Investor Presentation
As of Second Quarter 2019
Disclaimer
This press release 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 press release 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 press release 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.
2
SNAPSHOT:Our Core Businesses
Share of Consolidated Revenue LTM 2Q19
CABLEA leading cable operator | CONTENT | |
in Mexico | Advertising | |
Video: 4.4 million RGUs * | Video | Four broadcast channels |
in Mexico City and | ||
Broadband: 4.6 million RGUs | ||
affiliated stations | ||
Voice: 3.4 million RGUs | ||
throughout the country | ||
- Revenue generating units
Voz | 37% | Network Subscription | |
34% | 26 pay-tv networks and | ||
74 feeds in Mexico and | |||
CABLE | CONTENT | globally | |
Licensing & Syndication | |||
WiFi | SKY | Univision royalties, other | |
licensing fees, and | |||
21% | CONTENT | exports to over 75 | |
countries |
SKY | |||
SKYA leading DTH system in Mexico and broadband provider, also | |||
operating in Central America and the Dominican Republic | |||
Video:7.4 million RGUs | |||
Broadband:0.2 million RGUs | |||
3 | |||
Source: Grupo Televisa's public filings | |||
SNAPSHOT: Highlights
oClose toPs.100 billion in consolidated revenue
oConsolidatedOperating Segment Income ("OSI") of Ps.40 billion
- Investment grade.Average debt maturity over 16 years. Net-debt-to-OSI of 2.3x
- DecliningCapitalExpenditures-to-Salesratio from 27.6% in 2016 to 20.0% in LTM 2Q19
o20 mm revenue generating unitscontributing with 65.0% of Consolidated OSI in LTM 2Q19
oFastest growing broadband providerin the country in terms of new customers
oContent production powerhouse. During the second quarter the top 10 watched programs were produced and transmitted by Televisa
oTwo thirds of Televisa's equityis in the hands of institutional investors, mostly U.S. based
oPublicly tradedin the NYSE since 1993 andin the Mexican Stock Exchange since 1991
*Compound Annual Growth Rate | 4 |
DEFINING TRENDS
- Highlights 2Q'19
-
Diversified revenue streams
III. Growing operating cash flow
IV. Untapped opportunities in growth markets
V. Strong balance sheet
5
Highlights 2Q'19
Consolidated
- Consolidated Sales and Consolidated Operating Segment Income, excluding thenon-recurring licensing of certain rights of the World Cup in Latin America in 2018 (the "non-recurring licensing revenue") , dropped 2.7% and 0.1%, respectively.
Cable
- Continued itsdouble-digit pace of growth in Sales and in Operating Segment Income of 15.7% and 20.1%, respectively, reaching a record margin of 43.8%.
- Reached a total of 12.4 million Revenue Generating Units, after the addition of 286 thousand RGUs in all three services during the quarter.
Sky
- Sky resumed growth in video RGUs, gaining seven thousand during the quarter.
- Broadband RGUs reached 238 thousand after the addition of 73 thousand during the quarter.
- Revenue and Operating Segment Income were negatively impacted by the difficultyear-over-year comparison given Sky benefited from the transmission of all 64 matches of the World Cup.
Content
- Ongoing leadership with our content offer airing the top 10 programs in Mexican Television.
- Content results were impacted primarily by a difficult comparison to last year as a result of the 2018 World Cup, by lower government advertising revenue, and by a decline of approximately 5% in private sector core advertising revenue.
Source: Grupo Televisa's public filings | 6 |
Highlights 2Q'19
Consolidated Revenue
Consolidated OSI
Non-recurring licensing effect
Ps. in billions
1.7
25.0
Ps. in billions
9.7
0.8
9.9 9.9
23.5 23.0
21.0
19.3
18.1
17.0
24.3
7.7
7.1
9.4
8.5
8.0
2Q'12 2Q'13 2Q'14 2Q'15 2Q'16 2Q'17 2Q'18 2Q'19
Consolidated Sales, excluding non- recurring licensing revenue, dropped 2.7%.
