UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of July, 2005 GRUPO TELEVISA, S.A. ------------------------------------------------- (Translation of registrant's name into English) Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico, D.F. --------------------------------------------------------------------- (Address of principal executive offices) (Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.) Form 20-F X Form 40-F ------- ------- (Indicate by check mark whether the registrant by furnishing the information contained in this Form is also furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.) Yes No X ----- ----- If "Yes" is marked indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-______. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2005 AND 2004 (Thousands of Mexican Pesos) FINAL PRINTING ----------------------------------------------------------------------------------------------------------------------------- REF CONCEPTS CURRENT YEAR PREVIOUS YEAR ---------------------- ----------------------- S AMOUNT % AMOUNT % ---------------------------------------------------------------------- ---------------------- ----------------------- 1 TOTAL ASSETS 66,027,254 100 64,034,670 100 2 CURRENT ASSETS 26,049,342 39 22,216,382 35 3 CASH AND SHORT-TERM INVESTMENTS 14,689,904 22 12,274,099 19 4 ACCOUNTS AND NOTES RECEIVABLE (NET) 5,485,064 8 4,292,541 7 5 OTHER ACCOUNTS AND NOTES RECEIVABLE (NET) 1,227,752 2 1,011,963 2 6 INVENTORIES 3,853,579 6 3,875,698 6 7 OTHER CURRENT ASSETS 793,043 1 762,081 1 8 LONG-TERM 6,455,400 10 7,176,387 11 9 ACCOUNTS AND NOTES RECEIVABLE (NET) 0 0 0 0 10 INVESTMENT IN SHARES OF NON-CONSOLIDATED SUBSIDIARIES AND ASSOCIATES 6,272,640 10 6,837,505 11 11 OTHER INVESTMENTS 182,760 0 338,882 1 12 PROPERTY, PLANT AND EQUIPMENT (NET) 19,096,794 29 19,314,507 30 13 LAND AND BUILDINGS 13,023,966 20 13,034,425 20 14 MACHINERY AND INDUSTRIAL EQUIPMENT 19,037,351 29 15,161,260 24 15 OTHER EQUIPMENT 3,167,687 5 3,003,375 5 16 ACCUMULATED DEPRECIATION 16,813,290 25 12,660,041 20 17 CONSTRUCTION IN PROGRESS 681,080 1 775,488 1 18 DEFERRED ASSETS (NET) 10,198,132 15 9,906,595 15 19 OTHER ASSETS 4,227,586 6 5,420,799 8 20 TOTAL LIABILITIES 41,027,026 100 38,720,132 100 21 CURRENT LIABILITIES 7,932,044 19 5,380,531 14 22 SUPPLIERS 2,838,890 7 2,278,802 6 23 BANK LOANS 130,040 0 170,024 0 24 STOCK MARKET LOANS 2,205,795 5 0 0 25 TAXES PAYABLE 421,704 1 766,894 2 26 OTHER CURRENT LIABILITIES 2,335,615 6 2,164,811 6 27 LONG-TERM LIABILITIES 21,253,071 52 22,514,363 58 28 BANK LOANS 4,817,239 12 2,114,615 5 29 STOCK MARKET LOANS 14,623,370 36 18,229,482 47 30 OTHER LOANS 1,812,462 4 2,170,266 6 31 DEFERRED LIABILITIES 11,686,152 28 10,428,327 27 32 OTHER LIABILITIES 155,759 0 396,911 1 33 CONSOLIDATED STOCKHOLDERS' EQUITY 25,000,228 100 25,314,538 100 34 MINORITY INTEREST 56,434 0 (249,854) (1) 35 MAJORITY INTEREST 24,943,794 100 25,564,392 101 36 CONTRIBUTED CAPITAL 13,755,842 55 13,755,842 54 37 CAPITAL STOCK (NOMINAL) 2,524,174 10 2,524,174 10 38 RESTATEMENT OF CAPITAL STOCK 7,122,600 28 7,122,600 28 39 PREMIUM ON SALES OF SHARES 4,109,068 16 4,109,068 16 40 CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES 0 0 0 0 41 EARNED CAPITAL 11,187,952 45 11,808,550 47 42 RETAINED EARNINGS AND CAPITAL RESERVE 6,665,107 27 6,935,663 27 43 RESERVE FOR REPURCHASE OF SHARES 5,603,610 22 5,603,610 22 44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK- HOLDERS' EQUITY (2,951,924) (12) (1,705,057) (7) 45 NET INCOME FOR THE YEAR 1,871,159 7 974,334 4 MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. CONSOLIDATED BALANCE SHEETS BREAKDOWN OF MAJOR CONCEPTS (Thousands of Mexican Pesos) FINAL PRINTING -------------------------------------------------------------------------------------------------------------------------- REF CONCEPTS CURRENT YEAR PREVIOUS YEAR ----------------------- ----------------------- S Amount % Amount % ---------------------------------------------------------------- ----------------------- ----------------------- 3 CASH AND SHORT-TERM INVESTMENTS 14,689,904 100 12,274,099 100 46 CASH 451,738 3 591,940 5 47 SHORT-TERM INVESTMENTS 14,238,166 97 11,682,159 95 18 DEFERRED ASSETS (NET) 10,198,132 100 9,906,595 100 48 DEFERRED EXPENSES (NET) 2,702,853 27 1,758,216 18 49 GOODWILL 7,495,279 73 8,148,379 82 50 DEFERRED TAXES 0 0 0 0 51 OTHER 0 0 0 0 21 CURRENT LIABILITIES 7,932,044 100 5,380,531 100 52 FOREIGN CURRENCY LIABILITIES 4,460,551 56 2,526,363 47 53 MEXICAN PESOS LIABILITIES 3,471,493 44 2,854,168 53 24 STOCK MARKET LOANS 2,205,795 100 0 100 54 COMMERCIAL PAPER 0 0 0 0 55 CURRENT MATURITIES OF MEDIUM-TERM NOTES 0 0 0 0 56 CURRENT MATURITIES OF BONDS 2,205,795 100 0 0 26 OTHER CURRENT LIABILITIES 2,335,615 100 2,164,811 100 57 OTHER CURRENT LIABILITIES WITH COST 72,175 3 72,129 3 58 OTHER CURRENT LIABILITIES WITHOUT COST 2,263,440 97 2,092,682 97 27 LONG-TERM LIABILITIES 21,253,071 100 22,514,363 100 59 FOREIGN CURRENCY LIABILITIES 15,487,837 73 1,469,366 7 60 MEXICAN PESOS LIABILITIES 5,765,234 27 21,044,997 93 29 STOCK MARKET LOANS 14,623,370 100 18,229,482 100 61 BONDS 14,623,370 100 18,229,482 100 62 MEDIUM-TERM NOTES 0 0 0 0 30 OTHER LOANS 1,812,462 100 2,170,266 100 63 OTHER LOANS WITH COST 1,239,139 68 1,469,366 68 64 OTHER LOANS WITHOUT COST 573,323 32 700,900 32 31 DEFERRED LIABILITIES 11,686,152 100 10,438,327 100 65 NEGATIVE GOODWILL 0 0 0 0 66 DEFERRED TAXES 1,268,572 11 814,659 8 67 OTHER 10,417,580 89 9,623,668 92 32 OTHER LIABILITIES 155,759 100 396,911 100 68 RESERVES 155,759 100 0 0 69 OTHER LIABILITIES 0 0 396,911 100 44 EXCESS (SHORTFALL) IN RESTATEMENT OF STOCK- (2,951,924) 100 (1,705,057) 100 HOLDERS' EQUITY 70 ACCUMULATED MONETARY RESULT (31,791) (1) (31,791) (2) 71 RESULT FROM HOLDING NON-MONETARY ASSETS (2,920,133) (99) (1,673,266) (98) MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. CONSOLIDATED FINANCIAL STATEMENTS OTHER CONCEPTS (Thousands of Mexican Pesos) FINAL PRINTING ---------------------------------------------------------------------------------------------------------------------------- REF CONCEPTS CURRENT YEAR PREVIOUS YEAR -------------------------- -------------------- S Amount Amount ------------------------------------------------ -------------------------- -------------------- 72 WORKING CAPITAL 18,117,298 16,835,851 73 PENSIONS AND SENIORITY PREMIUMS 1,182,694 1,027,473 74 EXECUTIVES (*) 35 35 75 EMPLOYEES (*) 14,651 14,070 76 WORKERS (*) 0 0 77 OUTSTANDING SHARES (*) 340,788,146,907 8,789,447,309 78 REPURCHASED SHARES (*) 28,485,223,494 676,100,650 (*) THESE CONCEPTS ARE STATED IN UNITS MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. CONSOLIDATED STATEMENTS OF INCOME FROM JANUARY 1 THROUGH JUNE 30, 2005 AND 2004 (Thousands of Mexican Pesos) FINAL PRINTING -------------------------------------------------------------------------------------------------------------------------- REF CONCEPTS CURRENT YEAR PREVIOUS YEAR ----------------------- ------------------------- R Amount % Amount % ---------------------------------------------------------------- ----------------------- ------------------------- 1 NET SALES 14,226,481 100 13,240,165 100 2 COST OF SALES 7,621,655 54 7,682,296 58 3 GROSS PROFIT 6,604,826 46 5,557,869 42 4 OPERATING EXPENSES 2,261,281 16 2,029,077 15 5 OPERATING INCOME 4,343,545 31 3,528,792 27 6 INTEGRAL FINANCING COST 975,709 7 540,594 4 7 INCOME AFTER INTEGRAL FINANCING COST 3,367,836 24 2,988,198 23 8 OTHER FINANCIAL OPERATIONS 449,709 3 492,505 4 9 INCOME BEFORE TAXES AND EMPLOYEES' PROFIT SHARING 2,918,127 21 2,495,693 19 10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT SHARING 761,443 5 649,505 5 11 NET INCOME AFTER TAXES AND EMPLOYEES' PROFIT SHARING 2,156,684 15 1,846,188 14 12 SHARE IN NET INCOME OF NON-CONSOLIDATED SUBSIDIARIES AND ASSOCIATES 155,366 1 154,441 1 13 CONSOLIDATED NET INCOME OF CONTINUING OPERATIONS 2,312,050 16 2,000,629 15 14 INCOME FROM DISCONTINUED OPERATIONS 0 0 0 0 15 CONSOLIDATED NET INCOME BEFORE EXTRAORDINARY ITEMS 2,312,050 16 2,000,629 15 16 EXTRAORDINARY ITEMS, NET EXPENSE (INCOME) 0 0 0 0 17 CUMULATIVE EFFECT FROM ACCOUNTING CHANGE, NET 177,907 1 1,034,919 8 18 NET CONSOLIDATED INCOME 2,134,143 15 965,710 7 19 NET INCOME OF MINORITY INTEREST 262,984 2 (8,624) 0 20 NET INCOME OF MAJORITY INTEREST 1,871,159 13 974,334 7 MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. CONSOLIDATED STATEMENTS OF INCOME BREAKDOWN OF MAIN CONCEPTS (Thousands of Mexican Pesos) FINAL PRINTING -------------------------------------------------------------------------------------------------------------------------- REF CONCEPTS CURRENT YEAR PREVIOUS YEAR ----------------------- ------------------------- R Amount % Amount % ---------------------------------------------------------------- ----------------------- ------------------------- 1 NET SALES 14,226,481 100 13,240,165 100 21 DOMESTIC 12,494,031 88 10,834,159 82 22 FOREIGN 1,732,450 12 2,406,006 18 23 TRANSLATED INTO DOLLARS (***) 161,278 1 199,889 2 6 INTEGRAL FINANCING COST 975,709 100 540,594 100 24 INTEREST EXPENSE 1,077,675 110 766,280 142 25 FOREIGN EXCHANGE LOSS 399,886 41 0 0 26 INTEREST INCOME 555,959 57 333,972 62 27 FOREIGN EXCHANGE GAIN 0 0 66,946 12 28 RESULT FROM MONETARY POSITION 41,756 4 139,513 26 42 LOSS ON RESTATEMENT OF UDI'S 12,351 1 35,719 7 43 GAIN ON RESTATEMENT OF UDI'S 0 0 0 0 8 OTHER FINANCIAL OPERATIONS 449,709 100 492,505 100 29 OTHER EXPENSE (INCOME) NET 449,709 100 492,505 100 30 (GAIN) LOSS ON SALE OF OWN SHARES 0 0 0 0 31 (GAIN) LOSS ON SALE OF SHORT-TERM INVESTMENTS 0 0 0 0 10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT SHARING 761,443 100 649,505 100 32 INCOME TAX 784,190 103 634,662 98 33 DEFERRED INCOME TAX (26,016) (3) 11,958 2 34 EMPLOYEES' PROFIT SHARING 3,269 0 2,885 0 35 DEFERRED EMPLOYEES' PROFIT SHARING 0 0 0 0 (***) THOUSANDS OF DOLLARS MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. CONSOLIDATED STATEMENTS OF INCOME OTHER CONCEPTS (Thousands of Mexican Pesos) FINAL PRINTING --------------------------------------------------------------------------------------------------------------------------- REF CONCEPTS CURRENT YEAR PREVIOUS YEAR ----------------------- ------------------------- R Amount % Amount % ----------------------------------------------------------------- ----------------------- ------------------------- 36 TOTAL SALES 15,393,327 14,228,546 37 TAX RESULT FOR THE YEAR 1,462,716 0 38 NET SALES (**) 30,543,174 26,751,438 39 OPERATING INCOME (**) 9,440,786 7,161,713 40 NET INCOME OF MAJORITY INTEREST (**) 5,247,968 3,137,938 41 NET CONSOLIDATED INCOME (**) 5,752,826 3,009,158 (**) RESTATED INFORMATION FOR THE LAST TWELVE MONTHS MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME FROM APRIL 1 THROUGH JUNE 30, 2005 AND 2004 (Thousands of Mexican Pesos) FINAL PRINTING -------------------------------------------------------------------------------------------------------------------------- REF CONCEPTS CURRENT YEAR PREVIOUS YEAR ----------------------- ------------------------- R Amount % Amount % ---------------------------------------------------------------- ----------------------- ------------------------- 1 NET SALES 7,856,388 100 7,779,548 100 2 COST OF SALES 4,001,548 51 4,314,338 55 3 GROSS PROFIT 3,854,840 49 3,465,210 45 4 OPERATING EXPENSES 1,156,115 15 1,147,711 15 5 OPERATING INCOME 2,698,725 34 2,317,499 30 6 INTEGRAL FINANCING COST 672,919 9 155,076 2 7 INCOME AFTER INTEGRAL FINANCING COST 2,025,806 26 2,162,423 28 8 OTHER FINANCIAL OPERATIONS 249,849 3 259,763 3 9 INCOME BEFORE TAXES AND EMPLOYEES' PROFIT SHARING 1,775,957 23 1,902,660 24 10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT SHARING 450,331 6 482,725 6 11 NET INCOME AFTER TAXES AND EMPLOYEES' PROFIT SHARING 1,325,626 17 1,419,935 18 12 SHARE IN NET INCOME OF NON-CONSOLIDATED SUBSIDIARIES AND ASSOCIATES 136,990 2 108,005 1 13 CONSOLIDATED NET INCOME OF CONTINUING OPERATIONS 1,462,616 19 1,527,940 20 14 INCOME FROM DISCONTINUED OPERATIONS 0 0 0 0 15 CONSOLIDATED NET INCOME BEFORE EXTRAORDINARY ITEMS 1,462,616 19 1,527,940 20 16 EXTRAORDINARY ITEMS, NET EXPENSE (INCOME) 0 0 0 0 17 CUMULATIVE EFFECT FROM ACCOUNTING CHANGE, NET 0 0 1,034,919 13 18 NET CONSOLIDATED INCOME 1,462,616 19 493,021 6 19 NET INCOME OF MINORITY INTEREST 185,556 2 11,469 0 20 NET INCOME OF MAJORITY INTEREST 1,277,060 16 481,552 6 MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. QUARTERLY CONSOLIDATED STATEMENTS OF INCOME BREAKDOWN OF MAIN CONCEPTS (Thousands of Mexican Pesos) FINAL PRINTING --------------------------------------------------------------------------------------------------------------------------- REF CONCEPTS CURRENT YEAR PREVIOUS YEAR ----------------------- ------------------------- R Amount % Amount % ----------------------------------------------------------------- ----------------------- ------------------------- 1 NET SALES 7,856,388 100 7,779,548 100 21 DOMESTIC 6,911,389 88 6,483,972 83 22 FOREIGN 944,999 12 1,295,576 17 23 TRANSLATED INTO DOLLARS (***) 90,717 1 104,695 1 6 INTEGRAL FINANCING COST 672,919 100 155,076 100 24 INTEREST EXPENSE 540,529 80 460,212 297 25 FOREIGN EXCHANGE LOSS 370,075 55 0 0 26 INTEREST INCOME 263,600 39 175,721 113 27 FOREIGN EXCHANGE GAIN 0 0 74,630 48 28 RESULT FROM MONETARY POSITION 23,809 4 (26,193) (17) 42 LOSS ON RESTATEMENT OF UDI'S 2,106 0 0 0 43 GAIN ON RESTATEMENT OF UDI'S 0 0 28,592 18 8 OTHER FINANCIAL OPERATIONS 249,849 100 259,763 100 29 OTHER EXPENSE (INCOME) NET 249,849 100 259,763 100 30 (GAIN) LOSS ON SALE OF OWN SHARES 0 0 0 0 31 (GAIN) LOSS ON SALE OF SHORT-TERM INVESTMENTS 0 0 0 0 10 