Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2021 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 1-12610 |
Entity Registrant Name | Grupo Televisa, S.A.B. |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Central Index Key | 0000912892 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
ICFR Auditor Attestation Flag | true |
Entity Incorporation, State or Country Code | O5 |
Entity Address, Address Line One | Av. Vasco de Quiroga No. 2000 |
Entity Address, City or Town | Colonia Santa Fe |
Entity Address, Postal Zip Code | 01210 |
Entity Address, Country | MX |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Name | KPMG Cárdenas Dosal S.C. |
Auditor Firm ID | 1141 |
Auditor Location | Mexico City, Mexico |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Av. Vasco de Quiroga No. 2000 |
Entity Address, City or Town | Colonia Santa Fe |
Entity Address, Postal Zip Code | 01210 |
Entity Address, Country | MX |
Contact Personnel Name | Luis Alejandro Bustos Olivares |
Contact Personnel Fax Number | (011-52) (55) 5261-2546 |
Contact Personnel Email Address | labustoso @televisa.com.mx |
Country Region | 011-52 |
City Area Code | 55 |
Local Phone Number | 5022-5899 |
Series "A" Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Series “A” Shares, without par value |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 114,085,084,347 |
Series "B" Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Series “B” Shares, without par value |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 51,463,474,237 |
Series "L" Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Series “L” Shares, without par value |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 81,873,650,791 |
Series "D" Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Dividend Preferred Shares, without par value |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 81,873,650,791 |
GDSs | |
Document Information [Line Items] | |
Title of 12(b) Security | Global Depositary Shares |
Trading Symbol | TV |
Security Exchange Name | NYSE |
CPOs | |
Document Information [Line Items] | |
Title of 12(b) Security | CPO |
No Trading Symbol Flag | true |
Security Exchange Name | NYSE |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 25,828,215 | $ 29,058,093 |
Trade notes and accounts receivable, net | 13,093,011 | 12,343,797 |
Other accounts and notes receivable, net | 1,026,218 | 818,168 |
Income taxes receivable | 7,261,999 | 5,054,080 |
Other recoverable taxes | 9,417,978 | 6,783,231 |
Derivative financial instruments | 127 | |
Due from related parties | 874,852 | 786,952 |
Transmission rights and programming | 7,591,669 | 6,396,214 |
Inventories | 2,212,859 | 1,641,300 |
Contract costs | 1,782,723 | 1,598,447 |
Other current assets | 4,169,299 | 4,580,793 |
Total current assets | 73,258,950 | 69,061,075 |
Non-current assets: | ||
Trade notes and accounts receivable, net of current portion | 385,060 | |
Derivative financial instruments | 133,197 | |
Transmission rights and programming | 12,841,026 | 7,982,796 |
Investments in financial instruments | 6,076,079 | 7,002,712 |
Investments in associates and joint ventures | 26,704,235 | 22,813,531 |
Property, plant and equipment, net | 87,922,126 | 83,281,627 |
Right-of-use assets, net | 7,604,567 | 7,212,165 |
Intangible assets and goodwill, net | 42,255,881 | 42,724,218 |
Deferred income tax assets | 33,173,148 | 27,999,693 |
Contract costs | 3,215,591 | 2,943,110 |
Other assets | 172,221 | 225,405 |
Total non-current assets | 220,483,131 | 202,185,257 |
Total assets | 293,742,081 | 271,246,332 |
Current liabilities: | ||
Current portion of long-term debt | 4,106,432 | 616,991 |
Interest payable | 2,034,577 | 1,934,656 |
Current portion of lease liabilities | 1,478,382 | 1,277,754 |
Derivative financial instruments | 149,087 | 2,016,952 |
Trade accounts payable and accrued expenses | 22,874,341 | 21,943,227 |
Customer deposits and advances | 8,998,556 | 5,935,858 |
Income taxes payable | 7,680,800 | 2,013,648 |
Other taxes payable | 4,416,960 | 4,463,336 |
Employee benefits | 2,332,260 | 1,262,627 |
Due to related parties | 82,070 | 83,007 |
Other current liabilities | 2,516,057 | 2,161,610 |
Total current liabilities | 56,669,522 | 43,709,666 |
Non-current liabilities: | ||
Long-term debt, net of current portion | 121,685,710 | 121,935,980 |
Lease liabilities, net of current portion | 8,202,177 | 8,014,597 |
Derivative financial instruments | 23,798 | 1,459,271 |
Income taxes payable | 104,825 | 767,115 |
Deferred income tax liabilities | 2,210,609 | 1,786,311 |
Post-employment benefits | 1,913,680 | 2,080,651 |
Other long-term liabilities | 6,407,696 | 3,553,708 |
Total non-current liabilities | 140,548,495 | 139,597,633 |
Total liabilities | 197,218,017 | 183,307,299 |
EQUITY | ||
Capital stock | 4,836,708 | 4,907,765 |
Additional paid-in capital | 15,889,819 | 15,889,819 |
Retained earnings | 88,218,188 | 84,280,397 |
Accumulated other comprehensive loss, net | (13,621,992) | (15,556,848) |
Shares repurchased | (14,205,061) | (16,079,124) |
Equity attributable to stockholders of the Company | 81,117,662 | 73,442,009 |
Non-controlling interests | 15,406,402 | 14,497,024 |
Total equity | 96,524,064 | 87,939,033 |
Total liabilities and equity | $ 293,742,081 | $ 271,246,332 |
Consolidated Statements of Inco
Consolidated Statements of Income $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021MXN ($)$ / EquityInstruments | Dec. 31, 2020MXN ($)$ / EquityInstruments | Dec. 31, 2019MXN ($)$ / EquityInstruments | |
Consolidated Statements of Income | |||
Net sales | $ 103,521,823 | $ 97,361,634 | $ 101,757,181 |
Cost of sales | 59,561,521 | 56,989,655 | 59,067,362 |
Selling expenses | 10,460,246 | 10,366,582 | 11,099,011 |
Administrative expenses | 13,710,793 | 12,713,657 | 13,269,191 |
Income before other income or expense | 19,789,263 | 17,291,740 | 18,321,617 |
Other income (expense), net | 2,388,008 | 233,628 | (1,316,587) |
Operating income | 22,177,271 | 17,525,368 | 17,005,030 |
Finance expense | (12,368,807) | (10,482,168) | (11,275,198) |
Finance income | 620,222 | 4,227,192 | 2,464,403 |
Finance expense, net | (11,748,585) | (6,254,976) | (8,810,795) |
Share of income (loss) of associates and joint ventures, net | 3,671,877 | (5,739,668) | 581,023 |
Income before income taxes | 14,100,563 | 5,530,724 | 8,775,258 |
Income taxes | 6,745,778 | 5,227,900 | 2,668,445 |
Net income | 7,354,785 | 302,824 | 6,106,813 |
Net income (loss)attributable to: | |||
Stockholders of the Company | 6,055,826 | (1,250,342) | 4,626,139 |
Non-controlling interests | 1,298,959 | 1,553,166 | 1,480,674 |
Net income | $ 7,354,785 | $ 302,824 | $ 6,106,813 |
Basic earnings (loss) per CPO attributable to stockholders of the Company | $ / EquityInstruments | 2.17 | (0.44) | 1.60 |
Diluted earnings (loss) per CPO attributable to stockholders of the Company | $ / EquityInstruments | 2.01 | (0.41) | 1.53 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statements of Comprehensive Income | |||
Net income | $ 7,354,785 | $ 302,824 | $ 6,106,813 |
Items that will not be reclassified to income: | |||
Remeasurement of post-employment benefit obligations | 279,825 | (344,313) | (247,092) |
Remeasurement of post-employment benefit obligations of assets held for sale | (3,445) | ||
Warrants issued by UHI, net of hedge | (21,899,164) | 257,306 | |
Open-Ended Fund, net of hedge | (19,718) | (904,423) | (351,202) |
Other equity instruments | (123,359) | (353,496) | (794,624) |
Items that may be subsequently reclassified to income: | |||
Exchange differences on translating foreign operations | 92,555 | 133,522 | (98,422) |
Cash flow hedges | 1,927,601 | (1,370,145) | (1,521,912) |
Other financial assets | 111 | ||
Share of other comprehensive income (loss) of associates and joint ventures | 245,714 | (61,033) | (236,159) |
Other comprehensive income (loss) before income taxes | 2,402,618 | (24,799,052) | (2,995,439) |
Income tax (expense) benefit | (467,749) | 7,936,914 | 704,164 |
Other comprehensive income (loss) | 1,934,869 | (16,862,138) | (2,291,275) |
Total comprehensive income (loss) | 9,289,654 | (16,559,314) | 3,815,538 |
Total comprehensive income (loss) attributable to: | |||
Stockholders of the Company | 7,990,682 | (18,127,641) | 2,356,623 |
Non-controlling interests | 1,298,972 | 1,568,327 | 1,458,915 |
Total comprehensive income (loss) | $ 9,289,654 | $ (16,559,314) | $ 3,815,538 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - MXN ($) $ in Thousands | Capital Stock Issued | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (loss) | Shares Repurchased | Equity Attributable to Stockholders of the Company | Non-controlling Interests | Total |
Beginning Balance of period at Dec. 31, 2018 | $ 4,907,765 | $ 15,889,819 | $ 78,731,909 | $ 4,427,487 | $ (14,219,060) | $ 89,737,920 | $ 15,013,771 | $ 104,751,691 |
Acquisition of non-controlling interests | 766 | 766 | (766) | |||||
Dividends | (1,066,187) | (1,066,187) | (1,598,153) | (2,664,340) | ||||
Reclassification due to partial disposition of Open Ended Fund | 837,520 | (837,520) | ||||||
Repurchase of CPOs | (1,385,750) | (1,385,750) | (1,385,750) | |||||
Shares repurchased | (100,246) | (100,246) | (100,246) | |||||
Sale of shares | (1,585,963) | 1,686,209 | 100,246 | 100,246 | ||||
Share-based compensation | 1,108,094 | 1,108,094 | 1,108,094 | |||||
Total comprehensive income (loss) | 4,626,139 | (2,269,516) | 2,356,623 | 1,458,915 | 3,815,538 | |||
End balance of period at Dec. 31, 2019 | 4,907,765 | 15,889,819 | 82,652,278 | 1,320,451 | (14,018,847) | 90,751,466 | 14,873,767 | 105,625,233 |
Funding for acquisition of shares under the Long-term Retention Plan | (97,000) | (97,000) | (97,000) | |||||
Disposition of non-controlling interests in Sistema Radipolis | (291,897) | (291,897) | ||||||
Dividends to non-controlling interests | (1,653,173) | (1,653,173) | ||||||
Share of income in OCEN (see Note 10) | 147,975 | 147,975 | 147,975 | |||||
Repurchase of CPOs | (195,597) | (195,597) | (195,597) | |||||
Shares repurchased | (111,979) | (111,979) | (111,979) | |||||
Sale of shares | (997,174) | 1,109,153 | 111,979 | 111,979 | ||||
Cancellation of sale of shares | 2,764,854 | (2,764,854) | ||||||
Share-based compensation | 962,806 | 962,806 | 962,806 | |||||
Total comprehensive income (loss) | (1,250,342) | (16,877,299) | (18,127,641) | 1,568,327 | (16,559,314) | |||
End balance of period at Dec. 31, 2020 | 4,907,765 | 15,889,819 | 84,280,397 | (15,556,848) | (16,079,124) | 73,442,009 | 14,497,024 | 87,939,033 |
Funding for acquisition of shares under the Long-term Retention Plan | (328,500) | (328,500) | (328,500) | |||||
Dividends | (1,053,392) | (1,053,392) | (405,928) | (1,459,320) | ||||
Shares cancellation | (71,057) | (1,510,290) | 1,581,347 | |||||
Shares repurchased | (774,073) | (774,073) | (774,073) | |||||
Sale of shares | (1,126,573) | 1,900,646 | 774,073 | 774,073 | ||||
Cancellation of sale of shares | 505,357 | (505,357) | ||||||
Share-based compensation | 1,066,863 | 1,066,863 | 1,066,863 | |||||
Other | 16,334 | 16,334 | ||||||
Total comprehensive income (loss) | 6,055,826 | 1,934,856 | 7,990,682 | 1,298,972 | 9,289,654 | |||
End balance of period at Dec. 31, 2021 | $ 4,836,708 | $ 15,889,819 | $ 88,218,188 | $ (13,621,992) | $ (14,205,061) | $ 81,117,662 | $ 15,406,402 | $ 96,524,064 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | |
Operating Activities: | |||
Income before income taxes | $ 14,100,563 | $ 5,530,724 | $ 8,775,258 |
Adjustments to reconcile income before income taxes to net cash provided by operating activities: | |||
Share of (income) loss of associates and joint ventures | (3,671,877) | 5,739,668 | (581,023) |
Depreciation and amortization | 21,418,369 | 21,260,787 | 21,008,796 |
Other amortization of assets | 329,144 | 380,863 | 531,426 |
Impairment of long-lived assets | 225,136 | 40,803 | 67,574 |
(Gain) loss on disposition of property and equipment | (279,593) | (74,175) | 270,381 |
Impairment loss on trade notes and accounts receivable, and other receivables | 1,276,990 | 1,387,431 | 1,446,568 |
Post-employment benefits | 259,291 | 292,026 | 259,064 |
Interest income | (60,174) | (72,861) | (102,675) |
Share-based compensation expense | 1,088,413 | 984,356 | 1,129,644 |
Provision for deferred compensation | 199,195 | ||
Interest receivable for Asset Tax from prior years | (139,995) | ||
Other finance loss (income), net | 1,183,180 | (89,323) | 872,291 |
Gain on disposition of investments, net | (4,547,029) | (789,873) | (627) |
Cancellation of provision | 691,221 | ||
Interest expense | 9,135,531 | 10,482,168 | 10,402,021 |
Unrealized foreign exchange loss (gain), net | 1,805,986 | (2,596,198) | (1,120,958) |
Total | 42,263,930 | 43,167,617 | 43,016,940 |
(Increase) decrease in trade notes and accounts receivable | (2,000,397) | 634,108 | 4,785,389 |
(Increase) decrease in transmission rights and programming | (6,049,514) | (54,274) | 2,632,696 |
Decrease (increase) in due from related parties, net | 18,959 | (393,631) | 204,166 |
(Increase) in inventories | (571,281) | (522,003) | (128,327) |
Increase in other accounts and notes receivable and other current assets | (2,882,822) | (2,469,724) | (2,789,811) |
Increase (decrease) in trade accounts payable and accrued expenses | 850,760 | 1,065,101 | (1,885,865) |
Increase (decrease) in customer deposits and advances | 3,060,769 | 185,143 | (7,778,497) |
Increase (decrease) in other liabilities and taxes payable | 2,877,152 | (96,832) | (1,848,715) |
Increase (decrease) in post-employment benefits | 923,196 | 326,892 | (122,261) |
Income taxes paid | (9,166,602) | (8,681,478) | (8,816,632) |
Total | (12,939,780) | (10,006,698) | (15,747,857) |
Net cash provided by operating activities | 29,324,150 | 33,160,919 | 27,269,083 |
Investing activities: | |||
Temporary investments | 30,992 | ||
Disposition of investments in financial instruments | 2,014,371 | 3,155,643 | 2,301,682 |
Disposition of investment | 4,625,291 | ||
Disposition or investment in joint ventures | 122,227 | 125,624 | 149,390 |
Investment in other equity instruments | 1,122,178 | 602,466 | 25,741 |
Dividends received | 10,000 | 772,400 | |
Investments in property, plant and equipment | (23,267,847) | (20,131,738) | (19,108,284) |
Disposition of property, plant and equipment | 672,424 | 1,520,417 | 981,503 |
Other investments in intangible assets | (1,899,464) | (1,235,177) | (2,106,750) |
Net cash used in investing activities | (18,845,176) | (15,919,697) | (17,004,808) |
Financing activities: | |||
Long-term loans from Mexican banks | 2,650,000 | 10,000,000 | |
Repayment of Mexican peso debt | (242,489) | (492,489) | (989,156) |
Prepayment of Mexican peso debt related to Sky | (1,750,000) | (2,750,000) | |
Payments of lease liabilities | (646,527) | (668,277) | (559,623) |
Other payments of lease liabilities | (1,082,226) | (953,771) | (883,533) |
Interest paid | (8,258,243) | (9,455,387) | (9,180,141) |
Funding for acquisition of shares of the Long-term Retention Plan | (328,500) | (197,000) | |
Repurchases of CPOs under a share repurchase program | (195,597) | (1,385,750) | |
Repurchase of capital stock | (774,073) | (111,979) | (100,246) |
Sale of capital stock | 774,073 | 111,979 | 100,246 |
Dividends paid | (1,053,392) | (1,066,187) | |
Dividends paid of non-controlling interests | (328,774) | (1,420,477) | (1,594,629) |
Derivative financial instruments | (2,692,241) | 1,261,845 | (596,046) |
Net cash used in financing activities | (13,732,392) | (16,195,216) | (14,301,896) |
Effect of exchange rate changes on cash and cash equivalents | 23,540 | (11,516) | (60,449) |
Net (decrease) increase in cash and cash equivalents | (3,229,878) | 1,034,490 | (4,098,070) |
Cash and cash equivalents related to assets held for sale | 571,338 | (517,956) | |
Cash and cash equivalents at beginning of year | 29,058,093 | 27,452,265 | 32,068,291 |
Cash and cash equivalents at end of year | $ 25,828,215 | 29,058,093 | 27,452,265 |
Radiopolis | |||
Investing activities: | |||
Disposition of investment | 1,248,000 | ||
Issuance of Senior Notes due 2049 | |||
Financing activities: | |||
Issuance of Notes | 14,247,544 | ||
Notes due 2020, 2021 and 2022 | |||
Financing activities: | |||
Prepayment of Notes | (21,000,000) | ||
Other notes payable | |||
Financing activities: | |||
Repayment and prepayment of other notes payable | $ (1,324,063) | $ (1,294,375) |
Corporate Information
Corporate Information | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information | |
Corporate information | 1. Corporate Information Grupo Televisa, S.A.B. (the “Company”) is a limited liability public stock corporation (“Sociedad Anónima Bursátil” or “S.A.B.”), incorporated under the laws of Mexico. Pursuant to the terms of the Company’s bylaws (“Estatutos Sociales”), its corporate existence continues through 2106. The shares of the Company are listed and traded in the form of “Certificados de Participación Ordinarios”, or “CPOs,” on the Mexican Stock Exchange (“Bolsa Mexicana de Valores” or “BMV”) under the ticker symbol TLEVISA CPO, and in the form of Global Depositary Shares, or “GDSs,” on the New York Stock Exchange, or “NYSE,” under the ticker symbol TV. The Company’s principal executive offices are located at Av. Vasco de Quiroga No. 2000, Colonia Santa Fe, 01210, Mexico City, Mexico. Grupo Televisa, S.A.B., together with its subsidiaries (collectively, the “Group”) is a major telecommunications corporation which owns and operates one of the most significant cable companies as well as a leading direct-to-home satellite pay television system in Mexico. The Group’s cable business offers integrated services, including video, high-speed data and voice to residential and commercial customers, as well as managed services to domestic and international carriers. The Group owns a majority interest in Sky, a leading direct-to-home satellite pay television system and broadband provider in Mexico, operating also in the Dominican Republic and Central America. The Group holds a number of concessions by the Mexican government that authorizes it to broadcast programming over television stations for the signals of TelevisaUnivision, Inc. (“TelevisaUnivision”), and the Group’s cable and DTH systems. In addition, the Group is the largest shareholder of TelevisaUnivision, the controlling company of Univision Communications Inc., a leading media company producing, creating and distributing Spanish-speaking content through several broadcast channels in Mexico, the U.S. and over 60 countries through television networks, cable operators and over-the-top or “OTT” services. The Group also has interests in magazine publishing and distribution, professional sports and live entertainment, and gaming. |
Accounting Policies
Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies | |
Accounting Policies | 2. Accounting Policies The principal accounting policies followed by the Group and used in the preparation of these consolidated financial statements are summarized below. (a) Basis of Presentation The consolidated financial statements of the Group as of December 31, 2021 and 2020, and for the years ended December 31, 2021, 2020 and 2019, are presented in accordance with International Financial Reporting Standards (“IFRS Standards”), as issued by the International Accounting Standards Board (“IASB”). IFRS Standards comprise: (i) IFRS Standards; (ii) International Accounting Standards (“IAS Standards”); (iii) IFRS Interpretations Committee (“IFRIC”) Interpretations; and (iv) Standing Interpretations Committee (“SIC”) Interpretations. The consolidated financial statements have been prepared on a historical cost basis, except for the measurement at fair value of derivative financial instruments, financial assets, investments in equity financial instruments, plan assets of post-employment benefits and share-based payments, as described in the notes to the financial statements below. The preparation of consolidated financial statements in conformity with IFRS Standards, requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. Changes in assumptions may have a significant impact on the consolidated financial statements in the period the assumptions changed. Management believes that the underlying assumptions are appropriate. The areas involving a higher degree of judgment or complexity, or areas where estimates and assumptions are significant to the Group’s financial statements are disclosed in Note 5 to these consolidated financial statements. These consolidated financial statements were authorized for issuance on March 30, 2022, and were also authorized for issuance on April 27, 2022, including the events disclosed in Note 30, by the Group's Corporate Vice President of Finance. (b) Consolidation The financial statements of the Group are prepared on a consolidated basis and include the assets, liabilities and results of operations of all companies in which the Company has a controlling interest (subsidiaries). All intercompany balances and transactions have been eliminated from the consolidated financial statements. Subsidiaries Subsidiaries are all entities over which the Company has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The existence and effects of potential voting rights that are currently exercisable or convertible are considered when assessing whether or not the Company controls another entity. The subsidiaries are consolidated from the date on which control is obtained by the Company and cease to consolidate from the date on which said control is lost. The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis at the non-controlling interest’s proportionate share of the recognized amounts of acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized in income or loss. Changes in Ownership Interests in Subsidiaries without Change of Control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the interest acquired of the carrying amount of net assets of the subsidiary is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded in equity. Loss of Control of a Subsidiary When the Company ceases to have control of a subsidiary, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognized in income or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This means that amounts previously recognized in other comprehensive income are reclassified to income or loss except for certain equity financial instruments designated irrevocably with changes in other comprehensive income or loss. At December 31, 2021 and 2020, the main direct and indirect subsidiaries of the Company were as follows: Company’s Ownership Business Subsidiaries Interest (1) Segment (2) Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”) (3) 51.2 % Cable Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”) (4) 100 % Cable Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”) (5) 100 % Cable Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”) (6) 66.2 % Cable Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”) (7) 100 % Cable Subsidiaries engaged in the Telecable business (collectively, “Telecable”) (8) 100 % Cable FTTH de México, S.A. de C.V. (9) 100 % Cable Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries (10) 100 % Cable and Sky Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”) (11) 58.7 % Sky Grupo Telesistema, S.A. de C.V. (“Grupo Telesistema”) and subsidiaries 100 % Content and Other Businesses Televisa, S. de R. L. de C.V. (Televisa, S.A. de C.V. through May 2021) (“Televisa”) (12) 100 % Content Televisión Independiente de México, S.A. de C.V. (“TIM”) (12) 100 % Content G.Televisa-D, S.A. de C.V. (12) 100 % Content Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary (13) 100 % Content Ulvik, S.A. de C.V. (14) 100 % Content and Other Businesses Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries 100 % Other Businesses Editorial Televisa, S.A. de C.V. and subsidiaries 100 % Other Businesses Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries 100 % Other Businesses Villacezán, S.A. de C.V. (“Villacezán”) and subsidiaries (15) 100 % Other Businesses Sistema Radiópolis, S.A. de C.V. (“Radiópolis”) and subsidiaries (16) — Disposed operations in 2020 (1) Percentage of equity interest directly or indirectly held by the Company. (2) See Note 26 for a description of each of the Group’s business segments. See Notes 3 and 30 for the Group’s transaction with UH II, which was concluded on January 31, 2022. (3) Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ. (4) The subsidiaries in the Cablemás business are directly and indirectly owned by CVQ. (5) Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ. (6) Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V. (7) Arretis, S.A.P.I. de C.V., is a direct subsidiary of CVQ. (8) The subsidiaries in the Telecable business are directly owned by CVQ. (9) FTTH de México, S. A. de C.V., is an indirect subsidiary of CVQ. (10) CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova. (11) Innova is an indirect majority-owned subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. (“Sky DTH”), and a direct majority-owned subsidiary of Innova Holdings, S. de R.L. de C.V. (“Innova Holdings”). Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Although the Company holds a majority of Innova’s equity and designates a majority of the members of Innova’s Board of Directors, the non-controlling interest has certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto rights are protective in nature and do not affect decisions about relevant business activities of Innova. (12) TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema. Through January 31, 2022, Televisa was a direct subsidiary of Grupo Telesistema. (13) Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), are indirect wholly-owned subsidiaries of Grupo Telesistema, through which the Company owns shares of the capital stock of UH II, the successor company of Univision Holdings, Inc. (“UHI”) and the parent company of Univision, and maintained through December 29, 2020, an investment in warrants that were exercised for shares of common stock of UHI on that date. Multimedia Telecom and Tieren have investments representing 95.3% and 4.7% , respectively, of the Group’s aggregate investment in shares of common stock issued by UH II as of December 31, 2021, and UHI as of December 31, 2020 (see Notes 3, 9, 10 and 20). (14) Direct subsidiary through which the Group conducts certain operations of its Other Businesses segment, and conducted certain operations of its Content segment through January 31, 2022. (15) Villacezán is an indirect subsidiary of Grupo Telesistema. (16) In July 2020, the Company concluded the sale of its 50% equity interest in Radiópolis. Through June 2020, Radiópolis was a direct subsidiary of the Company through which the Group conducted the operations of its former Radio business. The Company controlled Radiópolis as it had the right to appoint the majority of the members of the Board of Directors of Radiópolis. The Radio business was part the of the Group’s Other Businesses segment through the third quarter of 2019. Beginning in the fourth quarter of 2019, the assets and related liabilities of the Radio Business, as well as its operating results, were classified as held for sale in the Group’s consolidated financial statements through June 30, 2020 (see Notes 3 and 26). The Group’s Cable, Sky and Content segments, require governmental concessions and special authorizations for the provision of broadcasting and telecommunications services in Mexico. Such concessions are granted by the Mexican Institute of Telecommunications (“Instituto Federal de Telecomunicaciones” or “IFT”) for a fixed term, subject to renewal in accordance with the Mexican Telecommunications and Broadcasting Law (“Ley Federal de Telecomunicaciones y Radiodifusión” or “LFTR”). Renewal of concessions for the Cable and Sky segments require, among others: (i) to request its renewal to IFT prior to the last fifth period of the fixed term of the related concession; (ii) to be in compliance with the concession holder’s obligations under the LFTR, other applicable regulations, and the concession title; and (iii) the acceptance by the concession holder of any new conditions for renewing the concession as set forth by IFT. IFT shall resolve any request for renewal of the telecommunications concessions within 180 business days of its request. Failure to respond within such period of time shall be interpreted as if the request for renewal has been granted. Renewal of broadcasting concessions for the Content segment through January 31, 2022, and for the broadcast programming operations over television stations for the signals of TelevisaUnivision beginning on February 1, 2022, require, among others: (i) to request such renewal to IFT prior to the last fifth period of the fixed term of the related concession; (ii) to be in compliance with the concession holder’s obligations under the LFTR, other applicable regulations, and the concession title; (iii) a declaration by IFT that there is no public interest in recovering the spectrum granted under the related concession; and (iv) the acceptance by the concession holder of any new conditions for renewing the concession as set forth by IFT, including the payment of a related fee. IFT shall resolve within the year following the presentation of the request, if there is public interest in recovering the spectrum granted under the related concession, in which case it will notify its determination and proceed with the termination of the concession at the end of its fixed term. If IFT determines that there is no public interest in recovering the spectrum, it will grant the requested extension within 180 business days, provided that the concessionaire accepts, in advance, the new conditions set by IFT, which will include the payment of the fee referred to above. Such fee will be determined by IFT for the relevant concessions, considering the following elements: (i) the frequency band; (ii) the amount of spectrum; (iii) coverage of the frequency band; (iv) domestic and international benchmark regarding the market value of frequency bands; and (v) upon request of IFT, an opinion issued by the Ministry of Finance and Public Credit of IFT´s proposal for calculation of the fee. The regulations of the broadcasting and the telecommunications concessions (including satellite pay TV) establish that at the end of the concession, the frequency bands or spectrum attached to the services provided in the concessions shall return to the Mexican government. In addition, at the end of the concession, the Mexican government will have the preferential right to acquire infrastructure, equipment and other goods directly used in the provision of the concession. If the Mexican government were to exercise its right to acquire infrastructure, equipment and other goods, it would be required to pay a price that is equivalent to a formula that is similar to fair value. To the knowledge of the Company’s management, no spectrum granted for broadcasting services in Mexico has been recovered by the Mexican government in at least the past three decades for public interest reasons. However, the Company’s management is unable to predict the outcome of any action by IFT in this regard. In addition, these assets, by themselves, would not be enough to immediately begin broadcasting or offering satellite pay TV services or telecommunications services, as no content producing assets or other equipment necessary to operate the business would be included. Also, the Group’s Gaming business, which is reported in the Other Businesses segment, requires a permit granted by the Mexican Federal Government for a fixed term, subject to renewal in accordance with Mexican law. Additionally, the Group’s Sky businesses in Central America and the Dominican Republic require concessions or permits granted by local regulatory authorities for a fixed term, subject to renewal in accordance with local laws. The accounting guidelines provided by IFRIC 12 Service Concession Arrangements, At December 31, 2021, the expiration dates of the Group’s concessions and permits were as follows: Segments Expiration Dates Cable Various from 2026 to 2056 Sky Various from 2022 to 2056 Content (broadcasting concessions) (1) In 2021, and the relevant renewals started in 2022 ending in 2042 and 2052 Other Businesses: Gaming In 2030 (1) In November 2018, the IFT approved (i) 23 concessions for the use of spectrum that comprise the Company’s 225 TV stations, for a term of 20 years , starting in January 2022 and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years , starting in January 2022 and ending in January 2052. In November 2018, the Group paid for such renewal an aggregate amount of Ps. 5,754,543 in cash, which included a payment of Ps. 1,194 for administrative expenses and recognized this payment as an intangible asset in its consolidated statement of financial position. This amount will be amortized in a period of 20 years beginning on January 1, 2022, by using the straight-line method (see Note 13). The concessions or permits held by the Group are not subject to any significant pricing regulations in the ordinary course of business. (c) Investments in Associates and Joint Ventures Associates are those entities over which the Group has significant influence but not control or joint control, over the financial and operating policies, generally those entities with a shareholding of between 20% and 50% of the voting rights. Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. Joint ventures are those joint arrangements where the Group exercises joint control with other stockholder or more stockholders, without exercising control individually, and have rights to the net assets of the joint arrangements. Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the net assets of the investee after the date of acquisition. The investor’s income or loss includes its share of the investee’s income or loss and the investor’s other comprehensive income includes its share of the investee’s other comprehensive income. The Group’s investments in associates include an equity interest in UH II (the successor company of UHI) represented by approximately 35.5% and 35.9% of the outstanding total shares of UH II (the successor company of UHI) as of December 31, 2021 and 2020, respectively (see Notes 3, 9 and 10). If the Group’s share of losses of an associate or a joint venture equals or exceeds its interest in the investee, the Group discontinues recognizing its share of further losses. The interest in an associate or a joint venture is the carrying amount of the investment in the investee under the equity method together with any other long-term investment that, in substance, form part of the Group’s net investment in the investee. After the Group’s interest is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. (d) Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Group’s Co-Chief Executive Officers (“chief operating decision makers”), who are responsible for allocating resources and assessing performance for each of the Group’s operating segments. (e) Foreign Currency Translation Functional and Presentation Currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The presentation and reporting currency of the Group’s consolidated financial statements is the Mexican peso, which is used for compliance with its legal and tax obligations. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or measurement where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income as part of finance income or expense, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Changes in the fair value of monetary securities denominated in foreign currency classified as investments in financial instruments are analyzed between exchange differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Translation differences related to changes in amortized cost are recognized in income or loss, and other changes in carrying amount are recognized in other comprehensive income or loss. Translation of Foreign Operations The financial statements of the Group’s foreign entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (a) assets and liabilities are translated at the closing rate at the date of the statement of financial position; (b) income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); (c) stockholders’ equity accounts are translated at the prevailing exchange rate at the time capital contributions were made and earnings were generated and (d) all resulting translation differences are recognized in other comprehensive income or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Translation differences arising are recognized in other comprehensive income or loss. Assets and liabilities in foreign currencies of non-Mexican subsidiaries that use the Mexican Peso as a functional currency are initially converted to Mexican Pesos by utilizing the exchange rate of the statement of financial position date for monetary assets and liabilities, and historical exchange rates for non-monetary items, with the related adjustment included in the consolidated statement of income as finance income or expense. A portion of the Group’s outstanding principal amount of its U.S. dollar denominated long-term debt (hedging instrument, disclosed in the line item “Long-term debt, net of current portion” of the consolidated statement of financial position) has been designated as a hedge of a net investment in a foreign operation in connection with the Group’s investment in shares of UH II (UHI, until May 18, 2021) (hedged item), which amounted to U.S.$1,254.5 million (Ps.25,721,539) and U.S.$1,074.0 million (Ps.21,424,180) as of December 31, 2021 and 2020, respectively. Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term debt is credited or charged directly to other comprehensive income or loss as a cumulative result from foreign currency translation (see Note 10). A portion of the Group’s outstanding principal amount of its U.S. dollar denominated long-term debt (hedging instrument, disclosed in the line item “Long-term debt, net of current portion” of the consolidated statement of financial position) was designated as a fair value hedge of foreign exchange exposure related to its investment in warrants that were exercisable for common stock of UHI (hedged item) through December 29, 2020, the date on which the Group exercised all of these warrants for common stock of UHI, which amounted to Ps.17,387,699 (U.S.$871.6 million) as of December 29, 2020 and Ps.33,775,451 (U.S.$1,788.6 million) as of December 31, 2019. Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term debt was credited or charged directly to other comprehensive income or loss through December 29, 2020, along with the recognition in the same line item of any foreign currency gain or loss of this investment in warrants designated as a hedged item through that date (see Notes 9, 14 and 18). A portion of the Group’s outstanding principal amount of its U.S. dollar denominated long-term debt (hedging instrument, disclosed in the line item “Long-term debt, net of current portion” of the consolidated statement of financial position) has been designated as a fair value hedge of foreign exchange exposure related to its investment in Open-Ended Fund (hedged item), which amounted to Ps.945,176 (U.S.$46.1 million) and Ps.1,135,803 (U.S.$56.9 million), as of December 31, 2021 and 2020, respectively. Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term debt is credited or charged directly to other comprehensive income or loss, along with the recognition in the same line item of any foreign currency gain or loss of this investment in Open-Ended Fund designated as a hedged item (see Notes 9, 14 and 18). (f) Cash and Cash Equivalents and Temporary Investments Cash and cash equivalents consist of cash on hand and all highly liquid investments with an original maturity of three months or less at the date of acquisition. Cash is stated at nominal value and cash equivalents are measured at fair value, and the changes in the fair value are recognized in the statement of income. Temporary investments consist of short-term investments in securities, including without limitation debt with a maturity of over three months and up to one year at the date of acquisition, stock and other financial instruments, or a combination thereof, as well as current maturities of noncurrent financial assets. Temporary investments are measured at fair value with changes in fair value recognized in finance income in the consolidated income statement, except the current maturities of non-current held-to-maturity securities which are measured at amortized cost. As of December 31, 2021 and 2020, cash equivalents and temporary investments primarily consisted of fixed short-term deposits and corporate fixed income securities denominated in U.S. dollars and Mexican pesos, with an average yield of approximately 0.07% for U.S. dollar deposits and 4.36% for Mexican peso deposits in 2021, and approximately 0.38% for U.S. dollar deposits and 5.40% for Mexican peso deposits in 2020. (g) Transmission Rights and Programming Programming is comprised of programs, literary works, production talent advances and films. Transmission rights and literary works are valued at the lesser of acquisition cost and net realizable value. Programs and films are valued at the lesser of production cost, which consists of direct production costs and production overhead, and net realizable value. Payments for production talent advances are initially capitalized and subsequently included as direct or indirect costs of program production. Transmission rights are recognized from the point of which the legally enforceable license period begins. Until the license term commences and the programming rights are available, payments made are recognized as prepayments. The Group’s policy is to capitalize the production costs of programs which benefit more than one annual period and amortize them over the expected period of future program revenues based on the Company’s historical revenue patterns and usage for similar productions. Transmission rights, programs, literary works, production talent advances and films are recorded at acquisition or production cost. Cost of sales is calculated and recorded for the month in which such transmission rights, programs, literary works, production talent advances and films are matched with related revenues. Transmission rights are recognized in income over the lives of the contracts. Transmission rights in perpetuity are amortized on a straight-line basis over the period of the expected benefit as determined by past experience, but not exceeding 25 years. (h) Inventories Inventories of paper, magazines, materials and supplies for maintenance of technical equipment are recorded at the lower of cost or its net realizable value. The net realization value is the estimated selling price in the normal course of business, less estimated costs to conduct the sale. Cost is determined using the average cost method. (i) Financial Assets The Group classifies its financial assets in accordance with IFRS 9 Financial Instruments Financial Assets Measured at Amortized Cost Financial assets are measured at amortized cost when the objective of holding such financial assets is to collect contractual cash flows, and the contractual terms of the financial asset give rise on specified dates to cash flows that are only payments of principal and interest on the principal amount outstanding. These financial assets are initially recognized at fair value plus transaction costs and subsequently carried at amortized cost using the effective interest rate method, with changes in carrying amount recognized in the consolidated statement of income in the line which most appropriately reflects the nature of the item or transaction. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period that are included in non-current assets. The Group’s financial assets measured at amortized costs are primarily presented as “trade notes and accounts receivable”, “other accounts and notes receivable”, and “due from related parties” in the consolidated statement of financial position (see Note 7). Financial Assets Measured at FVOCIL Financial assets are measured at FVOCIL when the objective of holding such financial assets is both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group’s investments in certain equity instruments have been designated to be measured at FVOCIL, as permitted by IFRS 9. In connection with this designation, any amounts presented in consolidated other comprehensive income are not subsequently transferred to consolidated income. Dividends from these equity instruments are recognized in consolidated income when the right to receive payment of the dividend is established, and such dividend is probable to be paid to the Group. Financial Assets at FVIL Financial assets at FVIL are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are also categorized as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current. Impairment of Financial Assets The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at FVOCIL. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables (see Note 7). Offsetting of Financial Instruments Financial assets are offset against financial liabilities and the net amount reported in the consolidated statement of financial position if, and only when the Group: (i) currently has a legally enforceable right to set off the recognized amounts; and (ii) intends either to settle on a net basis, or to realize the assets and settle the liability simultaneously. (j) Property, Plant and Equipment Property, plant and equipment are recorded at acquisition cost. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to income or loss during the financial period in which they are incurred. L |
Disposition of OCEN and Radiopo
Disposition of OCEN and Radiopolis, and Transaction with UH II | 12 Months Ended |
Dec. 31, 2021 | |
Disposition of OCEN and Radiopolis, and Transaction with UH II | |
Disposition of OCEN and Radiopolis, and Transaction with UH II | 3. Disposition of OCEN and Radiópolis, and Transaction with UH II In July 2019, the Company announced an agreement with Live Nation Entertainment, Inc. (“Live Nation”) to dispose of its 40% equity interest in OCESA Entretenimiento, S.A. de C.V. (“OCEN”), a live entertainment company with operations in Mexico, Central America and Colombia. OCEN (i) is a direct associate of OISE Entretenimiento, S.A. de C.V. (“OISE Entretenimiento”), which was a wholly-owned subsidiary of the Company; and (ii) was a former subsidiary of Compañía Interamericana de Entretenimiento, S.A.B. de C.V. (“CIE”). The disposal of OCEN was expected to be completed by the parties in the first half of 2020, through the sale of the total outstanding shares of OISE Entretenimiento, which net assets were comprised primarily of the 40% equity stake in OCEN. This transaction was subject to customary closing conditions, including regulatory approvals and certain notifications, and to the closing of the proposed sale by CIE to Live Nation of a portion of its stake in OCEN. In consideration for the sale of the shares of OISE Entretenimiento, the Company expected to receive cash proceeds in the aggregate amount of Ps.5,206,000. As a result of this transaction, beginning on July 31, 2019, the Group classified the assets of OISE Entretenimiento, including the carrying amount of its investment in OCEN as current assets held for sale in its consolidated statement of financial position. In connection with a purported unilateral termination of the stock purchase agreement by Live Nation which was notified to the Company in May 2020, beginning on May 31, 2020, the Company: (i) ceased to classify the assets of OISE Entretenimiento, including the investment in OCEN, as current assets held for sale; (ii) classified its equity interest in OCEN as an investment in associates and joint ventures in its consolidated statement of financial position; (iii) recognized its share of income of OCEN, which was discontinued from August 1, through December 31, 2019, in consolidated retained earnings as of January 1, 2020 in the amount of Ps.147,975 and (iv) began to recognize its share of income or loss of OCEN for the year ended December 31, 2020. On September 13, 2021, the Company announced that it had reached an agreement with Live Nation to move forward with the previously announced acquisition by Live Nation of the Group’s unconsolidated 40% equity participation in OCEN. As a result, the Group classified the assets of OISE Entretenimiento, including the carrying amount of its investment in OCEN, as current assets held for sale in its consolidated statement of financial position as of September 30, 2021, and discontinued recognizing its share of income or loss from October 1 through November 30, 2021. On December 6, 2021, the Company announced the closing of the sale of its consolidated 40% equity participation in OCEN to Live Nation. In December 2021, the Company concluded this transaction and received a payment in cash of Ps.4,806,549; recognized an account receivable of Ps.364,420 in connection with a 7% retention of the total amount of the transaction to cover OCEN potential operating losses, if any, for a period of time following closing; and accounted for a pretax income of Ps.4,547,029 for the disposal of this investee in other consolidated income for the year ended December 31, 2021 (see Notes 10 and 20). In July 2019, the Company announced a stock purchase agreement with Corporativo Coral, S.A. de C.V. (“Coral”) and Miguel Alemán Magnani as Obligor to dispose of its 50% equity interest in Radiópolis, a direct subsidiary of the Company at that date which was engaged in the Radio business, for an aggregate amount of Ps.1,248,000, as well as the payment of a dividend by Radiópolis to the Company by the closing date of the transaction. While the sale of the Company’s equity interest in the Radio business was consummated for legal and tax purposes as of December 31, 2019, the total assets and related total liabilities of Radiópolis in the amount of Ps.1,675,426 and Ps.432,812, respectively, as of December 31, 2019, were classified as current assets and current liabilities held for sale in the Group’s consolidated statement of financial position as of that date, as the voting interest of the Company in Radiópolis continued to be in place until the full payment of the purchase price was made by the acquirer. In March and June 2020, the Company entered into additional agreements with Coral an its Obligor to complete this transaction by which, among other things, the acquirer made two cash payments in March and June 2020, for the amount of Ps.603,395 and Ps.110,000, respectively, and a final cash payment in July 2020 for the amount of Ps.534,605. In July 2020, the Company concluded this transaction and received the payment of a dividend from Radiópolis in the amount of Ps.285,669.As a result of this transaction, the Group recognized a pre-tax gain on the disposition of Radiópolis of Ps.932,449 in consolidated other income for the year ended December 31, 2020. Following this transaction, the Group classified its former Radio operations as disposed operations in the segment information of its consolidated statements of income for the years ended December 31, 2020 and 2019. The Group did not classify its former Radio operations as discontinued operations in these consolidated statements of income, as these operations did not represent a separate major line of business in any of those years, based on a materiality assessment performed by management (see Notes 2 (b), 22 and 26). On April 13, 2021, the Group and Univision Holdings, Inc. (“UHI”) announced a transaction agreement (the “Transaction Agreement”) in which the Group’s content and media assets would be combined with UH II (the successor company of UHI, as referred to in the paragraph below), and the Group would continue to participate in UH II, with an equity stake of approximately 45% following the closing of the transaction. The Group would also retain ownership of its Cable, Sky and Other Businesses segments, as well as the main real estate associated with the production facilities, the broadcasting concessions and transmission infrastructure in Mexico. The Group would contribute to UH II the assets specified in the Transaction Agreement, including, subject to certain exceptions, its Content business, for a total value of U.S.$4,500 million, comprised of U.S.$3,000 million in cash, U.S.$750 million in common stock of UH II and U.S.$750 million in preferred stock of UH II, with an annual dividend of 5.5%. In connection with this transaction, UHI would receive all assets, intellectual property and library related to the News division of the Group’s Content business, but will outsource production of news content for Mexico to a company owned by the Azcárraga family. The combination was approved by each of the Board of Directors of the Company, the Board of Directors of UHI, and the Stockholders of the Company in the first half of 2021. The transaction was subject to customary closing conditions, including receipt of regulatory approvals in primarily in the United States and Mexico, among others. On September 14, 2021, the IFT announced its approval of this transaction. As of December 31, 2021, the Group continued to consolidate the results of its Content business as the Group had not ceased to exercise control of this business segment as of that date.Also, as of December 31, 2021, the Group continued to present its Content business as a reportable segment of continuing operations, as all the required regulatory approvals had not been obtained by the parties as of that date, and those approvals were considered substantial. On January 24, 2022, the Company and UH II announced that U.S. regulatory approvals sought in connection with the proposed merger of the Group’s media, content and production assets with Univision had been received, and all required regulatory approvals for the transaction had been already received by that date. As a result, the transaction announced on April 13, 2021, was concluded by the parties on January 31, 2022 (see Notes 9, 10 and 30). |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2021 | |
Financial Risk Management | |
Financial Risk Management | 4. Financial Risk Management (a) Market Risk Market risk is the exposure to an adverse change in the value of financial instruments caused by market factors including changes in equity prices, interest rates, foreign currency exchange rates, commodity prices and inflation rates. The Group is exposed to market risks arising from changes in equity prices, interest rates, foreign currency exchange rates and inflation rates, in both the Mexican and U.S. markets. Market risk management activities are monitored by the Investments, Risk Management and Treasury Committee on a quarterly basis. (i) Foreign Exchange Risk The Group is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the U.S. dollar and in those subsidiaries with functional currency other than the Mexican peso. Foreign exchange risk arises from future commercial transactions, recognized assets and liabilities and net investments in foreign operations. Foreign currency exchange risk is monitored by assessing the net monetary liability position in U.S. dollars and the forecasted cash flow needs for anticipated U.S. dollar investments and servicing the Group’s U.S. dollar-denominated debt. Management has set up a policy to require Group companies to manage their foreign exchange risk against their functional currency. To manage their foreign exchange risk arising from future commercial transactions and recognized assets and liabilities, entities in the Group use forward contracts. In compliance with the procedures and controls established by the Risk Management Committee, in 2021 and 2020, the Group entered into certain derivative transactions with certain financial institutions in order to manage its exposure to market risks resulting from changes in interest rates and foreign currency exchange rates. The objective in managing foreign currency fluctuations is to reduce earnings and cash flow volatility. Foreign Currency Position The foreign currency position of monetary items of the Group at December 31, 2021, was as follows: Foreign Currency Amounts Year-End (Thousands) Exchange Rate Mexican Pesos Assets: U.S. dollars 831,806 Ps. 20.5031 Ps. 17,054,602 Euros 11,139 23.3478 260,071 Swiss francs 4,139 22.4997 93,126 Argentinean pesos 64,026 0.1996 12,780 Chilean pesos 576,044 0.0240 13,825 Other currencies — — 5,266 Liabilities: U.S. dollars (1) 5,215,150 Ps. 20.5031 Ps. 106,926,742 Euros 598 23.3478 13,962 Swiss francs 883 22.4997 19,867 Other currencies — — 185 The foreign currency position of monetary items of the Group at December 31, 2020, was as follows: Foreign Currency Amounts Year-End (Thousands) Exchange Rate Mexican Pesos Assets: U.S. dollars 1,154,453 Ps. 19.9493 Ps. 23,030,529 Euros 19,260 24.3774 469,509 Swiss francs 438 22.5299 9,868 Argentinean pesos 66,482 0.2371 15,763 Chilean pesos 327,357 0.0280 9,166 Other currencies — — 7,713 Liabilities: U.S. dollars (1) 5,161,009 Ps. 19.9493 Ps. 102,958,517 Euros 1,151 24.3774 28,058 Swiss francs 659 22.5299 14,847 Chilean pesos 632,679 0.0280 17,715 Colombian pesos 8,246,548 0.0057 47,005 Other currencies — — 3,332 (1) As of December 31, 2021 and 2020, monetary liabilities include U.S. $1,300.6 million (Ps. 26,666,715 ) and U.S. $1,130.9 million (Ps. 22,559,983 ), respectively, related to long-term debt designated as a hedging instrument of the Group’s investments in UH II as of December 31, 2021, UHI as of December 31, 2020, and the investment in Open-Ended Fund (see Note 14). As of March 30, 2022, the exchange rate was Ps.19.8731 per U.S. dollar, which represents the interbank free market exchange rate on that date as reported by Banco Nacional de México, S.A. or Citibanamex. The Group is subject to the risk of foreign currency exchange rate fluctuations, resulting primarily from the net monetary position in U.S. dollars and U.S. dollar equivalent amounts of the Group’s Mexican operations, as follows (in millions of U.S. dollars): December 31, 2021 2020 U.S. dollar-denominated and U.S. dollar-equivalent monetary assets, primarily cash and cash equivalents, and non-current investments in financial instruments (1) U.S.$ 785.1 U.S.$ 1,125.1 U.S. dollar-denominated and U.S. dollar-equivalent monetary liabilities, primarily trade accounts payable, Senior debt securities, lease liabilities, and other liabilities (2) (3) (5,180.8) (5,115.9) Net liability position U.S.$ (4,395.7) U.S.$ (3,990.8) (1) As of December 31, 2021 and 2020, this line includes U.S. dollar equivalent amounts of U.S. $17.7 million and U.S. $24.5 million, respectively, related to other foreign currencies, primarily Euros. (2) As of December 31, 2021 and 2020, this line includes U.S. dollar equivalent amounts of U.S. $1.4 million and U.S. $2.0 million, respectively, related to other foreign currencies, primarily Euros. (3) As of December 31, 2021 and 2020, monetary liabilities include U.S. $1,300.6 million (Ps. 26,666,715 ) and U.S. $1,130.9 million (Ps. 22,559,983 ), respectively, related to long-term debt designated as a hedging instrument of the Group’s investments in UH II, UHI and the investment in Open-Ended Fund (see Note 14). At December 31, 2021, a hypothetical 10% appreciation/depreciation in the U.S. dollar to Mexican peso exchange rate would result in a foreign exchange gain/loss, net of hedge, of Ps.6,345,797 in the consolidated statement of income. At December 31, 2020, a hypothetical 10% appreciation/depreciation in the U.S. dollar to Mexican peso exchange rate would result in a foreign exchange gain/loss, net of hedge, of Ps.5,705,342 in the consolidated statement of income. (ii) Cash Flow Interest Rate Risk The Group monitors the exposure to interest rate risk by: (i) evaluating differences between interest rates on its outstanding debt and short-term investments and market interest rates on similar financial instruments; (ii) reviewing its cash flow needs and financial ratios (indebtedness and interest coverage); (iii) assessing current and forecasted trends in the relevant markets; and (iv) evaluating peer Group and industry practices. This approach allows the Group to determine the interest rate “mix” between variable and fixed rate debt. The Group’s interest rate risk arises from long-term debt. Debt issued at variable rates expose the Group to cash flow interest rate risk which is partially offset by cash and cash equivalents held at variable rates. Debt issued at fixed rates expose the Group to fair value interest rate risk. During recent years the Group has maintained most of its debt in fixed rate instruments (see Note 14). Based on various scenarios, the Group manages its cash flow interest rate risk by using cross-currency interest rate swaps, exchange rate agreements and floating-to-fixed interest rate swaps. Cross-currency interest rate swap agreements allow the Group to hedge against Mexican peso depreciation on the interest payments for medium-term periods. Interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. Sensitivity and Fair Value Analysis The sensitivity analyses that follow are intended to present the hypothetical change in fair value or loss in earnings due to changes in interest rates, inflation rates, foreign currency exchange rates and debt and equity market prices as they affect the Group’s financial instruments at December 31, 2021 and 2020. These analyses address market risk only and do not take into consideration other risks that the Group faces in the ordinary course of business, including country risk and credit risk. The hypothetical changes reflect management view of changes that are reasonably possible over a one-year period. For purposes of the following sensitivity analyses, the Group has made assumptions of a hypothetical change in fair value of 10% for expected near-term future changes in the United States interest rates, Mexican interest rates, inflation rates and Mexican peso to U.S. dollar exchange rate. The results of the analyses do not purport to represent actual changes in fair value or losses in earnings that the Group will incur. Difference between Fair Value and Carrying Amount Assuming a Difference between Hypothetical Fair Value and 10% Increase in December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Long-term loan and interest receivable from GTAC Ps. 755,973 Ps. 760,143 Ps. 4,170 Ps. 80,184 Open-Ended Fund 945,176 945,176 — — Publicly traded equity instruments 3,517,711 3,517,711 — — Other equity instruments 1,607,969 1,607,969 — — Derivative financial instruments (1) 133,324 133,324 — — Liabilities (2) (3) U.S. dollar-denominated debt: Senior Notes due 2025 12,301,860 14,056,843 1,754,983 3,160,667 Senior Notes due 2026 6,150,930 6,685,200 534,270 1,202,790 Senior Notes due 2032 6,150,930 8,857,216 2,706,286 3,592,008 Senior Notes due 2040 12,301,860 16,678,493 4,376,633 6,044,482 Senior Notes due 2045 20,503,100 24,205,140 3,702,040 6,122,554 Senior Notes due 2046 18,452,790 25,029,180 6,576,390 9,079,308 Senior Notes due 2049 15,377,325 19,307,154 3,929,829 5,860,544 Peso-denominated debt: Notes due 2027 4,500,000 4,509,405 9,405 460,346 Senior Notes due 2037 4,500,000 4,110,480 (389,520) 21,528 Senior Notes due 2043 6,500,000 4,611,620 (1,888,380) (1,427,218) Long-term notes payable to Mexican banks 20,260,404 20,417,854 157,450 2,199,235 Lease liabilities 9,680,559 9,830,878 150,319 1,133,407 Derivative financial instruments (1) 172,885 172,885 — — Difference between Fair Value and Carrying Amount Assuming a Difference between Hypothetical Fair Value and 10% Increase in December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Long-term loan and interest receivable from GTAC Ps. 821,253 Ps. 824,092 Ps. 2,839 Ps. 85,248 Open-Ended Fund 1,135,803 1,135,803 — — Publicly traded equity instruments 5,397,504 5,397,504 — — Other equity instruments 468,552 468,552 — — Liabilities (2) (3) : U.S. dollar-denominated debt: Senior Notes due 2025 11,969,580 14,609,830 2,640,250 4,101,233 Senior Notes due 2026 5,984,790 6,840,854 856,064 1,540,149 Senior Notes due 2032 5,984,790 9,193,415 3,208,625 4,127,967 Senior Notes due 2040 11,969,580 16,780,992 4,811,412 6,489,511 Senior Notes due 2045 19,949,300 24,282,886 4,333,586 6,761,875 Senior Notes due 2046 17,954,370 24,970,938 7,016,568 9,513,662 Senior Notes due 2049 14,961,975 18,978,667 4,016,692 5,914,559 Peso-denominated debt: Notes due 2027 4,500,000 5,035,860 535,860 1,039,446 Senior Notes due 2037 4,500,000 4,087,575 (412,425) (3,668) Senior Notes due 2043 6,500,000 5,150,860 (1,349,140) (834,054) Long-term notes payable to Mexican banks 19,602,893 19,801,142 198,249 2,178,363 Lease liabilities 9,292,351 9,343,100 50,749 985,059 Derivative financial instruments (1) 3,476,223 3,476,223 — — (1) Given the nature and the tenor of these derivative financial instruments, an increase of 10% in the interest and/or exchange rates would not be an accurate sensitivity analysis on the fair value of these financial instruments. (2) The carrying amount of debt is stated in this table at its principal amount. (3) The fair value of the Senior Notes and Notes due by the Group are within Level 1 of the fair value hierarchy as there is a quoted market price for them. The fair value of the lease liabilities is within Level 2 of the fair value hierarchy and has been estimated based on cash flows discounted using an estimated weighted average cost of capital. The fair value of held-to-maturity securities are within Level 1 of the fair value hierarchy and were based on market interest rates to the listed securities. (iii) Price Risk The Group is exposed to equity securities price risk because of investments held by the Group and classified in the consolidated statements of financial position as non-current investments in financial instruments. To manage its price risk arising from investments in equity securities, the Group diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Group. The Group is not exposed to commodity price risk. (b) Credit Risk Credit risk is managed on a Group basis, except for credit risk relating to accounts receivable balances. Each local entity is responsible for managing and analyzing the credit risk for each of their new clients before standard payment and delivery terms and conditions are offered. Credit risk arises from cash and cash equivalents, derivative financial instruments and deposits with banks and financial institutions, as well as credit exposure to customers, including outstanding receivables and committed transactions. For banks and financial institutions, only independently rated parties with a minimum rating of “AA” in local scale for domestic institutions and “BBB” in global scale for foreign institutions are accepted. If customers are independently rated, these ratings are used. If there is no independent rating, the Group’s risk control function assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the Company’s management. See Note 7 for further disclosure on credit risk. No credit limits were exceeded during the reporting period, and management does not expect any losses from non-performance by the counterparties. The Group historically has not had significant credit losses arising from customers. (c) Liquidity Risk Cash flow forecasting is performed in the operating entities of the Group and aggregated by corporate management. Corporate management monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient headroom on its borrowing facilities at all times so that the Group does not breach borrowing limits or covenants (where applicable) on any of its borrowing facilities. Such forecasting takes into consideration the Group’s debt financing plans, covenant compliance, compliance with internal statement of financial position ratio targets and, if applicable external regulatory or legal requirements. Surplus cash held by the operating entities over and above balance required for working capital management are transferred to the Group treasury. Group treasury invests surplus cash in interest bearing current accounts, time deposits, money market deposits and marketable securities, choosing investments with appropriate maturities or sufficient liquidity to provide sufficient headroom as determined by the above-mentioned forecasts. At December 31, 2021 and 2020, the Group held cash and cash equivalents of Ps.25,828,215 and Ps.29,058,093, respectively (see Note 6). The table below analyses the Group’s non-derivative and derivative financial liabilities as well as related contractual interest on debt and lease liabilities into relevant maturity groupings based on the remaining period at the statement of financial position date to the contractual maturity date. Derivative financial liabilities are included in the analysis if their contractual maturities are essential for an understanding of the timing of the cash flows. The amounts disclosed in the table are the contractual undiscounted cash flows. Less Than 12 Months 12-36 Months 36-60 Months Maturities January 1, 2022 to January 1, 2023 to January 1, 2025 to Subsequent to December 31, 2022 December 31, 2024 December 31, 2026 December 31, 2026 Total At December 31, 2021 Debt (1) Ps. 4,110,404 Ps. 13,500,000 Ps. 21,102,790 Ps. 88,286,005 Ps. 126,999,199 Lease liabilities 1,478,382 2,469,270 2,478,486 3,254,421 9,680,559 Trade and other liabilities 40,051,575 2,743,298 2,041,627 3,665,074 48,501,574 Interest on debt (2) 6,188,285 15,237,650 12,453,353 86,405,197 120,284,485 Interest on lease liabilities 659,049 1,136,036 775,332 921,942 3,492,359 Less Than 12 Months 12-36 Months 36-60 Months Maturities January 1, 2021 to January 1, 2022 to January 1, 2024 to Subsequent to December 31, 2021 December 31, 2023 December 31, 2025 December 31, 2025 Total At December 31, 2020 Debt (1) Ps. 617,489 Ps. 8,985,404 Ps. 21,969,580 Ps. 92,304,805 Ps. 123,877,278 Lease liabilities 1,277,754 2,184,098 2,240,777 3,589,722 9,292,351 Trade and other liabilities 33,936,100 4,078,823 644,830 3,137,092 41,796,845 Interest on debt (2) 5,997,185 15,177,002 13,256,713 90,128,177 124,559,077 Interest on lease liabilities 668,461 1,169,317 853,741 925,566 3,617,085 (1) The amounts of debt are disclosed on a principal amount basis (see Note 14). (2) Interest to be paid in future years on outstanding debt as of December 31, 2021 and 2020, based on contractual interest rate and exchange rates as of that date. Capital Management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for stockholders and benefits for other stakeholders and to maintain an optimal capital structure in order to minimize the cost of capital. |
Critical Accounting Estimates a
Critical Accounting Estimates and Assumptions | 12 Months Ended |
Dec. 31, 2021 | |
Critical Accounting Estimates and Assumptions | |
Critical Accounting Estimates and Assumptions | 5. Critical Accounting Estimates and Assumptions Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. By definition, the resulting accounting estimates will seldom equal the related actual results. The estimates and assumptions that have a risk of causing a material adjustment to the carrying amounts of consolidated assets and liabilities within the next financial year are addressed below: (a) Accounting for Programming The Group produces a significant portion of programming for initial broadcast over its television networks in Mexico, its primary market. Following the initial broadcast of this programming, the Group then licensed some of this programming for broadcast in secondary markets, such as Mexico, the United States, Latin America, Asia, Europe and Africa. Under IFRS, in order to properly capitalize and subsequently amortize production costs related to this programming, the Group must estimate the expected future benefit period over which a given program will generate revenues (generally, over a five-year period). The Group then amortizes the production costs related to a given program over the expected future benefit period. Under this policy, the Group generally expenses approximately 70% of the production costs related to a given program in its initial broadcast run and defers and expenses the remaining production costs over the remainder of the expected future benefit period (see Note 2 (g)). The Group estimates the expected future benefit periods based on past historical revenue patterns and usage for similar types of programming and any potential future events, such as new outlets through which the Group could exploit or distribute its programming, including its consolidated subsidiaries and equity investees. To the extent that a given future expected benefit period was shorter than the estimate, the Group may have accelerated capitalized production costs sooner than anticipated. Conversely, to the extent that a given future expected benefit period was longer than the estimate, the Group may have extended the amortization schedule for the remaining capitalized production costs. The Group also enters into license arrangements with various third-party programming producers and providers, pursuant to which it received the rights to broadcast programming produced by third parties over its television networks in Mexico. For programming licensed from third parties, the Group estimated the expected future benefit period based upon the term of the license. In addition, the Group might have purchased programming from third parties, from time to time. In this case, the Group estimated the expected future benefit period based on the anticipated number of showings in Mexico. To the extent that a given future expected benefit period was shorter than the estimate, the Group might have accelerated the amortization of the purchase price or the license fee sooner than anticipated. Conversely, to the extent that a given future expected benefit period was longer than the estimate, the Group may have extended the amortization schedule for the remaining portion of the purchase price or the license fee. Assuming a hypothetical 10% decrease in expected future revenue from the Group’s programming as of December 31, 2021, the balance of such programming would decrease in the amount of Ps.364,411, with a corresponding increase Beginning on January 31, 2022, the Group is no longer engaged in the Content business operations as a result of the closing of the Transaction with UH II (see Notes 3 and 30). (b) Goodwill and Other Indefinite-lived Intangible Assets Goodwill and other intangible assets with indefinite useful lives are reviewed for impairment at least annually. When an impairment test is performed, the recoverable amount is assessed by reference to the higher of the net present value of the expected future cash flows (value in use) of the relevant CGU and the fair value less cost to sell. The recoverable amount of CGUs has been determined based on the higher of value in use and fair value less costs to disposal calculations. These calculations require the use of estimates, which include management’s expectations of future revenue growth, operating costs, profit margins and operating cash flows for each CGU, long-term growth rates and discount rates based on weighted average cost of capital, among others. During 2021 and 2020, the Group recorded impairment adjustments for other indefinite-lived intangible assets (trademarks) related to its Publishing business. See Note 2 (b) and (l) for disclosure regarding concession intangible assets. (c) Long-lived Assets The Group presents certain long-lived assets other than goodwill and indefinite-lived intangible assets in its consolidated statement of financial position. Long-lived assets are tested for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may no longer be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. Recoverability is analyzed based on projected cash flows. Estimates of future cash flows involve considerable management judgment. These estimates are based on historical data, future revenue growth, anticipated market conditions, management plans, and assumptions regarding projected rates of inflation and currency fluctuations, among other factors. If these assumptions are not correct, the Group would have to recognize a write-off or write-down or accelerate the amortization schedule related to the carrying amount of these assets (see Notes 2 (m), 13 and 22). The Group has not recorded any significant impairment charges during any of the years presented herein. (d) Deferred Income Taxes The Group records its deferred tax assets based on the likelihood that these assets are realized in the future. This likelihood is assessed by taking into consideration the future taxable income. In the event the Group were to determine that it would be able to realize its deferred tax assets in the future in excess of the net recorded amount, an adjustment to the deferred tax asset would increase income in the period such determination was made. Should the Group determine that it would not be able to realize all or part of its net deferred tax asset in the future, an adjustment to the deferred tax asset would be charged to income in the period such determination was made. (e) Financial Assets Measured at Fair Value The Group has a significant amount of financial assets that are measured at fair value on a recurring basis. The degree of management’s judgment involved in determining the fair value of a financial asset varies depending upon the availability of quoted market prices. When observable quoted market prices exist, that is the fair value estimate the Group uses. To the extent such quoted market prices do not exist, management uses other means to determine fair value (see Notes 4 and 15). |
Cash and Cash Equivalents and T
Cash and Cash Equivalents and Temporary Investments | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents and Temporary Investments | |
Cash and Cash Equivalents and Temporary Investments | 6. Cash and Cash Equivalents Cash and cash equivalents as of December 31, 2021 and 2020, consisted of: 2021 2020 Cash and bank accounts Ps. 1,180,817 Ps. 5,094,610 Short-term investments (1) 24,647,398 23,963,483 Total cash and cash equivalents Ps. 25,828,215 Ps. 29,058,093 (1) |
Trade Notes and Accounts Receiv
Trade Notes and Accounts Receivable, Net | 12 Months Ended |
Dec. 31, 2021 | |
Trade Notes and Accounts Receivable, Net | |
Trade Notes and Accounts Receivable, Net | 7. Trade Notes and Accounts Receivable, Net Trade notes and accounts receivable, net as of December 31, 2021 and 2020, consisted of: 2021 2020 Non-interest bearing notes received from customers as deposits and advances mainly in connection with annual (“upfront basis”) and from time to time (“scatter basis”) prepayments (see Note 2 (p)) Ps. 1,499,335 Ps. 3,327,579 Trade accounts receivable 14,955,334 13,265,351 Loss allowance (3,361,658) (4,249,133) Ps. 13,093,011 Ps. 12,343,797 As of December 31, 2021 and 2020, the aging analysis of the trade notes and accounts receivable that were past due is as follows: 2021 2020 1 to 90 days Ps. 4,367,863 Ps. 3,634,710 91 to 180 days 1,459,188 1,386,243 More than 180 days 2,785,308 4,044,530 The carrying amounts of the Group’s trade notes and account receivables denominated in other than peso currencies are as follows: 2021 2020 U.S. dollar Ps. 1,714,490 Ps. 2,905,396 Other currencies 46,255 75,369 At December 31 Ps. 1,760,745 Ps. 2,980,765 Movements on the Group for loss allowance of trade notes and account receivables are as follows: 2021 2020 At January 1 Ps. (4,249,133) Ps. (4,846,643) Provision for credit losses (1,263,083) (1,352,432) Write-off of receivables 2,260,182 1,949,942 Reclassifications (109,624) — At December 31 Ps. (3,361,658) Ps. (4,249,133) The maximum exposure to credit risk of the trade notes and accounts receivable as of December 31, 2021 and 2020 is the carrying amount of each class of receivables (see Note 4). |
Transmission Rights and Program
Transmission Rights and Programming | 12 Months Ended |
Dec. 31, 2021 | |
Transmission Rights and Programming. | |