2Q'12 2Q'13 2Q'14 2Q'15 2Q'16 2Q'17 2Q'18 2Q'19
Consolidated Operating Segment
Income, excluding non-recurring licensing
revenue, decreased 0.1%.
Source: Grupo Televisa's public filings
7
Highlights 2Q'19
Ps. in billions | Cable Revenue |
7.8 8.0
6.9
3.9 | 4.2 | 4.8 |
10.2
8.8
- Strong top line growth: 14.6% CAGR from 2013
- OSI margins have expanded rapidly, reaching 42.9% in LTM 2Q'19, up from 35.8% in 2013
- During 2Q'19 total net adds were 286 thousand,Year-over-year growth in RGUs was 16.1%
2Q'12 2Q'13 2Q'14 2Q'15 2Q'16 2Q'17 2Q'18 2Q´19
Net Adds ('000) | 3Q18 | 4Q18 | 1Q19 | 2Q19 |
Video | -35 | 6 | -9 | 11 |
Broadband | 62 | 81 | 89 | 73 |
Telephony | 247 | 229 | 205 | 202 |
RGU Net Adds | 274 | 316 | 285 | 286 |
Ps. in billions
Cable O.S.I.
4.5
3.7
3.3 3.4
2.8
- After an important decline in capex, the Cable segment is now free cash flow positive
oOver 14.8 million homes passed, of which more |
than 90% can receive broadband speeds of 100 |
1.5 1.61.8
2Q'12 2Q'13 2Q'14 2Q'15 2Q'16 2Q'17 2Q'18 2Q´19
Source: Grupo Televisa's public filings
Mbps |
- OurEnterprise businesshas posted four consecutive quarters of growth, with Revenues expanding at a rate of 8.7% in 2Q'19.
8
Highlights 2Q'19
- As of 2Q'19, more than7.6 million RGUsin Mexico and Central America
oResuminggrowth in video subscribers, adding |
Ps. in billions
Sky Revenue
5.6 5.6 5.7 5.3
4.7
more than 7 thousand RGUs |
- Revenue reached Ps.21.5 billion in LTM 2Q´19, contributing with 20.5% of consolidated revenue
- OSI Margins have remained solid for more than 10 years, in spite of strong competition
4.0
3.5
4.3
2Q'12 2Q'13 2Q'14 2Q'15 2Q'16 2Q'17 2Q'18 2Q´19
- In 2018 we launched broadband services under theBlue Telecommbrand. In 2Q'19 we added 73 thousand broadband RGUs, reaching a total of 238 thousand.
- Fixed broadband through incumbent's network (3 to 200 Mbps - subject to incumbent's technical capability in a given location)
- Fixed wireless broadband throughRed Compartidaand AT&T's wireless network (5 and 10 Mbps)
Source: Grupo Televisa's public filings
Sky O.S.I. | ||
Ps. in billions | ||
2.5 | 2.7 | 2.5 |
2.3 | ||
2.3 | ||
2.1 | ||
1.9 | ||
1.7 |
2Q'12 2Q'13 2Q'14 2Q'15 2Q'16 2Q'17 2Q'18 2Q´19
9
Highlights 2Q'19
Ps. in billions | Content Revenue | |||||||
Non-recurring licensing | ||||||||
effect | ||||||||
8.2 | 8.6 | 8.8 | 8.1 | 1.7 | ||||
7.8 | 7.9 | 8.1 | ||||||
9.3 |
2Q'12 2Q'13 2Q'14 2Q'15 2Q'16 2Q'17 2Q'18 2Q'19
- We are the leading producer of Spanish language content in the world.
- As of 2Q19, excluding thenon-recurring licensing revenue, Content Revenue and OSI decreased 13.0% and 15.8%, respectively.
oAdvertising sales decreased by 17.0%. Content |
results were impacted primarily by a difficult |
comparisson to last year as a result of the 2018 |
World Cup, by lower government advertising |
revenue, and by a decline of approximately 5% in |
private sector core advertising revenue. |
Ps. in billions
Content O.S.I
Non-recurring licensing | |||||
effect 4.1 | 4.0 | 3.7 | 3.7 | ||
3.8 | 3.4 | .8 | |||
3.5 | 2.9 |
2Q'12 2Q'13 2Q'14 2Q'15 2Q'16 2Q'17 2Q'18 2Q'19
Source: Grupo Televisa's public filings
- We continue updating our content offering:
- We are remaking some of Televisa's most iconic dramas with updated formats.
