Edgar Filing: GRUPO TELEVISA, S.A.B.

kr6k2qfinan_grupo.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER PURSUANT TO RULES 13a-16 or 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of July, 2014

GRUPO TELEVISA, S.A.B.

(Translation of registrant’s name into English)

Av. Vasco de Quiroga No. 2000, Colonia Santa Fe 01210 Mexico, D.F.

(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.)

Form 20-F

Form 40-F

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1).)

Yes

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7).)

Yes

MEXICAN STOCK EXCHANGE

STOCK EXCHANGE CODE: TLEVISA	QUARTER: 02	YEAR: 2014
GRUPO TELEVISA, S.A.B.

STATEMENT OF FINANCIAL POSITION

AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

(THOUSANDS OF MEXICAN PESOS)

CONSOLIDATED

Final Printing

REF	ACCOUNT / SUBACCOUNT		CURRENT YEAR	END OF PREVIOUS YEAR
REF	ACCOUNT / SUBACCOUNT		AMOUNT	AMOUNT
10000000	TOTAL ASSETS		208,209,249	194,108,920
11000000	CURRENT ASSETS		66,673,815	53,207,745
11010000	CASH AND CASH EQUIVALENTS		31,962,648	16,692,033
11020000	SHORT-TERM INVESTMENTS		5,072,809	3,722,976
11020010		FINANCIAL INSTRUMENTS AVAILABLE FOR SALE	0	0
11020020		FINANCIAL INSTRUMENTS FOR NEGOTIATION	0	0
11020030		FINANCIAL INSTRUMENTS HELD TO MATURITY	5,072,809	3,722,976
11030000	CUSTOMER (NET)		15,238,845	20,734,137
11030010		CUSTOMER	18,004,178	23,226,673
11030020		ALLOWANCE FOR DOUBTFUL ACCOUNTS	-2,765,333	-2,492,536
11040000	OTHER ACCOUNTS RECEIVABLE (NET)		3,462,515	3,759,512
11040010		OTHER ACCOUNTS RECEIVABLE	3,737,195	3,995,953
11040020		ALLOWANCE FOR DOUBTFUL ACCOUNTS	-274,680	-236,441
11050000	INVENTORIES		2,021,590	1,718,366
11051000	BIOLOGICAL CURRENT ASSETS		0	0
11060000	OTHER CURRENT ASSETS		8,915,408	6,580,721
11060010		ADVANCE PAYMENTS	2,095,463	1,469,241
11060020		DERIVATIVE FINANCIAL INSTRUMENTS	1,133	3,447
11060030		ASSETS AVAILABLE FOR SALE	0	0
11060050		RIGHTS AND LICENSING	0	0
11060060		OTHER	6,818,812	5,108,033
12000000	NON-CURRENT ASSETS		141,535,434	140,901,175
12010000	ACCOUNTS RECEIVABLE (NET)		0	0
12020000	INVESTMENTS		57,093,325	56,267,166
12020010		INVESTMENTS IN ASSOCIATES AND JOINT VENTURES	18,180,689	18,250,764
12020020		HELD-TO-MATURITY DEBT SECURITIES	581,844	631,964
12020030		OTHER AVAILABLE- FOR- SALE INVESTMENTS	38,295,828	37,359,819
12020040		OTHER	34,964	24,619
12030000	PROPERTY, PLANT AND EQUIPMENT (NET)		53,609,685	53,476,475
12030010		BUILDINGS	14,455,402	14,843,097
12030020		MACHINERY AND INDUSTRIAL EQUIPMENT	77,453,964	74,378,057
12030030		OTHER EQUIPMENT	8,259,816	8,073,547
12030040		ACCUMULATED DEPRECIATION	-52,841,092	-49,198,237
12030050		CONSTRUCTION IN PROGRESS	6,281,595	5,380,011
12040000	INVESTMENT PROPERTIES		0	0
12050000	NON-CURRENT BIOLOGICAL ASSETS		0	0
12060000	INTANGIBLE ASSETS (NET)		11,238,446	11,382,311
12060010		GOODWILL	2,621,530	2,621,530
12060020		TRADEMARKS	1,749,154	1,749,402
12060030		RIGHTS AND LICENSING	1,307,037	1,344,190
12060031		CONCESSIONS	3,655,985	3,655,985
12060040		OTHER	1,904,740	2,011,204
12070000	DEFERRED TAX ASSETS		10,639,451	10,608,778
12080000	OTHER NON-CURRENT ASSETS		8,954,527	9,166,445
12080001		ADVANCE PAYMENTS	0	0
12080010		DERIVATIVE FINANCIAL INSTRUMENTS	1,046	4,941
12080020		EMPLOYEE BENEFITS	0	0
12080021		ASSETS AVAILABLE FOR SALE	0	0
12080040		DEFERRED ASSETS (NET)	0	0
12080050		OTHER	8,953,481	9,161,504
20000000	TOTAL LIABILITIES		124,932,087	115,529,487
21000000	CURRENT LIABILITIES		36,798,552	40,283,067
21010000	BANK LOANS		535,443	312,715
21020000	STOCK MARKET LOANS		0	0
21030000	OTHER INTEREST BEARING LIABILITIES		318,280	424,698
21040000	SUPPLIERS		13,410,680	10,719,484
21050000	TAXES PAYABLE		1,278,784	1,692,415
21050010		INCOME TAXES PAYABLE	537,410	642,385
21050020		OTHER TAXES PAYABLE	741,374	1,050,030
21060000	OTHER CURRENT LIABILITIES		21,255,365	27,133,755
21060010		INTEREST PAYABLE	894,672	796,229
21060020		DERIVATIVE FINANCIAL INSTRUMENTS	0	0
21060030		DEFERRED INCOME	15,477,379	21,962,847
21060050		EMPLOYEE BENEFITS	963,627	857,903
21060060		PROVISIONS	199,628	174,678
21060061		LIABILITIES RELATED TO CURRENT AVAILABLE FOR SALE ASSETS	0	0
21060080		OTHER	3,720,059	3,342,098
22000000	NON-CURRENT LIABILITIES		88,133,535	75,246,420
22010000	BANK LOANS		8,719,580	13,385,879
22020000	STOCK MARKET LOANS		64,709,333	46,357,221
22030000	OTHER INTEREST BEARING LIABILITIES		4,369,056	4,494,549
22040000	DEFERRED TAX LIABILITIES		0	0
22050000	OTHER NON-CURRENT LIABILITIES		10,335,566	11,008,771
22050010		DERIVATIVE FINANCIAL INSTRUMENTS	477,654	335,336
22050020		DEFERRED INCOME	744,441	474,011
22050040		EMPLOYEE BENEFITS	134,845	79,810
22050050		PROVISIONS	53,468	59,614
22050051		LIABILITIES RELATED TO NON-CURRENT AVAILABLE FOR SALE ASSETS	0	0
22050070		OTHER	8,925,158	10,060,000
30000000	STOCKHOLDERS' EQUITY		83,277,162	78,579,433
30010000	CONTROLLING INTEREST		72,277,534	68,311,434
30030000	SOCIAL CAPITAL		4,978,126	4,978,126
30040000	SHARES REPURCHASED		-12,334,027	-12,848,448
30050000	PREMIUM ON ISSUANCE OF SHARES		15,889,819	15,889,819
30060000	CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES		0	0
30070000	OTHER CAPITAL CONTRIBUTED		0	0
30080000	RETAINED EARNINGS (ACCUMULATED LOSSES)		59,829,234	56,897,886
30080010		LEGAL RESERVE	2,139,007	2,139,007
30080020		OTHER RESERVES	0	0
30080030		RETAINED EARNINGS	58,845,619	51,097,340
30080040		NET INCOME FOR THE YEAR	3,065,452	7,748,279
30080050		OTHER	-4,220,844	-4,086,740
30090000	OTHER ACCUMULATED COMPREHENSIVE RESULTS (NET OF TAX)		3,914,382	3,394,051
30090010		EARNINGS PER PROPERTY REASSESSMENT	0	0
30090020		ACTUARIAL EARNINGS (LOSS) FOR LABOR OBLIGATIONS	58,418	58,418
30090030		RESULT FOR FOREIGN CURRENCY CONVERSION	24,939	49,629
30090040		CHANGES IN THE VALUATION OF AVAILABLE FOR SALE FINANCIAL ASSETS	1,756,732	1,163,122
30090050		CHANGES IN THE VALUATION OF DERIVATIVE FINANCIAL INSTRUMENTS	-235,710	-140,944
30090060		CHANGES IN FAIR VALUE OF OTHER ASSETS	2,046,860	1,997,966
30090070		PARTICIPATION IN OTHER COMPREHENSIVE INCOME OF ASSOCIATES AND JOINT VENTURES	263,143	265,860
30090080		OTHER COMPREHENSIVE RESULT	0	0
30020000	NON-CONTROLLING INTEREST		10,999,628	10,267,999

DATA INFORMATION

AS OF JUNE 30, 2014 AND DECEMBER 31, 2013

(THOUSANDS OF MEXICAN PESOS)

CONSOLIDATED

Final Printing

REF	CONCEPTS	CURRENT YEAR	END OF PREVIOUS YEAR
REF	CONCEPTS	AMOUNT	AMOUNT
91000010	FOREIGN CURRENCY LIABILITIES SHORT-TERM	6,507,297	6,772,104
91000020	FOREIGN CURRENCY LIABILITIES LONG-TERM	43,802,795	32,170,424
91000030	CAPITAL STOCK NOMINAL	2,494,410	2,494,410
91000040	RESTATEMENT OF CAPITAL STOCK	2,483,716	2,483,716
91000050	PENSIONS AND SENIORITY PREMIUMS	2,064,899	2,009,430
91000060	NUMBER OF EXECUTIVES (*)	75	72
91000070	NUMBER OF EMPLOYEES (*)	34,353	31,975
91000080	NUMBER OF WORKERS (*)	0	0
91000090	NUMBER OF OUTSTANDING SHARES (*)	338,373,267,960	335,501,022,792
91000100	NUMBER OF REPURCHASED SHARES (*)	24,056,619,171	26,928,864,339
91000110	RESTRICTED CASH (1)	0	0
91000120	DEBT OF NON-CONSOLIDATED COMPANIES GUARANTEED	0	0

(1) THIS CONCEPT MUST BE COMPLETED WHEN GUARANTEES HAVE BEEN PROVIDED AFFECTING CASH AND CASH EQUIVALENTS

(*) DATA IN UNITS

STATEMENTS OF COMPREHENSIVE INCOME

FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 2014 AND 2013

(THOUSANDS OF MEXICAN PESOS)

CONSOLIDATED

Final Printing

REF	ACCOUNT / SUBACCOUNT		CURRENT YEAR		PREVIOUS YEAR
REF	ACCOUNT / SUBACCOUNT		CUMULATIVE	QUARTER	CUMULATIVE	QUARTER
40010000	NET INCOME		36,268,454	19,344,404	33,584,522	18,065,013
40010010		SERVICES	27,440,768	14,758,302	25,598,314	13,814,114
40010020		SALE OF GOODS	1,100,397	568,919	1,034,632	522,579
40010030		INTEREST	0	0	0	0
40010040		ROYALTIES	2,834,482	1,532,917	2,580,404	1,477,779
40010050		DIVIDENDS	0	0	0	0
40010060		LEASE	4,892,807	2,484,266	4,371,172	2,250,541
40010061		CONSTRUCTION	0	0	0	0
40010070		OTHER	0	0	0	0
40020000	COST OF SALES		19,888,415	10,151,323	18,418,004	9,429,888
40021000	GROSS PROFIT (LOSS)		16,380,039	9,193,081	15,166,518	8,635,125
40030000	GENERAL EXPENSES		8,315,762	4,274,316	7,083,528	3,608,174
40040000	INCOME (LOSS) BEFORE OTHER INCOME AND EXPENSES, NET		8,064,277	4,918,765	8,082,990	5,026,951
40050000	OTHER INCOME AND (EXPENSE), NET		-213,201	-51,355	261,905	-72,315
40060000	OPERATING INCOME (LOSS)		7,851,076	4,867,410	8,344,895	4,954,636
40070000	FINANCE INCOME		562,016	290,577	529,948	228,088
40070010		INTEREST INCOME	562,016	290,577	529,948	228,088
40070020		FOREIGN EXCHANGE GAIN, NET	0	0	0	0
40070030		DERIVATIVES GAIN, NET	0	0	0	0
40070040		EARNINGS FROM CHANGES IN FAIR VALUE OF FINANCIAL INSTRUMENTS	0	0	0	0
40070050		OTHER	0	0	0	0
40080000	FINANCE EXPENSE		2,916,973	1,527,707	2,541,913	1,400,562
40080010		INTEREST EXPENSE	2,635,469	1,396,032	2,269,851	1,165,329
40080020		FOREIGN EXCHANGE LOSS, NET	132,780	23,921	182,925	230,277
40080030		DERIVATIVES LOSS, NET	148,724	107,754	89,137	4,956
40080050		LOSS FROM CHANGES IN FAIR VALUE OF FINANCIAL INSTRUMENTS	0	0	0	0
40080060		OTHER	0	0	0	0
40090000	FINANCE INCOME (EXPENSE) NET		-2,354,957	-1,237,130	-2,011,965	-1,172,474
40100000	PARTICIPATION IN THE RESULTS OF ASSOCIATES AND JOINT VENTURES		-68,848	129,749	-723,375	-461,836
40110000	INCOME (LOSS) BEFORE INCOME TAXES		5,427,271	3,760,029	5,609,555	3,320,326
40120000	INCOME TAXES		1,601,045	1,117,545	1,864,567	1,108,492
40120010		INCOME TAX, CURRENT	1,866,460	1,093,929	3,339,308	1,101,598
40120020		INCOME TAX, DEFERRED	-265,415	23,616	-1,474,741	6,894
40130000	INCOME (LOSS) FROM CONTINUING OPERATIONS		3,826,226	2,642,484	3,744,988	2,211,834
40140000	INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET		0	0	0	0
40150000	NET INCOME (LOSS)		3,826,226	2,642,484	3,744,988	2,211,834
40160000	NET INCOME (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST		760,774	430,900	849,791	386,304
40170000	NET INCOME (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST		3,065,452	2,211,584	2,895,197	1,825,530

40180000	NET INCOME (LOSS) PER BASIC SHARE		1.07	0.77	1.01	0.63
40190000	NET INCOME (LOSS) PER DILUTED SHARE		0.99	0.71	0.94	0.59

STATEMENTS OF COMPREHENSIVE INCOME

OTHER COMPREHENSIVE INCOME (NET OF INCOME TAXES)

FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 2014 AND 2013

(THOUSANDS OF MEXICAN PESOS)

CONSOLIDATED

Final Printing

REF	ACCOUNT / SUBACCOUNT	CURRENT YEAR		PREVIOUS YEAR
REF	ACCOUNT / SUBACCOUNT	CUMULATIVE	QUARTER	CUMULATIVE	QUARTER
40200000	NET INCOME (LOSS)	3,826,226	2,642,484	3,744,988	2,211,834
	ITEMS NOT TO BE RECLASSIFIED INTO RESULTS
40210000	EARNINGS PER PROPERTY REASSESSMENT	0	0	0	0
40220000	ACTUARIAL EARNINGS (LOSS) FOR LABOR OBLIGATIONS	0	0	0	0
40220100	PARTICIPATION IN RESULTS FOR REVALUATION OF PROPERTIES OF ASSOCIATES AND JOINT VENTURES	0	0	0	0
	ITEMS THAT MAY BE SUBSEQUENTLY RECLASSIFIED INTO RESULTS
40230000	RESULT FOR FOREIGN CURRENCY CONVERSION	-28,705	4,757	34,016	200,195
40240000	CHANGES IN THE VALUATION OF AVAILABLE FOR SALE FINANCIAL ASSETS	593,610	502,064	585,251	464,579
40250000	CHANGES IN THE VALUATION OF DERIVATIVE FINANCIAL INSTRUMENTS	-94,766	-95,607	23,585	48,665
40260000	CHANGES IN FAIR VALUE OF OTHER ASSETS	48,894	51,281	-228,286	-178,372
40270000	PARTICIPATION IN OTHER COMPREHENSIVE INCOME OF ASSOCIATES AND JOINT VENTURES	-2,717	-5,961	35,127	10,546
40280000	OTHER COMPREHENSIVE INCOME	0	0	0	0
40290000	TOTAL OTHER COMPREHENSIVE INCOME	516,316	456,534	449,693	545,613

