•
|
On January 31, 2022, we closed the combination of our media, content, and production assets with TelevisaUnivision.
|
•
|
Excluding the content assets combined with TelevisaUnivision for the full year, Revenue grew by 2.2%, while Operating Segment Income ("OSI") decreased by 4.7%.
|
•
|
Excluding World Cup related costs amortized in 2022, OSI would have fallen by 1.5%.
|
•
|
Successfully passed 875 thousand homes with fiber-to-the-home ("FTTH"), achieving more than 18.7 million homes passed.
|
•
|
Strong organic growth of more than 1.3 million Revenue Generating Units (RGUs), reaching more than 15.9 million.
|
•
|
Revenue growth of 0.8% and OSI decline of 1.9% with a margin of 41.1%.
|
•
|
MSO revenue and OSI grew 2.5% and 2.6% respectively, translating into a 42.9% margin.
|
•
|
Total RGUs of 6.9 million, with almost 1.3 million net disconnections of which 402 thousand are related to the clean-up of our video subscriber base.
|
•
|
Revenue and OSI fell by 7.7% and 24.6%, respectively, for a 31.5% margin.
|
•
|
Excluding World Cup related costs amortized in 2022, OSI would have declined by 13.6%, translating into a 36.1% margin.
|
•
|
Robust growth at our Other Businesses segment driven by the economic reopening.
|
•
|
Strong revenue and OSI growth of 67.2% and 186.8%, respectively, for a 23.0% margin.
|
From the U.S.: +1 (877) 883 0383
|
International callers: +1 (412) 902 6506
|
Rebroadcast: +1 (877) 344 7529
|
Rebroadcast: +1 (412) 317 0088
|
Margin
|
Margin
|
Change
| ||||||||||||||||||
2022
|
%
|
2021
|
%
|
%
| ||||||||||||||||
Net sales
|
75,526.6
|
100.0
|
73,915.4
|
100.0
|
2.2
| |||||||||||||||
Operating segment income1 |
28,010.1
|
36.8
|
29,378.9
|
39.5
|
(4.7
|
)
|
Margin
|
Margin
|
Change
| ||||||||||||||||||
2022
|
%
|
2021
|
%
|
%
| ||||||||||||||||
Net sales
|
75,526.6
|
100.0
|
73,915.4
|
100.0
|
2.2
| |||||||||||||||
Net income
|
43,628.8
|
57.8
|
7,354.8
|
10.0
|
493.2
| |||||||||||||||
Net income attributable to stockholders of the Company
|
43,151.2
|
57.1
|
6,055.8
|
8.2
|
612.6
| |||||||||||||||
Segment net sales
|
76,089.6
|
100.0
|
74,435.7
|
100.0
|
2.2
| |||||||||||||||
Operating segment income (1) |
28,010.1
|
36.8
|
29,378.9
|
39.5
|
(4.7
|
)
|
(1)
|
The operating segment income margin is calculated as a percentage of segment net sales.
|
Net Sales
|
2022
|
%
|
2021
|
%
|
Change
%
|
Cable
|
48,411.8
|
63.6
|
48,020.9
|
64.5
|
0.8
|
Sky
|
20,339.0
|
26.7
|
22,026.6
|
29.6
|
(7.7)
|
Other Businesses
|
7,338.8
|
9.7
|
4,388.2
|
5.9
|
67.2
|
Segment Net Sales
|
76,089.6
|
100.0
|
74,435.7
|
100.0
|
2.2
|
Intersegment Operations1 |
(563.0)
|
(520.3)
| |||
Net Sales
|
75,526.6
|
73,915.4
|
2.2
|
Operating Segment Income2 |
2022
|
Margin
%
|
2021
|
Margin
%
|
Change
%
|
Cable
|
19,902.8
|
41.1
|
20,285.0
|
42.2
|
(1.9)
|
Sky
|
6,416.3
|
31.5
|
8,504.2
|
38.6
|
(24.6)
|
Other Businesses
|
1,691.0
|
23.0
|
589.7
|
13.4
|
186.8
|
Operating Segment Income2 |
28,010.1
|
36.8
|
29,378.9
|
39.5
|
(4.7)
|
Corporate Expenses
|
(1,538.1)
|
(2.0)
|
(2,351.3)
|
(3.2)
|
34.6
|
Depreciation and Amortization
|
(21,117.4)
|
(28.0)
|
(20,053.3)
|
(27.1)
|
(5.3)
|
Other (expense) income, net
|
(846.7)
|
(1.1)
|
3,716.2
|
5.0
|
n/a
|
Intersegment Operations1 |
(120.4)
|
(0.2)
|
(1.6)
|
(0.0)
|
n/a
|
Operating Income
|
4,387.5
|
5.8
|
10,688.9
|
14.5
|
(59.0)
|
1 | For segment reporting purposes, intersegment operations are included in each of the segment operations. |
2 | Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other income or expense, net. |
Net Sales
|
4Q'22
