Consolidated Results
Mexico City, February 20, 2025 — Grupo Televisa, S.A.B. (NYSE:TV; BMV:
TLEVISA CPO; “Televisa” or “the Company”), today announced results for the full year and fourth quarter of 2024. The results have been prepared in accordance with International Financial Reporting Standards (“IFRS”).
The financials statements have been adjusted to reflect the impact of the spin-off of the Company for the incorporation of Ollamani, S.A.B., which took place on January
31, 2024. Results from the Other Businesses segment’s net assets that were spun off are presented as discontinued operations.
The following table sets forth condensed consolidated statements of income for the years ended December 31, 2024 and 2023, in millions of Mexican pesos:
| |
2024
|
Margin
|
2023
|
Margin
|
Change
|
|
%
|
%
|
%
|
|
Revenues
|
62,260.9
|
100.0
|
66,222.8
|
100.0
|
(6.0)
|
|
Operating segment income (1)
|
23,157.9
|
36.9
|
25,030.5
|
37.7
|
(7.5)
|
(1) The operating segment income margin is calculated as a percentage of segment revenues.
Revenues decreased by 6.0% to Ps.62,260.9 million in 2024 compared with Ps.66,222.8 million in 2023. This decrease was mainly due to the revenue decline in the Sky
segment. Operating segment income decreased by 7.5%, translating into a 36.9% margin.
The following table sets forth condensed consolidated statements of income for the years ended December 31, 2024 and 2023, in millions of Mexican pesos:
|
|
|
2024
|
|
|
Margin
%
|
|
|
2023
|
|
|
Margin
%
|
|
|
Change %
|
|
|
Revenues
|
|
|
62,260.9
|
|
|
|
100.0
|
|
|
|
66,222.8
|
|
|
|
100.0
|
|
|
|
(6.0
|
)
|
|
Net loss
|
|
|
(8,309.3
|
)
|
|
|
(13.3
|
)
|
|
|
(8,807.3
|
)
|
|
|
(13.3
|
)
|
|
|
n/a
|
|
|
Net loss attributable to stockholders of the Company
|
|
|
(8,246.2
|
)
|
|
|
(13.2
|
)
|
|
|
(8,422.7
|
)
|
|
|
(12.7
|
)
|
|
|
n/a
|
|
|
Segment revenues
|
|
|
62,730.4
|
|
|
|
100.0
|
|
|
|
66,387.7
|
|
|
|
100.0
|
|
|
|
(5.5
|
)
|
|
Operating segment income (1)
|
|
|
23,157.9
|
|
|
|
36.9
|
|
|
|
25,030.5
|
|
|
|
37.7
|
|
|
|
(7.5
|
)
|
(1) The operating segment income margin is calculated as a percentage of segment revenues.
Net loss attributable to stockholders of the Company amounted to Ps.8,246.2 million for the year ended December 31, 2024, compared with Ps.8,422.7 million for the year
ended December 31, 2023.
The decrease of Ps.176.5 million, or 2.1%, reflected (i) a Ps.130.6 million decrease in finance expense, net; (ii) a Ps.2,665.4 million decrease in share of loss of
associates and joint ventures, net; and (iii) a favorable change of Ps.2,974.2 million in income taxes.
These favorable variances were partially offset by (i) a Ps.1,035.6 million decrease in operating income before other expense; (ii) a Ps.3,665.3 million increase in other
expense, net, primarily in connection with non-cash impairment adjustments of intangible assets and other long-lived assets in our Sky and Cable segments; (iii) a Ps.571.3 million decrease in income from discontinued operations; and (iv) a
Ps.321.5 million decrease in net loss attributable to non-controlling interests.
Full year results by business segment
The following table presents full year consolidated results ended December 31, 2024 and 2023, for each of our business segments, in millions of Mexican pesos.