40300000	COMPREHENSIVE INCOME (LOSS)	4,342,542	3,099,018	4,194,681	2,757,447
40320000	COMPREHENSIVE (LOSS) ATTRIBUTABLE TO NON-CONTROLLING INTEREST	756,759	436,407	847,291	380,875
40310000	COMPREHENSIVE (LOSS) ATTRIBUTABLE TO CONTROLLING INTEREST	3,585,783	2,662,611	3,347,390	2,376,572

STATEMENTS OF COMPREHENSIVE INCOME

DATA INFORMATION

FOR THE SIX AND THREE MONTHS ENDED JUNE 30, 2014 AND 2013

(THOUSANDS OF MEXICAN PESOS)

CONSOLIDATED

Final Printing

REF	ACCOUNT / SUBACCOUNT	CURRENT YEAR		PREVIOUS YEAR
REF	ACCOUNT / SUBACCOUNT	CUMULATIVE	QUARTER	CUMULATIVE	QUARTER
92000010	OPERATING DEPRECIATION AND AMORTIZATION	5,332,323	2,705,645	4,787,806	2,428,941

STATEMENTS OF COMPREHENSIVE INCOME

DATA INFORMATION (TWELVE MONTHS)

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(THOUSANDS OF MEXICAN PESOS)

CONSOLIDATED

Final Printing

REF	ACCOUNT / SUBACCOUNT	YEAR
REF	ACCOUNT / SUBACCOUNT	CURRENT	PREVIOUS
92000030	NET INCOME (**)	76,474,643	70,734,509
92000040	OPERATING INCOME (LOSS) (**)	18,244,516	18,532,596
92000050	CONTROLLING INTEREST NET INCOME (LOSS) (**)	10,315,365	10,074,689
92000060	NET INCOME (LOSS) (**)	7,918,534	8,753,689
92000070	OPERATING DEPRECIATION AND AMORTIZATION (**)	10,390,883	9,192,678

(**) INFORMATION FOR THE LAST TWELVE MONTHS

STATEMENTS OF CASH FLOWS (INDIRECT METHOD)

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(THOUSANDS OF MEXICAN PESOS)

CONSOLIDATED

Final Printing

REF	ACCOUNT / SUBACCOUNT		CURRENT YEAR	PREVIOUS YEAR
REF	ACCOUNT / SUBACCOUNT		AMOUNT	AMOUNT
OPERATING ACTIVITIES
50010000	INCOME (LOSS) BEFORE INCOME TAXES		5,427,271	5,609,555
50020000	+ (-) ITEMS NOT REQUIRING CASH		601,340	478,609
50020010		+ ESTIMATES FOR THE PERIOD	533,396	412,481
50020020		+ PROVISIONS FOR THE PERIOD	0	0
50020030		+ (-) OTHER UNREALIZED ITEMS	67,944	66,128
50030000	+ (-) ITEMS RELATED TO INVESTING ACTIVITIES		5,590,693	5,159,378
50030010		+ DEPRECIATION AND AMORTIZATION FOR THE PERIOD	5,332,323	4,787,806
50030020		(-) + GAIN OR LOSS ON SALE OF PROPERTY, PLANT AND EQUIPMENT	182,653	47,534
50030030		+ (-) LOSS (REVERSION) IMPAIRMENT	0	0
50030040		(-) + EQUITY IN RESULTS OF AFFILIATES AND JOINT VENTURES	68,848	723,375
50030050		(-) DIVIDENDS RECEIVED	0	0
50030060		(-) INTEREST INCOME	(195,772)	(19,938)
50030070		(-) FOREIGN EXCHANGE FLUCTUATION	119,227	(450,162)
50030080		(-) + OTHER ITEMS	83,414	70,763
50040000	+ (-) ITEMS RELATED TO FINANCING ACTIVITIES		3,085,856	3,013,736
50040010		(+) ACCRUED INTEREST	2,635,469	2,269,851
50040020		(+) FOREIGN EXCHANGE FLUCTUATION	(78,654)	381,040
50040030		(+) FINANCIAL OPERATIONS OF DERIVATIVES	148,724	89,137
50040040		+ (-) OTHER ITEMS	380,317	273,708
50050000	CASH FLOW BEFORE INCOME TAX		14,705,160	14,261,278
50060000	CASH FLOWS PROVIDED OR USED IN OPERATION		(3,673,125)	(7,336,476)
50060010		+ (-) DECREASE (INCREASE) IN CUSTOMERS	4,949,270	5,667,573
50060020		+ (-) DECREASE (INCREASE) IN INVENTORIES	(1,343,668)	(2,210,107)
50060030		+ (-) DECREASE (INCREASE) IN OTHER ACCOUNTS RECEIVABLES AND OTHER ASSETS	(1,725,177)	(1,509,126)
50060040		+ (-) INCREASE (DECREASE) IN SUPPLIERS	2,727,389	429,823
50060050		+ (-) INCREASE (DECREASE) IN OTHER LIABILITIES	(6,633,008)	(5,741,835)
50060060		+ (-) INCOME TAXES PAID OR RETURNED	(1,647,931)	(3,972,804)
50070000	NET CASH FLOWS FROM OPERATING ACTIVITIES		11,032,035	6,924,802
INVESTING ACTIVITIES
50080000	NET CASH FLOWS FROM INVESTING ACTIVITIES		(6,901,067)	(10,587,187)
50080010		(-) PERMANENT INVESTMENTS IN SHARES	(9,042)	(1,285,104)
50080020		+ DISPOSITION OF PERMANENT INVESTMENT IN SHARES	0	0
50080030		(-) INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT	(5,716,406)	(4,867,582)
50080040		+ SALE OF PROPERTY, PLANT AND EQUIPMENT	362,081	69,716
50080050		(-) TEMPORARY INVESTMENTS	(1,687,446)	(4,342,391)
50080060		+ DISPOSITION OF TEMPORARY INVESTMENTS	387,734	113,618
50080070		(-) INVESTMENT IN INTANGIBLE ASSETS	(227,230)	(220,503)
50080080		+ DISPOSITION OF INTANGIBLE ASSETS	0	0
50080090		(-) BUSINESS ACQUISITIONS	0	0
50080100		+ BUSINESS DISPOSITIONS	0	0
50080110		+ DIVIDEND RECEIVED	0	0
50080120		+ INTEREST RECEIVED	0	0
50080130		+ (-) DECREASE (INCREASE) IN ADVANCES AND LOANS TO THIRD PARTIES	0	0
50080140		+ (-) OTHER ITEMS	(10,758)	(54,941)
FINANCING ACTIVITIES
50090000	NET CASH FLOWS FROM FINANCING ACTIVITIES		11,151,727	3,151,357
50090010		+ BANK FINANCING	200,000	253,063
50090020		+ STOCK MARKET FINANCING	18,399,391	6,447,939
50090030		+ OTHER FINANCING	0	0
50090040		(-) BANK FINANCING AMORTIZATION	(146,013)	0
50090050		(-) STOCK MARKET FINANCING AMORTIZATION	0	0
50090060		(-) OTHER FINANCING AMORTIZATION	(208,778)	(129,960)
50090070		+ (-) INCREASE (DECREASE) IN CAPITAL STOCK	0	0
50090080		(-) DIVIDENDS PAID	0	(1,084,192)
50090090		+ PREMIUM ON ISSUANCE OF SHARES	0	0
50090100		+ CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES	0	0
50090110		(-) INTEREST EXPENSE	(2,501,177)	(2,174,909)
50090120		(-) REPURCHASE OF SHARES	0	0
50090130		+ (-) OTHER ITEMS	(4,591,696)	(160,584)

50100000	NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS		15,282,695	(511,028)
50110000	CHANGES IN THE VALUE OF CASH AND CASH EQUIVALENTS		(12,080)	8,522
50120000	CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		16,692,033	19,063,325
50130000	CASH AND CASH EQUIVALENTS AT END OF PERIOD		31,962,648	18,560,819

STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(THOUSANDS OF MEXICAN PESOS)

CONSOLIDATED

Final Printing

CONCEPTS	CAPITAL STOCK	SHARES REPURCHASED	ADDITIONAL PAID-IN CAPITAL	CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES	OTHER CAPITAL CONTRIBUTED	RETAINED EARNINGS OR ACCUMULATED LOSSES		ACCUMULATED OTHER COMPREHENSIVE INCOME (NET OF INCOME TAX)	CONTROLLING INTEREST	NON-CONTROLLING INTEREST	TOTAL STOCKHOLDERS’ EQUITY
CONCEPTS	CAPITAL STOCK	SHARES REPURCHASED	ADDITIONAL PAID-IN CAPITAL	CONTRIBUTIONS FOR FUTURE CAPITAL INCREASES	OTHER CAPITAL CONTRIBUTED	RESERVES	RETAINED EARNINGS (ACCUMULATED LOSSES)	ACCUMULATED OTHER COMPREHENSIVE INCOME (NET OF INCOME TAX)	CONTROLLING INTEREST	NON-CONTROLLING INTEREST	TOTAL STOCKHOLDERS’ EQUITY
BALANCE AT JANUARY 1, 2013	4,978,126	-13,103,223	15,889,819	0	0	2,139,007	48,934,392	1,805,884	60,644,005	7,890,598	68,534,603

RETROSPECTIVE ADJUSTMENT	0	0	0	0	0	0	-101,814	0	-101,814	-1,088	-102,902

APPLICATION OF OTHER COMPREHENSIVE INCOME TO RETAINED EARNINGS	0	0	0	0	0	0	0	0	0	0	0

ESTABLISHMENT OF RESERVES	0	0	0	0	0	0	0	0	0	0	0

DIVIDENDS DECLARED	0	0	0	0	0	0	-1,084,192	0	-1,084,192	-89,895	-1,174,087

(DECREASE) INCREASE OF CAPITAL	0	0	0	0	0	0	0	0	0	0	0

REPURCHASE OF SHARES	0	-826,602	0	0	0	0	0	0	-826,602	0	-826,602

(DECREASE) INCREASE IN ADDITIONAL PAID-IN CAPITAL	0	0	0	0	0	0	0	0	0	0	0

(DECREASE) INCREASE IN NON-CONTROLLING INTEREST	0	0	0	0	0	0	0	0	0	0	0

OTHER	0	1,319,824	0	0	0	0	-219,514	0	1,100,310	-9,514	1,090,796

COMPREHENSIVE INCOME	0	0	0	0	0	0	2,895,197	452,193	3,347,390	847,291	4,194,681

BALANCE AT JUNE 30, 2013	4,978,126	-12,610,001	15,889,819	0	0	2,139,007	50,424,069	2,258,077	63,079,097	8,637,392	71,716,489
BALANCE AT JANUARY 1, 2014	4,978,126	-12,848,448	15,889,819	0	0	2,139,007	54,758,879	3,394,051	68,311,434	10,267,999	78,579,433

RETROSPECTIVE ADJUSTMENT	0	0	0	0	0	0	0	0	0	0	0

APPLICATION OF OTHER COMPREHENSIVE INCOME TO RETAINED EARNINGS	0	0	0	0	0	0	0	0	0	0	0

ESTABLISHMENT OF RESERVES	0	0	0	0	0	0	0	0	0	0	0

DIVIDENDS DECLARED	0	0	0	0	0	0	0	0	0	-25,724	-25,724

(DECREASE) INCREASE OF CAPITAL	0	0	0	0	0	0	0	0	0	0	0

REPURCHASE OF SHARES	0	-733,584	0	0	0	0	0	0	-733,584	0	-733,584

(DECREASE) INCREASE IN ADDITIONAL PAID-IN CAPITAL	0	0	0	0	0	0	0	0	0	0	0

(DECREASE) INCREASE IN NON-CONTROLLING INTEREST	0	0	0	0	0	0	0	0	0	0	0

OTHER	0	1,248,005	0	0	0	0	-134,104	0	1,113,901	594	1,114,495

COMPREHENSIVE INCOME	0	0	0	0	0	0	3,065,452	520,331	3,585,783	756,759	4,342,542

BALANCE AT JUNE 30, 2014	4,978,126	-12,334,027	15,889,819	0	0	2,139,007	57,690,227	3,914,382	72,277,534	10,999,628	83,277,162

MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA	QUARTER: 02 YEAR: 2014
GRUPO TELEVISA, S.A.B.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
	CONSOLIDATED Final Printing

MEXICO CITY, D.F., JULY 7, 2014—GRUPO TELEVISA, S.A.B. (NYSE:TV; BMV: TLEVISA CPO; “TELEVISA” OR “THE COMPANY”), TODAY ANNOUNCED RESULTS FOR SECOND-QUARTER 2014. THE RESULTS HAVE BEEN PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (“IFRS”).

THE FOLLOWING INFORMATION SETS FORTH CONDENSED CONSOLIDATED STATEMENTS OF INCOME FOR THE QUARTERS ENDED JUNE 30, 2014 AND 2013, IN MILLIONS OF MEXICAN PESOS, AS WELL AS THE PERCENTAGE THAT EACH LINE REPRESENTS OF NET SALES AND THE PERCENTAGE CHANGE WHEN COMPARING 2014 WITH 2013:

NET SALES

NET SALES INCREASED 7.1% TO PS.19,344.4 MILLION IN SECOND-QUARTER 2014 COMPARED WITH PS.18,065.0 MILLION IN SECOND-QUARTER 2013. THIS INCREASE WAS MAINLY ATTRIBUTABLE TO REVENUE GROWTH IN CONTENT, TELECOMMUNICATIONS, AND SKY SEGMENTS. OPERATING SEGMENT INCOME INCREASED BY 3.6%, REACHING PS.8,015.8 MILLION WITH A MARGIN OF 40.7% IN SECOND-QUARTER 2014 COMPARED WITH PS.7,733.7 MILLION WITH A MARGIN OF 42.0% IN SECOND-QUARTER 2013.

NET INCOME ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY

NET INCOME ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY INCREASED TO PS.2,211.6 MILLION IN SECOND-QUARTER 2014 COMPARED WITH PS.1,825.5 MILLION IN SECOND-QUARTER 2013. THE NET INCREASE OF PS.386.1 MILLION REFLECTED (I) A PS.591.6 MILLION CHANGE IN SHARE OF INCOME OR LOSS OF JOINT VENTURES AND ASSOCIATES, NET; AND (II) A PS.20.9 MILLION DECREASE IN OTHER EXPENSE, NET. THESE FAVORABLE VARIANCES WERE PARTIALLY OFFSET BY (I) A PS.108.2 MILLION DECREASE IN OPERATING INCOME BEFORE OTHER EXPENSE, NET; (II) A PS.64.6 MILLION INCREASE IN FINANCE EXPENSE, NET; (III) A PS.44.6 MILLION INCREASE IN NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS; AND (IV) A PS. 9.0 MILLION INCREASE IN INCOME TAXES.

SECOND-QUARTER RESULTS BY BUSINESS SEGMENT

THE FOLLOWING INFORMATION PRESENTS SECOND-QUARTER CONSOLIDATED RESULTS ENDED JUNE 30, 2014 AND 2013, FOR EACH OF OUR BUSINESS SEGMENTS. CONSOLIDATED RESULTS FOR 2014 AND 2013 ARE PRESENTED IN MILLIONS OF MEXICAN PESOS:

CONTENT

SECOND-QUARTER SALES INCREASED BY 4.4% TO PS.8,605.6 MILLION COMPARED WITH PS.8,241.7 MILLION IN SECOND-QUARTER 2013.

ADVERTISING

ADVERTISING REVENUE INCREASED BY 6.0% TO PS.6,264.7 MILLION COMPARED WITH PS.5,911.4 MILLION IN SECOND-QUARTER 2013. THESE RESULTS REFLECT THE ONGOING SUCCESS OF OUR CONTENT, THE TRANSMISSION OF THE 2014 WORLD CUP, AND ALSO THE STRENGTH OF BROADCAST TELEVISION AS THE ADVERTISING PLATFORM OF CHOICE. ADVERTISING IN PAY-TV NETWORKS INCREASED 25.1% AND REPRESENTED 6.2% OF OUR ADVERTISING REVENUES.

