Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210, Mexico City,
Mexico
|
(Address of principal executive offices)
|
Form 20-F
|
x
|
Form 40-F
|
Yes
|
|
No
|
x
|
Yes
|
|
No
|
x
|
INVESTOR RELATIONS
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS
FOR IMMEDIATE RELEASE
|
Ø |
Consolidated Net Sales and Operating Segment Income grew 8.2% and 8.5%, respectively
|
Ø |
Advertising sales grew 2.1% during the year
|
Ø |
Double-digit growth in Cable MSO Segment Sales and Operating Segment Income of 11.0%
|
Ø |
Sky reached 92 thousand of broadband RGUs
|
Ø |
Televisa concludes its restructuring analysis with the
decision to remain as a vertically integrated media and telecommunications operator
|
2018
|
Margin %
|
2017
|
Margin %
|
Change %
|
|
Net sales
|
101,282.3
|
100.0
|
93,586.2
|
100.0
|
8.2
|
Net income
|
7,615.3
|
7.5
|
6,026.4
|
6.4
|
26.4
|
Net income
attributable to stockholders of the Company
|
6,009.4
|
5.9
|
3,973.4
|
4.2
|
51.2
|
Segment net
sales
|
106,094.4
|
100.0
|
96,930.4
|
100.0
|
9.5
|
Operating
segment income (1)
|
40,679.2
|
38.3
|
37,492.5
|
38.7
|
8.5
|
|
||
Grupo Televisa, S.A.B.
|
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS | 1 |
Net Sales
|
2018
|
%
|
2017
|
%
|
Change %
|
Subtotal Content
|
36,490.1
|
34.4
|
33,997.2
|
35.1
|
7.3
|
World Cup rights
|
2,733.6
|
2.6
|
n/a
|
n/a
|
n/a
|
Content
|
39,223.7
|
37.0
|
33,997.2
|
35.1
|
15.4
|
Sky
|
22,002.2
|
20.7
|
22,196.6
|
22.9
|
(0.9)
|
Cable
|
36,233.0
|
34.2
|
33,048.3
|
34.1
|
9.6
|
Other Businesses
|
8,635.5
|
8.1
|
7,688.3
|
7.9
|
12.3
|
Segment Net Sales
|
106,094.4
|
100.0
|
96,930.4
|
100.0
|
9.5
|
Intersegment Operations (1)
|
(4,812.1)
|
(3,344.2)
|
(43.9)
|
||
Net Sales
|
101,282.3
|
93,586.2
|
8.2
|
Operating Segment Income (2)
|
2018
|
Margin %
|
2017
|
Margin %
|
Change %
|
Subtotal Content
|
13,444.6
|
36.8
|
12,825.3
|
37.7
|
4.8
|
World Cup rights
|
1,410.5
|
51.6
|
n/a
|
n/a
|
n/a
|
Content
|
14,855.1
|
37.9
|
12,825.3
|
37.7
|
15.8
|
Sky
|
9,767.3
|
44.4
|
10,106.6
|
45.5
|
(3.4)
|
Cable
|
15,302.5
|
42.2
|
14,034.8
|
42.5
|
9.0
|
Other Businesses
|
754.3
|
8.7
|
525.8
|
6.8
|
43.5
|
Operating Segment
Income
|
40,679.2
|
38.3
|
37,492.5
|
38.7
|
8.5
|
Corporate Expenses
|
(2,154.7)
|
(2.0)
|
(2,291.0)
|
(2.4)
|
5.9
|
Depreciation and Amortization
|
(19,834.2)
|
(19.6)
|
(18,504.7)
|
(19.8)
|
(7.2)
|
Other Expense, net
|
1,562.3
|
1.5
|
(2,453.6)
|
(2.6)
|
n/a
|
Operating Income
|
20,252.6
|
20.0
|
14,243.2
|
15.2
|
42.2
|
|
||
Grupo Televisa, S.A.B.
|
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS | 2 |
Content
|
Fourth quarter sales increased by 0.3% to Ps.10,642.8 million compared with Ps.10,605.8 million in fourth quarter 2017.
