin of 39.4% incorporates savings from<br>the efficiency measures implemented at our Cable segment. |
| --- | --- |
Sky
| · | Total RGUs of 5.3 million, with 270 thousand<br>net-disconnections. |
|---|---|
| · | Revenue declined by 13.2% driven by an RGU base<br>decrease of 15.0%. |
| --- | --- |
Earnings Call Date and Time: Friday, October 25,2024, at 11:00 A.M. ET.
Conference ID # is9281169
| From the U.S.: +1 (877) 883 0383 | International callers: +1 (412) 902 6506 |
|---|---|
| Rebroadcast: +1 (877) 344 7529 | Rebroadcast: +1 (412) 317 0088 |
The teleconference will be rebroadcast starting at 12:00 P.M. ET with the access code #8286175
on October 25^th^and will end at midnight on November 8^th^.
^1^ OCF is defined as total OSI minus capital expenditures in property, plant and equipment. A reconciliation of total OSI to consolidated operating income, and the amount of capital expenditures in property, plant and equipment, are presented in the Notes of Segment Information, and Property, Plant and Equipment, respectively, to our Interim Unaudited Condensed Consolidated Financial Statements as of September 30, 2024 and December 31, 2023, and for the nine months ended September 30, 2024 and 2023.
1
Consolidated Results
Mexico City, October 24, 2024 — Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “Televisa” or “the Company”), today announced that its Board of Directors (the “Board”) approved a proposal of Mr. Emilio Azcárraga Jean, Executive Chairman of the Board, to take an administrative leave, effective immediately, pending resolution of the investigation by the Department of Justice into certain FIFA-related activity, as previously announced on August 30, 2024. The Company is continuing to cooperate with the investigation.
In addition, the Company announced results for the third quarter of 2024. The results have been prepared in accordance with International Financial Reporting Standards (“IFRS”).
The financials statements have been adjusted to reflect the impact of the spin-off of the Company for the incorporation of Ollamani S.A.B., which took place on January 31, 2024. Results from the Other Businesses segment’s assets that were spun-off are presented as discontinued operations.
The following table sets forth condensed consolidated statements of income for the quarters ended September 30, 2024 and 2023, in millions of Mexican pesos:
| 3Q’24 | Margin | 3Q’23 | Margin | Change | |
|---|---|---|---|---|---|
| % | % | % | |||
| Revenues | 15,362.8 | 100.0 | 16,416.0 | 100.0 | (6.4) |
| Operating segment income ^(1)^ | 5,717.1 | 37.1 | 5,998.4 | 36.5 | (4.7) |
^(1)^The operating segment income margin is calculated as a percentage of segment revenues.
Revenues decreased by 6.4% to Ps.15,362.8 million in the third quarter of 2024, compared with Ps.16,416.0 million in the third quarter of 2023. This decline was driven mainly by the revenue decrease of 13.2% at Sky. Operating segment income fell by 4.7%, translating into a 37.1% margin.
The following table sets forth condensed consolidated statements of income for the quarters ended September 30, 2024 and 2023, in millions of Mexican pesos:
| 3Q’24 | Margin % | 3Q’23 | Margin % | Change % | |
|---|---|---|---|---|---|
| Revenues | 15,362.8 | 100.0 | 16,416.0 | 100.0 | (6.4) |
| Net income (loss) | 670.5 | 4.4 | (1,051.6) | (6.4) | n/a |
| Net income (loss) attributable to stockholders of the Company | 666.5 | 4.3 | (918.5) | (5.6) | n/a |
| Segment revenues | 15,406.5 | 100.0 | 16,444.3 | 100.0 | (6.3) |
| Operating segment income ^(1)^ | 5,717.1 | 37.1 | 5,998.4 | 36.5 | (4.7) |
^(1)^ The operating segment income margin is calculated as a percentage of segment revenues.
Net income or loss attributable to stockholders of the Company changed by Ps.1,585.0 million, to a net income of Ps.666.5 million, in the third quarter of 2024, from a net loss of Ps.918.5 million in the third quarter of 2023.
This favorable change reflected (i) a Ps.339.0 million increase in operating income before other expense; (ii) a Ps.407.3 million decrease in other expense, net; (iii) a Ps.1,147.3 million increase in share of income of associates and joint ventures, net; and (iv) a Ps.698.0 million decrease in income taxes.
