Trevali Mining
Annual Report 2022

Plain-text annual report

2022 ANNUAL REPORT CONTENTS 02 This is Televisa 16 Other Businesses 04 Letter to Shareholders 18 TelevisaUnivision* 10 Financial highlights 20 Commitment to sustainability 12 Cable 14 Sky 22 Fundación Televisa 24 Board of Directors Unless expressly stated otherwise, the information included in this report is as of December 31, 2022 and reflects the Company’s operations and businesses as of such date. Some information, especially such related to the former Content segment, has materially changed since then as a result of the completion of the transaction described in the TelevisaUnivision section. * This annual report includes certain financial information of TelevisaUnivision as well other important information concerning TelevisaUnivision’s business. The Company is not responsible for such information. Televisa’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 interna- tional carriers. Televisa 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. Televisa holds a number of concessions from the Mexican gov- ernment that authorizes it to broadcast programming over tele- vision stations for the signals of TelevisaUnivision, Inc. (“Televis- aUnivision”), and its cable and DTH systems. In addition, Televisa is the largest shareholder of TelevisaUnivision, a leading media company producing, creating, and distributing Spanish-speaking content through several broadcast channels in Mexico, the US and over 50 countries through television networks, cable opera- tors and over-the-top or “OTT” services. Televisa also has inter- ests in magazine publishing and distribution, professional sports Grupo Televisa (“Televisa”) 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. and live entertainment, and gaming. 1 THIS IS TELEVISA CABLE SKY Televisa is one of the most important participants in Mexico’s telecom industry DIVISIONS Multiple System Operators (“MSOs”) division which offers video, high-speed data, voice and mobile services to residential and commercial customers, including small and medium sized businesses. Enterprise Provides telecommunications services, including voice, data, managed services, as well as integration and cloud services to domestic and international carriers and to enterprise, corporate, and government customers in Mexico and the United States. Revenue Generating Units ("RGUs") Video Broadband Voice Mobile 4,458,220 5,984,151 5,233,724 240,207 Total RGUs 15,916,302 A leading direct-to-home satellite television system and broadband provider Operates in Mexico, Central America and the Dominican Republic. 58.7% interest owned by Televisa. Sky offers pay-TV packages, including exclusive content that ranges from sports to concerts and special events, as well as fixed-wireless broadband services with speeds of up to 20 Mbps. Revenue Generating Units Video Broadband Voice MVNO 6,257,059 640,294 453 15,602 Total RGUs 6,913,408 Other Businesses Gaming PlayCity Casino includes 18 locations across the country. Publishing A leading Spanish-language magazine publisher. Publishing Distribution Distributes publications in Mexico. Soccer First division soccer team of the Mexican league and owner of Azteca Stadium, located in Mexico City. 2 SKY Revenues Contribution 63.6% Cable 26.7% 9.7% Other Sky Businesses Investments in Associates and Joint Ventures TelevisaUnivision As the leading Spanish-language media and content company in the world, TelevisaUnivision features the largest library of owned content and industry-leading production capabilities that power its streaming, digital and linear television offerings, as well as its radio platforms. OSI* Contribution 71.1% Cable 22.9% 6.0% Other Sky Businesses * Operating segment income (OSI) is defined as operating income before corporate expenses depreciation and amortization, and other expense, net. For a reconciliation of operating segment income with consolidated operating income, see Note 26 to our year-end consolidated financial statements. 3 DEAR SHAREHOLDERS Bernardo Gómez Alfonso de Angoitia Co-Chief Executive Officers Last year was marked by several milestones, which we are confident will allow us to deliver sustainable top-line growth and free-cash-flow generation in the medium- term despite a challenging global macroeconomic environment in 2023. 4 At Grupo Televisa, we: • Ended the year with a network of 18.7 million homes passed, after passing around 875 thousand new homes with fiber throughout the year; and delivered more than 1.2 million fixed revenue generating units (RGUs) net-adds in cable, or over 3x the RGU net-adds we had in 2021. We ended 2022 with 15.7 million fixed RGUs. Moreover, we expect that our wide geographic footprint and solid competitive po- sition will allow us to keep delivering strong RGU net-adds in 2023. • Redefined our sales commission model and rebalanced our channel mix at Sky, with the objective of materially improving sales quality go- ing forward. This is intended to help us stabilize our subscriber base and overall revenue streams at Sky, while materially reducing opex and capex intensity. We expect Sky’s free-cash-flow generation to improve significantly in 2023. • Announced a plan to further simplify our equity story by spinning-off our other businesses, including the soccer team America, the Azteca Stadium, the gaming operations, and the publishing & distribution of magazines businesses, creating a new controlling entity that will be listed on the Mexican Stock Exchange. We closed the merger of our former content assets with Univision solidifying one of the world’s leading Spanish- language media and content company of live sports. While ViX SVOD has only been in the mar- ket for less than two quarters, the opportunity that Tele- visaUnivision has ahead is exciting. • ViX was awarded Apple TV’s app of the year in 2022 glob- ally – the first Spanish-language app to receive this rec- ognition – and Google Play’s Best App of 2022 in Mexico. • TelevisaUnivision’s content factory continues to pro- duce hits that resonate in both the US and Mexico; and is now powering its market-leading streaming platform as well as its linear networks. In the US, TelevisaUnivi- sion’s share of Spanish language prime-time audiences increased to 62.4% in 2022 from 62.2% in 2021 even though its closest competitor had the Spanish language World Cup exclusive rights, and that it programmed sev- eral franchise series during the fourth quarter of the year. Moreover, TelevisaUnivision’s share of total prime-time audiences in the US regardless of language went up to 6.4% in 2022 from 6.1% in 2021. In Mexico, TelevisaU- nivision’s free-to-air audiences on prime-time beat its closest competitor by 105%. This allowed TelevisaUni- vision to grow its share of audiences in Mexico by two percentage points. • Keep making progress on our corporate optimiza- tion process, including a headcount reduction of ap- proximately 3% of our work force, which will help us maintain our solid profitability