PROVISION FOR TAXES AND EMPLOYEES' PROFIT SHARING 450,331 100 482,725 100 32 INCOME TAX 521,578 116 431,004 89 33 DEFERRED INCOME TAX (73,663) (16) 49,567 10 34 EMPLOYEES' PROFIT SHARING 2,416 1 2,154 0 35 DEFERRED EMPLOYEES' PROFIT SHARING 0 0 0 0 (***) THOUSANDS OF DOLLARS MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION FROM JANUARY 1 THROUGH JUNE 30, 2005 AND 2004 (Thousands of Mexican Pesos) FINAL PRINTING ---------------------------------------------------------------------------------------------------------------------------- REF CONCEPTS CURRENT YEAR PREVIOUS YEAR ----------------------- ------------------------- C Amount Amount ------------------------------------------------------------------ ----------------------- ------------------------- 1 CONSOLIDATED NET INCOME 2,134,143 965,710 2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT REQUIRE USING RESOURCES 1,318,555 1,942,042 3 RESOURCES FROM NET INCOME FOR THE YEAR 3,452,698 2,907,752 4 RESOURCES FROM CHANGE IN WORKING CAPITAL 1,482,986 1,165,662 5 RESOURCES PROVIDED BY (USED FOR) OPERATING ACTIVITIES 4,935,684 4,073,414 6 CASH FLOW FROM EXTERNAL FINANCING (609,494) 224,990 7 CASH FLOW FROM INTERNAL FINANCING (4,503,406) (4,017,189) 8 RESOURCES PROVIDED BY (USED FOR) FINANCING ACTIVITIES (5,112,900) (3,792,199) 9 RESOURCES PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES (1,906,836) (1,481,562) 10 NET INCREASE (DECREASE) IN CASH AND SHORT-TERM INVESTMENTS (2,084,052) (1,200,347) 11 CASH AND SHORT-TERM INVESTMENTS AT THE BEGINNING OF PERIOD 16,773,956 13,474,446 12 CASH AND SHORT-TERM INVESTMENTS AT THE END OF PERIOD 14,689,904 12,274,099 MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION BREAKDOWN OF MAIN CONCEPTS (Thousands of Mexican Pesos) FINAL PRINTING ----------------------------------------------------------------------------------------------------------------------------- REF CONCEPTS CURRENT YEAR PREVIOUS YEAR ----------------------- ------------------------- C Amount Amount ------------------------------------------------------------------- ----------------------- ------------------------- 2 + (-) ITEMS ADDED TO INCOME WHICH DO NOT REQUIRE USING RESOURCES 1,318,555 1,942,042 13 DEPRECIATION AND AMORTIZATION FOR THE YEAR 1,090,582 915,862 14 + (-) NET INCREASE (DECREASE) IN PENSIONS AND SENIORITY PREMIUMS 0 0 15 + (-) NET LOSS (GAIN) IN FOREIGN EXCHANGE 0 0 16 + (-) NET LOSS (GAIN) IN ASSETS AND LIABILITIES RESTATEMENT 0 0 17 + (-) OTHER ITEMS 0 0 40 + (-) OTHER NON-EBITDA ITEMS 227,973 1,026,180 4 RESOURCES FROM CHANGE IN WORKING CAPITAL 1,482,986 1,165,662 18 + (-) DECREASE (INCREASE) IN ACCOUNTS RECEIVABLE 5,834,407 7,096,788 19 + (-) DECREASE (INCREASE) IN INVENTORIES 669,215 416,042 20 + (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLE (113,010) (78,753) 21 + (-) INCREASE (DECREASE) IN SUPPLIERS 686,624 (414,512) 22 + (-) INCREASE (DECREASE) IN OTHER LIABILITIES (5,594,250) (5,853,903) 6 CASH FLOW FROM EXTERNAL FINANCING (609,494) 224,990 23 + SHORT-TERM BANK AND STOCK MARKET FINANCING 0 0 24 + LONG-TERM BANK AND STOCK MARKET FINANCING 6,445,200 477,414 25 + DIVIDEND RECEIVED 0 0 26 + OTHER FINANCING 0 0 27 (-) BANK FINANCING AMORTIZATION (150,301) (127,522) 28 (-) STOCK MARKET FINANCING AMORTIZATION (6,759,345) 0 29 (-) OTHER FINANCING AMORTIZATION (145,048) (124,902) 7 CASH FLOW FROM INTERNAL FINANCING (4,503,406) (4,017,189) 30 + (-) INCREASE (DECREASE) IN CAPITAL STOCK 0 0 31 (-) DIVIDENDS PAID (4,200,125) (4,013,109) 32 + PREMIUM ON SALE OF SHARES 0 0 33 + CONTRIBUTION FOR FUTURE CAPITAL INCREASES (303,281) (4,080) 9 RESOURCES PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES (1,906,836) (1,481,562) 34 + (-) DECREASE (INCREASE) IN PERMANENT INVESTMENTS 73,418 (261,373) 35 (-) ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT (1,058,290) (721,198) 36 (-) INCREASE IN CONSTRUCTION IN PROGRESS 0 0 37 + SALE OF OTHER PERMANENT INVESTMENTS 0 0 38 + SALE OF TANGIBLE FIXED ASSETS 71,673 71,798 39 + (-) OTHER ITEMS (993,637) (570,789) MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. RATIOS CONSOLIDATED FINAL PRINTING ----------------------------------------------------------------------------------------------------------------------------- REF CONCEPTS CURRENT YEAR PREVIOUS YEAR P ------------------------------------------------------------------- ----------------------- ------------------------- YIELD 1 NET INCOME TO NET SALES 15.00 % 7.29 % 2 NET INCOME TO STOCKHOLDERS' EQUITY (**) 21.04 % 12.27 % 3 NET INCOME TO TOTAL ASSETS (**) 8.71 % 4.70 % 4 CASH DIVIDENDS TO PREVIOUS YEAR NET INCOME 96.53 % 105.24 % 5 RESULT FROM MONETARY POSITION TO NET INCOME (1.96) % (14.45) % ACTIVITY 6 NET SALES TO NET ASSETS (**) 0.46 times 0.42 times 7 NET SALES TO FIXED ASSETS (**) 1.60 times 1.39 times 8 INVENTORIES TURNOVER (**) 4.28 times 4.06 times 9 ACCOUNTS RECEIVABLE IN DAYS OF SALES 60 days 51 days 10 PAID INTEREST TO TOTAL LIABILITIES WITH COST (**) 9.75 % 6.45 % LEVERAGE 11 TOTAL LIABILITIES TO TOTAL ASSETS 62.14 % 60.47 % 12 TOTAL LIABILITIES TO STOCKHOLDERS' EQUITY 1.64 times 1.53 times 13 FOREIGN CURRENCY LIABILITIES TO TOTAL LIABILITIES 48.62 % 10.32 % 14 LONG-TERM LIABILITIES TO FIXED ASSETS 111.29 % 116.57 % 15 OPERATING INCOME TO INTEREST PAID 4.03 times 4.61 times 16 NET SALES TO TOTAL LIABILITIES (**) 0.74 times 0.69 times LIQUIDITY 17 CURRENT ASSETS TO CURRENT LIABILITIES 3.28 times 4.13 times 18 CURRENT ASSETS LESS INVENTORY TO CURRENT LIABILITIES 2.80 times 3.41 times 19 CURRENT ASSETS TO TOTAL LIABILITIES 0.63 times 0.57 times 20 AVAILABLE ASSETS TO CURRENT LIABILITIES 185.20 % 228.12 % CASH FLOW 21 RESOURCES FROM NET INCOME TO NET SALES 24.27 % 21.96 % 22 RESOURCES FROM CHANGES IN WORKING CAPITAL TO NET SALES 10.42 % 8.80 % 23 RESOURCES GENERATED (USED) IN OPERATING TO INTEREST PAID 4.58 times 5.32 times 24 EXTERNAL FINANCING TO RESOURCES PROVIDED BY (USED FOR) FINANCING 11.92 % (5.93) % 25 INTERNAL FINANCING TO RESOURCES PROVIDED BY (USED FOR) FINANCING 88.08 % 105.93 % 26 ACQUISITION OF PROPERTY, PLANT AND EQUIPMENT TO RESOURCES PROVIDED BY (USED FOR) INVESTMENT ACTIVITIES 55.50 % 48.68 % (**) RATIOS TAKE INTO CONSIDERATION THE LAST TWELVE MONTHS. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. DATA PER SHARE CONSOLIDATED FINANCIAL STATEMENT FINAL PRINTING ---------------------------------------------------------------------------------------------------------------------------- REF CONCEPTS CURRENT YEAR PREVIOUS YEAR D Amount Amount ------------------------------------------------------------------ ----------------------- ------------------------- 1 BASIC PROFIT PER ORDINARY SHARE (**) $ .02 $ .36 2 BASIC PROFIT PER PREFERRED SHARE (**) $ .00 $ .36 3 DILUTED PROFIT PER ORDINARY SHARE (**) $ .00 $ .00 4 CONTINUING OPERATING PROFIT PER COMMON SHARE (**) $ .02 $ .47 5 EFFECT OF DISCONTINUED OPERATION ON CONTINUING OPERATING PROFIT PER SHARE (**) $ .00 $ (.01) 6 EFFECT OF EXTRAORDINARY PROFIT AND LOSS ON CONTINUING OPERATING PROFIT PER SHARE (**) $ .00 $ .00 7 EFFECT OF CHANGES IN ACCOUNTING POLICIES ON CONTINUING OPERATING PROFIT PER SHARE (**) $ .00 $ (.16) 8 CARRYING VALUE PER SHARE $ .07 $ 2.91 9 CASH DIVIDEND ACCUMULATED PER SHARE $ .01 $ .42 10 DIVIDEND IN SHARES PER SHARE .00 shares .10 shares 11 MARKET PRICE TO CARRYING VALUE 3.97 times 2.98 times 12 MARKET PRICE TO BASIC PROFIT PER ORDINARY SHARE (**) 18.57 times 24.33 times 13 MARKET PRICE TO BASIC PROFIT PER PREFERRED SHARE (**) .00 times 24.13 times (**) TO CALCULATE THE DATA PER SHARE USE THE NET INCOME FOR THE LAST TWELVE MONTHS. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. FINANCIAL STATEMENT NOTES (1) CONSOLIDATED FINAL PRINTING --------------------------------------------------------------------------- CONSOLIDATED FINANCIAL STATEMENTS - BREAKDOWN OF MAIN CONCEPTS - LINE S53 MEXICAN PESOS LIABILITIES. THIS CAPTION INCLUDES, IN THE SECOND QUARTER OF 2005, LIABILITIES IN FOREIGN CURRENCY (TAXES PAYABLE) FOR AN AMOUNT OF PS.45,482, WHICH CANNOT BE PRESENTED IN LINE S52 (FOREIGN CURRENCY LIABILITIES) SINCE THE SYSTEM DOES NOT ALLOW A RELATED VALIDATION WITH ANNEX 5 (ANALYSIS OF CREDITS). CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION LINE C33 "CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES" INCLUDES PS.229,069 OF RESALE OF SHARES REPURCHASED, AND PS.(532,350) OF REPURCHASE OF SHARES. THIS PRESENTATION WAS MADE AS DISCLOSED ABOVE DUE TO THE FACT THAT THE CURRENT FORMAT FOR THE STATEMENT OF CHANGES IN FINANCIAL POSITION IS RESTRICTED TO CERTAIN STANDARD CONCEPTS. -------------------------------------------------------------- (1) THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL STATEMENT AMOUNTS, INCLUDING THEIR BREAKDOWN OF MAIN CONCEPTS AND OTHER CONCEPTS. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. CONSOLIDATED FINAL PRINTING ANALYSIS OF PAID CAPITAL STOCK CHARACTERISTICS OF THE SHARES AUDITED INFORMATION --------------------------------------------------------------------------------------------------------------------------------- CAPITAL STOCK NUMBER OF SHARES (Thousands of Mexican Pesos) ----------------------------------------------------------------- ---------------------------- NOMINAL VALID FIXED VARIABLE FREE SERIES VALUE COUPON PORTION PORTION MEXICAN SUBSCRIPTION FIXED VARIABLE ---------- ----------- ----------- ----------------- ---------- ----------------- ------------------ --------------- ------------ A 0 114,426,881,940 114,426,881,940 852,636 B 0 54,129,895,555 54,129,895,555 411,974 D 0 86,115,684,706 86,115,684,706 629,782 L 0 86,115,684,706 86,115,684,706 629,782 TOTAL 340,788,146,907 0 254,672,462,201 86,115,684,706 2,524,174 0 TOTAL NUMBER OF SHARES REPRESENTING THE PAID-IN CAPITAL STOCK ON THE DATE THE INFORMATION WAS SENT 340,788,146,907 SHARES REPRESENTED BY: CPO's : 117 SHARES (25 SERIES A, 22 SERIES B, 35 SERIES D AND 35 SERIES L) UNITS : 0 ADRS's : 0 GDRS's : 0 ADS's : 0 GDS's : TWENTY CPO's SHARES REPURCHASED MARKET VALUE OF THE SHARE NUMBER OF AT REPURCHASE AT END OF THE SERIES SHARES AVERAGE PRICE QUARTER PRICE ----------------------------------------------------------------------------- A 10,309,362,235 0.19144 0.28504 B 6,139,787,241 0.19144 0.28504 D 6,018,037,009 0.19144 0.28504 L 6,018,037,009 0.19144 0.28504 NOTES: THE TABLE ABOVE REFLECTS OUTSTANDING SHARES PLUS THE SHARES REPURCHASED REPRESENT THE TOTAL NUMBER OF SHARES ISSUED. SEE NOTE 5 TO CONSOLIDATED FINANCIAL STATEMENTS. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA GRUPO TELEVISA, S.A. DECLARATION OF THE REGISTRANT'S OFFICERS RESPONSIBLE FOR THE INFORMATION. WE HEREBY DECLARE THAT, TO THE EXTENT OF OUR FUNCTIONS, WE PREPARED THE INFORMATION RELATED TO THE REGISTRANT CONTAINED IN THIS QUARTERLY REPORT, AND BASED ON OUR KNOWLEDGE, THIS INFORMATION FAIRLY PRESENTS THE REGISTRANT'S CONDITION. WE ALSO DECLARE THAT WE ARE NOT AWARE OF ANY RELEVANT INFORMATION WHICH HAS BEEN OMITTED OR UNTRUE IN THIS QUARTERLY REPORT, OR INFORMATION CONTAINED IN SUCH REPORT THAT MAY BE MISLEADING TO INVESTORS. --------------------------------- -------------------------------- EMILIO AZCARRAGA JEAN SALVI FOLCH VIADERO PRESIDENT AND CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER OFFICER MEXICO, D.F., JULY 14, 2005 MEXICAN STOCK EXCHANGE ("BMV") STOCK EXCHANGE CODE: TLEVISA DATE: 7/14/2005 GRUPO TELEVISA, S.A. GENERAL DATA OF ISSUER ======================================================================== COMPANY'S NAME: GRUPO TELEVISA, S.A. ADDRESS: AV. VASCO DE QUIROGA # 2000 NEIGHBORHOOD: SANTA FE ZIP CODE: 01210 CITY AND STATE: MEXICO, D.F. TELEPHONE: 5261-20-00 FAX: 5261-24-94 INTERNET ADDRESS: www.televisa.com.mx TAX DATA OF THE ISSUER ======================================================================== COMPANY TAX CODE: GTE901219GK3 ADDRESS: AV. VASCO DE QUIROGA # 2000 NEIGHBORHOOD: SANTA FE ZIP CODE: 01210 CITY AND STATE: MEXICO, D.F. RESPONSIBLE FOR PAYMENT ------------------------------------------------------------------------ NAME: C.P.C. JOSE RAUL GONZALEZ LIMA ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1 NEIGHBORHOOD: SANTA FE ZIP CODE: 01210 CITY AND STATE: MEXICO, D.F. TELEPHONE: 5261-25-77 FAX: 5261-20-43 E-MAIL: rglima@televisa.com.mx EXECUTIVES DATA ======================================================================== BMV POSITION: CHAIRMAN OF THE BOARD POSITION: CHAIRMAN OF THE BOARD NAME: SR. EMILIO FERNANDO AZCARRAGA JEAN ADDRESS: AV. CHAPULTEPEC # 28 PISO 1 NEIGHBORHOOD: DOCTORES ZIP CODE: 06724 CITY AND STATE: MEXICO, D.F. TELEPHONE: 5709-42-89 FAX: 5709-39-88 E-MAIL: emilio@televisa.com.mx --------------------------------------------------------------------------- BMV POSITION: GENERAL DIRECTOR POSITION: PRESIDENT AND CHIEF EXECUTIVE OFFICER NAME: SR. EMILIO FERNANDO AZCARRAGA JEAN ADDRESS: AV. CHAPULTEPEC # 28 PISO 1 NEIGHBORHOOD: DOCTORES ZIP CODE: 06724 CITY AND STATE: MEXICO, D.F. TELEPHONE: 5709-42-89 FAX: 5709-39-88 E-MAIL: emilio@televisa.com.mx --------------------------------------------------------------------------- BMV POSITION: FINANCE DIRECTOR POSITION: CHIEF FINANCIAL OFFICER NAME: LIC. SALVI FOLCH VIADERO ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4 NEIGHBORHOOD: SANTA FE ZIP CODE: 01210 CITY AND STATE: MEXICO, D.F. TELEPHONE: 5261-25-80 FAX: 5261-20-39 E-MAIL: sfolch@televisa.com.mx --------------------------------------------------------------------------- BMV POSITION: RESPONSIBLE FOR SENDING CORPORATE INFORMATION THROUGH EMISNET POSITION: DIRECTOR OF CORPORATE FINANCIAL INFORMATION NAME: C.P.C. JOSE RAUL GONZALEZ LIMA ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 1 NEIGHBORHOOD: SANTA FE ZIP