These favorable variances were partially offset by (i) a Ps.614.9 million increase in finance expense, net; (ii) a Ps.254.6 million decrease in income from discontinued operations; and (iii) a Ps.137.1 million change in net income or loss attributable to non-controlling interests.
2
Third-quarter Results by Business Segment
The following table presents third-quarter consolidated results ended September 30, 2024 and 2023, for each of our business segments. Consolidated results for the third quarter of 2024 and 2023 are presented in millions of Mexican pesos.
| Revenues | 3Q’24 | % | 3Q’23 | % | Change<br><br> <br>% |
|---|---|---|---|---|---|
| Cable | 11,675.4 | 75.8 | 12,147.8 | 73.9 | (3.9) |
| Sky | 3,731.1 | 24.2 | 4,296.5 | 26.1 | (13.2) |
| Segment Revenues | 15,406.5 | 100.0 | 16,444.3 | 100.0 | (6.3) |
| Intersegment Operations ^(1)^ | (43.7) | (28.3) | |||
| Revenues | 15,362.8 | 16,416.0 | (6.4) |
^^
| Operating Segment Income ^(2)^ | 3Q’24 | Margin<br><br> <br>% | 3Q’23 | Margin<br><br> <br>% | Change<br><br> <br>% |
|---|---|---|---|---|---|
| Operating Segment Income | 5,717.1 | 37.1 | 5,998.4 | 36.5 | (4.7) |
| Corporate Expenses | (61.2) | (0.4) | (163.0) | (1.0) | 62.5 |
| Depreciation and Amortization | (4,907.5) | (31.9) | (5,457.5) | (33.2) | 10.1 |
| Other expense, net | (319.3) | (2.1) | (726.6) | (4.4) | 56.1 |
| Intersegment Operations ^(1)^ | (64.4) | (0.4) | (32.9) | (0.2) | n/a |
| Operating Income (loss) | 364.7 | 2.4 | (381.6) | (2.3) | n/a |
^(1)^For segment reporting purposes, intersegment operations are included in each of the segment operations.
^(2)^Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other expense, net.
3
Cable Operating Metrics
Total net disconnections for the quarter were 19.6 thousand RGUs mainly because we lost 55.5 thousand video subscribers. We also had 4.4 thousand mobile net disconnections, ending the quarter with close to 323.0 thousand mobile subscribers. On the other hand, broadband net additions were 11.3 thousand, mostly in line with the average of the last two quarters.
The following table sets forth the breakdown of RGUs per service type for our Cable segment as of September 30, 2024 and 2023.
| RGUs | 3Q’24 Net Adds | 3Q’24 | 3Q’23 |
|---|---|---|---|
| Video | (55,479) | 3,941,178 | 4,059,390 |
| Broadband | 11,345 | 5,711,169 | 5,677,836 |
| Voice | 28,965 | 5,418,270 | 5,350,757 |
| Mobile | (4,449) | 322,957 | 299,292 |
| Total RGUs | (19,618) | 15,393,574 | 15,387,275 |
Sky Operating Metrics
During the quarter, Sky had close to 270 thousand RGUs disconnections, mainly driven by the loss of 217.0 thousand video RGUs.
The following table sets forth the breakdown of RGUs per type of service for Sky as of September 30, 2024 and 2023.
| RGUs | 3Q’24 Net Adds | 3Q’24 | 3Q’23 |
|---|---|---|---|
| Video | (216,966) | 4,927,928 | 5,697,947 |
| Broadband | (49,295) | 389,305 | 544,954 |
| Voice | (29) | 236 | 365 |
| Mobile | (3,563) | 15,523 | 32,514 |
| Total RGUs | (269,853) | 5,332,992 | 6,275,780 |
4
Revenues and Operating Segment Income
Third quarter segment revenues decreased by 6.3% to Ps.15,406.5 million compared with Ps.16,444.3 million in the third quarter of 2023. Revenues in our MSO operations fell by 1.6%, mainly driven by a lower video subscriber base. Revenues in our Enterprise Operations decreased by 22.6% as we didn’t renew an important government contract during the quarter. Finally, Sky’s revenues declined by 13.2%, driven by the year-on-year RGUs decrease.
Third quarter operating segment income decreased by 4.7% to Ps.5,717.1 million compared with Ps.5,998.4 million in the third quarter of 2023. The margin reached 37.1%, increasing by around 60 basis points year-on-year due to the efficiency measures that have been implemented over the last few quarters. The OSI margin for our Cable segment was 39.4% during the third quarter.
