Investor Relations
PRESS RELEASE
Televisa Reports Fourth Quarter and Full Year 2022 Results
2022 Highlights
Consolidated
- On January 31, 2022, we closed the combination of our media, content, and production assets with TelevisaUnivision.
- Excluding the content assets combined with TelevisaUnivision for the full year, Revenue grew by 2.2%, while Operating Segment Income ("OSI") decreased by 4.7%.
- Excluding World Cup related costs amortized in 2022, OSI would have fallen by 1.5%.
Cable
- Successfully passed 875 thousand homes with fiber-to-the-home ("FTTH"), achieving more than 18.7 million homes passed.
- Strong organic growth of more than 1.3 million Revenue Generating Units (RGUs), reaching more than 15.9 million.
- Revenue growth of 0.8% and OSI decline of 1.9% with a margin of 41.1%.
- MSO revenue and OSI grew 2.5% and 2.6% respectively, translating into a 42.9% margin.
Sky
- Total RGUs of 6.9 million, with almost 1.3 million net disconnections of which 402 thousand are related to the clean-up of our video subscriber base.
- Revenue and OSI fell by 7.7% and 24.6%, respectively, for a 31.5% margin.
- Excluding World Cup related costs amortized in 2022, OSI would have declined by 13.6%, translating into a 36.1% margin.
Other Businesses
- Robust growth at our Other Businesses segment driven by the economic reopening.
- Strong revenue and OSI growth of 67.2% and 186.8%, respectively, for a 23.0% margin.
Earnings Call Date and Time: Friday, February 24, 2023, at 10:00 A.M. ET.
Conference ID # is 7020724
From the U.S.: +1 (877) 883 0383 | International callers: +1 (412) 902 6506 |
Rebroadcast: +1 (877) 344 7529 | Rebroadcast: +1 (412) 317 0088 |
The teleconference will be rebroadcast starting at 1:00 P.M. ET with the access code #9749168
on February 24th and will end at midnight on March 10th.
1
Consolidated Results
Mexico City, February 23, 2023 - 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 2022. The results have been prepared in accordance with International Financial Reporting Standards ("IFRS").
Financials have been adjusted to reflect the impact of the TelevisaUnivision Transaction (as defined below) which was closed on January 31, 2022. Results from the content assets included in the transaction are presented as discontinued operations.
The following table sets forth condensed consolidated statements of income for the years ended December 31, 2022 and 2021, in millions of Mexican pesos.
2022 | Margin | 2021 | Margin | Change | |
% | % | % | |||
Net sales | 75,526.6 | 100.0 | 73,915.4 | 100.0 | 2.2 |
Operating segment income1 | 28,010.1 | 36.8 | 29,378.9 | 39.5 | (4.7) |
1 The operating segment income margin is calculated as a percentage of segment net sales.
Net sales increased by 2.2% to Ps.75,526.6 million in 2022 compared with Ps.73,915.4 million in 2021. This increase was due to revenue growth in the Cable and Other Businesses segments. Operating segment income decreased by 4.7%, translating into a 36.8% margin. Excluding the amortization of costs and expenses related to the transmission rights of the World Cup Qatar 2022 at Sky, operating segment income would have declined only by 1.5%, for a 38.0% margin.
The following table sets forth condensed consolidated statements of income for the years ended December 31, 2022 and 2021, in millions of Mexican pesos:
2022 | Margin | 2021 | Margin | Change | ||
% | % | % | ||||
Net sales | 75,526.6 | 100.0 | 73,915.4 | 100.0 | 2.2 | |
Net income | 43,628.8 | 57.8 | 7,354.8 | 10.0 | 493.2 | |
Net income attributable | to | 43,151.2 | 57.1 | 6,055.8 | 8.2 | 612.6 |
stockholders of the Company | ||||||
Segment net sales | 76,089.6 | 100.0 | 74,435.7 | 100.0 | 2.2 | |
Operating segment income (1) | 28,010.1 | 36.8 | 29,378.9 | 39.5 | (4.7) |
(1) The operating segment income margin is calculated as a percentage of segment net sales.
Net income attributable to stockholders of the Company amounted to Ps.43,151.2 million for the year ended December 31, 2022, compared with Ps.6,055.8 million for the year ended December 31, 2021.
The net increase of Ps.37,095.4 million, reflected (i) a Ps.49,336.6 million increase in income from discontinued operations; (ii) a Ps.2,722.7 million decrease in finance expense, net; (iii) a Ps.2,640.4 million favorable change in income tax benefit or expense; and (iv) a Ps.821.4 million decrease in net income attributable to non-controlling interests.
These favorable variances were partially offset by (i) a Ps.12,124.3 million unfavorable change in share of income or loss of associates and joint ventures; (ii) a Ps.4,562.9 million unfavorable change in other income or expense, net; (iii) a Ps.1,064.1 million increase in depreciation and amortization; and (iv) a Ps.674.4 million decrease in income before depreciation and amortization.
2
Dividend
The Company's Board of Directors 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. This dividend is subject to the approval of the Company's stockholders.
Full year results by business segment
The following table presents full year consolidated results ended December 31, 2022 and 2021, for each of our business segments, in millions of Mexican pesos.
