gs tv y media quarterly

Transcription

GS TV y Media Quarterly
3Q 2012 • Bruno Rangel / Elena Arceo
* 03/01/00 = 100 Índice TVAZTCA
Índice TLEVISA
10/10/12
9/11/11
25/4/12
25/5/11
6/12/10
21/6/10
7/7/09
28/12/09
0.5
13/1/09
0.7
0
22/7/08
4.48%
30/1/08
-1.90%
10/8/07
59.52
21/2/07
TLEVISA CPO
0.9
40
9/3/06
1.86%
30/8/06
-6.48%
5/4/05
8.23
31/5/02
AZTECA CPO
1.1
80
21/9/05
40.27%
1.3
120
18/10/04
0.29%
1.5
160
4/11/03
155.95
D% 12 M
30/4/04
GS US Media Index
D% 3M
1.7
200
16/5/03
Last
TV / TZA 240
18/11/02
GS Medios
CPO Prices
Índices* GS Medios
TV/TZA
Azteca (In Millions of Real P$)
2010-III
BALANCE SHEET
Total Assets
Current Assets
Total Liabilities
Debt
Stockholder's Equity
12M INCOME STATEMENT
Revenues
Operating Income
EBITDA
Net Income
2010-IV
2011-I
2011-II
2011-III
2011-IV
2012-I
2012-II
2012-III
D%Q/Q
D%Y/Y
D%TACC
28,078
29,576
32,614
34,226
34,949
36,272
37,034
35,284
32,851
-6.9%
-6.0%
7.5%
10,355
12,400
15,429
16,567
16,296
17,913
19,300
17,644
15,529
-12.0%
-4.7%
13.5%
20,859
21,076
24,101
25,266
25,366
25,567
26,439
24,792
22,427
-9.5%
-11.6%
5.3%
10,065
10,029
9,705
11,721
12,274
12,062
10,955
11,173
10,548
-5.6%
-14.1%
2.3%
7,219
8,500
8,513
8,960
9,583
10,705
10,737
10,455
10,578
1.2%
10.4%
13.9%
11,856
12,249
12,289
12,043
12,253
12,155
12,496
12,635
12,572
-0.5%
2.6%
2.0%
4,281
4,448
4,450
4,383
4,585
4,505
4,548
4,449
4,114
-7.5%
-10.3%
-0.5%
4,845
5,008
5,000
4,907
5,104
5,009
5,054
4,977
4,646
-6.6%
-9.0%
-0.4%
2,047
2,457
2,484
2,485
2,441
2,266
2,539
2,164
2,475
14.4%
1.4%
4.9%
*of purchasing power to 2012-I • As reported by the Mexican Stock Exchange
(1) Since 4T 1996
Televisa (In Millions of Real P$)
2010-III
2011-III
2011-IV
2012-I
2012-II
2012-III
144,681
144,671
153,068
152,423
158,038
153,065
151,285
147,370
-2.6%
-3.3%
8.9%
63,444
66,940
51,743
48,028
51,732
50,050
46,628
42,887
-8.0%
-10.7%
-1.7%
89,704
91,664
96,413
95,413
97,936
91,880
89,076
81,981
-8.0%
-14.1%
10.0%
51,518
56,272
56,697
60,439
58,626
54,977
54,950
53,292
-3.0%
-11.8%
12.8%
54,978
53,007
56,655
57,010
60,102
72,308
70,633
77,150
9.2%
35.3%
11.2%
61,338
62,055
62,246
63,364
63,906
65,388
66,527
66,678
0.2%
5.2%
6.3%
16,520
16,460
16,281
16,750
17,178
17,865
18,268
18,406
0.8%
9.9%
1.4%
23,495
23,696
23,771
24,440
24,765
25,643
26,185
26,439
1.0%
8.2%
4.8%
8,146
7,914
7,846
7,658
7,035
7,299
7,149
7,819
9.4%
2.1%
-2.4%
EBITDA 12M
EV*
EV/EBITDA
TLEVISA
TLEVISA
5,181.13
2,054.43
15,944.76
7.76
AZTECA
AZTECA
976.87
361.02
2,191.40
6.07
•
•
•
* Azteca and Televisa’s market capitalization value considers information taken on 30/10/12
Index
D%TACC
2011-II
Strategic Report ------------------2
News - -----------------------------5
Balance Sheet -------------------- 8
Leverage and Liquidity -----------9
Activity and Operativity - ------10
Income Statement ---------------11
D%Y/Y
2011-I
BALANCE SHEET
129,114
Total Assets
63,027
Current Assets
76,042
Total Liabilities
45,953
Debt
53,072
12M INCOME STATEMENT
60,972
Revenues
16,396
Operating Income
22,880
EBITDA
6,715
Net Income
12M Net
Revenue
D%Q/Q
2010-IV
•
Margins ---------------------------12
Profitability -----------------------13
Valuation --------------------------14
US & Hispanic Media -------------15
Glossary - -------------------------17 •
(2) Since 1T 1991
Azteca registered mixed results during 2012-III. Sales increased +2% YoY; however,
during the period the EBITDA decreased -13% with respect to 2011-III.
Net sales of Tlevisa, during 2012-III increased +8.7% YoY as a result of positive variations in the business lines of content and distribution in +4.4%.
The fair price of the Azteca CPO, as of December 4th 2012 is of P$11.68. On December 4th, the CPO presented a price of $8.39. According with the exercise, the
potential appreciation is of 39.2%.
The media sector in USA, faces a lower foreign demand, mainly in Europe and China. The automotive sector, among others, has reduced its advertisement expenditure and the consumer’s confidence starts to show good signals in USA. It is worth
to mention that the satisfactory results of the sector were driven by the Presidential
Elections and the debates among candidates.
In the coming quarters the sector faces the challenge of reaching larger audiences
through the redesign of new content which is liked by the public to compensate
for the lower advertisement space demand as a consequence of the weak foreign
demand.
Highlights 3Q 2012
3Q 2012
Azteca
Televisa
• Azteca registered mixed results during 2012-III. Sales increased +2% YoY;
however, during the period the EBITDA decreased -13% with respect to
2011-III.
• Despite the cost and expense reduction strategy, during 2012-III they
increased +12% YoY.
• The costs and expenses generated due to the broadcasting of the Olympic Games, put pressure in the margins.
• The EBITDA during the period increased to P$1,060 million with a decrease in the margin that was of 33% during 2012-III.
• The net debt as of September 30th was P$2,114 million, 15% lower than
the amount registered in the same period of 2011.
