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    TLEVISA CPO   MXP4987V1378

GRUPO TELEVISA, S.A.B.

(TLEVISA CPO)
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Grupo Televisa B : First - Quarter 2021 Results

04/22/2021 | 08:06pm EDT

Investor Relations

PRESS RELEASE

Televisa Reports First Quarter 2021 Results

Consolidated

  • Excluding Other Businesses, Segment Revenue and Operating Segment Income ("OSI") for our three core operations grew by 7.7% and 12.4%, respectively.
  • We announced the combination of our media, content and production assets with Univision.

Cable

  • Strong revenue and OSI growth of 7.9% and 7.7%, respectively.
  • Solid organic growth of 104 thousand broadband Revenue Generating Units ("RGUs"), reaching north of 5.5 million.
  • Solid positive trend for the Enterprise division remains, growing revenue by 14.7%.

Sky

  • Keeps adding video RGUs and the positive trend in broadband remains, closing the quarter with a record high 8.2 millions total RGUs.
  • Revenue increased by 4.1% with a lower margin due to sports events amortization.

Content

  • Strong recovery of revenue and OSI, growing by 10.2% and 47.3%, respectively, driven by a robust increase of 28.1% in advertising revenue.
  • Our flagship network had more than twice the average rating 1 of its closest competitor network.

Earnings Call Date and Time: Friday, April 23, 2021, at 10:00 A.M. ET. / 09:00 A.M. México

Conference ID # is 1296213

From the U.S.: +1 (833) 353 0403

From Mexico: 800 926 9147

International callers: +1 (630) 652 5765

Rebroadcast: +1 (404) 537-3406

The teleconference will be rebroadcast starting at 13:00 ET on April 23 through midnight on May 7.

1 Monday to Sunday from 2:30 p.m. to 10:30 p.m.

1

Consolidated Results

Mexico City, April 22, 2021 - Grupo Televisa, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; "Televisa" or "the Company"), today announced results for the first-quarter of 2021. The results have been prepared in accordance with International Financial Reporting Standards ("IFRS").

The following table sets forth condensed consolidated statements of income for the quarters ended March 31, 2021 and 2020, in millions of Mexican pesos:

1Q'21

Margin

1Q'20

Margin

Change

%

%

%

Net sales1

23,828.9

100.0

23,081.3

100.0

3.2

Operating segment income2

9,377.6

36.5

8,709.2

35.2

7.7

  1. Adjusted by disposed operations in relation to the sale of the Company's Radio business which was concluded on July 2nd, 2020.
  2. The operating segment income margin is calculated as a percentage of segment net sales.

Net sales increased by 3.2% to Ps.23,828.9 million in the first-quarter of 2021 compared with Ps.23,081.3 million in the first-quarter of 2020. This increase was attributable to solid growth in our three core businesses. Operating segment income increased by 7.7%, reaching Ps.9,377.6 million with a margin of 36.5%.

The following table sets forth condensed consolidated statements of income for the quarters ended March 31, 2021 and 2020, in millions of Mexican pesos:

1Q'21

Margin

1Q'20

Margin

Change

%

%

%

Net sales1

23,828.9

100.0

23,081.3

100.0

3.2

Net loss

(325.8)

(1.4)

(8,903.7)

(38.3)

96.3

Net loss attributable to stockholders of the Company

(584.4)

(2.5)

(9,651.9)

(41.6)

93.9

Segment net sales

25,668.9

100.0

24,714.1

100.0

3.9

Operating segment income2

9,377.6

36.5

8,709.2

35.2

7.7

  1. Adjusted by disposed operations in relation to the sale of the Company's Radio business which was concluded on July 2nd, 2020.
  2. The operating segment income margin is calculated as a percentage of segment net sales.