levels in 2023. • Reduced our total leverage by around $800 million dollars, allowing us to realize significant savings re- lated to net interest expenses. At TelevisaUnivision: • On January 31st, we closed the merger of our for- mer content assets with Univision solidifying one of the world’s leading Spanish-language media and content company, a business without comparison in the global media landscape exclusively focused on the massive market opportunity that exists with the global Spanish speaking audience of almost 600 million people. • • In April 2022, TelevisaUnivision launched a com- pletely redesigned and enhanced Advertising Video on Demand (AVOD) service, ViX, featuring one of the world’s most extensive Spanish language video of- ferings, with over 100 channels, video on demand, and over 40,000 hours of content in its first year, including novelas, mega-hits, news content, soccer, and new and exclusive original programming. ViX AVOD has already been in the market for three quar- ters, and its metrics related to users and engage- ment have exceeded initial expectations. The Qatar World Cup was a major contributor to the success of ViX in Mexico and Spanish-speaking Latin America, as it was a key event to attract millions of month- ly active users (MAUs) to the platform. During the World Cup, the service saw peak streaming activity with more than 5 million devices for a single game with zero technical issues, which is remarkable for a service as young as ViX. ViX is now the largest Span- ish-language streaming app in the world with more than 25 million MAUs on its free tier alone. In July 2022, TelevisaUnivision launched a Sub- scription Video on Demand (SVOD) service, ViX+, in the US, Mexico, and most of Spanish-speaking Lat- in America, giving subscribers access to the broad- est, most premium Spanish-language content ever offered on an SVOD service, featuring more than 10,000 hours of ad-free premium entertainment programming in its first year, and up to 7,000 hours 5 In 2022, Grupo Televisa’s consolidated revenue reached $75.5 billion pesos, representing year-on-year growth of 2.2% • • In mid-2022, TelevisaUnivision closed another incredibly successful US upfront. Volume grew double digits to the highest levels the compa- ny has produced in seven years despite having tough comps from last year’s upfront. For the second consecutive year, pricing held in line with the market, in the high single digit range. Impor- tantly, TelevisaUnivision grew in both linear and streaming. Unlike other media companies, Tele- visaUnivision was able to leverage growth in rat- ings and audience on linear. Demand for ViX came from existing linear advertisers, where the bundle rate approached an outstanding 70%, as well as from new, digital-first advertisers. Capturing dig- ital budgets, where there is secular growth in ad dollars, is a huge opportunity for TelevisaUnivi- sion. TelevisaUnivision’s early success is also sol- id proof of the quality upgrade it has made with this new product and new brand. All in, advertis- ing commitments in the US increased in the mid- teens, leading TelevisaUnivision to be optimistic about its advertising revenue growth prospects. Finally, TelevisaUnivision successfully concluded upfront negotiations with its customers in Mex- ico, with the plan growing by mid-single digits year-on-year making this upfront the largest in ab- solute terms in its history. This can be seen as a solid upfront outcome given the global economic slowdown, and tough comps from last year due to the World Cup. This upfront may help TelevisaU- nivision to deliver advertising revenue growth in Mexico for a third consecutive year, evidencing the strength of its content and its advertising platform. BUSINESS PERFORMANCE In 2022, Grupo Televisa’s consolidated revenue reached $75.5 billion pesos, representing year-on-year growth of 2.2%; while proforma operating segment income reached $28.0 billion pesos, equivalent to a year-on- year decline of 4.7% mainly driven by the amortization of costs and expenses of $930 million pesos related to the transmission rights and production of the Qatar World Cup at Sky. Revenue growth in Cable and our Other Businesses segment was partially offset by declining revenue at Sky. However, last year was transformational for Sky and we expect that in 2023, this business will experi- ence a rebound, especially at the operating segment income and operating cash flow level. In addition, our expansion plan in Cable worked very well last year, al- lowing us to gain market share of RGUs, while keeping our ARPU relatively flat. TelevisaUnivision´s proforma results for 2022 were remarkable considering the launch of ViX & ViX+ which illustrates the power and uniqueness of our combined assets as well as the focus and discipline of its execution. The company’s full year proforma revenue increased by 13% year-on-year to US$4.7 billion dollars, marking the second consecutive year of double-digit revenue growth. Pro forma adjusted OIBDA of US$1.7 billion dollars was US$4 million dollars higher than last year, fully absorbing the peak year of streaming losses. CABLE – ADDED OVER 1.3 MILLION RGUs In 2022, we exceeded our original plan to pass 700 thousand homes with FTTH, finishing with 875 thou- sand homes passed. We closed the year with approx- imately 18.7 million homes passed with our network, of which approximately 63% are connected either with fiber-to-the-node or fiber-to-the-home. The invest- ments that we have made over the last few years have been paying off and have allowed us to keep up with the increase in demand for high-speed broadband. Our Cable business had a very good year in terms of RGU net additions. We reported 1.3 million RGU net additions of video, broadband, voice, and mobile sub- scribers, ending 2022 with 15.9 million total RGUs. This result was largely driven by the implementation of a bottom-up simplification of our product design systems. The new “building-block” modules allowed us to: 1) quickly create and modify new products, and 2) adjust prices at a more granular level. At the same time, this simplification provides more flexibility to our customers to pick their preferred combinations. We are going back to basics “with izzi it’s easy to choose your package”. 