NETWORK SUBSCRIPTION REVENUE

SECOND-QUARTER NETWORK SUBSCRIPTION REVENUE DECREASED BY 23.8% TO PS.672.0 MILLION COMPARED WITH PS.881.7 MILLION IN SECOND-QUARTER 2013. THESE RESULTS REFLECT FORGONE REVENUE AS A RESULT OF THE IMPLEMENTATION OF THE MUST-OFFER RULING THAT CAME INTO EFFECT WITH THE CONSTITUTIONAL REFORM IN MATTERS OF TELECOMMUNICATIONS. AMONG OTHER MEASURES, THIS REFORM REQUIRES US TO ALLOW THE RETRANSMISSION FREE OF CHARGE AND ON A NON-DISCRIMINATORY BASIS OF FREE-TO-AIR TELEVISION SIGNALS TO PAY-TV LICENSEES THAT OPERATE IN THE SAME AREA OF GEOGRAPHIC COVERAGE, SUBJECT TO CERTAIN CONDITIONS BEING MET.

LICENSING AND SYNDICATION

SECOND-QUARTER LICENSING AND SYNDICATION REVENUE INCREASED BY 15.2% TO PS.1,668.9 MILLION COMPARED WITH PS.1,448.6 MILLION IN SECOND-QUARTER 2013. THE INCREASE IS EXPLAINED MAINLY BY A GROWTH OF 19.1% IN ROYALTIES FROM UNIVISION, TO US$84.0 MILLION IN SECOND-QUARTER 2014 FROM US$70.5 MILLION IN SECOND-QUARTER 2013. THE OTHER REVENUE COMPONENTS OF LICENSING AND SYNDICATION, ROYALTIES FROM NETFLIX AND EXPORTS TO THE REST OF THE WORLD, REMAINED RELATIVELY STABLE.

SECOND-QUARTER OPERATING SEGMENT INCOME DECREASED BY 2.7% TO PS.3,957.5 MILLION COMPARED WITH PS.4,066.8 MILLION IN SECOND-QUARTER 2013. THE MARGIN WAS 46.0%. THE DROP IN THE MARGIN OF 330 BASIS POINTS FROM SAME QUARTER LAST YEAR IS MAINLY EXPLAINED BY THE IMPLEMENTATION OF THE MUST-OFFER RULING AND THE EXPENSES RELATED TO THE BROADCASTING OF THE 2014 WORLD CUP.

SKY

SECOND-QUARTER SALES INCREASED BY 8.3% TO PS.4,333.1 MILLION COMPARED WITH PS.4,000.9 MILLION IN SECOND-QUARTER 2013. THE INCREASE WAS DRIVEN BY ACCELERATED GROWTH IN THE SUBSCRIBER BASE IN MEXICO, WHICH IS EXPLAINED BY THE CONTINUED SUCCESS OF SKY’S LOW-COST OFFERINGS AND THE ATTRACTIVENESS OF SKY’S TRADITIONAL PAY-TV PACKAGES. IN ADDITION, THE BUSINESS BENEFITED FROM THE 24 MATCHES OF THE 2014 WORLD CUP THAT SKY TRANSMITTED ON AN EXCLUSIVE BASIS. THE NUMBER OF NET ACTIVE SUBSCRIBERS INCREASED BY 203,262 DURING THE QUARTER TO 6,357,552 AS OF JUNE 30, 2014, COMPARED WITH 5,646,254 AS OF JUNE 30, 2013. SKY ENDED THE QUARTER WITH 199,893 SUBSCRIBERS IN CENTRAL AMERICA AND THE DOMINICAN REPUBLIC.

SECOND-QUARTER OPERATING SEGMENT INCOME INCREASED BY 10.7% TO PS.2,082.0 MILLION COMPARED WITH PS.1,881.0 MILLION IN SECOND-QUARTER 2013, AND THE MARGIN WAS 48.0%, AN INCREASE OF 100 BASIS POINTS FROM SAME QUARTER LAST YEAR. SKY BENEFITED FROM HIGHER REVENUES AND LOWER PROGRAMMING COSTS RESULTING FROM THE MUST-OFFER RULING, WHICH WERE PARTIALLY COMPENSATED BY HIGHER PROGRAMMING EXPENSES RELATED MAINLY TO THE TRANSMISSION OF CERTAIN MATCHES OF THE 2014 WORLD CUP.

TELECOMMUNICATIONS

SECOND-QUARTER SALES INCREASED BY 14.7% TO PS.4,803.7 MILLION COMPARED WITH PS.4,188.4 MILLION IN SECOND-QUARTER 2013. REVENUES FROM OUR THREE CABLE OPERATIONS CABLEVISIÓN, CABLEMÁS AND TVI EXPERIENCED SOLID GROWTH. OUR THREE CABLE COMPANIES CONTINUE TO BENEFIT FROM THE FAST ADOPTION OF VOICE AND DATA SERVICES. VOICE AND DATA REVENUE GENERATING UNITS, OR RGUS, GREW BY 21.9% AND 26.3% COMPARED WITH SECOND-QUARTER 2013, RESPECTIVELY, AND VIDEO RGUS GREW BY 6.9%. BESTEL REVENUES INCREASED BY 12.2% COMPARED WITH SECOND-QUARTER 2013 MAINLY AS A RESULT OF HIGHER MANAGED SERVICES SALES.

THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF SUBSCRIBERS FOR EACH OF OUR THREE CABLE SUBSIDIARIES AS OF JUNE 30, 2014:

THE SUBSCRIBER BASE OF CABLEVISIÓN OF VIDEO, BROADBAND AND VOICE AS OF JUNE 30, 2014 AMOUNTED TO 883,478, 717,643 AND 436,473 SUBSCRIBERS, RESPECTIVELY.

THE SUBSCRIBER BASE OF CABLEMÁS OF VIDEO, BROADBAND AND VOICE AS OF JUNE 30, 2014 AMOUNTED TO 1,212,790, 780,554 AND 386,451 SUBSCRIBERS, RESPECTIVELY.

THE SUBSCRIBER BASE OF TVI OF VIDEO, BROADBAND AND VOICE AS OF JUNE 30, 2014 AMOUNTED TO 474,331, 342,151 AND 167,861 SUBSCRIBERS, RESPECTIVELY.

THE RGUS OF CABLEVISIÓN, CABLEMÁS AND TVI AS OF JUNE 30, 2014 AMOUNTED TO 2,037,594, 2,379,795 AND 984,343, RESPECTIVELY.

SECOND-QUARTER OPERATING SEGMENT INCOME INCREASED BY 12.6% TO PS.1,778.2 MILLION COMPARED WITH PS.1,578.6 MILLION IN SECOND-QUARTER 2013, AND THE MARGIN WAS 37.0%, A DROP OF 70 BASIS POINTS FROM SAME QUARTER LAST YEAR. OUR TELECOMMUNICATIONS BUSINESS BENEFITED FROM LOWER PROGRAMMING COSTS, AS A RESULT OF THE MUST-OFFER RULING, WHICH WERE PARTIALLY COMPENSATED BY HIGHER PERSONNEL COSTS AND SELLING EXPENSES.

THE FOLLOWING INFORMATION SETS FORTH THE BREAKDOWN OF REVENUES AND OPERATING SEGMENT INCOME, EXCLUDING CONSOLIDATION ADJUSTMENTS, FOR OUR FOUR TELECOMMUNICATIONS SUBSIDIARIES FOR THE QUARTER:

THE REVENUES FOR THE QUARTER OF CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.1,596.6 MILLION, PS.1,683.4 MILLION, PS.779.6 MILLION AND PS.835.7 MILLION, RESPECTIVELY.

THE OPERATING SEGMENT INCOME FOR THE QUARTER OF CABLEVISIÓN, CABLEMÁS, TVI AND BESTEL AMOUNTED TO PS.672.8 MILLION, PS.635.2 MILLION, PS.344.2 MILLION AND PS.293.7 MILLION, RESPECTIVELY.

THESE RESULTS DO NOT INCLUDE CONSOLIDATION ADJUSTMENTS OF PS.91.6 MILLION IN REVENUES OR PS.167.7 MILLION IN OPERATING SEGMENT INCOME, WHICH ARE INCLUDED IN THE CONSOLIDATED RESULTS OF TELECOMMUNICATIONS.

OTHER BUSINESSES

SECOND-QUARTER SALES DECREASED BY 1.0% TO PS.1,946.9 MILLION COMPARED WITH PS.1,966.2 MILLION IN SECOND-QUARTER 2013. THIS DECREASE IS EXPLAINED MAINLY BY I) A DECREASE IN THE REVENUES OF OUR SOCCER BUSINESS DUE TO LOWER TICKET SALES; AND II) A DECREASE IN THE REVENUES OF OUR PUBLISHING BUSINESS AS A RESULT OF LOWER CIRCULATION AND ADVERTISING REVENUES ABROAD. THIS EFFECT WAS PARTIALLY COMPENSATED BY I) AN INCREASE IN THE REVENUES OF OUR GAMING BUSINESS AS A RESULT OF HIGHER CASINO HALLS AND LOTTERY REVENUES; II) AN INCREASE IN THE REVENUES OF OUR RADIO BUSINESS DUE TO HIGHER ADVERTISING REVENUES; AND III) AN INCREASE IN THE REVENUES OF OUR FEATURE-FILM DISTRIBUTION BUSINESS THANKS TO THE SUCCESS OF THE MOVIE “CÁSESE QUIEN PUEDA”, AND DISTRIBUTION REVENUES IN THE UNITED STATES.

SECOND-QUARTER OPERATING SEGMENT INCOME DECREASED 4.4% TO PS.198.1 MILLION COMPARED WITH PS.207.3 MILLION IN SECOND-QUARTER 2013, MAINLY REFLECTING LOWER PROFITABILITY IN THE PUBLISHING AND SOCCER BUSINESSES.

INTERSEGMENT OPERATIONS

INTERSEGMENT OPERATIONS FOR THE SECOND QUARTER 2014 AND 2013 AMOUNTED TO PS.344.9 MILLION AND PS.332.2 MILLION, RESPECTIVELY.

CORPORATE EXPENSES

CORPORATE EXPENSE INCREASED BY PS.113.6 MILLION, OR 40.9%, TO PS.391.4 MILLION IN SECOND-QUARTER 2014, FROM PS.277.8 MILLION IN SECOND-QUARTER 2013. THE INCREASE REFLECTED PRIMARILY A HIGHER SHARE-BASED COMPENSATION EXPENSE.

SHARE-BASED COMPENSATION EXPENSE IN SECOND-QUARTER 2014 AND 2013 AMOUNTED TO PS.224.4 MILLION AND PS.152.5 MILLION, RESPECTIVELY, AND WAS ACCOUNTED FOR AS CORPORATE EXPENSE. SHARE-BASED COMPENSATION EXPENSE IS MEASURED AT FAIR VALUE AT THE TIME THE EQUITY BENEFITS ARE CONDITIONALLY SOLD TO OFFICERS AND EMPLOYEES, AND IS RECOGNIZED OVER THE VESTING PERIOD. THE INCREASE OF PS.71.9 MILLION REFLECTED PRIMARILY A HIGHER NUMBER OF OUR CPOS CONDITIONALLY SOLD TO OFFICERS AND EMPLOYEES IN OUR TELECOMMUNICATIONS SEGMENT, AS WELL AS THE INCREASE IN THE MARKET PRICE OF OUR CPO FROM LAST YEAR.

OTHER EXPENSE, NET

OTHER EXPENSE, NET, DECREASED BY PS.20.9 MILLION, OR 28.9%, TO PS.51.4 MILLION IN SECOND-QUARTER 2014, FROM PS.72.3 MILLION IN SECOND-QUARTER 2013. THIS DECREASE PRIMARILY REFLECTED A REDUCTION IN OTHER EXPENSE RELATED TO FINANCIAL ADVISORY AND PROFESSIONAL SERVICES, LOSS ON DISPOSITION OF PROPERTY AND EQUIPMENT, AND DONATIONS, AS WELL AS A GAIN ON DISPOSITION OF A SOCCER TEAM.

NON-OPERATING RESULTS

FINANCE EXPENSE, NET

THE FOLLOWING INFORMATION SETS FORTH THE FINANCE EXPENSE (INCOME), NET, STATED IN MILLIONS OF MEXICAN PESOS FOR THE QUARTERS ENDED JUNE 30, 2014 AND 2013:

FINANCE EXPENSE, NET, INCREASED BY PS.64.6 MILLION, OR 5.5%, TO PS.1,237.2 MILLION IN SECOND-QUARTER 2014 FROM PS.1,172.6 MILLION IN SECOND-QUARTER 2013. THIS INCREASE REFLECTED PRIMARILY (I) A PS.230.7 MILLION INCREASE IN INTEREST EXPENSE TO PS.1,396.1 MILLION IN SECOND-QUARTER 2014 COMPARED WITH PS.1,165.4 MILLION IN SECOND-QUARTER 2013, DUE PRIMARILY TO A HIGHER AVERAGE PRINCIPAL AMOUNT OF DEBT AND FINANCE LEASE OBLIGATIONS IN SECOND-QUARTER 2014; AND (II) A PS.102.8 MILLION INCREASE IN OTHER FINANCE EXPENSE, NET, TO PS.107.7 MILLION IN SECOND-QUARTER 2014 COMPARED WITH PS.4.9 MILLION IN SECOND-QUARTER 2013, RESULTING PRIMARILY FROM CHANGES IN FAIR VALUE OF DERIVATIVE FINANCIAL INSTRUMENTS. THESE UNFAVORABLE VARIANCES WERE OFFSET BY (I) A PS.206.3 MILLION DECREASE IN FOREIGN EXCHANGE LOSS TO PS.24.0 MILLION IN SECOND-QUARTER 2014 COMPARED WITH PS.230.3 MILLION IN SECOND-QUARTER 2013, RESULTING PRIMARILY FROM AN 0.4% APPRECIATION OF THE MEXICAN PESO AGAINST THE US DOLLAR IN SECOND-QUARTER 2014 COMPARED WITH A 5.5% DEPRECIATION IN SECOND-QUARTER 2013; AND (II) A PS.62.6 MILLION INCREASE IN INTEREST INCOME TO PS.290.6 MILLION IN SECOND-QUARTER 2014 COMPARED WITH PS.228.0 MILLION IN SECOND-QUARTER 2013, EXPLAINED PRIMARILY BY A HIGHER AVERAGE AMOUNT OF CASH, CASH EQUIVALENTS AND INVESTMENTS IN SECOND-QUARTER 2014.

SHARE OF INCOME OR LOSS OF JOINT VENTURES AND ASSOCIATES, NET

SHARE OF INCOME OR LOSS OF JOINT VENTURES AND ASSOCIATES, NET, CHANGED BY PS.591.6 MILLION TO A SHARE OF INCOME OF JOINT VENTURES AND ASSOCIATES, NET, OF PS.129.8 MILLION IN SECOND-QUARTER 2014 FROM A SHARE OF LOSS OF JOINT VENTURES AND ASSOCIATES, NET, OF PS.461.8 MILLION IN SECOND-QUARTER 2013. THIS CHANGE REFLECTED MAINLY A LOWER LOSS OF GSF, OUR 50% JOINT VENTURE IN THE IUSACELL TELECOM BUSINESS, AS WELL AS A HIGHER INCOME OF BMP, THE CONTROLLING COMPANY OF UNIVISION.

INCOME TAXES

INCOME TAXES INCREASED BY PS.9.0 MILLION, OR 0.8%, TO PS.1,117.5 MILLION IN SECOND-QUARTER 2014 COMPARED WITH PS.1,108.5 MILLION IN SECOND-QUARTER 2013. THIS INCREASE REFLECTED PRIMARILY A HIGHER EFFECTIVE INCOME TAX RATE.

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS INCREASED BY PS.44.6 MILLION, OR 11.5%, TO PS.430.9 MILLION IN SECOND-QUARTER 2014, COMPARED WITH PS.386.3 MILLION IN SECOND-QUARTER 2013. THIS INCREASE REFLECTED PRIMARILY A HIGHER PORTION OF NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS IN OUR SKY SEGMENT.

OTHER RELEVANT INFORMATION

CAPITAL EXPENDITURES AND INVESTMENTS

DURING SECOND-QUARTER 2014, WE INVESTED APPROXIMATELY US$245.6 MILLION IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES. THESE CAPITAL EXPENDITURES INCLUDE APPROXIMATELY US$120.1 MILLION FOR OUR TELECOMMUNICATIONS SEGMENT, US$89.6 MILLION FOR OUR SKY SEGMENT, AND US$35.9 MILLION FOR OUR CONTENT AND OTHER BUSINESSES SEGMENTS.