The following table presents third-quarter consolidated results ended September 30, 2024 and 2023, for each of our business segments. Consolidated results for the third quarter of 2024 and 2023 are presented in millions of Mexican pesos.
| Revenues<br><br> <br>Millions of Mexican pesos | 3Q’24 | 3Q’23 | Change % |
|---|---|---|---|
| MSO Operations ^(1)^ | 10,654.5 | 10,829.6 | (1.6) |
| Enterprise Operations ^(1)^ | 1,020.9 | 1,318.2 | (22.6) |
| Cable | 11,675.4 | 12,147.8 | (3.9) |
| Sky | 3,731.1 | 4,296.5 | (13.2) |
| Segment Revenues | 15,406.5 | 16,444.3 | (6.3) |
| Operating Segment Income | 5,717.1 | 5,998.4 | **(**4.7) |
| Margin (%) | 37.1 | 36.5 |
^(1)^ Revenue results for our MSO and Enterprise operations include consolidation adjustments.
Corporate Expense
Corporate expense decreased by Ps.101.8 million, or 62.5%, to Ps.61.2 million in the third quarter of 2024, from Ps.163.0 million in the third quarter of 2023. The decrease reflected primarily a decrease in share-based compensation and corporate expenses.
Share-based compensation expense in the third quarter of 2024 and 2023 amounted to Ps.110.2 million and Ps.164.2 million, respectively, and was accounted for as corporate expense. Share-based compensation expense is measured at fair value at the time the equity benefits are conditionally sold to officers and employees and is recognized over the vesting period.
Other Expense, Net
Other expense, net, decreased by Ps.407.3 million or 56.1%, to Ps.319.3 million in the third quarter of 2024, from Ps.726.6 million in the third quarter of 2023. This decrease reflected primarily a decrease in non-recurring severance expense in connection with headcount reductions in our Cable and Sky segments. This favorable variance was partially offset by (i) the absence in the third quarter of 2024 of interest income for asset tax recovery from prior years that we recognized in the third quarter of 2023; and (ii) an increase in loss on disposal of property and equipment.
5
The following table sets forth the breakdown of cash and non-cash other expense, net, stated in millions of Mexican pesos, for the quarters ended September 30, 2024 and 2023.
| Other (Expense) Income, Net | 3Q’24 | 3Q’23 |
|---|---|---|
| Cash | (314.8) | (911.6) |
| Non-cash | (4.5) | 185.0 |
| Total | (319.3) | (726.6) |
Finance Expense, Net
The following table sets forth the finance (expense) income, net, stated in millions of Mexican pesos for the quarters ended September 30, 2024 and 2023.
| ****<br><br> <br>3Q’24 | <br><br> <br>3Q’23 (Unfavorable) | Favorable<br><br> <br>**<br><br> <br>Change | |
|---|---|---|---|
| Interest expense | (2,064.9) | (1,549.8) | (515.1) |
| Interest income | 879.0 | 751.9 | 127.1 |
| Foreign exchange (loss) gain, net | (294.8) | 54.9 | (349.7) |
| Other finance income, net | 221.4 | 98.6 | 122.8 |
| Finance expense, net | (1,259.3) | (644.4) | (614.9) |
Finance expense, net, increased by Ps.614.9 million, or 95.4%, to a Ps.1,259.3 million in the third quarter of 2024, from Ps.644.4 million in the third quarter 2023.
This increase reflected:
| (i) | a Ps.515.1 million increase in interest expense, primarily in connection with the absence in the third<br>quarter of 2024 of a net finance income related to the repurchase and prepayment of long-term debt in the third quarter of 2023, which<br>was partially offset by lower interest expense resulting primarily from a lower average principal amount of debt in the third quarter<br>of 2024; and |
|---|---|
| (ii) | a Ps.349.7 million unfavorable change in foreign exchange gain or loss, net, resulting primarily from<br>a 7.2% depreciation of the Mexican peso against the U.S. dollar on an average U.S. dollar net liability position in the third quarter<br>of 2024, compared with a 1.6% depreciation of the Mexican peso against the U.S. dollar on an average U.S. dollar net asset position in<br>the third quarter of 2023. |
| --- | --- |
These unfavorable variances were partially offset by (i) a Ps.127.1 million increase in interest income, explained primarily by a higher average amount of cash and cash equivalents; and (ii) a Ps.122.8 million increase in other finance income, net, resulting from a higher gain in fair value of our derivative contracts in the third quarter of 2024.