CODE: 01210 CITY AND STATE: MEXICO, D.F. TELEPHONE: 5261-25-77 FAX: 5261-20-43 E-MAIL: rglima@televisa.com.mx --------------------------------------------------------------------------- BMV POSITION: RESPONSIBLE FOR SENDING SHARE REPURCHASE INFORMATION THROUGH EMISNET POSITION: VICE PRESIDENT OF CORPORATE FINANCE NAME: LIC. ALEXANDRE MOREIRA PENNA ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 3 NEIGHBORHOOD: SANTA FE ZIP CODE: 01210 CITY AND STATE: MEXICO, D.F. TELEPHONE: 5261-24-58 FAX: 5261-25-24 E-MAIL: apenna@televisa.com.mx --------------------------------------------------------------------------- BMV POSITION: RESPONSIBLE FOR LEGAL MATTERS POSITION: VICE PRESIDENT - LEGAL AND GENERAL COUNSEL OF GRUPO TELEVISA NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4 NEIGHBORHOOD: SANTA FE ZIP CODE: 01210 CITY AND STATE: MEXICO, D.F. TELEPHONE: 5261-25-85 FAX: 5261-25-46 E-MAIL: jmijares@televisa.com.mx --------------------------------------------------------------------------- BMV POSITION: SECRETARY OF THE BOARD OF DIRECTORS POSITION: EXTERNAL GENERAL COUNSEL NAME: LIC. RICARDO MALDONADO YANEZ ADDRESS: MONTES URALES # 505, PISO 3 NEIGHBORHOOD: LOMAS DE CHAPULTEPEC ZIP CODE: 11000 CITY AND STATE: MEXICO, D.F. TELEPHONE: 5201-74-47 FAX: 5520-10-65 E-MAIL: rmaldonado@macf.com.mx --------------------------------------------------------------------------- BMV POSITION: PROSECRETARY OF THE BOARD OF DIRECTORS POSITION: COUNSEL OF THE PRESIDENT NAME: LIC. JULIO BARBA HURTADO ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 2 NEIGHBORHOOD: SANTA FE ZIP CODE: 01210 CITY AND STATE: MEXICO, D.F. TELEPHONE: 5261-24-23 FAX: E-MAIL: jbarbah@televisa.com.mx --------------------------------------------------------------------------- BMV POSITION: RESPONSIBLE FOR INFORMATION TO INVESTORS POSITION: DIRECTOR OF INVESTOR RELATIONS NAME: LIC. MICHEL BOYANCE BALDWIN ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4 NEIGHBORHOOD: SANTA FE ZIP CODE: 01210 CITY AND STATE: MEXICO, D.F. TELEPHONE: 5261-24-46 FAX: 5261-24-94 E-MAIL: mboyance@televisa.com.mx --------------------------------------------------------------------------- BMV POSITION: RESPONSIBLE FOR SENDING INFORMATION THROUGH EMISNET POSITION: VICE PRESIDENT - LEGAL AND GENERAL COUNSEL OF GRUPO TELEVISA NAME: LIC. JUAN SEBASTIAN MIJARES ORTEGA ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4 NEIGHBORHOOD: SANTA FE ZIP CODE: 01210 CITY AND STATE: MEXICO, D.F. TELEPHONE: 5261-25-85 FAX: 5261-25-46 E-MAIL: jmijares@televisa.com.mx --------------------------------------------------------------------------- BMV POSITION: RESPONSIBLE FOR SENDING RELEVANT EVENTS THROUGH EMISNET POSITION: DIRECTOR OF INVESTOR RELATIONS NAME: LIC. MICHEL BOYANCE BALDWIN ADDRESS: AV. VASCO DE QUIROGA # 2000 EDIFICIO A PISO 4 NEIGHBORHOOD: SANTA FE ZIP CODE: 01210 CITY AND STATE: MEXICO, D.F. TELEPHONE: 5261-24-46 FAX: 5261-24-94 E-MAIL: mboyance@televisa.com.mx MEXICAN STOCK EXCHANGE ("BMV") STOCK EXCHANGE CODE: TLEVISA DATE: 7/14/2005 GRUPO TELEVISA, S.A. BOARD OF DIRECTORS =========================================================================== POSITION : PRESIDENT(S) NAME : EMILIO FERNANDO AZCARRAGA JEAN --------------------------------------------------------------------------- POSITION : VICE PRESIDENT(S) NAME : MARIA ASUNCION ARAMBURUZABALA LARREGUI --------------------------------------------------------------------------- POSITION : DIRECTOR(S) NAME : PEDRO ASPE ARMELLA NAME : ALBERTO BAILLERES GONZALEZ NAME : JULIO BARBA HURTADO NAME : JOSE ANTONIO BASTON PATINO NAME : MANUEL JORGE CUTILLAS COVANI NAME : ALFONSO DE ANGOITIA NORIEGA NAME : CARLOS FERNANDEZ GONZALEZ NAME : BERNARDO GOMEZ MARTINEZ NAME : CLAUDIO X. GONZALEZ LAPORTE NAME : ROBERTO HERNANDEZ RAMIREZ NAME : ENRIQUE KRAUZE KLEINBORT NAME : GERMAN LARREA MOTA VELAZCO NAME : GILBERTO PEREZALONSO CIFUENTES NAME : ALEJANDRO QUINTERO INIGUEZ NAME : FERNANDO SENDEROS MESTRE NAME : ENRIQUE FRANCISCO J. SENIOR HERNANDEZ NAME : CARLOS SLIM DOMIT NAME : LORENZO H. ZAMBRANO TREVINO --------------------------------------------------------------------------- POSITION : ALTERNATE DIRECTOR(S) NAME : HERBERT ALLEN III NAME : JUAN PABLO ANDRADE FRICH NAME : LUCRECIA ARAMBURUZABALA LARREGUI NAME : FELIX ARAUJO RAMIREZ NAME : MAXIMILIANO ARTEAGA CARLEBACH NAME : JOAQUIN BALCARCEL SANTA CRUZ NAME : JUAN FERNANDO CALVILLO ARMENDARIZ NAME : RAFAEL CARABIAS PRINCIPE NAME : FRANCISCO JOSE CHEVEZ ROBELO NAME : JOSE LUIS FERNANDEZ FERNANDEZ NAME : SALVI FOLCH VIADERO NAME : LEOPOLDO GOMEZ GONZALEZ BLANCO NAME : JOSE HEREDIA BRETON NAME : JOSE ANTONIO LARA DEL OLMO NAME : JORGE LUTTEROTH ECHEGOYEN NAME : JUAN SEBASTIAN MIJARES ORTEGA NAME : ALBERTO MONTIEL CASTELLANOS NAME : RAUL MORALES MEDRANO NAME : ALEXANDRE MOREIRA PENNA DA SILVA NAME : GUILLERMO NAVA GOMEZ-TAGLE --------------------------------------------------------------------------- POSITION : STATUTORY AUDITOR(S) NAME : MARIO SALAZAR ERDMANN --------------------------------------------------------------------------- POSITION : ALTERNATE STATUTORY AUDITOR(S) NAME : JOSE MIGUEL ARRIETA MENDEZ --------------------------------------------------------------------------- POSITION : SECRETARY(IES) OF THE BOARD NAME : RICARDO MALDONADO YANEZ --------------------------------------------------------------------------- POSITION : ALTERNATE SECRETARY(IES) OF THE BOARD NAME : JULIO BARBA HURTADO MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS ANNEX 1 CONSOLIDATED FINAL PRINTING ----------------------------------------------------------------------------- MEXICO CITY, D.F., JULY 14, 2005--GRUPO TELEVISA, S.A. (NYSE:TV; BMV: TLEVISA CPO) TODAY ANNOUNCED RESULTS FOR THE SECOND QUARTER OF 2005. THE RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH MEXICAN GAAP AND ARE ADJUSTED IN MILLIONS OF MEXICAN PESOS IN PURCHASING POWER AS OF JUNE 30, 2005. DURING THE FOURTH QUARTER OF 2004, WE AMENDED CERTAIN AGREEMENTS IN OUR PUBLISHING DISTRIBUTION SEGMENT, WHICH RESULTED IN A CHANGE IN THE ACCOUNTING TREATMENT OF THE RECOGNITION OF SALES AND COST OF GOODS SOLD. THIS CHANGE DOES NOT AFFECT OUR OIBDA RESULTS. NET SALES PRO-FORMA NET SALES INCREASED 6.5% TO PS.7,856.4 MILLION IN THE SECOND QUARTER OF 2005 COMPARED WITH PS.7,380 MILLION IN THE SECOND QUARTER OF LAST YEAR. THIS INCREASE WAS ATTRIBUTABLE TO REVENUE GROWTH IN OUR TELEVISION BROADCASTING, SKY MEXICO, PUBLISHING, PAY TELEVISION NETWORKS, CABLE TELEVISION, RADIO AND PUBLISHING DISTRIBUTION SEGMENTS. THESE INCREASES WERE PARTIALLY OFFSET BY LOWER SALES IN OUR OTHER BUSINESSES AND PROGRAMMING EXPORTS SEGMENTS. OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION ("OIBDA") INCREASED 12.8% TO PS.3,247.2 MILLION IN THE SECOND QUARTER OF 2005 COMPARED WITH PS.2,877.9 MILLION IN THE SECOND QUARTER OF 2004. THIS INCREASE REFLECTS HIGHER SALES, WHICH WERE PARTIALLY OFFSET BY AN INCREASE IN COST OF SALES AND OPERATING EXPENSES. OIBDA MARGIN EXPANDED TO AN ALL-TIME HIGH OF 41.3%, UP FROM A PRO-FORMA MARGIN OF 39% REPORTED IN THE SECOND QUARTER OF 2004. OPERATING INCOME ROSE 16.4% TO PS.2,698.7 MILLION IN THE SECOND QUARTER OF 2005 COMPARED WITH PS.2,317.5 MILLION REPORTED IN LAST YEAR'S SECOND QUARTER. THE CHARGE FOR OPERATING DEPRECIATION AND AMORTIZATION WAS OF PS.548.5 MILLION AND PS.560.4 MILLION IN THE SECOND QUARTERS OF 2005 AND 2004, RESPECTIVELY. NET INCOME INCREASED 165.2% TO PS.1,277.1 MILLION IN THE SECOND QUARTER OF 2005 COMPARED WITH PS.481.6 MILLION IN THE SECOND QUARTER OF 2004. THE NET INCREASE OF PS.795.5 MILLION REFLECTED: I) A PS.369.3 MILLION INCREASE IN OIBDA; II) A PS.11.9 MILLION DECREASE IN DEPRECIATION AND AMORTIZATION; III) A PS.11.4 MILLION DECREASE IN OTHER EXPENSE; IV) A PS.32.4 MILLION DECREASE IN INCOME TAXES; V) A PS.29 MILLION INCREASE IN EQUITY INCOME OF AFFILIATES; AND VI) THE ABSENCE OF A LOSS EFFECT IN ACCOUNTING CHANGE OF PS.1,034.9 MILLION. THESE FAVORABLE CHANGES WERE PARTIALLY OFFSET BY: I) A PS.517.8 MILLION INCREASE IN INTEGRAL COST OF FINANCING; II) A PS.1.5 MILLION INCREASE IN RESTRUCTURING AND NON-RECURRING CHARGES; AND III) A PS.174.1 MILLION INCREASE IN MINORITY INTEREST. PRO-FORMA RESULTS BY BUSINESS SEGMENT THE FOLLOWING SECOND-QUARTER PRO-FORMA NET SALES AND OPERATING INCOME (LOSS) BEFORE DEPRECIATION AND AMORTIZATION REFLECT THE CHANGE IN OUR ACCOUNTING TREATMENT OF THE RECOGNITION OF SALES AND COST OF GOODS SOLD IN OUR PUBLISHING DISTRIBUTION SEGMENT. TELEVISION BROADCASTING SALES INCREASED 7.5% TO PS.4,475.7 MILLION COMPARED WITH PS.4,163.4 MILLION IN THE SAME QUARTER OF LAST YEAR. THIS INCREASE WAS ATTRIBUTABLE TO THE ABSENCE OF HOLY WEEK IN THE SECOND QUARTER OF 2005, POLITICAL ADVERTISING, AND A 7.9% INCREASE IN LOCAL SALES. OIBDA INCREASED 14.3% TO PS.2,208.5 MILLION COMPARED WITH PS.1,933 MILLION REPORTED LAST YEAR. OIBDA MARGIN EXPANDED TO 49.3% FROM 46.4% IN THE SECOND QUARTER OF 2004, REACHING AN ALL-TIME HIGH DESPITE MARGINAL INCREASES IN COST OF SALES AND OPERATING EXPENSES. PAY TELEVISION NETWORKS SALES INCREASED 25.1% TO PS.252.7 MILLION FROM PS.202 MILLION IN THE SAME QUARTER OF LAST YEAR. THIS INCREASE REFLECTS I) SALES OF PS.18.4 MILLION IN TUTV, OUR JOINT VENTURE WITH UNIVISION, WHICH WE BEGAN CONSOLIDATING INTO OUR FINANCIAL STATEMENTS EFFECTIVE JANUARY 1, 2005; II) HIGHER SIGNALS SOLD IN MEXICO; AND III) AN INCREASE IN SIGNALS SOLD IN LATIN AMERICA. OIBDA ROSE 28.6% TO PS.102.1 MILLION COMPARED WITH PS.79.4 MILLION REPORTED IN THE SAME PERIOD OF LAST YEAR. THIS INCREASE WAS DRIVEN BY HIGHER SALES, WHICH WERE PARTIALLY OFFSET BY AN INCREASE IN COST OF SALES AND OPERATING EXPENSES. TUTV CONTRIBUTED PS.9.3 MILLION TO OIBDA IN THE SECOND QUARTER OF 2005. PROGRAMMING EXPORTS THE 9.7% DECREASE IN SALES TO PS.492.9 MILLION COMPARED WITH PS.545.8 MILLION IN THE SAME QUARTER OF LAST YEAR WAS DRIVEN BY I) THE NEGATIVE TRANSLATION EFFECT OF FOREIGN-CURRENCY-DENOMINATED SALES, WHICH AMOUNTED TO PS.49.5 MILLION; II) LOWER SALES TO LATIN AMERICA; AND III) A 3.7% DECREASE IN UNIVISION ROYALTIES UNDER THE UNIVISION PROGRAM LICENSE AGREEMENT, WHICH AMOUNTED TO U.S.$28.6 MILLION COMPARED WITH U.S.$29.7 MILLION REPORTED IN THE SECOND QUARTER OF 2004. THESE DECREASES WERE PARTIALLY OFFSET BY HIGHER EXPORT SALES TO ASIA AND AFRICA. THE 22.3% DROP IN OIBDA (TO PS.194.6 MILLION COMPARED WITH PS.250.3 MILLION REPORTED IN THE SAME PERIOD LAST YEAR), REFLECTED LOWER SALES AND MARGINAL INCREASES IN BOTH COST OF SALES AND OPERATING EXPENSES. PUBLISHING SALES ROSE 14.4% TO PS.633.7 MILLION COMPARED WITH PS.553.7 MILLION REPORTED IN THE SAME PERIOD LAST YEAR. THIS GROWTH WAS ATTRIBUTABLE TO INCREASES IN MAGAZINE CIRCULATION AND ADVERTISING PAGES SOLD BOTH IN MEXICO AND ABROAD, WHICH WERE PARTIALLY OFFSET BY THE NEGATIVE TRANSLATION EFFECT OF FOREIGN-CURRENCY-DENOMINATED SALES AMOUNTING TO PS.22.8 MILLION. OIBDA INCREASED 1.6% TO PS.136 MILLION COMPARED WITH PS.133.9 MILLION REPORTED IN THE SAME PERIOD LAST YEAR. THIS INCREASE REFLECTS HIGHER SALES, WHICH WERE PARTIALLY OFFSET BY HIGHER COST OF SALES AND OPERATING EXPENSES RELATED PRIMARILY TO THE LAUNCH OF NEW MAGAZINE TITLES IN MEXICO AND THE ACQUISITION OF HISPANIC PUBLISHING GROUP IN THE UNITED STATES. PUBLISHING DISTRIBUTION SALES INCREASED 5.8% TO PS.98.8 MILLION COMPARED WITH PS.93.4 MILLION REPORTED IN THE SAME PERIOD LAST YEAR. THE GROWTH IN SALES CAME FROM AN INCREASE IN THE CIRCULATION OF MAGAZINES PUBLISHED BY THE COMPANY IN MEXICO AND ABROAD AND FROM HIGHER CIRCULATION OF MAGAZINES ABROAD PUBLISHED BY THIRD PARTIES. THESE INCREASES WERE PARTIALLY OFFSET BY THE NEGATIVE TRANSLATION EFFECT OF FOREIGN-CURRENCY-DENOMINATED SALES, WHICH AMOUNTED TO PS.6.1 MILLION. OIBDA INCREASED TO PS.3.6 MILLION FROM THE OPERATING LOSS BEFORE DEPRECIATION AND AMORTIZATION OF PS.2 MILLION REPORTED IN THE SAME PERIOD OF LAST YEAR. THIS FAVORABLE COMPARISON REFLECTS A RISE IN SALES THAT WAS PARTIALLY OFFSET BY HIGHER OPERATING EXPENSES. SKY MEXICO SALES ROSE 17.7% TO PS.1,442.5 MILLION COMPARED WITH PS.1,225.1 MILLION REPORTED IN THE SECOND QUARTER OF 2004. THIS INCREASE WAS DRIVEN BY A 26.1% INCREASE IN THE SUBSCRIBER BASE AND ADDITIONAL REVENUES FROM PAY-PER-VIEW, PRIMARILY FROM NON-RECURRING SPORTS EVENTS BROADCAST ON AN EXCLUSIVE BASIS. AS OF JUNE 30, 2005, THE NUMBER OF GROSS ACTIVE SUBSCRIBERS REACHED 1,183,800 (INCLUDING 65,000 COMMERCIAL SUBSCRIBERS) COMPARED WITH 938,600 GROSS ACTIVE SUBSCRIBERS (INCLUDING 52,000 COMMERCIAL SUBSCRIBERS) IN LAST YEAR'S SECOND QUARTER. OIBDA GREW 32.4% TO PS.587.3 MILLION COMPARED WITH PS.443.5 MILLION REPORTED IN THE SAME PERIOD LAST YEAR. THE INCREASE IN OIBDA MARGIN TO A RECORD 40.7% --UP FROM 36.2% IN LAST YEAR'S SECOND QUARTER-- REFLECTED HIGHER SALES, WHICH WERE PARTIALLY OFFSET BY HIGHER COST OF SALES AND OPERATING EXPENSES. CABLE TELEVISION SALES INCREASED 15.5% TO PS.330.7 MILLION COMPARED WITH PS.286.4 MILLION REPORTED IN THE SAME PERIOD LAST YEAR. SALES GROWTH WAS DRIVEN BY I) A 4.5% INCREASE IN THE SUBSCRIBER BASE, WHICH, AS OF JUNE 30, 2005, TOTALED 389,657 SUBSCRIBERS (INCLUDING 190,416 DIGITAL SUBSCRIBERS) COMPARED WITH LAST YEAR'S BASE OF 372,745 SUBSCRIBERS (INCLUDING 73,822 DIGITAL SUBSCRIBERS); II) AN INCREASE IN BROADBAND SUBSCRIBERS TO 43,646 COMPARED WITH THE 15,687 REPORTED LAST YEAR; AND III) A 6% RATE INCREASE IN CABLEVISION VIDEO SERVICE PACKAGES EFFECTIVE MARCH 1, 2005. OIBDA DECREASED 4.7% TO PS.104.2 MILLION COMPARED WITH PS.109.3 MILLION REPORTED IN THE SAME PERIOD LAST YEAR. THIS DECREASE REFLECTS HIGHER PROGRAMMING COSTS AND NETWORK MAINTENANCE EXPENSES RELATED TO THE DIGITALIZATION PROGRAM FOR OUR NETWORK, AS WELL AS HIGHER OPERATING EXPENSES ASSOCIATED WITH IMPROVING