• The license granted to Azteca by the Government of Colombia for the
construction and maintenance of the optical fiber network will be reflected on the following quarter’s results.
• Net sales during 2012-III increased +8.7% YoY as a result of positive changes in the business lines of content and distribution of +4.4%.
• It stands out the weakness in the results of advertising revenue which
increased marginally in +1% YoY during 2012-III; more than 80% of these,
were advancements of advertisement budgets and the rest were sales on
the spot market.
• The EBITDA during 2012-III increased to P$6,969 million, +10.5% YoY with
respect to 2011-III.
• The Net Income in the quarter was of P$3,224.6, which represented an
increase of +44.7% YoY and a Net Margin of 18.6%, meaning a change of
+460 basis points with respect to the 2011-III results.
• The total debt as of September 30th 2012 increased to P$53,014 million,
slightly lower than the balance at the end of 2011, so it has remained
stable in the last three quarters.
2%
8%
18%
33%
21%
90%
23%
5%
TV abierta
Azteca America
Otros
TV abierta
Cable y Telecom
Editoriales
Sky
Otros
Quarterly Revenues
Δ% A/A
0%
-5%
2012-III
2012-I
2012-II
2011-III
-10%
2010-III
2012-III
2012-I
2012-II
2011-IV
2011-III
2011-II
2011-I
2010-IV
2010-III
-30%
5%
2011-IV
-20%
10%
2011-I
-10%
15%
2011-II
0%
Δ% A/A
10%
20,000
18,000
16,000
14,000
12,000
10,000
8,000
6,000
4,000
2,000
0
2010-IV
20%
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Quarterly EBITDA
20%
8,000
-20%
Δ% A/A
10%
3,000
2,000
0%
0
2012-III
2012-II
2012-I
2011-IV
2011-III
2011-I
-10%
2010-III
2012-III
2012-II
2012-I
2011-III
2011-IV
2011-II
2011-I
2010-III
4,000
1,000
-30%
2010-IV
20%
5,000
2011-II
-10%
6,000
Δ% A/A
0%
30%
7,000
10%
2010-IV
2,000
1,800
1,600
1,400
1,200
1,000
800
600
400
200
0
12M EBITDA Margins
41%
1.0
38%
2012-II
2012-III
2012-I
2011-IV
2011-II
2011-III
36%
0.0
2011-I
37%
Δ bp T/T
0.5
39%
2010-IV
Δ bp T/T
40%
2010-III
2012-III
2012-II
2012-I
2011-IV
2011-III
2011-II
2011-I
2010-IV
1.5
1.0
0.5
0.0
-0.5
-1.0
-1.5
-2.0
-2.5
-3.0
2010-III
43%
42%
41%
40%
39%
38%
37%
36%
35%
34%
-0.5
-2-
News
3Q 2012
Mexico
•
Cofetel postpones on the bid ruling of decoders for
digital TV. The Federal Telecommunications Commission (Cofetel)
postponed for November 21st. the ruling on the bid for decoders
and/or antennas for the signal reception of digital television in Tijuana, Baja California. On a statement, the regulator points out that
the “decision of differing the ruling was taken after an evaluation of
feasibility of the received technical and economic proposals and a
deep revision of the bidding basis and its appendix”.
•
Cofetel reviews proposals for the bidding of TV
decoders. The Cofetel received eight proposals regarding the
bidding process for the hiring of visitation services and, if it’s the
case, the delivery and installation of decoders and/or digital antennas for the reception of digital television signals in the city of
Tijuana, Baja California.
•
Mony de Swaan searches for approval of bidding in
TV. The president of the Federal Telecommunications Commission
(Cofetel) unilaterally expected the approval of the bidding project
of open TV frequencies, which, for its technical and juridical inconsistencies do not guarantee an efficient allocation and put in risk
the legality of the bidding process, said related sources.
•
Consultations for open TV are asked. The Consulting
Council of Cofetel recommended the regulator to make a public
consultation on the bidding basis for the digital open TV. “To present the project of the bidding basis for the concession granting of
open television stations to public consultation” is what is requested
in the document delivered to the Cofetel last September 17th.
•
Mexico is on the 79th place on telecommunications
development. Mexico is on the 79th place in the telecommunications development, a category in which the leader is South Korea,
according to the UIT. The document Measurement of the Information Society 2012 shows that the assimilation of the information
and communications technologies are raising worldwide, driven
by a progressive reduction in the price of the telephony and broad
band Internet services
•
The band of 700 MHz turns out to be cheap. The band
of 700 MHz, which can be used to provide mobile broad band services, turns out to be 70% cheaper compared to using specter in a
higher zone as the band 2.5 GHz which can be used for the same
purpose, assure experts and authorities.
•
Deceitful advertisement in the “Buen Fin” is denounced. A few hours after the Canaco started the annual sales
program “El Buen Fin”, the Consumers Federal Attorney (Profeco)
received two complaints for deceitful advertisement of some establishments, within the program of especial surveillance made to
watch that the retailers on the plan really abided with the promotions and sales that were announced in this strategy to drive sales.
•
Google TV is already a reality. The search engine firm
says it has more than 100,000 movies and television programs on
demand, also several channels on YouTube and Netflix, as well as
many applications and content. The service works by adding an
accessory connected to the television, which must have a High-
Definition Multimedia Interface (HDMI) entry or with a television
that already has this gadget. In both cases it is possible to use the
mobile phone, with Android System, as a remote control.
•
Televisa will launch the social network VivaFut. It is
about a way in which the football fans may be able to share pictures, make posts and experiences derived from their passion, in PC
and mobile devices. VivaFut will work as a downloadable application and a Web page, in which the users can create their profile,
follow their favorite teams and create communities, consult news
and statistics, watch photos and videos and check in the games
and other functions.
•
Televisa brags about quadruple play.- Emilio Azcárraga Jean, CEO and president of the Board of Directors of Grupo Televisa, assured that the firm is the main provider of quadruple play in
the country by offering pay TV, fixed telephony, mobile telephony
and Internet.
•
Televisa will try to take “Memín Pinguín” to the TV.
During the exposition in honor of the writer Yolanda Vargas Dulché,
creator of the character of “Memín Pinguín” the Content President
of Televisa, José Bastón, said the firm will try to take this comic to
television.
•
Televisa asks Google to remove 490 pages. The media conglomerate Televisa has asked Google to stop promoting
and to remove from its search index 490 Internet pages during this
year, arguing that these sites illegally offer material protected by
author rights.