6 The year-long strategy to improve our quality of service, that included the digitalization of our customer experi- ence, fiber training of our technicians, well-focused in- vestments to improve our network, and strengthening of our best-in-class customer service call center, is starting to pay off. Our Net Promoter Score reached its highest level since 2018, and on broadband and pay-TV, the Net Satisfaction Score placed us at the top of our com- petitors for the first time. According to the IFT (Federal Telecommunications Institute), izzi continues to have the lowest complaints per 100 thousand customers in all services compared to our peers, and our average re- sponse time is the best by far and has remained so for the past 2.5 years. In 2022, we delivered modest revenue growth of 0.8%, while operating segment income fell by 1.9%. Revenue and operating segment income in our MSO operations (87% of Cable revenue) increased by 2.5% and 2.6%, respectively, for a margin of 42.9%. Growth opportuni- ties in our MSO operations look promising, driven by the ongoing expansion of our footprint and the solid RGU net-adds that we have been delivering. Revenue in our Enterprise operations (13% of Cable revenue) declined by 7.6% due to significant headwinds as last year we concluded a very important non-recurring project called “Red Jalisco”. Operating segment income in our Enter- prise operations fell by 28.8%, while our profitability declined by 800 basis points given a temporary change in our business mix more leaned towards lower margin projects. As a reminder, “Red Jalisco” was a project de- veloped for the Government of the State of Jalisco to build a fiber network owned by the State. SKY – GOING THROUGH A TRANSFORMATION PROCESS 2022 was a transformational year for Sky in which we put special focus on improving our return over the in- vestment. To achieve this, we replaced some pay-TV packages that were not performing well, such as “Sky Basico” with “Sky Silver HD”. We also redefined our sales commission model and rebalanced our channel mix, with the objective of materially improving sales quali- ty going forward. By the end of the year, we launched a prepaid premium package called “Prepago Gold”, of- fering an expanded channel lineup that includes Sky’s exclusive sports content. This new package is expected to help us upsell to our high value prepaid customers. Additionally, Sky signed a partnership with izzi; this contract will allow Sky to offer high-speed broad- band services that are both, reliable and competitive to customers looking for an integrated offer. Sky also launched a new mobile service using AT&T’s network, targeting its customer base. Its value proposition is to bundle a very competitive mobile data package from a price standpoint, with an attractive upgrade in Sky’s video content. Moreover, leveraging on Sky’s strong brand awareness, the company decided to expand the Sky brand to all its new products. This brand consolidation is aimed at creating into a stronger product portfolio, making Sky’s communications more effective and streamlined. During the year, Sky had around 1.3 million RGU dis- connections. This was mainly driven by the loss of ap- proximately 1.2 million video subscribers, of which 402 thousand were related to the clean-up of our base. We closed the year with about 6.9 million RGUs, of which 9.3%, or 640 thousand, are broadband subscribers. The above-mentioned factors led Sky’s revenue to fall by 7.7% year-on-year in 2022, while operating segment income declined by 24.6% for a margin of 31.5%. Sky’s operating segment income was impact- ed by the lower revenue and the amortization of some costs and expenses of $930 million pesos related to the transmission rights of the Qatar World Cup. TELEVISAUNIVISION – VIX LAUNCHED IS NOW FULLY In 2022, TelevisaUnivision executed its strategy to op- timize and modernize the traditional media business, while creating a market-leading streaming platform with superior economics in less than a full year of op- erations. This has allowed TelevisaUnivision to deliver another year of stellar performance. TelevisaUnivision’s full year consolidated revenue in- creased by 13% to US$4.7 billion dollars. Advertising revenue increased by 10% driven by strong upfronts in both the US and Mexico, where it produced the highest volume growth in recent history in both markets, as well as growth in scatter pricing and volume, and ac- tive clients. In the US, advertising revenue increased 7 We believe that adopting sustainable business practices is critical to generate long-term value for our customers, employees, shareholders, and communities 10%, reflecting growth in both linear and streaming, as well as record mid-term political revenue. In Mex- ico, advertising revenue increased by 9%, and bene- fitted from World Cup advertising revenue which in- creased by 9% relative to the prior World Cup. Subscription and licensing revenue increased by 20%, reflecting nearly US$150 million dollars from subli- censing the World Cup rights in other Spanish speak- ing Latin American countries and the launch of ViX's subscription tier. In the US, growth of 22% was also driven by virtual MVPD revenue following carriage on YouTube TV that began in the third quarter of 2021. In Mexico, growth of 14% benefited from strong con- tent licensing revenue and linear subscription price in- creases, while subscribers grew modestly. Adjusted OIBDA grew $4 million during the year to around US$1.7 billion dollars, while cash flows pro- vided by operating activities were US$343 million dol- lars, despite absorbing significant investments in the company’s new streaming service, ViX, including new original premium content, sports rights, marketing, and technology. FOCUS ON ESG IS A PRIORITY At Grupo Televisa, we understand our role in serving society. We believe that adopting sustainable business practices is critical to generate long-term value for our customers, employees, shareholders, and communi- ties. ESG is a high priority and an important compo- nent of our business strategy. We are committed to developing and implementing initiatives to impact our environment and society positively. We give continuity to our ESG strategy through the Sustainability Committee that monitors current ini- tiatives to improve and encourage the development of new ones. Thus, our achievements in sustainability are the result of a continuous review process of our in- ternal policies, procedures, and management systems to improve corporate and sustainability performance, which is measured through our key performance indi- cators (KPIs). In addition, we seek to create a consis- tent, transparent, and comparable ESG reporting sys- tem to keep our stakeholders informed. During 2022, MSCI upgraded the Grupo Televisa rating from “BBB” to “A”. According to MSCI, the Company has shown improvements in labor management and busi- ness ethics practices, supporting their rating upgrade. MSCI is a leading provider of critical decision support tools and services for the global investment community. Also, for sixth consecutive year, Grupo Televisa has been selected as a member of the 2022 Dow Jones Sustain- ability MILA Pacific Alliance Index, which measures best-in-class companies among members of the S&P MILA Pacific Alliance Composite that fulfill certain sus- tainability criteria better than most of their peers within a given industry. In addition, Grupo Televisa was includ- ed in the 2022 Dow Jones Sustainability Emerging Mar- kets Index. The Dow Jones Sustainability Indices are a family of best-in-class benchmarks for investors who recognize that sustainable business practices are criti- cal to generating long-term