Transmission Rights and Programming | 8. Transmission Rights and Programming At December 31, 2021 and 2020, transmission rights and programming consisted of: 2021 2020 Transmission rights Ps. 14,743,043 Ps. 9,695,030 Programming 5,689,652 4,683,980 20,432,695 14,379,010 Non-current portion of: Transmission rights 9,823,088 5,257,926 Programming 3,017,938 2,724,870 12,841,026 7,982,796 Current portion of transmission rights and programming Ps. 7,591,669 Ps. 6,396,214 Transmission rights and programming charged to consolidated cost of sales for the years ended December 31, 2021, 2020 and 2019, amounted to Ps.14,577,558, Ps.12,691,287 and Ps.14,515,285, respectively (see Note 21). |
Investments in Financial Instru
Investments in Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Investments in Financial Instruments | |
Investments in Financial Instruments | 9. Investments in Financial Instruments At December 31, 2021 and 2020, the Group had the following investments in financial instruments: 2021 2020 Equity instruments measured at FVOCIL: Open-Ended Fund (1) Ps. 945,176 Ps. 1,135,803 Publicly traded equity instruments (2) 3,517,711 5,397,504 Other equity instruments (3) 1,607,969 468,552 6,070,856 7,001,859 Other 5,223 853 Ps. 6,076,079 Ps. 7,002,712 (1) The Group has an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through investments in securities, including without limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments, in telecom, media and other sectors across global markets, including Latin America and other emerging markets. Shares may be redeemed on a quarterly basis at the Net Asset Value (“NAV”) per share as of such redemption date. The fair value of this fund is determined by using the NAV per share. The NAV per share is calculated by determining the value of the fund assets, all of which are measured at fair value, and subtracting all of the fund liabilities and dividing the result by the total number of issued shares. In July and November 2019, the Company redeemed a portion of its investment in Open-Ended Fund at the aggregate fair value amount of U.S.$121.6 million (Ps.2,301,682) and recognized cash proceeds from this redemption for such aggregate amount. In September and December 2020, the Company redeemed a portion of its investment in Open-Ended Fund at the aggregate fair value amount of U.S.$153.7 million (Ps.3,155,643) and recognized cash proceeds from this redemption for such aggregate amount. In March 2021, the Company redeemed a portion of its investment in Open-Ended Fund at the aggregate fair value amount of U.S.$10.0 million (Ps.258,956) and recognized cash proceeds from this redemption for such aggregate amount. (see Note 2 (i)). (2) Their fair value of publicly traded equity instruments is determined by using quoted market prices at the measurement date. In the first half of 2021, the Company disposed of a portion of these publicly traded equity instruments and recognized cash proceeds from this disposition in the aggregate amount of Ps.1,755,415. (3) Other equity instruments include unquoted equity investments, which are initially recognized at cost with any subsequent changes in fair value recognized through other comprehensive income or loss. The Group disposed of these investments on January 31, 2022, in connection with the closing of the transaction with UH II (see Notes 3 and 30). During the first quarter of 2020, as a result of revised cash flow forecasts and increasing uncertainty due to the COVID-19 pandemic, the Company’s management recognized: (i) a decline in the estimated fair value of the Group’s investment in warrants of UHI in the amount of Ps.21,937,152, which was accounted for in other comprehensive income or loss, net of income tax of Ps.6,581,146, for the year ended December 31, 2020; and (ii) an impairment loss that decreased the carrying amount of the Group’s investment in shares of UHI in the amount of Ps.5,455,356, which was accounted for in share of income or loss of associates and joint ventures in the consolidated statement of income for the year ended December 31, 2020 (see Notes 2 (i), 10 and 15). A roll forward of investments in financial assets at FVOCIL for the years ended December 31, 2021 and 2020 is presented as follows: Publicly Traded Open-Ended Equity Other Equity Fund (1) Instruments Instruments Total At January 1, 2021 Ps. 1,135,803 Ps. 5,397,504 Ps. 468,552 Ps. 7,001,859 Investments — — 1,118,178 1,118,178 Disposition of investments (258,956) (1,756,434) — (2,015,390) Change in fair value in other comprehensive income (loss) 68,329 (123,359) 21,239 (33,791) At December 31, 2021 Ps. 945,176 Ps. 3,517,711 Ps. 1,607,969 Ps. 6,070,856 Publicly Traded Warrants Open-Ended Equity Other Equity Issued by UHI (1) Fund (1) Instruments Instruments Total At January 1, 2020 Ps. 33,775,451 Ps. 4,688,202 Ps. 5,751,001 Ps. 50,392 Ps. 44,265,046 Investments — — — 602,446 602,446 Disposition of investments — (3,159,970) — — (3,159,970) Change in fair value in other comprehensive loss (16,387,752) (392,429) (353,497) (184,286) (17,317,964) Warrants exercised for common stock of UHI (17,387,699) — — — (17,387,699) At December 31, 2020 Ps. — Ps. 1,135,803 Ps. 5,397,504 Ps. 468,552 Ps. 7,001,859 (1) The foreign exchange gain in 2021 derived from the investment in Open-Ended Fund was hedged by foreign exchange loss in the consolidated statement of income for the year ended December 31, 2021, in the amount of Ps.99,673. The foreign exchange gain in 2020 derived from the warrants issued by UHI and the investment in Open-Ended Fund was hedged by foreign exchange loss in the consolidated statement of income for the year ended December 31, 2020, in the amount of Ps.5,511,412 and Ps.471,097, respectively (see Notes 14 and 23). The maximum exposure to credit risk of the investments in financial instruments as of December 31, 2021 and 2020 is the carrying amounts of the financial assets (see Note 4). |
Investments in Associates and J
Investments in Associates and Joint Ventures | 12 Months Ended |
Dec. 31, 2021 | |
Investments in Associates and Joint Ventures | |
Investments in Associates and Joint Ventures | 10. Investments in Associates and Joint Ventures At December 31, 2021 and 2020, the Group had the following investments in associates and joint ventures accounted for by the equity method: Ownership as of December 31, 2021 2021 2020 Associates: UH II and subsidiaries (1) 35.5 % Ps. 25,721,539 Ps. 21,424,180 OCEN and subsidiaries (2) — 556,251 Other 164,903 113,905 Joint ventures: Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries (“GTAC”) (3) 33.3 % 614,147 514,731 Periódico Digital Sendero, S.A.P.I. de C.V. and subsidiary (collectively, “PDS”) (4) 50.0 % 203,646 204,464 Ps. 26,704,235 Ps. 22,813,531 (1) The Group accounts for its investment in common stock of UH II (UHI through May 18, 2021, as described below), the parent company of Univision, under the equity method due to the Group’s ability to exercise significant influence, as defined under IFRS Standards, over UH II’s operations. The Group has the ability to exercise significant influence over the operating and financial policies of UH II because (i) it owns 5,701,335 Class “A” shares of common stock of UH II, representing 35.5% and 35.9% of the outstanding shares of UH II and UHI on a fully-diluted basis, respectively, as of December 31, 2021 and 2020, respectively, and 40.1% and 40.6% of the voting shares of UH II and UHI, respectively, as of December 31, 2021 and 2020, respectively; and (ii) it has designated three members of the Board of Directors of TelevisaUnivision (formerly, UH II), one of which serves as the Chairman. The Chairman does not presently have tie-breaking vote or other similar power in connection with any decisions of the Board. The governing documents of TelevisaUnivision provide for a 13-member Board of Directors; however, the Board of Directors currently consists of 11 members, and the Group has the right to appoint two additional members. Through December 29, 2020, the date on which the Group exercised all of its outstanding warrants for common shares of UHI, the Group had the ability to exercise significant influence over the operating and financial policies of UHI because (i) it owned 1,110,382 Class “C” shares of common stock of UHI, representing 10% of the outstanding total shares of UHI and 14% of the voting shares of UHI, and 4,590,953 warrants issued by UHI, which upon their exercise, and together with the former investment in shares of UHI, represented approximately 36% on a fully-diluted, as-converted basis of the equity in UHI; and (ii) it had three officers and one director of the Company designated as members of the Board of Directors of UHI, which was composed of 19 directors of 22 available Board seats. Until January 31, 2022, the Group was also a party to a Program Licensing Agreement (“PLA”), as amended, with Univision, pursuant to which Univision had the right to broadcast certain Televisa content in the United States, and to another program license agreement pursuant to which the Group had the right to broadcast certain Univision content in Mexico, in each case through 7.5 years after the Group had voluntarily sold two -thirds of its initial investment in UHI. On February 25, 2020, UHI, Searchlight Capital Partners, LP (“Searchlight”), a global private investment firm, and ForgeLight LLC (“ForgeLight”), an operating and investment company focused on the media and consumer technology sectors, announced a definitive agreement in which Searchlight and ForgeLight would acquire a majority ownership interest in UHI from all stockholders of UHI other than the Group. Terms of the transaction were not publicly disclosed. The Group elected to retain its approximately 36% stake in UHI’s equity upon exercise of its warrants for shares of UHI common stock. Under the terms of the acquisition, Searchlight and ForgeLight would purchase the remaining 64% ownership interest from the other stockholders of UHI. The transaction closed on December 29, 2020. In conjunction with this transaction and a related decline in the estimated fair value of the Group’s investment in warrants issued by UHI, the Company’s management recognized an impairment loss in the amount of U.S.$228.6 million (Ps.5,455,356) that decreased the carrying amount of the Group’s investment in shares of UHI in the first quarter of 2020. This impairment adjustment was accounted for in share of income or loss of associates and joint ventures in the Group’s consolidated statement of income for the year ended December 31, 2020. On May 18, 2021, UHI concluded a reorganization through a series of transactions (the “Reorganization”) pursuant to which, among other things, UH II acquired a controlling financial interest in UHI on that date. The Reorganization was effectuated by UHI in connection with the transaction with the Group concluded on January 31, 2022. As a result of the Reorganization of UHI: (i) the Group and other existing stockholders of UHI exchanged their shares of the capital stock of UHI for the same number and class of newly issued shares of UH II; (ii) UHI issued common stock to a new investor and then these shares were exchanged for shares in UH II; (iii) the Group held an equity interest in the capital stock of UH II of 35.5% on a fully-diluted basis; and (iv) UH II became a successor company of UHI. In connection with the Reorganization of UHI, and other observable indications that the value of the Group’s net investment in UH II increased significantly during 2021 (including internal and external valuations of the recoverable amount of UH II), in the second half of 2021 the Group’s management assessed whether there was any indication that the impairment loss recognized by the Group in the first quarter of 2020 for its net investment in shares of UHI might no longer exist or might have decreased. As a result, the Group’s management concluded that there had been a change in the estimates used to determine the recoverable amount of the Group’s net investment in UH II since the last impairment loss was recognized, and the carrying amount of such net investment was increased to its recoverable amount. The reversal of the impairment loss amounted to U.S. $199.1 million (Ps. 4,161,704 ) and was recognized in share of income of associates and joint ventures in the Group’s consolidated statement of income for the year ended December 31, 2021 (see Notes 1, 2 (a), 3, 9, 15, 20, 23 and 30). (2) OCEN is engaged in the live entertainment business in Mexico, Central America and Colombia. In 2020, the stockholders of OCEN did not receive any dividends. Beginning on May 31, 2020, the Company (i) ceased to classify the investment in OCEN as current assets held for sale; (ii) began to classify its equity interest in OCEN as an investment in associates and joint ventures in its consolidated statement of financial position; (iii) recognized in consolidated retained earnings as of January 1, 2020, its share of income of OCEN, which was discontinued from August 1 through December 31, 2019, in the amount of Ps.147,975; and (iv) began to recognize its share of income or loss of OCEN since January 1, 2020. As of September 30, 2021, the Group classified this non-current investment, which included goodwill of Ps.359,613, as current assets held for sale, and beginning on October 1, 2021, the Group discontinued the use of the equity method to account for the investment in this associate. OCEN was disposed of by the Group in December 2021 (see Notes 3 and 20) . (3) GTAC was granted a 20-year contract for the lease of a pair of dark fiber wires held by the Mexican Federal Electricity Commission and a concession to operate a public telecommunications network in Mexico with an expiration date in 2030. GTAC is a joint venture in which a subsidiary of the Company, a subsidiary of Grupo de Telecomunicaciones Mexicanas, S.A. de C.V. and a subsidiary of Megacable, S.A. de C.V. have an equal equity participation of 33.3%. In June 2010, a subsidiary of the Company entered into a long-term credit facility agreement to provide financing to GTAC for up to Ps.688,217 , with an annual interest rate of the Mexican Interbank Interest Rate (“Tasa de Interés Interbancaria de Equilibrio” or “ TIIE ”) plus 200 basis points. Under the terms of this agreement, principal and interest are payable at dates agreed by the parties, between 2013 and 2021. As of December 31, 2021 and 2020, GTAC had used a principal amount of Ps.688,183, under this credit facility. During the year ended December 31, 2021 and 2020, GTAC paid principal and interest to the Group in connection with this credit facility in the aggregate principal amount of Ps.97,342 and Ps.123,390, respectively. Also, a subsidiary of the Company entered into supplementary long-term loans to provide additional financing to GTAC for an aggregate principal amount of Ps.1,077,732, with an annual interest of TIIE plus 200 basis points computed on a monthly basis and payable on an annual basis or at dates agreed by the parties. Under the terms of these supplementary loans, principal amounts can be prepaid at dates agreed by the parties before their maturities between 2023 and 2030. During the years ended December 31, 2021 and 2020, GTAC paid principal and interest to the Group in connection with this credit facility in the aggregate principal amount of Ps.147,413 and Ps.122,656, respectively. The net investment in GTAC as of December 31, 2021 and 2020, included amounts receivable in connection with this long-term credit facility and supplementary loans to GTAC in the aggregate amount of Ps.755,973 and Ps.821,253, respectively. These amounts receivable are in substance a part of the Group’s net investment in this investee (see Note 15). (4) The Group accounts for its investment in PDS under the equity method, due to its 50% interest in this joint venture. In September 2017, PDS acquired substantially all of the equity interest in Now New Media, S.A.P.I. de C.V., an online news website in Mexico City, in the aggregate amount of Ps.81,749. As of December 31, 2021 and 2020, the Group’s investment in PDS included intangible assets and goodwill in the aggregate amount of Ps.113,837. A roll forward of investments in associates and joint ventures for the years ended December 31, 2021 and 2020, is presented as follows: 2021 2020 At January 1 Ps. 22,813,531 Ps. 9,762,432 Impairment loss in investment in shares of UHI — (5,455,356) Reversal of impairment loss 4,161,704 — Share of loss of associates and joint ventures, net (489,827) (284,312) Share of other comprehensive income (loss) of associates 245,714 (61,033) Long-term loans granted to GTAC, net 131,604 132,926 Foreign currency translation adjustments 505,183 1,360,735 GTAC payments of principal and interest (244,755) (246,046) Disposition of OCEN (503,872) — Exercise of warrants for UHI shares — 17,387,699 Additional share of income of OCEN (see Note 3) — 147,975 Dividends from PDS (10,000) — Investment in Flyacross (other associate) 43,855 — Other 51,098 68,511 At December 31 Ps. 26,704,235 Ps. 22,813,531 IFRS summarized financial information of UHI II as of December 31, 2021 and for the year then ended, and UHI as of December 31, 2020, and for the years ended December 31, 2021 and 2020, is set forth below. IFRS summarized financial information of UH II and UHI as of December 31, 2021 and 2020, respectively (amounts in thousands of U.S. dollars): 2021 2020 Current assets U.S.$ 2,579,100 U.S.$ 1,470,301 Non-current assets 11,729,470 8,249,358 Total assets 14,308,570 9,719,659 Current liabilities 691,600 712,300 Non-current liabilities 10,619,970 8,630,459 Total liabilities 11,311,570 9,342,759 Total net assets U.S.$ 2,997,000 U.S.$ 376,900 The table below reconciles the summarized financial information of UH II and UHI to the carrying amount of the Group´s interest in UH II and UHI as of December 31, 2021 and 2020, respectively (amounts in thousands of U.S. dollars): 2021 2020 Ownership as of December 31 35.5 % 35.9 % Group’s share of net assets U.S.$ 1,065,225 U.S.$ 135,307 Group’s share of net assets Ps. 21,840,404 Ps. 2,699,282 Goodwill, purchase price allocation and other adjustments 3,881,135 18,724,898 Carrying amount of the Group´s interest in UH II and UHI Ps. 25,721,539 Ps. 21,424,180 IFRS summarized financial information of UH II for the year ended December 31, 2021, and UHI for the years ended December 31, 2020 and 2019 (amounts in thousands of U.S. dollars): 2021 2020 2019 Revenue U.S.$ 2,841,000 U.S.$ 2,541,900 U.S.$ 2,687,900 Income from continuing operations 587,000 36,400 290,200 Post-tax loss from discontinued operations — — (13,200) Net income 587,000 36,400 277,000 Other comprehensive income (loss) 32,000 (23,700) (99,000) Total comprehensive income 619,000 12,700 178,000 Dividends received from UHI — — — The table below reconciles the summarized financial information of UH II (formerly, UHI) to the carrying amount of the Group´s interest in UH II (formerly, UHI) for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands of U.S. dollars): 2021 2020 2019 Net income U.S.$ 208,638 U.S.$ 3,635 U.S.$ 27,668 Other comprehensive income (loss) 11,374 (2,367) (9,889) Net income Ps. 4,232,441 Ps. 78,133 Ps. 532,896 Other comprehensive income (loss) 232,773 (50,872) (190,457) Purchase price allocation and other adjustments: Net loss adjustments (4,834,744) (79,163) (55,058) Other comprehensive income or loss adjustments — (6,657) (45,263) Group’s interest in UHI: Net (loss) income (602,303) (1,030) 477,838 Other comprehensive income (loss) 232,773 (57,529) (235,720) Reversal of impairment loss (impairment loss adjustment) 4,161,704 (5,455,356) — Combined condensed balance sheet information related to the Group’s share in associates other than UH II (formerly, UHI) as of December 31, 2021 and 2020, including adjustments made by the Group when using the equity method, such as fair value adjustments made at the time of acquisition, is set forth below: 2021 2020 Current assets Ps. 196,110 Ps. 923,784 Non-current assets 118,207 967,584 Total assets 314,317 1,891,368 Current liabilities 154,957 1,229,246 Non-current liabilities 23,459 315,260 Total liabilities 178,416 1,544,506 Net assets Ps. 135,901 Ps. 346,862 Goodwill, purchase price allocation and other adjustments 29,002 323,294 Carrying amount of the Group´s interest in associates Ps. 164,903 Ps. 670,156 Combined condensed balance sheet information related to the Group’s share in joint ventures as of December 31, 2021 and 2020, including adjustments made by the Group when using the equity method, such as fair value adjustments made at the time of acquisition, is set forth below: 2021 2020 Current assets Ps. 159,619 Ps. 151,151 Non-current assets 651,674 541,861 Total assets 811,293 693,012 Current liabilities 75,110 45,320 Non-current liabilities 788,200 860,357 Total liabilities 863,310 905,677 Net assets Ps. (52,017) Ps. (212,665) Goodwill, purchase price allocation and other adjustments 113,837 110,607 Long-term loans granted to GTAC, net 755,973 821,253 Carrying amount of the Group´s interest in joint ventures Ps. 817,793 Ps. 719,195 The Group recognized its share of comprehensive income (loss) of associates and joint ventures other than UHI for the years ended December 31, 2021, 2020 and 2019, as follows: 2021 2020 2019 Share of income (loss) of associates and joint ventures, net Ps. 112,476 Ps. (283,282) Ps. 103,185 Share of other comprehensive income (loss) of associates and joint ventures: Foreign currency translation adjustments, net 58 1,757 (2,556) Other items of comprehensive income (loss), net 12,883 (5,261) 2,117 12,941 (3,504) (439) Share of comprehensive income (loss) of associates and joint ventures Ps. 125,417 Ps. (286,786) Ps. 102,746 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment, Net | |
Property, Plant and Equipment, Net | 11. Property, Plant and Equipment, Net The analysis of the changes in property, plant and equipment is as follows: Construction Buildings Technical Satellite Furniture Transportation Computer Leasehold and Projects and Land Equipment Transponders and Fixtures Equipment Equipment Improvements in Progress (1) Total Cost: January 1, 2020 Ps. 14,509,206 Ps. 141,966,642 Ps. 6,026,094 Ps. 1,158,745 Ps. 3,000,322 Ps. 8,548,265 Ps. 3,434,374 Ps. 13,714,368 Ps. 192,358,016 Additions 6,252 12,384,030 — 24,562 75,219 253,783 19,283 7,368,609 20,131,738 Dismantling cost — 71,241 — — - — — — 71,241 Retirements and reclassifications to other accounts (53,559) (547,789) — (2,426) (45,726) (72,113) (627) (2,575,544) (3,297,784) Transfers from intangibles assets, net — (2,725) — — - — — (1,042,340) (1,045,065) Transfers and reclassifications 415,289 3,381,566 — 82,855 92,370 467,754 152,591 (4,592,425) — Effect of translation 9,724 9,223 — 64 47 693 15 1,002 20,768 December 31, 2020 14,886,912 157,262,188 6,026,094 1,263,800 3,122,232 9,198,382 3,605,636 12,873,670 208,238,914 Additions 2,290 14,334,876 — 68,201 395,005 339,967 17,508 8,110,000 23,267,847 Dismantling cost — 69,350 — — - — — — 69,350 Retirements and reclassifications to other accounts (93,883) (2,423,831) — (62,210) (280,189) (618,714) (19,860) (1,055,858) (4,554,545) Transfers from intangibles assets, net — — — — - — — (547,940) (547,940) Transfers and reclassifications 412,054 3,513,272 — 28,976 170,788 594,158 125,175 (4,844,423) — Effect of translation (4,773) 39,351 — 36 71 306 37 97 35,125 December 31, 2021 Ps. 15,202,600 Ps. 172,795,206 Ps. 6,026,094 Ps. 1,298,803 Ps. 3,407,907 Ps. 9,514,099 Ps. 3,728,496 Ps. 14,535,546 Ps. 226,508,751 Depreciation: January 1, 2020 Ps. (5,072,076) Ps. (89,317,039) Ps. (3,688,655) Ps. (603,959) Ps. (1,805,004) Ps. (6,232,223) Ps. (2,309,828) Ps. — Ps. (109,028,784) Depreciation of the year (268,684) (15,545,278) (282,414) (116,651) (267,356) (945,389) (263,731) — (17,689,503) Retirements 37,704 1,622,089 — 2,208 41,131 71,752 35 — 1,774,919 Effect of translation (4,703) (8,642) — (69) (37) (452) (16) — (13,919) December 31, 2020 (5,307,759) (103,248,870) (3,971,069) (718,471) (2,031,266) (7,106,312) (2,573,540) — (124,957,287) Depreciation of the year (304,842) (15,641,059) (282,414) (117,255) (262,008) (848,426) (274,546) — (17,730,550) Retirements 70,754 3,326,801 — 58,751 127,440 557,776 (133) — 4,141,389 Effect of translation (1,362) (38,575) — (28) (69) (110) (33) — (40,177) December 31, 2021 Ps. (5,543,209) Ps. (115,601,703) Ps. (4,253,483) Ps. (777,003) Ps. (2,165,903) Ps. (7,397,072) Ps. (2,848,252) Ps. — Ps. (138,586,625) Carrying amount: At January 1, 2020 Ps. 9,437,130 Ps. 52,649,603 Ps. 2,337,439 Ps. 554,786 Ps. 1,195,318 Ps. 2,316,042 Ps. 1,124,546 Ps. 13,714,368 Ps. 83,329,232 At December 31, 2020 Ps. 9,579,153 Ps. 54,013,318 Ps. 2,055,025 Ps. 545,329 Ps. 1,090,966 Ps. 2,092,070 Ps. 1,032,096 Ps. 12,873,670 Ps. 83,281,627 At December 31, 2021 Ps. 9,659,391 Ps. 57,193,503 Ps. 1,772,611 Ps. 521,800 Ps. 1,242,004 Ps. 2,117,027 Ps. 880,244 Ps. 14,535,546 Ps. 87,922,126 (1) Retirements and reclassifications to other accounts include: (i) set-up box refurbishment projects that are subsequently reclassified to inventory in order to be assigned or sold to a customer; and (ii) projects in progress related to certain costs that are reclassified to programming when a specific program benefits from those costs. Depreciation charges are presented in Note 21. Property, plant and equipment include the following technical equipment leased to subscribers in the Cable and Sky segments as of December 31: 2021 2020 Subscriber leased set-top equipment Ps. 47,813,940 Ps. 42,564,180 Accumulated depreciation (30,316,415) (26,885,031) Ps. 17,497,525 Ps. 15,679,149 |
Right-of-use Assets, Net
Right-of-use Assets, Net | 12 Months Ended |
Dec. 31, 2021 | |
Right-of-use Assets, Net | |
Right-of-use Assets, Net | 12. Right-of-use Assets, Net The analysis of the changes of right-of-use assets, net, is as follows: Satellite Technical Computer Buildings Transponders Equipment Equipment Others Total Cost: January 1, 2020 Ps. 5,085,242 Ps. 4,275,619 Ps. 1,688,829 Ps. — Ps. 58,021 Ps. 11,107,711 Additions 655,135 — 195,153 — 66,791 917,079 Reclassifications (107,075) — — — 107,075 — Retirements (169,899) — — — (749) (170,648) Effect of translation 1,181 — — — — 1,181 December 31, 2020 Ps. 5,464,584 Ps. 4,275,619 Ps. 1,883,982 Ps. — Ps. 231,138 Ps. 11,855,323 Additions 1,166,607 — 115,591 437,361 154,159 1,873,718 Retirements (342,237) — — — (63,837) (406,074) Effect of translation 270 — — — — 270 December 31, 2021 Ps. 6,289,224 Ps. 4,275,619 Ps. 1,999,573 Ps. 437,361 Ps. 321,460 Ps. 13,323,237 Depreciation: January 1, 2020 Ps. (608,513) Ps. (2,066,549) Ps. (847,437) Ps. — Ps. (32,160) Ps. (3,554,659) Depreciation of the year (607,791) (285,041) (140,985) — (62,957) (1,096,774) Reclassifications 35,312 — — — (35,312) — Retirements 4,211 — 156 — 3,806 8,173 Effect of translation 102 — — — — 102 December 31, 2020 Ps. (1,176,679) Ps. (2,351,590) Ps. (988,266) Ps. — Ps. (126,623) Ps. (4,643,158) Depreciation of the year (611,120) (285,042) (132,862) (83,342) (35,682) (1,148,048) Retirements 72,065 — 352 — 223 72,640 Effect of translation (104) — — — — (104) December 31, 2021 Ps. (1,715,838) Ps. (2,636,632) Ps. (1,120,776) Ps. (83,342) Ps. (162,082) Ps. (5,718,670) Carrying amount: At January 1, 2020 Ps. 4,476,729 Ps. 2,209,070 Ps. 841,392 Ps. — Ps. 25,861 Ps. 7,553,052 At December 31, 2020 Ps. 4,287,905 Ps. 1,924,029 Ps. 895,716 Ps. — Ps. 104,515 Ps. 7,212,165 At December 31, 2021 Ps. 4,573,386 Ps. 1,638,987 Ps. 878,797 Ps. 354,019 Ps. 159,378 Ps. 7,604,567 Depreciation charges are presented in Note 21. |
Intangible Assets and Goodwill,
Intangible Assets and Goodwill, Net | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets and Goodwill, Net | |
Intangible Assets and Goodwill, Net | 13. Intangible Assets and Goodwill, Net As of December 31, 2021 and 2020, intangible assets and goodwill are summarized as follows: 2021 2020 Accumulated Accumulated Cost Amortization Carrying Amount Cost Amortization Carrying Amount Intangible assets and goodwill with indefinite useful lives: Trademarks Ps. 35,242 Ps. — Ps. 35,242 Ps. 35,242 Ps. — Ps. 35,242 Concessions 15,166,067 — 15,166,067 15,166,067 — 15,166,067 Goodwill 14,036,657 — 14,036,657 14,113,626 — 14,113,626 29,237,966 — 29,237,966 29,314,935 — 29,314,935 Intangible assets with finite useful lives: Trademarks 2,227,096 (2,043,442) 183,654 2,227,096 (1,971,314) 255,782 Concessions 553,505 (553,505) — 553,505 (442,804) 110,701 Licenses and software 14,831,874 (9,672,946) 5,158,928 13,139,480 (8,446,906) 4,692,574 Subscriber lists 8,806,951 (7,574,668) 1,232,283 8,804,334 (7,258,070) 1,546,264 Payments for renewal of concessions 5,825,559 — 5,825,559 5,825,559 — 5,825,559 Other intangible assets 5,446,636 (4,829,145) 617,491 5,169,795 (4,191,392) 978,403 37,691,621 (24,673,706) 13,017,915 35,719,769 (22,310,486) 13,409,283 Ps. 66,929,587 Ps. (24,673,706) Ps. 42,255,881 Ps. 65,034,704 Ps. (22,310,486) Ps. 42,724,218 Changes in intangible assets and goodwill with indefinite useful lives in 2021 and 2020, were as follows: 2021 Trademarks Concessions Goodwill Total Cost: Balance at beginning of period Ps. 35,242 Ps. 15,166,067 Ps. 14,113,626 Ps. 29,314,935 Impairment adjustments — — (76,969) (76,969) Balance at end of period Ps. 35,242 Ps. 15,166,067 Ps. 14,036,657 Ps. 29,237,966 2020 Trademarks Concessions Goodwill Total Cost: Balance at beginning of period Ps. 175,444 Ps. 15,166,067 Ps. 14,113,626 Ps. 29,455,137 Impairment adjustments (40,803) — — (40,803) Transfers and reclassifications (99,399) — — (99,399) Balance at end of period Ps. 35,242 Ps. 15,166,067 Ps. 14,113,626 Ps. 29,314,935 Changes in intangible assets with finite useful lives in 2021 and 2020, were as follows: 2021 Licenses Payments for Other and Subscriber Renewal of Intangible Trademarks Concessions Software Lists Concessions Assets Total Cost: Balance at beginning of period Ps. 2,227,096 Ps. 553,505 Ps. 13,139,480 Ps. 8,804,334 Ps. 5,825,559 Ps. 5,169,795 Ps. 35,719,769 Additions — — 1,599,671 — — 299,793 1,899,464 Transfers from (to) property, plant and equipment — — 609,974 — — (62,034) 547,940 Retirements and impairment adjustments — — (643,888) — — — (643,888) Transfers and reclassifications — — 117,716 — — 39,278 156,994 Effect of translation — — 8,921 2,617 — (196) 11,342 Balance at end of period 2,227,096 553,505 14,831,874 8,806,951 5,825,559 5,446,636 37,691,621 Amortization: Balance at beginning of period (1,971,314) (442,804) (8,446,906) (7,258,070) — (4,191,392) (22,310,486) Amortization of the year (72,128) (110,701) (1,741,517) (313,981) — (301,444) (2,539,771) Other amortization of the year (1) — — — — — (329,144) (329,144) Retirements and impairment adjustments — — 516,045 — — — 516,045 Effect of translation — — (568) (2,617) — (7,165) (10,350) Balance at end of period (2,043,442) (553,505) (9,672,946) (7,574,668) — (4,829,145) (24,673,706) Ps. 183,654 Ps. — Ps. 5,158,928 Ps. 1,232,283 Ps. 5,825,559 Ps. 617,491 Ps. 13,017,915 2020 Licenses Payments for Other and Subscriber Renewal of Intangible Trademarks Concessions Software Lists Concessions Assets Total Cost: Balance at beginning of period Ps. 2,127,697 Ps. 553,505 Ps. 10,858,388 Ps. 8,782,852 Ps. 5,821,828 Ps. 5,198,960 Ps. 33,343,230 Additions — — 959,813 — 3,731 271,633 1,235,177 Transfers from (to) property, plant and equipment — — 1,247,347 — — (202,282) 1,045,065 Retirements — — (28,127) — — (25,013) (53,140) Transfers and reclassifications 99,399 — 84,823 16,428 — (73,124) 127,526 Effect of translation — — 17,236 5,054 — (379) 21,911 Balance at end of period 2,227,096 553,505 13,139,480 8,804,334 5,825,559 5,169,795 35,719,769 Amortization: Balance at beginning of period (1,899,187) (332,103) (6,843,169) (6,632,419) — (3,762,535) (19,469,413) Amortization of the year (72,127) (110,701) (1,717,282) (523,878) — (50,522) (2,474,510) Other amortization of the year (1) — — — — — (380,863) (380,863) Retirements — — 28,127 — — 2,003 30,130 Reclassifications — — 96,304 (96,719) — 415 — Effect of translation — — (10,886) (5,054) — 110 (15,830) Balance at end of period (1,971,314) (442,804) (8,446,906) (7,258,070) — (4,191,392) (22,310,486) Ps. 255,782 Ps. 110,701 Ps. 4,692,574 Ps. 1,546,264 Ps. 5,825,559 Ps. 978,403 Ps. 13,409,283 (1) Other amortization of the year relates primarily to amortization of soccer player rights, which is included in consolidated cost of sales. All of the amortization charges are presented in Note 21. The changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions for the year ended December 31, 2021 and 2020, were as follows: Foreign Balance as of Currency Balance as of January 1, Translation Impairment December 31, 2021 Acquisitions Retirements Adjustments Adjustments Transfers 2021 Goodwill: Cable Ps. 13,794,684 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 13,794,684 Content 241,973 — — — — — 241,973 Other Businesses 76,969 — — — (76,969) — — Ps. 14,113,626 Ps. — Ps. — Ps. — Ps. (76,969) Ps. — Ps. 14,036,657 Indefinite-lived trademarks (see Note 3): Cable Ps. 32,813 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 32,813 Other Businesses 2,429 — — — — — 2,429 Ps. 35,242 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 35,242 Indefinite-lived concessions (see Note 3): Cable Ps. 15,070,025 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,070,025 Sky 96,042 — — — — — 96,042 Ps. 15,166,067 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,166,067 Foreign Balance as of Currency Balance as of January 1, Translation Impairment December 31, 2020 Acquisitions Retirements Adjustments Adjustments Transfers 2020 Goodwill: Cable Ps. 13,794,684 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 13,794,684 Content 241,973 — — — — — 241,973 Other Businesses 76,969 — — — — — 76,969 Ps. 14,113,626 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 14,113,626 Indefinite-lived trademarks (see Note 3): Cable Ps. 132,212 Ps. — Ps. — Ps. — Ps. — Ps. (99,399) Ps. 32,813 Other Businesses 43,232 — — — (40,803) — 2,429 Ps. 175,444 Ps. — Ps. — Ps. — Ps. (40,803) Ps. (99,399) Ps. 35,242 Indefinite-lived concessions (see Note 3): Cable Ps. 15,070,025 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,070,025 Sky 96,042 — — — — — 96,042 Ps. 15,166,067 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,166,067 During the second half of 2021 and 2020, the Group monitored the market associated with its Publishing business, which is classified into the Other Businesses segment, which has experienced a general slow-down in Latin America. Accordingly, the Group reduced its cash flow expectations for some of its foreign operations. As a result, the Group compared the fair value of the intangible assets in the reporting units with the related carrying amount and recorded an aggregate impairment charge in connection with trademarks Ps.40,803, in other expense, net, in the consolidated statements of income for the year ended December 31, 2020. The key assumptions used for either fair value or value in use calculations of goodwill and intangible assets in 2021, were as follows (see Note 15): Cable Minimum Maximum Value in use calculations: Long-term growth rate 4.00 % 4.00 % Discount rate 10.00 % 10.60 % Pre-tax discount rate 13.66 % 16.50 % Fair value calculations: Multiple of sales 2.2 3.3 Multiple of EBITDA (as defined) 6.8 7.9 The key assumptions used for either fair value or value in use calculations of goodwill and intangible assets in 2020, were as follows (see Note 15): Cable Minimum Maximum Value in use calculations: Long-term growth rate 3.70 % 3.90 % Discount rate 10.50 % 11.60 % Fair value calculations: Multiple of sales 2.3 3.4 Multiple of EBITDA (as defined) 6.3 8.2 Management has identified that a reasonable possible change in the key assumptions identified above could cause the carrying amount to exceed in 2021 the recoverable amount of one of the five CGUs with indefinite-life intangible assets tested for impairment. The change required for the carrying amount to equal the recoverable amount is a 2.8% increase in the discount rate (equivalent to a 30 basis point change) or a 2.0% decrease in the long term growth rate (equivalent to a 10 basis point change). As described in Note 2 (l), in 2015, the Company’s management estimated the remaining useful life of four years for acquired trademarks in specific locations of Mexico, in connection with the migration to an internally developed trademark in the Group’s Cable segment. In the fourth quarter of 2017, the Company’s management reviewed the useful life of certain Group’s television concessions accounted for as intangible assets in conjunction with the payment made in 2018 for renewal of concessions expiring in 2021, which amount was determined by the IFT before the renewal date (see Note 2 (b)). Based on such review, the Group classified these concessions as intangible assets with a finite useful life and began to amortize the related net carrying amount of Ps.553,505 in a period ending in 2021. Amortization of these concessions with a finite useful life amounted to Ps.110,701 for each of the years ended December 31, 2021 and 2020. |
Debt and Lease Liabilities
Debt and Lease Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Debt and Lease Liabilities | |
Debt and Lease Liabilities | 14. Debt and Lease Liabilities Debt and lease liabilities outstanding as of December 31, 2021 and 2020, were as follows: 2021 2020 Effective Interest Finance Principal, net Principal, net Interest Rate Payable Principal Costs of finance cost of finance cost U.S. dollar Senior Notes: 6.625% Senior Notes due 2025 (1) 7.60 % Ps. 230,916 Ps. 12,301,860 Ps. (124,505) Ps. 12,177,355 Ps. 12,031,444 4.625% Senior Notes due 2026 (1) 5.03 % 142,240 6,150,930 (19,457) 6,131,473 6,098,764 8.50% Senior Notes due 2032 (1) 9.00 % 159,753 6,150,930 (18,104) 6,132,826 6,120,358 6.625% Senior Notes due 2040 (1) 7.05 % 443,721 12,301,860 (114,115) 12,187,745 12,280,831 5% Senior Notes due 2045 (1) 5.39 % 148,078 20,503,100 (396,054) 20,107,046 19,680,412 6.125% Senior Notes due 2046 (1) 6.47 % 565,117 18,452,790 (114,497) 18,338,293 18,384,939 5.25% Senior Notes due 2049 (1) 5.59 % 80,731 15,377,325 (283,857) 15,093,468 14,746,315 Total U.S. dollar debt 1,770,556 91,238,795 (1,070,589) 90,168,206 89,343,063 Mexican peso debt: 8.79% Notes due 2027 (2) 8.84 % 96,690 4,500,000 (13,762) 4,486,238 4,579,469 8.49% Senior Notes due 2037 (1) 8.94 % 31,838 4,500,000 (11,178) 4,488,822 4,519,935 7.25% Senior Notes due 2043 (1) 7.92 % 58,906 6,500,000 (50,723) 6,449,277 6,512,360 Bank loans (3) 6.64 % 57,370 16,000,000 (60,517) 15,939,483 15,918,322 Bank loans (Sky) (4) 6.48 % 19,217 3,650,000 — 3,650,000 2,762,371 Bank loans (TVI) (5) 6.14 % — 610,404 (288) 610,116 852,107 Total Mexican peso debt 264,021 35,760,404 (136,468) 35,623,936 35,144,564 Total debt (6) 2,034,577 126,999,199 (1,207,057) 125,792,142 124,487,627 Less: Current portion of long-term debt 2,034,577 4,110,404 (3,972) 4,106,432 2,551,647 Long-term debt, net of current portion Ps. — Ps. 122,888,795 Ps. (1,203,085) Ps. 121,685,710 Ps. 121,935,980 2021 2020 Lease liabilities: Satellite transponder lease liabilities (7) Ps. 3,457,524 Ps. 3,818,559 Other lease liabilities (8) 689,483 728,500 Lease liabilities recognized beginning on January 1, 2019 (8) 5,533,552 4,745,292 Total lease liabilities 9,680,559 9,292,351 Less: Current portion 1,478,382 1,277,754 Lease liabilities, net of current portion Ps. 8,202,177 Ps. 8,014,597 (1) The Senior Notes due between 2025 and 2049, in the aggregate outstanding principal amount of U.S.$4,450 million and Ps.11,000,000, are unsecured obligations of the Company, rank equally in right of payment with all existing and future unsecured and unsubordinated indebtedness of the Company, and are junior in right of payment to all of the existing and future liabilities of the Company’s subsidiaries. Interest rate on the Senior Notes due 2025, 2026, 2032, 2037, 2040, 2043, 2045, 2046 and 2049, including additional amounts payable in respect of certain Mexican withholding taxes, is 6.97%, 4.86%, 8.94%, 8.93%, 6.97%, 7.62%, 5.26%, 6.44% and 5.52% per annum, respectively, and is payable semi-annually. These Senior Notes may not be redeemed prior to maturity, except: (i) in the event of certain changes in law affecting the Mexican withholding tax treatment of certain payments on the securities, in which case the securities will be redeemable, in whole or in part, at the option of the Company; and (ii) in the event of a change of control, in which case the Company may be required to redeem the securities at 101% of their principal amount. Also, the Company may, at its own option, redeem the Senior Notes due 2025, 2026, 2037, 2040, 2043, 2046 and 2049, in whole or in part, at any time at a redemption price equal to the greater of the principal amount of these Senior Notes or the present value of future cash flows, at the redemption date, of principal and interest amounts of the Senior Notes discounted at a fixed rate of comparable U.S. or Mexican sovereign bonds. The Senior Notes due 2026, 2032, 2040, 2043, 2045, 2046 and 2049 were priced at 99.385%, 99.431%, 98.319%, 99.733%, 96.534%, 99.677% and 98.588%, respectively, for a yield to maturity of 4.70%, 8.553%, 6.755%, 7.27%, 5.227%, 6.147% and 5.345%, respectively. The Senior Notes due 2025 were issued in two aggregate principal amounts of U.S.$400 million and U.S.$200 million, and were priced at 98.081% and 98.632%, respectively, for a yield to maturity of 6.802% and 6.787%, respectively. The 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 2025, 2026, 2032, 2037, 2040, 2045, 2046 and 2049, are registered with the U.S. Securities and Exchange Commission (“SEC”). The Senior Notes due 2043 are registered with both the SEC and the Mexican Banking and Securities Commission (“Comisión Nacional Bancaria y de Valores” or “CNBV”). (2) In 2017, the Company issued Notes (“Certificados Bursátiles”) due 2027, through the BMV in the aggregate principal amount of Ps.4,500,000, interest rate on the Notes due 2027 is 8.79% per annum and is payable semi-annually. The Company may, at its own option, redeem the Notes due 2027, in whole or in part, at any semi-annual interest payment date at a redemption price equal to the greater of the principal amount of the outstanding Notes and the present value of future cash flows, at the redemption date, of principal and interest amounts of the Notes discounted at a fixed rate of comparable Mexican sovereign bonds. The agreement of the Notes contains covenants that limit the ability of the Company and certain restricted subsidiaries appointed 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. (3) In 2017, the Company entered into long-term credit agreements with three Mexican banks, in the aggregate principal amount of Ps.6,000,000, with an annual interest rate payable on a monthly basis of 28-day TIIE plus a range between 125 and 130 basis points , and principal maturities between 2022 and 2023. Under the terms of these loan agreements, the Company is required to: (a) maintain certain financial coverage ratios related to indebtedness and interest expense; and (b) comply with the restrictive covenant on certain spin-offs, mergers and similar transactions. In July 2019, the Company entered into a credit agreement for a five-year term loan with a syndicate of banks in the aggregate principal amount of Ps.10,000,000. The funds from this loan were used for general corporate purposes, including the refinancing of the Company’s indebtedness. This loan bears interest at a floating rate based on a spread of 105 or 130 basis points over the 28-day TIIE rate depending on the Group’s net leverage ratio. The credit agreement of this loan requires the maintenance of financial ratios related to indebtedness and interest expense. (4) In March 2016, Sky entered into long-term credit agreements with two Mexican banks in the aggregate principal amount of Ps.5,500,000, with maturities between 2021 and 2023, and interest payable on a monthly basis with an annual interest rate in the range of 7.0% and 7.13%. In July 2020, Sky prepaid a portion of these loans in the aggregate cash amount of Ps.2,818,091, which included principal amount prepayment of Ps.2,750,000, and related accrued interest and transaction costs in the amount of Ps.68,091. In December 2021, Sky prepaid a portion of these loans in the aggregate cash amount of Ps.1,750,365, which included principal amount prepayment of Ps.1,750,000, and related accrued interest in the amount of Ps.365. In December 2021, Sky entered into long-term credit agreement with a Mexican Bank in the aggregate principal amount of Ps.2,650,000, with maturity in December 2026, which included a Ps.1,325,000 loan with an annual interest rate of 8.215% and a Ps.1,325,000 loan with an annual interest rate payable on a monthly basis of 28-day TIIE plus 90 basis points. The funds from these loans will be used for general corporate purposes, including the prepayment of Sky´s indebtedness. Under the terms of these credit agreements, Sky is required to: (a) maintain certain financial coverage ratios related to indebtedness and interest expense; and (b) comply with a restrictive covenant on spin-offs, mergers and similar transactions. (5) In 2021 and 2020, included outstanding balances in the aggregate principal amount of Ps.610,404 and Ps. 852,893, respectively, in connection with credit agreements entered into by TVI with Mexican banks, with maturities between 2020 and 2022, bearing interest at an annual rate of TIIE plus a range between 100 and 125 basis points, which is payable on a monthly basis. This TVI long-term indebtedness is guaranteed by the Company. Under the terms of these credit agreements, TVI is required to comply with certain restrictive covenants and financial coverage ratios. (6) Principal amount of total debt as of December 31, 2020, is presented net of unamortized finance costs in the aggregate amount of Ps.1,324,307. (7) Under a capital lease agreement entered into with Intelsat Global Sales & Marketing Ltd. (“Intelsat”) in March 2010, Sky is obligated to pay at an annual interest rate of 7.30%, a monthly fee through 2027 of U.S.$3.0 million for satellite signal reception and retransmission service from 24 KU-band transponders on satellite IS-21, which became operational in October 2012. The service term for IS-21 will end at the earlier of: (a) the end of 15 years or; (b) the date IS-21 is taken out of service (see Note 12). (8) Lease liabilities recognized beginning on January 1, 2019, under IFRS 16, in the aggregate amount of Ps.5,533,552 and Ps.4,745,292, as of December 31, 2021 and 2020, respectively. These lease liabilities have terms which expired at various dates between 2021 and 2051. Lease liabilities also includes Ps.689,483 and Ps.728,500, as of December 31, 2021 and 2020, respectively, in connection with a lease agreement entered into by a subsidiary of the Company and GTAC for the right to use certain capacity of a telecommunications network through 2030 (see Note 20). As of December 31, 2021 and 2020, the outstanding principal amounts of Senior Notes of the Company that have been designated as hedging instruments of the Group’s investments in UH II, and the investment in Open-Ended Fund (hedged items) were as follows (see Notes 2 (e) and 4): December 31, 2021 December 31, 2020 Millions of Thousands of Millions of Thousands of Hedged Items U.S. dollars Mexican pesos U.S. dollars Mexican pesos Investment in shares of UH II (UHI, until May 18, 2021) (net investment hedge) U.S.$ 1,254.5 Ps. 25,721,539 U.S.$ 1,074.0 Ps. 21,424,180 Open-Ended Fund (foreign currency fair value hedge) 46.1 945,176 56.9 1,135,803 Total U.S.$ 1,300.6 Ps. 26,666,715 U.S.$ 1,130.9 Ps. 22,559,983 The foreign exchange gain or loss derived from the Company’s U.S. dollar denominated long-term debt designated as a hedge, for the years ended December 31, 2021 and 2020, is analyzed as follows (see Notes 9 and 23): Foreign Exchange Gain or Loss Derived from Year Ended Year Ended Senior Notes Designated as Hedging Instruments December 31, 2021 December 31, 2020 Recognized in: Comprehensive loss Ps. (604,856) Ps. (7,343,244) Total foreign exchange loss derived from hedging Senior Notes Ps. (604,856) Ps. (7,343,244) Offset against: Foreign currency translation gain derived from the hedged net investment in shares of UH II and UHI Ps. 505,183 Ps. 1,360,735 Foreign exchange gain derived from hedged warrants issued by UHI — 5,511,412 Foreign exchange gain derived from the hedged Open-Ended Fund 99,673 471,097 Total foreign currency translation and foreign exchange gain derived from hedged assets Ps. 604,856 Ps. 7,343,244 Maturities of Debt and Lease Liabilities Debt maturities for the years subsequent to December 31, 2021, are as follows: Unamortized Nominal Finance Costs 2022 Ps. 4,110,404 Ps. (3,972) 2023 3,500,000 (3,387) 2024 10,000,000 (53,446) 2025 12,301,860 (124,505) 2026 8,800,930 (19,457) Thereafter 88,286,005 (1,002,290) Ps. 126,999,199 Ps. (1,207,057) Future minimum payments under lease liabilities for the years subsequent to December 31, 2021, are as follows: 2022 Ps. 2,137,430 2023 1,813,378 2024 1,791,929 2025 1,690,478 2026 1,563,340 Thereafter 4,176,363 13,172,918 Less: Amount representing interest (3,492,359) Ps. 9,680,559 A reconciliation of long-term debt and lease liabilities arising from financing activities in the Group’s consolidated statement of cash flows for the year ended December 31, 2021 and 2020, is as follows: Cash Flow Non-Cash Changes Foreign Balance as of New Debt Exchange Balance as of January 1, 2021 New Debt Payments and Leases Income Interest December 31, 2021 Debt Ps. 123,877,278 Ps. 2,650,000 Ps. (1,992,489) Ps. — Ps. 2,464,410 Ps. — Ps. 126,999,199 Satellite transponder lease liabilities 3,818,559 — (460,210) — 99,175 — 3,457,524 Other lease liabilities 728,500 115,943 (186,317) — — 31,357 689,483 Lease liabilities 4,745,292 — (1,082,226) 1,424,507 — 445,979 5,533,552 Total debt and lease liabilities Ps. 133,169,629 Ps. 2,765,943 Ps. (3,721,242) Ps. 1,424,507 Ps. 2,563,585 Ps. 477,336 Ps. 136,679,758 Cash Flow Non-Cash Changes Foreign Balance as of New Debt Exchange Balance as of January 1, 2020 New Debt Payments and Leases Income Interest December 31, 2020 Debt Ps. 122,378,292 Ps. 14,770,694 Ps. (18,013,183) Ps. — Ps. 4,741,475 Ps. — Ps. 123,877,278 Satellite transponder lease liabilities 4,014,567 — (456,465) — 260,457 — 3,818,559 Other lease liabilities 707,248 — (211,812) 195,308 — 37,756 728,500 Lease liabilities 4,641,705 — (953,771) 540,477 20,102 496,779 4,745,292 Total debt and lease liabilities Ps. 131,741,812 Ps. 14,770,694 Ps. (19,635,231) Ps. 735,785 Ps. 5,022,034 Ps. 534,535 Ps. 133,169,629 Credit Facility During 2018, the Company executed a revolving credit facility with a syndicate of banks, for up to an amount equivalent to U.S.$618 million payable in Mexican pesos, which funds may be used for the repayment of existing indebtedness and other general corporate purposes. In March 2020, the Company drew down Ps.14,770,694 under this revolving credit facility, with a maturity in the first quarter of 2022, and interest payable on a monthly basis at a floating rate based on a spread of 87.5 or 112.5 basis points over the 28-day TIIE rate depending on the Group’s net leverage ratio. This facility was used by the Company as a prudent and precautionary measure to increase the Group’s cash position and preserve financial flexibility in light of uncertainty in the global and local markets resulting from the COVID-19 outbreak. On October 6, 2020, the Company prepaid in full without penalty the principal amount of Ps.14,770,694 under this revolving credit facility. The Company retained the right to reborrow the facility in an amount of up to the Mexican peso equivalent of U.S.$618 million, and the facility remained unused as of December 31, 2021 and was available through the first quarter of 2022. Under the terms of this credit facility, the Company is required to comply with certain restrictive covenants and financial coverage ratios (see Note 30). |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments | |
Financial Instruments | 15. Financial Instruments The Group’s financial instruments presented in the consolidated statements of financial position included cash and cash equivalents, temporary investments, accounts and notes receivable, a long-term loan receivable from GTAC, non- current investments in debt and equity securities, and in securities in the form of an open-ended fund, accounts payable, outstanding debt, lease liabilities, and derivative financial instruments. For cash and cash equivalents, accounts receivable, temporary investments, accounts payable, and the current portion of long-term debt and lease liabilities, the carrying amounts approximate fair value due to the short maturity of these instruments. The fair value of the Group’s long-term debt securities is based on quoted market prices. The fair value of long-term loans that the Group borrowed from leading Mexican banks (see Note 14), has been estimated using the borrowing rates currently available to the Group for bank loans with similar terms and average maturities. The fair value of non-current investments in financial instruments, and currency option and interest rate swap agreements were determined by using valuation techniques that maximize the use of observable market data. The carrying and estimated fair values of the Group’s non-derivative financial instruments as of December 31, 2021 and 2020, were as follows: 2021 2020 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents Ps. 25,828,215 Ps. 25,828,215 Ps. 29,058,093 Ps. 29,058,093 Trade notes and accounts receivable, net 13,093,011 13,093,011 12,343,797 12,343,797 Long-term loan and interests receivable from GTAC (see Note 10) 755,973 760,143 821,253 824,092 Open-Ended Fund (see Note 9) 945,176 945,176 1,135,803 1,135,803 Publicly traded equity instruments (see Note 9) 3,517,711 3,517,711 5,397,504 5,397,504 Other equity instruments (see Note 9) 1,607,969 1,607,969 468,552 468,552 Liabilities: Senior Notes due 2025, 2032 and 2040 Ps. 30,754,650 Ps. 39,592,552 Ps. 29,923,950 Ps. 40,584,237 Senior Notes due 2045 20,503,100 24,205,140 19,949,300 24,282,886 Senior Notes due 2037 and 2043 11,000,000 8,722,100 11,000,000 9,238,435 Senior Notes due 2026 and 2046 24,603,720 31,714,380 23,939,160 31,811,792 Senior Notes due 2049 15,377,325 19,307,154 14,961,975 18,978,667 Notes due 2027 4,500,000 4,509,405 4,500,000 5,035,860 Long-term notes payable to Mexican banks 20,260,404 20,417,854 19,602,893 19,801,142 Lease liabilities 9,680,559 9,830,878 9,292,351 9,343,100 The carrying amounts (based on estimated fair values), notional amounts, and maturity dates of the Group’s derivative financial instruments as of December 31, 2021 and 2020, were as follows: Notional Amount December 31, 2021: Carrying (U.S. Dollars in Derivative Financial Instruments Amount Thousands) Maturity Date Assets: Derivatives recorded as accounting hedges (cash flow hedges): TVI’s interest rate swap (a) Ps. 127 Ps. 87,600 May 2022 Interest rate swaps (b) 133,197 Ps. 10,000,000 June 2024 Total assets Ps. 133,324 Liabilities: Derivatives recorded as accounting hedges (cash flow hedges): TVI’s interest rate swap (c) Ps. 2,015 Ps. 522,804 April 2022 Interest rate swaps (d) 9,749 Ps. 2,000,000 October 2022 Interest rate swaps (e) 7,243 Ps. 1,500,000 October 2022 Interest rate swaps (f) 23,798 Ps. 2,500,000 February 2023 Forwards (g) 35,524 U.S.$ 67,125 January 2022 through March 2022 Derivatives not recorded as accounting hedges: Interest rate swap (h) 2,943 Ps. 9,385,347 March 2022 TVI’s forwards (i) 10,057 U.S.$ 12,600 January 2022 through February 2022 Empresas Cablevisión’s forwards (j) 11,006 U.S.$ 13,820 January 2022 through February 2022 Sky’s forwards (k) 14,054 U.S.$ 15,000 February 2022 Forwards (l) 56,496 U.S.$ 57,620 January 2022 through February 2022 Total liabilities Ps. 172,885 Notional Amount December 31, 2020: Carrying (U.S. Dollars in Derivative Financial Instruments Amount Thousands) Maturity Date Liabilities: Derivatives recorded as accounting hedges (cash flow hedges): TVI’s interest rate swap (a) Ps. 1,759 Ps. 122,400 May 2022 TVI’s interest rate swap (c) 23,784 Ps. 730,493 April 2022 Interest rate swaps (d) 109,146 Ps. 2,000,000 October 2022 Interest rate swaps (e) 86,171 Ps. 1,500,000 October 2022 Interest rate swaps (f) 180,941 Ps. 2,500,000 February 2023 Interest rate swaps (b) 762,827 Ps. 10,000,000 June 2024 Forwards (g) 714,763 U.S.$ 330,500 January 2021 through March 2022 Derivatives not recorded as accounting hedges: Interest rate swap (h) 204,250 Ps. 9,385,347 March 2022 TVI’s forwards (i) 176,868 U.S.$ 88,353 January 2021 through February 2022 Empresas Cablevisión’s forwards (j) 190,726 U.S.$ 96,789 January 2021 through February 2022 Sky’s forwards (k) 318,701 U.S.$ 135,000 February 2021 through February 2022 Forwards (l) 706,287 U.S.$ 344,898 January 2021 through February 2022 Total liabilities Ps. 3,476,223 (a) TVI has entered into several derivative transaction agreements (interest rate swaps) with two financial institutions from August 2013 through May 2022 to hedge the variable interest rate exposure resulting from Mexican peso loans of a total principal amount of Ps.87,600 and Ps.122,400 as of December 31, 2021 and 2020, respectively. Under these agreements, the Company receives monthly payments based on aggregate notional amounts of Ps.87,600 and Ps.122,400 and makes payments based on the same notional amount at an annual weighted average fixed rate of 5.585%. TVI has recognized the change in fair value of this transaction as an accounting hedge, and recorded a loss of Ps.58,847 and Ps.60,730 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. In the years ended as of December 31, 2021 and 2020, TVI recorded a (loss) gain of Ps.(1,118) and Ps.2,046, respectively, in consolidated other finance income or expense. (b) In June and July 2019 and October 2020, the Company entered into derivative transaction agreements (interest rate swaps) through June 2024, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.10,000,000 as of December 31, 2021 and 2020. Under these agreements, the Company receives monthly payments based on aggregate notional amounts of Ps.10,000,000 as of December 31, 2021 and 2020, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual weighted average fixed rate of 6.7620%. The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a cumulative loss of Ps.143,819 in other comprehensive income or loss as of December 31, 2021. In 2021, the Company recorded a loss of Ps.226,192 in consolidated other finance income or expense. (c) In March and April 2017, TVI entered into several derivative transaction agreements (interest rate swaps) with two financial institutions through April 2022 to hedge the variable interest rate exposure resulting from Mexican peso loan of a total principal amount of Ps.522,804 and Ps.730,493 as of December 31, 2021 and 2020, respectively. Under these agreements, the Company receives monthly payments based on aggregate notional amounts of Ps.522,804 and Ps.730,493 as of December 31, 2021 and 2020, respectively, at an annual variable rate of 28- days TIIE and makes monthly payments based on the same notional amounts at an annual weighted average fixed rate of 7.2663%. The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a loss of Ps.2,015 and Ps.23,784 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. TVI recorded a loss of Ps.17,501 and Ps.11,700 for this transaction agreement in consolidated other finance income or expense as of December 31, 2021 and 2020, respectively. (d) In November 2017, the Company entered into derivative transaction agreements (interest rate swaps) through October 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.2,000,000. Under this transaction, the Company receives monthly payments based on an aggregate notional amount of Ps.2,000,000, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual fixed rate of 7.3275%. The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a cumulative loss of Ps.9,031 and Ps.107,884 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. In 2021 and 2020, the Company recorded a loss of Ps.56,263 and Ps.28,719, respectively, in consolidated other finance income or expense. (e) In November and December 2017, the Company entered into derivative transaction agreements (interest rate swaps) through October 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.1,500,000. Under this transaction, the Company receives monthly payments based on an aggregate notional amount of Ps.1,500,000, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual fixed rate of 7.35% . The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a cumulative loss of Ps.6,697 and Ps.85,217 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. In 2021, the Company recorded a loss of Ps.42,555 in consolidated other finance income or expense. (f) In January 2018, the Company entered into derivative transaction agreements (interest rate swaps) through February 2023, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.2,500,000. Under this transaction, the Company receives monthly payments based on aggregate notional amount of Ps.2,500,000, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual fixed rate of 7.7485%. The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative loss of Ps.19,612 and Ps.175,498 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. In 2021, the Company recorded a loss of Ps.81,759 in consolidated other finance income or expense. (g) As of December 31, 2021 and 2020, the Company had entered into derivative contracts of foreign currency (forwards) to fix the exchange rate for the purchase of U.S.$67.1 million and U.S.$330.5 million, respectively, at an average exchange rate of Ps.21.1433 and Ps.22.5859, respectively. The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a cumulative loss of Ps.35,524 and Ps.714,763 for this transaction agreement in other comprehensive income or loss as of December 31, 2021, and 2020, respectively. In 2021 and 2020, the Company recorded a (loss) gain of Ps.(725,209) and Ps.308,562 in consolidated other finance income or expense, respectively. (h) In March 2020, the Company entered into derivative transaction agreements (interest rate swaps) through March 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.9,385,347. Under this transaction, the Company receives monthly payments based on aggregate notional amounts of Ps.9,385,347, at an annual variable rate of 28 days of TIIE, and makes monthly payments based on the same notional amount at an annual fixed rate of 6.0246%. In 2021 and 2020, the Company recorded a gain (loss) of Ps.62,679 and Ps.(274,285) in consolidated other finance income or expense, respectively. (i) As of December 31, 2021, TVI had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$12.6 million at an average rate of Ps.21.4394. As a result of the change in fair value of these agreements in the year ended December 31, 2021, the Company recorded a loss of Ps.9,812 in consolidated other finance income or expense. (j) As of December 31, 2021, Empresas Cablevisión had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$13.8 million at an average rate of Ps.21.4352. As a result of the change in fair value of these agreements in the year ended December 31, 2021, the Company recorded a loss of Ps.8,926 in consolidated other finance income or expense. (k) As of December 31, 2021, Sky had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$15.0 million at an average rate of Ps.21.6000. As a result of the change in fair value of these agreements in the year ended December 31, 2021, the Company recorded a loss of Ps.20,077 in consolidated other finance income or expense. (l) As of December 31, 2021 and 2020, the Company had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$57.6 million and U.S.$344.9 million at an average rate of Ps.21.5927 and Ps.22.4872, respectively. As a result of the change in fair value of these agreements, in the years ended December 31, 2021 and 2020, the Company recorded a (loss) gain of Ps.(56,447) and Ps.207,412, in consolidated other finance income or expense, respectively. Fair Value Measurement Assets and Liabilities Measured at Fair Value on a Recurring Basis All fair value adjustments as of December 31, 2021 and 2020, represent assets or liabilities measured at fair value on a recurring basis. In determining fair value, the Group’s financial instruments are separated into two categories: investments in financial assets at FVOCIL and derivative financial instruments. Financial assets and liabilities measured at fair value as of December 31, 2021 and 2020: Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2021 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Assets: At FVOCIL: Open-Ended Fund Ps. 945,176 Ps. — Ps. 945,176 Ps. — Publicly traded equity instruments 3,517,711 3,517,711 — — Derivative financial instruments 133,324 — 133,324 — Total Ps. 4,596,211 Ps. 3,517,711 Ps. 1,078,500 Ps. — Liabilities: Derivative financial instruments Ps. 172,885 Ps. — Ps. 172,885 Ps. — Total Ps. 172,885 Ps. — Ps. 172,885 Ps. — Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2020 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Assets: At FVOCIL: Open-Ended Fund Ps. 1,135,803 Ps. — Ps. 1,135,803 Ps. — Publicly traded equity instruments 5,397,504 5,397,504 — — Total Ps. 6,533,307 Ps. 5,397,504 Ps. 1,135,803 Ps. — Liabilities: Derivative financial instruments Ps. 3,476,223 Ps. — Ps. 3,476,223 Ps. — Total Ps. 3,476,223 Ps. — Ps. 3,476,223 Ps. — The table below presents the reconciliation for all assets and liabilities measured at fair value using internal models with significant unobservable inputs (Level 3) during the years ended December 31, 2021 and 2020: 2021 2020 Balance at beginning of year Ps. — Ps. 33,775,451 Included in other comprehensive income — (16,387,752) Warrants exercised for common stock of UHI — (17,387,699) Balance at the end of year Ps. — Ps. — Non-current Financial Assets Investments in debt securities or with readily determinable fair values, are classified as non-current investments in financial instruments, and are recorded at fair value with unrealized gains and losses included in consolidated stockholders’ equity as accumulated other comprehensive result. Non-current financial assets are generally valued using quoted market prices or alternative pricing sources with reasonable levels of price transparency. Such instruments are classified in Level 1, Level 2, and Level 3, depending on the observability of the significant inputs. Open-Ended Fund The Group has an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through investments in securities, including without limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments, in telecom, media and other sectors across global markets, including Latin America and other emerging markets. Shares may be redeemed on a quarterly basis at the NAV per share as of such redemption date (see Notes 4 and 9). UHI Warrants On December 29, 2020, the Group exercised all of its remaining warrants for common shares of UHI to increase its equity stake in UHI from 10% to 35.9% on a fully diluted basis (see Notes 9 and 10). The Group determined the fair value of its investment in warrants as of December 29, 2020, by using the income approach based on post-tax discounted cash flows. The income approach requires management to make judgments and involves the use of significant estimates and assumptions. These estimates and assumptions include long-term growth rates and operating margins used to calculate projected future cash flows, risk-adjusted discount rates based on weighted average cost of capital within a range of 8% to 9%, among others. The Group´s estimates for market growth were based on historical data, various internal estimates and observable external sources when available and are based on assumptions that are consistent with the strategic plans and estimates used to manage the underlying business. Since the described methodology is an internal model with significant unobservable inputs, the UHI warrants were classified as Level 3. Additionally, the Group determined the fair value of its investment in warrants by using the Black-Scholes model (“BSPM”). The BSPM involved the use of significant estimates and assumptions. The assumptions used as of December 29, 2020 , included the UHI stock´s spot price of U.S.$190 per share on a fully-diluted, as–converted basis, and the UHI stock’s expected volatility of 64%. Disclosures for Each Class of Assets and Liabilities Subject to Recurring Fair Value Measurements Categorized Within Level 3 The Corporate Finance Department of the Company has established rules for a proper portfolio asset classification according to the fair value hierarchy defined by the IFRS Standards. On a monthly basis, any new assets recognized in the portfolio are classified according to this criterion. Subsequently, there is a quarterly review of the portfolio in order to analyze the need for a change in classification of any of these assets. Sensitivity analysis is performed on the Group’s investments with significant unobservable inputs (Level 3) in order to obtain a reasonable range of possible alternative valuations. This analysis is carried out by the Corporate Finance Department of the Company. Derivative Financial Instruments Derivative financial instruments include swaps, forwards and options (see Notes 2 (w), 4 and 15). The Group’s derivative portfolio is entirely over-the-counter (“OTC”). The Group’s derivatives are valued using industry standard valuation models; projecting future cash flows discounted to present value, using market-based observable inputs including interest rate curves, foreign exchange rates, and forward and spot prices for currencies. When appropriate, valuations are adjusted for various factors such as liquidity, bid/offer spreads and credit spreads considerations. Such adjustments are generally based on available market evidence. In the absence of such evidence, management’s best estimate is used. All derivatives are classified in Level 2. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis The majority of the Group’s non-financial instruments, which include the investment in shares of UH II, goodwill, intangible assets, inventories, transmission rights and programming, property, plant and equipment and right-of-use assets are not required to be carried at fair value on a recurring basis. However, if certain triggering events occur (or at least annually in the fourth quarter for goodwill and indefinite-lived intangible assets) such that a non-financial instrument is required to be evaluated for impairment, a resulting asset impairment would require that, the non-financial instrument be recorded at the lower of carrying amount or its recoverable amount. The impairment test for goodwill involves a comparison of the estimated fair value of each of the Group’s reporting units to its carrying amount, including goodwill. The Group determines the fair value of a reporting unit using the higher between the value in use and the fair value less costs to sell, which utilize significant unobservable inputs (Level 3) within the fair value hierarchy. The impairment test for intangible assets not subject to amortization involves a comparison of the estimated fair value of the intangible asset with its carrying amount. The Group determines the fair value of the intangible asset using a discounted cash flow analysis, which utilizes significant unobservable inputs (Level 3) within the fair value hierarchy. Determining fair value requires the exercise of significant judgment, including judgment about appropriate discount rates, perpetual growth rates, the amount and timing of expected future cash flows for a period of time that comprise five years, as well as relevant comparable company earnings multiples for the market-based approach. Once an asset has been impaired, it is not remeasured at fair value on a recurring basis; however, it is still subject to fair value measurements to test for recoverability of the carrying amount. |
Post-employment Benefits
Post-employment Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Post-employment Benefits | |
Post-employment Benefits | 16. Post-employment Benefits Certain companies in the Group have collective bargaining contracts which include defined benefit pension plans and other retirement benefits for substantially all of their employees. Additionally, the Group has defined benefit pension plans for certain eligible executives and employees. All pension benefits are based on salary and years of service rendered. Under the provisions of the Mexican Labor Law, seniority premiums are payable based on salary and years of service to employees who resign or are terminated prior to reaching retirement age. Some companies in the Group have seniority premium benefits which are greater than the legal requirement. After retirement age employees are no longer eligible for seniority premiums. Post-employment benefits are actuarially determined by using nominal assumptions and attributing the present value of all future expected benefits proportionately over each year from date of hire to age 65. The Group used actuarial assumptions to determine the present value of defined benefit obligations, as follows: 2021 2020 Discount rate 7.8 % 6.6 % Salary increase 5.0 % 5.0 % Inflation rate 3.5 % 3.5 % Had the discount rate of 7.8% used by the Group in 2021 been decreased by 50 basis points, the impact on defined benefit obligation would have been an increase to Ps.3,308,348 as of December 31, 2021. Had the discount rate of 6.6% used by the Group in 2020 been decreased by 50 basis points, the impact on defined benefit obligation would have been an increase to Ps.3,382,711 as of December 31, 2020. The reconciliation between defined benefit obligations and post-employment benefit liability in the consolidated statements of financial position as of December 31, 2021 and 2020, is presented as follows: Seniority Pensions Premiums 2021 Vested benefit obligations Ps. 560,723 Ps. 335,294 Ps. 896,017 Unvested benefit obligations 1,881,974 406,374 2,288,348 Defined benefit obligations 2,442,697 741,668 3,184,365 Fair value of plan assets 978,892 291,793 1,270,685 Underfunded status of the plans Ps. 1,463,805 Ps. 449,875 Ps. 1,913,680 Post-employment benefit liability Ps. 1,463,805 Ps. 449,875 Ps. 1,913,680 Seniority Pensions Premiums 2020 Vested benefit obligations Ps. 556,619 Ps. 376,122 Ps. 932,741 Unvested benefit obligations 2,077,506 266,153 2,343,659 Defined benefit obligations 2,634,125 642,275 3,276,400 Fair value of plan assets 909,324 286,425 1,195,749 Underfunded status of the plans Ps. 1,724,801 Ps. 355,850 Ps. 2,080,651 Post-employment benefit liability Ps. 1,724,801 Ps. 355,850 Ps. 2,080,651 The components of net periodic pensions and seniority premiums cost for the years ended December 31, consisted of the following: 2021 2020 Service cost Ps. 175,648 Ps. 148,987 Interest cost 193,313 187,470 Prior service cost for plan amendments (40,124) 40,542 Interest on plan assets (69,546) (84,973) Net periodic cost Ps. 259,291 Ps. 292,026 The Group’s defined benefit obligations, plan assets, funded status and balances in the consolidated statements of financial position as of December 31, 2021 and 2020, associated with post-employment benefits, are presented as follows: Seniority Pensions Premiums 2021 2020 Defined benefit obligations: Beginning of year Ps. 2,634,125 Ps. 642,275 Ps. 3,276,400 Ps. 2,847,608 Service cost 101,550 74,098 175,648 148,987 Interest cost 146,941 46,372 193,313 187,470 Benefits paid (157,261) (64,774) (222,035) (221,184) Remeasurement of post-employment benefit obligations (243,332) 44,495 (198,837) 272,977 Past service cost (39,326) (798) (40,124) 40,542 End of year 2,442,697 741,668 3,184,365 3,276,400 Fair value of plan assets: Beginning of year 909,324 286,425 1,195,749 1,379,496 Return on plan assets 52,506 17,040 69,546 84,973 Contributions — 6,972 6,972 600 Remeasurement on plan assets 84,566 (3,578) 80,988 (71,336) Benefits paid (67,504) (15,066) (82,570) (197,984) End of year 978,892 291,793 1,270,685 1,195,749 Unfunded status of the plans Ps. 1,463,805 Ps. 449,875 Ps. 1,913,680 Ps. 2,080,651 The changes in the net post-employment liability in the consolidated statements of financial position as of December 31, 2021 and 2020, are as follows: Seniority Pensions Premiums 2021 2020 Net post-employment liability at beginning of year Ps. 1,724,801 Ps. 355,850 Ps. 2,080,651 Ps. 1,468,112 Net periodic cost 156,659 102,632 259,291 292,026 Contributions — (6,972) (6,972) (600) Remeasurement of post-employment benefits (327,898) 48,073 (279,825) 344,313 Benefits paid (89,757) (49,708) (139,465) (23,200) Net post-employment liability at end of year Ps. 1,463,805 Ps. 449,875 Ps. 1,913,680 Ps. 2,080,651 The post-employment benefits as of December 31, 2021 and 2020, and remeasurements adjustments for the years ended December 31, 2021 and 2020, are summarized as follows: 2021 2020 Pensions: Defined benefit obligations Ps. 2,442,697 Ps. 2,634,125 Plan assets 978,892 909,324 Unfunded status of plans 1,463,805 1,724,801 Remeasurements adjustments (1) (327,898) 250,283 Seniority premiums: Defined benefit obligations Ps. 741,668 Ps. 642,275 Plan assets 291,793 286,425 Unfunded status of plans 449,875 355,850 Remeasurements adjustments (1) 48,073 94,030 (1) On defined benefit obligations and plan assets. Pensions and Seniority Premiums Plan Assets The plan assets are invested according to specific investment guidelines determined by the technical committees of the pension plan and seniority premiums trusts and in accordance with actuarial computations of funding requirements. These investment guidelines require a minimum investment of 30% of the plan assets in fixed rate instruments, or mutual funds comprised of fixed rate instruments. The plan assets that are invested in mutual funds are all rated “AA” or “AAA” by at least one of the main rating agencies. These mutual funds vary in liquidity characteristics ranging from one day to one month. The investment goals of the plan assets are to preserve principal, diversify the portfolio, maintain a high degree of liquidity and credit quality, and deliver competitive returns subject to prevailing market conditions. Currently, the plan assets do not engage in the use of financial derivative instruments. The Group’s target allocation in the foreseeable future is to maintain approximately 30% in equity securities and 70% in fixed rate instruments. The weighted average asset allocation by asset category as of December 31, 2021 and 2020, was as follows: 2021 2020 Equity securities (1) 32.7 % 28.8 % Fixed rate instruments 67.3 % 71.2 % Total 100.0 % 100.0 % (1) Included within plan assets at December 31, 2021 and 2020, are shares of the Company held by the trust with a fair value of Ps.119,851 and Ps.101,690, respectively. The weighted average expected long-term rate of return of plan assets of 7.79% and 6.59% were used in determining net periodic pension cost in 2021 and 2020, respectively. The rate used reflected an estimate of long-term future returns for the plan assets. This estimate was primarily a function of the asset classes (equities versus fixed income) in which the plan assets were invested and the analysis of past performance of these asset classes over a long period of time. This analysis included expected long-term inflation and the risk premiums associated with equity investments and fixed income investments. The following table summarizes the Group’s plan assets measured at fair value on a recurring basis as of December 31, 2021 and 2020: Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2021 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Common Stocks (1) Ps. 119,851 Ps. 119,851 Ps. — Ps. — Mutual funds (fixed rate instruments) (2) 115,185 115,185 — — Money market securities (3) 726,781 726,781 — — Other equity securities 308,868 308,868 — — Total investment assets Ps. 1,270,685 Ps. 1,270,685 Ps. — Ps. — Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2020 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Common Stocks (1) Ps. 101,690 Ps. 101,690 Ps. — Ps. — Mutual funds (fixed rate instruments) (2) 231,837 231,837 — — Money market securities (3) 607,658 607,658 — — Other equity securities 254,564 254,564 — — Total investment assets Ps. 1,195,749 Ps. 1,195,749 Ps. — Ps. — (1) Common stocks are valued at the closing price reported on the active market on which the individual securities are traded. All common stock included in this line item relate to the Company’s CPOs. (2) Mutual funds consist of fixed rate instruments. These are valued at the net asset value provided by the administrator of the fund. (3) Money market securities consist of government debt securities, which are valued based on observable prices from the new issue market, benchmark quotes, secondary trading and dealer quotes. The Group did not make significant contributions to its plan assets in 2021 and 2020, and does not expect to make significant contributions to its plan assets in 2022. The weighted average duration of the defined benefit plans as of December 31, 2021 and 2020, were as follows: 2021 2020 Seniority Premiums 9.0 years 8.6 years Pensions 5.1 years 5.7 years |