•
Piracy steals P$18 million per movie. The physical
piracy and the illegal digital downloads cause losses between
P$15 million and P$18 million per movie, so if every year there are
around 350 to 400 movies, according to the Motion Picture Association, the amount is almost of P$7,200 million, accused Gabriel
Rivapalcio, director of the Mexican animation firm Huevocartoons.
•
AMEDI asked for protection against the multiprogramming. The Jury of the Ninth District in Administrative Affairs
of the Distrito Federal accepted the protection asked by the Asociación Mexicana de Derecho a la Información (AMEDI) against the
service of multiprogramming approved by the Telecommunications Federal Commission.
•
Mexican Soccer Team generates US$250 million. The
president of the FMF, Justino Compeán, revealed that the concept
“Selección Nacional” generates in a World Cup US$250 million exceeding the investment of US$150 million made on several issues
related with the national players.
•
FOX expects to increase tariffs: Cablemás.- The cable
television firm Cablemás warned that Fox expects to increase its
tariffs and this will cause an increase in the monthly rent of its service. On a statement, Cablemás said that after long negotiations, FOX
took the decision of removing the signals from its TV programming,
affecting the coverage in 85 cities in the country.
•
CNN openly launches CNN Latino in search of the
Hispanic market. CNN in Spanish, leader in cable during 15 years,
-3-
News
with success in Latin America and United States, will launch CNN
Latino, a new programming block in Spanish made for the Hispanic
market in the United States. CNN Latino is a new extension brand
targeted to the growing and diverse Hispanic market in the United
States, with an ample specter in the programming.
•
Televisa and Univision will have the content of Caracol. UniMás, the television chain Univision formerly known as
TeleFutura, will issue in its prime time a minimum of annually hours
produced by Caracol, among them they can choose soap operas,
series and entertainment programs. Televisa, on the other hand can
produce and broadcast original programs of Caracol in the open
and pay television signals of Televisa in Mexico and Latin America.
3Q 2012
Marissa Mayer. Facebook came out and denied the rumors that
said it was holding conversations with Yahoo! for the creation of a
search engine.
•
Google signs agreement with European record companies. Google Inc. The firm signed a license agreement with representatives of European record companies, artists and composers by which the on line giant and its clients will have access to
5.5 million songs from 35 countries with artists such as Lady Gaga
and Rihanna.
•
Google and Dish could form a new telephony operator. Google could turn into a mobile telephony and Internet operator. The firm Dish Network, which offers satellite TV service, has
started to negotiate with the search engine company to cooperate
and create a new telephony network.
Internet
•
Alibaba buys back half of the share of Yahoo. Alibaba
received financing for US$1,000 million from eight banks, including
Braclays Bank, Citi, Credit Suisse, Deutsche Bank and Morgan Stanley and other US$1,000 million from the China Development Bank.
Alibaba Group has the right to buy back the remaining share of
Yahoo after an initial public offering. Until the transaction is completed, Yahoo already had 40% in the Chinese website.
•
Google Maps says it is not waiting for the iPhone
5.- Google Inc. has not made any move to offer Google Maps for
the iPhone 5 of Apple Inc. after there was an application made by
Apple which was controversial, said the CEO of Google Eric Schmidt.
•
Google reaches an agreement with publishers in
USA. Google and the Association of American Publishers (AAP)
announced a friendly agreement that will allow the Internet giant
to integrate pieces protected by author’s rights in its digital library.
•
Facebook has one thousand million “friends”. The social network Facebook exceeded the barrier of the one thousand
million active users, announced its CEO, Mark Zuckerberg. “This
morning there are more than one thousand million people using
Facebook actively each month”, said on a statement.
•
Earnings of Facebook exceed expectations. Facebook registered earnings that slightly exceeded expectations and
pointed out that it was making money since the advertisement
displays on mobile devices. With these results, the shares increased
more than 8% almost immediately in trading after market close.
•
Google asks for support of users to maintain free
Internet. The future of Internet will be decided on December on
the ITU. In Dubai will take place the reunion of 193 representatives
of the International Telecommunications Union (ITU) where specialists will decide on fundamental changes on the way of administrating, governing and regulating Internet.
•
Facebook denies any alliance with Yahoo! After the
rumor spread on the web, the site of Mark Zuckerberg denied he
wanted to build a social search engine together with the firm of
International
•
The regulators approve the acquisition of EMI by
Universal. The American and European regulators approved a reduced version of the US$1,900 million acquisition of Universal Music of EMI Music, allowing Universal to expand its dominium as the
largest firm in the music world.
•
New channel of Univision and ABC will be based on
Miami. The new chain will have a life style and news format. The
publishing coverage will be focused on relevant themes for the
Hispanics in USA, including economics, politics, health and more.
Its official launch will take place in 2013 when the name will be
released. Presented documents by the chain to the Miami-Dade
County, expect a payroll of 350 people within five years, with an
initial investment of US$275 million.
•
News Corporation could acquire publisher Simon
& Schuster. The communications giant News Corporation, has
among its assets the publisher HarperCollins and wants to acquire
Simone & Schuster, the book publishing business of the CBS group,
according to the newspaper The Wall Street Journal.
•
News Corp acquires 49% of the Yanquis channel. The
media group News Corp. announced an agreement to take over
49% of the television channel YES, which broadcast the games of
the baseball team the New York Yankees and the Brooklyn Nets of
professional basketball. The agreement still has to be approved by
the Major League Baseball (MLB) detailed the company on a statement.
•
News Corp triples earnings in the first quarter. News
Corp. one of the largest communications groups in the world, earned during the first fiscal quarter 2013 a total of US$2,223 million,
triple than in the same period a year ago. The firm, owned by mogul Rupert Murdoch, obtained a net income per share of 94 cents
-4-
News
from July to September, compared to the 28 cents earned in the
same three months of last year, when the income increased to
US$738 million.
•
Time Warner expects increase in advertisement. The
American Media Conglomerate loss less advertisement than expected during the broadcasting of the Olympic Games to its rival
NBC and said it expects that the advertisement expenditure increases in the current quarter.
•
CNN creates Documentary Unit. CNN, working to become more relevant, has decided that part of the answer has to
do with movies – at least in the non fiction kind – and expects to
announce the creation of CNN movies.
•
NBC is in unknown territory. Numerous unexpected
factors have played an important role on this amazing change,
some of which probably won’t last, but the numbers are clear.
Among the preferred viewers by most advertisers: 18 to 49 years
old – NBC has beaten its rivals on the network each weak of the
new television season.
