Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2022 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 1-12610 |
Entity Registrant Name | Grupo Televisa, S.A.B. |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Central Index Key | 0000912892 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
ICFR Auditor Attestation Flag | true |
Entity Incorporation, State or Country Code | O5 |
Entity Address, Address Line One | Av. Vasco de Quiroga No. 2000 |
Entity Address, City or Town | Colonia Santa Fe |
Entity Address, Postal Zip Code | 01210 |
Entity Address, Country | MX |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Name | KPMG Cárdenas Dosal S.C. |
Auditor Firm ID | 1141 |
Auditor Location | Mexico City, Mexico |
Business Contact | |
Document Information | |
Entity Address, Address Line One | Av. Vasco de Quiroga No. 2000 |
Entity Address, City or Town | Colonia Santa Fe |
Entity Address, Postal Zip Code | 01210 |
Entity Address, Country | MX |
Contact Personnel Name | Luis Alejandro Bustos Olivares |
Contact Personnel Fax Number | (011-52) (55) 5261-2546 |
Contact Personnel Email Address | labustoso @televisa.com.mx |
Country Region | 011-52 |
City Area Code | 55 |
Local Phone Number | 5022-5899 |
Series "A" Shares | |
Document Information | |
Title of 12(b) Security | Series “A” Shares, without par value |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 114,750,278,764 |
Series "B" Shares | |
Document Information | |
Title of 12(b) Security | Series “B” Shares, without par value |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 51,649,677,023 |
Series "L" Shares | |
Document Information | |
Title of 12(b) Security | Series “L” Shares, without par value |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 82,169,882,496 |
Series D Shares [Member] | |
Document Information | |
Title of 12(b) Security | Dividend Preferred Shares, without par value |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 82,169,882,496 |
GDSs | |
Document Information | |
Title of 12(b) Security | Global Depositary Shares |
Trading Symbol | TV |
Security Exchange Name | NYSE |
CPOs | |
Document Information | |
Title of 12(b) Security | CPO |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Consolidated Statements of Fina
Consolidated Statements of Financial Position $ in Thousands, $ in Millions | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) |
Current assets: | ||
Cash and cash equivalents | $ 51,130,992 | $ 25,828,215 |
Trade accounts and notes receivable, net of current portion | 8,457,302 | 13,093,011 |
Other accounts and notes receivable, net | 315,006 | 1,026,218 |
Income taxes receivable | 6,691,366 | 7,261,999 |
Other recoverable taxes | 6,593,730 | 9,417,978 |
Derivative financial instruments | 11,237 | 127 |
Due from related parties | 311,224 | 874,852 |
Transmission rights and programming | 888,344 | 7,591,669 |
Inventories | 1,448,278 | 2,212,859 |
Contract costs | 1,918,287 | 1,782,723 |
Reimbursement receivable | 1,431,486 | |
Other current assets | 2,379,571 | 4,169,299 |
Total current assets | 81,576,823 | 73,258,950 |
Non-current assets: | ||
Trade notes and accounts receivable, net of current portion | 438,376 | 385,060 |
Due from related party | 6,365,038 | |
Derivative financial instruments | 532,344 | 133,197 |
Transmission rights and programming | 1,022,782 | 12,841,026 |
Investments in financial instruments | 3,389,485 | 6,076,079 |
Investments in associates and joint ventures | 50,450,949 | 26,704,235 |
Property, plant and equipment, net | 82,236,399 | 87,922,126 |
Investment property, net | 2,873,165 | |
Right-of-use assets, net | 6,670,298 | 7,604,567 |
Intangible assets and goodwill, net | 41,123,587 | 42,255,881 |
Deferred income tax assets | 18,769,968 | 33,173,148 |
Contract costs | 3,399,939 | 3,215,591 |
Other assets | 258,378 | 172,221 |
Total non-current assets | 217,530,708 | 220,483,131 |
Total assets | 299,107,531 | 293,742,081 |
Current liabilities: | ||
Current portion of long-term debt | 1,000,000 | 4,106,432 |
Interest payable | 1,761,069 | 2,034,577 |
Current portion of lease liabilities | 1,373,233 | 1,478,382 |
Derivative financial instruments | 71,401 | 149,087 |
Trade accounts payable and accrued expenses | 16,083,858 | 22,874,341 |
Customer deposits and advances | 1,841,097 | 8,998,556 |
Income taxes payable | 4,457,904 | 7,680,800 |
Other taxes payable | 2,661,210 | 4,416,960 |
Employee benefits | 1,384,808 | 2,332,260 |
Due to related parties | 88,324 | 82,070 |
Current portion of deferred revenue | 287,667 | |
Provision for lawsuit settlement agreement | 1,850,220 | |
Other current liabilities | 1,510,127 | 2,516,057 |
Total current liabilities | 34,370,918 | 56,669,522 |
Non-current liabilities: | ||
Long-term debt, net of current portion | 104,240,650 | 121,685,710 |
Lease liabilities, net of current portion | 6,995,839 | 8,202,177 |
Derivative financial instruments | 23,798 | |
Income taxes payable | 104,825 | |
Deferred revenue,net of current portion | 5,178,014 | |
Deferred income tax liabilities | 1,249,475 | 2,210,609 |
Post-employment benefits | 771,468 | 1,913,680 |
Other non-current liabilities | 2,171,262 | 6,407,696 |
Total non-current liabilities | 120,606,708 | 140,548,495 |
Total liabilities | 154,977,626 | 197,218,017 |
EQUITY | ||
Capital stock | 4,836,708 | 4,836,708 |
Additional paid-in capital | 15,889,819 | 15,889,819 |
Retained earnings | 131,053,859 | 88,218,188 |
Accumulated other comprehensive loss, net | (10,823,878) | (13,621,992) |
Shares repurchased | (12,648,558) | (14,205,061) |
Equity attributable to stockholders of the Company | 128,307,950 | 81,117,662 |
Non-controlling interests | 15,821,955 | 15,406,402 |
Total equity | 144,129,905 | 96,524,064 |
Total liabilities and equity | $ 299,107,531 | $ 293,742,081 |
Consolidated Statements of Inco
Consolidated Statements of Income $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 MXN ($) $ / EquityInstruments | Dec. 31, 2021 MXN ($) $ / EquityInstruments | Dec. 31, 2020 MXN ($) $ / EquityInstruments | |
Consolidated Statements of Income | |||
Revenues | $ 75,526,609 | $ 73,915,432 | $ 70,680,227 |
Cost of revenues | 48,807,606 | 46,653,598 | 45,220,302 |
Selling expenses | 9,422,916 | 8,099,607 | 8,414,382 |
Administrative expenses | 12,061,932 | 12,189,542 | 11,216,013 |
Income before other income or expense | 5,234,155 | 6,972,685 | 5,829,530 |
Other (expense) income, net | (815,565) | 3,716,237 | 628,622 |
Operating income | 4,418,590 | 10,688,922 | 6,458,152 |
Finance expense | (11,357,273) | (12,478,039) | (10,502,529) |
Finance income | 2,151,109 | 560,026 | 4,853,102 |
Finance expense, net | (9,206,164) | (11,918,013) | (5,649,427) |
Share of (loss) income of associates and joint ventures, net | (7,378,249) | 3,671,030 | (5,739,668) |
(Loss) income before income taxes | (12,165,823) | 2,441,939 | (4,930,943) |
Income tax benefit (expense) | 1,227,462 | (1,673,054) | (858,895) |
Net(loss) income from continuing operations | (10,938,361) | 768,885 | (5,789,838) |
Income from discontinued operations,net | 56,222,185 | 6,585,900 | 6,092,662 |
Net income | 45,283,824 | 7,354,785 | 302,824 |
Net income (loss) attributable to: | |||
Stockholders of the Company | 44,712,180 | 6,055,826 | (1,250,342) |
Non-controlling interests | 571,644 | 1,298,959 | 1,553,166 |
Net income | $ 45,283,824 | $ 7,354,785 | $ 302,824 |
Basic earnings (loss) per CPO attributable to stockholders of the Company: | |||
Continuing operations | $ / EquityInstruments | (4.06) | (0.16) | (2.34) |
Discontinued operations | $ / EquityInstruments | 19.86 | 2.33 | 1.90 |
Total | $ / EquityInstruments | 15.80 | 2.17 | (0.44) |
Diluted earnings (loss) per CPO attributable to stockholders of the Company: | |||
Continuing operations | $ / EquityInstruments | (4.06) | (0.16) | (2.34) |
Discontinued operations | $ / EquityInstruments | 19.86 | 2.33 | 1.90 |
Total | $ / EquityInstruments | 15.80 | 2.17 | (0.44) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated Statements of Comprehensive Income | |||
Net income | $ 45,283,824 | $ 7,354,785 | $ 302,824 |
Items that will not be reclassified to income: | |||
Remeasurement of post-employment benefit obligations | 158,119 | 279,825 | (344,313) |
Warrants issued by UHI, net of hedge | (21,899,164) | ||
Open-Ended Fund, net of hedge | (131,957) | (19,718) | (904,423) |
Publicly traded equity instruments | (906,658) | (123,359) | (353,496) |
Items that may be subsequently reclassified to income: | |||
Exchange differences on translating foreign operations | (143,156) | 92,555 | 133,522 |
Cash flow hedges | 395,807 | 1,927,601 | (1,370,145) |
Share of other comprehensive income (loss) of associates and joint ventures | 4,245,546 | 245,714 | (61,033) |
Other comprehensive income (loss) before income taxes | 3,617,701 | 2,402,618 | (24,799,052) |
Income tax (expense) benefit | (833,121) | (467,749) | 7,936,914 |
Other comprehensive income (loss) | 2,784,580 | 1,934,869 | (16,862,138) |
Comprehensive income (loss) | 48,068,404 | 9,289,654 | (16,559,314) |
Comprehensive income (loss) attributable to: | |||
Stockholders of the Company | 47,510,294 | 7,990,682 | (18,127,641) |
Non-controlling interests | 558,110 | 1,298,972 | 1,568,327 |
Comprehensive income (loss) | $ 48,068,404 | $ 9,289,654 | $ (16,559,314) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - MXN ($) $ in Thousands | Capital Stock Issued | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Shares Repurchased | Equity Attributable to Stockholders of the Company | Non-controlling Interests | Total |
Beginning Balance of period at Dec. 31, 2019 | $ 4,907,765 | $ 15,889,819 | $ 82,652,278 | $ 1,320,451 | $ (14,018,847) | $ 90,751,466 | $ 14,873,767 | $ 105,625,233 |
Funding for acquisition of shares under the Long-term Retention Plan | (97,000) | (97,000) | (97,000) | |||||
Disposition of non-controlling interests in Radiopolis | (291,897) | (291,897) | ||||||
Dividends to non-controlling interests | (1,653,173) | (1,653,173) | ||||||
Share of income of OCEN | 147,975 | 147,975 | 147,975 | |||||
Repurchase of CPOs | (195,597) | (195,597) | (195,597) | |||||
Shares repurchased | (111,979) | (111,979) | (111,979) | |||||
Sale of shares | (997,174) | 1,109,153 | 111,979 | 111,979 | ||||
Cancellation of sale of shares | 2,764,854 | (2,764,854) | ||||||
Share-based compensation | 962,806 | 962,806 | 962,806 | |||||
Comprehensive (loss) income | (1,250,342) | (16,877,299) | (18,127,641) | 1,568,327 | (16,559,314) | |||
End balance of period at Dec. 31, 2020 | 4,907,765 | 15,889,819 | 84,280,397 | (15,556,848) | (16,079,124) | 73,442,009 | 14,497,024 | 87,939,033 |
Funding for acquisition of shares under the Long-term Retention Plan | (328,500) | (328,500) | (328,500) | |||||
Dividends | (1,053,392) | (1,053,392) | (405,928) | (1,459,320) | ||||
Shares cancellation | (71,057) | (1,510,290) | 1,581,347 | |||||
Shares repurchased | (774,073) | (774,073) | (774,073) | |||||
Sale of shares | (1,126,573) | 1,900,646 | 774,073 | 774,073 | ||||
Cancellation of sale of shares | 505,357 | (505,357) | ||||||
Share-based compensation | 1,066,863 | 1,066,863 | 1,066,863 | |||||
Other | 16,334 | 16,334 | ||||||
Comprehensive (loss) income | 6,055,826 | 1,934,856 | 7,990,682 | 1,298,972 | 9,289,654 | |||
End balance of period at Dec. 31, 2021 | 4,836,708 | 15,889,819 | 88,218,188 | (13,621,992) | (14,205,061) | 81,117,662 | 15,406,402 | 96,524,064 |
Funding for acquisition of shares under the Long-term Retention Plan | (648,242) | (648,242) | (648,242) | |||||
Disposition of non-controlling interests of discontinued operations | (142,071) | (142,071) | ||||||
Dividends | (1,053,392) | (1,053,392) | (1,053,392) | |||||
Repurchase of CPOs | (629,326) | (629,326) | (629,326) | |||||
Shares repurchased | (980,410) | (980,410) | (980,410) | |||||
Sale of shares | (3,080,729) | 4,061,139 | 980,410 | 980,410 | ||||
Cancellation of sale of shares | 246,658 | (246,658) | ||||||
Share-based compensation | 2,009,304 | 2,009,304 | 2,009,304 | |||||
Other | 1,650 | 1,650 | (486) | 1,164 | ||||
Comprehensive (loss) income | 44,712,180 | 2,798,114 | 47,510,294 | 558,110 | 48,068,404 | |||
End balance of period at Dec. 31, 2022 | $ 4,836,708 | $ 15,889,819 | $ 131,053,859 | $ (10,823,878) | $ (12,648,558) | $ 128,307,950 | $ 15,821,955 | $ 144,129,905 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Operating Activities: | |||
(Loss) Income before income taxes from continued operations | $ (12,165,823) | $ 2,441,939 | $ (4,930,943) |
Income before income taxes from discontinued operations | 75,416,214 | 11,658,624 | 10,461,667 |
Adjustments to reconcile income before income taxes to net cash provided by operating activities: | |||
Share of loss (income) of associates and joint ventures | 7,378,249 | (3,671,877) | 5,739,668 |
Depreciation and amortization | 21,239,306 | 21,418,369 | 21,260,787 |
Other amortization of assets | 353,232 | 329,144 | 380,863 |
Impairment of long-lived assets | 225,136 | 40,803 | |
Gain on disposition of property and equipment | (131,683) | (279,593) | (74,175) |
Impairment loss on trade notes and accounts receivable, and other receivables | 1,172,555 | 1,276,990 | 1,387,431 |
Post-employment benefits | 151,389 | 259,291 | 292,026 |
Interest income | (89,268) | (60,174) | (72,861) |
Share-based compensation expense | 1,665,909 | 1,088,413 | 984,356 |
Other finance loss (income), net | 110,739 | 1,183,180 | (89,323) |
Gain on disposition of discontinued operations | (75,192,421) | ||
Gain on disposition of investments, net | (4,547,029) | (789,873) | |
Cancellation of provision | 691,221 | ||
Interest expense | 9,459,377 | 9,135,531 | 10,482,168 |
Lawsuit settlement agreement | 418,734 | ||
Unrealized foreign exchange (gain) loss, net | (999,499) | 1,805,986 | (2,596,198) |
Total | 28,787,010 | 42,263,930 | 43,167,617 |
(Increase) decrease in trade notes and accounts receivable | (4,176,638) | (2,000,397) | 634,108 |
Decrease (increase) in transmission rights and programming | 1,241,568 | (6,049,514) | (54,274) |
Decrease (increase) in due from related parties, net | 4,987,868 | 18,959 | (393,631) |
Increase in inventories | (588,954) | (571,281) | (522,003) |
Increase in other accounts and notes receivable and other current assets | (2,217,989) | (2,882,822) | (2,469,724) |
(Decrease) increase in trade accounts payable and accrued expenses | (122,945) | 850,760 | 1,065,101 |
Increase in deferred revenue, customer deposits and advances | 267,237 | 3,060,769 | 185,143 |
(Decrease) increase in other liabilities and taxes payable | (3,027,186) | 2,877,152 | (96,832) |
(Decrease) increase in post-employment benefits | (564,382) | 923,196 | 326,892 |
Income taxes paid | (12,118,014) | (9,166,602) | (8,681,478) |
Total | (16,319,435) | (12,939,780) | (10,006,698) |
Net cash provided by operating activities | 12,467,575 | 29,324,150 | 33,160,919 |
Investing activities: | |||
Disposition of investments in financial instruments | 2,014,371 | 3,155,643 | |
Disposition of OCEN and Radiopolis | 4,625,291 | 1,248,000 | |
Proceeds from disposition of discontinued operations | 66,095,454 | ||
Long-term credit with related party | (5,738,832) | ||
Disposition or investment in joint ventures | (7,922) | 122,227 | 125,624 |
Dividends from preferred shares | 752,556 | ||
Release of holdback payment of OCEN | 364,420 | ||
Investment in other equity instruments | (1,122,178) | (602,466) | |
Dividends received | 10,000 | 10,000 | |
Investments in property, plant and equipment | (17,315,387) | (23,267,847) | (20,131,738) |
Disposition of property, plant and equipment | 264,163 | 672,424 | 1,520,417 |
Non-current trade account receivable | 87,663 | ||
Other investments in intangible assets | (1,807,183) | (1,899,464) | (1,235,177) |
Net cash provided by (used in) investing activities | 42,704,932 | (18,845,176) | (15,919,697) |
Financing activities: | |||
Partial prepayment of Senior Notes due 2025, 2045 and 2049 | (10,099,581) | ||
Prepayment of long-term loans from Mexican banks | (6,000,000) | ||
Proceeds from Mexican banks long-term loans | 2,650,000 | ||
Repayment of Mexican peso debt | (610,403) | (242,489) | (492,489) |
Prepayment of Mexican peso debt related to Sky | (1,750,000) | (2,750,000) | |
Payments of lease liabilities | (699,263) | (646,527) | (668,277) |
Other payments of lease liabilities | (991,048) | (1,082,226) | (953,771) |
Prepayment of other notes payable | (1,324,063) | ||
Interest paid | (8,893,000) | (8,258,243) | (9,455,387) |
Funding for acquisition of shares of the Long-term Retention Plan | (648,242) | (328,500) | (197,000) |
Repurchases of CPOs under a share repurchase program | (629,326) | (195,597) | |
Repurchase of capital stock | (980,410) | (774,073) | (111,979) |
Sale of capital stock | 980,410 | 774,073 | 111,979 |
Dividends paid | (1,053,392) | (1,053,392) | |
Dividends paid of non-controlling interests | (328,774) | (1,420,477) | |
Derivative financial instruments | (145,131) | (2,692,241) | 1,261,845 |
Net cash used in financing activities | (29,769,386) | (13,732,392) | (16,195,216) |
Effect of exchange rate changes on cash and cash equivalents | (100,344) | 23,540 | (11,516) |
Net increase (decrease) in cash and cash equivalents | 25,302,777 | (3,229,878) | 1,034,490 |
Cash and cash equivalents related to assets held for sale | 571,338 | ||
Cash and cash equivalents at beginning of year | 25,828,215 | 29,058,093 | 27,452,265 |
Cash and cash equivalents at end of year | $ 51,130,992 | $ 25,828,215 | $ 29,058,093 |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information | |
Corporate information | 1. Corporate Information Grupo Televisa, S.A.B. (the “Company”) is a limited liability public stock corporation (“Sociedad Anónima Bursátil” or “S.A.B.”), incorporated under the laws of Mexico. Pursuant to the terms of the Company’s bylaws (“Estatutos Sociales”), its corporate existence continues through 2106. The shares of the Company are listed and traded in the form of “Certificados de Participación Ordinarios”, or “CPOs,” on the Mexican Stock Exchange (“Bolsa Mexicana de Valores” or “BMV”) under the ticker symbol TLEVISA CPO, and in the form of Global Depositary Shares, or “GDSs,” on the New York Stock Exchange, or “NYSE,” under the ticker symbol TV. The Company’s principal executive offices are located at Av. Vasco de Quiroga No. 2000, Colonia Santa Fe, 01210, Mexico City, Mexico. Grupo Televisa, S.A.B., together with its subsidiaries (collectively, the “Group”), is a major telecommunications corporation which owns and operates one of the most significant cable companies as well as a leading direct-to-home (“DTH”) satellite pay television system in Mexico. The Group’s cable business offers integrated services, including video, high-speed data and voice to residential and commercial customers, as well as managed services to domestic and international carriers. The Group owns a majority interest in Sky, a leading DTH satellite pay television system and broadband provider in Mexico, operating also in the Dominican Republic and Central America. The Group holds a number of concessions by the Mexican government that authorizes it to broadcast programming over television stations for the signals of TelevisaUnivision, Inc. (“TelevisaUnivision”), and the Group’s cable and DTH systems. In addition, the Group is the largest shareholder of TelevisaUnivision, a leading media company producing, creating and distributing Spanish-speaking content through several broadcast channels in Mexico, the U.S. and over 50 countries through television networks, cable operators and over-the-top or OTT services. The Group also has interests in magazine publishing and distribution, professional sports and live entertainment, and gaming. On January 31, 2022 the Company and TelevisaUnivision announced the closing of the transaction between the Group’s media content and production assets and TelevisaUnivision (the “TelevisaUnivision Transaction”) (see Note 3). |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies | |
Accounting Policies | 2. Accounting Policies The principal accounting policies followed by the Group and used in the preparation of these consolidated financial statements are summarized below. (a) Basis of Presentation The consolidated financial statements of the Group as of December 31, 2022 and 2021, and for the years ended December 31, 2022, 2021 and 2020, are presented in accordance with International Financial Reporting Standards (“IFRS Standards”), as issued by the International Accounting Standards Board (“IASB”). IFRS Standards comprise: (i) IFRS Standards; (ii) International Accounting Standards (“IAS Standards”); (iii) IFRS Interpretations Committee (“IFRIC”) Interpretations; and (iv) Standing Interpretations Committee (“SIC”) Interpretations. The consolidated financial statements have been prepared on a historical cost basis, except for the measurement at fair value of derivative financial instruments, financial assets, investments in equity financial instruments, plan assets of post-employment benefits and share-based payments, as described in the notes to the financial statements below. The preparation of consolidated financial statements in conformity with IFRS Standards, requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. Changes in assumptions may have a significant impact on the consolidated financial statements in the period the assumptions changed. Management believes that the underlying assumptions are appropriate. The areas involving a higher degree of judgment or complexity, or areas where estimates and assumptions are significant to the Group’s financial statements are disclosed in Note 5 to these consolidated financial statements. The consolidated statements of income of the Group for the years ended December 31, 2022, 2021 and 2020, have been prepared to present the discontinued operations following the TelevisaUnivision Transaction closed on January 31, 2022. Accordingly, the consolidated statements of income of the Group for the years ended December 31, 2021 and 2020, have been re-presented from those previously reported by the Company, to present in those periods the results from discontinued operations for the businesses disposed of by the Group on January 31, 2022 (see Notes 3 and 28). These consolidated financial statements were authorized for issuance on March 31, 2023, and were also authorized for issuance on April 26, 2023, including the events disclosed in Note 30, by the Group’s Corporate Vice President of Finance. (b) Consolidation The financial statements of the Group are prepared on a consolidated basis and include the assets, liabilities, and results of operations of all companies in which the Company has a controlling interest (subsidiaries). All intercompany balances and transactions have been eliminated from the consolidated financial statements. Subsidiaries Subsidiaries are all entities over which the Company has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The existence and effects of potential voting rights that are currently exercisable or convertible are considered when assessing whether or not the Company controls another entity. The subsidiaries are consolidated from the date on which control is obtained by the Company and cease to consolidate from the date on which said control is lost. The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis at the non-controlling interest’s proportionate share of the recognized amounts of acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized in income or loss. Changes in Ownership Interests in Subsidiaries without Change of Control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the interest acquired of the carrying amount of net assets of the subsidiary is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded in equity. Loss of Control of a Subsidiary When the Company ceases to have control of a subsidiary, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognized in income or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This means that amounts previously recognized in other comprehensive income are reclassified to income or loss except for certain equity financial instruments designated irrevocably with changes in other comprehensive income or loss. Discontinued Operations A discontinued operation is a component of the Group that either has been disposed of or is classified as held for sale, for which its operations and cash flows can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Group and represents a separate major line of business or operations. Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held for sale. When an operation is classified as a discontinued operation, the comparative consolidated statements of income are re-presented as if the operation had been discontinued from the start of the comparative period. Subsidiaries of the Company At December 31, 2022 and 2021, the main direct and indirect subsidiaries of the Company were as follows: Company’s Ownership Business Subsidiaries Interest (1) Segment (2) Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”) (3) 51.2 % Cable Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”) (4) 100 % Cable Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”) (5) 100 % Cable Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”) (6) 66.2 % Cable Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”) (7) 100 % Cable Subsidiaries engaged in the Telecable business (collectively, “Telecable”) (8) 100 % Cable FTTH de México, S.A. de C.V. (9) 100 % Cable Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries (10) 100 % Cable and Sky Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”) (11) 58.7 % Sky Grupo Telesistema, S.A. de C.V. (“Grupo Telesistema”) and subsidiaries (13) 100 % Content and Other Businesses (2) Televisa, S. de R. L. de C.V. (Televisa, S.A. de C.V. through May 2021) (“Televisa”) (12) 100 % Content (2) Televisión Independiente de México, S.A. de C.V. (“TIM”) (12) 100 % Content (2) G.Televisa-D, S.A. de C.V. (12) 100 % Content (2) Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary (13) 100 % Content (2) Ulvik, S.A. de C.V. (14) 100 % Content and Other Businesses (2) Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries 100 % Other Businesses Editorial Televisa, S.A. de C.V. and subsidiaries 100 % Other Businesses Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries 100 % Other Businesses Villacezán, S.A. de C.V. (“Villacezán”) and subsidiaries (13) 100 % Content and Other Businesses (2) (1) Percentage of equity interest directly or indirectly held by the Company. (2) See Note 26 for a description of each of the Group’s business segments. The Group’s operations of the Content segment were discontinued following the closing of the TelevisaUnivision Transaction on January 31, 2022 (see Note 3). (3) Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ. (4) The subsidiaries in the Cablemás business are directly and indirectly owned by CVQ. (5) Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ. (6) Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V. (7) Arretis, S.A.P.I. de C.V., is a direct subsidiary of CVQ. (8) The subsidiaries in the Telecable business are directly owned by CVQ. (9) FTTH de México, S. A. de C.V., is an indirect subsidiary of CVQ. (10) CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova. (11) Innova is an indirect majority-owned subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. (“Sky DTH”), and a direct majority-owned subsidiary of Innova Holdings, S. de R.L. de C.V. (“Innova Holdings”). Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Although the Company holds a majority of Innova’s equity and designates a majority of the members of Innova’s Board of Directors, the non-controlling interest has certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto rights are protective in nature and do not affect decisions about relevant business activities of Innova. (12) TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema, and through January 31, 2022, were part of the Group’s former Content business. Televisa was a direct subsidiary of Grupo Telesistema through January 31, 2022. (13) Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), and Villacezán are indirect wholly-owned subsidiaries of Grupo Telesistema. As of December 31, 2022, Multimedia Telecom, Grupo Telesistema, Tieren, Villacezán, and Corporativo TD Sports, S.A. de C.V., a direct subsidiary of Grupo Telesistema, are the subsidiaries through which the Company owns shares of the capital stock of TelevisaUnivision (formerly known as Univision Holdings II, Inc. or UH II), the successor company of Univision Holdings, Inc. (“UHI”) and the parent company of Univision Communications Inc. (“Univision”), representing 43.8% , 49.7% , 2.1% , 3.7% and 0.7% , respectively, of the Group’s aggregate investment in shares of common stock issued by TelevisaUnivision as of December 31, 2022. Multimedia Telecom and Tieren were the subsidiaries through which the Company owned shares of the capital stock of UH II, representing 95.3% and 4.7% , respectively, of the Group’s aggregate investment in shares of common stock issued by UH II as of December 31, 2021 (see Notes 3, 10 and 20). (14) A direct subsidiary of the company and the parent company of Televisa Corporación, S.A. de C.V., an indirect subsidiary of the company that provides services to certain companies in the Group’s Other Businesses segment and, through January 31, 2022, provided services to certain companies in the Group’s former Content segment. Concessions and Permits The Group’s Cable, Sky and Other Businesses segments, require governmental concessions and special authorizations for the provision of telecommunications and broadcasting services in Mexico. Such concessions are granted by the Mexican Institute of Telecommunications (“Instituto Federal de Telecomunicaciones” or “IFT”) for a fixed term, subject to renewal in accordance with the Mexican Telecommunications and Broadcasting Law (“Ley Federal de Telecomunicaciones y Radiodifusión” or “LFTR”). Renewal of concessions for the Cable and Sky segments require, among others: (i) to request its renewal to IFT prior to the last fifth period of the fixed term of the related concession; (ii) to be in compliance with the concession holder’s obligations under the LFTR, other applicable regulations, and the concession title; and (iii) the acceptance by the concession holder of any new conditions for renewing the concession as set forth by IFT. IFT shall resolve any request for renewal of the telecommunications concessions within 180 business days of its request. Failure to respond within such period of time shall be interpreted as if the request for renewal has been granted. The Group holds a number of concessions by the Mexican government that authorizes it to broadcast programming over television stations for the signals of TelevisaUnivision. The payments made by the Group for these broadcasting concessions were accounted for as intangible assets in the Group’s Content segment through January 31, 2022, and are accounted as intangible assets in the Group’s Other Businesses segment after that date (see Notes 3, 13 and 26). Renewal of broadcasting concessions for the broadcast programming operations over television stations for the signals of TelevisaUnivision, require, among others: (i) to request such renewal to IFT prior to the last fifth period of the fixed term of the related concession; (ii) to be in compliance with the concession holder’s obligations under the LFTR, other applicable regulations, and the concession title; (iii) a declaration by IFT that there is no public interest in recovering the spectrum granted under the related concession; and (iv) the acceptance by the concession holder of any new conditions for renewing the concession as set forth by IFT, including the payment of a related fee. IFT shall resolve within the year following the presentation of the request, if there is public interest in recovering the spectrum granted under the related concession, in which case it will notify its determination and proceed with the termination of the concession at the end of its fixed term. If IFT determines that there is no public interest in recovering the spectrum, it will grant the requested extension within 180 business days, provided that the concessionaire accepts, in advance, the new conditions set by IFT, which will include the payment of the fee referred to above. Such fee will be determined by IFT for the relevant concessions, considering the following elements: (i) the frequency band; (ii) the amount of spectrum; (iii) coverage of the frequency band; (iv) domestic and international benchmark regarding the market value of frequency bands; and (v) upon request of IFT, an opinion issued by the Ministry of Finance and Public Credit of IFT´s proposal for calculation of the fee. The regulations of the broadcasting and the telecommunications concessions (including satellite pay TV) establish that at the end of the concession, the frequency bands or spectrum attached to the services provided in the concessions shall return to the Mexican government. In addition, at the end of the concession, the Mexican government will have the preferential right to acquire infrastructure, equipment and other goods directly used in the provision of the concession. If the Mexican government were to exercise its right to acquire infrastructure, equipment and other goods, it would be required to pay a price that is equivalent to a formula that is similar to fair value. To the knowledge of the Company’s management, no spectrum granted for broadcasting services in Mexico has been recovered by the Mexican government in at least the past three decades for public interest reasons. However, the Company’s management is unable to predict the outcome of any action by IFT in this regard. In addition, these assets, by themselves, would not be enough to immediately begin broadcasting or offering satellite pay TV services or telecommunications services, as no content producing assets or other equipment necessary to operate the business would be included. Also, the Group’s Gaming business, which is reported in the Other Businesses segment, requires a permit granted by the Mexican Federal Government for a fixed term, subject to renewal in accordance with Mexican law. Additionally, the Group’s Sky businesses in Central America and the Dominican Republic require concessions or permits granted by local regulatory authorities for a fixed term, subject to renewal in accordance with local laws. The accounting guidelines provided by IFRIC 12 Service Concession Arrangements, At December 31, 2022, the expiration dates of the Group’s concessions and permits were as follows: Segments Expiration Dates Cable Various from 2026 to 2056 Sky Various from 2024 to 2056 Other Businesses: Broadcasting concessions (1) In 2042 and 2052 Gaming In 2030 (1) In November 2018, the IFT approved (i) 23 concessions for the use of spectrum that comprise the Company’s 225 TV stations, for a term of 20 years , starting in January 2022 and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years , starting in January 2022 and ending in January 2052. In November 2018, the Group paid for such renewal an aggregate amount of Ps. 5,754,543 in cash, which included a payment of Ps. 1,194 for administrative expenses and recognized this payment as an intangible asset in its consolidated statement of financial position. This amount is being amortized over a period of 20 years beginning on January 1, 2022, by using the straight-line method. Through January 31, 2022, these broadcasting concessions were part of the Group’s former Content segment, and after the TelevisaUnivision Transaction closed on that date, these concessions became part of the Group’s Other Businesses segment (see Notes 3, 13 and 26). The concessions or permits held by the Group are not subject to any significant pricing regulations in the ordinary course of business. (c) Investments in Associates and Joint Ventures Associates are those entities over which the Group has significant influence but not control or joint control, over the financial and operating policies, generally those entities with a shareholding of between 20% and 50% of the voting rights. Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. Joint ventures are those joint arrangements where the Group exercises joint control with one or more stockholders, without exercising control individually, and have rights to the net assets of the joint arrangements. Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the net assets of the investee after the date of acquisition. The investor’s income or loss includes its share of the investee’s income or loss and the investor’s other comprehensive income includes its share of the investee’s other comprehensive income. The Group’s investments in associates include an equity interest in TelevisaUnivision (formerly known as UH II) represented by approximately 44.4% and 35.5% of the outstanding total common and preferred shares of TelevisaUnivision on an as-converted basis (excluding unvested and/or unsettled stock, restricted stock units and options of TelevisaUnivision) as of December 31, 2022 and 2021, respectively (see Notes 3 and 10). If the Group’s share of losses of an associate or a joint venture, equals or exceeds its interest in the investee, the Group discontinues recognizing its share of further losses. The interest in an associate or a joint venture is the carrying amount of the investment in the investee under the equity method together with any other long-term investment that, in substance, form part of the Group’s net investment in the investee. After the Group’s interest is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. Any gain or loss resulting from a downstream transaction involving assets that constitute a business, as defined in IFRS 3 Business Combinations Contribution of Assets between an Investor and its Associate or Joint Venture (d) Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Group’s Co-Chief Executive Officers (“chief operating decision makers”), who are responsible for allocating resources and assessing performance for each of the Group’s operating segments. (e) Foreign Currency Translation Functional and Presentation Currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The presentation and reporting currency of the Group’s consolidated financial statements is the Mexican peso, which is used for compliance with its legal and tax obligations. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or measurement where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income as part of finance income or expense, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Changes in the fair value of monetary securities denominated in foreign currency classified as investments in financial instruments are analyzed between exchange differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Translation differences related to changes in amortized cost are recognized in income or loss, and other changes in carrying amount are recognized in other comprehensive income or loss. Translation of Foreign Operations The financial statements of the Group’s foreign entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (a) assets and liabilities are translated at the closing rate at the date of the statement of financial position; (b) income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); (c) stockholders’ equity accounts are translated at the prevailing exchange rate at the time capital contributions were made and earnings were generated and (d) all resulting translation differences are recognized in other comprehensive income or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Translation differences arising are recognized in other comprehensive income or loss. Assets and liabilities in foreign currencies of non-Mexican subsidiaries that use the Mexican Peso as a functional currency are initially converted to Mexican Pesos by utilizing the exchange rate of the statement of financial position date for monetary assets and liabilities, and historical exchange rates for non-monetary items, with the related adjustment included in the consolidated statement of income as finance income or expense. A portion of the Group’s outstanding principal amount of its U.S. dollar denominated long-term debt (hedging instrument, disclosed in the line item “Long-term debt, net of current portion” of the consolidated statement of financial position) has been designated as a hedge of a net investment in a foreign operation in connection with the Group’s investment in shares of TelevisaUnivision (formerly known as UH II) (hedged item), which amounted to U.S.$2,538.8 million (Ps.49,446,349) and U.S.$1,254.5 million (Ps.25,721,539) as of December 31, 2022 and 2021, respectively. Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term debt is credited or charged directly to other comprehensive income or loss as a cumulative result from foreign currency translation (see Note 10). A portion of the Group’s outstanding principal amount of its U.S. dollar denominated long-term debt (hedging instrument, disclosed in the line item “Long-term debt, net of current portion” of the consolidated statement of financial position) was designated as a fair value hedge of foreign exchange exposure related to its investment in warrants that were exercisable for common stock of UHI (hedged item) through December 29, 2020, the date on which the Group exercised all of these warrants for common stock of UHI, which amounted to U.S.$871.6 million (Ps.17,387,699) as of December 29, 2020. Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term debt was credited or charged directly to other comprehensive income or loss through December 29, 2020, along with the recognition in the same line item of any foreign currency gain or loss of this investment in warrants designated as a hedged item through that date (see Notes 14 and 18). A portion of the Group’s outstanding principal amount of its U.S. dollar denominated long-term debt (hedging instrument, disclosed in the line item “Long-term debt, net of current portion” of the consolidated statement of financial position) has been designated as a fair value hedge of foreign exchange exposure related to its investment in Open-Ended Fund (hedged item), which amounted to U.S.$39.7 million (Ps.773,209) and U.S.$46.1 million (Ps.945,176), as of December 31, 2022 and 2021, respectively. Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term debt is credited or charged directly to other comprehensive income or loss, along with the recognition in the same line item of any foreign currency gain or loss of this investment in Open-Ended Fund designated as a hedged item (see Notes 9, 14 and 18). (f) Cash and Cash Equivalents and Temporary Investments Cash and cash equivalents consist of cash on hand and all highly liquid investments with an original maturity of three months or less at the date of acquisition. Cash is stated at nominal value and cash equivalents are measured at fair value, and the changes in the fair value are recognized in the statement of income. Temporary investments consist of short-term investments in securities, including without limitation debt with a maturity of over three months and up to one year at the date of acquisition, stock and other financial instruments, or a combination thereof, as well as current maturities of non-current financial assets. Temporary investments are measured at fair value with changes in fair value recognized in finance income in the consolidated income statement, except the current maturities of non-current held-to-maturity securities which are measured at amortized cost. As of December 31, 2022 and 2021, cash equivalents primarily consisted of fixed short-term deposits and corporate fixed income securities denominated in U.S. dollars and Mexican pesos, with an average yield of approximately 1.53% for U.S. dollar deposits and 7.40% for Mexican peso deposits in 2022, and approximately 0.07% for U.S. dollar deposits and 4.36% for Mexican peso deposits in 2021. (g) Transmission Rights and Programming Transmission rights are valued at the lesser of acquisition cost and net realizable value. Transmission rights are recognized from the point at which the legally enforceable license period begins. Until the license term commences and the programming rights are available, payments made are recognized as prepayments. Cost of revenues is calculated and recorded for the month in which transmission rights are matched with related revenues. Transmission rights are recognized in income over the lives of the contracts. Transmission rights in perpetuity are amortized on a straight-line basis over the period of the expected benefit as determined by past experience, but not exceeding 25 years. Through January 31, 2022, programming was comprised of programs, literary works, production talent advances and films. Programs and films were valued at the lesser of production cost, which consisted of direct production costs and production overhead, and net realizable value. Literary works were valued at the lesser of acquisition cost and net realizable value. Payments for production talent advances were initially capitalized and subsequently included as direct or indirect costs of program production. Cost of revenues was calculated and recorded for the month in which programs, literary works, production talent advances and films were matched with related revenues. Through January 31, 2022, the Group’s policy was to capitalize the production costs of programs which benefited more than one annual period and amortized them over the expected period of future program revenues based on the Company’s historical revenue patterns and usage for similar productions. (h) Inventories Inventories of paper, magazines, materials and supplies for maintenance of technical equipment are recorded at the lower of cost or its net realizable value. The net realization value is the estimated selling price in the normal course of business, less estimated costs to conduct the sale. Cost is determined using the average cost method. (i) Financial Assets The Group classifies its financial assets in accordance with IFRS 9 Financial Instruments Financial Assets Measured at Amortized Cost Financial assets are measured at amortized cost when the objective of holding such financial assets is to collect contractual cash flows, and the contractual terms of the financial asset give rise on specified dates to cash flows that are only payments of principal and interest on the principal amount outstanding. These financial assets are initially recognized at fair value plus transaction costs and subsequently carried at amortized cost using the effective interest rate method, with changes in carrying amount recognized in the consolidated statement of income in the line which most appropriately reflects the nature of the item or transaction. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period that are included in non-current assets. The Group’s financial assets measured at amortized costs are primarily presented as “trade accounts and notes receivable”, “other accounts and notes receivable”, and “due from related parties” in the consolidated statement of financial position (see Note 7). Financial Assets Measured at FVOCIL Financial assets are measured at FVOCIL when the objective of holding such financial assets is both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group’s investments in certain equity instruments have been designated to be measured at FVOCIL, as permitted by IFRS 9. In connection with this designation, any amounts presented in consolidated other comprehensive income are not subsequently transferred to consoli |
Disposition of OCEN and Radiopo
Disposition of OCEN and Radiopolis, Closing of the TelevisaUnivision Transaction and Reorganization Proposal | 12 Months Ended |
Dec. 31, 2022 | |
Disposition of OCEN and Radiopolis, Closing of the TelevisaUnivision Transaction and Reorganization Proposal | |
Disposition of OCEN and Radiopolis, Closing of the TelevisaUnivision Transaction and Reorganization Proposal | 3. Disposition of OCEN and Radiópolis, TelevisaUnivision Transaction and Reorganization Proposal In July 2019, the Company announced an agreement with Live Nation Entertainment, Inc. (“Live Nation”) to dispose of its 40% equity interest in OCESA Entretenimiento, S.A. de C.V. (“OCEN”), a live entertainment company with operations in Mexico, Central America and Colombia. OCEN (i) was a direct associate of OISE Entretenimiento, S.A. de C.V. (“OISE Entretenimiento”), which was a wholly-owned subsidiary of the Company; and (ii) was a former subsidiary of Compañía Interamericana de Entretenimiento, S.A.B. de C.V. (“CIE”). The disposal of OCEN was completed by the parties in the first half of 2020, through the sale of the total outstanding shares of OISE Entretenimiento, which net assets were comprised primarily of the 40% equity stake in OCEN. This transaction was subject to customary closing conditions, including regulatory approvals and certain notifications, and to the closing of the proposed sale by CIE to Live Nation of a portion of its stake in OCEN. In consideration for the sale of the shares of OISE Entretenimiento, the Company received cash proceeds in the aggregate amount of Ps.5,206,000. On September 13, 2021, the Company announced that it had reached an agreement with Live Nation to move forward with the previously announced acquisition by Live Nation of the Group’s unconsolidated 40% equity participation in OCEN. As a result, the Group classified the assets of OISE Entretenimiento, including the carrying amount of its investment in OCEN, as current assets held for sale in its consolidated statement of financial position, and discontinued recognizing its share of income or loss from October 1 through November 30, 2021. On December 6, 2021, the Company announced the closing of the sale of its consolidated 40% equity participation in OCEN to Live Nation. In December 2021, the Company concluded this transaction and received a payment in cash of Ps.4,806,549; recognized an account receivable of Ps.364,420 in connection with a 7% retention of the total amount of the transaction to cover OCEN potential operating losses, if any, for a period of time following closing; and accounted for a pretax income of Ps.4,547,029 for the disposal of this investee in other consolidated income for the year ended December 31, 2021 (see Note 20). In the second quarter of 2022, Live Nation paid to the Company the holdback amount of Ps.364,420, and a purchase price adjustment of Ps.35,950 in connection with this transaction (see Notes 20 and 22). In July 2019, the Company announced a stock purchase agreement with Corporativo Coral, S.A. de C.V. (“Coral”) and Miguel Alemán Magnani as Obligor to dispose of its 50% equity interest in Radiópolis, a direct subsidiary of the Company at that date which was engaged in the Radio business, for an aggregate amount of Ps.1,248,000, as well as the payment of a dividend by Radiópolis to the Company by the closing date of the transaction. While the sale of the Company’s equity interest in the Radio business was consummated for legal and tax purposes as of December 31, 2019, the total assets and related total liabilities of Radiópolis in the amount of Ps.1,675,426 and Ps.432,812, respectively, as of December 31, 2019, were classified as current assets and current liabilities held for sale in the Group’s consolidated statement of financial position as of that date, as the voting interest of the Company in Radiópolis continued to be in place until the full payment of the purchase price was made by the acquirer. In March and June 2020, the Company entered into additional agreements with Coral an its Obligor to complete this transaction by which, among other things, the acquirer made two cash payments in March and June 2020, for the amount of Ps.603,395 and Ps.110,000, respectively, and a final cash payment in July 2020 for the amount of Ps.534,605. In July 2020, the Company concluded this transaction and received the payment of a dividend from Radiópolis in the amount of Ps.285,669.As a result of this transaction, the Group recognized a pre-tax gain on the disposition of Radiópolis of Ps.932,449 in consolidated other income for the year ended December 31, 2020. Following this transaction, the Group classified its former Radio operations as disposed operations in the segment information of its consolidated statement of income for the year ended December 31, 2020. The Group did not classify its former Radio operations as discontinued operations in these consolidated statements of income, as these operations did not represent a separate major line of business in any of those years, based on a materiality assessment performed by management (see Notes 2 (b), 22 and 26). On April 13, 2021, the Group and Univision Holdings, Inc. (“UHI”) announced a transaction agreement (the “Transaction Agreement”) in which the Group’s content and media assets would be combined with Univision Holdings II, Inc. (“UH II,” the successor company of UHI), and the Group would continue to participate in UH II, with an equity stake of approximately 45% following the closing of the transaction. The Group would also retain ownership of its Cable, Sky and Other Businesses segments, as well as the main real estate associated with the production facilities, the broadcasting concessions and transmission infrastructure in Mexico. The Group would contribute to UH II the assets specified in the Transaction Agreement, including, subject to certain exceptions, its Content business, for a total value of U.S.$4,500 million, comprised of U.S.$3,000 million in cash, U.S.$750 million in common stock of UH II and U.S.$750 million in preferred stock of UH II, with an annual dividend of 5.5%. In connection with this transaction, UH II would receive all assets, intellectual property and library related to the News division of the Group’s Content business but would outsource production of news content for Mexico to a company owned by the Azcárraga family. The combination was approved by each of the Board of Directors of the Company, the Board of Directors of UHI, and the Stockholders of the Company in the first half of 2021. The transaction was subject to customary closing conditions, including receipt of regulatory approvals in primarily in the United States and Mexico, among others. On September 14, 2021, the Mexican Institute of Telecomunications (Instituto Federal de Telecomunicaciones or “IFT “) announced its approval of this transaction. As of December 31, 2021, the Group consolidated the results of its Content business as the Group had not ceased to exercise control of this business segment as of that date; and presented its Content business as a reportable segment of continuing operations, as all the required regulatory approvals had not been obtained by the parties as of that date, and those approvals were considered substantive. On January 24, 2022, the Company and UH II announced that all required regulatory approvals for the transaction had been already received by that date. As a result, the transaction announced on April 13, 2021, was closed by the parties on January 31, 2022 (the “TelevisaUnivision Transaction”). In connection with the TelevisaUnivision Transaction, the Group recognized an income from disposition of discontinued operations in the aggregate amount of Ps.93,066,741 in its consolidated statement of income for the year ended December 31, 2022, comprising a consideration in cash received from TelevisaUnivision in the aggregate amount of U.S.$2,971.3 million (Ps.61,214,741), a consideration in common and preferred stock of TelevisaUnivision, in the aggregate amount of U.S.$1,500.0 million (Ps.30,912,000), and a cash consideration received from Tritón Comunicaciones, S.A. de C.V. (“Tritón,” a company of the Azcárraga family) in the amount of Ps.940,000, related to the rights for the production of news content for Mexico. Also, in connection with the TelevisaUnivision Transaction, the Group (i) began to present and disclose the results of operations of its disposed businesses as discontinued operations in its consolidated statements of income for any comparative prior period and for the month ended January 31, 2022; (ii) recognized a net gain on disposition of discontinued operations of Ps.56,065,530, for the year ended December 31, 2022, and a net loss on disposition of discontinued operations of Ps.1,943,647 for the year ended December 31, 2021; and (iii) recognized as deferred income a prepayment made by TelevisaUnivision in the aggregate amount of U.S.$276.2 million (Ps.5,729,377), for the use of concession rights owned by the Group, which was classified as current and non-current liabilities in the Group’s consolidated statement of financial position, and amounted to Ps.287,667 and Ps.5,178,014, respectively, as of December 31, 2022. In the fourth quarter of 2022, the Group concluded the disposition of certain assets and liabilities that were classified as held for sale in the Group’s consolidated statement of financial position in connection with the TelevisaUnivision Transaction (see Notes 2, 10 and 28). On October 27, 2022, the Board of Directors of the Company approved a reorganization proposal to separate from the Group some businesses that are part of its Other Businesses segment, including its interests in professional sports and live entertainment, gaming, and magazine publishing and distribution, as well as certain related assets and real estate (the “Spin-off Businesses”). It is expected that this proposed reorganization will be carried out through a spin-off ( escisión |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2022 | |
Financial Risk Management | |
Financial Risk Management | 4. Financial Risk Management (a) Market Risk Market risk is the exposure to an adverse change in the value of financial instruments caused by market factors including changes in equity prices, interest rates, foreign currency exchange rates, commodity prices and inflation rates. The Group is exposed to market risks arising from changes in equity prices, interest rates, foreign currency exchange rates and inflation rates, in both the Mexican and U.S. markets. Market risk management activities are monitored by the Investments, Risk Management and Treasury Committee on a quarterly basis. (i) Foreign Exchange Risk The Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the U.S. dollar and in those subsidiaries with functional currency other than the Mexican peso. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. Foreign currency exchange risk is monitored by assessing the net monetary liability position in U.S. dollars and the forecasted cash flow needs for anticipated U.S. dollar investments and servicing the Group’s U.S. dollar-denominated debt. Management has set up a policy to require Group companies to manage their foreign exchange risk against their functional currency. To manage their foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, entities in the Group use forward contracts. In compliance with the procedures and controls established by the Risk Management Committee, in 2022 and 2021, the Group entered into certain derivative transactions with certain financial institutions in order to manage its exposure to market risks resulting from changes in interest rates and foreign currency exchange rates. The objective in managing foreign currency fluctuations is to reduce earnings and cash flow volatility. Foreign Currency Position The foreign currency position of monetary items of the Group at December 31, 2022, was as follows: Foreign Currency Amounts Year-End (Thousands) Exchange Rate Mexican Pesos Assets: U.S. dollars 2,372,570 Ps. 19.4760 Ps. 46,208,173 Euros 20,720 20.8878 432,795 Swiss francs 2,009 21.1275 42,445 Other currencies — — 3,032 Liabilities: U.S. dollars (1) 4,411,584 Ps. 19.4760 Ps. 85,920,010 Euros 237 20.8878 4,950 Swiss francs 23,281 21.1275 491,869 Other currencies — — 33 The foreign currency position of monetary items of the Group at December 31, 2021, was as follows: Foreign Currency Amounts Year-End (Thousands) Exchange Rate Mexican Pesos Assets: U.S. dollars 831,806 Ps. 20.5031 Ps. 17,054,602 Euros 11,139 23.3478 260,071 Swiss francs 4,139 22.4997 93,126 Argentinean pesos 64,026 0.1996 12,780 Chilean pesos 576,044 0.0240 13,825 Other currencies — — 5,266 Liabilities: U.S. dollars (1) 5,215,150 Ps. 20.5031 Ps. 106,926,742 Euros 598 23.3478 13,962 Swiss francs 883 22.4997 19,867 Other currencies — — 185 (1) As of December 31, 2022 and 2021, monetary liabilities include U.S. $2,578.5 million (Ps. 50,219,558 ) and U.S. $1,300.6 million (Ps. 26,666,715 ), respectively, related to long-term debt designated as a hedging instrument of the Group’s investments in TelevisaUnivision (formerly known as UH II) and Open-Ended Fund (see Note 14). As of March 31, 2023, the exchange rate was Ps.18.0275 per U.S. dollar, which represents the interbank free market exchange rate on that date as reported by Banco Nacional de México, S.A. or Citibanamex. The Group is subject to the risk of foreign currency exchange rate fluctuations, resulting primarily from the net monetary position in U.S. dollars and U.S. dollar equivalent amounts of the Group’s Mexican operations, as follows (in millions of U.S. dollars): December 31, 2022 2021 U.S. dollar-denominated and U.S. dollar-equivalent monetary assets, primarily cash and cash equivalents, and non-current investments in financial instruments (1) U.S.$ 2,319.9 U.S.$ 785.1 U.S. dollar-denominated and U.S. dollar-equivalent monetary liabilities, primarily trade accounts payable, Senior debt securities, lease liabilities, and other liabilities (2) (3) (4,428.1) (5,180.8) Net liability position U.S.$ (2,108.2) U.S.$ (4,395.7) (1) As of December 31, 2022 and 2021, this line includes U.S. dollar equivalent amounts of U.S. $22.9 million and U.S. $17.7 million , respectively, related to other foreign currencies, primarily Euros and Swiss francs. (2) As of December 31, 2022 and 2021, this line includes U.S. dollar equivalent amounts of U.S. $25.4 million and U.S. $1.4 million , respectively, related to other foreign currencies, primarily Swiss francs and Euros. (3) As of December 31, 2022 and 2021, monetary liabilities include U.S. $2,578.5 million (Ps. 50,219,558 ) and U.S. $1,300.6 million (Ps. 26,666,715 ), respectively, related to long-term debt designated as a hedging instrument of the Group’s investments in UH II and the investment in Open-Ended Fund (see Note 14). At December 31, 2022, a hypothetical 10% appreciation/depreciation in the U.S. dollar to Mexican peso exchange rate would result in a foreign exchange gain/loss, net of hedge, of Ps.915,996 in the consolidated statement of income. At December 31, 2021, a hypothetical 10% appreciation/depreciation in the U.S. dollar to Mexican peso exchange rate would result in a foreign exchange gain/loss, net of hedge, of Ps.6,345,797 in the consolidated statement of income. (ii) Cash Flow Interest Rate Risk The Group monitors the exposure to interest rate risk by: (i) evaluating differences between interest rates on its outstanding debt and short-term investments and market interest rates on similar financial instruments; (ii) reviewing its cash flow needs and financial ratios (indebtedness and interest coverage); (iii) assessing current and forecasted trends in the relevant markets; and (iv) evaluating peer Group and industry practices. This approach allows the Group to determine the interest rate “mix” between variable and fixed rate debt. The Group’s interest rate risk arises from long-term debt. Debt issued at variable rates expose the Group to cash flow interest rate risk which is partially offset by cash and cash equivalents held at variable rates. Debt issued at fixed rates expose the Group to fair value interest rate risk. During recent years the Group has maintained most of its debt in fixed rate instruments (see Note 14). Based on various scenarios, the Group manages its cash flow interest rate risk by using cross-currency interest rate swaps, exchange rate agreements and floating-to-fixed interest rate swaps. Cross-currency interest rate swap agreements allow the Group to hedge against Mexican peso depreciation on the interest payments for medium-term periods. Interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. Sensitivity and Fair Value Analysis The sensitivity analyses that follow are intended to present the hypothetical changes in fair value or loss in earnings due to changes in interest rates, inflation rates, foreign currency exchange rates and debt and equity market prices and the effect that they would have had on the Group’s financial instruments at December 31, 2022 and 2021. These analyses address market risk only and do not take into consideration other risks that the Group faces in the ordinary course of business, including country risk and credit risk. The hypothetical changes reflect management’s view of changes that are reasonably possible over a one-year period. For purposes of the following sensitivity analyses, the Group has made assumptions of a hypothetical change in fair value of 10% for expected near-term future changes in the United States interest rates, Mexican interest rates, inflation rates and Mexican peso to U.S. dollar exchange rate. The results of the analyses do not purport to represent actual changes in fair value or losses in earnings that the Group will incur. Difference between Fair Value and Carrying Amount Assuming a Difference between Hypothetical Fair Value and 10% Increase in December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Long-term loan and interest receivable from GTAC Ps. 853,163 Ps. 857,006 Ps. 3,843 Ps. 89,544 Open-Ended Fund 773,209 773,209 — — Publicly traded equity instruments 2,611,053 2,611,053 — — Derivative financial instruments (1) 543,581 543,581 — — Liabilities (2) (3) U.S. dollar-denominated debt: Senior Notes due 2025 5,188,796 5,295,218 106,422 635,944 Senior Notes due 2026 5,842,800 5,717,764 (125,036) 446,740 Senior Notes due 2032 5,842,800 6,934,235 1,091,435 1,784,859 Senior Notes due 2040 11,685,600 12,083,611 398,011 1,606,372 Senior Notes due 2045 17,321,136 14,975,508 (2,345,628) (848,077) Senior Notes due 2046 17,528,400 17,570,118 41,718 1,798,730 Senior Notes due 2049 13,675,853 12,199,681 (1,476,172) (256,204) Peso-denominated debt: Notes due 2027 4,500,000 4,238,640 (261,360) 162,504 Senior Notes due 2037 4,500,000 4,041,135 (458,865) (54,752) Senior Notes due 2043 6,500,000 4,046,705 (2,453,295) (2,048,625) Long-term loans payable to Mexican banks 13,650,000 13,775,125 125,125 1,502,638 Lease liabilities 8,369,072 8,497,104 128,032 977,742 Derivative financial instruments (1) 71,401 71,401 — — Difference between Fair Value and Carrying Amount Assuming a Difference between Hypothetical Fair Value and 10% Increase in December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Long-term loan and interest receivable from GTAC Ps. 755,973 Ps. 760,143 Ps. 4,170 Ps. 80,184 Open-Ended Fund 945,176 945,176 — — Publicly traded equity instruments 3,517,711 3,517,711 — — Other equity instruments 1,607,969 1,607,969 — — Derivative financial instruments (1) 133,324 133,324 — — Liabilities (2) (3) U.S. dollar-denominated debt: Senior Notes due 2025 12,301,860 14,056,843 1,754,983 3,160,667 Senior Notes due 2026 6,150,930 6,685,200 534,270 1,202,790 Senior Notes due 2032 6,150,930 8,857,216 2,706,286 3,592,008 Senior Notes due 2040 12,301,860 16,678,493 4,376,633 6,044,482 Senior Notes due 2045 20,503,100 24,205,140 3,702,040 6,122,554 Senior Notes due 2046 18,452,790 25,029,180 6,576,390 9,079,308 Senior Notes due 2049 15,377,325 19,307,154 3,929,829 5,860,544 Peso-denominated debt: Notes due 2027 4,500,000 4,509,405 9,405 460,346 Senior Notes due 2037 4,500,000 4,110,480 (389,520) 21,528 Senior Notes due 2043 6,500,000 4,611,620 (1,888,380) (1,427,218) Long-term notes payable to Mexican banks 20,260,404 20,417,854 157,450 2,199,235 Lease liabilities 9,680,559 9,830,878 150,319 1,133,407 Derivative financial instruments (1) 172,885 172,885 — — (1) Given the nature and the tenor of these derivative financial instruments, an increase of 10% in interest and/or exchange rates would not be an accurate sensitivity analysis on the fair value of these financial instruments. (2) The carrying amount of debt is stated in this table at its principal amount. (3) The fair value of the Senior Notes and Notes issued by the Group are within Level 1 of the fair value hierarchy as there are quoted market prices for such notes. The fair value of the lease liabilities is within Level 2 of the fair value hierarchy and has been estimated based on cash flows discounted using an estimated weighted average cost of capital. The fair value of held-to-maturity securities are within Level 1 of the fair value hierarchy and were based on market interest rates to the listed securities. (iii) Price Risk The Group is exposed to equity securities price risk because of investments held by the Group and classified in the consolidated statements of financial position as non-current investments in financial instruments. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group. The Group is not exposed to commodity price risk. (b) Credit Risk Credit risk is managed on a Group basis, except for credit risk relating to accounts receivable balances. Each local entity is responsible for managing and analyzing the credit risk for each of their new clients before standard payment and delivery terms and conditions are offered. Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposure to customers, including outstanding receivables and committed transactions. For banks and financial institutions, only independently rated parties with a minimum rating of “AA” in local scale for domestic institutions and “BBB” in global scale for foreign institutions are accepted. If customers are independently rated, these ratings are used. If there is no independent rating, the Group’s risk control function assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the Company’s management. See Note 7 for further disclosure on credit risk. No credit limits were exceeded during the reporting period, and management does not expect any losses from non-performance by any counterparties. The Group historically has not realized significant credit losses arising from customers. (c) Liquidity Risk Cash flow forecasting is performed in the operating entities of the Group and aggregated by corporate management. Corporate management monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its borrowing facilities at all times so that the Group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities. Such forecasting takes into consideration the Group’s debt financing plans, covenant compliance, compliance with internal statement of financial position ratio targets and, if applicable external regulatory or legal requirements. Surplus cash held by the operating entities over and above balance required for working capital management are transferred to the Group treasury. Group treasury invests surplus cash in interest bearing current accounts, time deposits, money market deposits and marketable securities, choosing investments with appropriate maturities or sufficient liquidity to provide sufficient headroom as determined by the above-mentioned forecasts. At December 31, 2022 and 2021, the Group held cash and cash equivalents of Ps.51,130,992 and Ps.25,828,215, respectively (see Note 6). The table below analyses the Group’s non-derivative and derivative financial liabilities as well as related contractual interest on debt and lease liabilities into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. Derivative financial liabilities are included in the analysis if their contractual maturities are essential for an understanding of the timing of the cash flows. The amounts disclosed in the table below are the contractual undiscounted cash flows (except for lease liabilities that are stated at present value). Less Than 12 Months 12-36 Months 36-60 Months Maturities January 1, 2023 to January 1, 2024 to January 1, 2026 to Subsequent to December 31, 2023 December 31, 2025 December 31, 2027 December 31, 2027 Total At December 31, 2022 Debt (1) Ps. 1,000,000 Ps. 15,188,796 Ps. 12,992,800 Ps. 77,053,789 Ps. 106,235,385 Lease liabilities 1,373,233 2,902,742 2,752,640 1,340,457 8,369,072 Trade and other liabilities 28,107,852 531,617 173,898 2,237,215 31,050,582 Interest on debt (2) 5,259,796 12,024,064 10,041,317 66,654,473 93,979,650 Interest on lease liabilities 641,423 1,093,813 732,818 666,139 3,134,193 Less Than 12 Months 12-36 Months 36-60 Months Maturities January 1, 2022 to January 1, 2023 to January 1, 2025 to Subsequent to December 31, 2022 December 31, 2024 December 31, 2026 December 31, 2026 Total At December 31, 2021 Debt (1) Ps. 4,110,404 Ps. 13,500,000 Ps. 21,102,790 Ps. 88,286,005 Ps. 126,999,199 Lease liabilities 1,478,382 2,469,270 2,478,486 3,254,421 9,680,559 Trade and other liabilities 40,051,575 2,743,298 2,041,627 3,665,074 48,501,574 Interest on debt (2) 6,188,285 15,237,650 12,453,353 86,405,197 120,284,485 Interest on lease liabilities 659,049 1,136,036 775,332 921,942 3,492,359 (1) The amounts of debt are disclosed on a principal amount basis (see Note 14). (2) Interest to be paid in future years on outstanding debt as of December 31, 2022 and 2021, based on contractual interest rates and exchange rates as of that date. Capital Management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for stockholders and benefits for other stakeholders and to maintain an optimal capital structure in order to minimize the cost of capital. |
Critical Accounting Estimates a
Critical Accounting Estimates and Assumptions | 12 Months Ended |
Dec. 31, 2022 | |
Critical Accounting Estimates and Assumptions | |
Critical Accounting Estimates and Assumptions | 5. Critical Accounting Estimates and Assumptions Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. By definition, the resulting accounting estimates will seldom equal the related actual results. The estimates and assumptions that have a risk of causing a material adjustment to the carrying amounts of consolidated assets and liabilities within the next financial year are addressed below: (a) Accounting for Programming Beginning on January 31, 2022, the Group is no longer engaged in the Content business operations as a result of the closing of the TelevisaUnivision Transaction on that date (see Notes 3 and 28). Through January 31, 2022 the Group produced a significant portion of programming for initial broadcast in Mexico, its primary market. Following the initial broadcast of this programming, the Group then licensed some of this programming for broadcast in secondary markets, such as Mexico, the United States, Latin America, Asia, Europe and Africa. Under IFRS, in order to properly capitalize and subsequently amortize production costs related to this programming, the Group estimated the expected future benefit period over which a given program would generate revenues (generally, over a five-year period). The Group then amortized the production costs related to a given program over the expected future benefit period. Under this policy, the Group generally expensed approximately 70% of the production costs related to a given program in its initial broadcast run and deferred and expensed the remaining production costs over the remainder of the expected future benefit period (see Note 2 (g)). The Group estimated the expected future benefit periods based on past historical revenue patterns and usage for similar types of programming and any potential future events, such as new outlets through which the Group could exploit or distribute its programming, including its consolidated subsidiaries and equity investees. To the extent that a given future expected benefit period was shorter than the estimate, the Group might have accelerated capitalized production costs sooner than anticipated. Conversely, to the extent that a given future expected benefit period was longer than the estimate, the Group might have extended the amortization schedule for the remaining capitalized production costs. The Group also entered into license arrangements with various third-party programming producers and providers, pursuant to which it received the rights to broadcast programming produced by third parties over its television networks in Mexico. For programming licensed from third parties, the Group estimated the expected future benefit period based upon the term of the license. In addition, the Group might have purchased programming from third parties, from time to time. In this case, the Group estimated the expected future benefit period based on the anticipated number of showings in Mexico. To the extent that a given future expected benefit period was shorter than the estimate, the Group might have accelerated the amortization of the purchase price or the license fee sooner than anticipated. Conversely, to the extent that a given future expected benefit period was longer than the estimate, the Group might have extended the amortization schedule for the remaining portion of the purchase price or the license fee. (b) Goodwill and Other Indefinite-lived Intangible Assets Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment at least annually. When an impairment test is performed, the recoverable amount is assessed by reference to the greater of the net present value of the expected future cash flows (value in use) of the relevant CGU and the fair value less cost to sell. The recoverable amount of CGUs has been determined based on the greater of value in use and fair value less costs to disposal calculations. These calculations require the use of estimates, which include management’s expectations of future revenue growth, operating costs, profit margins and operating cash flows for each CGU, long-term growth rates and discount rates based on weighted average cost of capital, among others. During 2022 and 2021, the Group recorded impairment adjustments for other indefinite-lived intangible assets (trademarks) related to its Publishing business. See Note 2 (b) and (l) for disclosure regarding concession intangible assets. (c) Long-lived Assets The Group presents certain long-lived assets other than goodwill and indefinite-lived intangible assets in its consolidated statement of financial position. Long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may no longer be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the greater of an asset’s fair value less costs to sell and value in use. Recoverability is analyzed based on projected cash flows. Estimates of future cash flows involve considerable judgment on the part of management. These estimates are based on historical data, future revenue growth, anticipated market conditions, management plans, and assumptions regarding projected rates of inflation and currency fluctuations, among other factors. If these assumptions are not correct, the Group would have to recognize a write-off or write-down or accelerate the amortization schedule related to the carrying amount of these assets (see Notes 2 (m), 13 and 22). The Group has not recorded any significant impairment charges during any of the years presented herein. (d) Deferred Income Taxes The Group records its deferred tax assets based on the likelihood that these assets are realized in the future. This likelihood is assessed by taking into consideration the future taxable income. In the event the Group were to determine that it would be able to realize its deferred tax assets in the future in excess of the net recorded amount, an adjustment to the deferred tax asset would increase income in the period such determination was made. Should the Group determine that it would not be able to realize all or part of its net deferred tax asset in the future, an adjustment to the deferred tax asset would be charged to income in the period such determination was made. (e) Financial Assets Measured at Fair Value The Group has a significant amount of financial assets that are measured at fair value on a recurring basis. The degree of management’s judgment involved in determining the fair value of a financial asset varies depending upon the availability of quoted market prices. When observable quoted market prices exist, that is the fair value estimate the Group uses. To the extent such quoted market prices do not exist, management uses other means to determine fair value (see Notes 4 and 15). |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents | |
Cash and Cash Equivalents | 6. Cash and Cash Equivalents Cash and cash equivalents as of December 31, 2022 and 2021, consisted of: 2022 2021 Cash and bank accounts Ps. 2,041,883 Ps. 1,180,817 Short-term investments (1) 49,089,109 24,647,398 Total cash and cash equivalents Ps. 51,130,992 Ps. 25,828,215 (1) |
Trade Accounts and Notes Receiv
Trade Accounts and Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2022 | |
Trade Accounts and Notes Receivable, Net | |
Trade Accounts and Notes Receivable, Net | 7. Trade Accounts and Notes Receivable, Net Current trade accounts and notes receivable, net as of December 31, 2022 and 2021, consisted of: 2022 2021 Non-interest bearing notes received in 2021 from customers as deposits and advances mainly in connection with annual (“upfront basis”) and from time to time (“scatter basis”) prepayments (see Note 2 (p)) Ps. — Ps. 1,499,335 Trade accounts receivable 10,489,336 14,955,334 Loss allowance (2,032,034) (3,361,658) Ps. 8,457,302 Ps. 13,093,011 Non-current trade receivables as of December 31, 2022 and 2021, amounted to Ps.438,376 and Ps.385,060, respectively, and consisted of non-current trade accounts receivable in our Cable Segment. As of December 31, 2022 and 2021, the aging analysis of the current trade accounts and notes receivable that were past due is as follows: 2022 2021 1 to 90 days Ps. 2,350,853 Ps. 4,367,863 91 to 180 days 1,066,211 1,459,188 More than 180 days 1,811,592 2,785,308 The carrying amounts of the Group’s trade accounts and notes receivables denominated in other than peso currencies are as follows: 2022 2021 U.S. dollar Ps. 338,123 Ps. 1,714,490 Other currencies 6,077 46,255 At December 31 Ps. 344,200 Ps. 1,760,745 Movements on the Group for loss allowance of trade accounts and notes receivables are as follows: 2022 2021 At January 1 Ps. (3,361,658) Ps. (4,249,133) Provision for credit losses (1,189,594) (1,263,083) Write-off of receivables 1,576,375 2,260,182 Reclassifications (40,018) (109,624) Disposed operations 982,861 — At December 31 Ps. (2,032,034) Ps. (3,361,658) The maximum exposure to credit risk of the trade accounts and notes receivable as of December 31, 2022 and 2021 is the carrying amount of each class of receivables (see Note 4). |
