VOICE AND DATA REVENUE GENERATING UNITS, OR RGUS, GREW 61.1% AND 49.3% COMPARED WITH SECOND-QUARTER 2014, RESPECTIVELY, AND VIDEO RGUS GREW 52.4%. EXCLUDING THE ACQUISITION OF CABLECOM AND TELECABLE, VOICE AND DATA RGUS, GREW 35.2% AND 23.5% COMPARED WITH SECOND-QUARTER 2014, RESPECTIVELY, WHILE VIDEO RGUS GREW BY 4.2%.
THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF RGUS PER SERVICE TYPE FOR OUR TELECOMMUNICATIONS SEGMENTS AS OF JUNE 30, 2015 AND 2014:
THE RGUS OF VIDEO, BROADBAND AND VOICE AS OF JUNE 30, 2015 AMOUNTED TO 3,916,512, 2,748,401 AND 1,595,761, RESPECTIVELY, A TOTAL OF 8,260,674 RGUS.
THE RGUS OF VIDEO, BROADBAND AND VOICE AS OF JUNE 30, 2014 AMOUNTED TO 2,570,599, 1,840,348 AND 990,785, RESPECTIVELY, A TOTAL OF 5,401,732 RGUS.
SECOND-QUARTER OPERATING SEGMENT INCOME INCREASED BY 55.4% TO PS.2,764.2 MILLION COMPARED WITH PS.1,778.2 MILLION IN SECOND-QUARTER 2014, AND THE MARGIN WAS 40.0%, AN INCREASE OF 300 BASIS POINTS FROM THE SAME QUARTER LAST YEAR. THESE RESULTS PRIMARILY REFLECTED THE CONSOLIDATION OF CABLECOM AND TELECABLE, WHICH CONTRIBUTED WITH PS.758.8 MILLION TO OPERATING SEGMENT INCOME, CONTINUED GROWTH IN THE CABLE PLATFORMS AND BESTEL, AND LOWER LONG DISTANCE COSTS. THESE FAVORABLE VARIANCES WERE PARTIALLY OFFSET BY THE INCREASE IN MAINTENANCE COSTS, PROGRAMMING COSTS, MARKETING AND ADVERTISING EXPENSES, LEASING EXPENSES, AND PERSONNEL COSTS AND EXPENSES DURING THE QUARTER. EXCLUDING CABLECOM AND TELECABLE, OPERATING SEGMENT INCOME INCREASED BY 12.8%.
THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF REVENUES AND OPERATING SEGMENT INCOME, EXCLUDING CONSOLIDATION ADJUSTMENTS, FOR OUR CABLE AND NETWORK OPERATIONS FOR SECOND-QUARTER 2015 AND 2014.
OUR CABLE OPERATIONS INCLUDE THE VIDEO, VOICE AND DATA SERVICES PROVIDED BY CABLEVISIÓN, CABLEMÁS, TVI, CABLECOM AND TELECABLE. OUR NETWORK OPERATIONS INCLUDE THE SERVICES OFFERED BY BESTEL AND THE NETWORK OPERATIONS OF CABLECOM:
THE REVENUES IN SECOND-QUARTER 2015 OF CABLE OPERATIONS AND NETWORK OPERATIONS AMOUNTED TO PS.5,912.4 MILLION AND PS.1,222.8 MILLION, RESPECTIVELY.
THE REVENUES IN SECOND-QUARTER 2014 OF CABLE OPERATIONS AND NETWORK OPERATIONS AMOUNTED TO PS.4,059.6 MILLION AND PS.835.7 MILLION, RESPECTIVELY.
THE OPERATING SEGMENT INCOME IN SECOND-QUARTER 2015 OF CABLE OPERATIONS AND NETWORK OPERATIONS AMOUNTED TO PS.2,372.4 MILLION AND PS.473.1 MILLION, RESPECTIVELY.
THE OPERATING SEGMENT INCOME IN SECOND-QUARTER 2014 OF CABLE OPERATIONS AND NETWORK OPERATIONS AMOUNTED TO PS.1,652.2 MILLION AND PS.293.7 MILLION, RESPECTIVELY.
THESE RESULTS DO NOT INCLUDE CONSOLIDATION ADJUSTMENTS OF PS.225.5 MILLION AND PS.91.6 MILLION IN REVENUES IN THE SECOND-QUARTER 2015 AND THE SECOND-QUARTER 2014, RESPECTIVELY, OR PS.81.3 MILLION AND PS.167.7 MILLION IN OPERATING SEGMENT INCOME IN THE SECOND-QUARTER 2015 AND THE SECOND-QUARTER 2014, RESPECTIVELY, WHICH ARE INCLUDED IN THE CONSOLIDATED RESULTS OF THE TELECOMMUNICATIONS SEGMENT.
