Finance expense, net, amounted to Ps.4,328.9 million in 2014 compared with a finance income, net of Ps.884.7 million in 2013. The unfavorable change of Ps.5,213.6 million reflected primarily (i) a Ps.748.3 million increase in interest expense, due primarily to a higher average principal amount of debt and finance lease obligations in 2014; (ii) a Ps.1,107.4 million increase in foreign exchange loss resulting primarily from the effect of a 12.9% depreciation of the Mexican peso against the U.S. dollar on our average net unhedged U.S. dollar liability position in 2014 compared with a 1.8% depreciation and a lower U.S. dollar liability position in 2013; and (iii) a Ps.3,555.6 million decrease in other finance income, net, resulting primarily from a lower finance income resulting from a change in fair value of the embedded derivate related to our option to convert debentures issued by the controlling company of Univision (“BMP”) into an equity stake of BMP. These unfavorable variances were partially offset by a Ps.197.7 million increase in interest income explained primarily by a higher average amount of cash equivalents and temporary investments in 2014.
Share of Income or Loss of Joint Ventures and Associates, Net
Share of income of joint ventures and associates, net, amounted to Ps.13.2 million in 2014 compared with a share of loss of joint ventures and associates, net, of Ps.5,659.9 million in 2013. The favorable change of Ps.5,673.1 million reflected mainly the absence of an impairment adjustment made in 2013 to our investment in GSF, as well as a lower loss of GSF as we discontinued recognizing our share of loss of this joint venture in September 2014, in connection with a transaction agreement to dispose of our investment in GSF, which was completed in January 2015.
Income Taxes
Income taxes decreased by Ps.748.1 million, or 20.1%, to Ps.2,980.9 million in 2014 compared with Ps.3,729.0 million in 2013. This decrease reflected primarily a lower income tax base.
Net Income Attributable to Non-controlling Interests
Net income attributable to non-controlling interests decreased by Ps.1,213.0 million, or 48.8%, to Ps.1,272.9 million in 2014, compared with Ps.2,485.9 million in 2013. This decrease reflected primarily a lower portion of net income attributable to non-controlling interests in our Sky and Telecommunications segments.
Other Relevant Information
Capital Expenditures and Investments and Dispositions
During 2014, we invested approximately US$1,275.8 million in property, plant and equipment as capital expenditures. These capital expenditures included approximately US$702.9 million for our Telecommunications segment, U.S.$388.8 million for our Sky segment, and US$184.1 million for our Content and Other Businesses segments.
Our investment in property, plant and equipment in our Telecommunications segment during 2014 included approximately US$199.9 million for Cablevisión, US$290.0 million for Cablemás, US$131.3 million for TVI, US$23.2 million for Cablecom, and US$58.5 million for Bestel.
In August 2014 we acquired, pursuant to applicable regulations, all of the equity interest of Grupo Cable TV, S.A. de C.V. (“Cablecom”) through the conversion of certain debt instruments previously subscribed by Tenedora Ares, S.A.P.I. de C.V. (“Ares”), the controlling company of Cablecom, the capitalization of a long-term credit previously subscribed by Ares, and cash in the amount of Ps.5,908.0 million. The total fair value consideration for the acquisition of Cablecom amounted to Ps.15,847.7 million at the acquisition date. We began to consolidate Cablecom in our consolidated statement of financial position as of August 31, 2014, and therefore, our consolidated statement of income for the year ended December 31, 2014, included the results of Cablecom for the four months ended on that date.
In September 2014, the other owner of GSF agreed to purchase our 50% equity participation in the Iusacell telecom business at a cash purchase price of US$717.0 million. As a result of this transaction, we recognized a one-time non-cash loss on disposition of GSF of approximately US$316.0 million (Ps.4,168.5 million) in consolidated other expense for the year ended December 31, 2014. This transaction was completed in January 2015.
On January 8, 2015, we announced the acquisition of 100% of the equity interest of Cablevisión Red, S.A. de C.V. and its related companies (“Cablevisión Red”) for approximately Ps.3,000.0 million. Additionally, Televisa assumed obligations and liabilities of Cablevisión Red for approximately Ps.7,200.0 million. Cablevisión Red is a telecommunications company that provides video, data and telephony services in Mexico, primarily in the states of Guanajuato, Jalisco, Aguascalientes, Querétaro, Tamaulipas, and Colima, among others. Cablevisión Red has approximately 650 thousand revenue generating units.
Other Relevant Information
Effective January, 2015, Ricardo Pérez Teuffer assumed the role of Corporate Vice President of Sales and Marketing of Grupo Televisa, replacing Alejandro Quintero Iñiguez, who also stepped down as Board Member of Grupo Televisa. Prior to this new expanded role, Mr. Pérez Teuffer served as Vice President of Special and Sports Events of Grupo Televisa.
Debt and Finance Lease Obligations
The following table sets forth our total debt and finance lease obligations as of December 31, 2014 and 2013. Amounts are stated in millions of Mexican pesos.