Transmission Rights and Program
Transmission Rights and Programming | 12 Months Ended |
Dec. 31, 2022 | |
Transmission Rights and Programming. | |
Transmission Rights and Programming | 8. Transmission Rights and Programming At December 31, 2022 and 2021, transmission rights and programming consisted of: 2022 2021 Transmission rights Ps. 1,911,126 Ps. 14,743,043 Programming — 5,689,652 1,911,126 20,432,695 Non-current portion of: Transmission rights 1,022,782 9,823,088 Programming — 3,017,938 1,022,782 12,841,026 Current portion of transmission rights and programming Ps. 888,344 Ps. 7,591,669 Transmission rights and programming charged to consolidated cost of revenues for the years ended December 31, 2022, 2021 and 2020, amounted to Ps.2,497,519, Ps.14,577,558 and Ps.12,691,287, respectively which included Ps.1,211,927, Ps.12,704,761 and Ps.10,988,850, corresponding of discontinued operations, for the years ended December 31, 2022, 2021 and 2020, respectively (see Note 21). |
Investments in Financial Instru
Investments in Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Investments in Financial Instruments | |
Investments in Financial Instruments | 9. Investments in Financial Instruments At December 31, 2022 and 2021, the Group had the following investments in financial instruments: 2022 2021 Equity instruments measured at FVOCIL: Open-Ended Fund (1) Ps. 773,209 Ps. 945,176 Publicly traded equity instruments (2) 2,611,053 3,517,711 Other equity instruments (3) — 1,607,969 3,384,262 6,070,856 Other 5,223 5,223 Ps. 3,389,485 Ps. 6,076,079 (1) The Group has an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through investments in securities, including without limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments, in telecom, media and other sectors across global markets, including Latin America and other emerging markets. Shares may be redeemed on a quarterly basis at the Net Asset Value (“NAV”) per share as of such redemption date. The fair value of this fund is determined by using the NAV per share. The NAV per share is calculated by determining the value of the fund assets, all of which are measured at fair value, and subtracting all of the fund liabilities and dividing the result by the total number of issued shares. In March 2021, the Company redeemed a portion of its investment in Open-Ended Fund at the aggregate fair value amount of U.S. $10.0 million (Ps. 258,956 ) and recognized cash proceeds from this redemption for such aggregate amount (see Note 2 (i)). (2) Their fair value of publicly traded equity instruments is determined by using quoted market prices at the measurement date. In the first half of 2021, the Company disposed of a portion of these publicly traded equity instruments and recognized cash proceeds from this disposition in the aggregate amount of Ps. 1,755,415 . (3) As of December 31, 2021, other equity instruments include unquoted equity investments, which are initially recognized at cost with any subsequent changes in fair value recognized through other comprehensive income or loss. The Group disposed of these investments on January 31, 2022, in connection with the closing of the TelevisaUnivision Transaction (see Note 3). A roll forward of investments in financial assets at FVOCIL for the years ended December 31, 2022 and 2021 is presented as follows: Publicly Traded Open-Ended Equity Other Equity Fund (1) Instruments Instruments Total At January 1, 2022 Ps. 945,176 Ps. 3,517,711 Ps. 1,607,969 Ps. 6,070,856 Disposition of investments — — (1,607,969) (1,607,969) Change in fair value in other comprehensive loss (171,967) (906,658) — (1,078,625) At December 31, 2022 Ps. 773,209 Ps. 2,611,053 Ps. — Ps. 3,384,262 Publicly Traded Open-Ended Equity Other Equity Fund (1) Instruments Instruments Total At January 1, 2021 Ps. 1,135,803 Ps. 5,397,504 Ps. 468,552 Ps. 7,001,859 Investments — — 1,118,178 1,118,178 Disposition of investments (258,956) (1,756,434) — (2,015,390) Change in fair value in other comprehensive income (loss) 68,329 (123,359) 21,239 (33,791) At December 31, 2021 Ps. 945,176 Ps. 3,517,711 Ps. 1,607,969 Ps. 6,070,856 (1) The foreign exchange loss and gain derived from the investment in the Open-Ended Fund for the years ended December 31, 2022 and 2021, respectively, was hedged by a foreign exchange gain and loss derived from Senior Notes designated as hedging instruments for the years ended December 31, 2022 and 2021, respectively, in the amount of Ps. 114,046 and Ps. 99,673 , respectively (see Notes 14 and 23). The maximum exposure to credit risk of the investments in financial instruments as of December 31, 2022 and 2021 is the carrying amounts of the financial assets (see Note 4). |
Investments in Associates and J
Investments in Associates and Joint Ventures | 12 Months Ended |
Dec. 31, 2022 | |
Investments in Associates and Joint Ventures | |
Investments in Associates and Joint Ventures | 10. Investments in Associates and Joint Ventures At December 31, 2022 and 2021, the Group had the following investments in associates and joint ventures accounted for by the equity method: Ownership as of December 31, 2022 2021 2022 2021 Associates: TelevisaUnivision and subsidiaries 44.4 % 35.5 % Ps. 49,446,349 Ps. 25,721,539 Other 51,864 164,903 Joint ventures: Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries (collectively “GTAC”) (1) 33.3 % 33.3 % 750,169 614,147 Periódico Digital Sendero, S.A.P.I. de C.V. and subsidiary (collectively, “PDS”) (2) 50.0 % 50.0 % 202,567 203,646 Ps. 50,450,949 Ps. 26,704,235 (1) GTAC was granted a 20-year contract for the lease of a pair of dark fiber wires held by the Mexican Federal Electricity Commission and a concession to operate a public telecommunications network in Mexico with an expiration date in 2030. GTAC is a joint venture in which a subsidiary of the Company, a subsidiary of Grupo de Telecomunicaciones Mexicanas, S.A. de C.V. and a subsidiary of Megacable, S.A. de C.V. have an equal equity participation of 33.3% . In June 2010, a subsidiary of the Company entered into a long-term credit facility agreement to provide financing to GTAC for up to Ps. 688,217 , with an annual interest rate of the Mexican Interbank Interest Rate (“Tasa de Interés Interbancaria de Equilibrio” or “ TIIE ”) plus 200 basis points. Under the terms of this agreement, principal and interest were paid at dates agreed by the parties, between 2013 and 2021. During the year ended December 31, 2021, GTAC paid principal and interest to the Group in connection with this credit facility in the aggregate principal amount of Ps. 97,342 . Also, a subsidiary of the Company entered into supplementary long-term loans to provide additional financing to GTAC for an aggregate principal amount of Ps. 1,243,955 , with an annual interest of TIIE plus 200 basis points computed on a monthly basis and payable on an annual basis or at dates agreed by the parties. Under the terms of these supplementary loans, principal amounts can be prepaid at dates agreed by the parties before their maturities between 2023 and 2032. During the years ended December 31, 2022 and 2021, GTAC paid principal and interest to the Group in connection with these supplementary loans in the aggregate principal amount of Ps. 146,386 and Ps. 147,413 , respectively. The net investment in GTAC as of December 31, 2022 and 2021, included amounts receivable in connection with these supplementary loans to GTAC in the aggregate amount of Ps. 853,163 and Ps. 755,973 , respectively. These amounts receivable are in substance a part of the Group’s net investment in this investee (see Note 15). (2) The Group accounts for its investment in PDS under the equity method, due to its 50% interest in this joint venture. As of December 31, 2022 and 2021, the Group’s investment in PDS included intangible assets and goodwill in the aggregate amount of Ps. 113,837 . TelevisaUnivision The Group accounts for its investment in common stock of TelevisaUnivision (formerly known as UH II), the parent company of Univision Communications Inc. (“Univision”), under the equity method due to the Group’s ability to exercise significant influence, as defined under IFRS Standards, over TelevisaUnivision operations. The Group has the ability to exercise significant influence over the operating and financial policies of TelevisaUnivision because (i) it owned 9,290,999 and 5,701,335 shares of Class A Common Stock shares of TelevisaUnivision as of December 31, 2022 and 2021, respectively, and 750,000 Series B Preferred shares of TelevisaUnivision as of December 31, 2022 and 2021 representing 44.4% and 35.5% of the outstanding common and preferred shares of TelevisaUnivision on an as-converted basis, (excluding unvested and/or unsettled stock, restricted stock units and options of TelevisaUnivision), respectively, and 45.1% and 40.1% of the outstanding voting common shares TelevisaUnivision, respectively; and (ii) it has designated three members of the Board of Directors of TelevisaUnivision, one of which serves as the Chairman. The Chairman does not presently have a tie-breaking vote or other similar power in connection with any decisions of the Board. The governing documents of TelevisaUnivision provide for a 13-member Board of Directors; however, the Board of Directors currently consists of 11 members, and the Group has the right to appoint two additional members. Until January 31, 2022, the Group was also a party to a Program Licensing Agreement (“PLA”), as amended, with Univision, pursuant to which Univision had the right to broadcast certain Televisa content in the United States, and to another program license agreement pursuant to which the Group had the right to broadcast certain Univision content in Mexico. On February 25, 2020, UHI, Searchlight Capital Partners, LP (“Searchlight”), a global private investment firm, and ForgeLight LLC (“ForgeLight”), an operating and investment company focused on the media and consumer technology sectors, announced a definitive agreement in which Searchlight and ForgeLight would acquire a majority ownership interest in UHI from all stockholders of UHI other than the Group. The Group elected to retain its approximately 36% stake in UHI’s equity upon exercise of its warrants for shares of UHI common stock. Under the terms of the acquisition, Searchlight and ForgeLight would purchase the remaining 64% ownership interest from the other stockholders of UHI. In conjunction with this transaction and a related decline in the estimated fair value of the Group’s investment in warrants issued by UHI, the Company’s management recognized an impairment loss in the amount of U.S.$228.6 million (Ps.5,455,356) that decreased the carrying amount of the Group’s investment in shares of UHI in the first quarter of 2020. This impairment adjustment was accounted for in share of income or loss of associates and joint ventures in the Group’s consolidated statement of income for the year ended December 31, 2020. This transaction closed on December 29, 2020, and the Group exercised all of its remaining warrants for common shares of UHI to increase its equity stake in UHI from 10% to 35.9% on a fully diluted basis. On April 13, 2021, the Group and UHI announced a transaction agreement in which the Group’s content and media assets would be combined with UH II, the successor company of UHI, and the Group would continue to participate in UH II, with an equity stake of approximately 45% following the closing of the transaction. On May 18, 2021, UHI concluded a reorganization through a series of transactions (the “Reorganization”) pursuant to which, among other things, UH II acquired a controlling financial interest in UHI on that date. As a result of the Reorganization of UHI: (i) the Group and other existing stockholders of UHI exchanged their shares of the capital stock of UHI for the same number and class of newly issued shares of UH II; (ii) UHI issued common stock to a new investor and then these shares were exchanged for shares in UH II; (iii) the Group held an equity interest in the capital stock of UH II of 35.5% on an as-converted basis; and (iv) UH II became a successor company of UHI. In connection with the Reorganization of UHI, and other observable indications that the value of the Group’s net investment in UH II increased significantly during 2021 (including internal and external valuations of the recoverable amount of UH II), in the second half of 2021 the Group’s management assessed whether there was any indication that the impairment loss recognized by the Group in the first quarter of 2020 in the amount of U.S.$228.6 million (Ps.5,455,356) for its net investment in shares of UHI might no longer exist or might have decreased. As a result, of this assessment, the Group’s management concluded that there had been a change in the estimates used to determine the recoverable amount of the Group’s net investment in UH II since the last impairment loss was recognized, and the carrying amount of such net investment was increased to its recoverable amount. The reversal of the impairment loss amounted to U.S.$199.1 million (Ps.4,161,704) and was recognized in share of income of associates and joint ventures in the Group’s consolidated statement of income for the year ended December 31, 2021. On January 31, 2022, the Group increased its investment in shares of TelevisaUnivision in the aggregate fair value amount of U.S.$1,500 million (Ps.30,912,000) comprised 3,589,664 Class A Common Stock shares of TelevisaUnivsion, in the amount of U.S.$750 million (Ps.15,456,000), and 750,000 Series B Cumulative Convertible Preferred Stock shares (“Series B Preferred Shares”) of TelevisaUnivision, with a annual preferred dividend of 5.5% payable on a quarterly basis, in the amount of U.S.$750 million (Ps. 15,456,000). The Series B Preferred Shares are entitled or permitted to vote on any matter required or permitted to be voted upon by the stockholders of TelevisaUnivision. The investment in Series B Preferred Shares of TelevisaUnivision has been classified by the Group as investments in associates and joint ventures because this investment has in substance potential voting rights and gives access to the returns associated with an ownership in TelevisaUnivision. For the year ended December 31, 2022, the Group received from TelevisaUnivision a preferred dividend in cash in the aggregate amount of U.S.$37.8 million (Ps.752,556), which was accounted for in share of income of associates in the Group’s consolidated statement of income for the year ended December 31, 2022. In connection with the TelevisaUnivision Transaction, and other observable indications that the value of the Group’s net investment in TelevisaUnivision increased significantly during 2022 (including internal valuations of the recoverable amount of TelevisaUnivision), in the second quarter of 2022, the Group’s management assessed whether there was any indication that the remaining impairment loss recognized by the Group in the first quarter of 2020 for its net investment in shares of TelevisaUnivision might no longer exist or might have decreased. As a result of this assessment, the Group’s management concluded that there had been a change in the estimates used to determine the recoverable amount of the Group’s net investment in TelevisaUnivision since the last impairment loss was recognized, and the carrying amount of such net investment was increased to an amount lower than its recoverable amount. The reversal of the impairment loss amounted to U.S.$29.5 million (Ps.593,838) and was recognized in share of income of associates and joint ventures in the Group’s consolidated statement of income for the year ended December 31, 2022. The Group recognized a share in loss of TelevisaUnivision for the year ended December 31, 2022, primarily in connection with a goodwill impairment loss recognized by TelevisaUnivision in the fourth quarter of 2022 (see Notes 1, 2 (a), 3, 9, 15, 20, 23 and 28). A roll forward of investments in associates and joint ventures for the years ended December 31, 2022 and 2021, is presented as follows: 2022 2021 At January 1 Ps. 26,704,235 Ps. 22,813,531 Reversal of impairment loss 593,838 4,161,704 Share of loss of associates and joint ventures, net (8,724,643) (490,674) Share of other comprehensive income of associates 4,245,546 245,714 Long-term loans granted to GTAC, net 166,223 131,604 Foreign currency translation adjustments (3,261,758) 505,183 GTAC payments of principal and interest (146,386) (244,755) Disposition of OCEN — (503,872) Dividends from PDS (10,000) (10,000) Investment in Flyacross (other associate) — 43,855 Consideration in common and preferred stock of TelevisaUnivision (see Notes 3 and 28) 30,912,000 — Other (28,106) 51,945 At December 31 Ps. 50,450,949 Ps. 26,704,235 IFRS summarized financial information of TelevisaUnivision (formerly known as UH II, the successor company of UHI) as of December 31, 2022 and 2021, and for the years then ended, and UHI for the year ended December 31, 2020, is set forth below. IFRS summarized financial information of TelevisaUnivision (formerly known as UH II) as of December 31, 2022 and 2021, respectively (amounts in thousands of U.S. dollars): 2022 2021 Current assets (include cash and cash equivalents for U.S.$538,600 and U.S.$647,000, respectively) U.S.$ 2,444,700 U.S.$ 2,579,100 Non-current assets 15,764,400 11,729,470 Total assets 18,209,100 14,308,570 Current liabilities (include financial liabilities for U.S.$60,100 and U.S.$54,000, respectively) 1,405,000 691,600 Non-current liabilities (include financial liabilities for U.S.$628,100 and U.S.$631,437, respectively) 13,600,800 10,619,970 Total liabilities 15,005,800 11,311,570 Total net assets U.S.$ 3,203,300 U.S.$ 2,997,000 The table below reconciles the summarized financial information of TelevisaUnivision (formerly known as UH II) to the carrying amount of the Group’s interest TelevisaUnivision as of December 31, 2022 and 2021, respectively (amounts in thousands of U.S. dollars): 2022 2021 Ownership as of December 31 44.4 % 35.5 % Group’s share of net assets U.S.$ 1,423,488 U.S.$ 1,065,225 Group’s share of net assets Ps. 27,723,859 Ps. 21,840,404 Goodwill, purchase price allocation and other adjustments 21,722,490 3,881,135 Carrying amount of the Group’s interest in TelevisaUnivision Ps. 49,446,349 Ps. 25,721,539 IFRS summarized financial information of TelevisaUnivision (formerly known as UH II, the successor company of UHI) for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands of U.S. dollars): 2022 2021 2020 Revenue U.S.$ 4,609,600 U.S.$ 2,841,000 U.S.$ 2,541,900 Depreciation and amortization 524,300 251,500 152,800 Interest income 11,400 400 1,100 Interest expense 610,300 420,387 427,500 (Expense) income from continuing operations (1,203,200) 550,128 45,537 Income tax (expense) benefit (232,400) 36,872 (9,137) Net (loss) income (1,435,600) 587,000 36,400 Other comprehensive income (loss) 471,113 32,000 (23,700) Total comprehensive (loss) income (964,487) 619,000 12,700 Preferred dividends received from TelevisaUnivision 37,812 — — The table below reconciles the summarized financial information of TelevisaUnivision (formerly known as UH II, the successor company of UHI) to the carrying amount of the Group’s interest in TelevisaUnivision for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands of U.S. dollars): 2022 2021 2020 Net (loss) income U.S.$ (637,955) U.S.$ 208,638 U.S.$ 3,635 Other comprehensive income (loss) 209,354 11,374 (2,367) Net (loss) income Ps. (12,555,817) Ps. 4,232,441 Ps. 78,133 Other comprehensive income (loss) 4,245,660 232,773 (50,872) Purchase price allocation and other adjustments: Net income (loss) adjustments 3,790,887 (4,834,744) (79,163) Other comprehensive loss adjustments — — (6,657) Group’s interest in UHI: Net loss (8,764,930) (602,303) (1,030) Other comprehensive income (loss) 4,245,660 232,773 (57,529) Reversal of impairment (impairment loss) 593,838 4,161,704 (5,455,356) Combined condensed balance sheet information related to the Group’s share in associates other than TelevisaUnivision (formerly known as UH II) as of December 31, 2022 and 2021, including adjustments made by the Group when using the equity method, such as fair value adjustments made at the time of acquisition, is set forth below: 2022 2021 Current assets Ps. 17,896 Ps. 196,110 Non-current assets 39,213 118,207 Total assets 57,109 314,317 Current liabilities 26,952 154,957 Non-current liabilities 1,295 23,459 Total liabilities 28,247 178,416 Net assets Ps. 28,862 Ps. 135,901 Goodwill, purchase price allocation and other adjustments 23,002 29,002 Carrying amount of the Group’s interest in associates Ps. 51,864 Ps. 164,903 Combined condensed balance sheet information related to the Group’s share in joint ventures as of December 31, 2022 and 2021, including adjustments made by the Group when using the equity method, such as fair value adjustments made at the time of acquisition, is set forth below: 2022 2021 Current assets Ps. 181,740 Ps. 159,619 Non-current assets 796,426 651,674 Total assets 978,166 811,293 Current liabilities 101,167 75,110 Non-current liabilities 891,263 788,200 Total liabilities 992,430 863,310 Net liabilities Ps. (14,264) Ps. (52,017) Goodwill, purchase price allocation and other adjustments 113,837 113,837 Long-term loans granted to GTAC, net 853,163 755,973 Carrying amount of the Group’s interest in joint ventures Ps. 952,736 Ps. 817,793 The Group recognized its share of comprehensive income (loss) of associates and joint ventures other than TelevisaUnivision (formerly known as UH II, the successor company of UHI) for the years ended December 31, 2022, 2021 and 2020, as follows: 2022 2021 2020 Share of income (loss) of associates and joint ventures, net Ps. 40,287 Ps. 111,629 Ps. (283,282) Share of other comprehensive (loss) income of associates and joint ventures: Foreign currency translation adjustments, net — 58 1,757 Other items of comprehensive (loss) income, net (114) 12,883 (5,261) (114) 12,941 (3,504) Share of comprehensive income (loss) of associates and joint ventures Ps. 40,173 Ps. 124,570 Ps. (286,786) |
Property, Plant and Equipment,
Property, Plant and Equipment, Net, and Investment Property, Net | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment, Net, and Investment Property, Net | |
Property, Plant and Equipment, Net, and Investment Property, Net | 11. Property, Plant and Equipment, Net, and Investment Property, Net Property, Plant and Equipment, Net Changes in the carrying amounts of property, plant and equipment for the years ended December 31, 2022 and 2021, are as follows: Construction Buildings Technical Satellite Furniture Transportation Computer Leasehold and Projects and Land Equipment Transponders and Fixtures Equipment Equipment Improvements in Progress (1) Total Cost: January 1, 2021 Ps. 14,886,912 Ps. 157,262,188 Ps. 6,026,094 Ps. 1,263,800 Ps. 3,122,232 Ps. 9,198,382 Ps. 3,605,636 Ps. 12,873,670 Ps. 208,238,914 Additions 2,290 14,334,876 — 68,201 395,005 339,967 17,508 8,110,000 23,267,847 Dismantling cost — 69,350 — — — — — — 69,350 Retirements and reclassifications to other accounts (93,883) (2,423,831) — (62,210) (280,189) (618,714) (19,860) (1,055,858) (4,554,545) Transfers from intangibles assets, net — — — — — — — (547,940) (547,940) Transfers and reclassifications 412,054 3,513,272 — 28,976 170,788 594,158 125,175 (4,844,423) — Effect of translation (4,773) 39,351 — 36 71 306 37 97 35,125 December 31, 2021 15,202,600 172,795,206 6,026,094 1,298,803 3,407,907 9,514,099 3,728,496 14,535,546 226,508,751 Additions 3,329 13,978,378 — 35,064 118,028 201,745 23,279 2,955,564 17,315,387 Dismantling cost — 195,304 — — — — — — 195,304 Retirements and reclassifications to other accounts (91,077) (6,171,083) — (148,546) (523,397) (558,400) (331,212) 974,880 (6,848,835) Transfers from intangibles assets, net — — — — — — — (502,017) (502,017) Transfers investment property (3,867,138) — — — — — — — (3,867,138) Transfers and reclassifications 226,903 5,900,361 — 29,147 24,357 84,970 128,544 (6,394,282) — Effect of translation (15,030) (148,110) — (41) (148) (655) (47) 1,086 (162,945) December 31, 2022 Ps. 11,459,587 Ps. 186,550,056 Ps. 6,026,094 Ps. 1,214,427 Ps. 3,026,747 Ps. 9,241,759 Ps. 3,549,060 Ps. 11,570,777 Ps. 232,638,507 Accumulated depreciation: January 1, 2021 Ps. (5,307,759) Ps. (103,248,870) Ps. (3,971,069) Ps. (718,471) Ps. (2,031,266) Ps. (7,106,312) Ps. (2,573,540) Ps. — Ps. (124,957,287) Depreciation of the year (304,842) (15,641,059) (282,414) (117,255) (262,008) (848,426) (274,546) — (17,730,550) Retirements 70,754 3,326,801 — 58,751 127,440 557,776 (133) — 4,141,389 Effect of translation (1,362) (38,575) — (28) (69) (110) (33) — (40,177) December 31, 2021 (5,543,209) (115,601,703) (4,253,483) (777,003) (2,165,903) (7,397,072) (2,848,252) — (138,586,625) Depreciation of the year (211,805) (16,063,925) (282,414) (93,462) (210,362) (495,891) (221,854) — (17,579,713) Retirements 252,367 3,520,999 — 70,413 406,901 215,279 182,517 — 4,648,476 Transfers investment property 993,973 — — — — — — — 993,973 Effect of translation 2,248 118,584 — 36 82 784 47 — 121,781 December 31, 2022 Ps. (4,506,426) Ps. (128,026,045) Ps. (4,535,897) Ps. (800,016) Ps. (1,969,282) Ps. (7,676,900) Ps. (2,887,542) Ps. — Ps. (150,402,108) Carrying amount: January 1, 2021 Ps. 9,579,153 Ps. 54,013,318 Ps. 2,055,025 Ps. 545,329 Ps. 1,090,966 Ps. 2,092,070 Ps. 1,032,096 Ps. 12,873,670 Ps. 83,281,627 December 31, 2021 Ps. 9,659,391 Ps. 57,193,503 Ps. 1,772,611 Ps. 521,800 Ps. 1,242,004 Ps. 2,117,027 Ps. 880,244 Ps. 14,535,546 Ps. 87,922,126 December 31, 2022 Ps. 6,953,161 Ps. 58,524,011 Ps. 1,490,197 Ps. 414,411 Ps. 1,057,465 Ps. 1,564,859 Ps. 661,518 Ps. 11,570,777 Ps. 82,236,399 (1) Retirements and reclassifications to other accounts include: (i) set-up box refurbishment projects that are subsequently reclassified to inventory in order to be assigned or sold to a customer; and (ii) projects in progress related to certain costs that are reclassified to programming when a specific program benefits from those costs. Depreciation charges are presented in Note 21. Depreciation charged to income for the year ended December 31, 2022 and 2021, was Ps. 17,579,713 17,730,550 73,473 884,103 Property, plant and equipment include the following carrying amounts of technical equipment leased to subscribers in the Cable and Sky segments as of December 31, 2022 and 2021: 2022 2021 Subscriber leased set-top equipment Ps. 54,493,281 Ps. 47,813,940 Accumulated depreciation (34,231,392) (30,316,415) Ps. 20,261,889 Ps. 17,497,525 Property, plant and equipment include the following carrying amounts of dismantling costs (technical equipment) related to incurred obligations in the Cable segment as of December 31, 2022 and 2021: 2022 2021 Dismantling costs Ps. 1,133,071 Ps. 937,767 Accumulated depreciation (522,651) (433,426) Ps. 610,420 Ps. 504,341 Investment Property, Net Beginning in the first quarter of 2022, in connection with the TelevisaUnivision Transaction, the Group leases some buildings and land to TelevisaUnivision under operating lease agreements. These operating lease agreements contain initial non-cancellable periods between 7 San Angel Chapultepec Changes in the carrying amount of investment property for the year ended December 31, 2022, are as follows: Buildings and Land Cost: Reclassification from property, plant and equipment in the first quarter of 2022 Ps. 3,867,138 December 31, 2022 Ps. 3,867,138 Accumulated depreciation: Reclassification from property, plant and equipment in the first quarter of 2022 (910,264) Depreciation of the period (83,709) December 31, 2022 Ps. (993,973) Carrying amount: December 31, 2022 Ps. 2,873,165 Depreciation charges are presented in Note 21. As of December 31, 2022, the fair value of the Group’s investment property amounted to Ps.8,837,686, as measured by an independent appraiser who holds a recognized and relevant professional qualification and experience in the investment property being valued. Net lease income from investment property, net of direct operating expenses amounted to Ps.311,343,for the year ended December 31, 2022, and was accounted for as a reduction of the Group’s corporate expense included in administrative expenses (see Note 21). A maturity analysis of undiscounted lease payments to be received by the Group as of December 31, 2022 for buildings and land subject to operating leases is presented as follows (Thousands of U.S. dollars): Undiscounted Year Lease Payments 2023 U.S.$ 22,037 2024 22,037 2025 22,037 2026 22,037 2027 22,037 Thereafter 310,981 |
Right-of-use Assets, Net
Right-of-use Assets, Net | 12 Months Ended |
Dec. 31, 2022 | |
Right-of-use Assets, Net | |
Right-of-use Assets, Net | 12. Right-of-use Assets, Net Changes in the carrying amounts of right-of-use assets for the years ended December 31, 2022 and 2021, are as follows: Satellite Technical Computer Buildings Transponders Equipment Equipment Others Total Cost: January 1, 2021 Ps. 5,464,584 Ps. 4,275,619 Ps. 1,883,982 Ps. — Ps. 231,138 Ps. 11,855,323 Additions 1,166,607 — 115,591 437,361 154,159 1,873,718 Retirements (342,237) — — — (63,837) (406,074) Effect of translation 270 — — — — 270 December 31, 2021 Ps. 6,289,224 Ps. 4,275,619 Ps. 1,999,573 Ps. 437,361 Ps. 321,460 Ps. 13,323,237 Additions 797,811 — 99,209 56,332 71,759 1,025,111 Retirements (1,147,014) — — (375,045) 137,786 (1,384,273) Effect of translation (561) — — — — (561) December 31, 2022 Ps. 5,939,460 Ps. 4,275,619 Ps. 2,098,782 Ps. 118,648 Ps. 531,005 Ps. 12,963,514 Accumulated depreciation: January 1, 2021 Ps. (1,176,679) Ps. (2,351,590) Ps. (988,266) Ps. — Ps. (126,623) Ps. (4,643,158) Depreciation of the year (611,120) (285,042) (132,862) (83,342) (35,682) (1,148,048) Retirements 72,065 — 352 — 223 72,640 Effect of translation (104) — — — — (104) December 31, 2021 Ps. (1,715,838) Ps. (2,636,632) Ps. (1,120,776) Ps. (83,342) Ps. (162,082) Ps. (5,718,670) Depreciation of the year (610,652) (285,041) (135,527) (35,986) (89,808) (1,157,014) Retirements 513,267 — 335 82,289 (13,787) 582,104 Effect of translation 364 — — — — 364 December 31, 2022 Ps. (1,812,859) Ps. (2,921,673) Ps. (1,255,968) Ps. (37,039) Ps. (265,677) Ps. (6,293,216) Carrying amount: January 1, 2021 Ps. 4,287,905 Ps. 1,924,029 Ps. 895,716 Ps. — Ps. 104,515 Ps. 7,212,165 December 31, 2021 Ps. 4,573,386 Ps. 1,638,987 Ps. 878,797 Ps. 354,019 Ps. 159,378 Ps. 7,604,567 December 31, 2022 Ps. 4,126,601 Ps. 1,353,946 Ps. 842,814 Ps. 81,609 Ps. 265,328 Ps. 6,670,298 Depreciation charges are presented in Note 21. Depreciation charged to income for the years ended December 31, 2022 and 2021, was Ps.1,157,014 and Ps.1,148,048, respectively, which included Ps.16,978 and Ps.84,310, corresponding to the depreciation of discontinued operations, respectively. |
Intangible Assets and Goodwill,
Intangible Assets and Goodwill, Net | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets and Goodwill, Net | |
Intangible Assets and Goodwill, Net | 13. Intangible Assets and Goodwill, Net As of December 31, 2022 and 2021, intangible assets and goodwill are summarized as follows: 2022 2021 Accumulated Accumulated Cost Amortization Carrying Amount Cost Amortization Carrying Amount Intangible assets and goodwill with indefinite useful lives: Trademarks Ps. 32,828 Ps. — Ps. 32,828 Ps. 35,242 Ps. — Ps. 35,242 Concessions 15,166,067 — 15,166,067 15,166,067 — 15,166,067 Goodwill 13,904,998 — 13,904,998 14,036,657 — 14,036,657 29,103,893 — 29,103,893 29,237,966 — 29,237,966 Intangible assets with finite useful lives: Trademarks 2,227,096 (2,115,570) 111,526 2,227,096 (2,043,442) 183,654 Concessions — — — 553,505 (553,505) — Licenses and software 15,111,644 (10,952,399) 4,159,245 14,831,874 (9,672,946) 5,158,928 Subscriber lists 8,791,701 (7,874,480) 917,221 8,806,951 (7,574,668) 1,232,283 Payments for renewal of concessions 5,824,365 (287,668) 5,536,697 5,825,559 — 5,825,559 Other intangible assets 6,252,593 (4,957,588) 1,295,005 5,446,636 (4,829,145) 617,491 38,207,399 (26,187,705) 12,019,694 37,691,621 (24,673,706) 13,017,915 Ps. 67,311,292 Ps. (26,187,705) Ps. 41,123,587 Ps. 66,929,587 Ps. (24,673,706) Ps. 42,255,881 Changes in intangible assets and goodwill with indefinite useful lives in 2022 and 2021, were as follows: 2022 Trademarks Concessions Goodwill Total Cost: Balance at beginning of period Ps. 35,242 Ps. 15,166,067 Ps. 14,036,657 Ps. 29,237,966 Retirements (2,429) — (131,659) (134,088) Effect of translation 15 — — 15 Balance at end of period Ps. 32,828 Ps. 15,166,067 Ps. 13,904,998 Ps. 29,103,893 2021 Trademarks Concessions Goodwill Total Cost: Balance at beginning of period Ps. 35,242 Ps. 15,166,067 Ps. 14,113,626 Ps. 29,314,935 Impairment adjustments — — (76,969) (76,969) Balance at end of period Ps. 35,242 Ps. 15,166,067 Ps. 14,036,657 Ps. 29,237,966 Changes in intangible assets with finite useful lives in 2022 and 2021, were as follows: 2022 Licenses Payments for Other and Subscriber Renewal of Intangible Trademarks Concessions Software Lists Concessions Assets Total Cost: Balance at beginning of period Ps. 2,227,096 Ps. 553,505 Ps. 14,831,874 Ps. 8,806,951 Ps. 5,825,559 Ps. 5,446,636 Ps. 37,691,621 Additions — — 965,046 — — 842,137 1,807,183 Transfers from property, plant and equipment — — 502,017 — — — 502,017 Retirements and impairment adjustments — (553,505) (1,206,643) (10,386) (1,194) (118) (1,771,846) Transfers and reclassifications — — 35,921 — — (35,921) — Effect of translation — — (16,571) (4,864) — (141) (21,576) Balance at end of period 2,227,096 — 15,111,644 8,791,701 5,824,365 6,252,593 38,207,399 Accumulated amortization: Balance at beginning of period (2,043,442) (553,505) (9,672,946) (7,574,668) — (4,829,145) (24,673,706) Amortization of the year (72,128) — (1,640,543) (315,062) (287,668) (103,469) (2,418,870) Other amortization of the year (1) — — — — — (353,232) (353,232) Retirements and impairment adjustments — 553,505 610,038 10,386 — 63,074 1,237,003 Transfers and reclassifications — — (264,968) — — 264,968 — Effect of translation — — 16,020 4,864 — 216 21,100 Balance at end of period (2,115,570) — (10,952,399) (7,874,480) (287,668) (4,957,588) (26,187,705) Ps. 111,526 Ps. — Ps. 4,159,245 Ps. 917,221 Ps. 5,536,697 Ps. 1,295,005 Ps. 12,019,694 2021 Licenses Payments for Other and Subscriber Renewal of Intangible Trademarks Concessions Software Lists Concessions Assets Total Cost: Balance at beginning of period Ps. 2,227,096 Ps. 553,505 Ps. 13,139,480 Ps. 8,804,334 Ps. 5,825,559 Ps. 5,169,795 Ps. 35,719,769 Additions — — 1,599,671 — — 299,793 1,899,464 Transfers from property, plant and equipment — — 609,974 — — (62,034) 547,940 Retirements and impairment adjustments — — (643,888) — — — (643,888) Transfers and reclassifications — — 117,716 — — 39,278 156,994 Effect of translation — — 8,921 2,617 — (196) 11,342 Balance at end of period 2,227,096 553,505 14,831,874 8,806,951 5,825,559 5,446,636 37,691,621 Accumulated amortization: Balance at beginning of period (1,971,314) (442,804) (8,446,906) (7,258,070) — (4,191,392) (22,310,486) Amortization of the year (72,128) (110,701) (1,741,517) (313,981) — (301,444) (2,539,771) Other amortization of the year (1) — — — — — (329,144) (329,144) Retirements and impairment adjustments — — 516,045 — — — 516,045 Effect of translation — — (568) (2,617) — (7,165) (10,350) Balance at end of period (2,043,442) (553,505) (9,672,946) (7,574,668) — (4,829,145) (24,673,706) Ps. 183,654 Ps. — Ps. 5,158,928 Ps. 1,232,283 Ps. 5,825,559 Ps. 617,491 Ps. 13,017,915 (1) Other amortization of the year relates primarily to amortization of soccer player rights, which is included in consolidated cost of revenues. Amortization charges are presented in Note 21. Amortization charged to income for the years ended December 31, 2022 and 2021, was Ps.2,418,870 and Ps.2,539,771, respectively, which included Ps.31,423 and Ps.396,654, corresponding to the amortization of discontinued operations, respectively. Additional amortization charged to income for the years ended December 31, 2022 and 2021, was Ps.353,232 and Ps.329,144, respectively, primarily in connection with amortization of soccer player rights. The changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions for the year ended December 31, 2022 and 2021, were as follows: Foreign Balance as of Currency Balance as of January 1, Translation Impairment December 31, 2022 Acquisitions Retirements Adjustments Adjustments Transfers 2022 Goodwill: Cable Ps. 13,794,684 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 13,794,684 Other Businesses (1) 241,973 — (131,659) — — — 110,314 Ps. 14,036,657 Ps. — Ps. (131,659) Ps. — Ps. — Ps. — Ps. 13,904,998 Indefinite-lived trademarks (see Note 3): Cable Ps. 32,813 Ps. — Ps. — Ps. 15 Ps. — Ps. — Ps. 32,828 Other Businesses 2,429 — (2,429) — — — — Ps. 35,242 Ps. — Ps. (2,429) Ps. 15 Ps. — Ps. — Ps. 32,828 Indefinite-lived concessions (see Note 3): Cable Ps. 15,070,025 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,070,025 Sky 96,042 — — — — — 96,042 Ps. 15,166,067 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,166,067 (1) Foreign Balance as of Currency Balance as of January 1, Translation Impairment December 31, 2021 Acquisitions Retirements Adjustments Adjustments Transfers 2021 Goodwill: Cable Ps. 13,794,684 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 13,794,684 Content 241,973 — — — — — 241,973 Other Businesses 76,969 — — — (76,969) — — Ps. 14,113,626 Ps. — Ps. — Ps. — Ps. (76,969) Ps. — Ps. 14,036,657 Indefinite-lived trademarks (see Note 3): Cable Ps. 32,813 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 32,813 Other Businesses 2,429 — — — — — 2,429 Ps. 35,242 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 35,242 Indefinite-lived concessions (see Note 3): Cable Ps. 15,070,025 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,070,025 Sky 96,042 — — — — — 96,042 Ps. 15,166,067 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,166,067 During the second half of 2020, the Group monitored the market associated with its Publishing business, which is classified into the Other Businesses segment, which experienced a general slow-down in Latin America. Accordingly, the Group reduced its cash flow expectations for some of its foreign operations. As a result, the Group compared the fair value of the intangible assets in the reporting units with the related carrying amounts and recorded an aggregate impairment charge in connection with trademarks of Ps.40,803, in other expense, net, in the consolidated statement of income for the year ended December 31, 2020 (see Note 22). The key assumptions used for either fair value or value in use calculations of goodwill and intangible assets in 2022, were as follows (see Note 15): Cable Minimum Maximum Value in use calculations: Long-term growth rate 4.90 % 4.90 % Discount rate 11.50 % 12.30 % Pre-tax discount rate 13.20 % 15.30 % Fair value calculations: Multiple of sales 2.0 2.9 Multiple of EBITDA (as defined) 5.5 7.1 The key assumptions used for either fair value or value in use calculations of goodwill and intangible assets in 2021, were as follows (see Note 15): Cable Minimum Maximum Value in use calculations: Long-term growth rate 4.00 % 4.00 % Discount rate 10.00 % 10.60 % Pre-tax discount rate 13.66 % 16.50 % Fair value calculations: Multiple of sales 2.2 3.3 Multiple of EBITDA (as defined) 6.8 7.9 Management has identified that a reasonable possible change in the key assumptions identified above could cause the carrying amount to exceed in 2022 the recoverable amount of one of the five CGUs with indefinite-life intangible assets tested for impairment. The change required for the carrying amount to equal the recoverable amount is a 1.2% increase in the discount rate (equivalent to a 120 basis point change) or a 1.6% decrease in the long term growth rate (equivalent to a 160 basis point change). As described in Note 2 (l), in 2015, the Company’s management estimated the remaining useful life of four years for acquired trademarks in specific locations of Mexico, in connection with the migration to an internally developed trademark in the Group’s Cable segment. In the fourth quarter of 2017, the Company’s management reviewed the useful life of certain Group’s television concessions accounted for as intangible assets in conjunction with the payment made in 2018 for renewal of concessions expiring in 2021, which amount was determined by the IFT before the renewal date (see Note 2 (b)). Based on such review, the Group classified these concessions as intangible assets with a finite useful life and began to amortize the related net carrying amount of Ps.553,505 in a period ended December 31, 2021. Amortization of these concessions with a finite useful life amounted to Ps.110,701 for each of the years ended December 31, 2021 and 2020. |
Debt and Lease Liabilities
Debt and Lease Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Debt and Lease Liabilities | |
Debt and Lease Liabilities | 14. Debt and Lease Liabilities Debt and lease liabilities outstanding as of December 31, 2022 and 2021, were as follows: 2022 2021 Effective Interest Finance Principal, Net Principal, Net Interest Rate Payable Principal Costs of Finance Costs of Finance Costs U.S. dollar Senior Notes: 6.625% Senior Notes due 2025 (1) 7.60 % Ps. 85,939 Ps. 5,188,796 Ps. (46,107) Ps. 5,142,689 Ps. 12,177,355 4.625% Senior Notes due 2026 (1) 5.03 % 135,115 5,842,800 (14,489) 5,828,311 6,131,473 8.5% Senior Notes due 2032 (1) 9.00 % 151,751 5,842,800 (16,337) 5,826,463 6,132,826 6.625% Senior Notes due 2040 (1) 7.05 % 352,678 11,685,600 (107,746) 11,577,854 12,187,745 5% Senior Notes due 2045 (1) 5.39 % 125,097 17,321,136 (323,875) 16,997,261 20,107,046 6.125% Senior Notes due 2046 (1) 6.47 % 536,807 17,528,400 (109,710) 17,418,690 18,338,293 5.250% Senior Notes due 2049 (1) 5.59 % 71,798 13,675,853 (273,503) 13,402,350 15,093,468 Total U.S. dollar debt 1,459,185 77,085,385 (891,767) 76,193,618 90,168,206 Mexican peso debt: 8.79% Notes due 2027 (2) 8.84 % 97,789 4,500,000 (11,403) 4,488,597 4,486,238 8.49% Senior Notes due 2037 (1) 8.94 % 48,818 4,500,000 (10,453) 4,489,547 4,488,822 7.25% Senior Notes due 2043 (1) 7.92 % 52,361 6,500,000 (48,355) 6,451,645 6,449,277 Bank loans (3) 11.57 % 77,003 10,000,000 (32,757) 9,967,243 15,939,483 Bank loans (Sky) (4) 10.17 % 25,913 3,650,000 — 3,650,000 3,650,000 Bank loans (TVI) (5) — — — — 610,116 Total Mexican peso debt 301,884 29,150,000 (102,968) 29,047,032 35,623,936 Total debt (6) 1,761,069 106,235,385 (994,735) 105,240,650 125,792,142 Less: Current portion of long-term debt 1,761,069 1,000,000 — 1,000,000 4,106,432 Long-term debt, net of current portion Ps. — Ps. 105,235,385 Ps. (994,735) Ps. 104,240,650 Ps. 121,685,710 2022 2021 Lease liabilities: Satellite transponder lease agreement (7) Ps. 2,807,184 Ps. 3,457,524 Other lease agreement (8) 608,250 689,483 Lease liabilities (9) 4,953,638 5,533,552 Total lease liabilities 8,369,072 9,680,559 Less: Current portion 1,373,233 1,478,382 Lease liabilities, net of current portion Ps. 6,995,839 Ps. 8,202,177 (1) The Senior Notes due between 2025 and 2049, in the aggregate outstanding principal amount of U.S. $3,958 million as of December 31, 2022 and Ps. 11,000,000 as of December 31, 2022 and 2021, 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. Interest rate on the Senior Notes due 2025, 2026, 2032, 2037, 2040, 2043, 2045, 2046 and 2049, including additional amounts payable in respect of certain Mexican withholding taxes, is 6.97% , 4.86% , 8.94% , 8.93% , 6.97% , 7.62% , 5.26% , 6.44% and 5.52% per annum, respectively, and is payable semi-annually. These Senior Notes may not be redeemed prior to maturity, except: (i) 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, in whole or in part, at the option of the Company; and (ii) in the event of a change of control, in which case the Company may be required to redeem the securities at 101% of their principal amount. Also, the Company may, at its own option, redeem the Senior Notes due 2025, 2026, 2037, 2040, 2043, 2046 and 2049, in whole or in part, at any time at a redemption price equal to the greater of the principal amount of these Senior Notes or the present value of future cash flows, at the redemption date, of principal and interest amounts of the Senior Notes discounted at a fixed rate of comparable U.S. or Mexican sovereign bonds. The Senior Notes due 2026, 2032, 2040, 2043, 2045, 2046 and 2049 were priced at 99.385% , 99.431% , 98.319% , 99.733% , 96.534% , 99.677% and 98.588% , respectively, for a yield to maturity of 4.70% , 8.553% , 6.755% , 7.27% , 5.227% , 6.147% and 5.345% , respectively. The Senior Notes due 2025 were issued in two aggregate principal amounts of U.S. $400 million and U.S. $200 million, and were priced at 98.081% and 98.632% , respectively, for a yield to maturity of 6.802% and 6.787% , respectively. The terms of these Senior Notes contain covenants that limit the ability of the Company and certain restricted subsidiaries, to incur or assume liens, perform sale and leaseback transactions, and consummate certain mergers, consolidations, and similar transactions. The Senior Notes due 2025, 2026, 2032, 2037, 2040, 2045, 2046 and 2049, are registered with the U.S. Securities and Exchange Commission (“SEC”). The Senior Notes due 2043 are registered with both the SEC and the Mexican Banking and Securities Commission (“Comisión Nacional Bancaria y de Valores” or “CNBV”). In March 2022, the Company completed a partial redemption of U.S. $200 million aggregate principal amount of its 6.625% Senior Notes due 2025, in the aggregate amount of U.S. $221.3 million, including U.S. $220.9 million of the applicable redemption price and U.S. $0.4 million of accrued and unpaid interest on the redemption date. In August 2022, the Company concluded a tender offer to purchase in cash a principal amount of U.S. $133.6 million of its 6.625% Senior Notes due 2025, U.S. $110.6 million of its 5.000% Senior Notes due 2045, and U.S. $47.8 million of its 5.250% Senior Notes due 2049, for an aggregate principal amount of U.S. $292.0 million. The aggregate tender consideration paid amounted to U.S. $294.8 million plus U.S. $5.5 million of accrued and unpaid interest on the settlement date (see Note 23). (2) In 2017, the Company issued Notes (“Certificados Bursátiles”) due 2027, through the BMV in the aggregate principal amount of Ps. 4,500,000 , with interest payable semi-annually at an annual rate of 8.79% . The Company may, at its own option, redeem the Notes due 2027, in whole or in part, at any semi-annual interest payment date at a redemption price equal to the greater of the principal amount of the outstanding Notes and the present value of future cash flows, at the redemption date, of principal and interest amounts of the Notes discounted at a fixed rate of comparable Mexican sovereign bonds. The terms of the Notes due 2027 contain covenants that limit the ability of the Company and certain restricted subsidiaries appointed by the Company’s Board of Directors, to incur or assume liens, perform sale and leaseback transactions, and consummate certain mergers, consolidations, and similar transactions. (3) In 2017, the Company entered into long-term credit agreements with three Mexican banks, in the aggregate principal amount of Ps. 6,000,000 , with interest payable on a monthly basis at a rate of 28-day TIIE plus a range between 125 and 130 basis points, and principal maturities in 2022 and 2023. In February and March 2022, the Company prepaid these outstanding long-term loans in the aggregate principal amount of Ps. 6,000,000 and paid related accrued interest in the aggregate amount of Ps. 37,057 . In July 2019, the Company entered into a credit agreement for a five-year term loan with a syndicate of banks in the aggregate principal amount of Ps. 10,000,000 . The funds from this loan were used for general corporate purposes, including the refinancing of the Company’s indebtedness. This loan bears interest payable on a monthly basis at a floating rate based on a spread of 105 or 130 basis points over the 28-day TIIE rate depending on the Group’s net leverage ratio. The credit agreement of this loan requires the maintenance of financial ratios related to indebtedness and interest expense. (4) In March 2016, Sky entered into long-term credit agreements with two Mexican banks in the aggregate principal amount of Ps. 5,500,000 , with maturities between 2021 and 2023, and interest payable on a monthly basis with an annual interest rate in the range of 7.0% and 7.13% . In July 2020, Sky prepaid a portion of these loans in the aggregate cash amount of Ps. 2,818,091 , which included a principal amount prepayment of Ps. 2,750,000 , and related accrued interest and transaction costs in the amount of Ps. 68,091 . In December 2021, Sky prepaid a portion of these loans in the aggregate cash amount of Ps. 1,750,365 , which included a principal amount prepayment of Ps. 1,750,000 , and related accrued interest in the amount of Ps. 365 . In December 2021, Sky entered into long-term credit agreement with a Mexican Bank in the aggregate principal amount of Ps. 2,650,000 , with interest payable on a monthly basis and maturity in December 2026, which included a Ps. 1,325,000 loan with an annual interest rate of 8.215% and a Ps. 1,325,000 loan with an annual interest rate of 28-day TIIE plus 90 basis points. The funds from these loans were used for general corporate purposes, including the prepayment of Sky´s indebtedness. Under the terms of this credit agreement, Sky is required to: (a) maintain certain financial coverage ratios related to indebtedness and interest expense; and (b) comply with a restrictive covenant on spin-offs, mergers and similar transactions (see Note 30). (5) As of December 31, 2021, included an outstanding balance in the aggregate principal amount of Ps. 610,404 , in connection with credit agreements entered into by TVI with Mexican banks, with maturities between 2020 and 2022, bearing interest payable on a monthly basis at an annual rate of TIIE plus a range between 100 and 125 basis points. In the second quarter of 2022, TVI repaid all of its outstanding indebtedness at maturity including a principal amount of Ps. 549,781 and related accrued interest in the amount of Ps. 3,569 . (6) Principal amount of total debt as of December 31, 2021, is presented net of unamortized finance costs in the aggregate amount of Ps. 1,207,057 . (7) In March 2010, Sky entered into a lease agreement with Intelsat Global Sales & Marketing Ltd. (“Intelsat”) by which Sky is obligated to pay at an annual interest rate of 7.30% , a monthly fee through 2027 of U.S. $3.0 million for satellite signal reception and retransmission service from 24 KU-band transponders on satellite IS-21, which became operational in October 2012. The service term for IS-21 will end at the earlier of: (a) the end of 15 years ; or (b) the date IS-21 is taken out of service (see Note 12). (8) Lease agreement entered into by a subsidiary of the Company and GTAC for the right to use certain capacity of a telecommunications network through 2030 (see Note 20). (9) Lease liabilities recognized beginning on January 1, 2019, under IFRS 16 Leases , in the aggregate amount of Ps. 4,953,638 and Ps. 5,533,552 , as of December 31, 2022 and 2021, respectively. These lease liabilities have terms which expired or will expire at various dates between 2021 and 2051. As of December 31, 2022 and 2021, the outstanding principal amounts of Senior Notes of the Company that have been designated as hedging instruments of the Group’s investment in TelevisaUnivision (formerly known as UH II) and Open-Ended Fund (hedged items), were as follows (see Notes 2 (e) and 4): December 31, 2022 December 31, 2021 Millions of Thousands of Millions of Thousands of Hedged Items U.S. D ollars Mexican Pesos U.S. D ollars Mexican Pesos Investment in shares of TelevisaUnivision (formerly known as UH II) (net investment hedge) U.S.$ 2,538.8 Ps. 49,446,349 U.S.$ 1,254.5 Ps. 25,721,539 Open-Ended Fund (foreign currency fair value hedge) 39.7 773,209 46.1 945,176 Total U.S.$ 2,578.5 Ps. 50,219,558 U.S.$ 1,300.6 Ps. 26,666,715 The foreign exchange gain or loss derived from the Company’s U.S. dollar denominated long-term debt designated as a hedge, for the years ended December 31, 2022 and 2021, is analyzed as follows (see Notes 9 and 23): Year Ended Year Ended Foreign Exchange Gain or Loss Derived from Senior Notes Designated as Hedging Instruments December 31, 2022 December 31, 2021 Recognized in: Comprehensive gain (loss) Ps. 3,375,804 Ps. (604,856) Total foreign exchange gain (loss) derived from hedging Senior Notes Ps. 3,375,804 Ps. (604,856) Offset against: Foreign currency translation (loss) gain derived from the hedged net investment in shares of TelevisaUnivision (formerly known as UH II) Ps. (3,261,758) Ps. 505,183 Foreign exchange (loss) gain derived from the hedged Open-Ended Fund (114,046) 99,673 Total foreign currency translation and foreign exchange (loss) gain derived from hedged assets Ps. (3,375,804) Ps. 604,856 Maturities of Debt and Lease Liabilities Debt maturities for the years subsequent to December 31, 2022, are as follows: Unamortized Nominal Finance Costs 2023 Ps. 1,000,000 Ps. — 2024 10,000,000 32,757 2025 5,188,796 46,107 2026 8,492,800 14,489 2027 4,500,000 11,403 Thereafter 77,053,789 889,979 Ps. 106,235,385 Ps. 994,735 Future minimum payments under lease liabilities for the years subsequent to December 31, 2022, are as follows: 2023 Ps. 2,014,656 2024 2,047,781 2025 1,948,773 2026 1,870,879 2027 1,614,579 Thereafter 2,006,597 11,503,265 Less: Amount representing interest (3,134,193) Ps. 8,369,072 A reconciliation of long-term debt and lease liabilities arising from financing activities in the Group’s consolidated statement of cash flows for the year ended December 31, 2022 and 2021, is as follows: Cash Flow Non-Cash Changes Foreign Balance as of Discontinued New Debt Exchange Balance as of January 1, 2022 New Debt Payments operation and Leases Income Interest December 31, 2022 Debt Ps. 126,999,199 Ps. — Ps. (16,709,984) Ps. — Ps. — Ps. (4,053,830) Ps. — Ps. 106,235,385 Satellite transponder lease agreement 3,457,524 — (494,021) — — (156,319) — 2,807,184 Other lease agreement 689,483 — (205,242) — 99,545 — 24,464 608,250 Lease liabilities 5,533,552 — (991,048) (485,362) 490,987 (23,498) 429,007 4,953,638 Total debt and lease liabilities Ps. 136,679,758 Ps. — Ps. (18,400,295) Ps. (485,362) Ps. 590,532 Ps. (4,233,647) Ps. 453,471 Ps. 114,604,457 Cash Flow Non-Cash Changes Foreign Balance as of New Debt Exchange Balance as of January 1, 2021 New Debt Payments and Leases Income Interest December 31, 2021 Debt Ps. 123,877,278 Ps. 2,650,000 Ps. (1,992,489) Ps. — Ps. 2,464,410 Ps. — Ps. 126,999,199 Satellite transponder lease agreement 3,818,559 — (460,210) — 99,175 — 3,457,524 Other lease agreement 728,500 115,943 (186,317) — — 31,357 689,483 Lease liabilities 4,745,292 — (1,082,226) 1,424,507 — 445,979 5,533,552 Total debt and lease liabilities Ps. 133,169,629 Ps. 2,765,943 Ps. (3,721,242) Ps. 1,424,507 Ps. 2,563,585 Ps. 477,336 Ps. 136,679,758 Credit Facility During 2018, the Company executed a revolving credit facility with a syndicate of banks, for up to an amount equivalent to U.S.$618 million payable in Mexican pesos, which funds might be used for the repayment of existing indebtedness and other general corporate purposes. In March 2020, the Company drew down Ps.14,770,694 under this revolving credit facility, with a maturity in the first quarter of 2022, and interest payable on a monthly basis at a floating rate based on a spread over the 28-day TIIE rate depending on the Group’s net leverage ratio. This facility was used by the Company as a prudent and precautionary measure to increase the Group’s cash position and preserve financial flexibility in light of uncertainty in the global and local markets resulting from the COVID-19 outbreak. On October 6, 2020, the Company prepaid in full without penalty the principal amount of Ps.14,770,694 under this revolving credit facility. This credit facility remained unused through its maturity in the first quarter of 2022. In February 2022, the Company executed a revolving credit facility with a syndicate of banks for up to an amount equivalent to U.S.$650 million payable in Mexican pesos, which funds may be used for the repayment of existing indebtedness and other corporate purposes, with a maturity in February 2025. As of December 31, 2022, this credit facility remained unused. Under the terms of this credit facility, the Company is required to comply with certain restrictive covenants and financial coverage ratios. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments | |
Financial Instruments | 15. Financial Instruments The Group’s financial instruments presented in the consolidated statements of financial position included cash and cash equivalents, accounts and notes receivable, a long-term loan receivable from GTAC, non- current investments in debt and equity securities, and in securities in the form of an open-ended fund, accounts payable, outstanding debt, lease liabilities, and derivative financial instruments. For cash and cash equivalents, accounts receivable, accounts payable, and the current portion of long-term debt and lease liabilities, the carrying amounts approximate fair value due to the short maturity of these instruments. The fair value of the Group’s long-term debt securities is based on quoted market prices. The fair value of long-term loans that the Group borrowed from leading Mexican banks (see Note 14), has been estimated using the borrowing rates currently available to the Group for bank loans with similar terms and average maturities. The fair value of non-current investments in financial instruments, and currency option and interest rate swap agreements were determined by using valuation techniques that maximize the use of observable market data. The carrying and estimated fair values of the Group’s non-derivative financial instruments as of December 31, 2022 and 2021, were as follows: 2022 2021 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents Ps. 51,130,992 Ps. 51,130,992 Ps. 25,828,215 Ps. 25,828,215 Trade notes and accounts receivable, net 8,457,302 8,457,302 13,093,011 13,093,011 Long-term loan and interest receivable from GTAC (see Note 10) 853,163 857,006 755,973 760,143 Open-Ended Fund (see Note 9) 773,209 773,209 945,176 945,176 Publicly traded equity instruments (see Note 9) 2,611,053 2,611,053 3,517,711 3,517,711 Other equity instruments (see Note 9) — — 1,607,969 1,607,969 Liabilities: Senior Notes due 2025, 2032 and 2040 Ps. 22,717,196 Ps. 24,313,064 Ps. 30,754,650 Ps. 39,592,552 Senior Notes due 2045 17,321,136 14,975,508 20,503,100 24,205,140 Senior Notes due 2037 and 2043 11,000,000 8,087,840 11,000,000 8,722,100 Senior Notes due 2026 and 2046 23,371,200 23,287,882 24,603,720 31,714,380 Senior Notes due 2049 13,675,853 12,199,681 15,377,325 19,307,154 Notes due 2027 4,500,000 4,238,640 4,500,000 4,509,405 Long-term loans payable to Mexican banks 13,650,000 13,775,125 20,260,404 20,417,854 Lease liabilities 8,369,072 8,497,104 9,680,559 9,830,878 The carrying amounts (based on estimated fair values), notional amounts, and maturity dates of the Group’s derivative financial instruments as of December 31, 2022 and 2021, were as follows: Notional Amount December 31, 2022: Carrying (U.S. Dollars in Derivative Financial Instruments Amount Thousands) Maturity Date Assets: Derivatives recorded as accounting hedges (cash flow hedges): Interest rate swaps (f) Ps. 11,237 Ps. 2,500,000 February 2023 Interest rate swaps (b) 532,344 Ps. 10,000,000 June 2024 Total assets Ps. 543,581 Liabilities: Derivatives not recorded as accounting hedges: TVI’s forwards (i) Ps. 7,650 U.S.$ 27,963 January through June 2023 Empresas Cablevisión’s forwards (j) 12,047 U.S.$ 38,649 January through June 2023 Sky’s forwards (k) 16,903 U.S.$ 58,000 January through June 2023 Forwards (l) 34,801 U.S.$ 113,388 January through June 2023 Total liabilities Ps. 71,401 Notional Amount December 31, 2021: Carrying (U.S. Dollars in Derivative Financial Instruments Amount Thousands) Maturity Date Assets: Derivatives recorded as accounting hedges (cash flow hedges): TVI’s interest rate swap (a) Ps. 127 Ps. 87,600 May 2022 Interest rate swaps (b) 133,197 Ps. 10,000,000 June 2024 Total assets Ps. 133,324 Liabilities: Derivatives recorded as accounting hedges (cash flow hedges): TVI’s interest rate swaps (c) Ps. 2,015 Ps. 522,804 April 2022 Interest rate swaps (d) 9,749 Ps. 2,000,000 October 2022 Interest rate swaps (e) 7,243 Ps. 1,500,000 October 2022 Interest rate swaps (f) 23,798 Ps. 2,500,000 February 2023 Forwards (g) 35,524 U.S.$ 67,125 January 2022 through March 2022 Derivatives not recorded as accounting hedges: Interest rate swaps (h) 2,943 Ps. 9,385,347 March 2022 TVI’s forwards (i) 10,057 U.S.$ 12,600 January 2022 through February 2022 Empresas Cablevisión’s forwards (j) 11,006 U.S.$ 13,820 January 2022 through February 2022 Sky’s forwards (k) 14,054 U.S.$ 15,000 February 2022 Forwards (l) 56,496 U.S.$ 57,620 January 2022 through February 2022 Total liabilities Ps. 172,885 (a) TVI has entered into several derivative transaction agreements (interest rate swaps) with two financial institutions from August 2013 through May 2022 to hedge the variable interest rate exposure resulting from Mexican peso loans of a total principal amount of Ps. 87,600 as of December 31, 2021. Under these agreements, the Company received monthly payments based on aggregate notional amounts of Ps. 87,600 and made payments based on the same notional amount at an annual weighted average fixed rate of 5.585% . TVI has recognized the change in fair value of this transaction as an accounting hedge and recorded a loss of Ps. 57,843 and Ps. 58,847 in other comprehensive income or loss as of December 31, 2022 and 2021, respectively. In the years ended as of December 31, 2022 and 2021, TVI recorded a gain (loss) of Ps. 145 and Ps. (1,118) , respectively, in consolidated other finance income or expense. (b) In June and July 2019 and October 2020, the Company entered into derivative transaction agreements (interest rate swaps) through June 2024, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps. 10,000,000 as of December 31, 2022 and 2021. Under these agreements, the Company receives monthly payments based on aggregate notional amounts of Ps. 10,000,000 as of December 31, 2022 and 2021, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual weighted average fixed rate of 6.7620% . The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative or income of Ps. 507,663 in other comprehensive income or loss as of December 31, 2022. In 2022, the Company recorded a gain of Ps. 56,253 in consolidated other finance income or expense. (c) In March and April 2017, TVI entered into several derivative transaction agreements (interest rate swaps) with two financial institutions through April 2022 to hedge the variable interest rate exposure resulting from Mexican peso loan of a total principal amount of Ps. 522,804 as of December 31, 2021. Under these agreements, the Company received monthly payments based on aggregate notional amounts of Ps. 522,804 as of December 31, 2021, at an annual variable rate of 28- days TIIE and made monthly payments based on the same notional amounts at an annual weighted average fixed rate of 7.2663% . The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a loss of Ps. 1,131 and Ps. 2,015 in other comprehensive income or loss as of December 31, 2022 and 2021, respectively. TVI recorded a loss of Ps. 1,961 and Ps. 17,501 for this transaction agreement in consolidated other finance income or expense as of December 31, 2022 and 2021, respectively. (d) In November 2017, the Company entered into derivative transaction agreements (interest rate swaps) through October 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps. 2,000,000 . Under this transaction, the Company received monthly payments based on an aggregate notional amount of Ps. 2,000,000 , at an annual variable rate of 28 days of TIIE and made monthly payments based on the same notional amount at an annual fixed rate of 7.3275% . The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative loss of Ps. 9,031 and Ps. 9,031 in other comprehensive income or loss as of December 31, 2022 and 2021, respectively. In 2022 and 2021, the Company recorded a loss of Ps. 3,874 and Ps. 56,263 , respectively, in consolidated other finance income or expense. (e) In November and December 2017, the Company entered into derivative transaction agreements (interest rate swaps) through October 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps. 1,500,000 . Under this transaction, the Company received monthly payments based on an aggregate notional amount of Ps. 1,500,000 , at an annual variable rate of 28 days of TIIE and made monthly payments based on the same notional amount at an annual fixed rate of 7.35% . The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative loss of Ps. 6,697 and Ps. 6,697 in other comprehensive income or loss as of December 31, 2022 and 2021, respectively. In 2022, the Company recorded a loss of Ps. 457 in consolidated other finance income or expense. (f) In January 2018, the Company entered into derivative transaction agreements (interest rate swaps) through February 2023, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps. 2,500,000 . Under this transaction, the Company receives monthly payments based on aggregate notional amount of Ps. 2,500,000 , at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual fixed rate of 7.7485% . The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative loss of Ps. 19,612 and Ps. 19,612 in other comprehensive income or loss as of December 31, 2022 and 2021, respectively. In 2022, the Company recorded a gain of Ps. 387 in consolidated other finance income or expense. (g) As of December 31, 2021, the Company had entered into derivative contracts of foreign currency (forwards) to fix the exchange rate for the purchase of U.S. $ 67.1 million, at an average exchange rate of Ps. 21.1433 . The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative loss of Ps. 35,524 for this transaction agreement in other comprehensive income or loss as of December 31, 2021. In 2022 and 2021, the Company recorded a loss of Ps. 31,850 and Ps. 725,209 in consolidated other finance income or expense, respectively. (h) In March 2020, the Company entered into derivative transaction agreements (interest rate swaps) through March 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps. 9,385,347 . Under this transaction, the Company received monthly payments based on aggregate notional amounts of Ps. 9,385,347 , at an annual variable rate of 28 days of TIIE, and made monthly payments based on the same notional amount at an annual fixed rate of 6.0246% . In 2022 and 2021, the Company recorded a gain of Ps. 341 and Ps. 62,679 in consolidated other finance income or expense, respectively. (i) As of December 31, 2022, TVI had foreign currency contracts (forwards) in the aggregate notional amount of U.S. $28.0 million at an average rate of Ps. 20.0975 . As a result of the change in fair value of these agreements in the year ended December 31, 2022, the Company recorded a loss of Ps. 13,269 in consolidated other finance income or expense. (j) As of December 31, 2022, Empresas Cablevisión had foreign currency contracts (forwards) in the aggregate notional amount of U.S. $38.6 million at an average rate of Ps. 20.1365 . As a result of the change in fair value of these agreements in the year ended December 31, 2022, the Company recorded a loss of Ps. 18,396 in consolidated other finance income or expense. (k) As of December 31, 2022, Sky had foreign currency contracts (forwards) in the aggregate notional amount of U.S. $58.0 million at an average rate of Ps. 20.1170 . As a result of the change in fair value of these agreements in the year ended December 31, 2022, the Company recorded a loss of Ps. 31,368 in consolidated other finance income or expense. (l) As of December 31, 2022 and 2021, the Company had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$ 113.4 million and U.S. $57.6 million at an average rate of Ps. 20.1289 and Ps. 21.5927 , respectively. As a result of the change in fair value of these agreements, in the years ended December 31, 2022 and 2021, the Company recorded a loss of Ps. 66,690 and Ps. 56,447 in consolidated other finance income or expense, respectively. Fair Value Measurement Assets and Liabilities Measured at Fair Value on a Recurring Basis All fair value adjustments as of December 31, 2022 and 2021, represent assets or liabilities measured at fair value on a recurring basis. In determining fair value, the Group’s financial instruments are separated into two categories: investments in financial assets at FVOCIL and derivative financial instruments. Financial assets and liabilities measured at fair value as of December 31, 2022 and 2021: Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2022 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Assets: At FVOCIL: Open-Ended Fund Ps. 773,209 Ps. — Ps. 773,209 Ps. — Publicly traded equity instruments 2,611,053 2,611,053 — — Derivative financial instruments 543,581 — 543,581 — Total Ps. 3,927,843 Ps. 2,611,053 Ps. 1,316,790 Ps. — Liabilities: Derivative financial instruments Ps. 71,401 Ps. — Ps. 71,401 Ps. — Total Ps. 71,401 Ps. — Ps. 71,401 Ps. — Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2021 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Assets: At FVOCIL: Open-Ended Fund Ps. 945,176 Ps. — Ps. 945,176 Ps. — Publicly traded equity instruments 3,517,711 3,517,711 — — Derivative financial instruments 133,324 — 133,324 — Total Ps. 4,596,211 Ps. 3,517,711 Ps. 1,078,500 Ps. — Liabilities: Derivative financial instruments Ps. 172,885 Ps. — Ps. 172,885 Ps. — Total Ps. 172,885 Ps. — Ps. 172,885 Ps. — Non-current Financial Assets Investments in debt securities or with readily determinable fair values, are classified as non-current investments in financial instruments, and are recorded at fair value with unrealized gains and losses included in consolidated stockholders’ equity as accumulated other comprehensive result. Non-current financial assets are generally valued using quoted market prices or alternative pricing sources with reasonable levels of price transparency. Such instruments are classified in Level 1, Level 2, and Level 3, depending on the observability of the significant inputs. Open-Ended Fund The Group has an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through investments in securities, including without limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments, in telecom, media and other sectors across global markets, including Latin America and other emerging markets. Shares may be redeemed on a quarterly basis at the NAV per share as of such redemption date (see Notes 4 and 9). UHI Warrants On December 29, 2020, the Group exercised all of its remaining warrants for common shares of UHI to increase its equity stake in UHI from 10% to 35.9% on a fully diluted basis (see Note 10). The Group determined the fair value of its investment in warrants as of December 29, 2020, by using the income approach based on post-tax discounted cash flows. The income approach requires management to make judgments and involves the use of significant estimates and assumptions. These estimates and assumptions include long-term growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates based on weighted average cost of capital within a range of 8% to 9%, among others. The Group’s estimates for market growth were based on historical data, various internal estimates and observable external sources when available and are based on assumptions that are consistent with the strategic plans and estimates used to manage the underlying business. Since the described methodology is an internal model with significant unobservable inputs, the UHI warrants were classified as Level 3. Additionally, the Group determined the fair value of its investment in warrants by using the Black-Scholes model (“BSPM”). The BSPM involved the use of significant estimates and assumptions. The assumptions used as of December 29, 2020 , included the UHI stock´s spot price of U.S.$190 per share on a fully-diluted, as–converted basis, and the UHI stock’s expected volatility of 64%. Disclosures for Each Class of Assets and Liabilities Subject to Recurring Fair Value Measurements Categorized Within Level 3 The Corporate Finance Department of the Company has established rules for a proper portfolio asset classification according to the fair value hierarchy defined by the IFRS Standards. On a monthly basis, any new assets recognized in the portfolio are classified according to this criterion. Subsequently, there is a quarterly review of the portfolio in order to analyze the need for a change in classification of any of these assets. Sensitivity analysis is performed on the Group’s investments with significant unobservable inputs (Level 3) in order to obtain a reasonable range of possible alternative valuations. This analysis is carried out by the Corporate Finance Department of the Company. Derivative Financial Instruments Derivative financial instruments include swaps, forwards and options (see Notes 2 (w), 4 and 15). The Group’s derivative portfolio is entirely over-the-counter (“OTC”). The Group’s derivatives are valued using industry standard valuation models; projecting future cash flows discounted to present value, using market-based observable inputs including interest rate curves, foreign exchange rates, and forward and spot prices for currencies. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit spreads considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. All derivatives are classified in Level 2. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The majority of the Group’s non-financial instruments, which include the investment in shares of TelevisaUnivision (formerly known as UH II), goodwill, intangible assets, inventories, transmission rights and programming, property, plant and equipment and right-of-use assets are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or at least annually in the fourth quarter for goodwill and indefinite-lived intangible assets) such that a non-financial instrument is required to be evaluated for impairment, a resulting asset impairment would require that, the non-financial instrument be recorded at the lower of carrying amount or its recoverable amount. The impairment test for goodwill involves a comparison of the estimated fair value of each of the Group’s reporting units to its carrying amount, including goodwill. The Group determines the fair value of a reporting unit using the higher between the value in use and the fair value less costs to sell, which utilize significant unobservable inputs (Level 3) within the fair value hierarchy. The impairment test for intangible assets not subject to amortization involves a comparison of the estimated fair value of the intangible asset with its carrying amount. The Group determines the fair value of the intangible asset using a discounted cash flow analysis, which utilizes significant unobservable inputs (Level 3) within the fair value hierarchy. Determining fair value requires the exercise of significant judgment, including judgment about appropriate discount rates, perpetual growth rates, the amount and timing of expected future cash flows for a period of time that comprise five years, as well as relevant comparable company earnings multiples for the market-based approach. Once an asset has been impaired, it is not remeasured at fair value on a recurring basis; however, it is still subject to fair value measurements to test for recoverability of the carrying amount. |
Post-employment Benefits
Post-employment Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Post-employment Benefits | |
Post-employment Benefits | 16. Post-employment Benefits Certain companies in the Group have collective bargaining contracts which include defined benefit pension plans and other retirement benefits for some of their employees. Additionally, the Group has defined benefit pension plans for certain eligible executives and employees. All pension benefits are based on salary and years of service rendered. Under the provisions of the Mexican Labor Law, seniority premiums are payable based on salary and years of service to employees who resign or are terminated prior to reaching retirement age. Some companies in the Group have seniority premium benefits which are greater than the legal requirement. Post-employment benefits are actuarially determined by using nominal assumptions and attributing the present value of all future expected benefits proportionately over each year from date of hire to age 65. The Group used actuarial assumptions to determine the present value of defined benefit obligations, as follows: 2022 2021 Discount rate 10.2 % 7.8 % Salary increase 5.2 % 5.0 % Inflation rate 3.7 % 3.5 % Had the discount rate of 10.2% used by the Group in 2022 been decreased by 50 basis points, the impact on defined benefit obligation would have been an increase to Ps.1,314,138 as of December 31, 2022. Had the discount rate of 7.8% used by the Group in 2021 been decreased by 50 basis points, the impact on defined benefit obligation would have been an increase to Ps.3,308,348 as of December 31, 2021. The reconciliation between defined benefit obligations and post-employment benefit liability in the consolidated statements of financial position as of December 31, 2022 and 2021, is presented as follows: As of December 31, 2022 Seniority Pensions Premiums 2022 Vested benefit obligations Ps. 323,414 Ps. 261,857 Ps. 585,271 Unvested benefit obligations 403,549 288,413 691,962 Defined benefit obligations 726,963 550,270 1,277,233 Fair value of plan assets 459,618 46,147 505,765 Underfunded status of the plans Ps. 267,345 Ps. 504,123 Ps. 771,468 Post-employment benefit liability Ps. 267,345 Ps. 504,123 Ps. 771,468 As of December 31, 2021 Seniority Pensions Premiums 2021 Vested benefit obligations Ps. 560,723 Ps. 335,294 Ps. 896,017 Unvested benefit obligations 1,881,974 406,374 2,288,348 Defined benefit obligations 2,442,697 741,668 3,184,365 Fair value of plan assets 978,892 291,793 1,270,685 Underfunded status of the plans Ps. 1,463,805 Ps. 449,875 Ps. 1,913,680 Post-employment benefit liability Ps. 1,463,805 Ps. 449,875 Ps. 1,913,680 The components of net periodic pensions and seniority premiums cost for the years ended December 31, 2022 and 2021 consisted of the following: 2022 2021 Service cost Ps. 94,416 Ps. 175,648 Interest cost 99,889 193,313 Prior service cost for plan amendments (7,070) (40,124) Interest on plan assets (35,846) (69,546) Net periodic cost Ps. 151,389 Ps. 259,291 The Group’s defined benefit obligations, plan assets, funded status and balances in the consolidated statements of financial position as of December 31, 2022 and 2021, associated with post-employment benefits, are presented as follows: Seniority Pensions Premiums 2022 2021 Defined benefit obligations: Beginning of year Ps. 2,442,697 Ps. 741,668 Ps. 3,184,365 Ps. 3,276,400 Retirement of discontinued operation (1,577,973) (228,740) (1,806,713) — Service cost 33,003 61,413 94,416 175,648 Interest cost 58,085 41,804 99,889 193,313 Benefits paid (38,552) (47,658) (86,210) (222,035) Remeasurement of post-employment benefit obligations (148,125) (53,319) (201,444) (198,837) Past service cost (42,172) 35,102 (7,070) (40,124) End of year 726,963 550,270 1,277,233 3,184,365 Fair value of plan assets: Beginning of year 978,892 291,793 1,270,685 1,195,749 Retirement of discontinued operation (493,447) (202,147) (695,594) — Return on plan assets 29,423 6,423 35,846 69,546 Contributions — — — 6,972 Remeasurement on plan assets (34,669) (8,656) (43,325) 80,988 Benefits paid (20,581) (41,266) (61,847) (82,570) End of year 459,618 46,147 505,765 1,270,685 Unfunded status of the plans Ps. 267,345 Ps. 504,123 Ps. 771,468 Ps. 1,913,680 The changes in the net post-employment liability in the consolidated statements of financial position as of December 31, 2022 and 2021, are as follows: Seniority Pensions Premiums 2022 2021 Net post-employment liability at beginning of year Ps. 1,463,805 Ps. 449,875 Ps. 1,913,680 Ps. 2,080,651 Retirement of discontinued operation (1,084,526) (26,593) (1,111,119) — Net periodic cost 19,493 131,896 151,389 259,291 Contributions — — — (6,972) Remeasurement of post-employment benefits (113,456) (44,663) (158,119) (279,825) Benefits paid (17,971) (6,392) (24,363) (139,465) Net post-employment liability at end of year Ps. 267,345 Ps. 504,123 Ps. 771,468 Ps. 1,913,680 The post-employment benefits as of December 31, 2022 and 2021, and remeasurements adjustments for the years ended December 31, 2022 and 2021, are summarized as follows: 2022 2021 Pensions: Defined benefit obligations Ps. 726,963 Ps. 2,442,697 Plan assets 459,618 978,892 Unfunded status of plans 267,345 1,463,805 Remeasurements adjustments (1) (113,456) (327,898) Seniority premiums: Defined benefit obligations Ps. 550,270 Ps. 741,668 Plan assets 46,147 291,793 Unfunded status of plans 504,123 449,875 Remeasurements adjustments (1) (44,663) 48,073 (1) On defined benefit obligations and plan assets. Pensions and Seniority Premiums Plan Assets The plan assets are invested according to specific investment guidelines determined by the technical committees of the pension plan and seniority premiums trusts and in accordance with actuarial computations of funding requirements. These investment guidelines require a minimum investment of 30% of the plan assets in fixed rate instruments, or mutual funds comprised of fixed rate instruments. The plan assets that are invested in mutual funds are all rated “AA” or “AAA” by at least one of the main rating agencies. These mutual funds vary in liquidity characteristics ranging from one day to one month. The investment goals of the plan assets are to preserve principal, diversify the portfolio, maintain a high degree of liquidity and credit quality, and deliver competitive returns subject to prevailing market conditions. Currently, the plan assets do not engage in the use of financial derivative instruments. The Group’s target allocation in the foreseeable future is to maintain approximately 30% in equity securities and 70% in fixed rate instruments. The weighted average asset allocation by asset category as of December 31, 2022 and 2021, was as follows: 2022 2021 Equity securities (1) 36.1 % 32.7 % Fixed rate instruments 63.9 % 67.3 % Total 100.0 % 100.0 % (1) Included within plan assets at December 31, 2022 and 2021, are shares of the Company held by the trust with a fair value of Ps. 23,865 and Ps. 119,851 , respectively. The weighted average expected long-term rate of return of plan assets of 10.17% and 7.79% were used in determining net periodic pension cost in 2022 and 2021, respectively. The rate used reflected an estimate of long-term future returns for the plan assets. This estimate was primarily a function of the asset classes (equities versus fixed income) in which the plan assets were invested and the analysis of past performance of these asset classes over a long period of time. This analysis included expected long-term inflation and the risk premiums associated with equity investments and fixed income investments. The following table summarizes the Group’s plan assets measured at fair value on a recurring basis as of December 31, 2022 and 2021: Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2022 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Common Stocks (1) Ps. 23,865 Ps. 23,865 Ps. — Ps. — Mutual funds (fixed rate instruments) (2) 21,685 21,685 — — Money market securities (3) 255,588 255,588 — — Other equity securities 145,327 145,327 — — Total investment assets 446,465 446,465 — — Cash management 59,300 — — — Total investment assets and cash management Ps. 505,765 Ps. 446,465 Ps. — Ps. — Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2021 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Common Stocks (1) Ps. 119,851 Ps. 119,851 Ps. — Ps. — Mutual funds (fixed rate instruments) (2) 115,185 115,185 — — Money market securities (3) 726,781 726,781 — — Other equity securities 308,868 308,868 — — Total investment assets Ps. 1,270,685 Ps. 1,270,685 Ps. — Ps. — (1) Common stocks are valued at the closing price reported on the active market on which the individual securities are traded. All common stock included in this line item relate to the Company’s CPOs. (2) Mutual funds consist of fixed rate instruments. These are valued at the net asset value provided by the administrator of the fund. (3) Money market securities consist of government debt securities, which are valued based on observable prices from the new issue market, benchmark quotes, secondary trading and dealer quotes. The Group did not make significant contributions to its plan assets in 2022 and 2021 and does not expect to make significant contributions to its plan assets in 2023. The weighted average duration of the defined benefit plans as of December 31, 2022 and 2021, were as follows: 2022 2021 Seniority Premiums 8.7 years 9.0 years Pensions 3.8 years 5.1 years |