|
%
|
4Q'21
|
%
|
Change
%
|
Cable
|
12,463.3
|
64.2
|
12,296.2
|
64.8
|
1.4
|
Sky
|
4,936.6
|
25.5
|
5,372.3
|
28.3
|
(8.1)
|
Other Businesses
|
2,002.3
|
10.3
|
1,303.3
|
6.9
|
53.6
|
Segment Net Sales
|
19,402.2
|
100.0
|
18,971.8
|
100.0
|
2.3
|
Intersegment Operations1 |
(269.9)
|
(142.7)
|
-
| ||
Net Sales
|
19,132.3
|
18,829.1
|
1.6
|
Operating Segment Income2 |
4Q'22
|
Margin
%
|
4Q'21
|
Margin
%
|
Change
%
|
Cable
|
5,059.3
|
40.6
|
5,365.8
|
43.6
|
(5.7)
|
Sky
|
1,151.6
|
23.3
|
1,845.4
|
34.4
|
(37.6)
|
Other Businesses
|
499.2
|
24.9
|
237.8
|
18.2
|
109.9
|
Operating Segment Income2 |
6,710.1
|
34.6
|
7,449.0
|
39.3
|
(9.9)
|
Corporate Expenses
|
(705.7)
|
(3.6)
|
(1,125.6)
|
(5.9)
|
37.3
|
Depreciation and Amortization
|
(5,702.7)
|
(29.8)
|
(5,262.6)
|
(27.9)
|
(8.4)
|
Other (expense) income, net
|
(346.3)
|
(1.8)
|
4,304.4
|
22.9
|
n/a
|
Intersegment Operations1 |
(119.3)
|
(0.6)
|
(0.4)
|
(0.0)
|
n/a
|
Operating (loss) Income
|
(163.9)
|
(0.9)
|
5,364.8
|
28.5
|
n/a
|
1 | For segment reporting purposes, intersegment operations are included in each of the segment operations. |
2 | Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other income or expense, net. |
RGUs
|
4Q'22 Net
Adds
|
2022 Net
Adds
|
2022
|
2021
|
Video
|
52,525
|
291,760
|
4,458,220
|
4,166,460
|
Broadband
|
78,327
|
335,049
|
5,984,151
|
5,649,102
|
Voice
|
169,649
|
616,459
|
5,233,724
|
4,617,265
|
Mobile
|
26,680
|
84,156
|
240,207
|
156,051
|
Total RGUs
|
327,181
|
1,327,424
|
15,916,302
|
14,588,878
|
MSO Operations(1)
Millions of Mexican pesos
|
2022
|
2021
|
Change %
|
4Q'22
|
4Q'21
|
Change %
|
Revenue
|
43,958.9
|
42,890.0
|
2.5
|
11,138.2
|
11,036.9
|
0.9
|
Operating Segment Income
|
18,865.1
|
18,387.5
|
2.6
|
4,896.2
|
4,846.1
|
1.0
|
Margin (%)
|
42.9
|
42.9
|
44.0
|
43.9
|
Enterprise Operations (1)
Millions of Mexican pesos
|
2022
|
2021
|
Change %
|
4Q'22
|
4Q'21
|
Change %
|
Revenue
|
6,721.9
|
7,272.1
|
(7.6)
|
1,867.1
|
1,962.3
|
(4.9)
|
Operating Segment Income
|
1,805.9
|
2,535.2
|
(28.8)
|
358.9
|
703.4
|
(49.0)
|
Margin (%)
|
26.9
|
34.9
|
19.2
|
35.8
| ||
(1) Full year results do not include the consolidation adjustments of Ps.2,269.0 million in revenues nor Ps.768.2 million in Operating Segment Income for 2022, neither the consolidation adjustments of Ps.2,141.2 million in revenues nor Ps.637.7 million in Operating Segment Income for 2021. Likewise, fourth quarter results do not include the consolidation adjustments of Ps.542.0 million in revenues nor Ps.195.8 million in Operating Segment Income for fourth quarter 2022, neither the consolidation adjustments of Ps.703.0 million in revenues nor Ps.183.7 million in Operating Segment Income for fourth quarter 2021. Consolidation adjustments are considered in the consolidated results of the Cable segment. |
RGUs
|
4Q'22 Net Adds
|
2022 Net Adds
|
2022
|
2021
|
Video
|
(381,543)
|
(1,151,016)
|
6,257,059
|
7,408,075
|
Broadband
|
(26,719)
|
(86,932)
|
640,294
|
727,226
|
Voice
|
(36)
|
(148)
|
453
|
601
|
Mobile
|
(2,103)
|
(14,664)
|
15,602
|
30,266
|
Total RGUs
|
(410,401)
|
(1,252,760)
|
6,913,408
|
8,166,168
|
(i)
|
the absence in 2022 of a Ps.4,547.0 million gain on disposition of our 40% equity stake in OCESA Entretenimiento, S.A. de C.V., a live entertainment company, which sale was concluded in December 2021; and
|
(ii)
|
a Ps.425.8 million (U.S.$21.5 million) expense incurred in the fourth quarter of 2022, in connection with a provision for a lawsuit settlement agreement, net of a related insurance reimbursement.