Full year sales increased by 15.4% to Ps.39,223.7 million compared with Ps.33,997.2 million in 2017.
|
|||||
|
Millions of Mexican pesos
|
2018
|
%
|
2017
|
%
|
Change %
|
Advertising | 21,154.9 | 53.9 | 20,719.1 | 61.0 | 2.1 | |
|
Network Subscription Revenue
|
4,814.3
|
12.3
|
4,058.1
|
11.9
|
18.6
|
|
Licensing and Syndication
|
10,520.9
|
26.8
|
9,220.0
|
27.1
|
14.1
|
Subtotal Content | 36,490.1 | 93.0 |
33,997.2 | 100.0 | 7.3 | |
World Cup rights | 2,733.6 | 7.0 |
n/a | n/a | n/a | |
|
Net
Sales
|
39,223.7
|
100.0
|
33,997.2
|
100.0
|
15.4
|
|
Advertising
Advertising fourth quarter revenue decreased by 3.7% to Ps.6,565.1 million compared with Ps.6,820.5 million in fourth quarter 2017. Fourth quarter decrease is explained by a substantial decrease in
advertising sold to government entities. Full year advertising revenue increased by 2.1%.
We concluded the negotiation of the upfront for a total amount of Ps.16.4 billion, in line with that of the prior year.
|
Network Subscription Revenue
Fourth-quarter Network Subscription revenue increased by 9.3% to Ps.1,251.6 million compared to Ps.1,145.1 million in fourth-quarter 2017.
Full year Network Subscription revenue increased by 18.6%. The full year increase is mainly explained by the new offerings of our networks which now includes additional rights that resulted in higher
overall price. This came into effect in the fourth quarter of 2017.
|
|
Licensing and Syndication
Fourth-quarter Licensing and Syndication revenue increased by 7.0% to Ps.2,826.1 million compared to Ps.2,640.2 million in fourth-quarter 2017. Fourth-quarter royalties from Univision reached U.S.$88.0
million compared to U.S.$78.8 million in the fourth-quarter 2017. Royalties in the fourth quarter were negatively affected by a one-time U.S.$65.1 million revenue adjustment in Univision.
For the full year 2018 royalties from Univision reached U.S.$383.6 million. The full year increase of 22.2% in royalties is mainly explained by the step up in the royalty rate, partially compensated by lower
revenues of Univision, primarily due to the loss of the carriage of Univision networks by Dish.
|
|
||
Grupo Televisa, S.A.B.
|
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS | 3 |
World Cup
This year, Content sales benefited from the
sublicensing of certain broadcast and digital rights of the 2018 Soccer World Cup in Mexico and other Latin American markets, by Ps.2,733.6 million.
|
|
Fourth quarter operating segment income for our
Content segment increased by 3.0% to Ps.4,036.7 million compared with Ps.3,919.5 million in fourth quarter 2017; the margin was 37.9%.
|
|
Full-year operating segment income for our Content
segment increased by 15.8% to Ps.14,855.1 million compared with Ps.12,825.3 million in 2017. The margin was 37.9%.
|
|
Sky
|
Fourth quarter sales decreased by 1.9% to Ps.5,461.9
million compared with Ps.5,568.9 million in fourth quarter 2017. During the quarter, Sky lost 198,617 video revenue generating units, or RGUs.
|
Full year sales decreased by 0.9% to Ps.22,002.2 million compared with Ps.22,196.6 million in 2017. The number of net video RGUs
decreased by 365,486 during the year to 7,637,040 as of December 31, 2018. Sky ended the quarter with 159,027 video RGUs in Central America and the Dominican Republic.
|
|
The loss of video RGUs is mainly explained by the disconnections of some customers following our transmission of the World Cup in the second and third quarters. On the other hand, during 2018, Sky added
92 thousand broadband RGUs.
|
|
The following table sets forth the breakdown of RGUs per service type for Sky as of December 31, 2018 and 2017.
|
|
|
RGUs
|
2018
|
2017
|
|
|
|
Video
|
7,637,040
|
8,002,526
|
|
|
|
Broadband
|
91,841
|
-
|
|
|
|
Total RGUs
|
7,728,881
|
8,002,526
|
|
Fourth quarter operating segment income decreased by 4.7% to Ps.2,214.6 million compared with Ps.2,324.1 million
in fourth quarter 2017, and the margin was 40.5%. The decrease in margin is explained by the launch of the bundle packages of Blue Telecomm and Sky.