OUR CUSTOMER SERVICE. RADIO SALES ROSE 22.9% TO PS.86.9 MILLION COMPARED WITH PS.70.7 MILLION REPORTED IN THE SAME PERIOD LAST YEAR. THE SALES GROWTH CAME FROM AN INCREASE IN ADVERTISING TIME SOLD, MAINLY IN OUR NEWSCASTS, AND FROM POLITICAL ADVERTISING. OIBDA INCREASED 63.7%, TO PS.14.9 MILLION FROM PS.9.1 MILLION REPORTED IN THE SAME PERIOD LAST YEAR. THIS INCREASE WAS DRIVEN PRIMARILY BY HIGHER SALES BUT WAS PARTIALLY OFFSET BY AN INCREASE IN COST OF SALES AND OPERATING EXPENSES. OTHER BUSINESSES SALES DECREASED 19.1% TO PS.296.2 MILLION COMPARED WITH PS.366.3 MILLION REPORTED IN THE SAME PERIOD LAST YEAR DUE MAINLY TO LOWER SALES IN OUR FEATURE FILM DISTRIBUTION BUSINESS. THIS DECREASE WAS PARTIALLY OFFSET BY HIGHER SALES IN I) OUR ESMAS.COM INTERNET PORTAL, INCLUDING SALES RELATED TO OUR SMS MESSAGING SERVICE; AND II) OUR SPORTS BUSINESSES. OPERATING LOSS BEFORE DEPRECIATION AND AMORTIZATION INCREASED TO PS.56 MILLION COMPARED WITH PS.27.5 MILLION REPORTED IN THE SECOND QUARTER OF 2004. THE UNFAVORABLE COMPARISON REFLECTS LOWER SALES, WHICH WERE PARTIALLY OFFSET BY LOWER COST OF SALES AND OPERATING EXPENSES. INTERSEGMENT SALES INTERSEGMENT SALES FOR THE SECOND QUARTER OF 2005 AND 2004, AMOUNTED TO PS.253.7 MILLION AND PS.198.8 MILLION, RESPECTIVELY. CORPORATE EXPENSES CORPORATE EXPENSES FOR THE SECOND QUARTER OF 2005 AND 2004, AMOUNTED TO PS.48 MILLION AND PS.46.3 MILLION, RESPECTIVELY. DISPOSED OPERATIONS REFLECTS THE RESULTS OF OPERATIONS OF THE COMPANY'S NATIONWIDE PAGING AND SPORTS BUSINESSES. SALES OF DISPOSED OPERATIONS FOR THE SECOND QUARTER OF 2004 AMOUNTED TO PS.72 MILLION. OIBDA OF DISPOSED OPERATIONS FOR THE SECOND QUARTER OF 2004 AMOUNTED TO PS.4.8 MILLION. NON-OPERATING RESULTS INTEGRAL COST OF FINANCING THE EXPENSE ATTRIBUTABLE TO THE INTEGRAL COST OF FINANCING INCREASED BY PS.517.8 MILLION TO PS.672.9 MILLION IN THE SECOND QUARTER OF 2005 FROM PS.155.1 MILLION IN THE SECOND QUARTER OF 2004. THIS INCREASE REFLECTED I) A PS.444.7 MILLION INCREASE IN NET FOREIGN EXCHANGE LOSS RESULTING PRIMARILY FROM THREE FACTORS: 1) A LOSS RESULTING FROM HAVING A U.S.-DOLLAR-DENOMINATED NET ASSET POSITION COMBINED WITH A 3.74% APPRECIATION OF THE MEXICAN PESO AGAINST THE U.S. DOLLAR DURING THE SECOND QUARTER OF 2005, 2) A LOSS RESULTING PRIMARILY FROM THE DIFFERENCE BETWEEN THE SPOT RATE AND THE FORWARD EXCHANGE RATE OF THE FORWARD CONTRACTS WE ENTERED INTO TO HEDGE A PORTION OF THE U.S.$200 MILLION PRINCIPAL PAYMENT OF THE SENIOR NOTES MATURING IN AUGUST 2005, AND 3) A LOSS RESULTING FROM THE DIFFERENCE BETWEEN THE SPOT RATE AND THE FOREIGN EXCHANGE RATE OF THE COUPON SWAPS ENTERED INTO BY US TO SWAP INTO FIXED PESOS UP TO FIVE YEARS OF U.S.-DOLLAR-DENOMINATED COUPONS OF A PORTION OF OUR U.S.-DOLLAR-DENOMINATED OUTSTANDING INDEBTEDNESS; II) A PS.111 MILLION INCREASE IN INTEREST EXPENSE, DUE PRIMARILY TO A NET INCREASE IN THE AVERAGE AMOUNT OF OUR TOTAL CONSOLIDATED DEBT; AND III) A PS.50 MILLION INCREASE IN LOSS FROM MONETARY POSITION RESULTING PRIMARILY FROM THE ABSENCE OF INFLATION IN THE THREE MONTHS ENDED JUNE 30, 2005 COMPARED WITH LAST YEAR'S SECOND QUARTER, AS WELL AS THE RESULT OF A HIGHER AVERAGE AMOUNT OF NET LIABILITY MONETARY POSITION IN SECOND QUARTER 2005. THESE UNFAVORABLE VARIANCES WERE OFFSET BY A PS.87.9 MILLION INCREASE IN INTEREST INCOME IN CONNECTION WITH A HIGHER AVERAGE AMOUNT OF TEMPORARY INVESTMENTS AND HIGHER INTEREST RATES DURING THE SECOND QUARTER OF 2005 COMPARED WITH LAST YEAR'S SECOND QUARTER. RESTRUCTURING AND NON-RECURRING CHARGES RESTRUCTURING AND NON-RECURRING CHARGES INCREASED BY PS.1.5 MILLION, OR 10.1%, TO PS.16.3 MILLION IN THE SECOND QUARTER OF 2005 COMPARED WITH PS.14.8 MILLION IN LAST YEAR'S SECOND QUARTER. THIS INCREASE REFLECTED PRIMARILY THE RECOGNITION OF ADDITIONAL NON-RECURRING EXPENSES IN CONNECTION WITH THE PREPAYMENT OF A PORTION OF OUR OUTSTANDING LONG-TERM DEBT, WHICH WAS PARTIALLY OFFSET BY A REDUCTION IN RESTRUCTURING CHARGES IN CONNECTION WITH WORKFORCE REDUCTIONS. OTHER EXPENSE - NET OTHER EXPENSE DECREASED BY PS.11.4 MILLION, OR 4.7%, TO PS.233.5 MILLION IN SECOND QUARTER 2005 COMPARED WITH PS.244.9 MILLION IN THE SECOND QUARTER OF 2004. THIS DECREASE REFLECTED PRIMARILY A REDUCTION IN DONATIONS, A DECREASE IN LOSS ON DISPOSITION OF FIXED ASSETS, AND LOWER FEES FOR ADVISORY AND PROFESSIONAL SERVICES. THESE FAVORABLE VARIANCES WERE PARTIALLY OFFSET BY AN INCREASE IN LOSS ON DISPOSITION OF INVESTMENTS IN CONNECTION WITH AN ESTIMATED LOSS ON DISPOSITION OF OUR 30% INTEREST IN DTH TECHCO PARTNERS ("TECHCO"), OUR JOINT VENTURE THAT PROVIDES TECHNICAL SERVICES TO OUR SATELLITE PLATFORMS IN MEXICO AND LATIN AMERICA. INCOME TAX INCOME TAX DECREASED BY PS.32.4 MILLION, OR 6.7%, TO PS.450.3 MILLION IN SECOND QUARTER 2005 FROM PS.482.7 MILLION IN SECOND QUARTER 2004. THIS DECREASE REFLECTED PRIMARILY A LOWER INCOME TAX BASE IN SECOND QUARTER 2005. EQUITY IN INCOME OF AFFILIATES EQUITY IN INCOME OF AFFILIATES INCREASED BY PS.29 MILLION, OR 26.9%, TO PS.137 MILLION IN THE SECOND QUARTER OF 2005 COMPARED WITH PS.108 MILLION IN THE SECOND QUARTER OF 2004. THIS INCREASE REFLECTED PRIMARILY A REDUCTION IN EQUITY LOSSES OF TECHCO. LOSS EFFECT OF ACCOUNTING CHANGE IN THE SECOND QUARTER OF 2004, WE RECOGNIZED A LOSS EFFECT OF ACCOUNTING CHANGE IN CONNECTION WITH THE INITIAL CONSOLIDATION OF SKY MEXICO'S FINANCIAL STATEMENTS AND ACCUMULATED LOSSES NOT RECOGNIZED IN PRIOR PERIODS. WE DID NOT RECOGNIZE ANY LOSS EFFECT OF ACCOUNTING CHANGE IN THE SECOND QUARTER OF 2005. MINORITY INTEREST MINORITY INTEREST INCREASED BY PS.174.1 MILLION TO PS.185.6 MILLION IN THE SECOND QUARTER OF 2005 FROM PS.11.5 MILLION IN THE SECOND QUARTER OF 2004. THIS INCREASE REFLECTED PRIMARILY THE PORTION OF NET INCOME ATTRIBUTABLE TO THE INTEREST HELD BY THIRD PARTIES IN THE SKY MEXICO BUSINESS. OTHER RELEVANT INFORMATION CAPITAL EXPENDITURES AND INVESTMENTS IN THE SECOND QUARTER OF 2005, WE INVESTED APPROXIMATELY U.S.$57.4 MILLION IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES, OF WHICH APPROXIMATELY U.S.$12.2 MILLION AND U.S.$34.5 MILLION ARE RELATED TO OUR CABLE TELEVISION AND SKY MEXICO SEGMENTS, RESPECTIVELY. DEBT THE TOTAL CONSOLIDATED DEBT AMOUNTED TO PS.21,776.4 MILLION AND PS.20,514.1 MILLION AS OF JUNE 30, 2005 AND 2004, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF LONG-TERM DEBT IN THE AMOUNT OF PS.2,335.8 MILLION AND PS.170.0 MILLION, RESPECTIVELY, AND LONG-TERM DEBT OF SKY MEXICO IN THE AMOUNT OF PS.4,234.6 MILLION AND PS.20,514.1 MILLION, RESPECTIVELY. ADDITIONALLY, SKY MEXICO HAD A SATELLITE TRANSPONDER LEASE OBLIGATION IN THE AMOUNT OF PS.1,311.3 MILLION AND PS.1,541.5 MILLION AS OF JUNE 30, 2005 AND 2004, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF PS.72.2 MILLION AND PS.72.1 MILLION, RESPECTIVELY. AS OF JUNE 30, 2005, OUR CONSOLIDATED NET DEBT WAS PS.7,086.5 MILLION (PS.3,673 MILLION EXCLUDING SKY MEXICO) COMPARED WITH A CONSOLIDATED NET DEBT OF PS.8,240 MILLION (PS.4,157.8 MILLION EXCLUDING SKY MEXICO) AS OF JUNE 30, 2004. IN MAY 2005, AS A RESULT OF THE CONTINUOUS IMPROVEMENT OF OUR CREDIT PROFILE, MOODY'S INVESTORS SERVICE UPGRADED TELEVISA'S FOREIGN-CURRENCY DEBT AND SENIOR UNSECURED ISSUER RATINGS TO BAA2 FROM BAA3. THE OUTLOOK ASSIGNED ON ALL THE RATINGS IS NOW STABLE. IN ADDITION, WE REOPENED OUR 20-YEAR 6 5/8% U.S.$400 MILLION SENIOR NOTES ISSUED IN MARCH 2005 FOR AN ADDITIONAL U.S.$200 MILLION. ON JUNE 23RD, 2005, STANDARD & POOR'S RAISED INNOVA'S CORPORATE CREDIT RATING TO BB-/STABLE FROM B+/CREDITWATCH POSITIVE AND ON JULY 7TH, 2005, MOODY'S UPGRADED INNOVA'S CORPORATE FAMILY RATING TO BA3/STABLE FROM B2/POSITIVE. SHARE BUYBACK PROGRAM FROM APRIL 1 THROUGH JUNE 30, 2005, WE REPURCHASED APPROXIMATELY 12.7 MILLION CPOS FOR PS.401.3 MILLION IN NOMINAL TERMS. YEAR-TO-DATE WE HAVE REPURCHASED APPROXIMATELY 18.7 MILLION OF CPOS FOR PS.594.1 MILLION IN NOMINAL TERMS. DIVIDEND PAYMENT ON MAY 31, 2005, THE COMPANY MADE A PS.1.35 PER CPO CASH DISTRIBUTION TO SHAREHOLDERS, EQUIVALENT TO APPROXIMATELY PS.4,215 MILLION. TELEVISION RATINGS AND AUDIENCE SHARE NATIONAL URBAN RATINGS AND AUDIENCE SHARE REPORTED BY IBOPE CONFIRM THAT, IN THE SECOND QUARTER OF 2005, TELEVISA CONTINUED TO DELIVER STRONG RATINGS AND AUDIENCE SHARES. DURING WEEKDAY PRIME TIME (19:00 TO 23:00, MONDAY TO FRIDAY), AUDIENCE SHARE AMOUNTED TO 70.1%; IN PRIME TIME (16:00 TO 23:00, MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 67.3%; AND FROM SIGN-ON TO SIGN-OFF (6:00 TO 24:00, MONDAY TO SUNDAY), AUDIENCE SHARE AMOUNTED TO 69.3%. GAMING BUSINESS WE RECENTLY OBTAINED A PERMIT FROM THE SECRETARIA DE GOBERNACION, OR MEXICAN MINISTRY OF THE INTERIOR, TO OPERATE SPORTBOOKS AND NUMBER DRAWS, INCLUDING THE ESTABLISHMENT OF 65 LOCATIONS THROUGHOUT MEXICO. WE ARE IN THE PROCESS OF FINALIZING THE BUSINESS PLAN FOR THIS NEW VENTURE. OUTLOOK FOR 2005 WE ARE RAISING OUR GUIDANCE FOR THE YEAR. WE NOW EXPECT TELEVISION BROADCASTING SALES TO INCREASE APPROXIMATELY 5% IN 2005. IN ADDITION, WE WILL CONTINUE TO KEEP COSTS AND EXPENSES UNDER CONTROL THROUGHOUT THE YEAR, WHICH SHOULD ALLOW OUR TELEVISION BROADCASTING OPERATING INCOME BEFORE DEPRECIATION AND AMORTIZATION MARGIN TO REACH 47%. GRUPO TELEVISA, S.A. IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING WORLD, AND A MAJOR PARTICIPANT IN THE INTERNATIONAL ENTERTAINMENT BUSINESS. IT HAS INTERESTS IN TELEVISION PRODUCTION AND BROADCASTING, PRODUCTION OF PAY TELEVISION NETWORKS, INTERNATIONAL DISTRIBUTION OF TELEVISION PROGRAMMING, DIRECT-TO-HOME SATELLITE SERVICES, PUBLISHING AND PUBLISHING DISTRIBUTION CABLE TELEVISION, RADIO PRODUCTION AND BROADCASTING, PROFESSIONAL SPORTS AND LIVE ENTERTAINMENT, FEATURE FILM PRODUCTION AND DISTRIBUTION AND THE OPERATION OF A HORIZONTAL INTERNET PORTAL. GRUPO TELEVISA ALSO OWNS AN UNCONSOLIDATED EQUITY STAKE IN UNIVISION, THE LEADING SPANISH-LANGUAGE MEDIA COMPANY IN THE UNITED STATES. 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 PRO-FORMA INFORMATION IS PRESENTED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT PURPORT TO REPRESENT WHAT OUR FINANCIAL POSITION OR RESULTS OF OPERATIONS WOULD HAVE BEEN HAD RECOGNITION OF SALES AND COST OF GOODS SOLD BEEN REALIZED DURING THE SPECIFIED PERIODS. FURTHERMORE, THE READER SHOULD NOT RELY ON THE PRO-FORMA INFORMATION AS AN INDICATION OF THE RESULTS OF OPERATIONS OF FUTURE PERIODS. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. FINANCIAL STATEMENT NOTES (1) ANNEX 2 CONSOLIDATED FINAL PRINTING ----------------------------------------------------------------------------- GRUPO TELEVISA, S.A. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004 (IN THOUSANDS OF MEXICAN PESOS IN PURCHASING POWER AS OF JUNE 30, 2005, EXCEPT PER SHARE, PER CPO AND PER UDI VALUES) 1. ACCOUNTING POLICIES: THE CONDENSED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A. (THE "COMPANY") AND ITS CONSOLIDATED SUBSIDIARIES (COLLECTIVELY, THE "GROUP"), AS OF JUNE 30, 2005 AND 2004, AND FOR THE SIX MONTHS ENDED ON THOSE DATES, ARE UNAUDITED. IN THE OPINION OF MANAGEMENT, ALL ADJUSTMENTS (CONSISTING PRINCIPALLY OF NORMAL RECURRING ADJUSTMENTS) NECESSARY FOR A FAIR PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN INCLUDED THEREIN. FOR PURPOSES OF THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, CERTAIN INFORMATION AND DISCLOSURES, NORMALLY INCLUDED IN FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH MEXICAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ("MEXICAN GAAP"), HAVE BEEN CONDENSED OR OMITTED. THESE CONDENSED CONSOLIDATED STATEMENTS SHOULD BE READ IN CONJUNCTION WITH THE GROUP'S CONSOLIDATED AND AUDITED FINANCIAL STATEMENTS AND NOTES THERETO FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003, WHICH INCLUDE, AMONG OTHER DISCLOSURES, THE GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES, WHICH HAVE BEEN APPLIED ON A CONSISTENT BASIS FOR THE SIX MONTHS ENDED JUNE 30, 2005, EXCEPT FOR THE MATTERS DISCUSSED IN THE FOLLOWING PARAGRAPHS. EFFECTIVE JANUARY 1, 2005, THE GROUP ADOPTED THE PROVISIONS FOR SEVERANCE OBLIGATIONS REQUIRED BY THE REVISED BULLETIN D-3, "LABOR OBLIGATIONS" ISSUED BY THE MEXICAN INSTITUTE OF PUBLIC ACCOUNTANTS ("MIPA"), AND RECOGNIZED A CUMULATIVE SEVERANCE LIABILITY IN ITS CONSOLIDATED BALANCE SHEET IN THE AMOUNT OF PS.254,650 (SEE NOTE 11). BULLETIN D-3 REQUIRES THAT SEVERANCE OBLIGATIONS TO DISMISSED PERSONNEL, OTHER THAN THOSE ARISING FROM RESTRUCTURINGS, BE RECOGNIZED BASED UPON ACTUARIAL CALCULATIONS. THROUGH DECEMBER 31, 2004, SEVERANCE OBLIGATIONS TO DISMISSED PERSONNEL WERE CHARGED BY THE GROUP TO INCOME IN THE YEAR IN WHICH THEY WERE INCURRED. EFFECTIVE JANUARY 1, 2005, THE GROUP ADOPTED THE PROVISIONS OF THE BULLETIN C-10, "DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGE OPERATIONS" ISSUED BY THE MIPA, BULLETIN C-10 REQUIRES, AMONG OTHER PROVISIONS, THAT ALL DERIVATIVE INSTRUMENTS, INCLUDING CERTAIN DERIVATIVE INSTRUMENTS EMBEDDED IN OTHER CONTRACTS, BE RECORDED IN THE BALANCE SHEET AS EITHER AN ASSET OR A LIABILITY MEASURED AT ITS FAIR VALUE. THE ADOPTION OF BULLETIN C-10 AT JANUARY 1, 2005, DID NOT HAVE A MATERIAL EFFECT ON THE GROUP'S CONSOLIDATED FINANCIAL STATEMENTS. 2. PROPERTY, PLANT AND EQUIPMENT: PROPERTY, PLANT AND EQUIPMENT AS OF JUNE 30, CONSISTED OF: 2005 2004 -------------------- ------------------ BUILDINGS Ps. 7,633,547 Ps. 7,546,603 BUILDING IMPROVEMENTS 1,656,902 1,737,557 TECHNICAL EQUIPMENT 17,399,826 13,404,198 SATELLITE TRANSPONDERS 1,637,525 1,757,062 FURNITURE AND FIXTURES 575,424 622,996 TRANSPORTATION EQUIPMENT 1,118,804 1,126,366 COMPUTER EQUIPMENT 1,473,459 1,254,013 -------------------- ------------------ 31,495,487 27,448,795 ACCUMULATED DEPRECIATION (16,813,290) (12,660,041) -------------------- ------------------ -------------------- ------------------ 14,682,197 14,788,754 LAND 3,733,517 3,750,265 CONSTRUCTION AND PROJECTS IN PROGRESS 681,080 775,488 -------------------- ------------------ Ps. 19,096,794 Ps. 19,314,507 ==================== ================== DEPRECIATION CHARGED TO INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004, WAS PS.990,400 AND PS.806,601, RESPECTIVELY. 