OUR INVESTMENT IN PROPERTY, PLANT AND EQUIPMENT IN OUR TELECOMMUNICATIONS SEGMENT DURING SECOND-QUARTER 2014 INCLUDED APPROXIMATELY US$33.6 MILLION FOR CABLEVISIÓN, US$40.5 MILLION FOR CABLEMÁS, US$28.6 MILLION FOR TVI, AND US$17.4 MILLION FOR BESTEL.

DEBT AND FINANCE LEASE OBLIGATIONS

THE FOLLOWING INFORMATION SETS FORTH OUR TOTAL DEBT AND FINANCE LEASE OBLIGATIONS AS OF JUNE 30, 2014 AND DECEMBER 31, 2013. AMOUNTS ARE STATED IN MILLIONS OF MEXICAN PESOS:

THE TOTAL CONSOLIDATED DEBT AMOUNTED TO PS.73,964.3 MILLION AND PS.60,055.8 MILLION AS OF JUNE 30, 2014 AND DECEMBER 31, 2013, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF LONG-TERM DEBT IN THE AMOUNT OF PS.535.4 MILLION AND PS.312.7 MILLION, RESPECTIVELY.

ADDITIONALLY, WE HAD FINANCE LEASE OBLIGATIONS IN THE AMOUNT OF PS.4,687.4 MILLION AND PS.4,919.2 MILLION AS OF JUNE 30, 2014 AND DECEMBER 31, 2013, RESPECTIVELY, WHICH INCLUDED A CURRENT PORTION OF PS.318.3 MILLION AND PS.424.7 MILLION, RESPECTIVELY.

AS OF JUNE 30, 2014, OUR CONSOLIDATED NET DEBT POSITION (TOTAL DEBT LESS CASH AND CASH EQUIVALENTS, TEMPORARY INVESTMENTS, AND NONCURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS) WAS PS.31,497.0 MILLION. THE AGGREGATE AMOUNT OF NONCURRENT HELD-TO-MATURITY AND AVAILABLE-FOR-SALE INVESTMENTS AS OF JUNE 30, 2014, AMOUNTED TO PS.5,431.9 MILLION.

IN APRIL 2014, WE CONCLUDED AN OFFERING OF PS.6,000 MILLION AGGREGATE PRINCIPAL AMOUNT OF LOCAL BONDS (CERTIFICADOS BURSÁTILES) DUE 2021 WITH AN INTEREST RATE OF THE 28-DAY INTERBANK EQUILIBRIUM INTEREST RATE PLUS 0.35%, REGISTERED WITH THE MEXICAN BANKING AND SECURITIES COMMISSION (COMISIÓN NACIONAL BANCARIA Y DE VALORES).

IN MAY 2014, WE CONCLUDED AN OFFERING OF US$1,000 MILLION AGGREGATE PRINCIPAL AMOUNT OF 5.00% SENIOR NOTES DUE 2045 REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION.

IN JUNE 2014, WE DEPOSITED CASH INTO IRREVOCABLE TRUST ACCOUNTS FOR THE BENEFIT OF CREDITORS OF OUR PESO-DENOMINATED LONG-TERM BANK LOANS THAT REPRESENTED A PRINCIPAL AMOUNT OF PS.4,500 MILLION.

SHARES OUTSTANDING

AS OF JUNE 30, 2014 AND DECEMBER 31, 2013, OUR SHARES OUTSTANDING AMOUNTED TO 338,373.3 MILLION AND 335,501.0 MILLION SHARES, RESPECTIVELY, AND OUR CPO EQUIVALENTS OUTSTANDING AMOUNTED TO 2,892.1 MILLION AND 2,867.5 MILLION CPO EQUIVALENTS, RESPECTIVELY. NOT ALL OF OUR SHARES ARE IN THE FORM OF CPOS. THE NUMBER OF CPO EQUIVALENTS IS CALCULATED BY DIVIDING THE NUMBER OF SHARES OUTSTANDING BY 117.

AS OF JUNE 30, 2014 AND DECEMBER 31, 2013, THE GDS (GLOBAL DEPOSITARY SHARES) EQUIVALENTS OUTSTANDING AMOUNTED TO 578.4 MILLION AND 573.5 MILLION GDS EQUIVALENTS, RESPECTIVELY. THE NUMBER OF GDS EQUIVALENTS IS CALCULATED BY DIVIDING THE NUMBER OF CPO EQUIVALENTS BY FIVE.

ABOUT TELEVISA

TELEVISA IS THE LARGEST MEDIA COMPANY IN THE SPANISH-SPEAKING WORLD BASED ON ITS MARKET CAPITALIZATION AND A MAJOR PARTICIPANT IN THE INTERNATIONAL ENTERTAINMENT BUSINESS. IT OPERATES FOUR BROADCAST CHANNELS IN MEXICO CITY, PRODUCES AND DISTRIBUTES 24 PAY-TV BRANDS FOR DISTRIBUTION IN MEXICO AND THE REST OF THE WORLD, AND EXPORTS ITS PROGRAMS AND FORMATS TO THE U.S. THROUGH UNIVISION COMMUNICATIONS INC. (“UNIVISION”) AND TO OTHER TELEVISION NETWORKS IN OVER 50 COUNTRIES. TELEVISA IS ALSO AN ACTIVE PARTICIPANT IN MEXICO’S TELECOMMUNICATIONS INDUSTRY. IT HAS A MAJORITY INTEREST IN SKY, A LEADING DIRECT-TO-HOME SATELLITE TELEVISION SYSTEM OPERATING IN MEXICO, THE DOMINICAN REPUBLIC AND CENTRAL AMERICA AND IN FOUR TELECOMMUNICATIONS BUSINESSES: CABLEVISIÓN, CABLEMÁS, TVI, AND BESTEL. THROUGH ITS CABLE COMPANIES, TELEVISA OFFERS VIDEO, VOICE, AND BROADBAND SERVICES. TELEVISA ALSO HAS INTERESTS IN MAGAZINE PUBLISHING AND DISTRIBUTION, RADIO PRODUCTION AND BROADCASTING, PROFESSIONAL SPORTS AND LIVE ENTERTAINMENT, FEATURE-FILM PRODUCTION AND DISTRIBUTION, THE OPERATION OF A HORIZONTAL INTERNET PORTAL, AND GAMING. IN ADDITION, TELEVISA HAS A 50% EQUITY STAKE IN GSF TELECOM HOLDINGS, S.A.P.I. DE C.V. (“GSF”), THE CONTROLLING COMPANY OF GRUPO IUSACELL, S.A. DE C.V. (“IUSACELL”), MEXICO’S THIRD LARGEST MOBILE TELECOM PROVIDER IN TERMS OF SUBSCRIBERS. IN THE UNITED STATES, TELEVISA HAS EQUITY AND DEBENTURES THAT, UPON CONVERSION AND SUBJECT TO ANY NECESSARY APPROVAL FROM THE FEDERAL COMMUNICATIONS COMMISSION (“FCC”) IN THE UNITED STATES, WOULD REPRESENT APPROXIMATELY 38% ON A FULLY DILUTED, AS-CONVERTED BASIS OF THE EQUITY CAPITAL IN BROADCASTING MEDIA PARTNERS, INC. (“BMP”), THE CONTROLLING COMPANY OF UNIVISION, THE LEADING MEDIA COMPANY SERVING THE UNITED STATES HISPANIC MARKET.

DISCLAIMER

THIS ANNEX CONTAINS FORWARD-LOOKING STATEMENTS REGARDING THE COMPANY’S RESULTS AND PROSPECTS. ACTUAL RESULTS COULD DIFFER MATERIALLY FROM THESE STATEMENTS. THE FORWARD-LOOKING STATEMENTS IN THIS ANNEX SHOULD BE READ IN CONJUNCTION WITH THE FACTORS DESCRIBED IN “ITEM 3. KEY INFORMATION – FORWARD-LOOKING STATEMENTS” IN THE COMPANY’S ANNUAL REPORT ON FORM 20-F, WHICH, AMONG OTHERS, COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE CONTAINED IN FORWARD-LOOKING STATEMENTS MADE IN THIS ANNEX AND IN ORAL STATEMENTS MADE BY AUTHORIZED OFFICERS OF THE COMPANY. READERS ARE CAUTIONED NOT TO PLACE UNDUE RELIANCE ON THESE FORWARD-LOOKING STATEMENTS, WHICH SPEAK ONLY AS OF THEIR DATES. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING STATEMENTS, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE.

THE FINANCIAL INSTITUTIONS THAT PERFORM FINANCIAL ANALYSIS ON THE SECURITIES OF GRUPO TELEVISA, S.A.B. ARE AS FOLLOWS:

INSTITUTION:

BBVA BANCOMER

BTG PACTUAL

CREDIT SUISSE

GBM CASA DE BOLSA

GOLDMAN SACHS

HSBC

INVEX

ITAÚ SECURITIES

JPMORGAN

MAXIM GROUP

MERRILL LYNCH

MORGAN STANLEY

NEW STREET

SANTANDER

SCOTIABANK

UBS

MEXICAN STOCK EXCHANGE
STOCK EXCHANGE CODE: TLEVISA	QUARTER: 02 YEAR: 2014
GRUPO TELEVISA, S.A.B.
FINANCIAL STATEMENT NOTES
	CONSOLIDATED Final Printing

GRUPO TELEVISA, S.A.B. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2014 AND DECEMBER 31, 2013 AND

FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013

(IN THOUSANDS OF MEXICAN PESOS, EXCEPT PER CPO AND PER SHARE AMOUNTS)

1. BASIS OF PREPARATION AND ACCOUNTING POLICIES:

THESE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS OF GRUPO TELEVISA, S.A.B. (THE "COMPANY") AND SUBSIDIARIES (COLLECTIVELY, THE "GROUP"), AS OF JUNE 30, 2014 AND DECEMBER 31, 2013, AND FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013, ARE UNAUDITED, AND HAVE BEEN PREPARED BY USING THE GUIDELINES PROVIDED BY THE INTERNATIONAL ACCOUNTING STANDARD 34, INTERIM FINANCIAL REPORTING. IN THE OPINION OF MANAGEMENT, ALL ADJUSTMENTS NECESSARY FOR A FAIR PRESENTATION OF THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS HAVE BEEN INCLUDED THEREIN.

THESE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS SHOULD BE READ IN CONJUNCTION WITH THE GROUP'S AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND NOTES THERETO FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012, WHICH HAVE BEEN PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS AS ISSUED BY THE INTERNATIONAL ACCOUNTING STANDARDS BOARD, AND INCLUDE, AMONG OTHER DISCLOSURES, THE GROUP'S MOST SIGNIFICANT ACCOUNTING POLICIES, WHICH WERE APPLIED ON A CONSISTENT BASIS AS OF JUNE 30, 2014, EXCEPT FOR THE NEW SEGMENT PRESENTATION DISCUSSED IN NOTE 8.

THESE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS WERE AUTHORIZED FOR ISSUANCE ON JULY 4, 2014, BY THE GROUP’S CHIEF FINANCIAL OFFICER.

2. PROPERTY, PLANT AND EQUIPMENT:

PROPERTY, PLANT AND EQUIPMENT AS OF JUNE 30, 2014 AND DECEMBER 31, 2013 CONSISTED OF:

	2014			2013
BUILDINGS	Ps.	8,275,167		Ps.	8,411,136
BUILDING IMPROVEMENTS		305,457			305,402
TECHNICAL EQUIPMENT		69,584,472			66,508,565
SATELLITE TRANSPONDERS		7,869,492			7,869,492
FURNITURE AND FIXTURES		1,019,907			825,284
TRANSPORTATION EQUIPMENT		1,928,669			1,907,209
COMPUTER EQUIPMENT		5,311,240			5,341,054
LEASEHOLD IMPROVEMENTS		1,547,172			1,528,911
		95,841,576			92,697,053
ACCUMULATED DEPRECIATION		(52,841,092	)		(49,198,237	)
		43,000,484			43,498,816
LAND		4,327,606			4,597,648
CONSTRUCTION AND PROJECTS IN PROGRESS		6,281,595			5,380,011
	Ps.	53,609,685		Ps.	53,476,475

DEPRECIATION CHARGED TO INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013 WAS PS.4,824,195 AND PS.4,313,884, RESPECTIVELY.

DURING THE FIRST HALF OF 2014, THE GROUP INVESTED PS.5,716,406 IN PROPERTY, PLANT AND EQUIPMENT AS CAPITAL EXPENDITURES.

3. DEBT AND FINANCE LEASE OBLIGATIONS:

DEBT AND FINANCE LEASE OBLIGATIONS OUTSTANDING AS OF JUNE 30, 2014 AND DECEMBER 31, 2013 WERE AS FOLLOWS:

	2014		2013
U.S. DOLLAR DEBT:
6% SENIOR NOTES DUE 2018 (A)	Ps.	6,474,956	Ps.	6,507,849
6.625% SENIOR NOTES DUE 2025 (A)		7,389,674		7,414,019
8.50% SENIOR NOTES DUE 2032 (A)		3,869,400		3,890,267
6.625% SENIOR NOTES DUE 2040 (A)		7,639,616		7,679,931
5% SENIOR NOTES DUE 2045 (A)		12,479,596		-
TOTAL U.S. DOLLAR DEBT		37,853,242		25,492,066

MEXICAN PESO DEBT:
7.38% NOTES DUE 2020 (B)		9,955,330		9,951,803
TIIE + 0.35% NOTES DUE 2021 (B)		5,985,863		-
8.49% SENIOR NOTES DUE 2037 (A)		4,483,384		4,483,022
7.25% SENIOR NOTES DUE 2043 (A)		6,431,514		6,430,330
BANK LOANS		4,090,817		8,589,233
BANK LOANS (SKY)		3,500,000		3,500,000
BANK LOANS (TVI)		1,664,206		1,609,361
TOTAL MEXICAN PESO DEBT		36,111,114		34,563,749
TOTAL DEBT (C)		73,964,356		60,055,815
LESS: SHORT-TERM DEBT AND CURRENT PORTION OF LONG-TERM DEBT		535,443		312,715
LONG-TERM DEBT, NET OF CURRENT PORTION	Ps.	73,428,913	Ps.	59,743,100
FINANCE LEASE OBLIGATIONS:
SATELLITE TRANSPONDER LEASE OBLIGATION	Ps.	3,967,850	Ps.	4,077,561
OTHER		719,486		841,686
TOTAL FINANCE LEASE OBLIGATIONS		4,687,336		4,919,247
LESS: CURRENT PORTION		318,280		424,698
FINANCE LEASE OBLIGATIONS, NET OF CURRENT
PORTION	Ps.	4,369,056	Ps.	4,494,549

(A)

THESE SENIOR NOTES 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 ON THE SENIOR NOTES DUE 2018, 2025, 2032, 2037, 2040, 2043 AND 2045, INCLUDING ADDITIONAL AMOUNTS PAYABLE IN RESPECT OF CERTAIN MEXICAN WITHHOLDING TAXES, IS 6.31%, 6.97%, 8.94%, 8.93%, 6.97%, 7.62% AND 5.26% 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, AS A WHOLE BUT NOT 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 2018, 2025, 2037, 2040 AND 2043, 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 AGREEMENT OF THESE SENIOR NOTES CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES ENGAGED IN THE GROUP’S CONTENT SEGMENT, TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS. THE SENIOR NOTES DUE 2018, 2025, 2032, 2037, 2040 AND 2045 ARE REGISTERED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION (“SEC”). THE SENIOR NOTES DUE 2043 ARE REGISTERED WITH BOTH THE U.S. SEC AND THE MEXICAN BANKING AND SECURITIES COMMISSION (“COMISIÓN NACIONAL BANCARIA Y DE VALORES”) OR “CNBV”.