shareholder value and wish to reflect their sustainability convictions in their invest- ment portfolios. Throughout 2022, Grupo Televisa’s sustainability ef- forts continued to be recognized globally. For example, the Company was included in FTSE4Good Index Series: FTSE4Good Emerging Markets and FTSE4Good Emerg- ing Latin America. Also, Grupo Televisa has been select- ed as a constituent of the ESG index, launched by S&P, Dow Jones, and the Mexican Stock Exchange. Addition- ally, the Company received the Distintivo Empresa So- cialmente Responsable 2022 (2022 Socially Responsi- ble Company recognition), granted by Centro Mexicano para la Filantropía (Mexican Center for Philanthropy). Finally, the Company was confirmed as a United Nations Global Compact signatory, the world’s largest corporate sustainability initiative. We understand our sustainability strategy as a com- mitment to enhancing the lives of the communities we serve, and we believe by doing so, we will also contrib- ute to our growth and success. EXECUTING ON OUR STRATEGY IS KEY IN 2023 In 2023, the world will continue to face some macro- economic headwinds, including geopolitical uncertain- ties, inflation and tightened financial conditions. Still, we have been preparing and positioning to execute on our priorities and strategic initiatives under more challeng- ing conditions. 8 In Cable, we will continue to expand our FTTH foot- print to selective locations given our nationally rec- ognized brand, exclusive content, and high-quality service with competitive offers. We expect this to help us to keep delivering sustainable RGU growth in the medium term. At Sky, the transformation process launched last year is expected to stabilize our subscriber and revenue base, while making our opex and capex structures more efficient. Moreover, the absence of non-recur- ring costs and expenses related to transmission rights and production of the Qatar World Cup may allow us to boost operating segment income growth this year. TelevisaUnivision is focused on continuing executing its strategy to create a business like no other, and its stellar performance with double-digit revenue growth for two consecutive years demonstrates the power of such newly formed company. TelevisaUnivision’s content factory in Mexico continues to produce block- buster content that resonates through its linear net- works, both in the US and Mexico, and is now pow- ering its market-leading streaming platform. ViX has been fully launched and is now the definitive leader in Spanish-language streaming in less than a full year of operations. Growth and profitability in TelevisaUnivi- sion’s core business has been more than offsetting the investments it made in ViX. We feel privileged to be leading Grupo Televisa through this digital transformation and simplification process. Most importantly, we are very thankful to all employees at our consolidated subsidiaries and un- consolidated affiliates for their unwavering dedication to continue providing the high-quality video, voice, and broadband services that our customers need and expect, and informing and entertaining our audiences. We also have an incredibly strong and dedicated board of directors working for the benefit of Grupo Televisa and its stakeholders, and we are grateful for their many contributions and thoughtful advice during 2022. To our shareholders, we want to extend our apprecia- tion for your continued confidence in our vision and in our long-term prospects. Bernardo Gómez Alfonso de Angoitia Co-Chief Executive Officers 9 FINANCIAL HIGHLIGHTS In millions of Mexican pesos, except per CPO amounts and shares outstanding 2022 2021 Chg.% Consolidated revenues 75,527 73,915 Operating segment income1 28,010 29,379 2.2 (4.7) Segment margin Operating income Margin 36.8% 39.5% 4,419 10,689 (58.7) 5.9% 14.5% Controlling interest net 44,712 6,056 638.3 Earnings per CPO 15.80 2.17 Shares outstanding at year-end (in millions) 330,740 329,296 Cash and cash equivalents at year-end 51,131 25,828 98.0 Non-Current investments in financial instruments 3,384 4,463 (24.2) Total debt at year-end2 105,241 125,792 (16.3) 1 Operating segments income (OSI) is defined as operating income before corporate expenses, depreciation and amortization, and other income (expense), net. For a reconciliation of operating segment income with operating income, see Note 26 to our year-end consolidated financial statement. 2 As of December 31, 2022 and 2021, total debt is presented net of finance costs in the amount of Ps. 994.7 million and Ps.1,207.1 million, respectively. 10 75.5 billion pesos Consolidated Revenues 28.0 billion pesos Operating Segment Income 11 12 18.7 million homes passed 1.3 million RGUs added 0.8% Revenue growth During 2022, our Cable segment reached 15.9 million RGUs, improving service quality and offering attractive video, voice, broadband and mobile packages. Televisa’s Cable business offers cable and convergent services across 31 states in Mexico, covering the main metropolitan areas of the country and continuing to expand to new regions. During the year, we continued with our growth program in which we expanded our footprint by more than 875 thousand homes, reaching more than 18.7 million homes passed in the country. Our network is up to cable industry standards, combining traditional hybrid fiber-coaxial, fiber deep, and deploy- ments of Gigabit Passive Optical Networks (GPON). Internet Protocol Access and Large-Scale Core networks are in place and Voice over IP Cores are placed in several regions to support telephony traffic for residential and enterprise customers. We are able to deliver up to 100 megabits of speed per second in a large portion of homes passed. Revenue for our Cable segment grew by 0.8% in 2022 and we added more than 1.2 million fixed RGUs. We continue to lead aggregating services of Over the Top (OTT) platforms in Mexico. During the year, we continued to add new OTT services into our packages, such as Vix+, strengthening our product suite. In addition, we continue to deploy our state of the art Android TV set-top boxes, upgrading portions of our network to Docsis 3.1 technology and Fiber to the Home (FTTH). Our mobile service (izzi Móvil), with its disruptive pricing and services, has continued to grow, reaching more than 240 thousand subscribers. 13 6.9 million total RGUs In 2022, we kept offering some of the best content and exclusive sports through different packages and platforms. 14 Sky is our direct-to-home (DTH) satellite television and By the end of 2022, Sky reached more than 640 thousand fixed wireless Broadband operation. Through its pay- broadband RGUs. TV packages, it reaches nearly every corner in Mexico, plus the Dominican Republic and Central America. Sky continues innovating on new platforms and has launched Blue To Go Sports, an Over-The-Top platform Sky offers pay-TV packages, including exclusive that offers the possibility to access Sky’s exclusive sport content that ranges from sports to concerts and content without subscribing to any other service. This special events, as well as fixed-wireless broadband content includes La Liga, Bundesliga, UEFA tournaments services with speeds of up to 20 Mbps, with around and the NHL, among other content, and can be accessed 6.9 million RGUs. through any device. 