•
Disney acquires Lucasfilm for US$4 thousand million. Walt Disney Company in a movement that gives it a leadership position in the fantasy movies agreed on the take over of Lucas
Film Ltd. from its founder George Lucas for 4.05 thousand million
dollars in cash and shares.
•
Disney takes over Lucasfilm and will continue the
saga of Star Wars. The entertainment giant Walt Disney Co announced the acquisition for more than 4,000 million dollars from
the producer Lucasfilm, owner of “Star Wars” and the launch in 2015
of the seventh episode of the saga.
3Q 2012
•
Disney acquires German television Das Vierte. The
telecommunications regulator in Germany agreed on the acquisition of the channel Das Vierte by Disney. The American firm takes
over the control of the firm, until now in the hands of REN Media
Group, from Russian producer Dimitry Lesnevsky. The agreement,
announced for the first time on September, allows the entrance of
Disney to the German market of open TV.
•
Univision associates with Xoom for Money Deliveries on Internet. Xoom Corporation, a world supplier of money
deliveries through Internet, has got together with Univision Communications Inc. the main media communications firm providing
service to the Hispanic community in the United States, for being
its preferred service for money deliveries on line for the Latin community.
•
Netflix protects its shares against hostile take overs.
Netflix Inc. adopted the defensive strategy of the poison pill against
a hostile take over days after the investor Carl Icahn revealed it has
a share in the movie rental firm.
•
Netflix reached 30 million users Worlwide. Netflix, the
subscription service on Internet to watch movies and series, informed that it has more than 30 million members around the world,
25 of them in United States. The expansion registered in the last
22 months is attributed to the continuous growth of subscribers
in United States and Canada, as well as the launch of the service in
new markets in Latin America and Europe.
-5-
BALANCE SHEET
3Q 2012
The 2012-III results of both firms seem to be more even regarding
their expansion and acquisition processes, even though at different
pace. On one hand, there were reductions in Total Assets, Azteca of
-6% and Tlevisa of -3.3% YoY as a result of lower levels in Cash and
Temporary Investments and Accounts Receivable.
On the other hand, since the second half of 2011 both firms have
gradually reduced their liabilities, mainly the long term ones; in line
with this trend, during 2012-III the Total Debt of Azteca decreased
in -11.6% YoY and the one of Tlevisa -14.1% YoY. In this way, the
Total Liabilities of Azteca registered a decrease of -14.1% and the
ones of Tlevisa -11.8% annually.
Azteca - figures in real terms
in millions real P$*
Total Assets
Current Assets
Cash and Cash
Equivalents
Accounts Receivable
Other Current Assets
Prop. Plant and Equip.
Total Liabilities
Current Liabilities
Long Term Liabilities
Other Liabilities
Total Debt
2010-III
28,078
10,355
2010-IV
29,576
12,400
2011-I
32,614
15,429
2011-II
34,226
16,567
2011-III
34,949
16,296
2011-IV
36,272
17,913
2012-I
37,034
19,300
2012-II
35,284
17,644
2012-III
32,851
15,529
D%Q/Q
-6.9%
-12.0%
D%Y/Y
-6.0%
-4.7%
D%TACC
7.5%
13.5%
3,610
5,303
5,936
7,626
7,575
8,473
8,332
7,866
6,896
-12.3%
-9.0%
27.7%
3,742
3,003
3,377
20,859
4,596
8,249
8,014
7,219
10,065
4,489
2,608
3,311
21,076
4,494
8,153
8,429
8,500
10,029
6,438
3,055
3,179
24,101
4,553
19,547
11,852
8,513
9,705
5,728
3,213
3,241
25,266
3,096
22,169
10,986
8,960
11,721
5,704
3,017
3,419
25,366
3,394
21,972
10,284
9,583
12,274
6,779
2,661
3,454
25,567
2,920
22,648
11,266
10,705
12,062
7,489
3,479
3,511
26,439
3,009
23,430
13,064
10,737
10,955
5,875
3,903
3,655
24,792
3,344
13,683
7,765
10,455
11,173
4,695
3,937
3,577
22,427
3,621
13,006
5,800
10,578
10,548
-20.1%
0.9%
-2.1%
-9.5%
8.3%
-4.9%
-25.3%
1.2%
-5.6%
-17.7%
30.5%
4.6%
-11.6%
6.7%
-40.8%
-43.6%
10.4%
-14.1%
3.2%
12.4%
0.3%
5.3%
-4.5%
7.5%
9.3%
13.9%
2.3%
(1) Since 4T 1996
D%Q/Q
Televisa - figures in real terms
2011-I
2011-II
2011-III
2011-IV
2012-I
2012-II
2012-III
129,114
144,681
144,671
153,068
152,423
158,038
153,065
151,285
147,370
-2.6%
-3.3%
8.9%
63,027
63,444
66,940
51,743
48,028
51,732
50,050
46,628
42,887
-8.0%
-10.7%
-1.7%
33,810
22,203
27,819
19,564
18,098
16,620
18,538
16,284
16,693
2.5%
-7.8%
-11.2%
10,877
18,340
40,459
76,042
16,245
43,567
16,230
53,072
45,953
18,766
22,476
40,977
89,704
15,607
49,664
24,433
54,978
51,518
16,616
22,504
40,632
91,664
14,763
54,888
22,013
53,007
56,272
14,021
18,158
41,075
96,413
23,442
54,210
18,761
56,655
56,697
11,251
18,679
41,917
95,413
22,116
58,779
14,517
57,010
60,439
19,651
15,461
42,377
97,936
15,395
57,041
25,500
60,102
58,626
16,231
15,281
41,435
91,880
34,523
57,357
7,501
72,308
54,977
13,183
17,161
41,790
89,076
30,414
54,421
4,241
70,633
54,950
9,933
16,260
42,084
81,981
25,111
52,772
4,098
77,150
53,292
-24.7%
-5.2%
0.7%
-8.0%
-17.4%
-3.0%
-3.4%
9.2%
-3.0%
-11.7%
-12.9%
0.4%
-14.1%
13.5%
-10.2%
-71.8%
35.3%
-11.8%
4.4%
13.6%
9.5%
10.0%
23.5%
13.1%
-21.4%
11.2%
12.8%
40,000
35,000
20%
30%
50,000
Televisa
TV Azteca
Televisa´s Growth
TV Azteca´s Growth
40%
30%
25,000
20%
20,000
15,000
10%
10,000
0%
5,000
-10%
2012-II
2012-III
2012-I
2011-III
2011-IV
2011-I
2011-II
0
2010-III
2012-III
2012-I
2012-II
-20%
2011-III
0
2011-IV
-10%
2011-I
10,000
Δ% A/A
0%
20,000
2010-IV
2012-III
2012-I
2012-II
-10%
10%
30,000
50%
30,000
20%
40,000
2010-III
Δ% A/A
-5%
(2) Since 1T 1991
Δ% A/A
40%
60,000
0%
Stockholder’s Equity
70,000
5%
2011-IV
25%
10%
2011-III
30%
15%
2011-I
Total Debt
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
2011-II
2010-IV
Total Assets
2010-III
D%TACC
2010-IV
2010-IV
D%Y/Y
2010-III
2011-II
Total Assets
Current Assets
Cash and Cash
Equivalents
Accounts Receivable
Total Liabilities
Current Liabilities
Other Liabilities
Total Debt
-6-
Liabilities and Liquidity
3Q 2012
In general the Leverage and Liquidity Ratios are slightly pressured
for both firms, despite the decreases in debt and total liability. The
Total Debt / Total Assets ratio for Azteca slightly increased to 32.1%
from 31.7% during the previous quarter; meanwhile, the ratio for
Tlevisa was of 36.2% without relevant changes.