(B)

INTEREST ON THESE NOTES (“CERTIFICADOS BURSÁTILES”) IS PAYABLE SEMI-ANNUALLY FOR NOTES DUE 2020 AND EVERY 28 DAYS FOR NOTES DUE 2021. THE COMPANY MAY, AT ITS OWN OPTION, REDEEM THE NOTES DUE 2020, 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 COMPANY MAY, AT ITS OWN OPTION, REDEEM THE NOTES DUE 2021, IN WHOLE OR IN PART, AT ANY DATE AT A REDEMPTION PRICE EQUAL TO THE GREATER OF THE PRINCIPAL AMOUNT OF THE OUTSTANDING NOTES AND AN AVERAGE PRICE CALCULATED FROM PRICES TO BE PROVIDED AT THE REDEMPTION DATE BY TWO MEXICAN FINANCIAL PRICING COMPANIES. THE AGREEMENT OF THESE NOTES CONTAINS COVENANTS THAT LIMIT THE ABILITY OF THE COMPANY AND CERTAIN RESTRICTED SUBSIDIARIES DESIGNATED BY THE COMPANY’S BOARD OF DIRECTORS, AND ENGAGED IN THE GROUP’S CONTENT SEGMENT, TO INCUR OR ASSUME LIENS, PERFORM SALE AND LEASEBACK TRANSACTIONS, AND CONSUMMATE CERTAIN MERGERS, CONSOLIDATIONS AND SIMILAR TRANSACTIONS.

(C)	TOTAL DEBT IS PRESENTED NET OF UNAMORTIZED FINANCE COSTS AS OF JUNE 30, 2014 AND DECEMBER 31, 2013, IN THE AGGREGATE AMOUNT OF PS.1,311,531 AND PS.808,585, RESPECTIVELY.

IN APRIL 2014, THE COMPANY CONCLUDED AN OFFERING OF LOCAL BONDS (“CERTIFICADOS BURSÁTILES”) DUE 2021 FOR A PRINCIPAL AMOUNT OF PS.6,000,000 WITH AN INTEREST RATE OF THE 28-DAY INTERBANK EQUILIBRIUM INTEREST RATE (“TASA DE INTERÉS INTERBANCARIA DE EQUILIBRIO” OR “TIIE”) PLUS 0.35%, REGISTERED WITH THE CNBV.

IN MAY 2014, THE COMPANY CONCLUDED AN OFFERING OF U.S.$1,000 MILLION (PS.12,980,000) AGGREGATE PRINCIPAL AMOUNT OF 5% SENIOR NOTES DUE 2045 REGISTERED WITH THE U.S. SEC.

IN JUNE 2014, THE COMPANY DEPOSITED CASH INTO IRREVOCABLE TRUST ACCOUNTS FOR THE BENEFIT OF CERTAIN CREDITORS OF THE COMPANY’S PESO-DENOMINATED LONG-TERM BANK LOANS, THAT REPRESENTED A PRINCIPAL AMOUNT OF PS.4,500,000.

4. CONTINGENCIES:

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 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.

5. EQUITY:

THE EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY AS OF JUNE 30, 2014 AND DECEMBER 31, 2013, IS PRESENTED AS FOLLOWS:

	2014			2013
NOMINAL CAPITAL STOCK	Ps.	2,494,410		Ps.	2,494,410
CUMULATIVE INFLATION ADJUSTMENT (A)		2,483,716			2,483,716
TOTAL CAPITAL STOCK	Ps.	4,978,126		Ps.	4,978,126
ADDITIONAL PAID-IN CAPITAL		15,889,819			15,889,819
RETAINED EARNINGS		56,763,782			49,149,607
ACCUMULATED OTHER COMPREHENSIVE INCOME, NET		3,914,382			3,394,051
SHARES REPURCHASED		(12,334,027	)		(12,848,448	)
NET INCOME FOR THE PERIOD		3,065,452			7,748,279
EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY	Ps.	72,277,534		Ps.	68,311,434

(A) ADJUSTMENT TO RECOGNIZE THE EFFECTS OF INFLATION IN CAPITAL STOCK THROUGH DECEMBER 31, 1997, DETERMINED BY APPLYING THE CHANGE IN THE MEXICAN NATIONAL CONSUMER PRICE INDEX BETWEEN THE DATES CAPITAL STOCK WAS CONTRIBUTED AND DECEMBER 31, 1997, THE DATE THROUGH WHICH THE MEXICAN ECONOMY WAS CONSIDERED HYPERINFLATIONARY UNDER THE GUIDELINES OF THE IFRS.

ON APRIL 2, 2013, 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”, NOT IN THE FORM OF A CPO, WHICH WAS PAID IN CASH IN MAY 2013 IN THE AGGREGATE AMOUNT OF PS.1,084,192.

ON DECEMBER 9, 2013, 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”, NOT IN THE FORM OF A CPO, WHICH WAS PAID IN CASH IN DECEMBER 2013 IN THE AGGREGATE AMOUNT OF PS.1,084,192.

AS OF JUNE 30, 2014, THE NUMBER OF SHARES ISSUED, REPURCHASED AND OUTSTANDING IS PRESENTED AS FOLLOWS:

	ISSUED		REPURCHASED AND HELD BY A COMPANY’S TRUST		OUTSTANDING
SERIES “A” SHARES		123,273,961,425		8,169,668,784		115,104,292,641
SERIES “B” SHARES		58,982,873,976		5,592,438,989		53,390,434,987
SERIES “D” SHARES		90,086,525,865		5,147,255,699		84,939,270,166
SERIES “L” SHARES		90,086,525,865		5,147,255,699		84,939,270,166
		362,429,887,131		24,056,619,171		338,373,267,960

AS OF JUNE 30, 2014, THE COMPANY’S SHARES REPURCHASED BY THE COMPANY AND THE COMPANY’S SHARES HELD BY A SPECIAL TRUST IN CONNECTION WITH THE COMPANY’S STOCK PURCHASE PLAN AND THE LONG-TERM RETENTION PLAN ARE PRESENTED AS A CHARGE TO THE EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY, AS FOLLOWS:

	SERIES “A”, “B”, “D”, AND “L” SHARES
	IN THE FORM OF CPOS		NOT IN THE FORM OF CPOS		TOTAL		NET COST
REPURCHASE PROGRAM (1)		-		-		-	Ps.	-
HELD BY A COMPANY TRUST (2)		17,206,540,299		6,850,078,872		24,056,619,171		9,912,803
ADVANCES FOR ACQUISITION OF SHARES (3)		-		-		-		2,421,224
		17,206,540,299		6,850,078,872		24,056,619,171	Ps.	12,334,027

(1)	DURING THE FIRST HALF OF 2014 THE COMPANY DID NOT REPURCHASE ANY SHARES IN THE FORM OF CPOS.

(2)

DURING THE FIRST HALF OF 2014, THE TRUST FOR THE LONG-TERM RETENTION PLAN ACQUIRED 15,795,000 SHARES OF THE COMPANY, IN THE FORM OF 135,000 CPOS, IN THE AMOUNT OF PS.10,183, AND RELEASED 2,515,356,792 SHARES IN THE FORM OF 21,498,776 CPOS, AND 372,683,376 SERIES”A” SHARES, IN THE AGGREGATE AMOUNT OF PS.730,156 IN CONNECTION WITH THE LONG-TERM RETENTION PLAN.

(3)	IN CONNECTION WITH THE COMPANY’S STOCK PURCHASE PLAN AND LONG-TERM RETENTION PLAN.

THE GROUP ACCRUED IN EQUITY ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY A SHARE-BASED COMPENSATION EXPENSE OF PS.380,317 AND PS.273,708 FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013, RESPECTIVELY, WHICH AMOUNT WAS REFLECTED IN CONSOLIDATED INCOME AS ADMINISTRATIVE EXPENSE.

6. FINANCE EXPENSE, NET:

FINANCE (EXPENSE) INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013, INCLUDED:

	2014			2013
INTEREST EXPENSE	Ps.	(2,635,469	)	Ps.	(2,269,851	)
FOREIGN EXCHANGE LOSS, NET		(132,780	)		(182,925	)
OTHER FINANCE EXPENSE, NET (1)		(148,724	)		(89,137	)
FINANCE EXPENSE		(2,916,973	)		(2,541,913	)
INTEREST INCOME (2)		562,016			529,948
FINANCE INCOME		562,016			529,948
FINANCE EXPENSE, NET	Ps.	(2,354,957	)	Ps.	(2,011,965	)

(1) OTHER FINANCE EXPENSE, NET, INCLUDED A NET LOSS IN FAIR VALUE FROM DERIVATIVE FINANCIAL CONTRACTS FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013. THIS LINE ITEM ALSO INCLUDED A LOSS IN FAIR VALUE FROM AN EMBEDDED DERIVATIVE IN A HOST CONTRACT RELATED TO THE GROUP’S INVESTMENTS IN CONVERTIBLE DEBENTURES ISSUED BY BMP AND ARES IN THE AMOUNT OF PS.43,883 FOR THE SIX MONTHS ENDED JUNE 30, 2014, AND BY BMP IN THE AMOUNT OF PS.35,711 FOR THE SIX MONTHS ENDED JUNE 30, 2013.

(2) THIS LINE ITEM INCLUDED INTEREST INCOME FROM THE GROUP’S INVESTMENT IN CONVERTIBLE DEBENTURES ISSUED BY BMP AND ARES IN THE AGGREGATE AMOUNT OF PS.282,913, FOR THE SIX MONTHS ENDED JUNE 30, 2014, AND BY BMP IN THE AMOUNT OF PS.105,909 FOR THE SIX MONTHS ENDED JUNE 30, 2013.

7. INCOME TAXES:

IN THE LAST QUARTER OF 2013 THE MEXICAN CONGRESS ENACTED A NEW TAX REFORM (THE “2014 TAX REFORM”), WHICH BECAME EFFECTIVE AS OF JANUARY 1, 2014. AMONG THE TAX REFORMS APPROVED BY THE MEXICAN CONGRESS, ONE OF THE MOST RELEVANT CHANGES WAS THE ELIMINATION OF THE TAX CONSOLIDATION REGIME ALLOWED FOR MEXICAN CONTROLLING COMPANIES THROUGH DECEMBER 31, 2013.

THE INCOME TAX PAYABLE IN CONNECTION WITH THE ELIMINATION OF THE TAX CONSOLIDATION REGIME AMOUNTED TO AN AGGREGATE AMOUNT OF PS.6,813,595 AS OF JUNE 30, 2014 AND DECEMBER 31, 2013, OF WHICH PS.6,291,975 AND PS.6,629,865 WERE CLASSIFIED AS NON-CURRENT LIABILITIES AS OF THOSE DATES, RESPECTIVELY.

IN THE SIX MONTHS ENDED JUNE 30, 2013, CURRENT INCOME TAXES INCLUDED INCOME TAXES COMPUTED ON A TAX CONSOLIDATED BASIS, IETU (FLAT TAX), AND AMOUNTS RESULTING FROM INCOME TAXES RELATED TO PRIOR YEARS.

THE INCOME TAX PAYABLE AS OF JUNE 30, 2014 AND DECEMBER 31, 2013, IN CONNECTION WITH THE 2010 MEXICAN TAX REFORM, WAS AS FOLLOWS:

	2014		2013
TAX LOSSES OF SUBSIDIARIES, NET	Ps.	170,941	Ps.	350,197
DIVIDENDS DISTRIBUTED AMONG THE GROUP’S ENTITIES		-		81,029
		170,941		431,226
LESS: CURRENT PORTION		94,697		260,285
NON-CURRENT PORTION	Ps.	76,244	Ps.	170,941

THROUGH DECEMBER 31, 2013, CURRENT INCOME TAX ASSETS WERE OFFSET AGAINST CURRENT INCOME TAX LIABILITIES OF THE COMPANY’S MEXICAN SUBSIDIARIES THAT WERE ALLOWED TO CONSOLIDATE THEIR INCOME OR LOSS FOR INCOME TAX PURPOSES, AS THEY WERE RELATED TO INCOME TAXES LEVIED BY THE TAXATION AUTHORITY ON THE SAME TAXABLE ENTITY AND THE GROUP HAD THE LEGALLY ENFORCEABLE RIGHT TO SET OFF THOSE CURRENT INCOME TAX ASSETS AND LIABILITIES. BEGINNING ON JANUARY 1, 2014, AS A RESULT OF THE 2014 TAX REFORM, THE COMPANY IS NO LONGER ALLOWED TO CONSOLIDATE INCOME OR LOSS OF ITS MEXICAN SUBSIDIARIES FOR INCOME TAX PURPOSES, AND CURRENT TAX ASSETS AND CURRENT TAX LIABILITIES OF COMPANIES IN THE GROUP RELATE TO INCOME TAXES LEVIED BY THE TAXATION AUTHORITY ON DIFFERENT TAXABLE ENTITIES.

AS OF JUNE 30, 2014 AND DECEMBER 31, 2013, CURRENT INCOME TAX ASSETS AND LIABILITIES AND DEFERRED INCOME TAX ASSETS AND LIABILITIES, AS REPORTED BY TAXABLE ENTITIES IN THE GROUP, ARE PRESENTED AS FOLLOWS:

	JUNE 30, 2014		DECEMBER 31, 2013
CURRENT INCOME TAXES:
ASSETS	$	4,685,753	$	1,545,548
LIABILITIES		4,006,913		198,370
NET (1)	$	678,840	$	1,347,178
DEFERRED INCOME TAXES:
ASSETS	$	13,909,549	$	10,608,778
LIABILITIES		3,270,098		-
NET	$	10,639,451	$	10,608,778

(1) THE NET AMOUNT OF CURRENT INCOME TAXES OF JUNE 30, 2014 IS REFLECTED AS OTHER ACCOUNTS RECEIVABLE (PS.777,478) AND OTHER TAXES PAYABLE (PS.98,638) IN THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF JUNE 30, 2014.

THE DEFERRED INCOME TAXES AS OF JUNE 30, 2014 AND DECEMBER 31, 2013, WERE PRINCIPALLY DERIVED FROM:

	2014			2013
ASSETS:
ACCRUED LIABILITIES	Ps.	1,423,949		Ps.	1,455,444
ALLOWANCE FOR DOUBTFUL ACCOUNTS		753,090			753,090
CUSTOMER ADVANCES		2,273,096			2,480,552
INTANGIBLE ASSETS AND TRANSMISSION RIGHTS		692,345			755,985
LIABILITIES:
INVESTMENTS		(1,409,877	)		(1,147,683	)
PROPERTY, PLANT AND EQUIPMENT, NET		(1,404,033	)		(1,727,736	)
DERIVATIVE FINANCIAL INSTRUMENTS		(325,609	)		(366,225	)
PREPAID EXPENSES AND OTHER ITEMS		(311,296	)		(542,435	)
DEFERRED INCOME TAXES OF MEXICAN COMPANIES		1,691,665			1,660,992
DEFERRED INCOME TAX OF FOREIGN SUBSIDIARIES		165,832			165,832
ASSET TAX		845,910			845,910
TAX LOSS CARRYFORWARDS		7,936,044			7,936,044
DEFERRED INCOME TAX ASSET, NET	Ps.	10,639,451		Ps.	10,608,778

8. SEGMENT INFORMATION AND SEASONALITY:

INFORMATION BY SEGMENTS FOR THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013 IS PRESENTED AS FOLLOWS:

	TOTAL REVENUES			INTERSEGMENT REVENUES			CONSOLIDATED REVENUES		SEGMENT PROFIT (LOSS)
2014:
CONTENT	Ps.	15,247,374		Ps.	527,217		Ps.	14,720,157	Ps.	6,357,667
SKY		8,532,357			6,934			8,525,423		4,029,676
TELECOMMUNICATIONS		9,404,308			55,371			9,348,937		3,405,420
OTHER BUSINESSES		3,734,428			60,491			3,673,937		302,704
SEGMENT TOTALS		36,918,467			650,013			36,268,454		14,095,467
RECONCILIATION TO CONSOLIDATED AMOUNTS:
ELIMINATIONS AND CORPORATE EXPENSES		(650,013	)		(650,013	)		-		(698,867	)
DEPRECIATION AND AMORTIZATION EXPENSE		-			-			-		(5,332,323	)
CONSOLIDATED TOTAL BEFORE OTHER EXPENSE		36,268,454			-			36,268,454		8,064,277		(1	)
OTHER EXPENSE, NET		-			-			-		(213,201	)
CONSOLIDATED TOTAL	Ps.	36,268,454		Ps.	-		Ps.	36,268,454	Ps.	7,851,076		(2	)

2013:
CONTENT	Ps.	14,589,769		Ps.	407,810		Ps.	14,181,959	Ps.	6,445,428
SKY		7,827,788			14,229			7,813,559		3,649,491
TELECOMMUNICATIONS		8,164,917			34,984			8,129,933		2,996,446
OTHER BUSINESSES		3,627,786			168,715			3,459,071		318,260
SEGMENT TOTALS		34,210,260			625,738			33,584,522		13,409,625
RECONCILIATION TO CONSOLIDATED AMOUNTS:
ELIMINATIONS AND CORPORATE EXPENSES		(625,738	)		(625,738	)		-		(538,829	)
DEPRECIATION AND AMORTIZATION EXPENSE		-			-			-		(4,787,806	)
CONSOLIDATED TOTAL BEFORE OTHER INCOME		33,584,522			-			33,584,522		8,082,990		(1	)
OTHER INCOME, NET		-			-			-		261,905
CONSOLIDATED TOTAL	Ps.	33,584,522		Ps.	-		Ps.	33,584,522	Ps.	8,344,895		(2	)

(1)	CONSOLIDATED TOTALS REPRESENTS INCOME BEFORE OTHER INCOME (EXPENSE).