15 OTHER BUSINESSES In October 2022, we announced that the Board of It is expected that this proposed reorganization will be Directors of the Company approved a reorganization carried out through a spin-off (escisión) of the Com- proposal to separate from Televisa some business- pany, creating a new controlling entity listed on the es that are part of its Other Businesses segment, in- Mexican Stock Exchange that would hold the Spun-off cluding its futbol operations, the Azteca Stadium, the Businesses, and that would have the same sharehold- gaming operations, and publishing and distribution of ing structure as Televisa. magazines, as well as certain related assets and real estate (the “Spun-off Businesses”). GAMING PlayCity Casino includes 18 locations across the country with nearly 7 thousand Electronic Gaming Ma- chines and a full online casino offering. Our product portfolio includes some of the latest and most enter- taining video reels and bingo games in Mexico. During 2022, despite the latest health government policy and smoking ban, revenue and operating mar- gin grew closer to pre-pandemic levels. The organization will keep the high operating and ser- vice standards which have shown to be the most im- portant competitive advantage. 16 PUBLISHING During 2022, Televisa published 32 magazine titles in Mexico. These titles cover a wide variety of consumer interests spanning health, beauty, fashion, pop cul- ture, technology, travel, and science. Some of our titles aim to capitalize on the success of Televisa’s audiovisual content and to engage with our audiences at a deeper level. As a result of structural challenges in the publishing industry, we continue to focus our efforts on a mul- tiplatform content generation (print & digital) for our profitable brands. 17 TELEVISAUNIVISION As the leading Spanish-language media and content platforms. The company was formed through a merger company in the world, TelevisaUnivision features the between Grupo Televisa’s media, content and produc- largest library of owned content and industry-leading tion assets with Univision on January 31st, 2022. Gru- production capabilities that power its streaming, dig- po Televisa is the largest shareholder of TelevisaUnivi- ital and linear television offerings, as well as its radio sion with an equity stake of approximately 45%. 18 TelevisaUnivision’s media portfolio includes the Mexico affiliated with 222 television stations, Video- top-rated broadcast networks Univision and UniMás in cine studio, and Uforia, the Home of Latin Music, which the U.S. and Las Estrellas and Canal 5 in Mexico. Tele- encompasses owned or operated U.S. radio stations, visaUnivision is home to 36 Spanish-language cable a live event series and a robust digital audio footprint. networks, including Galavisión and TUDN, the No. 1 TelevisaUnivision is home to the global streaming ser- Spanish-language sports network in the U.S. and Mex- vice ViX, which hosts over 50,000 hours of high-qual- ico. With the most compelling portfolio of Spanish-lan- ity, original Spanish-language programming from dis- guage sports rights in the world, TelevisaUnivision has tinguished producers and top talent. The company’s solidified its position as the home of soccer. Televis- prominent digital assets include Univision.com, Uni- aUnivision also owns and manages 59 television sta- vision NOW, and several top-rated digital apps. For tions across the U.S. and four broadcast channels in more information, visit televisaunivision.com. 19 COMMITMENT TO SUSTAINABILITY At Grupo Televisa we are committed to create short Our social approach includes our employees and com- and long-term value for our stakeholders such as our munities. The growth of our employees is a key element employees, customers, investors, and communities in the development of our business. We promote their that we reach through our media, entertainment, and professional development with training programs on telecommunications services. We focus our efforts on topics related to ethics, anti-corruption, human rights, maintaining sustainable growth, looking for a balance information security and data protection. We are com- between operational and financial efficiency and tak- mitted to offering stable labor conditions to our em- ing into consideration the technological, social, eco- ployees by respecting their human and collective rights nomic, and environmental perspectives. and providing a working environment that enables We give continuity to our ESG strategy through the Sustainability Committee who monitors to improve current initiatives and encourage the development of them to improve their performance and increase their engagement, which is reinforced through performance evaluation practices and additional benefits. new ones. Thus, our achievements in sustainability Additionally, we focus on achieving greater ties with are the result of a continuous review process of our in- the community. We create opportunities in education, ternal policies, procedures and management systems culture, entrepreneurship, health, and environmental to improve corporate and sustainability performance, protection to help build better and more sustainable which is measured through our key performance indi- societies through our social programs. cators (KPIs). In addition, we seek to create a consis- tent, transparent, and comparable ESG reporting sys- tem to keep our stakeholders informed. For the company, corporate supervision is a priority through corporate governance practices. The achieve- ments in sustainability have been the result of a con- On the environmental side, we recognize the impor- stant process of reviewing policies and programs to tance of addressing issues related to climate change. improve our corporate management. Our sustainabili- For this reason, we are committed to reducing our ty goals seek to align with best practices and interna- environmental impact and Greenhouse Gas (GHG) tional initiatives, such as the United Nations Sustain- emissions through specific initiatives and programs, able Development Goals. training, and reporting of emissions. We also have en- vironmental goals such as generating clean energy, re- ducing energy, water, and waste consumption. During 2022, Grupo Televisa's sustainability efforts were recognized by different prestigious organizations such as: 20 • • Dow Jones Sustainability Emerging Markets Index. The Company was selected as one of only five Mexican companies • • Dow Jones Sustainability MILA Pacific Alliance Index • • FTSE4Good Emerging Markets Index • • FTSE4Good Emerging Latin America Index • • S&P/BMV Total Mexico ESG Index, an ESG index launched by S&P, Dow Jones, and the