With respect to the solvency ratios, both firms showed decreases
during 2012-III. The one of Azteca was of 5.01x, accumulating a year
Debt / Total Assets
of decreases and the one of Tlevisa was of 6.39x, after having reached a maximum level of 6.68x in the last quarter.
This was a result of a higher level in the cost of debt for both firms;
for Azteca of 9.18% meaning an increase of +45 basis points with
respect to the last quarter; meanwhile, for Tlevisa the cost of debt
had a change of +78 basis points reaching 8.10%.
Debt / Stockholder’s Equity
44.0%
180%
40.0%
150%
36.0%
120%
32.0%
90%
60%
28.0%
2012-III
2012-II
2012-I
2011-III
2011-IV
2012-III
2012-III
2012-I
2011-IV
2012-II
Current Assets / Current Liabilities
2011-III
2011-II
2012-III
2011-IV
Televisa
TV Azteca
2012-II
Televisa
2011-I
3.00%
2010-IV
4
2010-III
6.00%
2012-II
5
2012-I
9.00%
2011-III
6
2011-II
12.00%
2011-I
TV Azteca
Cost of Debt
7
2010-IV
2011-II
Televisa
TV Azteca
Debt Payment Capacity*
2010-III
2011-I
2010-III
2012-III
2012-II
2012-I
2011-IV
2011-III
2011-II
2011-I
2010-IV
2010-III
Televisa
2010-IV
30%
24.0%
TV Azteca
EBITDA Var. coeficient (8 quarters)**
7
6
5
4
3
2
1
0
40%
30%
20%
Televisa
TV Azteca
Televisa
2012-I
2011-IV
2011-III
2011-II
2011-I
2010-IV
2010-III
2012-III
2012-II
2012-I
2011-IV
2011-III
2011-II
2011-I
2010-IV
2010-III
10%
TV Azteca
-7-
Activity and Operations
3Q 2012
The Accounts Receivable Turnover for both firms present minimum
increases in the last quarters; however, the breach increases quarter
after quarter. In the last couple of years, the small increases in sales
of Azteca, as well as larger accounts receivables days (180.3 in 2012III) have pressured this ratio below 2x; at the end of the quarter it
reached 2.02x. On the other hand Tlevisa registered a decrease of
-24.7% QoQ during 2012-III in Accounts Receivable resulting in a
12M Net Revenues / Accounts receivable (i)
maximum level in the last couple of years of 4.52x in the Accounts
Receivable Turnover.
With respect to the Accounts Payable Turnover the changes were
in opposite directions; the ratio of Tlevisa slightly decreased to 4.3x
meanwhile for Azteca it increased to 59.7x.
Collecting days
3.0
4.6
4.5
4.4
4.3
4.2
4.1
4.0
3.9
3.8
2.5
2.0
1.5
1.0
0.5
TV Azteca
1.05
1.00
150
2012-III
2012-II
2012-III
2012-II
2012-I
2011-III
TV Azteca
2012-III
90
2012-II
2012-III
2012-II
2012-I
2011-IV
2011-III
0.85
2012-I
0.00
120
2011-IV
0.90
6
4
2
(2)
(4)
(6)
(8)
(10)
(12)
2011-III
0.02
210
180
0.95
Televisa (der)
Cost of debt (collecting days - payment days)
2011-II
0.04
Televisa (der)
2011-IV
70
2011-II
75
0
2011-I
80
2
2011-I
0.06
2011-II
85
4
2010-IV
1.10
2011-I
90
6
2012-III
2012-II
2012-I
1.15
0.08
2010-IV
95
8
TV Azteca
0.10
2010-III
100
10
Televisa (der)
(Rev / Acc. Receivable) (Cost of Sales / Acc. Payable)
(V / CxC) (CV / CxP) = (i)/(ii)
TV Azteca
12
2010-III
TV Azteca
2011-IV
2011-II
2011-III
2011-I
2010-IV
2010-III
4.6
4.4
4.2
4.0
3.8
3.6
3.4
3.2
2010-IV
64
56
48
40
32
24
16
8
0
Televisa (der)
Payment days
2010-III
Cost of debt (12M Cost of Sales / Payable accounts) (ii)
2012-I
2011-IV
2011-II
2011-III
Televisa (der)
2011-I
50
2010-IV
2012-II
100
2010-III
TV Azteca
90
88
86
84
82
80
78
76
150
2012-III
2012-I
2011-IV
2011-III
2011-I
2011-II
2010-IV
2010-III
0.0
200
Televisa (der)
-8-
INCOME STATEMENT
3Q 2012
The growth in 12 Month Earnings was modest despite the two special events: (1) the London Olympic Games and (2) the Presidential
Elections in Mexico. So, Azteca experienced an annual increase of
+2.6% in 12 month sales and a decrease of -0.5% QoQ during 2012III. Despite its cost control strategy, the transmission rights of the
Olympic Games pressured the Operating Result which decreased
-10.3% with respect to 2011-III. In consequence the EBITDA decreased -9% annually.
On the other hand, the 12 Month Earnings of Tlevisa were driven,
during 2012-III, by the segments of Sky and Cable and Telecom
achieving a change of +5.2% with respect to the same quarter of
2011. The EBITDA, in its quarterly comparison, increased 1% for an
annual increase of +8.2%.