Net Sales | 2022 | % | 2021 | % | Change | |||
% | ||||||||
Cable | 48,411.8 | 63.6 | 48,020.9 | 64.5 | 0.8 | |||
Sky | 20,339.0 | 26.7 | 22,026.6 | 29.6 | (7.7) | |||
Other Businesses | 7,338.8 | 9.7 | 4,388.2 | 5.9 | 67.2 | |||
Segment Net Sales | 76,089.6 | 100.0 | 74,435.7 | 100.0 | 2.2 | |||
Intersegment Operations1 | (563.0) | (520.3) | ||||||
Net Sales | 75,526.6 | 73,915.4 | 2.2 | |||||
Operating Segment Income2 | 2022 | Margin | 2021 | Margin | Change | |||
% | % | % | ||||||
Cable | 19,902.8 | 41.1 | 20,285.0 | 42.2 | (1.9) | |||
Sky | 6,416.3 | 31.5 | 8,504.2 | 38.6 | (24.6) | |||
Other Businesses | 1,691.0 | 23.0 | 589.7 | 13.4 | 186.8 | |||
Operating Segment Income2 | 28,010.1 | 36.8 | 29,378.9 | 39.5 | (4.7) | |||
Corporate Expenses | (1,538.1) | (2.0) | (2,351.3) | (3.2) | 34.6 | |||
Depreciation and Amortization | (21,117.4) | (28.0) | (20,053.3) | (27.1) | (5.3) | |||
Other (expense) income, net | (846.7) | (1.1) | 3,716.2 | 5.0 | n/a | |||
Intersegment Operations1 | (120.4) | (0.2) | (1.6) | (0.0) | n/a | |||
Operating Income | 4,387.5 | 5.8 | 10,688.9 | 14.5 | (59.0) |
- For segment reporting purposes, intersegment operations are included in each of the segment operations.
- Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other income or expense, net.
3
Fourth-quarter Results by Business Segment
The following table presents fourth quarter consolidated results ended December 31, 2022 and 2021, for each of our business segments. Consolidated results for the fourth quarter of 2022 and 2021 are presented in millions of Mexican pesos.
Net Sales | 4Q'22 | % | 4Q'21 | % | Change |
% | |||||
Cable | 12,463.3 | 64.2 | 12,296.2 | 64.8 | 1.4 |
Sky | 4,936.6 | 25.5 | 5,372.3 | 28.3 | (8.1) |
Other Businesses | 2,002.3 | 10.3 | 1,303.3 | 6.9 | 53.6 |
Segment Net Sales | 19,402.2 | 100.0 | 18,971.8 | 100.0 | 2.3 |
Intersegment Operations1 | (269.9) | (142.7) | - | ||
Net Sales | 19,132.3 | 18,829.1 | 1.6 | ||
Operating Segment Income2 | 4Q'22 | Margin | 4Q'21 | Margin | Change |
% | % | % | |||
Cable | 5,059.3 | 40.6 | 5,365.8 | 43.6 | (5.7) |
Sky | 1,151.6 | 23.3 | 1,845.4 | 34.4 | (37.6) |
Other Businesses | 499.2 | 24.9 | 237.8 | 18.2 | 109.9 |
Operating Segment Income2 | 6,710.1 | 34.6 | 7,449.0 | 39.3 | (9.9) |
Corporate Expenses | (705.7) | (3.6) | (1,125.6) | (5.9) | 37.3 |
Depreciation and Amortization | (5,702.7) | (29.8) | (5,262.6) | (27.9) | (8.4) |
Other (expense) income, net | (346.3) | (1.8) | 4,304.4 | 22.9 | n/a |
Intersegment Operations1 | (119.3) | (0.6) | (0.4) | (0.0) | n/a |
Operating (loss) Income | (163.9) | (0.9) | 5,364.8 | 28.5 | n/a |
1For segment reporting purposes, intersegment operations are included in each of the segment operations. 2Operating segment income is defined as operating income before depreciation and amortization, corporate expenses, and other income or expense, net.
4
Cable
Total net additions for the quarter were approximately 327.2 thousand RGUs. Broadband net additions were 78.3 thousand, while video net additions of 52.5 thousand maintained the positive trend experienced since the end of 2021. We also had 26.7 thousand mobile net additions, ending the year with more than 240.2 thousand mobile subscribers.
The following table sets forth the breakdown of RGUs per service type for our Cable segment as of December 31, 2022 and 2021.
RGUs | 4Q'22 Net | 2022 Net | 2022 | 2021 |
Adds | Adds | |||
Video | 52,525 | 291,760 | 4,458,220 | 4,166,460 |
Broadband | 78,327 | 335,049 | 5,984,151 | 5,649,102 |
Voice | 169,649 | 616,459 | 5,233,724 | 4,617,265 |
Mobile | 26,680 | 84,156 | 240,207 | 156,051 |
Total RGUs | 327,181 | 1,327,424 | 15,916,302 | 14,588,878 |
Fourth quarter sales increased by 1.4% to Ps.12,463.3 million compared with Ps.12,296.2 million in the fourth quarter of 2021.
Full year sales increased by 0.8% to Ps.48,411.8 million compared with Ps.48,020.9 million in 2021. Total RGUs exceeded 15.9 million after delivering more than 1.3 million net additions for the year.
Fourth quarter operating segment income decreased by 5.7% to Ps.5,059.3 million compared with Ps.5,365.8 million in the fourth quarter of 2021. The margin reached 40.6%. During the quarter, year-on-year operating segment income growth of 1.0% at our MSO Operations was fully offset by an operating segment income decline of 49.0% at our Enterprise Operations. Profitability at our Enterprise Operations declined by 1,660 basis points year-on-year given a temporary change in our business mix more leaned towards lower margin projects during the fourth quarter of 2022.
Full year operating segment income fell by 1.9% to Ps.19,902.8 million compared with Ps.20,285.0 million in 2021. The margin reached 41.1%. During the year, year-on-year operating segment income increase of 2.6% at our MSO Operations was fully offset by an operating segment income decrease of 28.8% at our Enterprise Operations. Profitability at our Enterprise Operations contracted by 800 basis points year-on-year given a temporary change in our business mix more leaned towards lower margin projects during 2022.
5
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Grupo Televisa SAB published this content on 23 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2023 22:56:49 UTC.