Capital Stock and Long-term Ret
Capital Stock and Long-term Retention Plan | 12 Months Ended |
Dec. 31, 2022 | |
Capital Stock and Long-term Retention Plan | |
Capital Stock and Long-term Retention Plan | 17. Capital Stock The Company has four classes of capital stock: Series “A” Shares, Series “B” Shares, Series “D” Shares and Series par value The Company’s shares are publicly traded in Mexico, primarily in the form of Ordinary Participation Certificates (“CPOs”), each CPO representing 117 shares comprised of 25 Series “A” Shares, 22 Series “B” Shares, 35 Series “D” Shares and 35 Series “L” Shares; and in the United States in the form of Global Depositary Shares (“GDS”), each GDS representing five CPOs. Non-Mexican holders of CPOs do not have voting rights with respect to the Series “A”, Series “B” and Series “D” Shares. At December 31, 2022, shares of capital stock and CPOs consisted of (in millions): Repurchased Held by a Authorized and by the Company’s Issued (1) Company (2) Trust (3) Outstanding Series “A” Shares 121,073.9 (717.4) (5,606.3) 114,750.2 Series “B” Shares 57,046.9 (631.3) (4,765.9) 51,649.7 Series “D” Shares 87,006.6 (1,004.3) (3,832.4) 82,169.9 Series “L” Shares 87,006.6 (1,004.3) (3,832.4) 82,169.9 Total 352,134.0 (3,357.3) (18,037.0) 330,739.7 Shares in the form of CPOs 290,849.7 (3,357.3) (12,811.0) 274,681.4 Shares not in the form of CPOs 61,284.3 — (5,226.0) 56,058.3 Total 352,134.0 (3,357.3) (18,037.0) 330,739.7 CPOs 2,485.9 (28.7) (109.5) 2,347.7 (1) As of December 31, 2022, the authorized and issued capital stock amounted to Ps. 4,836,708 (nominal Ps. 2,423,549 ). (2) In connection with a share repurchase program that was approved by the Company’s stockholders and is exercised at the discretion of management. During the year ended December 31, 2022, the Company repurchased 3,357.3 million shares, in the form of 28.7 million CPOs, in the amount of Ps. 629,326, in connection with such share repurchase program. In April 2021, the Company’s stockholders approved the cancellation of 5,173.2 million shares of capital stock in the form of 44.2 million CPOs which were repurchased by the Company in 2019 and 2020 under this program. (3) Primarily, in connection with the Company’s LTRP described below. A reconciliation of the number of shares and CPOs outstanding for the years ended December 31, 2022 and 2021, is presented as follows (in millions): Series “A” Series “B” Series “D” Series “L” Shares CPOs Shares Shares Shares Shares Outstanding Outstanding As of January 1, 2021 113,019.2 50,928.5 81,022.4 81,022.4 325,992.5 2,314.9 Forfeited (2) (187.9) (165.4) (263.1) (263.1) (879.5) (7.5) Acquired (2) (429.8) (378.2) (601.7) (601.7) (2,011.4) (17.2) Released (2) 1,683.5 1,078.6 1,716.1 1,716.1 6,194.3 49.0 As of December 31, 2021 114,085.0 51,463.5 81,873.7 81,873.7 329,295.9 2,339.2 Acquired (1) (717.4) (631.3) (1,004.3) (1,004.3) (3,357.3) (28.7) Forfeited (2) (155.5) (136.9) (217.8) (217.8) (728.0) (6.2) Acquired (2) (598.0) (526.3) (837.3) (837.3) (2,798.9) (23.9) Released (2) 2,136.1 1,480.7 2,355.6 2,355.6 8,328.0 67.3 As of December 31, 2022 114,750.2 51,649.7 82,169.9 82,169.9 330,739.7 2,347.7 (1) Repurchased or cancelled by the Company in connection with a share repurchase program. (2) Acquired, released, cancelled or forfeited by a Company’s trust in connection with the Company’s Long-Term Retention Plan described below. Under the Company’s bylaws, the Company’s Board of Directors consists of 20 members, of which the holders of Series “A” Shares, Series “B” Shares, Series “D” Shares and Series “L” Shares, each voting as a class, are entitled to elect eleven members, five members, two members and two members, respectively. Holders of Series “D” Shares are entitled to receive a preferred dividend equal to 5% of the nominal capital attributable to those Shares (nominal Ps.0.00034412306528 per share) before any dividends are payable in respect of Series “A” Shares, Series “B” Shares or Series “L” Shares. Holders of Series “A” Shares, Series “B” Shares and Series “L” Shares are entitled to receive the same dividends as holders of Series “D” Shares if stockholders declare dividends in addition to the preferred dividend that holders of Series “D” Shares are entitled to. If the Company is liquidated, Series “D” Shares are entitled to a liquidation preference equal to the nominal capital attributable to those Shares nominal Ps.0.00688246130560 per share before any distribution is made in respect of Series “A” Shares, Series “B” Shares and Series “L” Shares. At December 31, 2022, the restated for inflation tax value of the Company’s common stock was Ps.60,103,280. In the event of any capital reduction in excess of the tax value of the Company’s common stock, such excess will be treated as dividends for income tax purposes (see Note 18). Long-Term Retention Plan The Company has adopted a LTRP for the conditional sale of the Company’s capital stock to key Group officers and employees under a special purpose trust. At the Company’s annual general ordinary stockholders’ meeting held on April 2, 2013, the Company’s stockholders approved that the number of CPOs that may be granted annually under the LTRP shall be up to 1.5% of the capital of the Company. As of December 31, 2022, approximately 26.1 million CPOs or CPO equivalents that were transferred to LTRP participants were sold in the open market during 2021 and 2022. Additional sales will continue to take place during or after 2023. The special purpose trust created to implement the LTRP as of December 31, 2022 had approximately 152.3 million CPOs or CPO equivalents. This figure is net of approximately 4.4 million, 52.9 million and 38.5 million CPOs or CPO equivalents vested in 2020, 2021 and 2022, respectively. Of the 152.3 million CPOs or CPO equivalents approximately 70.7% are in the form of CPOs and the remaining 29.3% are in the form of Series “A”, Series “B”, Series “D” and Series “L” Shares, not in the form of CPO units. As of December 31, 2022, approximately 86.7 million CPOs or CPO equivalents are held by a company trust and will become vested between 2023 and 2025 at prices ranging from Ps.38.32 to Ps.1.60 per CPO, which may be reduced by dividends, a liquidity discount and the growth of the consolidated or relevant segment Operating Income Before Depreciation and Amortization, or OIBDA (including OIBDA affected by acquisitions) between the date of award and the vesting date, among others. During the year ended December 31, 2022, the trust for the LTRP increased the number of shares and CPOs held for the purposes of this Plan in the amount of (i) 2,798.9 million shares of the Company in the form of 23.9 million CPOs, which were acquired in the amount of Ps.980,410; and (ii) 728.0 million shares of the Company in the form of 6.2 million CPOs, in connection with forfeited rights under this Plan. Following the completion of the TelevisaUnivision Transaction, the Board of Directors of the Company approved: (i) to cancel certain sale contracts for 10.8 million CPOs, corresponding to unvested conditional to sales under the LTRP to certain officers and employees of the Company in 2019, 2020 and 2021; and (ii) to release 8.0 million CPOs under the corresponding grants to such individuals. The CPOs released under such grants were sold at Ps.1.60 per CPO. In connection with this approval, the Company cancelled 10.8 million CPOs under such contracts and recognized the release of 7.1 million CPOs in the first half of 2022. In addition to the LTRP, the Company entered into conditional sale contracts with certain officers of the Group, primarily in February 2022, for 24.7 million CPOs, of which 23.9 million of CPOs and 0.8 million of CPOs were released as a share-based expense in the first quarter and second quarter of 2022, respectively. During the year ended December 31, 2021, the trust for the LTRP increased the number of shares and CPOs held for the purposes of this Plan in the amount of: (i) 2,011.4 million shares of the Company in the form of 17.2 million CPOs, which were acquired in the amount of Ps.774,073 and (ii) 879.5 million shares of the Company in the form of 7.5 million CPOs, in connection with forfeited rights under this Plan. During the years ended December 31, 2021 and 2022, the Company made a funding for acquisition of shares in the aggregate amount of Ps.328,500 and Ps.648,242, respectively, to the trust held for the Company’s LTRP. The Group has determined its share-based compensation expense (see Note 2 (y)), by using the BSPM at the date on which the stock was conditionally sold to certain officers and employees of the Company under the Company’s LTRP, based on the following arrangements and weighted-average assumptions: Long-Term Retention Plan Arrangements: Year of grant 2018 2019 2020 2021 2022 Number of CPOs or CPOs equivalent granted 32,500 72,558 39,200 38,800 27,500 Contractual life 3.00 years 2.67 years 3.00 years 3.00 years 3.00 years Assumptions: Dividend yield 0.55 % 0.82 % 1.38 % 0.94 % 0.92 % Expected volatility (1) 25.38 % 30.47 % 35.13 % 43.74 % 45.75 % Risk-free interest rate 7.17 % 6.88 % 5.74 % 5.51 % 9.17 % Expected average life of awards 3.00 years 2.67 years 3.00 years 3.00 years 3.00 years (1) Volatility was determined by reference to historically observed prices of the Company’s CPOs. A summary of the stock conditionally sold to employees under the LTRP as of December 31, 2022 and 2021 is presented below (in Mexican pesos and thousands of CPOs): 2022 2021 CPOs or CPOs Weighted- Average CPOs or CPOs Weighted- Average Equivalent Exercise Price Equivalent Exercise Price Long-Term Retention Plan: Outstanding at beginning of year 176,858 31.22 160,365 39.36 Conditionally sold 27,500 10.00 38,800 8.62 Paid by employees (15,047) 30.10 (8,633) 38.30 Forfeited (18,580) 70.14 (13,674) 64.96 Outstanding at end of year 170,731 30.68 176,858 31.22 To be paid by employees at end of year 83,985 44.79 60,155 52.69 As of December 31, 2022 and 2021, the weighted-average remaining contractual life of the stock conditionally sold to employees under the LTRP is 1.29 years and 1.28 years respectively. In addition to the LTRP, the Company entered into conditional sale contracts with members of its Board of Directors for 1.0 and 1.7 million CPOs in August 2021and July 2022 respectively, with vesting periods of eight |
Retained Earnings and Accumulat
Retained Earnings and Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2022 | |
Retained Earnings and Accumulated Other Comprehensive Income | |
Retained Earnings and Accumulated Other Comprehensive Income | 18. Retained Earnings and Accumulated Other Comprehensive Income (a) Retained Earnings: Unappropriated Net Income Retained Legal Reserve Earnings for the Year Earnings Balance at January 1, 2021 Ps. 2,139,007 Ps. 83,391,732 Ps. (1,250,342) Ps. 84,280,397 Appropriation of net income relating to 2020 — (1,250,342) 1,250,342 — Dividends — (1,053,392) — (1,053,392) Shares cancellation — (1,510,290) — (1,510,290) Sale of repurchased shares — (1,126,573) — (1,126,573) Cancellation of sale of shares — 505,357 — 505,357 Share-based compensation — 1,066,863 — 1,066,863 Net income attributable to stockholders of the Company — — 6,055,826 6,055,826 Balance at December 31, 2021 2,139,007 80,023,355 6,055,826 88,218,188 Appropriation of net income relating to 2021 — 6,055,826 (6,055,826) — Dividends — (1,053,392) — (1,053,392) Sale of repurchased shares — (3,080,729) — (3,080,729) Cancellation of sale of shares — 246,658 — 246,658 Share-based compensation — 2,009,304 — 2,009,304 Other — 1,650 — 1,650 Net income attributable to stockholders of the Company — 44,712,180 — 44,712,180 Balance at December 31, 2022 Ps. 2,139,007 Ps. 128,914,852 Ps. — Ps. 131,053,859 In accordance with Mexican law, the legal reserve must be increased by 5% of annual net profits until it reaches 20% of the capital stock amount. As of December 31, 2022 and 2021, the Company’s legal reserve amounted to Ps.2,139,007 for both years, respectively and was classified into retained earnings in consolidated equity. As the legal reserve reached 20% of the capital stock amount, no additional increases were required in 2022, 2021 and 2020. This reserve is not available for dividends but may be used to reduce a deficit or may be transferred to stated capital. Other appropriations of profits require the vote of the Company’s stockholders. In April 2020, to further maximize liquidity and as a precautionary measure, the Company’s Board of Directors did not propose the payment of a 2020 dividend for approval of the Company’s general stockholders’ meeting held on April 28, 2020. In April 2021, the Company’s stockholders approved the payment of a dividend of Ps.0.35 per CPO and Ps.0.002991452991 per share of Series “A,” “B,” “D” and “L” Shares, not in the form of a CPO unit, which was paid in cash in May 2021, in the aggregate amount of Ps.1,053,392. In April 2022, the Company’s stockholders approved the payment of a dividend of Ps.0.35 per CPO and Ps.0.002991452991 per share of Series “A,” “B,” “D” and “L” Shares, not in the form of a CPO unit, which was paid in cash in May 2022, in the aggregate amount of Ps.1,053,392. Dividends, either in cash or in other forms, paid by the Mexican companies in the Group will be subject to income tax if the dividends are paid from earnings that have not been subject to Mexican income tax computed on an individual company basis under the provisions of the Mexican Income Tax Law. In this case, dividends will be taxable by multiplying such dividends by a 1.4286 factor and applying to the resulting amount the income tax rate of 30%. This income tax will be paid by the company paying the dividends. In addition, the entities that distribute dividends to its stockholders who are individuals or foreign residents must withhold 10% thereof for income tax purposes, which will be paid in Mexico. The foregoing will not be applicable when distributed dividends arise from the “taxed net earnings account” computed on an individual company basis generated through December 31, 2013. As of December 31, 2022, cumulative earnings that have been subject to income tax and can be distributed by the Company free of Mexican income tax amounted to Ps.88,820,912. (b) Accumulated Other Comprehensive Income or loss: Exchange Remeasurement Derivative Share of Warrants Differences on of Post- Financial Income (Loss) Other Exercised for Translating Employment Instruments of Associates Open-Ended Equity Common Stock Foreign Benefit Cash Flow and Joint Fund Instruments of UHI Operations Obligations Hedges Ventures Income Tax Total Accumulated at January 1, 2021 Ps. 1,524,860 Ps. 638,406 Ps. (23,602,220) Ps. 850,241 Ps. (1,350,451) Ps. (1,915,508) Ps. (136,448) 8,434,272 Ps. (15,556,848) Changes in other comprehensive income (19,718) (123,359) — 84,232 291,697 1,927,601 245,714 (471,311) 1,934,856 Accumulated at December 31, 2021 Ps. 1,505,142 Ps. 515,047 Ps. (23,602,220) Ps. 934,473 Ps. (1,058,754) Ps. 12,093 Ps. 109,266 7,962,961 Ps. (13,621,992) Changes in other comprehensive income (131,957) (906,658) — (124,179) 150,343 395,807 4,245,546 (830,788) 2,798,114 Accumulated at December 31, 2022 Ps. 1,373,185 Ps. (391,611) Ps. (23,602,220) Ps. 810,294 Ps. (908,411) Ps. 407,900 Ps. 4,354,812 7,132,173 Ps. (10,823,878) |
Non-controlling Interests
Non-controlling Interests | 12 Months Ended |
Dec. 31, 2022 | |
Non-controlling Interests. | |
Non-controlling Interests | 19. Non-controlling Interests Non-controlling interests as of December 31, 2022 and 2021, consisted of: 2022 2021 Capital stock Ps. 1,099,009 Ps. 1,100,312 Additional paid-in capital 2,970,693 2,986,354 Legal reserve 215,475 215,736 Retained earnings from prior years (1) (2) 10,822,975 9,649,348 Net income for the year 571,644 1,298,959 Accumulated other comprehensive income (loss): Cumulative result from foreign currency translation 155,621 174,598 Remeasurement of post-employment benefit obligations on defined benefit plans (13,462) (18,905) Ps. 15,821,955 Ps. 15,406,402 (1) In 2021, the holding companies of the Sky segment paid a dividend to its equity owners in the aggregate amount of Ps. 750,000 , of which Ps. 309,174 , was paid to its non-controlling interests. (2) In 2021, Publicidad Virtual, S.A. de C.V. paid a dividend to its equity owners in the aggregate amount of Ps. 40,000 , of which Ps. 19,600 was paid to its non-controlling interests. Amounts of consolidated current assets, non-current assets, current liabilities and non-current liabilities of Empresas Cablevisión and Sky as of December 31, 2022 and 2021, are set forth as follows: Empresas Cablevisión Sky 2022 2021 2022 2021 Assets: Current assets Ps. 7,461,520 Ps. 6,653,310 Ps. 6,019,166 Ps. 5,689,494 Non-current assets 23,172,533 24,099,561 18,266,359 19,590,056 Total assets 30,634,053 30,752,871 24,285,525 25,279,550 Liabilities: Current liabilities 5,176,500 5,755,703 4,183,480 3,685,208 Non-current liabilities 4,076,876 4,308,115 5,367,448 7,041,237 Total liabilities 9,253,376 10,063,818 9,550,928 10,726,445 Net assets Ps. 21,380,677 Ps. 20,689,053 Ps. 14,734,597 Ps. 14,553,105 Amounts of consolidated revenues, net income and total comprehensive income of Empresas Cablevisión and Sky for the years ended December 31, 2022 and 2021, are set forth as follows: Empresas Cablevisión Sky 2022 2021 2022 2021 Revenues Ps. 16,128,549 Ps. 16,849,160 Ps. 20,339,075 Ps. 22,026,616 Net-income 760,576 1,135,053 224,989 1,281,472 Total comprehensive income 748,916 1,134,181 181,491 1,304,822 Amounts of consolidated summarized cash flows of Sky and Empresas Cablevisión for the years ended December 31, 2022 and 2021, are set forth as follows: Empresas Cablevisión Sky 2022 2021 2022 2021 Cash flows from operating activities Ps. 4,319,496 Ps. 5,594,662 Ps. 5,227,892 Ps. 6,004,261 Cash flows used in investing activities (3,406,227) (5,144,521) (3,934,993) (5,236,815) Cash flows used in by financing activities (590,249) (740,046) (1,233,044) (1,350,432) Net increase (decrease) in cash and cash equivalents Ps. 323,020 Ps. (289,905) Ps. 59,855 Ps. (582,986) |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Transactions with Related Parties | |
Transactions with Related Parties | 20. Transactions with Related Parties The principal transactions carried out by the Group with affiliated companies, including equity investees, stockholders and entities in which stockholders have an equity interest, for the years ended December 31, 2022, 2021 and 2020, were as follows: 2022 2021 2020 Revenues, other income and interest income: Royalties (Univision) (a) Ps. 660,842 Ps. 8,548,036 Ps. 8,155,338 Programming production and transmission rights (b) 1,453,875 738,650 707,247 Telecom services (c) 205,591 57,759 97,754 Administrative services (d) 115,190 7,371 13,561 Advertising (e) 1,854,152 10,417 36,385 Interest income (f) 618,921 49,736 64,809 Lease (i) 408,893 — — Ps. 5,317,464 Ps. 9,411,969 Ps. 9,075,094 Costs and expenses: Donations Ps. 26,229 Ps. 26,606 Ps. 26,729 Advertising 297,497 — — Administrative services (d) 127,762 19,410 1,529 Technical services (g) 391,896 295,915 459,960 Programming production, transmission rights and telecom (h) 4,499,464 787,487 674,270 Ps. 5,342,848 Ps. 1,129,418 Ps. 1,162,488 (a) The Group received royalties from Univision for programming provided pursuant to an amended PLA, pursuant to which Univision had the right to broadcast certain Televisa content in the United States. The amended PLA included a provision for certain yearly minimum guaranteed advertising, with a value of U.S.$ 10.8 million (Ps. 211,829 ), U.S.$ 35.1 million (Ps. 712,417 ) and U.S.$ 42.6 million (Ps. 909,159 ), for the fiscal years 2022, 2021 and 2020, respectively, to be provided by Univision, at no cost, for the promotion of certain of the Group’s businesses. This advertising did not have commercial substance for the Group, as it was related to activities that were considered ancillary to Group’s normal operations in the United States. The Group received these royalties through January 31, 2022, as a result of the TelevisaUnivision Transaction, which was closed on that date (see Notes 3, 9, 10 and 30). (b) Services rendered to Univision in 2022, 2021 and 2020. In 2022 includes transmission costs of concession rights owned by the Group. (c) Services rendered to a subsidiary of AT&T, Inc. (“AT&T”) in 2022, 2021 and 2020, and Univision in 2021. (d) The Group receives revenue from and is charged by affiliates for various services, such as: property and equipment rental, security and other services, at rates which are negotiated. The Group provides management services to affiliates, which reimburse the Group for the incurred payroll and related expenses. In 2022 includes a provision of administrative services to Tritón and certain companies of TelevisaUnivision. (e) Advertising services rendered to Univision in 2021, and OCEN and Univision in 2020. In 2022 the Cable and Sky segments received advertising revenue from TelevisaUnivision. (f) Includes mainly interest income from GTAC. In 2022 includes interest income from the long-term loan of the Group. (g) In 2022, 2021 and 2020, Sky received services from a subsidiary of AT&T, Inc. for play-out, uplink and downlink of signals. (h) Paid mainly to Univision and GTAC in 2022 and 2021. The Group paid royalties to Univision for programming provided pursuant to a Mexico License Agreement, under which the Group had the right to broadcast certain Univision content in Mexico for the same term as that of the PLA. The Group paid these royalties through January 31, 2022, as a result of the TelevisaUnivision Transaction, which was closed on that date (see Notes 3, 9, 10 and 30). It also includes payments by telecom services to GTAC in 2022, 2021 and 2020. Includes payments for transmission rights to AT&T in 2022 and 2021. Includes the cost of programming of TelevisaUnivision for the Cable and Sky segments in 2022. (i) Includes operating lease agreements with certain companies of TelevisaUnivision and Tritón. Other transactions with related parties carried out by the Group in the normal course of business include the following: (1) A consulting firm controlled by a relative of one of the Company’s directors, has provided consulting services and research in connection with the effects of the Group’s programming on its viewing audience. Total fees for such services during 2021 and 2020 amounted to Ps. 19,983 and Ps. 19,433 , respectively. (2) Two Mexican banks have made loans to the Group. Some members of the Company’s Board serve as Board members of these banks. (3) Several other current members of the Company’s Board serve as members of the Boards and/or are stockholders of other companies, some of which purchased advertising services from the Group in connection with the promotion of their respective products and services. (4) During 2022, 2021 and 2020, a professional services firm in which the current Secretary of the Company’s Board maintains an interest, provided legal advisory services to the Group in connection with various corporate matters. Total fees for such services amounted to Ps. 16,861 , Ps. 57,925 and Ps. 52,848 , respectively. (5) During 2022, 2021 and 2020, a professional services firm in which two current directors of the Company maintain an interest provided finance advisory services to the Group in connection with various corporate matters. Total fees for such services amounted to Ps. 18,021 , Ps. 20,006 and Ps. 121,789 , respectively. (6) In 2022, 2021 and 2020, the Group entered into contracts leasing office space directly or indirectly from certain of our directors and officers for an aggregate annual amount of Ps. 25,320 , Ps. 34,478 and Ps. 32,784 , respectively. During 2022, 2021 and 2020, the Group paid to its directors, alternate directors and officers an aggregate compensation of Ps.963,254, Ps.1,115,354 and Ps.936,794, respectively, for services in all capacities. This compensation included certain amounts related to the use of assets and services of the Group, as well as travel expenses reimbursed to directors and officers. Projected benefit obligations related to the Group’s directors, alternate directors and officers amounted to Ps.178,340, Ps.212,310 and Ps.196,584 as of December 31, 2022, 2021 and 2020, respectively. Cumulative contributions made by the Group to the pension and seniority premium plans on behalf of these directors and officers amounted to Ps.64,042, Ps.76,241 and Ps.71,744 as of December 31, 2022, 2021 and 2020, respectively. In addition, the Group has made conditional sales of the Company’s CPOs to its directors and officers under the LTRP. In 2015, the Group established a deferred compensation plan for certain officers of its Cable segment, which was payable in certain revenue and EBITDA targets (as defined) of a five-year plan were met. The present value of this long-term employee benefit obligation as of December 31, 2020 amounted to Ps.1,224,000, and the related service net cost for the year ended December 31, 2020, amounted to Ps.225,804. In 2020, the Group made contributions to a trust (plan assets) for funding this deferred compensation in the aggregate amount of Ps.435,500. In 2020, the Group paid an amount of Ps.470,000, related to this deferred compensation plan. The deferred compensation liability, net of related plan assets, amounted to Ps.1,208 as of December 31, 2020, and was presented in other current liabilities and other long-term liabilities in the Group’s consolidated statements of financial position as of those dates. The related expense was classified in other expense in the Group’s consolidated statements of income (see Note 22). In March 2021, the Group made a final payment of Ps.1,107,658, related to this deferred compensation plan, which amount was funded by plan assets. In 2021, the Group established a new deferred compensation plan for certain key officers of its Cable segment, which will be payable if certain revenue and EBITDA targets (as defined) of a five-year plan are met. The present value of this long-term employee benefit obligation as of December 31, 2022 and 2021, amounted to Ps.337,450 and Ps.207,640, respectively, and was presented in other long-term liabilities in the Group’s consolidated statement of financial position as of that date, and the net cost of related services for the year ended December 31, 2022 and 2021, amounted to Ps.129,810 and Ps.207,640, and was classified in other expense in the Group’s consolidated statement of income for the year ended on that date. The balances of receivables and payables between the Group and related parties as of December 31, 2022 and 2021, were as follows: 2022 2021 Current receivables: TelevisaUnivision (formerly known as UH II) (2) Ps. 136,944 Ps. 819,355 Cadena de las Américas, S.A. de C.V. (1) 40,186 — Televisa, S. de R.L. de C.V. (1) 22,650 — Televisa Producciones, S.A. de C.V. (1) 15,535 — Tritón Comunicaciones, S.A. de C.V. 11,140 — ECO Producciones, S.A. de C.V. (1) 10,792 — Other 73,977 55,497 Ps. 311,224 Ps. 874,852 Non-current receivables: Televisa, S. de R.L. de C.V. (1) (3) Ps. 6,365,038 Ps. — Current payables: AT&T/ DirectTV Ps. 40,183 Ps. 54,598 Desarrollo Vista Hermosa, S.A. de C.V. (1) 15,189 — Other 32,952 27,472 Ps. 88,324 Ps. 82,070 (1) An indirect subsidiary of TelevisaUnivision. (2) Receivables from TelevisaUnivision were related primarily to the PLA as of December 31, 2021. (3) In January 2022, Televisa, S. de R.L. de C.V. entered into a long-term credit agreement with the Company in the principal amount of Ps. 5,738,832 , with a fixed annual interest rate of 10.2% . Under the terms of this agreement, principal and interest are payable at maturity on April 30, 2026, and prepayments of principal can be made by debtor at any time without any penalty. As of December 31, 2022, amounts receivable from Televisa, S. de R. L. de C.V. in connection with this long-term credit amounted to Ps. 6,365,038 . The Group recognized as deferred income a prepayment made by TelevisaUnivision in the aggregate amount of U.S.$276.2 million (Ps.5,729,377), for the use of concession rights owned by the Group, which was classified as current and non-current liabilities in the Group’s consolidated statement of financial position, an amounted to Ps.287,667 and Ps.5,178,014, respectively, as of December 31, 2022 (see Note 3). All significant account balances included in amounts due from affiliates bear interest, in 2022 and 2021, were charged average interest rates of 10.6 % and 6.6%, respectively. Advances and receivables are short-term in nature; however, these accounts do not have specific due dates. Customer deposits and advances as of December 31, 2021, included deposits and advances from affiliates and other related parties, in an aggregate amount of Ps. 146,354, which were primarily made by UH II and UHI, including Univision. In 2012, a subsidiary of the Company entered into an amended lease contract with GTAC for the right to use certain capacity in a telecommunication network. This amended lease agreement contemplates annual payments to GTAC in the amount of Ps.41,400 through 2029, with an annual interest rate of the lower of TIIE plus 122 basis points or 6% (see Notes 10, 11 and 14). |
Cost of Revenues, Selling Expen
Cost of Revenues, Selling Expenses and Administrative Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Cost of Revenues, Selling Expenses and Administrative Expenses | |
Cost of Revenues, Selling Expenses and Administrative Expenses | 21. Cost of Revenues, Selling Expenses and Administrative Expenses Through January 31, 2022 cost of revenues included the production costs of programming, acquired programming and transmission rights at the moment of broadcasting or at the time the produced programs were sold and became available for broadcast, as they were part of the Group’s former Content business (see Note 8). After January 31, 2022, cost of revenues include cost of acquired programming and transmission rights at the moment of broadcasting, benefits to employees and post-employment benefits, network maintenance and interconnections, satellite links, paper and printing, depreciation of property, plant and equipment, leases of real estate property, and amortization of intangible assets. Selling expenses and administrative expenses include primarily benefits to employees, sale commissions, postemployment benefits, share-based compensation to employees, depreciation of property, plant and equipment, leases of real estate property, and amortization of intangibles. The amounts of depreciation, amortization and other amortization included in cost of revenues, selling expenses and administrative expenses for the years ended December 31, 2022, 2021 and 2020, were as follows: 2022 2021 2020 Cost of revenues Ps. 17,918,347 Ps. 17,126,606 Ps. 16,858,777 Selling expenses 357,681 273,479 774,394 Administrative expenses 3,194,636 2,982,361 2,669,676 Discontinued operations 121,874 1,365,067 1,338,803 Ps. 21,592,538 Ps. 21,747,513 Ps. 21,641,650 The amounts of expenses related to IFRS 16 included in cost of revenues, selling expenses and administrative expenses for the year ended December 31, 2022, were as follows: 2022 Expenses relating to variable lease payment not included in the measurement of the lease liability Ps. 639,261 Expenses relating to short-term leases and leases of low-value assets 194,016 Total Ps. 833,277 Expenses related to short-term employee benefits, share-based compensation and post-employment benefits and incurred by the Group for the years ended December 31, 2022, 2021 and 2020, were as follows: 2022 2021 2020 Short-term employee benefits Ps. 15,064,471 Ps. 12,807,423 Ps. 14,042,004 Other short-term employee benefits 1,130,535 1,711,945 1,396,804 Share-based compensation 968,628 903,764 863,782 Post-employment benefits 151,389 140,857 101,132 Discontinued operations 251,350 6,531,559 4,190,730 Ps. 17,566,373 Ps. 22,095,548 Ps. 20,594,452 |
Other Income or Expense, Net
Other Income or Expense, Net | 12 Months Ended |
Dec. 31, 2022 | |
Other Income or Expense, Net | |
Other Income or Expense, Net | 22. Other Income or Expense, Net Other (expense) income for the years ended December 31, 2022, 2021 and 2020, is analyzed as follows: 2022 2021 2020 Gain on disposition of OCEN (1) Ps. 35,950 Ps. 4,547,029 Ps. — Gain on disposition of Radiópolis (2) — — 932,449 Donations (see Note 20) (27,233) (2,000) (45,919) Legal and financial advisory and professional services (3) (218,731) (191,609) (421,760) Gain on disposition of property and equipment 76,579 38,665 67,570 Deferred compensation (see Note 20) (4) (129,810) (207,640) (225,804) Dismissal severance expense (5) (126,695) (194,187) (128,042) Surcharges for payments of taxes of prior years (6) — (400,641) — Impairment adjustments (7) — (97,293) (40,803) Income for cash reimbursement received from Imagina (8) — — 167,619 Lawsuit settlement agreement, net (9) (425,762) — — Other, net 137 223,913 323,312 Ps. (815,565) Ps. 3,716,237 Ps. 628,622 (1) In 2022, included a purchase price adjustment paid to the Company on disposal of OCEN in the second quarter of 2022. In 2021, included a payment in cash on disposal of OCEN in the amount of Ps. 4,806,549 (see Note 3). (2) In 2020, included a pretax gain on disposal of Radiópolis, the Group’s former Radio business in the amount of Ps. 932,449 (see Note 3). (3) Includes primarily advisory and professional services in connection with certain litigation, financial advisory, and other matters (see Notes 3 and 20). (4) Includes the service cost of long-term deferred compensation plans for certain officers of the Group’s Cable segment, which payment becomes payable when certain financial targets (as defined in the plans) are met. (5) Includes severance expense in connection with the dismissals of personnel, as a part of a continued cost reduction plan. (6) In 2021, included surcharges for taxes paid by three subsidiaries of the Company in connection with tax assessments of prior years. (7) In 2021 and 2020, included impairment adjustments in connection with long-lived assets in the Group’s Other Business segment (see Note 13). (8) In the second quarter of 2020, the Company received a cash reimbursement from Imagina Media Audiovisual, S.L. (“Imagina”), in connection with a legal outcome that was favorable to Imagina, a former associate of the Company. (9) In the fourth quarter 2022, the Company announced a settlement agreement for a class action lawsuit and recognized an expense of U.S.$21.5 million (Ps.425,762) resulting from a related provision for the amount to be paid by the Company, net of an expected insurance reimbursement (see Note 27). |
Finance Expense, Net
Finance Expense, Net | 12 Months Ended |
Dec. 31, 2022 | |
Finance Expense, Net | |
Finance Expense, Net | 23. Finance Expense, Net Finance (expense) income, net, for the years ended December 31, 2022, 2021 and 2020, included: 2022 2021 2020 Interest expense (1) Ps. (9,455,578) Ps. (9,105,998) Ps. (10,502,529) Other finance expense, net (2) (110,739) (1,183,180) — Foreign exchange loss, net (4) (1,790,956) (2,188,861) — Finance expense (11,357,273) (12,478,039) (10,502,529) Interest income (3) 2,151,109 560,026 1,067,066 Other finance income, net (2) — — 89,323 Foreign exchange gain, net (4) — — 3,696,713 Finance income 2,151,109 560,026 4,853,102 Finance expense, net Ps. (9,206,164) Ps. (11,918,013) Ps. (5,649,427) (1) Interest expense for the years ended December 31, 2022, 2021 and 2020 included: (i) interest related to lease liabilities that were recognized beginning on January 1, 2019, in accordance with the guidelines of IFRS 16 Leases (2) Other finance income or expense, net, included fair value gain or loss from derivative financial instruments (see Note 15). (3) This line item included primarily interest income from cash equivalents. (4) Foreign exchange gain or loss, net, for the years ended December 31, 2022, 2021 and 2020 included: (i) foreign exchange gain or loss resulted primarily from the appreciation or depreciation of the Mexican peso against the U.S. dollar on the Group’s U.S. dollar-denominated monetary asset or liability position, excluding designated hedging long-term debt of the Group’s investments in TelevisaUnivision (formerly known as UH II) and Open-Ended Fund (see Notes 2(e), 4 and 14). The exchange rate of the Mexican peso against the U.S. dollar was of Ps. 19.4760 , Ps. 20.5031 and Ps. 19.9493 , as of December 31, 2022, 2021 and 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Income Taxes | 24. Income Taxes The income tax benefit (expense) for the years ended December 31, 2022, 2021 and 2020, was comprised of: 2022 2021 2020 Income taxes, current (1) Ps. (2,384,491) Ps. (1,356,052) Ps. (2,262,956) Income taxes, deferred 3,611,953 (317,002) 1,404,061 Ps. 1,227,462 Ps. (1,673,054) Ps. (858,895) (1) The current income tax of Mexican companies payable in Mexico represented 90 %, 96% and 93% of total current income taxes in 2022, 2021 and 2020, respectively. The Mexican corporate income tax rate was 30% in 2022, 2021 and 2020. 2014 Tax Reform As a result of a 2014 Mexican Tax Reform (the “2014 Tax Reform”), which included the elimination of the tax consolidation regime allowed for Mexican controlling companies, beginning on January 1, 2014, the Company is no longer allowed to consolidate income or loss of its Mexican subsidiaries for income tax purposes and: (i) accounted for an additional income tax liability for the elimination of the tax consolidation regime in the aggregate amount of Ps.6,813,595 as of December 31, 2013; (ii) recognized a benefit from tax loss carryforwards of Mexican companies in the Group in the aggregate amount of Ps.7,936,044 as of December 31, 2013; and (iii) adjusted the carrying amount of deferred income taxes from temporary differences by recognizing such effects on a separate company basis by using the enacted corporate income tax rate as of December 31, 2013. The income tax payable as of December 31, 2022 and 2021, in connection with the 2014 Tax Reform, is as follows: 2022 2021 Tax losses of subsidiaries, net Ps. 183,256 Ps. 771,873 Less: Current portion (a) 183,256 667,048 Non-current portion (b) Ps. — Ps. 104,825 (a) Accounted for as current income taxes payable in the consolidated statement of financial position as of December 31, 2022 and 2021. (b) Accounted for as non-current income taxes payable in the consolidated statement of financial position as of December 31, 2022 and 2021. Maturities of income tax payable as of December 31, 2022, in connection with the 2014 Mexican Tax Reform, are as follows: 2023 Ps. 183,256 Ps. 183,256 The following items represent the principal differences between income taxes computed at the statutory rate and the Group’s provision for income taxes. % % % 2022 2021 2020 Statutory income tax rate (30) 30 30 Differences between accounting and tax bases, including tax inflation gain that is not recognized for accounting purposes 17 20 25 Tax loss carryforwards (6) 4 7 2014 Tax Reform 1 — — Foreign operations 7 (1) (2) Disposition of investments — (3) — Disposition of Radiópolis — — 3 Share of income in associates and joint ventures, net 13 6 2 (Reversal of impairment) Impairment loss in investment in shares of TelevisaUnivision (2) (8) 30 Discontinued operations (10) — — Effective income tax rate (10) 48 95 The Group has recognized the benefits from tax loss carryforwards of Mexican companies in the Group as of December 31, 2022 and 2021. The years of expiration of tax loss carryforwards as of December 31, 2022, are as follows: Tax Loss Carryforwards for Which Deferred Taxes Year of Expiration Were Recognized 2023 Ps. 4,051 2024 266,660 2025 3,283,424 2026 5,291,187 2027 426,624 Thereafter 9,550,617 Ps. 18,822,563 As of December 31, 2022, tax loss carryforwards of Mexican companies in the Group for which deferred tax assets were not recognized amounted to Ps.8,151,553 and will expire between 2023 and 2032. During 2022, 2021 and 2020, certain Mexican subsidiaries utilized operating tax loss carryforwards in the amounts of Ps.11,944,218, Ps.2,618,821 and Ps.6,160,740, respectively. In addition the Group has tax loss carryforwards derived from the disposal in 2014 of its former investment in GSF Telecom Holdings, S.A.P.I. de C.V. (“GSF”) in the amount of Ps.14,899,329. As of December 31, 2022, tax loss carryforwards derived from this disposal for which deferred taxes were recognized amounted to Ps.14,899,329, will expire in 2025. As of December 31, 2022, tax loss carryforwards of subsidiaries in South America, the United States, and Europe amounted to Ps.2,501,359, of which Ps.1,698,340 have not date to expire and what remains will expire between 2023 and 2034. The deferred income taxes as of December 31, 2022 and 2021, were principally derived from the following temporary differences and tax loss carryforwards: 2022 2021 Assets: Accrued liabilities Ps. 4,323,561 Ps. 7,128,606 Loss allowance 607,773 946,559 Customer advances 2,335,751 1,854,424 Derivative financial instruments — 615 Property, plant and equipment, net 3,923,889 3,704,746 Prepaid expenses and other items — 4,508,914 Tax loss carryforwards: Operating 4,552,116 6,240,930 Capital (1) 5,564,452 5,160,921 Tax credit carryforward (2) — 5,738,832 Liabilities: Investments (700,285) (1,733,507) Prepaid expenses and other items (560,183) — Derivative financial instruments (130,879) — Intangible assets and transmission rights (2,642,515) (2,807,484) Deferred income tax assets of Mexican companies 17,273,680 30,743,556 Deferred income tax assets of certain foreign subsidiaries 246,813 218,983 Deferred income tax assets, net Ps. 17,520,493 Ps. 30,962,539 (1) Includes the benefit from tax loss carryforwards derived from the disposal in 2014 of the Group’s investment in GSF, in the amount of Ps. 4,469,799 and Ps. 4,145,649 in 2022 and 2021, respectively. (2) Tax credit carryforward derived from a capital reduction made by one of the Company’s subsidiaries in December 2021, which can be credited in a three-year period in accordance with applicable tax law. The deferred tax assets are in tax jurisdictions in which the Group considers that based on financial projections of its cash flows, results of operations and synergies between subsidiaries, will generate taxable income in subsequent periods. The gross roll-forward of deferred income tax assets, net, is as follows: 2022 2021 At January 1 Ps. 30,962,539 Ps. 26,213,382 Statement of income credit (charge) 3,611,953 (317,002) Other comprehensive income (“OCI”) credit (charge) 145,406 (619,304) Tax credit — 5,738,832 Reserve for low value — (861) Discontinued operations (9,410,332) (52,508) Disposed operations (7,789,073) — At December 31 Ps. 17,520,493 Ps. 30,962,539 The roll-forward of deferred income tax assets and liabilities for the year 2022, was as follows: Credit (Charge) (Charge) to to Consolidated Consolidated Credit Statement of Statement of (Charge) Income Income to OCI and Disposed At January 1, (Continuing (Discontinued Retained Operations At December 31, 2022 Operations) Operations) Earnings (see Note 3) 2022 Assets: Accrued liabilities Ps. 7,128,606 Ps. (2,805,045) Ps. — Ps. — Ps. — Ps. 4,323,561 Loss allowance 946,559 (338,786) — — — 607,773 Customer advances 1,854,424 1,283,170 (801,843) — — 2,335,751 Derivative financial instruments 615 (615) — — — — Property, plant and equipment, net 3,704,746 219,143 — — — 3,923,889 Prepaid expenses and other items 4,508,914 (842,078) (1,569,159) (47,436) (2,050,241) — Tax loss carryforwards 11,401,851 1,349,105 (2,634,388) — — 10,116,568 Deferred income tax assets of foreign subsidiaries 218,983 27,830 — — — 246,813 Tax Credit 5,738,832 — — — (5,738,832) — Liabilities: Investments (1,733,507) 969,922 (248,284) 311,584 — (700,285) Prepaid expenses and other items — (560,183) — — — (560,183) Derivative financial instruments — (12,137) — (118,742) — (130,879) Intangible assets and transmission rights (2,807,484) 4,321,627 (4,156,658) — — (2,642,515) Deferred income tax assets, net Ps. 30,962,539 Ps. 3,611,953 Ps. (9,410,332) Ps. 145,406 Ps. (7,789,073) Ps. 17,520,493 The roll-forward of deferred income tax assets and liabilities for the year 2021, was as follows: Credit (Charge) Credit (Charge) Credit to Consolidated to OCI and (Charge) At January 1, Statement of Retained to Other At December 31, 2021 Income Earnings Accounts 2021 Assets: Accrued liabilities Ps. 6,219,312 Ps. 909,294 Ps. — Ps. — Ps. 7,128,606 Loss allowance 1,235,658 (289,099) — — 946,559 Customer advances 1,600,334 254,090 — — 1,854,424 Derivative financial instruments 972,991 (394,096) (578,280) — 615 Property, plant and equipment, net 2,084,550 1,620,196 — — 3,704,746 Prepaid expenses and other items 5,868,717 (1,274,995) (83,947) (861) 4,508,914 Tax loss carryforwards 11,249,585 152,266 — — 11,401,851 Deferred income tax assets of foreign subsidiaries 261,929 (42,946) — — 218,983 Tax Credit — — — 5,738,832 5,738,832 Liabilities: Investments (729,910) (1,046,520) 42,923 — (1,733,507) Intangible assets and transmission rights (2,549,784) (257,700) — — (2,807,484) Deferred income tax assets, net Ps. 26,213,382 Ps. (369,510) Ps. (619,304) Ps. 5,737,971 Ps. 30,962,539 The tax (charge) credit relating to components of other comprehensive income (loss) is as follows: 2022 Tax (Charge) Before Tax Credit After Tax Remeasurement of post-employment benefit obligations Ps. 158,119 Ps. (47,436) Ps. 110,683 Exchange differences on translating foreign operations (143,156) (978,527) (1,121,683) Derivative financial instruments cash flow hedges 395,807 (118,742) 277,065 Open-Ended Fund (131,957) 39,587 (92,370) Other equity instruments (906,658) 271,997 (634,661) Share of income or loss of associates and joint ventures 4,245,546 — 4,245,546 Other comprehensive income Ps. 3,617,701 Ps. (833,121) Ps. 2,784,580 Current tax Ps. (978,527) Deferred tax 145,406 Ps. (833,121) 2021 Tax (Charge) Before Tax Credit After Tax Remeasurement of post-employment benefit obligations Ps. 279,825 Ps. (83,947) Ps. 195,878 Exchange differences on translating foreign operations 92,555 151,555 244,110 Derivative financial instruments cash flow hedges 1,927,601 (578,280) 1,349,321 Open-Ended Fund (19,718) 5,915 (13,803) Other equity instruments (123,359) 37,008 (86,351) Share of income or loss of associates and joint ventures 245,714 — 245,714 Other comprehensive income Ps. 2,402,618 Ps. (467,749) Ps. 1,934,869 Current tax Ps. 151,555 Deferred tax (619,304) Ps. (467,749) 2020 Tax (Charge) Before Tax Credit After Tax Remeasurement of post-employment benefit obligations Ps. (344,313) Ps. 103,294 Ps. (241,019) Exchange differences on translating foreign operations 133,522 408,221 541,743 Derivative financial instruments cash flow hedges (1,370,145) 411,044 (959,101) Warrants exercised for common stock of UHI (21,899,164) 6,639,400 (15,259,764) Open-Ended Fund (904,423) 268,906 (635,517) Other equity instruments (353,496) 106,049 (247,447) Share of loss of associates and joint ventures (61,033) — (61,033) Other comprehensive loss Ps. (24,799,052) Ps. 7,936,914 Ps. (16,862,138) Current tax Ps. 408,221 Deferred tax 7,528,693 Ps. 7,936,914 The Group does not recognize deferred income tax liabilities related to its investments in certain associates and joint ventures, as either (i) the Group is able to control the timing of the reversal of temporary differences arising from these investments, and it is probable that these temporary differences will not reverse in the foreseeable future or (ii) no temporary difference arises due to the application of Mexican income tax law. As of December 31, 2022 and 2021, the unrecognized deferred tax liabilities in connection with the Group’s investment in PDS amounted to an aggregate of Ps.43,628 and Ps.44,945, respectively. In December 2019, the Mexican Federal Congress approved reforms to the Economic Plan for 2020. These tax reforms included amendments to the Mexican Income Tax Law, Value Added Tax Law, Special Tax on Production and Services Law, and Federal Tax Code, and they became effective as of January 1, 2020. Some of the most relevant changes to the Mexican tax legislation incorporated some of the Actions included in the Base Erosion and Profit Shifting Final Report (BEPS) published by the OCDE in February 2013, such as: (i) limitations to the deduction of net interest paid by companies as well as to some other deductions, (ii) update of the Controlled Foreign Corporation (CFC) Rules, (iii) new provisions to tax transparent entities, (iv) modification of the definition of permanent establishment, and (v) incorporation of new rules to tax digital economy. Some other relevant amendments to avoid tax evasion included: (i) a new obligation of tax advisors and taxpayers to disclose reportable schemes, and (ii) inclusion of general anti-avoidance rule. In December 2020, the Mexican Federal Congress approved minimum amendments to the Income Tax Law, Value Added Tax Law and Federal Tax Code as part of the Economic Plan for 2021. Regarding the Income Tax Law several changes were made to the general regime applicable to Tax-Exempt Organizations, that aimed to control and restrict the application of such regime to ensure that only the companies that perform non-for-profit activities benefit from the dispositions of such Regime. Another important amendment was the decrease of the rate of annual withholding tax applicable to the capital that produces interest paid by the financial system, which changed from 1.45% to 0.97%. In terms of value added tax, derived from the entry into force of the digital economy dispositions, some more dispositions were included to specify the way to comply with those obligations, as well as penalties to ensure such compliance. In December 2021, the Mexican Federal Congress approved minimum amendments to the Income Tax Law, Value Added Tax Law, Special Tax on Production and Services Law, and Federal Tax Code as part of the Economic Plan for 2022. These amendments do not propose the addition of new taxes or increases to the existing ones. With respect to the Income Tax Law, a new simplified regime applicable to individuals and corporations was added. This new regime applies under certain conditions and is based on cash flow received and paid. With respect to the Value Added Tax Law, a few modifications were included such as the concept of non-subject activities. Most of the reforms were made to the Federal Tax Code, the most relevant of which are: (i) several cases where the Certificate of Digital Signature can be canceled or restricted to the taxpayer were included, this certificate is used to issue invoices; (ii) the definition of resident was modified; (iii) new requirements were added or modified regarding the procedure to perform a split or a merger to ensure that any splits or mergers are done for a business reason; and (iv) new information has to be added in invoices and the time for canceling them was limited for certain period. The Economic Plan for 2023 does not include any changes to the Mexican Income Tax Law, the Mexican Value Added Tax Law or the Mexican Federal Tax Code. In the Federal Income Law for 2023 approved by the Mexican Congress, the withholding income tax rate applicable to the payments of interest made by Mexican financial entities is increased from 0.08% to 0.15%. 2021 and 2022 Labor Reform In April 2021, the Mexican Congress approved modifications to various laws in connection with outsourcing structures, including the Income Tax law, VAT Law, and the Labor Law (the “2021 Labor Reform”). Outsourcing is defined as a Mexican entity contracting with a related or unrelated legal entity/individual for services and the employees of the service provider are at the disposition and benefit of the service recipient. The most significant modifications to outsourcing included in the 2021 Labor Reform are the following: ● The 2021 Labor Reform, generally, prohibits outsourcing activities. An exception was created to allow for the rendering of specialized services or the execution of special projects that are not within the business purpose stated in the formation documents or are no part of the primary economic activity of the service recipient (“Specialized Services”) so long as the service provided is duly registered. Entities that provide Specialized Services must comply with a registration procedure with the Mexican Ministry of Labor. The registry is public. ● The employee profit sharing obligation is capped at an amount per employee. The maximum profit sharing payable per employee is the higher of a three-months’ salary and the average profit sharing received over the last three years. ● Significant penalties apply to entities that do not comply with the outsourcing limitations, including potential characterization as tax fraud. Payments for outsourcing is not deductible for income tax purposes unless they qualify as Specialized Services and comply with all relevant formalities. Payments that are not deductible for the Income Tax law are also not creditable for purposes of the VAT Law. The tax law changes became effective on September 1, 2021. During 2021, the Group’s management analyzed the effects of these changes on its Mexican operations, made the changes prescribed by the 2021 Labor Reform, including the transfer of employees among companies in the Group, and established controls to comply with the modifications to the various laws. In December 2022, the final phase to amend Articles 76 and 78 of the Federal Labor Law was approved, under which employees will be entitled to more mandatory and paid vacation days. The amendment became effective on January 1, 2023. The amendment established that workers who have completed one year of service will enjoy an annual and continuous paid vacation period of at least twelve working days, and that it will increase by two working days, up to twenty, for each additional year of service. As of the sixth year, the vacation period will increase by two days for every five additional years of service. |
Earnings per CPO_Share
Earnings per CPO/Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per CPO/Share | |
Earnings per CPO/Share | 25. Earnings per CPO/Share Basic Earnings per CPO/Share For the years ended December 31, 2022 and 2021, the weighted average for basic earnings per CPO/Share of outstanding total shares, CPOs and Series “A,” Series “B,” Series “D,” and Series “L” Shares (not in the form of CPO units), was as follows (in thousands): 2022 2021 Total Shares 331,143,326 327,524,800 CPOs 2,353,417 2,326,366 Shares not in the form of CPO units: Series “A” Shares 55,792,921 55,339,297 Series “B” Shares 187 187 Series “D” Shares 239 239 Series “L” Shares 239 239 Basic earnings (loss) per CPO and per each Series “A,” Series “B,” Series “D,” and Series “L” Share (not in the form of a CPO unit) attributable to stockholders of the Company for the years ended December 31, 2022, 2021 and 2020, are presented as follows: 2022 2021 2020 Per Per Per Per CPO Share (*) Per CPO Share (*) Per CPO Share (*) Continuing operations Ps. (4.06) Ps. (0.03) Ps. (0.16) Ps. 0.00 Ps. (2.34) Ps. (0.02) Discontinued operations 19.86 0.17 2.33 0.02 1.90 0.02 Basic earnings (loss) per CPO/Share attributable to stockholders of the Company Ps. 15.80 Ps. 0.14 Ps. 2.17 Ps. 0.02 Ps. (0.44) Ps. 0.00 (*) Series “ A B, D, and L Shares of CPO units Diluted Earnings per CPO/Share Diluted earnings per CPO and per Share attributable to stockholders of the Company are calculated in connection with CPOs and shares in the LTRP. For the years ended December 31, 2022 and 2021, the weighted average for diluted earnings per CPO/Share of outstanding total shares, CPOs and Series “A,” Series “B,” Series “D,” and Series “L” Shares (not in the form of CPO units), was as follows (in thousands): 2022 2021 Total Shares 351,466,191 352,134,036 CPOs 2,480,187 2,485,895 Shares not in the form of CPO units: Series “A” Shares 58,926,613 58,926,613 Series “B” Shares 2,357,208 2,357,208 Series “D” Shares 239 239 Series “L” Shares 239 239 Diluted earnings (loss) per CPO and per each Series “A,” Series “B,” Series “D,” and Series “L” Share (not in the form of a CPO unit) attributable to stockholders of the Company for the years ended December 31, 2022, 2021 and 2020, are presented as follows: 2022 2021 2020 Per Per Per Per CPO Share (*) Per CPO Share (*) Per CPO Share (*) Continuing operations Ps. (4.06) Ps. (0.03) Ps. (0.16) Ps. 0.00 Ps. (2.34) Ps. (0.02) Discontinued operations 19.86 0.17 2.33 0.02 1.90 0.02 Diluted earnings (loss) per CPO/Share attributable to stockholders of the Company Ps. 15.80 Ps. 0.14 Ps. 2.17 Ps. 0.02 Ps. (0.44) Ps. 0.00 (*) Series “ A, B, D, L Shares not of CPO units. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Information | |
Segment Information | 26. Segment Information Reportable segments are those that are based on the Group’s method of internal reporting. The Group is organized on the basis of services and products. The Group’s segments are strategic business units that offer different entertainment services and products. On January 31, 2022, the Content business and other related net assets were disposed of by the Group in conjunction with the TelevisaUnivision Transaction. Beginning in the first quarter of 2022, the Group’s operating results of its former Content business through January 31, 2022, are classified as discontinued operations, including the corresponding information for earlier period (see Notes 3 and 28). Through December 31, 2022, the Group’s reportable segments were as follows: Cable The Cable segment includes the operation of cable multiple systems covering the Mexico City metropolitan area, Monterrey and suburban areas, and over 200 other cities of Mexico, as well as the operation of telecommunication facilities through a fiber-optic network that covers the most important cities and economic regions of Mexico and the cities of San Antonio and San Diego in the United States (Bestel). The cable multiple system businesses derive revenues from cable subscribers, principally from basic and premium television services subscription, pay-per-view fees, installation fees, internet services subscription, telephone and mobile services subscription as well as from local and national advertising sales. The telecommunication facilities business derives revenues from providing data and long-distance services solutions to carriers and other telecommunications service providers through its fiber-optic network. Sky The Sky segment includes DTH broadcast satellite pay television services in Mexico, Central America and the Dominican Republic. Sky revenues are primarily derived from program services, installation fees, equipment rental to subscribers, and national advertising sales. Other Businesses The Other Businesses segment included the Group’s domestic operations in sports and show business promotion, soccer, publishing distribution, gaming, and transmission concessions and facilities. Through December 31, 2021, the Other Businesses segment included the Group’s feature-film production and distribution, domestic operations in sports and show business promotion, soccer, publishing and publishing distribution, and gaming. On January 31, 2022, the feature-film production and distribution business was disposed of by the Group in conjunction with the TelevisaUnivision Transaction. Beginning in the first quarter of 2022, the Group’s operating results of the feature-film production and distribution business through January 31, 2022, are classified as discontinued operations, including the corresponding information for earlier periods (see Notes 3 and 28). The table below presents information by segment and a reconciliation to consolidated total of continuing operations for the years ended December 31, 2022, 2021 and 2020: Intersegment Consolidated Segment Total Revenues Revenues Revenues Income 2022: Cable Ps. 48,411,776 Ps. 151,403 Ps. 48,260,373 Ps. 19,902,785 Sky 20,339,038 3,804 20,335,234 6,416,270 Other Businesses 7,338,790 407,788 6,931,002 1,691,041 Segment totals 76,089,604 562,995 75,526,609 28,010,096 Reconciliation to consolidated amounts: Corporate expenses — — — (1,538,085) Intersegment operations (562,995) (562,995) — (120,424) Depreciation and amortization expense — — — (21,117,432) Consolidated revenues and operating income before other expense 75,526,609 — 75,526,609 5,234,155 (1) Other expense, net — — — (815,565) Consolidated revenues and operating income Ps. 75,526,609 Ps. — Ps. 75,526,609 Ps. 4,418,590 (2) Intersegment Consolidated Segment Total Revenues Revenues Revenues Income 2021: Cable Ps. 48,020,929 Ps. 54,919 Ps. 47,966,010 Ps. 20,285,023 Sky 22,026,616 1,858 22,024,758 8,504,169 Other Businesses 4,388,141 463,477 3,924,664 589,745 Segment totals 74,435,686 520,254 73,915,432 29,378,937 Reconciliation to consolidated amounts: Corporate expenses — — — (2,351,342) Intersegment operations (520,254) (520,254) — (1,608) Depreciation and amortization expense — — — (20,053,302) Consolidated revenues and operating income before other income 73,915,432 — 73,915,432 6,972,685 (1) Other income, net — — — 3,716,237 Consolidated revenues and operating income Ps. 73,915,432 Ps. — Ps. 73,915,432 Ps. 10,688,922 (2) Intersegment Consolidated Segment Total Revenues Revenues Revenues Income 2020: Cable Ps. 45,367,108 Ps. 59,071 Ps. 45,308,037 Ps. 18,898,301 Sky 22,134,701 225 22,134,476 9,135,346 Other Businesses 3,480,932 466,490 3,014,442 (52,971) Segment totals 70,982,741 525,786 70,456,955 27,980,676 Reconciliation to consolidated amounts: Disposed operations (3) 223,272 — 223,272 (3,991) Corporate expenses — — — (2,223,616) Intersegment expenses (525,786) (525,786) — (1,555) Depreciation and amortization expense — — — (19,921,984) Consolidated revenues and operating income before other income 70,680,227 — 70,680,227 5,829,530 (1) Other income, net — — — 628,622 Consolidated revenues and operating income Ps. 70,680,227 Ps. — Ps. 70,680,227 Ps. 6,458,152 (2) (1) This amount represents income before other income or expense, net. (2) This amount represents consolidated operating income. (3) Through the third quarter of 2019, the former Radio operations the Group were reported as part of the Group’s Other Businesses segment. In 2020, the Radio operations were classified as disposed operations of the Group for comparison purposes. Accounting Policies The accounting policies of the segments are the same as those described in the Group’s summary of significant accounting policies (see Note 2). The Group evaluates the performance of its segments and allocates resources to them based on operating income before depreciation and amortization. Intersegment Revenue Intersegment revenue consists of revenues derived from each of the segments principal activities as provided to other segments. The Group accounts for intersegment revenues as if the revenues were from third parties, that is, at current market prices. Allocation of Corporate Expenses Non-allocated corporate expenses primarily include share-based compensation expense for certain key officers and employees in connection with the Company’s LTRP, as well as other general expenses that, because of their nature and characteristics, are not subject to be allocated within the Group’s business segments. The table below presents segment information about assets, liabilities, and additions to property, plant and equipment as of and for the years ended December 31, 2022, 2021 and 2020: Segment Additions to Segment Assets Liabilities Property, Plant at Year-End at Year-End and Equipment 2022: Continuing operations: Cable Ps. 121,786,224 Ps. 23,278,943 Ps. 13,011,456 Sky 24,590,186 9,570,547 3,891,684 Other Businesses 16,285,203 3,779,852 273,881 Corporate asset — — 68,750 Disposed operations — — 69,616 Total Ps. 162,661,613 Ps. 36,629,342 Ps. 17,315,387 2021: Continuing operations: Cable Ps. 119,102,077 Ps. 24,449,798 Ps. 17,339,270 Sky 25,615,006 10,745,984 4,949,039 Content 93,463,141 37,286,277 909,164 Other Businesses 8,744,886 3,203,932 70,374 Total Ps. 246,925,110 Ps. 75,685,991 Ps. 23,267,847 2020: Continuing operations: Cable Ps. 112,478,015 Ps. 22,295,808 Ps. 14,182,848 Sky 26,423,707 10,696,397 5,361,494 Content 80,237,558 27,427,941 479,731 Other Businesses 8,177,183 3,936,289 107,665 Total Ps. 227,316,463 Ps. 64,356,435 Ps. 20,131,738 Segment assets reconcile to total assets as of December 31, 2022 and 2021, as follows: 2022 2021 Segment assets Ps. 162,661,613 Ps. 246,925,110 Investments attributable to: Cable 750,169 614,146 Content — 31,920,796 Other Businesses (1) 3,643,916 245,372 TelevisaUnivision 49,446,349 — Goodwill attributable to: Cable 13,794,684 13,794,684 Content — 241,973 Other Businesses (1) 110,314 — Other assets 68,700,486 — Total assets Ps. 299,107,531 Ps. 293,742,081 (1) Includes investments and goodwill that through January 31, 2022 were part of the Group’s former Content business. Equity method gain (loss) recognized in income for the years ended December 31, 2022, 2021 and 2020 attributable to equity investments in Cable, was Ps.38,833, Ps.161,468 and Ps.(7,826), respectively. Equity method (loss) gain recognized in income for the years ended December 31, 2022, 2021 and 2020 attributable to equity investments in TelevisaUnivision, was Ps.(7,418,536), Ps.3,560,248 and Ps.(5,456,386), respectively. Through January 31, 2022 were part of the Group’s former Content business. Equity method gain (loss) recognized in income for the years ended December 31, 2022, 2021 and 2020 attributable to equity investments in Other Businesses, was Ps.1,454, Ps.(49,839) and Ps.(275,456), respectively. Segment liabilities reconcile to total liabilities as of December 31, 2022 and 2021, as follows: 2022 2021 Segment liabilities Ps. 36,629,342 Ps. 75,685,991 Debt not allocated to segments 101,590,649 121,532,026 Other liabilities 16,757,635 — Total liabilities Ps. 154,977,626 Ps. 197,218,017 Geographical segment information: Additions to Segment Assets at Property, Plant and Total Revenues Year-End Equipment 2022: Mexico Ps. 73,845,741 Ps. 149,520,957 Ps. 17,102,445 Other countries (1) 1,680,868 13,140,656 212,942 Ps. 75,526,609 Ps. 162,661,613 Ps. 17,315,387 2021: Mexico Ps. 72,076,755 Ps. 230,559,883 Ps. 22,859,403 Other countries (1) 1,838,677 16,365,227 408,444 Ps. 73,915,432 Ps. 246,925,110 Ps. 23,267,847 2020: Mexico Ps. 68,638,166 Ps. 215,395,954 Ps. 19,707,436 Other countries (1) 2,042,061 11,920,509 424,302 Ps. 70,680,227 Ps. 227,316,463 Ps. 20,131,738 (1) The United States is the largest country from which revenue is derived. Revenues are attributed to geographical segment based on the location of customers. Disaggregation of Total Revenues The table below present total revenues of continuing operations for each reportable segment disaggregated by major service/product lines and primary geographical market for the years ended December 31, 2022, 2021 and 2020: Domestic Export Abroad Total 2022: Cable: Digital TV Service (a) Ps. 16,054,150 Ps. — Ps. — Ps. 16,054,150 Advertising 2,073,346 — — 2,073,346 Broadband Services (a) 19,197,699 — — 19,197,699 Telephony (a) 5,259,768 — — 5,259,768 Other Services 627,303 — — 627,303 Enterprise Operations 4,940,564 — 258,946 5,199,510 Sky: DTH Broadcast Satellite TV (a) 17,970,812 — 1,101,419 19,072,231 Advertising 1,183,495 — — 1,183,495 Pay-Per-View 71,003 — 12,309 83,312 Other Businesses: Gaming 2,493,534 — — 2,493,534 Soccer, Sports and Show Business Promotion 2,189,093 308,194 — 2,497,287 Publishing - Magazines 275,755 — — 275,755 Publishing - Advertising 152,820 — — 152,820 Publishing Distribution 261,077 — — 261,077 Transmission Concessions Rights and Facilities of production 1,658,317 — — 1,658,317 Segment totals 74,408,736 308,194 1,372,674 76,089,604 Intersegment eliminations (562,995) — — (562,995) Consolidated total revenues Ps. 73,845,741 Ps. 308,194 Ps. 1,372,674 Ps. 75,526,609 Domestic Export Abroad Total 2021: Cable: Digital TV Service (a) Ps. 15,883,520 Ps. — Ps. — Ps. 15,883,520 Advertising 1,971,853 — — 1,971,853 Broadband Services (a) 18,648,098 — — 18,648,098 Telephony (a) 4,977,671 — — 4,977,671 Other Services 598,890 — — 598,890 Enterprise Operations 5,699,425 — 241,472 5,940,897 Sky: DTH Broadcast Satellite TV (a) 19,210,652 — 1,514,377 20,725,029 Advertising 1,233,537 — — 1,233,537 Pay-Per-View 56,883 — 11,167 68,050 Other Businesses: Gaming 1,673,911 — — 1,673,911 Soccer, Sports and Show Business Promotion 1,658,928 71,661 — 1,730,589 Publishing - Magazines 341,159 — — 341,159 Publishing - Advertising 143,622 — — 143,622 Publishing Distribution 286,454 — — 286,454 Transmission Concessions Rights and Facilities of production 212,406 — — 212,406 Segment totals 72,597,009 71,661 1,767,016 74,435,686 Intersegment eliminations (520,254) — — (520,254) Consolidated total revenues Ps. 72,076,755 Ps. 71,661 Ps. 1,767,016 Ps. 73,915,432 Domestic Export Abroad Total 2020: Cable: Digital TV Service (a) Ps. 16,549,458 Ps. — Ps. — Ps. 16,549,458 Advertising 1,633,201 — — 1,633,201 Broadband Services (a) 16,540,687 — — 16,540,687 Telephony (a) 4,382,964 — — 4,382,964 Other Services 702,023 — — 702,023 Enterprise Operations 5,245,443 — 313,332 5,558,775 Sky: DTH Broadcast Satellite TV (a) 19,398,285 — 1,569,999 20,968,284 Advertising 1,112,662 — — 1,112,662 Pay-Per-View 42,291 — 11,464 53,755 Other Businesses: Gaming 959,985 — — 959,985 Soccer, Sports and Show Business Promotion 1,382,708 146,324 — 1,529,032 Publishing - Magazines 269,768 — 942 270,710 Publishing - Advertising 173,645 — — 173,645 Publishing Distribution 309,673 — — 309,673 Transmission Concessions Rights and Facilities of production 237,887 — — 237,887 Segment totals 68,940,680 146,324 1,895,737 70,982,741 Disposed operations: Radio - Advertising (see Note 3) 223,272 — — 223,272 Intersegment eliminations (525,786) — — (525,786) Consolidated total revenues Ps. 68,638,166 Ps. 146,324 Ps. 1,895,737 Ps. 70,680,227 (a) Digital TV Service revenues include revenue from leasing set-top equipment to subscribers in the Cable segment in the amount of Ps. 5,899,902 , Ps. 5,678,042 and Ps. 5,514,984 , for the years ended December 31, 2022, 2021 and 2020, respectively. DTH Broadcast Satellite TV revenues include revenue from leasing set-top equipment to subscribers in the Sky segment in the amount of Ps. 7,783,254 , Ps. 9,338,664 and Ps. 9,212,317 , for the years ended December 31, 2022, 2021 and 2020 respectively. Revenue from leasing set-top equipment to subscribers is recognized when services are rendered to such subscribers. Set-top equipment is part of the Group’s property, plant and equipment and is leased to subscribers through operating lease contracts. Revenues from external customers for the years ended December 31, 2022, 2021 and 2020 are presented by sale source, as follows: 2022 2021 2020 Services Ps. 59,788,397 Ps. 57,331,417 Ps. 54,397,074 Royalties 1,187,135 689,870 669,294 Goods 683,740 775,318 805,690 Leases (1) 13,867,337 15,118,827 14,808,169 Total Ps. 75,526,609 Ps. 73,915,432 Ps. 70,680,227 (1) This line includes primarily revenue from leasing set-top equipment to subscribers in the Cable and Sky segments, which is recognized when services are rendered to such subscribers. Set-top equipment is part of the Group’s property and equipment and is leased to subscribers through operating lease contracts. |
Commitments, Lawsuit Settlement
Commitments, Lawsuit Settlement Agreement and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments, Lawsuit Settlement Agreement and Contingencies | |