|
Revenues
|
2024
|
%
|
2023
|
%
|
Change
%
|
|
Cable
|
47,393.1
|
75.6
|
48,802.5
|
73.5
|
(2.9)
|
|
Sky
|
15,337.3
|
24.4
|
17,585.2
|
26.5
|
(12.8)
|
|
Segment Revenues
|
62,730.4
|
100.0
|
66,387.7
|
100.0
|
(5.5)
|
|
Intersegment Operations 1
|
(469.5)
|
|
(164.9)
|
|
|
|
Revenues
|
62,260.9
|
|
66,222.8
|
|
(6.0)
|
|
Operating Segment Income 2
|
2024
|
Margin
%
|
2023
|
Margin
%
|
Change
%
|
|
Operating Segment Income 2
|
23,157.9
|
36.9
|
25,030.5
|
37.7
|
(7.5)
|
|
Corporate Expenses
|
(756.0)
|
(1.2)
|
(1,031.2)
|
(1.6)
|
26.7
|
|
Depreciation and Amortization
|
(20,510.9)
|
(32.9)
|
(21,107.3)
|
(31.9)
|
2.8
|
|
Other expense, net
|
(4,579.1)
|
(7.4)
|
(913.8)
|
(1.4)
|
n/a
|
|
Intersegment Operations 1
|
(155.0)
|
(0.2)
|
(120.4)
|
(0.2)
|
(28.7)
|
|
Operating Income
|
(2,843.1)
|
(4.6)
|
1,857.8
|
2.8
|
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 expense, net.
|
Fourth-quarter Results by Business Segment
The following table presents fourth quarter consolidated results ended December 31, 2024 and 2023, for each of our business segments. Consolidated results for the fourth
quarter of 2024 and 2023 are presented in millions of Mexican pesos.
|
Revenues
|
4Q’24
|
%
|
4Q’23
|
%
|
Change
%
|
|
Cable
|
11,904.2
|
76.5
|
12,240.4
|
74.5
|
(2.7)
|
|
Sky
|
3,664.3
|
23.5
|
4,181.6
|
25.5
|
(12.4)
|
|
Segment Revenues
|
15,568.5
|
100.0
|
16,422.0
|
100.0
|
(5.2)
|
|
Intersegment Operations (1)
|
(342.1)
|
|
(62.2)
|
|
|
|
Revenues
|
15,226.4
|
|
16,359.8
|
|
(6.9)
|
|
Operating Segment Income (2)
|
4Q’24
|
Margin
%
|
4Q’23
|
Margin
%
|
Change
%
|
|
Operating Segment Income (2)
|
5,607.3
|
36.0
|
5,865.1
|
35.7
|
(4.4)
|
|
Corporate Expenses
|
(417.6)
|
(2.7)
|
(519.7)
|
(3.2)
|
19.6
|
|
Depreciation and Amortization
|
(5,359.4)
|
(35.2)
|
(5,168.1)
|
(31.6)
|
(3.7)
|
|
Other (expense) income, net
|
(6,023.4)
|
(39.6)
|
186.8
|
1.1
|
n/a
|
|
Intersegment Operations (1)
|
(30.1)
|
(0.2)
|
(30.1)
|
(0.2)
|
0.0
|
|
Operating (loss) income
|
(6,223.2)
|
(40.9)
|
334.0
|
2.0
|
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 expense, net.
Cable Operating Metrics
Total net disconnections for the quarter were 203.9 thousand RGUs mainly
due to a loss of 94.7 thousand video subscribers and 85.0 thousand broadband subscribers as we keep focusing on value customers and working on customer retention and satisfaction. On the other hand, we had 11.0 thousand net additions in mobile,
ending the quarter with around 334.0 thousand mobile subscribers.
The following table sets forth the breakdown of RGUs per service type for our Cable segment as of December 31, 2024 and 2023.
|
RGUs
|
4Q’24 Net
Adds
|
2024 Net
Adds
|
2024
|
2023
|
|
Video
|
(94,660)
|
(212,976)
|
3,846,518
|
4,059,494
|
|
Broadband
|
(84,963)
|
(52,225)
|
5,626,206
|
5,678,431
|
|
Voice
|
(35,321)
|
31,804
|
5,382,949
|
5,351,145
|
|
Mobile
|
11,016
|
26,166
|
333,973
|
307,807
|
|
Total RGUs
|
(203,928)
|
(207,231)
|
15,189,646
|
15,396,877
|
Sky Operating Metrics
During the quarter, Sky had around 270.4 thousand RGUs net disconnections,
mainly driven by the loss of 231.9 thousand video RGUs.
The following table sets forth the breakdown of RGUs per type of service for Sky as of December 31, 2024 and 2023.
|
RGUs
|
4Q’24 Net
Adds
|
2024 Net
Adds
|
2024
|
2023
|
|
Video
|
(231,890)
|
(871,388)
|
4,696,038
|
5,567,426
|
|
Broadband
|
(38,420)
|
(164,204)
|
350,885
|
515,089
|
|
Voice
|
(39)
|
(147)
|
197
|
344
|
|
Mobile
|
(22)
|
(17,001)
|
15,501
|
32,502
|
|
Total RGUs
|
(270,371)
|
(1,052,740)
|
5,062,621
|
6,115,361
|
Revenues and Operating Segment Income
Fourth quarter segment revenues decreased by 5.2% to Ps.15,568.5 million
compared with Ps.16,422.0 million in the fourth quarter of 2023. Revenues in our MSO operations fell by 2.3%, mainly driven by a slightly lower subscriber base. Revenues in our Enterprise Operations decreased by 6.3%. Finally, Sky’s revenues
declined by 12.4%, driven by the year-on-year RGUs decrease.