|
Other (expense) income, net
|
2022
|
2021
|
Cash
|
(736.5)
|
3,960.5
|
Non-cash
|
(110.2)
|
(244.3)
|
Total
|
(846.7)
|
3,716.2
|
2022
|
2021
|
(Unfavorable)
Favorable
Change
| |
Interest expense(1) |
(9,455.6)
|
(9,106.0)
|
(349.6)
|
Interest income
|
2,151.1
|
560.0
|
1,591.1
|
Foreign exchange loss, net
|
(1,780.1)
|
(2,188.8)
|
408.7
|
Other finance expense, net
|
(110.7)
|
(1,183.2)
|
1,072.5
|
Finance expense, net
|
(9,195.3)
|
(11,918.0)
|
2,722.7
|
(1) Interest expense for the year ended December 31, 2022 and 2021, included (i) amortization of finance costs in the amount of Ps.292.1 million and Ps.179.2 million, respectively; and (ii) finance expense of Ps.490.4 in connection with prepayments of long-term debt for the year ended December 31, 2022. |
(i)
|
a Ps.1,591.1 million increase in interest income, primarily explained by a higher average amount of cash and cash equivalents during 2022;
|
(ii)
|
a Ps.1,072.5 million decrease in other finance expense, net, resulting primarily from a lower loss in fair value of our derivative contracts in 2022; and
|
(iii)
|
a Ps.408.7 million decrease in foreign exchange loss, net, resulting primarily from a 5.0% appreciation of the Mexican peso against the U.S. dollar on an average net U.S. dollar asset position for the year ended December 31, 2022, compared with a 2.5% depreciation of the Mexican peso against the U.S. dollar on an average net U.S. dollar liability position for the year ended December 31, 2021.
|
Capital Expenditures
(Millions of U.S. Dollars)
|
2022
|
2021
|
Cable
|
645.9
|
854.5
|
Sky
|
193.1
|
244.1
|
Other Businesses
|
17.4
|
22.6
|
Continuing Operations
|
856.4
|
1,121.2
|
Discontinued Operations
|
3.4
|
27.9
|
Total
|
859.8
|
1,149.1
|
December 31,
2022
|
December 31,
2021
|
Decrease
| |
Current portion of long-term debt
|
1,000.0
|
4,106.4
|
(3,106.4)
|
Long-term debt, net of current portion
|
104,240.7
|
121,685.7
|
(17,445.0)
|
Total debt (1) |
105,240.7
|
125,792.1
|
(20,551.4)
|
Current portion of long-term lease liabilities
|
1,373.2
|
1,478.4
|
(105.2)
|
Long-term lease liabilities, net of current portion
|
6,995.8
|
8,202.2
|
(1,206.4)
|
Total lease liabilities
|
8,369.0
|
9,680.6
|
(1,311.6)
|
Total debt and lease liabilities
|
113,609.7
|
135,472.7
|
(21,863.0)
|
(1) As of December 31, 2022 and 2021, total debt is presented net of finance costs in the amount of Ps. 994.7 million and Ps.1,207.1 million, respectively. |
December 31,
|
December 31,
| ||||||
2022
|
2021
| ||||||
ASSETS
|
(Unaudited)
|
(Audited)
| |||||
Current assets:
| |||||||
Cash and cash equivalents
|
Ps.
|
51,131.0
|
Ps.