- We will launch The Masked Singer, one of the
most popular entertainment shows.
- We signed aco-production agreement with Netflix.
10
Highlights 2Q'19
(Ch.2)Las Estrellas
Kids
News
Sports
Movies
Televisa
Networks
- #1 Morning, afternoon and prime time channel in Mexico
- Most watched shows(Mo-Fri):La Rosa de Guadalupe, Ringo La Pelea de su Vida y Por
Amar sin Ley 2
o#1 Comedy Shows:Nosotros los Guapos , La Familia P. Luche, Simon Dice
o#1 Magazine show: Hoy
oTelevisa's Channel 2 and Channel 5 have as much audience as all competing pay TV channels combined
oMost successful animated content vs Air and Pay TV Channels
o#1 morning newscasts withDespierta con Loret and Al aire con Paola o#1 night newscast withEn punto con Denise Maerker
o8 out of 10 most watched soccer matches in local league.
oMost watched night soccer show: Noticiero Televisa Deportes. Exclusive sports events
oMost watched movies in FTA TV:Chiquito pero peligroso, El regreso de la nana mágica, andMiss Peregrine y los niños peculiares.
oMost watched channel among women: Tlnovelas | |
o#1 most watched movie network: De Película | |
o#1 most watched comedy channel: Distrito Comedia | 11 |
DEFINING TRENDS
- Highlights 2Q'19
II. Diversified revenue streams
III. Growing operating cash flow
IV. Untapped opportunities in growth markets
V. Strong balance sheet
12
DIVERSIFIED REVENUE STREAMS
A strong position in our three core businesses
Cable Revenue
Ps. in billions
38.9
36.2
31.9 33.0
28.5
20.9
2014 2015 2016 2017 2018 LTM 2Q´19
Strong organic growth as a result of attractive 3-play offers and a focus on customer service
Source: Grupo Televisa's public filings
Sky Revenue
Ps. in billions
21.9 | 22.2 | 22.0 | 21.5 |
19.3
17.5
2014 2015 2016 2017 2018 LTM 2Q´19
Leveraging off its customer base of 7.4 million video RGUs to sell broadband services
Content Revenue
Ps. in billions | |||
39.2* | |||
34.9 | 34.3 | 36.7 | 35.6 |
34.0 | |||
2014 2015 2016 2017 2018 LTM 2Q´19
*Includes the non-recurring licensing revenue
Stable level of revenues in the context of a highly competitive environment
13
DIVERSIFIED REVENUE STREAMS
Distribution (Cable & Sky) overtook Content in terms of OSI since 2014
Consolidated Revenue
Ps. in billions
OSI Margin
101.3* 99.5
88.1 96.394.3
80.1
39.6% 39.6% 39.2% 38.4% 38.3% 38.3%
2014 2015 2016 2017 2018 LTM 2Q´19
*Includes the non-recurring licensing revenue
Contribution to OSI
Others
24% | |||||
32% | 34% | ||||
37% | 38% | ||||
Cable | |||||
42% | |||||
25% | |||||
25% | 25% | 24% | |||
27% | |||||
Sky | |||||
23% | |||||
Content
48% 41% 38% 34% 37% 32%
2014 2015 2016 2017 2018 LTM 2Q´19
Our multiple revenue sources have | Cable has overtaken Content as the |
allowed us to post a CAGR of 5.1% | most important contributor to |
since 2013 | Consolidated OSI |
Source: Grupo Televisa's public filings | 14 |
DIVERSIFIED REVENUE STREAMS: Content
Within Content, the revenue mix has also changed with advertising declining in importance
Content Revenue Mix
All Other Content Revenue
Advertising Revenue
oTelevisa's content revenue mix | Content Revenue | ||
has changed over the years | Ps. in billions | ||
o | During 2Q'19, advertising | Worldcup Sublicensing | |