(2)	CONSOLIDATED TOTALS REPRESENTS CONSOLIDATED OPERATING INCOME.

NEW SEGMENT PRESENTATION

BEGINNING IN THE FIRST QUARTER OF 2014, THE GROUP’S OTHER BUSINESSES SEGMENT INCLUDES THE PUBLISHING BUSINESS, WHICH WAS PREVIOUSLY PRESENTED AS A SEPARATE REPORTABLE SEGMENT. THE GROUP’S PUBLISHING BUSINESS WAS CLASSIFIED INTO THE OTHER BUSINESSES SEGMENT SINCE ITS OPERATIONS ARE NO LONGER SIGNIFICANT TO THE GROUP’S CONSOLIDATED FINANCIAL STATEMENTS TAKEN AS A WHOLE.

SEASONALITY

THE GROUP’S RESULTS OF OPERATIONS ARE SEASONAL. THE GROUP TYPICALLY RECOGNIZES A LARGE PERCENTAGE OF ITS CONSOLIDATED NET SALES (PRINCIPALLY ADVERTISING) IN THE FOURTH QUARTER IN CONNECTION WITH THE HOLIDAY SHOPPING SEASON. IN 2013 AND 2012, THE GROUP RECOGNIZED 29.1% AND 28.6%, RESPECTIVELY, OF ITS ANNUAL CONSOLIDATED NET SALES IN THE FOURTH QUARTER OF THE YEAR. THE GROUP’S COSTS, IN CONTRAST TO ITS REVENUES, ARE MORE EVENLY INCURRED THROUGHOUT THE YEAR AND GENERALLY DO NOT CORRELATE TO THE AMOUNT OF ADVERTISING SALES.

THE CONSOLIDATED NET INCOME ATTRIBUTABLE TO STOCKHOLDERS OF THE COMPANY FOR EACH OF THE FOUR QUARTERS IN THE PERIOD ENDED JUNE 30, 2014, IS PRESENTED AS FOLLOWS:

		QUARTER	ACCUMULATED		QUARTER
3RD	/	13	Ps.	5,284,449	Ps.	2,389,252
4TH	/	13		7,748,279		2,463,830
1ST	/	14		853,868		853,868
2ND	/	14		3,065,452		2,211,584

9. CAPITAL CONTRIBUTIONS IN JOINT VENTURE:

DURING THE FIRST HALF OF 2013 AND THE YEAR ENDED DECEMBER 31, 2013, THE GROUP MADE CAPITAL CONTRIBUTIONS IN CONNECTION WITH ITS 50% JOINT INTEREST IN GSF, THE PARENT COMPANY OF IUSACELL, IN THE AGGREGATE AMOUNT OF PS.1,187,500 AND PS.1,587,500, RESPECTIVELY. DURING THE FIRST HALF OF 2014, NO CAPITAL CONTRIBUTIONS WERE MADE BY THE GROUP IN CONNECTION WITH ITS 50% JOINT INTEREST IN GSF.

10. OTHER TRANSACTIONS:

IN MARCH 2013, THE GROUP RECEIVED U.S.$30 MILLION FROM UNIVISION RELATED TO THE RELEASE OF CERTAIN CARRIAGE RIGHTS WITH DIRECTV HELD BY THE GROUP IN THE UNITED STATES. THE GROUP RECOGNIZED THE PAYMENT MADE BY UNIVISION AS A NON-RECURRENT OTHER INCOME IN THE CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2013.

IN JULY 2013, THE GROUP MADE AN INVESTMENT IN THE AMOUNT OF PS.7,000,000 IN CONVERTIBLE DEBT INSTRUMENTS WHICH, SUBJECT TO REGULATORY APPROVAL, WILL ALLOW THE GROUP O ACQUIRE 95% OF THE EQUITY INTEREST OF TENEDORA ARES, S.A.P.I. DE C.V. (“ARES”), OWNER OF 51% OF THE EQUITY INTEREST OF GRUPO CABLE TV, S.A. DE C.V. (“CABLECOM”), A TELECOMMUNICATIONS COMPANY THAT OFFERS VIDEO, TELEPHONY AND DATA SERVICES IN MEXICO. IN ADDITION, ARES WILL HAVE AN OPTION TO ACQUIRE IN THE FUTURE, SUBJECT TO REGULATORY APPROVALS, THE REMAINING 49% OF THE EQUITY INTEREST OF CABLECOM. ALSO, AS PART OF THIS TRANSACTION, THE GROUP INVESTED IN A LONG-TERM DEBT INSTRUMENT ISSUED BY ARES IN THE AMOUNT OF U.S.$195 MILLION.

IN THE THIRD QUARTER OF 2013, SKY ENTERED INTO AN AGREEMENT WITH DIRECTV FOR THE ACQUISITION AND LAUNCH OF A SATELLITE (“SM1”), WHICH IS EXPECTED TO BE IN SERVICE IN THE FOURTH QUARTER OF 2015. IN 2013, SKY RECOGNIZED INVESTMENTS MADE IN CONNECTION WITH THIS AGREEMENT IN THE AGGREGATE AMOUNT OF U.S.$68.7 MILLION (PS.898,413). AS OF DECEMBER 31, 2013, SKY HAD COMMITMENTS TO INVEST IN 2014 AND 2015 IN CONNECTION WITH THE ACQUISITION AND LAUNCH OF THE SM1 SATELLITE IN THE AMOUNT OF U.S.$60.5 MILLION (PS.791,038) AND U.S.$41.8 MILLION (PS.546,535), RESPECTIVELY.

IN THE SIX MONTHS ENDED JUNE 30, 2014 AND 2013, ROYALTY REVENUE FROM UNIVISION AMOUNTED TO PS.1,950,076 AND PS.1,621,284, RESPECTIVELY.

- - - - - - - - - - - -

INVESTMENTS IN ASSOCIATES AND JOINT VENTURES

CONSOLIDATED

Final Printing

COMPANY NAME		MAIN ACTIVITIES	NUMBER OF SHARES	%OWNERSHIP	TOTAL AMOUNT (Thousands of Mexican Pesos)
COMPANY NAME		MAIN ACTIVITIES	NUMBER OF SHARES	%OWNERSHIP	ACQUISITION COST	BOOK VALUE
1	ARGOS COMUNICACION, S.A. DE C.V.	PRODUCTIONS OF T.V. PROGRAMS BROADCASTING OF T.V.	34,151,934	33.00	141,932	60,818

2	BROADCASTING MEDIA PARTNERS, INC	PROMOTION AND/OR DEVELOPMENT OF ENTERTAINMENT COMPANIES	842,850	7.81	2,584,818	2,988,618

3	GSF TELECOM HOLDINGS, S.A.P.I. DE C.V.	PROMOTION AND/OR DEVELOPMENT OF TELECOM COMPANIES	150,000,000	50.00	20,325,557	13,594,093

4	EDITORIAL CLIO, LIBROS Y VIDEOS, S.A. DE C.V.	PUBLISHING AND PRINTING OF BOOKS AND MAGAZINES	3,227,050	30.00	32,270	5,780

5	ENDEMOL MEXICO, S.A. DE C.V.	PRODUCTION AND COMMERCIALIZATION OF TELEVISION PROGRAMMING	25,000	50.00	25	317

6	GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD, S.A.P.I. DE C.V.	TELECOM	54,666,667	33.33	54,667	639,536

7	OCESA ENTRETENIMIENTO, S.A. DE C.V.	LIVE ENTERTAINMENT IN MEXICO	14,100,000	40.00	1,062,811	877,882

8	OLLIN VFX, S.A. DE C.V.	TELEVISION AND CINEMA PRODUCTION	34	25.30	13,333	13,333

9	T&V S.A.S.	PRODUCTION AND COMMERCIALIZATION OF TELEVISION PROGRAMMING	1,849	50.00	312	312
TOTAL INVESTMENT IN ASSOCIATES					24,215,725	18,180,689

OBSERVATIONS:

CREDITS BREAKDOWN

(THOUSANDS OF MEXICAN PESOS)

CONSOLIDATED

Final Printing

CREDIT TYPE / INSTITUTION	FOREIGN INSTITUTION (YES/NO)	DATE OF CONTRACT	AMORTIZATION DATE	INTEREST RATE	AMORTIZATION OF CREDITS DENOMINATED IN PESOS						AMORTIZATION OF CREDITS IN FOREIGN CURRENCY
					TIME INTERVAL						TIME INTERVAL
					CURRENT YEAR	UNTIL 1 YEAR	UNTIL 2 YEAR	UNTIL 3 YEAR	UNTIL 4 YEAR	UNTIL 5 YEAR	CURRENT YEAR	UNTIL 1 YEAR	UNTIL 2 YEAR	UNTIL 3 YEAR	UNTIL 4 YEAR	UNTIL 5 YEAR
BANKS
FOREIGN TRADE
SECURED
COMMERCIAL BANKS
BANCO NACIONAL DE MÉXICO, S.A.	NO	4/20/2006	4/20/2016	8.74			2,100,000
BANCO SANTANDER , S.A.	NO	4/21/2006	4/21/2016	TIIE+24			1,400,000
BANCO MERCANTIL DEL NORTE, S.A.	NO	2/24/2011	2/21/2016	TIIE+1.90	132,730	132,730	676,693
BANCO SANTANDER, S.A.	NO	3/30/2011	3/30/2016	8.12
BBVA BANCOMER, S.A.	NO	3/30/2011	3/30/2016	8.095
BANCO NACIONAL DE MÉXICO, S.A.	NO	3/25/2011	3/23/2021	9.40						399,325
BANCO NACIONAL DE MÉXICO, S.A.	NO	3/25/2011	3/23/2021	9.06				319,460		479,190
BANCO NACIONAL DE MÉXICO, S.A.	NO	3/25/2011	3/23/2018	8.77					399,464
HSBC MÉXICO, S.A.	NO	3/28/2011	3/30/2018	TIIE+117.5			620,982	624,132	1,248,264
AF BANREGIO, S.A. DE C.V.	NO	10/4/2012	10/2/2017	TIIE+2.50	2,400	3,000	8,700	9,825	10,975
HSBC MÉXICO, S.A.	NO	5/29/2013	5/29/2019	TIIE+1.70	32,292	32,291	64,756	64,755	64,755	228,304
HSBC MÉXICO, S.A.	NO	6/10/2014	7/10/2014	TIIE+1.40	200,000
OTHER
TOTAL BANKS					367,422	168,021	4,871,131	1,018,172	1,723,458	1,106,819	0	0	0	0	0	0
STOCK MARKET
LISTED STOCK EXCHANGE
UNSECURED
SENIOR NOTES	YES	5/9/2007	5/11/2037	8.93						4,483,384
NOTES	NO	10/14/2010	10/1/2020	7.38						9,955,330
SENIOR NOTES	YES	5/14/2013	5/14/2043	7.25						6,431,514
NOTES	NO	4/7/2014	4/1/2021	TIIE+.35						5,985,863
SENIOR NOTES	YES	5/6/2008	5/15/2018	6.31											6,474,956
SENIOR NOTES	YES	3/18/2005	3/18/2025	6.97												7,389,674
SENIOR NOTES	YES	3/11/2002	3/11/2032	8.94												3,869,400
NOTES	YES	11/23/2009	1/15/2040	6.97												7,639,616
NOTES	YES	5/13/2014	5/13/2045	5.26												12,479,596
SECURED					0	0	0	0	0	26,856,091	0	0	0	0	6,474,956	31,378,286
PRIVATE PLACEMENTS
UNSECURED
SECURED
TOTAL STOCK MARKET
OTHER CURRENT AND NON-CURRENT LIABILITIES WITH COST
CSI LEASING MÉXICO, S. DE R.L. DE C.V.	NO	12/1/2011	10/1/2015		12,057	1,520	1,001
GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD	NO	8/1/2012	7/1/2020		83,003		79,420	76,699	74,679	216,816
INTELSAT GLOBAL SALES & MARKETING, LTD.	YES	10/1/2012	9/1/2027								90,854	93,953	198,481	213,465	229,580	3,141,517
IP MATRIX, S.A. DE C.V.	YES	11/1/2009	11/1/2015								7,406	7,594	4,519
GRUPO DE TELECOMUNICACIONES DE ALTA CAPACIDAD	NO	8/1/2012	7/1/2021								21,893	0	17,394	17,729	18,309	79,447
TOTAL CURRENT AND NON-CURRENT LIABILITIES WITH COST

SUPPLIERS
VARIOUS	NO	7/1/2014	6/30/2015			8,382,034
VARIOUS	YES	7/1/2014	6/30/2015									5,028,646
TOTAL SUPPLIERS					0	8,382,034	0	0	0	0	0	5,028,646	0	0	0	0

OTHER CURRENT AND NON-CURRENT LIABILITIES
VARIOUS	NO					19,998,414	53,753	11,207	4,269	198,610
TRANSMISSION RIGHTS	NO						272,128	93,163	15,163	67,847
CUSTOMER DEPOSITS AND ADVANCES	NO						744,441
2010 AND 2014 MEXICAN TAX REFORM	NO						381,424	770,289	1,400,698	3,815,808
DERIVATIVE FINANCIAL INSTRUMENTS	NO						133,150		336,730	7,774
VARIOUS	YES											1,256,951				82,534
TRANSMISSION RIGHTS	YES												910,406	397,293	343,389	295,490
OTHER CURRENT AND NON-CURRENT LIABILITIES					-	19,998,414	1,584,896	874,659	1,756,860	4,090,039	-	1,256,951	910,406	397,293	343,389	378,024

TOTAL					462,482	28,549,989	6,536,448	1,969,530	3,554,997	32,269,765	120,153	6,387,144	1,130,800	628,487	7,066,234	34,977,274

NOTES

THE EXCHANGE RATES FOR THE CREDITS DENOMINATED IN FOREIGN CURRENCY WERE AS FOLLOWS:

$ 13.0025 PESOS PER U.S. DOLLAR

DOES NOT INCLUDE TAX LIABILITIES PAYABLE IN FOREIGN CURRENCY AND MEXICAN PESOS (REF. 21050000 TAXES PAYABLE) OF PS.74,205 AND PS.1,205,579, RESPECTIVELY, FOR EFFECTS OF VALIDATION OF THE SYSTEM.

BANK LOANS AND SENIOR NOTES ARE PRESENTED NET OF UNAMORTIZED FINANCE COSTS IN THE AGGREGATE AMOUNT OF PS.1,311,531.

