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Azteca Announces Sales of Ps.2,725 Million, and EBITDA of Ps.1,005 for 2Q11

—Net Income grows to Ps.394 million during the quarter—

—Continuous strength in audience levels, 42% share for the full day—


News provided by

Azteca

Jul 21, 2011, 06:18 ET

Share this article


MEXICO CITY, July 21, 2011 /PRNewswire/ -- TV Azteca, S.A.B. de C.V. (BMV: AZTECA; Latibex: XTZA), one of the two largest producers of Spanish-language television programming in the world, announced today financial results for the second quarter of 2011.

"The results this quarter are not completely comparable to those of the previous year due to the extraordinary incomes and costs related to the coverage of the Soccer World Cup in 2010," said Mario San Roman, CEO of Azteca.  "But beyond the market's cyclical behavior, we continued with positive development in operational results for the period, including further strengthening of audience share, which reached 42% for full day, with appealing content for advertisers."

Second quarter results

Net sales were Ps.2,725 million, compared to Ps.2,859 million for the same quarter of 2010.  Total costs and expenses were Ps.1,720 million, 5% below the  Ps.1,814 million in the same period of the previous year.  

As a result, Azteca reported EBITDA of Ps.1,005 million, compared to Ps.1,045 million in the second quarter of 2010.  The EBITDA margin was 37%, unchanged from the prior year.  The company registered net income of Ps.394 million, 4% higher than the Ps.380 million from the previous year.



2Q 2010

2Q 2011

Change




Ps.

%






Net sales

$2,859

$2,725

$(134)

-5%






EBITDA    

$1,045

$1,005

$(40)

-4%






Net income    

$380

$394

$14

4%






Net income per CPO

$0.13

$0.13

$0

4%






Figures in millions of pesos.

EBITDA: Operating Profit Before Depreciation and Amortization.

The number of CPOs outstanding as of June 30, 2010 was 3,007 million and as of June 30, 2011 was 3,000 million.

Net sales

"We generated even more successful programming grids, with vibrant content for all time slots, which favored the development of effective marketing campaigns for a wide number of brands, and partially compensated the absence of revenue from last year's World Cup coverage," added Mr. San Roman.

Second quarter revenue includes sales at Azteca America—the company's wholly-owned broadcast television network focused on the U.S. Hispanic market—of Ps.200 million, compared to Ps.205 million a year ago.

Programming sales to other countries were Ps.32 million in the period, compared to Ps.26 million from the previous year. Sales for the quarter included the programs Emperatriz, Cielo Rojo and Pasion Morena, to Central and South America.

Revenue from barter sales was Ps.99 million in the period, from Ps.108 million in the previous year.

Costs and expenses

The 5% reduction in costs and expenses was the result of a 9% decrease in production, programming and transmission costs —to Ps.1,387 million, from Ps.1,519 million in the same period a year ago— and an increase in selling and administrative expenses —to Ps.333 million, from Ps.296 million in the same quarter of 2010.

The decrease in costs mainly reflects the absence of the World Cup exhibition rights, as well as costs associated to the production of the event.

Selling and administrative expense changes are the result of higher operating expenses, as well as advisory fee payments.

EBITDA and net income

EBITDA was Ps.1,005 million, compared to Ps.1,045 million in the same period of the prior year; the EBITDA margin was 37% this period, constant from the second quarter of 2010.

On a pro forma basis, excluding incomes and costs related to the coverage of the Soccer World Cup in 2010, EBITDA continued its positive performance this quarter.

The main changes below EBITDA were a Ps.41 million decrease in other expenses, as well as a Ps.21 million reduction in comprehensive financing cost, mainly from a more favorable exchange result this period.

Net income for the period was Ps.394 million, 4% higher than the Ps.380 million from a year ago.

Debt

As of June 30, 2011, Azteca's outstanding debt —excluding Ps.1,418 million debt due in 2069—was Ps.9,671 million.  

The cash balance of the company was Ps.7,215 million, compared to Ps.3,733 million a year ago.

Net debt was Ps.2,456 million, 37% below the Ps.3,889 million from the previous year.  Debt to last twelve months (LTM) EBITDA ratio was 2.1 times, and net debt to LTM EBITDA was 0.5 times.

Six months results

Net sales in the first six months of the year were Ps.5,052 million, compared to Ps.5,081 million of the same period of 2010. Total costs and expenses were Ps.3,270 million, from Ps.3,274 million in the same period a year ago. As a result, Azteca reported EBITDA of Ps.1,782 million, compared to Ps.1,806 million in the first half of the prior year.  The EBITDA margin for the six month period was 35%. The company recorded net income of Ps.555 million, 8% above the Ps.512 million for the same period of 2010.



6M 2010

6M 2011

Change




Ps.

%






Net sales

$5,081

$5,052

$(29)

-1%






EBITDA    

$1,806

$1,782

$(24)

-1%






Net income    

$512

$555

$43

8%






Net income per CPO

$0.17

$0.19

$0.02

8%






Figures in millions of pesos.

EBITDA: Operating Profit Before Depreciation and Amortization.

The number of CPOs outstanding as of June 30, 2010  was 3,007 million and as of June 30, 2011 was 3,000 million.

Company Profile

Azteca is one of the two largest producers of Spanish-language television programming in the world, operating two national television networks in Mexico, Azteca 13 and Azteca 7, through more than 300 owned and operated stations across the country.  Azteca affiliates include Azteca America Network, a broadcast television network focused on the rapidly growing U.S. Hispanic market, and Azteca Web, an Internet company for North American Spanish speakers.