6
Share of Income of Associates and Joint Ventures,Net
Share of income of associates and joint ventures, net, increased by Ps.1,147.3 million, to Ps.1,736.1 million in the third quarter of 2024, from Ps.588.8 million in the third quarter of 2023. This increase reflected primarily an increase in our share of income of TelevisaUnivision.
Income Taxes
Income taxes decreased by Ps.698.0 million, to Ps.171.0 million in the third quarter of 2024, from Ps.869.0 million in the third quarter of 2023. This decrease reflected primarily the absence in the third quarter of 2024 of a non-cash income tax expense recognized in the third quarter of 2023 in connection with income taxes from prior years.
Income from Discontinued Operations, Net
In connection with the spin-off of businesses of our former Other Businesses segment (the “Spun-off Businesses”) on January 31, 2024, we began presenting the results of operations of the Spun-off Businesses as income from discontinued operations in our consolidated statements of income for the month ended January 31, 2024, and for any comparative prior period.
We did not recognize any income from discontinued operations in the third quarter of 2024. Income from discontinued operations, net, amounted to Ps.254.6 million in the third quarter of 2023, reflecting the consolidated net income of our Spun-off Businesses for the three months ended September 30, 2023.
Net income or Loss Attributable to Non-controlling Interests
Net income or loss attributable to non-controlling interests changed by Ps.137.1 million to a net income attributable to non-controlling interests of Ps.4.0 million in the third quarter of 2024, compared with a net loss attributable to non-controlling interests of Ps.133.1 million in the third quarter of 2023. This change reflected primarily a net income attributable to non-controlling interests in our Cable segment.
Capital Expenditures
During the third quarter of 2024, we invested approximately U.S.$128.1 million (Ps.2,426.6 million) in property, plant and equipment as capital expenditures.
The following table sets forth the breakdown by segment of capital expenditures for the third quarter of 2024 and 2023.
| Capital Expenditures<br><br> <br>**** | 3Q’24<br><br> <br>(Millions of U.S. <br><br>Dollars) | 3Q’24<br><br> <br>(Millions of Mexican Pesos) | 3Q’23<br><br> <br>(Millions of U.S. <br><br>Dollars) | 3Q’23<br><br> <br>(Millions of Mexican Pesos) |
|---|---|---|---|---|
| Cable | 115.3 | 2,182.5 | 141.0 | 2,407.2 |
| Sky | 11.4 | 216.7 | 28.4 | 484.3 |
| Corporate assets | 1.4 | 27.4 | 2.1 | 36.4 |
| Continuing operations | 128.1 | 2,426.6 | 171.5 | 2,927.9 |
| Discontinued operations | - | - | 15.1 | 257.7 |
| Total | 128.1 | 2,426.6 | 186.6 | 3,185.6 |
7
Debt and Lease Liabilities
The following table sets forth our total consolidated debt and lease liabilities as of September 30, 2024 and December 31, 2023. Amounts are stated in millions of Mexican pesos.
| September 30,<br><br> <br>2024 | December 31, 2023 | (Decrease) Increase | |
|---|---|---|---|
| Current portion of long-term debt | 4,285.7 | 9,988.0 | (5,702.3) |
| Long-term debt, net of current portion | 94,254.4 | 78,547.9 | 15,706.5 |
| Total debt ^(1)^ | 98,540.1 | 88,535.9 | 10,004.2 |
| Current portion of long-term lease liabilities | 1,175.0 | 1,280.9 | (105.9) |
| Long-term lease liabilities, net of current portion | 4,161.6 | 6,010.6 | (1,849.0) |
| Total lease liabilities | 5,336.6 | 7,291.5 | (1,954.9) |
| Total debt and lease liabilities | 103,876.7 | 95,827.4 | 8,049.3 |
^^
^(1)^As of September 30, 2024 and December 31, 2023, total debt is presented net of finance costs in the amount of Ps.1,281.6 million and Ps.1,263.8 million, respectively.
As of September 30, 2024, our consolidated net debt position (total debt and lease liabilities, less cash and cash equivalents, and non-current investments in financial instruments) was Ps.60,028.9 million. The non-current investments in financial instruments amounted to an aggregate of Ps.2,814.1 million as of September 30, 2024.