THE OPERATING SEGMENT INCOME IN THE SECOND-QUARTER 2015 INCLUDES CERTAIN EXPENSES PREVIOUSLY INCLUDED IN THE CONSOLIDATION ADJUSTMENTS FIGURE AS REPORTED IN SECOND-QUARTER OF 2014, WHICH AMOUNTED TO PS.91.4 MILLION IN THAT PERIOD. THESE EXPENSES ARE BETTER ACCOUNTED FOR AS OPERATING EXPENSES AS THEY ARE RELATED TO THE MANAGEMENT STRUCTURE CREATED TO LEAD IN THE EXPANSION AND INTEGRATION OF TELEVISA´S TELECOMMUNICATIONS OPERATIONS.
OTHER BUSINESSES
SECOND-QUARTER SALES DECREASED BY 2.6% TO PS.1,896.5 MILLION COMPARED WITH PS.1,946.9 MILLION IN SECOND-QUARTER 2014. BUSINESSES THAT PERFORMED WELL INCLUDE GAMING AND SOCCER. THE GAMING BUSINESS BENEFITED FROM AN INCREASE IN THE NUMBER OF ELECTRONIC GAMING MACHINES, WHILE THE SOCCER BUSINESS BENEFITED FROM HIGHER ADVERTISING REVENUES AND TICKET SALES. THIS EFFECT WAS MORE THAN COMPENSATED BY LOWER REVENUES IN OUR PUBLISHING, RADIO, PUBLISHING DISTRIBUTION, AND FEATURE-FILM DISTRIBUTION BUSINESSES.
SECOND-QUARTER OPERATING SEGMENT INCOME DECREASED BY 34.9% TO PS.129.0 MILLION COMPARED WITH PS.198.1 MILLION IN SECOND-QUARTER 2014, REFLECTING I) A DECREASE IN THE OPERATING SEGMENT INCOME OF OUR PUBLISHING AND RADIO BUSINESSES; AND II) A LARGER OPERATING SEGMENT LOSS IN OUR SOCCER BUSINESS. THIS EFFECT WAS PARTIALLY COMPENSATED BY AN INCREASE IN THE OPERATING SEGMENT INCOME OF OUR GAMING AND FEATURE-FILM DISTRIBUTION BUSINESSES, AS WELL AS A SMALLER OPERATING SEGMENT LOSS IN OUR PUBLISHING DISTRIBUTION BUSINESS.
INTERSEGMENT OPERATIONS
INTERSEGMENT OPERATIONS FOR THE SECOND-QUARTER 2015 AND 2014 AMOUNTED TO PS.468.0 MILLION AND PS.344.9 MILLION, RESPECTIVELY.
CORPORATE EXPENSES
CORPORATE EXPENSE INCREASED BY PS.122.8 MILLION, OR 31.4%, TO PS.514.2 MILLION IN SECOND-QUARTER 2015, FROM PS.391.4 MILLION IN SECOND-QUARTER 2014. THE INCREASE REFLECTED PRIMARILY A HIGHER SHARE-BASED COMPENSATION EXPENSE.
SHARE-BASED COMPENSATION EXPENSE IN SECOND-QUARTER 2015 AND 2014 AMOUNTED TO PS.325.0 MILLION AND PS.224.4 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, INCREASED BY PS.146.4 MILLION TO PS.197.8 MILLION IN SECOND-QUARTER 2015, FROM PS.51.4 MILLION IN SECOND-QUARTER 2014. THIS INCREASE REFLECTED PRIMARILY A HIGHER LOSS ON DISPOSITION OF PROPERTY AND EQUIPMENT, AS WELL AS A NON-RECURRENT SEVERANCE EXPENSE IN CONNECTION WITH DISMISSALS OF PERSONNEL IN OUR OTHER BUSINESSES AND TELECOMMUNICATIONS SEGMENTS.
