TV
AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED RESULTS OF OPERATIONS*
(Millions of
Mexican pesos of December 31, 2003 purchasing power)
Fourth Quarter of: Fourth
Quarter of:
2002 2003 2002 2003
Change
Millions of US Dollars
** %
Net revenue Ps 2,054 Ps 2,296 US$ 183 100% US$ 204
100% US$ 22 12%
Programming,
production
and transmission
costs 524 859 47 26%
76 37% 30
64%
Sales and
administrative
expenses 276 274 25 13%
24 12% (0)
-1%
EBITDA 1,254 1,163 112 61%
104 51% (8)
-7%
Depreciation and
amortization (5) 111
(0) 10 10
Operating
profit 1,259 1,052 112 61%
94 46% (18) -16%
Other
expenses -
Net (178) (168) (16) (15) 1
Comprehensive
financing cost:
Interest expense
(200) (208) (18)
(19) (1)
Other financing
expense (16) (10) (1) (1) 1
Interest
income 37 46 3 4 1
Exchange gain
(loss) -
Net 25 (55) 2 (5) (7)
Loss on monetary
position (38) (11) (3) (1) 2
Net comprehensive
financing
cost (192) (238) (17) (21) (4)
Income before
provision for
income tax and
deferred
income tax 889 646 79 43%
58 28% (22) -27%
Provision for:
Income tax (117) 106 (10) 9 20
Deferred
income tax (27)
(157) (2) (14) (12)
Net income Ps 745
Ps 595 US$ 66 36%
US$ 53 26% US$ (13) -20%
Net income of
minority
stockholders Ps 0.1 Ps 0.4
US $0 US$ 0 US$0
Net income of
majority
stockholders Ps 745 Ps 595 US $66 36% US$ 53
26% US$(13) -20%
End of
period
exchange
rate Ps 10.40 Ps 11.23
* Mexican GAAP.
** The U.S.
dollar figures represent the Mexican
peso amounts as of
December 31,
2003 expressed as of December 31, 2003
purchasing power,
translated at
the exchange rate of Ps. 11.23 per U.S. dollar.
TV
AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED RESULTS OF OPERATIONS*
(Millions of
Mexican pesos of December 31, 2003 purchasing power)
Year ended Year ended
December 31, December 31,
2002 2003 2002 2003
Change
Millions of US Dollars
** %
Net revenue Ps 6,956 Ps 7,281 US$ 619 100% US$ 648
100% US$ 29 5%
Programming,
production and
transmission
costs 2,611 2,854 232 38%
254 39% 22
9%
Sales and
administrative
expenses 1,013 1,051 90 15%
94 14% 3
4%
EBITDA 3,332 3,376 297 48%
301 46% 4
1%
Depreciation
and amortization 401
369 36 33 (3)
Operating
profit 2,931 3,007 261 42%
268 41% 7
3%
Other
expenses -
Net (459) (458) (41) (41) 0
Comprehensive
financing cost:
Interest expense
(754) (767) (67)
(68) (1)
Other financing
expense (140) (52) (12) (5) 8
Interest
income 200 205 18 18 0
Exchange
loss - Net (367)
(192) (33) (17) 16
Loss on monetary
position (85) (31) (8) (3) 5
Net comprehensive
financing
cost (1,146) (837) (102) (75) 28
Income before
provision for
income tax
and deferred
income tax 1,326
1,712 118 19%
152 24% 34
29%
Provisions for:
Income tax (275) (3) (24) (0) 24
Deferred
income tax (27)
(132) (2) (12) (9)
Net income Ps 1,024 Ps 1,577 US$ 91 15% US$ 140
22% US$ 49 54%
Net (loss)
income of
minority
stockholders Ps
(0.2) Ps 1.4 US$ (0.0) US$ 0.1 US$ 0
Net income of
majority
stock-
holders Ps 1,024 Ps 1,576 US$ 91 15% US$ 140
22% US$ 49 54%
End of
period
exchange
rate Ps 10.40 Ps 11.23
* Mexican GAAP.
** The U.S.
dollar figures represent the Mexican peso amounts as of
December 31,
2003 expressed as of December 31, 2003
purchasing power,
translated at
the exchange rate of Ps. 11.23 per U.S. dollar.