3. LONG-TERM DEBT SECURITIES: AS OF JUNE 30, THE COMPANY'S LONG-TERM DEBT SECURITIES OUTSTANDING WERE AS FOLLOWS: 2005 2004 -------------------------------- ----------------------------- U.S. U.S. DOLLAR DOLLAR PRINCIPAL PRINCIPAL AMOUNTS MEXICAN AMOUNTS MEXICAN (THOUSANDS) PESOS (THOUSANDS) PESOS LONG-TERM DEBT SECURITIES ---------------------------------------- -------------- ---------------- ------------ --------------- 11.875% SERIES "B" SENIOR NOTES DUE 2006 (A)(C) $ 5,343 Ps. 57,395 $ 5,343 Ps. 64,312 8.625% SENIOR NOTES DUE 2005 (B)(C) 200,000 2,148,400 200,000 2,407,345 8.000% SENIOR NOTES DUE 2011 (B)(C)(D) 75,484 810,849 300,000 3,611,017 6.625% SENIOR NOTES DUE 2025 (B)(C)(D) 600,000 6,445,200 - - 8.500% SENIOR NOTES DUE 2032 (B)(C) 300,000 3,222,600 300,000 3,611,017 INNOVA'S 12.875% SENIOR NOTES DUE 2007 - - 88,000 1,059,233 INNOVA'S 9.375% SENIOR NOTES DUE 2013 (E) 300,000 3,222,600 300,000 3,611,017 -------------- ---------------- ------------ --------------- $ 1,480,827 15,907,044 $ 1,193,343 14,363,941 ============== ============ UDI-DENOMINATED NOTES DUE 2007 (D)(F) 922,121 3,865,541 ---------------- --------------- Ps. 16,829,165 Ps. 18,229,482 ================ ===============(A) THESE SECURITIES ARE UNSECURED, UNSUBORDINATED OBLIGATIONS OF THE COMPANY, RANK PARI PASSU IN RIGHT OF PAYMENT WITH ALL EXISTING AND FUTURE UNSECURED, UNSUBORDINATED OBLIGATIONS OF THE COMPANY, AND ARE SENIOR IN RIGHT OF PAYMENT TO ALL FUTURE SUBORDINATED INDEBTEDNESS OF THE COMPANY, AND ARE EFFECTIVELY SUBORDINATED TO ALL EXISTING AND FUTURE LIABILITIES OF THE COMPANY'S SUBSIDIARIES. (B) THESE SECURITIES ARE UNSECURED OBLIGATIONS OF THE COMPANY, RANK EQUALLY IN RIGHT OF PAYMENT WITH ALL EXISTING AND FUTURE UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF THE COMPANY, AND ARE JUNIOR IN RIGHT OF PAYMENT TO ALL OF THE EXISTING AND FUTURE LIABILITIES OF THE COMPANY'S SUBSIDIARIES. THE AGREEMENT OF THESE SENIOR NOTES CONTAINS CERTAIN COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND ITS RESTRICTED SUBSIDIARIES ENGAGED IN TELEVISION BROADCASTING, PAY TELEVISION NETWORKS AND PROGRAMMING EXPORTS, TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS. SUBSTANTIALLY ALL OF THE SENIOR NOTES DUE IN 2005, 2011 AND 2032 ARE REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. THE SENIOR NOTES DUE 2011 AND 2032 WERE PRICED AT 98.793% AND 99.431%, RESPECTIVELY, FOR A YIELD TO MATURITY OF 8.179% AND 8.553%, RESPECTIVELY. (C) INTEREST ON SERIES "B" SENIOR NOTES DUE 2006, AND SENIOR NOTES DUE 2005, 2011, 2025 AND 2032, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 12.49%, 9.07%, 8.41%, 6.97% AND 8.94% PER ANNUM, RESPECTIVELY, AND IS PAYABLE SEMI-ANNUALLY. THESE SENIOR NOTES MAY NOT BE REDEEMED PRIOR TO MATURITY, EXCEPT IN THE EVENT OF CERTAIN CHANGES IN LAW AFFECTING THE MEXICAN WITHHOLDING TAX TREATMENT OF CERTAIN PAYMENTS ON THE SECURITIES, IN WHICH CASE THE SECURITIES WILL BE REDEEMABLE, AS A WHOLE BUT NOT IN PART, AT THE OPTION OF THE COMPANY. (D) ON MARCH 18, 2005 AND MAY 26, 2005, THE COMPANY ISSUED U.S.$400 MILLION AND U.S.$200 MILLION AGGREGATE PRINCIPAL AMOUNT OF 6.625% SENIOR NOTES DUE 2025, RESPECTIVELY, WHICH WERE PRICED AT 98.081% AND 98.632%, RESPECTIVELY, FOR A YIELD TO MATURITY OF 6.802% AND 6.787%, RESPECTIVELY. THE NET PROCEEDS OF THE U.S.$400 MILLION OFFERING, TOGETHER WITH CASH ON HAND, WERE USED TO FUND THE GROUP'S TENDER OFFERS MADE ON MARCH 15, 2005 FOR ANY OR ALL OF THE U.S.$300 MILLION AGGREGATE PRINCIPAL AMOUNT OF 8.00% SENIOR NOTES DUE 2011 AND THE MEXICAN PESOS EQUIVALENT OF THE AGGREGATE PRINCIPAL AMOUNT OF 8.15% UDI-DENOMINATED NOTES DUE 2007. THE TENDER OFFERS FOR THE SENIOR NOTES DUE 2011 AND THE UDI-DENOMINATED NOTES DUE 2007 EXPIRED ON MARCH 21, 2005 AND MARCH 23, 2005, RESPECTIVELY, AND THE COMPANY PREPAID PRINCIPAL AMOUNT OF LONG-TERM DEBT IN THE AMOUNT OF APPROXIMATELY U.S.$222 MILLION AND PS.2,935,097 (NOMINAL), RESPECTIVELY, REPRESENTING APPROXIMATELY 74% AND 76% OF THE OUTSTANDING PRINCIPAL AMOUNT OF THESE SECURITIES, RESPECTIVELY. THE NET PROCEEDS OF THE U.S.$200 MILLION OFFERING ARE INTENDED TO BE USED FOR CORPORATE PURPOSES, INCLUDING THE REPAYMENT OF SOME OF THE GROUP'S OUTSTANDING INDEBTEDNESS (SEE NOTE 14). (E) IN SEPTEMBER 2003, INNOVA COMPLETED THE OFFERING OF THESE U.S.$300 MILLION SENIOR NOTES, BEARING AN INTEREST AT A COUPON RATE OF 9.375%, PAYABLE SEMIANNUALLY. THESE SECURITIES ARE UNSECURED AND UNSUBORDINATED INDEBTEDNESS OF INNOVA AND CONTAIN CERTAIN RESTRICTIVE COVENANTS FOR INNOVA ON ADDITIONAL INDEBTEDNESS, LIENS, SALES AND LEASEBACKS, RESTRICTED PAYMENTS, ASSETS SALES; AND CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS. INNOVA MAY, AT ITS OWN OPTION, REDEEM THESE SENIOR NOTES, IN WHOLE OR IN PART, AT ANY TIME ON OR AFTER SEPTEMBER 19, 2008 AT REDEMPTION PRICES FROM 104.6875% TO 101.5625% BETWEEN SEPTEMBER 19, 2008 THROUGH SEPTEMBER 18, 2011, OR 100% COMMENCING ON SEPTEMBER 19, 2011, PLUS ACCRUED AND UNPAID INTEREST, IF ANY. ADDITIONALLY, ON OR BEFORE SEPTEMBER 19, 2006, INNOVA MAY, AT ITS OWN OPTION AND SUBJECT TO CERTAIN REQUIREMENTS, USE THE PROCEEDS FROM ONE OR MORE QUALIFIED EQUITY OFFERING TO REDEEM UP TO 35% OF THE AGGREGATE PRINCIPAL AMOUNT OF THESE SENIOR NOTES AT 109.375% OF THEIR PRINCIPAL AMOUNT, PLUS ACCRUED AND UNPAID INTEREST. (F) NOTES DENOMINATED IN MEXICAN INVESTMENT UNITS ("UNIDADES DE INVERSION" OR "UDIS"), REPRESENTING 258,711,400 AND 1,086,007,800 UDIS AS OF JUNE 30, 2005 AND 2004, RESPECTIVELY, WITH AN ANNUAL INTEREST RATE OF 8.15% AND MATURITY IN 2007. INTEREST ON THESE NOTES IS PAYABLE SEMI-ANNUALLY. THE BALANCE AS OF JUNE 30, 2005 AND 2004 INCLUDES RESTAMENT OF PS.207,454 AND PS.735,605, RESPECTIVELY. THE UDI VALUE AS OF JUNE 30, 2005, WAS OF PS.3.564284 PER ONE UDI. EFFECTIVE MARCH 1, 2002, THE GROUP DESIGNATED ITS NET INVESTMENT IN UNIVISION AS AN EFFECTIVE HEDGE OF THE FOREIGN EXCHANGE DIFFERENCES ARISING FROM THE PRINCIPAL AMOUNT OF ITS OUTSTANDING SENIOR NOTES DUE IN 2011 AND 2032. EFFECTIVE MARCH 18, 2005, THE GROUP DESIGNATED ITS NET INVESTMENT IN UNIVISION AS A HEDGE OF THE FOREIGN EXCHANGE DIFFERENCES ARISING FROM THE U.S.$400 MILLION SENIOR NOTES DUE 2025 ISSUED IN CONNECTION WITH THE PREPAYMENT OF APPROXIMATELY U.S.$485.4 MILLION OF PRINCIPAL AMOUNT OF THE COMPANY'S OUTSTANDING LONG-TERM DEBT. CONSEQUENTLY, ANY FOREIGN EXCHANGE GAIN OR LOSS ATTRIBUTABLE TO THIS U.S. DOLLAR LONG-TERM DEBT IS CREDITED OR CHARGED DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR LOSS) (SEE NOTE 7). AS OF JUNE 30, 2005, THE TOTAL PRINCIPAL AMOUNT OF THE COMPANY'S LONG-TERM DEBT BEING HEDGED BY UNIVISION WAS APPROXIMATELY U.S.$775.5 MILLION. IN JUNE 2005, THE GROUP REPURCHASED U.S.$2.0 MILLION OF THE OUTSTANDING PRINCIPAL AMOUNT OF SENIOR NOTES DUE 2011 IN THE AGGREGATE AMOUNT OF U.S.$2.4 MILLION. 4. CONTINGENCIES: IN JUNE 2003, THE COMPANY WAS NOTIFIED BY THE MEXICAN TAX AUTHORITY OF A FEDERAL TAX CLAIM MADE AGAINST THE COMPANY FOR APPROXIMATELY PS.960,700, INCLUDING PENALTIES AND SURCHARGES, FOR AN ALLEGED ASSETS TAX LIABILITY FOR THE YEAR 1994. THE COMPANY BELIEVES IT HAS MERITORIOUS DEFENSE AGAINST THIS CLAIM. THERE ARE VARIOUS LEGAL ACTIONS AND OTHER CLAIMS PENDING AGAINST THE GROUP INCIDENTAL TO ITS BUSINESSES AND OPERATIONS. IN THE OPINION OF THE GROUP'S MANAGEMENT, NONE OF THESE PROCEEDINGS WILL HAVE A MATERIAL ADVERSE EFFECT ON THE GROUP'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. 5. STOCKHOLDERS' EQUITY: THE MAJORITY STOCKHOLDERS' EQUITY AS OF JUNE 30, IS ANALYZED AS FOLLOWS: 2005 2004 ----------------------------- ------------------------------ NOMINAL RESTATED NOMINAL PESOS RESTATED PESOS PESOS PESOS ------------- -------------- --------------- ------------- CAPITAL STOCK ISSUED Ps. 2,524,174 Ps. 9,646,774 Ps. 2,524,174 Ps. 9,646,774 ADDITIONAL PAID-IN CAPITAL 3,841,792 4,109,068 3,841,792 4,109,068 LEGAL RESERVE 1,018,068 1,754,254 802,231 1,536,697 RESERVE FOR REPURCHASE OF SHARES 2,255,655 5,603,610 2,255,655 5,603,610 UNAPPROPRIATED EARNINGS 3,098,732 11,350,450 3,542,282 11,761,542 CUMULATIVE GAIN ON ISSUANCE OF SHARES OF ASSOCIATES 3,414,524 3,784,875 3,573,907 3,948,923 CUMULATIVE EFFECT OF DEFERRED TAXES (2,197,681) (2,913,279) (2,197,681) (2,913,279) ACCUMULATED OTHER COMPREHENSIVE LOSS -- (3,823,520) -- (2,740,701) NET INCOME FOR THE SIX MONTHS -- 1,871,159 933,883 974,334 SHARES REPURCHASED (6,007,852) (6,439,597) (5,126,948) (6,362,576) --------------- --------------- TOTAL MAJORITY STOCKHOLDERS' EQUITY Ps. 24,943,794 Ps. 25,564,392 =============== ================ IN APRIL, 2004, THE COMPANY'S STOCKHOLDERS APPROVED A DIVIDEND PAYMENT IN THE AMOUNT OF PS.3,850,000 (NOMINAL), WHICH WAS PAID IN CASH ON MAY 21 2004, AS FOLLOWS: A DIVIDEND OF PS.1.21982800845 PER CPO, AND A DIVIDEND OF PS.0.40660933615 PER FORMER SERIES "A" SHARE (NOT IN THE FORM OF A CPO AND BEFORE THE RECAPITALIZATION). IN APRIL, 2004, THE COMPANY'S STOCKHOLDERS APROVED A RESTRUCTURING OF THE COMPANY'S CAPITAL STOCK ("THE RECAPITALIZATION"), WHICH COMPRISED THE FOLLOWING: (I) A 25-FOR-ONE STOCK SPLIT, WHICH BECAME EFFECTIVE ON JULY 26, 2004 (ALL THE COMPANY'S SHARE DATA IN THESE FINANCIAL STATEMENTS ARE PRESENTED ON POST-SPLIT BASIS); (II) THE CREATION OF THE SERIES "B" SHARES; (III) A 14-FOR-25 STOCK DIVIDEND IN THE AMOUNT OF PS.944,501 (NOMINAL OF PS.906,114 ); AND (IV) AN INCREASE IN THE NUMBER OF SHARES REPRESENTED BY EACH OUSTANDING CPO. THE RECAPITALIZATION INCREASED THE NUMBER OF THE COMPANY'S SHARES BY A FACTOR OF 39 ON A PRE-SPLIT BASIS BUT DID NOT AFFECT THE COMPANY'S TOTAL EQUITY OR DILUTE THE EQUITY INTEREST OF ANY SHAREHOLDER. IN CONNECTION WITH THE COMPANY'S RECAPITALIZATION IN JULY 2004, THE COMPANY ISSUED 312,880,056 ADDITIONAL CPOS BY COMBINNING 7,822,001,400 SERIES "A" SHARES, 6,883,361,232 SERIES "B" SHARES, 10,950,801,960 SERIES "D" SHARES AND 10,950,801,960 SERIES "L" SHARES, NOT IN THE FORM OF CPOS, WHICH WERE OWNED BY CERTAIN SHAREHOLDERS. ADDITIONALY, IN OCTOBER, 2004, THE COMPANY ISSUED 79,956,795 ADDITIONAL CPOS BY COMBINING 1,998,919,875 SERIES "A" SHARES, 1,759,049,490 SERIES "B" SHARES, 2,798,487,825 SERIES "D" SHARES, AND 2,798,487,825 SERIES "L" SHARES, NOT IN THE FORM CPOS, WHICH WERE ACQUIRED BY A COMPANY'S TRUST (EQUIVALENT TO 76,510,876 CPOS) AND A COMPANY'S SUBSIDIARY (EQUIVALENT TO 3,445,919 CPOS). IN APRIL, 2005, THE COMPANY ISSUED 4,285 ADDITIONAL CPOS BY COMBINING 107,125 SERIES "A" SHARES, 94,270 SERIES "B" SHARES, 149,975 SERIES "D" SHARES AND 149,975 SERIES "L" SHARES, NOT IN THE FORM OF CPOS, WHICH WERE ACQUIRED BY A TRUST FOR A GROUP'S PENSION PLAN. IN APRIL 2005, THE COMPANY'S STOCKHOLDERS APPROVED A DIVIDEND PAYMENT IN THE AMOUNT OF PS.1.35 PER CPO, EQUIVALENT TO PS.4,214,750 (NOMINAL), WHICH WAS PAID IN CASH ON MAY 31, 2005. AS OF JUNE 30, 2005, THE NUMBER OF SHARES AND CPOS AUTHORIZED AND ISSUED, REPURCHASED AND OUTSTANDING IS PRESENTED AS FOLLOWS: AUTHORIZED SHARES AND ISSUED REPURCHASED OUTSTANDING ---------------------- ------------------ ---------------- ----------------- SERIES "A" 124,736,244,175 10,309,362,235 114,426,881,940 SERIES "B" 60,269,682,796 6,139,787,241 54,129,895,555 SERIES "D" 92,133,721,715 6,018,037,009 86,115,684,706 SERIES "L" 92,133,721,715 6,018,037,009 86,115,684,706 ------------------ ---------------- ----------------- 369,273,370,401 28,485,223,494 340,788,146,907 ================== ================ ================= CPOS 2,632,390,232 171,943,913 2,460,446,319 =================== ================ ================== THE COMPANY'S SHARES REPURCHASED, AS WELL AS THEIR NET COST, AS OF JUNE 30, 2005, ARE PRESENTED AS A CHARGE TO STOCKHOLDERS' EQUITY AS FOLLOWS: A, B, D, AND L SHARES ---------------------------------------------- IN THE FORM NOT IN THE OF CPOS FORM OF CPOS TOTAL NET COST --------------------------------------------------------------- REPURCHASE PROGRAM 3,995,035,200 - 3,995,035,200 PS. (981,841) OWNED BY A COMPANY'S SUBSIDIARY 7,170,630,129 537,563,559 7,708,193,688 (1,553,364) ACQUIRED BY A COMPANY'S TRUST 8,951,772,492 7,830,222,114 16,781,994,606 (3,890,602) --------------------------------------------------------------- 20,117,437,821 8,367,785,673 28,485,223,494 PS.(6,425,807) =============================================================== IN CONNECTION WITH THE COMPANY'S PROGRAM FOR REPURCHASE OF SHARES, IN THE FIRST HALF OF 2005, THE COMPANY REPURCHASED 2,182,401,000 SHARES IN THE FORM OF 18,653,000 CPOS IN THE AMOUNT OF PS.593,694 (PS.594,091 NOMINAL). IN MARCH 2005, THE GROUP RELEASED 2,036,135,556 SHARES IN THE FORM OF 17,402,868 CPOS, IN THE AMOUNT OF APPROXIMATELY PS.186,128, IN CONNECTION WITH THE COMPANY'S STOCK PURCHASE PLAN. 6. REPURCHASE OF SHARES: AS OF JUNE 30, 2005, THE COMPANY MAINTAINS A RESERVE FOR REPURCHASE OF SHARES, WHICH WAS APPROVED BY THE SHAREHOLDERS OF THE COMPANY IN PRIOR YEARS BY APPROPRIATING FROM ACCUMULATED EARNINGS THE AMOUNT OF PS.7,015,306. THIS RESERVE WAS USED IN 1999, 2000 AND 2003, IN THE AMOUNT OF PS.288,446, PS.644,787 AND PS.478,463, RESPECTIVELY, IN CONNECTION WITH THE REPURCHASE OF SHARES IN THOSE YEARS. IN ACCORDANCE WITH THE MEXICAN SECURITIES LAW, ANY AMOUNT OF SHARES REPURCHASED AND HELD BY THE COMPANY SHOULD BE RECOGNIZED AS A CHARGE TO STOCKHOLDERS' EQUITY, AND ANY CANCELLATION OF SHARES REPURCHASED SHOULD BE RECOGNIZED AS A REDUCTION OF THE COMPANY'S CAPITAL STOCK ISSUED FOR AN AMOUNT PROPORTIONATE TO THE SHARES CANCELLED. 