TV Azteca, S.A. DE C.V. and Subsidiaries
 Consolidated Results Of Operations*
 (Millions of Mexican pesos of December 31, 2002 purchasing power
 
 
 Fourth Quarter of:
 
 2001 2002
 
 Net revenue $1,922 $1,976
 Programming, production and
 transmission costs 714 504
 Sales and administrative expenses 264 265
 
 EBITDA 944 1,207
 
 Depreciation and amortization 148 (5)
 
 Operating profit 796 1,212
 
 Other expense -Net -- (172)
 
 Comprehensive financing cost:
 Interest expense (181)  (193)
 Other financing expense (2) (16)
 Interest income 50 35
 Exchange gain -Net 116 24
 Loss on monetary position (11) (36)
 
 Net comprehensive financing cost (28) (186)
 
 Income before provision for income
 tax and deferred income tax 768  854
 Provision for:
 Income tax (96) (113)
 Deferred income tax benefit (expense) 3 (26)
 
 Net income $675  $715
 
 Net (loss) income of minority stock
 holders $(0.3) $0.1
 
 Net income of majority stock holders $675 $715
 
 End of period exchange rate**  $9.16 $10.40
 
 Millions of US Dollars **
 Fourth Quarter of:
 
 2001 % 2002 % Change
  Dls %
 
 Net revenue $185 100% $190 100% 5 3%
 Programming, production and
 transmission costs 69 37% 48 26% (20) -29%
 Sales and administrative expenses 25 14% 25 13% 0 0%
 
 EBITDA 91 49% 116 61% 25 28%
 
 Depreciation and amortization 14 (0) (15)
 
 Operating profit 77 41% 117 61% 40 52%
 
 Other expense -Net -- (17) (17)
 
 Comprehensive financing cost:
 Interest expense (17) (19) (1)
 Other financing expense (0) (2) (1)
 Interest income 5 3 (1)
 Exchange gain -Net 11 2 (9)
 Loss on monetary position  (1) (3) (2)
 
 Net comprehensive financing cost (3) (18) (15)
 
 Income before provision for income
 tax and deferred income tax 74 40% 82 43% 8 11%
 Provision for:
 Income tax (9) (11) (2)
 Deferred income tax benefit (expense) 0 (3) (3)
 
 Net income $65 35% $69 36% 4 6%
 
 Net (loss) income of minority stock
 holders $(0) $0 0
 
 Net income of majority stock holders $65 $69 4
 
 End of period exchange rate**
 
 * Mexican GAAP.
 ** The U.S. dollar figures represent the Mexican peso amounts as of
 December 31, 2002 expressed as of December 31, 2002 purchasing power,
 translated at the exchange rate of Ps. 10.40 per U.S. dollar.
 
 
 TV Azteca, S.A. De C.V. and Subsidiaries
  Consolidated Results of Operations*
 (Millions of Mexican pesos of December 31, 2002 purchasing power
 
 Year ended December 31,
  2001 2002
 
 Net revenue $6,124 $6,690
 Programming, production and
 transmission costs 2,471 2,511
 Sales and administrative expenses  957 974
 
 EBITDA 2,696 3,205
 
 Depreciation and amortization 604 385
 
 Operating profit 2,092  2,820
 
 Other expense -Net (244) (442)
 
 Comprehensive financing cost:
 Interest expense (744) (725)
 Other financing expense  (27) (136)
 Interest income 240 192
 Exchange gain (loss)-Net 198 (353)
 Gain (loss) on monetary position 2 (82)
 
 Net comprehensive financing cost (331) (1,104)
 
 Income before provision for income
 tax and deferred income tax 1,517 1,274
 Provision for:
 Income tax  (210) (264)
 Deferred income tax benefit (expense) 199 (26)
 
 Net income $1,506 $984
 
 Net loss of minority stock holders $(2) $(0.2)
 
 Net income of majority stock holders $1,508 $984
 
 End of period exchange rate** $9.16 $10.40
 
 Millions of US Dollars **
  Year ended December 31,
 2001 % 2002 % Change
 Dls %
 Net revenue  $589 100% $644 100% 54 9%
 Programming, production and
 transmission costs 238 40% 242 38% 4 2%
 Sales and administrative expenses 92 16% 94 15% 2 2%
 
 EBITDA  259 44% 308 48% 49 19%
 
 Depreciation and amortization 58 37 (21)
 
 Operating profit 201 34% 271 42% 70 35%
 
 Other expense -Net (23)  (43) (19)
 
 Comprehensive financing cost:
 Interest expense (72) (70) 2
 Other financing expense (3) (13) (10)
 Interest income 23  18 (5)
 Exchange gain (loss)-Net 19 (34) (53)
 Gain (loss) on monetary position 0 (8) (8)
 
 Net comprehensive financing cost (32) (106) (74)
 
 Income before provision for income
 tax and deferred income tax 146 25% 123 19% (23) -16%
 Provision for:
 Income tax (20) (25) (5)
 Deferred income tax benefit
 (expense)  19 (3) (22)
 
 Net income $145 25% $95 15% (50) -35%
 
 Net loss of minority stock holders $(0) $(0) 0
 
 Net income of majority stock
 holders  $145 $95 (50)
 
 End of period exchange rate**
 
 * Mexican GAAP.
 ** The U.S. dollar figures represent the Mexican peso amounts as of
 December 31, 2002 expressed as of December 31, 2002 purchasing power,
  translated at the exchange rate of Ps. 10.40 per U.S. dollar.
 