Full year segment revenues decreased by 5.5% to Ps.62,730.4 million
compared with Ps.66,387.7 million in 2023. This decrease was mainly explained by the 12.8% reduction in the Sky segment revenue, primarily driven by a lower video subscriber base.
Fourth quarter operating segment income decreased by 4.4% to Ps.5,607.3
million compared with Ps.5,865.1 million in the fourth quarter of 2023. The margin reached 36.0%, increasing by around 30 basis points year-on-year due to the efficiency measures that have been implemented over the last quarters.
Full year operating segment income decreased by 7.5% to Ps.23,157.9
million compared with the Ps.25,030.5 million in 2023. The margin reached 36.9% driven by an OSI margin for our Cable segment of 39.0%.
The following table presents full year and fourth-quarter consolidated results ended December 31, 2024 and 2023, for each of our business segments. Consolidated results
for the year and the fourth quarter of 2024 and 2023 are presented in millions of Mexican pesos.
|
Revenue (1)
|
2024
|
2023
|
Change %
|
4Q'24
|
4Q'23
|
Change %
|
|
Millions of Mexican pesos
|
|
MSO Operations (1)
|
43,003.6
|
44,116.1
|
(2.5)
|
10,633.2
|
10,883.7
|
(2.3)
|
|
Enterprise Operations (1)
|
4,389.5
|
4,686.4
|
(6.3)
|
1,271.0
|
1,356.7
|
(6.3)
|
|
Cable
|
47,393.1
|
48,802.5
|
(2.9)
|
11,904.2
|
12,240.4
|
(2.7)
|
|
Sky
|
15,337.3
|
17,585.2
|
(12.8)
|
3,664.3
|
4,181.6
|
(12.4)
|
|
Segment Revenues
|
62,730.4
|
66,387.7
|
(5.5)
|
15,568.5
|
16,422.0
|
(5.2)
|
|
Operating Segment Income
|
23,157.9
|
25,030.5
|
(7.5)
|
5,607.3
|
5,865.1
|
(4.4)
|
|
Margin (%)
|
36.9
|
37.7
|
|
36.0
|
35.7
|
|
(1) Revenue results for our MSO and Enterprise operations include consolidation adjustments.
Corporate Expense
Corporate expense decreased by Ps.275.2 million, or 26.7%, to Ps.756.0 million in 2024, from Ps.1,031.2 million in 2023 due to corporate cost measures. The decrease
includes a reduction in share-based compensation expense.
Share-based compensation expense in 2024 and 2023 amounted to Ps.488.8 million and Ps.739.8 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.3,665.3 million, to Ps.4,579.1 million in 2024, from Ps.913.8 million in 2023. This increase reflected primarily non-cash items
including (i) non-cash impairment adjustments in connection with goodwill, intangible assets and other long-lived assets in our Sky segment and the Enterprise Operations within our Cable segment; (ii) a non-cash loss on disposal of property and
equipment; (iii) surcharges recognized in 2024 for income taxes from prior years; and (iv) a non-cash write-off made in 2024 of unrecoverable value added tax from prior years. These unfavorable variances were partially offset by (i) a non-cash
gain on sale of property to certain companies in our former Other Businesses segment that we recognized on January 31, 2024, in connection with the spin-off that we carried out on that date; (ii) a decrease in non-recurring severance expense in
connection with headcount reductions in our Cable and Sky segments; and (iii) the absence in 2024 of other expense related to damage caused in 2023 by Hurricane “Otis” in 2023 in our Cable segment.