Commitments, Lawsuit Settlement Agreement and Contingencies | 27. Commitments, Lawsuit Settlement Agreement and Contingencies Commitments As of December 31, 2022, the Group had commitments for transmission rights to be acquired, mainly related to special events, in the aggregate amount of U.S.$521.8 million (Ps.10,162,968) with various payment commitments to be made between 2023 and 2031. At December 31, 2022, the Group had commitments in an aggregate amount of Ps.1,747,473, of which Ps.12,292, were commitments related to gaming operations, Ps.40,304, were commitments to acquire television technical equipment, Ps.167,040, were commitments for the acquisition of software and related services, and Ps.1,527,837, were construction commitments for building improvements and technical facilities. As of December 31, 2022, in connection with a long-term credit facility, the Group had commitments to provide financing to GTAC in the principal amounts of U.S.$4.0 million (Ps.77,904) and Ps.147,194 in 2023 (see Note 10). At December 31, 2022, the Group had the following aggregate minimum annual commitments (undiscounted) for the use of satellite transponders: Thousands of U.S. Dollars 2023 U.S.$ 6,629 2024 6,540 2025 3,491 2026 and thereafter 948 U.S.$ 17,608 Preponderant Economic Agent On March 6, 2014, the IFT issued a decision whereby it determined that the Company, together with certain subsidiaries with concessions that provide broadcast television, are preponderant economic agents in the broadcasting sector in Mexico (together, the “Preponderant Economic Agent”). The preponderance decision imposes on the Preponderant Economic Agent various measures, terms, conditions and restrictive obligations, some of which may adversely affect the activities of the Group’s broadcasting businesses, as well as their results of operations and financial condition. Among these measures, terms, conditions and restrictive obligations are included the following: Infrastructure sharing - The Preponderant Economic Agent must make its passive broadcasting infrastructure (as defined in the preponderance decision) available to third-party concessionaries of broadcast television (as defined in the preponderance decision) for commercial purposes in a non-discriminatory and non-exclusive manner, with the exception of broadcasters that, at the time the measures enter into force, have 12 MHz or more of radio-electric spectrum in the geographic area concerned. Advertising sales – The Preponderant Economic Agent must deliver to IFT and publish the terms and conditions of certain broadcast advertising services and fee structures, including, without limitation, commercials, packages, bonuses and discount plans and any other commercial practice, and publish them on its webpage. Prohibition on acquiring certain exclusive content - The Preponderant Economic Agent may not acquire transmission rights, on an exclusive basis, for any location within Mexico with respect to certain relevant content, determined by IFT in the Ruling whereby IFT identifies the relevant audiovisual contents in terms and for the purposes of the fourth measure and the second transitory article of the fourth attachment whereby the Preponderant Economic Agent in the telecommunication sector was resolved and the eighteenth and thirteenth transitory articles of the first attachment of the resolution whereby the Preponderant Economic Agent in the broadcasting sector as resolved (the “Relevant Content Ruling”), which may be updated every two years by IFT. Over-the-air channels - When the Preponderant Economic Agent offers any of its over-the-air channels, or channels that have at least 50% of the programming broadcasted between 6:00 and 24:00 hours on such channels in the same day, to its affiliates, subsidiaries, related partiers and third parties, for distribution through a different technological platform than over-the-air-broadcast television, the Preponderant Economic Agent must offer these channels to any other person that asks for distribution over the same platform as the Preponderant Economic Agent has offered, on the same terms and conditions. Prohibition on participating in “buyers’ clubs” or syndicates to acquire audiovisual content, without IFT’s prior approval - The Preponderant Economic Agent may not enter into or remain in any “buyers’ club” or syndicates of audiovisual content unless it has received the prior approval of IFT. There are currently no resolutions from the IFT, judgments or orders that would require the Group to divest any of the assets as a result of being declared a Preponderant Economic Agent in the broadcasting sector. On February 27, 2017, as part of a biennial review of the broadcasting sector preponderance rules, the IFT issued a ruling that amended some of the existing preponderance rules in broadcasting and included some additional obligations on the Company and some of its subsidiaries (the “New Preponderance Measures”), as follows: Infrastructure sharing - In addition to the previously imposed obligations regarding the sharing of passive infrastructure, the New Preponderance Measures have included the service of signal emissions only in the event that no passive infrastructure exists on the requested site. In addition, the New Preponderance Measures strengthen the supervision of the infrastructure services provided by the Group, including certain rules relating to the publicity of its tariffs. In addition, more specifications for the Electronic Management System as part of the new measures are included. Likewise, the IFT determined specific tariffs for our infrastructure offer. Prohibition to acquire certain exclusive content for broadcasting - This measure has been modified by enabling the Group to acquire relevant content under certain circumstances, as long as it obtains the right to sublicense such transmission rights to the other broadcasters in Mexico on non-discriminatory terms. In December 2018, the Relevant Content Ruling was updated. Advertising sales - IFT modified this measure mainly by including specific requirements to the Group in its provision of over-the-air advertising services, particularly, to telecommunications companies. Such requirements include, among others: a) publishing and delivering to IFT specific information regarding tariffs, discount plans, contracting and sales terms and conditions, contract forms and other relevant practices; and b) terms and conditions that prohibit discrimination or refusal to deal, conditioned sales and other conditions that inhibit competition. The Group began the process of providing very detailed information to IFT on a recurrent basis of over the air advertising services related to telecommunications companies. Accounting separation – The Group, as Preponderant Economic Agent, is required to implement an accounting separation methodology under the criteria defined by IFT, published in the Official Gazette of the Federation on December 29, 2017, as amended. On March 28, 2014, the Company, together with its subsidiaries determined to be the Preponderant Economic Agent in the broadcasting sector, filed an amparo amparo Additionally, on March 31, 2017, the Company, together with its subsidiaries, filed an amparo amparo The earliest bi-annual review of the preponderance measures for broadcasting sector that began in 2019 was concluded as a result of the amparo The Company will continue to assess the extent and impact of the various measures, terms, conditions and restrictive obligations in connection with its designation by IFT as Preponderant Economic Agent, including the New Preponderance Measures, and will analyze carefully any actions and/or remedies (legal, business and otherwise) that the Company should take and/or implement regarding these matters. Substantial Power Economic Agent On November 26, 2020, the IFT notified the Company of the final resolution confirming the existence of substantial power in the 35 relevant markets of restricted television and audio services. Consequently, on December 17, 2020, the Company filed three amparos challenging the constitutionality of the resolution, which are now under review by the competent court. However, we are unable to predict the outcome of these procedures. Some of the consequences derived from the determination of substantial market power, are applicable as a matter of law and others may be imposed by IFT in a new procedure in accordance with the LFTR; these may consist of: (i) the obligation to obtain IFT’s approval and to register the rates for our services; (ii) to inform the IFT in case of the adoption of new technology or modifications to the network; (iii) the agent with substantial power may not be entitled to the benefits of some rules of the “must carry” and “must offer” provisions; and (iv) the implementation of accounting separation. In October 2022, The Company, Televisa, S. de R.L. de C.V. and certain subsidiaries of the Company of the Cable and Sky segments (the “Complainants”) obtained favorable amparo Lawsuit Settlement Agreement On March 5, 2018, a purported stockholder class action lawsuit was filed in the United States District Court for the Southern District of New York (the “District Court”), alleging securities law violations in connection with allegedly misleading statements and/or omissions in the Company’s public disclosures. The lawsuit alleges that the Company and two of its executives failed to disclose alleged involvement in bribery activities relating to certain executives of Fédération Internationale de Football Association (“FIFA”), and wrongfully failed to disclose weaknesses in the Company’s internal control over its financial reporting as of December 31, 2016. On May 17, 2018, the District Court appointed a lead plaintiff for the putative stockholder class. On August 6, 2018, the lead plaintiff filed an amended complaint. The Company thereupon filed a motion to dismiss the amended complaint. On March 25, 2019, the District Court issued a decision denying the Company’s motion to dismiss, holding that plaintiff’s allegations, if true, were sufficient to support a claim. The parties began to exchange discovery materials, and the discovery process continued into 2022. On June 8, 2020, the District Court issued a decision denying class certification based on the inadequacy of the proposed class representative. On June 29, 2020, the District Court issued a decision granting class certification to a new class representative. The Company sought permission for leave to appeal the District Court’s order. On October 6, 2020, the United States Court of Appeals for the Second Circuit (the “Court of Appeals”) denied the Company’s request for leave to appeal the District Court’s class certification order. On May 19, 2021, the District Court issued an order disqualifying class counsel and stayed the case for thirty days so the class representative could identify replacement counsel. On June 17, 2021, the District Court granted a request from the class representative and disqualified counsel to extend the stay for an additional sixty days. On June 18, 2021, a petition for a writ of mandamus was filed in the Court of Appeals, seeking reinstatement of disqualified counsel. On June 23, 2021, the Court of Appeals granted a request from the petitioners to stay proceedings in the District Court pending the Court of Appeals’ decision on the petition. On August 24, 2021, the Court of Appeals denied the petition. On September 14, 2021, the case was returned to the District Court. On October 8, 2021, the District Court appointed new class counsel. On October 22, 2021, the Company filed a motion to define the class period. On March 31, 2022, the discovery period concluded, with exceptions. On July 20, 2022, the District Court issued a decision on the Company’s class definition motion, defining the class period as April 11, 2013 through November 17, 2017, inclusive. On August 3, 2022, the Company filed a petition with the Court of Appeals seeking permission for leave to appeal the District Court’s order. On November 15, 2022, the Court of Appeals denied the Company’s petition. On August 5, 2022, the Company filed a motion for summary judgment. On November 23, 2022, the Company announced that it had reached an agreement in principle to settle the securities class action. As set forth in that disclosure, the Company will be paying approximately U.S.$21.5 million of the total settlement amount of U.S.$95 million, with the remainder to be funded under the Company’s insurance policies. As explained in the disclosure, while the Company continues to believe that the allegations in the case were without merit, it also believes that eliminating the distraction, expense, and risk of continued litigation is in the best interests of the Company and its shareholders. On December 28, 2022, the parties executed a memorandum of understanding memorializing the agreement in principle. On February 28, 2023, the parties executed a settlement agreement to fully resolve and settle the class’s claims, which the lead plaintiff filed with the District Court the same day, along with a motion for preliminary approval of the settlement. On March 17, 2023, the District Court held a conference to discuss the motion for preliminary approval of the settlement. The District Court directed the parties to revise the settlement agreement to clarify certain issues relating to a potential award of attorneys’ fees. The Company is working with lead plaintiff to submit to the District Court a revised settlement agreement that comports with the District Court’s direction. The settlement is subject to approval by the District Court, notice to the class, and the satisfaction of customary conditions to effectiveness. In the fourth quarter of 2022, the Company recognized a provision for the settlement of this class action lawsuit in the amount of U.S.$95.0 million (Ps.1,850,220), and a receivable for a related reimbursement in the amount of U.S.$73.5 million (Ps.1,431,486) to be funded by the Company’s insurance contracts, which were classified in current liabilities and assets, respectively, in the Group’s consolidated statement of financial position as of December 31, 2022. The net amount of U.S.$21.5 million (Ps.425,762) was recognized in other expense in the Group’s consolidated statement of income for the year ended December 31, 2022 (see Note 22). Contingencies On April 27, 2017, the tax authorities initiated a tax audit to the Company, with the purpose of verifying compliance with tax provisions for the fiscal period from January 1 to December 31, 2011, regarding federal taxes as direct subject of Income Tax ( Impuesto sobre la Renta or ISR Impuesto Empresarial a Tasa Única Impuesto al Valor Agregado recurso de revocación On June 1, 2016, the tax authority initiated a tax audit to a Company’s indirect subsidiary that carries out operations in the Gaming business, which is presented in the Other Businesses segment, with the purpose of verifying compliance with tax provisions for the period from January 1 to December 31, 2014, regarding federal taxes as direct subject, as well as withholder. On April 24, 2017, the authorities informed the facts and omissions detected during the development of the verification process, that could entail a default on the payment of the abovementioned taxes. On May 30, 2017, by a document submitted before the authorities, the Company’s subsidiary asserted arguments and offered evidence to undermine the facts and omissions included in the authority’s last partial record. On June 21, 2019, such entity was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.1,334 million, essentially related to IEPS ( Impuesto Especial sobre Producción recurso de revocación juicio de nulidad Tribunal Federal de Justicia Administrativa On August 12, 2019, the tax authority initiated a Foreign Trade Audit of one of the Company’s indirect subsidiaries (Cablebox. S.A. de C.V.), with the purpose of verifying the correct payment of the contributions and levies on the import of the merchandise, as well as compliance with non-customs regulations and restrictions applicable to 26 foreign trade operations carried out during fiscal year 2016. On April 30, 2020, the tax authority released the observations determined as a result of the aforementioned review, which could lead to non-compliance with the payment of the referred contributions. On April 30, 2020, the tax authority informed the facts and omissions detected during the development of the verification process, that could entail a default on several provisions of the Customs Act ( Ley Aduanera recurso de revocación On July 29, 2019, the tax authority initiated a Foreign Trade Audit of one of the Company’s indirect subsidiaries (CM Equipos y Soporte, S.A. de C.V.), with the purpose of verifying the correct payment of the contributions and levies on the import of the merchandise, as well as compliance with non-customs regulations and restrictions applicable to 32 foreign trade operations carried out during fiscal year 2016. On July 10, 2020, the tax authority released the observations determined as a result of the aforementioned review, which could lead to a determination of non-compliance with the payment of the referred contributions. On August 21, 2020, through several documents submitted to the authorities, the Company’s subsidiary asserted arguments and offered evidence to undermine the facts and omissions included in the tax authority’s most recent partial record. On May 28, 2021, the subsidiary was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.256.3 million for a fine consisting of 70% of the commercial value of the merchandise subject to review, due to the alleged failure to comply with the Normas Oficiales Mexicanas, or Official Mexican Standards (NOM-019-SCFI-1998, NOM-EM-015-SCFI-2015 and NOM-024-SCFI-2013), as well as on the amount of the commercial value of the merchandise due to the material impossibility of the merchandise becoming property of the Federal Treasury. On July 12, 2021, an administrative proceeding ( recurso de revocación On June 19, 2020, the tax authority initiated a tax audit of an indirect subsidiary of the Company that carries out operations in the soccer business. The purpose of the tax audit was to verify compliance with tax provisions for the period from January 1 to December 31, 2014, regarding federal taxes as direct subject, as well as its withholding of income tax and value added tax. On August 9, 2022, the authorities informed the subsidiary of the facts and omissions detected during the development of the verification process, that could entail a default on the payment of the abovementioned taxes. On December 8, 2022, such entity was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.575 million, for income tax of the abovementioned fiscal year. On January 31, 2023, an administrative proceeding ( recurso de revocación The matters discussed as contingencies in the previous paragraphs did not require the recognition of a provision as of December 31, 2022. There are several legal actions and claims pending against the Group, which are filed in the ordinary course of business. In the opinion of the Company’s management, none of these actions and claims is expected now to have a material adverse effect on the Group’s financial statements as a whole; however, the Company’s management is unable to predict the outcome of any of these legal actions and claims. |
Income from Discontinued Operat
Income from Discontinued Operations, Net | 12 Months Ended |
Dec. 31, 2022 | |
Income from Discontinued Operations, Net | |
Income from Discontinued Operations, Net | 28. Income from Discontinued Operations, Net The operations of the Group’s former Content segment and feature-film production and distribution business were discontinued on January 31, 2022, in connection with the closing of the TelevisaUnivision Transaction. As a result, the Group’s consolidated statements of income for the years ended December 31, 2022, 2021 and 2020, present the results of operations of the Group’s former Content segment and feature-film production and distribution business as net income from discontinued operations for the month ended January 31, 2022, and for the years ended December 31, 2021 and 2020. Accordingly, the Group’s consolidated statements of income for the years ended December 31, 2021 and 2020, have been modified from those previously reported by the Company for those years to present the results from discontinued operations for the businesses disposed of by the Group on January 31, 2022 (see Note 3). Income from discontinued operations, net, for the years ended December 31, 2022, 2021 and 2020, is presented as follows: 2022 2021 2020 Net income from discontinued operations Ps. 156,655 Ps. 8,529,547 Ps. 6,092,662 Gain (loss) on disposition of discontinued operations, net 56,065,530 (1,943,647) — Income from discontinued operations, net Ps. 56,222,185 Ps. 6,585,900 Ps. 6,092,662 Net income from discontinued operations for the years ended December 31, 2022, 2021 and 2020, is presented as follows: 2022 2021 2020 Revenues Ps. 2,302,875 Ps. 35,822,423 Ps. 32,457,395 Cost of revenues and operating expenses 1,922,035 22,818,205 20,973,331 Income before other expense 380,840 13,004,218 11,484,064 Other expense, net 19,796 397,584 394,994 Operating income 361,044 12,606,634 11,089,070 Finance (expense) income, net (137,251) 151,788 (627,403) Share of income of associates, net — 847 — Income before income taxes 223,793 12,759,269 10,461,667 Income taxes 67,138 4,229,722 4,369,005 Net income from discontinued operations Ps. 156,655 Ps. 8,529,547 Ps. 6,092,662 In connection with the TelevisaUnivision Transaction, the Group has recognized an income from disposition of discontinued operations in the aggregate amount of Ps. 93,066,741 in its consolidated statement of income for the year ended December 31, 2022, comprising a consideration in cash from TelevisaUnivision in the aggregate amount of U.S.$2,971.3 million (Ps.61,214,741); consideration in the form of common and preferred stock of TelevisaUnivision, in the aggregate amount of U.S.$1,500.0 million (Ps.30,912,000); and a cash consideration received from Tritón Comunicaciones, S.A. de C.V., a company of the Azcárraga family, in the amount of Ps.940,000, related to the purchase of the rights for the production of news content for Mexico. The gain on disposition of discontinued operations related to the TelevisaUnivision Transaction, net of income taxes, amounted to Ps.56,065,530, for the year ended December 31, 2022, and a loss of Ps.1,943,647, for the year ended December 31, 2021, and consisted of the total consideration received by the Group for the shares of those companies that were disposed of by the Group on January 31, 2022, and certain other net assets and rights that were transferred by the Group to TelevisaUnivision and Tritón, less the carrying amounts of these consolidated net assets as of January 31, 2022, and related expenses and income taxes incurred by the Group in connection with the TelevisaUnivision Transaction for the years ended December 31, 2022 and 2021 (see Note 3). Gain or (loss) on disposition of discontinued operations, net, for the years ended December 31, 2022, and 2021, is presented as follows: 2022 2021 Gain (loss) on disposition of discontinued operations before income taxes Ps. 75,192,421 Ps. (1,100,645) Income taxes 19,126,891 843,002 Gain (loss) on disposition of discontinued operations, net Ps. 56,065,530 Ps. (1,943,647) The total carrying amount of the consolidated net assets disposed of by the Group on January 31, 2022, in connection with the TelevisaUnivision Transaction is presented, as follows: 2022 ASSETS Current assets: Cash and cash equivalents Ps. (1,890,141) Trade accounts and notes receivable, net (1,997,862) Other accounts, taxes receivable and notes receivable, net (2,388,939) Transmission rights and programming (7,162,846) Other current assets (2,312,941) Total current assets (15,752,729) Non-current assets: Transmission rights and programming (8,513,024) Investments in financial instruments (1,721,654) Property, plant and equipment, net (3,955,680) Right-of-use assets, net (2,179,704) Intangible assets and goodwill, net (623,818) Deferred income tax assets (7,847,995) Other assets (9,716) Total non-current assets (24,851,591) Total assets Ps. (40,604,320) LIABILITIES Current liabilities: Current portion of lease liabilities Ps. 470,686 Trade accounts payable and accrued expenses 6,856,041 Customer deposits and advances 2,071,060 Due from related parties 5,383,763 Other current liabilities 1,983,995 Total current liabilities 16,765,545 Non-currents liabilities: Lease liabilities, net of current portion 1,703,747 Post-employment benefits 1,105,376 Other non-current liabilities 4,246,327 Total non-current liabilities 7,055,450 Total liabilities Ps. 23,820,995 Desconsolidation net assets 3,598,567 Total net assets Ps. (13,184,758) Consideration received, satisfied in cash Ps. 67,985,597 Cash and cash equivalents disposed of (1,890,143) Net cash inflows Ps. 66,095,454 Cash flows provided by (used in) discontinued operations 2022 2021 2020 Net cash provided by operating activities Ps. — Ps. 6,993,434 Ps. 4,546,516 Net cash provided by (used in) investing activities 66,025,838 (2,016,523) (864,053) Net cash used in financing activities (15,218) (758,999) (757,024) Net cash flows Ps. 66,010,620 Ps. 4,217,912 Ps. 2,925,439 |
Impact of COVID-19
Impact of COVID-19 | 12 Months Ended |
Dec. 31, 2022 | |
Impact of COVID-19 | |
Impact of COVID-19 | 29. Impact of COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of Coronavirus (“COVID-19”) as a pandemic. Most governments in the world have been implementing different restrictive measures to contain the spread of this pandemic. This situation is significantly affecting the global economy, including Mexico, due to the disruption or slowdown of supply chains and the increase in economic uncertainty, as evidenced by the increase in volatility of asset prices, exchange rates and increases/decreases in long-term interest rates. For the year ended December 31,2021, the financial crisis caused by the COVID-19 pandemic still had a negative effect on the Group’s businesses, financial position, and results of operations, and it is currently difficult to predict the degree of the impact in the future. The Company’s management will continue to assess the potential adverse impacts of COVID-19, including the monitoring of impairment indicators and testing, forecasts and budgets, fair values and/or estimated future cash flows related to the recoverability of significant financial and non-financial assets of its business segments. As of the authorization date of these consolidated financial statements, the Company’s management cannot predict the adverse impact of COVID-19 in the Group’s consolidated financial statements for the year ending December 31, 2022. For year ended December 31, 2022, the COVID-19 pandemic still had a negative effect on our business, financial position and results of operations, and it is currently difficult to predict the degree of the impact in the future. The Company´s management cannot guarantee that conditions in the bank lending, capital and other financial markets will not continue to deteriorate as a result of the pandemic, or that its access to capital and other sources of funding will not become constrained, which could adversely affect the availability and terms of future borrowings, renewals or refinancings. In addition, the deterioration of global economic conditions as a result of the pandemic may ultimately reduce the demand for the Group´s products across its segments, as its clients and customers reduce or defer their spending. Substantially all non-essential economic activities are open. However, a resurgence of COVID-19, an increase in infection rates or the effect of new variants could trigger a renewal of governmental restrictions on non-essential activities, including but not limited to temporary shutdowns or additional guideline, which could be expensive or burdensome to implement, and which may affect the Group´s operations. The magnitude of the continuing impact of COVID-19 and new and emerging variants on the Group’s businesses will depend on the duration and extent of the COVID-19 pandemic and the impact of federal, state, local and foreign governmental actions, consumer behavior in response to the COVID-19 pandemic and such governmental actions, as well as economic and operating conditions in the aftermath of COVID-19. Due to the evolving and uncertain nature of the COVID-19 pandemic and the risk of new variants, the Company’s management is not able to estimate the full extent of the impact that COVID-19 may have in the Group’s businesses, financial position and results of operations over the near, medium or long-term. |
Events after the Reporting Peri
Events after the Reporting Period | 12 Months Ended |
Dec. 31, 2022 | |
Events after the Reporting Period | |
Events after the Reporting Period | 30. Events after the Reporting Period In February 2023, the Company’s Board of Directors approved a proposed dividend of Ps.0.35 per CPO payable in the second quarter of 2023, subject to approval of the Company’s stockholders. In February 2023, Sky executed a revolving credit facility with a Mexican bank for an amount up to Ps.1,000,000, and with a maturity in 2028. The funds may be used for general corporate purposes, including the repayment of debt. Under the terms of this revolving credit facility, Sky is required to comply with certain restrictive covenants and financial coverage ratios. In March 2023, upon the maturity of loans with two Mexican banks, Sky repaid the remaining portions of these loans in the aggregate principal amount of Ps.1,000,000 with (i) available cash on hand in the amount of Ps.600,000 and (ii) funds from this revolving credit facility in the principal amount of Ps.400,000, plus interest payable on a monthly basis at the annual interest rate of TIIE plus 0.85%. As of March 31, 2023, the unused principal amount of this revolving credit facility amounted to Ps.600,000. In March 2023, the Company received funds derived from insurance contracts in the amount of U.S.$73.5 million (Ps.1,325,600) in connection with a provision for the settlement of a class action lawsuit (see Note 27). On April 20, 2023, the District Court granted preliminary approval of the settlement agreement discussed in Note 27. The settlement remains subject to notice to the class, final approval by the District Court, and the satisfaction of customary conditions to effectiveness. Within twenty business days of receiving of complete payment instructions, the Company must transfer the settlement amount to the designated escrow account that was established for the administration of the settlement. On April 26, 2023, the Company’s stockholders approved, among other resolutions, (i) the audited consolidated financial statements of the Company as of December 31, 2022, and for the year ended on that date; (ii) the payment of a dividend of Ps.0.35 per CPO and Ps.0.002991452991 per share of series “A,” “B,” “D,” and “L” Shares, not in the form of a CPO, which will be paid in May 2023; (iii) the cancellation in May 2023 of 8,294.7 million shares of the Company’s capital stock in the form of 70.9 million CPOs, which were repurchased by the Company in 2022 and 2023; and (iv) a reorganization to separate from the Company certain businesses of the Group’s Other Businesses segment, including the soccer operations, the Azteca Stadium, gaming operations, and publishing and distribution of magazines. This reorganization will be implemented through a partial spin-off ( escisión |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies | |
Basis of Presentation | (a) Basis of Presentation The consolidated financial statements of the Group as of December 31, 2022 and 2021, and for the years ended December 31, 2022, 2021 and 2020, are presented in accordance with International Financial Reporting Standards (“IFRS Standards”), as issued by the International Accounting Standards Board (“IASB”). IFRS Standards comprise: (i) IFRS Standards; (ii) International Accounting Standards (“IAS Standards”); (iii) IFRS Interpretations Committee (“IFRIC”) Interpretations; and (iv) Standing Interpretations Committee (“SIC”) Interpretations. The consolidated financial statements have been prepared on a historical cost basis, except for the measurement at fair value of derivative financial instruments, financial assets, investments in equity financial instruments, plan assets of post-employment benefits and share-based payments, as described in the notes to the financial statements below. The preparation of consolidated financial statements in conformity with IFRS Standards, requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. Changes in assumptions may have a significant impact on the consolidated financial statements in the period the assumptions changed. Management believes that the underlying assumptions are appropriate. The areas involving a higher degree of judgment or complexity, or areas where estimates and assumptions are significant to the Group’s financial statements are disclosed in Note 5 to these consolidated financial statements. The consolidated statements of income of the Group for the years ended December 31, 2022, 2021 and 2020, have been prepared to present the discontinued operations following the TelevisaUnivision Transaction closed on January 31, 2022. Accordingly, the consolidated statements of income of the Group for the years ended December 31, 2021 and 2020, have been re-presented from those previously reported by the Company, to present in those periods the results from discontinued operations for the businesses disposed of by the Group on January 31, 2022 (see Notes 3 and 28). These consolidated financial statements were authorized for issuance on March 31, 2023, and were also authorized for issuance on April 26, 2023, including the events disclosed in Note 30, by the Group’s Corporate Vice President of Finance. |
Consolidation | (b) Consolidation The financial statements of the Group are prepared on a consolidated basis and include the assets, liabilities, and results of operations of all companies in which the Company has a controlling interest (subsidiaries). All intercompany balances and transactions have been eliminated from the consolidated financial statements. Subsidiaries Subsidiaries are all entities over which the Company has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The existence and effects of potential voting rights that are currently exercisable or convertible are considered when assessing whether or not the Company controls another entity. The subsidiaries are consolidated from the date on which control is obtained by the Company and cease to consolidate from the date on which said control is lost. The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree, and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis at the non-controlling interest’s proportionate share of the recognized amounts of acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized in income or loss. Changes in Ownership Interests in Subsidiaries without Change of Control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the interest acquired of the carrying amount of net assets of the subsidiary is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded in equity. Loss of Control of a Subsidiary When the Company ceases to have control of a subsidiary, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognized in income or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This means that amounts previously recognized in other comprehensive income are reclassified to income or loss except for certain equity financial instruments designated irrevocably with changes in other comprehensive income or loss. Discontinued Operations A discontinued operation is a component of the Group that either has been disposed of or is classified as held for sale, for which its operations and cash flows can be clearly distinguished, operationally and for financial reporting purposes, from the rest of the Group and represents a separate major line of business or operations. Classification as a discontinued operation occurs at the earlier of disposal or when the operation meets the criteria to be classified as held for sale. When an operation is classified as a discontinued operation, the comparative consolidated statements of income are re-presented as if the operation had been discontinued from the start of the comparative period. Subsidiaries of the Company At December 31, 2022 and 2021, the main direct and indirect subsidiaries of the Company were as follows: Company’s Ownership Business Subsidiaries Interest (1) Segment (2) Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”) (3) 51.2 % Cable Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”) (4) 100 % Cable Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”) (5) 100 % Cable Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”) (6) 66.2 % Cable Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”) (7) 100 % Cable Subsidiaries engaged in the Telecable business (collectively, “Telecable”) (8) 100 % Cable FTTH de México, S.A. de C.V. (9) 100 % Cable Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries (10) 100 % Cable and Sky Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”) (11) 58.7 % Sky Grupo Telesistema, S.A. de C.V. (“Grupo Telesistema”) and subsidiaries (13) 100 % Content and Other Businesses (2) Televisa, S. de R. L. de C.V. (Televisa, S.A. de C.V. through May 2021) (“Televisa”) (12) 100 % Content (2) Televisión Independiente de México, S.A. de C.V. (“TIM”) (12) 100 % Content (2) G.Televisa-D, S.A. de C.V. (12) 100 % Content (2) Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary (13) 100 % Content (2) Ulvik, S.A. de C.V. (14) 100 % Content and Other Businesses (2) Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries 100 % Other Businesses Editorial Televisa, S.A. de C.V. and subsidiaries 100 % Other Businesses Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries 100 % Other Businesses Villacezán, S.A. de C.V. (“Villacezán”) and subsidiaries (13) 100 % Content and Other Businesses (2) (1) Percentage of equity interest directly or indirectly held by the Company. (2) See Note 26 for a description of each of the Group’s business segments. The Group’s operations of the Content segment were discontinued following the closing of the TelevisaUnivision Transaction on January 31, 2022 (see Note 3). (3) Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ. (4) The subsidiaries in the Cablemás business are directly and indirectly owned by CVQ. (5) Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ. (6) Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V. (7) Arretis, S.A.P.I. de C.V., is a direct subsidiary of CVQ. (8) The subsidiaries in the Telecable business are directly owned by CVQ. (9) FTTH de México, S. A. de C.V., is an indirect subsidiary of CVQ. (10) CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova. (11) Innova is an indirect majority-owned subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. (“Sky DTH”), and a direct majority-owned subsidiary of Innova Holdings, S. de R.L. de C.V. (“Innova Holdings”). Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Although the Company holds a majority of Innova’s equity and designates a majority of the members of Innova’s Board of Directors, the non-controlling interest has certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto rights are protective in nature and do not affect decisions about relevant business activities of Innova. (12) TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema, and through January 31, 2022, were part of the Group’s former Content business. Televisa was a direct subsidiary of Grupo Telesistema through January 31, 2022. (13) Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), and Villacezán are indirect wholly-owned subsidiaries of Grupo Telesistema. As of December 31, 2022, Multimedia Telecom, Grupo Telesistema, Tieren, Villacezán, and Corporativo TD Sports, S.A. de C.V., a direct subsidiary of Grupo Telesistema, are the subsidiaries through which the Company owns shares of the capital stock of TelevisaUnivision (formerly known as Univision Holdings II, Inc. or UH II), the successor company of Univision Holdings, Inc. (“UHI”) and the parent company of Univision Communications Inc. (“Univision”), representing 43.8% , 49.7% , 2.1% , 3.7% and 0.7% , respectively, of the Group’s aggregate investment in shares of common stock issued by TelevisaUnivision as of December 31, 2022. Multimedia Telecom and Tieren were the subsidiaries through which the Company owned shares of the capital stock of UH II, representing 95.3% and 4.7% , respectively, of the Group’s aggregate investment in shares of common stock issued by UH II as of December 31, 2021 (see Notes 3, 10 and 20). (14) A direct subsidiary of the company and the parent company of Televisa Corporación, S.A. de C.V., an indirect subsidiary of the company that provides services to certain companies in the Group’s Other Businesses segment and, through January 31, 2022, provided services to certain companies in the Group’s former Content segment. Concessions and Permits The Group’s Cable, Sky and Other Businesses segments, require governmental concessions and special authorizations for the provision of telecommunications and broadcasting services in Mexico. Such concessions are granted by the Mexican Institute of Telecommunications (“Instituto Federal de Telecomunicaciones” or “IFT”) for a fixed term, subject to renewal in accordance with the Mexican Telecommunications and Broadcasting Law (“Ley Federal de Telecomunicaciones y Radiodifusión” or “LFTR”). Renewal of concessions for the Cable and Sky segments require, among others: (i) to request its renewal to IFT prior to the last fifth period of the fixed term of the related concession; (ii) to be in compliance with the concession holder’s obligations under the LFTR, other applicable regulations, and the concession title; and (iii) the acceptance by the concession holder of any new conditions for renewing the concession as set forth by IFT. IFT shall resolve any request for renewal of the telecommunications concessions within 180 business days of its request. Failure to respond within such period of time shall be interpreted as if the request for renewal has been granted. The Group holds a number of concessions by the Mexican government that authorizes it to broadcast programming over television stations for the signals of TelevisaUnivision. The payments made by the Group for these broadcasting concessions were accounted for as intangible assets in the Group’s Content segment through January 31, 2022, and are accounted as intangible assets in the Group’s Other Businesses segment after that date (see Notes 3, 13 and 26). Renewal of broadcasting concessions for the broadcast programming operations over television stations for the signals of TelevisaUnivision, require, among others: (i) to request such renewal to IFT prior to the last fifth period of the fixed term of the related concession; (ii) to be in compliance with the concession holder’s obligations under the LFTR, other applicable regulations, and the concession title; (iii) a declaration by IFT that there is no public interest in recovering the spectrum granted under the related concession; and (iv) the acceptance by the concession holder of any new conditions for renewing the concession as set forth by IFT, including the payment of a related fee. IFT shall resolve within the year following the presentation of the request, if there is public interest in recovering the spectrum granted under the related concession, in which case it will notify its determination and proceed with the termination of the concession at the end of its fixed term. If IFT determines that there is no public interest in recovering the spectrum, it will grant the requested extension within 180 business days, provided that the concessionaire accepts, in advance, the new conditions set by IFT, which will include the payment of the fee referred to above. Such fee will be determined by IFT for the relevant concessions, considering the following elements: (i) the frequency band; (ii) the amount of spectrum; (iii) coverage of the frequency band; (iv) domestic and international benchmark regarding the market value of frequency bands; and (v) upon request of IFT, an opinion issued by the Ministry of Finance and Public Credit of IFT´s proposal for calculation of the fee. The regulations of the broadcasting and the telecommunications concessions (including satellite pay TV) establish that at the end of the concession, the frequency bands or spectrum attached to the services provided in the concessions shall return to the Mexican government. In addition, at the end of the concession, the Mexican government will have the preferential right to acquire infrastructure, equipment and other goods directly used in the provision of the concession. If the Mexican government were to exercise its right to acquire infrastructure, equipment and other goods, it would be required to pay a price that is equivalent to a formula that is similar to fair value. To the knowledge of the Company’s management, no spectrum granted for broadcasting services in Mexico has been recovered by the Mexican government in at least the past three decades for public interest reasons. However, the Company’s management is unable to predict the outcome of any action by IFT in this regard. In addition, these assets, by themselves, would not be enough to immediately begin broadcasting or offering satellite pay TV services or telecommunications services, as no content producing assets or other equipment necessary to operate the business would be included. Also, the Group’s Gaming business, which is reported in the Other Businesses segment, requires a permit granted by the Mexican Federal Government for a fixed term, subject to renewal in accordance with Mexican law. Additionally, the Group’s Sky businesses in Central America and the Dominican Republic require concessions or permits granted by local regulatory authorities for a fixed term, subject to renewal in accordance with local laws. The accounting guidelines provided by IFRIC 12 Service Concession Arrangements, At December 31, 2022, the expiration dates of the Group’s concessions and permits were as follows: Segments Expiration Dates Cable Various from 2026 to 2056 Sky Various from 2024 to 2056 Other Businesses: Broadcasting concessions (1) In 2042 and 2052 Gaming In 2030 (1) In November 2018, the IFT approved (i) 23 concessions for the use of spectrum that comprise the Company’s 225 TV stations, for a term of 20 years , starting in January 2022 and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years , starting in January 2022 and ending in January 2052. In November 2018, the Group paid for such renewal an aggregate amount of Ps. 5,754,543 in cash, which included a payment of Ps. 1,194 for administrative expenses and recognized this payment as an intangible asset in its consolidated statement of financial position. This amount is being amortized over a period of 20 years beginning on January 1, 2022, by using the straight-line method. Through January 31, 2022, these broadcasting concessions were part of the Group’s former Content segment, and after the TelevisaUnivision Transaction closed on that date, these concessions became part of the Group’s Other Businesses segment (see Notes 3, 13 and 26). The concessions or permits held by the Group are not subject to any significant pricing regulations in the ordinary course of business. |
Investments in Associates and Joint Ventures | (c) Investments in Associates and Joint Ventures Associates are those entities over which the Group has significant influence but not control or joint control, over the financial and operating policies, generally those entities with a shareholding of between 20% and 50% of the voting rights. Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. Joint ventures are those joint arrangements where the Group exercises joint control with one or more stockholders, without exercising control individually, and have rights to the net assets of the joint arrangements. Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the net assets of the investee after the date of acquisition. The investor’s income or loss includes its share of the investee’s income or loss and the investor’s other comprehensive income includes its share of the investee’s other comprehensive income. The Group’s investments in associates include an equity interest in TelevisaUnivision (formerly known as UH II) represented by approximately 44.4% and 35.5% of the outstanding total common and preferred shares of TelevisaUnivision on an as-converted basis (excluding unvested and/or unsettled stock, restricted stock units and options of TelevisaUnivision) as of December 31, 2022 and 2021, respectively (see Notes 3 and 10). If the Group’s share of losses of an associate or a joint venture, equals or exceeds its interest in the investee, the Group discontinues recognizing its share of further losses. The interest in an associate or a joint venture is the carrying amount of the investment in the investee under the equity method together with any other long-term investment that, in substance, form part of the Group’s net investment in the investee. After the Group’s interest is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. Any gain or loss resulting from a downstream transaction involving assets that constitute a business, as defined in IFRS 3 Business Combinations Contribution of Assets between an Investor and its Associate or Joint Venture |
Segment Reporting | (d) Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Group’s Co-Chief Executive Officers (“chief operating decision makers”), who are responsible for allocating resources and assessing performance for each of the Group’s operating segments. |
Foreign Currency Translation | (e) Foreign Currency Translation Functional and Presentation Currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The presentation and reporting currency of the Group’s consolidated financial statements is the Mexican peso, which is used for compliance with its legal and tax obligations. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or measurement where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income as part of finance income or expense, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Changes in the fair value of monetary securities denominated in foreign currency classified as investments in financial instruments are analyzed between exchange differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Translation differences related to changes in amortized cost are recognized in income or loss, and other changes in carrying amount are recognized in other comprehensive income or loss. Translation of Foreign Operations The financial statements of the Group’s foreign entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (a) assets and liabilities are translated at the closing rate at the date of the statement of financial position; (b) income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); (c) stockholders’ equity accounts are translated at the prevailing exchange rate at the time capital contributions were made and earnings were generated and (d) all resulting translation differences are recognized in other comprehensive income or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Translation differences arising are recognized in other comprehensive income or loss. Assets and liabilities in foreign currencies of non-Mexican subsidiaries that use the Mexican Peso as a functional currency are initially converted to Mexican Pesos by utilizing the exchange rate of the statement of financial position date for monetary assets and liabilities, and historical exchange rates for non-monetary items, with the related adjustment included in the consolidated statement of income as finance income or expense. A portion of the Group’s outstanding principal amount of its U.S. dollar denominated long-term debt (hedging instrument, disclosed in the line item “Long-term debt, net of current portion” of the consolidated statement of financial position) has been designated as a hedge of a net investment in a foreign operation in connection with the Group’s investment in shares of TelevisaUnivision (formerly known as UH II) (hedged item), which amounted to U.S.$2,538.8 million (Ps.49,446,349) and U.S.$1,254.5 million (Ps.25,721,539) as of December 31, 2022 and 2021, respectively. Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term debt is credited or charged directly to other comprehensive income or loss as a cumulative result from foreign currency translation (see Note 10). A portion of the Group’s outstanding principal amount of its U.S. dollar denominated long-term debt (hedging instrument, disclosed in the line item “Long-term debt, net of current portion” of the consolidated statement of financial position) was designated as a fair value hedge of foreign exchange exposure related to its investment in warrants that were exercisable for common stock of UHI (hedged item) through December 29, 2020, the date on which the Group exercised all of these warrants for common stock of UHI, which amounted to U.S.$871.6 million (Ps.17,387,699) as of December 29, 2020. Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term debt was credited or charged directly to other comprehensive income or loss through December 29, 2020, along with the recognition in the same line item of any foreign currency gain or loss of this investment in warrants designated as a hedged item through that date (see Notes 14 and 18). A portion of the Group’s outstanding principal amount of its U.S. dollar denominated long-term debt (hedging instrument, disclosed in the line item “Long-term debt, net of current portion” of the consolidated statement of financial position) has been designated as a fair value hedge of foreign exchange exposure related to its investment in Open-Ended Fund (hedged item), which amounted to U.S.$39.7 million (Ps.773,209) and U.S.$46.1 million (Ps.945,176), as of December 31, 2022 and 2021, respectively. Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term debt is credited or charged directly to other comprehensive income or loss, along with the recognition in the same line item of any foreign currency gain or loss of this investment in Open-Ended Fund designated as a hedged item (see Notes 9, 14 and 18). |
Cash and Cash Equivalents and Temporary Investments | (f) Cash and Cash Equivalents and Temporary Investments Cash and cash equivalents consist of cash on hand and all highly liquid investments with an original maturity of three months or less at the date of acquisition. Cash is stated at nominal value and cash equivalents are measured at fair value, and the changes in the fair value are recognized in the statement of income. Temporary investments consist of short-term investments in securities, including without limitation debt with a maturity of over three months and up to one year at the date of acquisition, stock and other financial instruments, or a combination thereof, as well as current maturities of non-current financial assets. Temporary investments are measured at fair value with changes in fair value recognized in finance income in the consolidated income statement, except the current maturities of non-current held-to-maturity securities which are measured at amortized cost. As of December 31, 2022 and 2021, cash equivalents primarily consisted of fixed short-term deposits and corporate fixed income securities denominated in U.S. dollars and Mexican pesos, with an average yield of approximately 1.53% for U.S. dollar deposits and 7.40% for Mexican peso deposits in 2022, and approximately 0.07% for U.S. dollar deposits and 4.36% for Mexican peso deposits in 2021. |
Transmission Rights and Programming | (g) Transmission Rights and Programming Transmission rights are valued at the lesser of acquisition cost and net realizable value. Transmission rights are recognized from the point at which the legally enforceable license period begins. Until the license term commences and the programming rights are available, payments made are recognized as prepayments. Cost of revenues is calculated and recorded for the month in which transmission rights are matched with related revenues. Transmission rights are recognized in income over the lives of the contracts. Transmission rights in perpetuity are amortized on a straight-line basis over the period of the expected benefit as determined by past experience, but not exceeding 25 years. Through January 31, 2022, programming was comprised of programs, literary works, production talent advances and films. Programs and films were valued at the lesser of production cost, which consisted of direct production costs and production overhead, and net realizable value. Literary works were valued at the lesser of acquisition cost and net realizable value. Payments for production talent advances were initially capitalized and subsequently included as direct or indirect costs of program production. Cost of revenues was calculated and recorded for the month in which programs, literary works, production talent advances and films were matched with related revenues. Through January 31, 2022, the Group’s policy was to capitalize the production costs of programs which benefited more than one annual period and amortized them over the expected period of future program revenues based on the Company’s historical revenue patterns and usage for similar productions. |
Inventories | (h) Inventories Inventories of paper, magazines, materials and supplies for maintenance of technical equipment are recorded at the lower of cost or its net realizable value. The net realization value is the estimated selling price in the normal course of business, less estimated costs to conduct the sale. Cost is determined using the average cost method. |
Financial Assets | (i) Financial Assets The Group classifies its financial assets in accordance with IFRS 9 Financial Instruments Financial Assets Measured at Amortized Cost Financial assets are measured at amortized cost when the objective of holding such financial assets is to collect contractual cash flows, and the contractual terms of the financial asset give rise on specified dates to cash flows that are only payments of principal and interest on the principal amount outstanding. These financial assets are initially recognized at fair value plus transaction costs and subsequently carried at amortized cost using the effective interest rate method, with changes in carrying amount recognized in the consolidated statement of income in the line which most appropriately reflects the nature of the item or transaction. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period that are included in non-current assets. The Group’s financial assets measured at amortized costs are primarily presented as “trade accounts and notes receivable”, “other accounts and notes receivable”, and “due from related parties” in the consolidated statement of financial position (see Note 7). Financial Assets Measured at FVOCIL Financial assets are measured at FVOCIL when the objective of holding such financial assets is both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group’s investments in certain equity instruments have been designated to be measured at FVOCIL, as permitted by IFRS 9. In connection with this designation, any amounts presented in consolidated other comprehensive income are not subsequently transferred to consolidated income. Dividends from these equity instruments are recognized in consolidated income when the right to receive payment of the dividend is established, and such dividend is probable to be paid to the Group. Financial Assets at FVIL Financial assets at FVIL are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are also categorized as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current. Impairment of Financial Assets The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at FVOCIL. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables (see Note 7). Offsetting of Financial Instruments Financial assets are offset against financial liabilities and the net amount reported in the consolidated statement of financial position if, and only when the Group: (i) currently has a legally enforceable right to set off the recognized amounts; and (ii) intends either to settle on a net basis, or to realize the assets and settle the liability simultaneously. |
Property, Plant and Equipment, and Investment Property | (j) Property, Plant and Equipment, and Investment Property Property, plant and equipment are recorded at acquisition cost. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to income or loss during the financial period in which they are incurred. The initial estimate of the costs of dismantling items of property, plant and equipment are recognized as incurred at the fair value of related dismantling obligations. These dismantling obligations are primarily related to the use of the Group’s Cable segment networks during a particular period and presented as part of other long-term liabilities in the Group’s consolidated statements of financial position. As of December 31, 2022 and 2021, the present value of the Group’s dismantling obligations amounted to Ps.1,129,184 and Ps.933,880, respectively. Land is not depreciated. Depreciation of property, plant and equipment is based upon the carrying amount of the assets in use and is computed using the straight-line method over the estimated useful lives of the asset, as follows: Estimated Useful Lives Buildings 20-50 Technical equipment 3-30 years Satellite transponders 15 years Furniture and fixtures 10-15 years Transportation equipment 4-8 years Computer equipment 3-6 years Leasehold improvements 5-30 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within other income or expense in the consolidated statement of income. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Investment Property Beginning on February 1, 2022 the Group has investment property. Investment property is property of the Group (land or a building or part of a building or both) held by a lessee as a right-of-use asset to earn rentals rather than for use in the production or supply of goods or services or for administrative purposes, or sale in the ordinary course of business. Land is not depreciated. Depreciation of investment property is based upon the carrying amount of the assets in use and is computed using the straight-line method over the estimated useful lives of the asset, as follows: Estimated Useful Lives Buildings 20 The Group’s investment property is measured at cost less any accumulated depreciation and any accumulated impairment losses. |
Lease Agreements | (k) Lease Agreements As a lessee, the Group recognizes a right-of-use asset representing its right to use the underlying asset in a lease agreement, and a lease liability representing its obligation to make lease payments. Right-of-use assets are measured at cost comprising the following: the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs and restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases of equipment and vehicles and mostly leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. The Group recognizes a depreciation of rights-of-use assets for long-term lease agreements, and a finance expense for interest from related lease liabilities. The Group leases its investment property consisting of certain owned building and land property (see Note 11). These lease agreements are classified as operating leases from a lessor perspective. |
Intangible Assets and Goodwill | (l) Intangible Assets and Goodwill Intangible assets and goodwill are recognized at acquisition cost. Intangible assets and goodwill acquired through business combinations are recorded at fair value at the date of acquisition. Intangible assets with indefinite useful lives, which include, trademarks, concessions, and goodwill, are not amortized, and subsequently recognized at cost less accumulated impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives, as follows: Estimated Useful Lives Trademarks with finite useful lives 4 years Licenses 3-10 years Subscriber lists 4-5 years Payments for renewal of concessions 20 years Other intangible assets 3-20 years Trademarks The Group determines its acquired trademarks to have an indefinite life when they are expected to generate net cash inflows for the Group indefinitely. Additionally, the Group considers that there are no legal, regulatory or contractual provisions that limit the useful lives of trademarks. The Group has not capitalized any amounts associated with internally developed trademarks. Concessions The Group defined concessions to have an indefinite life due to the fact that the Group has a history of renewing its concessions upon expiration, has maintained the concessions granted by the Mexican government, and has no foreseeable limit to the period over which the assets are expected to generate net cash inflows. In addition, the Group is committed to continue to invest for the long term to extend the period over which the broadcasting and telecommunications concessions are expected to continue to provide economic benefits. Any fees paid by the Group to regulatory authorities for concessions renewed are determined to have finite useful lives and are amortized on a straight-line basis over the fixed term of the related concession. Goodwill Goodwill arises on the acquisition of a business and represents the excess of the consideration transferred over the Group’s interest in net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree and the fair value of the non-controlling interest in the acquiree. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units (“CGUs”), or groups of CGUs, that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying amount of goodwill is compared to the recoverable amount, which is the greater of the value in use and the fair value less costs to sell. Any impairment of goodwill is recognized as an expense in the consolidated statement of income and is not subject to be reversed in subsequent periods. |
Impairment of Long-lived Assets | (m) Impairment of Long-lived Assets The Group reviews for impairment the carrying amounts of its long-lived assets, tangible and intangible (see Note 13), whenever events or changes in business circumstances indicate that these carrying amounts may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the greater of an asset’s fair value less costs to sell and value in use. To determine whether an impairment exists, the carrying amount of the reporting unit is compared with its recoverable amount. Fair value estimates are based on quoted market values in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including discounted value of estimated future cash flows, market multiples or third-party appraisal valuations. Any impairment of long-lived assets other than goodwill may be subsequently reversed under certain circumstances. |
Trade Accounts Payable and Accrued Expenses | (n) Trade Accounts Payable and Accrued Expenses Trade accounts payable and accrued expenses are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade accounts payable and accrued expenses are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade accounts payable and accrued expenses are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Trade accounts payable and accrued expenses are presented as a single item of consolidated current liabilities in the consolidated statements of financial position as of December 31, 2022 and 2021. |
Debt | (o) Debt Debt is recognized initially at fair value, net of transaction costs incurred. Debt is subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of income over the period on which the debt is outstanding using the effective interest method. Fees paid on the establishment of debt facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a pre-payment for liquidity services and amortized over the period of the facility to which it relates. Current portion of long-term debt and interest payable are presented as a separate line item in the consolidated statements of financial position as of December 31, 2022 and 2021. Debt early redemption costs are recognized as finance expense in the consolidated statement of income. |
Customer Deposits and Advances | (p) Customer Deposits and Advances Customer deposits and advance agreements for advertising services provide that customers receive prices that are fixed for the contract period for advertising time in the Group’s platforms or other services, based on rates established by the Group. Such rates vary depending on when the advertisement is made or the service is provided, including the season, hour, day and type of programming. Through January 31, 2022, in connection with its former Content business, the Group recognized customer deposits and advance agreements for advertising services in the consolidated statement of financial position, when these agreements were executed either with a consideration in cash paid by customers or with short-term non-interest bearing notes received from customers in connection with annual (“upfront basis”) and from time to time (“scatter basis”) prepayments (see Note 7). Customer deposits and advances agreements are presented by the Group as a contract liability in the consolidated statement of financial position when a customer pays consideration, or the Group has a right to an amount of consideration that is unconditional, before the Group transfers services to the customer. A contract liability is a Group’s obligation to transfer services or goods to a customer for which the Group has received consideration, or an amount of consideration is due, from the customer. In addition, the Group recognizes contract assets upon the approval of non-cancellable contracts that generate an unconditional right to receive cash consideration prior to services being rendered. The Company’s management has consistently recognized that an amount of consideration is due, for legal, finance and accounting purposes, when a short-term non-interest bearing note is received from a customer in connection with a deposit or advance agreement entered into with the customer for advertising services to be rendered by the Group in the short term. |
Provisions | (q) Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognized for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provisions due to passage of time is recognized as interest expense. |
Equity | (r) Equity The capital stock and other equity accounts include the effect of restatement through December 31, 1997, determined by applying the change in the Mexican National Consumer Price Index between the dates capital was contributed or net results were generated and December 31, 1997, the date through which the Mexican economy was considered hyperinflationary under the guidelines of IFRS Standards. The restatement represented the amount required to maintain the contributions and accumulated results in Mexican Pesos in purchasing power as of December 31, 1997. Where any company in the Group purchases shares of the Company’s capital stock (shares repurchased), the consideration paid, including any directly attributable incremental costs is deducted from equity attributable to stockholders of the Company until the shares are cancelled, reissued, or sold. Where such shares repurchased are subsequently reissued or sold, any consideration received, net of any directly attributable incremental transaction costs, is included in equity attributable to stockholders of the Company. |
Revenue Recognition and Contract Costs | (s) Revenue Recognition and Contract Costs Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided. The Group recognizes revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Group’s activities, as described below. The Group bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Through January 31, 2022, the Group derived the majority of its revenues from media and entertainment-related business activities both in Mexico and internationally. Following the TelevisaUnivision Transaction, which was closed on January 31, 2022, the Group derives the majority of its revenues from telecommunications-related business activities, primarily from its Cable and Sky segment operations (see Notes 3 and 26). Revenues are recognized when the service is provided, and collection is probable. A summary of revenue recognition policies by significant activity is as follows: ● Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the period in which the services are rendered. ● Revenues from other telecommunications and data services are recognized in the period in which these services are provided. Other telecommunications services include long distance and local telephony, as well as leasing and maintenance of telecommunications facilities. ● Sky program service revenues, including advances from customers for future direct-to-home (“DTH”) program services, are recognized at the time the service is provided. ● Advertising revenues, including deposits and advances from customers for future advertising, were recognized at the time the advertising services were rendered. The advertising revenues of the Group’s Content segment operations were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3). ● Revenues from program services for network subscription and licensed and syndicated television programs were recognized when the programs were sold and became available for broadcast. These revenues were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3). ● Revenues from magazine subscriptions are initially deferred and recognized proportionately as products are delivered to subscribers. Revenues from the sales of magazines are recognized on the date of circulation of delivered merchandise, net of a provision for estimated returns. ● Revenues from publishing distribution are recognized upon distribution of the products. ● Revenues from attendance to soccer games, including revenues from advance ticket sales for soccer games and other promotional events, are recognized on the date of the relevant event. ● Motion picture production and distribution revenues were recognized as the films were exhibited. These revenues were discontinued on January 31, 2022, in connection with the TelevisaUnivision Transaction (see Note 3). ● Gaming revenues consist of the net win from gaming activities, which is the difference between amounts wagered and amounts paid to winning patrons and are recognized at the time of such net win. In respect to sales of multiple products or services, the Group evaluates whether it has fair value evidence for each deliverable in the transaction. The Group sells cable television, internet and telephone subscription to subscribers in a bundled package at a rate lower than if the subscriber purchases each product on an individual basis. Subscription revenues received from such subscribers are allocated to each product in a pro-rata manner based on the fair value of each of the respective services. Contract Costs Incremental costs for obtaining contracts with customers in the Cable and Sky segments, primarily commissions, are recognized as contract costs (assets) in the Group’s consolidated statement of financial position and amortized in the expected life of contracts with customers. The Group has recognized assets from incremental costs of obtaining contracts with customers, primarily commissions, which were classified as current and non-current assets in its consolidated financial statements as of December 31, 2022 and 2021, as follows: Cable Sky Total Contract costs: At January 1, 2022 Ps. 2,498,124 Ps. 2,500,190 Ps. 4,998,314 Additions 1,764,989 580,042 2,345,031 Amount recognized in income (965,677) (1,059,442) (2,025,119) Total Contract Costs at December 31, 2022 3,297,436 2,020,790 5,318,226 Less: Current Contract Costs 1,077,417 840,870 1,918,287 Total Non-current Contract Costs Ps. 2,220,019 Ps. 1,179,920 Ps. 3,399,939 Cable Sky Total Contract costs: At January 1, 2021 Ps. 2,027,691 Ps. 2,513,866 Ps. 4,541,557 Additions 1,209,894 1,088,956 2,298,850 Amount recognized in income (739,461) (1,102,632) (1,842,093) Total Contract Costs at December 31, 2021 2,498,124 2,500,190 4,998,314 Less: Current Contract Costs 797,273 985,450 1,782,723 Total Non-current Contract Costs Ps. 1,700,851 Ps. 1,514,740 Ps. 3,215,591 |
Interest Income | (t) Interest Income Interest income is recognized using the effective interest method. When a loan and receivable is impaired, the Group reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at the original effective interest rate of the instrument and continues unwinding the discount as interest income. Interest income on impaired loan and receivables is recognized using the original effective interest rate. |
Employee Benefits | (u) Employee Benefits Pension and Seniority Premium Obligations Plans exist for pensions and seniority premiums (post-employment benefits), for most of the Group’s employees funded through irrevocable trusts. Increases or decreases in the consolidated liability or asset for post-employment benefits are based upon actuarial calculations. Contributions to the trusts are determined in accordance with actuarial estimates of funding requirements. Payments of post-employment benefits are made by the trust administrators. The defined benefit obligation is calculated annually using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of government bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Remeasurement of post-employment benefit obligations related to experience adjustments and changes in actuarial assumptions of post-employment benefits are recognized in the period in which they are incurred as part of other comprehensive income or loss in consolidated equity. Profit Sharing The employees’ profit sharing required to be paid under certain circumstances in Mexico, is recognized as a direct benefit to employees in the consolidated statements of income in the period in which it is incurred. The profit sharing is paid to employees on a yearly basis and calculated by the Mexican companies in the Group at the statutory rate of 10% on their respective adjusted income in accordance with the Federal Labor Law. Beginning in 2021, there is a cap on the payment of profit sharing of up to three months of salary per employee (see Note 24). Termination Benefits Termination benefits, which mainly represent severance payments by law, are recorded in the consolidated statement of income. The Group recognizes termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognizes costs for a restructuring that involves the payment of termination benefits. |
Income Taxes | (v) Income Taxes The income tax expense for the period comprises current and deferred income tax. Income tax is recognized in the consolidated statement of income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the income tax is recognized in other comprehensive income. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the statement of financial position date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction (other than in a business combination) that at the time of the transaction affects neither accounting nor taxable income or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is recovered or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences and tax loss carryforwards can be utilized. For this purpose, the Group takes into consideration all available positive and negative evidence, including factors such as market conditions, industry analysis, projected taxable income, carryforward periods, current tax structure, potential changes or adjustments in tax structure, and future reversals of existing temporary differences. Deferred income tax liabilities are provided on taxable temporary differences associated with investments in subsidiaries, joint ventures and associates, except for deferred income tax liabilities where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets are provided on deductible temporary differences associated with investments in subsidiaries, joint ventures and associates, to the extent that it is probable that there will be sufficient taxable income against which to utilize the benefit of the temporary difference and it is expected to reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. |
Derivative Financial Instruments | (w) Derivative Financial Instruments The Group recognizes derivative financial instruments as either assets or liabilities in the consolidated statements of financial position and measures such instruments at fair value. The accounting for changes in the fair value of a derivative financial instrument depends on the intended use of the derivative financial instrument and the resulting designation. For a derivative financial instrument designated as a cash flow hedge, the effective portion of such derivative’s gain or loss is initially reported as a component of other comprehensive income or loss and subsequently reclassified into income when the hedged exposure affects income. The ineffective portion of the gain or loss is reported in income immediately. For a derivative financial instrument designated as a fair value hedge, the gain or loss is recognized in income in the period of change together with the offsetting loss or gain on the hedged item attributed to the risk being hedged. When a hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument that has been recognized in other comprehensive income remains in equity until the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to income or loss. For derivative financial instruments that are not designated as accounting hedges, changes in fair value are recognized in income in the period of change. During the years ended December 31, 2022, 2021 and 2020, certain derivative financial instruments qualified for hedge accounting (see Note 15). |
Comprehensive Income | (x) Comprehensive Income Comprehensive income for the period includes the net income for the period presented in the consolidated statement of income plus other comprehensive income for the period reflected in the consolidated statement of comprehensive income. |
Share-based Payment Agreements | (y) Share-based Payment Agreements Key officers and employees of certain subsidiaries of the Company have entered into agreements for the conditional sale of Company’s shares under the Company’s Long-Term Retention Plan (“LTRP”). The share-based compensation expense is measured at fair value at the date the equity benefits are conditionally sold to these officers and employees and recognized as a charge to consolidated income (administrative expense) over the vesting period. The Group recognized a share-based compensation expense of Ps.968,628, Ps.903,764 and Ps.863,782 for the years ended December 31, 2022, 2021 and 2020, respectively, of which Ps.968,628, Ps.1,066,863 and Ps.962,806 was credited in consolidated stockholders’ equity for each of those years, respectively (see Note 17). |
New and Amended IFRS Standards | (z) New and Amended IFRS Standards The Group adopted some amendments and improvements to certain IFRS Standards that became effective in 2022, 2021 and 2020, which did not have any significant impact on the Group’s consolidated financial statements. Below is a list of the new and amended IFRS Standards that have been issued by the IASB and are effective for annual periods beginning on January 1, 2023. Effective for Annual Periods Beginning New or Amended IFRS Standard Title of the IFRS Standard On or After Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Postponed IFRS 17 (1) Insurance Contracts January 1, 2023 Amendments to IAS 1 (1) Classification of Liabilities as Current or Non-current January 1, 2023 Amendments to IAS 8 (1) Definition of Accounting Estimates January 1, 2023 Amendments to IAS 1 and IFRS Practice Statement 2 (1) Disclosure of Accounting Policies January 1, 2023 Amendments to IAS 12 (1) Deferred Tax related to Assets and Liabilities arising from a Single Transaction January 1, 2023 Amendment to IFRS 17 (1) Initial Application of IFRS 17 and IFRS 9 - Comparative Information January 1, 2023 Amendments to IFRS 16 (1) Lease Liability in a Sale and Leaseback January 1, 2024 Amendments to IAS 1 (1) Non-current Liabilities with Covenants January 1, 2024 (1) This new or amended IFRS Standard is not expected to have a significant impact on the Group’s consolidated financial statements. Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Consolidated Financial Statements Investments in Associates and Joint Ventures IFRS 17 Insurance Contracts Insurance Contracts Amendments to IAS 1 Classification of Liabilities as Current or Non-current Amendments to IAS 8 Definition of Accounting Estimates, Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies, Presentation of Financial Statements Making Materiality Judgements Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction Income Taxes Amendment to IFRS 17 Initial Application of IFRS 17 and IFRS 9 – Comparative Information Amendments to IFRS 16 Lease Liability in a Sale and Leaseback Amendments to IAS 1 Non-current Liabilities with Covenants |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies | |
Schedule of interests in direct and indirect subsidiaries | At December 31, 2022 and 2021, the main direct and indirect subsidiaries of the Company were as follows: Company’s Ownership Business Subsidiaries Interest (1) Segment (2) Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”) (3) 51.2 % Cable Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”) (4) 100 % Cable Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”) (5) 100 % Cable Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”) (6) 66.2 % Cable Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”) (7) 100 % Cable Subsidiaries engaged in the Telecable business (collectively, “Telecable”) (8) 100 % Cable FTTH de México, S.A. de C.V. (9) 100 % Cable Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries (10) 100 % Cable and Sky Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”) (11) 58.7 % Sky Grupo Telesistema, S.A. de C.V. (“Grupo Telesistema”) and subsidiaries (13) 100 % Content and Other Businesses (2) Televisa, S. de R. L. de C.V. (Televisa, S.A. de C.V. through May 2021) (“Televisa”) (12) 100 % Content (2) Televisión Independiente de México, S.A. de C.V. (“TIM”) (12) 100 % Content (2) G.Televisa-D, S.A. de C.V. (12) 100 % Content (2) Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary (13) 100 % Content (2) Ulvik, S.A. de C.V. (14) 100 % Content and Other Businesses (2) Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries 100 % Other Businesses Editorial Televisa, S.A. de C.V. and subsidiaries 100 % Other Businesses Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries 100 % Other Businesses Villacezán, S.A. de C.V. (“Villacezán”) and subsidiaries (13) 100 % Content and Other Businesses (2) (1) Percentage of equity interest directly or indirectly held by the Company. (2) See Note 26 for a description of each of the Group’s business segments. The Group’s operations of the Content segment were discontinued following the closing of the TelevisaUnivision Transaction on January 31, 2022 (see Note 3). (3) Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ. (4) The subsidiaries in the Cablemás business are directly and indirectly owned by CVQ. (5) Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ. (6) Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V. (7) Arretis, S.A.P.I. de C.V., is a direct subsidiary of CVQ. (8) The subsidiaries in the Telecable business are directly owned by CVQ. (9) FTTH de México, S. A. de C.V., is an indirect subsidiary of CVQ. (10) CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova. (11) Innova is an indirect majority-owned subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. (“Sky DTH”), and a direct majority-owned subsidiary of Innova Holdings, S. de R.L. de C.V. (“Innova Holdings”). Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Although the Company holds a majority of Innova’s equity and designates a majority of the members of Innova’s Board of Directors, the non-controlling interest has certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto rights are protective in nature and do not affect decisions about relevant business activities of Innova. (12) TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema, and through January 31, 2022, were part of the Group’s former Content business. Televisa was a direct subsidiary of Grupo Telesistema through January 31, 2022. (13) Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), and Villacezán are indirect wholly-owned subsidiaries of Grupo Telesistema. As of December 31, 2022, Multimedia Telecom, Grupo Telesistema, Tieren, Villacezán, and Corporativo TD Sports, S.A. de C.V., a direct subsidiary of Grupo Telesistema, are the subsidiaries through which the Company owns shares of the capital stock of TelevisaUnivision (formerly known as Univision Holdings II, Inc. or UH II), the successor company of Univision Holdings, Inc. (“UHI”) and the parent company of Univision Communications Inc. (“Univision”), representing 43.8% , 49.7% , 2.1% , 3.7% and 0.7% , respectively, of the Group’s aggregate investment in shares of common stock issued by TelevisaUnivision as of December 31, 2022. Multimedia Telecom and Tieren were the subsidiaries through which the Company owned shares of the capital stock of UH II, representing 95.3% and 4.7% , respectively, of the Group’s aggregate investment in shares of common stock issued by UH II as of December 31, 2021 (see Notes 3, 10 and 20). (14) A direct subsidiary of the company and the parent company of Televisa Corporación, S.A. de C.V., an indirect subsidiary of the company that provides services to certain companies in the Group’s Other Businesses segment and, through January 31, 2022, provided services to certain companies in the Group’s former Content segment. |
Schedule of expiration dates of the Group's concessions and permits | Segments Expiration Dates Cable Various from 2026 to 2056 Sky Various from 2024 to 2056 Other Businesses: Broadcasting concessions (1) In 2042 and 2052 Gaming In 2030 (1) In November 2018, the IFT approved (i) 23 concessions for the use of spectrum that comprise the Company’s 225 TV stations, for a term of 20 years , starting in January 2022 and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years , starting in January 2022 and ending in January 2052. In November 2018, the Group paid for such renewal an aggregate amount of Ps. 5,754,543 in cash, which included a payment of Ps. 1,194 for administrative expenses and recognized this payment as an intangible asset in its consolidated statement of financial position. This amount is being amortized over a period of 20 years beginning on January 1, 2022, by using the straight-line method. Through January 31, 2022, these broadcasting concessions were part of the Group’s former Content segment, and after the TelevisaUnivision Transaction closed on that date, these concessions became part of the Group’s Other Businesses segment (see Notes 3, 13 and 26). |