Licensing & Syndication | |||
revenues represented 54.3% of | Network Subscription | ||
Advertising | 1.7 | ||
Content revenues | |||
29% 28% 27%34%
71% 72% 73%66%
39% 40%43%46%
61% 60%57%54%
oOn a consolidated basis, | 1.4 | 1.7 | 2.3 | 2.8 | |||||||||||||
1.5 | |||||||||||||||||
advertising revenues | 1.8 | 2.3 | 2.5 | ||||||||||||||
0.9 | 0.7 | ||||||||||||||||
represented 18.0% of | 0.8 | 1.2 | 1.2 | ||||||||||||||
0.9 | 0.9 | ||||||||||||||||
consolidated revenues in 2Q'19 | 1.2 | ||||||||||||||||
oTelevisa continues to explore | 5.6 | 5.9 | 6.3 | 5.4 | 5.3 | ||||||||||||
5.2 | 4.8 | ||||||||||||||||
and develop other ways to | 4.4 | ||||||||||||||||
monetize the content produced | |||||||||||||||||
Source: Grupo Televisa's public filings | 15 |
DIVERSIFIED REVENUE STREAMS: Content
The majority of our Licensing and Syndication revenue originates in the Univision Royalties
Royalties
USD Millions
384
373
325
311 314
2015 2016 2017 2018 LTM 2Q´19
- We monetize our content in U.S. through our licensing agreement with Univision.
- The royalty rate is 16.45% of substantially all of Univision's audiovisual revenue.
- A step up in the royalty rate of Univision came into effect in January and again in July 2018.
- In addition to our stream of royalties, we hold equity and warrants of Univision which upon their exercise would represent 36%.
Univision
USD Millions
Total Revenue | Adjusted OIBDA | |
Interest Expense
2,858 2,9992,937
2,714 2,678
1,312 1,333 1,310
1,023 968
540 494423391 391
2015 2016 2017 2018 LTM 1Q´19
Source: Grupo Televisa's and Univision's public filings | 16 |
DIVERSIFIED REVENUE STREAMS: Content
We are developing our digital platforms to turn them into a new, solid revenue stream
KPI | Q1 2018 | Q1 2019 | % |
Chg. | |||
Televisa | 10.0m | 15.3m | 53% |
Sites's Users | |||
Televisa | 212.6m | 321m | 51% |
Pageviews | |||
YouTube | 1.0b | 2.3b | 142% |
views | |||
1.1b | 1.7b | 52% | |
views | |||
23.5m | 43m | 83% | |
views | |||
oDuring 2018 we became the | Some of our key online |
number one digital platform | destinations: |
among all media companies in | |
Mexico in terms of number of | www.televisa.com |
users (comScore). | |
www.lasestrellas.tv | |
oThe number of views of our | |
content in YouTube, Facebook | deportes.televisa.com |
and Instagram reached more | |
than 4 billion in 1Q19, almost | noticieros.televisa.com |
twice of those in 1Q18. |
- In our own digital platforms, we closed 1Q19 with 15.3 million users, 53% more than in 1Q18.
Users: comScore (Desktop 6+ and Total Mobile 15+)
Pageviews: comScore (Desktop 6+ and Total Mobile 15+)
Youtube, Facebook and Instagram views: Tubular (Televisa total property data)
17
DIVERSIFIED REVENUE STREAMS: Cable
Within Cable, broadband and voice account for 65% of revenue generating units
Cable RGU Mix
Video | Voice | Broadband | ||
49% 45% 43%41%37% 35%
18% 21% 22%21%25% 27%
33% | 34% | 35% | 38% | 38% | 38% |
- Strong gross additions
- Voice and Broadband are the main sources of growth
- Many Broadband customers are upgrading to faster speeds
- Growing inhigh-speedFiber-to-the-Homeusers
- We keep on strengthening our OTT offer, providing all the relevant content in one place.