Azteca is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating shareholder value, contributing to build the middle class of the countries in which they operate, and improving society through excellence.  Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates a as a management development and decision forum for the top leaders of member companies. The companies include: Azteca (www.irtvazteca.com), Azteca America (www.aztecaamerica.com), Grupo Elektra (www.grupoelektra.com.mx), Banco Azteca (www.bancoazteca.com.mx), Afore Azteca (www.aforeazteca.com.mx), Seguros Azteca (www.segurosazteca.com.mx) and Grupo Iusacell (www.iusacell.com).  Each of the Grupo Salinas companies operates independently, with its own management, board of directors and shareholders.  Grupo Salinas has no equity holdings.  However, member companies share a common vision, values and strategies for achieving rapid growth, superior results and world-class performance.

Except for historical information, the matters discussed in this press release are forward-looking statements and are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected.  Other risks that may affect Azteca and its subsidiaries are identified in documents sent to securities authorities.

Investor Relations:

Bruno Rangel


Carlos Casillas

+ 52 (55) 1720 9167


+ 52 (55) 1720 0041

[email protected]


[email protected]


Press Relations:

Tristan Canales


Daniel McCosh

+ 52 (55) 1720 1441


+ 52 (55) 1720 0059

[email protected]


[email protected]


TV AZTECA, S.A.B. DE C.V. AND SUBSIDIARIES

CONSOLIDATED RESULTS OF OPERATIONS

(Millions of Mexican pesos of June 30 of  2010 and  2011 )






Second Quarter  of :




2010


2011










Change











Net revenue

Ps

2,859

100%

Ps

2,725

100%

Ps

(134)

-5%











Programming, production and transmission costs


1,519

53%


1,387

51%


(132)

-9%

Selling and administrative expenses


296

10%


333

12%


38

13%

Total costs and expenses


1,814

63%


1,720

63%


(94)

-5%











EBITDA


1,045

37%


1,005

37%


(40)

-4%











Depreciation and amortization


132



124



(8)












Operating profit


913

32%


881

32%


(32)

-4%











Other expense -Net


(146)



(106)



41












Comprehensive financing result:










Interest expense


(213)



(211)



1


Other financing expense


(26)



(25)



1


Interest income


37



34



(3)


Exchange loss  -Net


(30)



(9)



22




(231)



(211)



21












Income before the following provision


536

19%


565

21%


29

5%











Provision for income tax


(155)



(171)



(15)












Net income

Ps

380


Ps

394


Ps

14












Non-controlling share in net profit

Ps

0


Ps

0


Ps

(0)












Controlling share in net profit  

Ps

380

13%

Ps

394

14%

Ps

14

4%

TV AZTECA, S.A.B. DE C.V.  AND SUBSIDIARIES

CONSOLIDATED RESULTS OF OPERATIONS

(Millions of Mexican pesos of June 30 of  2010 and  2011 )










Period ended June 30,




2010


2011










Change











Net revenue

Ps

5,081

100%

Ps

5,052

100%

Ps

(29)

-1%











Programming, production and transmission costs


2,709

53%


2,654

53%


(55)

-2%

Selling and administrative expenses


565

11%


615

12%


51

9%

Total costs and expenses


3,274

64%


3,270

65%


(4)

0%











EBITDA


1,806

36%


1,782

35%


(24)

-1%











Depreciation and amortization


261



247



(14)












Operating profit


1,546

30%


1,535

30%


(11)

-1%











Other expense -Net


(260)



(212)



48












Comprehensive financing result:










Interest expense


(423)



(406)



17


Other financing expense


(52)



(49)



3


Interest income


62



71



9


Exchange Gain  -Net


1



12



10




(412)



(373)



39












Income before the following provision


874

17%


950

19%


76

9%











Provision for income tax


(361)



(394)



(33)












Net income

Ps

513


Ps

556


Ps

43












Non-controlling share in net profit  

Ps

1


Ps

1


Ps

(0)












Controlling share in net profit  

Ps

512

10%

Ps

555

11%

Ps

43

8%

TV AZTECA, S.A.B.  DE C.V. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Millions of Mexican pesos of June  30 of 2010 and 2011)








At June 30



2010

2011







Change

Current assets:








Cash and cash equivalents

Ps

3,733

Ps

7,215

Ps

3,482


Accounts receivable


4,348


6,163


1,815


Other current assets


2,499


2,296


(203)










Total current assets


10,580


15,674


5,094

48%









Long-term accounts receivable from Pappas


1,528


1,847


319


Exhibition rights


1,087


1,090


3


Property, plant and equipment-Net


3,162


3,066


(96)


Television concessions-Net


4,649


4,756


107


Other assets


1,501


1,314


(187)


Goodwill -Net


159


19


(140)


Deferred income tax asset


4,058


4,429


371


Total long term assets


16,144


16,521


377

2%









Total assets

Ps

26,724

Ps

32,195

Ps

5,471

20%

















Current liabilities:








Short-term debt

Ps

1,517

Ps

508

Ps

(1,009)


Other current liabilities


2,628


2,235


(393)










Total current liabilities


4,145


2,743


(1,402)

-34%









Long-term debt:








Structured Securities Certificates, Medium Term Note


6,000


9,163


3,163


Long-term debt


105


-


(105)


Total long-term debt


6,105


9,163


3,058


Other long term liabilities:








Advertising advances


5,241


6,844


1,603


American Tower Corporation (due 2069)


1,516


1,418


(98)


Deferred income tax asset


3,378


3,550


172










Total other long-term liabilities


10,135


11,812


1,677

17%









Total liabilities


20,385


23,718


3,333

16%









Total stockholders' equity


6,339


8,477


2,138

34%









Total liabilities and equity

Ps

26,724

Ps

32,195

Ps

5,471

20%

SOURCE Azteca

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