|
25,828.2
| |||
Trade notes and accounts receivable, net
|
8,457.3
|
13,093.0
| |||||
Other accounts and notes receivable, net
|
303.0
|
1,026.2
| |||||
Income taxes receivable
|
6,691.4
|
7,262.0
| |||||
Other receivable taxes
|
6,562.6
|
9,418.0
| |||||
Derivative financial instruments
|
11.2
|
0.1
| |||||
Due from related parties
|
311.2
|
874.9
| |||||
Transmission rights and programming
|
888.3
|
7,591.7
| |||||
Inventories
|
1,448.3
|
2,212.9
| |||||
Contract costs
|
1,918.3
|
1,782.7
| |||||
Reimbursement receivable
|
1,431.5
|
-
| |||||
Other current assets
|
2,379.6
|
4,169.3
| |||||
Total current assets
|
81,533.7
|
73,259.0
| |||||
Non-current assets:
| |||||||
Trade notes and accounts receivable, net of current portion
|
438.4
|
385.1
| |||||
Due from related parties
|
6,365.0
|
-
| |||||
Derivative financial instruments
|
532.3
|
133.2
| |||||
Transmission rights and programming
|
1,022.8
|
12,841.0
| |||||
Investments in financial instruments
|
3,389.5
|
6,076.1
| |||||
Investments in associates and joint ventures
|
49,408.9
|
26,704.2
| |||||
Property, plant and equipment, net
|
82,236.4
|
87,922.1
| |||||
Investment property, net
|
2,873.2
|
-
| |||||
Right-of-use assets, net
|
6,670.3
|
7,604.6
| |||||
Intangible assets, net
|
41,123.5
|
42,255.9
| |||||
Deferred income tax assets
|
18,452.8
|
33,173.1
| |||||
Contract costs
|
3,399.9
|
3,215.6
| |||||
Other assets
|
258.4
|
172.2
| |||||
Total non-current assets
|
216,171.4
|
220,483.1
| |||||
Total assets
|
Ps.
|
297,705.1
|
Ps.
|
293,742.1
| |||
December 31,
|
December 31,
| ||||||
2022
|
2021
| ||||||
LIABILITIES
|
(Unaudited)
|
(Audited)
| |||||
Current liabilities:
| |||||||
Current portion of long-term debt
|
Ps.
|
1,000.0
|
Ps.
|
4,106.4
| |||
Interest payable
|
1,761.1
|
2,034.6
| |||||
Current portion of lease liabilities
|
1,373.2
|
1,478.4
| |||||
Derivative financial instruments
|
71.4
|
149.1
| |||||
Trade accounts payable and accrued expenses
|
16,180.5
|
22,874.3
| |||||
Customer deposits and advances
|
1,841.1
|
8,998.5
| |||||
Current portion of deferred revenue from TelevisaUnivision
|
287.7
|
-
| |||||
Income taxes payable
|
4,687.3
|
7,680.8
| |||||
Other taxes payable
|
2,661.2
|
4,417.0
| |||||
Employee benefits
|
1,384.8
|
2,332.3
| |||||
Due to related parties
|
88.3
|
82.1
| |||||
Provision for lawsuit settlement agreement
|
1,850.2
|
-
| |||||
Other current liabilities
|
1,510.1
|
2,516.0
| |||||
Total current liabilities
|
34,696.9
|
56,669.5
| |||||
Non-current liabilities:
| |||||||
Long-term debt, net of current portion
|
104,240.7
|
121,685.7
| |||||
Lease liabilities, net of current portion
|
6,995.8
|
8,202.2
| |||||
Derivative financial instruments
|
-
|
23.8
| |||||
Deferred revenue from TelevisaUnivision, net of current portion
|
5,178.0
|
-
| |||||
Income taxes payable
|
-
|
104.8
| |||||
Deferred income tax liabilities
|
1,259.2
|
2,210.7
| |||||
Post-employment benefits
|
771.5
|
1,913.7
| |||||
Other long-term liabilities
|
2,171.3
|
6,407.7
| |||||
Total non-current liabilities
|
120,616.5
|
140,548.6
| |||||
Total liabilities
|
155,313.4
|
197,218.1
| |||||
EQUITY
| |||||||
Capital stock
|
4,836.7
|
4,836.7
| |||||
Additional paid-in capital
|
15,889.8
|
15,889.8
| |||||
20,726.5
|
20,726.5
| ||||||
Retained earnings:
| |||||||
Legal reserve
|
2,139.0
|
2,139.0
| |||||
Unappropriated earnings
|
84,202.7
|
80,023.4
| |||||
Net income for the period
|
43,151.2
|
6,055.8
| |||||
129,492.9
|
88,218.2
| ||||||
Accumulated other comprehensive loss, net
|
(10,798.5
|
)
|
(13,622.0
|
)
| |||
Shares repurchased
|
(12,648.5
|
)
|
(14,205.1
|
)
| |||
106,045.9
|
60,391.1
| ||||||
Equity attributable to stockholders of the Company
|
126,772.4
|
81,117.6
| |||||
Non-controlling interests
|
15,619.3
|
15,406.4
| |||||
Total equity
|
142,391.7
|
96,524.0
| |||||
Total liabilities and equity
|
Ps.