Mexican Stock Exchange • • United Nations Global Compact, the world’s largest corporate sustainability initiative • • Distintivo Empresa Socialmente Responsable 2022 (2022 Socially Responsible Company recognition), for the sixth consecutive year. This recognition was granted by Centro Mexicano para la Filantropía (Mexican Center for Philanthropy), and Alianza por la Responsabilidad Social Empresarial (Alliance for the Social Responsibility of Businesses) • • Latin American Sustainable Leaders Agenda (ALAS20), Grupo Televisa was recognized as ‘Leading Company in Sustainability’, and ‘Leading Company in Investor Relations’ Furthermore, in 2022, MSCI upgraded the Grupo Televisa rating to “A” from “BBB”. According to MSCI, the Company has shown improvements in labor management and business ethics practices, supporting their rating upgrade. MSCI is a leading provider of critical decision support tools and services for the global investment community. We understand our sustainability strategy as a commitment to enhancing the lives of the communities we serve, and we believe by doing so, we will also contribute to our growth and success. 21 FUNDACIÓN TELEVISA Our innovative programs in education, health, cul- Fundación programs work along different life stages. ture, entrepreneurship, and environmental protec- Empieza Temprano focuses on early childhood devel- tion provide an empowering platform for hundreds opment by providing parents and families with infor- of thousands of people. In 2022, Fundación Televisa (or “Fundación”) cele- brated its 20th anniversary and remains committed to helping those most in need. As a result, we were able to impact the lives of 968,046 children, youth and adults in Mexico and the United States, investing (to- gether with our 217 allies) more than Ps $337 million. Our innovative programs in education, culture, entre- preneurship, and environmental protection provide an empowering platform for hundreds of thousands of people to improve their lives, transform their commu- nities, and build better and more sustainable communi- ties. Our approach combines effective leveraging of the Company’s communication channels with state-of-the- art digital tools, financial support, and on-the-ground multidisciplinary teams. Our sustainability programs and initiatives are intend- ed to help achieve 12 of 17 of the United Nations Sus- tainable Development Goals. In 2022, we provided more than 58 million digital impacts and more than 114,000 TV media impacts, reaching more than 46 million people on TV. At the same time, we helped more than 15 institutions and organizations through communication campaigns with television spaces. We have more than 1.6 million followers on social net- works and more than 1.5 million people on our digital mation and practical tips. To enhance the skills of K-12 students, Fundación has a civic values program called Valores and a health and wellness program called Vida Saludable. Cuantrix teaches computer science and coding. Technolochicas empowers young wom- en through STEAM (Science, Technology, Engineering, Art and Mathematics). Bécalos works to increase high school and college completion while improving the stu- dent’s employability. POSiBLE helps expand high-im- pact innovation-driven entrepreneurship through train- ing, networking, resources, visibility and acceleration for high-potential startups and Gol por México com- bines the passion for helping others with the passion for sports. Through this program, we have transformed soccer goals from the Mexican Soccer League into aid for the neediest communities in México. In addition, Fundación’s cultural and environmental programs cut across ages serving the general public through actions in specific locations and through digi- tal and media spaces. Our numbers and recognitions include the following: • • We had more than 155,748 students from public schools and 5,596 teachers and instructors, across Mexico, register in our Cuantrix platform to learn basic coding skills. • • We had more than 8,890 middle-school girls par- ticipate in Technolochicas STEAM activities in Mex- ico and the United States. platforms. 22 • • We had 38,645 recipients of Bécalos scholarships, reaching 512,119 scholarships in the program's his- • • We transformed 961 soccer goals from the Mexican Soccer League to provide 35,893 recipients with new tory. 19,040 scholarships were designated for stu- aid in health, nutrition, development, dwelling, refor- dents and teachers developing employability com- estation and support of women through our “Gol por petencies, 157 scholarships for students attending a México” program. program for talented youth, and 2,034 scholarships for women registered into STEAM training. • • Through our Visual Arts Cultural projects, we promoted and exhibited our photographic and cinematographic • • We continued our partnership with Schmidt Futures and Rhodes Trust to promote their RISE scholarship collection in national and international festivals and museums reaching more than 65,000 attendees. program in Mexico. This program provides a life- time support to exceptional teenagers that want to change the world. • • We supported 30,251 entrepreneurs in developing their business models through our POSiBLE program. • • We participated in far-reaching communication cam- paigns, "Play this Summer" and "Early Childhood Week." focused on delivering messages to promote early childhood stimulation; “Valores” which promot- ed civic values and the prevention of digital violence through fresh multimedia content and a series of videos reaching more than 43 million mexicans, and our “Vida Saludable” program which promoted well- ness and health, reaching more than 6.7 million high school students through the Mexican Secretary of Public Education’s (Secretaría de Educación Pública) Programming Channel “Aprende en Casa III”. • • We provided guidance to more than 59,400 parents every week with practical tips via SMS and our digital newsletter through our Empieza Temprano program. We received the following recognitions: • • The CANUTO award for best documentary film con- tent awarded by the “DocsMX Film Festival”. • • Winners of the JUNA KINO 2022 Best Short Film for the campaign “Este Verano Juega”. • • Recognized by the “CEMEFI Caracol de Plata” for the campaign “Bécalas” dedicated to empowering women. • • Recognized by CEMEFI and awarded with the ESR (Empresa Socialmente Responsable) Socially Re- sponsible Company 2022. By responsibly leveraging media, talent, partnerships and financial assets, the efforts led by Fundación reflect the commitment of the Company. We intend to make a stra- tegic contribution to building a more empowered, pros- perous and democratic society where all people have a platform to succeed. For more information, please visit our 2022 Fundación Televisa Annual Report: https://informe.fundaciontelevisa.org/informe2022/en/ 23 BOARD OF DIRECTORS EMILIO FERNANDO AZCÁRRAGA JEAN (C) 1 Executive Chairman of the Board and