Capital Stock and Long-term Ret
Capital Stock and Long-term Retention Plan | 12 Months Ended |
Dec. 31, 2021 | |
Capital Stock and Long-term Retention Plan | |
Capital Stock and Long-term Retention Plan | 17. Capital Stock The Company has four classes of capital stock: Series “A” Shares, Series “B” Shares, Series “D” Shares and Series par value The Company’s shares are publicly traded in Mexico, primarily in the form of Ordinary Participation Certificates (“CPOs”), each CPO representing 117 shares comprised of 25 Series “A” Shares, 22 Series “B” Shares, 35 Series “D” Shares and 35 Series “L” Shares; and in the United States in the form of Global Depositary Shares (“GDS”), each GDS representing five CPOs. Non-Mexican holders of CPOs do not have voting rights with respect to the Series “A”, Series “B” and Series “D” Shares. At December 31, 2021, shares of capital stock and CPOs consisted of (in millions): Repurchased Held by a Authorized and by the Company’s Issued (1) Company (2) Trust (3) Outstanding Series “A” Shares 121,073.9 — (6,988.9) 114,085.0 Series “B” Shares 57,046.9 — (5,583.4) 51,463.5 Series “D” Shares 87,006.6 — (5,132.9) 81,873.7 Series “L” Shares 87,006.6 — (5,132.9) 81,873.7 Total 352,134.0 — (22,838.1) 329,295.9 Shares in the form of CPOs 290,849.7 — (17,158.6) 273,691.1 Shares not in the form of CPOs 61,284.3 — (5,679.5) 55,604.8 Total 352,134.0 — (22,838.1) 329,295.9 CPOs 2,485.9 — (146.7) 2,339.2 (1) As of December 31, 2021, the authorized and issued capital stock amounted to Ps. 4,836,708 (nominal Ps. 2,423,549 ). (2) In connection with a share repurchase program that was approved by the Company’s stockholders and is exercised at the discretion of management. During the year ended December 31, 2021, the Company did not buy any shares under this program. In 2020, the Company repurchased 616.0 million shares, 5.3 million CPOs, in the amount of Ps. 195,597 . In April 2021, the Company’s stockholders approved the cancellation of 5,173.2 million shares of capital stock in the form of 44.2 million CPOs which were repurchased by the Company in 2019 and 2020 under this program. (3) Primarily, in connection with the Company’s LTRP described below. A reconciliation of the number of shares and CPOs outstanding for the years ended December 31, 2021 and 2020, is presented as follows (in millions): Series “A” Series “B” Series “D” Series “L” Shares CPOs Shares Shares Shares Shares Outstanding Outstanding As of January 1, 2020 116,223.9 52,852.8 84,083.8 84,083.8 337,244.3 2,402.4 Repurchased (1) (131.6) (115.8) (184.3) (184.3) (616.0) (5.3) Cancelled and forfeited (2) (3,097.4) (1,830.0) (2,911.3) (2,911.3) (10,750.0) (83.2) Acquired (2) (86.0) (75.6) (120.3) (120.3) (402.2) (3.4) Released (2) 110.3 97.1 154.5 154.5 516.4 4.4 As of December 31, 2020 113,019.2 50,928.5 81,022.4 81,022.4 325,992.5 2,314.9 Forfeited (2) (187.9) (165.4) (263.1) (263.1) (879.5) (7.5) Acquired (2) (429.8) (378.2) (601.7) (601.7) (2,011.4) (17.2) Released (2) 1,683.5 1,078.6 1,716.1 1,716.1 6,194.3 49.0 As of December 31, 2021 114,085.0 51,463.5 81,873.7 81,873.7 329,295.9 2,339.2 (1) Repurchased or cancelled by the Company in connection with a share repurchase program. (2) Acquired, released, cancelled or forfeited by a Company’s trust in connection with the Company’s Long-Term Retention Plan described below. Under the Company’s bylaws, the Company’s Board of Directors consists of 20 members, of which the holders of Series “A” Shares, Series “B” Shares, Series “D” Shares and Series “L” Shares, each voting as a class, are entitled to elect eleven members, five members, two members and two members, respectively. Holders of Series “D” Shares are entitled to receive a preferred dividend equal to 5% of the nominal capital attributable to those Shares (nominal Ps.0.00034412306528 per share) before any dividends are payable in respect of Series “A” Shares, Series “B” Shares or Series “L” Shares. Holders of Series “A” Shares, Series “B” Shares and Series “L” Shares are entitled to receive the same dividends as holders of Series “D” Shares if stockholders declare dividends in addition to the preferred dividend that holders of Series “D” Shares are entitled to. If the Company is liquidated, Series “D” Shares are entitled to a liquidation preference equal to the nominal capital attributable to those Shares nominal Ps.0.00688246130560 per share before any distribution is made in respect of Series “A” Shares, Series “B” Shares and Series “L” Shares. At December 31, 2021, the restated for inflation tax value of the Company’s common stock was Ps.56,346,582. In the event of any capital reduction in excess of the tax value of the Company’s common stock, such excess will be treated as dividends for income tax purposes (see Note 18). Long-Term Retention Plan The Company has adopted a LTRP for the conditional sale of the Company’s capital stock to key Group officers and employees under a special purpose trust. At the Company’s annual general ordinary stockholders’ meeting held on April 2, 2013, the Company’s stockholders approved that the number of CPOs that may be granted annually under the LTRP shall be up to 1.5% of the capital of the Company. As of December 31, 2021, approximately 11.7 million CPOs or CPO equivalents that were transferred to LTRP participants were sold in the open market during 2019 and 2021. Additional sales will continue to take place during or after 2022. The special purpose trust created to implement the LTRP as of December 31, 2021 had approximately 194.0 million CPOs or CPO equivalents. This figure is net of approximately 32.3, 4.4 and 52.9 million CPOs or CPO equivalents vested in 2019, 2020 and 2021, respectively. Of the 194.0 million CPOs or CPO equivalents approximately 75.0% are in the form of CPOs and the remaining 25.0% are in the form of Series “A”, Series “B”, Series “D” and Series “L” Shares, not in the form of CPO units. As of December 31, 2021, approximately 116.7 million CPOs or CPO equivalents are held by a company trust and will become vested between 2022 and 2024 at prices ranging from Ps.38.69 to Ps.1.60 per CPO, which may be reduced by dividends, a liquidity discount and the growth of the consolidated or relevant segment Operating Income Before Depreciation and Amortization, or OIBDA (including OIBDA affected by acquisitions) between the date of award and the vesting date, among others. During the first half of 2020, the trust for the LTRP increased the number of shares and CPOs held for the purposes of this Plan in the amount of: (i) 5,526.3 million shares of the Company in the form of 47.2 million CPOs, and 666.9 million Series “A” Shares, not in the form of CPO units, in connection with the cancellation of these shares in the fourth quarter of 2019, which were conditionally sold to certain of the Company’s officers and employees in 2015 and 2016, and (ii) 1,009.7 million shares in the form of 8.6 million CPOs, in connection with forfeited rights under this Plan. In the fourth quarter of 2020, the trust for the LTRP increased the number of shares and CPOs held for the purposes of this Plan in the amount of: 3,196.1 million shares in the form of 27.4 million CPOs, and 351.0 million Series “A” Shares, not in the form of CPO units, in connection with forfeited rights under this Plan. In the third quarter of 2020, the Company recognized as a decrease to the balance of shares repurchased a refund in the amount of Ps.100,000, which was made to the Company in 2019 by the trust for the LTRP. During the year ended December 31, 2021, the trust for the LTRP increased the number of shares and CPOs held for the purposes of this Plan in the amount of: (i) 2,011.4 million shares of the Company in the form of 17.2 million CPOs, which were acquired in the amount of Ps.774,073 and (ii) 879.5 million shares of the Company in the form of 7.5 million CPOs, in connection with forfeited rights under this Plan. During the years ended December 31, 2020 and 2021, the Company made a funding for acquisition of shares in the aggregate amount of Ps.197,000 and Ps.328,500, respectively, to the trust held for the Company’s LTRP. As of December 31, 2021, the designated Retention Plan trust owned approximately 0.8 million CPOs or CPOs equivalents, which have been reserved to a group of employees, and may be sold at a price at least of Ps.36.52 per CPO, subject to certain conditions, in vesting periods between 2022 and 2023. The Group has determined its share-based compensation expense (see Note 2 (y)), by using the BSPM at the date on which the stock was conditionally sold to personnel under the Company’s LTRP, on the following arrangements and weighted-average assumptions: Long-Term Retention Plan Arrangements: Year of grant 2017 2018 2019 2020 2021 Number of CPOs or CPOs equivalent granted 37,000 32,500 72,558 39,200 38,800 Contractual life 3 years 3 years 2.67 years 3 years 3 years Assumptions: Dividend yield 0.38 % 0.55 % 0.82 % 1.38 % 0.94 % Expected volatility (1) 24.58 % 25.38 % 30.47 % 35.13 % 43.74 % Risk-free interest rate 7.04 % 7.17 % 6.88 % 5.74 % 5.51 % Expected average life of awards 2.96 years 3.00 years 2.67 years 3.00 years 3.00 years (1) Volatility was determined by reference to historically observed prices of the Company’s CPOs. A summary of the stock conditionally sold to employees under the LTRP as of December 31, is presented below (in Mexican pesos and thousands of CPOs): 2021 2020 CPOs or CPOs Weighted- Average CPOs or CPOs Weighted- Average Equivalent Exercise Price Equivalent Exercise Price Long-Term Retention Plan: Outstanding at beginning of year 160,365 39.36 243,472 65.19 Conditionally sold 38,800 8.62 39,200 6.84 Paid by employees (8,633) 38.30 — — Forfeited (13,674) 64.96 (122,307) 81.36 Outstanding at end of year 176,858 31.22 160,365 39.36 To be paid by employees at end of year 60,155 52.69 23,361 80.72 As of December 31, 2021 and 2020, the weighted-average remaining contractual life of the stock conditionally sold to employees under the LTRP is 1.28 years and 1.38 years respectively. In addition to the LTRP, the Company entered into conditional sale contracts with members of its Board of Directors for 1.0 million CPOs in August 2021, and with certain officers of the Group for 7.5 million CPOs in December 2021, with vesting periods of eight months and three years, respectively. |
Retained Earnings and Accumulat
Retained Earnings and Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2021 | |
Retained Earnings and Accumulated Other Comprehensive Income | |
Retained Earnings and Accumulated Other Comprehensive Income | 18. Retained Earnings and Accumulated Other Comprehensive Income (a) Retained Earnings: Unappropriated Net Income Retained Legal Reserve Earnings for the Year Earnings Balance at January 1, 2020 Ps. 2,139,007 Ps. 75,887,132 Ps. 4,626,139 Ps. 82,652,278 Appropriation of net income relating to 2019 — 4,626,139 (4,626,139) — Recognized share of income of OCEN (see Note 10) — 147,975 — 147,975 Sale of repurchased shares — (997,174) — (997,174) Cancellation of sale of shares — 2,764,854 — 2,764,854 Share-based compensation — 962,806 — 962,806 Net loss for the year 2020 — — (1,250,342) (1,250,342) Balance at December 31, 2020 2,139,007 83,391,732 (1,250,342) 84,280,397 Appropriation of net income relating to 2020 — (1,250,342) 1,250,342 — Dividends — (1,053,392) — (1,053,392) Shares cancellation — (1,510,290) — (1,510,290) Sale of repurchased shares — (1,126,573) — (1,126,573) Cancellation of sale of shares — 505,357 — 505,357 Share-based compensation — 1,066,863 — 1,066,863 Net income for the year 2021 — — 6,055,826 6,055,826 Balance at December 31, 2021 Ps. 2,139,007 Ps. 80,023,355 Ps. 6,055,826 Ps. 88,218,188 In accordance with Mexican law, the legal reserve must be increased by 5% of annual net profits until it reaches 20% of the capital stock amount. As of December 31, 2021 and 2020, the Company’s legal reserve amounted to Ps.2,139,007 for both years, respectively and was classified into retained earnings in consolidated equity. As the legal reserve reached 20% of the capital stock amount, no additional increases were required in 2021, 2020 and 2019. This reserve is not available for dividends, but may be used to reduce a deficit or may be transferred to stated capital. Other appropriations of profits require the vote of the Company’s stockholders. In April 2019, the Company’s stockholders approved for the payment of a dividend of Ps.0.35 per CPO and Ps.0.002991452991 per share of Series “A,” “B,” “D” and “L” Shares, not in the form of a CPO, which was paid in May 2019, in the aggregate amount of Ps.1,066,187 (see Note 17). In April 2020, to further maximize liquidity and as a precautionary measure, the Company’s Board of Directors did not propose the payment of a 2020 dividend for approval of the Company’s general stockholders’ meeting held on April 28, 2020. In April 2021, the Company’s stockholders approved the payment of a dividend of Ps.0.35 per CPO and Ps.0.002991452991 per share of Series “A,” “B,” “D” and “L” Shares, not in the form of a CPO, which was paid in cash in May 2021, in the aggregate amount of Ps.1,053,392. Dividends, either in cash or in other forms, paid by the Mexican companies in the Group will be subject to income tax if the dividends are paid from earnings that have not been subject to Mexican income tax computed on an individual company basis under the provisions of the Mexican Income Tax Law. In this case, dividends will be taxable by multiplying such dividends by a 1.4286 factor and applying to the resulting amount the income tax rate of 30%. This income tax will be paid by the company paying the dividends. In addition, the entities that distribute dividends to its stockholders who are individuals or foreign residents must withhold 10% thereof for income tax purposes, which will be paid in Mexico. The foregoing will not be applicable when distributed dividends arise from the “taxed net earnings account” computed on an individual company basis generated through December 31, 2013. As of December 31, 2021, cumulative earnings that have been subject to income tax and can be distributed by the Company free of Mexican income tax amounted to Ps.81,346,875. (b) Accumulated Other Comprehensive Income: Exchange Remeasurement Derivative Share of Warrants Differences on of Post- Financial Income (Loss) Other Exercisable for Translating Employment Instruments of Associates Open-Ended Equity Other Financial Common Stock Foreign Benefit Cash Flow and Joint Changes Fund Instruments Assets of UHI Operations Obligations Hedges Ventures Income Tax Total Accumulated at January 1, 2020 Ps. 2,429,283 Ps. 991,902 Ps. — Ps. (1,703,056) Ps. 734,676 Ps. (1,010,132) Ps. (545,363) Ps. (75,415) Ps. 498,556 Ps. 1,320,451 Changes in other comprehensive income (904,423) (353,496) — (21,899,164) 115,565 (340,319) (1,370,145) (61,033) 7,935,716 (16,877,299) Accumulated at December 31, 2020 1,524,860 638,406 — (23,602,220) 850,241 (1,350,451) (1,915,508) (136,448) 8,434,272 (15,556,848) Changes in other comprehensive income (19,718) (123,359) — — 84,232 291,697 1,927,601 245,714 (471,311) 1,934,856 Accumulated at December 31, 2021 Ps. 1,505,142 Ps. 515,047 Ps. — Ps. (23,602,220) Ps. 934,473 Ps. (1,058,754) Ps. 12,093 Ps. 109,266 Ps. 7,962,961 Ps. (13,621,992) |
Non-controlling Interests
Non-controlling Interests | 12 Months Ended |
Dec. 31, 2021 | |
Non-controlling Interests. | |
Non-controlling Interests | 19. Non-controlling Interests Non-controlling interests as of December 31, 2021 and 2020, consisted of: 2021 2020 Capital stock Ps. 1,100,312 Ps. 1,102,334 Additional paid-in capital 2,986,354 2,986,360 Legal reserve 215,736 216,071 Retained earnings from prior years (1) (2) (3) (4) 9,649,348 8,483,413 Net income for the year 1,298,959 1,553,166 Accumulated other comprehensive income (loss): Cumulative result from foreign currency translation 174,598 166,275 Remeasurement of post-employment benefit obligations on defined benefit plans (18,905) (10,595) Ps. 15,406,402 Ps. 14,497,024 (1) In 2021, 2020 and 2019, the holding companies of the Sky segment paid a dividend to its equity owners in the aggregate amount of Ps.750,000, Ps.2,750,000 and Ps.3,800,000, respectively, of which Ps.309,174, Ps.1,134,808 and Ps.1,570,659, respectively, were paid to its non-controlling interests. (2) In 2021, Publicidad Virtual, S.A. de C.V. paid a dividend to its equity owners in the aggregate amount of Ps.40,000, of which Ps.19,600 was paid to its non-controlling interests. (3) In 2020, the stockholders of Pantelion approved the payment of a dividend in the amount of Ps.394,269, of which Ps.193,192 was paid to for its non-controlling interests. (4) In 2020, the stockholders of Radiópolis approved the payment of a dividend in the amount of Ps.650,346, of which Ps.325,173 was paid to its non-controlling interests. Amounts of consolidated current assets, non-current assets, current liabilities and non-current liabilities of Empresas Cablevisión and Sky as of December 31, 2021 and 2020, are set forth as follows: Empresas Cablevisión Sky 2021 2020 2021 2020 Assets: Current assets Ps. 6,653,310 Ps. 6,046,592 Ps. 5,689,494 Ps. 6,632,763 Non-current assets 24,099,561 22,499,913 19,590,056 18,515,500 Total assets 30,752,871 28,546,505 25,279,550 25,148,263 Liabilities: Current liabilities 5,755,703 5,267,184 3,685,208 5,182,302 Non-current liabilities 4,308,115 3,943,909 7,041,237 5,967,680 Total liabilities 10,063,818 9,211,093 10,726,445 11,149,982 Net assets Ps. 20,689,053 Ps. 19,335,412 Ps. 14,553,105 Ps. 13,998,281 Amounts of consolidated net sales, net income and total comprehensive income of Empresas Cablevisión and Sky for the years ended December 31, 2021 and 2020, are set forth as follows: Empresas Cablevisión Sky 2021 2020 2021 2020 Net sales Ps. 16,849,160 Ps. 15,906,914 Ps. 22,026,616 Ps. 22,134,943 Net-income 1,135,053 1,828,000 1,281,472 1,848,374 Total comprehensive income 1,134,181 1,820,135 1,304,822 1,864,408 As of December 31, 2020, the Group did not have dividends payable. Amounts of consolidated summarized cash flows of Sky and Empresas Cablevisión for the years ended December 31, 2021 and 2020, are set forth as follows: Empresas Cablevisión Sky 2021 2020 2021 2020 Cash flows from operating activities Ps. 5,594,662 Ps. 3,959,679 Ps. 6,004,261 Ps. 8,645,025 Cash flows used in investing activities (5,144,521) (5,824,827) (5,236,815) (5,547,152) Cash flows (used in) from financing activities (740,046) 2,104,416 (1,350,432) (6,392,614) Net (decrease) increase in cash and cash equivalents Ps. (289,905) Ps. 239,268 Ps. (582,986) Ps. (3,294,741) |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Transactions with Related Parties | |
Transactions with Related Parties | 20. Transactions with Related Parties The principal transactions carried out by the Group with affiliated companies, including equity investees, stockholders and entities in which stockholders have an equity interest, for the years ended December 31, 2021, 2020 and 2019, were as follows: 2021 2020 2019 Revenues, other income and interest income: Royalties (Univision) (a) Ps. 8,548,036 Ps. 8,155,338 Ps. 7,527,364 Programming production and transmission rights (b) 738,650 707,247 485,157 Telecom services (c) 57,759 97,754 71,979 Administrative services (d) 7,371 13,561 20,598 Advertising (e) 10,417 36,385 151,296 Interest income (f) 49,736 64,809 83,625 Ps. 9,411,969 Ps. 9,075,094 Ps. 8,340,019 Costs and expenses: Donations Ps. 26,606 Ps. 26,729 Ps. 26,285 Administrative services (d) 19,410 1,529 24,899 Technical services (g) 295,915 459,960 465,250 Programming production, transmission rights and telecom (h) 787,487 674,270 666,312 Ps. 1,129,418 Ps. 1,162,488 Ps. 1,182,746 (a) The Group receives royalties from Univision for programming provided pursuant to an amended PLA, pursuant to which Univision has the right to broadcast certain Televisa content in the United States for a term that commenced on January 1, 2011 to end 7.5 years after the Group has sold two -thirds of its initial investment in UHI made in December 2010. The amended PLA includes a provision for certain yearly minimum guaranteed advertising, with a value of U.S.$35.1 million (Ps.712,417), U.S.$42.6 million (Ps.909,159) and U.S.$32.3 million (Ps.625,410), for the fiscal years 2021, 2020 and 2019, respectively, to be provided by Univision, at no cost, for the promotion of certain Group businesses. This advertising does not have commercial substance for the Group, as it is related to activities that are considered ancillary to Group’s normal operations in the United States. The Group received these royalties through January 31, 2022, as a result of the Transaction with UH II, which was closed on that date (see Notes 3, 9, 10 and 30). (b) Services rendered to Univision in 2021, 2020 and 2019. (c) Services rendered to a subsidiary of AT&T, Inc. (“AT&T”) in 2021, 2020 and 2019, and Univision in 2021. (d) The Group receives revenue from and is charged by affiliates for various services, such as: property and equipment rental, security and other services, at rates which are negotiated. The Group provides management services to affiliates, which reimburse the Group for the incurred payroll and related expenses. (e) Advertising services rendered to Univision in 2021, OCEN and Univision in 2020, OCEN, Univision and Editorial Clío, Libros y Videos, S.A. de C.V. (“Editorial Clío”) in 2019. (f) Includes mainly interest income from GTAC. (g) In 2021, 2020 and 2019, Sky received services from a subsidiary of AT&T, Inc. for play-out, uplink and downlink of signals. (h) Paid mainly to Univision and GTAC in 2021, 2020 and 2019. The Group pays royalties to Univision for programming provided pursuant to a Mexico License Agreement, under which the Group has the right to broadcast certain Univision content in Mexico for the same term as that of the PLA. The Group paid these royalties through January 31, 2022, as a result of the Transaction with UH II, which was closed on that date (see Notes 3, 9, 10 and 30). It also includes payments by telecom services to GTAC in 2021, 2020 and 2019. In 2021, includes payments by transmission rights to AT&T. Other transactions with related parties carried out by the Group in the normal course of business include the following: (1) A consulting firm controlled by a relative of one of the Company’s directors, has provided consulting services and research in connection with the effects of the Group’s programming on its viewing audience. Total fees for such services during 2021, 2020 and 2019 amounted to Ps.19,983, Ps.19,433 and Ps.19,758, respectively. (2) Two Mexican banks have made loans to the Group. Some members of the Company’s Board serve as Board members of these banks. (3) Several other current members of the Company’s Board serve as members of the Boards and/or are stockholders of other companies, some of which purchased advertising services from the Group in connection with the promotion of their respective products and services. (4) During 2021, 2020 and 2019, a professional services firm in which the current Secretary of the Company´s Board maintains an interest, provided legal advisory services to the Group in connection with various corporate matters. Total fees for such services amounted to Ps.57,925, Ps.52,848 and Ps.34,603, respectively. (5) During 2021, 2020 and 2019, a professional services firm in which two current directors of the Company maintain an interest provided finance advisory services to the Group in connection with various corporate matters. Total fees for such services amounted to Ps.20,006, Ps.121,789 and Ps.20,554, respectively. (6) In 2021, 2020 and 2019, the Group entered into contracts leasing office space directly or indirectly from certain of our directors and officers for an aggregate annual amount of Ps.34,478, Ps.32,784 and Ps.29,613, respectively. During 2021, 2020 and 2019, the Group paid to its directors, alternate directors and officers an aggregate compensation of Ps.1,115,354, Ps.936,794 and Ps.869,556, respectively, for services in all capacities. This compensation included certain amounts related to the use of assets and services of the Group, as well as travel expenses reimbursed to directors and officers. Projected benefit obligations related to the Group’s directors, alternate directors and officers amounted to Ps.212,310, Ps.196,584 and Ps.170,856 as of December 31, 2021, 2020 and 2019, respectively. Cumulative contributions made by the Group to the pension and seniority premium plans on behalf of these directors and officers amounted to Ps.76,241, Ps.71,744 and Ps.82,768 as of December 31, 2021, 2020 and 2019, respectively. In addition, the Group has made conditional sales of the Company’s CPOs to its directors and officers under the LTRP. In 2015, the Group established a deferred compensation plan for certain officers of its Cable segment, which was payable in certain revenue and EBITDA targets (as defined) of a five-year plan were met. The present value of this long-term employee benefit obligation as of December 31, 2020 and 2019 amounted to Ps.1,224,000 and Ps.1,258,013, respectively, and the related service net cost for the years ended December 31, 2020 and 2019, amounted to Ps.225,804 and Ps.199,195, respectively. In 2020 and 2019, the Group made contributions to a trust (plan assets) for funding this deferred compensation in the aggregate amount of Ps.435,500 and Ps.700,000, respectively. In 2020, the Group paid an amount of Ps.470,000, related to this deferred compensation plan. The deferred compensation liability, net of related plan assets, amounted to Ps.1,208 and Ps.199,726 as of December 31, 2020 and 2019, respectively, and was presented in other current liabilities and other long-term liabilities in the Group’s consolidated statements of financial position as of those dates. The related expense was classified in other expense in the Group’s consolidated statements of income (see Note 22). In March 2021, the Group made a final payment of Ps.1,107,658, related to this deferred compensation plan, which amount was funded by plan assets. In 2021, the Group established a new deferred compensation plan for certain key officers of its Cable segment, which will be payable if certain revenue and EBITDA targets (as defined) of a five-year plan are met. The present value of this long-term employee benefit obligation as of December 31, 2021, amounted to Ps.207,640 and was presented in other long-term liabilities in the Group’s consolidated statement of financial position as of that date, and the net cost of related services for the year ended December 31, 2021, amounted to Ps.207,640, and was classified in other expense in the Group’s consolidated statement of income for the year ended on that date. The balances of receivables and payables between the Group and related parties as of December 31, 2021 and 2020, were as follows: 2021 2020 Current receivables: UH II in 2021 and UHI in 2020, including Univision (1) Ps. 819,355 Ps. 692,282 OCEN — 34,137 Editorial Clío 337 2,308 Other 55,160 58,225 Ps. 874,852 Ps. 786,952 Current payables: AT&T Ps. 54,598 Ps. 32,310 Other 27,472 50,697 Ps. 82,070 Ps. 83,007 (1) As of December 31, 2021 and 2020, receivables from UH II and UHI related primarily to the PLA amounted to Ps.819,355 and Ps.692,282, respectively. Through December 29, 2020, the Group recognized a provision associated with a consulting arrangement entered into by the Group, UHI and an entity controlled by the former chairman of the Board of Directors of UHI, by which upon consummation of a qualified initial public offering of the shares of UHI or an alternative exit plan for the main current investors in UHI, the Group would pay the entity a portion of a defined appreciation in excess of certain preferred returns and performance thresholds of UHI. In connection with the sale of shares by the former control stockholders of UHI, which was concluded on December 29, 2020, and the dissolution of the special-purpose entity for this arrangement, the Company cancelled this provision on that date, and recognized a non-cash other income in the amount of Ps.691,221 in the statement of income for the year ended December 31, 2020 (see Note 22). All significant account balances included in amounts due from affiliates bear interest, in 2021 and 2020, average interest rates of 6.6% and 6.9% were charged, respectively. Advances and receivables are short-term in nature; however, these accounts do not have specific due dates. Customer deposits and advances as of December 31, 2021 and 2020, included deposits and advances from affiliates and other related parties, in an aggregate amount of Ps.146,354 and Ps.119,736, respectively, which were primarily made by UH II and UHI, including Univision. In 2012, a subsidiary of the Company entered into an amended lease contract with GTAC for the right to use certain capacity in a telecommunication network. This amended lease agreement contemplates annual payments to GTAC in the amount of Ps.41,400 through 2029, with an annual interest rate of the lower of TIIE plus 122 basis points or 6% (see Notes 10, 11 and 14). |
Cost of Sales, Selling Expenses
Cost of Sales, Selling Expenses and Administrative Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Cost of Sales, Selling Expenses and Administrative Expenses | |
Cost of Sales, Selling Expenses and Administrative Expenses | 21. Cost of Sales, Selling Expenses and Administrative Expenses Cost of sales represents primarily the production cost of programming, acquired programming and transmission rights at the moment of broadcasting or at the time the produced programs are sold and became available for broadcast (see Note 8). Such cost of sales also includes benefits to employees and post-employment benefits, network maintenance and interconnections, satellite links, paper and printing, depreciation of property, plant and equipment, leases of real estate property, and amortization of intangible assets. Selling expenses and administrative expenses include primarily benefits to employees, sale commissions, postemployment benefits, share-based compensation to employees, depreciation of property, plant and equipment, leases of real estate property, and amortization of intangibles. The amounts of depreciation, amortization and other amortization included in cost of sales, selling expenses and administrative expenses for the years ended December 31, 2021, 2020 and 2019, were as follows: 2021 2020 2019 Cost of sales Ps. 17,461,411 Ps. 16,775,214 Ps. 16,035,227 Selling expenses 979,783 1,473,940 1,695,616 Administrative expenses 3,306,319 3,392,496 3,809,379 Ps. 21,747,513 Ps. 21,641,650 Ps. 21,540,222 The amounts of expenses related to IFRS 16 included in cost of sales, selling expenses and administrative expenses for the year ended December 31, 2021, were as follows: 2021 Expenses relating to variable lease payment not included in the measurement of the lease liability Ps. 241,268 Expenses relating to short-term leases and leases of low-value assets 196,902 Total Ps. 438,170 Expenses related to short-term employee benefits, share-based compensation and post-employment benefits and incurred by the Group for the years ended December 31, 2021, 2020 and 2019, were as follows: 2021 2020 2019 Short-term employee benefits Ps. 19,035,899 Ps. 17,921,266 Ps. 16,821,651 Other short-term employee benefits 1,711,945 1,396,804 1,210,671 Share-based compensation 1,088,413 984,356 1,129,644 Post-employment benefits 259,291 292,026 259,064 Ps. 22,095,548 Ps. 20,594,452 Ps. 19,421,030 |
Other Income or Expense, Net
Other Income or Expense, Net | 12 Months Ended |
Dec. 31, 2021 | |
Other Income or Expense, Net | |
Other Income or Expense, Net | 22. Other Income or Expense, Net Other income (expense) for the years ended December 31, 2021, 2020 and 2019, is analyzed as follows: 2021 2020 2019 Net gain on disposition of OISE/OCEN (1) Ps. 4,547,029 Ps. — Ps. — Net gain on disposition of Radiópolis (2) — 932,449 — Net gain on disposition of investments — — 627 Donations (see Note 20) (27,701) (62,155) (27,786) Legal and financial advisory and professional services (3) (683,311) (534,448) (353,937) Accrued expense related to the disposal of the Content business and other net assets (see Notes 3 and 30) (530,000) — — Gain (loss) on disposition of property and equipment 45,921 57,949 (158,658) Deferred compensation (see Note 20) (4) (207,640) (225,804) (199,195) Dismissal severance expense (5) (312,337) (273,281) (533,233) Surcharges for payments of taxes of prior years (6) (400,641) — — Impairment adjustments (7) (97,293) (40,803) (67,574) Income for cash reimbursement received from Imagina (8) — 167,619 — Interest income for recovered Asset Tax from prior years — — 139,995 Other, net 53,981 212,102 (116,826) Ps. 2,388,008 Ps. 233,628 Ps. (1,316,587) (1) In 2021, included a payment in cash on disposal of OISE/OCEN in the amount of Ps.4,806,549 (see Note 3). (2) In 2020, included a pretax gain on disposal of Radiópolis, the Group’s former Radio business in the amount of Ps.932,449 (see Note 3). (3) Includes primarily advisory and professional services in connection with certain litigation, financial advisory, and other matters (see Notes 3 and 20). (4) Includes the service cost of long-term deferred compensation plans for certain officers of the Group’s Cable segment, which payment becomes payable when certain financial targets (as defined in the plans) are met. (5) Includes severance expense in connection with the dismissals of personnel, as a part of a continued cost reduction plan. In 2019 includes Ps.150,000 related to an accrual for restructuring certain administrative areas in the first quarter of 2020. (6) Surcharges resulting from payments made in 2021 by three companies in the Group’s Cable, Sky and Content segments for income taxes of prior years. (7) In 2021 and 2020, includes impairment adjustments in connection with long-lived assets in the Group’s Other Business segment (see Note 13). (8) In the second quarter of 2020, the Company received a cash reimbursement from Imagina Media Audiovisual, S.L. (“Imagina”), in connection with a legal outcome that was favorable to Imagina, a former associate of the Company. |
Finance Expense, Net
Finance Expense, Net | 12 Months Ended |
Dec. 31, 2021 | |
Finance Expense, Net | |
Finance Expense, Net | 23. Finance Expense, Net Finance (expense) income, net, for the years ended December 31, 2021, 2020 and 2019, included: 2021 2020 2019 Interest expense (1) Ps. (9,135,531) Ps. (10,482,168) Ps. (10,402,021) Other finance expense, net (2) (1,183,180) — (873,177) Foreign exchange loss, net (4) (2,050,096) — — Finance expense (12,368,807) (10,482,168) (11,275,198) Interest income (3) 620,222 1,132,935 1,529,112 Other finance income, net (2) — 89,323 — Foreign exchange gain, net (4) — 3,004,934 935,291 Finance income 620,222 4,227,192 2,464,403 Finance expense, net Ps. (11,748,585) Ps. (6,254,976) Ps. (8,810,795) (1) In 2021, 2020 and 2019, interest expense included interest related to lease liabilities that were recognized in accordance with the guidelines of IFRS 16, in the aggregate amount of Ps.445,979, Ps.426,672 and Ps.426,541, respectively (see Notes 2 and 14). (2) In 2021, 2020 and 2019, other finance income or expense, net, included fair value gain or loss from derivative financial instruments (see Note 15), and in 2019, also included a loss from changes in fair value from other financial instruments. (3) In 2021, 2020 and 2019, included primarily interest income from cash equivalents. (4) In 2021, 2020 and 2019, foreign exchange gain or loss, net, included: (i) foreign exchange gain or loss resulted primarily from the appreciation or depreciation of the Mexican peso against the U.S. dollar on the Group’s U.S. dollar-denominated monetary liability position, excluding designated hedging long-term debt of the Group’s investments in UH II, UHI and Open-Ended Fund, during the years ended December 31, 2021, 2020 and 2019; and (ii) foreign exchange gain or loss resulted primarily from the appreciation or depreciation of the Mexican peso against the U.S. dollar on the Group’s U.S. dollar-denominated monetary asset position during the years ended December 31, 2021, 2020 and 2019 (see Notes 2 (e), 4 and 14). The exchange rate of the Mexican peso against the U.S. dollar as of December 31, 2021, 2020 and 2019 was of Ps.20.5031, Ps.19.9493 and Ps.18.8838, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Income Taxes | 24. Income Taxes The income tax expense (benefit) for the years ended December 31, 2021, 2020 and 2019 was comprised of: 2021 2020 2019 Income taxes, current (1) Ps. 6,376,268 Ps. 6,802,510 Ps. 5,267,157 Income taxes, deferred 369,510 (1,574,610) (2,598,712) Ps. 6,745,778 Ps. 5,227,900 Ps. 2,668,445 (1) The current income tax of Mexican companies payable in Mexico represented 96%, 93% and 95% of total current income taxes in 2021, 2020 and 2019, respectively. The Mexican corporate income tax rate was 30% in 2021, 2020 and 2019, and will be 30% in 2022. 2014 Tax Reform As a result of a 2014 Mexican Tax Reform (the “2014 Tax Reform”), which included the elimination of the tax consolidation regime allowed for Mexican controlling companies, beginning on January 1, 2014, the Company is no longer allowed to consolidate income or loss of its Mexican subsidiaries for income tax purposes and: (i) accounted for an additional income tax liability for the elimination of the tax consolidation regime in the aggregate amount of Ps.6,813,595 as of December 31, 2013; (ii) recognized a benefit from tax loss carryforwards of Mexican companies in the Group in the aggregate amount of Ps.7,936,044 as of December 31, 2013; and (iii) adjusted the carrying amount of deferred income taxes from temporary differences by recognizing such effects on a separate company basis by using the enacted corporate income tax rate as of December 31, 2013. The income tax payable as of December 31, 2021 and 2020, in connection with the 2014 Tax Reform, is as follows: 2021 2020 Tax losses of subsidiaries, net Ps. 771,873 Ps. 1,759,301 Less: Current portion (a) 667,048 992,186 Non-current portion (b) Ps. 104,825 Ps. 767,115 (a) Accounted for as current income taxes payable in the consolidated statement of financial position as of December 31, 2021 and 2020. (b) Accounted for as non-current income taxes payable in the consolidated statement of financial position as of December 31, 2021 and 2020. Maturities of income tax payable as of December 31, 2021, in connection with the 2014 Mexican Tax Reform, are as follows: 2022 Ps. 667,048 2023 104,825 Ps. 771,873 The following items represent the principal differences between income taxes computed at the statutory rate and the Group’s provision for income taxes. % % % 2021 2020 2019 Statutory income tax rate 30 30 30 Differences between accounting and tax bases, including tax inflation gain that is not recognized for accounting purposes 20 25 5 Asset tax — — (2) Tax loss carryforwards 4 7 (13) 2014 Tax Reform — — 1 Foreign operations (1) (2) 8 Disposition of investments (3) — 3 Disposition of Radiópolis — 3 — Share of income in associates and joint ventures, net 6 2 (2) (Reversal of impairment loss) Impairment loss in investment in shares of UHI (8) 30 — Effective income tax rate 48 95 30 The Group has recognized the benefits from tax loss carryforwards of Mexican companies in the Group as of December 31, 2021 and 2020. The years of expiration of tax loss carryforwards as of December 31, 2021, are as follows: Tax Loss Carryforwards for Which Deferred Taxes Year of Expiration Were Recognized 2022 Ps. 79,295 2023 9,883 2024 325,535 2025 8,817,805 2026 7,076,201 Thereafter 7,878,620 Ps. 24,187,339 As of December 31, 2021, tax loss carryforwards of Mexican companies in the Group for which deferred tax assets were not recognized amounted to Ps.8,318,914, and will expire between 2022 and 2031. During 2021, 2020 and 2019, certain Mexican subsidiaries utilized operating tax loss carryforwards in the amounts of Ps.2,618,821, Ps.6,160,740 and Ps.6,457,550, respectively. In addition to the tax loss carryforwards of Mexican companies in the Group referred as of December 31, 2021, the Group has tax loss carryforwards derived from the disposal in 2014 of its former investment in GSF Telecom Holdings, S.A.P.I. de C.V. (“GSF”) in the amount of Ps.13,818,831. As of December 31, 2021, tax loss carryforwards derived from this disposal for which deferred taxes were recognized amounted to Ps.13,818,831, and will expire in 2025. As of December 31, 2021, tax loss carryforwards of subsidiaries in South America, the United States, and Europe amounted to Ps.2,934,613, and will expire between 2022 and 2037. The deferred income taxes as of December 31, 2021 and 2020, were principally derived from the following temporary differences and tax loss carryforwards: 2021 2020 Assets: Accrued liabilities Ps. 7,128,606 Ps. 6,219,312 Loss allowance 946,559 1,235,658 Customer advances 1,854,424 1,600,334 Derivative financial instruments 615 972,991 Property, plant and equipment, net 3,704,746 2,084,550 Prepaid expenses and other items 4,508,914 5,868,717 Tax loss carryforwards: Operating 6,240,930 5,481,738 Capital (1) 5,160,921 5,767,847 Tax credit carryforward (2) 5,738,832 — Liabilities: Investments (1,733,507) (729,910) Intangible assets and transmission rights (2,807,484) (2,549,784) Deferred income tax assets of Mexican companies 30,743,556 25,951,453 Deferred income tax assets of certain foreign subsidiaries 218,983 261,929 Deferred income tax assets, net Ps. 30,962,539 Ps. 26,213,382 (1) Net of the benefit from tax loss carryforwards derived from the disposal in 2014 of the Group’s investment in GSF, in the amount of Ps.4,145,649 and Ps.4,668,717 in 2021 and 2020, respectively. (2) Tax credit carryforward derived from a capital reduction made by one of the Company´s subsidiaries in December 2021, which can be credited in a three-year period in accordance with applicable tax law. The deferred tax assets are in tax jurisdictions in which the Group considers that based on financial projections of its cash flows, results of operations and synergies between subsidiaries, will generate taxable income in subsequent periods. The gross roll-forward of deferred income tax assets, net, is as follows: 2021 2020 At January 1 Ps. 26,213,382 Ps. 17,132,915 Statement of (expense charge) income credit (369,510) 1,574,610 Other comprehensive income (“OCI”) credit (619,304) 7,528,693 Tax credit 5,738,832 — Reserve for low value (861) — Disposed operations — (22,836) At December 31 Ps. 30,962,539 Ps. 26,213,382 The roll-forward of deferred income tax assets and liabilities for the year 2021, was as follows: Credit (Charge) Credit (Charge) Credit to Consolidated to OCI and (Charge) At January 1, Statement of Retained to Other At December 31, 2021 Income Earnings Accounts 2021 Assets: Accrued liabilities Ps. 6,219,312 Ps. 909,294 Ps. — Ps. — Ps. 7,128,606 Loss allowance 1,235,658 (289,099) — — 946,559 Customer advances 1,600,334 254,090 — — 1,854,424 Derivative financial instruments 972,991 (394,096) (578,280) — 615 Property, plant and equipment, net 2,084,550 1,620,196 — — 3,704,746 Prepaid expenses and other items 5,868,717 (1,274,995) (83,947) (861) 4,508,914 Tax loss carryforwards 11,249,585 152,266 — — 11,401,851 Deferred income tax assets of foreign subsidiaries 261,929 (42,946) — — 218,983 Tax Credit — — — 5,738,832 5,738,832 Liabilities: Investments (729,910) (1,046,520) 42,923 — (1,733,507) Intangible assets and transmission rights (2,549,784) (257,700) — — (2,807,484) Deferred income tax assets, net Ps. 26,213,382 Ps. (369,510) Ps. (619,304) Ps. 5,737,971 Ps. 30,962,539 The roll-forward of deferred income tax assets and liabilities for the year 2020, was as follows: Credit (Charge) Credit (Charge) to Consolidated to OCI and At January 1, Statement of Retained Disposed At December 31, 2020 Income Earnings Operations 2020 Assets: Accrued liabilities Ps. 4,352,021 Ps. 1,867,291 Ps. — Ps. — Ps. 6,219,312 Loss allowance 1,550,482 (314,824) — — 1,235,658 Customer advances 1,499,462 100,872 — — 1,600,334 Derivative financial instruments 273,210 288,737 411,044 — 972,991 Property, plant and equipment, net 1,650,860 433,690 — — 2,084,550 Prepaid expenses and other items 3,700,673 2,087,586 103,294 (22,836) 5,868,717 Tax loss carryforwards 13,025,006 (1,516,219) (259,202) — 11,249,585 Deferred income tax assets of foreign subsidiaries 163,747 98,182 — — 261,929 Liabilities: Investments (6,676,401) (1,327,066) 7,273,557 — (729,910) Intangible assets and transmission rights (2,406,145) (143,639) — — (2,549,784) Deferred income tax assets, net Ps. 17,132,915 Ps. 1,574,610 Ps. 7,528,693 Ps. (22,836) Ps. 26,213,382 The tax (charge) credit relating to components of other comprehensive income is as follows: 2021 Tax (Charge) Before Tax Credit After Tax Remeasurement of post-employment benefit obligations Ps. 279,825 Ps. (83,947) Ps. 195,878 Exchange differences on translating foreign operations 92,555 151,555 244,110 Derivative financial instruments cash flow hedges 1,927,601 (578,280) 1,349,321 Open-Ended Fund (19,718) 5,915 (13,803) Other equity instruments (123,359) 37,008 (86,351) Share of income or loss of associates and joint ventures 245,714 — 245,714 Other comprehensive loss Ps. 2,402,618 Ps. (467,749) Ps. 1,934,869 Current tax Ps. 151,555 Deferred tax (619,304) Ps. (467,749) 2020 Tax (Charge) Before Tax Credit After Tax Remeasurement of post-employment benefit obligations Ps. (344,313) Ps. 103,294 Ps. (241,019) Exchange differences on translating foreign operations 133,522 408,221 541,743 Derivative financial instruments cash flow hedges (1,370,145) 411,044 (959,101) Warrants exercised for common stock of UHI (21,899,164) 6,639,400 (15,259,764) Open-Ended Fund (904,423) 268,906 (635,517) Other equity instruments (353,496) 106,049 (247,447) Share of loss of associates and joint ventures (61,033) — (61,033) Other comprehensive loss Ps. (24,799,052) Ps. 7,936,914 Ps. (16,862,138) Current tax Ps. 408,221 Deferred tax 7,528,693 Ps. 7,936,914 2019 Tax (Charge) Before Tax Credit After Tax Remeasurement of post-employment benefit obligations Ps. (247,092) Ps. 74,128 Ps. (172,964) Remeasurement of post-employment benefit obligations of assets held for sale (3,445) 1,033 (2,412) Exchange differences on translating foreign operations (98,422) (101,323) (199,745) Derivative financial instruments cash flow hedges (1,521,912) 456,574 (1,065,338) Warrants exercisable for common stock of UHI 257,306 (77,192) 180,114 Open-Ended Fund (351,202) 112,590 (238,612) Other equity instruments (794,624) 238,387 (556,237) Other financial assets 111 (33) 78 Share of loss of associates and joint ventures (236,159) — (236,159) Other comprehensive loss Ps. (2,995,439) Ps. 704,164 Ps. (2,291,275) Current tax Ps. (449,933) Deferred tax 1,154,097 Ps. 704,164 The Group does not recognize deferred income tax liabilities related to its investments in certain associates and joint ventures, as either (i) the Group is able to control the timing of the reversal of temporary differences arising from these investments, and it is probable that these temporary differences will not reverse in the foreseeable future or (ii) no temporary difference arises due to the application of Mexican income tax law. As of December 31, 2021 and 2020, the deferred tax liabilities in connection with the Group’s investment in PDS amounted to an aggregate of Ps.44,945 and Ps.44,820, respectively. In 2019 included primarily the investment in UHI (see Note 10). In December 2018, the Mexican Federal Congress approved reforms to the Economic Plan for 2019, which did not include relevant changes in the Mexican tax legislation, except for the limitation to use overpayments of taxes against the same kind of tax (Value Added Taxes (“VAT”) against VAT), and some incentives for taxpayers operating in the Northern border region of Mexico. Until December 2018, taxpayers were able to offset overpayments of different type of taxes against each other and against taxes withheld. With the tax reform, this ability was eliminated, and taxpayers are only allowed to offset tax overpayments that derive from the same tax. This limitation may affect some of our subsidiaries that recurrently have VAT or Income Tax overpayments but could offset those overpayments against each other (i.e. VAT against Income Tax). Beginning on January 1, 2019, they will only be able to: (i) to request a refund of the overpayment or (ii) to offset tax overpayments against the same tax. In December 2019, the Mexican Federal Congress approved reforms to the Economic Plan for 2020. These tax reforms included amendments to the Mexican Income Tax Law, Value Added Tax Law, Special Tax on Production and Services Law, and Federal Tax Code, and they became effective as of January 1, 2020. Some of the most relevant changes to the Mexican tax legislation incorporated some of the Actions included in the Base Erosion and Profit Shifting Final Report (BEPS) published by the OCDE in February 2013, such as: (i) limitations to the deduction of net interest paid by companies as well as to some other deductions, (ii) update of the Controlled Foreign Corporation (CFC) Rules, (iii) new provisions to tax transparent entities, (iv) modification of the definition of permanent establishment, and (v) incorporation of new rules to tax digital economy. Some other relevant amendments to avoid tax evasion included: (i) a new obligation of tax advisors and taxpayers to disclose reportable schemes, and (ii) inclusion of general anti-avoidance rule. In December 2020, the Mexican Federal Congress approved minimum amendments to the Income Tax Law, Value Added Tax Law and Federal Tax Code as part of the Economic Plan for 2021. Regarding the Income Tax Law several changes were made to the general regime applicable to Tax-Exempt Organizations, that aimed to control and restrict the application of such regime to ensure that only the companies that perform non-for-profit activities benefit from the dispositions of such Regime. Another important amendment was the decrease of the rate of annual withholding tax applicable to the capital that produces interest paid by the financial system, which changed from 1.45% to 0.97%. In terms of value added tax, derived from the entry into force of the digital economy dispositions, some more dispositions were included to specify the way to comply with those obligations, as well as penalties to ensure such compliance. In December 2021, the Mexican Federal Congress approved minimum amendments to the Income Tax Law, Value Added Tax Law, Special Tax on Production and Services Law, and Federal Tax Code as part of the Economic Plan for 2022. These amendments do not propose the addition of new taxes or increases to the existing ones. With respect to the Income Tax Law, a new simplified regime applicable to individuals and corporations was added. This new regime applies under certain conditions and is based on cash flow received and paid. With respect to the Value Added Tax Law, a few modifications were included such as the concept of non-subject activities. Most of the reforms were made to the Federal Tax Code, the most relevant of which are: (i) several cases where the Certificate of Digital Signature can be canceled or restricted to the taxpayer were included, this certificate is used to issue invoices; (ii) the definition of resident was modified; (iii) new requirements were added or modified regarding the procedure to perform a split or a merger to ensure that any splits or mergers are done for a business reason; and (iv) new information has to be added in invoices and the time for canceling them was limited for certain period. 2021 Labor Reform In April 2021, the Mexican Congress approved modifications to various laws in connection with outsourcing structures, including the Income Tax law, VAT Law, and the Labor Law (the “2021 Labor Reform”). Outsourcing is defined as a Mexican entity contracting with a related or unrelated legal entity/individual for services and the employees of the service provider are at the disposition and benefit of the service recipient. The most significant modifications to outsourcing included in the 2021 Labor Reform are the following: • The 2021 Labor Reform, generally, prohibits outsourcing activities. An exception was created to allow for the rendering of specialized services or the execution of special projects that are not within the business purpose stated in the formation documents or are no part of the primary economic activity of the service recipient (“Specialized Services”) so long as the service provided is duly registered. Entities that will provide Specialized Services must comply with a new registration procedure with the Mexican Ministry of Labor. The registry will be made public. • The employee profit sharing obligation are capped at an amount per employee. The maximum employee profit sharing payable will be the higher of a three-months’ salary or the average employee profit sharing received over the last three years. • Significant penalties apply to entities that do not comply with the outsourcing limitations, including potential characterization as tax fraud. Payments for outsourcing will not be deductible for income tax purposes unless they qualify as Specialized Services and comply with all relevant formalities. Payments that are not deductible for the Income Tax law will also not be creditable for purposes of the VAT Law. The tax law changes became effective on September 1, 2021. During 2021, the Group’s management analyzed the effects of these changes on its Mexican operations, made the changes prescribed by the 2021 Labor Reform, including the transfer of employees among companies in the Group, and established controls to comply with the modifications to the various laws. |
Earnings per CPO_Share
Earnings per CPO/Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per CPO/Share | |
Earnings per CPO/Share | 25. Earnings per CPO/Share At December 31, 2021 and 2020, the weighted average of outstanding total shares, CPOs and Series “A”, Series “B”, Series “D” and Series “L” Shares (not in the form of CPO units), was as follows (in thousands): 2021 2020 Total Shares 327,524,800 330,685,559 CPOs 2,326,366 2,351,464 Shares not in the form of CPO units: Series “A” Shares 55,339,297 55,563,596 Series “B” Shares 187 187 Series “D” Shares 239 239 Series “L” Shares 239 239 Basic earnings per CPO and per each Series “A”, Series “B”, Series “D” and Series “L” Share (not in the form of a CPO unit) for the years ended December 31, 2021, 2020 and 2019, are presented as follows: 2021 2020 2019 Per Per Per Per CPO Share (*) Per CPO Share (*) Per CPO Share (*) Net (loss) income attributable to stockholders of the Company Ps. 2.17 Ps. 0.02 Ps. (0.44) Ps. 0.00 Ps. 1.60 Ps. 0.01 (*) Series “ A B D and L Shares of CPO units Diluted earnings per CPO and per Share attributable to stockholders of the Company calculated in connection with CPOs and shares in the LTRP, are as follows: 2021 2020 Total Shares 352,134,036 352,237,926 CPOs 2,485,895 2,486,783 Shares not in the form of CPO units: Series “A” Shares 58,926,613 58,926,613 Series “B” Shares 2,357,208 2,357,208 Series “D” Shares 239 239 Series “L” Shares 239 239 Diluted earnings per CPO and per each Series “A”, Series “B”, Series “D” and Series “L” Share (not in the form of a CPO unit) for the years ended December 31, 2021, 2020 and 2019, are presented as follows: 2021 2020 2019 Per Per Per Per Per Per CPO Share (*) CPO Share (*) CPO Share (*) Net (loss) income attributable to stockholders of the Company Ps. 2.01 Ps. 0.02 Ps. (0.41) Ps. 0.00 Ps. 1.53 Ps. 0.01 (*) Series “ A B D L Shares not of CPO units. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information | |
Segment Information | 26. Segment Information Reportable segments are those that are based on the Group’s method of internal reporting. The Group is organized on the basis of services and products. The Group’s segments are strategic business units that offer different entertainment services and products. Through December 31, 2021, the Group’s reportable segments were as follows: Cable The Cable segment includes the operation of cable multiple systems covering the Mexico City metropolitan area, Monterrey and suburban areas, and over 200 other cities of Mexico; and the operation of telecommunication facilities through a fiber-optic network that covers the most important cities and economic regions of Mexico and the cities of San Antonio and San Diego in the United States (Bestel). The cable multiple system businesses derive revenues from cable subscribers, principally from basic and premium television services subscription, pay-per-view fees, installation fees, Internet services subscription, telephone and mobile services subscription as well as from local and national advertising sales. The telecommunication facilities business derives revenues from providing data and long-distance services solutions to carriers and other telecommunications service providers through its fiber-optic network. Sky The Sky segment includes DTH broadcast satellite pay television services in Mexico, Central America and the Dominican Republic. Sky revenues are primarily derived from program services, installation fees and equipment rental to subscribers, and national advertising sales. Content The Content segment categorizes the Group’s sources of content revenue as follows: (a) Advertising; (b) Network Subscription Revenue; and (c) Licensing and Syndication. Given the cost structure of the Group’s Content business, operating segment income is reported as a single line item. The Advertising revenue is derived primarily from the sale of advertising time on the Group’s television broadcast operations, which include the production of television programming and broadcasting of Channels 2, 4, 5 and 9 (“television networks”), as well as the sale of advertising time on programs provided to pay television companies in Mexico and advertising revenue in the Group’s Internet business and the production of television programming and broadcasting for local television stations in Mexico. The broadcasting of television networks is performed by television repeater stations in Mexico, either wholly-owned, majority-owned or minority-owned by the Group or otherwise affiliated with the Group’s networks. The Network Subscription revenue is derived from domestic and international programming services provided to independent cable television systems in Mexico and the Group’s direct-to-home (“DTH”) satellite and cable television businesses. These programming services for cable and pay-per-view television companies are provided in Mexico, other countries in Latin America, the United States and Europe. The programming services consist of both programming produced by the Group and programming produced by others. The Licensing and Syndication revenue was derived from international program licensing and syndication fees. The Group’s television programming is licensed and syndicated to customers abroad, including Univision. On January 31, 2022, the Group disposed of most of its Content segment and other net assets. Through December 31, 2021, the Content segment was reported separately as the disposal of this Group’s segment had not been concluded as of that date. Beginning in the first quarter of 2022, the Group’s operating results of its disposed businesses through January 31, 2022, will be classified as discontinued operations, including the corresponding comparative information for earlier periods (see Notes 3 and 30). Other Businesses Through December 31, 2021, the Other Businesses segment included the Group’s feature-film production and distribution, domestic operations in sports and show business promotion, soccer, publishing and publishing distribution, and gaming. Through the third quarter of 2019, the Radio business was classified in the Group’s Other Businesses segment. Beginning in the fourth quarter of 2019, the Radio operating results were classified as held-for-sale operations through June 30, 2020, and as disposed operations following the disposition of this business in July 2020 (see Notes 2 (b) and 3). On January 31, 2022, the feature-film production and distribution business, was disposed of by the Group in conjunction with the disposal of most of its Content segment. Beginning in the first quarter of 2022, the Group’s operating results of the feature-film production and distribution business through January 31, 2022, will be classified as discontinued operations, including the corresponding comparative information for earlier periods (see Notes 3 and 30). The table below presents information by segment and a reconciliation to consolidated total for the years ended December 31, 2021, 2020 and 2019: Intersegment Consolidated Segment Total Revenues Revenues Revenues Income 2021: Cable Ps. 48,020,929 Ps. 737,536 Ps. 47,283,393 Ps. 20,285,023 Sky 22,026,616 594,773 21,431,843 8,504,169 Content 35,941,918 5,137,690 30,804,228 13,778,960 Other Businesses 5,029,067 1,026,708 4,002,359 907,382 Segment totals 111,018,530 7,496,707 103,521,823 43,475,534 Reconciliation to consolidated amounts: Corporate expenses — — — (2,203,548) Intersegment operations (7,496,707) (7,496,707) — (64,354) Depreciation and amortization expense — — — (21,418,369) Consolidated net sales and operating income before other income 103,521,823 — 103,521,823 19,789,263 (1) Other income, net — — — 2,388,008 Consolidated net sales and operating income Ps. 103,521,823 Ps. — Ps. 103,521,823 Ps. 22,177,271 (2) Intersegment Consolidated Segment Total Revenues Revenues Revenues Income 2020: Cable Ps. 45,367,108 Ps. 710,357 Ps. 44,656,751 Ps. 18,898,301 Sky 22,134,701 581,270 21,553,431 9,135,346 Content 32,613,007 4,679,805 27,933,202 12,360,797 Other Businesses 4,276,074 1,281,096 2,994,978 116,480 Segment totals 104,390,890 7,252,528 97,138,362 40,510,924 Reconciliation to consolidated amounts: Disposed operations (3) 223,272 — 223,272 (3,991) Corporate expenses — — — (1,882,923) Intersegment expenses (7,252,528) (7,252,528) — (71,483) Depreciation and amortization expense — — — (21,260,787) Consolidated net sales and operating income before other income 97,361,634 — 97,361,634 17,291,740 (1) Other income, net — — — 233,628 Consolidated net sales and operating income Ps. 97,361,634 Ps. — Ps. 97,361,634 Ps. 17,525,368 (2) Intersegment Consolidated Segment Total Revenues Revenues Revenues Income 2019: Cable Ps. 41,701,982 Ps. 591,618 Ps. 41,110,364 Ps. 17,797,571 Sky 21,347,078 437,275 20,909,803 9,121,221 Content 35,060,534 3,589,407 31,471,127 12,649,135 Other Businesses (3) 8,200,212 772,793 7,427,419 1,464,249 Segment totals 106,309,806 5,391,093 100,918,713 41,032,176 Reconciliation to consolidated amounts: Disposed operations (3) 841,437 2,969 838,468 258,885 Corporate expenses — — — (1,888,398) Intersegment expenses (5,394,062) (5,394,062) — (72,250) Depreciation and amortization expense — — — (21,008,796) Consolidated net sales and operating income before other expense 101,757,181 — 101,757,181 18,321,617 (1) Other expense, net — — — (1,316,587) Consolidated net sales and operating income Ps. 101,757,181 Ps. — Ps. 101,757,181 Ps. 17,005,030 (2) (1) This amount represents income before other income or expense, net. (2) This amount represents consolidated operating income. (3) In 2018, the Radio operations were previously reported as part of the Other Businesses segment. In 2019 and 2020, the Radio operations were classified as disposed operations for comparison purposes. Accounting Policies The accounting policies of the segments are the same as those described in the Group’s summary of significant accounting policies (see Note 2). The Group evaluates the performance of its segments and allocates resources to them based on operating income before depreciation and amortization. Intersegment Revenue Intersegment revenue consists of revenues derived from each of the segments principal activities as provided to other segments. The Group accounts for intersegment revenues as if the revenues were from third parties, that is, at current market prices. Allocation of Corporate Expenses Non-allocated corporate expenses primarily include share-based compensation expense for certain key officers and employees in connection with the Company’s LTRP, as well as other general expenses that because of their nature and characteristics are not subject to be allocated within the Group’s business segments. The table below presents segment information about assets, liabilities, and additions to property, plant and equipment as of and for the years ended December 31, 2021, 2020 and 2019: Segment Additions to Segment Assets Liabilities Property, Plant at Year-End at Year-End and Equipment 2021: Continuing operations: Cable Ps. 119,102,077 Ps. 24,449,798 Ps. 17,339,270 Sky 25,615,006 10,745,984 4,949,039 Content 93,463,141 37,286,277 909,164 Other Businesses 8,744,886 3,203,932 70,374 Total Ps. 246,925,110 Ps. 75,685,991 Ps. 23,267,847 2020 : Continuing operations: Cable Ps. 112,478,015 Ps. 22,295,808 Ps. 14,182,848 Sky 26,423,707 10,696,397 5,361,494 Content 80,237,558 27,427,941 479,731 Other Businesses 8,177,183 3,936,289 107,665 Total Ps. 227,316,463 Ps. 64,356,435 Ps. 20,131,738 2019: Continuing operations: Cable Ps. 105,841,104 Ps. 21,637,395 Ps. 12,995,448 Sky 27,755,967 12,902,845 4,039,020 Content 78,336,679 31,555,070 1,690,805 Other Businesses 10,268,185 4,530,712 383,011 Total Ps. 222,201,935 Ps. 70,626,022 Ps. 19,108,284 Segment assets reconcile to total assets as of December 31, 2021 and 2020, as follows: 2021 2020 Segment assets Ps. 246,925,110 Ps. 227,316,463 Investments attributable to: Cable 614,146 515,002 Content (1) 31,920,796 29,096,777 Other Businesses 245,372 204,464 Goodwill attributable to: Cable 13,794,684 13,794,684 Content 241,973 241,973 Other Businesses — 76,969 Total assets Ps. 293,742,081 Ps. 271,246,332 (1) Includes goodwill attributable to equity investments of Ps.359,613 in 2020 (see Notes 3 and 10). Equity method gain (loss) recognized in income for the years ended December 31, 2021, 2020 and 2019 attributable to equity investments in Cable, was Ps.161,468, Ps.(7,826) and Ps.(62,329), respectively. Equity method gain (loss) recognized in income for the years ended December 31, 2021, 2020 and 2019 attributable to equity investments in Content, was Ps.3,503,357, Ps.(5,739,833) and Ps.642,768, respectively. Equity method gain recognized in income for the years ended December 31, 2021, 2020 and 2019 attributable to equity investments in Other Businesses, was Ps.7,052, Ps.7,991 and Ps.584, respectively. Segment liabilities reconcile to total liabilities as of December 31, 2021 and 2020, as follows: 2021 2020 Segment liabilities Ps. 75,685,991 Ps. 64,356,435 Debt not allocated to segments 121,532,026 118,950,864 Total liabilities Ps. 197,218,017 Ps. 183,307,299 Geographical segment information: Additions to Segment Assets at Property, Plant and Total Net Sales Year-End Equipment 2021: Mexico Ps. 90,815,023 Ps. 230,559,883 Ps. 22,859,403 Other countries (1) 12,706,800 16,365,227 408,444 Ps. 103,521,823 Ps. 246,925,110 Ps. 23,267,847 2020: Mexico Ps. 84,664,293 Ps. 215,395,954 Ps. 19,707,436 Other countries (1) 12,697,341 11,920,509 424,302 Ps. 97,361,634 Ps. 227,316,463 Ps. 20,131,738 2019: Mexico Ps. 88,388,569 Ps. 211,592,987 Ps. 18,804,629 Other countries (1) 13,368,612 10,608,948 303,655 Ps. 101,757,181 Ps. 222,201,935 Ps. 19,108,284 (1) The United States is the largest country from which revenue is derived. Net sales are attributed to geographical segment based on the location of customers. Disaggregation of Total Revenues The table below present total revenues for each reportable segment disaggregated by major service/product lines and primary geographical market for the years ended December 31, 2021, 2020 and 2019: Domestic Export Abroad Total 2021: Cable: Digital TV Service (a) Ps. 15,883,520 Ps. — Ps. — Ps. 15,883,520 Advertising 1,971,853 — — 1,971,853 Broadband Services (a) 18,648,098 — — 18,648,098 Telephony (a) 4,977,671 — — 4,977,671 Other Services 598,890 — — 598,890 Enterprise Operations 5,699,425 — 241,472 5,940,897 Sky: DTH Broadcast Satellite TV (a) 19,210,652 — 1,514,377 20,725,029 Advertising 1,233,537 — — 1,233,537 Pay-Per-View 56,883 — 11,167 68,050 Content: Advertising 18,925,794 236,248 — 19,162,042 Network Subscription Revenue 4,525,815 864,952 — 5,390,767 Licensing and Syndication 1,781,380 9,607,729 — 11,389,109 Other Businesses: Gaming 1,673,911 — — 1,673,911 Soccer, Sports and Show Business Promotion 1,658,928 71,661 — 1,730,589 Publishing - Magazines 341,159 — — 341,159 Publishing - Advertising 143,622 — — 143,622 Publishing Distribution 286,454 — — 286,454 Feature Film Production and Distribution 694,138 — 159,194 853,332 Segment total 98,311,730 10,780,590 1,926,210 111,018,530 Intersegment eliminations (7,496,707) — — (7,496,707) Consolidated total revenues Ps. 90,815,023 Ps. 10,780,590 Ps. 1,926,210 Ps. 103,521,823 Domestic Export Abroad Total 2020: Cable: Digital TV Service (a) Ps. 16,549,458 Ps. — Ps. — Ps. 16,549,458 Advertising 1,633,201 — — 1,633,201 Broadband Services (a) 16,540,687 — — 16,540,687 Telephony (a) 4,382,964 — — 4,382,964 Other Services 702,023 — — 702,023 Enterprise Operations 5,245,443 — 313,332 5,558,775 Sky: DTH Broadcast Satellite TV (a) 19,398,285 — 1,569,999 20,968,284 Advertising 1,112,662 — — 1,112,662 Pay-Per-View 42,291 — 11,464 53,755 Content: Advertising 16,180,397 169,362 — 16,349,759 Network Subscription Revenue 4,322,535 1,143,657 — 5,466,192 Licensing and Syndication 1,572,659 9,224,397 — 10,797,056 Other Businesses: Gaming 959,985 — — 959,985 Soccer, Sports and Show Business Promotion 1,382,708 146,324 — 1,529,032 Publishing - Magazines 269,768 — 942 270,710 Publishing - Advertising 173,645 — — 173,645 Publishing Distribution 309,673 — — 309,673 Feature Film Production and Distribution 915,165 — 117,864 1,033,029 Segment total 91,693,549 10,683,740 2,013,601 104,390,890 Disposed operations: Radio - Advertising (see Note 3) 223,272 — — 223,272 Intersegment eliminations (7,252,528) — — (7,252,528) Consolidated total revenues Ps. 84,664,293 Ps. 10,683,740 Ps. 2,013,601 Ps. 97,361,634 Domestic Export Abroad Total 2019: Cable: Digital TV Service (a) Ps. 16,298,079 Ps. — Ps. — Ps. 16,298,079 Advertising 1,507,831 — — 1,507,831 Broadband Services (a) 14,544,473 — — 14,544,473 Telephony (a) 3,658,121 — — 3,658,121 Other Services 801,937 — — 801,937 Enterprise Operations 4,626,396 — 265,145 4,891,541 Sky: DTH Broadcast Satellite TV (a) 18,918,077 — 1,359,079 20,277,156 Advertising 953,634 — — 953,634 Pay-Per-View 98,539 — 17,749 116,288 Content: Advertising 19,236,014 223,434 — 19,459,448 Network Subscription Revenue 3,832,716 1,160,459 — 4,993,175 Licensing and Syndication 1,794,636 8,813,275 — 10,607,911 Other Businesses: Gaming 2,974,284 — — 2,974,284 Soccer, Sports and Show Business Promotion 1,821,605 1,182,972 — 3,004,577 Publishing - Magazines 393,763 — 18,076 411,839 Publishing - Advertising 246,309 — 23,461 269,770 Publishing Distribution 337,685 — — 337,685 Feature Film Production and Distribution 890,927 787 310,343 1,202,057 Segment total 92,935,026 11,380,927 1,993,853 106,309,806 Disposed operations: Radio - Advertising (see Note 3) 841,437 — — 841,437 Intersegment eliminations (5,387,894) — (6,168) (5,394,062) Consolidated total revenues Ps. 88,388,569 Ps. 11,380,927 Ps. 1,987,685 Ps. 101,757,181 (a) Net sales from external customers for the years ended December 31, 2021, 2020 and 2019 are presented by sale source, as follows: 2021 2020 2019 Services Ps. 77,050,269 Ps. 71,745,105 Ps. 75,988,820 Royalties 10,439,063 9,907,313 10,005,977 Goods 806,907 805,690 932,198 Leases (1) 15,225,584 14,903,526 14,830,186 Total Ps. 103,521,823 Ps. 97,361,634 Ps. 101,757,181 (1) This line includes primarily revenue from leasing set-top equipment to subscribers in the Cable and Sky segments, which is recognized when services are rendered to such subscribers. Set-top equipment is part of the Group’s property and equipment and is leased to subscribers through operating lease contracts. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 27. Commitments and Contingencies Commitments As of December 31, 2021, the Group had commitments for programming and transmission rights to be acquired or licensed from third party producers and suppliers, mainly related to special events, in the aggregate amount of U.S.$69.7 million (Ps.1,429,392) and U.S.$1,198.1 million (Ps.24,565,445), respectively, with various payment commitments to be made between 2022 and 2030. As of December 31, 2021, the Group had third party commitments for transmission rights to be sublicensed by the Group in the aggregate amount of U.S.$47.6 million (Ps.977,004) with various cash payments to be received by the Group between 2022 and 2030. At December 31, 2021, the Group had commitments in an aggregate amount of Ps.2,888,260, of which Ps.8,441, were commitments related to gaming operations, Ps.136,208, were commitments to acquire television technical equipment, Ps.664,454, were commitments for the acquisition of software and related services, and Ps.2,079,157, were construction commitments for building improvements and technical facilities. In connection with a long-term credit facility, the Group expects to provide financing to GTAC in 2022 in the principal amount of U.S.$8.9 million (Ps.191,900) (see Note 10). At December 31, 2021, the Group had the following aggregate minimum annual commitments (undiscounted) for the use of satellite transponders: Thousands of U.S. Dollars 2022 U.S.$ 6,605 2023 4,760 2024 4,678 2025 and thereafter 2,646 U.S.$ 18,689 A reconciliation of the non-cancellable lease commitments as of December 31, 2018 and the initial measurement of the lease liabilities under IFRS 16 were as follow: Operating lease commitments disclosed under IAS 17 in the Group’s consolidated financial statements as of December 31, 2018 Ps. 7,160,431 Discounted using the incremental borrowing rate at January 1, 2019 (2,669,751) Finance lease liabilities recognized at December 31, 2018 5,317,944 Adjustments as a result of a different treatment of extension, termination options and short-term and low-value exemptions 306,632 Lease liabilities recognized at January 1, 2019 Ps. 10,115,256 Preponderant Economic Agent On March 6, 2014, the IFT issued a decision whereby it determined that the Company, together with certain subsidiaries with concessions that provide broadcast television, are preponderant economic agents in the broadcasting sector in Mexico (together, the “Preponderant Economic Agent”). The preponderance decision imposes on the Preponderant Economic Agent various measures, terms, conditions and restrictive obligations, some of which may adversely affect the activities of the Group’s broadcasting businesses, as well as their results of operations and financial condition. Among these measures, terms, conditions and restrictive obligations are included the following: Infrastructure sharing - The Preponderant Economic Agent must make its passive broadcasting infrastructure (as defined in the preponderance decision) available to third-party concessionaries of broadcast television (as defined in the preponderance decision) for commercial purposes in a non-discriminatory and non-exclusive manner, with the exception of broadcasters that, at the time the measures enter into force, have 12 MHz or more of radio-electric spectrum in the geographic area concerned. Advertising sales – The Preponderant Economic Agent must deliver to IFT and publish the terms and conditions of certain broadcast advertising services and fee structures, including, without limitation, commercials, packages, bonuses and discount plans and any other commercial practice, and publish them on its webpage. Prohibition on acquiring certain exclusive content - The Preponderant Economic Agent may not acquire transmission rights, on an exclusive basis, for any location within Mexico with respect to certain relevant content, determined by IFT in the Ruling whereby IFT identifies the relevant audiovisual contents in terms and for the purposes of the fourth measure and the second transitory article of the fourth attachment whereby the Preponderant Economic Agent in the telecommunication sector was resolved and the eighteenth and thirteenth transitory articles of the first attachment of the resolution whereby the Preponderant Economic Agent in the broadcasting sector as resolved (the “Relevant Content Ruling”), which may be updated every two years by IFT. Over-the-air channels - When the Preponderant Economic Agent offers any of its over-the-air channels, or channels that have at least 50% of the programming broadcasted between 6:00 and 24:00 hours on such channels in the same day, to its affiliates, subsidiaries, related partiers and third parties, for distribution through a different technological platform than over-the-air-broadcast television, the Preponderant Economic Agent must offer these channels to any other person that asks for distribution over the same platform as the Preponderant Economic Agent has offered, on the same terms and conditions. Prohibition on participating in “buyers’ clubs” or syndicates to acquire audiovisual content, without IFT’s prior approval - The Preponderant Economic Agent may not enter into or remain in any “buyers’ club” or syndicates of audiovisual content unless it has received the prior approval of IFT. There are currently no resolutions from the IFT, judgments or orders that would require the Group to divest any of the assets as a result of being declared a Preponderant Economic Agent in the broadcasting sector. On February 27, 2017, as part of a biennial review of the broadcasting sector preponderance rules, the IFT issued a ruling that amended some of the existing preponderance rules in broadcasting and included some additional obligations on the Company and some of its subsidiaries (the “New Preponderance Measures”), as follows: Infrastructure sharing - In addition to the previously imposed obligations regarding the sharing of passive infrastructure, the New Preponderance Measures have included the service of signal emissions only in the event that no passive infrastructure exists on the requested site. In addition, the New Preponderance Measures strengthen the supervision of the infrastructure services provided by the Group, including certain rules relating to the publicity of its tariffs. In addition, more specifications for the Electronic Management System as part of the new measures are included. Likewise, the IFT determined specific tariffs for our infrastructure offer. Prohibition to acquire certain exclusive content for broadcasting - This measure has been modified by enabling the Group to acquire relevant content under certain circumstances, as long as it obtains the right to sublicense such transmission rights to the other broadcasters in Mexico on non-discriminatory terms. In December 2018, the Relevant Content Ruling was updated. Advertising sales - IFT modified this measure mainly by including specific requirements to the Group in its provision of over-the-air advertising services, particularly, to telecommunications companies. Such requirements include, among others: a) publishing and delivering to IFT specific information regarding tariffs, discount plans, contracting and sales terms and conditions, contract forms and other relevant practices; and b) terms and conditions that prohibit discrimination or refusal to deal, conditioned sales and other conditions that inhibit competition. The Group began the process of providing very detailed information to IFT on a recurrent basis of over the air advertising services related to telecommunications companies. Accounting separation – The Group, as Preponderant Economic Agent, is required to implement an accounting separation methodology under the criteria defined by IFT, published in the Official Gazette of the Federation on December 29, 2017, as amended. On March 28, 2014, the Company, together with its subsidiaries determined to be the Preponderant Economic Agent in the broadcasting sector, filed an amparo amparo Additionally, on March 31, 2017, the Company, together with its subsidiaries, filed an amparo The earliest bi-annual review of the preponderance measures for broadcasting sector that began in 2019 was concluded as a result of the amparo resolution. The Company will continue to assess the extent and impact of the various measures, terms, conditions and restrictive obligations in connection with its designation by IFT as Preponderant Economic Agent, including the New Preponderance Measures, and will analyze carefully any actions and/or remedies (legal, business and otherwise) that the Company should take and/or implement regarding these matters. Substantial Power Economic Agent On November 26, 2020, the IFT notified the Company of the final resolution confirming the existence of substantial power in the 35 relevant markets of restricted television and audio services. Consequently, on December 17, 2020, the Company filed three amparos challenging the constitutionality of the resolution, which are now under review by the competent court. However, we are unable to predict the outcome of these procedures. Some of the consequences derived from the determination of substantial market power, are applicable as a matter of law and others may be imposed by IFT in a new procedure in accordance with the LFTR; these may consist of: (i) the obligation to obtain IFT’s approval and to register the rates for our services; (ii) to inform the IFT in case of the adoption of new technology or modifications to the network; (iii) the agent with substantial power may not be entitled to the benefits of some rules of the “must carry” and “must offer” provisions; and (iv) the implementation of accounting separation. Contingencies On March 5, 2018, a purported stockholder class action lawsuit was filed in the United States District Court for the Southern District of New York (the “District Court”), alleging securities law violations in connection with allegedly misleading statements and/or omissions in the Company’s public disclosures. The lawsuit alleges that the Company and two of its executives failed to disclose alleged involvement in bribery activities relating to certain executives of Fédération Internationale de Football Association (“FIFA”), and wrongfully failed to disclose weaknesses in the Company’s internal control over its financial reporting as of December 31, 2016. On May 17, 2018, the Court appointed a lead plaintiff for the putative stockholder class. On August 6, 2018, the lead plaintiff filed an amended complaint. The Company thereupon filed a motion to dismiss the amended complaint. On March 25, 2019, the court issued a decision denying the Company’s motion to dismiss, holding that plaintiff’s allegations, if true, were sufficient to support a claim. The parties began to exchange discovery materials, and the discovery process has continued into 2021. On June 8, 2020, the court issued a decision denying class certification based on the inadequacy of the proposed class representative. On June 29, 2020, the court issued a decision granting class certification to a new class representative. The Company sought permission for leave to appeal the District Court’s order. On October 6, 2020, the United States Court of Appeals for the Second Circuit (the “Court of Appeals”) denied the Company’s request for leave to appeal the District Court’s class certification order. On May 19, 2021, the District Court issued an order disqualifying class counsel and stayed the case for thirty days so the class representative could identify replacement counsel. On June 17, 2021, the District Court granted a request from the class representative and disqualified counsel to extend the stay for an additional sixty days. On June 18, 2021, a petition for a writ of mandamus was filed in the Court of Appeals, seeking reinstatement of disqualified counsel. On June 23, 2021, the Court of Appeals granted a request from the petitioners to stay proceedings in the District Court pending the Court of Appeals’ decision on the petition. On August 24, 2021, the Court of Appeals denied the petition. On September 14, 2021, the case was returned to the District Court. On October 8, 2021, the District Court appointed new class counsel. Discovery has continued, but is scheduled to conclude, with exceptions, on March 31, 2022. The Company continues to believe that the lawsuit, and the material allegations and claims therein, are without merit and intends to vigorously defend against the lawsuit. With regard to plaintiff’s allegations regarding FIFA, outside counsel long previously investigated the circumstances surrounding the Company’s acquisition of the Latin American media rights for the Canada, Mexico and USA 2026 FIFA World Cup and 2030 FIFA World Cup and uncovered no credible evidence that would form the basis for liability for the Company or for any executive, employee, agent or subsidiary thereof. In particular, the Company itself made no payment to any FIFA person and in no way knew of, or condoned, any payment by any third party to any FIFA person. The Company also notes that no proceedings have been initiated against it by any governmental agency. On April 27, 2017, the tax authorities initiated a tax audit to the Company, with the purpose of verifying compliance with tax provisions for the fiscal period from January 1 to December 31, 2011, regarding federal taxes as direct subject of Income Tax ( Impuesto sobre la Renta Impuesto Empresarial a Tasa Única Impuesto al Valor Agregado recurso de revocación On June 1, 2016, the tax authority initiated a tax audit to a Company’s indirect subsidiary that carries out operations in the Gaming business, which is presented in the Other Businesses segment, with the purpose of verifying compliance with tax provisions for the period from January 1 to December 31, 2014, regarding federal taxes as direct subject, as well as withholder. On April 24, 2017, the authorities informed the facts and omissions detected during the development of the verification process, that could entail a default on the payment of the abovementioned taxes. On May 30, 2017, by a document submitted before the authorities, the Company’s subsidiary asserted arguments and offered evidence to undermine the facts and omissions included in the authority’s last partial record. On June 21, 2019, such entity was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.1,334 million, essentially related to IEPS ( Impuesto Especial sobre Producción y Servicios recurso de revocación juicio de nulidad Tribunal Federal de Justicia Administrativa On August 12, 2019, the tax authority initiated a Foreign Trade Audit of one of the Company’s indirect subsidiaries (Cablebox. S.A. de C.V.), with the purpose of verifying the correct payment of the contributions and levies on the import of the merchandise, as well as compliance with non-customs regulations and restrictions applicable to 26 foreign trade operations carried out during fiscal year 2016. On April 30, 2020, the tax authority released the observations determined as a result of the aforementioned review, which could lead to non-compliance with the payment of the referred contributions. On April 30, 2020, the tax authority informed the facts and omissions detected during the development of the verification process, that could entail a default on several provisions of the Customs Act ( Ley Aduanera Norma Oficial Mexicana recurso de revocación On July 29, 2019, the tax authority initiated a Foreign Trade Audit of one of the Company’s indirect subsidiaries (CM Equipos y Soporte, S.A. de C.V.), with the purpose of verifying the correct payment of the contributions and levies on the import of the merchandise, as well as compliance with non-customs regulations and restrictions applicable to 32 foreign trade operations carried out during fiscal year 2016. On July 10, 2020, the tax authority released the observations determined as a result of the aforementioned review, which could lead to a determination of non-compliance with the payment of the referred contributions. On August 21, 2020, through several documents submitted to the authorities, the Company’s subsidiary asserted arguments and offered evidence to undermine the facts and omissions included in the tax authority’s most recent partial record. On May 28, 2021, the subsidiary was notified of the outcome of the audit, in which a tax liability was determined for an amount of Ps.256.3 million for a fine consisting of 70% of the commercial value of the merchandise subject to review, due to the alleged failure to comply with the Normas Oficiales Mexicanas recurso de revocación The matters discussed in the previous paragraphs did not require the recognition of a provision as of December 31, 2021. There are several legal actions and claims pending against the Group, which are filed in the ordinary course of business. In the opinion of the Company’s management, none of these actions and claims is expected now to have a material adverse effect on the Group’s financial statements as a whole; however, the Company’s management is unable to predict the outcome of any of these legal actions and claims. |