Cable RGU
in millions
Voice RGUs
Broadband RGUs
Video RGUs
3.0 3.4
2.1 2.1
1.9 | |||||
1.2 | 3.8 | 4.5 | 4.6 | ||
3.1 | 3.4 | ||||
2.3 | |||||
3.4 | 4.1 | 4.2 | 4.2 | 4.4 | 4.4 |
2014 | 2015 | 2016 | 2017 | 2018 | 2Q´19 | 2014 | 2015 | 2016 | 2017 | 2018 | 2Q´19 |
Source: Grupo Televisa's public filings | 18 |
DIVERSIFIED REVENUE STREAMS: Cable
Our izzi goapp further positions our cable operation for evolving viewing habits
o68 live channels from Mexico and from global content distributors
oOver 30 thousand on-demand assets
from Televisa's extensive library, FOX
Premium, HBO MAX, and other international content partners
oSince March, Netflix is included in our izzi TV interface.
oWith izzi Kids, six live TV channels and hundreds of hours on video on demand
oizzi goapp is available for all video subscribers since April 2019.
19
DEFINING TRENDS
- Highlights 2Q'19
- Diversified revenue streams
III. Growing operating cash flow
IV. Untapped opportunities in growth markets
V. Strong balance sheet
20
GROWING OPERATING CASH FLOW
The free cash flow profile of Televisa has improved dramatically
Capital Expenditures
Ps. in billions
Cable
Sky
Content
- Expanding operating cash flow in Cable and Sky has increased our ability to generate strong free cash flow
O.S.I minus Capex
Ps. in billions
22.2
17.6
16.2
9.210.1 12.314.65.1 5.4 6.23.83.9 3.8
2.4 2.5 2.9 2.1 1.7 1.4
- The contribution to consolidated OSI, net of capital expenditures, has almost doubled since 2016
- During 1H´19, we invested U.S.$357.0 million in Cable Capex, which represents 54.9% of the U.S.$650.0 million we gave as guidance for full year 2019.
20.7
15.3
10.2 11.0
20.9
2014 2015 2016 2017 2018 LTM 2Q´19
2014 2015 2016 2017 2018 LTM 2Q´19
Source: Grupo Televisa's public filings | 21 |
GROWING OPERATING CASH FLOW: Cable | |||||
We are entering the harvesting phase after | |||||
heavy investments in infrastructure | Cable net adds | ||||
RGUs in millions | 1.7 | ||||
oDuring 2015 and 2016, Televisa accelerated its | 1.5 | ||||
1.2 | |||||
capital investments in Cable segment | |||||
0.6 | 0.7 | 0.6 | 0.7 | ||
oIt embarked on a heavy-capex phase to upgrade | |||||
0.4 | 0.5 | 0.5 | 0.4 | ||
its network and support growth in RGUs | |||||
oCable capex reached Ps.17.6 billion in 2016 | |||||
making Televisa one of the most important | |||||
investors in Mexico's telecom infrastructure that | It includes RGUs acquired from Axtel | ||||
year |
- As a percentage of revenues, Cable capex came down from 55% in 2016 to 38% in LTM 2Q19
Source: Grupo Televisa's public filings.