Schedule of property, plant and equipment, estimated useful lives | Estimated Useful Lives Buildings 20-50 Technical equipment 3-30 years Satellite transponders 15 years Furniture and fixtures 10-15 years Transportation equipment 4-8 years Computer equipment 3-6 years Leasehold improvements 5-30 years |
Schedule of useful life of investment property | Estimated Useful Lives Buildings 20 |
Schedule of intangible assets, estimated useful lives | Estimated Useful Lives Trademarks with finite useful lives 4 years Licenses 3-10 years Subscriber lists 4-5 years Payments for renewal of concessions 20 years Other intangible assets 3-20 years |
Schedule of costs to obtain contracts with customers | Cable Sky Total Contract costs: At January 1, 2022 Ps. 2,498,124 Ps. 2,500,190 Ps. 4,998,314 Additions 1,764,989 580,042 2,345,031 Amount recognized in income (965,677) (1,059,442) (2,025,119) Total Contract Costs at December 31, 2022 3,297,436 2,020,790 5,318,226 Less: Current Contract Costs 1,077,417 840,870 1,918,287 Total Non-current Contract Costs Ps. 2,220,019 Ps. 1,179,920 Ps. 3,399,939 Cable Sky Total Contract costs: At January 1, 2021 Ps. 2,027,691 Ps. 2,513,866 Ps. 4,541,557 Additions 1,209,894 1,088,956 2,298,850 Amount recognized in income (739,461) (1,102,632) (1,842,093) Total Contract Costs at December 31, 2021 2,498,124 2,500,190 4,998,314 Less: Current Contract Costs 797,273 985,450 1,782,723 Total Non-current Contract Costs Ps. 1,700,851 Ps. 1,514,740 Ps. 3,215,591 |
Schedule of new or amended standards issued by IASB | Effective for Annual Periods Beginning New or Amended IFRS Standard Title of the IFRS Standard On or After Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Postponed IFRS 17 (1) Insurance Contracts January 1, 2023 Amendments to IAS 1 (1) Classification of Liabilities as Current or Non-current January 1, 2023 Amendments to IAS 8 (1) Definition of Accounting Estimates January 1, 2023 Amendments to IAS 1 and IFRS Practice Statement 2 (1) Disclosure of Accounting Policies January 1, 2023 Amendments to IAS 12 (1) Deferred Tax related to Assets and Liabilities arising from a Single Transaction January 1, 2023 Amendment to IFRS 17 (1) Initial Application of IFRS 17 and IFRS 9 - Comparative Information January 1, 2023 Amendments to IFRS 16 (1) Lease Liability in a Sale and Leaseback January 1, 2024 Amendments to IAS 1 (1) Non-current Liabilities with Covenants January 1, 2024 (1) This new or amended IFRS Standard is not expected to have a significant impact on the Group’s consolidated financial statements. |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Risk Management | |
Schedule of foreign currency position of monetary items | The foreign currency position of monetary items of the Group at December 31, 2022, was as follows: Foreign Currency Amounts Year-End (Thousands) Exchange Rate Mexican Pesos Assets: U.S. dollars 2,372,570 Ps. 19.4760 Ps. 46,208,173 Euros 20,720 20.8878 432,795 Swiss francs 2,009 21.1275 42,445 Other currencies — — 3,032 Liabilities: U.S. dollars (1) 4,411,584 Ps. 19.4760 Ps. 85,920,010 Euros 237 20.8878 4,950 Swiss francs 23,281 21.1275 491,869 Other currencies — — 33 The foreign currency position of monetary items of the Group at December 31, 2021, was as follows: Foreign Currency Amounts Year-End (Thousands) Exchange Rate Mexican Pesos Assets: U.S. dollars 831,806 Ps. 20.5031 Ps. 17,054,602 Euros 11,139 23.3478 260,071 Swiss francs 4,139 22.4997 93,126 Argentinean pesos 64,026 0.1996 12,780 Chilean pesos 576,044 0.0240 13,825 Other currencies — — 5,266 Liabilities: U.S. dollars (1) 5,215,150 Ps. 20.5031 Ps. 106,926,742 Euros 598 23.3478 13,962 Swiss francs 883 22.4997 19,867 Other currencies — — 185 (1) As of December 31, 2022 and 2021, monetary liabilities include U.S. $2,578.5 million (Ps. 50,219,558 ) and U.S. $1,300.6 million (Ps. 26,666,715 ), respectively, related to long-term debt designated as a hedging instrument of the Group’s investments in TelevisaUnivision (formerly known as UH II) and Open-Ended Fund (see Note 14). |
Schedule of foreign currency of monetary items with net position | The Group is subject to the risk of foreign currency exchange rate fluctuations, resulting primarily from the net monetary position in U.S. dollars and U.S. dollar equivalent amounts of the Group’s Mexican operations, as follows (in millions of U.S. dollars): December 31, 2022 2021 U.S. dollar-denominated and U.S. dollar-equivalent monetary assets, primarily cash and cash equivalents, and non-current investments in financial instruments (1) U.S.$ 2,319.9 U.S.$ 785.1 U.S. dollar-denominated and U.S. dollar-equivalent monetary liabilities, primarily trade accounts payable, Senior debt securities, lease liabilities, and other liabilities (2) (3) (4,428.1) (5,180.8) Net liability position U.S.$ (2,108.2) U.S.$ (4,395.7) (1) As of December 31, 2022 and 2021, this line includes U.S. dollar equivalent amounts of U.S. $22.9 million and U.S. $17.7 million , respectively, related to other foreign currencies, primarily Euros and Swiss francs. (2) As of December 31, 2022 and 2021, this line includes U.S. dollar equivalent amounts of U.S. $25.4 million and U.S. $1.4 million , respectively, related to other foreign currencies, primarily Swiss francs and Euros. (3) As of December 31, 2022 and 2021, monetary liabilities include U.S. $2,578.5 million (Ps. 50,219,558 ) and U.S. $1,300.6 million (Ps. 26,666,715 ), respectively, related to long-term debt designated as a hedging instrument of the Group’s investments in UH II and the investment in Open-Ended Fund (see Note 14). |
Schedule of hypothetical changes in fair value or losses in earnings | Difference between Fair Value and Carrying Amount Assuming a Difference between Hypothetical Fair Value and 10% Increase in December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Long-term loan and interest receivable from GTAC Ps. 853,163 Ps. 857,006 Ps. 3,843 Ps. 89,544 Open-Ended Fund 773,209 773,209 — — Publicly traded equity instruments 2,611,053 2,611,053 — — Derivative financial instruments (1) 543,581 543,581 — — Liabilities (2) (3) U.S. dollar-denominated debt: Senior Notes due 2025 5,188,796 5,295,218 106,422 635,944 Senior Notes due 2026 5,842,800 5,717,764 (125,036) 446,740 Senior Notes due 2032 5,842,800 6,934,235 1,091,435 1,784,859 Senior Notes due 2040 11,685,600 12,083,611 398,011 1,606,372 Senior Notes due 2045 17,321,136 14,975,508 (2,345,628) (848,077) Senior Notes due 2046 17,528,400 17,570,118 41,718 1,798,730 Senior Notes due 2049 13,675,853 12,199,681 (1,476,172) (256,204) Peso-denominated debt: Notes due 2027 4,500,000 4,238,640 (261,360) 162,504 Senior Notes due 2037 4,500,000 4,041,135 (458,865) (54,752) Senior Notes due 2043 6,500,000 4,046,705 (2,453,295) (2,048,625) Long-term loans payable to Mexican banks 13,650,000 13,775,125 125,125 1,502,638 Lease liabilities 8,369,072 8,497,104 128,032 977,742 Derivative financial instruments (1) 71,401 71,401 — — Difference between Fair Value and Carrying Amount Assuming a Difference between Hypothetical Fair Value and 10% Increase in December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Long-term loan and interest receivable from GTAC Ps. 755,973 Ps. 760,143 Ps. 4,170 Ps. 80,184 Open-Ended Fund 945,176 945,176 — — Publicly traded equity instruments 3,517,711 3,517,711 — — Other equity instruments 1,607,969 1,607,969 — — Derivative financial instruments (1) 133,324 133,324 — — Liabilities (2) (3) U.S. dollar-denominated debt: Senior Notes due 2025 12,301,860 14,056,843 1,754,983 3,160,667 Senior Notes due 2026 6,150,930 6,685,200 534,270 1,202,790 Senior Notes due 2032 6,150,930 8,857,216 2,706,286 3,592,008 Senior Notes due 2040 12,301,860 16,678,493 4,376,633 6,044,482 Senior Notes due 2045 20,503,100 24,205,140 3,702,040 6,122,554 Senior Notes due 2046 18,452,790 25,029,180 6,576,390 9,079,308 Senior Notes due 2049 15,377,325 19,307,154 3,929,829 5,860,544 Peso-denominated debt: Notes due 2027 4,500,000 4,509,405 9,405 460,346 Senior Notes due 2037 4,500,000 4,110,480 (389,520) 21,528 Senior Notes due 2043 6,500,000 4,611,620 (1,888,380) (1,427,218) Long-term notes payable to Mexican banks 20,260,404 20,417,854 157,450 2,199,235 Lease liabilities 9,680,559 9,830,878 150,319 1,133,407 Derivative financial instruments (1) 172,885 172,885 — — (1) Given the nature and the tenor of these derivative financial instruments, an increase of 10% in interest and/or exchange rates would not be an accurate sensitivity analysis on the fair value of these financial instruments. (2) The carrying amount of debt is stated in this table at its principal amount. (3) The fair value of the Senior Notes and Notes issued by the Group are within Level 1 of the fair value hierarchy as there are quoted market prices for such notes. The fair value of the lease liabilities is within Level 2 of the fair value hierarchy and has been estimated based on cash flows discounted using an estimated weighted average cost of capital. The fair value of held-to-maturity securities are within Level 1 of the fair value hierarchy and were based on market interest rates to the listed securities. |
Schedule of contractual undiscounted cash flows | Less Than 12 Months 12-36 Months 36-60 Months Maturities January 1, 2023 to January 1, 2024 to January 1, 2026 to Subsequent to December 31, 2023 December 31, 2025 December 31, 2027 December 31, 2027 Total At December 31, 2022 Debt (1) Ps. 1,000,000 Ps. 15,188,796 Ps. 12,992,800 Ps. 77,053,789 Ps. 106,235,385 Lease liabilities 1,373,233 2,902,742 2,752,640 1,340,457 8,369,072 Trade and other liabilities 28,107,852 531,617 173,898 2,237,215 31,050,582 Interest on debt (2) 5,259,796 12,024,064 10,041,317 66,654,473 93,979,650 Interest on lease liabilities 641,423 1,093,813 732,818 666,139 3,134,193 Less Than 12 Months 12-36 Months 36-60 Months Maturities January 1, 2022 to January 1, 2023 to January 1, 2025 to Subsequent to December 31, 2022 December 31, 2024 December 31, 2026 December 31, 2026 Total At December 31, 2021 Debt (1) Ps. 4,110,404 Ps. 13,500,000 Ps. 21,102,790 Ps. 88,286,005 Ps. 126,999,199 Lease liabilities 1,478,382 2,469,270 2,478,486 3,254,421 9,680,559 Trade and other liabilities 40,051,575 2,743,298 2,041,627 3,665,074 48,501,574 Interest on debt (2) 6,188,285 15,237,650 12,453,353 86,405,197 120,284,485 Interest on lease liabilities 659,049 1,136,036 775,332 921,942 3,492,359 (1) The amounts of debt are disclosed on a principal amount basis (see Note 14). (2) Interest to be paid in future years on outstanding debt as of December 31, 2022 and 2021, based on contractual interest rates and exchange rates as of that date. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cash and Cash Equivalents | |
Schedule of cash and cash equivalents | 2022 2021 Cash and bank accounts Ps. 2,041,883 Ps. 1,180,817 Short-term investments (1) 49,089,109 24,647,398 Total cash and cash equivalents Ps. 51,130,992 Ps. 25,828,215 (1) |
Trade Accounts and Notes Rece_2
Trade Accounts and Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade Accounts and Notes Receivable, Net | |
Schedule of trade accounts and notes receivable, net | 2022 2021 Non-interest bearing notes received in 2021 from customers as deposits and advances mainly in connection with annual (“upfront basis”) and from time to time (“scatter basis”) prepayments (see Note 2 (p)) Ps. — Ps. 1,499,335 Trade accounts receivable 10,489,336 14,955,334 Loss allowance (2,032,034) (3,361,658) Ps. 8,457,302 Ps. 13,093,011 |
Schedule of aging of analysis of the trade account and notes receivable past due | 2022 2021 1 to 90 days Ps. 2,350,853 Ps. 4,367,863 91 to 180 days 1,066,211 1,459,188 More than 180 days 1,811,592 2,785,308 |
Schedule of carrying amount of trade accounts and notes receivable in foreign currencies | 2022 2021 U.S. dollar Ps. 338,123 Ps. 1,714,490 Other currencies 6,077 46,255 At December 31 Ps. 344,200 Ps. 1,760,745 |
Schedule of loss allowance of trade accounts and notes receivables | 2022 2021 At January 1 Ps. (3,361,658) Ps. (4,249,133) Provision for credit losses (1,189,594) (1,263,083) Write-off of receivables 1,576,375 2,260,182 Reclassifications (40,018) (109,624) Disposed operations 982,861 — At December 31 Ps. (2,032,034) Ps. (3,361,658) |
Transmission Rights and Progr_2
Transmission Rights and Programming (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Transmission Rights and Programming. | |
Schedule of transmission rights and programming | 2022 2021 Transmission rights Ps. 1,911,126 Ps. 14,743,043 Programming — 5,689,652 1,911,126 20,432,695 Non-current portion of: Transmission rights 1,022,782 9,823,088 Programming — 3,017,938 1,022,782 12,841,026 Current portion of transmission rights and programming Ps. 888,344 Ps. 7,591,669 |
Investments in Financial Inst_2
Investments in Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments in Financial Instruments | |
Schedule of investments in financial instruments | 2022 2021 Equity instruments measured at FVOCIL: Open-Ended Fund (1) Ps. 773,209 Ps. 945,176 Publicly traded equity instruments (2) 2,611,053 3,517,711 Other equity instruments (3) — 1,607,969 3,384,262 6,070,856 Other 5,223 5,223 Ps. 3,389,485 Ps. 6,076,079 (1) The Group has an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through investments in securities, including without limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments, in telecom, media and other sectors across global markets, including Latin America and other emerging markets. Shares may be redeemed on a quarterly basis at the Net Asset Value (“NAV”) per share as of such redemption date. The fair value of this fund is determined by using the NAV per share. The NAV per share is calculated by determining the value of the fund assets, all of which are measured at fair value, and subtracting all of the fund liabilities and dividing the result by the total number of issued shares. In March 2021, the Company redeemed a portion of its investment in Open-Ended Fund at the aggregate fair value amount of U.S. $10.0 million (Ps. 258,956 ) and recognized cash proceeds from this redemption for such aggregate amount (see Note 2 (i)). (2) Their fair value of publicly traded equity instruments is determined by using quoted market prices at the measurement date. In the first half of 2021, the Company disposed of a portion of these publicly traded equity instruments and recognized cash proceeds from this disposition in the aggregate amount of Ps. 1,755,415 . (3) As of December 31, 2021, other equity instruments include unquoted equity investments, which are initially recognized at cost with any subsequent changes in fair value recognized through other comprehensive income or loss. The Group disposed of these investments on January 31, 2022, in connection with the closing of the TelevisaUnivision Transaction (see Note 3). |
Schedule of reconciliation of investments in financial assets at FVOCIL | Publicly Traded Open-Ended Equity Other Equity Fund (1) Instruments Instruments Total At January 1, 2022 Ps. 945,176 Ps. 3,517,711 Ps. 1,607,969 Ps. 6,070,856 Disposition of investments — — (1,607,969) (1,607,969) Change in fair value in other comprehensive loss (171,967) (906,658) — (1,078,625) At December 31, 2022 Ps. 773,209 Ps. 2,611,053 Ps. — Ps. 3,384,262 Publicly Traded Open-Ended Equity Other Equity Fund (1) Instruments Instruments Total At January 1, 2021 Ps. 1,135,803 Ps. 5,397,504 Ps. 468,552 Ps. 7,001,859 Investments — — 1,118,178 1,118,178 Disposition of investments (258,956) (1,756,434) — (2,015,390) Change in fair value in other comprehensive income (loss) 68,329 (123,359) 21,239 (33,791) At December 31, 2021 Ps. 945,176 Ps. 3,517,711 Ps. 1,607,969 Ps. 6,070,856 (1) The foreign exchange loss and gain derived from the investment in the Open-Ended Fund for the years ended December 31, 2022 and 2021, respectively, was hedged by a foreign exchange gain and loss derived from Senior Notes designated as hedging instruments for the years ended December 31, 2022 and 2021, respectively, in the amount of Ps. 114,046 and Ps. 99,673 , respectively (see Notes 14 and 23). |
Investments in Associates and_2
Investments in Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Associates And Joint Ventures [Line Items] | |
Schedule of investments in associates and joint ventures accounted for by the equity method | Ownership as of December 31, 2022 2021 2022 2021 Associates: TelevisaUnivision and subsidiaries 44.4 % 35.5 % Ps. 49,446,349 Ps. 25,721,539 Other 51,864 164,903 Joint ventures: Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries (collectively “GTAC”) (1) 33.3 % 33.3 % 750,169 614,147 Periódico Digital Sendero, S.A.P.I. de C.V. and subsidiary (collectively, “PDS”) (2) 50.0 % 50.0 % 202,567 203,646 Ps. 50,450,949 Ps. 26,704,235 (1) GTAC was granted a 20-year contract for the lease of a pair of dark fiber wires held by the Mexican Federal Electricity Commission and a concession to operate a public telecommunications network in Mexico with an expiration date in 2030. GTAC is a joint venture in which a subsidiary of the Company, a subsidiary of Grupo de Telecomunicaciones Mexicanas, S.A. de C.V. and a subsidiary of Megacable, S.A. de C.V. have an equal equity participation of 33.3% . In June 2010, a subsidiary of the Company entered into a long-term credit facility agreement to provide financing to GTAC for up to Ps. 688,217 , with an annual interest rate of the Mexican Interbank Interest Rate (“Tasa de Interés Interbancaria de Equilibrio” or “ TIIE ”) plus 200 basis points. Under the terms of this agreement, principal and interest were paid at dates agreed by the parties, between 2013 and 2021. During the year ended December 31, 2021, GTAC paid principal and interest to the Group in connection with this credit facility in the aggregate principal amount of Ps. 97,342 . Also, a subsidiary of the Company entered into supplementary long-term loans to provide additional financing to GTAC for an aggregate principal amount of Ps. 1,243,955 , with an annual interest of TIIE plus 200 basis points computed on a monthly basis and payable on an annual basis or at dates agreed by the parties. Under the terms of these supplementary loans, principal amounts can be prepaid at dates agreed by the parties before their maturities between 2023 and 2032. During the years ended December 31, 2022 and 2021, GTAC paid principal and interest to the Group in connection with these supplementary loans in the aggregate principal amount of Ps. 146,386 and Ps. 147,413 , respectively. The net investment in GTAC as of December 31, 2022 and 2021, included amounts receivable in connection with these supplementary loans to GTAC in the aggregate amount of Ps. 853,163 and Ps. 755,973 , respectively. These amounts receivable are in substance a part of the Group’s net investment in this investee (see Note 15). (2) The Group accounts for its investment in PDS under the equity method, due to its 50% interest in this joint venture. As of December 31, 2022 and 2021, the Group’s investment in PDS included intangible assets and goodwill in the aggregate amount of Ps. 113,837 . |
Schedule of roll forward of investments in associates and joint ventures | 2022 2021 At January 1 Ps. 26,704,235 Ps. 22,813,531 Reversal of impairment loss 593,838 4,161,704 Share of loss of associates and joint ventures, net (8,724,643) (490,674) Share of other comprehensive income of associates 4,245,546 245,714 Long-term loans granted to GTAC, net 166,223 131,604 Foreign currency translation adjustments (3,261,758) 505,183 GTAC payments of principal and interest (146,386) (244,755) Disposition of OCEN — (503,872) Dividends from PDS (10,000) (10,000) Investment in Flyacross (other associate) — 43,855 Consideration in common and preferred stock of TelevisaUnivision (see Notes 3 and 28) 30,912,000 — Other (28,106) 51,945 At December 31 Ps. 50,450,949 Ps. 26,704,235 |
Summarized of reconciles the summarized financial information of TelevisaUnivision (formerly known as UH II) to the carrying amount of the Group's interest TelevisaUnivision | The table below reconciles the summarized financial information of TelevisaUnivision (formerly known as UH II) to the carrying amount of the Group’s interest TelevisaUnivision as of December 31, 2022 and 2021, respectively (amounts in thousands of U.S. dollars): 2022 2021 Ownership as of December 31 44.4 % 35.5 % Group’s share of net assets U.S.$ 1,423,488 U.S.$ 1,065,225 Group’s share of net assets Ps. 27,723,859 Ps. 21,840,404 Goodwill, purchase price allocation and other adjustments 21,722,490 3,881,135 Carrying amount of the Group’s interest in TelevisaUnivision Ps. 49,446,349 Ps. 25,721,539 IFRS summarized financial information of TelevisaUnivision (formerly known as UH II, the successor company of UHI) for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands of U.S. dollars): 2022 2021 2020 Revenue U.S.$ 4,609,600 U.S.$ 2,841,000 U.S.$ 2,541,900 Depreciation and amortization 524,300 251,500 152,800 Interest income 11,400 400 1,100 Interest expense 610,300 420,387 427,500 (Expense) income from continuing operations (1,203,200) 550,128 45,537 Income tax (expense) benefit (232,400) 36,872 (9,137) Net (loss) income (1,435,600) 587,000 36,400 Other comprehensive income (loss) 471,113 32,000 (23,700) Total comprehensive (loss) income (964,487) 619,000 12,700 Preferred dividends received from TelevisaUnivision 37,812 — — |
Summarized of reconcilies the summarized financial information of TelevisaUnivision (formerly known as UH II) to the carrying amount of the Group's interest in Televisaunivision | The table below reconciles the summarized financial information of TelevisaUnivision (formerly known as UH II, the successor company of UHI) to the carrying amount of the Group’s interest in TelevisaUnivision for the years ended December 31, 2022, 2021 and 2020 (amounts in thousands of U.S. dollars): 2022 2021 2020 Net (loss) income U.S.$ (637,955) U.S.$ 208,638 U.S.$ 3,635 Other comprehensive income (loss) 209,354 11,374 (2,367) Net (loss) income Ps. (12,555,817) Ps. 4,232,441 Ps. 78,133 Other comprehensive income (loss) 4,245,660 232,773 (50,872) Purchase price allocation and other adjustments: Net income (loss) adjustments 3,790,887 (4,834,744) (79,163) Other comprehensive loss adjustments — — (6,657) Group’s interest in UHI: Net loss (8,764,930) (602,303) (1,030) Other comprehensive income (loss) 4,245,660 232,773 (57,529) Reversal of impairment (impairment loss) 593,838 4,161,704 (5,455,356) |
Schedule of combined condensed balance sheet information related to the Group's share in associates other than TelevisaUnivision (formerly known as UH II) | 2022 2021 Current assets Ps. 17,896 Ps. 196,110 Non-current assets 39,213 118,207 Total assets 57,109 314,317 Current liabilities 26,952 154,957 Non-current liabilities 1,295 23,459 Total liabilities 28,247 178,416 Net assets Ps. 28,862 Ps. 135,901 Goodwill, purchase price allocation and other adjustments 23,002 29,002 Carrying amount of the Group’s interest in associates Ps. 51,864 Ps. 164,903 2022 2021 Current assets Ps. 181,740 Ps. 159,619 Non-current assets 796,426 651,674 Total assets 978,166 811,293 Current liabilities 101,167 75,110 Non-current liabilities 891,263 788,200 Total liabilities 992,430 863,310 Net liabilities Ps. (14,264) Ps. (52,017) Goodwill, purchase price allocation and other adjustments 113,837 113,837 Long-term loans granted to GTAC, net 853,163 755,973 Carrying amount of the Group’s interest in joint ventures Ps. 952,736 Ps. 817,793 |
Schedule of share of comprehensive income (loss) of associates and joint ventures other than TelevisaUnivision (formerly known as UH II) | 2022 2021 2020 Share of income (loss) of associates and joint ventures, net Ps. 40,287 Ps. 111,629 Ps. (283,282) Share of other comprehensive (loss) income of associates and joint ventures: Foreign currency translation adjustments, net — 58 1,757 Other items of comprehensive (loss) income, net (114) 12,883 (5,261) (114) 12,941 (3,504) Share of comprehensive income (loss) of associates and joint ventures Ps. 40,173 Ps. 124,570 Ps. (286,786) |
TelevisaUnivision | |
Disclosure of Associates And Joint Ventures [Line Items] | |
Schedule of combined condensed balance sheet information related to the Group's share in associates other than TelevisaUnivision (formerly known as UH II) | IFRS summarized financial information of TelevisaUnivision (formerly known as UH II) as of December 31, 2022 and 2021, respectively (amounts in thousands of U.S. dollars): 2022 2021 Current assets (include cash and cash equivalents for U.S.$538,600 and U.S.$647,000, respectively) U.S.$ 2,444,700 U.S.$ 2,579,100 Non-current assets 15,764,400 11,729,470 Total assets 18,209,100 14,308,570 Current liabilities (include financial liabilities for U.S.$60,100 and U.S.$54,000, respectively) 1,405,000 691,600 Non-current liabilities (include financial liabilities for U.S.$628,100 and U.S.$631,437, respectively) 13,600,800 10,619,970 Total liabilities 15,005,800 11,311,570 Total net assets U.S.$ 3,203,300 U.S.$ 2,997,000 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net, and Investment Property, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment, Net, and Investment Property, Net | |
Schedule of analysis of changes in property, plant and equipment | Construction Buildings Technical Satellite Furniture Transportation Computer Leasehold and Projects and Land Equipment Transponders and Fixtures Equipment Equipment Improvements in Progress (1) Total Cost: January 1, 2021 Ps. 14,886,912 Ps. 157,262,188 Ps. 6,026,094 Ps. 1,263,800 Ps. 3,122,232 Ps. 9,198,382 Ps. 3,605,636 Ps. 12,873,670 Ps. 208,238,914 Additions 2,290 14,334,876 — 68,201 395,005 339,967 17,508 8,110,000 23,267,847 Dismantling cost — 69,350 — — — — — — 69,350 Retirements and reclassifications to other accounts (93,883) (2,423,831) — (62,210) (280,189) (618,714) (19,860) (1,055,858) (4,554,545) Transfers from intangibles assets, net — — — — — — — (547,940) (547,940) Transfers and reclassifications 412,054 3,513,272 — 28,976 170,788 594,158 125,175 (4,844,423) — Effect of translation (4,773) 39,351 — 36 71 306 37 97 35,125 December 31, 2021 15,202,600 172,795,206 6,026,094 1,298,803 3,407,907 9,514,099 3,728,496 14,535,546 226,508,751 Additions 3,329 13,978,378 — 35,064 118,028 201,745 23,279 2,955,564 17,315,387 Dismantling cost — 195,304 — — — — — — 195,304 Retirements and reclassifications to other accounts (91,077) (6,171,083) — (148,546) (523,397) (558,400) (331,212) 974,880 (6,848,835) Transfers from intangibles assets, net — — — — — — — (502,017) (502,017) Transfers investment property (3,867,138) — — — — — — — (3,867,138) Transfers and reclassifications 226,903 5,900,361 — 29,147 24,357 84,970 128,544 (6,394,282) — Effect of translation (15,030) (148,110) — (41) (148) (655) (47) 1,086 (162,945) December 31, 2022 Ps. 11,459,587 Ps. 186,550,056 Ps. 6,026,094 Ps. 1,214,427 Ps. 3,026,747 Ps. 9,241,759 Ps. 3,549,060 Ps. 11,570,777 Ps. 232,638,507 Accumulated depreciation: January 1, 2021 Ps. (5,307,759) Ps. (103,248,870) Ps. (3,971,069) Ps. (718,471) Ps. (2,031,266) Ps. (7,106,312) Ps. (2,573,540) Ps. — Ps. (124,957,287) Depreciation of the year (304,842) (15,641,059) (282,414) (117,255) (262,008) (848,426) (274,546) — (17,730,550) Retirements 70,754 3,326,801 — 58,751 127,440 557,776 (133) — 4,141,389 Effect of translation (1,362) (38,575) — (28) (69) (110) (33) — (40,177) December 31, 2021 (5,543,209) (115,601,703) (4,253,483) (777,003) (2,165,903) (7,397,072) (2,848,252) — (138,586,625) Depreciation of the year (211,805) (16,063,925) (282,414) (93,462) (210,362) (495,891) (221,854) — (17,579,713) Retirements 252,367 3,520,999 — 70,413 406,901 215,279 182,517 — 4,648,476 Transfers investment property 993,973 — — — — — — — 993,973 Effect of translation 2,248 118,584 — 36 82 784 47 — 121,781 December 31, 2022 Ps. (4,506,426) Ps. (128,026,045) Ps. (4,535,897) Ps. (800,016) Ps. (1,969,282) Ps. (7,676,900) Ps. (2,887,542) Ps. — Ps. (150,402,108) Carrying amount: January 1, 2021 Ps. 9,579,153 Ps. 54,013,318 Ps. 2,055,025 Ps. 545,329 Ps. 1,090,966 Ps. 2,092,070 Ps. 1,032,096 Ps. 12,873,670 Ps. 83,281,627 December 31, 2021 Ps. 9,659,391 Ps. 57,193,503 Ps. 1,772,611 Ps. 521,800 Ps. 1,242,004 Ps. 2,117,027 Ps. 880,244 Ps. 14,535,546 Ps. 87,922,126 December 31, 2022 Ps. 6,953,161 Ps. 58,524,011 Ps. 1,490,197 Ps. 414,411 Ps. 1,057,465 Ps. 1,564,859 Ps. 661,518 Ps. 11,570,777 Ps. 82,236,399 (1) Retirements and reclassifications to other accounts include: (i) set-up box refurbishment projects that are subsequently reclassified to inventory in order to be assigned or sold to a customer; and (ii) projects in progress related to certain costs that are reclassified to programming when a specific program benefits from those costs. |
Schedule of leased technical equipment | 2022 2021 Subscriber leased set-top equipment Ps. 54,493,281 Ps. 47,813,940 Accumulated depreciation (34,231,392) (30,316,415) Ps. 20,261,889 Ps. 17,497,525 2022 2021 Dismantling costs Ps. 1,133,071 Ps. 937,767 Accumulated depreciation (522,651) (433,426) Ps. 610,420 Ps. 504,341 |
Schedule of changes in the carrying amount of investment property | Buildings and Land Cost: Reclassification from property, plant and equipment in the first quarter of 2022 Ps. 3,867,138 December 31, 2022 Ps. 3,867,138 Accumulated depreciation: Reclassification from property, plant and equipment in the first quarter of 2022 (910,264) Depreciation of the period (83,709) December 31, 2022 Ps. (993,973) Carrying amount: December 31, 2022 Ps. 2,873,165 |
Schedule of maturity analysis of undiscounted lease payments to be received | Undiscounted Year Lease Payments 2023 U.S.$ 22,037 2024 22,037 2025 22,037 2026 22,037 2027 22,037 Thereafter 310,981 |
Right-of-use Assets, Net (Table
Right-of-use Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Right-of-use Assets, Net | |
Schedule of right of use assets, net | Satellite Technical Computer Buildings Transponders Equipment Equipment Others Total Cost: January 1, 2021 Ps. 5,464,584 Ps. 4,275,619 Ps. 1,883,982 Ps. — Ps. 231,138 Ps. 11,855,323 Additions 1,166,607 — 115,591 437,361 154,159 1,873,718 Retirements (342,237) — — — (63,837) (406,074) Effect of translation 270 — — — — 270 December 31, 2021 Ps. 6,289,224 Ps. 4,275,619 Ps. 1,999,573 Ps. 437,361 Ps. 321,460 Ps. 13,323,237 Additions 797,811 — 99,209 56,332 71,759 1,025,111 Retirements (1,147,014) — — (375,045) 137,786 (1,384,273) Effect of translation (561) — — — — (561) December 31, 2022 Ps. 5,939,460 Ps. 4,275,619 Ps. 2,098,782 Ps. 118,648 Ps. 531,005 Ps. 12,963,514 Accumulated depreciation: January 1, 2021 Ps. (1,176,679) Ps. (2,351,590) Ps. (988,266) Ps. — Ps. (126,623) Ps. (4,643,158) Depreciation of the year (611,120) (285,042) (132,862) (83,342) (35,682) (1,148,048) Retirements 72,065 — 352 — 223 72,640 Effect of translation (104) — — — — (104) December 31, 2021 Ps. (1,715,838) Ps. (2,636,632) Ps. (1,120,776) Ps. (83,342) Ps. (162,082) Ps. (5,718,670) Depreciation of the year (610,652) (285,041) (135,527) (35,986) (89,808) (1,157,014) Retirements 513,267 — 335 82,289 (13,787) 582,104 Effect of translation 364 — — — — 364 December 31, 2022 Ps. (1,812,859) Ps. (2,921,673) Ps. (1,255,968) Ps. (37,039) Ps. (265,677) Ps. (6,293,216) Carrying amount: January 1, 2021 Ps. 4,287,905 Ps. 1,924,029 Ps. 895,716 Ps. — Ps. 104,515 Ps. 7,212,165 December 31, 2021 Ps. 4,573,386 Ps. 1,638,987 Ps. 878,797 Ps. 354,019 Ps. 159,378 Ps. 7,604,567 December 31, 2022 Ps. 4,126,601 Ps. 1,353,946 Ps. 842,814 Ps. 81,609 Ps. 265,328 Ps. 6,670,298 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible Assets and Goodwill, Net | |
Schedule of intangible assets and goodwill | 2022 2021 Accumulated Accumulated Cost Amortization Carrying Amount Cost Amortization Carrying Amount Intangible assets and goodwill with indefinite useful lives: Trademarks Ps. 32,828 Ps. — Ps. 32,828 Ps. 35,242 Ps. — Ps. 35,242 Concessions 15,166,067 — 15,166,067 15,166,067 — 15,166,067 Goodwill 13,904,998 — 13,904,998 14,036,657 — 14,036,657 29,103,893 — 29,103,893 29,237,966 — 29,237,966 Intangible assets with finite useful lives: Trademarks 2,227,096 (2,115,570) 111,526 2,227,096 (2,043,442) 183,654 Concessions — — — 553,505 (553,505) — Licenses and software 15,111,644 (10,952,399) 4,159,245 14,831,874 (9,672,946) 5,158,928 Subscriber lists 8,791,701 (7,874,480) 917,221 8,806,951 (7,574,668) 1,232,283 Payments for renewal of concessions 5,824,365 (287,668) 5,536,697 5,825,559 — 5,825,559 Other intangible assets 6,252,593 (4,957,588) 1,295,005 5,446,636 (4,829,145) 617,491 38,207,399 (26,187,705) 12,019,694 37,691,621 (24,673,706) 13,017,915 Ps. 67,311,292 Ps. (26,187,705) Ps. 41,123,587 Ps. 66,929,587 Ps. (24,673,706) Ps. 42,255,881 |
Schedule of changes in net carrying amount of goodwill, indefinite-lived trademarks and concessions | Foreign Balance as of Currency Balance as of January 1, Translation Impairment December 31, 2022 Acquisitions Retirements Adjustments Adjustments Transfers 2022 Goodwill: Cable Ps. 13,794,684 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 13,794,684 Other Businesses (1) 241,973 — (131,659) — — — 110,314 Ps. 14,036,657 Ps. — Ps. (131,659) Ps. — Ps. — Ps. — Ps. 13,904,998 Indefinite-lived trademarks (see Note 3): Cable Ps. 32,813 Ps. — Ps. — Ps. 15 Ps. — Ps. — Ps. 32,828 Other Businesses 2,429 — (2,429) — — — — Ps. 35,242 Ps. — Ps. (2,429) Ps. 15 Ps. — Ps. — Ps. 32,828 Indefinite-lived concessions (see Note 3): Cable Ps. 15,070,025 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,070,025 Sky 96,042 — — — — — 96,042 Ps. 15,166,067 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,166,067 (1) Foreign Balance as of Currency Balance as of January 1, Translation Impairment December 31, 2021 Acquisitions Retirements Adjustments Adjustments Transfers 2021 Goodwill: Cable Ps. 13,794,684 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 13,794,684 Content 241,973 — — — — — 241,973 Other Businesses 76,969 — — — (76,969) — — Ps. 14,113,626 Ps. — Ps. — Ps. — Ps. (76,969) Ps. — Ps. 14,036,657 Indefinite-lived trademarks (see Note 3): Cable Ps. 32,813 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 32,813 Other Businesses 2,429 — — — — — 2,429 Ps. 35,242 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 35,242 Indefinite-lived concessions (see Note 3): Cable Ps. 15,070,025 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,070,025 Sky 96,042 — — — — — 96,042 Ps. 15,166,067 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,166,067 |
Schedule of key assumptions used for fair value or value in use calculations of goodwill and intabgible assets | The key assumptions used for either fair value or value in use calculations of goodwill and intangible assets in 2022, were as follows (see Note 15): Cable Minimum Maximum Value in use calculations: Long-term growth rate 4.90 % 4.90 % Discount rate 11.50 % 12.30 % Pre-tax discount rate 13.20 % 15.30 % Fair value calculations: Multiple of sales 2.0 2.9 Multiple of EBITDA (as defined) 5.5 7.1 The key assumptions used for either fair value or value in use calculations of goodwill and intangible assets in 2021, were as follows (see Note 15): Cable Minimum Maximum Value in use calculations: Long-term growth rate 4.00 % 4.00 % Discount rate 10.00 % 10.60 % Pre-tax discount rate 13.66 % 16.50 % Fair value calculations: Multiple of sales 2.2 3.3 Multiple of EBITDA (as defined) 6.8 7.9 |
Intangible Assets with Finite Useful Lives | |
Intangible Assets and Goodwill, Net | |
Schedule of intangible assets and goodwill | 2022 Licenses Payments for Other and Subscriber Renewal of Intangible Trademarks Concessions Software Lists Concessions Assets Total Cost: Balance at beginning of period Ps. 2,227,096 Ps. 553,505 Ps. 14,831,874 Ps. 8,806,951 Ps. 5,825,559 Ps. 5,446,636 Ps. 37,691,621 Additions — — 965,046 — — 842,137 1,807,183 Transfers from property, plant and equipment — — 502,017 — — — 502,017 Retirements and impairment adjustments — (553,505) (1,206,643) (10,386) (1,194) (118) (1,771,846) Transfers and reclassifications — — 35,921 — — (35,921) — Effect of translation — — (16,571) (4,864) — (141) (21,576) Balance at end of period 2,227,096 — 15,111,644 8,791,701 5,824,365 6,252,593 38,207,399 Accumulated amortization: Balance at beginning of period (2,043,442) (553,505) (9,672,946) (7,574,668) — (4,829,145) (24,673,706) Amortization of the year (72,128) — (1,640,543) (315,062) (287,668) (103,469) (2,418,870) Other amortization of the year (1) — — — — — (353,232) (353,232) Retirements and impairment adjustments — 553,505 610,038 10,386 — 63,074 1,237,003 Transfers and reclassifications — — (264,968) — — 264,968 — Effect of translation — — 16,020 4,864 — 216 21,100 Balance at end of period (2,115,570) — (10,952,399) (7,874,480) (287,668) (4,957,588) (26,187,705) Ps. 111,526 Ps. — Ps. 4,159,245 Ps. 917,221 Ps. 5,536,697 Ps. 1,295,005 Ps. 12,019,694 2021 Licenses Payments for Other and Subscriber Renewal of Intangible Trademarks Concessions Software Lists Concessions Assets Total Cost: Balance at beginning of period Ps. 2,227,096 Ps. 553,505 Ps. 13,139,480 Ps. 8,804,334 Ps. 5,825,559 Ps. 5,169,795 Ps. 35,719,769 Additions — — 1,599,671 — — 299,793 1,899,464 Transfers from property, plant and equipment — — 609,974 — — (62,034) 547,940 Retirements and impairment adjustments — — (643,888) — — — (643,888) Transfers and reclassifications — — 117,716 — — 39,278 156,994 Effect of translation — — 8,921 2,617 — (196) 11,342 Balance at end of period 2,227,096 553,505 14,831,874 8,806,951 5,825,559 5,446,636 37,691,621 Accumulated amortization: Balance at beginning of period (1,971,314) (442,804) (8,446,906) (7,258,070) — (4,191,392) (22,310,486) Amortization of the year (72,128) (110,701) (1,741,517) (313,981) — (301,444) (2,539,771) Other amortization of the year (1) — — — — — (329,144) (329,144) Retirements and impairment adjustments — — 516,045 — — — 516,045 Effect of translation — — (568) (2,617) — (7,165) (10,350) Balance at end of period (2,043,442) (553,505) (9,672,946) (7,574,668) — (4,829,145) (24,673,706) Ps. 183,654 Ps. — Ps. 5,158,928 Ps. 1,232,283 Ps. 5,825,559 Ps. 617,491 Ps. 13,017,915 (1) Other amortization of the year relates primarily to amortization of soccer player rights, which is included in consolidated cost of revenues. |
Intangible Assets with Indefinite Useful Lives | |
Intangible Assets and Goodwill, Net | |
Schedule of intangible assets and goodwill | 2022 Trademarks Concessions Goodwill Total Cost: Balance at beginning of period Ps. 35,242 Ps. 15,166,067 Ps. 14,036,657 Ps. 29,237,966 Retirements (2,429) — (131,659) (134,088) Effect of translation 15 — — 15 Balance at end of period Ps. 32,828 Ps. 15,166,067 Ps. 13,904,998 Ps. 29,103,893 2021 Trademarks Concessions Goodwill Total Cost: Balance at beginning of period Ps. 35,242 Ps. 15,166,067 Ps. 14,113,626 Ps. 29,314,935 Impairment adjustments — — (76,969) (76,969) Balance at end of period Ps. 35,242 Ps. 15,166,067 Ps. 14,036,657 Ps. 29,237,966 |
Debt and Lease Liabilities (Tab
Debt and Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt and Lease Liabilities | |
Schedule of debt and lease liabilities outstanding | 2022 2021 Effective Interest Finance Principal, Net Principal, Net Interest Rate Payable Principal Costs of Finance Costs of Finance Costs U.S. dollar Senior Notes: 6.625% Senior Notes due 2025 (1) 7.60 % Ps. 85,939 Ps. 5,188,796 Ps. (46,107) Ps. 5,142,689 Ps. 12,177,355 4.625% Senior Notes due 2026 (1) 5.03 % 135,115 5,842,800 (14,489) 5,828,311 6,131,473 8.5% Senior Notes due 2032 (1) 9.00 % 151,751 5,842,800 (16,337) 5,826,463 6,132,826 6.625% Senior Notes due 2040 (1) 7.05 % 352,678 11,685,600 (107,746) 11,577,854 12,187,745 5% Senior Notes due 2045 (1) 5.39 % 125,097 17,321,136 (323,875) 16,997,261 20,107,046 6.125% Senior Notes due 2046 (1) 6.47 % 536,807 17,528,400 (109,710) 17,418,690 18,338,293 5.250% Senior Notes due 2049 (1) 5.59 % 71,798 13,675,853 (273,503) 13,402,350 15,093,468 Total U.S. dollar debt 1,459,185 77,085,385 (891,767) 76,193,618 90,168,206 Mexican peso debt: 8.79% Notes due 2027 (2) 8.84 % 97,789 4,500,000 (11,403) 4,488,597 4,486,238 8.49% Senior Notes due 2037 (1) 8.94 % 48,818 4,500,000 (10,453) 4,489,547 4,488,822 7.25% Senior Notes due 2043 (1) 7.92 % 52,361 6,500,000 (48,355) 6,451,645 6,449,277 Bank loans (3) 11.57 % 77,003 10,000,000 (32,757) 9,967,243 15,939,483 Bank loans (Sky) (4) 10.17 % 25,913 3,650,000 — 3,650,000 3,650,000 Bank loans (TVI) (5) — — — — 610,116 Total Mexican peso debt 301,884 29,150,000 (102,968) 29,047,032 35,623,936 Total debt (6) 1,761,069 106,235,385 (994,735) 105,240,650 125,792,142 Less: Current portion of long-term debt 1,761,069 1,000,000 — 1,000,000 4,106,432 Long-term debt, net of current portion Ps. — Ps. 105,235,385 Ps. (994,735) Ps. 104,240,650 Ps. 121,685,710 2022 2021 Lease liabilities: Satellite transponder lease agreement (7) Ps. 2,807,184 Ps. 3,457,524 Other lease agreement (8) 608,250 689,483 Lease liabilities (9) 4,953,638 5,533,552 Total lease liabilities 8,369,072 9,680,559 Less: Current portion 1,373,233 1,478,382 Lease liabilities, net of current portion Ps. 6,995,839 Ps. 8,202,177 (1) The Senior Notes due between 2025 and 2049, in the aggregate outstanding principal amount of U.S. $3,958 million as of December 31, 2022 and Ps. 11,000,000 as of December 31, 2022 and 2021, 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. Interest rate on the Senior Notes due 2025, 2026, 2032, 2037, 2040, 2043, 2045, 2046 and 2049, including additional amounts payable in respect of certain Mexican withholding taxes, is 6.97% , 4.86% , 8.94% , 8.93% , 6.97% , 7.62% , 5.26% , 6.44% and 5.52% per annum, respectively, and is payable semi-annually. These Senior Notes may not be redeemed prior to maturity, except: (i) 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, in whole or in part, at the option of the Company; and (ii) in the event of a change of control, in which case the Company may be required to redeem the securities at 101% of their principal amount. Also, the Company may, at its own option, redeem the Senior Notes due 2025, 2026, 2037, 2040, 2043, 2046 and 2049, in whole or in part, at any time at a redemption price equal to the greater of the principal amount of these Senior Notes or the present value of future cash flows, at the redemption date, of principal and interest amounts of the Senior Notes discounted at a fixed rate of comparable U.S. or Mexican sovereign bonds. The Senior Notes due 2026, 2032, 2040, 2043, 2045, 2046 and 2049 were priced at 99.385% , 99.431% , 98.319% , 99.733% , 96.534% , 99.677% and 98.588% , respectively, for a yield to maturity of 4.70% , 8.553% , 6.755% , 7.27% , 5.227% , 6.147% and 5.345% , respectively. The Senior Notes due 2025 were issued in two aggregate principal amounts of U.S. $400 million and U.S. $200 million, and were priced at 98.081% and 98.632% , respectively, for a yield to maturity of 6.802% and 6.787% , respectively. The terms of these Senior Notes contain covenants that limit the ability of the Company and certain restricted subsidiaries, to incur or assume liens, perform sale and leaseback transactions, and consummate certain mergers, consolidations, and similar transactions. The Senior Notes due 2025, 2026, 2032, 2037, 2040, 2045, 2046 and 2049, are registered with the U.S. Securities and Exchange Commission (“SEC”). The Senior Notes due 2043 are registered with both the SEC and the Mexican Banking and Securities Commission (“Comisión Nacional Bancaria y de Valores” or “CNBV”). In March 2022, the Company completed a partial redemption of U.S. $200 million aggregate principal amount of its 6.625% Senior Notes due 2025, in the aggregate amount of U.S. $221.3 million, including U.S. $220.9 million of the applicable redemption price and U.S. $0.4 million of accrued and unpaid interest on the redemption date. In August 2022, the Company concluded a tender offer to purchase in cash a principal amount of U.S. $133.6 million of its 6.625% Senior Notes due 2025, U.S. $110.6 million of its 5.000% Senior Notes due 2045, and U.S. $47.8 million of its 5.250% Senior Notes due 2049, for an aggregate principal amount of U.S. $292.0 million. The aggregate tender consideration paid amounted to U.S. $294.8 million plus U.S. $5.5 million of accrued and unpaid interest on the settlement date (see Note 23). (2) In 2017, the Company issued Notes (“Certificados Bursátiles”) due 2027, through the BMV in the aggregate principal amount of Ps. 4,500,000 , with interest payable semi-annually at an annual rate of 8.79% . The Company may, at its own option, redeem the Notes due 2027, in whole or in part, at any semi-annual interest payment date at a redemption price equal to the greater of the principal amount of the outstanding Notes and the present value of future cash flows, at the redemption date, of principal and interest amounts of the Notes discounted at a fixed rate of comparable Mexican sovereign bonds. The terms of the Notes due 2027 contain covenants that limit the ability of the Company and certain restricted subsidiaries appointed by the Company’s Board of Directors, to incur or assume liens, perform sale and leaseback transactions, and consummate certain mergers, consolidations, and similar transactions. (3) In 2017, the Company entered into long-term credit agreements with three Mexican banks, in the aggregate principal amount of Ps. 6,000,000 , with interest payable on a monthly basis at a rate of 28-day TIIE plus a range between 125 and 130 basis points, and principal maturities in 2022 and 2023. In February and March 2022, the Company prepaid these outstanding long-term loans in the aggregate principal amount of Ps. 6,000,000 and paid related accrued interest in the aggregate amount of Ps. 37,057 . In July 2019, the Company entered into a credit agreement for a five-year term loan with a syndicate of banks in the aggregate principal amount of Ps. 10,000,000 . The funds from this loan were used for general corporate purposes, including the refinancing of the Company’s indebtedness. This loan bears interest payable on a monthly basis at a floating rate based on a spread of 105 or 130 basis points over the 28-day TIIE rate depending on the Group’s net leverage ratio. The credit agreement of this loan requires the maintenance of financial ratios related to indebtedness and interest expense. (4) In March 2016, Sky entered into long-term credit agreements with two Mexican banks in the aggregate principal amount of Ps. 5,500,000 , with maturities between 2021 and 2023, and interest payable on a monthly basis with an annual interest rate in the range of 7.0% and 7.13% . In July 2020, Sky prepaid a portion of these loans in the aggregate cash amount of Ps. 2,818,091 , which included a principal amount prepayment of Ps. 2,750,000 , and related accrued interest and transaction costs in the amount of Ps. 68,091 . In December 2021, Sky prepaid a portion of these loans in the aggregate cash amount of Ps. 1,750,365 , which included a principal amount prepayment of Ps. 1,750,000 , and related accrued interest in the amount of Ps. 365 . In December 2021, Sky entered into long-term credit agreement with a Mexican Bank in the aggregate principal amount of Ps. 2,650,000 , with interest payable on a monthly basis and maturity in December 2026, which included a Ps. 1,325,000 loan with an annual interest rate of 8.215% and a Ps. 1,325,000 loan with an annual interest rate of 28-day TIIE plus 90 basis points. The funds from these loans were used for general corporate purposes, including the prepayment of Sky´s indebtedness. Under the terms of this credit agreement, Sky is required to: (a) maintain certain financial coverage ratios related to indebtedness and interest expense; and (b) comply with a restrictive covenant on spin-offs, mergers and similar transactions (see Note 30). (5) As of December 31, 2021, included an outstanding balance in the aggregate principal amount of Ps. 610,404 , in connection with credit agreements entered into by TVI with Mexican banks, with maturities between 2020 and 2022, bearing interest payable on a monthly basis at an annual rate of TIIE plus a range between 100 and 125 basis points. In the second quarter of 2022, TVI repaid all of its outstanding indebtedness at maturity including a principal amount of Ps. 549,781 and related accrued interest in the amount of Ps. 3,569 . (6) Principal amount of total debt as of December 31, 2021, is presented net of unamortized finance costs in the aggregate amount of Ps. 1,207,057 . (7) In March 2010, Sky entered into a lease agreement with Intelsat Global Sales & Marketing Ltd. (“Intelsat”) by which Sky is obligated to pay at an annual interest rate of 7.30% , a monthly fee through 2027 of U.S. $3.0 million for satellite signal reception and retransmission service from 24 KU-band transponders on satellite IS-21, which became operational in October 2012. The service term for IS-21 will end at the earlier of: (a) the end of 15 years ; or (b) the date IS-21 is taken out of service (see Note 12). (8) Lease agreement entered into by a subsidiary of the Company and GTAC for the right to use certain capacity of a telecommunications network through 2030 (see Note 20). (9) Lease liabilities recognized beginning on January 1, 2019, under IFRS 16 Leases , in the aggregate amount of Ps. 4,953,638 and Ps. 5,533,552 , as of December 31, 2022 and 2021, respectively. These lease liabilities have terms which expired or will expire at various dates between 2021 and 2051. |
Schedule of outstanding principal amounts of hedged items | December 31, 2022 December 31, 2021 Millions of Thousands of Millions of Thousands of Hedged Items U.S. D ollars Mexican Pesos U.S. D ollars Mexican Pesos Investment in shares of TelevisaUnivision (formerly known as UH II) (net investment hedge) U.S.$ 2,538.8 Ps. 49,446,349 U.S.$ 1,254.5 Ps. 25,721,539 Open-Ended Fund (foreign currency fair value hedge) 39.7 773,209 46.1 945,176 Total U.S.$ 2,578.5 Ps. 50,219,558 U.S.$ 1,300.6 Ps. 26,666,715 |
Schedule of foreign exchange gain or loss derived from senior notes designated as a hedge | Year Ended Year Ended Foreign Exchange Gain or Loss Derived from Senior Notes Designated as Hedging Instruments December 31, 2022 December 31, 2021 Recognized in: Comprehensive gain (loss) Ps. 3,375,804 Ps. (604,856) Total foreign exchange gain (loss) derived from hedging Senior Notes Ps. 3,375,804 Ps. (604,856) Offset against: Foreign currency translation (loss) gain derived from the hedged net investment in shares of TelevisaUnivision (formerly known as UH II) Ps. (3,261,758) Ps. 505,183 Foreign exchange (loss) gain derived from the hedged Open-Ended Fund (114,046) 99,673 Total foreign currency translation and foreign exchange (loss) gain derived from hedged assets Ps. (3,375,804) Ps. 604,856 |
Schedule of debt maturities | Debt maturities for the years subsequent to December 31, 2022, are as follows: Unamortized Nominal Finance Costs 2023 Ps. 1,000,000 Ps. — 2024 10,000,000 32,757 2025 5,188,796 46,107 2026 8,492,800 14,489 2027 4,500,000 11,403 Thereafter 77,053,789 889,979 Ps. 106,235,385 Ps. 994,735 |
Schedule of future minimum payments under lease liabilities | Future minimum payments under lease liabilities for the years subsequent to December 31, 2022, are as follows: 2023 Ps. 2,014,656 2024 2,047,781 2025 1,948,773 2026 1,870,879 2027 1,614,579 Thereafter 2,006,597 11,503,265 Less: Amount representing interest (3,134,193) Ps. 8,369,072 |
Schedule of reconciliation of long-term debt and lease liabilities arising from financing activities | Cash Flow Non-Cash Changes Foreign Balance as of Discontinued New Debt Exchange Balance as of January 1, 2022 New Debt Payments operation and Leases Income Interest December 31, 2022 Debt Ps. 126,999,199 Ps. — Ps. (16,709,984) Ps. — Ps. — Ps. (4,053,830) Ps. — Ps. 106,235,385 Satellite transponder lease agreement 3,457,524 — (494,021) — — (156,319) — 2,807,184 Other lease agreement 689,483 — (205,242) — 99,545 — 24,464 608,250 Lease liabilities 5,533,552 — (991,048) (485,362) 490,987 (23,498) 429,007 4,953,638 Total debt and lease liabilities Ps. 136,679,758 Ps. — Ps. (18,400,295) Ps. (485,362) Ps. 590,532 Ps. (4,233,647) Ps. 453,471 Ps. 114,604,457 Cash Flow Non-Cash Changes Foreign Balance as of New Debt Exchange Balance as of January 1, 2021 New Debt Payments and Leases Income Interest December 31, 2021 Debt Ps. 123,877,278 Ps. 2,650,000 Ps. (1,992,489) Ps. — Ps. 2,464,410 Ps. — Ps. 126,999,199 Satellite transponder lease agreement 3,818,559 — (460,210) — 99,175 — 3,457,524 Other lease agreement 728,500 115,943 (186,317) — — 31,357 689,483 Lease liabilities 4,745,292 — (1,082,226) 1,424,507 — 445,979 5,533,552 Total debt and lease liabilities Ps. 133,169,629 Ps. 2,765,943 Ps. (3,721,242) Ps. 1,424,507 Ps. 2,563,585 Ps. 477,336 Ps. 136,679,758 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial Instruments | |
Schedule of carrying value and estimated fair value of financial instruments | The carrying and estimated fair values of the Group’s non-derivative financial instruments as of December 31, 2022 and 2021, were as follows: 2022 2021 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents Ps. 51,130,992 Ps. 51,130,992 Ps. 25,828,215 Ps. 25,828,215 Trade notes and accounts receivable, net 8,457,302 8,457,302 13,093,011 13,093,011 Long-term loan and interest receivable from GTAC (see Note 10) 853,163 857,006 755,973 760,143 Open-Ended Fund (see Note 9) 773,209 773,209 945,176 945,176 Publicly traded equity instruments (see Note 9) 2,611,053 2,611,053 3,517,711 3,517,711 Other equity instruments (see Note 9) — — 1,607,969 1,607,969 Liabilities: Senior Notes due 2025, 2032 and 2040 Ps. 22,717,196 Ps. 24,313,064 Ps. 30,754,650 Ps. 39,592,552 Senior Notes due 2045 17,321,136 14,975,508 20,503,100 24,205,140 Senior Notes due 2037 and 2043 11,000,000 8,087,840 11,000,000 8,722,100 Senior Notes due 2026 and 2046 23,371,200 23,287,882 24,603,720 31,714,380 Senior Notes due 2049 13,675,853 12,199,681 15,377,325 19,307,154 Notes due 2027 4,500,000 4,238,640 4,500,000 4,509,405 Long-term loans payable to Mexican banks 13,650,000 13,775,125 20,260,404 20,417,854 Lease liabilities 8,369,072 8,497,104 9,680,559 9,830,878 The carrying amounts (based on estimated fair values), notional amounts, and maturity dates of the Group’s derivative financial instruments as of December 31, 2022 and 2021, were as follows: Notional Amount December 31, 2022: Carrying (U.S. Dollars in Derivative Financial Instruments Amount Thousands) Maturity Date Assets: Derivatives recorded as accounting hedges (cash flow hedges): Interest rate swaps (f) Ps. 11,237 Ps. 2,500,000 February 2023 Interest rate swaps (b) 532,344 Ps. 10,000,000 June 2024 Total assets Ps. 543,581 Liabilities: Derivatives not recorded as accounting hedges: TVI’s forwards (i) Ps. 7,650 U.S.$ 27,963 January through June 2023 Empresas Cablevisión’s forwards (j) 12,047 U.S.$ 38,649 January through June 2023 Sky’s forwards (k) 16,903 U.S.$ 58,000 January through June 2023 Forwards (l) 34,801 U.S.$ 113,388 January through June 2023 Total liabilities Ps. 71,401 Notional Amount December 31, 2021: Carrying (U.S. Dollars in Derivative Financial Instruments Amount Thousands) Maturity Date Assets: Derivatives recorded as accounting hedges (cash flow hedges): TVI’s interest rate swap (a) Ps. 127 Ps. 87,600 May 2022 Interest rate swaps (b) 133,197 Ps. 10,000,000 June 2024 Total assets Ps. 133,324 Liabilities: Derivatives recorded as accounting hedges (cash flow hedges): TVI’s interest rate swaps (c) Ps. 2,015 Ps. 522,804 April 2022 Interest rate swaps (d) 9,749 Ps. 2,000,000 October 2022 Interest rate swaps (e) 7,243 Ps. 1,500,000 October 2022 Interest rate swaps (f) 23,798 Ps. 2,500,000 February 2023 Forwards (g) 35,524 U.S.$ 67,125 January 2022 through March 2022 Derivatives not recorded as accounting hedges: Interest rate swaps (h) 2,943 Ps. 9,385,347 March 2022 TVI’s forwards (i) 10,057 U.S.$ 12,600 January 2022 through February 2022 Empresas Cablevisión’s forwards (j) 11,006 U.S.$ 13,820 January 2022 through February 2022 Sky’s forwards (k) 14,054 U.S.$ 15,000 February 2022 Forwards (l) 56,496 U.S.$ 57,620 January 2022 through February 2022 Total liabilities Ps. 172,885 (a) TVI has entered into several derivative transaction agreements (interest rate swaps) with two financial institutions from August 2013 through May 2022 to hedge the variable interest rate exposure resulting from Mexican peso loans of a total principal amount of Ps. 87,600 as of December 31, 2021. Under these agreements, the Company received monthly payments based on aggregate notional amounts of Ps. 87,600 and made payments based on the same notional amount at an annual weighted average fixed rate of 5.585% . TVI has recognized the change in fair value of this transaction as an accounting hedge and recorded a loss of Ps. 57,843 and Ps. 58,847 in other comprehensive income or loss as of December 31, 2022 and 2021, respectively. In the years ended as of December 31, 2022 and 2021, TVI recorded a gain (loss) of Ps. 145 and Ps. (1,118) , respectively, in consolidated other finance income or expense. (b) In June and July 2019 and October 2020, the Company entered into derivative transaction agreements (interest rate swaps) through June 2024, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps. 10,000,000 as of December 31, 2022 and 2021. Under these agreements, the Company receives monthly payments based on aggregate notional amounts of Ps. 10,000,000 as of December 31, 2022 and 2021, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual weighted average fixed rate of 6.7620% . The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative or income of Ps. 507,663 in other comprehensive income or loss as of December 31, 2022. In 2022, the Company recorded a gain of Ps. 56,253 in consolidated other finance income or expense. (c) In March and April 2017, TVI entered into several derivative transaction agreements (interest rate swaps) with two financial institutions through April 2022 to hedge the variable interest rate exposure resulting from Mexican peso loan of a total principal amount of Ps. 522,804 as of December 31, 2021. Under these agreements, the Company received monthly payments based on aggregate notional amounts of Ps. 522,804 as of December 31, 2021, at an annual variable rate of 28- days TIIE and made monthly payments based on the same notional amounts at an annual weighted average fixed rate of 7.2663% . The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a loss of Ps. 1,131 and Ps. 2,015 in other comprehensive income or loss as of December 31, 2022 and 2021, respectively. TVI recorded a loss of Ps. 1,961 and Ps. 17,501 for this transaction agreement in consolidated other finance income or expense as of December 31, 2022 and 2021, respectively. (d) In November 2017, the Company entered into derivative transaction agreements (interest rate swaps) through October 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps. 2,000,000 . Under this transaction, the Company received monthly payments based on an aggregate notional amount of Ps. 2,000,000 , at an annual variable rate of 28 days of TIIE and made monthly payments based on the same notional amount at an annual fixed rate of 7.3275% . The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative loss of Ps. 9,031 and Ps. 9,031 in other comprehensive income or loss as of December 31, 2022 and 2021, respectively. In 2022 and 2021, the Company recorded a loss of Ps. 3,874 and Ps. 56,263 , respectively, in consolidated other finance income or expense. (e) In November and December 2017, the Company entered into derivative transaction agreements (interest rate swaps) through October 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps. 1,500,000 . Under this transaction, the Company received monthly payments based on an aggregate notional amount of Ps. 1,500,000 , at an annual variable rate of 28 days of TIIE and made monthly payments based on the same notional amount at an annual fixed rate of 7.35% . The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative loss of Ps. 6,697 and Ps. 6,697 in other comprehensive income or loss as of December 31, 2022 and 2021, respectively. In 2022, the Company recorded a loss of Ps. 457 in consolidated other finance income or expense. (f) In January 2018, the Company entered into derivative transaction agreements (interest rate swaps) through February 2023, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps. 2,500,000 . Under this transaction, the Company receives monthly payments based on aggregate notional amount of Ps. 2,500,000 , at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual fixed rate of 7.7485% . The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative loss of Ps. 19,612 and Ps. 19,612 in other comprehensive income or loss as of December 31, 2022 and 2021, respectively. In 2022, the Company recorded a gain of Ps. 387 in consolidated other finance income or expense. (g) As of December 31, 2021, the Company had entered into derivative contracts of foreign currency (forwards) to fix the exchange rate for the purchase of U.S. $ 67.1 million, at an average exchange rate of Ps. 21.1433 . The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative loss of Ps. 35,524 for this transaction agreement in other comprehensive income or loss as of December 31, 2021. In 2022 and 2021, the Company recorded a loss of Ps. 31,850 and Ps. 725,209 in consolidated other finance income or expense, respectively. (h) In March 2020, the Company entered into derivative transaction agreements (interest rate swaps) through March 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps. 9,385,347 . Under this transaction, the Company received monthly payments based on aggregate notional amounts of Ps. 9,385,347 , at an annual variable rate of 28 days of TIIE, and made monthly payments based on the same notional amount at an annual fixed rate of 6.0246% . In 2022 and 2021, the Company recorded a gain of Ps. 341 and Ps. 62,679 in consolidated other finance income or expense, respectively. (i) As of December 31, 2022, TVI had foreign currency contracts (forwards) in the aggregate notional amount of U.S. $28.0 million at an average rate of Ps. 20.0975 . As a result of the change in fair value of these agreements in the year ended December 31, 2022, the Company recorded a loss of Ps. 13,269 in consolidated other finance income or expense. (j) As of December 31, 2022, Empresas Cablevisión had foreign currency contracts (forwards) in the aggregate notional amount of U.S. $38.6 million at an average rate of Ps. 20.1365 . As a result of the change in fair value of these agreements in the year ended December 31, 2022, the Company recorded a loss of Ps. 18,396 in consolidated other finance income or expense. (k) As of December 31, 2022, Sky had foreign currency contracts (forwards) in the aggregate notional amount of U.S. $58.0 million at an average rate of Ps. 20.1170 . As a result of the change in fair value of these agreements in the year ended December 31, 2022, the Company recorded a loss of Ps. 31,368 in consolidated other finance income or expense. (l) As of December 31, 2022 and 2021, the Company had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$ 113.4 million and U.S. $57.6 million at an average rate of Ps. 20.1289 and Ps. 21.5927 , respectively. As a result of the change in fair value of these agreements, in the years ended December 31, 2022 and 2021, the Company recorded a loss of Ps. 66,690 and Ps. 56,447 in consolidated other finance income or expense, respectively. |
Schedule of financial assets and liabilities measured at fair value | Financial assets and liabilities measured at fair value as of December 31, 2022 and 2021: Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2022 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Assets: At FVOCIL: Open-Ended Fund Ps. 773,209 Ps. — Ps. 773,209 Ps. — Publicly traded equity instruments 2,611,053 2,611,053 — — Derivative financial instruments 543,581 — 543,581 — Total Ps. 3,927,843 Ps. 2,611,053 Ps. 1,316,790 Ps. — Liabilities: Derivative financial instruments Ps. 71,401 Ps. — Ps. 71,401 Ps. — Total Ps. 71,401 Ps. — Ps. 71,401 Ps. — Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2021 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Assets: At FVOCIL: Open-Ended Fund Ps. 945,176 Ps. — Ps. 945,176 Ps. — Publicly traded equity instruments 3,517,711 3,517,711 — — Derivative financial instruments 133,324 — 133,324 — Total Ps. 4,596,211 Ps. 3,517,711 Ps. 1,078,500 Ps. — Liabilities: Derivative financial instruments Ps. 172,885 Ps. — Ps. 172,885 Ps. — Total Ps. 172,885 Ps. — Ps. 172,885 Ps. — |
Post-employment Benefits (Table
Post-employment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Post-employment Benefits | |
Schedule of actuarial assumptions-present value of defined benefit obligations | 2022 2021 Discount rate 10.2 % 7.8 % Salary increase 5.2 % 5.0 % Inflation rate 3.7 % 3.5 % |
Schedule of reconciliation between defined benefit obligations and post-employment benefit liability (asset) | The reconciliation between defined benefit obligations and post-employment benefit liability in the consolidated statements of financial position as of December 31, 2022 and 2021, is presented as follows: As of December 31, 2022 Seniority Pensions Premiums 2022 Vested benefit obligations Ps. 323,414 Ps. 261,857 Ps. 585,271 Unvested benefit obligations 403,549 288,413 691,962 Defined benefit obligations 726,963 550,270 1,277,233 Fair value of plan assets 459,618 46,147 505,765 Underfunded status of the plans Ps. 267,345 Ps. 504,123 Ps. 771,468 Post-employment benefit liability Ps. 267,345 Ps. 504,123 Ps. 771,468 As of December 31, 2021 Seniority Pensions Premiums 2021 Vested benefit obligations Ps. 560,723 Ps. 335,294 Ps. 896,017 Unvested benefit obligations 1,881,974 406,374 2,288,348 Defined benefit obligations 2,442,697 741,668 3,184,365 Fair value of plan assets 978,892 291,793 1,270,685 Underfunded status of the plans Ps. 1,463,805 Ps. 449,875 Ps. 1,913,680 Post-employment benefit liability Ps. 1,463,805 Ps. 449,875 Ps. 1,913,680 |
Schedule of the components of net periodic pension and seniority premium cost | 2022 2021 Service cost Ps. 94,416 Ps. 175,648 Interest cost 99,889 193,313 Prior service cost for plan amendments (7,070) (40,124) Interest on plan assets (35,846) (69,546) Net periodic cost Ps. 151,389 Ps. 259,291 |
Schedule of defined benefit obligations, plan assets and funded status | Seniority Pensions Premiums 2022 2021 Defined benefit obligations: Beginning of year Ps. 2,442,697 Ps. 741,668 Ps. 3,184,365 Ps. 3,276,400 Retirement of discontinued operation (1,577,973) (228,740) (1,806,713) — Service cost 33,003 61,413 94,416 175,648 Interest cost 58,085 41,804 99,889 193,313 Benefits paid (38,552) (47,658) (86,210) (222,035) Remeasurement of post-employment benefit obligations (148,125) (53,319) (201,444) (198,837) Past service cost (42,172) 35,102 (7,070) (40,124) End of year 726,963 550,270 1,277,233 3,184,365 Fair value of plan assets: Beginning of year 978,892 291,793 1,270,685 1,195,749 Retirement of discontinued operation (493,447) (202,147) (695,594) — Return on plan assets 29,423 6,423 35,846 69,546 Contributions — — — 6,972 Remeasurement on plan assets (34,669) (8,656) (43,325) 80,988 Benefits paid (20,581) (41,266) (61,847) (82,570) End of year 459,618 46,147 505,765 1,270,685 Unfunded status of the plans Ps. 267,345 Ps. 504,123 Ps. 771,468 Ps. 1,913,680 |
Schedule of changes in the net post-employment benefit liability and remeasurement adjustments | The changes in the net post-employment liability in the consolidated statements of financial position as of December 31, 2022 and 2021, are as follows: Seniority Pensions Premiums 2022 2021 Net post-employment liability at beginning of year Ps. 1,463,805 Ps. 449,875 Ps. 1,913,680 Ps. 2,080,651 Retirement of discontinued operation (1,084,526) (26,593) (1,111,119) — Net periodic cost 19,493 131,896 151,389 259,291 Contributions — — — (6,972) Remeasurement of post-employment benefits (113,456) (44,663) (158,119) (279,825) Benefits paid (17,971) (6,392) (24,363) (139,465) Net post-employment liability at end of year Ps. 267,345 Ps. 504,123 Ps. 771,468 Ps. 1,913,680 The post-employment benefits as of December 31, 2022 and 2021, and remeasurements adjustments for the years ended December 31, 2022 and 2021, are summarized as follows: 2022 2021 Pensions: Defined benefit obligations Ps. 726,963 Ps. 2,442,697 Plan assets 459,618 978,892 Unfunded status of plans 267,345 1,463,805 Remeasurements adjustments (1) (113,456) (327,898) Seniority premiums: Defined benefit obligations Ps. 550,270 Ps. 741,668 Plan assets 46,147 291,793 Unfunded status of plans 504,123 449,875 Remeasurements adjustments (1) (44,663) 48,073 (1) On defined benefit obligations and plan assets. |
Schedule of the weighted average assets allocation by assets category | 2022 2021 Equity securities (1) 36.1 % 32.7 % Fixed rate instruments 63.9 % 67.3 % Total 100.0 % 100.0 % (1) Included within plan assets at December 31, 2022 and 2021, are shares of the Company held by the trust with a fair value of Ps. 23,865 and Ps. 119,851 , respectively. |
Schedule of plan assets measured at fair value | The following table summarizes the Group’s plan assets measured at fair value on a recurring basis as of December 31, 2022 and 2021: Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2022 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Common Stocks (1) Ps. 23,865 Ps. 23,865 Ps. — Ps. — Mutual funds (fixed rate instruments) (2) 21,685 21,685 — — Money market securities (3) 255,588 255,588 — — Other equity securities 145,327 145,327 — — Total investment assets 446,465 446,465 — — Cash management 59,300 — — — Total investment assets and cash management Ps. 505,765 Ps. 446,465 Ps. — Ps. — Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2021 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Common Stocks (1) Ps. 119,851 Ps. 119,851 Ps. — Ps. — Mutual funds (fixed rate instruments) (2) 115,185 115,185 — — Money market securities (3) 726,781 726,781 — — Other equity securities 308,868 308,868 — — Total investment assets Ps. 1,270,685 Ps. 1,270,685 Ps. — Ps. — (1) Common stocks are valued at the closing price reported on the active market on which the individual securities are traded. All common stock included in this line item relate to the Company’s CPOs. (2) Mutual funds consist of fixed rate instruments. These are valued at the net asset value provided by the administrator of the fund. (3) Money market securities consist of government debt securities, which are valued based on observable prices from the new issue market, benchmark quotes, secondary trading and dealer quotes. |
Schedule of the weighted average durations of the defined benefit plans | 2022 2021 Seniority Premiums 8.7 years 9.0 years Pensions 3.8 years 5.1 years |
Capital Stock and Long-term R_2
Capital Stock and Long-term Retention Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Capital Stock and Long-term Retention Plan | |
Schedule of shares of capital stock and CPOs | At December 31, 2022, shares of capital stock and CPOs consisted of (in millions): Repurchased Held by a Authorized and by the Company’s Issued (1) Company (2) Trust (3) Outstanding Series “A” Shares 121,073.9 (717.4) (5,606.3) 114,750.2 Series “B” Shares 57,046.9 (631.3) (4,765.9) 51,649.7 Series “D” Shares 87,006.6 (1,004.3) (3,832.4) 82,169.9 Series “L” Shares 87,006.6 (1,004.3) (3,832.4) 82,169.9 Total 352,134.0 (3,357.3) (18,037.0) 330,739.7 Shares in the form of CPOs 290,849.7 (3,357.3) (12,811.0) 274,681.4 Shares not in the form of CPOs 61,284.3 — (5,226.0) 56,058.3 Total 352,134.0 (3,357.3) (18,037.0) 330,739.7 CPOs 2,485.9 (28.7) (109.5) 2,347.7 (1) As of December 31, 2022, the authorized and issued capital stock amounted to Ps. 4,836,708 (nominal Ps. 2,423,549 ). (2) In connection with a share repurchase program that was approved by the Company’s stockholders and is exercised at the discretion of management. During the year ended December 31, 2022, the Company repurchased 3,357.3 million shares, in the form of 28.7 million CPOs, in the amount of Ps. 629,326, in connection with such share repurchase program. In April 2021, the Company’s stockholders approved the cancellation of 5,173.2 million shares of capital stock in the form of 44.2 million CPOs which were repurchased by the Company in 2019 and 2020 under this program. (3) Primarily, in connection with the Company’s LTRP described below. |
Schedule of reconciliation of the number of shares and CPOs outstanding | A reconciliation of the number of shares and CPOs outstanding for the years ended December 31, 2022 and 2021, is presented as follows (in millions): Series “A” Series “B” Series “D” Series “L” Shares CPOs Shares Shares Shares Shares Outstanding Outstanding As of January 1, 2021 113,019.2 50,928.5 81,022.4 81,022.4 325,992.5 2,314.9 Forfeited (2) (187.9) (165.4) (263.1) (263.1) (879.5) (7.5) Acquired (2) (429.8) (378.2) (601.7) (601.7) (2,011.4) (17.2) Released (2) 1,683.5 1,078.6 1,716.1 1,716.1 6,194.3 49.0 As of December 31, 2021 114,085.0 51,463.5 81,873.7 81,873.7 329,295.9 2,339.2 Acquired (1) (717.4) (631.3) (1,004.3) (1,004.3) (3,357.3) (28.7) Forfeited (2) (155.5) (136.9) (217.8) (217.8) (728.0) (6.2) Acquired (2) (598.0) (526.3) (837.3) (837.3) (2,798.9) (23.9) Released (2) 2,136.1 1,480.7 2,355.6 2,355.6 8,328.0 67.3 As of December 31, 2022 114,750.2 51,649.7 82,169.9 82,169.9 330,739.7 2,347.7 (1) Repurchased or cancelled by the Company in connection with a share repurchase program. (2) Acquired, released, cancelled or forfeited by a Company’s trust in connection with the Company’s Long-Term Retention Plan described below. |
Schedule of arrangements and weighted-average assumptions | Long-Term Retention Plan Arrangements: Year of grant 2018 2019 2020 2021 2022 Number of CPOs or CPOs equivalent granted 32,500 72,558 39,200 38,800 27,500 Contractual life 3.00 years 2.67 years 3.00 years 3.00 years 3.00 years Assumptions: Dividend yield 0.55 % 0.82 % 1.38 % 0.94 % 0.92 % Expected volatility (1) 25.38 % 30.47 % 35.13 % 43.74 % 45.75 % Risk-free interest rate 7.17 % 6.88 % 5.74 % 5.51 % 9.17 % Expected average life of awards 3.00 years 2.67 years 3.00 years 3.00 years 3.00 years (1) Volatility was determined by reference to historically observed prices of the Company’s CPOs. |
Summary of the stock awards for employees | A summary of the stock conditionally sold to employees under the LTRP as of December 31, 2022 and 2021 is presented below (in Mexican pesos and thousands of CPOs): 2022 2021 CPOs or CPOs Weighted- Average CPOs or CPOs Weighted- Average Equivalent Exercise Price Equivalent Exercise Price Long-Term Retention Plan: Outstanding at beginning of year 176,858 31.22 160,365 39.36 Conditionally sold 27,500 10.00 38,800 8.62 Paid by employees (15,047) 30.10 (8,633) 38.30 Forfeited (18,580) 70.14 (13,674) 64.96 Outstanding at end of year 170,731 30.68 176,858 31.22 To be paid by employees at end of year 83,985 44.79 60,155 52.69 |
Retained Earnings and Accumul_2
Retained Earnings and Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retained Earnings and Accumulated Other Comprehensive Income | |
Schedule of retained earnings | Unappropriated Net Income Retained Legal Reserve Earnings for the Year Earnings Balance at January 1, 2021 Ps. 2,139,007 Ps. 83,391,732 Ps. (1,250,342) Ps. 84,280,397 Appropriation of net income relating to 2020 — (1,250,342) 1,250,342 — Dividends — (1,053,392) — (1,053,392) Shares cancellation — (1,510,290) — (1,510,290) Sale of repurchased shares — (1,126,573) — (1,126,573) Cancellation of sale of shares — 505,357 — 505,357 Share-based compensation — 1,066,863 — 1,066,863 Net income attributable to stockholders of the Company — — 6,055,826 6,055,826 Balance at December 31, 2021 2,139,007 80,023,355 6,055,826 88,218,188 Appropriation of net income relating to 2021 — 6,055,826 (6,055,826) — Dividends — (1,053,392) — (1,053,392) Sale of repurchased shares — (3,080,729) — (3,080,729) Cancellation of sale of shares — 246,658 — 246,658 Share-based compensation — 2,009,304 — 2,009,304 Other — 1,650 — 1,650 Net income attributable to stockholders of the Company — 44,712,180 — 44,712,180 Balance at December 31, 2022 Ps. 2,139,007 Ps. 128,914,852 Ps. — Ps. 131,053,859 |
Schedule of accumulated other comprehensive income | Exchange Remeasurement Derivative Share of Warrants Differences on of Post- Financial Income (Loss) Other Exercised for Translating Employment Instruments of Associates Open-Ended Equity Common Stock Foreign Benefit Cash Flow and Joint Fund Instruments of UHI Operations Obligations Hedges Ventures Income Tax Total Accumulated at January 1, 2021 Ps. 1,524,860 Ps. 638,406 Ps. (23,602,220) Ps. 850,241 Ps. (1,350,451) Ps. (1,915,508) Ps. (136,448) 8,434,272 Ps. (15,556,848) Changes in other comprehensive income (19,718) (123,359) — 84,232 291,697 1,927,601 245,714 (471,311) 1,934,856 Accumulated at December 31, 2021 Ps. 1,505,142 Ps. 515,047 Ps. (23,602,220) Ps. 934,473 Ps. (1,058,754) Ps. 12,093 Ps. 109,266 7,962,961 Ps. (13,621,992) Changes in other comprehensive income (131,957) (906,658) — (124,179) 150,343 395,807 4,245,546 (830,788) 2,798,114 Accumulated at December 31, 2022 Ps. 1,373,185 Ps. (391,611) Ps. (23,602,220) Ps. 810,294 Ps. (908,411) Ps. 407,900 Ps. 4,354,812 7,132,173 Ps. (10,823,878) |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Non-controlling Interests. | |
Schedule of information about non-controlling interests | 2022 2021 Capital stock Ps. 1,099,009 Ps. 1,100,312 Additional paid-in capital 2,970,693 2,986,354 Legal reserve 215,475 215,736 Retained earnings from prior years (1) (2) 10,822,975 9,649,348 Net income for the year 571,644 1,298,959 Accumulated other comprehensive income (loss): Cumulative result from foreign currency translation 155,621 174,598 Remeasurement of post-employment benefit obligations on defined benefit plans (13,462) (18,905) Ps. 15,821,955 Ps. 15,406,402 (1) In 2021, the holding companies of the Sky segment paid a dividend to its equity owners in the aggregate amount of Ps. 750,000 , of which Ps. 309,174 , was paid to its non-controlling interests. (2) In 2021, Publicidad Virtual, S.A. de C.V. paid a dividend to its equity owners in the aggregate amount of Ps. 40,000 , of which Ps. 19,600 was paid to its non-controlling interests. |
Schedule of consolidated assets and liabilities of subsidiaries | Empresas Cablevisión Sky 2022 2021 2022 2021 Assets: Current assets Ps. 7,461,520 Ps. 6,653,310 Ps. 6,019,166 Ps. 5,689,494 Non-current assets 23,172,533 24,099,561 18,266,359 19,590,056 Total assets 30,634,053 30,752,871 24,285,525 25,279,550 Liabilities: Current liabilities 5,176,500 5,755,703 4,183,480 3,685,208 Non-current liabilities 4,076,876 4,308,115 5,367,448 7,041,237 Total liabilities 9,253,376 10,063,818 9,550,928 10,726,445 Net assets Ps. 21,380,677 Ps. 20,689,053 Ps. 14,734,597 Ps. 14,553,105 |
Schedule of consolidated revenues, net income and total comprehensive income of subsidiaries | Empresas Cablevisión Sky 2022 2021 2022 2021 Revenues Ps. 16,128,549 Ps. 16,849,160 Ps. 20,339,075 Ps. 22,026,616 Net-income 760,576 1,135,053 224,989 1,281,472 Total comprehensive income 748,916 1,134,181 181,491 1,304,822 |
Summary of consolidated cash flows of subsidiaries | Empresas Cablevisión Sky 2022 2021 2022 2021 Cash flows from operating activities Ps. 4,319,496 Ps. 5,594,662 Ps. 5,227,892 Ps. 6,004,261 Cash flows used in investing activities (3,406,227) (5,144,521) (3,934,993) (5,236,815) Cash flows used in by financing activities (590,249) (740,046) (1,233,044) (1,350,432) Net increase (decrease) in cash and cash equivalents Ps. 323,020 Ps. (289,905) Ps. 59,855 Ps. (582,986) |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Transactions with Related Parties | |
Summary of principal transactions carried out by Group with affiliated companies, including equity investees, stockholders and entities in which stockholders have an equity interest | 2022 2021 2020 Revenues, other income and interest income: Royalties (Univision) (a) Ps. 660,842 Ps. 8,548,036 Ps. 8,155,338 Programming production and transmission rights (b) 1,453,875 738,650 707,247 Telecom services (c) 205,591 57,759 97,754 Administrative services (d) 115,190 7,371 13,561 Advertising (e) 1,854,152 10,417 36,385 Interest income (f) 618,921 49,736 64,809 Lease (i) 408,893 — — Ps. 5,317,464 Ps. 9,411,969 Ps. 9,075,094 Costs and expenses: Donations Ps. 26,229 Ps. 26,606 Ps. 26,729 Advertising 297,497 — — Administrative services (d) 127,762 19,410 1,529 Technical services (g) 391,896 295,915 459,960 Programming production, transmission rights and telecom (h) 4,499,464 787,487 674,270 Ps. 5,342,848 Ps. 1,129,418 Ps. 1,162,488 (a) The Group received royalties from Univision for programming provided pursuant to an amended PLA, pursuant to which Univision had the right to broadcast certain Televisa content in the United States. The amended PLA included a provision for certain yearly minimum guaranteed advertising, with a value of U.S.$ 10.8 million (Ps. 211,829 ), U.S.$ 35.1 million (Ps. 712,417 ) and U.S.$ 42.6 million (Ps. 909,159 ), for the fiscal years 2022, 2021 and 2020, respectively, to be provided by Univision, at no cost, for the promotion of certain of the Group’s businesses. This advertising did not have commercial substance for the Group, as it was related to activities that were considered ancillary to Group’s normal operations in the United States. The Group received these royalties through January 31, 2022, as a result of the TelevisaUnivision Transaction, which was closed on that date (see Notes 3, 9, 10 and 30). (b) Services rendered to Univision in 2022, 2021 and 2020. In 2022 includes transmission costs of concession rights owned by the Group. (c) Services rendered to a subsidiary of AT&T, Inc. (“AT&T”) in 2022, 2021 and 2020, and Univision in 2021. (d) The Group receives revenue from and is charged by affiliates for various services, such as: property and equipment rental, security and other services, at rates which are negotiated. The Group provides management services to affiliates, which reimburse the Group for the incurred payroll and related expenses. In 2022 includes a provision of administrative services to Tritón and certain companies of TelevisaUnivision. (e) Advertising services rendered to Univision in 2021, and OCEN and Univision in 2020. In 2022 the Cable and Sky segments received advertising revenue from TelevisaUnivision. (f) Includes mainly interest income from GTAC. In 2022 includes interest income from the long-term loan of the Group. (g) In 2022, 2021 and 2020, Sky received services from a subsidiary of AT&T, Inc. for play-out, uplink and downlink of signals. (h) Paid mainly to Univision and GTAC in 2022 and 2021. The Group paid royalties to Univision for programming provided pursuant to a Mexico License Agreement, under which the Group had the right to broadcast certain Univision content in Mexico for the same term as that of the PLA. The Group paid these royalties through January 31, 2022, as a result of the TelevisaUnivision Transaction, which was closed on that date (see Notes 3, 9, 10 and 30). It also includes payments by telecom services to GTAC in 2022, 2021 and 2020. Includes payments for transmission rights to AT&T in 2022 and 2021. Includes the cost of programming of TelevisaUnivision for the Cable and Sky segments in 2022. (i) Includes operating lease agreements with certain companies of TelevisaUnivision and Tritón. |