|
|
Full year operating segment income decreased by 3.4% to Ps.9,767.3 million compared with Ps.10,106.6 million
in 2017, and the margin was 44.4%.
|
|
Cable |
Fourth quarter sales increased by 10.8% to Ps.9,517.7
million compared with Ps.8,592.9 million in fourth quarter 2017.
|
|
Full year sales increased by 9.6% to Ps.36,233.0 million compared with Ps.33,048.3 million in
2017.
|
|
||
Grupo Televisa, S.A.B.
|
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS | 4 |
Total revenue generating units or RGUs reached 11.8 million including the acquisition of part of the residential fiber-to-the-home business of Axtel. Quarterly organic growth was mainly driven by 229 thousand of
voice net additions. Broadband net additions were 81 thousand and video net additions were 6 thousand, for total quarter organic net additions of approximately 316 thousand.
|
|||||
Full year organic net additions were close to 1.2 million RGUs.
|
|||||
|
The following table sets forth the breakdown of RGUs per service type for our Cable segment as of December 31, 2018 and 2017.
|
||||
|
|
RGUs
|
2018
(1)
|
2017
|
|
|
|
Video
|
4,384,247
|
4,185,150
|
|
|
|
Broadband
|
4,479,017
|
3,797,336
|
|
|
|
Voice
|
2,978,508
|
2,121,952
|
|
|
|
Total
RGUs
|
11,841,772
|
10,104,438
|
|
(1) It includes 553,226 RGUs acquired from Axtel
|
|||||
Fourth quarter operating segment income increased by 9.1% to Ps.4,005.7 million compared with Ps.3,671.7 million in fourth
quarter 2017, and the margin reached 42.1%.
|
|||||
Full year operating segment income increased by 9.0% to Ps.15,302.5 million compared
with Ps.14,034.8 million in 2017. The margin reached 42.2%, in line with 2017.
|
|||||
The following tables set forth the breakdown of revenues and operating segment income, excluding consolidation adjustments, for our MSO and enterprise operations for 2018 and 2017.
|
|
MSO
Operations (1)
Millions of Mexican pesos
|
2018
|
2017
|
Change %
|
|
Revenue
|
32,279.8
|
29,067.9
|
11.0
|
|
Operating Segment Income
|
13,962.0
|
12,578.0
|
11.0
|
|
Margin (%)
|
43.3%
|
43.3%
|
|
|
Enterprise Operations (1)
Millions of Mexican pesos
|
2018
|
2017
|
Change %
|
|
Revenue
|
5,341.0
|
5,218.5
|
2.3
|
|
Operating Segment Income
|
1,811.9
|
1,892.6
|
-4.3
|
|
Margin (%)
|
33.9%
|
36.3%
|
|
|
|
(1) These results do not include consolidation adjustments of Ps.1,387.8 million in revenues nor Ps.471.4 million in Operating Segment Income for 2018, neither the consolidation adjustments of Ps.1,238.1 million in revenues
nor Ps.435.8 million in Operating Segment Income for 2017. Consolidation adjustments are considered in the consolidated results of the Cable segment.
|
|||
|
|
|
||
Grupo Televisa, S.A.B.
|
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS | 5 |
Other Businesses
|
Fourth quarter sales increased by 22.7% to Ps.2,598.0
million compared with Ps.2,118.1 million in fourth quarter 2017. The increased is mainly explained by higher revenues in our feature film distribution businesses, gaming and soccer.
|
Full year sales increased by 12.3% to Ps.8,635.5 million compared with Ps.7,688.3 million in 2017. The increase in
revenues was mainly driven by performance in our film distribution, soccer and gaming businesses.
|
|
Fourth quarter operating segment income reached Ps.230.6 million compared with Ps.250.4 million in fourth quarter 2017.
|
|
Full year operating segment income increased by 43.5% to Ps.754.3 million compared with Ps.525.8 million in 2017, mainly
reflecting a decrease in the loss of our publishing business and an increase in operating segment income of our gaming business.
|
|
||
Grupo Televisa, S.A.B.