MONETARY FOREIGN CURRENCY POSITION

(THOUSANDS OF MEXICAN PESOS)

CONSOLIDATED

Final Printing

FOREIGN CURRENCY POSITION (THOUSANDS OF PESOS)	DOLLARS		OTHER CURRENCIES		TOTAL THOUSANDS OF PESOS
FOREIGN CURRENCY POSITION (THOUSANDS OF PESOS)	THOUSANDS OF DOLLARS	THOUSANDS OF PESOS	THOUSANDS OF DOLLARS	THOUSANDS OF PESOS	TOTAL THOUSANDS OF PESOS

MONETARY ASSETS	3,261,970	42,413,769	183,230	2,382,444	44,796,213

CURRENT	1,757,096	22,846,640	130,694	1,699,345	24,545,985

NON-CURRENT	1,504,874	19,567,129	52,536	683,099	20,250,228

LIABILITIES POSITION	3,900,645	49,563,890	63,097	820,407	50,384,297

CURRENT	448,345	5,829,613	57,827	751,889	6,581,502

NON-CURRENT	3,452,300	43,734,277	5,270	68,518	43,802,795

NET BALANCE	(638,675)	(7,150,121)	120,133	1,562,037	(5,588,084)

NOTES:

THE EXCHANGE RATES USED FOR TRANSLATION WERE AS FOLLOWS :

PS.	13.0025	PESOS PER U.S. DOLLAR
	17.8069	PESOS PER EURO
	12.1885	PESOS PER CANADIAN DOLLAR
	1.6008	PESOS PER ARGENTINEAN PESO
	0.5661	PESOS PER URUGUAYAN PESO
	0.0234	PESOS PER CHILEAN PESO
	0.0069	PESOS PER COLOMBIAN PESO
	4.6557	PESOS PER PERUVIAN NUEVO SOL
	14.6579	PESOS PER SWISS FRANC
	2.0655	PESOS PER STRONG BOLIVAR
	5.8782	PESOS PER BRAZILIAN REAL
	22.2455	PESOS PER STERLING LIBRA
	2.0962	PESOS PER CHINESE YUAN
	1.9452	PESOS PER SWEDISH KRONA

DEBT INSTRUMENTS

CONSOLIDATED

Final Printing

FINANCIAL RESTRICTIONS OF LONG - TERM DEBT SECURITIES

THE AGREEMENTS OF THE U.S.$500 MILLION, U.S.$600 MILLION, U.S.$300 MILLION, PS.4,500 MILLION, U.S.$600 MILLION, PS.6,500 MILLION AND U.S.$1,000 MILLION SENIOR NOTES ISSUED BY GRUPO TELEVISA, S.A.B. WITH MATURITY IN 2018, 2025, 2032, 2037, 2040, 2043 AND 2045, RESPECTIVELY, 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 AGREEMENTS OF NOTES ("CERTIFICADOS BURSÁTILES") DUE 2020 IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.10,000 MILLION AND DUE 2021 IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.6,000 MILLION, CONTAINS 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.

UNDER THE TERMS OF THE AGREEMENTS OF LONG-TERM CREDITS ENTERED INTO BY THE COMPANY WITH FOUR MEXICAN BANKS IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.8,600 MILLION, AND MATURITIES BETWEEN 2016 AND 2021, THE COMPANY 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.

UNDER THE TERMS OF THE LONG-TERM LOANS ENTERED INTO BY SKY WITH TWO MEXICAN BANKS IN THE AGGREGATE PRINCIPAL AMOUNT OF PS.3,500 MILLION, WITH A MATURITY IN 2016, AND GUARANTEED BY THE COMPANY, SKY IS REQUIRED TO MAINTAIN (A) CERTAIN FINANCIAL COVERAGE RATIOS RELATED TO INDEBTEDNESS AND INTEREST EXPENSE; AND (B) CERTAIN RESTRICTIVE COVENANTS ON INDEBTEDNESS, LIENS, ASSET SALES, AND CERTAIN MERGERS AND CONSOLIDATIONS.

COMPLIANCE WITH FINANCIAL RESTRICTIONS

AT JUNE 30, 2014, THE GROUP WAS IN COMPLIANCE WITH THE FINANCIAL RESTRICTIONS OF THE CONTRACTS RELATED TO THE LONG-TERM SENIOR NOTES DESCRIBED ABOVE.

SALES DISTRIBUTION BY PRODUCT

TOTAL SALES

(THOUSANDS OF MEXICAN PESOS)

CONSOLIDATED

Final Printing

MAIN PRODUCTS	NET SALES		MARKET SHARE (%)	MAIN
MAIN PRODUCTS	VOLUME	AMOUNT	MARKET SHARE (%)	TRADEMARKS	CUSTOMERS
DOMESTIC SALES
INTERSEGMENT ELIMINATIONS		(643,905)

CONTENT:
ADVERTISING		10,608,508			GENOMMA LAB INTERNACIONAL, S.A.B. DE C.V.
					HAVAS MEDIA, S.A. DE C.V.
					UNILEVER DE MÉXICO, S. DE R.L. DE C.V.
					CERVEZAS CUAUHTEMOC MOCTEZUMA, S.A. DE C.V.
					COMERCIALIZADORA PEPSICO MÉXICO, S. DE R.L. DE C.V.
					COMPAÑÍA PROCTER & GAMBLE MÉXICO, S. DE R.L. DE C.V.
					BIMBO, S.A. DE C.V.
					THE COCA COLA EXPORT CORPORATION SUCURSAL EN MÉXICO
					PEGASO PCS S.A. DE C.V.
					MARCAS NESTLÉ, S.A. DE C.V.
NETWORK SUBSCRIPTION REVENUE		974,639			MEGA CABLE, S.A. DE C.V.
					CABLEVISIÓN RED, S.A. DE C.V.
LICENSING AND SYNDICATIONS		337,366			VARIOUS

SKY :
DTH BROADCAST SATELLITE		7,706,409		SKY	SUBSCRIBERS
PAY PER VIEW		105,932
CHANNEL COMMERCIALIZATION		158,845			COMPAÑÍA INTERNACIONAL DE RADIO Y TELEVISIÓN, S.A.
					WDC MÉXICO S. DE R.L. DE C.V.

TELECOMMUNICATIONS:
DIGITAL SERVICE		4,055,817		CABLEVISIÓN, CABLEMÁS Y TVI	SUBSCRIBERS
INTERNET SERVICES		2,261,218
SERVICE INSTALLATION		66,370
PAY PER VIEW		15,509
CHANNEL COMMERCIALIZATION		206,974			MULTILMEDIOS S.A. DE C.V.
					SINTESIS COMUNICACIÓN, S.A. DE C.V.
					TELEVISORA FRONTERIZA, S.A. DE C.V.
					CANAL DE NOTICIAS DE ROSARITO, S.A. DE C.V.
TELEPHONY		1,226,782
TELECOMMUNICATIONS		1,237,481		BESTEL	SUBSCRIBERS
OTHER		108,995

OTHER BUSINESSES:
PUBLISHING:
MAGAZINE CIRCULATION	14,507	291,758		TV Y NOVELAS MAGAZINE,	GENERAL PUBLIC (AUDIENCE)
				MEN´S HEALTH MAGAZINE,	DEALERS
				VANIDADES MAGAZINE	COMMERCIAL CENTERS (MALLS)
				COSMOPOLITAN MAGAZINE
				NATIONAL GEOGRAPHIC MAGAZINE
				AUTOMÓVIL PANAMERICANO MAGAZINE
				TÚ MAGAZINE
				SKY VIEW MAGAZINE
				MUY INTERESANTE MAGAZINE
				COCINA FÁCIL MAGAZINE
ADVERTISING		299,917			FÁBRICAS DE CALZADO ANDREA, S.A. DE C.V.
					KIMBERLY CLARK DE MÉXICO, S.A.B. DE C.V.
					DILTEX, S.A. DE C.V.
					COMPAÑÍA PROCTER & GAMBLE DE MÉXICO, S. DE R.L DE C.V.
					UNILEVER DE MÉXICO, S. DE R.L. DE C.V.
					DISTRIBUIDORA LIVERPOOL, S.A. DE C.V.
					COLGATE PALMOLIVE, S.A. DE C.V.
					ORIONTWORLDWIDE, S.A. DE C.V.
OTHER INCOME		7,665			VARIOUS

DISTRIBUTION, RENTALS, AND SALE
OF MOVIE RIGHTS		172,637			CINE VIDEO Y TV, S.A. DE C.V.
					OPERADORA DE CINEMAS, S.A. DE C.V.
					CINEMARK DE MÉXICO, S.A. C.V.
					TENEDORA DE CINES, S.A. DE C.V.
					EN PANTALLA PRODUCCIONES INTERNACIONALES, S.A. DE C.V.
SPECIAL EVENTS AND SHOW PROMOTION		491,065		CLUB DE FÚTBOL AMÉRICA	GENERAL PUBLIC (AUDIENCE)
				IMPULSORA DEL DEPORTIVO NECAXA	FEDERACIÓN MEXICANA DE FÚTBOL, A.C.
				ESTADIO AZTECA	AFICIÓN FUTBOL, S.A. DE C.V.
GAMING		1,065,904		PLAY CITY	GENERAL PUBLIC (AUDIENCE)
				MULTIJUEGOS
ADVERTISED TIME SOLD IN RADIO		327,378			HAVAS MEDIA, S.A. DE C.V.
					COMPAÑÍA PROCTER & GAMBLE MÉXICO, S. DE R.L. DE C.V.
					OPTIMUM MEDIA DIRECTION DE MÉXICO, S.A. DE C.V.
					ARENA COMMUNICATIONS, S.A. DE C.V.
					TIENDAS CHEDRAUI, S.A. DE C.V.
					IPG MEDIA BRANDS COMMUNICATIONS, S.A. DE C.V.
					TIENDAS COMERCIAL MEXICANA, S.A. DE C.V.
PUBLISHING DISTRIBUTION	4,913	90,373		HOLA MÉXICO MAGAZINE	VARIOUS
				ENTREPRENEUR MAGAZINE	GENERAL PUBLIC (AUDIENCE)
				MINIREVISTA MINA MAGAZINE	DEALERS
				MONSTER HIGH MAGAZINE	COMMERCIAL CENTERS (MALLS)
				BRAVO POR TI MAGAZINE
				SELECCIONES MAGAZINE

EXPORT SALES
CONTENT:
ADVERTISING		128,711			CC MEDIOS Y COMUNICACIONES, C.A.
NETWORK SUBSCRIPTION REVENUE		385,485			INTERESES EN EL ITSMO, S.A.
					DIRECTV ARGENTINA SOCIEDAD ANÓNIMA
					GALAXY ENTERTAINMENT DE VZLA, C.A. DIRECTV

LICENSING AND SYNDICATIONS		2,732,586		TELEVISA	NETFLIX, INC
				TELEVISA	CORPORACIÓN VENEZOLANA DE TELEVISIÓN, C.A.
				TELEVISA	COMPAÑÍA PERUANA DE RADIODIFUSIÓN, S.A.
				TELEVISA	RED TELEVISIVA MEGAVISION, S.A.
				TELEVISA	TVSBT CANAL 4 DE SAO PAULO, S.A.
OTHER BUSINESSES:
SPECIAL EVENTS AND SHOW PROMOTION		33,295		CLUB AMÉRICA
DISTRIBUTION, RENTALS, AND SALE
OF MOVIE RIGHTS		29,812			NETFLIX, INC

SUBSIDIARIES SALES ABROAD
CONTENT:
ADVERTISING		80,079			INITIATIVE MEDIA, INC.
					OPTIMUM MEDIA DIRECTION, INC.
					GROUP M MATRIX
SKY:
DTH BROADCAST SATELLITE		561,171		SKY	SUBSCRIBERS
TELECOMMUNICATIONS:
TELECOMMUNICATIONS		225,162		BESTEL	SUBSCRIBERS

OTHER BUSINESS:
PUBLISHING:
MAGAZINE CIRCULATION	20,680	352,661		T.V. Y NOVELAS MAGAZINE	GENERAL PUBLIC (AUDIENCE)
				GENTE MAGAZINE	DEALERS
				PAPARAZZI MAGAZINE	COMMERCIAL CENTERS (MALLS)
				VANIDADES MAGAZINE
				COSMOPOLITAN MAGAZINE
				TÚ MAGAZINE
				MUY INTERESANTE MAGAZINE
				BILINKEN MAGAZINE
				PARA TI MAGAZINE
				CONDORITO MAGAZINE
ADVERTISING		400,267			MCCANN ERICKSON N.Y.
					ESPACIOS, S.A.
					R.C.N. TELEVISIÓN S.A.
					MEDIACOM MIAMI
PUBLISHING DISTRIBUTION:	3,277	59,377		SELECCIONES MAGAZINE	GENERAL PUBLIC (AUDIENCE)
				MAGALY TV MAGAZINE	DEALERS
				VOGUE MAGAZINE	COMMERCIAL CENTERS (MALLS)
				HOLA MAGAZINE
				EL CUERPO HUMANO MAGAZINE
				HELLO KITTY MAGAZINE
				15 MINUTOS MAGAZINE
				TEJER FÁCIL MAGAZINE
RENTALS OF MOVIES/FILMS		112,319			LIONS GATES FILMS, INC.
INTERSEGMENT ELIMINATIONS		(6,108)

TOTAL	43,377	36,268,454

ANALYSIS OF PAID CAPITAL STOCK CHARACTERISTIC OF THE SHARES

CONSOLIDATED

Final Printing

SERIES	NOMINAL VALUE (PS.)	VALID COUPON	NUMBER OF SHARES				CAPITAL STOCK
SERIES	NOMINAL VALUE (PS.)	VALID COUPON	FIXED PORTION	VARIABLE PORTION	MEXICAN	FREE SUBSCRIPTION	FIXED	VARIABLE
A	0.00000	0	115,104,292,641	0	115,104,292,641	0	848,428	0
B	0.00000	0	53,390,434,987	0	53,390,434,987	0	405,948	0
D	0.00000	0	84,939,270,166	0	84,939,270,166	0	620,017	0
L	0.00000	0	84,939,270,166	0	0	84,939,270,166	620,017	0
TOTAL			338,373,267,960	0	253,433,997,794	84,939,270,166	2,494,410	0

TOTAL NUMBER OF SHARES REPRESENTING THE PAID CAPITAL STOCK ON THE DATE OF THE INFORMATION :							338,373,267,960

NOTES:

THE NUMBER OF OUTSTANDING SHARES PRESENTED IN THE TABLE ABOVE PLUS THE SHARES REPURCHASED REPRESENT THE TOTAL NUMBER OF SHARES ISSUED. SEE NOTE 5 TO CONSOLIDATED FINANCIAL STATEMENTS.

FINANCIAL STATEMENT NOTES

CONSOLIDATED

Final Printing

11060060: AS OF JUNE 30, 2014 AND DECEMBER 31, 2013, INCLUDES TRANSMISSION RIGHTS AND PROGRAMMING FOR PS.6,214,886 AND PS.4,970,603, RESPECTIVELY.

12080050: AS OF JUNE 30, 2014 AND DECEMBER 31, 2013, INCLUDES TRANSMISSION RIGHTS AND PROGRAMMING FOR PS.8,843,463 AND PS.9,064,845, RESPECTIVELY.

91000010: AS OF JUNE 30, 2014 DOESN´T INCLUDE TAX LIABILITIES IN FOREIGN CURRENCY FOR PS.74,205 (SEE ATTACHED BREAKDOWN OF CREDITS).

CUM40180000: THIS INFORMATION IS RELATED TO EARNINGS PER CPO. THE CPOS ARE THE SECURITIES TRADED IN THE MEXICAN STOCK EXCHANGE.

CUM40190000: THIS INFORMATION IS RELATED TO EARNINGS PER DILUTED CPO.

40180000: THIS INFORMATION IS RELATED TO EARNINGS PER CPO. THE CPOS ARE THE SECURITIES TRADED IN THE MEXICAN STOCK EXCHANGE.

40190000: THIS INFORMATION IS RELATED TO EARNINGS PER DILUTED CPO.

THE REPORT CONTAINS THE NOTES CORRESPONDING TO THE FINANCIAL STATEMENT AMOUNTS, INCLUDING THEIR BREAKDOWN OF MAIN CONCEPTS AND OTHER CONCEPTS.

EXHIBIT 1

TO THE ELECTRONIC FORM TITLED “PREPARATION, FILING, DELIVERY AND DISCLOSURE OF QUARTERLY ECONOMIC, ACCOUNTING AND ADMINISTRATIVE INFORMATION BY ISSUERS”

III. QUALITATIVE AND QUANTITATIVE INFORMATION

i. Management’s discussion of the policies concerning the use of financial derivative instruments, and explanation as to whether such policies permit the use of said instruments solely for hedging or also for trading or other purposes. The discussion must include a general description of the objectives sought in the execution of financial derivative transactions; the relevant instruments; the hedging or trading strategies implemented in connection therewith; the relevant trading markets; the eligible counterparties; the policies for the appointment of calculation or valuation agents; the principal terms and conditions of the relevant contracts; the policies as to margins, collateral and lines of credit; the authorization process and levels of authorization required by type of transaction (e.g., full hedging, partial hedging, speculation), stating whether the transactions were previously approved by the committee(s) responsible for the development of corporate and auditing practices; the internal control procedures applicable to the management of the market and liquidity risks associated with the positions; and the existence of an independent third party responsible for the review of such procedures and, as the case may be, the observations raised or deficiencies identified by such third party. If applicable, provide information concerning the composition of the overall risk management committee, its operating rules, and the existence of an overall risk management manual.