NON-OPERATING RESULTS
FINANCE EXPENSE, NET
THE FOLLOWING INFORMATION SETS FORTH THE FINANCE EXPENSE (INCOME), NET, STATED IN MILLIONS OF MEXICAN PESOS FOR THE QUARTERS ENDED JUNE 30, 2015 AND 2014:
THE FINANCE EXPENSE, NET, INCREASED BY PS.523.5 MILLION, OR 42.3%, TO PS.1,760.7 MILLION IN SECOND-QUARTER 2015 FROM PS.1,237.2 MILLION IN SECOND-QUARTER 2014. THIS INCREASE REFLECTED PRIMARILY (I) A PS.659.9 MILLION INCREASE IN FOREIGN EXCHANGE LOSS TO PS.683.9 MILLION IN SECOND-QUARTER 2015 COMPARED WITH PS.24.0 MILLION IN SECOND-QUARTER 2014, RESULTING PRIMARILY FROM AN 2.9% DEPRECIATION OF THE MEXICAN PESO AGAINST THE US DOLLAR IN SECOND-QUARTER 2015 COMPARED WITH A 0.4% APPRECIATION IN SECOND-QUARTER 2014; AND (II) A PS.134.3 MILLION INCREASE IN INTEREST EXPENSE TO PS.1,530.4 MILLION IN SECOND-QUARTER 2015 COMPARED WITH PS.1,396.1 MILLION IN SECOND-QUARTER 2014, DUE PRIMARILY TO A HIGHER AVERAGE PRINCIPAL AMOUNT OF DEBT AND FINANCE LEASE OBLIGATIONS IN SECOND-QUARTER 2015. THESE UNFAVORABLE VARIANCES WERE PARTIALLY COMPENSATED BY (I) A PS.241.1 MILLION CHANGE IN OTHER FINANCE EXPENSE, NET, TO OTHER FINANCE INCOME, NET, RESULTING PRIMARILY FROM A FAVORABLE CHANGE IN FAIR VALUE OF THE EMBEDDED DERIVATIVE IN CONVERTIBLE DEBENTURES ISSUED BY BROADCASTING MEDIA PARTNERS, INC. (“BMP”), THE CONTROLLING COMPANY OF UNIVISION COMMUNICATIONS INC. (“UNIVISION”); AND (II) A PS.29.6 MILLION INCREASE IN INTEREST INCOME TO PS.320.2 MILLION IN SECOND-QUARTER 2015 COMPARED WITH PS.290.6 MILLION IN SECOND-QUARTER 2014, EXPLAINED PRIMARILY BY A HIGHER AVERAGE AMOUNT OF CASH AND CASH EQUIVALENTS AND TEMPORARY INVESTMENTS IN SECOND-QUARTER 2015.
SHARE OF INCOME OF JOINT VENTURES AND ASSOCIATES, NET
SHARE OF INCOME OF JOINT VENTURES AND ASSOCIATES, NET, DECREASED BY PS.79.4 MILLION, OR 61.2%, TO PS.50.4 MILLION IN SECOND-QUARTER 2015 FROM PS.129.8 MILLION IN SECOND-QUARTER 2014. THIS DECREASE REFLECTED PRIMARILY A LOWER SHARE OF INCOME OF BMP.
INCOME TAXES
INCOME TAXES DECREASED BY PS.356.3 MILLION, OR 31.9%, TO PS.761.2 MILLION IN SECOND-QUARTER 2015 COMPARED WITH PS.1,117.5 MILLION IN SECOND-QUARTER 2014. 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.10.2 MILLION, OR 2.4%, TO PS.420.7 MILLION IN SECOND-QUARTER 2015, COMPARED WITH PS.430.9 MILLION IN SECOND-QUARTER 2014. THIS DECREASE REFLECTED PRIMARILY A LOWER PORTION OF NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS IN OUR SKY AND OTHER BUSINESSES SEGMENTS, WHICH WAS PARTIALLY COMPENSATED BY A HIGHER PORTION OF NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS IN OUR TELECOMMUNICATIONS SEGMENT.
OTHER RELEVANT INFORMATION
CAPITAL EXPENDITURES
DURING SECOND-QUARTER 2015, WE INVESTED APPROXIMATELY US$371.6 MILLION IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES. THESE CAPITAL EXPENDITURES INCLUDE APPROXIMATELY US$259.5 MILLION FOR OUR TELECOMMUNICATIONS SEGMENT, US$82.0 MILLION FOR OUR SKY SEGMENT, AND US$30.1 MILLION FOR OUR CONTENT AND OTHER BUSINESSES SEGMENTS.
IN MAY 2015, OUR SKY SEGMENT LAUNCHED SATELLITE SKYM-1, THE FIRST SATELLITE OWNED-AND-OPERATED BY SKY. SKYM-1, WHICH HAS 24 TRANSPONDERS AND AN ESTIMATED USEFUL LIFE OF 15 YEARS, WILL PROVIDE DIRECT-TO-HOME BROADCAST SERVICES TO MEXICO, CENTRAL AMERICA AND THE CARIBBEAN ALLOWING SKY TO EXPAND CAPACITY AND BRING TO THE MARKETS IT SERVES THE MOST COMPREHENSIVE HIGH-DEFINITION CHANNEL OFFERING.