Shares Outstanding
As of September 30, 2024 and December 31, 2023, our shares outstanding amounted to 313,238.6 million and 323,976.5 million shares, respectively, and our CPO equivalents outstanding amounted to 2,677.3 million and 2,769.0 million CPO equivalents, respectively. Not all of our shares are in the form of CPOs. The number of CPO equivalents is calculated by dividing the number of shares outstanding by 117.
As of September 30, 2024 and December 31, 2023, the GDS (Global Depositary Shares) equivalents outstanding amounted to 535.5 million and 553.8 million GDS equivalents, respectively. The number of GDS equivalents is calculated by dividing the number of CPOs equivalents by five.
8
Sustainability
We published our 2023 Sustainability Report "Connecting to thrive" last July, which details our ESG strategy, consisting of 4 pillars: climate-resilient connections, digital inclusion, empowering people and leading by example, framing our initiatives to create a positive impact in our business and the world. Through our diverse portfolio of services, we enable connectivity and fulfill our purpose "Connecting people to what matters most to them".
The Company maintained its "BBB" rating in MSCI. Additionally, compared with the results from 2023, we increased our overall score in the S&P Global ESG Score by 7 points, driven by an improvement in the Governance and Social dimensions. Grupo Televisa has been included for the ninth consecutive year in the FTSE4Good Indexes, which are designed to measure the performance of companies demonstrating specific Environmental, Social and Governance (ESG) practices, this year we have been included in three different indexes: FTSE4Good All-World Index, FTSE4Good Emerging, and FTSE4Good Emerging Latinamerica. Finally, we completed this year's CDP questionnaire, CDP is a not-for-profit charity that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts, and we expect the results of this assessment later this year.
Additional Information Available on Website
The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company's Annual Report and on Form 20-F for the year ended December 31, 2023, which is posted on the “Reports and Filings” section of our investor relations website at televisair.com.
In addition, TelevisaUnivision and/or its subsidiaries publish annual and quarterly financial statements and financial information as well as other important information concerning its business from time to time on its website and elsewhere. The Company is not responsible for such TelevisaUnivision information in any way, and such information is not intended to be included as part of, or incorporated by reference into, the Company’s public filings or releases.
9
AboutTelevisa
GrupoTelevisa S.A.B. (“Televisa”) is a major telecommunications corporation which owns and operates one of the most significantcable companies as well as a leading direct-to-home satellite pay television system in Mexico. Televisa’s cable business offersintegrated services, including video, high-speed data and voice to residential and commercial customers as well as managed services todomestic and international carriers. Televisa owns Sky, a leading direct-to-home satellite pay television system and broadband providerin Mexico. Televisa holds a number of concessions by the Mexican government that authorizes it to broadcast programming over televisionstations for the signals of TelevisaUnivision, Inc. (“TelevisaUnivision”), and Televisa’s cable and DTH systems.In addition, Televisa is the largest shareholder of TelevisaUnivision, a leading media company producing, creating, and distributingSpanish-speaking content through several broadcast channels in Mexico, the US and over 50 countries through television networks, cableoperators and over-the-top or “OTT” services.
Disclaimer
Thispress release contains forward-looking statements regarding the Company’s results and prospects. Actual results could differ materiallyfrom these statements. The forward-looking statements in this press release should be read in conjunction with the factors describedin “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 press releaseand in oral statements made by authorized officers of the Company. Readers are cautioned not to place undue reliance on these forward-lookingstatements, which speak only as of their dates. The Company undertakes no obligation to publicly update or revise any forward-lookingstatements, whether as a result of new information, future events or otherwise.