Summary of balances of receivables and payables between the Group and related parties | 2022 2021 Current receivables: TelevisaUnivision (formerly known as UH II) (2) Ps. 136,944 Ps. 819,355 Cadena de las Américas, S.A. de C.V. (1) 40,186 — Televisa, S. de R.L. de C.V. (1) 22,650 — Televisa Producciones, S.A. de C.V. (1) 15,535 — Tritón Comunicaciones, S.A. de C.V. 11,140 — ECO Producciones, S.A. de C.V. (1) 10,792 — Other 73,977 55,497 Ps. 311,224 Ps. 874,852 Non-current receivables: Televisa, S. de R.L. de C.V. (1) (3) Ps. 6,365,038 Ps. — Current payables: AT&T/ DirectTV Ps. 40,183 Ps. 54,598 Desarrollo Vista Hermosa, S.A. de C.V. (1) 15,189 — Other 32,952 27,472 Ps. 88,324 Ps. 82,070 (1) An indirect subsidiary of TelevisaUnivision. (2) Receivables from TelevisaUnivision were related primarily to the PLA as of December 31, 2021. (3) In January 2022, Televisa, S. de R.L. de C.V. entered into a long-term credit agreement with the Company in the principal amount of Ps. 5,738,832 , with a fixed annual interest rate of 10.2% . Under the terms of this agreement, principal and interest are payable at maturity on April 30, 2026, and prepayments of principal can be made by debtor at any time without any penalty. As of December 31, 2022, amounts receivable from Televisa, S. de R. L. de C.V. in connection with this long-term credit amounted to Ps. 6,365,038 . |
Cost of Revenues, Selling Exp_2
Cost of Revenues, Selling Expenses and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Cost of Revenues, Selling Expenses and Administrative Expenses | |
Schedule of depreciation, amortization and other amortization included in cost of sales, selling expenses, administrative expenses and other expenses | 2022 2021 2020 Cost of revenues Ps. 17,918,347 Ps. 17,126,606 Ps. 16,858,777 Selling expenses 357,681 273,479 774,394 Administrative expenses 3,194,636 2,982,361 2,669,676 Discontinued operations 121,874 1,365,067 1,338,803 Ps. 21,592,538 Ps. 21,747,513 Ps. 21,641,650 |
Schedule of expenses related to IFRS 16 included in cost of sales, selling expenses and administrative expenses | 2022 Expenses relating to variable lease payment not included in the measurement of the lease liability Ps. 639,261 Expenses relating to short-term leases and leases of low-value assets 194,016 Total Ps. 833,277 |
Schedule of expenses related to short term employee benefits, share-based compensation expenses and post-employment benefits | 2022 2021 2020 Short-term employee benefits Ps. 15,064,471 Ps. 12,807,423 Ps. 14,042,004 Other short-term employee benefits 1,130,535 1,711,945 1,396,804 Share-based compensation 968,628 903,764 863,782 Post-employment benefits 151,389 140,857 101,132 Discontinued operations 251,350 6,531,559 4,190,730 Ps. 17,566,373 Ps. 22,095,548 Ps. 20,594,452 |
Other Income or Expense, Net (T
Other Income or Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income or Expense, Net | |
Schedule of other (expense) income | 2022 2021 2020 Gain on disposition of OCEN (1) Ps. 35,950 Ps. 4,547,029 Ps. — Gain on disposition of Radiópolis (2) — — 932,449 Donations (see Note 20) (27,233) (2,000) (45,919) Legal and financial advisory and professional services (3) (218,731) (191,609) (421,760) Gain on disposition of property and equipment 76,579 38,665 67,570 Deferred compensation (see Note 20) (4) (129,810) (207,640) (225,804) Dismissal severance expense (5) (126,695) (194,187) (128,042) Surcharges for payments of taxes of prior years (6) — (400,641) — Impairment adjustments (7) — (97,293) (40,803) Income for cash reimbursement received from Imagina (8) — — 167,619 Lawsuit settlement agreement, net (9) (425,762) — — Other, net 137 223,913 323,312 Ps. (815,565) Ps. 3,716,237 Ps. 628,622 (1) In 2022, included a purchase price adjustment paid to the Company on disposal of OCEN in the second quarter of 2022. In 2021, included a payment in cash on disposal of OCEN in the amount of Ps. 4,806,549 (see Note 3). (2) In 2020, included a pretax gain on disposal of Radiópolis, the Group’s former Radio business in the amount of Ps. 932,449 (see Note 3). (3) Includes primarily advisory and professional services in connection with certain litigation, financial advisory, and other matters (see Notes 3 and 20). (4) Includes the service cost of long-term deferred compensation plans for certain officers of the Group’s Cable segment, which payment becomes payable when certain financial targets (as defined in the plans) are met. (5) Includes severance expense in connection with the dismissals of personnel, as a part of a continued cost reduction plan. (6) In 2021, included surcharges for taxes paid by three subsidiaries of the Company in connection with tax assessments of prior years. (7) In 2021 and 2020, included impairment adjustments in connection with long-lived assets in the Group’s Other Business segment (see Note 13). (8) In the second quarter of 2020, the Company received a cash reimbursement from Imagina Media Audiovisual, S.L. (“Imagina”), in connection with a legal outcome that was favorable to Imagina, a former associate of the Company. (9) In the fourth quarter 2022, the Company announced a settlement agreement for a class action lawsuit and recognized an expense of U.S.$21.5 million (Ps.425,762) resulting from a related provision for the amount to be paid by the Company, net of an expected insurance reimbursement (see Note 27). |
Finance Expense, Net (Tables)
Finance Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Finance Expense, Net | |
Schedule of finance (expense) income, net | 2022 2021 2020 Interest expense (1) Ps. (9,455,578) Ps. (9,105,998) Ps. (10,502,529) Other finance expense, net (2) (110,739) (1,183,180) — Foreign exchange loss, net (4) (1,790,956) (2,188,861) — Finance expense (11,357,273) (12,478,039) (10,502,529) Interest income (3) 2,151,109 560,026 1,067,066 Other finance income, net (2) — — 89,323 Foreign exchange gain, net (4) — — 3,696,713 Finance income 2,151,109 560,026 4,853,102 Finance expense, net Ps. (9,206,164) Ps. (11,918,013) Ps. (5,649,427) (1) Interest expense for the years ended December 31, 2022, 2021 and 2020 included: (i) interest related to lease liabilities that were recognized beginning on January 1, 2019, in accordance with the guidelines of IFRS 16 Leases (2) Other finance income or expense, net, included fair value gain or loss from derivative financial instruments (see Note 15). (3) This line item included primarily interest income from cash equivalents. (4) Foreign exchange gain or loss, net, for the years ended December 31, 2022, 2021 and 2020 included: (i) foreign exchange gain or loss resulted primarily from the appreciation or depreciation of the Mexican peso against the U.S. dollar on the Group’s U.S. dollar-denominated monetary asset or liability position, excluding designated hedging long-term debt of the Group’s investments in TelevisaUnivision (formerly known as UH II) and Open-Ended Fund (see Notes 2(e), 4 and 14). The exchange rate of the Mexican peso against the U.S. dollar was of Ps. 19.4760 , Ps. 20.5031 and Ps. 19.9493 , as of December 31, 2022, 2021 and 2020, respectively. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Taxes | |
Schedule of income tax provision | 2022 2021 2020 Income taxes, current (1) Ps. (2,384,491) Ps. (1,356,052) Ps. (2,262,956) Income taxes, deferred 3,611,953 (317,002) 1,404,061 Ps. 1,227,462 Ps. (1,673,054) Ps. (858,895) (1) The current income tax of Mexican companies payable in Mexico represented 90 %, 96% and 93% of total current income taxes in 2022, 2021 and 2020, respectively. |
Schedule of maturities of income tax payable | Maturities of income tax payable as of December 31, 2022, in connection with the 2014 Mexican Tax Reform, are as follows: 2023 Ps. 183,256 Ps. 183,256 |
Schedule of principal differences between income taxes computed at the statutory rate and the Group's provision for income taxes | % % % 2022 2021 2020 Statutory income tax rate (30) 30 30 Differences between accounting and tax bases, including tax inflation gain that is not recognized for accounting purposes 17 20 25 Tax loss carryforwards (6) 4 7 2014 Tax Reform 1 — — Foreign operations 7 (1) (2) Disposition of investments — (3) — Disposition of Radiópolis — — 3 Share of income in associates and joint ventures, net 13 6 2 (Reversal of impairment) Impairment loss in investment in shares of TelevisaUnivision (2) (8) 30 Discontinued operations (10) — — Effective income tax rate (10) 48 95 |
Schedule of years of expiration of tax loss carry forwards | Tax Loss Carryforwards for Which Deferred Taxes Year of Expiration Were Recognized 2023 Ps. 4,051 2024 266,660 2025 3,283,424 2026 5,291,187 2027 426,624 Thereafter 9,550,617 Ps. 18,822,563 |
Schedule of deferred income taxes | 2022 2021 Assets: Accrued liabilities Ps. 4,323,561 Ps. 7,128,606 Loss allowance 607,773 946,559 Customer advances 2,335,751 1,854,424 Derivative financial instruments — 615 Property, plant and equipment, net 3,923,889 3,704,746 Prepaid expenses and other items — 4,508,914 Tax loss carryforwards: Operating 4,552,116 6,240,930 Capital (1) 5,564,452 5,160,921 Tax credit carryforward (2) — 5,738,832 Liabilities: Investments (700,285) (1,733,507) Prepaid expenses and other items (560,183) — Derivative financial instruments (130,879) — Intangible assets and transmission rights (2,642,515) (2,807,484) Deferred income tax assets of Mexican companies 17,273,680 30,743,556 Deferred income tax assets of certain foreign subsidiaries 246,813 218,983 Deferred income tax assets, net Ps. 17,520,493 Ps. 30,962,539 (1) Includes the benefit from tax loss carryforwards derived from the disposal in 2014 of the Group’s investment in GSF, in the amount of Ps. 4,469,799 and Ps. 4,145,649 in 2022 and 2021, respectively. (2) Tax credit carryforward derived from a capital reduction made by one of the Company’s subsidiaries in December 2021, which can be credited in a three-year period in accordance with applicable tax law. The gross roll-forward of deferred income tax assets, net, is as follows: 2022 2021 At January 1 Ps. 30,962,539 Ps. 26,213,382 Statement of income credit (charge) 3,611,953 (317,002) Other comprehensive income (“OCI”) credit (charge) 145,406 (619,304) Tax credit — 5,738,832 Reserve for low value — (861) Discontinued operations (9,410,332) (52,508) Disposed operations (7,789,073) — At December 31 Ps. 17,520,493 Ps. 30,962,539 The roll-forward of deferred income tax assets and liabilities for the year 2022, was as follows: Credit (Charge) (Charge) to to Consolidated Consolidated Credit Statement of Statement of (Charge) Income Income to OCI and Disposed At January 1, (Continuing (Discontinued Retained Operations At December 31, 2022 Operations) Operations) Earnings (see Note 3) 2022 Assets: Accrued liabilities Ps. 7,128,606 Ps. (2,805,045) Ps. — Ps. — Ps. — Ps. 4,323,561 Loss allowance 946,559 (338,786) — — — 607,773 Customer advances 1,854,424 1,283,170 (801,843) — — 2,335,751 Derivative financial instruments 615 (615) — — — — Property, plant and equipment, net 3,704,746 219,143 — — — 3,923,889 Prepaid expenses and other items 4,508,914 (842,078) (1,569,159) (47,436) (2,050,241) — Tax loss carryforwards 11,401,851 1,349,105 (2,634,388) — — 10,116,568 Deferred income tax assets of foreign subsidiaries 218,983 27,830 — — — 246,813 Tax Credit 5,738,832 — — — (5,738,832) — Liabilities: Investments (1,733,507) 969,922 (248,284) 311,584 — (700,285) Prepaid expenses and other items — (560,183) — — — (560,183) Derivative financial instruments — (12,137) — (118,742) — (130,879) Intangible assets and transmission rights (2,807,484) 4,321,627 (4,156,658) — — (2,642,515) Deferred income tax assets, net Ps. 30,962,539 Ps. 3,611,953 Ps. (9,410,332) Ps. 145,406 Ps. (7,789,073) Ps. 17,520,493 The roll-forward of deferred income tax assets and liabilities for the year 2021, was as follows: Credit (Charge) Credit (Charge) Credit to Consolidated to OCI and (Charge) At January 1, Statement of Retained to Other At December 31, 2021 Income Earnings Accounts 2021 Assets: Accrued liabilities Ps. 6,219,312 Ps. 909,294 Ps. — Ps. — Ps. 7,128,606 Loss allowance 1,235,658 (289,099) — — 946,559 Customer advances 1,600,334 254,090 — — 1,854,424 Derivative financial instruments 972,991 (394,096) (578,280) — 615 Property, plant and equipment, net 2,084,550 1,620,196 — — 3,704,746 Prepaid expenses and other items 5,868,717 (1,274,995) (83,947) (861) 4,508,914 Tax loss carryforwards 11,249,585 152,266 — — 11,401,851 Deferred income tax assets of foreign subsidiaries 261,929 (42,946) — — 218,983 Tax Credit — — — 5,738,832 5,738,832 Liabilities: Investments (729,910) (1,046,520) 42,923 — (1,733,507) Intangible assets and transmission rights (2,549,784) (257,700) — — (2,807,484) Deferred income tax assets, net Ps. 26,213,382 Ps. (369,510) Ps. (619,304) Ps. 5,737,971 Ps. 30,962,539 The tax (charge) credit relating to components of other comprehensive income (loss) is as follows: 2022 Tax (Charge) Before Tax Credit After Tax Remeasurement of post-employment benefit obligations Ps. 158,119 Ps. (47,436) Ps. 110,683 Exchange differences on translating foreign operations (143,156) (978,527) (1,121,683) Derivative financial instruments cash flow hedges 395,807 (118,742) 277,065 Open-Ended Fund (131,957) 39,587 (92,370) Other equity instruments (906,658) 271,997 (634,661) Share of income or loss of associates and joint ventures 4,245,546 — 4,245,546 Other comprehensive income Ps. 3,617,701 Ps. (833,121) Ps. 2,784,580 Current tax Ps. (978,527) Deferred tax 145,406 Ps. (833,121) 2021 Tax (Charge) Before Tax Credit After Tax Remeasurement of post-employment benefit obligations Ps. 279,825 Ps. (83,947) Ps. 195,878 Exchange differences on translating foreign operations 92,555 151,555 244,110 Derivative financial instruments cash flow hedges 1,927,601 (578,280) 1,349,321 Open-Ended Fund (19,718) 5,915 (13,803) Other equity instruments (123,359) 37,008 (86,351) Share of income or loss of associates and joint ventures 245,714 — 245,714 Other comprehensive income Ps. 2,402,618 Ps. (467,749) Ps. 1,934,869 Current tax Ps. 151,555 Deferred tax (619,304) Ps. (467,749) 2020 Tax (Charge) Before Tax Credit After Tax Remeasurement of post-employment benefit obligations Ps. (344,313) Ps. 103,294 Ps. (241,019) Exchange differences on translating foreign operations 133,522 408,221 541,743 Derivative financial instruments cash flow hedges (1,370,145) 411,044 (959,101) Warrants exercised for common stock of UHI (21,899,164) 6,639,400 (15,259,764) Open-Ended Fund (904,423) 268,906 (635,517) Other equity instruments (353,496) 106,049 (247,447) Share of loss of associates and joint ventures (61,033) — (61,033) Other comprehensive loss Ps. (24,799,052) Ps. 7,936,914 Ps. (16,862,138) Current tax Ps. 408,221 Deferred tax 7,528,693 Ps. 7,936,914 |
Tax Reform 2014 [Member] | |
Income Taxes | |
Schedule of effects of income tax payable | 2022 2021 Tax losses of subsidiaries, net Ps. 183,256 Ps. 771,873 Less: Current portion (a) 183,256 667,048 Non-current portion (b) Ps. — Ps. 104,825 (a) Accounted for as current income taxes payable in the consolidated statement of financial position as of December 31, 2022 and 2021. (b) Accounted for as non-current income taxes payable in the consolidated statement of financial position as of December 31, 2022 and 2021. |
Earnings per CPO_Share (Tables)
Earnings per CPO/Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per CPO/Share | |
Summary of weighted average for basic earnings per CPO/Share of outstanding total shares, CPOs and Series "A," Series "B," Series "D," and Series "L" Shares (not in the form of CPO units) | For the years ended December 31, 2022 and 2021, the weighted average for basic earnings per CPO/Share of outstanding total shares, CPOs and Series “A,” Series “B,” Series “D,” and Series “L” Shares (not in the form of CPO units), was as follows (in thousands): 2022 2021 Total Shares 331,143,326 327,524,800 CPOs 2,353,417 2,326,366 Shares not in the form of CPO units: Series “A” Shares 55,792,921 55,339,297 Series “B” Shares 187 187 Series “D” Shares 239 239 Series “L” Shares 239 239 |
Summary of basic earnings (loss) per CPO and per each Series "A," Series "B," Series "D," and Series "L" Share (not in the form of a CPO unit) attributable to stockholders of the company | 2022 2021 2020 Per Per Per Per CPO Share (*) Per CPO Share (*) Per CPO Share (*) Continuing operations Ps. (4.06) Ps. (0.03) Ps. (0.16) Ps. 0.00 Ps. (2.34) Ps. (0.02) Discontinued operations 19.86 0.17 2.33 0.02 1.90 0.02 Basic earnings (loss) per CPO/Share attributable to stockholders of the Company Ps. 15.80 Ps. 0.14 Ps. 2.17 Ps. 0.02 Ps. (0.44) Ps. 0.00 (*) Series “ A B, D, and L Shares of CPO units |
Summary of weighted average for diluted earnings per CPO/Share of outstanding total shares, CPOs and Series "A," Series "B," Series "D," and Series "L" Shares | 2022 2021 Total Shares 351,466,191 352,134,036 CPOs 2,480,187 2,485,895 Shares not in the form of CPO units: Series “A” Shares 58,926,613 58,926,613 Series “B” Shares 2,357,208 2,357,208 Series “D” Shares 239 239 Series “L” Shares 239 239 |
Summary of diluted earnings (loss) per CPO and per each Series "A," Series "B," Series "D," and Series "L" Share (not in the form of a CPO unit) attributable to stockholders of the company | 2022 2021 2020 Per Per Per Per CPO Share (*) Per CPO Share (*) Per CPO Share (*) Continuing operations Ps. (4.06) Ps. (0.03) Ps. (0.16) Ps. 0.00 Ps. (2.34) Ps. (0.02) Discontinued operations 19.86 0.17 2.33 0.02 1.90 0.02 Diluted earnings (loss) per CPO/Share attributable to stockholders of the Company Ps. 15.80 Ps. 0.14 Ps. 2.17 Ps. 0.02 Ps. (0.44) Ps. 0.00 (*) Series “ A, B, D, L Shares not of CPO units. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Information | |
Schedule of information by segment and a reconciliation to consolidated total of continuing operations | Intersegment Consolidated Segment Total Revenues Revenues Revenues Income 2022: Cable Ps. 48,411,776 Ps. 151,403 Ps. 48,260,373 Ps. 19,902,785 Sky 20,339,038 3,804 20,335,234 6,416,270 Other Businesses 7,338,790 407,788 6,931,002 1,691,041 Segment totals 76,089,604 562,995 75,526,609 28,010,096 Reconciliation to consolidated amounts: Corporate expenses — — — (1,538,085) Intersegment operations (562,995) (562,995) — (120,424) Depreciation and amortization expense — — — (21,117,432) Consolidated revenues and operating income before other expense 75,526,609 — 75,526,609 5,234,155 (1) Other expense, net — — — (815,565) Consolidated revenues and operating income Ps. 75,526,609 Ps. — Ps. 75,526,609 Ps. 4,418,590 (2) Intersegment Consolidated Segment Total Revenues Revenues Revenues Income 2021: Cable Ps. 48,020,929 Ps. 54,919 Ps. 47,966,010 Ps. 20,285,023 Sky 22,026,616 1,858 22,024,758 8,504,169 Other Businesses 4,388,141 463,477 3,924,664 589,745 Segment totals 74,435,686 520,254 73,915,432 29,378,937 Reconciliation to consolidated amounts: Corporate expenses — — — (2,351,342) Intersegment operations (520,254) (520,254) — (1,608) Depreciation and amortization expense — — — (20,053,302) Consolidated revenues and operating income before other income 73,915,432 — 73,915,432 6,972,685 (1) Other income, net — — — 3,716,237 Consolidated revenues and operating income Ps. 73,915,432 Ps. — Ps. 73,915,432 Ps. 10,688,922 (2) Intersegment Consolidated Segment Total Revenues Revenues Revenues Income 2020: Cable Ps. 45,367,108 Ps. 59,071 Ps. 45,308,037 Ps. 18,898,301 Sky 22,134,701 225 22,134,476 9,135,346 Other Businesses 3,480,932 466,490 3,014,442 (52,971) Segment totals 70,982,741 525,786 70,456,955 27,980,676 Reconciliation to consolidated amounts: Disposed operations (3) 223,272 — 223,272 (3,991) Corporate expenses — — — (2,223,616) Intersegment expenses (525,786) (525,786) — (1,555) Depreciation and amortization expense — — — (19,921,984) Consolidated revenues and operating income before other income 70,680,227 — 70,680,227 5,829,530 (1) Other income, net — — — 628,622 Consolidated revenues and operating income Ps. 70,680,227 Ps. — Ps. 70,680,227 Ps. 6,458,152 (2) (1) This amount represents income before other income or expense, net. (2) This amount represents consolidated operating income. (3) Through the third quarter of 2019, the former Radio operations the Group were reported as part of the Group’s Other Businesses segment. In 2020, the Radio operations were classified as disposed operations of the Group for comparison purposes. |
Schedule of segment information about assets, liabilities, and additions to property, plant and equipment | Segment Additions to Segment Assets Liabilities Property, Plant at Year-End at Year-End and Equipment 2022: Continuing operations: Cable Ps. 121,786,224 Ps. 23,278,943 Ps. 13,011,456 Sky 24,590,186 9,570,547 3,891,684 Other Businesses 16,285,203 3,779,852 273,881 Corporate asset — — 68,750 Disposed operations — — 69,616 Total Ps. 162,661,613 Ps. 36,629,342 Ps. 17,315,387 2021: Continuing operations: Cable Ps. 119,102,077 Ps. 24,449,798 Ps. 17,339,270 Sky 25,615,006 10,745,984 4,949,039 Content 93,463,141 37,286,277 909,164 Other Businesses 8,744,886 3,203,932 70,374 Total Ps. 246,925,110 Ps. 75,685,991 Ps. 23,267,847 2020: Continuing operations: Cable Ps. 112,478,015 Ps. 22,295,808 Ps. 14,182,848 Sky 26,423,707 10,696,397 5,361,494 Content 80,237,558 27,427,941 479,731 Other Businesses 8,177,183 3,936,289 107,665 Total Ps. 227,316,463 Ps. 64,356,435 Ps. 20,131,738 |
Schedule of segment assets reconciliation to total assets | 2022 2021 Segment assets Ps. 162,661,613 Ps. 246,925,110 Investments attributable to: Cable 750,169 614,146 Content — 31,920,796 Other Businesses (1) 3,643,916 245,372 TelevisaUnivision 49,446,349 — Goodwill attributable to: Cable 13,794,684 13,794,684 Content — 241,973 Other Businesses (1) 110,314 — Other assets 68,700,486 — Total assets Ps. 299,107,531 Ps. 293,742,081 (1) Includes investments and goodwill that through January 31, 2022 were part of the Group’s former Content business. |
Schedule of segment liabilities reconciliation to total liabilities | 2022 2021 Segment liabilities Ps. 36,629,342 Ps. 75,685,991 Debt not allocated to segments 101,590,649 121,532,026 Other liabilities 16,757,635 — Total liabilities Ps. 154,977,626 Ps. 197,218,017 |
Schedule of geographical segment information | Additions to Segment Assets at Property, Plant and Total Revenues Year-End Equipment 2022: Mexico Ps. 73,845,741 Ps. 149,520,957 Ps. 17,102,445 Other countries (1) 1,680,868 13,140,656 212,942 Ps. 75,526,609 Ps. 162,661,613 Ps. 17,315,387 2021: Mexico Ps. 72,076,755 Ps. 230,559,883 Ps. 22,859,403 Other countries (1) 1,838,677 16,365,227 408,444 Ps. 73,915,432 Ps. 246,925,110 Ps. 23,267,847 2020: Mexico Ps. 68,638,166 Ps. 215,395,954 Ps. 19,707,436 Other countries (1) 2,042,061 11,920,509 424,302 Ps. 70,680,227 Ps. 227,316,463 Ps. 20,131,738 (1) The United States is the largest country from which revenue is derived. Domestic Export Abroad Total 2022: Cable: Digital TV Service (a) Ps. 16,054,150 Ps. — Ps. — Ps. 16,054,150 Advertising 2,073,346 — — 2,073,346 Broadband Services (a) 19,197,699 — — 19,197,699 Telephony (a) 5,259,768 — — 5,259,768 Other Services 627,303 — — 627,303 Enterprise Operations 4,940,564 — 258,946 5,199,510 Sky: DTH Broadcast Satellite TV (a) 17,970,812 — 1,101,419 19,072,231 Advertising 1,183,495 — — 1,183,495 Pay-Per-View 71,003 — 12,309 83,312 Other Businesses: Gaming 2,493,534 — — 2,493,534 Soccer, Sports and Show Business Promotion 2,189,093 308,194 — 2,497,287 Publishing - Magazines 275,755 — — 275,755 Publishing - Advertising 152,820 — — 152,820 Publishing Distribution 261,077 — — 261,077 Transmission Concessions Rights and Facilities of production 1,658,317 — — 1,658,317 Segment totals 74,408,736 308,194 1,372,674 76,089,604 Intersegment eliminations (562,995) — — (562,995) Consolidated total revenues Ps. 73,845,741 Ps. 308,194 Ps. 1,372,674 Ps. 75,526,609 Domestic Export Abroad Total 2021: Cable: Digital TV Service (a) Ps. 15,883,520 Ps. — Ps. — Ps. 15,883,520 Advertising 1,971,853 — — 1,971,853 Broadband Services (a) 18,648,098 — — 18,648,098 Telephony (a) 4,977,671 — — 4,977,671 Other Services 598,890 — — 598,890 Enterprise Operations 5,699,425 — 241,472 5,940,897 Sky: DTH Broadcast Satellite TV (a) 19,210,652 — 1,514,377 20,725,029 Advertising 1,233,537 — — 1,233,537 Pay-Per-View 56,883 — 11,167 68,050 Other Businesses: Gaming 1,673,911 — — 1,673,911 Soccer, Sports and Show Business Promotion 1,658,928 71,661 — 1,730,589 Publishing - Magazines 341,159 — — 341,159 Publishing - Advertising 143,622 — — 143,622 Publishing Distribution 286,454 — — 286,454 Transmission Concessions Rights and Facilities of production 212,406 — — 212,406 Segment totals 72,597,009 71,661 1,767,016 74,435,686 Intersegment eliminations (520,254) — — (520,254) Consolidated total revenues Ps. 72,076,755 Ps. 71,661 Ps. 1,767,016 Ps. 73,915,432 Domestic Export Abroad Total 2020: Cable: Digital TV Service (a) Ps. 16,549,458 Ps. — Ps. — Ps. 16,549,458 Advertising 1,633,201 — — 1,633,201 Broadband Services (a) 16,540,687 — — 16,540,687 Telephony (a) 4,382,964 — — 4,382,964 Other Services 702,023 — — 702,023 Enterprise Operations 5,245,443 — 313,332 5,558,775 Sky: DTH Broadcast Satellite TV (a) 19,398,285 — 1,569,999 20,968,284 Advertising 1,112,662 — — 1,112,662 Pay-Per-View 42,291 — 11,464 53,755 Other Businesses: Gaming 959,985 — — 959,985 Soccer, Sports and Show Business Promotion 1,382,708 146,324 — 1,529,032 Publishing - Magazines 269,768 — 942 270,710 Publishing - Advertising 173,645 — — 173,645 Publishing Distribution 309,673 — — 309,673 Transmission Concessions Rights and Facilities of production 237,887 — — 237,887 Segment totals 68,940,680 146,324 1,895,737 70,982,741 Disposed operations: Radio - Advertising (see Note 3) 223,272 — — 223,272 Intersegment eliminations (525,786) — — (525,786) Consolidated total revenues Ps. 68,638,166 Ps. 146,324 Ps. 1,895,737 Ps. 70,680,227 (a) Digital TV Service revenues include revenue from leasing set-top equipment to subscribers in the Cable segment in the amount of Ps. 5,899,902 , Ps. 5,678,042 and Ps. 5,514,984 , for the years ended December 31, 2022, 2021 and 2020, respectively. DTH Broadcast Satellite TV revenues include revenue from leasing set-top equipment to subscribers in the Sky segment in the amount of Ps. 7,783,254 , Ps. 9,338,664 and Ps. 9,212,317 , for the years ended December 31, 2022, 2021 and 2020 respectively. Revenue from leasing set-top equipment to subscribers is recognized when services are rendered to such subscribers. Set-top equipment is part of the Group’s property, plant and equipment and is leased to subscribers through operating lease contracts. |
Schedule of net sales from external customers | 2022 2021 2020 Services Ps. 59,788,397 Ps. 57,331,417 Ps. 54,397,074 Royalties 1,187,135 689,870 669,294 Goods 683,740 775,318 805,690 Leases (1) 13,867,337 15,118,827 14,808,169 Total Ps. 75,526,609 Ps. 73,915,432 Ps. 70,680,227 (1) This line includes primarily revenue from leasing set-top equipment to subscribers in the Cable and Sky segments, which is recognized when services are rendered to such subscribers. Set-top equipment is part of the Group’s property and equipment and is leased to subscribers through operating lease contracts. |
Commitments, Lawsuit Settleme_2
Commitments, Lawsuit Settlement Agreement and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments, Lawsuit Settlement Agreement and Contingencies | |
Schedule of aggregate minimum annual commitments (undiscounted) | At December 31, 2022, the Group had the following aggregate minimum annual commitments (undiscounted) for the use of satellite transponders: Thousands of U.S. Dollars 2023 U.S.$ 6,629 2024 6,540 2025 3,491 2026 and thereafter 948 U.S.$ 17,608 |
Income from Discontinued Oper_2
Income from Discontinued Operations, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income from Discontinued Operations, Net | |
Schedule of Income from discontinued operations, net, Net income from discontinued operations, Gain or loss on disposition of discontinued operations, net and total carrying amount of the consolidated net assets disposed of by the Group | 2022 2021 2020 Net income from discontinued operations Ps. 156,655 Ps. 8,529,547 Ps. 6,092,662 Gain (loss) on disposition of discontinued operations, net 56,065,530 (1,943,647) — Income from discontinued operations, net Ps. 56,222,185 Ps. 6,585,900 Ps. 6,092,662 2022 2021 2020 Revenues Ps. 2,302,875 Ps. 35,822,423 Ps. 32,457,395 Cost of revenues and operating expenses 1,922,035 22,818,205 20,973,331 Income before other expense 380,840 13,004,218 11,484,064 Other expense, net 19,796 397,584 394,994 Operating income 361,044 12,606,634 11,089,070 Finance (expense) income, net (137,251) 151,788 (627,403) Share of income of associates, net — 847 — Income before income taxes 223,793 12,759,269 10,461,667 Income taxes 67,138 4,229,722 4,369,005 Net income from discontinued operations Ps. 156,655 Ps. 8,529,547 Ps. 6,092,662 2022 2021 Gain (loss) on disposition of discontinued operations before income taxes Ps. 75,192,421 Ps. (1,100,645) Income taxes 19,126,891 843,002 Gain (loss) on disposition of discontinued operations, net Ps. 56,065,530 Ps. (1,943,647) The total carrying amount of the consolidated net assets disposed of by the Group on January 31, 2022, in connection with the TelevisaUnivision Transaction is presented, as follows: 2022 ASSETS Current assets: Cash and cash equivalents Ps. (1,890,141) Trade accounts and notes receivable, net (1,997,862) Other accounts, taxes receivable and notes receivable, net (2,388,939) Transmission rights and programming (7,162,846) Other current assets (2,312,941) Total current assets (15,752,729) Non-current assets: Transmission rights and programming (8,513,024) Investments in financial instruments (1,721,654) Property, plant and equipment, net (3,955,680) Right-of-use assets, net (2,179,704) Intangible assets and goodwill, net (623,818) Deferred income tax assets (7,847,995) Other assets (9,716) Total non-current assets (24,851,591) Total assets Ps. (40,604,320) LIABILITIES Current liabilities: Current portion of lease liabilities Ps. 470,686 Trade accounts payable and accrued expenses 6,856,041 Customer deposits and advances 2,071,060 Due from related parties 5,383,763 Other current liabilities 1,983,995 Total current liabilities 16,765,545 Non-currents liabilities: Lease liabilities, net of current portion 1,703,747 Post-employment benefits 1,105,376 Other non-current liabilities 4,246,327 Total non-current liabilities 7,055,450 Total liabilities Ps. 23,820,995 Desconsolidation net assets 3,598,567 Total net assets Ps. (13,184,758) Consideration received, satisfied in cash Ps. 67,985,597 Cash and cash equivalents disposed of (1,890,143) Net cash inflows Ps. 66,095,454 2022 2021 2020 Net cash provided by operating activities Ps. — Ps. 6,993,434 Ps. 4,546,516 Net cash provided by (used in) investing activities 66,025,838 (2,016,523) (864,053) Net cash used in financing activities (15,218) (758,999) (757,024) Net cash flows Ps. 66,010,620 Ps. 4,217,912 Ps. 2,925,439 |
Corporate Information (Details)
Corporate Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Corporate Information | |
Countries content is distributed | 50 |
Accounting Policies - Subsidiar
Accounting Policies - Subsidiaries (Details) - MXN ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2019 | Nov. 30, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated subsidiaries information | |||||
Administrative expenses | $ 12,061,932 | $ 12,189,542 | $ 11,216,013 | ||
Broadcasting concessions | |||||
Consolidated subsidiaries information | |||||
Renewal cost for concession | $ 5,754,543 | ||||
Administrative expenses | $ 1,194 | ||||
Period for grant the authorization to property plant and equipment | 30 years | ||||
Useful Lives | 20 years | ||||
Empresas Cablevision. | Cable Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 51.20% | ||||
Cablemas | Cable Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
Collectively TVI | Cable Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
Bestel | Cable Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 66.20% | ||||
Cablecom | Cable Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
Telecable | Cable Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
FTTH de Mexico | Cable Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
CVQ | Cable and Sky | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
Collectively sky | Sky Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 58.70% | ||||
Grupo Telesistema , S.A. de C.V. | Televisa Univision [Member] | |||||
Consolidated subsidiaries information | |||||
Proportion of shares of common stock held by Group's subsidiary | 49.70% | ||||
Grupo Telesistema , S.A. de C.V. | Content and Other Businesses | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
Televisa | Content Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
Television Independiente de Mxico | Content Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
G.Televisa-D | Content Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
Multimedia Telecom | Televisa Univision [Member] | |||||
Consolidated subsidiaries information | |||||
Proportion of shares of common stock held by Group's subsidiary | 43.80% | ||||
Multimedia Telecom | Content Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
Comunicaciones Tieren, S.A. de C.V | Televisa Univision [Member] | |||||
Consolidated subsidiaries information | |||||
Proportion of shares of common stock held by Group's subsidiary | 2.10% | ||||
Ulvik | Content and Other Businesses | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
Controladora de Juegos y Sorteos de Mxico | Other Businesses Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
Editorial Televisa | Other Businesses Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
Grupo Distribuidoras Intermex | Other Businesses Segment | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
Villacezn, S.A. de C.V. | Televisa Univision [Member] | |||||
Consolidated subsidiaries information | |||||
Proportion of shares of common stock held by Group's subsidiary | 3.70% | ||||
Villacezn, S.A. de C.V. | Content and Other Businesses | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 100% | ||||
Radiopolis | Business combination | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 50% | ||||
Corporativo TD Sports, S.A. de C.V | Televisa Univision [Member] | |||||
Consolidated subsidiaries information | |||||
Proportion of shares of common stock held by Group's subsidiary | 0.70% | ||||
Univision Holding Inc | Multimedia Telecom | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 95.30% | ||||
Univision Holding Inc | Comunicaciones Tieren, S.A. de C.V | |||||
Consolidated subsidiaries information | |||||
Company's ownership interest | 4.70% |
Accounting Policies - Investmen
Accounting Policies - Investments in Associates and Joint Ventures (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
TelevisaUnivision (formerly known as UH II) | ||
Corporate information: | ||
Ownership interest in associate | 44.40% | 35.50% |
Accounting Policies - Translati
Accounting Policies - Translation of Foreign Operations (Details) $ in Thousands, $ in Millions | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 29, 2020 USD ($) | Dec. 29, 2020 MXN ($) |
Net investment in foreign operations | TelevisaUnivision (formerly known as UH II) | ||||||
Detailed information about hedges | ||||||
Hedging instrument | $ 2,538.8 | $ 49,446,349 | $ 1,254.5 | $ 25,721,539 | ||
Open Ended Fund [Member] | Fair value | ||||||
Detailed information about hedges | ||||||
Hedging instrument | $ 773,209 | $ 39,700 | $ 46.1 | $ 945,176,000 | ||
Warrants exercised | Fair value | Univision Holding Inc | ||||||
Detailed information about hedges | ||||||
Hedging instrument | $ 17,387,699 | $ 871,600 |
Accounting Policies - Cash and
Accounting Policies - Cash and Cash Equivalents (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
USD [Member] | ||
Cash and Cash Equivalents and Temporary Investments | ||
Yield on cash and cash equivalents (as percent) | 1.53% | 0.07% |
Mexican peso | ||
Cash and Cash Equivalents and Temporary Investments | ||
Yield on cash and cash equivalents (as percent) | 7.40% | 4.36% |
Accounting Policies - Transmiss
Accounting Policies - Transmission Rights and Programming (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Transmission rights. | |
Transmission Rights and Programming | |
Estimated useful life (in years) | 25 years |
Accounting Policies - Property,
Accounting Policies - Property, Plant and Equipment (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Feb. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, plant and equipment | |||
Dismantling obligations amounted | $ 1,129,184 | $ 933,880 | |
Bottom Of Range | |||
Property, plant and equipment | |||
Estimated useful lives | 20 years | ||
Top Of Range | |||
Property, plant and equipment | |||
Estimated useful lives | 65 years | ||
Buildings [Member] | Bottom Of Range | |||
Property, plant and equipment | |||
Estimated useful lives | 20 years | ||
Buildings [Member] | Top Of Range | |||
Property, plant and equipment | |||
Estimated useful lives | 50 years | ||
Technical equipment | Bottom Of Range | |||
Property, plant and equipment | |||
Estimated useful lives | 3 years | ||
Technical equipment | Top Of Range | |||
Property, plant and equipment | |||
Estimated useful lives | 30 years | ||
Satellite Transponders | |||
Property, plant and equipment | |||
Estimated useful lives | 15 years | ||
Furniture and Fixtures | Bottom Of Range | |||
Property, plant and equipment | |||
Estimated useful lives | 10 years | ||
Furniture and Fixtures | Top Of Range | |||
Property, plant and equipment | |||
Estimated useful lives | 15 years | ||
Transportation Equipment | Bottom Of Range | |||
Property, plant and equipment | |||
Estimated useful lives | 4 years | ||
Transportation Equipment | Top Of Range | |||
Property, plant and equipment | |||
Estimated useful lives | 8 years | ||
Computer Equipment | Bottom Of Range | |||
Property, plant and equipment | |||
Estimated useful lives | 3 years | ||
Computer Equipment | Top Of Range | |||
Property, plant and equipment | |||
Estimated useful lives | 6 years | ||
Leasehold Improvements | Bottom Of Range | |||
Property, plant and equipment | |||
Estimated useful lives | 5 years | ||
Leasehold Improvements | Top Of Range | |||
Property, plant and equipment | |||
Estimated useful lives | 30 years |
Accounting Policies - Intangibl
Accounting Policies - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Trademarks | |
Intangible Assets and Goodwill | |
Estimated useful lives | 4 years |
Licenses | Bottom Of Range | |
Intangible Assets and Goodwill | |
Estimated useful lives | 3 years |
Licenses | Top Of Range | |
Intangible Assets and Goodwill | |
Estimated useful lives | 10 years |
Subscriber lists | Bottom Of Range | |
Intangible Assets and Goodwill | |
Estimated useful lives | 4 years |
Subscriber lists | Top Of Range | |
Intangible Assets and Goodwill | |
Estimated useful lives | 5 years |
Payments for renewal of concessions | |
Intangible Assets and Goodwill | |
Estimated useful lives | 20 years |
Other intangible assets | Bottom Of Range | |
Intangible Assets and Goodwill | |
Estimated useful lives | 3 years |
Other intangible assets | Top Of Range | |
Intangible Assets and Goodwill | |
Estimated useful lives | 20 years |
Accounting Policies - Contract
Accounting Policies - Contract Costs (Details) - Costs to obtain contract with customers - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Contract Costs | ||
Beginning balance | $ 4,998,314 | $ 4,541,557 |
Additions | 2,345,031 | 2,298,850 |
Amount recognized in income | (2,025,119) | (1,842,093) |
Ending balance | 5,318,226 | 4,998,314 |
Current Contract Costs | 1,918,287 | 1,782,723 |
Total Non-current Contract Costs | 3,399,939 | 3,215,591 |
Cable Segment | ||
Contract Costs | ||
Beginning balance | 2,498,124 | 2,027,691 |
Additions | 1,764,989 | 1,209,894 |
Amount recognized in income | (965,677) | (739,461) |
Ending balance | 3,297,436 | 2,498,124 |
Current Contract Costs | 1,077,417 | 797,273 |
Total Non-current Contract Costs | 2,220,019 | 1,700,851 |
Sky Segment | ||
Contract Costs | ||
Beginning balance | 2,500,190 | 2,513,866 |
Additions | 580,042 | 1,088,956 |
Amount recognized in income | (1,059,442) | (1,102,632) |
Ending balance | 2,020,790 | 2,500,190 |
Current Contract Costs | 840,870 | 985,450 |
Total Non-current Contract Costs | $ 1,179,920 | $ 1,514,740 |
Accounting Policies - Share Bas
Accounting Policies - Share Based payment agreements (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expense | $ 968,628 | $ 903,764 | $ 863,782 |
Increase (decrease) through share-based payment transactions, equity | 2,009,304 | 1,066,863 | 962,806 |
Long Term Retention Plan [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation expense | 968,628 | 903,764 | 863,782 |
Increase (decrease) through share-based payment transactions, equity | $ 968,628 | $ 1,066,863 | $ 962,806 |
Disposition of OCEN and Radio_2
Disposition of OCEN and Radiopolis, Closing of the TelevisaUnivision Transaction and Reorganization Proposal - Ocen (Details) - MXN ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 06, 2021 | Sep. 13, 2021 | Jul. 31, 2019 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of associates [line items] | |||||||
Accounts receivable | $ 8,457,302 | $ 13,093,011 | |||||
Pretax income | $ (12,165,823) | 2,441,939 | $ (4,930,943) | ||||
Ocesa Entretenimien to S.a. De C.v. And Subsidiaries [Member] | |||||||
Disclosure of associates [line items] | |||||||
Ownership (as a percent) | 40% | 40% | 40% | ||||
Cash consideration received for the disposal of assets and liabilities | $ 5,206,000 | $ 4,806,549 | |||||
Retaining percentage to cover losses | 7% | ||||||
Accounts receivable | $ 364,420 | ||||||
Pretax income | $ 4,547,029 | ||||||
Proceeds from holdback amount received | $ 364,420 | ||||||
Amount of purchase price adjustment | $ 35,950 |
Disposition of OCEN and Radio_3
Disposition of OCEN and Radiopolis, Closing of the TelevisaUnivision Transaction and Reorganization Proposal (Details) - MXN ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jul. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jul. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of subsidiaries [line items] | ||||||||
Assets | $ 299,107,531 | $ 293,742,081 | ||||||
Liabilities | 154,977,626 | 197,218,017 | ||||||
Dividends received | $ 10,000 | $ 10,000 | ||||||
Radiopolis | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Aggregate cash proceeds | $ 1,248,000 | |||||||
Assets | $ 1,675,426 | |||||||
Liabilities | $ 432,812 | |||||||
Cash payment | $ 534,605 | $ 110,000 | $ 603,395 | |||||
Dividends received | $ 285,669 | |||||||
Pre-tax gain of disposition on Radiopolis | $ 932,449 | |||||||
Radiopolis | Business combination | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Proportion of ownership interest in subsidiary | 50% |
Disposition of OCEN and Radio_4
Disposition of OCEN and Radiopolis, Closing of the TelevisaUnivision Transaction and Reorganization Proposal (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||||||
Jan. 31, 2022 MXN ($) | Apr. 13, 2021 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of subsidiaries [line items] | |||||||
Total value | $ 50,450,949 | $ 26,704,235 | $ 22,813,531 | ||||
Deferred income, current | 287,667 | ||||||
Deferred income, noncurrent | 5,178,014 | ||||||
Discontinued operations | |||||||
Disclosure of subsidiaries [line items] | |||||||
Cash consideration received | $ 67,985,597 | ||||||
Discontinued Operations In Connection With The Televisaunivision Transaction [Member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Value of transaction | 93,066,741 | ||||||
Gain (loss) on disposition of discontinued operations, net | 56,065,530 | $ (1,943,647) | |||||
Discontinued Operations In Connection With The Televisaunivision Transaction [Member] | Televisa Univision [Member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Cash consideration received | 61,214,741 | $ 2,971.3 | |||||
Consideration in common and preferred stock | 30,912,000 | $ 1,500 | |||||
Deferred income | 5,729,377 | $ 276.2 | |||||
Discontinued Operations In Connection With The Televisaunivision Transaction [Member] | Televisa Univision [Member] | Grupo Telesistema , S.A. de C.V. | |||||||
Disclosure of subsidiaries [line items] | |||||||
Cash consideration received | 61,214,741 | ||||||
Discontinued Operations In Connection With The Televisaunivision Transaction [Member] | Tritn Comunicaciones, S.A. de C.V [Member] | |||||||
Disclosure of subsidiaries [line items] | |||||||
Cash consideration received | $ 940,000 | ||||||
UH II | |||||||
Disclosure of subsidiaries [line items] | |||||||
Total value | $ 4,500 | ||||||
Cash consideration | 3,000 | ||||||
Common shares | UH II | |||||||
Disclosure of subsidiaries [line items] | |||||||
Value in common stocks | 750 | ||||||
Preference Shares [Member] | UH II | |||||||
Disclosure of subsidiaries [line items] | |||||||
Value in common stocks | $ 750 | ||||||
Preferred stock dividend percentage | 5.50% |
Financial Risk Management (Deta
Financial Risk Management (Details) € in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | Mar. 31, 2023 $ / $ | Dec. 31, 2022 MXN ($) $ / € $ / SFr $ / $ $ / shares | Dec. 31, 2022 USD ($) $ / € $ / SFr $ / $ $ / shares | Dec. 31, 2022 EUR (€) $ / € $ / SFr $ / $ $ / shares | Dec. 31, 2022 CHF (SFr) $ / € $ / SFr $ / $ $ / shares | Dec. 31, 2021 MXN ($) $ / € $ / $ $ / $ $ / shares $ / $ $ / SFr | Dec. 31, 2021 USD ($) $ / € $ / $ $ / $ $ / shares $ / $ $ / SFr | Dec. 31, 2021 EUR (€) $ / € $ / $ $ / $ $ / shares $ / $ $ / SFr | Dec. 31, 2021 CHF (SFr) $ / € $ / $ $ / $ $ / shares $ / $ $ / SFr | Dec. 31, 2021 ARS ($) $ / € $ / $ $ / $ $ / shares $ / $ $ / SFr | Dec. 31, 2021 CLP ($) $ / € $ / $ $ / $ $ / shares $ / $ $ / SFr | Dec. 31, 2020 $ / $ |
Financial Risk Management | ||||||||||||
Foreign exchange rate | 19.4760 | 19.4760 | 19.4760 | 19.4760 | 20.5031 | 20.5031 | 20.5031 | 20.5031 | 20.5031 | 20.5031 | 19.9493 | |
Assets | $ 299,107,531 | $ 293,742,081 | ||||||||||
Liabilities | 154,977,626 | 197,218,017 | ||||||||||
Foreign currency risk | U.S. dollar | ||||||||||||
Financial Risk Management | ||||||||||||
Risk exposure on assets | 46,208,173 | $ 2,372,570 | 17,054,602 | $ 831,806 | ||||||||
Risk exposure on liabilities | $ 85,920,010 | $ 4,411,584 | $ 106,926,742 | $ 5,215,150 | ||||||||
Foreign exchange rate | $ / $ | 18.0275 | 19.4760 | 19.4760 | 19.4760 | 19.4760 | 20.5031 | 20.5031 | 20.5031 | 20.5031 | 20.5031 | 20.5031 | |
Foreign currency risk | U.S. dollar | Long-term debt designated as a hedging instrument of the Group's investments in TelevisaUnivision (formerly known as UH II) and the investment in Open-Ended Fund | ||||||||||||
Financial Risk Management | ||||||||||||
Risk exposure associated with instruments | $ 50,219,558 | $ 2,578,500 | $ 26,666,715 | $ 1,300,600 | ||||||||
Foreign currency risk | Euros | ||||||||||||
Financial Risk Management | ||||||||||||
Risk exposure on assets | 432,795 | € 20,720 | 260,071 | € 11,139 | ||||||||
Risk exposure on liabilities | $ 4,950 | € 237 | $ 13,962 | € 598 | ||||||||
Foreign exchange rate | $ / € | 20.8878 | 20.8878 | 20.8878 | 20.8878 | 23.3478 | 23.3478 | 23.3478 | 23.3478 | 23.3478 | 23.3478 | ||
Foreign currency risk | Swiss francs | ||||||||||||
Financial Risk Management | ||||||||||||
Risk exposure on assets | $ 42,445 | SFr 2,009 | $ 93,126 | SFr 4,139 | ||||||||
Risk exposure on liabilities | $ 491,869 | SFr 23,281 | $ 19,867 | SFr 883 | ||||||||
Foreign exchange rate | $ / SFr | 21.1275 | 21.1275 | 21.1275 | 21.1275 | 22.4997 | 22.4997 | 22.4997 | 22.4997 | 22.4997 | 22.4997 | ||
Foreign currency risk | Argentinean pesos | ||||||||||||
Financial Risk Management | ||||||||||||
Risk exposure on assets | $ 12,780 | $ 64,026 | ||||||||||
Foreign exchange rate | $ / $ | 0.1996 | 0.1996 | 0.1996 | 0.1996 | 0.1996 | 0.1996 | ||||||
Foreign currency risk | Chilean pesos | ||||||||||||
Financial Risk Management | ||||||||||||
Risk exposure on assets | $ 13,825 | $ 576,044 | ||||||||||
Foreign exchange rate | $ / $ | 0.0240 | 0.0240 | 0.0240 | 0.0240 | 0.0240 | 0.0240 | ||||||
Foreign currency risk | Other currencies | ||||||||||||
Financial Risk Management | ||||||||||||
Risk exposure on assets | $ 5,266 | |||||||||||
Risk exposure on liabilities | $ 185 | |||||||||||
Assets | $ 3,032 | |||||||||||
Liabilities | $ 33 |
Financial Risk Management - Net
Financial Risk Management - Net Monetary Position (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MXN ($) | |
Financial Risk Management | ||||||
Percentage of reasonably possible increase in risk assumption | 10% | 10% | ||||
Percentage of reasonably possible decrease in risk assumption | 10% | 10% | ||||
Hypothetical foreign exchange gain | $ 915,996 | $ 6,345,797 | ||||
Euros | ||||||
Financial Risk Management | ||||||
U.S. dollar equivalent monetary assets | $ 22.9 | $ 17.7 | ||||
U.S. dollar equivalent monetary liabilities | (25.4) | (1.4) | ||||
Swiss francs | ||||||
Financial Risk Management | ||||||
U.S. dollar equivalent monetary assets | 22.9 | 17.7 | ||||
U.S. dollar equivalent monetary liabilities | (25.4) | (1.4) | ||||
Foreign currency risk | ||||||
Financial Risk Management | ||||||
U.S. dollar equivalent monetary assets | 2,319.9 | 785.1 | ||||
U.S. dollar equivalent monetary liabilities | (4,428.1) | (5,180.8) | ||||
Net liability position | (2,108.2) | (4,395.7) | ||||
Long-term debt designated as a hedging instrument of the Group's investments in TelevisaUnivision (formerly known as UH II) and the investment in Open-Ended Fund | ||||||
Financial Risk Management | ||||||
U.S. dollar equivalent monetary liabilities | $ (2,578.5) | $ (50,219,558) | $ (1,300.6) | $ (26,666,715) |
Financial Risk Management - Cas
Financial Risk Management - Cash Flow Interest Rate Risk (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Long Term Loan And Interest Receivable [Member] | ||
Financial Risk Management | ||
Carrying value of assets | $ 853,163 | $ 755,973 |
Assets at fair value | 857,006 | 760,143 |
Increase (Decrease) of Fair Value Over Carrying Value of assets | 3,843 | 4,170 |
Increase (Decrease) of Fair Value Over Carrying Value of Assets Assuming a Hypothetical 10% Increase in Fair Value | 89,544 | 80,184 |
Open Ended Fund [Member] | ||
Financial Risk Management | ||
Carrying value of assets | 773,209 | 945,176 |
Assets at fair value | 773,209 | 945,176 |
Publicly Traded Equity Instruments [Member] | ||
Financial Risk Management | ||
Carrying value of assets | 2,611,053 | 3,517,711 |
Assets at fair value | 2,611,053 | 3,517,711 |
Other Equity Instruments [Member] | ||
Financial Risk Management | ||
Carrying value of assets | 1,607,969 | |
Assets at fair value | 1,607,969 | |
Derivative financial instruments | ||
Financial Risk Management | ||
Carrying value of assets | 543,581 | 133,324 |
Assets at fair value | 543,581 | 133,324 |
Senior Notes Due 2049 [Member] | ||
Financial Risk Management | ||
Carrying value of liabilities | 13,675,853 | 15,377,325 |
Liabilities at fair value | 12,199,681 | 19,307,154 |
Issuance Of Notes Due 2027 [Member] | ||
Financial Risk Management | ||
Carrying value of liabilities | 4,500,000 | 4,500,000 |
Liabilities at fair value | 4,238,640 | 4,509,405 |
Long Term Notes Payable To Banks [Member] | ||
Financial Risk Management | ||
Carrying value of liabilities | 13,650,000 | 20,260,404 |
Liabilities at fair value | 13,775,125 | 20,417,854 |
U.S. dollar | 6.625% Senior Notes due 2025 | ||
Financial Risk Management | ||
Carrying value of liabilities | 5,188,796 | 12,301,860 |
Liabilities at fair value | 5,295,218 | 14,056,843 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 106,422 | 1,754,983 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 635,944 | 3,160,667 |
U.S. dollar | 4.625% Senior Notes due 2026 | ||
Financial Risk Management | ||
Carrying value of liabilities | 5,842,800 | 6,150,930 |
Liabilities at fair value | 5,717,764 | 6,685,200 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | (125,036) | 534,270 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 446,740 | 1,202,790 |
U.S. dollar | 8.50% Senior Notes due 2032 | ||
Financial Risk Management | ||
Carrying value of liabilities | 5,842,800 | 6,150,930 |
Liabilities at fair value | 6,934,235 | 8,857,216 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 1,091,435 | 2,706,286 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 1,784,859 | 3,592,008 |
U.S. dollar | 6.625% Senior Notes due 2040 | ||
Financial Risk Management | ||
Carrying value of liabilities | 11,685,600 | 12,301,860 |
Liabilities at fair value | 12,083,611 | 16,678,493 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 398,011 | 4,376,633 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 1,606,372 | 6,044,482 |
U.S. dollar | 5% Senior Notes due 2045 | ||
Financial Risk Management | ||
Carrying value of liabilities | 17,321,136 | 20,503,100 |
Liabilities at fair value | 14,975,508 | 24,205,140 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | (2,345,628) | 3,702,040 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | (848,077) | 6,122,554 |
U.S. dollar | 6.125% Senior Notes due 2046 | ||
Financial Risk Management | ||
Carrying value of liabilities | 17,528,400 | 18,452,790 |
Liabilities at fair value | 17,570,118 | 25,029,180 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 41,718 | 6,576,390 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 1,798,730 | 9,079,308 |
U.S. dollar | Senior Notes Due 2049 [Member] | ||
Financial Risk Management | ||
Carrying value of liabilities | 13,675,853 | 15,377,325 |
Liabilities at fair value | 12,199,681 | 19,307,154 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | (1,476,172) | 3,929,829 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | (256,204) | 5,860,544 |
Mexican peso | Issuance Of Notes Due 2027 [Member] | ||
Financial Risk Management | ||
Carrying value of liabilities | 4,500,000 | 4,500,000 |
Liabilities at fair value | 4,238,640 | 4,509,405 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | (261,360) | 9,405 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 162,504 | 460,346 |
Mexican peso | 8.49% Senior Notes due 2037 | ||
Financial Risk Management | ||
Carrying value of liabilities | 4,500,000 | 4,500,000 |
Liabilities at fair value | 4,041,135 | 4,110,480 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | (458,865) | (389,520) |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | (54,752) | 21,528 |
Mexican peso | 7.25% Senior Notes due 2043 | ||
Financial Risk Management | ||
Carrying value of liabilities | 6,500,000 | 6,500,000 |
Liabilities at fair value | 4,046,705 | 4,611,620 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | (2,453,295) | (1,888,380) |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | (2,048,625) | (1,427,218) |
Mexican peso | Long Term Notes Payable To Banks [Member] | ||
Financial Risk Management | ||
Carrying value of liabilities | 13,650,000 | 20,260,404 |
Liabilities at fair value | 13,775,125 | 20,417,854 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 125,125 | 157,450 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 1,502,638 | 2,199,235 |
Mexican peso | Lease liabilities, | ||
Financial Risk Management | ||
Carrying value of liabilities | 8,369,072 | 9,680,559 |
Liabilities at fair value | 8,497,104 | 9,830,878 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 128,032 | 150,319 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 977,742 | 1,133,407 |
Mexican peso | Derivative financial instruments | ||
Financial Risk Management | ||
Carrying value of liabilities | 71,401 | 172,885 |
Liabilities at fair value | $ 71,401 | $ 172,885 |
Financial Risk Management - Liq
Financial Risk Management - Liquidity Risk (Details) - MXN ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Risk Management | ||||
Cash and cash equivalents | $ 51,130,992 | $ 25,828,215 | $ 29,058,093 | $ 27,452,265 |
Debt | 106,235,385 | 126,999,199 | ||
Lease liabilities | 8,369,072 | 9,680,559 | ||
Trade and other liabilities | 31,050,582 | 48,501,574 | ||
Interest on debt | 93,979,650 | 120,284,485 | ||
Interest on lease liabilities | 3,134,193 | 3,492,359 | ||
Not Later Than One Year | ||||
Financial Risk Management | ||||
Debt | 1,000,000 | 4,110,404 | ||
Lease liabilities | 1,373,233 | 1,478,382 | ||
Trade and other liabilities | 28,107,852 | 40,051,575 | ||
Interest on debt | 5,259,796 | 6,188,285 | ||
Interest on lease liabilities | 641,423 | 659,049 | ||
12-36 Months | ||||
Financial Risk Management | ||||
Debt | 15,188,796 | 13,500,000 | ||
Lease liabilities | 2,902,742 | 2,469,270 | ||
Trade and other liabilities | 531,617 | 2,743,298 | ||
Interest on debt | 12,024,064 | 15,237,650 | ||
Interest on lease liabilities | 1,093,813 | 1,136,036 | ||
36-60 Months | ||||
Financial Risk Management | ||||
Debt | 12,992,800 | 21,102,790 | ||
Lease liabilities | 2,752,640 | 2,478,486 | ||
Trade and other liabilities | 173,898 | 2,041,627 | ||
Interest on debt | 10,041,317 | 12,453,353 | ||
Interest on lease liabilities | 732,818 | 775,332 | ||
Later Than Five Years [Member] | ||||
Financial Risk Management | ||||
Debt | 77,053,789 | 88,286,005 | ||
Lease liabilities | 1,340,457 | 3,254,421 | ||
Trade and other liabilities | 2,237,215 | 3,665,074 | ||
Interest on debt | 66,654,473 | 86,405,197 | ||
Interest on lease liabilities | $ 666,139 | $ 921,942 |
Critical Accounting Estimates_2
Critical Accounting Estimates and Assumptions (Details) | 12 Months Ended | |
Jan. 31, 2022 | Dec. 31, 2022 | |
Accounting for Programming | ||
Expected future benefit period over revenues | 5 years | |
Percentage of production cost expensed | 70% |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and Cash Equivalents | ||||
Cash and bank accounts | $ 2,041,883 | $ 1,180,817 | ||
Short-term investments | 49,089,109 | 24,647,398 | ||
Total cash and cash equivalents | $ 51,130,992 | $ 25,828,215 | $ 29,058,093 | $ 27,452,265 |
Trade Accounts and Notes Rece_3
Trade Accounts and Notes Receivable, Net (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Trade Accounts and Notes Receivable, Net | |||
Non-interest bearing notes received in 2021 from customers as deposits and advances mainly in connection with annual ("upfront basis") and from time to time ("scatter basis") prepayments | $ 1,499,335 | ||
Trade accounts receivable | $ 10,489,336 | 14,955,334 | |
Loss allowance | (2,032,034) | (3,361,658) | $ (4,249,133) |
Total trade notes and accounts receivable, net | 8,457,302 | 13,093,011 | |
Non-current trade receivables | $ 438,376 | $ 385,060 |
Trade Accounts and Notes Rece_4
Trade Accounts and Notes Receivable, Net - Aging Analysis (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade Accounts and Notes Receivable, Net | ||
Trade accounts and notes receivable, net of current portion | $ 8,457,302 | $ 13,093,011 |
1 to 90 days | ||
Trade Accounts and Notes Receivable, Net | ||
Trade accounts and notes receivable, net of current portion | 2,350,853 | 4,367,863 |
91 to 180 days | ||
Trade Accounts and Notes Receivable, Net | ||
Trade accounts and notes receivable, net of current portion | 1,066,211 | 1,459,188 |
More than 180 days | ||
Trade Accounts and Notes Receivable, Net | ||
Trade accounts and notes receivable, net of current portion | $ 1,811,592 | $ 2,785,308 |
Trade Accounts and Notes Rece_5
Trade Accounts and Notes Receivable, Net - Carrying Amount (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Trade Accounts and Notes Receivable, Net | ||
Trade accounts and notes receivable, net of current portion | $ 8,457,302 | $ 13,093,011 |
U.S. dollar | ||
Trade Accounts and Notes Receivable, Net | ||
Trade accounts and notes receivable, net of current portion | 338,123 | 1,714,490 |
Other currencies | ||
Trade Accounts and Notes Receivable, Net | ||
Trade accounts and notes receivable, net of current portion | 6,077 | 46,255 |
Currencies other than Peso | ||
Trade Accounts and Notes Receivable, Net | ||
Trade accounts and notes receivable, net of current portion | $ 344,200 | $ 1,760,745 |
Trade Accounts and Notes Rece_6
Trade Accounts and Notes Receivable, Net - Doubtful Accounts (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Trade Accounts and Notes Receivable, Net | ||
At January 1 | $ (3,361,658) | $ (4,249,133) |
Provision for credit losses | (1,189,594) | (1,263,083) |
Write-off of receivables | 1,576,375 | 2,260,182 |
Reclassifications | (40,018) | (109,624) |
Disposed Opeartions | 982,861 | |
At December 31 | $ (2,032,034) | $ (3,361,658) |
Transmission Rights and Progr_3
Transmission Rights and Programming (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Transmission Rights and Programming. | |||
Transmission rights | $ 1,911,126 | $ 14,743,043 | |
Programming | 5,689,652 | ||
Total transmission rights and programming | 1,911,126 | 20,432,695 | |
Transmission rights | 1,022,782 | 9,823,088 | |
Programming | 3,017,938 | ||
Total non-current transmission rights and programming | 1,022,782 | 12,841,026 | |
Current portion of transmission rights and programming | 888,344 | 7,591,669 | |
Transmission rights and programming charged to consolidated cost of revenues | 2,497,519 | 14,577,558 | $ 12,691,287 |
Discontinued operations of transmission | $ 1,211,927 | $ 12,704,761 | $ 10,988,850 |
Investments in Financial Inst_3
Investments in Financial Instruments (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Investments in Financial Instruments | |||
Investments in financial instruments | $ 3,389,485 | $ 6,076,079 | |
Other | |||
Investments in Financial Instruments | |||
Investments in financial instruments | 5,223 | 5,223 | |
FVOCIL | |||
Investments in Financial Instruments | |||
Investments in financial instruments | 3,384,262 | 6,070,856 | $ 7,001,859 |
FVOCIL | Open-Ended Fund | |||
Investments in Financial Instruments | |||
Investments in financial instruments | 773,209 | 945,176 | 1,135,803 |
FVOCIL | Publicly traded equity instruments | |||
Investments in Financial Instruments | |||
Investments in financial instruments | $ 2,611,053 | 3,517,711 | 5,397,504 |
FVOCIL | Other equity instruments | |||
Investments in Financial Instruments | |||
Investments in financial instruments | $ 1,607,969 | $ 468,552 |
Investments in Financial Inst_4
Investments in Financial Instruments - Additional Information (Details) $ in Thousands, $ in Millions | 1 Months Ended | 6 Months Ended | |
Mar. 31, 2021 USD ($) | Mar. 31, 2021 MXN ($) | Jun. 30, 2021 MXN ($) | |
Investments in Financial Instruments | |||
Fair value amount of Open Ended Fund | $ 10 | $ 258,956 | |
Cash proceeds from disposition in the aggregate amount | $ 1,755,415 |
Investments in Financial Inst_5
Investments in Financial Instruments - Available-for-sale financial assets (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation for all assets and liabilities measured at fair value | ||
Balance at beginning of year | $ 6,076,079 | |
Balance at the end of year | 3,389,485 | $ 6,076,079 |
Open-Ended Fund | ||
Reconciliation for all assets and liabilities measured at fair value | ||
Foreign exchange gain (loss) derived from the hedged Warrants issued by UHI and investments in Open-Ended Fund | 99,673 | |
Open-Ended Fund | ||
Reconciliation for all assets and liabilities measured at fair value | ||
Foreign exchange gain (loss) derived from the hedged Warrants issued by UHI and investments in Open-Ended Fund | 114,046 | |
FVOCIL | ||
Reconciliation for all assets and liabilities measured at fair value | ||
Balance at beginning of year | 6,070,856 | 7,001,859 |
Investments | 1,118,178 | |
Disposition of investments | (1,607,969) | (2,015,390) |
Change in fair value in other comprehensive income (loss) | (1,078,625) | (33,791) |
Balance at the end of year | 3,384,262 | 6,070,856 |
FVOCIL | Open-Ended Fund | ||
Reconciliation for all assets and liabilities measured at fair value | ||
Balance at beginning of year | 945,176 | 1,135,803 |
Disposition of investments | (258,956) | |
Change in fair value in other comprehensive income (loss) | (171,967) | 68,329 |
Balance at the end of year | 773,209 | 945,176 |
FVOCIL | Publicly Traded Equity Instruments | ||
Reconciliation for all assets and liabilities measured at fair value | ||
Balance at beginning of year | 3,517,711 | 5,397,504 |
Disposition of investments | (1,756,434) | |
Change in fair value in other comprehensive income (loss) | (906,658) | (123,359) |
Balance at the end of year | 2,611,053 | 3,517,711 |
FVOCIL | Other Equity Instruments | ||
Reconciliation for all assets and liabilities measured at fair value | ||
Balance at beginning of year | 1,607,969 | 468,552 |
Investments | 1,118,178 | |
Disposition of investments | $ (1,607,969) | |
Change in fair value in other comprehensive income (loss) | 21,239 | |
Balance at the end of year | $ 1,607,969 |
Investments in Associates and_3
Investments in Associates and Joint Ventures - Equity method (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments in associates and joint ventures | |||
Investments in associates and joint ventures | $ 50,450,949 | $ 26,704,235 | $ 22,813,531 |
Intangible assets and goodwill | $ 41,123,587 | 42,255,881 | |
TelevisaUnivision | |||
Investments in associates and joint ventures | |||
Ownership interest in associate | 44.40% | ||
Others. | |||
Investments in associates and joint ventures | |||
Investments in associates and joint ventures | $ 51,864 | $ 164,903 | |
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries ("GTAC"). | |||
Investments in associates and joint ventures | |||
Ownership interest in joint venture | 33.30% | 33.30% | |
Investments in associates and joint ventures | $ 750,169 | $ 614,147 | |
Periodico Digital Sendero, S.A. P.I. de C.V. and subsidiary ("PDS") | |||
Investments in associates and joint ventures | |||
Ownership interest in joint venture | 50% | 50% | |
Investments in associates and joint ventures | $ 202,567 | $ 203,646 | |
Intangible assets and goodwill | $ 113,837 | $ 113,837 |
Investments in Associates and_4
Investments in Associates and Joint Ventures - Associate Narrative (Details) $ in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2022 USD ($) shares | Jan. 31, 2022 MXN ($) shares | Dec. 29, 2020 | Feb. 25, 2020 | Mar. 31, 2020 USD ($) | Mar. 31, 2020 MXN ($) | Dec. 31, 2022 USD ($) item | Dec. 31, 2022 MXN ($) item shares | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MXN ($) shares | |
Corporate information: | ||||||||||
Fair value of investment | $ 1,500 | $ 30,912,000 | ||||||||
TelevisaUnivision (formerly known as UH II) | ||||||||||
Corporate information: | ||||||||||
Proportion of voting rights held in associate | 40.10% | 40.10% | ||||||||
Ownership interest in associate | 44.40% | 44.40% | 35.50% | 35.50% | ||||||
Percentage warrants if exercised on a fully diluted as converted basis | 36% | |||||||||
Ownership interest not held in associate | 64% | |||||||||
Reversal of impairment loss (impairment loss adjustment) | $ 228.6 | $ 5,455,356 | ||||||||
Goodwill | $ | $ 21,722,490 | $ 3,881,135 | ||||||||
TelevisaUnivision (formerly known as UH II) | TelevisaUnivision and subsidiaries | ||||||||||
Corporate information: | ||||||||||
Impairment loss | $ 228.6 | $ 5,455,356 | ||||||||
TelevisaUnivision (formerly known as UH II) | Class A common stock | ||||||||||
Corporate information: | ||||||||||
Income from UHI | $ 37.8 | $ 752,556 | ||||||||
Fair value of investment | $ 750 | $ 15,456,000 | ||||||||
Number of shares invested | shares | 3,589,664 | 3,589,664 | ||||||||
Annual preferred dividend | 5.50% | 5.50% | ||||||||
TelevisaUnivision (formerly known as UH II) | Series B Preferred Shares | ||||||||||
Corporate information: | ||||||||||
Number of shares owned | shares | 750,000 | 750,000 | ||||||||
Fair value of investment | $ 750 | $ 15,456,000 | ||||||||
Number of shares invested | shares | 750,000 | 750,000 | ||||||||
TelevisaUnivision | ||||||||||
Corporate information: | ||||||||||
Number of shares owned | shares | 9,290,999 | 5,701,335 | ||||||||
Proportion of voting rights held in associate | 45.10% | 45.10% | ||||||||
Ownership interest in associate | 44.40% | 44.40% | ||||||||
Number of officers designated as members of board of directors | 3 | 3 | ||||||||
Number of officers designated as chairman of board of directors | 1 | 1 | ||||||||
Number of officers designated as members of board of directors currently consists members | 11 | 11 | ||||||||
Number of officers designated as members of board of directors additional members | 2 | 2 | ||||||||
Number of directors of the associate | 13 | 13 | ||||||||
Reversal of impairment loss (impairment loss adjustment) | $ 29.5 | $ 593,838 | $ 199.1 | $ 4,161,704 | ||||||
Equity interest in the capital stock | 35.50% | 35.50% | ||||||||
TelevisaUnivision | Minimum | ||||||||||
Corporate information: | ||||||||||
Equity interest in the capital stock | 10% | |||||||||
TelevisaUnivision | Maximum | ||||||||||
Corporate information: | ||||||||||
Equity interest in the capital stock | 35.90% |
Investments in Associates and_5
Investments in Associates and Joint Ventures - Joint venture Narrative (Details) - Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries ("GTAC"). - MXN ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2010 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments in Associates and Joint Ventures | |||
Lease term of contract | 20 years | ||
Ownership interest in joint venture | 33.30% | 33.30% | |
GTAC payments of principal and interest | $ (146,386) | $ (244,755) | |
Amounts receivable in connection with long-term credit facility and supplementary loans | $ 853,163 | 755,973 | |
Long-term credit facility | |||
Investments in Associates and Joint Ventures | |||
Long-term credit facility amount | $ 688,217 | ||
Interest rate basis | TIIE | ||
Basis points | 2% | ||
GTAC payments of principal and interest | 97,342 | ||
Long term loans | |||
Investments in Associates and Joint Ventures | |||
Interest rate basis | TIIE | ||
Basis points | 2% | ||
Principal amount | $ 1,243,955 | ||
GTAC payments of principal and interest | $ 146,386 | $ 147,413 |
Investments in Associates and_6
Investments in Associates and Joint Ventures - Roll forward (Details) $ in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 MXN ($) | Mar. 31, 2020 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | |
Disclosure of Associate and Joint Ventures [Line Items] | ||||
At January 1 | $ 26,704,235 | $ 22,813,531 | ||
Reverse impairment losses | 593,838 | 4,161,704 | ||
Share of loss of associates and joint ventures, net | (8,724,643) | (490,674) | ||
Share of other comprehensive income of associates | 4,245,546 | 245,714 | ||
Foreign currency translation adjustments | (3,261,758) | 505,183 | ||
Disposition of OCEN | (503,872) | |||
Dividends from PDS | (10,000) | (10,000) | ||
Investment in Flyacross (other associate) | 43,855 | |||
Consideration in common and preferred stock of TelevisaUnivision | 30,912,000 | |||
Other | (28,106) | 51,945 | ||
At December 31 | 50,450,949 | 26,704,235 | ||
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries ("GTAC"). | ||||
Disclosure of Associate and Joint Ventures [Line Items] | ||||
At January 1 | 614,147 | |||
Long-term loans granted to GTAC, net | 166,223 | 131,604 | ||
GTAC payments of principal and interest | (146,386) | (244,755) | ||
At December 31 | 750,169 | 614,147 | ||
TelevisaUnivision (formerly known as UH II) | ||||
Disclosure of Associate and Joint Ventures [Line Items] | ||||
At January 1 | 25,721,539 | |||
Impairment loss in investment in shares of UHI | $ (5,455,356) | $ (228.6) | ||
At December 31 | $ 49,446,349 | $ 25,721,539 |
Investments in Associates and_7
Investments in Associates and Joint Ventures - Balance sheet information (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2019 MXN ($) | |
Investments in associates and joint ventures | ||||||
Current assets | $ 81,576,823 | $ 73,258,950 | ||||
Non-current assets | 217,530,708 | 220,483,131 | ||||
Total assets | 299,107,531 | 293,742,081 | ||||
Current liabilities | 34,370,918 | 56,669,522 | ||||
Non-current liabilities | 120,606,708 | 140,548,495 | ||||
Total liabilities | 154,977,626 | 197,218,017 | ||||
Cash and cash equivalents | 51,130,992 | 25,828,215 | $ 29,058,093 | $ 27,452,265 | ||
Investments accounted for using the equity method | ||||||
Investments in associates and joint ventures | ||||||
Current assets | 181,740 | 159,619 | ||||
Non-current assets | 796,426 | 651,674 | ||||
Total assets | 978,166 | 811,293 | ||||
Current liabilities | 101,167 | 75,110 | ||||
Non-current liabilities | 891,263 | 788,200 | ||||
Total liabilities | 992,430 | 863,310 | ||||
Net assets | (14,264) | (52,017) | ||||
Goodwill, purchase price allocation and other adjustments | 113,837 | 113,837 | ||||
Long-term loans granted to GTAC, net | 853,163 | 755,973 | ||||
Carrying amount of the Group's interest in joint ventures | 952,736 | 817,793 | ||||
TelevisaUnivision (formerly known as UH II) | ||||||
Investments in associates and joint ventures | ||||||
Current assets | $ 2,444,700 | $ 2,579,100 | ||||
Non-current assets | 15,764,400 | 11,729,470 | ||||
Total assets | 18,209,100 | 14,308,570 | ||||
Current liabilities | 1,405,000 | 691,600 | ||||
Non-current liabilities | 13,600,800 | 10,619,970 | ||||
Total liabilities | 15,005,800 | 11,311,570 | ||||
Net assets | 3,203,300 | 2,997,000 | ||||
Cash and cash equivalents | 538,600 | 647,000 | ||||
Current financial liabilities | 60,100 | 54,000 | ||||
Non-current financial liabilities | $ 628,100 | $ 631,437 | ||||
Associated other than UHI II | ||||||
Investments in associates and joint ventures | ||||||
Current assets | 17,896 | 196,110 | ||||
Non-current assets | 39,213 | 118,207 | ||||
Total assets | 57,109 | 314,317 | ||||
Current liabilities | 26,952 | 154,957 | ||||
Non-current liabilities | 1,295 | 23,459 | ||||
Total liabilities | 28,247 | 178,416 | ||||
Net assets | 28,862 | 135,901 | ||||
Goodwill, purchase price allocation and other adjustments | 23,002 | 29,002 | ||||
Adjustments for differences in accounting policies | $ 51,864 | $ 164,903 |
Investments in Associates and_8
Investments in Associates and Joint Ventures - Reconciles Summary of Financial Information of UHI Carrying Amount (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of associates [line items] | |||||
Investments in associates and joint ventures | $ 50,450,949 | $ 26,704,235 | $ 22,813,531 | ||
TelevisaUnivision (formerly known as UH II) | |||||
Disclosure of associates [line items] | |||||
Ownership interest in associate | 44.40% | 35.50% | |||
Group's share of net assets | $ 27,723,859 | $ 21,840,404 | $ 1,423,488 | $ 1,065,225 | |
Goodwill, purchase price allocation and other adjustments | 21,722,490 | 3,881,135 | |||
Carrying amount of the Group's interest in TelevisaUnivision | 49,446,349 | 25,721,539 | |||
Investments in associates and joint ventures | $ 49,446,349 | $ 25,721,539 |
Investments in Associates and_9
Investments in Associates and Joint Ventures - Reconciles of Summary of Financial Information (Details) - TelevisaUnivision (formerly known as UH II) $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 MXN ($) | |
Disclosure of associates [line items] | ||||||
Net (loss) income | $ (637,955) | $ (12,555,817) | $ 208,638 | $ 4,232,441 | $ 3,635 | $ 78,133 |
Other comprehensive income (loss) | $ 209,354 | 4,245,660 | $ 11,374 | 232,773 | $ (2,367) | (50,872) |
Purchase price allocation and other adjustments: | ||||||
Net income (loss) adjustments | (3,790,887) | 4,834,744 | 79,163 | |||
Other comprehensive loss adjustments | (6,657) | |||||
Group's interest in UHI: | ||||||
Net loss | (8,764,930) | (602,303) | (1,030) | |||
Other comprehensive income (loss) | 4,245,660 | 232,773 | (57,529) | |||
Reversal of impairment (impairment loss) | $ 593,838 | $ 4,161,704 | $ (5,455,356) |
Investments in Associates an_10
Investments in Associates and Joint Ventures - Share of comprehensive (loss) income (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2020 USD ($) | |
Disclosure of Associate and Joint Ventures [Line Items] | ||||||
Revenue | $ 75,526,609 | $ 73,915,432 | $ 70,680,227 | |||
Depreciation and amortization | 21,592,538 | 21,747,513 | 21,641,650 | |||
Interest income | 2,151,109 | 560,026 | 1,067,066 | |||
Interest expense | 9,455,578 | 9,105,998 | 10,502,529 | |||
(Expense) income from continuing operations | (10,938,361) | 768,885 | (5,789,838) | |||
Income taxes (expense) benefit | (1,227,462) | 1,673,054 | 858,895 | |||
Net income | 45,283,824 | 7,354,785 | 302,824 | |||
Other comprehensive income (loss) | 2,784,580 | 1,934,869 | (16,862,138) | |||
Total comprehensive (loss) income | 48,068,404 | 9,289,654 | (16,559,314) | |||
Share of income (loss) of associates and joint ventures, net | (7,378,249) | 3,671,030 | (5,739,668) | |||
Total | 4,245,546 | 245,714 | (61,033) | |||
Income before income taxes from discontinued operations | 56,222,185 | 6,585,900 | 6,092,662 | |||
Associates | Joint ventures | ||||||
Disclosure of Associate and Joint Ventures [Line Items] | ||||||
Share of income (loss) of associates and joint ventures, net | 40,287 | 111,629 | (283,282) | |||
Foreign currency translation adjustments, net | 58 | 1,757 | ||||
Other items of comprehensive (loss) income, net | (114) | 12,883 | (5,261) | |||
Total | (114) | 12,941 | (3,504) | |||
Share of comprehensive income (loss) of associates and joint ventures | $ 40,173 | $ 124,570 | $ (286,786) | |||
TelevisaUnivision (formerly known as UH II) | ||||||
Disclosure of Associate and Joint Ventures [Line Items] | ||||||
Revenue | $ 4,609,600 | $ 2,841,000 | $ 2,541,900 | |||
Depreciation and amortization | 524,300 | 251,500 | 152,800 | |||
Interest income | 11,400 | 400 | 1,100 | |||
Interest expense | 610,300 | 420,387 | 427,500 | |||
(Expense) income from continuing operations | (1,203,200) | 550,128 | 45,537 | |||
Income taxes (expense) benefit | (232,400) | 36,872 | (9,137) | |||
Net income | (1,435,600) | 587,000 | 36,400 | |||
Total comprehensive (loss) income | (964,487) | 619,000 | 12,700 | |||
Preferred dividends received from TelevisaUnivision | 37,812 | |||||
Other comprehensive income (loss) | $ 471,113 | $ 32,000 | $ (23,700) |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net, and Investment Property, Net (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | $ 87,922,126 | $ 83,281,627 | |
Additions | 17,315,387 | 23,267,847 | $ 20,131,738 |
Balance at end of the period | 82,236,399 | 87,922,126 | 83,281,627 |
Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 226,508,751 | 208,238,914 | |
Additions | 17,315,387 | 23,267,847 | |
Dismantling cost | 195,304 | 69,350 | |
Retirements and reclassifications to other accounts | (6,848,835) | (4,554,545) | |
Transfers from intangibles assets, net | (502,017) | (547,940) | |
Effect of translation | (162,945) | 35,125 | |
Transfers investment property | (3,867,138) | ||
Balance at end of the period | 232,638,507 | 226,508,751 | 208,238,914 |
Accumulated depreciation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (138,586,625) | (124,957,287) | |
Retirements and reclassifications to other accounts | 4,648,476 | 4,141,389 | |
Depreciation, property, plant and equipment | (17,579,713) | (17,730,550) | |
Effect of translation | 121,781 | (40,177) | |
Transfers investment property | 993,973 | ||
Balance at end of the period | (150,402,108) | (138,586,625) | (124,957,287) |
Buildings and Land | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 9,659,391 | 9,579,153 | |
Balance at end of the period | 6,953,161 | 9,659,391 | 9,579,153 |
Buildings and Land | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 15,202,600 | 14,886,912 | |
Additions | 3,329 | 2,290 | |
Retirements and reclassifications to other accounts | (91,077) | (93,883) | |
Transfers and reclassifications | 226,903 | 412,054 | |
Effect of translation | (15,030) | (4,773) | |
Transfers investment property | (3,867,138) | ||
Balance at end of the period | 11,459,587 | 15,202,600 | 14,886,912 |
Buildings and Land | Accumulated depreciation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (5,543,209) | (5,307,759) | |
Retirements and reclassifications to other accounts | 252,367 | 70,754 | |
Depreciation, property, plant and equipment | (211,805) | (304,842) | |
Effect of translation | 2,248 | (1,362) | |
Transfers investment property | 993,973 | ||
Balance at end of the period | (4,506,426) | (5,543,209) | (5,307,759) |
Technical equipment | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 57,193,503 | 54,013,318 | |
Balance at end of the period | 58,524,011 | 57,193,503 | 54,013,318 |
Technical equipment | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 172,795,206 | 157,262,188 | |
Additions | 13,978,378 | 14,334,876 | |
Dismantling cost | 195,304 | 69,350 | |
Retirements and reclassifications to other accounts | (6,171,083) | (2,423,831) | |
Transfers and reclassifications | 5,900,361 | 3,513,272 | |
Effect of translation | (148,110) | 39,351 | |
Balance at end of the period | 186,550,056 | 172,795,206 | 157,262,188 |
Technical equipment | Accumulated depreciation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (115,601,703) | (103,248,870) | |
Retirements and reclassifications to other accounts | 3,520,999 | 3,326,801 | |
Depreciation, property, plant and equipment | (16,063,925) | (15,641,059) | |
Effect of translation | 118,584 | (38,575) | |
Balance at end of the period | (128,026,045) | (115,601,703) | (103,248,870) |
Satellite Transponders | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 1,772,611 | 2,055,025 | |
Balance at end of the period | 1,490,197 | 1,772,611 | 2,055,025 |
Satellite Transponders | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 6,026,094 | 6,026,094 | |
Additions | 0 | 0 | |
Dismantling cost | 0 | 0 | |
Retirements and reclassifications to other accounts | 0 | 0 | |
Transfers from intangibles assets, net | 0 | 0 | |
Transfers and reclassifications | 0 | 0 | |
Effect of translation | 0 | 0 | |
Transfers investment property | 0 | ||
Balance at end of the period | 6,026,094 | 6,026,094 | 6,026,094 |