Changes in Accounting Policies
Changes in Accounting Policies Required by the Initial Application of IFRS 16 | 12 Months Ended |
Dec. 31, 2021 | |
Changes in Accounting Policies Required by the Initial Application of IFRS 16 | |
Changes in Accounting Policies Required by the Initial Application of IFRS 16 | 28. Changes in Accounting Policies Required by the Initial Application of IFRS 16 IFRS 16 There are recognition exemptions for short-term leases and leases of low-value items. Lessor accounting remains similar to the former IFRS Standard: lessors continue to classify leases as finance or operating leases. Beginning in the first quarter of 2019, the Group adopted the guidelines of IFRS 16 by using the retrospective cumulative effect, which consists of recognizing any cumulative adjustment due to the new IFRS Standard at the date of initial adoption in consolidated assets and liabilities. Accordingly, as a lessee, the Group recognized lease liabilities as of January 1, 2019, for leases classified as operating leases through December 31, 2018, and measured these lease liabilities at the present value of the remaining lease payments, discounted using the incremental borrowing rate as of January 1, 2019. The carrying amounts of leases classified as a finance leases through December 31, 2018, became the initial carrying amounts of right-of-use assets and lease liabilities under the guidelines of IFRS 16 beginning on January 1, 2019. The initial impact of recording lease liabilities, and the corresponding right-of-use assets in accordance with the guidelines of IFRS 16, increased the Group’s consolidated total assets and liabilities as of January 1, 2019, as described below. Also, as a result of the adoption of IFRS 16, the Group recognizes a depreciation of rights-of-use assets for long-term lease agreements, and a finance expense for interest from related lease liabilities, instead of affecting consolidated operating costs and expenses for lease payments made, as they were recognized through December 31, 2018, under the guidelines of the former IFRS Standard. The Company’s management has concluded the analysis and assessment of any changes to be made in the Group’s accounting policies for long-term lease agreements as a lessee, including the implementation of controls over financial reporting in the different business segments of the Group, in connection with the measurement and disclosures required by IFRS 16. As a result of the adoption of IFRS 16, the Group recognized as right-of-use assets and lease liabilities in its consolidated statements of financial position as of December 31, 2021, December 31, 2020 and January 1, 2019, long-term lease agreements that were recognized as operating leases through December 31, 2018, as follows: December 31, 2021 December 31, 2020 January 1, 2019 Long-term Lease Agreements Assets (Liabilities) Assets (Liabilities) Assets (Liabilities) Right-of-use assets, net Ps. 5,086,783 Ps. 4,392,420 Ps. 4,797,312 Lease liabilities (1) (5,533,552) (4,745,292) (4,797,312) Net effect Ps. (446,769) Ps. (352,872) Ps. — (1) Current portion of lease liabilities as of December 31, 2021, December 31, 2020 and January 1, 2019, amounted to Ps.718,501, Ps.524,458 and Ps.462,513, respectively. Depreciation of right-of-use assets referred to in the table above and charged to income for the year ended December 31, 2021 and 2020, amounted to Ps.730,145 and Ps.670,749, respectively. The Group also classified as right-of-use assets and lease liabilities in its consolidated statements of financial position as of December 31, 2021, December 31, 2020 and January 1, 2019, property and equipment and obligations under long-term lease agreements that were recognized as finance leases through December 31, 2018, as follows: December 31, 2021 December 31, 2020 January 1, 2019 Long-term Lease Agreements Assets (Liabilities) Assets (Liabilities) Assets (Liabilities) Right-of-use assets, net Ps. 2,517,784 Ps. 2,819,745 Ps. 3,402,869 Lease liabilities (1) (4,147,007) (4,547,059) (5,317,944) Net effect Ps. (1,629,223) Ps. (1,727,314) Ps. (1,915,075) (1) Current portion of lease liabilities as of December 31, 2021, December 31, 2020 and January 1, 2019, amounted to Ps.759,881, Ps.753,296 and Ps.651,800, respectively. Depreciation of right-of-use assets referred to in the table above and charged to income for the years ended December 31, 2021 and 2020, amounted to Ps.417,903 and Ps.426,025, respectively. In applying IFRS 16 for the first time, the Group used the following practical expedients permitted by the standard: ● Applying a single discount rate to a portfolio of leases with reasonably similar characteristics ● Relying on previous assessments on whether leases are onerous as an alternative to performing an impairment review – there were no onerous contracts as of January 1, 2019 ● Accounting for operating leases with a remaining lease term of less than 12 months as of January 1, 2019 as short-term leases ● Excluding initial direct cost for the measurement of the right-of-use asset at the date of initial application, and ● Using hindsight in determining the lease term where the contract contains options to extend or terminate the lease The Group also elected not to reassess whether a contract is or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date the Group relied on its assessment made applying IAS 17 and IFRIC 4 Determining whether an Arrangement contains a Lease. |
COVID-19 Impact
COVID-19 Impact | 12 Months Ended |
Dec. 31, 2021 | |
COVID-19 Impact | |
COVID-19 Impact | 29. Impact of COVID-19 On March 11, 2020, the World Health Organization declared the outbreak of Coronavirus (“COVID-19”) as a pandemic. Most governments in the world have been implementing different restrictive measures to contain the spread of this pandemic. This situation is significantly affecting the global economy, including Mexico, due to the disruption or slowdown of supply chains and the increase in economic uncertainty, as evidenced by the increase in volatility of asset prices, exchange rates and increases/decreases in long-term interest rates. For the year ended December 31,2021, the financial crisis caused by the COVID-19 pandemic still had a negative effect on the Group’s businesses, financial position, and results of operations, and it is currently difficult to predict the degree of the impact in the future. During 2021 and 2020, the Company’s management made an assessment of potential adverse impacts of COVID-19 in its business segments, primarily in connection with impairment indicators and testing of significant long-lived assets, expected credit losses for accounts receivable, recovery of deferred income tax assets and workforce considerations. The Company’s management will continue to assess the potential adverse impacts of COVID-19, including the monitoring of impairment indicators and testing, forecasts and budgets, fair values and/or estimated future cash flows related to the recoverability of significant financial and non-financial assets of its business segments. As of the authorization date of these consolidated financial statements, the Company’s management cannot predict the adverse impact of COVID-19 in the Group’s consolidated financial statements for the year ending December 31, 2022. The Company´s management cannot guarantee that conditions in the bank lending, capital and other financial markets will not continue to deteriorate as a result of the pandemic, or that its access to capital and other sources of funding will not become constrained, which could adversely affect the availability and terms of future borrowings, renewals or refinancings. In addition, the deterioration of global economic conditions as a result of the pandemic may ultimately reduce the demand for the Group´s products across its segments, as its clients and customers reduce or defer their spending. Although vaccination efforts have continued, the Mexican Government is still implementing its plan to reactivate economic activities in accordance with color-based phases determined in every state of the country. Most non-essential economic activities are open, and there are some limitations in place with respect to capacity and hours of operation. Notwithstanding the foregoing, during the year ended December 31, 2021, this has affected, and is still affecting the ability of the Group´s employees, suppliers and customers to conduct their functions and businesses in their typical manner. The Group continued operating its media business (until the merger with Univision on January 31, 2022) and its telecommunications businesses uninterrupted to continue benefiting the country with connectivity, entertainment and information, and during the year ended December 31, 2021, the Group continued with the production of new content following the requirements and health guidelines imposed by the Mexican Government. The Group´s Content business continued to recover during the year ended December 31, 2021, as a result of the easing of lockdown restrictions in most jurisdictions in which its customers are located. In the Group’s Other Businesses segment, sporting and other entertainment events for which it has broadcast rights, or which it produces, organizes, promotes and/or are located in venues it owns, are operating with some restrictions and taking the corresponding sanitary measures, and the Group´s casinos are operating with reduced capacity and hours of operation, with some casinos closing and reopening in regions with a high number of COVID-19 cases, as mandated by the authorities. Local authorities may impose additional, including restrictions on capacity and operating hours, which may affect the results of the Group’s Other Businesses segment in the following months. In addition, the authorities may impose restrictions on non-essential activities, including but not limited to temporary shutdowns or additional guidelines, which could be expensive or burdensome to implement, and which may affect the Group´s operations. The magnitude of the impact on the Group’s businesses will depend on the duration and extent of the COVID-19 pandemic, and the impact of federal, state, local and foreign governmental actions, including continued or future social distancing, and consumer behavior in response to the COVID-19 pandemic and such governmental actions. Due to the evolving and uncertain nature of this situation, the Company´s management is not able to estimate the full extent of the impact of the COVID-19 pandemic, but it may continue affecting the Group´s businesses, financial position and results of operations over the near, medium or long-term. |
Events after the Reporting Peri
Events after the Reporting Period | 12 Months Ended |
Dec. 31, 2021 | |
Events after the Reporting Period | |
Events after the Reporting Period | 30. Events after the Reporting Period As described in Note 3, on January 24, 2022, the Group and UH II announced that all required regulatory approvals sought in connection with the proposed merger of the Group’s media, content and production assets with Univision had been received by the parties in the Transaction Agreement dated April 13, 2021. On January 31, 2022, the Group and TelevisaUnivision (formerly known as UH II) announced that this transaction was concluded on that date. As a result, in the first quarter of 2022, the Group expects to (i) increase its cash and cash equivalents in the amount of approximately U.S.$3,220 million; (ii) increase its investment in common and preferred shares of TelevisaUnivision in the amount of U.S.$1,500 million; (iii) recognize a net gain on disposition of most of its former Content business segment and other net assets in its consolidated statement of income for the first quarter of 2022; and (iv) increase its share of income or loss in associates derived from a larger ownership in TelevisaUnivision. The expected results of this transaction will be partially offset in the Group’s consolidated statement of income for the first quarter of 2022, by a reduction in its consolidated operating income resulting primarily from the disposal of its former Content business segment. Also, beginning in the first quarter of 2022, the Group will present the results of operations from its disposed businesses as discontinued operations in its consolidated statements of income for any prior period presented for comparative purposes and for the month ended January 31, 2022. The Company entered into conditional sale contracts with certain officers of the Group, primarily in February 2022, for 24.7 million CPOs. For accounting purposes, these contracts were treated as a share-based expense in the Group´s consolidated financial statements for the first quarter of 2022. Additionally, in the first quarter of 2022, the Company cancelled contracts for 10.6 million CPOs and recognized in its consolidated statement of income for the first quarter of 2022 the release of contracts for 8.0 million CPOs, which were originally assigned under the LTRP to certain officers and employees of the Group in 2019, 2020 and 2021. In February 2022, the Company’fs revolving credit facility with a syndicate of banks was increased by U.S.$32 million reaching a total amount of U.S.$650 million payable in Mexican pesos, and extended for a three-year term, with maturity in February 2025 (see Note 14). In March 2022, the Company made a partial redemption of U.S.$200 million aggregate principal amount of its U.S.$600 million 6.625% Senior Notes due 2025 in the aggregate amount of U.S.$221.3 million, including the applicable redemption price and accrued and unpaid interest on the redemption date (see Note 14). In February and March 2022, the Company prepaid outstanding long-term loans with three Mexican banks, in the aggregate principal amount of Ps.6,000 million, and related accrued interest for an aggregate amount of Ps.37.1 million. The original maturities of these loans were in the fourth quarter 2022 and first quarter of 2023. On April 27, 2022, the Company’s stockholders approved , among other resolutions, (i) the audited consolidated financial statements of the Company as of December 31, 2021, and for the year ended on that date; and (ii) the payment of a dividend of Ps.0.35 per CPO and Ps.0.002991452991 per share of Series “A,” “B,”“D,” and “L” Shares, not in the form of a CPO, which will be paid in May 2022. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies | |
Basis of Presentation | (a) Basis of Presentation The consolidated financial statements of the Group as of December 31, 2021 and 2020, and for the years ended December 31, 2021, 2020 and 2019, are presented in accordance with International Financial Reporting Standards (“IFRS Standards”), as issued by the International Accounting Standards Board (“IASB”). IFRS Standards comprise: (i) IFRS Standards; (ii) International Accounting Standards (“IAS Standards”); (iii) IFRS Interpretations Committee (“IFRIC”) Interpretations; and (iv) Standing Interpretations Committee (“SIC”) Interpretations. The consolidated financial statements have been prepared on a historical cost basis, except for the measurement at fair value of derivative financial instruments, financial assets, investments in equity financial instruments, plan assets of post-employment benefits and share-based payments, as described in the notes to the financial statements below. The preparation of consolidated financial statements in conformity with IFRS Standards, requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group’s accounting policies. Changes in assumptions may have a significant impact on the consolidated financial statements in the period the assumptions changed. Management believes that the underlying assumptions are appropriate. The areas involving a higher degree of judgment or complexity, or areas where estimates and assumptions are significant to the Group’s financial statements are disclosed in Note 5 to these consolidated financial statements. These consolidated financial statements were authorized for issuance on March 30, 2022, and were also authorized for issuance on April 27, 2022, including the events disclosed in Note 30, by the Group's Corporate Vice President of Finance. |
Consolidation | (b) Consolidation The financial statements of the Group are prepared on a consolidated basis and include the assets, liabilities and results of operations of all companies in which the Company has a controlling interest (subsidiaries). All intercompany balances and transactions have been eliminated from the consolidated financial statements. Subsidiaries Subsidiaries are all entities over which the Company has control. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The existence and effects of potential voting rights that are currently exercisable or convertible are considered when assessing whether or not the Company controls another entity. The subsidiaries are consolidated from the date on which control is obtained by the Company and cease to consolidate from the date on which said control is lost. The Group applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Group recognizes any non-controlling interest in the acquiree on an acquisition-by-acquisition basis at the non-controlling interest’s proportionate share of the recognized amounts of acquiree’s identifiable net assets. Acquisition-related costs are expensed as incurred. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognized in income or loss. Changes in Ownership Interests in Subsidiaries without Change of Control Transactions with non-controlling interests that do not result in loss of control are accounted for as equity transactions that is, as transactions with the owners in their capacity as owners. The difference between fair value of any consideration paid and the interest acquired of the carrying amount of net assets of the subsidiary is recorded in equity. Gains or losses on disposals of non-controlling interests are also recorded in equity. Loss of Control of a Subsidiary When the Company ceases to have control of a subsidiary, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the change in carrying amount recognized in income or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This means that amounts previously recognized in other comprehensive income are reclassified to income or loss except for certain equity financial instruments designated irrevocably with changes in other comprehensive income or loss. At December 31, 2021 and 2020, the main direct and indirect subsidiaries of the Company were as follows: Company’s Ownership Business Subsidiaries Interest (1) Segment (2) Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”) (3) 51.2 % Cable Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”) (4) 100 % Cable Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”) (5) 100 % Cable Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”) (6) 66.2 % Cable Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”) (7) 100 % Cable Subsidiaries engaged in the Telecable business (collectively, “Telecable”) (8) 100 % Cable FTTH de México, S.A. de C.V. (9) 100 % Cable Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries (10) 100 % Cable and Sky Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”) (11) 58.7 % Sky Grupo Telesistema, S.A. de C.V. (“Grupo Telesistema”) and subsidiaries 100 % Content and Other Businesses Televisa, S. de R. L. de C.V. (Televisa, S.A. de C.V. through May 2021) (“Televisa”) (12) 100 % Content Televisión Independiente de México, S.A. de C.V. (“TIM”) (12) 100 % Content G.Televisa-D, S.A. de C.V. (12) 100 % Content Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary (13) 100 % Content Ulvik, S.A. de C.V. (14) 100 % Content and Other Businesses Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries 100 % Other Businesses Editorial Televisa, S.A. de C.V. and subsidiaries 100 % Other Businesses Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries 100 % Other Businesses Villacezán, S.A. de C.V. (“Villacezán”) and subsidiaries (15) 100 % Other Businesses Sistema Radiópolis, S.A. de C.V. (“Radiópolis”) and subsidiaries (16) — Disposed operations in 2020 (1) Percentage of equity interest directly or indirectly held by the Company. (2) See Note 26 for a description of each of the Group’s business segments. See Notes 3 and 30 for the Group’s transaction with UH II, which was concluded on January 31, 2022. (3) Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ. (4) The subsidiaries in the Cablemás business are directly and indirectly owned by CVQ. (5) Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ. (6) Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V. (7) Arretis, S.A.P.I. de C.V., is a direct subsidiary of CVQ. (8) The subsidiaries in the Telecable business are directly owned by CVQ. (9) FTTH de México, S. A. de C.V., is an indirect subsidiary of CVQ. (10) CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova. (11) Innova is an indirect majority-owned subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. (“Sky DTH”), and a direct majority-owned subsidiary of Innova Holdings, S. de R.L. de C.V. (“Innova Holdings”). Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Although the Company holds a majority of Innova’s equity and designates a majority of the members of Innova’s Board of Directors, the non-controlling interest has certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto rights are protective in nature and do not affect decisions about relevant business activities of Innova. (12) TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema. Through January 31, 2022, Televisa was a direct subsidiary of Grupo Telesistema. (13) Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), are indirect wholly-owned subsidiaries of Grupo Telesistema, through which the Company owns shares of the capital stock of UH II, the successor company of Univision Holdings, Inc. (“UHI”) and the parent company of Univision, and maintained through December 29, 2020, an investment in warrants that were exercised for shares of common stock of UHI on that date. Multimedia Telecom and Tieren have investments representing 95.3% and 4.7% , respectively, of the Group’s aggregate investment in shares of common stock issued by UH II as of December 31, 2021, and UHI as of December 31, 2020 (see Notes 3, 9, 10 and 20). (14) Direct subsidiary through which the Group conducts certain operations of its Other Businesses segment, and conducted certain operations of its Content segment through January 31, 2022. (15) Villacezán is an indirect subsidiary of Grupo Telesistema. (16) In July 2020, the Company concluded the sale of its 50% equity interest in Radiópolis. Through June 2020, Radiópolis was a direct subsidiary of the Company through which the Group conducted the operations of its former Radio business. The Company controlled Radiópolis as it had the right to appoint the majority of the members of the Board of Directors of Radiópolis. The Radio business was part the of the Group’s Other Businesses segment through the third quarter of 2019. Beginning in the fourth quarter of 2019, the assets and related liabilities of the Radio Business, as well as its operating results, were classified as held for sale in the Group’s consolidated financial statements through June 30, 2020 (see Notes 3 and 26). The Group’s Cable, Sky and Content segments, require governmental concessions and special authorizations for the provision of broadcasting and telecommunications services in Mexico. Such concessions are granted by the Mexican Institute of Telecommunications (“Instituto Federal de Telecomunicaciones” or “IFT”) for a fixed term, subject to renewal in accordance with the Mexican Telecommunications and Broadcasting Law (“Ley Federal de Telecomunicaciones y Radiodifusión” or “LFTR”). Renewal of concessions for the Cable and Sky segments require, among others: (i) to request its renewal to IFT prior to the last fifth period of the fixed term of the related concession; (ii) to be in compliance with the concession holder’s obligations under the LFTR, other applicable regulations, and the concession title; and (iii) the acceptance by the concession holder of any new conditions for renewing the concession as set forth by IFT. IFT shall resolve any request for renewal of the telecommunications concessions within 180 business days of its request. Failure to respond within such period of time shall be interpreted as if the request for renewal has been granted. Renewal of broadcasting concessions for the Content segment through January 31, 2022, and for the broadcast programming operations over television stations for the signals of TelevisaUnivision beginning on February 1, 2022, require, among others: (i) to request such renewal to IFT prior to the last fifth period of the fixed term of the related concession; (ii) to be in compliance with the concession holder’s obligations under the LFTR, other applicable regulations, and the concession title; (iii) a declaration by IFT that there is no public interest in recovering the spectrum granted under the related concession; and (iv) the acceptance by the concession holder of any new conditions for renewing the concession as set forth by IFT, including the payment of a related fee. IFT shall resolve within the year following the presentation of the request, if there is public interest in recovering the spectrum granted under the related concession, in which case it will notify its determination and proceed with the termination of the concession at the end of its fixed term. If IFT determines that there is no public interest in recovering the spectrum, it will grant the requested extension within 180 business days, provided that the concessionaire accepts, in advance, the new conditions set by IFT, which will include the payment of the fee referred to above. Such fee will be determined by IFT for the relevant concessions, considering the following elements: (i) the frequency band; (ii) the amount of spectrum; (iii) coverage of the frequency band; (iv) domestic and international benchmark regarding the market value of frequency bands; and (v) upon request of IFT, an opinion issued by the Ministry of Finance and Public Credit of IFT´s proposal for calculation of the fee. The regulations of the broadcasting and the telecommunications concessions (including satellite pay TV) establish that at the end of the concession, the frequency bands or spectrum attached to the services provided in the concessions shall return to the Mexican government. In addition, at the end of the concession, the Mexican government will have the preferential right to acquire infrastructure, equipment and other goods directly used in the provision of the concession. If the Mexican government were to exercise its right to acquire infrastructure, equipment and other goods, it would be required to pay a price that is equivalent to a formula that is similar to fair value. To the knowledge of the Company’s management, no spectrum granted for broadcasting services in Mexico has been recovered by the Mexican government in at least the past three decades for public interest reasons. However, the Company’s management is unable to predict the outcome of any action by IFT in this regard. In addition, these assets, by themselves, would not be enough to immediately begin broadcasting or offering satellite pay TV services or telecommunications services, as no content producing assets or other equipment necessary to operate the business would be included. Also, the Group’s Gaming business, which is reported in the Other Businesses segment, requires a permit granted by the Mexican Federal Government for a fixed term, subject to renewal in accordance with Mexican law. Additionally, the Group’s Sky businesses in Central America and the Dominican Republic require concessions or permits granted by local regulatory authorities for a fixed term, subject to renewal in accordance with local laws. The accounting guidelines provided by IFRIC 12 Service Concession Arrangements, At December 31, 2021, the expiration dates of the Group’s concessions and permits were as follows: Segments Expiration Dates Cable Various from 2026 to 2056 Sky Various from 2022 to 2056 Content (broadcasting concessions) (1) In 2021, and the relevant renewals started in 2022 ending in 2042 and 2052 Other Businesses: Gaming In 2030 (1) In November 2018, the IFT approved (i) 23 concessions for the use of spectrum that comprise the Company’s 225 TV stations, for a term of 20 years , starting in January 2022 and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years , starting in January 2022 and ending in January 2052. In November 2018, the Group paid for such renewal an aggregate amount of Ps. 5,754,543 in cash, which included a payment of Ps. 1,194 for administrative expenses and recognized this payment as an intangible asset in its consolidated statement of financial position. This amount will be amortized in a period of 20 years beginning on January 1, 2022, by using the straight-line method (see Note 13). The concessions or permits held by the Group are not subject to any significant pricing regulations in the ordinary course of business. |
Investments in Associates and Joint Ventures | (c) Investments in Associates and Joint Ventures Associates are those entities over which the Group has significant influence but not control or joint control, over the financial and operating policies, generally those entities with a shareholding of between 20% and 50% of the voting rights. Investments in joint arrangements are classified as either joint operations or joint ventures depending on the contractual rights and obligations of each investor. Joint ventures are those joint arrangements where the Group exercises joint control with other stockholder or more stockholders, without exercising control individually, and have rights to the net assets of the joint arrangements. Investments in associates and joint ventures are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognized at cost, and the carrying amount is increased or decreased to recognize the investor’s share of the net assets of the investee after the date of acquisition. The investor’s income or loss includes its share of the investee’s income or loss and the investor’s other comprehensive income includes its share of the investee’s other comprehensive income. The Group’s investments in associates include an equity interest in UH II (the successor company of UHI) represented by approximately 35.5% and 35.9% of the outstanding total shares of UH II (the successor company of UHI) as of December 31, 2021 and 2020, respectively (see Notes 3, 9 and 10). If the Group’s share of losses of an associate or a joint venture equals or exceeds its interest in the investee, the Group discontinues recognizing its share of further losses. The interest in an associate or a joint venture is the carrying amount of the investment in the investee under the equity method together with any other long-term investment that, in substance, form part of the Group’s net investment in the investee. After the Group’s interest is reduced to zero, additional losses are provided for, and a liability is recognized, only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate or joint venture. |
Segment Reporting | (d) Segment Reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Group’s Co-Chief Executive Officers (“chief operating decision makers”), who are responsible for allocating resources and assessing performance for each of the Group’s operating segments. |
Foreign Currency Translation | (e) Foreign Currency Translation Functional and Presentation Currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (“functional currency”). The presentation and reporting currency of the Group’s consolidated financial statements is the Mexican peso, which is used for compliance with its legal and tax obligations. Transactions and Balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or measurement where items are remeasured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of income as part of finance income or expense, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Changes in the fair value of monetary securities denominated in foreign currency classified as investments in financial instruments are analyzed between exchange differences resulting from changes in the amortized cost of the security and other changes in the carrying amount of the security. Translation differences related to changes in amortized cost are recognized in income or loss, and other changes in carrying amount are recognized in other comprehensive income or loss. Translation of Foreign Operations The financial statements of the Group’s foreign entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (a) assets and liabilities are translated at the closing rate at the date of the statement of financial position; (b) income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rate on the dates of the transactions); (c) stockholders’ equity accounts are translated at the prevailing exchange rate at the time capital contributions were made and earnings were generated and (d) all resulting translation differences are recognized in other comprehensive income or loss. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Translation differences arising are recognized in other comprehensive income or loss. Assets and liabilities in foreign currencies of non-Mexican subsidiaries that use the Mexican Peso as a functional currency are initially converted to Mexican Pesos by utilizing the exchange rate of the statement of financial position date for monetary assets and liabilities, and historical exchange rates for non-monetary items, with the related adjustment included in the consolidated statement of income as finance income or expense. A portion of the Group’s outstanding principal amount of its U.S. dollar denominated long-term debt (hedging instrument, disclosed in the line item “Long-term debt, net of current portion” of the consolidated statement of financial position) has been designated as a hedge of a net investment in a foreign operation in connection with the Group’s investment in shares of UH II (UHI, until May 18, 2021) (hedged item), which amounted to U.S.$1,254.5 million (Ps.25,721,539) and U.S.$1,074.0 million (Ps.21,424,180) as of December 31, 2021 and 2020, respectively. Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term debt is credited or charged directly to other comprehensive income or loss as a cumulative result from foreign currency translation (see Note 10). A portion of the Group’s outstanding principal amount of its U.S. dollar denominated long-term debt (hedging instrument, disclosed in the line item “Long-term debt, net of current portion” of the consolidated statement of financial position) was designated as a fair value hedge of foreign exchange exposure related to its investment in warrants that were exercisable for common stock of UHI (hedged item) through December 29, 2020, the date on which the Group exercised all of these warrants for common stock of UHI, which amounted to Ps.17,387,699 (U.S.$871.6 million) as of December 29, 2020 and Ps.33,775,451 (U.S.$1,788.6 million) as of December 31, 2019. Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term debt was credited or charged directly to other comprehensive income or loss through December 29, 2020, along with the recognition in the same line item of any foreign currency gain or loss of this investment in warrants designated as a hedged item through that date (see Notes 9, 14 and 18). A portion of the Group’s outstanding principal amount of its U.S. dollar denominated long-term debt (hedging instrument, disclosed in the line item “Long-term debt, net of current portion” of the consolidated statement of financial position) has been designated as a fair value hedge of foreign exchange exposure related to its investment in Open-Ended Fund (hedged item), which amounted to Ps.945,176 (U.S.$46.1 million) and Ps.1,135,803 (U.S.$56.9 million), as of December 31, 2021 and 2020, respectively. Consequently, any foreign exchange gain or loss attributable to this designated hedging long-term debt is credited or charged directly to other comprehensive income or loss, along with the recognition in the same line item of any foreign currency gain or loss of this investment in Open-Ended Fund designated as a hedged item (see Notes 9, 14 and 18). |
Cash and Cash Equivalents and Temporary Investments | (f) Cash and Cash Equivalents and Temporary Investments Cash and cash equivalents consist of cash on hand and all highly liquid investments with an original maturity of three months or less at the date of acquisition. Cash is stated at nominal value and cash equivalents are measured at fair value, and the changes in the fair value are recognized in the statement of income. Temporary investments consist of short-term investments in securities, including without limitation debt with a maturity of over three months and up to one year at the date of acquisition, stock and other financial instruments, or a combination thereof, as well as current maturities of noncurrent financial assets. Temporary investments are measured at fair value with changes in fair value recognized in finance income in the consolidated income statement, except the current maturities of non-current held-to-maturity securities which are measured at amortized cost. As of December 31, 2021 and 2020, cash equivalents and temporary investments primarily consisted of fixed short-term deposits and corporate fixed income securities denominated in U.S. dollars and Mexican pesos, with an average yield of approximately 0.07% for U.S. dollar deposits and 4.36% for Mexican peso deposits in 2021, and approximately 0.38% for U.S. dollar deposits and 5.40% for Mexican peso deposits in 2020. |
Transmission Rights and Programming | (g) Transmission Rights and Programming Programming is comprised of programs, literary works, production talent advances and films. Transmission rights and literary works are valued at the lesser of acquisition cost and net realizable value. Programs and films are valued at the lesser of production cost, which consists of direct production costs and production overhead, and net realizable value. Payments for production talent advances are initially capitalized and subsequently included as direct or indirect costs of program production. Transmission rights are recognized from the point of which the legally enforceable license period begins. Until the license term commences and the programming rights are available, payments made are recognized as prepayments. The Group’s policy is to capitalize the production costs of programs which benefit more than one annual period and amortize them over the expected period of future program revenues based on the Company’s historical revenue patterns and usage for similar productions. Transmission rights, programs, literary works, production talent advances and films are recorded at acquisition or production cost. Cost of sales is calculated and recorded for the month in which such transmission rights, programs, literary works, production talent advances and films are matched with related revenues. Transmission rights are recognized in income over the lives of the contracts. Transmission rights in perpetuity are amortized on a straight-line basis over the period of the expected benefit as determined by past experience, but not exceeding 25 years. |
Inventories | (h) Inventories Inventories of paper, magazines, materials and supplies for maintenance of technical equipment are recorded at the lower of cost or its net realizable value. The net realization value is the estimated selling price in the normal course of business, less estimated costs to conduct the sale. Cost is determined using the average cost method. |
Financial Assets | (i) Financial Assets The Group classifies its financial assets in accordance with IFRS 9 Financial Instruments Financial Assets Measured at Amortized Cost Financial assets are measured at amortized cost when the objective of holding such financial assets is to collect contractual cash flows, and the contractual terms of the financial asset give rise on specified dates to cash flows that are only payments of principal and interest on the principal amount outstanding. These financial assets are initially recognized at fair value plus transaction costs and subsequently carried at amortized cost using the effective interest rate method, with changes in carrying amount recognized in the consolidated statement of income in the line which most appropriately reflects the nature of the item or transaction. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period that are included in non-current assets. The Group’s financial assets measured at amortized costs are primarily presented as “trade notes and accounts receivable”, “other accounts and notes receivable”, and “due from related parties” in the consolidated statement of financial position (see Note 7). Financial Assets Measured at FVOCIL Financial assets are measured at FVOCIL when the objective of holding such financial assets is both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Group’s investments in certain equity instruments have been designated to be measured at FVOCIL, as permitted by IFRS 9. In connection with this designation, any amounts presented in consolidated other comprehensive income are not subsequently transferred to consolidated income. Dividends from these equity instruments are recognized in consolidated income when the right to receive payment of the dividend is established, and such dividend is probable to be paid to the Group. Financial Assets at FVIL Financial assets at FVIL are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are also categorized as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current. Impairment of Financial Assets The Group assesses on a forward-looking basis the expected credit losses associated with its financial assets carried at FVOCIL. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables (see Note 7). Offsetting of Financial Instruments Financial assets are offset against financial liabilities and the net amount reported in the consolidated statement of financial position if, and only when the Group: (i) currently has a legally enforceable right to set off the recognized amounts; and (ii) intends either to settle on a net basis, or to realize the assets and settle the liability simultaneously. |
Property, Plant and Equipment | (j) Property, Plant and Equipment Property, plant and equipment are recorded at acquisition cost. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. All other repairs and maintenance are charged to income or loss during the financial period in which they are incurred. Land is not depreciated. Depreciation of property, plant and equipment is based upon the carrying amount of the assets in use and is computed using the straight-line method over the estimated useful lives of the asset, as follows: Estimated Useful Lives Buildings 20-65 Technical equipment 3-30 years Satellite transponders 15 years Furniture and fixtures 3-10 years Transportation equipment 4-8 years Computer equipment 3-6 years Leasehold improvements 5-30 years The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized within other income or expense in the consolidated statement of income. If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. |
Right-of-use Assets | (k) Right-of-use Assets Right-of-use assets are measured at cost comprising the following: the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs and restoration costs. Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a straight – line basis. If the Group is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset’s useful life. Payments associated with short-term leases of equipment and vehicles and mostly leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. |
Intangible Assets and Goodwill | (l) Intangible Assets and Goodwill Intangible assets and goodwill are recognized at acquisition cost. Intangible assets and goodwill acquired through business combinations are recorded at fair value at the date of acquisition. Intangible assets with indefinite useful lives, which include, trademarks, concessions, and goodwill, are not amortized, and subsequently recognized at cost less accumulated impairment losses. Intangible assets with finite useful lives are amortized on a straight-line basis over their estimated useful lives, as follows: Estimated Useful Lives Trademarks with finite useful lives 4 years Licenses 3-10 years Subscriber lists 4-5 years Payments for renewal of concessions 20 years Other intangible assets 3-20 years Trademarks The Group determines its acquired trademarks to have an indefinite life when they are expected to generate net cash inflows for the Group indefinitely. Additionally, the Group considers that there are no legal, regulatory or contractual provisions that limit the useful lives of trademarks. The Group has not capitalized any amounts associated with internally developed trademarks. Concessions The Group defined concessions to have an indefinite life due to the fact that the Group has a history of renewing its concessions upon expiration, has maintained the concessions granted by the Mexican government, and has no foreseeable limit to the period over which the assets are expected to generate net cash inflows. In addition, the Group is committed to continue to invest for the long term to extend the period over which the broadcasting and telecommunications concessions are expected to continue to provide economic benefits. Any fees paid by the Group to regulatory authorities for concessions renewed are determined to have finite useful lives and are amortized on a straight-live basis over the fixed term of the related concession. Goodwill Goodwill arises on the acquisition of a business and represents the excess of the consideration transferred over the Group’s interest in net fair value of the identifiable assets, liabilities and contingent liabilities of the acquiree and the fair value of the non-controlling interest in the acquiree. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the cash generating units (“CGUs”), or groups of CGUs, that are expected to benefit from the synergies of the combination. Each unit or group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying amount of goodwill is compared to the recoverable amount, which is the higher between the value in use and the fair value less costs to sell. Any impairment of goodwill is recognized as an expense in the consolidated statement of income and is not subject to be reversed in subsequent periods. |
Impairment of Long-lived Assets | (m) Impairment of Long-lived Assets The Group reviews for impairment the carrying amounts of its long-lived assets, tangible and intangible, including goodwill (see Note 13), at least once a year, or whenever events or changes in business circumstances indicate that these carrying amounts may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. To determine whether an impairment exists, the carrying amount of the reporting unit is compared with its recoverable amount. Fair value estimates are based on quoted market values in active markets, if available. If quoted market prices are not available, the estimate of fair value is based on various valuation techniques, including discounted value of estimated future cash flows, market multiples or third-party appraisal valuations. Any impairment of long-lived assets other than goodwill may be subsequently reversed under certain circumstances. |
Trade Accounts Payable and Accrued Expenses | (n) Trade Accounts Payable and Accrued Expenses Trade accounts payable and accrued expenses are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade accounts payable and accrued expenses are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade accounts payable and accrued expenses are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. Trade accounts payable and accrued expenses are presented as a single item of consolidated current liabilities in the consolidated statements of financial position as of December 31, 2021 and 2020. |
Debt | (o) Debt Debt is recognized initially at fair value, net of transaction costs incurred. Debt is subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the consolidated statement of income over the period on which the debt is outstanding using the effective interest method. Fees paid on the establishment of debt facilities are recognized as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalized as a pre-payment for liquidity services and amortized over the period of the facility to which it relates. Current portion of long-term debt and interest payable are presented as a separate line item in the consolidated statements of financial position as of December 31, 2021 and 2020. Debt early redemption costs are recognized as finance expense in the consolidated statement of income. |
Customer Deposits and Advances | (p) Customer Deposits and Advances Customer deposits and advance agreements for advertising services provide that customers receive prices that are fixed for the contract period for advertising time in the Group’s platforms based on rates established by the Group. Such rates vary depending on when the advertisement is made, including the season, hour, day and type of programming. The Group recognizes customer deposits and advance agreements for advertising services in the consolidated statement of financial position, when these agreements are executed either with a consideration in cash paid by customers or with short-term non-interest bearing notes received from customers in connection with annual (“upfront basis”) and from time to time (“scatter basis”) prepayments (see Note 7). In connection with the initial adoption of IFRS 15 Revenues from Contracts with Customers |
Provisions | (q) Provisions Provisions are recognized when the Group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognized for future operating losses. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provisions due to passage of time is recognized as interest expense. |
Equity | (r) Equity The capital stock and other equity accounts include the effect of restatement through December 31, 1997, determined by applying the change in the Mexican National Consumer Price Index between the dates capital was contributed or net results were generated and December 31, 1997, the date through which the Mexican economy was considered hyperinflationary under the guidelines of IFRS Standards. The restatement represented the amount required to maintain the contributions and accumulated results in Mexican Pesos in purchasing power as of December 31, 1997. Where any company in the Group purchases shares of the Company’s capital stock (shares repurchased), the consideration paid, including any directly attributable incremental costs is deducted from equity attributable to stockholders of the Company until the shares are cancelled, reissued, or sold. Where such shares repurchased are subsequently reissued or sold, any consideration received, net of any directly attributable incremental transaction costs, is included in equity attributable to stockholders of the Company. |
Revenue Recognition and Contract Costs | (s) Revenue Recognition and Contract Costs Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided. The Group recognizes revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met for each of the Group’s activities, as described below. The Group bases its estimate of return on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. The Group derives the majority of its revenues from media and entertainment-related business activities both in Mexico and internationally. Revenues are recognized when the service is provided and collection is probable. A summary of revenue recognition policies by significant activity is as follows: ● Cable television, internet and telephone subscription, and pay-per-view and installation fees are recognized in the period in which the services are rendered. ● Revenues from other telecommunications and data services are recognized in the period in which these services are provided. Other telecommunications services include long distance and local telephony, as well as leasing and maintenance of telecommunications facilities. ● Sky program service revenues, including advances from customers for future direct-to-home (“DTH”) program services, are recognized at the time the service is provided. ● Advertising revenues, including deposits and advances from customers for future advertising, are recognized at the time the advertising services were rendered. ● Revenues from program services for network subscription and licensed and syndicated television programs are recognized when the programs were sold and became available for broadcast. ● Revenues from magazine subscriptions are initially deferred and recognized proportionately as products are delivered to subscribers. Revenues from the sales of magazines are recognized on the date of circulation of delivered merchandise, net of a provision for estimated returns. ● Revenues from publishing distribution are recognized upon distribution of the products. ● Revenues from attendance to soccer games, including revenues from advance ticket sales for soccer games and other promotional events, are recognized on the date of the relevant event. ● Motion picture production and distribution revenues are recognized as the films were exhibited. ● Gaming revenues consist of the net win from gaming activities, which is the difference between amounts wagered and amounts paid to winning patrons and are recognized at the time of such net win. In respect to sales of multiple products or services, the Group evaluates whether it has fair value evidence for each deliverable in the transaction. For example, the Group sells cable television, internet and telephone subscription to subscribers in a bundled package at a rate lower than if the subscriber purchases each product on an individual basis. Subscription revenues received from such subscribers are allocated to each product in a pro-rata manner based on the fair value of each of the respective services. Contract Costs Incremental costs for obtaining contracts with customers in the Cable and Sky segments, primarily commissions, are recognized as contract costs (assets) in the Group’s consolidated statement of financial position and amortized in the expected life of contracts with customers. The Group has recognized assets from incremental costs of obtaining contracts with customers, primarily commissions, which were classified as current and non-current assets in its consolidated financial statements as of December 31, 2021 and 2020, as follows: Cable Sky Total Contract costs: At January 1, 2021 Ps. 2,027,691 Ps. 2,513,866 Ps. 4,541,557 Additions 1,209,894 1,088,956 2,298,850 Amount recognized in income (739,461) (1,102,632) (1,842,093) Total Contract Costs at December 31, 2021 2,498,124 2,500,190 4,998,314 Less: Current Contract Costs 797,273 985,450 1,782,723 Total Non-current Contract Costs Ps. 1,700,851 Ps. 1,514,740 Ps. 3,215,591 Cable Sky Total Contract costs: At January 1, 2020 Ps. 1,436,758 Ps. 2,254,479 Ps. 3,691,237 Additions 1,163,038 1,335,300 2,498,338 Amount recognized in income (572,105) (1,075,913) (1,648,018) Total Contract Costs at December 31, 2020 2,027,691 2,513,866 4,541,557 Less: Current Contract Costs 640,655 957,792 1,598,447 Total Non-current Contract Costs Ps. 1,387,036 Ps. 1,556,074 Ps. 2,943,110 |
Interest Income | (t) Interest Income Interest income is recognized using the effective interest method. When a loan and receivable is impaired, the Group reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at the original effective interest rate of the instrument and continues unwinding the discount as interest income. Interest income on impaired loan and receivables is recognized using the original effective interest rate. |
Employee Benefits | (u) Employee Benefits Pension and Seniority Premium Obligations Plans exist for pensions and seniority premiums (post-employment benefits), for most of the Group’s employees funded through irrevocable trusts. Increases or decreases in the consolidated liability or asset for post-employment benefits are based upon actuarial calculations. Contributions to the trusts are determined in accordance with actuarial estimates of funding requirements. Payments of post-employment benefits are made by the trust administrators. The defined benefit obligation is calculated annually using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of government bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. Remeasurement of post-employment benefit obligations related to experience adjustments and changes in actuarial assumptions of post-employment benefits are recognized in the period in which they are incurred as part of other comprehensive income or loss in consolidated equity. Profit Sharing The employees’ profit sharing required to be paid under certain circumstances in Mexico, is recognized as a direct benefit to employees in the consolidated statements of income in the period in which it is incurred. Termination Benefits Termination benefits, which mainly represent severance payments by law, are recorded in the consolidated statement of income. The Group recognizes termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognizes costs for a restructuring that involves the payment of termination benefits. |
Income Taxes | (v) Income Taxes The income tax expense for the period comprises current and deferred income tax. Income tax is recognized in the consolidated statement of income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the income tax is recognized in other comprehensive income. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the statement of financial position date in the countries where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns and establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax liabilities are not recognized if they arise from the initial recognition of goodwill; deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction (other than in a business combination) that at the time of the transaction affects neither accounting nor taxable income or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is recovered or the deferred income tax liability is settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences and tax loss carryforwards can be utilized. For this purpose, the Group takes into consideration all available positive and negative evidence, including factors such as market conditions, industry analysis, projected taxable income, carryforward periods, current tax structure, potential changes or adjustments in tax structure, and future reversals of existing temporary differences. Deferred income tax liabilities are provided on taxable temporary differences associated with investments in subsidiaries, joint ventures and associates, except for deferred income tax liabilities where the timing of the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred income tax assets are provided on deductible temporary differences associated with investments in subsidiaries, joint ventures and associates, to the extent that it is probable that there will be sufficient taxable income against which to utilize the benefit of the temporary difference and it is expected to reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. |
Derivative Financial Instruments | (w) Derivative Financial Instruments The Group recognizes derivative financial instruments as either assets or liabilities in the consolidated statements of financial position and measures such instruments at fair value. The accounting for changes in the fair value of a derivative financial instrument depends on the intended use of the derivative financial instrument and the resulting designation. For a derivative financial instrument designated as a cash flow hedge, the effective portion of such derivative’s gain or loss is initially reported as a component of other comprehensive income or loss and subsequently reclassified into income when the hedged exposure affects income. The ineffective portion of the gain or loss is reported in income immediately. For a derivative financial instrument designated as a fair value hedge, the gain or loss is recognized in income in the period of change together with the offsetting loss or gain on the hedged item attributed to the risk being hedged. When a hedging instrument expires or is sold, terminated or exercised, the cumulative gain or loss on the hedging instrument that has been recognized in other comprehensive income remains in equity until the forecast transaction occurs. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately reclassified to income or loss. For derivative financial instruments that are not designated as accounting hedges, changes in fair value are recognized in income in the period of change. During the years ended December 31, 2021, 2020 and 2019, certain derivative financial instruments qualified for hedge accounting (see Note 15). |
Comprehensive Income | (x) Comprehensive Income Comprehensive income for the period includes the net income for the period presented in the consolidated statement of income plus other comprehensive income for the period reflected in the consolidated statement of comprehensive income. |
Share-based Payment Agreements | (y) Share-based Payment Agreements Key officers and employees of certain subsidiaries of the Company have entered into agreements for the conditional sale of Company’s shares under the Company’s Long-Term Retention Plan (“LTRP”). The share-based compensation expense is measured at fair value at the date the equity benefits are conditionally sold to these officers and employees, and recognized as a charge to consolidated income (administrative expense) over the vesting period. The Group recognized a share-based compensation expense of Ps.1,088,413, Ps.984,356 and Ps.1,129,644 for the years ended December 31, 2021, 2020 and 2019, respectively, of which Ps.1,066,863, Ps.962,806 and Ps.1,108,094 was credited in consolidated stockholders’ equity for each of those years, respectively (see Note 17). |
Leases | (z) Leases In the first quarter of 2019, the Group adopted IFRS 16 Leases On adoption of IFRS 16, the Group recognized lease liabilities in relation to leases which had previously been classified as operating leases under the guidelines of IAS 17 Leases . |
New and Amended IFRS Standards | (aa) New and Amended IFRS Standards The Group adopted IFRS 16 in 2019, which became effective for annual periods beginning on January 1, 2019 (see Notes 2 (k), 2 (z) and 28). Some other amendments and improvements to certain IFRS Standards became effective on January 1, 2021, 2020 and 2019, and they did not have any significant impact on the Group’s consolidated financial statements. Below is a list of the new and amended IFRS Standards that have been issued by the IASB and are effective for annual periods beginning on January 1, 2022. Effective for Annual Periods Beginning New or Amended IFRS Standard Title of the IFRS Standard On or After Amendments to IFRS 10 and IAS 28 (1) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Postponed IFRS 17 (2) Insurance Contracts January 1, 2023 Amendments to IAS 1 (1) Classification of Liabilities as Current or Non-current January 1, 2023 Annual Improvements (1) Annual Improvements to IFRS Standards 2018-2020 January 1, 2022 Amendments to IAS 16 (1) Property, Plant and Equipment: Proceeds before Intended Use January 1, 2022 Amendments to IAS 37 (1) Onerous Contracts – Cost of Fulfilling a Contract January 1, 2022 Amendments to IFRS 3 (1) Reference to the Conceptual Framework January 1, 2022 Amendments to IAS 8 (1) Definition of Accounting Estimates January 1, 2023 Amendments to IAS 1 and IFRS Practice Statement 2 (1) Disclosure of Accounting Policies January 1, 2023 Amendment to IFRS 16 (1) Covid-19-Related Rent Concessions beyond 30 June 2021 April 1, 2021 Amendments to IAS 12 (1) Deferred Tax related to Assets and Liabilities arising from a Single Transaction January 1, 2023 Amendment to IFRS 17 (2) Initial Application of IFRS 17 and IFRS 9 - Comparative Information January 1, 2023 (1) This new or amended IFRS Standard is not expected to have a significant impact on the Group’s consolidated financial statements. (2) This new or amended IFRS Standard is not expected to be applicable to the Group’s consolidated financial statements. Amendments to IFRS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Consolidated Financial Statements Investments in Associates and Joint Ventures IFRS 17 Insurance Contracts Insurance Contracts Amendments to IAS 1 Classification of Liabilities as Current or Non-current Annual Improvements to IFRS Standards 2018-2020, were issued in May 2020, and make minor amendments to certain IFRS Standards. The amendments are effective for annual periods beginning on or after January 1, 2022. Earlier application is permitted. The following table shows the IFRS Standards amended and the subject of the amendments. Standard Subject of Amendment IFRS 1 First-time Adoption of International Reporting Standards Subsidiary as a First-time Adopter IFRS 9 Financial Instruments Fees in the “10 per cent” Test for Derecognition of Financial Liabilities Illustrative Examples accompanying IFRS 16 Leases Lease Incentives IAS 41 Agriculture Taxation in Fair Value Measurements Amendments to IAS 16 Property, Plant and Equipment: Proceeds before Intended Use Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract Provisions, Contingent Liabilities and Contingent Assets Amendments to IFRS 3 Reference to the Conceptual Framework Business Combinations Amendments to IAS 8 Definition of Accounting Estimates, Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies, Presentation of Financial Statements Making Materiality Judgements Amendment to IFRS 16 Covid-19-Related Rent Concessions beyond 30 June 2021 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction Income Taxes Amendment to IFRS 17 Initial Application of IFRS 17 and IFRS 9 – Comparative Information |
Accounting Policies (Tables)
Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies | |
Schedule of interests in direct and indirect subsidiaries | At December 31, 2021 and 2020, the main direct and indirect subsidiaries of the Company were as follows: Company’s Ownership Business Subsidiaries Interest (1) Segment (2) Empresas Cablevisión, S.A.B. de C.V. and subsidiaries (collectively, “Empresas Cablevisión”) (3) 51.2 % Cable Subsidiaries engaged in the Cablemás business (collectively, “Cablemás”) (4) 100 % Cable Televisión Internacional, S.A. de C.V. and subsidiaries (collectively, “TVI”) (5) 100 % Cable Cablestar, S.A. de C.V. and subsidiaries (collectively, “Bestel”) (6) 66.2 % Cable Arretis, S.A.P.I. de C.V. and subsidiaries (collectively, “Cablecom”) (7) 100 % Cable Subsidiaries engaged in the Telecable business (collectively, “Telecable”) (8) 100 % Cable FTTH de México, S.A. de C.V. (9) 100 % Cable Corporativo Vasco de Quiroga, S.A. de C.V. (“CVQ”) and subsidiaries (10) 100 % Cable and Sky Innova, S. de R.L. de C.V. (“Innova”) and subsidiaries (collectively, “Sky”) (11) 58.7 % Sky Grupo Telesistema, S.A. de C.V. (“Grupo Telesistema”) and subsidiaries 100 % Content and Other Businesses Televisa, S. de R. L. de C.V. (Televisa, S.A. de C.V. through May 2021) (“Televisa”) (12) 100 % Content Televisión Independiente de México, S.A. de C.V. (“TIM”) (12) 100 % Content G.Televisa-D, S.A. de C.V. (12) 100 % Content Multimedia Telecom, S.A. de C.V. (“Multimedia Telecom”) and subsidiary (13) 100 % Content Ulvik, S.A. de C.V. (14) 100 % Content and Other Businesses Controladora de Juegos y Sorteos de México, S.A. de C.V. and subsidiaries 100 % Other Businesses Editorial Televisa, S.A. de C.V. and subsidiaries 100 % Other Businesses Grupo Distribuidoras Intermex, S.A. de C.V. and subsidiaries 100 % Other Businesses Villacezán, S.A. de C.V. (“Villacezán”) and subsidiaries (15) 100 % Other Businesses Sistema Radiópolis, S.A. de C.V. (“Radiópolis”) and subsidiaries (16) — Disposed operations in 2020 (1) Percentage of equity interest directly or indirectly held by the Company. (2) See Note 26 for a description of each of the Group’s business segments. See Notes 3 and 30 for the Group’s transaction with UH II, which was concluded on January 31, 2022. (3) Empresas Cablevisión, S.A.B. de C.V., is a direct majority-owned subsidiary of CVQ. (4) The subsidiaries in the Cablemás business are directly and indirectly owned by CVQ. (5) Televisión Internacional, S.A. de C.V., is a direct subsidiary of CVQ. (6) Cablestar, S.A. de C.V., is an indirect majority-owned subsidiary of CVQ and Empresas Cablevisión, S.A.B. de C.V. (7) Arretis, S.A.P.I. de C.V., is a direct subsidiary of CVQ. (8) The subsidiaries in the Telecable business are directly owned by CVQ. (9) FTTH de México, S. A. de C.V., is an indirect subsidiary of CVQ. (10) CVQ is a direct subsidiary of the Company and the parent company of Empresas Cablevisión, Cablemás, TVI, Bestel, Cablecom, Telecable and Innova. (11) Innova is an indirect majority-owned subsidiary of the Company, CVQ and Sky DTH, S.A. de C.V. (“Sky DTH”), and a direct majority-owned subsidiary of Innova Holdings, S. de R.L. de C.V. (“Innova Holdings”). Sky is a satellite television provider in Mexico, Central America and the Dominican Republic. Although the Company holds a majority of Innova’s equity and designates a majority of the members of Innova’s Board of Directors, the non-controlling interest has certain governance and veto rights in Innova, including the right to block certain transactions between the companies in the Group and Sky. These veto rights are protective in nature and do not affect decisions about relevant business activities of Innova. (12) TIM and G.Televisa-D, S.A. de C.V., are direct subsidiaries of Grupo Telesistema. Through January 31, 2022, Televisa was a direct subsidiary of Grupo Telesistema. (13) Multimedia Telecom and its direct subsidiary, Comunicaciones Tieren, S.A. de C.V. (“Tieren”), are indirect wholly-owned subsidiaries of Grupo Telesistema, through which the Company owns shares of the capital stock of UH II, the successor company of Univision Holdings, Inc. (“UHI”) and the parent company of Univision, and maintained through December 29, 2020, an investment in warrants that were exercised for shares of common stock of UHI on that date. Multimedia Telecom and Tieren have investments representing 95.3% and 4.7% , respectively, of the Group’s aggregate investment in shares of common stock issued by UH II as of December 31, 2021, and UHI as of December 31, 2020 (see Notes 3, 9, 10 and 20). (14) Direct subsidiary through which the Group conducts certain operations of its Other Businesses segment, and conducted certain operations of its Content segment through January 31, 2022. (15) Villacezán is an indirect subsidiary of Grupo Telesistema. (16) In July 2020, the Company concluded the sale of its 50% equity interest in Radiópolis. Through June 2020, Radiópolis was a direct subsidiary of the Company through which the Group conducted the operations of its former Radio business. The Company controlled Radiópolis as it had the right to appoint the majority of the members of the Board of Directors of Radiópolis. The Radio business was part the of the Group’s Other Businesses segment through the third quarter of 2019. Beginning in the fourth quarter of 2019, the assets and related liabilities of the Radio Business, as well as its operating results, were classified as held for sale in the Group’s consolidated financial statements through June 30, 2020 (see Notes 3 and 26). |