|
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS |
6
|
2018
|
2017
|
(Increase) decrease
|
|
Interest expense
|
(9,707.3)
|
(9,245.7)
|
(461.6)
|
Interest income
|
1,567.1
|
1,481.4
|
85.7
|
Foreign exchange gain, net
|
220.1
|
768.9
|
(548.8)
|
Other finance (expense) income, net
|
(859.6)
|
903.2
|
(1,762.8)
|
Finance expense,
net
|
(8,779.7)
|
(6,092.2)
|
(2,687.5)
|
(i)
|
an unfavorable
change of Ps.1,762.8 million in other finance income or expense, net, resulting primarily from a net loss in fair value of our derivative contracts;
|
(ii)
|
a Ps.548.8
million decrease in foreign exchange gain, net, resulting primarily from a 0.2% appreciation of the Mexican peso against the U.S. dollar in 2018, in comparison with a 4.5% appreciation in 2017, on a higher average net U.S. dollar
liability position; and
|
(iii)
|
a Ps.461.6
million increase in interest expense, primarily due to the interest rate applicable to our average Mexican peso debt position, as well as an average annual depreciation of the Mexican peso against the U.S. dollar in connection
with our U.S. dollar debt position, which effect was partially offset by a lower average principal amount of debt, finance lease obligations and other notes payable during 2018.
|
|
||
Grupo Televisa, S.A.B.
|
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS | 7 |
Dec 31, 2018
|
Dec 31, 2017
|
Increase (decrease)
|
|
Current portion of long-term debt
|
988.4
|
307.0
|
681.4
|
Long-term debt, net of current portion
|
120,983.6
|
121,993.1
|
(1,009.5)
|
Total debt 1
|
121,972.0
|
122,300.1
|
(328.1)
|
Current portion of finance lease
obligations
|
651.8
|
580.9
|
70.9
|
Long-term finance lease obligations
|
4,666.1
|
5,041.9
|
(375.8)
|
Total finance lease obligations
|
5,317.9
|
5,622.8
|
(304.9)
|
Current portion of other notes
payable
|
1,288.4
|
1,178.4
|
110.0
|
Other notes payable, net of current
portion
|
1,288.4
|
2,505.6
|
(1,217.2)
|
Total other notes payable 2
|
2,576.8
|
3,684.0
|
(1,107.2)
|
|
||
Grupo Televisa, S.A.B.
|
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS | 8 |
|
||
Grupo Televisa, S.A.B.
|
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS | 9 |
|
||
Grupo Televisa, S.A.B.
|
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS |
10
|
December 31,
|
December 31,
|
|||||||
2018
|
20171
|
|||||||
ASSETS
|
(Unaudited)
|
(Unaudited)
|
||||||
Current assets:
|
||||||||
Cash and cash
equivalents
|
Ps.
|
32,068.3
|
Ps.
|
38,734.9
|
||||
Temporary
investments
|
31.0
|
71.2
|
||||||
Trade notes
and accounts receivable, net
|
20,280.5
|
24,727.1
|
||||||
Other accounts
and notes receivable, net
|
6,376.6
|
4,944.0
|
||||||
Derivative
financial instruments
|
115.7
|
1,515.0
|
||||||
Due from
related parties
|
1,078.3
|
860.2
|
||||||
Transmission
rights and programming
|
7,785.7
|
5,890.9
|
||||||
Inventories
|
1,026.4
|
1,493.0
|
||||||
Other current
assets
|
3,376.5
|
2,865.9
|
||||||
Total current
assets
|
72,139.0
|
81,102.2
|
||||||
Non-current assets:
|
||||||||
Derivative
financial instruments
|
919.8
|
748.8
|
||||||
Transmission
rights and programming
|
9,229.8
|
8,158.5
|
||||||
Investments in
financial instruments
|
49,371.4
|
49,939.4
|
||||||
Investments in
associates and joint ventures
|
10,546.7
|
14,110.7
|
||||||
Property,
plant and equipment, net
|
87,342.5
|
85,719.8
|
||||||
Intangible
assets, net
|
43,063.5
|
35,886.5
|
||||||
Deferred
income tax assets
|
22,154.1
|
21,355.0
|
||||||
Other assets
|
3,075.6
|
199.2
|
||||||
Total
non-current assets
|
225,703.4
|
216,117.9
|
||||||
Total assets
|
Ps.
|
297,842.4
|
Ps.
|
297,220.1
|
|
||
Grupo Televisa, S.A.B.