Chairman of the Executive Committee of Grupo Televisa. Member and Chairman of the Board of Empresas Cablevisión (subsidiary of Grupo Televisa). Former President and Chief Executive Officer of Grupo Televisa. Member of the Board of TelevisaUnivision and former member of the Board of Grupo Financiero Banamex. Member and Chairman of the Board of Managers of Innova (subsidiary of Grupo Televisa). Member of Consejo Mexicano de Negocios (formerly Consejo Mexicano de Hombres de Negocios) and Fundacion Teletón. In alphabetical order: ALFONSO DE ANGOITIA NORIEGA 1 Co-Chief Executive Officer, Member of the Executive Committee of Grupo Televisa. Member of the Board of Empresas Cablevisión (subsidiary of Grupo Televisa). Co-Chief Executive Officer of TelevisaUnivision Mexico. Executive Chairman of the Board of TelevisaUnivision. Member of the Boards of Liberty Latin America, Grupo Axo y Grupo Financiero Banorte and Innova (subsidiary of Grupo Televisa). Chairman of the Board of Trustees of Fundación Kardias. Member of the Boards of Trustees of Fundación Mexicana para la Salud, Fundación UNAM and The Paley Center for Media. Former Executive Vice President and Chief Financial Officer of Grupo Televisa. JOSÉ ANTONIO CHEDRAUI EGUÍA 2 Member of the Board of Directors and Chief Executive Officer of Grupo Comercial Chedraui, S.A.B. de C.V. Former Chief Executive Officer of the Galos division of Grupo Comercial Chedraui, S.A.B. de C.V. FRANCISCO JOSÉ CHEVEZ ROBELO 2 In-house advisor, co-founder and retired partner of Chevez, Ruiz, Zamarripa y Cía, S.C., Member of the Audit Committee of Grupo Televisa. Member of the Board of Directors and Member and Chairman of the Audit and Corporate Practices Committee of Empresas Cablevisión (subsidiary of Grupo Televisa). Member of the Board of Directors of Apuestas Internacionales (subsidiary of Grupo Televisa). Former Managing Partner of Ruiz Urquiza y Cia, S.C., representative of Arthur Andersen & Co. Member of the Board of Directors and Chairman of the Audit Committees of Regiomontana de Perfiles y Tubos, S.A. de C.V., Quality Tube, S.A. de C.V. and Pytco, S.A. de C.V. JON FELTHEIMER 2 Chief Executive Officer of Lionsgate. Former President of Columbia TriStar Television Group, former Executive Vice President of Sony Pictures Entertainment. Member of the Boards of Lionsgate, Celestial Tiger Entertainment and Pilgrim Media Group. JOSÉ LUIS FERNÁNDEZ FERNÁNDEZ 2 Managing Partner of Chévez, Ruíz, Zamarripa y Cía., S.C., Member of the Audit Committee and Chairman of the Corporate Practices Committee of Grupo Televisa. Member of the Boards of Directors of Unifin Financiera, Controladora Vuela Compañía de Aviación and Apuestas Internacionales (subsidiary of Grupo Televisa). Alternate member of the Board of Directors of Arca Continental Corporativo. Alternate Member of the Board of Directors and Alternate Member of the Audit and Corporate Practices Committee of Empresas Cablevisión (subsidiary of Grupo Televisa). SALVI RAFAEL FOLCH VIADERO 2 Chief Executive Officer of Grupo Jumex. Former Chief Executive Officer of Grupo Televisa’s Cable Division. Member of the Board of Consorcio Ara, S.A.B. Former Chief Financial Officer of Grupo Televisa. Former Vice President of Financial Planning of Grupo Televisa and former Vice Chairman of Banking Supervision of the National Banking and Securities Commission. Former Member of the Board of Directors and Former Alternate Member of the Executive Committee of Empresas Cablevisión (subsidiary of Grupo Televisa). MICHAEL THOMAS FRIES 2 President and Chief Executive Officer of Liberty Global, plc. Vice Chairman of the Board of Liberty Global, Executive Chairman of the Board of Liberty Latin America, Member of the Boards of Directors of Lionsgate and Cable Television Labs, Trustee of the Board of The Paley Center for Media, Chairman of the Boards of Directors of Museum of Contemporary Art Denver and Biennial of the Americas, Digital Communications Governor and Steering Committee Member of the World Economic Forum. Member of Young Presidents’ Organization. GUILLERMO GARCÍA NARANJO ÁLVAREZ 2 Chairman of the Audit Committee and member of the Corporate Practices Committee of Grupo Televisa. Former Chairman of the Board of Trustees of Consejo Mexicano de Normas de Información Financiera. Former Chief Executive Officer and Former Audit Partner of KPMG Cárdenas Dosal, S.C. Member of the Board and Chairman of the Audit Committee of Grupo Financiero Citibanamex, S.A. de C.V., Banco Nacional de México, S.A. and Citibanamex, Casa de Bolsa, S.A. de C.V., Member of the Board of Directors, Member of the Corporate Practices Committee and Chairman of the Audit Committee of Grupo Posadas, S.A.B. de C.V. Statutory Auditor of Total Systems de México. Member of the Board and the Audit Commission of Fundación Pro-Empleo D.F., A.C. (a non-profit organization). BERNARDO GÓMEZ MARTÍNEZ 1 Co-Chief Executive Officer and Member of the Executive Committee of Grupo Televisa. Member of the Board of Empresas Cablevisión (subsidiary of Grupo Televisa). Co-Chief Executive Officer of TelevisaUnivision Mexico. Member of the Boards of TelevisaUnivision and Innova (subsidiary of Grupo Televisa). Former Executive Vice President and Deputy Director of the President of Grupo Televisa and Former President of Cámara Nacional de la Industria de Radio y Televisión. CARLOS HANK GONZÁLEZ 2 Chairman of the Board of Directors of Grupo Financiero Banorte and Banco Mercantil del Norte. Vice-President of the Board of Directors of Gruma. Chief Executive Officer of Grupo Hermes. Former Chief Executive Officer of Grupo Financiero Interacciones, Banco Interacciones and Interacciones Casa de Bolsa. Former Deputy General Manager of Grupo Financiero Banorte. Member of the Boards of Directors of Bolsa Mexicana de Valores and Grupo Hermes. ENRIQUE KRAUZE KLEINBORT 1 Chief Executive Officer, Chairman of the Board of Directors and Founder of Editorial Clío, Libros y Videos, S.A. de C.V. and Letras Libres, S.A. de C.V. Member of Academia Mexicana de la Historia and Colegio Nacional. 