ContactInformation
InvestorRelations
www.televisair.com.mx
Tel: (52 55) 5261 2445
Rodrigo Villanueva, VP, Head of Investor Relations / rvillanuevab@televisa.com.mx
Andrés Audiffred, Investor Relations Director / aaudiffreda@televisa.com.mx
MediaRelations
Rubén Acosta / Tel: (52 55) 5224 6420 / racostamo@televisa.com.mx
Alejandra García / Tel: (52 55) 4438 1205 / agarcial@televisa.com.mx
10
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIALPOSITION
AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023
(Millions of Mexican Pesos)
| September 30, | December 31, | |||
|---|---|---|---|---|
| 2024 | 2023 | |||
| (Unaudited) | (Audited) | |||
| ASSETS | ||||
| Current assets: | ||||
| Cash and cash equivalents | Ps. | 41,033.7 | Ps. | 32,586.4 |
| Trade accounts receivable, net | 7,664.4 | 8,131.5 | ||
| Other accounts receivable, net | 274.0 | 339.6 | ||
| Income taxes receivable | 6,298.1 | 6,380.9 | ||
| Other receivable taxes | 4,944.1 | 6,304.2 | ||
| Derivative financial instruments | 1,147.7 | 251.7 | ||
| Due from related parties | 426.7 | 1,450.2 | ||
| Transmission rights | 1,260.1 | 1,725.6 | ||
| Inventories | 565.6 | 1,261.3 | ||
| Contract costs | 1,994.5 | 2,011.5 | ||
| Other current assets | 2,456.9 | 1,661.6 | ||
| Total current assets | 68,065.8 | 62,104.5 | ||
| Non-current assets: | ||||
| Trade accounts receivable, net of current portion | 482.2 | 428.7 | ||
| Due from related party | 5,028.6 | 4,630.5 | ||
| Derivative financial instruments | 497.2 | - | ||
| Transmission rights | 66.7 | 641.2 | ||
| Investments in financial instruments | 2,814.1 | 2,586.6 | ||
| Investments in associates and joint ventures | 45,771.0 | 43,427.6 | ||
| Property, plant and equipment, net | 65,396.1 | 77,848.6 | ||
| Investment property, net | 2,727.4 | 2,790.2 | ||
| Right-of-use assets, net | 4,151.2 | 6,085.9 | ||
| Intangible assets, net | 40,725.5 | 40,389.8 | ||
| Deferred income tax assets | 20,548.2 | 18,203.1 | ||
| Contract costs | 3,144.8 | 3,318.7 | ||
| Other assets | 149.9 | 214.9 | ||
| Total non-current assets | 191,502.9 | 200,565.8 | ||
| Total assets | Ps. | 259,568.7 | Ps. | 262,670.3 |
11
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIALPOSITION
AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023
(Millions of Mexican Pesos)
| September 30, | December 31, | |||||
|---|---|---|---|---|---|---|
| 2024 | 2023 | |||||
| LIABILITIES | (Unaudited) | (Audited) | ||||
| Current liabilities: | ||||||
| Current portion of long-term debt | Ps. | 4,285.7 | Ps. | 9,988.0 | ||
| Interest payable | 1,365.9 | 1,506.8 | ||||
| Current portion of lease liabilities | 1,175.0 | 1,280.9 | ||||
| Trade accounts payable and accrued expenses | 13,065.0 | 12,861.1 | ||||
| Customer deposits and advances | 1,267.6 | 1,391.5 | ||||
| Current portion of deferred revenue | 287.7 | 287.7 | ||||
| Income taxes payable | 791.7 | 774.4 | ||||
| Other taxes payable | 2,828.7 | 2,948.1 | ||||
| Employee benefits | 1,506.6 | 1,563.9 | ||||
| Due to related parties | 282.4 | 579.0 | ||||
| Other current liabilities | 1,161.1 | 1,709.4 | ||||
| Total current liabilities | 28,017.4 | 34,890.8 | ||||
| Non-current liabilities: | ||||||
| Long-term debt, net of current portion | 94,254.4 | 78,547.9 | ||||
| Lease liabilities, net of current portion | 4,161.6 | 6,010.6 | ||||
| Deferred revenue, net of current portion | 4,674.6 | 4,890.3 | ||||
| Deferred income tax liabilities | 1,921.2 | 1,053.5 | ||||
| Post-employment benefits | 672.6 | 733.1 | ||||
| Other long-term liabilities | 3,399.8 | 1,871.6 | ||||
| Total non-current liabilities | 109,084.2 | 93,107.0 | ||||
| Total liabilities | 137,101.6 | 127,997.8 | ||||
| EQUITY | ||||||
| Capital stock | 3,933.5 | 4,722.8 | ||||
| Additional paid-in capital | 13,359.5 | 15,889.8 | ||||
| 17,293.0 | 20,612.6 | |||||
| Retained earnings: | ||||||
| Legal reserve | 1,798.4 | 2,139.0 | ||||
| Unappropriated earnings | 119,472.6 | 126,684.0 | ||||
| Net income (loss) for the period | 1,592.7 | (8,422.7 | ) | |||
| 122,863.7 | 120,400.3 | |||||
| Accumulated other comprehensive loss, net | (12,042.2 | ) | (9,866.8 | ) | ||
| Shares repurchased | (14,911.1 | ) | (11,865.7 | ) | ||
| 95,910.4 | 98,667.8 | |||||
| Equity attributable to stockholders of the Company | 113,203.4 | 119,280.4 | ||||
| Non-controlling interests | 9,263.7 | 15,392.1 | ||||
| Total equity | 122,467.1 | 134,672.5 | ||||
| Total liabilities and equity | Ps. | 259,568.7 | Ps. | 262,670.3 |
12
GRUPO TELEVISA, S.A.B.