Net loss attributable to stockholders of the Company amounted to Ps.584.4 million in the first- quarter of 2021, compared with a Ps.9,651.9 million in the first-quarter of 2020. The decrease of Ps.9,067.5 million reflected (i) a favorable change of Ps.5,400.4 million in share of income or loss of associates and joint ventures, net; (ii) a Ps.4,686.0 million decrease in finance expense, net;

  1. a Ps.570.0 million increase in income before depreciation and amortization; and (iv) a Ps.489.6 million decrease in net income attributable to non-controlling interests.

These favorable variances were partially offset by (i) a Ps.1,622.4 million decrease in income tax benefit; (ii) an unfavorable change of Ps.437.8 million in other income or expense, net; and (iii) a Ps.18.3 million increase in depreciation and amortization.

2

First-quarter Results by Business Segment

The following table presents first-quarter consolidated results ended March 31, 2021 and 2020, for each of our business segments. Consolidated results for the first-quarter of 2021 and 2020 are presented in millions of Mexican pesos.

Net Sales

1Q'21

%

1Q'20

%

Change

%

Cable

11,676.5

45.5

10,824.7

43.8

7.9

Sky

5,624.8

21.9

5,405.3

21.9

4.1

Content

7,416.1

28.9

6,727.6

27.2

10.2

Other Businesses

951.5

3.7

1,756.5

7.1

(45.8)

Segment Net Sales

25,668.9

100.0

24,714.1

100.0

3.9

Intersegment Operations1

(1,840.0)

(1,632.8)

Net Sales

23,828.9

23,081.3

3.2

Disposed Operations 2

-

n/a

147.5

n/a

n/a

Net Sales

23,828.9

23,228.8

2.6

Operating Segment Income3

1Q'21

Margin

1Q'20

Margin

Change

%

%

%

Cable

4,834.6

41.4

4,490.3

41.5

7.7

Sky

2,154.4

38.3

2,234.0

41.3

(3.6)

Content

2,376.5

32.0

1,613.9

24.0

47.3

Other Businesses

12.1

1.3

371.0

21.1

(96.7)

Operating Segment Income

9,377.6

36.5

8,709.2

35.2

7.7

Corporate Expenses

(499.4)

(1.9)

(423.8)

(1.7)

(17.8)

Depreciation and Amortization

(5,169.8)

(21.7)

(5,151.5)

(22.2)

(0.4)

Other (Expense) Income, net

(152.9)

(0.6)

284.9

1.2

n/a

Intersegment Operations1

(15.0)

(0.1)

(17.8)

(0.1)

15.7

Disposed Operations 2

-

n/a

25.6

n/a

n/a

Operating Income

3,540.5

14.9

3,426.6

14.8

3.3

  1. For segment reporting purposes, intersegment operations are included in each of the segment operations.
  2. The sale of the Company's Radio business was concluded on July 2nd, 2020. Accordingly, the net sales and the operating segment income associated with the Radio business, which was part of the Company's Other
    Businesses segment, are presented separately as disposed operations for the quarter ended March 31, 2020.
  3. Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other (expense) income, net.

3

Cable

Total net additions for the quarter were approximately 169.3 thousand RGUs. Quarterly growth was mainly driven by 104.0 thousand broadband net additions and 85.9 thousand voice net additions. Video RGUs decreased by 38.6 thousand.

The following table sets forth the breakdown of RGUs per service type for our Cable segment as of March 31, 2021 and 2020.

RGUs

1Q'21 Net

1Q'21

1Q'20

Adds

Video

(38,581)

4,246,101

4,308,058

Broadband

103,960

5,534,819

4,817,103

Voice

85,875

4,382,405

3,783,519

Mobile

18,059

93,574

-

Total RGUs

169,313

14,256,899

12,908,680

First-quartersales increased by 7.9% to Ps.11,676.5 million compared with Ps.10,824.7 million in the first-quarter of 2020 driven by solid net additions in broadband.

First-quarteroperating segment income increased by 7.7% to Ps.4,834.6 million compared with Ps.4,490.3 million in the first-quarter of 2020, while the margin was relativately stable.