Azteca - figures in real terms
2010-III
Total Assets
Current Assets
Cash and Cash
Equivalents
Accounts Receivable
Total Liabilities
Current Liabilities
Other Liabilities
Total Debt
2010-IV
2011-I
2011-II
2011-III
2011-IV
2012-I
2012-II
D%Q/Q
2012-III
D%Y/Y
D%TACC
2,976
3,727
2,441
2,899
3,186
3,629
2,782
3,038
3,123
2.8%
-2.0%
2.6%
1,029
1,732
686
937
1,231
1,651
729
837
896
7.0%
-27.2%
-3.0%
444
1,170
589
1,454
1,866
1,694
170
816
321
417
1,056
528
400
1,366
289
1,279
1,771
1,299
443
860
777
42
980
-29
712
1,035
1,044
1612.2%
5.7%
-3761.2%
77.8%
-24.2%
260.8%
6.5%
-2.0%
9.6%
11,856
4,281
2,047
4,845
2,720
12,249
4,448
2,457
5,008
3,128
12,289
4,450
2,484
5,000
3,133
12,043
4,383
2,485
4,907
3,132
12,253
4,585
2,441
5,104
2,833
12,155
4,505
2,266
5,009
2,437
12,496
4,548
2,539
5,054
2,894
12,635
4,449
2,164
4,977
2,337
12,572
4,114
2,475
4,646
3,092
-0.5%
-7.5%
14.4%
-6.6%
32.3%
2.6%
-10.3%
1.4%
-9.0%
9.1%
2.0%
-0.5%
4.9%
-0.4%
5.4%
(1) Since 4T 1996
2012-I
2012-II
D%Q/Q
D%Y/Y
Televisa - figures in real terms
2011-III
2011-IV
2011-IV
2012-I
16,786
17,181
15,329
17,232
16,937
-1.7%
0.9%
5.6%
4,729
2,672
4,468
4,880
5,157
3,359
4,872
5,018
3.0%
2.8%
1.3%
2,340
6,147
4,175
2,679
6,690
4,557
913
4,535
2,564
1,913
6,399
3,791
2,152
6,815
3,678
2,056
7,016
3,592
1,177
5,413
3,576
1,763
6,941
3,490
2,822
7,070
4,884
60.1%
1.9%
39.9%
31.1%
3.7%
32.8%
-0.7%
4.2%
4.0%
60,972
16,396
6,715
22,880
12,366
61,338
16,520
8,146
23,495
14,632
62,055
16,460
7,914
23,696
14,453
62,246
16,281
7,846
23,771
15,088
63,364
16,750
7,658
24,440
14,591
63,906
17,178
7,035
24,765
13,625
65,388
17,865
7,299
25,643
14,638
66,527
18,268
7,149
26,185
14,337
66,678
18,406
7,819
26,439
15,542
0.2%
0.8%
9.4%
1.0%
8.4%
5.2%
9.9%
2.1%
8.2%
6.5%
6.3%
1.4%
-2.4%
4.8%
3.0%
2010-II
2010-III
2011-I
2011-II
2011-II
2011-III
2011-III
2011-IV
2011-IV
2012-I
17,559
7,480
2010-IV
2011-I
25,252
11,084
**of purchasing power to 2012-I • As reported by Grupo Televisa
Real P$ millions
25,166
11,064
24,835
10,895
0%
24,672
10,363
9,000
-3%
6,000
-8%
2012-III
0
2012-I
-5%
2012-II
3,000
Televisa
TV Azteca
D%Y/Y
0.8%
0.0%
D%TACC
1.1%
-2.6%
18.9%
22.6%
(3) Since 1T 1999
10,000
50%
8,000
35%
20%
5%
Δ% T/T
3%
12,000
2011-III
-4%
2012-III
0
2012-I
-2%
2012-II
10,000
15,000
2011-IV
0%
20,000
(2) Since 1T 1991
D%Q/Q
6,000
5%
18,000
Δ% T/T
2%
30,000
8%
21,000
4%
40,000
2011-III
24,471
10,364
2012-II
2012-III
12M net income
24,000
2011-I
6%
50,000
2011-IV
10%
2010-III
60,000
2011-I
24,117
10,306
27,000
2010-IV
8%
2011-II
24,186
10,366
2012-I
2012-II
EBITDA 12M
70,000
2010-III
Televisa´s Growth
TV Azteca´s Growth
4,000
-10%
2,000
-25%
0
-40%
2010-III
12M Revenues
2010-IV
24,411
10,642
2011-II
3M Network TV
Revenues
Operating Income
2010-III
2010-IV
Δ% T/T
4,411
D%TACC
2012-III
16,092
2012-I
13,847
2012-II
16,639
2012-II
2012-III
2011-III
15,668
2011-II
2011-III
2011-IV
2011-I
2011-II
2011-I
2010-IV
2011-I
2011-II
2010-III
2010-IV
2010-IV
2010-II
2010-III
Total Assets
Current Assets
Cash and Cash
Equivalents
Accounts Receivable
Total Liabilities
Current Liabilities
Other Liabilities
Total Debt
-9-
12M Margins*
3Q 2012
2012-III
2012-III
2012-III
Cash Income Margin
2012-II
Televisa
2012-II
TV Azteca
2012-II
2010-III
2011-IV
2011-III
2010-IV
Televisa
2012-I
36%
2011-IV
37%
44%
2012-III
38%
45%
2012-II
39%
46%
2012-I
40%
47%
2011-II
41%
48%
2011-I
42%
49%
2010-III
50%
2011-III
EBITDA Margin
2011-II
Gross Margin
2011-I
the Gross Margin of Azteca was of 45%; meanwhile the one for Tlevisa was of 47% in the same period.
In this way, the EBITDA Margin of Azteca was of 37% below the one of Tlevisa of 39.7%, during 2012-III; reaching their minimum and maximum levels in the last couple of years, respectively.
2010-IV
Due to the modest increases in total sales as well as the costs and
expenses derived from the broadcasting of the London Olympic
Games, the margins were pressured downwards. For the first times
in two years the margins of Azteca were below the ones of Tlevisa.
So, with a decrease of 2 percentage points with respect to 2012-II,
TV Azteca
Net Margin
25%
30%
20%
25%
15%
20%
10%
Televisa
TV Azteca
2012-I
2011-IV
2011-III
2011-II
2011-I
2010-III
2012-III
2012-II
2012-I
2011-IV
2011-III
2011-II
2011-I
2010-IV
2010-III
Televisa
2010-IV
5%
15%
TV Azteca
Information considering only network TV
Estimated Operating Margin**
EBITDA Margin
51.0%
45.00%
48.0%
40.00%
45.0%
42.0%
35.00%
39.0%
Televisa
2012-I
2011-IV
2011-III
2011-II
2011-I
2010-IV
2012-III
2012-II
2012-I
2011-IV
2011-III
2011-II
2011-I
2010-IV
2010-III
Televisa
2010-III
36.0%
30.00%
TV Azteca
TV Azteca
*The margin is the result of dividing the 12M figure by the 12M Total Revenue
**Currently, Televisa does not publish EBITDA by business segment, therefore from 2007 on, the figures are estimated.
- 10 -
Profitability
3Q 2012
The profitability ratios reflected mixed results among both firms.