* Organic growth only. Excludes RGU growth from acquisitions
Cable OSI net of CAPEX
Ps. in billions
3.9
3.0
2.1
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | LTM |
-0.4 | -0.2 | -1.5 | -1.4 | 2Q´19 | ||||
-4.8 | -4.3 | |||||||
22
GROWING OPERATING CASH FLOW: Sky
Sky net adds | ||||
RGUs in millions | ||||
1.1 | 1.1 | |||
1.0 | 0.9 | |||
0.7 | ||||
0.6 | 0.6 | |||
0.2 | ||||
0.0 | -0.3 | -0.3 |
Sky OSI net of CAPEX | ||||||
Ps. in billions | 6.3 | |||||
5.9 | ||||||
5.6 | ||||||
3.1 | 3.5 | 3.7 | ||||
2.8 | 2.7 | |||||
2.3 | ||||||
Source: Grupo Televisa's public filings
Cash flow has increased substantially after 2016 due to lower capital needs
- Sky launched VeTV is 2010, apre-paid basic pay TV package and launched an aggressive campaign to add new subscribers
- Its net adds reached a peak in 2012 installing over 40,000 new services every week, on average
- In 2016, growth further accelerated with the shut- down of the FTA analog signals
- Majority of LTM subscriber losses are attributed to thepost-World Cup effect
- Slower net adds starting in 2017 meant lower CAPEX requirement and more cash flow
- In 2018 Sky launched broadband services through the brand Blue Telecomm, reaching 238 thousand RGUs in 2Q 2019
23
DEFINING TRENDS
- Highlights 2Q'19
-
Diversified revenue streams
III. Growing operating cash flow
IV. Untapped opportunities in growth markets
V. Strong balance sheet
24
UNTAPPED OPPORTUNITIES: Broadband Market
Composition of Broadband Subs in | Broadband Net Adds | ||||||||||||
Mexico | |||||||||||||
Thousand RGUs | |||||||||||||
2.6% | |||||||||||||
Incumbent | 249 | ||||||||||||
DSL | 20.2% | ||||||||||||
Televisa Cable | |||||||||||||
39.1% | |||||||||||||
Coaxial | |||||||||||||
Fiber | 110 | ||||||||||||
Other | 36 | 311 | |||||||||||
62 | |||||||||||||
38.1% | 145 | 157 | 173 | 136 | 4 | ||||||||
89 | |||||||||||||
62 | |||||||||||||
-23 | -8 | ||||||||||||
3Q'17 | 4Q'17 | 1Q'18 | 2Q'18 | 3Q´18 | 4Q´18 | 1Q´19 | |||||||
- According to the Mexican regulator, as of the end of the third quarter 2018, 7.1 million customers were still on copper (DSL: Digital Subscriber Line)
- This is a fertile pool for Cable as it takes advantage of its superior coaxial and fiber infrastructure
- Over the last seven quarters our Cable Segment has added more than twice the number of Broadband RGUs added by the incumbent
Source: Internal analysis based on IFT and other companies ' public information | 25 |
UNTAPPED OPPORTUNITIES: Broadband Market
Telecom Market Share | ||||||||||||
Televisa Cable Market Share - | ||||||||||||
Bradband services | AMX | |||||||||||
6.6% | ||||||||||||
22.2% | 24.1% | 24.2% | 5.8% | Telefónica | ||||||||
21.3% | 4.0% | |||||||||||
20.8% | AT&T | |||||||||||
16.4% | 4.4% | Megacable | ||||||||||
13.1% | 10.5% | 53.7% | Sky | |||||||||
Televisa Cable | ||||||||||||
Otros | ||||||||||||
15.0% | ||||||||||||
As of 1Q19 | ||||||||||||
2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 1Q'19 | ||||||
oIn spite of Televisa's strong growth in the | ||||||||||||
oOur cable operation, izzi, has been gaining | ||||||||||||
market share for more than 6 years | telecom market, it is still a small participant in |
the industry
Source: Internal analysis based on IFT and other companies' public information | 26 |
UNTAPPED OPPORTUNITIES: Broadband Market
Fixed broadband penetration
% per 100 inhabitants
50.0
subscribers per 100 inhabitants
40.0
30.0
20.0
10.0
0.0
Switzerland | Denmark | France | Netherlands | Norway | Korea | Germany | United Kingdom | Belgium | Sweden | Iceland | Canada | Greece | Luxembourg | Portugal | United States | New Zealand | Spain | Estonia | Japan | Hungary | Finland | Australia | Czech Republic | Ireland | Slovenia | Austria | Italy | Lithuania | Slovak Republic | Israel | Latvia | Poland | Chile | Turkey | Mexico | Colombia |
- Mexico's broadband market is just developing. Broadband customers in Mexico still have among the lowest speeds in the OECD.
- Mexico has the second lowest penetration of broadband services of all OECD countries, and the lowest speed.
- We are positioned like to no other operator in Mexico to benefit from increased demand for broadband.