Satellite Transponders | Accumulated depreciation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (4,253,483) | (3,971,069) | |
Retirements and reclassifications to other accounts | 0 | 0 | |
Depreciation, property, plant and equipment | (282,414) | (282,414) | |
Effect of translation | 0 | 0 | |
Transfers investment property | 0 | ||
Balance at end of the period | (4,535,897) | (4,253,483) | (3,971,069) |
Furniture and Fixtures | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 521,800 | 545,329 | |
Balance at end of the period | 414,411 | 521,800 | 545,329 |
Furniture and Fixtures | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 1,298,803 | 1,263,800 | |
Additions | 35,064 | 68,201 | |
Retirements and reclassifications to other accounts | (148,546) | (62,210) | |
Transfers and reclassifications | 29,147 | 28,976 | |
Effect of translation | (41) | 36 | |
Balance at end of the period | 1,214,427 | 1,298,803 | 1,263,800 |
Furniture and Fixtures | Accumulated depreciation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (777,003) | (718,471) | |
Retirements and reclassifications to other accounts | 70,413 | 58,751 | |
Depreciation, property, plant and equipment | (93,462) | (117,255) | |
Effect of translation | 36 | (28) | |
Balance at end of the period | (800,016) | (777,003) | (718,471) |
Transportation Equipment | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 1,242,004 | 1,090,966 | |
Balance at end of the period | 1,057,465 | 1,242,004 | 1,090,966 |
Transportation Equipment | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 3,407,907 | 3,122,232 | |
Additions | 118,028 | 395,005 | |
Retirements and reclassifications to other accounts | (523,397) | (280,189) | |
Transfers and reclassifications | 24,357 | 170,788 | |
Effect of translation | (148) | 71 | |
Balance at end of the period | 3,026,747 | 3,407,907 | 3,122,232 |
Transportation Equipment | Accumulated depreciation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (2,165,903) | (2,031,266) | |
Retirements and reclassifications to other accounts | 406,901 | 127,440 | |
Depreciation, property, plant and equipment | (210,362) | (262,008) | |
Effect of translation | 82 | (69) | |
Balance at end of the period | (1,969,282) | (2,165,903) | (2,031,266) |
Computer Equipment | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 2,117,027 | 2,092,070 | |
Balance at end of the period | 1,564,859 | 2,117,027 | 2,092,070 |
Computer Equipment | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 9,514,099 | 9,198,382 | |
Additions | 201,745 | 339,967 | |
Retirements and reclassifications to other accounts | (558,400) | (618,714) | |
Transfers and reclassifications | 84,970 | 594,158 | |
Effect of translation | (655) | 306 | |
Balance at end of the period | 9,241,759 | 9,514,099 | 9,198,382 |
Computer Equipment | Accumulated depreciation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (7,397,072) | (7,106,312) | |
Retirements and reclassifications to other accounts | 215,279 | 557,776 | |
Depreciation, property, plant and equipment | (495,891) | (848,426) | |
Effect of translation | 784 | (110) | |
Balance at end of the period | (7,676,900) | (7,397,072) | (7,106,312) |
Leasehold Improvements | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 880,244 | 1,032,096 | |
Balance at end of the period | 661,518 | 880,244 | 1,032,096 |
Leasehold Improvements | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 3,728,496 | 3,605,636 | |
Additions | 23,279 | 17,508 | |
Retirements and reclassifications to other accounts | (331,212) | (19,860) | |
Transfers and reclassifications | 128,544 | 125,175 | |
Effect of translation | (47) | 37 | |
Balance at end of the period | 3,549,060 | 3,728,496 | 3,605,636 |
Leasehold Improvements | Accumulated depreciation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (2,848,252) | (2,573,540) | |
Retirements and reclassifications to other accounts | 182,517 | (133) | |
Depreciation, property, plant and equipment | (221,854) | (274,546) | |
Effect of translation | 47 | (33) | |
Balance at end of the period | (2,887,542) | (2,848,252) | (2,573,540) |
Construction and Projects in Progress | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 14,535,546 | 12,873,670 | |
Balance at end of the period | 11,570,777 | 14,535,546 | 12,873,670 |
Construction and Projects in Progress | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 14,535,546 | 12,873,670 | |
Additions | 2,955,564 | 8,110,000 | |
Retirements and reclassifications to other accounts | 974,880 | (1,055,858) | |
Transfers from intangibles assets, net | (502,017) | (547,940) | |
Transfers and reclassifications | (6,394,282) | (4,844,423) | |
Effect of translation | 1,086 | 97 | |
Balance at end of the period | $ 11,570,777 | $ 14,535,546 | $ 12,873,670 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net, and Investment Property, Net - Depreciation (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment, Net | ||
Depreciation of the period | $ (17,579,713) | $ (17,730,550) |
Discontinued operations | ||
Property, Plant and Equipment, Net | ||
Depreciation of the period | $ (73,473) | $ (884,103) |
Property, Plant and Equipment_5
Property, Plant and Equipment, Net, and Investment Property, Net - Others (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment, Net | |||
Property, plant and equipment, net | $ 82,236,399 | $ 87,922,126 | $ 83,281,627 |
Cost | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, net | 232,638,507 | 226,508,751 | 208,238,914 |
Accumulated depreciation | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, net | (150,402,108) | (138,586,625) | $ (124,957,287) |
Subscriber leased set-top equipment | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, net | 20,261,889 | 17,497,525 | |
Subscriber leased set-top equipment | Cost | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, net | 54,493,281 | 47,813,940 | |
Subscriber leased set-top equipment | Accumulated depreciation | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, net | (34,231,392) | (30,316,415) | |
Dismantling costs | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, net | 610,420 | 504,341 | |
Dismantling costs | Cost | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, net | 1,133,071 | 937,767 | |
Dismantling costs | Accumulated depreciation | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment, net | $ (522,651) | $ (433,426) |
Property, Plant and Equipment_6
Property, Plant and Equipment, Net, and Investment Property, Net - Investment Property, Net (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Jan. 01, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investment Property, Net | |||
Operating lease agreements, Average renewal period | 5 years | ||
Depreciation of the period | $ 17,579,713 | $ 17,730,550 | |
Investment property at end of period | 2,873,165 | ||
Net lease income from investment property, net of direct operating expenses | 311,343 | ||
At fair value | |||
Investment Property, Net | |||
Investment property at end of period | 8,837,686 | ||
Cost | |||
Investment Property, Net | |||
Reclassification from property, plant and equipment in the first quarter of 2022 | 3,867,138 | ||
Investment property at end of period | 3,867,138 | ||
Accumulated depreciation | |||
Investment Property, Net | |||
Reclassification from property, plant and equipment in the first quarter of 2022 | (910,264) | ||
Depreciation of the period | (83,709) | ||
Investment property at end of period | $ (993,973) | ||
Minimum | |||
Investment Property, Net | |||
Operating lease agreements, Initial non-cancellable period | 7 years | ||
Maximum | |||
Investment Property, Net | |||
Operating lease agreements, Initial non-cancellable period | 19 years |
Property, Plant and Equipment_7
Property, Plant and Equipment, Net, and Investment Property, Net - Maturity analysis of undiscounted lease payments to be received (Details) - Building and land $ in Thousands | Dec. 31, 2022 USD ($) |
2023 | |
Maturity analysis of undiscounted lease payments to be received | |
Undiscounted lease payments to be received for buildings and land subject to operating leases | $ 22,037 |
2024 | |
Maturity analysis of undiscounted lease payments to be received | |
Undiscounted lease payments to be received for buildings and land subject to operating leases | 22,037 |
2025 | |
Maturity analysis of undiscounted lease payments to be received | |
Undiscounted lease payments to be received for buildings and land subject to operating leases | 22,037 |
2026 | |
Maturity analysis of undiscounted lease payments to be received | |
Undiscounted lease payments to be received for buildings and land subject to operating leases | 22,037 |
2027 | |
Maturity analysis of undiscounted lease payments to be received | |
Undiscounted lease payments to be received for buildings and land subject to operating leases | 22,037 |
Thereafter | |
Maturity analysis of undiscounted lease payments to be received | |
Undiscounted lease payments to be received for buildings and land subject to operating leases | $ 310,981 |
Right-of-use Assets, Net (Detai
Right-of-use Assets, Net (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Right-of-use Assets, Net | ||
Beginning balance | $ 7,604,567 | $ 7,212,165 |
Depreciation for the year | (1,157,014) | (1,148,048) |
Ending balance | 6,670,298 | 7,604,567 |
Cost | ||
Right-of-use Assets, Net | ||
Beginning balance | 13,323,237 | 11,855,323 |
Additions | 1,025,111 | 1,873,718 |
Retirements | (1,384,273) | (406,074) |
Effect of translation | (561) | 270 |
Ending balance | 12,963,514 | 13,323,237 |
Accumulated depreciation | ||
Right-of-use Assets, Net | ||
Beginning balance | (5,718,670) | (4,643,158) |
Depreciation for the year | (1,157,014) | (1,148,048) |
Retirements | 582,104 | 72,640 |
Effect of translation | 364 | (104) |
Ending balance | (6,293,216) | (5,718,670) |
Buildings | ||
Right-of-use Assets, Net | ||
Beginning balance | 4,573,386 | 4,287,905 |
Ending balance | 4,126,601 | 4,573,386 |
Buildings | Cost | ||
Right-of-use Assets, Net | ||
Beginning balance | 6,289,224 | 5,464,584 |
Additions | 797,811 | 1,166,607 |
Retirements | (1,147,014) | (342,237) |
Effect of translation | (561) | 270 |
Ending balance | 5,939,460 | 6,289,224 |
Buildings | Accumulated depreciation | ||
Right-of-use Assets, Net | ||
Beginning balance | (1,715,838) | (1,176,679) |
Depreciation for the year | (610,652) | (611,120) |
Retirements | 513,267 | 72,065 |
Effect of translation | 364 | (104) |
Ending balance | (1,812,859) | (1,715,838) |
Satellite Transponders | ||
Right-of-use Assets, Net | ||
Beginning balance | 1,638,987 | 1,924,029 |
Ending balance | 1,353,946 | 1,638,987 |
Satellite Transponders | Cost | ||
Right-of-use Assets, Net | ||
Beginning balance | 4,275,619 | 4,275,619 |
Ending balance | 4,275,619 | 4,275,619 |
Satellite Transponders | Accumulated depreciation | ||
Right-of-use Assets, Net | ||
Beginning balance | (2,636,632) | (2,351,590) |
Depreciation for the year | (285,041) | (285,042) |
Ending balance | (2,921,673) | (2,636,632) |
Technical Equipment | ||
Right-of-use Assets, Net | ||
Beginning balance | 878,797 | 895,716 |
Ending balance | 842,814 | 878,797 |
Technical Equipment | Cost | ||
Right-of-use Assets, Net | ||
Beginning balance | 1,999,573 | 1,883,982 |
Additions | 99,209 | 115,591 |
Ending balance | 2,098,782 | 1,999,573 |
Technical Equipment | Accumulated depreciation | ||
Right-of-use Assets, Net | ||
Beginning balance | (1,120,776) | (988,266) |
Depreciation for the year | (135,527) | (132,862) |
Retirements | 335 | 352 |
Ending balance | (1,255,968) | (1,120,776) |
Computer Equipment | ||
Right-of-use Assets, Net | ||
Beginning balance | 354,019 | |
Ending balance | 81,609 | 354,019 |
Computer Equipment | Cost | ||
Right-of-use Assets, Net | ||
Beginning balance | 437,361 | |
Additions | 56,332 | 437,361 |
Retirements | (375,045) | |
Ending balance | 118,648 | 437,361 |
Computer Equipment | Accumulated depreciation | ||
Right-of-use Assets, Net | ||
Beginning balance | (83,342) | |
Depreciation for the year | (35,986) | (83,342) |
Retirements | 82,289 | |
Ending balance | (37,039) | (83,342) |
Others | ||
Right-of-use Assets, Net | ||
Beginning balance | 159,378 | 104,515 |
Ending balance | 265,328 | 159,378 |
Others | Cost | ||
Right-of-use Assets, Net | ||
Beginning balance | 321,460 | 231,138 |
Additions | 71,759 | 154,159 |
Retirements | 137,786 | (63,837) |
Ending balance | 531,005 | 321,460 |
Others | Accumulated depreciation | ||
Right-of-use Assets, Net | ||
Beginning balance | (162,082) | (126,623) |
Depreciation for the year | (89,808) | (35,682) |
Retirements | (13,787) | 223 |
Ending balance | $ (265,677) | $ (162,082) |
Right-of-use Assets, Net - Depr
Right-of-use Assets, Net - Depreciation (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Right-of-use Assets, Net | ||
Depreciation of right -of-use assets of discontinued operations | $ 1,157,014 | $ 1,148,048 |
Discontinued operations | ||
Right-of-use Assets, Net | ||
Depreciation of right -of-use assets of discontinued operations | $ 16,978 | $ 84,310 |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill, Net - Summary of intangible assets and goodwill (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | $ 41,123,587 | $ 42,255,881 | |
Concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 15,166,067 | 15,166,067 | $ 15,166,067 |
Goodwill. | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 13,904,998 | 14,036,657 | 14,113,626 |
Intangible Assets with Finite Useful Lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 12,019,694 | 13,017,915 | |
Intangible Assets with Finite Useful Lives | Trademarks | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 111,526 | 183,654 | |
Intangible Assets with Finite Useful Lives | Licenses and software | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 4,159,245 | 5,158,928 | |
Intangible Assets with Finite Useful Lives | Subscriber lists | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 917,221 | 1,232,283 | |
Intangible Assets with Finite Useful Lives | Payments for renewal of concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 5,536,697 | 5,825,559 | |
Intangible Assets with Finite Useful Lives | Other intangible assets | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 1,295,005 | 617,491 | |
Intangible Assets with Indefinite Useful Lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 29,103,893 | 29,237,966 | |
Intangible Assets with Indefinite Useful Lives | Trademarks | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 32,828 | 35,242 | |
Intangible Assets with Indefinite Useful Lives | Concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 15,166,067 | 15,166,067 | |
Intangible Assets with Indefinite Useful Lives | Goodwill. | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 13,904,998 | 14,036,657 | |
Cost | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 67,311,292 | 66,929,587 | |
Cost | Intangible Assets with Finite Useful Lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 38,207,399 | 37,691,621 | 35,719,769 |
Cost | Intangible Assets with Finite Useful Lives | Trademarks | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 2,227,096 | 2,227,096 | 2,227,096 |
Cost | Intangible Assets with Finite Useful Lives | Concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 553,505 | 553,505 | |
Cost | Intangible Assets with Finite Useful Lives | Licenses and software | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 15,111,644 | 14,831,874 | 13,139,480 |
Cost | Intangible Assets with Finite Useful Lives | Subscriber lists | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 8,791,701 | 8,806,951 | 8,804,334 |
Cost | Intangible Assets with Finite Useful Lives | Payments for renewal of concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 5,824,365 | 5,825,559 | 5,825,559 |
Cost | Intangible Assets with Finite Useful Lives | Other intangible assets | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 6,252,593 | 5,446,636 | 5,169,795 |
Cost | Intangible Assets with Indefinite Useful Lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 29,103,893 | 29,237,966 | 29,314,935 |
Cost | Intangible Assets with Indefinite Useful Lives | Trademarks | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 32,828 | 35,242 | 35,242 |
Cost | Intangible Assets with Indefinite Useful Lives | Concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 15,166,067 | 15,166,067 | 15,166,067 |
Cost | Intangible Assets with Indefinite Useful Lives | Goodwill. | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 13,904,998 | 14,036,657 | 14,113,626 |
Accumulated depreciation | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | (26,187,705) | (24,673,706) | |
Accumulated depreciation | Intangible Assets with Finite Useful Lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | (26,187,705) | (24,673,706) | (22,310,486) |
Accumulated depreciation | Intangible Assets with Finite Useful Lives | Trademarks | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | (2,115,570) | (2,043,442) | (1,971,314) |
Accumulated depreciation | Intangible Assets with Finite Useful Lives | Concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | (553,505) | (442,804) | |
Accumulated depreciation | Intangible Assets with Finite Useful Lives | Licenses and software | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | (10,952,399) | (9,672,946) | (8,446,906) |
Accumulated depreciation | Intangible Assets with Finite Useful Lives | Subscriber lists | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | (7,874,480) | (7,574,668) | (7,258,070) |
Accumulated depreciation | Intangible Assets with Finite Useful Lives | Payments for renewal of concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | (287,668) | ||
Accumulated depreciation | Intangible Assets with Finite Useful Lives | Other intangible assets | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | $ (4,957,588) | $ (4,829,145) | $ (4,191,392) |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill, Net - Changes in intangible assets and goodwill with indefinite useful lives (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | $ 42,255,881 | |
Balance at end of the period | 41,123,587 | $ 42,255,881 |
Concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 15,166,067 | 15,166,067 |
Balance at end of the period | 15,166,067 | 15,166,067 |
Goodwill. | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 14,036,657 | 14,113,626 |
Retirements | (131,659) | |
Impairment adjustments | (76,969) | |
Balance at end of the period | 13,904,998 | 14,036,657 |
Intangible Assets with Indefinite Useful Lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 29,237,966 | |
Balance at end of the period | 29,103,893 | 29,237,966 |
Intangible Assets with Indefinite Useful Lives | Trademarks | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 35,242 | |
Balance at end of the period | 32,828 | 35,242 |
Intangible Assets with Indefinite Useful Lives | Concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 15,166,067 | |
Balance at end of the period | 15,166,067 | 15,166,067 |
Intangible Assets with Indefinite Useful Lives | Goodwill. | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 14,036,657 | |
Balance at end of the period | 13,904,998 | 14,036,657 |
Cost | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 66,929,587 | |
Balance at end of the period | 67,311,292 | 66,929,587 |
Cost | Intangible Assets with Indefinite Useful Lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 29,237,966 | 29,314,935 |
Retirements | (134,088) | |
Effect of translation | 15 | |
Impairment adjustments | (76,969) | |
Balance at end of the period | 29,103,893 | 29,237,966 |
Cost | Intangible Assets with Indefinite Useful Lives | Trademarks | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 35,242 | 35,242 |
Retirements | (2,429) | |
Effect of translation | 15 | |
Balance at end of the period | 32,828 | 35,242 |
Cost | Intangible Assets with Indefinite Useful Lives | Concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 15,166,067 | 15,166,067 |
Balance at end of the period | 15,166,067 | 15,166,067 |
Cost | Intangible Assets with Indefinite Useful Lives | Goodwill. | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 14,036,657 | 14,113,626 |
Retirements | (131,659) | |
Impairment adjustments | (76,969) | |
Balance at end of the period | $ 13,904,998 | $ 14,036,657 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill, Net - Changes in intangible assets with definite useful lives (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | $ 42,255,881 | |
Balance at end of the period | 41,123,587 | $ 42,255,881 |
Amortisation expense | 2,418,870 | 2,539,771 |
Discontinued operations | ||
Analysis of the changes in intangible assets | ||
Amortisation expense | 31,423 | 396,654 |
Concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 15,166,067 | 15,166,067 |
Balance at end of the period | 15,166,067 | 15,166,067 |
Soccer player rights | ||
Analysis of the changes in intangible assets | ||
Amortisation expense | 353,232 | 329,144 |
Intangible Assets with Finite Useful Lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 13,017,915 | |
Balance at end of the period | 12,019,694 | 13,017,915 |
Intangible Assets with Finite Useful Lives | Trademarks | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 183,654 | |
Balance at end of the period | 111,526 | 183,654 |
Intangible Assets with Finite Useful Lives | Concessions | ||
Analysis of the changes in intangible assets | ||
Amortization of the year | 110,701 | 110,701 |
Intangible Assets with Finite Useful Lives | Licenses and software | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 5,158,928 | |
Balance at end of the period | 4,159,245 | 5,158,928 |
Intangible Assets with Finite Useful Lives | Subscriber lists | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 1,232,283 | |
Balance at end of the period | 917,221 | 1,232,283 |
Intangible Assets with Finite Useful Lives | Payments for renewal of concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 5,825,559 | |
Balance at end of the period | 5,536,697 | 5,825,559 |
Intangible Assets with Finite Useful Lives | Other intangible assets | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 617,491 | |
Balance at end of the period | 1,295,005 | 617,491 |
Cost | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 66,929,587 | |
Balance at end of the period | 67,311,292 | 66,929,587 |
Cost | Intangible Assets with Finite Useful Lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 37,691,621 | 35,719,769 |
Additions | 1,807,183 | 1,899,464 |
Transfers from property, plant and equipment | 502,017 | 547,940 |
Retirements | (1,771,846) | (643,888) |
Transfers and reclassifications | 156,994 | |
Effect of translation | (21,576) | 11,342 |
Balance at end of the period | 38,207,399 | 37,691,621 |
Cost | Intangible Assets with Finite Useful Lives | Trademarks | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 2,227,096 | 2,227,096 |
Balance at end of the period | 2,227,096 | 2,227,096 |
Cost | Intangible Assets with Finite Useful Lives | Concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 553,505 | 553,505 |
Retirements | (553,505) | |
Balance at end of the period | 553,505 | |
Cost | Intangible Assets with Finite Useful Lives | Licenses and software | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 14,831,874 | 13,139,480 |
Additions | 965,046 | 1,599,671 |
Transfers from property, plant and equipment | 502,017 | 609,974 |
Retirements | (1,206,643) | (643,888) |
Transfers and reclassifications | 35,921 | 117,716 |
Effect of translation | (16,571) | 8,921 |
Balance at end of the period | 15,111,644 | 14,831,874 |
Cost | Intangible Assets with Finite Useful Lives | Subscriber lists | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 8,806,951 | 8,804,334 |
Retirements | (10,386) | |
Effect of translation | (4,864) | 2,617 |
Balance at end of the period | 8,791,701 | 8,806,951 |
Cost | Intangible Assets with Finite Useful Lives | Payments for renewal of concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 5,825,559 | 5,825,559 |
Retirements | (1,194) | |
Balance at end of the period | 5,824,365 | 5,825,559 |
Cost | Intangible Assets with Finite Useful Lives | Other intangible assets | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 5,446,636 | 5,169,795 |
Additions | 842,137 | 299,793 |
Transfers from property, plant and equipment | (62,034) | |
Retirements | (118) | |
Transfers and reclassifications | (35,921) | 39,278 |
Effect of translation | (141) | (196) |
Balance at end of the period | 6,252,593 | 5,446,636 |
Accumulated depreciation | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | (24,673,706) | |
Balance at end of the period | (26,187,705) | (24,673,706) |
Accumulated depreciation | Intangible Assets with Finite Useful Lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | (24,673,706) | (22,310,486) |
Amortization of the year | (2,418,870) | (2,539,771) |
Other amortization of the year | (353,232) | 329,144 |
Retirements | 1,237,003 | 516,045 |
Effect of translation | 21,100 | (10,350) |
Balance at end of the period | (26,187,705) | (24,673,706) |
Accumulated depreciation | Intangible Assets with Finite Useful Lives | Trademarks | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | (2,043,442) | (1,971,314) |
Amortization of the year | (72,128) | (72,128) |
Balance at end of the period | (2,115,570) | (2,043,442) |
Accumulated depreciation | Intangible Assets with Finite Useful Lives | Concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | (553,505) | (442,804) |
Amortization of the year | (110,701) | |
Retirements | 553,505 | |
Balance at end of the period | (553,505) | |
Accumulated depreciation | Intangible Assets with Finite Useful Lives | Licenses and software | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | (9,672,946) | (8,446,906) |
Amortization of the year | (1,640,543) | (1,741,517) |
Retirements | 610,038 | 516,045 |
Transfers and reclassifications | (264,968) | |
Effect of translation | 16,020 | (568) |
Balance at end of the period | (10,952,399) | (9,672,946) |
Accumulated depreciation | Intangible Assets with Finite Useful Lives | Subscriber lists | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | (7,574,668) | (7,258,070) |
Amortization of the year | (315,062) | (313,981) |
Retirements | 10,386 | |
Effect of translation | 4,864 | (2,617) |
Balance at end of the period | (7,874,480) | (7,574,668) |
Accumulated depreciation | Intangible Assets with Finite Useful Lives | Payments for renewal of concessions | ||
Analysis of the changes in intangible assets | ||
Amortization of the year | (287,668) | |
Balance at end of the period | (287,668) | |
Accumulated depreciation | Intangible Assets with Finite Useful Lives | Other intangible assets | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | (4,829,145) | (4,191,392) |
Amortization of the year | (103,469) | (301,444) |
Other amortization of the year | (353,232) | 329,144 |
Retirements | 63,074 | |
Transfers and reclassifications | 264,968 | |
Effect of translation | 216 | (7,165) |
Balance at end of the period | $ (4,957,588) | $ (4,829,145) |
Intangible Assets and Goodwil_6
Intangible Assets and Goodwill, Net - Net carrying amount of goodwill, indefinite-lived trademarks and concessions (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | $ 42,255,881 | ||
Balance at end of the period | 41,123,587 | $ 42,255,881 | |
Impairment of long-lived assets | (1,172,555) | (1,276,990) | $ (1,387,431) |
Goodwill. | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 14,036,657 | 14,113,626 | |
Retirements and Impairment adjustments | (131,659) | ||
Impairment adjustments | (76,969) | ||
Balance at end of the period | 13,904,998 | 14,036,657 | 14,113,626 |
Goodwill. | Cable Segment | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 13,794,684 | 13,794,684 | |
Balance at end of the period | 13,794,684 | 13,794,684 | 13,794,684 |
Goodwill. | Content Segment | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 241,973 | 241,973 | |
Balance at end of the period | 241,973 | 241,973 | |
Goodwill. | Other Businesses Segment | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 241,973 | 76,969 | |
Retirements and Impairment adjustments | (131,659) | ||
Impairment adjustments | (76,969) | ||
Balance at end of the period | 110,314 | 241,973 | 76,969 |
Indefinite-lived trademarks | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 35,242 | 35,242 | |
Retirements and Impairment adjustments | (2,429) | ||
Foreign currency translation adjustments | 15 | ||
Balance at end of the period | 32,828 | 35,242 | 35,242 |
Indefinite-lived trademarks | Cable Segment | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 32,813 | 32,813 | |
Foreign currency translation adjustments | 15 | ||
Balance at end of the period | 32,828 | 32,813 | 32,813 |
Indefinite-lived trademarks | Other Businesses Segment | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 2,429 | 2,429 | |
Retirements and Impairment adjustments | (2,429) | ||
Balance at end of the period | 2,429 | 2,429 | |
Concessions | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 15,166,067 | 15,166,067 | |
Balance at end of the period | 15,166,067 | 15,166,067 | 15,166,067 |
Concessions | Cable Segment | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 15,070,025 | 15,070,025 | |
Balance at end of the period | 15,070,025 | 15,070,025 | 15,070,025 |
Concessions | Sky Segment | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 96,042 | 96,042 | |
Balance at end of the period | 96,042 | 96,042 | 96,042 |
Trademarks | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Impairment of long-lived assets | $ (40,803) | ||
Intangible Assets with Finite Useful Lives | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 13,017,915 | ||
Balance at end of the period | 12,019,694 | 13,017,915 | |
Intangible Assets with Finite Useful Lives | Trademarks | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 183,654 | ||
Balance at end of the period | $ 111,526 | $ 183,654 |
Intangible Assets and Goodwil_7
Intangible Assets and Goodwill, Net - Assumptions used in fair value calculations of goodwill and intangible assets (Details) - Cable Segment | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 multiple | |
Bottom Of Range | ||
Intangible Assets and Goodwill, Net | ||
Long-term growth rate (as a percentage) | 4.90% | 4% |
Discount rate (as a percentage) | 11.50% | 10% |
Pre-tax discount rate | 13.20% | 13.66% |
Multiple of sales | 2 | 2.2 |
Multiple of EBITDA (as defined) | 5.5 | 6.8 |
Top Of Range | ||
Intangible Assets and Goodwill, Net | ||
Long-term growth rate (as a percentage) | 4.90% | 4% |
Discount rate (as a percentage) | 12.30% | 10.60% |
Pre-tax discount rate | 15.30% | 16.50% |
Multiple of sales | 2.9 | 3.3 |
Multiple of EBITDA (as defined) | 7.1 | 7.9 |
Intangible Assets and Goodwil_8
Intangible Assets and Goodwill, Net - Future amortization expense of trademarks (Details) - MXN ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Intangible Assets and Goodwill, Net | ||||
Intangible assets and goodwill, net | $ 41,123,587 | $ 42,255,881 | ||
Percentage of increasing in discount rate | 1.20% | |||
Decrease in long term growth rate | 1.60% | |||
Change in basis points | 1.20% | |||
Change in basis points | 1.60% | |||
Concessions | ||||
Intangible Assets and Goodwill, Net | ||||
Intangible assets and goodwill, net | $ 15,166,067 | 15,166,067 | $ 15,166,067 | |
Intangible Assets with Finite Useful Lives | ||||
Intangible Assets and Goodwill, Net | ||||
Intangible assets and goodwill, net | 12,019,694 | 13,017,915 | ||
Intangible Assets with Finite Useful Lives | Trademarks | ||||
Intangible Assets and Goodwill, Net | ||||
Intangible assets and goodwill, net | 111,526 | 183,654 | ||
Estimated useful life (in years) | 4 years | |||
Intangible Assets with Finite Useful Lives | Concessions | ||||
Intangible Assets and Goodwill, Net | ||||
Amortization | 110,701 | $ 110,701 | ||
Intangible Assets with Finite Useful Lives | Concessions | 2021 | ||||
Intangible Assets and Goodwill, Net | ||||
Intangible assets and goodwill, net | $ 553,505 |
Debt and Lease Liabilities (Det
Debt and Lease Liabilities (Details) $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2017 MXN ($) | |
Debt, lease liabilities and other notes payable outstanding | ||||||
Principal amount of long-term credit agreement | $ 106,235,385 | |||||
Senior notes due between 2025 and 2049 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Unsecured outstanding principal amount | $ 11,000,000 | $ 3,958 | $ 11,000,000 | |||
Senior notes redemption price (as a percent) | 101% | |||||
6.625% Senior Notes due 2025 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Partial redemption of Senior Notes due 2025 | $ 221.3 | |||||
Redemption price | 220.9 | |||||
Accrued and unpaid interest | $ 5.5 | 0.4 | ||||
Interest including withholding taxes (as a percent) | 6.97% | 6.97% | ||||
Principal amount of long-term credit agreement | $ 133.6 | $ 200 | ||||
Interest rate | 6.625% | 6.625% | ||||
6.625% Senior notes 1 due 2025 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Unsecured outstanding principal amount | $ 400 | |||||
Senior Notes priced at yield to maturity (as a percent) | 98.081% | |||||
Debt instrument yield to maturity (as a percent) | 6.802% | |||||
6.625% Senior notes 2 due 2025 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Unsecured outstanding principal amount | $ 200 | |||||
Senior Notes priced at yield to maturity (as a percent) | 98.632% | |||||
Debt instrument yield to maturity (as a percent) | 6.787% | |||||
6.625% Senior Notes due 2025, 5.000% Senior Notes due 2045 and 5.250% Senior Notes due 2049 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Aggregate tender consideration paid | $ 294.8 | |||||
Principal amount of long-term credit agreement | 292 | |||||
4.625% Senior Notes due 2026 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Interest including withholding taxes (as a percent) | 4.86% | 4.86% | ||||
Senior Notes priced at yield to maturity (as a percent) | 99.385% | |||||
Debt instrument yield to maturity (as a percent) | 4.70% | |||||
5.25% Senior Notes due 2049 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Principal amount of long-term credit agreement | $ 47.8 | |||||
Interest rate | 5.25% | |||||
8.50% Senior Notes due 2032 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Interest including withholding taxes (as a percent) | 8.94% | 8.94% | ||||
Senior Notes priced at yield to maturity (as a percent) | 99.431% | |||||
Debt instrument yield to maturity (as a percent) | 8.553% | |||||
8.49% Senior Notes due 2037 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Interest including withholding taxes (as a percent) | 8.93% | 8.93% | ||||
6.625% Senior Notes due 2040 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Interest including withholding taxes (as a percent) | 6.97% | 6.97% | ||||
Senior Notes priced at yield to maturity (as a percent) | 98.319% | |||||
Debt instrument yield to maturity (as a percent) | 6.755% | |||||
7.25% Senior Notes due 2043 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Interest including withholding taxes (as a percent) | 7.62% | 7.62% | ||||
Senior Notes priced at yield to maturity (as a percent) | 99.733% | |||||
Debt instrument yield to maturity (as a percent) | 7.27% | |||||
5% Senior Notes due 2045 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Interest including withholding taxes (as a percent) | 5.26% | 5.26% | ||||
Senior Notes priced at yield to maturity (as a percent) | 96.534% | |||||
Debt instrument yield to maturity (as a percent) | 5.227% | |||||
Principal amount of long-term credit agreement | $ 110.6 | |||||
Interest rate | 5% | |||||
6.125% Senior Notes due 2046 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Interest including withholding taxes (as a percent) | 6.44% | 6.44% | ||||
Senior Notes priced at yield to maturity (as a percent) | 99.677% | |||||
Debt instrument yield to maturity (as a percent) | 6.147% | |||||
Senior Notes Due 2049 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Interest including withholding taxes (as a percent) | 5.52% | 5.52% | ||||
Senior Notes priced at yield to maturity (as a percent) | 98.588% | |||||
Debt instrument yield to maturity (as a percent) | 5.345% | |||||
8.79% Notes due 2027 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Principal amount of long-term credit agreement | $ 4,500,000 | |||||
Interest rate | 8.79% |
Debt and Lease Liabilities - Ot
Debt and Lease Liabilities - Other notes payable (Details) $ in Thousands, $ in Millions | Dec. 31, 2022 MXN ($) | Aug. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2017 MXN ($) |
Debt, lease liabilities and other notes payable outstanding | |||||
Interest Payable | $ 1,761,069 | $ 1,207,057 | |||
Less: Current portion of long-term debt, excluding interest payable | 1,761,069 | ||||
Principal | 106,235,385 | ||||
Principal amount of current portion of long-term debt | 1,000,000 | ||||
Principal amount of long-term debt, net of current portion | 105,235,385 | ||||
Finance Costs | (994,735) | ||||
Finance Cost on long-term debt, net of current portion | (994,735) | ||||
Total debt | 105,240,650 | 125,792,142 | |||
Less: Current portion of long-term debt | 1,000,000 | 4,106,432 | |||
Long-term debt, net of current portion | 104,240,650 | 121,685,710 | |||
Lease liabilities: | |||||
Total lease liabilities | 8,369,072 | 9,680,559 | |||
Less: Current portion | 1,373,233 | 1,478,382 | |||
Lease liabilities, net of current portion | 6,995,839 | 8,202,177 | |||
Ifrs 16 [Member] | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Total debt, excluding interest payable | 4,953,638 | ||||
Lease liabilities: | |||||
Total lease liabilities | 4,953,638 | 5,533,552 | |||
Satellite Transponders | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Total debt, excluding interest payable | 2,807,184 | ||||
Lease liabilities: | |||||
Total lease liabilities | 3,457,524 | ||||
Others [Member] | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Total debt, excluding interest payable | 608,250 | ||||
Lease liabilities: | |||||
Total lease liabilities | 689,483 | ||||
USD [Member] | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Interest Payable | 1,459,185 | ||||
Principal | 77,085,385 | ||||
Finance Costs | (891,767) | ||||
Total debt, excluding interest payable | 76,193,618 | ||||
Total debt | 90,168,206 | ||||
Mexican peso | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Interest Payable | 301,884 | ||||
Principal | 29,150,000 | ||||
Finance Costs | (102,968) | ||||
Total debt, excluding interest payable | $ 29,047,032 | ||||
Total debt | 35,623,936 | ||||
6.625% Senior Notes due 2025 | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Borrowing interest rate (as a percent) | 6.625% | 6.625% | |||
Principal | $ 133.6 | $ 200 | |||
6.625% Senior Notes due 2025 | USD [Member] | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Borrowing interest rate (as a percent) | 6.625% | ||||
Interest Payable | $ 85,939 | ||||
Principal | 5,188,796 | ||||
Finance Costs | (46,107) | ||||
Total debt, excluding interest payable | $ 5,142,689 | ||||
Total debt | 12,177,355 | ||||
Effective Interest Rate | 7.60% | ||||
4.625% Senior Notes due 2026 | USD [Member] | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Borrowing interest rate (as a percent) | 4.625% | ||||
Interest Payable | $ 135,115 | ||||
Principal | 5,842,800 | ||||
Finance Costs | (14,489) | ||||
Total debt, excluding interest payable | $ 5,828,311 | ||||
Total debt | 6,131,473 | ||||
Effective Interest Rate | 5.03% | ||||
8.50% Senior Notes due 2032 | USD [Member] | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Borrowing interest rate (as a percent) | 8.50% | ||||
Interest Payable | $ 151,751 | ||||
Principal | 5,842,800 | ||||
Finance Costs | (16,337) | ||||
Total debt, excluding interest payable | $ 5,826,463 | ||||
Total debt | 6,132,826 | ||||
Effective Interest Rate | 9% | ||||
6.625% Senior Notes due 2040 | USD [Member] | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Borrowing interest rate (as a percent) | 6.625% | ||||
Interest Payable | $ 352,678 | ||||
Principal | 11,685,600 | ||||
Finance Costs | (107,746) | ||||
Total debt, excluding interest payable | $ 11,577,854 | ||||
Total debt | 12,187,745 | ||||
Effective Interest Rate | 7.05% | ||||
5% Senior Notes due 2045 | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Borrowing interest rate (as a percent) | 5% | ||||
Principal | $ 110.6 | ||||
5% Senior Notes due 2045 | USD [Member] | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Borrowing interest rate (as a percent) | 5% | ||||
Interest Payable | $ 125,097 | ||||
Principal | 17,321,136 | ||||
Finance Costs | (323,875) | ||||
Total debt, excluding interest payable | $ 16,997,261 | ||||
Total debt | 20,107,046 | ||||
Effective Interest Rate | 5.39% | ||||
5.25% Senior Notes due 2049 | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Borrowing interest rate (as a percent) | 5.25% | ||||
Principal | $ 47.8 | ||||
5.25% Senior Notes due 2049 | USD [Member] | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Borrowing interest rate (as a percent) | 5.25% | ||||
Interest Payable | $ 71,798 | ||||
Principal | 13,675,853 | ||||
Finance Costs | (273,503) | ||||
Total debt, excluding interest payable | $ 13,402,350 | ||||
Total debt | 15,093,468 | ||||
Effective Interest Rate | 5.59% | ||||
6.125% Senior Notes due 2046 | USD [Member] | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Borrowing interest rate (as a percent) | 6.125% | ||||
Interest Payable | $ 536,807 | ||||
Principal | 17,528,400 | ||||
Finance Costs | (109,710) | ||||
Total debt, excluding interest payable | $ 17,418,690 | ||||
Total debt | 18,338,293 | ||||
Effective Interest Rate | 6.47% | ||||
8.79% Notes due 2027 | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Borrowing interest rate (as a percent) | 8.79% | ||||
Principal | $ 4,500,000 | ||||
8.79% Notes due 2027 | Mexican peso | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Borrowing interest rate (as a percent) | 8.79% | ||||
Interest Payable | $ 97,789 | ||||
Principal | 4,500,000 | ||||
Finance Costs | (11,403) | ||||
Total debt, excluding interest payable | $ 4,488,597 | ||||
Total debt | 4,486,238 | ||||
Effective Interest Rate | 8.84% | ||||
8.49% Senior Notes due 2037 | Mexican peso | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Borrowing interest rate (as a percent) | 8.49% | ||||
Interest Payable | $ 48,818 | ||||
Principal | 4,500,000 | ||||
Finance Costs | (10,453) | ||||
Total debt, excluding interest payable | $ 4,489,547 | ||||
Total debt | 4,488,822 | ||||
Effective Interest Rate | 8.94% | ||||
7.25% Senior Notes due 2043 | Mexican peso | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Borrowing interest rate (as a percent) | 7.25% | ||||
Interest Payable | $ 52,361 | ||||
Principal | 6,500,000 | ||||
Finance Costs | (48,355) | ||||
Total debt, excluding interest payable | $ 6,451,645 | ||||
Total debt | 6,449,277 | ||||
Effective Interest Rate | 7.92% | ||||
Bank loans | Mexican peso | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Interest Payable | $ 77,003 | ||||
Principal | 10,000,000 | ||||
Finance Costs | (32,757) | ||||
Total debt, excluding interest payable | $ 9,967,243 | ||||
Total debt | 15,939,483 | ||||
Effective Interest Rate | 11.57% | ||||
Bank loans (Sky) | Mexican peso | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Interest Payable | $ 25,913 | ||||
Principal | 3,650,000 | ||||
Total debt, excluding interest payable | $ 3,650,000 | ||||
Total debt | 3,650,000 | ||||
Effective Interest Rate | 10.17% | ||||
Bank loans (TVI) | Mexican peso | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Total debt | $ 610,116 |
Debt and Lease Liabilities - Ba
Debt and Lease Liabilities - Bank loans (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 MXN ($) company | Mar. 31, 2016 MXN ($) company | Mar. 31, 2022 MXN ($) | Feb. 28, 2022 MXN ($) | Jul. 31, 2020 MXN ($) | Mar. 31, 2020 | Jul. 31, 2019 | Jun. 30, 2022 MXN ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Feb. 28, 2022 USD ($) | Oct. 06, 2020 MXN ($) | Dec. 31, 2018 USD ($) | Jul. 31, 2010 MXN ($) | |
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Principal amount of long-term credit agreement | $ 106,235,385,000 | ||||||||||||||
Repayment of debt | 610,403,000 | $ 242,489,000 | $ 492,489,000 | ||||||||||||
Interest payable on total debt | 1,761,069,000 | 1,207,057,000 | |||||||||||||
Bank loans maturities between 2022 and 2023 | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Number of Mexican banks, entered into long-term credit agreements | company | 3 | ||||||||||||||
Principal amount of long-term credit agreement | $ 6,000,000,000 | $ 6,000,000,000 | $ 6,000,000,000 | ||||||||||||
Base rate | TIIE | ||||||||||||||
Number of days interest is payable | 28 days | ||||||||||||||
Payment of accrued interest and transaction costs on debt | $ 37,057,000 | $ 37,057,000 | |||||||||||||
Bank loans mature in 2021 and 2023, (Sky) | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Number of Mexican banks, entered into long-term credit agreements | company | 2 | ||||||||||||||
Principal amount of long-term credit agreement | $ 5,500,000,000 | ||||||||||||||
Repayment of debt, principal component | $ 2,750,000,000 | 1,750,000,000 | |||||||||||||
Payment of accrued interest and transaction costs on debt | 68,091,000 | $ 365,000 | |||||||||||||
Bank loans maturities between 2020 And 2022 (TVI) | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Principal amount of long-term credit agreement | $ 549,781,000 | $ 610,404,000 | |||||||||||||
Base rate | TIIE | ||||||||||||||
Payment of accrued interest and transaction costs on debt | $ 3,569,000 | ||||||||||||||
Syndicate of Banks | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Principal amount of long-term credit agreement | $ 10,000,000,000 | ||||||||||||||
Base rate | TIIE | ||||||||||||||
Number of days interest is payable | 28 days | ||||||||||||||
Term of borrowings | 5 years | ||||||||||||||
Bank Loans Maturities December 2026 | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Principal amount of long-term credit agreement | $ 2,650,000,000 | ||||||||||||||
Base rate | TIIE | ||||||||||||||
Number of days interest is payable | 28 days | ||||||||||||||
Variable interest rate spread (as a percent) | 0.90% | ||||||||||||||
Interest rate | 8.215% | ||||||||||||||
Payment of accrued interest and transaction costs on debt | $ 1,325,000,000 | ||||||||||||||
Revolving credit facility with a syndicate of banks | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Principal amount of long-term credit agreement | $ 650 | $ 14,770,694,000 | $ 618 | ||||||||||||
Number of days interest is payable | 28 days | ||||||||||||||
Bottom Of Range | Bank loans maturities between 2022 and 2023 | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Variable interest rate spread (as a percent) | 1.25% | ||||||||||||||
Bottom Of Range | Bank loans 1 mature in 2021 and 2023, (Sky) | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Interest rate | 7% | ||||||||||||||
Bottom Of Range | Syndicate of Banks | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Variable interest rate spread (as a percent) | 1.05% | ||||||||||||||
Bottom Of Range | TIIE. | Bank loans maturities between 2020 And 2022 (TVI) | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Variable interest rate spread (as a percent) | 1% | ||||||||||||||
Top Of Range | Bank loans maturities between 2022 and 2023 | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Variable interest rate spread (as a percent) | 1.30% | ||||||||||||||
Top Of Range | Bank loans mature in 2021 and 2023, (Sky) | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Repayment of debt, principal component | $ 2,818,091,000 | $ 1,750,365,000 | |||||||||||||
Top Of Range | Bank loans 2 mature in 2021 and 2023, (Sky) | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Interest rate | 7.13% | ||||||||||||||
Top Of Range | Syndicate of Banks | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Variable interest rate spread (as a percent) | 1.30% | ||||||||||||||
Top Of Range | TIIE. | Bank loans maturities between 2020 And 2022 (TVI) | |||||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||||
Variable interest rate spread (as a percent) | 1.25% |
Debt and Lease Liabilities - Fi
Debt and Lease Liabilities - Finance leases and Other notes payable (Details) $ in Thousands, $ in Millions | 1 Months Ended | ||
Mar. 31, 2010 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | |
Debt, lease liabilities and other notes payable outstanding | |||
Lease liabilities | $ 8,369,072 | $ 9,680,559 | |
Ifrs 16 [Member] | |||
Debt, lease liabilities and other notes payable outstanding | |||
Lease liabilities | $ 4,953,638 | 5,533,552 | |
Satellite Transponders | |||
Debt, lease liabilities and other notes payable outstanding | |||
Obligated interest rate | 7.30% | ||
Capital lease monthly fees (Sky) | $ 3 | ||
Lease liabilities | $ 3,457,524 | ||
Property, plant and equipment, net | |||
Debt, lease liabilities and other notes payable outstanding | |||
Lease term | 15 years |
Debt and Lease Liabilities - He
Debt and Lease Liabilities - Hedged Items (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about hedged items [line items] | ||||
Notional amount | $ 106,235,385 | |||
Open Ended Fund [Member] | ||||
Offset against: | ||||
Foreign exchange (loss) gain derived from the hedged Warrants issued by UHI and investments in Open-Ended Fund | 114,046 | |||
Designated as hedging instruments | ||||
Disclosure of detailed information about hedged items [line items] | ||||
Notional amount | 50,219,558 | $ 26,666,715 | $ 2,578.5 | $ 1,300.6 |
Recognized in: | ||||
Comprehensive loss | 3,375,804 | (604,856) | ||
Total foreign exchange gain (loss) derived from hedging Senior Notes | 3,375,804 | (604,856) | ||
Offset against: | ||||
Total foreign currency translation and foreign exchange (loss) gain derived from hedged assets | (3,375,804) | 604,856 | ||
Designated as hedging instruments | Investment in shares of UH II and UHI | ||||
Offset against: | ||||
Foreign exchange (loss) gain derived from the hedged Warrants issued by UHI and investments in Open-Ended Fund | (3,261,758) | 505,183 | ||
Designated as hedging instruments | Open Ended Fund [Member] | ||||
Offset against: | ||||
Foreign exchange (loss) gain derived from the hedged Warrants issued by UHI and investments in Open-Ended Fund | (114,046) | 99,673 | ||
Designated as hedging instruments | Net investment in foreign operations | Investment in shares of UH II and UHI | ||||
Disclosure of detailed information about hedged items [line items] | ||||
Notional amount | 49,446,349 | 25,721,539 | 2,538.8 | 1,254.5 |
Designated as hedging instruments | Fair value | Open Ended Fund [Member] | ||||
Disclosure of detailed information about hedged items [line items] | ||||
Notional amount | $ 773,209 | $ 945,176 | $ 39.7 | $ 46.1 |
Debt and Lease Liabilities - Ma
Debt and Lease Liabilities - Maturities of Debt (Details) $ in Thousands | Dec. 31, 2022 MXN ($) |
Maturity analysis for non-derivative financial liabilities | |
Principal amount of long-term credit agreement | $ 106,235,385 |
Unamortized Finance Costs | 994,735 |
Not Later Than One Year | |
Maturity analysis for non-derivative financial liabilities | |
Principal amount of long-term credit agreement | 1,000,000 |
Later Than One Year And Not Later Than Two Years | |
Maturity analysis for non-derivative financial liabilities | |
Principal amount of long-term credit agreement | 10,000,000 |
Unamortized Finance Costs | 32,757 |
Later Than Two Years And Not Later Than Three Years | |
Maturity analysis for non-derivative financial liabilities | |
Principal amount of long-term credit agreement | 5,188,796 |
Unamortized Finance Costs | 46,107 |
Later Than Three Years And Not Later Than Four Years [Member] | |
Maturity analysis for non-derivative financial liabilities | |
Principal amount of long-term credit agreement | 8,492,800 |
Unamortized Finance Costs | 14,489 |
Later Than Four Years And Not Later Than Five Years [Member] | |
Maturity analysis for non-derivative financial liabilities | |
Principal amount of long-term credit agreement | 4,500,000 |
Unamortized Finance Costs | 11,403 |
Later Than Five Years [Member] | |
Maturity analysis for non-derivative financial liabilities | |
Principal amount of long-term credit agreement | 77,053,789 |
Unamortized Finance Costs | $ 889,979 |
Debt and Lease Liabilities - _2
Debt and Lease Liabilities - Maturities of Lease Liabilities (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum future lease payments | $ 11,503,265 | |
Less: Amount representing interest | (3,134,193) | |
Lease liabilities | 8,369,072 | $ 9,680,559 |
Not Later Than One Year | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum future lease payments | 2,014,656 | |
Later Than One Year And Not Later Than Two Years | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum future lease payments | 2,047,781 | |
Later Than Two Years And Not Later Than Three Years | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum future lease payments | 1,948,773 | |
Later Than Three Years And Not Later Than Four Years [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum future lease payments | 1,870,879 | |
Later Than Four Years And Not Later Than Five Years [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum future lease payments | 1,614,579 | |
Later Than Five Years [Member] | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum future lease payments | $ 2,006,597 |
Debt and Lease Liabilities - Re
Debt and Lease Liabilities - Reconciliation of long-term debt and lease liabilities arising from financing activities (Details) $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2020 MXN ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | Aug. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Feb. 28, 2022 USD ($) | Oct. 06, 2020 MXN ($) | Dec. 31, 2018 USD ($) | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Finance cost | $ 11,357,273 | $ 12,478,039 | $ 10,502,529 | ||||||
Principal amount of long-term credit agreement | 106,235,385 | ||||||||
Revolving credit facility with a syndicate of banks | |||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Principal amount of long-term credit agreement | $ 650 | $ 14,770,694 | $ 618 | ||||||
Amount drawn under credit facility | $ 14,770,694 | ||||||||
Number of days interest is payable | 28 days | ||||||||
6.625% Senior Notes due 2025 | |||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Principal amount of long-term credit agreement | $ 133.6 | $ 200 | |||||||
Total debt and lease liabilities | |||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Balance at beginning of the period | 136,679,758 | 133,169,629 | |||||||
New Debt | 2,765,943 | ||||||||
Payments | (18,400,295) | (3,721,242) | |||||||
Discontinued operation | (485,362) | ||||||||
New Debt and Leases | 590,532 | (1,424,507) | |||||||
Foreign Exchange Income | (4,233,647) | 2,563,585 | |||||||
Interest | 453,471 | 477,336 | |||||||
Balance at end of the period | 114,604,457 | 136,679,758 | 133,169,629 | ||||||
Debt | |||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Balance at beginning of the period | 126,999,199 | 123,877,278 | |||||||
New Debt | 2,650,000 | ||||||||
Payments | (16,709,984) | (1,992,489) | |||||||
Foreign Exchange Income | (4,053,830) | 2,464,410 | |||||||
Balance at end of the period | 106,235,385 | 126,999,199 | 123,877,278 | ||||||
Satellite transponder lease agreement | |||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Balance at beginning of the period | 3,457,524 | 3,818,559 | |||||||
Payments | (494,021) | (460,210) | |||||||
Foreign Exchange Income | (156,319) | 99,175 | |||||||
Balance at end of the period | 2,807,184 | 3,457,524 | 3,818,559 | ||||||
Other lease agreement | |||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Balance at beginning of the period | 689,483 | 728,500 | |||||||
New Debt | 115,943 | ||||||||
Payments | (205,242) | (186,317) | |||||||
New Debt and Leases | 99,545 | ||||||||
Interest | 24,464 | 31,357 | |||||||
Balance at end of the period | 608,250 | 689,483 | 728,500 | ||||||
Finance Lease Obligations [Member] | |||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Balance at beginning of the period | 5,533,552 | 4,745,292 | |||||||
Payments | (991,048) | (1,082,226) | |||||||
Discontinued operation | (485,362) | ||||||||
New Debt and Leases | 490,987 | (1,424,507) | |||||||
Foreign Exchange Income | (23,498) | ||||||||
Interest | 429,007 | 445,979 | |||||||
Balance at end of the period | $ 4,953,638 | $ 5,533,552 | $ 4,745,292 |
Financial Instruments - Non-Der
Financial Instruments - Non-Derivative (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and cash equivalents | ||
Investments in Financial Instruments | ||
Assets | $ 51,130,992 | $ 25,828,215 |
Assets at fair value | 51,130,992 | 25,828,215 |
Trade notes and accounts receivable, net | ||
Investments in Financial Instruments | ||
Assets | 8,457,302 | 13,093,011 |
Assets at fair value | 8,457,302 | 13,093,011 |
Long-term loan and interest receivable from GTAC | ||
Investments in Financial Instruments | ||
Assets | 853,163 | 755,973 |
Assets at fair value | 857,006 | 760,143 |
Open-Ended Fund | ||
Investments in Financial Instruments | ||
Assets | 773,209 | 945,176 |
Assets at fair value | 773,209 | 945,176 |
Publicly traded equity instruments | ||
Investments in Financial Instruments | ||
Assets | 2,611,053 | 3,517,711 |
Assets at fair value | 2,611,053 | 3,517,711 |
Other equity instruments | ||
Investments in Financial Instruments | ||
Assets | 1,607,969 | |
Assets at fair value | 1,607,969 | |
Senior Notes due 2025, 2032 and 2040 | ||
Investments in Financial Instruments | ||
Liabilities | 22,717,196 | 30,754,650 |
Liabilities at fair value | 24,313,064 | 39,592,552 |
Senior Notes due 2045 | ||
Investments in Financial Instruments | ||
Liabilities | 17,321,136 | 20,503,100 |
Liabilities at fair value | 14,975,508 | 24,205,140 |
Senior Notes due 2037 and 2043 | ||
Investments in Financial Instruments | ||
Liabilities | 11,000,000 | 11,000,000 |
Liabilities at fair value | 8,087,840 | 8,722,100 |
Senior Notes due 2026 and 2046 | ||
Investments in Financial Instruments | ||
Liabilities | 23,371,200 | 24,603,720 |
Liabilities at fair value | 23,287,882 | 31,714,380 |
Senior Notes Due 2049 | ||
Investments in Financial Instruments | ||
Liabilities | 13,675,853 | 15,377,325 |
Liabilities at fair value | 12,199,681 | 19,307,154 |
Notes due 2027 | ||
Investments in Financial Instruments | ||
Liabilities | 4,500,000 | 4,500,000 |
Liabilities at fair value | 4,238,640 | 4,509,405 |
Long-term loans payable to Mexican banks | ||
Investments in Financial Instruments | ||
Liabilities | 13,650,000 | 20,260,404 |
Liabilities at fair value | 13,775,125 | 20,417,854 |
Lease liabilities. | ||
Investments in Financial Instruments | ||
Liabilities | 8,369,072 | 9,680,559 |
Liabilities at fair value | $ 8,497,104 | $ 9,830,878 |
Financial Instruments - Derivat
Financial Instruments - Derivative (Detail) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2022 MXN ($) $ / $ Institution | Dec. 31, 2021 MXN ($) $ / $ | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2020 MXN ($) | Jan. 31, 2018 MXN ($) | Dec. 31, 2017 MXN ($) | Nov. 30, 2017 MXN ($) | |
Derivative Financial Instruments | ||||||||
Carrying Value, Assets | $ 133,324 | |||||||
Carrying Value, Liabilities | $ 71,401 | 172,885 | ||||||
Notional amount | 106,235,385 | |||||||
Interest rate swap maturity at June 2024 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Assets | 133,197 | |||||||
Notional amount | 10,000,000 | |||||||
TVI | Interest rate swap maturity at May 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Assets | 127 | |||||||
Notional amount | 87,600 | |||||||
Designated as hedging instruments | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Assets | 543,581 | |||||||
Notional amount | 50,219,558 | 26,666,715 | $ 2,578,500,000 | $ 1,300,600,000 | ||||
Designated as hedging instruments | Interest rate swap maturity at October 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Liabilities | 7,243 | |||||||
Notional amount | 1,500,000 | $ 2,000,000 | ||||||
Cumulative gain (loss) on change in fair value of hedge instruments | 9,031 | 9,031 | ||||||
(Loss) gain on change in fair value of hedge instruments | (56,263) | |||||||
Designated as hedging instruments | Interest rate swap maturity in October 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Liabilities | 9,749 | |||||||
Notional amount | 2,000,000 | $ 1,500,000 | $ 1,500,000 | |||||
Borrowing interest rate (as a percent) | 7.35% | 7.35% | ||||||
Cumulative gain (loss) on change in fair value of hedge instruments | (6,697) | (6,697) | ||||||
(Loss) gain on change in fair value of hedge instruments | (3,874) | |||||||
Designated as hedging instruments | Interest rate swap maturity at February 2023 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Liabilities | 23,798 | |||||||
Notional amount | 2,500,000 | $ 2,500,000 | ||||||
Borrowing interest rate (as a percent) | 7.7485% | |||||||
Cumulative gain (loss) on change in fair value of hedge instruments | 19,612 | 19,612 | ||||||
(Loss) gain on change in fair value of hedge instruments | 387 | |||||||
Designated as hedging instruments | Interest rate swap maturity at June 2024 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Assets | 532,344 | |||||||
Notional amount | 10,000,000 | 10,000,000 | ||||||
Cumulative gain (loss) on change in fair value of hedge instruments | 507,663 | |||||||
(Loss) gain on change in fair value of hedge instruments | 56,253 | |||||||
Designated as hedging instruments | Forward maturity at January 2022 through March 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Notional amount | 67,100,000 | |||||||
(Loss) gain on change in fair value of hedge instruments | $ 31,850 | |||||||
Designated as hedging instruments | Forwards maturity at January 2021 through March 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Liabilities | $ 35,524 | |||||||
Notional amount | 67,125,000 | |||||||
Average foreign exchange rate | $ / $ | 21.1433 | |||||||
Cumulative gain (loss) on change in fair value of hedge instruments | $ 35,524 | |||||||
(Loss) gain on change in fair value of hedge instruments | 725,209 | |||||||
Designated as hedging instruments | TVI | Interest rate swap maturity at April 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Liabilities | 2,015 | |||||||
Notional amount | 522,804 | |||||||
Number of financial institutions for derivative agreements | Institution | 2 | |||||||
Borrowing interest rate (as a percent) | 7.2663% | 7.2663% | ||||||
Cumulative gain (loss) on change in fair value of hedge instruments | $ 1,131 | 2,015 | ||||||
(Loss) gain on change in fair value of hedge instruments | (1,961) | (17,501) | ||||||
Designated as hedging instruments | TVI | Interest rate swap maturity at May 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Assets | 11,237 | |||||||
Notional amount | $ 2,500,000 | 87,600 | ||||||
Number of financial institutions for derivative agreements | Institution | 2 | |||||||
Cumulative gain (loss) on change in fair value of hedge instruments | $ (57,843) | (58,847) | ||||||
(Loss) gain on change in fair value of hedge instruments | $ 145 | (1,118) | ||||||
Designated as hedging instruments | TVI | Interest rate swap maturity in October 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Notional amount | 87,600 | |||||||
Designated as hedging instruments | Average fixed rate | Interest rate swap maturity at October 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Borrowing interest rate (as a percent) | 7.3275% | |||||||
Designated as hedging instruments | Average fixed rate | Interest rate swap maturity at June 2024 | ||||||||
Derivative Financial Instruments | ||||||||
Borrowing interest rate (as a percent) | 6.762% | 6.762% | ||||||
Designated as hedging instruments | Average fixed rate | TVI | Interest rate swap maturity at May 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Borrowing interest rate (as a percent) | 5.585% | 5.585% | ||||||
Designated as hedging instruments | TIIE | Interest rate swap maturity in October 2022 | ||||||||
Derivative Financial Instruments | ||||||||
(Loss) gain on change in fair value of hedge instruments | $ (457) | |||||||
Not designated as hedging instruments | ||||||||
Derivative Financial Instruments | ||||||||
Notional amount | $ 113,400,000 | |||||||
Not designated as hedging instruments | Interest rate swap maturity at March 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Liabilities | 2,943 | |||||||
Notional amount | 9,385,347 | $ 9,385,347 | ||||||
Borrowing interest rate (as a percent) | 6.0246% | |||||||
(Loss) gain on change in fair value of hedge instruments | 341 | 62,679 | ||||||
Not designated as hedging instruments | Forward maturity at January 2022 Through February 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Liabilities | $ 34,801 | |||||||
Notional amount | 113,388,000 | 57,600,000 | ||||||
Average foreign exchange rate | $ / $ | 20.1289 | |||||||
(Loss) gain on change in fair value of hedge instruments | $ (66,690) | |||||||
Not designated as hedging instruments | Forward maturity at January 2021 through February 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Liabilities | $ 56,496 | |||||||
Notional amount | 57,620,000 | |||||||
Average foreign exchange rate | $ / $ | 21.5927 | |||||||
(Loss) gain on change in fair value of hedge instruments | 66,690 | $ 56,447 | ||||||
Not designated as hedging instruments | TVI | Forward maturity at January 2022 Through February 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Liabilities | $ 7,650 | |||||||
Notional amount | 27,963,000 | |||||||
Average foreign exchange rate | $ / $ | 20.0975 | |||||||
(Loss) gain on change in fair value of hedge instruments | $ (13,269) | |||||||
Not designated as hedging instruments | TVI | Forward maturity at January 2021 through February 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Liabilities | 10,057 | |||||||
Notional amount | 12,600,000 | |||||||
Not designated as hedging instruments | Empresas Cablevision | Forward maturity at January 2022 Through February 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Liabilities | $ 12,047 | |||||||
Notional amount | 38,649,000 | |||||||
Average foreign exchange rate | $ / $ | 20.1365 | |||||||
(Loss) gain on change in fair value of hedge instruments | $ (18,396) | |||||||
Not designated as hedging instruments | Empresas Cablevision | Forward maturity at January 2021 through February 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Liabilities | 11,006 | |||||||
Notional amount | 13,820,000 | |||||||
(Loss) gain on change in fair value of hedge instruments | (31,368) | |||||||
Not designated as hedging instruments | Sky's forward | Forward maturity at February 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Liabilities | $ 16,903 | |||||||
Notional amount | $ 58,000,000 | |||||||
Average foreign exchange rate | 20.1170 | |||||||
(Loss) gain on change in fair value of hedge instruments | $ 31,368 | |||||||
Not designated as hedging instruments | Sky's forward | Forward maturity at February 2021 through February 2022 | ||||||||
Derivative Financial Instruments | ||||||||
Carrying Value, Liabilities | $ 14,054 | |||||||
Notional amount | $ 15,000,000 |
Financial Instruments - Assets
Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Open Ended Fund [Member] | ||
Investments in Financial Instruments | ||
Assets at fair value | $ 773,209 | $ 945,176 |
Publicly Traded Equity Instruments [Member] | ||
Investments in Financial Instruments | ||
Assets at fair value | 2,611,053 | 3,517,711 |
Other Equity Instruments [Member] | ||
Investments in Financial Instruments | ||
Assets at fair value | 1,607,969 | |
Derivative financial instruments | ||
Investments in Financial Instruments | ||
Assets at fair value | 543,581 | 133,324 |
Recurring basis | ||
Investments in Financial Instruments | ||
Assets at fair value | 3,927,843 | 4,596,211 |
Liabilities at fair value | 71,401 | 172,885 |
Recurring basis | Derivative financial instruments | ||
Investments in Financial Instruments | ||
Assets at fair value | 133,324 | |
Liabilities at fair value | 71,401 | |
Recurring basis | Open Ended Fund [Member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Investments in Financial Instruments | ||
Assets at fair value | 773,209 | 945,176 |
Recurring basis | Publicly Traded Equity Instruments [Member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Investments in Financial Instruments | ||
Assets at fair value | 2,611,053 | 3,517,711 |
Recurring basis | Derivative financial instruments | ||
Investments in Financial Instruments | ||
Liabilities at fair value | 172,885 | |
Recurring basis | Derivative financial instruments | Financial assets at fair value through other comprehensive income, category [member] | ||
Investments in Financial Instruments | ||
Assets at fair value | 543,581 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | ||
Investments in Financial Instruments | ||
Assets at fair value | 2,611,053 | 3,517,711 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | Publicly Traded Equity Instruments [Member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Investments in Financial Instruments | ||
Assets at fair value | 2,611,053 | 3,517,711 |
Internal Models with Significant Observable Inputs (Level 2) | Recurring basis | ||
Investments in Financial Instruments | ||
Assets at fair value | 1,316,790 | 1,078,500 |
Liabilities at fair value | 71,401 | 172,885 |
Internal Models with Significant Observable Inputs (Level 2) | Recurring basis | Derivative financial instruments | ||
Investments in Financial Instruments | ||
Assets at fair value | 133,324 | |
Liabilities at fair value | 71,401 | |
Internal Models with Significant Observable Inputs (Level 2) | Recurring basis | Open Ended Fund [Member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Investments in Financial Instruments | ||
Assets at fair value | 773,209 | 945,176 |
Internal Models with Significant Observable Inputs (Level 2) | Recurring basis | Derivative financial instruments | ||
Investments in Financial Instruments | ||
Liabilities at fair value | $ 172,885 | |
Internal Models with Significant Observable Inputs (Level 2) | Recurring basis | Derivative financial instruments | Financial assets at fair value through other comprehensive income, category [member] | ||
Investments in Financial Instruments | ||
Assets at fair value | $ 543,581 |
Financial Instruments (Details)
Financial Instruments (Details) - UHI. - Warrants Issued By UhI [Member] | Dec. 29, 2020 $ / shares |
Investments in Financial Instruments | |
Stock spot price | $ 190 |
Expected volatility rate | 64% |
Bottom Of Range | |
Investments in Financial Instruments | |
Equity stake | 10% |
Bottom Of Range | Weighted average cost of capital | |
Investments in Financial Instruments | |
Weighted average cost of capital | 8 |
Top Of Range | |
Investments in Financial Instruments | |
Equity stake | 35.90% |
Top Of Range | Weighted average cost of capital | |
Investments in Financial Instruments | |
Weighted average cost of capital | 9 |
Financial Instruments - Class o
Financial Instruments - Class of Assets and Liabilities Subject to Recurring Fair Value Measurements Categorized Within Level 3 (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Investments in Financial Instruments | |
Percentage of reasonably possible increase in risk assumption | 10% |
Non-recurring basis | |
Investments in Financial Instruments | |
Expected future cash flow time period | 5 years |
Post-employment Benefits - Actu
Post-employment Benefits - Actuarial assumptions (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Post-employment Benefits | ||
Actuarial assumption of retirement age | 65 years | |
Discount rate (as a percent) | 10.20% | 7.80% |
Salary increase (as a percent) | 5.20% | 5% |
Inflation rate (as a percent) | 3.70% | 3.50% |
Post-employment Benefits - Sens
Post-employment Benefits - Sensitivity (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Sensitivity analysis | ||
Discount rate (as a percent) | 10.20% | 7.80% |
Discount rate | ||
Sensitivity analysis | ||
Discount rate (as a percent) | 10.20% | 7.80% |
Decrease in actuarial assumption (in basis points) | 0.50% | 0.50% |
Increase in actuarial assumption | $ 1,314,138 | $ 3,308,348 |
Post-employment Benefits - Reco
Post-employment Benefits - Reconciliation (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Post-employment benefit plans | |||
Vested benefit obligations | $ 585,271 | $ 896,017 | |
Unvested benefit obligations | 691,962 | 2,288,348 | |
Defined benefit obligation | 1,277,233 | 3,184,365 | |
Fair value of plan assets | 505,765 | 1,270,685 | |
Underfunded status of the plan assets | 771,468 | 1,913,680 | |
Post-employment benefit liability (asset) | 771,468 | 1,913,680 | $ 2,080,651 |
Pensions | |||
Post-employment benefit plans | |||
Vested benefit obligations | 323,414 | 560,723 | |
Unvested benefit obligations | 403,549 | 1,881,974 | |
Defined benefit obligation | 726,963 | 2,442,697 | |
Fair value of plan assets | 459,618 | 978,892 | |
Underfunded status of the plan assets | 267,345 | 1,463,805 | |
Post-employment benefit liability (asset) | 267,345 | 1,463,805 | |
Seniority Premiums | |||
Post-employment benefit plans | |||
Vested benefit obligations | 261,857 | 335,294 | |
Unvested benefit obligations | 288,413 | 406,374 | |
Defined benefit obligation | 550,270 | 741,668 | |
Fair value of plan assets | 46,147 | 291,793 | |
Underfunded status of the plan assets | 504,123 | 449,875 | |
Post-employment benefit liability (asset) | $ 504,123 | $ 449,875 |
Post-employment Benefits - Net
Post-employment Benefits - Net periodic (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Post-employment Benefits | ||
Service cost | $ 94,416 | $ 175,648 |
Interest cost | 99,889 | 193,313 |
Prior service cost for plan amendments | (7,070) | (40,124) |
Interest on plan assets | (35,846) | (69,546) |
Net periodic cost | $ 151,389 | $ 259,291 |
Post-employment Benefits - Bene
Post-employment Benefits - Benefit obligation (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Post-employment pension plans. | ||
Beginning of year | $ 1,913,680 | $ 2,080,651 |
Retirement of discontinued operation | (1,111,119) | |
Service cost | 94,416 | 175,648 |
Interest cost | 99,889 | 193,313 |
Benefits paid | (24,363) | (139,465) |
Past service cost | (7,070) | (40,124) |
End of year | 771,468 | 1,913,680 |
Pensions | ||
Post-employment pension plans. | ||
Beginning of year | 1,463,805 | |
Retirement of discontinued operation | (1,084,526) | |
Benefits paid | (17,971) | |
End of year | 267,345 | 1,463,805 |
Seniority Premiums | ||
Post-employment pension plans. | ||
Beginning of year | 449,875 | |
Retirement of discontinued operation | (26,593) | |
Benefits paid | (6,392) | |
End of year | 504,123 | 449,875 |
Defined benefit obligation | ||
Post-employment pension plans. | ||
Beginning of year | 3,184,365 | 3,276,400 |
Retirement of discontinued operation | (1,806,713) | |
Service cost | 94,416 | 175,648 |
Interest cost | 99,889 | 193,313 |
Benefits paid | (86,210) | (222,035) |
Remeasurement of post-employment benefit obligations | (201,444) | (198,837) |
Past service cost | (7,070) | (40,124) |
End of year | 1,277,233 | 3,184,365 |
Defined benefit obligation | Pensions | ||
Post-employment pension plans. | ||
Beginning of year | 2,442,697 | |
Retirement of discontinued operation | (1,577,973) | |
Service cost | 33,003 | |
Interest cost | 58,085 | |
Benefits paid | (38,552) | |
Remeasurement of post-employment benefit obligations | (148,125) | |
Past service cost | (42,172) | |
End of year | 726,963 | 2,442,697 |
Defined benefit obligation | Seniority Premiums | ||
Post-employment pension plans. | ||
Beginning of year | 741,668 | |
Retirement of discontinued operation | (228,740) | |
Service cost | 61,413 | |
Interest cost | 41,804 | |
Benefits paid | (47,658) | |
Remeasurement of post-employment benefit obligations | (53,319) | |
Past service cost | 35,102 | |
End of year | $ 550,270 | $ 741,668 |
Post-employment Benefits - Fair
Post-employment Benefits - Fair value of plan assets (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Post-employment pension plans. | ||
Beginning of year | $ (1,913,680) | $ (2,080,651) |
Retirement of discontinued operation | (1,111,119) | |
Return on plan assets | 35,846 | 69,546 |
Contributions | 6,972 | |
Benefits paid | (24,363) | (139,465) |
End of year | (771,468) | (1,913,680) |
Pensions | ||
Post-employment pension plans. | ||
Beginning of year | (1,463,805) | |
Retirement of discontinued operation | (1,084,526) | |
Benefits paid | (17,971) | |
End of year | (267,345) | (1,463,805) |
Seniority Premiums | ||
Post-employment pension plans. | ||
Beginning of year | (449,875) | |
Retirement of discontinued operation | (26,593) | |
End of year | (504,123) | (449,875) |
Plan assets | ||
Post-employment pension plans. | ||
Beginning of year | 1,270,685 | 1,195,749 |
Retirement of discontinued operation | (695,594) | |
Return on plan assets | 35,846 | 69,546 |
Contributions | 6,972 | |
Remeasurement on plan assets | (43,325) | 80,988 |
Benefits paid | 61,847 | 82,570 |
End of year | 505,765 | 1,270,685 |
Plan assets | Pensions | ||
Post-employment pension plans. | ||
Beginning of year | 978,892 | |
Retirement of discontinued operation | (493,447) | |
Return on plan assets | 29,423 | |
Remeasurement on plan assets | (34,669) | |
Benefits paid | 20,581 | |
End of year | 459,618 | 978,892 |
Plan assets | Seniority Premiums | ||
Post-employment pension plans. | ||
Beginning of year | 291,793 | |
Retirement of discontinued operation | (202,147) | |
Return on plan assets | 6,423 | |
Remeasurement on plan assets | (8,656) | |
Benefits paid | 41,266 | |
End of year | $ 46,147 | $ 291,793 |
Post-employment Benefits - Fund
Post-employment Benefits - Funded status (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Post-employment pension plans. | |||
Unfunded status of the plan assets | $ 771,468 | $ 1,913,680 | $ 2,080,651 |
Pensions | |||
Post-employment pension plans. | |||
Unfunded status of the plan assets | 267,345 | 1,463,805 | |
Seniority Premiums | |||
Post-employment pension plans. | |||
Unfunded status of the plan assets | $ 504,123 | $ 449,875 |
Post-employment Benefits - Chan
Post-employment Benefits - Changes in net post-employment (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Post-employment pension plans. | ||
Beginning of year | $ 1,913,680 | $ 2,080,651 |
Retirement of discontinued operation | (1,111,119) | |
Net periodic cost | 151,389 | 259,291 |
Contributions | (6,972) | |
Remeasurement adjustments | (158,119) | (279,825) |
Benefits paid | (24,363) | (139,465) |
End of year | 771,468 | 1,913,680 |
Pensions | ||
Post-employment pension plans. | ||
Beginning of year | 1,463,805 | |
Retirement of discontinued operation | (1,084,526) | |
Net periodic cost | 19,493 | |
Remeasurement adjustments | (113,456) | (327,898) |
Benefits paid | (17,971) | |
End of year | 267,345 | 1,463,805 |
Seniority Premiums | ||
Post-employment pension plans. | ||
Beginning of year | 449,875 | |
Retirement of discontinued operation | (26,593) | |
Net periodic cost | 131,896 | |
Remeasurement adjustments | (44,663) | 48,073 |
Benefits paid | (6,392) | |
End of year | $ 504,123 | $ 449,875 |
Post-employment Benefits - Post
Post-employment Benefits - Post-employment benefits (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Post-employment benefit plans | ||
Defined benefit obligation | $ 1,277,233 | $ 3,184,365 |
Plan assets | 505,765 | 1,270,685 |
Unfunded status of plans | 771,468 | 1,913,680 |
Remeasurement adjustments | (158,119) | (279,825) |
Pensions | ||
Post-employment benefit plans | ||
Defined benefit obligation | 726,963 | 2,442,697 |
Plan assets | 459,618 | 978,892 |
Unfunded status of plans | 267,345 | 1,463,805 |
Remeasurement adjustments | (113,456) | (327,898) |
Seniority Premiums | ||
Post-employment benefit plans | ||
Defined benefit obligation | 550,270 | 741,668 |
Plan assets | 46,147 | 291,793 |
Unfunded status of plans | 504,123 | 449,875 |
Remeasurement adjustments | $ (44,663) | $ 48,073 |
Post-employment Benefits - Plan
Post-employment Benefits - Plan assets (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Post-employment benefit plans | ||
Minimum investment required (as a percent) | 30% | |
Weighted average asset allocation (as a percent) | 100% | 100% |
Fair value of plan assets held by the trust | $ 23,865 | $ 119,851 |
Weighted average expected long-term rate of return of plan assets | 10.17% | 7.79% |
Minimum | ||
Post-employment benefit plans | ||
Term for liquidity of mutual funds | 1 day | |
Maximum | ||
Post-employment benefit plans | ||
Term for liquidity of mutual funds | 1 month | |
Equity securities | ||
Post-employment benefit plans | ||
Target allocation (as a percent) | 30% | |
Weighted average asset allocation (as a percent) | 36.10% | 32.70% |
Fixed rate instruments | ||
Post-employment benefit plans | ||
Target allocation (as a percent) | 70% | |
Weighted average asset allocation (as a percent) | 63.90% | 67.30% |
Post-employment Benefits - Fa_2
Post-employment Benefits - Fair value plan assets (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Plan assets measured at fair value | |||
Post-employment benefit liability (asset) | $ 771,468 | $ 1,913,680 | $ 2,080,651 |
Plan assets | |||
Plan assets measured at fair value | |||
Post-employment benefit liability (asset) | (505,765) | (1,270,685) | $ (1,195,749) |
Plan assets | Recurring basis | |||
Plan assets measured at fair value | |||
Mutual funds (fixed rate instruments) | 21,685 | 115,185 | |
Money market securities | 255,588 | 726,781 | |
Total investment assets | 446,465 | ||
Cash management | 59,300 | ||
Post-employment benefit liability (asset) | 505,765 | 1,270,685 | |
Plan assets | Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Plan assets measured at fair value | |||
Mutual funds (fixed rate instruments) | 21,685 | 115,185 | |
Money market securities | 255,588 | 726,781 | |
Total investment assets | 446,465 | ||
Post-employment benefit liability (asset) | 446,465 | 1,270,685 | |
Plan assets | Recurring basis | Trading equity securities - Common stock | |||
Plan assets measured at fair value | |||
Equity instruments | 23,865 | 119,851 | |