The ROIC, the most important ratio, increased for both: Tlevisa
went from 4.7% in 2012-II to 5.1% in 2012-III; meanwhile for Azteca
it went from 6% to 7% in the same period.
The breach in the ROE has increased since 2010-IV; in 2012-III it
went from 4.2 percentage points, placing Azteca in 13.1%, below
the average of the last couple of years of 15.3%.
Ventas 12M / Activos Prom (rotación activos)
Margen EBITDA 12M
2012-II
2012-III
2012-II
2012-III
2012-I
2011-IV
2011-III
Televisa
TV Azteca
ROIC contable
2011-II
2011-I
2010-III
2012-III
2012-II
2012-I
2011-IV
2011-III
2011-II
2011-I
2010-IV
2010-III
Televisa
2010-IV
43%
42%
41%
40%
39%
38%
37%
36%
35%
48%
46%
44%
42%
40%
38%
36%
34%
32%
TV Azteca
ROE
18%
9.0%
8.0%
16%
7.0%
6.0%
14%
5.0%
12%
4.0%
Televisa
2012-I
2011-IV
2011-III
2011-II
2011-I
2010-III
2012-III
2012-II
2012-I
2011-IV
2011-III
2011-II
2011-I
2010-IV
2010-III
Televisa
2010-IV
10%
3.0%
TV Azteca
TV Azteca
Rendimiento Accionario 12M
ROA
60%
10%
40%
8%
20%
6%
4%
0%
Televisa
2012-III
2012-II
2012-I
2011-IV
2011-III
2011-II
2011-I
2010-IV
2012-III
2012-II
2012-I
2011-IV
2011-III
2011-I
2010-IV
2010-III
2011-II
Televisa
2010-III
2%
-20%
TV Azteca
TV Azteca
- 11 -
Valuation
3Q 2012
The fair price of the CPO as of December 4th 2012 is of P$11.68.
The multiples for the media and communications sample showed
divergent behavior. The multiple VE/EBITDA discounted by country
risk decreased from 7.4 times to 7.1, meanwhile the ratio P/BV re-
mained in 2.5x. On December 4th, the CPO of Azteca presented a
price of $8.39. According to the exercise the potential appreciation
is of 39.2%.
Sum of the Parts Valuation for Azteca (in millions of US$)
BROADCAST & ENT.
TV Azteca
Production & Distribution
Multiple Used
Network & KAZA-TV
VE/UAIIDA 2012’3T (1)
EBITDA 12M 1Q 2012 (US$, millions)
TOTAL
Azteca America
P/VL 2012’3T
$366
Book Value 1Q 2012 (US$, millions)
$154
Value Line Sample Multiples 3Q'12
7.1
Fair EV (US$, millions)
2.5
$2,593
Less Net Debt 3Q 2012(2) (US$, millions)
$284
Fair Value (US$, millions)
$2,309
$380
29,718.6
5,885.1
CPOs (millions)
2,984.0
2,984.0
2,984.0
Fair CPO Value (P$)
$9.96
$1.64
$11.60
Fair Value (P$ millions)(13.95P$*US$)
Current CPO Market Price (P$) (3)
$8.28
Potential Appreciation (4)
40.05%
(1) Adjusted for Mexico’s country risk at 133 basis pts.
(2) Net of cash value of Channel 40 investment (US$25 million), Net Debt = Debt-Cash = (US$847 million including US$120 million (American Tower liability) (Total Debt) - US$594.9 million
(Cash position) = US$252.1 million) (3) As of November 5th, 2012. Broadcasting and Entertainment Sample
Enterprise Value / EBITDA (3Q-2012)
* Weighted Average Weighted average discounted by country risk, adding Televisa
Broadcasting and Entertainment Sample
Price / Book Value (3Q-2012)
* Weighted Average
BLC: Belo Corp., CBS: CBS Corp., DIS: Disney, NWS: News Corp., SNI: Scripps Network.
- 12 -
International Comment
3Q 2012
The weak economic recovery in USA, has not completely overshadowed the performance in the media sector. Some economic
data provide some light of economic recovery; the unemployment
decreased in November to 7.7% after having remained above 8%
for several months of 2012; at the same time, the housing sector
returned to a sustained growth.
However some factors play against the sector. The Obama
reelection was not liked in the economic and the financial sectors
and the debate regarding the “Fiscal Cliff” between the Democrat
and Republican parties have spread uncertainty on the financial
markets and this will continue until the end of the year.
On the other hand, the debt crisis of the Euro Zone is far
from ending. Countries as Spain and Italy have turned into the center of attention because in the first one the banking system is still
contaminated by risky assets in the housing sector as a result of
the crisis of 2008-2009, and the second one faces a political turmoil
which puts in doubt the continuity of fiscal austerity measures.
Under these circumstances the media sector in USA faces a lower foreign demand mainly from Europe and China. The
automotive sector, among others, has reduced its advertisement
expenditure and the consumer’s confidence starts to show good
signals in USA. It is worth to mention that the satisfactory results of
the sector were driven by the Presidential Elections and the debates among candidates.
Meanwhile, the firms in the sector continue with their
effort to reinforce their balances through the reduction of liabilities.
Firms such as Disney, CBS, News Corp. and Time Warner have made
major buybacks in previous quarters.
In the coming quarters the sector faces the challenge of
reaching larger audiences through the redesign of new content
which is liked by the public to compensate for the lower advertisement space demand as a consequence of the weak foreign demand.
Azteca Market Summary
Last
AZTECA CPO
(P$)
Max Oct
8.23
Min Oct
Δ% 1M
8.23
-7.22%
9.00
Δ% 3M
s (1)
Δ% 12 M
Δ% 2012
-6.48%
1.86%
13.09%
-7.42%
21.97%
1.35%
INDUSTRY PEERS (in US$, unless otherwise stated)
TLEVISA CPO
59.52
62.20
59.02
-2.06%
-1.90%
4.48%
155.95
167.90
155.95
-5.83%
0.29%
40.27%
7.48
8.17
7.48
-4.47%
9.20%
17.98%
18.32%
18.73%
Disney
49.07
52.97
49.07
-6.14%
-0.14%
40.68%
16.64%
30.85%
Time Warner
43.45
46.50
43.45
-4.15%
11.07%
24.18%
15.41%
20.23%
Radio One
0.92
0.92
0.81
13.58%
0.00%
-28.68%
55.16%
10.84%
12.60
12.92
11.35
12.40%
23.53%
31.52%
35.56%
11.11%
ÍGS
Broadcast
Ind.