TV
AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS*
(Millions of
Mexican pesos of December 31, 2003 purchasing power)
At December 31, At December 31,
2002 2003 2002 2003 Change
Millions of US
Dollars**
Current
assets: %
Cash and cash
equivalents Ps 1,449 Ps 2,481 US$129 US$ 221 US$ 92
Accounts
receivable 5,117 5,615 456 500 44
Other current
assets 965 1,133 86 101 15
Total current
assets 7,531 9,229 670 822 151
23%
Accounts
receivable
from Unefon 2,089 1,798 186 160 (26)
Property, plant
and
equipment-Net 2,320 2,185 207 195 (12)
Television
concessions-Net 3,890 3,852 346 343 (3)
Invesment in
Unefon 1,826 -- 163 -- (163)
Invesment in Todito 333 215 30 19 (11)
Investment in
Azteca
America 1,200 1,451 107 129 22
Exhibition
rights 1,434 1,192 128 106 (22)
Other assets 861 679 77 60 (16)
Goodwill
-Net 667 591 59 53 (7)
Total long term
assets 14,989 11,963 1,334 1,065 (269) -20%
Total assets Ps 22,520 Ps 21,192 US$ 2,005 US$ 1,887 US$(118) -6%
Current
liabilities:
Short-term
debt Ps 455 Ps 779
US$ 41 US$ 69 US$ 29
Guaranteed senior
notes 1,404 125 125
Other current
liabilities 1,580 1,580 141 141 --
Total current
liabilities 2,035 3,763 181 335 154 85%
Long-term
liabilities
Guaranteed senior
notes 4,593 3,370 409 300 (109)
Bank loans 61 619 5 55 50
Subtotal
debt 4,654 3,989 414 355 (59)
Exhibition rights
payable 256 120 23 11 (12)
American Tower
Corporation (due
2069) 1,294 1,345 115 120 5
Advertising
advances 4,623 4,903 412 437 25
6%
Unefon
advertising
advance 2,253 2,075 201 185 (16)
Todito
advances 524 320 47 28 (18)
Deferred income
tax
payable 27 78 2 7 5
Total long-term
liabilities 13,631 12,830 1,214 1,142 (71) -6%
Total
liabilities 15,666 16,593 1,395 1,477 83
6%
Total
stockholders'
equity 6,854 4,599 610 409 (201)-33%
Total liabilities
and equity Ps 22,520 Ps 21,192 US$ 2,005
US$ 1,887 US$(118) %6%
End of period
exchange
rate Ps 10.40 Ps 11.23
* Mexican GAAP.
** The U.S. dollar figures represent Mexican
peso amounts as of December
31, 2003,
expressed as of December 31, 2003
purchasing power,
translated
at the exchange rate of Ps. 11.23 per U.S. dollar.
TV
AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS*
(Millions of
Mexican pesos of December 31, 2003 purchasing power)
At December 31, 2003
TV Azteca Unefon Holdings TV Azteca
Before split off
Post split off
Current assets:
Cash and cash
equivalents Ps 2,481 Ps 2,481
Accounts
receivable 5,615 5,615
Other current
assets 1,133 1,133
Total current
assets 9,229 -- 9,229
Accounts
receivable from Unefon 1,798 1,798
Property, plant
and equipment-Net 2,185 2,185
Television
concessions-Net 3,852 3,852
Invesment in
Unefon 513 Ps 513 --
Invesment in
Cosmofrecuencias 116 116 --
Invesment in
Todito 215 215
Investment in
Azteca America 1,451 1,451
Exhibition
rights 1,192 1,192
Other assets 679 679
Goodwill
-Net 591 591
Total long term
assets 12,592 629 11,963
Total assets Ps 21,821 Ps 629 Ps 21,192
Current
liabilities:
Short-term
debt Ps 779 Ps 779
Guaranteed senior
notes 1,404 1,404
Other current
liabilities 1,580 1,580
Total current
liabilities 3,763 -- 3,763
Long-term
liabilities
Guaranteed senior
notes 3,370 3,370
Bank loans 619 619
Subtotal
debt 3,989 3,989
Exhibition rights
payable 120 120
American Tower
Corporation
(due 2069) 1,345 1,345
Advertising
advances 4,903 4,903
Unefon
advertising advance 2,075 2,075
Todito
advances 320 320
Deferred income
tax payable 78 78
Total long-term
liabilities 12,830 12,830
Total
liabilities 16,593 -- 16,593
Total
stockholders' equity 5,228 Ps 629 4,599
Total liabilities
and equity Ps 21,821 Ps 629 Ps 21,192
End of period
exchange rate Ps 11.23
--
* Mexican GAAP.
TV
AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
Millions of
Mexican pesos of December 31, 2003 purchasing
power
Year ended
December 31,
Operations:
2002 2003
Net income Ps
1,023 Ps 1,577
Charges (credits)
to results of operation not
affecting
resources:
Amortization of
goodwill
44 39
Depreciation
357 330
Equity in loss of
affiliates
116 48
Deferred income
tax
27 132
Gain on sale of
subsidiaries (2)
Net change in
accounts receivable,
inventories,
exhibition rights, related parties,
accounts payable
and accrued expenses
(124) (575)
Unefon
advertising advances (95) (178)
Todito
advertising, programming, and services advances (219) (205)
Advertising
advances
(201) 280
Resources
provided by operations 928
1,446
Investment:
Acquisition of
property, machinery and equipment -Net
(250) (172)
Split off of
investments in Unefon and Cosmofrecuencias 2,194
Advance payments
to Pappas Telecasting
Companies,
through Azteca America
(474)
Reimbursement of
premium on issuance
of capital stock
of Todito 34
Minority
interest 1 (10)
Resources (used
in) provided by investing activities
(723) 2,046
Financing:
Guaranteed senior
notes
315 180
Bank loans
-Net
(348) 934
Loan granted to
related party (207)
Stock options
exercised
25 29
Preferred
dividend paid (42) (37)
Repurchase of
shares
(177) -
Sale of treasury
shares
142 100
Capital stock
decrease
- (1,442)
Changes resulting
from the split off of
investments in
Unefon and Cosmofrecuencias
(2,124)
Financial
instruments
(180) (100)
Resources used in
financing activities
(472) (2,460)
(Decrease)
increase in cash and cash equivalents
(267) 1,032
Cash and cash
equivalents at beginning of period
1,716 1,449
Cash and cash
equivalents at end of period
Ps 1,449 Ps 2,481