UNIVISION
ON JULY 2, WE ANNOUNCED THAT, TOGETHER WITH UNIVISION'S MAJOR SHAREHOLDERS, WE ENTERED INTO A MEMORANDUM OF UNDERSTANDING AND AN AMENDMENT TO OUR EXISTING PROGRAM LICENSING AGREEMENT. THE TERMS AND CONDITIONS ARE OUTLINED IN OUR JOINT PRESS RELEASE ISSUED ON THAT DAY.
DEBT AND FINANCE LEASE OBLIGATIONS
THE FOLLOWING INFORMATION SETS FORTH OUR TOTAL DEBT AND FINANCE LEASE OBLIGATIONS AS OF JUNE 30, 2015 AND DECEMBER 31, 2014. AMOUNTS ARE STATED IN MILLIONS OF MEXICAN PESOS:
THE TOTAL CONSOLIDATED DEBT AMOUNTED TO PS.84,858.1 MILLION AND PS.80,997.6 MILLION AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF LONG-TERM DEBT IN THE AMOUNT OF PS.77.8 MILLION AND PS.337.1 MILLION, RESPECTIVELY. AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, TOTAL DEBT IS PRESENTED NET OF FINANCE COSTS IN THE AMOUNT OF PS.1,238.2 MILLION AND PS.1,268.8 MILLION, RESPECTIVELY, AND DOES NOT INCLUDE RELATED ACCRUED INTEREST PAYABLE IN THE AMOUNT OF PS.1,023.6 MILLION AND PS.974.9 MILLION, RESPECTIVELY.
ADDITIONALLY, WE HAD FINANCE LEASE OBLIGATIONS IN THE AMOUNT OF PS.5,611.2 MILLION AND PS.5,309.6 MILLION AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF PS.476.0 MILLION AND PS.502.2 MILLION, RESPECTIVELY.
AS OF JUNE 30, 2015, OUR CONSOLIDATED NET DEBT POSITION (TOTAL DEBT LESS CASH AND CASH EQUIVALENTS, TEMPORARY INVESTMENTS, AND NONCURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS) WAS PS.43,433.2 MILLION. THE AGGREGATE AMOUNT OF NONCURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS AS OF JUNE 30, 2015, AMOUNTED TO PS.6,098.6 MILLION.
IN MAY 2015, WE CONCLUDED AN OFFERING OF PS.5,000 MILLION AGGREGATE PRINCIPAL AMOUNT OF LOCAL BONDS (CERTIFICADOS BURSÁTILES) DUE 2022 WITH AN ANNUAL INTEREST RATE OF THE 28-DAY INTERBANK EQUILIBRIUM INTEREST RATE OR TIIE PLUS 0.35%, REGISTERED WITH THE MEXICAN BANKING AND SECURITIES COMMISSION (COMISIÓN NACIONAL BANCARIA Y DE VALORES).
DURING THE FIRST HALF OF 2015, OUR TVI TELECOMMUNICATIONS BUSINESS REFINANCED AN OUTSTANDING LONG-TERM LOAN IN THE PRINCIPAL AMOUNT OF PS.722 MILLION, WITH AN ORIGINAL MATURITY IN 2016, AND INCURRED ADDITIONAL LONG-TERM DEBT IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.750 MILLION. THE REFINANCED AND ADDITIONAL LONG-TERM DEBT OF TVI HAVE MATURITIES BETWEEN 2019 AND 2022, WITH AN ANNUAL INTEREST RATE OF THE 28-DAY TIIE PLUS A RANGE BETWEEN 130 AND 140 BASIS POINTS.
ON JUNE 29, 2015, WE PREPAID PESO-DENOMINATED LONG-TERM LOANS IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.5,100 MILLION WITH ORIGINAL MATURITIES BETWEEN 2016 AND 2021, INCLUDING PS.3,500 MILLION LONG-TERM LOANS OF OUR SKY SEGMENT. THE AGGREGATE AMOUNT PAID BY US IN CONNECTION WITH THIS PREPAYMENT AMOUNTED TO PS.5,466 MILLION, WHICH INCLUDED RELATED ACCRUED INTEREST, THE SETTLEMENT OF A DERIVATIVE CONTRACT AND FEES.
DIVIDEND
IN APRIL 2015, OUR STOCKHOLDERS APPROVED THE PAYMENT OF A DIVIDEND OF PS.0.35 PER CPO AND PS.0.002991452991 PER SHARE OF SERIES “A”, “B”, “D” AND “L” SHARES, NOT IN THE FORM OF A CPO, WHICH WAS PAID IN CASH IN JUNE 2015 IN THE AGGREGATE AMOUNT OF PS.1,084.2 MILLION.