|
297,705.1
|
Ps.
|
293,742.1
| |||
Three months ended December 31,
|
Twelve months ended December 31,
| |||||||||||||||
2022
|
2021
|
2022
|
2021
| |||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)(1) | |||||||||||||
Net sales
|
Ps.
|
19,132.3
|
Ps.
|
18,829.1
|
Ps.
|
75,526.6
|
Ps.
|
73,915.4
| ||||||||
Cost of sales
|
12,903.5
|
11,864.6
|
48,807.6
|
46,653.6
| ||||||||||||
Selling expenses
|
2,729.6
|
2,117.5
|
9,422.9
|
8,099.6
| ||||||||||||
Administrative expenses
|
3,316.8
|
3,786.6
|
12,061.9
|
12,189.5
| ||||||||||||
Income before other expense
|
182.4
|
1,060.4
|
5,234.2
|
6,972.7
| ||||||||||||
Other (expense) income, net
|
(346.3
|
)
|
4,304.4
|
(846.7
|
)
|
3,716.2
| ||||||||||
Operating (loss) income
|
(163.9
|
)
|
5,364.8
|
4,387.5
|
10,688.9
| |||||||||||
Finance expense
|
(2,808.0
|
)
|
(2,827.1
|
)
|
(11,346.4
|
)
|
(12,478.0
|
)
| ||||||||
Finance income
|
594.4
|
30.2
|
2,151.1
|
560.0
| ||||||||||||
Finance expense, net
|
(2,213.6
|
)
|
(2,796.9
|
)
|
(9,195.3
|
)
|
(11,918.0
|
)
| ||||||||
Share of (loss) income of associates and joint
ventures, net
|
(13,713.0
|
)
|
1,490.6
|
(8,453.3
|
)
|
3,671.0
| ||||||||||
(Loss) income before income taxes
|
(16,090.5
|
)
|
4,058.5
|
(13,261.1
|
)
|
2,441.9
| ||||||||||
Income tax benefit (expense)
|
1,951.7
|
(2,011.3
|
)
|
967.4
|
(1,673.0
|
)
| ||||||||||
Net (loss) income from continuing operations
|
(14,138.8
|
)
|
2,047.2
|
(12,293.7
|
)
|
768.9
| ||||||||||
Income from discontinued operations, net
|
318.9
|
2,144.2
|
55,922.5
|
6,585.9
| ||||||||||||
Net (loss) income
|
Ps.
|
(13,819.9
|
)
|
Ps.
|
4,191.4
|
Ps.
|
43,628.8
|
Ps.
|
7,354.8
| |||||||
Net (loss) income attributable to:
| ||||||||||||||||
Stockholders of the Company
|
Ps.
|
(13,749.7
|
)
|
Ps.
|
3,697.9
|
Ps.
|
43,151.2
|
Ps.
|
6,055.8
| |||||||
Non-controlling interests
|
(70.2
|
)
|
493.5
|
477.6
|
1,299.0
| |||||||||||
Net (loss) income
|
Ps.
|
(13,819.9
|
)
|
Ps.
|
4,191.4
|
Ps.
|
43,628.8
|
Ps.
|
7,354.8
| |||||||
Basic (loss) earnings per CPO attributable to
stockholders of the Company:
| ||||||||||||||||
Continuing operations
|
Ps.
|
(4.98
|
)
|
Ps.
|
0.57
|
Ps.
|
(4.51
|
)
|
Ps.
|
(0.16
|
)
| |||||
Discontinued operations
|
0.12
|
0.75
|
19.76
|
2.33
| ||||||||||||
Total
|
Ps.
|
(4.86
|
)
|
Ps.
|
1.32
|
Ps.
|
15.25
|
Ps.
|
2.17
| |||||||
(1) |
The Group´s condensed consolidated statement of income for the year ended December 31, 2021, has been prepared to present the results from discontinued operations for the businesses disposed of by the Group on January 31, 2022, based on the Group´s previously reported audited consolidated statement of income for the year ended December 31, 2021.
|
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Grupo Televisa SAB published this content on 24 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 February 2023 22:40:33 UTC.