Schedule of expiration dates of the Group's concessions and permits | Segments Expiration Dates Cable Various from 2026 to 2056 Sky Various from 2022 to 2056 Content (broadcasting concessions) (1) In 2021, and the relevant renewals started in 2022 ending in 2042 and 2052 Other Businesses: Gaming In 2030 (1) In November 2018, the IFT approved (i) 23 concessions for the use of spectrum that comprise the Company’s 225 TV stations, for a term of 20 years , starting in January 2022 and ending in January 2042, and (ii) six concessions that grant the authorization to provide digital broadcasting television services of such 225 TV stations, for a term of 30 years , starting in January 2022 and ending in January 2052. In November 2018, the Group paid for such renewal an aggregate amount of Ps. 5,754,543 in cash, which included a payment of Ps. 1,194 for administrative expenses and recognized this payment as an intangible asset in its consolidated statement of financial position. This amount will be amortized in a period of 20 years beginning on January 1, 2022, by using the straight-line method (see Note 13). |
Schedule of property, plant and equipment, estimated useful lives | Estimated Useful Lives Buildings 20-65 Technical equipment 3-30 years Satellite transponders 15 years Furniture and fixtures 3-10 years Transportation equipment 4-8 years Computer equipment 3-6 years Leasehold improvements 5-30 years |
Schedule of intangible assets, estimated useful lives | Estimated Useful Lives Trademarks with finite useful lives 4 years Licenses 3-10 years Subscriber lists 4-5 years Payments for renewal of concessions 20 years Other intangible assets 3-20 years |
Schedule of costs to obtain contracts with customers | Cable Sky Total Contract costs: At January 1, 2021 Ps. 2,027,691 Ps. 2,513,866 Ps. 4,541,557 Additions 1,209,894 1,088,956 2,298,850 Amount recognized in income (739,461) (1,102,632) (1,842,093) Total Contract Costs at December 31, 2021 2,498,124 2,500,190 4,998,314 Less: Current Contract Costs 797,273 985,450 1,782,723 Total Non-current Contract Costs Ps. 1,700,851 Ps. 1,514,740 Ps. 3,215,591 Cable Sky Total Contract costs: At January 1, 2020 Ps. 1,436,758 Ps. 2,254,479 Ps. 3,691,237 Additions 1,163,038 1,335,300 2,498,338 Amount recognized in income (572,105) (1,075,913) (1,648,018) Total Contract Costs at December 31, 2020 2,027,691 2,513,866 4,541,557 Less: Current Contract Costs 640,655 957,792 1,598,447 Total Non-current Contract Costs Ps. 1,387,036 Ps. 1,556,074 Ps. 2,943,110 |
Schedule of new or amended standards issued by IASB | Effective for Annual Periods Beginning New or Amended IFRS Standard Title of the IFRS Standard On or After Amendments to IFRS 10 and IAS 28 (1) Sale or Contribution of Assets between an Investor and its Associate or Joint Venture Postponed IFRS 17 (2) Insurance Contracts January 1, 2023 Amendments to IAS 1 (1) Classification of Liabilities as Current or Non-current January 1, 2023 Annual Improvements (1) Annual Improvements to IFRS Standards 2018-2020 January 1, 2022 Amendments to IAS 16 (1) Property, Plant and Equipment: Proceeds before Intended Use January 1, 2022 Amendments to IAS 37 (1) Onerous Contracts – Cost of Fulfilling a Contract January 1, 2022 Amendments to IFRS 3 (1) Reference to the Conceptual Framework January 1, 2022 Amendments to IAS 8 (1) Definition of Accounting Estimates January 1, 2023 Amendments to IAS 1 and IFRS Practice Statement 2 (1) Disclosure of Accounting Policies January 1, 2023 Amendment to IFRS 16 (1) Covid-19-Related Rent Concessions beyond 30 June 2021 April 1, 2021 Amendments to IAS 12 (1) Deferred Tax related to Assets and Liabilities arising from a Single Transaction January 1, 2023 Amendment to IFRS 17 (2) Initial Application of IFRS 17 and IFRS 9 - Comparative Information January 1, 2023 (1) This new or amended IFRS Standard is not expected to have a significant impact on the Group’s consolidated financial statements. (2) This new or amended IFRS Standard is not expected to be applicable to the Group’s consolidated financial statements. Standard Subject of Amendment IFRS 1 First-time Adoption of International Reporting Standards Subsidiary as a First-time Adopter IFRS 9 Financial Instruments Fees in the “10 per cent” Test for Derecognition of Financial Liabilities Illustrative Examples accompanying IFRS 16 Leases Lease Incentives IAS 41 Agriculture Taxation in Fair Value Measurements |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Risk Management | |
Schedule of foreign currency position of monetary items | The foreign currency position of monetary items of the Group at December 31, 2021, was as follows: Foreign Currency Amounts Year-End (Thousands) Exchange Rate Mexican Pesos Assets: U.S. dollars 831,806 Ps. 20.5031 Ps. 17,054,602 Euros 11,139 23.3478 260,071 Swiss francs 4,139 22.4997 93,126 Argentinean pesos 64,026 0.1996 12,780 Chilean pesos 576,044 0.0240 13,825 Other currencies — — 5,266 Liabilities: U.S. dollars (1) 5,215,150 Ps. 20.5031 Ps. 106,926,742 Euros 598 23.3478 13,962 Swiss francs 883 22.4997 19,867 Other currencies — — 185 The foreign currency position of monetary items of the Group at December 31, 2020, was as follows: Foreign Currency Amounts Year-End (Thousands) Exchange Rate Mexican Pesos Assets: U.S. dollars 1,154,453 Ps. 19.9493 Ps. 23,030,529 Euros 19,260 24.3774 469,509 Swiss francs 438 22.5299 9,868 Argentinean pesos 66,482 0.2371 15,763 Chilean pesos 327,357 0.0280 9,166 Other currencies — — 7,713 Liabilities: U.S. dollars (1) 5,161,009 Ps. 19.9493 Ps. 102,958,517 Euros 1,151 24.3774 28,058 Swiss francs 659 22.5299 14,847 Chilean pesos 632,679 0.0280 17,715 Colombian pesos 8,246,548 0.0057 47,005 Other currencies — — 3,332 (1) As of December 31, 2021 and 2020, monetary liabilities include U.S. $1,300.6 million (Ps. 26,666,715 ) and U.S. $1,130.9 million (Ps. 22,559,983 ), respectively, related to long-term debt designated as a hedging instrument of the Group’s investments in UH II as of December 31, 2021, UHI as of December 31, 2020, and the investment in Open-Ended Fund (see Note 14). |
Schedule of foreign currency of monetary items with net position | The Group is subject to the risk of foreign currency exchange rate fluctuations, resulting primarily from the net monetary position in U.S. dollars and U.S. dollar equivalent amounts of the Group’s Mexican operations, as follows (in millions of U.S. dollars): December 31, 2021 2020 U.S. dollar-denominated and U.S. dollar-equivalent monetary assets, primarily cash and cash equivalents, and non-current investments in financial instruments (1) U.S.$ 785.1 U.S.$ 1,125.1 U.S. dollar-denominated and U.S. dollar-equivalent monetary liabilities, primarily trade accounts payable, Senior debt securities, lease liabilities, and other liabilities (2) (3) (5,180.8) (5,115.9) Net liability position U.S.$ (4,395.7) U.S.$ (3,990.8) (1) As of December 31, 2021 and 2020, this line includes U.S. dollar equivalent amounts of U.S. $17.7 million and U.S. $24.5 million, respectively, related to other foreign currencies, primarily Euros. (2) As of December 31, 2021 and 2020, this line includes U.S. dollar equivalent amounts of U.S. $1.4 million and U.S. $2.0 million, respectively, related to other foreign currencies, primarily Euros. (3) As of December 31, 2021 and 2020, monetary liabilities include U.S. $1,300.6 million (Ps. 26,666,715 ) and U.S. $1,130.9 million (Ps. 22,559,983 ), respectively, related to long-term debt designated as a hedging instrument of the Group’s investments in UH II, UHI and the investment in Open-Ended Fund (see Note 14). |
Schedule of hypothetical changes in fair value or losses in earnings | Difference between Fair Value and Carrying Amount Assuming a Difference between Hypothetical Fair Value and 10% Increase in December 31, 2021 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Long-term loan and interest receivable from GTAC Ps. 755,973 Ps. 760,143 Ps. 4,170 Ps. 80,184 Open-Ended Fund 945,176 945,176 — — Publicly traded equity instruments 3,517,711 3,517,711 — — Other equity instruments 1,607,969 1,607,969 — — Derivative financial instruments (1) 133,324 133,324 — — Liabilities (2) (3) U.S. dollar-denominated debt: Senior Notes due 2025 12,301,860 14,056,843 1,754,983 3,160,667 Senior Notes due 2026 6,150,930 6,685,200 534,270 1,202,790 Senior Notes due 2032 6,150,930 8,857,216 2,706,286 3,592,008 Senior Notes due 2040 12,301,860 16,678,493 4,376,633 6,044,482 Senior Notes due 2045 20,503,100 24,205,140 3,702,040 6,122,554 Senior Notes due 2046 18,452,790 25,029,180 6,576,390 9,079,308 Senior Notes due 2049 15,377,325 19,307,154 3,929,829 5,860,544 Peso-denominated debt: Notes due 2027 4,500,000 4,509,405 9,405 460,346 Senior Notes due 2037 4,500,000 4,110,480 (389,520) 21,528 Senior Notes due 2043 6,500,000 4,611,620 (1,888,380) (1,427,218) Long-term notes payable to Mexican banks 20,260,404 20,417,854 157,450 2,199,235 Lease liabilities 9,680,559 9,830,878 150,319 1,133,407 Derivative financial instruments (1) 172,885 172,885 — — Difference between Fair Value and Carrying Amount Assuming a Difference between Hypothetical Fair Value and 10% Increase in December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Long-term loan and interest receivable from GTAC Ps. 821,253 Ps. 824,092 Ps. 2,839 Ps. 85,248 Open-Ended Fund 1,135,803 1,135,803 — — Publicly traded equity instruments 5,397,504 5,397,504 — — Other equity instruments 468,552 468,552 — — Liabilities (2) (3) : U.S. dollar-denominated debt: Senior Notes due 2025 11,969,580 14,609,830 2,640,250 4,101,233 Senior Notes due 2026 5,984,790 6,840,854 856,064 1,540,149 Senior Notes due 2032 5,984,790 9,193,415 3,208,625 4,127,967 Senior Notes due 2040 11,969,580 16,780,992 4,811,412 6,489,511 Senior Notes due 2045 19,949,300 24,282,886 4,333,586 6,761,875 Senior Notes due 2046 17,954,370 24,970,938 7,016,568 9,513,662 Senior Notes due 2049 14,961,975 18,978,667 4,016,692 5,914,559 Peso-denominated debt: Notes due 2027 4,500,000 5,035,860 535,860 1,039,446 Senior Notes due 2037 4,500,000 4,087,575 (412,425) (3,668) Senior Notes due 2043 6,500,000 5,150,860 (1,349,140) (834,054) Long-term notes payable to Mexican banks 19,602,893 19,801,142 198,249 2,178,363 Lease liabilities 9,292,351 9,343,100 50,749 985,059 Derivative financial instruments (1) 3,476,223 3,476,223 — — (1) Given the nature and the tenor of these derivative financial instruments, an increase of 10% in the interest and/or exchange rates would not be an accurate sensitivity analysis on the fair value of these financial instruments. (2) The carrying amount of debt is stated in this table at its principal amount. (3) The fair value of the Senior Notes and Notes due by the Group are within Level 1 of the fair value hierarchy as there is a quoted market price for them. The fair value of the lease liabilities is within Level 2 of the fair value hierarchy and has been estimated based on cash flows discounted using an estimated weighted average cost of capital. The fair value of held-to-maturity securities are within Level 1 of the fair value hierarchy and were based on market interest rates to the listed securities. |
Schedule of contractual undiscounted cash flows | Less Than 12 Months 12-36 Months 36-60 Months Maturities January 1, 2022 to January 1, 2023 to January 1, 2025 to Subsequent to December 31, 2022 December 31, 2024 December 31, 2026 December 31, 2026 Total At December 31, 2021 Debt (1) Ps. 4,110,404 Ps. 13,500,000 Ps. 21,102,790 Ps. 88,286,005 Ps. 126,999,199 Lease liabilities 1,478,382 2,469,270 2,478,486 3,254,421 9,680,559 Trade and other liabilities 40,051,575 2,743,298 2,041,627 3,665,074 48,501,574 Interest on debt (2) 6,188,285 15,237,650 12,453,353 86,405,197 120,284,485 Interest on lease liabilities 659,049 1,136,036 775,332 921,942 3,492,359 Less Than 12 Months 12-36 Months 36-60 Months Maturities January 1, 2021 to January 1, 2022 to January 1, 2024 to Subsequent to December 31, 2021 December 31, 2023 December 31, 2025 December 31, 2025 Total At December 31, 2020 Debt (1) Ps. 617,489 Ps. 8,985,404 Ps. 21,969,580 Ps. 92,304,805 Ps. 123,877,278 Lease liabilities 1,277,754 2,184,098 2,240,777 3,589,722 9,292,351 Trade and other liabilities 33,936,100 4,078,823 644,830 3,137,092 41,796,845 Interest on debt (2) 5,997,185 15,177,002 13,256,713 90,128,177 124,559,077 Interest on lease liabilities 668,461 1,169,317 853,741 925,566 3,617,085 (1) The amounts of debt are disclosed on a principal amount basis (see Note 14). (2) Interest to be paid in future years on outstanding debt as of December 31, 2021 and 2020, based on contractual interest rate and exchange rates as of that date. |
Cash and Cash Equivalents and_2
Cash and Cash Equivalents and Temporary Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and Cash Equivalents and Temporary Investments | |
Cash and Cash Equivalents and Temporary Investments | Cash and cash equivalents as of December 31, 2021 and 2020, consisted of: 2021 2020 Cash and bank accounts Ps. 1,180,817 Ps. 5,094,610 Short-term investments (1) 24,647,398 23,963,483 Total cash and cash equivalents Ps. 25,828,215 Ps. 29,058,093 (1) |
Trade Notes and Accounts Rece_2
Trade Notes and Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Trade Notes and Accounts Receivable, Net | |
Schedule of trade notes and accounts receivables, net | 2021 2020 Non-interest bearing notes received from customers as deposits and advances mainly in connection with annual (“upfront basis”) and from time to time (“scatter basis”) prepayments (see Note 2 (p)) Ps. 1,499,335 Ps. 3,327,579 Trade accounts receivable 14,955,334 13,265,351 Loss allowance (3,361,658) (4,249,133) Ps. 13,093,011 Ps. 12,343,797 |
Schedule of aging analysis of current trade receivables past due | 2021 2020 1 to 90 days Ps. 4,367,863 Ps. 3,634,710 91 to 180 days 1,459,188 1,386,243 More than 180 days 2,785,308 4,044,530 |
Schedule of carrying amount of trade notes and accounts receivable in foreign currencies | 2021 2020 U.S. dollar Ps. 1,714,490 Ps. 2,905,396 Other currencies 46,255 75,369 At December 31 Ps. 1,760,745 Ps. 2,980,765 |
Schedule of loss allowance of trade notes and account receivables | 2021 2020 At January 1 Ps. (4,249,133) Ps. (4,846,643) Provision for credit losses (1,263,083) (1,352,432) Write-off of receivables 2,260,182 1,949,942 Reclassifications (109,624) — At December 31 Ps. (3,361,658) Ps. (4,249,133) |
Transmission Rights and Progr_2
Transmission Rights and Programming (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Transmission Rights and Programming. | |
Schedule of transmission rights and programming | 2021 2020 Transmission rights Ps. 14,743,043 Ps. 9,695,030 Programming 5,689,652 4,683,980 20,432,695 14,379,010 Non-current portion of: Transmission rights 9,823,088 5,257,926 Programming 3,017,938 2,724,870 12,841,026 7,982,796 Current portion of transmission rights and programming Ps. 7,591,669 Ps. 6,396,214 |
Investments in Financial Inst_2
Investments in Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments in Financial Instruments | |
Schedule of investments in financial instruments | 2021 2020 Equity instruments measured at FVOCIL: Open-Ended Fund (1) Ps. 945,176 Ps. 1,135,803 Publicly traded equity instruments (2) 3,517,711 5,397,504 Other equity instruments (3) 1,607,969 468,552 6,070,856 7,001,859 Other 5,223 853 Ps. 6,076,079 Ps. 7,002,712 (1) The Group has an investment in an Open-Ended Fund that has as a primary objective to achieve capital appreciation by using a broad range of strategies through investments in securities, including without limitation stock, debt and other financial instruments, a principal portion of which are considered as Level 1 financial instruments, in telecom, media and other sectors across global markets, including Latin America and other emerging markets. Shares may be redeemed on a quarterly basis at the Net Asset Value (“NAV”) per share as of such redemption date. The fair value of this fund is determined by using the NAV per share. The NAV per share is calculated by determining the value of the fund assets, all of which are measured at fair value, and subtracting all of the fund liabilities and dividing the result by the total number of issued shares. In July and November 2019, the Company redeemed a portion of its investment in Open-Ended Fund at the aggregate fair value amount of U.S.$121.6 million (Ps.2,301,682) and recognized cash proceeds from this redemption for such aggregate amount. In September and December 2020, the Company redeemed a portion of its investment in Open-Ended Fund at the aggregate fair value amount of U.S.$153.7 million (Ps.3,155,643) and recognized cash proceeds from this redemption for such aggregate amount. In March 2021, the Company redeemed a portion of its investment in Open-Ended Fund at the aggregate fair value amount of U.S.$10.0 million (Ps.258,956) and recognized cash proceeds from this redemption for such aggregate amount. (see Note 2 (i)). (2) Their fair value of publicly traded equity instruments is determined by using quoted market prices at the measurement date. In the first half of 2021, the Company disposed of a portion of these publicly traded equity instruments and recognized cash proceeds from this disposition in the aggregate amount of Ps.1,755,415. (3) Other equity instruments include unquoted equity investments, which are initially recognized at cost with any subsequent changes in fair value recognized through other comprehensive income or loss. The Group disposed of these investments on January 31, 2022, in connection with the closing of the transaction with UH II (see Notes 3 and 30). |
Reconciliation of investments in financial assets at FVOCIL | Publicly Traded Open-Ended Equity Other Equity Fund (1) Instruments Instruments Total At January 1, 2021 Ps. 1,135,803 Ps. 5,397,504 Ps. 468,552 Ps. 7,001,859 Investments — — 1,118,178 1,118,178 Disposition of investments (258,956) (1,756,434) — (2,015,390) Change in fair value in other comprehensive income (loss) 68,329 (123,359) 21,239 (33,791) At December 31, 2021 Ps. 945,176 Ps. 3,517,711 Ps. 1,607,969 Ps. 6,070,856 Publicly Traded Warrants Open-Ended Equity Other Equity Issued by UHI (1) Fund (1) Instruments Instruments Total At January 1, 2020 Ps. 33,775,451 Ps. 4,688,202 Ps. 5,751,001 Ps. 50,392 Ps. 44,265,046 Investments — — — 602,446 602,446 Disposition of investments — (3,159,970) — — (3,159,970) Change in fair value in other comprehensive loss (16,387,752) (392,429) (353,497) (184,286) (17,317,964) Warrants exercised for common stock of UHI (17,387,699) — — — (17,387,699) At December 31, 2020 Ps. — Ps. 1,135,803 Ps. 5,397,504 Ps. 468,552 Ps. 7,001,859 (1) The foreign exchange gain in 2021 derived from the investment in Open-Ended Fund was hedged by foreign exchange loss in the consolidated statement of income for the year ended December 31, 2021, in the amount of Ps.99,673. The foreign exchange gain in 2020 derived from the warrants issued by UHI and the investment in Open-Ended Fund was hedged by foreign exchange loss in the consolidated statement of income for the year ended December 31, 2020, in the amount of Ps.5,511,412 and Ps.471,097, respectively (see Notes 14 and 23). |
Investments in Associates and_2
Investments in Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Associates And Joint Ventures [Line Items] | |
Schedule of investments in associates and joint ventures accounted for by the equity method | Ownership as of December 31, 2021 2021 2020 Associates: UH II and subsidiaries (1) 35.5 % Ps. 25,721,539 Ps. 21,424,180 OCEN and subsidiaries (2) — 556,251 Other 164,903 113,905 Joint ventures: Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries (“GTAC”) (3) 33.3 % 614,147 514,731 Periódico Digital Sendero, S.A.P.I. de C.V. and subsidiary (collectively, “PDS”) (4) 50.0 % 203,646 204,464 Ps. 26,704,235 Ps. 22,813,531 (1) The Group accounts for its investment in common stock of UH II (UHI through May 18, 2021, as described below), the parent company of Univision, under the equity method due to the Group’s ability to exercise significant influence, as defined under IFRS Standards, over UH II’s operations. The Group has the ability to exercise significant influence over the operating and financial policies of UH II because (i) it owns 5,701,335 Class “A” shares of common stock of UH II, representing 35.5% and 35.9% of the outstanding shares of UH II and UHI on a fully-diluted basis, respectively, as of December 31, 2021 and 2020, respectively, and 40.1% and 40.6% of the voting shares of UH II and UHI, respectively, as of December 31, 2021 and 2020, respectively; and (ii) it has designated three members of the Board of Directors of TelevisaUnivision (formerly, UH II), one of which serves as the Chairman. The Chairman does not presently have tie-breaking vote or other similar power in connection with any decisions of the Board. The governing documents of TelevisaUnivision provide for a 13-member Board of Directors; however, the Board of Directors currently consists of 11 members, and the Group has the right to appoint two additional members. Through December 29, 2020, the date on which the Group exercised all of its outstanding warrants for common shares of UHI, the Group had the ability to exercise significant influence over the operating and financial policies of UHI because (i) it owned 1,110,382 Class “C” shares of common stock of UHI, representing 10% of the outstanding total shares of UHI and 14% of the voting shares of UHI, and 4,590,953 warrants issued by UHI, which upon their exercise, and together with the former investment in shares of UHI, represented approximately 36% on a fully-diluted, as-converted basis of the equity in UHI; and (ii) it had three officers and one director of the Company designated as members of the Board of Directors of UHI, which was composed of 19 directors of 22 available Board seats. Until January 31, 2022, the Group was also a party to a Program Licensing Agreement (“PLA”), as amended, with Univision, pursuant to which Univision had the right to broadcast certain Televisa content in the United States, and to another program license agreement pursuant to which the Group had the right to broadcast certain Univision content in Mexico, in each case through 7.5 years after the Group had voluntarily sold two -thirds of its initial investment in UHI. On February 25, 2020, UHI, Searchlight Capital Partners, LP (“Searchlight”), a global private investment firm, and ForgeLight LLC (“ForgeLight”), an operating and investment company focused on the media and consumer technology sectors, announced a definitive agreement in which Searchlight and ForgeLight would acquire a majority ownership interest in UHI from all stockholders of UHI other than the Group. Terms of the transaction were not publicly disclosed. The Group elected to retain its approximately 36% stake in UHI’s equity upon exercise of its warrants for shares of UHI common stock. Under the terms of the acquisition, Searchlight and ForgeLight would purchase the remaining 64% ownership interest from the other stockholders of UHI. The transaction closed on December 29, 2020. In conjunction with this transaction and a related decline in the estimated fair value of the Group’s investment in warrants issued by UHI, the Company’s management recognized an impairment loss in the amount of U.S.$228.6 million (Ps.5,455,356) that decreased the carrying amount of the Group’s investment in shares of UHI in the first quarter of 2020. This impairment adjustment was accounted for in share of income or loss of associates and joint ventures in the Group’s consolidated statement of income for the year ended December 31, 2020. On May 18, 2021, UHI concluded a reorganization through a series of transactions (the “Reorganization”) pursuant to which, among other things, UH II acquired a controlling financial interest in UHI on that date. The Reorganization was effectuated by UHI in connection with the transaction with the Group concluded on January 31, 2022. As a result of the Reorganization of UHI: (i) the Group and other existing stockholders of UHI exchanged their shares of the capital stock of UHI for the same number and class of newly issued shares of UH II; (ii) UHI issued common stock to a new investor and then these shares were exchanged for shares in UH II; (iii) the Group held an equity interest in the capital stock of UH II of 35.5% on a fully-diluted basis; and (iv) UH II became a successor company of UHI. In connection with the Reorganization of UHI, and other observable indications that the value of the Group’s net investment in UH II increased significantly during 2021 (including internal and external valuations of the recoverable amount of UH II), in the second half of 2021 the Group’s management assessed whether there was any indication that the impairment loss recognized by the Group in the first quarter of 2020 for its net investment in shares of UHI might no longer exist or might have decreased. As a result, the Group’s management concluded that there had been a change in the estimates used to determine the recoverable amount of the Group’s net investment in UH II since the last impairment loss was recognized, and the carrying amount of such net investment was increased to its recoverable amount. The reversal of the impairment loss amounted to U.S. $199.1 million (Ps. 4,161,704 ) and was recognized in share of income of associates and joint ventures in the Group’s consolidated statement of income for the year ended December 31, 2021 (see Notes 1, 2 (a), 3, 9, 15, 20, 23 and 30). (2) OCEN is engaged in the live entertainment business in Mexico, Central America and Colombia. In 2020, the stockholders of OCEN did not receive any dividends. Beginning on May 31, 2020, the Company (i) ceased to classify the investment in OCEN as current assets held for sale; (ii) began to classify its equity interest in OCEN as an investment in associates and joint ventures in its consolidated statement of financial position; (iii) recognized in consolidated retained earnings as of January 1, 2020, its share of income of OCEN, which was discontinued from August 1 through December 31, 2019, in the amount of Ps.147,975; and (iv) began to recognize its share of income or loss of OCEN since January 1, 2020. As of September 30, 2021, the Group classified this non-current investment, which included goodwill of Ps.359,613, as current assets held for sale, and beginning on October 1, 2021, the Group discontinued the use of the equity method to account for the investment in this associate. OCEN was disposed of by the Group in December 2021 (see Notes 3 and 20) . (3) GTAC was granted a 20-year contract for the lease of a pair of dark fiber wires held by the Mexican Federal Electricity Commission and a concession to operate a public telecommunications network in Mexico with an expiration date in 2030. GTAC is a joint venture in which a subsidiary of the Company, a subsidiary of Grupo de Telecomunicaciones Mexicanas, S.A. de C.V. and a subsidiary of Megacable, S.A. de C.V. have an equal equity participation of 33.3%. In June 2010, a subsidiary of the Company entered into a long-term credit facility agreement to provide financing to GTAC for up to Ps.688,217 , with an annual interest rate of the Mexican Interbank Interest Rate (“Tasa de Interés Interbancaria de Equilibrio” or “ TIIE ”) plus 200 basis points. Under the terms of this agreement, principal and interest are payable at dates agreed by the parties, between 2013 and 2021. As of December 31, 2021 and 2020, GTAC had used a principal amount of Ps.688,183, under this credit facility. During the year ended December 31, 2021 and 2020, GTAC paid principal and interest to the Group in connection with this credit facility in the aggregate principal amount of Ps.97,342 and Ps.123,390, respectively. Also, a subsidiary of the Company entered into supplementary long-term loans to provide additional financing to GTAC for an aggregate principal amount of Ps.1,077,732, with an annual interest of TIIE plus 200 basis points computed on a monthly basis and payable on an annual basis or at dates agreed by the parties. Under the terms of these supplementary loans, principal amounts can be prepaid at dates agreed by the parties before their maturities between 2023 and 2030. During the years ended December 31, 2021 and 2020, GTAC paid principal and interest to the Group in connection with this credit facility in the aggregate principal amount of Ps.147,413 and Ps.122,656, respectively. The net investment in GTAC as of December 31, 2021 and 2020, included amounts receivable in connection with this long-term credit facility and supplementary loans to GTAC in the aggregate amount of Ps.755,973 and Ps.821,253, respectively. These amounts receivable are in substance a part of the Group’s net investment in this investee (see Note 15). (4) The Group accounts for its investment in PDS under the equity method, due to its 50% interest in this joint venture. In September 2017, PDS acquired substantially all of the equity interest in Now New Media, S.A.P.I. de C.V., an online news website in Mexico City, in the aggregate amount of Ps.81,749. As of December 31, 2021 and 2020, the Group’s investment in PDS included intangible assets and goodwill in the aggregate amount of Ps.113,837. |
Schedule of roll forward of investments in associates and joint ventures | 2021 2020 At January 1 Ps. 22,813,531 Ps. 9,762,432 Impairment loss in investment in shares of UHI — (5,455,356) Reversal of impairment loss 4,161,704 — Share of loss of associates and joint ventures, net (489,827) (284,312) Share of other comprehensive income (loss) of associates 245,714 (61,033) Long-term loans granted to GTAC, net 131,604 132,926 Foreign currency translation adjustments 505,183 1,360,735 GTAC payments of principal and interest (244,755) (246,046) Disposition of OCEN (503,872) — Exercise of warrants for UHI shares — 17,387,699 Additional share of income of OCEN (see Note 3) — 147,975 Dividends from PDS (10,000) — Investment in Flyacross (other associate) 43,855 — Other 51,098 68,511 At December 31 Ps. 26,704,235 Ps. 22,813,531 |
Summarized financial information of UHI II and UHI to the carrying amount of the Groups interest in UHI II and UHI | The table below reconciles the summarized financial information of UH II and UHI to the carrying amount of the Group´s interest in UH II and UHI as of December 31, 2021 and 2020, respectively (amounts in thousands of U.S. dollars): 2021 2020 Ownership as of December 31 35.5 % 35.9 % Group’s share of net assets U.S.$ 1,065,225 U.S.$ 135,307 Group’s share of net assets Ps. 21,840,404 Ps. 2,699,282 Goodwill, purchase price allocation and other adjustments 3,881,135 18,724,898 Carrying amount of the Group´s interest in UH II and UHI Ps. 25,721,539 Ps. 21,424,180 IFRS summarized financial information of UH II for the year ended December 31, 2021, and UHI for the years ended December 31, 2020 and 2019 (amounts in thousands of U.S. dollars): 2021 2020 2019 Revenue U.S.$ 2,841,000 U.S.$ 2,541,900 U.S.$ 2,687,900 Income from continuing operations 587,000 36,400 290,200 Post-tax loss from discontinued operations — — (13,200) Net income 587,000 36,400 277,000 Other comprehensive income (loss) 32,000 (23,700) (99,000) Total comprehensive income 619,000 12,700 178,000 Dividends received from UHI — — — |
Summarized financial information of UHI II (formerly UHI) to the carrying amount of the Groups interest in UHI II (formerly UHI) | The table below reconciles the summarized financial information of UH II (formerly, UHI) to the carrying amount of the Group´s interest in UH II (formerly, UHI) for the years ended December 31, 2021, 2020 and 2019 (amounts in thousands of U.S. dollars): 2021 2020 2019 Net income U.S.$ 208,638 U.S.$ 3,635 U.S.$ 27,668 Other comprehensive income (loss) 11,374 (2,367) (9,889) Net income Ps. 4,232,441 Ps. 78,133 Ps. 532,896 Other comprehensive income (loss) 232,773 (50,872) (190,457) Purchase price allocation and other adjustments: Net loss adjustments (4,834,744) (79,163) (55,058) Other comprehensive income or loss adjustments — (6,657) (45,263) Group’s interest in UHI: Net (loss) income (602,303) (1,030) 477,838 Other comprehensive income (loss) 232,773 (57,529) (235,720) Reversal of impairment loss (impairment loss adjustment) 4,161,704 (5,455,356) — |
Schedule of share of comprehensive (loss) income of associates and joint ventures | 2021 2020 2019 Share of income (loss) of associates and joint ventures, net Ps. 112,476 Ps. (283,282) Ps. 103,185 Share of other comprehensive income (loss) of associates and joint ventures: Foreign currency translation adjustments, net 58 1,757 (2,556) Other items of comprehensive income (loss), net 12,883 (5,261) 2,117 12,941 (3,504) (439) Share of comprehensive income (loss) of associates and joint ventures Ps. 125,417 Ps. (286,786) Ps. 102,746 |
Investments accounted for using the equity method | |
Disclosure of Associates And Joint Ventures [Line Items] | |
Schedule of combined condensed balance sheet information related to the Group's share in associates and joint ventures | 2021 2020 Current assets Ps. 159,619 Ps. 151,151 Non-current assets 651,674 541,861 Total assets 811,293 693,012 Current liabilities 75,110 45,320 Non-current liabilities 788,200 860,357 Total liabilities 863,310 905,677 Net assets Ps. (52,017) Ps. (212,665) Goodwill, purchase price allocation and other adjustments 113,837 110,607 Long-term loans granted to GTAC, net 755,973 821,253 Carrying amount of the Group´s interest in joint ventures Ps. 817,793 Ps. 719,195 |
UHI. | |
Disclosure of Associates And Joint Ventures [Line Items] | |
Schedule of combined condensed balance sheet information related to the Group's share in associates and joint ventures | IFRS summarized financial information of UH II and UHI as of December 31, 2021 and 2020, respectively (amounts in thousands of U.S. dollars): 2021 2020 Current assets U.S.$ 2,579,100 U.S.$ 1,470,301 Non-current assets 11,729,470 8,249,358 Total assets 14,308,570 9,719,659 Current liabilities 691,600 712,300 Non-current liabilities 10,619,970 8,630,459 Total liabilities 11,311,570 9,342,759 Total net assets U.S.$ 2,997,000 U.S.$ 376,900 |
Associated other than UH II | |
Disclosure of Associates And Joint Ventures [Line Items] | |
Schedule of combined condensed balance sheet information related to the Group's share in associates and joint ventures | 2021 2020 Current assets Ps. 196,110 Ps. 923,784 Non-current assets 118,207 967,584 Total assets 314,317 1,891,368 Current liabilities 154,957 1,229,246 Non-current liabilities 23,459 315,260 Total liabilities 178,416 1,544,506 Net assets Ps. 135,901 Ps. 346,862 Goodwill, purchase price allocation and other adjustments 29,002 323,294 Carrying amount of the Group´s interest in associates Ps. 164,903 Ps. 670,156 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment, Net | |
Schedule of analysis of changes in property, plant and equipment | Construction Buildings Technical Satellite Furniture Transportation Computer Leasehold and Projects and Land Equipment Transponders and Fixtures Equipment Equipment Improvements in Progress (1) Total Cost: January 1, 2020 Ps. 14,509,206 Ps. 141,966,642 Ps. 6,026,094 Ps. 1,158,745 Ps. 3,000,322 Ps. 8,548,265 Ps. 3,434,374 Ps. 13,714,368 Ps. 192,358,016 Additions 6,252 12,384,030 — 24,562 75,219 253,783 19,283 7,368,609 20,131,738 Dismantling cost — 71,241 — — - — — — 71,241 Retirements and reclassifications to other accounts (53,559) (547,789) — (2,426) (45,726) (72,113) (627) (2,575,544) (3,297,784) Transfers from intangibles assets, net — (2,725) — — - — — (1,042,340) (1,045,065) Transfers and reclassifications 415,289 3,381,566 — 82,855 92,370 467,754 152,591 (4,592,425) — Effect of translation 9,724 9,223 — 64 47 693 15 1,002 20,768 December 31, 2020 14,886,912 157,262,188 6,026,094 1,263,800 3,122,232 9,198,382 3,605,636 12,873,670 208,238,914 Additions 2,290 14,334,876 — 68,201 395,005 339,967 17,508 8,110,000 23,267,847 Dismantling cost — 69,350 — — - — — — 69,350 Retirements and reclassifications to other accounts (93,883) (2,423,831) — (62,210) (280,189) (618,714) (19,860) (1,055,858) (4,554,545) Transfers from intangibles assets, net — — — — - — — (547,940) (547,940) Transfers and reclassifications 412,054 3,513,272 — 28,976 170,788 594,158 125,175 (4,844,423) — Effect of translation (4,773) 39,351 — 36 71 306 37 97 35,125 December 31, 2021 Ps. 15,202,600 Ps. 172,795,206 Ps. 6,026,094 Ps. 1,298,803 Ps. 3,407,907 Ps. 9,514,099 Ps. 3,728,496 Ps. 14,535,546 Ps. 226,508,751 Depreciation: January 1, 2020 Ps. (5,072,076) Ps. (89,317,039) Ps. (3,688,655) Ps. (603,959) Ps. (1,805,004) Ps. (6,232,223) Ps. (2,309,828) Ps. — Ps. (109,028,784) Depreciation of the year (268,684) (15,545,278) (282,414) (116,651) (267,356) (945,389) (263,731) — (17,689,503) Retirements 37,704 1,622,089 — 2,208 41,131 71,752 35 — 1,774,919 Effect of translation (4,703) (8,642) — (69) (37) (452) (16) — (13,919) December 31, 2020 (5,307,759) (103,248,870) (3,971,069) (718,471) (2,031,266) (7,106,312) (2,573,540) — (124,957,287) Depreciation of the year (304,842) (15,641,059) (282,414) (117,255) (262,008) (848,426) (274,546) — (17,730,550) Retirements 70,754 3,326,801 — 58,751 127,440 557,776 (133) — 4,141,389 Effect of translation (1,362) (38,575) — (28) (69) (110) (33) — (40,177) December 31, 2021 Ps. (5,543,209) Ps. (115,601,703) Ps. (4,253,483) Ps. (777,003) Ps. (2,165,903) Ps. (7,397,072) Ps. (2,848,252) Ps. — Ps. (138,586,625) Carrying amount: At January 1, 2020 Ps. 9,437,130 Ps. 52,649,603 Ps. 2,337,439 Ps. 554,786 Ps. 1,195,318 Ps. 2,316,042 Ps. 1,124,546 Ps. 13,714,368 Ps. 83,329,232 At December 31, 2020 Ps. 9,579,153 Ps. 54,013,318 Ps. 2,055,025 Ps. 545,329 Ps. 1,090,966 Ps. 2,092,070 Ps. 1,032,096 Ps. 12,873,670 Ps. 83,281,627 At December 31, 2021 Ps. 9,659,391 Ps. 57,193,503 Ps. 1,772,611 Ps. 521,800 Ps. 1,242,004 Ps. 2,117,027 Ps. 880,244 Ps. 14,535,546 Ps. 87,922,126 (1) Retirements and reclassifications to other accounts include: (i) set-up box refurbishment projects that are subsequently reclassified to inventory in order to be assigned or sold to a customer; and (ii) projects in progress related to certain costs that are reclassified to programming when a specific program benefits from those costs. |
Schedule of leased technical equipment | 2021 2020 Subscriber leased set-top equipment Ps. 47,813,940 Ps. 42,564,180 Accumulated depreciation (30,316,415) (26,885,031) Ps. 17,497,525 Ps. 15,679,149 |
Right-of-use Assets, Net (Table
Right-of-use Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Right-of-use Assets, Net | |
Schedule of right of use assets, net | Satellite Technical Computer Buildings Transponders Equipment Equipment Others Total Cost: January 1, 2020 Ps. 5,085,242 Ps. 4,275,619 Ps. 1,688,829 Ps. — Ps. 58,021 Ps. 11,107,711 Additions 655,135 — 195,153 — 66,791 917,079 Reclassifications (107,075) — — — 107,075 — Retirements (169,899) — — — (749) (170,648) Effect of translation 1,181 — — — — 1,181 December 31, 2020 Ps. 5,464,584 Ps. 4,275,619 Ps. 1,883,982 Ps. — Ps. 231,138 Ps. 11,855,323 Additions 1,166,607 — 115,591 437,361 154,159 1,873,718 Retirements (342,237) — — — (63,837) (406,074) Effect of translation 270 — — — — 270 December 31, 2021 Ps. 6,289,224 Ps. 4,275,619 Ps. 1,999,573 Ps. 437,361 Ps. 321,460 Ps. 13,323,237 Depreciation: January 1, 2020 Ps. (608,513) Ps. (2,066,549) Ps. (847,437) Ps. — Ps. (32,160) Ps. (3,554,659) Depreciation of the year (607,791) (285,041) (140,985) — (62,957) (1,096,774) Reclassifications 35,312 — — — (35,312) — Retirements 4,211 — 156 — 3,806 8,173 Effect of translation 102 — — — — 102 December 31, 2020 Ps. (1,176,679) Ps. (2,351,590) Ps. (988,266) Ps. — Ps. (126,623) Ps. (4,643,158) Depreciation of the year (611,120) (285,042) (132,862) (83,342) (35,682) (1,148,048) Retirements 72,065 — 352 — 223 72,640 Effect of translation (104) — — — — (104) December 31, 2021 Ps. (1,715,838) Ps. (2,636,632) Ps. (1,120,776) Ps. (83,342) Ps. (162,082) Ps. (5,718,670) Carrying amount: At January 1, 2020 Ps. 4,476,729 Ps. 2,209,070 Ps. 841,392 Ps. — Ps. 25,861 Ps. 7,553,052 At December 31, 2020 Ps. 4,287,905 Ps. 1,924,029 Ps. 895,716 Ps. — Ps. 104,515 Ps. 7,212,165 At December 31, 2021 Ps. 4,573,386 Ps. 1,638,987 Ps. 878,797 Ps. 354,019 Ps. 159,378 Ps. 7,604,567 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets and Goodwill, Net | |
Schedule of changes in intangible assets | 2021 2020 Accumulated Accumulated Cost Amortization Carrying Amount Cost Amortization Carrying Amount Intangible assets and goodwill with indefinite useful lives: Trademarks Ps. 35,242 Ps. — Ps. 35,242 Ps. 35,242 Ps. — Ps. 35,242 Concessions 15,166,067 — 15,166,067 15,166,067 — 15,166,067 Goodwill 14,036,657 — 14,036,657 14,113,626 — 14,113,626 29,237,966 — 29,237,966 29,314,935 — 29,314,935 Intangible assets with finite useful lives: Trademarks 2,227,096 (2,043,442) 183,654 2,227,096 (1,971,314) 255,782 Concessions 553,505 (553,505) — 553,505 (442,804) 110,701 Licenses and software 14,831,874 (9,672,946) 5,158,928 13,139,480 (8,446,906) 4,692,574 Subscriber lists 8,806,951 (7,574,668) 1,232,283 8,804,334 (7,258,070) 1,546,264 Payments for renewal of concessions 5,825,559 — 5,825,559 5,825,559 — 5,825,559 Other intangible assets 5,446,636 (4,829,145) 617,491 5,169,795 (4,191,392) 978,403 37,691,621 (24,673,706) 13,017,915 35,719,769 (22,310,486) 13,409,283 Ps. 66,929,587 Ps. (24,673,706) Ps. 42,255,881 Ps. 65,034,704 Ps. (22,310,486) Ps. 42,724,218 |
Schedule of changes in net carrying amount of goodwill, indefinite-lived trademarks and concessions | Foreign Balance as of Currency Balance as of January 1, Translation Impairment December 31, 2021 Acquisitions Retirements Adjustments Adjustments Transfers 2021 Goodwill: Cable Ps. 13,794,684 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 13,794,684 Content 241,973 — — — — — 241,973 Other Businesses 76,969 — — — (76,969) — — Ps. 14,113,626 Ps. — Ps. — Ps. — Ps. (76,969) Ps. — Ps. 14,036,657 Indefinite-lived trademarks (see Note 3): Cable Ps. 32,813 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 32,813 Other Businesses 2,429 — — — — — 2,429 Ps. 35,242 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 35,242 Indefinite-lived concessions (see Note 3): Cable Ps. 15,070,025 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,070,025 Sky 96,042 — — — — — 96,042 Ps. 15,166,067 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,166,067 Foreign Balance as of Currency Balance as of January 1, Translation Impairment December 31, 2020 Acquisitions Retirements Adjustments Adjustments Transfers 2020 Goodwill: Cable Ps. 13,794,684 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 13,794,684 Content 241,973 — — — — — 241,973 Other Businesses 76,969 — — — — — 76,969 Ps. 14,113,626 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 14,113,626 Indefinite-lived trademarks (see Note 3): Cable Ps. 132,212 Ps. — Ps. — Ps. — Ps. — Ps. (99,399) Ps. 32,813 Other Businesses 43,232 — — — (40,803) — 2,429 Ps. 175,444 Ps. — Ps. — Ps. — Ps. (40,803) Ps. (99,399) Ps. 35,242 Indefinite-lived concessions (see Note 3): Cable Ps. 15,070,025 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,070,025 Sky 96,042 — — — — — 96,042 Ps. 15,166,067 Ps. — Ps. — Ps. — Ps. — Ps. — Ps. 15,166,067 |
Schedule of fair value calculations of goodwill and intangible assets | Cable Minimum Maximum Value in use calculations: Long-term growth rate 4.00 % 4.00 % Discount rate 10.00 % 10.60 % Pre-tax discount rate 13.66 % 16.50 % Fair value calculations: Multiple of sales 2.2 3.3 Multiple of EBITDA (as defined) 6.8 7.9 The key assumptions used for either fair value or value in use calculations of goodwill and intangible assets in 2020, were as follows (see Note 15): Cable Minimum Maximum Value in use calculations: Long-term growth rate 3.70 % 3.90 % Discount rate 10.50 % 11.60 % Fair value calculations: Multiple of sales 2.3 3.4 Multiple of EBITDA (as defined) 6.3 8.2 |
Intangible Assets with Finite Useful Lives | |
Intangible Assets and Goodwill, Net | |
Schedule of changes in intangible assets | 2021 Licenses Payments for Other and Subscriber Renewal of Intangible Trademarks Concessions Software Lists Concessions Assets Total Cost: Balance at beginning of period Ps. 2,227,096 Ps. 553,505 Ps. 13,139,480 Ps. 8,804,334 Ps. 5,825,559 Ps. 5,169,795 Ps. 35,719,769 Additions — — 1,599,671 — — 299,793 1,899,464 Transfers from (to) property, plant and equipment — — 609,974 — — (62,034) 547,940 Retirements and impairment adjustments — — (643,888) — — — (643,888) Transfers and reclassifications — — 117,716 — — 39,278 156,994 Effect of translation — — 8,921 2,617 — (196) 11,342 Balance at end of period 2,227,096 553,505 14,831,874 8,806,951 5,825,559 5,446,636 37,691,621 Amortization: Balance at beginning of period (1,971,314) (442,804) (8,446,906) (7,258,070) — (4,191,392) (22,310,486) Amortization of the year (72,128) (110,701) (1,741,517) (313,981) — (301,444) (2,539,771) Other amortization of the year (1) — — — — — (329,144) (329,144) Retirements and impairment adjustments — — 516,045 — — — 516,045 Effect of translation — — (568) (2,617) — (7,165) (10,350) Balance at end of period (2,043,442) (553,505) (9,672,946) (7,574,668) — (4,829,145) (24,673,706) Ps. 183,654 Ps. — Ps. 5,158,928 Ps. 1,232,283 Ps. 5,825,559 Ps. 617,491 Ps. 13,017,915 2020 Licenses Payments for Other and Subscriber Renewal of Intangible Trademarks Concessions Software Lists Concessions Assets Total Cost: Balance at beginning of period Ps. 2,127,697 Ps. 553,505 Ps. 10,858,388 Ps. 8,782,852 Ps. 5,821,828 Ps. 5,198,960 Ps. 33,343,230 Additions — — 959,813 — 3,731 271,633 1,235,177 Transfers from (to) property, plant and equipment — — 1,247,347 — — (202,282) 1,045,065 Retirements — — (28,127) — — (25,013) (53,140) Transfers and reclassifications 99,399 — 84,823 16,428 — (73,124) 127,526 Effect of translation — — 17,236 5,054 — (379) 21,911 Balance at end of period 2,227,096 553,505 13,139,480 8,804,334 5,825,559 5,169,795 35,719,769 Amortization: Balance at beginning of period (1,899,187) (332,103) (6,843,169) (6,632,419) — (3,762,535) (19,469,413) Amortization of the year (72,127) (110,701) (1,717,282) (523,878) — (50,522) (2,474,510) Other amortization of the year (1) — — — — — (380,863) (380,863) Retirements — — 28,127 — — 2,003 30,130 Reclassifications — — 96,304 (96,719) — 415 — Effect of translation — — (10,886) (5,054) — 110 (15,830) Balance at end of period (1,971,314) (442,804) (8,446,906) (7,258,070) — (4,191,392) (22,310,486) Ps. 255,782 Ps. 110,701 Ps. 4,692,574 Ps. 1,546,264 Ps. 5,825,559 Ps. 978,403 Ps. 13,409,283 (1) Other amortization of the year relates primarily to amortization of soccer player rights, which is included in consolidated cost of sales. |
Intangible Assets with Indefinite Useful Lives | |
Intangible Assets and Goodwill, Net | |
Schedule of changes in intangible assets | 2021 Trademarks Concessions Goodwill Total Cost: Balance at beginning of period Ps. 35,242 Ps. 15,166,067 Ps. 14,113,626 Ps. 29,314,935 Impairment adjustments — — (76,969) (76,969) Balance at end of period Ps. 35,242 Ps. 15,166,067 Ps. 14,036,657 Ps. 29,237,966 2020 Trademarks Concessions Goodwill Total Cost: Balance at beginning of period Ps. 175,444 Ps. 15,166,067 Ps. 14,113,626 Ps. 29,455,137 Impairment adjustments (40,803) — — (40,803) Transfers and reclassifications (99,399) — — (99,399) Balance at end of period Ps. 35,242 Ps. 15,166,067 Ps. 14,113,626 Ps. 29,314,935 |
Debt and Lease Liabilities (Tab
Debt and Lease Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt and Lease Liabilities | |
Schedule of outstanding Debt, Lease Liabilities and Other Notes Payable | 2021 2020 Effective Interest Finance Principal, net Principal, net Interest Rate Payable Principal Costs of finance cost of finance cost U.S. dollar Senior Notes: 6.625% Senior Notes due 2025 (1) 7.60 % Ps. 230,916 Ps. 12,301,860 Ps. (124,505) Ps. 12,177,355 Ps. 12,031,444 4.625% Senior Notes due 2026 (1) 5.03 % 142,240 6,150,930 (19,457) 6,131,473 6,098,764 8.50% Senior Notes due 2032 (1) 9.00 % 159,753 6,150,930 (18,104) 6,132,826 6,120,358 6.625% Senior Notes due 2040 (1) 7.05 % 443,721 12,301,860 (114,115) 12,187,745 12,280,831 5% Senior Notes due 2045 (1) 5.39 % 148,078 20,503,100 (396,054) 20,107,046 19,680,412 6.125% Senior Notes due 2046 (1) 6.47 % 565,117 18,452,790 (114,497) 18,338,293 18,384,939 5.25% Senior Notes due 2049 (1) 5.59 % 80,731 15,377,325 (283,857) 15,093,468 14,746,315 Total U.S. dollar debt 1,770,556 91,238,795 (1,070,589) 90,168,206 89,343,063 Mexican peso debt: 8.79% Notes due 2027 (2) 8.84 % 96,690 4,500,000 (13,762) 4,486,238 4,579,469 8.49% Senior Notes due 2037 (1) 8.94 % 31,838 4,500,000 (11,178) 4,488,822 4,519,935 7.25% Senior Notes due 2043 (1) 7.92 % 58,906 6,500,000 (50,723) 6,449,277 6,512,360 Bank loans (3) 6.64 % 57,370 16,000,000 (60,517) 15,939,483 15,918,322 Bank loans (Sky) (4) 6.48 % 19,217 3,650,000 — 3,650,000 2,762,371 Bank loans (TVI) (5) 6.14 % — 610,404 (288) 610,116 852,107 Total Mexican peso debt 264,021 35,760,404 (136,468) 35,623,936 35,144,564 Total debt (6) 2,034,577 126,999,199 (1,207,057) 125,792,142 124,487,627 Less: Current portion of long-term debt 2,034,577 4,110,404 (3,972) 4,106,432 2,551,647 Long-term debt, net of current portion Ps. — Ps. 122,888,795 Ps. (1,203,085) Ps. 121,685,710 Ps. 121,935,980 2021 2020 Lease liabilities: Satellite transponder lease liabilities (7) Ps. 3,457,524 Ps. 3,818,559 Other lease liabilities (8) 689,483 728,500 Lease liabilities recognized beginning on January 1, 2019 (8) 5,533,552 4,745,292 Total lease liabilities 9,680,559 9,292,351 Less: Current portion 1,478,382 1,277,754 Lease liabilities, net of current portion Ps. 8,202,177 Ps. 8,014,597 (1) The Senior Notes due between 2025 and 2049, in the aggregate outstanding principal amount of U.S.$4,450 million and Ps.11,000,000, are unsecured obligations of the Company, rank equally in right of payment with all existing and future unsecured and unsubordinated indebtedness of the Company, and are junior in right of payment to all of the existing and future liabilities of the Company’s subsidiaries. Interest rate on the Senior Notes due 2025, 2026, 2032, 2037, 2040, 2043, 2045, 2046 and 2049, including additional amounts payable in respect of certain Mexican withholding taxes, is 6.97%, 4.86%, 8.94%, 8.93%, 6.97%, 7.62%, 5.26%, 6.44% and 5.52% per annum, respectively, and is payable semi-annually. These Senior Notes may not be redeemed prior to maturity, except: (i) in the event of certain changes in law affecting the Mexican withholding tax treatment of certain payments on the securities, in which case the securities will be redeemable, in whole or in part, at the option of the Company; and (ii) in the event of a change of control, in which case the Company may be required to redeem the securities at 101% of their principal amount. Also, the Company may, at its own option, redeem the Senior Notes due 2025, 2026, 2037, 2040, 2043, 2046 and 2049, in whole or in part, at any time at a redemption price equal to the greater of the principal amount of these Senior Notes or the present value of future cash flows, at the redemption date, of principal and interest amounts of the Senior Notes discounted at a fixed rate of comparable U.S. or Mexican sovereign bonds. The Senior Notes due 2026, 2032, 2040, 2043, 2045, 2046 and 2049 were priced at 99.385%, 99.431%, 98.319%, 99.733%, 96.534%, 99.677% and 98.588%, respectively, for a yield to maturity of 4.70%, 8.553%, 6.755%, 7.27%, 5.227%, 6.147% and 5.345%, respectively. The Senior Notes due 2025 were issued in two aggregate principal amounts of U.S.$400 million and U.S.$200 million, and were priced at 98.081% and 98.632%, respectively, for a yield to maturity of 6.802% and 6.787%, respectively. The 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 2025, 2026, 2032, 2037, 2040, 2045, 2046 and 2049, are registered with the U.S. Securities and Exchange Commission (“SEC”). The Senior Notes due 2043 are registered with both the SEC and the Mexican Banking and Securities Commission (“Comisión Nacional Bancaria y de Valores” or “CNBV”). (2) In 2017, the Company issued Notes (“Certificados Bursátiles”) due 2027, through the BMV in the aggregate principal amount of Ps.4,500,000, interest rate on the Notes due 2027 is 8.79% per annum and is payable semi-annually. The Company may, at its own option, redeem the Notes due 2027, in whole or in part, at any semi-annual interest payment date at a redemption price equal to the greater of the principal amount of the outstanding Notes and the present value of future cash flows, at the redemption date, of principal and interest amounts of the Notes discounted at a fixed rate of comparable Mexican sovereign bonds. The agreement of the Notes contains covenants that limit the ability of the Company and certain restricted subsidiaries appointed 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. (3) In 2017, the Company entered into long-term credit agreements with three Mexican banks, in the aggregate principal amount of Ps.6,000,000, with an annual interest rate payable on a monthly basis of 28-day TIIE plus a range between 125 and 130 basis points , and principal maturities between 2022 and 2023. Under the terms of these loan agreements, the Company is required to: (a) maintain certain financial coverage ratios related to indebtedness and interest expense; and (b) comply with the restrictive covenant on certain spin-offs, mergers and similar transactions. In July 2019, the Company entered into a credit agreement for a five-year term loan with a syndicate of banks in the aggregate principal amount of Ps.10,000,000. The funds from this loan were used for general corporate purposes, including the refinancing of the Company’s indebtedness. This loan bears interest at a floating rate based on a spread of 105 or 130 basis points over the 28-day TIIE rate depending on the Group’s net leverage ratio. The credit agreement of this loan requires the maintenance of financial ratios related to indebtedness and interest expense. (4) In March 2016, Sky entered into long-term credit agreements with two Mexican banks in the aggregate principal amount of Ps.5,500,000, with maturities between 2021 and 2023, and interest payable on a monthly basis with an annual interest rate in the range of 7.0% and 7.13%. In July 2020, Sky prepaid a portion of these loans in the aggregate cash amount of Ps.2,818,091, which included principal amount prepayment of Ps.2,750,000, and related accrued interest and transaction costs in the amount of Ps.68,091. In December 2021, Sky prepaid a portion of these loans in the aggregate cash amount of Ps.1,750,365, which included principal amount prepayment of Ps.1,750,000, and related accrued interest in the amount of Ps.365. In December 2021, Sky entered into long-term credit agreement with a Mexican Bank in the aggregate principal amount of Ps.2,650,000, with maturity in December 2026, which included a Ps.1,325,000 loan with an annual interest rate of 8.215% and a Ps.1,325,000 loan with an annual interest rate payable on a monthly basis of 28-day TIIE plus 90 basis points. The funds from these loans will be used for general corporate purposes, including the prepayment of Sky´s indebtedness. Under the terms of these credit agreements, Sky is required to: (a) maintain certain financial coverage ratios related to indebtedness and interest expense; and (b) comply with a restrictive covenant on spin-offs, mergers and similar transactions. (5) In 2021 and 2020, included outstanding balances in the aggregate principal amount of Ps.610,404 and Ps. 852,893, respectively, in connection with credit agreements entered into by TVI with Mexican banks, with maturities between 2020 and 2022, bearing interest at an annual rate of TIIE plus a range between 100 and 125 basis points, which is payable on a monthly basis. This TVI long-term indebtedness is guaranteed by the Company. Under the terms of these credit agreements, TVI is required to comply with certain restrictive covenants and financial coverage ratios. (6) Principal amount of total debt as of December 31, 2020, is presented net of unamortized finance costs in the aggregate amount of Ps.1,324,307. (7) Under a capital lease agreement entered into with Intelsat Global Sales & Marketing Ltd. (“Intelsat”) in March 2010, Sky is obligated to pay at an annual interest rate of 7.30%, a monthly fee through 2027 of U.S.$3.0 million for satellite signal reception and retransmission service from 24 KU-band transponders on satellite IS-21, which became operational in October 2012. The service term for IS-21 will end at the earlier of: (a) the end of 15 years or; (b) the date IS-21 is taken out of service (see Note 12). (8) Lease liabilities recognized beginning on January 1, 2019, under IFRS 16, in the aggregate amount of Ps.5,533,552 and Ps.4,745,292, as of December 31, 2021 and 2020, respectively. These lease liabilities have terms which expired at various dates between 2021 and 2051. Lease liabilities also includes Ps.689,483 and Ps.728,500, as of December 31, 2021 and 2020, respectively, in connection with a lease agreement entered into by a subsidiary of the Company and GTAC for the right to use certain capacity of a telecommunications network through 2030 (see Note 20). |
Schedule of outstanding principal amounts of hedged items | December 31, 2021 December 31, 2020 Millions of Thousands of Millions of Thousands of Hedged Items U.S. dollars Mexican pesos U.S. dollars Mexican pesos Investment in shares of UH II (UHI, until May 18, 2021) (net investment hedge) U.S.$ 1,254.5 Ps. 25,721,539 U.S.$ 1,074.0 Ps. 21,424,180 Open-Ended Fund (foreign currency fair value hedge) 46.1 945,176 56.9 1,135,803 Total U.S.$ 1,300.6 Ps. 26,666,715 U.S.$ 1,130.9 Ps. 22,559,983 |
Schedule of foreign exchange gain or loss derived from senior notes designated as a hedge | Foreign Exchange Gain or Loss Derived from Year Ended Year Ended Senior Notes Designated as Hedging Instruments December 31, 2021 December 31, 2020 Recognized in: Comprehensive loss Ps. (604,856) Ps. (7,343,244) Total foreign exchange loss derived from hedging Senior Notes Ps. (604,856) Ps. (7,343,244) Offset against: Foreign currency translation gain derived from the hedged net investment in shares of UH II and UHI Ps. 505,183 Ps. 1,360,735 Foreign exchange gain derived from hedged warrants issued by UHI — 5,511,412 Foreign exchange gain derived from the hedged Open-Ended Fund 99,673 471,097 Total foreign currency translation and foreign exchange gain derived from hedged assets Ps. 604,856 Ps. 7,343,244 |
Schedule of debt maturities | Debt maturities for the years subsequent to December 31, 2021, are as follows: Unamortized Nominal Finance Costs 2022 Ps. 4,110,404 Ps. (3,972) 2023 3,500,000 (3,387) 2024 10,000,000 (53,446) 2025 12,301,860 (124,505) 2026 8,800,930 (19,457) Thereafter 88,286,005 (1,002,290) Ps. 126,999,199 Ps. (1,207,057) |
Schedule of future minimum payments under lease liabilities | Future minimum payments under lease liabilities for the years subsequent to December 31, 2021, are as follows: 2022 Ps. 2,137,430 2023 1,813,378 2024 1,791,929 2025 1,690,478 2026 1,563,340 Thereafter 4,176,363 13,172,918 Less: Amount representing interest (3,492,359) Ps. 9,680,559 |
Schedule of reconciliation of long-term debt and lease liabilities arising from financing activities | Cash Flow Non-Cash Changes Foreign Balance as of New Debt Exchange Balance as of January 1, 2021 New Debt Payments and Leases Income Interest December 31, 2021 Debt Ps. 123,877,278 Ps. 2,650,000 Ps. (1,992,489) Ps. — Ps. 2,464,410 Ps. — Ps. 126,999,199 Satellite transponder lease liabilities 3,818,559 — (460,210) — 99,175 — 3,457,524 Other lease liabilities 728,500 115,943 (186,317) — — 31,357 689,483 Lease liabilities 4,745,292 — (1,082,226) 1,424,507 — 445,979 5,533,552 Total debt and lease liabilities Ps. 133,169,629 Ps. 2,765,943 Ps. (3,721,242) Ps. 1,424,507 Ps. 2,563,585 Ps. 477,336 Ps. 136,679,758 Cash Flow Non-Cash Changes Foreign Balance as of New Debt Exchange Balance as of January 1, 2020 New Debt Payments and Leases Income Interest December 31, 2020 Debt Ps. 122,378,292 Ps. 14,770,694 Ps. (18,013,183) Ps. — Ps. 4,741,475 Ps. — Ps. 123,877,278 Satellite transponder lease liabilities 4,014,567 — (456,465) — 260,457 — 3,818,559 Other lease liabilities 707,248 — (211,812) 195,308 — 37,756 728,500 Lease liabilities 4,641,705 — (953,771) 540,477 20,102 496,779 4,745,292 Total debt and lease liabilities Ps. 131,741,812 Ps. 14,770,694 Ps. (19,635,231) Ps. 735,785 Ps. 5,022,034 Ps. 534,535 Ps. 133,169,629 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments | |
Schedule of carrying value and estimated fair value of financial instruments | The carrying and estimated fair values of the Group’s non-derivative financial instruments as of December 31, 2021 and 2020, were as follows: 2021 2020 Carrying Amount Fair Value Carrying Amount Fair Value Assets: Cash and cash equivalents Ps. 25,828,215 Ps. 25,828,215 Ps. 29,058,093 Ps. 29,058,093 Trade notes and accounts receivable, net 13,093,011 13,093,011 12,343,797 12,343,797 Long-term loan and interests receivable from GTAC (see Note 10) 755,973 760,143 821,253 824,092 Open-Ended Fund (see Note 9) 945,176 945,176 1,135,803 1,135,803 Publicly traded equity instruments (see Note 9) 3,517,711 3,517,711 5,397,504 5,397,504 Other equity instruments (see Note 9) 1,607,969 1,607,969 468,552 468,552 Liabilities: Senior Notes due 2025, 2032 and 2040 Ps. 30,754,650 Ps. 39,592,552 Ps. 29,923,950 Ps. 40,584,237 Senior Notes due 2045 20,503,100 24,205,140 19,949,300 24,282,886 Senior Notes due 2037 and 2043 11,000,000 8,722,100 11,000,000 9,238,435 Senior Notes due 2026 and 2046 24,603,720 31,714,380 23,939,160 31,811,792 Senior Notes due 2049 15,377,325 19,307,154 14,961,975 18,978,667 Notes due 2027 4,500,000 4,509,405 4,500,000 5,035,860 Long-term notes payable to Mexican banks 20,260,404 20,417,854 19,602,893 19,801,142 Lease liabilities 9,680,559 9,830,878 9,292,351 9,343,100 The carrying amounts (based on estimated fair values), notional amounts, and maturity dates of the Group’s derivative financial instruments as of December 31, 2021 and 2020, were as follows: Notional Amount December 31, 2021: Carrying (U.S. Dollars in Derivative Financial Instruments Amount Thousands) Maturity Date Assets: Derivatives recorded as accounting hedges (cash flow hedges): TVI’s interest rate swap (a) Ps. 127 Ps. 87,600 May 2022 Interest rate swaps (b) 133,197 Ps. 10,000,000 June 2024 Total assets Ps. 133,324 Liabilities: Derivatives recorded as accounting hedges (cash flow hedges): TVI’s interest rate swap (c) Ps. 2,015 Ps. 522,804 April 2022 Interest rate swaps (d) 9,749 Ps. 2,000,000 October 2022 Interest rate swaps (e) 7,243 Ps. 1,500,000 October 2022 Interest rate swaps (f) 23,798 Ps. 2,500,000 February 2023 Forwards (g) 35,524 U.S.$ 67,125 January 2022 through March 2022 Derivatives not recorded as accounting hedges: Interest rate swap (h) 2,943 Ps. 9,385,347 March 2022 TVI’s forwards (i) 10,057 U.S.$ 12,600 January 2022 through February 2022 Empresas Cablevisión’s forwards (j) 11,006 U.S.$ 13,820 January 2022 through February 2022 Sky’s forwards (k) 14,054 U.S.$ 15,000 February 2022 Forwards (l) 56,496 U.S.$ 57,620 January 2022 through February 2022 Total liabilities Ps. 172,885 Notional Amount December 31, 2020: Carrying (U.S. Dollars in Derivative Financial Instruments Amount Thousands) Maturity Date Liabilities: Derivatives recorded as accounting hedges (cash flow hedges): TVI’s interest rate swap (a) Ps. 1,759 Ps. 122,400 May 2022 TVI’s interest rate swap (c) 23,784 Ps. 730,493 April 2022 Interest rate swaps (d) 109,146 Ps. 2,000,000 October 2022 Interest rate swaps (e) 86,171 Ps. 1,500,000 October 2022 Interest rate swaps (f) 180,941 Ps. 2,500,000 February 2023 Interest rate swaps (b) 762,827 Ps. 10,000,000 June 2024 Forwards (g) 714,763 U.S.$ 330,500 January 2021 through March 2022 Derivatives not recorded as accounting hedges: Interest rate swap (h) 204,250 Ps. 9,385,347 March 2022 TVI’s forwards (i) 176,868 U.S.$ 88,353 January 2021 through February 2022 Empresas Cablevisión’s forwards (j) 190,726 U.S.$ 96,789 January 2021 through February 2022 Sky’s forwards (k) 318,701 U.S.$ 135,000 February 2021 through February 2022 Forwards (l) 706,287 U.S.$ 344,898 January 2021 through February 2022 Total liabilities Ps. 3,476,223 (a) TVI has entered into several derivative transaction agreements (interest rate swaps) with two financial institutions from August 2013 through May 2022 to hedge the variable interest rate exposure resulting from Mexican peso loans of a total principal amount of Ps.87,600 and Ps.122,400 as of December 31, 2021 and 2020, respectively. Under these agreements, the Company receives monthly payments based on aggregate notional amounts of Ps.87,600 and Ps.122,400 and makes payments based on the same notional amount at an annual weighted average fixed rate of 5.585%. TVI has recognized the change in fair value of this transaction as an accounting hedge, and recorded a loss of Ps.58,847 and Ps.60,730 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. In the years ended as of December 31, 2021 and 2020, TVI recorded a (loss) gain of Ps.(1,118) and Ps.2,046, respectively, in consolidated other finance income or expense. (b) In June and July 2019 and October 2020, the Company entered into derivative transaction agreements (interest rate swaps) through June 2024, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.10,000,000 as of December 31, 2021 and 2020. Under these agreements, the Company receives monthly payments based on aggregate notional amounts of Ps.10,000,000 as of December 31, 2021 and 2020, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual weighted average fixed rate of 6.7620%. The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a cumulative loss of Ps.143,819 in other comprehensive income or loss as of December 31, 2021. In 2021, the Company recorded a loss of Ps.226,192 in consolidated other finance income or expense. (c) In March and April 2017, TVI entered into several derivative transaction agreements (interest rate swaps) with two financial institutions through April 2022 to hedge the variable interest rate exposure resulting from Mexican peso loan of a total principal amount of Ps.522,804 and Ps.730,493 as of December 31, 2021 and 2020, respectively. Under these agreements, the Company receives monthly payments based on aggregate notional amounts of Ps.522,804 and Ps.730,493 as of December 31, 2021 and 2020, respectively, at an annual variable rate of 28- days TIIE and makes monthly payments based on the same notional amounts at an annual weighted average fixed rate of 7.2663%. The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a loss of Ps.2,015 and Ps.23,784 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. TVI recorded a loss of Ps.17,501 and Ps.11,700 for this transaction agreement in consolidated other finance income or expense as of December 31, 2021 and 2020, respectively. (d) In November 2017, the Company entered into derivative transaction agreements (interest rate swaps) through October 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.2,000,000. Under this transaction, the Company receives monthly payments based on an aggregate notional amount of Ps.2,000,000, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual fixed rate of 7.3275%. The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a cumulative loss of Ps.9,031 and Ps.107,884 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. In 2021 and 2020, the Company recorded a loss of Ps.56,263 and Ps.28,719, respectively, in consolidated other finance income or expense. (e) In November and December 2017, the Company entered into derivative transaction agreements (interest rate swaps) through October 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.1,500,000. Under this transaction, the Company receives monthly payments based on an aggregate notional amount of Ps.1,500,000, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual fixed rate of 7.35% . The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a cumulative loss of Ps.6,697 and Ps.85,217 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. In 2021, the Company recorded a loss of Ps.42,555 in consolidated other finance income or expense. (f) In January 2018, the Company entered into derivative transaction agreements (interest rate swaps) through February 2023, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.2,500,000. Under this transaction, the Company receives monthly payments based on aggregate notional amount of Ps.2,500,000, at an annual variable rate of 28 days of TIIE and makes monthly payments based on the same notional amount at an annual fixed rate of 7.7485%. The Company has recognized the change in fair value of this transaction as an accounting hedge and recorded a cumulative loss of Ps.19,612 and Ps.175,498 in other comprehensive income or loss as of December 31, 2021 and 2020, respectively. In 2021, the Company recorded a loss of Ps.81,759 in consolidated other finance income or expense. (g) As of December 31, 2021 and 2020, the Company had entered into derivative contracts of foreign currency (forwards) to fix the exchange rate for the purchase of U.S.$67.1 million and U.S.$330.5 million, respectively, at an average exchange rate of Ps.21.1433 and Ps.22.5859, respectively. The Company has recognized the change in fair value of this transaction as an accounting hedge, and recorded a cumulative loss of Ps.35,524 and Ps.714,763 for this transaction agreement in other comprehensive income or loss as of December 31, 2021, and 2020, respectively. In 2021 and 2020, the Company recorded a (loss) gain of Ps.(725,209) and Ps.308,562 in consolidated other finance income or expense, respectively. (h) In March 2020, the Company entered into derivative transaction agreements (interest rate swaps) through March 2022, to hedge the variable interest rate exposure resulting from a Mexican peso loan of a total principal amount of Ps.9,385,347. Under this transaction, the Company receives monthly payments based on aggregate notional amounts of Ps.9,385,347, at an annual variable rate of 28 days of TIIE, and makes monthly payments based on the same notional amount at an annual fixed rate of 6.0246%. In 2021 and 2020, the Company recorded a gain (loss) of Ps.62,679 and Ps.(274,285) in consolidated other finance income or expense, respectively. (i) As of December 31, 2021, TVI had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$12.6 million at an average rate of Ps.21.4394. As a result of the change in fair value of these agreements in the year ended December 31, 2021, the Company recorded a loss of Ps.9,812 in consolidated other finance income or expense. (j) As of December 31, 2021, Empresas Cablevisión had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$13.8 million at an average rate of Ps.21.4352. As a result of the change in fair value of these agreements in the year ended December 31, 2021, the Company recorded a loss of Ps.8,926 in consolidated other finance income or expense. (k) As of December 31, 2021, Sky had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$15.0 million at an average rate of Ps.21.6000. As a result of the change in fair value of these agreements in the year ended December 31, 2021, the Company recorded a loss of Ps.20,077 in consolidated other finance income or expense. (l) As of December 31, 2021 and 2020, the Company had foreign currency contracts (forwards) in the aggregate notional amount of U.S.$57.6 million and U.S.$344.9 million at an average rate of Ps.21.5927 and Ps.22.4872, respectively. As a result of the change in fair value of these agreements, in the years ended December 31, 2021 and 2020, the Company recorded a (loss) gain of Ps.(56,447) and Ps.207,412, in consolidated other finance income or expense, respectively. |
Schedule of reconciliation for all assets and liabilities measured at fair value | Financial assets and liabilities measured at fair value as of December 31, 2021 and 2020: Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2021 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Assets: At FVOCIL: Open-Ended Fund Ps. 945,176 Ps. — Ps. 945,176 Ps. — Publicly traded equity instruments 3,517,711 3,517,711 — — Derivative financial instruments 133,324 — 133,324 — Total Ps. 4,596,211 Ps. 3,517,711 Ps. 1,078,500 Ps. — Liabilities: Derivative financial instruments Ps. 172,885 Ps. — Ps. 172,885 Ps. — Total Ps. 172,885 Ps. — Ps. 172,885 Ps. — Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2020 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Assets: At FVOCIL: Open-Ended Fund Ps. 1,135,803 Ps. — Ps. 1,135,803 Ps. — Publicly traded equity instruments 5,397,504 5,397,504 — — Total Ps. 6,533,307 Ps. 5,397,504 Ps. 1,135,803 Ps. — Liabilities: Derivative financial instruments Ps. 3,476,223 Ps. — Ps. 3,476,223 Ps. — Total Ps. 3,476,223 Ps. — Ps. 3,476,223 Ps. — The table below presents the reconciliation for all assets and liabilities measured at fair value using internal models with significant unobservable inputs (Level 3) during the years ended December 31, 2021 and 2020: 2021 2020 Balance at beginning of year Ps. — Ps. 33,775,451 Included in other comprehensive income — (16,387,752) Warrants exercised for common stock of UHI — (17,387,699) Balance at the end of year Ps. — Ps. — |
Post-employment Benefits (Table
Post-employment Benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Post-employment Benefits | |
Schedule of actuarial assumptions-present value of defined benefit obligations | 2021 2020 Discount rate 7.8 % 6.6 % Salary increase 5.0 % 5.0 % Inflation rate 3.5 % 3.5 % |
Schedule of reconciliation between defined benefit obligations and post-employment benefit liability (asset) | The reconciliation between defined benefit obligations and post-employment benefit liability in the consolidated statements of financial position as of December 31, 2021 and 2020, is presented as follows: Seniority Pensions Premiums 2021 Vested benefit obligations Ps. 560,723 Ps. 335,294 Ps. 896,017 Unvested benefit obligations 1,881,974 406,374 2,288,348 Defined benefit obligations 2,442,697 741,668 3,184,365 Fair value of plan assets 978,892 291,793 1,270,685 Underfunded status of the plans Ps. 1,463,805 Ps. 449,875 Ps. 1,913,680 Post-employment benefit liability Ps. 1,463,805 Ps. 449,875 Ps. 1,913,680 Seniority Pensions Premiums 2020 Vested benefit obligations Ps. 556,619 Ps. 376,122 Ps. 932,741 Unvested benefit obligations 2,077,506 266,153 2,343,659 Defined benefit obligations 2,634,125 642,275 3,276,400 Fair value of plan assets 909,324 286,425 1,195,749 Underfunded status of the plans Ps. 1,724,801 Ps. 355,850 Ps. 2,080,651 Post-employment benefit liability Ps. 1,724,801 Ps. 355,850 Ps. 2,080,651 |
Schedule of net periodic pension and seniority premium cost | 2021 2020 Service cost Ps. 175,648 Ps. 148,987 Interest cost 193,313 187,470 Prior service cost for plan amendments (40,124) 40,542 Interest on plan assets (69,546) (84,973) Net periodic cost Ps. 259,291 Ps. 292,026 |
Schedule of defined benefit obligations, plan assets and funded status | Seniority Pensions Premiums 2021 2020 Defined benefit obligations: Beginning of year Ps. 2,634,125 Ps. 642,275 Ps. 3,276,400 Ps. 2,847,608 Service cost 101,550 74,098 175,648 148,987 Interest cost 146,941 46,372 193,313 187,470 Benefits paid (157,261) (64,774) (222,035) (221,184) Remeasurement of post-employment benefit obligations (243,332) 44,495 (198,837) 272,977 Past service cost (39,326) (798) (40,124) 40,542 End of year 2,442,697 741,668 3,184,365 3,276,400 Fair value of plan assets: Beginning of year 909,324 286,425 1,195,749 1,379,496 Return on plan assets 52,506 17,040 69,546 84,973 Contributions — 6,972 6,972 600 Remeasurement on plan assets 84,566 (3,578) 80,988 (71,336) Benefits paid (67,504) (15,066) (82,570) (197,984) End of year 978,892 291,793 1,270,685 1,195,749 Unfunded status of the plans Ps. 1,463,805 Ps. 449,875 Ps. 1,913,680 Ps. 2,080,651 |
Schedule of post-employment benefits | The changes in the net post-employment liability in the consolidated statements of financial position as of December 31, 2021 and 2020, are as follows: Seniority Pensions Premiums 2021 2020 Net post-employment liability at beginning of year Ps. 1,724,801 Ps. 355,850 Ps. 2,080,651 Ps. 1,468,112 Net periodic cost 156,659 102,632 259,291 292,026 Contributions — (6,972) (6,972) (600) Remeasurement of post-employment benefits (327,898) 48,073 (279,825) 344,313 Benefits paid (89,757) (49,708) (139,465) (23,200) Net post-employment liability at end of year Ps. 1,463,805 Ps. 449,875 Ps. 1,913,680 Ps. 2,080,651 The post-employment benefits as of December 31, 2021 and 2020, and remeasurements adjustments for the years ended December 31, 2021 and 2020, are summarized as follows: 2021 2020 Pensions: Defined benefit obligations Ps. 2,442,697 Ps. 2,634,125 Plan assets 978,892 909,324 Unfunded status of plans 1,463,805 1,724,801 Remeasurements adjustments (1) (327,898) 250,283 Seniority premiums: Defined benefit obligations Ps. 741,668 Ps. 642,275 Plan assets 291,793 286,425 Unfunded status of plans 449,875 355,850 Remeasurements adjustments (1) 48,073 94,030 (1) On defined benefit obligations and plan assets. |
Schedule of plan asset allocation | 2021 2020 Equity securities (1) 32.7 % 28.8 % Fixed rate instruments 67.3 % 71.2 % Total 100.0 % 100.0 % (1) Included within plan assets at December 31, 2021 and 2020, are shares of the Company held by the trust with a fair value of Ps.119,851 and Ps.101,690, respectively. |
Schedule of plan assets measured at fair value | The following table summarizes the Group’s plan assets measured at fair value on a recurring basis as of December 31, 2021 and 2020: Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2021 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Common Stocks (1) Ps. 119,851 Ps. 119,851 Ps. — Ps. — Mutual funds (fixed rate instruments) (2) 115,185 115,185 — — Money market securities (3) 726,781 726,781 — — Other equity securities 308,868 308,868 — — Total investment assets Ps. 1,270,685 Ps. 1,270,685 Ps. — Ps. — Quoted Prices in Internal Models Internal Models Balance as of Active Markets with Significant with Significant December 31, for Identical Observable Unobservable 2020 Assets (Level 1) Inputs (Level 2) Inputs (Level 3) Common Stocks (1) Ps. 101,690 Ps. 101,690 Ps. — Ps. — Mutual funds (fixed rate instruments) (2) 231,837 231,837 — — Money market securities (3) 607,658 607,658 — — Other equity securities 254,564 254,564 — — Total investment assets Ps. 1,195,749 Ps. 1,195,749 Ps. — Ps. — (1) Common stocks are valued at the closing price reported on the active market on which the individual securities are traded. All common stock included in this line item relate to the Company’s CPOs. (2) Mutual funds consist of fixed rate instruments. These are valued at the net asset value provided by the administrator of the fund. (3) Money market securities consist of government debt securities, which are valued based on observable prices from the new issue market, benchmark quotes, secondary trading and dealer quotes. |
Schedule of the weighted average durations of the defined benefit plans | 2021 2020 Seniority Premiums 9.0 years 8.6 years Pensions 5.1 years 5.7 years |
Capital Stock and Long-term R_2
Capital Stock and Long-term Retention Plan (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Capital Stock and Long-term Retention Plan | |