Source: OECD, Broadband Portal (December 2018) | 27 |
UNTAPPED OPPORTUNITIES: Broadband Market
There are 33mmhomes in the country
of which more than 14.8mmhomes are passed by Televisa Cable
Of those, more than 90%are capable of getting 100Mbps from Televisa Cable
but only 4.6mmhomes are currently customers of our broadband offering
There is plenty of room for further growth under existing homes passed
In the large majority of the markets we reach, Televisa is the provider capable of delivering the fastest speeds
Source: Internal analysis based on IFT and other companies' public information | 28 |
DEFINING TRENDS
- Highlights 2Q'19
-
Diversified revenue streams
III. Growing operating cash flow
IV. Untapped opportunities in growth markets
V. Strong balance sheet
29
STRONG BALANCE SHEET
Limited FX exposure, comfortable debt profile, long maturities
An operating hedgewith a similar amount in dollar-denominated revenue and in dollar-denominated costs and expenses
- dollar-denominatedrevenue US$933 million(2018)
- dollar-denominatedcosts and expenses US$750 million(2018)
A balance sheet hedgewith a similar amount in dollar-denominated assets and liabilities (2Q19)
- US$4.4bin total debt includes (1) USD debt, (2) capital lease obligations, (3) other notes payable
- US$4.2bin total assets includes (1) our stake in Univision, (2) cash and temporary investments
We have a very comfortable debt profile with very long maturities
- Net debt to OSI ratio: around2.3xas of 2Q19 (LTM OSI)
- ClosestUSD-denominated maturity: US$600 million in 2025
- ClosesMXN-denominated maturity: MXN$10 billion in 2020
- Weighted average maturity: USD is19.5 years, MXN is 7.2years
- 2Q19 USD/MXN breakdown (w/ leases):61% of debt was in USD, 39%of debt in MXN.
- 2Q19 weighted average interest rates: inUSD 5.92%, in MXN 7.55%
- US$211 millionin interest expense (2019), all of which is hedged
- On July 8, 2019, we executed a credit agreement for a five year term loan in an amount ofMXN$10,000 million with a syndicate of banks.
Source: Grupo Televisa's public filings. | 30 |
OTHER RELEVANT INFORMATION
31
SUSTAINABILITY:Many recent milestones
oIncluded as a constituent of the 2019 FTSE4Good Emerging Index,for the fourth consecutive year.
oIncluded in the2019 Bloomberg Gender-Equality Index.
oMember of theDow Jones Sustainability MILA Pacific Alliance Index.
oOne of only three Mexican companies to be included in the Dow Jones
Sustainability Emerging Markets Index.
oPart of the United Nations (UN) Global Compact, the world's largest corporate
sustainability initiative.
oTelevisa has submitted our Report for Climate Change and Waterthrough CDP (formerly the Carbon Disclosure Project).
oMembers of the IPC Sustentable(Sustainability Index), of the Bolsa Mexicana de Valores (Mexican Stock Exchange).
oTelevisa's social responsibility programs were recognized for the second time with
the "Empresa Socialmente Responsable" award.
oOur facilities Santa Fe, San Ángel and Collection Center received the Environmental Quality Certificateissued by federal environmental entities.
oTelevisa was recertified with the new version of the norm ISO 14001:2015in three of our facilities: Santa Fe, San Ángel and Collection Center.
Source: Grupo Televisa's public filings | 32 |
Investor Relations
www.televisair.com
+ (52) 55 5261 2438
Av. Vasco de Quiroga 2000, A4. Col. Santa Fe
CP. 01210
Mexico City
Carlos Madrazo
VP, Head of Investor Relations cmadrazov@televisa.com.mx
Santiago Casado
Investor Relations Director scasado@televisa.com.mx
Pablo Necoechea
Sustainability and Analysis Coordinator pdnecoecheap@televisa.com.mx
Ana Paola Montiel
Investor Relations Analyst apmontiel@televisa.com.mx
Attachments
- Original document
- Permalink
Disclaimer
Grupo Televisa SAB published this content on 18 July 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 July 2019 19:49:06 UTC