7. INTEGRAL COST OF FINANCING: INTEGRAL COST OF FINANCING FOR THE SIX MONTHS ENDED JUNE 30, CONSISTED OF: 2005 2004 --------------- ---------------- INTEREST EXPENSE (1) Ps. 1,090,026 Ps. 801,999 INTEREST INCOME (555,959) (333,972) FOREIGN EXCHANGE LOSS (GAIN), NET (2) 399,886 (66,946) LOSS FROM MONETARY POSITION (3) 41,756 139,513 -------------- --------------- Ps. 975,709 Ps. 540,594 ============== =============== (1) INCLUDES RESTATEMENT OF UDIS OF PS.18,504 AND PS.67,857 NET IN 2005 AND 2004, RESPECTIVELY. (2) NET OF THE LOSS OF PS.315,831 IN 2005 AND THE GAIN OF PS.194,015 IN 2004 RESULTING FROM THE FOREIGN EXCHANGE RESULT ATTRIBUTABLE TO CERTAIN LONG-TERM DEBT SECURITIES WHICH ARE HEDGED BY THE GROUP'S NET INVESTMENT IN UNIVISION. (3) THE GAIN OR LOSS FROM MONETARY POSITION REPRESENTS THE EFFECTS OF INFLATION, AS MEASURED BY THE NPCI IN THE CASE OF MEXICAN COMPANIES, OR THE GENERAL INFLATION INDEX OF EACH COUNTRY IN THE CASE OF FOREIGN SUBSIDIARIES, ON THE MONETARY ASSETS AND LIABILITIES AT THE BEGINNING OF EACH MONTH. INCLUDES MONETARY LOSS IN 2005 AND 2004 OF PS.36,286 AND PS.63,951, RESPECTIVELY, ARISING FROM TEMPORARY DIFFERENCES OF NON-MONETARY ITEMS IN CALCULATING DEFERRED INCOME TAX. 8. DEFERRED TAXES: THE DEFERRED INCOME TAX LIABILITY AS OF JUNE 30, WAS DERIVED FROM: 2005 2004 -------------- ---------------- ASSETS: ACCRUED LIABILITIES Ps. 588,021 Ps. 525,652 GOODWILL 853,023 869,287 TAX LOSS CARRYFORWARDS 996,397 1,706,575 ALLOWANCE FOR DOUBTFUL ACCOUNTS 434,890 381,367 CUSTOMER ADVANCES 1,427,793 1,674,229 -------------- ---------------- 4,300,124 5,157,110 -------------- ---------------- LIABILITIES: INVENTORIES (696,372) (1,496,641) PROPERTY, PLANT AND EQUIPMENT - NET (1,289,423) (1,173,151) OTHER ITEMS (1,214,343) (281,790) INNOVA (1,568,519) (1,647,714) -------------- ---------------- (4,768,657) (4,599,296) -------------- ---------------- DEFERRED INCOME TAX OF MEXICAN COMPANIES (468,533) 557,814 DEFERRED TAX OF FOREIGN SUBSIDIARIES (306,172) (387,053) ASSETS TAX 1,427,538 1,936,083 VALUATION ALLOWANCE (2,328,671) (3,014,128) RECOVERABLE INCOME TAX FROM REPURCHASE OF SHARES 223,845 - -------------- ---------------- DEFERRED INCOME TAX LIABILITY (1,451,993) (907,284) EFFECT ON CHANGE OF INCOME TAX RATES 183,421 92,625 -------------- ---------------- DEFERRED TAX LIABILITY OF CONTINUING OPERATIONS Ps.(1,268,572) Ps. (814,659) ============== ================ 9. EXTRAORDINARY ITEMS: NO EXTRAORDINARY ITEMS, AS DEFINED BY MEXICAN GAAP BULLETIN A-7 "COMPARABILITY", WERE RECOGNIZED IN INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004. 10. DISCONTINUED OPERATIONS: NO DISCONTINUED OPERATIONS, AS DEFINED BY MEXICAN GAAP BULLETIN C-15 "IMPAIRMENT IN THE VALUE OF LONG-LIVED ASSETS AND THEIR DISPOSAL," WERE RECOGNIZED IN INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004. 11. CUMULATIVE EFFECT OF ACCOUNTING CHANGES: EFFECTIVE JANUARY 1, 2005, IN CONNECTION WITH THE ADOPTION OF CERTAIN PROVISIONS OF REVISED BULLETIN D-3 (SEE NOTE 1), THE GROUP RECOGNIZED IN ITS CONSOLIDATED STATEMENT OF INCOME A CUMULATIVE LOSS EFFECT OF ACCOUNTING CHANGE IN THE AMOUNT OF PS.177,907, NET OF A RELATED INCOME TAX BENEFIT OF PS.76,395. NO CUMULATIVE EFFECT OF ACCOUNTING CHANGE WAS RECOGNIZED IN INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2004. 12. QUARTERLY NET RESULTS (HISTORICAL AND RESTATED): THE QUARTERLY NET RESULTS FOR THE FOUR QUARTERS ENDED JUNE 30, 2005, ARE AS FOLLOWS: HISTORICAL NET RESULT (1) RESTATED NET RESULT ======================-------------------------------- --------------------------------- INDEX AT END QUARTER ACCUMULATED QUARTER OF PERIOD ACCUMULATED QUARTER -------------------- ----------------- -------------- -------------- --------------- --------------- 3 / 04 Ps. 2,387,396 Ps. 1,437,496 110.602 Ps. 2,448,805 Ps. 1,474,471 4 / 04 4,316,743 1,887,299 112.550 4,351,143 1,902,338 1 / 05 594,052 594,052 113.438 594,099 594,099 2 / 05 1,871,159 1,277,060 113.447 1,871,159 1,277,060(1) AS REPORTED IN EACH QUARTER. 13. INFORMATION BY SEGMENTS: INFORMATION BY SEGMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2005 AND 2004, WERE AS FOLLOWS: TOTAL INTERSEGMENT CONSOLIDATED OPERATING REVENUES REVENUES REVENUES INCOME (LOSS) --------------- -------------- -------------- --------------- 2005: TELEVISION BROADCASTING Ps. 7,865,997 Ps. 236,153 Ps. 7,629,844 Ps. 3,100,048 PAY TELEVISION NETWORKS 487,971 144,900 343,071 184,034 PROGRAMMING EXPORTS 889,089 - 889,089 298,714 PUBLISHING 1,092,497 19,998 1,072,499 162,162 PUBLISHING DISTRIBUTION 184,535 4,702 179,833 (13,088) SKY MEXICO 2,746,107 14,326 2,731,781 704,716 CABLE TELEVISION 634,866 1,045 633,821 46,304 RADIO 149,079 25,942 123,137 5,881 OTHER BUSINESSES 651,294 27,888 623,406 (63,436) ELIMINATIONS AND CORPORAT EXPENSES (474,954) (474,954) - (81,790) --------------- -------------- -------------- --------------- CONSOLIDATED TOTAL Ps. 14,226,481 - 14,226,481 4,343,545 =============== ============== ============== =============== 2004: TELEVISION BROADCASTING Ps. 7,497,785 Ps. 109,933 Ps. 7,387,852 Ps. 2,736,120 PAY TELEVISION NETWORKS 377,728 76,362 301,366 115,844 PROGRAMMING EXPORTS 978,378 - 978,378 375,993 PUBLISHING 940,862 197 940,665 154,664 PUBLISHING DISTRIBUTION 957,530 4,136 953,394 (16,884) SKY MEXICO (1) 1,225,060 8,844 1,216,216 247,113 CABLE TELEVISION 567,886 1,753 566,133 96,174 RADIO 125,735 24,870 100,865 (2,971) OTHER BUSINESSES 853,642 58,346 795,296 (97,447) ELIMINATIONS AND CORPORATE EXPENSES (284,441) (284,441) - (79,814) --------------- -------------- -------------- --------------- CONSOLIDATED TOTAL Ps. 13,240,165 Ps. - Ps.13,240,165 Ps. 3,528,792 =============== ============== ============== ===============(1) BEGINNING APRIL 1, 2004, THE GROUP CONSOLIDATES THE FINANCIAL STATEMENTS OF INNOVA (SKY MEXICO). 14. PREPAYMENT OF LONG-TERM DEBT: IN THE FIRST HALF OF 2005, THE GROUP PREPAID CERTAIN LONG-TERM NOTES PAYABLE IN THE AGGREGATE PRINCIPAL AMOUNT OF APPROXIMATELY U.S.$4.8 MILLION, WHICH ORIGINALLY MATURED BETWEEN 2007 AND 2009. IN MAY 2005, THE GROUP PREPAID ALL OF THE OUTSTANDING AMOUNTS OF A PS.80.0 MILLION LONG-TERM LOAN, WHICH ORIGINALLY MATURED IN 2006. 15. DISPOSAL OF INTEREST IN DTH TECHCO PARTNERS: IN JUNE 2005, THE GROUP RECOGNIZED A LOSS ON DISPOSAL OF ITS 30% INTEREST IN DTH TECHCO PARTNERS ("TECHCO") AS A RESULT OF A PROPOSAL FROM DIRECTV TO PROVIDE TECHNICAL SERVICES TO THE GROUP'S SKY MEXICO BUSINESS, WHICH ARE BEING CURRENTLY PROVIDED BY TECHCO, AND THE EVENTUAL CLOSING OF TECHCO'S OPERATIONS. THE RELATED AGREEMENTS ARE EXPECTED TO BE EXECUTED BY THE PARTIES IN THE THIRD QUARTER OF 2005, INCLUDING THE RELEASE OF ANY GUARANTEES MADE BY THE GROUP IN CONNECTION WITH CERTAIN TECHCO'S INDEBTEDNESS. THE GROUP RECOGNIZED A PRETAX LOSS ON THIS INTENDED DISPOSAL OF APPROXIMATELY U.S.$14.7 MILLION (PS.158,463), WHICH REPRESENTED THE EXCESS OF THE CARRYING VALUE OF THE NET INVESTMENT IN TECHCO OVER ANY ESTIMATED PROCEEDS AT JUNE 30, 2005. - - - - - - - - - MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. ANALYSIS OF INVESTMENTS IN SHARES ANNEX 3 CONSOLIDATED Final Printing ------------------------------------------------------------------------------------------------------------------------------- TOTAL AMOUNT % (Thousands of Mexican Pesos) NUMBER OWNERSHIP ------------------------------ COMPANY NAME (1) MAIN ACTIVITIES OF SHARES (2) ACQUISITION BOOK COST VALUE (3) ------------------------------------------------------------------------------------------------------------------------------- SUBSIDIARIES 1 CORPORATIVO VASCO DE QUIROGA, PROMOTION AND 9,966,244 100.00 1,897,090 1,630,627 S.A. DE C.V. DEVELOPMENT OF COMPANIES 2 CVQ ESPECTACULOS, S.A. DE C.V. PROMOTION AND 11,979,937 100.00 1,499,651 738,967 DEVELOPMENT OF COMPANIES 3 DTH EUROPA, S.A. PROMOTION AND 1,080,182 90.25 780,220 8,601 DEVELOPMENT OF COMPANIES 4 EDITORA FACTUM, S.A. DE C.V. PROMOTION AND 619,586,864 100.00 1,816,751 2,160,261 DEVELOPMENT OF COMPANIES 5 EDITORIAL TELEVISA, S.A. DE C.V. PROMOTION AND 1,037,498 100.00 823,582 1,725,047 DEVELOPMENT OF COMPANIES 6 FACTUM MAS, S.A. DE C.V. PROMOTION AND 5,442,040,701 100.00 4,756,067 (634,457) DEVELOPMENT OF COMPANIES 7 GRUPO DISTRIBUIDORAS INTERMEX, DISTRIBUTION OF BOOKS 349,470,905 100.00 822,778 625,339 S.A. DE C.V. AND MAGAZINES 8 CAMPUS AMERICA, S.A. DE C.V. PROMOTION AND 418,881,301 100.00 342,274 10,795,801 DEVELOPMENT OF COMPANIES 9 PROMO-INDUSTRIAS PROMOTION AND 900,621 100.00 38,612 116,358 METROPOLITANAS, S.A. DE C.V. DEVELOPMENT OF COMPANIES 10 SISTEMA RADIOPOLIS, S.A. DE C.V. COMMERCIALIZATION OF 76,070,313 50.00 764,739 243,904 RADIO PROGRAMMING 11 TELEPARABOLAS, S.L. MAINTENANCE OF 1,500 100.00 750 846 PARABOLIC DISHES 12 TELESISTEMA MEXICANO, S.A. DE C.V. COMMERCIALIZATION OF 169,773,895 100.00 12,806,397 18,555,158 TELEVISION 13 TELEVISA ARGENTINA, S.A. COMMERCIAL OPERATION 1,499,999 100.00 115,371 55,550 OF TELEVISION 15 TELEVISION INDEPENDIENTE DE PROMOTION AND 32,989,789 99.98 2,864,972 5,292,091 MEXICO, S.A. DE C.V. DEVELOPMENT OF COMPANIES 16 CAPITALIZED INTEGRAL COST OF 1 203,790 FINANCING, 1994 17 CAPITALIZED INTEGRAL COST OF 1 395,766 FINANCING, 1995 18 CAPITALIZED INTEGRAL COST OF 1 27,353 FINANCING, 1996 19 CAPITALIZED INTEGRAL COST OF 1 20,938 FINANCING, 1998 ------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENT IN SUBSIDIARIES 29,329,254 41,961,940 ------------------------------------------------------------------------------------------------------------------------------- ASSOCIATES 1 ARGOS COMUNICACION, S.A. DE C.V. OPERATION AND/OR 33,000,000 15.30 137,000 31,842 BROADCASTING OF T.V. 2 DIBUJOS ANIMADOS MEXICANOS PRODUCTION OF 1,735,560 49.00 4,384 721 DIAMEX, S.A. DE C.V. ANIMATED CARTOONS 3 EDITORIAL CLIO, LIBROS Y VIDEOS, PUBLISHING AND PRINTING 2,627,050 30.00 26,270 11,023 S.A. DE C.V. OF BOOKS AND MAGAZINES. 4 ENDEMOL MEXICO, S.A. DE C.V. COMMERCIALIZATION OF 1,635,000 50.00 1,635 16,916 TELEVISION PROGRAMMING 5 EN VIVO ESPECTACULOS, S. DE R.L. LIVE ENTERTAINMENT IN 2 100.00 4,898 1,265 DE C.V. MEXICO 6 MAS FONDOS, S.A. DE C.V. MUTUAL FUND DISTRIBUTION 99,758 46.55 99,758 24,424 COMPANY 7 METROS CUBICOS, S.A. DE C.V. PORTAL INTERNET 2,089,343 18.65 43,031 11,286 8 OCESA ENTRETENIMIENTO, S.A. DE LIVE ENTERTAINMENT IN 14,100,000 40.00 1,095,581 508,145 C.V. MEXICO 9 TELEVISORA DEL YAQUI, S.A. DE C.V. OPERATION AND/OR 4,124,986 15.00 412 7,491 BROADCASTING OF T.V. 10 UNIVISION COMMUNICATIONS, INC. BROADCASTING OF T.V. 30,187,534 9.35 5,602,976 5,659,527 SPANISH PROGRAMS ------------------------------------------------------------------------------------------------------------------------------- TOTAL INVESTMENT IN ASSOCIATES 7,015,945 6,272,640 ------------------------------------------------------------------------------------------------------------------------------- OTHER PERMANENT INVESTMENTS 182,760 ------------------------------------------------------------------------------------------------------------------------------- TOTAL 36,345,199 48,417,340 ------------------------------------------------------------------------------------------------------------------------------- MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. ANNEX 5 CREDIT BREAK DOWN (Thousands of Mexican Pesos CONSOLIDATED Final Printing ----------------------------- -------------- ---------- --------------------- ----------------------------------------------------- Amortization of Credits in Foreign Currency With National Entities Denominated (Thousands of $) In Pesos Time Interval ----------------------------- -------------- ---------- --------------------- ----------------------------------------------------- Credit Type / Institution Amortization Interest Until 1 More Than Current Until 1 Until 2 Until 3 Until 4 Until 5 Date Rate Year 1 Year Year Year Year Year Year Year ----------------------------- -------------- ---------- --------------------- ----------------------------------------------------- BANKS ----------------------------- -------------- ---------- --------------------- ----------------------------------------------------- OTHER FINANCIAL ENTITIES BANAMEX, S.A. 4/23/2012 10.35 2,000,000 BANAMEX, S.A. 5/21/2009 9.70 1,162,460 HSBC MEXICO, S.A. 12/2/2011 10.55 1,012,000 BANAMEX, S.A. 5/1/2008 8.93 120,000 600,000 BANK OF AMERICA 3/31/2010 4.59 SUNTRUST BANK MIAMI, NATIONAL 4/1/2008 4.50 BNP PARIBAS 1/20/2009 4.06 BANCO DE BILBAO VIZCAYA, S.A. 1/30/2006 5.86 LEASING DE COLOMBIA 6/28/2009 13.28 LEASING DE OCCIDENTE 4/29/2007 15.86 SANTANDER CENTRAL HISPANO LEASING, S.A. 1/24/2006 14.74 ---------------------------------------------------------------------------------------------------------------------------------- TOTAL BANKS 120,000 4,774,460 - - - - - - ---------------------------------------------------------------------------------------------------------------------------------- STOCK EXCHANGE PRIVATE PLACEMENTS ---------------------------------------------------------------------------------------------------------------------------------- UNSECURED DEBT ---------------------------------------------------------------------------------------------------------------------------------- HOLDERS 5/13/2006 12.49 HOLDERS 8/8/2005 9.07 HOLDERS 9/13/2011 8.41 HOLDERS 3/11/2032 8.94 HOLDERS 3/18/2025 6.97 HOLDERS 9/19/2013 9.86 UDI DENOMINATED-NOTES 4/13/2007 8.15 922,121 ---------------------------------------------------------------------------------------------------------------------------------- TOTAL