Plan assets | Recurring basis | Trading equity securities - Common stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Plan assets measured at fair value | |||
Equity instruments | 23,865 | 119,851 | |
Plan assets | Recurring basis | Other equity securities | |||
Plan assets measured at fair value | |||
Equity instruments | 145,327 | 308,868 | |
Plan assets | Recurring basis | Other equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Plan assets measured at fair value | |||
Equity instruments | $ 145,327 | $ 308,868 |
Post-employment Benefits - Weig
Post-employment Benefits - Weighted average durations (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Seniority Premiums | ||
Post-employment benefit plans | ||
Weighted average duration of defined benefit obligation | 8 years 8 months 12 days | 9 years |
Pensions | ||
Post-employment benefit plans | ||
Weighted average duration of defined benefit obligation | 3 years 9 months 18 days | 5 years 1 month 6 days |
Capital Stock and Long-term R_3
Capital Stock and Long-term Retention Plan - Capital Stock (Details) $ / shares in Units, shares in Thousands, $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | ||||
May 31, 2023 USD ($) | Apr. 30, 2021 USD ($) shares | Dec. 31, 2022 MXN ($) item $ / shares shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 MXN ($) shares | Dec. 31, 2021 MXN ($) shares | |
Classes of share capital | ||||||
Number of classes of capital stock | item | 4 | |||||
Number of shares in each CPO | 117 | |||||
Number of CPOs in each GDS | 5 | |||||
Authorized (in shares) | 352,134,000 | |||||
Repurchased (in shares) | 5,173,200 | (3,357,300) | ||||
Held by trust (in shares) | (18,037,000) | |||||
Outstanding (in shares) | 330,739,700 | 325,992,500 | 329,295,900 | |||
Shares in the form of CPOs, Authorized and Issued | 290,849,700 | |||||
Shares in the form of CPOs, Repurchased | 3,357,300 | |||||
Shares in the form of CPOs, Held by trust | 12,811,000 | |||||
Shares in the form of CPOs, Outstanding | 274,681,400 | |||||
Shares not in the form of CPOs, Authorized and Issued | 61,284,300 | |||||
Shares not in the form of CPOs, Held by trust | 5,226,000 | |||||
Shares not in the form of CPOs, Outstanding | 56,058,300 | |||||
Issued capital | $ | $ 4,836,708 | $ 4,836,708 | ||||
Authorized capital | $ | 2,423,549 | |||||
Shares repurchased | $ 70.9 | $ 44.2 | $ 629,326 | $ 195,597 | ||
Series Shares [Member] | ||||||
Classes of share capital | ||||||
Par value of shares | $ / shares | $ 0 | |||||
Number of shares in each CPO | 25 | |||||
Authorized (in shares) | 121,073,900 | |||||
Repurchased (in shares) | (717,400) | |||||
Held by trust (in shares) | (5,606,300) | |||||
Outstanding (in shares) | 114,750,200 | 113,019,200 | 114,085,000 | |||
Series B Shares [Member] | ||||||
Classes of share capital | ||||||
Par value of shares | $ / shares | $ 0 | |||||
Number of shares in each CPO | 22 | |||||
Authorized (in shares) | 57,046,900 | |||||
Repurchased (in shares) | (631,300) | |||||
Held by trust (in shares) | (4,765,900) | |||||
Outstanding (in shares) | 51,649,700 | 50,928,500 | 51,463,500 | |||
Ordinary Participation Certificates [Member] | ||||||
Classes of share capital | ||||||
Authorized (in shares) | 2,485,900 | |||||
Repurchased (in shares) | (28,700) | |||||
Held by trust (in shares) | (109,500) | |||||
Outstanding (in shares) | 2,347,700 | 2,314,900 | 2,339,200 | |||
Shares in the form of CPOs, Repurchased | 629,326 | 3,357,300 | ||||
Shares repurchased | $ | $ 28.7 | |||||
Series D Shares [Member] | ||||||
Classes of share capital | ||||||
Par value of shares | $ / shares | $ 0 | |||||
Number of shares in each CPO | 35 | |||||
Authorized (in shares) | 87,006,600 | |||||
Repurchased (in shares) | (1,004,300) | |||||
Held by trust (in shares) | (3,832,400) | |||||
Outstanding (in shares) | 82,169,900 | 81,022,400 | 81,873,700 | |||
Series L Shares [Member] | ||||||
Classes of share capital | ||||||
Par value of shares | $ / shares | $ 0 | |||||
Number of shares in each CPO | 35 | |||||
Authorized (in shares) | 87,006,600 | |||||
Repurchased (in shares) | (1,004,300) | |||||
Held by trust (in shares) | (3,832,400) | |||||
Outstanding (in shares) | 82,169,900 | 81,022,400 | 81,873,700 |
Capital Stock and Long-term R_4
Capital Stock and Long-term Retention Plan - Reconciliation of shares (Details) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of the number of shares outstanding | ||
Outstanding at beginning of period (in shares) | 329,295.9 | 325,992.5 |
Forfeited | 728 | 879.5 |
Acquired. | (3,357.3) | |
Acquired | (2,798.9) | (2,011.4) |
Released (in shares) | 8,328 | 6,194.3 |
Outstanding at end of period (in shares) | 330,739.7 | 329,295.9 |
Series D Shares [Member] | ||
Reconciliation of the number of shares outstanding | ||
Outstanding at beginning of period (in shares) | 81,873.7 | 81,022.4 |
Forfeited | 217.8 | 263.1 |
Acquired. | (1,004.3) | |
Acquired | (837.3) | (601.7) |
Released (in shares) | 2,355.6 | 1,716.1 |
Outstanding at end of period (in shares) | 82,169.9 | 81,873.7 |
Series L Shares [Member] | ||
Reconciliation of the number of shares outstanding | ||
Outstanding at beginning of period (in shares) | 81,873.7 | 81,022.4 |
Forfeited | 217.8 | 263.1 |
Acquired. | (1,004.3) | |
Acquired | (837.3) | (601.7) |
Released (in shares) | 2,355.6 | 1,716.1 |
Outstanding at end of period (in shares) | 82,169.9 | 81,873.7 |
Series Shares [Member] | ||
Reconciliation of the number of shares outstanding | ||
Outstanding at beginning of period (in shares) | 114,085 | 113,019.2 |
Forfeited | 155.5 | 187.9 |
Acquired. | (717.4) | |
Acquired | (598) | (429.8) |
Released (in shares) | 2,136.1 | 1,683.5 |
Outstanding at end of period (in shares) | 114,750.2 | 114,085 |
Series B Shares [Member] | ||
Reconciliation of the number of shares outstanding | ||
Outstanding at beginning of period (in shares) | 51,463.5 | 50,928.5 |
Forfeited | 136.9 | 165.4 |
Acquired. | (631.3) | |
Acquired | (526.3) | (378.2) |
Released (in shares) | 1,480.7 | 1,078.6 |
Outstanding at end of period (in shares) | 51,649.7 | 51,463.5 |
Ordinary Participation Certificates [Member] | ||
Reconciliation of the number of shares outstanding | ||
Outstanding at beginning of period (in shares) | 2,339.2 | 2,314.9 |
Forfeited | 6.2 | 7.5 |
Acquired. | (28.7) | |
Acquired | (23.9) | (17.2) |
Released (in shares) | 67.3 | 49 |
Outstanding at end of period (in shares) | 2,347.7 | 2,339.2 |
Capital Stock and Long-term R_5
Capital Stock and Long-term Retention Plan - Other (Details) | 12 Months Ended |
Dec. 31, 2022 MXN ($) director $ / shares | |
Classes of share capital | |
Number of board of directors | 20 |
Restated for inflation tax value of common stock | $ | $ 60,103,280 |
Series D Shares [Member] | |
Classes of share capital | |
Number of directors can be elected by class of shareholders | 2 |
Preferred stock dividend percentage | 5% |
Preferred stock dividend proposed (in Ps. per share) | $ / shares | $ 0.00034412306528 |
Preferred stock liquidation preference (in Ps. per share) | $ / shares | $ 0.00688246130560 |
Series L Shares [Member] | |
Classes of share capital | |
Number of directors can be elected by class of shareholders | 2 |
Series Shares [Member] | |
Classes of share capital | |
Number of directors can be elected by class of shareholders | 11 |
Series B Shares [Member] | |
Classes of share capital | |
Number of directors can be elected by class of shareholders | 5 |
Capital Stock and Long-term R_6
Capital Stock and Long-term Retention Plan - Long-Term Retention Plan (Details) $ / shares in Units, EquityInstruments in Thousands, $ in Thousands, shares in Millions | 12 Months Ended | |||||||||||
Apr. 02, 2013 | Dec. 31, 2022 MXN ($) EquityInstruments $ / shares shares | Dec. 31, 2021 MXN ($) EquityInstruments shares | Dec. 31, 2020 MXN ($) EquityInstruments | Dec. 31, 2022 shares | Dec. 31, 2022 EquityInstruments | Jul. 31, 2022 shares | Jun. 30, 2022 shares | Feb. 28, 2022 shares | Jan. 31, 2022 shares | Aug. 31, 2021 shares | Jun. 30, 2020 shares | |
Share based payment arrangements | ||||||||||||
Share-based compensation expense | $ | $ 1,665,909 | $ 1,088,413 | $ 984,356 | |||||||||
Long Term Retention Plan [Member] | ||||||||||||
Share based payment arrangements | ||||||||||||
Granted annually under LTRP | 1.50% | |||||||||||
Shares sold in open market | 26.1 | |||||||||||
Number of shares held in connection of with cancellation of shares | 2,798.9 | |||||||||||
Number of shares held in connection of with forfeited rights | 728 | |||||||||||
Funding made for acquisition of shares | $ | $ 648,242 | $ 328,500 | ||||||||||
Retention Plan Trust | ||||||||||||
Share based payment arrangements | ||||||||||||
Percentage of CPOs or its equivalents held in the form of CPO by trust | 70.70% | |||||||||||
Percentage of CPOs or its equivalents held in the form other than CPO by trust | 29.30% | |||||||||||
Number reserved for future vesting | 86.7 | |||||||||||
Ordinary Participation Certificates [Member] | Long Term Retention Plan [Member] | ||||||||||||
Share based payment arrangements | ||||||||||||
Shares outstanding | EquityInstruments | 176,858 | 160,365 | 170,731 | |||||||||
Shares vested | EquityInstruments | 15,047 | 8,633 | ||||||||||
Sale price per CPO | $ / shares | $ 1.60 | |||||||||||
Number of other equity instruments forfeited in share-based payment arrangement | EquityInstruments | 18,580 | 13,674 | ||||||||||
Number of CPOs owned by trust for employees | 1.7 | 23.9 | 24.7 | 1 | ||||||||
Number of CPOs released | 0.8 | |||||||||||
Number of shares held in connection of with cancellation of shares | 17.2 | |||||||||||
Number of other equity instruments held in connection of with cancellation of shares | 2,011.4 | 23.9 | ||||||||||
Number of shares held in connection of with forfeited rights | 879.5 | |||||||||||
Number of other equity instruments held in connection of with forfeited rights | 7.5 | 7.5 | 17.2 | 6.2 | ||||||||
Funding made for acquisition of shares | $ | $ 774,073 | |||||||||||
Ordinary Participation Certificates [Member] | Retention Plan Trust | ||||||||||||
Share based payment arrangements | ||||||||||||
Shares outstanding | 152,300 | 152,300 | ||||||||||
Shares vested | 52,900 | 4,400 | ||||||||||
Funding made for acquisition of shares | $ | $ 980,410 | |||||||||||
Certain officers and employee | Series Shares [Member] | Long Term Retention Plan [Member] | ||||||||||||
Share based payment arrangements | ||||||||||||
Number of shares held in connection of with forfeited rights | 10.8 | |||||||||||
Certain officers and employee | Ordinary Participation Certificates [Member] | Long Term Retention Plan [Member] | ||||||||||||
Share based payment arrangements | ||||||||||||
Number of CPOs released | 8 | 7.1 | ||||||||||
Number of CPOs cancelled | 10.8 | |||||||||||
Bottom Of Range | Retention Plan Trust | ||||||||||||
Share based payment arrangements | ||||||||||||
Vesting price (in pesos per CPO) | $ / shares | $ 38.32 | |||||||||||
Top Of Range | Retention Plan Trust | ||||||||||||
Share based payment arrangements | ||||||||||||
Vesting price (in pesos per CPO) | $ / shares | $ 1.60 |
Capital Stock and Long-term R_7
Capital Stock and Long-term Retention Plan - Weighted-average assumptions (Details) - Long Term Retention Plan [Member] - EquityInstruments EquityInstruments in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assumptions: | |||||
Dividend yield | 0.92% | 0.94% | 1.38% | 0.82% | 0.55% |
Expected volatility | 45.75% | 43.74% | 35.13% | 30.47% | 25.38% |
Risk-free interest rate | 9.17% | 5.51% | 5.74% | 6.88% | 7.17% |
Expected average life of awards | 3 years | 3 years | 3 years | 2 years 8 months 1 day | 3 years |
Ordinary Participation Certificates [Member] | |||||
Arrangements: | |||||
Number of CPOs or CPOs equivalent granted (in units) | 27,500 | 38,800 | 39,200 | 72,558 | 32,500 |
Contractual life | 3 years | 3 years | 3 years | 2 years 8 months 1 day | 3 years |
Capital Stock and Long-term R_8
Capital Stock and Long-term Retention Plan - Stock awards (Details) - Long Term Retention Plan [Member] EquityInstruments in Thousands, shares in Millions | 1 Months Ended | 12 Months Ended | ||||||||||
Jul. 31, 2022 shares | Jan. 31, 2022 EquityInstruments $ / shares shares | Dec. 31, 2021 EquityInstruments $ / shares shares | Aug. 31, 2021 shares | Dec. 31, 2022 EquityInstruments $ / shares shares | Dec. 31, 2021 EquityInstruments $ / shares shares | Dec. 31, 2020 EquityInstruments $ / shares | Dec. 31, 2019 EquityInstruments | Dec. 31, 2018 EquityInstruments | Jun. 30, 2022 shares | Feb. 28, 2022 shares | Jun. 30, 2020 shares | |
Weighted-Average Exercise Price | ||||||||||||
Weighted-average remaining contractual life of the awards | 1 year 3 months 14 days | 1 year 3 months 10 days | ||||||||||
Ordinary Participation Certificates [Member] | ||||||||||||
CPOs or CPOs Equivalent | ||||||||||||
Outstanding at beginning of year (in CPOs) | EquityInstruments | 176,858 | 176,858 | 160,365 | |||||||||
Conditionally sold (in CPOs) | EquityInstruments | 27,500 | 38,800 | 39,200 | 72,558 | 32,500 | |||||||
Paid by employees (in CPOs) | EquityInstruments | (15,047) | (8,633) | ||||||||||
Forfeited (in CPOs) | EquityInstruments | (18,580) | (13,674) | ||||||||||
Outstanding at end of year (in CPOs) | EquityInstruments | 176,858 | 170,731 | 176,858 | 160,365 | ||||||||
To be paid by employees at end of year (in CPOs) | EquityInstruments | 60,155 | 83,985 | 60,155 | |||||||||
Weighted-Average Exercise Price | ||||||||||||
Outstanding at beginning of year (in pesos per CPO) | $ / shares | $ 31.22 | $ 31.22 | $ 39.36 | |||||||||
Conditionally sold | $ / shares | 10 | 8.62 | ||||||||||
Paid by employees (in pesos per CPO) | $ / shares | 30.10 | 38.30 | ||||||||||
Forfeited (in pesos per CPO) | $ / shares | 70.14 | 64.96 | ||||||||||
Outstanding at end of year (in pesos per CPO) | $ / shares | $ 31.22 | 30.68 | 31.22 | $ 39.36 | ||||||||
To be paid by employees at end of year (in pesos per CPO) | $ / shares | $ 52.69 | $ 44.79 | $ 52.69 | |||||||||
Number Of Ordinary Participant Certificates Or Their Equivalent Owned | shares | 1.7 | 1 | 23.9 | 24.7 | ||||||||
Vesting periods | 9 months | 3 years | 3 years | 8 months | ||||||||
Number of other equity instruments held in connection of with forfeited rights | shares | 17.2 | 7.5 | 7.5 | 7.5 | 6.2 |
Retained Earnings and Accumul_3
Retained Earnings and Accumulated Other Comprehensive Income - Retained Earnings (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Balance at beginning | $ 88,218,188 | ||
Recognized share of income in OCEN (see Note 10) | $ 147,975 | ||
Dividends | (1,053,392) | $ (1,459,320) | |
Sale of repurchased shares | 980,410 | 774,073 | 111,979 |
Share-based compensation | 2,009,304 | 1,066,863 | 962,806 |
Net income attributable to stockholders of the Company | 45,283,824 | 7,354,785 | 302,824 |
Balance at ending | 131,053,859 | 88,218,188 | |
Retained Earnings | |||
Balance at beginning | 88,218,188 | 84,280,397 | |
Recognized share of income in OCEN (see Note 10) | 147,975 | ||
Dividends | (1,053,392) | (1,053,392) | |
Shares cancellation | (1,510,290) | ||
Sale of repurchased shares | (3,080,729) | (1,126,573) | (997,174) |
Cancellation of sale of shares | 246,658 | 505,357 | |
Share-based compensation | 2,009,304 | 1,066,863 | 962,806 |
Other | 1,650 | ||
Net income attributable to stockholders of the Company | 44,712,180 | 6,055,826 | |
Balance at ending | 131,053,859 | 88,218,188 | 84,280,397 |
Legal Reserve | |||
Balance at beginning | 2,139,007 | 2,139,007 | |
Balance at ending | 2,139,007 | 2,139,007 | 2,139,007 |
Unappropriated Earnings | |||
Balance at beginning | 80,023,355 | 83,391,732 | |
Appropriation of net income | 6,055,826 | (1,250,342) | |
Dividends | (1,053,392) | (1,053,392) | |
Shares cancellation | (1,510,290) | ||
Sale of repurchased shares | (3,080,729) | (1,126,573) | |
Cancellation of sale of shares | 246,658 | 505,357 | |
Share-based compensation | 2,009,304 | 1,066,863 | |
Other | 1,650 | ||
Net income attributable to stockholders of the Company | 44,712,180 | ||
Balance at ending | 128,914,852 | 80,023,355 | 83,391,732 |
Net Income for the Year | |||
Balance at beginning | 6,055,826 | (1,250,342) | |
Appropriation of net income | $ (6,055,826) | 1,250,342 | |
Net income attributable to stockholders of the Company | 6,055,826 | ||
Balance at ending | $ 6,055,826 | $ (1,250,342) |
Retained Earnings and Accumul_4
Retained Earnings and Accumulated Other Comprehensive Income - Legal Reserve (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retained Earnings and Accumulated Other Comprehensive Income | |||
Increase in legal reserve as a percentage of annual net profits | 5% | ||
Threshold increase in legal reserve as a percentage of capital stock | 20% | ||
Legal reserve | $ 2,139,007 | $ 2,139,007 | |
Increase in legal reserve as percentage of capital stock | 20% | ||
Additional increase in legal reserve as a percentage | 0% | 0% | 0% |
Retained Earnings and Accumul_5
Retained Earnings and Accumulated Other Comprehensive Income - Dividends (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Apr. 26, 2023 $ / shares | May 31, 2022 MXN ($) | Apr. 30, 2022 $ / shares | May 31, 2021 MXN ($) | Apr. 30, 2021 $ / shares | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 | |
Aggregate amount of dividends paid | $ 1,053,392 | $ 1,459,320 | ||||||
Multiplying factor | 1.4286 | |||||||
Statutory income tax rate | 30% | 30% | 30% | 30% | ||||
Withholding tax rate | 10% | |||||||
Cumulative earnings | $ 88,820,912 | |||||||
Series A, B, D and L Shares | ||||||||
Aggregate amount of dividends paid | $ 1,053,392 | $ 1,053,392 | ||||||
Dividend per share | $ / shares | $ 0.002991452991 | $ 0.002991452991 | $ 0.002991452991 | |||||
CPOs | ||||||||
Dividend per share | $ / shares | $ 0.35 | $ 0.35 | $ 0.35 |
Retained Earnings and Accumul_6
Retained Earnings and Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated at beginning | $ (13,621,992) | |
Accumulated at ending | (10,823,878) | $ (13,621,992) |
Accumulated Other Comprehensive Income (loss) | ||
Accumulated at beginning | (13,621,992) | (15,556,848) |
Changes in other comprehensive income | 2,798,114 | 1,934,856 |
Accumulated at ending | (10,823,878) | (13,621,992) |
Open-Ended Fund | ||
Accumulated at beginning | 1,505,142 | 1,524,860 |
Changes in other comprehensive income | (131,957) | (19,718) |
Accumulated at ending | 1,373,185 | 1,505,142 |
Other Equity Instruments | ||
Accumulated at beginning | 515,047 | 638,406 |
Changes in other comprehensive income | (906,658) | (123,359) |
Accumulated at ending | (391,611) | 515,047 |
Warrants Exercisable for Common Stock of UHI | ||
Accumulated at beginning | (23,602,220) | (23,602,220) |
Accumulated at ending | (23,602,220) | (23,602,220) |
Exchange Differences on Translating Foreign Operations | ||
Accumulated at beginning | 934,473 | 850,241 |
Changes in other comprehensive income | (124,179) | 84,232 |
Accumulated at ending | 810,294 | 934,473 |
Remeasurement of Post-Employment Benefit Obligations | ||
Accumulated at beginning | (1,058,754) | (1,350,451) |
Changes in other comprehensive income | 150,343 | 291,697 |
Accumulated at ending | (908,411) | (1,058,754) |
Derivative Financial Instruments Cash Flow Hedges | ||
Accumulated at beginning | 12,093 | (1,915,508) |
Changes in other comprehensive income | 395,807 | 1,927,601 |
Accumulated at ending | 407,900 | 12,093 |
Share of Income (Loss) of Associates and Joint Ventures | ||
Accumulated at beginning | 109,266 | (136,448) |
Changes in other comprehensive income | 4,245,546 | 245,714 |
Accumulated at ending | 4,354,812 | 109,266 |
Income Tax | ||
Accumulated at beginning | 7,962,961 | 8,434,272 |
Changes in other comprehensive income | (830,788) | (471,311) |
Accumulated at ending | $ 7,132,173 | $ 7,962,961 |
Non-controlling Interests (Deta
Non-controlling Interests (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
EQUITY | ||
Capital stock | $ 4,836,708 | $ 4,836,708 |
Additional paid-in capital | 15,889,819 | 15,889,819 |
Legal reserve | 2,139,007 | 2,139,007 |
Retained earnings from prior years | 131,053,859 | 88,218,188 |
Accumulated other comprehensive income (loss): | ||
Carrying value of the non-controlling interest | 15,821,955 | 15,406,402 |
Aggregate amount of dividends paid | 1,053,392 | 1,459,320 |
Dividends received | 10,000 | 10,000 |
Non-controlling Interests | ||
EQUITY | ||
Capital stock | 1,099,009 | 1,100,312 |
Additional paid-in capital | 2,970,693 | 2,986,354 |
Legal reserve | 215,475 | 215,736 |
Retained earnings from prior years | 10,822,975 | 9,649,348 |
Net income for the year | 571,644 | 1,298,959 |
Accumulated other comprehensive income (loss): | ||
Cumulative result from foreign currency translation | 155,621 | 174,598 |
Remeasurement of post-employment benefit obligations on defined benefit plans | (13,462) | (18,905) |
Carrying value of the non-controlling interest | $ 15,821,955 | 15,406,402 |
Aggregate amount of dividends paid | 405,928 | |
Non-controlling Interests | Sky. | ||
Accumulated other comprehensive income (loss): | ||
Aggregate amount of dividends paid | 750,000 | |
Dividends paid to non controlling interest | 309,174 | |
Non-controlling Interests | Publicidad Virtual, S.A. de C.V. | ||
Accumulated other comprehensive income (loss): | ||
Aggregate amount of dividends paid | 40,000 | |
Dividends paid to non controlling interest | $ 19,600 |
Non-controlling Interests - Bal
Non-controlling Interests - Balance Sheets (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Current assets | $ 81,576,823 | $ 73,258,950 |
Non-current assets | 217,530,708 | 220,483,131 |
Total assets | 299,107,531 | 293,742,081 |
Liabilities: | ||
Current liabilities | 34,370,918 | 56,669,522 |
Non-current liabilities | 120,606,708 | 140,548,495 |
Total liabilities | 154,977,626 | 197,218,017 |
Empresas Cablevision | ||
Assets: | ||
Current assets | 7,461,520 | 6,653,310 |
Non-current assets | 23,172,533 | 24,099,561 |
Total assets | 30,634,053 | 30,752,871 |
Liabilities: | ||
Current liabilities | 5,176,500 | 5,755,703 |
Non-current liabilities | 4,076,876 | 4,308,115 |
Total liabilities | 9,253,376 | 10,063,818 |
Net assets | 21,380,677 | 20,689,053 |
Sky. [Member] | ||
Assets: | ||
Current assets | 6,019,166 | 5,689,494 |
Non-current assets | 18,266,359 | 19,590,056 |
Total assets | 24,285,525 | 25,279,550 |
Liabilities: | ||
Current liabilities | 4,183,480 | 3,685,208 |
Non-current liabilities | 5,367,448 | 7,041,237 |
Total liabilities | 9,550,928 | 10,726,445 |
Net assets | $ 14,734,597 | $ 14,553,105 |
Non-controlling Interests - Inc
Non-controlling Interests - Income Statement (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated subsidiaries information | |||
Revenues | $ 75,526,609 | $ 73,915,432 | $ 70,680,227 |
Net income | 45,283,824 | 7,354,785 | 302,824 |
Total comprehensive (loss) income | 48,068,404 | 9,289,654 | $ (16,559,314) |
Empresas Cablevision | |||
Consolidated subsidiaries information | |||
Revenues | 16,128,549 | 16,849,160 | |
Net income | 760,576 | 1,135,053 | |
Total comprehensive (loss) income | 748,916 | 1,134,181 | |
Sky. [Member] | |||
Consolidated subsidiaries information | |||
Revenues | 20,339,075 | 22,026,616 | |
Net income | 224,989 | 1,281,472 | |
Total comprehensive (loss) income | $ 181,491 | $ 1,304,822 |
Non-controlling Interests - Cas
Non-controlling Interests - Cash Flows (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Consolidated subsidiaries information | |||
Cash flows from operating activities | $ 12,467,575 | $ 29,324,150 | $ 33,160,919 |
Cash flows used in investing activities | 42,704,932 | (18,845,176) | (15,919,697) |
Cash flows used in by financing activities | (29,769,386) | (13,732,392) | (16,195,216) |
Net increase (decrease) in cash and cash equivalents | 25,302,777 | (3,229,878) | $ 1,034,490 |
Empresas Cablevision | |||
Consolidated subsidiaries information | |||
Cash flows from operating activities | 4,319,496 | 5,594,662 | |
Cash flows used in investing activities | (3,406,227) | (5,144,521) | |
Cash flows used in by financing activities | (590,249) | (740,046) | |
Net increase (decrease) in cash and cash equivalents | 323,020 | (289,905) | |
Sky. [Member] | |||
Consolidated subsidiaries information | |||
Cash flows from operating activities | 5,227,892 | 6,004,261 | |
Cash flows used in investing activities | (3,934,993) | (5,236,815) | |
Cash flows used in by financing activities | (1,233,044) | (1,350,432) | |
Net increase (decrease) in cash and cash equivalents | $ 59,855 | $ (582,986) |
Transactions with Related Par_3
Transactions with Related Parties - Principal transactions (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 MXN ($) | Dec. 31, 2020 USD ($) | |
Revenues, other income and interest income: | ||||||
Royalties (Univision) | $ 660,842 | $ 8,548,036 | $ 8,155,338 | |||
Programming production and transmission rights | 1,453,875 | 738,650 | 707,247 | |||
Telecom services | 205,591 | 57,759 | 97,754 | |||
Administrative services | 115,190 | 7,371 | 13,561 | |||
Advertising | 1,854,152 | 10,417 | 36,385 | |||
Interest income | 618,921 | 49,736 | 64,809 | |||
Lease | 408,893 | |||||
Total revenues, other income and interest income | 5,317,464 | 9,411,969 | 9,075,094 | |||
Costs and expenses: | ||||||
Donations | 26,229 | 26,606 | 26,729 | |||
Advertising | 297,497 | |||||
Administrative services | 127,762 | 19,410 | 1,529 | |||
Technical services | 391,896 | 295,915 | 459,960 | |||
Programming production, transmission rights and telecom | 4,499,464 | 787,487 | 674,270 | |||
Total | 5,342,848 | 1,129,418 | 1,162,488 | |||
Univision | ||||||
Related party transactions | ||||||
Provision for certain yearly minimum guaranteed advertising | $ 211,829 | $ 10.8 | $ 712,417 | $ 35.1 | $ 909,159 | $ 42.6 |
Transactions with Related Par_4
Transactions with Related Parties - Other transactions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 MXN ($) item director | Dec. 31, 2021 MXN ($) director | Dec. 31, 2020 MXN ($) director | |
Transactions with Related Parties | |||
Aggregate annual amount of contracts leasing office space | $ 25,320 | $ 34,478 | $ 32,784 |
Consulting firm | |||
Transactions with Related Parties | |||
Fees for services received | 19,983 | 19,433 | |
Professional services firm secretary of Company's Board | |||
Transactions with Related Parties | |||
Fees for services received | 16,861 | 57,925 | 52,848 |
Professional services firm, two directors | |||
Transactions with Related Parties | |||
Fees for services received | $ 18,021 | $ 20,006 | $ 121,789 |
Number of directors that maintain an interest in a professional services firm | director | 2 | 2 | 2 |
Member of the Company's Board | |||
Transactions with Related Parties | |||
Number of Mexican banks that have made loans to Group | item | 2 |
Transactions with Related Par_5
Transactions with Related Parties - Compensation (Details) - MXN ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2015 | |
Transactions with Related Parties | |||||
Defined benefit obligation | $ 1,277,233 | $ 3,184,365 | |||
Service cost | $ 94,416 | 175,648 | |||
Contributions to plan, net defined benefit liability (asset) | 6,972 | ||||
Target period for revenue and EBITDA | 5 years | ||||
Present value of this long-term employee benefit obligation | $ 337,450 | 207,640 | |||
Net cost of related services | 129,810 | 207,640 | $ 225,804 | ||
Directors, alternate directors and officers | |||||
Transactions with Related Parties | |||||
Key management compensation | 963,254 | 1,115,354 | 936,794 | ||
Defined benefit obligation | 178,340 | 212,310 | 196,584 | ||
Cumulative contributions made by the Group to the pension and seniority premium plans on behalf of these directors and officers | $ 64,042 | 76,241 | 71,744 | ||
Directors, alternate directors and officers | Cable Segment | |||||
Transactions with Related Parties | |||||
Deferred compensation paid | $ 1,107,658 | $ 1,208 | |||
Officers | Cable Segment | |||||
Transactions with Related Parties | |||||
Defined benefit obligation | 1,224,000 | ||||
Deferred compensation plan term | 5 years | ||||
Service cost | 225,804 | ||||
Contributions to plan, net defined benefit liability (asset) | 435,500 | ||||
Deferred compensation paid | $ 470,000 |
Transactions with Related Par_6
Transactions with Related Parties - Receivables and payables (Details) $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2022 MXN ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2012 MXN ($) | Dec. 31, 2022 USD ($) | |
Transactions with Related Parties | |||||
Current receivables | $ 311,224 | $ 874,852 | |||
Non-current receivables | 6,365,038 | ||||
Current payables | $ 88,324 | $ 82,070 | |||
Average interest rates bearing from account balances | 10.60% | 6.60% | |||
Principal amount of long-term credit agreement | $ 106,235,385 | ||||
Current portion of deferred revenue | 287,667 | ||||
Deferred income, noncurrent | 5,178,014 | ||||
TelevisaUnivision (formerly known as UH II) | |||||
Transactions with Related Parties | |||||
Current receivables | 136,944 | $ 819,355 | |||
Prepayment of deferred income | 5,729,377 | $ 276.2 | |||
Current portion of deferred revenue | 287,667 | ||||
Non-current portion of deferred revenue | 5,178,014 | ||||
Cadena de las Amricas, S.A. de C.V. | |||||
Transactions with Related Parties | |||||
Current receivables | 40,186 | ||||
Televisa, S. de R.L. de C.V. | |||||
Transactions with Related Parties | |||||
Current receivables | 22,650 | ||||
Non-current receivables | 6,365,038 | ||||
Amounts receivable in connection with long-term credit | 6,365,038 | ||||
Principal amount of long-term credit agreement | $ 5,738,832 | ||||
Fixed annual interest rate percentage | 10.20% | ||||
Amounts receivable, related party transactions | 6,365,038 | ||||
Televisa Producciones, S.A. de C.V. | |||||
Transactions with Related Parties | |||||
Current receivables | 15,535 | ||||
Triton Comunicaciones, S.A. de C.V | |||||
Transactions with Related Parties | |||||
Current receivables | 11,140 | ||||
ECO Producciones, S.A. de C.V | |||||
Transactions with Related Parties | |||||
Current receivables | 10,792 | ||||
AT&T/ DirectTV | |||||
Transactions with Related Parties | |||||
Current payables | 40,183 | 54,598 | |||
Desarrollo Vista Hermosa, S.A. de C.V | |||||
Transactions with Related Parties | |||||
Current payables | 15,189 | ||||
Other | |||||
Transactions with Related Parties | |||||
Current receivables | 73,977 | 55,497 | |||
Current payables | $ 32,952 | 27,472 | |||
Affiliates and other related parties | |||||
Transactions with Related Parties | |||||
Deposits and advances from affiliates and other related parties | $ 146,354 | ||||
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries ("GTAC"). | Subsidiaries | |||||
Transactions with Related Parties | |||||
Annual payment in lease agreement | $ 41,400 | ||||
Basis points | 1.22% | ||||
Annual interest rate | 6% |
Cost of Revenues, Selling Exp_3
Cost of Revenues, Selling Expenses and Administrative Expenses (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cost of Revenues, Selling Expenses and Administrative Expenses | |||
Cost of revenues | $ 17,918,347 | $ 17,126,606 | $ 16,858,777 |
Selling expenses | 357,681 | 273,479 | 774,394 |
Administrative expenses | 3,194,636 | 2,982,361 | 2,669,676 |
Discontinued operations | 121,874 | 1,365,067 | 1,338,803 |
Total depreciation, amortization and other amortization | 21,592,538 | 21,747,513 | 21,641,650 |
Expenses relating to variable lease payment not included in the measurement of the lease liability | 639,261 | ||
Expenses relating to short-term leases and leases of low-value assets | 194,016 | ||
Total | 833,277 | ||
Employee benefits | |||
Short-term employee benefits | 15,064,471 | 12,807,423 | 14,042,004 |
Other short-term employee benefits | 1,130,535 | 1,711,945 | 1,396,804 |
Share-based compensation | 968,628 | 903,764 | 863,782 |
Post-employment benefits | 151,389 | 140,857 | 101,132 |
Discontinued operations | 251,350 | 6,531,559 | 4,190,730 |
Employee benefits | $ 17,566,373 | $ 22,095,548 | $ 20,594,452 |
Other Income or Expense, Net (D
Other Income or Expense, Net (Details) $ in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Other Income or Expense, Net | ||||||
Donations | $ (27,233) | $ (2,000) | $ (45,919) | |||
Legal and financial advisory and professional services | (218,731) | (191,609) | (421,760) | |||
Gain on disposition of property and equipment | 76,579 | 38,665 | 67,570 | |||
Deferred compensation | (129,810) | (207,640) | (225,804) | |||
Dismissal severance expense | (126,695) | (194,187) | (128,042) | |||
Surcharges for payments of taxes of prior years | (400,641) | |||||
Impairment adjustments | (225,136) | (40,803) | ||||
Income for cash reimbursement received from Imagina | (167,619) | |||||
Lawsuit settlement agreement | $ (425,762) | $ (21.5) | (425,762) | $ (21.5) | ||
Other, net | 137 | 223,913 | 323,312 | |||
Total other income (expense) | (815,565) | 3,716,237 | 628,622 | |||
OISE/OCEN | ||||||
Other Income or Expense, Net | ||||||
Gain on disposition | 35,950 | 4,547,029 | ||||
Net gain on disposition of investments | $ 4,806,549 | |||||
Radiopolis | ||||||
Other Income or Expense, Net | ||||||
Gain on disposition | 932,449 | $ 932,449 | ||||
Other Businesses | ||||||
Other Income or Expense, Net | ||||||
Impairment adjustments | $ (97,293) |
Finance Expense, Net (Details)
Finance Expense, Net (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 MXN ($) $ / shares | Dec. 31, 2021 MXN ($) $ / shares | Dec. 31, 2020 MXN ($) $ / $ | |
Finance Expense, Net | |||
Interest expense | $ (9,455,578) | $ (9,105,998) | $ (10,502,529) |
Other finance expense, net | (110,739) | (1,183,180) | |
Foreign exchange loss, net | (1,790,956) | (2,188,861) | |
Finance expense | (11,357,273) | (12,478,039) | (10,502,529) |
Interest income | 2,151,109 | 560,026 | 1,067,066 |
Other finance income, net | 89,323 | ||
Foreign exchange gain, net | 3,696,713 | ||
Finance income | 2,151,109 | 560,026 | 4,853,102 |
Finance expense, net | (9,206,164) | (11,918,013) | (5,649,427) |
Additional lease liabilities | 450,454 | 431,419 | 461,895 |
Satellite transponder lease agreement and other lease agreement | 257,938 | 275,371 | 75,378 |
Dismantling obligation incurred | 123,209 | 48,624 | 921,658 |
Amortization of finance cost | 292,189 | $ 179,212 | $ 180,500 |
Prepayment of long-term loans from Mexican banks | $ 490,430 | ||
Foreign exchange rate | 19.4760 | 20.5031 | 19.9493 |
Income Taxes (Details)
Income Taxes (Details) - MXN ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes | ||||
Income taxes, current | $ (2,384,491) | $ (1,356,052) | $ (2,262,956) | |
Income taxes, deferred | 3,611,953 | (317,002) | 1,404,061 | |
Income tax provision | $ 1,227,462 | $ (1,673,054) | $ (858,895) | |
Current income tax of Mexican companies to the total current income taxes (as a percent) | 90% | 96% | 93% | |
Corporate income tax rate (as a percent) | 30% | 30% | 30% | 30% |
MEXICO | ||||
Income Taxes | ||||
Corporate income tax rate (as a percent) | 30% | 30% | 30% |
Income Taxes - 2014 Tax Reform
Income Taxes - 2014 Tax Reform (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes | |||
Less: Current portion | $ 4,457,904 | $ 7,680,800 | |
Non-current portion | 104,825 | ||
2014 Tax Reform | |||
Income Taxes | |||
Aggregate additional income tax liability for the elimination of the tax consolidation regime | $ 6,813,595 | ||
Benefit from tax loss carry forwards of Mexican companies in the Group | $ 7,936,044 | ||
Tax losses of subsidiaries, net | 183,256 | 771,873 | |
Less: Current portion | $ 183,256 | 667,048 | |
Non-current portion | $ 104,825 |
Income Taxes - Maturities of in
Income Taxes - Maturities of income tax payable (Details) - 2014 Tax Reform $ in Thousands | Dec. 31, 2022 MXN ($) |
Income Taxes | |
Income tax payable | $ 183,256 |
2023 | |
Income Taxes | |
Income tax payable | $ 183,256 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Principal differences between income taxes computed at the statutory rate and the Group's provision for income taxes (Details) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes | ||||
Statutory income tax rate | 30% | 30% | 30% | 30% |
Differences between accounting and tax bases, includes tax inflation gain that is not recognized for accounting purposes | 17% | 20% | 25% | |
Tax loss carry forwards | (6.00%) | 4% | 7% | |
Foreign operations | 7% | (1.00%) | (2.00%) | |
Disposition of investment | (3.00%) | |||
Disposition of Radiopolis | 3% | |||
Share of income in associates and joint ventures, net | 13% | 6% | 2% | |
(Reversal of impairment) Impairment loss in investment in shares of TelevisaUnivision | (2.00%) | (8.00%) | 30% | |
Discontinued operations | 10% | |||
Effective income tax rate | (10.00%) | 48% | 95% | |
2014 Tax Reform | 1% |
Income Taxes - Expiration of ta
Income Taxes - Expiration of tax loss carry forwards (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes | |||
Tax loss carryforwards for which deferred taxes were recognized | $ 18,822,563 | ||
Benefit from tax loss carry forwards derived from the disposal in 2014 of its investment in GSF | 4,469,799 | $ 4,145,649 | |
Tax loss carryforwards derived from disposal of GSF for which deferred taxes were recognized | 14,899,329 | ||
Tax loss carryforwards of subsidiaries in South America, the United States, and Europe | 1,698,340 | ||
2023 | |||
Income Taxes | |||
Tax loss carryforwards for which deferred taxes were recognized | 4,051 | ||
2024 | |||
Income Taxes | |||
Tax loss carryforwards for which deferred taxes were recognized | 266,660 | ||
2025 | |||
Income Taxes | |||
Tax loss carryforwards for which deferred taxes were recognized | 3,283,424 | ||
2026 | |||
Income Taxes | |||
Tax loss carryforwards for which deferred taxes were recognized | 5,291,187 | ||
2027 | |||
Income Taxes | |||
Tax loss carryforwards for which deferred taxes were recognized | 426,624 | ||
Thereafter | |||
Income Taxes | |||
Tax loss carryforwards for which deferred taxes were recognized | 9,550,617 | ||
Expires between 2021 and 2028 | |||
Income Taxes | |||
Unused tax loss carryforwards for which no deferred taxes were recognized | 8,151,553 | ||
Expire between 2023 and 2034 | |||
Income Taxes | |||
Tax loss carryforwards of subsidiaries in South America, the United States, and Europe | 2,501,359 | ||
Certain Mexican subsidiaries | |||
Income Taxes | |||
Utilized tax loss carry forwards | 11,944,218 | $ 2,618,821 | $ 6,160,740 |
Benefit from tax loss carry forwards derived from the disposal in 2014 of its investment in GSF | $ 14,899,329 |
Income Taxes - Temporary differ
Income Taxes - Temporary differences and tax loss carry forwards to arrive deferred income taxes (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Taxes | |||
Deferred income tax assets, net | $ 17,520,493 | $ 30,962,539 | $ 26,213,382 |
Benefit from tax loss carry forwards derived from the disposal in 2014 of its investment in GSF | 4,469,799 | 4,145,649 | |
Accrued liabilities | |||
Income Taxes | |||
Deferred tax assets | 4,323,561 | 7,128,606 | |
Deferred income tax assets, net | 4,323,561 | 7,128,606 | 6,219,312 |
Loss allowance | |||
Income Taxes | |||
Deferred tax assets | 607,773 | 946,559 | |
Deferred income tax assets, net | 607,773 | 946,559 | 1,235,658 |
Customer advances | |||
Income Taxes | |||
Deferred tax assets | 2,335,751 | 1,854,424 | |
Deferred income tax assets, net | 2,335,751 | 1,854,424 | 1,600,334 |
Derivative financial instrument | |||
Income Taxes | |||
Deferred income tax assets, net | 615 | 972,991 | |
Property, plant and equipment, net | |||
Income Taxes | |||
Deferred tax assets | 3,923,889 | 3,704,746 | |
Deferred income tax assets, net | 3,923,889 | 3,704,746 | 2,084,550 |
Prepaid expenses and other items. | |||
Income Taxes | |||
Deferred tax assets | 4,508,914 | ||
Deferred income tax assets, net | 4,508,914 | 5,868,717 | |
Operating tax losses | |||
Income Taxes | |||
Deferred tax assets | 4,552,116 | 6,240,930 | |
Capital tax losses | |||
Income Taxes | |||
Deferred tax assets | 5,564,452 | 5,160,921 | |
Tax credit | |||
Income Taxes | |||
Deferred income tax assets, net | 5,738,832 | ||
Investments | |||
Income Taxes | |||
Deferred tax liabilities | (700,285) | (1,733,507) | |
Deferred income tax assets, net | (700,285) | (1,733,507) | (729,910) |
Derivative financial instruments. | |||
Income Taxes | |||
Deferred tax liabilities | (130,879) | ||
Deferred income tax assets, net | (130,879) | ||
Intangible assets and transmission rights | |||
Income Taxes | |||
Deferred tax liabilities | (2,642,515) | (2,807,484) | |
Deferred income tax assets, net | (2,642,515) | (2,807,484) | (2,549,784) |
Prepaid expenses and other items | |||
Income Taxes | |||
Deferred tax liabilities | (560,183) | ||
Deferred income tax assets of Mexican companies | |||
Income Taxes | |||
Deferred income tax assets, net | 17,273,680 | 30,743,556 | |
Deferred income tax assets of foreign subsidiaries | |||
Income Taxes | |||
Deferred income tax assets, net | $ 246,813 | $ 218,983 | $ 261,929 |
Income Taxes - Gross roll forwa
Income Taxes - Gross roll forward of deferred income tax assets, net (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Gross roll forward of deferred income tax assets, net | ||
Deferred income tax account at beginning of period | $ 30,962,539 | $ 26,213,382 |
Statement of income credit | 3,611,953 | (317,002) |
Other comprehensive income ("OCI") credit | 145,406 | (619,304) |
Tax credit | 5,738,832 | |
Reserve for low value | (861) | |
Discontinued operations | (9,410,332) | (52,508) |
Disposed Operations | (7,789,073) | |
Deferred income tax account at end of period | $ 17,520,493 | $ 30,962,539 |
Income Taxes - Roll forward of
Income Taxes - Roll forward of deferred income tax assets and liabilities (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Roll forward of deferred income tax assets and liabilities | |||
Deferred income tax account at beginning of period | $ 30,962,539 | $ 26,213,382 | |
Credit (Charge) to Consolidated Statement of Income | 3,611,953 | (369,510) | |
(Charge) to Consolidated Statement of Income (Discontinued Operations) | (9,410,332) | ||
Credit (Charge) to Other Comprehensive Income and Retained Earnings | 145,406 | (619,304) | |
Disposed Operations | (7,789,073) | $ (223,272) | |
Credit (Charge) to Other Accounts | 5,737,971 | ||
Deferred income tax account at end of period | 17,520,493 | 30,962,539 | 26,213,382 |
Accrued liabilities | |||
Roll forward of deferred income tax assets and liabilities | |||
Deferred income tax account at beginning of period | 7,128,606 | 6,219,312 | |
Credit (Charge) to Consolidated Statement of Income | (2,805,045) | 909,294 | |
Deferred income tax account at end of period | 4,323,561 | 7,128,606 | 6,219,312 |
Loss allowance | |||
Roll forward of deferred income tax assets and liabilities | |||
Deferred income tax account at beginning of period | 946,559 | 1,235,658 | |
Credit (Charge) to Consolidated Statement of Income | (338,786) | (289,099) | |
Deferred income tax account at end of period | 607,773 | 946,559 | 1,235,658 |
Customer advances | |||
Roll forward of deferred income tax assets and liabilities | |||
Deferred income tax account at beginning of period | 1,854,424 | 1,600,334 | |
Credit (Charge) to Consolidated Statement of Income | 1,283,170 | 254,090 | |
(Charge) to Consolidated Statement of Income (Discontinued Operations) | (801,843) | ||
Deferred income tax account at end of period | 2,335,751 | 1,854,424 | 1,600,334 |
Derivative financial instrument | |||
Roll forward of deferred income tax assets and liabilities | |||
Deferred income tax account at beginning of period | 615 | 972,991 | |
Credit (Charge) to Consolidated Statement of Income | (615) | (394,096) | |
Credit (Charge) to Other Comprehensive Income and Retained Earnings | (578,280) | ||
Deferred income tax account at end of period | 615 | 972,991 | |
Property, plant and equipment, net | |||
Roll forward of deferred income tax assets and liabilities | |||
Deferred income tax account at beginning of period | 3,704,746 | 2,084,550 | |
Credit (Charge) to Consolidated Statement of Income | 219,143 | 1,620,196 | |
Deferred income tax account at end of period | 3,923,889 | 3,704,746 | 2,084,550 |
Prepaid expenses and other items. | |||
Roll forward of deferred income tax assets and liabilities | |||
Deferred income tax account at beginning of period | 4,508,914 | 5,868,717 | |
Credit (Charge) to Consolidated Statement of Income | (842,078) | (1,274,995) | |
(Charge) to Consolidated Statement of Income (Discontinued Operations) | (1,569,159) | ||
Credit (Charge) to Other Comprehensive Income and Retained Earnings | (47,436) | (83,947) | |
Disposed Operations | (2,050,241) | ||
Credit (Charge) to Other Accounts | (861) | ||
Deferred income tax account at end of period | 4,508,914 | 5,868,717 | |
Tax loss carry forwards | |||
Roll forward of deferred income tax assets and liabilities | |||
Deferred income tax account at beginning of period | 11,401,851 | 11,249,585 | |
Credit (Charge) to Consolidated Statement of Income | 1,349,105 | 152,266 | |
(Charge) to Consolidated Statement of Income (Discontinued Operations) | (2,634,388) | ||
Deferred income tax account at end of period | 10,116,568 | 11,401,851 | 11,249,585 |
Deferred income tax assets of foreign subsidiaries | |||
Roll forward of deferred income tax assets and liabilities | |||
Deferred income tax account at beginning of period | 218,983 | 261,929 | |
Credit (Charge) to Consolidated Statement of Income | 27,830 | (42,946) | |
Deferred income tax account at end of period | 246,813 | 218,983 | 261,929 |
Tax credit | |||
Roll forward of deferred income tax assets and liabilities | |||
Deferred income tax account at beginning of period | 5,738,832 | ||
Credit (Charge) to Consolidated Statement of Income | 0 | ||
Disposed Operations | (5,738,832) | ||
Credit (Charge) to Other Accounts | 5,738,832 | ||
Deferred income tax account at end of period | 5,738,832 | ||
Investments | |||
Roll forward of deferred income tax assets and liabilities | |||
Deferred income tax account at beginning of period | (1,733,507) | (729,910) | |
Credit (Charge) to Consolidated Statement of Income | 969,922 | (1,046,520) | |
(Charge) to Consolidated Statement of Income (Discontinued Operations) | (248,284) | ||
Credit (Charge) to Other Comprehensive Income and Retained Earnings | 311,584 | 42,923 | |
Deferred income tax account at end of period | (700,285) | (1,733,507) | (729,910) |
Derivative financial instruments. | |||
Roll forward of deferred income tax assets and liabilities | |||
Credit (Charge) to Consolidated Statement of Income | (12,137) | ||
Credit (Charge) to Other Comprehensive Income and Retained Earnings | (118,742) | ||
Deferred income tax account at end of period | (130,879) | ||
Intangible assets and transmission rights | |||
Roll forward of deferred income tax assets and liabilities | |||
Deferred income tax account at beginning of period | (2,807,484) | (2,549,784) | |
Credit (Charge) to Consolidated Statement of Income | 4,321,627 | (257,700) | |
(Charge) to Consolidated Statement of Income (Discontinued Operations) | (4,156,658) | ||
Deferred income tax account at end of period | (2,642,515) | $ (2,807,484) | $ (2,549,784) |
Prepaid expenses and other items.. | |||
Roll forward of deferred income tax assets and liabilities | |||
Credit (Charge) to Consolidated Statement of Income | (560,183) | ||
Deferred income tax account at end of period | $ (560,183) |
Income Taxes - Tax (charge) cre
Income Taxes - Tax (charge) credit relating to components of other comprehensive income (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other comprehensive loss, Before Tax | |||
Remeasurement of post-employment benefit obligations | $ 158,119 | $ 279,825 | $ (344,313) |
Exchange differences on translating foreign operations | (143,156) | 92,555 | 133,522 |
Derivative financial instruments cash flow hedges, Before Tax | 395,807 | 1,927,601 | (1,370,145) |
Warrants exercisable for common stock of UHI | (21,899,164) | ||
Open Ended Fund, Before Tax | (131,957) | (19,718) | (904,423) |
Other equity instruments, Before Tax | (906,658) | (123,359) | (353,496) |
Share of loss of associates and joint ventures, Before Tax | 4,245,546 | 245,714 | (61,033) |
Other comprehensive income (loss) before income taxes | 3,617,701 | 2,402,618 | (24,799,052) |
Other comprehensive loss, Tax (Charge) Credit | |||
Remeasurement of post-employment benefit obligations, Tax (Charge) Credit | (47,436) | (83,947) | 103,294 |
Exchange differences on translating foreign operations, Tax (Charge) Credit | (978,527) | 151,555 | 408,221 |
Derivative financial instruments cash flow hedges, Tax (Charge) Credit | (118,742) | (578,280) | 411,044 |
Warrants exercisable for common stock of UHI, Tax (Charge) Credit | 6,639,400 | ||
Open Ended Fund, Tax (Charge) Credit | 39,587 | 5,915 | 268,906 |
Other equity instruments, Tax (Charge) Credit | 271,997 | 37,008 | 106,049 |
Other comprehensive income, Tax (Charge) Credit | (833,121) | (467,749) | 7,936,914 |
Current tax | (978,527) | 151,555 | 408,221 |
Deferred tax | $ 145,406 | $ (619,304) | 7,528,693 |
Annual Withholding Tax Rate | 1.45% | 0.97% | |
Annual withholding tax rate to payment of interest | 0.08% | 0.15% | |
Other comprehensive loss, After Tax | |||
Remeasurement of post-employment benefit obligations, After Tax | $ 110,683 | $ 195,878 | (241,019) |
Exchange differences on translating foreign operations, After Tax | (1,121,683) | 244,110 | 541,743 |
Derivative financial instruments cash flow hedges, After Tax | 277,065 | 1,349,321 | (959,101) |
Warrants exercisable for common stock of UHI, After Tax | (15,259,764) | ||
Open Ended Fund, After Tax | (92,370) | (13,803) | (635,517) |
Other equity instruments, After Tax | (634,661) | (86,351) | (247,447) |
Share of loss of associates and joint ventures, After Tax | 4,245,546 | 245,714 | (61,033) |
Total other comprehensive income | 2,784,580 | 1,934,869 | $ (16,862,138) |
Deferred income tax liability related to associates and joint ventures | $ 43,628 | $ 44,945 |
Earnings per CPO_Share (Details
Earnings per CPO/Share (Details) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 $ / shares $ / EquityInstruments shares | Dec. 31, 2021 $ / shares $ / EquityInstruments shares | Dec. 31, 2020 $ / shares $ / EquityInstruments | |
Basic weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Total Shares | shares | 331,143,326 | 327,524,800 | |
Basic earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Continuing operations | $ / EquityInstruments | (4.06) | (0.16) | (2.34) |
Discontinued operations | $ / EquityInstruments | 19.86 | 2.33 | 1.90 |
Basic earnings (loss) per CPO/Share attributable to stockholders of the Company | $ / EquityInstruments | 2.17 | (0.44) | |
Diluted weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Total Shares | shares | 351,466,191 | 352,134,036 | |
CPOs (in CPO units) | shares | 2,480,187 | 2,485,895 | |
Diluted earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Continuing operations | $ / EquityInstruments | (4.06) | (0.16) | (2.34) |
Discontinued operations | $ / EquityInstruments | 19.86 | 2.33 | 1.90 |
Diluted earnings (loss) per CPO attributable to stockholders of the Company | $ / EquityInstruments | 15.80 | 2.17 | (0.44) |
Continuing operations | $ / shares | $ (0.03) | $ 0 | $ (0.02) |
Discontinued operations | $ / shares | $ 0.17 | $ 0.02 | 0.02 |
Series Shares [Member] | |||
Basic weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units: | shares | 55,792,921 | 55,339,297 | |
Basic earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Continuing operations | $ / shares | $ (0.03) | $ 0 | (0.02) |
Discontinued operations | $ / shares | 0.17 | 0.02 | 0.02 |
Basic earnings (loss) per CPO/Share attributable to stockholders of the Company | $ / shares | $ 0.14 | $ 0.02 | 0 |
Diluted weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units | shares | 58,926,613 | 58,926,613 | |
Diluted earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Diluted earnings (loss) per CPO/Share attributable to stockholders | $ / shares | $ 0.14 | $ 0.02 | 0 |
Series B Shares [Member] | |||
Basic weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units: | shares | 187 | 187 | |
Basic earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Basic earnings (loss) per CPO/Share attributable to stockholders of the Company | $ / shares | $ 0 | $ (0.02) | 0 |
Diluted weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units | shares | 2,357,208 | 2,357,208 | |
Diluted earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Diluted earnings (loss) per CPO/Share attributable to stockholders | $ / shares | $ 0 | $ 0.02 | 0 |
Series D Shares [Member] | |||
Basic weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units: | shares | 239 | 239 | |
Basic earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Basic earnings (loss) per CPO/Share attributable to stockholders of the Company | $ / shares | $ 0 | $ (0.02) | 0 |
Diluted weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units | shares | 239 | 239 | |
Diluted earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Diluted earnings (loss) per CPO/Share attributable to stockholders | $ / shares | $ 0 | $ 0.02 | 0 |
Series L Shares [Member] | |||
Basic weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units: | shares | 239 | 239 | |
Basic earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Basic earnings (loss) per CPO/Share attributable to stockholders of the Company | $ / shares | $ 0 | $ (0.02) | 0 |
Diluted weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units | shares | 239 | 239 | |
Diluted earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Diluted earnings (loss) per CPO/Share attributable to stockholders | $ / shares | $ 0 | $ 0.02 | $ 0 |
Ordinary Participation Certificates [Member] | |||
Basic weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
CPOs | shares | 2,353,417 | 2,326,366 | |
Basic earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Continuing operations | $ / EquityInstruments | (4.06) | ||
Discontinued operations | $ / EquityInstruments | 19.86 | ||
Basic earnings (loss) per CPO/Share attributable to stockholders of the Company | $ / EquityInstruments | 15.80 |
Segment Information - Revenue i
Segment Information - Revenue information by segment and a reconciliation to consolidated total (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Information | |||
Revenue | $ 75,526,609 | $ 73,915,432 | $ 70,680,227 |
Reconciliation to consolidated amounts: | |||
Disposed operations | 7,789,073 | 223,272 | |
Intersegment operations/expenses | (562,995) | (520,254) | (525,786) |
Depreciation and amortisation expense | (21,592,538) | (21,747,513) | (21,641,650) |
Income before other income or expense | 5,234,155 | 6,972,685 | 5,829,530 |
Operating income | 4,418,590 | 10,688,922 | 6,458,152 |
Reportable Segments [Member] | |||
Segment Information | |||
Revenue | 76,089,604 | 74,435,686 | 70,982,741 |
Cable Segment | |||
Segment Information | |||
Revenue | 48,411,776 | 48,020,929 | 45,367,108 |
Sky Segment | |||
Segment Information | |||
Revenue | 20,339,038 | 22,026,616 | 22,134,701 |
Other Businesses Segment | |||
Segment Information | |||
Revenue | 7,338,790 | 4,388,141 | 3,480,932 |
Operating segment | |||
Segment Information | |||
Revenue | 75,526,609 | 73,915,432 | 70,680,227 |
Reconciliation to consolidated amounts: | |||
Disposed operations | (3,991) | ||
Corporate expenses | (1,538,085) | (2,351,342) | (2,223,616) |
Intersegment operations/expenses | (120,424) | (1,608) | (1,555) |
Depreciation and amortisation expense | (21,117,432) | (20,053,302) | (19,921,984) |
Income before other income or expense | 5,234,155 | 6,972,685 | 5,829,530 |
Other income, net | 3,716,237 | ||
Other expense, net | (815,565) | (628,622) | |
Operating income | 4,418,590 | 10,688,922 | 6,458,152 |
Operating segment | Reportable Segments [Member] | |||
Segment Information | |||
Revenue | 76,089,604 | 74,435,686 | 70,982,741 |
Reconciliation to consolidated amounts: | |||
Operating income | 28,010,096 | 29,378,937 | 27,980,676 |
Operating segment | Cable Segment | |||
Reconciliation to consolidated amounts: | |||
Operating income | 19,902,785 | 20,285,023 | 18,898,301 |
Operating segment | Sky Segment | |||
Reconciliation to consolidated amounts: | |||
Operating income | 6,416,270 | 8,504,169 | 9,135,346 |
Operating segment | Other Businesses Segment | |||
Reconciliation to consolidated amounts: | |||
Operating income | 1,691,041 | 589,745 | (52,971) |
Intersegment Revenues | |||
Segment Information | |||
Revenue | (562,995) | (520,254) | (525,786) |
Reconciliation to consolidated amounts: | |||
Intersegment operations/expenses | (562,995) | (520,254) | (525,786) |
Intersegment Revenues | Reportable Segments [Member] | |||
Segment Information | |||
Revenue | (562,995) | (520,254) | (525,786) |
Intersegment Revenues | Cable Segment | |||
Segment Information | |||
Revenue | (151,403) | (54,919) | (59,071) |
Intersegment Revenues | Sky Segment | |||
Segment Information | |||
Revenue | (3,804) | (1,858) | (225) |
Intersegment Revenues | Other Businesses Segment | |||
Segment Information | |||
Revenue | (407,788) | (463,477) | (466,490) |
Consolidated Revenues | |||
Segment Information | |||
Revenue | 75,526,609 | 73,915,432 | 70,680,227 |
Reconciliation to consolidated amounts: | |||
Disposed operations | 223,272 | ||
Consolidated Revenues | Reportable Segments [Member] | |||
Segment Information | |||
Revenue | 75,526,609 | 73,915,432 | 70,456,955 |
Consolidated Revenues | Cable Segment | |||
Segment Information | |||
Revenue | 48,260,373 | 47,966,010 | 45,308,037 |
Consolidated Revenues | Sky Segment | |||
Segment Information | |||
Revenue | 20,335,234 | 22,024,758 | 22,134,476 |
Consolidated Revenues | Other Businesses Segment | |||
Segment Information | |||
Revenue | $ 6,931,002 | $ 3,924,664 | $ 3,014,442 |
Segment Information - Segment i
Segment Information - Segment information about assets, liabilities, and additions to property, plant and equipment (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Information | |||
Segment Assets | $ 299,107,531 | $ 293,742,081 | |
Segment Liabilities | 154,977,626 | 197,218,017 | |
Additions to Property, Plant and Equipment | 17,315,387 | 23,267,847 | $ 20,131,738 |
Reconciliation of segment assets to total assets | |||
Assets | 299,107,531 | 293,742,081 | |
Investments | 2,873,165 | ||
Other assets | 68,700,486 | ||
Reconciliation of segment liabilities to total liabilities | |||
Liabilities | 154,977,626 | 197,218,017 | |
Cable Segment | |||
Segment Information | |||
Additions to Property, Plant and Equipment | 13,011,456 | 17,339,270 | 14,182,848 |
Reconciliation of segment assets to total assets | |||
Investments | 750,169 | 614,146 | |
Goodwill | 13,794,684 | 13,794,684 | |
Equity method loss recognized in income | 38,833 | 161,468 | (7,826) |
Sky Segment | |||
Segment Information | |||
Additions to Property, Plant and Equipment | 3,891,684 | 4,949,039 | 5,361,494 |
Other Businesses Segment | |||
Segment Information | |||
Additions to Property, Plant and Equipment | 273,881 | 70,374 | 107,665 |
Reconciliation of segment assets to total assets | |||
Investments | 3,643,916 | 245,372 | |
Goodwill | 110,314 | ||
Equity method gain recognized in income | 1,454 | (49,839) | (275,456) |
Corporate asset | |||
Segment Information | |||
Additions to Property, Plant and Equipment | 68,750 | ||
Disposed Operations. | |||
Segment Information | |||
Additions to Property, Plant and Equipment | 69,616 | ||
Content Segment | |||
Segment Information | |||
Additions to Property, Plant and Equipment | 909,164 | 479,731 | |
Reconciliation of segment assets to total assets | |||
Investments | 31,920,796 | ||
Goodwill | 241,973 | ||
Equity method gain recognized in income | (7,418,536) | 3,560,248 | (5,456,386) |
TelevisaUnivision | |||
Reconciliation of segment assets to total assets | |||
Investments | 49,446,349 | ||
Other Liabilities | |||
Segment Information | |||
Segment Liabilities | 16,757,635 | ||
Reconciliation of segment liabilities to total liabilities | |||
Liabilities | 16,757,635 | ||
Operating Segments [Member] | |||
Segment Information | |||
Segment Assets | 162,661,613 | 246,925,110 | 227,316,463 |
Segment Liabilities | 36,629,342 | 75,685,991 | 64,356,435 |
Additions to Property, Plant and Equipment | 17,315,387 | 23,267,847 | 20,131,738 |
Reconciliation of segment assets to total assets | |||
Assets | 162,661,613 | 246,925,110 | 227,316,463 |
Reconciliation of segment liabilities to total liabilities | |||
Liabilities | 36,629,342 | 75,685,991 | 64,356,435 |
Operating Segments [Member] | Cable Segment | |||
Segment Information | |||
Segment Assets | 121,786,224 | 119,102,077 | 112,478,015 |
Segment Liabilities | 23,278,943 | 24,449,798 | 22,295,808 |
Reconciliation of segment assets to total assets | |||
Assets | 121,786,224 | 119,102,077 | 112,478,015 |
Reconciliation of segment liabilities to total liabilities | |||
Liabilities | 23,278,943 | 24,449,798 | 22,295,808 |
Operating Segments [Member] | Sky Segment | |||
Segment Information | |||
Segment Assets | 24,590,186 | 25,615,006 | 26,423,707 |
Segment Liabilities | 9,570,547 | 10,745,984 | 10,696,397 |
Reconciliation of segment assets to total assets | |||
Assets | 24,590,186 | 25,615,006 | 26,423,707 |
Reconciliation of segment liabilities to total liabilities | |||
Liabilities | 9,570,547 | 10,745,984 | 10,696,397 |
Operating Segments [Member] | Other Businesses Segment | |||
Segment Information | |||
Segment Assets | 16,285,203 | 8,744,886 | 8,177,183 |
Segment Liabilities | 3,779,852 | 3,203,932 | 3,936,289 |
Reconciliation of segment assets to total assets | |||
Assets | 16,285,203 | 8,744,886 | 8,177,183 |
Reconciliation of segment liabilities to total liabilities | |||
Liabilities | 3,779,852 | 3,203,932 | 3,936,289 |
Operating Segments [Member] | Content Segment | |||
Segment Information | |||
Segment Assets | 93,463,141 | 80,237,558 | |
Segment Liabilities | 37,286,277 | 27,427,941 | |
Reconciliation of segment assets to total assets | |||
Assets | 93,463,141 | 80,237,558 | |
Reconciliation of segment liabilities to total liabilities | |||
Liabilities | 37,286,277 | $ 27,427,941 | |
Debt not allocated to segments | |||
Segment Information | |||
Segment Liabilities | 101,590,649 | 121,532,026 | |
Reconciliation of segment liabilities to total liabilities | |||
Liabilities | $ 101,590,649 | $ 121,532,026 |
Segment Information - Geographi
Segment Information - Geographical segment information (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Geographical segment information | |||
Revenue | $ 75,526,609 | $ 73,915,432 | $ 70,680,227 |
Assets | 299,107,531 | 293,742,081 | |
Additions to Property, Plant and Equipment | 17,315,387 | 23,267,847 | 20,131,738 |
Mexico | |||
Geographical segment information | |||
Revenue | 73,845,741 | 72,076,755 | 68,638,166 |
Additions to Property, Plant and Equipment | 17,102,445 | 22,859,403 | 19,707,436 |
Other countries | |||
Geographical segment information | |||
Revenue | 1,680,868 | 1,838,677 | 2,042,061 |
Additions to Property, Plant and Equipment | 212,942 | 408,444 | 424,302 |
Operating segment | |||
Geographical segment information | |||
Revenue | 75,526,609 | 73,915,432 | 70,680,227 |
Assets | 162,661,613 | 246,925,110 | 227,316,463 |
Additions to Property, Plant and Equipment | 17,315,387 | 23,267,847 | 20,131,738 |
Operating segment | Mexico | |||
Geographical segment information | |||
Assets | 149,520,957 | 230,559,883 | 215,395,954 |
Operating segment | Other countries | |||
Geographical segment information | |||
Assets | $ 13,140,656 | $ 16,365,227 | $ 11,920,509 |
Segment Information - Disaggreg
Segment Information - Disaggregation of Total Revenues (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Information | |||
Domestic revenue | $ 73,845,741 | $ 72,076,755 | $ 68,638,166 |
Export revenue | 308,194 | 71,661 | 146,324 |
Abroad revenue | 1,372,674 | 1,767,016 | 1,895,737 |
Total revenue | 75,526,609 | 73,915,432 | 70,680,227 |
Radio - Advertising | |||
Segment Information | |||
Domestic revenue | 223,272 | ||
Total revenue | 223,272 | ||
Operating Segments [Member] | |||
Segment Information | |||
Total revenue | 75,526,609 | 73,915,432 | 70,680,227 |
Elimination Of Intersegment Amounts [Member] | |||
Segment Information | |||
Domestic revenue | (562,995) | (520,254) | (525,786) |
Total revenue | (562,995) | (520,254) | (525,786) |
Reportable segments | |||
Segment Information | |||
Total revenue | 76,089,604 | 74,435,686 | 70,982,741 |
Reportable segments | Operating Segments [Member] | |||
Segment Information | |||
Domestic revenue | 74,408,736 | 72,597,009 | 68,940,680 |
Export revenue | 308,194 | 71,661 | 146,324 |
Abroad revenue | 1,372,674 | 1,767,016 | 1,895,737 |
Total revenue | 76,089,604 | 74,435,686 | 70,982,741 |
Reportable segments | Elimination Of Intersegment Amounts [Member] | |||
Segment Information | |||
Total revenue | (562,995) | (520,254) | (525,786) |
Cable | |||
Segment Information | |||
Total revenue | 48,411,776 | 48,020,929 | 45,367,108 |
Cable | Operating Segments [Member] | Digital TV Service | |||
Segment Information | |||
Domestic revenue | 16,054,150 | 15,883,520 | 16,549,458 |
Total revenue | 16,054,150 | 15,883,520 | 16,549,458 |
Cable | Operating Segments [Member] | Advertising | |||
Segment Information | |||
Domestic revenue | 2,073,346 | 1,971,853 | 1,633,201 |
Total revenue | 2,073,346 | 1,971,853 | 1,633,201 |
Cable | Operating Segments [Member] | Broadband Services | |||
Segment Information | |||
Domestic revenue | 19,197,699 | 18,648,098 | 16,540,687 |
Total revenue | 19,197,699 | 18,648,098 | 16,540,687 |
Cable | Operating Segments [Member] | Telephony | |||
Segment Information | |||
Domestic revenue | 5,259,768 | 4,977,671 | 4,382,964 |
Total revenue | 5,259,768 | 4,977,671 | 4,382,964 |
Cable | Operating Segments [Member] | Other Services | |||
Segment Information | |||
Domestic revenue | 627,303 | 598,890 | 702,023 |
Total revenue | 627,303 | 598,890 | 702,023 |
Cable | Operating Segments [Member] | Enterprise Operations | |||
Segment Information | |||
Domestic revenue | 4,940,564 | 5,699,425 | 5,245,443 |
Abroad revenue | 258,946 | 241,472 | 313,332 |
Total revenue | 5,199,510 | 5,940,897 | 5,558,775 |
Cable | Operating Segments [Member] | Leasing set-top equipment | |||
Segment Information | |||
Total revenue | 5,899,902 | 5,678,042 | 5,514,984 |
Cable | Elimination Of Intersegment Amounts [Member] | |||
Segment Information | |||
Total revenue | (151,403) | (54,919) | (59,071) |
Sky | |||
Segment Information | |||
Total revenue | 20,339,038 | 22,026,616 | 22,134,701 |
Sky | Operating Segments [Member] | Advertising | |||
Segment Information | |||
Domestic revenue | 1,183,495 | 1,233,537 | 1,112,662 |
Total revenue | 1,183,495 | 1,233,537 | 1,112,662 |
Sky | Operating Segments [Member] | DTH Broadcast Satellite TV | |||
Segment Information | |||
Domestic revenue | 17,970,812 | 19,210,652 | 19,398,285 |
Abroad revenue | 1,101,419 | 1,514,377 | 1,569,999 |
Total revenue | 19,072,231 | 20,725,029 | 20,968,284 |
Sky | Operating Segments [Member] | Pay-Per-View | |||
Segment Information | |||
Domestic revenue | 71,003 | 56,883 | 42,291 |
Abroad revenue | 12,309 | 11,167 | 11,464 |
Total revenue | 83,312 | 68,050 | 53,755 |
Sky | Operating Segments [Member] | Leasing set-top equipment | |||
Segment Information | |||
Total revenue | 7,783,254 | 9,338,664 | 9,212,317 |
Sky | Elimination Of Intersegment Amounts [Member] | |||
Segment Information | |||
Total revenue | (3,804) | (1,858) | (225) |
Other Businesses | |||
Segment Information | |||
Total revenue | 7,338,790 | 4,388,141 | 3,480,932 |
Other Businesses | Operating Segments [Member] | Gaming | |||
Segment Information | |||
Domestic revenue | 2,493,534 | 1,673,911 | 959,985 |
Total revenue | 2,493,534 | 1,673,911 | 959,985 |
Other Businesses | Operating Segments [Member] | Soccer, Sports and Show Business | |||
Segment Information | |||
Domestic revenue | 2,189,093 | 1,658,928 | 1,382,708 |
Export revenue | 308,194 | 71,661 | 146,324 |
Total revenue | 2,497,287 | 1,730,589 | 1,529,032 |
Other Businesses | Operating Segments [Member] | Publishing - Magazines | |||
Segment Information | |||
Domestic revenue | 275,755 | 341,159 | 269,768 |
Abroad revenue | 942 | ||
Total revenue | 275,755 | 341,159 | 270,710 |
Other Businesses | Operating Segments [Member] | Publishing - Advertising | |||
Segment Information | |||
Domestic revenue | 152,820 | 143,622 | 173,645 |
Total revenue | 152,820 | 143,622 | 173,645 |
Other Businesses | Operating Segments [Member] | Publishing Distribution | |||
Segment Information | |||
Domestic revenue | 261,077 | 286,454 | 309,673 |
Total revenue | 261,077 | 286,454 | 309,673 |
Other Businesses | Operating Segments [Member] | Feature Film Production and Distribution | |||
Segment Information | |||
Domestic revenue | 1,658,317 | 212,406 | 237,887 |
Total revenue | 1,658,317 | 212,406 | 237,887 |
Other Businesses | Elimination Of Intersegment Amounts [Member] | |||
Segment Information | |||
Total revenue | $ (407,788) | $ (463,477) | $ (466,490) |
Segment Information - Net sales
Segment Information - Net sales from external customers (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Information | |||
Services | $ 59,788,397 | $ 57,331,417 | $ 54,397,074 |
Royalties | 1,187,135 | 689,870 | 669,294 |
Goods | 683,740 | 775,318 | 805,690 |
Leases | 13,867,337 | 15,118,827 | 14,808,169 |
Total revenue | $ 75,526,609 | $ 73,915,432 | $ 70,680,227 |
Commitments, Lawsuit Settleme_3
Commitments, Lawsuit Settlement Agreement and Contingencies - Commitments (Details) $ in Thousands, $ in Thousands | 12 Months Ended | ||||||||||
Jun. 17, 2021 | May 28, 2021 MXN ($) | May 19, 2021 | Jul. 16, 2020 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 MXN ($) | Dec. 08, 2022 MXN ($) | Nov. 23, 2022 USD ($) | Jun. 27, 2019 MXN ($) | Jun. 21, 2019 MXN ($) | |
Commitments, Lawsuit Settlement Agreement and Contingencies | |||||||||||
Commitments for programming rights | $ 521,800 | ||||||||||
Commitments for transmission rights | $ 10,162,968 | ||||||||||
Commitments for transmission rights to be sublicensed | 1,747,473 | ||||||||||
Provision for the settlement agreement | 95,000 | 12,292 | $ 21,500 | ||||||||
Commitments for gaming operations | 40,304 | ||||||||||
Commitments to acquire television technical equipment | 167,040 | ||||||||||
Commitments to acquire software and related services | $ 1,527,837 | ||||||||||
Amount of future financing expected to provide in 2022 | 4,000 | $ 77,904 | |||||||||
Minimum annual commitments for the use of satellite transponders | $ 17,608 | ||||||||||
Number of years in which the Preponderant Economic Agent can be updated | 2 years | 2 years | |||||||||
Minimum content of broadcast on daily basis to be offered | 50% | 50% | |||||||||
Loss contingency stay period identify replacement counsel | 30 days | ||||||||||
Loss contingency additional stay period requested disqualified | 60 days | ||||||||||
Anticipated total settlement amount | $ 256,300 | $ 290,000 | $ 575,000 | $ 682,000 | |||||||
Percentage on commercial rate on merchandise | 70% | 70% | |||||||||
IEPS | |||||||||||
Commitments, Lawsuit Settlement Agreement and Contingencies | |||||||||||
Anticipated total settlement amount | $ 1,334,000 | ||||||||||
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries ("GTAC") | |||||||||||
Commitments, Lawsuit Settlement Agreement and Contingencies | |||||||||||
Amount of future financing expected to provide in 2022 | $ 147,194 | ||||||||||
2023 | |||||||||||
Commitments, Lawsuit Settlement Agreement and Contingencies | |||||||||||
Minimum annual commitments for the use of satellite transponders | $ 6,629 | ||||||||||
2024 | |||||||||||
Commitments, Lawsuit Settlement Agreement and Contingencies | |||||||||||
Minimum annual commitments for the use of satellite transponders | 6,540 | ||||||||||
2025 | |||||||||||
Commitments, Lawsuit Settlement Agreement and Contingencies | |||||||||||
Minimum annual commitments for the use of satellite transponders | 3,491 | ||||||||||
2026 and thereafter | |||||||||||
Commitments, Lawsuit Settlement Agreement and Contingencies | |||||||||||
Minimum annual commitments for the use of satellite transponders | $ 948 |
Commitments, Lawsuit Settleme_4
Commitments, Lawsuit Settlement Agreement and Contingencies - Reconciliation of the non-cancellable lease commitments (Details) - MXN ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Impact on Consolidated Financial Statements | ||
Total lease liabilities | $ 8,369,072 | $ 9,680,559 |
IFRS 16 | ||
Impact on Consolidated Financial Statements | ||
Total lease liabilities | $ 4,953,638 | $ 5,533,552 |
Commitments, Lawsuit Settleme_5
Commitments, Lawsuit Settlement Agreement and Contingencies (Details) $ in Thousands, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 08, 2022 MXN ($) | May 28, 2021 MXN ($) | Jul. 16, 2020 MXN ($) | Jun. 27, 2019 MXN ($) | |
Commitments, Lawsuit Settlement Agreement and Contingencies | |||||||||
Anticipated total settlement amount | $ 575,000 | $ 256,300 | $ 290,000 | $ 682,000 | |||||
Provision for lawsuit settlement agreement | $ 1,850,220 | $ 1,850,220 | $ 95 | ||||||
Reimbursement receivable | 1,431,486 | 1,431,486 | $ 73.5 | ||||||
Lawsuit settlement agreement, expense | $ 425,762 | $ 21.5 | $ 425,762 | $ 21.5 |
Income from discontinued oper_3
Income from discontinued operations, net (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income from Discontinued Operations, Net | |||
Income from discontinued operations, net | $ 56,222,185 | $ 6,585,900 | $ 6,092,662 |
Discontinued operations in connection with the TelevisaUnivision Transaction | |||
Income from Discontinued Operations, Net | |||
Net income from discontinued operations | 156,655 | 8,529,547 | 6,092,662 |
Gain (loss) on disposition of discontinued operations, net | 56,065,530 | (1,943,647) | |
Income from discontinued operations, net | $ 56,222,185 | $ 6,585,900 | $ 6,092,662 |
Income from Discontinued Oper_4
Income from Discontinued Operations, Net - Net income from discontinued operations (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||||
Jan. 31, 2022 MXN ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2020 MXN ($) | |
Income from Discontinued Operations, Net | |||||
Revenues | $ 75,526,609 | $ 73,915,432 | $ 70,680,227 | ||
Income before other income or expense | 5,234,155 | 6,972,685 | 5,829,530 | ||
Other expense, net | 815,565 | (3,716,237) | (628,622) | ||
Operating income | 4,418,590 | 10,688,922 | 6,458,152 | ||
(Loss) income before income taxes | (12,165,823) | 2,441,939 | (4,930,943) | ||
Discontinued operations | |||||
Income from Discontinued Operations, Net | |||||
Cash consideration received | $ 67,985,597 | ||||
Discontinued operations in connection with the TelevisaUnivision Transaction | |||||
Income from Discontinued Operations, Net | |||||
Revenues | 2,302,875 | 35,822,423 | 32,457,395 | ||
Cost of revenues and operating expenses | 1,922,035 | 22,818,205 | 20,973,331 | ||
Income before other income or expense | 380,840 | 13,004,218 | 11,484,064 | ||
Other expense, net | 19,796 | 397,584 | 394,994 | ||
Operating income | 361,044 | 12,606,634 | 11,089,070 | ||
Finance (expense) income, net | (137,251) | 151,788 | (627,403) | ||
Share of income of associates, net | 847 | ||||
(Loss) income before income taxes | 223,793 | 12,759,269 | 10,461,667 | ||
Income taxes | 67,138 | 4,229,722 | 4,369,005 | ||
Net income from discontinued operations | 156,655 | 8,529,547 | $ 6,092,662 | ||
Value of transaction | 93,066,741 | ||||
Gain (loss) on disposition of discontinued operations, net | 56,065,530 | $ (1,943,647) | |||
Discontinued operations in connection with the TelevisaUnivision Transaction | TelevisaUnivision | |||||
Income from Discontinued Operations, Net | |||||
Cash consideration received | 61,214,741 | $ 2,971.3 | |||
Consideration in common and preferred stock | 30,912,000 | $ 1,500 | |||
Discontinued operations in connection with the TelevisaUnivision Transaction | Tritn Comunicaciones, S.A. de C.V | |||||
Income from Discontinued Operations, Net | |||||
Cash consideration received | $ 940,000 |
Income from Discontinued Oper_5
Income from Discontinued Operations, Net - Gain or loss on disposition of discontinued operations, net (Details) - Discontinued operations in connection with the TelevisaUnivision Transaction - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income from Discontinued Operations, Net | ||
Gain (loss) on disposition of discontinued operations before income taxes | $ 75,192,421 | $ (1,100,645) |
Income taxes | 19,126,891 | 843,002 |
Gain (loss) on disposition of discontinued operations, net | $ 56,065,530 | $ (1,943,647) |
Income from Discontinued Oper_6
Income from Discontinued Operations, Net - Total carrying amount of the consolidated net assets disposed (Details) - MXN ($) $ in Thousands | Jan. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | |||||
Cash and cash equivalents | $ (51,130,992) | $ (25,828,215) | $ (29,058,093) | $ (27,452,265) | |
Trade accounts and notes receivable, net | (8,457,302) | (13,093,011) | |||
Other accounts, taxes receivable and notes receivable, net | (315,006) | (1,026,218) | |||
Transmission rights and programming | (888,344) | (7,591,669) | |||
Other current assets | (2,379,571) | (4,169,299) | |||
Total current assets | (81,576,823) | (73,258,950) | |||
Non-current assets: | |||||
Transmission rights and programming | (1,022,782) | (12,841,026) | |||
Investments in financial instruments | (3,389,485) | (6,076,079) | |||
Property, plant and equipment, net | (82,236,399) | (87,922,126) | (83,281,627) | ||
Right-of-use assets, net | (6,670,298) | (7,604,567) | $ (7,212,165) | ||
Intangible assets and goodwill, net | (41,123,587) | (42,255,881) | |||
Deferred income tax assets | (18,769,968) | (33,173,148) | |||
Other assets | (258,378) | (172,221) | |||
Total non-current assets | (217,530,708) | (220,483,131) | |||
Total assets | (299,107,531) | (293,742,081) | |||
Current liabilities: | |||||
Current portion of lease liabilities | 1,373,233 | 1,478,382 | |||
Trade accounts payable and accrued expenses | 16,083,858 | 22,874,341 | |||
Customer deposits and advances | 1,841,097 | 8,998,556 | |||
Due to related parties | 88,324 | 82,070 | |||
Other current liabilities | 1,510,127 | 2,516,057 | |||
Total current liabilities | 34,370,918 | 56,669,522 | |||
Non-current liabilities: | |||||
Lease liabilities, net of current portion | 6,995,839 | 8,202,177 | |||
Post-employment benefits | 771,468 | 1,913,680 | |||
Other non-current liabilities | 2,171,262 | 6,407,696 | |||
Total non-current liabilities | 120,606,708 | 140,548,495 | |||
Total liabilities | $ 154,977,626 | $ 197,218,017 | |||
Discontinued operations | |||||
Current assets: | |||||
Cash and cash equivalents | $ (1,890,141) | ||||
Trade accounts and notes receivable, net | (1,997,862) | ||||
Other accounts, taxes receivable and notes receivable, net | (2,388,939) | ||||
Transmission rights and programming | (7,162,846) | ||||
Other current assets | (2,312,941) | ||||
Total current assets | (15,752,729) | ||||
Non-current assets: | |||||
Transmission rights and programming | (8,513,024) | ||||
Investments in financial instruments | (1,721,654) | ||||
Property, plant and equipment, net | (3,955,680) | ||||
Right-of-use assets, net | (2,179,704) | ||||
Intangible assets and goodwill, net | (623,818) | ||||
Deferred income tax assets | (7,847,995) | ||||
Other assets | (9,716) | ||||
Total non-current assets | (24,851,591) | ||||
Total assets | (40,604,320) | ||||
Current liabilities: | |||||
Current portion of lease liabilities | 470,686 | ||||
Trade accounts payable and accrued expenses | 6,856,041 | ||||
Customer deposits and advances | 2,071,060 | ||||
Due to related parties | 5,383,763 | ||||
Other current liabilities | 1,983,995 | ||||
Total current liabilities | 16,765,545 | ||||
Non-current liabilities: | |||||
Lease liabilities, net of current portion | 1,703,747 | ||||
Post-employment benefits | 1,105,376 | ||||
Other non-current liabilities | 4,246,327 | ||||
Total non-current liabilities | 7,055,450 | ||||
Total liabilities | 23,820,995 | ||||
Deconsolidation Net Assets | 3,598,567 | ||||
Total net assets | (13,184,758) | ||||
consideration received, satisfied in cash | 67,985,597 | ||||
Cash and cash equivalents disposed of | (1,890,143) | ||||
Net cash inflows | $ 66,095,454 |
Income from Discontinued Oper_7
Income from Discontinued Operations, Net - Cash flows provided by (used in) discontinued operations (Details) - Discontinued operations - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income from Discontinued Operations, Net | |||
Net cash provided by operating activities | $ 6,993,434 | $ 4,546,516 | |
Net cash provided by (used in) investing activities | $ 66,025,838 | (2,016,523) | (864,053) |
Net cash used in financing activities | (15,218) | (758,999) | (757,024) |
Net cash flows | $ 66,010,620 | $ 4,217,912 | $ 2,925,439 |
Events after the Reporting Pe_2
Events after the Reporting Period (Details) $ / shares in Units, $ in Thousands, shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||||
Apr. 26, 2023 $ / shares | May 31, 2023 USD ($) shares | Mar. 31, 2023 MXN ($) | Mar. 31, 2023 USD ($) | Feb. 28, 2023 MXN ($) $ / EquityInstruments | Apr. 30, 2022 $ / shares | Apr. 30, 2021 USD ($) | Apr. 30, 2021 $ / shares | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 MXN ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 MXN ($) | |
Events after the reporting period | ||||||||||||
Dividend per share ordinary participation certificate | $ / EquityInstruments | 0.35 | |||||||||||
Repayment of debt | $ 610,403 | $ 242,489 | $ 492,489 | |||||||||
Repurchased | shares | 8,294.7 | |||||||||||
Shares repurchased | $ 70.9 | $ 44.2 | $ 629,326 | $ 195,597 | ||||||||
Series A, B, D and L Shares | ||||||||||||
Events after the reporting period | ||||||||||||
Dividend per share | $ / shares | $ 0.002991452991 | $ 0.002991452991 | $ 0.002991452991 | |||||||||
CPOs | ||||||||||||
Events after the reporting period | ||||||||||||
Dividend per share | $ / shares | $ 0.35 | $ 0.35 | $ 0.35 | |||||||||
Shares repurchased | $ 28.7 | |||||||||||
Mexican Bank | ||||||||||||
Events after the reporting period | ||||||||||||
Revolving credit facility | $ 600,000 | $ 1,000,000 | ||||||||||
Repayment of debt | 1,000,000 | |||||||||||
Repayment of current borrowings | 600,000 | |||||||||||
Interest payable | $ 400,000 | |||||||||||
Interest rate | 0.85% | |||||||||||
Settlement Of A Class Action Lawsuit [Member] | Class Action Lawsuit [Member] | ||||||||||||
Events after the reporting period | ||||||||||||
Proceeds from insurance contracts for provision settlement | $ 1,325,600 | $ 73.5 |