Schedule of shares of capital stock and CPOs | At December 31, 2021, shares of capital stock and CPOs consisted of (in millions): Repurchased Held by a Authorized and by the Company’s Issued (1) Company (2) Trust (3) Outstanding Series “A” Shares 121,073.9 — (6,988.9) 114,085.0 Series “B” Shares 57,046.9 — (5,583.4) 51,463.5 Series “D” Shares 87,006.6 — (5,132.9) 81,873.7 Series “L” Shares 87,006.6 — (5,132.9) 81,873.7 Total 352,134.0 — (22,838.1) 329,295.9 Shares in the form of CPOs 290,849.7 — (17,158.6) 273,691.1 Shares not in the form of CPOs 61,284.3 — (5,679.5) 55,604.8 Total 352,134.0 — (22,838.1) 329,295.9 CPOs 2,485.9 — (146.7) 2,339.2 (1) As of December 31, 2021, the authorized and issued capital stock amounted to Ps. 4,836,708 (nominal Ps. 2,423,549 ). (2) In connection with a share repurchase program that was approved by the Company’s stockholders and is exercised at the discretion of management. During the year ended December 31, 2021, the Company did not buy any shares under this program. In 2020, the Company repurchased 616.0 million shares, 5.3 million CPOs, in the amount of Ps. 195,597 . In April 2021, the Company’s stockholders approved the cancellation of 5,173.2 million shares of capital stock in the form of 44.2 million CPOs which were repurchased by the Company in 2019 and 2020 under this program. (3) Primarily, in connection with the Company’s LTRP described below. |
Schedule of reconciliation of the number of shares and CPOs outstanding | A reconciliation of the number of shares and CPOs outstanding for the years ended December 31, 2021 and 2020, is presented as follows (in millions): Series “A” Series “B” Series “D” Series “L” Shares CPOs Shares Shares Shares Shares Outstanding Outstanding As of January 1, 2020 116,223.9 52,852.8 84,083.8 84,083.8 337,244.3 2,402.4 Repurchased (1) (131.6) (115.8) (184.3) (184.3) (616.0) (5.3) Cancelled and forfeited (2) (3,097.4) (1,830.0) (2,911.3) (2,911.3) (10,750.0) (83.2) Acquired (2) (86.0) (75.6) (120.3) (120.3) (402.2) (3.4) Released (2) 110.3 97.1 154.5 154.5 516.4 4.4 As of December 31, 2020 113,019.2 50,928.5 81,022.4 81,022.4 325,992.5 2,314.9 Forfeited (2) (187.9) (165.4) (263.1) (263.1) (879.5) (7.5) Acquired (2) (429.8) (378.2) (601.7) (601.7) (2,011.4) (17.2) Released (2) 1,683.5 1,078.6 1,716.1 1,716.1 6,194.3 49.0 As of December 31, 2021 114,085.0 51,463.5 81,873.7 81,873.7 329,295.9 2,339.2 (1) Repurchased or cancelled by the Company in connection with a share repurchase program. (2) Acquired, released, cancelled or forfeited by a Company’s trust in connection with the Company’s Long-Term Retention Plan described below. |
Schedule of arrangements and weighted-average assumptions | Long-Term Retention Plan Arrangements: Year of grant 2017 2018 2019 2020 2021 Number of CPOs or CPOs equivalent granted 37,000 32,500 72,558 39,200 38,800 Contractual life 3 years 3 years 2.67 years 3 years 3 years Assumptions: Dividend yield 0.38 % 0.55 % 0.82 % 1.38 % 0.94 % Expected volatility (1) 24.58 % 25.38 % 30.47 % 35.13 % 43.74 % Risk-free interest rate 7.04 % 7.17 % 6.88 % 5.74 % 5.51 % Expected average life of awards 2.96 years 3.00 years 2.67 years 3.00 years 3.00 years (1) Volatility was determined by reference to historically observed prices of the Company’s CPOs. |
Summary of the stock awards for employees | A summary of the stock conditionally sold to employees under the LTRP as of December 31, is presented below (in Mexican pesos and thousands of CPOs): 2021 2020 CPOs or CPOs Weighted- Average CPOs or CPOs Weighted- Average Equivalent Exercise Price Equivalent Exercise Price Long-Term Retention Plan: Outstanding at beginning of year 160,365 39.36 243,472 65.19 Conditionally sold 38,800 8.62 39,200 6.84 Paid by employees (8,633) 38.30 — — Forfeited (13,674) 64.96 (122,307) 81.36 Outstanding at end of year 176,858 31.22 160,365 39.36 To be paid by employees at end of year 60,155 52.69 23,361 80.72 |
Retained Earnings and Accumul_2
Retained Earnings and Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retained Earnings and Accumulated Other Comprehensive Income | |
Schedule of retained earnings | Unappropriated Net Income Retained Legal Reserve Earnings for the Year Earnings Balance at January 1, 2020 Ps. 2,139,007 Ps. 75,887,132 Ps. 4,626,139 Ps. 82,652,278 Appropriation of net income relating to 2019 — 4,626,139 (4,626,139) — Recognized share of income of OCEN (see Note 10) — 147,975 — 147,975 Sale of repurchased shares — (997,174) — (997,174) Cancellation of sale of shares — 2,764,854 — 2,764,854 Share-based compensation — 962,806 — 962,806 Net loss for the year 2020 — — (1,250,342) (1,250,342) Balance at December 31, 2020 2,139,007 83,391,732 (1,250,342) 84,280,397 Appropriation of net income relating to 2020 — (1,250,342) 1,250,342 — Dividends — (1,053,392) — (1,053,392) Shares cancellation — (1,510,290) — (1,510,290) Sale of repurchased shares — (1,126,573) — (1,126,573) Cancellation of sale of shares — 505,357 — 505,357 Share-based compensation — 1,066,863 — 1,066,863 Net income for the year 2021 — — 6,055,826 6,055,826 Balance at December 31, 2021 Ps. 2,139,007 Ps. 80,023,355 Ps. 6,055,826 Ps. 88,218,188 |
Schedule of accumulated other comprehensive income | Exchange Remeasurement Derivative Share of Warrants Differences on of Post- Financial Income (Loss) Other Exercisable for Translating Employment Instruments of Associates Open-Ended Equity Other Financial Common Stock Foreign Benefit Cash Flow and Joint Changes Fund Instruments Assets of UHI Operations Obligations Hedges Ventures Income Tax Total Accumulated at January 1, 2020 Ps. 2,429,283 Ps. 991,902 Ps. — Ps. (1,703,056) Ps. 734,676 Ps. (1,010,132) Ps. (545,363) Ps. (75,415) Ps. 498,556 Ps. 1,320,451 Changes in other comprehensive income (904,423) (353,496) — (21,899,164) 115,565 (340,319) (1,370,145) (61,033) 7,935,716 (16,877,299) Accumulated at December 31, 2020 1,524,860 638,406 — (23,602,220) 850,241 (1,350,451) (1,915,508) (136,448) 8,434,272 (15,556,848) Changes in other comprehensive income (19,718) (123,359) — — 84,232 291,697 1,927,601 245,714 (471,311) 1,934,856 Accumulated at December 31, 2021 Ps. 1,505,142 Ps. 515,047 Ps. — Ps. (23,602,220) Ps. 934,473 Ps. (1,058,754) Ps. 12,093 Ps. 109,266 Ps. 7,962,961 Ps. (13,621,992) |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Consolidated subsidiaries information | |
Schedule of information about non-controlling interests | 2021 2020 Capital stock Ps. 1,100,312 Ps. 1,102,334 Additional paid-in capital 2,986,354 2,986,360 Legal reserve 215,736 216,071 Retained earnings from prior years (1) (2) (3) (4) 9,649,348 8,483,413 Net income for the year 1,298,959 1,553,166 Accumulated other comprehensive income (loss): Cumulative result from foreign currency translation 174,598 166,275 Remeasurement of post-employment benefit obligations on defined benefit plans (18,905) (10,595) Ps. 15,406,402 Ps. 14,497,024 (1) In 2021, 2020 and 2019, the holding companies of the Sky segment paid a dividend to its equity owners in the aggregate amount of Ps.750,000, Ps.2,750,000 and Ps.3,800,000, respectively, of which Ps.309,174, Ps.1,134,808 and Ps.1,570,659, respectively, were paid to its non-controlling interests. (2) In 2021, Publicidad Virtual, S.A. de C.V. paid a dividend to its equity owners in the aggregate amount of Ps.40,000, of which Ps.19,600 was paid to its non-controlling interests. (3) In 2020, the stockholders of Pantelion approved the payment of a dividend in the amount of Ps.394,269, of which Ps.193,192 was paid to for its non-controlling interests. (4) In 2020, the stockholders of Radiópolis approved the payment of a dividend in the amount of Ps.650,346, of which Ps.325,173 was paid to its non-controlling interests. |
Empresas Cablevision And Sky | |
Consolidated subsidiaries information | |
Schedule of consolidated assets and liabilities of subsidiaries | Empresas Cablevisión Sky 2021 2020 2021 2020 Assets: Current assets Ps. 6,653,310 Ps. 6,046,592 Ps. 5,689,494 Ps. 6,632,763 Non-current assets 24,099,561 22,499,913 19,590,056 18,515,500 Total assets 30,752,871 28,546,505 25,279,550 25,148,263 Liabilities: Current liabilities 5,755,703 5,267,184 3,685,208 5,182,302 Non-current liabilities 4,308,115 3,943,909 7,041,237 5,967,680 Total liabilities 10,063,818 9,211,093 10,726,445 11,149,982 Net assets Ps. 20,689,053 Ps. 19,335,412 Ps. 14,553,105 Ps. 13,998,281 |
Schedule of consolidated net sales, net income and comprehensive income of subsidiaries | Empresas Cablevisión Sky 2021 2020 2021 2020 Net sales Ps. 16,849,160 Ps. 15,906,914 Ps. 22,026,616 Ps. 22,134,943 Net-income 1,135,053 1,828,000 1,281,472 1,848,374 Total comprehensive income 1,134,181 1,820,135 1,304,822 1,864,408 |
Schedule of consolidated cash flows of subsidiaries | Empresas Cablevisión Sky 2021 2020 2021 2020 Cash flows from operating activities Ps. 5,594,662 Ps. 3,959,679 Ps. 6,004,261 Ps. 8,645,025 Cash flows used in investing activities (5,144,521) (5,824,827) (5,236,815) (5,547,152) Cash flows (used in) from financing activities (740,046) 2,104,416 (1,350,432) (6,392,614) Net (decrease) increase in cash and cash equivalents Ps. (289,905) Ps. 239,268 Ps. (582,986) Ps. (3,294,741) |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Transactions with Related Parties | |
Summary of principal transactions carried out by Group with affiliated companies, including equity investees, stockholders and entities in which stockholders have an equity interest | 2021 2020 2019 Revenues, other income and interest income: Royalties (Univision) (a) Ps. 8,548,036 Ps. 8,155,338 Ps. 7,527,364 Programming production and transmission rights (b) 738,650 707,247 485,157 Telecom services (c) 57,759 97,754 71,979 Administrative services (d) 7,371 13,561 20,598 Advertising (e) 10,417 36,385 151,296 Interest income (f) 49,736 64,809 83,625 Ps. 9,411,969 Ps. 9,075,094 Ps. 8,340,019 Costs and expenses: Donations Ps. 26,606 Ps. 26,729 Ps. 26,285 Administrative services (d) 19,410 1,529 24,899 Technical services (g) 295,915 459,960 465,250 Programming production, transmission rights and telecom (h) 787,487 674,270 666,312 Ps. 1,129,418 Ps. 1,162,488 Ps. 1,182,746 (a) The Group receives royalties from Univision for programming provided pursuant to an amended PLA, pursuant to which Univision has the right to broadcast certain Televisa content in the United States for a term that commenced on January 1, 2011 to end 7.5 years after the Group has sold two -thirds of its initial investment in UHI made in December 2010. The amended PLA includes a provision for certain yearly minimum guaranteed advertising, with a value of U.S.$35.1 million (Ps.712,417), U.S.$42.6 million (Ps.909,159) and U.S.$32.3 million (Ps.625,410), for the fiscal years 2021, 2020 and 2019, respectively, to be provided by Univision, at no cost, for the promotion of certain Group businesses. This advertising does not have commercial substance for the Group, as it is related to activities that are considered ancillary to Group’s normal operations in the United States. The Group received these royalties through January 31, 2022, as a result of the Transaction with UH II, which was closed on that date (see Notes 3, 9, 10 and 30). (b) Services rendered to Univision in 2021, 2020 and 2019. (c) Services rendered to a subsidiary of AT&T, Inc. (“AT&T”) in 2021, 2020 and 2019, and Univision in 2021. (d) The Group receives revenue from and is charged by affiliates for various services, such as: property and equipment rental, security and other services, at rates which are negotiated. The Group provides management services to affiliates, which reimburse the Group for the incurred payroll and related expenses. (e) Advertising services rendered to Univision in 2021, OCEN and Univision in 2020, OCEN, Univision and Editorial Clío, Libros y Videos, S.A. de C.V. (“Editorial Clío”) in 2019. (f) Includes mainly interest income from GTAC. (g) In 2021, 2020 and 2019, Sky received services from a subsidiary of AT&T, Inc. for play-out, uplink and downlink of signals. (h) Paid mainly to Univision and GTAC in 2021, 2020 and 2019. The Group pays royalties to Univision for programming provided pursuant to a Mexico License Agreement, under which the Group has the right to broadcast certain Univision content in Mexico for the same term as that of the PLA. The Group paid these royalties through January 31, 2022, as a result of the Transaction with UH II, which was closed on that date (see Notes 3, 9, 10 and 30). It also includes payments by telecom services to GTAC in 2021, 2020 and 2019. In 2021, includes payments by transmission rights to AT&T. |
Summary of balances of receivables and payables between the Group and related parties | 2021 2020 Current receivables: UH II in 2021 and UHI in 2020, including Univision (1) Ps. 819,355 Ps. 692,282 OCEN — 34,137 Editorial Clío 337 2,308 Other 55,160 58,225 Ps. 874,852 Ps. 786,952 Current payables: AT&T Ps. 54,598 Ps. 32,310 Other 27,472 50,697 Ps. 82,070 Ps. 83,007 (1) As of December 31, 2021 and 2020, receivables from UH II and UHI related primarily to the PLA amounted to Ps.819,355 and Ps.692,282, respectively. Through December 29, 2020, the Group recognized a provision associated with a consulting arrangement entered into by the Group, UHI and an entity controlled by the former chairman of the Board of Directors of UHI, by which upon consummation of a qualified initial public offering of the shares of UHI or an alternative exit plan for the main current investors in UHI, the Group would pay the entity a portion of a defined appreciation in excess of certain preferred returns and performance thresholds of UHI. In connection with the sale of shares by the former control stockholders of UHI, which was concluded on December 29, 2020, and the dissolution of the special-purpose entity for this arrangement, the Company cancelled this provision on that date, and recognized a non-cash other income in the amount of Ps.691,221 in the statement of income for the year ended December 31, 2020 (see Note 22). |
Cost of Sales, Selling Expens_2
Cost of Sales, Selling Expenses and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cost of Sales, Selling Expenses and Administrative Expenses | |
Schedule of depreciation, amortization and other amortization included in cost of sales, selling expenses, administrative expenses and other expenses | 2021 2020 2019 Cost of sales Ps. 17,461,411 Ps. 16,775,214 Ps. 16,035,227 Selling expenses 979,783 1,473,940 1,695,616 Administrative expenses 3,306,319 3,392,496 3,809,379 Ps. 21,747,513 Ps. 21,641,650 Ps. 21,540,222 |
Schedule of expenses related to IFRS 16 included in cost of sales, selling expenses and administrative expenses | 2021 Expenses relating to variable lease payment not included in the measurement of the lease liability Ps. 241,268 Expenses relating to short-term leases and leases of low-value assets 196,902 Total Ps. 438,170 |
Schedule of employee benefits | 2021 2020 2019 Short-term employee benefits Ps. 19,035,899 Ps. 17,921,266 Ps. 16,821,651 Other short-term employee benefits 1,711,945 1,396,804 1,210,671 Share-based compensation 1,088,413 984,356 1,129,644 Post-employment benefits 259,291 292,026 259,064 Ps. 22,095,548 Ps. 20,594,452 Ps. 19,421,030 |
Other Income or Expense, Net (T
Other Income or Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Income or Expense, Net | |
Schedule of other income (expense) | 2021 2020 2019 Net gain on disposition of OISE/OCEN (1) Ps. 4,547,029 Ps. — Ps. — Net gain on disposition of Radiópolis (2) — 932,449 — Net gain on disposition of investments — — 627 Donations (see Note 20) (27,701) (62,155) (27,786) Legal and financial advisory and professional services (3) (683,311) (534,448) (353,937) Accrued expense related to the disposal of the Content business and other net assets (see Notes 3 and 30) (530,000) — — Gain (loss) on disposition of property and equipment 45,921 57,949 (158,658) Deferred compensation (see Note 20) (4) (207,640) (225,804) (199,195) Dismissal severance expense (5) (312,337) (273,281) (533,233) Surcharges for payments of taxes of prior years (6) (400,641) — — Impairment adjustments (7) (97,293) (40,803) (67,574) Income for cash reimbursement received from Imagina (8) — 167,619 — Interest income for recovered Asset Tax from prior years — — 139,995 Other, net 53,981 212,102 (116,826) Ps. 2,388,008 Ps. 233,628 Ps. (1,316,587) (1) In 2021, included a payment in cash on disposal of OISE/OCEN in the amount of Ps.4,806,549 (see Note 3). (2) In 2020, included a pretax gain on disposal of Radiópolis, the Group’s former Radio business in the amount of Ps.932,449 (see Note 3). (3) Includes primarily advisory and professional services in connection with certain litigation, financial advisory, and other matters (see Notes 3 and 20). (4) Includes the service cost of long-term deferred compensation plans for certain officers of the Group’s Cable segment, which payment becomes payable when certain financial targets (as defined in the plans) are met. (5) Includes severance expense in connection with the dismissals of personnel, as a part of a continued cost reduction plan. In 2019 includes Ps.150,000 related to an accrual for restructuring certain administrative areas in the first quarter of 2020. (6) Surcharges resulting from payments made in 2021 by three companies in the Group’s Cable, Sky and Content segments for income taxes of prior years. (7) In 2021 and 2020, includes impairment adjustments in connection with long-lived assets in the Group’s Other Business segment (see Note 13). (8) In the second quarter of 2020, the Company received a cash reimbursement from Imagina Media Audiovisual, S.L. (“Imagina”), in connection with a legal outcome that was favorable to Imagina, a former associate of the Company. |
Finance Expense, Net (Tables)
Finance Expense, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Finance Expense, Net | |
Schedule of finance (expense) income, net | 2021 2020 2019 Interest expense (1) Ps. (9,135,531) Ps. (10,482,168) Ps. (10,402,021) Other finance expense, net (2) (1,183,180) — (873,177) Foreign exchange loss, net (4) (2,050,096) — — Finance expense (12,368,807) (10,482,168) (11,275,198) Interest income (3) 620,222 1,132,935 1,529,112 Other finance income, net (2) — 89,323 — Foreign exchange gain, net (4) — 3,004,934 935,291 Finance income 620,222 4,227,192 2,464,403 Finance expense, net Ps. (11,748,585) Ps. (6,254,976) Ps. (8,810,795) (1) In 2021, 2020 and 2019, interest expense included interest related to lease liabilities that were recognized in accordance with the guidelines of IFRS 16, in the aggregate amount of Ps.445,979, Ps.426,672 and Ps.426,541, respectively (see Notes 2 and 14). (2) In 2021, 2020 and 2019, other finance income or expense, net, included fair value gain or loss from derivative financial instruments (see Note 15), and in 2019, also included a loss from changes in fair value from other financial instruments. (3) In 2021, 2020 and 2019, included primarily interest income from cash equivalents. (4) In 2021, 2020 and 2019, foreign exchange gain or loss, net, included: (i) foreign exchange gain or loss resulted primarily from the appreciation or depreciation of the Mexican peso against the U.S. dollar on the Group’s U.S. dollar-denominated monetary liability position, excluding designated hedging long-term debt of the Group’s investments in UH II, UHI and Open-Ended Fund, during the years ended December 31, 2021, 2020 and 2019; and (ii) foreign exchange gain or loss resulted primarily from the appreciation or depreciation of the Mexican peso against the U.S. dollar on the Group’s U.S. dollar-denominated monetary asset position during the years ended December 31, 2021, 2020 and 2019 (see Notes 2 (e), 4 and 14). The exchange rate of the Mexican peso against the U.S. dollar as of December 31, 2021, 2020 and 2019 was of Ps.20.5031, Ps.19.9493 and Ps.18.8838, respectively. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Taxes | |
Schedule of income tax provision | 2021 2020 2019 Income taxes, current (1) Ps. 6,376,268 Ps. 6,802,510 Ps. 5,267,157 Income taxes, deferred 369,510 (1,574,610) (2,598,712) Ps. 6,745,778 Ps. 5,227,900 Ps. 2,668,445 (1) The current income tax of Mexican companies payable in Mexico represented 96%, 93% and 95% of total current income taxes in 2021, 2020 and 2019, respectively. |
Schedule of maturities of income tax payable | 2022 Ps. 667,048 2023 104,825 Ps. 771,873 |
Schedule of principal differences between income taxes computed at the statutory rate and the Group's provision for income taxes | % % % 2021 2020 2019 Statutory income tax rate 30 30 30 Differences between accounting and tax bases, including tax inflation gain that is not recognized for accounting purposes 20 25 5 Asset tax — — (2) Tax loss carryforwards 4 7 (13) 2014 Tax Reform — — 1 Foreign operations (1) (2) 8 Disposition of investments (3) — 3 Disposition of Radiópolis — 3 — Share of income in associates and joint ventures, net 6 2 (2) (Reversal of impairment loss) Impairment loss in investment in shares of UHI (8) 30 — Effective income tax rate 48 95 30 |
Schedule of years of expiration of tax loss carryforwards | Tax Loss Carryforwards for Which Deferred Taxes Year of Expiration Were Recognized 2022 Ps. 79,295 2023 9,883 2024 325,535 2025 8,817,805 2026 7,076,201 Thereafter 7,878,620 Ps. 24,187,339 |
Schedule of deferred income taxes | 2021 2020 Assets: Accrued liabilities Ps. 7,128,606 Ps. 6,219,312 Loss allowance 946,559 1,235,658 Customer advances 1,854,424 1,600,334 Derivative financial instruments 615 972,991 Property, plant and equipment, net 3,704,746 2,084,550 Prepaid expenses and other items 4,508,914 5,868,717 Tax loss carryforwards: Operating 6,240,930 5,481,738 Capital (1) 5,160,921 5,767,847 Tax credit carryforward (2) 5,738,832 — Liabilities: Investments (1,733,507) (729,910) Intangible assets and transmission rights (2,807,484) (2,549,784) Deferred income tax assets of Mexican companies 30,743,556 25,951,453 Deferred income tax assets of certain foreign subsidiaries 218,983 261,929 Deferred income tax assets, net Ps. 30,962,539 Ps. 26,213,382 (1) Net of the benefit from tax loss carryforwards derived from the disposal in 2014 of the Group’s investment in GSF, in the amount of Ps.4,145,649 and Ps.4,668,717 in 2021 and 2020, respectively. (2) Tax credit carryforward derived from a capital reduction made by one of the Company´s subsidiaries in December 2021, which can be credited in a three-year period in accordance with applicable tax law. The gross roll-forward of deferred income tax assets, net, is as follows: 2021 2020 At January 1 Ps. 26,213,382 Ps. 17,132,915 Statement of (expense charge) income credit (369,510) 1,574,610 Other comprehensive income (“OCI”) credit (619,304) 7,528,693 Tax credit 5,738,832 — Reserve for low value (861) — Disposed operations — (22,836) At December 31 Ps. 30,962,539 Ps. 26,213,382 The roll-forward of deferred income tax assets and liabilities for the year 2021, was as follows: Credit (Charge) Credit (Charge) Credit to Consolidated to OCI and (Charge) At January 1, Statement of Retained to Other At December 31, 2021 Income Earnings Accounts 2021 Assets: Accrued liabilities Ps. 6,219,312 Ps. 909,294 Ps. — Ps. — Ps. 7,128,606 Loss allowance 1,235,658 (289,099) — — 946,559 Customer advances 1,600,334 254,090 — — 1,854,424 Derivative financial instruments 972,991 (394,096) (578,280) — 615 Property, plant and equipment, net 2,084,550 1,620,196 — — 3,704,746 Prepaid expenses and other items 5,868,717 (1,274,995) (83,947) (861) 4,508,914 Tax loss carryforwards 11,249,585 152,266 — — 11,401,851 Deferred income tax assets of foreign subsidiaries 261,929 (42,946) — — 218,983 Tax Credit — — — 5,738,832 5,738,832 Liabilities: Investments (729,910) (1,046,520) 42,923 — (1,733,507) Intangible assets and transmission rights (2,549,784) (257,700) — — (2,807,484) Deferred income tax assets, net Ps. 26,213,382 Ps. (369,510) Ps. (619,304) Ps. 5,737,971 Ps. 30,962,539 The roll-forward of deferred income tax assets and liabilities for the year 2020, was as follows: Credit (Charge) Credit (Charge) to Consolidated to OCI and At January 1, Statement of Retained Disposed At December 31, 2020 Income Earnings Operations 2020 Assets: Accrued liabilities Ps. 4,352,021 Ps. 1,867,291 Ps. — Ps. — Ps. 6,219,312 Loss allowance 1,550,482 (314,824) — — 1,235,658 Customer advances 1,499,462 100,872 — — 1,600,334 Derivative financial instruments 273,210 288,737 411,044 — 972,991 Property, plant and equipment, net 1,650,860 433,690 — — 2,084,550 Prepaid expenses and other items 3,700,673 2,087,586 103,294 (22,836) 5,868,717 Tax loss carryforwards 13,025,006 (1,516,219) (259,202) — 11,249,585 Deferred income tax assets of foreign subsidiaries 163,747 98,182 — — 261,929 Liabilities: Investments (6,676,401) (1,327,066) 7,273,557 — (729,910) Intangible assets and transmission rights (2,406,145) (143,639) — — (2,549,784) Deferred income tax assets, net Ps. 17,132,915 Ps. 1,574,610 Ps. 7,528,693 Ps. (22,836) Ps. 26,213,382 The tax (charge) credit relating to components of other comprehensive income is as follows: 2021 Tax (Charge) Before Tax Credit After Tax Remeasurement of post-employment benefit obligations Ps. 279,825 Ps. (83,947) Ps. 195,878 Exchange differences on translating foreign operations 92,555 151,555 244,110 Derivative financial instruments cash flow hedges 1,927,601 (578,280) 1,349,321 Open-Ended Fund (19,718) 5,915 (13,803) Other equity instruments (123,359) 37,008 (86,351) Share of income or loss of associates and joint ventures 245,714 — 245,714 Other comprehensive loss Ps. 2,402,618 Ps. (467,749) Ps. 1,934,869 Current tax Ps. 151,555 Deferred tax (619,304) Ps. (467,749) 2020 Tax (Charge) Before Tax Credit After Tax Remeasurement of post-employment benefit obligations Ps. (344,313) Ps. 103,294 Ps. (241,019) Exchange differences on translating foreign operations 133,522 408,221 541,743 Derivative financial instruments cash flow hedges (1,370,145) 411,044 (959,101) Warrants exercised for common stock of UHI (21,899,164) 6,639,400 (15,259,764) Open-Ended Fund (904,423) 268,906 (635,517) Other equity instruments (353,496) 106,049 (247,447) Share of loss of associates and joint ventures (61,033) — (61,033) Other comprehensive loss Ps. (24,799,052) Ps. 7,936,914 Ps. (16,862,138) Current tax Ps. 408,221 Deferred tax 7,528,693 Ps. 7,936,914 2019 Tax (Charge) Before Tax Credit After Tax Remeasurement of post-employment benefit obligations Ps. (247,092) Ps. 74,128 Ps. (172,964) Remeasurement of post-employment benefit obligations of assets held for sale (3,445) 1,033 (2,412) Exchange differences on translating foreign operations (98,422) (101,323) (199,745) Derivative financial instruments cash flow hedges (1,521,912) 456,574 (1,065,338) Warrants exercisable for common stock of UHI 257,306 (77,192) 180,114 Open-Ended Fund (351,202) 112,590 (238,612) Other equity instruments (794,624) 238,387 (556,237) Other financial assets 111 (33) 78 Share of loss of associates and joint ventures (236,159) — (236,159) Other comprehensive loss Ps. (2,995,439) Ps. 704,164 Ps. (2,291,275) Current tax Ps. (449,933) Deferred tax 1,154,097 Ps. 704,164 |
2014 Tax Reform | |
Income Taxes | |
Schedule of effects of income tax payable | 2021 2020 Tax losses of subsidiaries, net Ps. 771,873 Ps. 1,759,301 Less: Current portion (a) 667,048 992,186 Non-current portion (b) Ps. 104,825 Ps. 767,115 (a) Accounted for as current income taxes payable in the consolidated statement of financial position as of December 31, 2021 and 2020. (b) Accounted for as non-current income taxes payable in the consolidated statement of financial position as of December 31, 2021 and 2020. |
Earnings per CPO_Share (Tables)
Earnings per CPO/Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per CPO/Share | |
Summary of weighted average of outstanding total shares, CPOs and Series "A", Series "B", Series "D" and Series "L" Shares (not in the form of CPO units) | At December 31, 2021 and 2020, the weighted average of outstanding total shares, CPOs and Series “A”, Series “B”, Series “D” and Series “L” Shares (not in the form of CPO units), was as follows (in thousands): 2021 2020 Total Shares 327,524,800 330,685,559 CPOs 2,326,366 2,351,464 Shares not in the form of CPO units: Series “A” Shares 55,339,297 55,563,596 Series “B” Shares 187 187 Series “D” Shares 239 239 Series “L” Shares 239 239 |
Summary of basic earnings per CPO and per each Series "A", Series "B", Series "D" and Series "L" Share (not in the form of a CPO unit) | 2021 2020 2019 Per Per Per Per CPO Share (*) Per CPO Share (*) Per CPO Share (*) Net (loss) income attributable to stockholders of the Company Ps. 2.17 Ps. 0.02 Ps. (0.44) Ps. 0.00 Ps. 1.60 Ps. 0.01 (*) Series “ A B D and L Shares of CPO units |
Summary of diluted earnings per CPO and per Share attributable to stockholders of the Company | 2021 2020 Total Shares 352,134,036 352,237,926 CPOs 2,485,895 2,486,783 Shares not in the form of CPO units: Series “A” Shares 58,926,613 58,926,613 Series “B” Shares 2,357,208 2,357,208 Series “D” Shares 239 239 Series “L” Shares 239 239 |
Summary of diluted earnings per CPO and per each Series "A", Series "B", Series "D" and Series "L" Share (not in the form of a CPO unit) | 2021 2020 2019 Per Per Per Per Per Per CPO Share (*) CPO Share (*) CPO Share (*) Net (loss) income attributable to stockholders of the Company Ps. 2.01 Ps. 0.02 Ps. (0.41) Ps. 0.00 Ps. 1.53 Ps. 0.01 (*) Series “ A B D L Shares not of CPO units. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information | |
Schedule of information by segment and a reconciliation to consolidated total | Intersegment Consolidated Segment Total Revenues Revenues Revenues Income 2021: Cable Ps. 48,020,929 Ps. 737,536 Ps. 47,283,393 Ps. 20,285,023 Sky 22,026,616 594,773 21,431,843 8,504,169 Content 35,941,918 5,137,690 30,804,228 13,778,960 Other Businesses 5,029,067 1,026,708 4,002,359 907,382 Segment totals 111,018,530 7,496,707 103,521,823 43,475,534 Reconciliation to consolidated amounts: Corporate expenses — — — (2,203,548) Intersegment operations (7,496,707) (7,496,707) — (64,354) Depreciation and amortization expense — — — (21,418,369) Consolidated net sales and operating income before other income 103,521,823 — 103,521,823 19,789,263 (1) Other income, net — — — 2,388,008 Consolidated net sales and operating income Ps. 103,521,823 Ps. — Ps. 103,521,823 Ps. 22,177,271 (2) Intersegment Consolidated Segment Total Revenues Revenues Revenues Income 2020: Cable Ps. 45,367,108 Ps. 710,357 Ps. 44,656,751 Ps. 18,898,301 Sky 22,134,701 581,270 21,553,431 9,135,346 Content 32,613,007 4,679,805 27,933,202 12,360,797 Other Businesses 4,276,074 1,281,096 2,994,978 116,480 Segment totals 104,390,890 7,252,528 97,138,362 40,510,924 Reconciliation to consolidated amounts: Disposed operations (3) 223,272 — 223,272 (3,991) Corporate expenses — — — (1,882,923) Intersegment expenses (7,252,528) (7,252,528) — (71,483) Depreciation and amortization expense — — — (21,260,787) Consolidated net sales and operating income before other income 97,361,634 — 97,361,634 17,291,740 (1) Other income, net — — — 233,628 Consolidated net sales and operating income Ps. 97,361,634 Ps. — Ps. 97,361,634 Ps. 17,525,368 (2) Intersegment Consolidated Segment Total Revenues Revenues Revenues Income 2019: Cable Ps. 41,701,982 Ps. 591,618 Ps. 41,110,364 Ps. 17,797,571 Sky 21,347,078 437,275 20,909,803 9,121,221 Content 35,060,534 3,589,407 31,471,127 12,649,135 Other Businesses (3) 8,200,212 772,793 7,427,419 1,464,249 Segment totals 106,309,806 5,391,093 100,918,713 41,032,176 Reconciliation to consolidated amounts: Disposed operations (3) 841,437 2,969 838,468 258,885 Corporate expenses — — — (1,888,398) Intersegment expenses (5,394,062) (5,394,062) — (72,250) Depreciation and amortization expense — — — (21,008,796) Consolidated net sales and operating income before other expense 101,757,181 — 101,757,181 18,321,617 (1) Other expense, net — — — (1,316,587) Consolidated net sales and operating income Ps. 101,757,181 Ps. — Ps. 101,757,181 Ps. 17,005,030 (2) (1) This amount represents income before other income or expense, net. (2) This amount represents consolidated operating income. (3) In 2018, the Radio operations were previously reported as part of the Other Businesses segment. In 2019 and 2020, the Radio operations were classified as disposed operations for comparison purposes. |
Schedule of segment information about assets, liabilities, and additions to property, plant and equipment | Segment Additions to Segment Assets Liabilities Property, Plant at Year-End at Year-End and Equipment 2021: Continuing operations: Cable Ps. 119,102,077 Ps. 24,449,798 Ps. 17,339,270 Sky 25,615,006 10,745,984 4,949,039 Content 93,463,141 37,286,277 909,164 Other Businesses 8,744,886 3,203,932 70,374 Total Ps. 246,925,110 Ps. 75,685,991 Ps. 23,267,847 2020 : Continuing operations: Cable Ps. 112,478,015 Ps. 22,295,808 Ps. 14,182,848 Sky 26,423,707 10,696,397 5,361,494 Content 80,237,558 27,427,941 479,731 Other Businesses 8,177,183 3,936,289 107,665 Total Ps. 227,316,463 Ps. 64,356,435 Ps. 20,131,738 2019: Continuing operations: Cable Ps. 105,841,104 Ps. 21,637,395 Ps. 12,995,448 Sky 27,755,967 12,902,845 4,039,020 Content 78,336,679 31,555,070 1,690,805 Other Businesses 10,268,185 4,530,712 383,011 Total Ps. 222,201,935 Ps. 70,626,022 Ps. 19,108,284 |
Schedule of segment assets reconciliation to total assets | 2021 2020 Segment assets Ps. 246,925,110 Ps. 227,316,463 Investments attributable to: Cable 614,146 515,002 Content (1) 31,920,796 29,096,777 Other Businesses 245,372 204,464 Goodwill attributable to: Cable 13,794,684 13,794,684 Content 241,973 241,973 Other Businesses — 76,969 Total assets Ps. 293,742,081 Ps. 271,246,332 (1) Includes goodwill attributable to equity investments of Ps.359,613 in 2020 (see Notes 3 and 10). |
Schedule of segment liabilities reconciliation to total liabilities | 2021 2020 Segment liabilities Ps. 75,685,991 Ps. 64,356,435 Debt not allocated to segments 121,532,026 118,950,864 Total liabilities Ps. 197,218,017 Ps. 183,307,299 |
Schedule of geographical segment information | Geographical segment information: Additions to Segment Assets at Property, Plant and Total Net Sales Year-End Equipment 2021: Mexico Ps. 90,815,023 Ps. 230,559,883 Ps. 22,859,403 Other countries (1) 12,706,800 16,365,227 408,444 Ps. 103,521,823 Ps. 246,925,110 Ps. 23,267,847 2020: Mexico Ps. 84,664,293 Ps. 215,395,954 Ps. 19,707,436 Other countries (1) 12,697,341 11,920,509 424,302 Ps. 97,361,634 Ps. 227,316,463 Ps. 20,131,738 2019: Mexico Ps. 88,388,569 Ps. 211,592,987 Ps. 18,804,629 Other countries (1) 13,368,612 10,608,948 303,655 Ps. 101,757,181 Ps. 222,201,935 Ps. 19,108,284 (1) The United States is the largest country from which revenue is derived. Net sales are attributed to geographical segment based on the location of customers. Disaggregation of Total Revenues The table below present total revenues for each reportable segment disaggregated by major service/product lines and primary geographical market for the years ended December 31, 2021, 2020 and 2019: Domestic Export Abroad Total 2021: Cable: Digital TV Service (a) Ps. 15,883,520 Ps. — Ps. — Ps. 15,883,520 Advertising 1,971,853 — — 1,971,853 Broadband Services (a) 18,648,098 — — 18,648,098 Telephony (a) 4,977,671 — — 4,977,671 Other Services 598,890 — — 598,890 Enterprise Operations 5,699,425 — 241,472 5,940,897 Sky: DTH Broadcast Satellite TV (a) 19,210,652 — 1,514,377 20,725,029 Advertising 1,233,537 — — 1,233,537 Pay-Per-View 56,883 — 11,167 68,050 Content: Advertising 18,925,794 236,248 — 19,162,042 Network Subscription Revenue 4,525,815 864,952 — 5,390,767 Licensing and Syndication 1,781,380 9,607,729 — 11,389,109 Other Businesses: Gaming 1,673,911 — — 1,673,911 Soccer, Sports and Show Business Promotion 1,658,928 71,661 — 1,730,589 Publishing - Magazines 341,159 — — 341,159 Publishing - Advertising 143,622 — — 143,622 Publishing Distribution 286,454 — — 286,454 Feature Film Production and Distribution 694,138 — 159,194 853,332 Segment total 98,311,730 10,780,590 1,926,210 111,018,530 Intersegment eliminations (7,496,707) — — (7,496,707) Consolidated total revenues Ps. 90,815,023 Ps. 10,780,590 Ps. 1,926,210 Ps. 103,521,823 Domestic Export Abroad Total 2020: Cable: Digital TV Service (a) Ps. 16,549,458 Ps. — Ps. — Ps. 16,549,458 Advertising 1,633,201 — — 1,633,201 Broadband Services (a) 16,540,687 — — 16,540,687 Telephony (a) 4,382,964 — — 4,382,964 Other Services 702,023 — — 702,023 Enterprise Operations 5,245,443 — 313,332 5,558,775 Sky: DTH Broadcast Satellite TV (a) 19,398,285 — 1,569,999 20,968,284 Advertising 1,112,662 — — 1,112,662 Pay-Per-View 42,291 — 11,464 53,755 Content: Advertising 16,180,397 169,362 — 16,349,759 Network Subscription Revenue 4,322,535 1,143,657 — 5,466,192 Licensing and Syndication 1,572,659 9,224,397 — 10,797,056 Other Businesses: Gaming 959,985 — — 959,985 Soccer, Sports and Show Business Promotion 1,382,708 146,324 — 1,529,032 Publishing - Magazines 269,768 — 942 270,710 Publishing - Advertising 173,645 — — 173,645 Publishing Distribution 309,673 — — 309,673 Feature Film Production and Distribution 915,165 — 117,864 1,033,029 Segment total 91,693,549 10,683,740 2,013,601 104,390,890 Disposed operations: Radio - Advertising (see Note 3) 223,272 — — 223,272 Intersegment eliminations (7,252,528) — — (7,252,528) Consolidated total revenues Ps. 84,664,293 Ps. 10,683,740 Ps. 2,013,601 Ps. 97,361,634 Domestic Export Abroad Total 2019: Cable: Digital TV Service (a) Ps. 16,298,079 Ps. — Ps. — Ps. 16,298,079 Advertising 1,507,831 — — 1,507,831 Broadband Services (a) 14,544,473 — — 14,544,473 Telephony (a) 3,658,121 — — 3,658,121 Other Services 801,937 — — 801,937 Enterprise Operations 4,626,396 — 265,145 4,891,541 Sky: DTH Broadcast Satellite TV (a) 18,918,077 — 1,359,079 20,277,156 Advertising 953,634 — — 953,634 Pay-Per-View 98,539 — 17,749 116,288 Content: Advertising 19,236,014 223,434 — 19,459,448 Network Subscription Revenue 3,832,716 1,160,459 — 4,993,175 Licensing and Syndication 1,794,636 8,813,275 — 10,607,911 Other Businesses: Gaming 2,974,284 — — 2,974,284 Soccer, Sports and Show Business Promotion 1,821,605 1,182,972 — 3,004,577 Publishing - Magazines 393,763 — 18,076 411,839 Publishing - Advertising 246,309 — 23,461 269,770 Publishing Distribution 337,685 — — 337,685 Feature Film Production and Distribution 890,927 787 310,343 1,202,057 Segment total 92,935,026 11,380,927 1,993,853 106,309,806 Disposed operations: Radio - Advertising (see Note 3) 841,437 — — 841,437 Intersegment eliminations (5,387,894) — (6,168) (5,394,062) Consolidated total revenues Ps. 88,388,569 Ps. 11,380,927 Ps. 1,987,685 Ps. 101,757,181 (a) |
Schedule of net sales from external customers | 2021 2020 2019 Services Ps. 77,050,269 Ps. 71,745,105 Ps. 75,988,820 Royalties 10,439,063 9,907,313 10,005,977 Goods 806,907 805,690 932,198 Leases (1) 15,225,584 14,903,526 14,830,186 Total Ps. 103,521,823 Ps. 97,361,634 Ps. 101,757,181 (1) This line includes primarily revenue from leasing set-top equipment to subscribers in the Cable and Sky segments, which is recognized when services are rendered to such subscribers. Set-top equipment is part of the Group’s property and equipment and is leased to subscribers through operating lease contracts. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies | |
Schedule of aggregate minimum annual commitments (undiscounted) | At December 31, 2021, the Group had the following aggregate minimum annual commitments (undiscounted) for the use of satellite transponders: Thousands of U.S. Dollars 2022 U.S.$ 6,605 2023 4,760 2024 4,678 2025 and thereafter 2,646 U.S.$ 18,689 |
Schedule of reconciliation of the non-cancellable lease commitments to the lease liabilities | A reconciliation of the non-cancellable lease commitments as of December 31, 2018 and the initial measurement of the lease liabilities under IFRS 16 were as follow: Operating lease commitments disclosed under IAS 17 in the Group’s consolidated financial statements as of December 31, 2018 Ps. 7,160,431 Discounted using the incremental borrowing rate at January 1, 2019 (2,669,751) Finance lease liabilities recognized at December 31, 2018 5,317,944 Adjustments as a result of a different treatment of extension, termination options and short-term and low-value exemptions 306,632 Lease liabilities recognized at January 1, 2019 Ps. 10,115,256 |
Changes in Accounting Policie_2
Changes in Accounting Policies Required by the Initial Application of IFRS 16 (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of initial application of standards or interpretations [line items] | |
Schedule of operating leases and finance leases | December 31, 2021 December 31, 2020 January 1, 2019 Long-term Lease Agreements Assets (Liabilities) Assets (Liabilities) Assets (Liabilities) Right-of-use assets, net Ps. 5,086,783 Ps. 4,392,420 Ps. 4,797,312 Lease liabilities (1) (5,533,552) (4,745,292) (4,797,312) Net effect Ps. (446,769) Ps. (352,872) Ps. — (1) Current portion of lease liabilities as of December 31, 2021, December 31, 2020 and January 1, 2019, amounted to Ps.718,501, Ps.524,458 and Ps.462,513, respectively. |
Property, plant and equipment, net | |
Disclosure of initial application of standards or interpretations [line items] | |
Schedule of operating leases and finance leases | December 31, 2021 December 31, 2020 January 1, 2019 Long-term Lease Agreements Assets (Liabilities) Assets (Liabilities) Assets (Liabilities) Right-of-use assets, net Ps. 2,517,784 Ps. 2,819,745 Ps. 3,402,869 Lease liabilities (1) (4,147,007) (4,547,059) (5,317,944) Net effect Ps. (1,629,223) Ps. (1,727,314) Ps. (1,915,075) (1) Current portion of lease liabilities as of December 31, 2021, December 31, 2020 and January 1, 2019, amounted to Ps.759,881, Ps.753,296 and Ps.651,800, respectively. |
Corporate Information (Details)
Corporate Information (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Corporate Information | |
Countries content is distributed | 60 |
Accounting Policies - Subsidiar
Accounting Policies - Subsidiaries (Details) - MXN ($) $ in Thousands | Apr. 13, 2021 | Jul. 31, 2020 | Jul. 31, 2019 | Nov. 30, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 |
Consolidated subsidiaries information | ||||||||
Administrative expenses | $ 13,710,793 | $ 12,713,657 | $ 13,269,191 | |||||
Broadcasting concessions | ||||||||
Consolidated subsidiaries information | ||||||||
Renewal cost for concession | $ 5,754,543 | |||||||
Administrative expenses | $ 1,194 | |||||||
Period for grant the authorization to property plant and equipment | 30 years | |||||||
Useful Lives | 20 years | |||||||
Empresas Cablevision. | Cable | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 51.20% | |||||||
Cablemas | Cable | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
Collectively TVI | Cable | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
Bestel | Cable | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 66.20% | |||||||
Cablecom | Cable | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
Telecable | Cable | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
FTTH de Mexico | Cable | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
CVQ | Cable and Sky | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
Collectively sky | Sky | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 58.70% | |||||||
Grupo Telesistema | Content and Other Businesses | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
Televisa | Content | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
Television Independiente de Mxico | Content | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
G.Televisa-D | Content | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
Multimedia Telecom | Content | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
Ulvik | Content and Other Businesses | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
Controladora de Juegos y Sorteos de Mxico | Other Businesses | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
Editorial Televisa | Other Businesses | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
Grupo Distribuidoras Intermex | Other Businesses | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
Villacezan | Other Businesses | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 100.00% | |||||||
Radiopolis | Business combination | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 50.00% | 50.00% | ||||||
UH II. | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 45.00% | |||||||
UH II. | Multimedia Telecom | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 95.30% | |||||||
UH II. | Tieren | ||||||||
Consolidated subsidiaries information | ||||||||
Company's ownership interest | 4.70% |
Accounting Policies - Investmen
Accounting Policies - Investments in Associates and Joint Ventures (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
UH II. | ||
Corporate information: | ||
Ownership interest in associate | 35.50% | 35.90% |
Accounting Policies - Translati
Accounting Policies - Translation of Foreign Operations (Details) $ in Thousands, $ in Millions | Dec. 31, 2021USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019MXN ($) |
Net investment in foreign operations | UH II. | ||||||
Detailed information about hedges | ||||||
Hedging instrument | $ 1,254.5 | $ 25,721,539 | $ 1,074 | $ 21,424,180 | ||
Open Ended Fund | Fair value | ||||||
Detailed information about hedges | ||||||
Hedging instrument | $ 46.1 | $ 945,176 | 56.9 | 1,135,803 | ||
Warrants exercised | Fair value | Univision Holding Inc | ||||||
Detailed information about hedges | ||||||
Hedging instrument | $ 871.6 | $ 17,387,699 | $ 1,788.6 | $ 33,775,451 |
Accounting Policies - Cash and
Accounting Policies - Cash and Cash Equivalents (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
U.S. dollar | ||
Cash and Cash Equivalents and Temporary Investments | ||
Yield on cash and cash equivalents (as percent) | 0.07% | 0.38% |
Mexican peso | ||
Cash and Cash Equivalents and Temporary Investments | ||
Yield on cash and cash equivalents (as percent) | 4.36% | 5.40% |
Accounting Policies - Transmiss
Accounting Policies - Transmission Rights and Programming (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Transmission rights. | |
Transmission Rights and Programming | |
Estimated useful life (in years) | 25 years |
Accounting Policies - Property,
Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Buildings | Minimum | |
Property, plant and equipment | |
Estimated useful lives | 20 years |
Buildings | Maximum | |
Property, plant and equipment | |
Estimated useful lives | 65 years |
Technical equipment | Minimum | |
Property, plant and equipment | |
Estimated useful lives | 3 years |
Technical equipment | Maximum | |
Property, plant and equipment | |
Estimated useful lives | 30 years |
Satellite Transponders | |
Property, plant and equipment | |
Estimated useful lives | 15 years |
Furniture and Fixtures | Minimum | |
Property, plant and equipment | |
Estimated useful lives | 3 years |
Furniture and Fixtures | Maximum | |
Property, plant and equipment | |
Estimated useful lives | 10 years |
Transportation Equipment | Minimum | |
Property, plant and equipment | |
Estimated useful lives | 4 years |
Transportation Equipment | Maximum | |
Property, plant and equipment | |
Estimated useful lives | 8 years |
Computer Equipment | Minimum | |
Property, plant and equipment | |
Estimated useful lives | 3 years |
Computer Equipment | Maximum | |
Property, plant and equipment | |
Estimated useful lives | 6 years |
Leasehold Improvements | Minimum | |
Property, plant and equipment | |
Estimated useful lives | 5 years |
Leasehold Improvements | Maximum | |
Property, plant and equipment | |
Estimated useful lives | 30 years |
Accounting Policies - Intangibl
Accounting Policies - Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Trademarks with finite useful lives | |
Intangible Assets and Goodwill | |
Estimated useful lives | 4 years |
Licenses | Minimum | |
Intangible Assets and Goodwill | |
Estimated useful lives | 3 years |
Licenses | Maximum | |
Intangible Assets and Goodwill | |
Estimated useful lives | 10 years |
Subscriber lists | Minimum | |
Intangible Assets and Goodwill | |
Estimated useful lives | 4 years |
Subscriber lists | Maximum | |
Intangible Assets and Goodwill | |
Estimated useful lives | 5 years |
Payments for renewal of concessions | |
Intangible Assets and Goodwill | |
Estimated useful lives | 20 years |
Other intangible assets | Minimum | |
Intangible Assets and Goodwill | |
Estimated useful lives | 3 years |
Other intangible assets | Maximum | |
Intangible Assets and Goodwill | |
Estimated useful lives | 20 years |
Accounting Policies - Contract
Accounting Policies - Contract Costs (Details) - Costs to obtain contract with customers - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Contract Costs | ||
Beginning balance | $ 4,541,557 | $ 3,691,237 |
Additions | 2,298,850 | 2,498,338 |
Amount recognized in income | (1,842,093) | (1,648,018) |
Ending balance | 4,998,314 | 4,541,557 |
Current Contract Costs | 1,782,723 | 1,598,447 |
Total Non-current Contract Costs | 3,215,591 | 2,943,110 |
Cable | ||
Contract Costs | ||
Beginning balance | 2,027,691 | 1,436,758 |
Additions | 1,209,894 | 1,163,038 |
Amount recognized in income | (739,461) | (572,105) |
Ending balance | 2,498,124 | 2,027,691 |
Current Contract Costs | 797,273 | 640,655 |
Total Non-current Contract Costs | 1,700,851 | 1,387,036 |
Sky | ||
Contract Costs | ||
Beginning balance | 2,513,866 | 2,254,479 |
Additions | 1,088,956 | 1,335,300 |
Amount recognized in income | (1,102,632) | (1,075,913) |
Ending balance | 2,500,190 | 2,513,866 |
Current Contract Costs | 985,450 | 957,792 |
Total Non-current Contract Costs | $ 1,514,740 | $ 1,556,074 |
Accounting Policies - Share Bas
Accounting Policies - Share Based payment agreements (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies | |||
Share-based compensation expense | $ 1,088,413 | $ 984,356 | $ 1,129,644 |
Increase (decrease) through share-based payment transactions, equity | $ 1,066,863 | $ 962,806 | $ 1,108,094 |
Accounting Policies - Leases (D
Accounting Policies - Leases (Details) | Jan. 01, 2019 |
U.S. dollars leases | |
Leases | |
Lessee's incremental borrowing rate applied to the lease liabilities on adoption of IFRS 16 | 4.70% |
Mexican peso leases | |
Leases | |
Lessee's incremental borrowing rate applied to the lease liabilities on adoption of IFRS 16 | 10.60% |
Disposition of OCEN and Radio_2
Disposition of OCEN and Radiopolis, and Transaction with UH II - Ocen (Details) - MXN ($) $ in Thousands | Dec. 06, 2021 | Sep. 13, 2021 | Jan. 01, 2020 | Jul. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of associates [line items] | |||||||
Accounts receivable | $ 13,093,011 | $ 12,343,797 | |||||
Pretax income | 14,100,563 | 5,530,724 | $ 8,775,258 | ||||
OCEN and subsidiaries | |||||||
Disclosure of associates [line items] | |||||||
Ownership (as a percent) | 40.00% | 40.00% | 40.00% | ||||
Cash consideration received for the disposal of assets and liabilities | $ 5,206,000 | 4,806,549 | |||||
Share of income in OCEN for 2019 | $ 147,975 | $ 147,975 | $ 147,975 | ||||
Retaining percentage to cover losses | 7.00% | ||||||
Accounts receivable | $ 364,420 | ||||||
Pretax income | $ 4,547,029 |
Disposition of OCEN and Radio_3
Disposition of OCEN and Radiopolis, and Transaction with UH II - Radiopolis (Details) - MXN ($) $ in Thousands | Jul. 31, 2020 | Jul. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jul. 31, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of subsidiaries [line items] | ||||||||
Assets | $ 293,742,081 | $ 271,246,332 | ||||||
Liabilities | 197,218,017 | 183,307,299 | ||||||
Dividends received | 10,000 | |||||||
Pre-tax gain of disposition on Radipolis | $ 4,547,029 | 932,449 | ||||||
Radiopolis | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Aggregate cash proceeds | $ 1,248,000 | |||||||
Assets | $ 1,675,426 | |||||||
Liabilities | $ 432,812 | |||||||
Cash payment | $ 534,605 | $ 110,000 | $ 603,395 | |||||
Dividends received | $ 285,669 | |||||||
Pre-tax gain of disposition on Radipolis | $ 932,449 | |||||||
Radiopolis | Business combination | ||||||||
Disclosure of subsidiaries [line items] | ||||||||
Proportion of ownership interest in subsidiary | 50.00% | 50.00% |
Disposition of OCEN and Radipol
Disposition of OCEN and Radipolis, and Transaction with UH II - UH II (Details) $ in Thousands, $ in Millions | Apr. 13, 2021USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) |
Disclosure of subsidiaries [line items] | ||||
Investments in associates and joint ventures | $ 26,704,235 | $ 22,813,531 | $ 9,762,432 | |
UH II. | ||||
Disclosure of subsidiaries [line items] | ||||
Investments in associates and joint ventures | $ 25,721,539 | $ 21,424,180 | ||
Company's ownership interest | 45.00% | |||
UH I I | ||||
Disclosure of subsidiaries [line items] | ||||
Investments in associates and joint ventures | $ 4,500 | |||
Cash consideration of investments accounted for using equity method | 3,000 | |||
Common shares | UH I I | ||||
Disclosure of subsidiaries [line items] | ||||
Value in common stocks | 750 | |||
Preference shares | UH I I | ||||
Disclosure of subsidiaries [line items] | ||||
Value in common stocks | $ 750 | |||
Preferred stock dividend percentage | 5.50% |
Financial Risk Management (Deta
Financial Risk Management (Details) € in Thousands, SFr in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | Mar. 30, 2022 | Dec. 31, 2021MXN ($)$ / shares$ / €$ / $$ / $$ / SFr$ / $ | Dec. 31, 2021USD ($)$ / shares$ / €$ / $$ / $$ / SFr$ / $ | Dec. 31, 2021EUR (€)$ / shares$ / €$ / $$ / $$ / SFr$ / $ | Dec. 31, 2021CHF (SFr)$ / shares$ / €$ / $$ / $$ / SFr$ / $ | Dec. 31, 2021ARS ($)$ / shares$ / €$ / $$ / $$ / SFr$ / $ | Dec. 31, 2021CLP ($)$ / shares$ / €$ / $$ / $$ / SFr$ / $ | Dec. 31, 2020MXN ($)$ / SFr$ / €$ / $$ / $$ / $$ / $$ / shares | Dec. 31, 2020USD ($)$ / SFr$ / €$ / $$ / $$ / $$ / $$ / shares | Dec. 31, 2020EUR (€)$ / SFr$ / €$ / $$ / $$ / $$ / $$ / shares | Dec. 31, 2020CHF (SFr)$ / SFr$ / €$ / $$ / $$ / $$ / $$ / shares | Dec. 31, 2020ARS ($)$ / SFr$ / €$ / $$ / $$ / $$ / $$ / shares | Dec. 31, 2020CLP ($)$ / SFr$ / €$ / $$ / $$ / $$ / $$ / shares | Dec. 31, 2020COP ($)$ / SFr$ / €$ / $$ / $$ / $$ / $$ / shares | Dec. 31, 2019$ / $ |
Disclosure of nature and extent of risks arising from financial instruments | |||||||||||||||
Foreign exchange rate | 20.5031 | 20.5031 | 20.5031 | 20.5031 | 20.5031 | 20.5031 | 19.9493 | 19.9493 | 19.9493 | 19.9493 | 19.9493 | 19.9493 | 19.9493 | 18.8838 | |
Assets | $ 293,742,081 | $ 271,246,332 | |||||||||||||
Liabilities | 197,218,017 | 183,307,299 | |||||||||||||
Foreign currency risk | U.S. dollar | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments | |||||||||||||||
Risk exposure on assets | 17,054,602 | $ 831,806 | 23,030,529 | $ 1,154,453 | |||||||||||
Risk exposure on liabilities | $ 106,926,742 | $ 5,215,150 | $ 102,958,517 | $ 5,161,009 | |||||||||||
Foreign exchange rate | 19.8731 | 20.5031 | 20.5031 | 20.5031 | 20.5031 | 20.5031 | 20.5031 | 19.9493 | 19.9493 | 19.9493 | 19.9493 | 19.9493 | 19.9493 | 19.9493 | |
Foreign currency risk | U.S. dollar | Long-term debt designated as a hedging instrument of the Group's investments in UH II, UHI and the investment in Open-Ended Fund | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments | |||||||||||||||
Risk exposure associated with instruments sharing characteristic | $ 26,666,715 | $ 1,300,600 | $ 22,559,983 | $ 1,130,900 | |||||||||||
Foreign currency risk | Euros | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments | |||||||||||||||
Risk exposure on assets | 260,071 | € 11,139 | 469,509 | € 19,260 | |||||||||||
Risk exposure on liabilities | $ 13,962 | € 598 | $ 28,058 | € 1,151 | |||||||||||
Foreign exchange rate | $ / € | 23.3478 | 23.3478 | 23.3478 | 23.3478 | 23.3478 | 23.3478 | 24.3774 | 24.3774 | 24.3774 | 24.3774 | 24.3774 | 24.3774 | 24.3774 | ||
Foreign currency risk | Swiss francs | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments | |||||||||||||||
Risk exposure on assets | $ 93,126 | SFr 4,139 | $ 9,868 | SFr 438 | |||||||||||
Risk exposure on liabilities | $ 19,867 | SFr 883 | $ 14,847 | SFr 659 | |||||||||||
Foreign exchange rate | $ / SFr | 22.4997 | 22.4997 | 22.4997 | 22.4997 | 22.4997 | 22.4997 | 22.5299 | 22.5299 | 22.5299 | 22.5299 | 22.5299 | 22.5299 | 22.5299 | ||
Foreign currency risk | Chilean pesos | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments | |||||||||||||||
Risk exposure on assets | $ 13,825 | $ 576,044 | $ 9,166 | $ 327,357 | |||||||||||
Risk exposure on liabilities | $ 17,715 | $ 632,679 | |||||||||||||
Foreign exchange rate | $ / $ | 0.0240 | 0.0240 | 0.0240 | 0.0240 | 0.0240 | 0.0240 | 0.0280 | 0.0280 | 0.0280 | 0.0280 | 0.0280 | 0.0280 | 0.0280 | ||
Foreign currency risk | Colombian pesos | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments | |||||||||||||||
Risk exposure on liabilities | $ 47,005 | $ 8,246,548 | |||||||||||||
Foreign exchange rate | $ / $ | 0.0057 | 0.0057 | 0.0057 | 0.0057 | 0.0057 | 0.0057 | 0.0057 | ||||||||
Foreign currency risk | Argentinean pesos | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments | |||||||||||||||
Risk exposure on assets | $ 12,780 | $ 64,026 | $ 15,763 | $ 66,482 | |||||||||||
Foreign exchange rate | $ / $ | 0.1996 | 0.1996 | 0.1996 | 0.1996 | 0.1996 | 0.1996 | 0.2371 | 0.2371 | 0.2371 | 0.2371 | 0.2371 | 0.2371 | 0.2371 | ||
Foreign currency risk | Other currencies | |||||||||||||||
Disclosure of nature and extent of risks arising from financial instruments | |||||||||||||||
Risk exposure on assets | $ 7,713 | ||||||||||||||
Risk exposure on liabilities | $ 3,332 | ||||||||||||||
Assets | $ 5,266 | ||||||||||||||
Liabilities | $ 185 |
Financial Risk Management - Net
Financial Risk Management - Net Monetary Position (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | |
Disclosure of nature and extent of risks arising from financial instruments | ||||||
Percentage of reasonably possible increase in risk assumption | 10.00% | 10.00% | 10.00% | 10.00% | ||
Percentage of reasonably possible decrease in risk assumption | 10.00% | 10.00% | 10.00% | 10.00% | ||
Hypothetical foreign exchange gain | $ 6,345,797 | $ 5,705,342 | ||||
Euros | ||||||
Disclosure of nature and extent of risks arising from financial instruments | ||||||
U.S. dollar equivalent monetary assets | $ 17.7 | $ 24.5 | ||||
U.S. dollar equivalent monetary liabilities | (1.4) | (2) | ||||
Foreign currency risk | ||||||
Disclosure of nature and extent of risks arising from financial instruments | ||||||
U.S. dollar equivalent monetary assets | 785.1 | 1,125.1 | ||||
U.S. dollar equivalent monetary liabilities | (5,180.8) | (5,115.9) | ||||
Net liability position | (4,395.7) | (3,990.8) | ||||
Long-term debt designated as a hedging instrument of the Group's investments in UH II, UHI and the investment in Open-Ended Fund | ||||||
Disclosure of nature and extent of risks arising from financial instruments | ||||||
U.S. dollar equivalent monetary liabilities | $ (1,300.6) | $ (26,666,715) | $ (1,130.9) | $ (22,559,983) |
Financial Risk Management - Cas
Financial Risk Management - Cash Flow Interest Rate Risk (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Long-term loan and interest receivable from GTAC | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of assets | $ 755,973 | $ 821,253 |
Assets at fair value | 760,143 | 824,092 |
Increase (Decrease) of Fair Value Over Carrying Value of assets | 4,170 | 2,839 |
Increase (Decrease) of Fair Value Over Carrying Value of Assets Assuming a Hypothetical 10% Increase in Fair Value | 80,184 | 85,248 |
Open Ended Fund | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of assets | 945,176 | 1,135,803 |
Assets at fair value | 945,176 | 1,135,803 |
Publicly traded equity instruments | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of assets | 3,517,711 | 5,397,504 |
Assets at fair value | 3,517,711 | 5,397,504 |
Other Equity Instruments | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of assets | 1,607,969 | 468,552 |
Assets at fair value | 1,607,969 | 468,552 |
Derivative financial instruments | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of assets | 133,324 | |
Assets at fair value | 133,324 | |
Senior Notes Due 2049 | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 15,377,325 | 14,961,975 |
Liabilities at fair value | 19,307,154 | 18,978,667 |
Notes due 2027 | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 4,500,000 | 4,500,000 |
Liabilities at fair value | 4,509,405 | 5,035,860 |
Long-term notes payable to Mexican banks | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 20,260,404 | 19,602,893 |
Liabilities at fair value | 20,417,854 | 19,801,142 |
U.S. dollar | 6.625% Senior Notes due 2025 | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 12,301,860 | 11,969,580 |
Liabilities at fair value | 14,056,843 | 14,609,830 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 1,754,983 | 2,640,250 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 3,160,667 | 4,101,233 |
U.S. dollar | 4.625% Senior Notes due 2026 | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 6,150,930 | 5,984,790 |
Liabilities at fair value | 6,685,200 | 6,840,854 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 534,270 | 856,064 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 1,202,790 | 1,540,149 |
U.S. dollar | 8.50% Senior Notes due 2032 | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 6,150,930 | 5,984,790 |
Liabilities at fair value | 8,857,216 | 9,193,415 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 2,706,286 | 3,208,625 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 3,592,008 | 4,127,967 |
U.S. dollar | 6.625% Senior Notes due 2040 | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 12,301,860 | 11,969,580 |
Liabilities at fair value | 16,678,493 | 16,780,992 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 4,376,633 | 4,811,412 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 6,044,482 | 6,489,511 |
U.S. dollar | 5% Senior Notes due 2045 | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 20,503,100 | 19,949,300 |
Liabilities at fair value | 24,205,140 | 24,282,886 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 3,702,040 | 4,333,586 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 6,122,554 | 6,761,875 |
U.S. dollar | 6.125% Senior Notes due 2046 | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 18,452,790 | 17,954,370 |
Liabilities at fair value | 25,029,180 | 24,970,938 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 6,576,390 | 7,016,568 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 9,079,308 | 9,513,662 |
U.S. dollar | Senior Notes Due 2049 | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 15,377,325 | 14,961,975 |
Liabilities at fair value | 19,307,154 | 18,978,667 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 3,929,829 | 4,016,692 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 5,860,544 | 5,914,559 |
Mexican peso | Notes due 2027 | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 4,500,000 | 4,500,000 |
Liabilities at fair value | 4,509,405 | 5,035,860 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 9,405 | 535,860 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 460,346 | 1,039,446 |
Mexican peso | 8.49% Senior Notes due 2037 | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 4,500,000 | 4,500,000 |
Liabilities at fair value | 4,110,480 | 4,087,575 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | (389,520) | (412,425) |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 21,528 | (3,668) |
Mexican peso | 7.25% Senior Notes due 2043 | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 6,500,000 | 6,500,000 |
Liabilities at fair value | 4,611,620 | 5,150,860 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | (1,888,380) | (1,349,140) |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | (1,427,218) | (834,054) |
Mexican peso | Long-term notes payable to Mexican banks | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 20,260,404 | 19,602,893 |
Liabilities at fair value | 20,417,854 | 19,801,142 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 157,450 | 198,249 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 2,199,235 | 2,178,363 |
Mexican peso | Lease liabilities, | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 9,680,559 | 9,292,351 |
Liabilities at fair value | 9,830,878 | 9,343,100 |
Increase (Decrease) of Fair Value Over Carrying Value of liabilities | 150,319 | 50,749 |
Increase (Decrease) of Fair Value Over Carrying Value of Liabilities Assuming a Hypothetical 10% Increase in Fair Value | 1,133,407 | 985,059 |
Mexican peso | Derivative financial instruments | ||
Disclosure of nature and extent of risks arising from financial instruments | ||
Carrying value of liabilities | 172,885 | 3,476,223 |
Liabilities at fair value | $ 172,885 | $ 3,476,223 |
Financial Risk Management - Liq
Financial Risk Management - Liquidity Risk (Details) - MXN ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of nature and extent of risks arising from financial instruments | ||||
Cash and cash equivalents | $ 25,828,215 | $ 29,058,093 | $ 27,452,265 | $ 32,068,291 |
Debt | 126,999,199 | 123,877,278 | ||
Lease liabilities | 9,680,559 | 9,292,351 | ||
Trade and other liabilities | 48,501,574 | 41,796,845 | ||
Interest on debt | 120,284,485 | 124,559,077 | ||
Interest on lease liabilities | 3,492,359 | 3,617,085 | ||
12 Months | ||||
Disclosure of nature and extent of risks arising from financial instruments | ||||
Debt | 4,110,404 | 617,489 | ||
Lease liabilities | 1,478,382 | 1,277,754 | ||
Trade and other liabilities | 40,051,575 | 33,936,100 | ||
Interest on debt | 6,188,285 | 5,997,185 | ||
Interest on lease liabilities | 659,049 | 668,461 | ||
12-36 Months | ||||
Disclosure of nature and extent of risks arising from financial instruments | ||||
Debt | 13,500,000 | 8,985,404 | ||
Lease liabilities | 2,469,270 | 2,184,098 | ||
Trade and other liabilities | 2,743,298 | 4,078,823 | ||
Interest on debt | 15,237,650 | 15,177,002 | ||
Interest on lease liabilities | 1,136,036 | 1,169,317 | ||
36-60 Months | ||||
Disclosure of nature and extent of risks arising from financial instruments | ||||
Debt | 21,102,790 | 21,969,580 | ||
Lease liabilities | 2,478,486 | 2,240,777 | ||
Trade and other liabilities | 2,041,627 | 644,830 | ||
Interest on debt | 12,453,353 | 13,256,713 | ||
Interest on lease liabilities | 775,332 | 853,741 | ||
Thereafter | ||||
Disclosure of nature and extent of risks arising from financial instruments | ||||
Debt | 88,286,005 | 92,304,805 | ||
Lease liabilities | 3,254,421 | 3,589,722 | ||
Trade and other liabilities | 3,665,074 | 3,137,092 | ||
Interest on debt | 86,405,197 | 90,128,177 | ||
Interest on lease liabilities | $ 921,942 | $ 925,566 |
Critical Accounting Estimates_2
Critical Accounting Estimates and Assumptions (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021MXN ($) | |
Accounting for Programming | |
Expected Future Benefit Period | 5 years |
Percentage Of Production Cost Expensed | 70.00% |
Hypothetical decrease in expected future revenue | 10.00% |
Expected Decrease In Revenue | $ (364,411) |
Expected increase in programming amortization expense | $ 364,411 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Cash Equivalents and Temporary Investments | ||||
Cash and bank accounts | $ 1,180,817 | $ 5,094,610 | ||
Short-term investments | 24,647,398 | 23,963,483 | ||
Total cash and cash equivalents | $ 25,828,215 | $ 29,058,093 | $ 27,452,265 | $ 32,068,291 |
Trade Notes and Accounts Rece_3
Trade Notes and Accounts Receivable, Net (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Trade Notes and Accounts Receivable, Net | |||
Non-interest bearing notes received from customers as deposits and advances mainly in connection with annual ("upfront basis") and from time to time ("scatter basis") prepayments (see Note 2 (p)) | $ 1,499,335 | $ 3,327,579 | |
Trade accounts receivable | 14,955,334 | 13,265,351 | |
Loss allowance | (3,361,658) | (4,249,133) | $ (4,846,643) |
Total trade notes and accounts receivable, net | $ 13,093,011 | $ 12,343,797 |
Trade Notes and Accounts Rece_4
Trade Notes and Accounts Receivable, Net - Aging Analysis (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of trade notes and accounts receivable | ||
Trade notes and accounts receivable, net | $ 13,093,011 | $ 12,343,797 |
1 to 90 days | ||
Disclosure of trade notes and accounts receivable | ||
Trade notes and accounts receivable, net | 4,367,863 | 3,634,710 |
91 to 180 days | ||
Disclosure of trade notes and accounts receivable | ||
Trade notes and accounts receivable, net | 1,459,188 | 1,386,243 |
More than 180 days | ||
Disclosure of trade notes and accounts receivable | ||
Trade notes and accounts receivable, net | $ 2,785,308 | $ 4,044,530 |
Trade Notes and Accounts Rece_5
Trade Notes and Accounts Receivable, Net - Carrying Amount (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of trade notes and accounts receivable | ||
Trade notes and accounts receivable, net | $ 13,093,011 | $ 12,343,797 |
U.S. dollar | ||
Disclosure of trade notes and accounts receivable | ||
Trade notes and accounts receivable, net | 1,714,490 | 2,905,396 |
Other currencies. | ||
Disclosure of trade notes and accounts receivable | ||
Trade notes and accounts receivable, net | 46,255 | 75,369 |
Currencies other than Peso | ||
Disclosure of trade notes and accounts receivable | ||
Trade notes and accounts receivable, net | $ 1,760,745 | $ 2,980,765 |
Trade Notes and Accounts Rece_6
Trade Notes and Accounts Receivable, Net - Doubtful Accounts (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Trade Notes and Accounts Receivable, Net | ||
At January 1 | $ (4,249,133) | $ (4,846,643) |
Provision for credit losses | (1,263,083) | (1,352,432) |
Write-off of receivables | 2,260,182 | 1,949,942 |
Reclassifications | (109,624) | |
At December 31 | $ (3,361,658) | $ (4,249,133) |
Transmission Rights and Progr_3
Transmission Rights and Programming (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Transmission Rights and Programming. | |||
Transmission rights | $ 14,743,043 | $ 9,695,030 | |
Programming | 5,689,652 | 4,683,980 | |
Total transmission rights and programming | 20,432,695 | 14,379,010 | |
Transmission rights | 9,823,088 | 5,257,926 | |
Programming | 3,017,938 | 2,724,870 | |
Total non-current transmission rights and programming | 12,841,026 | 7,982,796 | |
Current portion of transmission rights and programming | 7,591,669 | 6,396,214 | |
Transmission rights and programming charged to consolidated cost of sales | $ 14,577,558 | $ 12,691,287 | $ 14,515,285 |
Investments in Financial Inst_3
Investments in Financial Instruments (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Instruments | |||
Non-current financial assets | $ 6,076,079 | $ 7,002,712 | |
Other, | |||
Financial Instruments | |||
Non-current financial assets | 5,223 | 853 | |
FVOCIL | |||
Financial Instruments | |||
Non-current financial assets | 6,070,856 | 7,001,859 | $ 44,265,046 |
FVOCIL | Warrants issued by UH II | |||
Financial Instruments | |||
Non-current financial assets | 33,775,451 | ||
FVOCIL | Open Ended Fund | |||
Financial Instruments | |||
Non-current financial assets | 945,176 | 1,135,803 | 4,688,202 |
FVOCIL | Publicly traded equity instruments | |||
Financial Instruments | |||
Non-current financial assets | 3,517,711 | 5,397,504 | 5,751,001 |
FVOCIL | Other Equity Instruments | |||
Financial Instruments | |||
Non-current financial assets | $ 1,607,969 | $ 468,552 | $ 50,392 |
Investments in Financial Inst_4
Investments in Financial Instruments - Additional Information (Details) $ in Thousands, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2021USD ($) | Mar. 31, 2021MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2020MXN ($) | Sep. 30, 2020USD ($) | Sep. 30, 2020MXN ($) | Nov. 30, 2019USD ($) | Nov. 30, 2019MXN ($) | Jul. 31, 2019USD ($) | Jul. 31, 2019MXN ($) | Mar. 31, 2020USD ($) | Mar. 31, 2020MXN ($) | Jun. 30, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | |
Financial Instruments | |||||||||||||||
Decline in estimated fair value of the Group's investment accounted for in other comprehensive income or loss, net of tax | $ 15,259,764 | $ (180,114) | |||||||||||||
Impairment loss on Group's investment in shares of UHI II | 5,455,356 | ||||||||||||||
Fair value amount of Open ended fund | $ 10 | $ 258,956 | $ 153.7 | $ 3,155,643 | $ 153.7 | $ 3,155,643 | $ 121.6 | $ 2,301,682 | $ 121.6 | $ 2,301,682 | |||||
Cash proceeds from disposition in the aggregate amount | $ 1,755,415 | ||||||||||||||
UH II | |||||||||||||||
Financial Instruments | |||||||||||||||
Impairment loss on Group's investment in shares of UHI II | $ 228.6 | $ 5,455,356 | 5,455,356 | ||||||||||||
Warrants issued by UHI | |||||||||||||||
Financial Instruments | |||||||||||||||
Decline in estimated fair value of the Group's investment accounted for in other comprehensive income or loss, net of tax | $ 21,937,152 | ||||||||||||||
Tax amount on decline in estimated fair value of the Group's investment accounted for in other comprehensive income or loss | $ 6,581,146 |
Investments in Financial Inst_5
Investments in Financial Instruments - Available-for-sale financial assets (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation for all assets and liabilities measured at fair value | ||
Balance at beginning of year | $ 7,002,712 | |
Balance at the end of year | 6,076,079 | $ 7,002,712 |
Warrants issued by UH II | ||
Reconciliation for all assets and liabilities measured at fair value | ||
Foreign exchange gain (loss) derived from the hedged Warrants issued by UHI and investments in Open-Ended Fund | 5,511,412 | |
Open Ended Fund | ||
Reconciliation for all assets and liabilities measured at fair value | ||
Foreign exchange gain (loss) derived from the hedged Warrants issued by UHI and investments in Open-Ended Fund | 99,673 | 471,097 |
FVOCIL | ||
Reconciliation for all assets and liabilities measured at fair value | ||
Balance at beginning of year | 7,001,859 | 44,265,046 |
Investments | 1,118,178 | 602,446 |
Disposition of investments | (2,015,390) | (3,159,970) |
Change in fair value in other comprehensive income (loss) | (33,791) | (17,317,964) |
Warrants exercised for common stock of UHI | (17,387,699) | |
Balance at the end of year | 6,070,856 | 7,001,859 |
FVOCIL | Warrants issued by UH II | ||
Reconciliation for all assets and liabilities measured at fair value | ||
Balance at beginning of year | 33,775,451 | |
Change in fair value in other comprehensive income (loss) | (16,387,752) | |
Warrants exercised for common stock of UHI | (17,387,699) | |
FVOCIL | Open Ended Fund | ||
Reconciliation for all assets and liabilities measured at fair value | ||
Balance at beginning of year | 1,135,803 | 4,688,202 |
Disposition of investments | (258,956) | (3,159,970) |
Change in fair value in other comprehensive income (loss) | 68,329 | (392,429) |
Balance at the end of year | 945,176 | 1,135,803 |
FVOCIL | Publicly traded equity instruments | ||
Reconciliation for all assets and liabilities measured at fair value | ||
Balance at beginning of year | 5,397,504 | 5,751,001 |
Disposition of investments | (1,756,434) | |
Change in fair value in other comprehensive income (loss) | (123,359) | (353,497) |
Balance at the end of year | 3,517,711 | 5,397,504 |
FVOCIL | Other Equity Instruments | ||
Reconciliation for all assets and liabilities measured at fair value | ||
Balance at beginning of year | 468,552 | 50,392 |
Investments | 1,118,178 | 602,446 |
Change in fair value in other comprehensive income (loss) | 21,239 | (184,286) |
Balance at the end of year | $ 1,607,969 | $ 468,552 |
Investments in Associates and_3
Investments in Associates and Joint Ventures - Equity method (Details) - MXN ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2017 | |
Investments in associates and joint ventures | ||||
Investments in associates and joint ventures | $ 26,704,235 | $ 22,813,531 | $ 9,762,432 | |
Intangible assets and goodwill | $ 42,255,881 | $ 42,724,218 | ||
UH II. | ||||
Investments in associates and joint ventures | ||||
Ownership interest in associate | 35.50% | 35.90% | ||
Investments in associates and joint ventures | $ 25,721,539 | $ 21,424,180 | ||
OCEN and subsidiaries | ||||
Investments in associates and joint ventures | ||||
Investments in associates and joint ventures | 556,251 | |||
Others. | ||||
Investments in associates and joint ventures | ||||
Investments in associates and joint ventures | $ 164,903 | 113,905 | ||
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries ("GTAC") | ||||
Investments in associates and joint ventures | ||||
Ownership interest in joint venture | 33.30% | |||
Investments in associates and joint ventures | $ 614,147 | 514,731 | ||
Periodico Digital Sendero, S.A. P.I. de C.V. and subsidiary ("PDS") | ||||
Investments in associates and joint ventures | ||||
Ownership interest in joint venture | 50.00% | |||
Investments in associates and joint ventures | $ 203,646 | 204,464 | ||
Fair value of total consideration | $ 81,749 | |||
Intangible assets and goodwill | $ 113,837 | $ 113,837 |
Investments in Associates and_4
Investments in Associates and Joint Ventures - Associate Narrative (Details) $ in Thousands, $ in Millions | Dec. 29, 2020itemdirectorshares | Feb. 25, 2020 | Jan. 01, 2020MXN ($) | Mar. 31, 2020MXN ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021MXN ($)itemshares | Dec. 31, 2021USD ($)item | Dec. 31, 2020MXN ($) | Sep. 30, 2021MXN ($) |
Corporate information: | |||||||||
Proportionate sale of initial investment in associate | 0.667 | ||||||||
Impairment loss on Group's investment in shares of UHI II | $ | $ 5,455,356 | ||||||||
UH II | |||||||||
Corporate information: | |||||||||
Number of shares owned | shares | 1,110,382 | ||||||||
Number of warrants held | shares | 4,590,953 | ||||||||
Proportion of voting rights held in associate | 14.00% | 40.60% | |||||||
Ownership interest in associate | 10.00% | 35.50% | 35.50% | 35.90% | |||||
Percentage warrants if exercised on a fully diluted as converted basis | 36.00% | ||||||||
Ownership interest after dilution of warrants exercisable | 36.00% | ||||||||
Number of officers designated as members of board of directors | 3 | ||||||||
Number of directors designated as members of board of directors | director | 1 | ||||||||
Total number of seats held by directors | director | 19 | ||||||||
Number of available board seats | director | 22 | ||||||||
Threshold period to broadcast after proportionate sale of initial investment In associate | 7 years 6 months | ||||||||
Ownership interest not held in associate | 64.00% | ||||||||
Impairment loss on Group's investment in shares of UHI II | $ 5,455,356 | $ 228.6 | $ 5,455,356 | ||||||
Goodwill | $ | $ 3,881,135 | $ 18,724,898 | |||||||
UH II. | |||||||||
Corporate information: | |||||||||
Number of shares owned | shares | 5,701,335 | ||||||||
Proportion of voting rights held in associate | 40.10% | 40.10% | |||||||
Ownership interest in associate | 35.50% | 35.50% | 35.90% | ||||||
Number of officers designated as members of board of directors | 3 | 3 | |||||||
Number of officers designated as chairman of board of directors | 1 | 1 | |||||||
Number of officers designated as members of board of directors currently consists members | 11 | 11 | |||||||
Number of officers designated as members of board of directors additional members | 2 | 2 | |||||||
Number of directors of the associate | 13 | 13 | |||||||
Impairment loss on Group's investment in shares of UHI II | $ 4,161,704 | $ 199.1 | |||||||
Equity interest in the capital stock | 35.50% | 35.50% | |||||||
OCEN and subsidiaries | |||||||||
Corporate information: | |||||||||
Share of income in OCEN for 2019 | $ | $ 147,975 | $ 147,975 | $ 147,975 | ||||||
Goodwill | $ | $ 359,613 | $ 359,613 |
Investments in Associates and_5
Investments in Associates and Joint Ventures - Joint venture Narrative (Details) - Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries ("GTAC") - MXN ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2010 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments in Associates and Joint Ventures | |||
Lease term of contract | 20 years | ||
Ownership interest in joint venture | 33.30% | ||
Payment of principal and interest | $ (244,755) | $ (246,046) | |
Amounts receivable in connection with long-term credit facility and supplementary loans | 755,973 | 821,253 | |
Long-term credit facility | |||
Investments in Associates and Joint Ventures | |||
Long-term credit facility amount | $ 688,217 | ||
Interest rate basis | TIIE | ||
Basis points | 2.00% | ||
Used principal amount of the credit facility | 688,183 | 688,183 | |