STOCK EXCHANGE - 922,121 - - - - - - ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- SUPPLIERS ---------------------------------------------------------------------------------------------------------------------------------- VARIOUS 6/30/2006 1,412,085 1,046,937 ---------------------------------------------------------------------------------------------------------------------------------- TOTAL SUPPLIERS 1,412,085 - - 1,046,937 - - - - ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- OTHER CURRENT LIABILITIES AND OTHER CREDITS ---------------------------------------------------------------------------------------------------------------------------------- VARIOUS 9/7/2015 1,517,704 68,653 - 645,108 440,972 - - - ---------------------------------------------------------------------------------------------------------------------------------- TOTAL OTHER CURRENT LIABILITIES AND OTHER CREDITS 1,517,704 68,653 - 645,108 440,972 - - - ---------------------------------------------------------------------------------------------------------------------------------- TOTAL 3,049,789 5,765,234 - 1,692,045 440,972 - - - ---------------------------------------------------------------------------------------------------------------------------------- ----------------------------- ------------ -------- --------------------- --------------------------------------------------------- Amortization of Credits in Foreign Currency With Foreign Entities Denominated (Thousands of $) In Pesos Time Interval ----------------------------- ------------ -------- --------------------- --------------------------------------------------------- Credit Type / Institution Amortization Interest Until 1 More Than Current Until 1 Until 2 Until 3 Until 4 Until 5 Date Rate Year 1 Year Year Year Year Year Year Year ----------------------------- ------------ -------- --------------------- --------------------------------------------------------- BANKS ----------------------------- ------------ -------- --------------------- --------------------------------------------------------- OTHER FINANCIAL ENTITIES BANAMEX, S.A. BANAMEX, S.A. HSBC MEXICO, S.A. BANAMEX, S.A. BANK OF AMERICA 269 269 538 538 538 27,384 SUNTRUST BANK MIAMI, NATIONAL 4,297 4,297 4,297 BNP PARIBAS 2,659 747 1,494 1,494 1,495 BANCO DE BILBAO VIZCAYA, S.A. 844 362 LEASING DE COLOMBIA 229 166 276 101 102 LEASING DE OCCIDENTE 78 85 225 SANTANDER CENTRAL HISPANO LEASING, S.A. 23 12 ---------------------------------------------------------------------------------------------------------------------------------- TOTAL BANKS 4,102 5,938 6,830 6,430 2,135 27,384 ---------------------------------------------------------------------------------------------------------------------------------- STOCK EXCHANGE PRIVATE PLACEMENTS ---------------------------------------------------------------------------------------------------------------------------------- UNSECURED DEBT HOLDERS 57,395 HOLDERS 2,148,400 HOLDERS 810,849 HOLDERS 3,222,600 HOLDERS 6,445,200 HOLDERS 3,222,600 UDI DENOMINATED-NOTES ---------------------------------------------------------------------------------------------------------------------------------- TOTAL STOCK EXCHANGE 2,148,400 57,395 - - - 13,701,249 ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- SUPPLIERS ---------------------------------------------------------------------------------------------------------------------------------- VARIOUS 379,868 ---------------------------------------------------------------------------------------------------------------------------------- TOTAL SUPPLIERS - 379,868 - - - - ---------------------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------------------------------------- OTHER CURRENT LIABILITIES AND OTHER CREDITS ---------------------------------------------------------------------------------------------------------------------------------- VARIOUS - 172,803 144,625 90,740 101,744 965,728 ---------------------------------------------------------------------------------------------------------------------------------- TOTAL OTHER CURRENT LIABILITIES AND OTHER CREDITS - 172,803 144,625 90,740 101,744 965,728 ---------------------------------------------------------------------------------------------------------------------------------- TOTAL 2,152,502 616,004 151,455 97,170 103,879 14,694,361 ---------------------------------------------------------------------------------------------------------------------------------- NOTES THE EXCHANGE RATES FOR THE CREDITS DENOMINATED IN FOREIGN CURRENCY WERE AS FOLLOWS: $ 10.7420 PESOS PER U.S. DOLLAR 0.0046 PESOS PER COLOMBIAN PESO 13.1076 PESOS PER EURO MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. MONETARY FOREIGN CURRENCY POSITION (Thousands of Mexican Pesos) ANNEX 6 CONSOLIDATED Final Printing --------------------------------------------------------------------------------------------------------- ------------------ DOLLARS (1) OTHER CURRENCIES (1) TOTAL ----------------------------- -------------------------------- ------------------ TRADE BALANCE THOUSANDS THOUSANDS THOUSANDS THOUSANDS THOUSANDS OF DOLLARS OF PESOS OF DOLLARS OF PESOS OF PESOS ---------------------------------------- ------------------------------- -------------------------------- ------------------ TOTAL ASSETS 1,046,225 11,238,549 42,498 456,514 11,695,063 LIABILITIES POSITION 1,832,800 19,687,937 28,480 305,933 19,993,870 SHORT-TERM LIABILITIES POSITION 391,185 4,202,109 28,293 303,924 4,506,033 LONG-TERM LIABILITIES POSITION 1,441,615 15,485,828 187 2,009 15,487,837 ---------------------------------------- ------------------------------- -------------------------------- ------------------ NET BALANCE (786,575) (8,449,388) 14,018 150,581 (8,298,807) ---------------------------------------- ------------------------------- -------------------------------- ------------------ NOTES (1) THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS: $ 10.7420 PESOS PER U.S. DOLLAR 13.1076 PESOS PER EURO 3.7370 PESOS PER ARGENTINEAN PESO 0.0185 PESOS PER CHILEAN PESO 0.0046 PESOS PER COLOMBIAN PESO 3.3220 PESOS PER PERUVIAN NUEVO SOL 19.3459 PESOS PER POUNDS STERLING 10.7420 PESOS PER ECUADORIAN SUCRE 10.7420 PESOS PER PANAMANIAN BALBOA 0.0050 PESOS PER VENEZUELAN BOLIVAR THIS INFORMATION IS REPRESENTED ON A CONSOLIDATED BASIS AND INCLUDES, ACCORDINGLY, INFORMATION OF FOREIGN SUBSIDIARIES. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. RESULT FROM MONETARY POSITION (1) (Thousands of Mexican Pesos) ANNEX 7 CONSOLIDATED Final Printing ------------------------------------------------------------------------------------------------------------------------------ (ASSET) LIABILITY MONTHLY MONTH MONETARY MONETARY MONETARY MONTHLY PROFIT ASSETS LIABILITIES POSITION INFLATION AND (LOSS) ------------------------------------------------------------------------------------------------------------------------------ JANUARY 32,839,494 36,654,700 3,815,206 0.00 134 FEBRUARY 27,532,860 29,649,166 2,116,306 0.00 7,049 MARCH 26,733,753 28,449,192 1,715,439 0.00 7,731 APRIL 27,210,070 27,249,798 39,728 0.00 141 MAY 24,173,758 31,408,680 7,234,922 0.00 (18,174) JUNE 22,699,708 30,545,054 7,845,346 0.00 - RESTATEMENT: - 48 CAPITALIZATION: - - FOREIGN CORP.: - (2,144) OTHER - (36,541) ------------------------------------------------------------------------------------------------------------------------------ TOTAL (41,756) ------------------------------------------------------------------------------------------------------------------------------ NOTES THE AMOUNT REFLECTED IN "OTHER" INCLUDES PS. 36,286 FROM MONETARY POSITION DERIVED FROM DEFERRED TAXES, WHICH WAS CLASSIFIED IN THE DEFERRED INCOME TAX PROVISION IN ACCORDANCE WITH THE GUIDELINES PROVIDED BY BULLETIN D-4 FOR DEFERRED TAXES. MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. CONVENANTS ON BONDS AND MEDIUM TERM NOTES LISTED IN STOCK MARKET ANNEX 8 CONSOLIDATED Final Printing ------------------------------------------------------------------------------ FINANCIAL RESTRICTIONS BASED IN ISSUED DEBT AND/OR TITLE ------------------------------------------------------------------------------ THE AGREEMENTS OF THE U.S.$200 MILLION, U.S.$300 MILLION (OF WHICH APPROXIMATELY U.S.$75.5 MILLION ARE OUTSTANDING AS OF JUNE 30, 2005), U.S.$600 MILLION AND U.S.$300 MILLION SENIOR NOTES ISSUED BY GRUPO TELEVISA, S.A. WITH MATURITY IN 2005, 2011, 2025 AND 2032, RESPECTIVELY, CONTAIN CERTAIN COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND ITS SUBSIDIARIES ENGAGED IN TELEVISION OPERATIONS TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS OR SIMILAR TRANSACTIONS. THE AGREEMENT OF THE U.S.$300 MILLION SENIOR NOTES ISSUED BY INNOVA, S. DE R.L. DE C.V. ("INNOVA") WITH MATURITY IN 2013, CONTAINS CERTAIN COVENANTS THAT LIMIT THE ABILITY OF INNOVA AND ITS RESTRICTED SUBSIDIARIES WITH RESPECT TO INDEBTEDNESS, LIENS, SALES AND LEASEBACKS, RESTRICTED PAYMENTS, ASSET SALES, AND CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS. ------------------------------------------------------------------------------- ACTUAL SITUATION OF FINANCIAL RESTRICTIONS ------------------------------------------------------------------------------- AT JUNE 30, 2005, THE GROUP WAS IN COMPLIANCE WITH THE FINANCIAL RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM SENIOR NOTES DESCRIBED ABOVE. ---------------------------------- C.P. JORGE LUTTEROTH ECHEGOYEN CONTROLLER, VICE-PRESIDENT MEXICO, D.F. JULY 14, 2005 MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. PLANTS, COMMERCE CENTERS OR DISTRIBUTION CENTERS ANNEX 9 CONSOLIDATED Final Printing ---------------------------------------------------------------------------------------------------------------------------- PLANT OR CENTER ECONOMIC ACTIVITY PLANT UTILIZATION CAPACITY (1) (%) ---------------------------------------------------------------------------------------------------------------------------- TELEVISION: 0 0 CORPORATIVO SANTA FE HEADQUARTERS 0 0 TELEVISA SAN ANGEL PRODUCTION AND BROADCASTING PROGRAMMING. 0 0 TELEVISA CHAPULTEPEC PRODUCTION AND BROADCASTING PROGRAMMING. 0 0 REAL ESTATE LAND AND UNOCCUPIED, BUILDING, 0 0 PARKING LOTS, ADMINISTRATIVE 0 0 OFFICES, RADIO ANTENNAS, 0 0 TELEVISION STATIONS FACILITIES. 0 0 TRANSMISSION STATIONS BROADCASTER STATIONS. 0 0 PUBLISHING: 0 0 EDITORIALS ADMINISTRATION, SALES, PRODUCTION, 0 0 STORAGE AND DISTRIBUTION OF 0 0 MAGAZINES AND NEWSPAPERS. 0 0 RADIO: 0 0 SISTEMA RADIOPOLIS, S.A. DE C.V. BROADCASTER STATIONS. 0 0 CABLE TELEVISION: 0 0 CABLEVISION, S.A. DE C.V. CABLE TELEVISION, SIGNAL CONDUCTION 0 0 AND TRANSMISSION EQUIPMENT. 0 0 OTHER BUSINESSES: 0 0 IMPULSORA DEL DEPORTIVO - SOCCER, SOCCER TEAMS, TRAINING 0 0 NECAXA, S.A. DE C.V. AND CLUB FACILITIES, ADMINISTRATIVE OFFICES AND 0 0 DE FUTBOL AMERICA, S.A. DE C.V. THE AZTECA STADIUM. 0 0 0 0 0 0 0 0 NOTES MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. MAIN RAW MATERIALS ANNEX 10 --------------------------------------------------------------------------------------------------------------------------------- MAIN MAIN DOM. COST DOMESTIC SUPPLIERS FOREIGN SUPPLIERS SUBST. PRODUCTION (%) --------------------------------------------------------------------------------------------------------------------------------- PROGRAMS AND FILMS ANIME CREATIVE CORPORATION 0.68 AMERICA FILMS, S.A. DE C.V. 0.03 CINEMAS LUMIERE, S.A. DE C.V. 0.04 CINEMATOGRAFICA CALDERON, S.A. 1.08 CINEMATOGRAFICA RODRIGUEZ, S.A. 0.35 DIANA INTERNACIO- NAL FILMS, S.A. 0.10 DIRSOL, S.A. 0.08 DISTRIBUIDORA RO- MARI, S.A. DE C.V. 1.21 GRUPO GALINDO, S.A. DE C.V. 0.08 GUSSI, S.A. DE C.V. 2.58 HITS MOVIE VIDEO, S.A. DE C.V. 0.06 INSTITUTO MEXICA- NO DE CINE, S.A. 0.11 MICH AND RO ENTERTAINMENT, S.A. DE C.V. 0.20 NUVISION, S.A. 0.65 ORO FILMS, S.A. DE C.V. 0.17 PANAMA INTER- NATIONAL FILMS 0.04 PELICULAS CLA- SICAS, S.A. 0.05 PELICULAS NACIO- NALES, S.A. 0.04 PELICULAS RODRI- GUEZ, S.A. 0.58 PELICULAS Y VI- DEOS INTERNACIO- NALES, S.A. 0.06 PRODUCCIONES AGUILA, S.A. 0.18 PRODUCCIONES GAER, S.A. 0.03 PRODUCCIONES GALUBI, S.A. 0.07 PRODUCCIONES GONZALO ELVIRA 0.05 PRODUCCIONES POTOSI, S.A. 0.04 PRODUCCIONES TOBARI, S.A. 0.02 ROBERTO GINART AVALOS 0.07 SECINE, S.A. DE C.V. 0.11 SHOW CINEMA, S.A. DE C.V. 0.07 VIDEOVISA , S.A. DE C.V. 0.04 OTHER 1.30 PROGRAMS AND FILMS 4KIDS ENTERTAIN- MENT NO 0.07 ALFRED HABER DISTRIBUTION, INC. NO 0.57 ALLIANCE ATLAN- TIS INTERNATIONAL NO 0.78 ALLIANCE ATLAN- TIS PICTURE NO 0.11 AMERICA PRO- DUCCIONES, S.A. NO 3.77 BBC WORDLWIDE AMERICA, INC. NO 0.15 BELLEVILLE INVESTMENT,LTD. NO 0.04 BETAFILM GMBH & CO. NO 0.86 BEVERLY HILLS ENTERTAINMENT NO 0.09 CARSEY WERNER DISTRIBUTION,INC. 0.23 CBS BROADCAST NO INTERNATIONAL NO 1.22 CCC OF AMERICA, INC. NO 0.09 CINAR FILMS, INC. 0.05 CONSTELLATION NO PICTURES, INC. 2.80 CPT HOLDINGS, NO INC. NO 0.82 CROMOSOMA, S.A. NO 0.22 CROWN MEDIA DIC ENTERTAIN- NO MENT, CORP. 0.31 DORLING KINDER- NO SLEY VISION NO 0.17 DREAMWORKS 2.72 ENTERTAINMENT NO RIGHTS DIST- 0.28 FIREWORKS INTER- NO NATIONAL 1.16 HASBRO INTERNA- TIONAL,INC. NO 0.31 HEARTS ENTER- TAINMENT, INC. NO 1.02 HIGHPOINT PRODUC- TIONS, INC. 0.28 INDEPENDENT NO INTERNATIONAL T.V. INC. 4.14 KUSHNER-LOCKE NO INTERNATIONAL 0.34 LUCAS FILM, NO LTD. 3.09 LE MONDE NO ENTERTAINMENT, INC. NO 0.27 MENDELSON PAWS PRODUC- NO TIONS, INC. 0.22 MGM/UA TELECOM NO MUNICATIONS, INC. 3.48 MORGAN CREEK INTERNATIONAL NO 0.86 MTV NETWORKS A DIVISION OF VIACOM NO INT. 0.37 MULTIFILMS, NO B.V. 1.42 MYRIAM BALLES- NO TEROS PRODUC- TIONS, INC. NO 0.13 NELVANA