24 ALTERNATE DIRECTORS DENISE MAERKER SALMÓN 1 Executive producer of newcast “En punto”. Cast member on the debate program “Tercer Grado”. Former Research Professor and Director of Communication at Centro de Investigación y Docencia Económicas (CIDE). SEBASTIAN MEJÍA 2 President and Co-Founder of Rappi. Co-Founder of Grability. HERBERT A. ALLEN III 3 President of Allen & Company LLC. Director of the Coca-Cola Company. Former Executive Vice-President and Managing Director of Allen & Company Incorporated. FÉLIX JOSÉ ARAUJO RAMÍREZ 1 Vice President of Digital and Broadcast Television and Televisa Regional. Former Chief Executive Officer of Telesistema Mexicano. LORENZO ALEJANDRO MENDOZA GIMÉNEZ 2 Chief Executive Officer, Member of the Board of Directors and Chairman of the Executive Committee of Empresas Polar. Former Member of the Boards of AES La Electricidad de Caracas, CANTV- Verizon and BBVA Banco Provincial. Member of the Board of Grupo GEPP. Member of the MIT Sloan Board, the Latin American Board of Georgetown University, Group of Fifty (G-50), the Latin America Conservation Council (LACC), the Latin American Business Council, the Board of Trustees of Universidad Metropolitana, the Board of Trustees of Instituto de Estudios Superiores de Administración (IESA), Ashoka Fellow and Member of the World Economic Forum (named a Global Young leader in 2005). JOAQUÍN BALCÁRCEL SANTA CRUZ 1 Chief of Staff of the Executive Chairman of the Board of Directors of Grupo Televisa. Former Vice-President - Legal and General Counsel of Grupo Televisa. Former Vice-President and General Counsel of Television Division. Former Legal Director of Grupo Televisa. JULIO BARBA HURTADO 1 Legal Advisor of Grupo Televisa and Secretary of the Audit and Corporate Practices Committee of Empresas Cablevisión (subsidiary of Grupo Televisa). Former Legal Advisor to the Board of Grupo Televisa. Alternate member of the Board of Directors of Editorial Televisa Colombia. GUADALUPE PHILLIPS MARGAIN 1 Chief Executive Officer of ICA Tenedora, S.A. de C.V. Former Chief Restructuring Officer of Empresas ICA, S.A.B. de C.V. Former Vice- President of Finance and Risk of Grupo Televisa (left more than five years ago). Member of the Board of Directors of Grupo Axo, Club de Industriales, ICA Fluor, Ica Tenedora, Innova (subsidiary of Grupo Televisa) and Controladora Vuela de Aviación, S.A.B. de C.V. FERNANDO SENDEROS MESTRE 2 Executive President and Chairman of the Boards of Directors of Grupo Kuo, S.A.B. de C.V. and Dine, S.A.B de C.V. Chairman of the Board of Directors of Grupo Desc, S.A. de C.V. Member of the Boards of Kimberly-Clark de México, Industrias Peñoles and Grupo Nacional Provincial. Member of Consejo Mexicano de Negocios (formerly Consejo Mexicano de Hombres de Negocios) and Member of Fundación para las Letras Mexicanas. ENRIQUE FRANCISCO JOSÉ SENIOR HERNÁNDEZ 2 Managing Director of Allen & Company LLC. Member of the Boards of Directors of Coca-Cola FEMSA, Cinemark and FEMSA. EDUARDO TRICIO HARO 2 Chairman of the Board of Directors of Grupo Lala. Chairman of the Executive Committee of Aeromexico and Member of the Corporate Practices Committee of Grupo Televisa. Chairman of Grupo Industrial Nuplen, Fundación Lala and SER, A.C. Member of the Boards of Directors of Grupo Aeroméxico, Grupo Financiero Banamex, Orbia, Aura Solar, Hospital Infantil de México “Federico Gómez”, Instituto Tecnológico y de Estudios Superiores de Monterrey, Consejo Mexicano de Negocios, and Instituto Nacional de Ciencias Médicas y Nutrición “Salvador Zubirán”. DAVID M. ZASLAV 2 President, Chief Executive Officer and Director of Warner Bros. Discovery, Inc. Member of the Boards of Sirius XM Radio, Inc., The Cable Center, the Paley Center for the Media, Business Roundtable, American Cinematheque, Quadio, Elie Wiesel Foundation, Syracuse University, Mt. Sinai Medical Center, the USC Shoah Foundation, and the Partnership for New York City. LUIS ALEJANDRO BUSTOS OLIVARES 1 Legal Vice-President and General Counsel of Grupo Televisa. Former Legal and Regulatory on Telecommunications Vice- President, former Legal General Director of Special Affairs, former Corporate Legal General Director, former Legal Director of Litigation of Grupo Televisa. Former General Counsel of The Pepsi Bottling Group Mexico. Former litigation lawyer at Mr. Ramón Sánchez Medal’s law firm. JORGE AGUSTÍN LUTTEROTH ECHEGOYEN 1 Vice-President and Corporate Controller of Grupo Televisa. Former Senior Partner of Coopers & Lybrand, Despacho Roberto Casas Alatriste, S.C. and former Controller of Televisa Corporación. Alternate Member of the Board of Empresas Cablevisión (subsidiary of Grupo Televisa). Alternate Member of the Board of Managers and the Executive Committee of Innova (subsidiary of Grupo Televisa). RAÚL MORALES MEDRANO 2 Partner of Chévez, Ruiz, Zamarripa y Cia., S.C. Member of the Board of Directors and of the Audit and Corporate Practices Committee of Empresas Cablevisión (subsidiary of Grupo Televisa). Secretary of the Board of Directors RICARDO MALDONADO YÁÑEZ Audit Committee GUILLERMO GARCÍA NARANJO ÁLVAREZ (C) 2 FRANCISCO JOSÉ CHÉVEZ ROBELO 2 JOSÉ LUIS FERNÁNDEZ FERNÁNDEZ 2 Corporate Practices and Compensation Committee JOSÉ LUIS FERNÁNDEZ FERNÁNDEZ (C) 2 GUILLERMO GARCÍA NARANJO ÁLVAREZ 2 EDUARDO TRICIO HARO 2 (C) Chairman 1 Related 2 Independent 3 Alternate of Mr. Enrique Francisco José Senior Hernández 25 INVESTOR INFORMATION COMMON STOCK DATA CPOs (Certificados de Participación Ordinarios) of Grupo Televisa, S.A.B., comprise 117 shares each (25 Series A Shares, 22 Series B Shares, 35 Series D Shares and 35 Se- ries L Shares), and are listed and admitted for trading on the Mexican Stock Exchange (Bolsa Mexicana de Valores, S.A.B. de C.V.), under the ticker symbol TLEVISA CPO. The GDRs (Global Depositary Receipts), each representing five CPOs, are listed on the New York Stock Exchange and trade under the ticker symbol TV. DIVIDEND POLICY Decisions regarding the payment and amount of div- idends are subject to approval by holders of a majority of the Series “A” Shares and Series “B” Shares voting to- gether, generally, but not necessarily, on the recommen- dation of the Board of Directors, as well as a majority of the Series “A” Shares voting separately. CORPORATE HEADQUARTERS Grupo Televisa, S.A.B. Av. Vasco de Quiroga 2000 C.P. 01210 México, CDMX (5255) 5261-2000 LEGAL COUNSEL Mijares, Angoitia, Cortés y Fuentes, S.C. Javier Barros Sierra 540, 4to piso C.P. 01210, México, CDMX (5255) 5201-7400 Fried, Frank, Harris, Shriver & Jacobson LLP One New York Plaza New York, New York 10004 U.S.A. (212) 859-8000 SEC FILINGS AND FORWARD LOOKING STATEMENTS Televisa files and submits annual reports to the US Securities and Exchange Commission. This annual report contains both historical information and forward-looking statements. These forward-looking statements, as well as other forward-looking statements made by the company, or its representatives from time to time, whether orally or in writing, involve risks and uncertainties relating to the company’s businesses, operations, and financial condition. A summary of these risks is included in the company’s filings with the US Securities and Exchange Commission, and this summary as well as the other filings with and submissions to the US Securities and Exchange Commission are and will be available through the office of investor relations upon written request. INDEPENDENT AUDITORS KPMG Cárdenas Dosal, S.C. Blvd. Manuel Ávila Camacho No.176 Col. Reforma Social C.P. 11650, México, CDMX (5255) 5246-8300 DEPOSITARY The Bank of New York BNY Mellon Shareowner Services PO Box 358516 Pittsburgh, PA 15252-8516 (201) 680-6825 INVESTOR RELATIONS We ask that investors and analysts direct all inquiries to: Grupo Televisa, S.A.B. Av. Vasco de Quiroga 2000 C.P. 01210 México, CDMX (5255) 5261-2445 ir@televisa.com.mx www.televisair.com www.televisair.com

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