Payment of principal and interest | $ 97,342 | 123,390 | |
Long term loans | |||
Investments in Associates and Joint Ventures | |||
Interest rate basis | TIIE | ||
Basis points | 2.00% | ||
Principal amount | $ 1,077,732 | ||
Payment of principal and interest | $ 147,413 | $ 122,656 |
Investments in Associates and_6
Investments in Associates and Joint Ventures - Roll forward (Details) $ in Thousands, $ in Millions | Jan. 01, 2020MXN ($) | Mar. 31, 2020MXN ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) |
Disclosure of Associate and Joint Ventures [Line Items] | |||||
At January 1 | $ 9,762,432 | $ 9,762,432 | $ 22,813,531 | $ 9,762,432 | |
Impairment loss in investment in shares of UHI | (5,455,356) | ||||
Reverse impairment losses | 4,161,704 | ||||
Share of (loss) or income of associates and joint ventures, net | (489,827) | (284,312) | |||
Other Comprehensive Income (loss) | 245,714 | (61,033) | |||
Foreign currency translation adjustments | 505,183 | 1,360,735 | |||
Disposition of OCEN | (503,872) | ||||
Dividends from PDS | (10,000) | ||||
Investment in Flayacross | 43,855 | ||||
Other | 51,098 | 68,511 | |||
At December 31 | 26,704,235 | 22,813,531 | |||
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries ("GTAC") | |||||
Disclosure of Associate and Joint Ventures [Line Items] | |||||
At January 1 | 514,731 | ||||
Long-term loans granted to GTAC, net | 131,604 | 132,926 | |||
Payment of principal and interest | (244,755) | (246,046) | |||
At December 31 | 614,147 | 514,731 | |||
UH II | |||||
Disclosure of Associate and Joint Ventures [Line Items] | |||||
Impairment loss in investment in shares of UHI | $ (5,455,356) | $ (228.6) | (5,455,356) | ||
Exercise of warrants for UHI shares | 17,387,699 | ||||
OCEN and subsidiaries | |||||
Disclosure of Associate and Joint Ventures [Line Items] | |||||
At January 1 | 556,251 | ||||
Additional share of income of OCEN | $ 147,975 | $ 147,975 | 147,975 | ||
At December 31 | $ 556,251 |
Investments in Associates and_7
Investments in Associates and Joint Ventures - Balance sheet information (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Investments in associates and joint ventures | ||||
Current assets | $ 73,258,950 | $ 69,061,075 | ||
Non-current assets | 220,483,131 | 202,185,257 | ||
Total assets | 293,742,081 | 271,246,332 | ||
Current liabilities | 56,669,522 | 43,709,666 | ||
Non-current liabilities | 140,548,495 | 139,597,633 | ||
Total liabilities | 197,218,017 | 183,307,299 | ||
Investments accounted for using the equity method | ||||
Investments in associates and joint ventures | ||||
Current assets | 159,619 | 151,151 | ||
Non-current assets | 651,674 | 541,861 | ||
Total assets | 811,293 | 693,012 | ||
Current liabilities | 75,110 | 45,320 | ||
Non-current liabilities | 788,200 | 860,357 | ||
Total liabilities | 863,310 | 905,677 | ||
Net assets | (52,017) | (212,665) | ||
Goodwill | 113,837 | 110,607 | ||
Adjustments for differences in accounting policies | 755,973 | 821,253 | ||
Long-term loans granted to GTAC, net | 817,793 | 719,195 | ||
UH II.. | ||||
Investments in associates and joint ventures | ||||
Current assets | $ 2,579,100 | $ 1,470,301 | ||
Non-current assets | 11,729,470 | 8,249,358 | ||
Total assets | 14,308,570 | 9,719,659 | ||
Current liabilities | 691,600 | 712,300 | ||
Non-current liabilities | 10,619,970 | 8,630,459 | ||
Total liabilities | 11,311,570 | 9,342,759 | ||
Net assets | $ 2,997,000 | $ 376,900 | ||
Associated other than UHI II | ||||
Investments in associates and joint ventures | ||||
Current assets | 196,110 | 923,784 | ||
Non-current assets | 118,207 | 967,584 | ||
Total assets | 314,317 | 1,891,368 | ||
Current liabilities | 154,957 | 1,229,246 | ||
Non-current liabilities | 23,459 | 315,260 | ||
Total liabilities | 178,416 | 1,544,506 | ||
Net assets | 135,901 | 346,862 | ||
Goodwill | 29,002 | 323,294 | ||
Adjustments for differences in accounting policies | $ 164,903 | $ 670,156 |
Investments in Associates and_8
Investments in Associates and Joint Ventures - Reconciles Summary of Financial Information of UHI Carrying Amount (Details) $ in Thousands, $ in Thousands | Dec. 29, 2020 | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019MXN ($) |
Disclosure of associates [line items] | ||||||
Investments in associates and joint ventures | $ 26,704,235 | $ 22,813,531 | $ 9,762,432 | |||
UH II | ||||||
Disclosure of associates [line items] | ||||||
Ownership interest in associate | 10.00% | 35.50% | 35.90% | |||
Group's share of net assets | $ 21,840,404 | $ 2,699,282 | $ 1,065,225 | $ 135,307 | ||
Goodwill | 3,881,135 | 18,724,898 | ||||
Adjustments for differences in accounting policies | $ 25,721,539 | $ 21,424,180 |
Investments in Associates and_9
Investments in Associates and Joint Ventures - Reconciles of Summary of Financial Information (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021MXN ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2019USD ($) | |
Group's interest in UHI: | ||||||
Impairment loss on Group's investment in shares of UHI II | $ 5,455,356 | |||||
UH II.. | ||||||
Disclosure of associates [line items] | ||||||
Net (loss) income | $ 4,232,441 | $ 208,638 | 78,133 | $ 3,635 | $ 532,896 | $ 27,668 |
Other comprehensive income (loss) | 232,773 | $ 11,374 | (50,872) | $ (2,367) | (190,457) | $ (9,889) |
Adjustments for differences in accounting policies: | ||||||
Net income (loss) | 4,834,744 | 79,163 | 55,058 | |||
Other comprehensive income (loss) | (6,657) | (45,263) | ||||
Group's interest in UHI: | ||||||
Net income (loss) | (602,303) | (1,030) | 477,838 | |||
Other comprehensive income (loss) | 232,773 | (57,529) | $ (235,720) | |||
Impairment loss on Group's investment in shares of UHI II | $ 4,161,704 | $ (5,455,356) |
Investments in Associates an_10
Investments in Associates and Joint Ventures - Share of comprehensive (loss) income (Details) $ in Thousands, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021MXN ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2019USD ($) | |
Disclosure of Associate and Joint Ventures [Line Items] | ||||||
Share of income (loss) of associates and joint ventures, net | $ 3,671,877 | $ (5,739,668) | $ 581,023 | |||
Total | 245,714 | (61,033) | (236,159) | |||
Revenue | 103,521,823 | 97,361,634 | 101,757,181 | |||
(Loss) income from continuing operations | 7,354,785 | 302,824 | 6,106,813 | |||
Net income | 7,354,785 | 302,824 | 6,106,813 | |||
Total comprehensive income | 9,289,654 | (16,559,314) | 3,815,538 | |||
Dividends received from UHI | 10,000 | |||||
Associates | Joint ventures | ||||||
Disclosure of Associate and Joint Ventures [Line Items] | ||||||
Share of income (loss) of associates and joint ventures, net | 112,476 | (283,282) | 103,185 | |||
Foreign currency translation adjustments, net | 58 | 1,757 | (2,556) | |||
Other items of comprehensive loss, net | 12,883 | (5,261) | 2,117 | |||
Total | 12,941 | (3,504) | (439) | |||
Share of comprehensive income (loss) of associates and joint ventures | $ 125,417 | $ (286,786) | $ 102,746 | |||
UH II | ||||||
Disclosure of Associate and Joint Ventures [Line Items] | ||||||
Revenue | $ 2,841,000 | $ 2,541,900 | $ 2,687,900 | |||
(Loss) income from continuing operations | 587,000 | 36,400 | 290,200 | |||
Post-tax loss from discontinued operations | (13,200) | |||||
Net income | 587,000 | 36,400 | 277,000 | |||
Other comprehensive income (loss) | 32,000 | (23,700) | (99,000) | |||
Total comprehensive income | $ 619,000 | $ 12,700 | $ 178,000 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | $ 83,281,627 | $ 83,329,232 | |
Additions | 23,267,847 | 20,131,738 | $ 19,108,284 |
Balance at end of the period | 87,922,126 | 83,281,627 | 83,329,232 |
Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 208,238,914 | 192,358,016 | |
Additions | 23,267,847 | 20,131,738 | |
Dismantling cost | 69,350 | 71,241 | |
Retirements and reclassifications to other accounts | (4,554,545) | (3,297,784) | |
Transfers from intangibles assets, net | (547,940) | (1,045,065) | |
Effect of translation | 35,125 | 20,768 | |
Balance at end of the period | 226,508,751 | 208,238,914 | 192,358,016 |
Accumulated Amortisation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (124,957,287) | (109,028,784) | |
Retirements and reclassifications to other accounts | 4,141,389 | 1,774,919 | |
Depreciation, property, plant and equipment | (17,730,550) | (17,689,503) | |
Effect of translation | (40,177) | (13,919) | |
Balance at end of the period | (138,586,625) | (124,957,287) | (109,028,784) |
Buildings and Land | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 9,579,153 | 9,437,130 | |
Balance at end of the period | 9,659,391 | 9,579,153 | 9,437,130 |
Buildings and Land | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 14,886,912 | 14,509,206 | |
Additions | 2,290 | 6,252 | |
Retirements and reclassifications to other accounts | (93,883) | (53,559) | |
Transfers and reclassifications | 412,054 | 415,289 | |
Effect of translation | (4,773) | 9,724 | |
Balance at end of the period | 15,202,600 | 14,886,912 | 14,509,206 |
Buildings and Land | Accumulated Amortisation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (5,307,759) | (5,072,076) | |
Retirements and reclassifications to other accounts | 70,754 | 37,704 | |
Depreciation, property, plant and equipment | (304,842) | (268,684) | |
Effect of translation | (1,362) | (4,703) | |
Balance at end of the period | (5,543,209) | (5,307,759) | (5,072,076) |
Technical equipment | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 54,013,318 | 52,649,603 | |
Balance at end of the period | 57,193,503 | 54,013,318 | 52,649,603 |
Technical equipment | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 157,262,188 | 141,966,642 | |
Additions | 14,334,876 | 12,384,030 | |
Dismantling cost | 69,350 | 71,241 | |
Retirements and reclassifications to other accounts | (2,423,831) | (547,789) | |
Transfers from intangibles assets, net | (2,725) | ||
Transfers and reclassifications | 3,513,272 | 3,381,566 | |
Effect of translation | 39,351 | 9,223 | |
Balance at end of the period | 172,795,206 | 157,262,188 | 141,966,642 |
Technical equipment | Accumulated Amortisation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (103,248,870) | (89,317,039) | |
Retirements and reclassifications to other accounts | 3,326,801 | 1,622,089 | |
Depreciation, property, plant and equipment | (15,641,059) | (15,545,278) | |
Effect of translation | (38,575) | (8,642) | |
Balance at end of the period | (115,601,703) | (103,248,870) | (89,317,039) |
Satellite Transponders | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 2,055,025 | 2,337,439 | |
Balance at end of the period | 1,772,611 | 2,055,025 | 2,337,439 |
Satellite Transponders | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 6,026,094 | 6,026,094 | |
Balance at end of the period | 6,026,094 | 6,026,094 | 6,026,094 |
Satellite Transponders | Accumulated Amortisation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (3,971,069) | (3,688,655) | |
Depreciation, property, plant and equipment | (282,414) | (282,414) | |
Balance at end of the period | (4,253,483) | (3,971,069) | (3,688,655) |
Furniture and Fixtures | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 545,329 | 554,786 | |
Balance at end of the period | 521,800 | 545,329 | 554,786 |
Furniture and Fixtures | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 1,263,800 | 1,158,745 | |
Additions | 68,201 | 24,562 | |
Retirements and reclassifications to other accounts | (62,210) | (2,426) | |
Transfers and reclassifications | 28,976 | 82,855 | |
Effect of translation | 36 | 64 | |
Balance at end of the period | 1,298,803 | 1,263,800 | 1,158,745 |
Furniture and Fixtures | Accumulated Amortisation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (718,471) | (603,959) | |
Retirements and reclassifications to other accounts | 58,751 | 2,208 | |
Depreciation, property, plant and equipment | (117,255) | (116,651) | |
Effect of translation | (28) | (69) | |
Balance at end of the period | (777,003) | (718,471) | (603,959) |
Transportation Equipment | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 1,090,966 | 1,195,318 | |
Balance at end of the period | 1,242,004 | 1,090,966 | 1,195,318 |
Transportation Equipment | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 3,122,232 | 3,000,322 | |
Additions | 395,005 | 75,219 | |
Retirements and reclassifications to other accounts | (280,189) | (45,726) | |
Transfers and reclassifications | 170,788 | 92,370 | |
Effect of translation | 71 | 47 | |
Balance at end of the period | 3,407,907 | 3,122,232 | 3,000,322 |
Transportation Equipment | Accumulated Amortisation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (2,031,266) | (1,805,004) | |
Retirements and reclassifications to other accounts | 127,440 | 41,131 | |
Depreciation, property, plant and equipment | (262,008) | (267,356) | |
Effect of translation | (69) | (37) | |
Balance at end of the period | (2,165,903) | (2,031,266) | (1,805,004) |
Computer Equipment | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 2,092,070 | 2,316,042 | |
Balance at end of the period | 2,117,027 | 2,092,070 | 2,316,042 |
Computer Equipment | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 9,198,382 | 8,548,265 | |
Additions | 339,967 | 253,783 | |
Retirements and reclassifications to other accounts | (618,714) | (72,113) | |
Transfers and reclassifications | 594,158 | 467,754 | |
Effect of translation | 306 | 693 | |
Balance at end of the period | 9,514,099 | 9,198,382 | 8,548,265 |
Computer Equipment | Accumulated Amortisation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (7,106,312) | (6,232,223) | |
Retirements and reclassifications to other accounts | 557,776 | 71,752 | |
Depreciation, property, plant and equipment | (848,426) | (945,389) | |
Effect of translation | (110) | (452) | |
Balance at end of the period | (7,397,072) | (7,106,312) | (6,232,223) |
Leasehold Improvements | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 1,032,096 | 1,124,546 | |
Balance at end of the period | 880,244 | 1,032,096 | 1,124,546 |
Leasehold Improvements | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 3,605,636 | 3,434,374 | |
Additions | 17,508 | 19,283 | |
Retirements and reclassifications to other accounts | (19,860) | (627) | |
Transfers and reclassifications | 125,175 | 152,591 | |
Effect of translation | 37 | 15 | |
Balance at end of the period | 3,728,496 | 3,605,636 | 3,434,374 |
Leasehold Improvements | Accumulated Amortisation | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | (2,573,540) | (2,309,828) | |
Retirements and reclassifications to other accounts | 133 | 35 | |
Depreciation, property, plant and equipment | (274,546) | (263,731) | |
Effect of translation | (33) | (16) | |
Balance at end of the period | (2,848,252) | (2,573,540) | (2,309,828) |
Construction and Projects in Progress | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 12,873,670 | 13,714,368 | |
Balance at end of the period | 14,535,546 | 12,873,670 | 13,714,368 |
Construction and Projects in Progress | Cost | |||
Property, Plant and Equipment, Net | |||
Balance at beginning of the period | 12,873,670 | 13,714,368 | |
Additions | 8,110,000 | 7,368,609 | |
Retirements and reclassifications to other accounts | (1,055,858) | (2,575,544) | |
Transfers from intangibles assets, net | (547,940) | (1,042,340) | |
Transfers and reclassifications | (4,844,423) | (4,592,425) | |
Effect of translation | 97 | 1,002 | |
Balance at end of the period | $ 14,535,546 | $ 12,873,670 | $ 13,714,368 |
Property, Plant and Equipment_4
Property, Plant and Equipment, Net - Others (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment, Net | |||
Property, plant and equipment | $ 87,922,126 | $ 83,281,627 | $ 83,329,232 |
Cost | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment | 226,508,751 | 208,238,914 | 192,358,016 |
Accumulated Amortisation | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment | (138,586,625) | (124,957,287) | $ (109,028,784) |
Subscriber leased set-top equipment | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment | 17,497,525 | 15,679,149 | |
Subscriber leased set-top equipment | Cost | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment | 47,813,940 | 42,564,180 | |
Subscriber leased set-top equipment | Accumulated Amortisation | |||
Property, Plant and Equipment, Net | |||
Property, plant and equipment | $ (30,316,415) | $ (26,885,031) |
Right-of-use Assets, Net (Detai
Right-of-use Assets, Net (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Right-of-use assets, net | ||
Beginning balance | $ 7,212,165 | $ 7,553,052 |
Ending balance | 7,604,567 | 7,212,165 |
Cost | ||
Right-of-use assets, net | ||
Beginning balance | 11,855,323 | 11,107,711 |
Additions | 1,873,718 | 917,079 |
Retirements | (406,074) | (170,648) |
Effect of translation | 270 | 1,181 |
Ending balance | 13,323,237 | 11,855,323 |
Accumulated Amortisation | ||
Right-of-use assets, net | ||
Beginning balance | (4,643,158) | (3,554,659) |
Depreciation for the year | (1,148,048) | (1,096,774) |
Retirements | 72,640 | 8,173 |
Effect of translation | (104) | 102 |
Ending balance | (5,718,670) | (4,643,158) |
Buildings | ||
Right-of-use assets, net | ||
Beginning balance | 4,287,905 | 4,476,729 |
Ending balance | 4,573,386 | 4,287,905 |
Buildings | Cost | ||
Right-of-use assets, net | ||
Beginning balance | 5,464,584 | 5,085,242 |
Additions | 1,166,607 | 655,135 |
Reclassifications | (107,075) | |
Retirements | (342,237) | (169,899) |
Effect of translation | 270 | 1,181 |
Ending balance | 6,289,224 | 5,464,584 |
Buildings | Accumulated Amortisation | ||
Right-of-use assets, net | ||
Beginning balance | (1,176,679) | (608,513) |
Reclassifications | 35,312 | |
Depreciation for the year | (611,120) | (607,791) |
Retirements | 72,065 | 4,211 |
Effect of translation | (104) | 102 |
Ending balance | (1,715,838) | (1,176,679) |
Satellite Transponders | ||
Right-of-use assets, net | ||
Beginning balance | 1,924,029 | 2,209,070 |
Ending balance | 1,638,987 | 1,924,029 |
Satellite Transponders | Cost | ||
Right-of-use assets, net | ||
Beginning balance | 4,275,619 | 4,275,619 |
Ending balance | 4,275,619 | 4,275,619 |
Satellite Transponders | Accumulated Amortisation | ||
Right-of-use assets, net | ||
Beginning balance | (2,351,590) | (2,066,549) |
Depreciation for the year | (285,042) | (285,041) |
Ending balance | (2,636,632) | (2,351,590) |
Technical Equipment | ||
Right-of-use assets, net | ||
Beginning balance | 895,716 | 841,392 |
Ending balance | 878,797 | 895,716 |
Technical Equipment | Cost | ||
Right-of-use assets, net | ||
Beginning balance | 1,883,982 | 1,688,829 |
Additions | 115,591 | 195,153 |
Ending balance | 1,999,573 | 1,883,982 |
Technical Equipment | Accumulated Amortisation | ||
Right-of-use assets, net | ||
Beginning balance | (988,266) | (847,437) |
Depreciation for the year | (132,862) | (140,985) |
Retirements | 352 | 156 |
Ending balance | (1,120,776) | (988,266) |
Computer Equipment | ||
Right-of-use assets, net | ||
Ending balance | 354,019 | |
Computer Equipment | Cost | ||
Right-of-use assets, net | ||
Additions | 437,361 | |
Ending balance | 437,361 | |
Computer Equipment | Accumulated Amortisation | ||
Right-of-use assets, net | ||
Depreciation for the year | (83,342) | |
Ending balance | (83,342) | |
Others | ||
Right-of-use assets, net | ||
Beginning balance | 104,515 | 25,861 |
Ending balance | 159,378 | 104,515 |
Others | Cost | ||
Right-of-use assets, net | ||
Beginning balance | 231,138 | 58,021 |
Additions | 154,159 | 66,791 |
Reclassifications | 107,075 | |
Retirements | (63,837) | (749) |
Ending balance | 321,460 | 231,138 |
Others | Accumulated Amortisation | ||
Right-of-use assets, net | ||
Beginning balance | (126,623) | (32,160) |
Reclassifications | (35,312) | |
Depreciation for the year | (35,682) | (62,957) |
Retirements | 223 | 3,806 |
Ending balance | $ (162,082) | $ (126,623) |
Intangible Assets and Goodwil_3
Intangible Assets and Goodwill, Net - Summary of intangible assets and goodwill (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | $ 42,255,881 | $ 42,724,218 | |
Concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 15,166,067 | 15,166,067 | $ 15,166,067 |
Goodwill. | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 14,036,657 | 14,113,626 | 14,113,626 |
Intangible Assets with Finite Useful Lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 13,017,915 | 13,409,283 | |
Intangible Assets with Finite Useful Lives | Trademarks with finite useful lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 183,654 | 255,782 | |
Intangible Assets with Finite Useful Lives | Concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 110,701 | ||
Intangible Assets with Finite Useful Lives | Licenses and software | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 5,158,928 | 4,692,574 | |
Intangible Assets with Finite Useful Lives | Subscriber lists | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 1,232,283 | 1,546,264 | |
Intangible Assets with Finite Useful Lives | Payments for renewal of concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 5,825,559 | 5,825,559 | |
Intangible Assets with Finite Useful Lives | Other intangible assets | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 617,491 | 978,403 | |
Intangible Assets with Indefinite Useful Lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 29,237,966 | 29,314,935 | |
Intangible Assets with Indefinite Useful Lives | Trademarks with finite useful lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 35,242 | 35,242 | |
Intangible Assets with Indefinite Useful Lives | Concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 15,166,067 | 15,166,067 | |
Intangible Assets with Indefinite Useful Lives | Goodwill. | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 14,036,657 | 14,113,626 | |
Cost | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 66,929,587 | 65,034,704 | |
Cost | Intangible Assets with Finite Useful Lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 37,691,621 | 35,719,769 | 33,343,230 |
Cost | Intangible Assets with Finite Useful Lives | Trademarks with finite useful lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 2,227,096 | 2,227,096 | 2,127,697 |
Cost | Intangible Assets with Finite Useful Lives | Concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 553,505 | 553,505 | 553,505 |
Cost | Intangible Assets with Finite Useful Lives | Licenses and software | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 14,831,874 | 13,139,480 | 10,858,388 |
Cost | Intangible Assets with Finite Useful Lives | Subscriber lists | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 8,806,951 | 8,804,334 | |
Cost | Intangible Assets with Finite Useful Lives | Payments for renewal of concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 5,825,559 | 5,825,559 | 5,821,828 |
Cost | Intangible Assets with Finite Useful Lives | Other intangible assets | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 5,446,636 | 5,169,795 | 5,198,960 |
Cost | Intangible Assets with Indefinite Useful Lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 29,237,966 | 29,314,935 | 29,455,137 |
Cost | Intangible Assets with Indefinite Useful Lives | Trademarks with finite useful lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 35,242 | 35,242 | 175,444 |
Cost | Intangible Assets with Indefinite Useful Lives | Concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 15,166,067 | 15,166,067 | 15,166,067 |
Cost | Intangible Assets with Indefinite Useful Lives | Goodwill. | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | 14,036,657 | 14,113,626 | 14,113,626 |
Accumulated Amortisation | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | (24,673,706) | (22,310,486) | |
Accumulated Amortisation | Intangible Assets with Finite Useful Lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | (24,673,706) | (22,310,486) | (19,469,413) |
Accumulated Amortisation | Intangible Assets with Finite Useful Lives | Trademarks with finite useful lives | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | (2,043,442) | (1,971,314) | (1,899,187) |
Accumulated Amortisation | Intangible Assets with Finite Useful Lives | Concessions | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | (553,505) | (442,804) | (332,103) |
Accumulated Amortisation | Intangible Assets with Finite Useful Lives | Licenses and software | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | (9,672,946) | (8,446,906) | (6,843,169) |
Accumulated Amortisation | Intangible Assets with Finite Useful Lives | Subscriber lists | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | (7,574,668) | (7,258,070) | |
Accumulated Amortisation | Intangible Assets with Finite Useful Lives | Other intangible assets | |||
Summary of intangible assets and goodwill | |||
Intangible assets and goodwill, net | $ (4,829,145) | $ (4,191,392) | $ (3,762,535) |
Intangible Assets and Goodwil_4
Intangible Assets and Goodwill, Net - Changes in intangible assets and goodwill with indefinite useful lives (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | $ 42,724,218 | |
Balance at end of the period | 42,255,881 | $ 42,724,218 |
Concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 15,166,067 | 15,166,067 |
Balance at end of the period | 15,166,067 | 15,166,067 |
Goodwill. | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 14,113,626 | 14,113,626 |
Impairment adjustments | (76,969) | |
Balance at end of the period | 14,036,657 | 14,113,626 |
Intangible Assets with Indefinite Useful Lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 29,314,935 | |
Balance at end of the period | 29,237,966 | 29,314,935 |
Intangible Assets with Indefinite Useful Lives | Trademarks with finite useful lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 35,242 | |
Balance at end of the period | 35,242 | 35,242 |
Intangible Assets with Indefinite Useful Lives | Concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 15,166,067 | |
Balance at end of the period | 15,166,067 | 15,166,067 |
Intangible Assets with Indefinite Useful Lives | Goodwill. | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 14,113,626 | |
Balance at end of the period | 14,036,657 | 14,113,626 |
Cost | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 65,034,704 | |
Balance at end of the period | 66,929,587 | 65,034,704 |
Cost | Intangible Assets with Indefinite Useful Lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 29,314,935 | 29,455,137 |
Impairment adjustments | (76,969) | (40,803) |
Transfers and reclassifications | (99,399) | |
Balance at end of the period | 29,237,966 | 29,314,935 |
Cost | Intangible Assets with Indefinite Useful Lives | Trademarks with finite useful lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 35,242 | 175,444 |
Impairment adjustments | (40,803) | |
Transfers and reclassifications | (99,399) | |
Balance at end of the period | 35,242 | 35,242 |
Cost | Intangible Assets with Indefinite Useful Lives | Concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 15,166,067 | 15,166,067 |
Balance at end of the period | 15,166,067 | 15,166,067 |
Cost | Intangible Assets with Indefinite Useful Lives | Goodwill. | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 14,113,626 | 14,113,626 |
Impairment adjustments | (76,969) | |
Balance at end of the period | $ 14,036,657 | $ 14,113,626 |
Intangible Assets and Goodwil_5
Intangible Assets and Goodwill, Net - Changes in intangible assets with definite useful lives (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | $ 42,724,218 | |
Balance at end of the period | 42,255,881 | $ 42,724,218 |
Concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 15,166,067 | 15,166,067 |
Balance at end of the period | 15,166,067 | 15,166,067 |
Intangible Assets with Finite Useful Lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 13,409,283 | |
Balance at end of the period | 13,017,915 | 13,409,283 |
Intangible Assets with Finite Useful Lives | Trademarks with finite useful lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 255,782 | |
Balance at end of the period | 183,654 | 255,782 |
Intangible Assets with Finite Useful Lives | Concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 110,701 | |
Amortization of the year | 110,701 | 110,701 |
Balance at end of the period | 110,701 | |
Intangible Assets with Finite Useful Lives | Licenses and software | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 4,692,574 | |
Balance at end of the period | 5,158,928 | 4,692,574 |
Intangible Assets with Finite Useful Lives | List of subscribers | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 1,546,264 | |
Balance at end of the period | 1,232,283 | 1,546,264 |
Intangible Assets with Finite Useful Lives | Payments for renewal of concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 5,825,559 | |
Balance at end of the period | 5,825,559 | 5,825,559 |
Intangible Assets with Finite Useful Lives | Other intangible assets | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 978,403 | |
Balance at end of the period | 617,491 | 978,403 |
Cost | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 65,034,704 | |
Balance at end of the period | 66,929,587 | 65,034,704 |
Cost | Intangible Assets with Finite Useful Lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 35,719,769 | 33,343,230 |
Additions | 1,899,464 | 1,235,177 |
Transfers from (to) property, plant and equipment | 547,940 | 1,045,065 |
Retirements and impairment adjustments | (643,888) | (53,140) |
Transfers and reclassifications | 156,994 | 127,526 |
Effect of translation | 11,342 | 21,911 |
Balance at end of the period | 37,691,621 | 35,719,769 |
Cost | Intangible Assets with Finite Useful Lives | Trademarks with finite useful lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 2,227,096 | 2,127,697 |
Transfers and reclassifications | 99,399 | |
Balance at end of the period | 2,227,096 | 2,227,096 |
Cost | Intangible Assets with Finite Useful Lives | Concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 553,505 | 553,505 |
Balance at end of the period | 553,505 | 553,505 |
Cost | Intangible Assets with Finite Useful Lives | Licenses and software | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 13,139,480 | 10,858,388 |
Additions | 1,599,671 | 959,813 |
Transfers from (to) property, plant and equipment | 609,974 | 1,247,347 |
Retirements and impairment adjustments | (643,888) | (28,127) |
Transfers and reclassifications | 117,716 | 84,823 |
Effect of translation | 8,921 | 17,236 |
Balance at end of the period | 14,831,874 | 13,139,480 |
Cost | Intangible Assets with Finite Useful Lives | List of subscribers | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 8,804,334 | 8,782,852 |
Transfers and reclassifications | 16,428 | |
Effect of translation | 2,617 | 5,054 |
Balance at end of the period | 8,806,951 | 8,804,334 |
Cost | Intangible Assets with Finite Useful Lives | Payments for renewal of concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 5,825,559 | 5,821,828 |
Additions | 3,731 | |
Balance at end of the period | 5,825,559 | 5,825,559 |
Cost | Intangible Assets with Finite Useful Lives | Other intangible assets | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | 5,169,795 | 5,198,960 |
Additions | 299,793 | 271,633 |
Transfers from (to) property, plant and equipment | (62,034) | (202,282) |
Retirements and impairment adjustments | (25,013) | |
Transfers and reclassifications | 39,278 | (73,124) |
Effect of translation | (196) | (379) |
Balance at end of the period | 5,446,636 | 5,169,795 |
Accumulated Amortisation | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | (22,310,486) | |
Balance at end of the period | (24,673,706) | (22,310,486) |
Accumulated Amortisation | Intangible Assets with Finite Useful Lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | (22,310,486) | (19,469,413) |
Amortization of the year | (2,539,771) | (2,474,510) |
Other amortization of the year | (329,144) | 380,863 |
Retirements and impairment adjustments | 516,045 | 30,130 |
Effect of translation | (10,350) | (15,830) |
Balance at end of the period | (24,673,706) | (22,310,486) |
Accumulated Amortisation | Intangible Assets with Finite Useful Lives | Trademarks with finite useful lives | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | (1,971,314) | (1,899,187) |
Amortization of the year | (72,128) | (72,127) |
Balance at end of the period | (2,043,442) | (1,971,314) |
Accumulated Amortisation | Intangible Assets with Finite Useful Lives | Concessions | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | (442,804) | (332,103) |
Amortization of the year | (110,701) | (110,701) |
Balance at end of the period | (553,505) | (442,804) |
Accumulated Amortisation | Intangible Assets with Finite Useful Lives | Licenses and software | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | (8,446,906) | (6,843,169) |
Amortization of the year | (1,741,517) | (1,717,282) |
Retirements and impairment adjustments | 516,045 | 28,127 |
Reclassifications | 96,304 | |
Effect of translation | (568) | (10,886) |
Balance at end of the period | (9,672,946) | (8,446,906) |
Accumulated Amortisation | Intangible Assets with Finite Useful Lives | List of subscribers | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | (7,258,070) | (6,632,419) |
Amortization of the year | (313,981) | (523,878) |
Reclassifications | (96,719) | |
Effect of translation | (2,617) | (5,054) |
Balance at end of the period | (7,574,668) | (7,258,070) |
Accumulated Amortisation | Intangible Assets with Finite Useful Lives | Other intangible assets | ||
Analysis of the changes in intangible assets | ||
Balance at beginning of the period | (4,191,392) | (3,762,535) |
Amortization of the year | (301,444) | (50,522) |
Other amortization of the year | (329,144) | 380,863 |
Retirements and impairment adjustments | 2,003 | |
Reclassifications | 415 | |
Effect of translation | (7,165) | 110 |
Balance at end of the period | $ (4,829,145) | $ (4,191,392) |
Intangible Assets and Goodwil_6
Intangible Assets and Goodwill, Net - Net carrying amount of goodwill, indefinite-lived trademarks and concessions (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | $ 42,724,218 | ||
Balance at end of the period | 42,255,881 | $ 42,724,218 | |
Impairment of long-lived assets | (1,276,990) | (1,387,431) | $ (1,446,568) |
Goodwill. | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 14,113,626 | 14,113,626 | |
Impairment adjustments | (76,969) | ||
Balance at end of the period | 14,036,657 | 14,113,626 | 14,113,626 |
Goodwill. | Cable | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 13,794,684 | 13,794,684 | |
Balance at end of the period | 13,794,684 | 13,794,684 | 13,794,684 |
Goodwill. | Content | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 241,973 | 241,973 | |
Balance at end of the period | 241,973 | 241,973 | 241,973 |
Goodwill. | Other Businesses | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 76,969 | 76,969 | |
Impairment adjustments | (76,969) | ||
Balance at end of the period | 76,969 | 76,969 | |
Indefinite-lived trademarks | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 35,242 | 175,444 | |
Impairment adjustments | (40,803) | ||
Transfers | (99,399) | ||
Balance at end of the period | 35,242 | 35,242 | 175,444 |
Indefinite-lived trademarks | Cable | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 32,813 | 132,212 | |
Transfers | (99,399) | ||
Balance at end of the period | 32,813 | 32,813 | 132,212 |
Indefinite-lived trademarks | Other Businesses | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 2,429 | 43,232 | |
Impairment adjustments | (40,803) | ||
Balance at end of the period | 2,429 | 2,429 | 43,232 |
Concessions | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 15,166,067 | 15,166,067 | |
Balance at end of the period | 15,166,067 | 15,166,067 | 15,166,067 |
Concessions | Cable | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 15,070,025 | 15,070,025 | |
Balance at end of the period | 15,070,025 | 15,070,025 | 15,070,025 |
Concessions | Sky | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 96,042 | 96,042 | |
Balance at end of the period | 96,042 | 96,042 | $ 96,042 |
Trademarks with finite useful lives | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Impairment of long-lived assets | (40,803) | ||
Intangible Assets with Finite Useful Lives | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 13,409,283 | ||
Balance at end of the period | 13,017,915 | 13,409,283 | |
Intangible Assets with Finite Useful Lives | Concessions | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 110,701 | ||
Balance at end of the period | 110,701 | ||
Intangible Assets with Finite Useful Lives | Trademarks with finite useful lives | |||
Changes in the net carrying amount of goodwill, indefinite-lived trademarks and concessions | |||
Balance at beginning of the period | 255,782 | ||
Balance at end of the period | $ 183,654 | $ 255,782 |
Intangible Assets and Goodwil_7
Intangible Assets and Goodwill, Net - Assumptions used in fair value calculations of goodwill and intangible assets (Details) - Cable | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Minimum | ||
Intangible Assets and Goodwill, Net | ||
Long-term growth rate (as a percentage) | 4.00% | 3.70% |
Discount rate (as a percentage) | 10.00% | 10.50% |
Pre-tax discount rate | 13.66% | |
Multiple of sales | 2.2 | 2.3 |
Multiple of EBITDA (as defined) | 6.8 | 6.3 |
Maximum | ||
Intangible Assets and Goodwill, Net | ||
Long-term growth rate (as a percentage) | 4.00% | 3.90% |
Discount rate (as a percentage) | 10.60% | 11.60% |
Pre-tax discount rate | 16.50% | |
Multiple of sales | 3.3 | 3.4 |
Multiple of EBITDA (as defined) | 7.9 | 8.2 |
Intangible Assets and Goodwil_8
Intangible Assets and Goodwill, Net - Future amortization expense of trademarks (Details) - MXN ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Intangible Assets and Goodwill, Net | ||||
Intangible assets and goodwill, net | $ 42,255,881 | $ 42,724,218 | ||
Percentage of increasing in discount rate | 2.80% | |||
Decrease in long term growth rate | 2.00% | |||
Change In Basis Points of Increasing In Discount Rate | 0.30% | |||
Change In Basis Points of Decreasing In Discount Rate | 0.10% | |||
Concessions | ||||
Intangible Assets and Goodwill, Net | ||||
Intangible assets and goodwill, net | $ 15,166,067 | 15,166,067 | $ 15,166,067 | |
Intangible Assets with Finite Useful Lives | ||||
Intangible Assets and Goodwill, Net | ||||
Intangible assets and goodwill, net | 13,017,915 | 13,409,283 | ||
Intangible Assets with Finite Useful Lives | Trademarks with finite useful lives | ||||
Intangible Assets and Goodwill, Net | ||||
Intangible assets and goodwill, net | 183,654 | 255,782 | ||
Estimated useful life (in years) | 4 years | |||
Intangible Assets with Finite Useful Lives | Concessions | ||||
Intangible Assets and Goodwill, Net | ||||
Intangible assets and goodwill, net | 110,701 | |||
Amortization | 110,701 | $ 110,701 | ||
Intangible Assets with Finite Useful Lives | Concessions | 2021 | ||||
Intangible Assets and Goodwill, Net | ||||
Intangible assets and goodwill, net | $ 553,505 |
Debt and Lease Liabilities (Det
Debt and Lease Liabilities (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||
Dec. 31, 2021MXN ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2017MXN ($) | |
Debt, lease liabilities and other notes payable outstanding | ||||
Principal amount | $ 126,999,199 | $ 221.3 | ||
Senior notes due between 2025 and 2049 | ||||
Debt, lease liabilities and other notes payable outstanding | ||||
Unsecured outstanding principal amount | $ 11,000,000 | $ 4,450 | ||
Senior notes redemption price (as a percent) | 101.00% | |||
6.625% Senior Notes due 2025 | ||||
Debt, lease liabilities and other notes payable outstanding | ||||
Interest including withholding taxes (as a percent) | 6.97% | 6.97% | ||
6.625% Senior notes 1 due 2025 | ||||
Debt, lease liabilities and other notes payable outstanding | ||||
Unsecured outstanding principal amount | $ 400 | |||
Senior Notes priced at yield to maturity (as a percent) | 98.081% | |||
Debt instrument yield to maturity (as a percent) | 6.802% | |||
6.625% Senior notes 2 due 2025 | ||||
Debt, lease liabilities and other notes payable outstanding | ||||
Unsecured outstanding principal amount | $ 200 | |||
Senior Notes priced at yield to maturity (as a percent) | 98.632% | |||
Debt instrument yield to maturity (as a percent) | 6.787% | |||
4.625% Senior Notes due 2026 | ||||
Debt, lease liabilities and other notes payable outstanding | ||||
Interest including withholding taxes (as a percent) | 4.86% | 4.86% | ||
Senior Notes priced at yield to maturity (as a percent) | 99.385% | |||
Debt instrument yield to maturity (as a percent) | 4.70% | |||
8.50% Senior Notes due 2032 | ||||
Debt, lease liabilities and other notes payable outstanding | ||||
Interest including withholding taxes (as a percent) | 8.94% | 8.94% | ||
Senior Notes priced at yield to maturity (as a percent) | 99.431% | |||
Debt instrument yield to maturity (as a percent) | 8.553% | |||
8.49% Senior Notes due 2037 | ||||
Debt, lease liabilities and other notes payable outstanding | ||||
Interest including withholding taxes (as a percent) | 8.93% | 8.93% | ||
6.625% Senior Notes due 2040 | ||||
Debt, lease liabilities and other notes payable outstanding | ||||
Interest including withholding taxes (as a percent) | 6.97% | 6.97% | ||
Senior Notes priced at yield to maturity (as a percent) | 98.319% | |||
Debt instrument yield to maturity (as a percent) | 6.755% | |||
7.25% Senior Notes due 2043 | ||||
Debt, lease liabilities and other notes payable outstanding | ||||
Interest including withholding taxes (as a percent) | 7.62% | 7.62% | ||
Senior Notes priced at yield to maturity (as a percent) | 99.733% | |||
Debt instrument yield to maturity (as a percent) | 7.27% | |||
5% Senior Notes due 2045 | ||||
Debt, lease liabilities and other notes payable outstanding | ||||
Interest including withholding taxes (as a percent) | 5.26% | 5.26% | ||
Senior Notes priced at yield to maturity (as a percent) | 96.534% | |||
Debt instrument yield to maturity (as a percent) | 5.227% | |||
6.125% Senior Notes due 2046 | ||||
Debt, lease liabilities and other notes payable outstanding | ||||
Interest including withholding taxes (as a percent) | 6.44% | 6.44% | ||
Senior Notes priced at yield to maturity (as a percent) | 99.677% | |||
Debt instrument yield to maturity (as a percent) | 6.147% | |||
Senior Notes Due 2049 | ||||
Debt, lease liabilities and other notes payable outstanding | ||||
Interest including withholding taxes (as a percent) | 5.52% | 5.52% | ||
Senior Notes priced at yield to maturity (as a percent) | 98.588% | |||
Debt instrument yield to maturity (as a percent) | 5.345% | |||
8.79% Notes due 2027 | ||||
Debt, lease liabilities and other notes payable outstanding | ||||
Principal amount | $ 4,500,000 | |||
Interest rate | 8.79% |
Debt and Lease Liabilities - Ot
Debt and Lease Liabilities - Other notes payable (Details) $ in Thousands, $ in Millions | Mar. 31, 2022USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Jan. 01, 2019MXN ($) | Dec. 31, 2017MXN ($) |
Debt, lease liabilities and other notes payable outstanding | ||||||
Interest Payable | $ 2,034,577 | $ 1,324,307 | ||||
Less: Current portion of long-term debt, excluding interest payable | 2,034,577 | |||||
Principal | $ 221.3 | 126,999,199 | ||||
Principal amount of current portion of long-term debt | 4,110,404 | |||||
Principal amount of long-term debt, net of current portion | 122,888,795 | |||||
Finance Costs | (1,207,057) | |||||
Finance Cost on current portion of long-term debt | (3,972) | |||||
Finance Cost on long-term debt, net of current portion | (1,203,085) | |||||
Total debt | 125,792,142 | 124,487,627 | ||||
Less: Current portion of long-term debt | 4,106,432 | 2,551,647 | ||||
Long-term debt, net of current portion | 121,685,710 | 121,935,980 | ||||
Lease liabilities: | ||||||
Total lease liabilities | 9,680,559 | 9,292,351 | ||||
Less: Current portion | 1,478,382 | 1,277,754 | ||||
Lease liabilities, net of current portion | 8,202,177 | 8,014,597 | ||||
IFRS 16 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Total debt, excluding interest payable | 5,533,552 | |||||
Lease liabilities: | ||||||
Total lease liabilities | 5,533,552 | 4,745,292 | $ 4,745,292 | $ 10,115,256 | ||
Satellite Transponders | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Total debt, excluding interest payable | 3,457,524 | |||||
Lease liabilities: | ||||||
Total lease liabilities | 3,818,559 | |||||
Others | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Total debt, excluding interest payable | 689,483 | |||||
Lease liabilities: | ||||||
Total lease liabilities | 728,500 | |||||
U.S. dollar | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Interest Payable | 1,770,556 | |||||
Principal | 91,238,795 | |||||
Finance Costs | (1,070,589) | |||||
Total debt, excluding interest payable | 90,168,206 | |||||
Total debt | 89,343,063 | |||||
Mexican peso | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Interest Payable | 264,021 | |||||
Principal | 35,760,404 | |||||
Finance Costs | (136,468) | |||||
Total debt, excluding interest payable | $ 35,623,936 | |||||
Total debt | 35,144,564 | |||||
6.625% Senior Notes due 2025 | U.S. dollar | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Borrowing interest rate (as a percent) | 6.625% | |||||
Interest Payable | $ 230,916 | |||||
Principal | 12,301,860 | |||||
Finance Costs | (124,505) | |||||
Total debt, excluding interest payable | $ 12,177,355 | |||||
Total debt | 12,031,444 | |||||
Effective Interest Rate | 7.60% | |||||
4.625% Senior Notes due 2026 | U.S. dollar | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Borrowing interest rate (as a percent) | 4.625% | |||||
Interest Payable | $ 142,240 | |||||
Principal | 6,150,930 | |||||
Finance Costs | (19,457) | |||||
Total debt, excluding interest payable | $ 6,131,473 | |||||
Total debt | 6,098,764 | |||||
Effective Interest Rate | 5.03% | |||||
8.50% Senior Notes due 2032 | U.S. dollar | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Borrowing interest rate (as a percent) | 8.50% | |||||
Interest Payable | $ 159,753 | |||||
Principal | 6,150,930 | |||||
Finance Costs | (18,104) | |||||
Total debt, excluding interest payable | $ 6,132,826 | |||||
Total debt | 6,120,358 | |||||
Effective Interest Rate | 9.00% | |||||
6.625% Senior Notes due 2040 | U.S. dollar | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Borrowing interest rate (as a percent) | 6.625% | |||||
Interest Payable | $ 443,721 | |||||
Principal | 12,301,860 | |||||
Finance Costs | (114,115) | |||||
Total debt, excluding interest payable | $ 12,187,745 | |||||
Total debt | 12,280,831 | |||||
Effective Interest Rate | 7.05% | |||||
5% Senior Notes due 2045 | U.S. dollar | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Borrowing interest rate (as a percent) | 5.00% | |||||
Interest Payable | $ 148,078 | |||||
Principal | 20,503,100 | |||||
Finance Costs | (396,054) | |||||
Total debt, excluding interest payable | $ 20,107,046 | |||||
Total debt | 19,680,412 | |||||
Effective Interest Rate | 5.39% | |||||
5.25% Senior Notes due 2049 | U.S. dollar | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Borrowing interest rate (as a percent) | 5.25% | |||||
Interest Payable | $ 80,731 | |||||
Principal | 15,377,325 | |||||
Finance Costs | (283,857) | |||||
Total debt, excluding interest payable | $ 15,093,468 | |||||
Total debt | 14,746,315 | |||||
Effective Interest Rate | 5.59% | |||||
6.125% Senior Notes due 2046 | U.S. dollar | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Borrowing interest rate (as a percent) | 6.125% | |||||
Interest Payable | $ 565,117 | |||||
Principal | 18,452,790 | |||||
Finance Costs | (114,497) | |||||
Total debt, excluding interest payable | $ 18,338,293 | |||||
Total debt | 18,384,939 | |||||
Effective Interest Rate | 6.47% | |||||
8.79% Notes due 2027 | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Borrowing interest rate (as a percent) | 8.79% | |||||
Principal | $ 4,500,000 | |||||
8.79% Notes due 2027 | Mexican peso | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Borrowing interest rate (as a percent) | 8.79% | |||||
Interest Payable | $ 96,690 | |||||
Principal | 4,500,000 | |||||
Finance Costs | (13,762) | |||||
Total debt, excluding interest payable | $ 4,486,238 | |||||
Total debt | 4,579,469 | |||||
Effective Interest Rate | 8.84% | |||||
8.49% Senior Notes due 2037 | Mexican peso | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Borrowing interest rate (as a percent) | 8.49% | |||||
Interest Payable | $ 31,838 | |||||
Principal | 4,500,000 | |||||
Finance Costs | (11,178) | |||||
Total debt, excluding interest payable | $ 4,488,822 | |||||
Total debt | 4,519,935 | |||||
Effective Interest Rate | 8.94% | |||||
7.25% Senior Notes due 2043 | Mexican peso | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Borrowing interest rate (as a percent) | 7.25% | |||||
Interest Payable | $ 58,906 | |||||
Principal | 6,500,000 | |||||
Finance Costs | (50,723) | |||||
Total debt, excluding interest payable | $ 6,449,277 | |||||
Total debt | 6,512,360 | |||||
Effective Interest Rate | 7.92% | |||||
Bank loans | Mexican peso | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Interest Payable | $ 57,370 | |||||
Principal | 16,000,000 | |||||
Finance Costs | (60,517) | |||||
Total debt, excluding interest payable | $ 15,939,483 | |||||
Total debt | 15,918,322 | |||||
Effective Interest Rate | 6.64% | |||||
Bank loans (Sky) | Mexican peso | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Interest Payable | $ 19,217 | |||||
Principal | 3,650,000 | |||||
Total debt, excluding interest payable | $ 3,650,000 | |||||
Total debt | 2,762,371 | |||||
Effective Interest Rate | 6.48% | |||||
Bank loans (TVI) | Mexican peso | ||||||
Debt, lease liabilities and other notes payable outstanding | ||||||
Principal | $ 610,404 | |||||
Finance Costs | (288) | |||||
Total debt, excluding interest payable | $ 610,116 | |||||
Total debt | $ 852,107 | |||||
Effective Interest Rate | 6.14% |
Debt and Lease Liabilities - Ba
Debt and Lease Liabilities - Bank loans (Details) $ in Thousands, $ in Millions | Dec. 31, 2017MXN ($)company | Mar. 31, 2016MXN ($)company | Jul. 31, 2020MXN ($) | Mar. 31, 2020 | Jul. 31, 2019MXN ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Mar. 31, 2022USD ($) | Feb. 28, 2022USD ($) | Dec. 31, 2021USD ($) | Oct. 06, 2020MXN ($) | Dec. 31, 2018USD ($) |
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Principal amount | $ 126,999,199 | $ 221.3 | |||||||||||
Amount drew down | 2,650,000 | $ 10,000,000 | |||||||||||
Repayment of debt | 242,489 | $ 492,489 | $ 989,156 | ||||||||||
Interest payable on total debt | 2,034,577 | 1,324,307 | |||||||||||
Bank loans maturities between 2022 and 2023 | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Number of Mexican banks, entered into long-term credit agreements | company | 3 | ||||||||||||
Principal amount | $ 6,000,000 | ||||||||||||
Base rate | TIIE | ||||||||||||
Number of days interest is payable | 28 days | ||||||||||||
Bank loans mature in 2021 and 2023, (Sky) | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Number of Mexican banks, entered into long-term credit agreements | company | 2 | ||||||||||||
Principal amount | $ 5,500,000 | ||||||||||||
Repayment of debt, principal component | $ 2,750,000 | 1,750,000 | |||||||||||
Payment of accrued interest and transaction costs on debt | 68,091 | 365 | |||||||||||
Bank loans maturities between 2020 And 2022 (TVI) | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Principal amount | $ 610,404 | $ 852,893 | |||||||||||
Base rate | TIIE | ||||||||||||
Syndicate of Banks | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Principal amount | $ 10,000,000 | ||||||||||||
Base rate | TIIE | ||||||||||||
Number of days interest is payable | 28 days | ||||||||||||
Term of borrowings | 5 years | ||||||||||||
Bank Loans Maturities December 2026 | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Principal amount | $ 2,650,000 | ||||||||||||
Base rate | TIIE | ||||||||||||
Number of days interest is payable | 28 days | ||||||||||||
Variable interest rate spread (as a percent) | 0.90% | 0.90% | |||||||||||
Interest rate | 8.215% | 8.215% | |||||||||||
Payment of accrued interest and transaction costs on debt | $ 1,325,000 | ||||||||||||
Revolving credit facility with a syndicate of banks | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Principal amount | $ 650 | $ 618 | $ 14,770,694 | $ 618 | |||||||||
Number of days interest is payable | 28 days | ||||||||||||
Variable interest rate spread (as a percent) | 112.50% | ||||||||||||
Minimum | Bank loans maturities between 2022 and 2023 | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Variable interest rate spread (as a percent) | 1.25% | ||||||||||||
Minimum | Bank loans 1 mature in 2021 and 2023, (Sky) | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Interest rate | 7.00% | ||||||||||||
Minimum | Syndicate of Banks | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Variable interest rate spread (as a percent) | 1.05% | ||||||||||||
Minimum | TIIE | Bank loans maturities between 2020 And 2022 (TVI) | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Variable interest rate spread (as a percent) | 1.00% | 1.00% | |||||||||||
Maximum | Bank loans maturities between 2022 and 2023 | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Variable interest rate spread (as a percent) | 1.30% | ||||||||||||
Maximum | Bank loans mature in 2021 and 2023, (Sky) | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Repayment of debt, principal component | $ 2,818,091 | $ 1,750,365 | |||||||||||
Maximum | Bank loans 2 mature in 2021 and 2023, (Sky) | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Interest rate | 7.13% | ||||||||||||
Maximum | Syndicate of Banks | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Variable interest rate spread (as a percent) | 1.30% | ||||||||||||
Maximum | Revolving credit facility with a syndicate of banks | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Variable interest rate spread (as a percent) | 87.50% | ||||||||||||
Maximum | TIIE | Bank loans maturities between 2020 And 2022 (TVI) | |||||||||||||
Debt, lease liabilities and other notes payable outstanding | |||||||||||||
Variable interest rate spread (as a percent) | 1.25% | 1.25% |
Debt and Lease Liabilities - Fi
Debt and Lease Liabilities - Finance leases and Other notes payable (Details) $ in Thousands, $ in Millions | 1 Months Ended | ||||
Mar. 31, 2010USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Jan. 01, 2019MXN ($) | |
Debt, lease liabilities and other notes payable outstanding | |||||
Lease liabilities | $ 9,680,559 | $ 9,292,351 | |||
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries ("GTAC") | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Lease liabilities | 689,483 | 728,500 | |||
IFRS 16 | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Lease liabilities | $ 5,533,552 | 4,745,292 | $ 4,745,292 | $ 10,115,256 | |
Satellite Transponders | |||||
Debt, lease liabilities and other notes payable outstanding | |||||
Obligated interest rate | 7.30% | ||||
Capital lease monthly fees (Sky) | $ 3 | ||||
Lease liabilities | $ 3,818,559 | ||||
Lease term | 15 years |
Debt and Lease Liabilities - He
Debt and Lease Liabilities - Hedged Items (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Disclosure of detailed information about hedged items [line items] | |||||
Notional Amount | $ 126,999,199 | $ 221.3 | |||
Designated as hedging instruments | |||||
Disclosure of detailed information about hedged items [line items] | |||||
Notional Amount | 26,666,715 | $ 22,559,983 | $ 1,300.6 | $ 1,130.9 | |
Recognized in: | |||||
Comprehensive loss | (604,856) | (7,343,244) | |||
Total foreign exchange (loss) gain derived from hedging Senior Notes | (604,856) | (7,343,244) | |||
Offset against: | |||||
Total foreign currency translation and foreign exchange gain (loss) derived from hedged assets | 604,856 | 7,343,244 | |||
Designated as hedging instruments | Investment in shares of UH II and UHI | |||||
Offset against: | |||||
Foreign exchange gain (loss) derived from the hedged Warrants issued by UHI and investments in Open-Ended Fund | 505,183 | 1,360,735 | |||
Designated as hedging instruments | Warrants issued by UH II | |||||
Offset against: | |||||
Foreign exchange gain (loss) derived from the hedged Warrants issued by UHI and investments in Open-Ended Fund | 5,511,412 | ||||
Designated as hedging instruments | Open Ended Fund | |||||
Offset against: | |||||
Foreign exchange gain (loss) derived from the hedged Warrants issued by UHI and investments in Open-Ended Fund | 99,673 | 471,097 | |||
Designated as hedging instruments | Net investment in foreign operations | Investment in shares of UH II and UHI | |||||
Disclosure of detailed information about hedged items [line items] | |||||
Notional Amount | 25,721,539 | 21,424,180 | 1,254.5 | 1,074 | |
Designated as hedging instruments | Fair value | Open Ended Fund | |||||
Disclosure of detailed information about hedged items [line items] | |||||
Notional Amount | $ 945,176 | $ 1,135,803 | $ 46.1 | $ 56.9 |
Debt and Lease Liabilities - Ma
Debt and Lease Liabilities - Maturities of Debt (Details) $ in Thousands, $ in Millions | Mar. 31, 2022USD ($) | Dec. 31, 2021MXN ($) |
Maturity analysis for non-derivative financial liabilities | ||
Principal amount | $ 221.3 | $ 126,999,199 |
Unamortized Finance Costs | (1,207,057) | |
12 Months | ||
Maturity analysis for non-derivative financial liabilities | ||
Principal amount | 4,110,404 | |
Unamortized Finance Costs | (3,972) | |
2023 | ||
Maturity analysis for non-derivative financial liabilities | ||
Principal amount | 3,500,000 | |
Unamortized Finance Costs | (3,387) | |
2024 | ||
Maturity analysis for non-derivative financial liabilities | ||
Principal amount | 10,000,000 | |
Unamortized Finance Costs | (53,446) | |
2025 | ||
Maturity analysis for non-derivative financial liabilities | ||
Principal amount | 12,301,860 | |
Unamortized Finance Costs | (124,505) | |
2026 | ||
Maturity analysis for non-derivative financial liabilities | ||
Principal amount | 8,800,930 | |
Unamortized Finance Costs | (19,457) | |
Thereafter | ||
Maturity analysis for non-derivative financial liabilities | ||
Principal amount | 88,286,005 | |
Unamortized Finance Costs | $ (1,002,290) |
Debt and Lease Liabilities - _2
Debt and Lease Liabilities - Maturities of Lease Liabilities (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum future lease payments | $ 13,172,918 | |
Less: Amount representing interest | (3,492,359) | |
Lease liabilities | 9,680,559 | $ 9,292,351 |
12 Months | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum future lease payments | 2,137,430 | |
2023 | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum future lease payments | 1,813,378 | |
2024 | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum future lease payments | 1,791,929 | |
2025 | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum future lease payments | 1,690,478 | |
2026 | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum future lease payments | 1,563,340 | |
Thereafter | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Minimum future lease payments | $ 4,176,363 |
Debt and Lease Liabilities - Re
Debt and Lease Liabilities - Reconciliation of long-term debt and lease liabilities arising from financing activities (Details) $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2020MXN ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Mar. 31, 2022USD ($) | Feb. 28, 2022USD ($) | Dec. 31, 2021USD ($) | Oct. 06, 2020MXN ($) | Dec. 31, 2018USD ($) | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Finance cost | $ 12,368,807 | $ 10,482,168 | $ 11,275,198 | ||||||
Principal amount | 126,999,199 | $ 221.3 | |||||||
Revolving credit facility with a syndicate of banks | |||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Principal amount | $ 650 | $ 618 | $ 14,770,694 | $ 618 | |||||
Amount drawn under credit facility | $ 14,770,694 | ||||||||
Variable interest rate spread (as a percent) | 112.50% | ||||||||
Number of days interest is payable | 28 days | ||||||||
Maximum | Revolving credit facility with a syndicate of banks | |||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Variable interest rate spread (as a percent) | 87.50% | ||||||||
Total debt and lease liabilities | |||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Balance at beginning of the period | 133,169,629 | 131,741,812 | |||||||
New Debt | 2,765,943 | 14,770,694 | |||||||
Payments | (3,721,242) | (19,635,231) | |||||||
New Debt and Leases | 1,424,507 | (735,785) | |||||||
Foreign Exchange Income | 2,563,585 | 5,022,034 | |||||||
Interest | 477,336 | 534,535 | |||||||
Balance at end of the period | 136,679,758 | 133,169,629 | 131,741,812 | ||||||
Debt | |||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Balance at beginning of the period | 123,877,278 | 122,378,292 | |||||||
New Debt | 2,650,000 | 14,770,694 | |||||||
Payments | (1,992,489) | (18,013,183) | |||||||
Foreign Exchange Income | 2,464,410 | 4,741,475 | |||||||
Balance at end of the period | 126,999,199 | 123,877,278 | 122,378,292 | ||||||
Satellite transponder lease liabilities | |||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Balance at beginning of the period | 3,818,559 | 4,014,567 | |||||||
Payments | (460,210) | (456,465) | |||||||
Foreign Exchange Income | 99,175 | 260,457 | |||||||
Balance at end of the period | 3,457,524 | 3,818,559 | 4,014,567 | ||||||
Other lease liabilities | |||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Balance at beginning of the period | 728,500 | 707,248 | |||||||
New Debt | 115,943 | ||||||||
Payments | (186,317) | (211,812) | |||||||
New Debt and Leases | (195,308) | ||||||||
Interest | 31,357 | 37,756 | |||||||
Balance at end of the period | 689,483 | 728,500 | 707,248 | ||||||
Lease liabilities. | |||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||||||
Balance at beginning of the period | 4,745,292 | 4,641,705 | |||||||
Payments | (1,082,226) | (953,771) | |||||||
New Debt and Leases | 1,424,507 | (540,477) | |||||||
Foreign Exchange Income | 20,102 | ||||||||
Interest | 445,979 | 496,779 | |||||||
Balance at end of the period | $ 5,533,552 | $ 4,745,292 | $ 4,641,705 |
Financial Instruments - Non-Der
Financial Instruments - Non-Derivative (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents | ||
Financial Instruments | ||
Assets | $ 25,828,215 | $ 29,058,093 |
Assets at fair value | 25,828,215 | 29,058,093 |
Trade notes and accounts receivable, net | ||
Financial Instruments | ||
Assets | 13,093,011 | 12,343,797 |
Assets at fair value | 13,093,011 | 12,343,797 |
Long-term loan and interest receivable from GTAC | ||
Financial Instruments | ||
Assets | 755,973 | 821,253 |
Assets at fair value | 760,143 | 824,092 |
Open Ended Fund | ||
Financial Instruments | ||
Assets | 945,176 | 1,135,803 |
Assets at fair value | 945,176 | 1,135,803 |
Publicly traded equity instruments | ||
Financial Instruments | ||
Assets | 3,517,711 | 5,397,504 |
Assets at fair value | 3,517,711 | 5,397,504 |
Other Equity Instruments | ||
Financial Instruments | ||
Assets | 1,607,969 | 468,552 |
Assets at fair value | 1,607,969 | 468,552 |
Senior Notes due 2025, 2032 and 2040 | ||
Financial Instruments | ||
Liabilities | 30,754,650 | 29,923,950 |
Liabilities at fair value | 39,592,552 | 40,584,237 |
Senior Notes due 2045 | ||
Financial Instruments | ||
Liabilities | 20,503,100 | 19,949,300 |
Liabilities at fair value | 24,205,140 | 24,282,886 |
Senior Notes due 2037 and 2043 | ||
Financial Instruments | ||
Liabilities | 11,000,000 | 11,000,000 |
Liabilities at fair value | 8,722,100 | 9,238,435 |
Senior Notes due 2026 and 2046 | ||
Financial Instruments | ||
Liabilities | 24,603,720 | 23,939,160 |
Liabilities at fair value | 31,714,380 | 31,811,792 |
Senior Notes Due 2049 | ||
Financial Instruments | ||
Liabilities | 15,377,325 | 14,961,975 |
Liabilities at fair value | 19,307,154 | 18,978,667 |
Notes due 2027 | ||
Financial Instruments | ||
Liabilities | 4,500,000 | 4,500,000 |
Liabilities at fair value | 4,509,405 | 5,035,860 |
Long-term notes payable to Mexican banks | ||
Financial Instruments | ||
Liabilities | 20,260,404 | 19,602,893 |
Liabilities at fair value | 20,417,854 | 19,801,142 |
Lease liabilities. | ||
Financial Instruments | ||
Liabilities | 9,680,559 | 9,292,351 |
Liabilities at fair value | $ 9,830,878 | $ 9,343,100 |
Financial Instruments - Derivat
Financial Instruments - Derivative (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2021MXN ($)$ / $Institution | Dec. 31, 2020MXN ($)$ / $ | Mar. 31, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Mar. 31, 2020MXN ($) | Jan. 31, 2018MXN ($) | Dec. 31, 2017MXN ($) | Nov. 30, 2017MXN ($) | |
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | $ 172,885 | $ 3,476,223 | |||||||
Notional Amount | 126,999,199 | $ 221,300 | |||||||
Forward maturity at January 2021 through February 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Notional Amount | $ 344,900 | ||||||||
Designated as hedging instruments | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Assets | 133,324 | ||||||||
Notional Amount | 26,666,715 | 22,559,983 | $ 1,300,600 | 1,130,900 | |||||
Designated as hedging instruments | Interest rate swap maturity at October 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | 9,749 | 109,146 | |||||||
Notional Amount | 2,000,000 | 2,000,000 | $ 2,000,000 | ||||||
Cumulative gain (loss) on change in fair value of hedge instruments | 9,031 | 107,884 | |||||||
(Loss) gain on change in fair value of hedge instruments | 56,263 | 28,719 | |||||||
Designated as hedging instruments | Interest rate swap maturity in October 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | 7,243 | 86,171 | |||||||
Notional Amount | 1,500,000 | 1,500,000 | $ 1,500,000 | $ 1,500,000 | |||||
Borrowing interest rate (as a percent) | 7.35% | 7.35% | |||||||
Cumulative gain (loss) on change in fair value of hedge instruments | 6,697 | 85,217 | |||||||
(Loss) gain on change in fair value of hedge instruments | 42,555 | ||||||||
Designated as hedging instruments | Interest rate swap maturity at February 2023 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | 23,798 | 180,941 | |||||||
Notional Amount | 2,500,000 | 2,500,000 | $ 2,500,000 | ||||||
Borrowing interest rate (as a percent) | 7.7485% | ||||||||
Cumulative gain (loss) on change in fair value of hedge instruments | 19,612 | 175,498 | |||||||
(Loss) gain on change in fair value of hedge instruments | 81,759 | ||||||||
Designated as hedging instruments | Interest rate swap maturity at June 2024 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Assets | 133,197 | ||||||||
Carrying Value, Liabilities | 762,827 | ||||||||
Notional Amount | 10,000,000 | 10,000,000 | |||||||
Cumulative gain (loss) on change in fair value of hedge instruments | 143,819 | ||||||||
(Loss) gain on change in fair value of hedge instruments | 226,192 | ||||||||
Designated as hedging instruments | Forward maturity at January 2022 through March 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | $ 35,524 | ||||||||
Notional Amount | $ 67,125 | ||||||||
Average foreign exchange rate | $ / $ | 21.1433 | ||||||||
Cumulative gain (loss) on change in fair value of hedge instruments | $ 35,524 | ||||||||
(Loss) gain on change in fair value of hedge instruments | (725,209) | ||||||||
Designated as hedging instruments | Forwards maturity at January 2021 through March 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | $ 714,763 | ||||||||
Notional Amount | 330,500 | ||||||||
Average foreign exchange rate | $ / $ | 22.5859 | ||||||||
Cumulative gain (loss) on change in fair value of hedge instruments | $ 714,763 | ||||||||
(Loss) gain on change in fair value of hedge instruments | 308,562 | ||||||||
Designated as hedging instruments | TVI | Interest rate swap maturity at April 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | 2,015 | 23,784 | |||||||
Notional Amount | $ 522,804 | 730,493 | |||||||
Number of financial institutions for derivative agreements | Institution | 2 | ||||||||
Borrowing interest rate (as a percent) | 7.2663% | 7.2663% | |||||||
Cumulative gain (loss) on change in fair value of hedge instruments | $ 2,015 | 23,784 | |||||||
(Loss) gain on change in fair value of hedge instruments | 17,501 | 11,700 | |||||||
Designated as hedging instruments | TVI | Interest rate swap maturity at May 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Assets | 127 | ||||||||
Carrying Value, Liabilities | 1,759 | ||||||||
Notional Amount | $ 87,600 | 122,400 | |||||||
Number of financial institutions for derivative agreements | Institution | 2 | ||||||||
Cumulative gain (loss) on change in fair value of hedge instruments | $ (58,847) | 60,730 | |||||||
(Loss) gain on change in fair value of hedge instruments | $ (1,118) | 2,046 | |||||||
Designated as hedging instruments | Average fixed rate | Interest rate swap maturity at October 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Borrowing interest rate (as a percent) | 7.3275% | ||||||||
Designated as hedging instruments | Average fixed rate | Interest rate swap maturity at June 2024 | |||||||||
Derivative Financial Instruments | |||||||||
Borrowing interest rate (as a percent) | 6.762% | 6.762% | |||||||
Designated as hedging instruments | Average fixed rate | TVI | Interest rate swap maturity at May 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Borrowing interest rate (as a percent) | 5.585% | 5.585% | |||||||
Not designated as hedging instruments | Interest rate swap maturity at March 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | $ 2,943 | 204,250 | |||||||
Notional Amount | 9,385,347 | 9,385,347 | $ 9,385,347 | ||||||
Borrowing interest rate (as a percent) | 6.0246% | ||||||||
(Loss) gain on change in fair value of hedge instruments | 62,679 | (274,285) | |||||||
Not designated as hedging instruments | Forward maturity at January 2022 Through February 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | $ 56,496 | ||||||||
Notional Amount | $ 57,620 | ||||||||
Average foreign exchange rate | $ / $ | 21.5927 | ||||||||
(Loss) gain on change in fair value of hedge instruments | $ (56,447) | ||||||||
Not designated as hedging instruments | Forward maturity at January 2021 through February 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | $ 706,287 | ||||||||
Notional Amount | 344,898 | ||||||||
Average foreign exchange rate | $ / $ | 22.4872 | ||||||||
(Loss) gain on change in fair value of hedge instruments | (56,447) | $ 207,412 | |||||||
Not designated as hedging instruments | TVI | Forward maturity at January 2022 Through February 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | $ 10,057 | ||||||||
Notional Amount | 12,600 | ||||||||
Average foreign exchange rate | $ / $ | 21.4394 | ||||||||
(Loss) gain on change in fair value of hedge instruments | $ (9,812) | ||||||||
Not designated as hedging instruments | TVI | Forward maturity at January 2021 through February 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | 176,868 | ||||||||
Notional Amount | 88,353 | ||||||||
Not designated as hedging instruments | Empresas Cablevision | Forward maturity at January 2022 Through February 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | $ 11,006 | ||||||||
Notional Amount | 13,820 | ||||||||
Average foreign exchange rate | $ / $ | 21.4352 | ||||||||
(Loss) gain on change in fair value of hedge instruments | $ 8,926 | ||||||||
Not designated as hedging instruments | Empresas Cablevision | Forward maturity at January 2021 through February 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | 190,726 | ||||||||
Notional Amount | 96,789 | ||||||||
(Loss) gain on change in fair value of hedge instruments | (20,077) | ||||||||
Not designated as hedging instruments | Sky's forward | Forward maturity at February 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | $ 14,054 | ||||||||
Notional Amount | $ 15,000 | ||||||||
Average foreign exchange rate | 21.6000 | ||||||||
(Loss) gain on change in fair value of hedge instruments | $ 20,077 | ||||||||
Not designated as hedging instruments | Sky's forward | Forward maturity at February 2021 through February 2022 | |||||||||
Derivative Financial Instruments | |||||||||
Carrying Value, Liabilities | $ 318,701 | ||||||||
Notional Amount | $ 135,000 |
Financial Instruments - Assets
Financial Instruments - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Open Ended Fund | |||
Financial Instruments | |||
Assets at fair value | $ 945,176 | $ 1,135,803 | |
Publicly traded equity instruments | |||
Financial Instruments | |||
Assets at fair value | 3,517,711 | 5,397,504 | |
Other Equity Instruments | |||
Financial Instruments | |||
Assets at fair value | 1,607,969 | 468,552 | |
Derivative financial instruments | |||
Financial Instruments | |||
Assets at fair value | 133,324 | ||
Recurring basis | |||
Financial Instruments | |||
Assets at fair value | 4,596,211 | 6,533,307 | |
Liabilities at fair value | 172,885 | 3,476,223 | |
Recurring basis | Derivative financial instruments | |||
Financial Instruments | |||
Liabilities at fair value | 172,885 | ||
Recurring basis | Open Ended Fund | FVOCIL | |||
Financial Instruments | |||
Assets at fair value | 945,176 | 1,135,803 | |
Recurring basis | Publicly traded equity instruments | FVOCIL | |||
Financial Instruments | |||
Assets at fair value | 3,517,711 | 5,397,504 | |
Recurring basis | Derivative financial instruments | |||
Financial Instruments | |||
Liabilities at fair value | 3,476,223 | ||
Recurring basis | Derivative financial instruments | FVOCIL | |||
Financial Instruments | |||
Assets at fair value | 133,324 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | |||
Financial Instruments | |||
Assets at fair value | 3,517,711 | 5,397,504 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring basis | Publicly traded equity instruments | FVOCIL | |||
Financial Instruments | |||
Assets at fair value | 3,517,711 | 5,397,504 | |
Internal Models with Significant Observable Inputs (Level 2) | Recurring basis | |||
Financial Instruments | |||
Assets at fair value | 1,078,500 | 1,135,803 | |
Liabilities at fair value | 172,885 | 3,476,223 | |
Internal Models with Significant Observable Inputs (Level 2) | Recurring basis | Derivative financial instruments | |||
Financial Instruments | |||
Liabilities at fair value | 172,885 | ||
Internal Models with Significant Observable Inputs (Level 2) | Recurring basis | Open Ended Fund | FVOCIL | |||
Financial Instruments | |||
Assets at fair value | 945,176 | 1,135,803 | |
Internal Models with Significant Observable Inputs (Level 2) | Recurring basis | Derivative financial instruments | |||
Financial Instruments | |||
Liabilities at fair value | $ 3,476,223 | ||
Internal Models with Significant Observable Inputs (Level 2) | Recurring basis | Derivative financial instruments | FVOCIL | |||
Financial Instruments | |||
Assets at fair value | $ 133,324 | ||
Internal Models with Significant Unobservable Inputs (Level 3) | |||
Financial Instruments | |||
Assets at fair value | $ 33,775,451 |
Financial Instruments - Signifi
Financial Instruments - Significant Unobservable Inputs (Details) - Internal Models with Significant Unobservable Inputs (Level 3) $ in Thousands | 12 Months Ended |
Dec. 31, 2020MXN ($) | |
Reconciliation for all assets and liabilities measured at fair value | |
Balance at beginning of year | $ 33,775,451 |
Included in other comprehensive income | (16,387,752) |
Warrants exercised for common stock of UHI | $ (17,387,699) |
Financial Instruments (Details)
Financial Instruments (Details) - UHI. - Warrants issued by UHI | Dec. 29, 2020$ / shares | Dec. 31, 2021MXN ($) |
Financial Instruments | ||
Stock spot price | $ / shares | $ 190 | |
Expected volatility rate | 64.00% | |
Minimum | ||
Financial Instruments | ||
Equity stake | 10.00% | |
Minimum | Weighted average cost of capital | ||
Financial Instruments | ||
Weighted average cost of capital | 8 | |
Exit multiple | 8 | |
Maximum | ||
Financial Instruments | ||
Equity stake | 35.90% | |
Maximum | Weighted average cost of capital | ||
Financial Instruments | ||
Weighted average cost of capital | 9 | |
Exit multiple | 9 |
Financial Instruments - Class o
Financial Instruments - Class of Assets and Liabilities Subject to Recurring Fair Value Measurements Categorized Within Level 3 (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Instruments | ||
Percentage of reasonably possible increase in risk assumption | 10.00% | 10.00% |
Percentage of reasonably possible decrease in risk assumption | 10.00% | 10.00% |
Non-recurring basis | ||
Financial Instruments | ||
Expected future cash flow time period | 5 years |
Post-employment Benefits - Actu
Post-employment Benefits - Actuarial assumptions (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Post-employment Benefits | ||
Actuarial assumption of retirement age | 65 years | |
Discount rate (as a percent) | 7.80% | 6.60% |
Salary increase (as a percent) | 5.00% | 5.00% |
Inflation rate (as a percent) | 3.50% | 3.50% |
Post-employment Benefits - Sens
Post-employment Benefits - Sensitivity (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Sensitivity analysis | ||
Discount rate (as a percent) | 7.80% | 6.60% |
Discount rate | ||
Sensitivity analysis | ||
Discount rate (as a percent) | 7.80% | 6.60% |
Decrease in actuarial assumption (in basis points) | 0.50% | 0.50% |
Increase in actuarial assumption | $ 3,308,348 | $ 3,382,711 |
Post-employment Benefits - Reco
Post-employment Benefits - Reconciliation (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Post-employment benefit plans | |||
Vested benefit obligations | $ 896,017 | $ 932,741 | |
Unvested benefit obligations | 2,288,348 | 2,343,659 | |
Defined benefit obligation | 3,184,365 | 3,276,400 | |
Fair value of plan assets | 1,270,685 | 1,195,749 | |
Underfunded status of the plan assets | 1,913,680 | 2,080,651 | |
Post-employment benefit liability (asset) | 1,913,680 | 2,080,651 | $ 1,468,112 |
Pensions | |||
Post-employment benefit plans | |||
Vested benefit obligations | 560,723 | 556,619 | |
Unvested benefit obligations | 1,881,974 | 2,077,506 | |
Defined benefit obligation | 2,442,697 | 2,634,125 | |
Fair value of plan assets | 978,892 | 909,324 | |
Underfunded status of the plan assets | 1,463,805 | 1,724,801 | |
Post-employment benefit liability (asset) | 1,463,805 | 1,724,801 | |
Seniority Premiums | |||
Post-employment benefit plans | |||
Vested benefit obligations | 335,294 | 376,122 | |
Unvested benefit obligations | 406,374 | 266,153 | |
Defined benefit obligation | 741,668 | 642,275 | |
Fair value of plan assets | 291,793 | 286,425 | |
Underfunded status of the plan assets | 449,875 | 355,850 | |
Post-employment benefit liability (asset) | $ 449,875 | $ 355,850 |
Post-employment Benefits - Net
Post-employment Benefits - Net periodic (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Post-employment Benefits | ||
Service cost | $ 175,648 | $ 148,987 |
Interest cost | 193,313 | 187,470 |
Prior service cost for plan amendments | (40,124) | 40,542 |
Interest on plan assets | (69,546) | (84,973) |
Net periodic cost | $ 259,291 | $ 292,026 |
Post-employment Benefits - Bene
Post-employment Benefits - Benefit obligation (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Post-employment pension plans. | ||
Beginning of year | $ 2,080,651 | $ 1,468,112 |
Service cost | 175,648 | 148,987 |
Interest cost | 193,313 | 187,470 |
Benefits paid | (139,465) | (23,200) |
Past service cost | (40,124) | 40,542 |
End of year | 1,913,680 | 2,080,651 |
Pensions | ||
Post-employment pension plans. | ||
Beginning of year | 1,724,801 | |
Benefits paid | (89,757) | |
End of year | 1,463,805 | 1,724,801 |
Seniority Premiums | ||
Post-employment pension plans. | ||
Beginning of year | 355,850 | |
Benefits paid | (49,708) | |
End of year | 449,875 | 355,850 |
Defined benefit obligation | ||
Post-employment pension plans. | ||
Beginning of year | 3,276,400 | 2,847,608 |
Service cost | 175,648 | 148,987 |
Interest cost | 193,313 | 187,470 |
Benefits paid | (222,035) | (221,184) |
Remeasurement of post-employment benefit obligations | (198,837) | 272,977 |
Past service cost | (40,124) | 40,542 |
End of year | 3,184,365 | 3,276,400 |
Defined benefit obligation | Pensions | ||