INTER- NATIONAL 0.67 NEW LATIN NO IMAGE CORPO- RATION, INC. NO 0.16 NU IMAGE NO INCORPORATED 0.42 PALOMA PRO- NO DUCTIONS, LLC. 1.90 PARAMOUNT NO PICTURES , CORP. 4.60 PEAKVIEWING NO TRANSATLANTIC 0.09 SALSA ENTER- NO TAINMENT,INC. 1.44 SESAME NO WORKSHOP 0.38 SHOGAKUKAN PRODUCTIONS, NO INC. NO 0.06 SONY CORPORA- TION OF AMERICA NO 11.75 SOUTHERN STAR, INC. 0.18 STUDIO CANAL NO IMAGE 0.69 TEPUY USA COR- NO PORATION 0.66 TF1 INTERNA- NO TIONAL,INC. 0.22 TOEI ANIMATION CO., LTD 0.93 TOKYO BROAD CASTING SYSTEM 0.21 TWENTIETH CEN- TURY FOX, INC. 6.14 UNIVERSAL STUDIOS INTERNATIONAL, B.V. 6.85 VENEVISION IN- TERNACIONAL, INC. 0.25 VENTURA FILM- DISTRIBUTORS BV 0.55 VIACON LATINO AMERICANA, INC. 0.09 WARNER BROS. INTERNATIONAL TELEVISION 16.84 WELLSPRING MEDIA, INC. 0.12 WHILAND COMPANY 0.82 ZACH MOTION PICTURES, INC. 0.14 OTHER 1.23 COAXIAL CABLE RG MAYA 60 NACIONAL DE CONDUCTORES, S.A. DE C.V. 5.45 IDENTIFICATION PLAQUE RIVANDI, S.A. DE C.V. 0.03 CABLEMODEMS MOTOROLA, INC. NO 4.98 HILTI BOLT HILTI MEXICANA, S.A. DE C.V. NO 0.03 SWITCH CABLENETWORK MEXICO NO 0.02 TWO OUTLET DEVICE AC 200 TVC CORPORATION YES 0.03 DECODER MOTOROLA, INC. NO 69.27 COUCHE PAPER PAPELERA MOHGA BBA, S.A. 0.41 SUMINISTROS Y SERVICIOS BROM 0.78 ABASTECEDORA LUMEN 0.05 PRODUCTORA COMERCIALIZA- DORA Y EDITORA 0.44 OFFSET MULTICO- LOR, S.A. 1.55 PROCESOS INDUS- TRIALES DE PAPEL 0.17 IMPRESOS MOINO, 0.11 BULKLEY DUNTON 1.41 KIMBERLY CLARK 0.81 PAPEL, S.A. 0.07 COUCHE PAPER STORAM ENSON YES 5.83 BULKLEY DUNKE YES 14.45 M REAL YES 1.51 MYLLLIKOSKI YES PAPEL 3.34 TEMBEC, INC. YES 0.01 BULKLEY DUNTON YES 11.75 FINNIPAP YES 7.35 WEB SOURCE YES 0.01 BOWATER, INC. YES 1.22 NORKE CANADA YES 0.05 PAPER AND IMPRESSION PRODUCTORA CO- MERCIALIZADORA Y EDITORES DE LI- BROS , S.A. DE C.V. 7.60 OFFSET MULTICOLOR 13.28 IMPRESOS MOINO 1.94 PROCESOS IND DE PAPEL, S.A. 2.85 BARNICES PARA EDICIONES DE LIBROS, S.A. 0.67 SERVICIOS PRO- FESIONALES DE IMPRESION, S.A. DE C.V. 1.37 IMPRESOS EN OFFSET Y SERI- GRAFIA, S.A. 0.15 LORI DER, S.A. DE C.V. 0.03 LITOGRAFIA MAGNO GRAFT, S.A. 0.32 LOVA IMPRE- SORES, S.A. 0.04 GRAFICA LA PRENSA, S.A. 0.21 PAPER AND IMPRESSION QUEBECOR CHILE, S.A. YES 3.21 QUEBECOR WORLD, INC. YES 0.60 GRUPO OP GRA- FICAS, S.A. YES 0.58 PRINTER COLOM- BINA, S.A. YES 0.04 ST. IVES, INC. YES 7.82 BEST LITHO YES 0.35 EDITORES, S.A. YES 0.16 RR DONELLY YES 2.54 QUAD GRAPHICS YES 2.31 PRO-OFFSET EDI- TORIAL, LTDA. YES 0.11 NOTES MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. SALES DISTRIBUTION BY PRODUCT ANNEX 11 DOMESTIC SALES CONSOLIDATED Final Printing ---------------------------- ------------------------ ------------------------- -------------------------------- TOTAL PRODUCTION NET SALES MARKET ------------------ ---------------- MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT SHARE % -------------------------- ------------------------- -------------------------- -------------------------------- INTERSEGMENT ELIMINATIONS (470,562) TELEVISION: PROGRAMMING HALF HOURS PRODUCED (DOMESTIC) 57.000 ADVERTISED TIME SOLD (HALF HOURS) 3 7,572,341 OTHER INCOME 55,816 PROGRAMMING FOR PAY TELEVISION: SALE OF SIGNALS 325,415 ADVERTISED TIME SOLD 47,114 PUBLISHING: MAGAZINE CIRCULATION 75,668 645,986 30,198 380,152 PUBLISHING 298,097 OTHER INCOME 11,453 PUBLISHING DISTRIBUTION: 6,949 93,618 SKY MEXICO DTH BROADCAST SATELLITE 2,593,770 PAY PER VIEW 135,935 CHANNEL COMMERCIALIZATION 16,402 CABLE TELEVISION: ANALOGIC AND DIGITAL SERVICE 598,551 SERVICE INSTALLATION 12,208 PAY PER VIEW 1,145 CHANNEL COMMERCIALIZATION 10,014 OTHER 12,948 RADIO: ADVERTISED TIME SOLD 149,079 OTHER BUSINESSES: DISTRIBUTION, RENTALS, AND SALE OF MOVIE RIGHTS 266,707 SPECIAL EVENTS AND SHOW PROMOTION 219,433 INTERNET SERVICES 164,395 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- TOTAL 645,986 12,494,031 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- --------------------------- -------------------------------------------------------- MAIN -------------------------------------------------------- MAIN PRODUCTS TRADEMARKS CUSTOMERS -------------------------- ------------------------- --------------------------- INTERSEGMENT ELIMINATIONS TELEVISION: PROGRAMMING HALF HOURS PRODUCED (DOMESTIC) ADVERTISED TIME SOLD (HALF HOURS) BIMBO, S.A. DE C.V. COMPANIA PROCTER & GAMBLE DE MEXICO, S. DE R. L. DE C.V. DANONE DE MEXICO, S.A. DE C.V. PEPSI COLA MEXICANA, S. DE R.L. DE C.V. SECRETARIA DE HACIENDA Y CREDITO PUBLICO UNILEVER DE MEXICO, S. DE R.L. DE C.V. COMPANIA CERVECERA DE ZACATECAS, S.A. DE C.V. CADBURY ADAMS DE MEXICO, S. DE R.L. DE C.V. NOVARTIS FARMACEUTICA, S.A. DE C.V. S.C. JOHNSON AND SON, S.A. DE C.V. GOBIERNO DEL ESTADO DE MEXICO PEGASO PCS, S.A. DE C.V. BARCEL, S.A. DE C.V. THE COCA-COLA EXPORT CORPORATION SUCURSAL EN MEXICO HENKEL CAPITAL, S.A. DE C.V. OTHER INCOME PROGRAMMING FOR PAY TELEVISION: SALE OF SIGNALS ADVERTISED TIME SOLD PUBLISHING: MAGAZINE CIRCULATION TV Y NOVELAS MAGAZINE, GENERAL PUBLIC (AUDIENCE) TELEGUIA MAGAZINE, DEALERS VANIDADES MAGAZINE COMMERCIAL CENTERS (MALLS) COSMOPOLITAN MAGAZINE BIOGRAPHICAL BOOKS SOCCERMANIA MAGAZINE TU MAGAZINE MEN'S HEALTH MAGAZINE CARAS MAGAZINE MUY INTERESANTE MAGAZINE BIG BANG MAGAZINE PUBLISHING VARIOUS OTHER INCOME PUBLISHING DISTRIBUTION: MAGAZINE: "MAESTRA PREESCOLAR" "SEVENTEEN EN ESPANOL" "CAR AND DRIVER" "REVISTA DEL CONSUMIDOR" "ENTREPRENEUR" SKY MEXICO DTH BROADCAST SATELLITE SKY GENERAL PUBLIC PAY PER VIEW CHANNEL COMMERCIALIZATION CABLE TELEVISION: ANALOGIC AND DIGITAL SERVICE CABLEVISION GENERAL PUBLIC SERVICE INSTALLATION OPERADORA MEGACABLE, S.A. DE C.V. PAY PER VIEW T.V. CABLE, S.A. DE C.V. CHANNEL COMMERCIALIZATION BANCO MERCANTIL DEL NORTE, S.A. OTHER TELECABLE CENTRO OCCIDENTE, S.A. DE C.V. TELEFONOS DE MEXICO, S.A. DE C.V. TELEVISION INTERNACIONAL, S.A. DE C.V. SERVICIOS DE COMUNICACION POR CABLE, S.A. DE C.V. CADBURY ADAMS DE MEXICO, S. DE R.L. DE C.V. TELEVICABLE DEL CENTRO, S.A. DE C.V. VPN DE MEXICO, S.A. DE C.V. EL PALACIO DE HIERRO, S.A. DE C.V. COMUNICACIONES NEXTEL DE MEXICO, S.A. DE C.V. RADIO: ADVERTISED TIME SOLD INSTITUTO MEXICANO DEL SEGURO SOCIAL PARTIDO REVOLUCIONARIO INSTITUCIONAL DEL ESTADO DE MEXICO ORGANIZACION RADIOFONICA DE BAJA CALIFORNIA, S.A. DE C.V. PROPIMEX, S.A. DE C.V. ARENA COMUNICATIONS, S.A. DE C.V. UNILEVER DE MEXICO, S DE R.L. DE C.V. PEGASO PCS, S.A. DE C.V. COOPERATIVA LA CRUZ AZUL, S.C.L. BBVA BANCOMER, S.A. MARCAS NESTLE, S.A. DE C.V. OTHER BUSINESSES: DISTRIBUTION, RENTALS, AND SALE OF MOVIE RIGHTS CINEPOLIS DEL PAIS, S.A. DE C.V. CINEMAS DE LA REPUBLICA, S.A. DE C.V. OPERADORA DE CINEMAS, S.A. DE C.V. MULTIMEDIOS CINEMAS, S.A. DE C.V. CINEMARK DE MEXICO, S.A. DE C.V. COYOACAN FILMS, S.A. DE C.V. SPECIAL EVENTS AND SHOW AMERICA GENERAL PUBLIC (AUDIENCE) PROMOTION REAL SAN LUIS GENERAL PUBLIC (AUDIENCE) INTERNET SERVICES ESMAS.COM FEDERACION MEXICANA DE FUTBOL, A.C. RADIOMOVIL DIPSA, S.A. DE C.V. PEGASO PCS, S.A. DE C.V. IUSACELL, S.A. DE C.V. OPERADORA UNEFON, S.A. DE C.V. -------------------------------------------------------------------------------------------------------------------------------- TOTAL -------------------------------------------------------------------------------------------------------------------------------- MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. SALES DISTRIBUTION BY PRODUCT ANNEX 11A FOREIGN SALES CONSOLIDATED FINAL PRINTING ---------------------------- ------------------------ ------------------------- -------------------------------- TOTAL PRODUCTION NET SALES ------------------ ---------------- MAIN PRODUCTS VOLUME AMOUNT VOLUME AMOUNT DESTINATION -------------------------- ------------------------- -------------------------- -------------------------------- INTERSEGMENT ELIMINATIONS (4,392) TELEVISION BROADCASTING: ADVERTISING TIME SOLD 210,275 UNITED STATES OF AMERICA OTHER INCOME 27,565 UNITED STATES OF AMERICA PROGRAMMING FOR PAY TELEVISION: SALES OF SIGNALS 115,442 SPAIN ARGENTINA CHILE GUATEMALA COLOMBIA UNITED STATES OF AMERICA PROGRAMMING EXPORTS: PROGRAMMING AND ROYALTIES 889,089 UNITED STATES OF AMERICA CENTRAL AMERICA CARIBBEAN EUROPE SOUTH AMERICA AFRICA ASIA PUBLISHING: MAGAZINE CIRCULATION 15,310 218,971 GUATEMALA AND COSTA RICA UNITED STATES OF AMERICA PANAMA SOUTH AMERICA CENTRAL AMERICA PUBLISHING 183,824 PUBLISHING DISTRIBUTION: 7,680 90,917 PANAMA SOUTH AMERICA OTHER BUSINESSES: DISTRIBUTION OF FILM MOVIES 759 TOTAL 1,732,450 NOTES ----------------------------------- ------------------------------------------------------------------------ MAIN ----------------------------------- ------------------------------------------------------------------------ TRADEMARKS CUSTOMERS ----------------------------------- ------------------------ ----------------------------------------------- INTERSEGMENT ELIMINATIONS TELEVISION BROADCASTING: ADVERTISING TIME SOLD CPIF VENTURE, INC. KYOTO BROADCASTING SYSTEM, CO. LTD TV. SBT CANAL 4 DE SAO PAULO, S.A. CORPORACION VENEZOLANA DE TELEVISION COMPANIA PARUANA DE RADIODIFUSION, S.A. TV. FUTBOL, INC. OTHER INCOME CORPORACION MEDCOM PANAMA, S.A. PROGRAMMING FOR PAY TELEVISION: SALES OF SIGNALS PROGRAMMING EXPORTS: PROGRAMMING AND ROYALTIES TELEVISA MCCANN ERICKSON, INC TELEVISA BBD&O TELEVISA SAATCHI & SAATCHI TELEVISA OMD TELEVISA GSD&M ADVERTISING TELEVISA TELEVISORA DE COSTARICA TELEVISA MINDSHARE GALAXY ENTERTAIMENT ARGENTINA, S.A. GSD&M ADVERTISING TCN DOMINICANA, S.A. PUBLISHING: MAGAZINE CIRCULATION T.V. Y NOVELAS MAGAZINE GENERAL PUBLIC (AUDIENCE) BIOGRAPHICAL BOOKS DEALERS VANIDADES MAGAZINE COSMOPOLITAN MAGAZINE TU MAGAZINE PUBLISHING PUBLISHING DISTRIBUTION: SELECCIONES MAGAZINE GENERAL PUBLIC (AUDIENCE) HOLA MAGAZINE VEA MAGAZINE SOHO MAGAZINE CROMOS MAGAZINE CAMBIO MAGAZINE OTHER BUSINESSES: DISTRIBUTION OF FILM MOVIES TOTAL NOTES MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. PROJECT, AMOUNT EXERCISED AND PROGRESS PERCENTAGE ANNEX 13 CONSOLIDATED Final Printing ---------------------------------------------------------------------------- MAJOR INVESTMENT PROJECTS OF GRUPO TELEVISA, S.A. AND ITS SUBSIDIARIES AT JUNE 30, 2005, INCLUDE THE FOLLOWING (MILLIONS OF U.S. DOLLARS AND MEXICAN PESOS): DESCRIPTION AUTHORIZED AMOUNT EXERCISED AMOUNT PROGRESS % -------------------------------------- ----------------- ---------------- ---------- U.S. DOLLAR DENOMINATED PROJECTS: --------------------------------- DIGITALIZATION OF THE CABLE TELEVISION NETWORK U.S.$ 124.8 U.S.$ 64.2 51% INFORMATION TECHNOLOGY PROJECTS OF CABLE TELEVISION 17.8 13.5 76% TECHNICAL EQUIPMENT FOR T.V. STATIONS 13.3 9.9 74% INFORMATION TECHNOLOGY PROJECTS 11.9 11.1 93% SKY MEXICO PROJECTS 61.7 37.0 60% MEXICAN PESOS DENOMINATED PROJECTS: INFORMATION TECHNOLOGY PROJECTS PS. 35.5 PS. 20.7 58% TECHNICAL EQUIPMENT FOR T.V. STATIONS 38.1 1.9 5% MEXICAN STOCK EXCHANGE STOCK EXCHANGE CODE: TLEVISA QUARTER: 2 YEAR: 2005 GRUPO TELEVISA, S.A. INFORMATION RELATED TO BULLETIN B-15 (FOREIGN CURRENCY TRANSLATION) ANNEX 14 CONSOLIDATED Final Printing ----------------------------------------------------------------------- MONETARY ASSETS AND LIABILITIES OF MEXICAN COMPANIES DENOMINATED IN FOREIGN CURRENCIES ARE TRANSLATED AT THE PREVAILING EXCHANGE RATE AT THE BALANCE SHEET DATE. RESULTING EXCHANGE RATE DIFFERENCES ARE RECOGNIZED IN INCOME FOR THE YEAR, WITHIN INTEGRAL COST OF FINANCING. ASSETS, LIABILITIES AND RESULTS OF OPERATIONS OF NON-MEXICAN SUBSIDIARIES ARE FIRST CONVERTED TO MEXICAN GAAP, INCLUDING RESTATING TO RECOGNIZE THE EFFECTS OF INFLATION BASED ON THE INFLATION OF EACH FOREIGN COUNTRY, AND THEN TRANSLATED TO MEXICAN PESOS UTILIZING THE EXCHANGE RATE AS OF THE BALANCE SHEET DATE AT YEAR-END. RESULTING TRANSLATION DIFFERENCES ARE RECOGNIZED IN EQUITY AS PART OF THE OTHER COMPREHENSIVE INCOME OR LOSS. FINANCIAL STATEMENTS OF NON-MEXICAN OPERATIONS THAT ARE INTEGRAL TO MEXICAN OPERATIONS ARE CONVERTED TO MEXICAN GAAP AND TRANSLATED TO MEXICAN PESOS BY UTILIZING THE EXCHANGE RATE OF THE BALANCE SHEET DATE AT YEAR-END FOR MONETARY ASSETS AND LIABILITIES, WITH THE RELATED ADJUSTMENT INCLUDED IN NET INCOME, AND HISTORICAL EXCHANGE RATES FOR NON-MONETARY ITEMS. EFFECTIVE MARCH, 2002, THE COMPANY DESIGNATED ITS NET INVESTMENT IN UNIVISION AS AN EFFECTIVE HEDGE OF ITS OUTSTANDING SENIOR NOTES DUE 2011 AND 2032. EFFECTIVE JUNE 2005, THE COMPANY DESIGNATED ITS NET INVESTMENT IN UNIVISION AS AN EFFECTIVE HEDGE OF ITS OUTSTANDING SENIOR NOTES DUE 2025 IN THE AGGREGATE AMOUNT OF U.S.$400 MILLION, AS OF JUNE 30, 2005, THE AGGREGATE AMOUNT OF OUTSTANDING LONG-TERM DEBT BEING HEDGED BY THE NET INVESTMENT IN UNIVISION WAS OF APPROXIMATELY U.S.$775.5 MILLION (PS.8,330,249) CONSEQUENTLY, ANY FOREIGN EXCHANGE GAIN OR LOSS ATTRIBUTABLE TO THIS U.S. DOLLAR LONG-TERM DEBT, BEING HEDGED BY THE COMPANY'S NET INVESTMENT IN SHARES OF UNIVISION, IS CREDITED OR CHARGED DIRECTLY TO EQUITY (OTHER COMPREHENSIVE INCOME OR LOSS). THE GROUP'S FINANCIAL STATEMENTS FOR JUNE 30, 2004, HAVE BEEN RESTATED TO MEXICAN PESOS IN PURCHASING POWER AS OF JUNE 30, 2005, BY USING A RESTATEMENT FACTOR DERIVED FROM THE CHANGE IN THE NCPI, WHICH FOR 2005 WAS 1.0433. HAD THE ALTERNATIVE WEIGHTED AVERAGE FACTOR ALLOWED UNDER MEXICAN GAAP BEEN APPLIED TO RESTATE THE GROUP'S FINANCIAL STATEMENTS FOR JUNE 30, 2004, WHICH INCLUDED THE RESULTS OF MEXICAN AND NON-MEXICAN SUBSIDIARIES, THE RESTATEMENT FACTOR FOR JUNE 2004 WOULD HAVE BEEN 1.0419. - - - - - - - - - SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. GRUPO TELEVISA, S.A. ----------------------------- (Registrant) Dated: July 21, 2005 By /s/ Jorge Lutteroth Echegoyen -------------------------------- Name: Jorge Lutteroth Echegoyen Title: Controller, Vice-President