The following table sets forth the breakdown of cash and non-cash other income or expense, net, stated in millions of Mexican pesos, for the years ended December 31, 2024
and 2023.
|
Other (Expense) Income, Net
|
2024
|
2023
|
|
Cash
|
(1,030.0)
|
(1,341.5)
|
|
Non-cash
|
(3,549.1)
|
427.7
|
|
Total
|
(4,579.1)
|
(913.8)
|
Finance Expense, Net
The following table sets forth the finance (expense) income, net, stated in millions of Mexican pesos for the years ended December 31, 2024 and 2023.
| |
2024
|
2023
|
Favorable
(Unfavorable)
Change
|
|
Interest expense
|
(7,969.5)
|
(7,742.1)
|
(227.4)
|
|
Interest income
|
3,343.9
|
3,180.2
|
163.7
|
|
Foreign exchange loss, net
|
(863.4)
|
(149.2)
|
(714.2)
|
|
Other finance income (loss), net
|
773.7
|
(134.8)
|
908.5
|
|
Finance expense, net
|
(4,715.3)
|
(4,845.9)
|
130.6
|
Finance expense, net, decreased by Ps.130.6 million, or 2.7%, to a Ps.4,715.3 million in 2024, from Ps.4,845.9 million in 2023.
This decrease reflected:
|
(i)
|
a Ps.163.7 million increase in interest income, explained primarily by both a higher average amount of cash and cash equivalents in 2024, and higher interest rates for increased cash equivalents
denominated in Mexican pesos in 2024; and
|
|
(ii)
|
a Ps.908.5 million favorable change in other finance income or loss, net, resulting from a net gain in fair value of our derivative contracts for the year ended December 31, 2024.
|
These favorable variances were partially offset by:
|
(i)
|
a Ps.227.4 million increase in interest expense, primarily in connection with the absence in 2024 of a net finance income related to the repurchase and prepayment of long-term debt in 2023, which was
partially offset by lower interest expense resulting primarily from a lower average principal amount of debt in 2024; and
|
|
(ii)
|
a Ps.714.2 million increase in foreign exchange loss, net, resulting primarily from a 23.2% depreciation of the Mexican peso against the U.S. dollar on an average U.S.
dollar-denominated net liability position in the year ended December 31, 2024, compared with a 13.1% appreciation of the Mexican peso against the U.S. dollar on an average U.S. dollar-denominated net asset position in the year ended
December 31, 2023.
|
Share of Loss of Associates and Joint Ventures, Net
Share of loss of associates and joint ventures, net, decreased by Ps.2,665.4 million, to Ps.1,421.2 million in 2024, from a Ps.4,086.6 million in 2023. This decrease
reflected a lower share of loss of TelevisaUnivision for the year ended December 31, 2024, primarily in connection with a lower amount of non-cash impairment adjustments for goodwill and indefinite-lived intangible assets recognized by
TelevisaUnivision in the fourth quarter of 2024.
Share of loss of associates and joint ventures, net, for the year ended December 31, 2024, included primarily our share of loss of TelevisaUnivision.
Income Tax Benefit or Expense
Income taxes changed by Ps.2,974.2 million, to an income tax benefit of Ps.613.5 million for the year ended December 31, 2024, from an income tax expense of Ps.2,360.7
million for the year ended December 31, 2023. This change reflected primarily a lower amount of net income tax expense in 2024, and the absence of a non-cash income tax expense recognized in 2023 in connection with income taxes from prior years.
Income from Discontinued Operations, Net
In connection with the Spin-off of businesses of our former Other Businesses segment (the “Spun-off Businesses”) that we carried out on January 31, 2024, we began
presenting the results of operations of the Spun-off Businesses as income from discontinued operations in our consolidated statements of income for the period of one month ended January 31, 2024, and for any comparative period presented.
We recognized income from discontinued operations in the amount of Ps.56.8 million and Ps.628.1 million for the month ended January 31, 2024 and the year ended December
31, 2023, respectively, reflecting the consolidated net income of our Spun-off Businesses for those periods.
Net Loss Attributable to Non-controlling Interests
Net loss attributable to non-controlling interests decreased by Ps.321.5 million to Ps.63.1 million in the year ended December 31, 2024, compared with Ps.384.6 million in the year ended December 31, 2023. This
decrease reflected primarily a lower net loss attributable to non-controlling interests in our Cable segment.
Capital Expenditures
During the year ended December 31, 2024, we invested approximately U.S.$493.0 million (Ps.9,097.5 million) in property, plant and equipment as capital expenditures.
The following table sets forth the breakdown by segment of capital expenditures for the years ended December 31, 2024 and 2023.
|
Capital Expenditures
|
2024
(Millions of U.S.
Dollars)
|
2024
(Millions of
Mexican Pesos)
|
2023
(Millions of U.S.