Post-employment pension plans. | ||
Beginning of year | 2,634,125 | |
Service cost | 101,550 | |
Interest cost | 146,941 | |
Benefits paid | (157,261) | |
Remeasurement of post-employment benefit obligations | (243,332) | |
Past service cost | (39,326) | |
End of year | 2,442,697 | 2,634,125 |
Defined benefit obligation | Seniority Premiums | ||
Post-employment pension plans. | ||
Beginning of year | 642,275 | |
Service cost | 74,098 | |
Interest cost | 46,372 | |
Benefits paid | (64,774) | |
Remeasurement of post-employment benefit obligations | 44,495 | |
Past service cost | (798) | |
End of year | $ 741,668 | $ 642,275 |
Post-employment Benefits - Fair
Post-employment Benefits - Fair value of plan assets (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Post-employment pension plans. | ||
Beginning of year | $ 2,080,651 | $ 1,468,112 |
Return on plan assets | 69,546 | 84,973 |
Contributions | 6,972 | 600 |
Benefits paid | 139,465 | 23,200 |
End of year | 1,913,680 | 2,080,651 |
Pensions | ||
Post-employment pension plans. | ||
Beginning of year | 1,724,801 | |
Benefits paid | 89,757 | |
End of year | 1,463,805 | 1,724,801 |
Seniority Premiums | ||
Post-employment pension plans. | ||
Beginning of year | 355,850 | |
Contributions | 6,972 | |
End of year | 449,875 | 355,850 |
Plan assets | ||
Post-employment pension plans. | ||
Beginning of year | (1,195,749) | (1,379,496) |
Return on plan assets | 69,546 | 84,973 |
Contributions | 6,972 | 600 |
Remeasurement on plan assets | 80,988 | (71,336) |
Benefits paid | (82,570) | (197,984) |
End of year | (1,270,685) | (1,195,749) |
Plan assets | Pensions | ||
Post-employment pension plans. | ||
Beginning of year | (909,324) | |
Return on plan assets | 52,506 | |
Remeasurement on plan assets | 84,566 | |
Benefits paid | (67,504) | |
End of year | (978,892) | (909,324) |
Plan assets | Seniority Premiums | ||
Post-employment pension plans. | ||
Beginning of year | (286,425) | |
Return on plan assets | 17,040 | |
Contributions | 6,972 | |
Remeasurement on plan assets | (3,578) | |
Benefits paid | (15,066) | |
End of year | $ (291,793) | $ (286,425) |
Post-employment Benefits - Fund
Post-employment Benefits - Funded status (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Post-employment pension plans. | |||
Unfunded status of the plan assets | $ 1,913,680 | $ 2,080,651 | $ 1,468,112 |
Pensions | |||
Post-employment pension plans. | |||
Unfunded status of the plan assets | 1,463,805 | 1,724,801 | |
Seniority Premiums | |||
Post-employment pension plans. | |||
Unfunded status of the plan assets | $ 449,875 | $ 355,850 |
Post-employment Benefits - Chan
Post-employment Benefits - Changes in net post-employment (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Post-employment pension plans. | ||
Beginning of year | $ 2,080,651 | $ 1,468,112 |
Net periodic cost | 259,291 | 292,026 |
Contributions | (6,972) | (600) |
Remeasurement adjustments | (279,825) | 344,313 |
Benefits paid | (139,465) | (23,200) |
End of year | 1,913,680 | 2,080,651 |
Pensions | ||
Post-employment pension plans. | ||
Beginning of year | 1,724,801 | |
Net periodic cost | 156,659 | |
Remeasurement adjustments | (327,898) | 250,283 |
Benefits paid | (89,757) | |
End of year | 1,463,805 | 1,724,801 |
Seniority Premiums | ||
Post-employment pension plans. | ||
Beginning of year | 355,850 | |
Net periodic cost | 102,632 | |
Contributions | (6,972) | |
Remeasurement adjustments | 48,073 | 94,030 |
Benefits paid | (49,708) | |
End of year | $ 449,875 | $ 355,850 |
Post-employment Benefits - Post
Post-employment Benefits - Post-employment benefits (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Post-employment benefit plans | ||
Defined benefit obligation | $ 3,184,365 | $ 3,276,400 |
Plan assets | 1,270,685 | 1,195,749 |
Unfunded status of plans | 1,913,680 | 2,080,651 |
Remeasurement adjustments | (279,825) | 344,313 |
Pensions | ||
Post-employment benefit plans | ||
Defined benefit obligation | 2,442,697 | 2,634,125 |
Plan assets | 978,892 | 909,324 |
Unfunded status of plans | 1,463,805 | 1,724,801 |
Remeasurement adjustments | (327,898) | 250,283 |
Seniority Premiums | ||
Post-employment benefit plans | ||
Defined benefit obligation | 741,668 | 642,275 |
Plan assets | 291,793 | 286,425 |
Unfunded status of plans | 449,875 | 355,850 |
Remeasurement adjustments | $ 48,073 | $ 94,030 |
Post-employment Benefits - Plan
Post-employment Benefits - Plan assets (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Post-employment benefit plans | ||
Minimum investment required (as a percent) | 30.00% | |
Weighted average asset allocation (as a percent) | 100.00% | 100.00% |
Fair value of plan assets held by the trust | $ 119,851 | $ 101,690 |
Weighted average expected long-term rate of return of plan assets | 7.79% | 6.59% |
Minimum | ||
Post-employment benefit plans | ||
Term for liquidity of mutual funds | 1 day | |
Maximum | ||
Post-employment benefit plans | ||
Term for liquidity of mutual funds | 1 month | |
Equity securities | ||
Post-employment benefit plans | ||
Target allocation (as a percent) | 30.00% | |
Weighted average asset allocation (as a percent) | 32.70% | 28.80% |
Fixed rate instruments | ||
Post-employment benefit plans | ||
Target allocation (as a percent) | 70.00% | |
Weighted average asset allocation (as a percent) | 67.30% | 71.20% |
Post-employment Benefits - Fa_2
Post-employment Benefits - Fair value plan assets (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Plan assets measured at fair value | |||
Post-employment benefit liability (asset) | $ 1,913,680 | $ 2,080,651 | $ 1,468,112 |
Plan assets | |||
Plan assets measured at fair value | |||
Post-employment benefit liability (asset) | (1,270,685) | (1,195,749) | $ (1,379,496) |
Plan assets | Recurring basis | |||
Plan assets measured at fair value | |||
Mutual funds (fixed rate instruments) | 115,185 | 231,837 | |
Money market securities | 726,781 | 607,658 | |
Post-employment benefit liability (asset) | 1,270,685 | 1,195,749 | |
Plan assets | Recurring basis | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Plan assets measured at fair value | |||
Mutual funds (fixed rate instruments) | 115,185 | 231,837 | |
Money market securities | 726,781 | 607,658 | |
Post-employment benefit liability (asset) | 1,270,685 | 1,195,749 | |
Plan assets | Recurring basis | Trading equity securities - Common stock | |||
Plan assets measured at fair value | |||
Equity instruments | 119,851 | 101,690 | |
Plan assets | Recurring basis | Trading equity securities - Common stock | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Plan assets measured at fair value | |||
Equity instruments | 119,851 | 101,690 | |
Plan assets | Recurring basis | Other equity securities | |||
Plan assets measured at fair value | |||
Equity instruments | 308,868 | 254,564 | |
Plan assets | Recurring basis | Other equity securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Plan assets measured at fair value | |||
Equity instruments | $ 308,868 | $ 254,564 |
Post-employment Benefits - Weig
Post-employment Benefits - Weighted average durations (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Seniority Premiums | ||
Post-employment benefit plans | ||
Weighted average duration of defined benefit obligation | 9 years | 8 years 7 months 6 days |
Pensions | ||
Post-employment benefit plans | ||
Weighted average duration of defined benefit obligation | 5 years 1 month 6 days | 5 years 8 months 12 days |
Capital Stock and Long-term R_3
Capital Stock and Long-term Retention Plan - Capital Stock (Details) $ / shares in Units, shares in Thousands, $ in Thousands, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2021USD ($)shares | Dec. 31, 2021MXN ($)item$ / sharesshares | Dec. 31, 2020MXN ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019MXN ($)shares | |
Classes of share capital | |||||
Number of classes of capital stock | item | 4 | ||||
Number of shares in each CPO | 117 | ||||
Number of CPOs in each GDS | 5 | ||||
Authorized (in shares) | 352,134,000 | ||||
Total number of shares issued | 352,134,000 | ||||
Repurchased (in shares) | 5,173,200 | ||||
Held by trust (in shares) | (22,838,100) | ||||
Outstanding (in shares) | 329,295,900 | 325,992,500 | 337,244,300 | ||
Shares in the form of CPOs, Authorized and Issued | 290,849,700 | ||||
Shares in the form of CPOs, Held by trust | 17,158,600 | ||||
Shares in the form of CPOs, Outstanding | 273,691,100 | ||||
Shares not in the form of CPOs, Authorized and Issued | 61,284,300 | ||||
Shares not in the form of CPOs, Held by trust | 5,679,500 | ||||
Shares not in the form of CPOs, Outstanding | 55,604,800 | ||||
Issued capital | $ | $ 4,836,708 | $ 4,907,765 | |||
Authorized capital | $ | $ 2,423,549 | ||||
Shares repurchased | $ 44.2 | $ 195,597 | $ 1,385,750 | ||
Series "A" Shares | |||||
Classes of share capital | |||||
Par value of shares | $ / shares | $ 0 | ||||
Number of shares in each CPO | 25 | ||||
Authorized (in shares) | 121,073,900 | ||||
Total number of shares issued | 121,073,900 | ||||
Held by trust (in shares) | (6,988,900) | ||||
Outstanding (in shares) | 114,085,000 | 113,019,200 | 116,223,900 | ||
Series "B" Shares | |||||
Classes of share capital | |||||
Par value of shares | $ / shares | $ 0 | ||||
Number of shares in each CPO | 22 | ||||
Authorized (in shares) | 57,046,900 | ||||
Total number of shares issued | 57,046,900 | ||||
Held by trust (in shares) | (5,583,400) | ||||
Outstanding (in shares) | 51,463,500 | 50,928,500 | 52,852,800 | ||
CPOs | |||||
Classes of share capital | |||||
Authorized (in shares) | 2,485,900 | ||||
Total number of shares issued | 2,485,900 | ||||
Held by trust (in shares) | (146,700) | ||||
Outstanding (in shares) | 2,339,200 | 2,314,900 | 2,402,400 | ||
Shares in the form of CPOs, Repurchased | 616,000 | ||||
Shares repurchased | $ | $ 5.3 | ||||
Series "D" Shares | |||||
Classes of share capital | |||||
Par value of shares | $ / shares | $ 0 | ||||
Number of shares in each CPO | 35 | ||||
Authorized (in shares) | 87,006,600 | ||||
Total number of shares issued | 87,006,600 | ||||
Held by trust (in shares) | (5,132,900) | ||||
Outstanding (in shares) | 81,873,700 | 81,022,400 | 84,083,800 | ||
Series "L" Shares | |||||
Classes of share capital | |||||
Par value of shares | $ / shares | $ 0 | ||||
Number of shares in each CPO | 35 | ||||
Authorized (in shares) | 87,006,600 | ||||
Total number of shares issued | 87,006,600 | ||||
Held by trust (in shares) | (5,132,900) | ||||
Outstanding (in shares) | 81,873,700 | 81,022,400 | 84,083,800 |
Capital Stock and Long-term R_4
Capital Stock and Long-term Retention Plan - Reconciliation of shares (Details) - shares shares in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of the number of shares outstanding | ||
Outstanding at beginning of period (in shares) | 325,992.5 | 337,244.3 |
Repurchased | (879.5) | (616) |
Cancelled and forfeited | (10,750) | |
Acquired | (2,011.4) | (402.2) |
Released (in shares) | 6,194.3 | 516.4 |
Outstanding at end of period (in shares) | 329,295.9 | 325,992.5 |
Series "D" Shares | ||
Reconciliation of the number of shares outstanding | ||
Outstanding at beginning of period (in shares) | 81,022.4 | 84,083.8 |
Repurchased | (263.1) | (184.3) |
Cancelled and forfeited | (2,911.3) | |
Acquired | (601.7) | (120.3) |
Released (in shares) | 1,716.1 | 154.5 |
Outstanding at end of period (in shares) | 81,873.7 | 81,022.4 |
Series "L" Shares | ||
Reconciliation of the number of shares outstanding | ||
Outstanding at beginning of period (in shares) | 81,022.4 | 84,083.8 |
Repurchased | (263.1) | (184.3) |
Cancelled and forfeited | (2,911.3) | |
Acquired | (601.7) | (120.3) |
Released (in shares) | 1,716.1 | 154.5 |
Outstanding at end of period (in shares) | 81,873.7 | 81,022.4 |
Series "A" Shares | ||
Reconciliation of the number of shares outstanding | ||
Outstanding at beginning of period (in shares) | 113,019.2 | 116,223.9 |
Repurchased | (187.9) | (131.6) |
Cancelled and forfeited | (3,097.4) | |
Acquired | (429.8) | (86) |
Released (in shares) | 1,683.5 | 110.3 |
Outstanding at end of period (in shares) | 114,085 | 113,019.2 |
Series "B" Shares | ||
Reconciliation of the number of shares outstanding | ||
Outstanding at beginning of period (in shares) | 50,928.5 | 52,852.8 |
Repurchased | (165.4) | (115.8) |
Cancelled and forfeited | (1,830) | |
Acquired | (378.2) | (75.6) |
Released (in shares) | 1,078.6 | 97.1 |
Outstanding at end of period (in shares) | 51,463.5 | 50,928.5 |
CPOs | ||
Reconciliation of the number of shares outstanding | ||
Outstanding at beginning of period (in shares) | 2,314.9 | 2,402.4 |
Repurchased | (7.5) | (5.3) |
Cancelled and forfeited | (83.2) | |
Acquired | (17.2) | (3.4) |
Released (in shares) | 49 | 4.4 |
Outstanding at end of period (in shares) | 2,339.2 | 2,314.9 |
Capital Stock and Long-term R_5
Capital Stock and Long-term Retention Plan - Other (Details) | 12 Months Ended |
Dec. 31, 2021MXN ($)director$ / shares | |
Classes of share capital | |
Number of board of directors | 20 |
Restated for inflation tax value of common stock | $ | $ 56,346,582 |
Series "D" Shares | |
Classes of share capital | |
Number of directors can be elected by class of shareholders | 2 |
Preferred stock dividend percentage | 5.00% |
Preferred stock dividend proposed (in Ps. per share) | $ / shares | $ 0.00034412306528 |
Preferred stock liquidation preference (in Ps. per share) | $ / shares | $ 0.00688246130560 |
Series "L" Shares | |
Classes of share capital | |
Number of directors can be elected by class of shareholders | 2 |
Series "A" Shares | |
Classes of share capital | |
Number of directors can be elected by class of shareholders | 11 |
Series "B" Shares | |
Classes of share capital | |
Number of directors can be elected by class of shareholders | 5 |
Capital Stock and Long-term R_6
Capital Stock and Long-term Retention Plan - Long-Term Retention Plan (Details) $ / shares in Units, EquityInstruments in Thousands, $ in Thousands, shares in Millions | Apr. 02, 2013 | Sep. 30, 2020MXN ($) | Dec. 31, 2021MXN ($)EquityInstruments$ / sharesshares | Dec. 31, 2020MXN ($)EquityInstrumentsshares | Dec. 31, 2019EquityInstruments | Dec. 31, 2021MXN ($) | Dec. 31, 2021EquityInstruments | Aug. 31, 2021shares | Jun. 30, 2020shares |
LTRP | |||||||||
Share based payment arrangements | |||||||||
Maximum percentage of capital granted annually in CPOs | 1.50% | ||||||||
Shares sold in open market | 11.7 | ||||||||
Number of shares held in connection of with cancellation of shares | 5,526.3 | ||||||||
Number of shares held in connection of with forfeited rights | 3,196.1 | 1,009.7 | |||||||
Refund for decrease to the balance of shares repurchased | $ | $ 100,000 | ||||||||
Funding made for acquisition of shares | $ | $ 328,500 | $ 197,000 | |||||||
Retention Plan Trust | |||||||||
Share based payment arrangements | |||||||||
Percentage of CPOs or its equivalents held in the form of CPO by trust | 75.00% | ||||||||
Percentage of CPOs or its equivalents held in the form other than CPO by trust | 25.00% | ||||||||
Number reserved for future vesting | 116.7 | ||||||||
Vesting price (in pesos per CPO) | $ / shares | $ 36.52 | ||||||||
Number of CPOs owned by trust for employees | 0.8 | ||||||||
Series "A" Shares | LTRP | |||||||||
Share based payment arrangements | |||||||||
Number of shares held in connection of with cancellation of shares | 666.9 | ||||||||
Number of shares held in connection of with forfeited rights | 351 | ||||||||
CPOs | LTRP | |||||||||
Share based payment arrangements | |||||||||
Shares outstanding | EquityInstruments | 160,365 | 243,472 | 176,858 | ||||||
Shares vested | EquityInstruments | 8,633 | ||||||||
Number of other equity instruments forfeited in share-based payment arrangement | EquityInstruments | 13,674 | 122,307 | |||||||
Number of CPOs owned by trust for employees | 1 | ||||||||
Number of shares held in connection of with cancellation of shares | 17.2 | ||||||||
Number of other equity instruments held in connection of with cancellation of shares | 2,011.4 | 47.2 | |||||||
Number of shares held in connection of with forfeited rights | 879.5 | ||||||||
Number of other equity instruments held in connection of with forfeited rights | 7.5 | 27.4 | 8.6 | ||||||
Funding made for acquisition of shares | $ | $ 774,073 | ||||||||
CPOs | Retention Plan Trust | |||||||||
Share based payment arrangements | |||||||||
Shares outstanding | 194,000 | 194,000 | |||||||
Shares vested | EquityInstruments | 52,900 | 4,400 | 32,300 | ||||||
Minimum | Retention Plan Trust | |||||||||
Share based payment arrangements | |||||||||
Vesting price (in pesos per CPO) | $ / shares | $ 38.69 | ||||||||
Maximum | Retention Plan Trust | |||||||||
Share based payment arrangements | |||||||||
Vesting price (in pesos per CPO) | $ / shares | $ 1.60 |
Capital Stock and Long-term R_7
Capital Stock and Long-term Retention Plan - Weighted-average assumptions (Details) - LTRP - EquityInstruments EquityInstruments in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Assumptions: | |||||
Dividend yield | 0.94% | 1.38% | 0.82% | 0.55% | 0.38% |
Expected volatility | 43.74% | 35.13% | 30.47% | 25.38% | 24.58% |
Risk-free interest rate | 5.51% | 5.74% | 6.88% | 7.17% | 7.04% |
Expected average life of awards | 3 years | 3 years | 2 years 8 months 1 day | 3 years | 2 years 11 months 16 days |
CPOs | |||||
Arrangements: | |||||
Number of CPOs or CPOs equivalent granted (in units) | 38,800 | 39,200 | 72,558 | 32,500 | 37,000 |
Contractual life | 3 years | 3 years | 2 years 8 months 1 day | 3 years | 3 years |
Capital Stock and Long-term R_8
Capital Stock and Long-term Retention Plan - Stock awards (Details) - LTRP EquityInstruments in Thousands, shares in Millions | 12 Months Ended | ||||||
Dec. 31, 2021EquityInstruments$ / sharesshares | Dec. 31, 2020EquityInstruments$ / sharesshares | Dec. 31, 2019EquityInstruments$ / shares | Dec. 31, 2018EquityInstruments | Dec. 31, 2017EquityInstruments | Aug. 31, 2021shares | Jun. 30, 2020shares | |
Weighted-Average Exercise Price | |||||||
Weighted-average remaining contractual life of the awards | 1 year 3 months 10 days | 1 year 4 months 17 days | |||||
CPOs | |||||||
CPOs or CPOs Equivalent | |||||||
Outstanding at beginning of year (in CPOs) | EquityInstruments | 160,365 | 243,472 | |||||
Conditionally sold (in CPOs) | EquityInstruments | 38,800 | 39,200 | 72,558 | 32,500 | 37,000 | ||
Paid by employees (in CPOs) | EquityInstruments | (8,633) | ||||||
Forfeited (in CPOs) | EquityInstruments | (13,674) | (122,307) | |||||
Outstanding at end of year (in CPOs) | EquityInstruments | 176,858 | 160,365 | 243,472 | ||||
To be paid by employees at end of year (in CPOs) | EquityInstruments | 60,155 | 23,361 | |||||
Weighted-Average Exercise Price | |||||||
Outstanding at beginning of year (in pesos per CPO) | $ / shares | $ 39.36 | $ 65.19 | |||||
Conditionally sold | $ / shares | 8.62 | 6.84 | |||||
Paid by employees (in pesos per CPO) | $ / shares | 38.30 | ||||||
Forfeited (in pesos per CPO) | $ / shares | 64.96 | 81.36 | |||||
Outstanding at end of year (in pesos per CPO) | $ / shares | 31.22 | 39.36 | $ 65.19 | ||||
To be paid by employees at end of year (in pesos per CPO) | $ / shares | $ 52.69 | $ 80.72 | |||||
Number Of Ordinary Participant Certificates Or Their Equivalent Owned | shares | 1 | ||||||
Number of other equity instruments held in connection of with forfeited rights | shares | 7.5 | 27.4 | 8.6 |
Retained Earnings and Accumul_3
Retained Earnings and Accumulated Other Comprehensive Income - Retained Earnings (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at beginning | $ 84,280,397 | ||
Recognized share of income in OCEN (see Note 10) | $ 147,975 | ||
Dividends | (1,459,320) | $ (2,664,340) | |
Sale of repurchased shares | 774,073 | 111,979 | 100,246 |
Share-based compensation | 1,066,863 | 962,806 | 1,108,094 |
Net income (loss) for the year | 7,354,785 | 302,824 | 6,106,813 |
Balance at ending | 88,218,188 | 84,280,397 | |
Retained Earnings | |||
Balance at beginning | 84,280,397 | 82,652,278 | |
Recognized share of income in OCEN (see Note 10) | 147,975 | ||
Dividends | (1,053,392) | (1,066,187) | |
Shares cancellation | (1,510,290) | ||
Sale of repurchased shares | (1,126,573) | (997,174) | (1,585,963) |
Cancellation of sale of shares | 505,357 | 2,764,854 | |
Acquisition of non-controlling interests | 766 | ||
Net gain on partial disposition of Open Ended Fund | 837,520 | ||
Share-based compensation | 1,066,863 | 962,806 | 1,108,094 |
Net income (loss) for the year | 6,055,826 | (1,250,342) | |
Balance at ending | 88,218,188 | 84,280,397 | 82,652,278 |
Legal Reserve | |||
Balance at beginning | 2,139,007 | 2,139,007 | |
Balance at ending | 2,139,007 | 2,139,007 | 2,139,007 |
Unappropriated Earnings | |||
Balance at beginning | 83,391,732 | 75,887,132 | |
Appropriation of net income | (1,250,342) | 4,626,139 | |
Recognized share of income in OCEN (see Note 10) | 147,975 | ||
Dividends | (1,053,392) | ||
Shares cancellation | (1,510,290) | ||
Sale of repurchased shares | (1,126,573) | (997,174) | |
Cancellation of sale of shares | 505,357 | 2,764,854 | |
Share-based compensation | 1,066,863 | 962,806 | |
Balance at ending | 80,023,355 | 83,391,732 | 75,887,132 |
Net Income for the Year | |||
Balance at beginning | (1,250,342) | 4,626,139 | |
Appropriation of net income | 1,250,342 | (4,626,139) | |
Net income (loss) for the year | 6,055,826 | (1,250,342) | |
Balance at ending | $ 6,055,826 | $ (1,250,342) | $ 4,626,139 |
Retained Earnings and Accumul_4
Retained Earnings and Accumulated Other Comprehensive Income - Legal Reserve (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retained Earnings and Accumulated Other Comprehensive Income | |||
Increase in legal reserve as a percentage of annual net profits | 5.00% | ||
Threshold increase in legal reserve as a percentage of capital stock | 20.00% | ||
Statutory reserve | $ 2,139,007 | $ 2,139,007 | |
Increase in legal reserve as percentage of capital stock | 20.00% | ||
Additional increase in legal reserve as a percentage | 0.00% | 0.00% | 0.00% |
Retained Earnings and Accumul_5
Retained Earnings and Accumulated Other Comprehensive Income - Dividends (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
May 31, 2021MXN ($) | Apr. 30, 2021$ / shares | May 31, 2019MXN ($) | Apr. 30, 2019$ / shares | Dec. 31, 2021MXN ($) | Dec. 31, 2020 | Dec. 31, 2019MXN ($) | |
Dividends recognised as distributions to owners | $ 1,459,320 | $ 2,664,340 | |||||
Multiplying factor | 1.4286 | ||||||
Applicable tax rate | 30.00% | 30.00% | 30.00% | ||||
Withholding tax rate | 10.00% | ||||||
Cumulative earnings | $ 81,346,875 | ||||||
Series A, B, D and L Shares | |||||||
Dividends recognised as distributions to owners | $ 1,053,392 | $ 1,066,187 | |||||
Dividend per share | $ / shares | $ 0.002991452991 | $ 0.002991452991 | |||||
CPOs | |||||||
Dividend per share | $ / shares | $ 0.35 | $ 0.35 |
Retained Earnings and Accumul_6
Retained Earnings and Accumulated Other Comprehensive Income - Accumulated Other Comprehensive Income (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated at beginning | $ (15,556,848) | |
Accumulated at ending | (13,621,992) | $ (15,556,848) |
Accumulated Other Comprehensive Income (loss) | ||
Accumulated at beginning | (15,556,848) | 1,320,451 |
Changes in other comprehensive income | 1,934,856 | (16,877,299) |
Accumulated at ending | (13,621,992) | (15,556,848) |
Open Ended Fund | ||
Accumulated at beginning | 1,524,860 | 2,429,283 |
Changes in other comprehensive income | (19,718) | (904,423) |
Accumulated at ending | 1,505,142 | 1,524,860 |
Other Equity Instruments | ||
Accumulated at beginning | 638,406 | 991,902 |
Changes in other comprehensive income | (123,359) | (353,496) |
Accumulated at ending | 515,047 | 638,406 |
Warrants Exercisable for Common Stock of UHI | ||
Accumulated at beginning | (23,602,220) | (1,703,056) |
Changes in other comprehensive income | (21,899,164) | |
Accumulated at ending | (23,602,220) | (23,602,220) |
Exchange Differences on Translating Foreign Operations | ||
Accumulated at beginning | 850,241 | 734,676 |
Changes in other comprehensive income | 84,232 | 115,565 |
Accumulated at ending | 934,473 | 850,241 |
Remeasurement of Post-Employment Benefit Obligations | ||
Accumulated at beginning | (1,350,451) | (1,010,132) |
Changes in other comprehensive income | 291,697 | (340,319) |
Accumulated at ending | (1,058,754) | (1,350,451) |
Derivative Financial Instruments Cash Flow Hedges | ||
Accumulated at beginning | (1,915,508) | (545,363) |
Changes in other comprehensive income | 1,927,601 | (1,370,145) |
Accumulated at ending | 12,093 | (1,915,508) |
Share of Income (Loss) of Associates and Joint Ventures | ||
Accumulated at beginning | (136,448) | (75,415) |
Changes in other comprehensive income | 245,714 | (61,033) |
Accumulated at ending | 109,266 | (136,448) |
Income Tax | ||
Accumulated at beginning | 8,434,272 | 498,556 |
Changes in other comprehensive income | (471,311) | 7,935,716 |
Accumulated at ending | $ 7,962,961 | $ 8,434,272 |
Non-controlling Interests (Deta
Non-controlling Interests (Details) - MXN ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
EQUITY | ||||
Capital stock | $ 4,836,708 | $ 4,907,765 | ||
Additional paid-in-capital | 15,889,819 | 15,889,819 | ||
Legal reserve | 2,139,007 | 2,139,007 | ||
Retained earnings from prior years | 88,218,188 | 84,280,397 | ||
Accumulated other comprehensive income (loss): | ||||
Carrying value of the non-controlling interest | 15,406,402 | 14,497,024 | ||
Aggregate amount of dividends paid | 1,459,320 | $ 2,664,340 | ||
Dividends received | 10,000 | |||
Non-controlling Interests | ||||
EQUITY | ||||
Capital stock | 1,100,312 | 1,102,334 | ||
Additional paid-in-capital | 2,986,354 | 2,986,360 | ||
Legal reserve | 215,736 | 216,071 | ||
Retained earnings from prior years | 9,649,348 | 8,483,413 | ||
Net income for the year | 1,298,959 | 1,553,166 | ||
Accumulated other comprehensive income (loss): | ||||
Cumulative result from foreign currency translation | 174,598 | 166,275 | ||
Remeasurement of post-employment benefit obligations on defined benefit plans | (18,905) | (10,595) | ||
Carrying value of the non-controlling interest | 15,406,402 | 14,497,024 | ||
Aggregate amount of dividends paid | 405,928 | 1,598,153 | ||
Non-controlling Interests | Sky. | ||||
Accumulated other comprehensive income (loss): | ||||
Aggregate amount of dividends paid | 750,000 | 2,750,000 | $ 3,800,000 | |
Dividends paid to non controlling interest | 309,174 | 1,134,808 | $ 1,570,659 | |
Non-controlling Interests | Radiopolis. | ||||
Accumulated other comprehensive income (loss): | ||||
Aggregate amount of dividends paid | 650,346 | |||
Dividends paid to non controlling interest | 325,173 | |||
Non-controlling Interests | Pantelion | ||||
Accumulated other comprehensive income (loss): | ||||
Aggregate amount of dividends paid | 394,269 | |||
Dividends paid to non controlling interest | $ 193,192 | |||
Non-controlling Interests | Publicidad Virtual, S.A. de C.V. | ||||
Accumulated other comprehensive income (loss): | ||||
Aggregate amount of dividends paid | 40,000 | |||
Dividends paid to non controlling interest | $ 19,600 |
Non-controlling Interests - Bal
Non-controlling Interests - Balance Sheets (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Current assets | $ 73,258,950 | $ 69,061,075 |
Non-current assets | 220,483,131 | 202,185,257 |
Total assets | 293,742,081 | 271,246,332 |
Liabilities: | ||
Current liabilities | 56,669,522 | 43,709,666 |
Non-current liabilities | 140,548,495 | 139,597,633 |
Total liabilities | 197,218,017 | 183,307,299 |
Empresas Cablevision | ||
Assets: | ||
Current assets | 6,653,310 | 6,046,592 |
Non-current assets | 24,099,561 | 22,499,913 |
Total assets | 30,752,871 | 28,546,505 |
Liabilities: | ||
Current liabilities | 5,755,703 | 5,267,184 |
Non-current liabilities | 4,308,115 | 3,943,909 |
Total liabilities | 10,063,818 | 9,211,093 |
Net assets | 20,689,053 | 19,335,412 |
Sky. | ||
Assets: | ||
Current assets | 5,689,494 | 6,632,763 |
Non-current assets | 19,590,056 | 18,515,500 |
Total assets | 25,279,550 | 25,148,263 |
Liabilities: | ||
Current liabilities | 3,685,208 | 5,182,302 |
Non-current liabilities | 7,041,237 | 5,967,680 |
Total liabilities | 10,726,445 | 11,149,982 |
Net assets | $ 14,553,105 | $ 13,998,281 |
Non-controlling Interests - Inc
Non-controlling Interests - Income Statement (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated subsidiaries information | |||
Net sales | $ 103,521,823 | $ 97,361,634 | $ 101,757,181 |
Net-income | 7,354,785 | 302,824 | 6,106,813 |
Total comprehensive income | 9,289,654 | (16,559,314) | $ 3,815,538 |
Empresas Cablevision | |||
Consolidated subsidiaries information | |||
Net sales | 16,849,160 | 15,906,914 | |
Net-income | 1,135,053 | 1,828,000 | |
Total comprehensive income | 1,134,181 | 1,820,135 | |
Sky. | |||
Consolidated subsidiaries information | |||
Net sales | 22,026,616 | 22,134,943 | |
Net-income | 1,281,472 | 1,848,374 | |
Total comprehensive income | $ 1,304,822 | $ 1,864,408 |
Non-controlling Interests - Cas
Non-controlling Interests - Cash Flows (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated subsidiaries information | |||
Cash flows from operating activities | $ 29,324,150 | $ 33,160,919 | $ 27,269,083 |
Cash flows used in investing activities | (18,845,176) | (15,919,697) | (17,004,808) |
Cash flows (used in) from financing activities | (13,732,392) | (16,195,216) | (14,301,896) |
Net (decrease) increase in cash and cash equivalents | (3,229,878) | 1,034,490 | $ (4,098,070) |
Empresas Cablevision | |||
Consolidated subsidiaries information | |||
Cash flows from operating activities | 5,594,662 | 3,959,679 | |
Cash flows used in investing activities | (5,144,521) | (5,824,827) | |
Cash flows (used in) from financing activities | (740,046) | 2,104,416 | |
Net (decrease) increase in cash and cash equivalents | (289,905) | 239,268 | |
Sky. | |||
Consolidated subsidiaries information | |||
Cash flows from operating activities | 6,004,261 | 8,645,025 | |
Cash flows used in investing activities | (5,236,815) | (5,547,152) | |
Cash flows (used in) from financing activities | (1,350,432) | (6,392,614) | |
Net (decrease) increase in cash and cash equivalents | $ (582,986) | $ (3,294,741) |
Transactions with Related Par_3
Transactions with Related Parties - Principal transactions (Details) $ in Thousands, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2021MXN ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019MXN ($) | Dec. 31, 2019USD ($) | |
Revenues, other income and interest income: | ||||||
Royalties (Univision) | $ 8,548,036 | $ 8,155,338 | $ 7,527,364 | |||
Programming production and transmission rights | 738,650 | 707,247 | 485,157 | |||
Telecom services | 57,759 | 97,754 | 71,979 | |||
Administrative services | 7,371 | 13,561 | 20,598 | |||
Advertising | 10,417 | 36,385 | 151,296 | |||
Interest income | 49,736 | 64,809 | 83,625 | |||
Total revenues, other income and interest income | 9,411,969 | 9,075,094 | 8,340,019 | |||
Costs and expenses: | ||||||
Donations | 26,606 | 26,729 | 26,285 | |||
Administrative services | 19,410 | 1,529 | 24,899 | |||
Technical services | 295,915 | 459,960 | 465,250 | |||
Programming production, transmission rights and telecom | 787,487 | 674,270 | 666,312 | |||
Total | $ 1,129,418 | 1,162,488 | 1,182,746 | |||
Univision Holding Inc | ||||||
Related party transactions | ||||||
Broadcasting term in United States | 7 years 6 months | 7 years 6 months | ||||
Percentage sold of initial investment in UHI | 0.67% | 0.67% | ||||
Univision | ||||||
Related party transactions | ||||||
Provision for certain yearly minimum guaranteed advertising | $ 712,417 | $ 35.1 | $ 909,159 | $ 42.6 | $ 625,410 | $ 32.3 |
Transactions with Related Par_4
Transactions with Related Parties - Other transactions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021MXN ($)directoritem | Dec. 31, 2020MXN ($)director | Dec. 31, 2019MXN ($)director | |
Transactions with related parties | |||
Aggregate annual amount of contracts leasing office space | $ 34,478 | $ 32,784 | $ 29,613 |
Consulting firm | |||
Transactions with related parties | |||
Fees for services received | 19,983 | 19,433 | 19,758 |
Professional services firm secretary of Company's Board | |||
Transactions with related parties | |||
Fees for services received | 57,925 | 52,848 | 34,603 |
Professional services firm, two directors | |||
Transactions with related parties | |||
Fees for services received | $ 20,006 | $ 121,789 | $ 20,554 |
Number of directors that maintain an interest in a professional services firm | director | 2 | 2 | 2 |
Member of the Company's Board | |||
Transactions with related parties | |||
Number of Mexican banks that have made loans to Group | item | 2 |
Transactions with Related Par_5
Transactions with Related Parties - Compensation (Details) - MXN ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 | |
Transactions with related parties | |||||
Defined benefit obligation | $ 3,184,365 | $ 3,276,400 | |||
Service cost | 175,648 | 148,987 | |||
Contributions to plan, net defined benefit liability (asset) | $ 6,972 | 600 | |||
Target period for revenue and EBITDA | 5 years | ||||
Present value of this long-term employee benefit obligation | $ 207,640 | ||||
Net cost of related services | 207,640 | 225,804 | $ 199,195 | ||
Directors, alternate directors and officers | |||||
Transactions with related parties | |||||
Key management compensation | 1,115,354 | 936,794 | 869,556 | ||
Defined benefit obligation | 212,310 | 196,584 | 170,856 | ||
Cumulative contributions made by the Group to the pension and seniority premium plans on behalf of these directors and officers | $ 76,241 | 71,744 | 82,768 | ||
Directors, alternate directors and officers | Cable | |||||
Transactions with related parties | |||||
Deferred compensation paid | $ 1,107,658 | 1,208 | 199,726 | ||
Officers | Cable | |||||
Transactions with related parties | |||||
Defined benefit obligation | 1,224,000 | 1,258,013 | |||
Deferred compensation plan term | 5 years | ||||
Service cost | 225,804 | 199,195 | |||
Contributions to plan, net defined benefit liability (asset) | 435,500 | $ 700,000 | |||
Deferred compensation paid | $ 470,000 |
Transactions with Related Par_6
Transactions with Related Parties - Receivables and payables (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2012 | |
Transactions with related parties | |||
Current receivables | $ 874,852 | $ 786,952 | |
Current payables | $ 82,070 | $ 83,007 | |
Average interest rates bearing from account balances | 6.60% | 6.90% | |
UHI, including Univision | |||
Transactions with related parties | |||
Current receivables | $ 692,282 | ||
Provision recognized | 691,221 | ||
Receivables from related parties | $ 819,355 | 692,282 | |
UHI II, including Univision | |||
Transactions with related parties | |||
Current receivables | 819,355 | ||
OCEN | |||
Transactions with related parties | |||
Current receivables | 34,137 | ||
Editorial Clio | |||
Transactions with related parties | |||
Current receivables | 337 | 2,308 | |
Other. | |||
Transactions with related parties | |||
Current receivables | 55,160 | 58,225 | |
Current payables | 27,472 | 50,697 | |
AT&T | |||
Transactions with related parties | |||
Current payables | 54,598 | 32,310 | |
Affiliates and other related parties | |||
Transactions with related parties | |||
Deposits and advances from affiliates and other related parties | $ 146,354 | $ 119,736 | |
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries ("GTAC") | Subsidiaries | |||
Transactions with related parties | |||
Annual payment in lease agreement | $ 41,400 | ||
Basis points | 1.22% | ||
Annual interest rate | 6.00% |
Cost of Sales, Selling Expens_3
Cost of Sales, Selling Expenses and Administrative Expenses (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cost of Sales, Selling Expenses and Administrative Expenses | |||
Cost of sales | $ 17,461,411 | $ 16,775,214 | $ 16,035,227 |
Selling expenses | 979,783 | 1,473,940 | 1,695,616 |
Administrative expenses | 3,306,319 | 3,392,496 | 3,809,379 |
Total depreciation, amortization and other amortization | 21,747,513 | 21,641,650 | 21,540,222 |
Expenses relating to variable lease payment not included in the measurement of the lease liability | 241,268 | ||
Expenses relating to short-term leases and leases of low-value assets | 196,902 | ||
Total | 438,170 | ||
Employee benefits | |||
Short-term employee benefits | 19,035,899 | 17,921,266 | 16,821,651 |
Other short-term employee benefits | 1,711,945 | 1,396,804 | 1,210,671 |
Share-based compensation | 1,088,413 | 984,356 | 1,129,644 |
Post-employment benefits | 259,291 | 292,026 | 259,064 |
Employee benefits | $ 22,095,548 | $ 20,594,452 | $ 19,421,030 |
Other Income or Expense, Net (D
Other Income or Expense, Net (Details) - MXN ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Income or Expense, Net | ||||
Net gain on disposition of Radipolis | $ 4,547,029 | $ 932,449 | ||
Net gain on disposition of investments | $ 627 | |||
Donations | (27,701) | (62,155) | (27,786) | |
Legal, financial, and accounting advisory and professional services | (683,311) | (534,448) | (353,937) | |
Accrued expense related to the disposal of the Content business and other net assets | (530,000) | |||
Gain (loss) on disposition of property and equipment | 45,921 | 57,949 | (158,658) | |
Deferred compensation | (207,640) | (225,804) | (199,195) | |
Dismissal severance expense | $ (150,000) | (312,337) | (273,281) | (533,233) |
Surcharges for payments of taxes of prior years | (400,641) | |||
Impairment adjustments | (225,136) | (40,803) | (67,574) | |
Income for cash reimbursement received from Imagina | (167,619) | |||
Interest income for recovered Asset Tax from prior years | 139,995 | |||
Other, net | 53,981 | 212,102 | (116,826) | |
Total other income (expense) | 2,388,008 | 233,628 | $ (1,316,587) | |
OISE/OCEN | ||||
Other Income or Expense, Net | ||||
Net gain on disposition of investments | 4,806,549 | |||
Radipolis | ||||
Other Income or Expense, Net | ||||
Net gain on disposition of Radipolis | $ 932,449 | |||
Other Businesses | ||||
Other Income or Expense, Net | ||||
Impairment adjustments | $ (97,293) |
Finance Expense, Net (Details)
Finance Expense, Net (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021MXN ($)$ / shares | Dec. 31, 2020MXN ($)$ / shares | Dec. 31, 2019MXN ($)$ / $ | |
Finance Expense, Net | |||
Interest expense | $ (9,135,531) | $ (10,482,168) | $ (10,402,021) |
Other finance expense, net | (1,183,180) | (873,177) | |
Foreign exchange loss, net | (2,050,096) | ||
Finance expense | (12,368,807) | (10,482,168) | (11,275,198) |
Interest income | 620,222 | 1,132,935 | 1,529,112 |
Other finance income, net | 89,323 | ||
Foreign exchange gain, net | 3,004,934 | 935,291 | |
Finance income | 620,222 | 4,227,192 | 2,464,403 |
Finance expense, net | (11,748,585) | (6,254,976) | (8,810,795) |
Additional lease liabilities | $ 445,979 | $ 426,672 | $ 426,541 |
Foreign exchange rate | 20.5031 | 19.9493 | 18.8838 |
Income Taxes (Details)
Income Taxes (Details) - MXN ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | ||||
Income taxes, current | $ 6,376,268 | $ 6,802,510 | $ 5,267,157 | |
Income taxes, deferred | 369,510 | (1,574,610) | (2,598,712) | |
Income tax provision | $ 6,745,778 | $ 5,227,900 | $ 2,668,445 | |
Current income tax of Mexican companies to the total current income taxes (as a percent) | 96.00% | 93.00% | 95.00% | |
Corporate income tax rate (as a percent) | 30.00% | 30.00% | 30.00% | |
Minimum | ||||
Income Taxes | ||||
Annual withholding tax rate | 0.97% | |||
Maximum | ||||
Income Taxes | ||||
Annual withholding tax rate | 1.45% | |||
Changes in tax rates or tax laws enacted or announced | ||||
Income Taxes | ||||
Corporate income tax rate (as a percent) | 30.00% |
Income Taxes - 2014 Tax Reform
Income Taxes - 2014 Tax Reform (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes | |||
Less: Current portion | $ 7,680,800 | $ 2,013,648 | |
Non-current portion | 104,825 | 767,115 | |
2014 Tax Reform | |||
Income Taxes | |||
Aggregate additional income tax liability for the elimination of the tax consolidation regime | $ 6,813,595 | ||
Benefit from tax loss carryforwards of Mexican companies in the Group | $ 7,936,044 | ||
Tax losses of subsidiaries, net | 771,873 | 1,759,301 | |
Less: Current portion | 667,048 | 992,186 | |
Non-current portion | $ 104,825 | $ 767,115 |
Income Taxes - Maturities of in
Income Taxes - Maturities of income tax payable (Details) - 2014 Tax Reform $ in Thousands | Dec. 31, 2021MXN ($) |
Income Taxes | |
Income tax payable | $ 771,873 |
2022. | |
Income Taxes | |
Income tax payable | 667,048 |
2023. | |
Income Taxes | |
Income tax payable | $ 104,825 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Principal differences between income taxes computed at the statutory rate and the Group's provision for income taxes (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Taxes | |||
Statutory income tax rate | 30.00% | 30.00% | 30.00% |
Differences between accounting and tax bases, includes tax inflation gain that is not recognized for accounting purposes | 20.00% | 25.00% | 5.00% |
Asset tax | (2.00%) | ||
Tax loss carryforwards | 4.00% | 7.00% | (13.00%) |
2014 Tax Reform | 1.00% | ||
Foreign operations | (1.00%) | (2.00%) | 8.00% |
Disposition of investment | (3.00%) | 3.00% | |
Disposition of Radipolis | 3.00% | ||
Share of income in associates and joint ventures, net | 6.00% | 2.00% | (2.00%) |
(Reversal of impairment loss) Impairment loss in investment in shares of UHI | (8.00%) | 30.00% | |
Effective income tax rate | 48.00% | 95.00% | 30.00% |
Income Taxes - Expiration of ta
Income Taxes - Expiration of tax loss carryforwards (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes | |||
Tax loss carryforwards for which deferred taxes were recognized | $ 24,187,339 | ||
Benefit from tax loss carryforwards derived from the disposal in 2014 of its investment in GSF | 4,145,649 | $ 4,668,717 | |
Tax loss carryforwards derived from disposal of GSF for which deferred taxes were recognized | 13,818,831 | ||
12 Months | |||
Income Taxes | |||
Tax loss carryforwards for which deferred taxes were recognized | 79,295 | ||
2023 | |||
Income Taxes | |||
Tax loss carryforwards for which deferred taxes were recognized | 9,883 | ||
2024 | |||
Income Taxes | |||
Tax loss carryforwards for which deferred taxes were recognized | 325,535 | ||
2025 | |||
Income Taxes | |||
Tax loss carryforwards for which deferred taxes were recognized | 8,817,805 | ||
2026 | |||
Income Taxes | |||
Tax loss carryforwards for which deferred taxes were recognized | 7,076,201 | ||
Thereafter | |||
Income Taxes | |||
Tax loss carryforwards for which deferred taxes were recognized | 7,878,620 | ||
Expires between 2021 and 2028 | |||
Income Taxes | |||
Unused tax loss carryforwards for which no deferred taxes were recognized | 8,318,914 | ||
Expires between 2021 and 2037 | |||
Income Taxes | |||
Tax loss carryforwards of subsidiaries in South America, the United States, and Europe | 2,934,613 | ||
Certain Mexican subsidiaries | |||
Income Taxes | |||
Utilized tax loss carryforwards | 2,618,821 | $ 6,160,740 | $ 6,457,550 |
Benefit from tax loss carryforwards derived from the disposal in 2014 of its investment in GSF | $ 13,818,831 |
Income Taxes - Temporary differ
Income Taxes - Temporary differences and tax loss carryforwards to arrive deferred income taxes (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes | |||
Deferred income tax assets, net | $ 30,962,539 | $ 26,213,382 | $ 17,132,915 |
Accrued liabilities | |||
Income Taxes | |||
Deferred tax assets | 7,128,606 | 6,219,312 | |
Deferred income tax assets, net | 7,128,606 | 6,219,312 | 4,352,021 |
Loss allowance | |||
Income Taxes | |||
Deferred tax assets | 946,559 | 1,235,658 | |
Deferred income tax assets, net | 946,559 | 1,235,658 | 1,550,482 |
Customer advances | |||
Income Taxes | |||
Deferred tax assets | 1,854,424 | 1,600,334 | |
Deferred income tax assets, net | 1,854,424 | 1,600,334 | 1,499,462 |
Derivative financial instrument | |||
Income Taxes | |||
Deferred tax assets | 615 | ||
Deferred income tax assets, net | 615 | 972,991 | 273,210 |
Property, plant and equipment, net | |||
Income Taxes | |||
Deferred tax assets | 3,704,746 | 2,084,550 | |
Deferred income tax assets, net | 3,704,746 | 2,084,550 | 1,650,860 |
Prepaid expenses and other items | |||
Income Taxes | |||
Deferred tax assets | 4,508,914 | 5,868,717 | |
Deferred income tax assets, net | 4,508,914 | 5,868,717 | 3,700,673 |
Operating tax losses | |||
Income Taxes | |||
Deferred tax assets | 6,240,930 | 5,481,738 | |
Capital tax losses | |||
Income Taxes | |||
Deferred tax assets | 5,160,921 | 5,767,847 | |
Tax credit | |||
Income Taxes | |||
Deferred income tax assets, net | 5,738,832 | ||
Investments | |||
Income Taxes | |||
Deferred tax liabilities | (1,733,507) | (729,910) | |
Deferred income tax assets, net | (1,733,507) | (729,910) | (6,676,401) |
Intangible assets and transmission rights | |||
Income Taxes | |||
Deferred tax liabilities | (2,807,484) | (2,549,784) | |
Deferred income tax assets, net | (2,807,484) | (2,549,784) | (2,406,145) |
Deferred income tax assets of Mexican companies | |||
Income Taxes | |||
Deferred income tax assets, net | 30,743,556 | 25,951,453 | |
Deferred income tax assets of foreign subsidiaries | |||
Income Taxes | |||
Deferred income tax assets, net | $ 218,983 | $ 261,929 | $ 163,747 |
Income Taxes - Gross rollforwar
Income Taxes - Gross rollforward of deferred income tax assets, net (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gross rollforward of deferred income tax assets, net | ||
Deferred income tax account at beginning of period | $ 26,213,382 | $ 17,132,915 |
Statement of income credit | (369,510) | 1,574,610 |
Other comprehensive income ("OCI") credit | (619,304) | 7,528,693 |
Tax credit | 5,738,832 | |
Reserve for low value | (861) | |
Disposed Operations | (22,836) | |
Deferred income tax account at end of period | $ 30,962,539 | $ 26,213,382 |
Income Taxes - Rollforward of d
Income Taxes - Rollforward of deferred income tax assets and liabilities (Details) - MXN ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Rollforward of deferred income tax assets and liabilities | ||
Deferred income tax account at beginning of period | $ 26,213,382 | $ 17,132,915 |
Credit (Charge) to Consolidated Statement of Income | (369,510) | 1,574,610 |
Credit (Charge) to Other Comprehensive Income and Equity | (619,304) | 7,528,693 |
Credit (Charge) to Other Accounts | 5,737,971 | |
Disposed Operations | (22,836) | |
Reclassification to current assets (liabilities) held for sale | (22,836) | |
Deferred income tax account at end of period | 30,962,539 | 26,213,382 |
Accrued liabilities | ||
Rollforward of deferred income tax assets and liabilities | ||
Deferred income tax account at beginning of period | 6,219,312 | 4,352,021 |
Credit (Charge) to Consolidated Statement of Income | 909,294 | 1,867,291 |
Deferred income tax account at end of period | 7,128,606 | 6,219,312 |
Loss allowance | ||
Rollforward of deferred income tax assets and liabilities | ||
Deferred income tax account at beginning of period | 1,235,658 | 1,550,482 |
Credit (Charge) to Consolidated Statement of Income | (289,099) | (314,824) |
Deferred income tax account at end of period | 946,559 | 1,235,658 |
Customer advances | ||
Rollforward of deferred income tax assets and liabilities | ||
Deferred income tax account at beginning of period | 1,600,334 | 1,499,462 |
Credit (Charge) to Consolidated Statement of Income | 254,090 | 100,872 |
Deferred income tax account at end of period | 1,854,424 | 1,600,334 |
Derivative financial instrument | ||
Rollforward of deferred income tax assets and liabilities | ||
Deferred income tax account at beginning of period | 972,991 | 273,210 |
Credit (Charge) to Consolidated Statement of Income | (394,096) | 288,737 |
Credit (Charge) to Other Comprehensive Income and Equity | (578,280) | 411,044 |
Deferred income tax account at end of period | 615 | 972,991 |
Property, plant and equipment, net | ||
Rollforward of deferred income tax assets and liabilities | ||
Deferred income tax account at beginning of period | 2,084,550 | 1,650,860 |
Credit (Charge) to Consolidated Statement of Income | 1,620,196 | 433,690 |
Deferred income tax account at end of period | 3,704,746 | 2,084,550 |
Prepaid expenses and other items | ||
Rollforward of deferred income tax assets and liabilities | ||
Deferred income tax account at beginning of period | 5,868,717 | 3,700,673 |
Credit (Charge) to Consolidated Statement of Income | (1,274,995) | 2,087,586 |
Credit (Charge) to Other Comprehensive Income and Equity | (83,947) | 103,294 |
Credit (Charge) to Other Accounts | (861) | |
Reclassification to current assets (liabilities) held for sale | (22,836) | |
Deferred income tax account at end of period | 4,508,914 | 5,868,717 |
Tax loss carryforwards | ||
Rollforward of deferred income tax assets and liabilities | ||
Deferred income tax account at beginning of period | 11,249,585 | 13,025,006 |
Credit (Charge) to Consolidated Statement of Income | 152,266 | (1,516,219) |
Credit (Charge) to Other Comprehensive Income and Equity | (259,202) | |
Deferred income tax account at end of period | 11,401,851 | 11,249,585 |
Deferred income tax assets of foreign subsidiaries | ||
Rollforward of deferred income tax assets and liabilities | ||
Deferred income tax account at beginning of period | 261,929 | 163,747 |
Credit (Charge) to Consolidated Statement of Income | (42,946) | 98,182 |
Deferred income tax account at end of period | 218,983 | 261,929 |
Tax credit | ||
Rollforward of deferred income tax assets and liabilities | ||
Credit (Charge) to Consolidated Statement of Income | 0 | |
Credit (Charge) to Other Accounts | 5,738,832 | |
Deferred income tax account at end of period | 5,738,832 | |
Investments | ||
Rollforward of deferred income tax assets and liabilities | ||
Deferred income tax account at beginning of period | (729,910) | (6,676,401) |
Credit (Charge) to Consolidated Statement of Income | (1,046,520) | (1,327,066) |
Credit (Charge) to Other Comprehensive Income and Equity | 42,923 | 7,273,557 |
Deferred income tax account at end of period | (1,733,507) | (729,910) |
Intangible assets and transmission rights | ||
Rollforward of deferred income tax assets and liabilities | ||
Deferred income tax account at beginning of period | (2,549,784) | (2,406,145) |
Credit (Charge) to Consolidated Statement of Income | (257,700) | (143,639) |
Deferred income tax account at end of period | $ (2,807,484) | $ (2,549,784) |
Income Taxes - Tax (charge) cre
Income Taxes - Tax (charge) credit relating to components of other comprehensive income (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other comprehensive loss, Before Tax | |||
Remeasurement of post-employment benefit obligations | $ 279,825 | $ (344,313) | $ (247,092) |
Remeasurement of post-employment benefit obligations of assets held for sale | (3,445) | ||
Exchange differences on translating foreign operations | 92,555 | 133,522 | (98,422) |
Derivative financial instruments cash flow hedges, Before Tax | 1,927,601 | (1,370,145) | (1,521,912) |
Warrants exercisable for common stock of UHI | (21,899,164) | 257,306 | |
Open Ended Fund, Before Tax | (19,718) | (904,423) | (351,202) |
Other equity instruments, Before Tax | (123,359) | (353,496) | (794,624) |
Other financial assets, Before Tax | 111 | ||
Share of loss of associates and joint ventures, Before Tax | 245,714 | (61,033) | (236,159) |
Other comprehensive income (loss) before income taxes | 2,402,618 | (24,799,052) | (2,995,439) |
Other comprehensive loss, Tax (Charge) Credit | |||
Remeasurement of post-employment benefit obligations, Tax (Charge) Credit | (83,947) | 103,294 | 74,128 |
Remeasurement of post-employment benefit obligations of assets held for sale, Tax (Charge) Credit | 1,033 | ||
Exchange differences on translating foreign operations, Tax (Charge) Credit | 151,555 | 408,221 | (101,323) |
Derivative financial instruments cash flow hedges, Tax (Charge) Credit | (578,280) | 411,044 | 456,574 |
Warrants exercisable for common stock of UHI, Tax (Charge) Credit | 6,639,400 | (77,192) | |
Open Ended Fund, Tax (Charge) Credit | 5,915 | 268,906 | 112,590 |
Other equity instruments, Tax (Charge) Credit | 37,008 | 106,049 | 238,387 |
Other financial assets, Tax (Charge) Credit | (33) | ||
Other comprehensive income, Tax (Charge) Credit | (467,749) | 7,936,914 | 704,164 |
Current tax | 151,555 | 408,221 | (449,933) |
Deferred tax | (619,304) | 7,528,693 | 1,154,097 |
Other comprehensive loss, After Tax | |||
Remeasurement of post-employment benefit obligations, After Tax | 195,878 | (241,019) | (172,964) |
Remeasurement of post-employment benefit obligations of assets held for sale, after tax | (2,412) | ||
Exchange differences on translating foreign operations, After Tax | 244,110 | 541,743 | (199,745) |
Derivative financial instruments cash flow hedges, After Tax | 1,349,321 | (959,101) | (1,065,338) |
Warrants exercisable for common stock of UHI, After Tax | (15,259,764) | 180,114 | |
Open Ended Fund, After Tax | (13,803) | (635,517) | (238,612) |
Other equity instruments, After Tax | (86,351) | (247,447) | (556,237) |
Other financial assets, After Tax | 78 | ||
Share of loss of associates and joint ventures, After Tax | 245,714 | (61,033) | (236,159) |
Total other comprehensive income | 1,934,869 | (16,862,138) | $ (2,291,275) |
Deferred income tax liability related to associates and joint ventures | $ 44,945 | $ 44,820 |
Earnings per CPO_Share (Details
Earnings per CPO/Share (Details) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2021$ / shares$ / EquityInstrumentsshares | Dec. 31, 2020$ / shares$ / EquityInstrumentsshares | Dec. 31, 2019$ / shares$ / EquityInstruments | |
Basic weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Total Shares | 327,524,800 | 330,685,559 | |
Basic earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Basic earnings per CPO attributable to stockholders of the Company | $ / EquityInstruments | 2.17 | (0.44) | 1.60 |
Diluted weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Total Shares | 352,134,036 | 352,237,926 | |
CPOs (in CPO units) | 2,485,895 | 2,486,783 | |
Diluted earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Diluted earnings per CPO attributable to stockholders of the Company | $ / EquityInstruments | 2.01 | (0.41) | 1.53 |
Series "A" Shares | |||
Basic weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units | 55,339,297 | 55,563,596 | |
Basic earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Basic earnings per share | $ / shares | $ 0.02 | $ 0 | $ 0.01 |
Diluted weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units | 58,926,613 | 58,926,613 | |
Diluted earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Diluted earnings per Share | $ / shares | $ 0.02 | $ 0 | 0.01 |
Series "B" Shares | |||
Basic weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units | 187 | 187 | |
Basic earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Basic earnings per share | $ / shares | $ 0.02 | $ 0 | 0.01 |
Diluted weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units | 2,357,208 | 2,357,208 | |
Diluted earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Diluted earnings per Share | $ / shares | $ 0.02 | $ 0 | 0.01 |
Series "D" Shares | |||
Basic weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units | 239 | 239 | |
Basic earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Basic earnings per share | $ / shares | $ 0.02 | $ 0 | 0.01 |
Diluted weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units | 239 | 239 | |
Diluted earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Diluted earnings per Share | $ / shares | $ 0.02 | $ 0 | 0.01 |
Series "L" Shares | |||
Basic weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units | 239 | 239 | |
Basic earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Basic earnings per share | $ / shares | $ 0.02 | $ 0 | 0.01 |
Diluted weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
Shares not in the form of CPO units | 239 | 239 | |
Diluted earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Diluted earnings per Share | $ / shares | $ 0.02 | $ 0 | $ 0.01 |
CPOs | |||
Basic weighted average of outstanding total shares, CPOs and Series of Shares (not in the form of CPO unit) | |||
CPOs (in CPO units) | 2,326,366 | 2,351,464 | |
Basic earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Basic earnings per CPO attributable to stockholders of the Company | $ / EquityInstruments | 2.17 | (0.44) | 1.60 |
Diluted earnings per CPO and per each Series of Shares (not in the form of a CPO unit) | |||
Diluted earnings per CPO attributable to stockholders of the Company | $ / EquityInstruments | 2.01 | (0.41) | 1.53 |
Segment Information - Revenue i
Segment Information - Revenue information by segment and a reconciliation to consolidated total (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Information | |||
Revenue | $ 103,521,823 | $ 97,361,634 | $ 101,757,181 |
Reconciliation to consolidated amounts: | |||
Disposed operations | 223,272 | 841,437 | |
Intersegment operations/expenses | (7,496,707) | (7,252,528) | (5,394,062) |
Depreciation and amortisation expense | (21,747,513) | (21,641,650) | (21,540,222) |
Income before other income or expense | 19,789,263 | 17,291,740 | 18,321,617 |
Operating income | 22,177,271 | 17,525,368 | 17,005,030 |
Reportable segments | |||
Segment Information | |||
Revenue | 111,018,530 | 104,390,890 | 106,309,806 |
Cable | |||
Segment Information | |||
Revenue | 48,020,929 | 45,367,108 | 41,701,982 |
Sky | |||
Segment Information | |||
Revenue | 22,026,616 | 22,134,701 | 21,347,078 |
Content | |||
Segment Information | |||
Revenue | 35,941,918 | 32,613,007 | 35,060,534 |
Other Businesses | |||
Segment Information | |||
Revenue | 5,029,067 | 4,276,074 | 8,200,212 |
Operating segment | |||
Segment Information | |||
Revenue | 103,521,823 | 97,361,634 | 101,757,181 |
Reconciliation to consolidated amounts: | |||
Disposed operations | (3,991) | 258,885 | |
Corporate expenses | (2,203,548) | (1,882,923) | 1,888,398 |
Intersegment operations/expenses | (64,354) | (71,483) | (72,250) |
Depreciation and amortisation expense | (21,418,369) | (21,260,787) | (21,008,796) |
Income before other income or expense | 19,789,263 | 17,291,740 | 18,321,617 |
Other income, net | 2,388,008 | 233,628 | |
Other expense, net | (1,316,587) | ||
Operating income | 22,177,271 | 17,525,368 | 17,005,030 |
Operating segment | Reportable segments | |||
Segment Information | |||
Revenue | 111,018,530 | 104,390,890 | 106,309,806 |
Reconciliation to consolidated amounts: | |||
Operating income | 43,475,534 | 40,510,924 | 41,032,176 |
Operating segment | Cable | |||
Reconciliation to consolidated amounts: | |||
Operating income | 20,285,023 | 18,898,301 | 17,797,571 |
Operating segment | Sky | |||
Reconciliation to consolidated amounts: | |||
Operating income | 8,504,169 | 9,135,346 | 9,121,221 |
Operating segment | Content | |||
Reconciliation to consolidated amounts: | |||
Operating income | 13,778,960 | 12,360,797 | 12,649,135 |
Operating segment | Other Businesses | |||
Reconciliation to consolidated amounts: | |||
Operating income | 907,382 | 116,480 | 1,464,249 |
Intersegment Revenues | |||
Segment Information | |||
Revenue | (7,496,707) | (7,252,528) | (5,394,062) |
Reconciliation to consolidated amounts: | |||
Disposed operations | 2,969 | ||
Intersegment operations/expenses | (7,496,707) | (7,252,528) | (5,394,062) |
Intersegment Revenues | Reportable segments | |||
Segment Information | |||
Revenue | (7,496,707) | (7,252,528) | (5,391,093) |
Intersegment Revenues | Cable | |||
Segment Information | |||
Revenue | (737,536) | (710,357) | (591,618) |
Intersegment Revenues | Sky | |||
Segment Information | |||
Revenue | (594,773) | (581,270) | (437,275) |
Intersegment Revenues | Content | |||
Segment Information | |||
Revenue | (5,137,690) | (4,679,805) | (3,589,407) |
Intersegment Revenues | Other Businesses | |||
Segment Information | |||
Revenue | (1,026,708) | (1,281,096) | (772,793) |
Consolidated Revenues | |||
Segment Information | |||
Revenue | 103,521,823 | 97,361,634 | 101,757,181 |
Reconciliation to consolidated amounts: | |||
Disposed operations | 223,272 | 838,468 | |
Consolidated Revenues | Reportable segments | |||
Segment Information | |||
Revenue | 103,521,823 | 97,138,362 | 100,918,713 |
Consolidated Revenues | Cable | |||
Segment Information | |||
Revenue | 47,283,393 | 44,656,751 | 41,110,364 |
Consolidated Revenues | Sky | |||
Segment Information | |||
Revenue | 21,431,843 | 21,553,431 | 20,909,803 |
Consolidated Revenues | Content | |||
Segment Information | |||
Revenue | 30,804,228 | 27,933,202 | 31,471,127 |
Consolidated Revenues | Other Businesses | |||
Segment Information | |||
Revenue | $ 4,002,359 | $ 2,994,978 | $ 7,427,419 |
Segment Information - Segment i
Segment Information - Segment information about assets, liabilities, and additions to property, plant and equipment (Details) - MXN ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2021 | |
Segment Information | ||||
Segment Assets | $ 293,742,081 | $ 271,246,332 | ||
Segment Liabilities | 197,218,017 | 183,307,299 | ||
Additions to Property, Plant and Equipment | 23,267,847 | 20,131,738 | $ 19,108,284 | |
Reconciliation of segment assets to total assets | ||||
Assets | 293,742,081 | 271,246,332 | ||
Reconciliation of segment liabilities to total liabilities | ||||
Liabilities | 197,218,017 | 183,307,299 | ||
Cable | ||||
Segment Information | ||||
Additions to Property, Plant and Equipment | 17,339,270 | 14,182,848 | 12,995,448 | |
Reconciliation of segment assets to total assets | ||||
Investments | 614,146 | 515,002 | ||
Goodwill | 13,794,684 | 13,794,684 | ||
Equity method loss recognized in income | 161,468 | (7,826) | (62,329) | |
Sky | ||||
Segment Information | ||||
Additions to Property, Plant and Equipment | 4,949,039 | 5,361,494 | 4,039,020 | |
Content | ||||
Segment Information | ||||
Additions to Property, Plant and Equipment | 909,164 | 479,731 | 1,690,805 | |
Reconciliation of segment assets to total assets | ||||
Investments | 31,920,796 | 29,096,777 | ||
Goodwill | 241,973 | 241,973 | ||
Equity method gain recognized in income | 3,503,357 | (5,739,833) | 642,768 | |
Other Businesses | ||||
Segment Information | ||||
Additions to Property, Plant and Equipment | 70,374 | 107,665 | 383,011 | |
Reconciliation of segment assets to total assets | ||||
Investments | 245,372 | 204,464 | ||
Goodwill | 76,969 | |||
Equity method gain recognized in income | 7,052 | 7,991 | 584 | |
Operating segment | ||||
Segment Information | ||||
Segment Assets | 246,925,110 | 227,316,463 | 222,201,935 | |
Segment Liabilities | 75,685,991 | 64,356,435 | 70,626,022 | |
Additions to Property, Plant and Equipment | 23,267,847 | 20,131,738 | 19,108,284 | |
Reconciliation of segment assets to total assets | ||||
Assets | 246,925,110 | 227,316,463 | 222,201,935 | |
Reconciliation of segment liabilities to total liabilities | ||||
Liabilities | 75,685,991 | 64,356,435 | 70,626,022 | |
Operating segment | Cable | ||||
Segment Information | ||||
Segment Assets | 119,102,077 | 112,478,015 | 105,841,104 | |
Segment Liabilities | 24,449,798 | 22,295,808 | 21,637,395 | |
Reconciliation of segment assets to total assets | ||||
Assets | 119,102,077 | 112,478,015 | 105,841,104 | |
Reconciliation of segment liabilities to total liabilities | ||||
Liabilities | 24,449,798 | 22,295,808 | 21,637,395 | |
Operating segment | Sky | ||||
Segment Information | ||||
Segment Assets | 25,615,006 | 26,423,707 | 27,755,967 | |
Segment Liabilities | 10,745,984 | 10,696,397 | 12,902,845 | |
Reconciliation of segment assets to total assets | ||||
Assets | 25,615,006 | 26,423,707 | 27,755,967 | |
Reconciliation of segment liabilities to total liabilities | ||||
Liabilities | 10,745,984 | 10,696,397 | 12,902,845 | |
Operating segment | Content | ||||
Segment Information | ||||
Segment Assets | 93,463,141 | 80,237,558 | 78,336,679 | |
Segment Liabilities | 37,286,277 | 27,427,941 | 31,555,070 | |
Reconciliation of segment assets to total assets | ||||
Assets | 93,463,141 | 80,237,558 | 78,336,679 | |
Reconciliation of segment liabilities to total liabilities | ||||
Liabilities | 37,286,277 | 27,427,941 | 31,555,070 | |
Operating segment | Other Businesses | ||||
Segment Information | ||||
Segment Assets | 8,744,886 | 8,177,183 | 10,268,185 | |
Segment Liabilities | 3,203,932 | 3,936,289 | 4,530,712 | |
Reconciliation of segment assets to total assets | ||||
Assets | 8,744,886 | 8,177,183 | 10,268,185 | |
Reconciliation of segment liabilities to total liabilities | ||||
Liabilities | 3,203,932 | 3,936,289 | $ 4,530,712 | |
Debt not allocated to segments | ||||
Segment Information | ||||
Segment Liabilities | 121,532,026 | 118,950,864 | ||
Reconciliation of segment liabilities to total liabilities | ||||
Liabilities | $ 121,532,026 | 118,950,864 | ||
OCEN and subsidiaries | ||||
Reconciliation of segment assets to total assets | ||||
Goodwill | $ 359,613 | $ 359,613 |
Segment Information - Geographi
Segment Information - Geographical segment information (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Geographical segment information: | |||
Revenue | $ 103,521,823 | $ 97,361,634 | $ 101,757,181 |
Assets | 293,742,081 | 271,246,332 | |
Additions to Property, Plant and Equipment | 23,267,847 | 20,131,738 | 19,108,284 |
Mexico | |||
Geographical segment information: | |||
Revenue | 90,815,023 | 84,664,293 | 88,388,569 |
Additions to Property, Plant and Equipment | 22,859,403 | 19,707,436 | 18,804,629 |
Other countries | |||
Geographical segment information: | |||
Revenue | 12,706,800 | 12,697,341 | 13,368,612 |
Additions to Property, Plant and Equipment | 408,444 | 424,302 | 303,655 |
Operating segment | |||
Geographical segment information: | |||
Revenue | 103,521,823 | 97,361,634 | 101,757,181 |
Assets | 246,925,110 | 227,316,463 | 222,201,935 |
Additions to Property, Plant and Equipment | 23,267,847 | 20,131,738 | 19,108,284 |
Operating segment | Mexico | |||
Geographical segment information: | |||
Assets | 230,559,883 | 215,395,954 | 211,592,987 |
Operating segment | Other countries | |||
Geographical segment information: | |||
Assets | $ 16,365,227 | $ 11,920,509 | $ 10,608,948 |
Segment Information - Disaggreg
Segment Information - Disaggregation of Total Revenues (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | $ 90,815,023 | $ 84,664,293 | $ 88,388,569 |
Export revenue | 10,780,590 | 10,683,740 | 11,380,927 |
Abroad revenue | 1,926,210 | 2,013,601 | 1,987,685 |
Total revenue | 103,521,823 | 97,361,634 | 101,757,181 |
Radio - Advertising | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 223,272 | 841,437 | |
Total revenue | 223,272 | 841,437 | |
Operating segment | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Total revenue | 103,521,823 | 97,361,634 | 101,757,181 |
Intersegment Revenues | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | (7,496,707) | (7,252,528) | (5,387,894) |
Abroad revenue | (6,168) | ||
Total revenue | (7,496,707) | (7,252,528) | (5,394,062) |
Reportable segments | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Total revenue | 111,018,530 | 104,390,890 | 106,309,806 |
Reportable segments | Operating segment | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 98,311,730 | 91,693,549 | 92,935,026 |
Export revenue | 10,780,590 | 10,683,740 | 11,380,927 |
Abroad revenue | 1,926,210 | 2,013,601 | 1,993,853 |
Total revenue | 111,018,530 | 104,390,890 | 106,309,806 |
Reportable segments | Intersegment Revenues | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Total revenue | (7,496,707) | (7,252,528) | (5,391,093) |
Cable | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Total revenue | 48,020,929 | 45,367,108 | 41,701,982 |
Cable | Operating segment | Digital TV Service | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 15,883,520 | 16,549,458 | 16,298,079 |
Total revenue | 15,883,520 | 16,549,458 | 16,298,079 |
Cable | Operating segment | Advertising | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 1,971,853 | 1,633,201 | 1,507,831 |
Total revenue | 1,971,853 | 1,633,201 | 1,507,831 |
Cable | Operating segment | Broadband Services | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 18,648,098 | 16,540,687 | 14,544,473 |
Total revenue | 18,648,098 | 16,540,687 | 14,544,473 |
Cable | Operating segment | Telephony | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 4,977,671 | 4,382,964 | 3,658,121 |
Total revenue | 4,977,671 | 4,382,964 | 3,658,121 |
Cable | Operating segment | Other Services | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 598,890 | 702,023 | 801,937 |
Total revenue | 598,890 | 702,023 | 801,937 |
Cable | Operating segment | Telecommunications Networks | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 5,699,425 | 5,245,443 | 4,626,396 |
Abroad revenue | 241,472 | 313,332 | 265,145 |
Total revenue | 5,940,897 | 5,558,775 | 4,891,541 |
Cable | Operating segment | Leasing set-top equipment | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Total revenue | 5,678,042 | 5,514,984 | 5,289,996 |
Cable | Intersegment Revenues | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Total revenue | (737,536) | (710,357) | (591,618) |
Sky | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Total revenue | 22,026,616 | 22,134,701 | 21,347,078 |
Sky | Operating segment | Advertising | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 1,233,537 | 1,112,662 | 953,634 |
Total revenue | 1,233,537 | 1,112,662 | 953,634 |
Sky | Operating segment | DTH Broadcast Satellite TV | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 19,210,652 | 19,398,285 | 18,918,077 |
Abroad revenue | 1,514,377 | 1,569,999 | 1,359,079 |
Total revenue | 20,725,029 | 20,968,284 | 20,277,156 |
Sky | Operating segment | Pay-Per-View | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 56,883 | 42,291 | 98,539 |
Abroad revenue | 11,167 | 11,464 | 17,749 |
Total revenue | 68,050 | 53,755 | 116,288 |
Sky | Operating segment | Leasing set-top equipment | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Total revenue | 9,338,664 | 9,212,317 | 9,232,152 |
Sky | Intersegment Revenues | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Total revenue | (594,773) | (581,270) | (437,275) |
Content | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Total revenue | 35,941,918 | 32,613,007 | 35,060,534 |
Content | Operating segment | Advertising | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 18,925,794 | 16,180,397 | 19,236,014 |
Export revenue | 236,248 | 169,362 | 223,434 |
Total revenue | 19,162,042 | 16,349,759 | 19,459,448 |
Content | Operating segment | Network Subscription Revenue | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 4,525,815 | 4,322,535 | 3,832,716 |
Export revenue | 864,952 | 1,143,657 | 1,160,459 |
Total revenue | 5,390,767 | 5,466,192 | 4,993,175 |
Content | Operating segment | Licensing and Syndication | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 1,781,380 | 1,572,659 | 1,794,636 |
Export revenue | 9,607,729 | 9,224,397 | 8,813,275 |
Total revenue | 11,389,109 | 10,797,056 | 10,607,911 |
Content | Intersegment Revenues | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Total revenue | (5,137,690) | (4,679,805) | (3,589,407) |
Other Businesses | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Total revenue | 5,029,067 | 4,276,074 | 8,200,212 |
Other Businesses | Operating segment | Gaming | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 1,673,911 | 959,985 | 2,974,284 |
Total revenue | 1,673,911 | 959,985 | 2,974,284 |
Other Businesses | Operating segment | Soccer, Sports and Show Business | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 1,658,928 | 1,382,708 | 1,821,605 |
Export revenue | 71,661 | 146,324 | 1,182,972 |
Total revenue | 1,730,589 | 1,529,032 | 3,004,577 |
Other Businesses | Operating segment | Publishing - Magazines | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 341,159 | 269,768 | 393,763 |
Abroad revenue | 942 | 18,076 | |
Total revenue | 341,159 | 270,710 | 411,839 |
Other Businesses | Operating segment | Publishing - Advertising | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 143,622 | 173,645 | 246,309 |
Abroad revenue | 23,461 | ||
Total revenue | 143,622 | 173,645 | 269,770 |
Other Businesses | Operating segment | Publishing Distribution | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 286,454 | 309,673 | 337,685 |
Total revenue | 286,454 | 309,673 | 337,685 |
Other Businesses | Operating segment | Feature Film Production and Distribution | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Domestic revenue | 694,138 | 915,165 | 890,927 |
Export revenue | 787 | ||
Abroad revenue | 159,194 | 117,864 | 310,343 |
Total revenue | 853,332 | 1,033,029 | 1,202,057 |
Other Businesses | Intersegment Revenues | |||
Revenues for each reportable segment disaggregated by major service/product lines and primary geographical market | |||
Total revenue | $ (1,026,708) | $ (1,281,096) | $ (772,793) |
Segment Information - Net sales
Segment Information - Net sales from external customers (Details) - MXN ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Information | |||
Services | $ 77,050,269 | $ 71,745,105 | $ 75,988,820 |
Royalties | 10,439,063 | 9,907,313 | 10,005,977 |
Goods | 806,907 | 805,690 | 932,198 |
Leases | 15,225,584 | 14,903,526 | 14,830,186 |
Total revenue | $ 103,521,823 | $ 97,361,634 | $ 101,757,181 |
Commitments and Contingencies -
Commitments and Contingencies - Commitments (Details) $ in Thousands, $ in Thousands | Jun. 17, 2021 | May 28, 2021MXN ($) | May 19, 2021 | Jul. 16, 2020MXN ($) | Dec. 31, 2021USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2021MXN ($) | Jun. 27, 2019MXN ($) | Jun. 21, 2019MXN ($) |
Commitments and Contingencies | |||||||||
Commitments for programming rights | $ 69,700 | $ 1,429,392 | |||||||
Commitments for transmission rights | 1,198,100 | 24,565,445 | |||||||
Commitments for transmission rights to be sublicensed | 47,600 | 977,004 | |||||||
Total aggregate commitments | 2,888,260 | ||||||||
Commitments for gaming operations | 8,441 | ||||||||
Commitments to acquire television technical equipment | 136,208 | ||||||||
Commitments to acquire software and related services | 664,454 | ||||||||
Construction commitments for building improvements and technical facilities | $ 2,079,157 | ||||||||
Minimum annual commitments for the use of satellite transponders | $ 18,689 | ||||||||
Number of years in which the Preponderant Economic Agent can be updated | 2 years | 2 years | |||||||
Minimum content of broadcast on daily basis to be offered | 50.00% | 50.00% | |||||||
Loss contingency stay period identify replacement counsel | 30 days | ||||||||
Loss contingency additional stay period requested disqualified | 60 days | ||||||||
Estimated financial effect of contingent tax liabilities | $ 256,300 | $ 290,000 | $ 682,000 | ||||||
Percentage on commercial rate on merchandise | 70.00% | 70.00% | |||||||
IEPS | |||||||||
Commitments and Contingencies | |||||||||
Estimated financial effect of contingent tax liabilities | $ 1,334,000 | ||||||||
Grupo de Telecomunicaciones de Alta Capacidad, S.A.P.I. de C.V. and subsidiaries ("GTAC") | Long-term credit facility | |||||||||
Commitments and Contingencies | |||||||||
Amount of future financing expected to provide in 2022 | $ 8,900 | $ 191,900,000 | |||||||
12 Months | |||||||||
Commitments and Contingencies | |||||||||
Minimum annual commitments for the use of satellite transponders | 6,605 | ||||||||
2023 | |||||||||
Commitments and Contingencies | |||||||||
Minimum annual commitments for the use of satellite transponders | 4,760 | ||||||||
2024 | |||||||||
Commitments and Contingencies | |||||||||
Minimum annual commitments for the use of satellite transponders | 4,678 | ||||||||
2025 and thereafter | |||||||||
Commitments and Contingencies | |||||||||
Minimum annual commitments for the use of satellite transponders | $ 2,646 |
Commitments and Contingencies_2
Commitments and Contingencies - Reconciliation of the non-cancellable lease commitments (Details) - MXN ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Impact on Consolidated Financial Statements | |||||
Total lease liabilities | $ 9,680,559 | $ 9,292,351 | |||
IFRS 16 | |||||
Impact on Consolidated Financial Statements | |||||
Operating lease commitments disclosed under IAS 17 in the Group's consolidated financial statements as of December 31, 2018 | $ 7,160,431 | ||||
Discounted using the incremental borrowing rate at January 1, 2019 | (2,669,751) | ||||
Finance lease liabilities recognized at 31 December 2018 | 5,317,944 | ||||
Adjustments as a result of a different treatment of extension, termination options and short term and low value exemptions | $ 306,632 | ||||
Total lease liabilities | $ 5,533,552 | $ 4,745,292 | $ 4,745,292 | $ 10,115,256 |
Changes in Accounting Policie_3
Changes in Accounting Policies Required by the Initial Application of IFRS 16 - Operating Leases and Financial Leases (Details) - MXN ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Impact on Consolidated Financial Statements | ||||
Right-of-use assets, net | $ 7,604,567 | $ 7,212,165 | $ 7,553,052 | |
Lease liabilities | (9,680,559) | (9,292,351) | ||
Current portion of lease liabilities | 1,478,382 | 1,277,754 | ||
IFRS 16 | ||||
Impact on Consolidated Financial Statements | ||||
Lease liabilities | (5,533,552) | (4,745,292) | (4,745,292) | $ (10,115,256) |
Operating Leases | IFRS 16 | ||||
Impact on Consolidated Financial Statements | ||||
Right-of-use assets, net | 5,086,783 | 4,392,420 | 4,797,312 | |
Lease liabilities | (5,533,552) | (4,745,292) | (4,797,312) | |
Net effect | (446,769) | (352,872) | ||
Current portion of lease liabilities | 718,501 | 524,458 | $ 462,513 | |
Depreciation of right-of-use assets | 730,145 | 670,749 | ||
Finance Leases | IFRS 16 | ||||
Impact on Consolidated Financial Statements | ||||
Right-of-use assets, net | 2,517,784 | 2,819,745 | 3,402,869 | |
Lease liabilities | (4,147,007) | (4,547,059) | (5,317,944) | |
Net effect | (1,629,223) | (1,727,314) | (1,915,075) | |
Current portion of lease liabilities | 759,881 | 753,296 | $ 651,800 | |
Depreciation of right-of-use assets | $ 417,903 | $ 426,025 |
Events after the Reporting Pe_2
Events after the Reporting Period (Details) $ in Thousands, shares in Millions, $ in Millions | Apr. 27, 2022$ / EquityInstruments | May 31, 2022$ / EquityInstruments | Mar. 31, 2022USD ($) | Feb. 28, 2022USD ($)shares | Mar. 31, 2022USD ($) | Dec. 31, 2021MXN ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019MXN ($) | Mar. 31, 2022MXN ($)shares | Mar. 31, 2022USD ($)shares | Dec. 31, 2021USD ($) | Oct. 06, 2020MXN ($) | Dec. 31, 2018USD ($) |
Events after the reporting period | |||||||||||||
Increase cash and cash equivalents | $ (3,229,878) | $ 1,034,490 | $ (4,098,070) | ||||||||||
Principal amount | $ 126,999,199 | $ 221.3 | |||||||||||
Dividend per share ordinary participation certificate | $ / EquityInstruments | 0.35 | 0.002991452991 | |||||||||||
Revolving credit facility with a syndicate of banks | |||||||||||||
Events after the reporting period | |||||||||||||
Increase in revolving credit facility | $ 32 | ||||||||||||
Principal amount | $ 650 | $ 618 | $ 14,770,694 | $ 618 | |||||||||
Debt term | 3 years | ||||||||||||
Senior Notes 6.625% | |||||||||||||
Events after the reporting period | |||||||||||||
Principal amount | $ 600 | ||||||||||||
Redemption of aggregate principal amount | $ 200 | ||||||||||||
Percentage of redemption price | 6.625% | ||||||||||||
Long-term loans with Mexican banks | |||||||||||||
Events after the reporting period | |||||||||||||
Principal amount | $ 6,000 | ||||||||||||
Accrued interest | $ 37,100 | ||||||||||||
Televisa Univision II | |||||||||||||
Events after the reporting period | |||||||||||||
Increase cash and cash equivalents | $ 3,220 | ||||||||||||
Increase investment in common and preferred shares | $ 1,500 | ||||||||||||
LTRP | |||||||||||||
Events after the reporting period | |||||||||||||
Sale Contracts With Certain Officers | shares | 24.7 | ||||||||||||
Number Of Ordinary Participant Certificates Or Their Equivalent Owned | shares | 10.6 | 10.6 | |||||||||||
Number Of Other Equity Instruments Held In Connection With Forfeited Rights | shares | 8 | 8 |