SHARES OUTSTANDING
AS OF JUNE 30, 2015 AND DECEMBER 31, 2014, OUR SHARES OUTSTANDING AMOUNTED TO 338,543.7 MILLION AND 338,056.2 MILLION SHARES, RESPECTIVELY, AND OUR CPO EQUIVALENTS OUTSTANDING AMOUNTED TO 2,893.5 MILLION AND 2,889.4 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 JUNE 30, 2015 AND DECEMBER 31, 2014, THE GDS (GLOBAL DEPOSITARY SHARES) EQUIVALENTS OUTSTANDING AMOUNTED TO 578.7 MILLION AND 577.9 MILLION GDS EQUIVALENTS, RESPECTIVELY. THE NUMBER OF GDS EQUIVALENTS IS CALCULATED BY DIVIDING THE NUMBER OF CPO EQUIVALENTS BY FIVE.
ABOUT TELEVISA
TELEVISA IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING WORLD BASED ON ITS MARKET CAPITALIZATION AND A MAJOR PARTICIPANT IN THE INTERNATIONAL ENTERTAINMENT BUSINESS. IT OPERATES FOUR BROADCAST CHANNELS IN MEXICO CITY, PRODUCES AND DISTRIBUTES 25 PAY-TV BRANDS FOR DISTRIBUTION IN MEXICO AND THE REST OF THE WORLD, AND EXPORTS ITS PROGRAMS AND FORMATS TO THE U.S. THROUGH UNIVISION COMMUNICATIONS INC. (“UNIVISION”) AND TO OTHER TELEVISION NETWORKS IN OVER 50 COUNTRIES. TELEVISA IS ALSO AN ACTIVE PARTICIPANT IN MEXICO’S TELECOMMUNICATIONS INDUSTRY. IT HAS A MAJORITY INTEREST IN SKY, A LEADING DIRECT-TO-HOME SATELLITE TELEVISION SYSTEM OPERATING IN MEXICO, THE DOMINICAN REPUBLIC AND CENTRAL AMERICA. TELEVISA ALSO PARTICIPATES IN MEXICO´S TELECOMMUNICATIONS INDUSTRY IN MANY REGIONS OF THE COUNTRY WHERE IT OFFERS VIDEO, VOICE, AND BROADBAND SERVICES. TELEVISA ALSO HAS INTERESTS IN MAGAZINE PUBLISHING AND DISTRIBUTION, RADIO PRODUCTION AND BROADCASTING, PROFESSIONAL SPORTS AND LIVE ENTERTAINMENT, FEATURE-FILM PRODUCTION AND DISTRIBUTION, THE OPERATION OF A HORIZONTAL INTERNET PORTAL, AND GAMING. IN THE UNITED STATES, TELEVISA HAS EQUITY AND DEBENTURES THAT, UPON CONVERSION AND SUBJECT TO ANY NECESSARY APPROVAL FROM THE FEDERAL COMMUNICATIONS COMMISSION (“FCC”) IN THE UNITED STATES, WOULD REPRESENT APPROXIMATELY 36% ON A FULLY DILUTED, AS-CONVERTED BASIS OF THE EQUITY CAPITAL IN UNIVISION HOLDINGS INC. (FORMERLY, BROADCASTING MEDIA PARTNERS, INC.), THE CONTROLLING COMPANY OF UNIVISION, THE LEADING MEDIA COMPANY SERVING THE UNITED STATES HISPANIC MARKET.
DISCLAIMER
THIS ANNEX CONTAINS FORWARD-LOOKING STATEMENTS REGARDING THE COMPANY’S RESULTS AND PROSPECTS. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THESE STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS ANNEX SHOULD BE READ IN CONJUNCTION WITH THE FACTORS DESCRIBED IN “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 ANNEX AND IN ORAL STATEMENTS MADE BY AUTHORIZED OFFICERS OF THE COMPANY. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THEIR DATES. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.
THE FINANCIAL INSTITUTIONS THAT PERFORM FINANCIAL ANALYSIS ON THE SECURITIES OF GRUPO TELEVISA, S.A.B. ARE AS FOLLOWS:
INSTITUTION:
BARCLAYS
BBVA BANCOMER
BTG PACTUAL
CREDIT SUISSE
GABELLI & CO.
GBM CASA DE BOLSA
GOLDMAN SACHS
HSBC
INVEX
ITAÚ SECURITIES
JPMORGAN
MAXIM GROUP
MERRILL LYNCH
MORGAN STANLEY
NEW STREET
SANTANDER
SCOTIABANK
UBS