Belo
Sinclair
Bcsting.
16.39% 30.30%
(1) s, or sigma is the representation of volatility, a measure of risk calculated over a monthly sample of daily data, annualized.
GS US Broadcasting Index
Close
Cierre
180
150
120
90
60
30
18/10/12
20/2/12
20/6/12
22/6/11
21/10/11
22/2/11
25/6/10
25/10/10
25/2/10
24/6/09
22/10/09
23/2/09
23/6/08
21/10/08
20/2/08
20/6/07
S&P 500
18/10/07
20/2/07
23/10/06
17/2/06
IB
21/6/06
21/6/05
20/10/05
15/2/05
18/6/04
18/10/04
13/2/04
9/6/03
9/10/03
4/2/03
1/10/02
30/5/02
25/1/02
21/9/01
15/5/01
7/9/00
10/1/01
5/5/00
3/1/00
0
- 13 -
GLOSARIO
D% Q/Q: Percentage change quarter to quarter.
D% Y/Y: Percentage change year to year, this is important because
it eliminates seasonality effects.
Barter or Exchange: The Exchange of goods and services in the
absence of cash. Generally, is the acquisition of air time or space in
a communication media in exchange of merchandise.
Book value: An accounting concept. The book value of a stock is
determined adding all the company’s assets and subtracting liabilities and debt, including the liquidation price of whatever preferred
issues. This result is then divided by the number of ordinary outstanding shares and the result is the book value per share. The book
value of a company’s assets or value may have little relation to its
market value.
Capitalization Value: Is the actual market value of the equity and
is obtained as the result of multiplying the stock price by the number of outstanding shares.
Cash Income: Is the net income without taking into account the
virtual items and it’s obtained by considering the result of monetary position and foreign exchange, depreciation and amortization
and the effects after changes in the accounting principles.
Collecting Days: The average number of days the company takes
to gather its accounts collectible and it is obtained by dividing 365
and the Collectible Accounts Rotation.
Commercial Audience: Azteca’s programming is designed to attract the commercial audience. The commercial audience is composed of TV viewers of the following socio-economic segments:
ABC+, C and D, which represent 63% of Mexico’s population, controlling 92% of the available income, and tuning channels 2, 5, 7
and 13.
3Q 2012
Gross Rating Points (GRP’s): The addition of all the ratings offered by a list of media. Generally referred to a household base.
Inventory Days: Is the average time in days that the company takes
to displace its inventory and it’s calculated as the quotient of 365
between the inventory rotation.
Payment Days: The average number of days the company takes
to pay its accounts payable and it’s calculated by dividing 365 between payable accounts rotation.
Price to Earnings Ratio: P/E ratio. The most common measure of
how expensive or cheap a stock is. The P/E ratio is equivalent to the
market capitalization of the stock, divided by its income after taxes
for a 12 month period, usually a known period, but occasionally the
actual or an estimate.
Rating: Is the percentage of a population group that uses media
in a given time. Generally used for broadcast media, but it can be
used for any communication media. A rating point equals to one
percent of a given audience.
ROA: Return on assets, calculated as the quotient of 12 month net
income by the average assets during the period.
ROE: Return on Equity, is calculated as the quotient of the 12
month net income and the average stockholder’s equity at the end
of the period.
ROIC: Return on Invested Capital, is obtained as 12 month EBITDA
over Total assets. The accounting ROIC is calculated with the accounting value of the assets, while the regular ROIC uses the market value (see capitalization value)
Share or participation: The audience share is the percentage of
homes or people watching TV that tune to a specific program.
Cost of debt: It’s calculated as the quotient of the paid interests on
the period over the debt.
Stelar time or primetime: The time fringe which attracts more
TV audience.
Cost per rating point (CPR): The cost of an advertising unit (for
example, a 30 second spot) divided by the average rating of a specific demographic group (women from 18 to 49 years).
Upfront: Payment made upfront, a method used to buy advertising time in TV with anticipation to the transmission date and generally for a long period of time, such as a year.
CPO: Ordinary Participation Certificate, Azteca’s CPOs include three
shares, one of each series A, D-A and D-L.
Virtual Items: Are those accounts that do not represent an outflow or income in cash, such as, depreciation, amortization, result
for monetary position and foreign exchange.
Debt: Liability with financial cost.
EBITDA: Earnings Befote Interests, Taxes, Depreciation and Amortization.
- 14 -
Contact
3Q 2012
Grupo Salinas
Chairman and Founder: Ricardo B. Salinas
CEO: Pedro Padilla
TV Azteca
CEO: Mario San Román
Azteca America
Presidente: Luis J. Echarte
CEO: Martin Breidsprecher
Grupo Elektra & Banco Azteca
CEO: Carlos Septién
Luis J. Echarte
GS - Chief Financial Strategist
(5255) 1720-5777
Afore Azteca y Seguros Azteca
CEO: José Luis Paz
Grupo Iusacell
CEO: Adrian Steckel
Bruno Rangel
GS - Director of Investor Relations
(5255) 1720-9167
[email protected]
Elena Arceo
GS - Financial Analysis
(5255) 1720-7000 xt. 72510
[email protected]
Design:
Linda Garcidueñas S.
News:
Alejandro Vázquez M.
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This document, and the information, opinions, estimates and recommendations expressed herein, have been prepared by Grupo Salinas to provide its partners, suppliers, clients and employees with general
information regarding the date of issue of the report and are subject to changes without prior notice. Grupo Salinas is not liable for giving notice of such changes or for updating the contents hereof. This document and its contents do not constitute an offer, invitation or solicitation to purchase or subscribe to any securities or other instruments, or to undertake or divest investments. Neither shall this document nor its
contents form the basis of any contract, commitment or decision of any kind.
The contents of this report are based upon information available to the public that has been obtained from sources considered to be reliable but no warranty, either express or implicit, is given regarding its accuracy, integrity or correctness. Grupo Salinas nor any of its companies accept liability of any type for any direct or indirect losses arising from the use of the document or its contents.
www.gruposalinas.com
- 15 -

gs tv y media quarterly

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