The following tables set forth the breakdown of revenue and operating segment income, excluding consolidation adjustments, for our MSO and enterprise operations for the first-quarter of 2021 and 2020.

MSO Operations (1)

1Q'21

1Q'20

Change %

Millions of Mexican pesos

Revenue

10,465.4

9,755.8

7.3

Operating Segment Income

4,483.3

4,122.7

8.7

Margin (%)

42.8

42.3

Enterprise Operations (1)

1Q'21

1Q'20

Change %

Millions of Mexican pesos

Revenue

1,700.3

1,482.2

14.7

Operating Segment Income

528.3

505.2

4.6

Margin (%)

31.1

34.1

  1. These results do not include consolidation adjustments of Ps.489.2 million in revenue nor Ps. 177.0 million in Operating Segment Income for the first quarter of 2021, neither the consolidation adjustments of Ps.413.3 million in revenue nor Ps.137.6 million in Operating Segment Income for the first quarter of 2020. Consolidation adjustments are considered in the consolidated results of the Cable segment.

First-quartersales and operating segment income in our MSO operations increased by 7.3% and 8.7%, respectively.

First-quartersales and operating segment income in our Enterprise Operations increased by 14.7% and 4.6%, respectively.

4

Sky

During the quarter, Sky continued growing its broadband business after adding 32.0 thousand broadband RGUs, reaching a total of 697.9 thousand. Sky also added 10.1 thousand video RGUs.

The following table sets forth the breakdown of RGUs per service type for Sky as of March 31, 2021 and 2020.

RGUs

1Q'21 Net

1Q'21

1Q'20

Adds

Video

10,077

7,487,371

7,437,469

Broadband

32,041

697,948

430,412

Voice

6,646

7,538

1,052

Total RGUs

48,764

8,192,857

7,868,933

First-quartersales increased by 4.1% to Ps.5,624.8 million compared with Ps.5,405.3 million in the first-quarter of 2020, mainly explained by the growth in broadband RGUs.

First-quarteroperating segment income decreased by 3.6% to Ps.2,154.4 million compared with Ps.2,234.0 million in the first-quarter of 2020, while the margin was 38.3%. The decline was due to costs related to the amortization of certain sports events.

Content

First-quartersales increased by 10.2% to Ps.7,416.1 million compared with Ps.6,727.6 million in the first-quarter of 2020.

Millions of Mexican pesos

1Q'21

%

1Q'20

%

Change

%

Advertising

3,374.9

45.5

2,635.1

39.2

28.1

Network Subscription

1,344.8

18.1

1,332.1

19.8

1.0

Licensing and Syndication

2,696.4

36.4

2,760.4

41.0

(2.3)

Net Sales

7,416.1

6,727.6

10.2

Advertising

First-quarter advertising sales increased by 28.1% to Ps.3,374.9 million compared with Ps.2,635.1 million in the first-quarter of 2020, driven by strong recovery of the private sector.

Network Subscription

First-quarter Network Subscription sales increased by 1.0% to Ps.1,344.8 million compared with Ps.1,332.1 million in the first-quarter of 2020.

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Grupo Televisa SAB published this content on 23 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2021 00:05:09 UTC.


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Net income 2021 3 156 M 153 M 153 M
Net Debt 2021 97 439 M 4 717 M 4 717 M
P/E ratio 2021 39,5x
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Technical analysis trends GRUPO TELEVISA, S.A.B.
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TrendsBullishBullishBullish
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 52,50 MXN
Last Close Price 56,46 MXN
Spread / Highest target 18,7%
Spread / Average Target -7,01%
Spread / Lowest Target -32,7%
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Bernardo Gˇmez MartÝnez Co-Chief Executive Officer, Director & EVP
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Emilio Fernando Azcßrraga Jean Executive Chairman
JosÚ Antonio Lara del Olmo Vice President-Administration
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