Management’s discussion of the policies concerning the use of financial derivative instruments, and explanation as to whether such policies permit the use of said instruments solely for hedging or also for trading or other purposes.

In accordance with the policies and procedures implemented by the Finance and Risk area and the Vice President and Corporate Controller, along with the Vice President of Internal Audit, the Company has entered into certain financial derivative transactions for hedging purposes in both the Mexican and international markets so as to manage its exposure to the market risks associated with the changes in interest and foreign exchange rates and inflation. In addition, the Company’s Investments Committee has established guidelines for the investment in structured notes or deposits associated with other derivatives, which by their nature may be considered as derivative transactions for trading purposes. It should be noted that in the second quarter of 2014, no such financial derivatives were outstanding. Pursuant to the provisions of International Financial Reporting Standards Board, certain financial derivative transactions originally intended to serve as a hedge and in effect until June 30th, 2014, are not within the scope of hedge accounting as specified in such Standards and, consequently, are recognized in the accounting based on the provisions included in the aforementioned Standards.

General description of the objectives sought in the execution of financial derivative transactions; the relevant instruments; the hedging or trading strategies implemented in connection therewith; the relevant trading markets; the eligible counterparties; the policies for the appointment of calculation or valuation agents; the principal terms and conditions of the relevant contracts; the policies as to margins, collateral and lines of credit; the authorization process and levels of authorization required by type of transaction (e.g., full hedging, partial hedging, speculation), stating whether the transactions were previously approved by the committee(s) responsible for the development of corporate and auditing practices; the internal control procedures applicable to the management of the market and liquidity risks associated with the positions; and the existence of an independent third party responsible for the review of such procedures and, as the case may be, the observations raised or deficiencies identified by such third party.

The Company’s principal objective when entering into financial derivative transactions is to mitigate the effects of unforeseen changes in interest and foreign exchange rates and inflation, so as to reduce the volatility in its results and cash flows as a result of such changes.

The Company monitors its exposure to the interest rate risk by: (i) assessing the difference between the interest rates applicable to its debt and temporary investments, and the prevailing market rates for similar instruments; (ii) reviewing its cash flow requirements and financial ratios (interest coverage); (iii) assessing the actual and budgeted-for trends in the principal markets; and (iv) assessing the prevailing industry practices and other similar companies. This approach enables the Company to determine the optimum mix between fixed- and variable-rate interest for its debt.

Foreign exchange risk is monitored by assessing the Company’s monetary position in U.S. dollars and its budgeted cash flow requirements for investments anticipated to be denominated in U.S. dollars and the service of its U.S. dollar-denominated debt.

Financial derivative transactions are reported from time to time to the Audit and Corporate Practices Committee.

The Company has entered into master derivatives agreements with both domestic and foreign financial institutions, that are internationally recognized institutions with which the Company, from time to time, has entered into financial transactions involving corporate and investment banking, as well as treasury services. The form agreement used in connection with financial derivatives transactions with foreign financial institutions is the Master Agreement published by the International Swaps and Derivatives Association, Inc. (“ISDA”) and with local institutions is the Master Agreement published by ISDA and the form agreement recommended by Banco de México. In both cases, the main terms and conditions are standard for these types of transactions and include mechanisms for the appointment of calculation or valuation agents.

In addition, the Company enters into standard guaranty agreements that set forth the margins, collateral and lines of credit applicable in each instance. These agreements establish the credit limits granted by the financial institutions with whom the Company enters into master financial derivative agreements, which specify the margin implications in the case of potential negative changes in the market value of its open financial derivative positions. Pursuant to the agreements entered into by the Company, financial institutions are entitled to make margin calls if certain thresholds are exceeded. In the event of a change in the credit rating issued to the Company by a recognized credit rating agency, the credit limit granted by each counterparty would be modified.

As of the date hereof, the Company has never experienced a margin call with respect to its financial derivative transactions.

In compliance with its risk management objectives and hedging strategies, the Company generally utilizes the following financial derivative transactions:

1. Cross-currency interest rate swaps (i.e., coupon swaps);

2. Interest rate and inflation-indexed swaps;

3. Cross-currency principal and interest rate swaps;

4. Swaptions;

5. Forward exchange rate contracts;

6. FX options;

7. Interest Rate Caps and Floors contracts;

8. Fixed-price contracts for the acquisition of government securities (i.e., Treasury locks); and

9. Credit Default Swaps.

The strategies for the acquisition of financial derivatives transactions are approved by the Risk Management Committee in accordance with the Policies and Objectives for the Use of Financial Derivatives.

During the quarter from April to June 2014, there were no defaults or margin calls under the aforementioned financial derivative transactions.

The Company monitors on a weekly basis the flows generated by the fair market value of and the potential for margin calls under its open financial derivative transactions. The calculation or valuation agent designated in the relevant Master Agreement, which is always the counterparty, issues monthly reports as to the fair market value of the Company’s open positions.

The Risk Management area is responsible for measuring, at least once a month, the Company’s exposure to the financial market risks associated with its financings and investments, and for submitting a report with respect to the Company’s risk position and the valuation of its financial derivatives to the Finance Committee on a monthly basis, and to the Risk Management Committee on a quarterly basis. The Company monitors the credit rating assigned to its counterparties in its outstanding financial derivative transactions on a regular basis.

The office of the Comptroller is responsible for the validation of the Company’s accounting records as related to its financial derivative transactions, based upon the confirmations received from the relevant financial intermediaries, and for obtaining from such intermediaries, on a monthly basis, confirmations or account statements supporting the market valuation of its open financial derivative positions.

As a part of the yearly audit on the Company, the aforementioned procedures are reviewed by the Company’s external auditors. As of the date hereof, the Company’s auditors have not raised any observation or identified any deficiency therein.

Information concerning the composition of the overall risk management committee, its operating rules, and the existence of an overall risk management manual.

The Company has a Risk Management Committee, which is responsible for monitoring the Company’s risk management activities and approving the hedging strategies used to mitigate the financial market risks to which the Company is exposed. The assessment and hedging of the financial market risks are subject to the policies and procedures applicable to the Company’s Risk Management Committee, the Finance and Risk Management areas and the Comptroller that form the Risk Management Manual of the Company. In general terms, the Risk Management Committee is comprised of members of the Corporate Management, Corporate Comptroller, Tax Control and Advice, Information to the Stock Exchange, Finance and Risk, Legal, Administration and Finance, Financial Planning and Corporate Finance areas.

ii. General description of the valuation methods, indicating whether the instruments are valued at cost or at their fair value pursuant to the applicable accounting principles, the relevant reference valuation methods and techniques, and the events taken into consideration. Describe the policies for and frequency of the valuation, as well as the actions taken in light of the values obtained therefrom. Clarify whether the valuation is performed by an independent third party, and indicate if such third party is the structurer, seller or counterparty of the financial instrument. As with respect to financial derivative transactions for hedging purposes, explain the method used to determine the effectiveness thereof and indicate the level of coverage provided thereby.

The Company values its financial derivative instruments based upon the standard models and calculators provided by recognized market makers. In addition, the Company uses the relevant market variables available from online sources. The financial derivative instruments are valued at a reasonable value pursuant to the applicable accounting provisions.

In the majority of cases, the valuation at a reasonable value is carried out on a monthly basis based on valuations of the counterparties and the verification of such reasonable value with internal valuations prepared by the Risk Management area of the Company. Accounting wise, the valuation of the counterparty is registered.

The Company performs its valuations without the participation of any independent third party.

The method used by the Company to determine the effectiveness of an instrument depends on the hedging strategy and on whether the relevant transaction is intended as a fair-value hedge or a cash-flow hedge. The Company’s methods take into consideration the prospective cash flows generated by or the changes in the fair value of the financial derivative, and the cash flows generated by or the changes in the fair value of the underlying position that it seeks to hedge to determine, in each case, the hedging ratio.

iii. Management’s discussion of the internal and external sources of liquidity that could be used to satisfy the Company’s requirements in connection with its financial derivatives.

As of the date hereof, the Company’s management has not discussed internal and external sources of liquidity so as to satisfy its requirements in connection with its financial derivatives since, based upon the aggregate amount of the Company’s financial derivative transactions, management is of the opinion that the Company’s significant positions of cash, cash equivalents and temporary investments, and the substantial cash flows generated by the Company, would enable the Company to respond adequately to any such requirements.

iv. Explanation as to any change in the issuer’s exposure to the principal risks identified thereby and in their management, and any contingency or event known to or anticipated by the issuer’s management, which could affect any future report. Description of any circumstance or event, such as any change in the value of the underlying assets or reference variables, resulting in a financial derivative being used other than as originally intended, or substantially altering its structure, or resulting in the partial or total loss of the hedge, thereby forcing the Issuer to assume new obligations, commitments or changes in its cash flows in a manner that affects its liquidity (e.g., margin calls). Description of the impact of such financial derivative transactions on the issuer’s results or cash flows. Description and number of financial derivatives maturing during the quarter, any closed positions and, if applicable, number and amount of margin calls experienced during the quarter. Disclosure as to any default under the relevant contracts.

Changes in the Company’s exposure to the principal risks identified thereby and in their management, and contingencies or events known to or anticipated by the Company’s management, which could affect any future report.

Since a significant portion of the Company’s debt and costs are denominated in U.S. dollars, while its revenues are primarily denominated in Mexican pesos, depreciation in the value of the Mexican peso against the U.S. dollar and any future depreciation could have a negative effect on the Company’s results due to exchange rate losses. However, the significant amount of U.S. dollars in the Company’s treasury, and the hedging strategies adopted by the Company in recent years, have enabled it to avoid significant foreign exchange losses.

Circumstances or events, such as changes in the value of the underlying assets or reference variables, resulting in a financial derivative being used other than as originally intended, or substantially altering its structure, or resulting in the partial or total loss of the hedge, thereby forcing the Company to assume new obligations, commitments or changes in its cash flows in a manner that affects its liquidity (e.g., margin calls). Description of the impact of such financial derivative transactions on the Company’s results or cash flows.

As of the date hereof, no circumstance or event has given rise to a significant change in the structure of a financial derivative transaction, caused it to be used other than as originally intended, or resulted in a partial or total loss of the relevant hedge requiring that the Company assume new obligations, commitments or variations in its cash flow such that its liquidity is affected.

Description and number of financial derivatives maturing during the quarter, any closed positions and, if applicable, number and amount of margin calls experienced during the quarter. Disclosure as to any default under the relevant contracts.

During the relevant quarter, one “Knock-out Option Call” agreement through which Televisa hedged against severe Mexican Peso depreciation for a notional amount of U.S.$15,000,000.00 (Fifteen Million Dollars 00/100) by paying a premium, expired. This option was entered in December 2011, and expired with Televisa not exercising it in May 2014.

Likewise there were no defaults or margin calls under financial derivative transactions.

v. Quantitative Information. Attached hereto as Table 1 is a summary of the financial derivative instruments purchased by Televisa, Corporación Novavisión, S. de R.L. de C.V. and Televisión Internacional, S.A. de C.V., whose aggregate fair value represents or could represent one of the reference percentages set forth in Section III (v) of the Official Communication.

IV. SENSITIVITY ANALYSIS

Considering that the Company has entered into financial derivative transactions for hedging purposes, and given the low amount of the financial derivative instruments that proved ineffective as a hedge, the Company has determined that such transactions are not material and, accordingly, the sensitivity analysis referred to in Section IV of the Official Communication is not applicable.

In those cases where the derivative instruments of the Company are for hedging purposes, for a material amount and where the effectiveness measures were sufficient, the measures are justified when the standard deviation of the changes in cash flow as a result of changes in the variables of exchange rate and interest rates of the derivative instruments used jointly with the underlying position is lower than the standard deviation of the changes in cash flow of the underlying position valued in pesos and the effective measures are defined by the correlation coefficient between both positions for the effective measures to be sufficient.

TABLE 1

GRUPO TELEVISA, S.A.B.

Summary of Financial Derivative Instruments as of

June 30, 2014

(In thousands of pesos/dollars)

Type of Derivative, Securities or Contract	Purpose (e.g., hedging, trading or other)	Notional Amount/Face Value	Value of the Underlying Asset / Reference Variable		Fair Value			Collateral/ Lines of Credit/ Securities Pledged
Type of Derivative, Securities or Contract	Purpose (e.g., hedging, trading or other)	Notional Amount/Face Value	Current Quarter	Previous Quarter (5)	Current Quarter D(H) (4)	Previous Quarter D(H) (5)	Maturing per Year	Collateral/ Lines of Credit/ Securities Pledged
Interest Rate Swap (2)	Hedging	Ps. 1,400,000	TIIE 28 days + 24bps / 8.415%	TIIE 28 days + 24bps / 8.415%	(115,652)	(111,757)	Monthly interest 2014-2016	Does not exist (6)
Interest Rate Swap (1)	Hedging	Ps. 2,500,000	TIIE 28 days / 7.4325%	TIIE 28 days / 7.4325%	(230,915)	(200,147)	Monthly interest 2014-2018	Does not exist (6)
Interest Rate Swap (1)	Hedging	Ps. 3,000,000	TIIE 28 days / 6,0833%	-	(105,815)	-	Monthly interest 2014-2021	Does not exist (6)
FX Options (1)	Hedging	USD 202,500	USD 202,500	USD 217,500	1,422	3,505	2014-2015	Does not exist (6)
Interest Rate Swap (3)	Hedging	Ps.1,433,487	TIIE 28 days / 5.084%	TIIE 28 days / 5.084%	(25,272)	(12,496)	Monthly Interest 2014-2019	Does not exist (6)
Forward (3)	Hedging	USD 6,000 / $ 77,344	USD 6,000 / $ 77,344	-	757	-	2014	Does not exist (6)
				Total	(475,475)	(320,895)

(1)	Acquired by Grupo Televisa, S.A.B.

(2)	Acquired by Corporación Novavisión, S. de R.L. de C.V.

(3)	Acquired by Televisión Internacional, S.A. de C.V.

(4)	The aggregate amount of the derivatives reflected in the consolidated statement of financial position of Grupo Televisa, S.A.B. as June 30, 2014, included in the relevant SIFIC, is as follows:

11060020	FINANCIAL DERIVATIVE INSTRUMENTS	Ps.	1,133
12080010	FINANCIAL DERIVATIVE INSTRUMENTS		1,046
22050010	FINANCIAL DERIVATIVE INSTRUMENTS		(477,654	)
		Ps.	(475,475	)

The financial derivatives shown in the above table are those whose aggregate value could represent 5% of the consolidated assets, liabilities or capital, or 3% of the consolidated sales, of Grupo Televisa, S.A.B., for the most recent quarter.

(5)	Information for the first quarter of 2014.

(6)	Applies only to implicit financing in the ISDA ancillary agreements identified as “Credit Support Annex”.

DECLARATION OF THE REGISTRANT´S OFFICERS RESPONSIBLE FOR THE INFORMATION.

WE HEREBY DECLARE THAT, TO THE EXTENT OF OUR FUNCTIONS, WE PREPARED THE INFORMATION RELATED TO THE REGISTRANT CONTAINED IN THIS REPORT FOR THE SECOND QUARTER OF 2014, AND BASED ON OUR KNOWLEDGE, THIS INFORMATION FAIRLY PRESENTS THE REGISTRANT´S CONDITION. WE ALSO DECLARE THAT WE ARE NOT AWARE OF ANY RELEVANT INFORMATION THAT HAS BEEN OMITTED OR UNTRUE IN THIS QUARTERLY REPORT, OR INFORMATION CONTAINED IN SUCH REPORT THAT MAY BE MISLEADING TO INVESTORS.

/s/ EMILIO FERNANDO AZCÁRRAGA JEAN	/s/ SALVI RAFAEL FOLCH VIADERO
EMILIO FERNANDO AZCÁRRAGA JEAN PRESIDENT AND CHIEF EXECUTIVE OFFICER	SALVI RAFAEL FOLCH VIADERO CHIEF FINANCIAL OFFICER

/s/ JOAQUÍN BALCÁRCEL SANTA CRUZ

JOAQUÍN BALCÁRCEL SANTA CRUZ

VICE PRESIDENT - LEGAL AND

GENERAL COUNSEL

MÉXICO, D.F., JULY 8, 2014

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	GRUPO TELEVISA, S.A.B.
	(Registrant)


Dated: July 10, 2014	By:	/s/ Joaquín Balcárcel Santa Cruz
		Name:	Joaquín Balcárcel Santa Cruz
		Title:	General Counsel