CONDENSED CONSOLIDATED STATEMENTS OF INCOMEFOR THE
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024AND 2023
(Millions of Mexican Pesos)
| Three months ended<br><br> <br>September 30, | Nine months ended<br><br> <br>September 30, | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2024 | 2023 ^(1)^ | 2024 | 2023 ^(1)^ | |||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||
| Revenues | Ps. | 15,362.8 | Ps. | 16,416.0 | Ps. | 47,034.5 | Ps. | 49,863.0 | ||||
| Cost of revenues | 9,944.3 | 11,071.6 | 30,862.8 | 32,584.0 | ||||||||
| Selling expenses | 2,131.4 | 2,065.7 | 6,685.5 | 6,364.0 | ||||||||
| Administrative expenses | 2,603.1 | 2,933.7 | 7,550.4 | 8,290.6 | ||||||||
| Income before other expense or income | 684.0 | 345.0 | 1,935.8 | 2,624.4 | ||||||||
| Other (expense) income, net | (319.3 | ) | (726.6 | ) | 1,444.3 | (1,100.6 | ) | |||||
| Operating income (loss) | 364.7 | (381.6 | ) | 3,380.1 | 1,523.8 | |||||||
| Finance expense | (2,359.7 | ) | (1,549.8 | ) | (6,088.6 | ) | (6,084.0 | ) | ||||
| Finance income | 1,100.4 | 905.4 | 3,105.9 | 2,454.6 | ||||||||
| Finance expense, net | (1,259.3 | ) | (644.4 | ) | (2,982.7 | ) | (3,629.4 | ) | ||||
| Share of income of associates and joint<br><br> <br>ventures, net | 1,736.1 | 588.8 | 1,717.8 | 710.4 | ||||||||
| Income (loss) before income taxes | 841.5 | (437.2 | ) | 2,115.2 | (1,395.2 | ) | ||||||
| Income taxes | (171.0 | ) | (869.0 | ) | (627.8 | ) | (687.6 | ) | ||||
| Net income (loss) from continuing operations | 670.5 | (1,306.2 | ) | 1,487.4 | (2,082.8 | ) | ||||||
| Income from discontinued operations, net | - | 254.6 | 56.8 | 493.5 | ||||||||
| Net income (loss) | Ps. | 670.5 | Ps. | (1,051.6 | ) | Ps. | 1,544.2 | Ps. | (1,589.3 | ) | ||
| Net income (loss) attributable to: | ||||||||||||
| Stockholders of the Company | Ps. | 666.5 | Ps. | (918.5 | ) | Ps. | 1,592.7 | Ps. | (1,573.9 | ) | ||
| Non-controlling interests | 4.0 | (133.1 | ) | (48.5 | ) | (15.4 | ) | |||||
| Net income (loss) | Ps. | 670.5 | Ps. | (1,051.6 | ) | Ps. | 1,544.2 | Ps. | (1,589.3 | ) | ||
| Basic earnings (loss) per CPO attributable to<br><br> <br>stockholders of the Company: | ||||||||||||
| Continuing operations | Ps. | 0.25 | Ps. | (0.42 | ) | Ps. | 0.57 | Ps. | (0.74 | ) | ||
| Discontinued operations | 0.00 | 0.09 | 0.02 | 0.18 | ||||||||
| Total | Ps. | 0.25 | Ps. | (0.33 | ) | Ps. | 0.59 | Ps. | (0.56 | ) |
^(1)^ The Group’s condensed consolidated statements of income or loss for the three and nine months ended September 30, 2023, have been re-presented from those previously reported to present in those periods the income from discontinued operations of the businesses that were spun-off by the Group on January 31, 2024.
13
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.B. | ||
|---|---|---|
| (Registrant) | ||
| Date: October 24, 2024 | By: | /s/ Luis Alejandro Bustos Olivares |
| Name: | Luis Alejandro Bustos Olivares | |
| Title: | Legal Vice President and General Counsel |