|
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS | 11 |
December 31,
|
December 31,
|
|||||||
2018
|
20171
|
|||||||
LIABILITIES
|
(Unaudited)
|
(Unaudited)
|
||||||
Current liabilities:
|
||||||||
Current
portion of long-term debt and interest payable
|
Ps.
|
2,108.4
|
Ps.
|
2,103.8
|
||||
Current
portion of finance lease obligations
|
651.8
|
580.9
|
||||||
Current
portion of other notes payable
|
1,288.4
|
1,178.4
|
||||||
Derivative
financial instruments
|
148.1
|
-
|
||||||
Trade accounts
payable and accrued expenses
|
22,029.5
|
19,959.8
|
||||||
Customer
deposits and advances
|
14,059.1
|
18,798.3
|
||||||
Income taxes
payable
|
3,054.8
|
2,524.4
|
||||||
Other taxes
payable
|
1,280.3
|
1,172.5
|
||||||
Employee
benefits
|
1,067.2
|
963.4
|
||||||
Due to related
parties
|
714.5
|
991.5
|
||||||
Other current
liabilities
|
2,550.8
|
2,491.8
|
||||||
Total current
liabilities
|
48,952.9
|
50,764.8
|
||||||
Non-current liabilities:
|
||||||||
Long-term
debt, net of current portion
|
120,983.6
|
121,993.1
|
||||||
Finance lease
obligations, net of current portion
|
4,666.1
|
5,041.9
|
||||||
Other notes
payable, net of current portion
|
1,288.4
|
2,505.6
|
||||||
Derivative
financial instruments
|
-
|
-
|
||||||
Income taxes
payable
|
3,141.4
|
4,730.6
|
||||||
Deferred
income tax liabilities
|
8,390.5
|
9,037.5
|
||||||
Post-employment
benefits
|
962.5
|
716.1
|
||||||
Other
long-term liabilities
|
4,676.0
|
2,773.5
|
||||||
Total
non-current liabilities
|
144,108.5
|
146,798.3
|
||||||
Total
liabilities
|
193,061.4
|
197,563.1
|
||||||
EQUITY
|
||||||||
Capital stock
|
4,907.8
|
4,978.1
|
||||||
Additional paid-in-capital
|
15,889.8
|
15,889.8
|
||||||
20,797.6
|
20,867.9
|
|||||||
Retained earnings:
|
||||||||
Legal reserve
|
2,139.0
|
2,139.0
|
||||||
Unappropriated
earnings
|
70,833.1
|
68,320.2
|
||||||
Net income
for the period
|
6,009.4
|
3,973.4
|
||||||
78,981.5
|
74,432.6
|
|||||||
Accumulated other comprehensive
income, net
|
4,150.7
|
5,150.2
|
||||||
Shares repurchased
|
(14,219.1
|
)
|
(14,788.9
|
)
|
||||
68,913.1
|
64,793.9
|
|||||||
Equity
attributable to stockholders of the Company
|
89,710.7
|
85,661.8
|
||||||
Non-controlling interests
|
15,070.3
|
13,995.2
|
||||||
Total equity
|
104,781.0
|
99,657.0
|
||||||
Total
liabilities and equity
|
Ps.
|
297,842.4
|
Ps.
|
297,220.1
|
|
||
Grupo Televisa, S.A.B.
|
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS | 12 |
Three months ended December 31,
|
Twelve months ended December 31,
|
|||||||||||||||
2018
|
20171,2
|
2018
|
20171,2
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|||||||||||||
Net sales
|
Ps.
|
26,735.3
|
Ps.
|
25,992.0
|
Ps.
|
101,282.3
|
Ps.