Dollars)
|
2023
(Millions of
Mexican Pesos)
|
|
Cable
|
399.2
|
7,374.4
|
633.0
|
11,243.1
|
|
Sky
|
83.3
|
1,514.1
|
149.2
|
2,657.0
|
|
Corporate assets
|
9.7
|
194.9
|
9.1
|
161.4
|
|
Continuing operations
|
492.2
|
9,083.4
|
791.3
|
14,061.5
|
|
Discontinued operations
|
0.8
|
14.1
|
37.2
|
646.4
|
|
Total
|
493.0
|
9,097.5
|
828.5
|
14,707.9
|
Debt and Lease Liabilities
The following table sets forth our total consolidated debt and lease liabilities as of December 31, 2024 and 2023. Amounts are stated in millions of Mexican pesos.
| |
December 31,
2024
|
December 31, 2023
|
(Decrease) Increase
|
|
Current portion of long-term debt
|
4,549.8
|
9,988.0
|
(5,438.2)
|
|
Long-term debt, net of current portion
|
98,399.3
|
78,547.9
|
19,851.4
|
|
Total debt (1)
|
102,949.1
|
88,535.9
|
14,413.2
|
|
Current portion of long-term lease liabilities
|
1,243.0
|
1,280.9
|
(37.9)
|
|
Long-term lease liabilities, net of current portion
|
4,143.7
|
6,010.6
|
(1,866.9)
|
|
Total lease liabilities
|
5,386.7
|
7,291.5
|
(1,904.8)
|
|
Total debt and lease liabilities
|
108,335.8
|
95,827.4
|
12,508.4
|
(1) As of December 31, 2024 and 2023, total debt is presented net of finance
costs in the amount of Ps.1,265.1 million and Ps.1,278.4 million, respectively.
As of December 31, 2024, our consolidated net debt position (total debt and lease liabilities, less cash and cash equivalents, and non-current investments in financial
instruments) was Ps.59,647.9 million. The non-current investments in financial instruments amounted to an aggregate of Ps.2,494.7 million as of December 31, 2024.
Debt and lease liabilities increased as of December 31, 2024 compared to December 31, 2023, primarily as a result of the depreciation in 2024 of the Mexican peso against
the U.S. dollar on our U.S.-dollar denominated debt.
Shares Outstanding
As of December 31, 2024 and 2023, our shares outstanding amounted to 315,451.8 million and 323,976.5 million shares, respectively, and our CPO equivalents outstanding
amounted to 2,696.2 million and 2,769.0 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 December 31, 2024 and 2023, the GDS (Global Depositary Shares) equivalents outstanding amounted to 539.2 million and 553.8 million GDS equivalents, respectively. The
number of GDS equivalents is calculated by dividing the number of CPOs equivalents by five.
Sustainability
In 2024 we continue to monitor and analyze our Environmental, Social, and Governance actions, and to reinforce our ESG governance with the participation of our working
groups with which we seek to integrate sustainability in the business.
During this time, we strengthened our commitment to sustainability using our strategy and its four pillars as a framework for action. For the Climate-resilient Connections
pillar, we began the installation of photovoltaic panels, which will reduce our purchased electric energy, reducing our Scope 2 Greenhouse Gas emissions. For our Empowering People pillar, we launched the program "Impulsa" which promotes
innovation among our employees to improve operations, sustainability, and customer service. Regarding the Leading by Example pillar, we carried out a special training on Artificial Intelligence and Cybersecurity. Finally, for our “Digital
Inclusion” pillar, Fundación Televisa's program "Technolochicas" was awarded second place in the "Youth Innovation for a Sustainable Future" in North America organized by the Shneider Electric Foundation.
We keep our commitment to transparency, as we continue to prepare our Sustainability Report aligned with the Global Reporting Initiative (GRI), the Sustainability
Accounting Standards Board (SASB), and the recommendations of the Taskforce on Climate-Related Financial Disclosure (TCFD). The Company supports the Ten Principles of the United Nations Global Compact (UNGC) and continues to be a signatory.
Additional Information Available on Website
The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company's Annual Report and on Form 20-F
for the year ended December 31, 2023, which is posted on the “Reports and Filings” section of our investor relations website at televisair.com.
In addition, TelevisaUnivision and/or its subsidiaries publish annual and quarterly financial statements and financial information as well as other important information
concerning its business from time to time on its website and elsewhere. The Company is not responsible for such TelevisaUnivision information in any way, and such information is not intended to be included as part of, or incorporated by
reference into, the Company’s public filings or releases.
About Televisa
Grupo Televisa S.A.B. (“Televisa”) is a major telecommunications corporation which owns and operates one of the most significant
cable companies as well as a leading direct-to-home satellite pay television system in Mexico.