 
 TV Azteca, S.A. De C.V. And Subsidiaries
 Consolidated Balance Sheets*
 (Millions of Mexican pesos of December 31, 2002 purchasing power
 
 Millions of US Dollars**
 At December 31, At December 31, Change
 2001 2002 2001 2002 Dls %
 
 Current assets:
 Cash and cash
 equivalents $1,651 $1,393 $159 $134 (25)
 Accounts receivable 4,927 4,921 474 473 (1)
 Other current assets 1,108 929 107 89 (17)
 
 Total current assets 7,686 7,243 739 697 (43) -6%
 
 Accounts receivable
 from Unefon 1,931 2,009 186 193 8
 Property, plant and
 equipment-Net 2,304 2,231 222  215 (7)
 Television concessions-
 Net 3,743 3,742 360 360 (0)
 Investment in Unefon 1,848 1,756 178 169 (9)
 Investment in Todito 398 320 38 31 (8)
 Investment in Azteca
 America 660 1,154 63 111 48
 Exhibition rights 1,043 1,380 100 133 32
 Other assets 1,203 1,182 116 114 (2)
 Goodwill -Net 679 642 65 62 (4)
 
 Total long term assets 13,809 14,416 1,328 1,387 58 4%
 
 Total assets $21,495 $21,659 $2,068 $2,084 16 1%
 
 
 Current liabilities:
 Short-term debt $567 $437 $55 $42 (13)
 Other current
 liabilities 1,708 1,520 164 146 (18)
 
 Total current
 liabilities 2,275 1,957 219 188 (31) -14%
 
  Long-term liabilities
 Guaranteed senior notes 4,115 4,418 396 425 29
 Bank loans 1,508 1,303 145 125 (20)
 Advertising advances 4,640 4,446 446 428 (19) -4%
 Unefon advertising
 advance 2,258 2,167 217 208 (9)
 Todito advances 715 504 69 48 (20)
 Other long term
 liabilities 206 246 20 24 4
 Deferred income tax
 payable 26 2 2
 Total long-term
 liabilities 13,442 13,110 1,293 1,261 (32) -2%
 
 Total liabilities 15,717 15,067 1,512 1,449  (63) -4%
 
 Total stockholders'
 equity 5,778 6,592 556 634 78 14%
 
 Total liabilities and
 equity $21,495 $21,659 $2,068 $2,084 16 1%
 
 End of period exchange
 rate $9.16 $10.40
 
 * Mexican GAAP.
 ** The U.S. dollar figures represent Mexican peso amounts as of
 December 31, 2002, expressed as of December 31, 2002 purchasing power,
 translated at the exchange rate of Ps. 10.40 per U.S. dollar.
 
 
 TV Azteca, S.A. De C.V. And Subsidiaries
 
 Consolidated Statements of Changes in Financial Position
 (Millions of Mexican pesos of December 31, 2002 purchasing power
 
  Year ended December 31,
 Operations: 2001 2002
 
 Net income $1,506 $984
 Charges (credits) to results of
  operation not affecting
 resources:
 Amortization of concessions and
 goodwill 162 42
 Depreciation 442 343
 Equity method in associate and
 affiliates 68 111
 Deferred income tax (benefit)
 expense (201) 26
 
 Net change in accounts
  receivable, inventories,
 exhibition rights,
 related parties, accounts payable
 and accrued expenses (281) (119)
 Unefon advertising advances (55) (91)
  Todito advertising, programming,
 and services advances (196) (211)
 Advertising advances 182 (194)
 Resources provided by operations 1,627  891
 
 Investment:
 
 Acquisition of property,
 machinery and equipment -Net (177) (241)
 Account receivable from Pappas
 Southern California, LLC (191)
 Investment in affiliates of
 Pappas Telecasting Companies,
 through
 Azteca America (660)
 Advance payment for the Azteca
 America equity option (456)
 Minority interest (3) 1
 Resources used in investing
 activities (1,031) (696)
 
 Financing:
 
 Guaranteed senior notes  (411) 303
 Bank loans -Net 37 (335)
 Stock options exercised 81 24
 Preferred dividend paid (42)  (40)
 Repurchase of shares (43) (170)
 Sale of treasury shares 162 137
 Financial instruments (173)
 Loan granted to related party (199)
 Resources used in financing
 activities (216) (453)
 Increase (decrease) in cash and
 cash equivalents  380 (258)
 Cash and cash equivalents at
 beginning of year 1,270 1,651
 Cash and cash equivalents at end
 of year $1,650 $1,393