|
93,586.2
|
||||||||
Cost of sales
|
15,490.4
|
14,915.0
|
57,839.3
|
52,983.3
|
||||||||||||
Selling expenses
|
2,986.1
|
2,876.4
|
11,023.4
|
10,446.6
|
||||||||||||
Administrative expenses
|
3,505.5
|
3,414.1
|
13,729.3
|
13,459.5
|
||||||||||||
Income before
other expense
|
4,753.3
|
4,786.5
|
18,690.3
|
16,696.8
|
||||||||||||
Other (expense) income, net
|
(1,089.0
|
)
|
(1,156.8
|
)
|
1,562.3
|
(2,453.6
|
)
|
|||||||||
Operating
income
|
3,664.3
|
3,629.7
|
20,252.6
|
14,243.2
|
||||||||||||
Finance expense
|
(2,973.4
|
)
|
(3,650.4
|
)
|
(10,566.9
|
)
|
(9,245.7
|
)
|
||||||||
Finance income
|
658.9
|
1,403.4
|
1,787.2
|
3,153.5
|
||||||||||||
Finance
expense, net
|
(2,314.5
|
)
|
(2,247.0
|
)
|
(8,779.7
|
)
|
(6,092.2
|
)
|
||||||||
Share of (loss) income of associates and joint ventures, net
|
(378.0
|
)
|
892.6
|
532.9
|
1,913.3
|
|||||||||||
Income before
income taxes
|
971.8
|
2,275.3
|
12,005.8
|
10,064.3
|
||||||||||||
Income taxes
|
591.8
|
1,365.3
|
4,390.5
|
4,037.9
|
||||||||||||
Net income
|
Ps.
|
380.0
|
Ps.
|
910.0
|
Ps.
|
7,615.3
|
Ps.
|
6,026.4
|
||||||||
Net income attributable to:
|
||||||||||||||||
Stockholders
of the Company
|
Ps.
|
56.5
|
Ps.
|
343.3
|
Ps.
|
6,009.4
|
Ps.
|
3,973.4
|
||||||||
Non-controlling
interests
|
323.5
|
566.7
|
1,605.9
|
2,053.0
|
||||||||||||
Net income
|
Ps.
|
380.0
|
Ps.
|
910.0
|
Ps.
|
7,615.3
|
Ps.
|
6,026.4
|
||||||||
Basic earnings per CPO attributable to stockholders of the Company
|
Ps.
|
0.02
|
Ps.
|
0.12
|
Ps.
|
2.07
|
Ps.
|
1.36
|
|
||
Grupo Televisa, S.A.B.
|
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS | 13 |
Net Sales
|
4Q 2018
|
%
|
4Q 2017
|
%
|
Change %
|
Content
|
10,642.8
|
37.7
|
10,605.8
|
39.4
|
0.3
|
Sky
|
5,461.9
|
19.4
|
5,568.9
|
20.7
|
(1.9)
|
Cable
|
9,517.7
|
33.7
|
8,592.9
|
32.0
|
10.8
|
Other Businesses
|
2,598.0
|
9.2
|
2,118.1
|
7.9
|
22.7
|
Segment Net Sales
|
28,220.4
|
100.0
|
26,885.7
|
100.0
|
5.0
|
Intersegment Operations1
|
(1,485.1)
|
(893.7)
|
(66.2)
|
||
Net Sales
|
26,735.3
|
25,992.0
|
2.9
|
Operating Segment Income2
|
4Q 2018
|
Margin %
|
4Q 2017
|
Margin %
|
Change %
|
Content
|
4,036.7
|
37.9
|
3,919.5
|
37.0
|
3.0
|
Sky
|
2,214.6
|
40.5
|
2,324.1
|
41.7
|
(4.7)
|
Cable
|
4,005.7
|
42.1
|
3,671.7
|
42.7
|
9.1
|
Other Businesses
|
230.6
|
8.9
|
250.4
|
11.8
|
(7.9)
|
Operating Segment Income
|
10,487.6
|
37.2
|
10,165.7
|
37.8
|
3.2
|
Corporate Expenses
|
(586.8)
|
(2.1)
|
(606.2)
|
(2.3)
|
3.2
|
Depreciation and Amortization
|
(5,147.5)
|
(19.3)
|
(4,773.0)
|
(18.4)
|
(7.8)
|
Other Expense, net
|
(1,089.0)
|
(4.1)
|
(1,156.8)
|
(4.5)
|
5.9
|
Operating Income
|
3,664.3
|
13.7
|
3,629.7
|
14.0
|
1.0
|
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 expense, net.
|
|
||
Grupo Televisa, S.A.B.
|
FOURTH-QUARTER AND FULL YEAR 2018 RESULTS | 13 |
GRUPO TELEVISA, S.A.B.
|
|||
(Registrant)
|
|||
Dated: February 25, 2019
|
By:
|
/s/ Luis Alejandro Bustos Olivares
|
|
Name: |
Luis Alejandro Bustos Olivares
|
||
Title:
|
Legal Vice President and General Counsel
|